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NOTE:
The olive enterprise tools have been developed for Tasmania.
Users of the enterprise business tools will need to adjust inputs and outputs
depending on local climate (rainfall, evaporation, min and max temperatures)
and soil types which will substantially impact on actual gross margins
achieved.
Contents
Important Information and Disclaimer
By using this workbook you accept all the terms of this disclaimer.
The information, models and spreadsheet tools accessible using this workbook have been prepared to
assist in making farm management and investment decisions and are intended as planning tools. As such,
users will need to adapt the models for their own circumstances. Users of this workbook are encouraged to
vary the input costs, yields and return assumptions to better represent their own situation.
The agricultural sector is subject to significant variations in costs, returns and yields over time and as such
budget projections will need to be reviewed to reflect the prevailing circumstances.
Changes can be readily made to the models by varying the values in the shaded cells in the individual
gross margin worksheets. Users of the models are also welcome to change the basic set-up of each gross
margin or add further enterprises.
The Crown in Right of Tasmania (Crown) which commissioned the development of these models and
spreadsheet tools, and the consultants (AK Consultants) who undertook the development work, expressly
disclaim all and any legal liability and responsibility whatsoever arising from or connected with:
the accuracy, reliability, validity, currency or completeness of any information on this website including
the models and spreadsheets;
the accuracy, reliability, validity, currency or completeness of any results obtained from the use of the
information on this website including the models and spreadsheets;
the consequences of anything done or omitted to be done by any person, either in whole or in part, in
reliance of any such information, models spreadsheet or results;
any combination of any of the above.
None of the input costs and projected yield information listed in the workbook should be treated as
recommendations or advice and the information, models and spreadsheet tools accessible in this workbook
are made available on the understanding that the Crown and AK Consultants are not providing professional
advice. The use of this workbook and information obtained from its use is not a substitute for independent
professional advice and users should obtain any appropriate professional advice relevant to their particular
circumstances.
Copyright
Copyright of all information (including the models and spreadsheets) published in this workbook
(information) is owned by the Crown. All information is protected so far as is allowed by the provisions of
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Apart from any use permitted by the Act, the Crown grants users of this site a licence (within the meaning of
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To reproduce or use the information beyond this limited licence, permission must be sought from the
Department.
Contents
Contents
256324094.xls.ms_office
INSTRUCTIONS
All enterprise specific data is to be entered in the shaded cells. All other cells have been locked to prevent accidental
alteration of essential formulae. Data is entered by selecting the cell, typing the appropriate information, then either
pressing enter or moving the curser to a different cell. All calculations are updated immediately after each piece of new
information is entered.
Note; olive trees are shallow rooted and can be prone to blowing over. Pruning to allow good air circulation will assist, as
will irrigating using individual tree sprinklers rather than drippers which tend to concentrate root development in a small
area, hence minimising root anchorage.
Fuel & Oil: Most orchards will require the use of a tractor or other vehicles for general maintenance and bringing in the
harvest. An allocation of fuel and oil should be made to cover the costs associated with this.
Sensitivity Analysis: The Gross Margin for many crops, including olives is highly dependent on the yield and price
received for the product. For this reason a sensitivity table has been included showing the effect of changes in price and
yield on the annual Gross Margin per hectare.
256324094.xls.ms_office
Expenditure: The default variable costs are based broadly on the figures in the Gross Margin Analysis Sheet. The default
overheads are set at 25% of the variable costs and a further 5% of variable costs has been included as Sundries. The user
is encouraged to enter more specific costs associated with the individual enterprise, particularly if there are loan costs etc.
that need to be included in the overhead costs.
Sheet 4: Analysis
A default discount rate of 10% is used however the user can vary this depending on the inherent risk of the venture being
undertaken. A higher risk venture may need a higher discount rate to reflect the decreased likelihood of achieving the
estimated returns. In general, it is suggested that a discount rate of between 7 and 10% is used.
Acknowledgement
Robert Goddard (Tasmanian contact for the Tasmanian sub-branch of the Australian Olive Association) provided advice
and comment on the income and cost figures in the Gross Margin Analysis.
Contents
256324094.xls.ms_office
Contents
Olives
Income
Nominated fruit yield:
Nominated oil price:
18
14%
$15.00
kg/tree
x
280
trees/ha
Oil percentage in fruit
/litre
(Wholesale price for Extra Virgin Oil)
Gross Income:
5.04
706
tonnes fruit/ha
litres oil/ha
$10,584 / ha
$100
$700
$/ha
$504
$3,528
$/ton of fruit
$/ton of fruit
$6,552 / ha
Expenses
Fertilizer:
Chemicals:
White Oil (or similar)
Glyphosate for in row weed control
Other
Contract:
Pruning (labour)
applications
3
4
(Tractor etc.)
x
x
x
x
x
x
x
x
x
applications
6
hours
45
Irrigation:
tonnes
5
0.1
applications
4
1
1
$/tonne
$65
(x 0.33)
$350
$/application
$50
$90
$90
$/application
$60
$10
x
x
$/application
$40
$/hour
$25
Price $/litre
Sensitivity Analysis:
Contents
$180
$40
$0
$0
$240
$1,125
$/ML
300
$300
$90
ha
$90
$4,054 / hectare
$200
$90
$90
ML/ha
1
Total Expenses:
Gross Margin:
$/ha
$108
$35
18
-$886
$526
$1,937
$3,348
$4,759
$6,170
$7,582
$8,993
$10,404
20
-$706
$862
$2,430
$3,998
$5,566
$7,134
$8,702
$10,270
$11,838
$2,498
Contents
ESTABLISHMENT COSTS:
Olives
Based on a 10ha minimum planting.
