2002/03
$

2003/04f
$

Whole orchard

per
ha

per
Class I
tray

Whole orchard

per
ha

per
Class I
tray

Revenue

Green - OGR progress

143,640

31,920

5.25

137,250

30,500

5.00

- previous crop final

11,820

2,627

0.43

12,700

2,822

0.46

Gold - OGR progress

21,816

43,632

6.06

22,500

45,000

6.00

- previous crop final

800

1,600

0.22

1,900

3,800

0.51

Other fruit crops

4,450

890

0.14

2,500

500

0.08

Rebates/hire

4,400

880

0.14

3,600

720

0.12

Gross orchard revenue

186,926

37,385

6.04

180,450

36,090

5.78

Cash orchard expenditure

103,059

20,612

3.33

95,874

19,175

3.07

Interest

13,500

2,700

0.44

13,000

2,600

0.42

Rent and/or leases

0

0

0.00

0

0

0.00

Cash orchard surplus

70,367

14,073

2.27

71,576

14,315

2.29

Stock on hand adjustment

0

0

0.00

0

0

0.00

Depreciation

8,000

1,600

0.26

7,750

1,550

0.25

Net trading profit

62,367

12,473

2.01

63,826

12,765

2.05

Taxation

16,831

3,366

0.54

14,943

2,989

0.48

Net trading profit after tax

45,536

9,107

1.47

48,883

9,777

1.57

Allocation of Funds

Add back depreciation

8,000

1,600

0.26

7,750

1,550

0.25

Add back stock value adjustment

0

0

0.00

0

0

0.00

Drawings

47,900

9,580

1.55

48,600

9,720

1.56

Principal repayments

6,100

1,220

0.20

6,600

1,320

0.21

Development

1,200

240

0.04

5,450

1,090

0.17

Capital purchases

7,800

1,560

0.25

6,200

1,240

0.20

Disposable surplus/deficit

-9,464

-1,893

-0.31

-10,217

-2,043

-0.33

Other Cash Sources

New borrowing

50,000

10,000

1.61

0

0

0.00

Off-orchard income

18,200

3,640

0.59

16,600

3,320

0.53

Other orchard income

0

0

0.00

0

0

0.00

Net cash change

58,736

11,747

1.90

6,383

1,277

0.20

Assets and Liabilities

Land and building (opening)

1,250,000

250,000

40.37

1,420,000

284,000

45.51

Plant and machinery (opening)

48,400

9,680

1.56

48,200

9,640

1.54

Stock valuation (opening)

0

0

0.00

0

0

0.00

Total orchard capital

1,298,400

259,680

41.94

1,468,200

293,640

47.06

Total debt opening

125,000

25,000

4.04

174,000

34,800

5.58

Equity (orchard assets-liabilities)

1,173,400

234,680

37.90

1,294,200

258,840

41.48

2002/03
$

2003/04f
$

Whole orchard

per
ha

per
Class I
tray

Whole orchard

per
ha

per
Class I
tray

Orchard Working Expenses

Wages

41,000

8,200

1.32

37,500

7,500

1.20

Picking wages

8,359

1,672

0.27

8,424

1,685

0.27

ACC

2,800

560

0.09

2,700

540

0.09

Electricity

900

180

0.03

950

190

0.03

Spray and chemicals

6,300

1,260

0.20

6,300

1,260

0.20

Pollination

6,200

1,240

0.20

6,100

1,220

0.20

Fertiliser

7,100

1,420

0.23

6,500

1,300

0.21

Vehicle costs

6,800

1,360

0.22

6,500

1,300

0.21

Repairs and maintenance

11,250

2,250

0.36

9,350

1,870

0.30

Rates

2,550

510

0.08

2,530

506

0.08

Communication costs (phone/mail)

2,110

422

0.07

2,070

414

0.07

Insurance

1,990

398

0.06

2,030

406

0.07

Accountancy

2,380

476

0.08

2,590

518

0.08

Legal and consultancy

440

88

0.01

570

114

0.02

Other administration

930

186

0.03

930

186

0.03

Other expenditure

1,950

390

0.06

830

166

0.03

Cash orchard expenditure

103,059

20,612

3.33

95,874

19,175

3.07

Calculated Ratios

Economic orchard surplus (or EBIT)

31,883

6,377

1.03

31,144

6,229

1.00

Cash orchard expenditure/GOR

55%

53%

EOS/total orchard capital

2.5%

2.1%

EOS less interest & lease/equity

1.6%

1.4%

Interest+rent+lease/GOR

7%

7%

EOS/GOR

17%

17%

Economic orchard surplus (EOS) is calculated as follows:
Gross revenue+change in stock value-orchard working expenses-depreciation-wages of management
Wages of management = 1% of opening total orchard capital + $31,000 (to a maximum of $75,000)