PMCR’s parent company, Altria Group announced its 4Q05 and FY2005 results yesterday without any reference to the Czech and Slovak markets. Altria said that shipments in Eastern Europe grew by 4.3% y/y in 4Q05 and 6.4% y/y for the full year thanks primarily to the Ukraine, Russia, Turkey and Egypt. As the company gave no details about PMCR’s home markets, we expect that there was no significant movement in the region in 4Q05. Therefore, we would view the news as slightly positive given the expectation of PMCR’s cigarette sales erosion due to excise duty hikes and increased competition from cheaper brands.