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

22 May 2020

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

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

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

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

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

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

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

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

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

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

Almond DivisionAlmond Division

11

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

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

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

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

Food Division

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

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

Bunargool Orchard Blossom 2018

Strategy and 2020 Priorities

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

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

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

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

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

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

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

Select Harvests ndash Orchard Age Profile

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

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

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

Australian Almond Export Sales

Source Australian Almond Board

The global demand for Australian almonds remains strong

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

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

Select Harvests Acreage Profile

			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

O Kyndalin Park - 2019									386		386

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

Industry Yield								030		050		080

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 Central Acres				5328		5328		7060		7092		7592		7592		7592

Total Central Bearing Acres				4726		4893		5328		5328		7060		6706		7206

Total Central Mature Acres				4726		4726		4726		4726		4726		4507		4942


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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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 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

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

Industry Tonnage		5328		5328		5328		5328		5408		5462		5574		5649		5734


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

O Jubilee Mature							692		461		461		461

Yield							123		171		135		135

Tonnes				- 0		- 0		- 0		851		789		620		622

						692		461		461		461

Industry Yield							1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield							0		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield								1		1		1

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 Southern Acres				3132		4248		5089		6619		6625		6625		6625

Total Southern Bearing Acres				2368		2812		3132		4940		5550		6388		6625

Total Southern Mature Acres				2368		2368		2368		3060		2829		3273		3593

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

Industry Tonnage		2842		2842		2842		2975		3160		4522		5003		6136		6797

Total Acres				13168		14284		16963		18525		19031		19031		19031

Increase					85		188		92		27		00		00

Total Bearing Acres				11534		12145		13168		14976		17424		17908		18645

Increase					53		84		137		163		28		41

Total Mature Acres				11534		11534		11534		12226		11995		12220		13243

				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

Industry Tonnage		13841		13841		13841		14024		14453		16006		17229		18423		19892

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

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

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

Gross Margin		257		270

						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

Gross Margin		105		100

Variable Production		- 420		- 440

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


Sales Revenue		55500		57609


COGS		44400		46231


Gross Margin $		11100		11378

Gross Margin		200		198


Variable Production		- 50		- 50

Variable Logisitics		- 1650		- 1700

Brand Costs		- 160		- 170

Fixed Costs		- 120		- 130


EBIT		9120		9328


Operations

Cost of sales		- 1000		- 250


Variable Production		- 7171		- 7350


Variable Logistics		- 3320		- 3560


Brand Costs		- 275		- 50


Fixed Costs		- 4830		- 4951


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

	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

	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

Select Harvests Acreage Profile

			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

O Kyndalin Park - 2019									386		386

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

Industry Yield								030		050		080

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 Central Acres				5328		5328		7060		7092		7592		7592		7592

Total Central Bearing Acres				4726		4893		5328		5328		7060		6706		7206

Total Central Mature Acres				4726		4726		4726		4726		4726		4507		4942


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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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 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

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

Industry Tonnage		5328		5328		5328		5328		5408		5462		5574		5649		5734


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

O Jubilee Mature							692		461		461		461

Yield							123		171		135		135

Tonnes				- 0		- 0		- 0		851		789		620		622

						692		461		461		461

Industry Yield							1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield							0		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield								1		1		1

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 Southern Acres				3132		4248		5089		6619		6625		6625		6625

Total Southern Bearing Acres				2368		2812		3132		4940		5550		6388		6625

Total Southern Mature Acres				2368		2368		2368		3060		2829		3273		3593

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

Industry Tonnage		2842		2842		2842		2975		3160		4522		5003		6136		6797

Total Acres				13168		14284		16963		18525		19031		19031		19031

Increase					85		188		92		27		00		00

Total Bearing Acres				11534		12145		13168		14976		17424		17908		18645

Increase					53		84		137		163		28		41

Total Mature Acres				11534		11534		11534		12226		11995		12220		13243

				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

Industry Tonnage		13841		13841		13841		14024		14453		16006		17229		18423		19892

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

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 2019		1H 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)		200		181		(19)		(95)


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 FY2019		1H FY2020


EBITDA		385		345

Change in Working Capital		(480)		(435)

Tax Paid		(28)		(168)

Net Interest		(21)		(75)

Cash Flow From Operations		(144)		(333)


Investing Cash Flows		(147)		(263)

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

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

Gross Margin		257		270

						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

Gross Margin		105		100

Variable Production		- 420		- 440

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


Sales Revenue		55500		57609


COGS		44400		46231


Gross Margin $		11100		11378

Gross Margin		200		198


Variable Production		- 50		- 50

Variable Logisitics		- 1650		- 1700

Brand Costs		- 160		- 170

Fixed Costs		- 120		- 130


EBIT		9120		9328


Operations

Cost of sales		- 1000		- 250


Variable Production		- 7171		- 7350


Variable Logistics		- 3320		- 3560


Brand Costs		- 275		- 50


Fixed Costs		- 4830		- 4951


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

	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

	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

Select Harvests Acreage Profile

			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

O Kyndalin Park - 2019									386		386

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

Industry Yield								030		050		080

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 Central Acres				5328		5328		7060		7092		7592		7592		7592

Total Central Bearing Acres				4726		4893		5328		5328		7060		6706		7206

Total Central Mature Acres				4726		4726		4726		4726		4726		4507		4942


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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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 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

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

Industry Tonnage		5328		5328		5328		5328		5408		5462		5574		5649		5734


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

O Jubilee Mature							692		461		461		461

Yield							123		171		135		135

Tonnes				- 0		- 0		- 0		851		789		620		622

						692		461		461		461

Industry Yield							1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield							0		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield								1		1		1

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 Southern Acres				3132		4248		5089		6619		6625		6625		6625

Total Southern Bearing Acres				2368		2812		3132		4940		5550		6388		6625

Total Southern Mature Acres				2368		2368		2368		3060		2829		3273		3593

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

Industry Tonnage		2842		2842		2842		2975		3160		4522		5003		6136		6797

Total Acres				13168		14284		16963		18525		19031		19031		19031

Increase					85		188		92		27		00		00

Total Bearing Acres				11534		12145		13168		14976		17424		17908		18645

Increase					53		84		137		163		28		41

Total Mature Acres				11534		11534		11534		12226		11995		12220		13243

				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

Industry Tonnage		13841		13841		13841		14024		14453		16006		17229		18423		19892

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

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 FY2019		1H FY2020


EBITDA		385		345

Change in Working Capital		(480)		(435)

Tax Paid		(28)		(168)

Net Interest		(21)		(75)

Cash Flow From Operations		(144)		(333)


Investing Cash Flows		(147)		(263)

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

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

Gross Margin		257		270

						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

Gross Margin		105		100

Variable Production		- 420		- 440

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


Sales Revenue		55500		57609


COGS		44400		46231


Gross Margin $		11100		11378

Gross Margin		200		198


Variable Production		- 50		- 50

Variable Logisitics		- 1650		- 1700

Brand Costs		- 160		- 170

Fixed Costs		- 120		- 130


EBIT		9120		9328


Operations

Cost of sales		- 1000		- 250


Variable Production		- 7171		- 7350


Variable Logistics		- 3320		- 3560


Brand Costs		- 275		- 50


Fixed Costs		- 4830		- 4951


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

	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

$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

-

Net debt

Increase

(269506)

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

$174mdarr$27m

NPAT

$345mdarr$40m

EBITDA1

181 cpsdarr138

- DRP at 3 discount

Half Year ROCE

48darr11

Operating Cashflow

($322m)darr$178m

4

22600 MTFlat

re-planted

Almond Volume

$820kgdarr47

Almond Price

$281mdarr108

costs

$17mdarr274

Food Division EBIT

Corporate

5

170

349

adjustment 254

Parboil maintenance

shutdown

and industrial

6

pg 18

pg19

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

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

Balance Sheet

Capital

Strategy

Food

Sensitivities

Sheet1

Corporate

Sheet3

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

Cash Flow

Capital

Strategy

Food

Sensitivities

Sheet1

Corporate

Sheet3

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

11

22600 MTFlat

maturity

Almond Volume

$820kgdarr47

Almond Price

$281mdarr$34m

Cost per Kg Up 192

Water

Almond EBIT

12

Volume Growth

13

develop as planned

2021 Crop

both underway

industry standard

Horticulture

processing

Expansion

14

Almond Crop Update

15

Food Division

16

$17mdarr$06m

Food Division EBIT

processed products

Growth

Corporate

Consumer Sales

Processing Cost

17

pipeline exciting

Industrial Sales

Corporate

Sunsol

Processing Cost

Television

OOH

DRIVE ONGOING SALES

Social

YouTube VOD

19

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

Industrial Brands

Retail Brands

rarr rarr

22

23

2H FY2020 Outlook

24

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

25

26

Leased 10267 4155Total 19016 7696

27

28

Note

Maturity

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

7+ 12 135

29

Tree Nut Pricing

A$K

g

30

31

0

5

10

15

20

25

30

35

o

f Tot

al G

row

ing

Cost

s

32

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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

Select Harvests Acreage Profile

			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

O Kyndalin Park - 2019									386		386

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

Industry Yield								030		050		080

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 Central Acres				5328		5328		7060		7092		7592		7592		7592

Total Central Bearing Acres				4726		4893		5328		5328		7060		6706		7206

Total Central Mature Acres				4726		4726		4726		4726		4726		4507		4942


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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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 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

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

Industry Tonnage		5328		5328		5328		5328		5408		5462		5574		5649		5734


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

O Jubilee Mature							692		461		461		461

Yield							123		171		135		135

Tonnes				- 0		- 0		- 0		851		789		620		622

						692		461		461		461

Industry Yield							1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield							0		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield								1		1		1

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 Southern Acres				3132		4248		5089		6619		6625		6625		6625

Total Southern Bearing Acres				2368		2812		3132		4940		5550		6388		6625

Total Southern Mature Acres				2368		2368		2368		3060		2829		3273		3593

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

Industry Tonnage		2842		2842		2842		2975		3160		4522		5003		6136		6797

Total Acres				13168		14284		16963		18525		19031		19031		19031

Increase					85		188		92		27		00		00

Total Bearing Acres				11534		12145		13168		14976		17424		17908		18645

Increase					53		84		137		163		28		41

Total Mature Acres				11534		11534		11534		12226		11995		12220		13243

				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

Industry Tonnage		13841		13841		13841		14024		14453		16006		17229		18423		19892

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

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

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

Gross Margin		257		270

						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

Gross Margin		105		100

Variable Production		- 420		- 440

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


Sales Revenue		55500		57609


COGS		44400		46231


Gross Margin $		11100		11378

Gross Margin		200		198


Variable Production		- 50		- 50

Variable Logisitics		- 1650		- 1700

Brand Costs		- 160		- 170

Fixed Costs		- 120		- 130


EBIT		9120		9328


Operations

Cost of sales		- 1000		- 250


Variable Production		- 7171		- 7350


Variable Logistics		- 3320		- 3560


Brand Costs		- 275		- 50


Fixed Costs		- 4830		- 4951


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

	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

	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

Select Harvests Acreage Profile

			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

O Kyndalin Park - 2019									386		386

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

Industry Yield								030		050		080

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 Central Acres				5328		5328		7060		7092		7592		7592		7592

Total Central Bearing Acres				4726		4893		5328		5328		7060		6706		7206

Total Central Mature Acres				4726		4726		4726		4726		4726		4507		4942


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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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 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

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

Industry Tonnage		5328		5328		5328		5328		5408		5462		5574		5649		5734


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

O Jubilee Mature							692		461		461		461

Yield							123		171		135		135

Tonnes				- 0		- 0		- 0		851		789		620		622

						692		461		461		461

Industry Yield							1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield							0		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield								1		1		1

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 Southern Acres				3132		4248		5089		6619		6625		6625		6625

Total Southern Bearing Acres				2368		2812		3132		4940		5550		6388		6625

Total Southern Mature Acres				2368		2368		2368		3060		2829		3273		3593

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

Industry Tonnage		2842		2842		2842		2975		3160		4522		5003		6136		6797

Total Acres				13168		14284		16963		18525		19031		19031		19031

Increase					85		188		92		27		00		00

Total Bearing Acres				11534		12145		13168		14976		17424		17908		18645

Increase					53		84		137		163		28		41

Total Mature Acres				11534		11534		11534		12226		11995		12220		13243

				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

Industry Tonnage		13841		13841		13841		14024		14453		16006		17229		18423		19892

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

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 2019		1H 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)		200		181		(19)		(95)


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 FY2019		1H FY2020


EBITDA		385		345

Change in Working Capital		(480)		(435)

Tax Paid		(28)		(168)

Net Interest		(21)		(75)

Cash Flow From Operations		(144)		(333)


Investing Cash Flows		(147)		(263)

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

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

Gross Margin		257		270

						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

Gross Margin		105		100

Variable Production		- 420		- 440

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


Sales Revenue		55500		57609


COGS		44400		46231


Gross Margin $		11100		11378

Gross Margin		200		198


Variable Production		- 50		- 50

Variable Logisitics		- 1650		- 1700

Brand Costs		- 160		- 170

Fixed Costs		- 120		- 130


EBIT		9120		9328


Operations

Cost of sales		- 1000		- 250


Variable Production		- 7171		- 7350


Variable Logistics		- 3320		- 3560


Brand Costs		- 275		- 50


Fixed Costs		- 4830		- 4951


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

	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

	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

Select Harvests Acreage Profile

			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

O Kyndalin Park - 2019									386		386

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

Industry Yield								030		050		080

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 Central Acres				5328		5328		7060		7092		7592		7592		7592

Total Central Bearing Acres				4726		4893		5328		5328		7060		6706		7206

Total Central Mature Acres				4726		4726		4726		4726		4726		4507		4942


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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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 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

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

Industry Tonnage		5328		5328		5328		5328		5408		5462		5574		5649		5734


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

O Jubilee Mature							692		461		461		461

Yield							123		171		135		135

Tonnes				- 0		- 0		- 0		851		789		620		622

						692		461		461		461

Industry Yield							1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield							0		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield								1		1		1

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 Southern Acres				3132		4248		5089		6619		6625		6625		6625

Total Southern Bearing Acres				2368		2812		3132		4940		5550		6388		6625

Total Southern Mature Acres				2368		2368		2368		3060		2829		3273		3593

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

Industry Tonnage		2842		2842		2842		2975		3160		4522		5003		6136		6797

Total Acres				13168		14284		16963		18525		19031		19031		19031

Increase					85		188		92		27		00		00

Total Bearing Acres				11534		12145		13168		14976		17424		17908		18645

Increase					53		84		137		163		28		41

Total Mature Acres				11534		11534		11534		12226		11995		12220		13243

				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

Industry Tonnage		13841		13841		13841		14024		14453		16006		17229		18423		19892

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

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 FY2019		1H FY2020


EBITDA		385		345

Change in Working Capital		(480)		(435)

Tax Paid		(28)		(168)

Net Interest		(21)		(75)

Cash Flow From Operations		(144)		(333)


Investing Cash Flows		(147)		(263)

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

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

Gross Margin		257		270

						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

Gross Margin		105		100

Variable Production		- 420		- 440

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


Sales Revenue		55500		57609


COGS		44400		46231


Gross Margin $		11100		11378

Gross Margin		200		198


Variable Production		- 50		- 50

Variable Logisitics		- 1650		- 1700

Brand Costs		- 160		- 170

Fixed Costs		- 120		- 130


EBIT		9120		9328


Operations

Cost of sales		- 1000		- 250


Variable Production		- 7171		- 7350


Variable Logistics		- 3320		- 3560


Brand Costs		- 275		- 50


Fixed Costs		- 4830		- 4951


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

	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

$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

-

Net debt

Increase

(269506)

0130

0095

3

$174mdarr$27m

NPAT

$345mdarr$40m

EBITDA1

181 cpsdarr138

- DRP at 3 discount

Half Year ROCE

48darr11

Operating Cashflow

($322m)darr$178m

4

22600 MTFlat

re-planted

Almond Volume

$820kgdarr47

Almond Price

$281mdarr108

costs

$17mdarr274

Food Division EBIT

Corporate

5

170

349

adjustment 254

Parboil maintenance

shutdown

and industrial

6

pg 18

pg19

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

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

Balance Sheet

Capital

Strategy

Food

Sensitivities

Sheet1

Corporate

Sheet3

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

Cash Flow

Capital

Strategy

Food

Sensitivities

Sheet1

Corporate

Sheet3

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

11

22600 MTFlat

maturity

Almond Volume

$820kgdarr47

Almond Price

$281mdarr$34m

Cost per Kg Up 192

Water

Almond EBIT

12

Volume Growth

13

develop as planned

2021 Crop

both underway

industry standard

Horticulture

processing

Expansion

14

Almond Crop Update

15

Food Division

16

$17mdarr$06m

Food Division EBIT

processed products

Growth

Corporate

Consumer Sales

Processing Cost

17

pipeline exciting

Industrial Sales

Corporate

Sunsol

Processing Cost

Television

OOH

DRIVE ONGOING SALES

Social

YouTube VOD

19

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

Industrial Brands

Retail Brands

rarr rarr

22

23

2H FY2020 Outlook

24

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

25

26

Leased 10267 4155Total 19016 7696

27

28

Note

Maturity

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

7+ 12 135

29

Tree Nut Pricing

A$K

g

30

31

0

5

10

15

20

25

30

35

o

f Tot

al G

row

ing

Cost

s

32

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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

Select Harvests Acreage Profile

			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

O Kyndalin Park - 2019									386		386

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

Industry Yield								030		050		080

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 Central Acres				5328		5328		7060		7092		7592		7592		7592

Total Central Bearing Acres				4726		4893		5328		5328		7060		6706		7206

Total Central Mature Acres				4726		4726		4726		4726		4726		4507		4942


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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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 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

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

Industry Tonnage		5328		5328		5328		5328		5408		5462		5574		5649		5734


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

O Jubilee Mature							692		461		461		461

Yield							123		171		135		135

Tonnes				- 0		- 0		- 0		851		789		620		622

						692		461		461		461

Industry Yield							1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield							0		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield								1		1		1

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 Southern Acres				3132		4248		5089		6619		6625		6625		6625

Total Southern Bearing Acres				2368		2812		3132		4940		5550		6388		6625

Total Southern Mature Acres				2368		2368		2368		3060		2829		3273		3593

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

Industry Tonnage		2842		2842		2842		2975		3160		4522		5003		6136		6797

Total Acres				13168		14284		16963		18525		19031		19031		19031

Increase					85		188		92		27		00		00

Total Bearing Acres				11534		12145		13168		14976		17424		17908		18645

Increase					53		84		137		163		28		41

Total Mature Acres				11534		11534		11534		12226		11995		12220		13243

				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

Industry Tonnage		13841		13841		13841		14024		14453		16006		17229		18423		19892

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

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

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

Gross Margin		257		270

						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

Gross Margin		105		100

Variable Production		- 420		- 440

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


Sales Revenue		55500		57609


COGS		44400		46231


Gross Margin $		11100		11378

Gross Margin		200		198


Variable Production		- 50		- 50

Variable Logisitics		- 1650		- 1700

Brand Costs		- 160		- 170

Fixed Costs		- 120		- 130


EBIT		9120		9328


Operations

Cost of sales		- 1000		- 250


Variable Production		- 7171		- 7350


Variable Logistics		- 3320		- 3560


Brand Costs		- 275		- 50


Fixed Costs		- 4830		- 4951


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

	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

	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

Select Harvests Acreage Profile

			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

O Kyndalin Park - 2019									386		386

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

Industry Yield								030		050		080

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 Central Acres				5328		5328		7060		7092		7592		7592		7592

Total Central Bearing Acres				4726		4893		5328		5328		7060		6706		7206

Total Central Mature Acres				4726		4726		4726		4726		4726		4507		4942


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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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 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

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

Industry Tonnage		5328		5328		5328		5328		5408		5462		5574		5649		5734


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

O Jubilee Mature							692		461		461		461

Yield							123		171		135		135

Tonnes				- 0		- 0		- 0		851		789		620		622

						692		461		461		461

Industry Yield							1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield							0		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield								1		1		1

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 Southern Acres				3132		4248		5089		6619		6625		6625		6625

