| Fiscal year | | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 | 2037 | 2038 | 2039 | 2040 | 2041 | 2042 | 2043 | 2044 | 2045 | 2046 | 2047 | 2048 |
INCOME STATEMENT |
| Revenue growth rate, % | | 57.9 | 55.3 | 52.7 | 50.4 | 48.1 | 45.9 | 43.9 | 41.9 | 40.1 | 38.3 | 36.7 | 35.1 | 33.6 | 32.2 | 30.8 | 29.5 | 28.3 | 27.1 | 26.0 | 25.0 | 24.0 | 23.0 | 22.1 | 21.3 | 20.4 |
| Revenue, $ | | 34552 | 53643 | 81936 | 123195 | 182436 | 266234 | 383075 | 543744 | 761758 | 1053817 | 1440286 | 1945675 | 2599131 | 3434902 | 4492783 | 5818519 | 7464153 | 9488324 | 11956488 | 14941067 | 18521530 | 22784391 | 27823142 | 33738114 | 40636282 |
| Variable operating expenses, $m | | 19798 | 30738 | 46949 | 70591 | 104536 | 152552 | 219502 | 311565 | 436487 | 603837 | 825284 | 1114872 | 1489302 | 1968199 | 2574365 | 3334011 | 4276960 | 5436810 | 6851067 | 8561231 | 10612837 | 13055456 | 15942660 | 19331939 | 23284590 |
| Fixed operating expenses, $m | | 5016 | 5442 | 5905 | 6407 | 6951 | 7542 | 8183 | 8879 | 9634 | 10453 | 11341 | 12305 | 13351 | 14486 | 15717 | 17053 | 18503 | 20075 | 21782 | 23633 | 25642 | 27821 | 30186 | 32752 | 35536 |
| Total operating expenses, $m | | 24814 | 36180 | 52854 | 76998 | 111487 | 160094 | 227685 | 320444 | 446121 | 614290 | 836625 | 1127177 | 1502653 | 1982685 | 2590082 | 3351064 | 4295463 | 5456885 | 6872849 | 8584864 | 10638479 | 13083277 | 15972846 | 19364691 | 23320126 |
| Operating income, $m | | 9738 | 17463 | 29082 | 46197 | 70949 | 106140 | 155389 | 223300 | 315637 | 439527 | 603661 | 818498 | 1096478 | 1452217 | 1902701 | 2467454 | 3168691 | 4031439 | 5083639 | 6356202 | 7883051 | 9701114 | 11850295 | 14373422 | 17316157 |
| EBITDA, $m | | 11151 | 19694 | 32545 | 51488 | 78903 | 117920 | 172580 | 248035 | 350747 | 488714 | 671706 | 911498 | 1222111 | 1620044 | 2124495 | 2757556 | 3544395 | 4513403 | 5696304 | 7128238 | 8847803 | 10897057 | 13321494 | 16169975 | 19494642 |
| Interest expense (income), $m | | 1435 | 2171 | 4021 | 6762 | 10759 | 16498 | 24617 | 35936 | 51502 | 72623 | 100918 | 138359 | 187321 | 250628 | 331597 | 434085 | 562522 | 721951 | 918053 | 1157169 | 1446315 | 1793190 | 2206176 | 2694330 | 3267372 |
| Earnings before tax, $m | | 8302 | 15292 | 25061 | 39435 | 60190 | 89641 | 130773 | 187363 | 264135 | 366904 | 502743 | 680139 | 909157 | 1201590 | 1571104 | 2033370 | 2606169 | 3309488 | 4165586 | 5199034 | 6436737 | 7907924 | 9644120 | 11679092 | 14048784 |
| Tax expense, $m | | 2242 | 4129 | 6766 | 10648 | 16251 | 24203 | 35309 | 50588 | 71316 | 99064 | 135741 | 183638 | 245472 | 324429 | 424198 | 549010 | 703666 | 893562 | 1124708 | 1403739 | 1737919 | 2135139 | 2603912 | 3153355 | 3793172 |
| Net income, $m | | 6061 | 11163 | 18294 | 28788 | 43938 | 65438 | 95464 | 136775 | 192819 | 267840 | 367002 | 496502 | 663685 | 877160 | 1146906 | 1484360 | 1902503 | 2415926 | 3040878 | 3795295 | 4698818 | 5772784 | 7040207 | 8525737 | 10255612 |
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 | | 119549 | 185605 | 283498 | 426254 | 631228 | 921170 | 1325438 | 1881354 | 2635682 | 3646208 | 4983388 | 6732035 | 8992993 | 11884761 | 15545031 | 20132075 | 25825969 | 32829602 | 41369447 | 51696091 | 64084493 | 78833994 | 96268072 | 116733873 | 140601537 |
| Adjusted assets (=assets-cash), $m | | 119549 | 185605 | 283498 | 426254 | 631228 | 921170 | 1325438 | 1881354 | 2635682 | 3646208 | 4983388 | 6732035 | 8992993 | 11884761 | 15545031 | 20132075 | 25825969 | 32829602 | 41369447 | 51696091 | 64084493 | 78833994 | 96268072 | 116733873 | 140601537 |
| Average production assets, $m | | 64923 | 100796 | 153957 | 231483 | 342797 | 500254 | 719797 | 1021695 | 1431343 | 1980123 | 2706297 | 3655923 | 4883767 | 6454181 | 8441940 | 10932997 | 14025143 | 17828561 | 22466240 | 28074264 | 34801954 | 42811871 | 52279684 | 63393916 | 76355575 |
| Working capital, $m | | 17276 | 26822 | 40968 | 61597 | 91218 | 133117 | 191537 | 271872 | 380879 | 526909 | 720143 | 972837 | 1299565 | 1717451 | 2246392 | 2909259 | 3732076 | 4744162 | 5978244 | 7470533 | 9260765 | 11392196 | 13911571 | 16869057 | 20318141 |
| Total debt, $m | | 54285 | 100525 | 169050 | 268979 | 412461 | 615420 | 898408 | 1287549 | 1815578 | 2522946 | 3458973 | 4683026 | 6265696 | 8289934 | 10852122 | 14063053 | 18048779 | 22951322 | 28929214 | 36157864 | 44829746 | 55154397 | 67358251 | 81684312 | 98391677 |
| Total liabilities, $m | | 83684 | 129924 | 198449 | 298378 | 441860 | 644819 | 927807 | 1316948 | 1844977 | 2552345 | 3488372 | 4712425 | 6295095 | 8319333 | 10881521 | 14092452 | 18078178 | 22980721 | 28958613 | 36187263 | 44859145 | 55183796 | 67387650 | 81713711 | 98421076 |
| Total equity, $m | | 35865 | 55682 | 85049 | 127876 | 189368 | 276351 | 397631 | 564406 | 790705 | 1093862 | 1495016 | 2019611 | 2697898 | 3565428 | 4663509 | 6039622 | 7747791 | 9848881 | 12410834 | 15508827 | 19225348 | 23650198 | 28880422 | 35020162 | 42180461 |
| Debt-to-equity ratio | | 1.000 | 0.975 | 1.182 | 1.322 | 1.420 | 1.493 | 1.548 | 1.592 | 1.628 | 1.660 | 1.688 | 1.713 | 1.736 | 1.757 | 1.778 | 1.797 | 1.815 | 1.833 | 1.849 | 1.865 | 1.881 | 1.896 | 1.910 | 1.923 | 1.937 |
| 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 | | 6061 | 11163 | 18294 | 28788 | 43938 | 65438 | 95464 | 136775 | 192819 | 267840 | 367002 | 496502 | 663685 | 877160 | 1146906 | 1484360 | 1902503 | 2415926 | 3040878 | 3795295 | 4698818 | 5772784 | 7040207 | 8525737 | 10255612 |
| Depreciation, amort., depletion, $m | | 1413 | 2231 | 3464 | 5291 | 7955 | 11780 | 17191 | 24735 | 35110 | 49187 | 68045 | 93000 | 125633 | 167827 | 221793 | 290101 | 375704 | 481964 | 612665 | 772036 | 964751 | 1195943 | 1471198 | 1796553 | 2178485 |
| Funds from operations, $m | | 7474 | 13394 | 21758 | 34078 | 51893 | 77218 | 112655 | 161511 | 227928 | 317027 | 435048 | 589502 | 789318 | 1044987 | 1368699 | 1774461 | 2278207 | 2897890 | 3653543 | 4567330 | 5663569 | 6968728 | 8511406 | 10322290 | 12434097 |
| Change in working capital, $m | | 6335 | 9546 | 14146 | 20629 | 29621 | 41899 | 58420 | 80335 | 109007 | 146030 | 193234 | 252695 | 326728 | 417886 | 528941 | 662868 | 822817 | 1012086 | 1234082 | 1492290 | 1790232 | 2131431 | 2519375 | 2957486 | 3449084 |
| Cash from operations, $m | | 1139 | 3848 | 7612 | 13449 | 22273 | 35319 | 54235 | 81176 | 118921 | 170997 | 241814 | 336807 | 462590 | 627102 | 839758 | 1111593 | 1455390 | 1885804 | 2419461 | 3075041 | 3873338 | 4837297 | 5992030 | 7364804 | 8985013 |
| Maintenance CAPEX, $m | | -1413 | -2231 | -3464 | -5291 | -7955 | -11780 | -17191 | -24735 | -35110 | -49187 | -68045 | -93000 | -125633 | -167827 | -221793 | -290101 | -375704 | -481964 | -612665 | -772036 | -964751 | -1195943 | -1471198 | -1796553 | -2178485 |
| New CAPEX, $m | | -23806 | -35873 | -53162 | -77525 | -111314 | -157457 | -219543 | -301898 | -409648 | -548780 | -726174 | -949627 | -1227844 | -1570414 | -1987759 | -2491057 | -3092147 | -3803418 | -4637679 | -5608024 | -6727690 | -8009917 | -9467813 | -11114231 | -12961659 |
| Total CAPEX, $m | | -25219 | -38104 | -56626 | -82816 | -119269 | -169237 | -236734 | -326633 | -444758 | -597967 | -794219 | -1042627 | -1353477 | -1738241 | -2209552 | -2781158 | -3467851 | -4285381 | -5250344 | -6380060 | -7692441 | -9205860 | -10939011 | -12910784 | -15140144 |
| Free cash flow, $m | | -24080 | -34256 | -49014 | -69367 | -96996 | -133918 | -182499 | -245457 | -325836 | -426969 | -552406 | -705820 | -890887 | -1111139 | -1369794 | -1669564 | -2012461 | -2399577 | -2830883 | -3305019 | -3819104 | -4368563 | -4946981 | -5545980 | -6155131 |
| Issuance/(repurchase) of shares, $m | | 47810 | 54073 | 78382 | 112194 | 158489 | 220901 | 303780 | 412232 | 552135 | 730127 | 953560 | 1230414 | 1569174 | 1978670 | 2467875 | 3045678 | 3720629 | 4500667 | 5392837 | 6403012 | 7535624 | 8793414 | 10177205 | 11685720 | 13315430 |
| Retained Cash Flow, $m | | -16789 | -19817 | -29368 | -42827 | -61492 | -86983 | -121280 | -166775 | -226298 | -303158 | -401154 | -524594 | -678287 | -867531 | -1098081 | -1376113 | -1708168 | -2101090 | -2561954 | -3097993 | -3716521 | -4424850 | -5230223 | -6139740 | -7160299 |
| Pot'l extraordinary dividend, $m | | -6941 |
| Cash available for distribution, $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 |
| Discount rate, % | | 5.40 | 5.67 | 5.95 | 6.25 | 6.56 | 6.89 | 7.24 | 7.60 | 7.98 | 8.38 | 8.80 | 9.24 | 9.70 | 10.18 | 10.69 | 11.23 | 11.79 | 12.38 | 13.00 | 13.65 | 14.33 | 15.04 | 15.80 | 16.59 | 17.42 |
| PV of cash for distribution, $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 |
| Current shareholders' claim on cash, % | | 29 | 12 | 5 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |