DOI: 10.

2478/frp-2020-0007 Leśne Prace Badawcze / Forest Research Papers

Wersja PDF: www.lesne-prace-badawcze.pl Czerwiec / June 2020, Vol. 81 (2): 65–74
original research article e-ISSN 2082-8926

Determining the value of standing timber for harvest planning optimization

Karol Zaborski1*, Jan Banaś2 , Anna Kożuch2

1
Marcule Forest District; Marcule 1, 27–100 Iłża, Poland; 2University of agriculture in Krakow, Faculty of Forestry, Department of Forest
Management, Al. 29 Listopada 46, 31–425 Kraków, Poland
*Tel. +48 695390256, e-mail:[email protected]

Abstract. Forest managers conducting sustainable forest management are guided by the principles of sustainable use of natural
resources, which involve the need for long and short-term planning in organizational units of the State Forests. Plans often differ
from reality by the time individual treatments and cuts are to be performed. For economic reasons, it is important to optimize
harvest planning, not only focusing on the volume of timber to be harvested, but also the price differences of individual tree
species and sort types of wood.
The purpose of this study was to present methods evaluating standing timber and to assess their usefulness in optimizing the
harvest volume using linear programming.
stands designated to be cut were evaluated using transaction value methods, i.e. “the stumpage value method” M1, the “con-
sumption value” method M2, as well as the net present value (NPV) method M3. The research material was obtained from
the State Forests Information System (SILP) for the Marcule Forest District covering the years 2014–2018. The stand values
were determined at the beginning and end of the 10-year planning period.
We observed that the stand value (standing timber) differed significantly between method M2 as compared to method M1.
The value of stands determined by method M3, on the other hand, decreased as the discount rate increased.
In the process of optimizing the selection of stands for felling, economic criteria should also be taken into account and this is
a direct measure of obtainable standing timber in terms of the cutting possibility in the given planning period. In stands where
one species dominates, a simplified method of determining the value (M1) can be used, whereas in stands with significant
species diversity, method M2 provides a significantly more accurate value for the cutting timber. However, if harvest volume
optimization using linear programming methods is to take longer time periods into account, e.g. 30 years (three 10-year eco-
nomic planning periods), the most reasonable method for determining the value of stands is the net present value method M3.

Keywords: forest valuation, harvest planning, stumpage value, net present value, consumption value

1. Introduction based on maturity of the stand to be cut, which is related to

felling age and the size of the cut’s average age, assuming
The forest as a complex ecosystem has many functions, that the average age of the holding after completion of the
including a productive one by providing supply of wood allowable cut will remain at the same level. The size of an
raw material. Sustainable forest management requires all allowable cut directly depends on the share and relation
forest functions to be taken into account, with attention between the number of felling, near-felling and pre-felling
paid to the location of stands, their surrounding areas, spe- stands. The lack of a commonly accepted and universal
cies-age structure, health and other characteristics. The method of determining stand maturity for felling indicates
system regulating the use of managed forests in accordance that this is still an undefined area of research in forest ma-
with the Forest Management Instruction (IUL 2012) cur- nagement. It is also a practical problem because for many
rently in force is based on selecting the optimal cut volume decades, forest managers have been using more intuitive

Received: 16.03.2020 r., accepted after revision: 3.04.2020 r.

© 2020 K. Zaborski et al.
66 K. Zaborski et al. / Leśne Prace Badawcze, 2020, Vol. 81 (2): 65–74

