What is Regenerative Agriculture? What We Hope to Learn Methodology Study Findings FAQs

Financial Findings

The financial data we’re collecting includes detailed information on milk solids production per hectare, farm working expenses, item expenses, pasture quantity consumed, and more. This helps us build a picture of the profitability of regenerative farming, in comparison to conventional practices.

  • Clareview 2022-23 Year End Actuals (un-audited)
    Conventional Regenerative Combined
    Effective Area 148 148 296
    Stocking Rate 3.65 3.05 3.35
    Cow Numbers 540 451 432
    Milk Solids 235,191 192,468 1,445
    Milk Solids Per Cow 436 427 8.32
    Milk Solids Per Ha 1,589 1,300 0.42
    Payout (kg/MS) $8.32 $8.32 $8.32
    Stock Sales (p/kgMS) $0.42 $0.42 $0.42
    Gross Income (p/KgMS) $8.74 $8.74 $8.74
    Total Revenue $2,054,853 $1,681,585 $3,736,438
    Conventional
    Budget
    (p/kgMS/Cow/Ha)    		 Regenerative
    Budget
    (p/kgMS/Cow/Ha)    		 Combined
    Budget
    (p/kgMS/Cow/Ha)    		 Conventional
    Budget
    ($$)    		 Regenerative
    Budget
    ($$)    		 Combined
    Budget
    ($$)

    Animal Expenses
    Animal Health (per/cow) $ 93.19 $ 98.95 $ 95.81 $ 50,235 $ 44,627 $ 94,952
    Breeding (per/cow) $ 63,84 $ 63.84 $ 63.84 $ 34,476 $ 28,793 $ 63,269
    Calf Rearing (per/cow) $ 11.19 $ 11.19 $ 11.19 6,043 5,047 11,090
    Other Animal – Allflex (per/cow) $ 38.51 $ 38.51 $ 38.51 $ 20,795 $ 17,368 $ 38,163
    Total Animal Expenses $ 207 $ 212 $ 209 $ 111,638 $ 95,836 $ 207,474

    Feed Expenses
    Feed On Farm / Supplements (per/cow) $ 5400.44 $ 382.61 $ 468.61 $ 291,838 $ 172,558 $ 464,396
    Feed On Farm / Oats, Swedes, Maize (per/ha) 0 0 0 0 0 0
    Feed Off Farm / Grazing (per/cow) $ 481.3 $ 481.83 $ 481.83 260,186 217,304 477,490
    Total Feed Expenses $ 1,022 $ 864 $ 950 $ 552,024 $ 389,862 $ 941,886

    Pasture Expenses
    Irrigation (Excluding Electricty) (50:50) ¢ 0.09 ¢ 0.11 ¢ 0.1 $ 21,081 $ 21,081 $ 42,162
    Fertiliser (per/ha) $ 1,025 $ 510 $ 767.63 $ 151,692 $ 75,527 $ 227,219
    Pasture Renewal (Regrassing) (per/ha) $ 69.24 0 $ 34,62 $ 10,248 0 $ 10,248
    Regen/Diverse Crop (per/ha) 0 $ 119.22 $ 59.61 0 $ 17,645 $ 17,645
    Weed & Pest (50:50) ¢ 0.01 ¢ 0.01 ¢ 0.01 $ 1,706 $ 1,706 $ 3,411
    Total Pasture Expenses $ 1,094 $ 630 $ 862 $ 184,727 $ 115,959 $ 300,685

    Operating Expenses
    Electricty (Include Irrigation Electricty) (per/ha) ¢ 0.23 ¢ 0.29 ¢ 0.26 $ 55,071 $ 55,071 $ 110,142
    Freight Exps (per/cow) $ 14.21 $ 14.21 $ 14.21 $ 7,674 $ 6,409 $ 14,083
    Repairs & Maintenance (per/kgMS) ¢ 0.19 ¢ 0.19 ¢ 0.25 $ 59,540 $ 48,725 $ 108,265
    Shed Exps (per/kgMS) ¢ 0.08 ¢ 0.09 ¢ 0.09 $ 22,235 $ 18,196 $ 40,431
    Staff Costs (per/kgMS) ¢ 1.02 ¢ 1.04 ¢ 1.03 $ 239,864 $ 200,331 $ 440,195
    Vehicle Exps (per/kgMS) ¢ 0.12 ¢ 0.12 ¢ 0.12 $ 27,900 $ 23,302 $ 51,202
    Total Operating Expenses $ 15.85 $ 15.95 $ 15.97 $ 412,284 $ 352,034 $ 764,318

    Other Operating Expenses
    Health and Safety (H&S) (50:50) ¢ 0.022 ¢ 0.027 ¢ 0.02 $ 5,279 $ 5,279 $ 10,557
    Other Operating Expenses (50:50) ¢ 0.010 ¢ 0.013 ¢ 0.01 $ 2,458 $ 2,458 $ 4,916
    Total Operating Expenses ¢ 0.033 ¢ 0.040 ¢ 0.036 $ 7,737 $ 7,737 $ 15,473

    Overhead Expenses
    Administration (Farm) (50:50) ¢ 0.05 ¢ 0.05 ¢ 0.05 $ 11,439 $ 11,439 $ 22,878
    Administration (Overheads) (50:50) ¢ 0.29 ¢ 0.29 ¢ 0.29 $ 59,785 $ 59,785 $ 119,569
    Rates (50:50) ¢ 0.05 ¢ 0.05 ¢ 0.05 $ 11,420 $ 11,420 $ 22,840
    Insurance (50:50) ¢ 0.06 ¢ 0.06 ¢ 0.11 $ 22,863 $ 22,863 $ 45,725
    ACC Levies (50:50) ¢ 0.02 ¢ 0.02 ¢ 0.03 $ 5,764 $ 5,764 $ 11,528
    Total Overhead Expenses ¢ 0.476 ¢ 0.476 ¢ 0.52 $ 111,270 $ 111,270 $ 222,540

    Total Farm Working Expenses (F.W.E)

    		 $ 5.87 $ 5.57 $ 5.73 $ 1,379,680 $ 1,072,696 $ 2,452,376

    Dairy Operating (Surplus/Deficit) (EBITDA)

    		 $ 2.87 $ 3.16 $ 3.00 $ 675,173 $ 608,889 $ 1,284,062

    EBIT p/HA

    		 $ 4,562 $ 4,114 $ 4,338

  • Clareview Actuals + Forecast 30 November 2022 (6+6)
    Conventional Regenerative Combined
    Effective Area 148 148 296
    Stocking Rate 3.84 3.28 3.56
    Cow Numbers 568 486 1,054
    Milk Solids 239,025 199,775 438,800
    Milk Solids Per Cow 421 411 416
    Milk Solids Per Ha 1615 1350 1482
    Payout (kg/MS) $9.10 $9.1 $9.1
    Stock Sales (p/kgMS) $0.3 $.3 $0.3
    Gross Income (p/KgMS) $9.4 $9.4 $9.4
    Total Revenue $2,246,630 $1,877,705 $4,124,335
    Conventional
    Budget
    (p/kgMS/Cow/Ha)    		 Regenerative
    Budget
    (p/kgMS/Cow/Ha)    		 Combined
    Budget
    (p/kgMS/Cow/Ha)    		 Conventional
    Budget
    ($$)    		 Regenerative
    Budget
    ($$)    		 Combined
    Budget
    ($$)

    Animal Expenses
    Animal Health (per/cow) $ 85.74 $ 88.86 $ 87.18 $ 48,700 $ 43,186 $ 91,886
    Breeding (per/cow) $ 7.05 $ 76.05 $ 76.05 $ 43,197 $ 36,961 $ 80,158
    Calf Rearing (per/cow) $ 12.4 $ 12.4 $ 12.4 7,042 6,026 13,068
    Other Animal – Allflex (per/cow) $ 36.21 $ 36.21 $ 36.21 $ 20,566 $ 17,597 $ 38,163
    Total Animal Expenses $ 210 $ 214 $ 212 $ 119,505 $ 103,770 $ 223,275

    Feed Expenses
    Feed On Farm / Supplements (per/cow) $ 4.5739 $ 356.38 $ 410.82 $ 259,800 $ 173,200 $ 433,000
    Feed On Farm / Oats, Swedes, Maize (per/ha) $ 133.82 0 $ 16.91 $ 5,006 0 $ 5,006
    Feed Off Farm / Grazing (per/cow) $ 503.49 $ 503.49 $ 503.49 285,980 244,694 530,674
    Total Feed Expenses $ 994.7 $ 859.86 $ 931.21 $ 550,786 $ 417,894 $ 968,680

