2011 Financial Analysis Executive Summary · 2011 Financial Analysis Executive Summary Income Statement Financial Standards Measures Crop sales 710,578 Liquidity Beg End Crop inventory

Analysis

2011 Financial Analysis Executive Summary

Income Statement Financial Standards Measures

Crop sales 710,578 Liquidity Beg End

Crop inventory change -91,599 Current ratio 2.15 4.46

Gross crop income 618,979 Working capital 314,354 427,899

Livestock sales 100,470 Working capital to gross revenues 34.3 % 46.7 %

Livestock inventory change 33,492

Gross livestock income 133,962 Solvency (market) Beg End

Government payments 30,420 Debt to asset ratio 56 % 47 %

Other cash farm income 127,764 Debt to equity ratio 1.26 0.88

Change in accounts receivable -

Gain or loss on hedging accts - Profitability Cost Market

Change in other assets - Net farm income 199,435 246,024

Gain or loss on breeding lvst 5,500 Rate of return on assets 9.5 % 12.1 %

Gross farm income 916,626 Rate of return on equity 17.7 % 22.8 %

Operating profit margin 17.7 % 22.8 %

Cash operating expense 694,961

Change in prepaid exp and supplies -28,500 Repayment Capacity

Change in growing crops 1,940 Term debt coverage ratio (farm only) n/a

Change in accounts payable - Replacement margin coverage ratio n/a

Depreciation 32,500

Total operating expense 700,901 Efficiency Cost Market

Interest paid 16,290 Asset turnover rate 53.6 % 52.9 %

Change in accrued interest - Operating expense ratio 72.9 %

Total interest expense 16,290 Depreciation expense ratio 3.5 %

Total expenses 717,191 Interest expense ratio 1.8 %

Net farm income ratio 21.8 %

Net farm income 199,435

Other

Term debt coverage (farm+personal) n/a

Other Measures Term debt to EBITDA 2.72

Total crop acres 1,789

Cow-Calf Cows 163 Information AccuracyBackgnd Beef sold or transferred out 129

Finish Hogs, Custom Feeding sold or t 1,546 Cash discrepancy 300

Liability discrepancy 0

Change in earned net worth 156,254 15 % Cash discrepancy to gross revenue 0 %

Change in market value net worth 202,843 21 %

FINPACK © Center For Farm Financial Management

University of Minnesota

Battle Creek Farms2011

Page 2

Income Statement

Income Quantity Price Amount Expense Amount

Corn, 0221 114,633 bu. 4.57/bu. 523,676 Seed 112,368

Soybeans, 0291 15,317 bu. 11.49 /bu. 175,915 Fertilizer 69,086

W. Wheat, 0181 1,657 bu. 6.63/bu. 10,987 Crop chemicals 78,207

Finish Beef, 6160 101 head 137.48 /cwt. 100,470 Crop insurance 22,897

Cull breeding livestock 28,799 Drying expense 1,528

Direct, CCP & ACRE pymts 21,255 Crop Miscellaneous 8,350

Other government payments 9,165 Purchased feed 13,124

Patronage dividends, cash 3,182 Veterinary 1,240

Insurance income 93,327 Supplies 12,216

Other farm income 2,456 Livestock Marketing 6,845

Interest 16,290

Fuel & oil 61,336

Repairs 149,992

Custom hire 20,351

Hired labor 7,642

Land rent 95,471

Real estate taxes 9,064

Farm insurance 3,306

Utilities 15,456

Miscellaneous 6,482

Gross cash income 969,232 Total cash expense 711,251

Net cash income 257,981

Beginning Ending Inventory

Inventory Changes Inventory Purchases Sales Inventory Change

Prepaids and supplies 3,000 31,500 28,500

Growing crops 5,940 4,000 -1,940

Crops and feed 478,096 386,497 -91,599

Market livestock 97,545 131,037 33,492

Breeding livestock 129,900 - - 135,400 5,500

Other assets 26,000 - - 26,000 -

Total inventory change -26,046

Net operating profit 231,935

Beginning Ending

Depreciation Inventory Purchases Sales Inventory Depreciation

Machinery and equipment 325,000 83,900 8,250 368,150 -32,500

Titled vehicles 24,500 - - 24,500 -

Buildings and improvement 90,900 - - 90,900 -

Total depreciation -32,500

Net farm income 199,435



Page 3

Profitability Measures Cost Market Statement of Owner's Equity

(A) Net farm income from operations 199,435 246,024 (a) Beginning net worth 757,355

Rate of return on assets (E/F) 9.5 % 12.1 %

Rate of return on equity (G/H) 17.7 % 22.8 % Net farm income 199,435

Operating profit margin (E/I) 17.7 % 22.8 % Personal income (+) -

Asset turnover rate (I/F) 53.6 % 52.9 % Family living expense (-) 58,994

EBITDA 248,225 294,814 Income taxes accrued (-) -

Change in personal assets (+) 15,813(B) Change in market valuation - 46,589 Change in nonfarm accounts payable (+) -(C) Interest expense 16,290 16,290 (b) Total change in retained earnings (=) 156,254(D) Value of unpaid oper labor & mgmt 56,110 56,110(E) Return on farm assets (A+C-D) 159,615 206,204 Change in market value of capital assets 46,589(F) Average farm assets 1,684,874 1,708,169 (d) Total change in market valuation = 46,589(G) Return on farm equity (A-D) 143,325 189,914(H) Average farm net worth 808,462 831,757 (e) Total change in net worth (b+d) 202,843(I) Value of farm production 903,502 903,502

Ending net worth calculated (a+e) 960,197

Ending net worth reported 920,159

Liquidity Measures Begin End Discrepancy 40,039

(J) Current assets 587,302 551,722(K) Current liabilities 272,948 123,823 Statement of Cash Flows

Current ratio (J/K) 2.15 4.46 (f) Beginning cash balance (farm & personal) 2,721

Working capital (J-K) 314,354 427,899

Working capital to gross revenues 34.3 % 46.7 % Gross cash farm income 969,232

Cash farm expenses (-) 711,251(g) Cash provided by operating activities (=) 257,981

Solvency Measures (Market) Begin EndSale of machinery and equipment (+) 8,250

(L) Total assets 1,705,209 1,725,129 Sale of personal assets (+) 18,379(M) Total liabilities 947,854 804,970 Purchase of machinery and equipment (-) 83,900

