Page 1

ASX Release - Company Announcement 28 May 2021 SELECT HARVESTS LIMITED – 1H FY 2021 HALF YEAR RESULTS - SELECT HARVESTS Paul Thompson , Select Harvests ' Managing Director , announces a Net Profit after Tax of $ 1.3 million for the first six months of the 2021 Financial Year . He said " As anticipated , lower global almond prices have negatively impacted earnings , delivering a first half financial result well below recent prior periods . The company remains focused on factors within its control such as almond volume , quality and operational costs . As a result , the company estimates delivering another large , high - quality crop of 28,250 MT at a cost per kg close to last year . " Overview of 1H FY 2021 Half Year Financial Results • 1H FY 2021 NPAT of $ 1.3 million ( 1H FY 2020 $ 17.4 million ) - Down 92.5 % EBITDA¹ of $ 12.8 million ( 1H FY 2020 $ 34.5 million ) - Down 62.9 % • Almond crop of 28,250 MT ( FY 2020 23,250 MT ) - Up 21.5 % • Almond price estimate of A $ 6.00 / kg ( FY 2020 A $ 7.50 / kg ) – Down 20.0 % • - Select Harvests Limited 360 Settlement Road Thomastown Victoria 3074 Australia PO Box 5 Thomastown Victoria 3074 Australia Telephone ( 613 ) 9474 3544 Facsimile ( 613 ) 9474 3588 www.selectharvests.com.au ACN 000 721 380 ABN 87 000 721 380 1H FY 2021 Operating Cashflow of $ 6.3 million ( 1H FY 2020 negative $ 22.9 million ) – Up $ 29.2 million • Net Debt ( excl . finance lease liabilities ) / Equity ratio at 31 March 2021 is 21.7 % ( 31 March 2020 17.6 % ) Earnings per share ( EPS ) of 1.1 cents per share ( 1H FY 2020 19.3 cps ) - Down 94.3 % No Interim Dividend Declared for 1H FY 2021 The 2021 growing season was good across all regions with a wetter than average finish delaying harvest , particularly in NSW . Harvest is now complete , and with over 40 % of the estimated crop processed , the company has a good line of sight on both quality and quantity . Quality to date appears to be an improvement on the 2020 crop , however yields are estimated to be marginally lower , with the 2016 age cohort being the most significantly affected across all varieties . The acquisition of the Piangil Almond Orchard has been completed and is included in our crop estimation . Processing productivity continues to improve , with prior year investments in technology delivering both efficiency gains and an uplift in quality . - Non - IFRS measures used by the company are relevant because they are consistent with measures used internally by management and by some in the investment community to assess the operating performance of the business . The non - IFRS measures have not been subject to audit or review .