    Pasture Expenses
    Irrigation (Excluding Electricty) (50:50 split) ¢ 0.07 ¢ 0.08 ¢ 0.07 $ 16,239 $ 16,239 $ 32,477
    Fertiliser (per/ha) $ 1,074 $ 510 $ 792.28 $ 158,987 $ 75,527 $ 234,514
    Pasture Renewal (Regrassing) (per/ha) $ 63.03 0 $ 31.52 $ 9,329 0 $ 9,329
    Regen/Diverse Crop (per/ha) 0 $ 102.12 $ 51.06 0 $ 15,114 $ 15,114
    Weed & Pest (50:50 split) ¢ 0.01 ¢ 0.02 ¢ 0.02 $ 3,303 $ 3,303 $ 6,606
    Total Pasture Expenses $ 1,137.35 $ 612.54 $ 874.94 $ 187,858 $ 110,183 $ 298,040

    Operating Expenses
    Electricty (Include Irrigation Electricty) (per/kgMS) ¢ 0.28 ¢ 0.28 ¢ 0,28 $ 66,470 $ 55,555 $ 122,025
    Freight Exps (per/cow) $ 12.32 $ 12.32 $ 12.32 $ 6,995 $ 5,986 $ 12,981
    Repairs & Maintenance (per/kgMS) ¢ 0.19 ¢ 0.19 ¢ 0.23 $ 54,473 $ 45,527 $ 100,000
    Shed Exps (per/kgMS) ¢ 0.08 ¢ 0.09 ¢ 0.09 $ 22,463 $ 18,775 $ 41,238
    Staff Costs (per/kgMS) ¢ 1.03 ¢ 1.05 ¢ 1.04 $ 246,136 $ 210,602 $ 456,738
    Vehicle Exps (per/kgMS) ¢ 0.11 ¢ 0.11 ¢ 0.11 $ 25,867 $ 22,133 $ 48000
    Total Operating Expenses $ 14.00 $ 14.05 $ 14.07 $ 422,405 $ 358,577 $ 780,982

    Other Operating Expenses
    Health and Safety (H&S) (50:50 split) ¢ 0.025 ¢ 0.029 ¢ 0.03 $ 5,861 $ 5,861 $ 11,722
    Other Operating Expenses (50:50 split) ¢ 0.014 ¢ 0.017 ¢ 0.02 $ 3,354 $ 3,354 $ 6,708
    Total Operating Expenses ¢ 0.039 ¢ 0.046 ¢ 0.042 $ 9,215 $ 9,215 $ 18,430

    Overhead Expenses
    Administration (Farm) (50:50 split) ¢ 0.05 ¢ 0.05 ¢ 0.05 $ 11,320 $ 11,320 $ 22,639
    Administration (Overheads) (50:50 split) ¢ 0.29 ¢ 0.29 ¢ 0.29 $ 63,285 $ 63,285 $ 126,570
    Rates (50:50 split) ¢ 0.05 ¢ 0.05 ¢ 0.06 $ 13,064 $ 13,064 $ 26,128
    Insurance (50:50 split) ¢ 0.06 ¢ 0.06 ¢ 0.08 $ 17,898 $ 17,898 $ 35,795
    ACC Levies (50:50 split) ¢ 0.02 ¢ 0.02 ¢ 0.03 $ 5,764 $ 5,74 $ 11,528
    Total Overhead Expenses ¢ 0.48 ¢ 0.48 ¢ 0.51 $ 111,330 $ 111,339 $ 22,660

    Total Farm Working Expenses (F.W.E)

    		 $ 5.86 $ 5.56 $ 5.72 $ 1,401,098 $ 1,110,969 $ 2,512,067

    Dairy Operating (Surplus/Deficit) (EBITDA)

    		 $ 3.54 $ 3.84 $ 3.67 $ 845,532 $ 766,736 $ 1,612,268

    EBIT p/HA

    		 $ 5,713 $ 5,181 $ 5,447

  • Clareview Budget – Year Ending 31st May 2023
    Conventional Regenerative Combined
    Effective Area 148 148 296
    Stocking Rate 3.85 3.18 3.56
    Cow Numbers 570 470 1040
    Milk Solids 249,920 208,880 458,800
    Milk Solids Per Cow 438 444 441
    Milk Solids Per Ha 1689 1411 1550
    Payout (kg/MS) $9.00 $9.00 $9.00
    Stock Sales (p/kgMS) $0.27 $0.27 $0.27
    Gross Income (p/KgMS) $9.27 $9.27 $9.27
    Total Revenue $2,316,758 $1,936,318 $4,253,076
    Conventional
    Budget
    (p/kgMS/Cow/Ha)    		 Regenerative
    Budget
    (p/kgMS/Cow/Ha)    		 Combined
    Budget
    (p/kgMS/Cow/Ha)    		 Conventional
    Budget
    ($$)    		 Regenerative
    Budget
    ($$)    		 Combined
    Budget
    ($$)

    Animal Expenses
    Animal Health (per/cow) $ 80.5 $ 83.17 $ 81.81 $ 45,886 $ 39,088 $ 84,974
    Breeding (per/cow) $ 72.42 $ 72.42 $ 72.42 $ 40,587 $ 34,728 $ 75,315
    Calf Rearing (per/cow) $ 15.55 $ 15.55 $ 15.55 8,713 7,455 16,168
    Other Animal – Allflex (per/cow)
    Total Animal Expenses $ 167.47 $ 171.13 $ 169.67 $ 95,186 $ 81,271 $ 176,457

    Feed Expenses
    Feed On Farm / Supplements (per/cow) $ 493.77 $ 322.45 $ 416.35 $ 281,450 $ 151,550 $ 433,000
    Feed On Farm / Oats, Swedes, Maize (per/ha) $ 93.92 0 $ 46.96 $ 13,900 0 $ 13,900
    Feed Off Farm / Grazing (per/cow) $ 516.81 $ 516.81 $ 516.81 289,651 247,836 537,487
    Total Feed Expenses $ 1,104.51 $ 839.26 $ 980.12 $ 585,001 $ 399,386 $ 984,387

    Pasture Expenses
    Irrigation (Excluding Electricty) (50:50 split) ¢ 0.08 ¢ 0.09 ¢ 0.08 $ 18,750 $ 18,750 $ 37,500
    Fertiliser (per/ha) $ 1,175 $ 528 $ 851.35 $ 173,880 $ 78,120 $ 252,000
    Pasture Renewal (Regrassing) (per/ha) $ 47.93 0 $ 23.96 $ 7,093 0 $ 7,093
    Regen/Diverse Crop (per/ha) 0 $ 83.95 $ 41.97 0 $ 12,424 $ 12,424
    Weed & Pest (50:50 split) ¢ 0.01 ¢ 0.01 ¢ 0.01 $ 2,600 $ 2,600 $ 5,200
    Total Pasture Expenses $ 1,222.88 $ 611.89 $ 917.38 $ 202,323 $ 111,894 $ 314,217

    Operating Expenses
    Electricty (Include Irrigation Electricty) (per/kgMS) ¢ 0.25 ¢ 0.25 ¢ 0.25 $ 61,772 $ 51,628 $ 113,400
    Freight Exps (per/cow) $ 19.06 $ 19.06 $ 19.06 $ 10,681 $ 9,139 $ 19,820
    Repairs & Maintenance (per/kgMS) ¢ 0.19 ¢ 0.19 ¢ 0.2 $ 49,516 $ 41,384 $ 90.900
    Shed Exps (per/kgMS) ¢ 0.08 ¢ 0.08 ¢ 0.08 $ 19,991 $ 16,709 $ 36,700
    Staff Costs (per/kgMS) ¢ 0.98 ¢ 1.01 ¢ 1.00 $ 246,136 $ 210,602 $ 456,738
    Vehicle Exps (per/kgMS) ¢ 0.08 ¢ 0.08 ¢ 0.08 $ 20,748 $ 17,752 $ 38,500
    Total Operating Expenses $ 20.66 $ 20.65 $ 20.66 $ 408,843 $ 347,215 $ 756,058

    Other Operating Expenses
    Health and Safety (H&S) (50:50 split) ¢ 0.027 ¢ 0.032 ¢ 0.05 $ 6,675 $ 6,675 $ 13,350
    Other Operating Expenses (50:50 split) ¢ 0.007 ¢ 0.009 $ 1,826 $ 1,826 $ 3,651
    Total Operating Expenses ¢ 0.034 ¢ 0.041 $ 8,501 $ 8,501 $ 17,001

    Overhead Expenses
    Administration (Farm) (50:50 split) ¢ 0.05 ¢ 0.05 ¢ 0.03 $ 7,873 $ 7,873 $ 15,746
    Administration (Overheads) (50:50 split) ¢ 0.29 ¢ 0.29 ¢ 0.28 $ 63,287 $ 63,287 $ 126,573
    Rates (50:50 split) ¢ 0.05 ¢ 0.05 ¢ 0.06 $ 13,065 $ 13,065 $ 26,129
    Insurance (50:50 split) ¢ 0.06 ¢ 0.06 ¢ 0.08 $ 17,898 $ 17,898 $ 35,795
    ACC Levies (50:50 split) ¢ 0.02 ¢ 0.02 ¢ 0.05 $ 10,500 $ 10,500 $ 21,000
    Total Overhead Expenses ¢ 0.56 ¢ 0.56 ¢ 0.57 $ 20,068 $ 17,095 $ 37,163

    Total Farm Working Expenses (F.W.E)

    		 $ 5.77 $ 5.11 $ 5.47 $ 1,443,043 $ 1,067,483 $ 2,510,526

    Dairy Operating (Surplus/Deficit) (EBITDA)

    		 $ 3.50 $ 4.16 $ 3.8 $ 873,715 $ 868,835 $ 1,742,550

    EBIT p/HA

    		 $ 5,974 $ 5,800 $ 5,887

  • Clareview 2021-22 Year End Actuals
    Conventional Regenerative Combined
    Effective Area 148 148 296
    Stocking Rate 3.74 3.21 3.47
    Cow Numbers 553 475 1028
    Milk Solids 236,894 185,673 422,567
    Milk Solids Per Cow 428 391 411
    Milk Solids Per Ha 1601 1255 1428
    Payout (kg/MS) $9.3 $9.3 $9,3
    Stock Sales (p/kgMS) $0.27 $0.27 $0.27
    Gross Income (p/KgMS) $9.57 $9.57 $9.57
    Total Revenue $2,267,079 $1,776,887 $4,043,966
    Conventional
    Budget
    (p/kgMS/Cow/Ha)    		 Regenerative
    Budget
    (p/kgMS/Cow/Ha)    		 Combined
    Budget
    (p/kgMS/Cow/Ha)    		 Conventional
    Budget
    ($$)    		 Regenerative
    Budget
    ($$)    		 Combined
    Budget
    ($$)

    Animal Expenses
    Animal Health (per/cow) $ 0.17 $ .24 $ 0.2 $ 39,950 $ 45,050 $ 85,000
    Breeding (per/cow) $ 0.15 $ 0.16 $ 0.16 $ 35,504 $ 30,496 $ 66,000
    Calf Rearing (per/cow) $ 0.03 $ 0.03 $ 0.03 6,296 5,408 11,704
    Other Animal – Allflex
    Total Animal Expenses $ 0.35 $ 0.44 $ 0.39 $ 81,750 $ 80,954 $ 162,704

    Feed Expenses
    Feed On Farm / Supplements (per/cow) $ 0.84 $ 0.77 $ 0.81 $ 198,400 $ 143,600 $ 342,000
    Feed On Farm / Oats, Swedes, Maize (per/ha) $ 0.06 0 $ 0.03 $ 13,447 0 $ 13,447
    Feed Off Farm / Grazing (per/cow) $ 1.01 $ 1.11 $ 1.05 239,912 206,072 445,984
    Total Feed Expenses $ 1.91 $ 1.88 $ 1.9 $ 451,759 $ 349,672 $ 801,431

    Pasture Expenses
    Irrigation (Excluding Electricty) (50:50 split) ¢ 0.08 ¢ 0.11 ¢ 0.09 $ 19,500 $ 19,500 $ 39,000
    Fertiliser (per/ha) $ 0.61 $ 0.41 $ 0.52 $ 143,696 $ 75,527 $ 219,223
    Pasture Renewal (Regrassing) (per/ha) $ 0.11 0 $ 0.06 $ 26,431 0 $ 26,431
    Regen/Diverse Crop (per/ha) 0 $ 0.1 $ 0.04 0 $ 18,341 $ 18,341
    Weed & Pest (50:50 split) ¢ 0.01 ¢ 0.01 ¢ 0.01 $ 2,350 $ 2,350 $ 4,700
    Total Pasture Expenses $ 0.81 $ 0.62 $ 0.73 $ 2,350 $ 115,718 $ 307,695

    Operating Expenses
    Electricty (Include Irrigation Electricty) (per/kgMS) ¢ 0.25 ¢ 0.25 ¢ 0.25 $ 59,144 $ 46,356 $ 105,500
    Freight Exps (per/cow) $ 0.03 $ 0.03 $ 0.03 $ 7,229 $ 6,209 $ 13,438
    Repairs & Maintenance (per/kgMS) ¢ 0.21 ¢ 0.21 ¢ 0.21 $ 49,099 $ 38,483 $ 87,582
    Shed Exps (per/kgMS) ¢ 0.08 ¢ 0.08 ¢ 0.08 $ 19,366 $ 15,179 $ 34,545
    Staff Costs (per/kgMS) ¢ 0.98 ¢ 1.08 ¢ 1.02 $ 232,413 $ 199,631 $ 432,044
    Vehicle Exps (per/kgMS) ¢ 0.11 ¢ 0.12 ¢ 0.12 $ 26,611 $ 22,857 $ 49,468
    Total Operating Expenses $ 1.66 $ 1.77 $ 1.71 $ 393,862 $ 328,715 $ 722,577

    Other Operating Expenses
    Health and Safety (H&S) (50:50 split) ¢ 0.02 ¢ 0.02 ¢ 0.02 $ 4,509 $ 4,509 $ 9,017
    Other Operating Expenses (50:50 split) ¢ 0.01 ¢ 0.01 ¢ 0.01 $ 2,250 $ 2,250 $ 4,500
    Total Operating Expenses ¢ 0.03 ¢ 0.04 ¢ 0.03 $ 6,759 $ 6,759 $ 13,517

    Overhead Expenses
    Administration (Farm) (50:50 split) ¢ 0.06 ¢ 0.08 ¢ 0.07 $ 14,779 $ 14,779 $ 29,558
    Administration (Overheads) (50:50 split) ¢ 0.28 ¢ 0.35 ¢ 0.31 $ 65,912 $ 65,912 $ 131,824
    Rates (50:50 split) ¢ 0.05 ¢ 0.07 ¢ 0.06 $ 12,080 $ 12,080 $ 24,160
    Insurance (50:50 split) ¢ 0.06 ¢ 0.08 ¢ 0.07 $ 14,275 $ 14,275 $ 28,550
    ACC Levies (50:50 split) ¢ 0.03 ¢ 0.03 ¢ 0.03 $ 6,301 $ 6,301 $ 12,601
    Total Overhead Expenses ¢ 0.48 ¢ 0.61 ¢ 0.54 $ 113,347 $ 113,347 $ 226,693

    Total Farm Working Expenses (F.W.E)

    		 $ 5.23 $ 5.36 $ 5.27 $ 1,239,452 $ 995,165 $ 2,227,117

    Dairy Operating (Surplus/Deficit) (EBITDA)

    		 $ 4.34 $ 4,21 $ 4.30 $ 1,207,627 $ 781,722 $ 1,816,849

    EBIT p/HA

    		 $ 6,943 $ 5,282 $ 6,138

  • Clareview Budget – Year Ending 31st May 2022
    Conventional Regenerative Combined
    Effective Area 148 148 296
    Stocking Rate 4.00 3.45 3.73
    Cow Numbers 592 511 1,103
    Milk Solids 266,400 214,600 481,000
    Milk Solids Per Cow 450 420 436
    Milk Solids Per Ha 1,800 1450 1625
    Payout (kg/MS) $9 $9 $9
    Stock Sales (p/kgMS) $0.35 $0.35 $0.35
    Gross Income (p/KgMS) $9.35 $9.35 $9.35
    Total Revenue $2,490,840 $2,006,510 $4,497,350
    Conventional
    Budget
    (p/kgMS/Cow/Ha)    		 Regenerative
    Budget
    (p/kgMS/Cow/Ha)    		 Combined
    Budget
    (p/kgMS/Cow/Ha)    		 Conventional
    Budget
    ($$)    		 Regenerative
    Budget
    ($$)    		 Combined
    Budget
    ($$)

    Animal Expenses
    Animal Health (per/cow) $ 0.13 $ 0.14 $ 0.13 $ 34,082 $ 29,419 $ 63,501
    Breeding (per/cow) $ 0.15 $ 0.16 $ 0.15 $ 39,018 $ 33,679 $ 72,697
    Calf Rearing (per/cow) $ 0.03 $ 0.04 $ 0.04 9,152 7,899 17,051
    Other Animal – Allflex
    Total Animal Expenses $ 0.31 $ 0.33 $ 0.32 $ 82,252 $ 70,997 $ 153,249

    Feed Expenses
    Feed On Farm / Supplements (per/cow) $ 0.82 $ 0.39 $ 0.63 $ 217,571 $ 84,629 $ 302,200
    Feed On Farm / Oats, Swedes, Maize (per/ha) $ 0.03 $ 0.01 $ 7,000 $ 7,000
    Feed Off Farm / Grazing (per/cow) $ 0.90 $ 0.96 $ 0.93 239,370 206,618 445,988
    Total Feed Expenses $ 1.74 $ 1.36 $ 1.57 $ 463,941 $ 291,247 $ 755,188

    Pasture Expenses
    Irrigation (Excluding Electricty) (50:50 split) ¢ 0.06 ¢ 0.08 ¢ 0.07 $ 16,750 $ 16,750 $ 33,500
    Fertiliser (per/ha) $ 0.45 $ 0.31 $ 0.39 $ 120,000 $ 67,500 $ 187,500
    Pasture Renewal (Regrassing) (per/ha) $ 0.02 $ 0.01 $ 4,720 $ 10,000 $ 14,720
    Regen/Diverse Crop (per/ha)
    Weed & Pest (50:50 split) ¢ 0.01 ¢ 0.01 ¢ 0.01 $ 1,574 $ 1,534 $ 3,108
    Total Pasture Expenses $ 0.54 $ 0.40 $ 0.48 $ 143,004 $ 95,784 $ 238,828

    Operating Expenses
    Electricty (Include Irrigation Electricty) (per/kgMS) ¢ 0.21 ¢ 0.23 ¢ 0.22 $ 56,624 $ 48,876 $ 105,000
    Freight Exps (per/cow) $ 0.03 $ 0.03 $ 0.03 $ 7,042 $ 6,078 $ 13,120
    Repairs & Maintenance (per/kgMS) ¢ 0.19 ¢ 0.19 ¢ 0.18 $ 47,007 $ 40,575 $ 87,582
    Shed Exps (per/kgMS) ¢ 0.08 ¢ 0.07 ¢ 0.07 $ 18,541 $ 16,004 $ 34,545
    Staff Costs (per/kgMS) ¢ 0.87 ¢ 0.93 ¢ 0.90 $ 231,885 $ 200,158 $ 432,043
    Vehicle Exps (per/kgMS) ¢ 0.07 ¢ 0.07 ¢ 0.07 $ 17,497 $ 15,103 $ 32,600
    Total Operating Expenses $ 1.42 $ 1.53 $ 1.47 $ 378,596 $ 326,794 $ 705,390

    Other Operating Expenses
    Health and Safety (H&S) (50:50 split) ¢ 0.00 ¢ 0.00 ¢ 0.00 $ 500 $ 500 $ 1,000
    Other Operating Expenses (50:50 split) ¢ 0.00 ¢ 0.00 ¢ 0.00 $ 506 $ 506 $ 1,012
    Total Operating Expenses ¢ 0.00 ¢ 0.00 ¢ 0.00 $ 1,006 $ 1,006 $ 2,012

    Overhead Expenses
    Administration (Farm) (50:50 split) ¢ 0.05 ¢ 0.05 ¢ 0.05 $ 11,279 $ 11,279 $ 22,558
    Administration (Overheads) (50:50 split) ¢ 0.29 ¢ 0.29 ¢ 0.27 $ 65,912 $ 65,912 $ 131,824
    Rates (50:50 split) ¢ 0.05 ¢ 0.05 ¢ 0.05 $ 12,080 $ 12,080 $ 24,160
    Insurance (50:50 split) ¢ 0.06 ¢ 0.06 ¢ 0.06 $ 14,275 $ 14,275 $ 28,550
    ACC Levies (50:50 split) ¢ 0.02 ¢ 0.02 ¢ 0.02 $ 4,000 $ 4,000 $ 8,000
    Total Overhead Expenses ¢ 0.40 ¢ 0.50 ¢ 0.45 $ 107,546 $ 107,546 $ 215,092

    Total Farm Working Expenses (F.W.E)

    		 $ 4.42 $ 4.12 $ 4.28 $ 1,176,385 $ 893,374 $ 2,069,759

    Dairy Operating (Surplus/Deficit) (EBITDA)

    		 $ 4.63 $ 5.13 $ 2.32 $ 1,177,288 $ 1,062,754 $ 2,240,042

    EBIT p/HA

    		 $ 7955 $ 7181 $ 7315