| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 3 | 3 | 3 | 3 | 3 | 8 | 8 | 8 |
| Reserves | -60 | -71 | -60 | -70 | -79 | -83 | -89 | -92 |
| Borrowings | 107 | 113 | 99 | 114 | 120 | 134 | 142 | 148 |
| Other Liabilities | 31 | 33 | 32 | 23 | 24 | 29 | 29 | 32 |
| Total Liabilities | 80 | 78 | 74 | 70 | 68 | 88 | 89 | 95 |
| AssetsFixed Assets | 75 | 71 | 68 | 65 | 63 | 60 | 60 | 59 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1 | 3 | 2 | 2 | 2 | 2 | 2 | 2 |
| Other Assets | 4 | 4 | 4 | 4 | 4 | 25 | 28 | 34 |
| Total Assets | 80 | 78 | 74 | 70 | 68 | 88 | 89 | 95 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 3 | 6 | 3 | 1 | -4 | 6 | -18 | -2 |
| Cash from Investing | -1 | -0 | -1 | 1 | 0 | 0 | -0 | -1 |
| Cash from Financing | -2 | -6 | -2 | -1 | 3 | -6 | 18 | 2 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 3 | 6 | 3 | 1 | -4 | 6 | -18 | -2 |
| FCF Margin | — | — | — | — | — | — | — | — |
For capital-heavy businesses (telecom, power, heavy manufacturing) reported profit ignores the cash needed just to stand still. We'd systematically overvalue it, so we don't show a number.
EMERALL · CAPITAL_INTENSIVE
Guides on how to read this kind of business and the numbers that matter.