13 Time Series Tables: 50:50 Sharemilkers

Table 13.1: Cash Operating Surplus and Operating Profit - $ per farm

	2010-11	2011-12	2012-13	2013-14	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20
PHYSICAL CHARACTERISTICS:
Number of herds	100	96	92	114	111	109	113	108	122	124
Effective hectares	136.7	136.8	137.9	128.0	132.0	133.3	132.0	137.2	151.3	144.1
Peak cows milked	388	388	394	367	383	379	372	391	452	431
Stocking rate (cows/ha)	2.8	2.8	2.9	2.9	2.9	2.8	2.8	2.8	3.0	3.0
Kg milksolids sold	134,651	146,745	141,062	138,532	151,044	144,587	143,685	147,143	184,909	175,656
Milksolids sold per hectare	985	1,073	1,023	1,082	1,144	1,085	1,089	1,072	1,222	1,219
Milksolids sold per cow	347	378	358	377	394	381	386	376	410	408
PAYOUT RECEIVED: $/kg MS sold	3.63	3.34	3.13	3.76	2.88	1.88	2.82	3.21	3.17	3.45
DAIRY CASH INCOME $:
Milk sales (net of dairy levies)	488,379	489,513	441,112	520,870	434,377	272,370	405,691	472,702	586,337	606,847
Net livestock sales (sales - purchases)	33,805	56,522	8,419	13,423	54,333	35,783	60,598	50,428	75,931	60,008
Other dairy cash income	5,149	5,206	2,844	3,407	2,381	3,368	2,419	2,321	2,332	3,280
Net dairy cash income	527,333	551,241	452,375	537,700	491,091	311,521	468,708	525,451	664,600	670,136
CASH FARM WORKING EXPENSES:
Wages	48,112	51,719	57,928	51,400	52,915	48,799	51,624	61,841	82,680	76,511
Animal health	31,820	33,464	32,842	34,651	35,418	28,668	31,232	34,238	43,264	41,198
Breeding & herd improvement	17,663	19,251	21,195	20,468	22,026	20,299	20,065	24,196	30,219	29,137
Farm dairy	6,369	6,386	6,077	6,631	6,653	6,629	6,886	7,538	8,922	9,415
Electricity	12,884	13,868	13,765	14,439	15,840	15,435	15,505	15,362	18,649	18,121
Net feed made, purchased, cropped	60,080	62,553	70,461	74,677	77,650	53,410	55,474	72,032	93,630	93,405
Stock grazing	35,791	29,714	30,296	39,026	50,175	42,034	34,075	46,703	60,678	58,204
Support block lease	2,997	2,971	5,199	1,308	1,403	2,206	1,834	1,666	1,380	2,840
Fertiliser (incl Nitrogen)	22,083	24,548	22,666	20,377	21,454	18,608	18,616	21,151	25,577	27,222
Irrigation	1,108	655	933	1,778	2,135	3,991	2,462	2,043	5,126	6,117
Regrassing	3,314	3,256	2,388	2,821	2,560	2,502	2,442	3,026	4,270	3,428
Weed & pest	1,425	1,616	1,534	1,392	1,582	1,383	1,948	1,869	1,940	2,049
Vehicles & fuel	24,795	25,313	26,602	25,153	23,726	20,049	22,926	24,851	28,739	27,432
Repairs & maintenance	9,808	11,617	9,703	12,113	10,305	9,029	10,234	11,702	12,710	11,632
Freight & general	6,571	6,420	8,502	8,892	8,661	6,782	6,600	7,871	8,008	9,305
Administration	11,034	11,656	12,014	12,063	12,413	11,778	11,542	11,785	15,718	15,081
Insurance	3,199	4,093	4,379	4,016	4,255	4,906	4,254	4,970	5,351	5,614
ACC	3,388	5,357	4,169	3,914	3,248	3,054	2,937	2,982	3,918	2,399
Rates	866	1,025	987	623	1,253	526	512	302	549	656
Farm working expenses	303,307	315,482	331,640	335,742	353,672	300,088	301,168	356,128	451,327	439,763
Cash operating surplus	224,026	235,759	120,735	201,958	137,419	11,433	167,540	169,323	213,273	230,372
ADJUSTMENTS:
Plus value of change in dairy livestock	40,245	27,593	80,132	70,394	32,000	30,838	16,893	32,946	8,193	31,018
Less labour adjustment	74,092	76,757	74,703	68,733	77,508	73,553	72,041	80,608	80,071	82,559
Plus feed inventory adjustment	912	3,819	−441	1,573	176	1,708	−486	1,860	2,496	−41
Less owned support block adjustment	2,218	1,217	3,315	685	1,245	695	508	251	299	479
Less depreciation	21,960	22,024	23,266	21,798	25,243	23,409	19,521	24,700	26,415	27,018
Net adjustments	−57,113	−68,586	−21,593	−19,249	−71,820	−65,111	−75,663	−70,753	−96,096	−79,079
OPERATING CASH & NON-CASH:
Dairy gross farm revenue	567,578	578,834	532,507	608,094	523,091	342,359	485,601	558,397	672,793	701,154
Dairy operating expenses	400,665	411,661	433,365	425,385	457,492	396,037	393,724	459,827	555,616	549,861
Dairy operating profit	166,913	167,173	99,142	182,709	65,599	−53,678	91,877	98,570	117,177	151,293
Dairy operating profit per ha	1,221	1,222	719	1,427	497	−403	696	718	775	1,050

Table 13.2: Cash Operating Surplus and Operating Profit - $ per cow

	2010-11	2011-12	2012-13	2013-14	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20
PHYSICAL CHARACTERISTICS:
Number of herds	100	96	92	114	111	109	113	108	122	124
Effective hectares	136.7	136.8	137.9	128.0	132.0	133.3	132.0	137.2	151.3	144.1
Peak cows milked	388	388	394	367	383	379	372	391	452	431
Stocking rate (cows/ha)	2.8	2.8	2.9	2.9	2.9	2.8	2.8	2.8	3.0	3.0
Kg milksolids sold	134,651	146,745	141,062	138,532	151,044	144,587	143,685	147,143	184,909	175,656
Milksolids sold per hectare	985	1,073	1,023	1,082	1,144	1,085	1,089	1,072	1,222	1,219
Milksolids sold per cow	347	378	358	377	394	381	386	376	410	408
PAYOUT RECEIVED: $/kg MS sold	3.63	3.34	3.13	3.76	2.88	1.88	2.82	3.21	3.17	3.45
DAIRY CASH INCOME $:
Milk sales (net of dairy levies)	1,259	1,262	1,120	1,419	1,134	719	1,091	1,209	1,299	1,408
Net livestock sales (sales - purchases)	87	146	21	37	142	94	163	129	168	139
Other dairy cash income	13	13	7	9	6	9	7	6	5	8
Net dairy cash income	1,359	1,421	1,148	1,465	1,282	822	1,260	1,344	1,472	1,555
CASH FARM WORKING EXPENSES:
Wages	124	133	147	140	138	129	139	158	183	178
Animal health	82	86	83	94	92	76	84	88	96	96
Breeding & herd improvement	46	50	54	56	58	54	54	62	67	68
Farm dairy	16	16	15	18	17	17	19	19	20	22
Electricity	33	36	35	39	41	41	42	39	41	42
Net feed made, purchased, cropped	155	161	179	203	203	141	149	184	207	217
Stock grazing	92	77	77	106	131	111	92	119	134	135
Support block lease	8	8	13	4	4	6	5	4	3	7
Fertiliser (incl Nitrogen)	57	63	58	56	56	49	50	54	57	63
Irrigation	3	2	2	5	6	11	7	5	11	14
Regrassing	9	8	6	8	7	7	7	8	9	8
Weed & pest	4	4	4	4	4	4	5	5	4	5
Vehicles & fuel	64	65	68	69	62	53	62	64	64	64
