3 questions matter.
1) Is there a deterioration in subscribers numbers and ARPU?
Hardly any improvement or deterioration in percentage terms. ARPU dip very slightly, most probably in preparation of the potential competition to come. Looking at the results, competition might not have begin.
2) What is the projected capex?
Projected capex for network expansion in 2014 remained at 40-50 mio, unchanged from Q1
Thereafter, it will be 10-15 million for 2015 to 2016. The bulk of capex for network expansion will be in 2014.
Since it will most probably in 2015 that we will see significant connection capex, and assume 10K connections a year, highly optimistic, capex will be 2.5 mio more per year.
So think we can assume capex of 60 mio, 30 mio and 30 mio over the next 3 years. Assume that use 20 million from cash flow to fund capex, total capex …