| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Reserves | -104 | -101 | 331 | 315 | 285 | -170 | -215 | -233 |
| Borrowings | 211 | 165 | 151 | 139 | 89 | 52 | 331 | 361 |
| Other Liabilities | 269 | 298 | 347 | 354 | 352 | 363 | 196 | 82 |
| Total Liabilities | 381 | 367 | 833 | 814 | 731 | 251 | 317 | 215 |
| AssetsFixed Assets | 60 | 56 | 497 | 543 | 534 | 80 | 83 | 78 |
| CWIP | 1 | 4 | 20 | 0 | 0 | 0 | 1 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 320 | 308 | 316 | 270 | 196 | 171 | 233 | 137 |
| Total Assets | 381 | 367 | 833 | 814 | 731 | 251 | 317 | 215 |
| Line item | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 29 | -15 | 60 | 46 | 50 | 55 | 48 | -253 |
| Cash from Investing | -4 | -27 | -6 | -20 | -30 | -2 | -1 | -14 |
| Cash from Financing | -25 | 46 | -57 | -23 | -19 | -59 | -45 | 269 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 23 | -47 | 54 | 27 | 16 | 53 | 46 | -267 |
| 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.
SSLEL · CYCLICAL_UNMODELABLE
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