Repairs & maintenance	25	30	25	33	27	24	28	30	28	27
Freight & general	17	17	22	24	23	18	18	20	18	22
Administration	28	30	30	33	32	31	31	30	35	35
Insurance	8	11	11	11	11	13	11	13	12	13
ACC	9	14	11	11	8	8	8	8	9	6
Rates	2	3	3	2	3	1	1	1	1	2
Farm working expenses	782	813	842	915	923	792	810	911	1,000	1,021
Cash operating surplus	577	608	306	550	359	30	450	433	472	535
ADJUSTMENTS:
Plus value of change in dairy livestock	104	71	203	192	84	81	45	84	18	72
Less labour adjustment	191	198	190	187	202	194	194	206	177	192
Plus feed inventory adjustment	2	10	−1	4	0	5	−1	5	6	−0
Less owned support block adjustment	6	3	8	2	3	2	1	1	1	1
Less depreciation	57	57	59	59	66	62	52	63	59	63
Net adjustments	−147	−177	−55	−52	−188	−172	−203	−181	−213	−184
OPERATING CASH & NON-CASH:
Dairy gross farm revenue	1,463	1,492	1,352	1,657	1,366	903	1,305	1,428	1,490	1,627
Dairy operating expenses	1,033	1,061	1,100	1,159	1,194	1,045	1,058	1,176	1,231	1,276
Dairy operating profit	430	431	252	498	171	−142	247	252	260	351

Table 13.3: Cash Operating Surplus and Operating Profit - $ per effective hectare

	2010-11	2011-12	2012-13	2013-14	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20
PHYSICAL CHARACTERISTICS:
Number of herds	100	96	92	114	111	109	113	108	122	124
Effective hectares	136.7	136.8	137.9	128.0	132.0	133.3	132.0	137.2	151.3	144.1
Peak cows milked	388	388	394	367	383	379	372	391	452	431
Stocking rate (cows/ha)	2.8	2.8	2.9	2.9	2.9	2.8	2.8	2.8	3.0	3.0
Kg milksolids sold	134,651	146,745	141,062	138,532	151,044	144,587	143,685	147,143	184,909	175,656
Milksolids sold per hectare	985	1,073	1,023	1,082	1,144	1,085	1,089	1,072	1,222	1,219
Milksolids sold per cow	347	378	358	377	394	381	386	376	410	408
PAYOUT RECEIVED: $/kg MS sold	3.63	3.34	3.13	3.76	2.88	1.88	2.82	3.21	3.17	3.45
DAIRY CASH INCOME $:
Milk sales (net of dairy levies)	3,573	3,578	3,199	4,069	3,291	2,043	3,073	3,445	3,876	4,210
Net livestock sales (sales - purchases)	247	413	61	105	412	268	459	368	502	416
Other dairy cash income	38	38	21	27	18	25	18	17	15	23
Net dairy cash income	3,858	4,030	3,280	4,201	3,720	2,337	3,551	3,830	4,393	4,649
CASH FARM WORKING EXPENSES:
Wages	352	378	420	402	401	366	391	451	547	531
Animal health	233	245	238	271	268	215	237	250	286	286
Breeding & herd improvement	129	141	154	160	167	152	152	176	200	202
Farm dairy	47	47	44	52	50	50	52	55	59	65
Electricity	94	101	100	113	120	116	117	112	123	126
Net feed made, purchased, cropped	440	457	511	583	588	401	420	525	619	648
Stock grazing	262	217	220	305	380	315	258	340	401	404
Support block lease	22	22	38	10	11	17	14	12	9	20
Fertiliser (incl Nitrogen)	162	179	164	159	163	140	141	154	169	189
Irrigation	8	5	7	14	16	30	19	15	34	42
Regrassing	24	24	17	22	19	19	18	22	28	24
Weed & pest	10	12	11	11	12	10	15	14	13	14
Vehicles & fuel	181	185	193	197	180	150	174	181	190	190
Repairs & maintenance	72	85	70	95	78	68	78	85	84	81
Freight & general	48	47	62	69	66	51	50	57	53	65
Administration	81	85	87	94	94	88	87	86	104	105
Insurance	23	30	32	31	32	37	32	36	35	39
ACC	25	39	30	31	25	23	22	22	26	17
Rates	6	7	7	5	9	4	4	2	4	5
Farm working expenses	2,219	2,306	2,405	2,623	2,679	2,251	2,282	2,596	2,983	3,051
Cash operating surplus	1,639	1,723	876	1,578	1,041	86	1,269	1,234	1,410	1,598
ADJUSTMENTS:
Plus value of change in dairy livestock	294	202	581	550	242	231	128	240	54	215
Less labour adjustment	542	561	542	537	587	552	546	588	529	573
Plus feed inventory adjustment	7	28	−3	12	1	13	−4	14	16	−0
Less owned support block adjustment	16	9	24	5	9	5	4	2	2	3
Less depreciation	161	161	169	170	191	176	148	180	175	187
Net adjustments	−418	−501	−157	−150	−544	−488	−573	−516	−635	−549
OPERATING CASH & NON-CASH:
Dairy gross farm revenue	4,152	4,231	3,862	4,751	3,963	2,568	3,679	4,070	4,447	4,864
Dairy operating expenses	2,931	3,009	3,143	3,323	3,466	2,971	2,983	3,352	3,673	3,815
Dairy operating profit	1,221	1,222	719	1,427	497	−403	696	718	775	1,050

Table 13.4: Cash Operating Surplus and Operating Profit - $ per milksolid sold

	2010-11	2011-12	2012-13	2013-14	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20
PHYSICAL CHARACTERISTICS:
Number of herds	100	96	92	114	111	109	113	108	122	124
Effective hectares	136.7	136.8	137.9	128.0	132.0	133.3	132.0	137.2	151.3	144.1
Peak cows milked	388	388	394	367	383	379	372	391	452	431
Stocking rate (cows/ha)	2.8	2.8	2.9	2.9	2.9	2.8	2.8	2.8	3.0	3.0
Kg milksolids sold	134,651	146,745	141,062	138,532	151,044	144,587	143,685	147,143	184,909	175,656
Milksolids sold per hectare	985	1,073	1,023	1,082	1,144	1,085	1,089	1,072	1,222	1,219
Milksolids sold per cow	347	378	358	377	394	381	386	376	410	408
PAYOUT RECEIVED: $/kg MS sold	3.63	3.34	3.13	3.76	2.88	1.88	2.82	3.21	3.17	3.45
DAIRY CASH INCOME $:
Milk sales (net of dairy levies)	3.63	3.34	3.13	3.76	2.88	1.88	2.82	3.21	3.17	3.45
Net livestock sales (sales - purchases)	0.25	0.39	0.06	0.10	0.36	0.25	0.42	0.34	0.41	0.34
Other dairy cash income	0.04	0.04	0.02	0.02	0.02	0.02	0.02	0.02	0.01	0.02
Net dairy cash income	3.92	3.76	3.21	3.88	3.25	2.15	3.26	3.57	3.59	3.82
CASH FARM WORKING EXPENSES:
Wages	0.36	0.35	0.41	0.37	0.35	0.34	0.36	0.42	0.45	0.44
Animal health	0.24	0.23	0.23	0.25	0.23	0.20	0.22	0.23	0.23	0.23
Breeding & herd improvement	0.13	0.13	0.15	0.15	0.15	0.14	0.14	0.16	0.16	0.17
Farm dairy	0.05	0.04	0.04	0.05	0.04	0.05	0.05	0.05	0.05	0.05
Electricity	0.10	0.09	0.10	0.10	0.10	0.11	0.11	0.10	0.10	0.10
Net feed made, purchased, cropped	0.45	0.43	0.50	0.54	0.51	0.37	0.39	0.49	0.51	0.53
Stock grazing	0.27	0.20	0.21	0.28	0.33	0.29	0.24	0.32	0.33	0.33
Support block lease	0.02	0.02	0.04	0.01	0.01	0.02	0.01	0.01	0.01	0.02
Fertiliser (incl Nitrogen)	0.16	0.17	0.16	0.15	0.14	0.13	0.13	0.14	0.14	0.15
