This is a brief summary of the article in the h/sunon 281102 by...

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