| Line item | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 9 | 9 | 9 | 9 | 9 | 13 | 13 |
| Reserves | 3 | 5 | -8 | 9 | 26 | 19 | 61 | 65 |
| Borrowings | 31 | 58 | 38 | 36 | 40 | 51 | 47 | 52 |
| Other Liabilities | 41 | 26 | 44 | 76 | 84 | 31 | 42 | 47 |
| Total Liabilities | 80 | 99 | 83 | 130 | 159 | 110 | 163 | 178 |
| AssetsFixed Assets | 23 | 22 | 20 | 18 | 16 | 19 | 17 | 16 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1 | 1 | 1 | 1 | 2 | 2 | 3 | 3 |
| Other Assets | 56 | 76 | 62 | 111 | 141 | 89 | 142 | 159 |
| Total Assets | 80 | 99 | 83 | 130 | 159 | 110 | 163 | 178 |
| Line item | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY26 |
|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 2 | -25 | 29 | 19 | -2 | -3 | 1 |
| Cash from Investing | -25 | -2 | -4 | 0 | -2 | 3 | -2 |
| Cash from Financing | 20 | 27 | -25 | -13 | 0 | -1 | 2 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — |
| Free Cash Flow | -19 | -28 | 26 | 19 | -2 | -3 | 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.
LATIMMETAL · CYCLICAL_UNMODELABLE
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