Net worth (L-M) 757,355 920,159 Purchase of personal assets (-) 2,566

Net worth change 162,804 (h) Cash provided by investing activities (=) -59,837

Current debt to assets (K/J) 46 % 22 % Money borrowed 531,200

Intermediate debt to assets 94 % 90 % Principal payments (-) 674,084

Long term debt to assets 33 % 29 % Personal income (+) -

Total debt to assets ratio (M/L) 56 % 47 % Family living expense (-) 58,994

Income taxes paid (-) -(i) Cash provided by financing activities (=) -201,878

Repayment CapacityNet change in cash (g+h+i) -3,734

Net farm income from operations 199,435 Ending cash balance (farm and personal) -1,313

Depreciation (+) 32,500 Discrepancy 300

Personal income (+) -

Family living expense (-) 58,994

Income taxes accrued (-) -

Interest on term debt (+) -64,423(N) Capital debt repayment capacity (=) 108,518(O) Scheduled term debt payments -(P) Capital debt repayment margin (N-O) 108,518(Q) Cash replacement allowance -

Replacement margin (P-Q) 108,518

Term debt coverage ratio (N/O) n/a

Replacement coverage ratio (N/O+Q) n/a



Page 4

Crop Summary Livestock Summary

Total acres owned 728 Cow-Calf Cows

Total crop acres 1,789 Number of cows 163.0

Crop acres owned 488 Pregnancy percentage 87.4

Crop acres cash rented 929 Calving percentage 87.4

Crop acres share rented 372 Weaning percentage 68.8

Percent crop acres owned 27 % Calves sold per cow 0.89

Pasture acres 601 Average weaning weight 550

Lb. weaned/exposed female 379

Machinery investment/crop acre (cost) 207 Avg wgt/ Beef Calves sold 276

Machinery investment/crop acre (market) 209 Avg price / cwt. 175.14

Crop Yields Acres Yield Backgnd Beef

Number sold or trans out 129

Pasture 601.0 1.4 aum Avg wgt / Backgnd Beef sold 754

Hay, Grass 24.0 0.2 ton Avg sales price / cwt. 136.31

Hay, Alfalfa 137.7 3.3 ton

Corn 671.1 114.7 bu.

Fallow 204.7 - Finish Hogs, Custom Feeding

Wheat, Winter 72.1 32.1 bu. Number sold or trans out 1,546

Soybeans 637.3 28.7 bu.

CRP 42.2 - $



Page 5

Crop Enterprise Analysis

Pasture Pasture Pasture Pasture Pasture Pasture Pasture

Leon's Dan's River Dan's Eug Dan's Koth Opals Radels Elsie's

Cash Rented Cash Rented Cash Rented Cash Rented Cash Rented Cash Rented Owned

Returns

Acres 45.00 78.00 28.00 64.10 80.00 87.90 70.00

Unit aum aum aum aum aum aum aum

Yield per acre 3.69 1.23 - 2.26 - 2.62 -

Share of production (%) 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Value per unit 32.00 32.00 32.00 32.00 32.00 32.00 32.00

Total product value 118.04 39.38 - 72.39 - 83.73 -

Other crop income 8.80 - 75.00 - 53.10 - 13.89

Gross return per acre 126.84 39.38 75.00 72.39 53.10 83.73 13.89

Direct Expenses

Seed - - - - - - -

Fertilizer - - - - - - -

Crop chemicals 17.78 17.95 20.00 20.00 20.00 20.02 23.00

Crop insurance 0.40 0.40 0.39 0.41 0.40 0.40 0.40

Land rent 30.00 27.00 27.00 27.00 27.00 30.00 -

Fuel & oil 3.15 3.15 3.15 3.15 3.15 3.15 3.15

Repairs 8.67 8.67 8.67 8.67 8.67 8.67 8.67

Operating interest 0.57 0.57 0.57 0.57 0.57 0.57 0.57

Total direct expenses 60.57 57.74 59.79 59.80 59.79 62.81 35.79

Return over direct expenses 66.27 -18.35 15.21 12.58 -6.69 20.92 -21.91

Overhead Expenses

Hired labor 0.39 0.39 0.39 0.39 0.39 0.39 0.39

Real estate taxes - - - - - - 1.98

Farm insurance 0.17 0.17 0.17 0.17 0.17 0.17 0.17

Utilities 0.79 0.79 0.79 0.79 0.79 0.79 0.79

Interest on interm. debt 0.04 0.04 0.04 0.04 0.04 0.04 0.04

Interest on lng term debt - - - - - - 1.25

Machinery depreciation 1.67 1.67 1.67 1.67 1.67 1.67 1.67

Miscellaneous 0.33 0.33 0.33 0.33 0.33 0.33 0.33

Total overhead expenses 3.40 3.40 3.40 3.40 3.40 3.40 6.64

Total dir & ovhd expenses 63.97 61.14 63.19 63.20 63.19 66.22 42.43

Net return per acre 62.87 -21.76 11.81 9.18 -10.09 17.52 -28.54

Government payments - - - - - - -

Net return with govt pmts 62.87 -21.76 11.81 9.18 -10.09 17.52 -28.54

Labor & management charge 2.88 2.88 2.88 2.88 2.88 2.88 2.88

Net return over lbr & mgt 59.99 -24.64 8.93 6.30 -12.98 14.63 -31.43

Cost of Production Per Unit

Total direct expenses 16.42 46.91 n/a 26.44 n/a 24.01 n/a

Total dir & ovhd expenses 17.34 49.68 n/a 27.94 n/a 25.31 n/a

Less govt & other income 14.96 49.68 n/a 27.94 n/a 25.31 n/a

With labor & management 15.74 52.02 n/a 29.22 n/a 26.41 n/a

Net value per unit 32.00 32.00 n/a 32.00 n/a 32.00 n/a

Machinery cost per acre 13.54 13.54 13.54 13.54 13.54 13.54 13.54

Est. labor hours per acre - - - - - - -



Page 6

CROP ENTERPRISE ANALYSIS (continued)

Pasture Grass Hay Alfalfa Hay Alfalfa Hay Corn Alfalfa Hay Fallow

Steve's Hay in Hoels Ken's Ours/ Luella Ours 27 Annete's SE 40

Owned Cash Rented Cash Rented Owned Owned Owned Owned

Returns

Acres 148.00 24.00 30.30 70.00 77.40 37.40 39.40

Unit aum ton ton ton bu. ton

Yield per acre 1.48 0.167 4.36 2.20 107.48 4.44 -


Value per unit 32.00 60.00 85.00 85.00 6.15 85.00 -

Total product value 47.35 10.00 370.30 187.00 661.01 377.27 -

Other crop income - - 13.07 - 16.28 - -

Gross return per acre 47.35 10.00 383.37 187.00 677.28 377.27 -

Direct Expenses

Seed - - - - 80.00 - -

Fertilizer - - 49.67 50.00 120.00 50.00 -

Crop chemicals 17.57 - - - 22.80 - 14.01

Crop insurance 0.40 0.42 4.13 4.14 16.80 5.43 16.80

Land rent - 50.00 90.00 - - - -

Fuel & oil 3.15 25.22 37.83 37.83 34.68 37.83 -

Repairs 8.67 69.39 104.09 104.09 95.41 104.09 -

Operating interest 0.57 4.53 6.80 6.80 6.23 6.80 -


Return over direct expenses 16.99 -139.56 90.85 -15.86 301.36 173.13 -30.81

Overhead Expenses

Hired labor 0.39 3.14 4.71 4.71 4.32 4.71 -

Real estate taxes 1.98 - - 23.82 21.83 23.82 -

Farm insurance 0.17 1.36 2.04 2.04 1.87 2.04 -

Utilities 0.79 6.36 9.53 9.53 8.74 9.53 -

Interest on interm. debt 0.04 0.32 0.49 0.49 0.44 0.49 -

Interest on lng term debt 1.25 - - 15.00 13.75 15.00 -

Machinery depreciation 1.67 13.36 20.05 20.05 18.38 20.05 -

Miscellaneous 0.33 2.67 4.00 4.00 3.67 4.00 -

Total overhead expenses 6.64 27.21 40.82 79.64 73.00 79.64 -


Net return per acre 10.36 -166.77 50.04 -95.50 228.36 93.49 -30.81


Net return with govt pmts 10.36 -166.77 50.04 -95.50 228.36 93.49 -30.81

Labor & management charge 2.88 23.07 34.61 34.61 31.73 34.61 -

Net return over lbr & mgt 7.47 -189.85 15.42 -130.11 196.63 58.88 -30.81


Total direct expenses 20.52 897.37 67.14 92.21 3.50 45.99 n/a

Total dir & ovhd expenses 25.00 1060.64 76.51 128.41 4.18 63.94 n/a

Less govt & other income 25.00 1060.64 73.51 128.41 4.03 63.94 n/a

With labor & management 26.95 1199.08 81.46 144.14 4.32 71.73 n/a

Net value per unit 32.00 60.00 85.00 85.00 6.15 85.00 n/a

Machinery cost per acre 13.54 108.30 162.45 162.45 148.92 162.45 -




Page 7


Fallow W. Wheat W. Wheat Corn Corn Corn Corn

Gma's Home Gma's 40 ours (shalle Radels Opals Doering Welch

Cash Rented Cash Rented Owned Cash Rented Cash Rented Cash Rented Cash Rented

Returns

Acres 125.40 34.00 38.10 77.80 81.40 97.20 137.30

Unit bu. bu. bu. bu. bu. bu.

Yield per acre - 31.56 32.60 107.15 84.45 93.62 108.00


Value per unit - 7.40 7.40 6.15 6.15 6.15 6.15

Total product value - 233.54 241.23 658.95 519.35 575.77 664.18

Other crop income - 98.26 95.51 37.02 - 39.35 27.68

Gross return per acre - 331.80 336.74 695.97 519.35 615.12 691.86

Direct Expenses

Seed - 19.12 20.00 80.00 80.00 75.72 75.75

Fertilizer - 78.38 74.25 134.00 134.00 126.83 126.88

Crop chemicals 14.00 17.21 18.01 21.85 17.99 21.58 21.59

Crop insurance 8.60 13.79 13.75 15.93 14.39 15.95 15.66

Land rent 44.00 44.00 - 80.00 80.00 95.00 90.00

Fuel & oil - - - 34.68 34.68 34.68 34.68

Repairs - - - 95.41 95.41 95.41 95.41

Operating interest - - - 6.23 6.23 6.23 6.23


Return over direct expenses -66.60 159.30 210.73 227.87 56.65 143.72 225.67

Overhead Expenses

Hired labor - - - 4.32 4.32 4.32 4.32

Real estate taxes - - - - - - -

Farm insurance - - - 1.87 1.87 1.87 1.87

Utilities - - - 8.74 8.74 8.74 8.74

Interest on interm. debt - - - 0.44 0.44 0.44 0.44

Interest on lng term debt - - - - - - -

Machinery depreciation - - - 18.38 18.38 18.38 18.38

Miscellaneous - - - 3.67 3.67 3.67 3.67

Total overhead expenses - - - 37.42 37.42 37.42 37.42


Net return per acre -66.60 159.30 210.73 190.45 19.23 106.30 188.25


Net return with govt pmts -66.60 159.30 210.73 190.45 19.23 106.30 188.25

Labor & management charge - - - 31.73 31.73 31.73 31.73

Net return over lbr & mgt -66.60 159.30 210.73 158.73 -12.49 74.57 156.52


Total direct expenses n/a 5.47 3.87 4.37 5.48 5.04 4.32

Total dir & ovhd expenses n/a 5.47 3.87 4.72 5.92 5.43 4.66

Less govt & other income n/a 2.35 0.94 4.37 5.92 5.01 4.41

With labor & management n/a 2.35 0.94 4.67 6.30 5.35 4.70

Net value per unit n/a 7.40 7.40 6.15 6.15 6.15 6.15

Machinery cost per acre - - - 148.92 148.92 148.92 148.92




Page 8


Corn Corn Corn Soybeans Soybeans Soybeans Soybeans

Bartel's Eug Bartel's Kie Ron's 80 Ken's Elsie's Steve's Radel's

Share Rented Share Rented Share Rented Cash Rented Owned Owned Cash Rented

Returns

Acres 25.00 97.10 77.90 40.10 81.30 46.60 32.00

Unit bu. bu. bu. bu. bu. bu. bu.

