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Table 1: Key parameters, financial results and budget for the Canterbury

dairy model
Year ended 30 June

2008/09

2009/101

2010/112

2011/12

2012/13
budget
210
769
180
715
3.4
293 150
1 396
410
4.40
0.85
1 728 766
1 230 227
149 703
24 339

Effective area (ha)


210
210
210
210
Cows wintered (head)
733
739
750
769
Replacement heifers (head)
183
185
175
180
Cows milked 15th December (head)
705
711
711
711
Stocking rate (cows/ha)
3.4
3.4
3.4
3.4
Total milksolids (kg)
280 123
291 510
283 080
295 065
Milksolids per ha (kg/ha)
1 334
1 388
1 348
1 405
Milksolids per cow milked (kg/cow)
397
410
398
415
MS advance to end June ($/kg)
4.15
5.15
6.20
5.20
MS deferred payment ($/kg)
1.00
1.05
0.95
1.39
Net cash income ($)
1 575 300
1 912 826
2 212 648
2 145 968
Farm working expenses ($)
1 133 600
1 058 141
1 173 594
1 221 485
Farm profit before tax($)
- 45 500
376 866
605 039
524 052
Farm surplus for reinvestment3 ($)
- 74 900
278 741
415 729
266 895
Notes
1 The sample of farms used to compile this model changed between 2008/09 and 2009/10. Caution is advised if
comparing data between these two years.
2 The model parameters have been updated as from 2010/11 using the latest dairy statistics. Caution should be
used in comparing with earlier published material.
3 Farm surplus for reinvestment is the cash available from the farm business, after meeting living costs, which is
available for investment on the farm or for principal repayments. It is calculated as farm profit after tax plus

Table 2: Canterbury dairy model budget


Whole
farm
($)

2011/12
Per Per kg of
cow milksolids
($)
($)

Whole
farm
($)

2012/13 budget
Per
Per kg of
cow milksolids
($)
($)

Revenue

Milksolids
Dividend on wet shares
Cattle
Other farm income

1 939 537
90 368
114 898
8 245

2 728
127
162
12

6.57
0.31
0.39
0.03

1 540 665
94 421
93 760
5 800

2 155
132
131
8

5.26
0.32
0.32
0.02

7 080
2 145 968
1 221 485
924 483
360 000
0
0
40 431
524 052
0
217 588
306 464

10
3 018
1 718
1 300
506
0
0
57
737
0
306
431

0.02
7.27
4.14
3.13
1.22
0.00
0.00
0.14
1.78
0.00
0.74
1.04

5 880
1 728 766
1 230 227
498 539
330 000
0
16 945
35 780
149 703
0
64 199
85 504

8
2 418
1 721
697
462
0
24
50
209
0
90
120

0.02
5.90
4.20
1.70
1.13
0.00
0.06
0.12
0.51
0.00
0.22
0.29

40 431
0
80 000
266 895

57
0
113
375

0.14
0.00
0.27
0.90

35 780
- 16 945
80 000
24 339

50
- 24
112
34

0.12
-0.06
0.27
0.08

24 905
170 000
0
71 990

35
239
0
101

0.08
0.58
0.00
0.24

16 069
70 000
0
- 61 729

22
98
0
- 86

0.05
0.24
0.00
-0.21

0
0
0
0
71 990

0
0
0
0
101

0.00
0.00
0.00
0.00
0.24

0
0
60 000
0
- 1 729

0
0
84
0
- 2

0.00
0.00
0.20
0.00
-0.01

Farm, forest and building (opening)


9 022 000
Plant and machinery (opening)
204 542
Stock valuation (opening)
1 844 401
Dairy company shares
1 317 625
Other farm related investments (opening)
0
Total farm assets
12 388 568
Total liabilities (opening)
5 550 000
Total equity (assets-liabilities)
6 838 568

12 689
288
2 594
1 853
0
17 424
7 806
9 618

30.58
0.69
6.25
4.47
0.00
41.99
18.81
23.18

9 022 000
173 861
1 844 401
1 333 694
0
12 373 956
5 500 000
6 873 956

12 618
243
2 580
1 865
0
17 306
7 692
9 614

30.78
0.59
6.29
4.55
0.00
42.21
18.76
23.45

Less:

Cattle purchases
Net cash income
Farm working expenses
Cash operating surplus
Interest
Rent and/or leases
Stock value adjustment
Minus depreciation
Farm profit before tax
Income equalization
Taxation
Farm profit after tax
Allocation of funds

Add back depreciation


Reverse stock value adjustment
Drawings
Farm surplus for reinvestment1
Reinvestment

Net capital purchases


Development
Principal repayments
Farm cash surplus/deficit
Other cash sources

Dividend on dry shares


Introduced funds
New borrowings
Off-farm income
Net cash position
Assets and Liabilities

1 Farm surplus for reinvestment is the cash available from the farm business, after meeting living costs, which is available for
investment on the farm or for principal repayments. It is calculated as farm profit after tax plus depreciation plus stock
adjustments less drawings.

