| 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, % | | 6.0 | 5.9 | 5.9 | 5.9 | 5.8 | 5.8 | 5.7 | 5.7 | 5.7 | 5.6 | 5.6 | 5.6 | 5.5 | 5.5 | 5.5 | 5.5 | 5.4 | 5.4 | 5.4 | 5.4 | 5.4 | 5.3 | 5.3 | 5.3 | 5.3 |
| Revenue, $ | | 56139 | 59479 | 62990 | 66679 | 70556 | 74630 | 78910 | 83407 | 88130 | 93092 | 98304 | 103779 | 109528 | 115567 | 121909 | 128569 | 135564 | 142909 | 150622 | 158721 | 167226 | 176157 | 185535 | 195382 | 205721 |
| Variable operating expenses, $m | | 50525 | 53531 | 56691 | 60011 | 63501 | 67167 | 71019 | 75066 | 79317 | 83783 | 88474 | 93401 | 98576 | 104010 | 109718 | 115712 | 122007 | 128618 | 135560 | 142849 | 150504 | 158541 | 166981 | 175844 | 185149 |
| Fixed operating expenses, $m | | -10912 | -11839 | -12846 | -13937 | -15122 | -16408 | -17802 | -19315 | -20957 | -22738 | -24671 | -26768 | -29044 | -31512 | -34191 | -37097 | -40250 | -43672 | -47384 | -51411 | -55781 | -60523 | -65667 | -71249 | -77305 |
| Total operating expenses, $m | | 39613 | 41692 | 43845 | 46074 | 48379 | 50759 | 53217 | 55751 | 58360 | 61045 | 63803 | 66633 | 69532 | 72498 | 75527 | 78615 | 81757 | 84946 | 88176 | 91438 | 94723 | 98018 | 101314 | 104595 | 107844 |
| Operating income, $m | | 16526 | 17787 | 19145 | 20605 | 22178 | 23871 | 25693 | 27656 | 29770 | 32048 | 34502 | 37146 | 39996 | 43069 | 46382 | 49954 | 53807 | 57962 | 62446 | 67283 | 72504 | 78138 | 84221 | 90787 | 97877 |
| EBITDA, $m | | 22656 | 24285 | 26030 | 27897 | 29896 | 32038 | 34332 | 36790 | 39425 | 42249 | 45278 | 48525 | 52009 | 55748 | 59759 | 64066 | 68689 | 73655 | 78988 | 84719 | 90877 | 97496 | 104612 | 112264 | 120494 |
| Interest expense (income), $m | | 3779 | 4695 | 4956 | 5230 | 5518 | 5821 | 6139 | 6474 | 6825 | 7194 | 7582 | 7989 | 8416 | 8866 | 9337 | 9833 | 10353 | 10899 | 11473 | 12076 | 12709 | 13373 | 14071 | 14803 | 15572 |
| Earnings before tax, $m | | 12747 | 13092 | 14189 | 15375 | 16660 | 18049 | 19554 | 21182 | 22945 | 24854 | 26920 | 29157 | 31580 | 34203 | 37044 | 40121 | 43454 | 47063 | 50973 | 55208 | 59795 | 64765 | 70150 | 75984 | 82305 |
| Tax expense, $m | | 3442 | 3535 | 3831 | 4151 | 4498 | 4873 | 5280 | 5719 | 6195 | 6711 | 7268 | 7873 | 8527 | 9235 | 10002 | 10833 | 11732 | 12707 | 13763 | 14906 | 16145 | 17487 | 18940 | 20516 | 22222 |
| Net income, $m | | 9305 | 9557 | 10358 | 11224 | 12161 | 13176 | 14274 | 15463 | 16750 | 18143 | 19652 | 21285 | 23053 | 24969 | 27042 | 29289 | 31721 | 34356 | 37210 | 40302 | 43651 | 47279 | 51209 | 55468 | 60082 |
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 | | 121821 | 129069 | 136688 | 144694 | 153107 | 161947 | 171235 | 180993 | 191243 | 202010 | 213320 | 225200 | 237677 | 250781 | 264543 | 278995 | 294173 | 310112 | 326849 | 344425 | 362881 | 382261 | 402610 | 423978 | 446415 |
| Adjusted assets (=assets-cash), $m | | 121821 | 129069 | 136688 | 144694 | 153107 | 161947 | 171235 | 180993 | 191243 | 202010 | 213320 | 225200 | 237677 | 250781 | 264543 | 278995 | 294173 | 310112 | 326849 | 344425 | 362881 | 382261 | 402610 | 423978 | 446415 |
| Average production assets, $m | | 90327 | 95702 | 101350 | 107287 | 113525 | 120080 | 126966 | 134201 | 141802 | 149786 | 158172 | 166980 | 176231 | 185947 | 196152 | 206868 | 218122 | 229940 | 242350 | 255382 | 269067 | 283437 | 298525 | 314369 | 331006 |
| Working capital, $m | | -12912 | -13680 | -14488 | -15336 | -16228 | -17165 | -18149 | -19184 | -20270 | -21411 | -22610 | -23869 | -25192 | -26580 | -28039 | -29571 | -31180 | -32869 | -34643 | -36506 | -38462 | -40516 | -42673 | -44938 | -47316 |
| Total debt, $m | | 117370 | 123893 | 130750 | 137955 | 145527 | 153483 | 161842 | 170624 | 179850 | 189540 | 199719 | 210411 | 221640 | 233433 | 245819 | 258827 | 272487 | 286831 | 301895 | 317713 | 334324 | 351766 | 370080 | 389312 | 409505 |
| Total liabilities, $m | | 109639 | 116162 | 123019 | 130224 | 137796 | 145752 | 154111 | 162893 | 172119 | 181809 | 191988 | 202680 | 213909 | 225702 | 238088 | 251096 | 264756 | 279100 | 294164 | 309982 | 326593 | 344035 | 362349 | 381581 | 401774 |
| Total equity, $m | | 12182 | 12907 | 13669 | 14469 | 15311 | 16195 | 17123 | 18099 | 19124 | 20201 | 21332 | 22520 | 23768 | 25078 | 26454 | 27900 | 29417 | 31011 | 32685 | 34442 | 36288 | 38226 | 40261 | 42398 | 44642 |
| Debt-to-equity ratio | | 7.755 | 9.094 | 9.064 | 9.036 | 9.010 | 8.986 | 8.963 | 8.942 | 8.922 | 8.903 | 8.885 | 8.869 | 8.853 | 8.838 | 8.824 | 8.811 | 8.798 | 8.787 | 8.776 | 8.765 | 8.755 | 8.746 | 8.737 | 8.729 | 8.721 |
| 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 | | 9305 | 9557 | 10358 | 11224 | 12161 | 13176 | 14274 | 15463 | 16750 | 18143 | 19652 | 21285 | 23053 | 24969 | 27042 | 29289 | 31721 | 34356 | 37210 | 40302 | 43651 | 47279 | 51209 | 55468 | 60082 |
| Depreciation, amort., depletion, $m | | 6131 | 6498 | 6885 | 7291 | 7718 | 8167 | 8639 | 9134 | 9655 | 10202 | 10776 | 11379 | 12013 | 12679 | 13378 | 14112 | 14883 | 15692 | 16542 | 17435 | 18373 | 19357 | 20391 | 21477 | 22616 |
| Funds from operations, $m | | 15436 | 16056 | 17243 | 18515 | 19880 | 21343 | 22913 | 24597 | 26405 | 28345 | 30428 | 32664 | 35066 | 37647 | 40420 | 43400 | 46604 | 50048 | 53752 | 57737 | 62023 | 66636 | 71601 | 76945 | 82699 |
| Change in working capital, $m | | -731 | -768 | -807 | -849 | -892 | -937 | -984 | -1034 | -1086 | -1141 | -1199 | -1259 | -1322 | -1389 | -1459 | -1532 | -1609 | -1689 | -1774 | -1863 | -1956 | -2054 | -2157 | -2265 | -2378 |
| Cash from operations, $m | | 16167 | 16824 | 18050 | 19364 | 20772 | 22280 | 23898 | 25632 | 27491 | 29486 | 31626 | 33923 | 36389 | 39036 | 41879 | 44932 | 48212 | 51738 | 55526 | 59600 | 63980 | 68690 | 73758 | 79210 | 85077 |
| Maintenance CAPEX, $m | | -6131 | -6498 | -6885 | -7291 | -7718 | -8167 | -8639 | -9134 | -9655 | -10202 | -10776 | -11379 | -12013 | -12679 | -13378 | -14112 | -14883 | -15692 | -16542 | -17435 | -18373 | -19357 | -20391 | -21477 | -22616 |
| New CAPEX, $m | | -5113 | -5374 | -5649 | -5936 | -6238 | -6555 | -6887 | -7235 | -7600 | -7984 | -8386 | -8808 | -9251 | -9716 | -10204 | -10716 | -11254 | -11818 | -12410 | -13032 | -13685 | -14370 | -15089 | -15844 | -16636 |
| Total CAPEX, $m | | -11243 | -11873 | -12534 | -13228 | -13957 | -14722 | -15526 | -16369 | -17255 | -18185 | -19162 | -20188 | -21264 | -22395 | -23582 | -24828 | -26136 | -27510 | -28953 | -30467 | -32057 | -33727 | -35480 | -37320 | -39253 |
| Free cash flow, $m | | 4923 | 4951 | 5517 | 6136 | 6815 | 7558 | 8372 | 9262 | 10236 | 11301 | 12464 | 13736 | 15125 | 16641 | 18297 | 20104 | 22076 | 24227 | 26574 | 29132 | 31922 | 34963 | 38278 | 41889 | 45824 |
| Issuance/(repurchase) of shares, $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 |
| Retained Cash Flow, $m | | -26245 | -725 | -762 | -801 | -841 | -884 | -929 | -976 | -1025 | -1077 | -1131 | -1188 | -1248 | -1310 | -1376 | -1445 | -1518 | -1594 | -1674 | -1758 | -1846 | -1938 | -2035 | -2137 | -2244 |
| Pot'l extraordinary dividend, $m | | 22767 |
| Cash available for distribution, $m | | 1445 | 4226 | 4755 | 5336 | 5974 | 6674 | 7443 | 8287 | 9211 | 10224 | 11333 | 12548 | 13877 | 15331 | 16921 | 18659 | 20558 | 22633 | 24900 | 27375 | 30077 | 33025 | 36243 | 39752 | 43580 |
| Discount rate, % | | 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 | 20.32 |
| PV of cash for distribution, $m | | 1359 | 3718 | 3887 | 4026 | 4131 | 4197 | 4220 | 4200 | 4135 | 4024 | 3870 | 3675 | 3445 | 3185 | 2902 | 2604 | 2300 | 1997 | 1704 | 1426 | 1171 | 942 | 741 | 570 | 428 |
| Current shareholders' claim on cash, % | | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |