| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 80 | 80 | 80 | 80 | 80 | 80 | 80 | 98 |
| Reserves | -48 | -49 | -50 | -54 | -55 | -54 | -51 | -54 |
| Borrowings | — | — | — | — | — | — | — | — |
| Other Liabilities | 5 | 5 | 5 | 5 | 5 | 5 | 14 | 2 |
| Total Liabilities | 42 | 45 | 45 | 43 | 43 | 43 | 46 | 49 |
| AssetsFixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CWIP | 3 | 3 | 4 | 1 | 1 | 1 | 1 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Other Assets | 39 | 42 | 41 | 41 | 41 | 42 | 45 | 46 |
| Total Assets | 42 | 45 | 45 | 43 | 43 | 43 | 46 | 49 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -1 | -1 | -0 | 0 | -3 | -1 | -1 | -3 |
| Cash from Investing | 1 | -1 | -1 | -1 | -1 | 0 | 0 | -2 |
| Cash from Financing | -0 | 2 | 1 | 0 | 1 | 1 | 1 | 7 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | -2 | -1 | -1 | -4 | -1 | -1 | -3 |
| 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.
LANDMARC · CAPITAL_INTENSIVE
Guides on how to read this kind of business and the numbers that matter.