13 Time Series Tables: 50:50 Sharemilkers

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

2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
PHYSICAL CHARACTERISTICS:
Number of herds 115 100 96 92 114 111 109 113 108 122
Effective hectares 130.6 136.7 136.8 137.9 128.0 132.0 133.3 132.0 137.2 151.3
Peak cows milked 376 388 388 394 367 383 379 372 391 452
Stocking rate (cows/ha) 2.9 2.8 2.8 2.9 2.9 2.9 2.8 2.8 2.8 3.0
Kg milksolids sold 129,589 134,651 146,745 141,062 138,532 151,044 144,587 143,685 147,143 184,909
Milksolids sold per hectare 992 985 1,073 1,023 1,082 1,144 1,085 1,089 1,072 1,222
Milksolids sold per cow 345 347 378 358 377 394 381 386 376 410
PAYOUT RECEIVED: $/kg MS sold 3.05 3.63 3.34 3.13 3.76 2.88 1.88 2.82 3.21 3.17
DAIRY CASH INCOME $:
Milk sales (net of dairy levies) 395,138 488,379 489,513 441,112 520,870 434,377 272,370 405,691 472,702 586,337
Net livestock sales (sales - purchases) 11,253 33,805 56,522 8,419 13,423 54,333 35,783 60,598 50,428 75,931
Other dairy cash income 2,810 5,149 5,206 2,844 3,407 2,381 3,368 2,419 2,321 2,332
Net dairy cash income 409,201 527,333 551,241 452,375 537,700 491,091 311,521 468,708 525,451 664,600
CASH FARM WORKING EXPENSES:
Wages 43,184 48,112 51,719 57,928 51,400 52,915 48,799 51,624 61,841 82,680
Animal health 25,912 31,820 33,464 32,842 34,651 35,418 28,668 31,232 34,238 43,264
Breeding & herd improvement 15,389 17,663 19,251 21,195 20,468 22,026 20,299 20,065 24,196 30,219
Farm dairy 5,918 6,369 6,386 6,077 6,631 6,653 6,629 6,886 7,538 8,922
Electricity 12,549 12,884 13,868 13,765 14,439 15,840 15,435 15,505 15,362 18,649
Net feed made, purchased, cropped 42,078 60,080 62,553 70,461 74,677 77,650 53,410 55,474 72,032 93,630
Stock grazing 28,426 35,791 29,714 30,296 39,026 50,175 42,034 34,075 46,703 60,678
Support block lease 4,698 2,997 2,971 5,199 1,308 1,403 2,206 1,834 1,666 1,380
Fertiliser (incl Nitrogen) 18,837 22,083 24,548 22,666 20,377 21,454 18,608 18,616 21,151 25,577
Irrigation 1,098 1,108 655 933 1,778 2,135 3,991 2,462 2,043 5,126
Regrassing 1,578 3,314 3,256 2,388 2,821 2,560 2,502 2,442 3,026 4,270
Weed & pest 1,326 1,425 1,616 1,534 1,392 1,582 1,383 1,948 1,869 1,940
Vehicles & fuel 20,241 24,795 25,313 26,602 25,153 23,726 20,049 22,926 24,851 28,739
Repairs & maintenance 8,612 9,808 11,617 9,703 12,113 10,305 9,029 10,234 11,702 12,710
Freight & general 6,651 6,571 6,420 8,502 8,892 8,661 6,782 6,600 7,871 8,008
Administration 10,536 11,034 11,656 12,014 12,063 12,413 11,778 11,542 11,785 15,718
Insurance 3,124 3,199 4,093 4,379 4,016 4,255 4,906 4,254 4,970 5,351
ACC 3,703 3,388 5,357 4,169 3,914 3,248 3,054 2,937 2,982 3,918
Rates 619 866 1,025 987 623 1,253 526 512 302 549
