FCL

2001 2002 2003 2004 2005 2006 2007

EBITDA 160 214 236 308 389 454
DEP -22 -25 -28 -31 -35 -39
UAII 138 189 208 277 354 415
UODI 89.7 122.85 135.2 180.05 230.1 269.75
DEP+ 22 25 28 31 35 39
FCB 111.7 147.85 163.2 211.05 265.1 308.75
CPAEX -30 -25 -35 -38 -40 -45
KTNO -50 -69 -81 -90 -95 -105
FCL 31.7 53.85 47.2 83.05 130.1 158.75
881.944444
RELEVANTE $164.85
PEPERTUIDA $300.84
EV $465.69

EVA
2001 2002 2003 2004 2005 2006 2007
Activos ini 466 524 593 681 778 878
Activos final 466 524 593 681 778 878 989
RAN 19.2% 23.4% 22.8% 26.4% 29.6% 30.7%

EVA -22.14 -2.91 -7.12 16.61 43.38 59.03

EVA* -22.14 -2.91 -7.12 16.61 43.38 59.03
3.94444444
 IMPUESTO 35%
WACC 24%
G 6%

EBITDA 160
SECTOR 8
1280

174.86%

EVA = UODI- Ck(ACTIVOS)

EVA = ACTIVOS *(RAN-CK)

RELEVANTE -$1.66
PERPEUIDAD $1.35
ACTIVOS 466
EV $465.69