| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 6 | 6 | 6 | 6 | 6 | 7 | 7 | 7 |
| Reserves | 112 | 138 | 160 | 177 | 191 | 324 | 324 | 315 |
| Borrowings | 1 | 12 | 18 | 50 | 158 | 180 | 131 | 146 |
| Other Liabilities | 68 | 43 | 42 | 118 | 149 | 138 | 114 | 145 |
| Total Liabilities | 188 | 199 | 226 | 350 | 504 | 649 | 575 | 613 |
| AssetsFixed Assets | 33 | 45 | 41 | 42 | 211 | 252 | 245 | 256 |
| CWIP | 12 | 0 | 26 | 99 | 25 | 31 | 30 | 34 |
| Investments | 0 | 43 | 11 | 0 | 0 | 5 | 5 | 6 |
| Other Assets | 142 | 111 | 148 | 209 | 268 | 360 | 294 | 317 |
| Total Assets | 188 | 199 | 226 | 350 | 504 | 649 | 575 | 613 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 20 | 14 | 24 | -1 | 22 | -5 | -27 | 38 |
| Cash from Investing | -9 | -13 | -43 | -7 | -78 | -105 | -137 | 9 |
| Cash from Financing | -4 | -3 | 10 | 9 | 61 | 110 | 156 | -47 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 12 | 0 | 24 | -40 | -68 | -108 | -56 | -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.
BPLPHARMA · CYCLICAL_UNMODELABLE
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