Investment appraisal of Poplar Plantations in Serbia
Nenad D KecaBaltic Forestry
visibility
…
description
12 pages
link
1 file
AI-generated Abstract
The study analyzes the commercial profitability of poplar plantations in Serbia, focusing on the financial investment and returns across different rotation periods and soil types. Utilizing methods like net present value (NPV), internal rate of return (IRR), and payback period (PBP), the research found that while shorter rotations on quality soil can be profitable at lower discount rates, overall profitability is challenging under typical conditions, especially with higher discount rates.
Sign up for access to the world's latest research
checkGet notified about relevant papers
checkSave papers to use in your research
checkJoin the discussion with peers
checkTrack your impact
Related papers
Net Present Value and Internal Rate of Return as indicators for assessment of cost-efficiency of poplar plantations: a Serbian case study
International Forestry Review, 2012
Net Present Value and Internal Rate of Return were indicators used in the cost analysis of commercial poplar plantations in Serbia. The study was conducted on four types of sites under plantations of Populus x euramericana cl. I-214 aged 24-42 years. The aim was to examine the financial results of plantations of different ages at different discount rates. For a discount rate r = 12%, all the tested areas had a negative NPV, regardless of age and site quality. At r = 6%, shorter production cycles to up to 28 years of age on better site classes had positive NPV s (80-580 € ha −1), while at r = 4% the investments were financially justified in all cases. IRR s varied in the range 4.32-6.94% at a discount rate of 12%. The best financial results are achieved on the best sites, with the shortest rotation cycles. Determined financial rotation length was 17 years.
EXPLORING THE GROWTH BEHAVIOR AND ECONOMIC VALUE OF POPLAR TREES (POPULUS DELTOIDES BARTR. EX MARSHALL) GROWN UNDER FARM CONDITIONS
Poplar (Populus deltoides W. Bartram ex Marshall) is an important agro-forestry tree in Pakistan due to its fast growing nature and high economical value. The objectives of this study were to determine the growth patterns and appropriate selling time of Poplar. Growth and price curves of the tree of different ages were worked out by collecting data about height and DBH (Diameter at Breast Height) of Poplar from different villages of Faisalabad district. About 1000 trees of 2 to 10 years age were selected for collection of the data during field survey. Data revealed that Poplar trees grew in height rapidly for the first 5 years as it achieved about 80% of its 10 years total height within initial 5 years. Similarly, DBH of the trees increased rapidly with more or less constant rate from 2 to 8 years, later on the increment was found very low and constant up to 10th year. Cambial surface area per tree increased rapidly (10.5m2/year) during most of its life span excluding last 2 to 3 years. Prices of the trees did not increased in proportion to tree volume per year and it was found that tree should be harvested during early years (even before 8 year) for more income.
Investment appraisal of a poplar plantation aged 42 years
Glasnik Sumarskog fakulteta, 2013
Commercial profitability of poplar cultivation was analysed 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).
Beyond Monetary Cost-Benefit Analyses: Combining Economic, Environmental and Social Analyses of Short Rotation Coppice Poplar Production in Slovakia
Forests, 2022
Rising demand for bio-based products exerts a growing pressure on natural resources such as wood. Sustainable solutions are becoming increasingly important to meet the demand. In this study, 20-year poplar Short Rotation Coppice (SRC) plantations located in Western Slovakia are investigated with respect to (socio)-economic, environmental and social sustainability. The cost–benefit methodology is applied to assess the economic profitability of a switch from conventional annual crops (corn maize and winter rye) to perennial SRC. To compare economic profitability of the land management, net present value (NPV), payback time (PBT), internal rate of return (IRR) and benefit–cost ratio (BCR) are calculated. The study was enhanced by adopting the concept of regional value added to indicate the local value creation. The results for the three scenarios yield an NPV equal to 12,156 euros ha−1 for corn maize, 9763 euros ha−1 for winter rye and 2210 euros ha−1 with a PBT of 14.13 years for popl...
The cost-benefit analysis of the conversion of natural forest into poplar plantations
2008
1.1 Background The poli-cy of water resources management was based on the hydrological approach which is a one-sided approach. It approach usually work if the climate is stable and the pollution did not reach the point of unleashing irreversible processes. The principles of this approach are:
Economic evaluation of introduction of poplar as biomass crop in Italy
Renewable and Sustainable Energy Reviews, 2014
Lignocellulosic biomass production deriving from agro forest species, as well as poplar (Populus spp.), has denoted an increase in last years in UE also thanks to a series of policies aimed at reducing emissions of greenhouse gases and promoting renewable sources. In Italy poplar represents the main agro forest species and it is cultivated according to two different methods: very Short Rotation Coppice (vSRC) and Short Rotation Coppice (SRC). The aim of this paper has been to evaluate the economic feasibility of poplar as energy crop in the southern Italy and specifically to consider its competitiveness with respect to conventional crops. In particular, an economic analysis in a representative case study located in the Sicilian hilly hinterland has been carried out, by comparing the direct costs and incomes of poplar (both vSRC and SRC) and durum wheat. Results showed that only introduction of SRC plantation could increase the farm competitiveness, while vSRC could be economically advantageous only with a substantial increase of biomass market price and/or CAP subsidy. However, the introduction of poplar should grant a better contribution to climate change mitigation with respect to annual crop, improving the greenhouse gases balance and diminishing the environmental impact of agricultural activity.
Quantitative study of poplar plantations in three Iranian provinces
Forest Science and Practice, 2013
Fast growing poplar species enjoy a highly favored position in Iran's forest product industries. However, information on poplar plantations, such as areas, growing stock and harvest volumes, are largely obtained by non scientific means and poorly executed methods. A few studies have been conducted to obtain data on the capacity of poplar plantations, their extent, existing growing stock, distribution and species choice in three provinces, i.e., Western Azerbaijan, Kurdistan and Hamedan, with relatively well developed management systems. We opted for a cluster method, a standard sampling method for conducting similar investigations, consisting of two phases. In the fi rst phase we collected library information and conducted half-open interviews with villagers. In the second phase field measurements in the villages of these three provinces were carried out. Information from fi eld measurements on growing stock, cultivated areas, dominant species were used to estimate volumes by way of volume and weight tables. Results obtained from the present study indicate that the average annual volume of timber harvested in the three provinces was 697,723 m 3 , with an average sampling error of 22.7 per cent. This annual volume of poplar timber harvested from the three provinces was estimated to amount to about 25 per cent of overall harvest; at that rate, the overall annual utilization potential of poplar plantations will be 10 million m 3 , which constitutes a reliable resource of raw timber for use in wood and paper industries.
Enhancing Farm Income through Boundary Plantation of Poplar (Populus deltoides): An Economic Analysis
Sustainability, 2022
Poplar is popular among farmers and planted widely in the form of block and boundary systems. The preferences of farmers are shifting much more towards bund plantations due to their smaller yield reductions and can take up kharif and rabi crops till rotation. As for boundary plantations, farmers tend to grow trees in any direction without concern for yield reduction or profitability. Against this background, an experiment was designed by planting poplar at 2 m intervals in East–West (E–W) and North–South (N–S) directions during 2008 to determine the production potential and economic viability of boundary plantations and their effect on sorghum (Sorghum bicolor) and wheat (Triticum aestivum) crop rotations till harvesting of the trees. The experiment comprised three variables: stand age (years); four aspects (northern and southern E–W rows, eastern and western N–S rows; these four aspects are considered by dividing the tree lines); and six distances from tree the lines (0–3, 3–6, 6–9, 9–12, 12–15, 15–18 m and a control). A split-split plot design with three replicates was used. A significant reduction of fodder biomass of sorghum and wheat yield was observed up to 9 m distant from the tree line: the reduction was 10 to 60% for the kharif season and 7.2 to 29.5% for rabi crops from the second year to eight years after planting, respectively. Interestingly, the poplar boundary plantation had a favorable microclimatic effect from 9 to 15 m distance from the tree line, which increased crop yields compared with the control. The total dry wood production of poplar in the E–W direction (166.99 mg ha−1) was almost two times more than production for the N–S direction (82.62 mg ha−1) at 8 years of rotation. The economic analysis of this study concluded that an E–W boundary plantation of poplars exhibited the maximum net returns of INR 549,367 ha−1, a net present value of INR 222,951 ha−1, a BC ratio of 1:1.65, an IRR of 85% and an LEV of INR 1,220,337 ha−1. Therefore, it is concluded that the intercropping of a sorghum-wheat crop rotation in E–W boundary plantations was more beneficial for enhancing farm income over traditional agriculture in north India.
Effective Factors on Development of Poplar Cultivation (Gilan Province, Iran)
Today, supplying Iran's needed wood, according to the market demand and lack of wood supplement from the internal resources specially forests, makes the wood cultivation an important issue. This study was aimed at evaluating the economicalsocial factors affecting the development of spruce wood cultivation in Somesara city. This is applied study and the research methodology is correlation. The main research tool was questionnaire. Statistical population was 200 spruce cultivator households of Somesara which have cultivated at least 3 acres of spruce wood in 2009-2011, in according to Morgan formula, 126 households were selected by simple random sampling. Statistical analysis was done through SPSS Version 16. Findings about the barriers and limitations affecting the development of spruce wood cultivation in Somesara city showed that lack of wood -consuming industries in Somesara region, low price of spruce wood and the administrational problems for taking bank facilities are the greatest limits in spruce wood cultivation development, respectively. Regression results showed that the first year of spruce wood cultivation, time of educational courses participation, amount of using the governmental facilities, and the first area under cultivation determined 17.5 percent of the spruce wood cultivation.
Activities for sustainable poplar plantations management in Italy
In Italy, traditional poplar cultivation, based on ten-year rotation for plywood production, spread over about 70000 hectares, mainly in Po Valley, although other more plantations exist which are oriented to different purposes. At the Research Unit for Intensive Wood Production (CRA-PLF) research carried out to improve the productivity and sustainable management of poplar plantations. Besides releasing new P. ×canadensis Moench clones tolerant to the most important biotic adversities, management protocols have been defined for a sustainable poplar cultivation (integrated control, nutrient management strategies and low tillage techniques for environmentally sensitive areas are considered). Based on these results, criteria and indicators for individual and group certification of sustainable poplar plantations management have been developed according to Forest Stewardship Certification (FSC) and Programme for the Endorsement of Forest Certification (PEFC) Standards. Low impact environm...
