Estimation of cost-effectiveness of poplar wood production in poplar plantations in Ravni Srem [Serbia] based on the method of pay back period. | Процена исплативости производње дрвета у засадима тополе у Рaвном Срему [Србија] на бази методе рока повраћаја новца
2011
Кеча, Љ., Шумарски факултет, Београд (Serbia)
This paper presents the analysis of commercial profitability of poplar cultivation according to the indicator for the assessment of projects in agriculture and forestry - pay back period. The application of pay back period (PBP) calculation can affect greatly the reliability of predicting the degree of economic effectiveness of investments, and also the potential risks for the investor in his decisions on the investments in poplar cultivation. The analysis of poplar clone I-214 plantations was carried out in the area of Ravni Srem, under different rotations and soil types. Based on the analysis of costs and receipts in different plantation ages, and using the method of pay back period, the objective of the study was to evaluate the possible pay back period of invested capital in wood production in poplar plantations. PBP is practically inacceptable by the investor under the discount rate of 6%. The most favourable situation is in the youngest stands, using the discount rate of 2%. The situation regarding the pay back period in the over-aged stands is utterly unfavourable, so the credit cannot be repaid under any conditions. This fact supports the idea that the production cycle length should be shortened.
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