SELECT HARVESTS LIMITED — Investor Presentation 2019

Jun 11, 2019

Click to edit Master title style Aussie Brands PAC Partners 2019 AgFood Round Table: Paul Thompson - Managing Director 13 June 2019

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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 investment objectives, financial situation or needs of any particular investor. Investors should consider their own individual investment and financial circumstances in relation to any investment decision.

Certain statements contained in this presentation may constitute forward-looking statements or statements about future matters that are based upon information known and assumptions made as of the date of this presentation. These statements are subject to risks and uncertainties. Actual results may differ materially from any future results or performance expressed, predicted or implied by the statements contained in this presentation.

The Select Harvests Limited financial statements are prepared in accordance with Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board, Urgent Issues Group Interpretations and the Corporations Act 2001. This includes application of AASB 141 Agriculture in accounting for the current year almond crop, which is classified as a biological asset. In applying this standard to determine the value of the current year crop, the Company makes various assumptions at the balance date as the selling price of the crop can only be estimated and the actual crop yield will not be known until it is completely processed and sold. The resulting accounting estimates will, by definition, seldom equal the related actual results, and have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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Agenda

Select Harvests Overview

Growing Demand for Almonds

2019/20 Priorities

Appendix

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Select Harvests – in control of our destiny

Vision

To be a Leader in the Supply of Better for You Plant Based Foods

Trust & Respect Integrity & Diversity Sustainability Performance Innovation Values Treat all stakeholders with All decisions and transactions Our focus is on the long-term Exceed expectations on a daily Constantly challenge ourselves trust and respect will not compromise the sustainability of our basis to improve everything integrity of the organisation or environment, business and individual community Strategic Optimise the Almond Base Grow our Brands Expand Strategically Priorities Increase productivity and achieve sustainably high Grow our consumer and industrial brands, aligned to Pursue value accretive acquisitions that align with our yields from our growing almond orchard base the increasing consumption of plant based foods core competencies in the plant based agrifoods sector The pathway to Customers Supply Chain People Capital Focus Exceed our current customer’s Optimise our end-to-end supply chain Focus on a safe working environment, Target capital discipline, balance sheet expectations and grow our customer to achieve maximum value for the well-being, company culture, strength, superior shareholder returns What we base, focused on the Asian marketplace business as a whole leadership development and staff and long term growth do everyday training, attraction and retention

Strategic Priorities

The pathway to achieving our vision

Operational Focus

Sustainable Shareholder Value Creation

Goal

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Select Harvests

■ Overview

• Listed on the ASX (SHV), with a Market Capitalisation of $674m (31 May 2019) and 551 employees

• Assets in Victoria, New South Wales and South Australia

■ One of the largest almond growers globally

• 7,677 planted hectares of Australian almond orchards

• 35% of our orchards will reach maturity over the next 8 years, underpinning future growth

• State-of-the-art almond processing facility at Carina West, North West Victoria

■ Diversified ‘better for you’ branded plant food portfolio

• Market leading brands: Lucky, NuVitality, Sunsol, and Allinga Farms supplying wholesalers, manufacturers and retailers in both domestic and export markets

• Value-added processing facility in Melbourne: snacking and cooking nuts, seeds, health mixes and muesli

• Industrial Division supplies food processors throughout Asia, especially the baking industry

 Export focused business, with Asia the key target market

• Bulk & value added supplier to Europe, Middle East and Asia

• Exclusive Trademark License & Distribution Agreement with PepsiCo Foods (China) Co. Ltd

• Separate to the PepsiCo agreement our brands are being sold in Indonesia, Singapore, Hong Kong and Thailand

We supply the world with a growing volume of high quality, plant based food products

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Vertically Integrated from ‘Paddock to Plate’

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Orchards → Production →
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Primary
Processing
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• 7,677 planted hectares of almond orchards

• Combination of owned orchards (3,522) and long term lease (4,155)

• Australia’s second largest almond orchard portfolio

• Responsible for farm management across all our orchards, both owned and leased

• Annual production cycle, with harvest between February and April

• Single site facility responsible for the primary processing of our annual almond crop

• Almond hulling, cracking, sorting & packing, with product sent directly to port or Secondary Processing

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Secondary Industrial
→ →
Processing Brands
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• Bulk product, including inshell almonds, to both established and emerging markets.

• Value added almond processing, from blanching to pastes

• Processing and packing of our snacking nuts, cereals, nut based ■ Worldwide industrial sales to ingredients, health foods and major bakeries, manufacturers dried fruits and wholesalers

• Retail

• Brands

• ■ Market leading Lucky, Sunsol and NuVitaility retail brands

• Domestic and overseas distribution across supermarkets, independent retailers and health food stores

Vertically Integrated across the entire supply chain from almond orchards to consumer and industrial brands

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Almond Orchards – Our productive foundation

Geographic diversity limits exposure to: − Weather − Disease spread − Insect infestation Enables sequential progression of harvest period across regions: − Better farm equipment utilisation − Better processing utilisation − Better labour utilisation

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Secure access to diverse water sources: − River Water − Aquifers Positions the company to maximise harvest volume & reduce variance.

Building world class properties and a globally competitive low cost business.

Select Harvests has a global scale - planted almond orchard portfolio of 7,677 hectares

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Optimise Almond Base - Orchard Age Profile

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Growth and improvement occurred in SHV orchard portfolio in recent years - acquisition, replants, greenfields

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Investment in Volume Growth Optimise Almond Base -

• Select Harvests is now consistently yielding over 1.3 tonnes per acre – this adds

• considerable value in future years

23% higher than FY19 theoretical yield

Investment in almond orchards ensures underlying organic earnings growth

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Grow Our Brands - Brand Portfolio

■ Lucky

• Lucky has been a favourite brand of Nuts and Seeds in Australia for over 60 years and is the Australian market share leader. Lucky has a range of quality products including almonds grown under the Australian sun on our own farms, plus: walnuts, cashews, hazelnuts, brazil nuts, pine nuts, pistachios, macadamias, sunflower seeds and pepitas.

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■ Sunsol

• Australian owned and operated since 1991, Sunsol muesli has been one of Australia’s most popular supermarket brands creating delicious and unique blends of muesli with all the goodness that nature has to offer.

• China represents a great opportunity for Sunsol, with distribution gained through a number of e-commerce platforms, including JD.com, as well as access to bricks and mortar retailers like Sam’s Club.

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■ NuVitality

• NuVitality (formerly Nu-Vit) has been looking after Australians since 1991, making a range of products that fit into healthy lifestyles. Located in the health food aisle, NuVitality is a great tasting better for you food that nourishes the mind and body, improves vitality and well-being in everyday life.

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■ Allinga Farms

• The strong growth in global demand for almonds, coupled with the brand attributes of quality and reliability have contributed to the development of the world recognised Allinga Farms brand. Allinga Farms supply bulk product, including inshell almonds, all over the world to both established and emerging markets.

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■

Renshaw

• Established in Australia over 30 years ago, Renshaw has developed a name for reliability and quality. The Renshaw brand supplies bulk product to major bakeries, manufacturers and wholesalers who depend on quality and service. Having an innovative outlook and being able to deliver safe and ready-to-use product with specific specifications has enabled the Renshaw brand to prosper.

