Significant Outstanding DebtDespite falling leverage ratios, the absolute quantum of debt remains material and can constrain cash flow via interest obligations. In a capital-intensive development cycle this raises refinancing and interest-rate exposure that can limit strategic flexibility.
Historical Free Cash Flow VolatilityPrior FCF variability indicates cash generation can be uneven across project cycles. Even with recent positive FCF, recurring volatility complicates planning for capex, debt service, and distributions, raising execution and liquidity risks during slow sales periods.
Revenue Depends On Customer CollectionsRevenue and cash timing are tightly linked to buyer collections and handovers, making cash flow sensitive to demand, buyer credit and sales cadence. This structural dependence can delay receipts and amplify liquidity stress in weaker market conditions.