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

Income Statement
Gross cash farm income	438,358	212,750	236,572	315,278	452,162	974,523
Total cash farm expense	359,325	196,831	198,702	256,131	355,324	789,272
Net cash farm income	79,033	15,919	37,869	59,146	96,838	185,251
Inventory change	18,682	-9,984	70	9,085	14,341	79,834
Depreciation and capital adjust	-24,954	-19,046	-16,507	-19,449	-24,659	-45,098
Net farm income	72,761	-13,111	21,433	48,783	86,519	219,987

Profitability (cost)
Labor and management earnings	49,125	-25,121	7,836	31,393	60,568	170,781
Rate of return on assets	8.0 %	-2.7 %	3.1 %	6.3 %	8.8 %	13.4 %
Rate of return on equity	10.9 %	-18.0 %	-0.3 %	7.3 %	12.4 %	20.8 %
Operating profit margin	17.6 %	-8.0 %	7.6 %	14.3 %	19.4 %	26.0 %
Asset turnover rate	45.6 %	33.6 %	41.4 %	44.1 %	45.6 %	51.6 %

Profitability (market)
Labor and management earnings	58,091	-13,934	19,988	37,971	72,816	173,451
Rate of return on assets	7.8 %	0.6 %	5.0 %	6.4 %	8.8 %	11.4 %
Rate of return on equity	11.1 %	-4.8 %	5.5 %	8.4 %	13.1 %	17.8 %
Operating profit margin	22.3 %	2.4 %	17.1 %	19.6 %	24.5 %	28.0 %
Asset turnover rate	34.8 %	24.5 %	29.4 %	32.7 %	35.9 %	40.8 %

Liquidity
Ending current ratio	1.48	1.03	1.22	1.33	1.53	1.81
Ending working capital	76,346	3,200	23,966	43,378	83,311	227,713
End working capital to gross inc	17.4 %	1.5 %	10.1 %	13.8 %	18.4 %	23.4 %
Term debt coverage ratio	162.8 %	47.4 %	102.4 %	131.1 %	169.9 %	243.6 %
Expense as a percent of income	78.4 %	97.1 %	84.0 %	78.8 %	76.0 %	74.5 %
Interest as a percent of income	5.2 %	9.5 %	7.1 %	6.0 %	4.9 %	3.8 %

Solvency (cost)
Number of farms	2,234	446	447	447	447	447
Ending farm assets	866,111	536,960	545,845	675,537	903,136	1,668,340
Ending farm liabilities	457,421	358,328	326,927	376,630	453,173	771,827
Ending total assets	987,555	643,813	657,297	793,489	1,019,145	1,823,264
Ending total liabilities	482,967	387,499	352,597	397,862	476,897	799,767
Ending net worth	504,588	256,314	304,700	395,626	542,248	1,023,497
Net worth change	54,574	-8,342	15,249	37,579	53,802	174,444
Ending farm debt to asset ratio	53 %	67 %	60 %	56 %	50 %	46 %
Beg total debt to asset ratio	50 %	58 %	53 %	51 %	48 %	48 %
End total debt to asset ratio	49 %	60 %	54 %	50 %	47 %	44 %

Solvency (market)
Number of farms	2,234	446	447	447	447	447
Ending farm assets	1,132,961	740,061	767,657	905,157	1,148,080	2,102,973
Ending farm liabilities	560,354	421,052	393,993	457,743	556,387	972,283
Ending total assets	1,273,818	870,609	899,925	1,037,952	1,281,381	2,278,320
Ending total liabilities	590,327	455,892	423,813	482,557	584,513	1,004,557
Ending net worth	683,491	414,717	476,113	555,395	696,867	1,273,763
Net worth change	74,211	12,092	36,703	53,354	75,710	193,057
Ending farm debt to asset ratio	49 %	57 %	51 %	51 %	48 %	46 %
Beg total debt to asset ratio	48 %	52 %	47 %	47 %	47 %	47 %
End total debt to asset ratio	46 %	52 %	47 %	46 %	46 %	44 %

Nonfarm Information
Net nonfarm income	21,589	34,171	26,277	18,822	15,013	13,688
Farms reporting living expenses	924	179	192	196	190	167
Total family living expense	38,616	32,989	35,110	37,352	40,247	48,308
Total living, invest, & capital	57,656	46,620	49,621	51,417	57,149	86,621

Crop Acres
Total acres owned	275	243	221	247	293	372
Total crop acres	754	508	550	654	812	1,245
Total crop acres owned	222	169	178	197	244	322
Total crop acres cash rented	505	320	342	430	543	888
Total crop acres share rented	27	19	31	26	26	35