12 Time Series Tables: Owner Operator

Table 12.1: 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 214 204 217 301 296 279 316 265 260 326
Effective hectares 138.1 140.7 141.0 142.9 145.5 148.1 147.8 151.4 146.0 142.1
Peak cows milked 383 393 397 402 419 418 414 430 424 415
Stocking rate (cows/ha) 2.8 2.8 2.8 2.8 2.9 2.8 2.8 2.8 2.9 2.9
Kg milksolids sold 133,030 147,964 142,089 151,455 160,367 160,270 160,302 161,567 167,189 169,761
Milksolids sold per hectare 963 1,052 1,008 1,060 1,102 1,082 1,085 1,067 1,145 1,194
Milksolids sold per cow 347 376 358 377 383 383 387 376 395 409
PAYOUT RECEIVED: $/kg MS sold 7.36 6.69 6.33 7.69 5.76 3.92 5.79 6.62 6.42 7.05
DAIRY CASH INCOME $:
Milk sales (net of dairy levies) 979,430 990,172 899,388 1,164,274 923,621 628,192 928,944 1,068,927 1,073,346 1,197,023
Net livestock sales (sales - purchases) 51,283 52,637 55,381 57,832 83,804 90,596 79,495 80,967 77,911 82,883
Other dairy cash income 6,341 6,063 7,151 6,338 6,466 5,819 5,633 6,789 6,377 5,836
Net dairy cash income 1,037,054 1,048,872 961,920 1,228,444 1,013,891 724,607 1,014,072 1,156,683 1,157,633 1,285,742
CASH FARM WORKING EXPENSES:
Wages 80,413 88,015 91,013 90,565 97,790 103,689 92,630 106,331 110,011 113,880
Animal health 31,352 31,621 32,944 35,800 36,553 30,906 34,577 37,497 37,958 40,754
Breeding & herd improvement 17,601 17,850 20,267 20,485 23,746 19,702 21,986 25,043 27,336 28,626
Farm dairy 8,184 9,781 10,225 10,068 9,693 7,902 9,636 9,433 9,773 10,804
Electricity 13,754 14,489 16,028 17,342 17,636 17,646 18,352 18,256 18,521 18,818
Net feed made, purchased, cropped 114,290 117,928 124,172 156,489 152,147 118,281 120,103 151,337 167,341 175,287
Stock grazing 48,080 55,505 52,914 53,919 64,319 64,317 58,368 58,254 71,042 72,720
Support block lease 8,881 12,361 12,543 11,519 11,992 12,385 12,322 10,882 9,548 10,371
Fertiliser (incl Nitrogen) 79,692 87,658 81,705 86,711 75,738 66,595 73,964 77,478 77,175 77,691
Irrigation 5,658 4,326 5,807 4,527 9,367 7,987 8,527 8,314 12,833 18,773
Regrassing 8,861 6,696 8,709 10,423 9,776 7,751 9,913 12,503 11,654 12,456
Weed & pest 4,874 5,074 4,714 6,387 5,502 5,561 5,631 5,951 5,299 5,441
Vehicles & fuel 25,686 29,014 30,026 32,423 28,918 26,704 29,220 31,584 30,955 30,230
Repairs & maintenance 46,688 51,664 43,114 62,561 52,240 35,753 46,630 63,665 58,032 61,811
Freight & general 6,739 7,612 7,630 9,030 8,700 8,666 7,755 8,518 7,912 12,330
Administration 15,671 17,080 17,765 17,697 17,680 18,974 17,895 19,675 21,182 24,213
Insurance 7,159 8,042 9,084 9,718 10,773 10,252 10,947 12,635 13,587 13,961
ACC 4,289 5,712 3,937 4,321 4,134 3,690 3,445 3,785 3,750 3,134
Rates 12,597 13,790 14,147 15,873 15,915 16,089 16,761 17,031 17,022 16,979
Farm working expenses 540,469 584,218 586,744 655,858 652,619 582,850 598,662 678,172 710,932 748,282
Cash operating surplus 496,585 464,654 375,176 572,586 361,272 141,757 415,410 478,511 446,701 537,460
ADJUSTMENTS:
Plus value of change in dairy livestock 9,883 20,201 11,428 24,912 2,632 −13,067 9,835 11,378 8,780 7,282
Less labour adjustment 51,797 54,748 55,162 59,309 59,021 56,341 61,154 63,920 62,545 62,011
Plus feed inventory adjustment 3,313 4,782 −2,534 5,340 −210 3,453 2,790 −2,413 3,164 −3,484
Less owned support block adjustment 11,062 13,554 14,601 15,338 14,889 14,126 14,359 16,786 13,143 16,151
Less depreciation 58,898 52,172 56,258 57,383 66,154 62,967 66,295 67,899 68,522 72,265
Net adjustments −108,561 −95,491 −117,127 −101,778 −137,642 −143,048 −129,183 −139,640 −132,266 −146,629
OPERATING CASH & NON-CASH:
Dairy gross farm revenue 1,046,937 1,069,073 973,348 1,253,356 1,016,523 711,540 1,023,907 1,168,061 1,166,413 1,293,024
Dairy operating expenses 658,913 699,910 715,299 782,548 792,893 712,831 737,680 829,190 851,978 902,193
Dairy operating profit 388,024 369,163 258,049 470,808 223,630 −1,291 286,227 338,871 314,435 390,831
Dairy operating profit per ha 2,810 2,624 1,830 3,295 1,537 −9 1,937 2,238 2,154 2,750
Table 12.2: 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 214 204 217 301 296 279 316 265 260 326
Effective hectares 138.1 140.7 141.0 142.9 145.5 148.1 147.8 151.4 146.0 142.1
Peak cows milked 383 393 397 402 419 418 414 430 424 415
Stocking rate (cows/ha) 2.8 2.8 2.8 2.8 2.9 2.8 2.8 2.8 2.9 2.9
Kg milksolids sold 133,030 147,964 142,089 151,455 160,367 160,270 160,302 161,567 167,189 169,761
Milksolids sold per hectare 963 1,052 1,008 1,060 1,102 1,082 1,085 1,067 1,145 1,194
Milksolids sold per cow 347 376 358 377 383 383 387 376 395 409
PAYOUT RECEIVED: $/kg MS sold 7.36 6.69 6.33 7.69 5.76 3.92 5.79 6.62 6.42 7.05
DAIRY CASH INCOME $:
Milk sales (net of dairy levies) 2,557 2,520 2,265 2,896 2,204 1,503 2,244 2,486 2,534 2,886
Net livestock sales (sales - purchases) 134 134 139 144 200 217 192 188 184 200
Other dairy cash income 17 15 18 16 15 14 14 16 15 14
Net dairy cash income 2,708 2,669 2,423 3,056 2,420 1,734 2,449 2,690 2,733 3,100
CASH FARM WORKING EXPENSES:
Wages 210 224 229 225 233 248 224 247 260 275
Animal health 82 80 83 89 87 74 84 87 90 98
Breeding & herd improvement 46 45 51 51 57 47 53 58 65 69
Farm dairy 21 25 26 25 23 19 23 22 23 26
Electricity 36 37 40 43 42 42 44 42 44 45
Net feed made, purchased, cropped 298 300 313 389 363 283 290 352 395 423
Stock grazing 126 141 133 134 154 154 141 135 168 175
Support block lease 23 31 32 29 29 30 30 25 23 25
Fertiliser (incl Nitrogen) 208 223 206 216 181 159 179 180 182 187
Irrigation 15 11 15 11 22 19 21 19 30 45
Regrassing 23 17 22 26 23 19 24 29 28 30
Weed & pest 13 13 12 16 13 13 14 14 13 13
Vehicles & fuel 67 74 76 81 69 64 71 73 73 73
Repairs & maintenance 122 131 109 156 125 86 113 148 137 149
Freight & general 18 19 19 22 21 21 19 20 19 30
Administration 41 43 45 44 42 45 43 46 50 58
Insurance 19 20 23 24 26 25 26 29 32 34
ACC 11 15 10 11 10 9 8 9 9 8
Rates 33 35 36 39 38 38 40 40 40 41
Farm working expenses 1,411 1,487 1,478 1,631 1,558 1,394 1,446 1,577 1,678 1,804
Cash operating surplus 1,297 1,182 945 1,424 862 339 1,003 1,113 1,055 1,296
ADJUSTMENTS:
Plus value of change in dairy livestock 26 51 29 62 6 −31 24 26 21 18
Less labour adjustment 135 139 139 148 141 135 148 149 148 149
Plus feed inventory adjustment 9 12 −6 13 −1 8 7 −6 7 −8
Less owned support block adjustment 29 34 37 38 36 34 35 39 31 39
Less depreciation 154 133 142 143 158 151 160 158 162 174
Net adjustments −283 −243 −295 −253 −329 −342 −312 −325 −312 −353
OPERATING CASH & NON-CASH:
Dairy gross farm revenue 2,734 2,720 2,452 3,118 2,426 1,702 2,473 2,716 2,754 3,117
Dairy operating expenses 1,720 1,781 1,802 1,947 1,892 1,705 1,782 1,928 2,011 2,175
Dairy operating profit 1,013 939 650 1,171 534 −3 691 788 742 942
Table 12.3: 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 214 204 217 301 296 279 316 265 260 326
Effective hectares 138.1 140.7 141.0 142.9 145.5 148.1 147.8 151.4 146.0 142.1
Peak cows milked 383 393 397 402 419 418 414 430 424 415
Stocking rate (cows/ha) 2.8 2.8 2.8 2.8 2.9 2.8 2.8 2.8 2.9 2.9
Kg milksolids sold 133,030 147,964 142,089 151,455 160,367 160,270 160,302 161,567 167,189 169,761
Milksolids sold per hectare 963 1,052 1,008 1,060 1,102 1,082 1,085 1,067 1,145 1,194
Milksolids sold per cow 347 376 358 377 383 383 387 376 395 409
PAYOUT RECEIVED: $/kg MS sold 7.36 6.69 6.33 7.69 5.76 3.92 5.79 6.62 6.42 7.05
DAIRY CASH INCOME $:
Milk sales (net of dairy levies) 7,092 7,037 6,379 8,147 6,348 4,242 6,285 7,060 7,353 8,421
Net livestock sales (sales - purchases) 371 374 393 405 576 612 538 535 534 583
Other dairy cash income 46 43 51 44 44 39 38 45 44 41
Net dairy cash income 7,509 7,455 6,822 8,597 6,968 4,893 6,861 7,640 7,930 9,046
CASH FARM WORKING EXPENSES:
Wages 582 626 645 634 672 700 627 702 754 801
Animal health 227 225 234 251 251 209 234 248 260 287
Breeding & herd improvement 127 127 144 143 163 133 149 165 187 201
Farm dairy 59 70 73 70 67 53 65 62 67 76
Electricity 100 103 114 121 121 119 124 121 127 132
Net feed made, purchased, cropped 828 838 881 1,095 1,046 799 813 1,000 1,146 1,233
Stock grazing 348 394 375 377 442 434 395 385 487 512
Support block lease 64 88 89 81 82 84 83 72 65 73
Fertiliser (incl Nitrogen) 577 623 579 607 521 450 500 512 529 547
Irrigation 41 31 41 32 64 54 58 55 88 132
Regrassing 64 48 62 73 67 52 67 83 80 88
Weed & pest 35 36 33 45 38 38 38 39 36 38
Vehicles & fuel 186 206 213 227 199 180 198 209 212 213
Repairs & maintenance 338 367 306 438 359 241 315 421 398 435
