Canterbury - Ministry of Agriculture and

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Canterbury - Ministry of Agriculture and Powered By Docstoc
					                                                  2002/03                           2003/04f
                                                     $                                 $
                                        Whole             per     per     Whole             per     per
                                         farm            cow    kgMS       farm            cow    kgMS
Revenue
Milksolids                             805,000       1,456       3.68    808,100       1,379       3.51
Cattle                                  75,000           136     0.34     74,200           127     0.32
Grazing income                               0             0     0.00          0             0     0.00
Other farm income                        6,500            12     0.03      6,500            11     0.03
Less:
Cattle purchases                         5,400            10     0.02      4,800             8     0.02

Gross Farm Revenue                     881,100       1,593       4.03    884,000       1,509       3.84

Cash Farm Expenditure                  598,600       1,082       2.74    568,300           970     2.47
Interest                               142,300         257       0.65    159,800           273     0.69
Rent &/or leases                        14,000          25       0.06     17,500            30     0.08

Cash Farm Surplus                      126,200           228     0.58    138,400           236     0.60
Stock value adjustment                  23,800            43     0.11      8,400            14     0.04
Minus depreciation                      46,000            83     0.21     45,000            77     0.20

Net Trading Profit                     104,000           188     0.48    101,800           174     0.44

Taxation                                28,800            52     0.13     24,500            42     0.11

Net Trading Profit after Tax            75,200           136     0.34     77,300           132     0.34

Allocation of Funds
add back Depreciation                   46,000            83     0.21     45,000            77     0.20
Reverse stock value adjustment         -23,800           -43    -0.11     -8,400           -14    -0.04
Drawings                                66,000           119     0.30     61,400           105     0.27
Principal repayments                    37,600            68     0.17     40,000            68     0.17
Development                             72,000           130     0.33     34,300            59     0.15
Capital purchases                      150,000           271     0.69    127,000           217     0.55

Disposable Surplus/Deficit             -228,200          -413   -1.04    -148,800          -254   -0.65

Other Cash Sources
New borrowing                          150,000           271     0.69    148,000           253     0.64
Off-farm income                          3,000             5     0.01          0             0     0.00
Other cash income                            0             0     0.00          0             0     0.00

Net Cash Change                         -75,200          -136   -0.34       -800             -1    0.00

Assets and Liabilities
Farm, forest and building (Opening)   3,000,000      5,425      13.71   3,200,000      5,461      13.89
Dairy company shares (Opening)          900,000      1,627       4.11   1,144,500      1,953       4.97
Plant and machinery (Opening)           180,000        325       0.82     180,000        307       0.78
Stock valuation (Opening)               522,500        945       2.39     546,300        932       2.37
Total Farm Capital                    4,602,500      8,323      21.03   5,070,800      8,653      22.01
Total Debt Opening                    1,695,000      3,065       7.75   1,843,000      3,145       8.00

Equity (Farm Assets-Liabilities)      2,907,500      5,258      13.29   3,227,800      5,508      14.01
Canterbury Dairy Model
                                                      2002/03                          2003/04f
                                                         $                                $
                                             Whole        per        per      Whole         per       per
                                              farm       cow       kgMS        farm        cow      kgMS
Farm Working Expenses
Permanent wages                              97,200          176    0.44      99,670          170    0.43
Casual wages                                  4,400           8     0.02       3,630           6     0.02
ACC                                           7,500          14     0.03       6,800          12     0.03
Agricultural contracting                          0           0     0.00           0           0     0.00
Animal health                                35,800          65     0.16      35,800          61     0.16
Breeding                                     17,440          32     0.08      16,900          29     0.07
Dairy shed exp                               11,500          21     0.05      11,200          19     0.05
Electricity                                  34,800          63     0.16      34,800          59     0.15
Feed (hay & silage)                          73,660          133    0.34      63,900          109    0.28
Feed (grazing)                               65,000          118    0.30      64,000          109    0.28
Feed (other)                                 21,000          38     0.10      19,000          32     0.08
Farm forestry costs                               0           0     0.00           0           0     0.00
Fertiliser                                   86,400          156    0.39      82,800          141    0.36
Lime                                          3,000           5     0.01       3,000           5     0.01
Freight (not elsewhere deducted)              5,000           9     0.02       4,200           7     0.02
Regrassing costs                              7,500          14     0.03       5,700          10     0.02
Weed & pest control                           5,200           9     0.02       4,200           7     0.02
Fuel                                         10,900          20     0.05      10,900          19     0.05
Vehicle costs (excl fuel)                    16,400          30     0.07      17,100          29     0.07
Repairs and maintenance                      47,450          86     0.22      38,000          65     0.16
Rates                                         9,650          17     0.04       9,650          16     0.04
Water charges (irrigation)                    6,250          11     0.03       6,900          12     0.03
Communication costs (phone & mail)            2,750           5     0.01       2,750           5     0.01
Insurance                                     6,700          12     0.03       6,700          11     0.03
Accountancy                                   1,800           3     0.01       1,800           3     0.01
Legal & consultancy                           1,900           3     0.01       1,600           3     0.01
Other admin                                   7,950          14     0.04       7,500          13     0.03
Other expenditure                            11,450          21     0.05       9,800          17     0.04
Cash Farm Expenditure                       598,600     1,082       2.74     568,300          970    2.47


Calculated Ratios
Economic Farm Surplus (or EBIT)             185,300          335    0.85     204,100          348    0.89
Cash Farm Exp/GFR                              68%                              64%
EFS/Total farm capital                         4.0%                             4.0%
EFS less interest & lease/Equity               1.0%                             0.8%
Interest+rent+lease/GFR                      17.7%                            20.1%
EFS/GFR                                      21.0%                            23.1%


Economic Farm Surplus (EFS) is calculated as follows:
Gross Revenue+Change in Livestock Value-Farm Working Expenses-Depreciation-Wages of Management
              Wages of Management = $31,000           + 1% of Opening Total Farm Capital

				
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