Economic Financial and Dynamic Analysis of the Efficiency of Investment in the Development of the Ornithological Reserve Crana Mlaka

This paper is the result of an analysis of the operations of the Ornithological Reserve Crna Mlaka, which is a result of a tour of the reserve and a conversation with the owner, Ivan Prepolac. The main issue identified in the business operations is the legal restrictions that the entrepreneur encounters, which result in significant additional operational costs. The reserve is owned by Ivan Prepolac and his company IHOR-PARK d.d., which engages in natural freshwater fish farming, as well as hunting and fishing tourism. During the discussion, the owner expressed interest in expanding activities towards tourism offerings, but his primary concern is the financial viability of the investment. This raises the critical question: How can a sustainable and financially viable tourist destination be developed given the existing legal constraints, and how can sufficient funding for further growth and development be secured? Therefore, this paper focuses on the economic-financial and dynamic analysis of investments in developing tourism activities in the Crna Mlaka Ornithological Reserve. These analyses will enable a decision on the investment's profitability by assessing its profitability, liquidity, and efficiency through dynamic analysis.