investiciona studija

206
* •*• * * * * *•* * e.u'!I•• - s.rblil lPA Cro,s-,,,boftt,,t Progrll'llr tl-' Promoting Sustainable Energy Utilization of Biomass in the Cr oss Border  Region PROMOVISANJE  ODRZIVOGKORISCENJA BIOMASE ZA DOl}IJANJEENERGIJEU PREKOGRANICNOM PODRUCJU OVA) PROJEKAT SE KOFI  NANSIRA OD STRANE EVROPSKE UN IJE KROZ IPA PROGRAM PR EKOGRANI C  NE SARADNJE BUGAR SKA-SRBIJA. ProBioCBl PROJEKAT2007CB16IP0006-2011·2-27 BIOMASA ZA ENERGIJU U PREKOGRANICNOJ OBLASTI CETIRI INVESTICIONE STUDIJE

description

studija investicija, biomasa kao energent

Transcript of investiciona studija

Page 1: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 1/206

*•*•

** ** *•*

*e.u'!I•• - s.rblil

lPA Cro,s-,,,boftt,,t

Progrll'llr tl-'

Promoting Sustainable Energy  Utilizationof Biomass in the Cr oss Border   Region

PROMOVISANJE   ODRZIVOGKORISCENJABIOMASE ZA DOl}IJANJEENERGIJEU

PREKOGRANICNOM PODRUCJU

ProBioCBl

PROJEKAT2007CB16IP0006-2011·2-27

BIOMASA ZA ENERGIJUU PREKOGRANICNOJ OBLASTI

CETIRI INVESTICIONESTUDIJE

Page 2: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 2/206

UNIVERZITET U NISU,

FAKULTET ZASTITE NA RADU U NISU

R EPUBLIKA SRBIJAC!"#$%&'( )OA* 1+000   N',*

')". .!#/'(1"! 3. "'.(.!,

T%)%#"'4  5+11+ 28 701 ' 5+11+ 28 7

www.!r"#$.!i.#%.sr

O&  9:)'3 ('$  $% "!&)$%" 9  ##% ,!%;,/& E&! #,3% 9"'$% 3! # <IPA P!#=!  !%3#=!"'("% ,!;"$%

B9=!,3 -S!:' $<   #; :!#$% CCI  N# 2007CB16IP0006. J%;'",/&%"# #;=#&#!"# )'(% ,;!' $  #&%  9:)'3 (' $% $% C%!"#-#!,3 ' '1,)%;#&/%),3' %"%! ='%" (%"/! ' F39)/%/  ,/'/% " ! ;9 9  N'>9 ' "' " 3 # $' "(/" "% #2 %  :'/'  /9(%" 3#

,/& E&!#,3% 9"'$% iii U!&)$(3#= /%) !#=!

Page 3: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 3/206

  1 1 

SADRŽAJ

INVESTICIONA STUDIJA ISKORIŠĆENJA ŠUMSKE BIOMASEBRIKETIRANJEM(PILOT PODRUČJE PIROT)................................................................................................................ 2IZVRŠNI REZIME....................................................................................................................................... 21. UMESTO UVODA................................................................................................................................... 32. ANALIZA TRŽIŠTA............................................................................................................................183. REPROMATERIJAL ‐ ANALIZA I SNABDEVANJE................................................................. 214. IZBOR LOKACIJA, LOKACIJA I EKOLOŠKI ASPEKT INVESTICIJA................................. 28

5. INŽENJERIN I TE!NOLOIJA.................................................................................................... 3"#. ORANIZACIJA I REŽIJSKI TROŠKOVI..................................................................................... 3$%. EKONOMSKO ‐ &INANSIJSKA ANALIZA.................................................................................. 3$8. ZAKLJU'AK .......................................................................................................................................... 4%

INVESTICIONA STUDIJA ISKORIŠĆENJA ŠUMSKE BIOMASEPELETIRANJEM(PILOT PODRUČJE PIROT)............................................................................................................. 48

IZVRŠNI REZIME.................................................................................................................................... 481. UMESTO UVODA ( ŠUMSKA BIOMASA ( ENERENT....................................................... 5"2. ANALIZA TRŽIŠTA PELETA.......................................................................................................... 533. REPROMATERIJAL ‐ ANALIZA I SNABDEVANJE................................................................. ##4. IZBOR LOKACIJA, LOKACIJA I OKOLINA................................................................................. 835. INŽENJERIN I TE!NOLOIJA.................................................................................................... 85#. ORANIZACIJA I REŽIJSKI TROŠKOVI..................................................................................... $$%. &INANSIJSKA ANALIZA I PROCENA ULAANJA............................................................... 1""

Page 4: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 4/206

  2 2 

8. ZAKLJU'AK ....................................................................................................................................... 1"8LITERATURA ......................................................................................................................................... 1"$

VRTIĆ „ALEN MAK“, GR. TRN

..................................................................................................... 11"1. I)*+ +*-/0 00+0-................................................................................................. 11"2. P+-/0 67+9...........................................................................................................................1143. O: 6+0+; 0+6+0 9-........................................................................................ 1214. I)*+ 6+9 /+0 -9+<+9 0=.................................................................................. 1245. E/++=/ +: 6+-/0....................................................................................................... 12##. E/++;/ 0:- /+;>- +*+<-<? )<+ 9- =-<-=-

9+< 0/ *;0.......................................................................................................................12%%. P7+0 ):- 6+-/0.................................................................................................. 1288. Z/-@:............................................................................................................................................. 12$

ŠKOLA „GEO MILEV“, g. T!...................................................................................................... 13"1.I)*+ +*-/0. A) 0-...................................................................................................... 13"2. P+-/0 67+9

...........................................................................................................................1334. I)*+ 6+9 /+0 -9+<+9 0=.................................................................................. 13#5. E/++=/ +: 6+-/0....................................................................................................... 138#. E/++;/ 0:- /+;>- +*+<-? )<+ 9- =-- =-6?9+<. ..................................................................................................................................................... 13$%. P7+0 ):- 6+-/0.................................................................................................. 1418. Z/-@:............................................................................................................................

................. 141

Page 5: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 5/206

INVESTICIONA STUDIJA ISKORIŠĆENJAŠUMSKEBIOMASE BRIKETIRANJEM (PILOT PODRUČ JEPIROT)

I"VRŠNIRE"IMECelokupna ideja o formiranju pogona za briketiranje na lokaciji GJ„Topli do“ i u mestu Topli do se iskristalisala iz njene dislocirnosti uodnosu na preostale tri gazdinske jedinice ŠG Pirot (Arbinje Širokeluke Prelesje! i na mogu"nost kori#"ena potencijala #umske upra$e%abu#nica ili &rednjeg Poni#a$lja s obzirom da sam „Topli do“ ne bimogao s$ojim potencijalom da podmiri projekto$ani racionalni u'inak  postrojenja )a lokaciji *ojkinac bi bio oformljen pogon za peletiranjekoji bi „$ukao siro$inski konzum“ sa na$edene tri GJ

+ rezimeu o$k$og poslo$nog podu,$ata u o$oj studiji je zaklju'eno slede"e-

1.  Analiza okru.enja industrijske grane i konkurencije ukazujena 'injenicu da je re' o $rlo atrakti$noj industriji (niska prego$ara'kamo" i doba$lja'a i kupaca! te da na ciljnom tr.i#tu (&rbije i zemljeregiona! i nema ozbiljniji, konkurenata

2. /z ekonomsko01nansijske analize se tako2e iz$la'e slede"i zaklju'ci-

• Poslo$ni podu,$at je 1nansijski opra$dan jer su i pokazatelji pro1tabilnosti (set stati'ki, pokazatelja! i pokazatelji lik$idnosti (Goto$inski tok! zado$olja$aju"ii pri,$atlji$i

•  Poslo$ni podu,$at je i dru#t$eno opra$dan po osno$i-

o  zna'ajne supstitucije u$oza drugi,

energenata o izrazito $isoke

ekolo#ke opra$danosti projekta o

ot$aranja no$i, radni, mesta i

o $elike predispozicije u iz$oznimaran.manima

3. Tako2e nisu uo'eni rizici u realizaciji o$og projekta

Page 6: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 6/206

#.  UMESTOUVODA

 T?++9- 67 ;=/ *+= )< +7 <0 <+-0<*+=, 6++<? =; +6=, =0+7, 0?/ +9):-7. K+7 )*+ 0?++9- 6+) +7 0?@/+ (

0?++;/?, /++=/?, /++;/?, 9++=/? 90/?)?0<. T?++9- ;=0< 7 - =0+= )7, 0/+ 7 )/-

)7 +0=0

•  =0 @ @,•  6+=+>+= 0+<;0 •  :0+= 0+<;0.

M0+7 7 +)@< +*/ <@ +0=0 /+- 06+0- ) ;=, 6 =+ 9+<+0 + 7>= =0+7=+0=0, 6+7*+<, 7*+<, 0*, =0+7 7+< 0* =0+7 <-.

Z )*+ +60=+9 0?@/+9 ;- 6+0*+ - 6+)<06++</+@ 7< *+=, 90/ /+)=, /+@ 90 /+-* )7+<+-6+0* 0?++9- )7 9+< *) *+=. K+7 )*+0?++9- =+ +79+<+0 <> *+- 60- -6/7-0?++9- @ 6<@-, +*/ <+-0< 9+<, =; =0+67 9+<, <0 06+0, /7;0-, =0+ @ ;-,@ /+;>- 6=? /7? 90 07. O7 6<+9)*+ 0?++9- )< /<00 90 /++=@+0*7<-, )* 0?++9- - F/ =+ /+ +*)*G-=/= /+;>+0 9- /= 7<0 ) ==0+;/+< 6+ -7: 6+)<+7.

 T?++;/ 6+: )7 90 *) ;=/ *+=

=+6+70 7+< /+- +*<-- ;= < -. S@ 0*9<+= <; =+0+= @= 00=, /+/+ +<7+)<+-<- =+9 /+00 )@0 <;=/ =;?<0, 6+:+ /+- 6+7 @ +*<-- /- 9,/+-, 6)<- 07. &) 6<@- 0-. 06+0 +7 =0 @7+ /=+/+9 60 =+ +*<-0 <; @. U ;=+<= 9<+= /+0 <+0-/ )69 0/0+, )<+)7<0 ) ;= <; )@0= 06+<= /=+.

#.# D$!% &'*% + +-'$+ % %!+'%/%011 $1

D$!% &'*% ++-'$+I) *0+ )6= 6+@+9 7<0 )G- 7< 96+0=0

Page 7: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 7/206

0?@/+ +*+ 7<+ H6+0++H 7<+. U 0+/ -?+< )7 -<- +00/ /+-+0- ;=. M+ @0 7 6+/ 7+*- 82 7+ 88 0?@/+9 +*+9 H6+0++9H 7<0, 7 7< +00/ @ 127+ 18 +7 *0+ 7< )6=. P+7 +<+9 +00/, ;= </? 1"" =3 /6+9 7<0 +0 15 =3 0 9-< +/+ 25 ( 3" =3 6-< /+-. T+ )@

7 - 9*0/=+ 6=+- @ 97 +/+53 =3.

N ++< @+9, 0*+ 0+- +7 /+/+ /09+-7<0 0?@/+ +*+ 7<+ 24, 6+0++ 7<+ 34, /++*+< 4, ;=/ +00/ /++= $, 0 9-< /++=11 6-< = 18. P/+= 6<-- *)= ;> @0, @- @;> /> 9:= +71,5 ( 4 +7 *0+ )6= 6+@+9 7<0.

Page 8: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 8/206

30m3

1

S2%3 #.#  P/) 6:@? 9*0/ /+7 *0+ @ 1"" =3 

I) <7? 6+70/ <7 7 /6+- )6= 0*0?@/+ +*+ 6+0++ 7<+ @0<- 6+/ 58, 7+00/ 6 6+)<+7- 7<? +0=0 ;= /+;> 7+9 6- @ 42, 0- 9*0/ =+ /00 7+ 52 .R7 + +<+- ;=/+- *+= )@0+9 +*/ <@. O<7< )6= * , +*)+= /<00 79 //00/,=+9 /+00 /+ )<+ 9- )<++= 0+=+=

+*/, <+ /+/+ * 0<+ +79+<-> +<. N = +*= <0+9 /+;>- ;=/+9 +00/ 0@ )@0 /0+0?@/+‐0?++;/ /++=/ 6+7. K+- * 7+ +7 +<+9+00/ /+-+- /+@ =+9+ /+00, )< 6 <9 +7 0/?,0+-/? 79? +<, 97 0- +00/ 9;. U 0)<=<@/= ;=/= )7= 0?@/ - =+9> /+00 9+0+<+1"" 7<0 ) /09+- 7<+9 +00/, 7+/ - 0+ *7/+6/= 6+7@-= /+ ;0+ - S0 6 6/0@+=+9>. S0< +*= /+;>- )< +7 /++=/?/0+. U/+/+ * -7@ : 7<+9 +00/ * +79+<->,0?@/+‐0?++;/ 6+*= +/+ /6-- 06+0 6+0?7+< 0* 7<0 6+ @ =+9+ * ;0 )7+<+-<->@.

P+0:- /+@ 7<? +00/ ) ;? ;= =>60-

=+9>+0 @ -9+<+9 /+;>-. P= 7, =+ /6+9;=/+9 +00/ 6 )7 ;=/? +0=0 @:, 9, /0:,+*7:, *7, 0+6 9 ., +0 ;= 2,8 +7 /6+)G 0+ 7< )6= ;=/? +0=0 */<.

U -7+= 79+= 6/) 0/0 6+0:-+9 ;=/+9 +00//+-

+*?<0 ;> @0 ==+ 7> 0< ;@ 9:4,%, 6-< /+- 41,2, 0 9-< 24,# +/-: 6-< 2$,5.

0

!030

"0

10

0!1#"

   P  a  n   $  e

  %   i  n

  a

1"0 100100 &"&0'0!0"00

   B  r  u   t  o

   (   i  %  o

   )  u   b   i   t  a   *

   d  r  %  n  e  m  a  s  e

Page 9: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 9/206

"+#"

,

-i./e i (etine Pan$e%ina i oren$eSitna gran$e%ina ora$i i il$e%ina

S2%3 #.4 P/) 0/0 6+0:-+9 ;=/+9 +00/ 

Page 10: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 10/206

 

S2%3 #.5 S<-< +6+< ( * 66=-? ) 06+0 7- 67 

D$!% &'3 + 01%$1

I70- 67 7<0 /+0 7<+ +*+= 06:, +*: :6+=

+*/. P= =+9>+- = 7<+ ) 67 7 7<+ )=?@/ 67 7<+ ) ?=-/ 67. M?@/ 677<0 6+7)=< 6+= +*/ 7=)- 7<0 ) 6+0*=?@/? 70< 6, +< .. !=-/ <+-0< 7<0 60+= +0- 6+=-. U) =0- ) =?@/ 67 06: ) 6--, 06: ) )7 , +*: :6:. P+)<+7=?@/ 67 7<0 7 7< </ 966+)<+7 6= 67 6+)<+7 F 67 7<0.

U 6=+- 67 +*+< 6G- 6<+9+ ‐*) +*/. T+ 6+)<+7 /+- 670<-- ++< =0- ))7 ? 6+)<+7 7/, 6/, 0<, 97, 97:, ,6+@ *) 7<0 .. P+7 += =?@/+= 67+=6+7)=<=+ 67 6=+ +*G+9 7<0 67=0

=- 7/0+- 6+0* =;0-, =*, 9G</0+- ..

!=-/ 67 7<0 +*?<0 6+06/ /+-= =-- ?=-/

0< <+-0< 7<0. S+< ) ?=-/ 67 @+*:, :6: 7++067/ ) ;=0< 67 7<0. P+)<+7 ?=-/67 7<0 =+9 <00 @0 +7<+-96

‐ 6+)<+7 7+*- 0=@/= )9-= 7<0 /+ ;0+ 7<9-,

90+/ 9

. ‐ 6+)<+7 7+*- 7-0<+= )@0? ?=/- :+) .‐ 6+)<+7 /0/:- 7<0 /+ ;0+ 060/ -, ;0<=0-

. ‐ 7<+60@ = 9+0+, 9++ .U6+0*- 0= +067/ +7+ +- 7+ 7<0 /+-

=+ /+00 7-+- 67 ) 0 <?. MG0=, 7<+ = 0+/+)@0? 6= 97 * +<- +00/ =+9+ /+00, 0/+ 7 0= +067/ =+ =+ +<+ /+00. O067/ ( +00/ 67 7<0 7 6= <@

a) Krupan‐ O7*: 6 />- 06:,‐ O/-: *+/ 06: 6 6--,‐ O7@: 6 +*7 7/ 6+ 7

Page 11: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 11/206

‐ P+6: 6 +*7 7/ 6+ ;.

Page 12: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 12/206

b) Sitan‐ I<- 0- 6 0-, 6-- 9+7-,‐ Š;/

•  /6- 0- 6 @+= 09-,•  0- 0- 9+7-=, *;-= .,

‐ P-< 0- 6 09- ( 6--,

‐ P; ‐ D<+ *;+.c) KoruK+ 6+-<-- /+ = +067/. A/+ 06: 6G-)-7+

/++= + 6+<>< )6= /6+9 0+9 +060/ <7 97 06:6G-. A/+ 06: 6 6= 67 +9-, +7 - /+6+*+ 6+9-, ;0+ +/;< - <0 6=.

D< +06: -<-- */= ?=-/ 67 7<0.O =+9 *0 @<0+=, 0@+= 9+<0+= 0-. N0- 6+06/ 66= 6+: 67. U ) 66= 7<+ 9 0-<, 6 +067/ 6+9+7 ) /+;>-, /+ +6;0

6+-<--, -<- <7 /+, <- ;;/ -7@? 7=)-. U=+= 6+: -<-- 9 6-.

S2%3 #.6 O?+< +*+< 6= ) 06+0 

S2%3 #.7 D< +067 6+)<+7- 9-*: 60

d) Šikare i šibljaciŠ/ ;*-: 670<-- /=0+9 6+-< *+:+) ))@-

0+6+9 /0+ 0--. I/+ =- </ /++=/ <7+0+ =-

Page 13: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 13/206

</ 0:- +@<- 0/+9 67++;/+9 6+/<@ 0 0 = - )@- =-<. I6/, = <7+0 6+ <+)+<0 /+76+7@? @0? @ </= 6+<;=, +*)+= 7 = -@;> +*+- 6+<; )@-+. K/00@ = ==;0 </+- )6= +9 )@-+ 6+6<-<-= 7+*- +</ =0- ) */0-.

S2%3 #.8  T6@+ ;6- *+9 9* /@-@/+- 6+7+)

S2%3 #.9 D ;6- ;*-: -@;> /+0 /+ 90) 6=0<+*/ 6+)<+7-/@ 

#.4 B%2!'% + 01%$1

S</ =?@/ ?=-/ 67 7<0 = - 6+)<+7- +7G? +0=0 6+)<+7 = <+- *6+)<+7-, +7++ * /+;>- ) +<.

P%2!'301

 T6: 7+<) ) ;= +*@+ 6 6-- +7/+<-. <6+)<+7

6/ 67 - ) 9G. U@;>, //00/ 0/0 +060/ 67 )< +7 <0 7<0 )?0< /6:,+7++ 6 )-. G 6 6+/, /+/+ ) 0+ 6+0+-)?0< 6+0*, ?7+0=@/ +*G- 6 ;.

Page 14: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 14/206

S2%3 #.: K/00@ 6/ +067 ( +< ) */0- 

U 0* 1.1 70 +7<+-+ * )6=/+9 /+;>-7< )@0 96 7<>. U 6< 96 <0 0<7 ;>,

79 =/ ;> @0.Tabela 33 %ilans utro#enog dr$eta u pilanskoj preradi

U) +< 6/P+:0+ @;>

 T<7 ;> M/ ;> < 6+)<+7 R) 9G 5" #5O067/ 5" 35U/6+ ) 9G 1"" 1""K+ 14 14

K6 +067/, /+/+ - *) /+ )7<, =+ /+00

6+)<+7- 6+@ <: </0:. O00/, 6-<, 6;,/+ /6

+067/ /++=, =+ 6+0*0 )+-.

P&%;$&!/ <+!% % <+!%'3%=02&>

P )7 /+0 7< =G+*+ )@0 0?++9-@-

-;0-.

S@-= 7+*- 6=0 ) +*9- =;0-. Z +<=

/+0 0<7 ;> ?0, +?, */<, <+>/:... 0+-/<00- 0)<./ &

06:. T6: 6 +*7 6 +*/ 6+9+7 ) @- ?7+0=@/

66=- ‐ 6. S@ /+ )7 ;, @ +=0 6/-, 6= +7G+= 6, 6/0 6= )6+/. Z )7 -;0+9 /+0 9<+= 0+6++< */+< 06: ) /+- - * 6/) 0* 1.2, 79 <0/+ ;0+ *), -, =@ .. T6: 6 -;0- =+9, =+- ?7+0=@/ 66=0. L-;0 - =- )+*9- )+? 6+<; /+7 =;0-, ) )7/? 6+@ =*.

Page 15: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 15/206

S2%3 #.? - +067 6+)<+7-  

Tabela 34 5apreminski bilans utro#enog dr$eta pri proiz$odnji furnira

U) +</

06:

Z6=/+ @;> S@ L-;0

?0 +? */<< 6+)<+7 3$,% 3#,2 55

O067/ #",3 #3,8 45U/6+ 1"" 1"" 1""K+ 1# 14 14

U 0* 1.2 70 - * 0+;+9 7<0 6 6+)<+7- /?6+@.

B /+;>- ++< +< /+7 )7 6+@ - 9+ /+7-;0+9 55 6= 41.

Tabela 36 %ilans utro#enog dr$eta pri proiz$odnji furnirski, plo'a

U/6 +< / 06: Z6=/+ @;>< 6+)<+7 / 6+@ 41O067/ 5$

U/6+ +067/ 1""K+ 14K6 +067/ +7 06: =+ /+00 ) )76+@

<:, </0: :+) ) +< 7 *) /+ )7<. O00/,/+- - )7- 67, - 6+9- ) 90/ <?.

P&%;$&!/ 02&> %$1%*O+< +< ) )7 6+@ <: - 6+0++ 7<+ /6

+067/ ) =?@/ 67 7<0. U 0* 1.4 70 - * 0+;/7<0

6+)<+7- 6+@ <:.Z )7 =3  6+0*+ - 2 ( 2,2 =3 0+6++<+9 7<0 1,1 (1,3 =3 

*/+<+9 7<0.U0+;: ) +0 <7 <0 ) 97 )=G +<?<7+0. P+@ <: S*- V+-<+7, )G-/-@<+ +7 */+<+9

7<0.

P+@ +067/‐9*0/ )+ 23, +7 @9 % @ 0)-< 6

;-, 15,3 6; +7 *;- =<-, 0 /6+067/ /+7 +=0- 6+@. D<+ 6 <- +*@+ +7/+<, +*)+= 7 6+@= <:= 0+; @;>/+ +7 % 7+ 1". K+7 79? <0 7<> 0

Page 16: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 16/206

10  10

+7+ ;0+ 79@- /+:- 90+= 7<0 6+0+ <+=0-.

D+ 0? +067/ 6+: )7 <0? 6+@ <> 6+:,

+00/ - 6+9- ) 90/ 6+0*.

Tabela 37 5apreminski bilans utro#enog dr$eta u proiz$odnji plo'a i$ericaV0 7<0 T+6+ S=@ B+ J+< !0 B/<P+0+;- 7<0=3=3 

2,"‐2,2 1,#‐1,8 1,5‐1,% 1,2‐1,4 1,1‐1,4 1,1‐1,3

@%!2! 01$1

U F+- 67 7<0 +; ) 9G+79+<->=

6+06:= 60< F 6+)<+7. B 0+;+9=0- +060/‐+00/ =- )< +7 <0 6+)<+7 //00/6=- 0?++9-. U 0* 1.5 70 - * 0+;/ 7<0 )

+< 6+)<+7 06@ ) 7+=> F 67. U) =0- -) 9G = =3.

Tabela 38- 5apreminski bilans utro#enog dr$eta u 1nalnoj preradidr$eta

U/6 +< 6- 9G Z6=/+ @;> U+< 6+)<+7 35O067/ #5U/6+ 6+)<+7 +067/ 1""O7 /6 /+@ 35,8 +067 /6 +067/, 18," ;;/

11,2 6-< 7< 6;. *0/ 0)- =, - - 7<+ 6F +*7 +;+ /+@<9.

1-%/'3 01$1

P+)<+7 ?=-/ 67 7<0 7 , //+ - 0+ <> -@+,

@0 +7<+- 96 6= 0?++9- 6+:. K+ +< )67 /+0 H6+0++H 7<+ +06: ) =?@/? 677<0. O06: 0?++9-= ?=-/ 67 =+9 6+70 @<0, 0@ 9+<0. O<7 > 6- *0 = /+@ 0/0 @<0? +067/.

 T@ 9 ) +067/ ;<- +/< ++<0?++9-

67 > *0 67=0 +<?)=0-. T=@/= )9-= 7<0 7+*-- 6+)<+7 7<9-,

Page 17: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 17/206

11  11

90+/ 9 ., /+- =- ) 90/6+0*, 0/+ 76++<+9 +00/ 6/0@+=.

U 6+)<+7- /0/0<? 0+-/ ) 7<0 9< 6+)<+7 )@0

+9/ =0-, /+- /+0 ?=-/+- =:0/+-

70-. P+ 00=, 0-+ 7<+ =+ /+00 )90/ 6+0*. E/0?+<+ 7<+ 6:6 = =-)6=/ = 0+6+0 =+> +7 6+)+9 7<0.

 T?++9-+= 7+<- ?=/-= 7+*-- :+), 66 . K+

+< ) 67 /+0 +/++ 0-+ 7<+. K+ @<0+067/ +0- /+ 0+ 7+ 1" +7 6G )6= 7<0.P+*= +067? <+7, /+- * 7 )9+< ?=/-,7<0 9 :+) </:, ;< +/< ++<0?++9-.

O0 0?++9- <+= =+ )06- -?+< */+;>-

7<0 +7 <+0 ) )=0

6+*=0/.

Page 18: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 18/206

#.5 K&%1!/1 $1 3&1!1g1!

K+;>- 7<0 /+ 90 +@0+ - )@-+ @-<= /7 - 7<+ +;9 /<00 @= - +=+9> -9+<6+0* 0?@/ <?. D<+ /+ 90 =+ /+00 <;+*/, /+ 6= 90 *) 6+= //00/ <;

-9+< +*7 0--, *-- 6G 90. T/+ ;=/ *+= ==+= 67+= /+0 +*/ ogre$nogdr$eta (cepanica i oblica! gori$e se'ke  & :?6, i$era C?6,briketa i peleta

P1211 %%31%

Z +/6-<- ? @0: 7<0 6+60 7< 6; 09+0

6/0@ /+=6/0 +*/ 6+)<+7- ?+=+9+9 @<0+9*+9+< </+= 90/+= 90+= 6=-- 6+06:*/0- 60-. P0 :7 7=)- #‐2" == 7+/ */0 7=)- 2"‐1"" ==. B/0 9<+= /+0 =0+

+9<+9 7<0 ) @+ +- 6> 7+=>0<=. P0 =+97 /+0 ) 6> /+0+< 0+=0/= 7+)-= )*+9 <+-?7+*? 06+0? <+-0<, +=+9 7- <9, <@/+=7 =0+9 0<.

S2%3 #.# I)7 */0 +7Pil$e%ina b*u/%<e /+<:++=

23!"41,=0+7+= /7 - 7- <942,1 0)<. =+/ 6+06/

5le%ena o.tia .l$i%e60 mm

S2%3 #.## B/07+*- +7

=< /+;0:;-<

S2%3 #.#4 N=/ (/=/

Page 19: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 19/206

*/0 00 9+<-

Page 20: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 20/206

U /7 +</<= <+-0<= 60 */0*+=, 6> /+0+< ) -?+<+ 9+<- 6- =+9>+0 -7+0<+9 /+<- /+- - @+ /+<- 0== /+- /+00 /+ 9+<+. U Š<7/+- 60 6<0<+ /+0 /+)= ) 9- </= 0=+/0=. I) 0? )+9 6-< 60 -7+ )*+9 7/:- 06+0? /7;?

0+;/+< - 60 6++<+ 0-<- 6 6+: 9+<-.P97 :+/6+9 6+: */0- - 6/) : 1.15.P+: 0+- +7 60 6+)<+7? +6:-1. S+1!/1 )<+0 +7 <0 7<0 /+- /+0, 7- <9+<+9

=0- 6 9+ ;0+ G 60 6 =+ 7 *7 )=G 8 12 <7+ 7 =. Z*+9 @-: 7 /<0060- 0@ 0- )=G =0: +<+9 =0-/+00 7- <+0 - +7 ;0/+9 )@-. A/+ -=0- <; <, 6+<; @0: /*+) 0/+ 79+:+) =0- /+- = /:- <)<+9 70< 9+6 9+ ;0+ - 6+: )<;. A/+ - 7<+ <; <+, <97 =0- 9 @ =?@/ 6+0+-=.

2. U'%!/$!/1 <@ @0: +<+9 =0- =+ 7 *7=-

?+=+9)+< )<+0 +7 6@/ 60 /+- 6+)<+7. Z +<<? /+0 =+< @/>.

3. K&!%*%&!%!/1 <; 6+=. '0: 6+/<- 0/= +-=0@+0

//+ * 6+*+-; 7?)-.4. B%31%!/1 ) */0- 7<0 /+0 <

600 =0:. U@/ 6 ) */0- /> 6+ +7 1"" /9? 7+ +/+ 1" 0?.

5. 21!/1 0=60 60 0 0+/ -?+<+9 +=-. Z0+ -+6?+7+ 6-<+ ?G- */0 /+- 6;0- 6 //+ * +9+79+<-> @<0+>.

S2%3 #.#5 B/0 7+=>+- 6+)<+7- 

S2%3 #.#6 B/0 6+)<7 ?+* <-0 6=- ) 6+/ 

Page 21: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 21/206

U/6 90/ 6+0+;- 6+: */0- - +/+ 2,5+7 7+- 0+6+0 =+> 9+< *) ;- /7 - =0- <7< 6;. A/+ - 6+0*+ ;- +<+9 =0- 90/6+0+;- ) 6+)<+7- 60 0 +06/ 2" 7+- 0+6+0=+> 9+<. P+)<+7 /6:00 6+0+->? 6+0+-- ) 60- Š<7/+-, D/+- A0- <- ;+/+= +69 )=G 1""

1""""" 0+ 9+7;-.

S2%3 #.#7 U6+;> 0?++;/ ;= 6+0+-- =+ *00+<0 )

*/0- ) 60-.

S2%3 #.#8 E/:0 /66

67*--= 

S2%3 #.#9 M; )*/0- 6+0<-

07= )*+9 76- @/ 

D =+ /+/+ <+6/? )=- = :+077 ) 60 */0 N=@/, A0- Š<7/. NE<+6/+= <+ 6+0+- =+ )<0 *+- 077. P==0 ) F)@/? <+-0< 60 */0 6+0-/+= 077 NRM M %135 - 6/) 0* 1.#.

Z 6+<>- @<0+> 60 -?+< +06++0 *)-+6?+7

7- 0<-. Z 7+=> 6+0* - <+ <+ =--=- 6; 0+/ =6:- /7;0-. D+7<-

70< 6+60 :+9 /<+ =+ ;0 6+*= =+ 6+/<0<+-0< 9+< 6. 6+<>0 7- =6+.

Page 22: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 22/206

I) 0? )+9 - 6+0* ?=-/? 70< ) 6+)<+7- 60)*- /+/+ )=- A0-, N=@/, D/.

Tabela 39 :izi'ka s$ojst$a i sadr.aj neki, elemenata peleta ibriketa po

austrijskom standardu (;)<= = >368!

P=0 J7: D<+ K+=6=+< /+P07<0

B/07<0

P0/+

B/0 /+7<0

P@/ == 4‐1" 4"‐12" 4‐1" 4"‐12"D == 5 Q D1 4"" 5 Q D2 4""0 0=3  1,12 1,"" 1,12 1,1"

V+0= 1" 1" 18 18

S7-= ",5 ".52  # #

D+-0+6+0

MJ/9 =

..=. 18," 18," 18," 18,"

S7-

=6+

= ","4 ","4 ","8 ","8

S7-= ",3" ",3" ",#" ",#"

S7- ?+= ",2" ","2 ","4 ","4

S0 @0:= 2,3 ‐ 2,3 ‐

B++;/ 2O*-;-- 1 ‐ 6@/ 7+ %.5 Q D - 7+)<+- ) =/== +72" =60+9 7<0 /+, 2 ‐ 7- 66 +7 ".8 - 7+)<+-/+ 6+7+00+ 7<+ <> = <; 7- 66, ..=. ( <7+ 7 =, ..=.( <7+ <=.

O+< 0?++9- ) 6+: */0- 6/) : 1.1#. N+6?+7 - /+00 7- <9 +<+9 =0-)=G 12 14 )6.<7+ 7 =, /+00 60/ 6 ) */0- +79+<->?G- /+6+)<+7-.

S2%3 #.#: B/0- /6+= )<+-= 6= 6+=-<+96@/ 

@%2&;&F/ %!$1'%*%&!1'+%/1U +<+- <0:++- 07- /+;>- ;=/ *+= */0-=6+0 6+7@- P+0, ; 7= )70/+= ‐ B= )9- 6/)+= /++=/ +6<7+0 /

6++< 6+7?<0 6+)<+7- 7<+9

Page 23: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 23/206

*/0 -70< @ *+- < <06/0 <) )):- +</<+9 6++<+96+7?<0. 

C- <0:+ 07- ‐ B= ) 9- - 97<-=+9>+0 +*)*G<- 7+0->? -/? 70< 60=/70? = =? - +<+9 6++<+96+7?<0. I<0:+ 07- - G 0/< @ 7 =+*0 6+7+9 ) 6/:- *+ /+- 7+06 /70 - E<+6/ +7.

M0+7++;/ 6+=0+, +/< - - +6 *) 7-,/+) +*/+< 6++< <)- 6++< =-, /+ = +:*) 7-. Z0= - 67+@ 6++< 009- /+) 6+06/97<- +/- ) +60<? 6++*+0, /+ 6+7- +0=.

U /+6 <0:+ 07- 67+@ 0?@/+‐0?++;/ 6/0

6++<+9 6+7?<0 +7 +6 0?++;/+9 6+06/, 6/+ 9- +*-/0 +6=, +<0+= -7/ +9):-7. T/+G - )<;+ 97<- 6/0 =/+

=/++/:- +*-/0 /++;/+9 6/0 <0:-.U :0+= 7 <0:+ 07- )<; -/++=/+‐-/

) 6+7?<0, 0/< @ 7 - /+) 6+-/0+<* 6? 6+F0+ 00=0 6+-/0+< 9+0+</ 0+/:?‐+ 97 6/0 6+0*+0 0 00@/? 6+/)0- /<7+0 *). I0+<=+ - )<; 0 /++=/ )/+) ) +0-<+0 6+-/0 ) 69 0*+0. P++<): 9:- ) /70 +7 0 ++: *) 70 6+*= 7+<= <0:+ 07-.

U 6+7-=, )/-@+= 7 <0:+ 07-)=-

/:- /+00:- <) ) 6+-/0, )/) -

)/-@ +: ++6<7+0 - )@+9 6++<+9)?<0.

P&'2&$! $%;%/ %-%'%/

O< *) 7- 0* 970 /+0/0 =+90/ /) /+-

 - 60 <0 9+*+9 )9G- 6+)+/+<+979+9+7;-+= 6+0*+= +? 9+<, <> /+0/0+@<- ;=/? *+7<)00/? <7+0 S06.

N++: 6+-/0 0+- /+7 0< 7 /+7 6+)<+7- *+*/0, *+ 60 = /+0 0 )7<+ 0?@/+ 0=0+</+ 7<+, <> 7 /+7 -9+< )7 0* /+0+</+= *)+= /+- @ 6<0<+ /+ +*+<, ;=/ +00/ /++=, 09-< /++=,6-< =, ;/ ;*-:, /+ /7+067 7<+6G<@/+- 70-. K+7 6<+9 )<+ +< ))=->;/ ;*-/ 6+@0/ +<+9 6+9<- <7 7 /+@=0- =+ 7 )+ <; 9+ ;0+ - 0+ /+@ ++<+9+*+9 ( 0?@/+9 7<0.

U <90 2""5. 9+7 E<+6/ K+=- - <+- /:+6 7)- 7 6+<> 6+0* 90 7+*-? +7 7<0

7<+9 +067 E<+6. R):-+= +<+9 6 7+ 2"1". 9+7

Page 24: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 24/206

* 6+<> 6+0* +<? 9+< 15" M0+ 9+7;-6+G- 7 2""3. 9+7 - *+ #$ M0+. U6+0* +<? 9+< *=- =- ;00? 9+< ) 2"$ M0+ CO2  9+7;-. P/-@- 697 =+9>+0 /+- 6+/)- //+ 0779+< =+9 )=0 +*+<-<= 9+<= :- +?*<-/+/ 7 6+0*-<- 9+< ) *+= ) 06+0, 9-- 6+)<+7- . 9-, =+9>+0 <0- )<+-

0?++9-, 6+)<+7- 0@? 9+< +7 7<0 *+=.

Page 25: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 25/206

P= +<+= 6 - 0/+G 7F+ 7 > EU 70 6+*+-;- )/+/ 90< 7 * +?* 6+0*+*+<-<? )<+ 9- ) 9--. O</< 9+* 0< +*7>= 6+0*= ) 7<= */0+= E<+6 7<=+6+/)- 7 > +< 6+)<+7- =0 +*)*G 6= 79+=<=/+= 6+7.

P++< <)- <00+, /+ ++: *), 7+=70+06+)<+7- 7<+9 */0 ) += 6++< =- -*0 -<>6+)<+G@ 7<+9 */0 9+ S*- 0<--> 6< 6/<00 6+)<+7 )7+<+-0<+ /6:. P++< <)- - 7 ><00+ *0 60 +‐0;0= <= 7+== <+97+<-.

U +</<= +<= <00+ = = 7 97> 0*+7+

/6:= 0+<=+ 7 +0< ?=+@ +7+ <= +0= 0= 96= stake,olders‐=

•  7+*<-@=, /+) *9+<=+ 6>- <? +*<) 9+<-

7+*? 6++<? +7+ *)? 6+<- =G+*+=<<-

•  7;0<+= )-7:+=, *9+<=+ )=-> < <07;0<? +*<), 6+;0+<- <? )/++7<?90< /+- 09- ; *) 6+0+= /+-= ==+ = 7 *7=+ 60,

•  )6+;-=, 0<-> 606+0</ 7 *7 )7+<+- 7>/+7

<00+.

T&3&$% 3&%1!/ +-'31%&-'1

E/++=/ -/ 6=0 *+-? 6+9= <)? )

;=/*+= 6+/)- 7 6+0* *+= /+ 90 =+ *0+ 6++. D <0 6+0+- 00:- *) 07. /+- *< 6+7-+= 06+0+= *+=, ) 7F : )@0?06+< *+= 6-<, /+, <, 07..

K+7 6- 0?++9- 6<@-, )7 /+;>- ;=/*+=

6+0*+ - 6+)<0 6+7 0+;/+< @, 6<@- )7 7<+99+<. O<= 0+;/+<= 0* 7+70 0+;/+< 60<- -7+9 +*/ 90 79 6=+9 /7, +7++0+;/+< 0+=:- 9- 9+< - /+@ +*/ 0+6+0 /0@ 9-. K/:-+= 0* 7 *7 +*?<> =+9> 6?+7 +7 6+7- )G+9 9+<, 6+)<7

9- 07.

S2%3 #.#? P+=; 6/ /+<:+ 7< +067 

Page 26: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 26/206

K+7 +: 0*+0 /+;>- *+= /+ 90 <+)@- 6=0 - <=, - 7 + 79++@= <0:-=. S+*)+= </ 6+@0 <0:-, ) /++=/ +6<7+06/ *+= /+ )<+ 9-, <+ - 6+0<0 0=*<:- 6+9+7? /70. E/++=@+0 6+)<+7- 9- )*+= )< +7 : 7<+9 +067 +9<+9 7<0. U @-

/+9:- 0+<= 6+)<+7- 0+6+0 /0@9- 0:- 6+<>- : 79? 90 - 0+/+ ))0.K/:- 6+7? 0+;/+< 6<@- )7 9+<

*) ;=/ *+= 7 6+7 tro#ko$e ma#ina  /+-@0<- 0?++;/+= 6+: =+0+ 00, 0/0+, <@,=; ) :6- 07. tro#ko$e radne snage. T+;/+< =;@-<- )7: ) 9+<+ =)<+, )< 7+<, =+0):-,7+<+ +7<-, +9- /=0 + /60.6-= =-= 0+;/+< 7+*-- 6+70+;/+< @, 6<@- )7.

& obzirom da je upotreba sa$remeni, sistema za grejanjebiomasom u &rbiji u po'etnoj fazi jo# u$ek ne postoje precizni podacio tro#ko$ima izrade pojedini, oblika dr$eta kao energenta /lustracijeradi bi"e prikazani podaci iz studije ra2ene u &lo$eniji u tabeli 3>

 T+;/+< 6/) 0* 1.8 )@0 ) 606+0</ 7 <@

6+:+ 0+/+= 9+7 7 -=- 1"" 7.C 9- 7+*- ) )@0? 90 )@0.O-0:+

+7+ <7? : 6/) - 0* 1.$.I) <9 <7+9 <7 7 6 ) 0+;/+<

/+;>- *+= 7<0 <? 7+*-- 9- 0* )0 +*) </ *+- /0+. P<+= 6+:+= +/? 90/?6+0*, )*++= 0?++;/+9 ;-, /+ 6+70:-= == +70 7< 7++;- +6?+7? )/+/? 6+7)/+/? /0,*<:+-, /70-, 90+<- +0/6 6+)<7/0@ 9- 07. *+= 7<0 =+ 6+00 /+/0

+= 9+<= ;0+ 00+ - @-, - 6. : /0@9- S*- -+; </ - /++=/+= <+.

Tabela 3> Tro#ko$i proiz$odnje biomase

R7 ) 6+)<+7- *+=Š= D< +067

O0 7<*+=

W=3 W=3 W=3 )7+<- ;==60/+=:- 1",8 $,"

S@ )7 $,3 4,%I<- 2,# 2,3 2,2 T6+0 ",$ 1," 1,"S/6-- 7<+9 +067 #,8S= <? 0+;/+< 23,# 1",1 1#,8

Tabela 3? *irektni tro#ko$i ma#ina

 J7: U@/ W ? W-7:M+0+ 00 =3  ",8 =3? ",%% ",$#P+-+6<7 0/0+ =3 1,# =3? %,2" 4,23M <@ 6+9+- 0? =3  5,1 =3? %,5" 1,5"S7- <@ 6+9+- 0? =3  12,1 =3? $,3# ",%8V/ <@ 0? =3 3"," =3? 2%,15 ",$1P+:+ ) +9<+ 7<+ +? =3 5," =3? %,8$ 1,14

Page 27: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 27/206

Tabela 3@ Cene energije dobijene iz razli'iti, energenataE90 P0 P L+ - I<

 J7: /9 =3  L =3 

C -7:, ",158 ",3"1 ",358 12,%82

C, W/X? ",355 ",34% ",5$8 ",1$2

4. ANALI"A TRŽIŠTA

P&/!% '&%-!P+7- +0= 670<-- <+/+ /<00 7< */06@/

$" ==. P+7- +0= @ -9+< 6+)<+7- 6+-/0< - ++<=6? /6:00 6+)<+7-. P 6+7- +0= ) 6<6++<9+7 -

N;%$ K&2%>%! J7: = T+

O*= 6+)<+7-9 11."88P+7- : 8" W

U/6 /+@ 6+)<7+9 */0 6<+- 6++<+- 9+7 - 11."88 0+, 0= 7 6< 6++< 9+7 6+7)=< 0=: 6+*+9 7 /+-= +0<- 3" =@ 6+)<+7- +== +<=. U 79+- 6++< 6< 6++< 9+767<G+ - 6+;- 6+)<+7- 76- /6:00 0/+ 7> /6 /+@ 6+)<7+9 */0 *0 22.%## 0+.

S97<-> 0/0 /6:, 66+)- /+/+ /09+-/6:

0 <06+7-.

O*: 6+7- 6Y+9 9+< <7 */0KF/:+

O*/ 6+7-

I P+7- /+=60 6+)<+7- 6+)0+= /6:70*0 )

II 6+7- /+: 6+)0? /6: 70*0 6+6:6

III 6+7- /--= /6:= 6+ 6:6 =+6+7-. 

 J7 +7 <7+< /+;>- /7? ;=/? *+= --?+<+

60<- 6G 9+< +*/ */0 60, 6 - +<7 )0/< 00< +*/ 6+)<+7- G *) 6 ) /+9 6)0 -<- 70-.

D 90/ */0 */0 6+)<7 6=<+6/=

077=, 6+0 90 /+-= 09- *)=, <+)

)<-)=- ) /+;>- 7+=>0<= /+ 90 /6+-90: </= 0+6= ) :0)+< 70*:- 0+6+0 9-.

K+ 0/< 90/ */0 =- <+- 0;0 0+ /+ 90/*/0

7+=>= 0;0 )<+), /+ /=/ */0.Z<+ +7 @ /+;>- <; 6/+<- */0.E90/ */0 /+- /+ /=/+[ 9+<+ 9+<+ )6>

@<0+ 9+<+ 6/- /+/+ @N@ 6/+<- */0

I 6/0 +7 8 /96/0 PE +- 60=

II 60@ <> +7 25 /9 60=III /0+/ /0- +7 1" /9 60= -7+ /++;/+ 6/+<-.

Page 28: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 28/206

P/+<- +<? 6+)<+7 - +6?+7+ 7 * =6:- 6 0+< 0+< 06+0 <+).

P+7- */0 <; 6/+ 0= 6+7- 79? +9<?=0- 6:-)+<= +*= />= 0== ?+*[6+9=, < ) <; />[ .

 T6+0 */0 <; 7=/= <+)= ):+= /7 )0+

6+0+-+<.

A!2%; 0&/1 %H!/1

E90/ */0 /+ 6:@+ 9+<+ 6+7- 7+=>=0;0

+/< <>? *? :0 )<+) ) /6: /+- */0/+0 /+ 9+<+ <+-= /==, /+ 0?++;/= 6+06/+= 6<- ) +<6+0*. Z*+9 6:@+0 7+=>9 0;0, 7+=> /++=/6+0/, +*= <7+< );00 ;=, 6+0+- ))0 <7 076+7- */0, - 6+06 9 0/+ 7 6+)<+G@ =-

)? 6+)<+7. I6/ - < <; 6+9+ =? /6:00 )6+)<+7- */0, /+ 6+9+ /+- <+) /+ 6++< /+0; :- 6+)<+7- 90/? 60. T/+G0 0+<- ) -?+< 6+)<+7-.

S 79 0 077):-+= )<+-= /+=60? 0?++;/?- )

6+)<+7- 90/? */0 Z67+- E<+6, + 6+0-<+= 090. O /6- 0+/+= : 9+7 6+0+- )+/ +::-.

U +<+= 00/ 6+0+- </ 0- ) 90/=*/0= 60= E<+6 I0-, A0-, N=@/ 0/+ 7 * *+ /+- +)*- 6+)<+7- )=- =+9 6+70 )<+). T+ =+ +@0 6+ /0<+0= =+9? = ) I0-, A0- ';/ 0;0= S*-, B! !<0/.

A/+ ) 7 - E<+6/ )-7: ):0 7 +*+<-< 90<>

7= 9+7= 7+ 2"2". 9+7. 0* 7 @0<- 3" /6+- 90/+- 6+0+;- /7 ) 7 /=0= E<+66+*+ Z67 S< = 9- <0 = 79?)@-? )<+, +7 90/ */0 60 +7 *+= @00;/ +*+<-< 90/ +<. T+ 0+<=+ /)- </ =+9>+0 )<+) +<? /<00? 6G? 9+< E<+6. S 79 0 6+7@-= /+ ;0+ - 0+ P+;<-, 97 -<+= = 06 /+;>- 6+@ ;=/ *+=,6+)<+7- +<? <7+< 9+< * =+9 6+6<0 @//+;>- -7 0, 79 6+6<0 +60<

90/ *.

A!2%; 0&&!/1 ! &-1-H%+

D 6+0+- +)*- 6+)<+7- 90/? */0 S*-, 60=

6+7- 90/? */0 7+=>= )<+)+= 0;0.

D+=> 0;0 90/? */0 > 0 )=+ 6+7)-<0 +

-?+<+- :++0, :+ 009- +/+ /+;>-00<? +*+<-<? 90/?

)<+.I;$&;

Page 29: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 29/206

U +<+= 00/ )<+) 90/? */0 - ++< 6+70:- =+0<)

97- /6:00 ) +< 6+)<+7- S*-. I)<+) +<+9 90/+9 9+<0-> 7+0 7+ 0*):- 0;0 ) 0 00+- S*-.

