Kamil Ziegler, the new CFO of (25 CZK, 1,43%) Auto stated on Friday for the press that launching a buy back is unrealistic in the short term. Planned expansion to Russia and Ukraine should not happen before current business stabilizes, which could be as long as 2010 or even later. In terms of on going restructuring process he stated that it is likely that some branches will be closed if they don’t perform in line with expectations. He also said that Auto may start cooperation with PPF, where he worked previously. However there are no specific plans yet.
Our view: We see these statements as neutral. They do not include any new meaningful information.