Australian lamb: Financial performance of slaughter lamb producing farms, 2012-13 to 2014-15

This report presents detailed financial performance of slaughter lamb producing farms in 2012-13, 2013-14 and 2014-15 and discusses productivity in a historical context. The report was commissioned by Meat & Livestock Australia (MLA) and expands on results that were published in Agricultural Commodities (March quarter 2015) and the Australian farm survey results 2012-13 to 2014-15 report released in March 2015. \r\n\r\n Key Issues \r\n• Most farms producing lambs for slaughter are mixed enterprises, deriving receipts from cropping, beef cattle, sheep and wool and from the sale of slaughter lambs. \r\n• Farm cash income of specialist slaughter lamb producing farms, those farms most reliant on lamb production, is estimated to have increased from an average of $80 900 a farm in 2013-14 to $98 300 a farm in 2014-15. This increase was mainly a result of higher prices for lambs and sheep. \r\n• Farm cash incomes and business profit of all slaughter lamb producers are estimated to have fallen in 2014-15 compared with 2013-14. Reduced grain production in 2014-15 is estimated to have resulted in lower average total receipts of slaughter lamb producing farms despite an increase in sheep and lamb receipts mainly a result of increased prices. Average farm cash income of slaughter lamb producers is estimated to have declined by 8 per cent from an average of $180 100 a farm in 2013-14 to $166 000 a farm in 2014-15, in real terms. \r\n• Farm debt of slaughter lamb producing farms averaged $649 577 a farm in 2013-14, slightly more than that in 2012-13 ($641 400). Farm debt is estimated to have reduced in 2014-15 compared with 2013-14 as a result of loan repayment and reductions in new borrowings. \r\n• Asset values and new investment remain high for slaughter lamb producing farms and while debt is also high, equity ratios and debt servicing are in line with long-term averages. \r\n

本报告详述了2012-13、2013-14及2014-15三个财年肉羊屠宰养殖农场的财务运营表现，并结合历史背景探讨了其生产效率。本报告由澳大利亚肉类与畜牧业协会（Meat & Livestock Australia, MLA）委托编制，是对2015年3月发布的《农业大宗商品》（2015年第一季度）及《2012-13至2014-15年度澳大利亚农场调查结果》中所载研究结果的拓展延伸。

核心议题
• 多数肉羊屠宰养殖场均为混合经营主体，收入来源涵盖种植业、肉牛养殖、肉羊养殖、羊毛销售以及肉羊屠宰产品销售收入。
• 据估算，高度依赖肉羊生产的专业肉羊屠宰养殖农场的农场现金收入，已从2013-14财年的平均每农场80900澳元，增长至2014-15财年的98300澳元。该增长主要源于肉羊及活羊价格的上涨。
• 据估算，2014-15财年所有肉羊屠宰生产商的农场现金收入与经营利润均较2013-14财年有所下滑。尽管受价格上涨推动，肉羊销售收入有所提升，但2014-15财年谷物产量下降，导致肉羊屠宰养殖农场的平均总营收有所降低。经通胀调整后，肉羊屠宰生产商的平均农场现金收入预计较2013-14财年的每农场180100澳元下降8%，至2014-15财年的166000澳元。
• 2013-14财年，肉羊屠宰养殖农场的平均债务为每农场649577澳元，略高于2012-13财年的641400澳元。据估算，由于偿还贷款并减少新增借款，2014-15财年肉羊屠宰养殖农场的债务规模较2013-14财年有所下降。
• 肉羊屠宰养殖农场的资产价值与新增投资仍处于高位，尽管债务规模同样较高，但权益比率与偿债能力均符合长期平均水平。