Amount of harvested timber and NPV

Finnish management regime resulted in highest total volume of harvested timber for pine on OMT site (762 m³ha^-1) and on MT site (692 m³ha^-1). Russian one gave 5% less timber on OMT site (723 m³ha^-1) and 11% less on MT one (616m³ha^-1). No management regime gave 32-34% lower values on OMT and MT sites (516 and 459 m³ha^-1), respectively (Fig. 7). Finnish and Russian management regimes gave equal saw and

pulpwood percentages of total volume of wood (80% of saw wood and 20% of pulp wood), regardless of site fertility type. In No management regime, total volume consists of 89% of saw wood and 11% of pulp wood on OMT site and of 85% of saw wood and 15% of pulp wood on MT site.

On OMT site, in Finnish management regime and in Russian one, 27% of all harvested timber is saw wood (206 m³ha^-1 and 196 m³ha^-1) and around 17% pulp wood (121 m³ha^-1 and 130 m³ha^-1) from thinnings. While final cut brings approximately 52% (403 m³ha^-1 and 372 m³ha^-1) saw wood and 4% (31 m³ha^-1 and 25 m³ha^-1) pulp wood in Finnish management regime and in Russian ones. In No management regime all wood comes from final cut (459 m³ha^-1 of saw wood and 57 m³ha^-1 of pulp wood) (Fig. 6).

On MT site total amount of harvested timber in Finnish one consists of 25% of saw wood (175 m³ha^-1) and 20% of pulp wood (135 m³ha^-1) from thinning, and 51% (354 m³ha^-1) saw wood and 4% (29 m³ha^-1) pulp wood from final cut. Russian management regime differs mostly in distribution of volumes between thinnings and final cut. Shares of saw and pulp wood from thinnings and final cut in total amount of harvested wood are 6% of saw wood (34 m³ha^-1) and 14% of pulp wood (88 m³ha^-1) from thinning and 73% (451 m³ha^-1) saw wood and 7% (44 m³ha^-1) pulp wood from final cut. No management regime resulted in 388 m³ha^-1 of saw wood and 71 m³ha^-1 of pulp wood (Fig. 6).

On Spruce OMT site, Finnish management regime resulted in highest total volume of harvested timber for spruce (690 m³ha^-1). Russian one gave 6% less (651 m³ha^-1) and No management regime 33% less (464 m³ha^-1) (Fig. 7). Again saw and pulpwood percentages were almost same in Finnish and Russian management regimes (approximately 75% of saw wood and 25% of pulp wood). In No management regime total volume consists of 87% of saw wood and 13% of pulp wood.

In Finnish management regime total amount of harvested wood includes 26% of saw wood (180 m³ha^-1) and 18% of pulp wood (126 m³ha^-1) from thinning and 51% (354 m³ha^-1) saw wood, 5% (31 m³ha^-1) pulp wood from final cut. Russian management regime differs mostly in amount of saw wood in thinnings and final cut. Shares of saw and pulp wood from thinnings and final cut in total amount of harvested wood are 11%

of saw wood (73 m³ha^-1) and 20% of pulp wood (128 m³ha^-1) from thinning and 61%

(399 m³ha^-1) saw wood and 8% (51 m³ha^-1) pulp wood from final cut. No management regime resulted in 402 m³ha^-1 of saw wood and 62 m³ha^-1 of pulp wood (Fig. 6).

On OMT site, Finnish and Russian management regimes resulted in highest total volume of harvested timber for birch (415 m³ha^-1). No management regime gave 24% less (314 m³ha^-1) (Fig. 7). Shares of saw and pulpwood in total volume of wood are equal in Finnish and Russian management regimes (62% of saw wood and 38% of pulp wood).

In No management regime total volume consists of 65% of saw wood and 35% of pulp wood.

On OMT site 3% of all harvested timber is saw wood in Finnish management regime and 7% in Russian one (12 m³ha^-1 and 30 m³ha^-1) and around 25% of pulp wood in both regimes (108 m³ha^-1 and 104 m³ha^-1) come from thinnings. While final cut brings 59%

and 55% (244 m³ha^-1 and 227 m³ha^-1) saw wood and 13% (50 m³ha^-1 and 53 m³ha^-1) pulp wood. In No management regime all wood comes from final cut (206 m³ha^-1 of saw wood and 109 m³ha^-1 of pulp wood) (Fig. 6).

