Flour Milling Template 4-5-2004

8/3/2019 Flour Milling Template 4-5-2004

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Flour Milling Feasibility Template

Developed for: Ag Marketing Resource Center

Developed by: Phil Kenkel and Rodney Holcomb, Oklaho

This template is designed to assist you in assessing the feasibility of a fl

Benchmark PP&E costs, utility requirements, and staffing requirements

developed by Flores et. al at Kansas State University (see Transactions

However, these and many other operational factors may be altered by th

Disclaimer: Neither the OSU researchers, nor the KSU developers of the

template or decisions made by template users based upon the model res

Input cells are shaded in yellow.Each sheet is currently protected allowing you to only input information i

The template can be modified and expanded to meet your particular situ

If you choose to modify the template we would advise you to save it und

To get started go to the "Input Values" page.

For comments or suggestions contact: Phil Kenkel, [email protected] 405-744-9818

Rodney Holcomb, [email protected] 405-744



a State University

ur mill.

ere taken from the Mill Management Economic Model

f the ASAE vol. 36(4):1143-1149, July-August 1993).

users of this template.

MMEM, accept responsibility for the accuracy of this

ults.

n the input cells.

tion by turning off the protection.

r another name and retain the original for reference.

6272



General

Label Value Unit

Mill capacity (cwt/24-hr day) 7,000 cwt

% annual production increase 1%

Yearly bushel purchased 5,518,018 bu

Weight for 1 bushel of wheat 60 lbs

Yearly lbs of wheat purchased 331,081,081 lbsDays of Operation 350 days

Discount Rate for NPV calc. 12%

Products

Label Value Unit

Flour Production

Flour Production per Bu (lbs) 44.4 lbs

Cwt of Flour Produced/year 2,450,000.00 cwt

% of Flour Production to A 50.00% %

% of Flour Production to B 40.00% %

% of Flour Production to C 10.00% %

% of Flour Production to Bulk 70.00% %Cwt of Flour to Pk 100 lb 735,000.00 cwt

Sale Price: Package 100 lb $12.00 $/cwt

Total Flour to Packaged Sales 735,000.00 cwt

Cwt of Flour to Bulk A 857,500.00 cwt

Sale Price: Bulk-A $10.45 $/cwt

Cwt of Flour to Bulk B 686,000.00 cwt

Sale Price: Bulk-B $10.35 $/cwt

Cwt of Flour to Bulk C 171,500.00 cwt

Sale Price: Bulk-C $6.00 $/cwt

Total Flour to Bulk Sales 1,715,000.00 cwt

Sales Price Inflation 1% %/yr

Millfeed Production

Millfeed Production per Bu (lbs) 15.6 lbs

Millfeed Production per Bu (cwt) 0.156 cwt

Pounds of Millfeed Produced/year 86,081,081 lbs

Cwt of Millfeed Produced/year 860,811 cwt

Sale Price: $/ton $105.00 $/ton

Sales Price: $/cwt $5.25 $/cwt

Sales Price Inflation 1% %/yr

Assumptions

Maintenace as % PPE 5.00%Property Tax as % PPE 0.05%

Insurance as % PPE 2.00%

Income Tax Rate 60.00%

% Senior Debt 40.00%

% Equity 60.00%

Employee Benefits % 30%

Wage Inflation 1%

Expense Inflation 1%



Year 0 Start-up Expenses $1,000,000



Mill Operations

Label Value

Average flour yield 74%

Average millfeed yield 26%

Utilities

Electricity $/kWhr $2.00Electricity Requirement HP/day 532.76

Electricity Requirement HP/yr 186,466.00

HP/kWhr 0.7460

Electricity Requirement kWhr 397.44

Electricity Inflation Factor 1%

Water & Steam as % electricity 5%

Expenses

Label Value Unit Amount (annual)

Price FOB elevator $4.00 $/bu $22,072,072.07

Transportation cost $0.50 $/bu $2,759,009.01

Insurance transportation cost $0.00 $/bu $0.00Demurrage $0.02 $/bu $110,360.36

Elevation cost $0.06 $/bu $331,081.08

Switching cost $0.00 $/bu $0.00

Unloading cost $0.00 $/bu $0.00

Other wheat delivery costs $0.00 $/bu $0.00

In-elevator handling cost $0.00 $/bu $0.00

Storage cost $0.00 $/bu $0.00

Fumigation cost $0.00 $/bu $0.00

Shrinkage cost $0.00 $/bu $0.00

Bagging material $0.09 $/cwt $289,695.95

Marketing expense $0.26 $/cwt $844,256.76

Total estimate expense $26,406,475.23

Products

Bulk A Bakers short patent

Bulk B Bakers standard patent

Bulk C Second clear

Package 100 lb Bakers short patent, 100 pound package

Millfeed Bulk (not bagged), unpelleted

Note: Other input cells (shaded in yellow) are found on the following pages:

1. Market Projections2. Personnel

3. Loan Amortization

4. Depreciation



Revenue

Year 0 Year 1 Year 2 Year 3

Bulk A

Total amount (cwt) 0 857,500.00 866,075.00 874,735.75

Price/unit $10.45 $10.45 $10.55 $10.66

Gross Sales $0.00 $8,960,875 $9,140,989 $9,324,722

Bulk B

Total amount (cwt) 0 686,000.00 692,860.00 699,788.60

Price/unit $10.35 $10.35 $10.45 $10.56

Gross Sales $0.00 $7,100,100 $7,171,101 $7,242,812

Bulk C

Total amount (cwt) 0 171,500.00 173,215.00 174,947.15

Price/unit $6.00 $6.00 $6.06 $6.12

Gross Sales $0.00 $1,029,000 $1,039,290 $1,049,683

Package 100 lbTotal amount (cwt) 0 735,000.00 742,350.00 749,773.50

Price/unit $12.00 $12.00 $12.12 $12.24

Gross Sales $0.00 $8,820,000 $8,908,200 $8,997,282

Millfeed

Total amount (cwt) 0 860,811 869418.919 878113.108

Price/unit $5.25 $5.25 $5.30 $5.36

Gross Sales $0.00 $4,519,257 $4,564,449 $4,610,094

Total Sales Revenue $0 $30,429,232 $30,824,029 $31,224,593

Cost of Goods SoldYear 1 Year 2 Year 3

Wheat Price FOB elevator $22,072,072 $22,292,793 $22,515,721

Transportation cost $2,759,009 $2,786,599 $2,814,465

Insurance transportation cost $0 $0 $0

Demurrage $110,360 $111,464 $112,579

Elevation cost $331,081 $334,392 $337,736

Switching cost $0 $0 $0

Unloading cost $0 $0 $0

Other wheat delivery costs $0 $0 $0

In-elevator handling cost $0 $0 $0

Storage cost $0 $0 $0

Fumigation cost $0 $0 $0Shrinkage cost $0 $0 $0

Bagging material $289,696 $292,593 $295,519

Total Cost of Goods Sold $25,562,218 $25,817,841 $26,076,019

Gross Margin $4,867,013.29 $5,006,188.26 $5,148,574.13



Year 4 Year 5 Year 6 Year 7 Year 8 Year 9

883,483.11 892,317.94 901,241.12 910,253.53 919,356.06 928,549.63

$10.77 $10.87 $10.98 $11.09 $11.20 $11.32

$9,512,149 $9,703,344 $9,898,381 $10,097,338 $10,300,295 $10,507,331

706,786.49 713,854.35 720,992.89 728,202.82 735,484.85 742,839.70

$10.66 $10.77 $10.88 $10.99 $11.10 $11.21

$7,315,240 $7,388,393 $7,462,276 $7,536,899 $7,612,268 $7,688,391

176,696.62 178,463.59 180,248.22 182,050.71 183,871.21 185,709.93

$6.18 $6.24 $6.31 $6.37 $6.43 $6.50

$1,060,180 $1,070,782 $1,081,489 $1,092,304 $1,103,227 $1,114,260

757,271.24 764,843.95 772,492.39 780,217.31 788,019.48 795,899.68

$12.36 $12.49 $12.61 $12.74 $12.87 $12.99

$9,087,255 $9,178,127 $9,269,909 $9,362,608 $9,456,234 $9,550,796

886894.239 895763.182 904720.813 913768.022 922905.702 932134.759

$5.41 $5.46 $5.52 $5.57 $5.63 $5.68

$4,656,195 $4,702,757 $4,749,784 $4,797,282 $4,845,255 $4,893,707

$31,631,019 $32,043,402 $32,461,839 $32,886,432 $33,317,279 $33,754,485


$22,740,878 $22,968,287 $23,197,970 $23,429,949 $23,664,249 $23,900,891

$2,842,610 $2,871,036 $2,899,746 $2,928,744 $2,958,031 $2,987,611

$0 $0 $0 $0 $0 $0

$113,704 $114,841 $115,990 $117,150 $118,321 $119,504

$341,113 $344,524 $347,970 $351,449 $354,964 $358,513

$0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0

$298,474 $301,459 $304,473 $307,518 $310,593 $313,699

$26,336,779 $26,600,147 $26,866,149 $27,134,810 $27,406,158 $27,680,220

$5,294,239.56 $5,443,254.67 $5,595,690.99 $5,751,621.54 $5,911,120.87 $6,074,265.06



Year 10

937,835.12

$11.43

$10,718,528

750,268.10

$11.32

$7,765,275

187,567.02

$6.56

$1,125,402

803,858.68

$13.12

$9,646,304

941456.106

$5.74

$4,942,645

$34,198,154

Year 10

$24,139,900

$3,017,488

$0

$120,700

$362,099

$0

$0

$0

$0

$0

$0$0

$316,836

$27,957,022

$6,241,131.75



Fixed

Cost Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6

General & Administrative $322,140 $325,361 $328,615 $331,901 $335,220 $338,572

Maintenance $648,878 $655,367 $661,921 $668,540 $675,225 $681,978

Insurance $259,551 $262,147 $264,768 $267,416 $270,090 $272,791

Property Taxes $3,202 $3,234 $3,267 $3,299 $3,332 $3,366

Depreciation $1,084,800 $1,755,222 $1,295,129 $966,490 $732,500 $731,842Interest $565,282 $536,615 $505,655 $472,219 $436,107 $397,106

Total Fixed $2,883,854 $3,537,948 $3,059,355 $2,709,865 $2,452,475 $2,425,655

Variable

Cost Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6

Labor: Yearly Wages $789,600 $797,496 $805,471 $813,526 $821,661 $829,878

Labor: Benefits $236,880 $239,249 $241,641 $244,058 $246,498 $248,963

Labor: Overtime $51,324 $51,837 $52,356 $52,879 $53,408 $53,942

Total Labor Expenses $1,077,804 $1,088,582 $1,099,468 $1,110,463 $1,121,567 $1,132,783

Utilities: Electricity $372,932.00 $376,661.32 $380,427.93 $384,232.21 $388,074.53 $391,955.28

Utilities: Water $18,646.60 $18,833.07 $19,021.40 $19,211.61 $19,403.73 $19,597.76

Total Utilities $391,579 $395,494 $399,449 $403,444 $407,478 $411,553Cost of Goods Sold* $25,562,218 $25,817,841 $26,076,019 $26,336,779 $26,600,147 $26,866,149

Total Variable $27,031,601 $27,301,917 $27,574,936 $27,850,686 $28,129,192 $28,410,484

*COGS breakdown on Market Projections Worksheet

Other Costs $0 $0 $0 $0 $0 $0

Total Costs $29,915,455 $30,839,865 $30,634,291 $30,560,551 $30,581,667 $30,836,140




$341,958 $345,378 $348,831 $352,320

$688,797 $695,685 $702,642 $709,669

$275,519 $278,274 $281,057 $283,867

$3,399 $3,433 $3,468 $3,502

$732,500 $145,552 $145,552 $145,552$354,985 $309,495 $260,365 $207,305

$2,397,159 $1,777,817 $1,741,915 $1,702,215


$838,176 $846,558 $855,024 $863,574

$251,453 $253,967 $256,507 $259,072

$54,481 $55,026 $55,577 $56,132

$1,144,111 $1,155,552 $1,167,107 $1,178,778

$395,874.83 $399,833.58 $403,831.92 $407,870.24

$19,793.74 $19,991.68 $20,191.60 $20,393.51

$415,669 $419,825 $424,024 $428,264$27,134,810 $27,406,158 $27,680,220 $27,957,022

$28,694,589 $28,981,535 $29,271,350 $29,564,064

$0 $0 $0 $0

$31,091,748 $30,759,352 $31,013,266 $31,266,279



Annual Total # of Total Benefits Annual

Job Type Salary Employees Salaries Expense Bonus

General and Administrative Positions

Storage and Receiving Foreman $25,000 1 $25,000 $7,500 5%

Packaging, Storage, and Loadout Foreman $25,000 1 $25,000 $7,500 5%

Chief Chemist $28,000 1 $28,000 $8,400 5%

Maintenance Foreman $25,000 1 $25,000 $7,500 5%Manager $50,000 1 $50,000 $15,000 5%

