| Fiscal year | | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 | 2037 | 2038 | 2039 | 2040 | 2041 | 2042 | 2043 | 2044 | 2045 | 2046 | 2047 | 2048 | 2049 |
INCOME STATEMENT |
| Revenue growth rate, % | | -28.1 | -26.4 | -24.9 | -23.4 | -22.0 | -20.6 | -19.3 | -18.1 | -17.0 | -15.9 | -14.8 | -13.8 | -12.9 | -12.0 | -11.1 | -10.3 | -9.6 | -8.8 | -8.1 | -7.5 | -6.9 | -6.3 | -5.7 | -5.2 | -4.7 |
| Revenue, $ | | 86 | 63 | 48 | 37 | 28 | 23 | 18 | 15 | 12 | 10 | 9 | 8 | 7 | 6 | 5 | 5 | 4 | 4 | 4 | 3 | 3 | 3 | 3 | 3 | 2 |
| Variable operating expenses, $m | | 78 | 57 | 43 | 33 | 26 | 20 | 16 | 13 | 11 | 9 | 8 | 7 | 6 | 5 | 5 | 4 | 4 | 3 | 3 | 3 | 3 | 3 | 2 | 2 | 2 |
| Fixed operating expenses, $m | | 19 | 20 | 22 | 24 | 26 | 28 | 30 | 33 | 36 | 39 | 42 | 45 | 49 | 54 | 58 | 63 | 68 | 74 | 81 | 87 | 95 | 103 | 112 | 121 | 131 |
| Total operating expenses, $m | | 97 | 77 | 65 | 57 | 52 | 48 | 46 | 46 | 47 | 48 | 50 | 52 | 55 | 59 | 63 | 67 | 72 | 77 | 84 | 90 | 98 | 106 | 114 | 123 | 133 |
| Operating income, $m | | -10 | -14 | -17 | -20 | -23 | -26 | -28 | -31 | -34 | -38 | -41 | -45 | -49 | -53 | -58 | -63 | -68 | -74 | -80 | -87 | -94 | -103 | -111 | -121 | -131 |
| EBITDA, $m | | -2 | -8 | -13 | -17 | -20 | -24 | -27 | -30 | -33 | -37 | -40 | -44 | -48 | -53 | -57 | -62 | -68 | -74 | -80 | -87 | -94 | -102 | -111 | -121 | -131 |
| Interest expense (income), $m | | 1 | 3 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Earnings before tax, $m | | -11 | -16 | -19 | -22 | -24 | -27 | -30 | -32 | -35 | -39 | -42 | -46 | -50 | -54 | -58 | -63 | -69 | -75 | -81 | -88 | -95 | -103 | -112 | -122 | -132 |
| Tax expense, $m | | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net income, $m | | -11 | -16 | -19 | -22 | -24 | -27 | -30 | -32 | -35 | -39 | -42 | -46 | -50 | -54 | -58 | -63 | -69 | -75 | -81 | -88 | -95 | -103 | -112 | -122 | -132 |
BALANCE SHEET |
| Cash and short-term investments, $m | | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total assets, $m | | 168 | 124 | 93 | 71 | 56 | 44 | 36 | 29 | 24 | 20 | 17 | 15 | 13 | 11 | 10 | 9 | 8 | 8 | 7 | 6 | 6 | 6 | 5 | 5 | 5 |
| Adjusted assets (=assets-cash), $m | | 168 | 124 | 93 | 71 | 56 | 44 | 36 | 29 | 24 | 20 | 17 | 15 | 13 | 11 | 10 | 9 | 8 | 8 | 7 | 6 | 6 | 6 | 5 | 5 | 5 |
| Average production assets, $m | | 56 | 41 | 31 | 24 | 18 | 15 | 12 | 10 | 8 | 7 | 6 | 5 | 4 | 4 | 3 | 3 | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Working capital, $m | | 43 | 32 | 24 | 18 | 14 | 11 | 9 | 7 | 6 | 5 | 4 | 4 | 3 | 3 | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 |
| Total debt, $m | | 68 | 54 | 45 | 38 | 34 | 30 | 28 | 26 | 24 | 23 | 22 | 22 | 21 | 21 | 20 | 20 | 20 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 |
| Total liabilities, $m | | 50 | 37 | 28 | 21 | 17 | 13 | 11 | 9 | 7 | 6 | 5 | 4 | 4 | 3 | 3 | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 |
