12 Time Series Tables: Owner Operator

Table 12.1: 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 223 214 204 217 301 296 279 316 265 260
Effective hectares 134.2 138.1 140.7 141.0 142.9 145.5 148.1 147.8 151.4 146.0
Peak cows milked 377 383 393 397 402 419 418 414 430 424
Stocking rate (cows/ha) 2.8 2.8 2.8 2.8 2.8 2.9 2.8 2.8 2.8 2.9
Kg milksolids sold 129,049 133,030 147,964 142,089 151,455 160,367 160,270 160,302 161,567 167,189
Milksolids sold per hectare 962 963 1,052 1,008 1,060 1,102 1,082 1,085 1,067 1,145
Milksolids sold per cow 343 347 376 358 377 383 383 387 376 395
PAYOUT RECEIVED: $/kg MS sold 6.16 7.36 6.69 6.33 7.69 5.76 3.92 5.79 6.62 6.42
DAIRY CASH INCOME $:
Milk sales (net of dairy levies) 795,575 979,430 990,172 899,388 1,164,274 923,621 628,192 928,944 1,068,927 1,073,346
Net livestock sales (sales - purchases) 40,072 51,283 52,637 55,381 57,832 83,804 90,596 79,495 80,967 77,911
Other dairy cash income 6,137 6,341 6,063 7,151 6,338 6,466 5,819 5,633 6,789 6,377
Net dairy cash income 841,784 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
CASH FARM WORKING EXPENSES:
Wages 78,139 80,413 88,015 91,013 90,565 97,790 103,689 92,630 106,331 110,011
Animal health 26,104 31,352 31,621 32,944 35,800 36,553 30,906 34,577 37,497 37,958
Breeding & herd improvement 14,253 17,601 17,850 20,267 20,485 23,746 19,702 21,986 25,043 27,336
Farm dairy 7,524 8,184 9,781 10,225 10,068 9,693 7,902 9,636 9,433 9,773
Electricity 13,240 13,754 14,489 16,028 17,342 17,636 17,646 18,352 18,256 18,521
Net feed made, purchased, cropped 83,985 114,290 117,928 124,172 156,489 152,147 118,281 120,103 151,337 167,341
Stock grazing 40,917 48,080 55,505 52,914 53,919 64,319 64,317 58,368 58,254 71,042
Support block lease 9,618 8,881 12,361 12,543 11,519 11,992 12,385 12,322 10,882 9,548
Fertiliser (incl Nitrogen) 70,422 79,692 87,658 81,705 86,711 75,738 66,595 73,964 77,478 77,175
Irrigation 5,105 5,658 4,326 5,807 4,527 9,367 7,987 8,527 8,314 12,833
Regrassing 7,446 8,861 6,696 8,709 10,423 9,776 7,751 9,913 12,503 11,654
Weed & pest 3,928 4,874 5,074 4,714 6,387 5,502 5,561 5,631 5,951 5,299
Vehicles & fuel 23,035 25,686 29,014 30,026 32,423 28,918 26,704 29,220 31,584 30,955
Repairs & maintenance 32,798 46,688 51,664 43,114 62,561 52,240 35,753 46,630 63,665 58,032
Freight & general 5,922 6,739 7,612 7,630 9,030 8,700 8,666 7,755 8,518 7,912
Administration 14,259 15,671 17,080 17,765 17,697 17,680 18,974 17,895 19,675 21,182
Insurance 6,147 7,159 8,042 9,084 9,718 10,773 10,252 10,947 12,635 13,587
ACC 4,002 4,289 5,712 3,937 4,321 4,134 3,690 3,445 3,785 3,750
Rates 11,946 12,597 13,790 14,147 15,873 15,915 16,089 16,761 17,031 17,022
Farm working expenses 458,790 540,469 584,218 586,744 655,858 652,619 582,850 598,662 678,172 710,932
Cash operating surplus 382,994 496,585 464,654 375,176 572,586 361,272 141,757 415,410 478,511 446,701
ADJUSTMENTS:
Value of change in dairy livestock 327 9,883 20,201 11,428 24,912 2,632 -13,067 9,835 11,378 8,780
less Labour adjustment 52,969 51,797 54,748 55,162 59,309 59,021 56,341 61,154 63,920 62,545
plus Feed inventory adjustment -744 3,313 4,782 -2,534 5,340 -210 3,453 2,790 -2,413 3,164
less Owned support block adjustment 10,635 11,062 13,554 14,601 15,338 14,889 14,126 14,359 16,786 13,143
less Depreciation 56,300 58,898 52,172 56,258 57,383 66,154 62,967 66,295 67,899 68,522
Net Adjustments -120,321 -108,561 -95,491 -117,127 -101,778 -137,642 -143,048 -129,183 -139,640 -132,266
OPERATING CASH & NON-CASH:
Dairy gross farm revenue 842,111 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
Dairy operating expenses 579,438 658,913 699,910 715,299 782,548 792,893 712,831 737,680 829,190 851,978
Dairy operating profit 262,673 388,024 369,163 258,049 470,808 223,630 -1,291 286,227 338,871 314,435
Dairy operating profit per ha 1,957 2,810 2,624 1,830 3,295 1,537 -9 1,937 2,238 2,154

Table 12.2: 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 223 214 204 217 301 296 279 316 265 260
Effective hectares 134.2 138.1 140.7 141.0 142.9 145.5 148.1 147.8 151.4 146.0
Peak cows milked 377 383 393 397 402 419 418 414 430 424
Stocking rate (cows/ha) 2.8 2.8 2.8 2.8 2.8 2.9 2.8 2.8 2.8 2.9
Kg milksolids sold 129,049 133,030 147,964 142,089 151,455 160,367 160,270 160,302 161,567 167,189
Milksolids sold per hectare 962 963 1,052 1,008 1,060 1,102 1,082 1,085 1,067 1,145
Milksolids sold per cow 343 347 376 358 377 383 383 387 376 395
PAYOUT RECEIVED: $/kg MS sold 6.16 7.36 6.69 6.33 7.69 5.76 3.92 5.79 6.62 6.42
DAIRY CASH INCOME $:
Milk sales (net of dairy levies) 2,110 2,557 2,520 2,265 2,896 2,204 1,503 2,244 2,486 2,534
Net livestock sales (sales - purchases) 106 134 134 139 144 200 217 192 188 184
Other dairy cash income 16 17 15 18 16 15 14 14 16 15
Net dairy cash income 2,233 2,708 2,669 2,423 3,056 2,420 1,734 2,449 2,690 2,733
CASH FARM WORKING EXPENSES:
Wages 207 210 224 229 225 233 248 224 247 260
Animal health 69 82 80 83 89 87 74 84 87 90
Breeding & herd improvement 38 46 45 51 51 57 47 53 58 65
Farm dairy 20 21 25 26 25 23 19 23 22 23
Electricity 35 36 37 40 43 42 42 44 42 44
Net feed made, purchased, cropped 223 298 300 313 389 363 283 290 352 395
Stock grazing 109 126 141 133 134 154 154 141 135 168
Support block lease 26 23 31 32 29 29 30 30 25 23
Fertiliser (incl Nitrogen) 187 208 223 206 216 181 159 179 180 182
Irrigation 14 15 11 15 11 22 19 21 19 30
Regrassing 20 23 17 22 26 23 19 24 29 28
Weed & pest 10 13 13 12 16 13 13 14 14 13
Vehicles & fuel 61 67 74 76 81 69 64 71 73 73
Repairs & maintenance 87 122 131 109 156 125 86 113 148 137
Freight & general 16 18 19 19 22 21 21 19 20 19
Administration 38 41 43 45 44 42 45 43 46 50
Insurance 16 19 20 23 24 26 25 26 29 32
ACC 11 11 15 10 11 10 9 8 9 9
Rates 32 33 35 36 39 38 38 40 40 40
Farm working expenses 1,217 1,411 1,487 1,478 1,631 1,558 1,394 1,446 1,577 1,678
Cash operating surplus 1,016 1,297 1,182 945 1,424 862 339 1,003 1,113 1,055
ADJUSTMENTS:
Value of change in dairy livestock 1 26 51 29 62 6 -31 24 26 21
less Labour adjustment 141 135 139 139 148 141 135 148 149 148
plus Feed inventory adjustment -2 9 12 -6 13 -1 8 7 -6 7
less Owned support block adjustment 28 29 34 37 38 36 34 35 39 31
less Depreciation 149 154 133 142 143 158 151 160 158 162
Net Adjustments -319 -283 -243 -295 -253 -329 -342 -312 -325 -312
OPERATING CASH & NON-CASH:
Dairy gross farm revenue 2,234 2,734 2,720 2,452 3,118 2,426 1,702 2,473 2,716 2,754
Dairy operating expenses 1,537 1,720 1,781 1,802 1,947 1,892 1,705 1,782 1,928 2,011
Dairy operating profit 697 1,013 939 650 1,171 534 -3 691 788 2

Table 12.3: 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 223 214 204 217 301 296 279 316 265 260
Effective hectares 134.2 138.1 140.7 141.0 142.9 145.5 148.1 147.8 151.4 146.0
Peak cows milked 377 383 393 397 402 419 418 414 430 424
Stocking rate (cows/ha) 2.8 2.8 2.8 2.8 2.8 2.9 2.8 2.8 2.8 2.9
Kg milksolids sold 129,049 133,030 147,964 142,089 151,455 160,367 160,270 160,302 161,567 167,189
Milksolids sold per hectare 962 963 1,052 1,008 1,060 1,102 1,082 1,085 1,067 1,145
Milksolids sold per cow 343 347 376 358 377 383 383 387 376 395
PAYOUT RECEIVED: $/kg MS sold 6.16 7.36 6.69 6.33 7.69 5.76 3.92 5.79 6.62 6.42
DAIRY CASH INCOME $:
Milk sales (net of dairy levies) 5,928 7,092 7,037 6,379 8,147 6,348 4,242 6,285 7,060 7,353
Net livestock sales (sales - purchases) 299 371 374 393 405 576 612 538 535 534
Other dairy cash income 46 46 43 51 44 44 39 38 45 44
Net dairy cash income 6,273 7,509 7,455 6,822 8,597 6,968 4,893 6,861 7,640 7,930
CASH FARM WORKING EXPENSES:
Wages 582 582 626 645 634 672 700 627 702 754
Animal health 195 227 225 234 251 251 209 234 248 260
Breeding & herd improvement 106 127 127 144 143 163 133 149 165 187
Farm dairy 56 59 70 73 70 67 53 65 62 67
Electricity 99 100 103 114 121 121 119 124 121 127
Net feed made, purchased, cropped 626 828 838 881 1,095 1,046 799 813 1,000 1,146
Stock grazing 305 348 394 375 377 442 434 395 385 487
Support block lease 72 64 88 89 81 82 84 83 72 65
Fertiliser (incl Nitrogen) 525 577 623 579 607 521 450 500 512 529
Irrigation 38 41 31 41 32 64 54 58 55 88
Regrassing 55 64 48 62 73 67 52 67 83 80
Weed & pest 29 35 36 33 45 38 38 38 39 36
Vehicles & fuel 172 186 206 213 227 199 180 198 209 212
Repairs & maintenance 244 338 367 306 438 359 241 315 421 398
Freight & general 44 49 54 54 63 60 59 52 56 54
Administration 106 113 121 126 124 122 128 121 130 145
Insurance 46 52 57 64 68 74 69 74 83 93
ACC 30 31 41 28 30 28 25 23 25 26
Rates 89 91 98 100 111 109 109 113 112 117
Farm working expenses 3,419 3,914 4,152 4,161 4,590 4,485 3,936 4,050 4,479 4,870
Cash operating surplus 2,854 3,596 3,302 2,661 4,007 2,483 957 2,811 3,161 3,060
ADJUSTMENTS:
Value of change in dairy livestock 2 72 144 81 174 18 -88 67 75 60
less Labour adjustment 395 375 389 391 415 406 380 414 422 428
plus Feed inventory adjustment -6 24 34 -18 37 -1 23 19 -16 22
less Owned support block adjustment 79 80 96 104 107 102 95 97 111 90
less Depreciation 420 426 371 399 402 455 425 449 448 469
Net Adjustments -897 -786 -679 -831 -712 -946 -966 -874 -922 -906
OPERATING CASH & NON-CASH:
Dairy gross farm revenue 6,275 7,581 7,598 6,903 8,771 6,986 4,804 6,928 7,715 7,991
Dairy operating expenses 4,318 4,771 4,974 5,073 5,476 5,449 4,813 4,991 5,477 5,837
Dairy operating profit 1,957 2,810 2,624 1,830 3,295 1,537 -9 1,937 2,238 2,154

