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Select Harvests Limited (ASXSHV) 1H FY 2020 Half Year Results Presentation to 31 March 2020

22 May 2020

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This presentation is provided for information purposes only and has been prepared using information provided by the company The information contained in this presentation is not intended to be relied upon as advice to investors and does not take into account the investment objectives financial situation or needs of any particular investor Investors should consider their own individual investment and financial circumstances in relation to any investment decision

Certain statements contained in this presentation may constitute forward-looking statements or statements about future matters that are based upon information known and assumptions made as of the date of this presentation These statements are subject to risks and uncertainties Actual results may differ materially from any future results or performance expressed predicted or implied by the statements contained in this presentation

The Select Harvests Limited financial statements are prepared in accordance with Australian Accounting Standards other authoritative pronouncements of the Australian Accounting Standards Board Urgent Issues Group Interpretations and the Corporations Act 2001 This includes application of AASB 141 Agriculture in accounting for the current year almond crop which is classified as a biological asset In applying this standard to determine the value of the current year crop the Company makes various assumptions at the balance date as the selling price of the crop can only be estimated and the actual crop yield will not be known until it is completely processed and sold The resulting accounting estimates will by definition seldom equal the related actual results and have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year

This presentation has been approved by the Board of SHV

Disclaimer amp Basis of Preparation

3



3

Wemen Farm ndash October 2015

3

1H FY 2020 Financial Overview

A solid performance given reduced almond pricing and increased water costs

$174mdarr$27m

NPAT

$345mdarr$40m

EBITDA1

181 cpsdarr138

- Interim dividend of 9 cps fully franked

- DRP at 3 discount

EPSNet DebtEquity (excl Leases)176

- $704m Bank Debt ndash in line with seasonal peak

- Net $2695m leases on Balance Sheet with adoption of AASB16

Half Year ROCE

48darr11

Operating Cashflow

1 - Non-IFRS measure used by the company are relevant because they are consistent with measures used internally by management and by some in the investment community to assess the operating performance of the business The non-IFRS measures have not been subject to audit or review

($322m)darr$178m

- FY2019 Tax payment and AASB reporting change

- Delayed shipments due to COVID-19

4



4


4

1H FY 2020 Business Overview

Consistent solid performance despite significant external challenges

22600 MTFlat

- Maintained better than industry standard yields

- Young orchards maturing- 359 mature acres removed and

re-planted

Almond Volume

$820kgdarr47

- Over 70 of the 2020 crop is contracted for sale

- Price impacted by COVID-19 supply chain issues and a large estimated 2020 US crop

Almond Price

$281mdarr108

- Decreased almond pricing - Increased horticultural costs in

line with tree age profile- Significant increase in water

costs

$17mdarr274

- Continued domestic margin pressure vs retailer house brands

- Maintenance shut-down of Parboil value add facility

Food Division EBIT

- AASB16 Lease Accounting implemented

- Focus on cashflow management

- Inorganic growth options continue to be pursued ndashincrease in corporate activity

- Increase investment in people

Corporate

Almond Division EBIT

People Culture and Sustainability

- Lost Time Injurie Frequency Rate has reduced by 34

- Managed COVID-19 operating environment

- Key focus on sustainability including increase in reporting

- Over $100000 donated to bush fire appeal

5



5


5

Movement in SHV Group EBIT ($M) ndash Based on movement of2019 and 2020 crop profitability

170

349

Decreased almond prices and higher water costs have had a significant impact

50 of variances between 2019 and 2020 crop

50 of 2019 Crop 2H 2019 yield and price

adjustment 254

Slower hull sales (weather) and

Parboil maintenance

shutdown

Lower margins across consumer

and industrial

Increased people investment corp activity

6



6


6

Impact on 1H FY 2020 financial statements from AASB16

Major impact on classification of assets and liabilities

$000Operating expenses Decrease 1549 Depreciation Increase (1019)EBIT impact Increase 530 Interest expense Increase (302)Profit before tax Increase 228

Right of use assets Increase 239121 Lease liability Increase (269506)

Operating cash flow Increase 13768 Financing cash flow Decrease (13768)Net cash flow -

Net debt Increase (269506)

Calculated on 6 months of Reported NPAT

pg 18

pg19

7



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7

Income Statement

Consistent financial result despite global issues

Decreased revenue reflects delays in receipts due to COVID-19 related supply chain impacts

1H 2020 EBITDA1 $345m (1H FY 2019 $385m) ndash reduced result due to lower almond pricing and higher water costs

Almond Division EBIT1 $281m (1H FY 2019 $315m)

- Positive yield offset by almond price and water cost

Food Division EBIT1 $17m (1H FY 2019 $23m)

- Continued margin pressure form domestic retailer house brands

- Reduction in Foodservices demand

- Retail export growth delayed

Corporate costs higher due to corporate activity investment in process improvement and employee development

Lower NPAT of $174m (1H FY 2019 $200m)

Consistent 1H 2020 Profit Result DeliveredIncome Statement

$ millions 1H FY 2019 1H FY 2020 Variance

Almond Volumes MT 20750 22600 1850 89Almond Price Per Kg 850 820 (030) (35)

Total Revenue 1000 935 (65) (65)

EBITDA 385 345 (40) (104)

Depreciation amp Amortisation 75 91 (16) (209)

Almond Division EBIT 315 281 (34) (108)Food Division EBIT 23 17 (06) (274)Corporate (28) (43) (15) (549)

Total EBIT 310 254 (56) (180)

Net Financing costs (21) (07) 13 641Tax Expense (89) (73) 16 176

NPAT 200 174 (27) (134)

EBITDA Margin () 385 369 (16) (42)EBIT Margin () 310 272 (38) (123)Earnings Per Share (cents) 210 181 (29) (138)

Capital

Strategy

Orchard Cost Per TonneFY16FY17FY18FY1933563380281690143348049645390070913305185045473180627113802075987925Harvest Cost Per TonneFY16FY17FY18FY19063084507042253524067943262411347516065298221301235748053578857924576195Rental Costs Per TonneFY16FY17FY18FY19061366197183098592093943262411347517090967351673332675065037690745494026Processing Cost Per TonneFY16FY17FY18FY19063074085106382978727071127516425145443066998914055228043

Harvest Cost Per TonneFY16FY17FY18FY19063084507042253524067943262411347516065298221301235748053578857924576195Orchard Cost Per TonneFY16FY17FY18FY1933563380281690143348049645390070913305185045473180627113802075987925Rental Costs Per TonneFY16FY17FY18FY19061366197183098592093943262411347517090967351673332675065037690745494026Processing Cost Per TonneFY16FY17FY18FY19063074085106382978727071127516425145443066998914055228043

Processing Cost Per TonneFY16FY17FY18FY19063074085106382978727071127516425145443066998914055228043Orchard Cost Per TonneFY16FY17FY18FY1933563380281690143348049645390070913305185045473180627113802075987925Harvest Cost Per TonneFY16FY17FY18FY19063084507042253524067943262411347516065298221301235748053578857924576195Rental Costs Per TonneFY16FY17FY18FY19061366197183098592093943262411347517090967351673332675065037690745494026

Orchard Cost Per AcreFY16FY17FY18FY1933563380281690143348049645390070923305185045473180727113802075987924

Food

Sensitivities

Sheet1

Corporate

Sheet3

EBIT By Division

Food EBITFY2015FY2016FY2017FY2018FY2019781711398953462846284Almond EBITFY2015FY2016FY2017FY2018FY20198906337793144803953643800CorporateFY2015FY2016FY2017FY2018FY2019-7285-7992-8947-9942-10283

EBIT By Division

Food EBITFY2013FY2014FY2015FY2016FY2017FY2018FY2019 F55005600681710342795047485012Almond EBITFY2013FY2014FY2015FY2016FY2017FY2018FY2019 F31700303008750336093136863623682241312000000005CorporateFY2013FY2014FY2015FY2016FY2017FY2018FY2019 F-4100-4600-4685-5132-4657-7181-7181

AUD $000

EBIT By Division

Food EBITFY2013FY2014FY2015FY2016FY2017FY2018FY2019 FFY2020 B5500560068171034279504748501266153825000000033Almond EBITFY2013FY2014FY2015FY2016FY2017FY2018FY2019 FFY2020 B3170030300875033609313686362368224131200000000576156015199999994Managed ServicesFY2013FY2014FY2015FY2016FY2017FY2018FY2019 FFY2020 B4700CorporateFY2013FY2014FY2015FY2016FY2017FY2018FY2019 FFY2020 B-4100-4600-4685-5132-4657-7181-7181-7008PriceKgFY2013FY2014FY2015FY2016FY2017FY2018FY2019 FFY2020 B64851145808743805000000000000078686999999999999993

AUD $000

$Per Kg

2020 Budgeted Crop Usage

InshelKernel ExportIndustrialRetail0250501818181818181818268181818181818177E-2

Sheet2 (2)
Total YieldFY2015FY2016FY2017FY2018FY2019FY2020FY202113085452574995666116040123507616310712529996962332105613405448717961300443067033976212173147196783561228031643872352Mature YieldFY2015FY2016FY2017FY2018FY2019FY2020FY202113085452574995666120257005375411821172054751170452411226018812367087154411663192997081347324877250409213092690477988371
Yield vs Tonnage

Total TonnageFY2015FY2016FY2017FY2018FY2019FY202015092761140930731410625951581666362265892000000000221799671999999999Mature TonnageFY2015FY2016FY2017FY2018FY2019FY20201509276113870442999999999135184794999999991372493061852167916464310000000001Industry YieldFY2015FY2016FY2017FY2018FY2019FY2020120000000000000021154722107863318110976002430133658106879674145299130988834768135904431028765356265356Total YieldFY2015FY2016FY2017FY2018FY2019FY20201308545257499566611604012350761631071252999696233210561340544871796130044306703397621217314719678356Mature YieldFY2015FY2016FY2017FY2018FY2019FY2020130854525749956661202570053754118211720547511704524112260188123670871544116631929970813473248772504092Non-mature yieldFY2015FY2016FY2017FY2018FY2019FY2020003643698854337169035971848225214237076063018181818187076206317922269329093800316455696153

EBITCost Breakdown per tonne

OrchardFY16FY17FY18FY19FY20B3381803244757193734789520212640355284491098362868392106322807971429825494649644269876WaterFY16FY17FY18FY19FY20B050504602740618444967106264199705899485810019646167153342HarvestFY16FY17FY18FY19FY20B063563141977622617067913113323911278065298221301235748053652159944074995049986990629950767RentalFY16FY17FY18FY19FY20B061831794953449826093901576105274398090967351673332675065126669761842126073294680764004161ProcessingFY16FY17FY18FY19FY20B063477993763319041074052231918745004071127516425145443067090576249883038069280858904666098Tree DepnFY16FY17FY18FY19FY20B041062726347901551041733246152178044037934675426744235026479638041001069025229737401553565CorporateFY16FY17FY18FY19FY20B028978775601318463029079289233265559030670185082522716021408787356149364023885680481798077EBIT Per KGFY16FY17FY18FY19FY20B16090524288066907043425341140222162183483545543700993529678907909115527317909370379514Price per KgFY16FY17FY18FY19FY20B808748818686999999999999993

Cost Per Kg

Sheet2

Acreage Profile

Total Acres FY2015FY2016FY2017FY2018FY2019FY2020FY202113174142901696818553190611906719067 Total Bearing Acres FY2015FY2016FY2017FY2018FY2019FY2020FY202111534121451317414982174231793618681Total Mature AcresFY2015FY2016FY2017FY2018FY2019FY2020FY202111534115341153412226119951222013249

Acres

FY19

Horticultural Cost Per KG

VicFY2015FY2016FY2017FY2018265317927511928093464699703156421136140906437774542941840139837915NSWFY2015FY2016FY2017FY201826778348307869861305885995577101483398311684977191545619034994697776SAFY2015FY2016FY2017FY201833343094912526259338297336439770824218993875971636826338662256523335TotalFY2015FY2016FY2017FY20182780331125827814733813884011992505352836904456518130656477719739472

Yield

VicFY2015FY2016FY2017FY2018FY2019137606659619450311071514804982642611257603228228228118111861861861870965014164305949NSWFY2015FY2016FY2017FY2018FY20191348911486486486412773409909909911116802251486830808011894647408666112569588699626091SAFY2015FY2016FY2017FY2018FY201910988336148648651129516358463726909383183767733420711016194331983806094881960713642099TotalFY2015FY2016FY2017FY2018FY20191308719015427283911601614947732324107905402923394791035456730769230810405211502037537

Cost Per Acre


Bearing Acres


KGs Produced (000)


Total Horticultural Costs ($000)


8



8


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Balance Sheet

Balance Sheet is strong ndash bank debt at peak period and will reduce during 2H FY 2020

Increased current assets ndash working capital of $1840m is higher due to value of 2020 growing crop (inventory) ndash will reduce as crop is sold in 2H FY 2020

Decrease in non-current assets due to transfer of $33m of finance lease related assets to AASB16 Right of Use Assets

Net debt excluding leases $704m (1H FY 2019 $568m) ndash close to peak levels Will reduce in 2H FY 2020 as sales complete

Gearing (net bank debtequity) is 176 (1H FY 2019 141)

Return On Capital Employed (ROCE) reduced due to lower operating performance ndash lower almond price and higher water costs

Solid Balance Sheet In PlaceHalf Year Ending Balance Sheet$ millions 1H FY 2019 1H FY 2020

Current Assets excl Cash 1878 2121 Cash 13 13 Non-Current Assets 3702 3609 AASB16 Right of Use Assets - 2391 Total Assets 5593 8134

Current Liabilities (exc Borrowings) 322 489 Borrowings (Excl Lease Liabilities) 568 704 Lease Liabilities (Incl AASB16) 379 2695 Non-Current Liabilities (excl Borrowings) 403 330 Total Liabilities 1672 4218 Total Equity 3921 3916

Net DebtEquity (Excl Leases) 141 176ROCE (return over six months) 59 48

Capital

Strategy





Food

Sensitivities

Sheet1

Corporate

Sheet3

EBIT By Division


EBIT By Division


AUD $000

EBIT By Division


AUD $000

$Per Kg



Sheet2 (2)
Yield vs Tonnage




Cost Per Kg

Sheet2

Acreage Profile


Acres

FY19



Yield


Cost Per Acre


Bearing Acres


KGs Produced (000)




9



9


9

Cash Flow

Cashflow in line with seasonality ndash cash inflows expected 2H FY 2020

Reduction in EBITDA1 to $345m ndash lower almond price and higher cost of water

Tax payment ndash based on FY2019 earnings following transition period refund

Interest increase based on AASB16 re-classification

1H FY 2020 Investing cash flows of $274m driven by

- Tree amp Orchard Development $183m- Property Plant amp Equipment $ 91m

20 cps final FY 2019 dividend paid in 1H FY 2020

Cashflows Driven By PerformanceCash Flow$ millions 1H FY 2019 1H FY 2020

EBITDA 385 345 Change in Working Capital (480) (424)Tax Paid (28) (168)Net Interest (21) (75)Cash Flow From Operations (144) (322)

Investing Cash Flows (147) (274)AASB 16 Impact - 138 Increase(decrease) in debt 291 546 Dividends paid (53) (158)

Net (Decrease)Increase in CashCash Equivalents (53) (70)

Capital

Strategy





Food

Sensitivities

Sheet1

Corporate

Sheet3

EBIT By Division


EBIT By Division


AUD $000

EBIT By Division


AUD $000

$Per Kg



Sheet2 (2)
Yield vs Tonnage




Cost Per Kg

Sheet2

Acreage Profile


Acres

FY19



Yield


Cost Per Acre


Bearing Acres


KGs Produced (000)




10



10


10

Almond DivisionAlmond Division

11



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1H FY 2020 Almond Division Overview

Consistent yield achieved ndash impacted by lower almond price and increased cost of water

22600 MTFlat

- Good growing conditions ndashdisrupted harvest

- Good quality- Yields above 135mtacre at

maturity

Almond Volume

$820kgdarr47

- AUDUSD hedged below 67c- COVID-19 impacting global

supply chains- Large 2020 estimated US crop

Almond Price

$281mdarr$34m

Cost per Kg Up 192

- Increased costs due to maturity profile of trees

- Horticultural costs per kg (excl water) increased by 52

- Processing cost per kg expected to remain flat

Production Cost Per KG

Impact minimised- Water costs per kg increased by

754- Ownership and management

strategy mitigated full cost increase impact

- Investment in technology continues to minimise usage

Water

- Increased mature almond orchards coming onto the market

DevelopmentsAcquisitions

Almond EBIT

12



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12

Volume Growth

Our almond orchards continue to be the key driver in delivering growth

Select Harvests is now consistently yielding over 135 tonnes per acre ndash this adds considerable value in future years

The almond crop is bi-ennial in nature with +- 10 per annum variation in tonnage possible

13



13


13

Almond Division Outlook

Indicators remain positive for a strong 2021 crop

- Trees in good health going into dormant period

- Bud health positive- Immature trees continue to

develop as planned

2021 Crop

- Shipments delayed - Inshell and kernel programs

both underway

Sales- Frost fan investment complete- Continued focus on orchard

hygiene to improve quality- Phytec implementation

continues to deliver benefits- Expected to perform at over

industry standard

Horticulture

Processing- In-shell sorter investment

delivering strong results- Sorting and Packing capacity

and efficiency increased- Increase in third party

processing

Water- Favourable conditions forecast- 2021 crop water prices

expected to reduce- ACCC Murray-Darling Basin

water markets inquiry interim report due to be released 31 May 2020

Expansion

- No new developments in pipeline

- Acquisitions continue to be assessed

14



14


14

Almond Crop Update

Larger forecast US crop and COVID market access challenges has seen pricing soften

Almond Board of California August ndash April 2020 Position Report

Crop Receipts 253B lb Up 119 vs LY

Total Supply (including Carry-over) 280 lb Up 86 vs LY

Shipments 186B lb Up 55 vs LY

bull Domestic 059B lb Up 64 vs LY

bull Exports 127B lb Up 51 vs LY

Commitments 0499 B lb Up 151 vs LY

Uncommitted Inventory 044B lb Up 157 vs LY

USDA Subjective Estimate ndash 12 May 2020

30 billion pounds (14m MT) Up 176 vs LY

Average yield increase per acre Up 102 vs LY

Almond Board of Australia 201920 Full Year February Position Report

2019 Crop estimate 100000 ndash 105000MT

Domestic consumption Approx 21000 ndash 23000MT

Full Export shipments 76556MT Up 26 vs LY

15



15


15

Food Division

16



16


16

1H 2020 Food Division and Corporate Overview

External environment increasingly challenging

- Continuing strong demand for value added product domestically and export

- Parboil value adding facility improving in efficiency output (closed for 3 weeks maintenance)

- Margins impacted as COVID-19 affected global markets

Industrial Sales- Consumer sales were higher

than 1H FY2019 however weighted more toward lower margin retailer brands

- Sunsol sales continue to increase

- Export sales channels continue to be developed albeit slow

$17mdarr$06m

Food Division EBIT

- NPD in core categories- Assessing expansion into new

categories- Industrial value add paste and

processed products

Growth

- Internal audit program delivering improved processes

- Ongoing continuous improvement program in place

Corporate

Consumer Sales

Processing Cost

- Weakened AUD impacting raw material costs

- Thomastown and Parboil have both reduced conversion costs

17



17


17

Food Division and Corporate Outlook

Significant progress made with additional benefits to be realised

- Project Shaker efficiencies starting to deliver tangible benefits

- Further process efficiency targeted at the Parboil value add facility

- Continued capex assessment

- New packaging developed and on shelf

- Marketing program launched- New Product Development

pipeline exciting

Lucky- Extensive marketing campaign

about to commence- Increased ranging in Coles and

Woolworths for Pro-biotics- Further New Product

Development opportunities centered around Pro-biotics and clusters

- Expected rebound in demand globally and domestically as food services industry re-commences following lockdown

- Increased demand for paste related product

Industrial Sales

- Zero harm- Imbedded performance

management and development systems

- Leadership programs in place- Sustainability reporting

People Culture amp Sustainability

- JDE standardisation delivering group wide benefits

- Capital and cash management remains a key focus

- Continuing to assess commercially attractive growth options

Corporate

Sunsol

Processing Cost

BUILD BRAND AWARENESS FOR SUNSOL

Television

OOH

Targeted high reaching media interceptscustomers in their daily lives

Communicate Sunsol product benefits amp valueAid enquiry throughout accessible information

DRIVE ONGOING SALES

Tactical path to purchase Digital retarget interested users based on video viewsMaintain brand affinity repeat purchase and encourage social interactions

TRIGGER INTEREST IN PROBIOTIC RANGE

Social

YouTube VOD

19



19


19

Bunargool Orchard Blossom 2018

Strategy and 2020 Priorities

20



20


20

Select Harvests ndash in control of our destiny

To be a Leader in the Supply of Better for You Plant Based Foods

Trust amp Respect

Treat all stakeholders with trust and respect

Sustainable Shareholder Value Creation

Values

Optimise the Almond Base

Increase productivity and achieve sustainably high yields from our growing almond orchard base

StrategicPriorities

OperationalFocus

Goal

Integrity amp Diversity

All decisions and transactions will not compromise the

integrity of the organisation or individual

Sustainability

Our focus is on the long-term sustainability of our

environment business and community

Performance

Exceed expectations on a daily basis

Innovation

Constantly challenge ourselves to improve everything

The pathway to achieving our vision

Grow our Brands

Grow our consumer and industrial brands aligned to the increasing consumption of plant based foods

Expand Strategically

Pursue value accretive acquisitions that align with our core competencies in the plant based agrifoods sector

Customers

Exceed our current customerrsquos expectations and grow our customer

base focused on the Asian marketplace

Supply Chain

Optimise our end-to-end supply chain to achieve maximum value for the

business as a whole

People

Focus on a safe working environment well-being company culture

leadership development and staff training attraction and retention

Capital

Target capital discipline balance sheet strength superior shareholder returns

and long term growthWhat we do everyday

Vision

21



21


21

Vertically Integrated from lsquoPaddock to Platersquo

Vertically Integrated across the entire supply chain from almond orchards to consumer and industrial brands

Orchards Production Primary Processing

Secondary Processing

Industrial Brands

Retail Brands

7696 planted hectares of almond orchards

Combination of owned orchards (3541) and long term lease (4155)

Australiarsquos second largest almond orchard portfolio

Responsible for farm management across all our orchards both owned and leased

Annual production cycle with harvest between February and April

Single site facility responsible for the primary processing of our annual almond crop

Almond hulling cracking sorting amp packing with product sent directly to port or Secondary Processing

Value added almond processing from blanching to pastes

Processing and packing of our snacking nuts cereals nut based ingredients health foods and dried fruits

Bulk product including inshell almonds to both established and emerging markets

Worldwide industrial sales to major bakeries manufacturers and wholesalers

Market leading Lucky Sunsol and NuVitaility retail brands

Domestic and overseas distribution across supermarkets independent retailers and health food stores

rarr rarr

rarr rarr

22



22


22

2H FY2020 Top 10 Priorities

Consistent financial performance is setting the base for sustainable growth and process improvement

1 Complete 2020 crop sales program ndash Manage current shipments and contracts to export markets

2 Process pack and ship 2020 crop ndash New capital investment leading to improved rates and quality

3 Manage Cash Position - Maximise working capital and cash conversion rate

4 2021 Crop Horticultural Program ndash Ensure optimal tree health and production

5 Cost Reductions - Continue to focus on reduce cost per kg across all production stages

6 Mitigate Water Cost ndash Potential to significantly reduce 2021 crop costs based on forecasted rainfall

7 Growth ndash Assess organic and inorganic options to deliver additional growth

8 Consumer Foods ndash Build on process improvement projects and deliver NPD to market

9 Industrial Foods ndash Maximise the potential as export markets exit lockdown

10 Capital Investment ndash Prioritise investment to deliver improved quality outcomes

23



23


23

2H FY2020 Outlook

SHV financial performance is generally weighted to the second half

- Almond pricing should stabilise once US harvest commences in August 2020- 2H FY 2020 hull volume sales will increase as inventory becomes available through the

processing of the 2020 crop- External processing contracts will be completed and contribute to the 2H FY 2020 result- Delayed 1H FY 2020 cashflows are forecasted to flow through in 2H FY 2020- The Parboil plant will be fully operational throughout 2H FY 2020 following a three-week

maintenance shutdown in 1H FY 2020- Industrial food sales are expected to increase as the food services sector returns to trading

both internationally and domestically- Consumer sales are expected to strengthen responding to the companyrsquos marketing program

and increased ranging

24



24


24

Thank youPlease direct any queries to

Paul Thompson Brad Crump Andrew Angus

Managing Director Chief Financial Officer and Company Secretary Investor Relations

+61 3 9474 3544 +61 3 9474 3544 +61 402 823 757

Please note that background materialdata regarding the global almond industry can be found on the Select Harvests website

wwwselectharvestscomau

25



25


25

Almond Orchards ndash Our productive foundation

Select Harvests has a global scale - planted almond orchard portfolio of 7696 hectares

Geographic diversity limits exposure tominus Weatherminus Disease spreadminus Insect infestation

Enables sequential progression of harvest period across regionsminus Better farm

equipment utilisation

minus Better processing utilisation

minus Better labour utilisation

Secure access to diverse water sourcesminus River Waterminus Aquifers

Positions the company to maximise harvest volume amp reduce variance

Building world class properties and a globally competitive low cost business

26



26


26

Select Harvests ndash Orchard Profile

Select Harvests represents approximately 19 of Australiarsquos total almond acreage

Select Harvests Total PlantedAlmond orchard portfolio (as at 31 March 2020)

Acres HectaresCentral Region

Company Owned 4183 1693

Leased 3422 1385Total 7605 3078Northern Region


Leased 3017 1221Total 4814 1948Southern Region


Leased 3828 1549Total 6597 2670Total


Leased 10267 4155Total 19016 7696

27



27


27

Select Harvests ndash Orchard Age Profile

Growth and improvement has occurred in SHV orchard portfolio in recent years - acquisition replants greenfields

28



28


28

Note

Biennial Nature of Crop

The almond crop is biennial in nature with +- 10 per annum variation in tonnage possible

Variation between Regions and Farms

Yields are not uniform and vary across both farms and growing regions

Post Economic Maturity Yield

The yield for post economic maturity farms deteriorates as tree age increases

Targeting an Above Average Yield Per Acre Maturity

Significant tonnage upside available with a higher yield per acre at maturity

YearHarvest Volume (tonnes) per acre based on 12 Tonnes per Acre

Maturity

Harvest Volume (tonnes) per acre based on 135 Tonnes per Acre at

Maturity amp Immature Yields at 2019 Levels

1 00 002 00 003 03 0454 05 0925 08 1166 10 128

7+ 12 135

29



29


29

Tree Nut Pricing

Almond pricing has reduced due to Covid-19 supply chain restrictions and a large subjective 2020 US crop

A$K

g

Commodity Price Trend 2009 ndash 2020 ndash AUD$KG CFR

30



30


30

Australian Almond Export Sales

Source Australian Almond Board

The global demand for Australian almonds remains strong

31



31


31

Growing costs increase - reflecting the maturity profile of trees and the increased cost of water for the 2020 crop

Cost of water expected to reduce for the 2021 crop

0

5

10

15

20

25

30

35

o

f Tot

al G

row

ing

Cost

s

Growing Costs Breakdown By of Total Growing Costs

2019 Growing Costs 2020 Growing Costs

- Total Growing Costs up 192- Water costs up 754- Growing Costs (excl Water) up 52

- Increased labour and fertiliser costs

- Partially offset by lower power costs

32



32


32

Industry Associations Californian Almond Board wwwalmondboardcom

Almond Board of Australia wwwaustralianalmondscomau

Industry Reports US Crop Forecasts (Subjective Objective) httpwwwalmondscomgrowersresourcescrop-forecaststc-NASS-Crop-and-Acreage-Reports

Monthly Almond Position Reports httpnewsroomalmondscomposition-reports

Almond Almanac httpwwwalmondscomsitesdefaultfiles201720Almanac20Final20-20updated207518pdf

UC Davis Almond Development Costings httpscoststudiesucdaviseduencurrentcommodityalmonds

Almond Companies Blue Diamond Growers wwwbluediamondcom

Blue Diamond Ingredients wwwbdingredientscomcategoryalmond-market-analysis

Almond Insights wwwalmondinsightscom

Derco Foods wwwdercofoodscomenenglish-reportsenglish-almond-reports

RPAC Almonds wwwrpacalmondscommarketnews

Wonderful Pistachios amp Almonds wwwwonderfulpistachiosandalmondscomourdifference

Useful Almond Industry websites

Definitions amp Explanations1 ndash EBITDA amp EBIT are Non-IFRS measures used by the company are relevant because they are consistent with measures used

internally by management and by some in the investment community to assess the operating performance of the business The

non-IFRS measures have not been subject to audit or review

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Movement in SHV Group EBIT ($M) ndash Based on movement of 2019 and 2020 crop profitability

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FY2015 FY2016 FY2017 FY2018 FY2019 FY18 vs FY19

Acres Kgs (000) TonneAcre $000 Total $000 less Cap $Per Acre $Per KG Acres Kgs (000) TonneAcre $000 Total $000 less Cap $Per Acre $Per KG Acres Kgs (000) TonneAcre $000 Total $000 less Cap $Per Acre $Per KG Acres Kgs (000) TonneAcre $000 Total $000 less Cap $Per Acre $Per KG Acres Kgs (000) TonneAcre $000 Total $000 less Cap $Per Acre $Per KG Cost pacre Cost pt

KP 386 618 160 2041 2041 5288 330 386 354 092 1699 1699 4402 480 386 378 098 1636 1636 4238 432 386 446 116 1323 1323 3427 297 386 347 090 1293 1293 3350 373 78 -076

KP 2014 310 83 027 1090 273 3516 329 310 237 076 1049 481 3384 203 310 341 110 1114 621 3594 182 -210 021

KP 2016 304 91 030 981 99 3227 109

Wemen 407 477 117 1486 1486 3651 311 407 533 131 1590 1590 3907 298 403 435 108 1758 1758 4362 404 403 568 141 1548 1548 3841 273 403 443 110 1706 1706 4233 385 -392 -113

BB AB 147 205 139 598 598 4068 292 147 184 125 599 599 4075 326 147 196 134 721 721 4905 367 147 225 153 588 588 4000 261 147 176 120 745 745 5068 423 -1068 -162

BB CD 167 52 031 539 135 3228 259 167 74 045 760 348 4551 468 167 209 125 657 411 3934 197 167 200 120 840 700 5030 350 -1096 -153

Carina - SHV 1491 2162 145 5439 5439 3648 252 1491 2118 142 5852 5852 3925 276 1491 1993 134 7136 7136 4786 358 1491 2204 148 6181 6181 4146 280 1491 1789 120 7037 7037 4720 393 -574 -113

Carina - JV 292 490 168 1113 1113 3812 227 292 415 142 1113 1113 3812 268 292 390 134 1528 1528 5233 391 292 528 181 1251 1251 4284 237 292 380 130 1306 1306 4473 344 -188 -107

Carina 2014 125 34 471 118 3768 352 125 81 065 459 210 3672 259 125 138 110 581 363 4648 263 -976 -004

Lake Powell 2007 2556 127 6592 6592 3285 258 2007 1592 079 7192 7192 3583 452 2007 2414 120 8159 8160 4065 338 2007 1754 087 6560 6561 3269 374 2007 2408 120 8255 8255 4113 343 -845 031

Bunargool 41 1428 500 035 4912 1228 3440 246

Total Vic 4730 6509 138 17269 17269 3651 265 4897 5247 107 18584 18180 3795 346 5328 5998 113 23259 21678 4365 361 5328 6293 118 19616 18554 3682 294 7060 6813 097 28770 23353 4075 335 -393 -041

Yilgah 2486 3190 128 8302 8302 3340 260 2486 3352 135 9089 9089 3656 271 2486 2880 116 9344 9344 3759 324 2486 1897 076 8711 8711 3504 459 2486 3232 130 9564 9564 3847 296 -343 163

Mooral 531 554 104 1990 1990 3748 359 531 745 140 2277 2277 4288 306 531 615 116 2133 2133 4017 347 531 386 073 1912 1912 3601 495 531 690 130 2283 2283 4299 331 -699 164

Belvedere 1423 2245 158 5746 5746 4038 256 1423 1575 111 5982 5982 4204 380 1491 1648 111 5880 5880 3944 357 1491 1369 092 5974 5974 4007 436 1491 1884 126 7010 7010 4702 372 -695 064

Mountview 2012 100 76 076 536 335 5360 442 100 75 075 435 363 4350 483 100 120 120 479 479 4790 399 -440 084

Mountview 2013 70 31 045 312 143 4457 459 70 35 050 307 192 4386 549 70 70 100 329 274 4700 391 -314 157

Mountview 2014 30 8 027 131 33 4367 412 30 10 033 123 56 4100 560 30 23 077 139 87 4633 378 -533 182

Mountview 2016 106 32 030 418 105 3943 327

Total NSW 4440 5989 135 16038 16038 3612 268 4440 5671 128 17348 17348 3907 306 4708 5258 112 18336 17868 3895 340 4708 3772 080 17462 17208 3709 456 4814 6051 126 20222 19802 4201 327 -492 129

Allinga 626 904 144 2711 2711 4331 300 626 864 138 2901 2901 4634 336 626 725 116 3210 3210 5128 443 626 936 150 2407 2407 3845 257 626 814 130 3070 3070 4904 377 -1059 -120

Allinga 2015 948 314 033 3031 758 3197 241 948 569 060 4164 1908 4392 335 -1195 -094

Amaroo Mature 1584 1514 096 5400 5400 3409 357 1584 1990 126 6622 6622 4181 333 1584 1694 107 7036 7036 4442 415 1584 2317 146 5885 5886 3715 254 1584 1901 120 6789 6789 4286 357 -571 -103

Amaroo 2013 199 88 044 653 163 3281 186 199 89 045 823 377 4136 425 199 227 114 760 475 3819 209 199 239 120 847 706 4256 295 -437 -086

Amaroo 2014 219 59 027 826 - 0 3772 - 0 219 189 086 777 - 0 3548 - 0 219 241 110 919 574 4196 238 -648 -238

Amaroo 2016 333 100 030 1184 296 3556 296

Mullroo Mature 158 185 117 565 565 3576 306 158 152 096 795 796 5032 524 158 169 107 825 826 5222 489 158 291 184 683 683 4323 235 158 205 130 763 763 4829 372 -506 -137

Mullroo 2013 245 82 034 1051 263 4290 319 245 109 045 1138 550 4645 504 245 238 097 936 585 3820 246 245 294 120 1185 988 4837 336 -1016 -090

Mullroo 2016 320 96 030 1249 312 3903 325

Jubilee Mature 692 851 123 3177 3178 4591 373 461 599 130 2467 2467 5351 412 -760 -038

Jubilee 2014 101 40 040 419 192 4149 480 101 76 075 521 326 5158 429 -1010 051

Jubilee 2015 168 39 023 678 170 4036 435 168 84 050 795 364 4732 433 -696 001

Jubilee 2016 187 47 025 834 209 4460 444

Total SA 2368 2602 110 8676 8676 3664 333 2812 3176 113 12022 10745 4275 338 3031 2844 094 13858 11999 4572 422 4940 5442 110 18753 14334 3796 263 5549 5265 095 24787 18771 4467 357 -671 -093

National 11538 15100 131 41983 41983 3639 278 12149 14095 116 47954 46273 3947 328 13067 14100 108 55453 51545 4244 366 14976 15507 104 55831 50095 3728 323 17423 18129 104 73779 61926 4177 336 -449 -013

47660 3923 338 49750 3807 353 47539 3174 307

vs 2015 5 10 8 18 13 23 17 31 30 19 2 16

vs 2016 8 11 8 11 23 8 -6 -2

vs 2017 15 -3 -12 -12

Cost Per Kg FY2015 FY2016 FY2017 FY2018

Vic 265 346 361 294

NSW 268 306 340 456

SA 333 338 422 263

Total 278 338 353 307

Yield FY2015 FY2016 FY2017 FY2018 FY2019

Vic 138 107 113 118 097

NSW 135 128 112 080 126

SA 110 113 094 110 095

Total 131 116 108 104 104

Cost Per Acre FY2015 FY2016 FY2017 FY2018 FY2019

Vic 365095 379498 436543 368168

NSW 361216 390721 389465 370901

SA 366385 427525 457209 379615

Total 363867 392296 380730 317435

FY2015 FY2016 FY2017 FY2018 FY2019

Vic 473000 489700 532800 532800 706000

NSW 444000 444000 470800 470800 481400

SA 236800 281200 303100 494000 554900

Total 1153800 1214900 1306700 1497600 1742300

FY2015 FY2016 FY2017 FY2018

Vic 650880 524721 599805 629300

NSW 598917 567139 525791 377200

SA 260204 317620 284404 544200

Total 1510000 1409480 1410000 1550700

FY2015 FY2016 FY2017 FY2018

Vic 1726900 1818000 2167750 1855400

NSW 1603800 1734800 1786800 1720750

SA 867600 1074500 1199900 1433350

Total 4198300 4766000 4975000 4753900

FY2015 FY2016 FY2017 FY2018 FY2019

Vic - 0 - 0 - 0 - 0 - 0

NSW 278 - 0 - 0 - 0 - 0

SA 444000 - 0 - 0 - 0 - 0

Total 1153800 - 0 - 0 - 0 - 0

Select Harvests Acreage Profile

FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

O Kyndalin Park - 2016 304 304 304 304 304

O Kyndalin Park - 2019 386 386

O Wemen 403 403 403 403 403 403 403

O Boundary Bend - Mature 147 147 147 147 147 147 147

O Boundary Bend - 2013 167 167 167 167 167 167 167

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783

O Carina - 2014 131 131 131 131 125 131 131

O Carina - 2017 58 58 58 58

L Lake Powell 2007 2007 2007 2007 2007 2007 2007

L Bunargool - 2016 1428 1428 1428 1428 1428

L Billa Downs - 2018 514 514 514

Total Central Acres 5334 5334 7066 7124 7632 7638 7638

Total Central Bearing Acres 4726 4893 5334 5334 7060 6738 7252

Total Central Mature Acres 4726 4726 4726 4726 4726 4507 4948

Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423

O Belvedere - 2014 68 68 68 68 68 68 68

O Mountview - 2012 100 100 100 100 100 100 100

O Mountview - 2013 70 70 70 70 70 70 70

O Mountview - 2014 30 30 30 30 30 30 30

O Mountview - 2016 106 106 106 106 106

L Yilgah 2486 2486 2486 2486 2486 2486 2486

L Mooral 531 531 531 531 531 531 531

Total Northern Acres 4708 4708 4814 4814 4814 4814 4814

Total Northern Bearing Acres 4440 4440 4708 4708 4814 4814 4814

Total Northern Mature Acres 4440 4440 4440 4440 4440 4440 4708

Southern

O Allinga 626 626 626 626 626 626 626

O Allinga - 2015 948 948 948 948 948 948

O Jubilee Mature 692 461 461 461

O Jubilee - 2014 101 101 101 101 101 101 101

O Jubilee - 2015 168 168 168 168 168 168

O Jubilee - 2016 187 187 187 187 187

O Jubilee - 2018 231 231 231

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584

L Amaroo - 2013 199 199 199 199 199 199 199

L Amaroo - 2014 219 219 219 219 219 219 219

L Amaroo - 2016 333 333 333 333 333

L Amaroo - 2017 445 445 445 445

L Mullroo Mature 158 158 158 158 158 158 158

L Mullroo - 2013 245 245 245 245 245 245 245

L Mullroo - 2016 320 320 320 320 320

L Farm 7 - 2017 390 390 390 390

Total Southern Acres 3132 4248 5088 6615 6615 6615 6615

Total Southern Bearing Acres 2368 2812 3132 4940 5549 6384 6615

Total Southern Mature Acres 2368 2368 2368 3060 2829 3273 3593

Total Acres 13174 14290 16968 18553 19061 19067 19067

Increase 85 187 93 27 00 00

Total Bearing Acres 11534 12145 13174 14982 17423 17936 18681

Increase 53 85 137 163 29 42

Total Mature Acres 11534 11534 11534 12226 11995 12220 13249

00 00 60 -19 19 84


FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 386 386 - 0 - 0

Yield 160 092 098 116 124 080 080

Tonnes 618 355 378 448 479 - 0 - 0

386 386 386 386 386 386 386 - 0 - 0

Industry Yield 12 12 12 12 12 12 1 1 1

Tonnes 46320 46320 46320 46320 46320 46320 30880 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

Yield 027 079 118 122 135

Tonnes - 0 - 0 84 243 367 379 419

310 310 310 310 310

Industry Yield 030 050 080 100 120

Tonnes 93 155 248 310 372

O Kyndalin Park - 2016 304 304 304 304 304

Yield 052 089 100

Tonnes - 0 - 0 - 0 - 0 159 271 304

304 304 304

Industry Yield 030 050 080

Tonnes 91 152 243


Yield

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 - 0

Industry Yield

Tonnes

O Wemen 403 403 403 403 403 403 403 403 403

Yield 117 131 108 141 132 135 135

Tonnes 472 528 435 568 531 544 544

403 403 403 403 403 403 403 403 403

Industry Yield 120 120 120 120 120 120 100 100 090

Tonnes 4836 4836 4836 4836 4836 4836 403 403 3627

O Boundary Bend - Mature 147 147 147 147 147 147 147 147 147

Yield 139 125 134 153 167 135 140

Tonnes 204 184 197 225 245 198 206

147 147 147 147 147 147 147 147 147

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 17640 17640 17640 17640 17640 17640 17640 17640 17640

O Boundary Bend - 2013 167 167 167 167 167 167 167

Yield 031 045 125 103 135 135

Tonnes - 0 52 75 209 172 225 225

167 167 167 167 167 167

Industry Yield 0 1 1 1 1 1

Tonnes 50 84 134 167 200 200

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783 1783 1783

Yield 149 142 134 153 148 135 140

Tonnes 2651 2534 2383 2732 2642 2407 2496

1783 1783 1783 1783 1783 1783 1783 1783 1783

Industry Yield 12 12 12 12 12 12 130 12 12

Tonnes 213960 213960 213960 213960 213960 213960 232110 213960 213960

O Carina - 2014 125 125 125 125 125 125 125

Yield 027 065 110 135 140

Tonnes - 0 - 0 34 81 138 169 175

125 125 125 125 125

Industry Yield 0 050 080 100 120

Tonnes 38 63 100 125 150

O Carina - 2017 32 32 32 32

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 14 16

32 32

Industry Yield 0 1

Tonnes 10 16

L Lake Powell 2007 2007 2007 2007 2007 2007 2007 2007 2007

Yield 127 079 120 087 160 135 135

Tonnes 2556 1592 2414 1754 3202 2699 2709

2007 2007 2007 2007 2007 2007 2007 2007 2007

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 240840 240840 240840 240840 240840 240840 240840 240840 240840

L Bunargool - 2016 1428 1428 1428 1428 1428

Yield 003 046 088 120

Tonnes - 0 - 0 - 0 41 650 1251 1714

1428 1428 1428


Tonnes 428 714 1142

L Billa Downs - 2018 500 500 500

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 150

500

Industry Yield 0

Tonnes 150




Total Tonnage 6501 5244 6000 6302 8587 8158 8958

Total Yield 138 107 113 118 122 122 124

Mature Tonnage 6501 5192 5807 5727 7100 6074 6356

Mature Yield 138 110 123 121 150 135 129

Industry Acres 4726 4726 4726 4893 5328 5328 7060 6706 7206

Industry Tield 120 120 120 117 110 113 094 099 102

Industry Tonnage 5671 5671 5671 5721 5885 6022 6652 6638 7361

Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423 1423 1423

Yield 158 111 114 093 159 135 120

Tonnes 2245 1575 1628 1320 2266 1921 1708

1423 1423 1423 1423 1423 1423 1423 1423 1423

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 170760 170760 170760 170760 170760 170760 170760 170760 170760

O Belvedere - 2014 68 68 68 68 68 68 68

Yield 030 072 066 135 120

Tonnes - 0 - 0 20 49 45 92 82

68 68 68 68 68


Tonnes 20 34 54 68 82

O Mountview - 2012 100 100 100 100 100 100 100

Yield 076 106 120 135 135

Tonnes - 0 - 0 76 106 120 135 135

100 100 100 100 100


Tonnes 30 50 80 100 120

O Mountview - 2013 70 70 70 70 70 70 70

Yield 045 014 100 135 135

Tonnes - 0 - 0 32 10 62 95 95

70 70 70 70 70


Tonnes 21 35 56 70 84

O Mountview - 2014 30 30 30 30 30 30 30

Yield 027 014 075 135 135

Tonnes - 0 - 0 8 4 23 41 41

30 30 30 30 30


Tonnes 9 15 24 30 36

O Mountview - 2016 106 106 106 106 106

Yield 030 086 050

Tonnes - 0 - 0 - 0 - 0 - 0 91 53

106 106 106


Tonnes 32 53 85

L Yilgah 2486 2486 2486 2486 2486 2486 2486 2486 2486

Yield - 0 - 0 128 135 116 076 142 135 135

Tonnes 3190 3352 2880 1897 3527 3344 3356

2486 2486 2486 2486 2486 2486 2486 2486 2486

Industry Yield 120 120 120 120 120 120 120 120 120

Tonnes 298320 298320 298320 298320 298320 298320 298320 298320 298320

L Mooral 531 531 531 531 531 531 531 531 531

Yield 104 140 116 073 156 135 135

Tonnes 554 745 615 386 827 717 717

531 531 531 531 531 531 531 531 531

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 63720 63720 63720 63720 63720 63720 63720 63720 63720




Total Tonnage 5989 5672 5259 3772 6869 6434 6185

Total Yield 135 128 112 080 143 134 128

Mature Tonnage 5989 5672 5123 3603 6620 5982 6132

Mature Yield 135 128 115 081 149 135 130

Industry Acres 4440 4440 4440 4440 4708 4708 4814 4814 4814

Industry Tield 120 120 120 120 115 116 116 117 119


Southern

O Allinga 626 626 626 626 626 626 626 626 626

Yield 144 138 116 150 203 135 135

Tonnes 904 864 725 936 1274 845 845

626 626 626 626 626 626 626 626 626

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 75120 75120 75120 75120 75120 75120 75120 75120 75120

O Allinga - 2015 948 948 948 948 948 948

Yield 033 095 115 130

Tonnes - 0 - 0 - 0 314 900 1090 1232

948 948 948 948

Industry Yield 0 1 1 1

Tonnes 284 474 758 948


Yield 123 171 135 135

Tonnes - 0 - 0 - 0 851 789 620 622

692 461 461 461


Tonnes 830 553 553 553

O Jubilee - 2014 101 101 101 101 101 101 101

Yield 040 141 122 135

Tonnes - 0 - 0 - 0 40 142 123 136

101 101 101 101 101


Tonnes 30 51 81 101 121

O Jubilee - 2015 168 168 168 168 168 168

Yield 024 076 115 100

Tonnes - 0 - 0 - 0 39 128 193 168

168 168 168 168


Tonnes 50 84 134 168

O Jubilee - 2016 187 187 187 187 187

Yield 037 089 080

Tonnes - 0 - 0 - 0 - 0 69 166 150

187 187 187


Tonnes 69 166 150

O Jubilee - 2018 237 237 237

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 71

237

Industry Yield 0

Tonnes 71

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584 1584 1584

Yield 096 126 107 146 155 135 135

Tonnes 1514 1990 1694 2317 2455 2130 2138

1584 1584 1584 1584 1584 1584 1584 1584 1584

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 190080 190080 190080 190080 190080 190080 190080 190080 190080

L Amaroo - 2013 199 199 199 199 199 199 199

Yield 044 045 114 147 135 135

Tonnes - 0 88 90 227 292 269 269

199 199 199 199 199 199


Tonnes 60 100 159 199 239 239

L Amaroo - 2014 219 219 219 219 219 219 219

Yield 027 087 116 122 135

Tonnes - 0 - 0 59 189 254 267 296

219 219 219 219 219


Tonnes 66 110 175 219 263

L Amaroo - 2016 334 334 334 334 334

Yield 045 089 120

Tonnes - 0 - 0 - 0 - 0 150 297 401

334 334 334


Tonnes 100 167 267

L Amaroo - 2017 448 448 448 448

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 202 224

448 448

Industry Yield 0 1

Tonnes 202 224

L Mullroo Mature 158 158 158 158 158 158 158 158 158

Yield 117 096 107 184 180 135 135

Tonnes 185 152 169 291 284 213 213

158 158 158 158 158 158 158 158 158

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 18960 18960 18960 18960 18960 18960 18960 18960 18960

L Mullroo - 2013 245 245 245 245 245 245 245

Yield 034 045 097 129 135 135

Tonnes - 0 83 110 238 315 331 331

245 245 245 245 245 245


Tonnes 74 123 196 245 294 294

L Mullroo - 2016 320 320 320 320 320

Yield 057 089 120

Tonnes - 0 - 0 - 0 - 0 181 285 384

320 320 320


Tonnes 181 285 384

L Farm 7 - 2017 390 390 390 390

Yield 045 070

Tonnes - 0 - 0 - 0 - 0 - 0 176 273

390 390

Industry Yield 0 1

Tonnes 176 273




Total Tonnage 2603 3177 2847 5443 7233 7208 7753

Total Yield 110 113 091 110 130 113 117

Mature Tonnage 2603 3006 2588 4395 4802 4408 4851

Mature Yield 110 127 109 144 170 135 135

Industry Acres 2368 2368 2368 2812 3132 4940 5550 6388 6625

Industry Tield 120 120 120 106 101 092 090 096 103


Total Acres 13168 14284 16963 18525 19031 19031 19031

Increase 85 188 92 27 00 00


Increase 53 84 137 163 28 41


00 00 60 -19 19 84

Industry Acres 11534 11534 11534 12145 13168 14976 17424 17908 18645

Industry Yield 120 120 120 115 110 107 099 103 107


Total Tonnage 15093 14093 14106 15817 22659 21800 22897

Total Yield 131 116 107 106 130 122 123

Mature Tonnage 15093 13870 13518 13725 18522 16464 17339

Mature Yield 131 120 117 112 154 135 131

Non-mature tonnage - 0 223 588 2092 4137 5335 5558 SHV Yield Profile

Non-mature yield 0 036 036 076 076 094 103 FY15 FY16 FY17 FY18 FY19 FY20B FY21

FY2015 FY2016 FY2017 FY2018 FY2019 Mature Yield 131 120 117 112 154 135 131

Cost Analysis Non-mature Yield - 0 036 036 076 076 094 103

Total Orchard Costs 44512 53333 60763 56015 72777 97367 Total Yield 131 116 107 106 130 122 123

Total Expensed Orchard Costs 42185 47660 49075 52277 61921 77420 9876 11776 18414

Total Harvest Costs 6951 8958 9580 10328 12157 10897 Industry Average 120 115 110 107 099 103 107

Total Rent Payments 6771 8714 13246 14388 14757 15978 83295

Total Processing Costs 8707 8946 10446 11250 15202 15103

4230198 9082971

Total Orchard Cost Per Bearing Acre $ 3859 $ 4391 $ 4614 $ 3740 $ 4177 $ 5437

Operating Orchard Cost Per Bearing Acre $ 3657 $ 3924 $ 3727 $ 3491 $ 3554 $ 4323 43164

Orchard Cost per Kg $ 280 $ 338 $ 348 $ 324 $ 273 $ 355 86202

Total Cost per Kg 428 527 584 558 459 548

Almond Price 1145 808 748 81 86 87

Total Orchard Costs per Acre

Total Orchard Costs per Tonne 04605519162 06356314198 06791311332 0652982213 05365215994 EBIT Per Tonne Analysis

FY16 FY17 FY18 FY19 FY20B EBIT Per Tonne Almond Div EBIT ($000)

Total Orchard Costs per Tonne 280 338 348 331 273 355 Tonnes 14093 14106 15817 22659 21800 ERRORREF 89635

Total Harvest Costs per Tonne 046 064 068 065 054 050 Price per Kg $ 808 $ 748 $ 810 $ 860 $ 870 91196 41303

Total Rental Costs per Tonne 045 062 094 091 065 073 FY15 ERRORREF 99389 11780

Total Processing Costs Per Tonne 058 063 074 071 067 069 Costs per Kg FY16 647 99094 14386

