Investment appraisal of a poplar plantation aged 42 years

Commercial profitability of poplar cultivation was analyzed in an artificial poplar plantation in Serbia. The aim of this study was to validate the invested financial means in the artificial poplar plantation, on the basis of the analysis of costs and receipts during a 42-year rotation, on alluvial semigley, at a discount rate of 12%. Methods of dynamic investment calculation (net present value - NPV, internal rate of return - IRR, benefit-cost method - B/C and payback period - PBP) were used. The investigated plantations were established from Populus x euramericana cl. I-214, with a planting spacing of 6 x 3 m. At the calculation discount rate of 12%, the project for the production cycle of 42 years was not cost-effective from the economic aspect. The discount rate of 6% can be accepted in the studied plot because of the better site (alluvial semigley), but the oldness of the stand is unfavourable. For the studied sample plot, IRR was 5.51 %. B/C at r=12% in the study compartment was 0.24. The analysis shows that PBP is practically unacceptable for the investor at the discount rate of 6%. In practice, it is necessary to improve the position of producers in getting financial means for investment in poplar cultivation, so as to stimulate the establishment of artificial poplar plantations, especially in the private sector (on private land). [Projekat Ministarstva nauke Republike Srbije, br. TR 37008, TR 31041 and Value chain of non-wood forest products and its role in development of forestry sector in Serbia

Distribution of Hymenoscyphus fraxineus on Fraxinus spp. in Serbia

International Scientific Conference "Sustainable Forestry-Fact or Fiction?", 4-6 October, 2017, Skopje, Macedonia

Review of the most important pathogens in Serbian forest nurseries

Successful reforestation depends on the quality and health of seedlings. Targeted production in forest nurseries should produce plants that will be able to survive unfavorable environmental and weather conditions in Serbia. Pathogens can reduce the vitality of seedlings and decrease survival after outplanting. The most common pathogens identified on seeds of both conifer and broadleaved seedlings are presented. The most frequently used fungicides for the control of pathogens in Serbian forest nurseries, as well as the best time of their application, are reviewed

Estimation of cost-effectiveness of poplar wood production in poplar plantations in Ravni Srem based on the cost-benefit method

Cost-effectiveness of polar cultivation was analyzed based on one of the indicators for the assessment of agriculture and forestry projects - cost-benefit (r). Poplar plantations of the clone I-214 of different rotations and on different soil types were analyzed in the area of Ravni Srem. The aim of the study was to evaluate the justification of the invested financial means in wood production in poplar plantations, based on the analysis of costs and receipts at different plantation ages, using the cost-benefit method. It was found that in all 13 analyzed compartments, the average cost-benefit ratio was 0.36. This means that the costs at the discount rate of 12% are about 2.8 times higher than the receipts. Accordingly, it can be asserted that it is economically unjustified to invest in the projected stands, but only in the case when the value of social capital accounts for 12%. Based on the analysis of sensitivity of the cost-benefit method, it was concluded that cost benefit ratio for p=8-12% was below 1 within the study range of costs and receipts changes, while for p=4-6% this ratio was above 1 in some cases of decrease in costs, i.e. increase in receipts. It was noted that the change in r depending on the change in costs, developed by the exponential function, and the change in r depending on the change in receipts developed by the linear function. Also, it was concluded that at the lower discount rates, the values of r moved towards 1, so for 8% r=0.71, and for 6% r=0.94. The value at the discount rate of 4% indicates that the project is cost-effective and that the invested € 1 makes € 1.22. This fact is especially important when poplar cultivation projects are ranked. For this reason, this method is used for the evaluation of social benefits, i.e. for economic analyses. It is almost never applied in the analysis of private investments

An analysis of marketing mix elements in the business of small and medium enterprises dealing with NWFPs in the statistical region of Belgrade

Non-wood forest products (NWFPs) appear as a raw material base for a range of final products used in the pharmaceutical industry, food industry, etc. In addition, along with the expansion of organic production, the importance of the NWFPs market has drastically increased, both at the regional and international levels. The aim of this paper is the analysis of selected marketing mix elements (product, price, promotion and distribution) in small and medium enterprises engaged in the purchasing, processing and marketing of NWFPs in the statistical region of Belgrade. The purpose of this research is to highlight the potential of NWFPs in commercial terms, on the basis of the knowledge obtained. The research object is the volume of purchase and marketing of the most important NWFPs in domestic and foreign markets. The research is based on a time series analysis through trend formulation, as well as the analysis of the selected marketing mix elements. An increase in the purchase of raw products can be observed over a six-year period, as a result of the enhancement in the purchase of forest fruits, while the purchase volume of other products remains largely the same. When product placement on the domestic market is concerned, an increase in the purchase of products can be observed, particularly in the last three years of the observation period, as a result of the increased placement of forest fruits on the market, while other products are subject to less fluctuation. The most common products in the statistical region of Belgrade are medicinal herbs, forest fruits and mushrooms. [Projekat Ministarstva nauke Republike Srbije, br. EVBR 37008: Održivo gazdovanje ukupnim potencijalima šuma u Republici Srbiji i br. TP 31041: Šumski zasadi u funkciji povećanja pošumljenosti Srbije

Test of Populus x euramericana cv. Pannònia resistance to the attack of Discoporium populeum (Sacc) Sutton by artificial infections