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Growing our Consumer and Industrial brands, aligned to the increasing consumption of plant based foods

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Grow Our Brands - Presence in Asia

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Middle New
India China Indonesia Japan Philippines Thailand Malaysia Taiwan PNG Singapore Brunei
East Zealand
Lucky
Sunsol
NuVitality
Renshaw
Allinga
Farms
(inc.
Inshell &
Bulk
Almonds)
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Our branded products are currently distributed across 12 countries in Asia

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Grow Our Brands - Probiotic Muesli Range

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Ranging achieved in Coles Supermarkets in Australia. Target is now Independent and Export channels

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1H FY2019 Financial Overview

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Almond Volume Almond Price EBITDA [1]
20,750 MT $8.50/kg $38.5 m
↑ 32.2% ↑ 5.6% ↑ $12.6 m
Maturity profile continues to deliver 80% of crop currently contracted Almond Division EBIT $31.5m (↑$13.8m)
underlying volume growth 75% of crop sales are hedged Food Division EBIT $2.3m (↓$0.2m)
NPAT EPS Annualised ROCE
$20.0 m 12.4 %
21.0 cps
↑ 9.8 m ↑ 5.0 ppts
↑ 81.0 %
With 80% of the crop now sold, builds ROCE improved as orchards mature and
Interim dividend of 12 cps full franked
confidence for FY2019 full year result start yielding with improved efficiency
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1 - Non-IFRS measure 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.

Note – The 2018 Half Year Comparative variances have note been audited – they are 50% of the Audited FY2018 Result.

SHV has changed its financial year end from 30 June to 30 September to better align financial reporting and market communication requirements with the almond crop cycle

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Movement in SHV Group EBIT[1] ($M)

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34.9
17.0
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• The 2018 Half Year Comparatives have not been audited – they are 50% of the Audited FY2018 Result.

Increased volumes and higher pricing have led to an improved result

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Sensitivity of 1H FY2019 Results

	Impact on EBIT ($m)
Volume +/- 100 tonnes +/- A $0.5M Almond Price (A$/kg) +/- A $0.10/kg +/- A $2.1M Exchange Rate +/- 1 cent movement in AUD/USD cross rate +/- A $2.5M

With 80% of the crop now sold, we are confident of a strong FY2019 full year result

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Agenda

Select Harvests Overview

Growing Demand for Almonds

2019/20 Priorities

Appendix

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Almonds are leading the increase in tree nut consumption

U.S tree nut consumption per person, 1970 and 2016

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Data Source: USDA, Economic Research Service. ‘Other is mostly cashews’. China per person consumption figure sourced from the International Nut Council (INC)

2016 U.S. per person almond consumption of 1.6 pounds (0.72 kg) was 14x higher than China’s (0.05 kg): significant room for consumption growth as incomes increase and diets change

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The tariffs being imposed on U.S almonds into China is opening up new opportunities for Australian almonds

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Data Source: Almond Boards of Australia and California

Australian almond exports to China increased significantly in the 2018 Marketing Year

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Almonds are the top nut for inclusion in food product launches: opportunity for our industrial almond value-added business

■ The versatility and health benefits of almonds is resulting in more food manufacturers including almonds in their new product launches

• Almonds were the number one introduced nut in new Bakery and Bars categories, and number two in Confectionary[1] .

• Almond introductions in the Asia-Pacific confectionary market increased by 22% in 2017. Almonds were the top nut in new product introductions in China, with 2,103 new introductions in 2017.

■ Select Harvests is experiencing a growth in demand from value added almond products

• Our industrial division has seen strong demand from Asian food manufacturers, in particular the bakery industry.

• Products are being supplied from our newly commissioned Project Parboil: a state-of-the-art, fully integrated almond processing facility at Carina West, enabling the processing of blanched, roasted and sliced almonds and the production of almond paste.

Almond inclusions in new product launches

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1Innova Market Insights, 2017 Global New Product Introductions Report, May 2018

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Almond NPD is surging as manufacturers tap into growing consumer demand for innovative ‘plant forward’ products

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Yoghurt
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Creamer
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Milk
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Butter
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Shampoo
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Protein Powder

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Ice Cream

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Cheese

Source: company websites

Our Industrial Sales are experiencing strong growth, with a full pipeline of new manufacturing customers

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Agenda

Select Harvests Overview

Growing Demand for Almonds

2019/20 Priorities

Appendix

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2019/20 Top 10 Priorities

1. 2020 Crop Horticultural Program – Ensure optimal tree health

2. Successfully Deliver The 2019 Crop – Maximise price and ensure quality standards

3. Cost Reductions - Continue to reduce cost per kg across all production stages

4. Mitigate Water Cost - With increasingly dry conditions, water management is critical

5. Improve Cash Position - Improve working capital and cash conversion rate

6. Growth – Assess organic and other options to deliver additional growth

7. H2E – Maximise financial and environmental benefits (Potash composting)

8. Capital Investment – Prioritise investment to deliver improved quality outcomes

9. Execute Export Growth Strategy - China opportunities in Industrial and Consumer

10. Corporate – Transition to AASB16 Lease Accounting standard

Fundamentals remain positive and opportunities to improve exist

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Agenda

Select Harvests Overview

Growing Demand for Almonds

2019/20 Priorities

Appendix

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Income Statement

Income Statement	Revenue reflects sales of prior year crops and Food Division 1H FY 2019 EBITDA1 $38.5m (1H FY 2018* $25.9m) - higher result driven by larger crop and firm A$ pricing Almond Division EBIT1 $31.5m (1H FY2018* $17.7m) - Volume up to 20,750MT (FY2018 15,700) - Price of A$8.50/kg (FY2018 A$8.05/kg) - Prior years crop valuation adjustment of ($1.7M) - Total net 2019 crop costs/kg down by 8.6% Food Division EBIT1 stable at $2.3m (1H FY2018* $2.5m) - Improved Industrial product margin – China exports - Lower Retail product margin – private label impact - Retail export growing off a low base Corporate costs in line with prior periods Improved NPAT of $20.0m (1H FY2018* $10.2m) 1H 2018* 1H 2019 Variance % 15,700 20,750 5,050 32.2% 8.05 8.50 0.45 5.6% 105.1 100.0 (5.1) (4.9%) 25.9 38.5 12.6 48.6% 8.4 7.5 (0.9) (10.7%) 17.7 31.5 13.8 78.0% 2.5 2.3 (0.2) 8.0% (2.8) (2.8) - - 17.5 31.0 13.5 77.1% (2.7) (2.1) 0.6 22.2% (4.6) (8.9) (4.3) (93.5%) 10.2 20.0 9.8 96.1% 24.6% 38.5% 13.9% 56.5% 16.6% 31.0% 14.4% 86.7% 11.6 21.0 9.4 81.0% been audited – they are 50% of the Audited FY2018 Result.
$ millions
Almond Volumes MT Almond Price Per Kg Total Revenue EBITDA1 Depreciation & Amortisation Almond Division EBIT1 Food Division EBIT1 Corporate Total EBIT1 Net Financing costs Tax Expense NPAT EBITDA1 Margin (%) EBIT1 Margin (%) Earnings Per Share (cents) * The 2018 Half Year Comparatives have not

1H FY2019 NPAT $20M – and with 80% of crop now sold, builds confidence for FY2019 full year result

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Balance Sheet

Year Ending Balance Sheet
$ millions	*1H FY2018 **	1HFY 2019

Current Assets excl. Cash Cash Non-Current Assets Total Assets Current Liabilities (exc. Borrowings) Borrowings (Incl. Lease Liabilities) Non-Current Liabilities (excl. Borrowings) Total Liabilities Total Equity Net Debt (Including Finance Leases) Net Debt/Equity Annualised ROCE	155.6 187.7 0.4 1.3 352.2 370.2
	508.1 559.3
	24.9 32.2 69.0 94.7 35.3 40.3
	129.2 167.2
	378.9 392.1
	68.6 93.4 18.1% 23.8% 7.4% 12.4%

• Increased current assets – working capital of $160.3m is higher due to value of 2019 unsold crop (inventory) – higher volume

• Increased non-current assets due to ongoing investment in the development of immature orchards

• Net debt including finance leases $93.4m (1H FY2018* $69.0m) – higher debt level due to investment in non-bearing acres and large 2019 crop. This will unwind in 2[nd] half as crop is sold.

• Gearing (net debt/equity) is 23.8% (1H FY2018 18.1%)

• Return On Capital Employed (ROCE) improved as orchards mature and start yielding and improved efficiency

Balance sheet is strong – debt is at seasonal peak – substantial debt reduction will occur over 2H FY2019

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Cash Flow

Cash Flow
$ millions	1H FY 2019
EBITDA1	38.5
Change in Working Capital	(48.0)
Tax Paid	(2.8)
Net Interest	(2.1)
Cash Flow From Operations	(14.4)
Investing Cash Flows	(14.7)
Proceeds from share issue	-
Increase/(decrease) in debt	29.1
Dividendspaid	(5.3)
Net (Decrease)/Increase in Cash/Cash
Equivalents	(5.3)

• Improved EBITDA[1] of $38.5m - operational performance

• Negative operating cashflow due to seasonal timing:

• First half cash outflows to grow 2019 crop (shown through increase in inventories)

• Second half cash inflows will occur through sale of 2019 crop

• Working capital also impacted by Food Division Easter inventory increase

• 1H FY2019 Investing cash flows of $14.7m driven by:

• Tree & Orchard Development $8.8m

• • Property Plant & Equipment $7.8m
• • Water Rights $0.3m
• • Grant Income ($2.2m)

Large investment in 2019 crop inventory will deliver substantial operating cashflow in 2H FY2019

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Select Harvests - Financial History

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 SHV Historical Summary Units*

2018

Total Revenue (A$M) 218.0 229.8 224.8 248.7 239.1 250.0 251.3 191.1 188.3 223.6 286.2 242.1 210.2 EBIT (A$M) 38.4 40.5 27.1 26.8 26.0 22.6 19.6 37.7 31.3 89.6 41.3 17.0 34.9 EBIT Margin (EBIT/Sales - %) (%) 17.6% 17.6% 12.1% 10.8% 10.9% 9.0% 7.8% 19.7% 16.6% 40.1% 14.4% 7.0% 16.6% PBT (A$M) 37.9 40.0 25.4 23.0 23.6 18.5 13.4 32.7 26.8 84.3 35.8 12.0 29.5 NPAT (A$M) 26.5 28.1 18.1 16.7 17.3 17.7 9.5 22.9 21.6 59.4 27.9 9.2 20.4 Issued Shares No. of Shares 39.7 38.7 39.0 39.5 39.8 56.2 56.8 57.5 58.0 71.4 72.9 73.6 95.2 Earnings Per Share (AUD Cents per Share) 67.1 71.0 46.7 42.6 43.3 33.7 16.8 40.1 37.5 82.9 46.7 12.6 23.2 Dividend per Share (AUD Cents per Share) 53.0 57.0 45.0 12.0 21.0 13.0 8.0 12.0 20.0 50.0 46.0 10.0 12.0 Payout Ratio (%) 80.0% 80.0% 96.7% 28.2% 48.5% 38.6% 47.6% 29.9% 53.3% 60.3% 98.5% 79.4% 51.7% Net Tangible Assets per Share (A$/Share) 1.83 1.57 1.41 1.56 1.87 2.17 2.19 2.14 2.38 3.35 3.22 2.95 3.34 Net Interest Cover (times) 82.3 75.8 15.6 7.1 10.7 6.7 3.2 7.5 7.0 16.9 7.5 3.4 6.5 Net Debt (A$M) 1.3 1.6 46.8 52.4 45.0 73.1 66.8 79.3 94.8 115.9 68.7 145.8 70.8 Shareholders Equity (A$M) 101.5 95.5 94.1 100.9 113.6 168.8 160.3 159.5 175.4 287.4 290.9 277.6 378.6 Net Debt to Equity Ratio (%) 1.3% 1.7% 49.7% 51.9% 39.6% 43.3% 41.7% 49.7% 54.1% 40.3% 23.6% 52.5% 18.7% Share Price (A$/Share) 13.02 11.60 6.00 2.16 3.46 1.84 2.40 3.90 5.14 11.00 $6.74 $4.90 $6.90 Market Capitalisation (A$M) 517.0 449.4 234.1 85.4 137.6 103.5 120.0 224.3 298.1 785.4 491.5 360.7 657.1 P/E Ratio 19.5 16.0 12.9 5.1 8.0 5.8 12.6 9.8 13.8 13.2 17.6 39.0 32.3 Return on capital employed 25.1% 23.8% 15.2% 8.7% 8.7% 16.6% 10.5% 21.0% 11.2% 4.9% 7.3%