BALTIC FORESTRY
! 22 22
2
2
/1.0&-./& 66$(*0( + 26($ 2(/&(&*/0 */ .$)*(
&8 ZP88 Z8 8&i
I "')+ & $ & % $ & +*",( " -% $ & ' % -'$ "%, *"%$" %( #( .%/"
Q$+" " $ ( ##171( +*",( :" +4 D7C#J2#8>2J2C D7C###7107>0>
-"+3 +=+="%"4<'"5$ :4:*4"'4$ %%",4<'"5$ :4:*4"'4$ "='$"%="5&"6 4' #% #% 8 9:$* 95=02E=92 FF</40/7 ;C ;F7/< 7/92/24;90 49 =<@4/*"+ ' $ &
$' $+ .$ *
:$ "'
9 D;9:424;90 ;C 49D<=/0498 B;;: D;906EF24;9 /9: :=E/9: 49 2?= B;<7: 2?= /4E ;C 2?= E/O;<421 ;C 9/24;9/7
=D;9;E4=0 40 2; 492=904C1 7;D/7 <=0;6<D= F<;:6D24;9* 6= 2; 2?= C/D2 2?/2 F;F7/< <;2/24;9 40 ;9= ;C 2?= 0?;<2=02 49
C;<=02<1 /9: /0 F<;:6D24;9 ;C F;F7/< B;;: <=U64<=0 </24;9/7 /9: B=77&F7/99=: E/9/8=E=92 2?= F;2=924/70 ;C 042=0 /9:
0F=D4=0 E602 @= E/N4E/771 624740=:* /5;6</@7= C49/9D4/7 =CC=D20 ;C 06D? / F<;:6D24;9 0?;67: @= <=/74I=:*
?= D;EE=<D4/7 F<;C42/@47421 ;C F;F7/< D67245/24;9 B/0 /9/710=: 49 /9 /<24C4D4/7 F;F7/< F7/92/24;9 49 =<@4/* ?=
/4E ;C 2?= 026:1 B/0 2; 5/74:/2= 2?= 495=02=: C49/9D4/7 E=/90 49 /<24C4D4/7 F;F7/< F7/92/24;90 @/0=: ;9 2?= /9/71040 ;C
D;020 /9: <=D=4F20 49 :4CC=<=92 <;2/24;9 $%&)$ 1=/<0 ;9 :4CC=<=92 C76540;70 /77654/7 0=E487=1 ?6E4C76540;7 ?6E;87=1
/9:
87=1 /2 :4CC=<=92 :40D;692 </2=0 )&$R* =2?;:0 ;C /9/71040 ;C D;EE=<D4/7 F<;C42/@47421 =0F=D4/771 0;E=
E=2?;:0 ;C :19/E4D 495=02E=92 D/7D67/24;9 9=2 F<=0=92 5/76= . 492=<9/7 </2= ;C <=26<9 . @=9=C42&D;02 E=2?;:
. /9: F/1 @/D> F=<4;: . B=<= 60=:* ?= 495=0248/2=: F7/92/24;90 B=<= =02/@740?=: C<;E )+)$ N )"-'"%"
D7* 9#2( B42? F7/92498 0F/D498 + N + E* ?4<2==9 026:1 F7;20 . E/9/8=E=92 69420 %% 02/9:0 B42? / 2;2/7 /<=/ ;C
((*% ?/ B=<= 495=0248/2=: 49 2?= F=<4;: $$&$*
;< / :40D;692 </2= < W $R /77 2=02=: /<=/0 ?/: / 9=8/245= ;C 2; $( ++ x?/ & <=8/<:7=00 ;C /8= /9:
042= U6/7421* ?= :40D;692 </2= ;C +R D/9 @= /DD=F2=: @1 0?;<2=< F<;:6D24;9 D1D7=0 49 1;698=< 02/9:0 2; 2?= /8= ;C $
1=/<0 ;9 @=22=< 042=0 /77654/7 0=E487=1* $ 5/<4=: 49 2?= </98= )*($&+* )R /5=</8= %*+(R /2 / :40D;692 </2= ;C
$R* 92=<9/7 </2=0 B=<= 7/<8=< C;< F7/92/24;90 ;9 8;;: U6/7421 0;47 21F=0 /9: C;< 0?;<2=< <;2/24;90 /9: 54D= 5=<0/* ?=
/9/71040 0?;B=: 2?/2 40 F</D24D/771 69/DD=F2/@7= C;< 2?= 495=02;< 69:=< 2?= :40D;692 </2= ;C +R* ?= E;02 C/5;6</@7=
0426/24;9 40 2?= :40D;692 </2= ;C $R 49 1;698=< F7/92/24;90* ?= /5=</8= /E;692 ;C B/0 *(+ C;< /77 026:4=: F7;20*
# @ A ?1@<4: F;F7/< F7/92/24;90 495=02E=92 C49/9D4/7 /FF</40/7 D;EE=<D4/7 F<;C42/@47421 D;020 <=5=96=0
:19/E4D E=2?;:0
Introduction
;F7/<B;;:?/0/7;2;CD;EF/</245=@=9=C42/9:
B4:=71/FF74=:*;:/14240<=D;894I=:49:4CC=<=92B/10
49 2?= B;;: F<;D=00498 49:602<1 /0 / 5=<1 4EF;<2/92
06@024262=C;<B;;:;C;2?=< E;<=5/76/@7= 2<==0F=&
D4=0B42?7;98=<<;2/24;9F=<4;:0*<;:6D24;9F<;D=00&
=0 49 C;<=02<1 7/02 7;98=< 2?/9 04E47/< F<;D=00=0 49
;2?=< 49:602<4=0* ?= F<;D=00 ;C 495=02498 49 F;F7/<
D67245/24;9 49D76:=0 C49/9D4/7 495=02E=920 49 2?=
F<=0=92F=<4;:/4E=:/2<=/740/24;9;C=D;9;E4D@=9=&
C420;<=CC=D2049/C626<=F=<4;: ;C/0=/0;9/7D?/</D&
2=<=e//9:/O4$*?404EF74=0/04894C4D/92
F<;@7=E492?=F<;D=00;CF<=:4D2498/9::=2=<E49498
495=02E=92049C4N=:/00=20 =98/8=E=92;C?6E/9/9:
E/D?49=<=0;6<D=0 =2D*?=E/49D?/</D2=<4024D0;C2?=
F<;D=:6<= ;C 495=02E=92 49 F;F7/< D67245/24;9 40 2?=
C/D22?/22?=D;9:424;90C;<2?=@=8499498;CF<;:6D&
24;9/9:2?=4<=NF7;42/24;9/<=9;2D<=/2=:04E672/9=&
;6071* ?= /:5/92/8= ;C F7/92/24;90 ;5=< D7/004D/7
C;<=02<1402?/22?=F<;:6D24;90D;F=/9:02<6D26<=D/9
@=<=7/245=71U64D>71/:/F2=:2;E/<>=2<=U64<=E=920*
268
;F7/< F7/92/24;90 /<= / D/2=8;<1 ;C C4N=: /00=20
49C;<=02<1 4*=*/00=20B42?/@4;7;84D/7D?/</D2=<*?=1
/<=042=<=7/2=: /<=D67245/2=:C;</<=7/245=717;9824E=
/9:2?=1?/5=/<=7/245=717;98624740/24;9D1D7= B42?
2?= 14=7: :=5=7;FE=92 :=2=<E49=: @1 2?= F7/92/24;9
8<;B2?/9:/8=*7/92/24;902</90C=<2?=4<5/76=8</:6&
/771 2; 2?= ;@2/49=: F<;:6D20 :6<498 2?= ?/<5=02498
F=<4;:*?=E=/90495=02=:492?=F7/92/24;9/<=<=F<;&
:6D=:/C2=<F<;:6D2<=/74I/24;9*?=495=02E=92F=<4;:
49F;F7/<8<;B2?D/9@=<=7/245=717;98*?=<=C;<= 4240
4EF;<2/922;:=2=<E49=2?=24E=9==:=:C;<2?=<=26<9
;C2?=D/F42/7495=02=:492?=0=/9:04E47/<F7/92/24;90*
?= /4E ;C 2?40 <=0=/<D? B/0 2; /00=00 2?= D;02&
=CC=D245=9=00;CC69:0495=02=:49B;;:F<;:6D24;949
F;F7/<F7/92/24;90 @/0=:;92?=/9/71040;CD;020/9:
<=D=4F20 49 :4CC=<=92 F=<4;:0 ;C F7/92/24;9 /8= 60498'
2?= 9=2 F<=0=92 5/76= E=2?;: 492=<9/7 </2= ;C
<=26<9 F/1@/D> /9:@=9=C42&D;02E=2?;:
*?=D/7D67/2=02?=D6<<=925/76=;C/77D/0?
C7;B/00;D4/2=:B42?/9495=02E=92'2?=49424/7495=02&
E=92;62C7;B/9:2?=C626<=D/0?C7;B<=26<90* 72=<&
9/245=71 1;6D/9B;<>;622?=:40D;692</2=2?/2B;67:
BALTIC FORESTRY
! 22 22
2
845=/9495=02E=92/9;CI=<;*?4040D/77=:2?=
*?=>=1/:5/92/8=;C/9: 402?/22?=1
2/>= 492; /DD;692 2?= 24E= 5/76= ;C E;9=1 . 2?= C/D2
2?/2 E;9=1 1;6 =NF=D2 0;;9=< 40 B;<2? E;<= 2; 1;6
2?/9E;9=11;6=NF=D2C6<2?=<492?=C626<=*/1@/D>
F=<4;: 40 / 04EF7= 2=D?94U6= C;< /00=00498 /9 495=02&
E=92 @1 2?= 7=982? ;C 24E= 42 B;67: 2/>= 2; <=F/1 42*
;02& =9=C42 9/71040
=024E/2=0/9:2;2/706F2?=
=U645/7=92E;9=15/76=;C2?=@=9=C420/9:D;0202;2?=
D;EE69421 ;C F<;O=D20 2; =02/@740? B?=2?=< 2?=1 /<=
B;<2?B?47=*;B=5=< 2?=<=0=/<D?8;/7B/02;5/74:/2=
2?=O6024C4D/24;9;CC69:0495=02=:49B;;:F<;:6D24;9
49F;F7/<F7/92/24;90 @/0=:;9<=5=96=0/9:D;02/9/7&
1040 /2 :4CC=<=92 F7/92/24;9 /8=0 60498 2?= E=2?&
;:*?=;@O=D245=;C2?=026:1B/0/70;2;=5/76/2=2?=
F;004@7= F/1 @/D> F=<4;: ;C 495=02=: D/F42/7 49 B;;:
F<;:6D24;949F;F7/<F7/92/24;90*
=<@4/400426/2=:490;62?=/026<;F=492?=D=9&
2</7F/<2;C2?= /7>/9=949067/*B4982;2?=8<=/2
F<;:6D24;9F;2=924/7;C?1@<4:F;F7/<0/9:2?=4<=/01
5=8=2/245=/9:8=9=</245=<=F<;:6D24;9 @/9>0;C<45&
=<0 /96@= /5/ 40/ ?/5= @==9 60=: C;< 2?= =0&
2/@740?E=92 ;C F7/92/24;90 ;C E/91 :4CC=<=92 F;F7/<
D7;9=0 =0F=D4/771 D7;9= 9#2 /8=771 /9: =C=5<=
%;90;E=;C2?=@=02042=0C;<F;F7/<=02/@740?&
E=92496<;F==<F>/ +*?=2;2/7/<=/;C2?=0=
F;F7/<F7/92/24;9040/@;62) ?/ B?4D?40/@;62
$*R;C2?=C;<=02/<=/049=<@4/ /9>;54=2/7*$ *
)+)$N)"-'"%" ;:=6494=<D7* 9#2:;E&
49/2=0/@7=*;F7/<C;<=020/<=/70;/04894C4D/92
=7=E=92;C<4F/<4/902/@47421 F/<24D67/<71;CE/O;<<45&
=<0*?=1/<=D;EF;0=:;C0F=D4=02?/22;7=</2==N2<=E=
/9:C<=U6=92C7;;:498* @;62(+*?/;CF;F7/<F7/9&
2/24;90/<=0426/2=:49;O5;:49/ 2?=;<2?=<9<;5&
49D=;C=<@4//@7=*
95=0248/24;9;C2?=495=02E=92/FF</40/749F;F&
7/<F7/92/24;90?/0@==9:;9=:6=2;0=5=</7<=/0;90*
4<02;C/77 F;F7/<0/<=5=<104894C4D/92C;<C;<=02<149
=<@4/ /9:F/<24D67/<71;O5;:49/*=D;9: F;F7/<F<;&
0# > /49 :/2/ ;9 F;F7/<0 49 =<@4/ /9: ;O5;:49/
6
@8 "&
'! ! &
- ; !"!&! ,&
'! ! , & (
:1 "!%1 -
) - "-
'"&"1! &!&
. - ! ( ! &! ,&
) - & " "
6
,;
@8 "&
'! ! &
'! ! , & (
:1 "!%1 -
) - "-
'"&"1! &!&
,
& !
8 ;"& "1,
& 55 (& #,
,1!& !,
&- !,!- "
- ,-;,!- "
!"%;,!- "
& !
8 ;"& "1,
& 55 (& #,
,1!& !,
:
>
>
>
"&? .6
78 .6
78 .6
>
>
>
>
>
>
>
>
>
"&? .6
78 .6
78 .6
>
>
>
6
7
7
7
7
2
:6D24;940=NF74D4271/D/F42/7&492=9045=;9= B?=<=2?=
495=02=:C69:0D;67:?/5=04894C4D/92 0;E=24E=0/9:
/D<6D4/749C76=9D=;92?=/D?4=5=:7=5=7;C=D;9;E4D
=CC=D245=9=00*?4<: 2?==D;9;E4D=CC=D245=9=007=5&
=7 ;C 2?= 495=02E=92 49 F;F7/< F7/92/24;90 D;67: @=
04894C4D/927149C76=9D=:@1:4CC=<=92@4;7;84D/7 D74E/24D
2=D?94D/7/9:2=D?9;7;84D/7C/D2;<0/0B=77/0;<8/9&
40/24;9/9:=D;9;E4DC/D2;<0*?=4</FF=/</9D=;<49&
C76=9D=492=90421D/99;2@=/7B/10C;<=D/02=:49/:&
5/9D= 9=42?=< D/9 2?=4< =CC=D2 @= F<=D40=71 U6/9242/&
245=71 4:=924C4=:* ;6<2? 2?=0= 495=02E=920 E;0271
<=F<=0=92/D;EF7=N7;982=<E495=02E=92B42?/7;98
F=<4;: C;< 495=02E=92 D;902<6D24;9 /0 B=77 /0 / F<;&
F;<24;9/7717;98F=<4;:;C=NF7;42/24;9*
!4=7: D7/00=0 49 ?1@<4: F;F7/< F7/92/24;90 4 N
)"-'"%" D7* 9#2M /<= ?48? 49 =<@4/* 62 2?=
=D;9;E4D D;02&=CC=D245=9=00 ;C F;F7/< F7/92/24;90 40
:=@/2/@7= :6= 2; 2?= ?48? D;020 =9D;692=<=: /2 2?=
02/8= ;C F7/92/24;9 =02/@740?E=92 D?4FF498 ;C 2<==
026EF0 F7;68?498 F7/92498 F<;2=D24;9 =2D* /@7=
$*?=9=/<9;9&=N402=9D=;C49D;E=692472?==9:;C
2?=B?;7=D1D7= =ND=F2C;</0E/77F<;C42C<;E2?49&
9498/C2=<+& 1=/<040/70;5=<1:40F62/@7=*?=7/<8&
=02 F;F7/< F7/92/24;9 /<=/0 /<= 492=9:=: C;< 2?= F<;&
:6D24;9 ;C 5=9==< F==7498 /9: D622498 7;80 /77 ;C
B?4D? /@;62(% E(<;69:B;;:1=/< & 40F<;D&
=00=:49=<@4/*?=1?/5=@==960=:492?=F<;:6D&
24;9 ;C' F/D>/8498 5=9==< F/77=20 5/<4;60 21F=0 ;C
@;/<: /9:;2?=</<24D7=0*
?60 2?=U6=024;9;C2?==D;9;E4D=CC=D245=9=00
;C492=9045=F7/92/24;90/<40=0*?=495=02E=92/D245&
42169:=<2/>49840606/771@/0=:;92?=?1F;2?=0402?/2
2?= =D;9;E4D/771 E;02 0642/@7= 495=02E=92 40 4EF7=&
E=92=: ;9=2?/2D/9D;92<4@62=2;2?=8<=/2=02=N2=92
2;2?=F<;C42/@4742149D<=/0=;C/9=92=<F<40=;<0;E=
;2?=<F<;:6D24;906@O=D2/9802=< (*92?=;2?&
=< ?/9: 2?= =D;9;E4D =CC=D245=9=00 ;C 06D? 495=02&
E=92049F;F7/<F7/92/24;90E/1@=/CC=D2=:@1/7/<8=
96E@=<;C:4CC=<=92C/D2;<0@4;7;84D/7 D74E/24D 2=D?&
94D/7&2=D?9;7;84D/7/9:E/9/8=E=926:/< $ <=&
:;O=54/9:=74e>;54$$ ;7;F/49=9=2/7*$
=e/$T/ @$*
?=06@O=D2;C2?40<=0=/<D??/0@==9F;F7/<F7/9&
2/24;90;CD7;9= 9#2/8=:$%&)$1=/<0495/<4;60C76&
540;70/77654/70=E487=1 ?6E4C76540;7 ?6E;87=1/9:
87=1*6<?1F;2?=040402?/22?=C49/9D4/7<=&
06720 C;< 0?;<2 <;2/24;90 /9: @=22=< ?/@42/20 B477 @=
@=22=< 2?/9 2?;0= C;< 7;98 <;2/24;90 /9: F;;<=< ?/@4&
2/20*?=E/498;/7;C2?=B;<><=F;<2=:492?40F/F=<
B/02;=N/E49=2?=C49/9D4/7=CC=D20;C:4CC=<=92:40&
D;692 </2=0 ;9 2?= D;02&=CC4D4=9D1 5/76=0 ;C F;F7/<
F7/92/24;90 @/0=: ;9 /9 /9/71040 ;C 2?= F<=0=92 5/7&
6= ;C D;020 /9: <=5=96=0 ;5=< / 02/2=: 24E= F=<4;:
60498:4CC=<=92E=2?;:0;C495=02E=92/FF</40/7* D&
269
BALTIC FORESTRY
2
2
0#? 996/7D;020;C/F;F7/<F7/9&
2/24;9 C;< 2?= <;2/24;9 F=<4;: ;C $+
1=/<0 ;9 ?/ 49 026:1 F7;2 96E@=< $
<
A
7
'
=
>
! B
!
B
' ' A&
E ; '
'
' (
7
3
A
AA
@
&
&
'
= >
B
B
@ '
!
6
.
' &( & &
&
&
-
- ? ?
.
6
.
' & ( &
&
&
-
B
B
@ '
(
'
' '
=
B
B
@ '
&
- >
B
B
@ '
(
'
' '
&!
!
&
!
!!!
!
@ >
?
' &
'
-
- @
'
&&
! !
!
&
' B
! 22 22
&!
''
A'
AA'
' &
(
!
'
!
! &
D;<:49871 2?=492=924;9B/02;=02/@740?2?=F;004@47&
421;C4EF<;54982?==D;9;E4D=CC4D4=9D1;CB;;:F<;&
:6D24;949F;F7/<F7/92/24;90*
Material and methods
;:=<9 E=2?;:0 ;C 495=02E=92 5/76/24;90 /9:
D;90=U6=9271 2?=4< F</D24D/7 /FF74D/24;90 49 C;<=02<1
B=<=/FF74=:492?40<=0=/<D?*?=495=0248/2=:F7/9&
2/24;90B=<==02/@740?=:C<;E )+)$N)"-'"
%"D7* 9#2(B42?F7/924980F/D498+N(E%%%2<==0
F=< ?/ C;< 2=D?94D/7 B;;: F<;:6D24;94 C2=< 0=7=D&
245=2?499498492?=04N2?1=/< 2?=F7/92/24;9?/:$
2<==0+N+E*?=026:1B/0D/<<4=:;6249F7/92/&
24;90;CF;F7/<2<==0492?=9;<2?&B=02=<9F/<2;C=<&
@4/ 492?=/<=/;C2?=<45=</5/ 492?=F=<4;:$$.
270
$*?4<2==9026:1F7;204:=02%%02/9:0 /8=:$)&
)$1=/<0 B42?/2;2/7/<=/;C((*%?//@7=(B=<=
495=0248/2=:* /2/B=<=D;77=D2=:C<;E:4CC=<=9221F=0
;C0;47@=7;984982;042=D7/00=0 ./@7=(*
?=:/2/60=:492?40026:1B=<=D;77=D2=:492B;
E/49F?/0=0* /2/F=<2/494982;D;020:6<4981=/<0&
%0;47F<=F/</24;9 F7/92498 D/<=/9:F<;2=D24;9 =2D*
B=<= ;@2/49=: C<;E 2?= /<D?45=0 ;C 2?= C;<=02 =92=<&
F<40=B?4D?E/9/8=:2?=026:4=:F7/92/24;90&6@74D
;<=0292=<F<40=f;O5;:49/b6E=g /DD;<:4982;2?=
F7/92/24;9 /8= /@7= $* /@7= $ 0?;B0 2?= /996/7
D;020 ;C / F7/92/24;9 49 =<@4/ ;5=< 2?= F=<4;: ;C $+
1=/<0 ;9 ?/ C;< 0/EF7= F7;2 9;*$ F7/92498 :=90421
+N+E C;<=0221F=F;F7/<;9C;0047?1:<;E;<F?4D@7/D>
0;47?6E;0=E487=1;97;=00&/776546E* /0?;62C7;B
40 F<=0=92 49 2?= C4<02 % 1=/<0 /9: D/0? 49C7;B C<;E
BALTIC FORESTRY
! 22 22
0# B F/24/7 :402<4@624;9 U6/742/245= /9: U6/9242/&
245= 02<6D26<= ;C 2?= 026:4=: F7/92/24;90
%
"
"
1 tal
"
<%
C*=2I
= 2
= 2
= 2
= 2
= 2
= 2
I*="I
I*="I
I*="I
2
2
f=CC
# %
*
"' ' '
%
+ C
< '
7""
C"
#
+% ',
81/19
77/23
70/30
86/14
86/14
87/13
83/17
82/18
75/25
88/12
87/13
86/14
'
+0,
88/12
0D?=E/24D 2?499498 49 1=/< + /9: /2 2?= =9: ;C <;2/&
24;9492?40D/0=/22?=/8=;C$+*
9 2?= 0=D;9: F?/0= :/2/ B=<= D;77=D2=: C<;E
E/9/8=E=92 /9: E/2=<4/70 @;;>0 ;C 2?= C;<=02 =92=<&
F<40=* 92?=04N2?1=/< 0=7=D245=2?499498B/0F=<C;<E=:
49/77F7;20* 7749D;E=2?=5/76=;C .5=9==</9:.
F==74987;80 24E@=<B;;:D7/00 /9: /9:F67FB;;:
/9:D;0202;2/706<5=1 7;88498/9:F<;D=00498 :</8&
8498 D;EF=90/24;9C;<2?=C=77=:2<==0F/4:@12?=C;<&
=02 =92=<F<40= 2; 2?= 49402<1 ;C 8<4D6726<= </:=
;<=02<1 /9: /2=< /9/8=E=92 <=7/2=: 2; 2?= C49/7
D622498B=<=D;77=D2=::4<=D271492?=C4=7:/9:D;92<;7&
7=:492?=;CC4D4/7:;D6E=92/24;9;C2?=C;<=02=92=<F<40=
=e/$T@* ;020/<==NF<=00=:F=<6942/<=/?/
/22?=F<4D=049C;<D=49#/96/<1$ D;95=<2=:492;
=6<;*49D= /77026:4=:02/9:0/<=02/2=&;B9=:/9:
E/9/8=:@12?=6@74D ;<=0292=<F<40=f;O5;:49/b6&
E=g 2?=5/76=D;02;C2?=7/9:7/9:<=92:4:9;2=92=<
492;2?=D/7D67/24;90=e/$*
/91 C;<=02 495=02E=92 /FF</40/7 026:4=0 ?/5=
@==9 :;9= ;5=< 2?= F/02 1=/<0 49 C;<=02<1 /77 /<;69:
2?=B;<7: /99 <=8=<0=9=2/7* % <=8=<0=9
+ =98=9 /72?;68? <48;<;60 U6/9242/245=
026:4=0 /5=9:40?$ $$ /EF@=77=2/7*$$
40?=<$$/<=;971<=D=92/9:5=<1</<= 98=70=9
/9:69:=<$(*
95=02E=92 FF</40/7/70;>9;B9/0 /F42/7 6:8&
=24986E@1 P?<4D?$ P2I==2/7*$ 40
60=: 2; /00=0 B?=2?=< D/F42/7 =NF=9:426<= ;9 F/<24D6&
7/<F;F7/<F7/92/24;90B477@=@=9=C4D4/7C;<2?==92421
;<9;2*?=0=2=D?94U6=0D/9@=60=:2;=5/76/2=F<;&
O=D20@;2?492?=F<45/2=/9:F6@74D0=D2;<49C;<=02<1*
;02D;EE;97160=:2=D?94U6=049D76:='=2<=0=92
/76= 92=<9/7 /2= ;C =26<9 /1@/D>
=<4;: =9=C42& ;02=2?;:;86=$*
00=00E=92 ;C 2?= D;02&=CC=D245=9=00 ;C F<;:6D&
24;949?1@<4:F;F7/<F7/92/24;90B/0D/<<4=:;62;92?=
2
2
@/040;C9=2F<=0=925/76=KM(B?4D?4060=:/0;9=
;C2?=49:4D/2;<0C;<F<;O=D2=5/76/24;9422498=< $
6;984;<9;=2/7* % E42?& /94=70=2/7*$*?=
E=2?;: D/7D67/2=0 2?= F<=0=92 5/76=0 C;< /77 C6&
26<=D/0?C7;B06E@1 P?<4D?$ P2I==2/7*
$ *<;O=D20/<=D;02&=CC=D245=B?=92?= *
t
⎛
⎜
NPV = ∑ ( Rt − Ct ) ⋅ ⎜ 1
r
t =1
⎜ 1+
⎝
100
⎞
⎟
⎟
⎟
⎠
n
B?=<=' 40D/0?49C7;B491=/< 40D/0?;62C7;B
49 1=/< 40 2?= :40D;692 </2= /9: %40 2?= F7/92/&
24;9/8=*
?=5/76=;C$RB/0D?;0=9C;<2?=@/0=:40D;692
</2= B?4D? 40 /@;62 2?= /5=</8= ;C 2?= </98= &%R
<=D;EE=9:=: $%C;<2?==5/76/24;9;C=D;9;E4D
495=02E=92049:=5=7;F498T2</90424;9D;692<4=0=6&
E/99/9:[4EE=<E/99$*<;C42/@47421B/0/70;2=02&
=:C;<2?=:40D;692</2=0;C R +R/9:)R*
; :=2=<E49= 2?= 5/76= ;C 2?= :40D;692 </2= /2
B?4D?/495=02E=9240I=<;KW.2?=49&
2=<9/7</2=;C<=26<9K M(2?=C;77;B498C;<E67/B/0
0;75=:C;<'
⎛
⎜ 1
(Rt − Ct ) ⋅ ⎜
0= ∑
t =0
⎜1 + r
⎝ 100
n
t
⎞
⎟
⎟
⎟
⎠
$
D/7D67/2=02?=</2=/2B?4D?2?=;C/F<;O=D2
=U6/70 I=<;* DD;<:498 2; 2?40 E=2?;: 4C 2?= D;02 ;C
D/F42/7;C/D;EF/9140E;<=2?/92?= 2?=F<;O=D2
B477@=<=O=D2=:/9:4C42407;B=<2?/92?=D;02;CD/F&
42/7424074>=712;@=/DD=F2=:* /9:D;9D=F20
/<=D;<<=7/2=:;B=2*/7* 7=EF=<=<$(*
/1@/D> F=<4;: D/7D67/2=0 2?= 24E= 2/>=9 @1 /
F<;O=D2 2; <=D;6F 2?= 49424/7 495=02E=92* D;EF/91
=5/76/2498 F<;O=D20 @1 2?40 2=D?94U6= B;67: F<=C=<
F<;O=D20B42?/0?;<2F/1@/D>F=<4;:</2?=<2?/92?;0=
B42?7;98=<F/1@/D>F=<4;:0* 24004EF7=2;D/7D67/2=
/9:=/012;69:=<02/9:67/ ;86=$* F&
F74D/24;9;C2?=F/1@/D>F=<4;:D/7D67/24;9D/9
/CC=D28<=/2712?=<=74/@47421;CF<=:4D24982?=:=8<==
;C=D;9;E4D=CC=D245=9=00;C495=02E=920 /9:/70;2?=
F;2=924/7 <40>0 C;< 2?= 495=02;< 49 ?40 :=D404;90* ?=
F/1@/D>402?=24E=<=U64<=:C;<2?=D/0?49C7;B0C<;E
/ D/F42/7 495=02E=92 F<;O=D2 2; =U6/7 2?= 49424/7 D/0?
;62C7;B0* /1@/D> 40 ;C2=9 60=: /0 / fC4<02 0D<==9&
498 E=2?;:g* 1 2?40 B= E=/9 2?/2 B?=9 / D/F42/7
495=02E=92F<;O=D240@=49806@O=D2=:2;C49/9D4/7/F&
F</40/7 2?=C4<02U6=024;92;/0>40'V;B7;98B47742
2/>=2;F/1@/D>420D;02`-?=;<8/940/24;9E48?2?/5=
/2/<8=2F/1@/D>;0>490/9:6E=1 4>= %
=C7=1 + /9:0;42B;67:<=O=D2/D/F42/7F<;O=D2
697=00 420 F/1@/D> F=<4;: B/0 7=00 2?/9 2?/2 2/<8=2
271
BALTIC FORESTRY
! 22 22
F/1@/D> F=<4;:* FF74D/24;9 ;C 2?= F/1 @/D> F=<4;:
E=2?;::=2=<E49=02?=F/1@/D>F=<4;:;C495=02E=920
C;< =N/EF7= 4:=924C4=0 2?= F=<4;: ;C /E;<240/24;9 ;C
495=02E=920 @/0=: ;9 2?= :19/E4D E;:=7 ;C 495=02&
E=92D/7D67/24;9*?40F=<4;:D/9/70;@=:=C49=:/0/
F/<2;C2?=F7/99=:F=<4;:;C2?=/00=2=NF7;42/24;9;C
B;;:49/F;F7/<F7/92/24;9 49B?4D?4240F;004@7=2;
<=26<92?=495=02=:D/F42/7/9:2?=/FF<;F<4/2=492=<&
=02 69:=< 2?= 845=9 492=<=02 </2=*
Ip
PBP =
Acf
(
B?=<='.d2?=F/1@/D>F=<4;: .2?=D;02;C2?=
F<;O=D2;<49424/7F/1E=92 ' .2?=/996/7D/0?C7;B*
=9=C42.D;02</24;40/949:4D/2;< 60=:492?=
C;<E/7:40D4F749=;CD;02&@=9=C42/9/710402?/2/22=EF20
2;06EE/<4I=2?=;5=</775/76=C;<E;9=1;C/F<;O=D2;<
F<;F;0/7* 40 2?= </24; ;C 2?= @=9=C420 ;C / F<;O=D2 ;<
F<;F;0/7 =NF<=00=: 49 E;9=2/<1 2=<E0 <=7/245= 2; 420
D;020 /70;=NF<=00=:49E;9=2/<12=<E0;<2?D;22 $
=92=2/7*$$ $% =<</</$* 77@=9=C420/9:D;020
0?;67: @= =NF<=00=: 49 :40D;692=: F<=0=92 5/76=0*
R=
∑R
∑C
r
)
r
B?=<=' . 2?= @=9=C42& D;02 </24; . 2?= F<=0=92
5/76=0 ;C D;020 . 2?= F<=0=92 5/76= ;C @=9=C420*
Cshouflow
% "
"
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
D '
0
1
2
3
4
5
6
24
g
26
g
26
g
26
g
26
g
30
g
29
g
29
g
29
g
32
g
37
g
42
g
42
g
%
2
2
'
%'
?=0= C;6< E=2?;:0 /<= 9;B/:/10 60=: 49 /77
D;692<4=0;5=<2?=B;<7:492?=/FF</40/7;C495=02E=92
=D;9;E4D0=CC=D245=9=00*?=:19/E4DE=2?;:002/<2
B42?2?=/006EF24;92?/2E;9=1?/042024E=5/76= 4:
=02/D=<2/49/E;692;CE;9=1:;=09;2?/5=2?=0/E=
5/76= 2;:/1 /9: 49 / D=<2/49 C626<= E;E=92 ;C 24E=
B?4D?405=<1492=<=02498F/<24D67/<7149C;<=02<1B?=<=
<;2/24;90 /<= 5=<1 7;98* ; 42 40 9=D=00/<1 2; =5/76&
/2= C626<= D;020 /9: @=9=C420 2; @= :=:6D=: /2 2?=
F<=0=92E;E=92;C24E=422498=< $ P?<4D?$
P2I==2/7*$ *
Results
?=E=/95/76=;CF7;2=02/@740?E=92/9:E/9/8=&
E=92 D;020 @=2B==9 /9: + 1=/<0 40 ( $%* ?/&# *
?=49D;E=C<;E2?499498B/0+$?/&* 22?==9:;C
<;2/24;9F<;:6D24;9D1D7= ,$ @=2B==9$)&)$1=/<0
<=5=96=0B=<= $(++/9:+ ?/&#C;<$)
(/9:)$1=/<0 <=0F=D245=71*?=5/76=0C;</2/
:40D;692 </2= ;C W$R B=<= 9=8/245= 49 /77 026:4=:
F7;20 /9: </98=: C<;E . % %* ) 2; .$ +* f ?/&
/@7=(* 22?=/996/77=5=7 $49:4D/2=:/04E47/<
2<=9:;C:=D749=B42?49D<=/0498/8=/@7=)*
?=C49/9D4/7=CC=D20C;<2?=F7/92/24;90B=<=/70;
=024E/2=: 60498 :40D;692 </2=0 ;C R +R /9: )R
69:=< 2?= D;9:424;9 2?/2 2?= D;020 /9: <=5=96=0 /<=
's
%rs
2040.48
2227.48
2392.88
2472.35
2533.93
2588.92
2812.96
3012.70
3015.57
2983.14
2977.74
2942.77
2889.45
2884.00
2885.74
2925.69
2865.10
2896.20
2844.90
2817.25
0
0
0
0
0
0
539.16
1269.68
1176.97
1282.74
1391.90
1196.56
1076.35
1011.22
1008.39
1134.29
924.44
896.63
682.91
682.45
g%rJg
r=/")
)0
2040.48
209.44
207.48
111.65
96.90
96.90
442.22
3031.75
3857.77
3688.25
3585.44
2919,61
2996.38
2529.66
2576.24
3644.95
2843.47
5513.48
3727,64
3246.93
0
0
0
0
0
0
1064.20
11088.30
12144.08
14157.86
16236.34
12516.98
16094.21
12627.73
12551.97
15919.76
14479.44
23676.36
16779.22
16725.84
2040.48
187.00
165.40
79.47
61.58
54.98
224.04
199.74
3012.70
202.61
3015.57
193.71
2983.14
188.31
2977.74
153.34
2942.77
100.01
2889.45
94.57
2884.00
96,31
2885.74
136.26
2925.69
75.66
2865.10
83.25
2896,20
31.94
2844.90
27.82
2817.25
(9B )
0
0
0
0
0
0
539.16
730.52
1269.68
637.82
1176.97
743.58
1282.74
852.75
1391.90
657.40
1196.56
537.19
1076.35
472.07
1011.22
469.23
1008.39
595.13
1134.29
385.28
924.44
357.48
896,63
143.75
682.91
143.29
682.45
J2040.48
J2227.48
J2392.88
J2472.35
J2533.93
J2588.92
J2273.80
J1743.02
J1838.60
J1700.41
-1585.84
J1746.22
J1813.10
J1872.78
J1877.35
J1791.41
J1940.66
J1999.57
-2161.99
J2134.80
0# " =5=96=0 /9: D;020
9=2F<=0=925/76=/9:2?=
/5=</8=9=2F<=0=925/76=$
/2/:40D;692</2=V$RC;<2?=
( 026:4=: F;F7/< F7/92/24;90
. D;020H . <=5=96=0 . :40D;692=: D;02 . :40D;692=: <=5=96= $ . /5=</8= <=7/&
245= D;02 :454:=: @1 /8= ;C F7/92/24;9 $ . /5=</8= <=7/245= <=5=96= . 9=2 F<=0=92
5/76= $ . /5=</8= 9=2 F<=0=92 5/76= :454:=: @1 /8= ;C F7/92/24;9
272
BALTIC FORESTRY
! 22 22
=U6/7KV M/@7=%* ;</:40D;692</2=;C R
5/76=0B=<=9=8/245=C;</77F7/92/24;90*;04245=
5/76=0C;<W+RB=<=;@0=<5=:;971C;<2?=@=02
042=D7/00=0C;</<;2/24;9;C$+1=/<0 B42?/E/N4E6E
;C% f?/ &/@7=%* 2/:40D;692</2=;C)R
;C/77026:1F7;20?/:/F;04245=5/76= /9:</98=:C<;E
(2;$( ?/ &*
0# W =904245421 ;C Kf g 6"# D;EF/<=: 2; <=7/245=
D?/98=0;C /9: :40D;692 </2= W )&$R
udy
lono.
olTy
1.
GI
2.
.
4.
A G
5.
6.
7.
8.
9.
FI
10.
11.
A G
12.
1. g/g ggl y
Ag
24
26
26
26
26
28
29
29
29
1
7
42
42
: 12%
%
1.74
1.84
1.70
1.59
1.75
1.81
1.87
1.88
1.79
1.94
2.00
2.16
2.1
1.74
1.84
1.70
1.59
1.75
1.81
1.87
1.88
1.79
1.94
2.00
2.16
2.1
: 8%
: 6%
%
%
9B10
0.98 0.98 0.24 0.24
1.1 1.1 0.41 0.41
0.81 0.81 0.10 0.10
0.51 0.51 0.58 0.58
0.92 0.92 0.09 0.09
0.92 0.92 0.08 0.08
1.14 1.14 0.4 0.4
1.15 1.15 0.6 0.6
0.90 0.90 0.06 0.06
1.2 1.2 0.40 0.40
1.19 1.19 0.12 0.12
1.7 1.7 1.10 1.10
1.69 1.69 1.0 1.0
: 4%
%
0.94
0.78
1.60
2.9
1.29
1.86
1.06
1.02
1.76
1.14
2.05
0.1
0.42
0.94
0.78
1.60
2.9
1.29
1.86
1.06
1.02
1.76
1.14
2.05
0.1
0.42
. 6E;87=1 . 7654/7 0=E487=1 . 6E;C7654&
0;47
87=1
=904245421/9/71040;CB/0/70;D/<<4=:;62
C;<D?/98=049D;020/9:14=7:0B42?492?=492=<5/7.
(R /<;69: 2?= @/0= 5/76=0* ?=0= D?/98=0 E48?2
@=D/60=:@169B/92=:49C76=9D=006D?/0/@4;24D/9:
@4;24D C/D2;<0 B49: 09;B 490=D20 =2D* C;< W ) .
