The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Roman Arbuzov - JPMorgan Chase & Co, Research Division - Analyst
: I just wanted to go back to local ARPU for a second. So given your comments on roaming and rest of world, I'll just ask directly, do you think it's
reasonable to expect you to maintain the EUR 17 mobile ARPU in Telfort consumer going forward? Or do you think we may see some downside
risk to that even though that may be temporary? And also, when you talked about positive underlying trends related to consumer mobile, I just
wanted to double check whether you meant that on an underlying basis, excluding roaming, consumer ARPU was actually positive in positive
growth territory in Q2. And then the second question is just on Telfort broadband customer migration. Could you give us some color about where
you stand on that and whether you've managed to migrate more customers in Q2? And how much of that remains to be done, please?
Question: Usman Ghazi - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: I've got 2.5 questions, please. The first question was just on the capital employed at the group level. I was wondering if you could tell us how much
of that is related to FTTH. And just related to the ROIC, which is very impressive, around 10%, I mean logic would dictate, if you're generating a
ROIC of 10% versus, let's say, cost of capital, I don't know, 5%, 6%, that you should be increasing CapEx to create more value, provided, obviously,
that the income and returns stay this high, and I'm assuming that fiber-to-the-home returns are even higher than the group ROIC of 10%. So how
do you manage that almost inconsistency between -- in theory, how to create value versus what the equity markets would like to see, which is
CapEx, either flat or even come down. So that was the kind of broad question around ROIC.
And then the second question was around B2B. You've disclosed that SME and large corporate are around similar in terms of the size of revenues,
EUR 300 million each in H1. I mean, is the -- are the margin dynamics different for these segments in the end-to-end EBITDA? Or is it broadly similar
kind of contribution?
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