13 Time Series Tables: 50:50 Sharemilkers

---

Table 13.1: Cash Operating Surplus and Operating Profit - $ per farm

Variable	2013-14	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21	2021-22	2022-23
PHYSICAL CHARACTERISTICS
Number of herds	114	111	109	113	108	122	124	108	87	109
Effective hectares	128	132	133	132	137	151	144	140	140	147
Peak cows milked	367	383	379	372	391	452	431	424	422	437
Stocking rate (cows/ha)	2.9	2.9	2.8	2.8	2.8	3.0	3.0	3.0	3.0	3.0
Kg milksolids sold	138,532	151,044	144,587	143,685	147,143	184,909	175,656	182,030	171,282	181,551
Milksolids sold per hectare	1,082	1,144	1,085	1,089	1,072	1,222	1,219	1,300	1,227	1,239
Milksolids sold per cow	377	394	381	386	376	410	408	429	406	416
PAYOUT RECEIVED ($/kg MS sold)	3.76	2.88	1.88	2.82	3.21	3.17	3.45	3.65	4.54	4.14
DAIRY CASH INCOME ($):
Milk sales (net of dairy levies)	520,870	434,377	272,370	405,691	472,702	586,337	606,847	665,124	778,049	752,157
Net livestock sales (sales - purchases)	13,423	54,333	35,783	60,598	50,428	75,931	60,008	80,562	52,633	46,973
Other dairy cash income	3,407	2,381	3,368	2,419	2,321	2,332	3,280	4,596	3,365	6,275
Net dairy cash income	537,700	491,091	311,521	468,708	525,451	664,600	670,136	750,282	834,048	805,405
CASH FARM WORKING EXPENSES ($):
Wages	51,400	52,915	48,799	51,624	61,841	82,680	76,511	80,791	82,429	92,742
Animal health	34,651	35,418	28,668	31,232	34,238	43,264	41,198	43,119	49,737	52,314
Breeding & herd improvement	20,468	22,026	20,299	20,065	24,196	30,219	29,137	30,536	30,290	32,276
Farm dairy	6,631	6,653	6,629	6,886	7,538	8,922	9,415	8,627	8,671	10,200
Electricity	14,439	15,840	15,435	15,505	15,362	18,649	18,121	19,104	18,387	20,825
Net feed made, purchased, cropped	74,677	77,650	53,410	55,474	72,032	93,630	93,405	100,999	116,467	134,016
Stock grazing	39,026	50,175	42,034	34,075	46,703	60,678	58,204	53,146	58,865	66,699
Support block lease	1,308	1,403	2,206	1,834	1,666	1,380	2,840	1,817	891	3,194