Source: Company Data

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Select Harvests – Orchard Profile

Select Harvests Almond orchard portfolio	Total Planted (as at 31 March 2019)
	Acres Hectares
Central region Company Owned Leased	4,183 1,693 3,422 1,385
Total	7,605 3,078
Northern Region Company Owned Leased	1,797 727 3,017 1,221
Total	4,814 1,948
Southern Region Company Owned Leased	2,723 1,102 3,828 1,549
Total	6,551 2,651
Total Company Owned Leased	8,703 3,522 10,267 4,155
Total	18,970 7,677

Select Harvests is 19% of Australia’s almond acreage

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Targeting an Above Average Yield Per Acre @ Maturity

Year	Harvest Volume (tonnes) per acre based on 1.2 Tonnes per Acre @ Maturity	Harvest Volume (tonnes) per acre based on 1.3 Tonnes per Acre @ Maturity
1 2 3 4 5 6	0.0 0.0 0.3 0.5 0.8 1.0	0.0 0.0 0.3 0.5 0.8 1.0
7+	1.2	1.3

Note:

Biennial Nature of Crop

• The almond crop is biannual in nature with +/- 10% per annum variation in tonnage possible

Variation between Regions and Farms

• Yields are not uniform and vary across both farms and growing regions

Post Economic Maturity Yield

• The yield for post economic maturity farms deteriorates as tree age increases

Significant tonnage upside available with a higher yield per acre at maturity

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Tree Nut Pricing

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Almonds are currently the best value in the basket - driving consumption

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Growing Costs

2019 vs 2018 Crop Costs Per Kg

• Overall 2019 Crop costs per Kg have reduced by 8.6%

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Horticultural (excl Water)

Harvest Rental Processing Total Crop Costs Per Kg 2018 Crop 2019 Crop

Water

• Yield delivery remains the top priority

• Focus continues from 2018 reductions across all Horticultural expenditure categories

• New technology in the processing centre has increased throughput rates – lower processing costs

• Higher temporary water prices led to a 33.6% increase in the water cost per kg. Management of temporary market purchase decisions and ownership portfolio kept this increase to a minimum

• Further reduction targeted through use of technology

Improved efficiency and increased yields led to further reductions in production cost per kg

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Useful Almond Industry websites

Industry Associations

• Californian Almond Board

www.almondboard.com

• Almond Board of Australia

www.australianalmonds.com.au

Industry Reports

• US Crop Forecasts (Subjective, Objective)

• Monthly Almond Position Reports

• Almond Almanac

• UC Davis Almond Development Costings

http://www.almonds.com/growers/resources/crop-forecasts/tc-NASS-Crop-and-Acreage-Reports http://newsroom.almonds.com/position-reports

http://www.almonds.com/sites/default/files/2017%20Almanac%20Final%20-%20updated%207.5.18.pdf https://coststudies.ucdavis.edu/en/current/commodity/almonds/

Almond Companies

• Blue Diamond Growers

www.bluediamond.com

• Blue Diamond Ingredients

• Almond Insights

• Derco Foods

• RPAC Almonds

• Wonderful Pistachios & Almonds

www.bdingredients.com/category/almond-market-analysis www.almondinsights.com

www.dercofoods.com/en/english-reports/english-almond-reports www.rpacalmonds.com/marketnews www.wonderfulpistachiosandalmonds.com/#ourdifference

Definitions & Explanations

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.

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