Abstract
The paper presents the commercial cost efficiency analysis of poplar plantations, according to project evaluation indicator in agriculture and forestry - internal rate of return (IRR). The analysis was performed for planting poplar clone I-214 in the area of Ravan Srem, planting space 6?6 m, with different rotations and on different soil types. The methodology, used in this paper refers to the implementation of the dynamic method of economic research, which explains the discount rate, according to which, the current value of cash flow will be equal to the current value of the cash outflaw. The research goal was to check the justifica?tion of funds invested in wood production in poplar plantations, based on revenues and cost analysis in different plantation ages, using the IRR. The research showed that the IRR for 12 sample plots varied in interval 4.32-6.94% with average rate of 5.63%. The internal rates are larger for plantations on good quality soil types, regarding of poplar plantation (aluvial semigleyic soil), and for shorter rotations and vice versa. The IRR values higher than 12% were not found in researched framework of cost-revenues changes rate. The sensitive analysis proved that the project is very easily affected by cost-revenues changes. .
Highlights
The main aims of the re search were: to assess the cost-effectiveness of the invested financials in wood production in pop lar plantations, based on the analysis of costs and revenues in different periods of plantations age (24-42 years), using one dynamic method of economic research - internal rate of return (IRR) and to examine financial effects in sample plots to check their response to possible changes of costs and receipts
The IRR in all analysed sample plots are less than calculative discount rate of 12% and there was the option to realise the positive financial effect by decreasing the costs or increasing the receipts
The results clearly show the inverse proportion between discount rate and age of the plantation, and direct pro portion with soil type i.e. discount rates are higher for plantations which are grown on stands suit able for poplar production and for shorter rotations and vice verso
Summary
Извод: У раду је приказана анализа комерцијалне исплативости узгоја топо ла према индикатору за процену пројеката у пољопривреди и шумарству ин терна стопа приноса (IRR). Циљ истраживања био је да се на основу анализе трошкова и прихода у различитим периодима старости засада, коришћењем методе интерне стопе приноса, провери оправданост уложених финансијских средстава у произ водњу дрвета у засадима тополе. Интерне стопе су веће за засаде који су подигнути на квалитетнијим земљиштима са аспекта узгоја топола (алу вијални семиглеј), као и за краће опходње и обрнуто. Из неколико разлога употреба ове методе је ограничена и то: она се не користи када се током оперативног периода инвестиције јављају негативни токови готовине, она директно не одражава временску преференцију доносиоца одлука, јер се дисконта стопа прорачунава из конкретних података и на крају прорачун интерне стопе приноса је на одређен начин компликован.
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