Financial Summary (Farms Sorted By Years) 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 Number of farms 2418 2387 2505 2399 2675 2555 2723 2599 2733 2757 Income Statement Gross cash farm income 474,033 440,793 394,155 345,494 352,412 329,248 306,526 285,554 268,827 266,607 Total cash farm expense 390,048 360,365 323,080 287,857 285,784 271,109 248,388 236,773 223,182 216,808 Net cash farm income 83,986 80,427 71,075 57,638 66,628 58,140 58,138 48,781 45,645 49,799 Inventory change 28,942 18,931 12,892 13,623 -8,684 21,896 9,652 -2,715 6,285 11,313 Depreciation and capital adjust -26,029 -24,998 -24,763 -24,300 -21,538 -20,314 -19,564 -19,243 -18,044 -16,106 Net farm income 86,899 74,360 59,205 46,960 36,406 59,721 48,226 26,823 33,886 45,005 Profitability (cost) Labor and management earnings 59,576 50,226 37,207 26,617 16,769 41,498 32,266 11,572 19,949 31,450 Rate of return on assets 8.6 % 8.1 % 6.9 % 6.1 % 5.2 % 9.2 % 8.1 % 4.8 % 6.2 % 8.7 % Rate of return on equity 11.7 % 11.0 % 8.3 % 6.0 % 3.0 % 11.3 % 9.2 % 1.1 % 4.4 % 9.9 % Operating profit margin 18.7 % 17.9 % 15.8 % 14.4 % 12.9 % 20.6 % 18.2 % 11.3 % 13.6 % 16.9 % Asset turnover rate 46.0 % 45.4 % 43.8 % 42.3 % 40.3 % 44.9 % 44.9 % 42.2 % 45.5 % 51.7 % Profitability (market) Labor and management earnings 70,263 58,872 48,283 27,995 27,229 34,450 32,319 16,346 22,846 31,730 Rate of return on assets 8.3 % 7.8 % 7.2 % 5.6 % 6.0 % 7.0 % 7.0 % 5.2 % 6.2 % 7.9 % Rate of return on equity 11.6 % 11.0 % 9.8 % 6.2 % 6.1 % 8.1 % 8.3 % 3.9 % 5.9 % 8.8 % Operating profit margin 23.9 % 22.7 % 21.4 % 17.3 % 19.1 % 20.4 % 21.0 % 15.8 % 18.3 % 21.7 % Asset turnover rate 34.7 % 34.4 % 33.7 % 32.3 % 31.1 % 34.5 % 33.5 % 32.6 % 33.8 % 36.6 % Liquidity Ending current ratio 1.47 1.44 1.43 1.37 1.29 1.46 1.38 1.27 1.37 1.52 Ending working capital 62,155 53,321 48,593 41,827 32,019 46,350 35,134 26,974 32,790 40,638 End working capital to gross inc 13.1 % 12.1 % 12.3 % 12.1 % 9.1 % 14.1 % 11.5 % 9.4 % 12.2 % 15.2 % Term debt coverage ratio 179.0 % 165.6 % 147.6 % 132.6 % 111.1 % 163.7 % 149.5 % 97.4 % 118.3 % 159.3 % Expense as a percent of income 77.4 % 78.2 % 79.2 % 80.5 % 83.1 % 77.1 % 78.2 % 83.9 % 81.1 % 77.8 % Interest as a percent of income 5.2 % 5.1 % 5.7 % 6.5 % 7.6 % 7.3 % 7.7 % 8.5 % 8.0 % 7.3 % Solvency (cost) Number of sole proprietors 2,036 2,030 2,149 2,066 2,310 2,196 2,285 2,209 2,263 2,186 Ending farm assets 842,154 768,110 708,498 665,191 636,571 606,905 555,229 531,737 497,078 471,615 Ending farm liabilities 443,234 413,693 384,965 371,181 357,595 335,331 320,075 319,517 291,426 266,734 Ending total assets 992,259 904,016 836,961 781,876 746,192 715,270 654,517 622,277 578,955 545,517 Ending total liabilities 476,386 442,034 412,625 394,053 376,452 352,331 334,174 331,739 301,656 276,085 Ending net worth 515,873 461,981 424,337 387,823 369,740 362,939 320,343 290,538 277,299 269,432 Net worth change 57,073 47,985 43,106 28,534 13,245 35,702 30,774 9,321 17,325 26,088 Ending farm debt to asset ratio 53 % 54 % 54 % 56 % 56 % 55 % 58 % 60 % 59 % 57 % Beg total debt to asset ratio 49 % 50 % 51 % 51 % 50 % 51 % 53 % 52 % 51 % 51 % End total debt to asset ratio 48 % 49 % 49 % 50 % 50 % 49 % 51 % 53 % 52 % 51 % Solvency (market) Number of sole proprietors 2,036 2,030 2,149 2,066 2,311 2,206 2,349 2,230 2,359 2,390 Ending farm assets 1,125,335 1,016,862 926,031 869,665 823,931 780,300 723,810 689,961 648,342 613,158 Ending farm liabilities 544,521 506,769 469,832 457,525 429,897 410,741 383,822 384,332 338,752 295,371 Ending total assets 1,302,491 1,174,821 1,074,488 1,003,423 949,359 903,374 835,935 790,813 736,838 690,658 Ending total liabilities 583,762 540,162 501,989 484,689 452,320 431,505 405,843 400,198 351,718 308,108 Ending net worth 718,729 634,659 572,499 518,734 497,039 471,869 430,092 390,615 385,120 382,550 Net worth change 78,831 67,659 62,970 36,776 28,697 36,267 39,030 19,370 27,570 33,544 Ending farm debt to asset ratio 48 % 50 % 51 % 53 % 52 % 53 % 53 % 56 % 52 % 48 % Beg total debt to asset ratio 46 % 47 % 49 % 48 % 48 % 49 % 50 % 50 % 47 % 45 % End total debt to asset ratio 45 % 46 % 47 % 48 % 48 % 48 % 49 % 51 % 48 % 45 % Nonfarm Information Net nonfarm income 23,684 21,953 21,863 20,739 20,328 18,887 18,560 16,857 15,646 13,941 Farms reporting living expenses 956 1,019 1,122 1,382 1,381 1,333 1,357 1,393 1,406 1,468 Total family living expense 40,174 39,387 36,063 33,010 31,087 30,466 28,050 27,840 27,953 26,587 Total living, invest, & capital 61,164 58,817 54,678 49,366 52,245 50,355 44,141 42,502 43,778 40,267 Crop Acres Total acres owned 277 276 273 271 280 273 264 257 251 249 Total crop acres 773 755 747 715 713 697 655 620 595 580 Total crop acres owned 222 224 218 210 220 215 209 203 198 194 Total crop acres cash rented 525 501 496 469 455 441 406 379 355 346 Total crop acres share rented 26 29 33 35 38 41 41 39 41 40 Copyright (c) 2005-2007, University of Minnesota Data Source(s): Minnesota Farm Business Management Education, 23012 farms Southwest Minnesota Farm Business Management Association, 1851 farms Southeast Minnesota Farm Business Management Association, 559 farms North Dakota Farm and Ranch Business Management - Red River Valley, 328 farms Southwest Wisconsin Technical College, 1 farms _______________________________________________________________________________ Report Summary 1. Report number 68764 2. Location State: Minnesota 3. Farm Characteristics Year(s): 2005, 2004, 2003, 2002, 2001, 2000, 1999, 1998, 1997, 1996