In FY2021 Select Harvests made the strategic decision to sell the Lucky and Sunsol brands and conduct a staged closure of the Thomastown production facility (discontinued operations). A one-off cost from discontinued operations of $9.1 million has been recognised in the FY2021 accounts. With a focus now solely on almonds, Select Harvests will no longer report segment results with all operations now consolidated on a Group basis.
Overview of FY2021 Full Year Results
- Reported NPAT of $15.1 million (FY2020: $25.0 million)
- Continuing Operations' NPAT of $25.3 million (FY2020: $29.2 million)
- Reported EBITDA of $40.4 million (FY2020: $57.8 million)
- Continuing Operations' EBITDA of $53.7 million (FY2020: $63.0 million)
- Operating Cashflow of $38.2 million (FY2020: $13.2 million)
- 2021 almond crop of 28,250 MT (2020 crop 23,250 MT)
- Almond price of $6.80/kg (2020 crop $7.50/kg)
- Net Bank Debt/Equity ratio at 30 September 2021 of 18.6%
- Earnings per Share (EPS) of 12.7 cents per share
- 2021 Fully Franked Final Dividend 8 cps
- Record Date 10 December 2021
- Payment Date 4 February 2022
Paul Thompson, Select Harvests Managing Director, said "The 2021 almond crop was 28,250MT, up 5,000MT on last year including the Piangil orchard acquisition, which was in line with the business case assumption. The average yields for both mature and immature orchards once again exceeded industry standards. The recent investment in new inshell sorters, improved orchard practices and favourable market conditions resulted in 28% inshell shipments for the 2021 crop, up from 18% in 2020.
Following a record Californian almond crop (3.2 billion pounds) and an aggressive selling program, the export almond price dropped to historic low levels. This drove the demand for almonds up 22% as buyers initially took advantage of low prices. As demand increased, Select Harvests was able to take advantage of higher priced positions. While prices recovered somewhat, they have since reduced again due to the impact of global supply chain challenges.
A focus on delivering high yields, price realisation and cost management has helped to offset the impact of a $0.70/kg reduction in the almond price to $6.80/kg. The company has sold or committed for sale 81% of the FY2021 crop with most of the balance held to cover internal value-add processing requirements.
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For more information:
Select Harvests Limited
360 Settlement Road Thomastown
Victoria 3074 Australia
Tel.: +61 (613) 9474 3544
Tel.: +61 (613) 9474 3588
Email: www.selectharvests.com.au