Farm Business Management -- Reports -- State-wide Minnesota 2004

	Avg. Of	Less
	All Farms	than 31	31 - 40	41 - 50	51 - 60	Over 60

Number of farms	2234	200	430	881	512	211

Income Statement
Gross cash farm income	438,358	229,148	413,158	494,965	458,194	403,527
Total cash farm expense	359,325	190,132	342,125	405,732	377,808	316,128
Net cash farm income	79,033	39,016	71,033	89,233	80,385	87,399
Inventory change	18,682	19,241	26,030	18,269	18,022	6,503
Depreciation and capital adjust	-24,954	-14,425	-24,139	-27,148	-25,836	-25,299
Net farm income	72,761	43,832	72,924	80,354	72,572	68,603

Profitability (cost)
Labor and management earnings	49,125	35,097	54,505	53,932	45,917	39,164
Rate of return on assets	8.0 %	9.3 %	9.1 %	8.0 %	7.5 %	6.7 %
Rate of return on equity	10.9 %	16.9 %	14.0 %	11.0 %	9.6 %	7.6 %
Operating profit margin	17.6 %	17.0 %	17.6 %	17.7 %	17.6 %	17.2 %
Asset turnover rate	45.6 %	54.5 %	51.5 %	45.6 %	42.7 %	39.1 %

Profitability (market)
Labor and management earnings	58,091	40,573	62,847	64,858	56,877	39,693
Rate of return on assets	7.8 %	9.6 %	8.9 %	7.9 %	7.4 %	5.9 %
Rate of return on equity	11.1 %	18.1 %	14.2 %	11.3 %	10.1 %	7.1 %
Operating profit margin	22.3 %	20.2 %	21.3 %	22.5 %	23.5 %	21.7 %
Asset turnover rate	34.8 %	47.7 %	41.6 %	35.1 %	31.5 %	27.0 %

Liquidity
Ending current ratio	1.48	1.31	1.44	1.45	1.51	1.76
Ending working capital	76,346	28,452	67,915	82,120	82,345	100,262
End working capital to gross inc	17.4 %	12.4 %	16.4 %	16.6 %	18.0 %	24.8 %
Term debt coverage ratio	162.8 %	180.8 %	167.0 %	155.8 %	165.3 %	174.7 %
Expense as a percent of income	78.4 %	76.7 %	77.8 %	78.9 %	79.0 %	76.9 %
Interest as a percent of income	5.2 %	5.4 %	5.0 %	5.2 %	5.2 %	5.2 %

Solvency (cost)
Number of farms	2,234	200	430	881	512	211
Ending farm assets	866,111	448,973	763,861	970,862	924,086	891,826
Ending farm liabilities	457,421	296,766	441,832	514,820	464,792	383,926
Ending total assets	987,555	503,029	855,988	1,100,545	1,060,969	1,065,030
Ending total liabilities	482,967	326,111	472,327	541,681	487,092	398,168
Ending net worth	504,588	176,919	383,661	558,864	573,877	666,861
Net worth change	54,574	33,183	53,387	58,010	57,704	55,329
Ending farm debt to asset ratio	53 %	66 %	58 %	53 %	50 %	43 %
Beg total debt to asset ratio	50 %	64 %	56 %	51 %	48 %	40 %
End total debt to asset ratio	49 %	65 %	55 %	49 %	46 %	37 %

Solvency (market)
Number of farms	2,234	200	430	881	512	211
Ending farm assets	1,132,961	512,967	944,195	1,257,843	1,253,009	1,292,599
Ending farm liabilities	560,354	327,727	523,132	626,324	584,295	523,163
Ending total assets	1,273,818	572,767	1,050,197	1,408,638	1,413,245	1,492,795
Ending total liabilities	590,327	358,160	556,297	658,224	611,722	544,326
Ending net worth	683,491	214,606	493,900	750,414	801,522	948,469
Net worth change	74,211	40,740	67,667	80,306	82,713	73,196
Ending farm debt to asset ratio	49 %	64 %	55 %	50 %	47 %	40 %
Beg total debt to asset ratio	48 %	62 %	54 %	48 %	45 %	38 %
End total debt to asset ratio	46 %	63 %	53 %	47 %	43 %	36 %

Nonfarm Information
Net nonfarm income	21,589	15,125	20,606	22,964	22,401	22,003
Farms reporting living expenses	924	65	179	376	215	89
Total family living expense	38,616	26,338	38,459	42,225	37,382	35,635
Total living, invest, & capital	57,656	38,963	55,966	62,865	56,717	54,968

Crop Acres
Total acres owned	275	99	166	293	344	424
Total crop acres	754	523	716	843	759	668
Total crop acres owned	222	74	141	241	279	310
Total crop acres cash rented	505	433	550	570	452	337
Total crop acres share rented	27	16	25	31	29	22