| Line item | FY15 | FY16 |
|---|---|---|
| LiabilitiesEquity Capital | 28 | 28 |
| Reserves | 14 | 19 |
| Borrowings | 5 | 22 |
| Other Liabilities | 95 | 89 |
| Total Liabilities | 143 | 158 |
| AssetsFixed Assets | 16 | 15 |
| CWIP | 0 | 0 |
| Investments | 5 | 5 |
| Other Assets | 122 | 138 |
| Total Assets | 143 | 158 |
| Line item | FY15 | FY16 |
|---|---|---|
| ActivitiesCash from Operating | 13 | -12 |
| Cash from Investing | -1 | 0 |
| Cash from Financing | -14 | 14 |
| SummaryCapital Expenditure | — | — |
| Free Cash Flow | 12 | -12 |
| 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.
KANSHST · CYCLICAL_UNMODELABLE
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