The management of CEZ will propose 40 CZK dividend to shareholders at AGM after 45 CZK last year. The exact date of AGM is not known yet. The dividend proposal is in accordance with the company dividend policy to pay out 50-60% of net profit. /slightly NEGATIVE as the pay out ratio of 53.6% is just at lower end of the pay-out 50-60% frame. Market (including us) has been rather expecting 45 CZK dividend proposal.