Net loss for 3Q09 came in at US$ 21.6m, lower than both market consensus for a loss of US$ 42.3m (source: Reuters) and our own forecast of US$ 42.0m. The reasons for much lower bottom line loss were i) better EBITDA, ii) more favorable net financial activity similarly to previous quarters due to FX gains, and iii) tax credit of US$ 10m versus our expectations for a tax charge of US$ 2m. Stronger than expected EBITDA (i.e. a loss of US$ 14.4m versus US$ 20.8m of our forecast) resulted mainly from slightly lower losses in the Ukraine and Bulgaria. We don’t believe that reasons for lower than expected bottom line loss in 3Q09 are price moving elements and we expect neutral reaction for the results today. The market has already priced in full-year management guidance published some two weeks ago.