Economic, Productive & Financial Performance Of Alberta Cow/Calf Operations

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1 Benchmarks for Cattlemen Economics & Competitiveness Economic, Productive & Financial Performance Of Cow/Calf Operations Southern Fescue land, Mixed land & Moist Mixed land Production Year Jan. / 04

2 Foreword This AgriProfit$ & Returns Report presents the productive, economic & financial performance of cow/calf producers in Southern for the 2002 production year. Field research was undertaken through Agriculture's AgriProfit$ Business Analysis & Research program with the cooperation of producers in the region. The intent of this report is to benchmark three specific management groupings: - a regional average including all participating producers in the Fescue land, Mixed land & Moist Mixed land grass types. - an average of the "top performers" within this region. These include the lower 50%* of producers in the region as ranked by unit costs. - an average (or Provincial ) of all producers in the research pool. The primary value of this report is to enable producers to gauge their productive, economic and financial performance relative to their peers locally and provincially. Benchmark analysis, comparing to one's own detailed cost and returns analysis, is the first critical step in identifying operational strengths and weaknesses in a cow/calf operation. and returns profiles for common forage and grazing crops in the grass type / region are included in this benchmark report in order to put these profit centers into context with the cow herd profiles they support. A list of definitions for common terms employed in this benchmark report is also appended. The map above illustrates the location of each grass type region within. This package only reports the results of one specific grass type region, along with comparisons to the provincial total. If you are interested in obtaining information on other regions, please contact the Economics Unit at: J.G. O'Donoghue Building Tel: (780) #302, Street Fax: (780) Edmonton, T6H 5T6 * For this analysis, total production cost per lb. weaned was the sole criteria for identifying the top management (" ") herds within the region. It should be noted, however, that there are several other factors that may contribute to the success of a cow/calf operation. **Note: The bulk of each of the regional and top 1/3rd group provided sufficient information to develop the farm financial benchmarks only these are used in the summary of farm financial performance. The productive & economic information is developed based upon the whole regional sample. Dale A. Kaliel Sr. Economist: Production Economics Agriculture, Food & Rural Development January-04 Brian Perillat Production Economist: Livestock & Forages

3 2002 Cow-Calf Enterprise Overview Economic & Physical Performance Comparisons Benchmark Comparables: South Alta. Average & Groups; Enterprise : Weaned-Calf Economic Performance Indicators: $ / Lb. Weaned Production Stock Sales Value of Production Winter Feed s Bedding s Pasture s Labour s Other Variable s Depreciation & Capital Lease Payments Other Fixed s Cash s Production s Contribution Margin (0.089) (0.352) Gross Margin (0.062) (0.316) Return to Investment (0.190) (0.004) (0.442) Return to Equity & Management (0.201) (0.014) (0.468) Investment ($ / cow wintered) 1,566 1,499 1,695 Physical Performance Indicators: Conception Rate (%) Cows Wintered Calving Rate (%) Cows per Bull Weaning Rate (%) Labour Hours per Cow Calf Crop (%) AUM's/Cow Wintered % Calved - 1st 2 Cycles Feeding Season Days Lbs. Weaned/Cow Exposed Tonnes Fed per Cow Lbs. Weaned/Cow Wintered as-fed Wean Wt as a % of Cow Wt dry matter Weight per Day of Age (lbs.) G rowth (weaning weight) O pen Cows (%) L ength of Calving Period D eath Loss of Calves (%)

4 2002 Cow-Calf Enterprise Overview Economic & Financial Performance Comparisons Benchmark Comparables: South Alta. Average & Groups; Enterprise : Weaned-Calf Economic Performance Indicators: $ / Cow Wintered Production Stock Sales Value of Production Winter Feed s Bedding s Pasture s Labour s Other Variable s Depreciation & Capital Lease Payments Other Fixed s Cash s Production s Contribution Margin (42.30) (177.88) Gross Margin (29.70) (159.65) Return to Investment (90.75) (1.86) (223.61) Return to Equity & Management (95.72) (6.81) (236.43) Financial Performance Indicators: ROAD to Profitability Risk (Debt to Asset Ratio) = Liabilites / Assets Operating Expense Ratio = Operating Expenses / Value of Production Asset Return = Return on Assets / Farm Assets Debt Payout = Liabilities / Net Farm Income to Profitability 111, , , = Net Farm Income The "3-C's" Current Ratio = Current Assets / Current Liabilities Calif. Working Cap. Ratio = Working Capital / Expenses Capital Turnover Rato = Value of Production / Farm Assets Farm Size (Acres) 11,180 19,095 5,422 = Acres in crops, forages & grazing (includes all acres owned, rented & leased)

