| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 25 |
| Reserves | 3 | 3 | 2 | 2 | 2 | 2 | 2 | 50 |
| Borrowings | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 3 |
| Total Liabilities | 5 | 5 | 4 | 4 | 4 | 4 | 7 | 79 |
| AssetsFixed Assets | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 |
| Other Assets | 3 | 3 | 2 | 2 | 3 | 2 | 5 | 77 |
| Total Assets | 5 | 5 | 4 | 4 | 4 | 4 | 7 | 79 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -0 | 1 | 0 | -1 | 0 | -0 | 0 | -67 |
| Cash from Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 0 | -1 | 0 | 1 | -0 | 0 | 0 | 70 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -0 | 1 | 0 | -1 | 0 | -0 | 0 | -67 |
| 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.
AVIVA · CYCLICAL_UNMODELABLE
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