RFM Almond Funds - August 2018 harvest update

The 2018 almond harvest, which commenced in early February, is now complete.

Final harvest results, following the processing of the almonds by Almondco, were broadly in line with estimates provided to Growers as part of the May harvest update.

Figure 1 – 2018 yield by Fund

Forecast yield (Tonnes/hectare)

Final Yield 8 May 2018 
RFM Almond Fund 06 (AF06) 2.61 2.64
RFM Almond Fund 07 (AF07) 3.12 3.13
RFM Almond Fund 08 (AF08) 3.19 3.19

Harvest proceeds in the 2018 financial year (relating to the 2017 crop) are insufficient to fund operating expenses and rent and pay the shortfall from the 2017 financial year. Consequently, RFM expects to issue invoices next month for the shortfall relating to the 2017 and 2018 financial years.

Given the low yields from this year’s harvest, a similar funding shortfall is anticipated for the 2019 financial year. Invoices issued to AF07 and AF08 Growers will include a part payment for FY19 operating costs and rent.

RFM will host an annual Grower update webinar in September 2018 which will advise Grower positions with respect to their 2018 crop.