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

	Avg. Of
	All Farms	Low 20%	20 - 40%	40 - 60%	60 - 80%	High 20%

Number of farms	2234	446	447	447	447	447

Assets
Current Farm Assets
Cash and checking balance	11,613	8,203	9,316	9,920	9,995	20,624
Prepaid expenses & supplies	23,234	8,559	11,327	15,911	22,634	57,706
Growing crops	612	262	172	297	322	2,005
Accounts receivable	26,759	13,798	13,731	16,490	26,734	63,012
Hedging accounts	1,278	447	647	918	1,100	3,277
Crops held for sale or feed	108,666	52,732	61,225	84,770	118,617	225,858
Crops under government loan	23,628	19,206	21,084	23,081	22,689	32,069
Market livestock held for sale	37,507	16,461	15,804	21,177	34,053	99,995
Other current assets	2,334	1,979	762	1,031	3,591	4,309
Total current farm assets	235,631	121,647	134,067	173,595	239,736	508,856

Intermediate Farm Assets
Breeding livestock	62,856	29,797	31,420	45,231	71,397	136,363
Machinery and equipment	250,815	165,794	174,132	203,172	258,041	452,744
Titled vehicles	9,686	8,564	7,037	7,094	9,248	16,486
Other intermediate assets	39,434	22,365	15,086	31,390	45,269	83,023
Total intermediate farm assets	362,792	226,519	227,676	286,888	383,956	688,616

Long Term Farm Assets
Farm land	366,490	295,301	299,636	330,975	358,419	547,958
Buildings and improvements	143,556	84,707	91,599	94,020	139,736	307,584
Other long-term assets	24,493	11,887	14,678	19,680	26,234	49,960
Total long-term farm assets	534,539	391,894	405,914	444,675	524,389	905,502
Total Farm Assets	1,132,961	740,061	767,657	905,157	1,148,080	2,102,973

Total Nonfarm Assets	140,857	130,548	132,268	132,795	133,301	175,347
Total Assets	1,273,818	870,609	899,925	1,037,952	1,281,381	2,278,320

Liabilities
Current Farm Liabilities
Accrued interest	5,575	5,017	4,505	4,524	5,636	8,192
Accounts payable	9,914	10,438	7,132	7,137	9,370	15,492
Current notes	86,146	61,772	53,786	68,766	84,501	161,849
Government crop loans	21,450	18,032	19,253	21,274	20,635	28,048
Principal due on term debt	36,200	23,188	25,424	28,515	36,283	67,562
Total current farm liabilities	159,285	118,447	110,101	130,217	156,425	281,143

Total intermediate farm liabs	97,884	73,083	68,996	81,772	100,888	164,624
Total long term farm liabilities	200,253	166,798	147,830	164,641	195,860	326,059
Total farm liabilities	457,421	358,328	326,927	376,630	453,173	771,827

Total nonfarm liabilities	25,546	29,172	25,670	21,232	23,724	27,940
Total liabs excluding deferreds	482,967	387,499	352,597	397,862	476,897	799,767
Total deferred liabilities	107,360	68,393	71,216	84,695	107,616	204,790
Total liabilities	590,327	455,892	423,813	482,557	584,513	1,004,557

Retained earnings	504,588	256,314	304,700	395,626	542,248	1,023,497
Market valuation equity	178,903	158,403	171,412	159,769	154,620	250,267
Net worth (farm and nonfarm)	683,491	414,717	476,113	555,395	696,867	1,273,763
Net worth excluding deferreds	790,851	483,109	547,329	640,090	804,484	1,478,553
Net worth change	74,211	12,092	36,703	53,354	75,710	193,057

Ratio Analysis
Current farm liabilities / assets	68 %	97 %	82 %	75 %	65 %	55 %
Curr. & interm farm liab. / assets	43 %	55 %	50 %	46 %	41 %	37 %
Long term farm liab. / assets	37 %	43 %	36 %	37 %	37 %	36 %
Total debt to asset ratio	46 %	52 %	47 %	46 %	46 %	44 %
Debt to assets excl deferreds	38 %	45 %	39 %	38 %	37 %	35 %