Populus x euramericana cv. Pannònia is an artificial hybrid, created in the Sarvar research station (Hungary), by crosses made by Kopecky Ferenc. It was registered in Hungary and its identification is H 490-31. Its parents are: Populus deltoides S-1-54 & Belgium (P. deltoides A 42 Iowa × P. deltoides A148 Missouri) x P. nigra Lébény 211%. Inoculations were implanted by spore suspension and mycelium of the fungus, grown on the MEA medium, by standard method. The experiments were performed on the plants 1/2, especially singled out for the experiment and on the plants in the second year after transplanting (2/2 and 2/3), at the locality Siget. The inoculations were replicated three times: 15.05.2000, 14.10.2000 and 31.03. 2001 The study shows that the newly introduced cultivar Populus × euramericana cv. Pannònia is not immune to the attack of the fungus Discosporium populeum. The highest percentage of realised infections in the experiment with mycelium was realised in October (89.7%), and the lowest percentage in May (22.6%). Inoculations with spore suspension had the same trend, only the percentage of realised infections was considerably lower, with the maximal value for October, 23.5%. Infection with spore suspension implanted in leaf scar produced the positive results, with 10.4% percentage of infection. A very significant fact is that the percentage of random infections of the plants monitored during the experiment was only 4.4%. Only one plant was girdled and killed during the research. It must be emphasised that all the necrotised spots were callused and remedied in a short period after infection, which indicates the presence of the defence mechanisms in this cultivar The study results are a good base of further research. To be able to bring correct conclusions and recommendations to the practice regarding this cultivar in the study area, it is necessary to assess the degree of Discosporium populeum presence on one-year and two-year old trees

Public perception foresters of invasive ash dieback pathogen arrival in Serbia

IUFRO 125th Anniversary Congress, 18 – 22 September 2017, Freiburg, German

THE INFLUENCE OF THE OFFER OF ANIMATION PROGRAMS ON CUSTOMER SATISFACTION AND LOYALTY

Tourist animation is a combination of services and content aimed at improving the overall experience of the tourist service. The purpose of animation activities is to provide the guest with more than anticipated, to outperform guests’ expectations. The importance and significance of the added value that is provided to guests is increasingly emphasized. This paper was designed to overcome the deficit of research conducted in the field of tourist animation, especially the part related to the influence on customer satisfaction and loyalty. The main purpose of this research was to identify the factors of guest satisfaction that are positively related to the loyalty of guests in the hotel industry in the Republic of Croatia, through a review of the literature and the theory of guest satisfaction. Therefore, an empirical study was conducted in order to examine the impact of animation program offerings on guest satisfaction and loyalty from a manager’s perspective using a qualitative study. From the collected and analyzed data, it is possible to presume that the quality of animation programs, animators, and communication with the guest has a positive effect on guest satisfaction. Also, it has been found that the offer of animation programs affects the return and loyalty of guests. Based on the results obtained at the end of the paper, guidelines for further development in this area are proposed. The contribution of this paper is reflected in the acquisition of new knowledge regarding the impact of animation programs on guest satisfaction and loyalty, with an emphasis on the comprehensiveness of animation programs

Commercialization of non-wood forest products on the territory of AP Vojvodina

In the previous utilization of natural resources in forestry as an economic activity, timber exploitation was always the dominant part, and the utilization of other forest products was partly neglected. Nowadays, non-wood forest products (NWFPs) occupy an increasingly significant position in the forestry sector in numerous countries, so that the revenue from their utilization approaches the returns realized by the classical production of timber products. The research performed in Vojvodina, on the sample of six enterprises dealing with NWFP purchase, processing and sale was aimed at the analysis of their market activities to create the image of the market of this group of products. After the study data were analyzed by dynamic statistical methods, the changes in the activities on purchase, the domestic sales and export sales between 2004 and 2010 were presented and future projects were visualized. The research in the form of questionnaire included the quantities of purchased raw materials, the scope of production and sales, both in the domestic, and in foreign markets, as well as the prices of final products. Some species of medicinal plants were purchased on the territories of Croatia and Macedonia, and the purchasing network in the domestic market was remarkably wide and it included predominantly: Niš, Svrljig, Čoka, Apatin, Pančevo, Ruma, Boljevac, Kanjiža, etc. The most significant growth was realised in the purchase of a mixture of medicinal plants. Also significant are the purchased quantities of mint, which on average increased by 7.9 t and rose hip by 5.5 t per year. During the study period, the domestic sale of all species of herbal teas and medicinal plants increased significantly, while spices and honey were subject to a fluctuation in sales quantity. Average algebraic deviation of the original final NWFP sale value from the arithmetic mean accounts for 3.48%. With the significance level of 95%, it is estimated that the sale in 2012 will range between 3049.19 and 3343.95 t, under the condition that the sale continues its quadratic trend. Based on the quadratic trend, and with the significance level of 95%, it can be foreseen that the value of export in 2012 will range from 133.01 to 250.07 t. As for the time interval from 2004 to 2010, the average export amounted to 260.07 t, which encompassed primarily medicinal and aromatic plants, spices and honey. During the study period, export decreased on average by 7.03% (20.75 t per year)

E-knjiga — najnoviji oblik knjige

Tiskana knjiga još uvijek je prisutna gotovo na svakom koraku našeg života. Nesumnjivo je u pet stotina godina postojanja bila od krucijalne važnosti u školama i fakultetima, odnosno u cjelokupnom odgojnoobrazovnom procesu. Zahvaljujući razvoju IC tehnologije u drugoj polovici 20. stoljeća knjiga je dobila novi oblik — nematerijalni. U ovom radu se navode različite definicije i opisi elektroničke knjige, njezino određenje unutar konteksta IC tehnologije, pružen je osvrt na njen povijesni razvoj te povezanost s internetom, istaknute su njezine prednosti i nedostaci. Budući da je sve prisutnija na »policama« knjižnice u radu se navode neke promjene do kojih je dovela e-knjiga u poslovanju knjižnice i radu knjižničara