Interestingly if you take out the increase in valuation of the almond trees we barely broke even on the underlying figures.
However if you look the forecast made on December 5th for a 75% increase in almond crop had we achieved that then on an almond price of A$4.93/kg we would've got close to $8m more revenue in 2012, ie 33% higher than our actual revenue.
One thing to keep in mind is that the maturity profile of our orchards will mean that barring agricultural/meteorological risk we will get an increase in crop in 2013 (800mt from WA plus increase in Vic/NSW orchards) which will partially offset the loss of the Olam orchards contract and we should also have a lower interest bill.
This is the reason why I think we need to return to a September 30 year end like we had for most of the 90's. This way when the final result for the year is announced they can give a better guidance on the crop for the following year. At the moment we have no news on what sort of crop is anticipated for 2013.
SHV Price at posting:
$1.25 Sentiment: Hold Disclosure: Held
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