methods than the results of empirical data (Bednarski et 2. An overview of selected methods for
al. 2016) when establishing the queue of stands for cut- determining stand values
ting. Taking into account the current reality of the broadly
understood context surrounding this issue, an economic Each day, a number of situations are faced in business
criterion should be introduced as an additional one to be practice, whose solutions require determining simulta-
considered (Piekutin and Skreta 2012). It seems justified to neously the value of all or specific elements of the forest
take into account the value of wood raw material that can environment, including stands (Zając and Świętojański
be obtained at the time of felling in the process of optimi- 2002; Zydroń et al. 2007; Zając 2013).
sing stand harvesting (Płotkowski et al. 2016). When ma- Historically, empirical methods of estimating stand value
naging forests in compliance with all legal regulations in were developed in reaction to the criticism of static methods
force and planning management activities for successive (based on percentage accounting and profit and loss forecast
years, forest districts must maintain the revenues and costs accounting), of which Glaser is considered their principal au-
of their operations at an appropriate level and in proper thor (Szramka 2018). Depending on the age of the appraised
correlation. The characteristics of the economic conditions stand, the methods of incurred cost, sale value or expected
of forest management and a forecast of the expected finan- value were adopted (Partyka and Trampler 1973; Marszałek
cial results prepared in the forest management plan inc- and Podgórski 1978; Partyka and Parzuchowska 1993; Zając
lude, among others, an estimated prediction of expected and Świętojański 2001; Klocek and Płotkowski 2009; Zając
financial results (Wysocka-Fijorek 2015). Annual planning 2013; Szramka 2018). The incurred cost method (reproduc-
is one of the most important tasks of forest management. It tion cost) is used for young stands that do not yet have a use
is to guarantee the proper implementation of material and value. The sale value method is applied to mature stands that
financial plans in the forest district, while simultaneously have a use value. This method calculates the value of the stand
caring for the condition of the stands and the development based on the income that can be obtained from the harvesting
of wood resources. The aim should be to improve methods and sale of the produced assortments. Stumpage sales value is
and reduce their labour intensity, while increasing the ac- the sum of the products of the value of individual assortments
curacy of annual planning at the level of the forest district (according to sales prices) and the volume share of these as-
(Wójcik 2013). Studies have shown (Borecki et al. 2004; sortments (Hauling 2013). The expected value method is used
Nowak 2004; Pawlak 2008) that the precisely prepared an- to estimate intermediate-aged stands using reduction coeffi-
nual plan in many cases differs from the values obtained cients, taking into account, e.g. the quotient of the square of
at the stage of individual treatments and cuts. These di- the stand age to the square of the stand’s felling age. These
screpancies occur both in total acquisition and, to a greater methods have been used to develop stand value tables for
extent, the volume from species and specific assortments. particular types of forest trees according to their age and site
It seems important not only to strive to more evenly distri- index class (Partyka and Parzuchowska 1993; Zając 2013;
bute the volume of harvested wood in successive years, but Zając et al. 2014). Several versions of stand value index tables
also, above all, to obtain revenue from the sale of harvested have been developed, which have improved and reduced the
raw material, taking into account the price differentiation workload of stand valuation. However, by using stand value
of individual tree species and types of assortments. Per- index tables, the average value for the whole country is obta-
ceiving the economic criterion in the context of optimi- ined (Szramka 2016; Zygmunt et al. 2018). Cymerman and
sing the amount of harvested wood will allow for a flexible Nowak (2017) emphasise that the valuation of forest stands in
approach in the event a response is needed to a changing free market trading is not regulated by law, and the principles
economic situation in the wood market, limited by the de- of valuing a stand are defined in the interpretive note V.6
mand for a specific group of assortments. Moreover, taking (PFSRM 2003). According to the standard V.6, when deter-
into account the dynamically changing weather conditions mining the market value of stands of near-felling, felling and
in Poland over the last few years (long-term droughts, lack older age, their total volume and the shares of assortments in
of snow cover), it should be expected that a number of ca- the timber volume determined on the basis of a stock survey
tastrophic phenomena will occur, which could result in the should be taken into account. When determining the timber
cessation of stand cutting by forest holdings for particular volume of near-felling, felling and older stands, the method
assortments lacking demand at a given time. of measuring total diameter at breast height of the trees in that
The aim of this study is to present selected methods of es- stand should be used (PFSRM 2003).
timating the value of wood raw material in the stands and to Currently known methods of estimating stand value are: cost
assess their usefulness in optimising the size of the felling ope- value method (reference to the past), market value method (re-
ration, taking into account the linear programming method. ference to the present) and income value method (investment
 K. Zaborski et al. / Leśne Prace Badawcze, 2020, Vol. 81 (2): 65–74 67