Table 12.4: 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 223 214 204 217 301 296 279 316 265 260
Effective hectares 134.2 138.1 140.7 141.0 142.9 145.5 148.1 147.8 151.4 146.0
Peak cows milked 377 383 393 397 402 419 418 414 430 424
Stocking rate (cows/ha) 2.8 2.8 2.8 2.8 2.8 2.9 2.8 2.8 2.8 2.9
Kg milksolids sold 129,049 133,030 147,964 142,089 151,455 160,367 160,270 160,302 161,567 167,189
Milksolids sold per hectare 962 963 1,052 1,008 1,060 1,102 1,082 1,085 1,067 1,145
Milksolids sold per cow 343 347 376 358 377 383 383 387 376 395
PAYOUT RECEIVED: $/kg MS sold 6.16 7.36 6.69 6.33 7.69 5.76 3.92 5.79 6.62 6.42
DAIRY CASH INCOME $:
Milk sales (net of dairy levies) 6.16 7.36 6.69 6.33 7.69 5.76 3.92 5.79 6.62 6.42
Net livestock sales (sales - purchases) 0.31 0.39 0.36 0.39 0.38 0.52 0.57 0.50 0.50 0.47
Other dairy cash income 0.05 0.05 0.04 0.05 0.04 0.04 0.04 0.04 0.04 0.04
Net dairy cash income 6.52 7.80 7.09 6.77 8.11 6.32 4.52 6.33 7.16 6.92
CASH FARM WORKING EXPENSES:
Wages 0.61 0.60 0.59 0.64 0.60 0.61 0.65 0.58 0.66 0.66
Animal health 0.20 0.24 0.21 0.23 0.24 0.23 0.19 0.22 0.23 0.23
Breeding & herd improvement 0.11 0.13 0.12 0.14 0.14 0.15 0.12 0.14 0.16 0.16
Farm dairy 0.06 0.06 0.07 0.07 0.07 0.06 0.05 0.06 0.06 0.06
Electricity 0.10 0.10 0.10 0.11 0.11 0.11 0.11 0.11 0.11 0.11
Net feed made, purchased, cropped 0.65 0.86 0.80 0.87 1.03 0.95 0.74 0.75 0.94 1.00
Stock grazing 0.32 0.36 0.38 0.37 0.36 0.40 0.40 0.36 0.36 0.42
Support block lease 0.07 0.07 0.08 0.09 0.08 0.07 0.08 0.08 0.07 0.06
Fertiliser (incl Nitrogen) 0.55 0.60 0.59 0.58 0.57 0.47 0.42 0.46 0.48 0.46
Irrigation 0.04 0.04 0.03 0.04 0.03 0.06 0.05 0.05 0.05 0.08
Regrassing 0.06 0.07 0.05 0.06 0.07 0.06 0.05 0.06 0.08 0.07
Weed & pest 0.03 0.04 0.03 0.03 0.04 0.03 0.03 0.04 0.04 0.03
Vehicles & fuel 0.18 0.19 0.20 0.21 0.21 0.18 0.17 0.18 0.20 0.19
Repairs & maintenance 0.25 0.35 0.35 0.30 0.41 0.33 0.22 0.29 0.39 0.35
Freight & general 0.05 0.05 0.05 0.05 0.06 0.05 0.05 0.05 0.05 0.05
Administration 0.11 0.12 0.12 0.13 0.12 0.11 0.12 0.11 0.12 0.13
Insurance 0.05 0.05 0.05 0.06 0.06 0.07 0.06 0.07 0.08 0.08
ACC 0.03 0.03 0.04 0.03 0.03 0.03 0.02 0.02 0.02 0.02
Rates 0.09 0.09 0.09 0.10 0.10 0.10 0.10 0.10 0.11 0.10
Farm working expenses 3.56 4.06 3.95 4.13 4.33 4.07 3.64 3.73 4.20 4.25
Cash operating surplus 2.97 3.73 3.14 2.64 3.78 2.25 0.88 2.59 2.96 2.67
ADJUSTMENTS:
Value of change in dairy livestock 0.00 0.07 0.14 0.08 0.16 0.02 -0.08 0.06 0.07 0.05
less Labour adjustment 0.41 0.39 0.37 0.39 0.39 0.37 0.35 0.38 0.40 0.37
plus Feed inventory adjustment -0.01 0.02 0.03 -0.02 0.04 -0.00 0.02 0.02 -0.01 0.02
less Owned support block adjustment 0.08 0.08 0.09 0.10 0.10 0.09 0.09 0.09 0.10 0.08
less Depreciation 0.44 0.44 0.35 0.40 0.38 0.41 0.39 0.41 0.42 0.41
Net Adjustments -0.93 -0.82 -0.65 -0.82 -0.67 -0.86 -0.89 -0.81 -0.86 -0.79
OPERATING CASH & NON-CASH:
Dairy gross farm revenue 6.53 7.87 7.23 6.85 8.28 6.34 4.44 6.39 7.23 6.98
Dairy operating expenses 4.49 4.95 4.73 5.03 5.17 4.94 4.45 4.60 5.13 5.10
Dairy operating profit 2.04 2.92 2.49 1.82 3.11 1.39 -0.01 1.79 2.10 1.88

