Mango Industry Benchmarking (Three Years) (2010-11, 2011-12, and 2012-13)
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Mango Industry Benchmarking (Three Years) (2010-11, 2011-12, and 2012-13) CDI Pinnacle Management May 15th 2014 Sample / Benchmarking Group Sample Scale Trays Total Mango Producing % of Harvest Harvest Year Producing Ha (7Kg Equiv.) Harvest Trees (Est.) (Est) (Trays) 2010 - 2011 261,000 1,322 1,120,357 5,922,000 19% 2011-2012 497,000 2,500 3,300,000 8,576,000 38% 2012-2013 500,000 2,500 3,200,000 7,147,000 45% Area per Region in Sample % of Area in Each Region 2012 and 2013 Mareeba Dimbulah, 19% Burdekin, 24% Southern, 4% NT, 54% Average Farm Size Average Farm Size (Ha) 2013 140 121 120 100 78 80 74 60 40 20 13 - Burdekin Mareeba Dimbulah NT Southern Farm Size – Spread (3 Years) 350 Size of Participant Farms 328 300 250 200 150 82 100 38 50 5 - MEDIAN AVERAGE Variety Mix in Sample 120% % of Sample from each Variety (2012 AND 2013) 100% Keitt, 3% Kent H-Gold, 9% Brooks 80% R2E2, 12% Keitt 60% Other - Mango KP, 35% Honey Gold 40% R2E2 KP 20% Calypso 37% Calypso 0% 1 All Participants – 3 Years Yield: Trays / Producing Tree (Including Juice / Processing) Trays / Producing Tree (Incl. Juice) 6.65 7 6.34 5.73 6 5 4.34 4 3 2 1 0 F2011 F2012 F2013 3 YEARS Yield: Tonnes / Producing Ha (Including Juice / Processing) Tonnes /Producing Ha (Incl. Juice) 10 9.31 9.2 8.53 9 8 7.01 7 6 5 4 3 2 1 0 F2011 F2012 F2013 3 years Pack Out: Grade and Count (% of Fresh Market Fruit Only) 100% 90% 80% 70% % Premium 60% 63% 51% 39% 51% % A Grade 50% 40% 30% 20% 34% 26% 28% 28% 10% 0% 2011 2012 2013 3 YEARS Costs and Returns per Tray Equiv. (Including Juice / Processing)F2011 F2012 F2013 Ave. Total Operating Costs 19.27 17.07 17.03 Ave. Cash Profit (*) 2.16 0.58 3.58 Ave. Gross Return 21.43 17.65 20.61 Marketing and Ripening Costs / 7 KG Equivalent 3.03 2.20 2.36 Farm Gate Return (Net) Received / 7 KG Equivalent 18.40 15.45 18.25 (*) From 'Cash Profit' Producers must fund: 1. The cost of finance, 2. The depreciation / replacement of all plant and equipment, and 3. Achieve a return on their investment $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 (Before Paying Marketing & Ripening Costs) & Ripening Marketing Paying (Before F Return Gross Average $14.79 $14.81 $15.51 $16.71 $16.81 $17.19 $17.38 $17.64 Sold 2013 Sales $ / Gross Tray Total $17.88 $17.89 $19.34 AVERAGE $19.96 $20.61 $21.38 MEDIAN $21.73 $22.08 $22.43 $23.37 $23.72 $23.80 $23.82 2013 $24.09 $24.55 $27.57 $28.81 $29.19 $29.91 $31.59 $46.38 $49.74 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 $50.00 $5.00 (Before paying interest and depreciation) and interest paying (Before & Costs Ripening Marketing