value – reference to the future) (Klocek and Płotkowski 2009). cule Forest District, in particular: (1) taxation descriptions
Income value methods can be divided into methods by profit of selected stands (felling) as of 1 January 2017 (Table 1);
and loss forecast value and expected value. The income value in (2) reports on the implementation of logging plans including
forestry is synonymous with market value, as it reflects the level the volume of harvested wood by type and assortment by
of all net income from the stand (Zając 2013). A forest stand is cutting position and activity groups; (3) sum of volume and
an income-generating property (real estate); therefore, the most value of wood sold by type–assortment group and (4) harve-
commonly used method of the valuation of forest properties, sting and skidding costs. The data for points (2–4) were
when there is no data on their turnover on the market, is cur- compiled annually and cover 2014–2018.
rently the so-called investment method. A characteristic feature The average costs of harvesting and skidding wood in
of the investment method is the discounting or prolongation of the Marcule Forest District for 2014–2018 are presented in
net cash flows (Zając and Świętojański 2001). ‘Discounting’ Table 2. The costs of harvesting and skidding are weighted
means reducing a certain nominal amount, and the discount rate by the volume of respectively harvested and skidded tim-
is used to convert (import) the assumed future cash flows into ber in the given year in the whole forest district, regardless
the present value (Zydroń et al. 2012). ‘Prolongation’ means of the type of harvesting and skidding technology used and
determining the future value of money (using a specified inte- other parameters.
rest rate). Determining the updated value, called present value, The following methods were proposed for determining
consists in discounting future values and prolonging the value the value of wood raw material in the felling stands:
of past cash flows to a specified age (the age of the stand being 1) The ‘stumpage value’ method M1
valued) (Zając 2013). According to other authors, the valuation
This method calculates the value of raw material per stem
methods for standing trees in felling stands can be divided into
as the product of the average volume of a given stand and
two categories (European Communities 2002), i.e. transaction
the average price obtained from the sale of 1 m3 of wood in
value methods that use the price obtained from observed tran-
the entire forest district in 2014–2018, less the average costs
sactions in the whole period to the resource’s asset components,
of harvesting and skidding in this period. The price of the
and net present value (NPV) methods that are based on calcu-
wood is weighted by the volume of sold raw material (in
lating the value (or change in value) of the asset by the present
2014–2018), regardless of the type and assortment of wood.
value of future net profits. Under the transaction value method,
The value of wood raw material was determined accor-
the price per unit of raw material is derived from observed tran-
ding to the formula:
sactions and is referenced to the value of the entire inventory or
change in inventory. The price of wood/m3 used in this method Wn = Vn (C – K) [PLN/ha] (1)
can be the price of stumpage (if available) or the price of felled,
bucked and stacked wood on the transport route. Where data on where
the stumpage value (standing trees) are not available, they can Wn is the value of wood raw material per 1 ha in stand n,
be determined on the basis of available prices for felled timber Vn is the average stand volume of n (m3/ha),
and prepared for delivery, deducting the costs of harvesting, C is the average price obtained from the sales of 1 m3 of
skidding and possible longer storage. The exact calculation of wood in the forest district in the last 5 years and
costs is complex, e.g. for skidding, taking into account, among K is the average cost of harvesting and skidding 1 m3 of
others, tree species, length of skidding, slope inclination, type wood in the last 5 years.
of land or the skidding agent used (semi-suspended skidding, 2) The ‘consumption value’ method M2
forwarders). Therefore, the use of generalisations is allowed, The stumpage value calculated with this method is the
in which the stumpage value (standing timber) is defined by product of the average volume of each tree species in the
applying the available price of felled wood. The stumpage price stand, the average price obtained from the sale of 1 m3 of
determined in this way is used to calculate the value of whole a specified given assortment and species of timber, and the
stands or to change their value over time, e.g. when they are percentage share of the assortment groups of each species
being utilised. Two variants are distinguished in the transaction minus the average costs of harvesting and skidding. The
value method used for stand valuation: the ‘stumpage value’ average price of a given species and assortment (groups of
method and the ‘consumption value’ method. assortments) was calculated as the weighted average of the
quantity of the assortment sold. In this paper, the assortments
3. Study material and methods were divided into seven groups using the nomenclature ad-
opted in forest practice, i.e. large-size wood of quality clas-
The study material consists of the following data from ses A and B as the so-called ‘class’ wood without division
the State Forests Information System (SILP) for the Mar- into thickness classes; large-size wood of quality classes C
68 K. Zaborski et al. / Leśne Prace Badawcze, 2020, Vol. 81 (2): 65–74

Table 1. Taxation features of selected stands with different species compositions in the Marcule Forest District in 2017

Share Gross volume**

Location Species* Age [years] Tree density index
[%] [m3/ha]

