| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| Reserves | 115 | 118 | 120 | 128 | 133 | 136 | 139 | 139 |
| Borrowings | 7 | 20 | 25 | 28 | 34 | 23 | 33 | 31 |
| Other Liabilities | 44 | 31 | 29 | 32 | 45 | 46 | 34 | 35 |
| Total Liabilities | 175 | 178 | 182 | 198 | 220 | 215 | 215 | 213 |
| AssetsFixed Assets | 88 | 95 | 91 | 93 | 87 | 88 | 86 | 84 |
| CWIP | 4 | 0 | 0 | 1 | 3 | 2 | 2 | 2 |
| Investments | 8 | 11 | 12 | 11 | 18 | 17 | 17 | 18 |
| Other Assets | 76 | 72 | 79 | 93 | 112 | 108 | 109 | 109 |
| Total Assets | 175 | 178 | 182 | 198 | 220 | 215 | 215 | 213 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | — | 28 | 0 | 0 | -1 | 2 | 15 | 4 |
| Cash from Investing | — | -6 | -4 | -27 | -1 | -8 | -1 | -6 |
| Cash from Financing | — | -27 | 5 | 31 | -2 | 5 | -15 | 5 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | — | 24 | -7 | -1 | -3 | -1 | 13 | 4 |
| 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.
RTSPOWR · CYCLICAL_UNMODELABLE
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