Table 12.5: 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 223 214 204 217 301 296 279 316 265 260
Effective hectares 134.2 138.1 140.7 141.0 142.9 145.5 148.1 147.8 151.4 146.0
Peak cows milked 377 383 393 397 402 419 418 414 430 424
Stocking rate (cows/ha) 2.8 2.8 2.8 2.8 2.8 2.9 2.8 2.8 2.8 2.9
Kg milksolids sold 129,049 133,030 147,964 142,089 151,455 160,367 160,270 160,302 161,567 167,189
Milksolids sold per hectare 962 963 1,052 1,008 1,060 1,102 1,082 1,085 1,067 1,145
Milksolids sold per cow 343 347 376 358 377 383 383 387 376 395
PAYOUT RECEIVED: $/kg MS sold 6.16 7.36 6.69 6.33 7.69 5.76 3.92 5.79 6.62 6.42
Net dairy cash income 841,784 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
Farm working expenses 458,790 540,469 584,218 586,744 655,858 652,619 582,850 598,662 678,172 710,932
Cash operating surplus 382,994 496,585 464,654 375,176 572,586 361,272 141,757 415,410 478,511 446,701
DISCRETIONARY CASH
less Rent (excl support block) 18,834 20,040 19,374 22,812 23,366 22,250 20,047 19,582 20,703 12,499
less Interest 195,523 184,707 174,518 174,136 171,597 195,984 197,277 197,343 191,459 194,022
less Tax 14,442 36,388 46,816 35,383 58,155 34,078 7,939 16,773 41,532 38,315
plus Net non-dairy cash income 1,518 2,446 790 1,125 2,355 486 904 3,371 6,064 7,040
Discretionary Cash 155,713 257,896 224,736 143,970 321,823 109,446 -82,602 185,083 230,881 208,906
OTHER CASH INCOME
plus Net off-farm income 12,695 12,323 11,018 12,427 9,991 12,078 9,238 19,811 18,114 6,670
plus Introduced funds 37,142 6,240 -2,871 40,918 -44,275 28,307 77,696 -24,004 -40,908 -2,774
plus Income equalisation 3,556 -274 -2,004 1,178 -4,756 -9,579 16,765 1,307 40 307
Cash available for living and growth 209,106 276,185 230,879 198,493 282,783 140,252 21,097 182,197 208,127 213,109
OTHER CASH EXPENDITURE
less Net capital transactions 117,688 136,393 164,026 185,532 143,703 201,119 76,697 109,749 238,591 207,027
less Net debt -57,011 2,991 22,153 -123,346 -10,790 -93,026 -111,777 -75,867 -92,523 -74,133
less Net drawings 84,261 97,099 83,781 92,872 116,224 110,437 78,151 82,043 104,334 95,173
Cash surplus/deficit 64,168 39,702 -39,081 43,435 33,646 -78,278 -21,974 66,272 -42,275 -14,958
CASHFLOW PER KG MILKSOLIDS SOLD:
Net dairy cash income 6.52 7.80 7.09 6.77 8.11 6.32 4.52 6.33 7.16 6.92
Farm working expenses 3.56 4.06 3.95 4.13 4.33 4.07 3.64 3.73 4.20 4.25
Cash operating surplus 2.97 3.73 3.14 2.64 3.78 2.25 0.88 2.59 2.96 2.67
DISCRETIONARY CASH: MS BASIS
less Rent (excl support block) 0.15 0.15 0.13 0.16 0.15 0.14 0.13 0.12 0.13 0.07
less Interest 1.52 1.39 1.18 1.23 1.13 1.22 1.23 1.23 1.19 1.16
less Tax 0.11 0.27 0.32 0.25 0.38 0.21 0.05 0.10 0.26 0.23
plus Net non-dairy cash income 0.01 0.02 0.01 0.01 0.02 0.00 0.01 0.02 0.04 0.04
Discretionary Cash 1.21 1.94 1.52 1.01 2.12 0.68 -0.52 1.15 1.43 1.25
OTHER CASH INCOME: MS BASIS
plus Net off-farm income 0.10 0.09 0.07 0.09 0.07 0.08 0.06 0.12 0.11 0.04
plus Introduced funds 0.29 0.05 -0.02 0.29 -0.29 0.18 0.48 -0.15 -0.25 -0.02
plus Income equalisation 0.03 -0.00 -0.01 0.01 -0.03 -0.06 0.10 0.01 0.00 0.00
Cash available for living and growth 1.62 2.08 1.56 1.40 1.87 0.87 0.13 1.14 1.29 1.27
OTHER CASH EXPENDITURE: MS BASIS
less Net capital transactions 0.91 1.03 1.11 1.31 0.95 1.25 0.48 0.68 1.48 1.24
less Net debt -0.44 0.02 0.15 -0.87 -0.07 -0.58 -0.70 -0.47 -0.57 -0.44
less Net drawings 0.65 0.73 0.57 0.65 0.77 0.69 0.49 0.51 0.65 0.57
Cash surplus/deficit 0.50 0.30 -0.26 0.31 0.22 -0.49 -0.14 0.41 -0.26 -0.09

Table 12.6: 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 223 214 204 217 301 296 279 316 265 260
Effective hectares 134.2 138.1 140.7 141.0 142.9 145.5 148.1 147.8 151.4 146.0
Peak cows milked 377 383 393 397 402 419 418 414 430 424
Stocking rate (cows/ha) 2.8 2.8 2.8 2.8 2.8 2.9 2.8 2.8 2.8 2.9
Kg milksolids sold 129,049 133,030 147,964 142,089 151,455 160,367 160,270 160,302 161,567 167,189
Milksolids sold per hectare 962 963 1,052 1,008 1,060 1,102 1,082 1,085 1,067 1,145
Milksolids sold per cow 343 347 376 358 377 383 383 387 376 395
PAYOUT RECEIVED: $/kg MS sold 6.16 7.36 6.69 6.33 7.69 5.76 3.92 5.79 6.62 6.42
DAIRY ASSETS at OPEN
Land & buildings 4,226,924 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
Plant, machinery and vehicles 212,797 185,881 213,589 193,255 224,385 233,302 258,077 254,722 252,258 249,118
Livestock 571,893 607,371 821,346 1,013,686 873,333 967,406 812,241 640,378 834,061 754,230
Investments (excl non-dairy) 657,001 658,358 616,654 628,020 899,384 892,639 688,384 791,795 800,126 815,583
Current assets 120,852 235,731 221,577 168,694 221,155 285,915 176,424 138,254 208,018 180,448
Total dairy assets at open 5,789,467 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
plus Non-dairy assets 207,001 227,726 243,626 226,186 225,437 207,058 258,166 267,387 403,636 353,525
Total assets 5,996,468 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
LIABILITIES at OPEN
Term liabilities 2,736,810 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
Current liabilities 183,275 101,438 167,634 174,851 154,442 182,128 197,175 160,682 149,261 189,611
Total liabilities 2,920,085 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
Owners equity at open 3,076,383 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
DAIRY ASSETS at CLOSE
Land & buildings 4,348,461 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
Plant, machinery and vehicles 204,911 189,607 227,328 196,594 252,083 233,593 243,360 249,436 255,794 246,538
Livestock 612,361 807,201 1,017,760 874,419 939,582 804,897 651,096 815,984 776,831 752,063
Investments (excl non-dairy) 618,712 676,231 649,996 967,958 817,865 751,874 810,143 823,402 748,739 665,352
Current assets 152,996 294,029 188,455 186,427 279,218 186,858 151,773 194,747 195,692 163,031
Total dairy assets at close 5,937,441 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
plus Non-dairy assets 221,772 256,722 271,339 260,335 236,874 224,823 258,766 280,232 411,434 388,794
Total assets 6,159,213 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
LIABILITIES at CLOSE
Term liabilities 2,793,821 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
Current liabilities 151,251 120,034 173,593 149,149 178,859 161,349 194,497 150,902 179,210 184,250
