Criação De Valor Econômico Em Cooperativas Agroindustriais

The aim of this work is identifying and analysing the creation of economic value in an agroindustrial cooperative in the south of Minas Gerais, using the EVA® (Economic Value Added). In specific terms, we sought to analysing investment, financing of operational capital, and the financial structure of the cooperative as bases for the creation of economic value. In that sense the work had as theorical background, the aspects concerning financial management based on value creation, preceeded by a literature review on cooperativism with an emphasis on the specificities of the structure of capital in cooperative organizations. The research was carried out by means of a case study starting out from the financial statements of 1995 through 1999, furnished by the cooperative. The analitical model used was the Fleuriet Model which, through the measurement of its characteristic variables provides a dynamic analysis of companies’ financial management. Results indicated destruction of economic value, that is, the operational results of the cooperative were not able to provide a reward of invested capital. A demand of resources for the maintainance and development of its operational activities was also verified. The combination of the characteristic variables of the Fleuriet Model enabled the identification of two basic financial structures: the solid one and the nonsatisfactory one.