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Aluminium Bahrain B.S.C. (Alba)
Bahrain Bourse: ALBH · Initiation of coverage
Rating
Over-Weight
Fair value
BHD 1.150
Analyst
S. Rahman
Status
published
Model reviewer
ALBH_Financial_Model_2026-08-28.xlsx · 367 editable inputs · recalculated 2026-08-28 13:06:22
Assumptions blue workbook inputs
Nameplate capacity reference (kt p.a.) - FY2023AB7
Nameplate capacity reference (kt p.a.) - FY2024AC7
Nameplate capacity reference (kt p.a.) - FY2025AD7
Nameplate capacity reference (kt p.a.) - FY2026EE7
Nameplate capacity reference (kt p.a.) - FY2027EF7
Nameplate capacity reference (kt p.a.) - FY2028EG7
Nameplate capacity reference (kt p.a.) - FY2029EH7
Nameplate capacity reference (kt p.a.) - FY2030EI7
Net finished production (kt) - FY2023AB10
Net finished production (kt) - FY2024AC10
Net finished production (kt) - FY2025AD10
Net finished production (kt) - FY2026EE10
Net finished production (kt) - FY2027EF10
Net finished production (kt) - FY2028EG10
Net finished production (kt) - FY2029EH10
Net finished production (kt) - FY2030EI10
Sales volume (kt) - FY2023AB12
Sales volume (kt) - FY2024AC12
Sales volume (kt) - FY2025AD12
Sales volume (kt) - FY2026EE12
Sales volume (kt) - FY2027EF12
Sales volume (kt) - FY2028EG12
Sales volume (kt) - FY2029EH12
Sales volume (kt) - FY2030EI12
Value-added products (VAP) share of shipments (%) - FY2023AB14
Value-added products (VAP) share of shipments (%) - FY2024AC14
Value-added products (VAP) share of shipments (%) - FY2025AD14
Value-added products (VAP) share of shipments (%) - FY2026EE14
Value-added products (VAP) share of shipments (%) - FY2027EF14
Value-added products (VAP) share of shipments (%) - FY2028EG14
Value-added products (VAP) share of shipments (%) - FY2029EH14
Value-added products (VAP) share of shipments (%) - FY2030EI14
LME cash aluminium price, average - FY2023AB19
LME cash aluminium price, average - FY2024AC19
LME cash aluminium price, average - FY2025AD19
LME cash aluminium price, average - FY2026EE19
LME cash aluminium price, average - FY2027EF19
LME cash aluminium price, average - FY2028EG19
LME cash aluminium price, average - FY2029EH19
LME cash aluminium price, average - FY2030EI19
Realised premium above LME - FY2023AB21
Realised premium above LME - FY2024AC21
Realised premium above LME - FY2025AD21
Realised premium above LME - FY2026EE21
Realised premium above LME - FY2027EF21
Realised premium above LME - FY2028EG21
Realised premium above LME - FY2029EH21
Realised premium above LME - FY2030EI21
Product mix and realisation adjustment - FY2023AB22
Product mix and realisation adjustment - FY2024AC22
Product mix and realisation adjustment - FY2025AD22
Product mix and realisation adjustment - FY2026EE22
Product mix and realisation adjustment - FY2027EF22
Product mix and realisation adjustment - FY2028EG22
Product mix and realisation adjustment - FY2029EH22
Product mix and realisation adjustment - FY2030EI22
Alumina Price Index (API), realised (3-4 month lag) - FY2023AB25
Alumina Price Index (API), realised (3-4 month lag) - FY2024AC25
Alumina Price Index (API), realised (3-4 month lag) - FY2025AD25
Alumina Price Index (API), realised (3-4 month lag) - FY2026EE25
Alumina Price Index (API), realised (3-4 month lag) - FY2027EF25
Alumina Price Index (API), realised (3-4 month lag) - FY2028EG25
Alumina Price Index (API), realised (3-4 month lag) - FY2029EH25
Alumina Price Index (API), realised (3-4 month lag) - FY2030EI25
Alumina trading, calcined petroleum coke and provisional pricing - FY2023AB31
Alumina trading, calcined petroleum coke and provisional pricing - FY2024AC31
Alumina trading, calcined petroleum coke and provisional pricing - FY2025AD31
Alumina trading, calcined petroleum coke and provisional pricing - FY2026EE31
Alumina trading, calcined petroleum coke and provisional pricing - FY2027EF31
