| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 5 | 5 | 5 | 5 | 5 | 12 | 12 |
| Reserves | 103 | 112 | 114 | 118 | 128 | 170 | 164 | 157 |
| Borrowings | 59 | 76 | 74 | 73 | 122 | 116 | 118 | 128 |
| Other Liabilities | 115 | 108 | 117 | 109 | 74 | 80 | 81 | 68 |
| Total Liabilities | 283 | 300 | 309 | 304 | 329 | 371 | 375 | 365 |
| AssetsFixed Assets | 166 | 185 | 184 | 184 | 190 | 222 | 226 | 225 |
| CWIP | 2 | 2 | 2 | 5 | 0 | 0 | 0 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 115 | 114 | 124 | 115 | 139 | 149 | 149 | 139 |
| Total Assets | 283 | 300 | 309 | 304 | 329 | 371 | 375 | 365 |
| Line item | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 27 | 34 | 20 | 13 | 14 | -30 | 20 | 19 |
| Cash from Investing | -5 | -10 | -22 | -8 | -5 | -7 | 1 | -4 |
| Cash from Financing | -23 | -20 | 0 | -7 | -8 | 36 | -21 | -15 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 23 | 24 | -2 | 6 | 8 | -37 | 21 | 15 |
| 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.
MLKFOOD · CYCLICAL_UNMODELABLE
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