SIDECU SA

ISSUER RATING : EthiFinance Ratings affirms Sidecu s B rating, changing its outlook from Observation to Positive. The group is specialised in the development and management of sports centers, focused on concession business model. Their activity is concentrated in Spain (94% of turnover). In 2022 (non audited), the group's turnover stood at € 39.4M (€ 26.6M in 2021), with an EBITDA of € 3.9M (€ 1.8M in 2021), deriving in an EBITDA margin of 9.8% (6.8% in 2021). The NFD/EBITDA ratio stood at 22,0x. INSTRUMENT RATING : EthiFinance Ratings affirms Sidecu s bond issue rating at B+ . The issue was carried out in the MARF in March 2020 for a total a amount of € 70M, with a coupon of 5% and maturity in 2025, under a solid structure of guarantees and a package of financial covenants that provide an adequate degree of protection to the bondholder. It has an adequate degree of coverage in the event of a hypothetical default scenario. The use of the issuance funds was to refinance the previous issuance carried out in 2015 and to make investments for the expansion of the group .