re: on the move - cashflow I telephoned Timbercorp this morning...

re: on the move - cashflow I telephoned Timbercorp this morning re TIM's consolidated statement of cashflows for financial year ended 30 September 2004 and 2004 net cash from operating activities being down 40% on 2003.

Was put through to the investor relations officer then the company secretary. In a hurried conversation (my fault) he explained not to get the cashflow statement confused with profit and loss. The company had chosen to use some of its surplus cashflow to reduce (buyback?) loan securities. This is an indication of how muck surplus cash the company has and of TIM's financial health. I am a little more reassured in holding TIM now.

Though he didn't mention I note the recent announcements refer to consideration of a possible capital management program.

Ajax