Slide 1: Almond Market Update
Almond Market Update Goldman Sachs 8th April 2022
Slide 2: Disclaimer & Basis of Preparation
Disclaimer & 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 in
Slide 3: Select Harvests Overview
Select Harvests Overview One of the worlds largest almond growers, with a geographically diverse 9,262-hectare orchard portfolio ▪ Listed on the ASX (SHV), with a market capitalisation of A$654m (6 April 2022) and 611 employees. Company ▪ Australia’s second largest almond producer and marketer with
Slide 4: Almond Growing a Closed Loop
Almond Growing a Closed Loop 120,000MT* 30,000MT Biomass 10,000MT Compost Inshell Exported returned to orchards 10,000MT 20,000MT Biomass Energy Kernel Sales Plant 50,000MT Stockfeed * Based on 2021 quantity, estimated volume 4
Slide 5: Crop Update & India FTA
Crop Update & India FTA Select Harvests ▪ Harvest is forecast to finish late April, subject to the favourable climatic continuing, following a slow start due to adverse weather conditions. ▪ 60% of the forecast crop has been harvested. ▪ 35% of the forecast crop has been delivered to the Carina West
Slide 6: U.S. Domestic Manufactured Shipments
U.S. Domestic Manufactured Shipments
Slide 7: The U.S. Domestic Manufactured market for almonds is growing rapidly
The U.S. Domestic Manufactured market for almonds is growing rapidly, increase from 41% to +47% of total domestic shipments over the past 5 years Source: California Almond Board 7
Slide 8: Combined U.S. & Australian Exports
Combined U.S. & Australian Exports
Slide 9: Combined U.S. and Australian almond exports are down
Combined U.S. and Australian almond exports are down by 24.6% and 20.8% over the last 3 and 6 months respectively, and up 4.8% over the last 12 month to Jan 2022 Source: Almond Board’s of California and Australia Note: Australian February 2022 export data has not yet been released 9
Slide 10: Exports to Europe, India and China
Exports to Europe, India and China
Slide 11: Europe, India and China accounted for an average of 67%
Europe, India and China accounted for an average of 67% of U.S. + Australian almond exports over the last 5 years ■ Combined exports to the three destinations have historically peaked in July to August, with troughs occurring between Feb and March ■ A sharp increase in U.S. export shipments for Feb
Slide 12: Exports have been increasing to all three destinations
Exports have been increasing to all three destinations, with an increase in long term trend growth over 5 years ■ Europe has increased long term linear almond imports from ~24k MT a month in Feb-17 to ~27k MT per month by Feb-22 ■ India has seen the strongest growth, increasing linear trend imports
Slide 13: Exports to Europe increased sharply in Feb 2022
Exports to Europe increased sharply in Feb 2022, rising back above the monthly average seen over the last 4 years ■ 25k MT less almonds were exported into Europe from the U.S. and Australia between Sep-21 and Jan-22 vs. the last 4 yr. average ■ A return to trend growth for Europe in H1 CY22 would re
Slide 14: Exports to China have been below trend since Oct-21
Exports to China have been below trend since Oct-21, following an above trend performance in H1 CY21 ■ 12.6k MT less almonds were exported into China from the U.S. and Australia between Oct-21 and Fe b-22 vs. the last 4 yr. average ■ Due to freight/logistics issues, China may pull forward some of it
Slide 15: Exports to India have been inline with trend since Oct-21
Exports to India have been inline with trend since Oct-21, following an above trend performance b/n Jun to Sep 21 ■ U.S. and Australian exports to India have remained on trend since Oct-21. This is likely due to the ‘hangover’ effect of above average exports b/n July 2021 and Sept 2021, when 21k MT