| 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, % | | -10.5 | -9.7 | -9.0 | -8.3 | -7.6 | -7.0 | -6.4 | -5.8 | -5.3 | -4.8 | -4.3 | -3.8 | -3.4 | -3.0 | -2.6 | -2.2 | -1.8 | -1.5 | -1.2 | -0.8 | -0.6 | -0.3 | -0.0 | 0.2 | 0.5 |
| Revenue, $ | | 5313 | 4796 | 4365 | 4003 | 3698 | 3439 | 3219 | 3032 | 2872 | 2735 | 2618 | 2518 | 2433 | 2361 | 2300 | 2250 | 2209 | 2177 | 2151 | 2133 | 2121 | 2115 | 2115 | 2120 | 2130 |
| Variable operating expenses, $m | | 1615 | 1458 | 1327 | 1217 | 1124 | 1046 | 979 | 922 | 873 | 831 | 796 | 765 | 740 | 718 | 699 | 684 | 672 | 662 | 654 | 648 | 645 | 643 | 643 | 644 | 648 |
| Fixed operating expenses, $m | | 2587 | 2806 | 3045 | 3304 | 3585 | 3889 | 4220 | 4579 | 4968 | 5390 | 5848 | 6345 | 6885 | 7470 | 8105 | 8794 | 9541 | 10352 | 11232 | 12187 | 13223 | 14346 | 15566 | 16889 | 18325 |
| Total operating expenses, $m | | 4202 | 4264 | 4372 | 4521 | 4709 | 4935 | 5199 | 5501 | 5841 | 6221 | 6644 | 7110 | 7625 | 8188 | 8804 | 9478 | 10213 | 11014 | 11886 | 12835 | 13868 | 14989 | 16209 | 17533 | 18973 |
| Operating income, $m | | 1111 | 532 | -7 | -518 | -1011 | -1496 | -1979 | -2468 | -2969 | -3487 | -4026 | -4593 | -5191 | -5827 | -6504 | -7227 | -8003 | -8837 | -9735 | -10702 | -11746 | -12874 | -14094 | -15413 | -16842 |
| EBITDA, $m | | 2034 | 1358 | 739 | 161 | -388 | -920 | -1444 | -1968 | -2497 | -3040 | -3601 | -4186 | -4800 | -5448 | -6136 | -6870 | -7653 | -8494 | -9396 | -10367 | -11414 | -12544 | -13765 | -15085 | -16512 |
| Interest expense (income), $m | | 130 | 224 | 193 | 168 | 147 | 129 | 114 | 101 | 90 | 81 | 73 | 66 | 60 | 55 | 51 | 47 | 44 | 42 | 40 | 39 | 38 | 37 | 36 | 36 | 37 |
| Earnings before tax, $m | | 981 | 308 | -200 | -686 | -1158 | -1625 | -2093 | -2569 | -3059 | -3567 | -4099 | -4659 | -5251 | -5882 | -6554 | -7275 | -8048 | -8879 | -9775 | -10741 | -11784 | -12911 | -14130 | -15450 | -16879 |
| Tax expense, $m | | 265 | 83 | 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 | | 716 | 225 | -200 | -686 | -1158 | -1625 | -2093 | -2569 | -3059 | -3567 | -4099 | -4659 | -5251 | -5882 | -6554 | -7275 | -8048 | -8879 | -9775 | -10741 | -11784 | -12911 | -14130 | -15450 | -16879 |
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 | | 11104 | 10024 | 9123 | 8367 | 7729 | 7188 | 6728 | 6337 | 6002 | 5716 | 5471 | 5262 | 5085 | 4934 | 4808 | 4703 | 4617 | 4549 | 4496 | 4458 | 4433 | 4421 | 4420 | 4431 | 4452 |
| Adjusted assets (=assets-cash), $m | | 11104 | 10024 | 9123 | 8367 | 7729 | 7188 | 6728 | 6337 | 6002 | 5716 | 5471 | 5262 | 5085 | 4934 | 4808 | 4703 | 4617 | 4549 | 4496 | 4458 | 4433 | 4421 | 4420 | 4431 | 4452 |
| Average production assets, $m | | 8676 | 7832 | 7128 | 6537 | 6039 | 5616 | 5257 | 4951 | 4689 | 4466 | 4275 | 4112 | 3973 | 3855 | 3757 | 3675 | 3608 | 3554 | 3513 | 3483 | 3464 | 3454 | 3454 | 3462 | 3478 |
| Working capital, $m | | 255 | 230 | 210 | 192 | 177 | 165 | 155 | 146 | 138 | 131 | 126 | 121 | 117 | 113 | 110 | 108 | 106 | 104 | 103 | 102 | 102 | 102 | 102 | 102 | 102 |
| Total debt, $m | | 5590 | 4834 | 4203 | 3674 | 3227 | 2849 | 2527 | 2253 | 2018 | 1818 | 1647 | 1501 | 1376 | 1271 | 1183 | 1109 | 1049 | 1001 | 964 | 938 | 920 | 912 | 911 | 919 | 933 |
