Dairy farm financial model, built free.
A three-statement Excel model for a dairy farm, built from your own figures and checked to balance.
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We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more
Milks a herd of cows and sells milk to a processor at a farmgate price, plus cull cows and calves, with earnings driven by milk solids per cow, the milk price and feed costs.
In short
- 01
Three linked statements
Income statement, balance sheet and cash flow, linked in every period.
- 02
Valued two ways
Discounted cash flow and net asset value, side by side.
- 03
Monthly to annual
Monthly, quarterly, half-yearly or annual periods, for up to 30 years.
- 04
Checked every period
A Checks sheet shows the balance sheet balances and the cash reconciles.
The sample, as Excel draws it.
Built by the same system and checks as yours: its structure and its inputs, ready for your own figures.
The sample describes no real business. Yours is calibrated to your own figures, so its results are your business’s.
How the model works for a dairy farm.
- How it earns revenue3 formulasWater entitlements and allocations · All water entitlementsSales of surplus allocationSurplus allocation soldTemporary water price per megalitreTrading costs (share of the temporary price)Water entitlements and allocations · All water entitlementsWater charges and purchasesFixed entitlement chargesUsage charges on water deliveredTemporary water boughtWater entitlements and allocations · All water entitlementsWater allocatedEntitlement ML-years held (entitlement × years)Allocation announced (share of entitlement)
- What drives its costs3 formulasHusbandry and feed costs · All herdsFeed and yardage costsFeed costsYardage costsOperating expenses · Across the businessTotal FTEsOperations and deliverySales and marketingTechnologyFinance, HR and administrationOperating expenses · Across the businessTotal average FTEsOperations and deliverySales and marketingTechnologyFinance, HR and administration
- What it invests in3 formulasFarmland value · All farmsDepreciation of farm improvementsDepreciation of existing improvementsDepreciation of new improvements (from mid-period)Farmland value · All farmsImprovements at period endImprovements at period startImprovements capexDepreciation of farm improvementsFarmland value · All farmsFarmland and improvementsLand at costImprovements at period end
- How it is funded3 formulasDebtRepaymentsScheduled repaymentsPrepayments from an equity raise and the cash sweepDebtClosing balanceOpening balanceDrawdownsRepaymentsDebtInterest expenseOpening balanceAll-in interest rateshare of the year
- How profit becomes cash3 formulasWorking capitalTrade receivablesRevenuefrom statementsDebtor daysDays in periodWorking capitalInventoryDirect costs (positive)from statementsInventory daysDays in periodWorking capitalTrade payablesCash operating costs (positive)from statementsCreditor daysDays in period
22 parts, each one tested.
Every part is a tested building block with its own checks: yours is put together from the ones your business needs.
- CPI forecastConsensus curve with long-run anchor
- Operating expensesHeadcount build by function
- Working capitalFull working capital
- Income taxCorporate rate with tax losses
- DebtAmortising term loan
- Discounted cash flow valuationDCF on free cash flow to the firm
- Net asset valueBook net asset value
- Commodity price deckFlat real pricesPrice paths for the farm, fish and forest commodities in the model — grain, oilseeds, cotton, sugar, beef, lamb, pork, wool, milk, fish, logs, fertiliser and feed — that sales and cost methods read as indices.
- Seasonal conditions and climate riskSeason type by yearA season factor that scales yields, carrying capacity, receivals, input demand (or, for ski resorts, snow and skier visits) for drought, average and good years.
- Purchase price and acquisition costsAgreed price plus costs
- Hold-period cash flowsAsset-level NOI less capex
- Exit value and exit costsTerminal capitalisation rate
- Investment returnsIRR, equity multiple and cash-on-cash
- Key-metric summaryLast-twelve-month and run-rate metrics
- Budget phasingSeasonal profile of twelve monthly weights
- Covenant tests and headroomLVR, gearing and ICR for property
- Case selectionStackable stress toggles
- Farmland valueHeld at costValue of farmland and fixed improvements — held at cost, revalued, or at fair value for leased-out farms.
- Herd numbers and turnoffDairy herdHead of livestock (or fish) through the year — births, deaths, purchases, sales and moves between classes.
- Husbandry and feed costsCost of gain (feed conversion)Costs of running the herd — feed, animal health, breeding, shearing, freight, selling costs and agistment.
- Livestock at fair valueHead by class × market value per headValue of livestock (or fish biomass) on hand at fair value less costs to sell, and the fair-value movement taken to profit (AASB 141), net of the value of animals sold so sales are not counted twice.
- Water entitlements and allocationsAllocation for own irrigationWater available from each entitlement holding — its allocation, use, trade and charges — and its carrying value.
The numbers it tracks.
- 01kg milk solids per cow and per hectare
- 02farmgate milk price
- 03cost of production per kg MS
- 04EBIT per kg MS
- 05return on assets
What it is used for.
- Operating forecastGuide · Financial projections
- Budget and rolling forecastGuide · Cash flow forecast
- Lending and credit analysisGuide · Three-statement model
- Scenarios and sensitivities
- Asset acquisition
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Looking for a dairy farm financial model template? Ours arrives built for your business, with your figures in it.
See a finished model, sheet by sheetThe sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.