Persistent Negative Operating Cash FlowRecurrent negative operating cash flow and negative free cash flow show difficulty converting accounting profits into cash. That limits internal funding for capex, debt servicing or dividends, forcing reliance on financing or asset sales and posing a sustained liquidity and execution risk.
Thin Operating MarginsRelatively low operating margins constrain the company's buffer against cost inflation or project overruns. With slim operating profitability, shocks to revenue or input costs can materially depress returns, limiting ability to self-fund growth and making efficiency gains critical for durability.
Slight Decline In Total AssetsA shrinking asset base may reflect reduced investment or disposals, which can cap future development capacity and revenue momentum. Over the medium term, lower asset backing could limit expansion options and reduce geographic or project diversification if not addressed with targeted reinvestment.