| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Reserves | -36 | -38 | -12 | 22 | 105 | 107 | 109 | 111 |
| Borrowings | 2 | 2 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 48 | 47 | 42 | 39 | 3 | 4 | 3 | 3 |
| Total Liabilities | 17 | 15 | 34 | 65 | 112 | 115 | 117 | 118 |
| AssetsFixed Assets | 0 | 0 | 0 | 0 | 5 | 5 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 41 | 42 | 43 |
| Other Assets | 17 | 15 | 34 | 65 | 107 | 70 | 75 | 75 |
| Total Assets | 17 | 15 | 34 | 65 | 112 | 115 | 117 | 118 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 19 | 17 | -2 | 26 | 32 | 44 | -7 | -6 |
| Cash from Investing | 0 | 0 | 0 | -22 | -34 | -44 | 7 | 6 |
| Cash from Financing | -20 | -16 | 0 | -2 | 0 | 0 | 0 | 0 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 19 | 17 | -2 | 26 | 32 | 39 | -7 | -1 |
| FCF Margin | — | — | — | — | — | — | — | — |
For capital-heavy businesses (telecom, power, heavy manufacturing) reported profit ignores the cash needed just to stand still. We'd systematically overvalue it, so we don't show a number.
SWADPOL · CAPITAL_INTENSIVE
Guides on how to read this kind of business and the numbers that matter.