Yield per acre 189.01 177.75 138.43 26.26 29.63 31.55 29.09


Value per unit 6.15 6.15 6.15 11.75 11.75 11.75 11.75

Total product value 778.84 732.43 570.39 308.55 348.16 370.65 341.85

Other crop income - - - - - 25.21 -

Gross return per acre 778.84 732.43 570.39 308.55 348.16 395.87 341.85

Direct Expenses

Seed - - - 60.00 60.00 60.00 60.00

Fertilizer 134.00 134.00 97.54 11.70 11.70 11.70 11.69

Crop chemicals 22.80 22.80 16.60 21.85 21.85 41.01 38.00

Crop insurance - - - 14.09 13.68 14.46 16.13

Land rent - - - 87.51 - - 80.00

Fuel & oil 34.68 34.68 34.68 28.38 28.38 28.38 28.38

Repairs 95.41 95.41 95.41 78.06 78.06 78.06 78.06

Operating interest 6.23 6.23 6.23 5.10 5.10 5.10 5.10


Return over direct expenses 485.71 439.31 319.94 1.87 129.41 157.16 24.50

Overhead Expenses

Hired labor 4.32 4.32 4.32 3.54 3.54 3.54 3.54

Real estate taxes - - - - 17.86 17.86 -

Farm insurance 1.87 1.87 1.87 1.53 1.53 1.53 1.53

Utilities 8.74 8.74 8.74 7.15 7.15 7.15 7.15

Interest on interm. debt 0.44 0.44 0.44 0.36 0.36 0.36 0.36

Interest on lng term debt - - - - 11.25 11.25 -

Machinery depreciation 18.38 18.38 18.38 15.04 15.04 15.04 15.04

Miscellaneous 3.67 3.67 3.67 3.00 3.00 3.00 3.00

Total overhead expenses 37.42 37.42 37.42 30.61 59.73 59.73 30.61


Net return per acre 448.30 401.89 282.52 -28.74 69.68 97.44 -6.11


Net return with govt pmts 448.30 401.89 282.52 -28.74 69.68 97.44 -6.11

Labor & management charge 31.73 31.73 31.73 25.96 25.96 25.96 25.96

Net return over lbr & mgt 416.57 370.16 250.79 -54.70 43.72 71.48 -32.07




Less govt & other income 2.61 2.78 3.10 12.84 9.40 8.66 11.96

With labor & management 2.86 3.04 3.45 13.83 10.27 9.48 12.85

Net value per unit 6.15 6.15 6.15 11.75 11.75 11.75 11.75

Machinery cost per acre 148.92 148.92 148.92 121.84 121.84 121.84 121.84




Page 9


Soybeans Soybeans Soybeans Soybeans Soybeans Soybeans Fallow

Doering's Welch's Ours 27 Bartel's Eug Bartel's Kei Ours- Lyle LuElla's

Cash Rented Cash Rented Owned Share Rented Share Rented Owned Owned

Returns

Acres 98.50 151.10 8.00 88.00 83.70 8.00 39.90

Unit bu. bu. bu. bu. bu. bu.

Yield per acre 25.40 24.26 35.00 30.85 39.94 37.50 -


Value per unit 11.75 11.75 11.75 11.75 11.75 11.75 -

Total product value 298.46 285.08 411.25 242.88 314.46 440.63 -

Other crop income 29.95 - - - - - -

Gross return per acre 328.41 285.08 411.25 242.88 314.46 440.63 -

Direct Expenses

Seed 56.04 57.97 60.00 - - 60.00 -

Fertilizer 10.92 11.30 11.75 9.70 11.04 11.75 -

Crop chemicals 35.49 37.97 38.00 34.55 37.68 38.00 22.01

Crop insurance 14.35 14.18 15.00 - - 15.25 15.81

Land rent 95.01 95.00 - - - - -

Fuel & oil 28.38 28.38 28.38 28.38 28.38 28.38 -

Repairs 78.06 78.06 78.06 78.06 78.06 78.06 -

Operating interest 5.10 5.10 5.10 5.10 5.10 5.10 -


Return over direct expenses 5.07 -42.89 174.96 87.09 154.20 204.09 -37.82

Overhead Expenses

Hired labor 3.54 3.54 3.54 3.54 3.54 3.54 -

Real estate taxes - - 17.86 - - 17.86 -

Farm insurance 1.53 1.53 1.53 1.53 1.53 1.53 -

Utilities 7.15 7.15 7.15 7.15 7.15 7.15 -

Interest on interm. debt 0.36 0.36 0.36 0.36 0.36 0.36 -

Interest on lng term debt - - 11.25 - - 11.25 -

Machinery depreciation 15.04 15.04 15.04 15.04 15.04 15.04 -

Miscellaneous 3.00 3.00 3.00 3.00 3.00 3.00 -

Total overhead expenses 30.61 30.61 59.73 30.61 30.61 59.73 -


Net return per acre -25.55 -73.50 115.23 56.48 123.58 144.36 -37.82


Net return with govt pmts -25.55 -73.50 115.23 56.48 123.58 144.36 -37.82

Labor & management charge 25.96 25.96 25.96 25.96 25.96 25.96 -

Net return over lbr & mgt -51.51 -99.46 89.28 30.52 97.63 118.40 -37.82


Total direct expenses 12.73 13.52 6.75 7.54 5.99 6.31 n/a

Total dir & ovhd expenses 13.93 14.78 8.46 9.02 7.13 7.90 n/a

Less govt & other income 12.76 14.78 8.46 9.02 7.13 7.90 n/a

With labor & management 13.78 15.85 9.20 10.27 8.10 8.59 n/a

Net value per unit 11.75 11.75 11.75 11.75 11.75 11.75 n/a

Machinery cost per acre 121.84 121.84 121.84 121.84 121.84 121.84 -




Page 10


CRP Pasture Pasture Alfalfa Hay Fallow Corn Corn

LuElla's CRP Combined Combined Combined Combined Combined Combined

Owned Cash Rented Owned Owned Owned Cash Rented Share Rented

Returns

Acres 42.20 383.00 218.00 107.40 79.30 393.70 200.00

Unit $ aum aum ton bu. bu.

