CEZ plans to pay between 50% and 60% of its net income (CZK 51,547m in 2009) in the form of a dividend, CFO Martin Novak told the Web site of Patria.cz. Our view: There should be no market reaction to the news as the statement is just a reiteration of CEZ’s previous plan. Market expects CEZ to pay 53.3% of its net income (dividend yield: 6.0%) which is pretty much in the range CEZ is likely to propose.