Freight & general 49 54 54 63 60 59 52 56 54 87
Administration 113 121 126 124 122 128 121 130 145 170
Insurance 52 57 64 68 74 69 74 83 93 98
ACC 31 41 28 30 28 25 23 25 26 22
Rates 91 98 100 111 109 109 113 112 117 119
Farm working expenses 3,914 4,152 4,161 4,590 4,485 3,936 4,050 4,479 4,870 5,264
Cash operating surplus 3,596 3,302 2,661 4,007 2,483 957 2,811 3,161 3,060 3,781
ADJUSTMENTS:
Plus value of change in dairy livestock 72 144 81 174 18 −88 67 75 60 51
Less labour adjustment 375 389 391 415 406 380 414 422 428 436
Plus feed inventory adjustment 24 34 −18 37 −1 23 19 −16 22 −25
Less owned support block adjustment 80 96 104 107 102 95 97 111 90 114
Less depreciation 426 371 399 402 455 425 449 448 469 508
Net adjustments −786 −679 −831 −712 −946 −966 −874 −922 −906 −1,032
OPERATING CASH & NON-CASH:
Dairy gross farm revenue 7,581 7,598 6,903 8,771 6,986 4,804 6,928 7,715 7,991 9,097
Dairy operating expenses 4,771 4,974 5,073 5,476 5,449 4,813 4,991 5,477 5,837 6,347
Dairy operating profit 2,810 2,624 1,830 3,295 1,537 −9 1,937 2,238 2,154 2,750
Table 12.4: 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 214 204 217 301 296 279 316 265 260 326
Effective hectares 138.1 140.7 141.0 142.9 145.5 148.1 147.8 151.4 146.0 142.1
Peak cows milked 383 393 397 402 419 418 414 430 424 415
Stocking rate (cows/ha) 2.8 2.8 2.8 2.8 2.9 2.8 2.8 2.8 2.9 2.9
Kg milksolids sold 133,030 147,964 142,089 151,455 160,367 160,270 160,302 161,567 167,189 169,761
Milksolids sold per hectare 963 1,052 1,008 1,060 1,102 1,082 1,085 1,067 1,145 1,194
Milksolids sold per cow 347 376 358 377 383 383 387 376 395 409
PAYOUT RECEIVED: $/kg MS sold 7.36 6.69 6.33 7.69 5.76 3.92 5.79 6.62 6.42 7.05
DAIRY CASH INCOME $:
Milk sales (net of dairy levies) 7.36 6.69 6.33 7.69 5.76 3.92 5.79 6.62 6.42 7.05
Net livestock sales (sales - purchases) 0.39 0.36 0.39 0.38 0.52 0.57 0.50 0.50 0.47 0.49
Other dairy cash income 0.05 0.04 0.05 0.04 0.04 0.04 0.04 0.04 0.04 0.03
Net dairy cash income 7.80 7.09 6.77 8.11 6.32 4.52 6.33 7.16 6.92 7.57
CASH FARM WORKING EXPENSES:
Wages 0.60 0.59 0.64 0.60 0.61 0.65 0.58 0.66 0.66 0.67
Animal health 0.24 0.21 0.23 0.24 0.23 0.19 0.22 0.23 0.23 0.24
Breeding & herd improvement 0.13 0.12 0.14 0.14 0.15 0.12 0.14 0.16 0.16 0.17
Farm dairy 0.06 0.07 0.07 0.07 0.06 0.05 0.06 0.06 0.06 0.06
Electricity 0.10 0.10 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11
Net feed made, purchased, cropped 0.86 0.80 0.87 1.03 0.95 0.74 0.75 0.94 1.00 1.03
Stock grazing 0.36 0.38 0.37 0.36 0.40 0.40 0.36 0.36 0.42 0.43
Support block lease 0.07 0.08 0.09 0.08 0.07 0.08 0.08 0.07 0.06 0.06
Fertiliser (incl Nitrogen) 0.60 0.59 0.58 0.57 0.47 0.42 0.46 0.48 0.46 0.46
Irrigation 0.04 0.03 0.04 0.03 0.06 0.05 0.05 0.05 0.08 0.11
Regrassing 0.07 0.05 0.06 0.07 0.06 0.05 0.06 0.08 0.07 0.07
Weed & pest 0.04 0.03 0.03 0.04 0.03 0.03 0.04 0.04 0.03 0.03
Vehicles & fuel 0.19 0.20 0.21 0.21 0.18 0.17 0.18 0.20 0.19 0.18
Repairs & maintenance 0.35 0.35 0.30 0.41 0.33 0.22 0.29 0.39 0.35 0.36
Freight & general 0.05 0.05 0.05 0.06 0.05 0.05 0.05 0.05 0.05 0.07
Administration 0.12 0.12 0.13 0.12 0.11 0.12 0.11 0.12 0.13 0.14
Insurance 0.05 0.05 0.06 0.06 0.07 0.06 0.07 0.08 0.08 0.08
ACC 0.03 0.04 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02
Rates 0.09 0.09 0.10 0.10 0.10 0.10 0.10 0.11 0.10 0.10
Farm working expenses 4.06 3.95 4.13 4.33 4.07 3.64 3.73 4.20 4.25 4.41
Cash operating surplus 3.73 3.14 2.64 3.78 2.25 0.88 2.59 2.96 2.67 3.17
ADJUSTMENTS:
Plus value of change in dairy livestock 0.07 0.14 0.08 0.16 0.02 −0.08 0.06 0.07 0.05 0.04
Less labour adjustment 0.39 0.37 0.39 0.39 0.37 0.35 0.38 0.40 0.37 0.37
Plus feed inventory adjustment 0.02 0.03 −0.02 0.04 −0.00 0.02 0.02 −0.01 0.02 −0.02
Less owned support block adjustment 0.08 0.09 0.10 0.10 0.09 0.09 0.09 0.10 0.08 0.10
Less depreciation 0.44 0.35 0.40 0.38 0.41 0.39 0.41 0.42 0.41 0.43
Net adjustments −0.82 −0.65 −0.82 −0.67 −0.86 −0.89 −0.81 −0.86 −0.79 −0.86
OPERATING CASH & NON-CASH:
Dairy gross farm revenue 7.87 7.23 6.85 8.28 6.34 4.44 6.39 7.23 6.98 7.62
Dairy operating expenses 4.95 4.73 5.03 5.17 4.94 4.45 4.60 5.13 5.10 5.31
Dairy operating profit 2.92 2.49 1.82 3.11 1.39 −0.01 1.79 2.10 1.88 2.30
Table 12.5: 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 214 204 217 301 296 279 316 265 260 326
Effective hectares 138.1 140.7 141.0 142.9 145.5 148.1 147.8 151.4 146.0 142.1
Peak cows milked 383 393 397 402 419 418 414 430 424 415
Stocking rate (cows/ha) 2.8 2.8 2.8 2.8 2.9 2.8 2.8 2.8 2.9 2.9
Kg milksolids sold 133,030 147,964 142,089 151,455 160,367 160,270 160,302 161,567 167,189 169,761
Milksolids sold per hectare 963 1,052 1,008 1,060 1,102 1,082 1,085 1,067 1,145 1,194
Milksolids sold per cow 347 376 358 377 383 383 387 376 395 409
PAYOUT RECEIVED: $/kg MS sold 7.36 6.69 6.33 7.69 5.76 3.92 5.79 6.62 6.42 7.05
CASHFLOW
Net dairy cash income 1,037,054 1,048,872 961,920 1,228,444 1,013,891 724,607 1,014,072 1,156,683 1,157,633 1,285,742
Farm working expenses 540,469 584,218 586,744 655,858 652,619 582,850 598,662 678,172 710,932 748,282
Cash operating surplus 496,585 464,654 375,176 572,586 361,272 141,757 415,410 478,511 446,701 537,460
DISCRETIONARY CASH
Less rent (excl support block) 20,040 19,374 22,812 23,366 22,250 20,047 19,582 20,703 12,499 17,280
Less interest 184,707 174,518 174,136 171,597 195,984 197,277 197,343 191,459 194,022 172,460
Less tax 36,388 46,816 35,383 58,155 34,078 7,939 16,773 41,532 38,315 52,696
Plus net non-dairy cash income 2,446 790 1,125 2,355 486 904 3,371 6,064 7,040 10,682
Discretionary cash 257,896 224,736 143,970 321,823 109,446 −82,602 185,083 230,881 208,906 318,872