Yield per acre - 1.66 1.00 2.98 - 99.41 163.84

Share of production (%) 100.00 100.00 100.00 100.00 - 100.00 67.00

Value per unit - 32.00 32.00 85.00 - 6.15 6.15

Total product value - 53.22 32.15 253.26 - 611.38 675.12

Other crop income 124.53 17.61 4.46 - - 26.68 -

Gross return per acre 124.53 70.83 36.61 253.26 - 638.06 675.12

Direct Expenses

Seed - - - - - 77.46 -

Fertilizer - - - 50.00 - 129.75 119.80

Crop chemicals 20.38 19.33 19.31 - 18.03 20.89 20.39

Crop insurance - 0.40 0.40 4.59 16.31 15.52 -

Land rent - 28.04 - - - 87.19 -

Fuel & oil - 3.15 3.15 37.83 - 34.68 34.68

Repairs - 8.67 8.67 104.09 - 95.41 95.41

Operating interest - 0.57 0.57 6.80 - 6.23 6.23


Return over direct expenses 104.15 10.67 4.50 49.95 -34.34 170.92 398.61

Overhead Expenses

Hired labor - 0.39 0.39 4.71 - 4.32 4.32

Real estate taxes - - 1.98 23.82 - - -

Farm insurance - 0.17 0.17 2.04 - 1.87 1.87

Utilities - 0.79 0.79 9.53 - 8.74 8.74

Interest on interm. debt - 0.04 0.04 0.49 - 0.44 0.44

Interest on lng term debt - - 1.25 15.00 - - -

Machinery depreciation - 1.67 1.67 20.05 - 18.38 18.38

Miscellaneous - 0.33 0.33 4.00 - 3.67 3.67

Total overhead expenses - 3.40 6.64 79.64 - 37.42 37.42


Net return per acre 104.15 7.27 -2.14 -29.69 -34.34 133.51 361.20


Net return with govt pmts 104.15 7.27 -2.14 -29.69 -34.34 133.51 361.20

Labor & management charge - 2.88 2.88 34.61 - 31.73 31.73

Net return over lbr & mgt 104.15 4.38 -5.02 -64.30 -34.34 101.78 329.47


Total direct expenses n/a 36.17 31.96 68.24 n/a 4.70 2.52

Total dir & ovhd expenses n/a 38.22 38.56 94.96 n/a 5.08 2.86

Less govt & other income n/a 27.63 34.13 94.96 n/a 4.81 2.86

With labor & management n/a 29.36 37.00 106.58 n/a 5.13 3.15

Net value per unit n/a 32.00 32.00 85.00 n/a 6.15 6.15

Machinery cost per acre - 13.54 13.54 162.45 - 148.92 148.92




Page 11


Soybeans Soybeans Soybeans

Combined Combined Combined

Cash Rented Owned Share Rented

Returns

Acres 321.70 143.90 171.70

Unit bu. bu. bu.

Yield per acre 25.34 30.99 35.28

Share of production (%) 100.00 100.00 67.00

Value per unit 11.75 11.75 11.75

Total product value 297.75 364.09 277.77

Other crop income 9.17 8.17 -

Gross return per acre 306.92 372.26 277.77

Direct Expenses

Seed 57.84 60.00 -

Fertilizer 11.27 11.70 10.36

Crop chemicals 35.21 29.85 36.07

Crop insurance 14.41 14.09 -

Land rent 92.58 - -

Fuel & oil 28.38 28.38 28.38

Repairs 78.06 78.06 78.06

Operating interest 5.10 5.10 5.10

Total direct expenses 322.84 227.18 157.97

Return over direct expenses -15.92 145.08 119.80

Overhead Expenses

Hired labor 3.54 3.54 3.54

Real estate taxes - 17.86 -

Farm insurance 1.53 1.53 1.53

Utilities 7.15 7.15 7.15

Interest on interm. debt 0.36 0.36 0.36

Interest on lng term debt - 11.25 -

Machinery depreciation 15.04 15.04 15.04

Miscellaneous 3.00 3.00 3.00

Total overhead expenses 30.61 59.73 30.61

Total dir & ovhd expenses 353.46 286.91 188.58

Net return per acre -46.54 85.35 89.19

Government payments - - -

Net return with govt pmts -46.54 85.35 89.19

Labor & management charge 25.96 25.96 25.96

Net return over lbr & mgt -72.50 59.39 63.23


Total direct expenses 12.74 7.33 6.68

Total dir & ovhd expenses 13.95 9.26 7.98

Less govt & other income 13.59 9.00 7.98

With labor & management 14.61 9.83 9.08

Net value per unit 11.75 11.75 11.75

Machinery cost per acre 121.84 121.84 121.84

Est. labor hours per acre - - -



Page 12

LIVESTOCK ENTERPRISE ANALYSIS -- Beef Cow-Calf

Per Cwt. Per Enterprise

Produced Cow Total

Quantity Value Quantity Value Quantity Value

Returns

Beef Calves 2.06 lb. 3.62 13.55 lb. 23.72 2208.0 lb. 3867

Transferred out 70.46 lb. 105.68 462.27 lb. 693.40 75350.0 lb. 113025

Cull sales 35.52 lb. 25.44 233.06 lb. 166.90 37988.0 lb. 27204

Inventory change 21.41 lb. 3.46 140.50 lb. 22.70 22900.8 lb. 3700

Other income - - -

Gross return 129.45 lb. 138.20 849.37 lb. 906.72 138446.8 lb. 147796

Transferred in -29.45 lb. -36.00 -193.25 lb. -236.20 -31500.0 lb. -38500

Gross margin 100.00 lb. 102.20 656.12 lb. 670.53 106946.8 lb. 109296

Direct Expenses

Corn 0.63 bu. 4.02 4.17 bu. 26.39 679.0 bu. 4301

Protein Vit Minerals 7.48 lb. 1.72 49.08 lb. 11.30 4.0 ton 1842

Hay, Alfalfa 639.57 lb. 27.19 4196.32 lb. 178.38 342.0 ton 29076

Hay, Grass 54.23 lb. 1.50 355.83 lb. 9.87 29.0 ton 1608

Corn Silage 546.07 lb. 12.27 3582.82 lb. 80.48 292.0 ton 13118

Stover 172.05 lb. 3.46 1128.83 lb. 22.68 92.0 ton 3697

Pasture 0.80 aum 23.50 5.25 aum 154.16 856.0 aum 25128

Veterinary 0.76 4.99 814

Supplies 8.18 53.67 8749

Fuel & oil 2.06 13.55 2208

Repairs 2.52 16.56 2700

Operating interest 0.16 1.08 176

Total direct expenses 87.35 573.11 93417

Return over direct expenses 14.85 97.42 15879

Overhead Expenses

Hired labor 0.26 1.69 275

Real estate taxes 0.31 2.00 326

Farm insurance 0.11 0.73 119

Utilities 0.52 3.41 556

Interest on interm. debt 0.03 0.17 28

Interest on lng term debt 0.19 1.26 206

Machinery depreciation 1.09 7.18 1170

Miscellaneous 0.22 1.43 233

Total overhead expenses 2.72 17.88 2914

Total dir & ovhd expense 90.07 590.99 96331

Net return 12.12 79.54 12965

Labor & management charge 1.89 12.39 2020

Net return over lbr & mgt 10.23 67.15 10945

Est. labor hours per unit - - -

Cost of Prod Per Cwt. Produced Other Information

Total direct expenses 87.35 Number of cows 163.0 Cow death loss percent 3.7

Total dir & ovhd expenses 90.07 Pregnancy percentage 87.4 Average weaning weight 550

With other revenue adjustments 103.91 Culling percentage 20.9 Lb. weaned/exposed female 379

With labor & management 105.80 Calving percentage 87.4 Feed cost per cow 483.25

Weaning percentage 68.8 Hired labor per cow 1.69

Calves sold per cow 0.89 Avg wgt/ Beef Calves sold 276

Calf death loss percent 6.3 Avg price / cwt. 175.14



Page 13

LIVESTOCK ENTERPRISE ANALYSIS -- Beef Backgrounding


Produced Head Total


Returns

Backgnd Beef 203.37 lb. 277.21 423.00 lb. 576.60 70870.0 lb. 96603

Transferred out 100.44 lb. 110.48 208.91 lb. 229.80 35000.0 lb. 38500

Butchered 13.06 lb. 10.76 27.16 lb. 22.38 4550.0 lb. 3750

Inventory change -0.64 lb. 67.70 -1.32 lb. 140.82 -221.7 lb. 23592

Other income - - -


Transferred in -216.22 lb. -324.33 -449.74 lb. -674.62 -75350.0 lb. -113025


Direct Expenses

Corn 6.85 bu. 43.35 14.25 bu. 90.18 2386.8 bu. 15108

Protein Vit Minerals 300.16 lb. 21.67 624.33 lb. 45.06 52.3 ton 7550

Hay, Alfalfa 434.45 lb. 18.46 903.66 lb. 38.40 75.7 ton 6434

Hay, Grass 62.56 lb. 1.72 130.12 lb. 3.58 10.9 ton 600

Corn Silage 585.39 lb. 13.19 1217.62 lb. 27.44 102.0 ton 4598

Straw 98.71 lb. 1.97 205.32 lb. 4.09 17.2 ton 686

Stover 38.97 lb. 0.78 81.06 lb. 1.62 6.8 ton 272


Supplies 9.95 20.69 3467

Fuel & oil 1.58 3.29 552

Repairs 1.94 4.03 675




Overhead Expenses




Utilities 0.40 0.83 139







Net return 23.76 49.41 8279






Page 14

LIVESTOCK ENTERPRISE ANALYSIS -- Beef Backgrounding (continued)

Cost of Prod Per Cwt. Sold/Trans Other Information

Total direct expenses 119.10 No. purchased or trans in 137 Feed cost per head 210.39

Total dir & ovhd expenses 119.79 Number sold or trans out 129 Hired labor per head 0.41

With other revenue adjustments 119.79 Percentage death loss 0.4 Average trans in weight 550

With labor & management 120.27 Avg. daily gain (lb.) 1.91 Avg wgt / Backgnd Beef sold 754

Lb. of conc / lb. of gain 6.84 Avg trans in value / cwt. 150.00

Lb. of feed / lb. of gain 15.04 Avg sales price / cwt. 136.31

Feed cost per cwt. of gain 101.15



Page 15

LIVESTOCK ENTERPRISE ANALYSIS -- Beef Cow-Calf combined


Produced Cow Total


Returns

Beef Calves 1.56 lb. 2.73 13.55 lb. 23.72 2208.0 lb. 3867

Backgnd Beef 49.98 lb. 68.13 434.79 lb. 592.66 70870.0 lb. 96603

Cull sales 26.79 lb. 19.19 233.06 lb. 166.90 37988.0 lb. 27204

Butchered 3.21 lb. 2.64 27.91 lb. 23.01 4550.0 lb. 3750

Inventory change 15.99 lb. 19.25 139.14 lb. 167.44 22679.1 lb. 27292

Other income - - -



Direct Expenses

Corn 2.16 13.69 18.81 119.07 3065.8 19409

Protein Vit Minerals 79.41 lb. 6.62 690.80 lb. 57.62 56.3 9392

Hay, Alfalfa 589.16 lb. 25.04 5125.15 lb. 217.85 417.7 35510

Hay, Grass 56.28 lb. 1.56 489.57 lb. 13.55 39.9 2208

Corn Silage 555.73 lb. 12.49 4834.36 lb. 108.69 394.0 17716

Straw 24.26 lb. 0.48 211.04 lb. 4.21 17.2 686

Stover 139.34 lb. 2.80 1212.15 lb. 24.35 98.8 3969

Pasture 0.60 17.72 5.25 154.16 856.0 25128


Supplies 8.62 74.94 12216

Fuel & oil 1.95 16.93 2760

Repairs 2.38 20.70 3375




Overhead Expenses




Utilities 0.49 4.27 696







Net return 14.98 130.33 21244




Cost of Prod Per Cwt. Produced Other Information

Total direct expenses 94.38 Number of cows 163.0 Average weaning weight 550

Total dir & ovhd expenses 96.95 Pregnancy percentage 87.4 Lb. weaned/exposed female 379

With other revenue adjustments 80.23 Culling percentage 20.9 Feed cost per cow 699.50

With labor & management 82.02 Calving percentage 87.4 Hired labor per cow 2.11

Weaning percentage 68.8 Avg wgt/ Beef Calves sold 276

Calves sold per cow 0.89 Avg price / cwt. 175.14

Calf death loss percent 6.3 Avg wgt/Backgnd Beef sold 754

Cow death loss percent 3.7 Avg price / cwt. 136.31



Page 16

LIVESTOCK ENTERPRISE ANALYSIS -- Hogs, Finish Feeder Pigs Custom Feeding

Per Enterprise

Head Total

Quantity Value Quantity Value

Returns

Other income - -

Gross return 267.51 lb. - 377590.0 lb. -

Gross margin 200.00 lb. - 282300.0 lb. -

Direct Expenses

Total direct expenses - -

Return over direct expenses - -

Overhead Expenses

Total overhead expenses - -

Total dir & ovhd expense - -

Net return - -

Labor & management charge - -

Net return over lbr & mgt - -

Est. labor hours per unit - -

Cost of Prod Other Information

Total direct expenses - No. purchased or trans in 1,701 Avg. daily gain (lb.) 1.66

Total dir & ovhd expenses - Number sold or trans out 1,546 Average carcass weight 148

With other revenue adjustments - Percentage death loss 1.7 Average price / cwt. carcass 67.57

