Rentabilnost ulaganja u podizanje i eksploataciju zasada vinograda kao izazov za investitore / Profitability of capital investment in raising and exploitation of vineyards as a challenge for investors
2015
Sredojević, Zorica (Poljoprivredni fakultet, Beograd – Zemun (Srbija)) | Sivčev, Branislava (Poljoprivredni fakultet, Beograd – Zemun (Srbija)) | Peco, Edin (Agricultural cooperatives GEA, Mostar (Bosna i Hercegovina))
Viticulture represents an important branch of agriculture in Serbia. Although the current economic conditions do not provide job security in primary agricultural production, investment in planting vineyards provides significant economic effects. The aim of this research is to, according to the indicators of profitability of investments, suggest the extent of feasible profitability of capital investments in planting vineyards to potential investors. The analysis was done on an area of 15 ha on a farm located in the municipality of Topola, a traditionaly vineyard region. The analysis showed that an internal rate of return of 23.03% can be achieved by investing in plantations at an interest rate of 10%,. The invested cash funds can be returned in 8.80 years, i.e. in the 9th year after planting grafts, or in the 6 th year of operation, and will result in a net present value in the amount of 350,418 €. For every euro invested a 0.90 accumulation can be achieved, which is a particular challenge for investors. If the investment were lower by 20%, the internal rate of return would increase by 24.98%. If the revenues from the sale of grapes were higher by 10%, the rate of return would reach the value of 25.90%. Investing is the most sensitive to changes in income or yield and selling price of grapes. The lower limit of economic feasibility investing in vineyards is possible with future decreasing sales prices of grapes, and therefore sales revenue to 33%. The realization of such an investment would contribute to creating new jobs, which would provide socio-economic and environmental significance to the environment, and in general, to the economic development of the wider area.
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