Cesky Telecom will start Voice over IP (VoIP) telephony before the end of the year for a monthly subscription while Czech OnLine, an alternative operator, has already launched the service. VoIP runs via ADSL connections, which should help CT to promote its ADSL roll-out. At the same time it confirms our expected trend of voice services to be available for a monthly charge. We see CT’s future revenue growth in data and value added services (VAS).