Resumen

SCHNETTLER M., Berta; LOPEZ L., Paula  y  BARCHIESI F., Claudia. Economic profitability of dairy systems with different investment and financing in the Araucanía Region, Chile. Case study. Agric. Téc. [online]. 2004, vol.64, n.2, pp. 192-204. ISSN 0365-2807.  doi: 10.4067/S0365-28072004000200008.

The implementation of large dairy farms with Holstein Friesian and Chilean Friesian cows in the Quepe Sector (38º51’ S lat., 72º49’ W long.) of the Araucanía Region was simulated, with the purpose of evaluating and comparing the possible profitability to be obtained if investing in farm acquisition and infrastructure versus renting similar assets, considering structures of capital with and without debt. Net Present Value (VAN), evaluated at a discount rate of 10.86 and 13% for the structures of capital with and without debt, respectively, and Modified Internal Rate of Return (TIRM) were used. At the required levels of profitability, all the alternatives had negative VAN values, the smallest losses correspond to the alternatives considering rent, and increasing these in the case of financing with debt. Profitability levels around 3% were obtained for production with Holstein Friesian and lower than 1% with Chilean Friesian cows for the structures of capital without debt.

Palabras clave : dairy profitability; internal rate of return; net present value.