| 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, % | | 22.6 | 21.7 | 20.9 | 20.1 | 19.3 | 18.6 | 17.9 | 17.3 | 16.7 | 16.1 | 15.5 | 15.0 | 14.5 | 14.0 | 13.6 | 13.2 | 12.7 | 12.4 | 12.0 | 11.6 | 11.3 | 11.0 | 10.7 | 10.4 | 10.1 |
| Revenue, $ | | 11515 | 14016 | 16943 | 20346 | 24280 | 28801 | 33967 | 39840 | 46484 | 53965 | 62350 | 71709 | 82114 | 93638 | 106357 | 120348 | 135687 | 152457 | 170738 | 190614 | 212172 | 235497 | 260682 | 287818 | 316999 |
| Variable operating expenses, $m | | 8705 | 10596 | 12809 | 15382 | 18356 | 21774 | 25679 | 30119 | 35142 | 40797 | 47136 | 54212 | 62078 | 70791 | 80406 | 90983 | 102580 | 115257 | 129078 | 144104 | 160402 | 178036 | 197076 | 217590 | 239652 |
| Fixed operating expenses, $m | | -3220 | -3493 | -3790 | -4112 | -4462 | -4841 | -5253 | -5699 | -6184 | -6709 | -7280 | -7898 | -8570 | -9298 | -10089 | -10946 | -11876 | -12886 | -13981 | -15170 | -16459 | -17858 | -19376 | -21023 | -22810 |
| Total operating expenses, $m | | 5485 | 7103 | 9019 | 11270 | 13894 | 16933 | 20426 | 24420 | 28958 | 34088 | 39856 | 46314 | 53508 | 61493 | 70317 | 80037 | 90704 | 102371 | 115097 | 128934 | 143943 | 160178 | 177700 | 196567 | 216842 |
| Operating income, $m | | 6029 | 6913 | 7924 | 9077 | 10386 | 11869 | 13541 | 15420 | 17526 | 19877 | 22493 | 25395 | 28606 | 32146 | 36040 | 40311 | 44984 | 50085 | 55641 | 61680 | 68229 | 75320 | 82983 | 91251 | 100158 |
| EBITDA, $m | | 6258 | 7194 | 8266 | 9490 | 10883 | 12461 | 14244 | 16249 | 18498 | 21011 | 23810 | 26917 | 30355 | 34150 | 38325 | 42906 | 47921 | 53396 | 59361 | 65846 | 72880 | 80497 | 88729 | 97611 | 107181 |
| Interest expense (income), $m | | 618 | 5329 | 5511 | 5723 | 5971 | 6257 | 6586 | 6961 | 7389 | 7872 | 8416 | 9025 | 9706 | 10463 | 11301 | 12226 | 13243 | 14359 | 15578 | 16907 | 18353 | 19920 | 21617 | 23448 | 25421 |
| Earnings before tax, $m | | 5411 | 1584 | 2414 | 3354 | 4416 | 5612 | 6955 | 8459 | 10137 | 12005 | 14077 | 16370 | 18900 | 21683 | 24739 | 28085 | 31741 | 35727 | 40063 | 44772 | 49876 | 55399 | 61366 | 67802 | 74736 |
| Tax expense, $m | | 1461 | 428 | 652 | 905 | 1192 | 1515 | 1878 | 2284 | 2737 | 3241 | 3801 | 4420 | 5103 | 5855 | 6680 | 7583 | 8570 | 9646 | 10817 | 12088 | 13467 | 14958 | 16569 | 18307 | 20179 |
| Net income, $m | | 3950 | 1157 | 1762 | 2448 | 3223 | 4097 | 5077 | 6175 | 7400 | 8764 | 10276 | 11950 | 13797 | 15829 | 18060 | 20502 | 23171 | 26081 | 29246 | 32684 | 36410 | 40441 | 44797 | 49496 | 54558 |
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 | | 23259 | 28311 | 34224 | 41100 | 49046 | 58178 | 68614 | 80477 | 93898 | 109009 | 125946 | 144852 | 165870 | 189150 | 214842 | 243102 | 274089 | 307963 | 344891 | 385041 | 428586 | 475705 | 526578 | 581391 | 640339 |
| Adjusted assets (=assets-cash), $m | | 23259 | 28311 | 34224 | 41100 | 49046 | 58178 | 68614 | 80477 | 93898 | 109009 | 125946 | 144852 | 165870 | 189150 | 214842 | 243102 | 274089 | 307963 | 344891 | 385041 | 428586 | 475705 | 526578 | 581391 | 640339 |
| Average production assets, $m | | 1405 | 1710 | 2067 | 2482 | 2962 | 3514 | 4144 | 4861 | 5671 | 6584 | 7607 | 8748 | 10018 | 11424 | 12976 | 14682 | 16554 | 18600 | 20830 | 23255 | 25885 | 28731 | 31803 | 35114 | 38674 |
| Working capital, $m | | -2879 | -3504 | -4236 | -5087 | -6070 | -7200 | -8492 | -9960 | -11621 | -13491 | -15587 | -17927 | -20528 | -23410 | -26589 | -30087 | -33922 | -38114 | -42684 | -47654 | -53043 | -58874 | -65170 | -71954 | -79250 |
| Total debt, $m | | 133217 | 137763 | 143085 | 149273 | 156425 | 164643 | 174035 | 184713 | 196791 | 210391 | 225634 | 242649 | 261566 | 282518 | 305641 | 331075 | 358963 | 389450 | 422685 | 458820 | 498011 | 540417 | 586203 | 635535 | 688588 |
