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International Journal of Aquaculture, 2013, Vol.3, No.26, 152
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157
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153
Figure 1 Bio-economic model of sea cucumber culture
1.2 Data source
All financial data in the present study were
collected from three commercial sea cucumber
farms located in Ru Shan, Wei Hai, Shan Dong
provinces, China. Three earthen ponds of 0.5 ha, 2.2
ha and 1.2 ha for sea cucumber culture were
selected. Data concerning sea cucumber culture,
product price, economic income and expenditure
cost were collected from a three-year observation
(from 01/2008 to 05/2011). The investment on all
the culture farms was self-financed by the investors.
1.3 Economic evaluation
The income and cost of the fourth and fifth year were
estimated based on the first three-year data. The data
was plotted graphically using linear regression
analysis to identify any possible trends between
market price per unit and that per unit size. However,
it is difficult to forecast the price for two more years;
thus the price of the fifth year was used for
calculating the income and output of that of the sixth
to tenth year.
Table 1 summarizes a range of data collected during
the culture period in order to obtain accurate and valid
bio-economic evaluation of the farms. Net present
value (NPV), internal rate of return (IRR) and
discounted payback period were the main parameters
for the evaluation of the economic income. For the
experimental data, various assumptions are made in
order to simplify the study and underscore the focus of
the research (Table 2).
Table 1 Parameters monitored in sea cucumber (
Apostichopus japonicas
) farm (Ionno et al., 2006)
Cost
Income
Biological variable
Capital and infrastructure costs
Net fish sales (US$)
Mortality
Construction cost
Number of fish sold
Weight gain
Shelter
Average weight of sea cucumber sold
Vehicle
Total production
Operational costs
Electricity
Equipment
Maintenance
Phone/internet
Salaries
Chemical/cleaning products
Stock purchase
Vehicle costs
Water quality, fish health assessment
Table 2 Data obtained from the three sea cucumber ponds
Pond 1
Pond 2
Pond 3
Experimental data
Size
4 ha
2.2 ha
1.2 ha
3 ha (assumed data)
Capital and infrastructure costs
Actual data
Actual data
Actual data
Assumed data
Depreciation rate (i.e. useful
life)
5 years for 50% plant
and equipment
5 years for 50% plant
and equipment
5 years for 50% plant
and equipment
5 years for 50% plant
and equipment
Salvage value
0
0
0
0
Construction phase
Actual data
Actual data
Actual data
2 months
Land value
Actual data
Actual data
Actual data
Actual data
Output
Year1y-2, 75%
Year1y-2, 75%
Year1y-2, 75%
Year1y-2, 75%
Sale price
Actual data
Actual data
Actual data
To be forecasted
Feed costs
0
0
0
0
Labor cost
Actual data
Actual data
Actual data
To be forecasted
Electricity cost
Actual data
Actual data
Actual data
To be forecasted
Tax rate
Excluded
Excluded
Excluded
Excluded
Capital source
Own funds
Own funds
Own funds
Own funds