Investment Potential of Private Forests in Croatia
| Autor: | Karlo Beljan, Denis Dolinar, Jura Čavlović, Josip Ištvanić, Kruno Lepoglavec |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2020 |
| Předmět: |
040101 forestry
business.industry medicine.medical_treatment Forest management 0211 other engineering and technologies Timberland investment Added-value chain Forest simulator MOSES Risk-adjusted discount rate Investment project appraisal Internal rate of return 021107 urban & regional planning Forestry 04 agricultural and veterinary sciences 02 engineering and technology Investment (macroeconomics) Agricultural economics Agriculture Stock exchange medicine Financial analysis 0401 agriculture forestry and fisheries Production (economics) Veneer Business |
| Popis: | This paper presents a comprehensive financial analysis of the investment poten- tial of seven private forest categories in the Republic of Croatia (total study area of 268, 072 ha). It covers the period from 2018 to 2048 and includes forest pur- chase costs, management simulation, timber transport to mills, timber processing and veneer production, and finally the selling of sawmill, veneer and forest prod- ucts. Data from the Croatian National Forest Inventory and forest habitats map were used as a basis for analyses. Spatial data on private forests, roads and timber process plants at the national level were also integrated into the analyses. For the forest man- agement simulation, the MOSES 3.0 simulator was used, and the QGis 3.4 software was used for spatial analyses of forests, roads and mils. Based on data from several world stock exchanges that cover companies of the forestry sector, a real (inflation- free) discount rates were used. The financial analyses showed which forest catego- ries have positive investment potential and under which conditions. Results pointed out that multi-aged European beech forests have the highest internal rate of return (8.45%) and are the only one which would meet the expectations of a financially rational investor using criteria of a risk-adjusted inflation-free discount rate of 8%. |
| Databáze: | OpenAIRE |
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