bad debts, page-8

Even if you increased provision of doubtful debts from 3.7 to 6-8% (doesn't mean debts won't be payed) it is still manageable.

As to the strategic restructure of TIM business (decrease in MIS-forestry and increase in horticultural operations).
It sounds reasonable to me to adjust the current business strategy, while taking into account the mid-term economic environment.

Firstly: forestry - the slow down of housing construction, other infrastructure projects and furniture manufacturing will have an effect on demand (good thinking to sell forestry assets). Secondly: horticulture - people always will need food products regardless whether or not there is an economic slow down. The increase in the horticulture activities would contribute to generating a greater profit. Hope I'm right


Cheers NJ