Alumina trading, calcined petroleum coke and provisional pricing - FY2028EG31
Alumina trading, calcined petroleum coke and provisional pricing - FY2029EH31
Alumina trading, calcined petroleum coke and provisional pricing - FY2030EI31
share of Alba revenue (%) - FY2026EE39
share of Alba revenue (%) - FY2027EF39
share of Alba revenue (%) - FY2028EG39
share of Alba revenue (%) - FY2029EH39
share of Alba revenue (%) - FY2030EI39
share of Alba revenue (%) - FY2026EE42
share of Alba revenue (%) - FY2027EF42
share of Alba revenue (%) - FY2028EG42
share of Alba revenue (%) - FY2029EH42
share of Alba revenue (%) - FY2030EI42
share of Alba revenue (%) - FY2026EE45
share of Alba revenue (%) - FY2027EF45
share of Alba revenue (%) - FY2028EG45
share of Alba revenue (%) - FY2029EH45
share of Alba revenue (%) - FY2030EI45
share of Alba revenue (%) - FY2026EE48
share of Alba revenue (%) - FY2027EF48
share of Alba revenue (%) - FY2028EG48
share of Alba revenue (%) - FY2029EH48
share of Alba revenue (%) - FY2030EI48
share of Alba revenue (%) - FY2026EE51
share of Alba revenue (%) - FY2027EF51
share of Alba revenue (%) - FY2028EG51
share of Alba revenue (%) - FY2029EH51
share of Alba revenue (%) - FY2030EI51
share of Alba revenue (%) - FY2026EE54
share of Alba revenue (%) - FY2027EF54
share of Alba revenue (%) - FY2028EG54
share of Alba revenue (%) - FY2029EH54
share of Alba revenue (%) - FY2030EI54
share of Alba revenue (%) - FY2026EE57
share of Alba revenue (%) - FY2027EF57
share of Alba revenue (%) - FY2028EG57
share of Alba revenue (%) - FY2029EH57
share of Alba revenue (%) - FY2030EI57
share of Alba revenue (%) - FY2026EE60
share of Alba revenue (%) - FY2027EF60
share of Alba revenue (%) - FY2028EG60
share of Alba revenue (%) - FY2029EH60
share of Alba revenue (%) - FY2030EI60
share of Alba revenue (%) - FY2026EE69
share of Alba revenue (%) - FY2027EF69
share of Alba revenue (%) - FY2028EG69
share of Alba revenue (%) - FY2029EH69
share of Alba revenue (%) - FY2030EI69
share of Alba revenue (%) - FY2026EE72
share of Alba revenue (%) - FY2027EF72
share of Alba revenue (%) - FY2028EG72
share of Alba revenue (%) - FY2029EH72
share of Alba revenue (%) - FY2030EI72
share of Alba revenue (%) - FY2026EE75
share of Alba revenue (%) - FY2027EF75
share of Alba revenue (%) - FY2028EG75
share of Alba revenue (%) - FY2029EH75
share of Alba revenue (%) - FY2030EI75
share of Alba revenue (%) - FY2026EE78
share of Alba revenue (%) - FY2027EF78
share of Alba revenue (%) - FY2028EG78
share of Alba revenue (%) - FY2029EH78
share of Alba revenue (%) - FY2030EI78
Other operating income (water sales, insurance recoveries, miscellaneous) - FY2023AB14
Other operating income (water sales, insurance recoveries, miscellaneous) - FY2024AC14
Other operating income (water sales, insurance recoveries, miscellaneous) - FY2025AD14
Other operating income (water sales, insurance recoveries, miscellaneous) - FY2026EE14
Other operating income (water sales, insurance recoveries, miscellaneous) - FY2027EF14
Other operating income (water sales, insurance recoveries, miscellaneous) - FY2028EG14
Other operating income (water sales, insurance recoveries, miscellaneous) - FY2029EH14
Other operating income (water sales, insurance recoveries, miscellaneous) - FY2030EI14
Gain / (loss) on foreign exchange - FY2023AB17
Gain / (loss) on foreign exchange - FY2024AC17
Gain / (loss) on foreign exchange - FY2025AD17
Gain / (loss) on foreign exchange - FY2026EE17
Gain / (loss) on foreign exchange - FY2027EF17
Gain / (loss) on foreign exchange - FY2028EG17
Gain / (loss) on foreign exchange - FY2029EH17
Gain / (loss) on foreign exchange - FY2030EI17
General and administrative expenses - FY2023AB18
General and administrative expenses - FY2024AC18
General and administrative expenses - FY2025AD18
General and administrative expenses - FY2026EE18
General and administrative expenses - FY2027EF18