Paying (Before F Costs Operating Average $12.44 $12.44 $12.74 $13.97 $14.00 $14.12 $14.78 $15.52 Ave. $16.46 $17.03 AVERAGE Operating $17.04 $17.92 $17.99 $18.68 Costs /Tray $19.17 MEDIAN $19.74 $20.31 $20.57 - $21.76 2013 $22.63 $22.97 $23.07 ) $24.60 2013 $26.06 $26.08 $28.23 $29.70 $35.71 $36.35 $44.34 (25.00) (20.00) (15.00) (10.00) (5.00) 10.00 15.00 0.00 5.00 (After marketing and ripening and before interest & interest and and before ripening marketing (After / Tray Profit Cash Average (21.56) (9.37) (5.60) (5.18) (2.93) (1.53) 0.85 Cash Profit (EBITDA) $ / Tray Sold Tray $ / (EBITDA) Cash Profit 1.39 1.67 1.91 2.03 2.37 3.14 3.36 MEDIAN 3.56 AVERAGE 3.58 3.75 3.91 4.69 4.92 5.30 5.33 5.40 depreciation) F 5.45 5.73 2013 7.00 7.05 7.52 10.67 11.07 Costs and Returns / 7 KG Equiv. Produced (including Juice /Processing) 25 10 9.31 9.2 8.53 9 20 2.16 8 Average Cash Profit 3.58 (EBITDA) 3.39 0.58 7 7.01 15 6 Average Operating Costs 5 $ / Tray Yield t / ha Average Yield (T / ha) 10 19.27 4 17.07 17.03 16.28 3 5 2 1 0 0 2011 2012 2013 3 YEARS Cash Profit – Spread (3 Years) EBITDA / Tray Sold 13.45 35% of participants did not achieve a Cash Profit per Tray or per Tonne (made a loss), 46% of participants achieved a Cash Profit per tray or per Tonne equal to or greater than the average Cash Profit of: ( $3.39 / Tray ($485 / Tonne). Average 3.39 Median 3.14 (59.13) (21.56) (70.00) (60.00) (50.00) (40.00) (30.00) (20.00) (10.00) 0.00 10.00 20.00 Labour Costs per 7KG Tray Equiv. 6.00 10.00 9.00 5.00 1.10 8.00 Packing Labour $ / Tray 1.45 7.00 4.00 1.45 1.06 Picking Labour $ / Tray 6.00 1.11 3.00 0.27 5.00 1.09 Pruning Labour $ / Tray Yield t / Ha 0.24 4.00 LabourCosts $ / Tray 2.00 0.28 3.00 Farm and Other Labour $ / tray 2.83 2.39 2.00 1.00 1.94 Yield (Tonnes / Ha) 1.00 0.00 0.00 2011 2012 2013 Labour Use Efficiency Ave. Total Tonnes Produced (Incl. Juice / Processing) per FTE 120.00 100.00 80.00 60.00 112 90 96 40.00 20.00 2011 2012 2013 Varieties – 3 Years Packed to Premium + A Grade By Variety % - Premium + First Grade 120% 96% 100% 90% 91% 91% 87% 84% 80% 66% 60% 50% 40% 20% 0% Brooks Calypso Honey Gold Keitt Kent KP Other - Mango R2E2 Pack to Sizes 12 to 24 (%Fresh Market Fruit only) % Packed Sizes 12 - 24 90% 85% 81% 79% 80% 71% 69% 70% 60% 60% 50% 39% 40% 29% 30% 20% 10% 0% Brooks Calypso Honey Gold Keitt Kent KP Other - R2E2 Mango Yield (Tonne / Ha) per annum (Regardless of Tree Age) 2011 2012 2013 18.00 16.00 Keitt 14.00 Other Mango Varieties 12.00 Honeygold 10.45 10.9 10.00 R2E2 10.13 9.4 Calypso 8.00 9.24 6.93 7.5 Kensington Pride (KP) 6.81 6.00 6.34 Brooks 4.00 Kent 2.00 Varieties: Yield (T / Ha) 3 Years (Regardless of Tree Age) YIELD FOR VARIETY - T / Ha - 3 YEARS 