11
Investment Plan and Evaluation of the Transition of a Farm to a Wellness Tourist Farm
Investment Plan and Evaluation of the Transition  
of a Farm to a Wellness Tourist Farm
Tatjana KLAKOČAR
*
, Karmen PAŽEK, Lazar PAVIĆ
University of Maribor, Faculty of Agriculture and Life Sciences, Pivola 10, 2311 Hoče, Slovenia
ABSTRACT
This study aimed to develop a commercial concept for transforming farms into wellness tourist destinations. The proposed 
scenario involved the renovation of a hayrack into a highend tourist accommodation, comprising relaxation rooms with 
panoramic glass walls and the renovation of the barns, as well as an outdoor swimming pond. The research methods included 
description, compilation, and synthesis to explore the legislation in Slovenia related to investment performance and trends in 
wellness tourism to support the realisation of the proposed investment. Furthermore, the study used the method of financial 
estimation of investment using cost-benefit analysis to facilitate the transition. Four datasets were used for the estimation: 
investment income, investment costs, end value of the investment, and annual interest rate. The estimated investment cost 
was €530,000 and the total estimated revenue was €192,720, with total costs amounting to 50% of the total income, as well as an 
annual cash flow of €96,360, which was used in the assessment of the investment return period. According to the findings, the 
investment return period is 15 years with the lowest annual cash flow and interest rate of 3.5%. However, caution is advised due 
to uncertainties in the long-term costs of raw materials and energy.
Key words: tourist farm, wellness, cost-benefit analysis
*Correspondence to: 
E-mail: tatjana.klakocar@student.um.si
Agricultura Scientia 20: No 2: 11-20(2023)
https://doi.org/10.18690/agricsci.20.2.2
INTRODUCTION
According to a Global Wellness Institute (GWI) report, the 
economy of well-being is expected to grow up to 7 trillion 
dollars by 2025. This is because wellness is not just limited 
to face care or sauna treatments, but also includes mental 
well-being, work-life balance, social justice, environmental 
concerns, and sustainability (Global Wellness Institute, 
2022). Although COVID-19 continues to pose a threat, major 
travel organisations including the World Travel and Tourism 
Council (WTTC) predicted in 2022 that travel will return 
on a larger scale than before the pandemic. With medical 
treatment being an essential demand during the post-COVID 
era, there is a need to develop new interventions to protect 
the physical and mental well-being of individuals (Holmes et 
al., 2020). A review of articles on travel trends in 2022 indicates 
that following two years of extreme stress due to COVID-19 
restrictions, people will seek to heal their minds and bodies 
by visiting wellness destinations (Global Wellness Summit, 
2022; Duro et al., 2021; Santos and Oliveira Moreira, 2021). In 
2022, the Slovenian government allocated 1.6 million euros 
from the tourism development scheme, with a significant 
increase to 16.4 million euros in 2023, and 19, 18, and 15 million 
euros allocated for the years 2024, 2025, and 2026, respectively. 
Likewise, funds from the European Cohesion Politics 2021-
2027 are also planned, with an allocation of 20 million euros 
(Uredba o razvojnih spodbudah za turizem, 2022, p. 13569). 
Wellness tourism is defined as "travel related to the 
search for preserving or improving personal well-being" 
(GWI, 2018). Well-being consists of spiritual, psychological, 
and other dimensions of experience, not just physical health 
(Smith and Kelly, 2006). The term ‘wellness’ holds different 
meanings in different countries, depending on the location, 
which influences the motivation and demands of guests (Al-
eksijevits, 2019). The term ‘wellness’ is defined as a healthy 
overall lifestyle, including well-being, comfort, and all the 
activities needed to achieve it, which are marketed as tourist 
products (Tourism Technical Dictionary). The term is often 
used to designate a healthy balance of the body and mind 
resulting in overall well-being (Rančić et al., 2013).
