Dairy Operating Profit (9-3)
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1 Dairy Operating Profit (9-3) Dairy Operating Profit (formerly known as Economic Farm Surplus (EFS)) is a measure of farm profitability used for benchmarking comparison between dairy farms. The guidelines described in this Farmfact are based on the industry standard as set by DairyBase. Dairy Operating Profit is the Dairy Gross Farm Revenue less Dairy Operating Expenses where non-cash adjustments have been made to ensure that businesses are being compared on an equivalent basis. How the business is financed is not included, leases for cows or milking platforms and debt-servicing are excluded from calculations. Non-cash adjustments include: The value of change in dairy livestock numbers Unpaid labour and management (labour adjustment) The ownership of support blocks (support block adjustment) Depreciation The value of change in supplementary feed inventory Operating Profit Calculation Dairy Gross Farm Revenue (Dairy GFR) Milk & Net Dairy Livestock Stock Sales (cash) Other Dairy income (cash) Value of Change in Dairy Livestock Numbers (non-cash) Less Operating Expenses Farm Working Expenses (cash) Feed Inventory Adjustment (closing value of feed less opening) Owned Support block Adjustment (if block is owned and not leased) Labour Adjustment (for unpaid family management and labour) Depreciation on dairy assets (non-cash as per accounts) Equals Dairy Operating Profit 50% Sharemilkers - Use your own set of accounts to calculate Operating Profit. This can be compared with other 50% sharemilkers, but not farm owners. Variable Order Sharemilkers - Combine the accounts of the farm owner and the sharemilker to calculate Operating Profit for the farm. This can be compared with other owneroperator farms. The following diagram shows the adjustments made to the cash income and expenses to calculate Operating Profit. Updated November 2014 CASH NON-CASH CASH & NON-CASH
2 Farmfact 9-3 Updated November 2014 Page 2 Calculating Operating Profit The following section defines the method and information required to calculate operating profit and ensure that the final result is comparable with other dairy farms. Use this guide to calculate your Operating Profit by filling in the template on the back page of this Farmfact. Step 1. Fill in income and expenses in the table on the back page of this Farmfact, using information which is in your financial accounts. Net Milk Revenue Milk sales less DairyNZ levy (include any colostrum sales and milk insurance claims). Include Milk Dividends. Net Livestock Income (Stock Sales - Purchases) Total revenue from dairy livestock sold less the total cost of dairy livestock purchased during the year. To ensure that stock adjustments to be made later will be correct, make the following changes to livestock sales and purchases: a. If stock has been purchased early in the season then add them to the opening stock numbers, and deduct their purchase price from stock purchases. b. Stock purchases made late in the season should be deducted from the closing stock numbers and again their purchase price should be deducted from stock purchases. c. Large numbers of stock sales made late in the season should also be added back into stock numbers and their sale price deducted from stock sales. Other Dairy Revenue Dairy farm revenue, other than from milk and livestock sales. This includes items such as rebates that cannot be netted off a specific expenditure category (e.g. trading company rebates), rent for farm houses/cottages (check that any rent from farm staff for accommodation is netted off wages paid) and other revenue. Revenue from land leased out is included if there is no lease expenditure to offset. Also include revenue from other use of dairy farm assets e.g. small amounts of contracting and prize money for dairy livestock. Note: Rent received from staff for accommodation should be netted off wages. Off Farm Income We are interested in profit from your dairy farm. Income which is not generated from the dairy assets should not be considered in Dairy Operating Profit. Operating Profit does not include income from dividends (other than milk dividends)/shares or off-farm assets such as a rental property. Expenses Expenses should be included in Operating Profit as they appear in your financial accounts. a. Exclude lease for milking platform or cows. b. Exclude interest. c. Do not adjust for capital expenditure on fertiliser, repairs and maintenance or regrassing. d. Exclude large one off expenditure items (such as fertiliser and R&M) caused by severe weather events resulting in civil defence status.
3 Farmfact 9-3 Updated November 2014 Page 3 Overheads Overheads include administration, farm insurance, ACC and rates. Include lease of land used to support the dairy operation, i.e. a support block, where the lease is paid to an external party. If the lease is paid to a related entity, that entity will need to be included in the calculations. Also include machinery leased/hired for R&M purposes. Do not include leases for milking land, cows, vehicles and plant these are all excluded from Operating Profit. Do not include the cost of interest. When comparing Operating Profit between farms, we are focusing on the operational efficiency of the farm and not how a business is funded. Depreciation Include depreciation related to dairy farm assets (buildings, improvements, plant, machinery and vehicles). Include depreciation recovered and loss on sale of dairy fixed assets (only on sale of assets to external parties). Exclude depreciation on off-farm assets or any private portions of depreciation on buildings and vehicles. Step 2. Estimate adjustments using the tables below. Add them in to the Operating Profit table below. It is important that the basic financial information from your accounts is adjusted when calculating Operating Profit, so all farming systems can be compared on an equal footing. The following are the adjustments used and a brief explanation. The latest DairyBase adjustments are online; navigate to the Support Material page to find the Operating Profit Adjustments. DairyBase is a web-based package that records and reports standardised dairy farm business information - both physical and financial. DairyBase analyses the resources of the farm and, by way of benchmarking, compares their use of resources with other farm businesses. Talk to your DairyNZ Consulting Officer or ring DairyNZ [ ] and ask for DairyBase for more information or to join. Value of change in dairy livestock If stock numbers change between the start of one season, and the start of the next, this will affect stock income for the year. If stock numbers go up then less stock will have been sold than usual. Stock income will be lower than usual, and we adjust Operating Profit up. If stock numbers go down income will be higher than usual, and we adjust Operating Profit down. Such movements make comparison of Operating Profit between years and between farms difficult. Therefore an adjustment is made to smooth the differences. The value of the change in livestock numbers adjustment is calculated using National Average Market Values (NAMV) and is completed for each stock class. The calculation used is: Closing numbers of dairy livestock - opening numbers of dairy livestock x closing NAMV
4 Farmfact 9-3 Updated November 2014 Page 4 Calculate the stock adjustment for your farm using the following table. The stock numbers you need can be found in the stock reconciliation section of your accounts. National Market Value for Friesians & Related Breeds 2011/ / /14 MA Cows R 2 yr Heifers R 1 yr Heifers Breeding Bulls R 2 yr Steers & Bulls R 1yr Steers & Bulls National Market Value for Jerseys & Other Dairy Breeds 2011/ / /14 MA Cows R 2 yr Heifers R 1 yr Heifers Breeding Bulls R 2 yr Steers & Bulls R 1yr Steers & Bulls Example for Friesian Breed Opening No s (A) Closing No s (B) Difference (B-A) Value 2013/14 Adjustment (Diff. x Value) R 1 yr $946 -$1,892 R 2 yr $1,616 $8,080 Cows $1,963 -$11,778 -$5,590 Note: Make sure you transfer the negative sign (-) to the calculation sheet where a negative occurs. Support blocks or where young stock are grazed at home If you lease a support block or graze off, then no adjustment is needed - costs appear in your accounts already (Grazing and Support block lease). People with support land will not have the full costs associated with the additional feed grown on the support block or grazed by dry cows and young stock. The support block adjustment is used in these cases to create the equivalent of a lease. The support block adjustment is either an estimate of the market rate to lease the land for dry stock or the default values as detailed in the table below. If you own a support block, adjust the Operating Profit down for the value of that land to you. Any lease on the milking platform is excluded. $ Per Hectare Year Northland Waikato BOP Taranaki Lower NI West Coast Tasman Marlborough Canterbury Otago Southland
