{"id":60848,"date":"2020-06-11T12:52:07","date_gmt":"2020-06-11T10:52:07","guid":{"rendered":"https:\/\/blog.euncet.com\/?p=60848"},"modified":"2023-10-16T16:59:47","modified_gmt":"2023-10-16T14:59:47","slug":"ebitda-ebitdac-que-es","status":"publish","type":"post","link":"https:\/\/www.euncet.com\/blog\/ca\/ebitda-ebitdac-que-es\/","title":{"rendered":"EBITDA i EBITDAC: qu\u00e8 \u00e9s i quin impacte t\u00e9 a l&#8217;empresa"},"content":{"rendered":"\n<div class=\"wp-block-media-text is-stacked-on-mobile alignwide\" style=\"grid-template-columns:20% auto\"><figure class=\"wp-block-media-text__media\"><img fetchpriority=\"high\" decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/blog.euncet.com\/wp-content\/uploads\/2020\/06\/armand-bover-1.png\" alt=\"Armand Bover\" class=\"wp-image-44543 size-full\" srcset=\"https:\/\/www.euncet.com\/blog\/wp-content\/uploads\/2020\/06\/armand-bover-1.png 500w, https:\/\/www.euncet.com\/blog\/wp-content\/uploads\/2020\/06\/armand-bover-1-300x300.png 300w, https:\/\/www.euncet.com\/blog\/wp-content\/uploads\/2020\/06\/armand-bover-1-80x80.png 80w, https:\/\/www.euncet.com\/blog\/wp-content\/uploads\/2020\/06\/armand-bover-1-36x36.png 36w, https:\/\/www.euncet.com\/blog\/wp-content\/uploads\/2020\/06\/armand-bover-1-180x180.png 180w, https:\/\/www.euncet.com\/blog\/wp-content\/uploads\/2020\/06\/armand-bover-1-120x120.png 120w, https:\/\/www.euncet.com\/blog\/wp-content\/uploads\/2020\/06\/armand-bover-1-450x450.png 450w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/figure><div class=\"wp-block-media-text__content\">\n<p><a href=\"https:\/\/www.linkedin.com\/in\/armand-bover-de-soto-3293a114\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Armand Bover<\/strong><\/a>, docent de l\u2019Euncet\u00a0Business\u00a0School, ha\u00a0estat\u00a0l\u2019encarregat\u00a0de presentar el\u00a0webinar\u00a0\u201cEBITDA: El\u00a0seu\u00a0impacte a\u00a0l\u2019empresa\u201c.\u00a0Bover\u00a0\u00e9s\u00a0tamb\u00e9\u00a0Director\u00a0Financer\u00a0i\u00a0Controller\u00a0de diverses\u00a0empreses\u00a0d\u2019\u00e0mbit\u00a0internacional.\u00a0<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">\u00cdNDEX DE CONTINGUTS<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #222222;color:#222222\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #222222;color:#222222\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.euncet.com\/blog\/ca\/ebitda-ebitdac-que-es\/#Que_es_lEBITDA\" >Qu\u00e8 \u00e9s l&#8217;EBITDA?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.euncet.com\/blog\/ca\/ebitda-ebitdac-que-es\/#LEBITDA_i_el_seu_multiple\" >L&#8217;EBITDA i el seu m\u00faltiple\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.euncet.com\/blog\/ca\/ebitda-ebitdac-que-es\/#3_usos_a_les_empreses\" >3 usos a les empreses\u00a0<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.euncet.com\/blog\/ca\/ebitda-ebitdac-que-es\/#1_%E2%80%93_Per_a_valoracio_dempreses\" >1 &#8211; Per a valoraci\u00f3 d&#8217;empreses<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.euncet.com\/blog\/ca\/ebitda-ebitdac-que-es\/#2_%E2%80%93_Control_de_compliment_de_coventants_grillets\" >2 &#8211; Control de compliment de coventants (grillets)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.euncet.com\/blog\/ca\/ebitda-ebitdac-que-es\/#3_%E2%80%93_Fixacio_dincentius_per_a_empleats\" >3 &#8211; Fixaci\u00f3 d&#8217;incentius per a empleats\u00a0<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.euncet.com\/blog\/ca\/ebitda-ebitdac-que-es\/#Peculiaritats_de_calcul\" >Peculiaritats de c\u00e0lcul\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.euncet.com\/blog\/ca\/ebitda-ebitdac-que-es\/#Covenants_EBITDA_en_la_compravenda_d%E2%80%98empreses\" >Covenants, EBITDA en la compravenda d&#8216;empreses\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.euncet.com\/blog\/ca\/ebitda-ebitdac-que-es\/#EBITDAC_quan_la_COVID-19_ho_reformula_tot\" >EBITDAC, quan la COVID-19 ho reformula tot\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n\n<\/div><\/div>\n\n\n<p><!-- \/wp:post-content --><\/p>\n<p><!-- wp:spacer {\"height\":51} \/--><\/p>\n<p><!-- wp:heading --><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Que_es_lEBITDA\"><\/span><span class=\"TextRun SCXW169571357 BCX0\" lang=\"ES-ES\" xml:lang=\"ES-ES\" data-contrast=\"none\"><span class=\"NormalTextRun SpellingErrorV2Themed SCXW169571357 BCX0\">Qu\u00e8<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW169571357 BCX0\">\u00e9s<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW169571357 BCX0\">l&#8217;EBITDA<\/span><span class=\"NormalTextRun SCXW169571357 BCX0\">?<\/span><\/span><span class=\"EOP SCXW169571357 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559738&quot;:300,&quot;335559739&quot;:375,&quot;335559740&quot;:690}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><span data-contrast=\"none\">El concepte financer EBITDA <strong>va n\u00e9ixer a finals dels anys noranta i principis dels dos mil<\/strong> amb la irrupci\u00f3 de les <strong>empreses puntcom<\/strong>. \u00c9s un terme que, encara que a priori sembli conegut dins del m\u00f3n empresarial, molts professionals encara no tenen clar qu\u00e8 \u00e9s ni per a qu\u00e8 serveix exactament.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:0,&quot;335559740&quot;:338}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">EBITDA \u00e9s l&#8217;acr\u00f2nim de:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:360,&quot;335559740&quot;:338}\">\u00a0<\/span><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph \/--><\/p>\n<p><!-- wp:columns --><\/p>\n<div class=\"wp-block-columns\"><!-- wp:column -->\n<blockquote>\n<p class=\"wp-block-column\"><!-- wp:quote --><strong>E<\/strong>arnings<\/p>\n<p class=\"wp-block-column\"><strong>B<\/strong>efore<\/p>\n<p class=\"wp-block-column\"><strong>I<\/strong>nterest<\/p>\n<p class=\"wp-block-column\"><strong>T<\/strong>ax <strong>D<\/strong>epreciation and<\/p>\n<p class=\"wp-block-column\"><strong>A<\/strong>mortization<\/p>\n<\/blockquote>\n<p><!-- \/wp:quote --><\/p>\n<p><!-- wp:column --><\/p>\n<div class=\"wp-block-column\">\n<p><span data-contrast=\"none\">I, es pot traduir com el resultat abans d&#8217;interessos d&#8217;impostos, depreciaci\u00f3 i d&#8217;amortitzaci\u00f3. Seria l&#8217;equivalent al benefici brut d&#8217;explotaci\u00f3. Els conceptes de depreciaci\u00f3 i amortitzaci\u00f3 s&#8217;han de situar en un context diferent al que es coneix a Espanya, ja que en angl\u00e8s quan parlen de depreciaci\u00f3 (depreciation) fan refer\u00e8ncia a la depreciaci\u00f3 del valor dels <\/span><b><span data-contrast=\"none\">b\u00e9ns materials, en canvi, quan parlen de la depreciaci\u00f3 de b\u00e9ns immaterials utilitzen la paraula amortitzaci\u00f3 (<\/span><\/b><span data-contrast=\"none\">amortization). Aix\u00ed doncs, la redund\u00e0ncia que a priori pot semblar, en realitzar la traducci\u00f3 a l&#8217;espanyol, en angl\u00e8s no existeix.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:0,&quot;335559740&quot;:338}\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:0,&quot;335559740&quot;:338}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Com veurem a continuaci\u00f3, una de les finalitats en l&#8217;actualitat de l&#8217;EBITDA \u00e9s servir per a la compravenda d&#8217;empreses i per a aix\u00f2 es determina que el valor d&#8217;una empresa \u00e9s igual a l&#8217;EBITDA per un m\u00faltiple. Aquest m\u00faltiple varia segons el sector i el moment.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:0,&quot;335559740&quot;:338}\">\u00a0<\/span><\/p>\n<p><!-- \/wp:column --><\/p>\n<\/div>\n<p><!-- \/wp:column --><\/p>\n<\/div>\n<p><!-- \/wp:columns --><\/p>\n<p><!-- wp:spacer {\"height\":37} \/--><\/p>\n<p><!-- wp:heading --><\/p>\n<h2><span class=\"ez-toc-section\" id=\"LEBITDA_i_el_seu_multiple\"><\/span><span class=\"TextRun SCXW245957253 BCX0\" lang=\"ES-ES\" xml:lang=\"ES-ES\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW245957253 BCX0\">L&#8217;EBITDA i el <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW245957253 BCX0\">seu<\/span><span class=\"NormalTextRun SCXW245957253 BCX0\"> m\u00faltiple<\/span><\/span><span class=\"EOP SCXW245957253 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559738&quot;:300,&quot;335559739&quot;:375,&quot;335559740&quot;:690}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><span data-contrast=\"none\"><span class=\"TextRun SCXW30783258 BCX0\" lang=\"ES-ES\" xml:lang=\"ES-ES\" data-contrast=\"none\"><span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">Abans<\/span><span class=\"NormalTextRun SCXW30783258 BCX0\"> de la <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">crisi<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">financera<\/span><span class=\"NormalTextRun SCXW30783258 BCX0\"> del 2008\/2009 el m\u00faltiple era <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">gaireb\u00e9<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">sempre<\/span><span class=\"NormalTextRun SCXW30783258 BCX0\"> un nombre <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">sencer<\/span><span class=\"NormalTextRun SCXW30783258 BCX0\">, <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">\u00e9s<\/span><span class=\"NormalTextRun SCXW30783258 BCX0\"> a <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">dir<\/span><span class=\"NormalTextRun SCXW30783258 BCX0\">, 9 <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">vegades<\/span><span class=\"NormalTextRun SCXW30783258 BCX0\"> EBITDA, 10 <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">vegades<\/span><span class=\"NormalTextRun SCXW30783258 BCX0\"> EBITDA, etc. A partir de <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">l&#8217;esmentada<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">crisi<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">financera<\/span><span class=\"NormalTextRun SCXW30783258 BCX0\"> el m\u00faltiple va <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">passar<\/span><span class=\"NormalTextRun SCXW30783258 BCX0\"> a <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">tenir<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">decimals<\/span><span class=\"NormalTextRun SCXW30783258 BCX0\">, per <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">tant<\/span> <\/span><strong><span class=\"TextRun SCXW30783258 BCX0\" lang=\"ES-ES\" xml:lang=\"ES-ES\" data-contrast=\"none\"><span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">actualment<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">\u00e9s<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">molt<\/span><span class=\"NormalTextRun SCXW30783258 BCX0\"> normal que el valor d&#8217;una empresa <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">s&#8217;<\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">obtingui<\/span><span class=\"NormalTextRun SCXW30783258 BCX0\"> de multiplicar el <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">seu<\/span><span class=\"NormalTextRun SCXW30783258 BCX0\"> EBITDA <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW30783258 BCX0\">per 8,5<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">vegades<\/span><span class=\"NormalTextRun SCXW30783258 BCX0\">, 7,5 <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW30783258 BCX0\">vegades<\/span><span class=\"NormalTextRun SCXW30783258 BCX0\">, etc.<\/span><\/span><span class=\"EOP SCXW30783258 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:0,&quot;335559740&quot;:338}\">\u00a0<\/span><\/strong><\/span><\/p>\n<p><b><span data-contrast=\"none\">L&#8217;empresa es valora com un m\u00faltiple del seu EBITDA<\/span><\/b><span data-contrast=\"none\">, per\u00f2 de <\/span><b><span data-contrast=\"none\">vegades la transacci\u00f3 monet\u00e0ria que es realitza no coincideix amb el seu valor<\/span><\/b><span data-contrast=\"none\">.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:0,&quot;335559740&quot;:338}\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:0,&quot;335559740&quot;:338}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Exemple si una empresa t\u00e9 un EBITDA de 9 milions d&#8217;euros i el m\u00faltiple acordat pels equips professionals del venedor i del comprador \u00e9s de 8 vegades, el valor de l&#8217;empresa ser\u00e0 de 72 milions d&#8217;euros, per\u00f2 si l&#8217;empresa compradora se subroga deute financer de l&#8217;empresa venedora que en aquest exemple pr\u00e0ctic es considera que \u00e9s de 12 milions d&#8217;euros, la transacci\u00f3 monet\u00e0ria, \u00e9s a dir, el que pagar\u00e0 l&#8217;empresa compradora a l&#8217;empresa venedora ser\u00e0 de 60 milions d&#8217;euros (72 milions del valor assignat menys 12 milions de subrogaci\u00f3 del deute).<\/span><span data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:0,&quot;335559740&quot;:338}\">\u00a0<\/span><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:heading --><\/p>\n<h2><span class=\"ez-toc-section\" id=\"3_usos_a_les_empreses\"><\/span><span class=\"TextRun SCXW53281377 BCX0\" lang=\"ES-ES\" xml:lang=\"ES-ES\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW53281377 BCX0\">3 usos a les <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW53281377 BCX0\">empreses<\/span><\/span><span class=\"EOP SCXW53281377 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559738&quot;:300,&quot;335559739&quot;:375,&quot;335559740&quot;:690}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><span class=\"TextRun SCXW5749684 BCX0\" lang=\"ES-ES\" xml:lang=\"ES-ES\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW5749684 BCX0\">El <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW5749684 BCX0\">concepte<\/span><span class=\"NormalTextRun SCXW5749684 BCX0\"> EBITDA <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW5749684 BCX0\">pot<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW5749684 BCX0\">utilitzar<\/span><span class=\"NormalTextRun SCXW5749684 BCX0\">-se de tres formes en el <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW5749684 BCX0\">m\u00f3n<\/span><span class=\"NormalTextRun SCXW5749684 BCX0\"> empresarial, ordenades de <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW5749684 BCX0\">major<\/span><span class=\"NormalTextRun SCXW5749684 BCX0\"> a menor <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW5749684 BCX0\">enveja<\/span><span class=\"NormalTextRun SCXW5749684 BCX0\">:<\/span><\/span><span class=\"EOP SCXW5749684 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:360,&quot;335559740&quot;:338}\">\u00a0<\/span><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:heading {\"level\":3} --><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_%E2%80%93_Per_a_valoracio_dempreses\"><\/span>1 &#8211; Per a valoraci\u00f3 d&#8217;empreses<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><span class=\"TextRun SCXW206214509 BCX0\" lang=\"ES-ES\" xml:lang=\"ES-ES\" data-contrast=\"none\"><span class=\"NormalTextRun SpellingErrorV2Themed SCXW206214509 BCX0\">Com<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW206214509 BCX0\">s&#8217;ha<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW206214509 BCX0\">comentat<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW206214509 BCX0\">anteriorment<\/span><span class=\"NormalTextRun SCXW206214509 BCX0\">, les <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW206214509 BCX0\">empreses<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW206214509 BCX0\">s\u00f3n<\/span><span class=\"NormalTextRun SCXW206214509 BCX0\"> comprades i <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW206214509 BCX0\">venudes<\/span><span class=\"NormalTextRun SCXW206214509 BCX0\"> per un EBITDA <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SpellingErrorHighlight SCXW206214509 BCX0\">consensuat<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW206214509 BCX0\">evidentment<\/span><span class=\"NormalTextRun SCXW206214509 BCX0\"> per la <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW206214509 BCX0\">part<\/span><span class=\"NormalTextRun SCXW206214509 BCX0\"> compradora i <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW206214509 BCX0\">venedora<\/span><span class=\"NormalTextRun SCXW206214509 BCX0\"> i <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW206214509 BCX0\">aplicant-li<\/span><span class=\"NormalTextRun SCXW206214509 BCX0\"> un m\u00faltiple <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW206214509 BCX0\">\u00c9s<\/span><\/span><strong><span class=\"TextRun SCXW206214509 BCX0\" lang=\"ES-ES\" xml:lang=\"ES-ES\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW206214509 BCX0\"> una manera <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW206214509 BCX0\">r\u00e0pida<\/span><span class=\"NormalTextRun SCXW206214509 BCX0\"> i <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW206214509 BCX0\">\u00e0gil<\/span><span class=\"NormalTextRun SCXW206214509 BCX0\"> per valorar <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW206214509 BCX0\">l&#8217;empresa<\/span><\/span><span class=\"TextRun SCXW206214509 BCX0\" lang=\"ES-ES\" xml:lang=\"ES-ES\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW206214509 BCX0\">.<\/span><\/span><span class=\"EOP SCXW206214509 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:0,&quot;335559740&quot;:338}\">\u00a0<\/span><\/strong><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:heading {\"level\":3} --><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_%E2%80%93_Control_de_compliment_de_coventants_grillets\"><\/span>2 &#8211; <span class=\"TextRun SCXW244466190 BCX0\" lang=\"ES-ES\" xml:lang=\"ES-ES\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW244466190 BCX0\">Control de compliment de coventants (grillets)<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><span data-contrast=\"none\">Els covenants s\u00f3n una s\u00e8rie d&#8217;obligacions de compliment obligatori que una entitat financera imposa a una empresa quan li deixa un determinat tipus de pr\u00e9stec. El tipus de pr\u00e9stec m\u00e9s habitual en qu\u00e8 s&#8217;apliquen els covenants \u00e9s l&#8217;anomenat &#8220;pr\u00e9stec pel sistema americ\u00e0 o pr\u00e9stec bullet&#8221;.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:0,&quot;335559740&quot;:338}\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:0,&quot;335559740&quot;:338}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">El <\/span><b><span data-contrast=\"none\">pr\u00e9stec bullet<\/span><\/b><span data-contrast=\"none\"> es formalitza de la seg\u00fcent forma, una entitat financera presta un capital a una empresa durant un per\u00edode de temps a un tipus d&#8217;inter\u00e8s determinat, per\u00f2 durant la vig\u00e8ncia de la vida del pr\u00e9stec (excepte en l&#8217;\u00faltima quota), l&#8217;empresa nom\u00e9s paga interessos a l&#8217;entitat financera i en l&#8217;\u00faltima quota del pr\u00e9stec l&#8217;empresa haur\u00e0 de retornar els interessos corresponents a l&#8217;\u00faltima quota m\u00e9s la devoluci\u00f3 del cent per cent del capital o principal prestat.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:0,&quot;335559740&quot;:338}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">\u00c9s a dir, dit d&#8217;una altra manera, es tracta d&#8217;obligacions r\u00edgides que imposa l&#8217;entitat financera per seguir l&#8217;evoluci\u00f3 dels diners que presta i intentar assegurar-se que al final de la vida del pr\u00e9stec, l&#8217;empresa podr\u00e0 fer front a la seva obligaci\u00f3 de retornar el principal.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:360,&quot;335559740&quot;:338}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Per tant, un covenant \u00e9s una r\u00e0tio d&#8217;obligat compliment. A difer\u00e8ncia del pr\u00e9stec de quota constant o quotes de pr\u00e9stec pel sistema franc\u00e8s en qu\u00e8 en cada quota es retorna la mateixa quantitat, durant el per\u00edode de vig\u00e8ncia. En el pr\u00e9stec bullet la prestat\u00e0ria nom\u00e9s paga interessos en tots els anys excepte en l&#8217;\u00faltim, ja que en \u00e9s quan es paguen els interessos m\u00e9s la devoluci\u00f3 dels diners sol\u00b7licitats.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:0,&quot;335559740&quot;:338}\">\u00a0<\/span><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:heading {\"level\":3} --><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_%E2%80%93_Fixacio_dincentius_per_a_empleats\"><\/span>3 &#8211; <span class=\"TextRun SCXW1758300 BCX0\" lang=\"ES-ES\" xml:lang=\"ES-ES\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW1758300 BCX0\">Fixaci\u00f3 d&#8217;incentius per a empleats<\/span><\/span><span class=\"EOP SCXW1758300 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:-225,&quot;335559731&quot;:0,&quot;335559738&quot;:300,&quot;335559739&quot;:0,&quot;335559740&quot;:495}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><span class=\"TextRun SCXW207704371 BCX0\" lang=\"ES-ES\" xml:lang=\"ES-ES\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW207704371 BCX0\">L&#8217;EBITDA tamb\u00e9 <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">s&#8217;utilitza<\/span><span class=\"NormalTextRun SCXW207704371 BCX0\"> per a la <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">fixaci\u00f3<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">d&#8217;incentius<\/span><span class=\"NormalTextRun SCXW207704371 BCX0\"> ja que si per <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">exemple<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">pensem<\/span><span class=\"NormalTextRun SCXW207704371 BCX0\"> en una empresa que t\u00e9 cinc-cents <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">establiments<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">dedicats<\/span><span class=\"NormalTextRun SCXW207704371 BCX0\"> a la venda al <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">detall<\/span><span class=\"NormalTextRun SCXW207704371 BCX0\"> , cada responsable de botiga (i per <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">tant<\/span><span class=\"NormalTextRun SCXW207704371 BCX0\"> a <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">tot<\/span><span class=\"NormalTextRun SCXW207704371 BCX0\"> el <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">seu<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">equip<\/span><span class=\"NormalTextRun SCXW207704371 BCX0\">) se <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">li<\/span><span class=\"NormalTextRun SCXW207704371 BCX0\"> poden <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">fixar<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">incentius<\/span><span class=\"NormalTextRun SCXW207704371 BCX0\"> variables en base a <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">l&#8217;EBITDA<\/span><span class=\"NormalTextRun SCXW207704371 BCX0\"> del <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">seu<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">establiment<\/span><span class=\"NormalTextRun SCXW207704371 BCX0\">, ja que totes les partides que es trobes <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW207704371 BCX0\">per sota<\/span><span class=\"NormalTextRun SCXW207704371 BCX0\"> de <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">l&#8217;EBITDA<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">s\u00f3n<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">fixats<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">pels<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">directius<\/span><span class=\"NormalTextRun SCXW207704371 BCX0\">\/es de la central i per <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">tant<\/span><span class=\"NormalTextRun SCXW207704371 BCX0\"> no <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">s\u00f3n<\/span><span class=\"NormalTextRun SCXW207704371 BCX0\"> la <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">incumb\u00e8ncia<\/span><span class=\"NormalTextRun SCXW207704371 BCX0\"> o <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">compet\u00e8ncia<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">dels<\/span><span class=\"NormalTextRun SCXW207704371 BCX0\"> responsables de cada <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW207704371 BCX0\">establiment<\/span><span class=\"NormalTextRun SCXW207704371 BCX0\">.