| Line item | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 399 | 439 | 423 | 374 | 366 | 328 | 306 | 288 |
| Borrowings | 263 | 261 | 292 | 350 | 390 | 377 | 410 | 386 |
| Other Liabilities | 253 | 312 | 214 | 271 | 275 | 204 | 184 | 136 |
| Total Liabilities | 916 | 1.0k | 931 | 997 | 1.0k | 910 | 901 | 811 |
| AssetsFixed Assets | 429 | 629 | 610 | 603 | 591 | 589 | 533 | 496 |
| CWIP | 107 | 0 | 1 | 2 | 8 | 2 | 2 | 1 |
| Investments | 8 | 0 | 0 | 0 | 0 | 0 | 4 | 4 |
| Other Assets | 372 | 384 | 320 | 392 | 433 | 319 | 362 | 311 |
| Total Assets | 916 | 1.0k | 931 | 997 | 1.0k | 910 | 901 | 811 |
| Line item | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 71 | 17 | 12 | 70 | 36 | 35 | 4 | -14 |
| Cash from Investing | -62 | -94 | -13 | -31 | -3 | -4 | 8 | 76 |
| Cash from Financing | 11 | 57 | 6 | -43 | -5 | -57 | -13 | -62 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -20 | -91 | 4 | 50 | 13 | 21 | 0 | -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.
HUIL · CYCLICAL_UNMODELABLE
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