| |
7. Investments
A summary of investments at December 31 is as follows:
| |
2003 |
2002 |
|
| CF Industries, Inc. |
$249,502 |
$249,502 |
| Agriliance LLC |
92,134 |
91,629 |
| Ag Processing Inc |
37,941 |
37,854 |
| Advanced Food Products LLC |
29,494 |
27,418 |
| CoBank, ACB |
18,583 |
22,061 |
| Universal Cooperatives |
8,224 |
6,473 |
| Agronomy Company of Canada Ltd |
7,954 |
5,660 |
| Melrose Dairy Proteins, LLC |
6,623 |
6,579 |
| Prairie Farms Dairy, Inc. |
5,125 |
5,092 |
| MoArk/Fort Recovery Egg Marketing, LLC |
2,210 |
– |
| MoArk LLC |
– |
44,678 |
| Other – principally cooperatives and joint ventures |
48,851 |
48,646 |
|
| Total investments |
$506,641 |
$545,592 |
|
On July 1, 2003, the Company began consolidating MoArk LLC, which
prior to that date was accounted for as an equity investment. See
Note 2 for additional information. Also in 2003, the Company sold
its investment in a swine joint venture within the Feed segment
for $3.0 million in cash.
During 2002, the Company sold its interest in PEC Mark II (Malta
Cleyton), a Mexican feed joint venture, for $5.6 million in cash
and a $2.0 million note receivable.
Land O’Lakes largest equity investments, based on each investee’s
total assets or earnings, are Agriliance LLC, Advanced Food Products
LLC, Melrose Dairy Proteins, LLC and MoArk/Fort Recovery Egg Marketing,
LLC at December 31, 2003 and Agriliance LLC, Advanced Food Products
LLC, Melrose Dairy Proteins, LLC and MoArk LLC at December 31, 2002.
Summarized financial information, in aggregate, for the four largest
equity investments, which comprise most of the equity investments,
is as follows:
| |
2003 |
2002 |
|
| Net sales |
$ |
3,907,460 |
$4,289,667 |
| Gross profit |
446,402 |
418,650 |
| Net income |
92,456 |
45,839 |
| Current assets |
1,410,931 |
1,511,267 |
| Non-current assets |
192,313 |
362,352 |
| Current liabilities |
1,116,937 |
1,307,462 |
| Non-current liabilities |
201,469 |
201,321 |
| Total equity |
284,838 |
364,836 |
|
|
