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

	Avg. Of	Less than
	All Farms	20%	20% - 40%	40% - 60%	60% - 80%	Over 80%

Number of farms	2234	234	559	830	478	133

Income Statement
Gross cash farm income	438,358	314,998	393,244	496,775	460,546	400,705
Total cash farm expense	359,325	226,349	302,900	413,190	395,852	363,004
Net cash farm income	79,033	88,649	90,344	83,585	64,694	37,700
Inventory change	18,682	3,629	14,150	25,296	17,656	26,631
Depreciation and capital adjust	-24,954	-19,391	-23,559	-26,324	-28,385	-19,730
Net farm income	72,761	72,887	80,935	82,557	53,964	44,601

Profitability (cost)
Labor and management earnings	49,125	33,153	48,385	58,593	43,226	42,441
Rate of return on assets	8.0 %	6.7 %	7.9 %	8.5 %	7.6 %	8.4 %
Rate of return on equity	10.9 %	6.9 %	9.2 %	12.6 %	14.9 %	-44.5 %
Operating profit margin	17.6 %	19.0 %	18.9 %	18.7 %	14.7 %	12.7 %
Asset turnover rate	45.6 %	35.2 %	41.6 %	45.7 %	51.9 %	65.6 %

Profitability (market)
Labor and management earnings	58,091	48,199	59,195	69,704	45,143	44,911
Rate of return on assets	7.8 %	7.5 %	7.8 %	8.4 %	6.8 %	7.2 %
Rate of return on equity	11.1 %	8.4 %	9.8 %	12.8 %	11.7 %	33.2 %
Operating profit margin	22.3 %	29.5 %	25.5 %	23.4 %	16.6 %	14.0 %
Asset turnover rate	34.8 %	25.3 %	30.4 %	35.7 %	40.8 %	51.2 %

Liquidity
Ending current ratio	1.48	8.05	2.15	1.33	1.07	0.95
Ending working capital	76,346	190,094	119,795	64,630	14,545	-11,165
End working capital to gross inc	17.4 %	60.3 %	30.5 %	13.0 %	3.2 %	-2.8 %
Term debt coverage ratio	162.8 %	491.5 %	212.1 %	154.4 %	122.8 %	111.1 %
Expense as a percent of income	78.4 %	70.4 %	74.1 %	79.0 %	82.7 %	85.0 %
Interest as a percent of income	5.2 %	1.2 %	3.7 %	5.5 %	6.8 %	6.7 %

Solvency (cost)
Number of farms	2,234	234	559	830	478	133
Ending farm assets	866,111	756,664	864,943	982,153	804,177	562,003
Ending farm liabilities	457,421	72,154	294,715	558,160	625,899	584,935
Ending total assets	987,555	980,934	1,003,052	1,096,895	889,382	604,561
Ending total liabilities	482,967	75,908	313,685	588,427	660,143	615,739
Ending net worth	504,588	905,026	689,366	508,468	229,239	-11,177
Net worth change	54,574	60,947	66,129	62,018	35,483	16,960
Ending farm debt to asset ratio	53 %	10 %	34 %	57 %	78 %	104 %
Beg total debt to asset ratio	50 %	10 %	33 %	55 %	76 %	105 %
End total debt to asset ratio	49 %	8 %	31 %	54 %	74 %	102 %

Solvency (market)
Number of farms	2,234	234	559	830	478	133
Ending farm assets	1,132,961	1,056,674	1,182,811	1,256,242	1,015,454	710,636
Ending farm liabilities	560,354	153,320	401,099	673,874	724,330	648,076
Ending total assets	1,273,818	1,307,351	1,343,684	1,391,987	1,113,721	759,114
Ending total liabilities	590,327	162,826	424,753	708,986	762,187	680,210
Ending net worth	683,491	1,144,525	918,931	683,001	351,534	78,904
Net worth change	74,211	92,382	91,163	83,830	43,306	22,038
Ending farm debt to asset ratio	49 %	15 %	34 %	54 %	71 %	91 %
Beg total debt to asset ratio	48 %	14 %	33 %	52 %	69 %	91 %
End total debt to asset ratio	46 %	12 %	32 %	51 %	68 %	90 %

Nonfarm Information
Net nonfarm income	21,589	21,937	23,724	22,377	19,874	13,241
Farms reporting living expenses	924	81	235	353	208	47
Total family living expense	38,616	34,339	38,146	40,040	39,187	35,127
Total living, invest, & capital	57,656	69,388	58,898	57,205	54,865	46,965

Crop Acres
Total acres owned	275	343	301	301	215	103
Total crop acres	754	536	719	843	769	672
Total crop acres owned	222	246	240	253	174	89
Total crop acres cash rented	505	279	451	565	563	548
Total crop acres share rented	27	11	28	26	33	35