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TIMBERCORP LIMITED 2002-10-21 ASX-SIGNAL-G
HOMEX - Melbourne
+++++++++++++++++++++++++
Melbourne 21 October 2002: Australia's leading agribusiness
investment manager, Timbercorp Limited (ASX:TIM), today announced
that it has been granted approval from the Australian Securities and
Investment Commission (ASIC) to change its financial year-end from 30
June to 30 September, effective from 30 September 2002.
The Board of Directors believe the change will more accurately
reflect Timbercorps annual business cycle, which due to its seasonal
nature concludes each year towards the end of September.
Chief Executive Officer Robert Hance said that shifting the balance
date accordingly would enable investors to derive more meaningful
year-to-year comparisons.
"Each year, Timbercorp's eucalypt, olive and almond projects move
through three distinct stages:
1. Project development - evaluation and establishment;
2. Project marketing - sales of projects are heavily weighted towards
30 June due to the tax benefits available to grower investors under
ATO Product Rulings;
3. Project finance - securitising loans and financing against project
assets which occurs around July to September.
"Moving our financial year-end to the end of our business cycle in
September will allow us to report the complete results of our most
recent business cycle - rather than just up to stage 2," said Mr
Hance.
"This in turn will provide shareholders with a more accurate picture
of the current state of our business and make year-on-year
comparisons much easier.
"The workload involved in auditing accounts, budgeting and other
administrative tasks associated with a 30 June year-end also clashes
badly with our peak selling month of June, and separating these two
busiest periods will relieve tremendous pressure from management and
staff," Mr Hance added.
Timbercorp will release audited accounts for the three months to 30
September 2002, before adopting a calendar of reporting on the
half-year to 31 March and the full-year to 30 September.
ABOUT TIMBERCORP
Timbercorp creates wealth through high quality agricultural projects
developed on a world scale to meet global demand. With fully
integrated operations, Timbercorp actively manages the entire
agricultural project cycle on behalf of its grower investors. This
encompasses the establishment, financing and marketing of projects
through to harvesting, processing and end-sales.
Since establishment in 1992, Timbercorp has raised more than $400
million from sales of projects in forestry and horticulture to
investors seeking long-term income streams and attractive after-tax
returns. As at 30 June 2002, its portfolio consists of 73,738
hectares of eucalypt plantations, 2,104 hectares of olive groves, and
1,350 hectares of almond orchards.
FOR MORE INFORMATION, PLEASE CONTACT:
Robert Hance
CHIEF EXECUTIVE OFFICER
03 8615 1200
Sol Rabinowicz
EXECUTIVE DIRECTOR CORPORATE & FINANCIAL SERVICES
03 8685 1200 or 0417 887 552
Mark Pryn
COMPANY SECRETARY
03 8615 1244
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