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 Comparing:, Profitability & Production Management Groupings Production Year Nov-03
2 Foreword This AgriProfit$ & Returns Report presents the productive, economic & financial performance of cow/calf producers across for the 1998 production year. Field research was undertaken through Agriculture's AgriProfit$ Business Analysis & Research program with the cooperation of producers across the Province. The intent of this report is to benchmark three specific management groupings: - an " " average including all program participants across the 6 grass type regions. - an average of the "low cost" herds across the Province. This " " average includes the lower 1/3rd of producers in the pool as ranked by total costs / lb. of calf weaned*. - an average of the "top profit" herds across. This " " average includes the upper 1/3rd of producers in the pool as ranked by profitability.* 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. The map above illustrates the location of each grass type region within. This package only reports the results of aggregated provincial groupings. If you are interested in obtaining information on specific regions, please contact the Economics Unit at: J.G. O'Donoghue Building #302, Street Edmonton, T6H 5T6 Tel: (780) Fax: (780) * For this analysis, return to equity () per lb. weaned & total production cost (TPC) per lb. weaned were the primary criteria for identifying the top management herd groupings. It should be noted, however, that there are several other factors that may contribute to the success of a cow/calf operation. **Note: The regional and top management groups provided sufficient observations to develop the farm financial benchmarks only these are used to develop the farm level financial performance indicators. Enterprise productive & economic information is developed based upon the whole regional sample. Dale A. Kaliel Sr. Economist: Production Economics Brian Perillat Production Economist: Livestock & Forages Agriculture, Food & Rural Development November-03
3 Economic Performance Indicators: 1998 Cow/Calf Enterprise Overview Economic & Physical Performance Comparisons Benchmark Comparables: ; Profit; Groups Enterprise Type: Weaned-Calf $ / 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 Gross Margin Return to Investment (0.106) Return to Equity & Management (0.129) Investment ($ / cow wintered) 1,715 1,683 1,607 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 Economic Performance Indicators: 1998 Cow/Calf Enterprise Overview Economic & Financial Performance Comparisons Benchmark Comparables: ; Profit; Groups Enterprise Type: Weaned-Calf $ / 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 Gross Margin Return to Investment (53.74) Return to Equity & Management (65.41) Farm 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 43, , , = 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) 2,539 1,952 2,543 = Acres in crops, forages & grazing (includes all acres owned, rented & leased)
5 1998 Cow/Calf Enterprise Overview Physical Performance Comparisons Benchmark Comparables: ; Profit; Groups Average Weaning Weight 580 Average Percentage of Open Cows 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 115% 110% 105% 100% 95% 90% 85% 80% Exposed Wintered Calved Livebirths Weaned
6 1998 Cow/Calf Enterprise Overview Economic Performance Comparisons Benchmark Comparables: ; Profit; Groups 0.40 Margins Break Evens 0.30 $/Lb Weaned Cash s Feed & Pasture (0.10) (0.20) Gross Margin Return to Equity $/Lb Weaned $/Cow Wintered Feed Comparison Feed & Bedding Pasture Days on Feed Labour s vs Fixed s $ Per Cow Wintered Labour s Fixed s Components 16% 12% 40% Feed & Bedding Pasture Labour Other Variable s Fixed s 15% 12% Profit 39% 15% 17% 15% 10% 42% 16% 18% 15% 18%
7 1998 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 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) Return to Unpaid Labour (A-D+B14) Return to Investment (A-E+C4) (0.11) Return to Equity (A-E) (0.13) Investment
8 1998 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 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) Return to Unpaid Labour (A-D+B14) Return to Investment (A-E+C4) (53.74) Return to Equity (A-E) (65.41) Investment 1, , ,607.32
9 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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