| Total liabilities, $m | | 20934 | 25480 | 30802 | 36990 | 44142 | 52360 | 61752 | 72430 | 84508 | 98108 | 113351 | 130366 | 149283 | 170235 | 193358 | 218792 | 246680 | 277167 | 310402 | 346537 | 385728 | 428134 | 473920 | 523252 | 576305 |
| Total equity, $m | | 2326 | 2831 | 3422 | 4110 | 4905 | 5818 | 6861 | 8048 | 9390 | 10901 | 12595 | 14485 | 16587 | 18915 | 21484 | 24310 | 27409 | 30796 | 34489 | 38504 | 42859 | 47570 | 52658 | 58139 | 64034 |
| Debt-to-equity ratio | | 6.648 | 47.054 | 40.253 | 34.814 | 30.435 | 26.887 | 23.996 | 21.625 | 19.672 | 18.053 | 16.705 | 15.577 | 14.629 | 13.829 | 13.150 | 12.573 | 12.079 | 11.656 | 11.292 | 10.978 | 10.705 | 10.469 | 10.263 | 10.083 | 9.925 |
| 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 | | 3950 | 1157 | 1762 | 2448 | 3223 | 4097 | 5077 | 6175 | 7400 | 8764 | 10276 | 11950 | 13797 | 15829 | 18060 | 20502 | 23171 | 26081 | 29246 | 32684 | 36410 | 40441 | 44797 | 49496 | 54558 |
| Depreciation, amort., depletion, $m | | 229 | 281 | 342 | 413 | 496 | 592 | 703 | 829 | 972 | 1134 | 1317 | 1521 | 1750 | 2004 | 2285 | 2595 | 2936 | 3311 | 3720 | 4166 | 4651 | 5177 | 5746 | 6361 | 7023 |
| Funds from operations, $m | | 4179 | 1438 | 2104 | 2862 | 3720 | 4689 | 5780 | 7004 | 8372 | 9898 | 11593 | 13471 | 15546 | 17832 | 20344 | 23097 | 26108 | 29391 | 32966 | 36850 | 41061 | 45618 | 50543 | 55856 | 61580 |
| Change in working capital, $m | | -531 | -625 | -732 | -851 | -984 | -1130 | -1292 | -1468 | -1661 | -1870 | -2096 | -2340 | -2601 | -2881 | -3180 | -3498 | -3835 | -4192 | -4570 | -4969 | -5389 | -5831 | -6296 | -6784 | -7295 |
| Cash from operations, $m | | 4710 | 2063 | 2836 | 3712 | 4703 | 5819 | 7071 | 8472 | 10033 | 11768 | 13689 | 15811 | 18148 | 20714 | 23524 | 26595 | 29943 | 33584 | 37536 | 41819 | 46450 | 51450 | 56839 | 62640 | 68876 |
| Maintenance CAPEX, $m | | -229 | -281 | -342 | -413 | -496 | -592 | -703 | -829 | -972 | -1134 | -1317 | -1521 | -1750 | -2004 | -2285 | -2595 | -2936 | -3311 | -3720 | -4166 | -4651 | -5177 | -5746 | -6361 | -7023 |
| New CAPEX, $m | | -259 | -305 | -357 | -415 | -480 | -552 | -630 | -717 | -811 | -913 | -1023 | -1142 | -1269 | -1406 | -1552 | -1707 | -1871 | -2046 | -2230 | -2425 | -2630 | -2846 | -3073 | -3311 | -3560 |
| Total CAPEX, $m | | -488 | -586 | -699 | -829 | -976 | -1144 | -1333 | -1545 | -1783 | -2047 | -2340 | -2663 | -3019 | -3410 | -3836 | -4302 | -4808 | -5357 | -5950 | -6591 | -7281 | -8023 | -8819 | -9671 | -10583 |
| Free cash flow, $m | | 4222 | 1477 | 2137 | 2884 | 3727 | 4675 | 5738 | 6927 | 8251 | 9721 | 11350 | 13148 | 15129 | 17304 | 19688 | 22293 | 25135 | 28227 | 31586 | 35228 | 39169 | 43427 | 48021 | 52969 | 58293 |
| 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 | | -85598 | -505 | -591 | -688 | -795 | -913 | -1044 | -1186 | -1342 | -1511 | -1694 | -1891 | -2102 | -2328 | -2569 | -2826 | -3099 | -3387 | -3693 | -4015 | -4355 | -4712 | -5087 | -5481 | -5895 |
| Pot'l extraordinary dividend, $m | | 99852 |
| Cash available for distribution, $m | | 18476 | 972 | 1545 | 2196 | 2932 | 3762 | 4695 | 5740 | 6909 | 8210 | 9656 | 11257 | 13027 | 14976 | 17118 | 19467 | 22036 | 24840 | 27893 | 31213 | 34814 | 38715 | 42933 | 47488 | 52398 |
| 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 | | 17613 | 879 | 1320 | 1761 | 2196 | 2614 | 3008 | 3367 | 3683 | 3946 | 4149 | 4286 | 4352 | 4346 | 4268 | 4123 | 3916 | 3657 | 3355 | 3023 | 2673 | 2319 | 1971 | 1642 | 1338 |
| 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 |