| 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, % | | 2.8 | 2.9 | 3.0 | 3.1 | 3.2 | 3.3 | 3.4 | 3.5 | 3.5 | 3.6 | 3.7 | 3.7 | 3.8 | 3.9 | 3.9 | 4.0 | 4.0 | 4.1 | 4.1 | 4.2 | 4.2 | 4.3 | 4.3 | 4.3 | 4.4 |
| Revenue, $ | | 539 | 554 | 571 | 589 | 608 | 628 | 649 | 671 | 695 | 720 | 747 | 775 | 804 | 835 | 868 | 903 | 939 | 977 | 1018 | 1060 | 1105 | 1152 | 1201 | 1253 | 1308 |
| Variable operating expenses, $m | | 407 | 418 | 431 | 444 | 459 | 474 | 490 | 507 | 525 | 544 | 564 | 585 | 607 | 631 | 655 | 682 | 709 | 738 | 768 | 800 | 834 | 870 | 907 | 946 | 987 |
| Fixed operating expenses, $m | | 76 | 82 | 89 | 97 | 105 | 114 | 124 | 134 | 146 | 158 | 172 | 186 | 202 | 219 | 238 | 258 | 280 | 304 | 330 | 358 | 388 | 421 | 457 | 496 | 538 |
| Total operating expenses, $m | | 483 | 500 | 520 | 541 | 564 | 588 | 614 | 641 | 671 | 702 | 736 | 771 | 809 | 850 | 893 | 940 | 989 | 1042 | 1098 | 1158 | 1222 | 1291 | 1364 | 1442 | 1525 |
| Operating income, $m | | 56 | 53 | 50 | 47 | 44 | 40 | 35 | 30 | 24 | 18 | 11 | 3 | -5 | -15 | -25 | -37 | -50 | -65 | -81 | -98 | -118 | -139 | -163 | -189 | -218 |
| EBITDA, $m | | 71 | 69 | 66 | 64 | 60 | 57 | 53 | 49 | 44 | 38 | 32 | 25 | 17 | 8 | -1 | -12 | -24 | -38 | -53 | -69 | -87 | -108 | -130 | -155 | -182 |
| Interest expense (income), $m | | 7 | 17 | 18 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 29 | 30 | 31 | 33 | 34 | 36 | 38 | 40 | 42 | 44 | 46 | 48 |
| Earnings before tax, $m | | 49 | 36 | 33 | 29 | 24 | 19 | 14 | 8 | 2 | -6 | -14 | -23 | -32 | -43 | -55 | -68 | -83 | -99 | -117 | -136 | -157 | -181 | -206 | -235 | -266 |
| Tax expense, $m | | 13 | 10 | 9 | 8 | 7 | 5 | 4 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net income, $m | | 36 | 26 | 24 | 21 | 18 | 14 | 10 | 6 | 1 | -6 | -14 | -23 | -32 | -43 | -55 | -68 | -83 | -99 | -117 | -136 | -157 | -181 | -206 | -235 | -266 |
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 | | 646 | 665 | 685 | 706 | 729 | 753 | 779 | 806 | 834 | 864 | 896 | 930 | 965 | 1002 | 1042 | 1083 | 1127 | 1173 | 1221 | 1272 | 1326 | 1382 | 1441 | 1504 | 1569 |
| Adjusted assets (=assets-cash), $m | | 646 | 665 | 685 | 706 | 729 | 753 | 779 | 806 | 834 | 864 | 896 | 930 | 965 | 1002 | 1042 | 1083 | 1127 | 1173 | 1221 | 1272 | 1326 | 1382 | 1441 | 1504 | 1569 |
| Average production assets, $m | | 260 | 268 | 276 | 284 | 293 | 303 | 313 | 324 | 336 | 348 | 361 | 374 | 388 | 403 | 419 | 436 | 454 | 472 | 492 | 512 | 534 | 556 | 580 | 605 | 632 |
| Working capital, $m | | 57 | 59 | 61 | 62 | 64 | 67 | 69 | 71 | 74 | 76 | 79 | 82 | 85 | 89 | 92 | 96 | 100 | 104 | 108 | 112 | 117 | 122 | 127 | 133 | 139 |
| Total debt, $m | | 426 | 443 | 461 | 480 | 501 | 522 | 545 | 570 | 595 | 622 | 651 | 681 | 713 | 747 | 782 | 819 | 859 | 900 | 944 | 990 | 1038 | 1089 | 1142 | 1198 | 1257 |
| Total liabilities, $m | | 582 | 599 | 617 | 636 | 656 | 678 | 701 | 725 | 751 | 778 | 806 | 837 | 869 | 902 | 938 | 975 | 1014 | 1056 | 1099 | 1145 | 1193 | 1244 | 1297 | 1353 | 1412 |
