| 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, % | | 2.1 | 2.2 | 2.4 | 2.5 | 2.6 | 2.8 | 2.9 | 3.0 | 3.1 | 3.2 | 3.3 | 3.4 | 3.4 | 3.5 | 3.6 | 3.7 | 3.7 | 3.8 | 3.8 | 3.9 | 4.0 | 4.0 | 4.1 | 4.1 | 4.2 |
| Revenue, $ | | 9411 | 9623 | 9852 | 10099 | 10366 | 10652 | 10957 | 11283 | 11630 | 11999 | 12391 | 12806 | 13245 | 13711 | 14202 | 14721 | 15270 | 15848 | 16458 | 17101 | 17778 | 18491 | 19242 | 20033 | 20865 |
| Variable operating expenses, $m | | 5186 | 5302 | 5428 | 5565 | 5712 | 5869 | 6037 | 6217 | 6408 | 6611 | 6827 | 7056 | 7298 | 7554 | 7825 | 8112 | 8414 | 8732 | 9068 | 9422 | 9796 | 10189 | 10602 | 11038 | 11497 |
| Fixed operating expenses, $m | | 3475 | 3770 | 4091 | 4438 | 4816 | 5225 | 5669 | 6151 | 6674 | 7241 | 7856 | 8524 | 9249 | 10035 | 10888 | 11813 | 12817 | 13907 | 15089 | 16372 | 17763 | 19273 | 20911 | 22689 | 24617 |
| Total operating expenses, $m | | 8661 | 9072 | 9519 | 10003 | 10528 | 11094 | 11706 | 12368 | 13082 | 13852 | 14683 | 15580 | 16547 | 17589 | 18713 | 19925 | 21231 | 22639 | 24157 | 25794 | 27559 | 29462 | 31513 | 33727 | 36114 |
| Operating income, $m | | 751 | 550 | 333 | 96 | -161 | -442 | -749 | -1085 | -1452 | -1853 | -2293 | -2774 | -3302 | -3879 | -4511 | -5203 | -5961 | -6791 | -7699 | -8693 | -9781 | -10970 | -12271 | -13694 | -15249 |
| EBITDA, $m | | 1050 | 855 | 645 | 416 | 166 | -106 | -404 | -730 | -1086 | -1477 | -1904 | -2373 | -2887 | -3450 | -4067 | -4743 | -5484 | -6296 | -7186 | -8160 | -9227 | -10394 | -11672 | -13070 | -14600 |
| Interest expense (income), $m | | 141 | 115 | 120 | 126 | 133 | 140 | 148 | 156 | 164 | 174 | 183 | 194 | 205 | 217 | 229 | 242 | 256 | 270 | 286 | 302 | 319 | 337 | 356 | 376 | 397 |
| Earnings before tax, $m | | 610 | 436 | 213 | -30 | -294 | -582 | -897 | -1240 | -1616 | -2027 | -2476 | -2968 | -3506 | -4095 | -4740 | -5445 | -6217 | -7062 | -7985 | -8995 | -10100 | -11308 | -12628 | -14070 | -15646 |
| Tax expense, $m | | 165 | 118 | 57 | 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 | | 445 | 318 | 155 | -30 | -294 | -582 | -897 | -1240 | -1616 | -2027 | -2476 | -2968 | -3506 | -4095 | -4740 | -5445 | -6217 | -7062 | -7985 | -8995 | -10100 | -11308 | -12628 | -14070 | -15646 |
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 | | 12517 | 12798 | 13103 | 13432 | 13787 | 14167 | 14573 | 15006 | 15468 | 15959 | 16480 | 17032 | 17616 | 18235 | 18889 | 19580 | 20309 | 21078 | 21889 | 22744 | 23644 | 24593 | 25592 | 26644 | 27750 |
| Adjusted assets (=assets-cash), $m | | 12517 | 12798 | 13103 | 13432 | 13787 | 14167 | 14573 | 15006 | 15468 | 15959 | 16480 | 17032 | 17616 | 18235 | 18889 | 19580 | 20309 | 21078 | 21889 | 22744 | 23644 | 24593 | 25592 | 26644 | 27750 |
| Average production assets, $m | | 4574 | 4677 | 4788 | 4908 | 5038 | 5177 | 5325 | 5484 | 5652 | 5832 | 6022 | 6224 | 6437 | 6663 | 6902 | 7155 | 7421 | 7702 | 7998 | 8311 | 8640 | 8987 | 9352 | 9736 | 10140 |
| Working capital, $m | | 1487 | 1520 | 1557 | 1596 | 1638 | 1683 | 1731 | 1783 | 1838 | 1896 | 1958 | 2023 | 2093 | 2166 | 2244 | 2326 | 2413 | 2504 | 2600 | 2702 | 2809 | 2922 | 3040 | 3165 | 3297 |
| Total debt, $m | | 2863 | 3003 | 3156 | 3321 | 3498 | 3688 | 3891 | 4108 | 4339 | 4584 | 4844 | 5120 | 5413 | 5722 | 6049 | 6394 | 6759 | 7143 | 7549 | 7976 | 8427 | 8901 | 9401 | 9926 | 10480 |
| Total liabilities, $m | | 6258 | 6399 | 6551 | 6716 | 6893 | 7083 | 7286 | 7503 | 7734 | 7979 | 8240 | 8516 | 8808 | 9117 | 9444 | 9790 | 10154 | 10539 | 10944 | 11372 | 11822 | 12297 | 12796 | 13322 | 13875 |
| Total equity, $m | | 6258 | 6399 | 6551 | 6716 | 6893 | 7083 | 7286 | 7503 | 7734 | 7979 | 8240 | 8516 | 8808 | 9117 | 9444 | 9790 | 10154 | 10539 | 10944 | 11372 | 11822 | 12297 | 12796 | 13322 | 13875 |
| Debt-to-equity ratio | | 0.565 | 0.447 | 0.458 | 0.470 | 0.482 | 0.494 | 0.506 | 0.519 | 0.531 | 0.544 | 0.556 | 0.569 | 0.581 | 0.594 | 0.606 | 0.618 | 0.630 | 0.641 | 0.653 | 0.664 | 0.675 | 0.685 | 0.696 | 0.706 | 0.715 |
| Adjusted equity ratio | | 0.500 | 0.500 | 0.500 | 0.500 | 0.500 | 0.500 | 0.500 | 0.500 | 0.500 | 0.500 | 0.500 | 0.500 | 0.500 | 0.500 | 0.500 | 0.500 | 0.500 | 0.500 | 0.500 | 0.500 | 0.500 | 0.500 | 0.500 | 0.500 | 0.500 |
CASH FLOW |
| Net income, $m | | 445 | 318 | 155 | -30 | -294 | -582 | -897 | -1240 | -1616 | -2027 | -2476 | -2968 | -3506 | -4095 | -4740 | -5445 | -6217 | -7062 | -7985 | -8995 | -10100 | -11308 | -12628 | -14070 | -15646 |
| Depreciation, amort., depletion, $m | | 299 | 305 | 312 | 319 | 327 | 336 | 345 | 355 | 366 | 377 | 389 | 401 | 415 | 429 | 444 | 460 | 477 | 495 | 513 | 533 | 554 | 576 | 599 | 623 | 649 |
| Funds from operations, $m | | 744 | 623 | 467 | 289 | 33 | -246 | -552 | -885 | -1250 | -1650 | -2088 | -2567 | -3091 | -3666 | -4296 | -4985 | -5740 | -6567 | -7472 | -8462 | -9546 | -10732 | -12028 | -13447 | -14997 |
| Change in working capital, $m | | 31 | 33 | 36 | 39 | 42 | 45 | 48 | 52 | 55 | 58 | 62 | 66 | 69 | 73 | 78 | 82 | 87 | 91 | 96 | 102 | 107 | 113 | 119 | 125 | 131 |
| Cash from operations, $m | | 713 | 590 | 431 | 250 | -9 | -291 | -600 | -937 | -1305 | -1708 | -2149 | -2632 | -3161 | -3740 | -4373 | -5067 | -5827 | -6658 | -7568 | -8564 | -9653 | -10844 | -12147 | -13571 | -15128 |
| Maintenance CAPEX, $m | | -299 | -305 | -312 | -319 | -327 | -336 | -345 | -355 | -366 | -377 | -389 | -401 | -415 | -429 | -444 | -460 | -477 | -495 | -513 | -533 | -554 | -576 | -599 | -623 | -649 |
| New CAPEX, $m | | -94 | -103 | -111 | -120 | -129 | -139 | -148 | -158 | -169 | -179 | -190 | -202 | -214 | -226 | -239 | -252 | -266 | -281 | -296 | -312 | -329 | -347 | -365 | -384 | -404 |
| Total CAPEX, $m | | -393 | -408 | -423 | -440 | -457 | -475 | -494 | -513 | -534 | -556 | -579 | -603 | -629 | -655 | -683 | -713 | -743 | -776 | -810 | -846 | -883 | -923 | -964 | -1008 | -1053 |
| Free cash flow, $m | | 320 | 182 | 8 | -189 | -466 | -766 | -1093 | -1450 | -1840 | -2264 | -2729 | -3235 | -3789 | -4395 | -5057 | -5780 | -6570 | -7434 | -8378 | -9409 | -10536 | -11767 | -13111 | -14579 | -16182 |
| Issuance/(repurchase) of shares, $m | | 819 | 0 | 145 | 354 | 643 | 956 | 1297 | 1667 | 2070 | 2510 | 2989 | 3512 | 4082 | 4704 | 5383 | 6125 | 6935 | 7819 | 8783 | 9837 | 10986 | 12241 | 13611 | 15105 | 16735 |
| Retained Cash Flow, $m | | -702 | -141 | -152 | -165 | -177 | -190 | -203 | -217 | -231 | -245 | -260 | -276 | -292 | -309 | -327 | -345 | -365 | -385 | -406 | -427 | -450 | -474 | -499 | -526 | -553 |
| Pot'l extraordinary dividend, $m | | -438 |
| Cash available for distribution, $m | | 0 | 42 | 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, % | | 5.00 | 5.25 | 5.51 | 5.79 | 6.08 | 6.38 | 6.70 | 7.04 | 7.39 | 7.76 | 8.14 | 8.55 | 8.98 | 9.43 | 9.90 | 10.39 | 10.91 | 11.46 | 12.03 | 12.63 | 13.27 | 13.93 | 14.63 | 15.36 | 16.13 |
| PV of cash for distribution, $m | | 0 | 38 | 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, % | | 84 | 84 | 82 | 76 | 68 | 58 | 46 | 36 | 26 | 19 | 13 | 8 | 5 | 3 | 2 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |