Ocjena isplativosti investicijskog projekta izgradnje regionalnog sabirno-logističkog centra za proizvodnju biomase

master's thesis

• Title (english): Appraisal of investment project of regional logistic center for biomass production
• Author: Sanja Zelenika
• Mentor: Denis Dolinar (mentor)
• Committee member: Davor Zoričić (predsjednik povjerenstva)
• Committee member: Andrija Sabol (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; Zagreb
• Defense date and country: 2016-07-12, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics

Abstract

Glavni cilj svakog poduzeća je maksimalizacija njegove vrijednosti. Današnja vrijednost poduzeća određena je sadašnjom vrijednošću svih njegovih budućih novčanih tokova koji dolaze od imovine unutar poduzeća, što je rezultat prošlih investicijskih odluka, i budućih investicijskih oportuniteta. Budžetiranje kapitala predstavlja postupak donošenja odluka o dugoročnim investicijskim projektima u realnu poslovnu imovinu poduzeća, odnosno fiksnu i permanentnu tekuću imovinu, a tom tehnikom vrši se ocjena financijske efikasnosti investicijskog projekta. Financijska efikasnost ovisi o veličini i dinamici očekivanih novčanih tokova te njihovoj vremenskoj vrijednosti koja se mjeri diskontnom stopom, odnosno troškom kapitala kao temeljnim standardom profitabilnosti tvrtke. Ocjena isplativosti investicijskog projekta prije njegove realizacije ima veliku važnost pošto ga najčešće karakteriziraju intenzivna kapitalna ulaganja koja dugoročno utječu na vrijednost poduzeća. Dakako, pod spomenutim kapitalnim izdacima smatra se ulaganje novca koji ima visoki oportunitetni trošak, jer postoji mogućnost da se on uloži u profitabilnije svrhe i tako više doprinese povećanju vrijednosti poduzeća.
U ovom radu tehnika budžetiranja kapitala primjenjuje se na konkretan primjer privatno držanog poduzeća iz drvnoprerađivačke industrije koje gradi regionalni sabirno-logistički centar za biomasu u svrhu prerade drvnog ostatka i njegove ponude tržištu u obliku certificiranog krutog biogoriva. Potencijal efikasnije iskorištenosti sirovina u procesu prerade, te brojne ekološke i socijalne prednosti koje tako nastaju, urodile su idejom ispitivanja financijske isplativosti ovog investicijskog ulaganja. Također, zbog specifičnosti i nehomogenosti realnih investicija, daje se uvid u vanjsko okruženje s kojim se susreće industrija i konkretno poduzeće unutar nje. Vrednovanju i donošenju odluke pristupa se pomoću temeljnih metoda financijskog odlučivanja (metoda čiste sadašnje vrijednosti i interne stope profitabilnosti), a dodatnim metodama poboljšava se kvaliteta donesene odluke (originalno i diskontirano razdoblje povrata, indeks profitabilnosti, modificirana interna stopa profitabilnosti). Za prikaz individualnog rizika projekta koristi se analiza osjetljivosti koja objašnjava što će se dogoditi s efikasnošću projekta ako se promijeni veličina neke od ključnih varijabli u odnosu na njenu očekivanu veličinu. Rezultati ispitivanog investicijskog projekta upućuju na financijski efikasan projekt koji povećava vrijednost poduzeća i bogatstvo vlasnika, stoga se sugerira njegovo prihvaćanje i implementiranje.

Abstract (english)

Main goal of any company is to maximize its value. Current value of the company is determined by the present value of its future cash flows coming from assets within the company, as a result of past investment decisions, and future investment opportunities. Capital budgeting is a decision-making process about long-term investment projects in real business assets of the company, i.e. fixed and permanent current assets. This technique is used for financial-efficiency appraisal of the investment project. Financial efficiency depends on size and dynamics of expected cash flows and their time value. Time value is measured by discount rate or cost of capital, as core profitability standard of the company. Appraisal of the investment project before its implementation has great importance because it is usually characterized by intense capital investment. That has a long-term impact on the company's business. Invested money has high opportunity cost because there is a possibility that it can be invested in more profitable purposes, and thus can increase value of the company even more.
In this paper, capital budgeting techniques applied to a specific example of private company from the wood-processing industry. This company plans to build a regional logistic centre for biomass production, with the purpose of producing a certified solid biofuels from wood waste. The potential for more efficient utilization of waste raw materials, and numerous environmental and social benefits also arised, yielded the idea of testing the financial efficiency of the project. Also, due to the specific and non-homogeneity of real investments, insight into external environment faced by the industry and the particular company is shown. Evaluation and decision-making are appraised by using the basic methods of financial decision-making (net present value and internal rate of return), and additional methods tried to improve the quality of decision (original and discounted payback period, profitability index, modified internal rate of return). In this paper sensitivity analysis is used to include individual risk of the project. It explains what will happen to effectiveness of the project if some of its key variables change in relation to their expected size. Results of the investment project show financially efficient project that increases the value of the company and the wealth of the owner. Therefore is a suggestion for its acceptance and implementation.

• Keywords: Budžetiranje kapitala; Metode financijskog odlučivanja; Investicija u novi projekt; Prognoza novčanih tokova; Trošak kapitala; Analiza osjetljivosti
• Keywords (english): Capital budgeting; Financial decision-making methods; The investment in the new project; Forecast cash flows; The cost of capital; Sensitivity analysis
• Language: croatian
• URN:NBN: urn:nbn:hr:148:153919
• Study programme: Title: Business Economics; Study programme type: university; Study level: graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Repository: REPEFZG
• Created on: 2016-12-14 15:59:08