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Platformed For ANNUAL REPORT 2020 YEAR ENDED 30 SEPTEMBER 2020 PLATFORMED FOR OUR ORCHARDS BLOSSOM LATE JULY TO EARLY SEPTEMBER 2 Select Harvests Annual Report 2020 GEOGRAPHIC DIVERSITY The strategy to have geographic diversity between our orchards limits our exposure to the weather, the spread of disease and insect infestation. Geographic diversity also enhances the availability of labour. NORTHERN SOUTHERN HILLSTON REGION LAKE REGION CULLULLERAINE Sydney PARINGA WAIKERIE GRIFFITH EUSTON LOXTON Adelaide ROBINVALE CENTRAL REGION THOMASTOWN Melbourne PROCESSING CENTRES SELECT HARVESTS ORCHARDS AUSTRALIA PIANGIL ALMOND ORCHARD Sale and Implementation Deed entered in October 2020 1,566 hectares planted almond trees (NOT INCLUDED IN ACREAGE FIGURES BELOW) 7,696HA 2,670HA 3,078HA 1,948HA (19,016 ACRES) (6,597 ACRES) (7,605 ACRES) (4,814 ACRES) TOTAL SOUTHERN REGION CENTRAL REGION NORTHERN REGION PLANTED AREA PLANTED AREA PLANTED AREA PLANTED AREA Select Harvests Annual Report 2020 3 Select Harvests Annual Report November 2019 3 Select Harvests is one of Australia’s Company largest almond growers and a leading Selectmanufacturer, Harvests processor is one of Australia’s and marketer of Company largestnut products, almond health growers snacks and anda leading muesli. We Profile manufacturer,supply the Australian processor retail and andmarketer industrial Profile ofmarkets nut products, plus export health almonds snacks globally. and muesli.We are WeAustralia’s supply thesecond Australian largest retail almond andproducer industrial and marketer markets withplus coreexport capabilities almondsacross: Horticulture, globally. Orchard Management, WeNut are Processing, Australia’s Salessecond and largest Marketing. almond These producercapabilities and enable marketer us to with add corevalue capabilities throughout across:the value Horticulture, chain. Orchard Management, Nut Processing, Sales and Marketing. These capabilitiesOur Operations enable us to add value throughout Our geographically diverse almond orchards CONTINUED BRAND INVESTMENT are located in Victoria, South Australia Ourand OperationsNew South Wales with a portfolio that Ourincludes geographically more than diverse 7,696 almondHa (19,016 orchards acres) areof atcompany or near maturity.owned Locatedand leased in Victoria, almond CONTINUED STRATEGIC INVESTMENT IN OUR BRANDS Southorchards Australia and andland New suitable South Walesfor planting.our portfolioThese orchards, includes moreplus than other 7,689 independent Ha (19,000orchards, acres) supply of company our owned state-of-the-art and leasedprocessing almond facility orchards at and Carina land suitableWest near forRobinvale, planting. TheseVictoria orchards, and ourplus othervalue-added independentprocessing facility orchards, at supplyThomastown our state-of- in the TM the-artNorthern processing Suburbs offacility Melbourne. at Carina West nearOur Robinvale,Carina West Victoria processing and our facility value-added has the processing facility at Thomastown in the TM capacity to process above 30,000Mt of Northernalmonds in Suburbs the peak of Melbourne.season and Ouris capable of Carinameeting West the processing ever increasing facility demand has the for in- capacityshell, kernel to process and value-added 25,000 MT of product. almonds Our inprocessing the peak seasonplant inand Thomastown is capable of meetingprocesses theover ever 10,000Mt increasing of product demand per for annum.in-shell, TONNAGE TOTALS kernel and value-added product. Our WEIGHT OF KERNELS PER ANNUM METRIC TONNAGE TOTALS TONNES processingExport plant in Thomastown processes over 10,000 MT of product per annum. WEIGHT OF KERNELS PER ANNUM Select Harvests is one of Australia’s largest 23,000 almond exporters and continues to build Export 22,000 strong relationships in the fast growing Selectmarkets Harvests of India is one and of Australia’sChina, as largest well as 22,690 23,250 METRIC21,000 almondmaintaining exporters established and continues routes to to marketsbuild in MT MT TONNES strongAsia, Europe relationships and the in Middle the fast East. growing 20,000 markets of India and China, as well as 19,000 maintainingOur Brands established routes to markets 19,000 inThe Asia, Select Europe Harvests and the Food Middle Division East. provides a 7,677 18,00018,000 capability and route to market domestically HA Our Brands 17,000 and around the world for processed almonds Theand Selectother Harvestsnatural products. Food Division It supplies provides both 17,000 7,135 16,000 abranded capability and and private route label to market products domestically to the key andretailers, around distributors the world andfor processed industrial users.almonds Our HA 15,000 16,000 andmarket other leading natural brands products. are: It Lucky, supplies NuVitality both branded and private label products to the key 6,687 15,700 14,000 and Sunsol in retail; Renshaw and Allinga Farms HA MT retailers,in wholesale distributors and industrial and industrial markets. users. Our 15,00013,000 market leading brands are: Lucky, NuVitality, 14,500 14,200 14,100 In addition to almonds, we market a broad MT MT Sunsol, Allinga Farms and Soland in retail; MT 12,000 Renshawrange of andsnacking Allinga and Farms cooking in wholesale nuts, healthand 14,000 mixes and muesli. 11,000 industrial markets. In addition to almonds, weOur market Vision a broad range of snacking and 13,00010,000 cooking nuts, health mixes and muesli. 5,597 To be a leader in the supply of better for you 10,5005,389 HA 9,000 Ourplant-based Vision foods. MTHA 12,000 8,000 For Select Harvests to be recognised as one of Australia’s most respected 7,000 11,000 agrifood businesses. 6,000 10.000 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 4 4 Select Harvests Annual Report 2020 ContentsContents 3 Company Profile 4 1 ContentsCompany Profile 5 2 PerformanceContents Summary 6 3 ChairPerf ormance& Managing Summa Director’sry Report 12 4 AlmondChairman Division & Managing Director’s Report 13 8 FoodStra tDivisionegy 141 0 PeopleAlmo n&d Diversity Division 141 1 CommunitiesFood Division 141 2 OH&SPeople & Diversity 141 2 SustainabilityCommunitie &s Environment 1612 ExecutiveOH&S Team 1712 BoardSustainabili of Directorsty & Environment 181 4 HistoricalExecutiv eSummary Team 19 Financial Report 15 Board of Directors 20 Directors' Report 16 Historical Summary 28 Remuneration Report 17 Financial Report 40 Auditor’s Independence Declaration 18 Directors’ Report 41 Annual Financial Report 24 Remuneration Report 43 Statement of Comprehensive Income 37 Auditor’s Independence Declaration 44 Balance Sheet 38 Statement of Comprehensive Income 45 Statement of Changes in Equity 39 Balance Sheet 46 Statement of Cash Flows 40 Statement of Changes in Equity 47 Notes to the Financial Statements 41 Statement of Cash Flows 77 Directors' Declaration 42 Notes to the Financial Statements 78 Independent Auditor’s Report 71 Directors’ Declaration 85 ASX Additional Information 72 Independent Auditor’s Report 87 Corporate Information 79 ASX Additional Information 81 Corporate Information Using technology to improve water efficiency Making the best use of the water available to our orchards is vital for productivity and cost-efficiency. Technology to help us achieve this has been evolving rapidly. Several of our orchards are now using data from Phytech to deliver the precise BELOW: Amaroo farm data transmitter locations amount of water required, when it is needed, avoiding run-off. Amaroo Farm Amaroo in South Australia has saved over 600 megalitres of water a year, amounting to cost savings of more than $250,000 using this data driven approach. Select Harvests Annual Report 2020 5 Performance Summary Results - Key Financial Data $'000 (EXCEPT WHERE INDICATED) REPORTED RESULT (AIFRS) VARIANCE VARIANCE (%) FY2020 FY2019 Revenue 248,262 298,474 (50,211) (16.8%) Almond Crop Volume (Mt) 23,250 22,690 560 2.5% Almond Price (A$/kg) 7.50 8.60 (1.10) (12.8%) EBITDA1 57,783 95,193 (37,410) (39.3%) Depreciation and Amortisation (19,057) (15,128) (3,929) (26.0%) EBIT1 Almond Division 41,807 82,235 (40,428) (49.2%) Food Division 3,348 5,011 (1,663) (33.2%) Corporate Costs (6,429) (7,181) 752 10.5% Total EBIT1 38,726 80,065 (41,339) (51.6%) Interest Expense (2,064) (3,957) 1,893 47.8% Profit Before Tax 36,662 76,108 (39,446) (51.8%) Tax Expense (11,661) (23,086) 11,425 49.5% Net Profit After Tax (NPAT) 25,001 53,022 (28,021) (52.8%) Earnings Per Share (EPS) (cents) 26.0 55.5 (29.5) (53.2%) Dividend Per Share (DPS) - Interim (cents) 9 12 Dividend Per Share (DPS) - Final (cents) 4 20 DPS - Total (cents) 13 32 Net Debt (inc. lease liabilities) 322,311 27,426 Gearing (inc. lease liabilities) 79.6% 6.6% Share Price (A$/Share as at 30 September) 5.57 7.69 Market Capitalisation (A$M) 538.3 736.2 Note: It should be reiterated that, as is always the case at the time the Company develops the crop value estimate, there is the potential for changes to occur both in yield outcomes (as the crop harvest and processing progress) and the pricing environment (driven by almond market or currency) shift. Definitions: 1 EBITDA & EBIT are Non-IFRS measures used by the company are relevant because they are consistent with measures used internally by management and by some in the investment community to assess the operating performance of the business. The non-IFRS measures have not been subject to audit or review. BELOW: Data collected from the trees delivers the precise amount of water into the root zone 6 Select Harvests Annual Report 2020 Chair & Managing Director’s Report While sales were higher for our Industrial value-added segment in FY2020, higher private label penetration and commodity costs negatively impacted the overall segment result. We expect volumes to increase in 2021. Our focus will be to expand our existing customer base. The external environment this year has clearly shown how unpredictable events can and do occur, emphasising the importance of a sound business base, flexible thinking and understanding the things we can control.
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