ESTABLISHMENT COSTS
LAND
Purchase Price:
OR
Opportunity Cost:
WATER COST
Dam Construction:
Water Right/Allocation, allowing 3 ML/ha:
Irrigation Infrastructure (pipes, pumps, drippers etc.):
SITE PREPARATION
Deep Ripping
Pre-liming
PLANT & EQUIPMENT
Tree guards, stakes etc
Orchard Maintenance
Harvesting
Start up Value
$
Residual Value
$
$125,000
$125,000
$0
$33,900
$40,000
$33,900
$20,000
$1,500
$2,500
TOTALS
Current Values
$7,000
$20,000
$50,000
$0
$14,000
$35,000
$21,000
$5,000
$21,000
$5,000
$305,900
$253,900
Contents
256324094.xls.ms_office
No depreciation
Contract rate
5 tonnes/ha @ $50/tonne
STOCK
Trees
Planting (labour cost)
Notes:
Establishment Costs
Contents
ANNUAL CASHFLOWS:
Olives
YEAR
Percent of peak yield:
Gross yield fruit (tonnes): @ trees/ha 280
Oil yield, Litres: % Oil per kg 14%
INCOME (net of harvesting & pressing)
$10.00
Residual Value:
Residue value of subsequent purchases:
Total Income
EXPENDITURE
Establishment costs
Subsequent capital purchases
Variable costs
Overheads (% Variable Costs) 25%
Sundries (% Variable Costs)
5%
Total Expenditure
1
0%
0
0
2
0%
0
0
3
5%
2.52
352.8
4
15%
7.56
1058.4
$0
$0
$3,276
$9,828
5
25%
12.6
1764
6
30%
15.12
2116.8
7
40%
20.16
2822.4
8
50%
25.2
3528
9
65%
32.76
4586.4
10
80%
40.32
5644.8
11
90%
45.36
6350.4
12
100%
50.4
7056
13
100%
50.4
7056
14
100%
50.4
7056
15
100%
50.4
7056
$16,380 $19,656
$26,208
$32,760
$42,588
$52,416
$58,968
$65,520
$65,520
$65,520
$65,520
$16,380 $19,656
$26,208
$32,760
$42,588
$52,416
$58,968
$65,520
$65,520
$65,520
$253,900
$0
$319,420
24,983
6,246
1,249
$32,478
24,983
6,246
1,249
$32,478
24,983
6,246
1,249
$32,478
24,983
6,246
1,249
$32,478
24,983
6,246
1,249
$32,478
24,983
6,246
1,249
$32,478
24,983
6,246
1,249
$32,478
24,983
6,246
1,249
$32,478
24,983
6,246
1,249
$32,478
$0
$0
$3,276
$9,828
$305,900
Contents
256324094.xls.ms_office
256324094.xls.ms_office
Contents
ANALYSIS
Olives
Year
10
11
12
13
14
15
$0
$0
$3,276
$9,828
$16,380
$19,656
$26,208
$32,760
$42,588
$52,416
$58,968
$65,520
$65,520
$65,520
$319,420
$32,478
$32,478
$32,478
$32,478
$32,478
$32,478
$32,478
$32,478
$32,478
$32,478
$32,478
-$16,098
-$12,822
-$6,270
$282
$10,110
$19,938
$26,490
$33,042
$33,042
$33,042
$286,942
$4,472
Income
Expenditure
Annual cash flow
$305,900
$19,487
$25,983
$32,478
$32,478
-$305,900
-$19,487
-$25,983
-$29,202
-$22,650
-$100,000
-$150,000
-$200,000
-$250,000
-$300,000
-$350,000
-$400,000
-$450,000
-$500,000
Number of years
Discount rate
NPV
15
10.0%
0.1%
AEV
-$37,348
256324094.xls.ms_office
$15.00
18
-$284,069
IRR
-$438,413
Profitability Analysis
10
15
Sensitivity Analysis:
18
20
-$427,981
-$422,760
-$386,863
-$377,073
-$345,746
-$331,387
-$304,628
-$285,701
-$263,510
-$240,014
-$222,392
-$194,328
-$181,275
-$148,642
-$140,157
-$102,955
-$99,039
-$57,269
Contents
256324094.xls.ms_office
Profitability Analysis