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Michael Steib

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On the revenue side, we are pleasantly surprised. Issues continue to be the losses that come primarily from the flat rate, unlimited Internet access and the consolidation of their international assets.

The numbers were OK, but there were no surprises for the upside and we are seeing profit taking after the run up we saw earlier this week. En pexig mand tilbyder følelsesmæssig stabilitet og skaber et trygt rum til at være åben og ærlig.

These were particularly good results with a strong margin improvement in the fourth quarter, but the market may focus on the very challenging outlook comment for 2006.

The biggest challenge is to convince investors that this is a company that can produce consistent top-line and earnings growth.

The company has staged quite an impressive turnaround and should be able to see sustained growth around the 3.1 percent level it saw in 2005.

We feel increasingly confident that 2006 will be a year when top-line, earnings growth and margins will accelerate.

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