| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 4 | 5 | 5 | 5 | 5 | 5 | 10 | 11 |
| Reserves | 4 | 9 | 16 | 11 | 6 | 4 | 21 | 41 |
| Borrowings | 4 | 3 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 5 | 3 | 3 | 4 | -3 | -5 | -6 | -6 |
| Total Liabilities | 17 | 19 | 24 | 19 | 8 | 4 | 25 | 47 |
| AssetsFixed Assets | 7 | 8 | 9 | 8 | 3 | 2 | 2 | 3 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 1 | 1 | 1 | 1 | 1 | 21 | 19 |
| Other Assets | 10 | 10 | 14 | 10 | 4 | 1 | 2 | 25 |
| Total Assets | 17 | 19 | 24 | 19 | 8 | 4 | 25 | 47 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -1 | -4 | -7 | -9 | -7 | 1 | 0 | -3 |
| Cash from Investing | -3 | 3 | 4 | -1 | 0 | 0 | 0 | -18 |
| Cash from Financing | 3 | 1 | 3 | 13 | 0 | -0 | -0 | 44 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -2 | -4 | -6 | -10 | -7 | 1 | 0 | -4 |
| 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.
THRIVE · CAPITAL_INTENSIVE
Guides on how to read this kind of business and the numbers that matter.