With labor & management -



Page 17

Contributions to Overhead Expenses Nonfarm Summary

Contribution Total

Enterprise Units Per Unit Contribution Personal Income Amount

Pasture 601. Acres 8.43 5,068 Personal wages & salary -

Hay, Grass 24.0 Acres -139.56 -3,349 Personal business income -

Hay, Alfalfa 137. Acres 58.95 8,118 Personal rental income -

Corn 671. Acres 253.82 170,341 Personal interest income -

Fallow 204. Acres -54.10 -11,075 Personal cash dividends -

Wheat, Winter 72.1 Acres 186.48 13,445 Tax refunds -

Soybeans 637. Acres 57.00 36,324 Other personal income -

CRP 42.2 Acres 104.15 4,395

Cow-Calf 163. Cow 97.42 15,879 Total personal income -

Backgnd Beef 167. Head 53.76 9,007

Finish Hogs Custom Feeding 1,411 Head - -

Total contributions 248,152 Family Living Expenses

Overhead expenses Food and meals expense 13,329

Health insurance 4,933

Hired labor 7,642 Cash donations 15,200

Real estate taxes 9,064 Utilities (household share) 2,920

Farm insurance 3,306 Life insurance payments 5,868

Utilities 15,456 Miscellaneous 16,744

Interest on interm. debt 787 Total cash family living expense 58,994

Interest on lng term debt 5,709 Family living from the farm 3,750

Machinery depreciation 32,500 Total family living 62,744

Miscellaneous 6,482

Total overhead expense 80,946 Furnishings and appliances -

Personal vehicles -

Total return over overhead expe 167,206 Personal business investment -

Other intermediate assets -

Personal real estate -

Other long term assets -15,813

Personal savings and investments -

Income and social security tax -

Total personal expenditures 43,181

Calculated cash disappearance 43,481

Discrepancy -300



Page 18

Cash Accuracy Check

Beginning cash balance 2,721 Ending cash balance -1,313

Gross cash farm income 969,232 Total cash farm expense 711,251

Personal income - Family living expense 58,994

Capital sales 26,629 Capital purchases 86,466

Money borrowed 531,200 Principal payments 674,084

Gifts and inheritances - Gifts given -

Beginning personal savings - Ending personal savings -

Income taxes -

Total inflows 1,529,782 Total outflows 1,529,482

Discrepancy (inflows - outflows) 300

Liabilities Check

Beginning liabilities 947,854

Money borrowed (+) 531,200

Principal payments (-) 674,084

Change in accounts payable (+) -

Ending liabilities calculated (=) 804,970

Ending liabilities reported (-) 804,970

Discrepancy (=) 0

Crop & Feed Check

Crop Corn Soybeans W. Wheat All Hay Corn Silage Pasture Fallow

Beginning inventory 99,043 429 350 948 394 - -

Produced 69,412 16,670 2,315 456 - 856 -

Purchased - - - - - - -

Total sources 168,455 17,099 2,665 1,404 394 856 -

Sold 114,633 15,317 1,657 - - - -

Fed 3,066 - - 532 394 856 -

Ending inventory 50,756 1,782 1,008 872 - - -

Total uses 168,455 17,099 2,665 1,404 394 856 -

Discrepancy 0 0 0 0 0 0 0



Page 19

Crop & Feed Check (continued)

Crop CRP Straw

Beginning inventory - -

Produced - -

Purchased - -

Total sources - -

Sold - -

Fed - 17

Ending inventory - -

Total uses - 17

Discrepancy 0 -17



Page 20

Notes



Page 21

Current Ratio

2010 2011

5

4

3

2

1

0

FINBIN My Farm

Current RatioThe extent to which current farm assets, if liquidated, would cover

current farm liabilities.

Total current farm assets divided by total current farm liabilities.

Strong Greater than 2Caution 2 to 1.3Vulnerable Less than 1.3

Working Capital to Gross Revenues

2010 2011

50

40

30

20

10

0

FINBIN My Farm

Working Capital to Gross RevenuesMeasures operating capital available against the size of the

business.

Working capital divided by gross revenues.

Strong Greater than 30Caution 30 to 10Vulnerable Less than 10

Debt to Asset Ratio (mkt)

2010 2011

60

50

40

30

20

10

0

FINBIN My Farm

Debt to Asset Ratio (mkt)The proportion of total farm assets owed to creditors.

Total farm debt divided by total farm assets.

Strong Less than 30%Caution 30% to 60%Vulnerable Greater than 60%

Debt to Equity Ratio (mkt)

2010 2011

1.4

1.2

1

0.8

0.6

0.4

0.2

0

FINBIN My Farm

Debt to Equity Ratio (mkt)The relative amount of money borrowed as a percentage of equity

capital.

Farm debt divided by equity.

Strong Less than 0.43Caution 0.43 to 1.5Vulnerable Greater than 1.5



Page 22

Rate of Return on Assets-cost

2010 2011

15

10

5

0

FINBIN My Farm

Rate of Return on Assets-costThe rate earned on the total business investment, equity and

borrowed capital.

Net farm income + interest - value oper labor & mgmt divided by

average farm assets.

Strong Greater than 8%Caution 8% to 4%Vulnerable Less than 4%

Rate of Return on Equity-cost

2010 2011

35

30

25

20

15

10

5

0

FINBIN My Farm

Rate of Return on Equity-costThe rate earned on equity capital invested in the business.

Net farm income - value oper labor & mgmt divided by average farm

net worth.


Operating Profit Margin (cost)

2010 2011

35

30

25

20

15

10

5

0

FINBIN My Farm

Operating Profit Margin (cost)Measures the operating efficiency of the business in terms of

return as a percentage of gross income.

Net farm income + interest - value of labor & mgmt divided by the

value of farm production.


Net Farm Income (cost)

2010 2011

300,000

250,000

200,000

150,000

100,000

50,000

0

FINBIN My Farm

Net Farm Income (cost)The net income from the farm that is available for owner

withdrawals, income taxes and equity growth.

Cash income - cash expense + inventory change - depreciation.



Page 23

Term Debt Coverage Ratio

2010 2011

4

2

0

-2

-4

-6

-8

-10

FINBIN My Farm

Term Debt Coverage RatioThe ability of the business to generate enough income to cover all

scheduled intermediate and long term debt payments.

Net farm oper income + net nonfarm income + interest on term debt -

fam liv & taxes / term debt prin & int.

Strong Greater than 1.75Caution 1.75 to 1.25Vulnerable Less than 1.25

Replacement Margin Coverage Ra

2010 2011

4

2

0

-2

-4

-6

-8

-10

FINBIN My Farm

Replacement Margin Coverage RaA ratio below 1.0 indicates you did not generate enough income to

cover term debt payments and unfunded capital purchases.