OTHER CASH INCOME
Plus net off-farm income 12,323 11,018 12,427 9,991 12,078 9,238 19,811 18,114 6,670 13,167
Plus introduced funds 6,240 −2,871 40,918 −44,275 28,307 77,696 −24,004 −40,908 −2,774 −18,560
Plus income equalisation −274 −2,004 1,178 −4,756 −9,579 16,765 1,307 40 307 −475
Cash available for living and growth 276,185 230,879 198,493 282,783 140,252 21,097 182,197 208,127 213,109 299,837
OTHER CASH EXPENDITURE
Less net capital transactions 136,393 164,026 185,532 143,703 201,119 76,697 109,749 238,591 207,027 113,522
less net debt 2,991 22,153 −123,346 −10,790 −93,026 −111,777 −75,867 −92,523 −74,133 49,483
less net drawings 97,099 83,781 92,872 116,224 110,437 78,151 82,043 104,334 95,173 92,090
Cash surplus/deficit 39,702 −39,081 43,435 33,646 −78,278 −21,974 66,272 −42,275 −14,958 57,909
CASHFLOW PER KG MILKSOLIDS SOLD
Net dairy cash income 7.80 7.09 6.77 8.11 6.32 4.52 6.33 7.16 6.92 7.57
Farm working expenses 4.06 3.95 4.13 4.33 4.07 3.64 3.73 4.20 4.25 4.41
Cash operating surplus 3.73 3.14 2.64 3.78 2.25 0.88 2.59 2.96 2.67 3.17
DISCRETIONARY CASH PER KG MILKSOLIDS SOLD
Less rent (excl support block) 0.15 0.13 0.16 0.15 0.14 0.13 0.12 0.13 0.07 0.10
Less interest 1.39 1.18 1.23 1.13 1.22 1.23 1.23 1.19 1.16 1.02
Less tax 0.27 0.32 0.25 0.38 0.21 0.05 0.10 0.26 0.23 0.31
Plus net non-dairy cash income 0.02 0.01 0.01 0.02 0.00 0.01 0.02 0.04 0.04 0.06
Discretionary cash 1.94 1.52 1.01 2.12 0.68 −0.52 1.15 1.43 1.25 1.88
OTHER CASH INCOME PER KG MILKSOLIDS SOLD
Plus net off-farm income 0.09 0.07 0.09 0.07 0.08 0.06 0.12 0.11 0.04 0.08
Plus introduced funds 0.05 −0.02 0.29 −0.29 0.18 0.48 −0.15 −0.25 −0.02 −0.11
Plus income equalisation −0.00 −0.01 0.01 −0.03 −0.06 0.10 0.01 0.00 0.00 −0.00
Cash available for living and growth 2.08 1.56 1.40 1.87 0.87 0.13 1.14 1.29 1.27 1.77
OTHER CASH EXPENDITURE PER KG MILKSOLIDS SOLD
Less net capital transactions 1.03 1.11 1.31 0.95 1.25 0.48 0.68 1.48 1.24 0.67
Less net debt 0.02 0.15 −0.87 −0.07 −0.58 −0.70 −0.47 −0.57 −0.44 0.29
Less net drawings 0.73 0.57 0.65 0.77 0.69 0.49 0.51 0.65 0.57 0.54
Cash surplus/deficit 0.30 −0.26 0.31 0.22 −0.49 −0.14 0.41 −0.26 −0.09 0.34
Table 12.6: 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 214 204 217 301 296 279 316 265 260 326
Effective hectares 138.1 140.7 141.0 142.9 145.5 148.1 147.8 151.4 146.0 142.1
Peak cows milked 383 393 397 402 419 418 414 430 424 415
Stocking rate (cows/ha) 2.8 2.8 2.8 2.8 2.9 2.8 2.8 2.8 2.9 2.9
Kg milksolids sold 133,030 147,964 142,089 151,455 160,367 160,270 160,302 161,567 167,189 169,761
Milksolids sold per hectare 963 1,052 1,008 1,060 1,102 1,082 1,085 1,067 1,145 1,194
Milksolids sold per cow 347 376 358 377 383 383 387 376 395 409
PAYOUT RECEIVED: $/kg MS sold 7.36 6.69 6.33 7.69 5.76 3.92 5.79 6.62 6.42 7.05
DAIRY ASSETS at OPEN
Land & buildings 4,402,009 4,247,819 4,109,797 4,474,344 5,055,041 5,473,880 5,518,535 5,849,932 6,091,560 6,039,561
Plant, machinery and vehicles 185,881 213,589 193,255 224,385 233,302 258,077 254,722 252,258 249,118 260,302
Livestock 607,371 821,346 1,013,686 873,333 967,406 812,241 640,378 834,061 754,230 737,092
Investments (excl non-dairy) 658,358 616,654 628,020 899,384 892,639 688,384 791,795 800,126 815,583 660,658
Current assets 235,731 221,577 168,694 221,155 285,915 176,424 138,254 208,018 180,448 172,313
Total dairy assets at open 6,089,350 6,120,985 6,113,452 6,692,601 7,434,303 7,409,006 7,343,684 7,944,395 8,090,939 7,869,926
Plus non-dairy assets 227,726 243,626 226,186 225,437 207,058 258,166 267,387 403,636 353,525 351,490
Total assets 6,317,076 6,364,611 6,339,638 6,918,038 7,641,361 7,667,172 7,611,071 8,348,031 8,444,463 8,221,416
LIABILITIES at OPEN
Term liabilities 2,721,810 2,868,307 2,834,656 3,039,137 3,317,150 3,493,221 3,932,350 3,996,989 4,091,376 3,995,700
Current liabilities 101,438 167,634 174,851 154,442 182,128 197,175 160,682 149,261 189,611 178,179
Total liabilities 2,823,248 3,035,941 3,009,507 3,193,579 3,499,278 3,690,396 4,093,032 4,146,250 4,280,987 4,173,879
Owners equity at open 3,493,828 3,328,670 3,330,131 3,724,459 4,142,083 3,976,776 3,518,039 4,201,781 4,163,476 4,047,537
DAIRY ASSETS at CLOSE
Land & buildings 4,424,626 4,367,922 4,384,302 4,788,661 5,368,063 5,289,448 5,854,250 5,843,351 5,933,994 5,888,745
Plant, machinery and vehicles 189,607 227,328 196,594 252,083 233,593 243,360 249,436 255,794 246,538 253,497
Livestock 807,201 1,017,760 874,419 939,582 804,897 651,096 815,984 776,831 752,063 748,428
Investments (excl non-dairy) 676,231 649,996 967,958 817,865 751,874 810,143 823,402 748,739 665,352 632,180
Current assets 294,029 188,455 186,427 279,218 186,858 151,773 194,747 195,692 163,031 205,720
Total dairy assets at close 6,391,694 6,451,461 6,609,700 7,077,409 7,345,285 7,145,820 7,937,819 7,820,407 7,760,977 7,728,570
plus Non-dairy assets 256,722 271,339 260,335 236,874 224,823 258,766 280,232 411,434 388,794 350,613
Total assets 6,648,416 6,722,800 6,870,035 7,314,283 7,570,108 7,404,586 8,218,051 8,231,841 8,149,771 8,079,184
LIABILITIES at CLOSE
Term liabilities 2,718,819 2,846,154 2,958,002 3,049,927 3,410,176 3,604,999 4,008,218 4,089,512 4,165,930 3,946,217
Current liabilities 120,034 173,593 149,149 178,859 161,349 194,497 150,902 179,210 184,250 170,738
Total liabilities 2,838,853 3,019,747 3,107,151 3,228,786 3,571,525 3,799,496 4,159,120 4,268,722 4,350,179 4,116,954
Owners equity at close 3,809,563 3,703,053 3,762,884 4,085,497 3,998,583 3,605,090 4,058,931 3,963,119 3,799,592 3,962,230
EQUITY
Growth in equity 315,735 374,383 432,753 361,038 −143,500 −371,686 540,892 −238,662 −363,884 −85,307
