About income statements and balance sheets for agriculture
Income statements and balance sheet for agriculture are published for three agricultural sectors, classified by three main economic activities: sheep farms, dairy farms and other cattle farms. Main economic activity is determined by sector classification and distribution of income on agriculture tax documents. Main economic activity is therefore the type of farming that accounts for the largest share of income. The statistics are classified by region and farm size and are based on data from annual tax statements and agriculture tax documents. The information is presented in the standard format of income statements and balance sheets.
In 2017, there were 1,441 farms with sheep farming as their main economic activity in Iceland, 36 fewer than in the previous year. Their net income was 11.8 billion ISK, 109.9% less than the year before. As a result, their EBIT declined by 56% between 2016 and 2017.
|Sheep farms (by main economic activity)||2016||2017||% Change|
|Income, million ISK||13,064||11,761||-10.0%|
|Expenses, million ISK||11,366||11,016||-3.1%|
|EBIT, million ISK||1,698||744||-56.2%|
Of the aforementioned 1,441 sheep farms, there were 520 farms that had less than 100 sheep (36% of all sheep farms). Farms with less than 100 sheep had an operating income of 1.2 billion ISK (11% of total sheep farm income), but their EBIT turned out to be negative by 96 million ISK, in comparison to 744 million ISK net EBIT for all sheep farms.
|Number of sheep||Number ofsheep farms||Income,million ISK||Expenses, million ISK||EBIT,million IS|
There were 614 farms in 2017, with the main economic activity of breeding dairy cows. Revenue of dairy farms was 21.9 billion ISK in 2017 compared with 23.9 billion ISK the year before, declined by 8.5%.
|Dairy farms (by main economic activity)||2016||2017||% Change|
|Operating income, million ISK||23,940||21,897||-8.5%|
|Operating costs, million ISK||18,889||18,470||-2.2%|
|EBIT, million ISK||5,051||3,427||-32.2%|
Assets increased by 5.5% from the previous year and liabilities by 2.2%. As a result, equity of dairy farms improved the fifth year in a row and equity ratio at end of year was 0%.