Total Southern Bearing Acres				2368		2812		3132		4940		5550		6388		6625

Total Southern Mature Acres				2368		2368		2368		3060		2829		3273		3593

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

Industry Tonnage		2842		2842		2842		2975		3160		4522		5003		6136		6797

Total Acres				13168		14284		16963		18525		19031		19031		19031

Increase					85		188		92		27		00		00

Total Bearing Acres				11534		12145		13168		14976		17424		17908		18645

Increase					53		84		137		163		28		41

Total Mature Acres				11534		11534		11534		12226		11995		12220		13243

				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

Industry Tonnage		13841		13841		13841		14024		14453		16006		17229		18423		19892

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

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 2019		1H 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)		200		181		(19)		(95)


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 FY2019		1H FY2020


EBITDA		385		345

Change in Working Capital		(480)		(435)

Tax Paid		(28)		(168)

Net Interest		(21)		(75)

Cash Flow From Operations		(144)		(333)


Investing Cash Flows		(147)		(263)

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

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

Gross Margin		257		270

						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

Gross Margin		105		100

Variable Production		- 420		- 440

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


Sales Revenue		55500		57609


COGS		44400		46231


Gross Margin $		11100		11378

Gross Margin		200		198


Variable Production		- 50		- 50

Variable Logisitics		- 1650		- 1700

Brand Costs		- 160		- 170

Fixed Costs		- 120		- 130


EBIT		9120		9328


Operations

Cost of sales		- 1000		- 250


Variable Production		- 7171		- 7350


Variable Logistics		- 3320		- 3560


Brand Costs		- 275		- 50


Fixed Costs		- 4830		- 4951


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

	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

	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

Select Harvests Acreage Profile

			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

O Kyndalin Park - 2019									386		386

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

Industry Yield								030		050		080

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 Central Acres				5328		5328		7060		7092		7592		7592		7592

Total Central Bearing Acres				4726		4893		5328		5328		7060		6706		7206

Total Central Mature Acres				4726		4726		4726		4726		4726		4507		4942


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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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 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

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

Industry Tonnage		5328		5328		5328		5328		5408		5462		5574		5649		5734


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

O Jubilee Mature							692		461		461		461

Yield							123		171		135		135

Tonnes				- 0		- 0		- 0		851		789		620		622

						692		461		461		461

Industry Yield							1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield							0		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield								1		1		1

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 Southern Acres				3132		4248		5089		6619		6625		6625		6625

Total Southern Bearing Acres				2368		2812		3132		4940		5550		6388		6625

Total Southern Mature Acres				2368		2368		2368		3060		2829		3273		3593

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

Industry Tonnage		2842		2842		2842		2975		3160		4522		5003		6136		6797

Total Acres				13168		14284		16963		18525		19031		19031		19031

Increase					85		188		92		27		00		00

Total Bearing Acres				11534		12145		13168		14976		17424		17908		18645

Increase					53		84		137		163		28		41

Total Mature Acres				11534		11534		11534		12226		11995		12220		13243

				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

Industry Tonnage		13841		13841		13841		14024		14453		16006		17229		18423		19892

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

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 FY2019		1H FY2020


EBITDA		385		345

Change in Working Capital		(480)		(435)

Tax Paid		(28)		(168)

Net Interest		(21)		(75)

Cash Flow From Operations		(144)		(333)


Investing Cash Flows		(147)		(263)

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

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

Gross Margin		257		270

						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

Gross Margin		105		100

Variable Production		- 420		- 440

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


Sales Revenue		55500		57609


COGS		44400		46231


Gross Margin $		11100		11378

Gross Margin		200		198


Variable Production		- 50		- 50

Variable Logisitics		- 1650		- 1700

Brand Costs		- 160		- 170

Fixed Costs		- 120		- 130


EBIT		9120		9328


Operations

Cost of sales		- 1000		- 250


Variable Production		- 7171		- 7350


Variable Logistics		- 3320		- 3560


Brand Costs		- 275		- 50


Fixed Costs		- 4830		- 4951


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

	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

$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

-

Net debt

Increase

(269506)

