help me dog, page-3

Thanks JID,

Great analysis - stopped me having to do the explaining to SDE.

SDE good that you are focusing on op cashflows as that really is the key to all businesses. In terms of the operating deficit SDE - this is all timing issues as TFS is seasonal. The cash Operating Cash inflows - come in the 2nd half aligned to sales, but large operating expenses (land prep seedling costs, etc. come in the 1st half. Also this period they had large payments for Kingston Rest infrastructure costs.

On a side note- if you read the analyst presentation you will also note that TFS actually owns over 30% of the plantations planted to date - via direct interest and via deferred interest. So like the MIS holders we all (thats us shareholders) have just as much skin in the game where it comes to the success of the retail product.



Cheers,
NZSLY