12.0 10.5 9.7 9.7 10.0 9.3 8.8 7.8 8.2 8.0 7.3 6.0 4.0 2.0 - Brooks R2E2 Kensington Calypso Other Keitt Honeygold Kent Pride (KP) Mango Varieties Regions – 3 Years Regions: Tonnes Per Hectare (Including Juice/ Processing) 12.0 10.7 10.0 9.3 9.4 9.0 9.2 8.0 7.4 7.2 F2011 6.3 6.0 5.6 F2012 4.9 4.6 F2013 4.0 2.0 0.0 Burdekin Mareeba/Dimb. N.T. Southern Burdekin Yield (Incl. juice) and Operating Costs 18.00 16.92 BURDEKIN YIELD AND OPEATING COSTS 16.00 14.00 12.45 12.00 Operating Costs / Tray 10.00 9.56 9.4 9.3 Yield t / Ha 8.00 6.00 5.6 4.00 2.00 0.00 F2011 F2012 F2013 Mareeba/Dimbulah Yield (Incl. juice) and Operating Costs MAREEBA / DIMBULAH YIELD AND OPERATING COSTS 30.00 25.00 25.33 20.00 Operating Costs / Tray 15.00 17.28 16.08 Yield t / Ha 10.00 9.0 7.2 5.00 4.9 0.00 F2011 F2012 F2013 N.T. Yield (Incl. juice) and Operating Costs 25.00 N.T. YIELD AND OPERATING COSTS 20.00 19.60 17.66 15.00 15.95 Operating Costs / Tray Yield t / Ha 10.7 10.00 9.2 7.4 5.00 0.00 F2011 F2012 F2013 Southern Region Yield (Incl. juice) and Operating Costs 30.00 SOUTHERN REG. YIELD AND OPERATING COSTS 25.00 25.82 20.00 19.60 Operating Costs / Tray 15.00 Yield t / Ha 10.00 6.3 5.00 4.6 0.00 F2011 F2012 F2013 Top 10 and Sum Up (Top 10 = Top 10 most profitable farms per 7 KG Tray Equivalent) Attributes of the Top 10 Top 10 as % Total Group Top 10 % of Sample of Industry Ha (*) 5,021 962 19% 1% Trees (*) 925,000 157,600 17% 5% Trays (*) 5,571,287 915,913 16% 4% % Packed to Premium and A Grade 91% 91% % Packed to Sizes 12 to 24 78% 70% Top 10: 80% production was in the N.T (5 Farms) , 20% production Mareeba / Dimbulah (5 Farms) Yield tonne / ha 8.53 6.70 Variety Mix - Top 10 % Premium 63% 67% (by Volume Produced ) % Sizes 18 – 22 39% 67% KP 56% Gross Return / Tray 19.67 26.28 Calypso 20% Operating Costs / Tray 16.28 15.71 R2E2 13% Operating Costs as % of Gross Revenue 83% 60% H - Gold 7% EBITDA / Tray 3.99 10.57 Keitt 2% EBITDA as % of Gross Revenue 20% 40% Brooks 1% Top 10 as % Total Group Top 10 % of Sample of Industry Ha (*) 5,021 962 19% 1% Trees (*) 925,000 157,600 17% 5% Trays (*) 5,571,287 915,913 16% 4% % Packed Premium & A Grade 91% 91% % Packed to Sizes 12 to 24 78% 70% Top 10: 80% production was in the N.T (5 Farms) , 20% production Mareeba / Dimbulah (5 Farms) Variety Mix - Top 10 (by Volume Produced ) KP 56% Calypso 20% R2E2 13% Honey Gold 7% Keitt 2% Brooks 1% Total Group Top 10 Yield tonne / ha 8.53 12.3 % Premium 63% 67% % Sizes 18 – 22 39% 67% Gross Return / Tray 19.67 26.28 Operating Costs / Tray 16.28 15.71 Operating Costs as % of Gross Revenue 83% 60% Cash Profit (EBITDA) / Tray 3.99 10.57 Cash Profit (EBITDA) % of Gross Revenue 20% 40% VARIANCE TOP 10 REMAINDER VARIANCE (Top 10 V.