Table 3: Canterbury dairy model expenditure

Farm working expenses


Permanent wages
Casual wages
ACC
Total labour expenses
Animal health
Breeding
Dairy shed expenses
Electricity
Feed (hay and silage)
Feed (feed crops)
Feed (grazing)
Feed (other)
Fertiliser
Lime
Freight (not elsewhere deducted)
Regrassing costs
Weed and pest control
Fuel
Vehicle costs (excluding fuel)
Repairs and maintenance
Total other working expenses
Communication costs (phone and mail)
Accountancy
Legal and consultancy
Other administration
Water charges (irrigation)
Rates
Insurance
ACC employer
Other expenditure1
Total overhead expenses
Total farm working expenses

Whole
farm
($)

2011/12
Per Per kg of
cow milksolids
($)
($)

Whole
farm
($)

2012/13 budget
Per Per kg of
cow milksolids
($)
($)

212 589
24 885
8 023
245 497
66 123
32 706
14 220
49 059
132 000
0
235 590
25 000
144 333
4 977
10 665
14 220
6 399
21 330
24 174
109 494
890 290
4 977
4 977
4 977
2 133
17 775
17 064
18 486
4 686
10 622
85 698
1 221 485

299
35
11
345
93
46
20
69
186
0
331
35
203
7
15
20
9
30
34
154
1 252
7
7
7
3
25
24
26
7
15
121
1 718

0.72
0.08
0.03
0.83
0.22
0.11
0.05
0.17
0.45
0.00
0.80
0.08
0.49
0.02
0.04
0.05
0.02
0.07
0.08
0.37
3.02
0.02
0.02
0.02
0.01
0.06
0.06
0.06
0.02
0.04
0.29
4.14

216 645
19 305
7 172
243 122
70 785
32 175
16 445
68 640
124 440
0
240 789
25 009
140 855
4 290
9 295
12 155
6 435
28 600
22 165
93 665
895 743
5 005
5 005
4 290
2 145
22 165
17 160
20 020
5 019
10 553
91 363
1 230 227

303
27
10
340
99
45
23
96
174
0
337
35
197
6
13
17
9
40
31
131
1 253
7
7
6
3
31
24
28
7
15
128
1 721

0.74
0.07
0.02
0.83
0.24
0.11
0.06
0.23
0.42
0.00
0.82
0.09
0.48
0.01
0.03
0.04
0.02
0.10
0.08
0.32
3.06
0.02
0.02
0.01
0.01
0.08
0.06
0.07
0.02
0.04
0.31
4.20

799 052

1 124

2.71

394 703

552

1.35

119

0.29

Calculated ratios

Economic farm surplus (EFS2)


Farm working expenses/NCI3
EFS/total farm assets
EFS less interest and lease/equity
Interest+rent+lease/NCI
EFS/NCI

57%
6.4%
6.4%
16.8%
37.2%

Wages of management

85 000

71%
3.2%
0.9%
19.1%
22.8%
120

0.29

85 000

Notes
1 Includes Dairy NZ levy.
2 EFS is calculated as follows: net cash income plus change in livestock values less farm working expenses less depreciation
less wages of management (WOM). WOM is calculated as follows: $38 000 allowance for labour input plus 1 percent of
opening total farm assets to a maximum of $85 000.
3 Net cash income.

Figure 1: Canterbury dairy model profitability trends


2008/09

2009/10

2010/11

2011/12

2012/13
budget
1 728 766
1 230 227
149 703
24 339

Net cash income


1 575 300
1 912 826
2 212 648
2 145 968
Farm working expenses
1 133 600
1 058 141
1 173 594
1 221 485
Farm profit before tax
- 45 500
376 866
605 039
524 052
Farm surplus for reinvestment
- 74 900
278 741
415 729
266 895
Note
The sample of farms used to compile this model changed between 2008/09 and 2009/10. Caution is advised if
comparing data between these two years.

2 500 000
2 000 000

1 500 000
1 000 000

Dollars ($)

500 000
0
- 500 000

2008/09

2009/10

2010/11

2011/12

Year ended 30 June

Net cash income

Farm working expenses

Farm profit before tax

Farm surplus for reinvestment

2012/13
budget

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