| 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, % | | 58.7 | 56.0 | 53.5 | 51.0 | 48.7 | 46.6 | 44.5 | 42.5 | 40.6 | 38.8 | 37.2 | 35.5 | 34.0 | 32.6 | 31.2 | 29.9 | 28.6 | 27.5 | 26.3 | 25.3 | 24.3 | 23.3 | 22.4 | 21.5 | 20.7 |
| Revenue, $ | | 6813 | 10629 | 16312 | 24638 | 36646 | 53706 | 77591 | 110568 | 155488 | 215886 | 296092 | 401337 | 537861 | 713023 | 935402 | 1214888 | 1562769 | 1991796 | 2516244 | 3151946 | 3916314 | 4828352 | 5908635 | 7179291 | 8663955 |
| Variable operating expenses, $m | | 6132 | 9566 | 14681 | 22174 | 32982 | 48335 | 69832 | 99512 | 139939 | 194297 | 266483 | 361203 | 484075 | 641721 | 841861 | 1093399 | 1406492 | 1792617 | 2264620 | 2836751 | 3524683 | 4345517 | 5317772 | 6461362 | 7797559 |
| Fixed operating expenses, $m | | -632 | -686 | -744 | -808 | -876 | -951 | -1031 | -1119 | -1214 | -1317 | -1429 | -1551 | -1683 | -1826 | -1981 | -2149 | -2332 | -2530 | -2745 | -2979 | -3232 | -3507 | -3805 | -4128 | -4479 |
| Total operating expenses, $m | | 5500 | 8880 | 13937 | 21366 | 32106 | 47384 | 68801 | 98393 | 138725 | 192980 | 265054 | 359652 | 482392 | 639895 | 839880 | 1091250 | 1404160 | 1790087 | 2261875 | 2833772 | 3521451 | 4342010 | 5313967 | 6457234 | 7793080 |
| Operating income, $m | | 1314 | 1749 | 2375 | 3271 | 4541 | 6321 | 8791 | 12176 | 16763 | 22906 | 31039 | 41685 | 55469 | 73128 | 95521 | 123638 | 158609 | 201710 | 254370 | 318173 | 394863 | 486342 | 594668 | 722057 | 870875 |
| EBITDA, $m | | 1423 | 1923 | 2648 | 3689 | 5172 | 7260 | 10166 | 14164 | 19595 | 26889 | 36569 | 49269 | 65750 | 86906 | 113786 | 147600 | 189730 | 241743 | 305393 | 382631 | 475605 | 586664 | 718353 | 873415 | 1054782 |
| Interest expense (income), $m | | 191 | 1752 | 2606 | 3876 | 5737 | 8422 | 12236 | 17576 | 24948 | 34990 | 48493 | 66424 | 89952 | 120473 | 159633 | 209348 | 271830 | 349602 | 445515 | 562761 | 704878 | 875760 | 1079656 | 1321164 | 1605232 |
| Earnings before tax, $m | | 1122 | -3 | -230 | -605 | -1197 | -2101 | -3445 | -5400 | -8185 | -12084 | -17454 | -24739 | -34483 | -47345 | -64111 | -85709 | -113221 | -147892 | -191145 | -244587 | -310015 | -389419 | -484987 | -599106 | -734357 |
| Tax expense, $m | | 303 | 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 | | 819 | -3 | -230 | -605 | -1197 | -2101 | -3445 | -5400 | -8185 | -12084 | -17454 | -24739 | -34483 | -47345 | -64111 | -85709 | -113221 | -147892 | -191145 | -244587 | -310015 | -389419 | -484987 | -599106 | -734357 |
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 | | 42309 | 66008 | 101298 | 153002 | 227574 | 333514 | 481843 | 686630 | 965578 | 1340651 | 1838732 | 2492301 | 3340115 | 4427873 | 5808844 | 7544453 | 9704793 | 12369055 | 15625878 | 19573583 | 24320312 | 29984065 | 36692626 | 44583398 | 53803160 |
| Adjusted assets (=assets-cash), $m | | 42309 | 66008 | 101298 | 153002 | 227574 | 333514 | 481843 | 686630 | 965578 | 1340651 | 1838732 | 2492301 | 3340115 | 4427873 | 5808844 | 7544453 | 9704793 | 12369055 | 15625878 | 19573583 | 24320312 | 29984065 | 36692626 | 44583398 | 53803160 |
| Average production assets, $m | | 3822 | 5963 | 9151 | 13822 | 20559 | 30129 | 43529 | 62029 | 87229 | 121112 | 166108 | 225150 | 301740 | 400006 | 524760 | 681552 | 876713 | 1117398 | 1411613 | 1768242 | 2197052 | 2708705 | 3314744 | 4027582 | 4860479 |
| Working capital, $m | | -1703 | -2657 | -4078 | -6160 | -9162 | -13427 | -19398 | -27642 | -38872 | -53971 | -74023 | -100334 | -134465 | -178256 | -233850 | -303722 | -390692 | -497949 | -629061 | -787986 | -979079 | -1207088 | -1477159 | -1794823 | -2165989 |
| Total debt, $m | | 43809 | 65138 | 96900 | 143433 | 210548 | 305894 | 439390 | 623698 | 874751 | 1212317 | 1660589 | 2248802 | 3011835 | 3990816 | 5233691 | 6795739 | 8740044 | 11137881 | 14069021 | 17621955 | 21894012 | 26991390 | 33029094 | 40130789 | 48428575 |
