+++++++++++++++++++++++++ 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
