Ann: 2012 Results Presentation , page-21

Now we know why Ceo was sacked. Writedowns suggest that the WA venture is pure fiction and management was lying for long time.. A cap x nightmare, not viable. This could have been very quickly bankrupt under former management.


Hey Rainmaker, in looking at the recent presentation yesterday it made me think about our WA orchards again.

I'd really love to know the figures for this project as I fail to see how it justifies the huge write down that was announced in the full year results.

$15m write down on the infrastructure assets bewilders me.

They say that the business case was built on 10k acres. If SHV could make a profit on 2k acres until their MIS expansion that started in 1998 I fail to see why they can't make a go of it in WA with double the number of orchards. Okay, so expenses are higher due to the mining boom, but once the orchards are producing they'll have a better economy of scale than SHV's 1990's orchards.

It is times like this that I wish I had've kept all my old DAL/SHV annual reports so that I could go all the way back to 1994 when reviewing the figures.


In regards to todays trading on the market I was surprised at the lacklustre trading given the update from the US yesterday. I also wish I had news on the discussions that took place in South Australia at the beginning of the week when the Australian Almond Conference took place. The guy in charge of Olam's Australian business was presenting at the conference.