Evaluación financiera de la industria de fabricación de papel, cartón y derivados en Colombia 2010-2015 / Financial evaluation of the paper, cardboard and derivative manufacturing industry in Colombia 2010-2015 / Avaliação financeira da Indústria de fabricação de papel, cartão e produtos em Colombia 2010-2015

RESUMEN Este artículo tiene como propósito evaluar el desempeño financiero de la industria de fabricación de papel, cartón y derivados en Colombia en el período 2010-2015, mediante un análisis de los indicadores contables y de gestión del valor que miden su crecimiento, eficiencia, eficacia y efectividad. Se encuentra que esta industria genera rentabilidades contables en casi todos los años, menos en el 2014; y que el comportamiento de su efectividad depende en orden de importancia a la eficacia en el control de costos y gastos, a la eficiencia del uso de los recursos, quedando como tercer factor el apalancamiento financiero; no obstante, en cada año se destruye valor económico agregado (EVA), y su valor de mercado agregado (VMA) es negativo. Esta industria es destructora de valor porque la rentabilidad del activo neto operacional es inferior al costo de capital, donde la rentabilidad es creciente, con una caída considerable en el 2014, y el costo de capital oscilante. Esto contrasta con el sector homólogo en Estados Unidos de América donde se crea valor en cinco años, con rentabilidades del activo neto operacional superior y costo de capital inferior a la de Colombia. Los resultados encontrados podrían complementarse con estudios similares para grupos de empresas más homogéneos en cuanto a la edad, tamaño y ubicación geográfica. CÓDIGOS JEL G10, M40, L73

ABSTRACT The purpose of this paper is to evaluate the financial performance of the paper paperboard and derivatives industry in Colombia in the period 2010-2015, through an analysis of accounting and value management indicators that measure growth, efficiency, efficacy and effectiveness. It is found that this industry generates accounting returns in almost every year less in 2014; and that the behavior of its effectiveness depends in order of importance to the efficacy in the control of costs and expenses, to the efficiency of the use of resources, leaving as a third factor the financial leverage; however aggregate economic value (EVA) is destroyed each year and its aggregate market value (VMA) is negative. This industry is a value-destroyer because the profitability of net operating assets is lower than the cost of capital, where profitability is increasing, with a considerable drop in 20l4, and the cost of oscillating capital. This contrasts with the counterpart sector in the United States of America where value is created in five years, with higher net operating income and lower capital cost than Colombia. The results found could be complemented with similar studies for groups of companies more homogeneous in age, size and geographical location. JEL CLASSIFICATION G10, M40, L73

RESUMO O objetivo deste artigo é avaliar o desempenho financeiro da indústria de papel, papelão e derivados na Colômbia no período 2010-2015, através de uma análise dos indicadores contábeis e de gestão de valor que medem seu crescimento, eficiência, eficácia e efetividade Verifica-se que esta indústria gera retornos contábeis quase todos os anos, exceto em 2014; e que o comportamento de sua efetividade depende, por ordem de importância, da eficácia no controle de custos e despesas, na eficiência do uso de recursos, com alavancagem financeira como terceiro fator; no entanto, em cada ano, o valor econômico agregado (EVA) é destruído e seu valor agregado de mercado (VMA) é negativo. Essa indústria é uma destruidora de valor porque o retorno sobre os ativos operacionais líquidos é menor do que o custo de capital, onde a lucratividade está aumentando, com uma queda considerável em 2014, e o custo do capital flutua. Isso contrasta com o setor de contrapartida nos Estados Unidos da América, onde o valor é criado em cinco anos, com retornos sobre ativos operacionais líquidos e custos de capital inferiores aos da Colômbia. Os resultados encontrados poderiam ser complementados por estudos semelhantes para grupos de empresas que são mais homogêneas em termos de idade, tamanho e localização geográfica. CLASSIFICAÇÕES JEL G10, M40, L73

Effects of Simple and Disposable Chicken Cages for Experimental Eimeria Infections

During experimental Eimeria infections in chickens, facilities are often contaminated by fecal oocysts known to be highly resistant to both chemical and enzymatic treatments. Thus, studies using experimental Eimeria infections have been limited due to the difficulty of complete elimination of residual oocysts from both cages and facilities. To overcome this limitation, simple, inexpensive, and disposable cages were constructed from cardboard boxes and tested during experimental Eimeria maxima infections. The cages were used in animal rooms with only a 1.7% evidence of coccidia contamination between adjacent cages. No significant differences in fecal oocyst output and body weight gain were noted between animals housed in disposable cages and animals housed in wire control cages. This cage design is a useful means for preventing oocyst contamination during experimental conditions, suggesting that this disposable cage design could be used for other avian infectious disease studies.

Bioremediation of industrial waste through mushroom cultivation.

Handmade paper and cardboard industries are involved in processing of cellulosic and ligno-cellulosic substances for making paper by hand or simple machinery. In the present study, solid sludge and effluent of both cardboard and handmade paper industries was collected for developing a mushroom cultivation technique to achieve zero waste discharges. Findings of present research work reveals that when 50% paper industries waste is used by mixing with 50% (w/w) wheat straw, significant increase (96.38%) in biological efficiency over control of wheat straw was observed. Further, cultivated basidiocarps showed normal morphology of stipe and pileus. Cross section of lamellae did not show any abnormality in the attachment of basidiospores, hymenal trama and basidium. No toxicity was found when fruiting bodies were tested chemically.