12 Time Series Tables: Owner Operator

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Table 12.1: 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	301	296	279	316	265	260	326	308	255	266
Effective hectares	143	146	148	148	151	146	142	141	144	145
Peak cows milked	402	419	418	414	430	424	415	408	419	407
Stocking rate (cows/ha)	2.8	2.9	2.8	2.8	2.8	2.9	2.9	2.9	2.9	2.8
Kg milksolids sold	151,455	160,367	160,270	160,302	161,567	167,189	169,761	171,720	172,832	169,990
Milksolids sold per hectare	1,060	1,102	1,082	1,085	1,067	1,145	1,194	1,222	1,199	1,174
Milksolids sold per cow	377	383	383	387	376	395	409	421	413	418
PAYOUT RECEIVED ($/kg MS sold)	7.69	5.76	3.92	5.79	6.62	6.42	7.05	7.40	9.19	8.68
DAIRY CASH INCOME ($):
Milk sales (net of dairy levies)	1,164,274	923,621	628,192	928,944	1,068,927	1,073,346	1,197,023	1,271,447	1,588,525	1,475,356
Net livestock sales (sales - purchases)	57,832	83,804	90,596	79,495	80,967	77,911	82,883	83,337	95,756	86,782
Other dairy cash income	6,338	6,466	5,819	5,633	6,789	6,377	5,836	7,705	7,495	8,155
Net dairy cash income	1,228,444	1,013,891	724,607	1,014,072	1,156,683	1,157,633	1,285,742	1,362,488	1,691,776	1,570,293
CASH FARM WORKING EXPENSES ($):
Wages	90,565	97,790	103,689	92,630	106,331	110,011	113,880	111,931	123,332	133,711
Animal health	35,800	36,553	30,906	34,577	37,497	37,958	40,754	41,674	51,240	52,827
Breeding & herd improvement	20,485	23,746	19,702	21,986	25,043	27,336	28,626	28,930	30,470	31,339
Farm dairy	10,068	9,693	7,902	9,636	9,433	9,773	10,804	10,391	11,569	13,478
Electricity	17,342	17,636	17,646	18,352	18,256	18,521	18,818	19,217	20,233	20,242
Net feed made, purchased, cropped	156,489	152,147	118,281	120,103	151,337	167,341	175,287	186,564	245,970	259,152
Stock grazing	53,919	64,319	64,317	58,368	58,254	71,042	72,720	70,207	73,343	87,739
Support block lease	11,519	11,992	12,385	12,322	10,882	9,548	10,371	10,285	13,850	9,924
Fertiliser (including Nitrogen)	86,711	75,738	66,595	73,964	77,478	77,175	77,691	75,625	101,368	114,986
Irrigation	4,527	9,367	7,987	8,527	8,314	12,833	18,773	16,270	14,191	13,496
Regrassing	10,423	9,776	7,751	9,913	12,503	11,654	12,456	12,321	15,067	15,005
Weed & pest	6,387	5,502	5,561	5,631	5,951	5,299	5,441	5,567	7,981	6,990
Vehicles & fuel	32,423	28,918	26,704	29,220	31,584	30,955	30,230	28,783	39,257	43,802
Repairs & maintenance	62,561	52,240	35,753	46,630	63,665	58,032	61,811	70,505	89,439	85,992
Freight & general	9,030	8,700	8,666	7,755	8,518	7,912	12,330	12,109	14,389	15,164
Administration	17,697	17,680	18,974	17,895	19,675	21,182	24,213	24,300	27,755	30,497
Insurance	9,718	10,773	10,252	10,947	12,635	13,587	13,961	14,319	16,302	17,533
ACC	4,321	4,134	3,690	3,445	3,785	3,750	3,134	4,785	5,041	5,492
Rates	15,873	15,915	16,089	16,761	17,031	17,022	16,979	17,212	19,289	19,427
