Just want to say......that SHV result is pretty...

Just want to say......that SHV result is pretty horrendous.....management incompetence is beyond belief...or maybe it was just impossible to do business this year, due to the 'headwinds'.....

Just to clarify the 'EPS question'.....the half/half spit was not something like 18 cents V 6 cents......management just chose (without reporting it) to weight out the expanded capital base over the first half.....rather than simply dividing the number of shares post capital raising by the first half profit....

Anyway, we are led to believe the company orchards made $2.5 million operating earnings (8.1 - 5.6 creative accounting adjustment)......surely just the acquired orchards of 1500 acres for round 20 million could do that? There is no mention of those orchards as 'underlying business'

Anyway, operationally the business is on the knife edge.......$64 million CapX in 1 year.....debt is back up to significant levels.....cashflow was anemic....management has bet the house on a turnaround of cyclical factors (eg. wealther, currency, almond price, water).......more CapX to be done.......don't know why they are paying dividend.

Going forward: Almonds in Australia is an awesome business.....if the cyclical factors turn around in a hurry, SHV will have a profitability bonanza........an equal possibility is that management is just writing cheques they can't cash......

They won't be switching of the CapX tap yet....and will push the extremes of their debt arrangements.....NAB has shown much more faith in the business than its shareholders......but will the cycle save management? It's going to be an interesting year!