Farm working expenses 254,479 303,307 315,482 331,640 335,742 353,672 300,088 301,168 356,128 451,327
Cash operating surplus 154,722 224,026 235,759 120,735 201,958 137,419 11,433 167,540 169,323 213,273
ADJUSTMENTS:
Value of change in dairy livestock 45,716 40,245 27,593 80,132 70,394 32,000 30,838 16,893 32,946 8,193
less Labour adjustment 71,129 74,092 76,757 74,703 68,733 77,508 73,553 72,041 80,608 80,071
plus Feed inventory adjustment 261 912 3,819 -441 1,573 176 1,708 -486 1,860 2,496
less Owned support block adjustment 1,597 2,218 1,217 3,315 685 1,245 695 508 251 299
less Depreciation 19,077 21,960 22,024 23,266 21,798 25,243 23,409 19,521 24,700 26,415
Net Adjustments -45,826 -57,113 -68,586 -21,593 -19,249 -71,820 -65,111 -75,663 -70,753 -96,096
OPERATING CASH & NON-CASH:
Dairy gross farm revenue 454,917 567,578 578,834 532,507 608,094 523,091 342,359 485,601 558,397 672,793
Dairy operating expenses 346,021 400,665 411,661 433,365 425,385 457,492 396,037 393,724 459,827 555,616
Dairy operating profit 108,896 166,913 167,173 99,142 182,709 65,599 -53,678 91,877 98,570 117,177
Dairy operating profit per ha 834 1,221 1,222 719 1,427 497 -403 696 718 775

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

2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
PHYSICAL CHARACTERISTICS:
Number of herds 115 100 96 92 114 111 109 113 108 122
Effective hectares 130.6 136.7 136.8 137.9 128.0 132.0 133.3 132.0 137.2 151.3
Peak cows milked 376 388 388 394 367 383 379 372 391 452
Stocking rate (cows/ha) 2.9 2.8 2.8 2.9 2.9 2.9 2.8 2.8 2.8 3.0
Kg milksolids sold 129,589 134,651 146,745 141,062 138,532 151,044 144,587 143,685 147,143 184,909
Milksolids sold per hectare 992 985 1,073 1,023 1,082 1,144 1,085 1,089 1,072 1,222
Milksolids sold per cow 345 347 378 358 377 394 381 386 376 410
PAYOUT RECEIVED: $/kg MS sold 3.05 3.63 3.34 3.13 3.76 2.88 1.88 2.82 3.21 3.17
DAIRY CASH INCOME $:
Milk sales (net of dairy levies) 1,051 1,259 1,262 1,120 1,419 1,134 719 1,091 1,209 1,299
Net livestock sales (sales - purchases) 30 87 146 21 37 142 94 163 129 168
Other dairy cash income 7 13 13 7 9 6 9 7 6 5
Net dairy cash income 1,088 1,359 1,421 1,148 1,465 1,282 822 1,260 1,344 1,472
CASH FARM WORKING EXPENSES:
Wages 115 124 133 147 140 138 129 139 158 183
Animal health 69 82 86 83 94 92 76 84 88 96
Breeding & herd improvement 41 46 50 54 56 58 54 54 62 67
Farm dairy 16 16 16 15 18 17 17 19 19 20
Electricity 33 33 36 35 39 41 41 42 39 41
Net feed made, purchased, cropped 112 155 161 179 203 203 141 149 184 207
Stock grazing 76 92 77 77 106 131 111 92 119 134
Support block lease 12 8 8 13 4 4 6 5 4 3
Fertiliser (incl Nitrogen) 50 57 63 58 56 56 49 50 54 57
Irrigation 3 3 2 2 5 6 11 7 5 11
Regrassing 4 9 8 6 8 7 7 7 8 9
Weed & pest 4 4 4 4 4 4 4 5 5 4
Vehicles & fuel 54 64 65 68 69 62 53 62 64 64
Repairs & maintenance 23 25 30 25 33 27 24 28 30 28
Freight & general 18 17 17 22 24 23 18 18 20 18
Administration 28 28 30 30 33 32 31 31 30 35
Insurance 8 8 11 11 11 11 13 11 13 12
ACC 10 9 14 11 11 8 8 8 8 9
Rates 2 2 3 3 2 3 1 1 1 1
Farm working expenses 677 782 813 842 915 923 792 810 911 1,000
Cash operating surplus 411 577 608 306 550 359 30 450 433 472
ADJUSTMENTS:
Value of change in dairy livestock 122 104 71 203 192 84 81 45 84 18
less Labour adjustment 189 191 198 190 187 202 194 194 206 177
plus Feed inventory adjustment 1 2 10 -1 4 0 5 -1 5 6
less Owned support block adjustment 4 6 3 8 2 3 2 1 1 1
less Depreciation 51 57 57 59 59 66 62 52 63 59
Net Adjustments -122 -147 -177 -55 -52 -188 -172 -203 -181 -213
OPERATING CASH & NON-CASH:
Dairy gross farm revenue 1,210 1,463 1,492 1,352 1,657 1,366 903 1,305 1,428 1,490
Dairy operating expenses 920 1,033 1,061 1,100 1,159 1,194 1,045 1,058 1,176 1,231
Dairy operating profit per cow 290 430 431 252 498 171 -142 247 252 260

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

2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
PHYSICAL CHARACTERISTICS:
Number of herds 115 100 96 92 114 111 109 113 108 122
Effective hectares 130.6 136.7 136.8 137.9 128.0 132.0 133.3 132.0 137.2 151.3
Peak cows milked 376 388 388 394 367 383 379 372 391 452
Stocking rate (cows/ha) 2.9 2.8 2.8 2.9 2.9 2.9 2.8 2.8 2.8 3.0
Kg milksolids sold 129,589 134,651 146,745 141,062 138,532 151,044 144,587 143,685 147,143 184,909
Milksolids sold per hectare 992 985 1,073 1,023 1,082 1,144 1,085 1,089 1,072 1,222
Milksolids sold per cow 345 347 378 358 377 394 381 386 376 410
PAYOUT RECEIVED: $/kg MS sold 3.05 3.63 3.34 3.13 3.76 2.88 1.88 2.82 3.21 3.17
DAIRY CASH INCOME $:
Milk sales (net of dairy levies) 3,026 3,573 3,578 3,199 4,069 3,291 2,043 3,073 3,445 3,876
Net livestock sales (sales - purchases) 86 247 413 61 105 412 268 459 368 502
Other dairy cash income 22 38 38 21 27 18 25 18 17 15
Net dairy cash income 3,133 3,858 4,030 3,280 4,201 3,720 2,337 3,551 3,830 4,393
CASH FARM WORKING EXPENSES:
Wages 331 352 378 420 402 401 366 391 451 547
Animal health 198 233 245 238 271 268 215 237 250 286
Breeding & herd improvement 118 129 141 154 160 167 152 152 176 200
Farm dairy 45 47 47 44 52 50 50 52 55 59
Electricity 96 94 101 100 113 120 116 117 112 123
Net feed made, purchased, cropped 322 440 457 511 583 588 401 420 525 619
Stock grazing 218 262 217 220 305 380 315 258 340 401
Support block lease 36 22 22 38 10 11 17 14 12 9
Fertiliser (incl Nitrogen) 144 162 179 164 159 163 140 141 154 169
Irrigation 8 8 5 7 14 16 30 19 15 34
Regrassing 12 24 24 17 22 19 19 18 22 28
Weed & pest 10 10 12 11 11 12 10 15 14 13
Vehicles & fuel 155 181 185 193 197 180 150 174 181 190
