Análise do impacto da linha de financiamento do programa ABC na rentabilidade financeira de um plantio florestal de Eucalyptus urophylla para energia

Abstract

The most important genus in this area is Eucalyptus accounting for approximately 70% of the total firewood production in the country. However, for the implantation of forests, implantation values are very high in relation to the total amount spent on the forest throughout its cycle, disregarding costs of harvest and transportation, and can reach 70% of the value invested by the entrepreneur. In this way, investments originated from credit lines become important for the flexibility and dynamism of the forest market, making it even more attractive to new players. The objective of the present study was to carry out the analysis of the financial impact of an investment with capital financed by the ABC Program credit line of a forest plantation of Eucalyptus ssp. for energy. We used data from the ABC Program credit line and data from a forest modal of eucalyptus. With these data a cash flow was elaborated with values of revenues and costs of the forest enterprise and investments and costs derived from the forest financing. From this cash flow, the economic viability criteria were calculated as the net present value (NPV); the infinite net present value (NPV∞); the internal rate of return (IRR); the annual equivalent value (VAE); the cost-benefit ratio (B / C) and the average cost of production (PMCr) for the scenarios with and without financing, considering the real TMA of the financing interest rate of 6% pa. The unfinanced forest project was feasible in the standard scenario as well as the project with financing, it was observed that the project with financing obtained higher values in all the economic indicators, showing a gain of approximately R $ 450,00 reais more than the project without funding in the NPV. Also, a sensitivity analysis was performed considering the interest rate variation of the bank financing and the variation of the real TMA. With these analyzes, it was possible to identify the positive impact of forest financing, with increased profitability and lower production costs.