Procena investicija u plantaži topole starosti 42 godine

Abstract

U radu je prikazana analiza komercijalne isplativosti uzgoja topola, na primeru plantaže starosti 42 godine. Cilj istraživanja je da se na osnovu analize troškova i prihoda u periodu od 42 godine, korišćenjem metoda dinamičke analize, proveri opravdanost uloženih finansijskih sredstava u veštačke topoline zasade. Proračun je vršen za diskontnu stopu od 12%. Plantaža se nalazi na zemljištu aluvijalni semiglej, Populus x euramericana cl. I-214, razmaka sadnje 6 x 3 m. Pri diskontnoj stopi od 12%, projekat je za trajanje proizvodnog ciklusa od 42 godine neisplativ. Interna stopa prinosa je 5,51%, što je znatno ispod kalkulativne diskontne stope od 12%, pa bi finansiranje projekta pomoću nekog kreditnog aranžmana bilo praktično nemoguće pod ovim uslovima. Odnos korist-trošak je 0,24, a analizom rezultat roka povraćaja novca došlo se do zaključka da je praktično neprihvatljivo finansirati sastojinu na ovaj način primenjujući diskontnu stopu od 6%.

Commercial profitability of poplar cultivation was analyzed in an artificial poplar plantation in Serbia. The aim of this study was to validate the invested financial means in the artificial poplar plantation, on the basis of the analysis of costs and receipts during a 42-year rotation, on alluvial semigley, at a discount rate of 12%. Methods of dynamic investment calculation (net present value - NPV, internal rate of return - IRR, benefit-cost method - B/C and payback period - PBP) were used. The investigated plantations were established from Populus x euramericana cl. I-214, with a planting spacing of 6 x 3 m. At the calculation discount rate of 12%, the project for the production cycle of 42 years was not cost-effective from the economic aspect. The discount rate of 6% can be accepted in the studied plot because of the better site (alluvial semigley), but the oldness of the stand is unfavorable. For the studied sample plot, IRR was 5.51 %. B/C at r=12% in the study compartment was 0.24. The analysis shows that PBP is practically unacceptable for the investor at the discount rate of 6%. In practice, it is necessary to improve the position of producers in getting financial means for investment in poplar cultivation, so as to stimulate the establishment of artificial poplar plantations, especially in the private sector (on private land).