2005 annual report

management's discussion & analysis

• financial review
  • CFO letter to investors
  • forward looking statements
  • corporate reporting & governance
  • financial statistics
• management's discussion & analysis
  • overall performance
  • core business, vision and strategy
  • key performance drivers
  • capability to deliver results
  • results from operations
  • financial condition
  • liquidity and capital resources
  • critical accounting estimates and accounting policy developments
  • looking forward to 2006
  • risks & risk management
  • reconciliation of non-GAAP measures and definition of key operating indicators
• consolidated financial statements
  • management's report
  • auditors' report
  • consolidated statements of income
  • consolidated statements of retained earnings
  • consolidated balance sheet
  • consolidated statements of cash flows
  • notes to consolidated financial statements

6. financial condition

A discussion of significant changes in the balance sheet at December 31, 2005, as compared to December 31, 2004

The following are the significant changes in the Consolidated balance sheets between December 31, 2004 and December 31, 2005.