Fertiliser (including Nitrogen)	20,377	21,454	18,608	18,616	21,151	25,577	27,222	24,985	29,510	36,403
Irrigation	1,778	2,135	3,991	2,462	2,043	5,126	6,117	4,720	4,303	3,312
Regrassing	2,821	2,560	2,502	2,442	3,026	4,270	3,428	3,776	4,651	6,009
Weed & pest	1,392	1,582	1,383	1,948	1,869	1,940	2,049	2,046	1,904	1,892
Vehicles & fuel	25,153	23,726	20,049	22,926	24,851	28,739	27,432	26,732	31,024	34,090
Repairs & maintenance	12,113	10,305	9,029	10,234	11,702	12,710	11,632	16,045	14,443	14,883
Freight & general	8,892	8,661	6,782	6,600	7,871	8,008	9,305	9,605	10,761	13,909
Administration	12,063	12,413	11,778	11,542	11,785	15,718	15,081	14,212	14,732	18,194
Insurance	4,016	4,255	4,906	4,254	4,970	5,351	5,614	6,223	6,798	7,492
ACC	3,914	3,248	3,054	2,937	2,982	3,918	2,399	5,084	5,379	5,304
Rates	623	1,253	526	512	302	549	656	417	553	719
Farm working expenses	335,742	353,672	300,088	301,168	356,128	451,327	439,763	451,984	489,795	554,471
Cash operating surplus	201,958	137,419	11,433	167,540	169,323	213,273	230,372	298,298	344,252	250,934
ADJUSTMENTS ($):
Value of change in dairy livestock	70,394	32,000	30,838	16,893	32,946	8,193	31,018	-272	31,022	39,357
Less labour adjustment	68,733	77,508	73,553	72,041	80,608	80,071	82,559	91,240	100,776	102,774
Plus feed inventory adjustment	1,573	176	1,708	-486	1,860	2,496	-41	2,515	1,041	6,473
Less owned support block adjustment	685	1,245	695	508	251	299	479	611	1,010	860
Less depreciation	21,798	25,243	23,409	19,521	24,700	26,415	27,018	28,470	28,354	31,251
Net Adjustments	-19,249	-71,820	-65,111	-75,663	-70,753	-96,096	-79,079	-118,078	-98,077	-89,055
OPERATING CASH & NON-CASH:
Dairy gross farm revenue	608,094	523,091	342,359	485,601	558,397	672,793	701,154	750,010	865,070	844,762
Dairy operating expenses	425,385	457,492	396,037	393,724	459,827	555,616	549,861	569,791	618,895	682,882
Dairy operating profit	182,709	65,599	-53,678	91,877	98,570	117,177	151,293	180,220	246,175	161,879