Farm working expenses	655,858	652,619	582,850	598,662	678,172	710,932	748,282	760,996	920,087	976,798
Cash operating surplus	572,586	361,272	141,757	415,410	478,511	446,701	537,460	601,492	771,689	593,495
ADJUSTMENTS ($):
Value of change in dairy livestock	24,912	2,632	-13,067	9,835	11,378	8,780	7,282	230	3,176	877
Less labour adjustment	59,309	59,021	56,341	61,154	63,920	62,545	62,011	70,195	79,852	80,362
Plus feed inventory adjustment	5,340	-210	3,453	2,790	-2,413	3,164	-3,484	5,884	-1,929	17,404
Less owned support block adjustment	15,338	14,889	14,126	14,359	16,786	13,143	16,151	16,720	18,843	20,738
Less depreciation	57,383	66,154	62,967	66,295	67,899	68,522	72,265	71,559	76,161	73,834
Net Adjustments	-101,778	-137,642	-143,048	-129,183	-139,640	-132,266	-146,629	-152,360	-173,609	-156,653
OPERATING CASH & NON-CASH:
Dairy gross farm revenue	1,253,356	1,016,523	711,540	1,023,907	1,168,061	1,166,413	1,293,024	1,362,718	1,694,953	1,571,170
Dairy operating expenses	782,548	792,893	712,831	737,680	829,190	851,978	902,193	913,587	1,096,872	1,134,328
Dairy operating profit	470,808	223,630	-1,291	286,227	338,871	314,435	390,831	449,132	598,081	436,843

Table 12.2: 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	301	296	279	316	265	260	326	308	255	266
Effective hectares	143	146	148	148	151	146	142	141	144	145
Peak cows milked	402	419	418	414	430	424	415	408	419	407
Stocking rate (cows/ha)	2.8	2.9	2.8	2.8	2.8	2.9	2.9	2.9	2.9	2.8
Kg milksolids sold	151,455	160,367	160,270	160,302	161,567	167,189	169,761	171,720	172,832	169,990
Milksolids sold per hectare	1,060	1,102	1,082	1,085	1,067	1,145	1,194	1,222	1,199	1,174
Milksolids sold per cow	377	383	383	387	376	395	409	421	413	418
PAYOUT RECEIVED ($/kg MS sold)	7.69	5.76	3.92	5.79	6.62	6.42	7.05	7.40	9.19	8.68
DAIRY CASH INCOME ($/cow):
Milk sales (net of dairy levies)	2,896	2,204	1,503	2,244	2,486	2,534	2,886	3,118	3,792	3,628
Net livestock sales (sales - purchases)	144	200	217	192	188	184	200	204	229	213
Other dairy cash income	16	15	14	14	16	15	14	19	18	20
Net dairy cash income	3,056	2,420	1,734	2,449	2,690	2,733	3,100	3,341	4,038	3,861
CASH FARM WORKING EXPENSES ($/cow):
Wages	225	233	248	224	247	260	275	274	294	329
Animal health	89	87	74	84	87	90	98	102	122	130
Breeding & herd improvement	51	57	47	53	58	65	69	71	73	77
Farm dairy	25	23	19	23	22	23	26	25	28	33
Electricity	43	42	42	44	42	44	45	47	48	50
Net feed made, purchased, cropped	389	363	283	290	352	395	423	457	587	637
Stock grazing	134	154	154	141	135	168	175	172	175	216
Support block lease	29	29	30	30	25	23	25	25	33	24
Fertiliser (including Nitrogen)	216	181	159	179	180	182	187	185	242	283
Irrigation	11	22	19	21	19	30	45	40	34	33
Regrassing	26	23	19	24	29	28	30	30	36	37
Weed & pest	16	13	13	14	14	13	13	14	19	17
Vehicles & fuel	81	69	64	71	73	73	73	71	94	108
Repairs & maintenance	156	125	86	113	148	137	149	173	213	211
