Economic effectiveness of investments in dairy production at large family farms

Abstract

Dairy production in Republic of Serbia is conducted primarily at family farms. However, these farms mostly posses small number of cows, so that they are not capable to apply modern technical and technological solutions concerning housing and feeding of cows. Small family farms can not purchase contemporary milking equipment; thus, they have no possibility to produce high quality milk. Therefore it is necessary to direct towards formation of large family dairy farms. Consequently, it is needed to provide sources of financing for very high investments, which are indispensable. To determine whether investments in dairy production at large family farms are economically efficient and financially feasible, appropriate model of family farm has been formed. This model was used to apply dynamical methods of investment evaluation, such as Net Present Value, Internal Rate of Return and Payoff method. It is determined that investing in large family dairy farms is economically efficient, as well as financially feasible.

Proizvodnja mleka u Srbiji odvija se prvenstveno na porodičnim poljoprivrednim gazdinstvima. Međutim, ova gazdinstva većinom poseduju mali broj krava, pa nisu u mogućnosti da primenjuju moderna tehnička i tehnološka rešenja u smeštaju i ishrani krava. Mala porodična gazdinstva ne mogu nabaviti savremene muzne uređaje, pa su zato onemogućena da proizvode mleko visokog kvaliteta. Zbog toga treba ići prema formiranju krupnih porodičnih gazdinstava za proizvodnju mleka. U tom cilju potrebno je obezbediti izvore finansiranja za veoma visoka investiciona ulaganja, koja su neophodna. Da bi se utvrdilo da li su ulaganja u proizvodnju mleka na krupnim porodičnim gazdinstvima ekonomski opravdana i finansijski prihvatljiva, formiran je odgovarajući model porodičnog gazdinstva. Na njemu su primenjene metode dinamičke ocene investicija, kao što su neto sadašnja vrednost, interna kamatna stopa i rok povraćaja. Utvrđeno je da je investiranje u krupna porodična gazdinstva za proizvodnju mleka ekonomski opravdano, kao i finansijski prihvatljivo.