Table 13.2: Cash Operating Surplus and Operating Profit - $ per cow

Variable	2013-14	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21	2021-22	2022-23
PHYSICAL CHARACTERISTICS
Number of herds	114	111	109	113	108	122	124	108	87	109
Effective hectares	128	132	133	132	137	151	144	140	140	147
Peak cows milked	367	383	379	372	391	452	431	424	422	437
Stocking rate (cows/ha)	2.9	2.9	2.8	2.8	2.8	3.0	3.0	3.0	3.0	3.0
Kg milksolids sold	138,532	151,044	144,587	143,685	147,143	184,909	175,656	182,030	171,282	181,551
Milksolids sold per hectare	1,082	1,144	1,085	1,089	1,072	1,222	1,219	1,300	1,227	1,239
Milksolids sold per cow	377	394	381	386	376	410	408	429	406	416
PAYOUT RECEIVED ($/kg MS sold)	3.76	2.88	1.88	2.82	3.21	3.17	3.45	3.65	4.54	4.14
DAIRY CASH INCOME ($/cow):
Milk sales (net of dairy levies)	1,419	1,134	719	1,091	1,209	1,299	1,408	1,567	1,843	1,722
Net livestock sales (sales - purchases)	37	142	94	163	129	168	139	190	125	108
Other dairy cash income	9	6	9	7	6	5	8	11	8	14
Net dairy cash income	1,465	1,282	822	1,260	1,344	1,472	1,555	1,768	1,975	1,843
CASH FARM WORKING EXPENSES ($/cow):
Wages	140	138	129	139	158	183	178	190	195	212
Animal health	94	92	76	84	88	96	96	102	118	120
Breeding & herd improvement	56	58	54	54	62	67	68	72	72	74
Farm dairy	18	17	17	19	19	20	22	20	21	23
Electricity	39	41	41	42	39	41	42	45	44	48
Net feed made, purchased, cropped	203	203	141	149	184	207	217	238	276	307
Stock grazing	106	131	111	92	119	134	135	125	139	153
Support block lease	4	4	6	5	4	3	7	4	2	7
Fertiliser (including Nitrogen)	56	56	49	50	54	57	63	59	70	83
Irrigation	5	6	11	7	5	11	14	11	10	8
Regrassing	8	7	7	7	8	9	8	9	11	14
Weed & pest	4	4	4	5	5	4	5	5	5	4
Vehicles & fuel	69	62	53	62	64	64	64	63	73	78
Repairs & maintenance	33	27	24	28	30	28	27	38	34	34
Freight & general	24	23	18	18	20	18	22	23	25	32
Administration	33	32	31	31	30	35	35	33	35	42
Insurance	11	11	13	11	13	12	13	15	16	17
ACC	11	8	8	8	8	9	6	12	13	12
Rates	2	3	1	1	1	1	2	1	1	2
Farm working expenses	915	923	792	810	911	1,000	1,021	1,065	1,160	1,269
Cash operating surplus	550	359	30	450	433	472	535	703	815	574
ADJUSTMENTS ($/cow):
Value of change in dairy livestock	192	84	81	45	84	18	72	-1	73	90
Less labour adjustment	187	202	194	194	206	177	192	215	239	235
Plus feed inventory adjustment	4	0	5	-1	5	6	0	6	2	15
Less owned support block adjustment	2	3	2	1	1	1	1	1	2	2
Less depreciation	59	66	62	52	63	59	63	67	67	72
Net Adjustments	-52	-188	-172	-203	-181	-213	-184	-278	-232	-204
OPERATING CASH & NON-CASH ($/cow)
Dairy gross farm revenue	1,657	1,366	903	1,305	1,428	1,490	1,627	1,767	2,049	1,934
Dairy operating expenses	1,159	1,194	1,045	1,058	1,176	1,231	1,276	1,342	1,466	1,563
Dairy operating profit	498	171	-142	247	252	260	351	425	583	371