Irrigation	0.01	0.00	0.01	0.01	0.01	0.03	0.02	0.01	0.03	0.03
Regrassing	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Weed & pest	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Vehicles & fuel	0.18	0.17	0.19	0.18	0.16	0.14	0.16	0.17	0.16	0.16
Repairs & maintenance	0.07	0.08	0.07	0.09	0.07	0.06	0.07	0.08	0.07	0.07
Freight & general	0.05	0.04	0.06	0.06	0.06	0.05	0.05	0.05	0.04	0.05
Administration	0.08	0.08	0.09	0.09	0.08	0.08	0.08	0.08	0.09	0.09
Insurance	0.02	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03
ACC	0.03	0.04	0.03	0.03	0.02	0.02	0.02	0.02	0.02	0.01
Rates	0.01	0.01	0.01	0.00	0.01	0.00	0.00	0.00	0.00	0.00
Farm working expenses	2.25	2.15	2.35	2.42	2.34	2.08	2.10	2.42	2.44	2.50
Cash operating surplus	1.66	1.61	0.86	1.46	0.91	0.08	1.17	1.15	1.15	1.31
ADJUSTMENTS:
Plus value of change in dairy livestock	0.30	0.19	0.57	0.51	0.21	0.21	0.12	0.22	0.04	0.18
Less labour adjustment	0.55	0.52	0.53	0.50	0.51	0.51	0.50	0.55	0.43	0.47
Plus feed inventory adjustment	0.01	0.03	−0.00	0.01	0.00	0.01	−0.00	0.01	0.01	−0.00
Less owned support block adjustment	0.02	0.01	0.02	0.00	0.01	0.00	0.00	0.00	0.00	0.00
Less depreciation	0.16	0.15	0.16	0.16	0.17	0.16	0.14	0.17	0.14	0.15
Net adjustments	−0.42	−0.47	−0.15	−0.14	−0.48	−0.45	−0.53	−0.48	−0.52	−0.45
OPERATING CASH & NON-CASH:
Dairy gross farm revenue	4.22	3.94	3.77	4.39	3.46	2.37	3.38	3.79	3.64	3.99
Dairy operating expenses	2.98	2.81	3.07	3.07	3.03	2.74	2.74	3.13	3.00	3.13
Dairy operating profit	1.24	1.14	0.70	1.32	0.43	−0.37	0.64	0.67	0.63	0.86

Table 13.5: Cashflow

	2010-11	2011-12	2012-13	2013-14	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20
PHYSICAL CHARACTERISTICS:
Number of herds	100	96	92	114	111	109	113	108	122	124
Effective hectares	136.7	136.8	137.9	128.0	132.0	133.3	132.0	137.2	151.3	144.1
Peak cows milked	388	388	394	367	383	379	372	391	452	431
Stocking rate (cows/ha)	2.8	2.8	2.9	2.9	2.9	2.8	2.8	2.8	3.0	3.0
Kg milksolids sold	134,651	146,745	141,062	138,532	151,044	144,587	143,685	147,143	184,909	175,656
Milksolids sold per hectare	985	1,073	1,023	1,082	1,144	1,085	1,089	1,072	1,222	1,219
Milksolids sold per cow	347	378	358	377	394	381	386	376	410	408
PAYOUT RECEIVED: $/kg MS sold	3.63	3.34	3.13	3.76	2.88	1.88	2.82	3.21	3.17	3.45
CASHFLOW
Net dairy cash income	527,333	551,241	452,375	537,700	491,091	311,521	468,708	525,451	664,600	670,136
Farm working expenses	303,307	315,482	331,640	335,742	353,672	300,088	301,168	356,128	451,327	439,763
Cash operating surplus	224,026	235,759	120,735	201,958	137,419	11,433	167,540	169,323	213,273	230,372
DISCRETIONARY CASH
Less rent (excl support block)	2,111	3,450	4,385	3,401	5,154	1,407	1,047	2,320	827	1,220
Less interest	44,577	34,423	33,043	34,599	31,805	37,949	34,629	31,626	36,976	27,516
Less tax	23,930	31,344	27,351	29,237	25,101	5,492	6,220	24,199	30,109	39,336
