Cyrani (CEZ): Before new Temelin unit we plan to pay out 50-60 % of net profit in dividends

Pavel Cyrani told the Reuters at Eastern Europe Investment Summit yesterday he would not yet attribute a recent upswing in wholesale power prices to an economic recovery and that central Europe's biggest utility would take a cautious approach to investment in the next few years. Cyrani said the company would look at its dividend policy, which aims to pay out 50-60 percent of net profit, in the final seven to eight years before the new Temelin units go online, which is seen not before 2025 currently. /Slightly NEGATIVE statement about electricity prices in our view. On the other hand, Cyrani somewhat soften its previous statement about the dividend policy.