5 Farmfact 9-3 Updated November 2014 Page 5 Calculate your Support block adjustment here: Area Lease value $/ha Adjustment ha $ ha $ $ Labour adjustment All unpaid labour is valued when calculating the Operating Profit Some farms are managed by people who receive no direct payment for their work through the farm working expenses in their financial accounts, in other words they take drawings. Other farms employ a manager and/or staff to run the farm, whose wages do appear in the financial accounts. This can result in a significant difference in wage expenses for otherwise very similar farms. Drawings cannot be used as a reliable indicator of the value of the labour provided due to people s different standards of living. The value of the unpaid labour adjustment is calculated based on a differential rate for wages to the primary manager of the business and other unpaid labour involved in operations rather than management. DairyBase calculates a full-time labour unit as someone working hours per week for 48 weeks of the year. Wage for management (a) If the principal farm manager is employed, then the wage cost of the manager will already be in the accounts. No wage for management is needed. This should not include director s fees or shareholder salaries. If the farm manager is also the farm owner or 50:50 sharemilker, you need to include a wage for management in the Operating Profit, to value the labour of that person. Wages for management are based on the number of Peak Cows Milked Season Number of cows Basic rate Per cow rate 2011/12 <200 $44,500 N/A $44,500 Herd size $60,000 Herd size $100,000 Herd size >= 1200 $120,000 N/A 2012/13 < 900 $35, $39, >= 1200 $120,000 N/A 2013/14 < 900 $36, $39, >= 1200 $120,000 N/A
6 Farmfact 9-3 Updated November 2014 Page 6 The management adjustment is based on hours worked, with 2,400 hrs/year for one full time equivalent (FTE) manager. Hours worked over and above 2,400 hours/year, for the manager, are calculated at the family unpaid rate as detailed in the table below up to a maximum of 3,600 hours (0.5FTE). These rates are also used for additional family labour. Year 2011/ / /14 Annual Rate $34,000 *$42,000 (Otago/Southland) $34,500 *$42,600 (Otago/Southland) $35,500 *$42,600 (Otago/Southland) To calculate farm management adjustments: Unpaid manager 1 = Basic rate (cow # adjusted) + (# cows x per cow rate) Unpaid person 2 = hours/week x 52 weeks number of hours = number of hours/2400 FTE equivalent = FTE equivalent x Annual rate Total labour adjustment = unpaid manger 1 + unpaid person 2 For example, in 2013/14 one unpaid family manager works 50hrs/week on average and a second family member works 20 hours per week milking a 500 cow herd. Manager 1 FTE manager (2,400hrs) $36,000 + (500 x 65) = $68,500 Second unpaid person 20 x 52 = 1,040 hours 1,040/2400 = 0.43FTE 0.43FTE x $35,500 = $15,265 Total Labour Adjustment: = $83,765 Calculate your labour adjustment here: Wage for management (a) +Value of unpaid labour (b) = Labour adjustment $ $ = $
7 Farmfact 9-3 Updated November 2014 Page 7 Feed inventory adjustment This is a financial adjustment for the change in supplementary feed held on hand at the start of each season. This is calculated by taking the Closing supplementary feed (DM tonnes) less Opening supplementary feed (DM tonnes) and multiplying by the value of the feed $/tonne DM as per the table below. Year $/tonne DM 2011/12 $ /13 $ /14 $320 Closing Supplement Tonnes DM A Opening Supplement Tonnes DM B Difference A B Cost $/tonne DM Adjustment (Difference x cost) $ Note: Make sure you transfer the negative sign (-) to the calculation sheet where a negative occurs. Step 3. Calculate the Dairy Operating Profit Complete table on the following page. Step 4. Divide this by the milking area to work out Operating Profit/ha Milking Area Milking area is the area (in hectares) normally available for grazing by milking cows (although it may be in crop for part of the year). Exclude any ungrazeable areas such as waste areas, waterways, races, fences, drains, buildings and forestry.
8 Farmfact 9-3 Updated November 2014 Page 8 Dairy Operating Profit Farm Name Year Effective hectares Peak Cows Milked Kg Milksolids Kg MS/ha Kg MS/cow GROSS FARM REVENUE Total $ $/ha $/kgms Milk Sales (deduct DairyNZ levy) Dairy Livestock Sales (sales purchases) Other Dairy cash income Dairy Cash Income $ plus Value of change in dairy livestock GROSS FARM REVENUE $ $ /ha $ /kgms DAIRY OPERATING EXPENSES Total $ $/ha $/kgms Wages Animal Health Breeding & Herd Improvement Farm Dairy Electricity Supplements made Supplements purchased Young & Dry Cow Grazing Winter Cow Grazing Support Block Lease Fertiliser (incl Nitrogen) Irrigation Regrassing Weed & Pest Vehicles & Fuel Repairs & Maintenance Freight and General Administration Insurance ACC Rates Total Farm Working Expenses $ $ /ha $ /kgms plus Labour adjustment less Feed inventory adjustment plus Owned support block adjustment plus Depreciation DAIRY OPERATING EXPENSES $ $ /ha $ /kgms DAIRY OPERATING PROFIT $ $ /ha $ /kgms
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