General and administrative expenses - FY2028EG18
General and administrative expenses - FY2029EH18
General and administrative expenses - FY2030EI18
Selling and distribution expenses - FY2023AB20
Selling and distribution expenses - FY2024AC20
Selling and distribution expenses - FY2025AD20
Selling and distribution expenses - FY2026EE20
Selling and distribution expenses - FY2027EF20
Selling and distribution expenses - FY2028EG20
Selling and distribution expenses - FY2029EH20
Selling and distribution expenses - FY2030EI20
Directors' remuneration - FY2023AB22
Directors' remuneration - FY2024AC22
Directors' remuneration - FY2025AD22
Directors' remuneration - FY2026EE22
Directors' remuneration - FY2027EF22
Directors' remuneration - FY2028EG22
Directors' remuneration - FY2029EH22
Directors' remuneration - FY2030EI22
Memo: charged to cost of revenue (shown positive; feeds the unit cost stack) - FY2023AB33
Memo: charged to cost of revenue (shown positive; feeds the unit cost stack) - FY2024AC33
Memo: charged to cost of revenue (shown positive; feeds the unit cost stack) - FY2025AD33
Realised gain on settlement of IRS cash flow hedge - FY2023AB39
Realised gain on settlement of IRS cash flow hedge - FY2024AC39
Realised gain on settlement of IRS cash flow hedge - FY2025AD39
Realised gain on settlement of IRS cash flow hedge - FY2026EE39
Realised gain on settlement of IRS cash flow hedge - FY2027EF39
Realised gain on settlement of IRS cash flow hedge - FY2028EG39
Realised gain on settlement of IRS cash flow hedge - FY2029EH39
Realised gain on settlement of IRS cash flow hedge - FY2030EI39
Changes in fair value of derivative financial instruments - FY2023AB40
Changes in fair value of derivative financial instruments - FY2024AC40
Changes in fair value of derivative financial instruments - FY2025AD40
Changes in fair value of derivative financial instruments - FY2026EE40
Changes in fair value of derivative financial instruments - FY2027EF40
Changes in fair value of derivative financial instruments - FY2028EG40
Changes in fair value of derivative financial instruments - FY2029EH40
Changes in fair value of derivative financial instruments - FY2030EI40
Effective tax rate (%) - FY2026EE42
Effective tax rate (%) - FY2027EF42
Effective tax rate (%) - FY2028EG42
Effective tax rate (%) - FY2029EH42
Effective tax rate (%) - FY2030EI42
Weighted average shares outstanding, net of treasury (m) - FY2023AB51
Weighted average shares outstanding, net of treasury (m) - FY2024AC51
Weighted average shares outstanding, net of treasury (m) - FY2025AD51
Weighted average shares outstanding, net of treasury (m) - FY2026EE51
Weighted average shares outstanding, net of treasury (m) - FY2027EF51
Weighted average shares outstanding, net of treasury (m) - FY2028EG51
Weighted average shares outstanding, net of treasury (m) - FY2029EH51
Weighted average shares outstanding, net of treasury (m) - FY2030EI51
Memo: deposits with original maturity of more than three months - FY2023AB54
Memo: deposits with original maturity of more than three months - FY2024AC54
Memo: deposits with original maturity of more than three months - FY2025AD54
Memo: deposits with original maturity of more than three months - FY2026EE54
Memo: deposits with original maturity of more than three months - FY2027EF54
Memo: deposits with original maturity of more than three months - FY2028EG54
Memo: deposits with original maturity of more than three months - FY2029EH54
Memo: deposits with original maturity of more than three months - FY2030EI54
Capital expenditure | Alba - FY2023AB52
Capital expenditure | Alba - FY2024AC52
Capital expenditure | Alba - FY2025AD52
Capital expenditure | Alba - FY2026EE52
Capital expenditure | Alba - FY2027EF52
Capital expenditure | Alba - FY2028EG52
Capital expenditure | Alba - FY2029EH52
Capital expenditure | Alba - FY2030EI52
Depreciation rate on average gross PP&E (%) - FY2026EE56
Depreciation rate on average gross PP&E (%) - FY2027EF56
Depreciation rate on average gross PP&E (%) - FY2028EG56
Depreciation rate on average gross PP&E (%) - FY2029EH56
Depreciation rate on average gross PP&E (%) - FY2030EI56
Scheduled amortisation - FY2026EE62
Scheduled amortisation - FY2027EF62
Scheduled amortisation - FY2028EG62
Scheduled amortisation - FY2029EH62
Scheduled amortisation - FY2030EI62
Net drawdown / (repayment) - FY2026EE65
Net drawdown / (repayment) - FY2027EF65
Net drawdown / (repayment) - FY2028EG65
Net drawdown / (repayment) - FY2029EH65
Net drawdown / (repayment) - FY2030EI65
Drawn - FY2026EE68
Drawn - FY2027EF68
Drawn - FY2028EG68
Drawn - FY2029EH68
Drawn - FY2030EI68
Repaid - FY2026EE69
Repaid - FY2027EF69
Repaid - FY2028EG69
Repaid - FY2029EH69
Repaid - FY2030EI69
FY2031E scheduled repayments (memo input for the FY2030E current portion) - FY2030EI73
Interest rate, term facilities and revolver (%) - FY2026EE74
Interest rate, term facilities and revolver (%) - FY2027EF74
Interest rate, term facilities and revolver (%) - FY2028EG74
Interest rate, term facilities and revolver (%) - FY2029EH74
Interest rate, term facilities and revolver (%) - FY2030EI74
Interest rate, acquisition facility (%) - FY2026EE75
Interest rate, acquisition facility (%) - FY2027EF75
Interest rate, acquisition facility (%) - FY2028EG75
Interest rate, acquisition facility (%) - FY2029EH75
Interest rate, acquisition facility (%) - FY2030EI75
Interest yield on cash and deposits (%) - FY2026EE76
Interest yield on cash and deposits (%) - FY2027EF76
Interest yield on cash and deposits (%) - FY2028EG76
Interest yield on cash and deposits (%) - FY2029EH76
Interest yield on cash and deposits (%) - FY2030EI76
Dividend payout policy (% of prior-year profit attributable to equity holders) - FY2023AB77
Trade and other receivables, % of revenue - FY2026EE80
Trade and other receivables, % of revenue - FY2027EF80
Trade and other receivables, % of revenue - FY2028EG80
Trade and other receivables, % of revenue - FY2029EH80
Trade and other receivables, % of revenue - FY2030EI80
LME cash price (US$/t)E17
LME cash price (US$/t)F17
LME cash price (US$/t)G17
LME cash price (US$/t)H17
LME cash price (US$/t)I17
Realised premium above LME (US$/t)E18
Realised premium above LME (US$/t)F18
Realised premium above LME (US$/t)G18
Realised premium above LME (US$/t)H18
Realised premium above LME (US$/t)I18
Product mix and realisation adjustment (US$/t)E19
Product mix and realisation adjustment (US$/t)F19
Product mix and realisation adjustment (US$/t)G19
Product mix and realisation adjustment (US$/t)H19
Product mix and realisation adjustment (US$/t)I19
Net finished production, Alba (kt)E21
Net finished production, Alba (kt)F21
Net finished production, Alba (kt)G21
Net finished production, Alba (kt)H21
Net finished production, Alba (kt)I21
Sales volume, Alba (kt)E22
Sales volume, Alba (kt)F22
Sales volume, Alba (kt)G22
Sales volume, Alba (kt)H22
Sales volume, Alba (kt)I22
Other revenue (alumina trading, coke, provisional pricing)E24
Other revenue (alumina trading, coke, provisional pricing)F24
Other revenue (alumina trading, coke, provisional pricing)G24
Other revenue (alumina trading, coke, provisional pricing)H24
Other revenue (alumina trading, coke, provisional pricing)I24
Revenue, Aluminium DunkerqueE26
Revenue, Aluminium DunkerqueF26
Revenue, Aluminium DunkerqueG26
Revenue, Aluminium DunkerqueH26
Revenue, Aluminium DunkerqueI26
Realised alumina price (US$/t)E28
Realised alumina price (US$/t)F28
Realised alumina price (US$/t)G28
Realised alumina price (US$/t)H28
Realised alumina price (US$/t)I28
Natural gas price (US$/MMBtu)E30
Natural gas price (US$/MMBtu)F30
Natural gas price (US$/MMBtu)G30
Natural gas price (US$/MMBtu)H30
Natural gas price (US$/MMBtu)I30
Carbon and other raw materials (US$/t)E32
Carbon and other raw materials (US$/t)F32
Carbon and other raw materials (US$/t)G32
Carbon and other raw materials (US$/t)H32
Carbon and other raw materials (US$/t)I32
Fixed and semi-fixed production costsE34
Fixed and semi-fixed production costsF34
Fixed and semi-fixed production costsG34
Fixed and semi-fixed production costsH34
Fixed and semi-fixed production costsI34
Other production, logistics and curtailment costsE35
Other production, logistics and curtailment costsF35
Other production, logistics and curtailment costsG35
Other production, logistics and curtailment costsH35
Other production, logistics and curtailment costsI35
EBITDA, Aluminium DunkerqueE40
EBITDA, Aluminium DunkerqueF40
EBITDA, Aluminium DunkerqueG40
EBITDA, Aluminium DunkerqueH40
EBITDA, Aluminium DunkerqueI40
Other income less administrative and selling expensesE45
Other income less administrative and selling expensesF45
Other income less administrative and selling expensesG45
Other income less administrative and selling expensesH45
Other income less administrative and selling expensesI45
Net finance costsE50
Net finance costsF50
Net finance costsG50
Net finance costsH50
Net finance costsI50
Effective tax rate (%)E52
Effective tax rate (%)F52
Effective tax rate (%)G52
Effective tax rate (%)H52
Effective tax rate (%)I52
Capital expenditureE55
Capital expenditureF55
Capital expenditureG55
Capital expenditureH55
Capital expenditureI55
Aluminium Dunkerque acquisition, net of Bpifrance contributionF60
Aluminium Dunkerque acquisition, net of Bpifrance contributionG60
Aluminium Dunkerque acquisition, net of Bpifrance contributionH60
Aluminium Dunkerque acquisition, net of Bpifrance contributionI60
Shares outstanding, net of treasury (m) - FY2023AB38
Last close (BHD) - FY2023AB39
BHD per USD peg - FY2023AB40
Risk-free rate, Bahrain sovereign US dollar curve (%) - FY2023AB55
Equity risk premium (%) - FY2023AB56
Country / single-asset concentration premium (%) - FY2023AB57
Levered beta (x) - FY2023AB58
Pre-tax cost of debt (%) - FY2023AB60
Marginal tax rate (%) - FY2023AB61
Target debt / total capital (%) - FY2023AB63
Terminal growth rate (%) - FY2023AB65
Edits write to the Excel master; every dependent figure, table and chart input recalculates.
Revenue ModelIncome StatementCash Flow StatementBalance SheetScenariosDCF Inputs editable input estimate years Expand
Aluminium Bahrain B.S.C. (Alba) | Consolidated cash flow statement and projections — US$ millions. Presented on a bank balances and cash basis: movements in deposits with an original maturity of more than three months are excluded from investing activities so that the statement reconciles directly to the balance sheet.
FY2023AFY2024AFY2025AFY2026EFY2027EFY2028EFY2029EFY2030ESource / binding
OPERATING ACTIVITIES
Profit before tax314.34491.92587.99634.29919.33983.21763.40656.59
Depreciation and amortisation356.08366.67408.38421.86518.66530.40542.75555.51
Finance costs165.51101.0390.8578184.37130.2190.2554.50
Interest income-9.00-8.47-18.98-16.36-54.27-46.73-43.87-36.57
Realised gain on settlement of interest rate swap-35.37-16.23-11.1400000
Other non-cash adjustments (provisions, credit losses, disposals, write-offs)16.6913.9742.5400000Audited cash flow statement adjustments. Held at nil in the forecast
Foreign exchange on loans, borrowings and bank balances5.771.41-1.2800000
Operating profit before working capital changes814.02950.301,0981,1181,5681,5971,3531,230
Working capital changes:
Inventories23.80-150.6048.20213.01-131.25-109.02-89.79-25.03
Trade and other receivables23.09-119.6720.26125.98-68.35-63.00-11.935.81
Trade and other payables18.68115.24-130.76-45.854.7349.5540.8111.38
Net change in working capital65.56-155.03-62.31293.14-194.87-122.47-60.91-7.84
Net cash generated from operations879.57795.271,0361,4111,3731,4751,2921,222
Employees' end of service benefits paid-3.22-6.24-3.6100000
Income tax paid-2.22-0.01-2.03-9.51-45.97-147.48-114.51-98.49
NET CASH FLOWS FROM OPERATING ACTIVITIES874.13789.021,0301,4011,3271,3271,1771,124Audited: BD328,673k (FY2023), BD296,671k (FY2024), BD387,434k (FY2025); H1 2026 BD307,590k
INVESTING ACTIVITIES
Purchase of property, plant and equipment | Alba-352.47-276.59-285.95-220-280-300-310-320
Purchase of property, plant and equipment | Aluminium Dunkerque0000-60-60-60-60
Acquisition of Aluminium Dunkerque, net of cash acquired000-2,2000000US$2.2bn enterprise value; completion guided for Q4 2026 subject to French foreign direct investment and EU regulatory clearance (reviewed interim note 2)
Proceeds from disposal of property, plant and equipment0.340.101.9800000
Interest received9.538.9218.8416.3654.2746.7343.8736.57
NET CASH FLOWS USED IN INVESTING ACTIVITIES-342.59-267.57-265.13-2,404-285.73-313.27-326.13-343.43
FREE CASH FLOW (operating cash flow less capital expenditure)521.66512.43744.451,181987.26967.15807.12743.70
Free cash flow margin (%)12.7%11.88%15.74%30.31%18.37%16.68%13.73%12.73%
Free cash flow as disclosed by Alba652569765FY2023 and FY2025 IR presentations. Alba defines free cash flow on a different basis (FY2023 excludes Power Station 5 Block 4 capital expenditure); the computed line above is operating cash flow less capital expenditure
FINANCING ACTIVITIES
Proceeds from loans and borrowings1,2903,4512,5022,2830000
Repayment of loans and borrowings-1,461-3,619-2,943-140-825-650-650-650Forecast: scheduled term amortisation, revolver movement and acquisition facility repayment per the debt schedule on the Balance Sheet tab
Interest on loans, borrowings and leases paid-114.46-90.66-87.95-78-184.37-130.21-90.25-54.50
Payment of lease liabilities-3.13-3.37-5.57-2-2-2-2-2
Dividends paid-372.74-129.87-139.79-230-218.67-303.17-291.16-226.34Audited note 12. FY2026E is the 2025 final dividend of BD61.6m paid on 8 April 2026 (BD61,594k actually paid in H1 2026) plus an estimated 2026 interim; thereafter the stated 35% payout policy applied to the prior-year profit attributable to equity holders
Settlement of derivatives35.3716.2311.1400000
Net movement in treasury shares0.550.310.2600000
Proceeds from non-controlling interest (Bpifrance)002.531170000
NET CASH FLOWS FROM / (USED IN) FINANCING ACTIVITIES-625.62-375.38-660.311,950-1,230-1,085-1,033-932.84
MOVEMENT IN CASH
NET INCREASE / (DECREASE) IN BANK BALANCES AND CASH-94.07146.07104.97947.78-188.52-71.50-182.42-152.58
Bank balances and cash at 1 January248.98158.60302.66408.901,3571,1681,097914.24FY2023 opening balance of BD93,617k per the audited FY2023 cash flow statement (US$249m)
Effect of movement in exchange rates on cash held3.69-2.011.2800000
BANK BALANCES AND CASH AT 31 DECEMBER158.60302.66408.901,3571,1681,097914.24761.67
Cross-check vs balance sheet (must be nil)00000000
Memo: deposits with original maturity of more than three months020.6122.3222.3222.3222.3222.3222.32
Memo: cash and cash equivalents (audited definition)158.60282.05386.581,3341,1461,074891.92739.34
CASH FLOW QUALITY METRICS
Cash conversion (operating cash flow / EBITDA)108.79%84.01%95.55%124.11%81.96%80.88%84.48%88.93%
Capital expenditure as % of revenue8.58%6.41%6.04%5.64%6.33%6.21%6.29%6.51%
Capital expenditure as % of depreciation98.99%75.43%70.02%52.15%65.55%67.87%68.17%68.41%
Dividends paid as % of free cash flow71.45%25.34%18.78%19.47%22.15%31.35%36.07%30.43%
Cumulative free cash flow FY2026E-FY2030E (US$m)4,687
Movements in deposits with an original maturity of more than three months (BD4,832k in FY2024 and BD643k in FY2025) are excluded from investing activities here so that the statement reconciles to bank balances and cash on the balance sheet rather than to the narrower audited cash and cash equivalents definition. The memo lines above restore the audited presentation.