Dairy Farm Capital Structure
(calculator at bottom of page)
Table : Capital Structure Of Dairy Farms in New Zealand - Owner Operators
| Year ending 30th June | 88/89 NZ$ |
89/90 NZ$ |
90/91 NZ$ |
91/92 NZ$ |
92/93 NZ$ |
93/94 NZ$ |
94/95 NZ$ |
95/96 NZ$ |
96/97 NZ$ |
97/98 NZ$ |
|---|---|---|---|---|---|---|---|---|---|---|
| Number farms surveyed | 180 | 177 | 211 | 203 | 213 | 241 | 240 | 200 | 222 | na |
| Effective area, ha | 67 | 67 | 72 | 80 | 77 | 76 | 76 | 75 | 77 | |
| Maximum cows milked | 158 | 158 | 166 | 178 | 176 | 175 | 183 | 184 | 189 | |
| Assets: $ | ||||||||||
| Land and buildings (Market Values) | 370,897 | 428,352 | 528,348 | 480,328 | 638,676 | 811,965 | 1,030,427 | 1,173,605 | 1,207,765 | |
| Other Fixed Assets | 30,915 | 40079 | 43051 | 43119 | 45634 | 52940 | 59296 | 66829 | 68,452 | |
| Livestock (Market Values*) | 143,138 | 170,583 | 150,228 | 170,682 | 184,642 | 187,648 | 218,856 | 179,817 | 183,254 | |
| Investments (includes Non-Farm Assets) | 15,214 | 26,917 | 31,952 | 23,265 | 35,056 | 29,799 | 31,954 | 71,102 | 66,333 | |
| Current Assets | 11,326 | 20,897 | 21,837 | 15,763 | 18,091 | 21,616 | 21,243 | 22,720 | 43,965 | |
| Total Assets | 571,490 | 686,828 | 775,416 | 733,156 | 922,099 | 1,103,968 | 1,361,776 | 1,514,073 | 1,569,769 | |
| Liabilities $ | ||||||||||
| Term Liabilities | 167,129 | 171,656 | 202,458 | 210,818 | 240,184 | 244,895 | 296,146 | 292,107 | 389,106 | |
| Current Liabilities | 23,185 | 20,495 | 23,853 | 24,234 | 30,045 | 37,752 | 41,364 | 47,199 | 55,576 | |
| Total Liabilities | 190,314 | 192,151 | 226,311 | 235,052 | 270,229 | 282,647 | 337,510 | 339,306 | 444,682 | |
| Owners Equity $ | 381,176 | 494,677 | 549,105 | 498,104 | 651,870 | 821,321 | 1,024,266 | 1,174,767 | 1,125,087 | |
| Total Liabilities as % of Assets | 33 | 28 | 29 | 32 | 29 | 26 | 25 | 22 | 28 | |
| Equity as % of Assets | 67 | 72 | 71 | 68 | 71 | 74 | 75 | 78 | 72 | |
| Note: | ||||||||||
| * Prior to 1993/94 all stock values are based on the market value on 1 June each year. From 1993/94 onwards, livestock values are at herd scheme valuation. | ||||||||||
| Source : Economic Survey of Factory Supply Dairy Farmers, 1988/89 to 1996/97, LIC. | ||||||||||
| 1997/98 figures - MAF estimate. | ||||||||||
| Comments | ||||||||||
| 1 As data in the above table indicates, the number of cows milked, total assets, total liabilities, and owners equity, have risen strongly since 1988/89 | ||||||||||
| 2 Of particular interest is the fact that owners equity has risen at a faster rate than either total assets or total liabilities (up by 195% from 1988/89 to 1996/97. | ||||||||||
| 3 Despite an average increase in annual liabilities of almost $32,000 owners equity as a percentage of total assets has still increased from 67% to 72%. | ||||||||||
Contact for Enquiries
Manager
Monitoring and Evaluation
MAF Policy
PO Box 2526
Wellington
NEW ZEALAND
Phone: +64 4 894 0623
Fax: +64 4 894 0741
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