NBN Co Posts Strong Figures For FY21
NBN Co generated total revenue of $4.6 billion in FY21, an increase of 21 per cent year-on-year, results the company credits to strong revenue growth and a reduction in subscriber payments.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) was $1.35 billion, a $2 billion improvement on FY20 EBITDA.
933,000 additional residential and business premises connected to the NBN network over the twelve-month period, with 8.2 million total premises now connected.
NBN Co’s subscriber payments to Telstra and Optus halved during the period, falling from $2.4 billion in FY20 to $1.2 billion in FY21. This all “creates a solid platform that enables the company to continue to progress and accelerate its network investment plan for the benefit of customers,” according to the results.
“The last 12 months have been very challenging for most Australians, but our purpose has never been clearer,” NBN Co Chief Executive Officer, Stephen Rue, said.
“NBN Co exists to lift the digital capability of Australia and we reiterate our commitment to provide a secure, reliable, high-speed broadband network to our residential and business customers across the country.
“It is important that we maintain a financially strong and economically viable company that can continue to invest in the network,” Rue continued.
Rue outlined a number of support measures put in place during COVID, including a year of additional CVC capacity at no extra cost to internet retailers, bringing forward the release of additional data inclusions on our wholesale 100/40 Mbps service, and various bundle discounts.
“We are proud of the measures we have put in place to support the nation, and the balance we have achieved in delivering strong and sustainable operational and financial results,” Rue said.
“This is what we believe is expected of us by our ultimate shareholders – every Australian taxpayer who has indirectly invested in the NBN network. Our financial discipline and the delivery of predictable financial and operational performance gives us a solid foundation for future investment as we work to improve and enhance our customers’ experience of the network.”