Plus net non-dairy cash income	2,645	1,458	139	2,036	2,511	2,243	1,798	1,996	2,659	−1,380
Discretionary cash	156,053	168,000	56,095	136,757	77,870	−31,172	127,442	113,174	148,021	171,895
OTHER CASH INCOME
Plus net off-farm income	5,508	3,753	4,244	3,989	3,817	4,546	2,281	4,071	5,230	10,975
Plus introduced funds	8,612	11,331	8,480	13,155	24,197	26,601	12,583	14,806	−19,006	−10,255
Plus income equalisation	519	−379	4,325	−2,621	−6,091	5,707	1,412	0	470	0
Cash available for living and growth	170,692	182,705	73,144	151,280	99,793	5,682	143,718	132,051	134,715	161,640
OTHER CASH EXPENDITURE
Less net capital transactions	27,519	48,945	70,590	60,379	89,030	26,407	36,654	49,540	113,811	57,631
less net debt	58,537	56,442	−40,067	−973	−50,721	37,011	17,644	20,730	−33,643	8,192
less net drawings	67,893	75,857	72,999	72,813	83,335	56,461	57,721	74,517	67,169	65,458
Cash surplus/deficit	16,743	1,461	−30,378	19,061	−21,851	−114,197	31,699	−12,736	−12,622	41,334
CASHFLOW PER KG MILKSOLIDS SOLD
Net dairy cash income	3.92	3.76	3.21	3.88	3.25	2.15	3.26	3.57	3.59	3.82
Farm working expenses	2.25	2.15	2.35	2.42	2.34	2.08	2.10	2.42	2.44	2.50
Cash operating surplus	1.66	1.61	0.86	1.46	0.91	0.08	1.17	1.15	1.15	1.31
DISCRETIONARY CASH PER KG MILKSOLIDS SOLD
Less rent (excl support block)	0.02	0.02	0.03	0.02	0.03	0.01	0.01	0.02	0.00	0.01
Less interest	0.33	0.23	0.23	0.25	0.21	0.26	0.24	0.21	0.20	0.16
Less tax	0.18	0.21	0.19	0.21	0.17	0.04	0.04	0.16	0.16	0.22
Plus net non-dairy cash income	0.02	0.01	0.00	0.01	0.02	0.02	0.01	0.01	0.01	−0.01
Discretionary cash	1.16	1.14	0.40	0.99	0.52	−0.22	0.89	0.77	0.80	0.98
OTHER CASH INCOME PER KG MILKSOLIDS SOLD
Plus net off-farm income	0.04	0.03	0.03	0.03	0.03	0.03	0.02	0.03	0.03	0.06
Plus introduced funds	0.06	0.08	0.06	0.09	0.16	0.18	0.09	0.10	−0.10	−0.06
Plus income equalisation	0.00	−0.00	0.03	−0.02	−0.04	0.04	0.01	0.00	0.00	0.00
Cash available for living and growth	1.27	1.25	0.52	1.09	0.66	0.04	1.00	0.90	0.73	0.92
OTHER CASH EXPENDITURE PER KG MILKSOLIDS SOLD
Less net capital transactions	0.20	0.33	0.50	0.44	0.59	0.18	0.26	0.34	0.62	0.33
Less net debt	0.43	0.38	−0.28	−0.01	−0.34	0.26	0.12	0.14	−0.18	0.05
Less net drawings	0.50	0.52	0.52	0.53	0.55	0.39	0.40	0.51	0.36	0.37
Cash surplus/deficit	0.12	0.01	−0.22	0.14	−0.14	−0.79	0.22	−0.09	−0.07	0.24

Table 13.6: Capital Structure and Wealth Creation

	2010-11	2011-12	2012-13	2013-14	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20
PHYSICAL CHARACTERISTICS:
Number of herds	100	96	92	114	111	109	113	108	122	124
Effective hectares	136.7	136.8	137.9	128.0	132.0	133.3	132.0	137.2	151.3	144.1
Peak cows milked	388	388	394	367	383	379	372	391	452	431
Stocking rate (cows/ha)	2.8	2.8	2.9	2.9	2.9	2.8	2.8	2.8	3.0	3.0
Kg milksolids sold	134,651	146,745	141,062	138,532	151,044	144,587	143,685	147,143	184,909	175,656