<\/span><\/span><span class=\"EOP SCXW207704371 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:0,&quot;335559740&quot;:338}\">\u00a0<\/span><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:heading --><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Peculiaritats_de_calcul\"><\/span><span class=\"TextRun SCXW185744548 BCX0\" lang=\"ES-ES\" xml:lang=\"ES-ES\" data-contrast=\"none\"><span class=\"NormalTextRun SpellingErrorV2Themed SCXW185744548 BCX0\">Peculiaritats<\/span><span class=\"NormalTextRun SCXW185744548 BCX0\"> de <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW185744548 BCX0\">c\u00e0lcul<\/span><\/span><span class=\"EOP SCXW185744548 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559738&quot;:300,&quot;335559739&quot;:375,&quot;335559740&quot;:690}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:list --><\/p>\n<ul>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Courier New&quot;,&quot;469769242&quot;:[9675],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;o&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Recurr\u00e8ncia vs no recurr\u00e8ncia<\/span><\/b><span data-contrast=\"none\">. Si es demostra la no recurr\u00e8ncia d&#8217;una despesa, quan es calcula el valor de l&#8217;EBITDA d&#8217;aquell any, caldr\u00e0 sumar aquesta despesa extra com a m\u00e9s EBITDA per ser un fet espor\u00e0dic, un exemple t\u00edpic seria una indemnitzaci\u00f3 elevada d&#8217;un alt executiu\/a que ha hagut de fer front l&#8217;empresa en aquest darrer exercici econ\u00f2mic. En canvi, s\u00ed en els \u00faltims exercicis econ\u00f2mics, l&#8217;empresa de forma habitual i per les peculiaritats del sector que es troba o per una altra o altres circumst\u00e0ncies, \u00e9s habitual que figuri en el compte de resultats de forma regular un import en concepte d&#8217;indemnitzacions, en aquest exemple no procedeix sumar aquest import de les indemnitzacions com a m\u00e9s EBITDA. Evidentment l&#8217;explicat entre una despesa no recurrent i una despesa recurrent actuaria de la mateixa manera, per\u00f2 en sentit contrari si es tract\u00e9s d&#8217;un ingr\u00e9s no recurrent i un ingr\u00e9s recurrent.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:255,&quot;335559737&quot;:255,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"8\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Courier New&quot;,&quot;469769242&quot;:[9675],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;o&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Operatiu vs no operatiu<\/span><\/b><span data-contrast=\"none\">. Si hi ha hagut despesa o ingr\u00e9s operatiu o una despesa o ingr\u00e9s no operatiu s&#8217;actuaria de la mateixa manera que la descrita a l&#8217;apartat anterior. De vegades en les pimes, (sobretot la d&#8217;un sol propietari i a causa de la confusi\u00f3 entre el seu patrimoni personal i el patrimoni de l&#8217;empresa), es produeix que figuren imputades despeses en el compte de resultats que no es corresponen amb la pr\u00f2pia activitat de l&#8217;empresa, en aquests casos \u00e9s el propi venedor qui indica al potencial comprador que hi ha una seriosa de despeses que disminueixen l&#8217;EBITDA de l&#8217;empresa,\u00a0per\u00f2 no s&#8217;hauria d&#8217;haver carregat en el compte de resultat i per tant a la pr\u00e0ctica el seu EBITDA \u00e9s m\u00e9s gran que el que indica el seu compte de resultats i procediria a ajustar l&#8217;EBITDA a l&#8217;al\u00e7a.\u202f<\/span><b><span data-contrast=\"none\">Aquestes despeses no relacionades amb l&#8217;activitat de l&#8217;empresa es denominen liberalitats.<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:255,&quot;335559737&quot;:255,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><!-- \/wp:list --><\/p>\n<p><!-- wp:heading --><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Covenants_EBITDA_en_la_compravenda_d%E2%80%98empreses\"><\/span><span class=\"TextRun SCXW35583417 BCX0\" lang=\"ES-ES\" xml:lang=\"ES-ES\" data-contrast=\"none\"><span class=\"NormalTextRun SpellingErrorV2Themed SCXW35583417 BCX0\">Covenants<\/span><span class=\"NormalTextRun SCXW35583417 BCX0\">, EBITDA en la <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW35583417 BCX0\">c<\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW35583417 BCX0\">ompravenda<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW35583417 BCX0\">d<\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW35583417 BCX0\">&#8216;empreses<\/span><\/span><span class=\"EOP SCXW35583417 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:255,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>Para poder hacer un seguimiento de pr\u00e9stamos de tipo bullet, se utilizan los <em>covenants\u200b<\/em>. Entre ellos hay tres que impactan directamente con el EBITDA. Cuando esos tres <em>covenants <\/em>forman parte del clausulado del pr\u00e9stamo, la obligaci\u00f3n de cumplirlos por parte de la empresa es de los tres, no s\u00f3lo de uno o dos de ellos.