Ann: Half Yearly Report and Accounts , page-6

Thanks for your thoughts Rainmaker.

The hard part with these figures are that they are based upon a number of assumptions rather than actual results due to the nature of the stupid accounting standards.

The real results won't be known until the full year results are released.

I found it strange that no mention was made of the WA crop as I've pointed out earlier, also I didn't notice any reference to the product recall.

The estimated 2013 almond price of $6.08/kg seems a bit low compared to what I was told at the AGM and movements in the price I've observed since then, although the figures I go by are for the non-pareil variety and the almond price mentioned in the half year results is an average based on all almond types SHV grows, non-pareil makes up 50% of the orchards.

On the surface the projected yield of 8,850 MT looks a bit low compared to the 15,000 MT I was told at the AGM however the 8,850 MT figure does not include the managed orchards nor the orchards that we've acquired in January/February 2013 nor does it, presumably, include the Stage 1 WA orchards.

As for debt reduction and/or incremental acquisitions we appear to be in a good position when you consider free cash flow, especially if they keep the dividend payout ratio at a very conservative level.

Previous management? Lots could be said, but who wants to defend a defamation suit? What I will say is that the tie up with Timbercorp resulted in a rapid expansion of the business, the negative of that expansion was that the painstaking research the earlier management put into working out where to plant the next orchard was tossed out in the attempt to expand, expand and expand to satisfy the demand from the MIS sector.

Clearly not enough research went into assessing the suitability of the land we were proposing to use over in WA before expansion took place and we have now paid the price.