Assistant Manager $35,000 1 $35,000 $10,500 5%

Superintendent $20,000 1 $20,000 $6,000 5%

Clerical A $15,000 1 $15,000 $4,500 5%

Clerical B $13,000 1 $13,000 $3,900 5%

Totals

General Labor Positions (Direct Labor) Wage Rate 24 hours 8 hours 8 hours

(Hourly) (Monthly) [All Day] [Morning] [Afternoon]

Receiving and Storage

Unloader $9.00 1 1

Cleaning and Conditioning:

Smutter-oiler A $8.00 1 1

Smutter-oiler B $7.00

Milling:

Miller-bolter A $10.00 1

Miller-bolter B $9.00 1

Oiler-sweeper A $10.00 1

Oiler sweeper B $9.00 1

Packaging, Storage and Loadout:

Packer A $10.00 1 1

Packer B $9.00 2 2

Loader A $10.00 1 1

Loader B $9.00 2 1

Laboratory:

Chemist $10.00 1

Maintenance:

First Class A $10.00

First Class B $9.00 1 1

Second Class A $8.00 1

Second Class B $7.00 1

Other:

Chemist-sanit. relief A $10.00 1

Chemist-sanit. relief B $9.00 1

Unloader-loader-sweeper A $8.00

Unloader-loader-sweeper B $7.00

Total Labor Expense

Total # of Employees 0 14 12



Bonus Yearly

Expense Expense

$1,625 $34,125

$1,625 $34,125

$1,820 $38,220

$1,625 $34,125$3,250 $68,250

$2,275 $47,775

$1,300 $27,300

$975 $20,475

$845 $17,745

$322,140

8 hours Total # of Hours/ Hours/ $/ Benefits Overtime Overtime

[Night] Employees Day Year Year Expense Percentage Expense

2 16 5,600 $50,400 $15,120.00 5% $3,276.00

2 16 5,600 $44,800 $13,440.00 5% $2,912.00

1 1 8 2,800 $19,600 $5,880.00 5% $1,274.00

1 2 16 5,600 $56,000 $16,800.00 5% $3,640.00

1 8 2,800 $25,200 $7,560.00 5% $1,638.00

1 2 16 5,600 $56,000 $16,800.00 5% $3,640.00

1 8 2,800 $25,200 $7,560.00 5% $1,638.00

2 16 5,600 $56,000 $16,800.00 5% $3,640.00

4 32 11,200 $100,800 $30,240.00 5% $6,552.00

2 16 5,600 $56,000 $16,800.00 5% $3,640.00

3 24 8,400 $75,600 $22,680.00 5% $4,914.00

1 8 2,800 $28,000 $8,400.00 5% $1,820.00

1 1 8 2,800 $28,000 $8,400.00 5% $1,820.00

2 16 5,600 $50,400 $15,120.00 5% $3,276.00

1 8 2,800 $22,400 $6,720.00 5% $1,456.00

1 8 2,800 $19,600 $5,880.00 5% $1,274.00

1 8 2,800 $28,000 $8,400.00 5% $1,820.00

1 8 2,800 $25,200 $7,560.00 5% $1,638.00

1 1 8 2,800 $22,400 $6,720.00 5% $1,456.00

0 - $0 $0.00 5% $0.00

$789,600 $236,880 $51,324

5 31



Yearly

Total Expense

$68,796.00

$61,152.00

$26,754.00

$76,440.00

$34,398.00

$76,440.00

$34,398.00

$76,440.00

$137,592.00

$76,440.00

$103,194.00

$38,220.00

$38,220.00

$68,796.00

$30,576.00

$26,754.00

$38,220.00

$34,398.00

$30,576.00

$0.00

$1,077,804



Loan Amortization

Total PP&E $12,977,568.00

Member Equity $7,786,540.80

Loan amount $5,191,027.20

Long term interest rate 8.00%

Loan term 10.00Annual Payment $773,616.13

Year 1 Year 2

Beginning Balance $5,191,027.20 $4,832,693.25

Interest $415,282.18 $386,615.46

Principal $358,333.95 $387,000.67

Ending Balance $4,832,693.25 $4,445,692.58

Working Capital* $2,500,000.00

Short Term Interest Rate 6.00%

Interest Amount $150,000.00

Total Interest Expense $565,282.18 $536,615.46

Total Principle Payment $358,333.95 $387,000.67

*Working Capital is the short-term borrowing made by the mill to purchase inputs and make payroll,

Note: While this value may be determined by the template's users, a good rule of thumb is 10% of t



Year 3 Year 4 Year 5 Year 6 Year 7

$4,445,692.58 $4,027,731.85 $3,576,334.27 $3,088,824.88 $2,562,314.75

$355,655.41 $322,218.55 $286,106.74 $247,105.99 $204,985.18

$417,960.72 $451,397.58 $487,509.39 $526,510.14 $568,630.95

$4,027,731.85 $3,576,334.27 $3,088,824.88 $2,562,314.75 $1,993,683.80

$505,655.41 $472,218.55 $436,106.74 $397,105.99 $354,985.18

$417,960.72 $451,397.58 $487,509.39 $526,510.14 $568,630.95

all to be paid back during the operating year.

e average annual Total Variable costs.



Year 8 Year 9 Year 10

$1,993,683.80 $1,379,562.37 $716,311.23

$159,494.70 $110,364.99 $57,304.90

$614,121.43 $663,251.14 $716,311.23

$1,379,562.37 $716,311.23 $0.00

$309,494.70 $260,364.99 $207,304.90

$614,121.43 $663,251.14 $716,311.23



Buildings

Depreciation Cost $6,307,235.00

Buildings Value Life 39

Receiving/ Storage $2,752,568.00 Salvage percent 10%

Cleaning/ Cleaning $1,047,111.00 Salvage $630,723.50

Milling $955,833.00 Depreciation per year $145,551.58Product Packaging/Storage/etc $1,431,167.00

Lab/ Office $120,556.00 Equipment

Total Buildings $6,307,235.00 Cost $6,572,767.00

Salvage Percent 10.00% Life 7

Salvage $630,723.50 Year Yearly Depreciation

Life 39 1 $939,248.40

2 $1,609,670.64

Equipment (Includes Installation) Value 3 $1,149,576.95

Receiving/ Storage $1,659,217.00 4 $820,938.60

Cleaning/ Cleaning $668,275.00 5 $586,948.09

Milling $2,847,960.00 6 $586,290.82

Product Packaging/Storage/etc $1,206,106.00 7 $586,948.09Lab/ Office $191,209.00 $6,279,621.59

Total Equipment $6,572,767.00

Total Land $97,566.00

Total Property Plant & Equipment $12,977,568.00



Rate Balance

14.29% $5,633,519

24.49% $4,023,848

17.49% $2,874,271

12.49% $2,053,332

8.93% $1,466,384

8.92% $880,094

8.93% $293,145

95.54%



Income and Expense Summary

Gross Sales Year 1 Year 2 Year 3 Year 4

Bulk A $8,960,875.00 $9,140,988.59 $9,324,722.46 $9,512,149.38

Bulk B $7,100,100.00 $7,171,101.00 $7,242,812.01 $7,315,240.13

Bulk C $1,029,000.00 $1,039,290.00 $1,049,682.90 $1,060,179.73

Package 100 lb $8,820,000.00 $8,908,200.00 $8,997,282.00 $9,087,254.82Millfeed $4,519,256.76 $4,564,449.32 $4,610,093.82 $4,656,194.76

Total Sales $30,429,231.76 $30,824,028.91 $31,224,593.19 $31,631,018.81

Expenses

Variable Costs $27,031,601.07 $27,301,917.08 $27,574,936.25 $27,850,685.61

Fixed Costs $2,883,854.32 $3,537,947.56 $3,059,354.91 $2,709,865.41

Other $0.00 $0.00 $0.00 $0.00

Total Expenses $29,915,455.39 $30,839,864.64 $30,634,291.16 $30,560,551.03

EBT $513,776.37 ($15,835.72) $590,302.02 $1,070,467.79

*Interest is included in fixed expenses

Income Taxes $308,265.82 $0.00 $354,181.21 $642,280.67

Net Income $205,510.55 ($15,835.72) $236,120.81 $428,187.12

Approx. Cash Flow* $931,976.58 $1,352,385.82 $1,113,288.61 $943,279.71

*Cash flow does not consider increases or decreases in working capital.




