The challenge is on all of us, to balance between rest, rhythm, timing, focus, energy, execution. It's a delicate balancing act.

China and India have rapidly growing economies and a great challenge for them going forward will be finding energy assets to keep their economies growing.

On paper, there is a good strategic fit between these two companies. The challenge, as always, is execution.

But on balance I'd say we had a net loss. Unfortunately, these other issues dominated that expose the US to charges of hypocrisy.

It has really kicked in these last few years. It's a matter of focus and execution with what we do best.

2005 was a year where our continued focus on execution paid off. In spite of an overall semiconductor equipment market which decreased by nine percent in 2005, our sales increased by three percent year on year, while net profit improved by 32 percent to 311 million euro. Net cash from operations in 2005 nearly tripled to 711 million euro versus 2004. We reinforced our market position, as we gained 12 new customers in 2005, including our sixth customer in Japan. With 13 immersion systems delivered to date, 13 immersion orders already in our backlog, and 8 pending orders, we are increasing our technology lead in the race to meet customer needs for new generation semiconductor products.