5 2002 Cow-Calf Enterprise Overview Physical Performance Comparisons Benchmark Comparables: South Alta. Average & Groups; Average Weaning Weight 544 Average Percentage of Open Cows 8.90 Lbs/Weaned Calf % of Females Exposed Days Length of Calving Season % of live calves born Death Loss (Calves) Management Performance Rates Per Cent (%) Conception Rate Calving Rate Weaning Rate Calf Crop Per Cent of Cows Wintered Cow-Calf Production Management Stages 120% 115% 110% 105% 100% 95% 90% 85% 80% 75% 70% Exposed Wintered Calved Livebirths Weaned

6 2002 Cow-Calf Enterprise Overview Economic Performance Comparisons Benchmark Comparables: South Alta. Average & Groups; 0.10 Margins Break Evens 0.00 $/Lb Weaned (0.10) (0.20) (0.30) Cash s Feed & Pasture (0.40) (0.50) Gross Margin Return to Equity $/Lb Weaned 600 Feed Comparison Labour s vs Fixed s 70 $/Cow Wintered Feed & Bedding Pasture Days on Feed $ Per Cow Wintered Labour s Fixed s Components 19% 9% 29% Feed & Bedding Pasture Labour Other Variable s Fixed s 23% 8% 23% 9% 34% 15% Alta 8% 44% 9% 8% 38% 24%

7 Cow-Calf Enterprise Unit & Returns Detail Economic Performance Comparisons $/Lb Weaned (A) 1. Weaned Calves Feeder Calves Slaughter Cattle Purebred Calves Baby Calves Cull Cows/Open Heifers Bulls Bred Cows/Bred Heifers Miscellaneous Receipts Government Programs Inventory Adjustment (0.06) (0.03) (0.09) 12. Less: Cattle Purchases Value of Production (B) 1. Winter Feed Bedding Pasture Veterinary & Medicine Breeding Fees/Bull Rental Trucking & Marketing Charges Fuel Repairs - Machine Repairs - Corrals & Buildings Utilities & Miscellaneous Expenses Custom Work & Specialized Labour Operating Interest Paid Paid Labour & Benefits Unpaid Labour Variable s (C) 1. Share/Lease Cattle Payments Taxes, Water Rates, Lic. & Insurance Equipment & Building a) Depreciation b) Lease Payments Paid Capital Interest Capital s (D) Cash s (B+C-B14-C3) (E) Production s (B+C) (F) Gross Margin (A-D) (0.06) 0.09 (0.32) Return to Unpaid Labour (A-D+B14) (0.12) 0.05 (0.38) Return to Investment (A-E+C4) (0.19) (0.00) (0.44) Return to Equity (A-E) (0.20) (0.01) (0.47) Investment

8 Cow-Calf Enterprise Unit & Returns Detail Economic Performance Comparisons $/Cow Wintered (A) 1. Weaned Calves Feeder Calves Slaughter Cattle Purebred Calves Baby Calves Cull Cows/Open Heifers Bulls Bred Cows/Bred Heifers Miscellaneous Receipts Government Programs Inventory Adjustment (29.95) (14.72) (45.65) 12. Less: Cattle Purchases Value of Production (B) 1. Winter Feed Bedding Pasture Veterinary & Medicine Breeding Fees/Bull Rental Trucking & Marketing Charges Fuel Repairs - Machine Repairs - Corrals & Buildings Utilities & Miscellaneous Expenses Custom Work & Specialized Labour Operating Interest Paid Paid Labour & Benefits Unpaid Labour Variable s (C) 1. Share/Lease Cattle Payments Taxes, Water Rates, Lic. & Insurance Equipment & Building a) Depreciation b) Lease Payments Paid Capital Interest Capital s (D) Cash s (B+C-B14-C3) (E) Production s (B+C) (F) Gross Margin (A-D) (29.70) (159.65) Return to Unpaid Labour (A-D+B14) (55.04) (189.96) Return to Investment (A-E+C4) (90.75) (1.86) (223.61) Return to Equity (A-E) (95.72) (6.81) (236.43) Investment 1, , ,694.93