Growth in equity from profit 123,991 123,506 16,257 187,695 −53,784 −225,348 68,973 85,385 63,675 159,527
Growth in equity from capital 191,744 250,877 416,496 173,343 −89,716 −146,338 471,919 −324,047 −427,560 −244,765
Growth in equity % 9.0% 11.2% 13.0% 9.7% −3.5% −9.3% 15.4% −5.7% −8.7% −2.1%
Closing debt to asset % 40.0% 43.3% 43.7% 41.9% 45.8% 50.3% 49.4% 50.7% 53.4% 51.0%
Closing term liabilities per kg MS 20.44 19.24 20.82 20.14 21.26 22.49 25.00 25.31 24.92 23.25
Table 12.7: 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 214 204 217 301 296 279 316 265 260 326
Effective hectares 138.1 140.7 141.0 142.9 145.5 148.1 147.8 151.4 146.0 142.1
Peak cows milked 383 393 397 402 419 418 414 430 424 415
Stocking rate (cows/ha) 2.8 2.8 2.8 2.8 2.9 2.8 2.8 2.8 2.9 2.9
Kg milksolids sold 133,030 147,964 142,089 151,455 160,367 160,270 160,302 161,567 167,189 169,761
Milksolids sold per hectare 963 1,052 1,008 1,060 1,102 1,082 1,085 1,067 1,145 1,194
Milksolids sold per cow 347 376 358 377 383 383 387 376 395 409
PAYOUT RECEIVED: $/kg MS sold 7.36 6.69 6.33 7.69 5.76 3.92 5.79 6.62 6.42 7.05
RETURN on DAIRY ASSETS %
Dairy operating profit 388,024 369,163 258,049 470,808 223,630 −1,291 286,227 338,871 314,435 390,831
Plus owned support block adjustment 11,062 13,554 14,601 15,338 14,889 14,126 14,359 16,786 13,143 16,151
Less rent 20,040 19,374 22,812 23,366 22,250 20,047 19,582 20,703 12,499 17,280
Net return from dairy 379,046 363,343 249,838 462,780 216,269 −7,212 281,004 334,954 315,079 389,701
Total dairy assets (less current) at open 5,853,619 5,899,408 5,944,758 6,471,446 7,148,388 7,232,582 7,205,430 7,736,377 7,910,490 7,697,613
Operating return on dairy assets % 6.5% 6.2% 4.2% 7.2% 3.0% −0.1% 3.9% 4.3% 4.0% 5.1%
TOTAL RETURN ON ASSETS %
Net return from dairy 379,046 363,343 249,838 462,780 216,269 −7,212 281,004 334,954 315,079 389,701
Plus net non-dairy profit −1,100 −280 1,288 1,724 −673 −318 3,331 5,444 6,904 11,894
Plus change in capital value 126,766 207,084 315,704 169,567 −175,947 −301,565 430,903 −353,833 −277,275 −287,474
Total assets (less current) at open 6,081,345 6,143,034 6,170,944 6,696,883 7,355,446 7,490,748 7,472,817 8,140,013 8,264,015 8,221,416
Total return on assets % 8.3% 9.3% 9.2% 9.5% 0.5% −4.1% 9.6% −0.2% 0.5% 1.4%
TOTAL RETURN ON EQUITY %
Plus net off-farm income 12,323 11,018 12,427 9,991 12,078 9,238 19,811 18,114 6,670 13,167
Less interest 184,707 174,518 174,136 171,597 195,984 197,277 197,343 191,459 194,022 172,460
Total return for equity 332,447 406,439 405,054 472,332 −144,237 −497,164 537,538 −186,502 −142,643 −45,173
Equity at open 3,493,828 3,328,670 3,330,131 3,724,459 4,142,083 3,976,776 3,518,039 4,201,781 4,163,476 4,047,537
Total return on equity % 9.5% 12.2% 12.2% 12.7% −3.5% −12.5% 15.3% −4.4% −3.4% −1.1%