Freight & general	22	21	21	19	20	19	30	30	34	37
Administration	44	42	45	43	46	50	58	60	66	75
Insurance	24	26	25	26	29	32	34	35	39	43
ACC	11	10	9	8	9	9	8	12	12	14
Rates	39	38	38	40	40	40	41	42	46	48
Farm working expenses	1,631	1,558	1,394	1,446	1,577	1,678	1,804	1,866	2,196	2,402
Cash operating surplus	1,424	862	339	1,003	1,113	1,055	1,296	1,475	1,842	1,459
ADJUSTMENTS ($/cow):
Value of change in dairy livestock	62	6	-31	24	26	21	18	1	8	2
Less labour adjustment	148	141	135	148	149	148	149	172	191	198
Plus feed inventory adjustment	13	-1	8	7	-6	7	-8	14	-5	43
Less owned support block adjustment	38	36	34	35	39	31	39	41	45	51
Less depreciation	143	158	151	160	158	162	174	175	182	182
Net Adjustments	-253	-329	-342	-312	-325	-312	-353	-374	-414	-385
OPERATING CASH & NON-CASH ($/cow)
Dairy gross farm revenue	3,118	2,426	1,702	2,473	2,716	2,754	3,117	3,341	4,046	3,863
Dairy operating expenses	1,947	1,892	1,705	1,782	1,928	2,011	2,175	2,240	2,618	2,789
Dairy operating profit	1,171	534	-3	691	788	742	942	1,101	1,428	1,074

Table 12.3: 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	301	296	279	316	265	260	326	308	255	266
Effective hectares	143	146	148	148	151	146	142	141	144	145
Peak cows milked	402	419	418	414	430	424	415	408	419	407
Stocking rate (cows/ha)	2.8	2.9	2.8	2.8	2.8	2.9	2.9	2.9	2.9	2.8
Kg milksolids sold	151,455	160,367	160,270	160,302	161,567	167,189	169,761	171,720	172,832	169,990
Milksolids sold per hectare	1,060	1,102	1,082	1,085	1,067	1,145	1,194	1,222	1,199	1,174
Milksolids sold per cow	377	383	383	387	376	395	409	421	413	418
PAYOUT RECEIVED ($/kg MS sold)	7.69	5.76	3.92	5.79	6.62	6.42	7.05	7.40	9.19	8.68
DAIRY CASH INCOME ($/ha):
Milk sales (net of dairy levies)	8,147	6,348	4,242	6,285	7,060	7,353	8,421	9,046	11,022	10,189
Net livestock sales (sales - purchases)	405	576	612	538	535	534	583	593	664	599
Other dairy cash income	44	44	39	38	45	44	41	55	52	56
Net dairy cash income	8,597	6,968	4,893	6,861	7,640	7,930	9,046	9,694	11,739	10,845
CASH FARM WORKING EXPENSES ($/ha):
Wages	634	672	700	627	702	754	801	796	856	923
Animal health	251	251	209	234	248	260	287	296	356	365
Breeding & herd improvement	143	163	133	149	165	187	201	206	211	216
Farm dairy	70	67	53	65	62	67	76	74	80	93
Electricity	121	121	119	124	121	127	132	137	140	140
Net feed made, purchased, cropped	1,095	1,046	799	813	1,000	1,146	1,233	1,327	1,707	1,790
Stock grazing	377	442	434	395	385	487	512	499	509	606
Support block lease	81	82	84	83	72	65	73	73	96	69
Fertiliser (including Nitrogen)	607	521	450	500	512	529	547	538	703	794
Irrigation	32	64	54	58	55	88	132	116	98	93
Regrassing	73	67	52	67	83	80	88	88	105	104
Weed & pest	45	38	38	38	39	36	38	40	55	48
Vehicles & fuel	227	199	180	198	209	212	213	205	272	303
Repairs & maintenance	438	359	241	315	421	398	435	502	621	594
Freight & general	63	60	59	52	56	54	87	86	100	105