Strong Greater than 1.5Caution 1.5 to 1.1Vulnerable Less than 1.1

Asset Turnover Rate (cost)

2010 2011

60

50

40

30

20

10

0

FINBIN My Farm

Asset Turnover Rate (cost)Measures efficiency of capital invested in the business in terms of

the gross revenue generated by each dollar of investment.

Value of farm production divided by average farm assets.


Operating Expense Ratio

2010 2011

80

70

60

50

40

30

20

10

0

FINBIN My Farm

Operating Expense RatioThe portion of gross revenue used to pay operating expenses.

Farm operating expense - interest expense divided by gross income.

Strong Less than 60%Caution 60% to 80%Vulnerable Greater than 80%



Page 24

Comparative Balance Sheets (cost)

2009 2010 2011

Current Assets

Cash and checking -16,818 2,721 -1,313

Prepaid exp. & supplies 2,700 3,000 31,500

Growing crops - 5,940 4,000

Crop inventory 332,331 478,096 386,497

Livestock held for sale 97,990 97,545 131,037

Total Current Assets 416,203 587,302 551,722

Intermediate Assets

Breeding livestock 124,950 129,900 135,400

Machinery and equipment 290,465 325,000 368,150

Titled vehicles 25,300 24,500 24,500

Other intermediate assets 26,000 26,000 26,000

Total Intermediate Assets 466,715 505,400 554,050

Long Term Assets

Land 514,607 514,607 474,868

Buildings and improvements 95,700 90,900 90,900

Total Long Term Assets 610,307 605,507 565,768

Total Farm Assets 1,493,225 1,698,209 1,671,540

Total Personal Assets 7,000 7,000 7,000

Total All Assets 1,500,225 1,705,209 1,678,540

Current Liabillities

Total Current Loans 212,000 208,525 59,400

Principal due on term loans 60,200 64,423 64,423

Total Current Liabilities 272,200 272,948 123,823

Total Intermediate Loans 478,675 477,545 507,076

Total Long Term Loans 207,687 197,361 174,071

Total Farm Liabilities 958,562 947,854 804,970

Total Personal Liabilities 0 0 0

Total All Liabilities 958,562 947,854 804,970

Equity

Retained earnings 541,663 757,355 873,570

Retained earnings chg 0 215,691 116,215



Page 25

Comparative Balance Sheets (market)

2009 2010 2011

Current Assets

Cash and checking -16,818 2,721 -1,313

Prepaid exp. & supplies 2,700 3,000 31,500

Growing crops - 5,940 4,000

Crop inventory 332,331 478,096 386,497

Livestock held for sale 97,990 97,545 131,037

Total Current Assets 416,203 587,302 551,722

Intermediate Assets

Breeding livestock 124,950 129,900 135,400

Machinery and equipment 290,465 325,000 375,000

Titled vehicles 25,300 24,500 24,500

Other intermediate assets 26,000 26,000 26,000

Total Intermediate Assets 466,715 505,400 560,900

Long Term Assets

Land 514,607 514,607 514,607

Buildings and improvements 95,700 90,900 90,900

Total Long Term Assets 610,307 605,507 605,507

Total Farm Assets 1,493,225 1,698,209 1,718,129

Total Personal Assets 7,000 7,000 7,000

Total All Assets 1,500,225 1,705,209 1,725,129

Current Liabillities

Total Current Loans 212,000 208,525 59,400

Principal due on term loans 60,200 64,423 64,423

Total Current Liabilities 272,200 272,948 123,823

Total Intermediate Loans 478,675 477,545 507,076

Total Long Term Loans 207,687 197,361 174,071

Total Farm Liabilities 958,562 947,854 804,970

Total Personal Liabilities 0 0 0

Total All Liabilities 958,562 947,854 804,970

Equity

Retained earnings 541,663 757,355 873,570

Market valuation equity - - 46,589

Net worth 541,663 757,355 920,159

Net worth change 0 215,691 162,804



Page 26

Comparative Trend

2010 2011

Profitability

Gross farm income (accrual) 805,190 916,626

Total farm expense (accrual) 534,112 717,191

Net farm income from oper. 271,078 199,435

Rate of return on assets 16.3 % 9.5 %

Rate of return on equity 32.8 % 17.7 %

Operating profit margin 32.7 % 17.7 %

Asset turnover rate 49.9 % 53.6 %

Liquidity

Current ratio 2.15 4.46

Working capital 314,354 427,899

Working cap. to gross rev. 39.0 % 46.7 %

Solvency (market)

Total assets 1,705,209 1,725,129

Total liabilities 947,854 804,970

Net worth 757,355 920,159

Debt to asset ratio 56 % 47 %

Net worth change % 40 % 21 %

Repayment Capacity

Efficiency

Operating expense ratio 57.8 % 72.9 %

Interest expense ratio 6.1 % 1.8 %

Other Cash Flows

Owner draws/Adj. family living 41,096 59,294

Crop and Livestock Summary

Total crop acres 1,896 1,789

Crop acres owned 470 488

Crop acres cash rented 1,032 929

Crop acres share rented 394 372

Corn

Acres 744 671

Yield (bu.) / acre 152.6 114.7

Price / bu. - 4.57

Corn Silage

Acres 38 -

Yield (ton) / acre 15.3 -

CRP

Acres - 42

Fallow

Acres - 205

Hay, Alfalfa



Page 27

Comparative Trend

2010 2011

Acres 100 138

Yield (ton) / acre 4.5 3.3

Hay, Grass

Acres 24 24

Yield (ton) / acre 0.2 0.2

Pasture

Acres 1,087 601

Yield (aum) / acre 1.1 1.4

Prevent Plant

Acres 621 -

Yield () / acre 0.0 -

Soybeans

Acres 370 637

Yield (bu.) / acre 28.4 28.7

Price / bu. - 11.49

Wheat, Winter

Acres - 72

Yield (bu.) / acre - 32.1

Price / bu. - 6.63

Beef Backgrounding

Number sold 125 -

Price / cwt. 110.15 -

Beef Cow-Calf

Number of cows 163 163

Beef Finishing

Number sold - 101

Price / cwt. - 137.48



Documents

2011 Financial Analysis Executive Summary · 2011 Financial Analysis Executive Summary Income Statement Financial Standards Measures Crop sales 710,578 Liquidity Beg End Crop inventory