According to the Global Wellness Institute (GWI, 2022), 
there is a common misconception that wellness tourism is 

12
Investment Plan and Evaluation of the Transition of a Farm to a Wellness Tourist Farm
exclusively for elite and wealthy groups of tourists seeking 
spas, health resorts, and yoga and meditation retreats. In 
reality, wellness travellers include a more diverse and mo-
tivated group of consumers with varied interests and values 
(Kim and Yang, 2021). The attractiveness of wellness centres 
plays a significant role in motivating wellness tourists. A 
study on tourist profiles and motivational factors for visiting 
wellness centres was conducted in Slovenia, a highly devel-
oped wellness destination (Rančić et al., 2014). The study 
applied a model from Thailand to investigate the correlation 
between the healthy lifestyles of wellness tourists and their 
motivations for visiting wellness centres. Another study 
suggested a model consisting of two main parts, assessing 
healthy lifestyle and motivational behaviour. The authors 
identified the main motivational factors for visiting wellness 
centres as recreation, relaxation, improvement of quality of 
life, and social activities (Kim and Batra, 2009). Rančić et al. 
(2013) found that the motives for visiting wellness centres 
in Slovenia vary among tourists and largely depend on the 
socio-demographic characteristics of visitors and features of 
wellness centres (Rančić et al., 2013). 
For a considerable time in many parts of the world, 
rural areas have provided spaces for recreational and tourist 
activities that were not exclusively perceived or labelled 
as "rural". The countryside is typically viewed as an idyllic 
place with an unspoilt environment where traditional 
values are upheld and people live in harmony with nature 
(Lovell and Bull, 2017). In the last few decades, there has been 
a growing awareness within the tourism industry regard-
ing the demand for segmentation and branding of various 
tourism and recreation perspectives, particularly at a time 
when the relationships between such activities and their 
rural contexts are evolving and becoming more compli-
cated (Roberts et al., 2016). The increasing complexity and 
shifting relationships in the rural sector reflect the dynamic 
and often insecure economic and social conditions of rural 
development, resulting in a diverse range of tourist and rec-
reational activities with both pressures and mutual connec-
tions (global-local, urban-rural) (Roberts et al., 2016). Rural 
life is modified by providers of rural tourism and activities 
such as experiencing farm life and guided walks to appreci-
ate the characteristics of the landscape (Woods, 2012).
In recent decades, an increasing number of rural 
areas have been transformed into tourism hotspots (Pan-
zer-Krause, 2020), with people looking to take a break from 
everyday routine by travelling to the countryside (Jha, 2021). 
Wellness tourism is one such trend, with people seeking au-
thentic experiences, including healthy food and accommo-
dation, all in an effort to rejuvenate themselves and recon-
nect with their inner selves. Jha (2021) performed a SWOT 
analysis to understand the changes in the rural wellness 
and yoga tourism industry, which has been identified as a 
fast-growing trend in the global tourism market. In Taiwan, 
the influence of environmental renovation perception (ERP) 
on loyalty through place and health images in organic 
farming has been investigated (Xue and Shen, 2022). The 
study found that such perceptions contribute to the transi-
tion of rural tourism into wellness tourism (Xue and Shen, 
2022). Pesonen and Komppula (2010) examined the motiva-
tions for wellness and rural tourism using a survey ques-
tionnaire, which revealed that Finnish rural tourists seek 
rural well-being, which is distinct from their everyday life. 
They are motivated by the desire to escape their busy daily 
routines, enjoy carefree vacations, and find refreshment and 
comfort, as well as opportunities for physical rest (Pesonen 
and Komppula, 2010).
The theoretical model of a wellness tourist farm reflects 
current trends of guests enjoying unspoilt nature, sustain-
ably oriented infrastructure, and feeling good (Figure 1). 
To investigate the conditions necessary for obtaining the 
title of a tourist farm that incorporates wellness activities 
and infrastructure, information was gathered from the 
website of the Slovenian Business Point (SPOT, 2022), which 
provides comprehensive information about the require-
ments, evidence, proceedings, and legal basis. It is stated 
that the first step towards obtaining the title of a tourist 
farm needed to register for supplementary activity. It is im-
portant to note that permission for supplementary activity 
is only necessary if the activity is performed on a farm and 
not by a sole proprietor, individual, or company (SPOT 2022).
