The paper discusses economic effectiveness of investments tor three silvicultural systems (even-aged forest with artificial regeneration, even-aged forest with natural regeneration, and selection forest). Gross and net yields of the whole production period are analysed. Gross yield of a forest is the value of annual increment along a truck road. Net yield is obtained if management costs are deducted from gross yield. A financial analysis which takes into consideration discount rate values favours the selection-cutting system, while results for the even-aged forest with artificial regeneration are rather disadvantageous. This applies to all economic indicators that were calculated (current net value of the project, return on the investment, repayment period, and internal rate of return). To make decisions on the basis of economic indicators, it is vital to consider the value of money. This is especially true of such long-term projects as forest production.
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