| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 8 | 8 | 8 | 8 | 8 | 9 | 9 | 9 |
| Reserves | 17 | 14 | 15 | 13 | 14 | 23 | 30 | 30 |
| Borrowings | 38 | 40 | 41 | 41 | 41 | 31 | 32 | 33 |
| Other Liabilities | 14 | 13 | 17 | 18 | 17 | 19 | 9 | 15 |
| Total Liabilities | 77 | 75 | 80 | 80 | 79 | 82 | 80 | 87 |
| AssetsFixed Assets | 5 | 4 | 4 | 4 | 3 | 5 | 5 | 5 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 72 | 71 | 77 | 77 | 76 | 77 | 75 | 82 |
| Total Assets | 77 | 75 | 80 | 80 | 79 | 82 | 80 | 87 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -5 | -6 | -2 | -1 | 0 | 1 | 5 | -6 |
| Cash from Investing | 0 | -0 | -0 | -0 | -0 | -0 | -2 | -1 |
| Cash from Financing | 3 | 6 | 2 | 1 | 0 | -0 | -2 | 7 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -5 | -6 | -2 | -1 | 0 | 1 | 3 | -7 |
| 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.
EXPOEAPL · CYCLICAL_UNMODELABLE
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