20.500.12556/DKUM-57544 COST-BENEFIT ANALYSIS OF PRODUCTION AND PROCESSING OF SAANEN GOAT MILK ANALIZA STROŠKOV IN KORISTI V PRIDELAVI IN PREDELAVI MLEKA SANSKE KOZE The purpose of the investment projects is goat milk production and processing of produced milk into semi-hard cheese. To get the highest possible quality and quantity of products, thus the highest profit, it is necessary to respect factors which influence production (choosing the breed, choosing livestock within the breed, proper feeding, proper housing, controlled reproduction, health care of animals, etc.). The goat dairy farm has 500 does with average lactation of 730 l per doe and the cheese factory has capacities big enough to process all the milk produced there. The main goal of this master thesis was to answer whether the investment in projects (goat dairy farm and cheese factory) is financially feasible. Cost-Benefit Analysis (CBA), as a basic methodological approach, gave the answer to this question. All costs and benefits of the projects were determined and evaluated. In case of dairy goat farm, Net Present Value (NPV) is 334.227 € and Internal Rate of Return (IRR) is 21,48% and it is higher than the discount rate (5,5%). The second project, cheese factory, also has positive NPV (308.668 €). IRR (22,31%) is higher than the discount rate (5,5%). Investments in both projects are financially feasible. Within CBA sensitivity analysis was done and investments were evaluated in terms of financial security. Sensitivity analysis was done in a way that NPV, IRR, Profitability Index (PI) and Discounted Payback (DP) were calculated in case of different scenarios, where there were changes in one of the investment variables. These changes include changes of (+/- 10% and 20%) in prices of the product (milk and cheese) and investment costs (dairy goat farm and cheese factory). Both projects are most sensitive to changes in prices (milk price change +/- 10%, NPV changes by +/- 70,98% and cheese price change +/- 10%, NPV changes by +/- 111,67%). To get the answer if the investment in projects is financially feasible, sensitivity analysis was done in which the increase in investment costs by 10% (both projects), decrease in milk price by 10% (dairy goat farm) and decrease in milk price and cheese price by 10% (cheese factory) were taken into account. In case of dairy goat farm, NPV is positive (51.751 €), despite changes in investment costs and milk price. IRR is 7,76%. In case of cheese factory, NPV is also positive (168.392 €), despite changes in investment costs and milk and cheese price. IRR is 13,8%. Based on these information, both projects are financially feasible. Namen investicijskih projektov je pridelava mleka in predelava mleka v poltrdi sir. Z namenom pridobitve najvišje možne količine in kvalitete pridelka, torej z namenom najvišjega dobička, je nujno potrebno vpoštevati faktorje, ki vplivajo na pridelavo (izbor pasem, izbira živali znotraj pasme, pravilna prehrana, pravilno ohišje, pravilno parjenje, skrb za zdravje živali itd.). Kmetija mlečnih koz zavzema 500 koz povprečne mlečnosti 730 l/kozo.Tovarna sira ima dovolj kapacitet, da predela celotno količino pridelanega mleka. Glavni cilj magistrske naloge je odgovoriti na vprašanje ali je investicija v projekt (kmetija mlečnih koz in tovarna sira) finančno upravičena. Odgovor na to vprašanje nam poda analiza stroškov in koristi (CBA), ki jo uporabimo kot osnovni metodološki pristop. Vsi stroški in koristi projekta so določeni in ocenjeni. V primeru kmetije mlečnih koz njena NSV (neto sedanja vrednost) znaša € 334.227. Njena ISD (interna stopnja donosa) pa dosega 21,48 % in je višja od diskonte stopnje (5,5%). Znotraj drugega projekta ima tovarna sira prav tako pozitivno NSV (308.668 €). ISD (22,31 %) je višja od diskontne stopnje (5,5%). Investiciji v oba projekta sta finančno upravičeni. Znotraj CBA je narejena analiza občutljivosti. Ocenjena je tudi finančna varnost investicij. Analiza občutljivosti je narejena tako, da so izračunane vrednosti NSV, ISD, indeks dobičkonosnosti in diskontirana doba vračila v primeru različnih scenarijev, kje so bile spremembe v eni od investicijskih spremenljivk. Te spremembe vključujejo spremembe (+/- 10% in 20%) v cenah pridelkov (mleko in sir) in investicijskih stroških (kmetija mlečnih koz in tovarna sira). Oba projekta sta najbolj občutljiva na spremembe v cenah (sprememba cene mleka +/- 10%, NSV se spremeni +/- 70,98%; sprememba cene sira +/- 10%, NSV se spremeni za +/- 111,67%). Z namenom pridobitve odgovora o finančni varnosti investicije, je narejena analiza občutljivosti, v kateri je upoštevana rast investicijskih stroškov za 10% (pri vsakem projektu posebej), zmanjšanje v ceni mleka za 10% (kmetija mlečnih koz) in zmanjšanje v ceni mleka in sira za 10% (tovarna sira). V primeru kmetije mlečnih koz je, kljub spremembam investicijskih stroškov in v ceni mleka, NSV pozitivna (51.751 €). ISD je 7,76 %. V primeru tovarne sira je, kljub spremembam investicijskih stroškov in v ceni mleka ter sira, NSV tudi pozitivna (168.392 €). ISD je 13,8%. Na podlagi teh informacij, sta oba projekta finančno upravičena. financial analysis CBA NPV IRR goat milk goat cheese finančna analiza CBA NSV ISD kozje mleko kozji sir true true false Angleški jezik Slovenski jezik Magistrsko delo/naloga 2016-02-24 15:10:02 2016-03-07 08:45:26 2022-06-14 03:06:24 2021-05-16 03:21:03 2016 0 Maribor 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 URN:SI:UM:DK:COQJCNB8 MAG_Gavric_Stefan_2016.pdf MAG_Gavric_Stefan_2016.pdf 1 BF8BDAE181D93ACA37725F6E2087613D 20b806b493442fb1e6063a19219a9a0b4c4a62672eb29160de2d7dce6e1b3dff ee0b0a08-7c0b-11eb-bb7a-00155d0001ca https://dk.um.si/Dokument.php?lang=slv&id=86593 Fakulteta za kmetijstvo in biosistemske vede 0 0 0