22 i BRZ 9 80 0.7 212

22 i SO 1 80 0.7 27

28 l SO 10 116 1.0 368

72 k BRZ 10 57 0.9 200

122 c OL 10 68 0.7 167

128 c DB 8 90 0.8 257

128 c SO 2 90 0.8 71

128 k DB 10 80 0.8 362

136 f BRZ 6 75 0.7 161

136 f SO 4 75 0.7 120

221 l DB 6 102 0.9 189

221 l BRZ 2 82 0.9 57

221 l SO 2 82 0.9 63

* SO – pine; BRZ – birch; OL – alder; DB – oak

** conversion from gross to net was adopted at the level of 0.82

Table 2. Unit average costs of cutting and logging in (PLN/m3) in ments except firewood and wood of quality class S4, whose
the Marcule Forest District in 2014–2018 price is decidedly lower.
The value of wood raw material was determined accor-
Cost of ding to the formula:
Year Cost of cutting Sum
logging
Wn = ∑li=1 ∑ms=1 Vni 0,01Usi Csi – VnK [PLN/ha] (2)
2014 23.25 22.53 45.78
where
2015 22.01 21.53 43.54 Vni is the volume of species i in stand n,
Usi is the share (%) of assortment group s in the total volume
2016 24.44 25.47 49.91
of species i (Table 3),
2017 26.86 26.61 53.47 Csi is the price obtained from the sale of 1 m3 of wood of
assortment s for type (species) i (Table 4),
2018 29.25 28.43 57.68 l is the number of species in stand n and
m is the number of assortment groups (seven groups in this
Average 25.16 24.91 50.08
study).
Source: own elaboration Other symbols are designated as in formula (1).
3) NPV method M3
in the first, second and third thickness classes, respectively; The NPV method calculates the value of forest assets
large-size wood of quality classes D without division into according to the present value of future net economic bene-
thickness classes and medium-size wood covering all assort- fits. Basically, a future income and cost model and a disco-
 69

unt rate (Bettinger et al. 2017) are required to determine this where
value. Depending on the complexity of the model and how r is the discount rate (1%, 2.5%, 5%, respectively) and
the discount rate is determined, there are several options t is the time period.
for determining the present value. In the simplest one, the Other symbols are designated as in formulas (1) and (2).
discount rate is determined externally, e.g. as a result of The value of the stands was determined at the beginning
consulting forestry experts; it is accepted that the allowa- and end of the 10-year economic planning period. The cal-
ble level of the discount rate for forest assets in Europe is culations performed with formula (3) assume that average
between 1% and 2.5% (European Communities 2002). In prices are fixed at the beginning and end of the planning pe-
the case of long-term capital, e.g. a tree stand, a discount riod and do not change. The stand volume at the end of a 10-
rate of 1%-3% is usually assumed (Podgórski and Zydroń year economic planning period was determined by adding
2001; Zydroń et al. 2012). According to other authors, the the growth volume increment of the stand to the volume at
discount rate should be between 2% and 3% (Adamowicz the beginning of the current period.
2018) and should not exceed 7% for stands (Grege-Stalt-
mane et al. 2010). In turn, Bullard and Straka (2011) indi- 4. Results
cated that the level of the discount rate for wood resources
(products) should be lower than the one used in companies The dominant type of wood in the Marcule Forest District is
to calculate a specific investment. Forestry investments are pine, which accounted for 89.0% of the total wood harvested
long term and require taking into account certain risks and by logging in 2014–2018. Oak wood constituted 5.3%, hor-
uncertainties relating to this (Samuelson 1995; Holopainen nbeam wood 1.3% and birch wood 1.0%, while the share of
et al. 2010). other species did not exceed 1%. WC0 class timber intended
This method calculates the value of wood raw material as for sawmills prevailed in the assortment structure, its share
the value determined according to the M2 method, which is depending on the type ranged (total of WC01, WC02, WC03)
then discounted at the accepted rate, i.e. 1%, 2.5% and 5%. from 75.4% for pine to 7.7% for oak (Table 3). Hornbeam
The value of wood raw material was determined by the wood was produced only in medium-sized assortments, in
formula: which the share of firewood dominated (75.2%).
The price of wood weighted by the volume of sold raw
WNPV = (∑li=1 ∑ms=1 Vni 0,01Usi Csi – VnK) / (1 + 0,01r)t material (in the period 2014–2018) averaged 219 PLN/m3,
[PLN/ha] (3) regardless of the wood type and assortment (Table 4). De-

Table 3. The share of assortment groups by type (species) of wood in 2014–2018

Assortment share [%]

Type of Sum
wood S S4 WAB0 WC01 WC02 WC03 WD [100%]

BRZ 9.9 51.0 - 2.9 10.0 2.4 23.8 100

DB 32.5 41.7 0.5 0.2 2.2 5.3 17.6 100

GB 24.8 75.2 - - - - - 100

JD 22.0 11.9 0.6 4.0 19.4 38.9 3.2 100

OL 9.8 51.9 0.4 3.3 6.8 2.6 25.2 100

SO 7.1 5.1 6.4 9.9 50.2 15.3 6.0 100

Average 9.3 10.0 5.8 9.0 45.1 14.4 6.4 100

*WAB0 – large-size wood of quality classes A and B; WC01 – large-scale quality wood class C in the first thickness class; WC02 – large-scale quality wood
class C in the second thickness class; WC03 – large-size wood of the quality class C in the third thickness class; WD – large-size wood of quality class D of
all thickness classes; S – includes all sizes of medium-sized wood. except for S4; S4 – firewood; JD – fir; GB – hornbeam
Source: own elaboration
70 K. Zaborski et al. / Leśne Prace Badawcze, 2020, Vol. 81 (2): 65–74

Table 4. Average wood prices [PLN/m3] by species type and assortment groups in 2014–2018

Group of assortments*
Type of wood
S S4 WAB0 WC01 WC02 WC03 WD Average

BRZ 140 136 270 202 222 244 178 153

DB 194 133 1772 366 509 691 374 229

GB 157 148 ─ ─ ─ ─ ─ 150

JD 141 101 361 243 279 306 200 231

OL 128 98 293 180 259 332 202 129

SO 151 107 308 232 263 292 193 224

Average 152 119 314 232 263 301 212 219

* Explanations of symbols as in tables 1 and 3

Source: own elaboration

pending on the type, the price ranged from 129 PLN/m3 for Stand values determined by the M3 method of discoun-
alder to 231 PLN for fir. Depending on the assortment, the ting future income at the current moment (NPV) according
price ranged from 119 PLN for firewood to 301 PLN/m3 for to formula (3) are shown in Table 6. Stand values at the be-
third class sawmill (WC03) and 314 PLN for valuable wood ginning of the period (column 2) and at the end of the period
(WA0 and WB0 together). at a zero discount rate (column 3) are equal to those determi-
The value of wood raw material determined using the ned by the M2 method. The following columns (4–6) show
simplified M1 method according to formula (1) depends the NPVs of the wood raw material at the end of the 10-year
directly on the stand’s abundance and the adopted average period at different discount rates (from 1% to 5%).
price of wood. For the selected example stands, this value As the discount rate increases, the present value of the
ranges from 21,783.24 PLN/ha for alder stand 122 c with raw material that would be obtained at the end of the period
a net abundance of 137 m3/ha to 47,859.32 PLN/ha for pine decreases. The difference between the value of the stand at
stand 28l with a net abundance of 302 m3/ha (Fig. 1). the beginning of the period and the present value that the
The M2 method allows us to determine the timber volu-
me of wood raw material according to the type–assortment
structure. In selected example stands, the largest amount of
sawmill wood (227.2 m3/ha, total of WC01, WC02, WC03)
is found in pine stand 28l, while the largest amount of me-
dium-sized wood, except for class S4 (96.5 m3/ha), is found
in oak stand 128 k (Table 5).
The value of the stands (wood raw material) determined
by the M2 method according to formula (2) depends on the
stand species composition and assortment structure and dif-
fers from the value of the raw material determined by the
M1 method (Fig. 1). In stands with a significant share of
birch (22 i, 72 k, 136 f) or alder (122 c), the value of the raw
material determined by the M2 method is significantly lower
compared to the value of those stands determined by the M1 Figure 1. Value of wood raw material determined according to the
method. When pine (28l) or oak (128 c, 128 k) dominates M1 method and the M2 method in selected stands of the
in the stand composition, the M2 method indicates higher Marcule Forest District in 2017
stand values compared to the M1 method. Source: own elaboration
 K. Zaborski et al. / Leśne Prace Badawcze, 2020, Vol. 81 (2): 65–74 71

Table 5. timber volume of assortments in selected stands in the Marcule Forest District in 2017

Assortments [m3]
Stand Species
S S4 WAB WC1 WC2 WC3 WD Total

BRZ 17.2 88.7 0.0 5.0 17.4 4.2 41.4 173.8

22 i
SO 1.6 1.1 1.4 2.2 11.1 3.4 1.3 22.1

28 l SO 21.4 15.4 19.3 29.8 151.3 46.1 18.1 301.4

72 k BRZ 16.2 83.6 0.0 4.8 16.4 3.9 39.0 164.0

122 c OL 13.4 71.1 0.5 4.5 9.3 3.6 34.5 136.9

DB 68.5 87.9 1.1 0.4 4.6 11.2 37.1 210.7

128 c
SO 4.1 3.0 3.7 5.8 29.2 8.9 3.5 58.2

128 k DB 96.5 123.8 1.5 0.6 6.5 15.7 52.2 296.8

BRZ 13.1 67.3 0.0 3.8 13.2 3.2 31.4 132.0

136 f
SO 7.0 5.0 6.3 9.7 49.4 15.1 5.9 98.4

DB 50.4 64.6 0.8 0.3 3.4 8.2 27.3 155.0

221 l BRZ 4.6 23.8 0.0 1.4 4.7 1.1 11.1 46.7

SO 3.7 2.6 3.3 5.1 25.9 7.9 3.1 51.7

BRZ 51.1 263.5 0.0 15.0 51.7 12.4 123.0 516.6

DB 215.3 276.3 3.3 1.3 14.6 35.1 116.6 662.6

Sum
OL 13.4 71.1 0.5 4.5 9.3 3.6 34.5 136.9

SO 37.8 27.1 34.0 52.6 267.0 81.4 31.9 531.8

m3 317.7 637.9 37.9 73.5 342.5 132.4 306.0 1847.9

Total
% 17.2 34.5 2.1 4.0 18.5 7.2 16.6 100.0

Explanations of symbols as in tables 1 and 3

Source: own elaboraton

stand will reach at the end of the period is important when In the analysed harvest at a 1% discount rate, only the
deciding whether to designate a stand to be felled in a given stand 72 k shows a positive and greater than the assumed
economic period or leave it for the next one. If the increase rate (4%) of increase of present value during the first 10-year
in value (%) is greater than the interest that would be obta- period. This is a 57-year-old birch stand with relatively dy-
ined after felling the stand, selling the wood and depositing namic current growth. The remaining stands show a decre-
the sales proceeds in a bank, the stand should be left for ase in NPV at the end of the economic period – decreasing
further cultivation to the next period. If the increase in value even more at higher assumed discount rates. A negative NPV
would be less than the achievable interest, from an economic increment is characteristic for older stands with lower gro-
point of view, the stand should be designated for felling in wth dynamics. Due to the fact that the stands also perform
the current period. non-productive functions, a negative NPV increment does
72 K. Zaborski et al. / Leśne Prace Badawcze, 2020, Vol. 81 (2): 65–74

Table 6. The value of wood raw material determined according to (NPV) in selected stands of the Marcule Forest District in 2017 and 2027
(at the beginning and end of the planning period at various discount rates)

Value of wood raw material [PLN/ha]

year 2027
Stand year discount rate [%]
2017
0 1 2,5 5

22 i 23 389.73 24 988.49 22 621.75 19 520.97 15 340.77

28 l 59 339.14 63 084.80 57 109.85 49 281.74 38 728.59

72 k 17 957.67 20 585.62 18 635.90 16 081.46 12 637.79

122 c 13 380.24 14 552.23 13 173.95 11 368.18 8 933.81

128 c 51 892.95 56 138.36 50 821.33 43 855.20 34 464.09

128 k 56 949.16 62 126.35 56 242.18 48 533.01 38 140.19

136 f 33 773.46 36 423.70 32 973.90 28 454.14 22 360.99

221 l 45 118.63 48 235.41 43 666.89 37 681.43 29 612.36

Source: own elaboration

not automatically mean that the stand is qualified for felling. M3 method, which additionally involves discounting, should
Instead, it can be a helpful tool for deciding on the order in be applied in optimisation models that also use an economic
which stands are to be designated for felling, up to the level criterion, as this takes into account the change in the value of
of a specific cut, taking into account other factors, including future income from the forest. As a rule, several successive
the multifunctionality of the forest. economic planning periods are covered, e.g. 3-, 4-, 5- or 10-
year periods in the case of methods based on linear program-
5. Summary and conclusions ming (Marušák and Kašpar 2015).
The following conclusions can be drawn from the rese-
The methods presented in this paper for determining the arch conducted:
value of wood raw material in stands can be used in the pro- 1. Both natural and economic criteria should be taken into
cesses of optimising the selection of stands for felling. The account when determining the size of a felling operation, the
choice of the method should depend on the forestry unit, direct measure of which is the value of the wood raw ma-
which is subject to regulations, and especially on the age and terial that can be harvested in the stand analysed for felling
species structure of the stands. The M1 method can be applied potential in a given planning period.
to simple vertical stands, stands of a single age and species, 2. In forest districts with one dominant species and low
in managed forest holdings. The disadvantage of this method habitat diversity, a simplified M1 method may be used to
is that it does not take into account either the tree species or determine the value of felling stands. Both the type–assort-
the prices of individual assortment groups, which significan- ment structure and the price of wood will be similar in indi-
tly impact the final stumpage value. On the other hand, the vidual stands.
M2 and M3 methods take into account the differences among 3. In forest districts with a significant species diversity of
the assortments for individual species in the stand and the per- stands, the M2 method, which takes into account the type–
centage of species in the total volume of the stand. However, assortment structure of individual stands, is better suited to
they are somewhat generalised due to the structure of alre- determine the value of felling stands.
ady performed harvests and the existing assortment–species 4. The M2 method makes it possible to determine the vo-
system, which may differ with respect to stands that remain lume of wood raw material in individual stands, which is
to be felled in the future (European Communities 2002). The important and allows the economic situation (downturn) to
 73

