select harvests limited - marcus today
TRANSCRIPT
Select Harvests Limited
Investor Presentation
12 November 2014
2 2
Disclaimer amp Basis of Preparation
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
3 3
FY14 Performance
Earnings Before Interest amp Tax (ldquoEBITrdquo) Reported FY14 EBIT $418M - vs Reported FY13 EBIT $52M Underlying FY14 EBIT $418M - up 11 vs Underlying FY13 EBIT $377M
Net Profit after Tax (ldquoNPATrdquo) Reported FY14 NPAT $290M - vs Reported FY13 NPAT $29M Underlying FY14 NPAT $290M - up 27 vs Underlying FY13 NPAT $229M
Cash flowGearingFunding FY14 Operating cash flow $231m (FY13 $41m) ndash strong conversion $55M of working capital as at 30 June 2014 ndash majority will be converted to cash by 31 December 2014 Dual banking arrangement was agreed with NAB amp Rabo including acquisition facility
Earnings Per Share (ldquoEPSrdquo) Reported FY14 EPS 502 cents per share (ldquocpsrdquo) - up 25 vs Underlying FY13 EPS 401 cps
Dividends Final Dividend (unfranked) 9 cps ndash last year Final Dividend 9 cps Full Year Dividends total 20 cents per share ndash last year Full Year Dividends totalled 12 cps
FY14 includes $6m pre-tax revaluation of almond trees
Increased profit and strong cash flow generation despite lower than anticipated crop volumes
4 4
FY14 Performance
OHS amp Environment
OHS - Another improved safety result with group Lost Time Injuries (LTI) down 727 year on year
Zero major environment incidents
Acquisitions
Allinga amp Mendook
Other Achievements
Consumer complaints down 20
Processing damage at Carina West processing facility down 22
Processing cost flat at Thomastown
Post Year End Events
Amaroo acquisition ndash including Water acquisition - 6215 ML
Mullroo (Grewal) acquisition
Capital raising - $47M placement $197M Share Purchase Plan
Seven year high 417 Market Share Aug 2014 for Lucky Brand
Industrial sales continue to grow
Performance improvement extends beyond the financials
5 5
Almond Division ndash Performance Activities amp Outlook
SHV well positioned to take advantage of Supply amp Demand fundamentals
Performance ndash Wet harvest significantly diminished yield amp quality Price - A$850kg (FY13 A$638kg) - up 33 - offsetting for reduced volume amp quality Costs - increased due to impact of wet harvest $60m revaluation of trees support by higher almond price FY14 Acquisitions - Allinga amp Mendook (680 planted acres amp 2600 unplanted acres) FY15 Acquisitions ndash Amaroo amp Mullroo (Grewal) - 2481 planted acres amp 2865 unplanted acres in FY15 to date
Activities Commenced orchard replant program 512 acres Largely offset by Orchard maturity profile of portfolio Due diligence bedding down and integration of acquisitions Improving on farm productivity and execution Planning orchards (replantsgreenfields) Growing and supporting 2015 crop
Outlook Strategy to double plantings by 2018 remains unchanged Almond pricing has increased on FY14 average price ndash up 10-15 Introducing additional measures to protect crop and product quality additional harvest equipment Dryer amp Bio stimulants
6 6
Food Division ndash Performance Activities amp Outlook
Performance Industrial delivers another record result - 24 up on FY13 Revenue reduction driven by loss of major retailer private label almond contracts Branded business remains strong Improved sales mix has driven margin improvement Production cost per kg remained flat year-on-year in spite of private label volume loss
Activities Brand relaunches (reformulate relaunch) ndash Sunsol Mueslis Lucky Smart Snax Absolute focus on margin management and return on investment Multiple Consumer products price increases Scoping new markets both local and export
Outlook Investment in research product development brand imageawareness is becoming evident Turnaround has commenced ndash building block are now in place
Emergence of a Brand driven Food Business
7 7
Acquisitions ndash Geographic Diversity Scale amp Future
Geographically diversified portfolio of 13311 acres of planted almond orchard
Allinga ndash Loxton SA (A$163M)
bull 680 acres mature almond
bull 1000 acres suitable for planting to almonds (FY15)
bull Gained SA water buybackefficiently funding (Net $5m) to support new
plantings
Amaroo ndash Paringa SA (A$525M)
bull 2046 acres almond (1288 acres mature 758 acres immature)
bull 1500 acres suitable for planting to almond (plant FY1617)
bull Other acquired assets ndash 6215 ML high security water entitlements 764
acres citrus (leased out)
Mullroo (Grewal) ndash Lake Cullulleraine VIC (A$85M)
bull 435 acres almond (175 acres mature 260 acres immature)
bull 1365 acres suitable for planting to almond (plant FY16 17)
Mendook ndash Euston NSW (A$20M)
bull 1600 acres suitable for planting to almonds (plant FY16)
Subject to business case
8 8
Note Anticipated PlantingsSource Company Data
00
50
100
150
200
250
300
350
400
450
500
Un
pla
nte
dhellip
Pla
nti
nghellip
Pla
nti
nghellip
Pla
nti
nghellip
Pla
nti
nghellip 1 2 3 4 5 6 7 8 9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Tree Age (Years)
Planted acreage age profile
25Planted orchards are
67Planted orchards in economic sweet spot -
low capex amp high cash generation
8Planted orchards post
economic maturity
ReplantsNew Plants
Land bank ( of total
land holding)
Orchard Profile ndash Young Orchards PLUS Longevity
Select Harvests almond orchards have an average age of 109 years On track to double acreage by 2018
9 9
Global Supply - US Drought
SHV AGM 2013 ndash 0 Exceptional Drought 11 Extreme Drought 84 Severe Drought
SHV AGM 2014 ndash 55 Exceptional Drought 80 Extreme Drought 94 Severe Drought
ENTIRE US ALMOND INDUSTRY IN EXCEPTIONAL DROUGHT THIS YEAR
Orange States = Severe DroughtRed States = Extreme DroughtDark Brown States ndash Exceptional Drought
10 10
Global Supply -Crop Outlook
US Crop Update (201314) - harvested
Market estimate of USA 201314 Almond crop - now 17-18 billion pounds (Ref Hilltop Ranch ndash 2 Nov 2014)
Down 300-400 million pounds on original NASS Objective Estimate of 21 billion pounds
SHV Crop Update (201415) - growing
bull Good blossom amp pollination
bull Growing conditions have been good
11 11
Outlook ndash Business Focus
Almond Division
Maximise 2015 crop
Integrate acquisitions
Prepare for 2015 amp 2016 greenfield plantings amp funding options
Development of orchard benchmarking
Secure further mature orchards
Food Division
Continue innovation stream in industrialpackaged goods segments
Raise the bar on quality and increase velocity of new product development
Increase focus on SE Asia customer base
Significant opportunity to improve the base business
12 12
Thank youPlease direct any queries to
Paul Thompson Paul Chambers Andrew Angus
Managing Director Chief Financial Officer Investor Relations
+61 3 9474 3544 +61 3 9474 3544 +61 402 823 757
13 13
Select Harvests - Financial History
Source Company Data
SHV Historical Summary Units 2006 2007 2008 2009 2010 2011 2012 2013 2014
Total Sales (A$M) 2179 2295 2247 2486 2384 2483 2513 1911 1883
EBIT (A$M) 384 405 271 268 260 226 196 377 418
EBIT Margin (EBITSales - ) () 176 176 121 108 109 91 78 197 222
PBT (A$M) 379 400 254 230 236 185 134 327 374
Underlying NPAT (A$M) 265 281 181 167 173 177 95 229 290
Issued Shares No of Shares 397 387 390 395 398 562 568 575 580
Earnings Per Share (AUD Cents per Share) 671 710 467 426 433 337 168 401 502
Dividend per Share (AUD Cents per Share) 530 570 450 120 210 130 80 120 200
Payout Ratio () 800 800 967 282 485 386 476 299 398
Net Tangible Assets per Share (A$Share) 183 157 141 156 187 217 219 214 247
Net Interest Cover (times) 823 758 156 71 107 67 32 75 93
Net Debt (A$M) 13 16 468 524 450 731 668 793 948
Shareholder Equity (A$M) 1015 955 941 1009 1136 1688 1603 1595 1828
Net Debt to Equity Ratio () 13 17 497 519 396 433 417 497 519
Share Price (A$Share) 1302 1160 600 216 346 184 240 39 514
Market Capitalisation (A$M) 5170 4494 2341 854 1376 1035 1200 2243 29812
PE Ratio 195 160 129 51 80 58 126 98 102
14 14
Why Select Harvests - 2015 Orchard Profile
Source Company Data
Almond orchard
portfolio
Planted Orchard
Area (acres)
Planted Orchard
Area (hectares)
Bearing Orchard
Area (acres)
Bearing Orchards
Area (hectares)
Northern Region
Owned 1491 604 1423 576
Leased 3017 1221 3017 1221
Total 4508 1825 4440 1798
Central Region
Owned 4165 1686 3554 1439
Leased 1481 600 1481 600
Total 5646 2286 5035 2039
Southern Region
Owned 3156 1278 2467 999
Leased - - - -
Total 3156 1278 2467 999
Total All Regions
Owned 8812 3568 7444 3014
Leased 4498 1821 4498 1821
Total 13311 5389 11943 4835
Land bank (unplanted) Acres Hectares
Northern Region - -
Central Region 1600 648
Southern Region 3865 1565
Total all Regions 5465 2213
15 15
Why Select Harvests - 2015 Orchard Profile
Source Company Data
AREA BY TREE AGE
Years 0-7 Years 8-26 Years 26+ TOTAL PLANTED AVAILABLE TO PLANT TOTAL
(acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha)
Northern Region
Company Owned 312 126 1179 477 - - 1491 604 - - 1491 604
Leased 1332 539 1685 682 - - 3017 1221 - - 3017 1221
Total 1644 666 2864 1160 - - 4508 1825 - - 4508 1825
Central Region
Company Owned 638 258 2455 994 1072 434 4165 1686 1600 648 5765 2334
Leased - - 1481 600 - - 1481 600 - - 1481 600
Total 638 258 3936 1594 1072 434 5646 2286 1600 648 7246 2934
Southern Region
Company Owned 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
Leased - - - - - - - - - - - -
Total 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
TOTAL
Company Owned 1968 797 5772 2337 1072 434 8812 3568 5465 2213 14277 5780
Leased 1332 539 3166 1282 - - 4498 1821 - - 4498 1821
Total 3300 1336 8938 3619 1072 434 13311 5389 5465 2213 18776 7601
16 16
Significant Orchard Growth Double plantings by 2018
Growth - 5465 acres of unplanted land suitable for almonds will be planted over the next 4 years
8547(79)
2282(21)
1463
1018
1465
2350
350 1650
350 406 (1072)
10871(58)
7939(42)
2850
21659
-
5000
10000
15000
20000
25000
Current Acquisitions FY15Planting Program
FY16Planting Program
FY17Planting Program
FY18Planting Program
Existing treesremoved forreplanting
Total Additional acreagerequired to achieve
Strategic Target
FY18 StrategicTarget
Acr
es
Mature Almond Orchards ( gt 8 years)
Immature Almond Orchards (0 - 8 years)
Greenfield Almond Orchard Development
Replanted Almond Orchards
Removed Almond Orchards
Strategic Target
Utilising current and acquisition land bank
17 17
Global Supply ndash US ReservoirsTempSnowpack
Temperature
Six Months In and Sizzling California Sets Record - Andrea Thompson Climate Central 16 July 2014
California just finished the hottest first half year on record a period going back 120 years according to the national climate overview for June released by the National Oceanic and Atmospheric Administration (NOAA)
httpwwwclimatecentralorgnewscalifornia-warmest-year-record-17774
Snowpack
California drought Sierra snowpack is barely there - Peter Fimrite SFGate San Francisco Chronicle 2 May 2014
The snow levels in the Sierra were only 18 percent of average on Thursday when the last of the seasons once-a-month measurements was taken by the California Department of Water Resources Thats worse than last month when the snowpack was 32 percent of normal for the date Conditions get worse the farther north one goes in the Sierra and Cascade ranges The snowpack is a paltry 7 percent of average in the northern part of the state according to the measurements
httpwwwsfgatecomsciencearticleCalifornia-drought-Sierra-snowpack-is-barely-5446649php
Reservoir Conditions Most storages have less than half of their historical average water levels
Temperature Hottest 6 months on record drives evaporationtranspiration
Snowpack Historically low snowpack which provide the surface water ground water recharge is concerning
18 18
Global Supply - US Groundwater Levels
Groundwater accounts for 30-60 of California water use NASA data shows serious water loss since 2002
This trio of images depicts satellite observations of declining water storage in California as seen by NASAs Gravity Recovery and Climate Experiment satellites in June 2002 (left) June 2008 (center) and June 2014 (right) Colors progressing from green to orange to red represent greater accumulated water loss between April 2002 and June 2014 Californias Sacramento and San Joaquin River basins including the Central Valley have suffered the greatest losses in part due to increased groundwater pumping to support agricultural production Between 2011 and 2014 the combined river basins have lost 4 trillion gallons (15 cubic kilometers or 12 million acre-feet) of water each year an amount far greater than Californias 38 million residents use in cities and homes annually Source NASA (httpwwwjplnasagovspaceimagesdetailsphpid=PIA18816)Source 2 Dept of Water Resources California (httpwwwwatercagovwaterconditionsdocsDrought_Response-Groundwater_Basins_April30_Final_BCpdf)
19 19
Global Demand ndash Diverse High Growth
Almonds have held the No1 position in global tree nut innovations since 2006 (35 market share 2013)
Long term US per capita consumption of almond outpaces all other tree nuts (376 growth since 1980)
2 2
Disclaimer amp Basis of Preparation
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
3 3
FY14 Performance
Earnings Before Interest amp Tax (ldquoEBITrdquo) Reported FY14 EBIT $418M - vs Reported FY13 EBIT $52M Underlying FY14 EBIT $418M - up 11 vs Underlying FY13 EBIT $377M
Net Profit after Tax (ldquoNPATrdquo) Reported FY14 NPAT $290M - vs Reported FY13 NPAT $29M Underlying FY14 NPAT $290M - up 27 vs Underlying FY13 NPAT $229M
Cash flowGearingFunding FY14 Operating cash flow $231m (FY13 $41m) ndash strong conversion $55M of working capital as at 30 June 2014 ndash majority will be converted to cash by 31 December 2014 Dual banking arrangement was agreed with NAB amp Rabo including acquisition facility
Earnings Per Share (ldquoEPSrdquo) Reported FY14 EPS 502 cents per share (ldquocpsrdquo) - up 25 vs Underlying FY13 EPS 401 cps
Dividends Final Dividend (unfranked) 9 cps ndash last year Final Dividend 9 cps Full Year Dividends total 20 cents per share ndash last year Full Year Dividends totalled 12 cps
FY14 includes $6m pre-tax revaluation of almond trees
Increased profit and strong cash flow generation despite lower than anticipated crop volumes
4 4
FY14 Performance
OHS amp Environment
OHS - Another improved safety result with group Lost Time Injuries (LTI) down 727 year on year
Zero major environment incidents
Acquisitions
Allinga amp Mendook
Other Achievements
Consumer complaints down 20
Processing damage at Carina West processing facility down 22
Processing cost flat at Thomastown
Post Year End Events
Amaroo acquisition ndash including Water acquisition - 6215 ML
Mullroo (Grewal) acquisition
Capital raising - $47M placement $197M Share Purchase Plan
Seven year high 417 Market Share Aug 2014 for Lucky Brand
Industrial sales continue to grow
Performance improvement extends beyond the financials
5 5
Almond Division ndash Performance Activities amp Outlook
SHV well positioned to take advantage of Supply amp Demand fundamentals
Performance ndash Wet harvest significantly diminished yield amp quality Price - A$850kg (FY13 A$638kg) - up 33 - offsetting for reduced volume amp quality Costs - increased due to impact of wet harvest $60m revaluation of trees support by higher almond price FY14 Acquisitions - Allinga amp Mendook (680 planted acres amp 2600 unplanted acres) FY15 Acquisitions ndash Amaroo amp Mullroo (Grewal) - 2481 planted acres amp 2865 unplanted acres in FY15 to date
Activities Commenced orchard replant program 512 acres Largely offset by Orchard maturity profile of portfolio Due diligence bedding down and integration of acquisitions Improving on farm productivity and execution Planning orchards (replantsgreenfields) Growing and supporting 2015 crop
Outlook Strategy to double plantings by 2018 remains unchanged Almond pricing has increased on FY14 average price ndash up 10-15 Introducing additional measures to protect crop and product quality additional harvest equipment Dryer amp Bio stimulants
6 6
Food Division ndash Performance Activities amp Outlook
Performance Industrial delivers another record result - 24 up on FY13 Revenue reduction driven by loss of major retailer private label almond contracts Branded business remains strong Improved sales mix has driven margin improvement Production cost per kg remained flat year-on-year in spite of private label volume loss
Activities Brand relaunches (reformulate relaunch) ndash Sunsol Mueslis Lucky Smart Snax Absolute focus on margin management and return on investment Multiple Consumer products price increases Scoping new markets both local and export
Outlook Investment in research product development brand imageawareness is becoming evident Turnaround has commenced ndash building block are now in place
Emergence of a Brand driven Food Business
7 7
Acquisitions ndash Geographic Diversity Scale amp Future
Geographically diversified portfolio of 13311 acres of planted almond orchard
Allinga ndash Loxton SA (A$163M)
bull 680 acres mature almond
bull 1000 acres suitable for planting to almonds (FY15)
bull Gained SA water buybackefficiently funding (Net $5m) to support new
plantings
Amaroo ndash Paringa SA (A$525M)
bull 2046 acres almond (1288 acres mature 758 acres immature)
bull 1500 acres suitable for planting to almond (plant FY1617)
bull Other acquired assets ndash 6215 ML high security water entitlements 764
acres citrus (leased out)
Mullroo (Grewal) ndash Lake Cullulleraine VIC (A$85M)
bull 435 acres almond (175 acres mature 260 acres immature)
bull 1365 acres suitable for planting to almond (plant FY16 17)
Mendook ndash Euston NSW (A$20M)
