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

	Avg. Of
	All Farms	10 or Less	11 - 20	21 - 30	31 - 40	Over 40

Number of farms	2234	380	549	784	378	143

Income Statement
Gross cash farm income	438,358	276,975	451,035	496,749	465,076	427,782
Total cash farm expense	359,325	233,090	369,255	406,798	381,321	338,231
Net cash farm income	79,033	43,885	81,780	89,950	83,755	89,551
Inventory change	18,682	17,567	23,139	21,259	14,151	2,382
Depreciation and capital adjust	-24,954	-16,364	-26,118	-27,274	-27,315	-24,356
Net farm income	72,761	45,088	78,801	83,935	70,591	67,578

Profitability (cost)
Labor and management earnings	49,125	34,672	57,220	55,565	42,657	38,241
Rate of return on assets	8.0 %	8.0 %	9.0 %	8.2 %	6.9 %	6.5 %
Rate of return on equity	10.9 %	13.0 %	13.5 %	10.9 %	8.4 %	7.5 %
Operating profit margin	17.6 %	15.3 %	18.1 %	18.5 %	16.6 %	15.9 %
Asset turnover rate	45.6 %	52.4 %	49.6 %	44.2 %	41.7 %	40.9 %

Profitability (market)
Labor and management earnings	58,091	43,377	65,929	66,306	52,522	36,777
Rate of return on assets	7.8 %	8.8 %	8.7 %	7.9 %	6.8 %	5.5 %
Rate of return on equity	11.1 %	14.9 %	13.6 %	11.1 %	9.0 %	6.7 %
Operating profit margin	22.3 %	20.1 %	21.9 %	23.5 %	22.7 %	20.0 %
Asset turnover rate	34.8 %	43.6 %	39.9 %	33.7 %	30.1 %	27.7 %

Liquidity
Ending current ratio	1.48	1.29	1.46	1.49	1.56	1.57
Ending working capital	76,346	29,331	76,764	90,183	88,777	90,955
End working capital to gross inc	17.4 %	10.6 %	17.0 %	18.2 %	19.1 %	21.3 %
Term debt coverage ratio	162.8 %	156.1 %	171.2 %	161.0 %	164.8 %	148.4 %
Expense as a percent of income	78.4 %	79.0 %	77.7 %	78.4 %	79.2 %	78.7 %
Interest as a percent of income	5.2 %	5.4 %	5.0 %	5.2 %	5.1 %	5.4 %

Solvency (cost)
Number of farms	2,234	380	549	784	378	143
Ending farm assets	866,111	510,205	845,422	1,004,434	936,195	947,688
Ending farm liabilities	457,421	330,416	466,564	514,417	456,732	449,159
Ending total assets	987,555	585,877	953,701	1,141,797	1,077,070	1,102,675
Ending total liabilities	482,967	361,635	494,604	541,681	473,784	463,082
Ending net worth	504,588	224,242	459,096	600,115	603,286	639,593
Net worth change	54,574	37,358	57,610	62,692	52,214	50,403
Ending farm debt to asset ratio	53 %	65 %	55 %	51 %	49 %	47 %
Beg total debt to asset ratio	50 %	62 %	53 %	49 %	46 %	43 %
End total debt to asset ratio	49 %	62 %	52 %	47 %	44 %	42 %

Solvency (market)
Number of farms	2,234	380	549	784	378	143
Ending farm assets	1,132,961	612,891	1,050,156	1,316,509	1,296,370	1,394,620
Ending farm liabilities	560,354	370,129	558,760	634,416	584,536	601,996
Ending total assets	1,273,818	698,153	1,175,671	1,474,137	1,465,783	1,574,678
Ending total liabilities	590,327	403,268	590,461	666,462	607,946	622,903
Ending net worth	683,491	294,885	585,210	807,674	857,837	951,775
Net worth change	74,211	49,091	73,600	86,123	78,522	66,609
Ending farm debt to asset ratio	49 %	60 %	53 %	48 %	45 %	43 %
Beg total debt to asset ratio	48 %	58 %	52 %	47 %	43 %	41 %
End total debt to asset ratio	46 %	58 %	50 %	45 %	41 %	40 %

Nonfarm Information
Net nonfarm income	21,589	20,801	20,056	23,304	22,293	18,299
Farms reporting living expenses	924	125	235	346	152	66
Total family living expense	38,616	29,858	37,801	43,097	39,099	33,504
Total living, invest, & capital	57,656	45,789	51,975	65,967	62,100	46,552

Crop Acres
Total acres owned	275	109	213	330	353	452
Total crop acres	754	519	781	850	758	744
Total crop acres owned	222	83	178	275	276	334
Total crop acres cash rented	505	418	580	541	452	388
Total crop acres share rented	27	19	23	34	30	22