TABLE 13 - 2
Age of Operator Report, 2004
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 434 56 82 175 97 24
Income Statement
Gross cash farm income 312,901 174,459 312,648 369,246 306,845 250,433
Total cash farm expense 239,612 142,061 242,504 281,473 227,090 202,735
Net cash farm income 73,289 32,398 70,144 87,773 79,755 47,697
Inventory change 7,018 21,117 16,228 1,891 -2,918 20,199
Depreciation and capital adjust -22,319 -14,037 -21,390 -25,411 -21,954 -23,759
Net farm income 57,988 39,479 64,982 64,254 54,883 44,138
Profitability (cost)
Labor and management earnings 34,074 33,113 47,292 35,606 26,528 10,482
Rate of return on assets 6.2 % 8.8 % 8.0 % 6.0 % 5.1 % 4.0 %
Rate of return on equity 7.2 % 17.3 % 11.9 % 6.8 % 5.3 % 3.1 %
Operating profit margin 15.4 % 16.6 % 16.7 % 15.2 % 14.6 % 14.1 %
Asset turnover rate 40.0 % 53.1 % 48.0 % 39.7 % 34.8 % 28.5 %
Liquidity
Ending current ratio 1.49 1.32 1.41 1.49 1.58 1.62
Ending working capital 63,749 26,931 52,944 76,894 71,139 60,862
End working capital to gross inc 20.4 % 15.4 % 16.9 % 20.8 % 23.2 % 24.3 %
Term debt coverage ratio 156.4 % 190.1 % 177.6 % 145.3 % 145.0 % 182.0 %
Expense as a percent of income 75.1 % 73.3 % 74.1 % 76.0 % 74.7 % 75.0 %
Interest as a percent of income 5.5 % 5.6 % 5.7 % 5.5 % 5.3 % 6.0 %
Solvency (cost)
Number of sole proprietors 416 56 76 168 93 23
Ending farm assets 737,269 370,016 653,239 864,909 811,512 676,580
Ending farm liabilities 359,551 255,714 375,889 412,538 331,330 285,456
Ending total assets 842,133 402,769 726,060 993,513 945,758 770,702
Ending total liabilities 383,206 274,867 402,841 440,307 351,576 292,916
Ending net worth 458,927 127,901 323,219 553,206 594,182 477,786
Net worth change 34,874 24,758 34,932 41,440 32,616 20,494
Ending farm debt to asset ratio 49 % 69 % 58 % 48 % 41 % 42 %
Beg total debt to asset ratio 46 % 68 % 56 % 44 % 38 % 39 %
End total debt to asset ratio 46 % 68 % 55 % 44 % 37 % 38 %
Nonfarm Information
Net nonfarm income 20,419 10,574 22,320 20,854 23,071 23,007
Farms reporting living expenses 309 39 50 125 76 19
Total family living expense 39,673 23,567 37,766 45,079 42,802 29,670
Total living, invest, & capital 54,600 33,596 49,895 63,884 57,553 37,205
Crop Acres
Total acres owned 897 382 697 914 1,197 1,441
Total crop acres 1,799 929 1,980 2,088 1,711 1,466
Total crop acres owned 542 181 398 624 665 770
Total crop acres cash rented 1,038 643 1,352 1,196 825 605
Total crop acres share rented 219 105 230 267 221 91
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