Background and purpose: Even-aged forests prevail in Croatia's forestry. Rotation period is based mostly on natural parameters. In practice, rotation period is given by Croatian Rulebook of forest management. Cutting age is determined based on inventory data and many other stand characteristics. Rotation period is a planned time and it always has to be unique for particular tree species, and cutting age is the age of a stand at the moment of the final cut. The aim of the paper is to compare rotation period based on economic parameters and rotation period determined by using forest inventory data. Material and methods: Owing to absence of long term stand calculation data, research object was taken from Forest Management Handbook (1995). Mean annual increment (MAI) and current annual increment (CAI) provided fundamental data for calculations. The research was conducted at one hectare Common Beech (Fagus sylvatica L.) stand. Assortment structure and value of timber was estimated by the present cutting value method calculated by using Croatian forests Ltd. Price list for the year 2008. Labor costs in forest exploitation were also taken into account. Results and conclusion: In order to achieve cost-effective management of common beech stands, it is necessary to adjust current optimal rotation period. Optimal rotation period should be based on management goals as the main factors. So far the most common criterion adopted in Croatian forestry has been the rotation of maximum sustained yield or maximum Mean annual increment. The presented results indicate that common forest management practice should be changed in order to achieve cost-effective management of beech stands in the future.

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Posljednje desetljeće obilježeno je povećanim zanimanjem privatnih šumovlasnika za gospodarenje svojim šumoposjedom zbog promjena na tržištu drvom uzrokovanih velikim udjelom državnih šuma jer se promjenom načina poslovanja državnoga poduzeća drvna industrija okreće prema drugim izvorima sirovine. Tradicionalno gospodarenje privatnom šumom razumijeva pridobivanje drva najčešće neplanski uz degradiranje šumskih staništa. Javne ustanove koje upravljaju pojedinim zaštićenim područjima sve su češće izložene suradnji sa svim dionicima kako bi se zadovoljile želje svih njih u skladu s međunarodnom i nacionalnom legislativom. U uvodnom dijelu rada prikazuju se osnovni podaci o privatnim šumama te problemi u gospodarenju šumama u zaštićenim područjima. U središnjem dijelu rada navode se kategorije zaštite prirode te institucije namijenjene operativnomu gospodarenju privatnim šumama. U rezultatima rada daje se pregled površina privatnih šuma i broja šumoposjednika uz drvnu zalihu te popis gospodarskih jedinica unutar Parka prirode Medvednica na temelju pregleda programa gospodarenja. U završnom dijelu prikazuje se moguće unaprjeđenje gospodarenja privatnim šumama na zaštićenim područjima.

This paper focuses on designing a methodological workflow to fill a knowledge gap for determining the cost of capital for commercial forestry projects. Upon reviewing the literature, a method to determine the cost of capital for profit-oriented forestry seems to be lacking. Accordingly, we selected and analyzed 42 companies that do businesses worldwide, are present on the stock exchange, and possess or lease forest land. Based on their business activities (growing forest, sawmilling, final production, paper production), these companies are classified into four subgroups. An algorithm has been devised using the concept of risk diversification and the capital asset pricing model for three groups of investors and four forestry subgroups. In doing so, the real risk-free rate (0.43%) is set as the difference between an average return on 10-year US government bonds (2.59% nominal) and the 10-year average US inflation rate (2.16%). The measure of forestry systematic risk (beta coefficient) varies between 0.83 and 1.41, while the equity (stock exchange market) risk premium is set to 6%. Unsystematic risk is determined using a process of mapping which takes into account all risk elements marked as relevant for the forestry sector. This approach provides results that reveal the cost of capital varying between 5.41% and 16.55% based on the current level of an investor's portfolio diversification and the risk characteristics of the forestry subgroup. Finally, the forestry companies meeting the investor's expectations are noted as preferable investment opportunities.

Background and Purpose: Population growth, urbanisation and technological development are creating a growing need for urban forests and parks, which are becoming green oases for recreation and relaxation. Apart from the sociological and economic components, urban forest valuation is presented through tourism, the market value of main and secondary forest products, and the growing value of real estate in the vicinity of green areas. Environmental economics explores the optimal ratio between the costs and the benefits received from the investment in the environment. The aim of this research is monetary valuation of urban trees. Materials and Methods: A Danish model for tree value determination was applied in Ribnjak Park as a case study. The model is based on tree growing costs and the present value. It is limited by the subjective aesthetic tree value estimation, but it is used in Europe because of its practicality. Individual tree value estimation is used because of the tree damage from vehicles or new residential buildings. The method is suitable for individual trees or groups of trees, but it is not appropriate for forest stands. Twenty random selected trees from nine different tree species have been analysed in the park. Diameter at breast height, tree height, expected age, aesthetic value and location were recorded for each tree. Furthermore, ecological, social and health tree values were taken into account separately with the calculation of points. Results: According to the evaluation, the average monetary value of one tree in Ribnjak Park is 542 EUR. The average diameter at breast height is 57.86 cm with the average age of 96.14 years. Plane trees have the highest value in comparison to other sampled species. Conclusions: Tree values vary depending on age, dimension or aesthetic values. The disadvantage of this method is in the estimation of very old tree value and in high involvement of personal estimation, which creates an opportunity for future development of the model and for its modification. The calculation of urban forest values is a complex process because of its impossibility to do a market evaluation of all of the benefits that could be considered as public wealth.