| Line item | FY14 | FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 5 | 7 | 7 | 7 | 7 | 7 | 7 |
| Reserves | -1 | 9 | 18 | 18 | 19 | 20 | 24 | 17 |
| Borrowings | 6 | 2 | 5 | 6 | 7 | 116 | 198 | 213 |
| Other Liabilities | 0 | 20 | 26 | 62 | 114 | 79 | 43 | 38 |
| Total Liabilities | 11 | 37 | 55 | 93 | 148 | 222 | 271 | 275 |
| AssetsFixed Assets | 0 | 0 | 0 | 1 | 0 | 6 | 6 | 16 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 4 | 11 | 11 |
| Other Assets | 11 | 36 | 55 | 92 | 147 | 212 | 254 | 248 |
| Total Assets | 11 | 37 | 55 | 93 | 148 | 222 | 271 | 275 |
| Line item | FY14 | FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -7 | -11 | -13 | 1 | -0 | -0 | -66 | 12 |
| Cash from Investing | 0 | -1 | 0 | -1 | -0 | -6 | -7 | -11 |
| Cash from Financing | 7 | 12 | 12 | 1 | 1 | 5 | 71 | 1 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -7 | -12 | -13 | 0 | -0 | -6 | -66 | 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.
PROFINC · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.