This study examined the types of activities that farms 
with registered supplementary activities are permitted 
to perform and found no wellness activities among them. 
To explore this issue further, we consulted the rules of the 
Figure 1: Imaginary model of wellness tourist farm (3D image) (Naja Zupančič)

13
Investment Plan and Evaluation of the Transition of a Farm to a Wellness Tourist Farm
classification of tourist accommodation facilities (Uradni 
list RS, No. 22/18 and 182/20), which define categories with an 
apple symbol. We also reviewed the website of the Slovenian 
tourist farms association, where we found specialised offer-
ings that could be classified as wellness activities, such as a 
tourist farm that caters to those seeking a healthy life-style. 
This farm provides opportunities for active leisure time 
in an unspoilt environment, perfectly combining it with 
healthy eating. While our hypothetical farm could obtain 
a rating of three apples, indicating a very good offer with 
good room equipment, we also examined the category of 
four apples, which requires offering animation programs for 
unaccompanied children, a group that is not the target of 
our farm services. Therefore, another possibility is explored 
in this study, which assumes that permission to perform 
supplementary activities is only required if the activity is 
performed on the farm and not by a sole proprietor, indi-
vidual, or company.
Many studies have assessed projects and programs 
using CBA (Cullen et al., 2008). The European Commission 
promotes the use of CBA for large infrastructure projects 
exceeding 50 million euros (Sartori et al., 2014), as a means 
of making investment decisions based on objective and 
verifiable methods. The period of 2014-2020 saw the in-
clusion of basic rules for performing CBA in regulatory 
provisions at the EU member-state level for the first time, 
which was binding for all beneficiaries. Sartori et al. (2014) 
provide practical guidelines on large project evaluation in 
their guide, which aims to illustrate the joint principles 
and rules for using the CBA approach in practice across dif-
ferent sectors. Cullen et al. (2008) employed the widely used 
"with" and "without" CBA comparison approach in their 
evaluation of the acceptance of conservation biological 
control (CBC) on agricultural lands. The findings indicated 
that the introduction and usage of CBC generally involve 
additional expenses for farmers, who expect these expenses 
to be reimbursed through additional income or a decrease 
in other expenses.
Pažek and Rozman (2011) argue that decision-making in 
organic farming involves risk and uncertainty, and there-
fore requires a thorough assessment of the available options. 
Their study presents a methodology for the application of an 
integrated deterministic simulation system (KARSIM 1.0) to 
support decision-making on organic farms in north-eastern 
Slovenia. The focus is placed on the change in the criteria of 
the net present value (NPVt) with the incorporation of the 
real options approach. The study demonstrates the use of 
this approach in the ecological production and processing 
of spelt flour (Triticum aestivum ssp. spelta McKey) using 
two real options models, Black–Scholes and binomial model 
(Pažek and Rozman, 2011).
Piñeiro-Chousa et al., (2021) demonstrated the effective-
ness of the combined CBA-ROA (cost-benefit analysis-real 
options analysis) approach in the analysis of sustaina-
ble tourism management on the island of Ons, which is 
situated within the marine and terrestrial national park 
of the Atlantic islands of Galicia. The study proposes a 
combination of CBA and ROA as a means of supporting the 
development of sustainable tourism entrepreneurship in 
protected areas with adjustable management. As tourism 
entrepreneurship within protected areas requires careful 
management to avoid conflicts with the goals of preserva-
tion and to positively contribute to regional development 
(Piñeiro-Chousa et al., 2021), the proposed approach can be 
helpful in achieving these objectives.
MATERIALS AND METHODS
The CBA method aids in the evaluation of investment decisions 
and determining whether to proceed with or abandon the 
investment. As part of the research, we conducted personal 
interviews with experts in financial calculations and investors 
taking on similar projects. Costs are an important factor 
influencing the decision-making process of the proprietor 
(Urlep, 2009). The calculation of costs is a computational 
process related to cost units and the determination of the 
average cost of a unit. In other words, this process calculates 
the expenses that an individual product or service incurs 
(Rebernik, 2008). 
The current study employed a simple divisible cost cal-
culation method because the company xy d.o.o. provides 
only one type of service (lodgings on tourist farms). The total 
costs (TC) were calculated by dividing them into fixed costs 
(FC) and variable costs (VC). This allowed us to accurately 
predict future total costs and calculate the annual cash flow 
(ACF), which, together with the investment rate, was used as 
an input parameter for the assessment of the investment 
return period.
TC = FC + VC
FC, fixed costs (€); VC, variable costs (€); TC, total costs (€).
The ACF was calculated as the difference between the 
total income (TI) and total costs (TC) and a constant AFC was 
used to assess the investment.
ACF = TI − TC
A comparative analysis of the total costs was chosen for 
the evaluation of long-term investments, which employs 
the net present value (NPV) parameter (Pažek et al., 2010). 
The NPV is a dynamic method that considers the time value 
of money. In the NPVt equation, total benefits (TR) and 
total costs (TC) are summed annually and discounted to the 
present using a chosen discount rate (r) for an investment of 
t periods. The equation is as follows:

14
Investment Plan and Evaluation of the Transition of a Farm to a Wellness Tourist Farm
NPVI
TR TC
r
t t i
n
 




() 1
1
(1)
NPV
t
, standard capital value (€); I, investment cost (€); 
TR, total revenue (€); TC, total costs (€); r, interest rate (%); t, 
time (number of years).
In addition, the Internal Rate of Return (IRR) was used 
as an additional parameter in this study. The goal was to 
determine the maximum interest rate that would still allow 
for an NPV as close to zero as possible. The IRR is calculated 
as follows:
IRRI
TR TC
r
IRRI nternal Rate of Return
t i
n
 



 


()
%
1
0
1
      
(2)
RESULTS AND DISCUSSION
The research findings present a model of a xy tourist 
farm, which includes a hay-rack with two high-standard 
apartments, a barn with a panoramic room (Figure 2), and 
a swimming pond in the surrounding area. The investment 
evaluation predicts four basic datasets: investment income, 
investment costs, total investment value, and annual interest 
rate. The investment amount of €530,000 was estimated based 
on the offer provided by the construction company Interstar 
d.o.o. based on the pro-posed design.
In the first phase of the cost calculation, the annual 
cash flow (AFC) was calculated with the reference that it 
is constant, amounting to €96,360, which is the difference 
between the total income and total costs (€192,720 — €96,360).
Figure 2: Panoramic room for observing animals in the barn 
(Naja Zupančič)
The total income (TI) was calculated using data acquired 
from the website of the Statistical Office of the Republic of 
Slovenia on the rate of occupancy of permanent beds and 
non-divisible units in hotels and similar accommodations 
(%) in Slovenia annually. Owing to the COVID-19 situation in 
2020, data from 2019 were used, as shown in Table 1, which 
indicated an annual occupancy rate of 44%. Assuming a 
selling price of €300 per person per night, the total revenue 
at 44% occupancy would amount to €192,720 (two apart-
ments with two beds). It was also estimated that the total 
costs would amount to 50% of the total revenue, resulting in 
an AFC of €96,360.
Table 1: Occupancy rate of permanent beds and non-divisible 
units (%) by accommodation facility group, measurements, 
and year
2019 2020
Hotels and similar 
accommodation 
facilities
The rate of net occu-
pancy – permanent 
beds
44.0 30.6
Summarized from the document: https://pxweb.stat.si/SiStatDa-
ta/pxweb/sl/Data/-/2164557S.px/table/tableViewLayout2/?loaded-
QueryId=9011&timeType=from&timeValue=2019 (20.1.2022)
After obtaining the information that total costs would 
not exceed 50% of total revenue through conversation, ad-
ditional calculations of total costs were made, while also 
considering the types of costs that must be predicted on an 
annual basis. By conducting an online search, we obtained 
the amounts and calculations of these costs.
To calculate the total costs, a scenario was determined 
assuming that the owner of the real estate is a capital 
company xy, and a limited liability company (d.o.o.), which 
has one employee, has acquired a loan in the amount of 
the investment. If the company were to engage in supple-
mentary activities on the farm, it would have to obtain the 
status of a farmer, which would limit its business activi-
ties. However, since company d.o.o. is already operating as a 
tourist farm with accommodation, it only needs to obtain 
a new category of activity and can operate smoothly while 
meeting the requirements of the business. 
To collect a comprehensive list of costs and classify 
them as fixed or variable, the unified accounting framework 
for commercial companies, sole proprietors, cooperatives, 
non-profit organisations, legal entities under private law and 
associations, and disability organisations (2020), was used. 
This framework was employed to ensure accurate division 
and representation of costs. Three different levels of depre-
ciation, loan interest, and personal income were included 
in the total and fixed costs (Table 2). It is worth noting that 
total costs are independent of the amount of production 
and do not change in the short term (Urlep, 2009).
From the unified chart of accounts, the costs under 
accounts 43, 45, and 47 were selected, which includes depre-
ciation, interest, and labour costs. These costs are defined 
under Class 04 in the unified accounting framework for 
commercial companies, sole proprietors, cooperatives, 

15
Investment Plan and Evaluation of the Transition of a Farm to a Wellness Tourist Farm
non-profit organisations, legal entities under private law, 
and associations/disability organisations (Uradni list RS Nos. 
107/16 and 1/16). Furthermore, three depreciation rates were 
included from Article 33 of the Corporate Income Tax Act, 
namely, from point 1: a 3% rate for construction facilities, 
including investment properties, a 6% rate for parts of con-
struction facilities, including parts of investment properties, 
and a 20% rate for equipment, vehicles, and mechanisation 
(ZDDPO-2-NPB14, Uradni list RS No. 82/15).
During the calculation of depreciation costs, the prices 
inclusive of value-added tax (VAT) were excluded, because the 
selected company was liable for VAT. The depreciation rate 
of 3% included the values obtained from the offer of Inter-
star d.o.o., namely, construction work, craft work, electrical 
installations, mechanical installations with boiler room and 
painting, flooring works, and craft works for the swimming 
pond. The depreciation rate of 6% included the purchase 
values of electrical installations, mechanical installations, 
and cleaning equipment. The purchase values of equipment 
for the rooms of the object with two apartments with a 
kitchen, bedroom, bathroom, and living room, as well as 
both terraces next to the apartments and panoramic room, 
were included in the depreciation rate of 20%. When calcu-
lating the equipment costs, we considered prices from Slove-
nian providers on the Internet, which were lower than those 
from local master carpenters. This, however, resulted in a 
disadvantage for this study as the total investment is lower 
than it would be otherwise. For loan interest costs, data were 
obtained from the NLB Slovenska Bistrica bank. However, as 
a micro-company, such loans might not be feasible, and as 
an investor, we would likely consider applying for tenders 
managed by the Regulation on Development Incentives for 
Tourism. 
When calculating total or fixed costs, it was expected 
that labour and loan interest costs would represent the 
largest cost components (Table 2), and also expected to be 
the primary monthly financial burden for the company at 
€3,077 per month. It was also observed that these two costs 
were higher, by approximately €3,000 annually than the 
total variable costs (Table 3). The variable costs included 
energy, service, transportation, advertising, maintenance, 
and material costs, or small inventory (Table 3). These costs 
are variable as they change depending on the volume of 
services provided, which results in increased consumption 
of raw materials, materials, and energy (Urlep, 2009).
To determine material and service costs, Accounts 40 and 
41 were selected from the unified chart of accounts. These 
costs are defined in Class 04 of the unified accounting frame-
work for commercial companies, sole proprietors, coopera-
tives, non-profit organisations, legal entities under private 
law, and associations/disability organisations (Uradni list RS 
Nos. 107/16 and 1/16).
Energy costs, including the costs of electricity and mu-
nicipal contributions (garbage and water supply), are lower 
than the material costs. Service costs, including banking, 
accounting, and insurance costs, are also included in the 
fixed costs. However, the cost of using a personal vehicle is 
not included in the fixed costs because it is not profitable 
(Zveza RFR, 2023). Instead, the cost of a contract with a taxi 
service for the transportation of guests was included in the 
transportation costs. The bonus payment is a variable cost 
that is calculable when using vehicles for private purposes, 
and we assume that initially, the vehicle may not be used only 
for business purposes. In the interest of sustainability, it is 
advisable to explore the possibility of purchasing an electric 
vehicle and reevaluate the profitability of the investment in 
the beginning. As the initial investment begins to pay off, we 
can decide on a new investment in a solar power plant and 
an electric vehicle. In terms of maintenance costs, the largest 
expense was in the maintenance of swimming ponds. Other 
Table 2: Calculation of fixed costs
Name of the cost according to the unified chart of accounts Price Depreciation — cost
43 – Depreciation costs 
Annual depreciation rate for construction facilities, including 
investment properties (3%)
• €336,763 price of the object investment 
without VAT 
€30,000 price of the project and project docu-
mentation and acquisition documentation
€11,002.91
43 – Depreciation costs
Annual depreciation rate for the parts of construction 
facilities, including parts of investment properties (6%)
• €97,054 price without VAT for painting, 
plastering, and electrical installation work
€5,823.27 
43 – Depreciation costs
Annual depreciation rate for equipment, vehicles, and 
mechanisation (20%)
• Total price of the equipment €41,314 €8,262.80 
45 – Interest costs
Loan interest (3.5% annual in-terest rate)
€10,441.89 annually
47 – Labour costs
Personal income gross salary + bonuses to gross salary
• €1,800 gross salary/monthly + €289 /monthly 
payments to gross salary + food €6.12/day
€26,491.32 annually
Total estimated annual fixed costs €53,767.65

16
Investment Plan and Evaluation of the Transition of a Farm to a Wellness Tourist Farm
material costs include cleaning agents, decorative materials, 
sanitary materials, kitchen-ware, plates, glasses, and cutlery. 
These costs are classified as variable owing to their value (less 
than €500) and the high probability of their lifespan being 
shorter than one year.
Variable costs, which are unpredictable, are estimated to 
be €2,896 per month based on the annual calculation. It is 
important to note that unexpected damage or maintenance 
problems could result in even higher costs.
The total costs, obtained by dividing expenses accord-
ing to the chart of accounts, were €87,559.65. This amount 
is €8,801.65 less than the initial estimate based on oral 
assessment, where total costs were estimated to be 50% of 
the total revenue. The initial estimate of €96,360 was used 
to assess the investment return period for this long-term 
investment.
To evaluate the investment, a comparative analysis of 
total costs and revenues (CBA) was used, and the NPV was 
estimated using a dynamic method that considers the time 
value of money. Table 4 illustrates the first scenario, which 
assumes an interest rate of 3.5%, an investment amount of 
€530,000, and an annual cash flow of €96,360.
The results in Table 4 indicate that the period of invest-
ment repayment is seven years at an interest rate of 3.5% 
Table 3: Calculation of variable costs
Name of the cost according to the unified chart of accounts Price Annual price
40 – Material costs
Energy costs
• Electricity: €500/monthly 
Municipal contributions: €150/monthly
€7,800
41 – Service costs
Costs of payment transactions, costs of banking services, 
transaction costs and insurance premiums
• Bank costs: €13/month + €1/remittance slip 
(20 per month)
• Accounting: €150 /monthly + balance sheet 
report €300
• Object insurance: €500/annually
€156/annually + €240
€1,800 + €300
€500
Total: €2,996
41 – Service costs
Transportation services costs
• Contract with taxi service:
• Flat rate 3 times per month (airport transfer 
Ljubljana, Za-greb, Graz, Wien). €200/
transfer, calculated per 5 months
€3,000/annually
41 - Service costs
Costs of trade fairs, advertising, and representation
• Advertising €2,000
41 - Service costs
Costs related to maintenance services
• €5,000/annual pool maintenance €5,000
40 – Material costs
Other material costs
• €1,000 – medical supplies
• €2,000 – utensils + tableware
€1,000
€2,000
Total estimated annual variable costs €33,792
Table 4: Assessment of the investment for wellness tourist 
farm xy with an interest rate of 3.5%
Year IRR 3.50% NPV (€)
1 93101.45 −436898.55
2 89953.09 −346945.46
3 86911.20 −260034.26
4 83972.17 −176062.09
5 81132.53 −94929.55
6 78388.92 −16540.63
7 75738.09 59197.46
8 73176.90 132374.36
9 70702.32 203076.67
10 68311.42 271388.09
Total 801388.09
NPV 271388.09
Table 5: Assessment of the investment for the wellness tourist 
farm xy at an internal rate of return (IRR) of 6.41%
Year IRR 6.41% NPV(€)
1 90555.40 −439444.60
2 85100.46 −354344.14
3 79974.12 −274370.02
4 75156.58 −199213.44
5 70629.25 −128584.19
6 66374.63 −62209.56
7 62376.31 166.75
8 58618.84 58785.59
9 55087.72 113873.31
10 51769.31 165642.62
Total 695642.62
NPV 165642.62

17
Investment Plan and Evaluation of the Transition of a Farm to a Wellness Tourist Farm
and an NPV of €59,197.46. As the NPV is greater than 0, it is 
financially expedient to implement the investment because 
the revenues will be higher than the costs (Brent, 2006). The 
IRR parameter is used to determine the maximum accept-
able interest rate at which the NPV is closest to 0. Table 
5 presents the results. The highest acceptable interest rate 
was 6.41%, where the NPV was closest to 0 (166.75).
Table 6 shows the different scenarios at interest rates of 
4.0%, 4.5%, and 5.0%, with an investment value of €530,000 
and an ACF of €96,360. Table 6 reveals that the NPV decreases 
to €20,783.05 at 4% or 5% of interest rate, indicating a negative 
impact on investors. The positive NPV results obtained from 
the constant ACF evaluations suggest that the investment 
will be fully repaid within seven years. This assessment is 
considered encouraging because the total revenue indicates 
the most favourable scenario of revenue from overnight 
stays and capacity occupancy. The next scenario in Table 7 
represents a reduction in the annual cash flow parameter, 
assuming that the investment would be repaid in 15 years 
at an interest rate of 3.5%, and the investment value will 
remain the same as before, which is €530,000.
Table 6: NPV values and return period at different interest rates
IRR NPV Investment return period
4% 48,357.99 After 7 years
4.5% 37,820.66 After 7 years
5.0% 27,574.94 After 7 years
IRR – Internal Rate of Return
NPV – Net Present Value
Assuming that the ACF decreases to the point where 
the investment return period would be after 15 years, we 
obtain an ACF value of €46,500. At this ACF value, the annual 
occupancy rate of the accommodations is estimated to be 
32%, which would result in total revenues of €142,800 if the 
price for an overnight stay is set at €300/per person, which 
is an acceptable price. The equation ACF=TI−TC considers 
the total cost value from the previous assessment, where it 
was estimated that costs represent 50% of the total revenue. 
At an annual occupancy rate of 44%, the estimated revenue 
amounted to €192,720, with a total cost of €96,300. Most of the 
total costs are fixed costs which are not expected to decrease 
drastically with lower occupancy rates.
ACF (€46,500) = TI (€142,800) – TC (€96,300)
It was assumed that the calculated total costs would 
not deviate by more than 10% from the estimated values. 
After obtaining the total data and dividing them under 
the unified chart of accounts, the total costs amounted to 
€87,559.65, which is €8,801.65 less than that obtained in the 
oral assessment, where the total costs were estimated to be 
50% of the total revenue, which is €96,360. The total cost 
deviation of 8.8% is considered acceptable. A minimum ACF 
after 15 years was obtained with an ACF value of €46,500, 
which represents an acceptable return investment period.
Table 7: Assessments of the investment at an interest rate of 
3.5%, ACF of €46,000, and investment amount of €530,000
Year IRR 3.50% NPV(€)
1 44927.54 −485072.46
2 43408.25 −441664.22
3 41940.34 −399723.88
4 40522.06 −359201.82
5 39151.75 −320050.06
6 37827.78 −282222.28
7 36548.58 −245673.70
8 35312.64 −210361.07
9 34118.49 −176242.58
10 32964.72 −143277.85
11 31849.98 −111427.88
12 30772.92 −80654.95
13 29732.29 −50922.66
14 28726.85 −22195.81
15 27755.41 5559.61
IRR – Internal Rate of Return
NPV – Net Present Value
CONCLUSIONS
Investing in infrastructure requires a significant amount of 
funds, and it is important to consider obtaining loans for 
infrastructure equipment financing. However, it is important 
to thoroughly research the possibilities of conducting 
businesses or registering an activity as a business corporation 
or supplemental activity on a farm. The estimation of costs, 
particularly for depreciation and rent, is critical to making in-
formed decisions. To achieve this, it is advisable for a potential 
investor to employ investment evaluation models that can 
assist the investor in deciding, planning, and determining all 
potential costs accurately. Currently, it is challenging to gener-
ate long-term cost predictions due to the current economic 
situation, rising prices of energy sources and commodities, 
and subsequent increases in pricing. Therefore, it is advisable 
to make such predictions a few years in advance.
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Investment Plan and Evaluation of the Transition of a Farm to a Wellness Tourist Farm
Načrt in ocena investicije prehoda kmetije v velneško 
turistično kmetijo
POVZETEK
V članku je predstavljena poslovna ideja preusmeritve kmetije v velneško turistično kmetijo. V scenariju je bila predvidena 
prenova kozolca v nadstandardno turistično namestitev v dveh apartmajih v zgornjem nadstropju ter preureditev hlevov za 
različne male živali s posebno sprostitveno sobo s panoramsko stekleno steno v pritličju ter zunanjo ureditvijo s plavalnim 
ribnikom. Raziskovalne metode deskripcije, kompilacije in sinteze v teoretičnem delu so omogočile preučiti zakonodajo na 
območju Slovenije, ki pogojuje izvedbo investicije in ji daje pravno podlago. Na drugi strani so bili preučeni trendi velneškega 
turizma, ki so podali motivacijo za razmišljanje o realizaciji predstavljene investicije. Nadalje je bila v študiji uporabljena tudi 
metoda finančne ocene investicije (primerjalna analiza stroškov in prihodkov – Cost Benefit Analysis, CBA) pri preusmeritvi 
kmetije v velneško turistično kmetijo. Podlaga za raziskavo so bili novi trendi velnesa in turizma, ki nakazujejo, da bi takšna in-
vesticija na dolgi rok lahko bila dobičkonosna. Za oceno investicije so bili predvideni štirje osnovni podatki: prihodki investicije, 
stroški investicije, končna vrednost investicije in letna obrestna mera. Višina investicije je bila ocenjena na 530.000 €. Ob določitvi 
prodajne cene je bil ocenjen skupni prihodek 192.720 € in ob oceni, da bi skupni stroški znašali 50 % skupnega prihodka, je bil 
izračunan letni denarni tok v znesku 96.360 €, ki je bil uporabljen pri ocenjevanju dobe povratka investicije. V raziskavi je bilo 
potrjeno, da je doba povratka investicije ob minimalnem letnem denarnem toku 15 let in obrestni meri 3,5 %, vendar se tukaj 
poraja pomislek, da je zaradi trenutnega gospodarskega položaja in podražitve energentov, surovin in posledično rasti cen, zelo 
težko narediti dolgoročno predvidljive kalkulacije stroškov.
Ključne besede: turistična kmetija, velnes, primerjalna analiza stroškov in prihodkov