Milksolids sold per hectare	985	1,073	1,023	1,082	1,144	1,085	1,089	1,072	1,222	1,219
Milksolids sold per cow	347	378	358	377	394	381	386	376	410	408
PAYOUT RECEIVED: $/kg MS sold	3.63	3.34	3.13	3.76	2.88	1.88	2.82	3.21	3.17	3.45
DAIRY ASSETS at OPEN
Land & buildings	105,003	28,567	86,836	15,098	30,040	11,402	18,684	11,326	4,691	12,128
Plant, machinery and vehicles	95,481	106,678	117,383	108,099	126,212	125,820	117,301	128,521	140,793	137,363
Livestock	598,372	788,495	948,782	763,980	845,693	691,128	569,288	691,303	790,098	731,432
Investments (excl non-dairy)	13,340	12,004	12,323	9,835	14,950	7,629	15,904	7,852	5,442	15,611
Current assets	82,002	118,029	106,625	82,670	138,435	103,524	46,993	95,392	116,653	93,939
Total dairy assets at open	894,198	1,053,773	1,271,949	979,682	1,155,330	939,503	768,170	934,394	1,057,677	990,474
Plus non-dairy assets	112,936	139,545	111,848	148,952	126,234	152,207	195,254	136,930	177,130	298,734
Total assets	1,007,134	1,193,318	1,383,797	1,128,634	1,281,564	1,091,710	963,424	1,071,324	1,234,807	1,289,208
LIABILITIES at OPEN
Term liabilities	594,089	510,469	473,652	513,263	456,746	552,001	599,319	581,994	665,150	569,206
Current liabilities	77,308	101,391	96,334	97,513	88,015	95,703	89,844	73,944	107,777	104,477
Total liabilities	671,397	611,860	569,986	610,776	544,761	647,704	689,163	655,938	772,928	673,683
Owners equity at open	335,737	581,458	813,811	517,858	736,803	444,006	274,261	415,386	461,880	615,525
DAIRY ASSETS at CLOSE
Land & buildings	103,473	28,759	95,068	15,631	45,015	10,361	19,483	11,326	14,637	31,423
Plant, machinery and vehicles	106,965	126,654	129,332	132,115	126,025	121,846	125,203	140,605	141,864	142,025
Livestock	827,120	985,447	887,135	870,676	731,576	594,679	734,331	667,438	787,504	766,899
Investments (excl non-dairy)	14,062	17,438	13,086	11,543	17,568	7,796	23,409	8,439	10,920	16,278
Current assets	105,744	117,026	83,659	115,486	114,664	87,303	69,448	98,324	92,277	112,605
Total dairy assets at close	1,157,364	1,275,324	1,208,280	1,145,451	1,034,848	821,985	971,874	926,132	1,047,203	1,069,230
plus Non-dairy assets	107,949	136,933	144,476	165,597	172,672	163,079	203,511	146,603	245,321	298,988
Total assets	1,265,313	1,412,257	1,352,756	1,311,048	1,207,520	985,064	1,175,385	1,072,735	1,292,524	1,368,218
LIABILITIES at CLOSE
Term liabilities	535,552	454,027	513,719	514,236	507,467	589,012	581,675	561,264	698,793	561,014
Current liabilities	84,307	98,927	103,746	111,268	86,095	119,657	80,600	89,612	97,455	94,284
Total liabilities	619,859	552,954	617,465	625,504	593,562	708,669	662,275	650,876	796,248	655,298
Owners equity at close	645,454	859,303	735,291	685,544	613,958	276,395	513,110	421,859	496,276	712,919
EQUITY
Growth in equity	309,717	277,845	−78,520	167,686	−122,845	−167,611	238,849	6,473	34,397	97,394
Growth in equity from profit	112,617	104,473	43,782	118,099	4,979	−73,991	69,859	53,694	70,311	112,985
Growth in equity from capital	197,100	173,372	−122,302	49,587	−127,824	−93,620	168,990	−47,221	−35,914	−15,536
Growth in equity %	92.2%	47.8%	−9.6%	32.4%	−16.7%	−37.7%	87.1%	1.6%	7.4%	15.8%
Closing debt to asset %	44.3%	33.7%	42.1%	42.7%	43.8%	69.2%	53.6%	56.7%	61.6%	47.9%
Closing term liabilities per kg MS	3.98	3.09	3.64	3.71	3.36	4.07	4.05	3.81	3.78	3.19

Table 13.7: Returns

	2010-11	2011-12	2012-13	2013-14	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20
PHYSICAL CHARACTERISTICS:
Number of herds	100	96	92	114	111	109	113	108	122	124
Effective hectares	136.7	136.8	137.9	128.0	132.0	133.3	132.0	137.2	151.3	144.1
Peak cows milked	388	388	394	367	383	379	372	391	452	431
Stocking rate (cows/ha)	2.8	2.8	2.9	2.9	2.9	2.8	2.8	2.8	3.0	3.0
Kg milksolids sold	134,651	146,745	141,062	138,532	151,044	144,587	143,685	147,143	184,909	175,656
Milksolids sold per hectare	985	1,073	1,023	1,082	1,144	1,085	1,089	1,072	1,222	1,219
Milksolids sold per cow	347	378	358	377	394	381	386	376	410	408
PAYOUT RECEIVED: $/kg MS sold	3.63	3.34	3.13	3.76	2.88	1.88	2.82	3.21	3.17	3.45
RETURN on DAIRY ASSETS %
Dairy operating profit	166,913	167,173	99,142	182,709	65,599	−53,678	91,877	98,570	117,177	151,293
Plus owned support block adjustment	2,218	1,217	3,315	685	1,245	695	508	251	299	479
Less rent	2,111	3,450	4,385	3,401	5,154	1,407	1,047	2,320	827	1,220
Net return from dairy	167,020	164,940	98,072	179,993	61,690	−54,390	91,338	96,501	116,649	150,552
Total dairy assets (less current) at open	812,196	935,744	1,165,324	897,012	1,016,895	835,979	721,177	839,002	941,025	896,535
Operating return on dairy assets %	20.6%	17.6%	8.4%	20.1%	6.1%	−6.5%	12.7%	11.5%	12.4%	16.8%
TOTAL RETURN ON ASSETS %
Net return from dairy	167,020	164,940	98,072	179,993	61,690	−54,390	91,338	96,501	116,649	150,552
Plus change in capital value	166,673	143,404	−158,797	18,825	−171,303	−147,670	135,959	−84,007	82,092	−31,459
Total return	336,256	309,028	−60,280	200,870	−106,942	−199,857	229,684	15,252	201,356	120,302
Total assets (less current) at open	925,132	1,075,289	1,277,172	1,045,964	1,143,129	988,186	916,431	975,932	1,118,155	1,289,208
Total return on assets %	36.3%	28.7%	−4.7%	19.2%	−9.4%	−20.2%	25.1%	1.6%	18.0%	9.3%
TOTAL RETURN ON EQUITY %
Total return	336,256	309,028	−60,280	200,870	−106,942	−199,857	229,684	15,252	201,356	120,302
Plus net off-farm income	5,508	3,753	4,244	3,989	3,817	4,546	2,281	4,071	5,230	10,975
Less interest	44,577	34,423	33,043	34,599	31,805	37,949	34,629	31,626	36,976	27,516
Total return for equity	297,021	278,321	−89,187	170,239	−134,838	−233,264	197,355	−12,206	169,610	103,761
Equity at open	335,737	581,458	813,811	517,858	736,803	444,006	274,261	415,386	461,880	615,525
Total return on equity %	88.5%	47.9%	−11.0%	32.9%	−18.3%	−52.5%	72.0%	−2.9%	36.7%	16.9%