Izračun neto sedanje vrednosti in interne stopnje donosnosti pri investiciji pridelave paradižnika v rastlinjaku

Šumak, Dejan

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Title:	Izračun neto sedanje vrednosti in interne stopnje donosnosti pri investiciji pridelave paradižnika v rastlinjaku
Authors:	ID Šumak, Dejan (Author) ID Rozman, Črtomir (Mentor) More about this mentor... ID Pažek, Karmen (Comentor)
Files:	MAG_Sumak_Dejan_2016.pdf (876,06 KB) MD5: D3148BAD3811404DDEAFB62894A2001A
Language:	Slovenian
Work type:	Master's thesis/paper
Organization:	FKBV - Faculty of Agriculture and Life Sciences
Abstract:	V tem magistrskem delu smo proučili ekonomski in finančni vidik upravičenosti investicije. To delo je razdeljeno na tri dele, in sicer na pregled objav, na material in metode ter na rezultate z razpravo. Cilj le-tega je bil izračunati ključne parametre finančne analize in ugotoviti najdonosnejšo investicijo. Pri pregledu objav smo predstavili izsledke iz različne domače in tuje literature, virov ter člankov, in sicer glede investicijskega odločanja, vrednotenja-ocenjevanja investicijskih objektov, NSV, ISD ter primerjave NSV in ISD. Ugotovili smo, da sta metodi NSV ter ISD najbolj uveljavljeni tradicionalni metodi za ocenjevanje upravičenosti investicije. Na njuni podlagi smo opravili izračune glede ugotavljanja smotrnosti naše investicije v rastlinjak. V poglavju, v katerem smo opredelili material in metode dela, smo opisali investicijo, ocenili materiale, stroške in prihodke ter izračunali denarni tok. Izvedli smo dve oceni investicije, in sicer za 2 in 4,5 hektarja rastlinjaka, pri katerih smo uporabili različne scenarije, in sicer scenarij A, pri katerem sta cena (EUR) in pridelava (kg) konstanti, scenarij B, pri katerem je pridelava (kg) konstanta in cena (EUR) spremenljivka, ter scenarij C, pri katerem je cena (EUR) konstanta in pridelava (kg) spremenljivka. Za izračun upravičenosti investicije smo zajeli obdobje trinajstih let. Ugotovili smo, da bodo stroški materialov in ostali stroški pri obeh površinah pri scenariju A v drugem letu najvišji, nato pa bodo vsako leto padali. Pri scenariju B so prav tako stroški najvišji v drugem letu, nato pa bodo vsako leto nižji. Pri scenariju C so stroški prav tako najvišji v drugem letu, nato pa bodo padali. Stroški materiala in ostali stroški so v drugem letu najvišji zaradi vložka v investicijo. Pri izračunu predvidenih stroškov (scenarij A) smo pri obeh površinah ugotovili, da so prihodki vsako leto konstantni. Pri scenariju B in C smo ocenili, da prihodkov v prvem letu ne bomo imeli, nato pa bodo vsako leto naraščali. Denarni tok smo izračunali na podlagi predvidenih skupnih prihodkov in predvidenih skupnih stroškov, pri čemer v skupnih stroških nismo upoštevali amortizacije. Ugotovili smo, da je pri obeh površinah (scenarij A) denarni tok pozitiven, kar pomeni, da je investicija upravičena. Če primerjamo denarni tok po scenariju B, ugotovimo, da je investicija za 4,5 hektarja smotrnejša od investicije za 2 hektarja rastlinjaka, ker je denarni tok pozitiven že v petem letu, medtem ko je za manjšo površino šele v šestem letu. Po scenariju C je pri obeh površinah denarni tok v prvem letu negativen, kar pomeni, da sta v tem letu obe investiciji neupravičeni. Na podlagi izračuna NSV in ISD smo ugotovili, da je investicija smiselna na večji površini.
Keywords:	neto sedanja vrednost, interna stopnja donosnosti, investicijsko vrednotenje, tehnološko-ekonomski simulacijski model
Place of publishing:	Maribor
Year of publishing:	2016
PID:	20.500.12556/DKUM-63311
NUK URN:	URN:SI:UM:DK:66AZDMZJ
Publication date in DKUM:	06.10.2016
Views:	5488
Downloads:	594
Metadata:
Categories:	FKBV
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Secondary language

Language:	English
Title:	Calculation of net present value and internal rate of return for investments in the production of tomatoes in the greenhouse
Abstract:	In this master thesis, we studied the economic and financial aspect of the eligibility of the investment. This thesis is divided into three parts, namely the review of publications, material and methods, and the results with the discussion. The aim was to calculate key parameters of financial analysis and determine the most profitable investment. When reviewing the publications, we made summaries from a variety of domestic and foreign literature, resources and articles, in terms of investment decision-making, evaluation - evaluation of investment facilities, NPV, IRR, and NPV and IRR comparisons. We have found out that the methods of NPV and IRR are the most renowned traditional methods for assessing the eligibility of the investment. Based on which, we performed calculations of determining the performance of our investments in the greenhouse. In the chapter, where we have identified material and methods of work, we described the investment itself, evaluated materials, costs and revenues, and calculated the cash flow. We carried out two evaluations of the investment for 2 and 4.5 hectares of greenhouse, where we used different scenarios, namely a scenario A where the price (EUR) and production (kg) are constant, and scenario B, where production (kg) is a constant and price (EUR) is a variable, and scenario C, where the price (EUR) is constant and production (kg) is a variable. To calculate the viability of investment, we covered a period of thirteen years. We have found that the cost of materials and other costs will be the highest in both areas in scenario A in the second year and, then they will fall each year. In scenario B, the costs are the highest in the second year, and then they will get lower each year. In scenario C, the costs will also be higher in the second year, and then they will fall. The cost of material and other costs are the highest in the second year due to the investment input. In calculating the estimated costs (scenario A) we found out for both areas that revenues are constant each year. In scenario B and scenario C it was estimated that there will be no revenue in the first year, and then they will grow each year. Cash flow was calculated on the basis of the overall revenue and estimated total costs. The total costs did not take into account depreciation. We have found that for both areas (scenario A), the cash flow is positive, which means that the investment is justified. If we compare the cash flow under the scenario B, we find that it is better to invest for 4.5 hectares than 2 hectares of greenhouse, because the cash flow is already positive for the fifth year, while for the smaller area only in the sixth year. According to scenario C, for both areas the cash flow is negative in the first year, which means that, in this year both investments are ineligible. On the basis of the calculation of NPV and IRR, we found that the investment makes sense on a larger area.
Keywords:	net present value, IRR, costing, technological-economic simulation model

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