Table 13.3: Cash Operating Surplus and Operating Profit - $ per effective hectare

Variable	2013-14	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21	2021-22	2022-23
PHYSICAL CHARACTERISTICS
Number of herds	114	111	109	113	108	122	124	108	87	109
Effective hectares	128	132	133	132	137	151	144	140	140	147
Peak cows milked	367	383	379	372	391	452	431	424	422	437
Stocking rate (cows/ha)	2.9	2.9	2.8	2.8	2.8	3.0	3.0	3.0	3.0	3.0
Kg milksolids sold	138,532	151,044	144,587	143,685	147,143	184,909	175,656	182,030	171,282	181,551
Milksolids sold per hectare	1,082	1,144	1,085	1,089	1,072	1,222	1,219	1,300	1,227	1,239
Milksolids sold per cow	377	394	381	386	376	410	408	429	406	416
PAYOUT RECEIVED ($/kg MS sold)	3.76	2.88	1.88	2.82	3.21	3.17	3.45	3.65	4.54	4.14
DAIRY CASH INCOME ($/ha):
Milk sales (net of dairy levies)	4,069	3,291	2,043	3,073	3,445	3,876	4,210	4,751	5,574	5,132
Net livestock sales (sales - purchases)	105	412	268	459	368	502	416	575	377	320
Other dairy cash income	27	18	25	18	17	15	23	33	24	43
Net dairy cash income	4,201	3,720	2,337	3,551	3,830	4,393	4,649	5,359	5,975	5,495
CASH FARM WORKING EXPENSES ($/ha):
Wages	402	401	366	391	451	547	531	577	591	633
Animal health	271	268	215	237	250	286	286	308	356	357
Breeding & herd improvement	160	167	152	152	176	200	202	218	217	220
Farm dairy	52	50	50	52	55	59	65	62	62	70
Electricity	113	120	116	117	112	123	126	136	132	142
Net feed made, purchased, cropped	583	588	401	420	525	619	648	721	834	914
Stock grazing	305	380	315	258	340	401	404	380	422	455
Support block lease	10	11	17	14	12	9	20	13	6	22
Fertiliser (including Nitrogen)	159	163	140	141	154	169	189	178	211	248
Irrigation	14	16	30	19	15	34	42	34	31	23
Regrassing	22	19	19	18	22	28	24	27	33	41
Weed & pest	11	12	10	15	14	13	14	15	14	13
Vehicles & fuel	197	180	150	174	181	190	190	191	222	233
Repairs & maintenance	95	78	68	78	85	84	81	115	103	102
Freight & general	69	66	51	50	57	53	65	69	77	95
Administration	94	94	88	87	86	104	105	102	106	124
Insurance	31	32	37	32	36	35	39	44	49	51
ACC	31	25	23	22	22	26	17	36	39	36
Rates	5	9	4	4	2	4	5	3	4	5
Farm working expenses	2,623	2,679	2,251	2,282	2,596	2,983	3,051	3,229	3,509	3,783
Cash operating surplus	1,578	1,041	86	1,269	1,234	1,410	1,598	2,131	2,466	1,712
ADJUSTMENTS ($/ha):
Value of change in dairy livestock	550	242	231	128	240	54	215	-2	222	269
Less labour adjustment	537	587	552	546	588	529	573	652	722	701
Plus feed inventory adjustment	12	1	13	-4	14	16	0	18	7	44
Less owned support block adjustment	5	9	5	4	2	2	3	4	7	6
Less depreciation	170	191	176	148	180	175	187	203	203	213
Net Adjustments	-150	-544	-488	-573	-516	-635	-549	-843	-703	-608
OPERATING CASH & NON-CASH ($/ha):
Dairy gross farm revenue	4,751	3,963	2,568	3,679	4,070	4,447	4,864	5,357	6,198	5,763
Dairy operating expenses	3,323	3,466	2,971	2,983	3,352	3,673	3,815	4,070	4,434	4,659
Dairy operating profit	1,427	497	-403	696	718	775	1,050	1,287	1,764	1,104

Table 13.4: Cash Operating Surplus and Operating Profit - $ per kg milksolids sold

Variable	2013-14	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21	2021-22	2022-23
PHYSICAL CHARACTERISTICS
Number of herds	114	111	109	113	108	122	124	108	87	109
Effective hectares	128	132	133	132	137	151	144	140	140	147
Peak cows milked	367	383	379	372	391	452	431	424	422	437
Stocking rate (cows/ha)	2.9	2.9	2.8	2.8	2.8	3.0	3.0	3.0	3.0	3.0
Kg milksolids sold	138,532	151,044	144,587	143,685	147,143	184,909	175,656	182,030	171,282	181,551
Milksolids sold per hectare	1,082	1,144	1,085	1,089	1,072	1,222	1,219	1,300	1,227	1,239
Milksolids sold per cow	377	394	381	386	376	410	408	429	406	416
PAYOUT RECEIVED ($/kg MS sold)	3.76	2.88	1.88	2.82	3.21	3.17	3.45	3.65	4.54	4.14
DAIRY CASH INCOME ($/kg MS):
Milk sales (net of dairy levies)	3.76	2.88	1.88	2.82	3.21	3.17	3.45	3.65	4.54	4.14
Net livestock sales (sales - purchases)	0.10	0.36	0.25	0.42	0.34	0.41	0.34	0.44	0.31	0.26
Other dairy cash income	0.02	0.02	0.02	0.02	0.02	0.01	0.02	0.03	0.02	0.03
Net dairy cash income	3.88	3.25	2.15	3.26	3.57	3.59	3.82	4.12	4.87	4.44
CASH FARM WORKING EXPENSES ($/kg MS):
Wages	0.37	0.35	0.34	0.36	0.42	0.45	0.44	0.44	0.48	0.51
Animal health	0.25	0.23	0.20	0.22	0.23	0.23	0.23	0.24	0.29	0.29
Breeding & herd improvement	0.15	0.15	0.14	0.14	0.16	0.16	0.17	0.17	0.18	0.18
Farm dairy	0.05	0.04	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.06
Electricity	0.10	0.10	0.11	0.11	0.10	0.10	0.10	0.10	0.11	0.11
Net feed made, purchased, cropped	0.54	0.51	0.37	0.39	0.49	0.51	0.53	0.55	0.68	0.74
Stock grazing	0.28	0.33	0.29	0.24	0.32	0.33	0.33	0.29	0.34	0.37
Support block lease	0.01	0.01	0.02	0.01	0.01	0.01	0.02	0.01	0.01	0.02
Fertiliser (including Nitrogen)	0.15	0.14	0.13	0.13	0.14	0.14	0.15	0.14	0.17	0.20
Irrigation	0.01	0.01	0.03	0.02	0.01	0.03	0.03	0.03	0.03	0.02
Regrassing	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.03	0.03
Weed & pest	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Vehicles & fuel	0.18	0.16	0.14	0.16	0.17	0.16	0.16	0.15	0.18	0.19
Repairs & maintenance	0.09	0.07	0.06	0.07	0.08	0.07	0.07	0.09	0.08	0.08
Freight & general	0.06	0.06	0.05	0.05	0.05	0.04	0.05	0.05	0.06	0.08
Administration	0.09	0.08	0.08	0.08	0.08	0.09	0.09	0.08	0.09	0.10
Insurance	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.04	0.04
ACC	0.03	0.02	0.02	0.02	0.02	0.02	0.01	0.03	0.03	0.03
Rates	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Farm working expenses	2.42	2.34	2.08	2.10	2.42	2.44	2.50	2.48	2.86	3.05
Cash operating surplus	1.46	0.91	0.08	1.17	1.15	1.15	1.31	1.64	2.01	1.38
ADJUSTMENTS ($/kg MS):
Value of change in dairy livestock	0.51	0.21	0.21	0.12	0.22	0.04	0.18	0.00	0.18	0.22
Less labour adjustment	0.50	0.51	0.51	0.50	0.55	0.43	0.47	0.50	0.59	0.57
Plus feed inventory adjustment	0.01	0.00	0.01	0.00	0.01	0.01	0.00	0.01	0.01	0.04
Less owned support block adjustment	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.00
Less depreciation	0.16	0.17	0.16	0.14	0.17	0.14	0.15	0.16	0.17	0.17
Net Adjustments	-0.14	-0.48	-0.45	-0.53	-0.48	-0.52	-0.45	-0.65	-0.57	-0.49
OPERATING CASH & NON-CASH ($/kg MS):
Dairy gross farm revenue	4.39	3.46	2.37	3.38	3.79	3.64	3.99	4.12	5.05	4.65
Dairy operating expenses	3.07	3.03	2.74	2.74	3.13	3.00	3.13	3.13	3.61	3.76
Dairy operating profit	1.32	0.43	-0.37	0.64	0.67	0.63	0.86	0.99	1.44	0.89

Table 13.5: Cashflow

Variable	2013-14	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21	2021-22	2022-23
PHYSICAL CHARACTERISTICS
Number of herds	114	111	109	113	108	122	124	108	87	109
Effective hectares	128	132	133	132	137	151	144	140	140	147
Peak cows milked	367	383	379	372	391	452	431	424	422	437
Stocking rate (cows/ha)	2.9	2.9	2.8	2.8	2.8	3.0	3.0	3.0	3.0	3.0
Kg milksolids sold	138,532	151,044	144,587	143,685	147,143	184,909	175,656	182,030	171,282	181,551
Milksolids sold per hectare	1,082	1,144	1,085	1,089	1,072	1,222	1,219	1,300	1,227	1,239
Milksolids sold per cow	377	394	381	386	376	410	408	429	406	416
PAYOUT RECEIVED ($/kg MS sold)	3.76	2.88	1.88	2.82	3.21	3.17	3.45	3.65	4.54	4.14
CASHFLOW:
Net dairy cash income	537,700	491,091	311,521	468,708	525,451	664,600	670,136	750,282	834,048	805,405
Farm working expenses	335,742	353,672	300,088	301,168	356,128	451,327	439,763	451,984	489,795	554,471
Cash operating surplus	201,958	137,419	11,433	167,540	169,323	213,273	230,372	298,298	344,252	250,934
DISCRETIONARY CASH
Less rent (excluding support block)	3,401	5,154	1,407	1,047	2,320	827	1,220	438	214	43
Less interest	34,599	31,805	37,949	34,629	31,626	36,976	27,516	21,389	19,725	29,384
Less tax	29,237	25,101	5,492	6,220	24,199	30,109	39,336	60,010	79,532	66,548
Plus net non-dairy cash income	2,036	2,511	2,243	1,798	1,996	2,659	-1,380	5,060	906	1,611
Plus net off-farm income	3,989	3,817	4,546	2,281	4,071	5,230	10,975	8,513	12,921	12,018
Discretionary cash	140,746	81,687	-26,626	129,723	117,245	153,250	171,895	230,034	258,608	168,587
OTHER CASH INCOME
Plus introduced funds	13,155	24,197	26,601	12,583	14,806	-19,006	-10,255	27,709	-9,120	13,246
Plus income equalisation	-2,621	-6,091	5,707	1,412	0	470	0	596	0	-817
Cash available for living and growth	151,280	99,793	5,682	143,718	132,051	134,715	161,640	258,338	249,488	181,016
OTHER CASH EXPENDITURE
Less net capital transactions	60,379	89,030	26,407	36,654	49,540	113,811	57,631	119,380	84,090	48,159
Less net debt	-973	-50,721	37,011	17,644	20,730	-33,643	8,192	20,070	60,025	48,487
Less net drawings	72,813	83,335	56,461	57,721	74,517	67,169	65,458	76,247	79,739	90,535
Cash surplus/deficit	19,061	-21,851	-114,197	31,699	-12,736	-12,622	41,334	51,154	38,556	5,853
CASHFLOW ($/kg MS)
Net dairy cash income	3.88	3.25	2.15	3.26	3.57	3.59	3.82	4.12	4.87	4.44
Farm working expenses	2.42	2.34	2.08	2.10	2.42	2.44	2.50	2.48	2.86	3.05
Cash operating surplus	1.46	0.91	0.08	1.17	1.15	1.15	1.31	1.64	2.01	1.38
DISCRETIONARY CASH ($/kg MS)
Less rent (excluding support block)	0.02	0.03	0.01	0.01	0.02	0.00	0.01	0.00	0.00	0.00
Less interest	0.25	0.21	0.26	0.24	0.21	0.20	0.16	0.12	0.12	0.16
Less tax	0.21	0.17	0.04	0.04	0.16	0.16	0.22	0.33	0.46	0.37
Plus net non-dairy cash income	0.01	0.02	0.02	0.01	0.01	0.01	-0.01	0.03	0.01	0.01
Plus net off-farm income	0.03	0.03	0.03	0.02	0.03	0.03	0.06	0.05	0.08	0.07
Discretionary cash	1.02	0.54	-0.18	0.90	0.80	0.83	0.98	1.26	1.51	0.93
OTHER CASH INCOME ($/kg MS)
Plus introduced funds	0.09	0.16	0.18	0.09	0.10	-0.10	-0.06	0.15	-0.05	0.07
Plus income equalisation	-0.02	-0.04	0.04	0.01	0.00	0.00	0.00	0.00	0.00	0.00
Cash available for living and growth	1.09	0.66	0.04	1.00	0.90	0.73	0.92	1.42	1.46	1.00
OTHER CASH EXPENDITURE ($/kg MS)
Less net capital transactions	0.44	0.59	0.18	0.26	0.34	0.62	0.33	0.66	0.49	0.27
Less net debt	-0.01	-0.34	0.26	0.12	0.14	-0.18	0.05	0.11	0.35	0.27
Less net drawings	0.53	0.55	0.39	0.40	0.51	0.36	0.37	0.42	0.47	0.50
Cash surplus/deficit	0.14	-0.14	-0.79	0.22	-0.09	-0.07	0.24	0.28	0.23	0.03