<\/p>\n<ul>\n<li><b style=\"font-size: 16px;\"><span data-contrast=\"none\">M\u00e0xima deute Neta\/EBITDA<\/span><\/b><span style=\"font-size: 16px;\" data-contrast=\"none\">. \u00c9s el deute total Neta de l&#8217;empresa. \u00c9s el deute financer que figura en el passiu menys la disponibilitat que tenen en l&#8217;actiu, dividit per l&#8217;EBITDA (sempre dels \u00faltims 12 mesos). L&#8217;entitat financera estima el valor en base al Business Pla que li ha presentat l&#8217;empresa en el moment de sol\u00b7licitar el pr\u00e9stec tipus bullet, per la qual cosa a mesura que avanci el temps aquest covenant anir\u00e0 decreixent. Al final del primer any aquest covenant ha de ser de 5, al final del segon any el nombre d&#8217;aquest covenant que demana l&#8217;entitat financera ser\u00e0 de per exemple 4,5 o de 4.<\/span><span style=\"font-size: 16px;\" data-ccp-props=\"{&quot;134233117&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:255,&quot;335559737&quot;:255,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li><b><span data-contrast=\"none\">Cobertura del Servei del Deute = EBITDA +\/- Working Capital-CAPEX o Capital Expenses) \/ (Venciments Principal+Interessos).<\/span><\/b><span data-contrast=\"none\">\u00a0 \u00c9s el m\u00e9s dif\u00edcil de complir. N&#8217;ha de donar 1 perqu\u00e8 l&#8217;empresa no tingui complicacions. Si dona m\u00e9s d&#8217;1, normalment a la clausulada figurar\u00e0 que, l&#8217;entitat financera estima que l&#8217;empresa va millor del previst pel que ha de retornar un ter\u00e7 de la millora que t\u00e9 respecte al covenant demanat a priori.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:255,&quot;335559737&quot;:255,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li><b><span data-contrast=\"none\">EBITDA\/Interessos<\/span><\/b><span data-contrast=\"none\">. El m\u00e9s f\u00e0cil de complir. L&#8217;EBITDA ha de cobrir tots els interessos que quedin pendents per pagar. Aquesta r\u00e0tio normalment \u00e9s major que 1 i a trav\u00e9s dels diferents moments en el temps en qu\u00e8 es mesurar\u00e0, aquest covenant \u00e9s molt m\u00e9s gran a l&#8217;inici, per la qual cosa a mesura que passen els per\u00edodes i s&#8217;acosta el final del pr\u00e9stec el covenant sol\u00b7licitat va creixent.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:255,&quot;335559737&quot;:255,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><span class=\"TextRun SCXW127549831 BCX0\" lang=\"ES-ES\" xml:lang=\"ES-ES\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW127549831 BCX0\">El comprador <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">pot<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">fer<\/span><span class=\"NormalTextRun SCXW127549831 BCX0\"> la <\/span><\/span><strong><span class=\"TextRun SCXW127549831 BCX0\" lang=\"ES-ES\" xml:lang=\"ES-ES\" data-contrast=\"none\"><span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">Due<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">Diligence<\/span><\/span><\/strong><span class=\"TextRun SCXW127549831 BCX0\" lang=\"ES-ES\" xml:lang=\"ES-ES\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW127549831 BCX0\"> per <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">veure<\/span><span class=\"NormalTextRun SCXW127549831 BCX0\"> si totes les partides <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">d&#8217;actius<\/span><span class=\"NormalTextRun SCXW127549831 BCX0\"> i <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">passius<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">estan<\/span><span class=\"NormalTextRun SCXW127549831 BCX0\"> ben valorades. <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">\u00c9s<\/span><span class=\"NormalTextRun SCXW127549831 BCX0\"> una auditoria <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">molt<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">m\u00e9s<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">\u00e0mplia<\/span><span class=\"NormalTextRun SCXW127549831 BCX0\"> que <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">l&#8217;auditoria<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">dels<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">estats<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">financers<\/span><span class=\"NormalTextRun SCXW127549831 BCX0\"> (<\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">balan\u00e7<\/span><span class=\"NormalTextRun SCXW127549831 BCX0\"> de <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">situaci\u00f3<\/span><span class=\"NormalTextRun SCXW127549831 BCX0\"> i <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">compte<\/span><span class=\"NormalTextRun SCXW127549831 BCX0\"> de <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">p\u00e8rdues<\/span><span class=\"NormalTextRun SCXW127549831 BCX0\"> i <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">guanys<\/span><span class=\"NormalTextRun SCXW127549831 BCX0\">), ja que abasta <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">altres<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">aspectes<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">molt<\/span> <span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">rellevants<\/span><span class=\"NormalTextRun SCXW127549831 BCX0\"> per al potencial comprador: <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">aspectes<\/span><span class=\"NormalTextRun SCXW127549831 BCX0\"> de <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">tipus<\/span><span class=\"NormalTextRun SCXW127549831 BCX0\">, legal, fiscal, contractes <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">d&#8217;arrendament<\/span><span class=\"NormalTextRun SCXW127549831 BCX0\">, laboral, <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">estrat\u00e8gic<\/span><span class=\"NormalTextRun SCXW127549831 BCX0\">, <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">estat<\/span><span class=\"NormalTextRun SCXW127549831 BCX0\"> real de <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW127549831 BCX0\">maquin\u00e0ria<\/span><span class=\"NormalTextRun SCXW127549831 BCX0\">, marques, etc.<\/span><\/span><span class=\"EOP SCXW127549831 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:0,&quot;335559740&quot;:338}\">\u00a0<\/span><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:heading --><\/p>\n<h2><span class=\"ez-toc-section\" id=\"EBITDAC_quan_la_COVID-19_ho_reformula_tot\"><\/span><span class=\"TextRun SCXW89202097 BCX0\" lang=\"ES-ES\" xml:lang=\"ES-ES\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW89202097 BCX0\">EBITDAC, <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW89202097 BCX0\">quan<\/span><span class=\"NormalTextRun SCXW89202097 BCX0\"> la COVID-19 <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW89202097 BCX0\">ho<\/span><span class=\"NormalTextRun SCXW89202097 BCX0\"> reformula <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SpellingErrorHighlight SCXW89202097 BCX0\">tot<\/span><\/span><span class=\"EOP SCXW89202097 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559738&quot;:300,&quot;335559739&quot;:375,&quot;335559740&quot;:690}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><span data-contrast=\"none\">Despr\u00e9s de la pand\u00e8mia per coronavirus s&#8217;ha instal\u00b7lat una incertesa a totes les empreses del m\u00f3n i que perdurar\u00e0 fins que no es trobi una soluci\u00f3 definitiva per a la COVID-19. El que s\u00ed que \u00e9s cert \u00e9s que tots sabem quan va comen\u00e7ar la crisi sanit\u00e0ria, per\u00f2 no quan va acabar.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:360,&quot;335559740&quot;:338}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">\u00c9s en aquest nou context en qu\u00e8 algunes empreses ja s&#8217;estan aventurant a calcular quin efecte (normalment pernici\u00f3s) est\u00e0 tenint la COVID-19 en el seu EBITDA, \u00e9s el que ha denominat com a <\/span><b><span data-contrast=\"none\">EBITDAC<\/span><\/b><span data-contrast=\"none\">. Encara \u00e9s prompte per a poder considerar l&#8217;impacte de la COVID-19 ja que l&#8217;aplicaci\u00f3 d&#8217;aquest nou concepte financer dependr\u00e0 de en quin moment se solvente el problema de la COVID 19. I despr\u00e9s donar\u00e0 lloc a un ampli ventall de teories financeres per al seu c\u00e0lcul.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:0,&quot;335559740&quot;:338}\">\u00a0<\/span><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:heading \/--><\/p>\n<p><!-- wp:spacer {\"height\":27} \/--><\/p>\n<p><!-- wp:paragraph \/--><\/p>","protected":false},"excerpt":{"rendered":"<p>Armand Bover, docent de l\u2019Euncet\u00a0Business\u00a0School, ha\u00a0estat\u00a0l\u2019encarregat\u00a0de presentar el\u00a0webinar\u00a0\u201cEBITDA: El\u00a0seu\u00a0impacte a\u00a0l\u2019empresa\u201c.\u00a0Bover\u00a0\u00e9s\u00a0tamb\u00e9\u00a0Director\u00a0Financer\u00a0i\u00a0Controller\u00a0de diverses\u00a0empreses\u00a0d\u2019\u00e0mbit\u00a0internacional.\u00a0 Qu\u00e8 \u00e9s l&#8217;EBITDA?\u00a0 El concepte financer EBITDA va n\u00e9ixer a finals dels anys noranta i principis dels dos mil amb la irrupci\u00f3 de les empreses puntcom. \u00c9s un terme que, encara que a priori sembli conegut dins del m\u00f3n empresarial, molts professionals encara no [&hellip;]<\/p>\n","protected":false},"author":28,"featured_media":44550,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[451,299],"tags":[],"class_list":["post-60848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finances-i-comptabilitat","category-business"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EBITDA i EBITDAC: qu\u00e8 \u00e9s, impacte a l&#039;empresa | Blog Euncet<\/title>\n<meta name=\"description\" content=\"Descobreix qu\u00e8 \u00e9s l&#039;EBITDA i quin impacte t\u00e9 a l&#039;empresa amb el webinar: &quot;EBITDA: El seu impacte a l&#039;empresa&quot; 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