(1) Descuento Comercial 1,3/5 neto 60´

Deuda Bancaria a Corto Plazo 14.0% E.A.

Deuda Bancaria a Largo Plazo 16.0% E.A.
DTF(2%)+6% E.A 8.1%
Impuesto de Renta 30.0% E.A.
Tasa de Retorno 20.0% E.A.
NOPAT $ 2,300

Pasivo y Capital $ mm Dist % Costo Ponderado

1 Proveedores Corto Plazo $ 3,150 15.98% 8.94% 1.00%
2 Deuda Bancaria a Corto Plazo $ 1,950 9.89% 14.00% 0.97%
3 Deuda Bancaria a Largo Plazo $ 4,560 23.14% 16.00% 2.59%
4 Bonos $ 4,050 20.55% 8.12% 1.17%
5 Impuestos por Pagar $ 1,200 6.09% 0.00% 0.00%
6 Patrimonio $ 4,800 24.35% 20.00% 4.87%
Total $ 19,710 100.00% 10.60% E.A.

WACC % 10.60%

WACC $mm $ 2,089

EVA $ 211

Análisis

Dentro del ejercicio realizado anteriormente vemos que la empresa estudiada está
construyendo valor, ya que cuenta con un indicador WACC POSITIVO, dicho valor
construido constituye el 1,1% del valor originalmente mostrado en la suma de pasivo
y capital.

1. Proveedores Corto plazo

Dcto % 1.3%
VP 98.7
VF 100
n 55
Base 360
i 8.9% E.A.

4. Bonos

DTF 2.0%
Spread 6.0%
Tasa Plena 8.1%
No Aplica impuesto a la renta dentro de la operación
1. What is the EVA concept?

The EVA is an objective scoring system with a financial approach that is used to measure the
real profitability of companies. So any type of person or company can identify that the
company is generating value and therefore it is appropriate to invest in it.
It should be noted that this system is also used to remunerate its executives based on the
creation of value in their performance

2. According to Samuel's thought, how an

entrepreneur can benefit from free cash
flow and Economic Value Added (EVA)?

Both EVA and free cash flow allow the entrepreneur to design a focused system of
incentives with which to turn the employee into a partner that helps him create value. This
being the main focus of the EVA system, since as time passes, the entrepreneur becomes
less important to the company and the employee becomes the main source of value
creation.

3. How Joel described the cultural change

in a company when EVA is implemented?

EVA can never be successful in a company that does not have a high degree of respect and
concern for its employees. For this reason, it is necessary for organizations to understand
before implementing this system that employees, more than employees, are a group of
people with whom we try to make beautiful music together and the best way to interpret
this music is by rewarding and recognizing the effort of all. the people who participate in
this process, thereby generating a sense of belonging and therefore better results for the
entire company.

4. What was the advice that Joel gives to

a shareholder of a private company in
Latin America?

If companies implement the EVA management system only to senior management, look for
more or less 30% of the benefits that this system can offer, if it takes middle management
to find approximately 70%, but if it does up to the end, the lower charges, the system
recourse all the benefits that it can offer, in this way the performance of the firm will be
better.