Industrial ministry expects CEZ to raise dividend payment for 2003

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Investiční bankovnictví KB

      According to deputy industrial minister Martin Pecina, dividends paid by CEZ for 2003 could increase by around 50% to CZK 4bn or CZK 6.75 per share. CEZ paid dividends of CZK 4.50 per share for 2002 and CZK 2.50 per share for 2001. The deputy industrial minister said that the dividend payments should not curb company’s expansion plans in Slovakia, Poland and Bulgaria.

       An increase of dividends is in line with our expectations. We estimate that CEZ could afford even higher dividend for 2003 (we estimate CZK 8.60 per share) mainly thanks to lower investment activity and strong cash flow generation.

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