| Line item | FY13 | FY14 | FY15 | FY16 | FY17 | FY18 | FY19 | FY20 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 |
| Reserves | 4 | 4 | 5 | 5 | 3 | 3 | 3 | 3 |
| Borrowings | — | — | — | — | — | — | — | — |
| Other Liabilities | 1 | 2 | 2 | 2 | 0 | 0 | 0 | 0 |
| Total Liabilities | 18 | 19 | 20 | 20 | 17 | 16 | 16 | 16 |
| AssetsFixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 13 | 14 | 6 | 3 | 0 | 0 | 1 | 6 |
| Other Assets | 5 | 5 | 14 | 16 | 17 | 16 | 15 | 9 |
| Total Assets | 18 | 19 | 20 | 20 | 17 | 16 | 16 | 16 |
| Line item | FY13 | FY14 | FY15 | FY16 | FY17 | FY18 | FY19 | FY20 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 0 | — | -7 | -3 | -4 | 1 | -0 | 0 |
| Cash from Investing | -0 | — | 7 | 3 | 3 | 0 | -1 | 0 |
| Cash from Financing | 0 | — | 0 | 0 | 1 | -1 | 0 | -0 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | — | -7 | -3 | -4 | 1 | -0 | 0 |
| 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.
VLL · CYCLICAL_UNMODELABLE
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