Ann: FY14 Results Presentation, page-16

Pecker

Thanks for replying.

"Someone clearly didn't listen to the conference call."
I never received any details of a conference call. How did you get the details for the call?

"the NBn alone will provide earnings growth as they will go from under 20k units to perhaps 70k plus"
I very much doubt that. If you look at the weekly fixed wireless activations, it is unlikely that 50,000 will be deployed in the FY14/15 year. Whilst I understand activations does not necessarily equal sales it is a good indication.

"vodafone is winning contracts they mentioned a few"
I would think if Vodafone was significant it would have been mentioned.

"cubic is ramping up"
I am surprised at this statement given the rollout (buses) is due to finish at the end of this year.

"the bases business could be higher than last year"
I agree that a maybe a VDSL router contract is possible but given the trials are still ongoing the commercial release will not be until Jan-2015 giving NTC only 6 months.

"there is scope for a more smart metering in Victoria as 300k of sp ausnets that are using WiMAX aren't working"
I agree, this is probably NTC's best chance to make some extra revenue in this FY but if Ausnet's WiMAX component is replaced with NTC's product, it could take 1-2 years to complete spreading the revenue over that period.

"They never said they would provide guidance. Not many companies provide a solid quantifiable guidance this early in the year....particularly not growth companies."
I never said NTC would provide guidance, I just guessed they wouldn't because the market wouldn't like the numbers. I have been following NTC for 6 years, they tend to publish guidance anytime between August and October if the guidance is good. On one occasion NTC released guidance 18 months in advance, which just happened to be very positive guidance.