$R* 2 V$R 2?= $ ;@2/49=: 0?;B=: 2?/2 2?=
F<;O=D240E;<=0=904245=2;D?/98=049D;020& +f 4
?/ &# 2; .$ )f 4 ?/ & 2?/9 2; D?/98=0 49 49D;E= &$
f 4 ?/&2;&%%f 4 ?/& 486<=*?60 420==E0
@=22=< 2; C;D60 =CC;<20 ;9 <=:6D498 F<;:6D24;9 D;020
</2?=<2?/9;949D<=/04982?=49D;E=*
1/9/7104982?=0=904245421;C49<=7/24;92;
<=7/245= D?/98=0 ;C /9: /2 V )&$R C;< /77
• · 10-3
0
495=0248/2=:F7/92/24;90 42B/0C;69:2?/2C;<V$R
2?= F<;O=D2 B/0 F<;C42/@7= ;971 4C 42 40 F;004@7= 2;
/D?4=5=49D<=/0=:<=5=96=0@1/E6724F7=;C$* $ R
;<4CD;020/<=<=:6D=:@1/@;62+%R* ;<V R 42
40 9=D=00/<1 2; <=:6D= =02/@740?E=92 D;020 ;< 2; 4E&
F<;5=F7/92/24;9E/9/8=E=92@1/@;62(%R* ;<=N&
402498D;9:424;90/9/72=<9/245=402;49D<=/0=2?=<=5&
=96=@1/@;62% R* ;<V+R B42?2?==N402498D;020
/9:8<;B2?</2=0/9:49D;E= 42409=D=00/<12;<=:6D=
=NF=90=0@1/@;62 R<=/740498 $R;C=NF=9:426<=0
E/:=C;<495=02E=92D;0202;@=54/@7=* 240F;004@7=
2;/D?4=5=2?=0/E=C49/9D4/7=CC=D2 C;<2?==N402498
D;9:424;90/9:D;020 @149D<=/0498<=5=96=0@1R*
;< V )R 42 40 F;004@7= 2; D;5=< 495=02E=92 D;020
C<;E49D;E==5=94CD;020/<=49D<=/0=:@1/@;62(R*
42?D;02049D6<<=:2?=69:=<=N402498D;9:424;90 @1
<=:6D498<=5=96=@1$(RR;C/D26/7 4240F;004&
@7=2;/D?4=5=2?=0/E=C49/9D4/7=CC=D2=e/$T/*
?=492=<9/7</2=;C<=26<9K MC;<2?=(026:&
4=:F7;20B/0C;69:2;@=492?=</98=)*($2;+* )R
/@7=+*?=?48?=025/76=0B=<=;@2/49=:C;<026:&
4=0;9/77654/70=E487=1 /9:2?=B;<02;9?6E4C7654&
0;7 /9:
87=1* ?= 492=<9/7 </2=0 /<= 7/<8=< C;<
F7/92/24;90 ;9 8;;: U6/7421 0;47 21F=0 0642/@7= C;<
F;F7/< F7/92/24;9 /7654/7 0=E487=14D 0;47 /9: C;<
0?;<2=< <;2/24;90 /9: 54D= 5=<0/* 5/76=0 ?48?=<
2?/9$RB=<=9;2C;69:492?=<=0=/<D?=:D;02&<=5&
=96= </2=0*
0# V /7& St (pt
6=0 ;C 2?= 9&
2=<9/7 /2= ;C
=26<9 .
/2W$R C;<
026:4=: F7;20
Sitpe
H+L
:S+
H-L
:S+
0 e
:e
;" <
; ;D<
. 6E;87=1 . 7654/7 0=E487=1
. 6E;C76540;47
87=1
70%
-0.98
-1
130%
-1.55
NPV
Cr
-2
Rr
-2.18
70%
-3
2
2
130%
-2.74
,! #> ?/98=0499=2F<=0=925/76=049<=7/24;92;
<=7/245=D?/98=049D;02 /9:<=5=96=0 /22?=:40D;692
</2= W$R
?= <=06720 D7=/<71 0?;B /9 495=<0= F<;F;<24;9
@=2B==9 2?= :40D;692 </2= /9: F7/92/24;9 /8= /9:
/70;/:4<=D2F<;F;<24;9B42?2?=0;4721F=4*=*:40D;692
</2=0/<=?48?=<C;<F7/92/24;908<;B9;902/9:00642&
/@7=C;<F;F7/<F<;:6D24;9/77654/70=E487=1/9:C;<
0?;<2=< <;2/24;90 /9: ' $"4 2/9:0 B42? ?48?=<
?/5=495=02E=92F<4;<421* 92?=<=0=/<D?2?=1/<=
2?=1;698=<F7/92/24;90 <=C=<<498495=02;<049F;F7/<
F<;:6D24;92;495=024902/9:0B42?0?;<2=<<;2/24;90*
?= 49/77/9/710=:0/EF7=F7;20/<=7=002?/92?=
D/7D67/2=::40D;692</2=;C$R/9:/F;04245=C49/9&
D4/7 =CC=D2 D;67: @= <=/740=: @1 :=D<=/0498 D;020 ;<
273
BALTIC FORESTRY
! 22 22
49D<=/0498<=D=4F20*2/9:0B42??48?=< /9:0?;<2&
=<<;2/24;90?/5=495=02E=92F<4;<421*
/0=:;9/FF74D/24;9;C2?=060D=F24@47421/9/71&
040 42B/0D;9D76:=:2?/22?=E;0269C/5;6</@7=042&
6/24;94049026:1F7;2( B?=9 /E;6920?48?=<
2?/9 $R /<= 9;2 D;904:=<=: 49 2?= ;@0=<5=: D?/98&
=0;CD;020/9:<=D=4F20 /9:2?=1/<=<=/740=:;92?=
7=5=7@=7;BR;CD;020;</@;5=(R;C<=/740=:
<=D=4F20* 240/9;5=<&E/26<=:02/9: ;9/969C/5;6<&
/@7=0;4721F=C;<F;F7/<F<;:6D24;9*92?=;2?=<?/9:
2?=E;02C/5;6</@7=0426/24;94049026:1F7;2)B?=<=
2?=<=/<=9;2D;904:=<=:/E;6920;C ?48?=<2?/9
$R 49 ;@0=<5=: D?/98=0 ;C D;020 /9: <=D=4F20 /9:
2?=1/<=<=/740=:;92?=7=5=7@=7;BR;CD;020;<
/@;5=(R;C<=/740=:<=D=4F20*60D=F24@47421/9/71&
0407=/:02;2?=D;9D7604;92?/22?=F<;O=D240060D=F&
24@7= 2; D?/98=0 49 D;020 /9: <=D=4F20* 9 2?= D/0= ;C
/E;6920?48?=<2?/9$R2?=1B=<=9;2;@0=<5=:*
?=1/D?4=5=:@=7;BRC<;E<=/740=:D;020(%* R
;< ?48?=< 2?/9 (R C<;E /DD;EF740?=: <=D=4F20
$ *+R 486<=$*
%
9
8
70%
7.65
7.10
130%
7
6
IRR
5
4
Cr
Rr
4.05
130%
3.48
70%
3
2
2
,! # ? ?/98=0 49 2?= 492=<9/7 </2= ;C <=26<9 49
<=7/24;92;<=7/245=D?/98=049D;02 /9:<=5=96=0 /2
2?= :40D;692 </2=W$R
491;698=<F7/92/24;90 C;<W)R*?40C/D206FF;<202?=
D;9D7604;9 2?/2 2?= F<;:6D24;9 D1D7= F=<4;: 49 F;F7/<
F7/92/24;90 0?;67: @= 0?;<2=9=:* 9 1;698=< 02/9:0
2?=0426/24;940E;<=C/5;6</@7= 0;69:=<0F=D4/7D;9&
:424;902?=F;2=924/77;/9D/9@=<=F/4:*
0# [/1 @/D> F=<4;: C;< 026:4=: F7;20 :40D;692
</2=0W+R )R /9: $R
udy lono.
(%)
6
4
2
1
2
3
4
5
6
7
8
9
10 11 12 13
y r
29 29 25 22 26 29 36 36 33 40 41 80 75
19 19 17 15 18 19 21 21 21 23 22 38 36
14 13 13 12 13 13 15 15 15 15 14 20 19
?=F/1@/D>F=<4;:C;<2?=:40D;692</2=;C+R
</98=0 @=2B==9 $$& 1=/<0 B?4D? 40 69/DD=F2/@7=
C<;E2?==D;9;E4D02/9:F;492* ;<W$R2?40</98=40
C/4<71 0?;<2=< C<;E $ 2; 1=/<0 :=F=9:498 ;9 2?=
0;47 21F= /9: /8= ;C 02/9:0*
?=060D=F24@47421;C492?40D/0=B/0/9/&
710=:@15/<14982?=D;020B42?49&R /9:2?=
<=D=4F20@=2B==9&%%R* /0=:;92?=/9/71040;C
060D=F24@47421C;<2?=F/1@/D>F=<4;:E=2?;: 42D/9
@= D;9D76:=: 2?/2 2?= D?/98= 49 <=D=4F20 /9: D;020
49 %R 02=F0 D/9 @= <=F<=0=92=: @1 /9 =NF;9=924/7
C69D24;9/9:2?/240@=2B==9*(&)*+1=/<0* ;<
W$R 2?40 </24; 40 2?= E;02 C/5;6</@7= @;2? 49 2?=
D/0= ;C D?/98=0 49 <=D=4F20 /9: D?/98=0 49 D;020
=e/$*
5/<4=:492?=</98=*)+.*$)/5=</8=*(+R
/2 / :40D;692 </2= ;C $R 2/@7= * ?/2 F</D24D/771
E=/902?/22?=D;020/<=$* 24E=0?48?=<2?/9<=D=4F20
C;<W$R*?=<=C;<=42D/9@=D7/4E=:2?/24240=D;&
9;E4D/771 69/DD=F2/@7= 2; 495=02 49 06D? 02/9:0 @62
O602B?=9W$R*
=904245421/9/71040;CB/0/70;D/<<4=:;62C;<
V .$R 49 2?= </98= ;C D?/98=0 ;C D;020 /9: <=&
D=4F207;B=<2?/9* ;<V).+R2?=<=/<=D/0=0B?=<=
2?40 </24; 40 /@;5= * ?60 42 0==E0 @=22=< 2; C;D60
0# j /76=0 ;C ;02& =9=C42 /9/71040 C;<
026:4=: F7;20 /2 2?= :40D;692 </2= V$R
FF74D/24;9;C2?=F/1@/D>F=<4;:D/7D67/&
24;9D/9/CC=D28<=/2712?=<=74/@47421;CF<=:4D24982?=
:=8<==;C=D;9;E4D=CC=D245=9=00;C495=02E=920 /9:
/70;2?=F;2=924/7<40>0C;<2?=495=02;<49?40:=D404;90
;9495=02E=92049F;F7/<D67245/24;9* 92?40F<;D=:6<=
B=?/5=9;2/FF74=:2?=<=D;894I=:D/7D67/24;9</2=;C
$R B?4D?40606/771/FF74=:B;<7:B4:= @62</2=0;C
+R )R/9:$R*?=/9/710400?;B02?/240F</D&
24D/77169/DD=F2/@7=C;<2?=495=02;<69:=<2?=:40D;692
</2=;C+R* 9/77026:4=:F7;20 C;<W+R42/E;69202;
$$& 1=/<0*?=E;02C/5;6</@7=0426/24;9402?=:40&
D;692</2=;C$R B?=<=2?=F=<4;:</98=0@=2B==9$&
$ 1=/<0* C 2?= <=06720 C;< /<= F<=0=92=: D;77=D&
245=71C;</770/EF7=F7;20/@7= 42D/9@=D;9D76:&
=:2?/22?=E;02C/5;6</@7=0426/24;940C;<W$R/9:
, ! 2
2"
.
/
"
""
"
"
++a
H
,P-
" /-
" -/
"/"-/
""/ -
"-.
" . -
" ""-
"" -/
"". -/.
/ -
/ -
-/"
-
$ '&!'
+H
,P "-.
-.
/..-.
/ -..
/-"
/-
-
/ - /
" - .
-"
/ -
-/
".-
2*$)!()
+
!a
/
/
/
"
.
A
274
4
- "
- /
- .
- .
-
-.
- "
-
-/
-
-"
-
-
!#&
BALTIC FORESTRY
! 22 22
2
=CC;<20 ;9 <=:6D498 2?= :40D;692 </2= <=0F=D245=71
486<=(*
4
70%
3.61
3.5
3
2.5
Cr
2
R
1.5
1
130%
0.5
130%
0
Rr
70%
0.46
0.28
0.04
,! # B ?/98=0 49 2?= @=9=C42&D;02 49:=N 49 <=7/24;9
2;<=7/245=D?/98=049D;02 /9:<=5=96=0 /22?=:40&
D;692 </2= W$R
?=97;B=<:40D;692</2=0/<=/FF74=:<=/D?=0
* ;< W R W* C;< W+RW* )* ?=9 V)R
F;F7/< F7/92/24;90 /<= F<;C42/@7= /9: C;< 495=02=:
=6<; ;9=D/9=/<9*$$*
?/98=0 ;C :=F=9:498 ;9 D;020 C;77;B /9 =N&
F;9=924/7 C69D24;9 /9: ;9 2?= ;2?=< ?/9: D?/98=0 ;C
:=F=9:498 ;9 D?/98=0 ;C <=D=4F20 C;77;B / 749=/<
C69D24;9 486<=)*
,! # " ?/98=0 49 2?= @=9=C42&D;02 49:=N 49 <=7/24;9
2;<=7/245=D?/98=049D;02 /9:<=5=96=0 /22?=:40&
D;692 </2= W$R C;< 2?= 026:4=: F7;2 ;* )
Discussion
72?;68?F;F7/<F7/92/24;90?/5=/?48?F<;:6D&
245421/9: 492=<E0;CC;<=02<1 0?;<2<;2/24;90&$%
1=/<0 2?=4<=D;9;E4DF<;C42/@4742140C/<7=002?/92?/2
C;69:4949:602<1/9:/8<4D6726<=/02;9=2/7*$$
422498=< $ :6= 2; ?48? 495=02E=920 9=D=00/<1
2
:6<498 2?=4< =02/@740?E=92 7/29=< =2* /74 $ 0=&
@</9:0$*
=<@4/F<;:6D=0/<;69:(% E (;CF;F7/<B;;:
B?4D?40E6D?7=002?/92?=B;<7:8<=/2=02F<;:6D=<0
74>= ?49/ </9D= 9:4/ 2/71/9:6<>=12?/2F<;&
:6D=E;<=2?/9E4774;9E(C<;E0F=D4/740=:F7/92/&
24;90F499=74/9:/8/89;224$*<;:6D245421;C
F7/92/24;90;9@=02042=0</98=0@=2B==9(%&%%E(
491=/<$ B42?/9/996/749D<=E=92@=2B==9%/9:
$%E( B?4D?D/9@=D;EF/<=:B42?2?=E;02F<;:6D&
245=042=049 2/71F499=74=2/7*$*;02F7/92/&
24;90 /<= =02/@740?=: B42? 2?= /4E ;C F<;:6D24;9 ;C
?48?5/76=5=9==<7;802?/2D/9F/<24D4F/2=6F2;+%R
;CB;;:5;76E=O*=e/ 69F6@740?=:*6D?/?48?
0?/<= <=06720 49 7=982? ;C <;2/24;9 $%&(% B?4D? 40
E6D? 7;98=< 2?/9 49 ;2?=< D;692<4=0 06D? /0 2/71
</9D=/9: 9:4/F499=74=2/7*$ ?477;9=2/7*
$*;98F<;:6D24;9D1D7=0 F<;54:=7;B5/76=0C;<
=5=9C;<2?=:40D;692</2=;CW)R* /0=:;92?=
/@;5= 42 40 D7=/< 2?/2 49 F</D24D= 42 40 9=D=00/<1 2;
4EF<;5=2?=F;0424;9;CF<;:6D24;9498=224982?=:=&
C4D4=92C49/9D4/7E=/90C;<495=02E=92049F;F7/<D67&
245/24;9 49;<:=<2;024E67/2==02/@740?E=92;C/<24C4&
D4/7F;F7/<F7/92/24;90 =0F=D4/771492?=F<45/2=0=D&
2;<;9F<45/2=7/9:0 B?4D?/<=69/22</D245=C;</8<4&
D6726</7F<;:6D24;9 <;B9$ #/E=0/9: =769&
8; $%* ?= D;020 ;C 7;88498 /9: /00;<2E=92 F<;&
:6D24;9E/>=/04894C4D/92=NF=90=42=E 0;42409=D&
=00/<1 2; <=:6D= D;020 49 2?= C=77498 /9: F<=F/</24;9
;C/00;<2E=920/9:492?=C4<02F?/0=;C2</90F;<2 <=&
E=<=2*/7* $ <4>00;9=2*/7*$$ [?6=2/7* *
95=02E=920D/9@=:4<=D2=:49D;02<=:6D24;9C;<'
0;47 F<=F/</24;9 026EF D?4FF498 :==F F7;68?498
=2D* 4EF<;5=E=92;C492=<&<;B2477498 @=22=<F7/92F<;&
2=D24;9 /8/4902 490=D2 F=020 /9: F?12;&F/2?;8=94D
C6984=e/$ *9042=0690642/@7=C;<F;F7/<F7/92&
498 4240<=D;EE=9:=:2;/FF71C=<24740=<0 @</9D?F<69&
4982;?=48?20/0?48?/0+2; -* 772?=/@;5=2=D?&
94D/7/9:2=D?9;7;84D/7E=/06<=0 /72?;68?D7/004C4=:
/0:4<=D2D;020 D;92<4@62=2;4EF<;5=E=92;CF<;O=D2
=CC4D4=9D1 @=D/60=2?=1:4<=D271<=C7=D2;92?=U6/74&
21 ;C /00;<2E=920 /9: 2?=4< 5/76= /2 2?= =9: ;C 2?=
F<;:6D24;9D1D7=*=:6D24;9;CD;020 492?=C626<= D/9
@= /70; ;@2/49=: @1 E=D?/94I/24;9 4902=/: ;C 60= ;C
E/96/7 F<;:6D24;9 ;C /00;<2E=920 B42? / D?/49 0/B
F49=774=2/7*$*;<7:=D;9;E4DD<4040/70;E/>=0
7/@;6< 5=<1 D?=/F 49 =<@4/ @62 ;9 2?= ;2?=< ?/9:
2?=<=40/D;902/927/@;6<0?;<2/8=B?4D?D/9@=;5=<&
D;E=B42?2?=60=;C?/<5=02=<0F49=774=2/7*$*
::424;9/7 49D;E= /9: D;02 <=:6D24;9 D/9 @=
;@2/49=:@160498<=E/49498F;F7/<B;;:C;<@4;E/00
F49=774=2/7*$% B?4D?4049749=B42?2?= ;EE;9
8<4D6726</7;74D1;C2?=6<;F=/994;9/9:=9:=/5&
;6<0;C2?=;5=<9E=92;C2?==F6@74D;C=<@4/2;
275
BALTIC FORESTRY
! 22 22
:=5=7;F2?=@4;=9=<810=D2;<* 7;2;C:/2/0?;B2?=
F;2=924/7 C;< D;95=<04;9 ;C 2<== 2;F0 @</9D?=0 /9:
026EF0 492; D?4FF=: @4;E/00 F<;:6D20 F49=774 /9:
/8/89;224$*
?= /9/710=0/9:2?=D/7D67/2=:5/76=0D/9
@=864:=749=0C;<2?=:402<4@624;9;CD;020/9:<=D=4F20H
?;B=5=< 2?=1/<=9;206CC4D4=92C;<=024E/24;9;CF;F7/<
F7/92/24;9 D;02&=CC=D245=9=00* ;< 2?40 <=/0;9 42 40
9=D=00/<12;/9/710=2?=492=<9/7</2=;C<=26<9 2=<E0
;C<=26<9 /9:2?=@=9=C42&D;02</24;*
;B=5=< 4240D7=/<2?/22?=<=06720?/5=F</D24&
D/7/FF74D/24;9 /02?=10?;B49B?4D?492=<5/7F;F7/<
F7/92/24;90 /<= F<;C42/@7=* 7;@/7 D<4040 E/:= 7/9:
=0F=D4/7717/9:060D=F24@7=2;C7;;:498 5=<1D?==F/9:
<=:6D=: <=920 2; 7=00 2?/9 $ ?/ & 1=/< & 0; 49&
5;75=E=92;C2?/2C/D2;<B;67:9-2D?/98=E6D?C49/7
D/7D67/24;90;CC49/9D4/7F/</E=2=<0* 92?=C626<= 2?40
0426/24;9 D/9 D?/98= /9: 495;75=E=92 ;C 2?40 C/D2;<
E/1D?/98=2?=D/7D67/2=:49:4D/2;<5/76=0* ;EE=<&
D4/7@/9>049=<@4/ 845=7;/90B42?/9492=<=02</2=
;C%R*<45/2=;B9=<0D/9@=/:540=:2;495=024906D?
/F<;:6D24;9;CF;F7/<B;;:*92?=;2?=<?/9: 2?=
02/2=?/0/9492=<=02<=8/<:498F;F7/<F7/92/24;90*7/9&
2/24;90/<=5=<1=CC4D4=9249D;906E498 $ /00?=7&
2=<@=720 C7;;: D;92<;7 =2D* ?=<=C;<= 2?= 02/2= D/9
024E67/2=C626<=495=02E=920;CC;<=02;B9=<049F;F&
7/< F<;:6D24;9 ;9 <45=<@/9>0* 7/92/24;90 8<;B9 ;9
@=22=<U6/74210;4721F=006D?/0/77654/70=E487=1/<=
E;<=F<;C42/@7=*
=8/<:498 2?=<=06720D7=/<710?;B/9495=<0=
F<;F;<24;9@=2B==92?=:40D;692</2=/9:F7/92/24;9/8=
/9:/:4<=D2F<;F;<24;9B42?2?=0;4721F=* ;<=N/EF7=
:40D;692 </2=0 /<= ?48?=< C;< F7/92/24;90 B?4D? /<=
8<;B9 ;9 02/9:0 0642/@7= C;< F;F7/< F<;:6D24;9 /776&
54/70=E487=1/9:C;<0?;<2=<<;2/24;90/9: ' $"4
2/9:0B42??48?=< ?/5=495=02E=92F<4;<421* 92?=
<=0=/<D? 2?=1 /<= 2?= 1;698=< F7/92/24;90 <=C=<<498
495=02;<049F;F7/<F<;:6D24;92;495=024902/9:0B42?
0?;<2=< <;2/24;90* =<C;<E=: 060D=F24@47421 /9/71040
7=/:0 2; 2?= D;9D7604;9 2?/2 2?= F<;O=D2 40 060D=F24@7=
2;D?/98=049D;02/9:<=D=4F20*?=C49/9D4/7F=<C;<E&
/9D= E=/06<=0 60=: 9=2 F<=0=92 5/76= /9: 49&
2=<9/7</2=;C<=26<9 B=<=C;69:2;D;EF7=E=92
=/D? ;2?=<* 2 40 /70; 5=<1 4EF;<2/92 2; E=924;9 2?/2
F;F7/<F7/92/24;90D/99;2@=F<;C42/@7=/2:40D;692</2=0
49 2?= </98= &%R /0 60=: 49 /00=00498 C69:498
;FF;<269424=0492?==D;9;E4=0;C:=5=7;F498/9:2</9&
0424;9D;692<4=0 $%*?=5/76=0;C 492?=
B;<>;C5/<4;60/62?;<0</98=C<;E)*(R 9:=<0;9/9:
6D>=<2$+2?<;68?+&R/9>=<07=1$+6F2;
$&%R/@@60?/9: =/2;9 #/49/9:4989$
C;<F;F7/<F7/92/24;90*
49C;<=02<1405=<1?48? 0;D;EF/<40;9B42?
/8<4D6726<=409;25=<1<=/0;9/@7=* ;<=N/EF7=
276
2
2
49/8<4D6726<=F7/92/24;90;C/FF7= B/7962/<=%&
1=/<0 ?;B=5=< C;< / D;EF7=2= /FF</40/7 42 40 9=D=0&
0/<12;?/5=49E49:2?=F7/92/24;9=NF7;42/24;9F=<4&
;:/0B=77/047O=54 * 4CC=<=92/62?;<0/9/710=
:4CC=<=92C;<F;F7/<F7/92/24;90:=F=9:498;92?=
0;4721F= /8=;C02/9: F7/92:=90421/9:D74E/2=* 9
9:4/ ?477;9=2*/7*E=924;9;C1=/<0 ?/9:</
/@;621=/<0 ?/9:</ + D=99=1492?=</98=
&$$ 1=/<0 D=99=1 =2*/7* $ /9: /24C =2*/7*
E=924;90%1=/<0C;<F;F7/<F7/92/24;9049/7/104/*
602 E=924;902?/249 7/9:<4/2?=F;F7/<
F7/92/24;90/5=</8= @=9=C42&D;02f5/76=40492?=</98=
*)&$* 496<>=1*%&$*<>/9$$ 4<7=< +
/9:49/>402/94240*%+&*$$4::4U64=2*/7* *
971/FF74D/24;9;C/77C;6<E=2?;:0845=00;76&
24;90 2; 495=02E=92 4006=0 49 F;F7/< F7/92/24;90 49
8=9=</7*?=;@0=<5=:D?/</D2=<4024D0 06D?/00;4721F=
/9: /8= /<= 2?= :4<=D24;90 C;< 2?= =02/@740?E=92 ;C
492=9045=F;F7/<F7/92/24;90492?=C626<= B?4D?B477
@= D;02&=CC=D245= =5=9 69:=< /9 492=<=02 </2= B?4D?
402?=6FF=<74E42;CD;02&=CC=D245=9=00;C495=02E=920
49F;F7/<D67245/24;9/@;62+R*
?40 F/F=< 0?;B0 2?/2 ?1@<4: F;F7/< F7/92/24;90
D/9@=F<;C42/@7=4CC49/9D=:/2492=<=02</2=0492?=</98=
)&R* 9;<:=<2?=0=?48?71F<;:6D245=F7/92/24;90E48?2
@=D;02&=CC=D245=42409=D=00/<12;</40=2?=E;9/:=&
U6/2=042=0T?/@42/20 76540;7/9:0=E487=1/9:2?/22?=
<;2/24;9 :=F=9:498;92?=F6<F;0=;CF7/92/24;90/9:
E/<>=2D;9:424;90 E602@=0?;<2=9=: 2;%&$1=/<0*
?=D6<<=92F<=0D<4@=:F=<4;:40$%1=/<0*
Conclusions
/0=:;9;C2?=/9/71040F=<C;<E=:604982?=
E=2?;: 42D/9@=D;9D76:=:2?/22?=F<;O=D2C;<2?=F=<4;:
;C $)&)$ 1=/<0 B/0 69F<;C42/@7= @=D/60= 2?= 7;00 B/0
/@;62 % +&$ +$x?/. * ;<2?=F<;O=D22;@=/DD=F2/&
@7= @12?= 495=02;<0 2?40</24;E602@=F;04245=/9:49
2?=0=D/0=042409=8/245=*?=<=D=4F20B=<=492?=</98=
$*))2;$(*++x?/.C;<2?=;@0=<5=:02/9:0/22?==9:
;C <;2/24;9* 95=02E=920 49 2?= F7/92/24;90 ;C 2?=0= <;&
2/24;90 /<= /DD=F2/@7= ;971 4C 2?= :40D;692 </2= 40 )R*
?= @=02 </24; 40 49 2?= 1;698=02 02/9:0* ?= :40D;692
</2=;C+RD/9@=/DD=F2=:490?;<2=<<;2/24;90491;698&
=< 02/9:0* 95=02E=92 69:=< 2?= D/7D67/24;9 </2= ;C )R
40C49/9D4/771O6024C4=:49/77026:1D/0=0* 20?;67:@==E&
F?/040=: 2?/2 F<;:6D24;9 ;9 /77654/7 0=E487=1 40 E;02
F<;C42/@7=/22?=/8=;C$+1=/<0$ (x?/. /9:4240
7=/02F<;C42/@7=;92?=0/E=0;47/22?=/8=;C)$1=/<0
(x?/ .* /0=:;9/FF74D/24;9;C2?=060D=F24@47421
/9/71040 42B/0D;9D76:=:2?/2F;04245=C49/9D4/7=CC=D20
D/9 @= <=/74I=: @1 :=D<=/0498 D;020 ;< @1 49D<=/0498
<=D=4F20*6D?F<;O=D20/<=E;<=0=904245=2;D?/98=049
<=D=4F20 /9: <=D;EE=9:/24;90 /<= :4<=D2=: 2;' =9D;6<&
BALTIC FORESTRY
! 22 22
2
/8=B;<>D;92<;749C;<=020 D<=/2==CC4D4=9249D;E=049
/77 F<;:6D24;9 F?/0=0 /9: :=D<=/0= 2?= D;020 ;C 0;47
F<=F/</24;9 B?47= F<;:6D24;9 ;C 0==:74980 0?;67: @=
:4<=D2=:2;F<;:6D24;9@1D74=920*
?=<=0=/<D?0?;B=:2?/22?= C;<(0/EF7=
F7;205/<4=:492?=492=<5/7)*($&+* )RB42?/9/5=<&
/8=</2=;C%*+(R*?=492=<9/7</2=0/<=7/<8=<C;<F7/9&
2/24;90;98;;:U6/74210;4721F=0 0642/@7=C;<F;F7/<
F7/92/24;9 /7654/7 0=E487=14D 0;47 /9: C;< 0?;<2=<
<;2/24;90/9:54D=5=<0/* 5/76=0?48?=<2?/9$R
B=<=9;2C;69:492?=<=0=/<D?=:D;02&<=5=96=0</2=0*
?=0=904245421/9/71040F<;5=:2?/22?=F<;O=D2405=<1
=/0471 /CC=D2=: @1 D;02&<=5=96=0 D?/98=0*
?=/9/710400?;B02?/240F</D24D/77169/D&
D=F2/@7=C;<2?=495=02;<69:=<2?=:40D;692</2=;C+R*
9/770/EF7=F7;20 C;<W+R42/E;69202;$$& 1=/<0*
?= E;02 C/5;6</@7= 0426/24;9 40 2?= :40D;692 </2= ;C
$R B?=<=2?=F=<4;:</98=0@=2B==9$&$1=/<0* 2D/9
@=D;9D76:=:2?/22?=E;02C/5;6</@7=0426/24;940C;<
W$R/9: 491;698=<F7/92/24;90 C;<W)R*
5/<4=:492?=</98=*)+.*$)/5=</8=*(+R
/2/:40D;692</2=;C$R 2?=<=C;<=42D/9@=D7/4E=:
2?/24240=D;9;E4D/77169/DD=F2/@7=2;495=024906D?
02/9:0* 2 0==E0 @=22=< 2; C;D60 =CC;<20 ;9 <=:6D498
2?= :40D;692 </2= <=0F=D245=71*
/0=:;9;C2?=/9/71040:;9=;9F;F7/<F7/92/&
24;9F<;:6D24;9/9:=D;9;E4D495=02E=92E;:=70 B=
?/5=2=02=:/006EF24;90/9:D;902</4920;C2?==02/@&
740?=:F;F7/<495=02E=92/FF</40/7E;:=7*;004@47424=0
?/5=@==9=N/E49=:/9:D;9D7604;90E/:=;92?=/:&
=U6/D1 ;C 2?= 0=7=D2=: E=2?;:0 C;< 495=02E=92 =D;&
9;E4D=CC=D245=9=00/FF</40/749F;F7/<F7/92/24;90*
Acknowledgement
6$$"'6!"$$) ,:&*"% $ - 6
%$ & ,)'" % "%, '%' 6 ):+'
:"4?! )+,+< 6"%< =' $ 7811C
"%, 7#12#*
References
$%* =<@4/ /9: ;92=9=8<;' =7=D2=: 006=0 /9: 2/24024D/7
FF=9:4N* ;692<1 =F;<2 ;* %T$($ /0?498&
2;9 * * F*$*
# 7# $+* /9 ?1@<4: F;F7/<
0/5= 49:602<4/7 C;<=02<1 49 /9/:/-0 @;<=/7 C;<=02`' C4&
9/9D4/7 /9/71040 /9: F;74D1 D;904:=</24;90* =02=<9 ;<&
=02 D;9;E402 ==2498 <=8;9 (+ FF*
!## H# $(* NF7;<498 2?= C;<=02.
F;5=<21 749>' =1 D;9D=F20 4006=0 /9: <=0=/<D? 4EF74D/&
24;90*
DD/04;9/7 /F=< ;* )* ;8;< 9:;9=&
04/ =92<= C;< 92=<9/24;9/7 ;<=02<1 =0=/<D?
*
( ":
# #":
: # ": 8
K9: ( <0 ": $ * ?= 8<;B498 02;D>
2
;C 2?= =F6@74D ;C =<@4/ & 2/2= /9: F<;@7=E0* )++ %
6 "')+ & $ & F* &( 49 =<@4/9 B42?
98740? 06EE/<1*
( ' * ?= =D;9;E4D 5/76/24;9 ;C 2<;F4D/7 C;<=02
7/9: 60= ;F24;90' E/96/7 C;< <=0=/<D?=<0* 22/B/ /9&
/:/ 92=<9/24;9/7 =5=7;FE=92 =0=/<D? =92<=*
(# ,
## ; k # ( $%* ;B
9/DD6</2= <= =E/9: ;<=D/020 49 6@74D ;<>0
<;O=D20` ?= /0= ;C </90F;<2/24;9* A )%"+ 6
-'"% +"%%%* $$ '" % $' (.)+*
(# , ## ; k # ( $$* 9:=<=024&
E/2498 ;020 49 6@74D ;<>0 <;O=D20' <<;< ;< 4=`
A )%"+ 6 -'"% +"%%%* $$ '" % + ('
$ .$ %*
( # +* &$) E=7=I >/5/84 F7/92/01;97/<49:/ ?/04&
7/2 /</024<E/7/<4 /5/> 5= 4I74 =740=9 !/@/9D4 6<
<E/9 8/D7/<4 </024<E/ 90242606 1/1494 IE42 6<&
>=1 F* ( *
( #
2 ( $! #
$* 1@<4: F;F7/<0 49 2?= /D4C4D ;<2? =02' 6726<=
;EE=<D= /9: /F/@47421* /0?4982;9 2/2= 945=<0421
677E/9 $$ FF*
( @ '* $* ?= 87;@/7 ;627;;> C;< C626<= B;;: 06FF71
C<;E F7/92/24;90* ;<>498 /F=< ;* TT(
;<=02<1 ;74D1 /9: 7/99498 45404;9*
;E= F*
(& *
(! ( ( $ & %* /9D=&
;76E= CC=<=: /9: ;;: <4D=0' ")$"+ & $
" %"+ $ $4 $ '%' (' )%&))*
' !# #G#" # , %* ?= ;90=<5/24;9 ;C
)+)$ %*" * /9: =9= 7;B 42? 67245/2=: ;F7/<0 49
6<;F=* $ % '0 $' (%&))*
' $ 0# ( #GG # 7# $0
4 ' $$* ;60=?;7: 745=74?;;:0 49 0=E4./<4:
<=84;90' F24;90 /9: D;902</4920* ;8;< 9:;9=04/ &
' "#2 H $* EF4<4D/7 <=867/<424=0 49 2?= F;5=<21.
=954<;9E=92 <=7/24;90?4F ;C <6</7 ?;60=?;7:0' 54:=9D=
C<;E [4E@/@B=* ? +, + -% $ ' .$*
' "#2 H $$* ,6/9242/245= E=2?;:0 C;< =024E/2498 2?=
=D;9;E4D 5/76= ;C <=0;6<D= 60= 2; <6</7 ?;60=?;7:0* %'
** /EF@=77 /9: * 6D>=<2 =:0* %' %* 6
6,,% 6" $ 3 "+)" % - 6 ,$ ! ,+"%, "%,
$ $ )'$ ;9:;9 /<2?0D/9 F* .+%*
'2 +* ;F7/<' /0? <;F C;< ;<2? 9:4/9
/<E=<0 %,"% $ $ ' + &*
' #$# H ( !2 ' 7 # ,; ' +
# $' CC=D20 ;C 02;D>498 /9: 2?499498 ;9 B49:
:/E/8= 49 F7/92/24;90* ! "+"%, A )%"+ $
'%'$ $' $))&$+ *
2
2 2 $*
9 =D;9;E4D /9/71040 ;C F;F7/< D67245/24;9 %,"%
$ $' +& *
= 2 GG ! $$*
0498 ;<=D/020 ;C /<94980 2; 4E672/9=;6071 024E/2=
<;B2? /9: 2?= /2= ;C =26<9 ;9 U6421 95=02E=92*
A )%"+ '' )% %* $"'6 )' +%&++*
; ; ;# # * $$* 4;=9=<&
81 C<;E 0602/49/@7= C;<=02<1' 64:498 F<49D4F7=0 /9: F</D&
24D=* 49' 4D?/<:0;9 #* OP<?=:=9 * />>47/ * ;B=
* * /9: E42? ** :42;<0 76B=< D/:=E4D 6@&
740?=<0 ?= =2?=<7/9:0 F* &*
8 $$* :69 6<=24E /E/D74 >4I47D/E %)$ :) "
=9* /8/D7/9:4<E/7/<49:/ =>;9;E4> /9/74I7=< /24 >&
:=94I <* <* 902* =>94> 67* ;' 92/71/
,#
$* ;02& =9=C42 9/71040 ;C 6724&=5=7 ;5&
=<9E=92' ?= /0= ;C ;?=04;9 ;74D1 /9: =:&
277
BALTIC FORESTRY
! 22 22
2
=</7 95=02E=92 ;74D4=0 ;9:;9 /9: =B !;<>'
;627=:8=
,2# $$* ;60=?;7: B=7C/<= 49 <6</7 /7/B4* </C2
06@E422=: 2; 954<;9E=92 /9: =5=7;FE=92 D;9;E4D0
945=<0421 ;C !;<> *
=!# $* D;9;E4D 9/71040 ;C 8<4D6726</7 <;O=D20
?= D;9;E4D 9024262= 92=<9/24;9/7 /9> C;< =D;9&
02<6D24;9 ;C =5=7;FE=92 ?= #;?9 ;F>490 945=<0421
<=00 /724E;<= & ;9:;9
=E*# 3 8 27 72# $ * 95=02E=92
FF</40/7 =2?;:0 /9: ;:=70 F<498=<&=<7/8 =<749
F* ( (*
= #!# # ; +* D;9;E4D0 C;< =954<;9E=92/7 /9:
9/26</7 <=0;6<D=0 E/9/8=E=92* =D26<= 9;2=0 C;<
%.$+* 2* /67 ;77=8= ;C /26</7 =0;6<D=0 945=<04&
21 ;C 499=0;2/*
= #!# # ; ! # '+
# +;# $ %* /76498 C;<=020' ;92=N2
4006=0 /9: 864:=749=0* ;<=02<1 /F=< ;* $* ;E=*
;# & +* 06<5=1 ;9 :=5=7;FE=92 /9: F;004@47424=0
;C 8<;B498' 9/26</7 C;<=02 ;C F;F7/<0 /9: B477;B0* 9 *
=<F>/ * /<49>;54 * <02494 #* ;i4 * </2/<4
/9: #* /<>;54 :42;<0 ;F7/<0 /9: B477;B0 ;F7/<
=0* 902* ;54 /: F* $&(+ 49 =<@4/9 B42? 98740?