On MT site, Finnish management regime resulted in smaller volume of harvested timber (358 m³ha^-1), than Russian one. Russian management regime gave 3% more (367 m³ha

-1) and No management regime gave 19% less (296 m³ha^-1) (Fig. 7). However, percentages of saw and pulpwood in total volume of harvested timber are the same in Finnish and Russian scenarios (51% of saw wood and 49% of pulp wood). In No management regime total volume consists of 44% of saw wood and 56% of pulp wood.

About 1% of all harvested timber is saw wood (3 m³ha^-1 and 4 m³ha^-1) in Finnish management regime and in Russian one and around 28% is pulp wood (106 m³ha^-1 and 98 m³ha^-1) from thinnings. While final cut brings approximately 50% (184 m³ha^-1 and 182 m³ha^-1) saw wood and 20% (66 m³ha^-1 and 83 m³ha^-1) pulp wood. In No management regime all wood comes from final cut (129 m³ha^-1 of saw wood and 167 m³ha^-1 of pulp wood) (Fig. 6).

The NPV

The general tendency was that Finnish management regime resulted in highest NPV in all stands, except birch on MT site (Fig. 7). Also the more fertile sites show higher NPV.

The highest NPV was found on Pine OMT site regardless of interest rate.

The second highest NPV was obtained in spruce on OMT site, and the least profitable was birch on MT site.

On Pine OMT site under 4% interest rate NPV for Finnish management accounts 1279 euros ha^-1. Russian one gave 7% less (1194 euros ha^-1) and No management 61% less (504 euros ha^-1). Under 7,25% interest rate Finnish one resulted in 415 eurosha^-1, and Russian and No management regimes gave 10% (375 euros ha^-1) and 90% less (43 euros ha^-1), respectively. On Pine MT site Finnish regime under 4% interest rate, accounts 1051 euros ha^-1, and Russian one 24% less (801 euros ha^-1) and No management 58% less (445 euros ha^-1). Under 7,25% interest rate, on Pine MT site Finnish one gave 293 eurosha^-1, and Russian one 40% less (175 euros ha^-1) and No management 87% less (38 euros ha^-1).

On Spruce OMT site, Finnish management regime resulted in 1117 euros ha^-1 under 4%

interest rate. Russian management regime gave 15% less (950 euros ha^-1) and No management regime 60% less (451 euros ha^-1). Under 7,25% interest rate results are following: 343 euros ha^-1 in Finnish one, and 25% (258 euros ha^-1) and 89% less (39 euros ha^-1) in Russian and No management regimes.

On birch stands under 4% interest rate results for Finnish and Russian management regimes were very similar. On OMT site Finnish one gave 763 euros ha^-1, while Russian gave 2% less (748 euros ha^-1) and No management regime 34% less (505 euros ha^-1). On MT site Finnish and Russian ones gave 571 euros ha^-1. No management regime gave 28% less (412 euros ha^-1). Under 7,25% interest rate results are following: 205 euros ha^-1 in Finnish one, and 6% less (194 euros ha^-1) in Russian one and 61% less (80 euros ha^-1) in No management regime on OMT site. On MT site, corresponding values were: 127 euros ha^-1 in Finnish one, and 6% less (120 euros ha^-1) in Russian and 49%

less (65 euros ha^-1) in No management. These results are without considering cost of tending of seedlings, as it was considered to be done by the forest owner. If consider tending costs for seedlings in the calculations, then some NPV values in Finish and Russian management regimes would be negative.

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Pine OMT Final cut saw wood

Spruce OMT Final cut saw wood

Birch MT Final cut saw wood

Fig. 6 Comparison of shares of saw and pulp wood in thinning and final cut in all simulation cases.

Fig. 7 Comparison of NPV and amounts of harvested timber (pulp wood, saw wood and total amount) in different simulation cases.

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4. Discussion and conclusions