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He Thy Gr Owth Strateg Roots wth gro ANNUAL REPORT 2015 SELECT HARVESTS hy lt ea H ANNUAL REPORT 2015 S t ra te gic roots People Engagement Almond Critical Mass Best Systems and in Class Process Improve Value Sustainable Food Model Investment in Divisions Select Harvests Limited ABN 87 000 721 380 Company Profile Select Harvests is one of Australia’s These orchards, plus other independent Our Brands largest almond producers and orchards, supply our state-of-the-art primary The Select Harvests Food Division provides marketers with core capabilities across: processing facility at Carina West near a capability and route to market domestically Horticulture, Orchard Management, Robinvale, Victoria and our value added and around the world for processed almonds Processing, Sales and Marketing. processing facility at Thomastown in the and other natural products. It supplies both These capabilities enable us to benefit Northern Suburbs of Melbourne. Our branded and private label products to the throughout the value chain. primary processing facility has the capacity key retailers, distributors and industrial users. to process 22,000 metric tonnes of almonds We are one of Australia’s largest almond Our market leading brands are: Lucky, in the peak season and is capable of meeting growers and the country’s leading Nu-Vit, Sunsol, Allinga Farms and Soland in the ever increasing demand for both in-shell manufacturer, processor and marketer retail markets and Renshaw and Allinga Farms and kernel product. Our processing plant in of nut products, health snacks and muesli. in wholesale and industrial markets. In addition Thomastown processes over 10,000 metric We supply the Australian retail and industrial to almonds, we market a broad range of snacking tonnes of product per annum. markets and export almonds globally. and cooking nuts, health mixes and muesli. Our Operations Export Our Mission Select Harvests is one of Australia’s largest Our geographically diverse almond orchards To deliver sustainable shareholder value by almond exporters and continues to build are at or near maturity. Located in Victoria, being a global leader in integrated growing, strong relationships in the fast growing South Australia and New South Wales our processing & marketing of almonds. markets of India and China, as well as portfolio includes more than 7,602 Ha (18,776 maintaining established routes to markets acres) of company owned and leased almond in Asia, Europe and the Middle East. orchards and land suitable for planting. Geographic Diversity SOUTHERN NORTHERN REGION LAKE HILLSTON REGION CULLULLERAINE Sydney PARINGA EUSTON GRIFFITH LOXTON Adelaide ROBINVALE Swan Hill Albury CENTRAL Nhill REGION Processing Centres Select Harvests Orchards THOMASTOWN Melbourne 1, 611 2,161 1, 8 2 5 PLANTED HA PLANTED HA PLANTED HA IN SOUTHERN REGION IN CENTRAL REGION IN NORTHERN REGION (3,979 ACRES) (5,337 ACRES) (4,508 ACRES) Note: Planted area as at 30 September 2015. Includes 384 HA (948 acres) planted in Southern Region post 30 June 2015. www.selectharvests.com.au Industry Overview 9 things you might not know about almonds... 1/ AUSTRALIA’S LARGEST 2/ AUSTRALIA EXPORTS ALMONDS 3/ ALMONDS GROW WITH THE GLOBAL HORTICULTURAL EXPORT TO 50 COUNTRIES CHOCOLATE INDUSTRY INDIA % EXPORT SALES CONSUMES 66 % % OF CHOCOLATE 246 24 CONSUMERS OF AUSTRALIAN PREFER O VER PAST CHOCOLATE FIVE YEARS ALMOND EXPORTS WITH ALMONDS THAN WITHOUT Export sales will reach A$600m in 2015/16. The global chocolate industry was forecast Sales will top A$1b by 2020. Export sales of A$422m in 2014/15. to grow another 27% over the next 5 years. Source: ABA Source: ABA Source: Californian Almond Board/Euromonitor 4/ THE DOMINANT TREE NUT 5/ AUSTRALIA LEADS CONSUMPTION 6/ CHEAP SOURCE OF PROTEIN ALMONDS COMPRISE 934 % GRAMS / VALUE & COST 33 PERSON / OF TREE NUTS YEAR GLOBALLY Almonds are roughly double the volume Australian per capita almond consumption On a price per unit of protein basis, of the next largest nut, making substitution was the highest in the world at 934gm/ almonds are still one of the cheapest of other tree nuts for almonds difficult. person/year in 2014. sources of protein on the planet. Source: Company Data Source: ABA Source: Company Data 7/ GOOD FOR YOUR THINKING 8/ NUTS ARE HEALTHY FOR YOU 9/ ALMONDS ARE RICH IN NUTRIENTS POUND MAY IMPROVE % FOR POUND, COGNITIVE 40 ALMONDS PROCESSES POSSIBLE ARE ONE OF REDUCTION IN THE BEST HEART DISEASE NUTS FOR YOUR HEALTH A new review of 70 studies has found that a handful of nuts may improve cognitive Almonds are the tree nut highest in protein, processes, which include mental Nuts have been linked to a 40% Reduced fibre, calcium, vitamin E, riboflavin, niacin processes such as memory, problem Risk of Death from Heart Disease in a recent and one of the highest sources of hard-to- solving and decision making. meta-analysis. get magnesium. Source: Nuts for Life Source: Nuts for Life Source: Nuts for Life 01 Select Harvests Annual Report 