| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| Reserves | 92 | 99 | 101 | 84 | 95 | 100 | 96 | 96 |
| Borrowings | 3 | 2 | 2 | 1 | 1 | 1 | 1 | 1 |
| Other Liabilities | 29 | 31 | 32 | 42 | 40 | 38 | 53 | 41 |
| Total Liabilities | 131 | 139 | 142 | 135 | 144 | 148 | 158 | 146 |
| AssetsFixed Assets | 22 | 24 | 23 | 24 | 23 | 23 | 22 | 22 |
| CWIP | 0 | 0 | 2 | 0 | 1 | 1 | 1 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 108 | 116 | 117 | 111 | 119 | 123 | 135 | 123 |
| Total Assets | 131 | 139 | 142 | 135 | 144 | 148 | 158 | 146 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 8 | -2 | 20 | -7 | -8 | 27 | 4 | 13 |
| Cash from Investing | 10 | -10 | -11 | 15 | 10 | -29 | 3 | -7 |
| Cash from Financing | -6 | -4 | -4 | -7 | -6 | -1 | -7 | -8 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 2 | -5 | 16 | -10 | -10 | 23 | 0 | 11 |
| 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.
PANAENERG · CYCLICAL_UNMODELABLE
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