It would represent a major turnaround in Tim's strategy, but Vodafone are very aggressive and they could make an attractive bid.

This [budget cuts] is part of a reoccurring problem under the Lula government.

In the northeast, [Brazil's largest mobile operator] Vivo may be interested, but the licenses are for GSM and Vivo operates with CDMA and therefore there is a technology issue.

Bad debt was very high and the problem increased in the final quarter. The company needs to manage this.

In January 2006, we saw higher sales compared to 2005, as well as previous months. Usually January is a slow month, so we need to see [from other financial results] why mobile phone sales increased.

The dividends outlook is disappointing. The proposal for the dividend payment this year will hurt the stock price.