| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| Reserves | 5 | 9 | 13 | 16 | 19 | 29 | 32 | 36 |
| Borrowings | 27 | 27 | 33 | 29 | 26 | 26 | 23 | 26 |
| Other Liabilities | 11 | 8 | 12 | 11 | 11 | 10 | 10 | 14 |
| Total Liabilities | 49 | 50 | 64 | 62 | 61 | 71 | 70 | 82 |
| AssetsFixed Assets | 22 | 21 | 21 | 20 | 19 | 18 | 18 | 18 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 27 | 29 | 44 | 42 | 42 | 51 | 52 | 63 |
| Total Assets | 49 | 50 | 64 | 62 | 61 | 71 | 70 | 82 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 1 | 3 | 1 | -3 | 6 | 7 | 2 | 3 |
| Cash from Investing | -10 | -1 | 0 | 0 | 0 | 0 | 0 | -1 |
| Cash from Financing | 7 | 0 | -2 | 2 | -6 | -7 | -2 | -2 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -9 | 2 | 0 | -3 | 5 | 6 | 1 | 1 |
| FCF Margin | — | — | — | — | — | — | — | — |
This looks cyclical, and we don't have enough quarters to establish a through-cycle earnings base. Valuing it off the current point in the cycle would be misleading.
AMBARPIL · CYCLICAL_UNMODELABLE
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