| Total liabilities, $m | | 7773 | 7017 | 6386 | 5857 | 5410 | 5032 | 4710 | 4436 | 4201 | 4001 | 3830 | 3684 | 3559 | 3454 | 3366 | 3292 | 3232 | 3184 | 3147 | 3121 | 3103 | 3095 | 3094 | 3102 | 3116 |
| Total equity, $m | | 3331 | 3007 | 2737 | 2510 | 2319 | 2156 | 2019 | 1901 | 1801 | 1715 | 1641 | 1579 | 1525 | 1480 | 1442 | 1411 | 1385 | 1365 | 1349 | 1337 | 1330 | 1326 | 1326 | 1329 | 1336 |
| Debt-to-equity ratio | | 0.974 | 1.859 | 1.766 | 1.674 | 1.584 | 1.496 | 1.411 | 1.329 | 1.251 | 1.177 | 1.108 | 1.043 | 0.984 | 0.930 | 0.881 | 0.838 | 0.801 | 0.769 | 0.742 | 0.721 | 0.705 | 0.694 | 0.688 | 0.686 | 0.688 |
| Adjusted equity ratio | | 0.300 | 0.300 | 0.300 | 0.300 | 0.300 | 0.300 | 0.300 | 0.300 | 0.300 | 0.300 | 0.300 | 0.300 | 0.300 | 0.300 | 0.300 | 0.300 | 0.300 | 0.300 | 0.300 | 0.300 | 0.300 | 0.300 | 0.300 | 0.300 | 0.300 |
CASH FLOW |
| Net income, $m | | 716 | 225 | -200 | -686 | -1158 | -1625 | -2093 | -2569 | -3059 | -3567 | -4099 | -4659 | -5251 | -5882 | -6554 | -7275 | -8048 | -8879 | -9775 | -10741 | -11784 | -12911 | -14130 | -15450 | -16879 |
| Depreciation, amort., depletion, $m | | 923 | 826 | 746 | 679 | 623 | 575 | 535 | 501 | 472 | 447 | 425 | 407 | 392 | 378 | 367 | 358 | 350 | 344 | 339 | 335 | 332 | 330 | 329 | 329 | 330 |
| Funds from operations, $m | | 1640 | 1051 | 546 | -7 | -535 | -1050 | -1558 | -2069 | -2588 | -3121 | -3674 | -4252 | -4860 | -5503 | -6187 | -6917 | -7698 | -8536 | -9436 | -10406 | -11452 | -12581 | -13801 | -15121 | -16549 |
| Change in working capital, $m | | -30 | -25 | -21 | -17 | -15 | -12 | -11 | -9 | -8 | -7 | -6 | -5 | -4 | -3 | -3 | -2 | -2 | -2 | -1 | -1 | -1 | 0 | 0 | 0 | 0 |
| Cash from operations, $m | | 1669 | 1076 | 566 | 11 | -521 | -1037 | -1548 | -2060 | -2580 | -3114 | -3668 | -4247 | -4856 | -5500 | -6184 | -6915 | -7696 | -8534 | -9435 | -10405 | -11451 | -12581 | -13801 | -15121 | -16550 |
| Maintenance CAPEX, $m | | -923 | -826 | -746 | -679 | -623 | -575 | -535 | -501 | -472 | -447 | -425 | -407 | -392 | -378 | -367 | -358 | -350 | -344 | -339 | -335 | -332 | -330 | -329 | -329 | -330 |
| 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 | -8 | -16 |
| Total CAPEX, $m | | -923 | -826 | -746 | -679 | -623 | -575 | -535 | -501 | -472 | -447 | -425 | -407 | -392 | -378 | -367 | -358 | -350 | -344 | -339 | -335 | -332 | -330 | -329 | -337 | -346 |
| Free cash flow, $m | | 746 | 250 | -180 | -668 | -1143 | -1612 | -2083 | -2560 | -3051 | -3561 | -4093 | -4654 | -5247 | -5878 | -6552 | -7272 | -8046 | -8878 | -9773 | -10740 | -11783 | -12911 | -14130 | -15458 | -16896 |
| Issuance/(repurchase) of shares, $m | | 0 | 0 | 0 | 487 | 990 | 1482 | 1972 | 2466 | 2971 | 3492 | 4035 | 4604 | 5205 | 5842 | 6521 | 7247 | 8025 | 8861 | 9761 | 10731 | 11777 | 12908 | 14130 | 15461 | 16902 |
| Retained Cash Flow, $m | | 128 | 324 | 270 | 227 | 191 | 162 | 138 | 118 | 100 | 86 | 73 | 63 | 53 | 45 | 38 | 31 | 26 | 21 | 16 | 11 | 7 | 4 | 0 | -3 | -6 |
| Pot'l extraordinary dividend, $m | | 1526 |
| Cash available for distribution, $m | | 2375 | 509 | 37 | 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 | | 2264 | 460 | 31 | 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 | 94 | 82 | 67 | 51 | 35 | 23 | 13 | 7 | 4 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |