We have officially closed out another fiscal year for NuWay-K&H Cooperative. Our auditors, CarlsonSV, performed their physical inventory audits on September 1 and their in-house review of our financial performance the second week in September. We reviewed the audit with your cooperative’s board of directors at their September meeting and have received our completed “audited financials” from CarlsonSV.
In a previous article, I said we were on track to meet our budgeted goals, and we did just that. We have also improved our balance sheet and continue to create flexibility for NuWay-K&H Cooperative for future years in all divisions of the company. Let’s take a look at some of the final audited numbers and give you more insight into them.
OVERALL P&L:
| 2022 | 2021 | |
| Sales | $124.2m | $89.5m |
| Gross Margin | 22.3m | 19.4M |
| Total Expenses | 21.9m | 21.4m |
| Other Income | 2.9m | 4m |
| Net Margin | $4.0m | $4.1m |
Our Overall Company P&L reflects the 2022 financial results of many of our members. We had price increases in every sector but were able to manage the rising costs and expenses to ensure a successful year.
The sales increase is reflective of the increased pricing in fuels and fertilizers. This up market also creates margin opportunity based upon buying behaviors that are conservative yet still meeting our member’s demand.
We are very proud of the slight increase in overall expenses for FY 2022 as cost increases have been happening all over. These expenses continue to remain a topic of conversation as we enter FY 2023.
BALANCE SHEET
| 2022 | 2021 | |
| Current Assets | 25.8m | 23m |
| Total Assets | 77.4m | 74.9m |
| Current Liabilities | 21.6m | 19.6m |
| Total Liabilities | 77.4m | 74.9m |
Our Balance Sheet, as stated before, continues to improve and is the core (the foundation) of NuWay-K&H Cooperative. We continue to improve and replace our rolling stock and maintain our facilities to meet our members’ expectations and to keep the cooperative healthy and changing with the times. As we establish partnerships that provide a direct return to our members, we will reinvest these earnings directly back to NuWay-K&H Cooperative.
Earlier, I mention our balance sheet as being flexible. By that I mean your cooperative has performed financially well each year while still maintaining a long- term outlook.
DIVISION SALES VOLUMES & DOLLARS
| 2022 | 2021 | |
| Total Fertilizer (tons) | 36.5k | 43.9k |
| Total Chemical Sales ($) | 10.5m | 8.0m |
| Total Seed Sales ($) | 7.4m | 7.3m |
| Total Energy (Gal) | 27.2m | 26.8m |
| Total Retail Sales ($) | 21.3m | 16.5m |
Thank you for collaborating with us and for supporting your cooperative. Please feel free to reach out to me if you have any questions. We look forward to serving your future needs.
