TABLE 14 - 2
Age of Operator Report
Minnesota and North Dakota Farm Business Mgmt. Education
Red River Valley, 2004
(Farms Sorted By Age Of Operator)
Avg. Of Less
All Farms than 31 31 - 40 41 - 50 51 - 60 Over 60
Number of farms 230 34 37 96 53 10
Income Statement
Gross cash farm income 559,921 311,811 535,270 635,144 566,029 740,206
Total cash farm expense 427,807 263,633 419,754 488,952 415,221 495,522
Net cash farm income 132,114 48,178 115,516 146,192 150,808 244,685
Inventory change -21,583 16,381 13,509 -26,555 -43,536 -116,424
Depreciation and capital adjust -23,587 -7,890 -25,844 -26,904 -23,096 -39,354
Net farm income 86,944 56,669 103,181 92,732 84,175 88,907
Profitability (cost)
Labor and management earnings 46,428 42,687 72,900 47,315 34,475 16,044
Rate of return on assets 5.5 % 8.3 % 8.0 % 5.6 % 4.1 % 3.5 %
Rate of return on equity 6.1 % 12.1 % 10.8 % 6.1 % 3.9 % 2.0 %
Operating profit margin 12.2 % 12.9 % 14.3 % 12.3 % 10.4 % 10.7 %
Asset turnover rate 45.5 % 64.5 % 55.7 % 45.0 % 39.7 % 32.6 %
Liquidity
Ending current ratio 1.42 1.36 1.42 1.37 1.62 1.27
Ending working capital 76,945 41,896 67,591 87,339 93,759 41,826
End working capital to gross inc 13.7 % 13.4 % 12.6 % 13.8 % 16.6 % 5.7 %
Term debt coverage ratio 113.9 % 147.2 % 140.5 % 107.9 % 107.7 % 63.9 %
Expense as a percent of income 79.8 % 80.5 % 76.8 % 80.6 % 79.8 % 79.8 %
Interest as a percent of income 4.7 % 4.4 % 4.5 % 4.8 % 4.1 % 6.8 %
Solvency (market)
Number of sole proprietors 199 33 28 85 46 7
Ending farm assets 1,290,378 564,915 1,117,342 1,558,275 1,376,200 1,585,553
Ending farm liabilities 618,096 345,296 581,511 758,738 552,763 772,030
Ending total assets 1,507,156 664,634 1,253,797 1,790,062 1,703,141 1,769,284
Ending total liabilities 673,628 406,701 642,304 816,504 597,614 821,908
Ending net worth 833,527 257,932 611,493 973,559 1,105,527 947,376
Net worth change 69,293 44,233 71,643 73,956 83,590 27,442
Ending farm debt to asset ratio 48 % 61 % 52 % 49 % 40 % 49 %
Beg total debt to asset ratio 44 % 59 % 52 % 45 % 36 % 49 %
End total debt to asset ratio 45 % 61 % 51 % 46 % 35 % 46 %
Nonfarm Information
Net nonfarm income 15,123 15,340 9,052 15,757 19,360 8,318
Crop Acres
Total acres owned 377 124 256 419 485 708
Total crop acres 1,726 1,062 1,735 1,918 1,710 2,198
Total crop acres owned 351 98 258 410 408 698
Total crop acres cash rented 1,291 912 1,400 1,427 1,182 1,435
Total crop acres share rented 84 52 77 81 119 65
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