Ann: 700MHz Spectrum Acquisition and Entitlement Offer, page-90

I don't believe it is going to break even at all. I think this is a tiny part of a much bigger game at hand with the IoT.

The future is driverless cars which needs a HIGHLY reliable network which encompasses a fixed line connection, fibre, and mobile... e.g. A courier company can employ driverless vehicles along with a GPS in their vehicles which gives info back to head office, along with deliveries as they are completed (unload your own deliveries in the future as they arrive), ETA for pending deliveries, a notification as the delivery is 5-10mins away, etc.

I probably haven't articulated the concept very well so I apologise, but hopefully you can understand what I mean.

TPG will be able to provide this to businesses in the future, the value is far more than a $40/mo ARPU. Vodafone and Vocus will not be part of this game.