Abstract

RIVERA-GODOY, Jorge Alberto  and  PADILLA-OSPINA, Ana Milena. Auto parts sector in Colombia: financial performance during the period 2008-2014. Entramado [online]. 2016, vol.12, n.1, pp.12-29. ISSN 1900-3803.  https://doi.org/10.18041/entramado.2016v12n1.23113.

This article presents a financial analysis of the companies of the auto parts sector of Colombia in order to know how its financial performance has been during the period 2008 to 2014. For that, a methodology of analyzing trends and comparisons of indicators of growth, efficiency effectiveness, efficacy economic value added and market value added with data supplied by studies in Colombia and the United States. The results show that this sector destroys economic value added in all years, although it grows and generates accounting profits; this is because the performance of operational net asset fails to compensate the capital charge. The results in Colombia differ from those in this same sector in the United States, where market value added is created. This is due to the lower return on assets and the higher weighted average cost of capital present in Colombia. The first is highly influenced by the effectiveness of management control costs and expenses; and the latter by the effect of country risk and devaluation on the cost of equity. It is advisable to extend this research for related samples in size, age, legal status and geographical location of this same industry and similar and complementary sectors, such as the assembly and the automotive industry.

Keywords : Economic value added (EVA); auto parts sector financial performance; financial indicators of efficiency; efficacy; effectiveness.

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