be taken into account for specific assortments when determi- Grege-Staltmane E. Tuherm H. 2010. Importance of discount rate
ning the stands to be felled in annual planning. in Latvian Forest Valuation. Baltic Forestry 16(2): 303–311.
5. The M3 method can be used to determine stands for Holopainen M., Mäkinen A., Rasinmäki J., Hyytiäinen K., Bayazi-
felling, especially in forests with a dominant production di S., Vastaranta M., Pietilä I. 2010. Uncertainty in forest net
present value estimations. Forests. 1: 177–193. DOI 10.3390/
function.
f1030177.
6. In optimising stand selection for felling using the li- IUL 2012. Instrukcja urządzania lasu. Centrum Informacyjne Lasów
near programming method, which often takes into account Państwowych, Warszawa, 652 s. ISBN 978-83-61633-66-2
a longer time horizon, e.g. 30 years (three 10-year economic Klocek A., Płotkowski L. 2009. Wartość lasu w rachunkach naro-
planning periods), the M3 method of NPV seems to be the dowych, rachunku wyników i bilansie gospodarstwa leśnego.
most well-founded method for determining stand values. Maszynopis. Warszawa, 1–43.
Marszałek T., Podgórski M. 1978. Zarys ekonomiki leśnictwa.
PWRiL, Warszawa, 351 s.
Conflicts of interest Marušák R., Kašpar J. 2015. Spatially-constrained harvest scheduling
with respect to environmental requirements and silvicultural sys-
The authors declare no potential conflicts of interest. tem. Forestry Journal 61: 71–77. DOI 10.1515/forj-2015-0015.
Nota interpretacyjna standardu V.6. Wycena nieruchomości le-
Source of funding śnych i zadrzewionych. 2003. Warszawa, Polska Federacja
Stowarzyszeń Rzeczoznawców Majątkowych (PFSRM).
Nowak J. 2004. Analiza struktury sortymentowej w planowaniu
The study was financed by the authors’ own funds.
rocznym w Nadleśnictwie Lubliniec. Maszynopis pracy inży-
nierskiej. Katedra Urządzania Lasu, Geomatyki i Ekonomiki
References Leśnictwa, SGGW.
Partyka T., Trampler T. 1973. Opracowanie tablic wartości drze-
Adamowicz K. 2018. A review of selected methods to determine wostanów. Dokumentacja Instytutu Badawczego Leśnictwa,
the economic value of forest: Polish research, w: New per- Warszawa: 1-13.
spectives in forest science. IntechOpen, 72–85. DOI 10.5772/ Partyka T., Parzuchowska J. 1993. Metodyka wartościowania lasu
intechopen.72907. oraz poszczególnych jego składników. Sylwan 8: 29–40.
Adamowicz K. 2018. The unresolved problem of determining the Pawlak A. 2008. Analiza rozmiaru Użytkowania na potrzeby wy-
forest interest rate. Folia Forestalia Polonica, Series A-Fore- korzystania informacji do planowania rocznego w Nadleśnic-
stry 60(2): 122–130. DOI 10.2478/ffp-2018-0012. twie Mirosławiec. Maszynopis pracy inżynierskiej. Katedra
Bednarski K., Miścicki S. 2016. Kolej rębu drzewostanów so- Urządzania Lasu, Geomatyki i Ekonomiki Leśnictwa, SGGW.
snowych według kryteriów ekonomicznych. Sylwan 160(3): Piekutin J., Skreta M. 2012. Ekonomiczny wiek rębności drze-
197−206. DOI 10.26202/sylwan.2015095. wostanów sosnowych. Sylwan 156(10): 741–749. DOI
Bettinger P., Boston K., Siry J.P., Grebner D.L. 2017. Forest Man- 10.26202/sylwan.2011109.
agement and Planning. Academic Press. ISBN 9780128094761. Płotkowski L., Zając S., Wysocka-Fijorek E., Gruchała A., Pieku-
Borecki T., Wójcik R., Standio R., Jaszczyk J., Krzyżanowski tin J., Parzych S. 2016. Economic optimization of the rotation
J., Lecko R., Stępień E., Nowakowska J., Orzechowski M., age of stands. Folia Forestalia Polonica, A-Forestry 58(4):
Kweczlich I., Podgórski K., Siembida A., Sierdziński Z., 188–197. DOI 10.1515/ffp-2016-0022.
Czarnecka R., Nowak M. 2004. Nowa koncepcja określania Podgórski M., Zydroń A. 2001. Możliwości wykorzystania zmody-
wielkości użytkowania rębnego i przedrębnego w planowaniu fikowanego rachunku leśnej stopy procentowej do wartościo-
rocznym. Maszynopis dokumentacji sprawozdania końcowego wania lasu i jego składników. Prace Komisji Nauk Rolniczych
dla DGLP. i Nauk Leśnych. Polskie Towarzystwo Przyjaciół Nauk: 83–89.
Bullard S.H., Straka T.J. 2011. Basic concepts in forest valuation Samuelson P.A. 1995. Economic of forestry in an evolving society.
and investment analysis. (Edition 3.0.). Proceda Education and Journal of Forest Economics 1(1): 115–146.
Training, Auburn, AL, USA. ISBN 0-9641291-2-4. Szramka H. 2016. Przegląd metod szacowania wartości lasu. Refe-
Chapman H. 1914. Forest Valuation. Stanbope press. Boston, rat wygłoszony na VI Konferencji ekonomiczno-leśnej „Wyce-
21–34. na nieruchomości leśnych i ich funkcjonalnych części” 18-21
Cymerman R., Nowak A. 2017. Wycena lasów do różnych celów październik 2016, Kołobrzeg.
w świetle obowiązującego prawa. Acta Scientiarum Polonorum Szramka H. 2018. Przegląd metod szacowania wartości lasu.
Silvarum Colendarum Ratio et Industria Lignaria 16(2): 95–106. Nauka Przyroda Technologie 12(4): 325–339.
Duerr W.A. 1960. Fundamentals of Forestry Economics. Mc- Ustawa o lasach. 1991. Ustawa z dnia 28 września 1991 r. o lasach.
Graw-Hill Book Company. New York. USA, 579 s. Dz.U. 1991 nr 101 poz. 444.
European Communities. 2002. EU official publications. IEEAF – The Wójcik R. 2013. Obrębowa metoda szacowania użytków trzebie-
European Framework for integrated environmental and economic żowych w planowaniu rocznym. Rozprawy naukowe i mono-
accounting for forests. Annex 3 – valuation methods, 101–104. grafie. Wydawnictwo SGGW. Warszawa, 7–8.
74 K. Zaborski et al. / Leśne Prace Badawcze, 2020, Vol. 81 (2): 65–74

