This is a brief summary of the article in the h/sun on 281102 by Geoff Easdown TIM says it has the cash and sufficient water reserves to withstand the drought
Shareholders were advised the farms had ample water stocks to survive the summer
xtra supplies @ $900 a megalite(1m litres) are being stockpiled for future use as against the ruling price of $1350
Strong cash flows would continue from licence fees and mgmt charges paid by existing lot holders
Annuity style earnings comprising licence fees,rent,mgmt charges harvesting and processing costs and interests totalled $48.2m up from $35.8m
NPAT rose 3 per cent to $26.8m on total revenue of $106.5m
New project sales rose 7 per cent to $46.7m
Olive,almond and eucalypt trees owned by the group added a further $11m to the bottom line
A $45m convertible pref share issue last december helped reduce gearing from 71.3 per cent to 34.3 per cent
Net assets grew by almost 50 per cent to $202m
Executive director Mr Sol Rabinowicz said revenue levels would grow even if the market turned flat
Sol described TIM operations 'as like a shopping ctre developer but that unlike the developer we also run the shop for the retailer and continue to own the shop'
TIM owns the trees,olive groves and almond orchard allotments
TIM Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