$9,703,343.58 $9,898,380.79 $10,097,338.24 $10,300,294.74 $10,507,330.66 $10,718,528.01

$7,388,392.53 $7,462,276.46 $7,536,899.22 $7,612,268.21 $7,688,390.90 $7,765,274.80

$1,070,781.53 $1,081,489.34 $1,092,304.23 $1,103,227.28 $1,114,259.55 $1,125,402.15

$9,178,127.37 $9,269,908.64 $9,362,607.73 $9,456,233.81 $9,550,796.14 $9,646,304.11$4,702,756.70 $4,749,784.27 $4,797,282.11 $4,845,254.93 $4,893,707.48 $4,942,644.56

$32,043,401.71 $32,461,839.50 $32,886,431.54 $33,317,278.97 $33,754,484.74 $34,198,153.62

$28,129,192.47 $28,410,484.39 $28,694,589.24 $28,981,535.13 $29,271,350.48 $29,564,063.99

$2,452,474.67 $2,425,655.32 $2,397,158.86 $1,777,817.03 $1,741,915.02 $1,702,214.92

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00

$30,581,667.14 $30,836,139.72 $31,091,748.10 $30,759,352.16 $31,013,265.50 $31,266,278.90

$1,461,734.57 $1,625,699.78 $1,794,683.44 $2,557,926.81 $2,741,219.23 $2,931,874.72

$877,040.74 $975,419.87 $1,076,810.07 $1,534,756.09 $1,644,731.54 $1,759,124.83

$584,693.83 $650,279.91 $717,873.38 $1,023,170.72 $1,096,487.69 $1,172,749.89

$829,684.11 $855,612.17 $881,742.10 $554,600.88 $578,788.13 $601,990.23



This sheet summaries the feasibility of the project. It provides net present value

The Net Present Value calculations are based on the discount rate you entered o

Discount Rate 12.00%

Year 0 1 2

Gross Margin $30,429,232 $30,824,029Discount Factor 1.0000 0.892857 0.797194

PV of Income $0 $27,168,957 $24,572,727

Initial Investment $12,977,568

Start-up Expenses $1,000,000

Annual Expenses $29,915,455 $30,839,865

Less Depreciation and Term Interest 1,500,082 2,141,838

Cash Expenses $13,977,568 $28,415,373 $28,698,027

Discount factor 1.0000 0.892857 0.797194

PV of Expenses $13,977,568 $25,370,869 $22,877,891

Benefits less Costs -$13,977,568 $2,013,859 $2,126,002

PV Benefits less PV Costs -$13,977,568 $1,798,088 $1,694,836

Total PV of Income $180,212,819

Total PV of Expenses $180,393,698

Net Present Value -$180,879

Internal Rate of Return 11.7078%

PV Benefit/PV Cost Ratio 1.00

Payback Period*Payback Period only displayed if less than 10 years

Return on Assets 1.58% -0.12%

(after tax profits/PP&E investment)



, benefit cost ratio and internal rate of return

n the input page

3 4 5 6 7

$31,224,593 $31,631,019 $32,043,402 $32,461,839 $32,886,4320.711780 0.635518 0.567427 0.506631 0.452349

$22,225,049 $20,102,084 $18,182,287 $16,446,178 $14,876,152

$30,634,291 $30,560,551 $30,581,667 $30,836,140 $31,091,748

1,650,784 1,288,709 1,018,606 978,948 937,485

$28,983,507 $29,271,842 $29,563,061 $29,857,191 $30,154,263

0.711780 0.635518 0.567427 0.506631 0.452349

$20,629,888 $18,602,785 $16,774,875 $15,126,582 $13,640,257

$2,241,086 $2,359,177 $2,480,341 $2,604,648 $2,732,168

$1,595,161 $1,499,299 $1,407,412 $1,319,596 $1,235,894

1.82% 3.30% 4.51% 5.01% 5.53%



8 9 10

$33,317,279 $33,754,485 $34,198,1540.403883 0.360610 0.321973

$13,456,290 $12,172,206 $11,010,890

$30,759,352 $31,013,266 $31,266,279

305,046 255,917 202,856

$30,454,306 $30,757,349 $31,063,422

0.403883 0.360610 0.321973

$12,299,983 $11,091,408 $10,001,591

$2,862,973 $2,997,136 $3,134,731

$1,156,307 $1,080,797 $1,009,300

7.88% 8.45% 9.04%

Flour Milling Template 4-5-2004

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Transcript of Flour Milling Template 4-5-2004