In our view, although this capital increase is necessary in the short term, it means that existing shareholder value will eventually be substantially diluted.

By 2008 we expect flat panel models to account for 84 per cent of TV shipment value.

We think that slower than planned progress in developing the graphics chip, or a lack of software titles, is probably the main reason for the delayed launch.

We still see no prospect of a return to net profits.

The increase in the combined market share with Nokia would be a positive in our view.

While growth in sales of mobile devices are likely to slow, we expect TV sales to increase by more than 20 percent year on year, driving overall demand in 2006.