A Czech MFDnes newspaper estimates that there were 4.4 mil. cellular users in the country just after Christmas (implying 43% cellular penetration). This would suggest a very strong Christmas season for the three operators, stronger than expected (we had forecast approximately a 4 mil. figure). It seems that the newspaper estimate was based on the operators’ data. Data for the individual operators was not available. The operators’ full-year revenues and profits will reflect this end-of-year surge in sales, though we expect their margins to be affected by the high acquisition costs. The operators have had a very strong year in 2000, particularly the two established operators - Ceske radiokomunikace’s RadioMobil and Cesky Telecoms’s EuroTel.