Spark (NZ) not enthusiastic perhaps, page-23

On the growth capex, i believe a lot of it goes in enterprise, connecting new clients with fibre, there was around 12m payback time to cover those expenses. So for a while the revenue growth for Enterprise is being purchased by Capex, but after the payback period its cash return.

Our assets are also increased as we rollout more fibre, one longer term concern i have from the conference call, is they said the $10m saving on capex was in part because they are choosing to use competitors cables rather than rollout their own.

The rollout of NBN fibre to businesses has made things pretty competitive and reduced the lease costs, the downside being, all the last-mile fibre we have already laid to business is becoming less valuable.I dont think that reduction in value is reflected in the books.