'n Vergelykende studie van plaasgrootte- en grondprys- verwantskappe tussen drie erkende wynproduksie- areas in die Wes- Kaap

[摘要] ENGLISH SUMMARY : This study serves as enquiry into drivers of financial performance for three recognised wine-production areas in the Western Cape, namely Stellenbosch, Breedekloof and Olifants River. The importance of this study lies in the findings that there are significant differences between these areas' financial performance on farm level when only focusing on wine grape production, as well as significant differences of their land prices – which represent an investment requirement. While the findings indicate a trend where land prices per hectare decrease as the farm size increases, this study therefore determines the financial implications of these trends for various farm size and land price combinations in these wine-production areas. This study furthermore includes a survey that determines the financial management strategies that producers follow within these farm size and land price trends.Financial modelling as research method was used to measure financial performance on farm level. Input and output data were obtained from practising role players in the industry, combined with secondary data as used in the model. Financial performance on farm level was measured by the internal rate of return (IRR) and return on investment capital (ROIC). Repayment ability was measured by net present value (NPV). After comparing financial performance on farm level, the sensitivity of farm sizes was tested at specific exogenous variables for these wine production areas by the use of scenarios.The findings show that, in spite of Stellenbosch's relatively high land prices, this area's financial performance on farm level is relatively speaking the lowest when focusing only on wine grape production. The findings also show that Breedekloof maintains the best financial performance on farm level, followed by Olifants River. Within these trends, the practising role players indicated the financial management strategies that they implement, along with general comments that interpret the nature of these trends. This study can serve as a guideline for role players to better understand and interpret the financial implications of the South African wine industry. Role players can thus use this study as a tool for performance measurement and interpretation – which ultimately influence decision making.

[发布机构] Stellenbosch University