9 2002 Forage & Pasture Enterprise & Returns Analysis South (Fescue land, Mixed land, Moist Mixed land) Forages Pastures Tame Alfalfa Tame /Native Native / Hay Greenfeed Mixed land Average field size (acres) ,304.7 Number of Observations $/Tonne $/AUM (A) 1. Crop Sales Crop Insurance Receipts Miscellaneous Receipts Government Programs Straw / Aftermath Grazing Gross Return (B) 1. Seed Fertilizer Chemicals Crop Insurance Premiums Trucking & Marketing Fuel Irrigation Fuel & Electricity Repairs - Machinery Repairs - Buildings Utilities & Misc. Expenses Custom Work & Specialized Labour Operating Interest Paid Paid Labour & Benefits Unpaid Labour Variable s (C) 1. Cash/Share Rent & Land Lease Taxes, Water Rates, Lic. & Insurance Equip. & Bldg. a) Depreciation b) Lease Payments Paid Capital Interest Capital s (D) Cash s (B+C-B14-C3) (E) Production s (B+C) (F) Gross Margin (A-D) Return to Unpaid Labour (A-E+B14) Return to Investment (A-E+C4) Return to Equity (A-E) Return on Investment (%) Investment ($/acre) Management Yield per Acre (tonnes or AUM's) Expected Market Price ($/unit) * and returns profiles include/combine all tenure types owned, rented & leased.

10 Definitions & Explanations to Accompany the Cow/Calf Enterprise Overview Production Stock Sales - revenues associated with the sale of weaned calves & other non-breeding stock related sales. Value of Production (VOP) - the value of what was produced by the cow/calf enterprise over the course of the production year. Includes cash & non-cash values of: g cull & breeding stock sales, g revenues from miscellaneous sources (eg. program payments, patronage refunds, etc.) as allocated to the cow/calf enterprise, g inventory adjustments relating changes in the number & value of stock included in the enterprise, g an adjustment for livestock purchases (value is added only from the point of purchase forward) Winter Feed s - the cost of all feeds used by the cow/calf enterprise, purchased or homegrown, based on the market value of these feeds (not the cost of raising the feeds). Pasture s - the value of grazing used by the cow/calf enterprise (exclusive of any other retained ownership/backgrounding uses). Pasture is valued into the cow/calf enterprise at market value (not cost) & is treated as a cash cost. Labour s - a sum of paid & contributed labour, as allocated to the cow/calf enterprise. Paid labour is valued at cost, while unpaid labour is valued at a standard or base cost. Depreciation & Capital Lease Payments - sum of depreciation & mach./equip t/ bldg. lease payments on assets allocated to the cow/calf enterprise. Other Fixed s - total cash overheads, as allocated to the cow/calf enterprise (share/lease cattle payments, property taxes, insurances, licences & term loan interest). Cash s - sum of enterprise cash costs, considering home grown feeds, bedding & pasture as cash costs. Production s - sum of all variable & fixed production costs. Contribution Margin - VOP less Variable s Gross Margin - VOP less Cash s Return to Investment - VOP less Production s plus Term (Capital) Interest Paid Return to Equity & Management - VOP less Production s Investment - sum of assets allocated to the enterprise. includes: breeding stock, machinery, equipment, buildings/facilities & building site (only). Breeding Performance Rates (adjusted for sales & purchases of bred cattle) Conception Rate (%) - # Bred / # Exposed Calving Rate (%) - # Livebirths / # Bred Females Weaning Rate (%) - # Weaned / # Livebirths Calf Crop (%) - # Weaned / # Exposed Calved in 1 st 2 Cycles (%) - # Calved Cycle 1 & 2 Calved Lbs. Weaned/Cow Exposed - Lbs. Weaned # Females Exposed Lbs. Weaned/Cow Wintered - Lbs. Weaned # Bred Females Wintered Wean Wt. as % of Cow Wt. - Avg. Lbs. Weaned (adjusting bred heifer wts.) Avg. Mature Cow Wt. Weight per Day of Age (lbs.) - Avg. Lbs. Weaned Wtd Avg Wean Age Cows Wintered - Open Inventory of Bred Cows & Heifers Cows / Bull - # Cows & Heifers Exposed / # Bulls Used Labour Hours / Cow - Labour Hrs. / Cows Wintered AUM s / Cow Wintered - Enterprise AUM s Cows Wintered Feeding Season Days - Days Fed (in yard) Tonnes Fed per Cow - as-fed Tonnes Feed (As-Fed) # Cows Wintered dry matter Tonnes Feed (Dry Matter) # Cows Wintered GOLD Indicators Growth (wean wt.) - Lbs. Weaned # Calves Weaned Open Cows (%) - # Open Cows & Heifers # Exposed Length of Calving Period -Days from 1 st to last calf Death Loss of Calves (%) -# Calves Died # Livebirths

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