
	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

View as text