0130

0095

4

22600 MTFlat

re-planted

Almond Volume

$820kgdarr47

Almond Price

$281mdarr108

costs

$17mdarr274

Food Division EBIT

Corporate

5

170

349

adjustment 254

Parboil maintenance

shutdown

and industrial

6

pg 18

pg19

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

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

Balance Sheet

Capital

Strategy

Food

Sensitivities

Sheet1

Corporate

Sheet3

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

Cash Flow

Capital

Strategy

Food

Sensitivities

Sheet1

Corporate

Sheet3

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

11

22600 MTFlat

maturity

Almond Volume

$820kgdarr47

Almond Price

$281mdarr$34m

Cost per Kg Up 192

Water

Almond EBIT

12

Volume Growth

13

develop as planned

2021 Crop

both underway

industry standard

Horticulture

processing

Expansion

14

Almond Crop Update

15

Food Division

16

$17mdarr$06m

Food Division EBIT

processed products

Growth

Corporate

Consumer Sales

Processing Cost

17

pipeline exciting

Industrial Sales

Corporate

Sunsol

Processing Cost

Television

OOH

DRIVE ONGOING SALES

Social

YouTube VOD

19

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

Industrial Brands

Retail Brands

rarr rarr

22

23

2H FY2020 Outlook

24

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

25

26

Leased 10267 4155Total 19016 7696

27

28

Note

Maturity

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

7+ 12 135

29

Tree Nut Pricing

A$K

g

30

31

0

5

10

15

20

25

30

35

o

f Tot

al G

row

ing

Cost

s

32

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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

Select Harvests Acreage Profile

			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

O Kyndalin Park - 2019									386		386

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

Industry Yield								030		050		080

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 Central Acres				5328		5328		7060		7092		7592		7592		7592

Total Central Bearing Acres				4726		4893		5328		5328		7060		6706		7206

Total Central Mature Acres				4726		4726		4726		4726		4726		4507		4942


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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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 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

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

Industry Tonnage		5328		5328		5328		5328		5408		5462		5574		5649		5734


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

O Jubilee Mature							692		461		461		461

Yield							123		171		135		135

Tonnes				- 0		- 0		- 0		851		789		620		622

						692		461		461		461

Industry Yield							1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield							0		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield								1		1		1

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 Southern Acres				3132		4248		5089		6619		6625		6625		6625

Total Southern Bearing Acres				2368		2812		3132		4940		5550		6388		6625

Total Southern Mature Acres				2368		2368		2368		3060		2829		3273		3593

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

Industry Tonnage		2842		2842		2842		2975		3160		4522		5003		6136		6797

Total Acres				13168		14284		16963		18525		19031		19031		19031

Increase					85		188		92		27		00		00

Total Bearing Acres				11534		12145		13168		14976		17424		17908		18645

Increase					53		84		137		163		28		41

Total Mature Acres				11534		11534		11534		12226		11995		12220		13243

				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

Industry Tonnage		13841		13841		13841		14024		14453		16006		17229		18423		19892

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

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

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

Gross Margin		257		270

						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

Gross Margin		105		100

Variable Production		- 420		- 440

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


Sales Revenue		55500		57609


COGS		44400		46231


Gross Margin $		11100		11378

Gross Margin		200		198


Variable Production		- 50		- 50

Variable Logisitics		- 1650		- 1700

Brand Costs		- 160		- 170

Fixed Costs		- 120		- 130


EBIT		9120		9328


Operations

Cost of sales		- 1000		- 250


Variable Production		- 7171		- 7350


Variable Logistics		- 3320		- 3560


Brand Costs		- 275		- 50


Fixed Costs		- 4830		- 4951


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

	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

	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

Select Harvests Acreage Profile

			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

O Kyndalin Park - 2019									386		386

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

Industry Yield								030		050		080

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 Central Acres				5328		5328		7060		7092		7592		7592		7592

Total Central Bearing Acres				4726		4893		5328		5328		7060		6706		7206

Total Central Mature Acres				4726		4726		4726		4726		4726		4507		4942


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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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 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

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

Industry Tonnage		5328		5328		5328		5328		5408		5462		5574		5649		5734


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

O Jubilee Mature							692		461		461		461

Yield							123		171		135		135

Tonnes				- 0		- 0		- 0		851		789		620		622

						692		461		461		461

Industry Yield							1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield							0		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield								1		1		1

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 Southern Acres				3132		4248		5089		6619		6625		6625		6625