Repairs & maintenance 66 72 85 70 95 78 68 78 85 84
Freight & general 51 48 47 62 69 66 51 50 57 53
Administration 81 81 85 87 94 94 88 87 86 104
Insurance 24 23 30 32 31 32 37 32 36 35
ACC 28 25 39 30 31 25 23 22 22 26
Rates 5 6 7 7 5 9 4 4 2 4
Farm working expenses 1,949 2,219 2,306 2,405 2,623 2,679 2,251 2,282 2,596 2,983
Cash operating surplus 1,185 1,639 1,723 876 1,578 1,041 86 1,269 1,234 1,410
ADJUSTMENTS:
Value of change in dairy livestock 350 294 202 581 550 242 231 128 240 54
less Labour adjustment 545 542 561 542 537 587 552 546 588 529
plus Feed inventory adjustment 2 7 28 -3 12 1 13 -4 14 16
less Owned support block adjustment 12 16 9 24 5 9 5 4 2 2
less Depreciation 146 161 161 169 170 191 176 148 180 175
Net Adjustments -351 -418 -501 -157 -150 -544 -488 -573 -516 -635
OPERATING CASH & NON-CASH:
Dairy gross farm revenue 3,483 4,152 4,231 3,862 4,751 3,963 2,568 3,679 4,070 4,447
Dairy operating expenses 2,649 2,931 3,009 3,143 3,323 3,466 2,971 2,983 3,352 3,673
Dairy operating profit per ha 834 1,221 1,222 719 1,427 497 -403 696 718 775

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

2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
PHYSICAL CHARACTERISTICS:
Number of herds 115 100 96 92 114 111 109 113 108 122
Effective hectares 130.6 136.7 136.8 137.9 128.0 132.0 133.3 132.0 137.2 151.3
Peak cows milked 376 388 388 394 367 383 379 372 391 452
Stocking rate (cows/ha) 2.9 2.8 2.8 2.9 2.9 2.9 2.8 2.8 2.8 3.0
Kg milksolids sold 129,589 134,651 146,745 141,062 138,532 151,044 144,587 143,685 147,143 184,909
Milksolids sold per hectare 992 985 1,073 1,023 1,082 1,144 1,085 1,089 1,072 1,222
Milksolids sold per cow 345 347 378 358 377 394 381 386 376 410
PAYOUT RECEIVED: $/kg MS sold 3.05 3.63 3.34 3.13 3.76 2.88 1.88 2.82 3.21 3.17
DAIRY CASH INCOME $:
Milk sales (net of dairy levies) 3.05 3.63 3.34 3.13 3.76 2.88 1.88 2.82 3.21 3.17
Net livestock sales (sales - purchases) 0.09 0.25 0.39 0.06 0.10 0.36 0.25 0.42 0.34 0.41
Other dairy cash income 0.02 0.04 0.04 0.02 0.02 0.02 0.02 0.02 0.02 0.01
Net dairy cash income 3.16 3.92 3.76 3.21 3.88 3.25 2.15 3.26 3.57 3.59
CASH FARM WORKING EXPENSES:
Wages 0.33 0.36 0.35 0.41 0.37 0.35 0.34 0.36 0.42 0.45
Animal health 0.20 0.24 0.23 0.23 0.25 0.23 0.20 0.22 0.23 0.23
Breeding & herd improvement 0.12 0.13 0.13 0.15 0.15 0.15 0.14 0.14 0.16 0.16
Farm dairy 0.05 0.05 0.04 0.04 0.05 0.04 0.05 0.05 0.05 0.05
Electricity 0.10 0.10 0.09 0.10 0.10 0.10 0.11 0.11 0.10 0.10
Net feed made, purchased, cropped 0.32 0.45 0.43 0.50 0.54 0.51 0.37 0.39 0.49 0.51
Stock grazing 0.22 0.27 0.20 0.21 0.28 0.33 0.29 0.24 0.32 0.33
Support block lease 0.04 0.02 0.02 0.04 0.01 0.01 0.02 0.01 0.01 0.01
Fertiliser (incl Nitrogen) 0.15 0.16 0.17 0.16 0.15 0.14 0.13 0.13 0.14 0.14
Irrigation 0.01 0.01 0.00 0.01 0.01 0.01 0.03 0.02 0.01 0.03
Regrassing 0.01 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 0.16 0.18 0.17 0.19 0.18 0.16 0.14 0.16 0.17 0.16
Repairs & maintenance 0.07 0.07 0.08 0.07 0.09 0.07 0.06 0.07 0.08 0.07
Freight & general 0.05 0.05 0.04 0.06 0.06 0.06 0.05 0.05 0.05 0.04
Administration 0.08 0.08 0.08 0.09 0.09 0.08 0.08 0.08 0.08 0.09
Insurance 0.02 0.02 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
ACC 0.03 0.03 0.04 0.03 0.03 0.02 0.02 0.02 0.02 0.02
Rates 0.00 0.01 0.01 0.01 0.00 0.01 0.00 0.00 0.00 0.00
Farm working expenses 1.96 2.25 2.15 2.35 2.42 2.34 2.08 2.10 2.42 2.44
Cash operating surplus 1.19 1.66 1.61 0.86 1.46 0.91 0.08 1.17 1.15 1.15
ADJUSTMENTS:
Value of change in dairy livestock 0.35 0.30 0.19 0.57 0.51 0.21 0.21 0.12 0.22 0.04
less Labour adjustment 0.55 0.55 0.52 0.53 0.50 0.51 0.51 0.50 0.55 0.43
plus Feed inventory adjustment 0.00 0.01 0.03 -0.00 0.01 0.00 0.01 -0.00 0.01 0.01
less Owned support block adjustment 0.01 0.02 0.01 0.02 0.00 0.01 0.00 0.00 0.00 0.00
less Depreciation 0.15 0.16 0.15 0.16 0.16 0.17 0.16 0.14 0.17 0.14
Net Adjustments -0.35 -0.42 -0.47 -0.15 -0.14 -0.48 -0.45 -0.53 -0.48 -0.52
OPERATING CASH & NON-CASH:
Dairy gross farm revenue 3.51 4.22 3.94 3.77 4.39 3.46 2.37 3.38 3.79 3.64
Dairy operating expenses 2.67 2.98 2.81 3.07 3.07 3.03 2.74 2.74 3.13 3.00
Dairy operating profit per kg MS 0.84 1.24 1.14 0.70 1.32 0.43 -0.37 0.64 0.67 0.63

Table 13.5: Cashflow

2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
PHYSICAL CHARACTERISTICS:
Number of herds 115 100 96 92 114 111 109 113 108 122
Effective hectares 130.6 136.7 136.8 137.9 128.0 132.0 133.3 132.0 137.2 151.3
Peak cows milked 376 388 388 394 367 383 379 372 391 452
Stocking rate (cows/ha) 2.9 2.8 2.8 2.9 2.9 2.9 2.8 2.8 2.8 3.0
Kg milksolids sold 129,589 134,651 146,745 141,062 138,532 151,044 144,587 143,685 147,143 184,909
Milksolids sold per hectare 992 985 1,073 1,023 1,082 1,144 1,085 1,089 1,072 1,222
Milksolids sold per cow 345 347 378 358 377 394 381 386 376 410
PAYOUT RECEIVED: $/kg MS sold 3.05 3.63 3.34 3.13 3.76 2.88 1.88 2.82 3.21 3.17
Net dairy cash income 409,201 527,333 551,241 452,375 537,700 491,091 311,521 468,708 525,451 664,600
Farm working expenses 254,479 303,307 315,482 331,640 335,742 353,672 300,088 301,168 356,128 451,327
Cash operating surplus 154,722 224,026 235,759 120,735 201,958 137,419 11,433 167,540 169,323 213,273
DISCRETIONARY CASH
less Rent (excl support block) 1,611 2,111 3,450 4,385 3,401 5,154 1,407 1,047 2,320 827
less Interest 47,816 44,577 34,423 33,043 34,599 31,805 37,949 34,629 31,626 36,976
less Tax 5,085 23,930 31,344 27,351 29,237 25,101 5,492 6,220 24,199 30,109
plus Net non-dairy cash income 1,498 2,645 1,458 139 2,036 2,511 2,243 1,798 1,996 2,659
Discretionary Cash 101,708 156,053 168,000 56,095 136,757 77,870 -31,172 127,442 113,174 148,021
OTHER CASH INCOME
plus Net off-farm income 6,014 5,508 3,753 4,244 3,989 3,817 4,546 2,281 4,071 5,230
plus Introduced funds -3,583 8,612 11,331 8,480 13,155 24,197 26,601 12,583 14,806 -19,006
plus Income equalisation 1,535 519 -379 4,325 -2,621 -6,091 5,707 1,412 0 470
Cash available for living and growth 105,674 170,692 182,705 73,144 151,280 99,793 5,682 143,718 132,051 134,715
OTHER CASH EXPENDITURE
less Net capital transactions 12,833 27,519 48,945 70,590 60,379 89,030 26,407 36,654 49,540 113,811
less Net debt 24,238 58,537 56,442 -40,067 -973 -50,721 37,011 17,644 20,730 -33,643
less Net drawings 55,876 67,893 75,857 72,999 72,813 83,335 56,461 57,721 74,517 67,169
Cash surplus/deficit 12,727 16,743 1,461 -30,378 19,061 -21,851 -114,197 31,699 -12,736 -12,622
CASHFLOW PER KG MILKSOLIDS SOLD:
Net dairy cash income 3.16 3.92 3.76 3.21 3.88 3.25 2.15 3.26 3.57 3.59
Farm working expenses 1.96 2.25 2.15 2.35 2.42 2.34 2.08 2.10 2.42 2.44
Cash operating surplus 1.19 1.66 1.61 0.86 1.46 0.91 0.08 1.17 1.15 1.15
DISCRETIONARY CASH: MS BASIS
less Rent (excl support block) 0.01 0.02 0.02 0.03 0.02 0.03 0.01 0.01 0.02 0.00
less Interest 0.37 0.33 0.23 0.23 0.25 0.21 0.26 0.24 0.21 0.20
less Tax 0.04 0.18 0.21 0.19 0.21 0.17 0.04 0.04 0.16 0.16
plus Net non-dairy cash income 0.01 0.02 0.01 0.00 0.01 0.02 0.02 0.01 0.01 0.01
Discretionary Cash 0.78 1.16 1.14 0.40 0.99 0.52 -0.22 0.89 0.77 0.80
OTHER CASH INCOME: MS BASIS
plus Net off-farm income 0.05 0.04 0.03 0.03 0.03 0.03 0.03 0.02 0.03 0.03
plus Introduced funds -0.03 0.06 0.08 0.06 0.09 0.16 0.18 0.09 0.10 -0.10
plus Income equalisation 0.01 0.00 -0.00 0.03 -0.02 -0.04 0.04 0.01 0.00 0.00
Cash available for living and growth 0.82 1.27 1.25 0.52 1.09 0.66 0.04 1.00 0.90 0.73
OTHER CASH EXPENDITURE: MS BASIS
less Net capital transactions 0.10 0.20 0.33 0.50 0.44 0.59 0.18 0.26 0.34 0.62
less Net debt 0.19 0.43 0.38 -0.28 -0.01 -0.34 0.26 0.12 0.14 -0.18
less Net drawings 0.43 0.50 0.52 0.52 0.53 0.55 0.39 0.40 0.51 0.36
Cash surplus/deficit 0.10 0.12 0.01 -0.22 0.14 -0.14 -0.79 0.22 -0.09 -0.07

Table 13.6: Capital Structure and Wealth Creation

2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
PHYSICAL CHARACTERISTICS:
Number of herds 115 100 96 92 114 111 109 113 108 122
Effective hectares 130.6 136.7 136.8 137.9 128.0 132.0 133.3 132.0 137.2 151.3
Peak cows milked 376 388 388 394 367 383 379 372 391 452
Stocking rate (cows/ha) 2.9 2.8 2.8 2.9 2.9 2.9 2.8 2.8 2.8 3.0
Kg milksolids sold 129,589 134,651 146,745 141,062 138,532 151,044 144,587 143,685 147,143 184,909
Milksolids sold per hectare 992 985 1,073 1,023 1,082 1,144 1,085 1,089 1,072 1,222
