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Stefan Gavrić, 2016, magistrsko delo/naloga

Opis: 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.
Ključne besede: financial analysis, CBA, NPV, IRR, goat milk, goat cheese
Objavljeno: 07.03.2016; Ogledov: 570; Prenosov: 45
.pdf Celotno besedilo (1,59 MB)

Analysis of the Energy Market Operator activity in eight European countries
France Križanič, Žan Oplotnik, 2015, izvirni znanstveni članek

Opis: The article aims to analyze the connection between economic development, energy consumption, and prices of electricity and gas on one side and of the operation of the Energy Market Operator on the other. For this purpose we use a sample of eight EU countries with well-functioning energy markets but quite diverse characteristics. The results show that Market Operators in more developed countries in the sample have above average activity (according to revenue), and their primary goal is to achieve external economies. A higher level of Market Operator activity (greater revenue) is influenced by the decrease of transaction costs in energy markets and improves the prospect for greater use of energy. An active Market Operator is characteristically associated with international openness in the energy market as well as with the development of gas use in the given country. We find that a better equipped (greater assets used by the Market Operator) and more active (according to revenues) Market Operator is related with relatively higher levels of electricity and natural gas prices.
Ključne besede: energy, supply and demand, financial analysis, macroeconomics, international benchmark, comparison
Objavljeno: 06.07.2017; Ogledov: 82; Prenosov: 5
.pdf Celotno besedilo (323,78 KB)

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