Total Southern Bearing Acres				2368		2812		3132		4940		5550		6388		6625

Total Southern Mature Acres				2368		2368		2368		3060		2829		3273		3593

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

Industry Tonnage		2842		2842		2842		2975		3160		4522		5003		6136		6797

Total Acres				13168		14284		16963		18525		19031		19031		19031

Increase					85		188		92		27		00		00

Total Bearing Acres				11534		12145		13168		14976		17424		17908		18645

Increase					53		84		137		163		28		41

Total Mature Acres				11534		11534		11534		12226		11995		12220		13243

				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

Industry Tonnage		13841		13841		13841		14024		14453		16006		17229		18423		19892

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

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 2019		1H 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)		200		181		(19)		(95)


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 FY2019		1H FY2020


EBITDA		385		345

Change in Working Capital		(480)		(435)

Tax Paid		(28)		(168)

Net Interest		(21)		(75)

Cash Flow From Operations		(144)		(333)


Investing Cash Flows		(147)		(263)

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

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

Gross Margin		257		270

						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

Gross Margin		105		100

Variable Production		- 420		- 440

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


Sales Revenue		55500		57609


COGS		44400		46231


Gross Margin $		11100		11378

Gross Margin		200		198


Variable Production		- 50		- 50

Variable Logisitics		- 1650		- 1700

Brand Costs		- 160		- 170

Fixed Costs		- 120		- 130


EBIT		9120		9328


Operations

Cost of sales		- 1000		- 250


Variable Production		- 7171		- 7350


Variable Logistics		- 3320		- 3560


Brand Costs		- 275		- 50


Fixed Costs		- 4830		- 4951


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

	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

	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

Select Harvests Acreage Profile

			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

O Kyndalin Park - 2019									386		386

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

Industry Yield								030		050		080

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 Central Acres				5328		5328		7060		7092		7592		7592		7592

Total Central Bearing Acres				4726		4893		5328		5328		7060		6706		7206

Total Central Mature Acres				4726		4726		4726		4726		4726		4507		4942


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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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 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

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

Industry Tonnage		5328		5328		5328		5328		5408		5462		5574		5649		5734


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

O Jubilee Mature							692		461		461		461

Yield							123		171		135		135

Tonnes				- 0		- 0		- 0		851		789		620		622

						692		461		461		461

Industry Yield							1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield							0		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield						0		1		1		1		1

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

Industry Yield								0		1		1

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

Industry Yield					0		1		1		1		1		1

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

Industry Yield								1		1		1

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 Southern Acres				3132		4248		5089		6619		6625		6625		6625

Total Southern Bearing Acres				2368		2812		3132		4940		5550		6388		6625

Total Southern Mature Acres				2368		2368		2368		3060		2829		3273		3593

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

Industry Tonnage		2842		2842		2842		2975		3160		4522		5003		6136		6797

Total Acres				13168		14284		16963		18525		19031		19031		19031

Increase					85		188		92		27		00		00

Total Bearing Acres				11534		12145		13168		14976		17424		17908		18645

Increase					53		84		137		163		28		41

Total Mature Acres				11534		11534		11534		12226		11995		12220		13243

				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

Industry Tonnage		13841		13841		13841		14024		14453		16006		17229		18423		19892

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

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 FY2019		1H FY2020


EBITDA		385		345

Change in Working Capital		(480)		(435)

Tax Paid		(28)		(168)

Net Interest		(21)		(75)

Cash Flow From Operations		(144)		(333)


Investing Cash Flows		(147)		(263)

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

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

Gross Margin		257		270

						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

Gross Margin		105		100

Variable Production		- 420		- 440

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


Sales Revenue		55500		57609


COGS		44400		46231


Gross Margin $		11100		11378

Gross Margin		200		198


Variable Production		- 50		- 50

Variable Logisitics		- 1650		- 1700

Brand Costs		- 160		- 170

Fixed Costs		- 120		- 130


EBIT		9120		9328


Operations

Cost of sales		- 1000		- 250


Variable Production		- 7171		- 7350


Variable Logistics		- 3320		- 3560


Brand Costs		- 275		- 50


Fixed Costs		- 4830		- 4951


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

	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

$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

-

Net debt

Increase

(269506)

0130

0095

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