Odessos preliminary statements reveal 11% decline in sales to €20m from €22.8m a year earlier. Although these figures might look somewhat distressing, a closer look at the report reveals that the last quarter of 2005 was particularly successful for Odessos and, with €6.5m revenues booked, this was the second-best quarter since the company's results are publicly available. Quite as expected higher compensation costs continued to boost Odessos’ operating expenses as they reached nearly 80% of sales in 2005 (from 75% a year earlier). Besides regular salaries raises, Odessos distributes a good portion of its year-end profit as management bonuses. According to our rough estimates, in 2005 the management has received a total additional remuneration of over €1.1m, which largely explains the 86% increase of compensation expenses to €2.6m in Q4 from Q3 2005. Despite the improvement of materials and hired services costs, Odessos EBITDA fell 28.5% in 2005 to €4.05m with EBITDA margin shrinking to 20.2% from 24.9% in 2004. The €0.45m profit from the sale of the 15% stake (from a total of 25% participation) in Bulyard and the net forex gain of €0.33m allowed Odessos to report €829K financial gain in 2005 from €307K loss in 2004. The reported financial gains logically boosted the net income margin to 18.24% (adjusted for corporate tax) from 16.42% in 2004 and adjusted 2005 net income stands at €3.67m or only 2% lower than last year. Odessos continues to remain with piles of cash in its bank accounts - €8.5m - and while the company does not seem to have any specific target to invest in, investors continue to cherish dividend hopes.