Total liabilities 2,945,072 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
Owners equity at close 3,214,141 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
EQUITY
Growth in equity 137,758 315,735 374,383 432,753 361,038 -143,500 -371,686 540,892 -238,662 -363,884
Growth in equity from profit 26,052 123,991 123,506 16,257 187,695 -53,784 -225,348 68,973 85,385 63,675
Growth in equity from capital 111,706 191,744 250,877 416,496 173,343 -89,716 -146,338 471,919 -324,047 -427,560
Growth in equity % 4.5% 9.0% 11.2% 13.0% 9.7% -3.5% -9.3% 15.4% -5.7% -8.7%
Closing debt to asset % 46.5% 40.0% 43.3% 43.7% 41.9% 45.8% 50.3% 49.4% 50.7% 53.4%
Closing term liabilities per kg MS 21.65 20.44 19.24 20.82 20.14 21.26 22.49 25.00 25.31 24.92

Table 12.7: 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 223 214 204 217 301 296 279 316 265 260
Effective hectares 134.2 138.1 140.7 141.0 142.9 145.5 148.1 147.8 151.4 146.0
Peak cows milked 377 383 393 397 402 419 418 414 430 424
Stocking rate (cows/ha) 2.8 2.8 2.8 2.8 2.8 2.9 2.8 2.8 2.8 2.9
Kg milksolids sold 129,049 133,030 147,964 142,089 151,455 160,367 160,270 160,302 161,567 167,189
Milksolids sold per hectare 962 963 1,052 1,008 1,060 1,102 1,082 1,085 1,067 1,145
Milksolids sold per cow 343 347 376 358 377 383 383 387 376 395
PAYOUT RECEIVED: $/kg MS sold 6.16 7.36 6.69 6.33 7.69 5.76 3.92 5.79 6.62 6.42
RETURN on DAIRY ASSETS %
Dairy operating profit 262,673 388,024 369,163 258,049 470,808 223,630 -1,291 286,227 338,871 314,435
plus Owned support block adjustment 10,635 11,062 13,554 14,601 15,338 14,889 14,126 14,359 16,786 13,143
less Rent 18,834 20,040 19,374 22,812 23,366 22,250 20,047 19,582 20,703 12,499
Net return from dairy 254,474 379,046 363,343 249,838 462,780 216,269 -7,212 281,004 334,954 315,079
Total dairy assets (less current) at open 5,668,615 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
Operating return on dairy assets % 4.5% 6.5% 6.2% 4.2% 7.2% 3.0% -0.1% 3.9% 4.3% 4.0%
TOTAL RETURN ON ASSETS %
Net return from dairy 254,474 379,046 363,343 249,838 462,780 216,269 -7,212 281,004 334,954 315,079
plus Net non-dairy profit 356 -1,100 -280 1,288 1,724 -673 -318 3,331 5,444 6,904
plus Change in capital value 12,586 126,766 207,084 315,704 169,567 -175,947 -301,565 430,903 -353,833 -277,275
Total return 267,416 504,712 570,147 566,830 634,071 39,649 -309,095 715,238 -13,435 44,709
Total assets (less current) at open 5,875,616 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
Total return on assets % 4.6% 8.3% 9.3% 9.2% 9.5% 0.5% -4.1% 9.6% -0.2% 0.5%
TOTAL RETURN ON EQUITY %
Total return 267,416 504,712 570,147 566,830 634,071 39,649 -309,095 715,238 -13,435 44,709
plus Net off-farm income 12,479 12,442 10,810 12,360 9,858 12,098 9,208 19,643 18,392 6,670
less Interest 195,523 184,707 174,518 174,136 171,597 195,984 197,277 197,343 191,459 194,022
Total return for equity 84,372 332,447 406,439 405,054 472,332 -144,237 -497,164 537,538 -186,502 -142,643
Equity at open 3,076,383 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
Total return on equity % 2.7% 9.5% 12.2% 12.2% 12.7% -3.5% -12.5% 15.3% -4.4% -3.4%