Administration	124	122	128	121	130	145	170	173	193	211
Insurance	68	74	69	74	83	93	98	102	113	121
ACC	30	28	25	23	25	26	22	34	35	38
Rates	111	109	109	113	112	117	119	122	134	134
Farm working expenses	4,590	4,485	3,936	4,050	4,479	4,870	5,264	5,414	6,384	6,746
Cash operating surplus	4,007	2,483	957	2,811	3,161	3,060	3,781	4,279	5,355	4,099
ADJUSTMENTS ($/ha):
Value of change in dairy livestock	174	18	-88	67	75	60	51	2	22	6
Less labour adjustment	415	406	380	414	422	428	436	499	554	555
Plus feed inventory adjustment	37	-1	23	19	-16	22	-25	42	-13	120
Less owned support block adjustment	107	102	95	97	111	90	114	119	131	143
Less depreciation	402	455	425	449	448	469	508	509	528	510
Net Adjustments	-712	-946	-966	-874	-922	-906	-1,032	-1,084	-1,205	-1,082
OPERATING CASH & NON-CASH ($/ha):
Dairy gross farm revenue	8,771	6,986	4,804	6,928	7,715	7,991	9,097	9,695	11,761	10,851
Dairy operating expenses	5,476	5,449	4,813	4,991	5,477	5,837	6,347	6,500	7,611	7,834
Dairy operating profit	3,295	1,537	-9	1,937	2,238	2,154	2,750	3,195	4,150	3,017

Table 12.4: 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	301	296	279	316	265	260	326	308	255	266
Effective hectares	143	146	148	148	151	146	142	141	144	145
Peak cows milked	402	419	418	414	430	424	415	408	419	407
Stocking rate (cows/ha)	2.8	2.9	2.8	2.8	2.8	2.9	2.9	2.9	2.9	2.8
Kg milksolids sold	151,455	160,367	160,270	160,302	161,567	167,189	169,761	171,720	172,832	169,990
Milksolids sold per hectare	1,060	1,102	1,082	1,085	1,067	1,145	1,194	1,222	1,199	1,174
Milksolids sold per cow	377	383	383	387	376	395	409	421	413	418
PAYOUT RECEIVED ($/kg MS sold)	7.69	5.76	3.92	5.79	6.62	6.42	7.05	7.40	9.19	8.68
DAIRY CASH INCOME ($/kg MS):
Milk sales (net of dairy levies)	7.69	5.76	3.92	5.79	6.62	6.42	7.05	7.40	9.19	8.68
Net livestock sales (sales - purchases)	0.38	0.52	0.57	0.50	0.50	0.47	0.49	0.49	0.55	0.51
Other dairy cash income	0.04	0.04	0.04	0.04	0.04	0.04	0.03	0.04	0.04	0.05
Net dairy cash income	8.11	6.32	4.52	6.33	7.16	6.92	7.57	7.93	9.79	9.24
CASH FARM WORKING EXPENSES ($/kg MS):
Wages	0.60	0.61	0.65	0.58	0.66	0.66	0.67	0.65	0.71	0.79
Animal health	0.24	0.23	0.19	0.22	0.23	0.23	0.24	0.24	0.30	0.31
Breeding & herd improvement	0.14	0.15	0.12	0.14	0.16	0.16	0.17	0.17	0.18	0.18
Farm dairy	0.07	0.06	0.05	0.06	0.06	0.06	0.06	0.06	0.07	0.08
Electricity	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.12	0.12
Net feed made, purchased, cropped	1.03	0.95	0.74	0.75	0.94	1.00	1.03	1.09	1.42	1.52
Stock grazing	0.36	0.40	0.40	0.36	0.36	0.42	0.43	0.41	0.42	0.52
Support block lease	0.08	0.07	0.08	0.08	0.07	0.06	0.06	0.06	0.08	0.06
Fertiliser (including Nitrogen)	0.57	0.47	0.42	0.46	0.48	0.46	0.46	0.44	0.59	0.68
Irrigation	0.03	0.06	0.05	0.05	0.05	0.08	0.11	0.09	0.08	0.08
Regrassing	0.07	0.06	0.05	0.06	0.08	0.07	0.07	0.07	0.09	0.09
Weed & pest	0.04	0.03	0.03	0.04	0.04	0.03	0.03	0.03	0.05	0.04
Vehicles & fuel	0.21	0.18	0.17	0.18	0.20	0.19	0.18	0.17	0.23	0.26
Repairs & maintenance	0.41	0.33	0.22	0.29	0.39	0.35	0.36	0.41	0.52	0.51
Freight & general	0.06	0.05	0.05	0.05	0.05	0.05	0.07	0.07	0.08	0.09
Administration	0.12	0.11	0.12	0.11	0.12	0.13	0.14	0.14	0.16	0.18
Insurance	0.06	0.07	0.06	0.07	0.08	0.08	0.08	0.08	0.09	0.10
ACC	0.03	0.03	0.02	0.02	0.02	0.02	0.02	0.03	0.03	0.03
Rates	0.10	0.10	0.10	0.10	0.11	0.10	0.10	0.10	0.11	0.11
Farm working expenses	4.33	4.07	3.64	3.73	4.20	4.25	4.41	4.43	5.32	5.75
Cash operating surplus	3.78	2.25	0.88	2.59	2.96	2.67	3.17	3.50	4.46	3.49
ADJUSTMENTS ($/kg MS):
Value of change in dairy livestock	0.16	0.02	-0.08	0.06	0.07	0.05	0.04	0.00	0.02	0.01
Less labour adjustment	0.39	0.37	0.35	0.38	0.40	0.37	0.37	0.41	0.46	0.47
Plus feed inventory adjustment	0.04	0.00	0.02	0.02	-0.01	0.02	-0.02	0.03	-0.01	0.10
Less owned support block adjustment	0.10	0.09	0.09	0.09	0.10	0.08	0.10	0.10	0.11	0.12
Less depreciation	0.38	0.41	0.39	0.41	0.42	0.41	0.43	0.42	0.44	0.43
Net Adjustments	-0.67	-0.86	-0.89	-0.81	-0.86	-0.79	-0.86	-0.89	-1.00	-0.92
OPERATING CASH & NON-CASH ($/kg MS):
Dairy gross farm revenue	8.28	6.34	4.44	6.39	7.23	6.98	7.62	7.94	9.81	9.24
Dairy operating expenses	5.17	4.94	4.45	4.60	5.13	5.10	5.31	5.32	6.35	6.67
Dairy operating profit	3.11	1.39	-0.01	1.79	2.10	1.88	2.30	2.62	3.46	2.57

Table 12.5: 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	301	296	279	316	265	260	326	308	255	266
Effective hectares	143	146	148	148	151	146	142	141	144	145
Peak cows milked	402	419	418	414	430	424	415	408	419	407
Stocking rate (cows/ha)	2.8	2.9	2.8	2.8	2.8	2.9	2.9	2.9	2.9	2.8
Kg milksolids sold	151,455	160,367	160,270	160,302	161,567	167,189	169,761	171,720	172,832	169,990
Milksolids sold per hectare	1,060	1,102	1,082	1,085	1,067	1,145	1,194	1,222	1,199	1,174
Milksolids sold per cow	377	383	383	387	376	395	409	421	413	418
PAYOUT RECEIVED ($/kg MS sold)	7.69	5.76	3.92	5.79	6.62	6.42	7.05	7.40	9.19	8.68
CASHFLOW:
Net dairy cash income	1,228,444	1,013,891	724,607	1,014,072	1,156,683	1,157,633	1,285,742	1,362,488	1,691,776	1,570,293
Farm working expenses	655,858	652,619	582,850	598,662	678,172	710,932	748,282	760,996	920,087	976,798
Cash operating surplus	572,586	361,272	141,757	415,410	478,511	446,701	537,460	601,492	771,689	593,495
DISCRETIONARY CASH
Less rent (excluding support block)	23,366	22,250	20,047	19,582	20,703	12,499	17,280	17,069	14,929	13,227
Less interest	171,597	195,984	197,277	197,343	191,459	194,022	172,460	140,608	149,895	217,165
Less tax	58,155	34,078	7,939	16,773	41,532	38,315	52,696	77,161	124,502	102,018
Plus net non-dairy cash income	2,355	486	904	3,371	6,064	7,040	10,682	3,378	7,614	5,411
Plus net off-farm income	9,991	12,078	9,238	19,811	18,114	6,670	13,167	9,838	-199	36,366