| Total liabilities, $m | | 38078 | 59407 | 91169 | 137702 | 204817 | 300163 | 433659 | 617967 | 869020 | 1206586 | 1654858 | 2243071 | 3006104 | 3985085 | 5227960 | 6790008 | 8734313 | 11132150 | 14063290 | 17616224 | 21888281 | 26985659 | 33023363 | 40125058 | 48422844 |
| Total equity, $m | | 4231 | 6601 | 10130 | 15300 | 22757 | 33351 | 48184 | 68663 | 96558 | 134065 | 183873 | 249230 | 334012 | 442787 | 580884 | 754445 | 970479 | 1236906 | 1562588 | 1957358 | 2432031 | 2998407 | 3669263 | 4458340 | 5380316 |
| Debt-to-equity ratio | | 1.130 | 6.637 | 6.430 | 6.333 | 6.303 | 6.313 | 6.348 | 6.399 | 6.459 | 6.525 | 6.593 | 6.663 | 6.733 | 6.802 | 6.870 | 6.937 | 7.002 | 7.066 | 7.128 | 7.188 | 7.246 | 7.302 | 7.356 | 7.408 | 7.459 |
| 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 | | 819 | -3 | -230 | -605 | -1197 | -2101 | -3445 | -5400 | -8185 | -12084 | -17454 | -24739 | -34483 | -47345 | -64111 | -85709 | -113221 | -147892 | -191145 | -244587 | -310015 | -389419 | -484987 | -599106 | -734357 |
| Depreciation, amort., depletion, $m | | 110 | 175 | 272 | 418 | 631 | 939 | 1376 | 1988 | 2832 | 3983 | 5530 | 7585 | 10281 | 13778 | 18265 | 23962 | 31121 | 40033 | 51023 | 64457 | 80742 | 100322 | 123685 | 151358 | 183908 |
| Funds from operations, $m | | 929 | 171 | 42 | -187 | -565 | -1162 | -2069 | -3412 | -5353 | -8101 | -11924 | -17154 | -24202 | -33567 | -45846 | -61748 | -82099 | -107859 | -140123 | -180130 | -229273 | -289097 | -361302 | -447748 | -550449 |
| Change in working capital, $m | | -630 | -954 | -1421 | -2081 | -3002 | -4265 | -5971 | -8244 | -11230 | -15100 | -20052 | -26311 | -34131 | -43791 | -55595 | -69872 | -86970 | -107257 | -131112 | -158925 | -191092 | -228009 | -270071 | -317664 | -371166 |
| Cash from operations, $m | | 1559 | 1125 | 1463 | 1895 | 2437 | 3103 | 3902 | 4832 | 5877 | 6999 | 8128 | 9157 | 9929 | 10223 | 9748 | 8124 | 4871 | -602 | -9011 | -21205 | -38181 | -61087 | -91231 | -130084 | -179283 |
| Maintenance CAPEX, $m | | -110 | -175 | -272 | -418 | -631 | -939 | -1376 | -1988 | -2832 | -3983 | -5530 | -7585 | -10281 | -13778 | -18265 | -23962 | -31121 | -40033 | -51023 | -64457 | -80742 | -100322 | -123685 | -151358 | -183908 |
| New CAPEX, $m | | -1414 | -2141 | -3188 | -4671 | -6737 | -9570 | -13400 | -18500 | -25200 | -33883 | -44996 | -59042 | -76590 | -98266 | -124754 | -156792 | -195161 | -240685 | -294215 | -356628 | -428811 | -511653 | -606039 | -712838 | -832896 |
| Total CAPEX, $m | | -1524 | -2315 | -3460 | -5089 | -7368 | -10509 | -14775 | -20488 | -28032 | -37866 | -50526 | -66627 | -86871 | -112044 | -143020 | -180753 | -226282 | -280717 | -345238 | -421086 | -509552 | -611975 | -729724 | -864196 | -1016804 |
| Free cash flow, $m | | 36 | -1190 | -1997 | -3194 | -4931 | -7406 | -10874 | -15655 | -22155 | -30868 | -42398 | -57470 | -76942 | -101821 | -133271 | -172630 | -221411 | -281319 | -354249 | -442291 | -547733 | -673062 | -820955 | -994280 | -1196087 |
| Issuance/(repurchase) of shares, $m | | 0 | 3560 | 5526 | 8364 | 12388 | 18000 | 25706 | 36134 | 50050 | 68375 | 92206 | 122827 | 161724 | 210596 | 271368 | 346191 | 437445 | 547746 | 679931 | 837061 | 1022406 | 1239438 | 1491811 | 1783358 | 2118064 |
| Retained Cash Flow, $m | | -39907 | -2370 | -3529 | -5170 | -7457 | -10594 | -14833 | -20479 | -27895 | -37507 | -49808 | -65357 | -84781 | -108776 | -138097 | -173561 | -216034 | -266426 | -325682 | -394770 | -474673 | -566375 | -670856 | -789077 | -921976 |
| Pot'l extraordinary dividend, $m | | 41800 |
| Cash available for distribution, $m | | 1929 | 0 | 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, % | | 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 | | 1839 | 0 | 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, % | | 100 | 59 | 34 | 20 | 12 | 7 | 4 | 3 | 2 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |