| 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, % | | -14.8 | -13.8 | -12.9 | -12.0 | -11.1 | -10.3 | -9.6 | -8.8 | -8.1 | -7.5 | -6.9 | -6.3 | -5.7 | -5.2 | -4.7 | -4.2 | -3.7 | -3.3 | -2.9 | -2.5 | -2.1 | -1.7 | -1.4 | -1.1 | -0.8 |
| Revenue, $ | | 821 | 708 | 617 | 543 | 482 | 433 | 391 | 357 | 328 | 303 | 282 | 265 | 250 | 237 | 226 | 216 | 208 | 201 | 196 | 191 | 187 | 184 | 181 | 179 | 178 |
| Variable operating expenses, $m | | 681 | 587 | 512 | 450 | 400 | 359 | 325 | 296 | 272 | 252 | 234 | 220 | 207 | 196 | 187 | 180 | 173 | 167 | 162 | 158 | 155 | 152 | 150 | 149 | 147 |
| Fixed operating expenses, $m | | 142 | 154 | 167 | 181 | 197 | 214 | 232 | 251 | 273 | 296 | 321 | 348 | 378 | 410 | 445 | 483 | 524 | 568 | 617 | 669 | 726 | 788 | 855 | 927 | 1006 |
| Total operating expenses, $m | | 823 | 741 | 679 | 631 | 597 | 573 | 557 | 547 | 545 | 548 | 555 | 568 | 585 | 606 | 632 | 663 | 697 | 735 | 779 | 827 | 881 | 940 | 1005 | 1076 | 1153 |
| Operating income, $m | | -2 | -34 | -62 | -89 | -115 | -140 | -165 | -191 | -217 | -244 | -273 | -303 | -336 | -370 | -407 | -446 | -488 | -534 | -583 | -637 | -694 | -756 | -824 | -897 | -976 |
| EBITDA, $m | | 109 | 61 | 19 | -18 | -52 | -84 | -115 | -146 | -176 | -207 | -238 | -271 | -305 | -341 | -379 | -420 | -464 | -510 | -560 | -614 | -672 | -735 | -803 | -876 | -955 |
| Interest expense (income), $m | | 0 | -2 | -3 | -4 | -4 | -5 | -5 | -6 | -6 | -6 | -6 | -7 | -7 | -7 | -7 | -7 | -7 | -7 | -7 | -7 | -7 | -7 | -7 | -7 | -7 |
| Earnings before tax, $m | | -2 | -32 | -59 | -85 | -110 | -135 | -160 | -185 | -211 | -238 | -267 | -297 | -329 | -363 | -400 | -439 | -481 | -527 | -576 | -629 | -687 | -749 | -817 | -889 | -969 |
| 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 | | -2 | -32 | -59 | -85 | -110 | -135 | -160 | -185 | -211 | -238 | -267 | -297 | -329 | -363 | -400 | -439 | -481 | -527 | -576 | -629 | -687 | -749 | -817 | -889 | -969 |
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 | | 829 | 715 | 623 | 548 | 487 | 437 | 395 | 360 | 331 | 306 | 285 | 267 | 252 | 239 | 228 | 218 | 210 | 203 | 198 | 193 | 189 | 185 | 183 | 181 | 179 |
| Adjusted assets (=assets-cash), $m | | 829 | 715 | 623 | 548 | 487 | 437 | 395 | 360 | 331 | 306 | 285 | 267 | 252 | 239 | 228 | 218 | 210 | 203 | 198 | 193 | 189 | 185 | 183 | 181 | 179 |
| Average production assets, $m | | 691 | 595 | 519 | 456 | 406 | 364 | 329 | 300 | 276 | 255 | 238 | 223 | 210 | 199 | 190 | 182 | 175 | 169 | 165 | 160 | 157 | 154 | 152 | 151 | 149 |
| Working capital, $m | | 26 | 23 | 20 | 17 | 15 | 14 | 13 | 11 | 10 | 10 | 9 | 8 | 8 | 8 | 7 | 7 | 7 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| Total debt, $m | | -56 | -79 | -97 | -112 | -124 | -134 | -142 | -149 | -155 | -160 | -164 | -168 | -171 | -174 | -176 | -178 | -179 | -181 | -182 | -183 | -184 | -184 | -185 | -185 | -186 |
| Total liabilities, $m | | 166 | 143 | 125 | 110 | 97 | 87 | 79 | 72 | 66 | 61 | 57 | 53 | 50 | 48 | 46 | 44 | 42 | 41 | 40 | 39 | 38 | 37 | 37 | 36 | 36 |
| Total equity, $m | | 663 | 572 | 498 | 439 | 390 | 350 | 316 | 288 | 265 | 245 | 228 | 214 | 202 | 191 | 182 | 175 | 168 | 163 | 158 | 154 | 151 | 148 | 146 | 145 | 144 |
| Debt-to-equity ratio | | 0.000 | -0.097 | -0.158 | -0.221 | -0.287 | -0.355 | -0.424 | -0.494 | -0.564 | -0.634 | -0.702 | -0.769 | -0.833 | -0.894 | -0.952 | -1.006 | -1.056 | -1.102 | -1.143 | -1.180 | -1.212 | -1.239 | -1.261 | -1.278 | -1.291 |
| Adjusted equity ratio | | 0.800 | 0.800 | 0.800 | 0.800 | 0.800 | 0.800 | 0.800 | 0.800 | 0.800 | 0.800 | 0.800 | 0.800 | 0.800 | 0.800 | 0.800 | 0.800 | 0.800 | 0.800 | 0.800 | 0.800 | 0.800 | 0.800 | 0.800 | 0.800 | 0.800 |
CASH FLOW |
| Net income, $m | | -2 | -32 | -59 | -85 | -110 | -135 | -160 | -185 | -211 | -238 | -267 | -297 | -329 | -363 | -400 | -439 | -481 | -527 | -576 | -629 | -687 | -749 | -817 | -889 | -969 |
| Depreciation, amort., depletion, $m | | 111 | 95 | 82 | 71 | 63 | 56 | 50 | 45 | 41 | 38 | 35 | 33 | 30 | 29 | 27 | 26 | 25 | 24 | 23 | 23 | 22 | 22 | 21 | 21 | 21 |
| Funds from operations, $m | | 109 | 63 | 22 | -14 | -48 | -79 | -110 | -140 | -170 | -200 | -232 | -264 | -298 | -334 | -372 | -413 | -456 | -503 | -553 | -607 | -665 | -728 | -795 | -869 | -948 |
| Change in working capital, $m | | -5 | -4 | -3 | -2 | -2 | -2 | -1 | -1 | -1 | -1 | -1 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from operations, $m | | 113 | 67 | 25 | -12 | -46 | -78 | -109 | -139 | -169 | -200 | -231 | -264 | -298 | -334 | -372 | -413 | -456 | -503 | -553 | -607 | -665 | -728 | -795 | -869 | -948 |
| Maintenance CAPEX, $m | | -111 | -95 | -82 | -71 | -63 | -56 | -50 | -45 | -41 | -38 | -35 | -33 | -30 | -29 | -27 | -26 | -25 | -24 | -23 | -23 | -22 | -22 | -21 | -21 | -21 |
| 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 | 0 | 0 |
| Total CAPEX, $m | | -111 | -95 | -82 | -71 | -63 | -56 | -50 | -45 | -41 | -38 | -35 | -33 | -30 | -29 | -27 | -26 | -25 | -24 | -23 | -23 | -22 | -22 | -21 | -21 | -21 |
| Free cash flow, $m | | 2 | -28 | -56 | -83 | -108 | -133 | -158 | -184 | -210 | -237 | -266 | -296 | -328 | -363 | -399 | -439 | -481 | -527 | -576 | -629 | -687 | -749 | -816 | -889 | -968 |
| Issuance/(repurchase) of shares, $m | | 0 | 0 | 0 | 35 | 69 | 101 | 132 | 162 | 191 | 222 | 253 | 285 | 319 | 354 | 392 | 433 | 476 | 522 | 572 | 626 | 684 | 747 | 815 | 888 | 968 |
| Retained Cash Flow, $m | | 115 | 92 | 74 | 60 | 49 | 40 | 33 | 28 | 23 | 20 | 17 | 14 | 12 | 10 | 9 | 8 | 6 | 6 | 5 | 4 | 3 | 3 | 2 | 2 | 1 |
| Pot'l extraordinary dividend, $m | | -10 |
| Cash available for distribution, $m | | 84 | 45 | 3 | 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 | | 80 | 41 | 2 | 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 | 95 | 86 | 73 | 58 | 43 | 29 | 19 | 11 | 6 | 3 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |