After speaking with Cersanit management yesterday, it was clarified that December sales that grew 50% y/y but that sales for 4Q05 were still slightly worse than 3Q05. Based on an interview of Chairman Artur Kloczko with Polish daily Parkiet yesterday, it had seemed that it was sales for 4Q05 that had grown by 50% y/y (implying growth of 4% q/q off of a seasonally-high third quarter). Whilst the news is obviously somewhat less positive than we initially interpreted, it nonetheless implies that Cersanit beat our sales expectations for 4Q05, which had stood at +17% y/y. Management has also indicated that margins remained firm in 4Q05, which bodes well for the earnings outlook. We reiterate our Hold rating on the stock.