bull 1600 acres suitable for planting to almonds (plant FY16)
Subject to business case
8 8
Note Anticipated PlantingsSource Company Data
00
50
100
150
200
250
300
350
400
450
500
Un
pla
nte
dhellip
Pla
nti
nghellip
Pla
nti
nghellip
Pla
nti
nghellip
Pla
nti
nghellip 1 2 3 4 5 6 7 8 9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Tree Age (Years)
Planted acreage age profile
25Planted orchards are
67Planted orchards in economic sweet spot -
low capex amp high cash generation
8Planted orchards post
economic maturity
ReplantsNew Plants
Land bank ( of total
land holding)
Orchard Profile ndash Young Orchards PLUS Longevity
Select Harvests almond orchards have an average age of 109 years On track to double acreage by 2018
9 9
Global Supply - US Drought
SHV AGM 2013 ndash 0 Exceptional Drought 11 Extreme Drought 84 Severe Drought
SHV AGM 2014 ndash 55 Exceptional Drought 80 Extreme Drought 94 Severe Drought
ENTIRE US ALMOND INDUSTRY IN EXCEPTIONAL DROUGHT THIS YEAR
Orange States = Severe DroughtRed States = Extreme DroughtDark Brown States ndash Exceptional Drought
10 10
Global Supply -Crop Outlook
US Crop Update (201314) - harvested
Market estimate of USA 201314 Almond crop - now 17-18 billion pounds (Ref Hilltop Ranch ndash 2 Nov 2014)
Down 300-400 million pounds on original NASS Objective Estimate of 21 billion pounds
SHV Crop Update (201415) - growing
bull Good blossom amp pollination
bull Growing conditions have been good
11 11
Outlook ndash Business Focus
Almond Division
Maximise 2015 crop
Integrate acquisitions
Prepare for 2015 amp 2016 greenfield plantings amp funding options
Development of orchard benchmarking
Secure further mature orchards
Food Division
Continue innovation stream in industrialpackaged goods segments
Raise the bar on quality and increase velocity of new product development
Increase focus on SE Asia customer base
Significant opportunity to improve the base business
12 12
Thank youPlease direct any queries to
Paul Thompson Paul Chambers Andrew Angus
Managing Director Chief Financial Officer Investor Relations
+61 3 9474 3544 +61 3 9474 3544 +61 402 823 757
13 13
Select Harvests - Financial History
Source Company Data
SHV Historical Summary Units 2006 2007 2008 2009 2010 2011 2012 2013 2014
Total Sales (A$M) 2179 2295 2247 2486 2384 2483 2513 1911 1883
EBIT (A$M) 384 405 271 268 260 226 196 377 418
EBIT Margin (EBITSales - ) () 176 176 121 108 109 91 78 197 222
PBT (A$M) 379 400 254 230 236 185 134 327 374
Underlying NPAT (A$M) 265 281 181 167 173 177 95 229 290
Issued Shares No of Shares 397 387 390 395 398 562 568 575 580
Earnings Per Share (AUD Cents per Share) 671 710 467 426 433 337 168 401 502
Dividend per Share (AUD Cents per Share) 530 570 450 120 210 130 80 120 200
Payout Ratio () 800 800 967 282 485 386 476 299 398
Net Tangible Assets per Share (A$Share) 183 157 141 156 187 217 219 214 247
Net Interest Cover (times) 823 758 156 71 107 67 32 75 93
Net Debt (A$M) 13 16 468 524 450 731 668 793 948
Shareholder Equity (A$M) 1015 955 941 1009 1136 1688 1603 1595 1828
Net Debt to Equity Ratio () 13 17 497 519 396 433 417 497 519
Share Price (A$Share) 1302 1160 600 216 346 184 240 39 514
Market Capitalisation (A$M) 5170 4494 2341 854 1376 1035 1200 2243 29812
PE Ratio 195 160 129 51 80 58 126 98 102
14 14
Why Select Harvests - 2015 Orchard Profile
Source Company Data
Almond orchard
portfolio
Planted Orchard
Area (acres)
Planted Orchard
Area (hectares)
Bearing Orchard
Area (acres)
Bearing Orchards
Area (hectares)
Northern Region
Owned 1491 604 1423 576
Leased 3017 1221 3017 1221
Total 4508 1825 4440 1798
Central Region
Owned 4165 1686 3554 1439
Leased 1481 600 1481 600
Total 5646 2286 5035 2039
Southern Region
Owned 3156 1278 2467 999
Leased - - - -
Total 3156 1278 2467 999
Total All Regions
Owned 8812 3568 7444 3014
Leased 4498 1821 4498 1821
Total 13311 5389 11943 4835
Land bank (unplanted) Acres Hectares
Northern Region - -
Central Region 1600 648
Southern Region 3865 1565
Total all Regions 5465 2213
15 15
Why Select Harvests - 2015 Orchard Profile
Source Company Data
AREA BY TREE AGE
Years 0-7 Years 8-26 Years 26+ TOTAL PLANTED AVAILABLE TO PLANT TOTAL
(acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha)
Northern Region
Company Owned 312 126 1179 477 - - 1491 604 - - 1491 604
Leased 1332 539 1685 682 - - 3017 1221 - - 3017 1221
Total 1644 666 2864 1160 - - 4508 1825 - - 4508 1825
Central Region
Company Owned 638 258 2455 994 1072 434 4165 1686 1600 648 5765 2334
Leased - - 1481 600 - - 1481 600 - - 1481 600
Total 638 258 3936 1594 1072 434 5646 2286 1600 648 7246 2934
Southern Region
Company Owned 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
Leased - - - - - - - - - - - -
Total 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
TOTAL
Company Owned 1968 797 5772 2337 1072 434 8812 3568 5465 2213 14277 5780
Leased 1332 539 3166 1282 - - 4498 1821 - - 4498 1821
Total 3300 1336 8938 3619 1072 434 13311 5389 5465 2213 18776 7601
16 16
Significant Orchard Growth Double plantings by 2018
Growth - 5465 acres of unplanted land suitable for almonds will be planted over the next 4 years
8547(79)
2282(21)
1463
1018
1465
2350
350 1650
350 406 (1072)
10871(58)
7939(42)
2850
21659
-
5000
10000
15000
20000
25000
Current Acquisitions FY15Planting Program
FY16Planting Program
FY17Planting Program
FY18Planting Program
Existing treesremoved forreplanting
Total Additional acreagerequired to achieve
Strategic Target
FY18 StrategicTarget
Acr
es
Mature Almond Orchards ( gt 8 years)
Immature Almond Orchards (0 - 8 years)
Greenfield Almond Orchard Development
Replanted Almond Orchards
Removed Almond Orchards
Strategic Target
Utilising current and acquisition land bank
17 17
Global Supply ndash US ReservoirsTempSnowpack
Temperature
Six Months In and Sizzling California Sets Record - Andrea Thompson Climate Central 16 July 2014
California just finished the hottest first half year on record a period going back 120 years according to the national climate overview for June released by the National Oceanic and Atmospheric Administration (NOAA)
httpwwwclimatecentralorgnewscalifornia-warmest-year-record-17774
Snowpack
California drought Sierra snowpack is barely there - Peter Fimrite SFGate San Francisco Chronicle 2 May 2014
The snow levels in the Sierra were only 18 percent of average on Thursday when the last of the seasons once-a-month measurements was taken by the California Department of Water Resources Thats worse than last month when the snowpack was 32 percent of normal for the date Conditions get worse the farther north one goes in the Sierra and Cascade ranges The snowpack is a paltry 7 percent of average in the northern part of the state according to the measurements
httpwwwsfgatecomsciencearticleCalifornia-drought-Sierra-snowpack-is-barely-5446649php
Reservoir Conditions Most storages have less than half of their historical average water levels
Temperature Hottest 6 months on record drives evaporationtranspiration
Snowpack Historically low snowpack which provide the surface water ground water recharge is concerning
18 18
Global Supply - US Groundwater Levels
Groundwater accounts for 30-60 of California water use NASA data shows serious water loss since 2002
This trio of images depicts satellite observations of declining water storage in California as seen by NASAs Gravity Recovery and Climate Experiment satellites in June 2002 (left) June 2008 (center) and June 2014 (right) Colors progressing from green to orange to red represent greater accumulated water loss between April 2002 and June 2014 Californias Sacramento and San Joaquin River basins including the Central Valley have suffered the greatest losses in part due to increased groundwater pumping to support agricultural production Between 2011 and 2014 the combined river basins have lost 4 trillion gallons (15 cubic kilometers or 12 million acre-feet) of water each year an amount far greater than Californias 38 million residents use in cities and homes annually Source NASA (httpwwwjplnasagovspaceimagesdetailsphpid=PIA18816)Source 2 Dept of Water Resources California (httpwwwwatercagovwaterconditionsdocsDrought_Response-Groundwater_Basins_April30_Final_BCpdf)
19 19
Global Demand ndash Diverse High Growth
Almonds have held the No1 position in global tree nut innovations since 2006 (35 market share 2013)
Long term US per capita consumption of almond outpaces all other tree nuts (376 growth since 1980)
3 3
FY14 Performance
Earnings Before Interest amp Tax (ldquoEBITrdquo) Reported FY14 EBIT $418M - vs Reported FY13 EBIT $52M Underlying FY14 EBIT $418M - up 11 vs Underlying FY13 EBIT $377M
Net Profit after Tax (ldquoNPATrdquo) Reported FY14 NPAT $290M - vs Reported FY13 NPAT $29M Underlying FY14 NPAT $290M - up 27 vs Underlying FY13 NPAT $229M
Cash flowGearingFunding FY14 Operating cash flow $231m (FY13 $41m) ndash strong conversion $55M of working capital as at 30 June 2014 ndash majority will be converted to cash by 31 December 2014 Dual banking arrangement was agreed with NAB amp Rabo including acquisition facility
Earnings Per Share (ldquoEPSrdquo) Reported FY14 EPS 502 cents per share (ldquocpsrdquo) - up 25 vs Underlying FY13 EPS 401 cps
Dividends Final Dividend (unfranked) 9 cps ndash last year Final Dividend 9 cps Full Year Dividends total 20 cents per share ndash last year Full Year Dividends totalled 12 cps
FY14 includes $6m pre-tax revaluation of almond trees
Increased profit and strong cash flow generation despite lower than anticipated crop volumes
4 4
FY14 Performance
OHS amp Environment
OHS - Another improved safety result with group Lost Time Injuries (LTI) down 727 year on year
Zero major environment incidents
Acquisitions
Allinga amp Mendook
Other Achievements
Consumer complaints down 20
Processing damage at Carina West processing facility down 22
Processing cost flat at Thomastown
Post Year End Events
Amaroo acquisition ndash including Water acquisition - 6215 ML
Mullroo (Grewal) acquisition
Capital raising - $47M placement $197M Share Purchase Plan
Seven year high 417 Market Share Aug 2014 for Lucky Brand
Industrial sales continue to grow
Performance improvement extends beyond the financials
5 5
Almond Division ndash Performance Activities amp Outlook
SHV well positioned to take advantage of Supply amp Demand fundamentals
Performance ndash Wet harvest significantly diminished yield amp quality Price - A$850kg (FY13 A$638kg) - up 33 - offsetting for reduced volume amp quality Costs - increased due to impact of wet harvest $60m revaluation of trees support by higher almond price FY14 Acquisitions - Allinga amp Mendook (680 planted acres amp 2600 unplanted acres) FY15 Acquisitions ndash Amaroo amp Mullroo (Grewal) - 2481 planted acres amp 2865 unplanted acres in FY15 to date
Activities Commenced orchard replant program 512 acres Largely offset by Orchard maturity profile of portfolio Due diligence bedding down and integration of acquisitions Improving on farm productivity and execution Planning orchards (replantsgreenfields) Growing and supporting 2015 crop
Outlook Strategy to double plantings by 2018 remains unchanged Almond pricing has increased on FY14 average price ndash up 10-15 Introducing additional measures to protect crop and product quality additional harvest equipment Dryer amp Bio stimulants
6 6
Food Division ndash Performance Activities amp Outlook
Performance Industrial delivers another record result - 24 up on FY13 Revenue reduction driven by loss of major retailer private label almond contracts Branded business remains strong Improved sales mix has driven margin improvement Production cost per kg remained flat year-on-year in spite of private label volume loss
Activities Brand relaunches (reformulate relaunch) ndash Sunsol Mueslis Lucky Smart Snax Absolute focus on margin management and return on investment Multiple Consumer products price increases Scoping new markets both local and export
Outlook Investment in research product development brand imageawareness is becoming evident Turnaround has commenced ndash building block are now in place
Emergence of a Brand driven Food Business
7 7
Acquisitions ndash Geographic Diversity Scale amp Future
Geographically diversified portfolio of 13311 acres of planted almond orchard
Allinga ndash Loxton SA (A$163M)
bull 680 acres mature almond
bull 1000 acres suitable for planting to almonds (FY15)
bull Gained SA water buybackefficiently funding (Net $5m) to support new
plantings
Amaroo ndash Paringa SA (A$525M)
bull 2046 acres almond (1288 acres mature 758 acres immature)
bull 1500 acres suitable for planting to almond (plant FY1617)
bull Other acquired assets ndash 6215 ML high security water entitlements 764
acres citrus (leased out)
Mullroo (Grewal) ndash Lake Cullulleraine VIC (A$85M)
bull 435 acres almond (175 acres mature 260 acres immature)
bull 1365 acres suitable for planting to almond (plant FY16 17)
Mendook ndash Euston NSW (A$20M)
bull 1600 acres suitable for planting to almonds (plant FY16)
Subject to business case
8 8
Note Anticipated PlantingsSource Company Data
00
50
100
150
200
250
300
350
400
450
500
Un
pla
nte
dhellip
Pla
nti
nghellip
Pla
nti
nghellip
Pla
nti
nghellip
Pla
nti
nghellip 1 2 3 4 5 6 7 8 9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Tree Age (Years)
Planted acreage age profile
25Planted orchards are
67Planted orchards in economic sweet spot -
low capex amp high cash generation
8Planted orchards post
economic maturity
ReplantsNew Plants
Land bank ( of total
land holding)
Orchard Profile ndash Young Orchards PLUS Longevity
Select Harvests almond orchards have an average age of 109 years On track to double acreage by 2018
9 9
Global Supply - US Drought
SHV AGM 2013 ndash 0 Exceptional Drought 11 Extreme Drought 84 Severe Drought
SHV AGM 2014 ndash 55 Exceptional Drought 80 Extreme Drought 94 Severe Drought
ENTIRE US ALMOND INDUSTRY IN EXCEPTIONAL DROUGHT THIS YEAR
Orange States = Severe DroughtRed States = Extreme DroughtDark Brown States ndash Exceptional Drought
10 10
Global Supply -Crop Outlook
US Crop Update (201314) - harvested
Market estimate of USA 201314 Almond crop - now 17-18 billion pounds (Ref Hilltop Ranch ndash 2 Nov 2014)
Down 300-400 million pounds on original NASS Objective Estimate of 21 billion pounds
SHV Crop Update (201415) - growing
bull Good blossom amp pollination
bull Growing conditions have been good
11 11
Outlook ndash Business Focus
Almond Division
Maximise 2015 crop
Integrate acquisitions
Prepare for 2015 amp 2016 greenfield plantings amp funding options
Development of orchard benchmarking
Secure further mature orchards
Food Division
Continue innovation stream in industrialpackaged goods segments
Raise the bar on quality and increase velocity of new product development
Increase focus on SE Asia customer base
Significant opportunity to improve the base business
12 12
Thank youPlease direct any queries to
Paul Thompson Paul Chambers Andrew Angus
Managing Director Chief Financial Officer Investor Relations
+61 3 9474 3544 +61 3 9474 3544 +61 402 823 757
13 13
Select Harvests - Financial History
Source Company Data
SHV Historical Summary Units 2006 2007 2008 2009 2010 2011 2012 2013 2014
Total Sales (A$M) 2179 2295 2247 2486 2384 2483 2513 1911 1883
EBIT (A$M) 384 405 271 268 260 226 196 377 418
EBIT Margin (EBITSales - ) () 176 176 121 108 109 91 78 197 222
PBT (A$M) 379 400 254 230 236 185 134 327 374
Underlying NPAT (A$M) 265 281 181 167 173 177 95 229 290
Issued Shares No of Shares 397 387 390 395 398 562 568 575 580
Earnings Per Share (AUD Cents per Share) 671 710 467 426 433 337 168 401 502
Dividend per Share (AUD Cents per Share) 530 570 450 120 210 130 80 120 200
Payout Ratio () 800 800 967 282 485 386 476 299 398
Net Tangible Assets per Share (A$Share) 183 157 141 156 187 217 219 214 247
Net Interest Cover (times) 823 758 156 71 107 67 32 75 93
Net Debt (A$M) 13 16 468 524 450 731 668 793 948
Shareholder Equity (A$M) 1015 955 941 1009 1136 1688 1603 1595 1828
Net Debt to Equity Ratio () 13 17 497 519 396 433 417 497 519
Share Price (A$Share) 1302 1160 600 216 346 184 240 39 514
Market Capitalisation (A$M) 5170 4494 2341 854 1376 1035 1200 2243 29812
PE Ratio 195 160 129 51 80 58 126 98 102
14 14
Why Select Harvests - 2015 Orchard Profile
Source Company Data
Almond orchard
portfolio
Planted Orchard
Area (acres)
Planted Orchard
Area (hectares)
Bearing Orchard
Area (acres)
Bearing Orchards
Area (hectares)
Northern Region
Owned 1491 604 1423 576
Leased 3017 1221 3017 1221
Total 4508 1825 4440 1798
Central Region
Owned 4165 1686 3554 1439
Leased 1481 600 1481 600
Total 5646 2286 5035 2039
Southern Region
Owned 3156 1278 2467 999
Leased - - - -
Total 3156 1278 2467 999
Total All Regions
Owned 8812 3568 7444 3014
Leased 4498 1821 4498 1821
Total 13311 5389 11943 4835
Land bank (unplanted) Acres Hectares
Northern Region - -
Central Region 1600 648
Southern Region 3865 1565
Total all Regions 5465 2213
15 15
Why Select Harvests - 2015 Orchard Profile
Source Company Data
AREA BY TREE AGE
Years 0-7 Years 8-26 Years 26+ TOTAL PLANTED AVAILABLE TO PLANT TOTAL
(acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha)
Northern Region
Company Owned 312 126 1179 477 - - 1491 604 - - 1491 604
Leased 1332 539 1685 682 - - 3017 1221 - - 3017 1221
Total 1644 666 2864 1160 - - 4508 1825 - - 4508 1825
Central Region
Company Owned 638 258 2455 994 1072 434 4165 1686 1600 648 5765 2334
Leased - - 1481 600 - - 1481 600 - - 1481 600
Total 638 258 3936 1594 1072 434 5646 2286 1600 648 7246 2934
Southern Region
Company Owned 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
Leased - - - - - - - - - - - -
Total 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
TOTAL
Company Owned 1968 797 5772 2337 1072 434 8812 3568 5465 2213 14277 5780
Leased 1332 539 3166 1282 - - 4498 1821 - - 4498 1821
Total 3300 1336 8938 3619 1072 434 13311 5389 5465 2213 18776 7601
16 16
Significant Orchard Growth Double plantings by 2018
Growth - 5465 acres of unplanted land suitable for almonds will be planted over the next 4 years
8547(79)
2282(21)
1463
1018
1465
2350
350 1650
350 406 (1072)
10871(58)
7939(42)
2850
21659
-
5000
10000
15000
20000
25000
Current Acquisitions FY15Planting Program
FY16Planting Program
FY17Planting Program
FY18Planting Program
Existing treesremoved forreplanting
Total Additional acreagerequired to achieve
Strategic Target
FY18 StrategicTarget
Acr
es
Mature Almond Orchards ( gt 8 years)
Immature Almond Orchards (0 - 8 years)
Greenfield Almond Orchard Development
Replanted Almond Orchards
Removed Almond Orchards
Strategic Target
Utilising current and acquisition land bank
17 17
Global Supply ndash US ReservoirsTempSnowpack
Temperature
Six Months In and Sizzling California Sets Record - Andrea Thompson Climate Central 16 July 2014
California just finished the hottest first half year on record a period going back 120 years according to the national climate overview for June released by the National Oceanic and Atmospheric Administration (NOAA)
httpwwwclimatecentralorgnewscalifornia-warmest-year-record-17774
Snowpack
California drought Sierra snowpack is barely there - Peter Fimrite SFGate San Francisco Chronicle 2 May 2014
The snow levels in the Sierra were only 18 percent of average on Thursday when the last of the seasons once-a-month measurements was taken by the California Department of Water Resources Thats worse than last month when the snowpack was 32 percent of normal for the date Conditions get worse the farther north one goes in the Sierra and Cascade ranges The snowpack is a paltry 7 percent of average in the northern part of the state according to the measurements
httpwwwsfgatecomsciencearticleCalifornia-drought-Sierra-snowpack-is-barely-5446649php
Reservoir Conditions Most storages have less than half of their historical average water levels
Temperature Hottest 6 months on record drives evaporationtranspiration
Snowpack Historically low snowpack which provide the surface water ground water recharge is concerning
18 18
Global Supply - US Groundwater Levels
Groundwater accounts for 30-60 of California water use NASA data shows serious water loss since 2002
This trio of images depicts satellite observations of declining water storage in California as seen by NASAs Gravity Recovery and Climate Experiment satellites in June 2002 (left) June 2008 (center) and June 2014 (right) Colors progressing from green to orange to red represent greater accumulated water loss between April 2002 and June 2014 Californias Sacramento and San Joaquin River basins including the Central Valley have suffered the greatest losses in part due to increased groundwater pumping to support agricultural production Between 2011 and 2014 the combined river basins have lost 4 trillion gallons (15 cubic kilometers or 12 million acre-feet) of water each year an amount far greater than Californias 38 million residents use in cities and homes annually Source NASA (httpwwwjplnasagovspaceimagesdetailsphpid=PIA18816)Source 2 Dept of Water Resources California (httpwwwwatercagovwaterconditionsdocsDrought_Response-Groundwater_Basins_April30_Final_BCpdf)
19 19
Global Demand ndash Diverse High Growth
Almonds have held the No1 position in global tree nut innovations since 2006 (35 market share 2013)
Long term US per capita consumption of almond outpaces all other tree nuts (376 growth since 1980)
4 4
FY14 Performance
OHS amp Environment
OHS - Another improved safety result with group Lost Time Injuries (LTI) down 727 year on year
Zero major environment incidents
Acquisitions
Allinga amp Mendook
Other Achievements
Consumer complaints down 20
Processing damage at Carina West processing facility down 22
Processing cost flat at Thomastown
Post Year End Events
Amaroo acquisition ndash including Water acquisition - 6215 ML
Mullroo (Grewal) acquisition
Capital raising - $47M placement $197M Share Purchase Plan
Seven year high 417 Market Share Aug 2014 for Lucky Brand
Industrial sales continue to grow
Performance improvement extends beyond the financials
5 5
Almond Division ndash Performance Activities amp Outlook
SHV well positioned to take advantage of Supply amp Demand fundamentals
Performance ndash Wet harvest significantly diminished yield amp quality Price - A$850kg (FY13 A$638kg) - up 33 - offsetting for reduced volume amp quality Costs - increased due to impact of wet harvest $60m revaluation of trees support by higher almond price FY14 Acquisitions - Allinga amp Mendook (680 planted acres amp 2600 unplanted acres) FY15 Acquisitions ndash Amaroo amp Mullroo (Grewal) - 2481 planted acres amp 2865 unplanted acres in FY15 to date
Activities Commenced orchard replant program 512 acres Largely offset by Orchard maturity profile of portfolio Due diligence bedding down and integration of acquisitions Improving on farm productivity and execution Planning orchards (replantsgreenfields) Growing and supporting 2015 crop
Outlook Strategy to double plantings by 2018 remains unchanged Almond pricing has increased on FY14 average price ndash up 10-15 Introducing additional measures to protect crop and product quality additional harvest equipment Dryer amp Bio stimulants
6 6
Food Division ndash Performance Activities amp Outlook
Performance Industrial delivers another record result - 24 up on FY13 Revenue reduction driven by loss of major retailer private label almond contracts Branded business remains strong Improved sales mix has driven margin improvement Production cost per kg remained flat year-on-year in spite of private label volume loss
Activities Brand relaunches (reformulate relaunch) ndash Sunsol Mueslis Lucky Smart Snax Absolute focus on margin management and return on investment Multiple Consumer products price increases Scoping new markets both local and export
Outlook Investment in research product development brand imageawareness is becoming evident Turnaround has commenced ndash building block are now in place
Emergence of a Brand driven Food Business
7 7
Acquisitions ndash Geographic Diversity Scale amp Future
Geographically diversified portfolio of 13311 acres of planted almond orchard
Allinga ndash Loxton SA (A$163M)
bull 680 acres mature almond
bull 1000 acres suitable for planting to almonds (FY15)
bull Gained SA water buybackefficiently funding (Net $5m) to support new
plantings
Amaroo ndash Paringa SA (A$525M)
bull 2046 acres almond (1288 acres mature 758 acres immature)
bull 1500 acres suitable for planting to almond (plant FY1617)
bull Other acquired assets ndash 6215 ML high security water entitlements 764
acres citrus (leased out)
Mullroo (Grewal) ndash Lake Cullulleraine VIC (A$85M)
bull 435 acres almond (175 acres mature 260 acres immature)
bull 1365 acres suitable for planting to almond (plant FY16 17)
Mendook ndash Euston NSW (A$20M)
bull 1600 acres suitable for planting to almonds (plant FY16)
Subject to business case
8 8
Note Anticipated PlantingsSource Company Data
00
50
100
150
200
250
300
350
400
450
500
Un
pla
nte
dhellip
Pla
nti
nghellip
Pla
nti
nghellip
Pla
nti
nghellip
Pla
nti
nghellip 1 2 3 4 5 6 7 8 9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Tree Age (Years)
Planted acreage age profile
25Planted orchards are
67Planted orchards in economic sweet spot -
low capex amp high cash generation
8Planted orchards post
economic maturity
ReplantsNew Plants
Land bank ( of total
land holding)
Orchard Profile ndash Young Orchards PLUS Longevity
Select Harvests almond orchards have an average age of 109 years On track to double acreage by 2018
9 9
Global Supply - US Drought
SHV AGM 2013 ndash 0 Exceptional Drought 11 Extreme Drought 84 Severe Drought
SHV AGM 2014 ndash 55 Exceptional Drought 80 Extreme Drought 94 Severe Drought
ENTIRE US ALMOND INDUSTRY IN EXCEPTIONAL DROUGHT THIS YEAR
Orange States = Severe DroughtRed States = Extreme DroughtDark Brown States ndash Exceptional Drought
10 10
Global Supply -Crop Outlook
US Crop Update (201314) - harvested
Market estimate of USA 201314 Almond crop - now 17-18 billion pounds (Ref Hilltop Ranch ndash 2 Nov 2014)
Down 300-400 million pounds on original NASS Objective Estimate of 21 billion pounds
SHV Crop Update (201415) - growing
bull Good blossom amp pollination
bull Growing conditions have been good
11 11
Outlook ndash Business Focus
Almond Division
Maximise 2015 crop
Integrate acquisitions
Prepare for 2015 amp 2016 greenfield plantings amp funding options
Development of orchard benchmarking
Secure further mature orchards
Food Division
Continue innovation stream in industrialpackaged goods segments
Raise the bar on quality and increase velocity of new product development
Increase focus on SE Asia customer base
Significant opportunity to improve the base business
12 12
Thank youPlease direct any queries to
Paul Thompson Paul Chambers Andrew Angus
Managing Director Chief Financial Officer Investor Relations
+61 3 9474 3544 +61 3 9474 3544 +61 402 823 757
13 13
Select Harvests - Financial History
Source Company Data
SHV Historical Summary Units 2006 2007 2008 2009 2010 2011 2012 2013 2014
Total Sales (A$M) 2179 2295 2247 2486 2384 2483 2513 1911 1883
EBIT (A$M) 384 405 271 268 260 226 196 377 418
EBIT Margin (EBITSales - ) () 176 176 121 108 109 91 78 197 222
PBT (A$M) 379 400 254 230 236 185 134 327 374
Underlying NPAT (A$M) 265 281 181 167 173 177 95 229 290
Issued Shares No of Shares 397 387 390 395 398 562 568 575 580
Earnings Per Share (AUD Cents per Share) 671 710 467 426 433 337 168 401 502
Dividend per Share (AUD Cents per Share) 530 570 450 120 210 130 80 120 200
Payout Ratio () 800 800 967 282 485 386 476 299 398
Net Tangible Assets per Share (A$Share) 183 157 141 156 187 217 219 214 247
Net Interest Cover (times) 823 758 156 71 107 67 32 75 93
Net Debt (A$M) 13 16 468 524 450 731 668 793 948
Shareholder Equity (A$M) 1015 955 941 1009 1136 1688 1603 1595 1828
Net Debt to Equity Ratio () 13 17 497 519 396 433 417 497 519
Share Price (A$Share) 1302 1160 600 216 346 184 240 39 514
Market Capitalisation (A$M) 5170 4494 2341 854 1376 1035 1200 2243 29812
PE Ratio 195 160 129 51 80 58 126 98 102
14 14
Why Select Harvests - 2015 Orchard Profile
Source Company Data
Almond orchard
portfolio
Planted Orchard
Area (acres)
Planted Orchard
Area (hectares)
Bearing Orchard
Area (acres)
Bearing Orchards
Area (hectares)
Northern Region
Owned 1491 604 1423 576
Leased 3017 1221 3017 1221
Total 4508 1825 4440 1798
Central Region
Owned 4165 1686 3554 1439
Leased 1481 600 1481 600
Total 5646 2286 5035 2039
Southern Region
Owned 3156 1278 2467 999
Leased - - - -
Total 3156 1278 2467 999
Total All Regions
Owned 8812 3568 7444 3014
Leased 4498 1821 4498 1821
Total 13311 5389 11943 4835
Land bank (unplanted) Acres Hectares
Northern Region - -
Central Region 1600 648
Southern Region 3865 1565
Total all Regions 5465 2213
15 15
Why Select Harvests - 2015 Orchard Profile
Source Company Data
AREA BY TREE AGE
Years 0-7 Years 8-26 Years 26+ TOTAL PLANTED AVAILABLE TO PLANT TOTAL
(acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha)
Northern Region
Company Owned 312 126 1179 477 - - 1491 604 - - 1491 604
Leased 1332 539 1685 682 - - 3017 1221 - - 3017 1221
Total 1644 666 2864 1160 - - 4508 1825 - - 4508 1825
Central Region
Company Owned 638 258 2455 994 1072 434 4165 1686 1600 648 5765 2334
Leased - - 1481 600 - - 1481 600 - - 1481 600
Total 638 258 3936 1594 1072 434 5646 2286 1600 648 7246 2934
Southern Region
Company Owned 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
Leased - - - - - - - - - - - -
Total 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
TOTAL
Company Owned 1968 797 5772 2337 1072 434 8812 3568 5465 2213 14277 5780
Leased 1332 539 3166 1282 - - 4498 1821 - - 4498 1821
Total 3300 1336 8938 3619 1072 434 13311 5389 5465 2213 18776 7601
16 16
Significant Orchard Growth Double plantings by 2018
Growth - 5465 acres of unplanted land suitable for almonds will be planted over the next 4 years
8547(79)
2282(21)
1463
1018
1465
2350
350 1650
350 406 (1072)
10871(58)
7939(42)
2850
21659
-
5000
10000
15000
20000
25000
Current Acquisitions FY15Planting Program
FY16Planting Program
FY17Planting Program
FY18Planting Program
Existing treesremoved forreplanting
Total Additional acreagerequired to achieve
Strategic Target
FY18 StrategicTarget
Acr
es
Mature Almond Orchards ( gt 8 years)
Immature Almond Orchards (0 - 8 years)
Greenfield Almond Orchard Development
Replanted Almond Orchards
Removed Almond Orchards
Strategic Target
Utilising current and acquisition land bank
17 17
Global Supply ndash US ReservoirsTempSnowpack
Temperature
Six Months In and Sizzling California Sets Record - Andrea Thompson Climate Central 16 July 2014
California just finished the hottest first half year on record a period going back 120 years according to the national climate overview for June released by the National Oceanic and Atmospheric Administration (NOAA)
httpwwwclimatecentralorgnewscalifornia-warmest-year-record-17774
Snowpack
California drought Sierra snowpack is barely there - Peter Fimrite SFGate San Francisco Chronicle 2 May 2014
The snow levels in the Sierra were only 18 percent of average on Thursday when the last of the seasons once-a-month measurements was taken by the California Department of Water Resources Thats worse than last month when the snowpack was 32 percent of normal for the date Conditions get worse the farther north one goes in the Sierra and Cascade ranges The snowpack is a paltry 7 percent of average in the northern part of the state according to the measurements
httpwwwsfgatecomsciencearticleCalifornia-drought-Sierra-snowpack-is-barely-5446649php
Reservoir Conditions Most storages have less than half of their historical average water levels
Temperature Hottest 6 months on record drives evaporationtranspiration
Snowpack Historically low snowpack which provide the surface water ground water recharge is concerning
18 18
Global Supply - US Groundwater Levels
Groundwater accounts for 30-60 of California water use NASA data shows serious water loss since 2002
This trio of images depicts satellite observations of declining water storage in California as seen by NASAs Gravity Recovery and Climate Experiment satellites in June 2002 (left) June 2008 (center) and June 2014 (right) Colors progressing from green to orange to red represent greater accumulated water loss between April 2002 and June 2014 Californias Sacramento and San Joaquin River basins including the Central Valley have suffered the greatest losses in part due to increased groundwater pumping to support agricultural production Between 2011 and 2014 the combined river basins have lost 4 trillion gallons (15 cubic kilometers or 12 million acre-feet) of water each year an amount far greater than Californias 38 million residents use in cities and homes annually Source NASA (httpwwwjplnasagovspaceimagesdetailsphpid=PIA18816)Source 2 Dept of Water Resources California (httpwwwwatercagovwaterconditionsdocsDrought_Response-Groundwater_Basins_April30_Final_BCpdf)
19 19
Global Demand ndash Diverse High Growth
Almonds have held the No1 position in global tree nut innovations since 2006 (35 market share 2013)
Long term US per capita consumption of almond outpaces all other tree nuts (376 growth since 1980)
5 5
Almond Division ndash Performance Activities amp Outlook
SHV well positioned to take advantage of Supply amp Demand fundamentals
Performance ndash Wet harvest significantly diminished yield amp quality Price - A$850kg (FY13 A$638kg) - up 33 - offsetting for reduced volume amp quality Costs - increased due to impact of wet harvest $60m revaluation of trees support by higher almond price FY14 Acquisitions - Allinga amp Mendook (680 planted acres amp 2600 unplanted acres) FY15 Acquisitions ndash Amaroo amp Mullroo (Grewal) - 2481 planted acres amp 2865 unplanted acres in FY15 to date
Activities Commenced orchard replant program 512 acres Largely offset by Orchard maturity profile of portfolio Due diligence bedding down and integration of acquisitions Improving on farm productivity and execution Planning orchards (replantsgreenfields) Growing and supporting 2015 crop
Outlook Strategy to double plantings by 2018 remains unchanged Almond pricing has increased on FY14 average price ndash up 10-15 Introducing additional measures to protect crop and product quality additional harvest equipment Dryer amp Bio stimulants
6 6
Food Division ndash Performance Activities amp Outlook
Performance Industrial delivers another record result - 24 up on FY13 Revenue reduction driven by loss of major retailer private label almond contracts Branded business remains strong Improved sales mix has driven margin improvement Production cost per kg remained flat year-on-year in spite of private label volume loss
Activities Brand relaunches (reformulate relaunch) ndash Sunsol Mueslis Lucky Smart Snax Absolute focus on margin management and return on investment Multiple Consumer products price increases Scoping new markets both local and export
Outlook Investment in research product development brand imageawareness is becoming evident Turnaround has commenced ndash building block are now in place
Emergence of a Brand driven Food Business
7 7
Acquisitions ndash Geographic Diversity Scale amp Future
Geographically diversified portfolio of 13311 acres of planted almond orchard
Allinga ndash Loxton SA (A$163M)
bull 680 acres mature almond
bull 1000 acres suitable for planting to almonds (FY15)
bull Gained SA water buybackefficiently funding (Net $5m) to support new
plantings
Amaroo ndash Paringa SA (A$525M)
bull 2046 acres almond (1288 acres mature 758 acres immature)
bull 1500 acres suitable for planting to almond (plant FY1617)
bull Other acquired assets ndash 6215 ML high security water entitlements 764
acres citrus (leased out)
Mullroo (Grewal) ndash Lake Cullulleraine VIC (A$85M)
bull 435 acres almond (175 acres mature 260 acres immature)
bull 1365 acres suitable for planting to almond (plant FY16 17)
Mendook ndash Euston NSW (A$20M)
bull 1600 acres suitable for planting to almonds (plant FY16)
Subject to business case
8 8
Note Anticipated PlantingsSource Company Data
00
50
100
150
200
250
300
350
400
450
500
Un
pla
nte
dhellip
Pla
nti
nghellip
Pla
nti
nghellip
Pla
nti
nghellip
Pla
nti
nghellip 1 2 3 4 5 6 7 8 9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Tree Age (Years)
Planted acreage age profile
25Planted orchards are
67Planted orchards in economic sweet spot -
low capex amp high cash generation
8Planted orchards post
economic maturity
ReplantsNew Plants
Land bank ( of total
land holding)
Orchard Profile ndash Young Orchards PLUS Longevity
Select Harvests almond orchards have an average age of 109 years On track to double acreage by 2018
9 9
Global Supply - US Drought
SHV AGM 2013 ndash 0 Exceptional Drought 11 Extreme Drought 84 Severe Drought
SHV AGM 2014 ndash 55 Exceptional Drought 80 Extreme Drought 94 Severe Drought
ENTIRE US ALMOND INDUSTRY IN EXCEPTIONAL DROUGHT THIS YEAR
Orange States = Severe DroughtRed States = Extreme DroughtDark Brown States ndash Exceptional Drought
10 10
Global Supply -Crop Outlook
US Crop Update (201314) - harvested
Market estimate of USA 201314 Almond crop - now 17-18 billion pounds (Ref Hilltop Ranch ndash 2 Nov 2014)
Down 300-400 million pounds on original NASS Objective Estimate of 21 billion pounds
SHV Crop Update (201415) - growing
bull Good blossom amp pollination
bull Growing conditions have been good
11 11
Outlook ndash Business Focus
Almond Division
Maximise 2015 crop
Integrate acquisitions
Prepare for 2015 amp 2016 greenfield plantings amp funding options
Development of orchard benchmarking
Secure further mature orchards
Food Division
Continue innovation stream in industrialpackaged goods segments
Raise the bar on quality and increase velocity of new product development
Increase focus on SE Asia customer base
Significant opportunity to improve the base business
12 12
Thank youPlease direct any queries to
Paul Thompson Paul Chambers Andrew Angus
Managing Director Chief Financial Officer Investor Relations
+61 3 9474 3544 +61 3 9474 3544 +61 402 823 757
13 13
Select Harvests - Financial History
Source Company Data
SHV Historical Summary Units 2006 2007 2008 2009 2010 2011 2012 2013 2014
Total Sales (A$M) 2179 2295 2247 2486 2384 2483 2513 1911 1883
EBIT (A$M) 384 405 271 268 260 226 196 377 418
EBIT Margin (EBITSales - ) () 176 176 121 108 109 91 78 197 222
PBT (A$M) 379 400 254 230 236 185 134 327 374
Underlying NPAT (A$M) 265 281 181 167 173 177 95 229 290
Issued Shares No of Shares 397 387 390 395 398 562 568 575 580
Earnings Per Share (AUD Cents per Share) 671 710 467 426 433 337 168 401 502
Dividend per Share (AUD Cents per Share) 530 570 450 120 210 130 80 120 200
Payout Ratio () 800 800 967 282 485 386 476 299 398
Net Tangible Assets per Share (A$Share) 183 157 141 156 187 217 219 214 247
Net Interest Cover (times) 823 758 156 71 107 67 32 75 93
Net Debt (A$M) 13 16 468 524 450 731 668 793 948
Shareholder Equity (A$M) 1015 955 941 1009 1136 1688 1603 1595 1828
Net Debt to Equity Ratio () 13 17 497 519 396 433 417 497 519
Share Price (A$Share) 1302 1160 600 216 346 184 240 39 514
Market Capitalisation (A$M) 5170 4494 2341 854 1376 1035 1200 2243 29812
PE Ratio 195 160 129 51 80 58 126 98 102
14 14
Why Select Harvests - 2015 Orchard Profile
Source Company Data
Almond orchard
portfolio
Planted Orchard
Area (acres)
Planted Orchard
Area (hectares)
Bearing Orchard
Area (acres)
Bearing Orchards
Area (hectares)
Northern Region
Owned 1491 604 1423 576
Leased 3017 1221 3017 1221
Total 4508 1825 4440 1798
Central Region
Owned 4165 1686 3554 1439
Leased 1481 600 1481 600
Total 5646 2286 5035 2039
Southern Region
Owned 3156 1278 2467 999
Leased - - - -
Total 3156 1278 2467 999
Total All Regions
Owned 8812 3568 7444 3014
Leased 4498 1821 4498 1821
Total 13311 5389 11943 4835
Land bank (unplanted) Acres Hectares
Northern Region - -
Central Region 1600 648
Southern Region 3865 1565
Total all Regions 5465 2213
15 15
Why Select Harvests - 2015 Orchard Profile
Source Company Data
AREA BY TREE AGE
Years 0-7 Years 8-26 Years 26+ TOTAL PLANTED AVAILABLE TO PLANT TOTAL
(acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha)
Northern Region
Company Owned 312 126 1179 477 - - 1491 604 - - 1491 604
Leased 1332 539 1685 682 - - 3017 1221 - - 3017 1221
Total 1644 666 2864 1160 - - 4508 1825 - - 4508 1825
Central Region
Company Owned 638 258 2455 994 1072 434 4165 1686 1600 648 5765 2334
Leased - - 1481 600 - - 1481 600 - - 1481 600
Total 638 258 3936 1594 1072 434 5646 2286 1600 648 7246 2934
Southern Region
Company Owned 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
Leased - - - - - - - - - - - -
Total 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
TOTAL
Company Owned 1968 797 5772 2337 1072 434 8812 3568 5465 2213 14277 5780
Leased 1332 539 3166 1282 - - 4498 1821 - - 4498 1821
Total 3300 1336 8938 3619 1072 434 13311 5389 5465 2213 18776 7601
16 16
Significant Orchard Growth Double plantings by 2018
Growth - 5465 acres of unplanted land suitable for almonds will be planted over the next 4 years
8547(79)
2282(21)
1463
1018
1465
2350
350 1650
350 406 (1072)
10871(58)
7939(42)
2850
21659
-
5000
10000
15000
20000
25000
Current Acquisitions FY15Planting Program
FY16Planting Program
FY17Planting Program
FY18Planting Program
Existing treesremoved forreplanting
Total Additional acreagerequired to achieve
Strategic Target
FY18 StrategicTarget
Acr
es
Mature Almond Orchards ( gt 8 years)
Immature Almond Orchards (0 - 8 years)
Greenfield Almond Orchard Development
Replanted Almond Orchards
Removed Almond Orchards
Strategic Target
Utilising current and acquisition land bank
17 17
Global Supply ndash US ReservoirsTempSnowpack
Temperature
Six Months In and Sizzling California Sets Record - Andrea Thompson Climate Central 16 July 2014
California just finished the hottest first half year on record a period going back 120 years according to the national climate overview for June released by the National Oceanic and Atmospheric Administration (NOAA)
httpwwwclimatecentralorgnewscalifornia-warmest-year-record-17774
Snowpack
California drought Sierra snowpack is barely there - Peter Fimrite SFGate San Francisco Chronicle 2 May 2014
The snow levels in the Sierra were only 18 percent of average on Thursday when the last of the seasons once-a-month measurements was taken by the California Department of Water Resources Thats worse than last month when the snowpack was 32 percent of normal for the date Conditions get worse the farther north one goes in the Sierra and Cascade ranges The snowpack is a paltry 7 percent of average in the northern part of the state according to the measurements
httpwwwsfgatecomsciencearticleCalifornia-drought-Sierra-snowpack-is-barely-5446649php
Reservoir Conditions Most storages have less than half of their historical average water levels
Temperature Hottest 6 months on record drives evaporationtranspiration
Snowpack Historically low snowpack which provide the surface water ground water recharge is concerning
18 18
Global Supply - US Groundwater Levels
Groundwater accounts for 30-60 of California water use NASA data shows serious water loss since 2002
This trio of images depicts satellite observations of declining water storage in California as seen by NASAs Gravity Recovery and Climate Experiment satellites in June 2002 (left) June 2008 (center) and June 2014 (right) Colors progressing from green to orange to red represent greater accumulated water loss between April 2002 and June 2014 Californias Sacramento and San Joaquin River basins including the Central Valley have suffered the greatest losses in part due to increased groundwater pumping to support agricultural production Between 2011 and 2014 the combined river basins have lost 4 trillion gallons (15 cubic kilometers or 12 million acre-feet) of water each year an amount far greater than Californias 38 million residents use in cities and homes annually Source NASA (httpwwwjplnasagovspaceimagesdetailsphpid=PIA18816)Source 2 Dept of Water Resources California (httpwwwwatercagovwaterconditionsdocsDrought_Response-Groundwater_Basins_April30_Final_BCpdf)
19 19
Global Demand ndash Diverse High Growth
Almonds have held the No1 position in global tree nut innovations since 2006 (35 market share 2013)
Long term US per capita consumption of almond outpaces all other tree nuts (376 growth since 1980)
6 6
Food Division ndash Performance Activities amp Outlook
Performance Industrial delivers another record result - 24 up on FY13 Revenue reduction driven by loss of major retailer private label almond contracts Branded business remains strong Improved sales mix has driven margin improvement Production cost per kg remained flat year-on-year in spite of private label volume loss
Activities Brand relaunches (reformulate relaunch) ndash Sunsol Mueslis Lucky Smart Snax Absolute focus on margin management and return on investment Multiple Consumer products price increases Scoping new markets both local and export
Outlook Investment in research product development brand imageawareness is becoming evident Turnaround has commenced ndash building block are now in place
Emergence of a Brand driven Food Business
7 7
Acquisitions ndash Geographic Diversity Scale amp Future
Geographically diversified portfolio of 13311 acres of planted almond orchard
Allinga ndash Loxton SA (A$163M)
bull 680 acres mature almond
bull 1000 acres suitable for planting to almonds (FY15)
bull Gained SA water buybackefficiently funding (Net $5m) to support new
plantings
Amaroo ndash Paringa SA (A$525M)
bull 2046 acres almond (1288 acres mature 758 acres immature)
bull 1500 acres suitable for planting to almond (plant FY1617)
bull Other acquired assets ndash 6215 ML high security water entitlements 764
acres citrus (leased out)
Mullroo (Grewal) ndash Lake Cullulleraine VIC (A$85M)
bull 435 acres almond (175 acres mature 260 acres immature)
bull 1365 acres suitable for planting to almond (plant FY16 17)
Mendook ndash Euston NSW (A$20M)
bull 1600 acres suitable for planting to almonds (plant FY16)
Subject to business case
8 8
Note Anticipated PlantingsSource Company Data
00
50
100
150
200
250
300
350
400
450
500
Un
pla
nte
dhellip
Pla
nti
nghellip
Pla
nti
nghellip
Pla
nti
nghellip
Pla
nti
nghellip 1 2 3 4 5 6 7 8 9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Tree Age (Years)
Planted acreage age profile
25Planted orchards are
67Planted orchards in economic sweet spot -
low capex amp high cash generation
8Planted orchards post
economic maturity
ReplantsNew Plants
Land bank ( of total
land holding)
Orchard Profile ndash Young Orchards PLUS Longevity
Select Harvests almond orchards have an average age of 109 years On track to double acreage by 2018
9 9
Global Supply - US Drought
SHV AGM 2013 ndash 0 Exceptional Drought 11 Extreme Drought 84 Severe Drought
SHV AGM 2014 ndash 55 Exceptional Drought 80 Extreme Drought 94 Severe Drought
ENTIRE US ALMOND INDUSTRY IN EXCEPTIONAL DROUGHT THIS YEAR
Orange States = Severe DroughtRed States = Extreme DroughtDark Brown States ndash Exceptional Drought
10 10
Global Supply -Crop Outlook
US Crop Update (201314) - harvested
Market estimate of USA 201314 Almond crop - now 17-18 billion pounds (Ref Hilltop Ranch ndash 2 Nov 2014)
Down 300-400 million pounds on original NASS Objective Estimate of 21 billion pounds
SHV Crop Update (201415) - growing
bull Good blossom amp pollination
bull Growing conditions have been good
11 11
Outlook ndash Business Focus
Almond Division
Maximise 2015 crop
Integrate acquisitions
Prepare for 2015 amp 2016 greenfield plantings amp funding options
Development of orchard benchmarking
Secure further mature orchards
Food Division
Continue innovation stream in industrialpackaged goods segments
Raise the bar on quality and increase velocity of new product development
Increase focus on SE Asia customer base
Significant opportunity to improve the base business
12 12
Thank youPlease direct any queries to
Paul Thompson Paul Chambers Andrew Angus
Managing Director Chief Financial Officer Investor Relations
+61 3 9474 3544 +61 3 9474 3544 +61 402 823 757
13 13
Select Harvests - Financial History
Source Company Data
SHV Historical Summary Units 2006 2007 2008 2009 2010 2011 2012 2013 2014
Total Sales (A$M) 2179 2295 2247 2486 2384 2483 2513 1911 1883
EBIT (A$M) 384 405 271 268 260 226 196 377 418
EBIT Margin (EBITSales - ) () 176 176 121 108 109 91 78 197 222
PBT (A$M) 379 400 254 230 236 185 134 327 374
Underlying NPAT (A$M) 265 281 181 167 173 177 95 229 290
Issued Shares No of Shares 397 387 390 395 398 562 568 575 580
Earnings Per Share (AUD Cents per Share) 671 710 467 426 433 337 168 401 502
Dividend per Share (AUD Cents per Share) 530 570 450 120 210 130 80 120 200
Payout Ratio () 800 800 967 282 485 386 476 299 398
Net Tangible Assets per Share (A$Share) 183 157 141 156 187 217 219 214 247
Net Interest Cover (times) 823 758 156 71 107 67 32 75 93
Net Debt (A$M) 13 16 468 524 450 731 668 793 948
Shareholder Equity (A$M) 1015 955 941 1009 1136 1688 1603 1595 1828
Net Debt to Equity Ratio () 13 17 497 519 396 433 417 497 519
Share Price (A$Share) 1302 1160 600 216 346 184 240 39 514
Market Capitalisation (A$M) 5170 4494 2341 854 1376 1035 1200 2243 29812
PE Ratio 195 160 129 51 80 58 126 98 102
14 14
Why Select Harvests - 2015 Orchard Profile
Source Company Data
Almond orchard
portfolio
Planted Orchard
Area (acres)
Planted Orchard
Area (hectares)
Bearing Orchard
Area (acres)
Bearing Orchards
Area (hectares)
Northern Region
Owned 1491 604 1423 576
Leased 3017 1221 3017 1221
Total 4508 1825 4440 1798
Central Region
Owned 4165 1686 3554 1439
Leased 1481 600 1481 600
Total 5646 2286 5035 2039
Southern Region
Owned 3156 1278 2467 999
Leased - - - -
Total 3156 1278 2467 999
Total All Regions
Owned 8812 3568 7444 3014
Leased 4498 1821 4498 1821
Total 13311 5389 11943 4835
Land bank (unplanted) Acres Hectares
Northern Region - -
Central Region 1600 648
Southern Region 3865 1565
Total all Regions 5465 2213
15 15
Why Select Harvests - 2015 Orchard Profile
Source Company Data
AREA BY TREE AGE
Years 0-7 Years 8-26 Years 26+ TOTAL PLANTED AVAILABLE TO PLANT TOTAL
(acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha)
Northern Region
Company Owned 312 126 1179 477 - - 1491 604 - - 1491 604
Leased 1332 539 1685 682 - - 3017 1221 - - 3017 1221
Total 1644 666 2864 1160 - - 4508 1825 - - 4508 1825
Central Region
Company Owned 638 258 2455 994 1072 434 4165 1686 1600 648 5765 2334
Leased - - 1481 600 - - 1481 600 - - 1481 600
Total 638 258 3936 1594 1072 434 5646 2286 1600 648 7246 2934
Southern Region
Company Owned 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
Leased - - - - - - - - - - - -
Total 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
TOTAL
Company Owned 1968 797 5772 2337 1072 434 8812 3568 5465 2213 14277 5780
Leased 1332 539 3166 1282 - - 4498 1821 - - 4498 1821
Total 3300 1336 8938 3619 1072 434 13311 5389 5465 2213 18776 7601
16 16
Significant Orchard Growth Double plantings by 2018
Growth - 5465 acres of unplanted land suitable for almonds will be planted over the next 4 years
8547(79)
2282(21)
1463
1018
1465
2350
350 1650
350 406 (1072)
10871(58)
7939(42)
2850
21659
-
5000
10000
15000
20000
25000
Current Acquisitions FY15Planting Program
FY16Planting Program
FY17Planting Program
FY18Planting Program
Existing treesremoved forreplanting
Total Additional acreagerequired to achieve
Strategic Target
FY18 StrategicTarget
Acr
es
Mature Almond Orchards ( gt 8 years)
Immature Almond Orchards (0 - 8 years)
Greenfield Almond Orchard Development
Replanted Almond Orchards
Removed Almond Orchards
Strategic Target
Utilising current and acquisition land bank
17 17
Global Supply ndash US ReservoirsTempSnowpack
Temperature
Six Months In and Sizzling California Sets Record - Andrea Thompson Climate Central 16 July 2014
California just finished the hottest first half year on record a period going back 120 years according to the national climate overview for June released by the National Oceanic and Atmospheric Administration (NOAA)
httpwwwclimatecentralorgnewscalifornia-warmest-year-record-17774
Snowpack
California drought Sierra snowpack is barely there - Peter Fimrite SFGate San Francisco Chronicle 2 May 2014
The snow levels in the Sierra were only 18 percent of average on Thursday when the last of the seasons once-a-month measurements was taken by the California Department of Water Resources Thats worse than last month when the snowpack was 32 percent of normal for the date Conditions get worse the farther north one goes in the Sierra and Cascade ranges The snowpack is a paltry 7 percent of average in the northern part of the state according to the measurements
httpwwwsfgatecomsciencearticleCalifornia-drought-Sierra-snowpack-is-barely-5446649php
Reservoir Conditions Most storages have less than half of their historical average water levels
Temperature Hottest 6 months on record drives evaporationtranspiration
Snowpack Historically low snowpack which provide the surface water ground water recharge is concerning
18 18
Global Supply - US Groundwater Levels
Groundwater accounts for 30-60 of California water use NASA data shows serious water loss since 2002