Page 30: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 30/206

C1!, !>%! 0&/1 % 3!2%%'%+*%/1

E90/ E<+ */0 =- +7G : 0;0 Z67E<+6

/+- += ++< 6+0-. P+0+;- +*0 ;+/6+0+;- 6> /+0+< 7+=>0<= = 6+7 +::-0+ )= 6 - : +<+9 90 +7 8" ‐2"" E<0+.

U9+<- <; ) :+/6 6+)<+7- 6+-7+9 6+9+ 0/+;0+

7+9+< 7=/ 6+/, @ 6/+<- +0 70-.

D- 70*:- <; 7/0+ </= 90/=/6:00= 6+7- <; 6/+ ?6 =/0, 6:-)?+*? /> B? /+ 6/+ *)/? 6=6.

4.# ANALI"APONUDE

N%$& % %!-%30&%;$&!/1

P+0:- 6+)<+7- 9+:+)? */0 +0<- </ ;))97- /6:00 ) 6+)<+7- 90/? */0 //+ ) 0;0S*- 0/+ ))<+).

K6:00 +7 #.6 (3g=) =+ /+7 +=? +< 76+)<0 +/+

11."88 0+ */09+7;-.

K1!/1+$&;

Z 7 = <+) 90/? */0 S*-.

M&g+!&'% ;$&/ 0&%;$&!/1 %02'-!

N 600:- +? 9+< 90/= 6+0*= S*-+*+<-<=

00<= 67+ =+ 0* 7 0@ :+90/ 009-.

D+/ )<- 7+=> 0;0 +*+<-<? 90, )<+) - 6+06+ =+9> - )=- <+-+= :++=009-+= 600:- 90 6= =+9 7 606G +*+<-< 9+<.

R)<+- /6:00 6+)<+7- 9+ = +7G 7=/ /+-6+)

6<0<+ +7 /++=/ 60<+0 +7G+9 6+-/0.

N-60<- -6G<0 7< +067 /+- 0- ) <; </?7<+6G<@/?, /+- ) +/< /++=/ 60<+97- 06+0. S7> 6+ <+0 +</ 6+0:-0 /6+0:- ;=, 6 60 0+6+ <*.

S</ 9- </ /+/0 +/00 = <+- 67+< ))97-

/++=@ 6+)<+7-. D+*+= +9):-+= 90/+=009-+= S*-* =+9+ )970 6+0+-- ) 6+)<+7- */0 60/6:00 7+1.""".""" 0+9+7;-.

N/ +-0:+ <)- 6= +<? 90 *7>+-009-

Page 31: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 31/206

)<+- 90/ S*- =+9 * * 7 *7 +/< //+ -0+ 6/)+ 7+-0*

M+9> 6= *+*/0 *+60I D+=>0< * :0 +/+ 5" ,II &*/ :=0 6+*+ 6?<0-< 60 +7 +/+ 3"

III V> 0=+90/ *+/+< +/+ 2" .I)<+) - +0 /+- =+ 7 0- =Q=+ 1" 9+7. P+ 0+9<=

</ *+- +9)+< )=- @<>[ <+- 90/ 6+0:-.

Page 32: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 32/206

5. REPROMATERIJAL ANALI"A I SNABDEVANJEO+< +< ) 6+)<+7- 90/? */0 -

9+:+) +067/ +067 +7 67 7<0 6+-+6<7+-6+)<+7-. V0, +*/, /<00 79 ++* +<? +< <+=)@0 6:@. I) 0+9 )+9 0?++;/ 6+06/ 6+)<+7-69+G< <0 +< :-= 6+)<+7- 077+9 0;+ 6?<0-<+9 /<00 90/+9 */0.

Z 6+0* +< ) - 67<G+ 7 +< =+9+*)*70 )

)<+ //+ - 0+ 6/)+ 7+- 0*

Tabela 63 /z$ori siro$ina za proiz$odnju energetski, briketa 

1. P= ;=/ +067 +*7 +*+<, 0 9-<, 6-< /++< 0=,

2. S0 /6 6/ +067 ) 6 @/+= +7 5".""" =3 ;0+ )++/+ 1" ‐ 12."""0+ +< @0+ 7 =. T +< 0- 6= /+-

  S< +< < +<+ 7<+ 6 - 7- <9 -= )=G4" ‐

#" , =Q. 8" @0+ 7 =. Z 6+0* ;- < 6+:67 0+; +7 13‐2" +7 /6 /+@ +< /+- + 6+)<+7-.

O+< 009- +*)*G- +< 0+- *<: +< <+/+9 /<00 ;0+ = 7-= <9 ;0+ = 0+;/+<= 06+0.

Z 6+: 6/+<- 6+)<+7 /+0 1. PE / 115 /=+= ;0=6+=,2. J=*+[ <> +7 1""" /9 ) )+ 6/+<-3. 6+<0 6+<0 7< 604. 0@ +- ) +*=+0<- 60)+<+9

O<, =*, =0- *<-- )=- 0+ -@;> +/+.

Z 6+: 6+)<+7- +6?+7 7> 901.

/0@ 9- ) /0+=+0+ 6+9+ =; /+- +*)*G- )

2.0 D2 ) 6+9+ 0 =?):- 6+9+ ) 06+0+< 7+

3.< < 7<0 ) 6+0* 7 90/? 990 ;,/+- +*)*G-

4.<+7 ) 0?++;/ 6+: /+7:+- < ) PPZ?70/ =,I) +<+9 697 <7 7 -<> 7+ +< 90+*)*G-

+/+ 7 6+0+- 6+0* *</ /? 6:-? +<.N-<> 0@ +9):+ 6+ 670<- *</

++< +< 7<+9 +067 6+ <+==+- 7=:,

-+= /<00 6+ /++=@= 0+;/+<= 66= 06+0.

5.# D&'+0!&' '%&$%! ! 0%2& 0&+>/+ +-'3&g g;%!'$ P%&

K+/0 6+7: + 6+0:- ;=/+9 9)70< P+0 )<@ ) 6+9<- 8.6. "AKLJUČNA RA"MATRAN/A O STANJUPOTENCIJALA GORNJEG PONIŠAVLJA % &$1 '+ *%%!% 1;$1%= %!1$1!*%/. O<7 - 0+ @-+ 0/+ 7 * ?<0+ 07:++ 6/) +; F/+0 /6+0:-.

D+*- <7+0 @<+9 00 ) Š P+0 +7 4. 6 75 0-670<-

0<+ 6+0:- ‐ =+9>+0 7 @ <7 /+@ 7<0. 

Page 33: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 33/206

Tabela 64Pregled raspolo.i$e dr$ne mase za se'u na teritoriji GornjegPoni#a$lja (GJPirot!

G;%!' 3 /1%!%*

 

P V V\ Z< Z<\ SE O06 NS? =3  =3? =39+7 =39+7.?

=39+7 =39+7 =39+7

 T+6 7+ 3.$48,42 5$2.%$# 15",15 11."$2 2.8"$ 4"443#,8 88% 354$,5

]*- 1$12,8" 41$.5"1 21$,4 #.%2# 3,51# 543#32

%2# 2$"5,#

Š+//

3.""4,2#

##2.534 22",5 $.%$4 3,2# 4"3$14

%83 3131

P- 2.2$1,11

3%8.$$1 1#5,4 %.#4# 3,33% 453441

#88 2%53

&$egadr.

333898@

486?44

6848?

76B38747

6?7 3466@

P<0+ 1%53# 1.882.%53

2#.%5" 4311.%"2

234" $3#2

&$euk up no

4?9@4 6@698>8

94?

76B4>34

 

87484

43>3

P ? P+<; 9)7/ -7:V =3 U/6 6++< = 7<0 ))6=/V\ =3? R6++< = 7<0 ) )6=/ <7 6+<;Z< =39+7 +7;-)6=/ 60 Z<\ =39+7.?S6:F@ 9+7;- 60SE =39+7 S@< 00 *0+ @, =+9> 7+*0

O06 =39+7 O067 6*+ 2" +7@<+0 00 NS =39+7 N0+ @

\S +*)+= 6+70/ + /6+- +*+- 6+<; +7 3$.3##?, 0-. 6+7 ;=+= 28.#$2 ? +*+= 6+<;+= +7 1".#%4 ?7+) 7+ 6+70/ + ;== 6<0+= <;0< +7 28#$2 (1115#,5$ ^ 1%53# ?, +7 @9 - 6+7 /<= +/< ;=/?9)70< P- 51,4_T+6 7+ 254,14_ Š+/ / 188,%"_A*- 3$,5%^ 534,24 ?. S +*)+= 7 - /6 6++< =7<0 ) )6=/ +6;0 P+0 -0 S*-;= +75.?58.797 -5 6+)) 7 - 6<0+= <;0< #.::4.975 =3. 

K/+ 1 =3  7 1,45 6= 6+0+? =0, 0+ )@ 74#9# =3 

7 314##,45 6=. Z*+9 606@+0 0= 60<

+*@+ /+0 =/== #5 , ;0+ )@ /1 + '0&2& H %$& ;2/+ +0&1 + #6.# 8 -5  % 2% 4 .6 7 5 0 -.D0- 6/) 0<+9 0- /6+0:- /)- 7 -0<+ 7+

0+ @ 7+6=- 7+ 70*0 +7++ 7 - 6++<+ )6+7- #6.#8-5 /. 4.675,9  6=, +7++ 7 - /6 9*0/ +7=+=0 @ 7+ 7+6=- 0+<;0 #5.4,77 -5 /.#:.:9?,9?: 6=, U/+/+ * +<- 9*0/ * 66++<+ <+ 8. -5 /. :.9 6=, 0+ * )@+ 7 - +0<;07 6*+ +7 9. -5 /. #.#7 6=. D- 0+, 0/+G, )@7 /+0< 7+ @<+9 00 6+7 4#.#8 -5 /. 4?.#75,96=.

Page 34: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 34/206

Tabela 66 Pregled bruto i neto se'i$og etata i nastali, gubitaka od momenta primarne #umske se'e do sagore$anja kod korisnika u kon$encionalnim pe"ima

S@, 9*0/ =3 6=P+0:- ;= ;=/+9 6+7@- P+0 *0+@< 00, 2%.12# 3$332,%

N0+ @< 00 0+ @ 21%"1 31.4##*0/ @ 5425,2 %.5$5,28*0/ )<@- ) ;= %5$5,35 11."13,258S0<+ 7+6=- 7+ 0+ @ 7+6=- 7+70*0, R6++<+ ) 6+7- 14.1"# 2".453,%U/6 9*0/ +7 =+=0 @ 7+ 7+6=- 13."2",5 18.8%$,%$8O0< F/+0 /+;>- ;=/+96+0:- +7 48 *0/ F/+0 9+<- @-> /+F:-0 84#3,# 122%2,22I/+;>+ +7 7+6=-+9 9+< 6 9+<- 5#42,4 181,48O0< F/+0 /+;>- ;=/+96+0:- +7

2",8

 

I)<:=+ 7 +7<7 =+ 6/) 6+0:- J T+6 7+.

)7/

P V V\ Z< Z<\ SE O06 NS? =3 =3? =39+ =39+7.? =39+ =39+7=39+7

 T+6 7+ 3.$48,42

5$2.%$# 15",15

11."$2 2.8"$4"443#,8 88% 354$,5

6+0:-=+ )- *+ 6+@0/ +< 07- + =+9>=/+;>-+067 6=+- @, )0=, 9-<, 6-<,;*-/, ;6-... P+)*<=+ =+9>= ;07= 0=0)-=+ ?P+*+-;- F/+0 /6+0:-. M+9> /+:I P+*+-;- F/+0 6=+- +*7 /+- - +<7 <70 8"II I/+;@- 0 9-<, 6-<, = )/-@/ 1.1

+< <0:+ 07- 6/) 6:F@? 9*0/ /+7 *0+ @ 1""

III P+<>- F/+0 )<@- 7;-? #5 * $"S@< 00, *0+ @ 9+7;- =39+7 6658,: P+*+-;- F/+0 6=+- +*7 /+- - +<7<70 4214,$#

I/+;@- 0 9-<, 6-<, =)/-@/ 1.1+< <0:+ 07- 6/) 6:F@? 9*0//+7 *0+ @

=39+7 2218,4

D+6+ ;*-/ ;/ 7+ <+ +7 5" +7+ 00 =39+7 2""","

R6++< 7< = :+)+<= 7+*0/+= =39+7 8433,3R6++< 7< = :+)+<= 7+*0/+= 09+7 ::

S +</<+= )+= :+):- =+ @0 %""" 09+7) J

 T+6 7+.

5.4 KVANTITATIVNA ANALI"A SIROVINA

Z 97<- 6++<? 6+)<7- +:  T+6+= 7+ 67<G - P+0:- J T+6 7+ <;/ ) JA*-, P- Š+/ /, 6+0:- ŠU B*;: /+ 6+0:-S7-9 P+;<-.

Page 35: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 35/206

I) T+6+9 7+ =+ @0 7;-= 0-=/6+0:-

354$,5 =39+7 +7++ 514#,% 6=, +7++ 6*+38#" 09+7.

S= 6++< /+@ )<7 ) 670<-? 6+@) 6+7@- +-9 P+;<- <= - + @0 6+7@-S7-9 P+;<- -9+< +*)+= 7 ++ 9+9/ +*>-+ - +- P+;<-.

E90/ 6+0:- ;= 7-9 P+;<- )<; - *)G+9

=0-? * ) 0- 6+0:- =+9>+0/6+0:- ;= 7-9 P+;<- /0< ;=/?0@-/ + 0<+= /+;>- 6+@ =. K+@ )00) *= 0* 3.4.

Tabela 67 Pregled raspolo.i$e dr$ne mase za se'u godi#nje nateritoriji p#tine %ela Palanka DEPodatke obradio $i#i sa$etnik =inistarst$a za poljopri$redu$odopri$redu i #umarst$o dipl ingFidano$i" dr <ajko

V‐;0<+ K+=6/

P+<;? O*+ ?

D*>

=3  

+7.60 =3

B0+@=39+7

O067/2" =3

N0+

@=39+7 D<

.-. 3.833,2 3.%2%,5 234.54 %.82 3.22 #45 2.583

D< .-. T= 1.88",1 1.48$,8 24#.43 4.#2 2.$3 58% 2.34$

D<

.-.Š-<+<. 1.$42,3 1.85",2 2#.## 1."% 433 8% 34#

D<

.-.R-/ 2."#4,3 1.821,# 3".2% 1""5 545 1"$ 43#

S<9 S<9 $.%2"," 8.88$,3 535.$1 14.52 %.14 1428 5.%14

P<0+S.O. B.P/

 

11.414,"1".2%$,$ #4#.5% 1%.28 %.1" 142" 5.#8"

S</6+ 21.134,"1$.1#$,31.184.48 31.8" 14.24 2848 11.3$4\N6+= 1 =3  7 1,45 6= 6+0+? =0, ;0+ )@7 11.3$4 =3 7 1#.521 6=. Z*+9 606@+0 = 60<+*@+ /+0=/== #5 , ;0+ )@ '1 + '! 1 $!/+ &g 1$ & --&H1 >+! % ! 9.68 -5  % 2% # .95?0 -.U @- S7-9 6+;<- 9*0/ @ )<@- )+ 3.$886*+ 4"""=3  58"" 6=. O< /@ /6+= * /;>-=+9 670/+@= 6+@0= ) +- 6+;<-, - 60- 7 -

/++=/ 60< 7- 06+0 6+7@- +-9 P+;<-  - :- 6+7> 6+9+ )67 +/:- 97 0- 0+<. T+ * =+9+*0 67=0 6+* <0:+ 07-.

5.5 KVALITATIVNA ANALI"ASIROVINA

O+< 9+< //00/ 7<0 0+6+0 =+>, 7-<+0 6-<? 0+-/ 7<0, IR +7+ =+9 @;><+0 /+/+9 +00/, /+@ 0< 66, 90, <+07<0, 07.

U6+0* <7+0 7<0 /+ 9+< =+ 7+*+ 6+:0 /+/+

) =+ )@0 -9+< 9+- 0+6+0 =+>. U 0* 3.5

70 9+-

Page 36: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 36/206

0+6+0 =+> /= 7+=>? <07<>.

Page 37: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 37/206

Tabela 68 Gornje toplotne mo"i ksilema i kore neki, doma"i, $rsta dr$e"a

V0 7<0  +- 0+6+0 =+> MJ/9 Z6=/ = /9=3 D<+ K+ D<+ K+ 

B/< 18,82  18,"" #8" 58" !0  18,3#  1$,%" #5" 425 C 0+6+ 1%,2# 18,"" 41" 412 

S=@  1$,##  21,2" 43" 34"  J 1$,4# 21,"" 41" 4#" B+ 21,21 2",#2 58" 3"" 

I) 0* 3.5 <7 7 9+- 0+6+0 =+> 7<0 6+0+ <+=

0- )/- +7 <0 7+ <0. O< )/ /+:- @;>=++<?/+=6+0 /0/0< 0/0 7<0. O6;0 )<;, @0=- <>0+6+0 =+> +7 ;> ;0+ )< +7 /+@ =+0? =0- 7<0.

I/0< +=0< 0+ 07- 6+/)- 7 - /6+0:-+< 66= =0- ) 6+: 6+)<7+7- 90/?*/0 60 7+)<+- +7+ 0+67? I @0/? +< +7+ #"4"

D<+ 6+0+ <+= 0- 0+- +7 9-/,<+7+/ /+/. O= +<? ++<? =0 0< 7<0 =-= 6+:0 ) )+0, =6+ /+ =/+=0, /+- ++< 0+-: 66 /+ 9+<- 7<0.E=0 ?=-/ 0< 7<0 )< +7 <0 7<0, 0+07<0, 7 7<0 +7/ )= )+/ .

U 0* 3.5 70 6+7: ) =0 0< -)06--?<0

7<0. +- 0+6+0 =+> 7<0 =+ 7+<+-+ 0@+ )@0, /7)=+=0 ?=-/ 0< 7<0, ) 6+=+> 6+*+

69+G+9 +*:. !9 ^ 34" C _ 1.42",5 ! ( O1",/J/9

97 C, ! O ( 6+:0 = @;> 9-/, <+7+/ /+/ 6+0+ <+= 7<0.

Tabela 69 Hlementarni ,emijski sasta$ neki, $rsta dr$eta

R7.*. V0 7<0 U9-/, C K+/, O V+7+/, ! 1. B/< 48,5 45,2 #,42. !0 4$,4 44,5 #,13. T+6+ 4$,% 44," #,34. J 5"," 43,# #,45. S=@ 4$,# 44," #,4

U 7<0 9-/, <+7+/ /+/ ) 6 <9 +/<

9-+<+7+@? -7--. V+7+/, @- - 60<+ 0<G+=0+=

)+=, 6+7 0+9 ;0+ ) 0< </ 60 <9,6+- - /+/+=, +/< 9-+<+7+@? -7--, ?7+/ O! 96. T/+G, 7+ /+/ - ?=-/ <) )9-/, +7++ )+0, 7+ - +*+7+= 0-. T+ )+) ;0+ - /@ +*): =@/+9 0@+9 7- VDI‐ =+7/+< =0+ 8 //+ - 0+ ++<+= +*: -7@ <;>7: 1".

O+< /+=6+0 /+- @ 0/0 7<0 :+),?=:+),

9. D<+ 7 = /+@ /0/0<, /+- =+9 =0 </+90:- 0+6+0 <7+0 9+< //00/ 7<0.P+:0+ @;> 6+=0? /+=6+0 7<+- 60:=- +7 <0 7+ <0, ) )@0 7+< 0* /+-

). U <+= 7<0 ;> :+) 6+@+ @0<- 43 (

Page 38: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 38/206

45, 9 1$ ( 2#, ?/+) 3 ( # 60+) 21 (2#. K+7 @0

Page 39: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 39/206

:+) = )=G 53 ( 54, 9 2# ( 2$, ?/+) 13 60+)1" (12.

S0< 90/ /0, /+- * 7+* 9+<-=, </ =- +7 90/+9 6+0:- )< +7 <; /0+. N6<+= =0 - <//+ <+0 6+0:-+9 *+9+<.

 T+6+0 6+0:- 7<0 7/0+ )< +7 -9+< <+0. D<+067/ ) 6+: 67 =+ =0S6+- <+0, /+ - + <+7, )<+ <+7+=,9+=

7+=. O< <+0 ;< +06-= :G-=. O*@+ 6=--:G- 6+7 7-0<+=9<0:-.

S+60< <+0, /+-+- )/-=+ <+7 == 7+<= >- 0)<. +*+7 <+7 <+7 ?9+/+6+ <) ))7+< >-, 0)<. <) <+7. S+60< <+0 +0/-6+7= 70-/= ;-=. O* <0 ;- =- <+-67+0 =.

O+< = /+7 6+7+9 ;- <= 6+0*+ ) ;-,

/+770-/+9 ;- </ 0+;/ 9-. K+@ <+07<0, 7+ /+- 7<+ ;, )< +7 =0 -9+< 7-6+0*.

U : + 7<0 - +*@-+ 7 0<+ @;> <9 7<0@

+7+ 6+0+ < =0-, 7+/ - 6+@= =;/?- 0=+0?/ +*@-+ 0)< <+G- 7 +7++< = + @= 0* <+70 @.

V+0 0+9 +060/ )< +7 <0 ) 6+: /+= -+067/

0+, +7++ +7 <+0 +< =+=0+*7 V+0 ;=/? +00/ />)=G 4" #"U 6 +0: =- <+0 /+- +79+< <+0 06: />

)=G 4" 5"

&/ +0: =-‐ ) =+/+9 00= #" 7+ %" <9 ‐ ) <+9 00= 8 7+ 1" <9O0: 6 )7 6+@ <: =- +7 % 7+$ <9 O0: F+- 67‐ 6+)<+7- =;0- +7 # 7+ $ <9 ‐ 6+)<+7- 9G</ 0+- +/+ 12<9 U ?=-/+- 67 7<0

‐ =?@/+- 66= <9 /> )=G 4" 5" ‐ 6+ 6- /+-, /+ :G- <+0 /+ =+ *0 6/+

1"". D<+ 6+<> <+0 = 0+6+0 =+> =-/+0 6

9+<-. V9 6 9+<- 670<- /+0 0+-//+- 7+70+=-- 0+6+0 =+>7<0.

D+ 0+6+0 ++*+G 9+<-= 7<0 /+0 )6<-

<9 69<- <+7 6 7+ 0=60 +;0. U +;0/+0 0+; 6*+ 2.5"" /J/9 ) 6<- <+7 ;0+ =-/+@ 0+6+0 ) -+ 69<-. N +< /+@ ++*+G <+7

0* 7+70 <+7 0 9+<-= <+7+/ ) 9+<. N <

Page 40: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 40/206

+<+ 0* 7+70 0+6+0 /+- - 6+0* ) ++*G- <)<+7 ) 7<0. O<- 9*0/, 6= D6, )+ 314 /J 6+/+9= 6 <+7.

D+- 0+6+0 =+> 9+< !7 - +7< 90/6+0:-

9+<. V) )=G 9+- 7+- 0+6+0 =+> =+ /+0 ))=

H gr 

H dr 

= Hga (1−w  gr )

= H da (1−w  gr ) − "00w gr 

97 - ‐ <+0 7<0 6+:0=!9, !7 ( 9+- 7+- 0+6+0 =+>.I7/ 7; 7 0@/ =.

U 0* 3.% 6+7+ 70 6+7: + /+@ 0+6+0 /+- + =+ /+00 ) 1 /9 7<0 ) )@0 <+0. P 0+= )0 +*) <+0 7<0 +79+<-> 06 /+;>-+;0 6 9+<- 7<0.

Tabela 6> +ticaj $la.nosti na energetski efekat dr$eta

+<+ V+0+-

0+6+0S06

/+;>- K+ MJ/9 MJ/9

D<+

" 1$,8 8" 15,81" 1%,8 %8 13,$4" 14,5 %4 12,1%" 12," %2 8,#

I6-< 0+-: 7<0 <+0 9<+= /;9-+<+7+:.

M+ @;> <+0 7<0 +7G- =-= @<0+9+00/ /+ 7=+=0+9 )9<- )+/ 7<0 6>, 0=60 +7 $""+C 0+ *) 60< /+/. S7- =+@;> <+0 7+=>= <0= 7<0 - +/+ %5, /+/+9+00/ +7 15 7+ 2", 66 7+ ",#, N<7 <7+0

)/- ) )@0 <0 7<> 7+< 0* +7/ )=)+/.N-@;> =0 /+- +0- /+ 9+<- 7<0 +*/

66 /-=, 0-=, =9)-= /+- @ +7 ",5 7+ 4 =7<0. U /+ +*<)+ = <; =? =0- 9+ =+=7<0. R)/ +7 )+/ 7+ )+/ </, - /+@ 0<=? =0- = </+9 0:- 0;0, +7++ 0<)=-;0 /+= - 7<+ +. U 0* 3.% 70 +/< 7-=? =0- 7<0.

N<7 6+7: < 6 )*+ +;0 /+0=-+9 )

9+<- 7<+9+060/.

Tabela 6? &adr.aj mineralni, materija u apsolutnosu$om dr$etu

V0 7<0S7-

K 2O N2O M9O CO P2O3 SO3  SO2 B/< ","$ ","2 ","# ",31 ","3 ","1 ","3!0 ","5 ","2 ","2 ",3% ","3 ","2 ","1B+ ","4 ","4 ","3 ",14 ","2 ","1 ","4

Tabela 6@ Analiti'ki izrazi za gornju i donju toplotnu mo" ispiti$ani, biomasa

B%&-' G&!/ &02&!-&

D&!/ &02&!-&

B/< ‐ 6-< !9 ̂ 1%,%52 ‐ ",1%8X !7 ^ 1#,413 ‐ ",18$X!0 ‐ 6-< !9 ̂ 1%,$28 ‐ ",1%$X !7 ^ 1#,5$2 ‐ ",1$1X J ‐ 6-< !9 ^ 18,384 ‐ ",184X !7 ^ 1%,"51 ‐ ",1$#X J ‐ 6-< !9 ^ 1$,#"# ‐ ",1$#X !7 ^ 18,2#$ ‐ ",2"8X T+6+ ‐ 9-< !9 ^ 18,%$$ ‐ ",1%$X !7 ^ 18,$$# ‐ ",215X!0 ‐ 9-< !9 ̂ 1$,5%4 ‐ ",1$#X !7 ^ 18,248 ‐ ",2"%X

!0 ‐ 9-< ;>= !9 ̂ 1$,"25 ‐ ",1$"X !7 ̂ 1%,%34 ‐ ",2"2XB+ ‐ ;;/ !9 ̂ 1$,5%1 ‐ ",1$#X !7 ̂ 18,155 ‐ ",2"#XB+ ‐ 9: !9 ̂ 21,%3$ ‐ ",21$X !7 ̂ 1$,$#2 ‐ ",225X

Page 41: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 41/206

 J ‐ ;;/ !9 ^ 2",1"% ‐ ",2"1X !7 ^ 18,#$1 ‐ ",212XB9= ‐ 9-< !9 ̂ 1$,$88 ‐ ",2""X !7 ̂ 18,##% ‐ ",212XV* ‐ 9-< !9 ̂ 1$,383 ‐ ",1$4X !7 ̂ 18,"%4 ‐ ",2"#X J*/ 9-< !9 ^ 18,85% ‐ ",188X !7 ^ 1%,54% ‐ ",2""XM ‐ +) !9 ̂ 18,$55 ‐ ",1$"X !7 ̂ 1%,#18 ‐ ",2"1XV+< +)‐/+= !9 ̂ 1$,8$8 ‐ ",1$$X !7 ̂ 18,#51 ‐ ",212XV+< +).‐ !9 ̂ 18,218 ‐ ",182X !7 ̂ 1#,8%4 ‐ ",1$4X

6. I"BOR LOKACIJA, LOKACIJA I EKOLOŠKIASPEKTINVESTICIJA 

6.#. A!2%;2&3*%/1

M3&2&3*%/

S+  T+6 7+ ) 7=+/+- < 6+@+ +/+ 8"" =. T+ - -7+ +7 -7--? +7 P+0 33 /= 55 =00+=+*/ <+- 60+= 6<: P+0‐T=/(T+6 7+ K-<:‐K‐T=/‐T+6 7+. N-* - +7 <? -<;=<? S0 6 M7+ 2.1#$ = =+ % /= +7 <? B*)* 1.%5$ =. N) 6/ 6+7. S=+ + - )7+ =+9+= <+- )97 ?0/0 +7 6 1"" 9+7 /+0/<+ 9+ 670<- -7+ +7 -00@-? S0+-6. D+ =+9 7+) ) 6<: T=/ /+) /-+ / T=;0: M K++7+ ‐ 9+ -7 +7 -6;? -0/0<-? /-+ +</<+9 06 S*-. K+) -9 6+0@ T+6+7+/ / /+- 0- +7 6+0+/, )<+ =-? @: /+-)< 6+0+ )=G Ž/+< @/, T6, M7+ D9+9B J<+/ /, P+/ / `. T+ - 06@ 6/ / /+-0@ /+) <+6 0/0< /-+ 7 +7 +/+ 1$,8 /=.

L+:- 6+9+ ) */0- - )<;+ /7 6++<=6+=

7 6+9+ ) 60- *7 =;0 )G/+= *)+= 0=G+*+ +*>-+ /:++ 6+<) 9)7/ -7:P-, A*- Š+/ /, 7 @0<0 7+: ) +< = T+6 7+ *7 /+;> ) 6+7)- 6+9+ ) */0-.O6<7- ) +</< +7/ @-: 7 - T+6 7++*>-:+= 7/0+ 6+<) P+0+= 6+<) - /0+70*0< =. T/+G * =+9+ )6+0 +/ 79 * =+9+ +0<-= 6+9+ ) */0- )<+- ==-0 7=+9/+ +6- 0+<;0<.

M%3&2&3*%/

I)*+ =/++/:- * )<;+ /+ 7++;- +7/ +97- ) 6+-/0+<-. U +<+= 00/ * /+/0-67+9 +0<+ ) )7 0/+<= 6+-/0=.

Page 42: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 42/206

S2%3 6.# P/)+*>-? <)7=00<+9 *+9:0 P+0 T+6+9 7+ 

S2%3 6.4L+/:- - T+6+97+ /+-+- <7)G ;== /+-667- J 0+6 7+ /+ <) <) 7=00<=

:0+= ( P+0+=

S2%3 6.5 P+= T+6 7+

Page 43: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 43/206

6.4. E3&2&33&-0&!1!

I<0:- = 90< 0:- +/+ )*+9 6=-=+7-?

<0/? 7+09> +<+-6+)<+7-.

S 79 0 6+/0- +< 6+)<+7- > =0 </ 0:- );00 +@<- +/+. P= 6+)= K-+0 < )=- 6+06:6+)= +*<) 7 > =-0 =- CO2  79? ;00?9+< :- 6<:- 9+*+9 )9<- +@<- /=. J7 -/+ *0 /0 +@<- ;= - =+9>+0 *00:-+9<+9 7<0 */0+=. A/+ )=+ 7 -7 0+ */0 6+0+6+0+- =+> =+ )=0 4 =3 +9<+9 7<0 )=+ 7 - 0+/ 6+; 9+7 ) 6+0* +9<+9 7<0 /6+0+ #88."""=3 7<0 / ;= +7 7+*-=+ 7 - ) 0 /+@ +9<+97<0 6+0*+ 1%2.""" 0+ */0. O@<-= +<+9 +7G+= 6+7 +< / ;= 60<- <+/ ;=@= -?+< <7+0 6+<>< 0 +7 +</< <0 7<0 =+9

+0<0 <> /++=/ /0. Z*+9 00 =+9>+0/+;><- <? /+@ 7<+9 +00/ /+- 0< 6+:6+)<+7- -7 *+- = 6*9< 9+= /7;0- +<+9+067 ) 0+ 67<G =0 /+ ;0+ / +* /,<7, ;=, 07. O<- 7< +067 - -/+ ;00 ) +/+ )*+9 <+9 -/+ 79+9 6+7 67.

S2%3 6.6  ZG T+6+9 7+ /+ )<+ +< /++;/ )7< 7 

7.  INŽENJERING ITENOLOGIJA

7.# P&2;!1010&'$31

K& +'$/!/ &2+31 & 0&1!&- +>%!3+ 0&'&/1!/ ;%31%!!/1 $&%2& '1 >+! & &-1 '%&$%! %- &$&2/!&,2% % & !/-!/1- -&g+1- 13&!&-'3% %'02%$&- +>%!3+0&'&/1!/. T3& /1 %;$11! ;32/+>3 & 0&1!&- 1&%/'3&-+>%!3+ 0&'&/1!/ ; %31%!/1 & #,7 =.

D2/1 010&'$31 & 13'02&*%/% '+ '2111•  &/0+ /+;>- 0+9 /6:00 6+)<+7+9<= - ",%1,•  +7;- *+- 7? 7 -254,•  R7 +7<- 0=, 

Page 44: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 44/206

6 > 0+ 70 E<13%$!% >'&$!% +>%!3 01'1 #,87 =.

Page 45: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 45/206

D!1$!% +>%!3 0&'&/1!/ ' /1!&- 01'&- +% '-1!1

(0&;+-1$/+% '1 1<%3'!& % 4# =) 44,587 !. D!1$!% +>%!3 0&'&/1!/ ' $1 01'1 66,95 !. G&%!/% +>%!3 ' /1!&- 01'&- % &'-1!'3%- &- 78:,9#g&. G&%!/% +>%!3 ' $1 01'1 ## 58#,64 g&. 

N1&0=&! '%&$%!'3 ; ; &$3$1 +>%!31 -& + &-'2+>/+ &1;1%-  P&1!+ '%&$%!+ ; % '-1!1 ' &- /1!1 01'1 #4 9:g&.-  P&1!+ '%&$%!+ ; % '-1!1 ' &- $1 01'1 47784,47g&.R/60-=+ =+9>+0 T+6+9 7+G;%!'3 

P V V\ Z< Z<\ SE O06 NS? =3  =3? =39+7 =39+7.? =39+7 =39+7 =39+7

 T+6 7+ 3.$48,42

5$2.%$#

15",15

11."$2 2.8"$4"

443#,8 88% 354$,5

M1%/2 -5g& P-g& 

g&B0+ @< 00 443#,8 #432 4824N0+ @< 00 354$,5 514% 38#"R6++< /+@ 9+7;-9 @<+9 00 +*)+= 23"% 3345,55 25"$

N0+ @< 00 +*)+= 6+<>-F/+0 3$$3,1 5%$" 4342,5

R6++< /+@ 9+7;-9 @<+9 00 +*)+= 35$3 5211 3$"8

K+@ +</+9 =0- 676+0</+=+ #4#% $3%% %"33

N &'!&$+ &$3$1 !2%;1 '1 -&H1 ;32/+>%% 0&1!*%/2 T&02&g &2 -&H1 &1;1% '%&$%!'3+ ;+

( 676+0</+= + /+;>- 9-<, 6-<, ;6- ;*-/) ; '2+>/ -  P&'&/1!/ ' /1!&- 01'&- % &'-1!'3%- &- 3

 /10&1! 3&2%>%! '%&$%!1 78:,9# g&. 07 * 6+0 /+@ +7%"33 (5#8" ^ 1353 09+7.

-  U3&2%3& % 0&'&/1!/1 %2& ' ' $1 01'1 % +>%!3&-& ##

58#,64 g&. T % !1&'/2 3&2%>%! & (## 58#,64%"33 ^ 432809+7, + * =+ 7 7+<+) +/:- D+-/:, 79 ŠUB*;:, 9)70< P+0 ) S7-9 P+;<-. -  O$3$1 010&'$31 $H1 ; '2+>/ '1 '%&$%!'3% -1%/2

&'$%! -1'+ %;$2>1!/ &3 '1 !1 0&'%g!1 3& !/1g '!/1g&%$ '+$&g ! $;+=+. U3&2%3& % '1 3&%'%& $2H! '%&$%-1%/2, % 0&1!1 3&2%>%!1 1!&-!& 0&'21 (%;0&>+! '1 $%% % &!1 %;!&'%21 ; % '-1!1 '&- /1!1 01'1 #4 9: g&, &!&'!& ; % '-1!1 '&- $1 01'1 47784,47 g&).

U &$&- '2+>/+ '1 1 +3&$&%% %'3+'$%- %; A+'%/13&/ /1 %!1!;%$%2 *1!2%;&$! 2/%!'3 g1/!/ ++2!%- '1%!- ! >%0'. U0$& %; >%!/1!%*1 1 >%0''+$ ! $;+=+ % ;!!& $1+ 3&2%>%!+ &02&1, -&!/%'!&$!%*% &'$2//+ '2&g&$1 %;$+>1!1 $!1 -'1 ! +++-1 '1 0&'+1 0 /1 13 !3&! &g >%0+/+. T3$

%'3+'$ % '-!/%2 % + &$&- '2+>/+ +&3 '%&$%!'3&g

Page 46: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 46/206

-1%/2 ; '+1!/1 % &!/1 $2g1 + '%&$%!% ; $%1 &7

Page 47: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 47/206

O &$3$%- &2+3- + '$3&- '2+>/+ -& +1+0&;!

%!$1'%&.

7.4 T1=!%>3&1=!&2&31 331%'%310&/13

U +/< +<+9 7 B) 6 /0/+ > 970 7><0 0?@/+‐0?++;/ 6/0 6++<+9 6+7?<0. T?@/+ 0?++;/ 6/0 6+7?<0 97 /+) 7>7=)-

‐ +6 0?++;/+9 6+:,‐ +*-/0 +6=,

‐ +=0< 0+;/,‐ +9):- 7‐-7/ ,‐ 0=/ 6

‐ /++=/ </ 0-- 6+-/0.

O0%' 1=!&2&3&g0&'+03

 T?++;/ 6+06/ 6+)<+7- */0 0+- +77>?

0?++;/?).

Kolekcioniranje drvenog otpadaD< +067 0- /+/+ =0 0+ /+7 /6+0:-;=,

6=+- F+- 67 7<0 +0 7< +607 7<+ )6/+<-, 7<+ 97;0, 0 =;0-, 07.. O<- 7< +067 - 6+0*+ 6/60 7+6=0 =0+ ) 67. N-*+- @ ) 6/6--

 - 6+0* =+*? /+0- )6= :: %" =3

/+- 7+0<-- =0 ) 6/6-- /+ -?+<+9 6--)=-- 6)=. O<- @ +=+9>< 7 7< +067@< +7 0:- 0=+-.

Usitnjavanje drvenog otpadaP/6- 7< +067 - )+9 +*/ 7=)- 0/+ 79 -

6+0*+ 00 0 9:- ::. 15Q15Q5 ==. O<-6+: +*<-) 6+=+> 6:-? 7+*: =+< =/ G? ) +<<0 =0-.

Transport usitnjene drvene maseU0- 7< = - -/+ 0;/ ) =6:- 6 -

6+0*+ +*)*70 :<+<+7 6=0/ 06+0 )

*:<- 7< = 0= 6+)<+7-. O< = *:- 67+ ) < 7< =.

Sušenje drvene maseU0- 7< = * 7 ::. 45 ( 55 <9.D *

606+ 6+: 6+)<+7- */0 <+ <9 7<+- = = 6)015. O<- <+ <9 6+0 6:-+- +0:++- ;/+- - 7> 6+)<+7+= ). K/00/ +< ; - 7 + /+90 /+0 07< = 7 ;07 6+)<+7- =--)9G- +/+.

Skladištenje osušene drvne mase

Page 48: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 48/206

U0- +; 7< = =;0 + /+-= ) :/+/ +7<-@ ) +7<-- 7=? 9+< +7 7<= //+ * =-+ 60/ +6= ) 6+)<+7- */0. 

prema !a proi!vodnju briketaI) + +; 7< = ) 6+=+> 6:-? 06+0 7+)0+

+< 7+6= =; ) */0- */0 6 /+-+-

6+)<+7 */0. N/+ )/ ) 6 */0 - )9- 0=60 +7 :: 12" ( 1%" 06 0/+ 7 9 - 7 7-=6:- 6+0*+ +?70. O<- 6+06/ +7<- 6:-+-- ) ?G- @- 7 - :: 3" =.

"akovanje briketa

Page 49: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 49/206

U )<+0 +7 )?0< /6: */0 =+ 6/+<0 /+/+ @ 0+ =+0<- 0=+/6--> +-, /0+/ =* </ 70-/ <> :: 1.""" /9. U+<+= 6+: 6+)<+7- *> 67<G < 0 @ 6/+<-.

"rodaja briketaB/0 6+7- 6+)0+= /6: +0= /6:=. Z

+0 /6:> +9)+<0 6+* 6++< /+=/:-6+70<+= <+-?6+7-? =7. O=;-+= =/0;/+= /=6-+=,*)+- 6+F+= 6++<+‐00;/+= 6+;-,0<+> 606+0</ ) 6= */0.

O/13% %&01-

O/13%Z +9):- 6/6--, 66= 6+)<+7- <00+ =+7

6 )97- +<+9 =/+9 +*-/0 +/:- T+6 7+ /+-= > *0 G < +6?+7 9G</ 79 7+< /+- >

+=+9>0 0:- +6= =0 7 6+)<+7-. T@6:/:- <? 7+< > *0 670<- 67=+= 7+</+ )<;0/.

O01-U9- +6= 70-+ 6:: 6+9

*) 6 6= 6+7= 7+*<-@. S< +6= - =+*+9//0 0/+ 7 0<+ /0/+= +/ =+ 7+:0 *+/+- 79 +/:- /+ 0+ *7 6+0*+.

U 7+-+- 0* 70 - 9* 6:/:- 67<G? 9- +6=

6+)=.

Tabela 83 &peci1kacija pred$i2eni, ulaganja

u opremu@;1 I!$1'%*%/

&) 1 1.1"4."""

&) 2 2"1.84"U3+0!& #.57.:6

7.5 T1!=%>3% &0%'0&'&/1!/

P+0+-- ) 6+)<+7- 7<+9 */0+*?<>+ +<+=

<0:++= 07-+= 0+- ) @0++< :

P% /1 - % 0 %0 1- g& %$ U +<+= 7 6+0+-- 6?<0 9+<+, 6-<, @/ <;

-9+< =?@/ 66= ) 7- +*7. P6= 6+@-7+*--= /6+9 +067 -9+<= 06+0+= ; /+ 6+-<-= 7+<+9 0-+9 +067. N 0 <; )7<--<; /6? /+=7 /+- * =+9 =00 7-= 6+: 7+7 + <>- 0-<-. '0: )7+<+-<-> /6+>6+) /+) =90+ 6+- 97 <; )7<-- <0?=0? /-@/. Z0= 7< +067 ) 6?<0 */ ;.

S+ 1! /1 + ' %!/ 1! & g $ !& g &'3 O<- 7+ 6+0+-- 6+@- 6?<0= */+= )

/+9 <; 7+)- 7< = +0:+ ; =+7 SRS.

P+; = )7<- */ 6+7 :/+/ *0-.

Page 50: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 50/206

S0< 7+ +<+9 7 6+0+-- - 90+ 7=? 9+< 6+0* // )<+7, =+‐9:+ +6=

Page 51: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 51/206

6<-@/ +=. I/+;> 6+7/0 9+<- /+:/+/ *0-+7<+7 0=+ /+) @@7=-/.

P% = $ 0 &' + 1! 1 - ' 1 , +'32%1! /1 % & ; %! /1 T> 7+ 6+0+-- 6+@- += 0+= 06+0+9<00+

/+- = 6=- 6+7 :/+/ *0- 6+7 -7 +7 7<+ 7< =. U /+6 06+0+9 :<+<+7 - @< /+-+=+9@- )=@+ 6-- +. Z<+ +7 6+0*<00+ 7 <0+ +7<- = 6+ <0 7<0 =+ <;0+7* + ) 6+-7 <0. I) -7+9 +7 + <; 7+07< = /+- /+ 9+<+. I) </+9 +7 + <; 6+<- */0 6 6+70<+= 9G+9 6+906+0.

P&%;$ & !/ %  03 & $!/1 % 3 1  T> 7+ 6+0+-- - 6+)<+7 7+ /+- 6+@-6=

06+0= /+- 7+<+7 = 7+ */0 6 /+- +*?<0*/0 6, - ) ?G-, G- ) )- */0, 6+0*

06+0 =; ) 6/+<-.

7.6 S01*%F3*%/&01-1

1.2.

U0-<@ /+=7+9 +067 =+7 AZR 2"""S P6= 96 ) +< =

K+=601

3. P?<0 /+; ) 0- 7< +067 =+7 DSS3""" K+=60

4. P+0+-- ; =+7 SRS ( 6+-/0+< @/ 2.84"<+7 K+=60

5. 6 06+0 /7;0- < K+=60#. P+0+-- ) 6+)<+7- */0 K+=60

%. P/-@ 6<-@/ += ) < K+=60

D12/! '01*%<%3*%/ &01-1 ' 1=!%>3%- 331%'%3-#. U'%!/%$> 3&-!&g &0 -&12 A"R 4 S

- O0<+ 6+9 /+; 2""" Q15"" ==

- P@/ +0+ 3#8 ==- B+- +< 1""- I)) +0<+ 25" ==- K6:00 =Q. 3.5"" /9?4. P%01-! g+0 ; '%&$+ -'+ -&12 GPSP 7- U6 /+; ) 6-<- V*:++ 0+

-  T6+0 0/ ) /6 /+=7-  T6+0 0/ ) 0- /+=7- V*:+ 60+= =0 70/0+=5. P%=$!% 3& ; +'%!/1!% $1!% &0 -&12 DSS 5 '

!'0&1&-- O0<+ 6+9 /+; 4""" Q 3""" ==- P )</@ 7 6+9 /+;- Z[ 06+0 ) 7+)- **- ;6. P&'&/1!/1 '+1 -&12 SRS 0&/13&$!% +>%!3 4.:63g=

$&1- a-/ 7+)0+

Page 52: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 52/206

- B*- ; 33"" Q 115"" == ( 0 18 0+- I)) :<+<+7- D<+0/ :/+/ *0-- C<+<+7 ) +7<+7 7=? 9+<- O7 <00+- D=-/- C<+<+7 ) 06+0 )9-? 7=? 9+< 7+ )=-<@0+6+0- a-/ 7+)0+ 0=+ *+/- V00+ ) 7<<- <9 <)7?-  T=+ *+/ 35"" Q 5""" == ( 0 2" 0+7. G+0 ' !'0& % '32%1!/1 '+$1 -'1- S6 7<@ < = 6+7 :/+- R)7 /0: < =-  T6+0 <00+ 8""5"" ( 2 /+=7- P+-/0+< :<+<+7 5"" ==- C/+/ *0- += 2 /+=7- S+ < = )6= 12" =3 ( 2 /+=7- R+0:+ >-/ ))=@ ( ?+)+0 2 /+=7- P6= +0:+ 7<@ 3 /+=7

8. P&'&/1!/1 ; 0&%;$&!/+ %31 % 03&$!/1- P 7+)0+ ) */0 6- B/0 6 BP #""" /6:00 1,5 0?- L- ) ?G- */0 3" =0- UG- ) +=-- */0 ?7@- L- ) +0- */0- UG- ) 9- */0 =+0<- +--  T=+ 0 -  T6+0 0/9. P%32/+>!% % +0$2/>3% &-% ; &01-+- K+=7 += ) 6-- 7+< 6+0+-- ) 66= =- K+=7 += 6+0+-- ) ;-- R)<+7 += ) 6-- 7 6+0+-- ) < =, */0

6

<0- K+=7 += */0 6, G- ) +=-- */0 6/:S01*%F3*%/ 0&1!1 &01-1 0& <;-

@; # 30*%1 0&%;$&!/1 #4.7 &!%31 g&%!/1

B. V' 

 JM K&2%>%!

