Análise financeira de sistemas de produção para novilhas em pastagem de Brachiaria brizantha

Abstract

The objective was to determine the economic feasibility and financial risk of different production systems for dairy heifers grazing on Xaraes pallisadgrass pasture, during the year, with roughage supplementation of sugarcane, during the autumn-winter and the supply of mineral mixture (commercial and selective). Each production system was characterized and quantified in accordance with the administrative and livestock realized during the period February 2006 to March 2008. The cash flows were constructed for production system in a horizon of 12 years, being applied discount rates of 6, 10, 14, 18 and 22 % per year. About the cash flows were determined economic indicators of profitability: net present value and internal rate of return. The sensitivity and financial risk analyzes were realized. The production systems showed positive net present value at a discount rate of 14 % per year, which reflects the return on capital invested, compared to savings accounts. The trading price of the heifer is the item of greatest influence on economic results. The production systems had low financial risk of becoming unviable, given the price fluctuations that occurred in the market. The production systems are financial viable to exploration.