058 063 074 071 067 069 Orchard 338 348 284 211 255 FY17 705 114888

486 591 658 629 526 617 Water 050 050 046 063 100 FY18 627

659 217 090 181 334 253 Harvest 064 068 065 054 050 507

Gross Margin 058 027 012 022 039 Rental 062 094 091 065 073

Processing 063 074 071 067 069

Tree Depreciation 5502 5787 5887 6000 6000 5500 Tree Depn 041 042 038 026 025

Corporate Costs 2905 2280 1396 2145 2144 2500 Corporate 029 029 031 021 024

Allocation 1640 1804 2706 2706 2707 2707 Total Cost Per Kg 647 705 627 507 597

EBIT Per KG 161 043 183 353 273

067 070 071 069 048 Price per Kg 808 748 810 860 870

593 147 019 112 286 1685340

1000 1000 1000 1000 1000

Almond Division EBIT Analysis

Prior Crop $ 674

Crop Profit $ 108198 $ 39594 $ 23168 $ 42302 $ 90830 $ 70259

1147

External Processing 953 750

Hull Activity 1085 1000

Citrus Activity 100 152

Grant Income 3455 500

Sale of Assets 209 200 43164 -$ 862

Tree Depn 6000 6000

Parboil 2700 2000

Overheads 4700 4224

H2E 1019

Almond Div EBIT $ 35378 $ 82227

132 $m

Almond Div EBIT less Grants $ 31923 $ 81727 Water Acquisition $ 70

156 Orchard Development $ 60

2018 2019 Variance Harvest Equipment $ 37

MT MT Machinery $ 38

KP - Mature 448 479 31 Irrigation $ 12

KP - 2014 243 367 124

KP - 2016 - 0 159 159 Total Capex $ 217

Wemen - Mature 568 531 -37 $m

BB - Mature 225 245 21 Processing Equipment $ 06

BB- 2013 209 172 -36 Processing - Quality Improvement $ 27

Carina - Mature 2732 2642 -90 Parboil $ 05 Warehouse Chiller $ 08

Carina - 2014 81 138 56 H2E $ 05

Lake Powell 1754 3202 1448 Insurance Requirements $ 08

Bunargool - 2016 41 650 609 Compost Project $ 07

Belvadere - Mature 1320 2266 946

Belvadere - 2014 49 45 -4 Total Capex $ 58

Mountview - 2012 106 120 14

Mountview - 2013 10 62 52

Mountview - 2014 4 23 18

Mountview - 2016 - 0 - 0 0

Yilgah - Mature 1897 3527 1630 FY17A FY18F FY19B

Mooral - Mature 386 827 441 $m $m $m

Allinga - Mature 936 1274 338 EBIT By Segment

Allimga - 2015 314 900 586 Packaged Foods $ 790 $ 560 $ 400

Jubilee - Mature 851 789 -62 Industrial $ 280 $ 290 $ 490

Jubilee - 2014 40 142 102 Contract Packing $ 140 $ 020 -$ 010

Jubilee - 2015 39 128 89 Trading $ 140 $ 090 $ 050

Jubilee - 2016 - 0 69 69 Marketing Fee $ 180 $ 150 $ 200

Amaroo - Mature 2317 2455 138 Shared Costs -$ 730 -$ 640 -$ 680

Amaroo - 2013 227 292 64

Amaroo - 2014 189 254 65 TOTAL FOOD EBIT $ 800 $ 470 $ 450

Amaroo - 2016 - 0 150 150 $m

Mullroo - Mature 291 284 -7 Thomastown $ 070

Mullroo - 2013 238 315 78 China Brand Investment $ 15

Mullroo - 2016 - 0 181 181 Marketing amp Sales $ 18

TOTAL 15517 22689 7172

FY19F Orch Cost PA 4203

Water 368 4571

Fertiliser 16 4587

Electricity amp Fuel 86 4673

Labour 103 4776

Orchard Spraying 55 4831

Weed Control 33 4864

Bees 11 4875

Tech Services 40 4915

Harvest Freight - 32 4883

Other 63 4946

FY20B Orch Cost PA - 4946

$m

H2E EBIT $ 100

Parboil EBIT -$ 200

Food EBIT Almond EBIT Corporate

FY2015 7817 89063 - 7285

FY2016 11398 37793 - 7992

FY2017 9534 14480 - 8947

FY2018 6284 39536 - 9942

FY2019 6284 43800 - 10283

Food EBIT Almond EBIT Managed Services Corporate PriceKg

FY2013 5500 31700 4700 - 4100 640

FY2014 5600 30300 - 4600 850

FY2015 6817 87503 - 4685 1145

FY2016 10342 36093 - 5132 808

FY2017 7950 13686 - 4657 743

FY2018 4748 36236 - 7181 805

FY2019 F 5012 82241 - 7181 860

FY2020 B 6615 76156 -7008 870

SHV Income Statement

FY2019A Original FY2020B Revised FY2020B FY2020F Revised FY2020F FY2020 Forecast to Revised Budget FY19B Price Sensitivity BEven

Volumes (MT) 22690 21800 21800 22300 22300 23

Price $ 860 $ 870 $ 910 $ 840 $ 820 -99 $ 700 $ 750 $ 850 $ 900 $ 595

Quality Improvement $ - 0 $ - 0

Sell Price $ 860 $ 870 $ 910 $ 840 $ 840 -77

EBIT

Almond Division 82241 67436 76156 62729 58269 -235 30376 41276 63076 73976 7486

Food Division 5012 6615 6615 4996 4996 -245 6615 6615 6615 6615 6615 ERRORREF ERRORREF ERRORREF

Corporate -7181 -7008 -7008 -7500 -7500 -70 -7008 -7008 -7008 -7008 -7008

Total EBIT 80072 67043 75763 60225 55765 -264 29983 40883 62683 73583 7093

Finance Costs -3957 -3700 -3700 -3000 -3000 189 -5000 -4500 -3200 -2800 -6000

-202356108163 -20476593973

PBT 76115 63343 72063 57225 52765 -268 24983 36383 59483 70783 1093

Tax -23086 -19003 -21619 -17168 -15830 268 -7495 -10915 -17845 -21235 -328

NPAT 53029 44340 50444 40058 36936 -268 17488 25468 41638 49548 765

Inshel 25 5500

Kernel Export 50 11000

Industrial 18 4000

Retail 7 1500

22000

FY2020 Budget 504

Increased Yield 42 5464

Decreased Price - 198 3484

Horticultural Costs 20 3684

Hull Price and Volume - 25 34332

External Processing - 09 33432

Food Division - 16 31832

Overheads - 15 30332

Interest 07 31032

TaxOther 58 36832

FY2020F NPAT - 368

FY2019 NPAT 530

Lower Yield - 33 497


Water Costs - 98 309

Crop Costs - 49 260

FY2019 PY Crop Adj 26 286



Overheads - 11 287

Interest 10 297

TaxOther 73 370

FY2020F NPAT - 370

FY2019F Growing Costs 7510

Harvest Costs 140 765

Rent 100 775

Fertiliser 085 784

Depreciation 080 791

Spraying 076 799

Labour 077 807

Electricity Costs 067 814

Weed Spraying 041 818

Bees 026 820

Fuel 03 823

Other 08 831

FY2020B Growing Costs - 831

Hull Price Sensitivity

Hull Price per tonne H2E EBIT $000

$25 23 Budgeted

$100 - 2250

$150 - 3750

$200 - 5250

$250 - 6750

HY2019 EBIT 310

Increased Yield 76 76 386

Decreased Price - 31 -31 355

Orchard Costs - 34 -34 321

Water Costs - 61 -61 26


HY2020 EBIT - 254

FY2019 EBIT 801

Decreased Yield - 07

Decreased Price - 90

Orchard Costs - 25

Water Costs - 95

50 FY2020 Crop Profit - 311

Food Division - 06

CorporateOther - 13

HY2020 EBIT - 254

HY2019 EBIT 310

2H 2019 Yield and Price Adj (50) 94



Orchard Costs - 13

Water Costs - 48

Processing Costs - 10

HullParboil Shutdown - 10

Food Division - 06

CorporateOther - 16

HY2020 EBIT - 253

Income Statement


Almond Volumes MT 20750 22600 1850 89

Almond Price Per Kg 850 820 (030) (35)

Total Revenue 1000 935 (65) (65)

EBITDA 385 345 (40) (104)


Almond Division EBIT 315 281 (34) (108)

Food Division EBIT 23 17 (06) (274)

Corporate (28) (43) (15) (549)

Total EBIT 310 254 (56) (180)

Net Financing costs (21) (07) 13 641

Tax Expense (89) (73) 16 176

NPAT 200 174 (27) (134)

EBITDA Margin () 385 369 (16) (42)

EBIT Margin () 310 272 (38) (123)

Earnings Per Share (cents) 210 181 (29) (138)

Half Year Ending Balance Sheet

$ millions 1H FY 2019 1H FY 2020

Current Assets excl Cash 1878 2121

Cash 13 13

Non-Current Assets 3702 3609

AASB16 Right of Use Assets - 2391

Total Assets 5593 8134

Current Liabilities (exc Borrowings) 322 489

Borrowings (Excl Lease Liabilities) 568 704

Lease Liabilities (Incl AASB16) 379 2695

Non-Current Liabilities (excl Borrowings) 403 330

Total Liabilities 1672 4218

Total Equity 3921 3916

Net DebtEquity (Excl Leases) 141 176

ROCE (return over six months) 59 48

Cash Flow


EBITDA 385 345

Change in Working Capital (480) (424)

Tax Paid (28) (168)

Net Interest (21) (75)

Cash Flow From Operations (144) (322)

Investing Cash Flows (147) (274)

AASB 16 Impact - 138

Increase(decrease) in debt 291 546

Dividends paid (53) (158)


SHV Corporate Costs

FY18F FY19B FY15 FY16 FY17

Corporate

Wages amp Salaries 2200 2272 2137 2145 1875

Compliance Costs 1350 1354 1126 1177 1135

Other 968 762 754 887 1046

4518 4388 4017 4209 4056

Finance



Other 391 249 75 48 156

2741 2611 1940 2102 2207

IT


Operating Costs 963 867 257 510 1114

Depreciation 60 360 38 54 64

1681 1973 680 968 1783

HR 1002 1232 649 713 904

Total Corporate Costs 9942 10204 7286 7992 8950 5807

5822

Increase (Incl JDE Depn) 111 26 97 120 - 15

Increase (Excl JDE Depn) 111 -04 97 120

SHV Corporate Costs

FY18F FY19B

$m $m

Corporate 4518 4388

Finance 2741 2611

IT 1681 1973

HR 1002 1232

Total 9942 10204

Division OHampS FY19 Budget

$m

Orchard OHampS Costs 264

Processing OHampS Costs 128

Financial Snapshot

FY19F FY20B FY19 Strategy

Revenue 254483 307084 280459

Underlying EBITDA 87447 83463 58613

Underlying EBIT 80072 75763 50913

EBIT Margin 31 25 13

Underlying NPAT 53029 50444 32839

NPAT Margin 21 16 8

0126

EPS 056 053 035

EPS Growth 343 -5 30

Net Assets 411718 431308 393934

Net Debt - 0 31062 29060

Gearing 0 7 7

Net DebtEBITDA 0 37 67

ROE 13 12 6

Key Assumptions

Bearing Acres 14976 17424 17399

Yield 22690 21800 19820

Average Yield Per Acre 152 125 111

Almond Price 860 910 830

Currency AUDUSD 070 069 077

CPI (almond pricecosts) 25 25

95045649 95045649 95045649

$m

H2E 10

Parboil -20

SHV Balance Sheet

Jun-18 Jun-19

Assets

Current Assets

Receivables 47507 59993

Inventories 117207 104176

Other 2271 2271

Total Current Assets 166985 166440

Non Current Assets

PPampE 287893 313653

Intangibles 67583 67583

Total Non Current Assets 355476 381236


Liabilities

Current Liabilities

Payables 27153 32847

Lease Liability 5240 5240

Income Tax Payable - 2745 1916

Provisions 3038 3038

Total Current Liabilities 32686 43041

Non Current Liabilities

Deferred Tax Liabilities 30591 30591

Interest Bearing Liabilities 33000 36330



Deferred Revenue 3036 3036

Total Non Current Liabilities 99707 97913


Net Assets 390068 406722

SHV Cash Flows

Jun-18 Jun-19

Receipts from Customers 210757 283517

Payments to Suppliers - 186783 - 236199

Interest Paid - 4810 - 3750

Income Taxes Paid - 7323 - 5735

Net Operating Cashflows 11841 37833

Proceeds from Govt Grants 4056 500

Proceeds from Sale of PPampE 118

Water Rights - 837 - 7000

Acquisition of PPampE - 15714 - 12871

Tree Developmet - 12343 - 8701

Net Investing Cash Flows -24720 -28072

Net Proceeds from Issue of Shares 86454

Repayment of Borrowings - 64350

Repayment of Finance Leases - 4744 - 5124

Dividends Paid - 3803 - 7604

Net Financing Cash Flows 13557 -12728

Net Increase(Decrease) in Cash 678 -2967

FY2020 Budgeted Sensitivities

Sensitivity Factor Increment EBIT Impact 2020 Budget Assumption Current Position

FX Rate 1c Movement $275M 069 068

Almond Price AUD 10c Movement $218M AUD870 Stable

Crop Size 500 Tonne $30M 21800 Concerns on bloom is some areas

Water Price $100 per Ml $23M $700Ml $800Ml

Food Division

FY2019 FY2020

Domestic Food Division EBIT By Business Unit

FY2019 F FY2020 B FY2019F FY2020B

KGs 5905 6216 Domestic 5605 6977 38

Export - 251 - 12

Net Sales Revenue 53000 53234 Trading 1909 2309 21

Industrial 8553 9328 9

COGS 41870 40072 Marketing Fee 3933 3675 -7

19749 22276 13

Gross Margin $ 11130 11711 Project Shaker 750

Gross Margin 210 220

Shared Operations - 14737 - 16411 11

Variable Production - 550 - 600 FX Gains - 0

Brand Costs - 2075 - 2950 32

Total Fixed Costs - 1156 - 1185 Food EBIT 5012 6615

EBIT 7349 6977 Growth 32

Export Thomastown Operational Costs

FY2019 F FY2020 B FY2019F FY2020B

KGs 365 397 009 Quality 376 501

Maintenance 1046 1062

Net Sales Revenue 4200 5140 022 Factory Management 3110 3190

Production 5126 4443

COGS 3121 3752 Administration 2122 1954

Procurement 950 964

Gross Margin $ 1079 1388 Warehouse 4234 4298


Total Operations 16964 16411

Variable Production - 140 - 200

Brand Costs - 1280 - 400 Ops Cost Reduction 33

Total Fixed Costs - 600 - 800

EBIT - 941 - 12 - 099

Trading

FY2019 F FY2020 B

Tonnes Sold 3100 3100

Sales Revenue 35567 36000

COGS 31840 32400

Gross Margin $ 3727 3600



Variable Logisitics - 0 - 0

Brand Costs - 70 - 0

Fixed Costs - 830 - 851

EBIT 2407 2309

Industrial

FY2019 F FY2020 B

Tonnes Sold 5350 5520 3


COGS 44400 46231







EBIT 9120 9328

Operations

Cost of sales - 1000 - 250


Variable Logistics - 3320 - 3560



EBIT - 16596 - 16161

CONSENSUS 2020

Price Crop MT NPAT (m) NPATkg

Baillieu Holst $849 20138 $44 $218

PAC Partners $865 19328 $41 $212

Select Equities $860 23200 $51 $220

UBS $915 20966 $46 $219

Bell Potter $919 19508 $40 $205

Wilsons $921 19372 $39 $201

Range $849 - $921 19328 - 23200 $39 - $51 $201 - $220

Average $888 20419 $43 $213

SHV Budget $865 21800 $435 $200

Almond Division Budget

FY17A FY18 FY19F FY20B Jul 19 - Sep 19 FY20 FY21 FY22 FY15 FY16

Bearing Acres 13168 14976 17424 17908 17936 18681 20006

Tonnes Produced 14100 15817 22690 21800 21800 22897 21198 14500 14200

Price 743 805 860 910 886 912 940 1145 808

Almond Revenue 104763 127324 195133 198377 193101 208903 199207 166025 114736

Horticultural Costs 49075 52277 61521 77420 558 57478 60696 63343 42185 47660

Cost Per Bearing Acre 3480 3305 2711 3551 457 2637 2651 2988 2909 3356

Harvest Costs 9580 10328 12157 10897 12090 13158 13497 6951 8958

Cost Per Bearing Acre 679 653 536 500 555 575 637 479 631

Orchard Rental 13246 14388 14757 15978 17571 18397 18857 6771 8714

Cost Per Bearing Acre 1006 961 847 892 980 985 943

Processing Costs 10446 11250 15202 15103 13543 14524 15719 8707 8946

Cost Per Kg 074 071 067 069 062 063 074 060 063

Crop Profit 22416 39081 91496 78979 - 0 92419 102128 87791 101411 40458

Crop Profit Per Kg 159 247 403 362 424 446 414 699 285

Orchards amp 3rd Party Processing 4132 786 1107 1000 277 936 941 969 248 680

Hull 551 1063 5516 7800 300 300 300 300 939 1888

Citrus 95 75 - 568 - 550 - 142 50 50 50 537 212

Grant Income 1906 3455 - 0 - 0 - 0 - 0 - 0 - 0

Sale of Assets 223 911 200 228

Parboil - 2621 - 3158 - 1230 - 640 - 0 - 0 - 0

H2E Savings - 0 - 38 23 109 1718 1718 1718

Overheads - 4195 - 4661 - 5617 - 5200 - 1404 - 5757 - 5901 - 6049 - 3253 - 3695

Depreciation - Trees - 5887 - 5887 - 4858 - 4500 - 1215 - 6484 - 6569 - 6652 - 5502 - 5787

Other 85 - 366 - 0 - 3254 457

Almond Division Underlying EBIT 19103 31514 84791 76156 - 2487 83181 92666 78128 91126 34213

Almond Division EBIT Per Tonne 135 199 374 349 382 405 369 628 241

Prior Year Crop Adjustments - 5417 674 - 2550 - 0 47516 - 43034

Almond Division EBIT 13686 32188 82241 76156 - 51138 44981

Almond Division EBIT Excl Grants 11780 28733 82241 76156 83181 92666 78128 87504 36160

Growth -62 135 156 -7 36160

Growth excl Grants -67 144 186 -7 -59

Sales - External Customers - Almond 78992 119692 85268

Sales - External Customers - Food ERRORREF ERRORREF ERRORREF

Sales - Supermarkets ERRORREF ERRORREF ERRORREF

Sales - Non-Supermarkets ERRORREF ERRORREF ERRORREF

Sales - Industrial ERRORREF ERRORREF ERRORREF

Sales - Trading ERRORREF ERRORREF ERRORREF

Management Services - Almond 5725 4400 7861

Other Revenue 170 251 2161

Total Revenue ERRORREF ERRORREF ERRORREF

223474

EBIT

Almond Division - Underlying 36075 13686 32188 82241 83181 92666

Almond Division - Asset Sale Gain 8500

Food Division 10342 7950 4200 3000 5500 8000

Corporate - 5132 - 4657 - 4800 - 4800 - 4800 - 4800

EBIT Reported 49785 16979 31588 80441 83881 95866

EBIT Underlying 41285 16979 31588 80441 83881 95866

EBITDA Reported 93697 58950 31839

EBITDA Underlying

FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22

Orchard Cost Per Tonne 291 336 348 331 271 264 265 299

Harvest Cost Per Tonne 048 063 068 065 054 055 057 064

Rental Costs Per Tonne 047 061 094 091 065 081 080 089

Processing Cost Per Tonne 060 063 074 071 067 062 063 074


Orchard Cost Per Acre 290931 335634 348050 330519 271138 263665 265087 298814

2020 Capital Expenditure

15 Months to Sept 2019 FY2020B

$000 $000

Almond Division

Horticulture 11561 3780 Will be leased

Farm Assets 2509

Harvest Equipment 3200 Will be leased

Horticulture - Leased 4927

Total Horticulture 16488 9489

Processing 6439 3281

Processing - Inshell Sorters 1282

Processing - New Sorters 5831

Total Processing 6439 10394

Water 5260 5000 If prices drop

Tree Dev (Excl Horizon) 10259 10084 Higher water costs

Orchard Developments 3718 1355

Project Parboil 331 472

Project H2E 1616 1959

Compost Project 646

Capitalised Rent 8402 8316

Total Almond Division 53159 47069

Food Division

Various - TT 787 500

Project Shaker 2500 Yet to be defined

Corporate Division

JDE Food 1248

General - 0 500

Total 55194 48069



KP 386 618 160 2041 2041 5288 330 386 354 092 1699 1699 4402 480 386 378 098 1636 1636 4238 432 386 446 116 1323 1323 3427 297 386 347 090 1293 1293 3350 373 78 -076

KP 2014 310 83 027 1090 273 3516 329 310 237 076 1049 481 3384 203 310 341 110 1114 621 3594 182 -210 021

KP 2016 304 91 030 981 99 3227 109

Wemen 407 477 117 1486 1486 3651 311 407 533 131 1590 1590 3907 298 403 435 108 1758 1758 4362 404 403 568 141 1548 1548 3841 273 403 443 110 1706 1706 4233 385 -392 -113

BB AB 147 205 139 598 598 4068 292 147 184 125 599 599 4075 326 147 196 134 721 721 4905 367 147 225 153 588 588 4000 261 147 176 120 745 745 5068 423 -1068 -162

BB CD 167 52 031 539 135 3228 259 167 74 045 760 348 4551 468 167 209 125 657 411 3934 197 167 200 120 840 700 5030 350 -1096 -153

Carina - SHV 1491 2162 145 5439 5439 3648 252 1491 2118 142 5852 5852 3925 276 1491 1993 134 7136 7136 4786 358 1491 2204 148 6181 6181 4146 280 1491 1789 120 7037 7037 4720 393 -574 -113

Carina - JV 292 490 168 1113 1113 3812 227 292 415 142 1113 1113 3812 268 292 390 134 1528 1528 5233 391 292 528 181 1251 1251 4284 237 292 380 130 1306 1306 4473 344 -188 -107

Carina 2014 125 34 471 118 3768 352 125 81 065 459 210 3672 259 125 138 110 581 363 4648 263 -976 -004

Lake Powell 2007 2556 127 6592 6592 3285 258 2007 1592 079 7192 7192 3583 452 2007 2414 120 8159 8160 4065 338 2007 1754 087 6560 6561 3269 374 2007 2408 120 8255 8255 4113 343 -845 031

Bunargool 41 1428 500 035 4912 1228 3440 246

Total Vic 4730 6509 138 17269 17269 3651 265 4897 5247 107 18584 18180 3795 346 5328 5998 113 23259 21678 4365 361 5328 6293 118 19616 18554 3682 294 7060 6813 097 28770 23353 4075 335 -393 -041

Yilgah 2486 3190 128 8302 8302 3340 260 2486 3352 135 9089 9089 3656 271 2486 2880 116 9344 9344 3759 324 2486 1897 076 8711 8711 3504 459 2486 3232 130 9564 9564 3847 296 -343 163

Mooral 531 554 104 1990 1990 3748 359 531 745 140 2277 2277 4288 306 531 615 116 2133 2133 4017 347 531 386 073 1912 1912 3601 495 531 690 130 2283 2283 4299 331 -699 164

Belvedere 1423 2245 158 5746 5746 4038 256 1423 1575 111 5982 5982 4204 380 1491 1648 111 5880 5880 3944 357 1491 1369 092 5974 5974 4007 436 1491 1884 126 7010 7010 4702 372 -695 064

Mountview 2012 100 76 076 536 335 5360 442 100 75 075 435 363 4350 483 100 120 120 479 479 4790 399 -440 084

Mountview 2013 70 31 045 312 143 4457 459 70 35 050 307 192 4386 549 70 70 100 329 274 4700 391 -314 157

Mountview 2014 30 8 027 131 33 4367 412 30 10 033 123 56 4100 560 30 23 077 139 87 4633 378 -533 182

Mountview 2016 106 32 030 418 105 3943 327

Total NSW 4440 5989 135 16038 16038 3612 268 4440 5671 128 17348 17348 3907 306 4708 5258 112 18336 17868 3895 340 4708 3772 080 17462 17208 3709 456 4814 6051 126 20222 19802 4201 327 -492 129

Allinga 626 904 144 2711 2711 4331 300 626 864 138 2901 2901 4634 336 626 725 116 3210 3210 5128 443 626 936 150 2407 2407 3845 257 626 814 130 3070 3070 4904 377 -1059 -120

Allinga 2015 948 314 033 3031 758 3197 241 948 569 060 4164 1908 4392 335 -1195 -094

Amaroo Mature 1584 1514 096 5400 5400 3409 357 1584 1990 126 6622 6622 4181 333 1584 1694 107 7036 7036 4442 415 1584 2317 146 5885 5886 3715 254 1584 1901 120 6789 6789 4286 357 -571 -103

Amaroo 2013 199 88 044 653 163 3281 186 199 89 045 823 377 4136 425 199 227 114 760 475 3819 209 199 239 120 847 706 4256 295 -437 -086

Amaroo 2014 219 59 027 826 - 0 3772 - 0 219 189 086 777 - 0 3548 - 0 219 241 110 919 574 4196 238 -648 -238

Amaroo 2016 333 100 030 1184 296 3556 296

Mullroo Mature 158 185 117 565 565 3576 306 158 152 096 795 796 5032 524 158 169 107 825 826 5222 489 158 291 184 683 683 4323 235 158 205 130 763 763 4829 372 -506 -137

Mullroo 2013 245 82 034 1051 263 4290 319 245 109 045 1138 550 4645 504 245 238 097 936 585 3820 246 245 294 120 1185 988 4837 336 -1016 -090

Mullroo 2016 320 96 030 1249 312 3903 325

Jubilee Mature 692 851 123 3177 3178 4591 373 461 599 130 2467 2467 5351 412 -760 -038

Jubilee 2014 101 40 040 419 192 4149 480 101 76 075 521 326 5158 429 -1010 051

Jubilee 2015 168 39 023 678 170 4036 435 168 84 050 795 364 4732 433 -696 001

Jubilee 2016 187 47 025 834 209 4460 444

Total SA 2368 2602 110 8676 8676 3664 333 2812 3176 113 12022 10745 4275 338 3031 2844 094 13858 11999 4572 422 4940 5442 110 18753 14334 3796 263 5549 5265 095 24787 18771 4467 357 -671 -093

National 11538 15100 131 41983 41983 3639 278 12149 14095 116 47954 46273 3947 328 13067 14100 108 55453 51545 4244 366 14976 15507 104 55831 50095 3728 323 17423 18129 104 73779 61926 4177 336 -449 -013

47660 3923 338 49750 3807 353 47539 3174 307

vs 2015 5 10 8 18 13 23 17 31 30 19 2 16

vs 2016 8 11 8 11 23 8 -6 -2

vs 2017 15 -3 -12 -12


Vic 265 346 361 294

NSW 268 306 340 456

SA 333 338 422 263

Total 278 338 353 307


Vic 138 107 113 118 097

NSW 135 128 112 080 126

SA 110 113 094 110 095

Total 131 116 108 104 104


Vic 365095 379498 436543 368168

NSW 361216 390721 389465 370901

SA 366385 427525 457209 379615

Total 363867 392296 380730 317435

FY2015 FY2016 FY2017 FY2018 FY2019

Vic 473000 489700 532800 532800 706000

NSW 444000 444000 470800 470800 481400

SA 236800 281200 303100 494000 554900

Total 1153800 1214900 1306700 1497600 1742300

FY2015 FY2016 FY2017 FY2018

Vic 650880 524721 599805 629300

NSW 598917 567139 525791 377200

SA 260204 317620 284404 544200

Total 1510000 1409480 1410000 1550700

FY2015 FY2016 FY2017 FY2018

Vic 1726900 1818000 2167750 1855400

NSW 1603800 1734800 1786800 1720750

SA 867600 1074500 1199900 1433350

Total 4198300 4766000 4975000 4753900

FY2015 FY2016 FY2017 FY2018 FY2019

Vic - 0 - 0 - 0 - 0 - 0

NSW 278 - 0 - 0 - 0 - 0

SA 444000 - 0 - 0 - 0 - 0

Total 1153800 - 0 - 0 - 0 - 0


FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

O Kyndalin Park - 2016 304 304 304 304 304


O Wemen 403 403 403 403 403 403 403


O Boundary Bend - 2013 167 167 167 167 167 167 167

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783

O Carina - 2014 131 131 131 131 125 131 131

O Carina - 2017 58 58 58 58

L Lake Powell 2007 2007 2007 2007 2007 2007 2007

L Bunargool - 2016 1428 1428 1428 1428 1428

L Billa Downs - 2018 514 514 514




Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423

O Belvedere - 2014 68 68 68 68 68 68 68

O Mountview - 2012 100 100 100 100 100 100 100

O Mountview - 2013 70 70 70 70 70 70 70

O Mountview - 2014 30 30 30 30 30 30 30

O Mountview - 2016 106 106 106 106 106

L Yilgah 2486 2486 2486 2486 2486 2486 2486

L Mooral 531 531 531 531 531 531 531




Southern

O Allinga 626 626 626 626 626 626 626

O Allinga - 2015 948 948 948 948 948 948


O Jubilee - 2014 101 101 101 101 101 101 101

O Jubilee - 2015 168 168 168 168 168 168

O Jubilee - 2016 187 187 187 187 187

O Jubilee - 2018 231 231 231

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584

L Amaroo - 2013 199 199 199 199 199 199 199

L Amaroo - 2014 219 219 219 219 219 219 219

L Amaroo - 2016 333 333 333 333 333

L Amaroo - 2017 445 445 445 445

L Mullroo Mature 158 158 158 158 158 158 158

L Mullroo - 2013 245 245 245 245 245 245 245

L Mullroo - 2016 320 320 320 320 320

L Farm 7 - 2017 390 390 390 390




Total Acres 13174 14290 16968 18553 19061 19067 19067

Increase 85 187 93 27 00 00


Increase 53 85 137 163 29 42


00 00 60 -19 19 84


FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 386 386 - 0 - 0

Yield 160 092 098 116 124 080 080

Tonnes 618 355 378 448 479 - 0 - 0

386 386 386 386 386 386 386 - 0 - 0

Industry Yield 12 12 12 12 12 12 1 1 1

Tonnes 46320 46320 46320 46320 46320 46320 30880 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

Yield 027 079 118 122 135

Tonnes - 0 - 0 84 243 367 379 419

310 310 310 310 310

Industry Yield 030 050 080 100 120

Tonnes 93 155 248 310 372

O Kyndalin Park - 2016 304 304 304 304 304

Yield 052 089 100

Tonnes - 0 - 0 - 0 - 0 159 271 304

304 304 304


Tonnes 91 152 243


Yield

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 - 0

Industry Yield

Tonnes

O Wemen 403 403 403 403 403 403 403 403 403

Yield 117 131 108 141 132 135 135

Tonnes 472 528 435 568 531 544 544

403 403 403 403 403 403 403 403 403

Industry Yield 120 120 120 120 120 120 100 100 090

Tonnes 4836 4836 4836 4836 4836 4836 403 403 3627


Yield 139 125 134 153 167 135 140

Tonnes 204 184 197 225 245 198 206

147 147 147 147 147 147 147 147 147

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 17640 17640 17640 17640 17640 17640 17640 17640 17640

O Boundary Bend - 2013 167 167 167 167 167 167 167

Yield 031 045 125 103 135 135

Tonnes - 0 52 75 209 172 225 225

167 167 167 167 167 167


Tonnes 50 84 134 167 200 200

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783 1783 1783

Yield 149 142 134 153 148 135 140

Tonnes 2651 2534 2383 2732 2642 2407 2496

1783 1783 1783 1783 1783 1783 1783 1783 1783

Industry Yield 12 12 12 12 12 12 130 12 12

Tonnes 213960 213960 213960 213960 213960 213960 232110 213960 213960

O Carina - 2014 125 125 125 125 125 125 125

Yield 027 065 110 135 140

Tonnes - 0 - 0 34 81 138 169 175

125 125 125 125 125


Tonnes 38 63 100 125 150

O Carina - 2017 32 32 32 32

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 14 16

32 32

Industry Yield 0 1

Tonnes 10 16

L Lake Powell 2007 2007 2007 2007 2007 2007 2007 2007 2007

Yield 127 079 120 087 160 135 135

Tonnes 2556 1592 2414 1754 3202 2699 2709

2007 2007 2007 2007 2007 2007 2007 2007 2007

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 240840 240840 240840 240840 240840 240840 240840 240840 240840

L Bunargool - 2016 1428 1428 1428 1428 1428

Yield 003 046 088 120

Tonnes - 0 - 0 - 0 41 650 1251 1714

1428 1428 1428


Tonnes 428 714 1142

L Billa Downs - 2018 500 500 500

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 150

500

Industry Yield 0

Tonnes 150




Total Tonnage 6501 5244 6000 6302 8587 8158 8958

Total Yield 138 107 113 118 122 122 124

Mature Tonnage 6501 5192 5807 5727 7100 6074 6356

Mature Yield 138 110 123 121 150 135 129

Industry Acres 4726 4726 4726 4893 5328 5328 7060 6706 7206

Industry Tield 120 120 120 117 110 113 094 099 102


Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423 1423 1423

Yield 158 111 114 093 159 135 120

Tonnes 2245 1575 1628 1320 2266 1921 1708

1423 1423 1423 1423 1423 1423 1423 1423 1423

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 170760 170760 170760 170760 170760 170760 170760 170760 170760

O Belvedere - 2014 68 68 68 68 68 68 68

Yield 030 072 066 135 120

Tonnes - 0 - 0 20 49 45 92 82

68 68 68 68 68


Tonnes 20 34 54 68 82

O Mountview - 2012 100 100 100 100 100 100 100

Yield 076 106 120 135 135

Tonnes - 0 - 0 76 106 120 135 135

100 100 100 100 100


Tonnes 30 50 80 100 120

O Mountview - 2013 70 70 70 70 70 70 70

Yield 045 014 100 135 135

Tonnes - 0 - 0 32 10 62 95 95

70 70 70 70 70


Tonnes 21 35 56 70 84

O Mountview - 2014 30 30 30 30 30 30 30

Yield 027 014 075 135 135

Tonnes - 0 - 0 8 4 23 41 41

30 30 30 30 30


Tonnes 9 15 24 30 36

O Mountview - 2016 106 106 106 106 106

Yield 030 086 050

Tonnes - 0 - 0 - 0 - 0 - 0 91 53

106 106 106


Tonnes 32 53 85

L Yilgah 2486 2486 2486 2486 2486 2486 2486 2486 2486

Yield - 0 - 0 128 135 116 076 142 135 135

Tonnes 3190 3352 2880 1897 3527 3344 3356

2486 2486 2486 2486 2486 2486 2486 2486 2486

Industry Yield 120 120 120 120 120 120 120 120 120

Tonnes 298320 298320 298320 298320 298320 298320 298320 298320 298320

L Mooral 531 531 531 531 531 531 531 531 531

Yield 104 140 116 073 156 135 135

Tonnes 554 745 615 386 827 717 717

531 531 531 531 531 531 531 531 531

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 63720 63720 63720 63720 63720 63720 63720 63720 63720




Total Tonnage 5989 5672 5259 3772 6869 6434 6185

Total Yield 135 128 112 080 143 134 128

Mature Tonnage 5989 5672 5123 3603 6620 5982 6132

Mature Yield 135 128 115 081 149 135 130

Industry Acres 4440 4440 4440 4440 4708 4708 4814 4814 4814

Industry Tield 120 120 120 120 115 116 116 117 119


Southern

O Allinga 626 626 626 626 626 626 626 626 626

Yield 144 138 116 150 203 135 135

Tonnes 904 864 725 936 1274 845 845

626 626 626 626 626 626 626 626 626

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 75120 75120 75120 75120 75120 75120 75120 75120 75120

O Allinga - 2015 948 948 948 948 948 948

Yield 033 095 115 130

Tonnes - 0 - 0 - 0 314 900 1090 1232

948 948 948 948


Tonnes 284 474 758 948


Yield 123 171 135 135

Tonnes - 0 - 0 - 0 851 789 620 622

692 461 461 461


Tonnes 830 553 553 553

O Jubilee - 2014 101 101 101 101 101 101 101

Yield 040 141 122 135

Tonnes - 0 - 0 - 0 40 142 123 136

101 101 101 101 101


Tonnes 30 51 81 101 121

O Jubilee - 2015 168 168 168 168 168 168

Yield 024 076 115 100

Tonnes - 0 - 0 - 0 39 128 193 168

168 168 168 168


Tonnes 50 84 134 168

O Jubilee - 2016 187 187 187 187 187

Yield 037 089 080

Tonnes - 0 - 0 - 0 - 0 69 166 150

187 187 187


Tonnes 69 166 150

O Jubilee - 2018 237 237 237

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 71

237

Industry Yield 0

Tonnes 71

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584 1584 1584

Yield 096 126 107 146 155 135 135

Tonnes 1514 1990 1694 2317 2455 2130 2138

1584 1584 1584 1584 1584 1584 1584 1584 1584

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 190080 190080 190080 190080 190080 190080 190080 190080 190080

L Amaroo - 2013 199 199 199 199 199 199 199

Yield 044 045 114 147 135 135

Tonnes - 0 88 90 227 292 269 269

199 199 199 199 199 199


Tonnes 60 100 159 199 239 239

L Amaroo - 2014 219 219 219 219 219 219 219

Yield 027 087 116 122 135

Tonnes - 0 - 0 59 189 254 267 296

219 219 219 219 219


Tonnes 66 110 175 219 263

L Amaroo - 2016 334 334 334 334 334

Yield 045 089 120

Tonnes - 0 - 0 - 0 - 0 150 297 401

334 334 334


Tonnes 100 167 267

L Amaroo - 2017 448 448 448 448

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 202 224

448 448

Industry Yield 0 1

Tonnes 202 224

L Mullroo Mature 158 158 158 158 158 158 158 158 158

Yield 117 096 107 184 180 135 135

Tonnes 185 152 169 291 284 213 213

158 158 158 158 158 158 158 158 158

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 18960 18960 18960 18960 18960 18960 18960 18960 18960

L Mullroo - 2013 245 245 245 245 245 245 245

Yield 034 045 097 129 135 135

Tonnes - 0 83 110 238 315 331 331

245 245 245 245 245 245


Tonnes 74 123 196 245 294 294

L Mullroo - 2016 320 320 320 320 320

Yield 057 089 120

Tonnes - 0 - 0 - 0 - 0 181 285 384

320 320 320


Tonnes 181 285 384

L Farm 7 - 2017 390 390 390 390

Yield 045 070

Tonnes - 0 - 0 - 0 - 0 - 0 176 273

390 390

Industry Yield 0 1

Tonnes 176 273




Total Tonnage 2603 3177 2847 5443 7233 7208 7753

Total Yield 110 113 091 110 130 113 117

Mature Tonnage 2603 3006 2588 4395 4802 4408 4851

Mature Yield 110 127 109 144 170 135 135

Industry Acres 2368 2368 2368 2812 3132 4940 5550 6388 6625

Industry Tield 120 120 120 106 101 092 090 096 103


Total Acres 13168 14284 16963 18525 19031 19031 19031

Increase 85 188 92 27 00 00


Increase 53 84 137 163 28 41


00 00 60 -19 19 84

Industry Acres 11534 11534 11534 12145 13168 14976 17424 17908 18645

Industry Yield 120 120 120 115 110 107 099 103 107


Total Tonnage 15093 14093 14106 15817 22659 21800 22897

Total Yield 131 116 107 106 130 122 123

Mature Tonnage 15093 13870 13518 13725 18522 16464 17339

Mature Yield 131 120 117 112 154 135 131










4230198 9082971




Total Cost per Kg 428 527 584 558 459 548

Almond Price 1145 808 748 81 86 87








058 063 074 071 067 069 Orchard 338 348 284 211 255 FY17 705 114888

486 591 658 629 526 617 Water 050 050 046 063 100 FY18 627

659 217 090 181 334 253 Harvest 064 068 065 054 050 507


Processing 063 074 071 067 069




EBIT Per KG 161 043 183 353 273

067 070 071 069 048 Price per Kg 808 748 810 860 870

593 147 019 112 286 1685340

1000 1000 1000 1000 1000


Prior Crop $ 674

Crop Profit $ 108198 $ 39594 $ 23168 $ 42302 $ 90830 $ 70259

1147





Sale of Assets 209 200 43164 -$ 862

Tree Depn 6000 6000

Parboil 2700 2000

Overheads 4700 4224

H2E 1019


132 $m






KP - 2014 243 367 124

KP - 2016 - 0 159 159 Total Capex $ 217





Carina - 2014 81 138 56 H2E $ 05





Mountview - 2012 106 120 14

Mountview - 2013 10 62 52

Mountview - 2014 4 23 18

Mountview - 2016 - 0 - 0 0







Jubilee - 2015 39 128 89 Trading $ 140 $ 090 $ 050



Amaroo - 2013 227 292 64


Amaroo - 2016 - 0 150 150 $m




TOTAL 15517 22689 7172


Water 368 4571

Fertiliser 16 4587


Labour 103 4776



Bees 11 4875



Other 63 4946


$m

H2E EBIT $ 100

Parboil EBIT -$ 200


FY2015 7817 89063 - 7285

FY2016 11398 37793 - 7992

FY2017 9534 14480 - 8947

FY2018 6284 39536 - 9942

FY2019 6284 43800 - 10283


FY2013 5500 31700 4700 - 4100 640

FY2014 5600 30300 - 4600 850

FY2015 6817 87503 - 4685 1145

FY2016 10342 36093 - 5132 808

FY2017 7950 13686 - 4657 743

FY2018 4748 36236 - 7181 805

FY2019 F 5012 82241 - 7181 860

FY2020 B 6615 76156 -7008 870



Volumes (MT) 22690 21800 21800 22300 22300 23

Price $ 860 $ 870 $ 910 $ 840 $ 820 -99 $ 700 $ 750 $ 850 $ 900 $ 595


Sell Price $ 860 $ 870 $ 910 $ 840 $ 840 -77

EBIT

Almond Division 82241 67436 76156 62729 58269 -235 30376 41276 63076 73976 7486


Corporate -7181 -7008 -7008 -7500 -7500 -70 -7008 -7008 -7008 -7008 -7008

Total EBIT 80072 67043 75763 60225 55765 -264 29983 40883 62683 73583 7093

Finance Costs -3957 -3700 -3700 -3000 -3000 189 -5000 -4500 -3200 -2800 -6000

-202356108163 -20476593973

PBT 76115 63343 72063 57225 52765 -268 24983 36383 59483 70783 1093

Tax -23086 -19003 -21619 -17168 -15830 268 -7495 -10915 -17845 -21235 -328

NPAT 53029 44340 50444 40058 36936 -268 17488 25468 41638 49548 765

Inshel 25 5500


Industrial 18 4000

Retail 7 1500

22000

FY2020 Budget 504








Interest 07 31032

TaxOther 58 36832

FY2020F NPAT - 368

FY2019 NPAT 530




Crop Costs - 49 260




Overheads - 11 287

Interest 10 297

TaxOther 73 370

FY2020F NPAT - 370



Rent 100 775

Fertiliser 085 784


Spraying 076 799

Labour 077 807



Bees 026 820

Fuel 03 823

Other 08 831




$25 23 Budgeted

$100 - 2250

$150 - 3750

$200 - 5250

$250 - 6750

HY2019 EBIT 310






HY2020 EBIT - 254

FY2019 EBIT 801



Orchard Costs - 25

Water Costs - 95


Food Division - 06

CorporateOther - 13

HY2020 EBIT - 254

HY2019 EBIT 310




Orchard Costs - 13

Water Costs - 48



Food Division - 06

CorporateOther - 16

HY2020 EBIT - 253

Income Statement

$ millions 1H 2019 1H 2020 Variance



Total Revenue 1000 935 (65) (65)

EBITDA 385 345 (40) (104)




Corporate (28) (43) (15) (549)

Total EBIT 310 254 (56) (180)


Tax Expense (89) (73) 16 176

NPAT 200 174 (27) (134)

EBITDA Margin () 385 369 (16) (42)

EBIT Margin () 310 272 (38) (123)





Cash 13 13












Cash Flow

$ millions 1H FY2019 1H FY2020

EBITDA 385 345


Tax Paid (28) (168)








SHV Corporate Costs


Corporate



Other 968 762 754 887 1046

4518 4388 4017 4209 4056

Finance



Other 391 249 75 48 156

2741 2611 1940 2102 2207

IT


Operating Costs 963 867 257 510 1114


1681 1973 680 968 1783

HR 1002 1232 649 713 904


5822



SHV Corporate Costs

FY18F FY19B

$m $m

Corporate 4518 4388

Finance 2741 2611

IT 1681 1973

HR 1002 1232

Total 9942 10204


$m



Financial Snapshot


Revenue 254483 307084 280459





NPAT Margin 21 16 8

0126

EPS 056 053 035


Net Assets 411718 431308 393934

Net Debt - 0 31062 29060

Gearing 0 7 7


ROE 13 12 6

Key Assumptions

Bearing Acres 14976 17424 17399

Yield 22690 21800 19820





95045649 95045649 95045649

$m

H2E 10

Parboil -20

SHV Balance Sheet

Jun-18 Jun-19

Assets

Current Assets



Other 2271 2271


Non Current Assets

PPampE 287893 313653




Liabilities

Current Liabilities














Net Assets 390068 406722

SHV Cash Flows

Jun-18 Jun-19
























Food Division

FY2019 FY2020


FY2019 F FY2020 B FY2019F FY2020B

KGs 5905 6216 Domestic 5605 6977 38

Export - 251 - 12




19749 22276 13





Brand Costs - 2075 - 2950 32




FY2019 F FY2020 B FY2019F FY2020B

KGs 365 397 009 Quality 376 501





Procurement 950 964







EBIT - 941 - 12 - 099

Trading

FY2019 F FY2020 B



COGS 31840 32400







EBIT 2407 2309

Industrial

FY2019 F FY2020 B



COGS 44400 46231







EBIT 9120 9328

Operations






EBIT - 16596 - 16161

CONSENSUS 2020


Baillieu Holst $849 20138 $44 $218

PAC Partners $865 19328 $41 $212


UBS $915 20966 $46 $219

Bell Potter $919 19508 $40 $205

Wilsons $921 19372 $39 $201

Range $849 - $921 19328 - 23200 $39 - $51 $201 - $220

Average $888 20419 $43 $213

SHV Budget $865 21800 $435 $200



Bearing Acres 13168 14976 17424 17908 17936 18681 20006

Tonnes Produced 14100 15817 22690 21800 21800 22897 21198 14500 14200

Price 743 805 860 910 886 912 940 1145 808

Almond Revenue 104763 127324 195133 198377 193101 208903 199207 166025 114736



Harvest Costs 9580 10328 12157 10897 12090 13158 13497 6951 8958


Orchard Rental 13246 14388 14757 15978 17571 18397 18857 6771 8714



Cost Per Kg 074 071 067 069 062 063 074 060 063

Crop Profit 22416 39081 91496 78979 - 0 92419 102128 87791 101411 40458



Hull 551 1063 5516 7800 300 300 300 300 939 1888

Citrus 95 75 - 568 - 550 - 142 50 50 50 537 212

Grant Income 1906 3455 - 0 - 0 - 0 - 0 - 0 - 0


Parboil - 2621 - 3158 - 1230 - 640 - 0 - 0 - 0

H2E Savings - 0 - 38 23 109 1718 1718 1718

Overheads - 4195 - 4661 - 5617 - 5200 - 1404 - 5757 - 5901 - 6049 - 3253 - 3695


Other 85 - 366 - 0 - 3254 457






Growth -62 135 156 -7 36160











223474

EBIT



Food Division 10342 7950 4200 3000 5500 8000

Corporate - 5132 - 4657 - 4800 - 4800 - 4800 - 4800

EBIT Reported 49785 16979 31588 80441 83881 95866

EBIT Underlying 41285 16979 31588 80441 83881 95866


EBITDA Underlying










$000 $000

Almond Division


Farm Assets 2509













Compost Project 646



Food Division



Corporate Division

JDE Food 1248

General - 0 500

Total 55194 48069



KP 386 618 160 2041 2041 5288 330 386 354 092 1699 1699 4402 480 386 378 098 1636 1636 4238 432 386 446 116 1323 1323 3427 297 386 347 090 1293 1293 3350 373 78 -076

KP 2014 310 83 027 1090 273 3516 329 310 237 076 1049 481 3384 203 310 341 110 1114 621 3594 182 -210 021

KP 2016 304 91 030 981 99 3227 109

Wemen 407 477 117 1486 1486 3651 311 407 533 131 1590 1590 3907 298 403 435 108 1758 1758 4362 404 403 568 141 1548 1548 3841 273 403 443 110 1706 1706 4233 385 -392 -113

BB AB 147 205 139 598 598 4068 292 147 184 125 599 599 4075 326 147 196 134 721 721 4905 367 147 225 153 588 588 4000 261 147 176 120 745 745 5068 423 -1068 -162

BB CD 167 52 031 539 135 3228 259 167 74 045 760 348 4551 468 167 209 125 657 411 3934 197 167 200 120 840 700 5030 350 -1096 -153

Carina - SHV 1491 2162 145 5439 5439 3648 252 1491 2118 142 5852 5852 3925 276 1491 1993 134 7136 7136 4786 358 1491 2204 148 6181 6181 4146 280 1491 1789 120 7037 7037 4720 393 -574 -113

Carina - JV 292 490 168 1113 1113 3812 227 292 415 142 1113 1113 3812 268 292 390 134 1528 1528 5233 391 292 528 181 1251 1251 4284 237 292 380 130 1306 1306 4473 344 -188 -107

Carina 2014 125 34 471 118 3768 352 125 81 065 459 210 3672 259 125 138 110 581 363 4648 263 -976 -004

Lake Powell 2007 2556 127 6592 6592 3285 258 2007 1592 079 7192 7192 3583 452 2007 2414 120 8159 8160 4065 338 2007 1754 087 6560 6561 3269 374 2007 2408 120 8255 8255 4113 343 -845 031

Bunargool 41 1428 500 035 4912 1228 3440 246

Total Vic 4730 6509 138 17269 17269 3651 265 4897 5247 107 18584 18180 3795 346 5328 5998 113 23259 21678 4365 361 5328 6293 118 19616 18554 3682 294 7060 6813 097 28770 23353 4075 335 -393 -041

Yilgah 2486 3190 128 8302 8302 3340 260 2486 3352 135 9089 9089 3656 271 2486 2880 116 9344 9344 3759 324 2486 1897 076 8711 8711 3504 459 2486 3232 130 9564 9564 3847 296 -343 163

Mooral 531 554 104 1990 1990 3748 359 531 745 140 2277 2277 4288 306 531 615 116 2133 2133 4017 347 531 386 073 1912 1912 3601 495 531 690 130 2283 2283 4299 331 -699 164

Belvedere 1423 2245 158 5746 5746 4038 256 1423 1575 111 5982 5982 4204 380 1491 1648 111 5880 5880 3944 357 1491 1369 092 5974 5974 4007 436 1491 1884 126 7010 7010 4702 372 -695 064

Mountview 2012 100 76 076 536 335 5360 442 100 75 075 435 363 4350 483 100 120 120 479 479 4790 399 -440 084

Mountview 2013 70 31 045 312 143 4457 459 70 35 050 307 192 4386 549 70 70 100 329 274 4700 391 -314 157

Mountview 2014 30 8 027 131 33 4367 412 30 10 033 123 56 4100 560 30 23 077 139 87 4633 378 -533 182

Mountview 2016 106 32 030 418 105 3943 327

Total NSW 4440 5989 135 16038 16038 3612 268 4440 5671 128 17348 17348 3907 306 4708 5258 112 18336 17868 3895 340 4708 3772 080 17462 17208 3709 456 4814 6051 126 20222 19802 4201 327 -492 129

Allinga 626 904 144 2711 2711 4331 300 626 864 138 2901 2901 4634 336 626 725 116 3210 3210 5128 443 626 936 150 2407 2407 3845 257 626 814 130 3070 3070 4904 377 -1059 -120

Allinga 2015 948 314 033 3031 758 3197 241 948 569 060 4164 1908 4392 335 -1195 -094

