| 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, % | | 4.5 | 4.5 | 4.5 | 4.6 | 4.6 | 4.6 | 4.6 | 4.7 | 4.7 | 4.7 | 4.7 | 4.7 | 4.7 | 4.7 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | 4.9 |
| Revenue, $ | | 305 | 319 | 333 | 348 | 364 | 381 | 399 | 417 | 437 | 457 | 479 | 501 | 525 | 550 | 576 | 604 | 632 | 663 | 694 | 728 | 763 | 800 | 839 | 879 | 922 |
| Variable operating expenses, $m | | 252 | 263 | 275 | 288 | 301 | 315 | 329 | 345 | 361 | 378 | 395 | 414 | 434 | 454 | 476 | 499 | 522 | 547 | 574 | 601 | 630 | 661 | 693 | 726 | 761 |
| Fixed operating expenses, $m | | 32 | 35 | 38 | 41 | 44 | 48 | 52 | 57 | 61 | 67 | 72 | 78 | 85 | 92 | 100 | 109 | 118 | 128 | 139 | 150 | 163 | 177 | 192 | 208 | 226 |
| Total operating expenses, $m | | 284 | 298 | 313 | 329 | 345 | 363 | 381 | 402 | 422 | 445 | 467 | 492 | 519 | 546 | 576 | 608 | 640 | 675 | 713 | 751 | 793 | 838 | 885 | 934 | 987 |
| Operating income, $m | | 21 | 21 | 20 | 20 | 19 | 18 | 17 | 16 | 15 | 13 | 11 | 9 | 6 | 3 | 0 | -4 | -8 | -12 | -18 | -24 | -30 | -38 | -46 | -56 | -66 |
| EBITDA, $m | | 62 | 64 | 65 | 67 | 68 | 70 | 71 | 72 | 73 | 75 | 76 | 76 | 77 | 77 | 78 | 78 | 77 | 77 | 76 | 74 | 72 | 70 | 66 | 63 | 58 |
| Interest expense (income), $m | | 1 | 13 | 14 | 14 | 14 | 15 | 15 | 15 | 16 | 16 | 16 | 17 | 17 | 18 | 18 | 19 | 19 | 20 | 21 | 21 | 22 | 23 | 23 | 24 | 25 |
| Earnings before tax, $m | | 20 | 7 | 7 | 6 | 5 | 4 | 2 | 1 | -1 | -3 | -5 | -8 | -11 | -14 | -18 | -22 | -27 | -33 | -38 | -45 | -52 | -61 | -70 | -80 | -91 |
| Tax expense, $m | | 6 | 2 | 2 | 2 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net income, $m | | 15 | 5 | 5 | 4 | 4 | 3 | 2 | 1 | -1 | -3 | -5 | -8 | -11 | -14 | -18 | -22 | -27 | -33 | -38 | -45 | -52 | -61 | -70 | -80 | -91 |
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 | | 387 | 405 | 423 | 442 | 463 | 484 | 506 | 530 | 555 | 581 | 608 | 637 | 667 | 698 | 732 | 766 | 803 | 842 | 882 | 924 | 969 | 1016 | 1065 | 1117 | 1171 |
| Adjusted assets (=assets-cash), $m | | 387 | 405 | 423 | 442 | 463 | 484 | 506 | 530 | 555 | 581 | 608 | 637 | 667 | 698 | 732 | 766 | 803 | 842 | 882 | 924 | 969 | 1016 | 1065 | 1117 | 1171 |
| Average production assets, $m | | 232 | 242 | 253 | 265 | 277 | 290 | 303 | 318 | 332 | 348 | 364 | 381 | 400 | 418 | 438 | 459 | 481 | 504 | 528 | 554 | 581 | 609 | 638 | 669 | 702 |
| Working capital, $m | | -52 | -54 | -56 | -59 | -62 | -64 | -67 | -71 | -74 | -77 | -81 | -85 | -89 | -93 | -97 | -102 | -107 | -112 | -117 | -123 | -129 | -135 | -142 | -149 | -156 |
| Total debt, $m | | 335 | 342 | 349 | 357 | 365 | 374 | 383 | 392 | 402 | 412 | 423 | 435 | 447 | 459 | 473 | 487 | 501 | 517 | 533 | 550 | 568 | 586 | 606 | 627 | 648 |
| Total liabilities, $m | | 155 | 162 | 169 | 177 | 185 | 194 | 203 | 212 | 222 | 232 | 243 | 255 | 267 | 279 | 293 | 307 | 321 | 337 | 353 | 370 | 388 | 406 | 426 | 447 | 468 |