Discretionary cash	331,814	121,524	-73,364	204,894	248,995	215,575	318,873	379,870	489,778	302,861
OTHER CASH INCOME
Plus introduced funds	-44,275	28,307	77,696	-24,004	-40,908	-2,774	-18,560	-16,833	-60,186	-909
Plus income equalisation	-4,756	-9,579	16,765	1,307	40	307	-475	875	-1,643	29
Cash available for living and growth	282,783	140,252	21,097	182,197	208,127	213,109	299,837	363,911	427,950	301,982
OTHER CASH EXPENDITURE
Less net capital transactions	143,703	201,119	76,697	109,749	238,591	207,027	113,522	148,238	267,306	137,369
Less net debt	-10,790	-93,026	-111,777	-75,867	-92,523	-74,133	49,483	59,719	43,029	38,791
Less net drawings	116,224	110,437	78,151	82,043	104,334	95,173	92,090	106,679	114,873	117,646
Cash surplus/deficit	33,646	-78,278	-21,974	66,272	-42,275	-14,958	57,909	59,112	2,543	44,541
CASHFLOW ($/kg MS)
Net dairy cash income	8.11	6.32	4.52	6.33	7.16	6.92	7.57	7.93	9.79	9.24
Farm working expenses	4.33	4.07	3.64	3.73	4.20	4.25	4.41	4.43	5.32	5.75
Cash operating surplus	3.78	2.25	0.88	2.59	2.96	2.67	3.17	3.50	4.46	3.49
DISCRETIONARY CASH ($/kg MS)
Less rent (excluding support block)	0.15	0.14	0.13	0.12	0.13	0.07	0.10	0.10	0.09	0.08
Less interest	1.13	1.22	1.23	1.23	1.19	1.16	1.02	0.82	0.87	1.28
Less tax	0.38	0.21	0.05	0.10	0.26	0.23	0.31	0.45	0.72	0.60
Plus net non-dairy cash income	0.02	0.00	0.01	0.02	0.04	0.04	0.06	0.02	0.04	0.03
Plus net off-farm income	0.07	0.08	0.06	0.12	0.11	0.04	0.08	0.06	0.00	0.21
Discretionary cash	2.19	0.76	-0.46	1.28	1.54	1.29	1.88	2.21	2.83	1.78
OTHER CASH INCOME ($/kg MS)
Plus introduced funds	-0.29	0.18	0.48	-0.15	-0.25	-0.02	-0.11	-0.10	-0.35	-0.01
Plus income equalisation	-0.03	-0.06	0.10	0.01	0.00	0.00	0.00	0.01	-0.01	0.00
Cash available for living and growth	1.87	0.87	0.13	1.14	1.29	1.27	1.77	2.12	2.48	1.78
OTHER CASH EXPENDITURE ($/kg MS)
Less net capital transactions	0.95	1.25	0.48	0.68	1.48	1.24	0.67	0.86	1.55	0.81
Less net debt	-0.07	-0.58	-0.70	-0.47	-0.57	-0.44	0.29	0.35	0.25	0.23
Less net drawings	0.77	0.69	0.49	0.51	0.65	0.57	0.54	0.62	0.66	0.69
Cash surplus/deficit	0.22	-0.49	-0.14	0.41	-0.26	-0.09	0.34	0.34	0.01	0.26

Table 12.6: 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	301	296	279	316	265	260	326	308	255	266
Effective hectares	143	146	148	148	151	146	142	141	144	145
Peak cows milked	402	419	418	414	430	424	415	408	419	407
Stocking rate (cows/ha)	2.8	2.9	2.8	2.8	2.8	2.9	2.9	2.9	2.9	2.8
Kg milksolids sold	151,455	160,367	160,270	160,302	161,567	167,189	169,761	171,720	172,832	169,990
Milksolids sold per hectare	1,060	1,102	1,082	1,085	1,067	1,145	1,194	1,222	1,199	1,174
Milksolids sold per cow	377	383	383	387	376	395	409	421	413	418
PAYOUT RECEIVED ($/kg MS sold)	7.69	5.76	3.92	5.79	6.62	6.42	7.05	7.40	9.19	8.68
DAIRY ASSETS AT OPEN
Land & buildings	4,474,344	5,055,041	5,473,880	5,518,535	5,849,932	6,091,560	6,039,561	5,752,162	6,339,284	6,711,501