This trio of images depicts satellite observations of declining water storage in California as seen by NASAs Gravity Recovery and Climate Experiment satellites in June 2002 (left) June 2008 (center) and June 2014 (right) Colors progressing from green to orange to red represent greater accumulated water loss between April 2002 and June 2014 Californias Sacramento and San Joaquin River basins including the Central Valley have suffered the greatest losses in part due to increased groundwater pumping to support agricultural production Between 2011 and 2014 the combined river basins have lost 4 trillion gallons (15 cubic kilometers or 12 million acre-feet) of water each year an amount far greater than Californias 38 million residents use in cities and homes annually Source NASA (httpwwwjplnasagovspaceimagesdetailsphpid=PIA18816)Source 2 Dept of Water Resources California (httpwwwwatercagovwaterconditionsdocsDrought_Response-Groundwater_Basins_April30_Final_BCpdf)
19 19
Global Demand ndash Diverse High Growth
Almonds have held the No1 position in global tree nut innovations since 2006 (35 market share 2013)
Long term US per capita consumption of almond outpaces all other tree nuts (376 growth since 1980)
7 7
Acquisitions ndash Geographic Diversity Scale amp Future
Geographically diversified portfolio of 13311 acres of planted almond orchard
Allinga ndash Loxton SA (A$163M)
bull 680 acres mature almond
bull 1000 acres suitable for planting to almonds (FY15)
bull Gained SA water buybackefficiently funding (Net $5m) to support new
plantings
Amaroo ndash Paringa SA (A$525M)
bull 2046 acres almond (1288 acres mature 758 acres immature)
bull 1500 acres suitable for planting to almond (plant FY1617)
bull Other acquired assets ndash 6215 ML high security water entitlements 764
acres citrus (leased out)
Mullroo (Grewal) ndash Lake Cullulleraine VIC (A$85M)
bull 435 acres almond (175 acres mature 260 acres immature)
bull 1365 acres suitable for planting to almond (plant FY16 17)
Mendook ndash Euston NSW (A$20M)
bull 1600 acres suitable for planting to almonds (plant FY16)
Subject to business case
8 8
Note Anticipated PlantingsSource Company Data
00
50
100
150
200
250
300
350
400
450
500
Un
pla
nte
dhellip
Pla
nti
nghellip
Pla
nti
nghellip
Pla
nti
nghellip
Pla
nti
nghellip 1 2 3 4 5 6 7 8 9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Tree Age (Years)
Planted acreage age profile
25Planted orchards are
67Planted orchards in economic sweet spot -
low capex amp high cash generation
8Planted orchards post
economic maturity
ReplantsNew Plants
Land bank ( of total
land holding)
Orchard Profile ndash Young Orchards PLUS Longevity
Select Harvests almond orchards have an average age of 109 years On track to double acreage by 2018
9 9
Global Supply - US Drought
SHV AGM 2013 ndash 0 Exceptional Drought 11 Extreme Drought 84 Severe Drought
SHV AGM 2014 ndash 55 Exceptional Drought 80 Extreme Drought 94 Severe Drought
ENTIRE US ALMOND INDUSTRY IN EXCEPTIONAL DROUGHT THIS YEAR
Orange States = Severe DroughtRed States = Extreme DroughtDark Brown States ndash Exceptional Drought
10 10
Global Supply -Crop Outlook
US Crop Update (201314) - harvested
Market estimate of USA 201314 Almond crop - now 17-18 billion pounds (Ref Hilltop Ranch ndash 2 Nov 2014)
Down 300-400 million pounds on original NASS Objective Estimate of 21 billion pounds
SHV Crop Update (201415) - growing
bull Good blossom amp pollination
bull Growing conditions have been good
11 11
Outlook ndash Business Focus
Almond Division
Maximise 2015 crop
Integrate acquisitions
Prepare for 2015 amp 2016 greenfield plantings amp funding options
Development of orchard benchmarking
Secure further mature orchards
Food Division
Continue innovation stream in industrialpackaged goods segments
Raise the bar on quality and increase velocity of new product development
Increase focus on SE Asia customer base
Significant opportunity to improve the base business
12 12
Thank youPlease direct any queries to
Paul Thompson Paul Chambers Andrew Angus
Managing Director Chief Financial Officer Investor Relations
+61 3 9474 3544 +61 3 9474 3544 +61 402 823 757
13 13
Select Harvests - Financial History
Source Company Data
SHV Historical Summary Units 2006 2007 2008 2009 2010 2011 2012 2013 2014
Total Sales (A$M) 2179 2295 2247 2486 2384 2483 2513 1911 1883
EBIT (A$M) 384 405 271 268 260 226 196 377 418
EBIT Margin (EBITSales - ) () 176 176 121 108 109 91 78 197 222
PBT (A$M) 379 400 254 230 236 185 134 327 374
Underlying NPAT (A$M) 265 281 181 167 173 177 95 229 290
Issued Shares No of Shares 397 387 390 395 398 562 568 575 580
Earnings Per Share (AUD Cents per Share) 671 710 467 426 433 337 168 401 502
Dividend per Share (AUD Cents per Share) 530 570 450 120 210 130 80 120 200
Payout Ratio () 800 800 967 282 485 386 476 299 398
Net Tangible Assets per Share (A$Share) 183 157 141 156 187 217 219 214 247
Net Interest Cover (times) 823 758 156 71 107 67 32 75 93
Net Debt (A$M) 13 16 468 524 450 731 668 793 948
Shareholder Equity (A$M) 1015 955 941 1009 1136 1688 1603 1595 1828
Net Debt to Equity Ratio () 13 17 497 519 396 433 417 497 519
Share Price (A$Share) 1302 1160 600 216 346 184 240 39 514
Market Capitalisation (A$M) 5170 4494 2341 854 1376 1035 1200 2243 29812
PE Ratio 195 160 129 51 80 58 126 98 102
14 14
Why Select Harvests - 2015 Orchard Profile
Source Company Data
Almond orchard
portfolio
Planted Orchard
Area (acres)
Planted Orchard
Area (hectares)
Bearing Orchard
Area (acres)
Bearing Orchards
Area (hectares)
Northern Region
Owned 1491 604 1423 576
Leased 3017 1221 3017 1221
Total 4508 1825 4440 1798
Central Region
Owned 4165 1686 3554 1439
Leased 1481 600 1481 600
Total 5646 2286 5035 2039
Southern Region
Owned 3156 1278 2467 999
Leased - - - -
Total 3156 1278 2467 999
Total All Regions
Owned 8812 3568 7444 3014
Leased 4498 1821 4498 1821
Total 13311 5389 11943 4835
Land bank (unplanted) Acres Hectares
Northern Region - -
Central Region 1600 648
Southern Region 3865 1565
Total all Regions 5465 2213
15 15
Why Select Harvests - 2015 Orchard Profile
Source Company Data
AREA BY TREE AGE
Years 0-7 Years 8-26 Years 26+ TOTAL PLANTED AVAILABLE TO PLANT TOTAL
(acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha)
Northern Region
Company Owned 312 126 1179 477 - - 1491 604 - - 1491 604
Leased 1332 539 1685 682 - - 3017 1221 - - 3017 1221
Total 1644 666 2864 1160 - - 4508 1825 - - 4508 1825
Central Region
Company Owned 638 258 2455 994 1072 434 4165 1686 1600 648 5765 2334
Leased - - 1481 600 - - 1481 600 - - 1481 600
Total 638 258 3936 1594 1072 434 5646 2286 1600 648 7246 2934
Southern Region
Company Owned 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
Leased - - - - - - - - - - - -
Total 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
TOTAL
Company Owned 1968 797 5772 2337 1072 434 8812 3568 5465 2213 14277 5780
Leased 1332 539 3166 1282 - - 4498 1821 - - 4498 1821
Total 3300 1336 8938 3619 1072 434 13311 5389 5465 2213 18776 7601
16 16
Significant Orchard Growth Double plantings by 2018
Growth - 5465 acres of unplanted land suitable for almonds will be planted over the next 4 years
8547(79)
2282(21)
1463
1018
1465
2350
350 1650
350 406 (1072)
10871(58)
7939(42)
2850
21659
-
5000
10000
15000
20000
25000
Current Acquisitions FY15Planting Program
FY16Planting Program
FY17Planting Program
FY18Planting Program
Existing treesremoved forreplanting
Total Additional acreagerequired to achieve
Strategic Target
FY18 StrategicTarget
Acr
es
Mature Almond Orchards ( gt 8 years)
Immature Almond Orchards (0 - 8 years)
Greenfield Almond Orchard Development
Replanted Almond Orchards
Removed Almond Orchards
Strategic Target
Utilising current and acquisition land bank
17 17
Global Supply ndash US ReservoirsTempSnowpack
Temperature
Six Months In and Sizzling California Sets Record - Andrea Thompson Climate Central 16 July 2014
California just finished the hottest first half year on record a period going back 120 years according to the national climate overview for June released by the National Oceanic and Atmospheric Administration (NOAA)
httpwwwclimatecentralorgnewscalifornia-warmest-year-record-17774
Snowpack
California drought Sierra snowpack is barely there - Peter Fimrite SFGate San Francisco Chronicle 2 May 2014
The snow levels in the Sierra were only 18 percent of average on Thursday when the last of the seasons once-a-month measurements was taken by the California Department of Water Resources Thats worse than last month when the snowpack was 32 percent of normal for the date Conditions get worse the farther north one goes in the Sierra and Cascade ranges The snowpack is a paltry 7 percent of average in the northern part of the state according to the measurements
httpwwwsfgatecomsciencearticleCalifornia-drought-Sierra-snowpack-is-barely-5446649php
Reservoir Conditions Most storages have less than half of their historical average water levels
Temperature Hottest 6 months on record drives evaporationtranspiration
Snowpack Historically low snowpack which provide the surface water ground water recharge is concerning
18 18
Global Supply - US Groundwater Levels
Groundwater accounts for 30-60 of California water use NASA data shows serious water loss since 2002
This trio of images depicts satellite observations of declining water storage in California as seen by NASAs Gravity Recovery and Climate Experiment satellites in June 2002 (left) June 2008 (center) and June 2014 (right) Colors progressing from green to orange to red represent greater accumulated water loss between April 2002 and June 2014 Californias Sacramento and San Joaquin River basins including the Central Valley have suffered the greatest losses in part due to increased groundwater pumping to support agricultural production Between 2011 and 2014 the combined river basins have lost 4 trillion gallons (15 cubic kilometers or 12 million acre-feet) of water each year an amount far greater than Californias 38 million residents use in cities and homes annually Source NASA (httpwwwjplnasagovspaceimagesdetailsphpid=PIA18816)Source 2 Dept of Water Resources California (httpwwwwatercagovwaterconditionsdocsDrought_Response-Groundwater_Basins_April30_Final_BCpdf)
19 19
Global Demand ndash Diverse High Growth
Almonds have held the No1 position in global tree nut innovations since 2006 (35 market share 2013)
Long term US per capita consumption of almond outpaces all other tree nuts (376 growth since 1980)
8 8
Note Anticipated PlantingsSource Company Data
00
50
100
150
200
250
300
350
400
450
500
Un
pla
nte
dhellip
Pla
nti
nghellip
Pla
nti
nghellip
Pla
nti
nghellip
Pla
nti
nghellip 1 2 3 4 5 6 7 8 9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Tree Age (Years)
Planted acreage age profile
25Planted orchards are
67Planted orchards in economic sweet spot -
low capex amp high cash generation
8Planted orchards post
economic maturity
ReplantsNew Plants
Land bank ( of total
land holding)
Orchard Profile ndash Young Orchards PLUS Longevity
Select Harvests almond orchards have an average age of 109 years On track to double acreage by 2018
9 9
Global Supply - US Drought
SHV AGM 2013 ndash 0 Exceptional Drought 11 Extreme Drought 84 Severe Drought
SHV AGM 2014 ndash 55 Exceptional Drought 80 Extreme Drought 94 Severe Drought
ENTIRE US ALMOND INDUSTRY IN EXCEPTIONAL DROUGHT THIS YEAR
Orange States = Severe DroughtRed States = Extreme DroughtDark Brown States ndash Exceptional Drought
10 10
Global Supply -Crop Outlook
US Crop Update (201314) - harvested
Market estimate of USA 201314 Almond crop - now 17-18 billion pounds (Ref Hilltop Ranch ndash 2 Nov 2014)
Down 300-400 million pounds on original NASS Objective Estimate of 21 billion pounds
SHV Crop Update (201415) - growing
bull Good blossom amp pollination
bull Growing conditions have been good
11 11
Outlook ndash Business Focus
Almond Division
Maximise 2015 crop
Integrate acquisitions
Prepare for 2015 amp 2016 greenfield plantings amp funding options
Development of orchard benchmarking
Secure further mature orchards
Food Division
Continue innovation stream in industrialpackaged goods segments
Raise the bar on quality and increase velocity of new product development
Increase focus on SE Asia customer base
Significant opportunity to improve the base business
12 12
Thank youPlease direct any queries to
Paul Thompson Paul Chambers Andrew Angus
Managing Director Chief Financial Officer Investor Relations
+61 3 9474 3544 +61 3 9474 3544 +61 402 823 757
13 13
Select Harvests - Financial History
Source Company Data
SHV Historical Summary Units 2006 2007 2008 2009 2010 2011 2012 2013 2014
Total Sales (A$M) 2179 2295 2247 2486 2384 2483 2513 1911 1883
EBIT (A$M) 384 405 271 268 260 226 196 377 418
EBIT Margin (EBITSales - ) () 176 176 121 108 109 91 78 197 222
PBT (A$M) 379 400 254 230 236 185 134 327 374
Underlying NPAT (A$M) 265 281 181 167 173 177 95 229 290
Issued Shares No of Shares 397 387 390 395 398 562 568 575 580
Earnings Per Share (AUD Cents per Share) 671 710 467 426 433 337 168 401 502
Dividend per Share (AUD Cents per Share) 530 570 450 120 210 130 80 120 200
Payout Ratio () 800 800 967 282 485 386 476 299 398
Net Tangible Assets per Share (A$Share) 183 157 141 156 187 217 219 214 247
Net Interest Cover (times) 823 758 156 71 107 67 32 75 93
Net Debt (A$M) 13 16 468 524 450 731 668 793 948
Shareholder Equity (A$M) 1015 955 941 1009 1136 1688 1603 1595 1828
Net Debt to Equity Ratio () 13 17 497 519 396 433 417 497 519
Share Price (A$Share) 1302 1160 600 216 346 184 240 39 514
Market Capitalisation (A$M) 5170 4494 2341 854 1376 1035 1200 2243 29812
PE Ratio 195 160 129 51 80 58 126 98 102
14 14
Why Select Harvests - 2015 Orchard Profile
Source Company Data
Almond orchard
portfolio
Planted Orchard
Area (acres)
Planted Orchard
Area (hectares)
Bearing Orchard
Area (acres)
Bearing Orchards
Area (hectares)
Northern Region
Owned 1491 604 1423 576
Leased 3017 1221 3017 1221
Total 4508 1825 4440 1798
Central Region
Owned 4165 1686 3554 1439
Leased 1481 600 1481 600
Total 5646 2286 5035 2039
Southern Region
Owned 3156 1278 2467 999
Leased - - - -
Total 3156 1278 2467 999
Total All Regions
Owned 8812 3568 7444 3014
Leased 4498 1821 4498 1821
Total 13311 5389 11943 4835
Land bank (unplanted) Acres Hectares
Northern Region - -
Central Region 1600 648
Southern Region 3865 1565
Total all Regions 5465 2213
15 15
Why Select Harvests - 2015 Orchard Profile
Source Company Data
AREA BY TREE AGE
Years 0-7 Years 8-26 Years 26+ TOTAL PLANTED AVAILABLE TO PLANT TOTAL
(acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha)
Northern Region
Company Owned 312 126 1179 477 - - 1491 604 - - 1491 604
Leased 1332 539 1685 682 - - 3017 1221 - - 3017 1221
Total 1644 666 2864 1160 - - 4508 1825 - - 4508 1825
Central Region
Company Owned 638 258 2455 994 1072 434 4165 1686 1600 648 5765 2334
Leased - - 1481 600 - - 1481 600 - - 1481 600
Total 638 258 3936 1594 1072 434 5646 2286 1600 648 7246 2934
Southern Region
Company Owned 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
Leased - - - - - - - - - - - -
Total 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
TOTAL
Company Owned 1968 797 5772 2337 1072 434 8812 3568 5465 2213 14277 5780
Leased 1332 539 3166 1282 - - 4498 1821 - - 4498 1821
Total 3300 1336 8938 3619 1072 434 13311 5389 5465 2213 18776 7601
16 16
Significant Orchard Growth Double plantings by 2018
Growth - 5465 acres of unplanted land suitable for almonds will be planted over the next 4 years
8547(79)
2282(21)
1463
1018
1465
2350
350 1650
350 406 (1072)
10871(58)
7939(42)
2850
21659
-
5000
10000
15000
20000
25000
Current Acquisitions FY15Planting Program
FY16Planting Program
FY17Planting Program
FY18Planting Program
Existing treesremoved forreplanting
Total Additional acreagerequired to achieve
Strategic Target
FY18 StrategicTarget
Acr
es
Mature Almond Orchards ( gt 8 years)
Immature Almond Orchards (0 - 8 years)
Greenfield Almond Orchard Development
Replanted Almond Orchards
Removed Almond Orchards
Strategic Target
Utilising current and acquisition land bank
17 17
Global Supply ndash US ReservoirsTempSnowpack
Temperature
Six Months In and Sizzling California Sets Record - Andrea Thompson Climate Central 16 July 2014
California just finished the hottest first half year on record a period going back 120 years according to the national climate overview for June released by the National Oceanic and Atmospheric Administration (NOAA)
httpwwwclimatecentralorgnewscalifornia-warmest-year-record-17774
Snowpack
California drought Sierra snowpack is barely there - Peter Fimrite SFGate San Francisco Chronicle 2 May 2014
The snow levels in the Sierra were only 18 percent of average on Thursday when the last of the seasons once-a-month measurements was taken by the California Department of Water Resources Thats worse than last month when the snowpack was 32 percent of normal for the date Conditions get worse the farther north one goes in the Sierra and Cascade ranges The snowpack is a paltry 7 percent of average in the northern part of the state according to the measurements
httpwwwsfgatecomsciencearticleCalifornia-drought-Sierra-snowpack-is-barely-5446649php
Reservoir Conditions Most storages have less than half of their historical average water levels
Temperature Hottest 6 months on record drives evaporationtranspiration
Snowpack Historically low snowpack which provide the surface water ground water recharge is concerning
18 18
Global Supply - US Groundwater Levels
Groundwater accounts for 30-60 of California water use NASA data shows serious water loss since 2002