Table 13.6: Capital Structure and Wealth Creation

Variable	2013-14	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21	2021-22	2022-23
PHYSICAL CHARACTERISTICS
Number of herds	114	111	109	113	108	122	124	108	87	109
Effective hectares	128	132	133	132	137	151	144	140	140	147
Peak cows milked	367	383	379	372	391	452	431	424	422	437
Stocking rate (cows/ha)	2.9	2.9	2.8	2.8	2.8	3.0	3.0	3.0	3.0	3.0
Kg milksolids sold	138,532	151,044	144,587	143,685	147,143	184,909	175,656	182,030	171,282	181,551
Milksolids sold per hectare	1,082	1,144	1,085	1,089	1,072	1,222	1,219	1,300	1,227	1,239
Milksolids sold per cow	377	394	381	386	376	410	408	429	406	416
PAYOUT RECEIVED ($/kg MS sold)	3.76	2.88	1.88	2.82	3.21	3.17	3.45	3.65	4.54	4.14
DAIRY ASSETS AT OPEN
Land & buildings	15,098	30,040	11,402	18,684	11,326	4,691	12,128	27,005	39,147	35,597
Plant, machinery and vehicles	108,099	126,212	125,820	117,301	128,521	140,793	137,363	150,045	143,249	158,672
Livestock	763,980	845,693	691,128	569,288	691,303	790,098	731,432	748,526	720,584	818,784
Investments (excluding non-dairy)	9,835	14,950	7,629	15,904	7,852	5,442	15,611	16,788	14,974	13,171
Current assets	82,670	138,435	103,524	46,993	95,392	116,653	93,939	134,284	148,911	162,320
Total dairy assets at open	979,682	1,155,330	939,503	768,170	934,394	1,057,677	990,474	1,076,649	1,066,865	1,188,545
Plus non-dairy assets	148,952	126,234	152,207	195,254	136,930	177,130	298,734	226,427	237,755	218,114
Total assets	1,128,634	1,281,564	1,091,710	963,424	1,071,324	1,234,807	1,289,208	1,303,076	1,304,621	1,406,659
LIABILITIES AT OPEN
Term liabilities	513,263	456,746	552,001	599,319	581,994	665,150	569,206	549,938	517,017	464,500
Current liabilities	97,513	88,015	95,703	89,844	73,944	107,777	104,477	102,998	79,044	106,047
Total liabilities	610,776	544,761	647,704	689,163	655,938	772,928	673,683	652,936	596,061	570,546
Owners equity at open	517,858	736,803	444,006	274,261	415,386	461,880	615,525	650,141	708,560	836,113
DAIRY ASSETS AT CLOSE
Land & buildings	15,631	45,015	10,361	19,483	11,326	14,637	31,423	54,315	39,268	35,445
Plant, machinery and vehicles	132,115	126,025	121,846	125,203	140,605	141,864	142,025	163,965	167,274	174,913
Livestock	870,676	731,576	594,679	734,331	667,438	787,504	766,899	752,807	837,179	819,653
Investments (excluding non-dairy)	11,543	17,568	7,796	23,409	8,439	10,920	16,278	17,935	15,121	15,960
Current assets	115,486	114,664	87,303	69,448	98,324	92,277	112,605	161,046	195,556	153,504
Total dairy assets at close	1,145,451	1,034,848	821,985	971,874	926,132	1,047,203	1,069,230	1,150,067	1,254,398	1,199,475
Plus Non-dairy assets	165,597	172,672	163,079	203,511	146,603	245,321	298,988	272,411	272,055	217,823
Total assets	1,311,048	1,207,520	985,064	1,175,385	1,072,735	1,292,524	1,368,218	1,422,479	1,526,452	1,417,298
LIABILITIES AT CLOSE
Term liabilities	514,236	507,467	589,012	581,675	561,264	698,793	561,014	529,868	456,992	416,013
Current liabilities	111,268	86,095	119,657	80,600	89,612	97,455	94,284	86,486	100,252	102,975
Total liabilities	625,504	593,562	708,669	662,275	650,876	796,248	655,298	616,353	557,244	518,988
Owners equity at close	685,544	613,958	276,395	513,110	421,859	496,276	712,919	806,125	969,209	898,310
EQUITY
Growth in equity	167,686	-122,845	-167,611	238,849	6,473	34,397	97,394	155,984	260,649	62,197
Growth in equity from profit	118,099	4,979	-73,991	69,859	53,694	70,311	112,985	127,784	182,517	93,657
Growth in equity from capital	49,587	-127,824	-93,620	168,990	-47,221	-35,914	-15,536	28,259	78,156	-31,445
Growth in equity %	32.4	-16.7	-37.7	87.1	1.6	7.4	15.8	24.0	36.8	7.4
Closing debt to asset %	42.7	43.8	69.2	53.6	56.7	61.6	47.9	43.3	36.5	36.6
Closing term liabilities per kg MS	3.71	3.36	4.07	4.05	3.81	3.78	3.19	2.91	2.67	2.29

