CEZ’s AGM approved yesterday dividend CZK 40/share as well as the cancelation of 9.2% treasury shares to make way for a new share buyback of up to 10%. There was also shareholder proposal to vote on starting preparation of an environmental impact assessment study for completing NPP Temelin’s 3rd and 4th block. The main shareholder, Czech government abstained from this vote. Our view: AGM didn’t bring any unexpected outcomes and confirms only what the management indicated previously. We see Czech government abstaining from vote on NPP Temelin’s completions only as a step not to act against the coalition agreement. Materially there is no change to CEZ’s internal preparation work for completing NPP Temelin and being ready to put the pedal to the metal once the government approves support of nuclear energy. We see the news as neutral.