This trio of images depicts satellite observations of declining water storage in California as seen by NASAs Gravity Recovery and Climate Experiment satellites in June 2002 (left) June 2008 (center) and June 2014 (right) Colors progressing from green to orange to red represent greater accumulated water loss between April 2002 and June 2014 Californias Sacramento and San Joaquin River basins including the Central Valley have suffered the greatest losses in part due to increased groundwater pumping to support agricultural production Between 2011 and 2014 the combined river basins have lost 4 trillion gallons (15 cubic kilometers or 12 million acre-feet) of water each year an amount far greater than Californias 38 million residents use in cities and homes annually Source NASA (httpwwwjplnasagovspaceimagesdetailsphpid=PIA18816)Source 2 Dept of Water Resources California (httpwwwwatercagovwaterconditionsdocsDrought_Response-Groundwater_Basins_April30_Final_BCpdf)
19 19
Global Demand ndash Diverse High Growth
Almonds have held the No1 position in global tree nut innovations since 2006 (35 market share 2013)
Long term US per capita consumption of almond outpaces all other tree nuts (376 growth since 1980)
9 9
Global Supply - US Drought
SHV AGM 2013 ndash 0 Exceptional Drought 11 Extreme Drought 84 Severe Drought
SHV AGM 2014 ndash 55 Exceptional Drought 80 Extreme Drought 94 Severe Drought
ENTIRE US ALMOND INDUSTRY IN EXCEPTIONAL DROUGHT THIS YEAR
Orange States = Severe DroughtRed States = Extreme DroughtDark Brown States ndash Exceptional Drought
10 10
Global Supply -Crop Outlook
US Crop Update (201314) - harvested
Market estimate of USA 201314 Almond crop - now 17-18 billion pounds (Ref Hilltop Ranch ndash 2 Nov 2014)
Down 300-400 million pounds on original NASS Objective Estimate of 21 billion pounds
SHV Crop Update (201415) - growing
bull Good blossom amp pollination
bull Growing conditions have been good
11 11
Outlook ndash Business Focus
Almond Division
Maximise 2015 crop
Integrate acquisitions
Prepare for 2015 amp 2016 greenfield plantings amp funding options
Development of orchard benchmarking
Secure further mature orchards
Food Division
Continue innovation stream in industrialpackaged goods segments
Raise the bar on quality and increase velocity of new product development
Increase focus on SE Asia customer base
Significant opportunity to improve the base business
12 12
Thank youPlease direct any queries to
Paul Thompson Paul Chambers Andrew Angus
Managing Director Chief Financial Officer Investor Relations
+61 3 9474 3544 +61 3 9474 3544 +61 402 823 757
13 13
Select Harvests - Financial History
Source Company Data
SHV Historical Summary Units 2006 2007 2008 2009 2010 2011 2012 2013 2014
Total Sales (A$M) 2179 2295 2247 2486 2384 2483 2513 1911 1883
EBIT (A$M) 384 405 271 268 260 226 196 377 418
EBIT Margin (EBITSales - ) () 176 176 121 108 109 91 78 197 222
PBT (A$M) 379 400 254 230 236 185 134 327 374
Underlying NPAT (A$M) 265 281 181 167 173 177 95 229 290
Issued Shares No of Shares 397 387 390 395 398 562 568 575 580
Earnings Per Share (AUD Cents per Share) 671 710 467 426 433 337 168 401 502
Dividend per Share (AUD Cents per Share) 530 570 450 120 210 130 80 120 200
Payout Ratio () 800 800 967 282 485 386 476 299 398
Net Tangible Assets per Share (A$Share) 183 157 141 156 187 217 219 214 247
Net Interest Cover (times) 823 758 156 71 107 67 32 75 93
Net Debt (A$M) 13 16 468 524 450 731 668 793 948
Shareholder Equity (A$M) 1015 955 941 1009 1136 1688 1603 1595 1828
Net Debt to Equity Ratio () 13 17 497 519 396 433 417 497 519
Share Price (A$Share) 1302 1160 600 216 346 184 240 39 514
Market Capitalisation (A$M) 5170 4494 2341 854 1376 1035 1200 2243 29812
PE Ratio 195 160 129 51 80 58 126 98 102
14 14
Why Select Harvests - 2015 Orchard Profile
Source Company Data
Almond orchard
portfolio
Planted Orchard
Area (acres)
Planted Orchard
Area (hectares)
Bearing Orchard
Area (acres)
Bearing Orchards
Area (hectares)
Northern Region
Owned 1491 604 1423 576
Leased 3017 1221 3017 1221
Total 4508 1825 4440 1798
Central Region
Owned 4165 1686 3554 1439
Leased 1481 600 1481 600
Total 5646 2286 5035 2039
Southern Region
Owned 3156 1278 2467 999
Leased - - - -
Total 3156 1278 2467 999
Total All Regions
Owned 8812 3568 7444 3014
Leased 4498 1821 4498 1821
Total 13311 5389 11943 4835
Land bank (unplanted) Acres Hectares
Northern Region - -
Central Region 1600 648
Southern Region 3865 1565
Total all Regions 5465 2213
15 15
Why Select Harvests - 2015 Orchard Profile
Source Company Data
AREA BY TREE AGE
Years 0-7 Years 8-26 Years 26+ TOTAL PLANTED AVAILABLE TO PLANT TOTAL
(acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha)
Northern Region
Company Owned 312 126 1179 477 - - 1491 604 - - 1491 604
Leased 1332 539 1685 682 - - 3017 1221 - - 3017 1221
Total 1644 666 2864 1160 - - 4508 1825 - - 4508 1825
Central Region
Company Owned 638 258 2455 994 1072 434 4165 1686 1600 648 5765 2334
Leased - - 1481 600 - - 1481 600 - - 1481 600
Total 638 258 3936 1594 1072 434 5646 2286 1600 648 7246 2934
Southern Region
Company Owned 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
Leased - - - - - - - - - - - -
Total 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
TOTAL
Company Owned 1968 797 5772 2337 1072 434 8812 3568 5465 2213 14277 5780
Leased 1332 539 3166 1282 - - 4498 1821 - - 4498 1821
Total 3300 1336 8938 3619 1072 434 13311 5389 5465 2213 18776 7601
16 16
Significant Orchard Growth Double plantings by 2018
Growth - 5465 acres of unplanted land suitable for almonds will be planted over the next 4 years
8547(79)
2282(21)
1463
1018
1465
2350
350 1650
350 406 (1072)
10871(58)
7939(42)
2850
21659
-
5000
10000
15000
20000
25000
Current Acquisitions FY15Planting Program
FY16Planting Program
FY17Planting Program
FY18Planting Program
Existing treesremoved forreplanting
Total Additional acreagerequired to achieve
Strategic Target
FY18 StrategicTarget
Acr
es
Mature Almond Orchards ( gt 8 years)
Immature Almond Orchards (0 - 8 years)
Greenfield Almond Orchard Development
Replanted Almond Orchards
Removed Almond Orchards
Strategic Target
Utilising current and acquisition land bank
17 17
Global Supply ndash US ReservoirsTempSnowpack
Temperature
Six Months In and Sizzling California Sets Record - Andrea Thompson Climate Central 16 July 2014
California just finished the hottest first half year on record a period going back 120 years according to the national climate overview for June released by the National Oceanic and Atmospheric Administration (NOAA)
httpwwwclimatecentralorgnewscalifornia-warmest-year-record-17774
Snowpack
California drought Sierra snowpack is barely there - Peter Fimrite SFGate San Francisco Chronicle 2 May 2014
The snow levels in the Sierra were only 18 percent of average on Thursday when the last of the seasons once-a-month measurements was taken by the California Department of Water Resources Thats worse than last month when the snowpack was 32 percent of normal for the date Conditions get worse the farther north one goes in the Sierra and Cascade ranges The snowpack is a paltry 7 percent of average in the northern part of the state according to the measurements
httpwwwsfgatecomsciencearticleCalifornia-drought-Sierra-snowpack-is-barely-5446649php
Reservoir Conditions Most storages have less than half of their historical average water levels
Temperature Hottest 6 months on record drives evaporationtranspiration
Snowpack Historically low snowpack which provide the surface water ground water recharge is concerning
18 18
Global Supply - US Groundwater Levels
Groundwater accounts for 30-60 of California water use NASA data shows serious water loss since 2002
This trio of images depicts satellite observations of declining water storage in California as seen by NASAs Gravity Recovery and Climate Experiment satellites in June 2002 (left) June 2008 (center) and June 2014 (right) Colors progressing from green to orange to red represent greater accumulated water loss between April 2002 and June 2014 Californias Sacramento and San Joaquin River basins including the Central Valley have suffered the greatest losses in part due to increased groundwater pumping to support agricultural production Between 2011 and 2014 the combined river basins have lost 4 trillion gallons (15 cubic kilometers or 12 million acre-feet) of water each year an amount far greater than Californias 38 million residents use in cities and homes annually Source NASA (httpwwwjplnasagovspaceimagesdetailsphpid=PIA18816)Source 2 Dept of Water Resources California (httpwwwwatercagovwaterconditionsdocsDrought_Response-Groundwater_Basins_April30_Final_BCpdf)
19 19
Global Demand ndash Diverse High Growth
Almonds have held the No1 position in global tree nut innovations since 2006 (35 market share 2013)
Long term US per capita consumption of almond outpaces all other tree nuts (376 growth since 1980)
10 10
Global Supply -Crop Outlook
US Crop Update (201314) - harvested
Market estimate of USA 201314 Almond crop - now 17-18 billion pounds (Ref Hilltop Ranch ndash 2 Nov 2014)
Down 300-400 million pounds on original NASS Objective Estimate of 21 billion pounds
SHV Crop Update (201415) - growing
bull Good blossom amp pollination
bull Growing conditions have been good
11 11
Outlook ndash Business Focus
Almond Division
Maximise 2015 crop
Integrate acquisitions
Prepare for 2015 amp 2016 greenfield plantings amp funding options
Development of orchard benchmarking
Secure further mature orchards
Food Division
Continue innovation stream in industrialpackaged goods segments
Raise the bar on quality and increase velocity of new product development
Increase focus on SE Asia customer base
Significant opportunity to improve the base business
12 12
Thank youPlease direct any queries to
Paul Thompson Paul Chambers Andrew Angus
Managing Director Chief Financial Officer Investor Relations
+61 3 9474 3544 +61 3 9474 3544 +61 402 823 757
13 13
Select Harvests - Financial History
Source Company Data
SHV Historical Summary Units 2006 2007 2008 2009 2010 2011 2012 2013 2014
Total Sales (A$M) 2179 2295 2247 2486 2384 2483 2513 1911 1883
EBIT (A$M) 384 405 271 268 260 226 196 377 418
EBIT Margin (EBITSales - ) () 176 176 121 108 109 91 78 197 222
PBT (A$M) 379 400 254 230 236 185 134 327 374
Underlying NPAT (A$M) 265 281 181 167 173 177 95 229 290
Issued Shares No of Shares 397 387 390 395 398 562 568 575 580
Earnings Per Share (AUD Cents per Share) 671 710 467 426 433 337 168 401 502
Dividend per Share (AUD Cents per Share) 530 570 450 120 210 130 80 120 200
Payout Ratio () 800 800 967 282 485 386 476 299 398
Net Tangible Assets per Share (A$Share) 183 157 141 156 187 217 219 214 247
Net Interest Cover (times) 823 758 156 71 107 67 32 75 93
Net Debt (A$M) 13 16 468 524 450 731 668 793 948
Shareholder Equity (A$M) 1015 955 941 1009 1136 1688 1603 1595 1828
Net Debt to Equity Ratio () 13 17 497 519 396 433 417 497 519
Share Price (A$Share) 1302 1160 600 216 346 184 240 39 514
Market Capitalisation (A$M) 5170 4494 2341 854 1376 1035 1200 2243 29812
PE Ratio 195 160 129 51 80 58 126 98 102
14 14
Why Select Harvests - 2015 Orchard Profile
Source Company Data
Almond orchard
portfolio
Planted Orchard
Area (acres)
Planted Orchard
Area (hectares)
Bearing Orchard
Area (acres)
Bearing Orchards
Area (hectares)
Northern Region
Owned 1491 604 1423 576
Leased 3017 1221 3017 1221
Total 4508 1825 4440 1798
Central Region
Owned 4165 1686 3554 1439
Leased 1481 600 1481 600
Total 5646 2286 5035 2039
Southern Region
Owned 3156 1278 2467 999
Leased - - - -
Total 3156 1278 2467 999
Total All Regions
Owned 8812 3568 7444 3014
Leased 4498 1821 4498 1821
Total 13311 5389 11943 4835
Land bank (unplanted) Acres Hectares
Northern Region - -
Central Region 1600 648
Southern Region 3865 1565
Total all Regions 5465 2213
15 15
Why Select Harvests - 2015 Orchard Profile
Source Company Data
AREA BY TREE AGE
Years 0-7 Years 8-26 Years 26+ TOTAL PLANTED AVAILABLE TO PLANT TOTAL
(acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha)
Northern Region
Company Owned 312 126 1179 477 - - 1491 604 - - 1491 604
Leased 1332 539 1685 682 - - 3017 1221 - - 3017 1221
Total 1644 666 2864 1160 - - 4508 1825 - - 4508 1825
Central Region
Company Owned 638 258 2455 994 1072 434 4165 1686 1600 648 5765 2334
Leased - - 1481 600 - - 1481 600 - - 1481 600
Total 638 258 3936 1594 1072 434 5646 2286 1600 648 7246 2934
Southern Region
Company Owned 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
Leased - - - - - - - - - - - -
Total 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
TOTAL
Company Owned 1968 797 5772 2337 1072 434 8812 3568 5465 2213 14277 5780
Leased 1332 539 3166 1282 - - 4498 1821 - - 4498 1821
Total 3300 1336 8938 3619 1072 434 13311 5389 5465 2213 18776 7601
16 16
Significant Orchard Growth Double plantings by 2018
Growth - 5465 acres of unplanted land suitable for almonds will be planted over the next 4 years
8547(79)
2282(21)
1463
1018
1465
2350
350 1650
350 406 (1072)
10871(58)
7939(42)
2850
21659
-
5000
10000
15000
20000
25000
Current Acquisitions FY15Planting Program
FY16Planting Program
FY17Planting Program
FY18Planting Program
Existing treesremoved forreplanting
Total Additional acreagerequired to achieve
Strategic Target
FY18 StrategicTarget
Acr
es
Mature Almond Orchards ( gt 8 years)
Immature Almond Orchards (0 - 8 years)
Greenfield Almond Orchard Development
Replanted Almond Orchards
Removed Almond Orchards
Strategic Target
Utilising current and acquisition land bank
17 17
Global Supply ndash US ReservoirsTempSnowpack
Temperature
Six Months In and Sizzling California Sets Record - Andrea Thompson Climate Central 16 July 2014
California just finished the hottest first half year on record a period going back 120 years according to the national climate overview for June released by the National Oceanic and Atmospheric Administration (NOAA)
httpwwwclimatecentralorgnewscalifornia-warmest-year-record-17774
Snowpack
California drought Sierra snowpack is barely there - Peter Fimrite SFGate San Francisco Chronicle 2 May 2014
The snow levels in the Sierra were only 18 percent of average on Thursday when the last of the seasons once-a-month measurements was taken by the California Department of Water Resources Thats worse than last month when the snowpack was 32 percent of normal for the date Conditions get worse the farther north one goes in the Sierra and Cascade ranges The snowpack is a paltry 7 percent of average in the northern part of the state according to the measurements
httpwwwsfgatecomsciencearticleCalifornia-drought-Sierra-snowpack-is-barely-5446649php
Reservoir Conditions Most storages have less than half of their historical average water levels
Temperature Hottest 6 months on record drives evaporationtranspiration
Snowpack Historically low snowpack which provide the surface water ground water recharge is concerning
18 18
Global Supply - US Groundwater Levels
Groundwater accounts for 30-60 of California water use NASA data shows serious water loss since 2002
This trio of images depicts satellite observations of declining water storage in California as seen by NASAs Gravity Recovery and Climate Experiment satellites in June 2002 (left) June 2008 (center) and June 2014 (right) Colors progressing from green to orange to red represent greater accumulated water loss between April 2002 and June 2014 Californias Sacramento and San Joaquin River basins including the Central Valley have suffered the greatest losses in part due to increased groundwater pumping to support agricultural production Between 2011 and 2014 the combined river basins have lost 4 trillion gallons (15 cubic kilometers or 12 million acre-feet) of water each year an amount far greater than Californias 38 million residents use in cities and homes annually Source NASA (httpwwwjplnasagovspaceimagesdetailsphpid=PIA18816)Source 2 Dept of Water Resources California (httpwwwwatercagovwaterconditionsdocsDrought_Response-Groundwater_Basins_April30_Final_BCpdf)
19 19
Global Demand ndash Diverse High Growth
Almonds have held the No1 position in global tree nut innovations since 2006 (35 market share 2013)
Long term US per capita consumption of almond outpaces all other tree nuts (376 growth since 1980)
11 11
Outlook ndash Business Focus
Almond Division
Maximise 2015 crop
Integrate acquisitions
Prepare for 2015 amp 2016 greenfield plantings amp funding options
Development of orchard benchmarking
Secure further mature orchards
Food Division
Continue innovation stream in industrialpackaged goods segments
Raise the bar on quality and increase velocity of new product development
Increase focus on SE Asia customer base
Significant opportunity to improve the base business
12 12
Thank youPlease direct any queries to
Paul Thompson Paul Chambers Andrew Angus
Managing Director Chief Financial Officer Investor Relations
+61 3 9474 3544 +61 3 9474 3544 +61 402 823 757
13 13
Select Harvests - Financial History
Source Company Data
SHV Historical Summary Units 2006 2007 2008 2009 2010 2011 2012 2013 2014
Total Sales (A$M) 2179 2295 2247 2486 2384 2483 2513 1911 1883
EBIT (A$M) 384 405 271 268 260 226 196 377 418
EBIT Margin (EBITSales - ) () 176 176 121 108 109 91 78 197 222
PBT (A$M) 379 400 254 230 236 185 134 327 374
Underlying NPAT (A$M) 265 281 181 167 173 177 95 229 290
Issued Shares No of Shares 397 387 390 395 398 562 568 575 580
Earnings Per Share (AUD Cents per Share) 671 710 467 426 433 337 168 401 502
Dividend per Share (AUD Cents per Share) 530 570 450 120 210 130 80 120 200
Payout Ratio () 800 800 967 282 485 386 476 299 398
Net Tangible Assets per Share (A$Share) 183 157 141 156 187 217 219 214 247
Net Interest Cover (times) 823 758 156 71 107 67 32 75 93
Net Debt (A$M) 13 16 468 524 450 731 668 793 948
Shareholder Equity (A$M) 1015 955 941 1009 1136 1688 1603 1595 1828
Net Debt to Equity Ratio () 13 17 497 519 396 433 417 497 519
Share Price (A$Share) 1302 1160 600 216 346 184 240 39 514
Market Capitalisation (A$M) 5170 4494 2341 854 1376 1035 1200 2243 29812
PE Ratio 195 160 129 51 80 58 126 98 102
14 14
Why Select Harvests - 2015 Orchard Profile
Source Company Data
Almond orchard
portfolio
Planted Orchard
Area (acres)
Planted Orchard
Area (hectares)
Bearing Orchard
Area (acres)
Bearing Orchards
Area (hectares)
Northern Region
Owned 1491 604 1423 576
Leased 3017 1221 3017 1221
Total 4508 1825 4440 1798
Central Region
Owned 4165 1686 3554 1439
Leased 1481 600 1481 600
Total 5646 2286 5035 2039
Southern Region
Owned 3156 1278 2467 999
Leased - - - -
Total 3156 1278 2467 999
Total All Regions
Owned 8812 3568 7444 3014
Leased 4498 1821 4498 1821
Total 13311 5389 11943 4835
Land bank (unplanted) Acres Hectares
Northern Region - -
Central Region 1600 648
Southern Region 3865 1565
Total all Regions 5465 2213
15 15
Why Select Harvests - 2015 Orchard Profile
Source Company Data
AREA BY TREE AGE
Years 0-7 Years 8-26 Years 26+ TOTAL PLANTED AVAILABLE TO PLANT TOTAL
(acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha)
Northern Region
Company Owned 312 126 1179 477 - - 1491 604 - - 1491 604
Leased 1332 539 1685 682 - - 3017 1221 - - 3017 1221
Total 1644 666 2864 1160 - - 4508 1825 - - 4508 1825
Central Region
Company Owned 638 258 2455 994 1072 434 4165 1686 1600 648 5765 2334
Leased - - 1481 600 - - 1481 600 - - 1481 600
Total 638 258 3936 1594 1072 434 5646 2286 1600 648 7246 2934
Southern Region
Company Owned 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
Leased - - - - - - - - - - - -
Total 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
TOTAL
Company Owned 1968 797 5772 2337 1072 434 8812 3568 5465 2213 14277 5780
Leased 1332 539 3166 1282 - - 4498 1821 - - 4498 1821
Total 3300 1336 8938 3619 1072 434 13311 5389 5465 2213 18776 7601
16 16
Significant Orchard Growth Double plantings by 2018
Growth - 5465 acres of unplanted land suitable for almonds will be planted over the next 4 years
8547(79)
2282(21)
1463
1018
1465
2350
350 1650
350 406 (1072)
10871(58)
7939(42)
2850
21659
-
5000
10000
15000
20000
25000
Current Acquisitions FY15Planting Program
FY16Planting Program
FY17Planting Program
FY18Planting Program
Existing treesremoved forreplanting
Total Additional acreagerequired to achieve
Strategic Target
FY18 StrategicTarget
Acr
es
Mature Almond Orchards ( gt 8 years)
Immature Almond Orchards (0 - 8 years)
Greenfield Almond Orchard Development
Replanted Almond Orchards
Removed Almond Orchards
Strategic Target
Utilising current and acquisition land bank
17 17
Global Supply ndash US ReservoirsTempSnowpack
Temperature
Six Months In and Sizzling California Sets Record - Andrea Thompson Climate Central 16 July 2014
California just finished the hottest first half year on record a period going back 120 years according to the national climate overview for June released by the National Oceanic and Atmospheric Administration (NOAA)
httpwwwclimatecentralorgnewscalifornia-warmest-year-record-17774
Snowpack
California drought Sierra snowpack is barely there - Peter Fimrite SFGate San Francisco Chronicle 2 May 2014
The snow levels in the Sierra were only 18 percent of average on Thursday when the last of the seasons once-a-month measurements was taken by the California Department of Water Resources Thats worse than last month when the snowpack was 32 percent of normal for the date Conditions get worse the farther north one goes in the Sierra and Cascade ranges The snowpack is a paltry 7 percent of average in the northern part of the state according to the measurements
httpwwwsfgatecomsciencearticleCalifornia-drought-Sierra-snowpack-is-barely-5446649php
Reservoir Conditions Most storages have less than half of their historical average water levels
Temperature Hottest 6 months on record drives evaporationtranspiration
Snowpack Historically low snowpack which provide the surface water ground water recharge is concerning
18 18
Global Supply - US Groundwater Levels
Groundwater accounts for 30-60 of California water use NASA data shows serious water loss since 2002
This trio of images depicts satellite observations of declining water storage in California as seen by NASAs Gravity Recovery and Climate Experiment satellites in June 2002 (left) June 2008 (center) and June 2014 (right) Colors progressing from green to orange to red represent greater accumulated water loss between April 2002 and June 2014 Californias Sacramento and San Joaquin River basins including the Central Valley have suffered the greatest losses in part due to increased groundwater pumping to support agricultural production Between 2011 and 2014 the combined river basins have lost 4 trillion gallons (15 cubic kilometers or 12 million acre-feet) of water each year an amount far greater than Californias 38 million residents use in cities and homes annually Source NASA (httpwwwjplnasagovspaceimagesdetailsphpid=PIA18816)Source 2 Dept of Water Resources California (httpwwwwatercagovwaterconditionsdocsDrought_Response-Groundwater_Basins_April30_Final_BCpdf)
19 19
Global Demand ndash Diverse High Growth
Almonds have held the No1 position in global tree nut innovations since 2006 (35 market share 2013)
Long term US per capita consumption of almond outpaces all other tree nuts (376 growth since 1980)
12 12
Thank youPlease direct any queries to
Paul Thompson Paul Chambers Andrew Angus
Managing Director Chief Financial Officer Investor Relations
+61 3 9474 3544 +61 3 9474 3544 +61 402 823 757
13 13
Select Harvests - Financial History
Source Company Data
SHV Historical Summary Units 2006 2007 2008 2009 2010 2011 2012 2013 2014
Total Sales (A$M) 2179 2295 2247 2486 2384 2483 2513 1911 1883
EBIT (A$M) 384 405 271 268 260 226 196 377 418
EBIT Margin (EBITSales - ) () 176 176 121 108 109 91 78 197 222
PBT (A$M) 379 400 254 230 236 185 134 327 374
Underlying NPAT (A$M) 265 281 181 167 173 177 95 229 290
Issued Shares No of Shares 397 387 390 395 398 562 568 575 580
Earnings Per Share (AUD Cents per Share) 671 710 467 426 433 337 168 401 502
Dividend per Share (AUD Cents per Share) 530 570 450 120 210 130 80 120 200
Payout Ratio () 800 800 967 282 485 386 476 299 398
Net Tangible Assets per Share (A$Share) 183 157 141 156 187 217 219 214 247
Net Interest Cover (times) 823 758 156 71 107 67 32 75 93
Net Debt (A$M) 13 16 468 524 450 731 668 793 948
Shareholder Equity (A$M) 1015 955 941 1009 1136 1688 1603 1595 1828
Net Debt to Equity Ratio () 13 17 497 519 396 433 417 497 519
Share Price (A$Share) 1302 1160 600 216 346 184 240 39 514
Market Capitalisation (A$M) 5170 4494 2341 854 1376 1035 1200 2243 29812
PE Ratio 195 160 129 51 80 58 126 98 102
14 14
Why Select Harvests - 2015 Orchard Profile
Source Company Data
Almond orchard
portfolio
Planted Orchard
Area (acres)
Planted Orchard
Area (hectares)
Bearing Orchard
Area (acres)
Bearing Orchards
Area (hectares)
Northern Region
Owned 1491 604 1423 576
Leased 3017 1221 3017 1221
Total 4508 1825 4440 1798
Central Region
Owned 4165 1686 3554 1439
Leased 1481 600 1481 600
Total 5646 2286 5035 2039
Southern Region
Owned 3156 1278 2467 999
Leased - - - -
Total 3156 1278 2467 999
Total All Regions
Owned 8812 3568 7444 3014
Leased 4498 1821 4498 1821
Total 13311 5389 11943 4835
Land bank (unplanted) Acres Hectares
Northern Region - -
Central Region 1600 648
Southern Region 3865 1565
Total all Regions 5465 2213
15 15
Why Select Harvests - 2015 Orchard Profile
Source Company Data
AREA BY TREE AGE
Years 0-7 Years 8-26 Years 26+ TOTAL PLANTED AVAILABLE TO PLANT TOTAL
(acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha)
Northern Region
Company Owned 312 126 1179 477 - - 1491 604 - - 1491 604
Leased 1332 539 1685 682 - - 3017 1221 - - 3017 1221
Total 1644 666 2864 1160 - - 4508 1825 - - 4508 1825
Central Region
Company Owned 638 258 2455 994 1072 434 4165 1686 1600 648 5765 2334
Leased - - 1481 600 - - 1481 600 - - 1481 600
Total 638 258 3936 1594 1072 434 5646 2286 1600 648 7246 2934
Southern Region
Company Owned 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
Leased - - - - - - - - - - - -
Total 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
TOTAL
Company Owned 1968 797 5772 2337 1072 434 8812 3568 5465 2213 14277 5780
Leased 1332 539 3166 1282 - - 4498 1821 - - 4498 1821
Total 3300 1336 8938 3619 1072 434 13311 5389 5465 2213 18776 7601
16 16
Significant Orchard Growth Double plantings by 2018
Growth - 5465 acres of unplanted land suitable for almonds will be planted over the next 4 years
8547(79)
2282(21)
1463
1018
1465
2350
350 1650
350 406 (1072)
10871(58)
7939(42)
2850
21659
-
5000
10000
15000
20000
25000
Current Acquisitions FY15Planting Program
FY16Planting Program
FY17Planting Program
FY18Planting Program
Existing treesremoved forreplanting
Total Additional acreagerequired to achieve
Strategic Target
FY18 StrategicTarget
Acr
es
Mature Almond Orchards ( gt 8 years)
Immature Almond Orchards (0 - 8 years)
Greenfield Almond Orchard Development
Replanted Almond Orchards
Removed Almond Orchards
Strategic Target
Utilising current and acquisition land bank
17 17
Global Supply ndash US ReservoirsTempSnowpack
Temperature
Six Months In and Sizzling California Sets Record - Andrea Thompson Climate Central 16 July 2014
California just finished the hottest first half year on record a period going back 120 years according to the national climate overview for June released by the National Oceanic and Atmospheric Administration (NOAA)
httpwwwclimatecentralorgnewscalifornia-warmest-year-record-17774
Snowpack
California drought Sierra snowpack is barely there - Peter Fimrite SFGate San Francisco Chronicle 2 May 2014
The snow levels in the Sierra were only 18 percent of average on Thursday when the last of the seasons once-a-month measurements was taken by the California Department of Water Resources Thats worse than last month when the snowpack was 32 percent of normal for the date Conditions get worse the farther north one goes in the Sierra and Cascade ranges The snowpack is a paltry 7 percent of average in the northern part of the state according to the measurements
httpwwwsfgatecomsciencearticleCalifornia-drought-Sierra-snowpack-is-barely-5446649php
Reservoir Conditions Most storages have less than half of their historical average water levels
Temperature Hottest 6 months on record drives evaporationtranspiration
Snowpack Historically low snowpack which provide the surface water ground water recharge is concerning
18 18
Global Supply - US Groundwater Levels
Groundwater accounts for 30-60 of California water use NASA data shows serious water loss since 2002
This trio of images depicts satellite observations of declining water storage in California as seen by NASAs Gravity Recovery and Climate Experiment satellites in June 2002 (left) June 2008 (center) and June 2014 (right) Colors progressing from green to orange to red represent greater accumulated water loss between April 2002 and June 2014 Californias Sacramento and San Joaquin River basins including the Central Valley have suffered the greatest losses in part due to increased groundwater pumping to support agricultural production Between 2011 and 2014 the combined river basins have lost 4 trillion gallons (15 cubic kilometers or 12 million acre-feet) of water each year an amount far greater than Californias 38 million residents use in cities and homes annually Source NASA (httpwwwjplnasagovspaceimagesdetailsphpid=PIA18816)Source 2 Dept of Water Resources California (httpwwwwatercagovwaterconditionsdocsDrought_Response-Groundwater_Basins_April30_Final_BCpdf)
19 19
Global Demand ndash Diverse High Growth
Almonds have held the No1 position in global tree nut innovations since 2006 (35 market share 2013)
Long term US per capita consumption of almond outpaces all other tree nuts (376 growth since 1980)
13 13
Select Harvests - Financial History
Source Company Data
SHV Historical Summary Units 2006 2007 2008 2009 2010 2011 2012 2013 2014
Total Sales (A$M) 2179 2295 2247 2486 2384 2483 2513 1911 1883
EBIT (A$M) 384 405 271 268 260 226 196 377 418
EBIT Margin (EBITSales - ) () 176 176 121 108 109 91 78 197 222
PBT (A$M) 379 400 254 230 236 185 134 327 374
Underlying NPAT (A$M) 265 281 181 167 173 177 95 229 290
Issued Shares No of Shares 397 387 390 395 398 562 568 575 580
Earnings Per Share (AUD Cents per Share) 671 710 467 426 433 337 168 401 502
Dividend per Share (AUD Cents per Share) 530 570 450 120 210 130 80 120 200
Payout Ratio () 800 800 967 282 485 386 476 299 398
Net Tangible Assets per Share (A$Share) 183 157 141 156 187 217 219 214 247
Net Interest Cover (times) 823 758 156 71 107 67 32 75 93
Net Debt (A$M) 13 16 468 524 450 731 668 793 948
Shareholder Equity (A$M) 1015 955 941 1009 1136 1688 1603 1595 1828
Net Debt to Equity Ratio () 13 17 497 519 396 433 417 497 519
Share Price (A$Share) 1302 1160 600 216 346 184 240 39 514
Market Capitalisation (A$M) 5170 4494 2341 854 1376 1035 1200 2243 29812
PE Ratio 195 160 129 51 80 58 126 98 102
14 14
Why Select Harvests - 2015 Orchard Profile
Source Company Data
Almond orchard
portfolio
Planted Orchard
Area (acres)
Planted Orchard
Area (hectares)
Bearing Orchard
Area (acres)
Bearing Orchards
Area (hectares)
Northern Region
Owned 1491 604 1423 576
Leased 3017 1221 3017 1221
Total 4508 1825 4440 1798
Central Region
Owned 4165 1686 3554 1439
Leased 1481 600 1481 600
Total 5646 2286 5035 2039
Southern Region
Owned 3156 1278 2467 999
Leased - - - -
Total 3156 1278 2467 999
Total All Regions
Owned 8812 3568 7444 3014
Leased 4498 1821 4498 1821
Total 13311 5389 11943 4835
Land bank (unplanted) Acres Hectares
Northern Region - -
Central Region 1600 648
Southern Region 3865 1565
Total all Regions 5465 2213
15 15
Why Select Harvests - 2015 Orchard Profile
Source Company Data
AREA BY TREE AGE
Years 0-7 Years 8-26 Years 26+ TOTAL PLANTED AVAILABLE TO PLANT TOTAL
(acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha)
Northern Region
Company Owned 312 126 1179 477 - - 1491 604 - - 1491 604
Leased 1332 539 1685 682 - - 3017 1221 - - 3017 1221
Total 1644 666 2864 1160 - - 4508 1825 - - 4508 1825
Central Region
Company Owned 638 258 2455 994 1072 434 4165 1686 1600 648 5765 2334
Leased - - 1481 600 - - 1481 600 - - 1481 600
Total 638 258 3936 1594 1072 434 5646 2286 1600 648 7246 2934
Southern Region
Company Owned 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
Leased - - - - - - - - - - - -
Total 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
TOTAL
Company Owned 1968 797 5772 2337 1072 434 8812 3568 5465 2213 14277 5780
Leased 1332 539 3166 1282 - - 4498 1821 - - 4498 1821
Total 3300 1336 8938 3619 1072 434 13311 5389 5465 2213 18776 7601
16 16
Significant Orchard Growth Double plantings by 2018
Growth - 5465 acres of unplanted land suitable for almonds will be planted over the next 4 years
8547(79)
2282(21)
1463
1018
1465
2350
350 1650
350 406 (1072)
10871(58)
7939(42)
2850
21659
-
5000
10000
15000
20000
25000
Current Acquisitions FY15Planting Program
FY16Planting Program
FY17Planting Program
FY18Planting Program
Existing treesremoved forreplanting
Total Additional acreagerequired to achieve
Strategic Target
FY18 StrategicTarget
Acr
es
Mature Almond Orchards ( gt 8 years)
Immature Almond Orchards (0 - 8 years)
Greenfield Almond Orchard Development
Replanted Almond Orchards
Removed Almond Orchards
Strategic Target
Utilising current and acquisition land bank
17 17
Global Supply ndash US ReservoirsTempSnowpack
Temperature
Six Months In and Sizzling California Sets Record - Andrea Thompson Climate Central 16 July 2014
California just finished the hottest first half year on record a period going back 120 years according to the national climate overview for June released by the National Oceanic and Atmospheric Administration (NOAA)
httpwwwclimatecentralorgnewscalifornia-warmest-year-record-17774
Snowpack
California drought Sierra snowpack is barely there - Peter Fimrite SFGate San Francisco Chronicle 2 May 2014
The snow levels in the Sierra were only 18 percent of average on Thursday when the last of the seasons once-a-month measurements was taken by the California Department of Water Resources Thats worse than last month when the snowpack was 32 percent of normal for the date Conditions get worse the farther north one goes in the Sierra and Cascade ranges The snowpack is a paltry 7 percent of average in the northern part of the state according to the measurements
httpwwwsfgatecomsciencearticleCalifornia-drought-Sierra-snowpack-is-barely-5446649php
Reservoir Conditions Most storages have less than half of their historical average water levels
Temperature Hottest 6 months on record drives evaporationtranspiration
Snowpack Historically low snowpack which provide the surface water ground water recharge is concerning
18 18
Global Supply - US Groundwater Levels
Groundwater accounts for 30-60 of California water use NASA data shows serious water loss since 2002
This trio of images depicts satellite observations of declining water storage in California as seen by NASAs Gravity Recovery and Climate Experiment satellites in June 2002 (left) June 2008 (center) and June 2014 (right) Colors progressing from green to orange to red represent greater accumulated water loss between April 2002 and June 2014 Californias Sacramento and San Joaquin River basins including the Central Valley have suffered the greatest losses in part due to increased groundwater pumping to support agricultural production Between 2011 and 2014 the combined river basins have lost 4 trillion gallons (15 cubic kilometers or 12 million acre-feet) of water each year an amount far greater than Californias 38 million residents use in cities and homes annually Source NASA (httpwwwjplnasagovspaceimagesdetailsphpid=PIA18816)Source 2 Dept of Water Resources California (httpwwwwatercagovwaterconditionsdocsDrought_Response-Groundwater_Basins_April30_Final_BCpdf)
19 19
Global Demand ndash Diverse High Growth
Almonds have held the No1 position in global tree nut innovations since 2006 (35 market share 2013)
Long term US per capita consumption of almond outpaces all other tree nuts (376 growth since 1980)
14 14
Why Select Harvests - 2015 Orchard Profile
Source Company Data
Almond orchard
portfolio
Planted Orchard
Area (acres)
Planted Orchard
Area (hectares)
Bearing Orchard
Area (acres)
Bearing Orchards
Area (hectares)
Northern Region
Owned 1491 604 1423 576
Leased 3017 1221 3017 1221
Total 4508 1825 4440 1798
Central Region
Owned 4165 1686 3554 1439
Leased 1481 600 1481 600
Total 5646 2286 5035 2039
Southern Region
Owned 3156 1278 2467 999
Leased - - - -
Total 3156 1278 2467 999
Total All Regions
Owned 8812 3568 7444 3014
Leased 4498 1821 4498 1821
Total 13311 5389 11943 4835
Land bank (unplanted) Acres Hectares
Northern Region - -
Central Region 1600 648
Southern Region 3865 1565
Total all Regions 5465 2213
15 15
Why Select Harvests - 2015 Orchard Profile
Source Company Data
AREA BY TREE AGE
Years 0-7 Years 8-26 Years 26+ TOTAL PLANTED AVAILABLE TO PLANT TOTAL
(acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha)
Northern Region
Company Owned 312 126 1179 477 - - 1491 604 - - 1491 604
Leased 1332 539 1685 682 - - 3017 1221 - - 3017 1221
Total 1644 666 2864 1160 - - 4508 1825 - - 4508 1825
Central Region
Company Owned 638 258 2455 994 1072 434 4165 1686 1600 648 5765 2334
Leased - - 1481 600 - - 1481 600 - - 1481 600
Total 638 258 3936 1594 1072 434 5646 2286 1600 648 7246 2934
Southern Region
Company Owned 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
Leased - - - - - - - - - - - -
Total 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
TOTAL
Company Owned 1968 797 5772 2337 1072 434 8812 3568 5465 2213 14277 5780
Leased 1332 539 3166 1282 - - 4498 1821 - - 4498 1821
Total 3300 1336 8938 3619 1072 434 13311 5389 5465 2213 18776 7601
16 16
Significant Orchard Growth Double plantings by 2018
Growth - 5465 acres of unplanted land suitable for almonds will be planted over the next 4 years
8547(79)
2282(21)
1463
1018
1465
2350
350 1650
350 406 (1072)
10871(58)
7939(42)
2850
21659
-
5000
10000
15000
20000
25000
Current Acquisitions FY15Planting Program
FY16Planting Program
FY17Planting Program
FY18Planting Program
Existing treesremoved forreplanting
Total Additional acreagerequired to achieve
Strategic Target
FY18 StrategicTarget
Acr
es
Mature Almond Orchards ( gt 8 years)
Immature Almond Orchards (0 - 8 years)
Greenfield Almond Orchard Development
Replanted Almond Orchards
Removed Almond Orchards
Strategic Target
Utilising current and acquisition land bank
17 17
Global Supply ndash US ReservoirsTempSnowpack
Temperature
Six Months In and Sizzling California Sets Record - Andrea Thompson Climate Central 16 July 2014
California just finished the hottest first half year on record a period going back 120 years according to the national climate overview for June released by the National Oceanic and Atmospheric Administration (NOAA)
httpwwwclimatecentralorgnewscalifornia-warmest-year-record-17774
Snowpack
California drought Sierra snowpack is barely there - Peter Fimrite SFGate San Francisco Chronicle 2 May 2014
The snow levels in the Sierra were only 18 percent of average on Thursday when the last of the seasons once-a-month measurements was taken by the California Department of Water Resources Thats worse than last month when the snowpack was 32 percent of normal for the date Conditions get worse the farther north one goes in the Sierra and Cascade ranges The snowpack is a paltry 7 percent of average in the northern part of the state according to the measurements
httpwwwsfgatecomsciencearticleCalifornia-drought-Sierra-snowpack-is-barely-5446649php
Reservoir Conditions Most storages have less than half of their historical average water levels
Temperature Hottest 6 months on record drives evaporationtranspiration
Snowpack Historically low snowpack which provide the surface water ground water recharge is concerning
18 18
Global Supply - US Groundwater Levels
Groundwater accounts for 30-60 of California water use NASA data shows serious water loss since 2002
This trio of images depicts satellite observations of declining water storage in California as seen by NASAs Gravity Recovery and Climate Experiment satellites in June 2002 (left) June 2008 (center) and June 2014 (right) Colors progressing from green to orange to red represent greater accumulated water loss between April 2002 and June 2014 Californias Sacramento and San Joaquin River basins including the Central Valley have suffered the greatest losses in part due to increased groundwater pumping to support agricultural production Between 2011 and 2014 the combined river basins have lost 4 trillion gallons (15 cubic kilometers or 12 million acre-feet) of water each year an amount far greater than Californias 38 million residents use in cities and homes annually Source NASA (httpwwwjplnasagovspaceimagesdetailsphpid=PIA18816)Source 2 Dept of Water Resources California (httpwwwwatercagovwaterconditionsdocsDrought_Response-Groundwater_Basins_April30_Final_BCpdf)
19 19
Global Demand ndash Diverse High Growth
Almonds have held the No1 position in global tree nut innovations since 2006 (35 market share 2013)
Long term US per capita consumption of almond outpaces all other tree nuts (376 growth since 1980)
15 15
Why Select Harvests - 2015 Orchard Profile
Source Company Data
AREA BY TREE AGE
Years 0-7 Years 8-26 Years 26+ TOTAL PLANTED AVAILABLE TO PLANT TOTAL
(acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha) (acres) (ha)
Northern Region
Company Owned 312 126 1179 477 - - 1491 604 - - 1491 604
Leased 1332 539 1685 682 - - 3017 1221 - - 3017 1221
Total 1644 666 2864 1160 - - 4508 1825 - - 4508 1825
Central Region
Company Owned 638 258 2455 994 1072 434 4165 1686 1600 648 5765 2334
Leased - - 1481 600 - - 1481 600 - - 1481 600
Total 638 258 3936 1594 1072 434 5646 2286 1600 648 7246 2934
Southern Region
Company Owned 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
Leased - - - - - - - - - - - -
Total 1018 412 2138 866 - - 3156 1278 3865 1565 7021 2843
TOTAL
Company Owned 1968 797 5772 2337 1072 434 8812 3568 5465 2213 14277 5780
Leased 1332 539 3166 1282 - - 4498 1821 - - 4498 1821
Total 3300 1336 8938 3619 1072 434 13311 5389 5465 2213 18776 7601
16 16
Significant Orchard Growth Double plantings by 2018
Growth - 5465 acres of unplanted land suitable for almonds will be planted over the next 4 years
8547(79)
2282(21)
1463
1018
1465
2350
350 1650
350 406 (1072)
10871(58)
7939(42)
2850
21659
-
5000
10000
15000
20000
25000
Current Acquisitions FY15Planting Program
FY16Planting Program
FY17Planting Program
FY18Planting Program
Existing treesremoved forreplanting
Total Additional acreagerequired to achieve
Strategic Target
FY18 StrategicTarget
Acr
es
Mature Almond Orchards ( gt 8 years)
Immature Almond Orchards (0 - 8 years)
Greenfield Almond Orchard Development
Replanted Almond Orchards
Removed Almond Orchards
Strategic Target
Utilising current and acquisition land bank
17 17
Global Supply ndash US ReservoirsTempSnowpack
Temperature
Six Months In and Sizzling California Sets Record - Andrea Thompson Climate Central 16 July 2014
California just finished the hottest first half year on record a period going back 120 years according to the national climate overview for June released by the National Oceanic and Atmospheric Administration (NOAA)
httpwwwclimatecentralorgnewscalifornia-warmest-year-record-17774
Snowpack
California drought Sierra snowpack is barely there - Peter Fimrite SFGate San Francisco Chronicle 2 May 2014
The snow levels in the Sierra were only 18 percent of average on Thursday when the last of the seasons once-a-month measurements was taken by the California Department of Water Resources Thats worse than last month when the snowpack was 32 percent of normal for the date Conditions get worse the farther north one goes in the Sierra and Cascade ranges The snowpack is a paltry 7 percent of average in the northern part of the state according to the measurements
httpwwwsfgatecomsciencearticleCalifornia-drought-Sierra-snowpack-is-barely-5446649php
Reservoir Conditions Most storages have less than half of their historical average water levels
Temperature Hottest 6 months on record drives evaporationtranspiration
Snowpack Historically low snowpack which provide the surface water ground water recharge is concerning
18 18
Global Supply - US Groundwater Levels
Groundwater accounts for 30-60 of California water use NASA data shows serious water loss since 2002
This trio of images depicts satellite observations of declining water storage in California as seen by NASAs Gravity Recovery and Climate Experiment satellites in June 2002 (left) June 2008 (center) and June 2014 (right) Colors progressing from green to orange to red represent greater accumulated water loss between April 2002 and June 2014 Californias Sacramento and San Joaquin River basins including the Central Valley have suffered the greatest losses in part due to increased groundwater pumping to support agricultural production Between 2011 and 2014 the combined river basins have lost 4 trillion gallons (15 cubic kilometers or 12 million acre-feet) of water each year an amount far greater than Californias 38 million residents use in cities and homes annually Source NASA (httpwwwjplnasagovspaceimagesdetailsphpid=PIA18816)Source 2 Dept of Water Resources California (httpwwwwatercagovwaterconditionsdocsDrought_Response-Groundwater_Basins_April30_Final_BCpdf)
19 19
Global Demand ndash Diverse High Growth
Almonds have held the No1 position in global tree nut innovations since 2006 (35 market share 2013)
Long term US per capita consumption of almond outpaces all other tree nuts (376 growth since 1980)
16 16
Significant Orchard Growth Double plantings by 2018
Growth - 5465 acres of unplanted land suitable for almonds will be planted over the next 4 years
8547(79)
2282(21)
1463
1018
1465
2350
350 1650
350 406 (1072)
10871(58)
7939(42)
2850
21659
-
5000
10000
15000
20000
25000
Current Acquisitions FY15Planting Program
FY16Planting Program
FY17Planting Program
FY18Planting Program
Existing treesremoved forreplanting
Total Additional acreagerequired to achieve
Strategic Target
FY18 StrategicTarget
Acr
es
Mature Almond Orchards ( gt 8 years)
Immature Almond Orchards (0 - 8 years)
Greenfield Almond Orchard Development
Replanted Almond Orchards
Removed Almond Orchards
Strategic Target
Utilising current and acquisition land bank
17 17
Global Supply ndash US ReservoirsTempSnowpack
Temperature
Six Months In and Sizzling California Sets Record - Andrea Thompson Climate Central 16 July 2014
California just finished the hottest first half year on record a period going back 120 years according to the national climate overview for June released by the National Oceanic and Atmospheric Administration (NOAA)
httpwwwclimatecentralorgnewscalifornia-warmest-year-record-17774
Snowpack
California drought Sierra snowpack is barely there - Peter Fimrite SFGate San Francisco Chronicle 2 May 2014
The snow levels in the Sierra were only 18 percent of average on Thursday when the last of the seasons once-a-month measurements was taken by the California Department of Water Resources Thats worse than last month when the snowpack was 32 percent of normal for the date Conditions get worse the farther north one goes in the Sierra and Cascade ranges The snowpack is a paltry 7 percent of average in the northern part of the state according to the measurements
httpwwwsfgatecomsciencearticleCalifornia-drought-Sierra-snowpack-is-barely-5446649php
Reservoir Conditions Most storages have less than half of their historical average water levels
Temperature Hottest 6 months on record drives evaporationtranspiration
Snowpack Historically low snowpack which provide the surface water ground water recharge is concerning
18 18
Global Supply - US Groundwater Levels
Groundwater accounts for 30-60 of California water use NASA data shows serious water loss since 2002
This trio of images depicts satellite observations of declining water storage in California as seen by NASAs Gravity Recovery and Climate Experiment satellites in June 2002 (left) June 2008 (center) and June 2014 (right) Colors progressing from green to orange to red represent greater accumulated water loss between April 2002 and June 2014 Californias Sacramento and San Joaquin River basins including the Central Valley have suffered the greatest losses in part due to increased groundwater pumping to support agricultural production Between 2011 and 2014 the combined river basins have lost 4 trillion gallons (15 cubic kilometers or 12 million acre-feet) of water each year an amount far greater than Californias 38 million residents use in cities and homes annually Source NASA (httpwwwjplnasagovspaceimagesdetailsphpid=PIA18816)Source 2 Dept of Water Resources California (httpwwwwatercagovwaterconditionsdocsDrought_Response-Groundwater_Basins_April30_Final_BCpdf)
19 19
Global Demand ndash Diverse High Growth
Almonds have held the No1 position in global tree nut innovations since 2006 (35 market share 2013)
Long term US per capita consumption of almond outpaces all other tree nuts (376 growth since 1980)
17 17
Global Supply ndash US ReservoirsTempSnowpack
Temperature
Six Months In and Sizzling California Sets Record - Andrea Thompson Climate Central 16 July 2014
California just finished the hottest first half year on record a period going back 120 years according to the national climate overview for June released by the National Oceanic and Atmospheric Administration (NOAA)
httpwwwclimatecentralorgnewscalifornia-warmest-year-record-17774
Snowpack
California drought Sierra snowpack is barely there - Peter Fimrite SFGate San Francisco Chronicle 2 May 2014
The snow levels in the Sierra were only 18 percent of average on Thursday when the last of the seasons once-a-month measurements was taken by the California Department of Water Resources Thats worse than last month when the snowpack was 32 percent of normal for the date Conditions get worse the farther north one goes in the Sierra and Cascade ranges The snowpack is a paltry 7 percent of average in the northern part of the state according to the measurements
httpwwwsfgatecomsciencearticleCalifornia-drought-Sierra-snowpack-is-barely-5446649php
Reservoir Conditions Most storages have less than half of their historical average water levels
Temperature Hottest 6 months on record drives evaporationtranspiration
Snowpack Historically low snowpack which provide the surface water ground water recharge is concerning
18 18
Global Supply - US Groundwater Levels
Groundwater accounts for 30-60 of California water use NASA data shows serious water loss since 2002
This trio of images depicts satellite observations of declining water storage in California as seen by NASAs Gravity Recovery and Climate Experiment satellites in June 2002 (left) June 2008 (center) and June 2014 (right) Colors progressing from green to orange to red represent greater accumulated water loss between April 2002 and June 2014 Californias Sacramento and San Joaquin River basins including the Central Valley have suffered the greatest losses in part due to increased groundwater pumping to support agricultural production Between 2011 and 2014 the combined river basins have lost 4 trillion gallons (15 cubic kilometers or 12 million acre-feet) of water each year an amount far greater than Californias 38 million residents use in cities and homes annually Source NASA (httpwwwjplnasagovspaceimagesdetailsphpid=PIA18816)Source 2 Dept of Water Resources California (httpwwwwatercagovwaterconditionsdocsDrought_Response-Groundwater_Basins_April30_Final_BCpdf)
19 19
Global Demand ndash Diverse High Growth
Almonds have held the No1 position in global tree nut innovations since 2006 (35 market share 2013)
Long term US per capita consumption of almond outpaces all other tree nuts (376 growth since 1980)
18 18
Global Supply - US Groundwater Levels
Groundwater accounts for 30-60 of California water use NASA data shows serious water loss since 2002
This trio of images depicts satellite observations of declining water storage in California as seen by NASAs Gravity Recovery and Climate Experiment satellites in June 2002 (left) June 2008 (center) and June 2014 (right) Colors progressing from green to orange to red represent greater accumulated water loss between April 2002 and June 2014 Californias Sacramento and San Joaquin River basins including the Central Valley have suffered the greatest losses in part due to increased groundwater pumping to support agricultural production Between 2011 and 2014 the combined river basins have lost 4 trillion gallons (15 cubic kilometers or 12 million acre-feet) of water each year an amount far greater than Californias 38 million residents use in cities and homes annually Source NASA (httpwwwjplnasagovspaceimagesdetailsphpid=PIA18816)Source 2 Dept of Water Resources California (httpwwwwatercagovwaterconditionsdocsDrought_Response-Groundwater_Basins_April30_Final_BCpdf)
19 19
Global Demand ndash Diverse High Growth
Almonds have held the No1 position in global tree nut innovations since 2006 (35 market share 2013)
Long term US per capita consumption of almond outpaces all other tree nuts (376 growth since 1980)
19 19
Global Demand ndash Diverse High Growth
Almonds have held the No1 position in global tree nut innovations since 2006 (35 market share 2013)
Long term US per capita consumption of almond outpaces all other tree nuts (376 growth since 1980)