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State-wide Reports for 2004


Financial Summary
Minnesota State Colleges and Universities Statewide Farm Business Management Database
(Farms Sorted By Farm Type)

  Avg. Of         Crop and Crop and Crop and  
  All Farms Crop Dairy Hog Beef Dairy Hog Beef Other
 
Number of farms 2234 947 491 92 56 90 113 97 344
 
Income Statement
Gross cash farm income 438,358 393,860 459,194 1,474,086 296,967 369,109 539,353 348,389 290,355
Total cash farm expense 359,325 317,419 361,500 1,317,359 284,832 282,668 457,019 290,927 236,999
Net cash farm income 79,033 76,441 97,694 156,726 12,135 86,440 82,334 57,463 53,356
Inventory change 18,682 4,367 22,163 126,969 36,243 11,528 49,584 14,724 14,234
Depreciation and capital adjust -24,954 -21,734 -27,521 -56,084 -15,388 -27,944 -29,697 -19,609 -22,755
Net farm income 72,761 59,075 92,336 227,612 32,989 70,024 102,222 52,578 44,836
 
Profitability (cost)
Labor and management earnings 49,125 34,860 70,386 185,918 15,333 43,919 73,475 26,740 27,011
Rate of return on assets 8.0 % 6.2 % 10.3 % 15.6 % 4.7 % 7.7 % 9.9 % 5.6 % 6.2 %
Rate of return on equity 10.9 % 7.2 % 16.2 % 26.8 % 4.6 % 9.2 % 14.9 % 6.0 % 6.9 %
Operating profit margin 17.6 % 12.9 % 22.4 % 27.5 % 16.0 % 17.6 % 22.4 % 16.4 % 16.5 %
Asset turnover rate 45.6 % 48.0 % 46.0 % 56.7 % 29.5 % 43.7 % 44.2 % 34.1 % 37.7 %
 
Profitability (market)
Labor and management earnings 58,091 49,950 75,214 188,539 16,249 47,544 66,856 31,813 35,431
Rate of return on assets 7.8 % 6.9 % 9.4 % 12.9 % 4.5 % 6.9 % 7.7 % 5.6 % 6.5 %
Rate of return on equity 11.1 % 9.6 % 14.4 % 21.4 % 5.1 % 8.5 % 10.9 % 6.9 % 8.3 %
Operating profit margin 22.3 % 18.9 % 25.7 % 29.6 % 19.6 % 22.7 % 24.2 % 20.8 % 23.4 %
Asset turnover rate 34.8 % 36.8 % 36.7 % 43.5 % 23.0 % 30.3 % 32.0 % 26.6 % 27.7 %
 
Liquidity
Ending current ratio 1.48 1.37 1.53 1.95 1.61 1.85 1.63 1.56 1.35
Ending working capital 76,346 71,118 42,379 307,137 80,922 85,485 136,982 99,512 48,519
End working capital to gross inc 17.4 % 18.1 % 9.2 % 20.8 % 27.2 % 23.2 % 25.4 % 28.6 % 16.7 %
Term debt coverage ratio 162.8 % 135.8 % 177.2 % 288.8 % 167.7 % 175.5 % 193.2 % 155.0 % 135.3 %
Expense as a percent of income 78.4 % 79.6 % 74.9 % 81.9 % 85.5 % 74.2 % 77.1 % 79.9 % 77.7 %
Interest as a percent of income 5.2 % 5.6 % 5.1 % 2.7 % 3.6 % 5.0 % 4.9 % 5.5 % 7.5 %
 
Solvency (cost)
Number of farms 2,234 947 491 92 56 90 113 97 344
Ending farm assets 866,111 875,016 826,661 1,567,147 580,192 796,131 1,070,824 853,758 717,672
Ending farm liabilities 457,421 463,711 442,049 786,334 272,824 353,197 555,446 408,371 416,157
Ending total assets 987,555 1,024,261 910,102 1,721,112 686,097 905,978 1,190,513 946,274 823,330
Ending total liabilities 482,967 498,189 458,270 801,686 299,083 367,585 575,230 424,613 440,622
Ending net worth 504,588 526,071 451,832 919,426 387,014 538,392 615,283 521,661 382,708
Net worth change 54,574 41,288 65,970 202,030 33,103 42,094 93,543 41,395 33,533
Ending farm debt to asset ratio 53 % 53 % 53 % 50 % 47 % 44 % 52 % 48 % 58 %
Beg total debt to asset ratio 50 % 49 % 54 % 53 % 41 % 41 % 51 % 45 % 54 %
End total debt to asset ratio 49 % 49 % 50 % 47 % 44 % 41 % 48 % 45 % 54 %
 
Solvency (market)
Number of farms 2,234 947 491 92 56 90 113 97 344
Ending farm assets 1,132,961 1,141,221 1,037,531 2,033,241 740,389 1,141,683 1,466,076 1,091,927 977,444
Ending farm liabilities 560,354 571,333 520,012 989,157 350,121 462,260 699,666 516,633 503,217
Ending total assets 1,273,818 1,315,421 1,130,287 2,199,352 863,280 1,267,961 1,611,343 1,201,602 1,103,617
Ending total liabilities 590,327 611,407 538,631 1,007,586 382,175 479,284 725,457 536,206 532,229
Ending net worth 683,491 704,013 591,656 1,191,766 481,106 788,677 885,886 665,396 571,388
Net worth change 74,211 66,860 78,597 220,444 40,270 61,974 104,478 55,983 53,286
Ending farm debt to asset ratio 49 % 50 % 50 % 49 % 47 % 40 % 48 % 47 % 51 %
Beg total debt to asset ratio 48 % 47 % 50 % 50 % 42 % 38 % 46 % 45 % 49 %
End total debt to asset ratio 46 % 46 % 48 % 46 % 44 % 38 % 45 % 45 % 48 %
 
Nonfarm Information
Net nonfarm income 21,589 25,029 11,429 24,011 37,809 12,466 20,042 21,470 26,156
Farms reporting living expenses 924 423 170 39 16 30 56 45 142
Total family living expense 38,616 41,054 32,981 46,481 44,021 44,248 45,366 31,489 33,905
Total living, invest, & capital 57,656 63,494 47,639 77,793 67,050 63,438 61,419 43,462 47,760
 
Crop Acres
Total acres owned 275 304 198 223 364 279 288 382 272
Total crop acres 754 1,104 292 632 320 601 825 750 575
Total crop acres owned 222 275 129 199 156 242 251 274 199
Total crop acres cash rented 505 787 161 415 153 351 542 426 352
Total crop acres share rented 27 42 2 18 11 9 32 49 24


 

 

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