Galnaftogaz (GLNG: BUY) reported USD 361 mln of consolidated net revenue in 2005 – a 291% increase yoy according to UAS financials. The company’s EBITDA grew by 193% (USD 17.4 mln), net income – by 129% (USD 7.4 mln). By the end of 2005 the number of the company’s gas stations increased from 164 to 174, while the number of OKKO branded stations increased by 19, to 113. The company plans to increase its branded station network to 300 by the end of 2008. Concorde Capital: Comparing the company’s 2005 sales to its 2004 figures is misleading if made on the basis of Ukrainian accounting standards. If properly adjusted, sales growth appears to be more reasonable, 48% yoy. The year-end number of filling stations was in line with our forecast (177), while sales growth outperformed our projections (32% yoy).