TY  - CONF
AU  - Morkovina, S. S.
AU  - Keča, Ljiljana
PY  - 2019
UR  - https://omorika.sfb.bg.ac.rs/handle/123456789/1074
AB  - The article presents the economic aspects of growing poplar on plantations in Russia and Serbia. For Russia, the cultivation of poplar on forest plantations with a short turnaround is a promising activity which enables to get NPV 7 202 (sic)/ha, taking into account the risks of forest plantations. In the creation of plantation crops the fundamental role is played by their density. To get timber the density of plantation should be from 3.0 to 5.0 thousand plants per 1 ha. Plantations with a 20-year rotation and planting density of 3.0 thousand plants per 1 ha are the most profitable and less risky ones. Similar results have been obtained on poplar plantations in Serbia. NPV revenues are in a range 11 088 to 13 676 (sic)/ha when growing poplar plantations in Serbia. It is advisable to get not only industrial wood chips, but also wood assortment during the cultivation of poplar plantations with 20-year rotation in the conditions of Serbia. Positive financial effect can be reached in future by lowering the costs of poplar plantations establishing. Costs can be also reduced by finding out the solution in the field of soil preparation for afforestation, working operations which will show the higher level of economic efficient.
C3  - International Jubilee Scientific and Practical Conference Innovative Directions of Development of the Forestry Complex
T1  - Economic assessment of forest plantations with short rotation: Russia and Serbia experience
VL  - 226
DO  - 10.1088/1755-1315/226/1/012072
UR  - conv_1451
ER  - 

@conference{
author = "Morkovina, S. S. and Keča, Ljiljana",
year = "2019",
abstract = "The article presents the economic aspects of growing poplar on plantations in Russia and Serbia. For Russia, the cultivation of poplar on forest plantations with a short turnaround is a promising activity which enables to get NPV 7 202 (sic)/ha, taking into account the risks of forest plantations. In the creation of plantation crops the fundamental role is played by their density. To get timber the density of plantation should be from 3.0 to 5.0 thousand plants per 1 ha. Plantations with a 20-year rotation and planting density of 3.0 thousand plants per 1 ha are the most profitable and less risky ones. Similar results have been obtained on poplar plantations in Serbia. NPV revenues are in a range 11 088 to 13 676 (sic)/ha when growing poplar plantations in Serbia. It is advisable to get not only industrial wood chips, but also wood assortment during the cultivation of poplar plantations with 20-year rotation in the conditions of Serbia. Positive financial effect can be reached in future by lowering the costs of poplar plantations establishing. Costs can be also reduced by finding out the solution in the field of soil preparation for afforestation, working operations which will show the higher level of economic efficient.",
journal = "International Jubilee Scientific and Practical Conference Innovative Directions of Development of the Forestry Complex",
title = "Economic assessment of forest plantations with short rotation: Russia and Serbia experience",
volume = "226",
doi = "10.1088/1755-1315/226/1/012072",
url = "conv_1451"
}

Morkovina, S. S.,& Keča, L.. (2019). Economic assessment of forest plantations with short rotation: Russia and Serbia experience. in International Jubilee Scientific and Practical Conference Innovative Directions of Development of the Forestry Complex, 226.
https://doi.org/10.1088/1755-1315/226/1/012072
conv_1451

Morkovina SS, Keča L. Economic assessment of forest plantations with short rotation: Russia and Serbia experience. in International Jubilee Scientific and Practical Conference Innovative Directions of Development of the Forestry Complex. 2019;226.
doi:10.1088/1755-1315/226/1/012072
conv_1451 .

Morkovina, S. S., Keča, Ljiljana, "Economic assessment of forest plantations with short rotation: Russia and Serbia experience" in International Jubilee Scientific and Practical Conference Innovative Directions of Development of the Forestry Complex, 226 (2019),
https://doi.org/10.1088/1755-1315/226/1/012072 .,
conv_1451 .

