Slide 1: Results Presentation - Half Year - 31 December 2004
collaboration delivery integration Results Presentation - Half Year - 31 December 2004
Slide 2: Balance Sheet
BALANCE SHEET 6 Months Ended 34/12/04 $000 6 Months Ended 31/12/03 $000 Current Assets 52,210 33,357 Non Current Assets 77,145 69,145 Total Assets 129,355 102,502 | Current Liabilities 20,021 11,464 Debt 23,710 19,605 Non Current Liabilities 1,968 1,465 Total Liabilities 45,699 32,534 TOTAL EQUITY 6
Slide 3: Financial Results Half Year 31/12/2004
Zz nc... FINANCIAL RESULTS HALF YEAR 31/12/2004 6 Months 6 Months Ended Ended % 31/12/04 31/12/03 change $000 $°000 68,306 64,764 +36% 16,678 13,895 +20% 14,391 11,691 +23% Net Profit After Tax 9,143 7,467 422% zarnings per Share (basic) 23.6 cents | 20.0 cents 418% Interim Dividend 16 cents 10 cent
Slide 4: Share Price Movement
SHARE PRICE MOVEMENT
Slide 5: EBIT Contribution
\Ww sooner seamen EBIT CONTRIBUTION $14,391 $11,691 EBIT 6 Months Ended 31/12/04 EBIT 6 Months Ended 31/12/03 3% 2% Almond Operations B Almond Operations} @ Food Products 36% @ Food Products O Pesticides 62% O Pesticides Operating EBIT aie Ended eine Ended % change Almond 9,841 7,875 +25% Operations
Slide 6: Almond Operations
Z XZ”... ALMOND OPERATIONS EBIT HY Dec 04 - $9.841m EBIT HY Dec 03- $7.875m + 25% 2004 2003 « Increased orchard establishment fees. —> 1 2000 acres 2780 Actes —-» | 11600 acres 8070 acres * Increased area under management. + Increased processing fees on third party tonnage. —> L1S8C tonnes 892 tonne
Slide 7: Food Products
2 an FOOD PRODUCTS EBIT HY Dec 04 - $5.281m EBIT HY Dec 03 - $4.627m + 14% EBITA - $6.023m EBITA - $5.418 Initial contribution from Nibbles business acquired in September 2004. Nut sales in supermarkets continue to grow. Consumer trend is towards natural whole foods. Improved sales and market share
Slide 8: Pesticide Products
Zz A... PESTICIDE PRODUCTS EBIT HY Dec 04 - $0.461m EBIT HY Dec 03 - $0.215m t 114% * Sales for first half up 19%. Margin improved due to reduction in material costs. Operating costs held at previous years levels. Second half has started positively. Favorable climatic conditions.
Slide 9: SHV Business Model
2 on”... SHV BUSINESS MODEL Key Objectives « Diversify and expand our income stream to deliver sustainable earnings growth with less volatility from agricultural risk. « Transform the company from an almond grower to a fully integrated food company. + Leverage core skills of almond growing and knowl
Slide 10: Key Drivers in 2004
2 on”... KEY DRIVERS IN 2004 * The business model has been further developed in 2004. — establishment of a further 4,000 acres of new almond orchards in winter 2004 increasing area under management by 28% to 14,000 acres — 3,500 managed orchards — 500 to be leased to SHV to facilitate replanting pro
Slide 11: World Almond Market
\Ww seunice semen WORLD ALIIOND MARKET World Almond Supply / Demand Chart 1500 a 2 1000 + < 2 = 500 = 0 EE ST. =——=World Supply | 714 | 758 | 1021} 779 | 1123] 1093] 1150) 1387] 1300 | 1335 = Consumption 621 | 710 | 849 | 687 | 918 | 966 | 1069) 1217) 1180 | 1225 ==—=Carry Out Days} 55 | 25 | 91 | 4
Slide 12: USA Almond Crop - Age of Trees
USA ALMOND CROP -AGE OF TREES Number of Acres CAAS Almond Acreage Report 10 May, 2004 160000 140000 4 120000 4 100000 3 30000 211 (34%) 60000 4 40000 20000 | 140 (23%) Estimate 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 0 1 2 3 4 @ Annual plantings 1200000 1000000 /—* 300000 re Ibs/ Acre
Slide 13: Business Drivers
EL BUSINESS DRIVERS STR Scale of SHV almond operations: — top 5 grower internationally — manages over 60% of Australia's orchards — Australia set to overtake Spain as #2 almond producer behind USA in next 10 years Australia has competitive advantage as an almond producer. — higher yields — quality I