Οικονομοτεχνική ανάλυση και αξιολόγηση εγκατάστασης cable wake park στην Ελλάδα
Feasibility analysis and assessment of investing in a cable wake park in Greece
Νίκα, Ελισάβετ Κ.
The hereunto Feasibility Study analyses the possibility of the establishment of the first Cable Wake Board Park in Greece. It refers to the construction of two or more pillars inside the water which are connected together with cables. The athlete moves alongside the cables demonstrating a form of water ski. The only difference is that no boat is needed for the purpose of pulling the athlete. In other words the movement takes place by using electric power. Additionally, obstacles can be placed inside the water, creating a route making the sport a more challenging experience. In the Greek context the phrase Cable Water Park cannot be attributed accurately, therefore the English terminology will be used in the whole assignment. The activity of cable wakeboarding can be characterized as a combination of water ski and surfing. Both activities are well known to the masses and especially the former is being related to an athlete, or else skier, being pulled by a boat. Wake Boarding offers the same experience by, simultaneously, taking good care of the environment since no fuels are being used. Experiencing such a challenging activity with less cost and by using a more eco-friendly alternative, constituted the analyses of such an investment an interesting one. Such parks are popular around the world. This is supported by the fact that such an investment is quite an inexpensive one, very popular among athletes and common people which can be established even in lakes in places very near to a city center. So far, 200 parks have been constructed with the first being established in 1962 (a full list of the parks is being attached to the annex). The conclusion drawn by conducting the present feasibility study is that investing in such a so called, Blue Ocean Market, is an advantageous one with high rates of profitability, even with the mediocre scenario of medium customer participation and offers high rates of return. For concluding in such a way, an analysis of the external environment has been conducted in terms of approaching tourism market trends all over the world and in Greece in particular. An analysis of the coastal-marine tourism market has also been carried out by analyzing the strategies developed within the European Union framework for the reinforcement of the industry. In the PEST analysis all factors influencing the industry have been demonstrated. A reference to the investor’s vision is shown in chapter 2 of the Feasibility Study. In chapter 3 a description of the location for the investment is being demonstrated. The location is Vouliagmeni Lake in the prefecture of Loutraki in Korinthos, Peloponnese. Chapter 4 discusses in detail the industry of coastal-marine tourism market with references to the administrative structure and the main features that constitute this prefecture a developing one. A definition of the target group population also takes place, an analysis of the strengths, weaknesses, opportunities and threats (SWOT analysis) and lastly a competition analysis. Chapter 5 analyzes the technical characteristics of the investment. In the last chapter of the feasibility study the reader can find the financial analysis of the investment with references to the capital costs required and the profits generated in a threeyear basis. In order to examine the appropriateness and viability of the investment, the Internal Rate of Return (54%) has been applied in comparison to the Weighted Average Cost of Capital (13.54%). Both cases certify the attractiveness of the investment. Finally, in order to examine the positive value creation of the investment, the Economic Value Added Index (EVA) has been applied and showed a positive value creation equal to 12.460 approximately. In conclusion, investing in a Blue Ocean Strategy market, namely the first Wake Board Cable Park in Greece, gives high Returns and profit to the investor as in almost every case of investing in a Blue Ocean Strategy Market.