Negative Free Cash Flow In Latest YearA shift to negative free cash flow despite reported profit makes funding capital expenditure, dividend policy and debt servicing more reliant on external financing or asset sales. Persistent negative FCF would weaken flexibility and raise execution risk for strategic investments.
Operating Cash Flow DeteriorationDeclining operating cash flow versus earnings suggests working capital swings, timing or margin conversion problems. If sustained, weaker cash conversion increases liquidity risk and may force trade‑offs between maintenance capex, growth projects and shareholder returns.
Commodity And Wholesale ExposureMaterial exposure to wholesale electricity, gas prices and fuel costs creates persistent earnings volatility. While hedging mitigates some risk, structural commodity sensitivity leaves margins and cash flow dependent on market cycles and supply dynamics over the medium term.