TVN will report its 1Q2006 figures on Monday, May 15 followed by a conference call at 4.00pm (CET); dial-in number +44 207 162 0125. We expect TVN to show strong 1Q06 numbers supported by higher volume of GRPs sold together wit an increased price of GRP. At the same time, the company should benefit from increased subscribers base at its thematic channels together with higher telecom sales. We expect the EBITDA margin to contract to 30% from 34% a year ago due to booking of part of the option plan costs. We expect the company to post a financial income thanks to gains on the emended option as opposed to a loss in the 1Q05. As a result, TVN’s net income should show a growth of 55% y/y.