1 U0-<@ /+=7+9 +067 /+= 1

2 P= 96 ) +< = /+=60 1

3 V*+60+= =0 70/0+= /+= 1

4 P?<0 /+; ;+= /+=0 1

5 S6 7<@ < = 6+7 :/+ /+= 1# R)7 /0: < = /+= 1

% T6+0 <00+ /+= 2

8 T6+0 :<+<+7 /+=60 1

$ C/+/ *0- /+= 2

1" S+ ) 6-< /+= 2

Page 53: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 53/206

11 R+0:+ >-/ ))=@ /+= 2

12 P6= +0:+ 7<@ /+= 3

13 P 7+)0+ ) */0 6 /+= 1

14 B/0 6 BP #""" /+= 1

15 UG- ) ?G- 9< 6 /+= 1

1# UG- ) ?G- - 6 /+= 1

1% UG- ) 0+=0/+ 6+7;<- /+= 1

18 D+70 - ) ?G- = 3"

1$ UG- ) +=-- */0 ‐ ?7@ /+= 1

2" S)+ <+ ) =+0 + /+= #

21 A0+=0/ 0= 6/+<- +- /+=60 1

22 S0= ) =0- * 6/+<- /+= 1

23 U6<-@/ /0+ += /+=60 1

24 U0+<<@ /+= 1

25 V-;/ /+= 1

@; 4 30*%1 0&%;$&!/1 47. &! %31 g&%!/1

B. V'    JM K&2%>%!1 P 7+)0+ ) */0 6 /+= 1

2 B/0 6 BP #""" /+= 1

3 UG- ) ?G- 9< 6 /+= 1

4 UG- ) ?G- - 6 /+= 1

5 UG- ) 0+=0/+ 6+7;<- /+= 1

# D+70 - ) ?G- = 3"

% UG- ) +=-- */0 ‐ ?7@ /+= 1

7.7 P&1!% &/13%

Z < +6= /+- - 6 ) 6+)<+7- +* )

-*+- - +*)*70 -7 )-7@/ +*-/0 //+ * /;+9)+< 66=, 67 6+)<+7-. P+0* +*-/0 0*7 *7 -7+0< =+0 ? +7 @@? /+0/:- )7+<= +7 *0+9 = +7 *0+/? =0. ! 0* 7*7 9- - <> +6= 6+)<+7 <00 0+6+0 ;0+ -7+<+-+ ) )9<- /+=60+9 6+0+. P+7 6+)<+7 ?6+0*+ - +*)*70 /:-/ 6+0+ /+ 6+0+ ) 7/.U) ? - 6+0*+ +*)*70 7+<+-+ +0<++9 6+0+ 66=-+= 6+7+9+= ) /7;0- /6+9 7<+9 +067.P+7 ? - 67<G+ 7 )97 70;: /+- * /+0 ) /7;0- 0-+9 7<+9 +067. U -7+= 7? 67<G - 6+0+ ) /7;0- 9+0+<? 6+)<+7 70*:-.

S01 * %F 3*%  / 0&' & - Z0<+ ? ) =;0- +6=‐ /6+ 25 Q 55 = ^ 1.35% =2 ‐ <# =- K:- 4 Q 4 = ^ 1# =2 ( *+- 6+0+- 3- S<@+: ) 7/ 4 Q 1" = ^ 4" =2 ( *+- 6+0+- 1-  T;< =+/ @<+ 4 Q 1" = ^ 4" =2 ( *+- 6+0+- 1

Page 54: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 54/206

- S/7;0 )<? 7+< < 4 Q 1" = ^ 4" =2 ( *+- 6+0+- 1- S/7;0 =* +0? =0- 4 Q $ = ^ 3# =2 ( *+- 6+0+- 1- P+0+- ) +*)*G- 4 Q 4 = ^ 1# =2 ( *+- 6+0+- 1- O0<++ /7;0 /6+9 7<+9 +067 25 Q 8" = ( 2.""" =2 - P+/<+ /7;0 ) 0 7< +067 6-< 25 Q 25 = ^ #25 =2 - S/7;0 9+0+<? 6+)<+7 0 ? ) ::. 24" + 60

O0% ' 0&;% * %/ 1. U) +<2. M ) 0-<- /6 +<3. T6+0 0/ 0- +<4. U6 /+; ) 0 7< +067 6-< <*:+= 0+=5. T6+0 0/ ) <>- /6-9 +067 =#. D0/0+ +7<-@ =0%. D+) /+; ;8. Z[ 06+0 ) 6- =0- ;$. B*- ;1". C/+/ *0- ; :<=11. O7 <00+12. D=-/13. T6+0 )9-? 9+< 7+ )=-<@ 0+6+0

14. T=+ *+/ ; >-/= 7+)0+=15. S6 7<@ < = <00++= )7+= /0:+=1#. S+ >-/= ))=@=1%. B/0 6 6= 7+)0++=18. L- ) ?G- */01$. UG- ) +=-- */02". T6+0 0/21. T6+0 0/ )+= /<00 */0 =<@=22. K+=+ ) 9- */0 =+0<- +-23. T=+ 024. T6+0 0/ 9+0+<+9 6+)<+725. M0+ ) 9- 602#. S< 6+0+

2%. I)) 9+0+<? 6+)<+728. K:- 7/0+2$. K:- +90/ -3". K:- /+<+7+: 6+)<+7-31. S/7;0 )<? 7+<32. S<@+: ) 7/33. M+/ @<+ /60+34. S/7;0 =* +0? =0-35. P+0+- ) @<3#. P/-@ 6<-@/ +=

N0&-1! Z )97- /+=60+9 6+0+-- 6+0*+ - +*)*70 7>•  I)70 7- 6+-/0 /+=60+9 6+0+--•

  U*0@/ 9+0•  I)70 )<+G@/ 6+-/0 +*-/0•  G</ 7+)<+

Page 55: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 55/206

•  E/0+ 6/-@/ == 9 1,5 MX•  I)70 07/ 7+/=0:- ) +*-/0 +6=•  I)70 *+0 + );00 7 );00 +7 6+

U/6+ <= /+- - 6+0*+ 7 +*-/0 < +6= 0< /:-

 - :: 2"" 7 +7 7 7++;- +7/ +<0:- 0+•  I)7 7-+9 6+-/0 ( 15 7•  D+*-- *0@/ 9+0 ( 15 7•  I)7 )<+G@/+9 6+-/0 ( 3" 7+ 5" 7•  D+*-- 9G</ 7+)<+ ( 15 7+ 3" 7•  I)7 /0+ 6/-@/ ( 3" 7+ 5" 7•  I)7 07/ 7+/=0:- ( 1" 7+ 2" 7•  I)97- +*-/0 ( #" 7+ $" 7•  N*</ 6+/ +6= ( 18" 7P+;0+ 6+-7 ) <=/ 6/6- 7+<+-+ - :: 2"" 7)

0<-- /:- /+=60+9 6+0+--.Skla diste krupnog drve nog otpa

da

8 ! "# $ % ". $ "

Skla diste sitnog

drve nog otpa

da

"# ! "# $ % &"# $"

Proi'vodni pog on

"# ! ## $ % (.)*# $ "

)&

(*( (&

( "(#

) #

Skla diste gotovi+

proi'voda - ", pa le

ta

(8 (-

"

("

(( (*(&

,

(8 (

", ") "" "("#

()

&

(,

*

"& "*

8

"8 " ) )( )" )) ), )#

Page 56: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 56/206

8.  ORGANI"ACIJA I  REŽIJSK ITROŠKOVI

#. Og!%;*%/ L/+'3%1'+'%

Og!%;*%/

R7 ++<+- 70+0 +9)+< - 0 =.L/+'3% 1'+'% P+0* -7/ ) +*<-- 6+@0+9 6++<+9

6+: 6<+- 9+7 670<- +<+- <0:++- 07-. O7/6+ 12 )6+;-?, -? $ - 9+<+ 6+7+=6+)<+7+= 6+:. N/7= 6+<><-= +*= 6+)<+7-)=+ > 6+<><0 *+- )6+;-?.

4. T1-%!02!

 T= 6 ) ):- 6+-/0 - 5, +7++ 8 =:. U6<? 60

=: * +*< 7> /0<+0 )97- +*-/0, *</

0- +6=, *</ 6+0*? 60 ) 6+* 7 +*/09 6+)<+7? 7/. P+* 7 * +06+@+ /+ 5 =: 0-+ * 3 =:. K+ ;0+ - <> )@+, 0+/+= 6+*6+)<+7- 6+)<+7 /6:00 *+ * <+ +7 3" +7 /6:00/+ 0/ 6+*+9 7. N/+ 0+9, +7++ /+ 8 =:+06+@+ * 7 6= /6:00+= - 670<- @.

5. P1$%1!% 13&!&-'3% $13 /!/0&/13

I/+ 9+< +6= = <=/? +9@-, 6<G<=/ </ 0-- +6= - 1" 9+7. V=/ ?+)+0 /+- - 97 B) 6+= - 5 9+7.

9.  EKONOMSKO @INANSIJSKAANALI"AP+)> +7 67 +*G? 6/0 6+7?<0 +/< +<

0@/ I<0:+ 07- *) 6 INVESTICIONESTUDIJE ISKORIŠĆENJA ŠUMSKE BIOMASE BRIKETIRANJEM(PILOT PODRUČJA PIROT) 0@/ )G- /++=/+‐F-/ 0 B) 6, 0 0; +: 6+-/0 6=+=++<? /0-= +: <0:-/? 6+-/0 <7 000@/? 6+/)0-, ) 6+/)0- 6+0*+0 /<7+0. S<F-/ 6+/)0- ) W.

9.#. P&/13&$! $1!&'

%!$1'%*%/1V' &3 JM K&2%>%! C1! KM UKUPNO

# I!$1'%*%/ + &01-+

O6= ) 6+)<+7- &) /+=60 1 1.1"4.""" 1.1"4."""

O6= ) 6+)<+7- &) /+=60 1 2"1.84" 2"1.84"

UKUPNO

4 O'2% &3&$%

C ) &) 1 /+=60 1 %".28" %".28"

C ) &) 2 /+=60 1 12.8"" 12.8""

PDV ) &) 1 /+=60 1 1$$.%"" 1$$.%""

PDV ) &) 2 /+=60 1 3#.5"" 3#.5""

UKUPNO 5#?.4:

Page 57: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 57/206

  UKUPNA OSNOVA INVESTICIJA (#4) #.847.#4

V' &3 JM K&2%>%! C1! KM UKUPNO

# I!$1'%*%/ + &01-+

O6= ) 6+)<+7- &) /+=60 1 1.1"4.""" 1.1"4."""

O6= ) 6+)<+7- &) /+=60 1 2"1.84" 2"1.84"UKUPNO

4 O'2% &3&$%

C ) &) 1 /+=60 1 %".28" %".28"

C ) &) 2 /+=60 1 12.8"" 12.8""

PDV ) &) 1 /+=60 1 1$$.%"" 1$$.%""

PDV ) &) 2 /+=60 1 3#.5"" 3#.5""

UKUPNO 5#?.4:

UKUPNA OSNOVA INVESTICIJA (#4)  #.847.#4N6+= <7+0 : PDV‐ )@0 6= 00=+<= 6+:-

P12&g %!$1'%*%/ 0& <;- + !&$&/ <%*%@; # 30*%1 0&%;$&!/1 #4.7 &! %31 g&%!/1

B V' &01-1 JM K&2%>%! J1. U3+0!&

1 U0-<@ /+=7+9 +067 /+= 1 1"5.23" 1"5.23"

2 P= 96 ) +< = /+=60 1 51.13" 51.13"

3 V*+60+= =0 /+= 1 25.5#" 25.5#"

4 P?<0 /+; ;+= /+=0 1 318.""" 318."""

5 S6 7<@ < = 6+7 /+= 1 4.#"" W 4.#"" W

# R)7 /0: < = /+= 1 3.#"" W 3.#"" W

% T6+0 <00+ /+= 2 1".25" 2".5""

8 T6+0 :<+<+7 /+=60 1 8.2"" 8.2"" W

$ C/+/ *0- /+= 2 $.$%" W 1$.$4"1" S+ ) 6-< /+= 2 12.3"" 24.#""

11 R+0:+ >-/ ))=@ /+= 2 11.3"" 22.#""

12 P6= +0:+ 7<@ /+= 3 2.#"" W %.8"" W

13 P 7+)0+ ) */0 6 /+= 1 #.""" W #.""" W

14 B/0 6 BP #""" /+= 1 148.4"" 148.4""

15 UG- ) ?G- 9< 6 /+= 1 2.52" 2.52"

1# UG- ) ?G- - 6 /+= 1 2.52" 2.52" W

1%UG- ) 0+=0/+ 6+7;<-/6:00 /+= 1 5.$"" 5.$"" W

18 D+70 - ) ?G- = 3" 12" W 3.#"" W

1$ UG- ) +=-- */0 ‐ /+= 1 12.$"" 12.$""

2" S)+ <+ ) =+0 + /+= # #5" W 3.$"" W

21 A0+=0/ 0= 6/+<- /+=60 1 %8.""" %8."""

22 S0= ) =0- * /+= 1 12.5"" 12.5""

23 U6<-@/ /0+ += /+=60 1 4#.""" 4#."""

24 U0+<<@ /+= 1 5".""" 5"."""

Page 58: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 58/206

25 V-;/ /+= 1 2".""" 2"."""

UKUPNO "A OPREMU #.6. 

1M+0 :+/6 +6= 6;0- 6; 1 #5.""" #5."""

2 T6+0 :+/6 +6= 6; 1 15.""" 15."""

3 I-9 ) +6= 6; 1 2".""" 2"."""

UKUPNO OSTALO #.SVE UKUPNO @A"A # #.#6. 

@; 4 30*%1 0&%;$&!/1 47. &! %31 g&%!/1

B V' &01-1 JM K&2%>%! J1. U3+0!&

1 P 7+)0+ ) */0 6 /+= 1 #.""" #.""" W

2 B/0 6 BP #""" /+= 1 148.4"" 148.4""

3 UG- ) ?G- 9< 6 /+= 1 2.52" 2.52"

4 UG- ) ?G- - 6 /+= 1 2.52" 2.52" W

5UG- ) 0+=0/+ 6+7;<-/6:00 /+= 1 5.$"" 5.$"" W

# D+70 - ) ?G- = 3" 12" W 3.#"" W

% UG- ) +=-- */0 ‐ /+= 1 12.$"" 12.$""UKUPNO "A OPREMU #:#.:6

1 M+0 +6= 6;0- 7 6; 1 $.""" $.""" W

2 T6+0 +6= 6; 1 3.""" 3.""" W

3 I-9 ) +6= 6; 1 8.""" 8.""" W

UKUPNO OSTALO 4.

SVE UKUPNO @A"A 4 4#.:6

UKUPNA INVESTICIJA U OPREMU "A OBADVE @A"E

1 &) 1 1.1"4.""" W

2 &) 2 2"1.84" W

UKUPNO #.57.:6

9.4 P2!%!% -1'1>!% &3&$%

V' &3 JM K&2%>%! C1! U3+0!&

D< = =3  #.4#8 2,5 1#.1%"

P<+) 6-< /=+ %" /+= $3 %" W #.51" W T+ =-. 1 5"" 5"" W

E. 9- =-. 1 13."#8 13."#8

O0 /+=- =-. 1 2"" 2"" WI<0:++ +7<- =-. 1 2"" 2"" W

O9- =-. 1 2"" 2"" W

P++< 0/ =-. 1 2"" 2"" WO0 0+;/+< =-. 1 5"" 5"" W

UKUPNON6+= 0+;/+< 6+:- ++< 00+9 0-

Page 59: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 59/206

9.5. T&3&$% +0&2/1!%=

S?+7+ 6 *+- +0&2/1!%=  6= /7=6+@

=+ =@ 0+;/+< //+ 7.P&;%*%/

  JM B&/ B+& 02 U3+0!&

D/0+ =-. 1 1.""" 1.""" W

M7 6+7- =-. 1 8"" 8"" W=9:+ =-. 1 5"" 5"" WR7/ 6 =-. 3 4"" 1.2"" W

R7/ 6/+<- =-. 3 4"" 1.2"" WR7/ ; =-. 3 4"" 1.2"" W

UKUPNO #4 7.?N6+= 0+;/+< 6+:- ++< 00+9 0-

9.6. P&1! 0&>1! &! '1'$

D * =+ +*)*7 =0 6+)<+7- /+ 0/ 6<0 =: 6+* 6+)<+7- 6+0*+ - +*)*70 6+@0 +*070< /+-= > F0 6+* 6+)<+7- 6+7

?+7<-.V' &3 JM K&2%>%! C1! U3+0!&

D< = =-. 3 1#.1%" 48.51"

P<+) 6-< =-. 3 #.51" 1$.53" T+ =-. 3 5"" 1.5"" W

E.9- =-. 3 13."#8 3$.2"4O0 /+=- =-. 3 2"" #"" W

I<0:++ +7<- =-. 3 2"" #"" WO9- +6= =-. 3 2"" #"" W

P++< 0/ =-. 3 2"" #"" WO0 0+;/+< =-. 3 5"" 1.5""

P0 7+6+ 6+? =-. 3 5.$"" 1%.%""UKUPNO

9.7. U3+0! %!$1'%*%/ + 0&/13

A/+ <7+0 <0:- +6= 7+7=+ )+ 6+0*?+*0?

70< 7+*>=+ <7+0 /6 <0:- //+ 7V' &3 UKUPNO

I<0:- 1.#25.12"O*0 70< 13".344

UKUPNO #.977.686

9.8. I;$&% F!!'%!/1

R)=0- - /+=60+9 6+-/0 - 67=0)=0- +< 07-, /+ 67+9 * =+9+ )0 &+7 ))<+-, 7< *<:- 6+70:-, ) /70 6<0:-0<. 

Page 60: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 60/206

9.9. @&-%!/1 +3+0!&g 0%=& % !/1g&$ '0&12

V> 7+ +6= 0-<-, ;-, /7;0- -67<G ) <> /6:00 9+ ;0+ +6= ) */0- =+6+)<0. R)+9 ) +</<+ 67=)+- - 6 ) 7+70*</ -+; -7 */0 6 /+- > +=+9>0 76 /6:00.D- )9- - *)+ 0<+= /6:00 +6= /+- > *0

*<-. O<- /6:00 7- 7> 6+/)0- =+9>+06+)<+7-.

K0*%1&01-1

D!1$!0&%;$&!/

 

M1'1>!0&%;$&!/

 

G&%!/0&%;$&!/

1.4"" 31 $24 11."88

P+)<-> 0;0 00 /0- : */0 ) +< <0*/0

:: 8" E+0 7+*-=+ //:- 6+0:-+9 6?+7 6+7=.

P&/! *1! D!1$!% M1'1>!% G&%!/%

8" W 2.4#4 W %3.$2" W 88%."4" W

U)=-> +*) 6+* 6+)<+7- /+- > *0 <+3"

=/= 6+)<+7- -+ 0-- +7 0 =: 7+*-=+ 0*/+- =

6+/)- + +@/< 6?+7 6<? 12 =: 6+-/0.

M1'1* # 4 5 6 7 8U3+0!&

8

K+@ 2%% 2%% 2%% $24 $24 $24 3.#"3

P?+7 22.1#" 22.1#" 22.1#" %3.$2" %3.$2" %3.$2" 288.24"

M1'1* 9 : ? # ## #4U3+0!&

8

K+@ $24 $24 $24 $24 $24 $24 5.544

P?+7 %3.$2" %3.$2" %3.$2" %3.$2" %3.$2" %3.$2" 443.52"

UKUPNO "A

#4

T&! ?.#6

 P%=& 95#.98

9.: P&/13*%/ g&&$%!'3&g &3 + 0$&/ g&%!% 0&'2&$!/

ULAZ1 2 3 4 5 # % 8 $ 1" 11 12

UKUPNO

+0+<+7

22.1#"

22.1#"

22.1#"

%3.$2"

%3.$2"

%3.$2"

14%.8

14%.8

14%.8

14%.8

14%.8

 

14%.8

 

1.1%5.

I<0:-1.5"4

251.1  

1.%55.

UKUPNOULAZ

1.52#.

22.1# 

22.1#"

%3.$2"

%3.$2"

%3.$2"

3$8.$

14%.8

14%.8

14%.8

14%.8

 

14%.8

 

2.$3".

IZDACI T+;/+<<0:- +6=

1.3%3.

  251.1   1.#25

. T+;/+<

60

5.$"" 5.$"" 5.$"" 5.$" 5.$" 5.$" 5.$" 5.$" 5.$" 5.$" 5.$"" 5.$""%".8"

"P-< 4.851 4.851 4.851

1#.1%"

1#.1%"

1#.1%"

32.34"

32.34"

32.34"

32.34"

32.34"

32.34"

25%.1

 P<+)6-< #.51" #.51" #.51" #.51 #.51 #.51 13."2

"13."2

"13."2

"13."2

"13."2

"13."2

"11%.1

  T+ 5""  5"" 5"" 5"" 5"" 5"" 5"" 5"" 

E.9 - 3.$"2 3.$"2 3.$"213."#

813."#

813."#

82#.13

#2#.13

#2#.13

#2#.13

#2#.13

#2#.13

#2"%.%

 K+=- 

2""  2"" 2"" 2"" 2"" 2"" 2"" 2"" 

Page 61: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 61/206

I<0:+ ++7<- 

2""  2"" 2"" 4"" 4"" 4"" 4"" 4"" 3.#"

O9- 2"" 2"" 2"" 4"" 4"" 4"" 4"" 4""P++<0/ 2"" 2"" 2"" 2"" 2"" 2"" 2"" 2""O00+;/+< 5"" 5"" 5"" 5"" 5"" 5"" 5"" 5""

UKUPNOIZDACI 1.3$#. 22.$#  22.$#3 43.448 43.448 43.448 33".% %$.5$# %$.5$# %$.5$# %$.5$# %$.5$# 2.3"1.

NETOPRIMITCI

12$.5

 ‐8"3 ‐8"3

3".4%2

3".4%2

3".4%2

#8.244

#8.244

#8.244

#8.244

#8.244

#8.244

#28.8

 

DOBIT12$.5

 

128.%

 

12%.$

 

158.4

188.8

21$.3

28%.5

355.8

424."

4$2.3

5#".5

 

#28.8

 

#28.8

 N /+ ;0 =: 6< 9+7 6++<- 6+ -7+70+

9- =+ +6= ) 6+)<+7- */0 //+ * 76+/6:006+)<+7-.

9.?. P&/13*%/ g&&$%!'3&g &3 + +g&/ g&%!% 0&'2&$!/

ULAZ 1 2 3 4 5 # % 8 $ 1" 11 12 UKUPNO+0+< +76+7-

2$5.#

 

2$5.#

 

2$5.#

2$5.#

2$5.#

2$5.#

2$5.#

2$5.#8

2$5.#8

2$5.#8

2$5.#8 

2$5.#8 

3.548.

I<0:- "

UKUPNO ULAZ2$5.#

 

2$5.#

 

2$5.#

2$5.#

2$5.#

2$5.#

2$5.#

2$5.#8

2$5.#8

2$5.#8

2$5.#8 

2$5.#8 

3.548.

IZDACI T+;/+<<0:- +6= "

 T+;/+< 60 %.5""%.5""%.5" %.5" %.5" %.5" %.5" %.5" %.5" %.5" %.5"" %.5"  

P-<#4.#

#4.#8 

#4.#8

#4.#8

#4.#8

#4.#8

#4.#8#4.#8 #4.#8 #4.#8 #4.#8 

%%#.1# 

P<+)2#."

4

 

2#."4

 

2#."4

2#."4

2#."4

2#."4

2#."42#."4 2#."4 2#."4 2#."4 

312.48 

 T+ 5""  5"" 5"" 5"" 5"" 5"" 5"" 5"" 5""

E.9 -5%.5

5%.5% 

5%.5%

5%.5%

5%.5%

5%.5%

5%.5%5%.5% 5%.5% 5%.5% 5%.5% 

#$".8# 

K+=- 4""  4"" 4"" 4"" 4"" 4"" 4"" 4"" 4""I<0:+++7<- 8""  8"" 8"" 8"" 8"" 8"" 8"" 8"" 8""

O9- 8"" 8"" 8"" 8"" 8"" 8"" 8"" 8"" 8""

P++< 4"" 4"" 4"" 4"" 4"" 4"" 4"" 4"" 4""

O0 0+;/+< 1."""1."""1."" 1."" 1."" 1."" 1."" 1."" 1."" 1."" 1.""" 1."""12.""

UKUPNO15$.#

 

15$.#

 

15$.#

15$.#

15$.#

15$.#

15$.#

15$.#$

15$.#$

15$.#$

15$.#$ 

15$.#$ 

1.$1#.

NETO135.$

 

135.$

 

135.$

135.$

135.$

135.$

135.$

135.$8

135.$8

135.$8

135.$8 

135.$8 

1.#31.

DOBIT 135.$ 2%1.$

 4"%.$ 543.$ #%$.$ 815.$ $51.$ 1."8%. 1.223. 1.35$. 1.4$5. 1.#31.

 1.#31.

 

9.#. P&/13*%/ g&&$%!'3&g &3 + 1&/ g&%!% 0&'2&$!/

U) 1 2 3 4 5 # % 8 $ 1" 11 12UKUPNO

Page 62: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 62/206

+0+< +76+7-

2$5.

2$5.

2$5.

2$5.

2$5.

2$5.

2$5.

2$5.#

2$5.#

2$5.#

2$5.#

2$5.#

3.548.

I<0:- "UKUPNOULAZ

2$5.

2$5.

2$5.

2$5.

2$5.

2$5.

2$5.

2$5.#

2$5.#

2$5.#

2$5.#

2$5.#

3.548.

IZDACI T+;/+<<0:- +6= "

 T+;/+<%.5"

"%.5"

"%.5"

"%.5"

"%.5"

"%.5"

"%.5"

" %.5" %.5" %.5" %.5"" %.5""$"."""

P-<#4.#

8"#4.#

8"#4.#

8"#4.#

8"#4.#

8"#4.#

8"#4.#

8"#4.#8

"#4.#8

"#4.#8

"#4.#8

"#4.#8

"%%#.1

P<+)6-<

2#."4"

2#."4"

2#."4"

2#."4"

2#."4"

2#."4"

2#."4"

2#."4"

2#."4"

2#."4"

2#."4"

2#."4"

312.4

 T+ 5"" 5"" 5"" 5"" 5"" 5"" 5"" 5"" 5"" 5"" 5"" 5"" #."""

E.9 -5%.5

%25%.5

%25%.5

%25%.5

%25%.5

%25%.5

%25%.5

%25%.5%

25%.5%

25%.5%

25%.5%

25%.5%

2#$".8

K+=- 4"" 4"" 4"" 4"" 4"" 4"" 4"" 4"" 4"" 4"" 4"" 4"" 4.8""I<0:+++7<- 8"" 8"" 8"" 8"" 8"" 8"" 8"" 8"" 8"" 8"" 8"" 8"" $.#""

O9- 8"" 8"" 8"" 8"" 8"" 8"" 8"" 8"" 8"" 8"" 8"" 8"" $.#""P++<

0/ 4"" 4"" 4"" 4"" 4"" 4"" 4"" 4"" 4"" 4"" 4"" 4"" 4.8""

O01.""

"1.""

"1.""

"1.""

"1.""

"1.""

"1.""

" 1."" 1."" 1."" 1.""" 1."""12.""

"UKUPNOIZDACI

15$.

15$.

15$.

15$.

15$.

15$.

15$.

15$.#

15$.#

15$.#

15$.#

15$.#

1.$1#.

NETOPRIMITCI

135.

135.

135.

135.

135.

135.

135.

135.$

135.$

135.$

135.$

135.$

1.#31.

DOBIT135.

2%1.

4"%.

543.

#%$.

815.

$51.

1."8%.

1.223.

1.35$.

1.4$5.

1.#31.

1.#31.

9.##. P&/13*%/ g&&$%!'3&g &3 + >1$&/ g&%!% 0&'2&$!/

ULA" # 4 5 6 7 8 9 : ? # ## #4UKUP

+0+< +76+7-

2$5.#

 

2$5.#

 

2$5.#

2$5.#

2$5.#

2$5.#

2$5.#

2$5.#8

2$5.#8

2$5.#8

2$5.#8

 

2$5.#8

 

5.76:.

I<0:- UKUPNOULA"

4?7.

4?7.  8:

4?7.  8:

4?7.

4?7.

4?7.

4?7.

4?7.8

4?7.8

4?7.8

4?7.8

4?7.8

 

5.76:. 

I"DACI T+;/+<<0:- +6=

 T+;/+< 60%.5""%.5""%.5" %.5" %.5" %.5" %.5" %.5" %.5" %.5" %.5"" %.5" ?.

 

P-<#4.#

#4.#8 

#4.#8

#4.#8

#4.#8

#4.#8

#4.#8#4.#8 #4.#8 #4.#8 #4.#8"#4.#8 998.#

 P<+)6-<

2#."4 

2#."4 

2#."4

2#."4

2#."4

2#."4

2#."42#."4 2#."4 2#."4 2#."4"2#."4 5#4.6

  T+ 5"" 5"" 5"" 5"" 5"" 5"" 5"" 5"" 5"" 

E.9 -5%.5

5%.5% 

5%.5%

5%.5%

5%.5%

5%.5%

5%.5%5%.5% 5%.5% 5%.5% 5%.5%25%.5% 8?.:

 K+=- 4"" 4"" 4"" 4"" 4"" 4"" 4"" 4"" 4"" I<0:+++7<- 8"" 8"" 8"" 8"" 8"" 8"" 8"" 8"" 8"" 

O9- 8"" 8"" 8"" 8"" 8"" 8"" 8"" 8"" 8""

45

Page 63: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 63/206

?6  ?6

P++< 4"" 4"" 4"" 4"" 4"" 4"" 4"" 4"" 4""

O0 1."""1."""1."" 1."" 1."" 1."" 1."" 1."" 1."" 1."" 1.""" 1."""#4.

UKUPNOI"DACI

#7?.

#7?.  8?

#7?.  8?

#7?.

#7?.

#7?.

#7?.

#7?.8

#7?.8

#7?.8

#7?.8

#7?.8

 

#.?#8. 

NETOPRIMITCI

#57.

#57.  ?:

#57.  ?:

#57.

#57.

#57.

#57.

#57.?

#57.?

#57.?

#57.?

#57.?

 

#.85#. 

DOBIT#57.

49#.  ?9

69.  ?8

765.

89?.

:#7.

?7#.

#.:9.

#.445.

#.57?.

#.6?7.

#.85#.

 

#.85#. 

9.#4 P&/13*%/ g&&$%!'3&g &3 + 01&/ g&%!% 0&'2&$!/

ULA" # 4 5 6 7 8 9 : ? # ## #4UKUP

+0+< +76+7-

2$5.#

 

2$5.#

 

2$5.#

2$5.#

2$5.#

2$5.#

2$5.#

2$5.#8

2$5.#8

2$5.#8

2$5.#8 

2$5.#8 

5.76:.

I<0:- UKUPNOULA"

4?7.

4?7.  8:

4?7.  8:

4?7.

4?7.

4?7.

4?7.

4?7.8

4?7.8

4?7.8

4?7.8

4?7.8

 

5.76:. 

I"DACI T+;/+<

<0:- +6=

 T+;/+< 60%.5""%.5""%.5" %.5" %.5" %.5" %.5" %.5" %.5" %.5" %.5"" %.5" ?.

 

P-<#4.#

#4.#8 

#4.#8

#4.#8

#4.#8

#4.#8

#4.#8#4.#8 #4.#8 #4.#8 #4.#8"#4.#8 998.#

 P<+)6-<

2#."4 

2#."4 

2#."4

2#."4

2#."4

2#."4

2#."42#."4 2#."4 2#."4 2#."4"2#."4 5#4.6

  T+ 5"" 5"" 5"" 5"" 5"" 5"" 5"" 5"" 5"" 

E.9 -5%.5

5%.5% 

5%.5%

5%.5%

5%.5%

5%.5%

5%.5%5%.5% 5%.5% 5%.5% 5%.5%25%.5% 8?.:

 K+=- 4"" 4"" 4"" 4"" 4"" 4"" 4"" 4"" 4"" I<0:+++7<- 8"" 8"" 8"" 8"" 8"" 8"" 8"" 8"" 8"" 

O9- 8"" 8"" 8"" 8"" 8"" 8"" 8"" 8"" 8""

P++< 4"" 4"" 4"" 4"" 4"" 4"" 4"" 4"" 4""

O0 1."""1."""1."" 1."" 1."" 1."" 1."" 1."" 1."" 1."" 1.""" 1."""#4.

UKUPNOI"DACI

#7?.

#7?.  8?

#7?.  8?

#7?.

#7?.

#7?.

#7?.

#7?.8

#7?.8

#7?.8

#7?.8

#7?.8

 

#.?#8. 

NETOPRIMITCI

#57.

#57.  ?:

#57.  ?:

#57.

#57.

#57.

#57.

#57.?

#57.?

#57.?

#57.?

#57.?

 

#.85#. 

DOBIT#57.

49#.  ?9

69.  ?8

765.

89?.

:#7.

?7#.

#.:9.

#.445.

#.57?.

#.6?7.

#.85#.

 

#.85#. 

9.#5 @&-%!/1 % '0&12 +3+0!&g 0%=& ; 01%&

U 7+- 0* 70 - 0/0 /6+9 6?+7 =0=6+7 ) 5 6++<? 9+7 ++< =0 67+@?

+0= 0*= <)= ) 0/0 0+;/+<.E21-1!% #.g&%! 4.g&%! 5.g&%! 6.g&%! 7.g&%! UKUPNO

A. UKUPANPRIOD 1.1%5.28" 3.548.1#" 3.548.1#" 3.548.1#" 3.548.1#"

15.3#%.$2"W

Page 64: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 64/206

M0-0+;/+< 3%4.283 1."88.#4" 1."88.#4" 1."88.#4" 1."88.#4" 4.%28.843

O0 0+;/+< 231.%2# %3%.##4 %3%.##4 %3%.##4 %3%.##4 3.182.382

P0 %".8"" $".""" $".""" $".""" $".""" 43".8""A=+0):- 5  81.25# 81.25# 81.25# 81.25# 81.25# 4"#.28"B. UKUPNITROŠKOVI %58."#5 1.$$%.5#" 1.$$%.5#" 1.$$%.5#" 1.$$%.5#" 8.%48.3"5

C. DOBIT 6#9.4#7 #.77.8 #.77.8 #.77.8 #.77.8 8.8#?.8#7P+) 7+*03" 125.1#5 4#5.18" 4#5.18" 4#5.18" 4#5.18" 1.$85.885

D. PRO@IT 4?4.7# #.:7.64 #.:7.64 #.:7.64 #.:7.64 6.855.95#N ++< 6+/)0- ) &-/+9 0+/ =+ )/-@0 7 - +<-

6+-/0 : <= 9+7= /++=/+9 </ 0-- /<7.R%;%*%R)/ ):- +<+9 6+-/0 <) - ) =*-0, 0)<.

0=/ )/ 6+0@/ )/. R): <) ) = ):- 6+-/0 +@.

:. "AKLJUČAKI<0:+ 07- /+;>- ;=/ *+= */0-= +/:- T+6+9 7+ 6+0 6+7@- P+0 /+/+ )/- +7+ /+- +7+ PELETIRANJE @- - 97- 67<G D+-/:=. P <9 @ - + /+@ +< /+- =+ +*)*70) )G. U +<+= @- +< * =+9 *0 +*)*G ) 7  -7+- = 0+ <= =0-+= 0@/= )+/+=, 0- 9+<+=<= <)7?. Z 0+=/ 7 7+0-> /+@ ** 7+<+ ) D+-/: S7-9 P+;<-, /+/+ 7 +<= =0-= +<- +< - +*<).

R)=-> 6)0 6++< 6+7?<0 =+ )/-@0 7>#. A) +/-, 70-/ 9 /+/:-/)-

@-: 7 - @ + <+ 0/0<+- 70- /69+<@/ =+>

7+*<-@ /6:, 0 7 :-+= 0;0 S*- )=-9+ =

+)*--? /+/0.4.  R)00 /++=/+‐F-/ ) 6>- 7>)/-@/- P++< 6+7?<0 - F-/ +6<7 - 6+/)0-

6+0*+0 0 00@/? 6+/)0- 6+/)0-/<7+0 +0+</ 0+/ )7+<+-<-> 6?<0-<

- P++< 6+7?<0 - 7;0<+ +6<7, 0+ 6+ <; ++<•  )@- 600:- <+) 79?

90,

•   -/+ <+/ /++;/ +6<7+0 6+-/0•  +0<- +<? 7? =0,

•  </ 676+):- )<+)===

5. N +@ ): ):- +<+9 6+-/0 

Page 65: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 65/206

6. R)=-> )@+ P6+@- 6+)<+7- 7<?6+0:-=

/70+= 7 9 60= 6++<? /70? - 6+7.

Page 66: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 66/206

INVESTICIONA STUDIJA ISKORIŠĆENJAŠUMSKEBIOMASE PELETIRANJEM (PILOT PODRUČ JEPIROT)

I"VRŠNIRE"IME+ o$oj investicionoj studiji iskoriš#enja šumske biomase

 peletiranjem $ra%enoj !a pilot podru&je "irot) se po#lo od zaklju'ka istra.i$anja potencijala #uma Gornjeg Poni#a$lja (&tudija 0"otencijal šumske biomase Š' "irot) da je nedoz$oljii$o niskae1kasnost iskori#"enja dr$ne mase pose'ene u #umi %roj'ani podacio toj e1kasnosti su slede"i-

E <ealni potencijal #umskog regiona Pirota izra.en u $idu podatka o zapremini raspolo.i$og se'i$og etata dr$eta od 21(1  m6  i prera'unatog na prm (prostorni metar! od 31*++,*-  prm ot$ara

mogu"nosti za analizu i trasiranje puta ka energetski e1kasnijemkori#"enju o$e mase

E )a te mogu"nosti ukazuje $e" 'injenica da o$aj podatak predsta$ljatz$ neto se'u ili neto se'i$i etat dok je bruto se'i$i etat 2(.12+m6 To zna'i da je $e" u #umi na mestu se'e napra$ljen gubitak od-*2-,2  m6 Gubitak u iz$la'enju #umskog dr$eta iznosi ( 21(1 1*.1+) / (-0-  m6 ili 68 B od neto se'i$og etata(68I43>3!  /(-0-m6

U re!imeu se i!vodi da je

•  <aspolo.i$o za prodaju 1*.1+ m3

tj. 2.*-3,( prm•  +kupan gubitak od se'e do dopremanja na sto$ari#te 13.2,-- m3

tj. 1.(0,(0  prm

•  +koliko bi se o$aj gubitak bar prepolo$io i s$eo na +. m3 tj. .( prm

•  st$arila bi se u#teda pribli.no od (. m3 tj. 1.1-  prm

•  a iskoristi$i deo se'i$og etata bi se podigao na 21.1+ m3 tj.20.1-3,( prm

Pute$i za po$e"anje ukupnog energetskog iskori#"enja #umskebiomase se samiukazuju nakon o$eanalizePrikazani rezultati se odnose na ukupan potecijal #umskog gazdinst$a&lede"i korak u o$oj studiji predsta$lja poku#aj da se ost$arena

Page 67: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 67/206

e1kasnost kori#"enja #umskog potencijala od momenta primarne#umske se'e do dopremanja na skladi#te od s$ega7? B primereno po$e"a i tako ost$ari zna'ajna u#teda #umskogdr$eta $a studija seba$i upra$o tim problemom i ona poku#a$a da daodgo$or na pitanje- 

Kako preostali -2 4 neiskoriš#enog, a pose&enog drveta

 pretvoriti u e5kasanenergent6ao jedno od mogu"i, re#enja je na2eno da se celokupnagranje$ina (i koliko je tomogu"e panje$ina! 'ipuje delimi'no na terenu mobilnim 'iperima adelimi'no na de1nisanoj lokaciji fabrike za peletiranje i pret$ori ue1kasan i racionalan energent u $idu peleta Jedan deo 'ipsa koji pos$om k$alitetu zbog udela okorka ne bi mogao da da $isoko k$alitetan pelet (de1nisan /& standardima! bi se sagore$ao u objektu fabrike za peletiranje i koristio za sopst$ene potrebe kao i potrebe urbanogmesta u kome je fabrika podignuta 

Kod donošenja odluke o racinalnom u&inku postrojenja !a

 peletiranje i njegovu gradnju pošlo se od i!vedenog podatkada je iskoristi$i deo se'i$og etata 21.1+ m3 tj.  20.1-3,(  prm+manje li se o$e koli'ine za potencijal Toplog dola (687@8 m6 tj 

Page 68: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 68/206

8379>>8 prm! a sa predposta$kom da nije racionalno dopremanjematerijala sa o$og podru'ja na potes *ojkinaca dobi"e se raspolo.i$ekoli'ine za projekto$anje postrojenja u *ojkincima od 3>8898 m6

odnosno 48789@ prm *alje neka se sadr.aj $lage u dr$etu kre"e uopsegu od 7 do 98B s$edeno na radnu masu kao i neka je $stadr$eta razli'ita tako da se njego$a gustina kre"e od 98 do ?8

kgKm6

To "e zna'iti da raspolo.i$a masena koli'ina se'i$og etatas$edeno na godi#nji ni$o iznosi39 879 do 4396? t

7ode#i ra&una o nepodnosti postojanja re!ervi sirovina i najmanjem mogu#em ekonomski isplativom u&inku

 postrojenja i!veden je !aklju&ak o potrebnom u&inku postojenja !a peletiranje od 2,2 tone na sat   (tK,! (sa faktoromiskori#"enja instaliranog kapaciteta i proiz$odnog $remena od >3!koji "e dati kod rada pogona od 487 dana u 6 smene i 'aso$nogu'inka od 388@ tKsat dne$ni u'inak od639?3 tKdan i godi#nji u'inak od @873tKgodinu

Hkonomski pokazatelji efekata o$ak$e proiz$odnje se mogurekapitulirati slede"im podacima-

• + pogonu za proiz$odnju energetski, peleta u pr$oj godini proiz$odnje mo.e se ost$ariti proiz$odnja 0.-* tona  peleta koje se mogu prodati na iz$oznom tr.i#tu 5apadneH$rope

•  + pogonu za o$u proiz$odnju utro#i se oko 1.0 tona razni,$rsta

otpadnog dr$eta sa $lagom od 38 B ra'unato na radnu masu

•  + pogonu rade u direktnoj proiz$odnji 47 radnika i u obezbe2enju i

transportu siro$ina 38 radnika 0 ukupno 30 radnika. •  +laganja za opremanje pogona sa$remenom te,nolo#komopremom

me,anizacijom i prilago2a$anje prostora pred$i2ena ulaganja iznose(.32. din odnosno 10.30 8ura. 

•   5a normalno od$ijanje proiz$odnje planiraju se trajna obrtnasredst$a u

$isini od- .(01.*32 dinara odnosno 10.03 8ura. 

•  Projekto$ana ulaganja po radnom mestu iznose- 2.21.11* dinaraodnosno 2-.2+* 8ura. 

•  Prodajom peleta u iz$ozu se ost$aruje ukupan pri,od od0(.31.*

dinara odnosno 1.21+.* 8ura. •  )eto dobit iz tak$og ukupnog pri,oda iznosi 22.2(2.(1( dinara 

odnosno 2(.*0 8ura, odnosno 22,04 na ukupan pri,od

Page 69: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 69/206

•  +lo.ena sredst$a u o$aj projekat $ra"aju se u tre"oj godini rada pogona

sa proiz$odnjom od @87 tone peleta godi#nje

•  Program nije osetlji$ na rizike pa je kriti'na ta'ka projekta na 9747B

kapaciteta proiz$odnje 

Page 70: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 70/206

#.  UMESTO UVODA ŠUMSKA BIOMASA ENERGENT 

C 9+< 7 7+0 7+ -@ )=< <7+0, <<; 6- =< / +*+<-<= )<+= 9-. V+/: 9+< -7+0<+ @ 7 +*+<-< 9+< *7 F-/

7+06-, - /+: 6+0) ) -/++=@-= )<++=9- =G 7+06= 9+<= ; 7 0+ =+9 *0 +*+<-<)<+ 9-.

D+ 6 9+7 )7 6+)<+7- 60 +7 7<0 -6+0+- S*-, +<+= 00/ <> = /+/+ )@--?+*-/0 =G /+-= +7 6+*+9 )@- + B+-<: @/5 0? D+-<: 4 0?, /+ <> *+- V+-<+7 P+7-. P=-+<-= +=:-= 0+/ )97- 6+0+-- ) 60-;=/ *+= 0/+ 7 6+:-- 7 > /+ 6+0+-06+)<+7 6+0:- 6+:-+= 6+)<+7-+= 7+ 25".""" 0+.I6/, 6+0+- -+; 7+0 6+0:- ) 7- 0 70- 6+;0+ -=+9> 7 /+@ +067? 7<? =0- ) ;= 67<+0@.

O0: 7< 9G =- 6@ 90/ 6+0:- S*-,97 ;= 6+/<- +/+ 7< =+ ?/0 <; +7 -7@0<0 0+0 6+<; S*-. U0<, 28 )@0? +*0 =-<; +7 4" 6+<; 6/< ;=+=.

P7)> 7<+‐6G<@/ 70- 9<+= 6<0)+<

6+: 6<0):-. V/ 67)> 6<0)+< =-6<0<6+*= 7 +6;0 6+/, 6 0/ +7 7 7+09 6+-/0+<<+ 6+)<+7-. Z0+ +<+= =+=0 =+ @0 +067=+ ) 6= +*7 7<0.

U/6 @ 7<0 ;== S*- )+ 2"4 =+ =3.U/0/+,

6+0+- </ /+@ 7<> S*- - 06 /+;>-

;=, /+- )< /+ +7+ @ 60 ;=, S*- =- +7 5". T- 06+*= - +@ </+< 6+0 6+7@- ) /+- - G+< investiciona studija iskoriš#enja šumske biomase

 peletiranjem $!a pilot podru&je "irot)  +<+- @-: -*) :+/6 7- 07-.

U/6 /+@ 7<+9 +00/ ;== <+ S*- 6+@ -

6+:- +/+ 1,1 =+ =3. O0: 6 @ ;=/+9 7<0 0+- +7 /+ /+- - /0 +*+<, +/-/ /++= 6)- 06:, 0/ 9 /++=, 6- /+-=.MG0=, -7 7+ ;=/+9 +00/ <> 7 /+0 ))@0 <?, 6-< +*@+ +0<-- )=-;0, 0/+ 7 -

+ 6++< /+@ +00/ 7<0 ;= +/+ ",# =+ =3

.P+0:- ) 6+)<+7- - 7+<+-+ /+;> - =+= 7+ 7<+9 +067+9 =0- /+0 7/<0@ )0= /+0+<= 6>=. < 0+-/ 7<? 60 +0: ) 6 +7 +*7 7<0. O067 =0- +7 79?

Page 71: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 71/206

=6:- 7<+= 9G+= /+- /+0 ) 6+)<+7- 66 66 =+9 , 0/+G, /+00 ) 6+)<+7- 60, <>/+=6- 07 7 /+ /+0 6 6-6/7- 7+6/ )<+ +<+9 =0- /+- /+0 )6+)<+7- 60.

S7;- /+;>- *+= 6+7@- P+;<- <+7/-@<+

/+;>- ;=/ *+= +*/ 7*+<. N//< 796G <7+<;=/ *+= 6=.

B+= 7<0 =+ /+00 ) )7 6G? <7+<@<0?,

0@? 9+<0? 9+< /+<0+<- 9-, 0=+?=-/=,)@@/+ ?=-/= *+?=-/= 0?++9-=. N-@;> ,=G0=, /+0 0== )

Page 72: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 72/206

- D+*-- &02&!1 1!1g%/1 'g&1$!/1-  )@0= +;=G-= )

6+0* 9--- I'&$1-1!+ 0&%;$&!/+ &02&!1 % 1213%>!1 1!1g%/1 0)<.

/+90<+= 6+)<+7-+=- P%&2%%>3+ 01+ /+-= 7+*-- 6G <7+< 9+< (

<> <7+0. T7 /+0< ) +*: *+= 6 @= -<> 6+ 7+*- +7 :+) +<. P+)<7+ - =+)=0 + - 7) 9+<+, - *+- 00< 0+

- G'%F3*%/+ /+-= 7+*- /+ 6G+ 9+<+ ( 9+<0+ 9+<+ /+-

=+ /+00 ) 7/0+ 9+<-, 6+9+ =+0+, 9 0* 07.- @1-1!*%/+ /+- 670<-- ( *+?=-/ 6+: /+-= =+96+)<0

*+- 9+< 6 <9 0+.K+;>- 7<0 /+ 90 +@0+ - )@-+

@-<= /7 - 7<+ +;9 /<00 @= - +=+9> -9+<6+0* 0?@/ <?. D<+ /+ 90 =+ /+00 <;+*/, /+ 6= 90 *) 6+= //00/ <;-9+< +*7 0--, *-- 6G 90. T/+

;=/ *+= ==+= 67+= /+0 +*/ ogre$nogdr$eta (cepanica i oblica! gori$e se'ke  & :?6, i$era C?6,briketa i peleta

K@+ +9<+ 7<+ = <+- 67+0 7+00/. P7+0

6+)0 0+ - -7+0< 0?++9- 7 07:+= <7+=/+;>- 7<0 /+ 90. S= 0+9 -@;> </ = **7<. N7+0: ;0+ /@ 0?++9- )7 //0;</= 9*:= <= )@/ - 6+, 9+9<- -6+06+ 0+=0)+<+ ) /7;0- - 6+0* </, < 6+)@ 6+0+.

S2%3 #.# O7 <= 7)09:- +:-0@/ J9+<- * :0P+;<- ++-  /-@<+ +60<+ ;=/+ 7<+ /+ 90. P+@<+7 <90 =: 67 7+=>0< P+;<- 7+<+) +9+= /+@+9<+9 7<0 := 66=- ) )=.

Page 73: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 73/206

S2%3 #.4 Og1$!& $& + 0%01-% ; 01'&/1+ ;%-+

Page 74: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 74/206

S2%3 #.5 +< @/ 7<+6)0+ ):

S2%3 #.6 I< 7<+ 6)0+ ):

P7+0 /+;>- < 0== ) 9-- - =+9>+00+=0):- 0= ;0+ ) )7 < =+ /+00 7<+ +;9/<00. N7+0: <+= </ <0:- +</< 0= )9-- <, ) =+0+ *7<- <+= +6?+7+ -6+9- 6:-+= =;+=. T/+G - ) /7;0-+6?+7+ =0 6+*, =/, 6+0+-.

P+)<+7- %31  Bb0 0121  P0 9<+= <)- )

7< 70- ) :- = :+<0+ :++ /+;>- 7<+< +@0+ 6=+- 67 7<0 6+0*+= )+06-<, *-<, /+ . U +* @- +< /+=6/0 60/+= *-- <; +79+<-> +*/,6/0@ ) 7- 6+0*.

U 6+G- :6:= <+= */0 =- <>)6=/

0+6+0 =+> /J/=3. K+ 7+00/ 6+06/ */0- =+ 7*7 0+ ;0+ 0<+/6. 

S2%3 #.7 N/+/+ )? +*/ 7=)- */06)0+ ) :

S2%3 #.8 B/0 )G=+/= 6+06/+= +7 +/+/7+*-+9 /++067 ) */ /0+ '@/

Page 75: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 75/206

S2%3 #.9 S- */0G? L*+0+-&/00 ZNR N;

S2%3 #.: P0 +7 = 6@/ 2"== L*+0+- &/00 ZNR N;

P0- )7 */0 =-? +7 2" == *) 0+=

6+06/ /+ */0- =+ *0 *) 6+0* <)<?

70<. R7

Page 76: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 76/206

   

6+*+-;<- <)<? <+-0< @<0+> +< ) 6+)<+7- =+7+7<0 1 ( 3 /+*.

S2%3 #.? P0 6@/ 8 ==

" 0&11 12%;*%/1 investicione studije iskoriš#enjašumske biomase peletiranjem $ra%enoj !a pilot podru&je "irot)3&%1!/1- +-'31 %&-'1 ! 0&+>/+ P&!%$2/ &2& '1& ;32/+>3 + '!/1- 1!+3+ &'%g!+&g ;$&/13'02&*%/1, ;0&'1!+&'% 0&$%! '!&$!%$&- %F!!'%/'3%- -&g+!&'%- 2&32!1 '-&+0$1, !/*%&!2!%/%

$% 0&%;!/ !%$& +11 + 13'02&*%/% +-'31 %&-'101'$2//+ 0&'+0*% 0121%!/ % %31%!/. 

4. ANALI"A TRŽIŠTA PELETA U) 676+0</ 7 +0< 0?@/+ 0?++;/ +< )

*+- /+;>- @<+9 00 7 :+)- +-/00+ 6+70/ + /+0 /+;>- ;=/ *+=/+- - -*+-= @- =+ 7 )+48, <//+ - =- /+ 7  6+*+-; +< =+9 7 6+0+=,7> 60- -

G1 /1 H%1

%&-'1QD+7; 6++, +<+= 00/ S*- 0;0 *+= <>+=

/+ +< 6+)<+7- 7+ 7 - ; 6+7;/ 7<.

 T/+G, 6<0+- :-0< 6+-<+ <> *+- 6+)<+G@=?

/+0+< 7+ 3"" KX 7+70+= +6=+=, /+- 7+0+;= 90/+=<+ /+;>- 60, +@/- 7 > 0 7+> 7+ =+</:- /<00. J< +*-/0 =+0< /+;>- -0-9 9+< /+ ;0+ - *+=.

< =+0< ) )97- +<? */ 6+)<+7- 607+) ) EU. V+/ : 60 0;0 EU, /+- 6) 15" W6+ 0+ - <+ 6<@ )6+)<+G@ S*-. N/ 60, / : /0@ 9- 6++<+0 7<+9 +00/ 7 6==-< -/ +<) 6+)<+7- 60 +7 7<0 S*-. 

Page 77: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 77/206

  ?? 

P06+0<--> )97- */ 60 /6:00+= +7 2""""0+

9+7;-, F-/ ) 6+/)- 7 - == 6+7-: ) 60 +77<0 /+- 6+7- S*- 51 W0, 7+/ ) + /+- * 6+7< EU + )+ 81 W0. I<0:+ 0+;/+< ) */ /+- *6+)<+7 60 0<+ / 0+= <+ 9+7;-=

+60<= 0+;/+<=. < +60< 0+;/+< +7+ 0+;/+< *</ +< 9-, 7+/ 0+;/+< ) 60 7/ S*- =- </ 7+ /6= +60<= 0+;/+<=. U)+60< 0+;/+< 0+;/+< 06+0 <+= )@-. D* 0+;/+< 9- * =- 6+0*+ - 7 */ 60 7 * 7< =. 

Page 78: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 78/206

P+G- 0/>? : )@0? 9+< 7+=>= 0;06+7)- 7 +9<+ 7<+ =-= =0= - --0- 9+<+ )9-- 6+0+. U 97+<=, 97 - -/ 6++*+09G <>, +9<+ 7<+ - /6-, 0/+ 7 7< 60 :+= +7 8" W0 --0- 9+<+. C 60 - 7=@/<@, 0/+ 7 - 0+/+= )= 2"122"13 7+0) <7+0 11"

7+15" E<. R)@0 <0 9- /+- +*@+ /+0 S*- =-: <+ */+9<+= 7<0. J7 0+ 7<? 60 =+ 7 )= 7<0+ 7+=>990, -7 0+ <+)+9 /<00-9 =/+9 9-, ;0+ =-+7 6+ 0+ + -. Z )7+<+-- <+-? 6+0* S*- <+) <;+7 8" 0@+9 9+< <; +7 85 6+7+9 9. V+0/+;>- 7<+9 +067 - =+ )*+9 @0- 6+)<+7- 9-,<> )*+9 =-- <+) +? 9+<. E90/ 6+0:-=+9> *7> 6+)<+7- 7<? 60 +7 5"" """ 0+ 9+7;-=+ 7 )= 35 6+0+;- 9- 35 6+0+;- 0@+9 9+<. T+ /+@ 6+0+; +/6+)<+7- 0+6+0 9-, /-@-> 0=+/0 0=

7-/+9 9--. J+ - 7 - 90/ 6+0:- 7<? 60)@- ) 90/ /0+ S*-. K+;>- 7<? 60 >7+0 /+0 +/= )-7:= ;=/? 9+ /+))6+;-<- /0<+0= @, 6/6--, 06+0 7<+9+00/ /+ 6+)<+7- 7<? 60. P+;0+ +6;0 ;=/=9+= 67- -+=;- +6;0 S*-, +7 >)6+;-<- +/+9 0+<;0< 6++<= /+;>-7<+9 +00/ 7+0 )@- /++=/ /+0.

P+0:- ) 09+<- *+9+<= 60 */0 E<+6 -0

6+:-. N-<- /0+ ) )<+- <+6/+9 0;0 *+9+<=60= */0= 6+7, 6+0-, : 077/<00. T/<+ 0;0 > =+ 6+<>0 /+/0+0 60

E<+6, <> 6+70 0<- +<? 0;0 /+) <+))<+) +-) -?+<+9 )<+-.S/7</ 7< A0- 670<-- 7< 6+ /+;>-

*+9-. N-<> +*= 09+< *+9+<= +0<- B0@/7< E0+-, L0<-, L0<- /7</= 7<=6+*+ Š<7/+= D/+=, 0/+G &/+=. O7G+*= 09+< +7<- )=G &/ +0? /7</? 7< )=G 7? 7< :0+- E<+6, 6+*+ !+7-+=,N=@/+=, A0-+=, S+<-+= I0-+=. Z@-+ =0+ +<+-+*0 667 P+-/+-, /+ 7< /+- 6+7- +*= +</ 6G<@/ /6:00 ) 60 */0. T9+<*+9+<= /-@- -@;> 6G 9+< +7 7<0 60

*/0 70-/ 6+)<+7 6-<, < :0+-E<+6, /+ 0/+G 7< +00/. U/6 6+)<+7- 60 E<+6 6+:-- +/+ 1,2‐1,3 =+ 0+. O7G+=/+@+= *+9+< 09- =G+7+= <+, Š<7/ <+)*+9+< ) K7, 0/+G <+) +9<+ 7<+ ) < A/.

Page 79: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 79/206

N=@/ )<+) +7G /+@ +9<+9 7<0 S7- D/I0+/ T/, A6/ E=0, J6 !+9 K+9.

D/ 670<- 79+ 6+ <@ 0;0 @<0= *+9+<= E<+6

6+0+;-+= 60 +7 %"".""" 09+7., 7+/ 6+)<+7- 6)3"".""" 09+7. P+)<+7 /6:00 ) 6+)<+7- 60 Š<7/+-)+ 1.""".""" 09+7. U N+<;/+- /6:00 ) 6+)<+7- 60

)+ ::. 8""."""‐1.1"".""" 0 +<+9 =0- 6++<+9 )6+)<+7- 60 */0. K6:00 I0- 6+97 6+)<+7-60 6+:-- 24".""" 09+7, 6+0* ) 6+0+;-+=6<)) 35".""" 09+7.

I) <7? 6+/)0- + 6+)<+7- 6+0+;- @<0?*+9+< E<+6, 6+)) )/-@/ 7 )67+<+6/7< 6+7- +9+=

Page 80: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 80/206

6+0* ) +<+= <0+= 6+)<+7 60 */0 +<+= =+=0<> 7+<+-? 6+0* 6+7=- <+)+= ) 0+@+<+6/? P+-/ *0@/?7<.

4.# N>%!% 3&%1!/ g&%$ & $!1 -'1 + E$&0%

U E<+6 *+= /+0 /+ +*+<-< )+ 9- /+/+ @ 0+ 6+)<+7- *+ 7), 6+)<+7- */0,6+)<+7- 60, 7/0= +-= /+9:-/ 6+0+--,7/0= +-= 0+6=, 07. U *+= 67 7< +00//+- 0- 6/+= /6+0:- ;= 6=+- F+-67 7<0 /+ 7< +067 0+ +79-= 76+-= +067.

V> )=- E<+6/ U- =, - 0+/ )76+< ) 6+<>- /+;>- +*+<-<? )<+ 9- +7 @9</ <> +067 *+=. O7 0 - /0/+ 6+)06+< =+ /? +7 )=- @: EU.

D/ - 6< 90/ 6 +/ /-@<+ /+;>-

*+= <0 07:-+= 7 <> @;> +<? )<+9- 00?11 3" 7+ 2"3". 9+7. &/ Š<7/ =- 6+<+/ /-@<+ 6+0* *+=, <0 ?7+ 9-. Š6- - +<<+- 6+0+->6 /+-= - 9;+ 7 > + <>0 /+;>- +<?+*+<-<? )<+9- 00? # 12 7+ 2"1".9+7.

U !+7- 00+ /+0 +9+= /+@ *+= +7@9

6+)<+7 132 MX /0@ 9- 83 MX0? 0+6+0 9- )0+ 6+0+; :: #2".""" 0+ *+= +7 @9 7< +00/

+067 3%".""" 0+. Š0 =? 0= /+- /+0 7< +00/6+)<+7 :: 1" MX /0@ 9- 45 MX0? 0+6+0 9-) ;0 /+0 :: 1"".""" 0+ 7<+9 +00/. B) 7<+=+00/ ) ;= +7<- 6/+< 7< 0= 6+)<+7 2#,1 MX/0@ 9- #,5 MX0? 0+6+0 9- ) 0+ 6+0*-<-:: 31".""" 0+ 7<+9 +00/. U/6+ :: 1.""".""" 0+ *+=6+0*-< ) 6+)<+7- /0@ 9- 0+6+0. P+ - 7 *7>+0 +*)*7 7+70? 2.""".""" 0+ 9+7;-*+= ) +< <?. T0+ - !+7- =+9> +*)*70 ::1.""".""" 0+ *+= 9+7;-. D * 7+09+ 6 +73.""".""" 0+ *+= 9+7;- 6+0*+ - +*)*70 +</+@ ) <+).

Page 81: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 81/206

 S2%3 4.# I)<+) <+) *+9+< E<+6 I)<+ A/9, 0 .,2""2.

Page 82: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 82/206

N=@/ 6 7 <> 6+)<+7- 9- +7 *+= )12,# 7+

2"1". ) 2" 7+ 2"2" 9+7. T0+ N=@/+- ::#5 9-6+)<+7 ) *+=. D * 0= 6+)<+7- 9- ) 7<+9+00/ + 0=; 6+)<+G@ /0@ 9- /+- /+0 +<+9+<+ # :0KX? ) 6+)<+7- 7+ 5"" KX 2,5 :0KX? )6+)<+7- 6/+ 5"" KX. Z 6+G- < 6+)<+G@ /+-6+)<+7 9- +7 +0? *+= + 0=; 2 :0KX?;0+ 9- 6+)<7 +7 7<+9 +00/ @ =+9+/+/0-+=. N +<- @ + 0=; )@-+ 6+<>-67 7<0.

N-<; 6= 9- 7+*- ) ;=/ *+=6+)<+7 &:/+-, 0+ - 2""". 9+7 )++ $,8 M0+,)0= 7 Š<7/ 8,3 M0+ &/ %,5 M0+. P=7 - 0+6+0 6+0+;- 9-- />,9-- <+760 7+ 6+)<+7- 9-, 7+ 9- 7<0 60< /0@9-. N 6=, 1$8$. 9+7 0- @ E<+6/+-

U- 6+)<7+ -1%,3 TX? /0@ 9-. U 6 - 7 2"1". 9+76+)<7 1"" M0+9- ) 7<, 00 6+/)0- /)- 0+ 7 > *0+0<+ #2 M0+.Tabela 43 Proiz$odnja primarne energije iz dr$eta u dr.a$amaH$ropske +nije (H+038! izra.ena u milionima toe (/z$or-Hurbser$LH< 47!

44 45@!*+'3 8.5" $.28Š$1'3 %.4" %.$2@%!'3 #.25 #.31

N1->3 4.33 4.81Š0!%/ 3.#" 3.%3A+'%/ 2.84 3.1$P&+g2 2.45 2.41I2%/ 1.4# 1.4#D!'3 1."1 1."$V12%3 B%!%/ ".%4 ".$4G>3 ".8% ".85&2!%/ ".54 ".4#B12g%/ ".38 ".4"I'3 ".14 ".14L+3'1-+g "."1 "."1#7 H$ EU 4".52 43.""

U A0- 60 0/0 /+ 9+<+ *7>+0 ) 7<=. D<

*+= +*/ /+, < 6-< - ?0+9+ 9+<+. R)/ 7- <9, 90, 6+- 0 0+6+0+- =+> +0<-077)- /+0+</? 6+0+-- /+- 67+< ) ;

Page 83: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 83/206

6= )< 7< 70-, 6= ) 9-- 6++7@? />,?+0, ;/+ *+:. T?/ 6= 60 6+7< - /+0+<= 0/> 9+<0+ 9+<+, 6+: 7+)- 9+<-60 6+06+ - 0+=0)+<. B0+ - 0/0 7 - 0*+0: < //00/ 0+9 9+<.

P+)<+7- /0@ 9- ) *+= 6= 6+/)0-= )2""2.

9+7 )=-= EU‐15 TX? - B9- 5,3 D/ 11,1N=@/ #4,8 &/#%,2 &:/ #%,2 @/ 11,1 V/ B0- 11,$ I/ 1,$I0- 23,4 L/=*9 ",2 !+7- #,% A0- 3%,8P+09- 3",3 Š<7/ #1,1Š6- 45,1. U/6+ ) < )=- @: EU‐15 0+ )+ 48%,2 TX? 9-, )-7+ +0= 67= @:= EU‐25 /6/+@ +</+6+)<7 9- - 5%2,8 TX?.

Page 84: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 84/206

U 0+0, 6+)<+7- *+= /+- /+0 ) 6+)<+7-9- * - 2""1. 9+7 5# M0+. D * 7+09 66+/)0- 6+<>- 6+0* +*+<-<? )<+ 9- ) 126+0*+ - +*)*70 7+70? %4 M0+ *+= 7+ 2"1" 9+7.S</ /0+ 0* 7 +*)*7 +7G /+@ *+= 0+ )/0@ 9- 32 M0+, 0+6+0 9- 24 M0+ *+9+<+

18 M0+. O<+ > +=+9>0 /6 /=:- *+= )6 /+@9- +7 13" M0+ 2"1".9+7.

N ++< )<;0- ) 2""3. 9+7 7 * 6+09+ 6+<>-@;>

+*+<-<? )<+ 9- ) 12 7+ 2"1". 9+7, 6+0*+ -<00 )=G1" 15 =-7 < </9+7.

P+*+ - *0+ 6+=0 7 60 /+ +0 7<*+=

90 /+- -=- )9G- <)7? <+0 7 +6;0.N=, =- CO, N+Q 0> 6; )0+ +7

7+)<+-? 9@? <7+0, =6+ ?+ +6;0 7.

D+=> 6+0- ) 9+<+= +7 +067+9 7<0 +<+==+=0 - =+9> 6+:0 - 6+0+- 6+)<+7- /+- *=+9 )7+<+-0 == 6+0*.

L: 6+/ *+= 0+- ) /+/+ ).< ) 6+)<+7- *+= '!/, +;g&/ %0%3+02/!/1 1!1g1'3%= 1'+'. P+-7 +6:- -?+<7+7 =+9 7 )/- )<+0 +7 06=0- 0-<- 6 /+ /7;0-, 60+06=, 009-6+/.

Š+-'3%&'*%D )<- )@0 0?++9- ) / /++=@@

;=/+97<0.

P6= ;=/ *+= 7 /+ @ 7<>. P+0+-*+- 0?++;/ =+9>+0 /+- /+ 6+)<+7 7- @6 9:- +*/ 6+60 ++9 70- 66 /? 6+@.Š=/ +0: =+9 7 *7 /6- /7;0 ;= 6 9+;0+ 0 =+9 7 7/0+ 0-<- 6/+= *-.D9 +6:- - *- 06+0 +00/ 7+ :0 +/:-97 =0- 0-< </= @6=. S0= )

0-<- +*@-+ /+0 /7 ;=/+ 7<+ 6G-)-=.I09 0= *- 90/ /+=6+0 6./+;-

Page 85: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 85/206

9-< 0+<=+ @+= 0*. K+=60 0* +*- +7 7 6:- +*: +*+:= ;=.E90/ /+=6+0 +7<-- +7 0* 7<0 0-<--@;> 0+- 79+- +6:- /+- - <+ */ +6:-@-. N +<- @ : 6+/ )@-+ =--.

Z </ +7 +<? 0?++9- =+9 /+00 )@0 <++6:-

+6=. < 6+*= )*+ 0?++9- 6+0@ ) <0 <@ 7<0, <0 0 < 6+0+- </ 6+, @/0?++9-, 7<7+9 /<00 +6= 0/0 /6+90=. O07 6/+= //:- : ;=/? 90 =+7+*0 </ +69 : ) 0 6+)<+7. I09 0= )6/6-- <+ )?< ) 6+/ 0<+ ?+=+9?6+)<+7 6+ 6?<0-<+- :. O6:- /+7 09? 0= )*- /+- 6+7)=<- )- 9G +*- 7<0 =+9 70 7> @

•  +*-,•  /0/:- +7<-- 0* +7 9-< +00/ /++<+9

0=,

Page 86: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 86/206

•  6+:- /+- /-@- +0/-- /+ - •  0-<- @6+<- <- +00/.

G&%$ & ;12/'1%&-'1

U*- 0/ *+= 6+60 =, :? *-/ 0<

6+@-/+;-= 0<+= +<. P97 )@0? +6:-6/+= *- -6/) :2.2.

S= /+ 6+7/0 0< 6?+7+ )?0< *-. N/+ 0<*

/7;0 6+- 06+0- 7+ /7;0 6+0+-- )9+<-. A/+ /+0 : 0*-/ 0:, +6:- 0< =+7 *7 /+=*+< *-= +6:-+= 0-<- //+* 6+79+ /<00 -7+- +6:-. A/+ +< +6:- /+=*- =+9> - +0<0 0: 6+- //+ * /;+= 6+7 6+-? /+=6+0.

MG )-0= 90/= *+== -6+)0- -

=/0. M/0 =+ 7 9- == @;>= G*< 60:7 7- 6+ *+= +7 15 0+ < =0- 9+7;-.N90< 6/0 )-0? *-/ 6+G- 7<0= - <+//+:0:- =0 /+- 0@ 6+: 9+<- 6 <9 0+6<+0 66, =- /++)-. U 0+/ 0<- /+- >+=+9>0 9-- *-/ ) )@0 /=0/ /++;/ )+ E<+6, +60=)0 6+ *+= +*)*70 +79+<-> <+-0<*+9+<.

S2%3 4.4  T?++;/ +6:- 90/+= : /6+0:-)-0 *+=

Page 87: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 87/206

D$1!'1 %2/31 ' $12%3%- $1g1%$!%-0%!&'&-

S 90/+9 0+<;0 00 7<0 *-/ </=

<900<= 6++= 0+<=+ /0/= <900<=6+7+=. T/< -

<* SQ /+- - 9< 670</ +< /09+- ;=/ *+=/+- 0* )0 )=0-. U Š<7/+- - <* 6+;=- 1%""" ? <? )@<-. M+9> - +0<0 15""" 7+2"""" @- 6+ ?/0, /6+0:-

Page 88: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 88/206

 - =+9> 0+/+= 2" 9+7. I)7: *- </? 4‐5 9+7 9+7;-= 7-= 6++= +7 +/+ 1" 0?. P+7 00+< <*+=7 0<- /+- +7+ 0+6+, -+< *) +/<IEA B+9c A9=0.

U )9+- +<? /0 +6?+7 0<- 6=<;0@/?

G*<, +067? <+7 +9/? =-<, 66 *+= 0:-;00+@. J+; </ - 7+090+ 6+0)- <+/+@/+9 *-*-/ /0/= <900<= 6+7+= )7+<+-<->=<+. V> =;/ +6= - )<-, / - /+=:-+ 7+06. MG0=, - 7 +*@+ - / -7+<+7 7+ ;<- <) 6+7@- /+-= <; /6+0:- 7 +/.

M; ) *- *+= 0+- +7 /+=6+0 ) @,<)<-

<-< *0? =7: =0 ) @ @6+<-, <- +*/+<- :6:. U6+0*+= =+7F/+<? =; ) 0<0+@ ?, ;> 0/ //) =+ <>+- =)0 : *- *+=. N/+ 6/6-- +< <0 *+=

+*/ =7: )7/ + =+9 7 /7- +6+<= =+9 7 /+ 0+9 7+70+ 0-<-.

S2%3 4.5 D+ 90/+9 : /6+0:- *+= /0/+9<900<+9 :/ @- @6+<- @- 6<--+6+<

N 6+0- ) */0= 60= 67 /+ 0?

9+7 /+- 6+<)- NATO 7+<-= S*- 0: - : 7+06+0 +9<+9 7<0, +@0+ ) 9 @. P+-@/+0+ @ ;= 7+< 7+ 6+0 : +9<+9 7<0 6+*+ 6G? <7+< +<+9 90 <7 60 */06+:-- 7 > /+ 00+9 )0+- 6+0 :

Page 89: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 89/206

+9<+9 7<0 0+/+= 2"13. 9. 7+> 7+ 6+=-/- 6+<; 6+7;=+= ;0+ > 7+<0 7+ 7-9 6+0 : +9<+9 7<0 6G? 9+< -9+<+- +</+- ++<.

Page 90: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 90/206

4.4 P&H!/ ; 0&%;$&%- & $!&g &'3 + E$&0% 

P+0- ) 6+)<+7= +7 7<+9 +067 /+ )+0= *+ +*+<-<= 9+<= E<+6 0+ 0. N 0+ <//+0@ 6+0 : +? 9+<, )/+ + );00 <+0 7,0 6+0 <0 + 6+0* /+;>- 00<? 9+<.

M/= 6+0:- ;=/? EU +/+ 543 =+

=3 7<0 11"" TX? +7 /+-9 - +/+ 5" 7< +00/. Z*+96+*= /+7 /6+0:-;= 0-. )*+9 0;/ 606@+0, 6= 606+0</= &/+9000 )0<- ;=, 0< 6+0:- :: 14" =+ =3 7<0 28" TX?. O7+< /+@ =+ - 5 00+ /+;>+. N-<> 6+0:- Š<7/+-, &:/+-, &/+- N=@/+-.

S2%3 4.6 R<0 +9):- E<+6 ) 6+7@- 60 */0.I)<+ A0, 2""4.P+)<+7- 60 2""4. 9+7 * - :: 3 =+ 0+ 14

 TX?, -<> 6+)<+G@ Š<7/, D/ A0-. N-<>6+*= ) 6+<>- 6+)<+7- - 7+<+- /+@

6+=0-. O@/- 6+<>- 6+0* ) 60+= /+7 <?<0 6+0+;@ <+<0+ > 7+0> 1" =+ 0+ 2"14. 9+7.O<+ = 6+/)- 7 > ) 7+0)- 6 6+)<+7- *06+0*+ <+)0 ) +0? )=- :: 44 =+ =3 7<+9 +00/.

U <= <+6/= )=-= 6+0+- +:-:- 6+)<+G@ 6+7<:

*++*+<-<? 9+< /+- 7- 0:++, @= </+ =--0+;/+< +=+9>- /+0+ *7<-.

P= 0/< +:-:- - .: =‐<.7  6/+ /+- =+9 +0<0 /+0/0 <>+= -<>? <+6/?6+7<: /+ 9+<. P= *) )@0? <0 /+ 9+< -.9?+)*+.7 9 7 =+ < ; 0 /6+<  6 +7- <?< 0 /+ 9+< .

U T*= 2.2, 2.3 2.4. 6/) / 6+7 :*+*/0

*+60 )=-= EU.'<0 *+9+< /+ ;0+ 7< +00/, 60 6-< 7+09 +*=

Page 91: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 91/206

09+</ )= 0 E<+6 +7 /++ 5" PJ9+7 I)<+ A0,2""4. N-<> 6+)<+G@ 60 E<+6 Š<7/, 6+0+=D/, 0>=

=0 A0-.I)< E<+6 )@- 0;0 S< A=/,

K J6. P+)<+7- 60 ) 2""2. 9+7 Š<7/+- -)+ ::. %##. """ 09+7., 7+/ 0+ <= D/+- ::. 182.

""" 09+7 A0- ::. 15".""" 09+7. U 2""2. 9+7 6+0+;-60 D/+- )+ - 6/+ 4"". """ 09+7.

Page 92: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 92/206

P+0+;- 60 D/+- <+= *)+ > 7+0> <7+0 +785".""" 09+7., @= * D/ 6+0 -<> 0;0 60= E<+6. P+: 9+<+ 6+9 0<7- 7 > 6+0+;- 0;0 60 A0- 7+ 2"14. 9+7 0 7+ <7+0 +7 $"".""" 09+7. U 2""4.9+7 6+)<+7- 60 )+ ::. 1#".""" 09+7, 7+/ 0+ <=6+0+;- 7+0 35".""" 09+7. T;0 Š6- - ))0+ =+

6+)<+7- 60 */0 )-7+ 2""3. 9+7 - 6;<7+0 5"‐ #" """ 09+7.&/ 9+7;- /+0 12% PJ @<0? 9+< 7+*-? +7 7<0,

2""2. 9+7 6+)<+7- 60 &/+- 7+09 - 22" """ 09+7,7+/ - )<+) 60 ) &/ D/ Š<7/ )++ 8"."""09+7. V7+0 <+) 06: ) 6+0* ;=/ 70- &/+- ) 2""2. 9+7 )+ - 13 =+ =3. C 7<? */0 &/+- - 43 EUR0+, 06+0 0+;/+< # EUR0+. E90/<7+0 7+*- ) 7<? */0 )+ 4.8 MX?0, 667->+=:+= 9- +7 1".2 EURMX?. C 9- 7+*- +77<? */0 &/+- )+ ::. 1",22 EURMX? 15. *, 2""4,A0.

N/+ 2"12. 9+7 6+:-- 7> 6+7/ 6<?1" 7< E<+6 6= +*= 6+)<+7- 60 Š<7/,D/, N=@/, N+<;/,A0-, V/ B0-, I0-, Š6-, 7< B/, &:/.

Tabela 44 Pregled cene peleta po toni na me2unarodnom tr.i#tuD0:- A0- D/ N=@/ V.) @/ 13# 134 13# 135 135) Š6- 1#" 1#3 1#" 1#4 15%) I0- 1%# 1%# 181 1%8 1%5

L+/ 1%1 2"8 2"5 185 1%"Tabela 46 *odatni tro#ko$i za iz$oz peleta izra.eno u H+<Ktoni

D0:- A0- D/ N=@/ Š<7/ V. B0-@/ 2# 24 2# 25 25

Š6- 2" 23 2" 24 1%I0- 28 28 33 3" 2%

N-<> *= 6+0+;- 60 +7 <? E<+6/? 7<6+09 -D/. O7 6+0+;- /+- - 6<)) 4"".""" 09+7 ) 2""2.9+7, D/ - 60 7 7+09 6+0+;- 60 +7 6/+85".""" 09+7. P+)<+7- 60 D/+- - +/+ 15" """ 09+7., )<+0 +7 <@ )<+) 6+)<+7 +7 7<0 ) D/ 797<.

I0- 670<- )@-+9 @/ E<+6/+= 0;0 60.P=

6+7-= 6+7:=, I0- 6+0+- 44 90+< 6+)<+G@60 +/+ 8" 6+)<+G@ - +:+ < )=-, 6+-7@+ -)@-- 6+7@- 9- V0+ L+=*7- 6+)<+7-+= ::. 1#" """ 09+7, 7+/ 6+0+;- </+ 6<))35".""" 09+7. P+0+- 7< )<+ *+= /+- 60 I0-, 0+;=/ *+= ) 6+-+6<7. P0 6+)<+7 /6:00 I0- /> +7 =? +/+ 3"" 09+7 7+ +? </? 0= <7+0= 6+)<+7- +7 25‐3".""" 09+7. P=6+7-= 6++<= +=:-= I0- - 60+ 8

Page 93: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 93/206

6+)<+G@ +6= ) 6+)<+7- 60 -6+)0- L,K=Q, B+0+, L M::: .

Tabela 47 Tro#ko$i proiz$odnje i cene peleta proiz$edeni, u /taliji(/z$or- HTA0<eneMable Hnergies 47!

C1! 0121 E$&3g T+;/+< 6+)<+7- /-@-> +< "."%‐".1"V6+7- : ".15‐".25

M+6+7- : ".25‐".4"

Page 94: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 94/206

4.5 P&H!/ + 0&g21+ 3&!3+1!!&'% %31 %0121 

O< 7< 6+)<+7 /-@<+ /+0 /+ +9< =0-,+7++ /++;/ )<+ 9- 0-. )= ) 7+7;- )<+9- /+ ;0+ /0@ 9-, )= 9, 0 7.P= +</< <0 6+)<+7 - +9@ 6+0- ) -=

) 7 7 0.O+< 6+0* */0 - 6>= @<0+ 9+<+,/==, =

/+0:= </= /+0+</= 6+0+--=. N@-9+<+9 6/+<- 70*:- 69+G - ;+/+- 6+0+;- =+9> 9 - 6+7<0 <= 09+<= 09+<@/= +*-/0=. V+ - / ) =6:- 6+0* /+ ) /7;0-.

S2%3 4.7 P+)<+G@ 60 I0-

Page 95: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 95/206

S2%3 4.8 < ;<7/ 6+)<+G@ */0, 60 6-<

Page 96: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 96/206

O+< 6+0* 60 - = /+0:= </=/+0+</= 6+0+--=, 0= 7 +< 6+0+-- =+- =06:- 6 7+)0+ ) +-. N@ 6/+<- 70*:-69+G - =+ +7G= 6+0+;@/= /6= /+- =-69+G 0= +- 60. V+ - )?0< /+7=6:- 6+0* ) -9+<+ /7;0- =+-

+*)*70 +79+<-> +.

S2%3 4.9 L+/:- 6+9+ ) 6+)<+7- 60 &/+- 2""2.I) <7? 6+G- <7=+ 7 - -7 <0 9+<6+ <;

69+G ;+/+- 6+0+;- 7+/ 79 <0 = /96+0+;@. S 79 0, 60 - 6+ /; 6+0*-<0 0+=0)+<+= 0= +- 7+/ ) */0, 6/, 0*6+0*0 =+ +-, ;0+ 7+/ 0< == 7+700+;/.

Z*+9 +</<? //00/ 0:- +/+= 0;0

/+ 6+7+<- +79+<->? 7+)? 0= ) +- 607+)=+ 7+ )/-@/ 7 - /-@<+ */0 00 ) 6= 0;0 S*-, 60 /-@<+ ) )<+) 79 )=-.

U 7+-= 0*= >=+ 670<0 / 6+7 : 0;0*/0

60.

Tabela 48 Cene '$rsti, biogori$a (*oma"e tr.i#te!

Page 97: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 97/206

V' J1%!%* -11 C1!B%31 1 T 1"" ( 15" E<+P121 1 T 18"‐2"" E<+

\P+7: 7+*- +7 09+<@/? /> /+- 6+7- +< <0+9<+9=0-

Tabela 49 Cene '$rsti, biogori$a (/nostrano tr.i#te!V' J1%!%* -11 C1!

B%31 1 T 1"" ( 2"" E<+P121 1 T 15" ( 3"" E<+

\P+7: 7+*- *) *+ +*+<-<? 9+<E9?+)*+

+ <7 : <6+7- =- </ +::-, )<+0

+7 6/+<-.M+6+7- : =- 09+<@/ 7+70 = +7 :: 3"

7+ 4" 07+70 0+;/+< 06+0, 6+9+0+< /+ 7 + )<+).

Page 98: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 98/206

4.6 U0&1!1 331%'%31 ;!%= $' g&%$

D * =+ 670< //00/ /+@ =+> */0 60 +7+ +0 90, 6+ =+ 0*=/+- )7 / +0 F=.Tabela 4> +poredni prikaz kalori'ne mo"i pojedini, gori$a

V0  0 

K+@

<9 

K+@

66 

 T+6+0

=+>B/0 55" ( #5" 1" ",4 ( ",# 4,#5 ( 4,%5P0 #"" ( %"" $ ",# ( ",8 4,%5 ( 4,8D< 6; :: 2"" 8 ",4 ( ",# 4,8" ( 4,$"D< @/ 25" ( 35" 5" ",4 ( 3," 2,25 ( 2,35L+ - 83" " " $,$"U9- 83" 5 3 ‐ 5 $,$"\I)<+ +=:- B+9= Š<7/

I) 9+- 0* =+ )/-@0 7 */0 60 =-)<7 90/ 6+0:-, 0= ;0+ =+ )0 +*) 7 + 6+ /; ) =6:- 9+ ;0+ - 0+ 7< 6-< @/.

S2%3 4.: P/) 6+= )6= 6 6+: 0+=:-)@0?

9+< I)<+ A0, 2""5.Tabela 4? Pore2enje kalori'ne $rednosti i lo. uljaK&2%>%! K*2 K&2%>%! K&2%>%! 2&H +2/

41".""" 1"" /9 42\I)<+ +=:- DIPIU I0-

Tabela 4@ +poredne karakteristike izme2u peleta i lo. uljaK&2%>%! T1H%! T&02&! -& K&2%>%! 2&H

1 =3 #5" /9 18.""" /J/9 3"" /9\I)<+ +=:- O/+= =*!, A0-

Tabela 43 /splati$ost upotrebe briketa i peleta u pore2enju sa klasi'nimogre$nim

dr$etomV0

90

K+@ J7@

MPC

U/6

+

C6- )-

6+ =3 

U/6+7+70

0+;/

S<

/6+

P+*+/7;0

- B/0 

1 T  18" E  18" E " E  " E  18" E N-

6+0*+P0  1 T 24" E 24" E " E " E 24" E P+0*+O9<+7<+  4 =3  5" E 2"" E 15 E #" E 2#" E P+0*+

Page 99: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 99/206

P+=0 //:- G - ++< 6/6-? 6+70/ /0? :.

4.7 O!&'% 0&&> 01- %!+'%/% %&g&%$

R)<+-= 70- *+9+<, =6=0:-+= )/+/? 6+7)/+/? /0 ) +*0 ;=0< /++9- 7+> > 7+

6+= <0 + 6+0* <>9 /+;>- *++*+<-<? 9+<. N0<+< 6+0+;@ )@-+ 0@ 6+0 : +0? 7+06?9+<. P+7 0+9, *> +6?+7+ )@0= <0= 7/0<? 6+=+0<? /=6- 0:0 6+0+;@ 7 <>+- = 6+@/+00 +< <0 9+<.

K+ 6= /+/0+0 0<+< 6+0+;@ 6=/+;>- +067+9 7<0 /+ 90 ) 6+)<+7- <+7=+//+ A0-, /+- - *+90 ;==, 6+70@ <+G- 9--7<0+= 6+7)-= /++;/ <0 9G +7G=*<:-= /70-= )97- /+0: ) 9+<-*+=. Z 6+@0/ / -< )97, ;/+ =*09G /+0: ) 7< =. Z0= =-= =0=<+7+ :0)+<+ 7-/+ *7<- 0+6+0+= 9-+=. T+

 - 0:+ +0 9G 7 +7@ 0- +*/ 9--.D 0/< 0= /+;>- 9- 60, 7+/) )@0 6+0+-- 6+790 *) @;> *7>9 </.P+0+-- 6>- 6+7+= 9-+= /+ +7G+9<= 6+ <;0<+ =+:. A/+ 6+0+-- /+0 *+=, ) 0+, )*+9 =-+9 )9G<- 7, 7+*- 6=- +77< ) +7 );00 7, 60<+0 - 7+090 ) 4‐5 9+7.

 T/+, 6=, Š0-/+- $25 9+7 0 =0 A7=+0, +/+=

<00= =-=, = +< /+0: *+= /+-+=)=-- #""."""0 - ) +-. K+0: ) 9-- -<> 6<0;/+ A0- 8%" @/ ) 9-- 15" 6++7@? )97 /+- *). P7<G+ - 6+<>- /6:00 7;-? 2,4 MX? 3,5 MX?. S0- =0 6+)<+7 +<+= 6+0+-- /+-/+0 0= ORC48, ) 6+9+ 0*. P+-/0+< ), )G I0-. O<- 6<: E<+6 6+-/0+< - ) @/ +7 4"" /X/0@ 9-. U 6+*+= 7 +0< - @/ +7 5"" /X.ORC 6+06/ /+0 /+0, =0+ <+7 -7 +9/ =7- /+-= 6+<+-- ++* /+7 /? 0=60 +7+ <+7. T=+ -= ) /+0, /+- 9- *+=+=, )=-<@ 9-+9/ =7- /+- 6< @- 6 6+9+ 0* ) 6+)<+7-/0@ 9-. N/+ )<;+9 7 0*, 6 /+7).

 T+6+0 7+*- ?G-= /+7)0+ /+0 ) 9--<+7

0= 7-/+9 0+6+<+7. D= 9+< ) /+0 /+-= 9+<

*+= 6+@;><-, -?+< 0+6+0 9- /+0 )9-- <+7. K+@ 0+6+0 @/ +<+9 6+0+-- - 7+09+<+<0? $% . I<0:- ) +<- 6+9+ )+ 1"5 =+ATS, +7 @9 0+6+<+7+ 9-- +/+? /> +067 11 =+.B+=  ) 9-- /+0+< - +067 ) <00+9 6+9+ ) 677<0 7<+ ) +- ) +*-? ;=. L+/+ 0+<;0<+ -6+++ @0 <)7? +/+ /=- /+ <)7; *-.

Page 100: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 100/206

 S2%3 4.? P/) 6+) +< 7<0 9+0+<+9 6+)<+7

60 ( *+9+< I)<+ E.V.A. A0 E9c A9:c, 2""5.

5. REPROMATERIJAL ANALI"A ISNABDEVANJE

5.# G1!12!% &'$ ! !2%;+ '!1$!/ 0%-!&- %&-'&-

S 00+-+= +7 %%4%4 /=2

%,4 =+ 0+</ *)00+- K++< M0+?- S*- 667 96 <+6/? )=-7- <@. S< 7+ 00+- S*- - <@/+6+-+6<7 9+, 7+/ - - 7+ 6/ 9+ *+90;==, )0+ /+=- =+9>+0= 6+)<+7- 9+*+=.

S2%3 5.# U7+ 6+<; 6+7 ;=+= /6+- 00+- +6;0S000@/ 9+7;-/, 2""%, R6*@/ )<+7 ) 000/

Page 101: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 101/206

P&1!*%/2 +-'3&g $1 + S%/%Š= S*- 6+/<- 6+<; +7 1,$8 =+ ?, ;0+670<- +/+

25,# /6 00+-S*-.

 J7 </ 9+ +6;0= /+- =- </ 6+/<+0<+-

00+- ;=+= ) 0+/ S*- / 3.1 3.2.. T- 9+@-<- +6;0 M-76/ 6/+ 8", )0= K@<+,Ž9*:, D6+0+<:, B+ B-<: < 6+ 41‐#". D9</ 9+ *+90 ;=+= ) -9+)67 S*-, @-<-9 +6;0 P-6+- 6/+ 8", P*+- K;=- #1‐8", /+/+ 7? +6;0 7+= 6+<; 6+7 ;=+= )=G 41 #" +7 00+- +6;0. A)-> 6+70/ + +6;0= =+ <70 7 ;0+ - +6;0 *+90- ;=+= + - +=;- 0+<;0< =- - /++=/ )<-. O< @-: * =+97 *7 66/ ) 6+<+G- 6+-/0 /+;>- 7<+9+00/, 0+<=+ =+0<:- ) -9+<+ 6+/0-.

O7 14# +6;0 S*- 28 +6;0 - 6+<; 6+7 ;=+=<> +7 4" 00+- +6;0. Š= S*- 9<+= 0+67

0* 3.1. L0+67 ;= 6+/<- +/+ 1,235 =+ ?, 7+/@0/ ;= 6+/<- +/+ ",182 =+ ?. M; 0;0 ;==, 0+67= @0/= 7<>=, 6+/<- +/+",5#% =+ ?.Tabela 63 Frste #uma nji,o$a po$r#ina i$lasni#t$oP+<; ? L0+67 '0/ M; U/6+ S*- 1,23 ",18 ",5# 1,$84D< ",#2 ",12 ",2% 1,"21P<0 ",#" ","# ",2$ ",$#3P+/-V+-<+7 

","$3 ",""1 ","#$ ",1#3

P+7: ) P+/- V+-<+7 +*?<> +0= 6+7:= +< 0*

Tabela 64 Gla$ni parametri #uma u &rbijiU/6 7<=

+7;-60

S@ 7<0 S@ 6+<>-

=+ =3 =+ =+ B/<\ 8",35 1,83 1,"" 55,1!0\ 3",81 ",82 ",24 3",3 T+6+\ 1,3$ ","$ ",42 77? S=/\ 4,51 ",1" ","3 35,2C *+\ 4,"$ ","8 ","4 51,$O0+ 83,4# 2,22 ",82 3#,1U/6+ 2"4,# 5,22 2,58 4$,4\ =+ @0 0;0 P+7- 6+6 ;= S*- - *+ 1$%$. U =G<= - </ *+-7<0

0+6+ 6+G )0+

Page 102: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 102/206

S2%3 5.4 V;0<+ 7 ;== +6;0= S*- )+ ( 7<;=,:<+ ( 6<0 ;=

O3+;% "‐B+97, 1‐S<+‐B@/, 2‐C0+‐B0/, 3‐S<+‐B0/,4‐J+‐B0/, 5‐Z67+‐B@/, #‐J+‐B@/, %‐S=/, 8‐M@</, $‐ K+*/, 1"‐P+7</, 11‐B@</, 12‐Š=7-/, 13‐P+=+</, 14‐ B+/, 15‐Z-@/, 1#‐Z0*+/,1%‐M+</, 18‐R;/, 1$‐R/, 2"‐ N;</, 21‐T+6@/, 22‐P+0/, 23‐J*@/ 24‐P@-/, 25‐K++</, 2#‐P>/,2%‐P)/, 28‐K++</+ M0+<@/, 2$‐K++<+ ( P+=+</

< <0 ;=/+9 7<> */<, 0+6+ ?0 /+670<: 0+67+9 7<>, : *+ =/ /+670<: @0. MG0= *7-<+ -<> 7+ ;==S*- = */< 6/+ 4" 0* 3.2.

P= 6+6 ;= S*- ) 1$%$. 9+7, 0+6+ - *=+

)06-. MG0= 6+7-+- 7:- 7< 0+6+ )G6+*+ <@/= 9+= 6+7 /. I) 0+9 )+9 6+0+- 9+0 )<@= )<;0-= )=G )6= 7< = 0+6+ ;== @ 7<0 0+6+ ;==. U 6+0 6+7@- +< 07-0+6+ = )@- /+ 0?@/+ 7<+ 7<+ ) 6+)<+7- 60 9-*:, 6 =+ @0 +067+= ) +< 6+)<+7-. N+0 6+0+- 6:) 6+7: + 6+0:- +< <0 7<0. I@ -+ <+= 6+9+7+ 7<+ ) )9-- /+ 90/ +<,6+;0+ - - 9+7;-

Page 103: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 103/206

)6=/ 60 = =+9+ <> 9+ ;0+ - 0+ @- 79=<0=7<> S*-.

Z 7 S*- 6+0+- )9-- 90/? *-? /0, 0<- ) 6+/)- 7 * ++ )=-;0 /+- - 6+9+7+) )9-- /+<:+? 6+-+6<7? /0 =+9+ *06+9+7+ ) )9-- *)+0>? 90/? ;=/? /0.

I /- -<- ;32/+>3   <) 6+0:-=*7<-=

+<+=O!&' %;-1+ ;01-%!1 0&'1>1!&g $1 % ;01-%!'3&g

0%' $1 + +-- S%/1 /1 -!/% & 7. "1-2/1 ';$%/1!&- %!<'+3+&- + +--, ' &%- +0$2/!/1-+-- %-/+ 3&1<%*%/1! %'3&%1!&'% & 97 &g&%!/1g 0%' $1 + +--. P& 0&/-&- dobrain9rastruktura g2$!& ;!>1!/1 /1 && ;$%/1! -1H3$2%1!%= +-'3%= 0+1$ 3&/ 0&3%$ '$1 12&$1 +-1. S0&&2/!/1- %!<'+3+1 + +-- S%/ % -&g20&$1% 0&1!*%/2 ; &H%$& 3&%1!/1 $ + +--. 

5.4 D&'+0!&' '%&$%! ! 0%2& 0&+>/+ +-'3&gg;%!'$ P%&

K+ <+7 +*)+- +6?+7+0 F/-/6+0:- ;= S*- 9+ 6 6+0 6+7@- <;>=+7> 6+70/

P+G- ++<? 6+70/ =G )=-= *<; J9+<- S*-, C +, !<0/ B+ !:9+<6+/)- 7 S*- = -=-6+0:- ;=/+9 7<0. T0+- S*- - -=- 6+/<;=+= <925,#, 7+/ +/+ )=- =- 6/+ 43 7+ 52,%. MG +<=)=-= S*- - -9;> -, 0/+ 7 - 6+<; ;= 6+ 9<

0+</ S*- <9",2#4 ?, -+; )- 9+ +0= )=-=, +7++<; 9+ 76+=-. O< - <7+0 6+0:- 6+ 0+</ 7+<+7 7+-9 +*= @ 6+ 0+</ 0/+G, =+ ",345 =3  +7+ 6/+ 1 =3  79= )=-= 9+. '/ +60=+=6+;=-+;> +7 41 00+- S*-, +< <7+0 > 7+0><7+0 6+/<+0 ;=+= 00+- 7< 9+. 

P= 6+7:= ) S07- /+-+= - +:-< 6+0:-Š=/ *+= Š P+0 /+- - G ) 6+0* +<+9P+-/0, /6 6+<; ;= ;=/+9 )=-;0 N;</+9 6+7@-, /+-= 9)7- Š=/+9)70<+ ) P+0 7;- 7< ;= )+ 3$.3## ? +7

@9 -•  +*+ 28.#$2 ? %3•  +*+ 1".#%4 ? 2%N<7 6+7: 9+<+ + )@-+ *+-= 0- ;=N;</+9

;=/+9 6+7@- +7 6+/ )S*-.K+/0 6+7: + 6+0:- ;=/+9 9)70< P+0 )<@ ) 6+9<-8.6. "AKLJUČNA RA"MATRANJA O STAN/UPOTENCIJALA GORNJEGPONIŠAVLJA

D+*- <7+0 @<+9 00 ) Š P+0 +7 4. 6 75 0-

670<-

Page 104: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 104/206

0<+ 6+0:- ‐ =+9>+0 7 @ <7/+@ 7<0.

Page 105: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 105/206

Tabela 66 Pregled raspolo.i$e dr$ne mase za se'u na teritoriji GornjegPoni#a$lja (GJPirot!G;%!'3  /1%!%* 

P V V\ Z< Z<\ SE O06 NS? =3  =3? =39+7 =39+7

. ?=39+7 =39+7 =39+7

 T+6 7+ 3.$48,4  5$2.%$# 15",1 11."$2 2.8"$

4"

443#,8 88% 354$,5

]*- 1$12,8" 41$.5"1 21$,4 #.%2# 3,51#543#32 %2# 2$"5,#

Š+/ 3.""4,2 

##2.534 22",5 $.%$4 3,2#4"3$14 %83 3131

P- 2.2$1,1 

3%8.$$1 1#5,4 %.#4# 3,33%453441 #88 2%53

S$1gH. ###78,7

 

4.75.:4 

57.47:  65

#7646 5:6 #455?

P<0+ 1%53#1.882.%

2#.%5"43

11.%"2 234" $3#2

S$1+3+0! & 4:8?4

5.?58.79 

84.:  65

49.#4 7647, 

4#9#

P ? P+<; 9)7/ -7:

V =3 U/6 6++< = 7<0 ) )6=/V\ =3? R6++< = 7<0 ) )6=/ <7 6+<; Z< =39+7 +7;- )6=/ 60Z<\ =39+7.? S6:F@ 9+7;- 60SE =39+7 S@< 00 *0+ @,=+9> 7+*0 O06 =39+7 O0676*+ 2" +7 @<+0 00 NS =39+7N0+ @

\S +*)+= 6+70/ + /6+- +*+- 6+<; +7 3$.3##?, 0-. 6+7 ;=+= 28.#$2 ? +*+= 6+<;+= +7 1".#%4 ?7+) 7+ 6+70/ + ;== 6<0+= <;0< +7 28#$2 (1115#,5$ ^ 1%53# ?, +7 @9 - 6+7 /<= +/< ;=/?9)70< P- 51,4_T+6 7+ 254,14_ Š+/ / 188,%"_A*- 3$,5%^ 534,24 ?. S +*)+= 7 - /6 6++< =7<0 ) )6=/ +6;0 P+0 -0 S*-;= +75.?58.797 -5 6+)) 7 - 6<0+= <;0< #.::4.975 =3. 

K/+ 1 =3  7 1,45 6= 6+0+? =0, 0+ )@ 74#9#  -5 

7 314##,45 6=. Z*+9 606@+0 0 =60< +*@+ /+0 =/== #5 , ;0+ )@ /1 +'0&2& H %$& ; 2/+ +0&1 + #6.# 8 -5  % 2% 4 .6 7 5 0 -.

D0- 6/) 0<+9 0- /6+0:- /)- 7 -0<+ 7+

0+ @ 7+6=- 7+ 70*0 +7++ 7 - 6++<+ )6+7- #6.#8-5 /. 4.675,9  6=, +7++ 7 - /6 9*0/ +7=+=0 @ 7+ 7+6=- 0+<;0 #5.4,77 -5 /.

#:.:9?,9?:  6=. U/+/+ * +<- 9*0/ * 66++<+ <+ 8. -5 /. :.9  6=, 0+ * )@+ 7 - +0<;07 6*+ +7 9. -5 /. #.#7 6=. D- 0+, 0/+G, )@7 /+0< 7+ @<+9 00 6+7 4#.#8 -5 /. 4?.#75,96=.

Tabela 67 Pregled bruto i neto se'i$og etata na podru'ju ŠG Pirot i nastali,gubitaka od momenta primarne #umske se'e do sagore$anja kod korisnika ukon$encionalnim pe"ima

S1>, g+%3 -5 0-P+0:- ;= ;=/+9 6+7@- P+0 *0+@< 00, 49.#4 3$332,%

Page 106: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 106/206

N0+ @< 00 0+ @ 4#9 31.4##*0/ @ 7647, %.5$5,2

 *0/ )<@- ) ;= 97?7,5 11."13,25 S0<+ 7+6- 7+ 0+ @ 7+6=- 7+

70*0, #6.#85

4.675, 

U/6 9*0/ +7 =+=0 @ 7+ 7+6=- #5.4, #:.:9?,9? O0< F/+0 /+;>- ;=/+9 6+0:-

+7 6: *0/ F/+0 9+<- @-> /+F:-0 :685,8 #4494,44

I/+;>+ +7 7+6=-+9 9+< 6 9+<- 7864,6 #:#,6:O0< F/+0 /+;>- ;=/+9 6+0:-+7 4,:

S= 6++< /+@ )<7 ) 670<-? 6+@ )6+7@-

+-9 P+;<- +7+ =+ S0 6 <= - +@0 6+7@- S7-9 P+;<- -9+< +*)+= 7 ++ 9+9/ +*>-+ - +-P+;<-.

E90/ 6+0:- ;= 7-9 P+;<- )<; - *)G+9

=0-? * ) 0- 6+0:- =+9>+0/6+0:- ;=7-9 P+;<- /0< ;=/? 0@-/ + 0<+=/+;>-6+@ =. K+@ )00 ) *= 0* 3.5.

S2%3 5.5 D0- ) ;= S0 6

Tabela 68 Pregled raspolo.i$e dr$ne mase za se'u godi#nje nateritoriji p#tine %ela Palanka DEPodatke obradio $i#i sa$etnik =inistarst$a za poljopri$redu $odopri$redu i #umarst$o dipl ingFidano$i" dr <ajko

V;0<+ K+=6/ P+<;? O*+ ?

D*>=

+7.60=3

B0+@

=39+7

O067/2" =3

N0+@

=39+7D< .J. R/+; 3.833,24 3.%2%,58 234.545 %.82# 3.228 #45 2.583D < .J. T= 1.88",11 1.48$,8# 24#.431 4.#24 2.$3# 58% 2.34$D < .J. -<+<. 1.$42,34 1.85",2# 2#.##2 1."%1 433 8% 34#D< .J. R-/ 2."#4,3# 1.821,#$ 3".2%5 1""5 545 1"$ 43#S<9 S<9 $.%2","5 8.88$,3$ 535.$13 14.52# %.142 1428 5.%14P<0+ S.O. B. 11.414," 1".2%$,$ #4#.5%" 1%.28" %.1"" 142" 5.#8"S</6+ 21.134," 1$.1#$,3 1.184.48 31.8"# 14.242 2848 11.3$4

\N6+= 1 =3 7 1,45 6= 6+0+? =0, ;0+ )@ 711.3$4

=3  7 1#.521 6=. Z*+9 606@+0 = 60< +*@+ /+0

Page 107: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 107/206

=/== #5 , ;0+ )@ '1 + '! 1 $!/+ &g 1$ & --&H1 >+! % ! 9.68 -5  % 2% # .95?0 -.

U @- S7-9 P+;<- 9*0/ @ )<@- )+3.$88 6*+ 4""" =3  58"" 6=. O< /+@ /6+=* /;>- =+9 670 /+@= 6+@0= ) +-P+;<-, - 60- 7 - /++=/ 60< 7- 06+0 6+7@- +-9 P+;<- - :+- 6+7> 6+9+ ) 67 +/:- 97 0- 0 +<. T+ * =+9+ *0 67=0 6+*<0:+ 07-.

U 6++< 7< = @0 ;*-: ;/.

I!+'%/ 011 $1 + S%/% % 0%2&0&+>/+

I70- *) ;=/+= 7<0 670<- )@-6<7 9 S*- 0<+ <+/= 7+= *0+:++= 6+)<+7 1,24 +*= 70-/ 6+)<+7-3,#3. U S*- 6+0+- +/+ 2 %#" 67)> /+- *< 67+= 7<0 6+)<+7-+= =;0-. N-<> *+-

0? 67)> 23#" /0+ 67 7<0, 6+)<+7> )+ 7<+,7< 6+@, ,0+-, 6+0? 4"" = *< 6+)<+7-+= =;0-. Š0+ 0@ <@ 67)> ) 67 7<0, -<> 7+ =- =67)> @> +/+ $" 67)> +< 9.

O< 9 6<7 = - 6+)0< 09+</ * 6+;+0, < 7+

1$$". 9+7. D - 0- * 90<, +/+ 82 =+ USd 2""4., 6+;0+6+0+- </ <+) 6+)<+7 +7 7<0, /+- - 70 60 <> 9+ 1$$". 9+7. < 6+)<+7 +7 7<0 /+- <+) S*- 7< 6+@, )+ =/+ 7<+ =;0-. U6/+ 90<+=09+</+= *, 6+0+- 6+)0< 07 )<+) =;0-, 6+;0+

 - 2""4. 9+7 )<+) 7+09+ =/= <7+0 )1$$". 9+7. I)<+) 70- 67 7<0 )+ +/+ 4,3/6+9 )<+) S*-. N=;0- )+ 7<+ %2 7 /6+= )<+) 7< 70-7+=0 6+)<+7 /+- )<+). N-<- 0;0 )6+)<+7 +7 7<0 )S*- I0-, B+ !:9+<, @/, N=@/,B<; -9++</6*/ M/7+- &:/. N=;0-, )+ 7<+ ;6 6+@ -<; )<+) I0-, =;0-, 6+)+ <0 B+ !:9+<, =;0- 7< 90- 9< 6+)<+7 /+- )<+) N=@/. 

N 6+7@- +-9 S7-9 P+;<- 6+0+- 7< <>)@-

7<+ 6G<@/ 67)> P+0 P+0 U/ B+-P:. P+0 -*+ 6+)<+G@ 9G</ 0+- 0)<. <) 7<+6G<@ 7+/ -U/ *+ 6:-)+< 6+)<+G@ 0+: <+6/)@- = 0*+= 6+)<+7-+= )0= )<+)+=. Š=/+ 9)70<+P+0 - =+<+- 6= +*7 7<0 6 +/< J P-, /+- -<+- 6+)<+7 9<+= )<+)+. U 0):- +< F= /+ 6 P- )= <+-+= 6+)<+7-+=. S7;-7<+6G<@ < <+- +*= = 6.

Page 108: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 108/206

P&%;$&!/$1

O7+ 7<+ 0+- +7 0*, 7*? 9, 0/? 9, 6-

/++=. P+)<+7- 7<0 S*- - ) /+) +*= @7<0. P+7 6+-=+= H@ 7<0H )<@= 000@/= *0=6+7)=< < /+=:- +0=0 7< 0/+G 7<

+00/. S@ 7<0 2""#. 9+7 S*- - * 2,585 =+ =3 ;==, 7+70? 25 """ =3 < ;= 6/+< 97+<=, 7<7 60<, /, =G ;0+ 7- /6 @ 7<0 S*- +72,#1 =+ =3. Š0+ 0@ : /+- *< @+=, 0+ ;=/ 67)>

Page 109: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 109/206

9G /+- @ 9< /09+- /+- *< @+= 7<0 ;=.I70- 67 7<0 79 67)> =- = 7+ @7<0. M+ <70 7 - +*= @ 7<0 +*<- +7 067)> ) 67 7<0 )@-+ <+, +7 =/== +7 2"5""" =3  2""4. 9+7, 7+ === +7 $# """ =3  7+- 9+7,6 7+ 6++<+9 0 7+ 6@+ <+/ <7+0 +7 1#2 """ =3 

2""#. 9+7. T+ =+ *0 +*-;-+ <@/+= 0+=:-+=67)> 67 7<0, 6+;0+ 0 67)> 6+7+ 66<0):- +*@+ = +67-> +*= 6+)<+7-, /+6<0):- 6+@- 6+/+ 9+ 7 6+<><- +*=6+)<+7-. 

\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\K+ ;0+ - <> @+ ( ++< 7- <0:+ 07- - 7

6+=0- ) 6+)<+7-- 60 670<- ) ;= )<@7+ 7<0, 9-< 7=@+ 6-<, 0+ +- 7+ /+-670<- 9*0/ +7 52 )9*-+9 =0-. U +<+- )6+G=+ -6 +7 6/) 0? ;=/? +00/.

5.5. P11-! >$'&g%&g&%$

P700= @<0+9 *+9+< +*<- :-= 7 6+)<7 6G+ *+9+<+ 6+*+-;? <+-0< +7+ +< 7< )-0 *+=, *+= ) 0/ 6+)<+7- ) )@0? <0 +067+9 7<0.S< +6:- = /

• =-- <0:+? 0+;/+< 0+;/+< +7<-6+0+--, 0+;/+< ++*- ) /+<- 6+0*+=?+=+9+9 9+< /+- - 6+9+7+ ) 0+=0/+7+)- 0=,

•  =-- 6+0+ ) /7;0-, 06+0? =60<?0+;/+< 6+<>-= 90/ 90 )6=/ 0+6+0 =+>

•  =-- *0 79? 6= 7? 9+< /=-,6/,

=0? 7+<, 0/, 60/ //+ * 6+*+-;+/<00 9+< /+0 6+0+-- ) 9+<-. T+ -+7 6+* <+0 ) +067+ 7<+ @<0+ *+9+<+ )@0= 6==.

U'%!/$!/1 +-'31%&-'1

Š=/ *+= 670<- 9-<, 9=-, 6-< /+ < 7+ +/+ 5" ==, 6/ +067 )@0+ )+ 7<+.O<- +< =0- - 7+06 )@0= +*:= 7=)-= /+=7. S=-- 7=)- /+=7 =+ 7

)<; 0 @•  />-= 5"‐25" == 6+ /+=7•  <-= @6+<-= 5‐5" == 6+ /+=7•  =<-= "‐8 == 6+ /+=7.

S2%3 5.6 K/00@ )6= ;=/ *+= 6:@ )6= 7<0 V =3* )6= +9<+9 7<0 ( 6+0+ =0 7<0 6=

: 6 )6=/ = )+9 7<+9 =0- V =3

Page 110: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 110/206

Tabela 69 on$erzioni faktori za prera'una$anje zapremina dr$etaV =3 6= V =3

V =3 1 1,43 2,436= ",% 1 1,%V =3 ",41 ",5$ 1

Gori$a se'ka  & :?6 )G- 6+06/+= :/-7<0

=;= ) )7 @/ =+ /+ /7 90 *0 /+@;=/6+)<+7 =- 0;0.

/$er C?6 =+ 7+*0 7/0+ <-= ;=/? +00/ =/+9 7<0, /+ 0-<-= 9+< @/ =;=) <-. T+ /+=7 :/+9 7<0 <@ 7+ 5" ==. S /+ +< )7 6+@ <:.

P7+0 /+;>- < 0== ) 9-- - =+9>+0=

0+=0):- 0= ;0+ ) )7 < =+ /+00 7<+ +;9/<00. N7+0: <+= </ <0:- +</< 0= )9-- <, ) =+0+ *7<- <+= +6?+7+ -6+9- 6:-+= =;+=. T/+G - ) /7;0-

+6?+7+ =0 6+* 6+0+-.

S2%3 5.7 '6 < ) 6700= 66= ) 60-N-@;> 6:6 <- @6+<- )+< 6+0*

7/ 7+*+;0? @6 . 3.#. D/ @6 0+- +7 0;/+9+0:++9 7/ 6@/ +/+ #""‐1""" == 7< 7+ @0 +.V@ @6 =+ 7 *7 =+7F/+< 6+7;<-= + /+<-. '6 6< @6 /+- - 9+0+<+ +=? 7=)- )0+;0+ 9+ @- +7+ 6<: </ 7<0 +0-6+=- *) +*) 7*- /+=7 +<.

S2%3 5.8 D+*+;0 @6 *: 60 B+-<:

Page 111: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 111/206

 S2%3 5.9 D+*+;0 @6 70- 6+7/+6 ?7@/+9

=?)= @-0 )<@- =0-

=;D+*+;0 @6 0+- +7 +0:++9 7+*+; 6@/ +7

+/+ 45"‐#"" == 9G= +<= 7< 7+ @07/ 6+0<- * :7@+- 6+<;. K+ /+7 7/

@6, @6 6+) /+) / /+<- <@ @6+<?/+=7 7<0 =+7/- 0 @. K+ )00 /+9

/0- 7+*+;0+9 @6, 9+ @- 6= 6<: 6+0-</ 7<0 +<+= @- =- <@+= 6@/ 7<0.

P+7@+ @6 /+- 0- - =- -7@? 7=)- 9+;0+ - 0+ @- /+7 7/ @6. E9- 6+0* ) @6+<-

)+ +/+ 1‐3 +7 0+6+0 =+> 7<0 /+- +*G-. O -=- ) =0- <>= 7-= <9, )*+9 9 /+:-0

0-. D @6 6+)<+7 )@0= <@= =+9 7 *7 6+/0 09= 6+9++=, 7)

990+= 0/0++=. D+)- =0- =; =+ 7

*7 @+ /+7 @6 =-? 7=)-, =/= /+= G-= ) 7+)-. '6 =+9 7 *7 +/+ 0=- /+

=+0 =;, 6+0<- +/< 6+)<+7+9 0= 0

=+*= =;=. K/00/ )@0? / @6 6/) 0*3.%

Tabela 6> arakteristike razli'iti, tipo$a 'ipera

V@U@/=3?

P@/=0- :=

N@7+)-

S9

M @/ 3‐25 8‐35 @+, / 2"‐1""S7- 25‐4" 35‐4" / #"‐2""V/ @/ 4"‐1"" 4"‐55 / 2""‐55"

P 6+7/:- ;=/+9 7<+9 @6, 6+0+- )@0606

<- 0+;/+< @6+<-. S< 7+/ - 60- @6+<- +<+9=0- /+- 0- +7 +9 +)<- 7<> 0+ 0* 6@/+= 15‐2" := /+;-, @ 7<> @6+<- -7+-+6:- - =+9+ *+- ;- )*+9 ? 0+;/+<. K7 /+0;=/ +0: 9 /+;- @- @0 ;=/ @66+@-< - 6+0* </? :0? @6 =06+0+-- ) 9+<- :0? 0= ) /7;0-.

S0%2!% %$1>  0+- +7 6+9 + 6+0<-+9 ?+)+0+= <0. N9* )? <: 6 - /+00 6+ +6 -9+< 6@/ /> +7 6+@0/ <0 7+=/== /-. O/0-= <0

Page 112: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 112/206

6 +;0: =0-. UG- - =+7+)->.P7+0 6+9<@ - = 0+;/ 9- <@ <)@-+ <.

Z 6+)<+7- < 7=)- =- +7 5 ==, /+0  -2%!&$% ) =<- @/>. M+< ) + =<- 0+-+7 <; +< /+- =+0 7+*+;. M0- 6;/+) / ;0/ 6+7 7-0<+= :09? . V@@0: +7G- 6+:-+= 0.

M @/> 0+- +7 +0+ /+- +/> </+=*)+=

60-> 6+0<-= 0= ) +=-- :=0:-+= +-@@/>. U0-<- 0- /+ 6+7: 7 <? @/> + ;0/ =0- ) )=G -?. M+< @/> <+= +* 6+G- @6= )0+ =- +0-< =- =07+< 6. /.

S2%3 5.: U6 /+; @6 =0+</+9 +9<+9 7<0

S2%3 5.? I)</@ < <@ =?)+<= 7+)-= +<

Page 113: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 113/206

 S2%3 5.# V*:+ 0+ ) 7+)- =0+</+9 7<0

- <@

S2%3 5.## '-0 ) <@- =0+</+9 7<0 <@

S2%3 5.#4'6

Page 114: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 114/206

S2%3 5.#5 P+97 0;-+0 60 6

5.6 K$!%%$! !2%; '%&$%!

N *) )00 S07- P+0:- ;=/ *+= Š P+0=+ )<> R/60:- 6+0:- @<+9 00, F/+0@, )<@- 7+6= 7+ 70*0 ;=/+= 9)70< P+0=+ <0 7> 0+ )

G&!/1 P&!%$2/1•  R6++<+ ) 6+7- #6.#8 -5 /. 4.675,9 6=,•  U/6 9*0/ +7 @ 7+ 7+6=- 0+<;0 #5.4,77-5 /.

#:.:9?,9?: 6=.•  U/+/+ * +<- 9*0/ * 66++<+ <+ * 8. -5 /.

:.9 6=.

•  O0< * ;07 6*+ +7 9. -5 /. #.#7 6=.•  I/+0< 7+ @<+9 00 6+7 4#.#8 -5 /. 4?.#75,9 6=.S1!/1 P&!%$2/1•  R6++<+ ) 6+7- 9 . 6 8 -5  /. #.95? 0 - . •  U/6 9*0/ +7 @ 7+ 7+6=- 0+<;0 3.$886*+

4""" =3 0-.  58"" 6=.•  U/+/+ * +<- 9*0/ * 66++<+ <+ 4. -5 /.4?

6=.•  O0< * ;07 6*+ +7 #.?:: -5 /. 4::4,8 6=.• I/+0< 7+ @<+9 00 6+7 ?5?6 -5 /.

#584#,8 6=. N<+ 7 + =+700= ;07 =+6<-0 6+ <; ++< 7

=+9 6=0 )@0 -/ /0< ) +00<.O+< )+9 )+</< )=;-- 0* 00 +7+ )=G )6=6+@+9 7<0 )6=/+9 60 7<0 ;== S*- /+-)+ +/+ 5", 7 )=- )<-+= 0/0+= ;== 7+*= 6<--= ;== =- 7+%5 /+;>+0 +7 9+7;-9 60 7<0 ;==.

Page 115: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 115/206

5.7 K$2%%$! !2%; '%&$%!

5.7.# @%;%>3 % 1!1g1'3 '$&/'$ +-'3%= %&-'5.7.#.# N1&'*% % 01!&'% %&-' 3& g&%$U 00+ /0= <0/= 009-= )<+- 90/

6+*/:0 0<- /+;>- *+= ‐ +7++ *+9+<.

"& %&g&%$&Q O<+ 60- =+ 6+ * => /7 ) *+9+<

) 7 =-+7G 6+9+7+0 ) 6=

− 7 * *+= +6;0 =+9 /+00 ) *+ /+- <76=, 6+0*+ - - -6 /60, 6/+<0 +7G @, /7;00, +@<0 66=0 )/+@ =. D- 0 7> 6+9+7+0

−  6+7@+0

−  )G+0 6+0+−  @0+ <+ 6+<+- +*/ <+/ <+0−  = )6=/ =

−  <+/+ @;> 06+0? /7;? 0+;/+< 6<0<+)*+9 = )6=/ = 6 =+ <+70 @ +/++=/+= 7- 06+0

−  = 0+6+0 =+> <7 -7: )6= /J=3

−  6= <+7= ) :, 6+G- /@= +=9+<= 6+0+-- ) 9+<- *+= +- /6-, 6+*= 06+0 /7;0- <>, <0:+0+;/+< =+9 *0 <> /+ - : 6+)<7 9- ,9:- 90/+9 6+0+-- - 0

− -<> 6+*= -0 66/ /+;>-*+= /+ 9+< 70-/ <? )6+)<+7- 9- - ;0+ 0/< 9+< :/

6+0+- ;0+ 9 0* 0<+0.O+< )+9 ) /0)- *+9+< - 00;/, 79++@ ++< 670<- /++;/ @:. N=, +7 <? 9+< /+- 7 6+0*, -7+ *+9+<+ )7+<+-< /0-= )0<++90= * 6+97 0<- 9- ‐ 7+/7 @<0?=0-? 6+7/0 9+<-.

S u n 7 e % a e n e r  g i  $ aS8

"

C 9m n

C 8 "

B i l  $ * e8

"

E n e r  g i  $ a

B i o m a s a * a o g o r   i % o P r  o 0 e s s a g o r  e % a n $ a P e 1 e o

 S2%3 5.#6 P= *+9+< 6+:= 9+<- ‐ )0<+0=U) 6+: 9+<- 670<- *+= /+

9+<+ <)7? +7++ /+/. I)) ) -9 @ 7+*-9-, 66+ 9+<0 6+7/0

Page 116: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 116/206

9+<- 9- ‐ 7+/7+= /+ 9<= 670</+=. Ž<*- <0 6+:+= +0+0) <)- 0- 9- ‐ 7+/7 ) 6+=+>@< 9- )9G- <+- =. '<0 =0- +00/ ‐66+ /+ G*<+ @0<- )97- +< *- =. N 0-@ <; :/- 9- ‐ 7+/7 @<0? 6+7/0 6+7, 0/+ 7 60+= =0 6+0+-> <+0, ) 0=

/ 7 - )0<+.S /++;/+9 0+<;0 6+0+- -+; 7< 6=>0< 6=*+9+<

•  7 =6+, 6 6+7/0= = =6+ ‐ 7+/7;0+

 - )* 6+7/0 /+7 9+<- +? 9+< •  = =- 9-+<+7+/ /+ 6+06?

6+7/09+<-.

I) +<? )+9 *+=, 6+7 79? +*+<-<? )<+9- <0, <+7 + 9-, 7+*-- )@- /+ ) 7+*-- H@0 9-H.

MG0=, /7 - 60- P+;<-, -7 +7 +<?)+9 -

7/0 6+<+7 ) /+;>- ;=/ *+=. T+ , -7+0<+, 6+0+--79? -0-? 90, +70<+ /++;/ 7+=>/ <0,6+=-/- +=0< 90< /+- * /6+0:- < += +/<, =+9>+0 7 @ +70? )0+<? </ ;= )7 *) 6+*? +*) 0-6+<; /+- > +0<0 /+ @ 6+06+ +70<+7;0< *9 + ;=/+= 6+0:- );00 79? 6+7?<7+0 /+- > ) +< /6+0:- ;00. 

5.7.#.4 T1=!%>31 !2%;1 %&-'R)00 0?@/? ) 9<? 670</ ;=/? 6+-+6<7?

*+= S7-9 P+;<- 70 0*+ 7-= 0/0.P101&S7- 66 /> +69 +7 1 7+ 8 . N-=- 7-66 =

6-< - 1," , 60+6+:0 7- 66 6=;-6;@ = 5,5, /+= <+< +) %,$ , ;< #,1 0/ #,5. S7-66 - 0<+ = *+== ‐ 6+9+0+< /+ 6+G- 7-= 66 += @<0= 9+<=. I0@ 7 - 7-66 *+== ) 0/ 6+)<+7- +<- @0<= )+=/0+ +/:-, 9+0?/... 7 /+ 0/< =+ 7 < /+7 0<0. K+7 /? *+= - 7 60< /? =0 )

/ 0+6<+0 66 @/ 6+7 0=60 +7 8""+

C. O< 6+-<=+ 7 = ) 6+7: )0<- +0<+ 6=+9 <)7? )9+<-, /+ 6-- )=-<@/= 6+<;= 7==/=.

SH/ F3'!&g +g2/1!%3O<- 6+70/ = ) 60< *+= +69 7-

6+@+ 1"‐18 . T- +69 6=;- */< 2",$ , ;;/ - 2",# , /+= 1$,3 +) <+< +) 23,5 . N-<> 7- /+9 9-/=- +)<+< +) 23,$ */< 2",$ -=- 9-< 0+6+1","%3 . Z-7+ 7-= 66 + @ /+/ +00/.

K&3'!% &'3I + - 7+0 )/ )*+9 =+9 7- 66 /+9

9-/ /> +69 11,8 ‐ 2#,5 -=- 7-

Page 117: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 117/206

/+/+9 +00/ - /+7 9-< /7/ 0+6+ 11,8 -<>/+7 9-< ?0 2#,4 .

V2gS7- <9 670<- -7 +7 9<? = ) <>

6= *+=. T/+ 6+; = =+ 7 = 7+3" <9. U +<= )=

Page 118: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 118/206

6)0 )00 <7 0@/ )+/ ‐ 0-. <)7? <+= 9+<. P+@ 7- ?9+/+6/ <9 - #‐8 .N- 7- ?9+/+6/ <9 = - ;< #,3 -<;;;/ *+ 8,5 . S7- ?9+/+6/ <9 0@/+= )+/-/ :+/0 6;+= @/ 25,3 0* 000 /+ 0@6+70/. O</< *+-@ <7+0 - 6+7: @-: 7 )+/

6+0+- </ 7+ -)9 :+/0 /+- <+= 0< =</ 6+:0 6-<? =0- -, 6<0<+ =? /.U 6+06/ +7G<- ?9+/+6/ <9 7+ 0? 6-<? =0-6;0 )+/ )-7+ <9+=, 0/+ 7 0@ 6+9;670< + </+= 7- ?9+/+6/ <9. S@ 0:- =- =+0 =0- @0= -?+<= +067= ==.

V&2%2%U *+== - 7+0 <+/ 7- <+0 ‐ +7 %" 7+

8" . N-<> 7- <+0 = 9-< 0+6+ 0*+ /++6-8",% , 6+7 +<+9 6+/ ;;/ - #$," , +)<+< +) #8 /+= ##," . O60 6+/) /+7/<0 =0+7++9- ) +7G<- 7- <+0 6;:+/0 -/+= 6<+ )*+9 <+/+9 7- 9+<? 6-<?=0- -?+< / 0=60 6--. P+ =0+7++9-+7G<- <+0 JUS B.!8. 31% 6+:0 6-<? =0-)@< ) 9*0/ = )+/, 60?+7+ =- ))+ <9. Z*+9 <> @- 9;/ +7G<- <97+*- -/+ ==) <7+0 7- <+0.

Z@-+ @;> 9+<? 6-<? =0- 670<- -<7-7+

90/+9 6+0:- *+=. S 79 0 +<-< /6-<+0 *+= )?0< *-< /+0/:- +;0 /+- >+=+9>0 6+06+ 9+<- <+0. O</+ </ 7- <+0=+ 7 670<- 6+*= /+7 7/<0+ 6+-/0+<? +;0,6+9+0+< 0=+ 97 6+0+- 7+<+- < +;0 7 + =+96+06+ 9+0. T/+G =+9 ))<0 <+= 0=60 +;0 )*+9 0)<+9 )7<-- 9+<- 9+-= )+=, 6

+ 0+= =+ <+70 @ 6/+= 6+-/0+<-.Sg&2/%$1 -1%/1U /7 +</<= )00= 0?@/ ) *+=

@;> 9+-<? =0- *+== - 7+0 )@-+ ‐ +785 7+ $" -<> <7+0 - /+7 +) <+< +) $1,$ , 7+/ - -=- /+7 /+= 85,3 .

T&02&! -& %&-'  T+6+0 =+> *+= -, <//+, -7 +7 -*0-? 6+70/0?@/

) /+- +7@- + 6=-<+0 6+0*+- <7+0 /*+= /+ *+9+<. P+0+- ) )<+0 0+6+0 =+> +77- <9 9+<. U +<+= +7-/ > *0 6/) )00) 0+6+0? =+> /0? *+= S*- <7

0@/ )+/. U/+/+ 6+7 0+6+0 =+> *+= 0+6+0= =+>= /? +? 9+< +< /+*/ 90 %,3MJ/9 ; 90 HV+:H 14,1 MJ/9 - ;/-: HA/:H 5,#MJ/9, -+ - 7 + =+9 <7+<0 /+ /<00 9+<.P= 6)0= )00= 7+- 0+6+0 =+> ) *+=, /+- =+9 000 /+ *+9+<, /> 6+ +7 15 7+ 1$ MJ/9.E/6=0 )00 0+6+0? =+> 60<? *+= 6+7@- S*- +7G L*+0+- ) 9+<- 0=+0?/&ZNR N; 6/) 0* 3.8 U/+/+ )+: 1 7+ 3 +/<F/- /+ *+9+<, 6+ )

•  7+- 0+6+0 =+> )+ 15,1 ‐ 1$,3 MJ/9 •  9+- 0+6+0 =+> )+ 15,% ‐ 2",81 MJ/9.

Page 119: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 119/206

S2%3 5.#7 C 9*, +/+ 6+)0/+ 9* O0cC6++, - P+;<-+=- /+ +9<+ 7<+ )*+9

<+- 90 0+6+0 =+>.

Tabela 6? Te,ni'ke analize neki, #umski, biomasa i biomasa iz$o"arst$a

N U)+/X!

A

V+

CFQ

K.O.

S9+-.

 

!9 MJ/9

!7 MJ/9

+-'311. B/< ‐ 6-< #,% 1,% %",% 2",$ 22,# $1,# 1#,# 15,222. !0 ‐ 6-< #,5 2,5 %%,2 13,$ 1#,4 $1," 1#,% 15,433. J ‐ 6-< #,3 3,# %#,2 13,$ 1%,5 $",1 1%,2 15,844. J ‐ 6-< #,5 1," %$,1 13,3 14,3 $2,5 18,3 1#,$55. K7/ 0+6+ ‐ %,3 1,% 8",$ 1",1 11,8 $",$ 18,8 1%,4##. !0 ‐ 9-< %,2 2,5 %2,4 1%,8 2#,4 $",2 18,2 1#,%%%. !0 ‐ 9-< #,$ 4,$ %2,$ 15,2 2",1 88,2 1%,% 1#,388. B+ ‐ ;;/ 8,4 2,# %2,2 1#,8 1$,4 88,$ 1%,$ 1#,4$$. B+ ‐ 9: @0 #,# 1,$ %4,5 1#,8 18,8 $1,3 1$,$ 18,411". J‐ ;;/ 8,3 1,$ #$,1 2",# 22,5 8$,% 18,4 1#,$111. B9= ( 9-. %,2 2,8 %4,3 15,# 18,4 88,$ 18,5 1%,1112. I< ‐ 9-< %,% 3,5 %4,% 14," 1%,5 88,% 1%,$ 1#,5

B%&-' %; $&'$ % $%!&g'$113. J*/ ( 9-<. 8,4 3,# %2,# 15,3 18,$ 8%,$ 1%,3 15,8114. M $,% 2,8 %2,1 15,3 18,1 8%,4 1%,3 15,$115. V. +) ‐ /+= #,% %,$ ##," 1$,3 23,3 85,3 18,# 1%,211#. V. +) ‐ +) #,% 1,3 #8," 23,$ 25,2 $1,$ 1#,$ 15,511%. Š-< ‐ 9-< 1#,#

5.7.#.5 A!2%%>31 ;$%'!&'% &02&!%= -&%+-'3%= %&-'

 T+6+0 =+> </+9 9+< 6 *+= - ))0 /:-7- <9 *+=. S :-= 7 +=+9> 6/0@-/ 6+@ G +79+<-> 0@/ ))6/) 0* 3.$.

Z /+;>- 0@/? )<+0 70? 0* 3.$ 0* =0 =

7 <9 X +== 670<- 6+:0 = <7+0/6 <9 *+==, /7 - + <7 7 <=. P+0*+ - 6<0 )/ +7+ <+G- <9 <= //+ 0+ 7 ;=/ 0@-:. U/+/+ 6+7 )00

-?+<= <7+0=, 6+0*+ - )<;0 +79+<->6@<-.

Tabela 6@ Analiti'ki izrazi za gornju i donju toplotnu mo" ispiti$ani,biomasa B%&-' G&!/ &02&!

-&D&!/ &02&!

-&B/< ‐ 6-< !9 ^ 1%,%52 ‐ !7 ^ 1#,413 ‐!0 ‐ 6-< !9 ^ 1%,$28 ‐ !7 ^ 1#,5$2 ‐ J ‐ 6-< !9 ^ 18,384 ‐ !7 ^ 1%,"51 ‐

Page 120: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 120/206

 J ‐ 6-< !9 ^ 1$,#"# ‐ !7 ^ 18,2#$ ‐ T+6+ ‐ 9-< !9 ^ 18,%$$ ‐ !7 ^ 18,$$# ‐!0 ‐ 9-< !9 ^ 1$,5%4 ‐ !7 ^ 18,248 ‐!0 ‐ 9-< !9 ^ 1$,"25 ‐ !7 ^ 1%,%34 ‐B+ ‐ ;;/ !9 ^ 1$,5%1 ‐ !7 ^ 18,155 ‐B+ ‐ 9: !9 ^ 21,%3$ ‐ !7 ^ 1$,$#2 ‐

 J ‐ ;;/ !9 ^ 2",1"% ‐ !7 ^ 18,#$1 ‐B9= ‐ 9-< !9 ^ 1$,$88 ‐ !7 ^ 18,##% ‐V* ‐ 9-< !9 ^ 1$,383 ‐ !7 ^ 18,"%4 ‐ J*/ 9-< !9 ^ 18,85% ‐ !7 ^ 1%,54% ‐M ‐ +) !9 ^ 18,$55 ‐ !7 ^ 1%,#18 ‐V+< +)‐/+= !9 ^ 1$,8$8 ‐ !7 ^ 18,#51 ‐V+< +).‐ !9 ^ 18,218 ‐ !7 ^ 1#,8%4 ‐

6. I"BOR LOKACIJA, LOKACIJA I OKOLINAS+ D+-/: - 7-+ 3% /+=0 +7 P+0. S=;0+ -

7=+/+- < +7 85"‐$"" =0 6+7@- )<+= +-V+/, <+0+@+ +7 P+0 < D+-/@/ /, -7+= +7-*+90-? <+< S0+- 6. S= / )< =0)<+= eeT /7:ee 7=+/+- < +7 1$"" =. U - <+/+ 7<70/ <>? =-? 6+0+/. I@ :+ )G +*-=+;0<+= )<+ 60/ <+7, 0=60= +7 4 7+ % 06C)-.

S2%3 6.# S+*>- <) D+-/: +/=

7=00<= :0+= P+0+= =G+7=+*>-:=

S+ D+-/: - -7+ +7 +? /+- -, +*)+= *7/+‐6/

6+0+ /+= ), -<; ee606+ee 0:-*):- 70-):-. L+/ +*>- <) 7=00<= :0+= P+0

Page 121: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 121/206

 - +0< = +/= 0+=+*/= 70<= 0+*/+=<)+= /+-+*> :- P+0 ‐ D+-/: </= 7+=, += 6+7-/ 7.

I=-> <7

S2%3 6.4 P+= D+-/: 

•  6++< 0/0 +*>-:, /0+70*0< =,<+7+0+/+< )<+7 = <+7,

•  6+0:- -7/ 7 9,•  =+9>+0 )6+;- +/+9 0+<;0< 0:- 7=+9/++6-

+/+9 0+<;0<,•  =+9>+0 06+0 6+)<+7 /+ -*0-• )G 6++<+= ;=/+= *+=+= +/<

/++=/ :++9 7- 7+6=- +< 7+;+ 7+ )/-@/ 7 - -<?+7- 97-

o 6+0+-- ) )7 */0 +/:- T+6 7+o 6+0+-- ) )7 60 +/:- D+-/: o 6+7-+- +/:- 6+0+-- ) 6+)<+7- 0+6+0 9- +7

@6 < +;-9 /<00 +7 +/+/ ) +/6+0*.

S2%3 6.5 L+/:- ) 97- 6+0+-- ) 60- )7*/0 6+0 6+7@- M+9> +/:- D+-/:, T+6 7+, J P-,Š+/ /, A*- T+6 7+ )* +/:- ) */60 ‐ D+-/: )*+/:- ) */ */0 ( T+6 7+

Page 122: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 122/206

 S2%3 6.6 ZG D+-/: /+- +*)*G- +</ *) 

7. INŽENJERING I TENOLOGIJAK& &!&1!/ &2+31 & *%!2!&- +>%!3+

0&'&/1!/ ; 0121%!/1 % !/1g&$+ g!/+ 0&2& '1 &%;$11!&g 0&3 /1 %'3&%'%$% 1& '1>%$&g 1 4#.#8-5 /. 4?.#75,9  0-. U=- +< /+@ ) 6+0:- T+6+9 7+ 354$,5 =3 0-. 514#,%%5 6=, 676+0</+= 7 -:++ 7+6=- =0- +<+9 6+7@- 6+0 D+-/:7+*> 6++< /+@ ) 6+-/0+<- 6+0+-- D+-/:= +7 1%55#,5 =3  +7++ 25.45#,$ 6=. D-, / 7- <9 7<0 /> +69 +7 4" 7+ #5 <7+ 7 =, /+ / - <0 7<0 )@0, 0/+ 7 -9+<90 /> +7 #5" 7+ 85" /9=3. T+ > )@0 7 6++<= /+@ @<+9 00 <7+ 9+7;- <+ )+ 1# 54#7+ 21 #38 0.

V&1% >+! & !1&0=&!&'% 0&'&/!/ 1;1$%'%&$%! % !/-!/1- -&g+1- 13&!&-'3% %'02%$&- +>%!3+0&'&/1!/ %;$11! /1 ;32/+>3 & 0&1!&- +>%!3+0&'&/1!/ ; 0121%!/1 & 4,4 &!1 ! ' (=)  /0++=/+;>- 0+9 /6:00 6+)<+7+9 <= +7",%1 /+- > 70 /+7 7 6+9+ 254 7 3 = @+<+9@/ +7 1, 55$00, 7< @/ +7 31,#81 07 9+7;- @/ +7 $.5"4,""1 09+7.

7.# T1=!%>3& 1=!&2&31 &'!&$1

7.#.# A'&%-! % &%- 0&%;$&!/1P+-/0 6+)<+7- 90/? 60 67<G 7> 6+)<+7-

•  90/? EURO ( 60 6+ DIN 53%31, 7 ^ # ==, ^ 15 == •  90/ 60 7 ^ 8 == ) /+0+< ) 0 9-- )

990 06B+6=[. O< 6+)<+7 6/- • PE 7)-, /=+ +7;0=6 / 0

6/+<- 15 /9 077 E<+6 •  J=*+[ <> +<+0 +7 1""" /9 6+ <> )+6/+<-. I0 /6:00 - 60- - 2,20+ 0 0?.

Page 123: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 123/206

P+)<+7 /6:00 6+9+ -, /+7 7 6+9+ 254 7 3= /+7

/0+ /+;>- 0+9 /6:00 6+)<+7+9<= +7 ",%1

•  0 1, 55$ 0•  7 31,#81 0•  9+7;- $.5"4,""1 0.O<- /6:00 =+ 6+<>0 @/ ) 1# ( 2" 6+<>-=

*+- 6+)<+7? 7 9+7;- +7++ 6+<>-= /0+ ",%1 ",85 ( ",$". U 0/<= +<= 6+)<+7- =+ 7 +0< +711 ( 12.""" 0+ 60 9+7;-.

S +*)+= 7- <9 +</+= =0- /+- 6+@+

/> 9:= 4" ( #5 +6?+7+0 7 0?++;/+= 6+: +<7 6 <+G- 60 6 1" ‐13 , *>+6?+7+ 7 )6+)<+7- 1 0 60 0+; 2,25 0 +<+9=0-.

S2%3 7.# Pelete pako$ane u d.ako$ima od 6 kg paletirane i za#ti"ene spremne zatranspor 

tZ @/ 6+0+-- ) 0+= 60 <7+ 9+7 +7$.5"4

09+7 +6?+7 /+@ +< * =+ )+0 21384 09+7.U6<+ 0+/+ *=+9 +*)*70 0 9)7/ -7: 6 ) *7<-6+0+-- P-, Š+/ /, A*-. MG0=, 6+0 - /+;>- +*+9 0?@/+9 +9<+9 7<0 <> 6+*+-;+=/+;>- *0+ @<+9 00 /+- 7 )+8", /+;>- @<+9 00 /+- /> +7 5" 7+ #5;0+ )@ 7 -/6 F/+0 7+ =+=0 /7 - 7<+ )<@+ ",8 Q ",5‐",#5 ^ ",4 ( ",52

. T/+G, /:0 0<- /+;>- 9-< 6-< ;*-/ ;6- /+- 6+7@+ =+9 7 7 @0 @. T/0= * =+9+ @0 6< /0 F/ /6+0:-

Page 124: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 124/206

S2%3 7.4 Š6- 7 0/+ /+0 ))=-> 0//@ /+=6+0* ) 6@-/-

Page 125: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 125/206

S2%3 7.5 Š6- 66= ) +- /@

7.#.4 O'!&$1 1=!&2&3&g 0&*1'C+ 0?++;/ 6+: 6+)<+7- )6+@- =0= /+-

)<+ +< - - <+=+ +*)*G- +< ++<67+< 7 *7>9 6+9+.

P%2!'3% &0*%N 6= 0- 6/ +067 7>= <7+<=•  P-< +7 6) 06: 90, 0/0? 00 :/)

6),•  K6 0 6/ +067 0<, +/+:, +/-: .,• K+=7 +067 0- </+- 6 /+@ +7 4" ‐

44 +7 6+) =. O067/ - )@0 0/0;0+ )< +7 6 )-, 6@/ /<00 06: 79? /0+.

P/ +067 , )<+ +7 +6=-+0 6, )7<- /96 7> @•  6-< 6-= /+;, +, :/+ 9+= )=- ) +*-/0

6,•  6/ +067, /6 0, 9+== /- +*-/0 6.

S2%3 7.6 P/ +067 

Page 126: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 126/206

P-< /+- ) + :/+ =+ 7+<+6)0 0/+ ;0+ <+)+ 6+9+ ) 60- 6 9<0:++,/7 <+)+ ) 6+7 +. T* 00 7 </+- 66< +, =/ +7 7<0, ) 6?<0 6-<.

A/+ = + 6-< ) )=-, 0+< 6-<<;

0+<<@= 0[, 0/0+ ?7@+= /;/+= 6+6[?<0-/+=. T6+0 6-< <; 6:-)=<+)+= 6+<>+=

)6=+= 0+<+9 7/ f 2" ‐ 25 =3  =+9>+;>*+@+9 /6+<-. Z*+9 *) 06+0 60 = 67 /=+ /6 +<+0 7+ 1"0+.

K6 0 6/ +067 /+- 0- </+- 6,-:+- - : =0 00 =+*= 0-<@= ‐<@=. O<- G-, )*+9 =+*+0, + -7 0/0+ 7-9 +/+ 55 KS 6+9+ :/: +0<- 6/+ /70/0+. P+ 6+0* 0/0+ :/:+= 7+) 6 : =00-< 6/ +067/. S@/ ) 0-<@ +7=? *:- /=+ ) 6<+) 6-< +7++ <. T6+0 @/ ‐ < -

:+ - = 1 =3 @/ - +/+ 35" ‐ 38" /9 ;0+ )@ 7 /=+ 7/+= )6= +7 +/+ 2" ‐ 25 =3 =+ 7 6+ 00 +7 % ‐$ 0+ -7+- 0.

S=+ ))0+, @- 7 - 6 <+= *) /+ 6+0+-=+9>+0

7 6/ +06: *:-, +7=? ) 6+)<+7- <+)+,:++ - 6<+)0+067 7+ 6+9+ 60-. P/ +06: -<- -9-+</ ++< ) 7 6+9+ 6 < 6, +60=+=06+0+= 6+7@-, =+- 70-+ =0 69+70 6?0+067/ 0<+- 6+7/:- 6=.

K+7 <? +6:- +/+ 6/6-- +067 ) 6 =+ <+706+*+

@‐ da se u $ozilo uz pilje$inu i se'ku ne ubaci kamen ili metalni

 predmeti da se na licu mesta spro$ode propisane PP5 i te,ni'ke mere za#tite postrojenja i ljudi (ne sme se u transportu rasipati pilje$ina ise'ka po saobra"ajnicama!.

G!/1$%!-< 0- 0+/ 9--, 9 @ ;=. I) <;

)+9 - +6?+7+ 7 + /+ ) ;=. U <= 7+06=;== 9-< =+ 0-<0 =+*= <@=.D+06+0 +0<++0 ;= 7; 6+0+--= ;=/? 60< =+9>+;> 7 ;= G 0/0+ <@= /6 <+)+ )6<+) <. T+/+= ):- +<+9 6+-/0 6+0*+ - +/+=;=/= 0@-:= 70 /+-= ;=/= 6+<;==+ @0 //< - 606@+0 +<? ;=. U0-<-9-< : =0 0*+ * 7 *7 7+< = +/+=;=0<, 6+*+ ;0+ + 0/+ 0- =+ <+)+<0.

S= ;=/ 9-< /+-, //+ <7, 670<- +</6+0:-,

=+ @0 9-<+= 0+= 7 @ 7<> 9 6+7 60<, 7<+7, 6/+< 79= 6+<;= *?:0. D+ 7 +< +</ 6+0:- /+7 /+;> 0<+)+<. P+9+ ) 6+)<+7- 60 0* 7 @ +<6+0:- ) -?+<+ /+;>- 0* 7+*+ +9):++ 0?@/ 66=0 -? /+00 0/ +7 /7 6/6- <+06: +7 67 7<0 6=.

Page 127: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 127/206

 J+; -7 <7 ;=/ *+= 0/+G 670<- +</ ++< (0+

)-7: ;*-/ /+- +<+= 6+7@- 670<- 9*+=, -+9+<+= @0<= )+= /? ;=/? 670</. O<6+<; @0+ ) 6+7 0)<. @0+= @+= /+ @9 +0<- +0<++= 6+0+ 7+ )97-.

Page 128: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 128/206

S2%3 7.7 P/6-- ;=/ 9-< 

T!'0& '%&$%!1K/+ +< 0- =+= 6+9+ 6+)<+7-

90/? 60, <> + 06+0- 7+ 6+9+, :++=06+0 +< 0* 6+<00 =/= 6-. U 6+9+ 7+6=- 6-<, @/ 7<0 /6 6/ +067. N-?+<

)6=/ = <7 0* 5.1.Tabela 83 5apreminske mase siro$ina za peletiranje

O2%3 '%&$%!1N'%0!g+'%! G!+2*%/

V 6-< 28" ‐ 3"":- //< - 7+*- /+7 6--06:

S@/ 35" ‐ 38" :- +7G- 06 =+*K6 6/+067/ <+ 1%" ‐ 2"" N-)@0-? 7=)-

 T 7 @/ = ;0+ =- 7=)- 1" ‐ 3" == 7, 4 ==

7*- 7 * <+)+ =+9 0+<0 <> 0 @/ 7 60+= 6+9+ *7 <>9 +60>- = 9). N6 )6=/

= < @/)+ +/+ 32"/9=3.

K6 6/ +067, /+ - <) +6+< 60 /+ *:-

<+)+ @+ *) 6+* 6- = =- 6 )6=/ =/+- )+ +71%" ‐ 2"" /9 6= <+9 +067 6+ 6+0++= =0 ( //+ )<-;=/ 0@-: +</< 06+0 @ -<> 0+;/ )*7> 6+9+.

D0-+= )+= 0* 6+:0 7 60 6+0<00* - ) 0-<- 6/+9 +067 +/:- 6+9+ )60- 60 67<70 <; =+*? :/:. K+)/++=/ ) /+) 97<- +9):- 7+6= +<=+ <+-0 6< 0?@/ -/ =+7 6+06- /6= 6/= +067+= /+- @ /++ #" +</?6+0:- ) *7> 6+9+.

 T6+0 +< <;  /=+= 6+<;= 7/+=, 9-[ 0+<<@=

)6= 7/ 7+ 25 =3  =+9>+;> *+@+9/6+<-,

  0/0+/= 6/+:= ) 6+<= 06+0 />06+0

7- =+9>+;> *+@+9 /6+<-, )6= 7/+/+ 2" =3. T6+0 7- +7G- 6= +/:-6 /+- )<+

Page 129: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 129/206

+< +7+ +/:- 6+9+ ) 60-. O60= 7-06+0 - 7- +/+ +<+9 6+9+ 25 ‐ 3" /=. V>7-+0 +<, +7++ 7 06+0 =+9> - =+ 7>=@-<=

Page 130: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 130/206

  /7 6+0+- +7G 0=:- ) 6<+) 7+7 7<+9+067, /+-

=+ 7 670<- )9G<@ 6+ 7 /+-+- 0-  /7 6= :++= =+7 6?<0 )- 0=0+<

+< <+) 6+* 6+-/0, /7 /+0 6+*, =/, <+) )

06+0 +< 6-<, < @/S32%1!/1 '%&$%! Z 7 6+9+ - 6+0*+ +*)*70 =Q. 2,% 0? +<+7++ +/+

45,$ ‐ 4# 07 6@0+ 15 <9 <7+ 7=. A/+ -7/6 /=+ 0- +/+ # 0+ +<, ) 6+9+ 0+/ -7+9 7+97 0* +*)*70 7+<+) +< +7 :: % 0. P+00 0+<+< =+ 7 *7 /+ - 6-< @/ 60- 6-=/+; +7 25 =3  ;0+ +79+< /+0+= 7 6+9+ +7 +/+ 2 0.Z*+9 +@/<? 6+*= +/+ +*)*G- 7+<+) +< 6+*+ )=/= =:= 6+0*+ - 6+7 0;: /7;00@/ 6-< /+@= +7 +/+ 18 0 ;0+ )+ +/+ %5 =3.

Z /6 6/ +067 =+ +*)*70 0/ :/:, /+ /7;0-

/6+9 6/+9 +067 /+@= +7 +/+ 1" 0 ;0+ )++/+ 58 =3 6+0+=, /+ I ) 6+0< <@ /+6 6+9+.

K+@= +< )? +7 /6+ 28 0+ ;0+ - 6*+ 1" 07

6+9+ +*)*G- 9 /+0 7 6+9+ <0 = )0<+ =+ 6++ +60>- @0<+96+9+.

T1=!&2&3% 0&*1' 0&%;$&!/1 1!1g1'3%= 0121 

 T+ - /+0, 0<+ 0+=0) 6+: +7 6-=+< 7+

+06= 9+0+<? 6+)<+7 ( 60 70 - : 5.#.

K=+ 6+<;= 0:= =+9>+;> *+@+9/6+<- 6+).

1. <+) +< 7+ 6+9+ 0+< ‐ /6- - 0+< =6 6-= /+; 6+). 8.. U +<- /+;, +7++ 60+ 6+7 0;:+=0+< @/ /+- -6+)<7 +7 9-< /6? /+=7 ‐ +/+/ =+*=0-<@=6+). 2. /+- 06+0- 6:-= 0/0+/= 6/+:=6+). 3. /+ -0 0<+ 606@ /=+= 6+). 1.. O< )?6-< @/ /+; 6+). 8. 6+ 6+0* *:- 0/0+ ?7@+=/;/+= 6+). $..

P/ +067 /+- - /7;0 6+9+ /+0+ 0-<, 0/+ ;0+ 7: +7 6/ +067 < 0/006+0 6+). 4.. O06: <+=+ ) :/: 6+). #.6/+ <*:++9 7+)0+ 6+). 5.. U0- @/ 06+0+=6+). %. *:- /+; 6+). 8. D+) /+; - 0/+ /+0 7=+ <+=+ 7 7+0 6-< @/ +7++ =;<6-< @/ 6/+ 0/0+9 06+0 6+). 1". = <@6+). 11. /+- < =0- <+= 0- 0-< 7+ <@< =-9 +7 4 ==. O<- = 9) 6+7- <+- <*+7+7<@ 6+). 11.1, =90 ) ?<0- +=90? /+=7

6+). 11.2 /+ G- ) )7<-- 0;/? /+=7, /=

Page 131: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 131/206

=0? /+=7 /+- ?<0 =90. U +</<+= 0=+6?+7+ - 7 9+ *)*7+ 0 < +< 9:- 6+9+7 ) ;- 60- ‐ 0+ - =;< < 9:-+= 6+7 4 ==. U0-<- +< <+= 0-6+=+> = /+- 6+7- < );00 +7 0? 67=0+*)*G- =-- )/ +7 ?<- =-- )/ +7 6+.

V00++= 6+). 12. 0- +< 6/+ 06+0+9 0=

) :/+ )0<+= 6+). 13.. I) :/+ 0 < ) 7+)+ )6= 1"=3  6+). 14.. I) +<+9 + =0- <+==+ 7+) 7 0 ; 6+).1#.. U 0 0- 0+6+9 <)7? < ; )70<9 +/+ 13 .

Page 132: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 132/206

P+760/ ; 0< <00+ 6+). 1%. /+- =+ < <*:- :/+ <)7;+= )0<+= 6+).18..

S< < 67 <)* 7+) 6 06+0 6+). 1$./+- 0+=0/ +*)*G- 7+0 +< 90/ 990 6+).2". ;. T+ - /+@ +7 +/+ 2" 6+)<7+9 <. +<06+7/0 9+<- ) +<+9 990 <+=+ ) ; /+=;< <)7? 6+7/0 9+<- ; < 0. T?++;/ 6=0 ; 0+=0/ 9; 6+=+>6+:+.

E<0+ /+F:= +7 60@? =0- 6+). 21.06+0- <

< + <+9 < 6+). 22.. U +<- + <+7 6:+ 6; - 60- 6/+ :/+ 0+=6+). 33..

D+) G- + 6+). 23. 7+) 6+0* /+@ 6-< ‐<

+79+<-> <9 <0+ 6+). 24. /+- + +< 7+)

0= 60- 6+). 25.. I) G- ) 66= 0+6 <+7 6+).2#., 0+6 <+7 7+) 0= 7+)- ‐ /+7:+- < 7< =0. I) 6<+9 7+)+9 /+7:+ *9+ +< =0-) /+; )6= 2 =3  =;:+= 6+).2%.. U +<+= /+; <; 9):- -7@<- <9.M0- ) /+; ))= 7+) /+7:++= 6+). 28. 60 6 6+). 2$.. N=0: 60 6+= 60 0/<-= 6+=+> +0->? )*-? <-/

/+. P0 )) ) 6 67- 06+0 9=+= 06+0+=

0/+= 06 *7+< <0[ 6+). 3".. P0 ) 06+0 ) ?7-/ 60 6+). 31. 97 ?7 =*-00=60 0- <)7?. S0--<)7? +0<- 6+=+> <00+ 6+). 32 06+0+9:<+<+7 7+ :/+ <)7;+= )0<+= 6+). 33.. O<-<00+ <; 6:- :+= 0= 60 6. P0 )?7-/ 67- <*:+ +0 6+). 34. 97 <; )7<-- 6; += 60 +7 7+*? 60. I)7<+-6; + 6:+= 0=+= <>- 6++<+ 60-.

K<00 60 06+0- 0/0= 06+0+=*7+< <0[ 6+). 35. /+; 6+0+=0/ <9 ‐ 6/: 6+).3#.. N +<+- <9 6+). 3#. <; +7=<- 6/+<- 60 J=*+[ <> 6+). 3$. +7++ PE / = 6/+<- 115 /9.PE / 06+0+= 6+). 3%. 7++ PE / 67 <:,

97 <; -?+<+ )0<-.K 60 6+). 3$ 97 /+ 6--[60 +*=+0<- 0@ +-+=. P0= /+:= 6+). 4". 60 6/+<= 60= +7+ +06=+ /7;0 60 +7++ 6+0+ =- ) 0+< <+). T6+0 60?6/+<? 60 <; /=+= ‐ ;6=. N -7+= ;6=+ 7 0 7+ 24 0+ 60. L- 60- 7 60-0+=0/ 9; 7 6+=+> 6+:+9 @.K+0+ <9 0=60 6+: <; 6+= 6+0*<9+=+= 0=+=0+=.

P&>+! 30*%1 % %;& &01-1K6:00 - 60- 7<? +067/ /+:60 -

++<

Page 133: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 133/206

6++<+9 +</+9 6+0:-, +60=+9 0?@/+9@/ 6+0+--,=+9>+0 /+0 6+)<+7- 6=.

I0 /6:00 - - 2,% 0? 7 6-= ;- +< 2,2 0?

7 6+)<+7- 90/?

60. K+7 /0<+9 6+)<+7+9 <= 0+=/= 7+=,60 7

7-+ 254 6+)<+7 7, /0+ /+;>-0+9 /6:00 6+)<+7+9 <= +7 +/+ ",%1, @/6+)<+7- )+

Page 134: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 134/206

#,77? ' 5#,8: ! ?.76, g&%!/1O<- /6:00, + =+ 6+<>0, 6+7 +<+=+*)*G- +<

<>= /+;>-= 6+)<+7+9 <= 7+ 12.5"" 09+7. O<+ - :-6+)<+7- /+7 )<+- /+;>- 0+9 /6:00.

D * +0< +< 6+)<+7- )*+ +6= -)+< 6+<= 0= 6+)<+G@= +6= )E<+6 7=@+ ) )=- 6+70:- )<+- 7+=>=;+97-. S</ )*+ +6= +7 6+<? 6+06+ +<?6+)<+G@ 7+<+7 6+9+ 6+)<+7 /6+0:+9+0. N +<+- - /+:60 - 67<G+ 9+<- 3‐46+@+: +6= ) +00< -=- 2 6+@+: +6= ))=-. S< +6= =+ *0 /G? /6:00 ?+)+< 7.S2%3 7.8  T?++;/ 6+: 6+)<+7- 60 

Page 135: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 135/206

BLOK ŠEMA P&%;$&!%1 E+&0121 30. 4,4 =

PILJEVINA IZPILANA

KRUPNI PILANSKIRANJEVINA IZ

OTPADAKŠUMA

 g. #

SE'KA DOBIJENA NA MLINUIVERAaU

STABILNI IVERA'

DOZIRNI KOŠ

MLIN ZA PROIZVODNJU IVERAZA

PELETIRANJE

P6+ f 1 ‐ 2

&LUID LI&T SUŠARA SA

ENERETSKIMAREATOM

SILOS SUVO IVERA

LINIJA PELETIRANJA

!LAhENJE I SORTIRANJE PELETA

PAKOVANJE PELETA

Page 136: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 136/206

7.#.5 S01*%<%3*%/ &01-1: ;eani!acija !a pripremu i transport sirovina

R.*.

P+) N)< +6+ =

 J7.=

K+

1 1.K=+ /6 0+<= 7/+= )6= 24 =3 4 ‐ 50 K+=. 1

2 2.

L/ :/: ) 6/ +067 ) ;=/ 9-< +0<++= ) ) =0- +7 2" ‐ 4" := ))+=@/ 7=)- 4 7+ 22 ==.S:/: + 0/0+ 9 +7 55 KS 6+9+ -6/+/7/+9 <0.

K+=. 1

3 T/0+ 7- 9, 55 KS ) +;- 6+9+ :/: K+=. 1

4  T/0+/ 6/+: *+@= /6+<-=, )6=7/ +7

K+=. 1

5 T/0+ 7- 9, 55 KS ) 06+0 6/+: K+=. 1

:: Tenološkomašinska oprema u pogonu !a proi!vodnju energetski peletaR.*. P+) N)< +6

 

 J7.= K+

1 4. T/0 06+0, @/ 11 6=? /6+9 <+97<+9 +067 ) 6/ 67 7<0. T6+0 /+00+= 06+0+= 0/+=, 7=)-, B^ #""==, L^ 5 = 6+9+/= . =+0++= +79+<->

K=6.

2 5.

V*:+ 06+0, @/ 11 6=? /6+9 <+97<+9 +067 ) 6/ 67 7<0. T6+0 =0= /+0+=, 7=)-, B‐ #"" ==, L^ 5 = 6+9+/= . =+0++= 6+= =?)=+=

K=6.

3 #.

S:/: ) < +00/ 7<0 ) 6/ 67+/+:, /+, 0< /+=7 7<0. S:/: - )0<++= =0+= /@;0 <+7= 06+0+= **-= +<=. U@/ 67 - +/+ 1" 6= @/ 7=. 1"‐2" == 6+9+/= . =+0++=

K=6.

4 %.

 T/0 06+0, @/ 3 0? 6 b^ 28# /9=3 <

@/. T6+0 - /+00+= 06+0+= 0/+=; #"" ==, /6 7 L ^ # =, 6+9+/= .=+0++= +79+<-> 9.

K=6 1

5 8.

U6 /+; 6+/0= 7+= )6= :: 25 =3,7=)- Q * Q ? ^ %," Q 2,5 Q 1,5 =. /+; - +6=-6+/0= 7+= : 6+6@= 0<= 6+9+6+/0+9 7 =+9@+;> 9:- *). N ))) /+; ) 90+ < =0- 6+9+/=

K=6. 1

# 1".

 T/0 06+0, @/ 3 0? 6 b^ 28# /9 =3

< @/. T6+0 - /+00+= 06+0+=0/+= ; #"" ==, /6 7 L ^ 8 =, 6+9+/= . =+0++= +79+<-> 9.

K=6. 1

% 11.

S:/: ‐ = ) 7< +067/, @/ 2,% 0? <+9=0- ) 6 ))+= 9:-+= 6-< 3

==. M - /+=60 0<- +7 )+9 7+)0+ <*+ =+0++= 60+ 0? 67=0 /=, )=-,-)+ 0 6+9+/= . =+0++= +79+<-> 9.

K=6. 1

Page 137: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 137/206

8 12. T6+0 <00+, @/ =. 3 0?, 6 b^ 28# /9 =3 <+90-+9 =0- ‐ @/ 7<0 =Q. <9 8" AS.

K=6. 1

$ 13. C/+/ +7<-@ =0- <)7;+= )0<+= 6+9+/= .

K=6. 1

1" 14.

M0 + )6= V^ 1" =3, <= 7+=,

+6= ))=@= 6+9+/= . =+0++= 7/0++= +79+<-> 9 0 -7= ))=+0<++= 6+7. N /+< + )70 -7 <)++0<+ );00+= ;0/+= 6+/+6:=, +0<+ )6-- 0 +0<+ ) )-7@<- 60/ F0<>+=. U + 970 <+ 6+/)<@ =Q.

K=6. 1

11 15.P 06+0, /6:00 3 0? 6 b^ 28# /9 =3

< 6-<, /6 7 L^ 5 = 6+9+/= .=+0+7/0++= 90++= *+- +*0-.

K=6. 1

12 1#.

S; ) ;- 0- 7< =, /6:00 2.#""/9? <+9 6+)<+7 =Q. <9 15 . M0- );- - 6-< ‐ < =Q. 7=. 15 == 7, 1 ==7*- <9+= =Q. 8" . S; - 06 7 0/+=60 =+9:+= 7-=,

6+0<6+= 7-=, /+=7= 60+= 6+:= 

K=6. 1

13 1%. T6+0 <00+, /6:00 =. 3 0?, 6 b^ 24" /9=3  <+9 0-+9 =0- ‐ 6-< 7<0 =Q.<9 15 . MQ. 7 06+0 15 =, 6+9+/= .

 

K=6. 1

14 18. C/+/ +7<-@ =0- <)7;+= )0<+= 6+9+/= .

K=6. 1

15 1$.P 06+0 ‐ <)*, /6:00 3 0? 6 b^24" /9 =3< 6-<, /6 7 N0 8 = 6+9+/= . =+0+7/0++= 90++= *+-

K=6. 1

1# 2".

 T+6+0 990 ; < 0- *+=6-< < +7 7<0 +79+<-> 9. A990 -0<- +7 7+)+9 /+; ))=@=‐7+)0++==0-‐ 9+<, /+=++= ) 9+<- 0 =;=/+=+= =+9:+= 7-= ) 7+)-

9+< +7<- = 7 ; /+000

K=6. 1

1% 21.

S=+0+-> /+@0 <0+, /6:00 =. 3 0? 6 b^24" /9 =3<+9 0-+9 =0- 6-< ‐@/7<0. E<0+ - 60@= ‐ 9== /+F:=,< 7)- !^ 12 = 6+9+/= . =+0+7/0++= /+@:+=, )0)+= 6+9+/+= 9<+=, 60+=+=) +6<- =+0 0 =0= 6-:=

K=6. 1

18 22.

M0 + )6= V^ 3" =3, <= 7+=,+6= ))=@= 6+9+/= . =+0++= 7/0++= +79+<-> 9 0 -7= ))=+0<++= 6+7. N /+< + )70 -7 <)++0<+ );00+= ;0/+= 6+/+6:=, +0<+ )6-- 0 +0<+ ) )-7@<- 60/ F0<>+=. U + 970 <+ 6+)<@ =Q.

K=6. 1

1$ 23. P 06+0, /6:00 3 0? 6 b^ 24" /9 =3

<6-<, /6 7 L^ 5 = 6+9+/= .=+0+7/0++= 90++= *+- +*0-.

K=6. 1

$5

Page 138: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 138/206

2" 24.

S=+0+-> /+F@0 <0+, /6:00 =. 2,2 0? 6b^ 24" /9 =3 <+9 0-+9 =0- 6-< ‐@/7<0. E<0+ - 60@= ‐ 9== /+F:=,< 7)- !^ 1" = 6+9+/= . =+0+7/0++= /+@:+=, )0)+= 6+9+/+= 9<+=, 60+=+= ) +6<- =+0

K=6. 1

21 25.

P 06+0 ‐ 67/+7:+ 60 6.

 T6+0 - )0<++= =0+= /:0 7 :: 2= 7)= ) 7+)- 0+6 <+7 <+7 6. T6+0 - 6+9+/= . =+0++= 90++=

K=6. 1

22 2#.B+- ) 6+)<+7- 0+6 <+7 ) 0?++;/ 6+0*60-, *+- - /0@= 9-@=,=+9:+= 9+= G-=.

K=6. 1

23 2%. D+) =+; 60 6, )6= 2 =3  ))=@=,6+9++=

K=6. 1

24 28.

P 7+)0+ 60 6, /6:00 2,2 0? 6 b^ 24" /9=3 <+90-+9 /+7:++9 =0- ‐6-< 7<0.D+)0+ - 6+9+/= . =+0++= 90++= *)

 

K=6. 1

25 2$.

P0 6, /6:00 2.2 0? 9+0+<? 90/?60, E+ /<00 =0:+= 6@/ # 8 ==.

P - /+=60 6+9+/= . =+0++=,?7@= G-= ) 9:- 9 60- 0/+=7+= 0*+= 6+:= @+= ) <+G-

K=6. 1

2# 3".

 T/0 06+0 9=+= 06+0+= 0/+= +*/ /+006 *7+< <0[, /6:00 =. 3 0? 9+0+<? 606 b^ #"" ‐

K=6. 1

2% 31. !7-/ ) 60, <0/+9 06, /6:00 =. 3 0??G-

K=6. 1

28 32. C09 <00+ ?7-/ 60 6+9+/= .=+0++=

/=6. 1

2$ 33.C/+ <)7;+= )0<+= 6+9+/==+0+7/0++=, 0+= ))+9 <)7? 6:+= :<+<+7+= /6 7 :: 2" =.

K=6. 1

3" 34.S0+ ) +7<-- /<00? 60 +7 += 6-</+ ?7-. S0+ - /+=0 6+9+/= <*+=+0++= 0 ))= 9+= ) 60 6;.

K=6. 1

31 35.

 T/0 06+0 9=+= 06+0+= 0/+= +*/ /+006 *7+< <0[, /6:00 =. 3 0? 9+0+<? 606 b^ #"" ‐

K=6. 1

32 3#.P+0+=0/ <9 ‐ 6/: ) 6/+<- 60 PE<>. P/: - /+=60 6= /+;=, 7+)0++=,=+= 96+= /+=7= +=+=.

K=6. 1

33 3%.

 T/0 06+0 ) 06+0 6/+<? 60 PE<>. T6+0 - <+= 06+0+= 0/+=; *^ 5"" == /6 7 L^ 2 =, 6+9/=. =+0++= +79+<-> 9 0 );00+= +97+=

K=6. 1

34 38. UG- ) )0<- PE <> )<<-= ‐ <:. K=6. 1

35 3$. D< E+ 60 ) 06+0+ 6/+<- 6/+<?60 PE

K=6. 1

$#

Page 139: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 139/206

 

8787 

3# 41. U7- ) @+ +*=+0<- 60 6/+<=60=

K=6. 1

;eani!acija u internom transportuR.*. P+) N)< +6

 

 J7.= K+

1 T/0+ 7- 9, 55 !P ) +;- 0+< /;/

)6=

K=6. 1

2 $.U0+< ?7@ /;/ )6= 2 ‐ 3 =3, )=+0 K=6. 1

3E/0@ / ) =6:- 7)- 60 /=+ =6:- /7;0, +<+0 7+ 2 0 <-;/ 6+6‐*0 9 ++<+0 7+ 2 0.

K=6. 1

4 4". R@ 60 /+:, +<+0 7+ 1 0+. K=6. 1

<aboratorijska opremaR.*.

P+) N)< +6 

 J7.=

K+

1 P+0* <9+= ) 0<G<- <9 +< /+7 6-= 

K=6. 1

2P+0* 0=+=0 +7+= ) 0<G<- 0=60+< K=6. 1

3 P:) /0+/ <9 +7<9+= +7 3 ‐ 5 /9 K=6. 1U/6+ 0 9 /0+ =+0+ 6+ 7-+= 6+-/0 - 4"" ‐5""

/X. K+7 /0+ /+;>- 0 9 /0+ 0+<=+0 +7",% 7+*- 6+0+;- /0@ 9- +7 34" /X +7++ 1%" 6+ 0+6+)<+7.

7.#.6 M1%/2!% %2!' %!&-%$1

N&-%$% +&3 '%&$%!, -2H1 % 1!1g1!N+=0< 0+;/ +<, =* 90 +7G ++<

676+0</ 7 > 6+: +7<-0 <9+= +< /+- > /00 7+ =Q. 8" @0+ 7 =, 7 > 8" 6/+<- 70 PE /= 2" J=*+[ <>= 7 > 6+0+;- /0@ 9- +7<-0 6=0= 9= /0+ 6+0+;@ /0+ 0+<=+0 /+;>- 0 9 +7 ",%.

Tabela 84 +tro#ak siro$ina

R. *. N)< +6 =0- 90 U0+;/ ) 10+ 60

1.

D< +067 6@0+ 15 <9 <7+ 7 = =Q. <9 8" 0 ) 6+)<+7- 60 0* ) 90/ 990 ; 0

1,1411,"""",141

2. P+0/ / 1 1 5 , /=+ +7;0=6 /+=. #%3. J=*+ <> /+=. 14. S0@ +- =2 155. S077 60 /+=. ",$2

#. E/0@ 9- /X? 1%"

%.I70-/ <+7 =3 ) 6+0* 6+)<+7- 0+6 <+7 =3* ) PPZ ?70

","#

8. D) 9+<+ D2 ) 0 +*@- 0. ",5

Page 140: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 140/206

7.#.7 R130%+2*%/ +&3 '%&$%!, -2H1 % 1!1g1!R/60:- 0+;/ )G - ++< +=0< +@/<

=+9> 6+)<+7- 60 6/) - 7>+= 0*+=.Tabela 86 <ekapitulacija utro#aka materijala i pomo"ni, te,ni'ki,

materijala

R.* N)< +<, 90

N+=0<

@+<6+)<+7-

Z@/

9+7;-6+)<+7- +7 $5"4

 

Z :-9+7;-

6+)<+7- +7 12"""

09+7.

1.D< +067 6@0+ 15 <90+ ) 6+)<+7- 60

1,1411,""",141

1".844$.5"41.34"

14.2#212.5""1.%#2

2. PE / /=+= ;0=6+= 115 #% 5"$.414 #%"."""3. J=*+ <> /+=. 1 1.$""\ 2.5"" \4. S0@ +- =2 15 1"5.8"% 138."""5. S077 E+ 60 /+=. ",$2 %.5"3 \ $.2"" \#. E/0@ 9- /X? 1%" 1.#15.#8" 2.125.""

 %. I70-/ <+7 _ PPZ ?70 =3 ","# 5%" %5"8. D) 9+<+ /+7 0+9 +*>- ",5 4.%52 #.2""

\ J=*+ <> E+ 60 6+<0, ;0+ )@ 7 7+<6+/ =+9+0<0 *</+= =+ /+ +*)*7 #"" /+=. J=*+ <>2.""" /+=. E+60. P+<0 E+ 60 =+9 )*> )7+= 6+<0? /?60 0=7 : 0? 97 6+)<+7.

7.#.8 R11!/1 g1$%!'3&g &/13 %%!'2*%/

 T?++;/ - 60- )*+9 6+0<6+? 6+)<+7?)+9 =+ 7 =0 6+7 0;: #5" =2, 7=)- 2# Q 25= 0/+ 7 ) 6+9+ 60- )7<+- 6+9+ 60- 1"" =2,7=)- 1" Q 1" =. O*-/0 0* 7*7 )9G +7 @<0+9 6++ +06++9

=0-. N 70+- +/:-, 0/+G,0* +*)*70•  606 60< <) +*>-:+= /+- 6+) /- 6+9+,•  *7<- <+7+= ) 0?++;/, 0 6+0<6+6+0*,•  0+ 0: 9 +7 4"" /VA,•  60@/ -= ) 6?<0 0 <+7, 7+/ 0=+/ <+7

+7<+7 )6+<;.

7.#.9 S0&2/!% % +!+!/%

!'0&S6+- 06+0 /+7 7+<+) +< 6+06+ - +*?<> 0?++;/+=

7 +<+9 6+9= - + +*-/0<+ @ 0< 7+ 0?++9-.O6= ) 06+0 +< 66= +< -+;

Page 141: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 141/206

+/:-= 0/ +< +*?<> - 6:/:-0?++;/ +6=.

 T6+0 9+0+<? 6+)<+7, 60 <; ;6= +<+0 +72" ‐ 24

0+. Z 7< 6+)<+7- @ 7 > +0<0 1 1,50 7<+. Z@- +9):+ ) 7 6+9+ -06+0 9+0+<? 6+)<+7 -

/+0 +06= +<-< 7+* 7 6+9+ <+<0+)7+<+-< 6+0* /6:, 6<0<+ )<+) E+60.

U0;- 06+0 +*<- =?):-+= :-•  7+6=- +< 6-= /+; -,•  06+0 60 60= /+ )+< 6+)<+7-,

Page 142: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 142/206

•  0+< 60 <+) ) +06=.Z +< +6:- 67<G - +7G =?):- /+- ) 0<

0?++;/-.

7.#.: E!1g%/ %+%%

N ++< 97<- +*= @/ +6= 0+9/6:00

- 0<G 6+0* ) 90=. O< 6+0* 0<+ -7+0< - = /0@ 9-, =+ <+7 7)9+< D2 /+0 79 90.

E/0@ 9- 7+*- ) <00 0+ 0:. P+0+;-)+ +/+

1%" /X?0, +7++ +/+ 3%4 /X??. T+6 <+7 )/+7:+- +< 0+; +/+ 3" 10 ##  1?, 7) 9+<+ D2 ) 6+9+ 0=?):- )< +7 <0 =?):- /+- > *<0.E90 +*)*G- +/+, 6/-@-= -< =

*</+= +7 70*0. 

8.  ORGANI"ACIJA I  REŽIJSK ITROŠKOVI

8.# P2! !1'!g1

S +*)+= 7 - 60- 0<+ + +9):+6+: < 7: =+- =0 +79+<-> /<F/:- 6+>0+0/ 6/0@ +*/ ) 0?++9- 60-. S= 0+9,< )6+; =+- 6+> +*/ ) = 6+0<6+ ?9-/+ 0?@/ );00.

U 7>+- 0* - 70 6+-/:- 0/0 )6+? ) 0+=/7

+7 254 6+)<+7? 79+7;-.Tabela 93  Projekcija strukture zaposleni, data je zatrosmenski rad od 487 proiz$odni, danagodi#nje R. N;%$ !&g -1' K$2%F3*% B. %;$.

B.'-1!

U3+0!&

1. O9)0+ 6+)<+7-‐ VS 1 1 12. S=/ 6++<+G SS 1 3 33. R7/ 66= +< KV 1 3 3

4. R7/ 66= +< PK 1 3 35. R7/ 60 6 KV 1 3 3#. R7/ 6/+<- PK 2 3 #%. V-;/0 ‐ =9:+ KV 1 3 3

8.R7/ +7<-=;/+ KV 2 1 2

Page 143: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 143/206

  U/6+ 24O<- *+- 7/ 69+G - 0+=/+= 7 ) 5 7?7

7-. S*+0 7- /+0 ) +*)*G- +< ) <0=+0. R7: 66= 7+<+) +< /6+ 157/ 7 0 <+)= /+- 6<+) +< 7+ 6+9+.

O< 6++< =+9 6+7 +7G= +<=, 9+<++, 60 6+* +9):-. C+ 6+9+ =+, 6= +<+= 6+-/0, 7+6- 7/0+- 6+)<+7- +7 +< 7+ +06= 60 +/+ 3$7/. P+<+= +9):- 7 6/ 6+/)> 7 - +<- 67 9 =+ 7:0.

Page 144: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 144/206

8.4 D%!-%>3% 02! g!/1

N ++< /0< @= 6+-/0= 67<G - 7>7=@/

6 97-•  )7 *) <0:+ 7+/=0:- 3" 7•  )=0- 7+/=0:- 7++;- <0:+ +7/ 15 7•  +*)*G- F- 6+-/0 $"7•  9+<- +6= ) 6+)<+7- 60 7+=> 0

++< 6/6-? 6+7 6+ 0715 7

•  )7 9<? 6+-/0 3"7•  )97- 760:- 9G</+9 +*-/0 #" 7•  6+/ =+0 +6= 12"7•  6+* 7 ?+7<- 6+)<+7- 3"7•  0?@/ 6-= ?+7+<- 6+0* 7+)<+ ) 7 6+9+15 7K/+ / /0<+0 6/6-, =+ =00 7 +7

=+=07++;- +7/ + 00+<- ):- 6+-/0, + =+ )+<0 +/ +7145 ‐ 18" 7 +/+ 4‐# =:. 

9. @INANSIJSKA ANALI"A I PROCENA ULAGANJA

9.# @%!!'%/'3& 13&!&-'3 !2%;

&-/+ ( /++=/ ) - G 6+ =0+7++9-&+7 ) )<+- R6*/ S*- ++< 6+)? 6+70/

6=0 ) I7-+9 0?++/+‐=;/+9 6+-/0. R7 0+0 6+7<+0 : 6+9= - /+;> +<@ -7: 1 E+.K+7 F-/+ /++=/ ) - 6+*+ 6/) PDV.

O%- % '+3+ %!$1'%*%&!%= +2g!/ &'!&$! '1'$N ++< 6:F/:- +6= ) I7-+9 0?++;/+‐=;/+96+-/0

+0? 6+-/0+<? 9- 7- - 70 6+-/:- 0/0 +*=9- ++< 70<.

Tabela >3 Projekcija strukture i obima ulaganja u osno$na sredst$aR. . 

O0%'  E+   

#.G</ 9G</+ )0/7+<

11".""" 12,5#

4.  T?++;/+‐=;/ +6= %2$.4"" 83,32

Page 145: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 145/206

4.#4.44.54.6

O6= ) 66= 06+0+< T?++;/ +6= -60- M?):- )0 06+0 L*+0+-/

88."""#1"."""3"."""1.4""

5. E/0+0?@/ 7+< 25.""" 2,85

6. !7+0?@/ 7+< 5.""" ",58

7.O0+ 6+-/0, 7)+, 6+* 7 #.""" ",#$

U3+0!&  :97.6 #, O>+! 0&1!%= &!%= '1'$N ++< 6+9 +*= 6+)<+7- 0+;/+<, /+76+-/0+<?

: ) - 2""%. 9+7, )<; - +*@ 6+0*? +*0? 70<.

Page 146: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 146/206

 

101101 

Tabela >4 bra'un potrebni, obrtni, sredsta$a 

R. . O0%'  V1!&'  D!%$1;%$!/

K&1<.  S$1g 

I ANGAŽOVANA SREDSTVA

1. Z? +< 24.$$2.$"3 5 %2 34%.13"2. E90 %.3%1.28#      

3. Z? 7+<;        

4. Z? 9+0+<? 6+)<+7 %2.5%".$3% 3" 12 #."4%.5%85. P+0<- +7 6+7- $%.318.4"" 3" 12 8.1"$.8%"#. +0+< $%.318.4"" 2 18" 54".##"

SVEA 15."45.238II I"VORI I" TEKUĆEG POSLOVANJA

1. A=+0):- 8.43%.#"" 3" 12 %"3.133

2. O*<) ) )7,/7 6+) 7+ +, /=0

24.311.8$4 3" 12 2."25.$$1

3. O*<) 6=7+*< @=

42.2$#.18$ 3" 12 3.524.#82

SVEA %5."45.#83 #.253.8"#P&1! &! '1'$   :.9?#.654 

Tabela >6 +kupna ulaganja 

R.. 

O0%'  E+  D%!   

1. U9- ++< 70< 8%5.4"" %"."32.""" 88,85

2. U9- 0- +*070<

1"$.8$3 8.%$1.432 11,15

S$1g  ?:7.4?5  9:.:45.65 

#,

K+7 6+-/0+< +9):- ):- 6+-/0 6+*+ 7

6+/ =+0 +6= :+ 6+-/0 =+ )+<0 +7 =+=0+*)*G-<0:+? 70< +/ +7 4 ‐ # =:.

9.4 O>+! &3&$ 0&%;$&!/1 % <&-%!/1 +3+0!&g 0%=&

Tabela >7 apitalna in$esticiona ulaganja

R..  O0%'

V1!&'!&$&g

&'!&$!.'1' 

 A-&%;*%/

 + 7g&%!

 1.

G</ +*-/0 8.8"".""" 4,7  1.1""."""

2. M?):- 2.4"".""" #7  1.8""."""

3.  T?++;/ +6= 51.2"".""" #7  38.4""."""

4. O0+ 5$2.""" 5  5$2."""5. O6= ) 66=

%."4".""" #7  5.28"."""

SVEGA 9.54. 69.#94. 

Page 147: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 147/206

T&3&$% 0&%;$&!%= +'2+g  T+;/+< 6+)<+7? 9 +*?<0- T+;/+< 06+0?

9, PTT 9, +7<- ++<? 70<, /= 6+697, );00 7,/+=? 9 +0? 6+)<+7? 9. O 6+:- /6<7+0 +74.?4. E+.

N1-1%/2!% &3&$% N=0- 0+;/+< +*?<0- 0+;/+< 6+)<+7?9,

6)0:- +9-, 60+9 6+=0 )-7@/? **/ ) 9:- +0 =0-0+;/+<. P+:- '$1g8.:#4. E. 

@%!!'%/'3% '=&%&-/ ?+7 +*?<0- /=0 /70 6+:--

5.584.56:E.

N10&'2&$!% % $!1!% '=&% O< <0 ?+7 +*?<0 +06 +< 9+0+<? 6+)<+7 +06

6+0<- )+ +7?9. E.

D%13!% &3&$% U 6<+- 9+7 /+;>- 0+9 /6:00 /+7 6::?

+=0< 0+;/ +<, =* 90 )6+)<+7- $.5"4 0+90/? 60 0- 7> 0+;/+< //+ - 0+ 7-6/)+.

T&3&$% '%&$%! % -2H1 Z 6+)<+7- $.5"4 0+ 60 9+7;- 6+0* - /+@+< +7

1".844 0+ 6@0+ <9 15 _‐3 <7+ 7 =.

O'!&$!% 01+'2&$% ; 323+2*%/+ *1!1 '%&$%!1 S+< 7+<+) 6+9+ 6:-)+<= <+)+= 6+@

06+0 7-+0 +7 25 /=. T+ 606+0<- /6 06+07- +76+@? 5" /=. U 0+< 7/ 6:-)+<+9 <+) +7 :: 25=3  0-, /+7 6 =, 6-< @/ +7 24" ‐ 3"" /9=3  6+/ # 0+ +<. V+)+ 0+; 6+/ 1# 1 7) 9+< 1""/=, +7++ 8 10 +7 25 /=, : 7) 9+< - @0 #57..

U0+< +< - I ) @. Z 25 =3  )6= 0+<+9

7/ 7< 7/ 0+< 0- 6+/ 3 @, ;0+ )@ 7 ) 8 0 =+6<0 =Q. 2 0 +7++ 12 0+ +<. T+ - 7+<+-+ ) 76+9+ =+ +/+ 3‐4 @+<. D * 6+9+ =+ 7+<+-+ +<7<+ 6+9+ =+ 7+> <+)+ +<+= -=- # 60. P

Page 148: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 148/206

/7;0 6+9+ 6+7 0;:+= /+- 6 0+/+= </7, 0*7 +*)*7 9+0 7 6+9+. J 7 + 6 <+ ; -  ) 9+0 *7 < - 6+9 + +< * > ++ /7 6-  -  < + ) < ; )  + 6  -< ‐ @ / 6 = /7   - 6+ 0 * 7 9 < = 6 -  - 0 - = Q . 1"‐2" = 0 . U 0 / < + = @  -< +) + = + 7 ) 8 @ + < + 0 <   7+ 4 0 +7 + = + 20 / +- I ). 

S*7<- 6+9+ 0* 7 *7 6<+- ) 7 6+9+ 7>=

+<=

•  P-< ) 6 #" /+@ +/+ #.#"" 0+•  S@/ ) /6+9 6/+9 +067 4" /+@, +7++ +/+ 4.3""0+•  K6 6/ +067 = <> /+=:- 6+7- :. Z 1

6+0+ =0 = +/+ 1,25 E +7++ 6+ 1 /9 VS7< = +7

+/+ ",""%E.

N 6++<= +*)*G- +< 0* 7 7 7> *+- 7/•  +9)0+ +*)*G- +< ‐ 1 7/•  <+)@ /=+ 0/0+ ‐ # 7/

Page 149: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 149/206

•  6+=+> 7: 0+< 6-< ?--[ :/: ‐ 87/

U3+0!& ‐ 157/

N ++< +<? =-? 606+0<-? 6=0)G -

6/ //:- : +< +<+= 6+9+.Tabela >8 Planska kalkulacija siro$ine za proiz$odnju peleta @87tKgodi#nje (prerada siro$ine oko 3@ tKgod!

 T+;/+< K&2%>%!

C1!0&

U3+0!&(E+) 

P-< ) 6 #.#""1 " "K6 6/ +067/ 6 4.3"" 0 9  3".1""+<+ ) 7 =+* :/:, D2 1433 @ 8.5$8 1 ",82  %."5"+<+ ) 06+0 6-< @/ 1# 11""/=, D2 1.81% 0 Q 5" /= ^ $".85" /= 14.53#1 ",82 11.$1$

M)<+, 6;+ 2.""" T+;/+< +7<- <+) =?):-5 +7 <7+0 88.""" E 4.4""

A=+0):- 15 13.2""L@ 7+?+: *0+, 6+/ 15 7/ 43."""7. 114.552

C1! 3&!/ '%&$%!1 <!3& 0&g&!   #:5.44 

U +<+- //:- - )0+ 7 -7 0+ +< = : +71#,81 E,  6+7 +<+= 7 6-< +0/6--. U 6+-/00+;/+< ;+ :+= +7 2" E0+.

Tabela >9 <ekapitulacija tro#ko$a siro$ina i ambala.eR..

O0%'  J1.-11

K&2.  C1!(%!.)

I;!&'

1. P-< @/ +7 6/ 67

7<0

0 1".$"

"

1.#"","

"

1%.44"."

""2. PE / /=+= ;0=6+= 1

1 5 ) /+=. 51"."" 1","" 5.1""."""

3. S0@ +- =2  1"5.8" ",5 52.$"3

4. J=*+[ <> /+=. #"" 4.""" 2.4""."""

5. O0+ 2""."""

U3+0!&  47.#?4.? T&3&$% 1!1g1! % $&1

 T+;/+< /0@ 9-, 7) 9+< ) 06+0+<

70-/ <+7 // *< : +<.

Tabela >> Prikaz tro#ko$a i energenata i $ode 

R. . E!1g1!% % $& J1.-11 K&2%>%! J1%!%>.*1! U3+0!&

. E/0@ 9- /X? 1.#15.# 4,3 %."28.2" 2. D) 9+<+ ) 0

06+0 6+9+ 0. 4.%5 #5," 3"8.88"

3. I7. 6+0+; <+7 =3 5%" #"," 34.2""U3+0!&

Page 150: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 150/206

B+& ;1, !3!1 ; % &'2% 2%>!% '=&%O< 0+;/+< +7+ *0+ )7, /7 )7, +0@

?+7, 0+;/+< 6+) 7+6+ )7 /7 )7 00 6++7<:. Z 6 6+)<+7- 6 /6:00 +7 4.5"4.0+9+7. 6<+- 9+7 7 6+9+ +< 0+;/+< )+ /+ ;0+ - 0+6/)+ 7+- 0*.

Tabela >? Tro#ko$i bruto zarade i dr 

R. K$2%F3*%/ B&/!%3 

B+&;

B. U3+0!&+&

P&'1>.-1'.

1 VS 1 114.""" 12 1.3#8.""" 8".514

2 SS 3 %3.""" 12 2.#28.""" 51.%%3

3 KV 11 5".""" 12 #.#"".""" 35.#5"

4 PK $ 38.""" 12 4.1"4.""" 2%.238

U/6+ 24 #6.9. 58.5: 

I) +</<+9 * 0+ )7 1".4%%.5"", +7 @9 +067 6+)

1.5$1.2"", 7+6+ 2.#31.3"". T/+ *0+ )7 14.%"".""",

7+6+ 006++7<: 2.%"4.8"". U/6 0+;/+< ) )7 )+ SVEGA#9.66.: 1+. 

P&1;% % &0%!&'% P+) 7+6+ <7 6+) =+< /+=0/

)+ +7 #.E+. 

@&-%!/1 +3+0!&g 0%=&I) 6 6+)<+7- += - 6 6+7- EURO 60 /+@=

+7 $.5"4 0+ 9+7;- 6<= 9+7= 6+)<+7-.U/6 6+)<+7- =- - )<+) 7+ +=- 7+=>90;0 ) +<+ +*+<-<+ 90/+ 9+<+.

Tabela >@ Cene peleta za$isno od na'ina pako$anja

E+

9.5 I;$&% F!!'%!/

Tabela >3 /z$ori finansiranjaR..

O0%'  D%!   

1. S+60< 70< I<00+ 11.423.423 14,""

2. S70< &+7 ) )<+- R. 4%.4"".""" #",""3. L)9 0?++;/+‐=;/ 1#.""".""" 2",""

4. B// 70< 4.""".""" #,""

  U3+0!&  9:.:45.654 #, 

R.. O0%'

K&2%>%!

C1! <!3&

1. E+ 60 6/+< =* 115 %#"" 13"

2. E+ 60 6/+< J=*+ <> 1$"4 12"

S<9 $5"4

Page 151: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 151/206

V00= 70<= =0- + 70< /+- - I<00+++

66= ):- 6+-/0 ) )<+G- 9G</? 9G</+)0/?7+<.

P= 6+0: &+7 70< +7+< + /+- =- ) ))0+ /++;/ 6+-/0. N-= )6+;-< /6+

3$ 7/ 0+<=+ 6+)<+7 00<+ 90/+ 9+<+ )0+ +*+<-<? +</? . U

Page 152: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 152/206

  1010 

6<+- ) 6+9= - 1"" )<+)+ +-0. S70< &+7/+0 )*</ 0?++;/+‐=;/ +6= 7+= ) 0-+*0 70<.

L)9 0?++;/+ =;/ +6= 67<G - 7+*)*G? 70< ) +6= ) &+7 ) )<+-. L)9 0*7 *7 6/+ 7+*<-@ +6= 6/+ +79+<-> */.

S70< */ 0* 7 ) +*)*G- )<+-

6+0*? ) 0- +*070<.

9.6 O$1;1 01- %;$&%-F!!'%!/

K1% @&! ; ;$&/ Z < /70 +7 4%.4"".""" 7 /=0 +7 3

9+7;-, 0+=@ 00 /+7 +/ +060 +7 5 9+7, 9-6+7+= +7 -7 9+7 0/ /=0 /+- 66-9<+= 79 +06>- /+) 1# 048.822.""" 7, )++= /=0 +7 3.112.4"1 7. 00

 - 51.$34.4"1. D0- 6+@ 70 :+<0+= *) 6.@%!!'%/'3% 2%;%!g &01-1Z < /70 +7 1#.""".""" 7 /=0 +7 1" 9+7;-,

0+=@ 00 /+7 +/ +060 +7 # 9+7, 9- 6+7+= -7 9+7 0/ /=0 /+- 66- 9<: 79+06>- /+) 2"01%.#""."""  7, )++= /=0 +7 4.#2"."""7 00 -22.22".""". D0- 6+@ 70 :+<0+=*) 6.

B!3'3% 31%%Z < /70 +7 4.""".""" 7 /=0 +7 1" 9+7;-,0+=@

00 /+7 +/ +060 +7 # 9+7, 9- 6+7+= -7 9+7 0/ /=0 /+- 66- 9<: 79 +06>- /+)2" 0 4.4"".""" 7, )++= /=0 +7 1.155.""" 7 00 - 5.555.""". D0- 6+@ 70 :+<0+= *)6.

R/60:- +*<) 6+ /70= ) 60+9+7;- 6+7)97 /+

;0+ - 70+ 0*

Tabela >33 <ekapitulacija oba$eza po kreditima za petogodi'nji period 

G&%!  O02 K- A!+%1

#  1#.#"5.5"" 3.3#2.348 1$.$#%.8484  1#.#"5.5"" 2.55#.183 1$.1#1.#83

5  1#.#"5.5"" 1.%5"."1$ 18.355.51$

6  1#.#"5.5"" $43.851 1%.54$.351

Page 153: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 153/206

  106106 

7  4.4"".""" 2%5.""" 14.#%5."""

SVEGAA  9.:44. :.::9.6# 9?.9?.6#

9.7 N&$>!% &3&$% 0&/13

B%2!' +'01= N ++< 6 6+)<+7- +7 $.5"4 0+ E+ 60, 6+-/:-

: 6+)<+7 0+;/+< 6+)<+7- += - * 6?.Tabela >34 %ilans uspe,a R. O0%' D%!  E+   

#  UKUPAN PRI!OD $%.318.4"" 1.21#.48 1"",""

4.  UKUPNI RAS!ODI %2.5%".$3% $"%.13 %4.5%

2.1 T+;/+< +< =* 25.1$2.$"3 314.$1 25,8$

Page 154: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 154/206

2.2 T+;/+< 9- %.3%1.28# $2.14 %,58

2.3 T+;/+< )7 /7 ) 1%.4"4.8"" 21%.5# 1%,88

2.4 T+;/+< 6+)<+7? 9 2.$2".""" 3#.5" 3,""

4.7  T+;/+< =+0):- 8.43%.#"" 1"5.4% 8,#%

2.# N=0- 0+;/+< #.812.""" 85.15 %,""

2.% T+;/+< 6+) 1"".""" 1.25 ",1"2.8 T+;/+< /=0 3.3#2.348 42."2 3,45

2.$ N6++< <7 ?+7 $%".""" 12.12 1,""

5.  BRUTO DOBIT 24.%4%.4#3 3"$.34 25,43

6.  POREZ NA DOBIT 2.4%4.%4# 3".$3 2,54

7.  NETO DOBIT  44.494.9#9 49:.6 44,:?

Tabela >36 +kupan pri,od dinami'ki R..

O0%' G&%!

1 2 3 4 5#. UKUPAN PRI!OD $%.318.4" $%.318.4"

 $%.318.4" 

$%.318.4" 

$%.318.4" 4. UKUPAN RAS!OD %2.5%".$3 %1.%#4.%%

 %".$58.#" 

%"."34."4 

#$.3"5.$8 

2.1 T+;/+< +<. =*. 25.1$2.$" 25.1$2.$"  25.1$2.$"  25.1$2.$"  25.1$2.$" 2.2 T+;/+< 9- %.3%1.28

 %.3%1.28# %.3%1.28# %.3%1.28

 %.3%1.28

 2.3 T+;/+< )7

/7 )1%.4"4.8""

1%.4"4.8""

1%.4"4.8""

1%.4"4.8""

1%.4"4.8""

2.4 T+;/+< 6+). 9 2$2.""" 2$2.""" 2$2."""i 2$2.""" 2$2."""

2.5 T+;/+< =+0):- 8.43%.#" 

8.43%.#"" 8.43%.#"" 8.43%.#" 

8.43%.#" 2.# N=0- 0+;/+< #.812.""

 #.812.""" #.812.""" #.812.""

 #.812.""

 2.%T+;/+< 6+) 1"".""" 1"".""" 1"".""" 1"".""" 1""."""

2.8 T+;/+< /=0 3.3#2.34 

2.55#.183 1.%5"."1$ $43.851 2%5."""

2.$ N6++< <. $%".""" $%".""" $%".""" $%".""" $%"."""

5.  BRUTO DOBIT 24.%4%.4# 25.553.#2 

2#.35$.%$ 

2%.284.3# 

28."12.41 6.  POREZ NA DOBIT 2.4%4.%4

 

2.555.3#3 2.#35.$%$ 2.%28.43

 

2.8"1.24

 7.  NETO DOBIT  22.2%2.% 44.??:.48 

45.945.:# 46.777.? 

47.4##.# 

&-/ /++=/ 0+/ +7<-- 6+-/0 70 :+<0+= *)6. I) -9 <7 7 -7+- 9+7 /+;>- /6:000+ 6=: ) &-/+9 0+/ 6+-/0 E/++=/+9 0+/6+-/0 90<.

9.8 O*1! <%!!'%/'31 1<%3'!&'% 0&/13

S%>3 &*1! H%!1 1<%3'!&'% 0&/13K+7 /=0<+0 6+-/0 ) B 6? /+7

6+)<+7- 60 /+@= +7 $.5"4 09+7. 6<+- 9+7/+;>- /6:00 /)- 7> 6+/)0-

D+*0 6= *+- 7/ /) /+ 0+ 7+*0 6=

*+- 7/ 22.2%2.%1%3$ )+ 5%1."$5.A/=0<+0 /) /+ 0+ 7+*0 6= 9- ++< +*0 70< 22.2%2.%1%%8.823.432 )+ ",28.

E/++=@+0 6+-/0 /) /+ /6 6?+7 6= /6+=?+7 $%.318.4""%2.5%".$3% )+ 1,34.

Page 155: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 155/206

R6+7/0< 6++*+0 /) /+ +7+ A/=:- _A=+0):-

6= 9- ++< +*0 70< 3".%1".31%%8.823.432 )+",3$.

D%!-%>3 &*1! 1<%3'!&'% %!$1'%*%&!%= +2g!/V1-1 $!/ +2g!/Z +: 0*+0 6+-/0 <+= )@- 6+/)0- -<=

<>- +? 70< 6+-/0. P= 6+7:=7+*-= [E/++=/+= 0+/[ 6+)) 7 > + 70< *0 <>  TREaOJ 9+7/+;>- 0+9 /6:00 +7 $.5"4 0+. D0- 6/) <=<>-9- 70 - /+=60+- <)- *) 6.

S /++=/+9 0+<;0 6+-/0+< 0 0+60*+0, /+- - 6+@0 *) 6 +7 3%,#4 + 70< ) 6 <0:- +6<7< 67<G9-.

9.9 A!2%; &'12/%$&'%

A!2%; 3%%>!1 >31 0&'2&$!/ K0@ 0@/ 6++<- - +- <+ 6++<- 6 /+=

+0<- 7+*0/, -<- 9*0/. Z )@<- /0@ 0@/6++<- /+;> 6+7: ) B 6?[ ) 6< 9+7 7/6:00 97

R. O0%' # g&%!   1 V-* 0+;/+< 35."38.$35 3#,""

2 &/ 0+;/+< 4".""#.%48 41,11

3 D+*0 ) <00+ 22.2%2.%1% 22,8$4 U/6 6?+7 $%.318.4"" 1"",""

N ++< +<? 6+)? 6+70/, 0<G - /0@ 0@/ 6++<-/+- ) #4,24 .

 K  = VT  

= 0+8 

= 0*600??  P 871+?00

 MPS   =  FT

= ?00067?+ 

= 621?+?2 1 −  K  0*6886

 MGK  =  MPS ⋅100 

= 621?+?2 ⋅100 

= 6?*2?  P 

7 -871+?00

P ‐ <7+06+)<+7-, VT ‐<-* 0+;/+<, &T‐ F/ 0+;/+<,K ‐ /+:-0 @;> <-*? 0+;/+< /6+- 0;+- <7+06+)<+7-,MK ^ == 0@/ /++0 ‐ /0@

0@/ MPS ^ == 6+0*70<.A!2%; &'12/%$&'% ! 0&-1!+ 0&/!%= *1!K0@ 0@/ =+9>? =-- 6+7-? : -

Page 156: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 156/206

O< 0@/ /)- 0+ 7 6+7- : 9+0+<? 6+)<+7=+9 *0 ) 1"" ‐ %4,5% ^ 25,43 7 6 0+= 0<9*0/ 7+*0.

A!2%; &'12/%$&'% ! 0&-1!+ &3&$K0@ 0@/ =+9>9 6+0 0+;/+< 6+)<+7- 0<G-

++<

 KTPTP  = 

2?7?7?6⋅100 = ?*1@ 

72.70.87

Page 157: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 157/206

K0@ 0@/ -<>9 =+9>9 6+0 0+;/+< /)- 0+7 0+;/+< 6+)<+7- =+9 6+0 ) 34,1" 7 7+G 7+0<- 9*0/ 7+*0 ‐ /=:-.

9.: "$! ;-!/ %;!%' 02!0121%!/

N ++< 7=@+ 6/)+9 *) 6 7/++=/+‐ F-/ ) 6+9+ ) 6+)<+7-90/? E+ 60, =+ )/-@0 7>•  U 6+9+ ) 6+)<+7- 90/? 60, 6<+- 9+76+)<+7-, =+

+0<0 6+)<+7- ?.76 &! 60, /+- =+9 6+70 )<+)+=0;0 Z67 E<+6.

•  U 6+9+ ) +< 6+)<+7- 0+; +/+ #.? &!  )?<0 +067+9

7<0 <9+= +7 15 @0+ 7 =.•  U 6+9+ 7 7/0+- 6+)<+7- 24 7/ +*)*7- 06+0

+< 15 7/ ‐ +3+0!& 5? !%3. •  U9- ) +6=- 6+9+ <=+= 0?++;/+=+6=+=,

=?):-+= 69+7<- 6+0+ 67<7 9- )+9.54.%! +7++ #?.:5? E+. 

•  Z +=+ +7<-- 6+)<+7- 6- 0- +*070< <

+7 :.9?#.654 %! +7++ #?.:?5 E+. •  P+-/0+< 9- 6+ 7+= =0 )+ 4.4#.##6%! +7++ 

47.486 E+. •  P+7-+= 60 )<+) +0<- /6 6?+7 +7

?9.5#:.6 %! +7++ #.4#8.6: E+. •  N0+ 7+*0 ) 0/<+9 /6+9 6?+7 )+ 44.494.9#9%! +7++ 

49:.6? E+, &!&'!& 44,:?  /6 6?+7.•  U+ 70< +<- 6+-/0 <@- TREaOJ 9+77 6+9+

6+)<+7-+= +7 $.5"4 0+ 60 9+7;-.•  P+9= - +0-< )/ 6 - /0: 0@/ 6+-/0 86,46 

/6:00 6+)<+7-.

:."AKLJUČAKZ @/ 6+0+-- ) 0+= 60 <7+

9+7 +7 $.5"4 09+7 +6?+7 /+@ +< * =+ )+021384 09+7. &+)+- 07- - 7 6+<> @/ /6+0:-;=/ *+= =+- @ *0+ /+@ @<+9 00, )<@-6+@ =, /6+0:- 9-<, ;*-/, ;6- 6-<,+0<--> 6+ 0 0?@/+ +9<+ 7<+.

K+7 ):- 6+)<+7- 90/? 60, 6<+- 9+76+)<+7-,

+0< * 6+)<+7- +7 $.5"4 0+ 60 6<0<+ ))<+). A9+<-=

Page 158: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 158/206

/6+ 3$ 7/. U) /60 9- +7 #?.:5? E+ +0<- /6 6?+7 +7 #.4#8.6: E+,  !1& &%&- & 49:.6?E+, &!&'!& 44,:?  /6 6?+7.

U+ 70< +<- 6+-/0 <@- TREaOJ 9+7 76+9+

6+)<+7-+= +7 $.5"4 0+ 60 9+7;-.

Page 159: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 159/206

LITERATURA1. P+* ++< 9)7+<- ;== ) J S0 6 I

( P- 2""$‐2"18, JP S*-;= ( B+97, ŠP+0, ŠU P+0

2. UG- )6/ ) 9+6+7/ -7: S0 6 I ( P-,15."5.1$##.

3. P+* ++< 9)7+<- ;== ) J S0 6 II( A*- 1$$%‐2""#, JP S*-;= ( B+97, ŠP+0, ŠU P+0

4. UG- )6/ ) 9+6+7/ -7: S0 6 II ( A*-,1$#%‐1$%%

5. P+* ++< 9)7+<- ;== ) J S0 6 I (Š+/ / 2""#‐2"15, JP S*-;= ( B+97, ŠP+0, ŠU P+0

#. P+* ;=/ 6<7 ++< ) J S0 6 I ( Š+//

1$%5, I000 ) ;=0<+ 7< 70- ‐ B+97, OOUR

( Z<+7 )G<-;=

%. P+* ++< 9)7+<- ;== ) J S0 6 II( T+6 7+ 2""2‐2"11, JP S*-;= ( B+97, ŠP+0, ŠU P+0

8. UG- )6/ 6= 0-, 1$%1. 9. ) J S0 6 II ( T+67+,

15."5.1$##.

$. I0<- 0:- /++;/+‐6+)<+7? ++* @0? =;+<0?0+- */<, -, =@ @ 9)7+<- S0+- 6,7+/0+/ 70:-, R-/+ V7+<>, Š=/ /0

B+97, 1$55.1". M0>, D., M S0/+<>, P+0>, M. %/=A&A 5ATPNT)+ H)H<G/J+, U<)00 N;, &/00 );00 7 N;, N;, 2""$.

11. M0>, D. H)H<G/JA M;/ /00 N;, N;, 2""8.12. M0>, D., S0/+<>, M. 2""8 Š+=H &<H*)JHG

P)/ŠAFNJA N;, S*- C0 ) @ 0<- SANU U<)00 N;

13. J> T, B/> M. RAZVOJ TRŽIŠTA ENERETSKI! PELETA I BIKETAOD

BIOMASE DEVELOPMENT O& MARKETS O& ENERj PELLETS ANDBRIkUETTES&ROM BIOMASS, U<)00 N+<+= S7,P+-+6<7 /00, N+< S7

14. P+0:- ;=/ *+= Š P+0, 07- G +/< 6+-/0 P+=+0+ + 0* + *+=9c 0? *+7 9+6+ B+ CBR, .*+=‐0+‐9).

15. MMM srbijasum e rsK 

 

Page 160: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 160/206

VRTIĆ „ALEN MAK“,GR. TRN

#. I;& &/13 % 1!+!&

'!/1#.#. K%1%/% % %;&&/13

Z +*-/0 6+:<- - )* 6+0+: 0+6+0 9-, /+7/+9 +:/- 7 /+: *+= = =+ /++/, <: /++=/ /0. N 0- :, </ +*-/0 *: =+0< +76+0:-+9 =-- 0+/+< ) 9-- 7 6+<7 67+)6+-/0.P= 0+=, +79+<-: +*-/0 +/+- =-

•  <+/ : 0+6+0 9- 6. + /+- /+0 /0: 9-

07)•  7+* +90/ 97 0:/ <0 7+0< *+=•  0* 6+0+- 0+6+0 9- ( 7 * = =+9:+0 7

<0- +< 0:- *7 6:+ /+:-=/6-9 9+<. N/+ )9+<+ /60=, +79+<+= )90/ 6+0/ +60 T, ) +*-/0 6+:<- - )* <0:A =/, 97 T, . !0+ B+0< l $.

O<- +*-/0 /+- +*-7-- <0: -, ) :0+=7 97, 0+0< 7: 6+9+7 +< ) :-< +<+96+:<-

•  V0: 9- /+0+= 0:+ 9+<+ 07), /+- - <+= /6+

</+= =-+= 9-‐7+/7 =6+‐7+/7.• O*-/0 ) </+- 7-+0 +7 70*0<

=) 9+9 67):, /+- ) S+F- =)97 7 : */+ <= 6-70 / -+-•  E<0 66 /=+ /+- 6+:- 9+<+ *+= *+ * *)

6+*= +90:/ 0:/ 970. V0: ) +/+ 2" = +7=G97/+9 60 )< 7+9

:0 97. K+ 7+70/•  V0: /+0 :+9+7- m5" 7- 6+ 5 77-+, 12

07<+•  P+0+-: /+0+ ) 0 - 0<+ 7+*+= 0-•  Z97 - +97+=, /+- - )++<. S0+- - +< ( PVC, 0+

90- 0+ +60:- 0 0+6+0 9 ) 9--.

#.4. O'!&$!1 331%'%31

&/13

Page 161: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 161/206

V0: 0+- +7 7< 0 < -), 6+<)0+6+= <)+=.

Page 162: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 162/206

+7 )97- 1$%% 9.V0 97- T6:+ )I)9G 6+< 888,4 =nU/6 )9G 6+< 2"1$,% =nP+< /+- 9- 15#8,5 =n

V0: - 6+-/0+< ) 4 96. T0+ /+0 - 3 9+:/6+ $2

7:. U/6 *0+ 6+< ) 9-- - 5 %32,#5 =3. U/6 0+6+<) 9-- - 4233,4 =3.V0: A =/ ‐ 9. T - 9G 1$%% 9+7. O*-/0 670<-7<+60)97 /+- 0+- +7 7< =++0 0 6+<) )=G 0+6+=)0/-+= <)+=. K+6 <+)67= )97+= 670<-7=00< 7+ :0= )+= ) +* 60 ) /+- -9G+ -7+60+ 0+ ( /?-. U -9+)0+:+= /+6 ) 9+: 6<+: ) 7:. I)=G +< 7< 0 +=0+6 <), ) -+ -7 6+0+- ( /+0:, /+- 9- /+- - -9+)67= )97+=. T/+ += =*+= 0- <0 <0:, 6/) 7+ = 9 1.

V0: - :+7<= )=+= 7 +7 %"" 7+ 1$"" 0. S0+- +7 :096 7: 7+ 67/+/+9 )0 -7 96 -:=, /6=*+-=( $2 700 6+=+:+9 ++*- +7 2" ++* /-:-: 6799 )6+ +*-/0.P+7 )97 - 6+0<- 7/0+ 0. P)=- 6+06+09-. K+<<0: - < *) <)7+9 +- 6+=-= ?7+)+:+= +-=.R7 7- 0- 60 7. -- +*-/0 < ) 6+=+:)9G+9+/+9 0= 7< /+0, /+- 7 70-/ 0. R)=9--

)97 - +7 "5,"" 7+ 11,"" +7 14,"" 7+1#,"" 0. S= +/):- )97 -6/) 9.1. T* 1 P+7: ++*-/0Z97A7V0)97I=+<+7 )97-B+- ++* <0> 7: _++*- F/,07 R7

7, 07

9. T

$2 _2"

12

N

V0> A =/. !0+ B+0< l $V0> J< +6;0/1$%% 9.

112

F/ 9--,07 opqrstuvtu, 07

&ubota satKdan 

8

N

#.5. S%'1-g1/!/

S0= 9-- )97 0+- +7 2 6 /+0, 06 P= 25" /X 06 T?=+0? EN 18" 2$" /X, =+0? 6+*+- 6+0+-<0> ( /+0:. K+0+ 06 P= - +6=- 9++/+=S60/. P+)<7 - 1$85 9. P+0+;- 9+< - 2"(4" .D9 0+6+90+ - 6+)<w7 P+-/+-. K+0+ = 9+‐6= :< (0?+7, 76+= 6+-+= )+:-+=, =+0= 60+=ENERSAVE )0+=0):- 6<--. O - 790,

=/+6+:++=, 7>=

Page 163: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 163/206

/:-=

−  9:- 0+6+0+9 +60>- 9++/

Page 164: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 164/206

−  6+9= ) *)*7+0 /+7 6<+9 6;0-−  6+9= ) *)*7+0 /+7 /+9 <+ <+7 /+0−  /+0+ =- 6+)<+7= 9+<-.

++/ /+-+= 7 /+0+ - 06 RIELLO ( < R 5S, 0+6+0+=9+=+7 1#" 7+ 31" /X.

&9.1. +<+ 9)70<+ /-@- 7< :7@ )<+, </ 6+ $0+, =+0= 6=6= ) 7*0 -7 )<+ ) 7<+ *7<-/6:001 =3, /+- - 6+0<- 6+7+ 6+7 /+0:.S7- 0-- 7 /+0: 0+/ )+ 9-- - +/+ 8 0 7<+.

&9.2. D+< 7<0>

Page 165: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 165/206

C/:- ++: 0+6+0 - 6+= =0+= +<+=:/:-/+= 6=6+= XILO PN #1" =c. N7+0- 6+6+<) 79 :/:-/ 6=6. - 0 )97 7-0++7 <+9 9<+G, /+- =- =+0 0=+00/ <0. N/+7 -? =-, / 7=+0 7 6+6</. O /+- 7 6+0<- );00= 7<= /0=, @= 7+ )<0+9

06 6+9+;< 6- )= 0+6+0 6+:6+ 0+6+0 <)7?+= +*.O= 0+9 )*+9 )@-? 9*0/ 0+6+0 6+:6- 0+6+0 F0:-, ++*- 7=0:- <0>7+70+ /+0 /0@ G- ) 9-- ( /=0< 6>,/+ 9-:, - 7-0+.I0:- ) 9-- - 7< :< 6+= =0+=:/:-+=, 6=0= ++: 0+6+0 $"%" C. R)67--> /6--> = -=+0 /+0: <0>. M - 0+6+0+= )+:-+=. N79+= 60 <0>, <+/+6+/+- 70*0<+- :<+-= - =+0 +0<+ 6+; 6+7.C< = - 0 ( =0= 6+ 0;-+- 6+<;

)7+< 6=>-+0::-.U /+0: <0> - =+0 60 ) )= 0+6+0 60+=, ) 6+0* *7<- 0+6+= <+7+=. N-9+< +*= -+/+ 5""  O. T=+00 - +<, 0+6+0+= )+:-+= 0+6+0?6+<+7/.

#.6. I;$&&02&1

 T0+ *7<- 0+6+0 <0> <; ) 6+=+> =0+96+9 /+0 TERMOSTA!L EN8", @/ /+- 7 0@+ 9+<+07), 6+0<-

2""2 9., +=+= 0+6+0+= 9+= +7 2"$,3 /X. K+0+ - 6+0<- /+0: /+- ) 0 /?-/+9 *+/ )67 7+<+9 0. D=)- /+0 %,8" Q #,2" =, < 4,5 =,K+0+ :, /+ 7+< 6+<; ) )= 0+6+0 +;= 0?@/+=0-. Z*+9 0+9 606+0<- 7 - =/= /+0+6+0 =+> /+0)@-+ 6+7 += /+- -18" /X.N= //<+9 0+=0/+9 6<-- 9++/ /+ +7<70+6+0 9/+0. P+7- /+0 6= = /-@<-/-@<-,6+ 6+:

++*- /+- 9/+0.P+ 6+-/0, 0+6 <+7 ) </+7< 6+0* BV - 9- 0+= /+0 ( :0+= *+- +*=+= +7 3""  O,6+0<-+= /+0:. Z*+9 =+0):- 6+7-9, <+/ :0+6+0 9- 0+9 /+0 7+00/ :/:- BV‐0*0 0+@0 =+ <+7 6 6+0* 0+6 <+7, 6) 9-- <+7 6+=+> +/? /0@? *+- ( 4 *+-.

#.7. P&&!/ 1213%>!11!1g%/1

U 7+-+- 0*: 670<- 6+7: xp 6+7-w 3 9+7w )9+7;- 6+0+;-

Page 166: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 166/206

9+< ) 6+)<+7- 0+6+0 9- )+*-/0. 

+7 2"1" 2"11 2"12N0D), O 35 "45 28 $#8 35 $2%

 T+/+= 2"12 9. +7 ++<+9 )<+ 0+6+0 ( 0 /+0+ (/+;>+ - 1#13" O,/+- +79+<- 158 MX? 6+ 9+<. Z*+9 7+00/ 0+6+=, )

:-<6+@<- 6?<0 7- 9+7;- KPD +7 8". K+ )00, 0+/+@0+6+0 9-, 6+)<7 +<= /+0+= ) 2"12 9. +:-- 12#,5MX?.

Page 167: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 167/206

I) 9+- 0*: <7 +@97 07:- ) =-- 9+7;-/+@ /+;>+9 9+<. T+ +*-;-< /+;>-= ) 9--/=0/? 60 0=. P+7- * 6+0*7 /+ 7+70)<+ 0+6+0 /= 6+0+-= )*+9 <+/ : 0+6+09-, 7+*- +7 0+9 /+0 /= KPD‐+=.P+0*+ - > 7 6+0+;- /0@ 9- <0>)@-+ 6+<>< )+ 9--, +7+ 0- =:. A) +<6+0+;- ) 2"12 9.6+/)- 7 - +/+ 2"," MX? /0@ 9- * /+;> )9--. A/+ 606+0<=+ 7 - /+:-0 0+=:- SOR ^ 2,"/X?0+6./X?  7- ) /+;>- /0@ +6= )+9-- 7+*-- 4"," MX? /+ 0+6+0 9- )9--, 6+)<7 +7 /0@ 9-.K+ )00, ++<+ /+;>- 6+0* /0@ 9- )9-- /+- > *0 /+;>+ +<+= 6+@<- -12#,5_4","^1##,5 MX?. U 9+0 9+-= 606+0</=,++ +79+< 6+0+;- 9+< ) 2"1"(2"12 9 ( 6 =+0-/= 60 0=.N *) *+- 7: $2 6?<> +=0< 6+0+;- 0+6

<+7 ) -7+70, 6+:-- 7 - ++< 9+7;- 6+0+;- /0@9- ) 9-- BV‐ . *+-= +/+ 1" MX?.C 0+;/+<1 O/+ =: +<=* 2"12 9. : 7) ) 9--, 6>+7 0 <0> -2,23 <. O  ‐ /+ ) )<+ <0>. S== 0=, ++< 9+7;-6+0+;- ) 9+<+ /+7 /+@ ) 2"12 9 - 35 $2% <.9+7. S79 0, 6+0+; /0@ 9- ) 9-- ++<+) 7< 0 6+:-- +/+3 5""<.9+7.

O+< 0+;/+< ) /0@ 9- ) BV 6+:-- +/+13"" <.9+7. D+*- ++< 9+7;- 0+;/+< ) ++: 0+6+0) 9-- BV 4" %2%<.9+7.K+ 7+70/, 0*- =0 <7 0+;/+< ) /0@9-, 6+0+; ) /+0:, /+ ) 7 /6+0:- 0/> 6+7;/ +@, 7+< = /+0:. O< 0+;/+< >*0 <7+< 0+/ +<+9 6+@<- - = 7 > +@<0 <+ /+-= 7 /+7 6) 9+< *)*+=.P+;0+ ==+ +=:- ) ++< 9+7;- 0+;/+< )<7+<, + > *0 )6+0<-. T+, <+- 0, 6+<></+)<0<+0 /++=/ +: ) 6) *+=. I0+

+7+ ) <0:- ) +< /+0+ _9++/ 07, /+- 6+:-- +/+ 1" """ <., /+- </ 0* 70, /+ 6+7 7 /+00@+ 9+<+.

4.  P&/13!%012&g

4.#. I;&g&%$

4.#.#. K%1%/+-% ; %;&g&%$

Page 168: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 168/206

V0 *+=, /+;> ) 9+<+, *>)* 6=

1 Sve cene i troškovi u ovom proučavanju su bez PDV-a.Dobijene/prihvaćene su u novembru 2012 g.

Page 169: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 169/206

•  =+9>+0= 0 <0 *+= 7 *7 +9 7+<+-=/+@= 9+ )97+9+*-/0

•  : 6+)<7 0+6+0 9-• 0?@/+- 6= +6= ) 9+<- 9+< ) )*

+*-/0, /-@-> 0?@/ 69+G+0 9+< )

0+=0)+<+ 7+<+G- /+0+•  /++=/ 6= <0:+? /6+0:+? 0+;/+< )

0:-9+<-.

4.#.4. V'1 %&g&%$. T1=!%>3%;=1$%E/+ 6+ 9+<- - 606+0</ ) /+;>-*+= /+ /++;/+9+<+. O= <+/+9 06 /+;><- 9-, 0+/6+: 9+<- 0*- +=0 /++;/ /+=6+0. U -<>= 06+< )?0< )< +7 /<00 *+=. U 6/, </+7<6+0* ) 7> <0 *+= 7< ) +9<, 90/7< +6-: @6, 7< /+, 7< */0, 7< 60,7< 9- 07.V0 *+= /+- =+9 *0 /+;> /+ 9+<+ )6+)<+7- 0+6+09- 7/0+, /+ 7+70 +*7 (6+7 +=+=*60p+6-/*/0  7< ) +9<  +067 /+;> *+= /+- /-@- 7< +067

0+ /+7+< ;==, 70-/ 7< +067 6-<,

/+, ):,

9G</ 7< +067, 0<7 +/ +067 =, 0*,<+<+ 6>, 9 +7 +)<- <+>/, 7</ 0*,G*<+ = <+0-, 0+9 +7 0:- )6@;><- ) +067 <+7 07

  0/+)< 90/ /0, =G /+-= -7+9+7;-90/

/0 =/0, =+9+9+7;- 90/ /0

=+9+9+7;- *)+0> <0 7<> 0+6+, <*,/:- 07.

4.#.4.#.S2-Z=-;0 +/+ +6;0 T ))0 60+ ;=+=. N -7+= 7

6+<; 97- ) /0. U 9+ = )@- 6+)<+7- =.I/+ - : +<+9 9+< <+= / +/+ 1#,"" <.MX? *) PDV‐, = /+0 ) 6+-/0 </ /+ +<- /+- )9700+.

4.#.4.4. B;&'+1$1M/0 79 0< /0 6+)<+7 :-= 7+*--90/?+< += <+9 =0-. N-?+<+ +79-- 7+*0/ 0<+ /, 9 0@/ 97;0 9+ T - 7 ) @ /0.N-?+<+ +79-- /+ 90/ /0 =+ *0 *7+ 6+6+9== EU.

Page 170: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 170/206

S 79 0, -?+< //00/ /+ 9+<+ */+= +7 =.Š0<;, 6++<+ 0+- 6+*= 6+<) /++)<= =0-= )9+= 9+<=, 0=60+= 0+6-- 66, /+ /+= 90+=. Z0+ +< /0 /+0 0<+ ==0:-=.

4.#.4.5. D$1!%&-'D< *+= -@;> /+0 90/ <?. O+</0+ )*+9 /+-? - 0- 9+<+ ) 9+<- 0:-=/+0

1. E=0/ 0< - 7 ) 9+<- ( 7- ?+, + =6+ - )=-<+)/

Page 171: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 171/206

2. S7 <+= = /+@ 66 ".5y1.5 < =3. I= 0<+ <+/ 0=60 +=/;<- 66 12"" z{.4. S< = = 0<+ <+/ /+-/ <7+0 7+- 0+6+0

9+<- - ( 5.2y5.4 /X?/9N)<+ +7 )*+ 7<0, ?=-/ 0< - /++ 0. N ++<0, + 7 7- 4$,# 9-/, #,2 <+7+/ 44,5/+/. U 7<0 7 )< /+@ =?0+-/, /+- 0+/ 9+<- +7<-- /+ 66+. J7 +7 -<-? 6+/)0- ) /+;>- 7<0 /+ 9+<+ -- /+-/<7+0 6++*+0 ) 0<- 0+6+0. U 0* 3.1. - 70/+-/ <7+0 )@0? <0 7<0. N<7 <7+0 =-<+ 6/0@+ )@- /+7 /+;>- 7<0 ) 90/ :-<.D<+ 0<7? ;+/+? 7<? <0 ?0, */<, 9* 07 - 9;> )<+ ;0+ - /+-/ <7+0 , ++ +7<- 0+6+0 ) 7<=/ 6+7. O+ - 6 ) 9+<- 0==) 9--.

&9.4 K+-/ <7+0 )@0? <09+<

 T* 3.1. K+-/ <7+0 )@0? <0 7<>

V+0 2"V0 7<> +067 K+-/ <7+0 MJ/9!0B/<,9*B+S=/

15,114,415,8 1#,2515,54,2

 

MJ 3g

V2H!&' +

K+-/ <7+0 7<> )<+0 +7<+0

Page 172: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 172/206

K+-/ <7+0 7<> </+= 06 )< +7 <+07<0. N 9 - 6/) 0:- <+0 K+-/ <7+07<> 9+- 7+-. Z 9+<- 0== ) 9-- /+=6/= 90+= ) 6+)<+7- 0+6+0 /0@9- 66+@- 7<+ =;0+ <+= 6+7 )1(2 9+7 <+;> +/+ 15(

2".0 7<> = </+ 6/0@+ )@- //+ ) 6<+),6+7-, 0/+ )/ )/+‐=?@/ ++* 0<7+>, -@ 07. 0 -<>= 06)< +7 <+0 <0 7<>. U 6/ )/- 90 7<> +<+= 0-, <)7;+‐<+= 0- 6+06+ <+= 0-. U0* 3.2. 6/) 6+7: 90 7<> /+7 -@;> /+;>?<0 7<>.

 T* 3.2. 0 7<> /? <0 7<> /9=3V0 7<> S0- S0* 7<> D<> /++=

+7

B *+ ‐*+<

S+<+

V)7;+<+ P+06+

 

1"4"

52"4$"

52$ ‐ 542‐

S=/ (*+<

S+<+V)7;+<+ P+06+

 

$#"4%"43"

$18 ‐ $3##32 ‐ %14#12 ‐ #48

 J ( *+<S+<+V)7;+<+ P+06+

 

$8"45"41"

$#" ‐ $$"##3 ‐ %3%#"4 ‐ #83

B/<S+<+V)7;+<+ P+06+

 

1"%"%2"#8"

$5" ‐ 1"43#5" ‐ %2"‐

!0S+<+V)7;+<+ P+06+

 

11""#5"#5"

$5" ‐ 1"43#5" ‐ %2"‐

D9 < 6+/)0- ) *+= - 7- 66. T+/+=9+<- *+=7+*- 66+ +7G- <= ) +70-<-. U 0* 3.3. 6/) 6+7: ) 7- 66 )@0? <0 *+=. Z6+)<+7- 60 ) 7+=> 0= 9-- - 6+0*+ /+;>-*+= 7-= 66 7+ ",5(",%. Z 70-/ 0=) 9+<- *+= =+ /+00 *+= 7-= 66 7+ #. T* 3.3. S7-66V0 S7- 66 V0 *+= S7- 66B *+ ",3$ J/ ",32S=/ ",3% D< 09+0 1,2‐1,%B - ",28 D< /+ 2,4‐3,#A; ",2% O<;/ @0 1,4‐1,8B/< ",5% S0* :+97 1,$‐2,2!0 ",3$ Ž0 = 3,5.5,5 T+6+ 1,5‐1,8 S= 6@ 15‐1#B) ",2$ P=/ 4,5‐4,8 J ",5% O067 /+

671,8‐2,"

4.#.4.#.#. D$ ; &g1$K+ ;0+ - *+ 0/0+, 7< ) +9< 670<-- ++< 90/7< *+=. U BDS EN 14 $#1(12"1" BDS EN 14 $#1(12"1" T<7

Page 173: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 173/206

*+9+<. S6:F/:- <0 9+< 79 7+ ( 70 +6;0 )?0<) 9+< +7 7<0. T<7 *+9+<. S6:F/:- <0 9+< 797+ ( 70 +6;0 )?0< ) 9+< +7 7<0. U BDS EN 14 $#1(52"1" T<7 *+9+<. S6:/:- <0 9+< 60 7+ ( 70 )?0< ) 7< ) 9+<- ) ‐70-/ 6+0*. D< )+9< 7+*-- 7+= +7 1(2 = 7-=0 7+ 14 :=. D<

<>= 7-=0+= :6- 7 * +79+< 6+0*= 077=.D< ) +9< -@;> = </= == -7:= ( @<0= 6+0+= =3. U -7+= 6+0++= =3  6+7G 7< 7=)-= 1 Q 1 Q 1 = 7 +7 ",#2 7+",8 @<0= =3  -7+= @<0+= =3  7 1,22 7+ 1,#6+0++9 =3.B+- - /+00 7< ) +9< +7 0<7? ;+/+? <0 7<> <+;> +715(2".

4.#.4.#.4. E!1g1'3%&0%2/*%E90/ +6-: 670<-- )7+*- *+= +7G=

7=)-= <+;>. D< 90/ +6-: 7+*-- +7 +*+9 7<>,9-, +<;/ /+7 7+*-- 7<0, +7 6+/+6:, ))/ 79?+067 0+/+= 7+*-- 7<0. E90/ +6-: +7 +/6+-+6<7 *+= 7+*-- +7 9- <+>? 7<> <+<+96>. P+0* /<00 90/? +6-/ +67-- ++< <0 0= 9+-. U 0* 3.4. 670<- ++<//00/ /+;>- 7<? 90/? +6-/.U BDS EN 14 $#1(42"11 T<7 *+9+<. S6:/:- <09+< 4 7+ ( 70 ++< )?0< ) 7< +6-/ ) ‐70-/ 6+0*.Z 90/+6-/ *) 0-/+9 077 ONORM M% 133 =@/+9

077 DIN## 1#5 6 =0+7 ) /</:- 7<? 90/?+6-/. V+090/? +6-/ +7 <9 7<> - 5"(#". Z 6+7 +7 3 7+ #=:, 7+/ 0+- /7;0, <+0 =-- 7+ 35(45.E90/ +6-: =+9 *0 )9G 6/+=, /=-=, )=-+= 07,;0+ 6+<><- 7- 66.E90/ +6-: 7+*-- +7 /+ 7<> */= )6+)<+7- :+) 66.E90/ +6-: -6+9+7- <0 ) 0=+/0 ):0)+<+ *7<- 0+6+0+= /+9:-/? 0= +/? 0= ) 9--. U 0+/ 6+7-? 9+7 90/

+6-: 6 7<= EU 0== ) 9--, )</+7<+ /+;>- 9+= +7 2"(1"" /X. K+7 )G, 6+)<+7 @ 0= ) 9-- ) 0=*)97.

 T* 3.4. S<+-0< 90/?+6-/K/00/ V0 90/? +6-/

O7@+ 97<>

O7<+97<>

O067/++*7

O70*-/7<>

O067/++*7

O76-<7<>

I))+ 0-V+0 45‐5" 5‐15 4"‐5" 4"‐5" 5"‐#" 35‐5"K+-/ <7+0 MJ/9 #‐1" 13‐1# #‐1" %‐11 #‐$ #‐$

Page 174: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 174/206

Z6=/ 90 8"‐35" 8"‐12" 25"‐35" 25"‐35" 25"‐4"" 25"‐35"S<+ 0-K+-/ <7+0 MJ/9 18,5‐ 1$‐ 18,5‐2" 18,5‐2" 18,5‐2" 18,5‐2"P6+ ",4‐2 ",4‐",5 ",5‐2 ",5‐2 1‐3 1‐3

Page 175: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 175/206

 T* 3.5. M0+7 ) +6=-<- 7<? 90/? +6-/ *)0-/? 077 ONORM M% 133 =@/? 077 DIN ## 1#5

KF/:- 6+ 7=)-= Klasa 4 2" #"‐1"" 2" P+<;

  :=2D

:=

G5 1 == 1‐3 == 3‐1# == 1# == 3 8,5G7 1 == 1‐# == #‐32 == 32 == 5 12G# 1 == 1‐12 == 12‐#3 #3 == 1" 25

KF/:- <+0Klasa V+0 O6

4 2" V)7;+ <5 2"‐3" D9++@+ /7;0-57 3"‐35 O9@+ /7;0-6 35‐4" V7 4"‐5" S+<

KF/:- 90

K2' 0 =0- /9=3 O6

S#8 1#" N/S4 1#" ‐ 25" S7-S47 25" V+/

KF/:- 6+ 7- 66  K2' S7- 66

  6+ = 9+<O6

  # 1 N/  4 1 V+/

4.#.4.#.5. S+g&%!1 %0%2/1$%!

S09+0 6-< +067 +7 7+*-- 7<0 6+)<+7-=;0-. S09+0 <+/+= <+;> 45(#".P-< - < =0- <+;> #(15. S09+0 6-< +*@+ /+0 )9+- +60<=/+0+<= */=. S09+0 6-< ++< +<) 6+)<+7-9+<? */0 60.

4.#.4.#.6. O'&%!1 g&%$!%= %31% 0121P/ - 7+/) 7 - 7/0+ 9+<- *+=<+= F/+,

6+9+0+<+ 0:-= /+0:. B/0 60 @<0 9+<.O< 9+< -@;> +7/- +7 6<+*0 *+= 6+ 6+*+-;= <+-0<= ;0+ 0@ /+-/ <7+0, 90, / <9, @<0 0+/+=6<+) @<-. K+7 - 6+)<+7- */0 6+@ 1$$5(1$$#9+7, 6+)<+7- 60 2""" 9+7. U 6+7-? /+/+ 9+70)<+ 97 0:- ) 6+)<+7- 60 6+)<+7-+=+7 1"" 7+ 3""" /9. U BDS EN 14 $#1‐42"11, T<7 *+9+<.S6:/:- <0 70 ( )?0< 6= 7<= 60= ) ‐70-/ 6+0*, BDS EN 14 $#1‐32"11 70 /66+0<- 6= 7<= */0= ) ‐70-/ 6+0*.

=>S 8? 1* 0+1@2(211>rvene pelete

Page 176: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 176/206

Z6@> 9+< +7/- +7 6<+*0 *+= 6+*+-;=<+-0<= +7+ /+@+0, 90, / <9, @<00+/+= 6<+) @<-. K+7 - 6+)<+7- */0 6+@ 1$$5‐1$$# 9+7, 6+)<+7- 60 2""" 9+7. U 6+7-? /+/+ 9+70)<+ 97 0:- ) 6+)<+7- 60 6+)<+7-+=+7 1"" 7+ 3""" /9.

P-1 D%-1!;%/1 A# A4 B A!2%;01-

D-=0 D == # | 1 8 | 1 7 *7 7+*- EN1#12%D L == 3.15 } L } 4" EN1#12%S7- <9M

1 } 1" EN14%%4‐1EN14%%4‐2

S7-66

2 } ".% } 1.5 } 3." EN14%%5

M?@/)7-<+0 DU

1 } $%.5 } $#.5 EN1521"‐1

&+> & 1 } 14 EN1514$‐1D+7: 2 } 2, <0 <7+0 0*- *0 ‐N0+/+-/<7+0 k

/X?/9 11#.5}k}1$."4.#

1#.3 } k }1$."4.5}k}4.3

1#."}k}1$."4.4}k}4.3

EN14$18

Z6=/90 BD

K9=3 1 ~ #"" EN151"3

S7- )+0N

2 } ".3 } ".5 } 1." EN151"4

S7-=6+ S

2 } "."3 } "."4 EN1528$

S7- ?+C

2 } "."2 } "."3 EN1528$

1 K+ 7+*- < =2 S< =3 V7+0 7 60 +7 4" == =+ *0 1. M/= 70* * *0

45 ==

4 &+> +7G- *: 6+= 0- /+7 6<+) 0+/0+< == 7+ 2" /9 </= 7/+<= 0+/+= 6/+<-

 S<+-0< 7<?60 OBAVEZNI

P=0 D=)- A1 A2 A3 A)6=A A =9/9 1 } EN 1528$K7=-= =9/9 1  } EN 1528$!+= C =9/9 1  } EN 1528$B/ C =9/9 1  } 1" EN 1528$O+<+ P* =9/9 1  } EN 1528$Ž< !9 =9/9 1  } EN 1528$N/ N =9/9 1  } EN 1528$C/ Z =9/9 1  } EN 1528$

IM&ORMATIVNIP=0 D=)- A1 A2 A3 A)6=

0=60

•C  T*+ * 7 *76+/) 6EN 153%"

Page 177: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 177/206

L+9+ 6@0 EN‐6‐A1 L+9+ 6@0 EN‐6‐A2 L+9+ 6@0 EN‐B

S7 60 =- /+= 7+ =/09 9+<. MG0=,6+0+- +/++0 ) 60<- 9+<? 60 9+<+ 66/0<= 0;= 6+0:-+=. O+< 606+0</ ) 0+ <7-< /+7 +< ) -?+< 6+)<+7-, <+/ /+-/ <7+0 0<- =+9>+0 ) /+;>- 0+=0/= 0== )9+<-. Z =- 0= ) /+=6/ 6+)<+7- 0+6+0 /0@ 9-, + 00< 6+7+9 9 79?9+<. Z 0= ) 9-- </+7< 6+0*, + 00< 0@+9 9+< /0+9-. U*)+ <--0?++9- ) 6+)<+7- 9+<? 60, 7+6> ) /+/+;>- *+= 90/ * 7<.

4.#.5. "32/+>3 + &!&'+ ! %;& g&%$

S +97+= < 6+ 7+ 7, ) 9+< ) *7<- +*-/00+6+0+=*> 66+@ 7< 60 7< @6. P=0, /+- > *0/+;> /+) +=:- 6+@<- 70 7>+- 0*.

V+0

D+-0+6+09+< -

Z6= /90

S7-66 C

7+0< 

E/<<0=- +7

+7 /6=

/X?/9 /9=€ +7<

•‚0 0MX?

D$1!1 8 4.8" #5" 1 321."" 

43D$1!% 3" 3.2 2%" 1,5 1""."" 32

P?<>+ - 7 > %" +7 60 7+0<-0 0+/ 0-)+ 7 > *0 /7;0 +*-/0, +0? 3" *>7+0<- 0+/ )+ 9--.

5. O*1! 0&&1!1 &02&!1 1!1g%/1

Page 178: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 178/206

  N ++< 670<-? 6+70/ ) /+0/:- )97,+=:- + 6+0+;- 9+< ) 9--, /+ = 7,6<- - +: ) 6+0+; 0+6+0 9- ) +7<-0+6+0+9 /+=+ 6+0+-= <0> 6+0* 9- )9-- 0+6 <+7 ) </+7< 6+0*.

N6<- - +: ) =@ 6+0+;- 0+6+0

9- ) 9-- 6+*+ ) 9-- 0+6 <+7 )</+7< 6+0*, 7 * +: =+9>+0 ) 9--0 <+7 +7 )<+ 0+6+0, /+ /+0 +*+<-+ 9+<+, /+;0+ 7< 60 90/ +6-: 0.). 7< @6 =+ @6.

N6<- 6+@ ) 6+0+;- 0+6+09-, 6 @= @ = 7 )97, 6/) T* 1., /+ 6+7: )7- =@0=60 <)7? 9+.

P?<>+ - 7 - 6 /+0+, /+- 0* )=06+0+-> )<+0+6+0, /+- /+0 /+ 9+<+ 0, +=+= 0+6+0+=9+= +7 21"

/X.P+@ 6+/)- 7 > 7- +/+ 4,# 0+6+0 9-/+00 ) 9-- 0+6 <+7 ) </+7< 6+0*. N 0- @,6+0+-> *+- 60+= ) 7/0+ 9--, =+ /+00 0- @ =+9 =-0 =@ 0+;/+< )/0@ 9-. U 0<, /+0: <0>, =+0 7< 6/+0, +7 /+-? 0< /+0 =+ -7. S0- /+0+ 7 9+- / =+ *0 7=+0 -9+<+= =0 =+=+00 6 /+0+, /+- > /+00 +*+<- )<+ 9-. M0+ - +79+<-> - 6+7+- *) )7 /+0: =+970 /7;0, /+-9 * /+0+ 6+ 9+<+=. D9 ++*/+0: - 0+ ;0+ ) < +- +7 < <0<0>. J7 @ 7 =+0 /+0+ *+=+= - 7

; 7+ )7, 7 * /+0+ =+9+ *0 =+0 0. O<+ - @0+<G @ 7 > +00 ):- +</<+9 6+-/0, 0*-*0 67<G 70< ) 0/< +7 9G</+ =+0/0<+0. O= 0+9 0/< /+0/:- )97 7> =+9>+0) /; 6-- /+0 9+<+=, )<+ //< > 06 *0 )* 0+/ ):- 6+-/0.

P+;0+ <0> /+0 :+9+7;-, 0+/ =: =-, -, -, <90 60=* +)@? 7>+- 0*, 0+6+0 9- /+0 =+ )9-- 0+6 <+7 ) </+7<6+0*.U 7>+- 0* 6/) )00 =+7+9 6+@<-

6+0+;- 0+6+0 9- ) 9--, /+ ) 9-- BV‐. O<+6+@<- /+0 6+70/ ) 7- =@ 0=60 +/+) 9+ 97 T. P?<> /+=+ 0=60 6+0+-= /+- 9- 6= 9F: 7 )97. O@0+ - 7 )97 /+0 0+/ : 9+7. M+7 ) +7G<- 6+0+;-0+6+0 9- 6+/)- 7 - 0+/ 0-? =: )97 =6+0* ) ?G-=. U 7;-= 6+-/0 6/ )97 =+0= <) ) 9-- 0/<+ @ ) ?G- > *0 ).

M@ 0+;/+< 0+6+0 9- /+ ;0+ 7M: M@+ 0+6+0++60>-, ƒ/X?Y

M@++60>- BV‐,ƒ/X?Y

 J 3%%54,14 821,1"&* 32$#1,3# %8",53M0 252%8,"% 8$#,45A6 $541,83 82",13M- 858,%% 858,%% J 85%,81 85%,81 J 821,1" 821,1"

Page 179: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 179/206

A<90 8$#,45 8$#,45S60=* 85%,81 85%,81O/0+* %5$%,1$ 821,1"N+<=* 2313%,2% 85%,81D:=* 35$35,#5 858,%%

 

U 0* - 6/) /6 6+0+;- 0+6+0 9-. P+*+ - 70 =+

0+6+0 9-, 6+0* )9-- BV.N ++< 6+:- 6+0+;- 0+6+0 9-, 6<- +*@<-) 6+0+;-9+<.U 6/, 6+0+;- 0+6+0 9- ) 9--, /+ )9-- BV, =+ )/+<0 0= 9:= +7 +67-+9 =+7 9:=+7 5(1" 6+;0+ )< +7 0=+/? +< ) 70 9-)+, /+ +7 @ 7 0=.K+7 +*@<- 6?<0 ++< <-0 ( /+;>- 0) 9--. K+ 00< 9+< 6?<> 7<60 90/ +6-: <+;> 7+ 3". P/0@+, )*+ 9+<? /+=6+0 -/+:0 +*+<- 90/ )<+, /+ ;0+ 7< 60 7<+6-: /+ +/6+)<+7 /+/0+= :+= 7+*- 0+6+09-.

U 0+/ 6<-- +: ) 6+0+;- 9+< +7 70 <0/+0 *) +*)7 /+0 0, 7< 60 7< +6-/ 6?<> -7- /+:-0/+ /0<+0 +7 8%. T@ <7+0 /+F:-0 /+/0<+0 6+9 /+0, /+- 7 0= ) 9--, =+ +770 = +<= )< +7 =+9+ /0+. U : 6/,

<= 0= ) 9-- =-, 6+ 6+;, /+:-0 /+?/0<+0 )7 $", ;0+ - 7+70 /0+ /+0 =--0+;/+< 90/? F-/? )97? +*-/0.

N ++< 0/+ 7+*-? +=:- ) 6+0+;- 0+6+0,6<- - +: ) 6+0+;- 0 ( +: ) ++< <-0.P+7: +7 =+7? 6@<- ) =@ 6+0+;- 0+6+09- 6/) 7>+- 0*.

M: M@+0+6+0++60>-, ƒ/X?Y

M@++60>- BV‐,ƒ/X?Y

P+0+;-0, ƒY

P+0+;-0, ƒY

M@=+<: )0

 J 3%%54,1 821,1 3,% 424", $44",3 &* 32$#1,3 %8",5 3,2 3%"1, 8241,8 M0 252%8," 8$#,4 2,5 283$, #32",% 

A6 $541,8 82",1 ",$ 1"%1, 2385,$ M- 858,% 858,% "," $#, 214,%3 J 85%,8 85%,8 "," $#, 214,%3 J 821,1 821,1 "," $2, 2"5,31A<90 8$#,4 8$#,4 "," 1"", 224,15S60=* 85%,8 85%,8 "," $#, 214,4$O/0+* %5$%,1 821,1 ",% 853, 18$$,#

 N+<=* 2313%,2 85%,8 2,2 25$8, 5%85,4 D:=* 35$35,# 858,% 3,5 4"35, 8$85,# +7;- 1%#4$%,4 1"14%,8 1%,4 1$822, 44132,#

 K+ ;0+ <7, ) +9<- 0+6+0+9 /+=+ BV‐ <0>,9+7;- - 6+0*+ +/+ 44 """ <., 6/0@+ 6+0+;+ 9+<+ -=-, ;0+ +)@< 7 6<- /++=- 9+< /+7 <+96+0)- 0+6+0+9 /+=+. T/< 606 - =+< 6/ /+7

9-- -<? )97, ;0+ <+7 7+ 79? 6+7:, /+- > *0

Page 180: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 180/206

)97 +<+= 6+@<-. K+ +6;0 +=:-, 6+/)>=+7 /+7 7+<+-+9 9-- =+ 6+-<0 *G 6,/+7):- 6+

Page 181: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 181/206

?7= 6+<;=, ;0+ =+ 7+<0 7+ *+0 7-? 60< /+77:, /+ 6+<;/ </ 6+<7, ;- /+0/:- )97.

V% „A21! M3“ g.M: M@+

0+6+0++60>-

, ƒ/X?Y

P+0+; -

60

ƒ0Y

M@=

+<: )

60 ƒ<.Y

P+0+; -

@6,

ƒ0Y

M@ =+<:

) @6

P+0+;- @6,ƒ=3Y

 J 3%%54,14 $,"4 28$3,"4 13,5# 135#,11 54,24&* 32$#1,3# %,8$ 2525,%% 11,84 1183,$# 4%,3#

M0 252%8,"% #,"5 1$3%,"2 $,"8 $"%,$8 3#,32A6 $541,83 2,28 %31,1% 3,43 342,%4 13,%1M- 858,%% ",21 #5,81 ",31 3",85 1,23 J 85%,81 ",21 #5,%3 ",31 3",81 1,23 J 821,1" ",2" #2,$2 ",2$ 2$,4$ 1,18

A<90 8$#,45 ",21 #8,#$ ",32 32,2" 1,2$S60=* 85%,81 ",21 #5,%3 ",31 3",81 1,23

O/0+* %5$%,1$ 1,82 582,1# 2,%3 2%2,8$ 1",$2N+<=* 2313%,2% 5,54 1%%2,$% 8,31 831,"8 33,24D:=* 35$35,#5 8,#1 2%53,#$ 12,$1 12$",%$ 51,#3+7;- 1%#4$%,44 42,2# 13524,%1 #3,4" #33$,%1 253,5$

K+0> :, <7 0@/  5aklju'ak o izboru gori$a,6<- - +:) 6+0+;- 9+<, =@ 9+7;- = +<: ) 9+<+/+7 /+;>-7<? 60 7<?+6-/.K+ ;0+ <7 +7 6<- +: ) 6+0+;- +*+<-?90/? )<+, -7 7+ 7<? 60 7<? +6-/, =@ = +<:) 9-- 9-- BV‐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

6.  I;& 0!&g 3&2 % !/1g&$&g'%'1-

O97 <0> - 6+/)+ 7 = =0 ) =+0 /+0, /+-/+0 7< +6-/ 0<+ /+ =+ *0 6+<) 6+0+->+-0= ) 9-- +*-/0. O<- /+0+ - /+=60 */+=,/+- +9< 0)< 7< 6+0* 9+< ) -9+< 7. P7<G+ - 7 /+0+ *7 =+0 =0 -7+9 +7 6+0+->?

/+0+<, /+- /+0, 7+/ > +<- 0 /+0+ *0

Page 182: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 182/206

@<, )-7+ 6+0+->+= 0=+= ) 7+<+7 9+<. O</<606 - 6+6 6+-/0= ) /+;>- *- *+=) :-< 9--, - 7- 7+70

Page 183: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 183/206

9+0 /*+0 /+7 7 0=. T/+ 6+0+-> 0 /+0+,/+0> /+ 9+- )< /+0+, /+ ++< /+0+ =+ 70 7 )@0? )+9. P7<G +< /+0+, /+- /+0*+= ) 6+<)<- 6+0+-> 7=-/, ;0+ > 7+70+ =-00+;/+< =+0 0=. I0+ 0/+ 6/ /+- ) 6+7+-*) /+0: 6+97- 7> / *> /+;> ) /7;0

) 9+<+, +7 /+9 > *0 6+@<+ / */ =+9 /+0.

P+;0+ - +6?+7 0+6+0 9 ) +9<- 0+6+0+9/+=+ <0>0<+ = +/+ 2"" /X, ) 6+@<- 79? @?+*-/0, /+ 6/ 6+)0? F= +*0 /+;>- *+= /+9+<+, 6+/)- 7 - /++=/ 0*- /+00 /+0+, /+-/+0 7< +6-/. A) 6+0+->? //00/ +<+99+< +6;0 T 6+/)- 7 +<- =0- =+ *0 6+@7+ /+0 6+ /+/0+- :, /+ 0+ 7 =+ *0 )7+*- 00+- ;=/+9 9)70< ; 7+ 6+0* <+0. P/6+/)- 7 - 6/+ <>+- 6+@0+- <0:- ) /+0+, /+-/+0 7< +6-/ 6= 0/<= ) /+0+ /+- /+0 7<

60, )*+9 7+0 : 7+*< 0+6+0 9- +7 +6-/,0/< <0:- 60 /0/= +/+<=. I0+ 0/+ )*+ /+0,/+- /+0 /+ 9+<+ 7< +6-/ - +<- +7 6+@0+9+067 7<0, /+- 7+*- 9+ 97 T. T/< /+0+ - =- +0-< /<00 9+< =+9> - 00+ 7 7 9+<+= /+- = <> <+0, =+ /+00 7< 60,7< */0 79 *+=, /+- 7+)<+-< 0+=0/ 6<+)/+0.E<+ );0+ - ) 0= /+0+, ) 9-- ;/+ )* /+0+ CSAM 23" KX,6+)<+7- = D„A7+, I0-. K+0+< +<+9 6+)<+G@ //0; +60== 6=0= 97 0+@/ * :‐/<00. P+)<+G@ - <0/ 6+)0, 0= - 60 7+/)+ -

<+- 67+0. U R6*: B9/+- 6+0+- 7+0 0?0=, 0/+ 7 /+0+< +< =/ 7+/)+9 /<00 +=0+9 6+6 9. N 7>+- : - 6/) 6+-;- )97/+0 - CSA M. K+0+ - /+=0*+=6@<;>+=;0/+=, /+ 7+70 +6:- 67 0= -= ( 0=) 0+=0/+ +7<+G- 66 +7 /= 6>, 0= )0+=0/+ 6=0/+ @;>- :<+9 +6 /+0. O< 7+70=+9>+0 0* =0 <7 0+/+= ):- 6+-/0, =+0 6+<)+0 /+0 / 6+0+->= 0= ‐ =+0 0= ( 76+*+-;- @ 7 /6+0:- /+0. *0 7=)- /+0 Š^1""" ==, V^1%8" ==, D^35"" ==. K+0+ =+ *06+0<- /+0: <0>.

Page 184: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 184/206

 D< */ /+0 - 0<+ =+9 /6:00 ( ",48 =3, ;0+ +9<+/+ 12"/9 7<? +6-/. E<+ );0+ - 66+@+ 7 *7 +6=-0=+= )0+=0/+ 6-- ;/7;0=, /+- > +90 * 7-6+0+;- /+0. S=+ /7;0 ) @<- 7<? +6-/ 0* *0 /6:00+= /+- +9< 6+0+;- 9+< /+0 /+7 7-9= /6+0:-. K6:00 /+- 66+@- - 15 =3  +/+3,5 0. O</<+ /7;0 /+ =+ *0 9G+ 6/67<G+= ) 0+. S=+ 6-- +<+9 /7 =+ *06<-+ ) 6+=+> =+<, *9 79 @ 0?/, ) :- 0* );0 7+ +97 <0> 7 * 6<+606 +7 7 : 7+ /7;0. S=+ /7;0 ) +6-/0* *0 70;:+=, 7 * 9+<+ );00+ 0+/+=67<. U )97- +<+9 /7;0 0*- 6+;0+<0 )?0< )*)*7+0 +7 6+.N 7>+- 9 - 6/) 6= ) ):- /7;0 ) 7< +6-/.

 J1! & -&g+%= !>%! ; 0+!/1!/1 '%2&;1 $1!%- &0%2/*%-. 

7. E3&!&-'3 &*1! 0&/13B70 : 6+9 /+0 CSA M 23" - +/+ 3# ?-. <. U67++- /+9:- - /-@ =+ /+0+ 0= - /-@,- /-@+ /7;0 0=+= ) 0+=0/+ 6--7<+9 */ /+0, /+ 9G</+

Page 185: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 185/206

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

P+<>-P=0 K+@ S= <.C 0= /+- /+0 7< +6-/ CSA M 1 3# """P+0+;- 0 ) 9+7 ( ++< <-0 1$822 44131P+0+;- 7<? +6-/ ) 9+7 0 #3.4 #33$U6+;> +/ +060 6= ++<+= <-0 ".$5$

K+ ;0+ <7 ) 0*, 67+ /+0+ CSA M 23" - /++=/-6+<+--, @- 6+0)- 0+6+0+9 /+=+ 6+;> 6+7+060 0= ) 6+7 ) 1 9+7. O<- 6+7 - 79 6+/)- 7 6+0+- /++=/ 67+0 +7=? /+ 6< 9+7

7. T/+G, /7 )= <7 @-: 7 > /+;>- 0/<+90= 7+60 +0<- +<? 7? =0 0=0 +/6+)<+7-, 0+ )@ 7 > ):- 0/<+9 6+-/0 =0 +:- /:- 7 > 7+60 )<+- +/ /++=-.

8.  E3&2&3% +%*/ 3&%1!/&!&$2/%$%= %;$&1!1g%/1 %  '-!/%$!/1 1-%'%/ g'&$'321!1 1N6<- - 6+: 0:- 0, /+;> ) +9<, <+0

7 ( 6+:- - =- 9+< CO2. Z )@<- 6+*?=- CO2  606+0<- 7 6 9+<- 1 /9 0 ++*G2,%$ /9 CO2. O<+ < ) 6+06+ 9+<- 9+<. U 6/, 69+<- 0;/+ 6+0 6+06+ 9+<- =- 7=?9+< 7 9- =++/7. MG0=, /+:0:- CO2  -)=-<+ / +7+ /+@ =0+<+9 9-‐ 7+/7 0@ )@-+ [email protected]< 9-/+< =- =+9 *0 =- /+;>-= +*+<-?)<+ 9-, ;0+ > <//+ =0 0:- <+0 7. O=0+9, ):- +</<+9 6+-/0 => /++=/ /+0 /+ < +< ;07 9-/+<? =- *7 09+< ( 0/< 6/6+0+- ) <> 0:-.U 7>+- 0* 70 =@ 6+0+;- 0 = 9--,

6 /+-+- 6+0 0+6+0 /+=+ ;/+=, /+ =@/+@ =0+<+9 9-‐ 7+/7 6 9+<- 0 ) +9<.

Page 186: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 186/206

-1'1*

P&&!/!<1,

P&&!/!<1,

E-%'%/ CO4 %;!<1,

 J 1$,# 1$#2$,5 54%8$,8&* 1%," 1%"%8," 4%##8,2M0 12,8 1282",# 35%84,$A6 4,3$ 43$3,3 122#2,#M- ","8 "," ","

 J ","8 "," "," J ","8 "," ","

A<90 ","$ "," ","S60=* ","8 "," ","O/0+* 3,34 3342,5 $32$,%

N+<=* 11,% 11%"",4 32#58,1D:=* 18,# 18#11,$ 51$4$,#

+7;- =0+< CO2, 1%,4 1%443,% 48#88,$ 

R1;%-1N6<- - 6+: 0:- 0, /+;> ) +9<, <+07 ( 6+:- - =- 9+< CO2. O< 9-/+< =-

=+9 *0 =- /+;>-= +*+<-? )<+ 9-, ;0+ ><//+ =0 0:- <+0 7. O= 0+9, ):-+</<+9 6+-/0 => /++=/ /+0 /+ < +< ;079-/+<? =- *7 09+<.N6<- 6+: 6+0+;- 9+< ) 9-- 6+/)- </6+0:- )/+;>- +*+<-? )<+ 9- ) 9--. K+ ;0+ <7 )6<-? /++=/? ) 7+ 7, ):- 0/<+9 6+-/0) 6+= 9+<+9 /+=6+0 +7 0 7< +6-/ -/++=/ 6+<+-+ /+ 6< 9+7 7 0= )0+ - <;9+ 66+@-<+ 7 6+-/0 )-.

O= 0+9, ):- 0/<+9 6+-/0 7- 7+70=+9>+0 )

6+*+-;- +/+9 *) /=0 +0/<- +<?7? =0.V+ - 0+ 7 /+;>-= +*+<-? )<+ 9- 7+<+7 7+);00 <+07 =-- 90/ )<+0 0 6+-?++: 0+6+0.

9.  P1!&'%  12%;*%/10&/13+7;- ;07 +7 9+< ) @<+ 7;- <+ 6+0+;-0+6+0 9- ) 9-- BV *> +/+ 38 """ <. ) 6+0*7<+9 @6. K+7 6+<>- 6+0+;- 9-, ;07 >

6+<><0 6+6+:++N/+/+ 60 -0- 9+<+ 0+=0)+<+*7<- 0+6+0+=9-+=, +=+9>> <0> +7<- /+=+0-0=60 <)7?

B> =- 0+;/+< ) /6+0:- 7 +7<-00 `.0:-/+0

B> )*90 <0:- ) +< /+0+ 9++/ 7)

O*-/0 > =0 +< /+0+, /+- 6+ 6+0* =+ 0 )9-- *0+< <> <+7 0+/ - )+. K+ 7+70/, 7) >+00 )<+ 9+<+, 6+;0+ > -7 /+0+ *0 /+-7=+0

Page 187: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 187/206

  S</ 9+7 ;07> +/+ 4$ 0 CO2. P+<>-=6+0+;- 9-,;0G =- CO2  <>> 6+6+:++

B> /+;> , 9 7< 9+( == 0=0=> +/ /++=- ) @ +? +? /+6?

9+<

Page 188: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 188/206

  Z 6+-/0 =+9 *0 6<@ 70< ) :+? <+6/? 6+9= ) 90/ /+0 +*+<-?0/? )<+, 6+;0+ +79+< +<= 7 *7 +7+* )- 6+ )@0= 0/<=

:."32/+>*% 

O*-/0 /+- 6+@< - 6+9+7 ) 6 *) 9+< (7<0/

Z*+9 0<G 6+)0 0?++9- 9+- =+9>+0 ) -?+<++9<-, ) 9+<+ +7 *+= 66+@- 7 )97-7< 0/

B70/ <0:-/ 0+;/+< ) 0:- /+0: )9-- BV 9+<+, 7< 0/ 6+:- m 3# """ <.

*) PDV‐ M+7+ 6+@<- 0*+0 +7 6- /9+<+ +7 7<+9@6, 6+/)- <+= 7+* -/ 6+/)0- ( 6+;>+/ <>-<0:- ) +/+ -79+7

B9+6-0 =+9>+0 ) )@-+ 6+*+-@-0*+0 6+-/0670<-- 6+<@- 6+0+;- 0+6+0 9 <0> 6+<>- `..F-/ 6+=+> 90 ) 7+<0:-

E/++;/ /0 +7 6- 9+<+ +7 7<+9@6 +:-- +/+ 48 0 CO2

9+7;-P6+@- 7 )*+ 7+*<-@ 9+< *7 6<-

)<+0 +7+*<), 6)0? +7 -9 6+ +7+ 90+<+9 /<0066+, /+-/<7+0, 7- <99+< •

79++@+0 6+-/0

9:- 7+0<*7<- )+, +/+<

Page 189: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 189/206

ŠKOLA „GEO MILEV“,g. T!

#.I;& &/13. A!2%;

'!/#.#.K%1%/% % %;&&/13

P= 9+ 7= :-<=, ) +*-/0 6+@<- - )*6+0+;@ 0+6+0 9-, /+7 /+9 +@/- 7 /+;@ *+== =+ /++;/, <> /++=/ /0. N 0- @,</ +*-/0 *> =+0< +7 6+0:-+9 =--0+;/+< 9- 7 6+<7 67+) 6+-/0.P= 0+=, +79+<-: +*-/0 +/+- =-

•  <+/ : 0+6+0 9- 6. O /+- /+0 /0+9- 07)

•  7+* +90/ 97 0:/ <0 7+0< *+=•  0* 6+0+- 0+6+0 9- ( 7 * = =+9:+0 7

<0- +< 0:- *7 6: /+:-=/6-9 9+<. N/+ )9+<+ /60=, +79+<+= )90/ 6+0/ +60 T, ) +*-/0 6+:<- - )*OS+ M<.

 J+H! <'@%g.4. S1$1! <'

#.4. A!2%;'!/

#.4.#. O'!&$!1 32%-'31 %!<&-*%/1 &1g%&!+P= /=0/? 9+= R6*/ B9/, 6+ N7* lRD‐1#‐1"58 +7 1"7:=* 2""$ 9+7., ) 6+/)0- 0+/+< 9- 90/?//00/ )97. R9+ 667 /=0/+- )+ %, /+- //0 7:= /=0/= =+=:-=

−  N7=+/ < 5"" =−   T-- 9- )+ ( 1$" 7−   T=60 9-- 2$"" /+7 1$C 7- 0=60 )97−  I):0 6+- 0=60 )97 ( 1# C

Page 190: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 190/206

#.4.4. O'!&$!1 331%'%31 &/13Z97 /+ + M<, . P0/+ D. P0/+<, 9. T - 0 60. I6+7)97 ) 0, /+- +0+6-<.U )97 ) /*0 ):0= == =0-=,/60 7=00< *+/, /+- ) 79+= 60.&7 )7+< 0+- +7 0-9 6=), :9+9 )7 6+--6=), +- 0+6+0 )+:- 6+-- 6=).P+7+< 7< <0 6+7 6+7 +0+6-+9 0 6+7)7 <)7?. K+< - <.S0+-7+9= - PVC 6+F 76= 0/+6/0+=.

P+7: + +*-/0

N)< /+ + M<

A7 . T, .P0/+ D. P0/+< l 5

V0 )97 M++0

I=+< J< 7)<

+7 )97- 1$88 9.

B+- ++* /+ 38"F/ ++* ;/+, 07 1" F/ 9-- #

R7 7 07 1" R7 7 07 #

S*+0 07 1" S*+0 07 "

N7- 07 1" N7- 07 "

S= )97

#.4.5. U3+0!1 g1$%!'31 331%'%31I)9G6+<

P+:6+<

P+< /+-

P+</+-

P+</+-

=2 =2 =2 =3 =3

#:7# 979 77## 47 8?# #: 95#

#.5. S!1$!/1 &02&!&-1!1g%/&-

S*7<- 0+6+0+= 9-+= /+ - 0+6+:0 /+- ) 0 *+/ A. +<+ - 0 7) 9+<+ 7+-+= /+-/+= <7+: +7 11,# /X?/9. N+: 0+6+0 - <+7.S*7<- 0+6+0+= < ) 6+=+: 7< 6 /+0, /+- 7 6 )= K1‐%" K2‐3". K+0+< 00+ /+0 =+ )9--. N= 6+0<-? =: 6+0+/ 0+6+=. P+0+-9+< +7:0 *) )< 7+0<.K&& W#.  2""4 9+7. M+0 - < 6 /+0+ +79<+)G =/

Page 191: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 191/206

T!ERMOSTSLEN8"" ( :/. K+0+ - 6=+= :< 7=60/+= +7 ",5 M6 =/= 9 $3" /X. ++/ - RIELLO ( I0- 7<+06= 9-= 9 35#‐118# /X 6+0+-+=9+< +7 3"‐1"" /9?. U6<-- - 6+ 0=60 <+7 /+- 7+0<- +7 +):.K&& W4. 2""4 9+7, - =+0 79 < 6 /+0+ +79<+)G =/T!ERMOSTSL… EN8""‐ :/. K+0+ - 6=+= :< 7=60/+= ",5 M6 =/=+= 9+= $3" /X. ++/ -RIELLO ( I0- 7<06=9-= 9 +7 35#(118# /X 6+0+-+= 9+< +73"(1"" /9?.U6<-- - + 0=60 <+7 /+- 7+0<-+7 +):. K+0+< <+= 7+*+= 0?:/+=0-.P+ 6+-/0 0+6 <+7 ) </+7< 6+0* BV 9- +70+9 /+0 (

:0+= *+-, /+- ) /+0:. Z*+9 =+0):-6+7-9, <+/ : 0+6+0 9- +7 0+9 /+0 )*+9 0+9 - 6G+ 9-- +/= /0:= *+-=.

#.6. P&&!/ 1213%>!11!1g%/1

U 0* 7+ 6/) 6+7: ) 6+7- 5 9+7 )9+7;- 6+0+;-9+< ) 6+)<+7- 0+6+0 9- )+*-/0.

'odina 4: 4? 4# 

4## 4#4

N0D), 2$422 3533" 3211# 2$1%1 353#3L< #1#3$,2% #351% #423",$4 #445%,%2 %$2#5,#4E. 9- /X 3"""" 318%" I,II,III

†w‡wˆ 

‐ ‐

L< 5512,"# #15$,5# 281$,5" ‐ ‐

I) 9+- 0* - +@97 07:- ) @<- 9+7;-/+@ 6+0+;+99+< 9:= +7 3"""(35"" 0. 2"12 9+7. ++<+9 )<+0+6+0 ( 0+9 /+0 ( - 6+0+;+ 353#3 9+<, /+- +79+<-34#,5# M? ) 9+<+. Z*+9 7+00/ 0+6+= ( ) :-<6+@<- 6?<0 7 ? 7- 9+7;- KPD %5. K+)00, /+@ 6+)<7 0+ 0+6+0 9- ) /+0 )2"12 9+7 - 25$,$2 M?.P+0+;- /0@ 9- - @< 9:= 7+ 3" """ /?.P06+0<-=+ 7 > 9+7;- /+@ 6+0+;+9 9+<, /+ 6+0+; /0@ 9- ) 9--, @<0 7?/+/+ 9+7 0= 9:=.#.7. C1!1 %&3&$%K-= 2"12 9. : 7) ) 9--, 6> +7 0 ;/+ -2,23 <. O  ( /+ ) )<+ ;/+. S== 0=, ++< 9+7;-6+0+;- ) 9+<+ /+7 /+@ ) 2"12 9 - %$2#5,#4 <.9+7. S79 0, 6+0+; /0@ 9- ) 9-- ++<+ )7< 0 6+:-- +/+ #"""‐#2"" <.9+7.K+ 7+70/, 0*- =0 <7 0+;/+< ) 7 /6+0:- 0/> 6+7;/ +@, 7+< = /+0:. O< 0+;/+< >*0 <7+< 0+/ +<+9 6+@<- - = 7 > +@<0 <+ /+-= 7 /+7 6) 9+< *)

*+=.

Page 192: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 192/206

P+;0+ ==+ +=:- ) ++< 9+7;- 0+;/+< ) 7/6+0:- 0/> 6+7;/ +@, 7+< = /+0:, 6+6</, )<7+<, + > *0 )6+0<-. T+, <+- 0, 6+<></+<0<+0 /++=/ +: ) 6) *+=.

Page 193: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 193/206

4. P&/13!%012&gZ 9+< ) *7<- 0+6+0+= 9-+= +*-/0 +<+96+@<- *> 66+@ 7< 60 7< @6.P=0, /+- > *0 /+;> /+ ) +=:-

6+@<- 70 7>+- 0*.V2H!&'

D&!/&02&g&1!/ 

"01-%!'3

SH/01012

C1!'&'$ 

E3$%$21!1-%'%/

+7/6

/X?/9 /9=€ +7<

<.0 0MX?

D$1!1 8 4.8" #5" 1 321.""\ 43D$1!1 3" 3.2 2%" 1,5 1""."" 32

P?<>+ - 7 > %" 60 *0 7+0<-+ 0+/ 0-)+ 7 > *0/7;0 +*-/0, +0? 3" *> 6+@ 0+/+=)+ 9--.5. O*1! 0&&1!1 &02&!1 1!1g%/1 ; 3&2+ „G1&M%21$“, g. T!

N ++< 670<-? 6+70/ ) /+0/:- )97,+=:- + 6+0+;- 9+< ) 9--, /+ = 7,6<- - +: ) 6+0+; 0+6+0 9- ) +7<-0+6+0+9 /+=+ 6+0+-= ;/+.

N6<- 6+@ ) 6+0+;- 0+6+09-, 6 @= @ = 7 )97, 6/) T* 1., /+ 6+7: )7- =@0=60 <)7? 9+.

N6<- - +: ) =@ 6+0+;- 0+6+0 9- )9--. U +<+=+*-/0 6+0+- 0= ) :0+ 9-- 0+6 <+7 )</+7< 6+0*.

N6<- - +: 6+0+; 0+6+0 9- //+;>- 90/?++: ( 0 00+= = /6+0:- 0=9--. M@ 0+;/+< 0+6+0 9- ++<+= =9-- /+ ;0+ 7P+;0+ ;/+ /+0 =+ 0+/+= ;/+/ 9+7, 0+/=: =-, -, -,<90 60=* 0+6+0 9- /+0.

Page 194: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 194/206

  U 7>+- 0* 6/) )00 /6 6+0+;-0+6+0 9-) 9-- ;/+ + M<, 9. T /+7 0)< O+<+9= 7.

Page 195: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 195/206

  I)@<-> 0+;/+< ) 0, /+;> - : 9+<6/) 0. E90/ 6+0+;- 0+/+= 6+@<-.

M1'1* M1'1>!&toplotnooptere#en

 

P+0+;- 0, AtB

P+0+;- 0, AtB

M1'1>!

'+-  J!+ 581"#.5 5.%4 ##25. 1452$.3

 @1+ 5"553.8 5."" 5#%%. 12#4".8 

M 3%$51.1 3.%5 42#2. $48$.5 A0%2 13""4.$ 1.2$ 14#". 3251.8 M/ ","" ","" "." ",""

 J+! ","" ","" "." ","" J+2 ","" ","" "." ",""A$g+' ","" ","" "." ",""S01- ","" ","" "." ",""O3& $8$4.4 ".$8 1111. 24%4."

 N&$1- 34#35.1 3.42 388$. 8##".4 D1*1- 55"$4.4 5.45 #18%. 13%%#.2

 G&%!/1 25$24".# 25.#2 2$115. #4822.3 

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

O<- 0)< ++< = 7+*- ++<000@/? 6+70/ )6+0+;- 9+<, *> /+;> =+ ) 6+G- 00? 9+7;-?0+;/+< ) 9+<+ 6+-/0= 0/<= /+7 6+= 9+<?/+=6+0 /+7 6+0)- 6+0*+9 0+6+0+9 /+=+ ;/+.

N ++< 6+70/ ) 6+0* = 7 0= )9--, 7 * 6+09+ +=0< 0+6+0 /+=+ 6+0+-=/+- 9-, 6<- - +: ) 6+0+;- 0+6+0 9-) 0= 9-- ;/+. N ++< +:-6+0+;- 0+6+0 9-, 6<- )@<- )6+0+;- ) 9+<+.

K+7 )@<- 6?<0 00+ 0- ( ) 9-- /+0 0, /+ 00<+ 9+<+ ( 7< 60 90/ +6-:.P/0@ )*+ 9+<? /+=6+0 - /+:0 +*+<-)<+ 9-, //< 7< 60 7< +6-:, /+- +/6+)<+7 /+/0+= :+= ) 7+*- 0+6+0 9-.O*+<- *+9+< 0/+G 7- =+9>+0 ) )<+- +//++=-, /+ ) +0<- +<? 7? =0.

U 0+/ 6<-- +: ) 6+0+;- 9+< +7 70 <0/+0 *) +*) 7 /+0 0, 7< 60 7< +6-/6?<> - 7- /+:-0 /+ /0<+0 +7 8%. T@<7+0 /+F:-0 /+ /0<+0 6+9 /+0, /+- 7 0= ) 9--, =+ +770 = +<= )< +7=+9+ /0+. U : 6/, <= 0= ) 9-- =-, 6+6+;, /+:-0 /+? /0<+0 )7 $", ;0+ - 7+70/0+ /+0 =-- 0+;/+< 90/? F-/?)97? +*-/0.

Page 196: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 196/206

  N ++< 0/+ 7+*-? +=:- ) 6+0+;- 0+6+0,6<- - +: ) 6+0+;- 0 ( +: ) ++< <-0.P+7: +7 =+7? 6@<- ) =@ 6+0+;- 0+6+09- 6/) 7>+- 0*.

M1'1* M1'1>!&&02&!&

&0111!/1,

P&&!/!<1,

2

P&&!/!<1, AlB 

M1'1>!'+- !&$*

; !<+

 J 1$8#12.$" 1$.# 223"#.2 4$##2.55&* 1%2%$%.2" 1%." 1$4"#.$ 432"%.41

M0 12$%2".1" 12.8 145#8.$ 3243#.12A6 44451.$" 4.3$ 4$$2.4 11115."#M- "."" "."" "." 214,%3 J "."" "."" "." "."" J "."" "."" "." ".""

A<90 "."" "."" "." ".""S60=* "."" "."" "." ".""O/0+* 3382".1" 3.34 3%$8.3 845#.#1

N+<=* 118385.#3 11.% 132$5.$ 2$#"1.$%D:=* 

18831%.1% 18.# 2114$.$ 4%"88.13G&%!/1 ::8#7.# :9.7 ??7#:.6 44#789.:7

K+ ;0+ <7, ) +9<- 0+6+0+9 /+=+ ;/+ 9+

+=0<=)?0<= /6+0:- 0/<? <0 )97, 9+7;- - 6+0*++/+ 22" ?-. <., 6/0@+ 6+0+;+ 9+<+ - =- 6+97-06+70/ 0* ) + 6+0+;+ 9+<+ 6+7-? /+/+9+7, ;0+ +)@< 7 6<- /++=- 9+< /+7 <+96+0)- 0+6+0+9 /+=+. T/< 606 - =+< 6/ /+79-- -<? )97, ;0+ <+7 7+ 79? 6+7:, /+- > *0)97 +<+= 6+@<-.

P?<>+ - 7 6 /+0+, /+- > )=0 00)<+ 0+6+09-, /+0 /+ 9+<+ 0 +=+= 0+6+0+= 9+= + $3" /X. P+-+ - 7 6+0+-> /+0+< *7 7=+0, <> 7+0 /+ )< 7 6-<- +9 ++<? /+0+< /+7<+/ 6+0+;- 9- ) 0= 9-- ;/+.K+0> :, <7 0@/  5aklju'ak o izboru gori$a,6<- - +:) 6+0+;- 9+<, =@ 9+7;- = +<: ) 9+<+/+7 /+;>-7<? 60 7<?+6-/.

3&2 „G1& M%21$“ g.M: M@+

toplotnooptere"enje

 

P+0+; -

60

M@=

+<: )

P+0+; - @6,

M@=

+<: )

P+0+; - @6,

 J 1$8#12.$ 

4%.5 1521$.3 %1.3 %134." 

285.3 &* 1%2%$%.2

 41.3 13241.1 #2." #2"#.8

 248.2 M0 12$%2".$

 31." $$4".2 4#.5 4#5$.4

 18#.3 A6 44451.$

 

1".# 34"#.2 15.$ 15$#.#

 

#3.8%

M- "."" "." "." "." "."" "."" J "."" "." "." "." "."" "."" J "."" "." "." "." "."" ".""A<90 "."" "." "." "." "."" ".""S60=* "."" "." "." "." "."" ".""O/0+* 3382".1

 8.1 25$1.5 12.1 1214.8

 48.5$

N+<=* 

118385.# 

28.3 $"%1.% 42.5 4252.3 

1%"." D:=*

 18831%.1

 45.1 1443".4 #%.# #%#4.2

 2%".5 G&%!/1 ::8#7.

 4#4.# 89?.9 5#:.4 5#:4:.6

 #495.#

 

Page 197: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 197/206

K+ ;0+ <7 +7 6<- +: ) 6+0+;- +*+<-?90/? )<+, -7 7+ 7<? 60 7<? +6-/,=@ = +<: ) 9-- - )@-+ 9+ /+7++<+9 <-0 ( 90/+9 ++: ( 0. E<+ );0+ +*<0 9+< ( 7< 60 7< +6-: 6=-< +7)> 6+)0<+ -/ * ;/+. P+;0+ - += 0+6+0

9 6+9 /+0 0<+ </, 66+@- )97-<-0 6+0<-- /+0, /+- /+0 7< +6-/. P/ 6+/)-7 - 0/< /+0+, 6/+ <>+- 6+@0+- <0:-, /++=/6+<+-- 6= /+0 /+- /+0 7< 60, -<; )*+9 </)/ : 0+6+0 9- 7+*- +7 60 +6-/ ( /+07<+9 @6. Z*+9 0+9 +<+= 6+@<- 70 6+7: )0+;/ 7<? 60 70 =+ 7 +=:- /+ ++< )6+G- /+7 /+;>- <> 6+6+9 *+9+< B9/+-.

6.  I;& 0!&g 3&2 % !/1g&$&g'%'1-

O97 ;/+ -9+<? 0 - 6+/)+ 7 = =0 )=+0 /+0, /+- /+0 7< +6-/ 0<+ /+ =+ *06+<) 6+0+->+- 0= ) 9-- ;/+. O<- /+0+ -9+<0= ) 7+<+7 9+< ) /7;0, *> 6+0<- 9+0+<=/+0-= ) 06+0, /+0-= ) 6<+7 6+)<+7,;0+ +=+9>< /; 6+/ =+0 0=, 0/+G =-- 0+;/+< ) 9G</ =+0 7+<.

P+;0+ - +6?+7 0+6+0 9 ) +9<- 0+6+0+9 /+=+ ;/+ 0<+ = +/+ 2""/X, ) 6+@<- 79?@? +*-/0, /+ 6/ 6+)0? = +*0 /+;>-*+= /+ 9+<+, 6+/)- 7 -/++=/ 0*- /+00 /+0+, /+- /+0 7< +6-/ <+;> 7+4". P/ 6+/)- 7 - 6/+ <>+- 6+@0+- <0:- )/+0+, /+- /+0

7< +6-/ 6= 0/<+- ) /+0+ /+- /+0 7< 60, )*+97+0 : 7+*< 0+6+0 9- +7 +6-/, 0/<<0:- 60 /0/= +/+<=. I0+ 0/+ )*+ /+0, /+-/+0 /+ 9+<+ 7< +6-/ <+;> 7+ 4", +*+<- - +7 6+@0+9 +067 7<0, /+- 7+*- 9+ 97 T. T/</+0+ - =- +0-< /<00 9+< =+9> - 00+ 7 7 9+<+= /+- = <> <+0, =+ /+00 7<60, 7< */0 79 *+=, /+- 7+)<+-< 0+=0/6<+) /+0.E<+ );0+ - ) 0= /+0+, ) 9-- ;/+ )* /+0+EOS $", 6+7/:-F= U:++0, I0- ? 0 06 .:+ +0 .: += + ‐=+7‐*+. K+0+< +<+9 6+)<+G@ //0; +60==

Page 198: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 198/206

6=0= 97 0+@/ * :‐/<00. P+)<+G@ -<0/ 6+)0, 0= - 60 7+/)+ -

Page 199: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 199/206

<+- 67+0. U R6*: B9/+- 6+0+- +/+ 2" /+0+< =U:++0. T+ -@;> /+0+< 70-/= 67)>=, )6+)<+7- 0+6 <+7 )> 6. I)9G - 0:- )6+)<+7- /0@ 9-. S= /+0+ - 0+6+0+= 9+=+7 5MX0? )9< 0=@/+ -.

K+0+ U:++0EOS

M?@/ /= ) 9+<-&+:+=0:

I)* /+0+ U:++0 EOS $" //0 6+/0+=/+=0/+=, /+-7+)<+-<+=+9:- /+:<- 9+< +*/ 7<?0/ <+/+=<)+: 7)-= 66 7+ 3, /+- 7- =+9:+0 )/+:- 9

Page 200: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 200/206

+69 9+<. T/+G, /+0/:- /+0 -9+<? 0= ( 0= )6+7<- 9+< 6+/0 /, 0= ) ::- 66,0= ) +7<+G- 66, 7=-/,=+9 6+0<0 /+0- *: 6+)<+G:, 0+ : +60=)00+/+<:+9 6+-/0.D=)- =+9 6+9 /+0 Š^185" ==, V^315" ==, D^54"" ==.

N : - 670<- <-0, /+7 /+9 /+0+, )-7+ 0=+= -6+0<-=+0 /+0- ) 06+0 6+<:+=<+=. U /+0- 6+0<- < 0= /+- +9<-7 /+0 ( 0= ) +7<+G- 66, =0:/+, <00+ )7=, /+0+ 0* ) 6<-- 07. D+ /+0- /+0+= 6+0<- 79 /+0- /+-= =+0 /70. N 0- := =+0) 0= 6+-7+0<--, 0+ 7+<+7 7+ +60=):-0:-/? 9G</+ =+0)? 0+/+<. P7<G+ - 7 /+0+ /70= =+0 6)+= 6+0+ )=G 7<7 /+6 /+.

I)*+ =0 ) =+0) +<+9 0= - +7G+ :-:+=7 +*+7+6+0+ ) 6+7+- *) /+0: /+. K+0: - *) 6/97 : *0 =+0 0= ( 7+ -9 6+0+- 0 60 /+- :

+/0 6+/ *7<-9+<+=.

7.  E3&!&-'3 &*1!0&/13B70 : ) -7 0/< 0= 0+- +7 /+0, 0=) 6+7<- 9+<, :/+ ) @;>- +00/ +7 66 7==9+<=, +7/, 0= ) +7<+G- 66 < 0+ /+;0 +/+2$32#","" <. *) PDV‐. K+ +6:- ) /+0+ 67 0= )0+=0/+ @;>- +00/ 66 6+<; :< /+</0+=

0/0 /+0 ( *70 : - 154"","" <. *) PDV‐.

Page 201: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 201/206

N ++< 6+70/ + *70/+- : 0=, /+- /+0 7<+6-/, 6+0+;- 0 ) 9-- ++<+= <-0 /+7 76++9 = 9-- <0> @- 6+0)- +=0<+9/+=+ +*-/0, +7G - 0)< 6+;> 6+7 6+<>-<0:- ) 6+= 9+<? /+=6+0 ++9 9+<, 0, /+;><- 7<? +6-/. U6+;> +/ ) 6+<>- 6+-/0

+7G- 0/+ ;0+ = 6+0* ) /6+< /+0 = )9+<+ ) -9+< 7 7 =+= 9+7;- 6+0+;- ) 9+<+ ++<+= <-0 6 7>= +< ( 6+0)- 6+0*+90+6+0+9 /+=+. O<- 606 - *) 7- 0<+ 0@ +: )F-/ 7+ 6+-/0. D0- )@<- ) 6+0* -/70<, )=-> +*) 9+7;- :-, /=0 */ )6+7 /70 07. 7- 0@- 670< ) 6+0* F-/70<. T/< 606 )?0< <; +=:- - 6+0* 0+/+=66= ) 6+@<- 6+-/0. P+7: ) 6+G<-+<@? 6+0+/ ) 9+<+ 6+@0? <0:- ) +< 0= 6/) 7>+- 0*.

I)@<- 6+;>+9 +/ 6+<0+0 6+@0? <0:-P=0

 K+@ S=,

C 0= /+- /+0 7< +6-/ 1,"" 2$32#","

 C 0+=0/+9 0= ) @;>- +00/ 66) 1,"" 154"","

 P+0+;- 0 ) 9+7, $$518,4

 2215#%,8 P+0+;- 0 6 ++<+- <-0 9--, 353#3,"

 %$2#8,# P+0+;- 7<? +6-/ ) 9+7, 0 318,28 31828,4 U6+;> +/ ) +0/6 0=, /+- /+0 7<

+6-/ #,1"$

U6+;> +/ ) +0/6 0= /+- /+0 7<+6-/ ) 2,185

U6+;> +/ ) +0/6 0= /+- /+0 7<+6-/, <-0+= ) @;>- +00/ 66 +7+

#,3"3

U6+;> +/ ) +0/6 0= /+- /+0 7<+6-/

<-0+= ) @;>- +00/ 66 ) 6+0)-

2,255

 

K+ ;0+ <7 ) 0*, 67+ 0=, 6+)<7 =U:++0 -/++=/ -6+<+--, @- 6+0)- 0+6+0+9 /+=+6+;> 6+7+060 0= ) 6+7 +7 2,2 9+7. A/+ 6< 6+G- 00+= 6+0+;-+= 0 ) 9--, +7 - 6+0 +/ )+0/6-<- 0= +/+ # 9+7. O<- 6+7 - </ :0/< 6+-/0 6+7 */-, T/+G, /7 )= <7 @-: 7 > /+;>- 0/<+9 0= 7+60 +0<- +<?7? =0 0=0 +/ 6+)<+7-, 0+ )@ 7 >):- 0/<+9 6+-/0 =0 +:- /:- 7 >7+60 )<+- +/ /++=-.

8.  E3&2&3% +%*/ 3&%1!/&!&$2/1!%= %;$&1!1g%/1 %  '-!/1!/1 1-%'%/ 0!%=g'&$.N6<- - 6+: 0:- 0, /+;> ) +9<, <+07 ( 6+:- - =- 9+< CO2. Z )@<- 6+*?=- CO2  606+0<- 7 6 9+<- 1 /9 0 ++*G2,%$ /9 CO2. O<+ < ) 6+06+ 9+<- 9+<. U 6/, 69+- 0;/+ 6+0 6+06+ 9+<- =- 7=?

9+< 7 9- =++/7. MG0=,

Page 202: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 202/206

/+:0:- CO - )=-<+ / +7+ /+@=0+<+9 9-‐7+/7 0> )@-+ [email protected]< 9-/+< =- =+9 *0 =- /+;>-=+*+<-<? )<+ 9-, ;0+ > <//+ =0 0:- <+07. O= 0+9, ):- +</<+9 6+-/0 => /++=//+0 /+ < +< ;07 9-/+<? =- *7 09+< (0/< 6/ 6+0+- ) <> 0:-.U 7>+- 0* 6/) =@ 6+0+;- 0 =9--, 6 /+-+- 6+0 0+6+0 /+=+ ;/+=, /+ =@ /+@=0+<+9 9-‐

7+/7 6 9+<- 0 ) +9<.

R1;%-1N6<- 6+: ) 6+0+;- 9+< ) 9-- 6+/)- </

6+0:- ) /+;>- +*+<-? 90/? )<+ ) :-<9--. P+@0 *70 )@<-, ) 6+0* <0:-,6+/)- 7 > 6/+= ):- 0/<+9 6+-/0 </+=/++=/= 70<=, 6+0> 6+0* 0+6+0 /+=+ ;/+ *)9- 0/+ </ /++=- 9+<+, //<+ <7 0+/+=9+<- 0. O= 0+9, ):- 0/<+9 6+-/0 7-7+70 =+9>+0 ) 6+*+-;- +/+9 *) /=0 +0/<- +<? 7? =0. M+9> - +60=):- 00?0+;/+< ) 9+<+ ( 7< +6-:, 0+ =+ 6+0> +9)+<-=09+< ) 7+0<6+/. M+9> - 7 0/< 6+-/0 *7)+< /+ -<+‐6<0+ 600<+, /+7 /+9 6+- <00+6+76- 79++@ 9+<+ ) /6+< 0+6+0 9- 6> 7+0+;/+< ) @.

N6<- 6+: 6+0+;- 9+< ) 9--6+/)- </6+0:- ) /+;>- +*+<-? )<+ 9- ) 9--. K+;0+ <7 ) 6<-? /++=/? ) 7+ 7, ):-0/<+9 6+-/0 ) 6+= 9+<+9 /+=6+0 +7 0 7<+6-/ - /++=/ 6+<+-+ /+ 0 9+7 7 0= 6+7+<+= 7 6+0 6+0* 0+6+0 /+=+ +*-/0( )0+ - <; 9+ 66+@-<+ 7 6+-/0)-.V+ - 7 /+;@<- +*+<-? )<+ 9- <+7 7+);00 <+07 =-- 90/ )<+0 7< +7 06+-? ++: 9-. T+ - /7 <+6/+= 7/0<+= )=-- )<+0 E<+6 +7 =6+0? ++< 9-

69- 7/0< 2"2" 7+ 2"2" 9. /+;> 9- </

=: P+0+;- 0, P+0+;- 0, E=- CO2 ) 0, J 1$,#3 1$#2$, 54%8$,8&* 1%,"8 1%"%8, 4%##8,2M0 12,82 1282", 35%84,$A6 4,3$ 43$3,3 122#2,#M- ","" "," ","

 J ","" "," "," J ","" "," ","A<90 ","" "," ","S60=* ","" "," ","O/0+* 3,34 3342,5 $32$,%N+<=* 11,%" 11%"", 32#58,1D:=* 18,#1 18#11, 51$4$,#+7;-=0+< CO2, :9,7: :9798,4 466664,9

Page 203: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 203/206

@: E<+6/ - 0* *0 2" +7 /6 6+0+;-9-. I=-> <7 7 - R6*/ B9/ </=6+0:-+= ) /+;@- *- *+=, = 6+-/0 )6+= 9+<? /+=6+0 ) 9-- ;/+ + M<, 9. T =+ *0 6= ) ):- @+9 6+-/0

Page 204: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 204/206

7+<= 79? +6;0/? +*-/0, /+- 7+ 7 /+0 )9--, == 0= 0 +*-/0 = </ 0+;/+< 6+0) 6+0* 0+6+0 /+=+.

9.  P1!&'%  12%;*%/1

0&/13• +7- 07 +7 9+< ) 6+0)- 0+6+0+9 /+=+ *:

+/+ 1$" """ <. ) 6+0* 7<+9 :6. K+7 6+<:-6+0+- 9-, 07 : 6+<:<0 6+6+:++

•  N/+/+ 60 -0- 9+<+ 0+=0)+<+ *7<-0+6+0+=

9-+=, +=+9:: <0: +7)<- /+=+0- 0=60 <)7?•  B: =- 0+/+< ) /6+0:- 7 +7)<-00 0/< )

?0 :- 0:- /+0•  B: )*90 <0:- ) +< /+0+ 9++/ 7)•  O*-/0 : =0 +< /+0+, /+- : /+7 )/ 0+6+0 9-+9<0

0+6+0 /+=+ 6+0+-= /+- 7 9- )*+9 /++=/?)+9 /+ 6= F/0 +. K+ 7+70/, 7) : +00)<+9+<+,

•  S</ 9+7 07: +/+ 244 0 CO2. P+<:-=6+0+- 9-,

0G =- CO2 <:: 6+6+:++•  B: /+: , 9 7)< 9+ (== 0=

0=: +/ /++=- ) : +? +? /+6?9+<

  Z 6+-/0 =+9 *0 6<: 70< ) :+? <+6/? 6+9=) 90/ F/+0 +*+<-? 0/? )<+, 6+0+ +79+<+<= 7 *7 +7+* ) - 6+ ):0= 0/<=

:."32/+>*% •  O*-/0 /+- 6+:< - 6+9+7 ) 6) *)9+< ( 7<?

+6-/•  Z*+9 0<G 6+)0 0?++9- 9+- =+9:+0) -?+<+

+9<-, ) 9+<+ +7 *+= 66+:- 7 )97-7<?+6-/

•  B7)0/ <0:-/ 0+/+< ) 0:- /+0: )9-- BV

9+<+, 7< 0/ 6+:- m 2$32#","" <. *) PDV‐• M+7+ 6+:<- 0*+0 +7 6)- / 9+<+ +7

7<+9 :6, 6+/)- <+= 7+* F-/ 6+/)0- (6+: +/ <:- <0:- ) +/+ -7 9+7

•  B9+6-0 =+9:+0 ) ):-+ 6+*+--0*+0 6+-/0

670<-- 6+<:- 6+0+- 0+6+0 9 /+ 6+<:-6+<0 F-/ 6+=+: 90 ) 7+ <0:-

Page 205: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 205/206

•  E/++/ /0 +7 6)- 9+<+ +7 7<+9 :6 +:-- +/+

244 0 CO2 9+7-•  P6+:- 7 )*+ 7+*<-: 9+< *7 6<- )<+0 +7

+*<), 6)0? +7 -9 6+ +7+ 90+<+9/<00 66+, /+-/ <7+0, 7)- <9 9+<79++:+0 6+-/0 9:- 7+0<*7<- )+,+/+< +< +=- : 6+:0 :, 7/:- :0+/+= <=

Page 206: investiciona studija

7/17/2019 investiciona studija

http://slidepdf.com/reader/full/investiciona-studija 206/206