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

本报告详细梳理了2012-13、2013-14及2014-15三个财年肉羊屠宰养殖农场的财务表现，并结合历史维度探讨了其生产效率。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《Agricultural Commodities（2015年第一季度）》以及《Australian farm survey results 2012-13 to 2014-15》报告中相关成果的拓展延伸。

核心议题
• 多数肉羊屠宰养殖农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售卖。
• 以肉羊屠宰养殖为核心业务的专业养殖农场，其农场现金收入据估算从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上涨。
• 据估算，2014-15财年所有肉羊屠宰养殖厂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，肉羊及活羊销售收入有所增长，但2014-15财年谷物产量下滑据估算导致肉羊屠宰养殖农场的平均总营收有所回落。经通胀调整后，肉羊屠宰养殖厂商的平均农场现金收入较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负债规模为每农场649577澳元，略高于2012-13财年的641400澳元。据估算，2014-15财年农场负债规模较2013-14财年有所缩减，这源于贷款偿还以及新增借款规模的下降。
• 肉羊屠宰养殖农场的资产价值与新增投资仍处于较高水平，尽管负债规模同样高企，但权益比率与偿债负担均符合长期平均水平。