CEZ’s foreign acquisitions posted EBITDA of 53.3 bln. CZK in the 1H12, up from 50.2 bln. CZK for all of last year. It will earn 10.1 bln. CZK from these operations this year. Only Albania is posting a loss. There is speculation in the Albanian media that CEZ will lose its license there or see its company, CEZ Shperndarje, nationalized, local press said. We expect that CEZ will finally have to leave the country and writedown Albanien investment in height of about 2-4 bln. CZK expected by us, i.e. 5-10% of NI guided for this year. Slightly NEGATIVE .