TABLE 13 - 2
Age of Operator Report, 2003
North Dakota Farm Business Management Education Program
State Report
(Farms Sorted By Age Of Operator)
Avg. Of Less
All Farms than 31 31 - 40 41 - 50 51 - 60 Over 60
Number of farms 431 51 91 176 91 22
Income Statement
Gross cash farm income 287,656 156,243 301,118 345,788 248,587 233,160
Total cash farm expense 227,310 131,055 243,410 270,650 192,349 181,738
Net cash farm income 60,346 25,188 57,708 75,138 56,238 51,422
Inventory change 25,405 28,036 32,665 28,746 14,396 8,090
Depreciation and capital adjust -20,064 -10,247 -19,551 -26,158 -15,635 -14,518
Net farm income 65,687 42,977 70,822 77,727 54,998 44,994
Profitability (cost)
Labor and management earnings 44,748 36,871 53,783 52,944 31,248 15,903
Rate of return on assets 8.1 % 11.4 % 9.5 % 8.3 % 6.4 % 5.0 %
Rate of return on equity 10.8 % 23.9 % 14.6 % 11.2 % 7.4 % 4.2 %
Operating profit margin 19.2 % 21.3 % 18.9 % 19.3 % 19.1 % 16.7 %
Asset turnover rate 42.0 % 53.2 % 50.2 % 43.0 % 33.3 % 29.9 %
Liquidity
Ending current ratio 1.55 1.59 1.49 1.57 1.57 1.59
Ending working capital 64,413 40,471 55,893 78,420 64,153 44,175
End working capital to gross inc 22.4 % 25.9 % 18.6 % 22.7 % 25.8 % 18.9 %
Term debt coverage ratio 178.7 % 214.6 % 175.0 % 180.8 % 160.7 % 211.7 %
Expense as a percent of income 72.1 % 70.8 % 72.3 % 71.8 % 72.9 % 74.8 %
Interest as a percent of income 5.6 % 5.8 % 5.4 % 5.4 % 6.2 % 6.3 %
Solvency (cost)
Number of sole proprietors 412 51 84 167 89 21
Ending farm assets 670,557 346,398 599,221 790,378 726,774 552,018
Ending farm liabilities 333,925 231,541 331,854 385,609 320,486 236,804
Ending total assets 771,512 374,749 671,518 923,642 844,144 617,434
Ending total liabilities 355,003 245,861 355,218 411,582 337,953 241,532
Ending net worth 416,509 128,888 316,300 512,061 506,191 375,902
Net worth change 45,706 32,993 53,097 52,726 37,308 26,793
Ending farm debt to asset ratio 50 % 67 % 55 % 49 % 44 % 43 %
Beg total debt to asset ratio 47 % 66 % 54 % 46 % 41 % 41 %
End total debt to asset ratio 46 % 66 % 53 % 45 % 40 % 39 %
Nonfarm Information
Net nonfarm income 21,011 11,985 22,332 21,547 23,417 22,223
Farms reporting living expenses 300 33 59 118 72 18
Total family living expense 37,008 23,268 33,417 44,180 36,804 27,774
Total living, invest, & capital 52,404 33,853 48,649 62,115 51,948 36,894
Crop Acres
Total acres owned 853 399 680 875 1,123 1,326
Total crop acres 1,733 928 1,960 2,004 1,496 1,474
Total crop acres owned 504 175 396 566 616 751
Total crop acres cash rented 983 639 1,260 1,142 681 608
Total crop acres share rented 247 114 304 297 199 115
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