| Total equity, $m | | 65 | 67 | 69 | 71 | 73 | 75 | 78 | 81 | 83 | 86 | 90 | 93 | 97 | 100 | 104 | 108 | 113 | 117 | 122 | 127 | 133 | 138 | 144 | 150 | 157 |
| Debt-to-equity ratio | | 2.788 | 6.408 | 6.468 | 6.528 | 6.588 | 6.649 | 6.709 | 6.769 | 6.829 | 6.888 | 6.946 | 7.003 | 7.059 | 7.114 | 7.168 | 7.221 | 7.272 | 7.322 | 7.371 | 7.418 | 7.464 | 7.509 | 7.552 | 7.593 | 7.634 |
| Adjusted equity ratio | | 0.100 | 0.100 | 0.100 | 0.100 | 0.100 | 0.100 | 0.100 | 0.100 | 0.100 | 0.100 | 0.100 | 0.100 | 0.100 | 0.100 | 0.100 | 0.100 | 0.100 | 0.100 | 0.100 | 0.100 | 0.100 | 0.100 | 0.100 | 0.100 | 0.100 |
CASH FLOW |
| Net income, $m | | 36 | 26 | 24 | 21 | 18 | 14 | 10 | 6 | 1 | -6 | -14 | -23 | -32 | -43 | -55 | -68 | -83 | -99 | -117 | -136 | -157 | -181 | -206 | -235 | -266 |
| Depreciation, amort., depletion, $m | | 15 | 15 | 16 | 16 | 17 | 17 | 18 | 19 | 19 | 20 | 21 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 32 | 33 | 34 | 36 |
| Funds from operations, $m | | 51 | 42 | 40 | 37 | 35 | 32 | 28 | 25 | 20 | 14 | 7 | -1 | -10 | -20 | -31 | -44 | -57 | -72 | -89 | -107 | -127 | -149 | -174 | -200 | -230 |
| Change in working capital, $m | | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 5 | 5 | 5 | 6 | 6 |
| Cash from operations, $m | | 49 | 40 | 38 | 35 | 33 | 29 | 26 | 22 | 18 | 12 | 4 | -4 | -13 | -24 | -35 | -47 | -61 | -76 | -93 | -111 | -132 | -154 | -179 | -206 | -236 |
| Maintenance CAPEX, $m | | -15 | -15 | -16 | -16 | -17 | -17 | -18 | -19 | -19 | -20 | -21 | -21 | -22 | -23 | -24 | -25 | -26 | -27 | -28 | -29 | -30 | -32 | -33 | -34 | -36 |
| New CAPEX, $m | | -7 | -8 | -8 | -9 | -9 | -10 | -10 | -11 | -11 | -12 | -13 | -14 | -14 | -15 | -16 | -17 | -18 | -19 | -19 | -20 | -22 | -23 | -24 | -25 | -26 |
| Total CAPEX, $m | | -22 | -23 | -24 | -25 | -26 | -27 | -28 | -29 | -31 | -32 | -33 | -35 | -36 | -38 | -40 | -42 | -43 | -45 | -47 | -50 | -52 | -54 | -57 | -59 | -62 |
| Free cash flow, $m | | 27 | 17 | 14 | 11 | 7 | 2 | -2 | -7 | -13 | -20 | -29 | -39 | -50 | -62 | -75 | -89 | -104 | -122 | -140 | -161 | -184 | -208 | -236 | -265 | -298 |
| Issuance/(repurchase) of shares, $m | | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 10 | 16 | 23 | 33 | 42 | 53 | 65 | 78 | 93 | 109 | 126 | 145 | 166 | 189 | 214 | 241 | 272 | 304 |
| Retained Cash Flow, $m | | -50 | -2 | -2 | -2 | -2 | -2 | -3 | -3 | -3 | -3 | -3 | -3 | -4 | -4 | -4 | -4 | -4 | -5 | -5 | -5 | -5 | -6 | -6 | -6 | -7 |
| Pot'l extraordinary dividend, $m | | 80 |
| Cash available for distribution, $m | | 57 | 15 | 12 | 8 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Discount rate, % | | 5.50 | 5.78 | 6.06 | 6.37 | 6.69 | 7.02 | 7.37 | 7.74 | 8.13 | 8.53 | 8.96 | 9.41 | 9.88 | 10.37 | 10.89 | 11.43 | 12.01 | 12.61 | 13.24 | 13.90 | 14.59 | 15.32 | 16.09 | 16.89 | 17.74 |
| PV of cash for distribution, $m | | 54 | 14 | 10 | 7 | 3 | 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 | 100 | 100 | 100 | 99 | 98 | 95 | 92 | 88 | 83 | 77 | 71 | 64 | 58 | 51 | 45 | 38 | 33 | 27 | 23 | 19 | 15 | 12 |