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Otago Dry Hill Budget

	1999/2000			2000/01f
	$			$
Revenue	Whole farm	per ha	per SU	Whole farm	per ha	per SU
Sheep	147,870	99	33.52	176,550	118	36.48
Wool	61,438	41	13.93	77,489	52	16.01
Cattle	30,601	20	43.65	36,415	24	49.08
Grazing income		0	0.,00		0	000
Other farm income	5,350	4	1.05	3,281	2	0.59
Less:
Sheep purchases	19.966	13	4.53	12,009	8	2.48
Cattle purchases	3,100	2	4.42	3,100	2	4.18
Gross Farm Revenue	222,193	148	43.46	278,626	186	49.92
Cash Farm Expenditure	168,471	112	32.95	186,272	124	33.38
(includes interest)
Cash Farm Surplus	53,722	36	10.51	92,354	62	16.55
Stock value adjustment	28,051	19	5.49	9,645	6	1.73
Minus depreciation	15,509	10	3.03	14,154	9	2.54
Net Trading Profit	66,264	44	12.96	87,845	59	15.74
Taxation	5,545	4	1.08	12,385	8	2.22
Net Trading Profit after Tax	60,719	40	11.88	75,460	50	13.52
Allocation of Funds
add back Depreciation	15,509	10	3.03	14,154	9	2.54
Reverse stock value adjustment	-28,051	-19	-5.49	-9,645	-6	-1.73
Drawings	32,700	22	6.40	35,500	24	6.36
Principal repayments	5,595	4	1.09	11,356	8	2.03
Development		0	0.00		0	0,00
Capital purchases	10,714	7	2.10	7,369	5	1.32
Disposable Surplus/Deficit	-832	-1	-0.16	25,744	17	4.61
Other Cash Sources
New borrowing		0	0.00		0	0.00
Off-farm income	2.158	1	0.42	2,123	1	0.38
Other cash income	4,585	3	0.90		0	0.00
Net Cash Change	5,911	4	1.16	27,867	19	4.99
Assets and Liabilities
Farm, forest and building (Opening)	1,091,000	727	213.38	1,091,000	727	195.48
Plant and machinery (Opening)	75,500	50	14.77	72,000	48	12.90
Stock valuation (Opening)	322,566	215	63.09	350,617	234	62.82
Total Farm Capital	1,489,066	993	291.23	1,513,617	1,009	271.21
Total Debt Opening	421,320	281	82.40	410,544	274	73.56
Equity (Assets-Liabilities)	1,067,746	712	208.83	1,103,073	735	197.65

	1999/2000			2000/01f
	$			$
	Whole farm	per ha	per SU	Whole farm	per ha	per SU
Farm Working Expenses
Permanent wages	1,762	1	0.34	4,454	3	0.80
Casual wages	2,942	2	0.58	1,831	1	0.33
ACC	496	0	0.10	483	0	0.09
Agricultural contracting	5,084	3	0.99	5,331	4	0.96
Animal health	11,372	8	2.22	14.404	10	2.58
Breeding	327	0	0.06	615	0	0.11
Electricity	2,639	2	0.52	2,718	2	0.49
Feed (hay & silage)	4,591	3	0.90	7,645	5	1.37
Feed (grazing)	1,962	1	0.38	269	0	0.05
Feed (other)	3,360	2	0.66	2,285	2	0.41
Farm forestry costs	200	0	0.04	231	0	0.04
Fertiliser	21,228	14	4.15	27,296	18	4.89
Lime	492	0	0.10	769	1	0.14
Freight (not elsewhere deducted)	4.885	3	0.96	4,902	3	0.88
Regrassing costs (contractors)		0	0.00		0	0.00
Seeds	5,166	3	1.01	5,385	4	0.96
Shearing costs	17,201	11	3.90	21,419	14	4.43
Weed & pest control	5,107	3	1.00	5,481	4	0.98
Fuel	5,760	4	1.13	6,346	4	1.14
Vehicle costs (excl fuel)	7,620	5	1.49	6,000	4	1.08
Repairs and maintenance	7,665	5	1.50	8,269	6	1.48
Rates	6,801	5	1,33	6,946	5	1.24
Water charges (irrigation)	856	1	0.17	885	1	0.16
Communication costs (phone & mail)	1,372	1	0.27	1,489	1	0,27
Insurance	3,641	2	0.71	3,698	2	0.66
Accountancy	2,377	2	0.46	2,369	2	0.42
Legal & consultancy	1,978	1	0.39	924	1	0.17
Other admin	691	0	0.14	664	0	0.12
Other expenditure	3,671	2	0.72	3,723	2	0.67
Interest	36.948	25	7.23	39,164	26	7.02
Rent &/or leases	277	0	0,05	277	0	0.05
Cash Farm Expenditure	168,471	112	32.95	186,272	124	33.38
Calculated Ratios
Cash Farm Exp(excl interest+rent)/GFR	59%			53%
EFS/Total Farm Capital	4%			6%
Interest+rent+lease/GFR	17%			14%
Economic Farm Surplus (or EBIT)	60,598	40	11.85	84.150	56	15.08
Net Trading Profit/GFR	30%			32%
EFS/GFR	27%			30%

Contact for Enquiries

Farm Monitoring Programme Manager
Monitoring and Evaluation
MAF Policy
PO Box 2526
Wellington
NEW ZEALAND
Phone: +64 4 894 0623
Fax: +64 4 894 0741
Contact this person