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

	Avg. Of	Less than	200,001-	500,001-	1,000,001-	2,000,001-	Over
	All Farms	200,000	500,000	1,000,000	2,000,000	5,000,000	5,000,000

Number of farms	2234	91	441	754	675	250	23

Income Statement
Gross cash farm income	438,358	91,070	143,629	271,896	520,198	1,045,601	3,918,254
Total cash farm expense	359,325	75,996	120,125	220,779	419,858	850,953	3,488,287
Net cash farm income	79,033	15,074	23,504	51,116	100,340	194,648	429,967
Inventory change	18,682	7,456	7,088	10,655	20,805	31,922	342,341
Depreciation and capital adjust	-24,954	-6,806	-8,170	-16,483	-29,908	-58,890	-182,070
Net farm income	72,761	15,725	22,423	45,288	91,237	167,681	590,237

Profitability (cost)
Labor and management earnings	49,125	13,567	15,763	29,965	62,882	104,755	449,187
Rate of return on assets	8.0 %	6.5 %	5.2 %	6.8 %	8.5 %	8.0 %	12.5 %
Rate of return on equity	10.9 %	9.2 %	5.0 %	8.2 %	11.9 %	10.5 %	20.9 %
Operating profit margin	17.6 %	7.5 %	10.9 %	14.9 %	18.7 %	18.6 %	23.4 %
Asset turnover rate	45.6 %	86.8 %	47.9 %	45.3 %	45.3 %	43.1 %	53.7 %

Profitability (market)
Labor and management earnings	58,091	13,851	16,775	34,901	76,139	132,391	448,231
Rate of return on assets	7.8 %	6.2 %	5.2 %	6.7 %	8.3 %	7.9 %	10.1 %
Rate of return on equity	11.1 %	8.9 %	5.8 %	8.9 %	12.1 %	11.2 %	16.3 %
Operating profit margin	22.3 %	8.3 %	13.5 %	19.1 %	24.2 %	24.4 %	25.6 %
Asset turnover rate	34.8 %	74.6 %	38.6 %	35.1 %	34.4 %	32.6 %	39.6 %

Liquidity
Ending current ratio	1.48	1.44	1.29	1.41	1.42	1.59	1.80
Ending working capital	76,346	11,733	16,357	42,692	85,639	218,964	762,582
End working capital to gross inc	17.4 %	12.9 %	11.4 %	15.7 %	16.5 %	20.9 %	19.5 %
Term debt coverage ratio	162.8 %	171.4 %	131.6 %	143.8 %	162.9 %	174.7 %	220.8 %
Expense as a percent of income	78.4 %	77.0 %	79.7 %	78.0 %	77.4 %	78.8 %	81.6 %
Interest as a percent of income	5.2 %	3.4 %	5.9 %	5.8 %	5.3 %	5.1 %	3.0 %

Solvency (cost)
Number of farms	2,234	91	441	754	675	250	23
Ending farm assets	866,111	106,550	289,151	572,126	1,047,024	2,153,501	5,268,740
Ending farm liabilities	457,421	69,542	177,631	313,774	554,776	1,056,299	2,699,186
Ending total assets	987,555	176,100	376,835	684,473	1,174,224	2,361,060	5,436,066
Ending total liabilities	482,967	103,210	203,278	337,050	577,958	1,090,140	2,744,311
Ending net worth	504,588	72,890	173,558	347,424	596,267	1,270,920	2,691,755
Net worth change	54,574	14,592	19,215	30,752	65,479	132,207	507,834
Ending farm debt to asset ratio	53 %	65 %	61 %	55 %	53 %	49 %	51 %
Beg total debt to asset ratio	50 %	61 %	54 %	50 %	51 %	48 %	54 %
End total debt to asset ratio	49 %	59 %	54 %	49 %	49 %	46 %	50 %

Solvency (market)
Number of farms	2,234	91	441	754	675	250	23
Ending farm assets	1,132,961	123,104	356,543	738,142	1,379,701	2,847,841	7,077,435
Ending farm liabilities	560,354	76,978	201,396	376,106	679,317	1,336,210	3,471,079
Ending total assets	1,273,818	203,067	457,460	865,019	1,528,984	3,095,592	7,274,062
Ending total liabilities	590,327	112,147	229,570	402,819	707,316	1,380,480	3,524,366
Ending net worth	683,491	90,919	227,890	462,200	821,668	1,715,113	3,749,696
Net worth change	74,211	14,051	23,449	42,704	92,607	185,691	566,800
Ending farm debt to asset ratio	49 %	63 %	56 %	51 %	49 %	47 %	49 %
Beg total debt to asset ratio	48 %	56 %	50 %	47 %	48 %	46 %	51 %
End total debt to asset ratio	46 %	55 %	50 %	47 %	46 %	45 %	48 %

Nonfarm Information
Net nonfarm income	21,589	22,903	24,639	22,021	19,540	21,487	4,937
Farms reporting living expenses	924	26	184	333	288	87	6
Total family living expense	38,616	29,981	30,393	37,077	42,364	50,536	60,892
Total living, invest, & capital	57,656	43,989	43,117	51,609	61,759	94,724	163,940

Crop Acres
Total acres owned	275	26	134	221	319	599	943
Total crop acres	754	232	329	579	926	1,625	2,201
Total crop acres owned	222	9	82	166	270	522	917
Total crop acres cash rented	505	195	224	388	621	1,079	1,272
Total crop acres share rented	27	28	23	25	35	24	12