Amaroo Mature 1584 1514 096 5400 5400 3409 357 1584 1990 126 6622 6622 4181 333 1584 1694 107 7036 7036 4442 415 1584 2317 146 5885 5886 3715 254 1584 1901 120 6789 6789 4286 357 -571 -103

Amaroo 2013 199 88 044 653 163 3281 186 199 89 045 823 377 4136 425 199 227 114 760 475 3819 209 199 239 120 847 706 4256 295 -437 -086

Amaroo 2014 219 59 027 826 - 0 3772 - 0 219 189 086 777 - 0 3548 - 0 219 241 110 919 574 4196 238 -648 -238

Amaroo 2016 333 100 030 1184 296 3556 296

Mullroo Mature 158 185 117 565 565 3576 306 158 152 096 795 796 5032 524 158 169 107 825 826 5222 489 158 291 184 683 683 4323 235 158 205 130 763 763 4829 372 -506 -137

Mullroo 2013 245 82 034 1051 263 4290 319 245 109 045 1138 550 4645 504 245 238 097 936 585 3820 246 245 294 120 1185 988 4837 336 -1016 -090

Mullroo 2016 320 96 030 1249 312 3903 325

Jubilee Mature 692 851 123 3177 3178 4591 373 461 599 130 2467 2467 5351 412 -760 -038

Jubilee 2014 101 40 040 419 192 4149 480 101 76 075 521 326 5158 429 -1010 051

Jubilee 2015 168 39 023 678 170 4036 435 168 84 050 795 364 4732 433 -696 001

Jubilee 2016 187 47 025 834 209 4460 444

Total SA 2368 2602 110 8676 8676 3664 333 2812 3176 113 12022 10745 4275 338 3031 2844 094 13858 11999 4572 422 4940 5442 110 18753 14334 3796 263 5549 5265 095 24787 18771 4467 357 -671 -093

National 11538 15100 131 41983 41983 3639 278 12149 14095 116 47954 46273 3947 328 13067 14100 108 55453 51545 4244 366 14976 15507 104 55831 50095 3728 323 17423 18129 104 73779 61926 4177 336 -449 -013

47660 3923 338 49750 3807 353 47539 3174 307

vs 2015 5 10 8 18 13 23 17 31 30 19 2 16

vs 2016 8 11 8 11 23 8 -6 -2

vs 2017 15 -3 -12 -12


Vic 265 346 361 294

NSW 268 306 340 456

SA 333 338 422 263

Total 278 338 353 307


Vic 138 107 113 118 097

NSW 135 128 112 080 126

SA 110 113 094 110 095

Total 131 116 108 104 104


Vic 365095 379498 436543 368168

NSW 361216 390721 389465 370901

SA 366385 427525 457209 379615

Total 363867 392296 380730 317435

FY2015 FY2016 FY2017 FY2018 FY2019

Vic 473000 489700 532800 532800 706000

NSW 444000 444000 470800 470800 481400

SA 236800 281200 303100 494000 554900

Total 1153800 1214900 1306700 1497600 1742300

FY2015 FY2016 FY2017 FY2018

Vic 650880 524721 599805 629300

NSW 598917 567139 525791 377200

SA 260204 317620 284404 544200

Total 1510000 1409480 1410000 1550700

FY2015 FY2016 FY2017 FY2018

Vic 1726900 1818000 2167750 1855400

NSW 1603800 1734800 1786800 1720750

SA 867600 1074500 1199900 1433350

Total 4198300 4766000 4975000 4753900

FY2015 FY2016 FY2017 FY2018 FY2019

Vic - 0 - 0 - 0 - 0 - 0

NSW 278 - 0 - 0 - 0 - 0

SA 444000 - 0 - 0 - 0 - 0

Total 1153800 - 0 - 0 - 0 - 0


FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

O Kyndalin Park - 2016 304 304 304 304 304


O Wemen 403 403 403 403 403 403 403


O Boundary Bend - 2013 167 167 167 167 167 167 167

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783

O Carina - 2014 131 131 131 131 125 131 131

O Carina - 2017 58 58 58 58

L Lake Powell 2007 2007 2007 2007 2007 2007 2007

L Bunargool - 2016 1428 1428 1428 1428 1428

L Billa Downs - 2018 514 514 514




Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423

O Belvedere - 2014 68 68 68 68 68 68 68

O Mountview - 2012 100 100 100 100 100 100 100

O Mountview - 2013 70 70 70 70 70 70 70

O Mountview - 2014 30 30 30 30 30 30 30

O Mountview - 2016 106 106 106 106 106

L Yilgah 2486 2486 2486 2486 2486 2486 2486

L Mooral 531 531 531 531 531 531 531




Southern

O Allinga 626 626 626 626 626 626 626

O Allinga - 2015 948 948 948 948 948 948


O Jubilee - 2014 101 101 101 101 101 101 101

O Jubilee - 2015 168 168 168 168 168 168

O Jubilee - 2016 187 187 187 187 187

O Jubilee - 2018 231 231 231

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584

L Amaroo - 2013 199 199 199 199 199 199 199

L Amaroo - 2014 219 219 219 219 219 219 219

L Amaroo - 2016 333 333 333 333 333

L Amaroo - 2017 445 445 445 445

L Mullroo Mature 158 158 158 158 158 158 158

L Mullroo - 2013 245 245 245 245 245 245 245

L Mullroo - 2016 320 320 320 320 320

L Farm 7 - 2017 390 390 390 390




Total Acres 13174 14290 16968 18553 19061 19067 19067

Increase 85 187 93 27 00 00


Increase 53 85 137 163 29 42


00 00 60 -19 19 84


FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 386 386 - 0 - 0

Yield 160 092 098 116 124 080 080

Tonnes 618 355 378 448 479 - 0 - 0

386 386 386 386 386 386 386 - 0 - 0

Industry Yield 12 12 12 12 12 12 1 1 1

Tonnes 46320 46320 46320 46320 46320 46320 30880 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

Yield 027 079 118 122 135

Tonnes - 0 - 0 84 243 367 379 419

310 310 310 310 310

Industry Yield 030 050 080 100 120

Tonnes 93 155 248 310 372

O Kyndalin Park - 2016 304 304 304 304 304

Yield 052 089 100

Tonnes - 0 - 0 - 0 - 0 159 271 304

304 304 304


Tonnes 91 152 243


Yield

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 - 0

Industry Yield

Tonnes

O Wemen 403 403 403 403 403 403 403 403 403

Yield 117 131 108 141 132 135 135

Tonnes 472 528 435 568 531 544 544

403 403 403 403 403 403 403 403 403

Industry Yield 120 120 120 120 120 120 100 100 090

Tonnes 4836 4836 4836 4836 4836 4836 403 403 3627


Yield 139 125 134 153 167 135 140

Tonnes 204 184 197 225 245 198 206

147 147 147 147 147 147 147 147 147

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 17640 17640 17640 17640 17640 17640 17640 17640 17640

O Boundary Bend - 2013 167 167 167 167 167 167 167

Yield 031 045 125 103 135 135

Tonnes - 0 52 75 209 172 225 225

167 167 167 167 167 167


Tonnes 50 84 134 167 200 200

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783 1783 1783

Yield 149 142 134 153 148 135 140

Tonnes 2651 2534 2383 2732 2642 2407 2496

1783 1783 1783 1783 1783 1783 1783 1783 1783

Industry Yield 12 12 12 12 12 12 130 12 12

Tonnes 213960 213960 213960 213960 213960 213960 232110 213960 213960

O Carina - 2014 125 125 125 125 125 125 125

Yield 027 065 110 135 140

Tonnes - 0 - 0 34 81 138 169 175

125 125 125 125 125


Tonnes 38 63 100 125 150

O Carina - 2017 32 32 32 32

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 14 16

32 32

Industry Yield 0 1

Tonnes 10 16

L Lake Powell 2007 2007 2007 2007 2007 2007 2007 2007 2007

Yield 127 079 120 087 160 135 135

Tonnes 2556 1592 2414 1754 3202 2699 2709

2007 2007 2007 2007 2007 2007 2007 2007 2007

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 240840 240840 240840 240840 240840 240840 240840 240840 240840

L Bunargool - 2016 1428 1428 1428 1428 1428

Yield 003 046 088 120

Tonnes - 0 - 0 - 0 41 650 1251 1714

1428 1428 1428


Tonnes 428 714 1142

L Billa Downs - 2018 500 500 500

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 150

500

Industry Yield 0

Tonnes 150




Total Tonnage 6501 5244 6000 6302 8587 8158 8958

Total Yield 138 107 113 118 122 122 124

Mature Tonnage 6501 5192 5807 5727 7100 6074 6356

Mature Yield 138 110 123 121 150 135 129

Industry Acres 4726 4726 4726 4893 5328 5328 7060 6706 7206

Industry Tield 120 120 120 117 110 113 094 099 102


Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423 1423 1423

Yield 158 111 114 093 159 135 120

Tonnes 2245 1575 1628 1320 2266 1921 1708

1423 1423 1423 1423 1423 1423 1423 1423 1423

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 170760 170760 170760 170760 170760 170760 170760 170760 170760

O Belvedere - 2014 68 68 68 68 68 68 68

Yield 030 072 066 135 120

Tonnes - 0 - 0 20 49 45 92 82

68 68 68 68 68


Tonnes 20 34 54 68 82

O Mountview - 2012 100 100 100 100 100 100 100

Yield 076 106 120 135 135

Tonnes - 0 - 0 76 106 120 135 135

100 100 100 100 100


Tonnes 30 50 80 100 120

O Mountview - 2013 70 70 70 70 70 70 70

Yield 045 014 100 135 135

Tonnes - 0 - 0 32 10 62 95 95

70 70 70 70 70


Tonnes 21 35 56 70 84

O Mountview - 2014 30 30 30 30 30 30 30

Yield 027 014 075 135 135

Tonnes - 0 - 0 8 4 23 41 41

30 30 30 30 30


Tonnes 9 15 24 30 36

O Mountview - 2016 106 106 106 106 106

Yield 030 086 050

Tonnes - 0 - 0 - 0 - 0 - 0 91 53

106 106 106


Tonnes 32 53 85

L Yilgah 2486 2486 2486 2486 2486 2486 2486 2486 2486

Yield - 0 - 0 128 135 116 076 142 135 135

Tonnes 3190 3352 2880 1897 3527 3344 3356

2486 2486 2486 2486 2486 2486 2486 2486 2486

Industry Yield 120 120 120 120 120 120 120 120 120

Tonnes 298320 298320 298320 298320 298320 298320 298320 298320 298320

L Mooral 531 531 531 531 531 531 531 531 531

Yield 104 140 116 073 156 135 135

Tonnes 554 745 615 386 827 717 717

531 531 531 531 531 531 531 531 531

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 63720 63720 63720 63720 63720 63720 63720 63720 63720




Total Tonnage 5989 5672 5259 3772 6869 6434 6185

Total Yield 135 128 112 080 143 134 128

Mature Tonnage 5989 5672 5123 3603 6620 5982 6132

Mature Yield 135 128 115 081 149 135 130

Industry Acres 4440 4440 4440 4440 4708 4708 4814 4814 4814

Industry Tield 120 120 120 120 115 116 116 117 119


Southern

O Allinga 626 626 626 626 626 626 626 626 626

Yield 144 138 116 150 203 135 135

Tonnes 904 864 725 936 1274 845 845

626 626 626 626 626 626 626 626 626

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 75120 75120 75120 75120 75120 75120 75120 75120 75120

O Allinga - 2015 948 948 948 948 948 948

Yield 033 095 115 130

Tonnes - 0 - 0 - 0 314 900 1090 1232

948 948 948 948


Tonnes 284 474 758 948


Yield 123 171 135 135

Tonnes - 0 - 0 - 0 851 789 620 622

692 461 461 461


Tonnes 830 553 553 553

O Jubilee - 2014 101 101 101 101 101 101 101

Yield 040 141 122 135

Tonnes - 0 - 0 - 0 40 142 123 136

101 101 101 101 101


Tonnes 30 51 81 101 121

O Jubilee - 2015 168 168 168 168 168 168

Yield 024 076 115 100

Tonnes - 0 - 0 - 0 39 128 193 168

168 168 168 168


Tonnes 50 84 134 168

O Jubilee - 2016 187 187 187 187 187

Yield 037 089 080

Tonnes - 0 - 0 - 0 - 0 69 166 150

187 187 187


Tonnes 69 166 150

O Jubilee - 2018 237 237 237

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 71

237

Industry Yield 0

Tonnes 71

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584 1584 1584

Yield 096 126 107 146 155 135 135

Tonnes 1514 1990 1694 2317 2455 2130 2138

1584 1584 1584 1584 1584 1584 1584 1584 1584

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 190080 190080 190080 190080 190080 190080 190080 190080 190080

L Amaroo - 2013 199 199 199 199 199 199 199

Yield 044 045 114 147 135 135

Tonnes - 0 88 90 227 292 269 269

199 199 199 199 199 199


Tonnes 60 100 159 199 239 239

L Amaroo - 2014 219 219 219 219 219 219 219

Yield 027 087 116 122 135

Tonnes - 0 - 0 59 189 254 267 296

219 219 219 219 219


Tonnes 66 110 175 219 263

L Amaroo - 2016 334 334 334 334 334

Yield 045 089 120

Tonnes - 0 - 0 - 0 - 0 150 297 401

334 334 334


Tonnes 100 167 267

L Amaroo - 2017 448 448 448 448

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 202 224

448 448

Industry Yield 0 1

Tonnes 202 224

L Mullroo Mature 158 158 158 158 158 158 158 158 158

Yield 117 096 107 184 180 135 135

Tonnes 185 152 169 291 284 213 213

158 158 158 158 158 158 158 158 158

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 18960 18960 18960 18960 18960 18960 18960 18960 18960

L Mullroo - 2013 245 245 245 245 245 245 245

Yield 034 045 097 129 135 135

Tonnes - 0 83 110 238 315 331 331

245 245 245 245 245 245


Tonnes 74 123 196 245 294 294

L Mullroo - 2016 320 320 320 320 320

Yield 057 089 120

Tonnes - 0 - 0 - 0 - 0 181 285 384

320 320 320


Tonnes 181 285 384

L Farm 7 - 2017 390 390 390 390

Yield 045 070

Tonnes - 0 - 0 - 0 - 0 - 0 176 273

390 390

Industry Yield 0 1

Tonnes 176 273




Total Tonnage 2603 3177 2847 5443 7233 7208 7753

Total Yield 110 113 091 110 130 113 117

Mature Tonnage 2603 3006 2588 4395 4802 4408 4851

Mature Yield 110 127 109 144 170 135 135

Industry Acres 2368 2368 2368 2812 3132 4940 5550 6388 6625

Industry Tield 120 120 120 106 101 092 090 096 103


Total Acres 13168 14284 16963 18525 19031 19031 19031

Increase 85 188 92 27 00 00


Increase 53 84 137 163 28 41


00 00 60 -19 19 84

Industry Acres 11534 11534 11534 12145 13168 14976 17424 17908 18645

Industry Yield 120 120 120 115 110 107 099 103 107


Total Tonnage 15093 14093 14106 15817 22659 21800 22897

Total Yield 131 116 107 106 130 122 123

Mature Tonnage 15093 13870 13518 13725 18522 16464 17339

Mature Yield 131 120 117 112 154 135 131










4230198 9082971




Total Cost per Kg 428 527 584 558 459 548

Almond Price 1145 808 748 81 86 87








058 063 074 071 067 069 Orchard 338 348 284 211 255 FY17 705 114888

486 591 658 629 526 617 Water 050 050 046 063 100 FY18 627

659 217 090 181 334 253 Harvest 064 068 065 054 050 507


Processing 063 074 071 067 069




EBIT Per KG 161 043 183 353 273

067 070 071 069 048 Price per Kg 808 748 810 860 870

593 147 019 112 286 1685340

1000 1000 1000 1000 1000


Prior Crop $ 674

Crop Profit $ 108198 $ 39594 $ 23168 $ 42302 $ 90830 $ 70259

1147





Sale of Assets 209 200 43164 -$ 862

Tree Depn 6000 6000

Parboil 2700 2000

Overheads 4700 4224

H2E 1019


132 $m






KP - 2014 243 367 124

KP - 2016 - 0 159 159 Total Capex $ 217





Carina - 2014 81 138 56 H2E $ 05





Mountview - 2012 106 120 14

Mountview - 2013 10 62 52

Mountview - 2014 4 23 18

Mountview - 2016 - 0 - 0 0







Jubilee - 2015 39 128 89 Trading $ 140 $ 090 $ 050



Amaroo - 2013 227 292 64


Amaroo - 2016 - 0 150 150 $m




TOTAL 15517 22689 7172


Water 368 4571

Fertiliser 16 4587


Labour 103 4776



Bees 11 4875



Other 63 4946


$m

H2E EBIT $ 100

Parboil EBIT -$ 200


FY2015 7817 89063 - 7285

FY2016 11398 37793 - 7992

FY2017 9534 14480 - 8947

FY2018 6284 39536 - 9942

FY2019 6284 43800 - 10283


FY2013 5500 31700 4700 - 4100 640

FY2014 5600 30300 - 4600 850

FY2015 6817 87503 - 4685 1145

FY2016 10342 36093 - 5132 808

FY2017 7950 13686 - 4657 743

FY2018 4748 36236 - 7181 805

FY2019 F 5012 82241 - 7181 860

FY2020 B 6615 76156 -7008 870



Volumes (MT) 22690 21800 21800 22300 22300 23

Price $ 860 $ 870 $ 910 $ 840 $ 820 -99 $ 700 $ 750 $ 850 $ 900 $ 595


Sell Price $ 860 $ 870 $ 910 $ 840 $ 840 -77

EBIT

Almond Division 82241 67436 76156 62729 58269 -235 30376 41276 63076 73976 7486


Corporate -7181 -7008 -7008 -7500 -7500 -70 -7008 -7008 -7008 -7008 -7008

Total EBIT 80072 67043 75763 60225 55765 -264 29983 40883 62683 73583 7093

Finance Costs -3957 -3700 -3700 -3000 -3000 189 -5000 -4500 -3200 -2800 -6000

-202356108163 -20476593973

PBT 76115 63343 72063 57225 52765 -268 24983 36383 59483 70783 1093

Tax -23086 -19003 -21619 -17168 -15830 268 -7495 -10915 -17845 -21235 -328

NPAT 53029 44340 50444 40058 36936 -268 17488 25468 41638 49548 765

Inshel 25 5500


Industrial 18 4000

Retail 7 1500

22000

FY2020 Budget 504








Interest 07 31032

TaxOther 58 36832

FY2020F NPAT - 368

FY2019 NPAT 530




Crop Costs - 49 260




Overheads - 11 287

Interest 10 297

TaxOther 73 370

FY2020F NPAT - 370



Rent 100 775

Fertiliser 085 784


Spraying 076 799

Labour 077 807



Bees 026 820

Fuel 03 823

Other 08 831




$25 23 Budgeted

$100 - 2250

$150 - 3750

$200 - 5250

$250 - 6750

HY2019 EBIT 310






HY2020 EBIT - 254

FY2019 EBIT 801



Orchard Costs - 25

Water Costs - 95


Food Division - 06

CorporateOther - 13

HY2020 EBIT - 254

HY2019 EBIT 310




Orchard Costs - 13

Water Costs - 48



Food Division - 06

CorporateOther - 16

HY2020 EBIT - 253

Income Statement




Total Revenue 1000 935 (65) (65)

EBITDA 385 345 (40) (104)




Corporate (28) (43) (15) (549)

Total EBIT 310 254 (56) (180)


Tax Expense (89) (73) 16 176

NPAT 200 174 (27) (134)

EBITDA Margin () 385 369 (16) (42)

EBIT Margin () 310 272 (38) (123)





Cash 13 13












Cash Flow


EBITDA 385 345


Tax Paid (28) (168)








SHV Corporate Costs


Corporate



Other 968 762 754 887 1046

4518 4388 4017 4209 4056

Finance



Other 391 249 75 48 156

2741 2611 1940 2102 2207

IT


Operating Costs 963 867 257 510 1114


1681 1973 680 968 1783

HR 1002 1232 649 713 904


5822



SHV Corporate Costs

FY18F FY19B

$m $m

Corporate 4518 4388

Finance 2741 2611

IT 1681 1973

HR 1002 1232

Total 9942 10204


$m



Financial Snapshot


Revenue 254483 307084 280459





NPAT Margin 21 16 8

0126

EPS 056 053 035


Net Assets 411718 431308 393934

Net Debt - 0 31062 29060

Gearing 0 7 7


ROE 13 12 6

Key Assumptions

Bearing Acres 14976 17424 17399

Yield 22690 21800 19820





95045649 95045649 95045649

$m

H2E 10

Parboil -20

SHV Balance Sheet

Jun-18 Jun-19

Assets

Current Assets



Other 2271 2271


Non Current Assets

PPampE 287893 313653




Liabilities

Current Liabilities














Net Assets 390068 406722

SHV Cash Flows

Jun-18 Jun-19
























Food Division

FY2019 FY2020


FY2019 F FY2020 B FY2019F FY2020B

KGs 5905 6216 Domestic 5605 6977 38

Export - 251 - 12




19749 22276 13





Brand Costs - 2075 - 2950 32




FY2019 F FY2020 B FY2019F FY2020B

KGs 365 397 009 Quality 376 501





Procurement 950 964







EBIT - 941 - 12 - 099

Trading

FY2019 F FY2020 B



COGS 31840 32400







EBIT 2407 2309

Industrial

FY2019 F FY2020 B



COGS 44400 46231







EBIT 9120 9328

Operations






EBIT - 16596 - 16161

CONSENSUS 2020


Baillieu Holst $849 20138 $44 $218

PAC Partners $865 19328 $41 $212


UBS $915 20966 $46 $219

Bell Potter $919 19508 $40 $205

Wilsons $921 19372 $39 $201

Range $849 - $921 19328 - 23200 $39 - $51 $201 - $220

Average $888 20419 $43 $213

SHV Budget $865 21800 $435 $200



Bearing Acres 13168 14976 17424 17908 17936 18681 20006

Tonnes Produced 14100 15817 22690 21800 21800 22897 21198 14500 14200

Price 743 805 860 910 886 912 940 1145 808

Almond Revenue 104763 127324 195133 198377 193101 208903 199207 166025 114736



Harvest Costs 9580 10328 12157 10897 12090 13158 13497 6951 8958


Orchard Rental 13246 14388 14757 15978 17571 18397 18857 6771 8714



Cost Per Kg 074 071 067 069 062 063 074 060 063

Crop Profit 22416 39081 91496 78979 - 0 92419 102128 87791 101411 40458



Hull 551 1063 5516 7800 300 300 300 300 939 1888

Citrus 95 75 - 568 - 550 - 142 50 50 50 537 212

Grant Income 1906 3455 - 0 - 0 - 0 - 0 - 0 - 0


Parboil - 2621 - 3158 - 1230 - 640 - 0 - 0 - 0

H2E Savings - 0 - 38 23 109 1718 1718 1718

Overheads - 4195 - 4661 - 5617 - 5200 - 1404 - 5757 - 5901 - 6049 - 3253 - 3695


Other 85 - 366 - 0 - 3254 457






Growth -62 135 156 -7 36160











223474

EBIT



Food Division 10342 7950 4200 3000 5500 8000

Corporate - 5132 - 4657 - 4800 - 4800 - 4800 - 4800

EBIT Reported 49785 16979 31588 80441 83881 95866

EBIT Underlying 41285 16979 31588 80441 83881 95866


EBITDA Underlying










$000 $000

Almond Division


Farm Assets 2509













Compost Project 646



Food Division



Corporate Division

JDE Food 1248

General - 0 500

Total 55194 48069

Financial metric 1H 20 Statutory 1H 20 Adjustment 1H 20 Pre-AASB 16 1H 19 Statutory

$000 $000 $000 $000

Sales Revenue 93520 - 0 93520 99974

EBITDA 34512 1549 32963 38508

EBIT 25418 530 24888 30988

Statutory Profit after tax 17357 160 17197 20038

Net debt 338579 234134 104445 93367

Operating cash flow - 33313 - 13768 - 19545 - 14412

Total capital 275155 275155 269909

Return on Capital 3 -2 5 6 Net income (debt + equity)

Earnings per Share (cents) 181 017 1793 210

Leverage ratio 376 26 116 142

$000

Operating expenses Decrease 1549

Depreciation Increase (1019)

EBIT impact Increase 530

Interest expense Increase (302)

Profit before tax Increase 228

Right of use assets Increase 239121

Lease liability Increase (269506)

Operating cash flow Increase 13768

Financing cash flow Decrease (13768)

Net cash flow -



0130

0095

2



2 2

This presentation is provided for information purposes only and has been prepared using information provided by the company The information contained in this presentation is not intended to be relied upon as advice to investors and does not take into account the investment objectives financial situation or needs of any particular investor Investors should consider their own individual investment and financial circumstances in relation to any investment decision

Certain statements contained in this presentation may constitute forward-looking statements or statements about future matters that are based upon information known and assumptions made as of the date of this presentation These statements are subject to risks and uncertainties Actual results may differ materially from any future results or performance expressed predicted or implied by the statements contained in this presentation

The Select Harvests Limited financial statements are prepared in accordance with Australian Accounting Standards other authoritative pronouncements of the Australian Accounting Standards Board Urgent Issues Group Interpretations and the Corporations Act 2001 This includes application of AASB 141 Agriculture in accounting for the current year almond crop which is classified as a biological asset In applying this standard to determine the value of the current year crop the Company makes various assumptions at the balance date as the selling price of the crop can only be estimated and the actual crop yield will not be known until it is completely processed and sold The resulting accounting estimates will by definition seldom equal the related actual results and have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year

This presentation has been approved by the Board of SHV

Disclaimer amp Basis of Preparation

3



3


3



$174mdarr$27m

NPAT

$345mdarr$40m

EBITDA1

181 cpsdarr138


- DRP at 3 discount




Half Year ROCE

48darr11

Operating Cashflow


($322m)darr$178m



4



4


4



22600 MTFlat



re-planted

Almond Volume

$820kgdarr47



Almond Price

$281mdarr108



costs

$17mdarr274



Food Division EBIT





Corporate







5



5


5


170

349




adjustment 254


Parboil maintenance

shutdown


and industrial


6



6


6








pg 18

pg19

7



7


7

Income Statement















Total Revenue 1000 935 (65) (65)

EBITDA 385 345 (40) (104)



Total EBIT 310 254 (56) (180)


NPAT 200 174 (27) (134)


Capital

Strategy





Food

Sensitivities

Sheet1

Corporate

Sheet3

EBIT By Division


EBIT By Division


AUD $000

EBIT By Division


AUD $000

$Per Kg



Sheet2 (2)
Yield vs Tonnage




Cost Per Kg

Sheet2

Acreage Profile


Acres

FY19



Yield


Cost Per Acre


Bearing Acres


KGs Produced (000)




8



8


8

Balance Sheet











Capital

Strategy





Food

Sensitivities

Sheet1

Corporate

Sheet3

EBIT By Division


EBIT By Division


AUD $000

EBIT By Division


AUD $000

$Per Kg



Sheet2 (2)
Yield vs Tonnage




Cost Per Kg

Sheet2

Acreage Profile


Acres

FY19



Yield


Cost Per Acre


Bearing Acres


KGs Produced (000)




9



9


9

Cash Flow












Capital

Strategy





Food

Sensitivities

Sheet1

Corporate

Sheet3

EBIT By Division


EBIT By Division


AUD $000

EBIT By Division


AUD $000

$Per Kg



Sheet2 (2)
Yield vs Tonnage




Cost Per Kg

Sheet2

Acreage Profile


Acres

FY19



Yield


Cost Per Acre


Bearing Acres


KGs Produced (000)




10



10


10


11



11


11



22600 MTFlat



maturity

Almond Volume

$820kgdarr47



Almond Price

$281mdarr$34m

Cost per Kg Up 192









Water



Almond EBIT

12



12


12

Volume Growth




13



13


13





develop as planned

2021 Crop


both underway




industry standard

Horticulture




processing




Expansion



14



14


14

Almond Crop Update

















15



15


15

Food Division

16



16


16










$17mdarr$06m

Food Division EBIT



processed products

Growth



Corporate

Consumer Sales

Processing Cost



17



17


17








pipeline exciting







Industrial Sales








Corporate

Sunsol

Processing Cost


Television

OOH



DRIVE ONGOING SALES



Social

YouTube VOD

19



19


19



20



20


20



Trust amp Respect



Values



StrategicPriorities

OperationalFocus

Goal




Sustainability



Performance


Innovation



Grow our Brands




Customers



Supply Chain


business as a whole

People



Capital



Vision

21



21


21





Industrial Brands

Retail Brands














rarr rarr

rarr rarr

22



22


22













23



23


23

2H FY2020 Outlook







24



24


24




+61 3 9474 3544 +61 3 9474 3544 +61 402 823 757



25



25


25











26



26


26












Leased 10267 4155Total 19016 7696

27



27


27



28



28


28

Note










Maturity



1 00 002 00 003 03 0454 05 0925 08 1166 10 128

7+ 12 135

29



29


29

Tree Nut Pricing


A$K

g


30



30


30




31



31


31



0

5

10

15

20

25

30

35

o

f Tot

al G

row

ing

Cost

s






32



32


32

















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KP 386 618 160 2041 2041 5288 330 386 354 092 1699 1699 4402 480 386 378 098 1636 1636 4238 432 386 446 116 1323 1323 3427 297 386 347 090 1293 1293 3350 373 78 -076

KP 2014 310 83 027 1090 273 3516 329 310 237 076 1049 481 3384 203 310 341 110 1114 621 3594 182 -210 021

KP 2016 304 91 030 981 99 3227 109

Wemen 407 477 117 1486 1486 3651 311 407 533 131 1590 1590 3907 298 403 435 108 1758 1758 4362 404 403 568 141 1548 1548 3841 273 403 443 110 1706 1706 4233 385 -392 -113

BB AB 147 205 139 598 598 4068 292 147 184 125 599 599 4075 326 147 196 134 721 721 4905 367 147 225 153 588 588 4000 261 147 176 120 745 745 5068 423 -1068 -162

BB CD 167 52 031 539 135 3228 259 167 74 045 760 348 4551 468 167 209 125 657 411 3934 197 167 200 120 840 700 5030 350 -1096 -153

Carina - SHV 1491 2162 145 5439 5439 3648 252 1491 2118 142 5852 5852 3925 276 1491 1993 134 7136 7136 4786 358 1491 2204 148 6181 6181 4146 280 1491 1789 120 7037 7037 4720 393 -574 -113

Carina - JV 292 490 168 1113 1113 3812 227 292 415 142 1113 1113 3812 268 292 390 134 1528 1528 5233 391 292 528 181 1251 1251 4284 237 292 380 130 1306 1306 4473 344 -188 -107

Carina 2014 125 34 471 118 3768 352 125 81 065 459 210 3672 259 125 138 110 581 363 4648 263 -976 -004

Lake Powell 2007 2556 127 6592 6592 3285 258 2007 1592 079 7192 7192 3583 452 2007 2414 120 8159 8160 4065 338 2007 1754 087 6560 6561 3269 374 2007 2408 120 8255 8255 4113 343 -845 031

Bunargool 41 1428 500 035 4912 1228 3440 246

Total Vic 4730 6509 138 17269 17269 3651 265 4897 5247 107 18584 18180 3795 346 5328 5998 113 23259 21678 4365 361 5328 6293 118 19616 18554 3682 294 7060 6813 097 28770 23353 4075 335 -393 -041

Yilgah 2486 3190 128 8302 8302 3340 260 2486 3352 135 9089 9089 3656 271 2486 2880 116 9344 9344 3759 324 2486 1897 076 8711 8711 3504 459 2486 3232 130 9564 9564 3847 296 -343 163

Mooral 531 554 104 1990 1990 3748 359 531 745 140 2277 2277 4288 306 531 615 116 2133 2133 4017 347 531 386 073 1912 1912 3601 495 531 690 130 2283 2283 4299 331 -699 164

Belvedere 1423 2245 158 5746 5746 4038 256 1423 1575 111 5982 5982 4204 380 1491 1648 111 5880 5880 3944 357 1491 1369 092 5974 5974 4007 436 1491 1884 126 7010 7010 4702 372 -695 064

Mountview 2012 100 76 076 536 335 5360 442 100 75 075 435 363 4350 483 100 120 120 479 479 4790 399 -440 084

Mountview 2013 70 31 045 312 143 4457 459 70 35 050 307 192 4386 549 70 70 100 329 274 4700 391 -314 157

Mountview 2014 30 8 027 131 33 4367 412 30 10 033 123 56 4100 560 30 23 077 139 87 4633 378 -533 182

Mountview 2016 106 32 030 418 105 3943 327

Total NSW 4440 5989 135 16038 16038 3612 268 4440 5671 128 17348 17348 3907 306 4708 5258 112 18336 17868 3895 340 4708 3772 080 17462 17208 3709 456 4814 6051 126 20222 19802 4201 327 -492 129

Allinga 626 904 144 2711 2711 4331 300 626 864 138 2901 2901 4634 336 626 725 116 3210 3210 5128 443 626 936 150 2407 2407 3845 257 626 814 130 3070 3070 4904 377 -1059 -120

Allinga 2015 948 314 033 3031 758 3197 241 948 569 060 4164 1908 4392 335 -1195 -094

Amaroo Mature 1584 1514 096 5400 5400 3409 357 1584 1990 126 6622 6622 4181 333 1584 1694 107 7036 7036 4442 415 1584 2317 146 5885 5886 3715 254 1584 1901 120 6789 6789 4286 357 -571 -103

Amaroo 2013 199 88 044 653 163 3281 186 199 89 045 823 377 4136 425 199 227 114 760 475 3819 209 199 239 120 847 706 4256 295 -437 -086

Amaroo 2014 219 59 027 826 - 0 3772 - 0 219 189 086 777 - 0 3548 - 0 219 241 110 919 574 4196 238 -648 -238

Amaroo 2016 333 100 030 1184 296 3556 296

Mullroo Mature 158 185 117 565 565 3576 306 158 152 096 795 796 5032 524 158 169 107 825 826 5222 489 158 291 184 683 683 4323 235 158 205 130 763 763 4829 372 -506 -137

Mullroo 2013 245 82 034 1051 263 4290 319 245 109 045 1138 550 4645 504 245 238 097 936 585 3820 246 245 294 120 1185 988 4837 336 -1016 -090

Mullroo 2016 320 96 030 1249 312 3903 325

Jubilee Mature 692 851 123 3177 3178 4591 373 461 599 130 2467 2467 5351 412 -760 -038

Jubilee 2014 101 40 040 419 192 4149 480 101 76 075 521 326 5158 429 -1010 051

Jubilee 2015 168 39 023 678 170 4036 435 168 84 050 795 364 4732 433 -696 001

Jubilee 2016 187 47 025 834 209 4460 444

Total SA 2368 2602 110 8676 8676 3664 333 2812 3176 113 12022 10745 4275 338 3031 2844 094 13858 11999 4572 422 4940 5442 110 18753 14334 3796 263 5549 5265 095 24787 18771 4467 357 -671 -093

National 11538 15100 131 41983 41983 3639 278 12149 14095 116 47954 46273 3947 328 13067 14100 108 55453 51545 4244 366 14976 15507 104 55831 50095 3728 323 17423 18129 104 73779 61926 4177 336 -449 -013

47660 3923 338 49750 3807 353 47539 3174 307

vs 2015 5 10 8 18 13 23 17 31 30 19 2 16

vs 2016 8 11 8 11 23 8 -6 -2

vs 2017 15 -3 -12 -12


Vic 265 346 361 294

NSW 268 306 340 456

SA 333 338 422 263

Total 278 338 353 307


Vic 138 107 113 118 097

NSW 135 128 112 080 126

SA 110 113 094 110 095

Total 131 116 108 104 104


Vic 365095 379498 436543 368168

NSW 361216 390721 389465 370901

SA 366385 427525 457209 379615

Total 363867 392296 380730 317435

FY2015 FY2016 FY2017 FY2018 FY2019

Vic 473000 489700 532800 532800 706000

NSW 444000 444000 470800 470800 481400

SA 236800 281200 303100 494000 554900

Total 1153800 1214900 1306700 1497600 1742300

FY2015 FY2016 FY2017 FY2018

Vic 650880 524721 599805 629300

NSW 598917 567139 525791 377200

SA 260204 317620 284404 544200

Total 1510000 1409480 1410000 1550700

FY2015 FY2016 FY2017 FY2018

Vic 1726900 1818000 2167750 1855400

NSW 1603800 1734800 1786800 1720750

SA 867600 1074500 1199900 1433350

Total 4198300 4766000 4975000 4753900

FY2015 FY2016 FY2017 FY2018 FY2019

Vic - 0 - 0 - 0 - 0 - 0

NSW 278 - 0 - 0 - 0 - 0

SA 444000 - 0 - 0 - 0 - 0

Total 1153800 - 0 - 0 - 0 - 0


FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

O Kyndalin Park - 2016 304 304 304 304 304


O Wemen 403 403 403 403 403 403 403


O Boundary Bend - 2013 167 167 167 167 167 167 167

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783

O Carina - 2014 131 131 131 131 125 131 131

O Carina - 2017 58 58 58 58

L Lake Powell 2007 2007 2007 2007 2007 2007 2007

L Bunargool - 2016 1428 1428 1428 1428 1428

L Billa Downs - 2018 514 514 514




Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423

O Belvedere - 2014 68 68 68 68 68 68 68

O Mountview - 2012 100 100 100 100 100 100 100

O Mountview - 2013 70 70 70 70 70 70 70

O Mountview - 2014 30 30 30 30 30 30 30

O Mountview - 2016 106 106 106 106 106

L Yilgah 2486 2486 2486 2486 2486 2486 2486

L Mooral 531 531 531 531 531 531 531




Southern

O Allinga 626 626 626 626 626 626 626

O Allinga - 2015 948 948 948 948 948 948


O Jubilee - 2014 101 101 101 101 101 101 101

O Jubilee - 2015 168 168 168 168 168 168

O Jubilee - 2016 187 187 187 187 187

O Jubilee - 2018 231 231 231

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584

L Amaroo - 2013 199 199 199 199 199 199 199

L Amaroo - 2014 219 219 219 219 219 219 219

L Amaroo - 2016 333 333 333 333 333

L Amaroo - 2017 445 445 445 445

L Mullroo Mature 158 158 158 158 158 158 158

L Mullroo - 2013 245 245 245 245 245 245 245

L Mullroo - 2016 320 320 320 320 320

L Farm 7 - 2017 390 390 390 390




Total Acres 13174 14290 16968 18553 19061 19067 19067

Increase 85 187 93 27 00 00


Increase 53 85 137 163 29 42


00 00 60 -19 19 84


FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 386 386 - 0 - 0

Yield 160 092 098 116 124 080 080

Tonnes 618 355 378 448 479 - 0 - 0

386 386 386 386 386 386 386 - 0 - 0

Industry Yield 12 12 12 12 12 12 1 1 1

Tonnes 46320 46320 46320 46320 46320 46320 30880 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

Yield 027 079 118 122 135

Tonnes - 0 - 0 84 243 367 379 419

310 310 310 310 310

Industry Yield 030 050 080 100 120

Tonnes 93 155 248 310 372

O Kyndalin Park - 2016 304 304 304 304 304

Yield 052 089 100

Tonnes - 0 - 0 - 0 - 0 159 271 304

304 304 304


Tonnes 91 152 243


Yield

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 - 0

Industry Yield

Tonnes

O Wemen 403 403 403 403 403 403 403 403 403

Yield 117 131 108 141 132 135 135

Tonnes 472 528 435 568 531 544 544

403 403 403 403 403 403 403 403 403

Industry Yield 120 120 120 120 120 120 100 100 090

Tonnes 4836 4836 4836 4836 4836 4836 403 403 3627


Yield 139 125 134 153 167 135 140

Tonnes 204 184 197 225 245 198 206

147 147 147 147 147 147 147 147 147

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 17640 17640 17640 17640 17640 17640 17640 17640 17640

O Boundary Bend - 2013 167 167 167 167 167 167 167

Yield 031 045 125 103 135 135

Tonnes - 0 52 75 209 172 225 225

167 167 167 167 167 167


Tonnes 50 84 134 167 200 200

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783 1783 1783

Yield 149 142 134 153 148 135 140

Tonnes 2651 2534 2383 2732 2642 2407 2496

1783 1783 1783 1783 1783 1783 1783 1783 1783

Industry Yield 12 12 12 12 12 12 130 12 12

Tonnes 213960 213960 213960 213960 213960 213960 232110 213960 213960

O Carina - 2014 125 125 125 125 125 125 125

Yield 027 065 110 135 140

Tonnes - 0 - 0 34 81 138 169 175

125 125 125 125 125


Tonnes 38 63 100 125 150

O Carina - 2017 32 32 32 32

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 14 16

32 32

Industry Yield 0 1

Tonnes 10 16

L Lake Powell 2007 2007 2007 2007 2007 2007 2007 2007 2007

Yield 127 079 120 087 160 135 135

Tonnes 2556 1592 2414 1754 3202 2699 2709

2007 2007 2007 2007 2007 2007 2007 2007 2007

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 240840 240840 240840 240840 240840 240840 240840 240840 240840

L Bunargool - 2016 1428 1428 1428 1428 1428

Yield 003 046 088 120

Tonnes - 0 - 0 - 0 41 650 1251 1714

1428 1428 1428


Tonnes 428 714 1142

L Billa Downs - 2018 500 500 500

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 150

500

Industry Yield 0

Tonnes 150




Total Tonnage 6501 5244 6000 6302 8587 8158 8958

Total Yield 138 107 113 118 122 122 124

Mature Tonnage 6501 5192 5807 5727 7100 6074 6356

Mature Yield 138 110 123 121 150 135 129

Industry Acres 4726 4726 4726 4893 5328 5328 7060 6706 7206

Industry Tield 120 120 120 117 110 113 094 099 102


Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423 1423 1423

Yield 158 111 114 093 159 135 120

Tonnes 2245 1575 1628 1320 2266 1921 1708

1423 1423 1423 1423 1423 1423 1423 1423 1423

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 170760 170760 170760 170760 170760 170760 170760 170760 170760

O Belvedere - 2014 68 68 68 68 68 68 68

Yield 030 072 066 135 120

Tonnes - 0 - 0 20 49 45 92 82

68 68 68 68 68


Tonnes 20 34 54 68 82

O Mountview - 2012 100 100 100 100 100 100 100

Yield 076 106 120 135 135

Tonnes - 0 - 0 76 106 120 135 135

100 100 100 100 100


Tonnes 30 50 80 100 120

O Mountview - 2013 70 70 70 70 70 70 70

Yield 045 014 100 135 135

Tonnes - 0 - 0 32 10 62 95 95

70 70 70 70 70


Tonnes 21 35 56 70 84

O Mountview - 2014 30 30 30 30 30 30 30

Yield 027 014 075 135 135

Tonnes - 0 - 0 8 4 23 41 41

30 30 30 30 30


Tonnes 9 15 24 30 36

O Mountview - 2016 106 106 106 106 106

Yield 030 086 050

Tonnes - 0 - 0 - 0 - 0 - 0 91 53

106 106 106


Tonnes 32 53 85

L Yilgah 2486 2486 2486 2486 2486 2486 2486 2486 2486

Yield - 0 - 0 128 135 116 076 142 135 135

Tonnes 3190 3352 2880 1897 3527 3344 3356

2486 2486 2486 2486 2486 2486 2486 2486 2486

Industry Yield 120 120 120 120 120 120 120 120 120

Tonnes 298320 298320 298320 298320 298320 298320 298320 298320 298320

L Mooral 531 531 531 531 531 531 531 531 531

Yield 104 140 116 073 156 135 135

Tonnes 554 745 615 386 827 717 717

531 531 531 531 531 531 531 531 531

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 63720 63720 63720 63720 63720 63720 63720 63720 63720




Total Tonnage 5989 5672 5259 3772 6869 6434 6185

Total Yield 135 128 112 080 143 134 128

Mature Tonnage 5989 5672 5123 3603 6620 5982 6132

Mature Yield 135 128 115 081 149 135 130

Industry Acres 4440 4440 4440 4440 4708 4708 4814 4814 4814

Industry Tield 120 120 120 120 115 116 116 117 119


Southern

O Allinga 626 626 626 626 626 626 626 626 626

Yield 144 138 116 150 203 135 135

Tonnes 904 864 725 936 1274 845 845

626 626 626 626 626 626 626 626 626

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 75120 75120 75120 75120 75120 75120 75120 75120 75120

O Allinga - 2015 948 948 948 948 948 948

Yield 033 095 115 130

Tonnes - 0 - 0 - 0 314 900 1090 1232

948 948 948 948


Tonnes 284 474 758 948


Yield 123 171 135 135

Tonnes - 0 - 0 - 0 851 789 620 622

692 461 461 461


Tonnes 830 553 553 553

O Jubilee - 2014 101 101 101 101 101 101 101

Yield 040 141 122 135

Tonnes - 0 - 0 - 0 40 142 123 136

101 101 101 101 101


Tonnes 30 51 81 101 121

O Jubilee - 2015 168 168 168 168 168 168

Yield 024 076 115 100

Tonnes - 0 - 0 - 0 39 128 193 168

168 168 168 168


Tonnes 50 84 134 168

O Jubilee - 2016 187 187 187 187 187

Yield 037 089 080

Tonnes - 0 - 0 - 0 - 0 69 166 150

187 187 187


Tonnes 69 166 150

O Jubilee - 2018 237 237 237

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 71

237

Industry Yield 0

Tonnes 71

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584 1584 1584

Yield 096 126 107 146 155 135 135

Tonnes 1514 1990 1694 2317 2455 2130 2138

1584 1584 1584 1584 1584 1584 1584 1584 1584

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 190080 190080 190080 190080 190080 190080 190080 190080 190080

L Amaroo - 2013 199 199 199 199 199 199 199

Yield 044 045 114 147 135 135

Tonnes - 0 88 90 227 292 269 269

199 199 199 199 199 199


Tonnes 60 100 159 199 239 239

L Amaroo - 2014 219 219 219 219 219 219 219

Yield 027 087 116 122 135

Tonnes - 0 - 0 59 189 254 267 296

219 219 219 219 219


Tonnes 66 110 175 219 263

L Amaroo - 2016 334 334 334 334 334

Yield 045 089 120

Tonnes - 0 - 0 - 0 - 0 150 297 401

334 334 334


Tonnes 100 167 267

L Amaroo - 2017 448 448 448 448

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 202 224

448 448

Industry Yield 0 1

Tonnes 202 224

L Mullroo Mature 158 158 158 158 158 158 158 158 158

Yield 117 096 107 184 180 135 135

Tonnes 185 152 169 291 284 213 213

158 158 158 158 158 158 158 158 158

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 18960 18960 18960 18960 18960 18960 18960 18960 18960

L Mullroo - 2013 245 245 245 245 245 245 245

Yield 034 045 097 129 135 135

Tonnes - 0 83 110 238 315 331 331

245 245 245 245 245 245


Tonnes 74 123 196 245 294 294

L Mullroo - 2016 320 320 320 320 320

Yield 057 089 120

Tonnes - 0 - 0 - 0 - 0 181 285 384

320 320 320


Tonnes 181 285 384

L Farm 7 - 2017 390 390 390 390

Yield 045 070

Tonnes - 0 - 0 - 0 - 0 - 0 176 273

390 390

Industry Yield 0 1

Tonnes 176 273




Total Tonnage 2603 3177 2847 5443 7233 7208 7753

Total Yield 110 113 091 110 130 113 117

Mature Tonnage 2603 3006 2588 4395 4802 4408 4851

Mature Yield 110 127 109 144 170 135 135

Industry Acres 2368 2368 2368 2812 3132 4940 5550 6388 6625

Industry Tield 120 120 120 106 101 092 090 096 103


Total Acres 13168 14284 16963 18525 19031 19031 19031

Increase 85 188 92 27 00 00


Increase 53 84 137 163 28 41


00 00 60 -19 19 84

Industry Acres 11534 11534 11534 12145 13168 14976 17424 17908 18645

Industry Yield 120 120 120 115 110 107 099 103 107


Total Tonnage 15093 14093 14106 15817 22659 21800 22897

Total Yield 131 116 107 106 130 122 123

Mature Tonnage 15093 13870 13518 13725 18522 16464 17339

Mature Yield 131 120 117 112 154 135 131










4230198 9082971




Total Cost per Kg 428 527 584 558 459 548

Almond Price 1145 808 748 81 86 87








058 063 074 071 067 069 Orchard 338 348 284 211 255 FY17 705 114888

486 591 658 629 526 617 Water 050 050 046 063 100 FY18 627

659 217 090 181 334 253 Harvest 064 068 065 054 050 507


Processing 063 074 071 067 069




EBIT Per KG 161 043 183 353 273

067 070 071 069 048 Price per Kg 808 748 810 860 870

593 147 019 112 286 1685340

1000 1000 1000 1000 1000


Prior Crop $ 674

Crop Profit $ 108198 $ 39594 $ 23168 $ 42302 $ 90830 $ 70259

1147





Sale of Assets 209 200 43164 -$ 862

Tree Depn 6000 6000

Parboil 2700 2000

Overheads 4700 4224

H2E 1019


132 $m






KP - 2014 243 367 124

KP - 2016 - 0 159 159 Total Capex $ 217





Carina - 2014 81 138 56 H2E $ 05





Mountview - 2012 106 120 14

Mountview - 2013 10 62 52

Mountview - 2014 4 23 18

Mountview - 2016 - 0 - 0 0







Jubilee - 2015 39 128 89 Trading $ 140 $ 090 $ 050



Amaroo - 2013 227 292 64


Amaroo - 2016 - 0 150 150 $m




TOTAL 15517 22689 7172


Water 368 4571

Fertiliser 16 4587


Labour 103 4776



Bees 11 4875



Other 63 4946


$m

H2E EBIT $ 100

Parboil EBIT -$ 200


FY2015 7817 89063 - 7285

FY2016 11398 37793 - 7992

FY2017 9534 14480 - 8947

FY2018 6284 39536 - 9942

FY2019 6284 43800 - 10283


FY2013 5500 31700 4700 - 4100 640

FY2014 5600 30300 - 4600 850

FY2015 6817 87503 - 4685 1145

FY2016 10342 36093 - 5132 808

FY2017 7950 13686 - 4657 743

FY2018 4748 36236 - 7181 805

FY2019 F 5012 82241 - 7181 860

FY2020 B 6615 76156 -7008 870



Volumes (MT) 22690 21800 21800 22300 22300 23

Price $ 860 $ 870 $ 910 $ 840 $ 820 -99 $ 700 $ 750 $ 850 $ 900 $ 595


Sell Price $ 860 $ 870 $ 910 $ 840 $ 840 -77

EBIT

Almond Division 82241 67436 76156 62729 58269 -235 30376 41276 63076 73976 7486


Corporate -7181 -7008 -7008 -7500 -7500 -70 -7008 -7008 -7008 -7008 -7008

Total EBIT 80072 67043 75763 60225 55765 -264 29983 40883 62683 73583 7093

Finance Costs -3957 -3700 -3700 -3000 -3000 189 -5000 -4500 -3200 -2800 -6000

-202356108163 -20476593973

PBT 76115 63343 72063 57225 52765 -268 24983 36383 59483 70783 1093

Tax -23086 -19003 -21619 -17168 -15830 268 -7495 -10915 -17845 -21235 -328

NPAT 53029 44340 50444 40058 36936 -268 17488 25468 41638 49548 765

Inshel 25 5500


Industrial 18 4000

Retail 7 1500

22000

FY2020 Budget 504








Interest 07 31032

TaxOther 58 36832

FY2020F NPAT - 368

FY2019 NPAT 530




Crop Costs - 49 260




Overheads - 11 287

Interest 10 297

TaxOther 73 370

FY2020F NPAT - 370



Rent 100 775

Fertiliser 085 784


Spraying 076 799

Labour 077 807



Bees 026 820

Fuel 03 823

Other 08 831




$25 23 Budgeted

$100 - 2250

$150 - 3750

$200 - 5250

$250 - 6750

HY2019 EBIT 310






HY2020 EBIT - 254

FY2019 EBIT 801



Orchard Costs - 25

Water Costs - 95


Food Division - 06

CorporateOther - 13

HY2020 EBIT - 254

HY2019 EBIT 310




Orchard Costs - 13

Water Costs - 48



Food Division - 06

CorporateOther - 16

HY2020 EBIT - 253

Income Statement




Total Revenue 1000 935 (65) (65)

EBITDA 385 345 (40) (104)




Corporate (28) (43) (15) (549)

Total EBIT 310 254 (56) (180)


Tax Expense (89) (73) 16 176

NPAT 200 174 (27) (134)

EBITDA Margin () 385 369 (16) (42)

EBIT Margin () 310 272 (38) (123)





Cash 13 13












Cash Flow


EBITDA 385 345


Tax Paid (28) (168)








SHV Corporate Costs


Corporate



Other 968 762 754 887 1046

4518 4388 4017 4209 4056

Finance



Other 391 249 75 48 156

2741 2611 1940 2102 2207

IT


Operating Costs 963 867 257 510 1114


1681 1973 680 968 1783

HR 1002 1232 649 713 904


5822



SHV Corporate Costs

FY18F FY19B

$m $m

Corporate 4518 4388

Finance 2741 2611

IT 1681 1973

HR 1002 1232

Total 9942 10204


$m



Financial Snapshot


Revenue 254483 307084 280459





NPAT Margin 21 16 8

0126

EPS 056 053 035


Net Assets 411718 431308 393934

Net Debt - 0 31062 29060

Gearing 0 7 7


ROE 13 12 6

Key Assumptions

Bearing Acres 14976 17424 17399

Yield 22690 21800 19820





95045649 95045649 95045649

$m

H2E 10

Parboil -20

SHV Balance Sheet

Jun-18 Jun-19

Assets

Current Assets



Other 2271 2271


Non Current Assets

PPampE 287893 313653




Liabilities

Current Liabilities














Net Assets 390068 406722

SHV Cash Flows

Jun-18 Jun-19
























Food Division

FY2019 FY2020


FY2019 F FY2020 B FY2019F FY2020B

KGs 5905 6216 Domestic 5605 6977 38

Export - 251 - 12




19749 22276 13





Brand Costs - 2075 - 2950 32




FY2019 F FY2020 B FY2019F FY2020B

KGs 365 397 009 Quality 376 501





Procurement 950 964







EBIT - 941 - 12 - 099

Trading

FY2019 F FY2020 B



COGS 31840 32400







EBIT 2407 2309

Industrial

FY2019 F FY2020 B



COGS 44400 46231







EBIT 9120 9328

Operations






EBIT - 16596 - 16161

CONSENSUS 2020


Baillieu Holst $849 20138 $44 $218

PAC Partners $865 19328 $41 $212


UBS $915 20966 $46 $219

Bell Potter $919 19508 $40 $205

Wilsons $921 19372 $39 $201

Range $849 - $921 19328 - 23200 $39 - $51 $201 - $220

Average $888 20419 $43 $213

SHV Budget $865 21800 $435 $200



Bearing Acres 13168 14976 17424 17908 17936 18681 20006

Tonnes Produced 14100 15817 22690 21800 21800 22897 21198 14500 14200

Price 743 805 860 910 886 912 940 1145 808

Almond Revenue 104763 127324 195133 198377 193101 208903 199207 166025 114736



Harvest Costs 9580 10328 12157 10897 12090 13158 13497 6951 8958


Orchard Rental 13246 14388 14757 15978 17571 18397 18857 6771 8714



Cost Per Kg 074 071 067 069 062 063 074 060 063

Crop Profit 22416 39081 91496 78979 - 0 92419 102128 87791 101411 40458



Hull 551 1063 5516 7800 300 300 300 300 939 1888

Citrus 95 75 - 568 - 550 - 142 50 50 50 537 212

Grant Income 1906 3455 - 0 - 0 - 0 - 0 - 0 - 0


Parboil - 2621 - 3158 - 1230 - 640 - 0 - 0 - 0

H2E Savings - 0 - 38 23 109 1718 1718 1718

Overheads - 4195 - 4661 - 5617 - 5200 - 1404 - 5757 - 5901 - 6049 - 3253 - 3695


Other 85 - 366 - 0 - 3254 457






Growth -62 135 156 -7 36160











223474

EBIT



Food Division 10342 7950 4200 3000 5500 8000

Corporate - 5132 - 4657 - 4800 - 4800 - 4800 - 4800

EBIT Reported 49785 16979 31588 80441 83881 95866

EBIT Underlying 41285 16979 31588 80441 83881 95866


EBITDA Underlying










$000 $000

Almond Division


Farm Assets 2509













Compost Project 646



Food Division



Corporate Division

JDE Food 1248

General - 0 500

Total 55194 48069



KP 386 618 160 2041 2041 5288 330 386 354 092 1699 1699 4402 480 386 378 098 1636 1636 4238 432 386 446 116 1323 1323 3427 297 386 347 090 1293 1293 3350 373 78 -076

KP 2014 310 83 027 1090 273 3516 329 310 237 076 1049 481 3384 203 310 341 110 1114 621 3594 182 -210 021

KP 2016 304 91 030 981 99 3227 109

Wemen 407 477 117 1486 1486 3651 311 407 533 131 1590 1590 3907 298 403 435 108 1758 1758 4362 404 403 568 141 1548 1548 3841 273 403 443 110 1706 1706 4233 385 -392 -113

BB AB 147 205 139 598 598 4068 292 147 184 125 599 599 4075 326 147 196 134 721 721 4905 367 147 225 153 588 588 4000 261 147 176 120 745 745 5068 423 -1068 -162

BB CD 167 52 031 539 135 3228 259 167 74 045 760 348 4551 468 167 209 125 657 411 3934 197 167 200 120 840 700 5030 350 -1096 -153

Carina - SHV 1491 2162 145 5439 5439 3648 252 1491 2118 142 5852 5852 3925 276 1491 1993 134 7136 7136 4786 358 1491 2204 148 6181 6181 4146 280 1491 1789 120 7037 7037 4720 393 -574 -113

Carina - JV 292 490 168 1113 1113 3812 227 292 415 142 1113 1113 3812 268 292 390 134 1528 1528 5233 391 292 528 181 1251 1251 4284 237 292 380 130 1306 1306 4473 344 -188 -107

Carina 2014 125 34 471 118 3768 352 125 81 065 459 210 3672 259 125 138 110 581 363 4648 263 -976 -004

Lake Powell 2007 2556 127 6592 6592 3285 258 2007 1592 079 7192 7192 3583 452 2007 2414 120 8159 8160 4065 338 2007 1754 087 6560 6561 3269 374 2007 2408 120 8255 8255 4113 343 -845 031

Bunargool 41 1428 500 035 4912 1228 3440 246

Total Vic 4730 6509 138 17269 17269 3651 265 4897 5247 107 18584 18180 3795 346 5328 5998 113 23259 21678 4365 361 5328 6293 118 19616 18554 3682 294 7060 6813 097 28770 23353 4075 335 -393 -041

Yilgah 2486 3190 128 8302 8302 3340 260 2486 3352 135 9089 9089 3656 271 2486 2880 116 9344 9344 3759 324 2486 1897 076 8711 8711 3504 459 2486 3232 130 9564 9564 3847 296 -343 163

Mooral 531 554 104 1990 1990 3748 359 531 745 140 2277 2277 4288 306 531 615 116 2133 2133 4017 347 531 386 073 1912 1912 3601 495 531 690 130 2283 2283 4299 331 -699 164

Belvedere 1423 2245 158 5746 5746 4038 256 1423 1575 111 5982 5982 4204 380 1491 1648 111 5880 5880 3944 357 1491 1369 092 5974 5974 4007 436 1491 1884 126 7010 7010 4702 372 -695 064

Mountview 2012 100 76 076 536 335 5360 442 100 75 075 435 363 4350 483 100 120 120 479 479 4790 399 -440 084

Mountview 2013 70 31 045 312 143 4457 459 70 35 050 307 192 4386 549 70 70 100 329 274 4700 391 -314 157

Mountview 2014 30 8 027 131 33 4367 412 30 10 033 123 56 4100 560 30 23 077 139 87 4633 378 -533 182

Mountview 2016 106 32 030 418 105 3943 327

Total NSW 4440 5989 135 16038 16038 3612 268 4440 5671 128 17348 17348 3907 306 4708 5258 112 18336 17868 3895 340 4708 3772 080 17462 17208 3709 456 4814 6051 126 20222 19802 4201 327 -492 129

Allinga 626 904 144 2711 2711 4331 300 626 864 138 2901 2901 4634 336 626 725 116 3210 3210 5128 443 626 936 150 2407 2407 3845 257 626 814 130 3070 3070 4904 377 -1059 -120

Allinga 2015 948 314 033 3031 758 3197 241 948 569 060 4164 1908 4392 335 -1195 -094

Amaroo Mature 1584 1514 096 5400 5400 3409 357 1584 1990 126 6622 6622 4181 333 1584 1694 107 7036 7036 4442 415 1584 2317 146 5885 5886 3715 254 1584 1901 120 6789 6789 4286 357 -571 -103

Amaroo 2013 199 88 044 653 163 3281 186 199 89 045 823 377 4136 425 199 227 114 760 475 3819 209 199 239 120 847 706 4256 295 -437 -086

Amaroo 2014 219 59 027 826 - 0 3772 - 0 219 189 086 777 - 0 3548 - 0 219 241 110 919 574 4196 238 -648 -238

Amaroo 2016 333 100 030 1184 296 3556 296

Mullroo Mature 158 185 117 565 565 3576 306 158 152 096 795 796 5032 524 158 169 107 825 826 5222 489 158 291 184 683 683 4323 235 158 205 130 763 763 4829 372 -506 -137

Mullroo 2013 245 82 034 1051 263 4290 319 245 109 045 1138 550 4645 504 245 238 097 936 585 3820 246 245 294 120 1185 988 4837 336 -1016 -090

Mullroo 2016 320 96 030 1249 312 3903 325

Jubilee Mature 692 851 123 3177 3178 4591 373 461 599 130 2467 2467 5351 412 -760 -038

Jubilee 2014 101 40 040 419 192 4149 480 101 76 075 521 326 5158 429 -1010 051

Jubilee 2015 168 39 023 678 170 4036 435 168 84 050 795 364 4732 433 -696 001

Jubilee 2016 187 47 025 834 209 4460 444

Total SA 2368 2602 110 8676 8676 3664 333 2812 3176 113 12022 10745 4275 338 3031 2844 094 13858 11999 4572 422 4940 5442 110 18753 14334 3796 263 5549 5265 095 24787 18771 4467 357 -671 -093

National 11538 15100 131 41983 41983 3639 278 12149 14095 116 47954 46273 3947 328 13067 14100 108 55453 51545 4244 366 14976 15507 104 55831 50095 3728 323 17423 18129 104 73779 61926 4177 336 -449 -013

47660 3923 338 49750 3807 353 47539 3174 307

vs 2015 5 10 8 18 13 23 17 31 30 19 2 16

vs 2016 8 11 8 11 23 8 -6 -2

vs 2017 15 -3 -12 -12


Vic 265 346 361 294

NSW 268 306 340 456

SA 333 338 422 263

Total 278 338 353 307


Vic 138 107 113 118 097

NSW 135 128 112 080 126

SA 110 113 094 110 095

Total 131 116 108 104 104


Vic 365095 379498 436543 368168

NSW 361216 390721 389465 370901

SA 366385 427525 457209 379615

Total 363867 392296 380730 317435

FY2015 FY2016 FY2017 FY2018 FY2019

Vic 473000 489700 532800 532800 706000

NSW 444000 444000 470800 470800 481400

SA 236800 281200 303100 494000 554900

Total 1153800 1214900 1306700 1497600 1742300

FY2015 FY2016 FY2017 FY2018

Vic 650880 524721 599805 629300

NSW 598917 567139 525791 377200

SA 260204 317620 284404 544200

Total 1510000 1409480 1410000 1550700

FY2015 FY2016 FY2017 FY2018

Vic 1726900 1818000 2167750 1855400

NSW 1603800 1734800 1786800 1720750

SA 867600 1074500 1199900 1433350

Total 4198300 4766000 4975000 4753900

FY2015 FY2016 FY2017 FY2018 FY2019

Vic - 0 - 0 - 0 - 0 - 0

NSW 278 - 0 - 0 - 0 - 0

SA 444000 - 0 - 0 - 0 - 0

Total 1153800 - 0 - 0 - 0 - 0


FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

O Kyndalin Park - 2016 304 304 304 304 304


O Wemen 403 403 403 403 403 403 403


O Boundary Bend - 2013 167 167 167 167 167 167 167

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783

O Carina - 2014 131 131 131 131 125 131 131

O Carina - 2017 58 58 58 58

L Lake Powell 2007 2007 2007 2007 2007 2007 2007

L Bunargool - 2016 1428 1428 1428 1428 1428

L Billa Downs - 2018 514 514 514




Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423

O Belvedere - 2014 68 68 68 68 68 68 68

O Mountview - 2012 100 100 100 100 100 100 100

O Mountview - 2013 70 70 70 70 70 70 70

O Mountview - 2014 30 30 30 30 30 30 30

O Mountview - 2016 106 106 106 106 106

L Yilgah 2486 2486 2486 2486 2486 2486 2486

L Mooral 531 531 531 531 531 531 531




Southern

O Allinga 626 626 626 626 626 626 626

O Allinga - 2015 948 948 948 948 948 948


O Jubilee - 2014 101 101 101 101 101 101 101

O Jubilee - 2015 168 168 168 168 168 168

O Jubilee - 2016 187 187 187 187 187

O Jubilee - 2018 231 231 231

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584

L Amaroo - 2013 199 199 199 199 199 199 199

L Amaroo - 2014 219 219 219 219 219 219 219

L Amaroo - 2016 333 333 333 333 333

L Amaroo - 2017 445 445 445 445

L Mullroo Mature 158 158 158 158 158 158 158

L Mullroo - 2013 245 245 245 245 245 245 245

L Mullroo - 2016 320 320 320 320 320

L Farm 7 - 2017 390 390 390 390




Total Acres 13174 14290 16968 18553 19061 19067 19067

Increase 85 187 93 27 00 00


Increase 53 85 137 163 29 42


00 00 60 -19 19 84


FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 386 386 - 0 - 0

Yield 160 092 098 116 124 080 080

Tonnes 618 355 378 448 479 - 0 - 0

386 386 386 386 386 386 386 - 0 - 0

Industry Yield 12 12 12 12 12 12 1 1 1

Tonnes 46320 46320 46320 46320 46320 46320 30880 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

Yield 027 079 118 122 135

Tonnes - 0 - 0 84 243 367 379 419

310 310 310 310 310

Industry Yield 030 050 080 100 120

Tonnes 93 155 248 310 372

O Kyndalin Park - 2016 304 304 304 304 304

Yield 052 089 100

Tonnes - 0 - 0 - 0 - 0 159 271 304

304 304 304


Tonnes 91 152 243


Yield

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 - 0

Industry Yield

Tonnes

O Wemen 403 403 403 403 403 403 403 403 403

Yield 117 131 108 141 132 135 135

Tonnes 472 528 435 568 531 544 544

403 403 403 403 403 403 403 403 403

Industry Yield 120 120 120 120 120 120 100 100 090

Tonnes 4836 4836 4836 4836 4836 4836 403 403 3627


Yield 139 125 134 153 167 135 140

Tonnes 204 184 197 225 245 198 206

147 147 147 147 147 147 147 147 147

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 17640 17640 17640 17640 17640 17640 17640 17640 17640

O Boundary Bend - 2013 167 167 167 167 167 167 167

Yield 031 045 125 103 135 135

Tonnes - 0 52 75 209 172 225 225

167 167 167 167 167 167


Tonnes 50 84 134 167 200 200

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783 1783 1783

Yield 149 142 134 153 148 135 140

Tonnes 2651 2534 2383 2732 2642 2407 2496

1783 1783 1783 1783 1783 1783 1783 1783 1783

Industry Yield 12 12 12 12 12 12 130 12 12

Tonnes 213960 213960 213960 213960 213960 213960 232110 213960 213960

O Carina - 2014 125 125 125 125 125 125 125

Yield 027 065 110 135 140

Tonnes - 0 - 0 34 81 138 169 175

125 125 125 125 125


Tonnes 38 63 100 125 150

O Carina - 2017 32 32 32 32

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 14 16

32 32

Industry Yield 0 1

Tonnes 10 16

L Lake Powell 2007 2007 2007 2007 2007 2007 2007 2007 2007

Yield 127 079 120 087 160 135 135

Tonnes 2556 1592 2414 1754 3202 2699 2709

2007 2007 2007 2007 2007 2007 2007 2007 2007

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 240840 240840 240840 240840 240840 240840 240840 240840 240840

L Bunargool - 2016 1428 1428 1428 1428 1428

Yield 003 046 088 120

Tonnes - 0 - 0 - 0 41 650 1251 1714

1428 1428 1428


Tonnes 428 714 1142

L Billa Downs - 2018 500 500 500

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 150

500

Industry Yield 0

Tonnes 150




Total Tonnage 6501 5244 6000 6302 8587 8158 8958

Total Yield 138 107 113 118 122 122 124

Mature Tonnage 6501 5192 5807 5727 7100 6074 6356

Mature Yield 138 110 123 121 150 135 129

Industry Acres 4726 4726 4726 4893 5328 5328 7060 6706 7206

Industry Tield 120 120 120 117 110 113 094 099 102


Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423 1423 1423

Yield 158 111 114 093 159 135 120

Tonnes 2245 1575 1628 1320 2266 1921 1708

1423 1423 1423 1423 1423 1423 1423 1423 1423

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 170760 170760 170760 170760 170760 170760 170760 170760 170760

O Belvedere - 2014 68 68 68 68 68 68 68

Yield 030 072 066 135 120

Tonnes - 0 - 0 20 49 45 92 82

68 68 68 68 68


Tonnes 20 34 54 68 82

O Mountview - 2012 100 100 100 100 100 100 100

Yield 076 106 120 135 135

Tonnes - 0 - 0 76 106 120 135 135

100 100 100 100 100


Tonnes 30 50 80 100 120

O Mountview - 2013 70 70 70 70 70 70 70

Yield 045 014 100 135 135

Tonnes - 0 - 0 32 10 62 95 95

70 70 70 70 70


Tonnes 21 35 56 70 84

O Mountview - 2014 30 30 30 30 30 30 30

Yield 027 014 075 135 135

Tonnes - 0 - 0 8 4 23 41 41

30 30 30 30 30


Tonnes 9 15 24 30 36

O Mountview - 2016 106 106 106 106 106

Yield 030 086 050

Tonnes - 0 - 0 - 0 - 0 - 0 91 53

106 106 106


Tonnes 32 53 85

L Yilgah 2486 2486 2486 2486 2486 2486 2486 2486 2486

Yield - 0 - 0 128 135 116 076 142 135 135

Tonnes 3190 3352 2880 1897 3527 3344 3356

2486 2486 2486 2486 2486 2486 2486 2486 2486

Industry Yield 120 120 120 120 120 120 120 120 120

Tonnes 298320 298320 298320 298320 298320 298320 298320 298320 298320

L Mooral 531 531 531 531 531 531 531 531 531

Yield 104 140 116 073 156 135 135

Tonnes 554 745 615 386 827 717 717

531 531 531 531 531 531 531 531 531

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 63720 63720 63720 63720 63720 63720 63720 63720 63720




Total Tonnage 5989 5672 5259 3772 6869 6434 6185

Total Yield 135 128 112 080 143 134 128

Mature Tonnage 5989 5672 5123 3603 6620 5982 6132

Mature Yield 135 128 115 081 149 135 130

Industry Acres 4440 4440 4440 4440 4708 4708 4814 4814 4814

Industry Tield 120 120 120 120 115 116 116 117 119


Southern

O Allinga 626 626 626 626 626 626 626 626 626

Yield 144 138 116 150 203 135 135

Tonnes 904 864 725 936 1274 845 845

626 626 626 626 626 626 626 626 626

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 75120 75120 75120 75120 75120 75120 75120 75120 75120

O Allinga - 2015 948 948 948 948 948 948

Yield 033 095 115 130

Tonnes - 0 - 0 - 0 314 900 1090 1232

948 948 948 948


Tonnes 284 474 758 948


Yield 123 171 135 135

Tonnes - 0 - 0 - 0 851 789 620 622

692 461 461 461


Tonnes 830 553 553 553

O Jubilee - 2014 101 101 101 101 101 101 101

Yield 040 141 122 135

Tonnes - 0 - 0 - 0 40 142 123 136

101 101 101 101 101


Tonnes 30 51 81 101 121

O Jubilee - 2015 168 168 168 168 168 168

Yield 024 076 115 100

Tonnes - 0 - 0 - 0 39 128 193 168

168 168 168 168


Tonnes 50 84 134 168

O Jubilee - 2016 187 187 187 187 187

Yield 037 089 080

Tonnes - 0 - 0 - 0 - 0 69 166 150

187 187 187


Tonnes 69 166 150

O Jubilee - 2018 237 237 237

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 71

237

Industry Yield 0

Tonnes 71

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584 1584 1584

Yield 096 126 107 146 155 135 135

Tonnes 1514 1990 1694 2317 2455 2130 2138

1584 1584 1584 1584 1584 1584 1584 1584 1584

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 190080 190080 190080 190080 190080 190080 190080 190080 190080

L Amaroo - 2013 199 199 199 199 199 199 199

Yield 044 045 114 147 135 135

Tonnes - 0 88 90 227 292 269 269

199 199 199 199 199 199


Tonnes 60 100 159 199 239 239

L Amaroo - 2014 219 219 219 219 219 219 219

Yield 027 087 116 122 135

Tonnes - 0 - 0 59 189 254 267 296

219 219 219 219 219


Tonnes 66 110 175 219 263

L Amaroo - 2016 334 334 334 334 334

Yield 045 089 120

Tonnes - 0 - 0 - 0 - 0 150 297 401

334 334 334


Tonnes 100 167 267

L Amaroo - 2017 448 448 448 448

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 202 224

448 448

Industry Yield 0 1

Tonnes 202 224

L Mullroo Mature 158 158 158 158 158 158 158 158 158

Yield 117 096 107 184 180 135 135

Tonnes 185 152 169 291 284 213 213

158 158 158 158 158 158 158 158 158

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 18960 18960 18960 18960 18960 18960 18960 18960 18960

L Mullroo - 2013 245 245 245 245 245 245 245

Yield 034 045 097 129 135 135

Tonnes - 0 83 110 238 315 331 331

245 245 245 245 245 245


Tonnes 74 123 196 245 294 294

L Mullroo - 2016 320 320 320 320 320

Yield 057 089 120

Tonnes - 0 - 0 - 0 - 0 181 285 384

320 320 320


Tonnes 181 285 384

L Farm 7 - 2017 390 390 390 390

Yield 045 070

Tonnes - 0 - 0 - 0 - 0 - 0 176 273

390 390

Industry Yield 0 1

Tonnes 176 273




Total Tonnage 2603 3177 2847 5443 7233 7208 7753

Total Yield 110 113 091 110 130 113 117

Mature Tonnage 2603 3006 2588 4395 4802 4408 4851

Mature Yield 110 127 109 144 170 135 135

Industry Acres 2368 2368 2368 2812 3132 4940 5550 6388 6625

Industry Tield 120 120 120 106 101 092 090 096 103


Total Acres 13168 14284 16963 18525 19031 19031 19031

Increase 85 188 92 27 00 00


Increase 53 84 137 163 28 41


00 00 60 -19 19 84

Industry Acres 11534 11534 11534 12145 13168 14976 17424 17908 18645

Industry Yield 120 120 120 115 110 107 099 103 107


Total Tonnage 15093 14093 14106 15817 22659 21800 22897

Total Yield 131 116 107 106 130 122 123

Mature Tonnage 15093 13870 13518 13725 18522 16464 17339

Mature Yield 131 120 117 112 154 135 131










4230198 9082971




Total Cost per Kg 428 527 584 558 459 548

Almond Price 1145 808 748 81 86 87








058 063 074 071 067 069 Orchard 338 348 284 211 255 FY17 705 114888

486 591 658 629 526 617 Water 050 050 046 063 100 FY18 627

659 217 090 181 334 253 Harvest 064 068 065 054 050 507


Processing 063 074 071 067 069




EBIT Per KG 161 043 183 353 273

067 070 071 069 048 Price per Kg 808 748 810 860 870

593 147 019 112 286 1685340

1000 1000 1000 1000 1000


Prior Crop $ 674

Crop Profit $ 108198 $ 39594 $ 23168 $ 42302 $ 90830 $ 70259

1147





Sale of Assets 209 200 43164 -$ 862

Tree Depn 6000 6000

Parboil 2700 2000

Overheads 4700 4224

H2E 1019


132 $m






KP - 2014 243 367 124

KP - 2016 - 0 159 159 Total Capex $ 217





Carina - 2014 81 138 56 H2E $ 05





Mountview - 2012 106 120 14

Mountview - 2013 10 62 52

Mountview - 2014 4 23 18

Mountview - 2016 - 0 - 0 0







Jubilee - 2015 39 128 89 Trading $ 140 $ 090 $ 050



Amaroo - 2013 227 292 64


Amaroo - 2016 - 0 150 150 $m




TOTAL 15517 22689 7172


Water 368 4571

Fertiliser 16 4587


Labour 103 4776



Bees 11 4875



Other 63 4946


$m

H2E EBIT $ 100

Parboil EBIT -$ 200


FY2015 7817 89063 - 7285

FY2016 11398 37793 - 7992

FY2017 9534 14480 - 8947

FY2018 6284 39536 - 9942

FY2019 6284 43800 - 10283


FY2013 5500 31700 4700 - 4100 640

FY2014 5600 30300 - 4600 850

FY2015 6817 87503 - 4685 1145

FY2016 10342 36093 - 5132 808

FY2017 7950 13686 - 4657 743

FY2018 4748 36236 - 7181 805

FY2019 F 5012 82241 - 7181 860

FY2020 B 6615 76156 -7008 870



Volumes (MT) 22690 21800 21800 22300 22300 23

Price $ 860 $ 870 $ 910 $ 840 $ 820 -99 $ 700 $ 750 $ 850 $ 900 $ 595


Sell Price $ 860 $ 870 $ 910 $ 840 $ 840 -77

EBIT

Almond Division 82241 67436 76156 62729 58269 -235 30376 41276 63076 73976 7486


Corporate -7181 -7008 -7008 -7500 -7500 -70 -7008 -7008 -7008 -7008 -7008

Total EBIT 80072 67043 75763 60225 55765 -264 29983 40883 62683 73583 7093

Finance Costs -3957 -3700 -3700 -3000 -3000 189 -5000 -4500 -3200 -2800 -6000

-202356108163 -20476593973

PBT 76115 63343 72063 57225 52765 -268 24983 36383 59483 70783 1093

Tax -23086 -19003 -21619 -17168 -15830 268 -7495 -10915 -17845 -21235 -328

NPAT 53029 44340 50444 40058 36936 -268 17488 25468 41638 49548 765

Inshel 25 5500


Industrial 18 4000

Retail 7 1500

22000

FY2020 Budget 504








Interest 07 31032

TaxOther 58 36832

FY2020F NPAT - 368

FY2019 NPAT 530




Crop Costs - 49 260




Overheads - 11 287

Interest 10 297

TaxOther 73 370

FY2020F NPAT - 370



Rent 100 775

Fertiliser 085 784


Spraying 076 799

Labour 077 807



Bees 026 820

Fuel 03 823

Other 08 831




$25 23 Budgeted

$100 - 2250

$150 - 3750

$200 - 5250

$250 - 6750

HY2019 EBIT 310






HY2020 EBIT - 254

FY2019 EBIT 801



Orchard Costs - 25

Water Costs - 95


Food Division - 06

CorporateOther - 13

HY2020 EBIT - 254

HY2019 EBIT 310




Orchard Costs - 13

Water Costs - 48



Food Division - 06

CorporateOther - 16

HY2020 EBIT - 253

Income Statement




Total Revenue 1000 935 (65) (65)

EBITDA 385 345 (40) (104)




Corporate (28) (43) (15) (549)

Total EBIT 310 254 (56) (180)


Tax Expense (89) (73) 16 176

NPAT 200 174 (27) (134)

EBITDA Margin () 385 369 (16) (42)

EBIT Margin () 310 272 (38) (123)





Cash 13 13












Cash Flow


EBITDA 385 345


Tax Paid (28) (168)








SHV Corporate Costs


Corporate



Other 968 762 754 887 1046

4518 4388 4017 4209 4056

Finance



Other 391 249 75 48 156

2741 2611 1940 2102 2207

IT


Operating Costs 963 867 257 510 1114


1681 1973 680 968 1783

HR 1002 1232 649 713 904


5822



SHV Corporate Costs

FY18F FY19B

$m $m

Corporate 4518 4388

Finance 2741 2611

IT 1681 1973

HR 1002 1232

Total 9942 10204


$m



Financial Snapshot


Revenue 254483 307084 280459





NPAT Margin 21 16 8

0126

EPS 056 053 035


Net Assets 411718 431308 393934

Net Debt - 0 31062 29060

Gearing 0 7 7


ROE 13 12 6

Key Assumptions

Bearing Acres 14976 17424 17399

Yield 22690 21800 19820





95045649 95045649 95045649

$m

H2E 10

Parboil -20

SHV Balance Sheet

Jun-18 Jun-19

Assets

Current Assets



Other 2271 2271


Non Current Assets

PPampE 287893 313653




Liabilities

Current Liabilities














Net Assets 390068 406722

SHV Cash Flows

Jun-18 Jun-19
























Food Division

FY2019 FY2020


FY2019 F FY2020 B FY2019F FY2020B

KGs 5905 6216 Domestic 5605 6977 38

Export - 251 - 12




19749 22276 13





Brand Costs - 2075 - 2950 32




FY2019 F FY2020 B FY2019F FY2020B

KGs 365 397 009 Quality 376 501





Procurement 950 964







EBIT - 941 - 12 - 099

Trading

FY2019 F FY2020 B



COGS 31840 32400







EBIT 2407 2309

Industrial

FY2019 F FY2020 B



COGS 44400 46231







EBIT 9120 9328

Operations






EBIT - 16596 - 16161

CONSENSUS 2020


Baillieu Holst $849 20138 $44 $218

PAC Partners $865 19328 $41 $212


UBS $915 20966 $46 $219

Bell Potter $919 19508 $40 $205

Wilsons $921 19372 $39 $201

Range $849 - $921 19328 - 23200 $39 - $51 $201 - $220

Average $888 20419 $43 $213

SHV Budget $865 21800 $435 $200



Bearing Acres 13168 14976 17424 17908 17936 18681 20006

Tonnes Produced 14100 15817 22690 21800 21800 22897 21198 14500 14200

Price 743 805 860 910 886 912 940 1145 808

Almond Revenue 104763 127324 195133 198377 193101 208903 199207 166025 114736



Harvest Costs 9580 10328 12157 10897 12090 13158 13497 6951 8958


Orchard Rental 13246 14388 14757 15978 17571 18397 18857 6771 8714



Cost Per Kg 074 071 067 069 062 063 074 060 063

Crop Profit 22416 39081 91496 78979 - 0 92419 102128 87791 101411 40458



Hull 551 1063 5516 7800 300 300 300 300 939 1888

Citrus 95 75 - 568 - 550 - 142 50 50 50 537 212

Grant Income 1906 3455 - 0 - 0 - 0 - 0 - 0 - 0


Parboil - 2621 - 3158 - 1230 - 640 - 0 - 0 - 0

H2E Savings - 0 - 38 23 109 1718 1718 1718

Overheads - 4195 - 4661 - 5617 - 5200 - 1404 - 5757 - 5901 - 6049 - 3253 - 3695


Other 85 - 366 - 0 - 3254 457






Growth -62 135 156 -7 36160











223474

EBIT



Food Division 10342 7950 4200 3000 5500 8000

Corporate - 5132 - 4657 - 4800 - 4800 - 4800 - 4800

EBIT Reported 49785 16979 31588 80441 83881 95866

EBIT Underlying 41285 16979 31588 80441 83881 95866


EBITDA Underlying










$000 $000

Almond Division


Farm Assets 2509













Compost Project 646



Food Division



Corporate Division

JDE Food 1248

General - 0 500

Total 55194 48069



KP 386 618 160 2041 2041 5288 330 386 354 092 1699 1699 4402 480 386 378 098 1636 1636 4238 432 386 446 116 1323 1323 3427 297 386 347 090 1293 1293 3350 373 78 -076

KP 2014 310 83 027 1090 273 3516 329 310 237 076 1049 481 3384 203 310 341 110 1114 621 3594 182 -210 021

KP 2016 304 91 030 981 99 3227 109

Wemen 407 477 117 1486 1486 3651 311 407 533 131 1590 1590 3907 298 403 435 108 1758 1758 4362 404 403 568 141 1548 1548 3841 273 403 443 110 1706 1706 4233 385 -392 -113

BB AB 147 205 139 598 598 4068 292 147 184 125 599 599 4075 326 147 196 134 721 721 4905 367 147 225 153 588 588 4000 261 147 176 120 745 745 5068 423 -1068 -162

BB CD 167 52 031 539 135 3228 259 167 74 045 760 348 4551 468 167 209 125 657 411 3934 197 167 200 120 840 700 5030 350 -1096 -153

Carina - SHV 1491 2162 145 5439 5439 3648 252 1491 2118 142 5852 5852 3925 276 1491 1993 134 7136 7136 4786 358 1491 2204 148 6181 6181 4146 280 1491 1789 120 7037 7037 4720 393 -574 -113

Carina - JV 292 490 168 1113 1113 3812 227 292 415 142 1113 1113 3812 268 292 390 134 1528 1528 5233 391 292 528 181 1251 1251 4284 237 292 380 130 1306 1306 4473 344 -188 -107

Carina 2014 125 34 471 118 3768 352 125 81 065 459 210 3672 259 125 138 110 581 363 4648 263 -976 -004

Lake Powell 2007 2556 127 6592 6592 3285 258 2007 1592 079 7192 7192 3583 452 2007 2414 120 8159 8160 4065 338 2007 1754 087 6560 6561 3269 374 2007 2408 120 8255 8255 4113 343 -845 031

Bunargool 41 1428 500 035 4912 1228 3440 246

Total Vic 4730 6509 138 17269 17269 3651 265 4897 5247 107 18584 18180 3795 346 5328 5998 113 23259 21678 4365 361 5328 6293 118 19616 18554 3682 294 7060 6813 097 28770 23353 4075 335 -393 -041

Yilgah 2486 3190 128 8302 8302 3340 260 2486 3352 135 9089 9089 3656 271 2486 2880 116 9344 9344 3759 324 2486 1897 076 8711 8711 3504 459 2486 3232 130 9564 9564 3847 296 -343 163

Mooral 531 554 104 1990 1990 3748 359 531 745 140 2277 2277 4288 306 531 615 116 2133 2133 4017 347 531 386 073 1912 1912 3601 495 531 690 130 2283 2283 4299 331 -699 164

Belvedere 1423 2245 158 5746 5746 4038 256 1423 1575 111 5982 5982 4204 380 1491 1648 111 5880 5880 3944 357 1491 1369 092 5974 5974 4007 436 1491 1884 126 7010 7010 4702 372 -695 064

Mountview 2012 100 76 076 536 335 5360 442 100 75 075 435 363 4350 483 100 120 120 479 479 4790 399 -440 084

Mountview 2013 70 31 045 312 143 4457 459 70 35 050 307 192 4386 549 70 70 100 329 274 4700 391 -314 157

Mountview 2014 30 8 027 131 33 4367 412 30 10 033 123 56 4100 560 30 23 077 139 87 4633 378 -533 182

Mountview 2016 106 32 030 418 105 3943 327

Total NSW 4440 5989 135 16038 16038 3612 268 4440 5671 128 17348 17348 3907 306 4708 5258 112 18336 17868 3895 340 4708 3772 080 17462 17208 3709 456 4814 6051 126 20222 19802 4201 327 -492 129

Allinga 626 904 144 2711 2711 4331 300 626 864 138 2901 2901 4634 336 626 725 116 3210 3210 5128 443 626 936 150 2407 2407 3845 257 626 814 130 3070 3070 4904 377 -1059 -120

Allinga 2015 948 314 033 3031 758 3197 241 948 569 060 4164 1908 4392 335 -1195 -094

Amaroo Mature 1584 1514 096 5400 5400 3409 357 1584 1990 126 6622 6622 4181 333 1584 1694 107 7036 7036 4442 415 1584 2317 146 5885 5886 3715 254 1584 1901 120 6789 6789 4286 357 -571 -103

Amaroo 2013 199 88 044 653 163 3281 186 199 89 045 823 377 4136 425 199 227 114 760 475 3819 209 199 239 120 847 706 4256 295 -437 -086

Amaroo 2014 219 59 027 826 - 0 3772 - 0 219 189 086 777 - 0 3548 - 0 219 241 110 919 574 4196 238 -648 -238

Amaroo 2016 333 100 030 1184 296 3556 296

Mullroo Mature 158 185 117 565 565 3576 306 158 152 096 795 796 5032 524 158 169 107 825 826 5222 489 158 291 184 683 683 4323 235 158 205 130 763 763 4829 372 -506 -137

Mullroo 2013 245 82 034 1051 263 4290 319 245 109 045 1138 550 4645 504 245 238 097 936 585 3820 246 245 294 120 1185 988 4837 336 -1016 -090

Mullroo 2016 320 96 030 1249 312 3903 325

Jubilee Mature 692 851 123 3177 3178 4591 373 461 599 130 2467 2467 5351 412 -760 -038

Jubilee 2014 101 40 040 419 192 4149 480 101 76 075 521 326 5158 429 -1010 051

Jubilee 2015 168 39 023 678 170 4036 435 168 84 050 795 364 4732 433 -696 001

Jubilee 2016 187 47 025 834 209 4460 444

Total SA 2368 2602 110 8676 8676 3664 333 2812 3176 113 12022 10745 4275 338 3031 2844 094 13858 11999 4572 422 4940 5442 110 18753 14334 3796 263 5549 5265 095 24787 18771 4467 357 -671 -093

National 11538 15100 131 41983 41983 3639 278 12149 14095 116 47954 46273 3947 328 13067 14100 108 55453 51545 4244 366 14976 15507 104 55831 50095 3728 323 17423 18129 104 73779 61926 4177 336 -449 -013

47660 3923 338 49750 3807 353 47539 3174 307

vs 2015 5 10 8 18 13 23 17 31 30 19 2 16

vs 2016 8 11 8 11 23 8 -6 -2

vs 2017 15 -3 -12 -12


Vic 265 346 361 294

NSW 268 306 340 456

SA 333 338 422 263

Total 278 338 353 307


Vic 138 107 113 118 097

NSW 135 128 112 080 126

SA 110 113 094 110 095

Total 131 116 108 104 104


Vic 365095 379498 436543 368168

NSW 361216 390721 389465 370901

SA 366385 427525 457209 379615

Total 363867 392296 380730 317435

FY2015 FY2016 FY2017 FY2018 FY2019

Vic 473000 489700 532800 532800 706000

NSW 444000 444000 470800 470800 481400

SA 236800 281200 303100 494000 554900

Total 1153800 1214900 1306700 1497600 1742300

FY2015 FY2016 FY2017 FY2018

Vic 650880 524721 599805 629300

NSW 598917 567139 525791 377200

SA 260204 317620 284404 544200

Total 1510000 1409480 1410000 1550700

FY2015 FY2016 FY2017 FY2018

Vic 1726900 1818000 2167750 1855400

NSW 1603800 1734800 1786800 1720750

SA 867600 1074500 1199900 1433350

Total 4198300 4766000 4975000 4753900

FY2015 FY2016 FY2017 FY2018 FY2019

Vic - 0 - 0 - 0 - 0 - 0

NSW 278 - 0 - 0 - 0 - 0

SA 444000 - 0 - 0 - 0 - 0

Total 1153800 - 0 - 0 - 0 - 0


FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

O Kyndalin Park - 2016 304 304 304 304 304


O Wemen 403 403 403 403 403 403 403


O Boundary Bend - 2013 167 167 167 167 167 167 167

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783

O Carina - 2014 131 131 131 131 125 131 131

O Carina - 2017 58 58 58 58

L Lake Powell 2007 2007 2007 2007 2007 2007 2007

L Bunargool - 2016 1428 1428 1428 1428 1428

L Billa Downs - 2018 514 514 514




Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423

O Belvedere - 2014 68 68 68 68 68 68 68

O Mountview - 2012 100 100 100 100 100 100 100

O Mountview - 2013 70 70 70 70 70 70 70

O Mountview - 2014 30 30 30 30 30 30 30

O Mountview - 2016 106 106 106 106 106

L Yilgah 2486 2486 2486 2486 2486 2486 2486

L Mooral 531 531 531 531 531 531 531




Southern

O Allinga 626 626 626 626 626 626 626

O Allinga - 2015 948 948 948 948 948 948


O Jubilee - 2014 101 101 101 101 101 101 101

O Jubilee - 2015 168 168 168 168 168 168

O Jubilee - 2016 187 187 187 187 187

O Jubilee - 2018 231 231 231

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584

L Amaroo - 2013 199 199 199 199 199 199 199

L Amaroo - 2014 219 219 219 219 219 219 219

L Amaroo - 2016 333 333 333 333 333

L Amaroo - 2017 445 445 445 445

L Mullroo Mature 158 158 158 158 158 158 158

L Mullroo - 2013 245 245 245 245 245 245 245

L Mullroo - 2016 320 320 320 320 320

L Farm 7 - 2017 390 390 390 390




Total Acres 13174 14290 16968 18553 19061 19067 19067

Increase 85 187 93 27 00 00


Increase 53 85 137 163 29 42


00 00 60 -19 19 84


FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 386 386 - 0 - 0

Yield 160 092 098 116 124 080 080

Tonnes 618 355 378 448 479 - 0 - 0

386 386 386 386 386 386 386 - 0 - 0

Industry Yield 12 12 12 12 12 12 1 1 1

Tonnes 46320 46320 46320 46320 46320 46320 30880 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

Yield 027 079 118 122 135

Tonnes - 0 - 0 84 243 367 379 419

310 310 310 310 310

Industry Yield 030 050 080 100 120

Tonnes 93 155 248 310 372

O Kyndalin Park - 2016 304 304 304 304 304

Yield 052 089 100

Tonnes - 0 - 0 - 0 - 0 159 271 304

304 304 304


Tonnes 91 152 243


Yield

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 - 0

Industry Yield

Tonnes

O Wemen 403 403 403 403 403 403 403 403 403

Yield 117 131 108 141 132 135 135

Tonnes 472 528 435 568 531 544 544

403 403 403 403 403 403 403 403 403

Industry Yield 120 120 120 120 120 120 100 100 090

Tonnes 4836 4836 4836 4836 4836 4836 403 403 3627


Yield 139 125 134 153 167 135 140

Tonnes 204 184 197 225 245 198 206

147 147 147 147 147 147 147 147 147

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 17640 17640 17640 17640 17640 17640 17640 17640 17640

O Boundary Bend - 2013 167 167 167 167 167 167 167

Yield 031 045 125 103 135 135

Tonnes - 0 52 75 209 172 225 225

167 167 167 167 167 167


Tonnes 50 84 134 167 200 200

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783 1783 1783

Yield 149 142 134 153 148 135 140

Tonnes 2651 2534 2383 2732 2642 2407 2496

1783 1783 1783 1783 1783 1783 1783 1783 1783

Industry Yield 12 12 12 12 12 12 130 12 12

Tonnes 213960 213960 213960 213960 213960 213960 232110 213960 213960

O Carina - 2014 125 125 125 125 125 125 125

Yield 027 065 110 135 140

Tonnes - 0 - 0 34 81 138 169 175

125 125 125 125 125


Tonnes 38 63 100 125 150

O Carina - 2017 32 32 32 32

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 14 16

32 32

Industry Yield 0 1

Tonnes 10 16

L Lake Powell 2007 2007 2007 2007 2007 2007 2007 2007 2007

Yield 127 079 120 087 160 135 135

Tonnes 2556 1592 2414 1754 3202 2699 2709

2007 2007 2007 2007 2007 2007 2007 2007 2007

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 240840 240840 240840 240840 240840 240840 240840 240840 240840

L Bunargool - 2016 1428 1428 1428 1428 1428

Yield 003 046 088 120

Tonnes - 0 - 0 - 0 41 650 1251 1714

1428 1428 1428


Tonnes 428 714 1142

L Billa Downs - 2018 500 500 500

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 150

500

Industry Yield 0

Tonnes 150




Total Tonnage 6501 5244 6000 6302 8587 8158 8958

Total Yield 138 107 113 118 122 122 124

Mature Tonnage 6501 5192 5807 5727 7100 6074 6356

Mature Yield 138 110 123 121 150 135 129

Industry Acres 4726 4726 4726 4893 5328 5328 7060 6706 7206

Industry Tield 120 120 120 117 110 113 094 099 102


Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423 1423 1423

Yield 158 111 114 093 159 135 120

Tonnes 2245 1575 1628 1320 2266 1921 1708

1423 1423 1423 1423 1423 1423 1423 1423 1423

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 170760 170760 170760 170760 170760 170760 170760 170760 170760

O Belvedere - 2014 68 68 68 68 68 68 68

Yield 030 072 066 135 120

Tonnes - 0 - 0 20 49 45 92 82

68 68 68 68 68


Tonnes 20 34 54 68 82

O Mountview - 2012 100 100 100 100 100 100 100

Yield 076 106 120 135 135

Tonnes - 0 - 0 76 106 120 135 135

100 100 100 100 100


Tonnes 30 50 80 100 120

O Mountview - 2013 70 70 70 70 70 70 70

Yield 045 014 100 135 135

Tonnes - 0 - 0 32 10 62 95 95

70 70 70 70 70


Tonnes 21 35 56 70 84

O Mountview - 2014 30 30 30 30 30 30 30

Yield 027 014 075 135 135

Tonnes - 0 - 0 8 4 23 41 41

30 30 30 30 30


Tonnes 9 15 24 30 36

O Mountview - 2016 106 106 106 106 106

Yield 030 086 050

Tonnes - 0 - 0 - 0 - 0 - 0 91 53

106 106 106


Tonnes 32 53 85

L Yilgah 2486 2486 2486 2486 2486 2486 2486 2486 2486

Yield - 0 - 0 128 135 116 076 142 135 135

Tonnes 3190 3352 2880 1897 3527 3344 3356

2486 2486 2486 2486 2486 2486 2486 2486 2486

Industry Yield 120 120 120 120 120 120 120 120 120

Tonnes 298320 298320 298320 298320 298320 298320 298320 298320 298320

L Mooral 531 531 531 531 531 531 531 531 531

Yield 104 140 116 073 156 135 135

Tonnes 554 745 615 386 827 717 717

531 531 531 531 531 531 531 531 531

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 63720 63720 63720 63720 63720 63720 63720 63720 63720




Total Tonnage 5989 5672 5259 3772 6869 6434 6185

Total Yield 135 128 112 080 143 134 128

Mature Tonnage 5989 5672 5123 3603 6620 5982 6132

Mature Yield 135 128 115 081 149 135 130

Industry Acres 4440 4440 4440 4440 4708 4708 4814 4814 4814

Industry Tield 120 120 120 120 115 116 116 117 119


Southern

O Allinga 626 626 626 626 626 626 626 626 626

Yield 144 138 116 150 203 135 135

Tonnes 904 864 725 936 1274 845 845

626 626 626 626 626 626 626 626 626

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 75120 75120 75120 75120 75120 75120 75120 75120 75120

O Allinga - 2015 948 948 948 948 948 948

Yield 033 095 115 130

Tonnes - 0 - 0 - 0 314 900 1090 1232

948 948 948 948


Tonnes 284 474 758 948


Yield 123 171 135 135

Tonnes - 0 - 0 - 0 851 789 620 622

692 461 461 461


Tonnes 830 553 553 553

O Jubilee - 2014 101 101 101 101 101 101 101

Yield 040 141 122 135

Tonnes - 0 - 0 - 0 40 142 123 136

101 101 101 101 101


Tonnes 30 51 81 101 121

O Jubilee - 2015 168 168 168 168 168 168

Yield 024 076 115 100

Tonnes - 0 - 0 - 0 39 128 193 168

168 168 168 168


Tonnes 50 84 134 168

O Jubilee - 2016 187 187 187 187 187

Yield 037 089 080

Tonnes - 0 - 0 - 0 - 0 69 166 150

187 187 187


Tonnes 69 166 150

O Jubilee - 2018 237 237 237

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 71

237

Industry Yield 0

Tonnes 71

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584 1584 1584

Yield 096 126 107 146 155 135 135

Tonnes 1514 1990 1694 2317 2455 2130 2138

1584 1584 1584 1584 1584 1584 1584 1584 1584

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 190080 190080 190080 190080 190080 190080 190080 190080 190080

L Amaroo - 2013 199 199 199 199 199 199 199

Yield 044 045 114 147 135 135

Tonnes - 0 88 90 227 292 269 269

199 199 199 199 199 199


Tonnes 60 100 159 199 239 239

L Amaroo - 2014 219 219 219 219 219 219 219

Yield 027 087 116 122 135

Tonnes - 0 - 0 59 189 254 267 296

219 219 219 219 219


Tonnes 66 110 175 219 263

L Amaroo - 2016 334 334 334 334 334

Yield 045 089 120

Tonnes - 0 - 0 - 0 - 0 150 297 401

334 334 334


Tonnes 100 167 267

L Amaroo - 2017 448 448 448 448

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 202 224

448 448

Industry Yield 0 1

Tonnes 202 224

L Mullroo Mature 158 158 158 158 158 158 158 158 158

Yield 117 096 107 184 180 135 135

Tonnes 185 152 169 291 284 213 213

158 158 158 158 158 158 158 158 158

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 18960 18960 18960 18960 18960 18960 18960 18960 18960

