Economic performance of uneven-aged forests analysed with annuities

For this study, 18 permanent research plots in Switzerland with an area between 0.5 and 2.5 ha that have been installed between 1905 and 1931 were analysed using annuities. The plots cover a wide range of uneven-aged forest-types from pure Norway spruce to classical single-tree selection (plenter) forests dominated by Silver fir in different elevations (575–1810 m a.s.l). The areas have been managed according to an uneven-aged silvicultural system and growth and yield characteristics have been assessed on a single-tree basis every 5–11 years. Net revenues of timber harvesting were computed as a time series from the installation of the plots until today and transformed into net present values and subsequently into annuities for each assessment interval. Three types of annuities: (1) for cutting cycles; (2) forward; (3) backward for the whole assessment period were calculated together with internal rates of return. The results display that annuities were usually positive with an interest of 2 per cent. High elevation (>1400 m) Norway spruce dominated forests as well as heavily overstocked (>900–1000 m3 ha−1) plots showed the lowest or even negative annuities. The reduction of overstocks lead in the mid-term to an increase, but resulted in a short-term decrease of the annuities. For many of the research plots, especially those in higher elevations, there is a trend towards an increase of the annuities over time. The highest annuities were found in Silver fir dominated selection forests with a growing stock close to or slightly above an equilibrium structure. The backward calculation of the annuities improved for some plots the problem of the strong influence of the value of the initial growing stock. Implications for uneven-aged silviculture as well as for the analysis of the economic performance of uneven-aged and even-aged forests and the application of annuities are discussed in the paper.