Wysocka-Fijorek E. 2015. Zagadnienia ekonomiczne w planowa- Zydroń A., Szafrański Cz., Korytowski M. 2012. Koncepcje okre-
niu urządzeniowym. Sylwan 159(10): 872–879. DOI 10.26202/ ślania wysokości leśnej stopy procentowej. Sylwan 156(5):
sylwan.2015066. 333–342. DOI 10.26202/sylwan.2011131.
Zając S. 2013. Wartościowanie lasu w teorii i praktyce. Konfe- Zygmunt R., Banaś J., Bujoczek L, Zięba S. 2018. Wartość zaso-
rencja „Lasy jako czynnik rozwoju cywilizacji: współczesna bów drzewnych wybranych drzewostanów bukowych i jodło-
i przyszła wartość lasów”, Sękocin Stary, 1–22. wych w Beskidach. Sylwan 162(9): 718–726. DOI 10.26202/
Zając S., Klocek A., Sikora A., Fronczak E., Gniady R. 2013. sylwan.2018012.
Nowelizacja tablic wskaźników wartości drzewostanów, sta-
nowiących załącznik do rozporządzenia ministra środowiska
z dnia 20 czerwca 2002 r. w sprawie jednorazowego odszkodo-
Author’s contribution
wania za przedwczesny wyrąb drzewostanów. Dokumentacja
końcowa tematu badawczego BLP-378.Instytut Badawczy Le- K.Z. – concept, collection of study material, literature
śnictwa, Sękocin Stary, 1-57. review, methodology, calculations, text editing; J.B. – con-
Zając S., Świętojański A. 2002. Podstawy metodyczne wyceny cept, methodology, text editing; A.K. – literature review,
lasu. Sylwan 146(3): 5–20. text editing

Translated by: Barbara Przybylska