| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 10 | 10 | 14 | 14 | 33 | 37 | 37 | 37 |
| Reserves | -51 | -48 | -49 | -60 | -54 | -62 | -74 | -80 |
| Borrowings | 27 | 48 | 52 | 68 | 57 | 62 | 73 | 110 |
| Other Liabilities | 33 | 24 | 14 | 32 | 26 | 46 | 81 | 53 |
| Total Liabilities | 19 | 34 | 31 | 54 | 63 | 83 | 117 | 120 |
| AssetsFixed Assets | 11 | 16 | 20 | 28 | 29 | 40 | 41 | 48 |
| CWIP | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 7 | 17 | 11 | 26 | 34 | 44 | 75 | 72 |
| Total Assets | 19 | 34 | 31 | 54 | 63 | 83 | 117 | 120 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -8 | -3 | -2 | -2 | -2 | -13 | 3 | -28 |
| Cash from Investing | -1 | 0 | -7 | -5 | -10 | -4 | -11 | -14 |
| Cash from Financing | 8 | 3 | 9 | 6 | 11 | 17 | 9 | 43 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -8 | -3 | -8 | -7 | -11 | -17 | -9 | -41 |
| 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.
OXYGENTAPH · CYCLICAL_UNMODELABLE
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