Plant, machinery and vehicles	224,385	233,302	258,077	254,722	252,258	249,118	260,302	240,288	259,426	273,160
Livestock	873,333	967,406	812,241	640,378	834,061	754,230	737,092	730,625	755,462	821,996
Investments (excluding non-dairy)	899,384	892,639	688,384	791,795	800,126	815,583	660,658	585,604	586,494	413,317
Current assets	221,155	285,915	176,424	138,254	208,018	180,448	172,313	189,667	262,660	287,681
Total dairy assets at open	6,692,601	7,434,303	7,409,006	7,343,684	7,944,395	8,090,939	7,869,926	7,498,345	8,203,328	8,507,655
Plus non-dairy assets	225,437	207,058	258,166	267,387	403,636	353,525	351,490	371,716	480,669	510,527
Total assets	6,918,038	7,641,361	7,667,172	7,611,071	8,348,031	8,444,463	8,221,416	7,870,061	8,683,997	9,018,182
LIABILITIES AT OPEN
Term liabilities	3,039,137	3,317,150	3,493,221	3,932,350	3,996,989	4,091,376	3,995,700	3,901,222	4,115,003	3,816,278
Current liabilities	154,442	182,128	197,175	160,682	149,261	189,611	178,179	156,630	173,275	258,035
Total liabilities	3,193,579	3,499,278	3,690,396	4,093,032	4,146,250	4,280,987	4,173,879	4,057,851	4,288,278	4,074,313
Owners equity at open	3,724,459	4,142,083	3,976,776	3,518,039	4,201,781	4,163,476	4,047,537	3,812,209	4,395,719	4,943,869
DAIRY ASSETS AT CLOSE
Land & buildings	4,788,661	5,368,063	5,289,448	5,854,250	5,843,351	5,933,994	5,888,745	5,808,851	6,631,060	6,676,105
Plant, machinery and vehicles	252,083	233,593	243,360	249,436	255,794	246,538	253,497	240,804	286,344	287,910
Livestock	939,582	804,897	651,096	815,984	776,831	752,063	748,428	734,146	848,540	785,591
Investments (excluding non-dairy)	817,865	751,874	810,143	823,402	748,739	665,352	632,180	584,287	467,449	470,286
Current assets	279,218	186,858	151,773	194,747	195,692	163,031	205,720	241,278	309,682	292,846
Total dairy assets at close	7,077,409	7,345,285	7,145,820	7,937,819	7,820,407	7,760,977	7,728,570	7,609,364	8,543,075	8,512,738
Plus Non-dairy assets	236,874	224,823	258,766	280,232	411,434	388,794	350,613	374,638	505,088	553,792
Total assets	7,314,283	7,570,108	7,404,586	8,218,051	8,231,841	8,149,771	8,079,184	7,984,003	9,048,163	9,066,531
LIABILITIES AT CLOSE
Term liabilities	3,049,927	3,410,176	3,604,999	4,008,218	4,089,512	4,165,930	3,946,217	3,841,503	4,071,973	3,777,487
Current liabilities	178,859	161,349	194,497	150,902	179,210	184,250	170,738	161,979	217,484	250,054
Total liabilities	3,228,786	3,571,525	3,799,496	4,159,120	4,268,722	4,350,179	4,116,954	4,003,482	4,289,457	4,027,540
Owners equity at close	4,085,497	3,998,583	3,605,090	4,058,931	3,963,119	3,799,592	3,962,230	3,980,521	4,758,706	5,038,990
EQUITY
Growth in equity	361,038	-143,500	-371,686	540,892	-238,662	-363,884	-85,307	168,312	362,987	95,121
Growth in equity from profit	187,695	-53,784	-225,348	68,973	85,385	63,675	159,527	208,237	297,876	129,388
Growth in equity from capital	173,343	-89,716	-146,338	471,919	-324,047	-427,560	-244,765	-39,822	65,148	-34,231
Growth in equity %	9.7	-3.5	-9.3	15.4	-5.7	-8.7	-2.1	4.4	8.3	1.9
Closing debt to asset %	41.9	45.8	50.3	49.4	50.7	53.4	51.0	50.1	47.4	44.4
Closing term liabilities per kg MS	20.14	21.26	22.49	25.00	25.31	24.92	23.25	22.37	23.56	22.22

Table 12.7: 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	301	296	279	316	265	260	326	308	255	266
Effective hectares	143	146	148	148	151	146	142	141	144	145
Peak cows milked	402	419	418	414	430	424	415	408	419	407
Stocking rate (cows/ha)	2.8	2.9	2.8	2.8	2.8	2.9	2.9	2.9	2.9	2.8
Kg milksolids sold	151,455	160,367	160,270	160,302	161,567	167,189	169,761	171,720	172,832	169,990
Milksolids sold per hectare	1,060	1,102	1,082	1,085	1,067	1,145	1,194	1,222	1,199	1,174
Milksolids sold per cow	377	383	383	387	376	395	409	421	413	418
PAYOUT RECEIVED ($/kg MS sold)	7.69	5.76	3.92	5.79	6.62	6.42	7.05	7.40	9.19	8.68
RETURN ON DAIRY ASSETS %
Dairy operating profit	470,808	223,630	-1,291	286,227	338,871	314,435	390,831	449,132	598,081	436,843
Plus owned support block adjustment	15,338	14,889	14,126	14,359	16,786	13,143	16,151	16,720	18,843	20,738
Less rent (excluding support block)	23,366	22,250	20,047	19,582	20,703	12,499	17,280	17,069	14,929	13,227
Net return from dairy	462,780	216,269	-7,212	281,004	334,954	315,079	389,701	448,783	601,995	444,354
Total dairy assets (less current) at open	6,471,446	7,148,388	7,232,582	7,205,430	7,736,377	7,910,490	7,697,613	7,308,678	7,940,668	8,219,974
Operating return on dairy assets %	7.2	3.0	-0.1	3.9	4.3	4.0	5.1	6.1	7.6	5.4
TOTAL RETURN ON ASSETS %
Net return from dairy	462,780	216,269	-7,212	281,004	334,954	315,079	389,701	448,783	601,995	444,354
Plus net non-dairy profit	1,724	-673	-318	3,331	5,444	6,904	11,894	3,870	5,499	5,136
Plus change in capital value	169,567	-175,947	-301,565	430,903	-353,833	-277,275	-287,474	-78,028	46,611	-95,819
Total return	634,071	39,649	-309,095	715,238	-13,435	44,709	114,121	374,625	654,105	353,671
Total assets (less current) at open	6,696,883	7,355,446	7,490,748	7,472,817	8,140,013	8,264,015	8,221,416	7,870,061	8,683,997	9,018,182
Total return on assets %	9.5	0.5	-4.1	9.6	-0.2	0.5	1.4	4.8	7.5	3.9
TOTAL RETURN ON EQUITY %
Total return	634,071	39,649	-309,095	715,238	-13,435	44,709	114,121	374,625	654,105	353,671
Plus net off-farm income	9,991	12,078	9,238	19,811	18,114	6,670	13,167	9,838	-199	36,366
Less interest	171,597	195,984	197,277	197,343	191,459	194,022	172,460	140,608	149,895	217,165
Total return for equity	472,332	-144,237	-497,164	537,538	-186,502	-142,643	-45,173	243,855	504,011	172,871
Equity at open	3,724,459	4,142,083	3,976,776	3,518,039	4,201,781	4,163,476	4,047,537	3,812,209	4,395,719	4,943,869
Total return on equity %	12.7	-3.5	-12.5	15.3	-4.4	-3.4	-1.1	6.4	11.5	3.5