| Total equity, $m | | 232 | 243 | 254 | 265 | 278 | 290 | 304 | 318 | 333 | 348 | 365 | 382 | 400 | 419 | 439 | 460 | 482 | 505 | 529 | 555 | 581 | 609 | 639 | 670 | 702 |
| Debt-to-equity ratio | | 0.075 | 1.379 | 1.347 | 1.316 | 1.286 | 1.257 | 1.229 | 1.203 | 1.178 | 1.153 | 1.130 | 1.108 | 1.086 | 1.066 | 1.046 | 1.028 | 1.010 | 0.993 | 0.976 | 0.961 | 0.946 | 0.931 | 0.918 | 0.904 | 0.892 |
| Adjusted equity ratio | | 0.600 | 0.600 | 0.600 | 0.600 | 0.600 | 0.600 | 0.600 | 0.600 | 0.600 | 0.600 | 0.600 | 0.600 | 0.600 | 0.600 | 0.600 | 0.600 | 0.600 | 0.600 | 0.600 | 0.600 | 0.600 | 0.600 | 0.600 | 0.600 | 0.600 |
CASH FLOW |
| Net income, $m | | 15 | 5 | 5 | 4 | 4 | 3 | 2 | 1 | -1 | -3 | -5 | -8 | -11 | -14 | -18 | -22 | -27 | -33 | -38 | -45 | -52 | -61 | -70 | -80 | -91 |
| Depreciation, amort., depletion, $m | | 41 | 43 | 45 | 47 | 49 | 51 | 54 | 56 | 59 | 62 | 64 | 67 | 71 | 74 | 77 | 81 | 85 | 89 | 93 | 98 | 103 | 108 | 113 | 118 | 124 |
| Funds from operations, $m | | 56 | 48 | 50 | 51 | 53 | 54 | 55 | 57 | 58 | 58 | 59 | 59 | 60 | 60 | 59 | 59 | 58 | 57 | 55 | 53 | 50 | 47 | 43 | 38 | 33 |
| Change in working capital, $m | | -2 | -2 | -2 | -3 | -3 | -3 | -3 | -3 | -3 | -3 | -4 | -4 | -4 | -4 | -4 | -5 | -5 | -5 | -5 | -6 | -6 | -6 | -7 | -7 | -7 |
| Cash from operations, $m | | 58 | 51 | 52 | 54 | 55 | 57 | 58 | 60 | 61 | 62 | 63 | 63 | 64 | 64 | 64 | 63 | 63 | 62 | 60 | 58 | 56 | 53 | 50 | 45 | 40 |
| Maintenance CAPEX, $m | | -41 | -43 | -45 | -47 | -49 | -51 | -54 | -56 | -59 | -62 | -64 | -67 | -71 | -74 | -77 | -81 | -85 | -89 | -93 | -98 | -103 | -108 | -113 | -118 | -124 |
| New CAPEX, $m | | -10 | -10 | -11 | -12 | -12 | -13 | -13 | -14 | -15 | -16 | -16 | -17 | -18 | -19 | -20 | -21 | -22 | -23 | -24 | -25 | -27 | -28 | -29 | -31 | -32 |
| Total CAPEX, $m | | -51 | -53 | -56 | -59 | -61 | -64 | -67 | -70 | -74 | -77 | -81 | -85 | -89 | -93 | -97 | -102 | -107 | -112 | -118 | -123 | -129 | -136 | -142 | -149 | -156 |
| Free cash flow, $m | | 7 | -3 | -4 | -5 | -6 | -7 | -9 | -10 | -13 | -15 | -18 | -21 | -25 | -29 | -34 | -39 | -44 | -50 | -57 | -65 | -73 | -82 | -93 | -104 | -116 |
| Issuance/(repurchase) of shares, $m | | 0 | 13 | 15 | 16 | 18 | 20 | 22 | 25 | 27 | 31 | 34 | 39 | 43 | 48 | 54 | 60 | 66 | 74 | 82 | 90 | 100 | 111 | 122 | 135 | 149 |
| Retained Cash Flow, $m | | -30 | -11 | -11 | -12 | -12 | -13 | -13 | -14 | -15 | -16 | -16 | -17 | -18 | -19 | -20 | -21 | -22 | -23 | -24 | -25 | -27 | -28 | -29 | -31 | -33 |
| Pot'l extraordinary dividend, $m | | 157 |
| Cash available for distribution, $m | | 134 | 0 | 0 | 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 | | 128 | 0 | 0 | 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 | 98 | 96 | 94 | 91 | 89 | 86 | 84 | 81 | 79 | 76 | 73 | 70 | 67 | 64 | 61 | 58 | 55 | 52 | 49 | 46 | 43 | 40 | 37 | 34 |