held its annual general meeting yesterday. Shareholders agreed to earmark the entire PLN 2.2bn net profit from 2006 for capital reserves.
Our view: Decision came in line with management proposal to keep the profit in the company as it has financial needs due to the acquisition of Mazeikiu Nafta. Decision also came in line with our forecast, despite rumors on the market earlier this week that Polish state might force dividend payment on PKN
– as it did with Lotos