Table 13.7: Returns

Variable	2013-14	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21	2021-22	2022-23
PHYSICAL CHARACTERISTICS
Number of herds	114	111	109	113	108	122	124	108	87	109
Effective hectares	128	132	133	132	137	151	144	140	140	147
Peak cows milked	367	383	379	372	391	452	431	424	422	437
Stocking rate (cows/ha)	2.9	2.9	2.8	2.8	2.8	3.0	3.0	3.0	3.0	3.0
Kg milksolids sold	138,532	151,044	144,587	143,685	147,143	184,909	175,656	182,030	171,282	181,551
Milksolids sold per hectare	1,082	1,144	1,085	1,089	1,072	1,222	1,219	1,300	1,227	1,239
Milksolids sold per cow	377	394	381	386	376	410	408	429	406	416
PAYOUT RECEIVED ($/kg MS sold)	3.76	2.88	1.88	2.82	3.21	3.17	3.45	3.65	4.54	4.14
RETURN ON DAIRY ASSETS %
Dairy operating profit	182,709	65,599	-53,678	91,877	98,570	117,177	151,293	180,220	246,175	161,879
Plus owned support block adjustment	685	1,245	695	508	251	299	479	611	1,010	860
Less rent (excluding support block)	3,401	5,154	1,407	1,047	2,320	827	1,220	438	214	43
Net return from dairy	179,993	61,690	-54,390	91,338	96,501	116,649	150,552	180,393	246,971	162,696
Total dairy assets (less current) at open	897,012	1,016,895	835,979	721,177	839,002	941,025	896,535	942,365	917,954	1,026,224
Operating return on dairy assets %	20.1	6.1	-6.5	12.7	11.5	12.4	16.8	19.1	26.9	15.9
TOTAL RETURN ON ASSETS %
Net return from dairy	179,993	61,690	-54,390	91,338	96,501	116,649	150,552	180,393	246,971	162,696
Plus net non-dairy profit	2,052	2,671	2,203	2,387	2,758	2,615	1,209	5,284	844	2,636
Plus change in capital value	18,825	-171,303	-147,670	135,959	-84,007	82,092	-31,459	-27,117	60,109	-69,170
Total return	200,870	-106,942	-199,857	229,684	15,252	201,356	120,302	158,560	307,924	96,163
Total assets (less current) at open	1,045,964	1,143,129	988,186	916,431	975,932	1,118,155	1,289,208	1,303,076	1,304,621	1,406,659
Total return on assets %	19.2	-9.4	-20.2	25.1	1.6	18.0	9.3	12.2	23.6	6.8
TOTAL RETURN ON EQUITY %
Total return	200,870	-106,942	-199,857	229,684	15,252	201,356	120,302	158,560	307,924	96,163
Plus net off-farm income	3,989	3,817	4,546	2,281	4,071	5,230	10,975	8,513	12,921	12,018
Less interest	34,599	31,805	37,949	34,629	31,626	36,976	27,516	21,389	19,725	29,384
Total return for equity	170,239	-134,838	-233,264	197,355	-12,206	169,610	103,761	145,684	301,120	78,796
Equity at open	517,858	736,803	444,006	274,261	415,386	461,880	615,525	650,141	708,560	836,113
Total return on equity %	32.9	-18.3	-52.5	72.0	-2.9	36.7	16.9	22.4	42.5	9.4