Análise do impacto da distância do ativo florestal ao mercado consumidor na rentabilidade de investimentos florestais no Brasil

Abstract

The recent awareness regarding environmental issues and the increasing supervision on the use of wood originated from native species have established a new global business opportunities scenario, especially for the Brazilian planted forest sector, which has great potential for growth. For this reason, among the many factors presented in this study, the research general goal was to identify the impacts of the distance between the forestry asset and the consumer market on the forestry investment profitability in Brazil. Considering the research objectives, cash flows were structured based on dense forest establishments that have the Eucalyptus as the main species, for different forestry management scenarios using the Brazilian information averages in this market. The empirical study carried out in January 2014 showed that the economic viability of a forestry enterprise is directly related to its proximity to the consumer market. Thus, through the calculation methodology of Internal Return Rate for each scenario, it was possible identifying that managements without thinning, that aim to produce timber with lower value added only reach a rate at the same level as the saving compensation, which is 6% if the consumer market is located in a distance not larger than 35,85 km. On the other hand, in the investments in forestry management with thinning the consequences of the distance factor in scenarios between 25 km and 325 km have kept the achievement of a rate larger than 6%, having a variation of until 2,5% in this interval, what for and enterprise is also considered significant. The study concluded then that in investments in forestry managements with thinning, although they have higher production costs, the effects of the distance factor are significantly lower because the thicker wood is used in products with high added value, allowing to the forestry investor a greater profitability, at the level as the current saving compensation rate while in plantations without thinning, the distances for achieving this profitability need to be relatively lower. Keywords: Profitability of forestry investments. Impact of the distance of the forestry asset. Economic viability of a forestry project.