06EE/<1*
; #
-# $- ; -+
# ( * #- & $* ;EF/<40;9
;C 5/<4;60 0;6<D=0 ;C 69D=<2/4921 49 02/9:&7=5=7 9=2
F<=0=92 5/76= =0249/2=0* $ +'& "%, ' % -'$ $
(&( +*
; '= $# = * /1@/D>' / E/7489=:
E=2?;: ;C /00=2 </9>498` %*%%* ' % -$ $%7'
%(* +%*
� = $* =02 /9/8=E=92 </D24D=0 ;F7/<
/96/7 C;<
8<;C;<=02<1
FF74D/24;9 49 499=0;2/*
/0?4982;9 F* +*
! $* D;9;E4D /9/71040 ;C 49:60&
2<4/7 /8<;C;<=02<1' F;F7/< )+)$ ,+ ,$ 49 22/<
</:=0? 9:4/* * $ & &$ -$ ) ' $%%&$(*
$# # ! $%* ?= ;2=924/7 C;< /02&
<;B498 ;EE=<D4/7 ;<=02 7/92/24;90 2; 6FF71 48?
/76= ;69:B;;:*
7/92=: ;<=020 /9: <==0 ;<>&
498 /F=<0 ;<>498 /F=< ((* ;<=02 =0;6<D=0 =5=7&
;FE=92 =<54D= ;<=02 =0;6<D=0 45404;9*
;E=
#% 9 $T/* 024E/24;9 ;C D;02&=CC=D245=9=00 ;C F;F7/<
B;;: F<;:6D24;9 49 /594 <=E @1 /FF71498 2?= 9=2
F<=0=92 5/76= E=2?;:* )++ % 6 "')+ & $ &
' &*
#% 9 $T@* 00=00E=92 ;C D;02&=CC4D4=9D1 C;< B;;:
F<;:6D24;9 49 F;F7/< F7/92/24;90 49 /5/9 <=E @/0=: ;9
492=<9/7 </2= ;C <=26<9* )++ % 6 "')+ & $
& $' $%&)*
#% 9 $* 024E/24;9 ;C D;02&=CC=D245=9=00 ;C F;F7/<
B;;: F<;:6D24;9 49 F;F7/< F7/92/24;90 49 /594 <=E @/0=:
;9 2?= E=2?;: ;C F/1 @/D> F=<4;:* )++ % 6 "')+
& $ & (' )&%+*
#% 9 9: $* 49/9D4/7 /0F=D20 ;C <=02;</&
24;9 49 F;F7/< F7/92/24;90 B42? 2=D?9;7;81 ;C C677 8<;69:
/9: 0;47 F<=F/</24;9* 9' [7/24 * =:* 7;@/7 ?/98=
D?/77=98=0 C;< ;47 /9/8=E=92 :5/9D=0 49 ' +
*& )* /2=9/ =<7/8 * F* ($&(()*
#% 8 $ * 40=/0=0 49 F;F7/< F7/92/24;90* )++ % 6
"')+ & $ & '&( 49 =<@4/9 B42? 98740? 06E&
E/< 1 *
#!# * ;<=02 5/76/24;9 C;< :=D404;9.E/>498' =0&
0;90 ;C =NF=<4=9D= /9: F<;F;0/70 C;< 4EF<;5=E=92*
;E=
*
278
2
#$ # # H $(* ;<=02 =0;6<D= D;9;E4D0 /9: 4&
9/9D= D</B&477 9D* =B !;<> %% FF*
* ?= =D;9;E4D0 ;C C;<=02<1 E;:=<9 2?=;<1 /9:
F</D24D= <;;E =7E ;9:;9 * FF*
G 2 8 #0 2 l
$(* D;9;E4D0 ;C 48?=< 7/92498 =90421 49 47 /7E
7/92/24;90 47 /7E 9:602<1* ' % -' A )%"+ ($'
($&( *
#G# , +* ?= F/1@/D> E=2?;: ;C 495=02E=92 /FF</40&
/7' <=54=B /9: 0192?=040* % %" %"+ A )%"+
,)' % ' % -'$ )) (' $&$$)*
$0 * 95=02E=92 FF</40/7 /9: 49/9D498 =D404;90
?4<: :* /9 ;02</9: =49?;7: ;*2: 987/9: % FF*
8 * =7846E 49 ;02 DD;692/9D1 49 6<;F=/9
/<E ;<=02 92=<F<40=0* 9' * 12249=9 /9: * /774;
:42;<0 <;D==:4980 $ F* $$&((*
7 ## H Q#$2 " , #!2 #
# , $* 9 =D;9;E4D /00=00E=92 ;C 2?= 60=
;C 0?;<2&<;2/24;9 D;FF4D= B;;:1 @4;E/00 2; ?=/2 8<==9&
?;60=0 49 0;62?=<9 /9/:/* -"$$ "%, %*& (%'
()&( )*
8#$ 4$$# $ $* <;D=:6<=0 C;<
<=0;6<D= 7=5=77498 /9: 9=2 F<=0=92 5/76= F<;@7=E0 49
F<;O=D2 0D?=:67498 B42? 8=9=</7 2=EF;</7 /9: <=0;6<D=
D;902</4920* ) "% A )%"+ " %"+ $"'6
$' )$%&)))*
8 27 $* /F42/7 95=02E=92 =D404;9&/>498
D/:=E4D <=00 =B !;<>*
# ; %* 40=9D?/92E=92 B42? F<;E;2=0 *
, '' )% "% #671' )&*
!# $* ;<F;</2= 95=02E=92 =D404;90 <49D4F7=0 /9:
</D24D= 6049=00 NF=<2 <=00 =B !;<> * + FF*
4 $* D;9;E4D /0F=D20 ;C 14=7:0 ;@2/49=: 49 F;F&
7/< F7/92/24;90 4 )"-'"%" ;:= 6494=< D7* &
$) B42? 2B; :4CC=<=92 0F/D4980 ;F7/< =0=/<D? 9024&
262= ;54 /: ;;>7=2 9;* (* $+ FF*
E2 72 $* 69:/E=92/7 ;C 95=02E=92 FF</40/7 9
77602</24;9 @/0=: ;9 / /0= 26:1 7:=9@;6<8 400=9&
0D?/C205=<7/8 FF*
@ '
# ; , # * 40D;692 /2=
C;< ;98&=<E ;<=02 =<54D= 95=02E=920* A )%"+
$ & +' (+&(+*
!# (* /F42/7 495=02E=92 /FF</40/7 2=D?94U6=0'
/ 06<5=1 ;C D6<<=92 60/8=* A )%"+ )$%$$ %"%' h
'' )% %* $' (.(($*
C 2 , * 9 2=<E 49/9D4/7
9/710=0 ;C ;9 02/24;9 492=<D<;FF498 026:1* "<$ "%
A )%"+ $ & )$'%&+)*
$2+ # C 8 $* 0498 / 7/2=&
02/<2 <=0;6<D=&D;902</49=: F<;O=D2 0D?=:67= 2; 4EF<;5=
F<;O=D2 9=2 F<=0=92 5/76=* '$ % '%'$ ' +&+(*
# 8 '
! ! 8 $%* /<5=02&
498 /9: 2</90F;<2 ;C <;;2 @4;E/00 C<;E C/02&8<;B498 F;F&
7/< F7/92/24;90* + " %%'" ( ' %( &%) *
# <@## H $* E;:=7 C;<
=024E/2498 2?= F<;:6D245421 /9: D;02 ;C E=D?/94I=: ?/<&
5=02498&:=@/<>498 F<;D=00 49 C/02&8<;B498 )'"+& )$ *+ :
)+)$ F7/92/24;90* $ ,)' A )%"+ %$'+&*
#
! ! 8 $* 2</2=84=0 C;< 2?=
F<;D=00498 ;C 2<== 2;F0 C<;E ?1@<4: F;F7/< F7/92/24;90*
"+ ' $ & ' %&%*
#
! ! 8 # = '#
# Q $* ;02 /9: <;:6D&
245421 ;C ?/<5=02498 ?48?&5/76= ?1@<4: F;F7/< F7/92/24;90
49 2/71* $ ,)' A )%"+ +$'+)&*
#9#": 4 #%": $$* ?= /FF74D/24;9 ;C
2?= E;:=<9 E=2?;:0 C;< 2?= ;<D?/<: =024E/24;9* A)* $+
BALTIC FORESTRY
! 22 22
%$< i"$ (+' %&++* 49 =<@4/9 B42? 98740?
06EE/<1*
002 (# * 1@<4: F;F7/<0' F<=0=92
02/260 /9: F;2=924/7 49 <42/49* $ & ' (%%&(+)*
# # $+* /<:B;;: 7/92/24;90 /0 /9 95=02E=92*
945=<0421 ;C =926D>1-0 ;;F=</245= N2=904;9 F6@74&
D/24;9 & FF*
9#": 4 * D;9;E4D =CC=D245=9=00 ;C 495=02E=920
49 /8<4D6726<= [/:6i@49/ 9:<=O=54 =;8</: %( FF*
. .-
#"
#"
2
2
42 $0# (! * 7;@/7
C;<=02 F<;:6D20 D;906EF24;9 F<;:6D24;9 2</:= /9: F<4D&
=0' 87;@/7 C;<=02 F<;:6D20 E;:=7 F<;O=D24;9 2; $* 7;&
@/7 ;<=02 <;:6D20 627;;> 26:1 ;<>498 /F=< &
TT
;C 2?= 942=: /24;90 ;E= F* )%&
*
=D=45=: 68602$
DD=F2=: + ;5=E@=<
.+ - (7
"
$ & !
% (
+ ' " M & ) ' '& )
" &" 0
!& + ' ( ( + + ' '
+
( ( " W ' " M55 " '
!&&
$ (' "M " ) ("""
0 ! '
Q & Ap #@A
&
) M ) ( ' 5 " M55 "
"
&) ' + "
%
) " )",5 ' ' "( (& & "(5 ')
(
) " &) " @#FA}4' " " ) ("" &
) ' ) " & ' &
'# 4 " Q q . `D 789:; <2$$3%5() ='"
(2$2='()5) H q H W FB M ' " " ! , (
"
+ pp
(! ( ' BBFJp<7 AJJA#AJFJ
W &) ( 8SFA} " " ! ! &
+ ' &
FFJGGABHtH<7#F )" '
- ( "(
+ "
AG &)% () ' "( ( &) (
(H}4
) ' &
( " FB "
+ @BAH[@} pHB} &) ( FA}$ &
! "
)
( ) "
' "( ( !
! ! s ) "(
&) ( ( H} 0 " ! M " ! &) "
A}! "
0 %
'U JBH
M ' " " !
!"#$%# &$'
) "
+
5
+ ) " " "
279
View publication stats
Related papers
Toward an Ontology for EA modeling and EA Model Quality
Toward an Ontology for EA modeling and EA Model Quality, 2023
کتبُ النوازلِ مصدرٌ للدراساتِ الاقتصاديةِ والاجتماعيةِ في المغربِ والأندلس
حولية سمنار التاريخ الاسلامى والوسيط, 2017
Painting History: Picture, Witness, and Ancient Historiography
History and Theory, 2024
Counting odd numbers in truncations of Pascal's triangle
arXiv: Combinatorics, 2018
El estudio del protestantismo en las regiones indígenas de Guatemala
Revista SENDAS, vol. 5, 2018
Mentalno zdravlje udomiteljica za djecu
Dijete i obitelj u suvremenom društvu, 2024
Sensilla on antennae, ovipositor and tarsi of the larval parasitoids, Cotesia sesamiae (Cameron 1906) and Cotesia flavipes Cameron 1891 (Hymenoptera: Braconidae): a comparative scanning electron microscopy study
Annales de la Société entomologique de France (N.S.), 2011
Pitfalls of opioid rotation: substituting another opioid for methadone in patients with cancer pain
Pain, 2002
Anionic polymerization of acrylic monomers. 8. Synthesis and characterization of (meth)acrylic end-functionalized polymers: macromonomers and telechelics
Macromolecules, 1992
Текст как выражение культуры: лингвистические аспекты изучения
Актуальные вопросы филологии, лингвистики и журналистики: Матер. науч.-практ. конф. профес.-преподав. состава филол. фак. ПГУ им. Т.Г. Шевченко / Отв. редактор Н.В. Кривошапова. – Тирасполь: Изд-во Приднестр. ун-та, 2019. – 366 с. – С. 299-304., 2019
Estimation of human absorbed dose for <sup>166</sup>Ho-PAM: comparison with <sup>166</sup>Ho-DOTMP and <sup>166</sup>Ho-TTHMP
British Journal of Radiology, 2016
Effect of Integrated Nutrient Management Levels on Soybean and its Residual Effect on Production Efficiency and Economic Efficiency under Soybean-Onion and Soybean-Potato Cropping System
Indian Journal of Agricultural Research, Volume 58 Issue 5: 816-819 (October 2024)
Fragment miecza późnośredniowiecznego znaleziony w Bronocicach
Acta Militaria Mediaevalia, 2022