| 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, % | | -10.6 | -9.8 | -9.1 | -8.4 | -7.7 | -7.1 | -6.5 | -5.9 | -5.3 | -4.8 | -4.3 | -3.9 | -3.4 | -3.0 | -2.6 | -2.2 | -1.9 | -1.5 | -1.2 | -0.9 | -0.6 | -0.3 | -0.0 | 0.2 | 0.4 |
| Revenue, $ | | 23723 | 21394 | 19451 | 17822 | 16449 | 15286 | 14297 | 13454 | 12735 | 12119 | 11593 | 11144 | 10762 | 10438 | 10166 | 9940 | 9754 | 9606 | 9491 | 9407 | 9351 | 9322 | 9317 | 9336 | 9378 |
| Variable operating expenses, $m | | 21351 | 19254 | 17506 | 16040 | 14804 | 13757 | 12867 | 12109 | 11461 | 10907 | 10434 | 10030 | 9686 | 9395 | 9150 | 8946 | 8779 | 8645 | 8542 | 8466 | 8416 | 8389 | 8386 | 8403 | 8440 |
| Fixed operating expenses, $m | | 1857 | 2015 | 2186 | 2372 | 2573 | 2792 | 3029 | 3287 | 3566 | 3869 | 4198 | 4555 | 4942 | 5363 | 5818 | 6313 | 6849 | 7432 | 8063 | 8749 | 9492 | 10299 | 11175 | 12125 | 13155 |
| Total operating expenses, $m | | 23208 | 21269 | 19692 | 18412 | 17377 | 16549 | 15896 | 15396 | 15027 | 14776 | 14632 | 14585 | 14628 | 14758 | 14968 | 15259 | 15628 | 16077 | 16605 | 17215 | 17908 | 18688 | 19561 | 20528 | 21595 |
| Operating income, $m | | 515 | 125 | -241 | -590 | -928 | -1264 | -1600 | -1941 | -2293 | -2658 | -3039 | -3441 | -3866 | -4319 | -4802 | -5319 | -5874 | -6471 | -7114 | -7808 | -8557 | -9367 | -10243 | -11191 | -12217 |
| EBITDA, $m | | 776 | 357 | -31 | -399 | -754 | -1102 | -1450 | -1801 | -2161 | -2533 | -2920 | -3327 | -3757 | -4213 | -4699 | -5219 | -5776 | -6375 | -7020 | -7715 | -8465 | -9275 | -10151 | -11099 | -12126 |
| Interest expense (income), $m | | 781 | 488 | 416 | 355 | 305 | 262 | 226 | 195 | 169 | 147 | 127 | 111 | 97 | 85 | 75 | 67 | 60 | 54 | 49 | 46 | 43 | 41 | 40 | 40 | 41 |
| Earnings before tax, $m | | -266 | -363 | -656 | -945 | -1233 | -1525 | -1826 | -2137 | -2462 | -2804 | -3166 | -3552 | -3963 | -4404 | -4877 | -5386 | -5934 | -6525 | -7164 | -7854 | -8600 | -9408 | -10283 | -11231 | -12258 |
| 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 | | -266 | -363 | -656 | -945 | -1233 | -1525 | -1826 | -2137 | -2462 | -2804 | -3166 | -3552 | -3963 | -4404 | -4877 | -5386 | -5934 | -6525 | -7164 | -7854 | -8600 | -9408 | -10283 | -11231 | -12258 |
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 | | 26333 | 23747 | 21591 | 19783 | 18258 | 16967 | 15870 | 14934 | 14136 | 13453 | 12869 | 12370 | 11946 | 11587 | 11284 | 11033 | 10827 | 10662 | 10535 | 10441 | 10380 | 10347 | 10342 | 10363 | 10410 |
| Adjusted assets (=assets-cash), $m | | 26333 | 23747 | 21591 | 19783 | 18258 | 16967 | 15870 | 14934 | 14136 | 13453 | 12869 | 12370 | 11946 | 11587 | 11284 | 11033 | 10827 | 10662 | 10535 | 10441 | 10380 | 10347 | 10342 | 10363 | 10410 |
| Average production assets, $m | | 3772 | 3402 | 3093 | 2834 | 2615 | 2430 | 2273 | 2139 | 2025 | 1927 | 1843 | 1772 | 1711 | 1660 | 1616 | 1580 | 1551 | 1527 | 1509 | 1496 | 1487 | 1482 | 1481 | 1484 | 1491 |
| Working capital, $m | | 2799 | 2524 | 2295 | 2103 | 1941 | 1804 | 1687 | 1588 | 1503 | 1430 | 1368 | 1315 | 1270 | 1232 | 1200 | 1173 | 1151 | 1133 | 1120 | 1110 | 1103 | 1100 | 1099 | 1102 | 1107 |
| Total debt, $m | | 12201 | 10391 | 8882 | 7616 | 6549 | 5645 | 4877 | 4222 | 3663 | 3185 | 2776 | 2427 | 2130 | 1879 | 1667 | 1491 | 1347 | 1232 | 1143 | 1077 | 1034 | 1011 | 1008 | 1023 | 1055 |
| Total liabilities, $m | | 18433 | 16623 | 15114 | 13848 | 12781 | 11877 | 11109 | 10454 | 9895 | 9417 | 9008 | 8659 | 8362 | 8111 | 7899 | 7723 | 7579 | 7464 | 7374 | 7309 | 7266 | 7243 | 7240 | 7254 | 7287 |
| Total equity, $m | | 7900 | 7124 | 6477 | 5935 | 5477 | 5090 | 4761 | 4480 | 4241 | 4036 | 3861 | 3711 | 3584 | 3476 | 3385 | 3310 | 3248 | 3199 | 3160 | 3132 | 3114 | 3104 | 3103 | 3109 | 3123 |
| Debt-to-equity ratio | | 2.472 | 1.713 | 1.604 | 1.497 | 1.390 | 1.287 | 1.186 | 1.089 | 0.996 | 0.908 | 0.825 | 0.748 | 0.677 | 0.613 | 0.555 | 0.504 | 0.459 | 0.421 | 0.390 | 0.365 | 0.346 | 0.333 | 0.326 | 0.324 | 0.327 |
| 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 | | -266 | -363 | -656 | -945 | -1233 | -1525 | -1826 | -2137 | -2462 | -2804 | -3166 | -3552 | -3963 | -4404 | -4877 | -5386 | -5934 | -6525 | -7164 | -7854 | -8600 | -9408 | -10283 | -11231 | -12258 |
| Depreciation, amort., depletion, $m | | 260 | 233 | 210 | 191 | 175 | 161 | 150 | 140 | 132 | 125 | 119 | 114 | 109 | 106 | 102 | 100 | 98 | 96 | 94 | 93 | 92 | 92 | 91 | 91 | 92 |
| Funds from operations, $m | | -5 | -131 | -446 | -754 | -1058 | -1364 | -1675 | -1996 | -2330 | -2679 | -3047 | -3438 | -3854 | -4298 | -4774 | -5286 | -5836 | -6429 | -7069 | -7761 | -8508 | -9317 | -10192 | -11140 | -12167 |
| Change in working capital, $m | | -332 | -275 | -229 | -192 | -162 | -137 | -117 | -99 | -85 | -73 | -62 | -53 | -45 | -38 | -32 | -27 | -22 | -18 | -14 | -10 | -7 | -3 | -1 | 2 | 5 |
| Cash from operations, $m | | 327 | 144 | -217 | -562 | -896 | -1227 | -1559 | -1897 | -2245 | -2606 | -2985 | -3385 | -3809 | -4260 | -4742 | -5259 | -5814 | -6412 | -7056 | -7751 | -8502 | -9313 | -10191 | -11142 | -12172 |
| Maintenance CAPEX, $m | | -260 | -233 | -210 | -191 | -175 | -161 | -150 | -140 | -132 | -125 | -119 | -114 | -109 | -106 | -102 | -100 | -98 | -96 | -94 | -93 | -92 | -92 | -91 | -91 | -92 |
| 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 | -3 | -7 |
| Total CAPEX, $m | | -260 | -233 | -210 | -191 | -175 | -161 | -150 | -140 | -132 | -125 | -119 | -114 | -109 | -106 | -102 | -100 | -98 | -96 | -94 | -93 | -92 | -92 | -91 | -94 | -98 |
| Free cash flow, $m | | 66 | -88 | -427 | -753 | -1071 | -1388 | -1709 | -2037 | -2377 | -2731 | -3104 | -3499 | -3918 | -4366 | -4845 | -5359 | -5912 | -6507 | -7150 | -7844 | -8594 | -9405 | -10283 | -11237 | -12270 |
| Issuance/(repurchase) of shares, $m | | 1859 | 0 | 0 | 319 | 705 | 1078 | 1446 | 1813 | 2185 | 2568 | 2964 | 3379 | 3816 | 4279 | 4772 | 5299 | 5862 | 6468 | 7119 | 7821 | 8579 | 9397 | 10282 | 11243 | 12284 |
| Retained Cash Flow, $m | | 493 | 776 | 647 | 542 | 457 | 387 | 329 | 281 | 240 | 205 | 175 | 150 | 127 | 108 | 91 | 75 | 62 | 49 | 38 | 28 | 19 | 10 | 1 | -6 | -14 |
| Pot'l extraordinary dividend, $m | | -2319 |
| Cash available for distribution, $m | | 0 | 532 | 90 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Discount rate, % | | 6.00 | 6.30 | 6.62 | 6.95 | 7.29 | 7.66 | 8.04 | 8.44 | 8.86 | 9.31 | 9.77 | 10.26 | 10.78 | 11.31 | 11.88 | 12.47 | 13.10 | 13.75 | 14.44 | 15.16 | 15.92 | 16.72 | 17.55 | 18.43 | 19.35 |
| PV of cash for distribution, $m | | 0 | 471 | 74 | 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, % | | 89 | 89 | 89 | 86 | 81 | 73 | 62 | 51 | 40 | 30 | 21 | 14 | 9 | 5 | 3 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |