Great result from SHV.
EPS was 26 cents with a dividend payout ratio of 50% unfortunately weighted to the interim dividend and with the final dividend delayed by a month, presumably due to cash receipt timing.
Operating cashflows lower than normal due to the impact of COVID delaying cash receipts but that will just push them into H1 2021.
Average almond price was A$7.50/kg, helped by the exchange rate.
The last year the average almond price was around this level was 2017 when it was $7.43/kg and we only had a crop of 14,100 MT resulting in an EPS of 12.6 cents. So even with the higher water costs impacting EBIT this year it is clear the strategy of increasing crop sizes through acquisitions, replanting and horticultural practices continues to pay off.
Ann: SHV Results Presentation 30 September 2020, page-18
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