L Mullroo - 2013 245 245 245 245 245 245 245

Yield 034 045 097 129 135 135

Tonnes - 0 83 110 238 315 331 331

245 245 245 245 245 245


Tonnes 74 123 196 245 294 294

L Mullroo - 2016 320 320 320 320 320

Yield 057 089 120

Tonnes - 0 - 0 - 0 - 0 181 285 384

320 320 320


Tonnes 181 285 384

L Farm 7 - 2017 390 390 390 390

Yield 045 070

Tonnes - 0 - 0 - 0 - 0 - 0 176 273

390 390

Industry Yield 0 1

Tonnes 176 273




Total Tonnage 2603 3177 2847 5443 7233 7208 7753

Total Yield 110 113 091 110 130 113 117

Mature Tonnage 2603 3006 2588 4395 4802 4408 4851

Mature Yield 110 127 109 144 170 135 135

Industry Acres 2368 2368 2368 2812 3132 4940 5550 6388 6625

Industry Tield 120 120 120 106 101 092 090 096 103


Total Acres 13168 14284 16963 18525 19031 19031 19031

Increase 85 188 92 27 00 00


Increase 53 84 137 163 28 41


00 00 60 -19 19 84

Industry Acres 11534 11534 11534 12145 13168 14976 17424 17908 18645

Industry Yield 120 120 120 115 110 107 099 103 107


Total Tonnage 15093 14093 14106 15817 22659 21800 22897

Total Yield 131 116 107 106 130 122 123

Mature Tonnage 15093 13870 13518 13725 18522 16464 17339

Mature Yield 131 120 117 112 154 135 131










4230198 9082971




Total Cost per Kg 428 527 584 558 459 548

Almond Price 1145 808 748 81 86 87








058 063 074 071 067 069 Orchard 338 348 284 211 255 FY17 705 114888

486 591 658 629 526 617 Water 050 050 046 063 100 FY18 627

659 217 090 181 334 253 Harvest 064 068 065 054 050 507


Processing 063 074 071 067 069




EBIT Per KG 161 043 183 353 273

067 070 071 069 048 Price per Kg 808 748 810 860 870

593 147 019 112 286 1685340

1000 1000 1000 1000 1000


Prior Crop $ 674

Crop Profit $ 108198 $ 39594 $ 23168 $ 42302 $ 90830 $ 70259

1147





Sale of Assets 209 200 43164 -$ 862

Tree Depn 6000 6000

Parboil 2700 2000

Overheads 4700 4224

H2E 1019


132 $m






KP - 2014 243 367 124

KP - 2016 - 0 159 159 Total Capex $ 217





Carina - 2014 81 138 56 H2E $ 05





Mountview - 2012 106 120 14

Mountview - 2013 10 62 52

Mountview - 2014 4 23 18

Mountview - 2016 - 0 - 0 0







Jubilee - 2015 39 128 89 Trading $ 140 $ 090 $ 050



Amaroo - 2013 227 292 64


Amaroo - 2016 - 0 150 150 $m




TOTAL 15517 22689 7172


Water 368 4571

Fertiliser 16 4587


Labour 103 4776



Bees 11 4875



Other 63 4946


$m

H2E EBIT $ 100

Parboil EBIT -$ 200


FY2015 7817 89063 - 7285

FY2016 11398 37793 - 7992

FY2017 9534 14480 - 8947

FY2018 6284 39536 - 9942

FY2019 6284 43800 - 10283


FY2013 5500 31700 4700 - 4100 640

FY2014 5600 30300 - 4600 850

FY2015 6817 87503 - 4685 1145

FY2016 10342 36093 - 5132 808

FY2017 7950 13686 - 4657 743

FY2018 4748 36236 - 7181 805

FY2019 F 5012 82241 - 7181 860

FY2020 B 6615 76156 -7008 870



Volumes (MT) 22690 21800 21800 22300 22300 23

Price $ 860 $ 870 $ 910 $ 840 $ 820 -99 $ 700 $ 750 $ 850 $ 900 $ 595


Sell Price $ 860 $ 870 $ 910 $ 840 $ 840 -77

EBIT

Almond Division 82241 67436 76156 62729 58269 -235 30376 41276 63076 73976 7486


Corporate -7181 -7008 -7008 -7500 -7500 -70 -7008 -7008 -7008 -7008 -7008

Total EBIT 80072 67043 75763 60225 55765 -264 29983 40883 62683 73583 7093

Finance Costs -3957 -3700 -3700 -3000 -3000 189 -5000 -4500 -3200 -2800 -6000

-202356108163 -20476593973

PBT 76115 63343 72063 57225 52765 -268 24983 36383 59483 70783 1093

Tax -23086 -19003 -21619 -17168 -15830 268 -7495 -10915 -17845 -21235 -328

NPAT 53029 44340 50444 40058 36936 -268 17488 25468 41638 49548 765

Inshel 25 5500


Industrial 18 4000

Retail 7 1500

22000

FY2020 Budget 504








Interest 07 31032

TaxOther 58 36832

FY2020F NPAT - 368

FY2019 NPAT 530




Crop Costs - 49 260




Overheads - 11 287

Interest 10 297

TaxOther 73 370

FY2020F NPAT - 370



Rent 100 775

Fertiliser 085 784


Spraying 076 799

Labour 077 807



Bees 026 820

Fuel 03 823

Other 08 831




$25 23 Budgeted

$100 - 2250

$150 - 3750

$200 - 5250

$250 - 6750

HY2019 EBIT 310






HY2020 EBIT - 254

FY2019 EBIT 801



Orchard Costs - 25

Water Costs - 95


Food Division - 06

CorporateOther - 13

HY2020 EBIT - 254

HY2019 EBIT 310




Orchard Costs - 13

Water Costs - 48



Food Division - 06

CorporateOther - 16

HY2020 EBIT - 253

Income Statement




Total Revenue 1000 935 (65) (65)

EBITDA 385 345 (40) (104)




Corporate (28) (43) (15) (549)

Total EBIT 310 254 (56) (180)


Tax Expense (89) (73) 16 176

NPAT 200 174 (27) (134)

EBITDA Margin () 385 369 (16) (42)

EBIT Margin () 310 272 (38) (123)





Cash 13 13












Cash Flow


EBITDA 385 345


Tax Paid (28) (168)








SHV Corporate Costs


Corporate



Other 968 762 754 887 1046

4518 4388 4017 4209 4056

Finance



Other 391 249 75 48 156

2741 2611 1940 2102 2207

IT


Operating Costs 963 867 257 510 1114


1681 1973 680 968 1783

HR 1002 1232 649 713 904


5822



SHV Corporate Costs

FY18F FY19B

$m $m

Corporate 4518 4388

Finance 2741 2611

IT 1681 1973

HR 1002 1232

Total 9942 10204


$m



Financial Snapshot


Revenue 254483 307084 280459





NPAT Margin 21 16 8

0126

EPS 056 053 035


Net Assets 411718 431308 393934

Net Debt - 0 31062 29060

Gearing 0 7 7


ROE 13 12 6

Key Assumptions

Bearing Acres 14976 17424 17399

Yield 22690 21800 19820





95045649 95045649 95045649

$m

H2E 10

Parboil -20

SHV Balance Sheet

Jun-18 Jun-19

Assets

Current Assets



Other 2271 2271


Non Current Assets

PPampE 287893 313653




Liabilities

Current Liabilities














Net Assets 390068 406722

SHV Cash Flows

Jun-18 Jun-19
























Food Division

FY2019 FY2020


FY2019 F FY2020 B FY2019F FY2020B

KGs 5905 6216 Domestic 5605 6977 38

Export - 251 - 12




19749 22276 13





Brand Costs - 2075 - 2950 32




FY2019 F FY2020 B FY2019F FY2020B

KGs 365 397 009 Quality 376 501





Procurement 950 964







EBIT - 941 - 12 - 099

Trading

FY2019 F FY2020 B



COGS 31840 32400







EBIT 2407 2309

Industrial

FY2019 F FY2020 B



COGS 44400 46231







EBIT 9120 9328

Operations






EBIT - 16596 - 16161

CONSENSUS 2020


Baillieu Holst $849 20138 $44 $218

PAC Partners $865 19328 $41 $212


UBS $915 20966 $46 $219

Bell Potter $919 19508 $40 $205

Wilsons $921 19372 $39 $201

Range $849 - $921 19328 - 23200 $39 - $51 $201 - $220

Average $888 20419 $43 $213

SHV Budget $865 21800 $435 $200



Bearing Acres 13168 14976 17424 17908 17936 18681 20006

Tonnes Produced 14100 15817 22690 21800 21800 22897 21198 14500 14200

Price 743 805 860 910 886 912 940 1145 808

Almond Revenue 104763 127324 195133 198377 193101 208903 199207 166025 114736



Harvest Costs 9580 10328 12157 10897 12090 13158 13497 6951 8958


Orchard Rental 13246 14388 14757 15978 17571 18397 18857 6771 8714



Cost Per Kg 074 071 067 069 062 063 074 060 063

Crop Profit 22416 39081 91496 78979 - 0 92419 102128 87791 101411 40458



Hull 551 1063 5516 7800 300 300 300 300 939 1888

Citrus 95 75 - 568 - 550 - 142 50 50 50 537 212

Grant Income 1906 3455 - 0 - 0 - 0 - 0 - 0 - 0


Parboil - 2621 - 3158 - 1230 - 640 - 0 - 0 - 0

H2E Savings - 0 - 38 23 109 1718 1718 1718

Overheads - 4195 - 4661 - 5617 - 5200 - 1404 - 5757 - 5901 - 6049 - 3253 - 3695


Other 85 - 366 - 0 - 3254 457






Growth -62 135 156 -7 36160











223474

EBIT



Food Division 10342 7950 4200 3000 5500 8000

Corporate - 5132 - 4657 - 4800 - 4800 - 4800 - 4800

EBIT Reported 49785 16979 31588 80441 83881 95866

EBIT Underlying 41285 16979 31588 80441 83881 95866


EBITDA Underlying










$000 $000

Almond Division


Farm Assets 2509













Compost Project 646



Food Division



Corporate Division

JDE Food 1248

General - 0 500

Total 55194 48069


$000 $000 $000 $000

Sales Revenue 93520 - 0 93520 99974

EBITDA 34512 1549 32963 38508

EBIT 25418 530 24888 30988


Net debt 338579 234134 104445 93367


Total capital 275155 275155 269909




$000










Net cash flow -



0130

0095

3



3


3



$174mdarr$27m

NPAT

$345mdarr$40m

EBITDA1

181 cpsdarr138


- DRP at 3 discount




Half Year ROCE

48darr11

Operating Cashflow


($322m)darr$178m



4



4


4



22600 MTFlat



re-planted

Almond Volume

$820kgdarr47



Almond Price

$281mdarr108



costs

$17mdarr274



Food Division EBIT





Corporate







5



5


5


170

349




adjustment 254


Parboil maintenance

shutdown


and industrial


6



6


6








pg 18

pg19

7



7


7

Income Statement















Total Revenue 1000 935 (65) (65)

EBITDA 385 345 (40) (104)



Total EBIT 310 254 (56) (180)


NPAT 200 174 (27) (134)


Capital

Strategy





Food

Sensitivities

Sheet1

Corporate

Sheet3

EBIT By Division


EBIT By Division


AUD $000

EBIT By Division


AUD $000

$Per Kg



Sheet2 (2)
Yield vs Tonnage




Cost Per Kg

Sheet2

Acreage Profile


Acres

FY19



Yield


Cost Per Acre


Bearing Acres


KGs Produced (000)




8



8


8

Balance Sheet











Capital

Strategy





Food

Sensitivities

Sheet1

Corporate

Sheet3

EBIT By Division


EBIT By Division


AUD $000

EBIT By Division


AUD $000

$Per Kg



Sheet2 (2)
Yield vs Tonnage




Cost Per Kg

Sheet2

Acreage Profile


Acres

FY19



Yield


Cost Per Acre


Bearing Acres


KGs Produced (000)




9



9


9

Cash Flow












Capital

Strategy





Food

Sensitivities

Sheet1

Corporate

Sheet3

EBIT By Division


EBIT By Division


AUD $000

EBIT By Division


AUD $000

$Per Kg



Sheet2 (2)
Yield vs Tonnage




Cost Per Kg

Sheet2

Acreage Profile


Acres

FY19



Yield


Cost Per Acre


Bearing Acres


KGs Produced (000)




10



10


10


11



11


11



22600 MTFlat



maturity

Almond Volume

$820kgdarr47



Almond Price

$281mdarr$34m

Cost per Kg Up 192









Water



Almond EBIT

12



12


12

Volume Growth




13



13


13





develop as planned

2021 Crop


both underway




industry standard

Horticulture




processing




Expansion



14



14


14

Almond Crop Update

















15



15


15

Food Division

16



16


16










$17mdarr$06m

Food Division EBIT



processed products

Growth



Corporate

Consumer Sales

Processing Cost



17



17


17








pipeline exciting







Industrial Sales








Corporate

Sunsol

Processing Cost


Television

OOH



DRIVE ONGOING SALES



Social

YouTube VOD

19



19


19



20



20


20



Trust amp Respect



Values



StrategicPriorities

OperationalFocus

Goal




Sustainability



Performance


Innovation



Grow our Brands




Customers



Supply Chain


business as a whole

People



Capital



Vision

21



21


21





Industrial Brands

Retail Brands














rarr rarr

rarr rarr

22



22


22













23



23


23

2H FY2020 Outlook







24



24


24




+61 3 9474 3544 +61 3 9474 3544 +61 402 823 757



25



25


25











26



26


26












Leased 10267 4155Total 19016 7696

27



27


27



28



28


28

Note










Maturity



1 00 002 00 003 03 0454 05 0925 08 1166 10 128

7+ 12 135

29



29


29

Tree Nut Pricing


A$K

g


30



30


30




31



31


31



0

5

10

15

20

25

30

35

o

f Tot

al G

row

ing

Cost

s






32



32


32

















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KP 386 618 160 2041 2041 5288 330 386 354 092 1699 1699 4402 480 386 378 098 1636 1636 4238 432 386 446 116 1323 1323 3427 297 386 347 090 1293 1293 3350 373 78 -076

KP 2014 310 83 027 1090 273 3516 329 310 237 076 1049 481 3384 203 310 341 110 1114 621 3594 182 -210 021

KP 2016 304 91 030 981 99 3227 109

Wemen 407 477 117 1486 1486 3651 311 407 533 131 1590 1590 3907 298 403 435 108 1758 1758 4362 404 403 568 141 1548 1548 3841 273 403 443 110 1706 1706 4233 385 -392 -113

BB AB 147 205 139 598 598 4068 292 147 184 125 599 599 4075 326 147 196 134 721 721 4905 367 147 225 153 588 588 4000 261 147 176 120 745 745 5068 423 -1068 -162

BB CD 167 52 031 539 135 3228 259 167 74 045 760 348 4551 468 167 209 125 657 411 3934 197 167 200 120 840 700 5030 350 -1096 -153

Carina - SHV 1491 2162 145 5439 5439 3648 252 1491 2118 142 5852 5852 3925 276 1491 1993 134 7136 7136 4786 358 1491 2204 148 6181 6181 4146 280 1491 1789 120 7037 7037 4720 393 -574 -113

Carina - JV 292 490 168 1113 1113 3812 227 292 415 142 1113 1113 3812 268 292 390 134 1528 1528 5233 391 292 528 181 1251 1251 4284 237 292 380 130 1306 1306 4473 344 -188 -107

Carina 2014 125 34 471 118 3768 352 125 81 065 459 210 3672 259 125 138 110 581 363 4648 263 -976 -004

Lake Powell 2007 2556 127 6592 6592 3285 258 2007 1592 079 7192 7192 3583 452 2007 2414 120 8159 8160 4065 338 2007 1754 087 6560 6561 3269 374 2007 2408 120 8255 8255 4113 343 -845 031

Bunargool 41 1428 500 035 4912 1228 3440 246

Total Vic 4730 6509 138 17269 17269 3651 265 4897 5247 107 18584 18180 3795 346 5328 5998 113 23259 21678 4365 361 5328 6293 118 19616 18554 3682 294 7060 6813 097 28770 23353 4075 335 -393 -041

Yilgah 2486 3190 128 8302 8302 3340 260 2486 3352 135 9089 9089 3656 271 2486 2880 116 9344 9344 3759 324 2486 1897 076 8711 8711 3504 459 2486 3232 130 9564 9564 3847 296 -343 163

Mooral 531 554 104 1990 1990 3748 359 531 745 140 2277 2277 4288 306 531 615 116 2133 2133 4017 347 531 386 073 1912 1912 3601 495 531 690 130 2283 2283 4299 331 -699 164

Belvedere 1423 2245 158 5746 5746 4038 256 1423 1575 111 5982 5982 4204 380 1491 1648 111 5880 5880 3944 357 1491 1369 092 5974 5974 4007 436 1491 1884 126 7010 7010 4702 372 -695 064

Mountview 2012 100 76 076 536 335 5360 442 100 75 075 435 363 4350 483 100 120 120 479 479 4790 399 -440 084

Mountview 2013 70 31 045 312 143 4457 459 70 35 050 307 192 4386 549 70 70 100 329 274 4700 391 -314 157

Mountview 2014 30 8 027 131 33 4367 412 30 10 033 123 56 4100 560 30 23 077 139 87 4633 378 -533 182

Mountview 2016 106 32 030 418 105 3943 327

Total NSW 4440 5989 135 16038 16038 3612 268 4440 5671 128 17348 17348 3907 306 4708 5258 112 18336 17868 3895 340 4708 3772 080 17462 17208 3709 456 4814 6051 126 20222 19802 4201 327 -492 129

Allinga 626 904 144 2711 2711 4331 300 626 864 138 2901 2901 4634 336 626 725 116 3210 3210 5128 443 626 936 150 2407 2407 3845 257 626 814 130 3070 3070 4904 377 -1059 -120

Allinga 2015 948 314 033 3031 758 3197 241 948 569 060 4164 1908 4392 335 -1195 -094

Amaroo Mature 1584 1514 096 5400 5400 3409 357 1584 1990 126 6622 6622 4181 333 1584 1694 107 7036 7036 4442 415 1584 2317 146 5885 5886 3715 254 1584 1901 120 6789 6789 4286 357 -571 -103

Amaroo 2013 199 88 044 653 163 3281 186 199 89 045 823 377 4136 425 199 227 114 760 475 3819 209 199 239 120 847 706 4256 295 -437 -086

Amaroo 2014 219 59 027 826 - 0 3772 - 0 219 189 086 777 - 0 3548 - 0 219 241 110 919 574 4196 238 -648 -238

Amaroo 2016 333 100 030 1184 296 3556 296

Mullroo Mature 158 185 117 565 565 3576 306 158 152 096 795 796 5032 524 158 169 107 825 826 5222 489 158 291 184 683 683 4323 235 158 205 130 763 763 4829 372 -506 -137

Mullroo 2013 245 82 034 1051 263 4290 319 245 109 045 1138 550 4645 504 245 238 097 936 585 3820 246 245 294 120 1185 988 4837 336 -1016 -090

Mullroo 2016 320 96 030 1249 312 3903 325

Jubilee Mature 692 851 123 3177 3178 4591 373 461 599 130 2467 2467 5351 412 -760 -038

Jubilee 2014 101 40 040 419 192 4149 480 101 76 075 521 326 5158 429 -1010 051

Jubilee 2015 168 39 023 678 170 4036 435 168 84 050 795 364 4732 433 -696 001

Jubilee 2016 187 47 025 834 209 4460 444

Total SA 2368 2602 110 8676 8676 3664 333 2812 3176 113 12022 10745 4275 338 3031 2844 094 13858 11999 4572 422 4940 5442 110 18753 14334 3796 263 5549 5265 095 24787 18771 4467 357 -671 -093

National 11538 15100 131 41983 41983 3639 278 12149 14095 116 47954 46273 3947 328 13067 14100 108 55453 51545 4244 366 14976 15507 104 55831 50095 3728 323 17423 18129 104 73779 61926 4177 336 -449 -013

47660 3923 338 49750 3807 353 47539 3174 307

vs 2015 5 10 8 18 13 23 17 31 30 19 2 16

vs 2016 8 11 8 11 23 8 -6 -2

vs 2017 15 -3 -12 -12


Vic 265 346 361 294

NSW 268 306 340 456

SA 333 338 422 263

Total 278 338 353 307


Vic 138 107 113 118 097

NSW 135 128 112 080 126

SA 110 113 094 110 095

Total 131 116 108 104 104


Vic 365095 379498 436543 368168

NSW 361216 390721 389465 370901

SA 366385 427525 457209 379615

Total 363867 392296 380730 317435

FY2015 FY2016 FY2017 FY2018 FY2019

Vic 473000 489700 532800 532800 706000

NSW 444000 444000 470800 470800 481400

SA 236800 281200 303100 494000 554900

Total 1153800 1214900 1306700 1497600 1742300

FY2015 FY2016 FY2017 FY2018

Vic 650880 524721 599805 629300

NSW 598917 567139 525791 377200

SA 260204 317620 284404 544200

Total 1510000 1409480 1410000 1550700

FY2015 FY2016 FY2017 FY2018

Vic 1726900 1818000 2167750 1855400

NSW 1603800 1734800 1786800 1720750

SA 867600 1074500 1199900 1433350

Total 4198300 4766000 4975000 4753900

FY2015 FY2016 FY2017 FY2018 FY2019

Vic - 0 - 0 - 0 - 0 - 0

NSW 278 - 0 - 0 - 0 - 0

SA 444000 - 0 - 0 - 0 - 0

Total 1153800 - 0 - 0 - 0 - 0


FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

O Kyndalin Park - 2016 304 304 304 304 304


O Wemen 403 403 403 403 403 403 403


O Boundary Bend - 2013 167 167 167 167 167 167 167

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783

O Carina - 2014 131 131 131 131 125 131 131

O Carina - 2017 58 58 58 58

L Lake Powell 2007 2007 2007 2007 2007 2007 2007

L Bunargool - 2016 1428 1428 1428 1428 1428

L Billa Downs - 2018 514 514 514




Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423

O Belvedere - 2014 68 68 68 68 68 68 68

O Mountview - 2012 100 100 100 100 100 100 100

O Mountview - 2013 70 70 70 70 70 70 70

O Mountview - 2014 30 30 30 30 30 30 30

O Mountview - 2016 106 106 106 106 106

L Yilgah 2486 2486 2486 2486 2486 2486 2486

L Mooral 531 531 531 531 531 531 531




Southern

O Allinga 626 626 626 626 626 626 626

O Allinga - 2015 948 948 948 948 948 948


O Jubilee - 2014 101 101 101 101 101 101 101

O Jubilee - 2015 168 168 168 168 168 168

O Jubilee - 2016 187 187 187 187 187

O Jubilee - 2018 231 231 231

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584

L Amaroo - 2013 199 199 199 199 199 199 199

L Amaroo - 2014 219 219 219 219 219 219 219

L Amaroo - 2016 333 333 333 333 333

L Amaroo - 2017 445 445 445 445

L Mullroo Mature 158 158 158 158 158 158 158

L Mullroo - 2013 245 245 245 245 245 245 245

L Mullroo - 2016 320 320 320 320 320

L Farm 7 - 2017 390 390 390 390




Total Acres 13174 14290 16968 18553 19061 19067 19067

Increase 85 187 93 27 00 00


Increase 53 85 137 163 29 42


00 00 60 -19 19 84


FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 386 386 - 0 - 0

Yield 160 092 098 116 124 080 080

Tonnes 618 355 378 448 479 - 0 - 0

386 386 386 386 386 386 386 - 0 - 0

Industry Yield 12 12 12 12 12 12 1 1 1

Tonnes 46320 46320 46320 46320 46320 46320 30880 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

Yield 027 079 118 122 135

Tonnes - 0 - 0 84 243 367 379 419

310 310 310 310 310

Industry Yield 030 050 080 100 120

Tonnes 93 155 248 310 372

O Kyndalin Park - 2016 304 304 304 304 304

Yield 052 089 100

Tonnes - 0 - 0 - 0 - 0 159 271 304

304 304 304


Tonnes 91 152 243


Yield

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 - 0

Industry Yield

Tonnes

O Wemen 403 403 403 403 403 403 403 403 403

Yield 117 131 108 141 132 135 135

Tonnes 472 528 435 568 531 544 544

403 403 403 403 403 403 403 403 403

Industry Yield 120 120 120 120 120 120 100 100 090

Tonnes 4836 4836 4836 4836 4836 4836 403 403 3627


Yield 139 125 134 153 167 135 140

Tonnes 204 184 197 225 245 198 206

147 147 147 147 147 147 147 147 147

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 17640 17640 17640 17640 17640 17640 17640 17640 17640

O Boundary Bend - 2013 167 167 167 167 167 167 167

Yield 031 045 125 103 135 135

Tonnes - 0 52 75 209 172 225 225

167 167 167 167 167 167


Tonnes 50 84 134 167 200 200

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783 1783 1783

Yield 149 142 134 153 148 135 140

Tonnes 2651 2534 2383 2732 2642 2407 2496

1783 1783 1783 1783 1783 1783 1783 1783 1783

Industry Yield 12 12 12 12 12 12 130 12 12

Tonnes 213960 213960 213960 213960 213960 213960 232110 213960 213960

O Carina - 2014 125 125 125 125 125 125 125

Yield 027 065 110 135 140

Tonnes - 0 - 0 34 81 138 169 175

125 125 125 125 125


Tonnes 38 63 100 125 150

O Carina - 2017 32 32 32 32

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 14 16

32 32

Industry Yield 0 1

Tonnes 10 16

L Lake Powell 2007 2007 2007 2007 2007 2007 2007 2007 2007

Yield 127 079 120 087 160 135 135

Tonnes 2556 1592 2414 1754 3202 2699 2709

2007 2007 2007 2007 2007 2007 2007 2007 2007

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 240840 240840 240840 240840 240840 240840 240840 240840 240840

L Bunargool - 2016 1428 1428 1428 1428 1428

Yield 003 046 088 120

Tonnes - 0 - 0 - 0 41 650 1251 1714

1428 1428 1428


Tonnes 428 714 1142

L Billa Downs - 2018 500 500 500

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 150

500

Industry Yield 0

Tonnes 150




Total Tonnage 6501 5244 6000 6302 8587 8158 8958

Total Yield 138 107 113 118 122 122 124

Mature Tonnage 6501 5192 5807 5727 7100 6074 6356

Mature Yield 138 110 123 121 150 135 129

Industry Acres 4726 4726 4726 4893 5328 5328 7060 6706 7206

Industry Tield 120 120 120 117 110 113 094 099 102


Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423 1423 1423

Yield 158 111 114 093 159 135 120

Tonnes 2245 1575 1628 1320 2266 1921 1708

1423 1423 1423 1423 1423 1423 1423 1423 1423

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 170760 170760 170760 170760 170760 170760 170760 170760 170760

O Belvedere - 2014 68 68 68 68 68 68 68

Yield 030 072 066 135 120

Tonnes - 0 - 0 20 49 45 92 82

68 68 68 68 68


Tonnes 20 34 54 68 82

O Mountview - 2012 100 100 100 100 100 100 100

Yield 076 106 120 135 135

Tonnes - 0 - 0 76 106 120 135 135

100 100 100 100 100


Tonnes 30 50 80 100 120

O Mountview - 2013 70 70 70 70 70 70 70

Yield 045 014 100 135 135

Tonnes - 0 - 0 32 10 62 95 95

70 70 70 70 70


Tonnes 21 35 56 70 84

O Mountview - 2014 30 30 30 30 30 30 30

Yield 027 014 075 135 135

Tonnes - 0 - 0 8 4 23 41 41

30 30 30 30 30


Tonnes 9 15 24 30 36

O Mountview - 2016 106 106 106 106 106

Yield 030 086 050

Tonnes - 0 - 0 - 0 - 0 - 0 91 53

106 106 106


Tonnes 32 53 85

L Yilgah 2486 2486 2486 2486 2486 2486 2486 2486 2486

Yield - 0 - 0 128 135 116 076 142 135 135

Tonnes 3190 3352 2880 1897 3527 3344 3356

2486 2486 2486 2486 2486 2486 2486 2486 2486

Industry Yield 120 120 120 120 120 120 120 120 120

Tonnes 298320 298320 298320 298320 298320 298320 298320 298320 298320

L Mooral 531 531 531 531 531 531 531 531 531

Yield 104 140 116 073 156 135 135

Tonnes 554 745 615 386 827 717 717

531 531 531 531 531 531 531 531 531

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 63720 63720 63720 63720 63720 63720 63720 63720 63720




Total Tonnage 5989 5672 5259 3772 6869 6434 6185

Total Yield 135 128 112 080 143 134 128

Mature Tonnage 5989 5672 5123 3603 6620 5982 6132

Mature Yield 135 128 115 081 149 135 130

Industry Acres 4440 4440 4440 4440 4708 4708 4814 4814 4814

Industry Tield 120 120 120 120 115 116 116 117 119


Southern

O Allinga 626 626 626 626 626 626 626 626 626

Yield 144 138 116 150 203 135 135

Tonnes 904 864 725 936 1274 845 845

626 626 626 626 626 626 626 626 626

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 75120 75120 75120 75120 75120 75120 75120 75120 75120

O Allinga - 2015 948 948 948 948 948 948

Yield 033 095 115 130

Tonnes - 0 - 0 - 0 314 900 1090 1232

948 948 948 948


Tonnes 284 474 758 948


Yield 123 171 135 135

Tonnes - 0 - 0 - 0 851 789 620 622

692 461 461 461


Tonnes 830 553 553 553

O Jubilee - 2014 101 101 101 101 101 101 101

Yield 040 141 122 135

Tonnes - 0 - 0 - 0 40 142 123 136

101 101 101 101 101


Tonnes 30 51 81 101 121

O Jubilee - 2015 168 168 168 168 168 168

Yield 024 076 115 100

Tonnes - 0 - 0 - 0 39 128 193 168

168 168 168 168


Tonnes 50 84 134 168

O Jubilee - 2016 187 187 187 187 187

Yield 037 089 080

Tonnes - 0 - 0 - 0 - 0 69 166 150

187 187 187


Tonnes 69 166 150

O Jubilee - 2018 237 237 237

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 71

237

Industry Yield 0

Tonnes 71

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584 1584 1584

Yield 096 126 107 146 155 135 135

Tonnes 1514 1990 1694 2317 2455 2130 2138

1584 1584 1584 1584 1584 1584 1584 1584 1584

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 190080 190080 190080 190080 190080 190080 190080 190080 190080

L Amaroo - 2013 199 199 199 199 199 199 199

Yield 044 045 114 147 135 135

Tonnes - 0 88 90 227 292 269 269

199 199 199 199 199 199


Tonnes 60 100 159 199 239 239

L Amaroo - 2014 219 219 219 219 219 219 219

Yield 027 087 116 122 135

Tonnes - 0 - 0 59 189 254 267 296

219 219 219 219 219


Tonnes 66 110 175 219 263

L Amaroo - 2016 334 334 334 334 334

Yield 045 089 120

Tonnes - 0 - 0 - 0 - 0 150 297 401

334 334 334


Tonnes 100 167 267

L Amaroo - 2017 448 448 448 448

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 202 224

448 448

Industry Yield 0 1

Tonnes 202 224

L Mullroo Mature 158 158 158 158 158 158 158 158 158

Yield 117 096 107 184 180 135 135

Tonnes 185 152 169 291 284 213 213

158 158 158 158 158 158 158 158 158

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 18960 18960 18960 18960 18960 18960 18960 18960 18960

L Mullroo - 2013 245 245 245 245 245 245 245

Yield 034 045 097 129 135 135

Tonnes - 0 83 110 238 315 331 331

245 245 245 245 245 245


Tonnes 74 123 196 245 294 294

L Mullroo - 2016 320 320 320 320 320

Yield 057 089 120

Tonnes - 0 - 0 - 0 - 0 181 285 384

320 320 320


Tonnes 181 285 384

L Farm 7 - 2017 390 390 390 390

Yield 045 070

Tonnes - 0 - 0 - 0 - 0 - 0 176 273

390 390

Industry Yield 0 1

Tonnes 176 273




Total Tonnage 2603 3177 2847 5443 7233 7208 7753

Total Yield 110 113 091 110 130 113 117

Mature Tonnage 2603 3006 2588 4395 4802 4408 4851

Mature Yield 110 127 109 144 170 135 135

Industry Acres 2368 2368 2368 2812 3132 4940 5550 6388 6625

Industry Tield 120 120 120 106 101 092 090 096 103


Total Acres 13168 14284 16963 18525 19031 19031 19031

Increase 85 188 92 27 00 00


Increase 53 84 137 163 28 41


00 00 60 -19 19 84

Industry Acres 11534 11534 11534 12145 13168 14976 17424 17908 18645

Industry Yield 120 120 120 115 110 107 099 103 107


Total Tonnage 15093 14093 14106 15817 22659 21800 22897

Total Yield 131 116 107 106 130 122 123

Mature Tonnage 15093 13870 13518 13725 18522 16464 17339

Mature Yield 131 120 117 112 154 135 131










4230198 9082971




Total Cost per Kg 428 527 584 558 459 548

Almond Price 1145 808 748 81 86 87








058 063 074 071 067 069 Orchard 338 348 284 211 255 FY17 705 114888

486 591 658 629 526 617 Water 050 050 046 063 100 FY18 627

659 217 090 181 334 253 Harvest 064 068 065 054 050 507


Processing 063 074 071 067 069




EBIT Per KG 161 043 183 353 273

067 070 071 069 048 Price per Kg 808 748 810 860 870

593 147 019 112 286 1685340

1000 1000 1000 1000 1000


Prior Crop $ 674

Crop Profit $ 108198 $ 39594 $ 23168 $ 42302 $ 90830 $ 70259

1147





Sale of Assets 209 200 43164 -$ 862

Tree Depn 6000 6000

Parboil 2700 2000

Overheads 4700 4224

H2E 1019


132 $m






KP - 2014 243 367 124

KP - 2016 - 0 159 159 Total Capex $ 217





Carina - 2014 81 138 56 H2E $ 05





Mountview - 2012 106 120 14

Mountview - 2013 10 62 52

Mountview - 2014 4 23 18

Mountview - 2016 - 0 - 0 0







Jubilee - 2015 39 128 89 Trading $ 140 $ 090 $ 050



Amaroo - 2013 227 292 64


Amaroo - 2016 - 0 150 150 $m




TOTAL 15517 22689 7172


Water 368 4571

Fertiliser 16 4587


Labour 103 4776



Bees 11 4875



Other 63 4946


$m

H2E EBIT $ 100

Parboil EBIT -$ 200


FY2015 7817 89063 - 7285

FY2016 11398 37793 - 7992

FY2017 9534 14480 - 8947

FY2018 6284 39536 - 9942

FY2019 6284 43800 - 10283


FY2013 5500 31700 4700 - 4100 640

FY2014 5600 30300 - 4600 850

FY2015 6817 87503 - 4685 1145

FY2016 10342 36093 - 5132 808

FY2017 7950 13686 - 4657 743

FY2018 4748 36236 - 7181 805

FY2019 F 5012 82241 - 7181 860

FY2020 B 6615 76156 -7008 870



Volumes (MT) 22690 21800 21800 22300 22300 23

Price $ 860 $ 870 $ 910 $ 840 $ 820 -99 $ 700 $ 750 $ 850 $ 900 $ 595


Sell Price $ 860 $ 870 $ 910 $ 840 $ 840 -77

EBIT

Almond Division 82241 67436 76156 62729 58269 -235 30376 41276 63076 73976 7486


Corporate -7181 -7008 -7008 -7500 -7500 -70 -7008 -7008 -7008 -7008 -7008

Total EBIT 80072 67043 75763 60225 55765 -264 29983 40883 62683 73583 7093

Finance Costs -3957 -3700 -3700 -3000 -3000 189 -5000 -4500 -3200 -2800 -6000

-202356108163 -20476593973

PBT 76115 63343 72063 57225 52765 -268 24983 36383 59483 70783 1093

Tax -23086 -19003 -21619 -17168 -15830 268 -7495 -10915 -17845 -21235 -328

NPAT 53029 44340 50444 40058 36936 -268 17488 25468 41638 49548 765

Inshel 25 5500


Industrial 18 4000

Retail 7 1500

22000

FY2020 Budget 504








Interest 07 31032

TaxOther 58 36832

FY2020F NPAT - 368

FY2019 NPAT 530




Crop Costs - 49 260




Overheads - 11 287

Interest 10 297

TaxOther 73 370

FY2020F NPAT - 370



Rent 100 775

Fertiliser 085 784


Spraying 076 799

Labour 077 807



Bees 026 820

Fuel 03 823

Other 08 831




$25 23 Budgeted

$100 - 2250

$150 - 3750

$200 - 5250

$250 - 6750

HY2019 EBIT 310






HY2020 EBIT - 254

FY2019 EBIT 801



Orchard Costs - 25

Water Costs - 95


Food Division - 06

CorporateOther - 13

HY2020 EBIT - 254

HY2019 EBIT 310




Orchard Costs - 13

Water Costs - 48



Food Division - 06

CorporateOther - 16

HY2020 EBIT - 253

Income Statement




Total Revenue 1000 935 (65) (65)

EBITDA 385 345 (40) (104)




Corporate (28) (43) (15) (549)

Total EBIT 310 254 (56) (180)


Tax Expense (89) (73) 16 176

NPAT 200 174 (27) (134)

EBITDA Margin () 385 369 (16) (42)

EBIT Margin () 310 272 (38) (123)





Cash 13 13












Cash Flow


EBITDA 385 345


Tax Paid (28) (168)








SHV Corporate Costs


Corporate



Other 968 762 754 887 1046

4518 4388 4017 4209 4056

Finance



Other 391 249 75 48 156

2741 2611 1940 2102 2207

IT


Operating Costs 963 867 257 510 1114


1681 1973 680 968 1783

HR 1002 1232 649 713 904


5822



SHV Corporate Costs

FY18F FY19B

$m $m

Corporate 4518 4388

Finance 2741 2611

IT 1681 1973

HR 1002 1232

Total 9942 10204


$m



Financial Snapshot


Revenue 254483 307084 280459





NPAT Margin 21 16 8

0126

EPS 056 053 035


Net Assets 411718 431308 393934

Net Debt - 0 31062 29060

Gearing 0 7 7


ROE 13 12 6

Key Assumptions

Bearing Acres 14976 17424 17399

Yield 22690 21800 19820





95045649 95045649 95045649

$m

H2E 10

Parboil -20

SHV Balance Sheet

Jun-18 Jun-19

Assets

Current Assets



Other 2271 2271


Non Current Assets

PPampE 287893 313653




Liabilities

Current Liabilities














Net Assets 390068 406722

SHV Cash Flows

Jun-18 Jun-19
























Food Division

FY2019 FY2020


FY2019 F FY2020 B FY2019F FY2020B

KGs 5905 6216 Domestic 5605 6977 38

Export - 251 - 12




19749 22276 13





Brand Costs - 2075 - 2950 32




FY2019 F FY2020 B FY2019F FY2020B

KGs 365 397 009 Quality 376 501





Procurement 950 964







EBIT - 941 - 12 - 099

Trading

FY2019 F FY2020 B



COGS 31840 32400







EBIT 2407 2309

Industrial

FY2019 F FY2020 B



COGS 44400 46231







EBIT 9120 9328

Operations






EBIT - 16596 - 16161

CONSENSUS 2020


Baillieu Holst $849 20138 $44 $218

PAC Partners $865 19328 $41 $212


UBS $915 20966 $46 $219

Bell Potter $919 19508 $40 $205

Wilsons $921 19372 $39 $201

Range $849 - $921 19328 - 23200 $39 - $51 $201 - $220

Average $888 20419 $43 $213

SHV Budget $865 21800 $435 $200



Bearing Acres 13168 14976 17424 17908 17936 18681 20006

Tonnes Produced 14100 15817 22690 21800 21800 22897 21198 14500 14200

Price 743 805 860 910 886 912 940 1145 808

Almond Revenue 104763 127324 195133 198377 193101 208903 199207 166025 114736



Harvest Costs 9580 10328 12157 10897 12090 13158 13497 6951 8958


Orchard Rental 13246 14388 14757 15978 17571 18397 18857 6771 8714



Cost Per Kg 074 071 067 069 062 063 074 060 063

Crop Profit 22416 39081 91496 78979 - 0 92419 102128 87791 101411 40458



Hull 551 1063 5516 7800 300 300 300 300 939 1888

Citrus 95 75 - 568 - 550 - 142 50 50 50 537 212

Grant Income 1906 3455 - 0 - 0 - 0 - 0 - 0 - 0


Parboil - 2621 - 3158 - 1230 - 640 - 0 - 0 - 0

H2E Savings - 0 - 38 23 109 1718 1718 1718

Overheads - 4195 - 4661 - 5617 - 5200 - 1404 - 5757 - 5901 - 6049 - 3253 - 3695


Other 85 - 366 - 0 - 3254 457






Growth -62 135 156 -7 36160











223474

EBIT



Food Division 10342 7950 4200 3000 5500 8000

Corporate - 5132 - 4657 - 4800 - 4800 - 4800 - 4800

EBIT Reported 49785 16979 31588 80441 83881 95866

EBIT Underlying 41285 16979 31588 80441 83881 95866


EBITDA Underlying










$000 $000

Almond Division


Farm Assets 2509













Compost Project 646



Food Division



Corporate Division

JDE Food 1248

General - 0 500

Total 55194 48069



KP 386 618 160 2041 2041 5288 330 386 354 092 1699 1699 4402 480 386 378 098 1636 1636 4238 432 386 446 116 1323 1323 3427 297 386 347 090 1293 1293 3350 373 78 -076

KP 2014 310 83 027 1090 273 3516 329 310 237 076 1049 481 3384 203 310 341 110 1114 621 3594 182 -210 021

KP 2016 304 91 030 981 99 3227 109

Wemen 407 477 117 1486 1486 3651 311 407 533 131 1590 1590 3907 298 403 435 108 1758 1758 4362 404 403 568 141 1548 1548 3841 273 403 443 110 1706 1706 4233 385 -392 -113

BB AB 147 205 139 598 598 4068 292 147 184 125 599 599 4075 326 147 196 134 721 721 4905 367 147 225 153 588 588 4000 261 147 176 120 745 745 5068 423 -1068 -162

BB CD 167 52 031 539 135 3228 259 167 74 045 760 348 4551 468 167 209 125 657 411 3934 197 167 200 120 840 700 5030 350 -1096 -153

Carina - SHV 1491 2162 145 5439 5439 3648 252 1491 2118 142 5852 5852 3925 276 1491 1993 134 7136 7136 4786 358 1491 2204 148 6181 6181 4146 280 1491 1789 120 7037 7037 4720 393 -574 -113

Carina - JV 292 490 168 1113 1113 3812 227 292 415 142 1113 1113 3812 268 292 390 134 1528 1528 5233 391 292 528 181 1251 1251 4284 237 292 380 130 1306 1306 4473 344 -188 -107

Carina 2014 125 34 471 118 3768 352 125 81 065 459 210 3672 259 125 138 110 581 363 4648 263 -976 -004

Lake Powell 2007 2556 127 6592 6592 3285 258 2007 1592 079 7192 7192 3583 452 2007 2414 120 8159 8160 4065 338 2007 1754 087 6560 6561 3269 374 2007 2408 120 8255 8255 4113 343 -845 031

Bunargool 41 1428 500 035 4912 1228 3440 246

Total Vic 4730 6509 138 17269 17269 3651 265 4897 5247 107 18584 18180 3795 346 5328 5998 113 23259 21678 4365 361 5328 6293 118 19616 18554 3682 294 7060 6813 097 28770 23353 4075 335 -393 -041

Yilgah 2486 3190 128 8302 8302 3340 260 2486 3352 135 9089 9089 3656 271 2486 2880 116 9344 9344 3759 324 2486 1897 076 8711 8711 3504 459 2486 3232 130 9564 9564 3847 296 -343 163

Mooral 531 554 104 1990 1990 3748 359 531 745 140 2277 2277 4288 306 531 615 116 2133 2133 4017 347 531 386 073 1912 1912 3601 495 531 690 130 2283 2283 4299 331 -699 164

Belvedere 1423 2245 158 5746 5746 4038 256 1423 1575 111 5982 5982 4204 380 1491 1648 111 5880 5880 3944 357 1491 1369 092 5974 5974 4007 436 1491 1884 126 7010 7010 4702 372 -695 064

Mountview 2012 100 76 076 536 335 5360 442 100 75 075 435 363 4350 483 100 120 120 479 479 4790 399 -440 084

Mountview 2013 70 31 045 312 143 4457 459 70 35 050 307 192 4386 549 70 70 100 329 274 4700 391 -314 157

Mountview 2014 30 8 027 131 33 4367 412 30 10 033 123 56 4100 560 30 23 077 139 87 4633 378 -533 182

Mountview 2016 106 32 030 418 105 3943 327

Total NSW 4440 5989 135 16038 16038 3612 268 4440 5671 128 17348 17348 3907 306 4708 5258 112 18336 17868 3895 340 4708 3772 080 17462 17208 3709 456 4814 6051 126 20222 19802 4201 327 -492 129

Allinga 626 904 144 2711 2711 4331 300 626 864 138 2901 2901 4634 336 626 725 116 3210 3210 5128 443 626 936 150 2407 2407 3845 257 626 814 130 3070 3070 4904 377 -1059 -120

Allinga 2015 948 314 033 3031 758 3197 241 948 569 060 4164 1908 4392 335 -1195 -094

Amaroo Mature 1584 1514 096 5400 5400 3409 357 1584 1990 126 6622 6622 4181 333 1584 1694 107 7036 7036 4442 415 1584 2317 146 5885 5886 3715 254 1584 1901 120 6789 6789 4286 357 -571 -103

Amaroo 2013 199 88 044 653 163 3281 186 199 89 045 823 377 4136 425 199 227 114 760 475 3819 209 199 239 120 847 706 4256 295 -437 -086

Amaroo 2014 219 59 027 826 - 0 3772 - 0 219 189 086 777 - 0 3548 - 0 219 241 110 919 574 4196 238 -648 -238

Amaroo 2016 333 100 030 1184 296 3556 296

Mullroo Mature 158 185 117 565 565 3576 306 158 152 096 795 796 5032 524 158 169 107 825 826 5222 489 158 291 184 683 683 4323 235 158 205 130 763 763 4829 372 -506 -137

Mullroo 2013 245 82 034 1051 263 4290 319 245 109 045 1138 550 4645 504 245 238 097 936 585 3820 246 245 294 120 1185 988 4837 336 -1016 -090

Mullroo 2016 320 96 030 1249 312 3903 325

Jubilee Mature 692 851 123 3177 3178 4591 373 461 599 130 2467 2467 5351 412 -760 -038

Jubilee 2014 101 40 040 419 192 4149 480 101 76 075 521 326 5158 429 -1010 051

Jubilee 2015 168 39 023 678 170 4036 435 168 84 050 795 364 4732 433 -696 001

Jubilee 2016 187 47 025 834 209 4460 444

Total SA 2368 2602 110 8676 8676 3664 333 2812 3176 113 12022 10745 4275 338 3031 2844 094 13858 11999 4572 422 4940 5442 110 18753 14334 3796 263 5549 5265 095 24787 18771 4467 357 -671 -093

National 11538 15100 131 41983 41983 3639 278 12149 14095 116 47954 46273 3947 328 13067 14100 108 55453 51545 4244 366 14976 15507 104 55831 50095 3728 323 17423 18129 104 73779 61926 4177 336 -449 -013

47660 3923 338 49750 3807 353 47539 3174 307

vs 2015 5 10 8 18 13 23 17 31 30 19 2 16

vs 2016 8 11 8 11 23 8 -6 -2

vs 2017 15 -3 -12 -12


Vic 265 346 361 294

NSW 268 306 340 456

SA 333 338 422 263

Total 278 338 353 307


Vic 138 107 113 118 097

NSW 135 128 112 080 126

SA 110 113 094 110 095

Total 131 116 108 104 104


Vic 365095 379498 436543 368168

NSW 361216 390721 389465 370901

SA 366385 427525 457209 379615

Total 363867 392296 380730 317435

FY2015 FY2016 FY2017 FY2018 FY2019

Vic 473000 489700 532800 532800 706000

NSW 444000 444000 470800 470800 481400

SA 236800 281200 303100 494000 554900

Total 1153800 1214900 1306700 1497600 1742300

FY2015 FY2016 FY2017 FY2018

Vic 650880 524721 599805 629300

NSW 598917 567139 525791 377200

SA 260204 317620 284404 544200

Total 1510000 1409480 1410000 1550700

FY2015 FY2016 FY2017 FY2018

Vic 1726900 1818000 2167750 1855400

NSW 1603800 1734800 1786800 1720750

SA 867600 1074500 1199900 1433350

Total 4198300 4766000 4975000 4753900

FY2015 FY2016 FY2017 FY2018 FY2019

Vic - 0 - 0 - 0 - 0 - 0

NSW 278 - 0 - 0 - 0 - 0

SA 444000 - 0 - 0 - 0 - 0

Total 1153800 - 0 - 0 - 0 - 0


FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

O Kyndalin Park - 2016 304 304 304 304 304


O Wemen 403 403 403 403 403 403 403


O Boundary Bend - 2013 167 167 167 167 167 167 167

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783

O Carina - 2014 131 131 131 131 125 131 131

O Carina - 2017 58 58 58 58

L Lake Powell 2007 2007 2007 2007 2007 2007 2007

L Bunargool - 2016 1428 1428 1428 1428 1428

L Billa Downs - 2018 514 514 514




Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423

O Belvedere - 2014 68 68 68 68 68 68 68

O Mountview - 2012 100 100 100 100 100 100 100

O Mountview - 2013 70 70 70 70 70 70 70

O Mountview - 2014 30 30 30 30 30 30 30

O Mountview - 2016 106 106 106 106 106

L Yilgah 2486 2486 2486 2486 2486 2486 2486

L Mooral 531 531 531 531 531 531 531




Southern

O Allinga 626 626 626 626 626 626 626

O Allinga - 2015 948 948 948 948 948 948


O Jubilee - 2014 101 101 101 101 101 101 101

O Jubilee - 2015 168 168 168 168 168 168

O Jubilee - 2016 187 187 187 187 187

O Jubilee - 2018 231 231 231

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584

L Amaroo - 2013 199 199 199 199 199 199 199

L Amaroo - 2014 219 219 219 219 219 219 219

L Amaroo - 2016 333 333 333 333 333

L Amaroo - 2017 445 445 445 445

L Mullroo Mature 158 158 158 158 158 158 158

L Mullroo - 2013 245 245 245 245 245 245 245

L Mullroo - 2016 320 320 320 320 320

L Farm 7 - 2017 390 390 390 390




Total Acres 13174 14290 16968 18553 19061 19067 19067

Increase 85 187 93 27 00 00


Increase 53 85 137 163 29 42


00 00 60 -19 19 84


FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 386 386 - 0 - 0

Yield 160 092 098 116 124 080 080

Tonnes 618 355 378 448 479 - 0 - 0

386 386 386 386 386 386 386 - 0 - 0

Industry Yield 12 12 12 12 12 12 1 1 1

Tonnes 46320 46320 46320 46320 46320 46320 30880 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

Yield 027 079 118 122 135

Tonnes - 0 - 0 84 243 367 379 419

310 310 310 310 310

Industry Yield 030 050 080 100 120

Tonnes 93 155 248 310 372

O Kyndalin Park - 2016 304 304 304 304 304

Yield 052 089 100

Tonnes - 0 - 0 - 0 - 0 159 271 304

304 304 304


Tonnes 91 152 243


Yield

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 - 0

Industry Yield

Tonnes

O Wemen 403 403 403 403 403 403 403 403 403

Yield 117 131 108 141 132 135 135

Tonnes 472 528 435 568 531 544 544

403 403 403 403 403 403 403 403 403

Industry Yield 120 120 120 120 120 120 100 100 090

Tonnes 4836 4836 4836 4836 4836 4836 403 403 3627


Yield 139 125 134 153 167 135 140

Tonnes 204 184 197 225 245 198 206

147 147 147 147 147 147 147 147 147

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 17640 17640 17640 17640 17640 17640 17640 17640 17640

O Boundary Bend - 2013 167 167 167 167 167 167 167

Yield 031 045 125 103 135 135

Tonnes - 0 52 75 209 172 225 225

167 167 167 167 167 167


Tonnes 50 84 134 167 200 200

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783 1783 1783

Yield 149 142 134 153 148 135 140

Tonnes 2651 2534 2383 2732 2642 2407 2496

1783 1783 1783 1783 1783 1783 1783 1783 1783

Industry Yield 12 12 12 12 12 12 130 12 12

Tonnes 213960 213960 213960 213960 213960 213960 232110 213960 213960

O Carina - 2014 125 125 125 125 125 125 125

Yield 027 065 110 135 140

Tonnes - 0 - 0 34 81 138 169 175

125 125 125 125 125


Tonnes 38 63 100 125 150

O Carina - 2017 32 32 32 32

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 14 16

32 32

Industry Yield 0 1

Tonnes 10 16

L Lake Powell 2007 2007 2007 2007 2007 2007 2007 2007 2007

Yield 127 079 120 087 160 135 135

Tonnes 2556 1592 2414 1754 3202 2699 2709

2007 2007 2007 2007 2007 2007 2007 2007 2007

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 240840 240840 240840 240840 240840 240840 240840 240840 240840

L Bunargool - 2016 1428 1428 1428 1428 1428

Yield 003 046 088 120

Tonnes - 0 - 0 - 0 41 650 1251 1714

1428 1428 1428


Tonnes 428 714 1142

L Billa Downs - 2018 500 500 500

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 150

500

Industry Yield 0

Tonnes 150




Total Tonnage 6501 5244 6000 6302 8587 8158 8958

Total Yield 138 107 113 118 122 122 124

Mature Tonnage 6501 5192 5807 5727 7100 6074 6356

Mature Yield 138 110 123 121 150 135 129

Industry Acres 4726 4726 4726 4893 5328 5328 7060 6706 7206

Industry Tield 120 120 120 117 110 113 094 099 102


Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423 1423 1423

Yield 158 111 114 093 159 135 120

Tonnes 2245 1575 1628 1320 2266 1921 1708

1423 1423 1423 1423 1423 1423 1423 1423 1423

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 170760 170760 170760 170760 170760 170760 170760 170760 170760

O Belvedere - 2014 68 68 68 68 68 68 68

Yield 030 072 066 135 120

Tonnes - 0 - 0 20 49 45 92 82

68 68 68 68 68


Tonnes 20 34 54 68 82

O Mountview - 2012 100 100 100 100 100 100 100

Yield 076 106 120 135 135

Tonnes - 0 - 0 76 106 120 135 135

100 100 100 100 100


Tonnes 30 50 80 100 120

O Mountview - 2013 70 70 70 70 70 70 70

Yield 045 014 100 135 135

Tonnes - 0 - 0 32 10 62 95 95

70 70 70 70 70


Tonnes 21 35 56 70 84

O Mountview - 2014 30 30 30 30 30 30 30

Yield 027 014 075 135 135

Tonnes - 0 - 0 8 4 23 41 41

30 30 30 30 30


Tonnes 9 15 24 30 36

O Mountview - 2016 106 106 106 106 106

Yield 030 086 050

Tonnes - 0 - 0 - 0 - 0 - 0 91 53

106 106 106


Tonnes 32 53 85

L Yilgah 2486 2486 2486 2486 2486 2486 2486 2486 2486

Yield - 0 - 0 128 135 116 076 142 135 135

Tonnes 3190 3352 2880 1897 3527 3344 3356

2486 2486 2486 2486 2486 2486 2486 2486 2486

Industry Yield 120 120 120 120 120 120 120 120 120

Tonnes 298320 298320 298320 298320 298320 298320 298320 298320 298320

L Mooral 531 531 531 531 531 531 531 531 531

Yield 104 140 116 073 156 135 135

Tonnes 554 745 615 386 827 717 717

531 531 531 531 531 531 531 531 531

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 63720 63720 63720 63720 63720 63720 63720 63720 63720




Total Tonnage 5989 5672 5259 3772 6869 6434 6185

Total Yield 135 128 112 080 143 134 128

Mature Tonnage 5989 5672 5123 3603 6620 5982 6132

Mature Yield 135 128 115 081 149 135 130

Industry Acres 4440 4440 4440 4440 4708 4708 4814 4814 4814

Industry Tield 120 120 120 120 115 116 116 117 119


Southern

O Allinga 626 626 626 626 626 626 626 626 626

Yield 144 138 116 150 203 135 135

Tonnes 904 864 725 936 1274 845 845

626 626 626 626 626 626 626 626 626

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 75120 75120 75120 75120 75120 75120 75120 75120 75120

O Allinga - 2015 948 948 948 948 948 948

Yield 033 095 115 130

Tonnes - 0 - 0 - 0 314 900 1090 1232

948 948 948 948


Tonnes 284 474 758 948


Yield 123 171 135 135

Tonnes - 0 - 0 - 0 851 789 620 622

692 461 461 461


Tonnes 830 553 553 553

O Jubilee - 2014 101 101 101 101 101 101 101

Yield 040 141 122 135

Tonnes - 0 - 0 - 0 40 142 123 136

101 101 101 101 101


Tonnes 30 51 81 101 121

O Jubilee - 2015 168 168 168 168 168 168

Yield 024 076 115 100

Tonnes - 0 - 0 - 0 39 128 193 168

168 168 168 168


Tonnes 50 84 134 168

O Jubilee - 2016 187 187 187 187 187

Yield 037 089 080

Tonnes - 0 - 0 - 0 - 0 69 166 150

187 187 187


Tonnes 69 166 150

O Jubilee - 2018 237 237 237

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 71

237

Industry Yield 0

Tonnes 71

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584 1584 1584

Yield 096 126 107 146 155 135 135

Tonnes 1514 1990 1694 2317 2455 2130 2138

1584 1584 1584 1584 1584 1584 1584 1584 1584

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 190080 190080 190080 190080 190080 190080 190080 190080 190080

L Amaroo - 2013 199 199 199 199 199 199 199

Yield 044 045 114 147 135 135

Tonnes - 0 88 90 227 292 269 269

199 199 199 199 199 199


Tonnes 60 100 159 199 239 239

L Amaroo - 2014 219 219 219 219 219 219 219

Yield 027 087 116 122 135

Tonnes - 0 - 0 59 189 254 267 296

219 219 219 219 219


Tonnes 66 110 175 219 263

L Amaroo - 2016 334 334 334 334 334

Yield 045 089 120

Tonnes - 0 - 0 - 0 - 0 150 297 401

334 334 334


Tonnes 100 167 267

L Amaroo - 2017 448 448 448 448

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 202 224

448 448

Industry Yield 0 1

Tonnes 202 224

L Mullroo Mature 158 158 158 158 158 158 158 158 158

Yield 117 096 107 184 180 135 135

Tonnes 185 152 169 291 284 213 213

158 158 158 158 158 158 158 158 158

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 18960 18960 18960 18960 18960 18960 18960 18960 18960

L Mullroo - 2013 245 245 245 245 245 245 245

Yield 034 045 097 129 135 135

Tonnes - 0 83 110 238 315 331 331

245 245 245 245 245 245


Tonnes 74 123 196 245 294 294

L Mullroo - 2016 320 320 320 320 320

Yield 057 089 120

Tonnes - 0 - 0 - 0 - 0 181 285 384

320 320 320


Tonnes 181 285 384

L Farm 7 - 2017 390 390 390 390

Yield 045 070

Tonnes - 0 - 0 - 0 - 0 - 0 176 273

390 390

Industry Yield 0 1

Tonnes 176 273




Total Tonnage 2603 3177 2847 5443 7233 7208 7753

Total Yield 110 113 091 110 130 113 117

Mature Tonnage 2603 3006 2588 4395 4802 4408 4851

Mature Yield 110 127 109 144 170 135 135

Industry Acres 2368 2368 2368 2812 3132 4940 5550 6388 6625

Industry Tield 120 120 120 106 101 092 090 096 103


Total Acres 13168 14284 16963 18525 19031 19031 19031

Increase 85 188 92 27 00 00


Increase 53 84 137 163 28 41


00 00 60 -19 19 84

Industry Acres 11534 11534 11534 12145 13168 14976 17424 17908 18645

Industry Yield 120 120 120 115 110 107 099 103 107


Total Tonnage 15093 14093 14106 15817 22659 21800 22897

Total Yield 131 116 107 106 130 122 123

Mature Tonnage 15093 13870 13518 13725 18522 16464 17339

Mature Yield 131 120 117 112 154 135 131










4230198 9082971




Total Cost per Kg 428 527 584 558 459 548

Almond Price 1145 808 748 81 86 87








058 063 074 071 067 069 Orchard 338 348 284 211 255 FY17 705 114888

486 591 658 629 526 617 Water 050 050 046 063 100 FY18 627

659 217 090 181 334 253 Harvest 064 068 065 054 050 507


Processing 063 074 071 067 069




EBIT Per KG 161 043 183 353 273

067 070 071 069 048 Price per Kg 808 748 810 860 870

593 147 019 112 286 1685340

1000 1000 1000 1000 1000


Prior Crop $ 674

Crop Profit $ 108198 $ 39594 $ 23168 $ 42302 $ 90830 $ 70259

1147





Sale of Assets 209 200 43164 -$ 862

Tree Depn 6000 6000

Parboil 2700 2000

Overheads 4700 4224

H2E 1019


132 $m






KP - 2014 243 367 124

KP - 2016 - 0 159 159 Total Capex $ 217





Carina - 2014 81 138 56 H2E $ 05





Mountview - 2012 106 120 14

Mountview - 2013 10 62 52

Mountview - 2014 4 23 18

Mountview - 2016 - 0 - 0 0







Jubilee - 2015 39 128 89 Trading $ 140 $ 090 $ 050



Amaroo - 2013 227 292 64


Amaroo - 2016 - 0 150 150 $m




TOTAL 15517 22689 7172


Water 368 4571

Fertiliser 16 4587


Labour 103 4776



Bees 11 4875



Other 63 4946


$m

H2E EBIT $ 100

Parboil EBIT -$ 200


FY2015 7817 89063 - 7285

FY2016 11398 37793 - 7992

FY2017 9534 14480 - 8947

FY2018 6284 39536 - 9942

FY2019 6284 43800 - 10283


FY2013 5500 31700 4700 - 4100 640

FY2014 5600 30300 - 4600 850

FY2015 6817 87503 - 4685 1145

FY2016 10342 36093 - 5132 808

FY2017 7950 13686 - 4657 743

FY2018 4748 36236 - 7181 805

FY2019 F 5012 82241 - 7181 860

FY2020 B 6615 76156 -7008 870



Volumes (MT) 22690 21800 21800 22300 22300 23

Price $ 860 $ 870 $ 910 $ 840 $ 820 -99 $ 700 $ 750 $ 850 $ 900 $ 595


Sell Price $ 860 $ 870 $ 910 $ 840 $ 840 -77

EBIT

Almond Division 82241 67436 76156 62729 58269 -235 30376 41276 63076 73976 7486


Corporate -7181 -7008 -7008 -7500 -7500 -70 -7008 -7008 -7008 -7008 -7008

Total EBIT 80072 67043 75763 60225 55765 -264 29983 40883 62683 73583 7093

Finance Costs -3957 -3700 -3700 -3000 -3000 189 -5000 -4500 -3200 -2800 -6000

-202356108163 -20476593973

PBT 76115 63343 72063 57225 52765 -268 24983 36383 59483 70783 1093

Tax -23086 -19003 -21619 -17168 -15830 268 -7495 -10915 -17845 -21235 -328

NPAT 53029 44340 50444 40058 36936 -268 17488 25468 41638 49548 765

Inshel 25 5500


Industrial 18 4000

Retail 7 1500

22000

FY2020 Budget 504








Interest 07 31032

TaxOther 58 36832

FY2020F NPAT - 368

FY2019 NPAT 530




Crop Costs - 49 260




Overheads - 11 287

Interest 10 297

TaxOther 73 370

FY2020F NPAT - 370



Rent 100 775

Fertiliser 085 784


Spraying 076 799

Labour 077 807



Bees 026 820

Fuel 03 823

Other 08 831




$25 23 Budgeted

$100 - 2250

$150 - 3750

$200 - 5250

$250 - 6750

HY2019 EBIT 310






HY2020 EBIT - 254

FY2019 EBIT 801



Orchard Costs - 25

Water Costs - 95


Food Division - 06

CorporateOther - 13

HY2020 EBIT - 254

HY2019 EBIT 310




Orchard Costs - 13

Water Costs - 48



Food Division - 06

CorporateOther - 16

HY2020 EBIT - 253

Income Statement




Total Revenue 1000 935 (65) (65)

EBITDA 385 345 (40) (104)




Corporate (28) (43) (15) (549)

Total EBIT 310 254 (56) (180)


Tax Expense (89) (73) 16 176

NPAT 200 174 (27) (134)

EBITDA Margin () 385 369 (16) (42)

EBIT Margin () 310 272 (38) (123)





Cash 13 13












Cash Flow


EBITDA 385 345


Tax Paid (28) (168)








SHV Corporate Costs


Corporate



Other 968 762 754 887 1046

4518 4388 4017 4209 4056

Finance



Other 391 249 75 48 156

2741 2611 1940 2102 2207

IT


Operating Costs 963 867 257 510 1114


1681 1973 680 968 1783

HR 1002 1232 649 713 904


5822



SHV Corporate Costs

FY18F FY19B

$m $m

Corporate 4518 4388

Finance 2741 2611

IT 1681 1973

HR 1002 1232

Total 9942 10204


$m



Financial Snapshot


Revenue 254483 307084 280459





NPAT Margin 21 16 8

0126

EPS 056 053 035


Net Assets 411718 431308 393934

Net Debt - 0 31062 29060

Gearing 0 7 7


ROE 13 12 6

Key Assumptions

Bearing Acres 14976 17424 17399

Yield 22690 21800 19820





95045649 95045649 95045649

$m

H2E 10

Parboil -20

SHV Balance Sheet

Jun-18 Jun-19

Assets

Current Assets



Other 2271 2271


Non Current Assets

PPampE 287893 313653




Liabilities

Current Liabilities














Net Assets 390068 406722

SHV Cash Flows

Jun-18 Jun-19
























Food Division

FY2019 FY2020


FY2019 F FY2020 B FY2019F FY2020B

KGs 5905 6216 Domestic 5605 6977 38

Export - 251 - 12




19749 22276 13





Brand Costs - 2075 - 2950 32




FY2019 F FY2020 B FY2019F FY2020B

KGs 365 397 009 Quality 376 501





Procurement 950 964







EBIT - 941 - 12 - 099

Trading

FY2019 F FY2020 B



COGS 31840 32400







EBIT 2407 2309

Industrial

FY2019 F FY2020 B



COGS 44400 46231







EBIT 9120 9328

Operations






EBIT - 16596 - 16161

CONSENSUS 2020


Baillieu Holst $849 20138 $44 $218

PAC Partners $865 19328 $41 $212


UBS $915 20966 $46 $219

Bell Potter $919 19508 $40 $205

Wilsons $921 19372 $39 $201

Range $849 - $921 19328 - 23200 $39 - $51 $201 - $220

Average $888 20419 $43 $213

SHV Budget $865 21800 $435 $200



Bearing Acres 13168 14976 17424 17908 17936 18681 20006

Tonnes Produced 14100 15817 22690 21800 21800 22897 21198 14500 14200

Price 743 805 860 910 886 912 940 1145 808

Almond Revenue 104763 127324 195133 198377 193101 208903 199207 166025 114736



Harvest Costs 9580 10328 12157 10897 12090 13158 13497 6951 8958


Orchard Rental 13246 14388 14757 15978 17571 18397 18857 6771 8714



Cost Per Kg 074 071 067 069 062 063 074 060 063

Crop Profit 22416 39081 91496 78979 - 0 92419 102128 87791 101411 40458



Hull 551 1063 5516 7800 300 300 300 300 939 1888

Citrus 95 75 - 568 - 550 - 142 50 50 50 537 212

Grant Income 1906 3455 - 0 - 0 - 0 - 0 - 0 - 0


Parboil - 2621 - 3158 - 1230 - 640 - 0 - 0 - 0

H2E Savings - 0 - 38 23 109 1718 1718 1718

Overheads - 4195 - 4661 - 5617 - 5200 - 1404 - 5757 - 5901 - 6049 - 3253 - 3695


Other 85 - 366 - 0 - 3254 457






Growth -62 135 156 -7 36160











223474

EBIT



Food Division 10342 7950 4200 3000 5500 8000

Corporate - 5132 - 4657 - 4800 - 4800 - 4800 - 4800

EBIT Reported 49785 16979 31588 80441 83881 95866

EBIT Underlying 41285 16979 31588 80441 83881 95866


EBITDA Underlying










$000 $000

Almond Division


Farm Assets 2509













Compost Project 646



Food Division



Corporate Division

JDE Food 1248

General - 0 500

Total 55194 48069



KP 386 618 160 2041 2041 5288 330 386 354 092 1699 1699 4402 480 386 378 098 1636 1636 4238 432 386 446 116 1323 1323 3427 297 386 347 090 1293 1293 3350 373 78 -076

KP 2014 310 83 027 1090 273 3516 329 310 237 076 1049 481 3384 203 310 341 110 1114 621 3594 182 -210 021

KP 2016 304 91 030 981 99 3227 109

Wemen 407 477 117 1486 1486 3651 311 407 533 131 1590 1590 3907 298 403 435 108 1758 1758 4362 404 403 568 141 1548 1548 3841 273 403 443 110 1706 1706 4233 385 -392 -113

BB AB 147 205 139 598 598 4068 292 147 184 125 599 599 4075 326 147 196 134 721 721 4905 367 147 225 153 588 588 4000 261 147 176 120 745 745 5068 423 -1068 -162

BB CD 167 52 031 539 135 3228 259 167 74 045 760 348 4551 468 167 209 125 657 411 3934 197 167 200 120 840 700 5030 350 -1096 -153

Carina - SHV 1491 2162 145 5439 5439 3648 252 1491 2118 142 5852 5852 3925 276 1491 1993 134 7136 7136 4786 358 1491 2204 148 6181 6181 4146 280 1491 1789 120 7037 7037 4720 393 -574 -113

Carina - JV 292 490 168 1113 1113 3812 227 292 415 142 1113 1113 3812 268 292 390 134 1528 1528 5233 391 292 528 181 1251 1251 4284 237 292 380 130 1306 1306 4473 344 -188 -107

Carina 2014 125 34 471 118 3768 352 125 81 065 459 210 3672 259 125 138 110 581 363 4648 263 -976 -004

Lake Powell 2007 2556 127 6592 6592 3285 258 2007 1592 079 7192 7192 3583 452 2007 2414 120 8159 8160 4065 338 2007 1754 087 6560 6561 3269 374 2007 2408 120 8255 8255 4113 343 -845 031

Bunargool 41 1428 500 035 4912 1228 3440 246

Total Vic 4730 6509 138 17269 17269 3651 265 4897 5247 107 18584 18180 3795 346 5328 5998 113 23259 21678 4365 361 5328 6293 118 19616 18554 3682 294 7060 6813 097 28770 23353 4075 335 -393 -041

Yilgah 2486 3190 128 8302 8302 3340 260 2486 3352 135 9089 9089 3656 271 2486 2880 116 9344 9344 3759 324 2486 1897 076 8711 8711 3504 459 2486 3232 130 9564 9564 3847 296 -343 163

Mooral 531 554 104 1990 1990 3748 359 531 745 140 2277 2277 4288 306 531 615 116 2133 2133 4017 347 531 386 073 1912 1912 3601 495 531 690 130 2283 2283 4299 331 -699 164

Belvedere 1423 2245 158 5746 5746 4038 256 1423 1575 111 5982 5982 4204 380 1491 1648 111 5880 5880 3944 357 1491 1369 092 5974 5974 4007 436 1491 1884 126 7010 7010 4702 372 -695 064

Mountview 2012 100 76 076 536 335 5360 442 100 75 075 435 363 4350 483 100 120 120 479 479 4790 399 -440 084

Mountview 2013 70 31 045 312 143 4457 459 70 35 050 307 192 4386 549 70 70 100 329 274 4700 391 -314 157

Mountview 2014 30 8 027 131 33 4367 412 30 10 033 123 56 4100 560 30 23 077 139 87 4633 378 -533 182

Mountview 2016 106 32 030 418 105 3943 327

Total NSW 4440 5989 135 16038 16038 3612 268 4440 5671 128 17348 17348 3907 306 4708 5258 112 18336 17868 3895 340 4708 3772 080 17462 17208 3709 456 4814 6051 126 20222 19802 4201 327 -492 129

Allinga 626 904 144 2711 2711 4331 300 626 864 138 2901 2901 4634 336 626 725 116 3210 3210 5128 443 626 936 150 2407 2407 3845 257 626 814 130 3070 3070 4904 377 -1059 -120

Allinga 2015 948 314 033 3031 758 3197 241 948 569 060 4164 1908 4392 335 -1195 -094

Amaroo Mature 1584 1514 096 5400 5400 3409 357 1584 1990 126 6622 6622 4181 333 1584 1694 107 7036 7036 4442 415 1584 2317 146 5885 5886 3715 254 1584 1901 120 6789 6789 4286 357 -571 -103

Amaroo 2013 199 88 044 653 163 3281 186 199 89 045 823 377 4136 425 199 227 114 760 475 3819 209 199 239 120 847 706 4256 295 -437 -086

Amaroo 2014 219 59 027 826 - 0 3772 - 0 219 189 086 777 - 0 3548 - 0 219 241 110 919 574 4196 238 -648 -238

Amaroo 2016 333 100 030 1184 296 3556 296

Mullroo Mature 158 185 117 565 565 3576 306 158 152 096 795 796 5032 524 158 169 107 825 826 5222 489 158 291 184 683 683 4323 235 158 205 130 763 763 4829 372 -506 -137

Mullroo 2013 245 82 034 1051 263 4290 319 245 109 045 1138 550 4645 504 245 238 097 936 585 3820 246 245 294 120 1185 988 4837 336 -1016 -090

Mullroo 2016 320 96 030 1249 312 3903 325

Jubilee Mature 692 851 123 3177 3178 4591 373 461 599 130 2467 2467 5351 412 -760 -038

Jubilee 2014 101 40 040 419 192 4149 480 101 76 075 521 326 5158 429 -1010 051

Jubilee 2015 168 39 023 678 170 4036 435 168 84 050 795 364 4732 433 -696 001

Jubilee 2016 187 47 025 834 209 4460 444

Total SA 2368 2602 110 8676 8676 3664 333 2812 3176 113 12022 10745 4275 338 3031 2844 094 13858 11999 4572 422 4940 5442 110 18753 14334 3796 263 5549 5265 095 24787 18771 4467 357 -671 -093

National 11538 15100 131 41983 41983 3639 278 12149 14095 116 47954 46273 3947 328 13067 14100 108 55453 51545 4244 366 14976 15507 104 55831 50095 3728 323 17423 18129 104 73779 61926 4177 336 -449 -013

47660 3923 338 49750 3807 353 47539 3174 307

vs 2015 5 10 8 18 13 23 17 31 30 19 2 16

vs 2016 8 11 8 11 23 8 -6 -2

vs 2017 15 -3 -12 -12


Vic 265 346 361 294

NSW 268 306 340 456

SA 333 338 422 263

Total 278 338 353 307


Vic 138 107 113 118 097

NSW 135 128 112 080 126

SA 110 113 094 110 095

Total 131 116 108 104 104


Vic 365095 379498 436543 368168

NSW 361216 390721 389465 370901

SA 366385 427525 457209 379615

Total 363867 392296 380730 317435

FY2015 FY2016 FY2017 FY2018 FY2019

Vic 473000 489700 532800 532800 706000

NSW 444000 444000 470800 470800 481400

SA 236800 281200 303100 494000 554900

Total 1153800 1214900 1306700 1497600 1742300

FY2015 FY2016 FY2017 FY2018

Vic 650880 524721 599805 629300

NSW 598917 567139 525791 377200

SA 260204 317620 284404 544200

Total 1510000 1409480 1410000 1550700

FY2015 FY2016 FY2017 FY2018

Vic 1726900 1818000 2167750 1855400

NSW 1603800 1734800 1786800 1720750

SA 867600 1074500 1199900 1433350

Total 4198300 4766000 4975000 4753900

FY2015 FY2016 FY2017 FY2018 FY2019

Vic - 0 - 0 - 0 - 0 - 0

NSW 278 - 0 - 0 - 0 - 0

SA 444000 - 0 - 0 - 0 - 0

Total 1153800 - 0 - 0 - 0 - 0


FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

O Kyndalin Park - 2016 304 304 304 304 304


O Wemen 403 403 403 403 403 403 403


O Boundary Bend - 2013 167 167 167 167 167 167 167

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783

O Carina - 2014 131 131 131 131 125 131 131

O Carina - 2017 58 58 58 58

L Lake Powell 2007 2007 2007 2007 2007 2007 2007

L Bunargool - 2016 1428 1428 1428 1428 1428

L Billa Downs - 2018 514 514 514




Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423

O Belvedere - 2014 68 68 68 68 68 68 68

O Mountview - 2012 100 100 100 100 100 100 100

O Mountview - 2013 70 70 70 70 70 70 70

O Mountview - 2014 30 30 30 30 30 30 30

O Mountview - 2016 106 106 106 106 106

L Yilgah 2486 2486 2486 2486 2486 2486 2486

L Mooral 531 531 531 531 531 531 531




Southern

O Allinga 626 626 626 626 626 626 626

O Allinga - 2015 948 948 948 948 948 948


O Jubilee - 2014 101 101 101 101 101 101 101

O Jubilee - 2015 168 168 168 168 168 168

O Jubilee - 2016 187 187 187 187 187

O Jubilee - 2018 231 231 231

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584

L Amaroo - 2013 199 199 199 199 199 199 199

L Amaroo - 2014 219 219 219 219 219 219 219

L Amaroo - 2016 333 333 333 333 333

L Amaroo - 2017 445 445 445 445

L Mullroo Mature 158 158 158 158 158 158 158

L Mullroo - 2013 245 245 245 245 245 245 245

L Mullroo - 2016 320 320 320 320 320

L Farm 7 - 2017 390 390 390 390




Total Acres 13174 14290 16968 18553 19061 19067 19067

Increase 85 187 93 27 00 00


Increase 53 85 137 163 29 42


00 00 60 -19 19 84


FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 386 386 - 0 - 0

Yield 160 092 098 116 124 080 080

Tonnes 618 355 378 448 479 - 0 - 0

386 386 386 386 386 386 386 - 0 - 0

Industry Yield 12 12 12 12 12 12 1 1 1

Tonnes 46320 46320 46320 46320 46320 46320 30880 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

Yield 027 079 118 122 135

Tonnes - 0 - 0 84 243 367 379 419

310 310 310 310 310

Industry Yield 030 050 080 100 120

Tonnes 93 155 248 310 372

O Kyndalin Park - 2016 304 304 304 304 304

Yield 052 089 100

Tonnes - 0 - 0 - 0 - 0 159 271 304

304 304 304


Tonnes 91 152 243


Yield

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 - 0

Industry Yield

Tonnes

O Wemen 403 403 403 403 403 403 403 403 403

Yield 117 131 108 141 132 135 135

Tonnes 472 528 435 568 531 544 544

403 403 403 403 403 403 403 403 403

Industry Yield 120 120 120 120 120 120 100 100 090

Tonnes 4836 4836 4836 4836 4836 4836 403 403 3627


Yield 139 125 134 153 167 135 140

Tonnes 204 184 197 225 245 198 206

147 147 147 147 147 147 147 147 147

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 17640 17640 17640 17640 17640 17640 17640 17640 17640

O Boundary Bend - 2013 167 167 167 167 167 167 167

Yield 031 045 125 103 135 135

Tonnes - 0 52 75 209 172 225 225

167 167 167 167 167 167


Tonnes 50 84 134 167 200 200

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783 1783 1783

Yield 149 142 134 153 148 135 140

Tonnes 2651 2534 2383 2732 2642 2407 2496

1783 1783 1783 1783 1783 1783 1783 1783 1783

Industry Yield 12 12 12 12 12 12 130 12 12

Tonnes 213960 213960 213960 213960 213960 213960 232110 213960 213960

O Carina - 2014 125 125 125 125 125 125 125

Yield 027 065 110 135 140

Tonnes - 0 - 0 34 81 138 169 175

125 125 125 125 125


Tonnes 38 63 100 125 150

O Carina - 2017 32 32 32 32

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 14 16

32 32

Industry Yield 0 1

Tonnes 10 16

L Lake Powell 2007 2007 2007 2007 2007 2007 2007 2007 2007

Yield 127 079 120 087 160 135 135

Tonnes 2556 1592 2414 1754 3202 2699 2709

2007 2007 2007 2007 2007 2007 2007 2007 2007

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 240840 240840 240840 240840 240840 240840 240840 240840 240840

L Bunargool - 2016 1428 1428 1428 1428 1428

Yield 003 046 088 120

Tonnes - 0 - 0 - 0 41 650 1251 1714

1428 1428 1428


Tonnes 428 714 1142

L Billa Downs - 2018 500 500 500

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 150

500

Industry Yield 0

Tonnes 150




Total Tonnage 6501 5244 6000 6302 8587 8158 8958

Total Yield 138 107 113 118 122 122 124

Mature Tonnage 6501 5192 5807 5727 7100 6074 6356

Mature Yield 138 110 123 121 150 135 129

Industry Acres 4726 4726 4726 4893 5328 5328 7060 6706 7206

Industry Tield 120 120 120 117 110 113 094 099 102


Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423 1423 1423

Yield 158 111 114 093 159 135 120

Tonnes 2245 1575 1628 1320 2266 1921 1708

1423 1423 1423 1423 1423 1423 1423 1423 1423

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 170760 170760 170760 170760 170760 170760 170760 170760 170760

O Belvedere - 2014 68 68 68 68 68 68 68

Yield 030 072 066 135 120

Tonnes - 0 - 0 20 49 45 92 82

68 68 68 68 68


Tonnes 20 34 54 68 82

O Mountview - 2012 100 100 100 100 100 100 100

Yield 076 106 120 135 135

Tonnes - 0 - 0 76 106 120 135 135

100 100 100 100 100


Tonnes 30 50 80 100 120

O Mountview - 2013 70 70 70 70 70 70 70

Yield 045 014 100 135 135

Tonnes - 0 - 0 32 10 62 95 95

70 70 70 70 70


Tonnes 21 35 56 70 84

O Mountview - 2014 30 30 30 30 30 30 30

Yield 027 014 075 135 135

Tonnes - 0 - 0 8 4 23 41 41

30 30 30 30 30


Tonnes 9 15 24 30 36

O Mountview - 2016 106 106 106 106 106

Yield 030 086 050

Tonnes - 0 - 0 - 0 - 0 - 0 91 53

106 106 106


Tonnes 32 53 85

L Yilgah 2486 2486 2486 2486 2486 2486 2486 2486 2486

Yield - 0 - 0 128 135 116 076 142 135 135

Tonnes 3190 3352 2880 1897 3527 3344 3356

2486 2486 2486 2486 2486 2486 2486 2486 2486

Industry Yield 120 120 120 120 120 120 120 120 120

Tonnes 298320 298320 298320 298320 298320 298320 298320 298320 298320

L Mooral 531 531 531 531 531 531 531 531 531

Yield 104 140 116 073 156 135 135

Tonnes 554 745 615 386 827 717 717

531 531 531 531 531 531 531 531 531

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 63720 63720 63720 63720 63720 63720 63720 63720 63720




Total Tonnage 5989 5672 5259 3772 6869 6434 6185

Total Yield 135 128 112 080 143 134 128

Mature Tonnage 5989 5672 5123 3603 6620 5982 6132

Mature Yield 135 128 115 081 149 135 130

Industry Acres 4440 4440 4440 4440 4708 4708 4814 4814 4814

Industry Tield 120 120 120 120 115 116 116 117 119


Southern

O Allinga 626 626 626 626 626 626 626 626 626

Yield 144 138 116 150 203 135 135

Tonnes 904 864 725 936 1274 845 845

626 626 626 626 626 626 626 626 626

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 75120 75120 75120 75120 75120 75120 75120 75120 75120

O Allinga - 2015 948 948 948 948 948 948

Yield 033 095 115 130

Tonnes - 0 - 0 - 0 314 900 1090 1232

948 948 948 948


Tonnes 284 474 758 948


Yield 123 171 135 135

Tonnes - 0 - 0 - 0 851 789 620 622

692 461 461 461


Tonnes 830 553 553 553

O Jubilee - 2014 101 101 101 101 101 101 101

Yield 040 141 122 135

Tonnes - 0 - 0 - 0 40 142 123 136

101 101 101 101 101


Tonnes 30 51 81 101 121

O Jubilee - 2015 168 168 168 168 168 168

Yield 024 076 115 100

Tonnes - 0 - 0 - 0 39 128 193 168

168 168 168 168


Tonnes 50 84 134 168

O Jubilee - 2016 187 187 187 187 187

Yield 037 089 080

Tonnes - 0 - 0 - 0 - 0 69 166 150

187 187 187


Tonnes 69 166 150

O Jubilee - 2018 237 237 237

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 71

237

Industry Yield 0

Tonnes 71

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584 1584 1584

Yield 096 126 107 146 155 135 135

Tonnes 1514 1990 1694 2317 2455 2130 2138

1584 1584 1584 1584 1584 1584 1584 1584 1584

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 190080 190080 190080 190080 190080 190080 190080 190080 190080

L Amaroo - 2013 199 199 199 199 199 199 199

Yield 044 045 114 147 135 135

Tonnes - 0 88 90 227 292 269 269

199 199 199 199 199 199


Tonnes 60 100 159 199 239 239

L Amaroo - 2014 219 219 219 219 219 219 219

Yield 027 087 116 122 135

Tonnes - 0 - 0 59 189 254 267 296

219 219 219 219 219


Tonnes 66 110 175 219 263

L Amaroo - 2016 334 334 334 334 334

Yield 045 089 120

Tonnes - 0 - 0 - 0 - 0 150 297 401

334 334 334


Tonnes 100 167 267

L Amaroo - 2017 448 448 448 448

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 202 224

448 448

Industry Yield 0 1

Tonnes 202 224

L Mullroo Mature 158 158 158 158 158 158 158 158 158

Yield 117 096 107 184 180 135 135

Tonnes 185 152 169 291 284 213 213

158 158 158 158 158 158 158 158 158

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 18960 18960 18960 18960 18960 18960 18960 18960 18960

L Mullroo - 2013 245 245 245 245 245 245 245

Yield 034 045 097 129 135 135

Tonnes - 0 83 110 238 315 331 331

245 245 245 245 245 245


Tonnes 74 123 196 245 294 294

L Mullroo - 2016 320 320 320 320 320

Yield 057 089 120

Tonnes - 0 - 0 - 0 - 0 181 285 384

320 320 320


Tonnes 181 285 384

L Farm 7 - 2017 390 390 390 390

Yield 045 070

Tonnes - 0 - 0 - 0 - 0 - 0 176 273

390 390

Industry Yield 0 1

Tonnes 176 273




Total Tonnage 2603 3177 2847 5443 7233 7208 7753

Total Yield 110 113 091 110 130 113 117

Mature Tonnage 2603 3006 2588 4395 4802 4408 4851

Mature Yield 110 127 109 144 170 135 135

Industry Acres 2368 2368 2368 2812 3132 4940 5550 6388 6625

Industry Tield 120 120 120 106 101 092 090 096 103


Total Acres 13168 14284 16963 18525 19031 19031 19031

Increase 85 188 92 27 00 00


Increase 53 84 137 163 28 41


00 00 60 -19 19 84

Industry Acres 11534 11534 11534 12145 13168 14976 17424 17908 18645

Industry Yield 120 120 120 115 110 107 099 103 107


Total Tonnage 15093 14093 14106 15817 22659 21800 22897

Total Yield 131 116 107 106 130 122 123

Mature Tonnage 15093 13870 13518 13725 18522 16464 17339

Mature Yield 131 120 117 112 154 135 131










4230198 9082971




Total Cost per Kg 428 527 584 558 459 548

Almond Price 1145 808 748 81 86 87








058 063 074 071 067 069 Orchard 338 348 284 211 255 FY17 705 114888

486 591 658 629 526 617 Water 050 050 046 063 100 FY18 627

659 217 090 181 334 253 Harvest 064 068 065 054 050 507


Processing 063 074 071 067 069




EBIT Per KG 161 043 183 353 273

067 070 071 069 048 Price per Kg 808 748 810 860 870

593 147 019 112 286 1685340

1000 1000 1000 1000 1000


Prior Crop $ 674

Crop Profit $ 108198 $ 39594 $ 23168 $ 42302 $ 90830 $ 70259

1147





Sale of Assets 209 200 43164 -$ 862

Tree Depn 6000 6000

Parboil 2700 2000

Overheads 4700 4224

H2E 1019


132 $m






KP - 2014 243 367 124

KP - 2016 - 0 159 159 Total Capex $ 217





Carina - 2014 81 138 56 H2E $ 05





Mountview - 2012 106 120 14

Mountview - 2013 10 62 52

Mountview - 2014 4 23 18

Mountview - 2016 - 0 - 0 0







Jubilee - 2015 39 128 89 Trading $ 140 $ 090 $ 050



Amaroo - 2013 227 292 64


Amaroo - 2016 - 0 150 150 $m




TOTAL 15517 22689 7172


Water 368 4571

Fertiliser 16 4587


Labour 103 4776



Bees 11 4875



Other 63 4946


$m

H2E EBIT $ 100

Parboil EBIT -$ 200


FY2015 7817 89063 - 7285

FY2016 11398 37793 - 7992

FY2017 9534 14480 - 8947

FY2018 6284 39536 - 9942

FY2019 6284 43800 - 10283


FY2013 5500 31700 4700 - 4100 640

FY2014 5600 30300 - 4600 850

FY2015 6817 87503 - 4685 1145

FY2016 10342 36093 - 5132 808

FY2017 7950 13686 - 4657 743

FY2018 4748 36236 - 7181 805

FY2019 F 5012 82241 - 7181 860

FY2020 B 6615 76156 -7008 870



Volumes (MT) 22690 21800 21800 22300 22300 23

Price $ 860 $ 870 $ 910 $ 840 $ 820 -99 $ 700 $ 750 $ 850 $ 900 $ 595


Sell Price $ 860 $ 870 $ 910 $ 840 $ 840 -77

EBIT

Almond Division 82241 67436 76156 62729 58269 -235 30376 41276 63076 73976 7486


Corporate -7181 -7008 -7008 -7500 -7500 -70 -7008 -7008 -7008 -7008 -7008

Total EBIT 80072 67043 75763 60225 55765 -264 29983 40883 62683 73583 7093

Finance Costs -3957 -3700 -3700 -3000 -3000 189 -5000 -4500 -3200 -2800 -6000

-202356108163 -20476593973

PBT 76115 63343 72063 57225 52765 -268 24983 36383 59483 70783 1093

Tax -23086 -19003 -21619 -17168 -15830 268 -7495 -10915 -17845 -21235 -328

NPAT 53029 44340 50444 40058 36936 -268 17488 25468 41638 49548 765

Inshel 25 5500


Industrial 18 4000

Retail 7 1500

22000

FY2020 Budget 504








Interest 07 31032

TaxOther 58 36832

FY2020F NPAT - 368

FY2019 NPAT 530




Crop Costs - 49 260




Overheads - 11 287

Interest 10 297

TaxOther 73 370

FY2020F NPAT - 370



Rent 100 775

Fertiliser 085 784


Spraying 076 799

Labour 077 807



Bees 026 820

Fuel 03 823

Other 08 831




$25 23 Budgeted

$100 - 2250

$150 - 3750

$200 - 5250

$250 - 6750

HY2019 EBIT 310






HY2020 EBIT - 254

FY2019 EBIT 801



Orchard Costs - 25

Water Costs - 95


Food Division - 06

CorporateOther - 13

HY2020 EBIT - 254

HY2019 EBIT 310




Orchard Costs - 13

Water Costs - 48



Food Division - 06

CorporateOther - 16

HY2020 EBIT - 253

Income Statement




Total Revenue 1000 935 (65) (65)

EBITDA 385 345 (40) (104)




Corporate (28) (43) (15) (549)

Total EBIT 310 254 (56) (180)


Tax Expense (89) (73) 16 176

NPAT 200 174 (27) (134)

EBITDA Margin () 385 369 (16) (42)

EBIT Margin () 310 272 (38) (123)





Cash 13 13












Cash Flow


EBITDA 385 345


Tax Paid (28) (168)








SHV Corporate Costs


Corporate



Other 968 762 754 887 1046

4518 4388 4017 4209 4056

Finance



Other 391 249 75 48 156

2741 2611 1940 2102 2207

IT


Operating Costs 963 867 257 510 1114


1681 1973 680 968 1783

HR 1002 1232 649 713 904


5822



SHV Corporate Costs

FY18F FY19B

$m $m

Corporate 4518 4388

Finance 2741 2611

IT 1681 1973

HR 1002 1232

Total 9942 10204


$m



Financial Snapshot


Revenue 254483 307084 280459





NPAT Margin 21 16 8

0126

EPS 056 053 035


Net Assets 411718 431308 393934

Net Debt - 0 31062 29060

Gearing 0 7 7


ROE 13 12 6

Key Assumptions

Bearing Acres 14976 17424 17399

Yield 22690 21800 19820





95045649 95045649 95045649

$m

H2E 10

Parboil -20

SHV Balance Sheet

Jun-18 Jun-19

Assets

Current Assets



Other 2271 2271


Non Current Assets

PPampE 287893 313653




Liabilities

Current Liabilities














Net Assets 390068 406722

SHV Cash Flows

Jun-18 Jun-19
























Food Division

FY2019 FY2020


FY2019 F FY2020 B FY2019F FY2020B

KGs 5905 6216 Domestic 5605 6977 38

Export - 251 - 12




19749 22276 13





Brand Costs - 2075 - 2950 32




FY2019 F FY2020 B FY2019F FY2020B

KGs 365 397 009 Quality 376 501





Procurement 950 964







EBIT - 941 - 12 - 099

Trading

FY2019 F FY2020 B



COGS 31840 32400







EBIT 2407 2309

Industrial

FY2019 F FY2020 B



COGS 44400 46231







EBIT 9120 9328

Operations






EBIT - 16596 - 16161

CONSENSUS 2020


Baillieu Holst $849 20138 $44 $218

PAC Partners $865 19328 $41 $212


UBS $915 20966 $46 $219

Bell Potter $919 19508 $40 $205

Wilsons $921 19372 $39 $201

Range $849 - $921 19328 - 23200 $39 - $51 $201 - $220

Average $888 20419 $43 $213

SHV Budget $865 21800 $435 $200



Bearing Acres 13168 14976 17424 17908 17936 18681 20006

Tonnes Produced 14100 15817 22690 21800 21800 22897 21198 14500 14200

Price 743 805 860 910 886 912 940 1145 808

Almond Revenue 104763 127324 195133 198377 193101 208903 199207 166025 114736



Harvest Costs 9580 10328 12157 10897 12090 13158 13497 6951 8958


Orchard Rental 13246 14388 14757 15978 17571 18397 18857 6771 8714



Cost Per Kg 074 071 067 069 062 063 074 060 063

Crop Profit 22416 39081 91496 78979 - 0 92419 102128 87791 101411 40458



Hull 551 1063 5516 7800 300 300 300 300 939 1888

Citrus 95 75 - 568 - 550 - 142 50 50 50 537 212

Grant Income 1906 3455 - 0 - 0 - 0 - 0 - 0 - 0


Parboil - 2621 - 3158 - 1230 - 640 - 0 - 0 - 0

H2E Savings - 0 - 38 23 109 1718 1718 1718

Overheads - 4195 - 4661 - 5617 - 5200 - 1404 - 5757 - 5901 - 6049 - 3253 - 3695


Other 85 - 366 - 0 - 3254 457






Growth -62 135 156 -7 36160











223474

EBIT



Food Division 10342 7950 4200 3000 5500 8000

Corporate - 5132 - 4657 - 4800 - 4800 - 4800 - 4800

EBIT Reported 49785 16979 31588 80441 83881 95866

EBIT Underlying 41285 16979 31588 80441 83881 95866


EBITDA Underlying










$000 $000

Almond Division


Farm Assets 2509













Compost Project 646



Food Division



Corporate Division

JDE Food 1248

General - 0 500

Total 55194 48069


$000 $000 $000 $000

Sales Revenue 93520 - 0 93520 99974

EBITDA 34512 1549 32963 38508

EBIT 25418 530 24888 30988


Net debt 338579 234134 104445 93367


Total capital 275155 275155 269909




$000










Net cash flow -



0130

0095

4



4


4



22600 MTFlat



re-planted

Almond Volume

$820kgdarr47



Almond Price

$281mdarr108



costs

$17mdarr274



Food Division EBIT





Corporate







5



5


5


170

349




adjustment 254


Parboil maintenance

shutdown


and industrial


6



6


6








pg 18

pg19

7



7


7

Income Statement















Total Revenue 1000 935 (65) (65)

EBITDA 385 345 (40) (104)



Total EBIT 310 254 (56) (180)


NPAT 200 174 (27) (134)


Capital

Strategy





Food

Sensitivities

Sheet1

Corporate

Sheet3

EBIT By Division


EBIT By Division


AUD $000

EBIT By Division


AUD $000

$Per Kg



Sheet2 (2)
Yield vs Tonnage




Cost Per Kg

Sheet2

Acreage Profile


Acres

FY19



Yield


Cost Per Acre


Bearing Acres


KGs Produced (000)




8



8


8

Balance Sheet











Capital

Strategy





Food

Sensitivities

Sheet1

Corporate

Sheet3

EBIT By Division


EBIT By Division


AUD $000

EBIT By Division


AUD $000

$Per Kg



Sheet2 (2)
Yield vs Tonnage




Cost Per Kg

Sheet2

Acreage Profile


Acres

FY19



Yield


Cost Per Acre


Bearing Acres


KGs Produced (000)




9



9


9

Cash Flow












Capital

Strategy





Food

Sensitivities

Sheet1

Corporate

Sheet3

EBIT By Division


EBIT By Division


AUD $000

EBIT By Division


AUD $000

$Per Kg



Sheet2 (2)
Yield vs Tonnage




Cost Per Kg

Sheet2

Acreage Profile


Acres

FY19



Yield


Cost Per Acre


Bearing Acres


KGs Produced (000)




10



10


10


11



11


11



22600 MTFlat



maturity

Almond Volume

$820kgdarr47



Almond Price

$281mdarr$34m

Cost per Kg Up 192









Water



Almond EBIT

12



12


12

Volume Growth




13



13


13





develop as planned

2021 Crop


both underway




industry standard

Horticulture




processing




Expansion



14



14


14

Almond Crop Update

















15



15


15

Food Division

16



16


16










$17mdarr$06m

Food Division EBIT



processed products

Growth



Corporate

Consumer Sales

Processing Cost



17



17


17








pipeline exciting







Industrial Sales








Corporate

Sunsol

Processing Cost


Television

OOH



DRIVE ONGOING SALES



Social

YouTube VOD

19



19


19



20



20


20



Trust amp Respect



Values



StrategicPriorities

OperationalFocus

Goal




Sustainability



Performance


Innovation



Grow our Brands




Customers



Supply Chain


business as a whole

People



Capital



Vision

21



21


21





Industrial Brands

Retail Brands














rarr rarr

rarr rarr

22



22


22













23



23


23

2H FY2020 Outlook







24



24


24




+61 3 9474 3544 +61 3 9474 3544 +61 402 823 757



25



25


25











26



26


26












Leased 10267 4155Total 19016 7696

27



27


27



28



28


28

Note










Maturity



1 00 002 00 003 03 0454 05 0925 08 1166 10 128

7+ 12 135

29



29


29

Tree Nut Pricing


A$K

g


30



30


30




31



31


31



0

5

10

15

20

25

30

35

o

f Tot

al G

row

ing

Cost

s






32



32


32

















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KP 386 618 160 2041 2041 5288 330 386 354 092 1699 1699 4402 480 386 378 098 1636 1636 4238 432 386 446 116 1323 1323 3427 297 386 347 090 1293 1293 3350 373 78 -076

KP 2014 310 83 027 1090 273 3516 329 310 237 076 1049 481 3384 203 310 341 110 1114 621 3594 182 -210 021

KP 2016 304 91 030 981 99 3227 109

Wemen 407 477 117 1486 1486 3651 311 407 533 131 1590 1590 3907 298 403 435 108 1758 1758 4362 404 403 568 141 1548 1548 3841 273 403 443 110 1706 1706 4233 385 -392 -113

BB AB 147 205 139 598 598 4068 292 147 184 125 599 599 4075 326 147 196 134 721 721 4905 367 147 225 153 588 588 4000 261 147 176 120 745 745 5068 423 -1068 -162

BB CD 167 52 031 539 135 3228 259 167 74 045 760 348 4551 468 167 209 125 657 411 3934 197 167 200 120 840 700 5030 350 -1096 -153

Carina - SHV 1491 2162 145 5439 5439 3648 252 1491 2118 142 5852 5852 3925 276 1491 1993 134 7136 7136 4786 358 1491 2204 148 6181 6181 4146 280 1491 1789 120 7037 7037 4720 393 -574 -113

Carina - JV 292 490 168 1113 1113 3812 227 292 415 142 1113 1113 3812 268 292 390 134 1528 1528 5233 391 292 528 181 1251 1251 4284 237 292 380 130 1306 1306 4473 344 -188 -107

Carina 2014 125 34 471 118 3768 352 125 81 065 459 210 3672 259 125 138 110 581 363 4648 263 -976 -004

Lake Powell 2007 2556 127 6592 6592 3285 258 2007 1592 079 7192 7192 3583 452 2007 2414 120 8159 8160 4065 338 2007 1754 087 6560 6561 3269 374 2007 2408 120 8255 8255 4113 343 -845 031

Bunargool 41 1428 500 035 4912 1228 3440 246

Total Vic 4730 6509 138 17269 17269 3651 265 4897 5247 107 18584 18180 3795 346 5328 5998 113 23259 21678 4365 361 5328 6293 118 19616 18554 3682 294 7060 6813 097 28770 23353 4075 335 -393 -041

Yilgah 2486 3190 128 8302 8302 3340 260 2486 3352 135 9089 9089 3656 271 2486 2880 116 9344 9344 3759 324 2486 1897 076 8711 8711 3504 459 2486 3232 130 9564 9564 3847 296 -343 163

Mooral 531 554 104 1990 1990 3748 359 531 745 140 2277 2277 4288 306 531 615 116 2133 2133 4017 347 531 386 073 1912 1912 3601 495 531 690 130 2283 2283 4299 331 -699 164

Belvedere 1423 2245 158 5746 5746 4038 256 1423 1575 111 5982 5982 4204 380 1491 1648 111 5880 5880 3944 357 1491 1369 092 5974 5974 4007 436 1491 1884 126 7010 7010 4702 372 -695 064

Mountview 2012 100 76 076 536 335 5360 442 100 75 075 435 363 4350 483 100 120 120 479 479 4790 399 -440 084

Mountview 2013 70 31 045 312 143 4457 459 70 35 050 307 192 4386 549 70 70 100 329 274 4700 391 -314 157

Mountview 2014 30 8 027 131 33 4367 412 30 10 033 123 56 4100 560 30 23 077 139 87 4633 378 -533 182

Mountview 2016 106 32 030 418 105 3943 327

Total NSW 4440 5989 135 16038 16038 3612 268 4440 5671 128 17348 17348 3907 306 4708 5258 112 18336 17868 3895 340 4708 3772 080 17462 17208 3709 456 4814 6051 126 20222 19802 4201 327 -492 129

Allinga 626 904 144 2711 2711 4331 300 626 864 138 2901 2901 4634 336 626 725 116 3210 3210 5128 443 626 936 150 2407 2407 3845 257 626 814 130 3070 3070 4904 377 -1059 -120

Allinga 2015 948 314 033 3031 758 3197 241 948 569 060 4164 1908 4392 335 -1195 -094

Amaroo Mature 1584 1514 096 5400 5400 3409 357 1584 1990 126 6622 6622 4181 333 1584 1694 107 7036 7036 4442 415 1584 2317 146 5885 5886 3715 254 1584 1901 120 6789 6789 4286 357 -571 -103

Amaroo 2013 199 88 044 653 163 3281 186 199 89 045 823 377 4136 425 199 227 114 760 475 3819 209 199 239 120 847 706 4256 295 -437 -086

Amaroo 2014 219 59 027 826 - 0 3772 - 0 219 189 086 777 - 0 3548 - 0 219 241 110 919 574 4196 238 -648 -238

Amaroo 2016 333 100 030 1184 296 3556 296

Mullroo Mature 158 185 117 565 565 3576 306 158 152 096 795 796 5032 524 158 169 107 825 826 5222 489 158 291 184 683 683 4323 235 158 205 130 763 763 4829 372 -506 -137

Mullroo 2013 245 82 034 1051 263 4290 319 245 109 045 1138 550 4645 504 245 238 097 936 585 3820 246 245 294 120 1185 988 4837 336 -1016 -090

Mullroo 2016 320 96 030 1249 312 3903 325

Jubilee Mature 692 851 123 3177 3178 4591 373 461 599 130 2467 2467 5351 412 -760 -038

Jubilee 2014 101 40 040 419 192 4149 480 101 76 075 521 326 5158 429 -1010 051

Jubilee 2015 168 39 023 678 170 4036 435 168 84 050 795 364 4732 433 -696 001

Jubilee 2016 187 47 025 834 209 4460 444

Total SA 2368 2602 110 8676 8676 3664 333 2812 3176 113 12022 10745 4275 338 3031 2844 094 13858 11999 4572 422 4940 5442 110 18753 14334 3796 263 5549 5265 095 24787 18771 4467 357 -671 -093

National 11538 15100 131 41983 41983 3639 278 12149 14095 116 47954 46273 3947 328 13067 14100 108 55453 51545 4244 366 14976 15507 104 55831 50095 3728 323 17423 18129 104 73779 61926 4177 336 -449 -013

47660 3923 338 49750 3807 353 47539 3174 307

vs 2015 5 10 8 18 13 23 17 31 30 19 2 16

vs 2016 8 11 8 11 23 8 -6 -2

vs 2017 15 -3 -12 -12


Vic 265 346 361 294

NSW 268 306 340 456

SA 333 338 422 263

Total 278 338 353 307


Vic 138 107 113 118 097

NSW 135 128 112 080 126

SA 110 113 094 110 095

Total 131 116 108 104 104


Vic 365095 379498 436543 368168

NSW 361216 390721 389465 370901

SA 366385 427525 457209 379615

Total 363867 392296 380730 317435

FY2015 FY2016 FY2017 FY2018 FY2019

Vic 473000 489700 532800 532800 706000

NSW 444000 444000 470800 470800 481400

SA 236800 281200 303100 494000 554900

Total 1153800 1214900 1306700 1497600 1742300

FY2015 FY2016 FY2017 FY2018

Vic 650880 524721 599805 629300

NSW 598917 567139 525791 377200

SA 260204 317620 284404 544200

Total 1510000 1409480 1410000 1550700

FY2015 FY2016 FY2017 FY2018

Vic 1726900 1818000 2167750 1855400

NSW 1603800 1734800 1786800 1720750

SA 867600 1074500 1199900 1433350

Total 4198300 4766000 4975000 4753900

FY2015 FY2016 FY2017 FY2018 FY2019

Vic - 0 - 0 - 0 - 0 - 0

NSW 278 - 0 - 0 - 0 - 0

SA 444000 - 0 - 0 - 0 - 0

Total 1153800 - 0 - 0 - 0 - 0


FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

O Kyndalin Park - 2016 304 304 304 304 304


O Wemen 403 403 403 403 403 403 403


O Boundary Bend - 2013 167 167 167 167 167 167 167

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783

O Carina - 2014 131 131 131 131 125 131 131

O Carina - 2017 58 58 58 58

L Lake Powell 2007 2007 2007 2007 2007 2007 2007

L Bunargool - 2016 1428 1428 1428 1428 1428

L Billa Downs - 2018 514 514 514




Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423

O Belvedere - 2014 68 68 68 68 68 68 68

O Mountview - 2012 100 100 100 100 100 100 100

O Mountview - 2013 70 70 70 70 70 70 70

O Mountview - 2014 30 30 30 30 30 30 30

O Mountview - 2016 106 106 106 106 106

L Yilgah 2486 2486 2486 2486 2486 2486 2486

L Mooral 531 531 531 531 531 531 531




Southern

O Allinga 626 626 626 626 626 626 626

O Allinga - 2015 948 948 948 948 948 948


O Jubilee - 2014 101 101 101 101 101 101 101

O Jubilee - 2015 168 168 168 168 168 168

O Jubilee - 2016 187 187 187 187 187

O Jubilee - 2018 231 231 231

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584

L Amaroo - 2013 199 199 199 199 199 199 199

L Amaroo - 2014 219 219 219 219 219 219 219

L Amaroo - 2016 333 333 333 333 333

L Amaroo - 2017 445 445 445 445

L Mullroo Mature 158 158 158 158 158 158 158

L Mullroo - 2013 245 245 245 245 245 245 245

L Mullroo - 2016 320 320 320 320 320

L Farm 7 - 2017 390 390 390 390




Total Acres 13174 14290 16968 18553 19061 19067 19067

Increase 85 187 93 27 00 00


Increase 53 85 137 163 29 42


00 00 60 -19 19 84


FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 386 386 - 0 - 0

Yield 160 092 098 116 124 080 080

Tonnes 618 355 378 448 479 - 0 - 0

386 386 386 386 386 386 386 - 0 - 0

Industry Yield 12 12 12 12 12 12 1 1 1

Tonnes 46320 46320 46320 46320 46320 46320 30880 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

Yield 027 079 118 122 135

Tonnes - 0 - 0 84 243 367 379 419

310 310 310 310 310

Industry Yield 030 050 080 100 120

Tonnes 93 155 248 310 372

O Kyndalin Park - 2016 304 304 304 304 304

Yield 052 089 100

Tonnes - 0 - 0 - 0 - 0 159 271 304

304 304 304


Tonnes 91 152 243


Yield

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 - 0

Industry Yield

Tonnes

O Wemen 403 403 403 403 403 403 403 403 403

Yield 117 131 108 141 132 135 135

Tonnes 472 528 435 568 531 544 544

403 403 403 403 403 403 403 403 403

Industry Yield 120 120 120 120 120 120 100 100 090

Tonnes 4836 4836 4836 4836 4836 4836 403 403 3627


Yield 139 125 134 153 167 135 140

Tonnes 204 184 197 225 245 198 206

147 147 147 147 147 147 147 147 147

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 17640 17640 17640 17640 17640 17640 17640 17640 17640

O Boundary Bend - 2013 167 167 167 167 167 167 167

Yield 031 045 125 103 135 135

Tonnes - 0 52 75 209 172 225 225

167 167 167 167 167 167


Tonnes 50 84 134 167 200 200

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783 1783 1783

Yield 149 142 134 153 148 135 140

Tonnes 2651 2534 2383 2732 2642 2407 2496

1783 1783 1783 1783 1783 1783 1783 1783 1783

Industry Yield 12 12 12 12 12 12 130 12 12

Tonnes 213960 213960 213960 213960 213960 213960 232110 213960 213960

O Carina - 2014 125 125 125 125 125 125 125

Yield 027 065 110 135 140

Tonnes - 0 - 0 34 81 138 169 175

125 125 125 125 125


Tonnes 38 63 100 125 150

O Carina - 2017 32 32 32 32

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 14 16

32 32

Industry Yield 0 1

Tonnes 10 16

L Lake Powell 2007 2007 2007 2007 2007 2007 2007 2007 2007

Yield 127 079 120 087 160 135 135

Tonnes 2556 1592 2414 1754 3202 2699 2709

2007 2007 2007 2007 2007 2007 2007 2007 2007

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 240840 240840 240840 240840 240840 240840 240840 240840 240840

L Bunargool - 2016 1428 1428 1428 1428 1428

Yield 003 046 088 120

Tonnes - 0 - 0 - 0 41 650 1251 1714

1428 1428 1428


Tonnes 428 714 1142

L Billa Downs - 2018 500 500 500

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 150

500

Industry Yield 0

Tonnes 150




Total Tonnage 6501 5244 6000 6302 8587 8158 8958

Total Yield 138 107 113 118 122 122 124

Mature Tonnage 6501 5192 5807 5727 7100 6074 6356

Mature Yield 138 110 123 121 150 135 129

Industry Acres 4726 4726 4726 4893 5328 5328 7060 6706 7206

Industry Tield 120 120 120 117 110 113 094 099 102


Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423 1423 1423

Yield 158 111 114 093 159 135 120

Tonnes 2245 1575 1628 1320 2266 1921 1708

1423 1423 1423 1423 1423 1423 1423 1423 1423

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 170760 170760 170760 170760 170760 170760 170760 170760 170760

O Belvedere - 2014 68 68 68 68 68 68 68

Yield 030 072 066 135 120

Tonnes - 0 - 0 20 49 45 92 82

68 68 68 68 68


Tonnes 20 34 54 68 82

O Mountview - 2012 100 100 100 100 100 100 100

Yield 076 106 120 135 135

Tonnes - 0 - 0 76 106 120 135 135

100 100 100 100 100


Tonnes 30 50 80 100 120

O Mountview - 2013 70 70 70 70 70 70 70

Yield 045 014 100 135 135

Tonnes - 0 - 0 32 10 62 95 95

70 70 70 70 70


Tonnes 21 35 56 70 84

O Mountview - 2014 30 30 30 30 30 30 30

Yield 027 014 075 135 135

Tonnes - 0 - 0 8 4 23 41 41

30 30 30 30 30


Tonnes 9 15 24 30 36

O Mountview - 2016 106 106 106 106 106

Yield 030 086 050

Tonnes - 0 - 0 - 0 - 0 - 0 91 53

106 106 106


Tonnes 32 53 85

L Yilgah 2486 2486 2486 2486 2486 2486 2486 2486 2486

Yield - 0 - 0 128 135 116 076 142 135 135

Tonnes 3190 3352 2880 1897 3527 3344 3356

2486 2486 2486 2486 2486 2486 2486 2486 2486

Industry Yield 120 120 120 120 120 120 120 120 120

Tonnes 298320 298320 298320 298320 298320 298320 298320 298320 298320

L Mooral 531 531 531 531 531 531 531 531 531

Yield 104 140 116 073 156 135 135

Tonnes 554 745 615 386 827 717 717

531 531 531 531 531 531 531 531 531

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 63720 63720 63720 63720 63720 63720 63720 63720 63720




Total Tonnage 5989 5672 5259 3772 6869 6434 6185

Total Yield 135 128 112 080 143 134 128

Mature Tonnage 5989 5672 5123 3603 6620 5982 6132

Mature Yield 135 128 115 081 149 135 130

Industry Acres 4440 4440 4440 4440 4708 4708 4814 4814 4814

Industry Tield 120 120 120 120 115 116 116 117 119


Southern

O Allinga 626 626 626 626 626 626 626 626 626

Yield 144 138 116 150 203 135 135

Tonnes 904 864 725 936 1274 845 845

626 626 626 626 626 626 626 626 626

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 75120 75120 75120 75120 75120 75120 75120 75120 75120

O Allinga - 2015 948 948 948 948 948 948

Yield 033 095 115 130

Tonnes - 0 - 0 - 0 314 900 1090 1232

948 948 948 948


Tonnes 284 474 758 948


Yield 123 171 135 135

Tonnes - 0 - 0 - 0 851 789 620 622

692 461 461 461


Tonnes 830 553 553 553

O Jubilee - 2014 101 101 101 101 101 101 101

Yield 040 141 122 135

Tonnes - 0 - 0 - 0 40 142 123 136

101 101 101 101 101


Tonnes 30 51 81 101 121

O Jubilee - 2015 168 168 168 168 168 168

Yield 024 076 115 100

Tonnes - 0 - 0 - 0 39 128 193 168

168 168 168 168


Tonnes 50 84 134 168

O Jubilee - 2016 187 187 187 187 187

Yield 037 089 080

Tonnes - 0 - 0 - 0 - 0 69 166 150

187 187 187


Tonnes 69 166 150

O Jubilee - 2018 237 237 237

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 71

237

Industry Yield 0

Tonnes 71

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584 1584 1584

Yield 096 126 107 146 155 135 135

Tonnes 1514 1990 1694 2317 2455 2130 2138

1584 1584 1584 1584 1584 1584 1584 1584 1584

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 190080 190080 190080 190080 190080 190080 190080 190080 190080

L Amaroo - 2013 199 199 199 199 199 199 199

Yield 044 045 114 147 135 135

Tonnes - 0 88 90 227 292 269 269

199 199 199 199 199 199


Tonnes 60 100 159 199 239 239

L Amaroo - 2014 219 219 219 219 219 219 219

Yield 027 087 116 122 135

Tonnes - 0 - 0 59 189 254 267 296

219 219 219 219 219


Tonnes 66 110 175 219 263

L Amaroo - 2016 334 334 334 334 334

Yield 045 089 120

Tonnes - 0 - 0 - 0 - 0 150 297 401

334 334 334


Tonnes 100 167 267

L Amaroo - 2017 448 448 448 448

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 202 224

448 448

Industry Yield 0 1

Tonnes 202 224

L Mullroo Mature 158 158 158 158 158 158 158 158 158

Yield 117 096 107 184 180 135 135

Tonnes 185 152 169 291 284 213 213

158 158 158 158 158 158 158 158 158

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 18960 18960 18960 18960 18960 18960 18960 18960 18960

L Mullroo - 2013 245 245 245 245 245 245 245

Yield 034 045 097 129 135 135

Tonnes - 0 83 110 238 315 331 331

245 245 245 245 245 245


Tonnes 74 123 196 245 294 294

L Mullroo - 2016 320 320 320 320 320

Yield 057 089 120

Tonnes - 0 - 0 - 0 - 0 181 285 384

320 320 320


Tonnes 181 285 384

L Farm 7 - 2017 390 390 390 390

Yield 045 070

Tonnes - 0 - 0 - 0 - 0 - 0 176 273

390 390

Industry Yield 0 1

Tonnes 176 273




Total Tonnage 2603 3177 2847 5443 7233 7208 7753

Total Yield 110 113 091 110 130 113 117

Mature Tonnage 2603 3006 2588 4395 4802 4408 4851

Mature Yield 110 127 109 144 170 135 135

Industry Acres 2368 2368 2368 2812 3132 4940 5550 6388 6625

Industry Tield 120 120 120 106 101 092 090 096 103


Total Acres 13168 14284 16963 18525 19031 19031 19031

Increase 85 188 92 27 00 00


Increase 53 84 137 163 28 41


00 00 60 -19 19 84

Industry Acres 11534 11534 11534 12145 13168 14976 17424 17908 18645

Industry Yield 120 120 120 115 110 107 099 103 107


Total Tonnage 15093 14093 14106 15817 22659 21800 22897

Total Yield 131 116 107 106 130 122 123

Mature Tonnage 15093 13870 13518 13725 18522 16464 17339

Mature Yield 131 120 117 112 154 135 131










4230198 9082971




Total Cost per Kg 428 527 584 558 459 548

Almond Price 1145 808 748 81 86 87








058 063 074 071 067 069 Orchard 338 348 284 211 255 FY17 705 114888

486 591 658 629 526 617 Water 050 050 046 063 100 FY18 627

659 217 090 181 334 253 Harvest 064 068 065 054 050 507


Processing 063 074 071 067 069




EBIT Per KG 161 043 183 353 273

067 070 071 069 048 Price per Kg 808 748 810 860 870

593 147 019 112 286 1685340

1000 1000 1000 1000 1000


Prior Crop $ 674

Crop Profit $ 108198 $ 39594 $ 23168 $ 42302 $ 90830 $ 70259

1147





Sale of Assets 209 200 43164 -$ 862

Tree Depn 6000 6000

Parboil 2700 2000

Overheads 4700 4224

H2E 1019


132 $m






KP - 2014 243 367 124

KP - 2016 - 0 159 159 Total Capex $ 217





Carina - 2014 81 138 56 H2E $ 05





Mountview - 2012 106 120 14

Mountview - 2013 10 62 52

Mountview - 2014 4 23 18

Mountview - 2016 - 0 - 0 0







Jubilee - 2015 39 128 89 Trading $ 140 $ 090 $ 050



Amaroo - 2013 227 292 64


Amaroo - 2016 - 0 150 150 $m




TOTAL 15517 22689 7172


Water 368 4571

Fertiliser 16 4587


Labour 103 4776



Bees 11 4875



Other 63 4946


$m

H2E EBIT $ 100

Parboil EBIT -$ 200


FY2015 7817 89063 - 7285

FY2016 11398 37793 - 7992

FY2017 9534 14480 - 8947

FY2018 6284 39536 - 9942

FY2019 6284 43800 - 10283


FY2013 5500 31700 4700 - 4100 640

FY2014 5600 30300 - 4600 850

FY2015 6817 87503 - 4685 1145

FY2016 10342 36093 - 5132 808

FY2017 7950 13686 - 4657 743

FY2018 4748 36236 - 7181 805

FY2019 F 5012 82241 - 7181 860

FY2020 B 6615 76156 -7008 870



Volumes (MT) 22690 21800 21800 22300 22300 23

Price $ 860 $ 870 $ 910 $ 840 $ 820 -99 $ 700 $ 750 $ 850 $ 900 $ 595


Sell Price $ 860 $ 870 $ 910 $ 840 $ 840 -77

EBIT

Almond Division 82241 67436 76156 62729 58269 -235 30376 41276 63076 73976 7486


Corporate -7181 -7008 -7008 -7500 -7500 -70 -7008 -7008 -7008 -7008 -7008

Total EBIT 80072 67043 75763 60225 55765 -264 29983 40883 62683 73583 7093

Finance Costs -3957 -3700 -3700 -3000 -3000 189 -5000 -4500 -3200 -2800 -6000

-202356108163 -20476593973

PBT 76115 63343 72063 57225 52765 -268 24983 36383 59483 70783 1093

Tax -23086 -19003 -21619 -17168 -15830 268 -7495 -10915 -17845 -21235 -328

NPAT 53029 44340 50444 40058 36936 -268 17488 25468 41638 49548 765

Inshel 25 5500


Industrial 18 4000

Retail 7 1500

22000

FY2020 Budget 504








Interest 07 31032

TaxOther 58 36832

FY2020F NPAT - 368

FY2019 NPAT 530




Crop Costs - 49 260




Overheads - 11 287

Interest 10 297

TaxOther 73 370

FY2020F NPAT - 370



Rent 100 775

Fertiliser 085 784


Spraying 076 799

Labour 077 807



Bees 026 820

Fuel 03 823

Other 08 831




$25 23 Budgeted

$100 - 2250

$150 - 3750

$200 - 5250

$250 - 6750

HY2019 EBIT 310






HY2020 EBIT - 254

FY2019 EBIT 801



Orchard Costs - 25

Water Costs - 95


Food Division - 06

CorporateOther - 13

HY2020 EBIT - 254

HY2019 EBIT 310




Orchard Costs - 13

Water Costs - 48



Food Division - 06

CorporateOther - 16

HY2020 EBIT - 253

Income Statement




Total Revenue 1000 935 (65) (65)

EBITDA 385 345 (40) (104)




Corporate (28) (43) (15) (549)

Total EBIT 310 254 (56) (180)


Tax Expense (89) (73) 16 176

NPAT 200 174 (27) (134)

EBITDA Margin () 385 369 (16) (42)

EBIT Margin () 310 272 (38) (123)





Cash 13 13












Cash Flow


EBITDA 385 345


Tax Paid (28) (168)








SHV Corporate Costs


Corporate



Other 968 762 754 887 1046

4518 4388 4017 4209 4056

Finance



Other 391 249 75 48 156

2741 2611 1940 2102 2207

IT


Operating Costs 963 867 257 510 1114


1681 1973 680 968 1783

HR 1002 1232 649 713 904


5822



SHV Corporate Costs

FY18F FY19B

$m $m

Corporate 4518 4388

Finance 2741 2611

IT 1681 1973

HR 1002 1232

Total 9942 10204


$m



Financial Snapshot


Revenue 254483 307084 280459





NPAT Margin 21 16 8

0126

EPS 056 053 035


Net Assets 411718 431308 393934

Net Debt - 0 31062 29060

Gearing 0 7 7


ROE 13 12 6

Key Assumptions

Bearing Acres 14976 17424 17399

Yield 22690 21800 19820





95045649 95045649 95045649

$m

H2E 10

Parboil -20

SHV Balance Sheet

Jun-18 Jun-19

Assets

Current Assets



Other 2271 2271


Non Current Assets

PPampE 287893 313653




Liabilities

Current Liabilities














Net Assets 390068 406722

SHV Cash Flows

Jun-18 Jun-19
























Food Division

FY2019 FY2020


FY2019 F FY2020 B FY2019F FY2020B

KGs 5905 6216 Domestic 5605 6977 38

Export - 251 - 12




19749 22276 13





Brand Costs - 2075 - 2950 32




FY2019 F FY2020 B FY2019F FY2020B

KGs 365 397 009 Quality 376 501





Procurement 950 964







EBIT - 941 - 12 - 099

Trading

FY2019 F FY2020 B



COGS 31840 32400







EBIT 2407 2309

Industrial

FY2019 F FY2020 B



COGS 44400 46231







EBIT 9120 9328

Operations






EBIT - 16596 - 16161

CONSENSUS 2020


Baillieu Holst $849 20138 $44 $218

PAC Partners $865 19328 $41 $212


UBS $915 20966 $46 $219

Bell Potter $919 19508 $40 $205

Wilsons $921 19372 $39 $201

Range $849 - $921 19328 - 23200 $39 - $51 $201 - $220

Average $888 20419 $43 $213

SHV Budget $865 21800 $435 $200



Bearing Acres 13168 14976 17424 17908 17936 18681 20006

Tonnes Produced 14100 15817 22690 21800 21800 22897 21198 14500 14200

Price 743 805 860 910 886 912 940 1145 808

Almond Revenue 104763 127324 195133 198377 193101 208903 199207 166025 114736



Harvest Costs 9580 10328 12157 10897 12090 13158 13497 6951 8958


Orchard Rental 13246 14388 14757 15978 17571 18397 18857 6771 8714



Cost Per Kg 074 071 067 069 062 063 074 060 063

Crop Profit 22416 39081 91496 78979 - 0 92419 102128 87791 101411 40458



Hull 551 1063 5516 7800 300 300 300 300 939 1888

Citrus 95 75 - 568 - 550 - 142 50 50 50 537 212

Grant Income 1906 3455 - 0 - 0 - 0 - 0 - 0 - 0


Parboil - 2621 - 3158 - 1230 - 640 - 0 - 0 - 0

H2E Savings - 0 - 38 23 109 1718 1718 1718

Overheads - 4195 - 4661 - 5617 - 5200 - 1404 - 5757 - 5901 - 6049 - 3253 - 3695


Other 85 - 366 - 0 - 3254 457






Growth -62 135 156 -7 36160











223474

EBIT



Food Division 10342 7950 4200 3000 5500 8000

Corporate - 5132 - 4657 - 4800 - 4800 - 4800 - 4800

EBIT Reported 49785 16979 31588 80441 83881 95866

EBIT Underlying 41285 16979 31588 80441 83881 95866


EBITDA Underlying










$000 $000

Almond Division


Farm Assets 2509













Compost Project 646



Food Division



Corporate Division

JDE Food 1248

General - 0 500

Total 55194 48069



KP 386 618 160 2041 2041 5288 330 386 354 092 1699 1699 4402 480 386 378 098 1636 1636 4238 432 386 446 116 1323 1323 3427 297 386 347 090 1293 1293 3350 373 78 -076

KP 2014 310 83 027 1090 273 3516 329 310 237 076 1049 481 3384 203 310 341 110 1114 621 3594 182 -210 021

KP 2016 304 91 030 981 99 3227 109

Wemen 407 477 117 1486 1486 3651 311 407 533 131 1590 1590 3907 298 403 435 108 1758 1758 4362 404 403 568 141 1548 1548 3841 273 403 443 110 1706 1706 4233 385 -392 -113

BB AB 147 205 139 598 598 4068 292 147 184 125 599 599 4075 326 147 196 134 721 721 4905 367 147 225 153 588 588 4000 261 147 176 120 745 745 5068 423 -1068 -162

BB CD 167 52 031 539 135 3228 259 167 74 045 760 348 4551 468 167 209 125 657 411 3934 197 167 200 120 840 700 5030 350 -1096 -153

Carina - SHV 1491 2162 145 5439 5439 3648 252 1491 2118 142 5852 5852 3925 276 1491 1993 134 7136 7136 4786 358 1491 2204 148 6181 6181 4146 280 1491 1789 120 7037 7037 4720 393 -574 -113

Carina - JV 292 490 168 1113 1113 3812 227 292 415 142 1113 1113 3812 268 292 390 134 1528 1528 5233 391 292 528 181 1251 1251 4284 237 292 380 130 1306 1306 4473 344 -188 -107

Carina 2014 125 34 471 118 3768 352 125 81 065 459 210 3672 259 125 138 110 581 363 4648 263 -976 -004

Lake Powell 2007 2556 127 6592 6592 3285 258 2007 1592 079 7192 7192 3583 452 2007 2414 120 8159 8160 4065 338 2007 1754 087 6560 6561 3269 374 2007 2408 120 8255 8255 4113 343 -845 031

Bunargool 41 1428 500 035 4912 1228 3440 246

Total Vic 4730 6509 138 17269 17269 3651 265 4897 5247 107 18584 18180 3795 346 5328 5998 113 23259 21678 4365 361 5328 6293 118 19616 18554 3682 294 7060 6813 097 28770 23353 4075 335 -393 -041

Yilgah 2486 3190 128 8302 8302 3340 260 2486 3352 135 9089 9089 3656 271 2486 2880 116 9344 9344 3759 324 2486 1897 076 8711 8711 3504 459 2486 3232 130 9564 9564 3847 296 -343 163

Mooral 531 554 104 1990 1990 3748 359 531 745 140 2277 2277 4288 306 531 615 116 2133 2133 4017 347 531 386 073 1912 1912 3601 495 531 690 130 2283 2283 4299 331 -699 164

Belvedere 1423 2245 158 5746 5746 4038 256 1423 1575 111 5982 5982 4204 380 1491 1648 111 5880 5880 3944 357 1491 1369 092 5974 5974 4007 436 1491 1884 126 7010 7010 4702 372 -695 064

Mountview 2012 100 76 076 536 335 5360 442 100 75 075 435 363 4350 483 100 120 120 479 479 4790 399 -440 084

Mountview 2013 70 31 045 312 143 4457 459 70 35 050 307 192 4386 549 70 70 100 329 274 4700 391 -314 157

Mountview 2014 30 8 027 131 33 4367 412 30 10 033 123 56 4100 560 30 23 077 139 87 4633 378 -533 182

Mountview 2016 106 32 030 418 105 3943 327

Total NSW 4440 5989 135 16038 16038 3612 268 4440 5671 128 17348 17348 3907 306 4708 5258 112 18336 17868 3895 340 4708 3772 080 17462 17208 3709 456 4814 6051 126 20222 19802 4201 327 -492 129

Allinga 626 904 144 2711 2711 4331 300 626 864 138 2901 2901 4634 336 626 725 116 3210 3210 5128 443 626 936 150 2407 2407 3845 257 626 814 130 3070 3070 4904 377 -1059 -120

Allinga 2015 948 314 033 3031 758 3197 241 948 569 060 4164 1908 4392 335 -1195 -094

Amaroo Mature 1584 1514 096 5400 5400 3409 357 1584 1990 126 6622 6622 4181 333 1584 1694 107 7036 7036 4442 415 1584 2317 146 5885 5886 3715 254 1584 1901 120 6789 6789 4286 357 -571 -103

Amaroo 2013 199 88 044 653 163 3281 186 199 89 045 823 377 4136 425 199 227 114 760 475 3819 209 199 239 120 847 706 4256 295 -437 -086

Amaroo 2014 219 59 027 826 - 0 3772 - 0 219 189 086 777 - 0 3548 - 0 219 241 110 919 574 4196 238 -648 -238

Amaroo 2016 333 100 030 1184 296 3556 296

Mullroo Mature 158 185 117 565 565 3576 306 158 152 096 795 796 5032 524 158 169 107 825 826 5222 489 158 291 184 683 683 4323 235 158 205 130 763 763 4829 372 -506 -137

Mullroo 2013 245 82 034 1051 263 4290 319 245 109 045 1138 550 4645 504 245 238 097 936 585 3820 246 245 294 120 1185 988 4837 336 -1016 -090

Mullroo 2016 320 96 030 1249 312 3903 325

Jubilee Mature 692 851 123 3177 3178 4591 373 461 599 130 2467 2467 5351 412 -760 -038

Jubilee 2014 101 40 040 419 192 4149 480 101 76 075 521 326 5158 429 -1010 051

Jubilee 2015 168 39 023 678 170 4036 435 168 84 050 795 364 4732 433 -696 001

Jubilee 2016 187 47 025 834 209 4460 444

Total SA 2368 2602 110 8676 8676 3664 333 2812 3176 113 12022 10745 4275 338 3031 2844 094 13858 11999 4572 422 4940 5442 110 18753 14334 3796 263 5549 5265 095 24787 18771 4467 357 -671 -093

National 11538 15100 131 41983 41983 3639 278 12149 14095 116 47954 46273 3947 328 13067 14100 108 55453 51545 4244 366 14976 15507 104 55831 50095 3728 323 17423 18129 104 73779 61926 4177 336 -449 -013

47660 3923 338 49750 3807 353 47539 3174 307

vs 2015 5 10 8 18 13 23 17 31 30 19 2 16

vs 2016 8 11 8 11 23 8 -6 -2

vs 2017 15 -3 -12 -12


Vic 265 346 361 294

NSW 268 306 340 456

SA 333 338 422 263

Total 278 338 353 307


Vic 138 107 113 118 097

NSW 135 128 112 080 126

SA 110 113 094 110 095

Total 131 116 108 104 104


Vic 365095 379498 436543 368168

NSW 361216 390721 389465 370901

SA 366385 427525 457209 379615

Total 363867 392296 380730 317435

FY2015 FY2016 FY2017 FY2018 FY2019

Vic 473000 489700 532800 532800 706000

NSW 444000 444000 470800 470800 481400

SA 236800 281200 303100 494000 554900

Total 1153800 1214900 1306700 1497600 1742300

FY2015 FY2016 FY2017 FY2018

Vic 650880 524721 599805 629300

NSW 598917 567139 525791 377200

SA 260204 317620 284404 544200

Total 1510000 1409480 1410000 1550700

FY2015 FY2016 FY2017 FY2018

Vic 1726900 1818000 2167750 1855400

NSW 1603800 1734800 1786800 1720750

SA 867600 1074500 1199900 1433350

Total 4198300 4766000 4975000 4753900

FY2015 FY2016 FY2017 FY2018 FY2019

Vic - 0 - 0 - 0 - 0 - 0

NSW 278 - 0 - 0 - 0 - 0

SA 444000 - 0 - 0 - 0 - 0

Total 1153800 - 0 - 0 - 0 - 0


FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

O Kyndalin Park - 2016 304 304 304 304 304


O Wemen 403 403 403 403 403 403 403


O Boundary Bend - 2013 167 167 167 167 167 167 167

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783

O Carina - 2014 131 131 131 131 125 131 131

O Carina - 2017 58 58 58 58

L Lake Powell 2007 2007 2007 2007 2007 2007 2007

L Bunargool - 2016 1428 1428 1428 1428 1428

L Billa Downs - 2018 514 514 514




Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423

O Belvedere - 2014 68 68 68 68 68 68 68

O Mountview - 2012 100 100 100 100 100 100 100

O Mountview - 2013 70 70 70 70 70 70 70

O Mountview - 2014 30 30 30 30 30 30 30

O Mountview - 2016 106 106 106 106 106

L Yilgah 2486 2486 2486 2486 2486 2486 2486

L Mooral 531 531 531 531 531 531 531




Southern

O Allinga 626 626 626 626 626 626 626

O Allinga - 2015 948 948 948 948 948 948


O Jubilee - 2014 101 101 101 101 101 101 101

O Jubilee - 2015 168 168 168 168 168 168

O Jubilee - 2016 187 187 187 187 187

O Jubilee - 2018 231 231 231

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584

L Amaroo - 2013 199 199 199 199 199 199 199

L Amaroo - 2014 219 219 219 219 219 219 219

L Amaroo - 2016 333 333 333 333 333

L Amaroo - 2017 445 445 445 445

L Mullroo Mature 158 158 158 158 158 158 158

L Mullroo - 2013 245 245 245 245 245 245 245

L Mullroo - 2016 320 320 320 320 320

L Farm 7 - 2017 390 390 390 390




Total Acres 13174 14290 16968 18553 19061 19067 19067

Increase 85 187 93 27 00 00


Increase 53 85 137 163 29 42


00 00 60 -19 19 84


FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 386 386 - 0 - 0

Yield 160 092 098 116 124 080 080

Tonnes 618 355 378 448 479 - 0 - 0

386 386 386 386 386 386 386 - 0 - 0

Industry Yield 12 12 12 12 12 12 1 1 1

Tonnes 46320 46320 46320 46320 46320 46320 30880 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

Yield 027 079 118 122 135

Tonnes - 0 - 0 84 243 367 379 419

310 310 310 310 310

Industry Yield 030 050 080 100 120

Tonnes 93 155 248 310 372

O Kyndalin Park - 2016 304 304 304 304 304

Yield 052 089 100

Tonnes - 0 - 0 - 0 - 0 159 271 304

304 304 304


Tonnes 91 152 243


Yield

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 - 0

Industry Yield

Tonnes

O Wemen 403 403 403 403 403 403 403 403 403

Yield 117 131 108 141 132 135 135

Tonnes 472 528 435 568 531 544 544

403 403 403 403 403 403 403 403 403

Industry Yield 120 120 120 120 120 120 100 100 090

Tonnes 4836 4836 4836 4836 4836 4836 403 403 3627


Yield 139 125 134 153 167 135 140

Tonnes 204 184 197 225 245 198 206

147 147 147 147 147 147 147 147 147

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 17640 17640 17640 17640 17640 17640 17640 17640 17640

O Boundary Bend - 2013 167 167 167 167 167 167 167

Yield 031 045 125 103 135 135

Tonnes - 0 52 75 209 172 225 225

167 167 167 167 167 167


Tonnes 50 84 134 167 200 200

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783 1783 1783

Yield 149 142 134 153 148 135 140

Tonnes 2651 2534 2383 2732 2642 2407 2496

1783 1783 1783 1783 1783 1783 1783 1783 1783

Industry Yield 12 12 12 12 12 12 130 12 12

Tonnes 213960 213960 213960 213960 213960 213960 232110 213960 213960

O Carina - 2014 125 125 125 125 125 125 125

Yield 027 065 110 135 140

Tonnes - 0 - 0 34 81 138 169 175

125 125 125 125 125


Tonnes 38 63 100 125 150

O Carina - 2017 32 32 32 32

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 14 16

32 32

Industry Yield 0 1

Tonnes 10 16

L Lake Powell 2007 2007 2007 2007 2007 2007 2007 2007 2007

Yield 127 079 120 087 160 135 135

Tonnes 2556 1592 2414 1754 3202 2699 2709

2007 2007 2007 2007 2007 2007 2007 2007 2007

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 240840 240840 240840 240840 240840 240840 240840 240840 240840

L Bunargool - 2016 1428 1428 1428 1428 1428

Yield 003 046 088 120

Tonnes - 0 - 0 - 0 41 650 1251 1714

1428 1428 1428


Tonnes 428 714 1142

L Billa Downs - 2018 500 500 500

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 150

500

Industry Yield 0

Tonnes 150




Total Tonnage 6501 5244 6000 6302 8587 8158 8958

Total Yield 138 107 113 118 122 122 124

Mature Tonnage 6501 5192 5807 5727 7100 6074 6356

Mature Yield 138 110 123 121 150 135 129

Industry Acres 4726 4726 4726 4893 5328 5328 7060 6706 7206

Industry Tield 120 120 120 117 110 113 094 099 102


Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423 1423 1423

Yield 158 111 114 093 159 135 120

Tonnes 2245 1575 1628 1320 2266 1921 1708

1423 1423 1423 1423 1423 1423 1423 1423 1423

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 170760 170760 170760 170760 170760 170760 170760 170760 170760

O Belvedere - 2014 68 68 68 68 68 68 68

Yield 030 072 066 135 120

Tonnes - 0 - 0 20 49 45 92 82

68 68 68 68 68


Tonnes 20 34 54 68 82

O Mountview - 2012 100 100 100 100 100 100 100

Yield 076 106 120 135 135

Tonnes - 0 - 0 76 106 120 135 135

100 100 100 100 100


Tonnes 30 50 80 100 120

O Mountview - 2013 70 70 70 70 70 70 70

Yield 045 014 100 135 135

Tonnes - 0 - 0 32 10 62 95 95

70 70 70 70 70


Tonnes 21 35 56 70 84

O Mountview - 2014 30 30 30 30 30 30 30

Yield 027 014 075 135 135

Tonnes - 0 - 0 8 4 23 41 41

30 30 30 30 30


Tonnes 9 15 24 30 36

O Mountview - 2016 106 106 106 106 106

Yield 030 086 050

Tonnes - 0 - 0 - 0 - 0 - 0 91 53

106 106 106


Tonnes 32 53 85

L Yilgah 2486 2486 2486 2486 2486 2486 2486 2486 2486

Yield - 0 - 0 128 135 116 076 142 135 135

Tonnes 3190 3352 2880 1897 3527 3344 3356

2486 2486 2486 2486 2486 2486 2486 2486 2486

Industry Yield 120 120 120 120 120 120 120 120 120

Tonnes 298320 298320 298320 298320 298320 298320 298320 298320 298320

L Mooral 531 531 531 531 531 531 531 531 531

Yield 104 140 116 073 156 135 135

Tonnes 554 745 615 386 827 717 717

531 531 531 531 531 531 531 531 531

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 63720 63720 63720 63720 63720 63720 63720 63720 63720




Total Tonnage 5989 5672 5259 3772 6869 6434 6185

Total Yield 135 128 112 080 143 134 128

Mature Tonnage 5989 5672 5123 3603 6620 5982 6132

Mature Yield 135 128 115 081 149 135 130

Industry Acres 4440 4440 4440 4440 4708 4708 4814 4814 4814

Industry Tield 120 120 120 120 115 116 116 117 119


Southern

O Allinga 626 626 626 626 626 626 626 626 626

Yield 144 138 116 150 203 135 135

Tonnes 904 864 725 936 1274 845 845

626 626 626 626 626 626 626 626 626

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 75120 75120 75120 75120 75120 75120 75120 75120 75120

O Allinga - 2015 948 948 948 948 948 948

Yield 033 095 115 130

Tonnes - 0 - 0 - 0 314 900 1090 1232

948 948 948 948


Tonnes 284 474 758 948


Yield 123 171 135 135

Tonnes - 0 - 0 - 0 851 789 620 622

692 461 461 461


Tonnes 830 553 553 553

O Jubilee - 2014 101 101 101 101 101 101 101

Yield 040 141 122 135

Tonnes - 0 - 0 - 0 40 142 123 136

101 101 101 101 101


Tonnes 30 51 81 101 121

O Jubilee - 2015 168 168 168 168 168 168

Yield 024 076 115 100

Tonnes - 0 - 0 - 0 39 128 193 168

168 168 168 168


Tonnes 50 84 134 168

O Jubilee - 2016 187 187 187 187 187

Yield 037 089 080

Tonnes - 0 - 0 - 0 - 0 69 166 150

187 187 187


Tonnes 69 166 150

O Jubilee - 2018 237 237 237

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 71

237

Industry Yield 0

Tonnes 71

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584 1584 1584

Yield 096 126 107 146 155 135 135

Tonnes 1514 1990 1694 2317 2455 2130 2138

1584 1584 1584 1584 1584 1584 1584 1584 1584

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 190080 190080 190080 190080 190080 190080 190080 190080 190080

L Amaroo - 2013 199 199 199 199 199 199 199

Yield 044 045 114 147 135 135

Tonnes - 0 88 90 227 292 269 269

199 199 199 199 199 199


Tonnes 60 100 159 199 239 239

L Amaroo - 2014 219 219 219 219 219 219 219

Yield 027 087 116 122 135

Tonnes - 0 - 0 59 189 254 267 296

219 219 219 219 219


Tonnes 66 110 175 219 263

L Amaroo - 2016 334 334 334 334 334

Yield 045 089 120

Tonnes - 0 - 0 - 0 - 0 150 297 401

334 334 334


Tonnes 100 167 267

L Amaroo - 2017 448 448 448 448

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 202 224

448 448

Industry Yield 0 1

Tonnes 202 224

L Mullroo Mature 158 158 158 158 158 158 158 158 158

Yield 117 096 107 184 180 135 135

Tonnes 185 152 169 291 284 213 213

158 158 158 158 158 158 158 158 158

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 18960 18960 18960 18960 18960 18960 18960 18960 18960

L Mullroo - 2013 245 245 245 245 245 245 245

Yield 034 045 097 129 135 135

Tonnes - 0 83 110 238 315 331 331

245 245 245 245 245 245


Tonnes 74 123 196 245 294 294

L Mullroo - 2016 320 320 320 320 320

Yield 057 089 120

Tonnes - 0 - 0 - 0 - 0 181 285 384

320 320 320


Tonnes 181 285 384

L Farm 7 - 2017 390 390 390 390

Yield 045 070

Tonnes - 0 - 0 - 0 - 0 - 0 176 273

390 390

Industry Yield 0 1

Tonnes 176 273




Total Tonnage 2603 3177 2847 5443 7233 7208 7753

Total Yield 110 113 091 110 130 113 117

Mature Tonnage 2603 3006 2588 4395 4802 4408 4851

Mature Yield 110 127 109 144 170 135 135

Industry Acres 2368 2368 2368 2812 3132 4940 5550 6388 6625

Industry Tield 120 120 120 106 101 092 090 096 103


Total Acres 13168 14284 16963 18525 19031 19031 19031

Increase 85 188 92 27 00 00


Increase 53 84 137 163 28 41


00 00 60 -19 19 84

Industry Acres 11534 11534 11534 12145 13168 14976 17424 17908 18645

Industry Yield 120 120 120 115 110 107 099 103 107


Total Tonnage 15093 14093 14106 15817 22659 21800 22897

Total Yield 131 116 107 106 130 122 123

Mature Tonnage 15093 13870 13518 13725 18522 16464 17339

Mature Yield 131 120 117 112 154 135 131










4230198 9082971




Total Cost per Kg 428 527 584 558 459 548

Almond Price 1145 808 748 81 86 87








058 063 074 071 067 069 Orchard 338 348 284 211 255 FY17 705 114888

486 591 658 629 526 617 Water 050 050 046 063 100 FY18 627

659 217 090 181 334 253 Harvest 064 068 065 054 050 507


Processing 063 074 071 067 069




EBIT Per KG 161 043 183 353 273

067 070 071 069 048 Price per Kg 808 748 810 860 870

593 147 019 112 286 1685340

1000 1000 1000 1000 1000


Prior Crop $ 674

Crop Profit $ 108198 $ 39594 $ 23168 $ 42302 $ 90830 $ 70259

1147





Sale of Assets 209 200 43164 -$ 862

Tree Depn 6000 6000

Parboil 2700 2000

Overheads 4700 4224

H2E 1019


132 $m






KP - 2014 243 367 124

KP - 2016 - 0 159 159 Total Capex $ 217





Carina - 2014 81 138 56 H2E $ 05





Mountview - 2012 106 120 14

Mountview - 2013 10 62 52

Mountview - 2014 4 23 18

Mountview - 2016 - 0 - 0 0







Jubilee - 2015 39 128 89 Trading $ 140 $ 090 $ 050



Amaroo - 2013 227 292 64


Amaroo - 2016 - 0 150 150 $m




TOTAL 15517 22689 7172


Water 368 4571

Fertiliser 16 4587


Labour 103 4776



Bees 11 4875



Other 63 4946


$m

H2E EBIT $ 100

Parboil EBIT -$ 200


FY2015 7817 89063 - 7285

FY2016 11398 37793 - 7992

FY2017 9534 14480 - 8947

FY2018 6284 39536 - 9942

FY2019 6284 43800 - 10283


FY2013 5500 31700 4700 - 4100 640

FY2014 5600 30300 - 4600 850

FY2015 6817 87503 - 4685 1145

FY2016 10342 36093 - 5132 808

FY2017 7950 13686 - 4657 743

FY2018 4748 36236 - 7181 805

FY2019 F 5012 82241 - 7181 860

FY2020 B 6615 76156 -7008 870



Volumes (MT) 22690 21800 21800 22300 22300 23

Price $ 860 $ 870 $ 910 $ 840 $ 820 -99 $ 700 $ 750 $ 850 $ 900 $ 595


Sell Price $ 860 $ 870 $ 910 $ 840 $ 840 -77

EBIT

Almond Division 82241 67436 76156 62729 58269 -235 30376 41276 63076 73976 7486


Corporate -7181 -7008 -7008 -7500 -7500 -70 -7008 -7008 -7008 -7008 -7008

Total EBIT 80072 67043 75763 60225 55765 -264 29983 40883 62683 73583 7093

Finance Costs -3957 -3700 -3700 -3000 -3000 189 -5000 -4500 -3200 -2800 -6000

-202356108163 -20476593973

PBT 76115 63343 72063 57225 52765 -268 24983 36383 59483 70783 1093

Tax -23086 -19003 -21619 -17168 -15830 268 -7495 -10915 -17845 -21235 -328

NPAT 53029 44340 50444 40058 36936 -268 17488 25468 41638 49548 765

Inshel 25 5500


Industrial 18 4000

Retail 7 1500

22000

FY2020 Budget 504








Interest 07 31032

TaxOther 58 36832

FY2020F NPAT - 368

FY2019 NPAT 530




Crop Costs - 49 260




Overheads - 11 287

Interest 10 297

TaxOther 73 370

FY2020F NPAT - 370



Rent 100 775

Fertiliser 085 784


Spraying 076 799

Labour 077 807



Bees 026 820

Fuel 03 823

Other 08 831




$25 23 Budgeted

$100 - 2250

$150 - 3750

$200 - 5250

$250 - 6750

HY2019 EBIT 310






HY2020 EBIT - 254

FY2019 EBIT 801



Orchard Costs - 25

Water Costs - 95


Food Division - 06

CorporateOther - 13

HY2020 EBIT - 254

HY2019 EBIT 310




Orchard Costs - 13

Water Costs - 48



Food Division - 06

CorporateOther - 16

HY2020 EBIT - 253

Income Statement




Total Revenue 1000 935 (65) (65)

EBITDA 385 345 (40) (104)




Corporate (28) (43) (15) (549)

Total EBIT 310 254 (56) (180)


Tax Expense (89) (73) 16 176

NPAT 200 174 (27) (134)

EBITDA Margin () 385 369 (16) (42)

EBIT Margin () 310 272 (38) (123)





Cash 13 13












Cash Flow


EBITDA 385 345


Tax Paid (28) (168)








SHV Corporate Costs


Corporate



Other 968 762 754 887 1046

4518 4388 4017 4209 4056

Finance



Other 391 249 75 48 156

2741 2611 1940 2102 2207

IT


Operating Costs 963 867 257 510 1114


1681 1973 680 968 1783

HR 1002 1232 649 713 904


5822



SHV Corporate Costs

FY18F FY19B

$m $m

Corporate 4518 4388

Finance 2741 2611

IT 1681 1973

HR 1002 1232

Total 9942 10204


$m



Financial Snapshot


Revenue 254483 307084 280459





NPAT Margin 21 16 8

0126

EPS 056 053 035


Net Assets 411718 431308 393934

Net Debt - 0 31062 29060

Gearing 0 7 7


ROE 13 12 6

Key Assumptions

Bearing Acres 14976 17424 17399

Yield 22690 21800 19820





95045649 95045649 95045649

$m

H2E 10

Parboil -20

SHV Balance Sheet

Jun-18 Jun-19

Assets

Current Assets



Other 2271 2271


Non Current Assets

PPampE 287893 313653




Liabilities

Current Liabilities














Net Assets 390068 406722

SHV Cash Flows

Jun-18 Jun-19
























Food Division

FY2019 FY2020


FY2019 F FY2020 B FY2019F FY2020B

KGs 5905 6216 Domestic 5605 6977 38

Export - 251 - 12




19749 22276 13





Brand Costs - 2075 - 2950 32




FY2019 F FY2020 B FY2019F FY2020B

KGs 365 397 009 Quality 376 501





Procurement 950 964







EBIT - 941 - 12 - 099

Trading

FY2019 F FY2020 B



COGS 31840 32400







EBIT 2407 2309

Industrial

FY2019 F FY2020 B



COGS 44400 46231







EBIT 9120 9328

Operations






EBIT - 16596 - 16161

CONSENSUS 2020


Baillieu Holst $849 20138 $44 $218

PAC Partners $865 19328 $41 $212


UBS $915 20966 $46 $219

Bell Potter $919 19508 $40 $205

Wilsons $921 19372 $39 $201

Range $849 - $921 19328 - 23200 $39 - $51 $201 - $220

Average $888 20419 $43 $213

SHV Budget $865 21800 $435 $200



Bearing Acres 13168 14976 17424 17908 17936 18681 20006

Tonnes Produced 14100 15817 22690 21800 21800 22897 21198 14500 14200

Price 743 805 860 910 886 912 940 1145 808

Almond Revenue 104763 127324 195133 198377 193101 208903 199207 166025 114736



Harvest Costs 9580 10328 12157 10897 12090 13158 13497 6951 8958


Orchard Rental 13246 14388 14757 15978 17571 18397 18857 6771 8714



Cost Per Kg 074 071 067 069 062 063 074 060 063

Crop Profit 22416 39081 91496 78979 - 0 92419 102128 87791 101411 40458



Hull 551 1063 5516 7800 300 300 300 300 939 1888

Citrus 95 75 - 568 - 550 - 142 50 50 50 537 212

Grant Income 1906 3455 - 0 - 0 - 0 - 0 - 0 - 0


Parboil - 2621 - 3158 - 1230 - 640 - 0 - 0 - 0

H2E Savings - 0 - 38 23 109 1718 1718 1718

Overheads - 4195 - 4661 - 5617 - 5200 - 1404 - 5757 - 5901 - 6049 - 3253 - 3695


Other 85 - 366 - 0 - 3254 457






Growth -62 135 156 -7 36160











223474

EBIT



Food Division 10342 7950 4200 3000 5500 8000

Corporate - 5132 - 4657 - 4800 - 4800 - 4800 - 4800

EBIT Reported 49785 16979 31588 80441 83881 95866

EBIT Underlying 41285 16979 31588 80441 83881 95866


EBITDA Underlying










$000 $000

Almond Division


Farm Assets 2509













Compost Project 646



Food Division



Corporate Division

JDE Food 1248

General - 0 500

Total 55194 48069



KP 386 618 160 2041 2041 5288 330 386 354 092 1699 1699 4402 480 386 378 098 1636 1636 4238 432 386 446 116 1323 1323 3427 297 386 347 090 1293 1293 3350 373 78 -076

KP 2014 310 83 027 1090 273 3516 329 310 237 076 1049 481 3384 203 310 341 110 1114 621 3594 182 -210 021

KP 2016 304 91 030 981 99 3227 109

Wemen 407 477 117 1486 1486 3651 311 407 533 131 1590 1590 3907 298 403 435 108 1758 1758 4362 404 403 568 141 1548 1548 3841 273 403 443 110 1706 1706 4233 385 -392 -113

BB AB 147 205 139 598 598 4068 292 147 184 125 599 599 4075 326 147 196 134 721 721 4905 367 147 225 153 588 588 4000 261 147 176 120 745 745 5068 423 -1068 -162

BB CD 167 52 031 539 135 3228 259 167 74 045 760 348 4551 468 167 209 125 657 411 3934 197 167 200 120 840 700 5030 350 -1096 -153

Carina - SHV 1491 2162 145 5439 5439 3648 252 1491 2118 142 5852 5852 3925 276 1491 1993 134 7136 7136 4786 358 1491 2204 148 6181 6181 4146 280 1491 1789 120 7037 7037 4720 393 -574 -113

Carina - JV 292 490 168 1113 1113 3812 227 292 415 142 1113 1113 3812 268 292 390 134 1528 1528 5233 391 292 528 181 1251 1251 4284 237 292 380 130 1306 1306 4473 344 -188 -107

Carina 2014 125 34 471 118 3768 352 125 81 065 459 210 3672 259 125 138 110 581 363 4648 263 -976 -004

Lake Powell 2007 2556 127 6592 6592 3285 258 2007 1592 079 7192 7192 3583 452 2007 2414 120 8159 8160 4065 338 2007 1754 087 6560 6561 3269 374 2007 2408 120 8255 8255 4113 343 -845 031

Bunargool 41 1428 500 035 4912 1228 3440 246

Total Vic 4730 6509 138 17269 17269 3651 265 4897 5247 107 18584 18180 3795 346 5328 5998 113 23259 21678 4365 361 5328 6293 118 19616 18554 3682 294 7060 6813 097 28770 23353 4075 335 -393 -041

Yilgah 2486 3190 128 8302 8302 3340 260 2486 3352 135 9089 9089 3656 271 2486 2880 116 9344 9344 3759 324 2486 1897 076 8711 8711 3504 459 2486 3232 130 9564 9564 3847 296 -343 163

Mooral 531 554 104 1990 1990 3748 359 531 745 140 2277 2277 4288 306 531 615 116 2133 2133 4017 347 531 386 073 1912 1912 3601 495 531 690 130 2283 2283 4299 331 -699 164

Belvedere 1423 2245 158 5746 5746 4038 256 1423 1575 111 5982 5982 4204 380 1491 1648 111 5880 5880 3944 357 1491 1369 092 5974 5974 4007 436 1491 1884 126 7010 7010 4702 372 -695 064

Mountview 2012 100 76 076 536 335 5360 442 100 75 075 435 363 4350 483 100 120 120 479 479 4790 399 -440 084

Mountview 2013 70 31 045 312 143 4457 459 70 35 050 307 192 4386 549 70 70 100 329 274 4700 391 -314 157

Mountview 2014 30 8 027 131 33 4367 412 30 10 033 123 56 4100 560 30 23 077 139 87 4633 378 -533 182

Mountview 2016 106 32 030 418 105 3943 327

Total NSW 4440 5989 135 16038 16038 3612 268 4440 5671 128 17348 17348 3907 306 4708 5258 112 18336 17868 3895 340 4708 3772 080 17462 17208 3709 456 4814 6051 126 20222 19802 4201 327 -492 129

Allinga 626 904 144 2711 2711 4331 300 626 864 138 2901 2901 4634 336 626 725 116 3210 3210 5128 443 626 936 150 2407 2407 3845 257 626 814 130 3070 3070 4904 377 -1059 -120

Allinga 2015 948 314 033 3031 758 3197 241 948 569 060 4164 1908 4392 335 -1195 -094

Amaroo Mature 1584 1514 096 5400 5400 3409 357 1584 1990 126 6622 6622 4181 333 1584 1694 107 7036 7036 4442 415 1584 2317 146 5885 5886 3715 254 1584 1901 120 6789 6789 4286 357 -571 -103

Amaroo 2013 199 88 044 653 163 3281 186 199 89 045 823 377 4136 425 199 227 114 760 475 3819 209 199 239 120 847 706 4256 295 -437 -086

Amaroo 2014 219 59 027 826 - 0 3772 - 0 219 189 086 777 - 0 3548 - 0 219 241 110 919 574 4196 238 -648 -238

Amaroo 2016 333 100 030 1184 296 3556 296

Mullroo Mature 158 185 117 565 565 3576 306 158 152 096 795 796 5032 524 158 169 107 825 826 5222 489 158 291 184 683 683 4323 235 158 205 130 763 763 4829 372 -506 -137

Mullroo 2013 245 82 034 1051 263 4290 319 245 109 045 1138 550 4645 504 245 238 097 936 585 3820 246 245 294 120 1185 988 4837 336 -1016 -090

Mullroo 2016 320 96 030 1249 312 3903 325

Jubilee Mature 692 851 123 3177 3178 4591 373 461 599 130 2467 2467 5351 412 -760 -038

Jubilee 2014 101 40 040 419 192 4149 480 101 76 075 521 326 5158 429 -1010 051

Jubilee 2015 168 39 023 678 170 4036 435 168 84 050 795 364 4732 433 -696 001

Jubilee 2016 187 47 025 834 209 4460 444

Total SA 2368 2602 110 8676 8676 3664 333 2812 3176 113 12022 10745 4275 338 3031 2844 094 13858 11999 4572 422 4940 5442 110 18753 14334 3796 263 5549 5265 095 24787 18771 4467 357 -671 -093

National 11538 15100 131 41983 41983 3639 278 12149 14095 116 47954 46273 3947 328 13067 14100 108 55453 51545 4244 366 14976 15507 104 55831 50095 3728 323 17423 18129 104 73779 61926 4177 336 -449 -013

47660 3923 338 49750 3807 353 47539 3174 307

vs 2015 5 10 8 18 13 23 17 31 30 19 2 16

vs 2016 8 11 8 11 23 8 -6 -2

vs 2017 15 -3 -12 -12


Vic 265 346 361 294

NSW 268 306 340 456

SA 333 338 422 263

Total 278 338 353 307


Vic 138 107 113 118 097

NSW 135 128 112 080 126

SA 110 113 094 110 095

Total 131 116 108 104 104


Vic 365095 379498 436543 368168

NSW 361216 390721 389465 370901

SA 366385 427525 457209 379615

Total 363867 392296 380730 317435

FY2015 FY2016 FY2017 FY2018 FY2019

Vic 473000 489700 532800 532800 706000

NSW 444000 444000 470800 470800 481400

SA 236800 281200 303100 494000 554900

Total 1153800 1214900 1306700 1497600 1742300

FY2015 FY2016 FY2017 FY2018

Vic 650880 524721 599805 629300

NSW 598917 567139 525791 377200

SA 260204 317620 284404 544200

Total 1510000 1409480 1410000 1550700

FY2015 FY2016 FY2017 FY2018

Vic 1726900 1818000 2167750 1855400

NSW 1603800 1734800 1786800 1720750

SA 867600 1074500 1199900 1433350

Total 4198300 4766000 4975000 4753900

FY2015 FY2016 FY2017 FY2018 FY2019

Vic - 0 - 0 - 0 - 0 - 0

NSW 278 - 0 - 0 - 0 - 0

SA 444000 - 0 - 0 - 0 - 0

Total 1153800 - 0 - 0 - 0 - 0


FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

O Kyndalin Park - 2016 304 304 304 304 304


O Wemen 403 403 403 403 403 403 403


O Boundary Bend - 2013 167 167 167 167 167 167 167

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783

O Carina - 2014 131 131 131 131 125 131 131

O Carina - 2017 58 58 58 58

L Lake Powell 2007 2007 2007 2007 2007 2007 2007

L Bunargool - 2016 1428 1428 1428 1428 1428

L Billa Downs - 2018 514 514 514




Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423

O Belvedere - 2014 68 68 68 68 68 68 68

O Mountview - 2012 100 100 100 100 100 100 100

O Mountview - 2013 70 70 70 70 70 70 70

O Mountview - 2014 30 30 30 30 30 30 30

O Mountview - 2016 106 106 106 106 106

L Yilgah 2486 2486 2486 2486 2486 2486 2486

L Mooral 531 531 531 531 531 531 531




Southern

O Allinga 626 626 626 626 626 626 626

O Allinga - 2015 948 948 948 948 948 948


O Jubilee - 2014 101 101 101 101 101 101 101

O Jubilee - 2015 168 168 168 168 168 168

O Jubilee - 2016 187 187 187 187 187

O Jubilee - 2018 231 231 231

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584

L Amaroo - 2013 199 199 199 199 199 199 199

L Amaroo - 2014 219 219 219 219 219 219 219

L Amaroo - 2016 333 333 333 333 333

L Amaroo - 2017 445 445 445 445

L Mullroo Mature 158 158 158 158 158 158 158

L Mullroo - 2013 245 245 245 245 245 245 245

L Mullroo - 2016 320 320 320 320 320

L Farm 7 - 2017 390 390 390 390




Total Acres 13174 14290 16968 18553 19061 19067 19067

Increase 85 187 93 27 00 00


Increase 53 85 137 163 29 42


00 00 60 -19 19 84


FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Central

O Kyndalin Park 386 386 386 386 386 386 386 - 0 - 0

Yield 160 092 098 116 124 080 080

Tonnes 618 355 378 448 479 - 0 - 0

386 386 386 386 386 386 386 - 0 - 0

Industry Yield 12 12 12 12 12 12 1 1 1

Tonnes 46320 46320 46320 46320 46320 46320 30880 - 0 - 0

O Kyndalin Park - 2014 310 310 310 310 310 310 310

Yield 027 079 118 122 135

Tonnes - 0 - 0 84 243 367 379 419

310 310 310 310 310

Industry Yield 030 050 080 100 120

Tonnes 93 155 248 310 372

O Kyndalin Park - 2016 304 304 304 304 304

Yield 052 089 100

Tonnes - 0 - 0 - 0 - 0 159 271 304

304 304 304


Tonnes 91 152 243


Yield

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 - 0

Industry Yield

Tonnes

O Wemen 403 403 403 403 403 403 403 403 403

Yield 117 131 108 141 132 135 135

Tonnes 472 528 435 568 531 544 544

403 403 403 403 403 403 403 403 403

Industry Yield 120 120 120 120 120 120 100 100 090

Tonnes 4836 4836 4836 4836 4836 4836 403 403 3627


Yield 139 125 134 153 167 135 140

Tonnes 204 184 197 225 245 198 206

147 147 147 147 147 147 147 147 147

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 17640 17640 17640 17640 17640 17640 17640 17640 17640

O Boundary Bend - 2013 167 167 167 167 167 167 167

Yield 031 045 125 103 135 135

Tonnes - 0 52 75 209 172 225 225

167 167 167 167 167 167


Tonnes 50 84 134 167 200 200

O Carina - Mature 1783 1783 1783 1783 1783 1783 1783 1783 1783

Yield 149 142 134 153 148 135 140

Tonnes 2651 2534 2383 2732 2642 2407 2496

1783 1783 1783 1783 1783 1783 1783 1783 1783

Industry Yield 12 12 12 12 12 12 130 12 12

Tonnes 213960 213960 213960 213960 213960 213960 232110 213960 213960

O Carina - 2014 125 125 125 125 125 125 125

Yield 027 065 110 135 140

Tonnes - 0 - 0 34 81 138 169 175

125 125 125 125 125


Tonnes 38 63 100 125 150

O Carina - 2017 32 32 32 32

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 14 16

32 32

Industry Yield 0 1

Tonnes 10 16

L Lake Powell 2007 2007 2007 2007 2007 2007 2007 2007 2007

Yield 127 079 120 087 160 135 135

Tonnes 2556 1592 2414 1754 3202 2699 2709

2007 2007 2007 2007 2007 2007 2007 2007 2007

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 240840 240840 240840 240840 240840 240840 240840 240840 240840

L Bunargool - 2016 1428 1428 1428 1428 1428

Yield 003 046 088 120

Tonnes - 0 - 0 - 0 41 650 1251 1714

1428 1428 1428


Tonnes 428 714 1142

L Billa Downs - 2018 500 500 500

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 150

500

Industry Yield 0

Tonnes 150




Total Tonnage 6501 5244 6000 6302 8587 8158 8958

Total Yield 138 107 113 118 122 122 124

Mature Tonnage 6501 5192 5807 5727 7100 6074 6356

Mature Yield 138 110 123 121 150 135 129

Industry Acres 4726 4726 4726 4893 5328 5328 7060 6706 7206

Industry Tield 120 120 120 117 110 113 094 099 102


Northern

O Belvedere 1423 1423 1423 1423 1423 1423 1423 1423 1423

Yield 158 111 114 093 159 135 120

Tonnes 2245 1575 1628 1320 2266 1921 1708

1423 1423 1423 1423 1423 1423 1423 1423 1423

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 170760 170760 170760 170760 170760 170760 170760 170760 170760

O Belvedere - 2014 68 68 68 68 68 68 68

Yield 030 072 066 135 120

Tonnes - 0 - 0 20 49 45 92 82

68 68 68 68 68


Tonnes 20 34 54 68 82

O Mountview - 2012 100 100 100 100 100 100 100

Yield 076 106 120 135 135

Tonnes - 0 - 0 76 106 120 135 135

100 100 100 100 100


Tonnes 30 50 80 100 120

O Mountview - 2013 70 70 70 70 70 70 70

Yield 045 014 100 135 135

Tonnes - 0 - 0 32 10 62 95 95

70 70 70 70 70


Tonnes 21 35 56 70 84

O Mountview - 2014 30 30 30 30 30 30 30

Yield 027 014 075 135 135

Tonnes - 0 - 0 8 4 23 41 41

30 30 30 30 30


Tonnes 9 15 24 30 36

O Mountview - 2016 106 106 106 106 106

Yield 030 086 050

Tonnes - 0 - 0 - 0 - 0 - 0 91 53

106 106 106


Tonnes 32 53 85

L Yilgah 2486 2486 2486 2486 2486 2486 2486 2486 2486

Yield - 0 - 0 128 135 116 076 142 135 135

Tonnes 3190 3352 2880 1897 3527 3344 3356

2486 2486 2486 2486 2486 2486 2486 2486 2486

Industry Yield 120 120 120 120 120 120 120 120 120

Tonnes 298320 298320 298320 298320 298320 298320 298320 298320 298320

L Mooral 531 531 531 531 531 531 531 531 531

Yield 104 140 116 073 156 135 135

Tonnes 554 745 615 386 827 717 717

531 531 531 531 531 531 531 531 531

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 63720 63720 63720 63720 63720 63720 63720 63720 63720




Total Tonnage 5989 5672 5259 3772 6869 6434 6185

Total Yield 135 128 112 080 143 134 128

Mature Tonnage 5989 5672 5123 3603 6620 5982 6132

Mature Yield 135 128 115 081 149 135 130

Industry Acres 4440 4440 4440 4440 4708 4708 4814 4814 4814

Industry Tield 120 120 120 120 115 116 116 117 119


Southern

O Allinga 626 626 626 626 626 626 626 626 626

Yield 144 138 116 150 203 135 135

Tonnes 904 864 725 936 1274 845 845

626 626 626 626 626 626 626 626 626

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 75120 75120 75120 75120 75120 75120 75120 75120 75120

O Allinga - 2015 948 948 948 948 948 948

Yield 033 095 115 130

Tonnes - 0 - 0 - 0 314 900 1090 1232

948 948 948 948


Tonnes 284 474 758 948


Yield 123 171 135 135

Tonnes - 0 - 0 - 0 851 789 620 622

692 461 461 461


Tonnes 830 553 553 553

O Jubilee - 2014 101 101 101 101 101 101 101

Yield 040 141 122 135

Tonnes - 0 - 0 - 0 40 142 123 136

101 101 101 101 101


Tonnes 30 51 81 101 121

O Jubilee - 2015 168 168 168 168 168 168

Yield 024 076 115 100

Tonnes - 0 - 0 - 0 39 128 193 168

168 168 168 168


Tonnes 50 84 134 168

O Jubilee - 2016 187 187 187 187 187

Yield 037 089 080

Tonnes - 0 - 0 - 0 - 0 69 166 150

187 187 187


Tonnes 69 166 150

O Jubilee - 2018 237 237 237

Yield 030

Tonnes - 0 - 0 - 0 - 0 - 0 - 0 71

237

Industry Yield 0

Tonnes 71

L Amaroo Mature 1584 1584 1584 1584 1584 1584 1584 1584 1584

Yield 096 126 107 146 155 135 135

Tonnes 1514 1990 1694 2317 2455 2130 2138

1584 1584 1584 1584 1584 1584 1584 1584 1584

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 190080 190080 190080 190080 190080 190080 190080 190080 190080

L Amaroo - 2013 199 199 199 199 199 199 199

Yield 044 045 114 147 135 135

Tonnes - 0 88 90 227 292 269 269

199 199 199 199 199 199


Tonnes 60 100 159 199 239 239

L Amaroo - 2014 219 219 219 219 219 219 219

Yield 027 087 116 122 135

Tonnes - 0 - 0 59 189 254 267 296

219 219 219 219 219


Tonnes 66 110 175 219 263

L Amaroo - 2016 334 334 334 334 334

Yield 045 089 120

Tonnes - 0 - 0 - 0 - 0 150 297 401

334 334 334


Tonnes 100 167 267

L Amaroo - 2017 448 448 448 448

Yield 045 050

Tonnes - 0 - 0 - 0 - 0 - 0 202 224

448 448

Industry Yield 0 1

Tonnes 202 224

L Mullroo Mature 158 158 158 158 158 158 158 158 158

Yield 117 096 107 184 180 135 135

Tonnes 185 152 169 291 284 213 213

158 158 158 158 158 158 158 158 158

Industry Yield 12 12 12 12 12 12 12 12 12

Tonnes 18960 18960 18960 18960 18960 18960 18960 18960 18960

L Mullroo - 2013 245 245 245 245 245 245 245

Yield 034 045 097 129 135 135

Tonnes - 0 83 110 238 315 331 331

245 245 245 245 245 245


Tonnes 74 123 196 245 294 294

L Mullroo - 2016 320 320 320 320 320

Yield 057 089 120

Tonnes - 0 - 0 - 0 - 0 181 285 384

320 320 320


Tonnes 181 285 384

L Farm 7 - 2017 390 390 390 390

Yield 045 070

Tonnes - 0 - 0 - 0 - 0 - 0 176 273

390 390

Industry Yield 0 1

Tonnes 176 273




Total Tonnage 2603 3177 2847 5443 7233 7208 7753

Total Yield 110 113 091 110 130 113 117

Mature Tonnage 2603 3006 2588 4395 4802 4408 4851

Mature Yield 110 127 109 144 170 135 135

Industry Acres 2368 2368 2368 2812 3132 4940 5550 6388 6625

Industry Tield 120 120 120 106 101 092 090 096 103


Total Acres 13168 14284 16963 18525 19031 19031 19031

Increase 85 188 92 27 00 00


Increase 53 84 137 163 28 41


00 00 60 -19 19 84

Industry Acres 11534 11534 11534 12145 13168 14976 17424 17908 18645

Industry Yield 120 120 120 115 110 107 099 103 107


Total Tonnage 15093 14093 14106 15817 22659 21800 22897

Total Yield 131 116 107 106 130 122 123

Mature Tonnage 15093 13870 13518 13725 18522 16464 17339

Mature Yield 131 120 117 112 154 135 131










4230198 9082971




Total Cost per Kg 428 527 584 558 459 548

Almond Price 1145 808 748 81 86 87








058 063 074 071 067 069 Orchard 338 348 284 211 255 FY17 705 114888

486 591 658 629 526 617 Water 050 050 046 063 100 FY18 627

659 217 090 181 334 253 Harvest 064 068 065 054 050 507


Processing 063 074 071 067 069




EBIT Per KG 161 043 183 353 273

067 070 071 069 048 Price per Kg 808 748 810 860 870

593 147 019 112 286 1685340

1000 1000 1000 1000 1000


Prior Crop $ 674

Crop Profit $ 108198 $ 39594 $ 23168 $ 42302 $ 90830 $ 70259

1147





Sale of Assets 209 200 43164 -$ 862

Tree Depn 6000 6000

Parboil 2700 2000

Overheads 4700 4224

H2E 1019


132 $m






KP - 2014 243 367 124

KP - 2016 - 0 159 159 Total Capex $ 217





Carina - 2014 81 138 56 H2E $ 05





Mountview - 2012 106 120 14

Mountview - 2013 10 62 52

Mountview - 2014 4 23 18

Mountview - 2016 - 0 - 0 0







Jubilee - 2015 39 128 89 Trading $ 140 $ 090 $ 050



Amaroo - 2013 227 292 64


Amaroo - 2016 - 0 150 150 $m




TOTAL 15517 22689 7172


Water 368 4571

Fertiliser 16 4587


Labour 103 4776



Bees 11 4875



Other 63 4946


$m

H2E EBIT $ 100

Parboil EBIT -$ 200


FY2015 7817 89063 - 7285

FY2016 11398 37793 - 7992

FY2017 9534 14480 - 8947

FY2018 6284 39536 - 9942

FY2019 6284 43800 - 10283


FY2013 5500 31700 4700 - 4100 640

FY2014 5600 30300 - 4600 850

FY2015 6817 87503 - 4685 1145

FY2016 10342 36093 - 5132 808

FY2017 7950 13686 - 4657 743

FY2018 4748 36236 - 7181 805

FY2019 F 5012 82241 - 7181 860

FY2020 B 6615 76156 -7008 870



Volumes (MT) 22690 21800 21800 22300 22300 23

Price $ 860 $ 870 $ 910 $ 840 $ 820 -99 $ 700 $ 750 $ 850 $ 900 $ 595


Sell Price $ 860 $ 870 $ 910 $ 840 $ 840 -77

EBIT

Almond Division 82241 67436 76156 62729 58269 -235 30376 41276 63076 73976 7486


Corporate -7181 -7008 -7008 -7500 -7500 -70 -7008 -7008 -7008 -7008 -7008

Total EBIT 80072 67043 75763 60225 55765 -264 29983 40883 62683 73583 7093

Finance Costs -3957 -3700 -3700 -3000 -3000 189 -5000 -4500 -3200 -2800 -6000

-202356108163 -20476593973

PBT 76115 63343 72063 57225 52765 -268 24983 36383 59483 70783 1093

Tax -23086 -19003 -21619 -17168 -15830 268 -7495 -10915 -17845 -21235 -328

NPAT 53029 44340 50444 40058 36936 -268 17488 25468 41638 49548 765

Inshel 25 5500


Industrial 18 4000

Retail 7 1500

22000

FY2020 Budget 504








Interest 07 31032

TaxOther 58 36832

FY2020F NPAT - 368

FY2019 NPAT 530




Crop Costs - 49 260




Overheads - 11 287

Interest 10 297

TaxOther 73 370

FY2020F NPAT - 370



Rent 100 775

Fertiliser 085 784


Spraying 076 799

Labour 077 807



Bees 026 820

Fuel 03 823

Other 08 831




$25 23 Budgeted

$100 - 2250

$150 - 3750

$200 - 5250

$250 - 6750

HY2019 EBIT 310






HY2020 EBIT - 254

FY2019 EBIT 801



Orchard Costs - 25

Water Costs - 95


Food Division - 06

CorporateOther - 13

HY2020 EBIT - 254

HY2019 EBIT 310




Orchard Costs - 13

Water Costs - 48



Food Division - 06

CorporateOther - 16

HY2020 EBIT - 253

Income Statement




Total Revenue 1000 935 (65) (65)

EBITDA 385 345 (40) (104)




Corporate (28) (43) (15) (549)

Total EBIT 310 254 (56) (180)


Tax Expense (89) (73) 16 176

NPAT 200 174 (27) (134)

EBITDA Margin () 385 369 (16) (42)

EBIT Margin () 310 272 (38) (123)





Cash 13 13












Cash Flow


EBITDA 385 345


Tax Paid (28) (168)








SHV Corporate Costs


Corporate



Other 968 762 754 887 1046

4518 4388 4017 4209 4056

Finance



Other 391 249 75 48 156

2741 2611 1940 2102 2207

IT


Operating Costs 963 867 257 510 1114


1681 1973 680 968 1783

HR 1002 1232 649 713 904


5822



SHV Corporate Costs

FY18F FY19B

$m $m

Corporate 4518 4388

Finance 2741 2611

IT 1681 1973

HR 1002 1232

Total 9942 10204


$m



Financial Snapshot


Revenue 254483 307084 280459





NPAT Margin 21 16 8

0126

EPS 056 053 035


Net Assets 411718 431308 393934

Net Debt - 0 31062 29060

Gearing 0 7 7


ROE 13 12 6

Key Assumptions

Bearing Acres 14976 17424 17399

Yield 22690 21800 19820





95045649 95045649 95045649

$m

H2E 10

Parboil -20

SHV Balance Sheet

Jun-18 Jun-19

Assets

Current Assets



Other 2271 2271


Non Current Assets

PPampE 287893 313653




Liabilities

Current Liabilities














Net Assets 390068 406722

SHV Cash Flows

Jun-18 Jun-19
























Food Division

FY2019 FY2020


FY2019 F FY2020 B FY2019F FY2020B

KGs 5905 6216 Domestic 5605 6977 38

Export - 251 - 12




19749 22276 13





Brand Costs - 2075 - 2950 32




FY2019 F FY2020 B FY2019F FY2020B

KGs 365 397 009 Quality 376 501





Procurement 950 964







EBIT - 941 - 12 - 099

Trading

FY2019 F FY2020 B



COGS 31840 32400







EBIT 2407 2309

Industrial

FY2019 F FY2020 B



COGS 44400 46231







EBIT 9120 9328

Operations






EBIT - 16596 - 16161

CONSENSUS 2020


Baillieu Holst $849 20138 $44 $218

PAC Partners $865 19328 $41 $212


UBS $915 20966 $46 $219

Bell Potter $919 19508 $40 $205

Wilsons $921 19372 $39 $201

Range $849 - $921 19328 - 23200 $39 - $51 $201 - $220

Average $888 20419 $43 $213

SHV Budget $865 21800 $435 $200



Bearing Acres 13168 14976 17424 17908 17936 18681 20006

Tonnes Produced 14100 15817 22690 21800 21800 22897 21198 14500 14200

Price 743 805 860 910 886 912 940 1145 808

Almond Revenue 104763 127324 195133 198377 193101 208903 199207 166025 114736



Harvest Costs 9580 10328 12157 10897 12090 13158 13497 6951 8958


Orchard Rental 13246 14388 14757 15978 17571 18397 18857 6771 8714



Cost Per Kg 074 071 067 069 062 063 074 060 063

Crop Profit 22416 39081 91496 78979 - 0 92419 102128 87791 101411 40458



Hull 551 1063 5516 7800 300 300 300 300 939 1888

Citrus 95 75 - 568 - 550 - 142 50 50 50 537 212

Grant Income 1906 3455 - 0 - 0 - 0 - 0 - 0 - 0


Parboil - 2621 - 3158 - 1230 - 640 - 0 - 0 - 0

H2E Savings - 0 - 38 23 109 1718 1718 1718

Overheads - 4195 - 4661 - 5617 - 5200 - 1404 - 5757 - 5901 - 6049 - 3253 - 3695


Other 85 - 366 - 0 - 3254 457






Growth -62 135 156 -7 36160











223474

EBIT



Food Division 10342 7950 4200 3000 5500 8000

Corporate - 5132 - 4657 - 4800 - 4800 - 4800 - 4800

EBIT Reported 49785 16979 31588 80441 83881 95866

EBIT Underlying 41285 16979 31588 80441 83881 95866


EBITDA Underlying










$000 $000

Almond Division


Farm Assets 2509













Compost Project 646



Food Division



Corporate Division

JDE Food 1248

General - 0 500

Total 55194 48069


$000 $000 $000 $000

Sales Revenue 93520 - 0 93520 99974

EBITDA 34512 1549 32963 38508

EBIT 25418 530 24888 30988


Net debt 338579 234134 104445 93367


Total capital 275155 275155 269909




$000










Net cash flow -



0130

0095

	FY2015								FY2016								FY2017								FY2018								FY2019									FY18 vs FY19

	Acres		Kgs (000)		TonneAcre		$000 Total		$000 less Cap		$Per Acre		$Per KG		Acres		Kgs (000)		TonneAcre		$000 Total		$000 less Cap		$Per Acre		$Per KG		Acres		Kgs (000)		TonneAcre		$000 Total		$000 less Cap		$Per Acre		$Per KG		Acres		Kgs (000)		TonneAcre		$000 Total		$000 less Cap		$Per Acre		$Per KG		Acres		Kgs (000)		TonneAcre		$000 Total		$000 less Cap		$Per Acre		$Per KG		Cost pacre		Cost pt

KP		386		618		160		2041		2041		5288		330		386		354		092		1699		1699		4402		480		386		378		098		1636		1636		4238		432		386		446		116		1323		1323		3427		297		386		347		090		1293		1293		3350		373		78		-076

KP 2014																310		83		027		1090		273		3516		329		310		237		076		1049		481		3384		203		310		341		110		1114		621		3594		182			-210		021

KP 2016																														304		91		030		981		99		3227		109

Wemen		407		477		117		1486		1486		3651		311		407		533		131		1590		1590		3907		298		403		435		108		1758		1758		4362		404		403		568		141		1548		1548		3841		273		403		443		110		1706		1706		4233		385		-392		-113

BB AB		147		205		139		598		598		4068		292		147		184		125		599		599		4075		326		147		196		134		721		721		4905		367		147		225		153		588		588		4000		261		147		176		120		745		745		5068		423		-1068		-162

BB CD									167		52		031		539		135		3228		259		167		74		045		760		348		4551		468		167		209		125		657		411		3934		197		167		200		120		840		700		5030		350			-1096		-153

Carina - SHV		1491		2162		145		5439		5439		3648		252		1491		2118		142		5852		5852		3925		276		1491		1993		134		7136		7136		4786		358		1491		2204		148		6181		6181		4146		280		1491		1789		120		7037		7037		4720		393		-574		-113

Carina - JV		292		490		168		1113		1113		3812		227		292		415		142		1113		1113		3812		268		292		390		134		1528		1528		5233		391		292		528		181		1251		1251		4284		237		292		380		130		1306		1306		4473		344		-188		-107

Carina 2014																125		34			471		118		3768		352		125		81		065		459		210		3672		259		125		138		110		581		363		4648		263			-976		-004

Lake Powell		2007		2556		127		6592		6592		3285		258		2007		1592		079		7192		7192		3583		452		2007		2414		120		8159		8160		4065		338		2007		1754		087		6560		6561		3269		374		2007		2408		120		8255		8255		4113		343		-845		031

Bunargool																								41							1428		500		035		4912		1228		3440		246

Total Vic		4730		6509		138		17269		17269		3651		265		4897		5247		107		18584		18180		3795		346		5328		5998		113		23259		21678		4365		361		5328		6293		118		19616		18554		3682		294		7060		6813		097		28770		23353		4075		335		-393		-041


Yilgah		2486		3190		128		8302		8302		3340		260		2486		3352		135		9089		9089		3656		271		2486		2880		116		9344		9344		3759		324		2486		1897		076		8711		8711		3504		459		2486		3232		130		9564		9564		3847		296		-343		163

Mooral		531		554		104		1990		1990		3748		359		531		745		140		2277		2277		4288		306		531		615		116		2133		2133		4017		347		531		386		073		1912		1912		3601		495		531		690		130		2283		2283		4299		331		-699		164

Belvedere		1423		2245		158		5746		5746		4038		256		1423		1575		111		5982		5982		4204		380		1491		1648		111		5880		5880		3944		357		1491		1369		092		5974		5974		4007		436		1491		1884		126		7010		7010		4702		372		-695		064

Mountview 2012																100		76		076		536		335		5360		442		100		75		075		435		363		4350		483		100		120		120		479		479		4790		399			-440		084

Mountview 2013																70		31		045		312		143		4457		459		70		35		050		307		192		4386		549		70		70		100		329		274		4700		391			-314		157

Mountview 2014																30		8		027		131		33		4367		412		30		10		033		123		56		4100		560		30		23		077		139		87		4633		378			-533		182

Mountview 2016																														106		32		030		418		105		3943		327


Total NSW		4440		5989		135		16038		16038		3612		268		4440		5671		128		17348		17348		3907		306		4708		5258		112		18336		17868		3895		340		4708		3772		080		17462		17208		3709		456		4814		6051		126		20222		19802		4201		327		-492		129


Allinga		626		904		144		2711		2711		4331		300		626		864		138		2901		2901		4634		336		626		725		116		3210		3210		5128		443		626		936		150		2407		2407		3845		257		626		814		130		3070		3070		4904		377		-1059		-120

Allinga 2015																							948		314		033		3031		758		3197		241		948		569		060		4164		1908		4392		335			-1195		-094

Amaroo Mature		1584		1514		096		5400		5400		3409		357		1584		1990		126		6622		6622		4181		333		1584		1694		107		7036		7036		4442		415		1584		2317		146		5885		5886		3715		254		1584		1901		120		6789		6789		4286		357		-571		-103

Amaroo 2013									199		88		044		653		163		3281		186		199		89		045		823		377		4136		425		199		227		114		760		475		3819		209		199		239		120		847		706		4256		295			-437		-086

Amaroo 2014																219		59		027		826		- 0		3772		- 0		219		189		086		777		- 0		3548		- 0		219		241		110		919		574		4196		238			-648		-238

Amaroo 2016																														333		100		030		1184		296		3556		296

Mullroo Mature		158		185		117		565		565		3576		306		158		152		096		795		796		5032		524		158		169		107		825		826		5222		489		158		291		184		683		683		4323		235		158		205		130		763		763		4829		372		-506		-137

Mullroo 2013									245		82		034		1051		263		4290		319		245		109		045		1138		550		4645		504		245		238		097		936		585		3820		246		245		294		120		1185		988		4837		336			-1016		-090

Mullroo 2016																														320		96		030		1249		312		3903		325

Jubilee Mature																							692		851		123		3177		3178		4591		373		461		599		130		2467		2467		5351		412			-760		-038

Jubilee 2014																							101		40		040		419		192		4149		480		101		76		075		521		326		5158		429			-1010		051

Jubilee 2015																							168		39		023		678		170		4036		435		168		84		050		795		364		4732		433			-696		001

Jubilee 2016																														187		47		025		834		209		4460		444


Total SA		2368		2602		110		8676		8676		3664		333		2812		3176		113		12022		10745		4275		338		3031		2844		094		13858		11999		4572		422		4940		5442		110		18753		14334		3796		263		5549		5265		095		24787		18771		4467		357		-671		-093


National		11538		15100		131		41983		41983		3639		278		12149		14095		116		47954		46273		3947		328		13067		14100		108		55453		51545		4244		366		14976		15507		104		55831		50095		3728		323		17423		18129		104		73779		61926		4177		336		-449		-013

												47660		3923		338						49750		3807		353						47539		3174		307

vs 2015									5					10		8		18		13					23		17		31		30					19		2		16

vs 2016																8					11		8		11		23					8		-6		-2

vs 2017																							15					-3		-12		-12

	Cost Per Kg			FY2015		FY2016		FY2017		FY2018

		Vic		265		346		361		294

		NSW		268		306		340		456

		SA		333		338		422		263

		Total		278		338		353		307

	Yield			FY2015		FY2016		FY2017		FY2018		FY2019

		Vic		138		107		113		118		097

		NSW		135		128		112		080		126

		SA		110		113		094		110		095

		Total		131		116		108		104		104

	Cost Per Acre			FY2015		FY2016		FY2017		FY2018		FY2019

		Vic		365095		379498		436543		368168

		NSW		361216		390721		389465		370901

		SA		366385		427525		457209		379615

		Total		363867		392296		380730		317435

			FY2015		FY2016		FY2017		FY2018		FY2019

		Vic		473000		489700		532800		532800		706000

		NSW		444000		444000		470800		470800		481400

		SA		236800		281200		303100		494000		554900

		Total		1153800		1214900		1306700		1497600		1742300

			FY2015		FY2016		FY2017		FY2018

		Vic		650880		524721		599805		629300

		NSW		598917		567139		525791		377200

		SA		260204		317620		284404		544200

		Total		1510000		1409480		1410000		1550700

			FY2015		FY2016		FY2017		FY2018

		Vic		1726900		1818000		2167750		1855400

		NSW		1603800		1734800		1786800		1720750

		SA		867600		1074500		1199900		1433350

		Total		4198300		4766000		4975000		4753900

			FY2015		FY2016		FY2017		FY2018		FY2019

		Vic		- 0		- 0		- 0		- 0		- 0

		NSW		278		- 0		- 0		- 0		- 0

		SA		444000		- 0		- 0		- 0		- 0

		Total		1153800		- 0		- 0		- 0		- 0

Select Harvests Acreage Profile

	FY2015		FY2016		FY2017		FY2018		FY2019		FY2020		FY2021

Central

O Kyndalin Park		386		386		386		386		386		- 0		- 0

O Kyndalin Park - 2014		310		310		310		310		310		310		310

O Kyndalin Park - 2016				304		304		304		304		304

O Kyndalin Park - 2019							386		386

O Wemen		403		403		403		403		403		403		403

O Boundary Bend - Mature		147		147		147		147		147		147		147

O Boundary Bend - 2013		167		167		167		167		167		167		167

O Carina - Mature		1783		1783		1783		1783		1783		1783		1783

O Carina - 2014		131		131		131		131		125		131		131

O Carina - 2017					58		58		58		58

L Lake Powell		2007		2007		2007		2007		2007		2007		2007

L Bunargool - 2016				1428		1428		1428		1428		1428

L Billa Downs - 2018						514		514		514


Total Central Acres		5334		5334		7066		7124		7632		7638		7638

Total Central Bearing Acres		4726		4893		5334		5334		7060		6738		7252

Total Central Mature Acres		4726		4726		4726		4726		4726		4507		4948


Northern

O Belvedere		1423		1423		1423		1423		1423		1423		1423

O Belvedere - 2014		68		68		68		68		68		68		68

O Mountview - 2012		100		100		100		100		100		100		100

O Mountview - 2013		70		70		70		70		70		70		70

O Mountview - 2014		30		30		30		30		30		30		30

O Mountview - 2016				106		106		106		106		106

L Yilgah		2486		2486		2486		2486		2486		2486		2486

L Mooral		531		531		531		531		531		531		531


Total Northern Acres		4708		4708		4814		4814		4814		4814		4814

Total Northern Bearing Acres		4440		4440		4708		4708		4814		4814		4814

Total Northern Mature Acres		4440		4440		4440		4440		4440		4440		4708

Southern

O Allinga		626		626		626		626		626		626		626

O Allinga - 2015			948		948		948		948		948		948

O Jubilee Mature					692		461		461		461

O Jubilee - 2014		101		101		101		101		101		101		101

O Jubilee - 2015			168		168		168		168		168		168

O Jubilee - 2016				187		187		187		187		187

O Jubilee - 2018						231		231		231

L Amaroo Mature		1584		1584		1584		1584		1584		1584		1584

L Amaroo - 2013		199		199		199		199		199		199		199

L Amaroo - 2014		219		219		219		219		219		219		219

L Amaroo - 2016				333		333		333		333		333

L Amaroo - 2017					445		445		445		445

L Mullroo Mature		158		158		158		158		158		158		158

L Mullroo - 2013		245		245		245		245		245		245		245

L Mullroo - 2016				320		320		320		320		320

L Farm 7 - 2017					390		390		390		390


Total Southern Acres		3132		4248		5088		6615		6615		6615		6615

Total Southern Bearing Acres		2368		2812		3132		4940		5549		6384		6615

Total Southern Mature Acres		2368		2368		2368		3060		2829		3273		3593

Total Acres		13174		14290		16968		18553		19061		19067		19067

Increase			85		187		93		27		00		00

Total Bearing Acres		11534		12145		13174		14982		17423		17936		18681

Increase			53		85		137		163		29		42

Total Mature Acres		11534		11534		11534		12226		11995		12220		13249

		00		00		60		-19		19		84

	Food EBIT			Almond EBIT					Corporate

FY2015		7817			89063					- 7285

FY2016		11398			37793					- 7992

FY2017		9534			14480					- 8947

FY2018		6284			39536					- 9942

FY2019		6284			43800					- 10283

	Food EBIT			Almond EBIT				Managed Services		Corporate		PriceKg

FY2013		5500			31700				4700		- 4100		640

FY2014		5600			30300					- 4600		850

FY2015		6817			87503					- 4685		1145

FY2016		10342			36093					- 5132		808

FY2017		7950			13686					- 4657		743

FY2018		4748			36236					- 7181		805

FY2019 F		5012			82241					- 7181		860

FY2020 B		6615			76156					-7008		870

SHV Income Statement


	FY2019A		Original FY2020B		Revised FY2020B		FY2020F		Revised FY2020F		FY2020 Forecast to Revised Budget			FY19B Price Sensitivity				BEven


Volumes (MT)		22690		21800		21800		22300		22300		23

Price		$ 860		$ 870		$ 910		$ 840		$ 820		-99			$ 700	$ 750	$ 850		$ 900	$ 595

Quality Improvement			$ - 0		$ - 0

Sell Price		$ 860		$ 870		$ 910		$ 840		$ 840		-77


EBIT

Almond Division		82241		67436		76156		62729		58269		-235			30376	41276	63076		73976	7486

Food Division		5012		6615		6615		4996		4996		-245			6615	6615	6615		6615	6615	ERRORREF	ERRORREF	ERRORREF

Corporate		-7181		-7008		-7008		-7500		-7500		-70			-7008	-7008	-7008		-7008	-7008


Total EBIT		80072		67043		75763		60225		55765		-264			29983	40883	62683		73583	7093


Finance Costs		-3957		-3700		-3700		-3000		-3000		189			-5000	-4500	-3200		-2800	-6000

																-202356108163	-20476593973

PBT		76115		63343		72063		57225		52765		-268			24983	36383	59483		70783	1093


Tax		-23086		-19003		-21619		-17168		-15830		268			-7495	-10915	-17845		-21235	-328


NPAT		53029		44340		50444		40058		36936		-268			17488	25468	41638		49548	765


Inshel		25			5500

Kernel Export		50			11000

Industrial		18			4000

Retail		7			1500

			22000

FY2020 Budget		504

Increased Yield		42			5464

Decreased Price		- 198			3484

Horticultural Costs		20			3684

Hull Price and Volume		- 25			34332

External Processing		- 09			33432

Food Division		- 16			31832

Overheads		- 15			30332

Interest		07			31032

TaxOther		58			36832

FY2020F NPAT		- 368

FY2019 NPAT		530

Lower Yield		- 33			497

Decreased Price		- 90			407

Water Costs		- 98			309

Crop Costs		- 49			260

FY2019 PY Crop Adj		26			286

External Processing		12			298

Food Division		- 0			298

Overheads		- 11			287

Interest		10			297

TaxOther		73			370

FY2020F NPAT		- 370

FY2019F Growing Costs		7510

Harvest Costs		140			765

Rent		100			775

Fertiliser		085			784

Depreciation		080			791

Spraying		076			799

Labour		077			807

Electricity Costs		067			814

Weed Spraying		041			818

Bees		026			820

Fuel		03			823

Other		08			831

FY2020B Growing Costs		- 831

Hull Price Sensitivity

Hull Price per tonne		H2E EBIT $000

$25		23			Budgeted

$100		- 2250

$150		- 3750

$200		- 5250

$250		- 6750

HY2019 EBIT		310

Increased Yield		76		76		386

Decreased Price		- 31		-31		355

Orchard Costs		- 34		-34		321

Water Costs		- 61		-61		26

Food Division		- 06			254

HY2020 EBIT		- 254

FY2019 EBIT		801

Decreased Yield		- 07

Decreased Price		- 90

Orchard Costs		- 25

Water Costs		- 95

50 FY2020 Crop Profit		- 311

Food Division		- 06

CorporateOther		- 13

HY2020 EBIT		- 254

HY2019 EBIT		310

2H 2019 Yield and Price Adj (50)		94

Decreased Yield		- 04

Decreased Price		- 45

Orchard Costs		- 13

Water Costs		- 48

Processing Costs		- 10

HullParboil Shutdown		- 10

Food Division		- 06

CorporateOther		- 16

HY2020 EBIT		- 253



Income Statement

$ millions		1H FY 2019		1H FY 2020		Variance


Almond Volumes MT		20750		22600		1850		89

Almond Price Per Kg		850		820		(030)		(35)


Total Revenue		1000		935		(65)		(65)


EBITDA		385		345		(40)		(104)


Depreciation amp Amortisation		75		91		(16)		(209)


Almond Division EBIT		315		281		(34)		(108)

Food Division EBIT		23		17		(06)		(274)

Corporate		(28)		(43)		(15)		(549)


Total EBIT		310		254		(56)		(180)


Net Financing costs		(21)		(07)		13		641

Tax Expense		(89)		(73)		16		176


NPAT		200		174		(27)		(134)


EBITDA Margin ()		385		369		(16)		(42)

EBIT Margin ()		310		272		(38)		(123)

Earnings Per Share (cents)		210		181		(29)		(138)


Half Year Ending Balance Sheet

$ millions		1H FY 2019		1H FY 2020


Current Assets excl Cash		1878		2121

Cash		13		13

Non-Current Assets		3702		3609

AASB16 Right of Use Assets		-		2391

Total Assets		5593		8134


Current Liabilities (exc Borrowings)		322		489

Borrowings (Excl Lease Liabilities)		568		704

Lease Liabilities (Incl AASB16)		379		2695

Non-Current Liabilities (excl Borrowings)		403		330

Total Liabilities		1672		4218

Total Equity		3921		3916


Net DebtEquity (Excl Leases)		141		176

ROCE (return over six months)		59		48

Cash Flow

$ millions		1H FY 2019		1H FY 2020


EBITDA		385		345

Change in Working Capital		(480)		(424)

Tax Paid		(28)		(168)

Net Interest		(21)		(75)

Cash Flow From Operations		(144)		(322)


Investing Cash Flows		(147)		(274)

AASB 16 Impact		-		138

Increase(decrease) in debt		291		546

Dividends paid		(53)		(158)


Net (Decrease)Increase in CashCash Equivalents		(53)		(70)

SHV Corporate Costs

	FY18F		FY19B					FY15		FY16		FY17

Corporate

Wages amp Salaries		2200		2272					2137		2145		1875

Compliance Costs		1350		1354					1126		1177		1135

Other		968		762					754		887		1046

	4518		4388					4017		4209		4056

Finance

Wages amp Salaries		1900		1932					1470		1679		1665

Compliance Costs		450		430					395		375		386

Other		391		249					75		48		156

	2741		2611					1940		2102		2207

IT

Wages amp Salaries		658		746					385		404		605

Operating Costs		963		867					257		510		1114

Depreciation		60		360					38		54		64

	1681		1973					680		968		1783


HR		1002		1232					649		713		904

Total Corporate Costs		9942		10204					7286		7992		8950		5807

										5822

Increase (Incl JDE Depn)		111		26						97		120		- 15

Increase (Excl JDE Depn)		111		-04						97		120

SHV Corporate Costs

	FY18F		FY19B

	$m		$m

Corporate		4518		4388

Finance		2741		2611

IT		1681		1973

HR		1002		1232


Total		9942		10204

Division OHampS FY19 Budget

	$m

Orchard OHampS Costs		264

Processing OHampS Costs		128

Financial Snapshot

	FY19F		FY20B		FY19 Strategy

Revenue		254483		307084		280459

Underlying EBITDA		87447		83463		58613


Underlying EBIT		80072		75763		50913

EBIT Margin		31		25		13


Underlying NPAT		53029		50444		32839

NPAT Margin		21		16		8

							0126

EPS		056		053		035

EPS Growth		343		-5		30


Net Assets		411718		431308		393934

Net Debt		- 0		31062		29060


Gearing		0		7		7

Net DebtEBITDA		0		37		67

ROE		13		12		6


Key Assumptions

Bearing Acres		14976		17424		17399

Yield		22690		21800		19820

Average Yield Per Acre		152		125		111

Almond Price		860		910		830

Currency AUDUSD		070		069		077

CPI (almond pricecosts)			25		25

	95045649		95045649		95045649

	$m

H2E		10

Parboil		-20

SHV Balance Sheet

	Jun-18		Jun-19

Assets

Current Assets

Receivables		47507		59993

Inventories		117207		104176

Other		2271		2271

Total Current Assets		166985		166440


Non Current Assets

PPampE		287893		313653

Intangibles		67583		67583

Total Non Current Assets		355476		381236


Total Assets		522461		547676


Liabilities

Current Liabilities

Payables		27153		32847

Lease Liability		5240		5240

Income Tax Payable		- 2745		1916

Provisions		3038		3038

Total Current Liabilities		32686		43041


Non Current Liabilities

Deferred Tax Liabilities		30591		30591

Interest Bearing Liabilities		33000		36330

Lease Liability		31371		26247

Provisions		1709		1709

Deferred Revenue		3036		3036

Total Non Current Liabilities		99707		97913


Total Liabilities		132393		140954


Net Assets		390068		406722


SHV Cash Flows

	Jun-18		Jun-19

Receipts from Customers		210757		283517

Payments to Suppliers		- 186783		- 236199

Interest Paid		- 4810		- 3750

Income Taxes Paid		- 7323		- 5735


Net Operating Cashflows		11841		37833


Proceeds from Govt Grants		4056		500

Proceeds from Sale of PPampE		118

Water Rights		- 837		- 7000

Acquisition of PPampE		- 15714		- 12871

Tree Developmet		- 12343		- 8701


Net Investing Cash Flows		-24720		-28072


Net Proceeds from Issue of Shares		86454

Repayment of Borrowings		- 64350

Repayment of Finance Leases		- 4744		- 5124

Dividends Paid		- 3803		- 7604


Net Financing Cash Flows		13557		-12728

Net Increase(Decrease) in Cash		678		-2967

FY2020 Budgeted Sensitivities

Sensitivity Factor	Increment	EBIT Impact	2020 Budget Assumption	Current Position

FX Rate	1c Movement	$275M	069	068


Almond Price	AUD 10c Movement	$218M	AUD870	Stable


Crop Size	500 Tonne	$30M	21800	Concerns on bloom is some areas


Water Price	$100 per Ml	$23M	$700Ml	$800Ml

Almond Division Budget

	FY17A		FY18		FY19F		FY20B		Jul 19 - Sep 19			FY20		FY21		FY22				FY15		FY16

Bearing Acres		13168		14976		17424		17908				17936		18681		20006

Tonnes Produced		14100		15817		22690		21800				21800		22897		21198				14500		14200

Price		743		805		860		910				886		912		940				1145		808

Almond Revenue		104763		127324		195133		198377				193101		208903		199207				166025		114736


Horticultural Costs		49075		52277		61521		77420			558		57478		60696		63343				42185		47660

Cost Per Bearing Acre		3480		3305		2711		3551			457		2637		2651		2988				2909		3356

Harvest Costs		9580		10328		12157		10897				12090		13158		13497				6951		8958

Cost Per Bearing Acre		679		653		536		500				555		575		637				479		631

Orchard Rental		13246		14388		14757		15978				17571		18397		18857				6771		8714

Cost Per Bearing Acre		1006		961		847		892				980		985		943

Processing Costs		10446		11250		15202		15103				13543		14524		15719				8707		8946

Cost Per Kg		074		071		067		069				062		063		074				060		063


Crop Profit		22416		39081		91496		78979		- 0			92419		102128		87791				101411		40458

Crop Profit Per Kg		159		247		403		362				424		446		414				699		285


Orchards amp 3rd Party Processing		4132		786		1107		1000		277			936		941		969				248		680

Hull		551		1063		5516		7800		300			300		300		300				939		1888

Citrus		95		75		- 568		- 550		- 142			50		50		50				537		212

Grant Income		1906		3455		- 0		- 0		- 0			- 0		- 0		- 0

Sale of Assets			223		911		200		228

Parboil			- 2621		- 3158		- 1230		- 640			- 0		- 0		- 0

H2E Savings			- 0		- 38		23		109			1718		1718		1718

Overheads		- 4195		- 4661		- 5617		- 5200		- 1404			- 5757		- 5901		- 6049				- 3253		- 3695

Depreciation - Trees		- 5887		- 5887		- 4858		- 4500		- 1215			- 6484		- 6569		- 6652				- 5502		- 5787

Other		85				- 366		- 0								- 3254		457


Almond Division Underlying EBIT		19103		31514		84791		76156		- 2487			83181		92666		78128				91126		34213

Almond Division EBIT Per Tonne		135		199		374		349				382		405		369				628		241


Prior Year Crop Adjustments		- 5417		674		- 2550		- 0									47516		- 43034

Almond Division EBIT		13686		32188		82241		76156									- 51138		44981

Almond Division EBIT Excl Grants		11780		28733		82241		76156				83181		92666		78128				87504		36160

Growth		-62		135		156		-7										36160

Growth excl Grants		-67		144		186		-7										-59


Sales - External Customers - Almond		78992		119692		85268

Sales - External Customers - Food		ERRORREF		ERRORREF		ERRORREF

Sales - Supermarkets		ERRORREF		ERRORREF		ERRORREF

Sales - Non-Supermarkets		ERRORREF		ERRORREF		ERRORREF

Sales - Industrial		ERRORREF		ERRORREF		ERRORREF

Sales - Trading		ERRORREF		ERRORREF		ERRORREF

Management Services - Almond		5725		4400		7861

Other Revenue		170		251		2161


Total Revenue		ERRORREF		ERRORREF		ERRORREF

	223474

EBIT

Almond Division - Underlying			36075		13686			32188		82241		83181		92666

Almond Division - Asset Sale Gain			8500

Food Division			10342		7950			4200		3000		5500		8000

Corporate			- 5132		- 4657			- 4800		- 4800		- 4800		- 4800


EBIT Reported			49785		16979			31588		80441		83881		95866

EBIT Underlying			41285		16979			31588		80441		83881		95866

EBITDA Reported		93697		58950		31839

EBITDA Underlying

	FY15		FY16		FY17			FY18		FY19		FY20		FY21		FY22

Orchard Cost Per Tonne		291		336		348			331		271		264		265		299

Harvest Cost Per Tonne		048		063		068			065		054		055		057		064

Rental Costs Per Tonne		047		061		094			091		065		081		080		089

Processing Cost Per Tonne		060		063		074			071		067		062		063		074

	FY15		FY16		FY17			FY18		FY19		FY20		FY21		FY22

Orchard Cost Per Acre		290931		335634		348050			330519		271138		263665		265087		298814

2020 Capital Expenditure

	15 Months to Sept 2019		FY2020B

	$000		$000

Almond Division

Horticulture		11561		3780		Will be leased

Farm Assets			2509

Harvest Equipment			3200		Will be leased

Horticulture - Leased		4927

Total Horticulture		16488		9489

Processing		6439		3281

Processing - Inshell Sorters			1282

Processing - New Sorters			5831

Total Processing		6439		10394


Water		5260		5000		If prices drop

Tree Dev (Excl Horizon)		10259		10084		Higher water costs

Orchard Developments		3718		1355

Project Parboil		331		472

Project H2E		1616		1959

Compost Project		646

Capitalised Rent		8402		8316

Total Almond Division		53159		47069


Food Division

Various - TT		787		500

Project Shaker			2500		Yet to be defined


Corporate Division

JDE Food		1248

General		- 0		500


Total		55194		48069

Financial metric		1H 20 Statutory		1H 20 Adjustment		1H 20 Pre-AASB 16		1H 19 Statutory

	$000		$000		$000		$000

Sales Revenue		93520		- 0		93520		99974

EBITDA		34512		1549		32963		38508

EBIT		25418		530		24888		30988

Statutory Profit after tax		17357		160		17197		20038

Net debt		338579		234134		104445		93367

Operating cash flow		- 33313		- 13768		- 19545		- 14412

Total capital		275155			275155		269909

Return on Capital		3		-2		5		6	Net income (debt + equity)

Earnings per Share (cents)		181		017		1793		210

Leverage ratio		376		26		116		142

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