As the outcome was in line with the preliminary communicated numbers from January 16, there were no big surprises in the report. As we mentioned in our comment from January 17 (on the presented measures), we will make short-term revisions on the down-side and lower our valuation. One small surprise though was that the impairment losses were not related to Sye, but to the Nimbra product Media Gateway. Although it is clear that management has a positive view going forward our unrevised estimates appears somewhat too optimistic given the development during 2018 and future prospects. We will take a closer look at the numbers and follow-up with a more detailed research update.