TY  - JOUR
AU  - Keča, Ljiljana
PY  - 2018
UR  - https://omorika.sfb.bg.ac.rs/handle/123456789/937
AB  - Background and Purpose: Capital budgeting is the process in which a business determines and evaluates potential large expenses or investments. These expenditures and investments include projects such as building a new plant or investing in a long-term venture. In the case of poplar plantations in Serbia, a prospective project's lifetime cash inflows and outflows can be assessed in order to determine whether generated potential returns meet a sufficient target benchmark, also known as "investment appraisal". The purpose of this study is to show relative profitability of alternative courses of action in poplar plantations. Material and Methods: The investigated plantations were established from Populus x euramericana cl. I-214 on different soil types, situated in north-western part of Serbia, with planting spacing 6x3 m, differently aged, mainly for technical wood production. The data used in this study were collected from the management and materials books of the "Vojvodinasume" Public Forest Enterprise, which is the official owner of these stands. All of the plantations are state-owned. At the end the supply chain of poplar wood production is presented. Different capital budgeting techniques and different discount rates are employed to determine which types of poplar plantations, treated as separate projects, will or not will yield the most return over an applicable period of time. Results and Conclusions: The financial effects for sample plot plantations were first evaluated with an external funder prerequisite of 12% discount rate, and continued with different investment appraisal discount rates. For the discount rate r=12%, all tested areas had a negative net present value (NPV). Average internal rate of return (IRR) is 5.63% and payback period is acceptable for the investor at 6% and less. The average benefit-cost analysis amount is 0.36 for all stands with a discount rate of r=12%.
T2  - SEEFOR-South-East European Forestry
T1  - Capital Budgeting Applied to Serbian Poplar Plantations
EP  - 130
IS  - 2
SP  - 123
VL  - 9
DO  - 10.15177/seefor.18-12
UR  - conv_1388
ER  - 

@article{
author = "Keča, Ljiljana",
year = "2018",
abstract = "Background and Purpose: Capital budgeting is the process in which a business determines and evaluates potential large expenses or investments. These expenditures and investments include projects such as building a new plant or investing in a long-term venture. In the case of poplar plantations in Serbia, a prospective project's lifetime cash inflows and outflows can be assessed in order to determine whether generated potential returns meet a sufficient target benchmark, also known as "investment appraisal". The purpose of this study is to show relative profitability of alternative courses of action in poplar plantations. Material and Methods: The investigated plantations were established from Populus x euramericana cl. I-214 on different soil types, situated in north-western part of Serbia, with planting spacing 6x3 m, differently aged, mainly for technical wood production. The data used in this study were collected from the management and materials books of the "Vojvodinasume" Public Forest Enterprise, which is the official owner of these stands. All of the plantations are state-owned. At the end the supply chain of poplar wood production is presented. Different capital budgeting techniques and different discount rates are employed to determine which types of poplar plantations, treated as separate projects, will or not will yield the most return over an applicable period of time. Results and Conclusions: The financial effects for sample plot plantations were first evaluated with an external funder prerequisite of 12% discount rate, and continued with different investment appraisal discount rates. For the discount rate r=12%, all tested areas had a negative net present value (NPV). Average internal rate of return (IRR) is 5.63% and payback period is acceptable for the investor at 6% and less. The average benefit-cost analysis amount is 0.36 for all stands with a discount rate of r=12%.",
journal = "SEEFOR-South-East European Forestry",
title = "Capital Budgeting Applied to Serbian Poplar Plantations",
pages = "130-123",
number = "2",
volume = "9",
doi = "10.15177/seefor.18-12",
url = "conv_1388"
}

Keča, L.. (2018). Capital Budgeting Applied to Serbian Poplar Plantations. in SEEFOR-South-East European Forestry, 9(2), 123-130.
https://doi.org/10.15177/seefor.18-12
conv_1388

Keča L. Capital Budgeting Applied to Serbian Poplar Plantations. in SEEFOR-South-East European Forestry. 2018;9(2):123-130.
doi:10.15177/seefor.18-12
conv_1388 .

Keča, Ljiljana, "Capital Budgeting Applied to Serbian Poplar Plantations" in SEEFOR-South-East European Forestry, 9, no. 2 (2018):123-130,
https://doi.org/10.15177/seefor.18-12 .,
conv_1388 .