TAILIEUCHUNG - 2005 Michigan Dairy Grazing Farm Business Analysis Summary

To put the profit values in perspective, we calculate profitability ratios. Rate of return on assets (ROA) is the farm operating profit (equal to net farm income plus interest expense less value of operator labor and management) divided by average total farm asset value (valued at current market value). Rate of return on assets is a measure of how much profit the farm business assets generated. The average 2005 dairy farm ROA (Market) was percent, below 2004 value of percent (Table 3). Return on equity tells a similar story. Operating profit margin is the operating profit (as defined. | 2005 Michigan Dairy Grazing Farm Business Analysis Summary Eric Wittenberg And Christopher Wolf Staff Paper 2006-28 November 2006 FIRM team Farm Information Resource Management MICHIGAN STATE UNIVERSITY Department of Agricultural Economics MICHIGAN STATE UNIVERSITY East Lansing Michigan 48824 MSU is an Affirmative Action Equal Opportunity Institution 2005 Michigan Dairy Grazing Farm Business Analysis Summary Staff Paper No. 2006-28 November 2006 By Eric Wittenberg and Christopher Wolf1 Table of Contents Page Executive Summary. 2 List of Tables Summary Tables 1. Average Farm Characteristics 2001-2005. 2 2. Average Income Statement 2001-2005. 2 3. Average Profitability Indicators 2001-2005. 3 4. Average Income and Expenses. 4 Averages of 11 Dairy Grazing Farms 5. Livestock and Crop Production Summary 5 6. Farm Income Statement 6 7. Inventory Changes . 8 8. Depreciation and Other Capital Adjustments. 9 9. Profitability Measures 10 10. Liquidity Measures 11 11. Balance Sheet at Cost Values 12 12. Balance Sheet at Market Values 13 13. Statement of Cash Flows 14 14. Financial Standards Measures 15 15. Operator Information and Nonfarm Summary 16 16. Financial Summary 17 Copyright c 2006 by Eric Wittenberg and Christopher Wolf. Readers may make verbatim copies of this document for non-commercial purposes by any means provided that this copyright notice appears on all such copies. 1 Co-workers in the TelFarm project were R. Betz L. Borton B. Battel W. Schauer D. Stein and V. Varner with the assistance of Michigan State University Extension Agents. Greenstone Farm Credit Services co-workers were Kelly Tobin Steve Eshelman Janice Raymond Tiffany Aldrich Anne Gerke Kathleen Spranger Sonya Pentecost and Lynette Wood. Farm Credit Services of Wisconsin co-worker was Steve Zimmerman. 1 Executive Summary This report summarizes the financial and production records of 11 dairy grazing farms from across Michigan. These 11 farms indicated that they grazed dairy cows at least three .

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