| Line item | FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Reserves | 97 | 96 | 92 | 91 | 91 | 91 | 94 | 102 |
| Borrowings | 30 | 33 | 33 | 29 | 27 | 26 | 23 | 16 |
| Other Liabilities | 19 | 25 | 31 | 31 | 28 | 22 | 23 | 19 |
| Total Liabilities | 148 | 155 | 157 | 153 | 148 | 141 | 142 | 139 |
| AssetsFixed Assets | 94 | 117 | 111 | 104 | 100 | 103 | 101 | 101 |
| CWIP | 25 | 4 | 4 | 5 | 6 | 2 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 29 | 34 | 43 | 44 | 42 | 37 | 40 | 38 |
| Total Assets | 148 | 155 | 157 | 153 | 148 | 141 | 142 | 139 |
| Line item | FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 7 | 7 | 6 | 5 | 2 | 7 | 7 | 9 |
| Cash from Investing | -7 | -7 | 0 | 0 | 2 | -4 | 2 | 2 |
| Cash from Financing | -8 | 0 | -5 | -7 | -5 | -3 | -6 | -9 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -1 | 0 | 6 | 5 | 0 | 3 | 6 | 6 |
| 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.
SANCTRN · CYCLICAL_UNMODELABLE
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