2015 Contents 01 Industry Overview 02 Contents 03 Performance Summary 04 Chairman & Managing Director’s Report 08 Our Growth Platform 10 Almond Division 11 Food Division 12 People & Diversity 13 OH&S, Sustainability 14 Executive Team 15 Board of Directors 16 Historical Summary 17 Financial Report 02 www.selectharvests.com.au Performance Summary EBIT ($000’s) FY14 (restated) FY15 Almond Division 30,275 87,50 3 Food Division 5,644 6,817 Corporate (4,631) (4,685) Total EBIT 31,288 89,635 Interest Expense (4,455) (5,331) Profit Before Tax 26,833 84,304 Tax Expense ( 5,190 ) (24,885) NPAT (before acquisition costs) 21,643 59,419 Acquisition Costs – (2,653) NPAT Reported 21,643 56,766 EPS (excluding acquisition costs) 37.5 cents 86.8 cents EPS reported 37.5 cents 82.9 cents Operating Cash flow 23,063 30,399 Net Debt 94,764 109,708 Gearing (Net Debt/Equity) 54.1% 38.2% A Record Year • Select Harvests delivered a • Earnings per share record Underlying NPAT (excluding acquisition costs) (excluding acquisition costs) was 86.8 cps, an increase in 2015 of $59.4 million, of 131% on last year’s following on from the strong underlying EPS. restated 2014 result of $21.6 million. • The business generated • The result was driven by cash flow of $30.4 million, the valuation of the 2015 32% higher than 2014. crop, based on a yield of 14,500 tonnes and a price of $11.45/kg plus further upside from the 2014 crop. • This improved performance • Our 7 strategic platforms has resulted in gearing have resulted in growth, being reduced to 38.2% improved productivity and profitability plus reduced risk. 03 Select Harvests Annual Report 2015 We are pleased to present you with • Risk mitigation Strategy Select Harvests’ 2014/15 Annual Report. − Frost Fans – 13 frost events, nil loss The company has continued to deliver It has been an outstanding year for the − Increased harvest matrix – 14 days less against the milestones set out in its company with record volumes, prices, harvesting time 7 strategic platforms. The recent orchard productivity and financial results, driven − Almond Dryer – Quality/mix improvement acquisitions and greenfield expansion will by executing our strategy, enhanced • Almond crop deliver the primary strategy platform of by favourable market conditions. − 14,500 tonnes – up 4,000 tones on FY14 building and controlling the critical mass Highlights Financial Performance of nut. The enhanced tree nutrition program and increased density of new tree plantings • Record Reported Profit – $56.8 million, The company generated a Reported NPAT will deliver greater orchard productivity, up 162% of $56.8 million in FY15 – a record result leveraging the global almond opportunity and substantially up on the strong FY14 • Productivity gains that we have been steadily working towards Underlying NPAT of $21.6 million. Excluding − Harvest – 38% larger harvest in recent years and maximizing profitability. the impact of acquisition transaction costs − Processing – 20% more productive and the company’s early adoption of new Capital investments in the Almond Dryer, in FY15 Accounting Standards, FY15 NPAT would Cogen Plant and Project Parboil will improve − Orchard – Higher nutrient program have been $63.2 million. quality and productivity, reduce the cost reflecting in tree health and yield base and increase the efficiency, capacity Reported FY15 Earnings Per Share (“EPS”) • Sales Growth and sustainability of our supply chain. increased to 82.9 cents per share (“cps”), − Almond sales up 189% These investments will positively impact the up 121% on Restated FY14 EPS of 37.5 cps. − Industrial sales up 28% ability of the Packaged Food business and − Branded consumer sales up 9% The company paid a final dividend of 35 Industrial & Trading business to capture new cents per share on 13 October 2015 (Record opportunities and grow. • Strategic Projects – Approved Date 31 August 2015), taking the full year − Project Parboil (facility to improve almond The investment in brands is gaining traction dividend to 50 cents per share (up from supply chain efficiency) – $10.0m, and delivering increased sales and margin, 20 cents last year). − Project H2E (Electricity Cogen Plant) while the growth in other channels and – $12.0m As at 30 June 2015, Net Debt was $109.7 geographies will assist future profitability million and gearing (Net Debt to Equity) and growth. • Funding – equity raising, sale & leaseback was 38%. − Acquisition of 2 orchards and land bank − Replanted 207 HA (512 acres) in Q3CY2014 − Planted 384 HA (948 acres) in Q3CY2015 − Funding in place to plant another 960 HA (2,371 acres) 04 www.selectharvests.com.au Chairman & Managing Director’s Report Acquisitions Select Harvests recently announced a Sale Almond Division & Leaseback Agreement with First State During the financial year the company The Almond Division generated an EBIT Super (“FSS”), whereby FSS would acquire acquired 2 almond orchards (Amaroo of $87.5 million in FY15 (FY14 $30.3 million).
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