| Total equity, $m | | 118 | 87 | 65 | 50 | 39 | 31 | 25 | 20 | 17 | 14 | 12 | 10 | 9 | 8 | 7 | 6 | 6 | 5 | 5 | 4 | 4 | 4 | 4 | 3 | 3 |
| Debt-to-equity ratio | | 0.204 | 0.780 | 0.833 | 0.902 | 0.989 | 1.093 | 1.217 | 1.361 | 1.525 | 1.709 | 1.911 | 2.131 | 2.368 | 2.618 | 2.881 | 3.153 | 3.432 | 3.715 | 3.999 | 4.282 | 4.560 | 4.832 | 5.094 | 5.344 | 5.581 |
| Adjusted equity ratio | | 0.700 | 0.700 | 0.700 | 0.700 | 0.700 | 0.700 | 0.700 | 0.700 | 0.700 | 0.700 | 0.700 | 0.700 | 0.700 | 0.700 | 0.700 | 0.700 | 0.700 | 0.700 | 0.700 | 0.700 | 0.700 | 0.700 | 0.700 | 0.700 | 0.700 |
CASH FLOW |
| Net income, $m | | -11 | -16 | -19 | -22 | -24 | -27 | -30 | -32 | -35 | -39 | -42 | -46 | -50 | -54 | -58 | -63 | -69 | -75 | -81 | -88 | -95 | -103 | -112 | -122 | -132 |
| Depreciation, amort., depletion, $m | | 8 | 6 | 4 | 3 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Funds from operations, $m | | -3 | -11 | -15 | -19 | -22 | -25 | -28 | -31 | -34 | -38 | -41 | -45 | -49 | -53 | -58 | -63 | -68 | -74 | -81 | -88 | -95 | -103 | -112 | -121 | -132 |
| Change in working capital, $m | | -17 | -11 | -8 | -6 | -4 | -3 | -2 | -2 | -1 | -1 | -1 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from operations, $m | | 14 | 1 | -7 | -13 | -18 | -22 | -26 | -30 | -33 | -37 | -40 | -44 | -49 | -53 | -58 | -63 | -68 | -74 | -81 | -87 | -95 | -103 | -112 | -121 | -132 |
| Maintenance CAPEX, $m | | -8 | -6 | -4 | -3 | -2 | -2 | -2 | -1 | -1 | -1 | -1 | -1 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| New CAPEX, $m | | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total CAPEX, $m | | -8 | -6 | -4 | -3 | -2 | -2 | -2 | -1 | -1 | -1 | -1 | -1 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow, $m | | 6 | -5 | -11 | -16 | -20 | -24 | -27 | -31 | -34 | -38 | -41 | -45 | -49 | -53 | -58 | -63 | -69 | -74 | -81 | -88 | -95 | -103 | -112 | -122 | -132 |
| Issuance/(repurchase) of shares, $m | | 0 | 0 | 0 | 4 | 12 | 18 | 23 | 27 | 31 | 35 | 40 | 44 | 48 | 53 | 57 | 63 | 68 | 74 | 80 | 87 | 95 | 103 | 112 | 121 | 132 |
| Retained Cash Flow, $m | | 15 | 31 | 22 | 15 | 11 | 8 | 6 | 5 | 3 | 3 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pot'l extraordinary dividend, $m | | 21 |
| Cash available for distribution, $m | | 39 | 20 | 6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Discount rate, % | | 4.90 | 5.15 | 5.40 | 5.67 | 5.96 | 6.25 | 6.57 | 6.89 | 7.24 | 7.60 | 7.98 | 8.38 | 8.80 | 9.24 | 9.70 | 10.19 | 10.70 | 11.23 | 11.79 | 12.38 | 13.00 | 13.65 | 14.33 | 15.05 | 15.80 |
| PV of cash for distribution, $m | | 37 | 18 | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current shareholders' claim on cash, % | | 100 | 100 | 100 | 96 | 83 | 63 | 42 | 24 | 12 | 5 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |