Economic effectiveness of investments in fruit tree nurseries

Abstract

In order to develop and improve fruit production in Serbia it is necessary to invest in establishment of nurseries for production of quality fruit seedlings. Therefore the goal of this paper is to analyze economic efficiency of investments in fruit nurseries. Discounting methods of investment evaluation (Net Present Value, Internal Rate of Return and Payback period) are used to determine profitability of investments in expected circumstances while sensitivity analysis and scenario analysis methods were used to evaluate investments in risky circumstances. It is determined that investments in fruit nurseries are economically efficient even in risky circumstances. Type of nurseries which provide more balanced cash flows is more economically efficient and less risky.

Da bi se razvila i unapredila voćarska proizvodnja u Srbiji neophodno je da se investira u zasnivanje rasadnika za proizvodnju kvalitetnih voćnih sadnica. Zbog toga je cilj ovog rada da se analizira ekonomska efektivnost investicija u rasadnike za proizvodnju sadnica voća. Da bi se utvrdila ekonomska efektivnost ovih investicija u očekivanim uslovima poslovanja korišćene su diskontne metode za ocenu investicija (neto sadašnja vrednost, interna stopa rentabilnosti i metoda roka povraćaja) dok su za ocenu investicija u uslovima rizika korišćene analiza osetljivosti i scenario analiza. Utvrđeno je da su investicije u rasadnike za proizvodnju sadnica voća ekonomski opravdane, čak i u rizičnim uslovima poslovanja. Investicija u tip rasadnika koji obezbeđuje uravnoteženije novčane tokove je ekonomski prihvatljivija i manje rizična.