According to HN daily, Minister of Finance Miroslav Kalousek denies that state would get CZK 20bn in dividends from CEZ. He reacted to the interview of Deputy Minister of Finance Ivan Fuksa for Radio Impuls on Thursday and subsequent correction of his statements. According to Kalousek, government document related to dividend policy has not been approved yet, however he doesn’t plan any extra dividend from CEZ. Our view: As we inform on Friday, we don’t see CZK 20bn dividend as something that would happen next year, mainly on the back of CEZ’s acquisition prospects and its long-term dividend policy of 40-50% on net income. We currently expects DPS of CZK 28 for FY 2007, which is some CZK 10bn.