EPR Adjustments for the 22/23 Harvest Pools

Pool management have recently reviewed the Estimated Pool Returns (EPR) for the 2022/23 Harvest Pools, leading to an increase in the published EPR for the Barley, Lupins and Oats Harvest Pools.

The Barley Harvest Pool EPR has been increased by A$10. This reflects sales values achieved to date in the pool. With international barley markets currently softening on the basis of promising production prospects, we retain a slightly conservative view in the current valuation of remaining unsold tonnes.

The Lupin Harvest Pool EPR has been increased by A$20. This reflects sale values achieved by the pool into our traditional markets. The pool has made very good progress in committing tonnes to sales, although execution risks remain. Accordingly we have reviewed pool equity higher, with prospect for further increases should the execution program proceed as planned.

The Oats Harvest Pool EPR has also been increased by $20. This adjustment reflects sale values achieved by the pool, along with improved prospects for future sale values as demand remains strong and the container markets stabilise after recent challenges.

Barley Harvest Pool:

A$360 FIS BFD1 (+$10)

Lupins Harvest Pool:

A$390 FIS LUP1 (+$20)

Oats Harvest Pool:

A$330 FIS OAT1 (+$20)