| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
| Reserves | 11 | 8 | 6 | 19 | 19 | 21 | 23 | 39 |
| Borrowings | 21 | 22 | 34 | 29 | 26 | 32 | 32 | 42 |
| Other Liabilities | 43 | 34 | 33 | 32 | 28 | 32 | 43 | 42 |
| Total Liabilities | 87 | 77 | 87 | 93 | 86 | 99 | 112 | 137 |
| AssetsFixed Assets | 33 | 31 | 32 | 32 | 32 | 30 | 30 | 28 |
| CWIP | 2 | 3 | 0 | 2 | 1 | 2 | 3 | 9 |
| Investments | 2 | 2 | 2 | 1 | 2 | 2 | 2 | 1 |
| Other Assets | 51 | 42 | 53 | 57 | 52 | 65 | 76 | 99 |
| Total Assets | 87 | 77 | 87 | 93 | 86 | 99 | 112 | 137 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 7 | 7 | 6 | -4 | 8 | 8 | 2 | 0 |
| Cash from Investing | -5 | 2 | -3 | -2 | 2 | -3 | -3 | -6 |
| Cash from Financing | -1 | -10 | -2 | 6 | -10 | -6 | 1 | 6 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 3 | 9 | 2 | -7 | 11 | 6 | -1 | 12 |
| 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.
SKPMIL · CYCLICAL_UNMODELABLE
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