Comparative Financial Analysis of Trout Cage and Land-Based (Pond) Aquaculture Production Systems in Turkey
- Alternative Title
- 터키의 송어 해상 양식업과 육상 양식업의 경제성 비교 분석
- Abstract
- One of the most important species is trout in Turkish aquaculture and the contribution of trout is very large. This study examined the trout aquaculture in two companies. The cage aquaculture and land-based (Pond) aquaculture analyzed and compared by financially. The NPV is calculated as $3,078,767 in the cage and $959,411 in the pond for 2017. The annual net profits are 1,174,403.26 USD in the cage and, 361,924.04 USD in the pond. The annual operating cost is conducted 1,221,981.74 USD in the cage, 960,535.96 USD in the pond. Both aquacultures were profitable commercial production for the trout. In addition, sensitivity analysis conducted in four different variables. The sensitivity of feed cost is showing that is a critical variable among other operating costs especially for pond aquaculture. Also, the impact of the sensitivity analysis of interest rate on the NPV clearly shows how important the discount value is.
- Issued Date
- 2019
- Awarded Date
- 2019. 8
- Type
- Dissertation
- Publisher
- 부경대학교
- Affiliation
- Pukyong National University , Graduate School
- Department
- 대학원 해양수산경영학과
- Advisor
- DoHoon Kim
- Table Of Contents
- Introduction 1
CHAPTER 1. TROUT AQUACULTURE 9
1.1. Production Techniques 10
1.1.1. Cage Aquaculture 10
1.1.2. Pond Aquaculture 11
1.2. The Life cycle of Trout 12
1.2.1. Seed Supply 13
1.2.2. Feeding 14
1.2.3. Fish Grading 16
1.2.4. Marketing 16
1.3. Literature Review 17
CHAPTER 2. DATA AND METHODS 29
2.1. Enterprises 29
2.2. Location of Farms 30
2.3. Challenges and circumstances of cage and pond aquaculture 32
2.4. Initial Investment and Depreciation 33
2.5. Aquaculture Operations 36
2.5.1. Shape and Size of Cages 37
2.5.2. Shape and Size of Ponds 37
2.5.3. Annual Operating Cost 38
CHAPTER 3. RESULTS 44
3.1. Financial Analysis 44
3.1.1. Statement of Cash flow 44
3.1.2. The Interest rate of Turkey 46
3.1.3. Comparison of NPV and IRR 49
3.2. Sensitivity Analysis 53
3.2.1. Sensitivity Analysis of Market Price 53
3.2.2. Sensitivity Analysis of Survival Rate 55
3.2.3. Sensitivity Analysis of Feed Cost 57
3.2.4. Sensitivity Analysis of Interest Rate 59
CHAPTER 4. DISCUSSION AND CONCLUSION 61
- Degree
- Master
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