Milksolids sold per cow 345 347 378 358 377 394 381 386 376 410
PAYOUT RECEIVED: $/kg MS sold 3.05 3.63 3.34 3.13 3.76 2.88 1.88 2.82 3.21 3.17
DAIRY ASSETS at OPEN
Land & buildings 66,517 105,003 28,567 86,836 15,098 30,040 11,402 18,684 11,326 4,691
Plant, machinery and vehicles 93,586 95,481 106,678 117,383 108,099 126,212 125,820 117,301 128,521 140,793
Livestock 540,948 598,372 788,495 948,782 763,980 845,693 691,128 569,288 691,303 790,098
Investments (excl non-dairy) 4,996 13,340 12,004 12,323 9,835 14,950 7,629 15,904 7,852 5,442
Current assets 61,330 82,002 118,029 106,625 82,670 138,435 103,524 46,993 95,392 116,653
Total dairy assets at open 767,377 894,198 1,053,773 1,271,949 979,682 1,155,330 939,503 768,170 934,394 1,057,677
plus Non-dairy assets 162,078 112,936 139,545 111,848 148,952 126,234 152,207 195,254 136,930 177,130
Total assets 929,455 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
LIABILITIES at OPEN
Term liabilities 608,678 594,089 510,469 473,652 513,263 456,746 552,001 599,319 581,994 665,150
Current liabilities 80,763 77,308 101,391 96,334 97,513 88,015 95,703 89,844 73,944 107,777
Total liabilities 689,441 671,397 611,860 569,986 610,776 544,761 647,704 689,163 655,938 772,928
Owners equity at open 240,014 335,737 581,458 813,811 517,858 736,803 444,006 274,261 415,386 461,880
DAIRY ASSETS at CLOSE
Land & buildings 67,558 103,473 28,759 95,068 15,631 45,015 10,361 19,483 11,326 14,637
Plant, machinery and vehicles 95,020 106,965 126,654 129,332 132,115 126,025 121,846 125,203 140,605 141,864
Livestock 624,904 827,120 985,447 887,135 870,676 731,576 594,679 734,331 667,438 787,504
Investments (excl non-dairy) 6,734 14,062 17,438 13,086 11,543 17,568 7,796 23,409 8,439 10,920
Current assets 73,704 105,744 117,026 83,659 115,486 114,664 87,303 69,448 98,324 92,277
Total dairy assets at close 867,920 1,157,364 1,275,324 1,208,280 1,145,451 1,034,848 821,985 971,874 926,132 1,047,203
plus Non-dairy assets 158,786 107,949 136,933 144,476 165,597 172,672 163,079 203,511 146,603 245,321
Total assets 1,026,706 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
LIABILITIES at CLOSE
Term liabilities 584,440 535,552 454,027 513,719 514,236 507,467 589,012 581,675 561,264 698,793
Current liabilities 80,410 84,307 98,927 103,746 111,268 86,095 119,657 80,600 89,612 97,455
Total liabilities 664,850 619,859 552,954 617,465 625,504 593,562 708,669 662,275 650,876 796,248
Owners equity at close 361,856 645,454 859,303 735,291 685,544 613,958 276,395 513,110 421,859 496,276
Growth in equity 121,842 309,717 277,845 -78,520 167,686 -122,845 -167,611 238,849 6,473 34,397
Growth in equity from profit 77,675 112,617 104,473 43,782 118,099 4,979 -73,991 69,859 53,694 70,311
Growth in equity from capital 44,167 197,100 173,372 -122,302 49,587 -127,824 -93,620 168,990 -47,221 -35,914
Growth in equity % 50.8% 92.2% 47.8% -9.6% 32.4% -16.7% -37.7% 87.1% 1.6% 7.4%
Closing debt to asset % 62.0% 44.3% 33.7% 42.1% 42.7% 43.8% 69.2% 53.6% 56.7% 61.6%
Closing term liabilities per kg MS 4.51 3.98 3.09 3.64 3.71 3.36 4.07 4.05 3.81 3.78

Table 13.7: Returns

2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
PHYSICAL CHARACTERISTICS:
Number of herds 115 100 96 92 114 111 109 113 108 122
Effective hectares 130.6 136.7 136.8 137.9 128.0 132.0 133.3 132.0 133.0 151.3
Peak cows milked 376 388 388 394 367 383 379 372 391 452
Stocking rate (cows/ha) 2.9 2.8 2.8 2.9 2.9 2.9 2.8 2.8 2.8 3.0
Kg milksolids sold 129,589 134,651 146,745 141,062 138,532 151,044 144,587 143,685 147,143 184,909
Milksolids sold per hectare 992 985 1,073 1,023 1,082 1,144 1,085 1,089 1,072 1,222
Milksolids sold per cow 345 347 378 358 377 394 381 386 376 410
PAYOUT RECEIVED: $/kg MS sold 3.05 3.63 3.34 3.13 3.76 2.88 1.88 2.82 3.21 3.17
RETURN on DAIRY ASSETS %
Dairy operating profit 108,896 166,913 167,173 99,142 182,709 65,599 -53,678 91,877 98,570 117,177
plus Owned support block adjustment 1,597 2,218 1,217 3,315 685 1,245 695 508 251 299
less Rent 1,611 2,111 3,450 4,385 3,401 5,154 1,407 1,047 2,320 827
Net return from dairy 108,882 167,020 164,940 98,072 179,993 61,690 -54,390 91,338 96,501 116,649
Total dairy assets (less current) at open 706,047 812,196 935,744 1,165,324 897,012 1,016,895 835,979 721,177 839,002 941,025
Operating return on dairy assets % 15.4% 20.6% 17.6% 8.4% 20.1% 6.1% -6.5% 12.7% 11.5% 12.4%
TOTAL RETURN ON ASSETS %
Net return from dairy 108,882 167,020 164,940 98,072 179,993 61,690 -54,390 91,338 96,501 116,649
plus Net non-dairy profit 896 2,563 684 445 2,052 2,671 2,203 2,387 2,758 2,615
plus Change in capital value 26,356 166,673 143,404 -158,797 18,825 -171,303 -147,670 135,959 -84,007 82,092
Total return 136,134 336,256 309,028 -60,280 200,870 -106,942 -199,857 229,684 15,252 201,356
Total assets (less current) at open 868,125 925,132 1,075,289 1,277,172 1,045,964 1,143,129 988,186 916,431 975,932 1,118,155
Total return on assets % 15.7% 36.3% 28.7% -4.7% 19.2% -9.4% -20.2% 25.1% 1.6% 18.0%
TOTAL RETURN ON EQUITY %
Total return 136,134 336,256 309,028 -60,280 200,870 -106,942 -199,857 229,684 15,252 201,356
plus Net off-farm income 5,545 5,342 3,716 4,136 3,968 3,909 4,542 2,300 4,168 5,230
less Interest 47,816 44,577 34,423 33,043 34,599 31,805 37,949 34,629 31,626 36,976
Total return for equity 93,863 297,021 278,321 -89,187 170,239 -134,838 -233,264 197,355 -12,206 169,610
Equity at open 240,014 335,737 581,458 813,811 517,858 736,803 444,006 274,261 415,386 461,880
Total return on equity % 39.1% 88.5% 47.9% -11.0% 32.9% -18.3% -52.5% 72.0% -2.9% 36.7%