September 30, 2020
• Production growth of almonds. The growth cycle is seven years to full maturity, and SHV has underlying 5%/annum mature orchard growth for the next four years from plantings three to six years ago. Local mature orchard acquisitions at a smaller scale than Piangil are likely, and offshore acquisition growth are possible in the medium term.
• Margin improvement of almonds with yield improvements, lower cost across process supply chain with increased volume, quality improvements and brands.
• Leverage almond and food presence into healthy foods in Australia, Asia (e.g.: PepsiCo JV in China), and Nth America. Add other tree nut production and/or plant-based proteins with long shelf life.
