ABSTRACT Forest concessions were implemented in Brazil as a way to increase the areas of sustainable forest management. Little is known about the financial viability of forest management in Brazil, which is one of its main bottlenecks. In this context, the aim of the study was to evaluate the financial viability of an investment in forest concession. In order to do so, the Net Present Value (NPV), Periodic Equivalent Benefit (PEB), Internal Rate of Return (IRR) and Real Options Analysis (ROA) were adopted, and the option of abandonment was also analyzed. As a variable for ROA analysis, the productivity (m³.ha-1) at the first years of forest concession under study was adopted. The NPV of the investment corresponds to US$ 8.04.m-³, the PEB was US$ 0.52.m-³.year-1 and the IRR, 20.75%. In order to be considered feasible, the forest concession must have a minimum productivity of 17.75 m³.ha-1. Of the 861 managerial decisions, the option to proceed with the investment was adopted in 237 nodes (27.53%), and the decision to abandon was exercised in 624 nodes (72.47%). This is a worrying result for the concessionaire companies and also for the management entities of the forest concessions, mainly when comparing with the concessions reality, where abandonment is an option that has been performed. It can be concluded that the high probability of abandoning highlights a fragility of forest concessions. ROA proved to be a good methodology to complement traditional methods of financial analysis, presenting satisfactory results in aiding decision-making.

Objetivou-se, com este estudo, avaliar a viabilidade econômica das atividades de uso indireto desenvolvidas em uma reserva particular do patrimônio natural - RPPN. As atividades desenvolvidas na RPPN são a Trilha Ecológica e o Turismo de Aventura. Obtiveram-se informações relacionadas ao número anual de pessoas que visitam a reserva, preços pagos para participar das atividades, custo da terra, custos de manutenção e custos com mão de obra. Os critérios econômicos utilizados foram o Valor Presente Líquido (VPL) e o Benefício Periódico Equivalente (BPE). No período 1996-2008, o número de visitantes aumentou 6% ao ano, e a média anual de visitas à RPPN foi de 8.889 pessoas. Concluiu-se que as atividades de uso indireto da RPPN são economicamente viáveis e podem concorrer com outras atividades de uso direto do solo, como o plantio de eucalipto.

This study aimed to evaluate the economic viability of indirect use activities as developed in a private natural heritage reserve (RPPN). Activities developed in the RPPN include Adventure Tourism and an Ecological Trail. Data were obtained relating to annual number of people visiting the reserve, prices paid to participate in activities, cost of land, maintenance costs and labor costs. Economic criteria used include Net Present Value (VPL) and Equivalent Periodic Benefit (BPE). In the 1996-2008 period the number of visitors increased by 6% a year, and the average annual number of visitors to the RPPN was 8,889. It was concluded that indirect use activities in the RPPN are economically viable and can coexist with other direct soil use activities such as eucalyptus cultivation.