As expect, Philip Morris CR (PMCR) AGM approved a gross dividend of CZK 1,112 (-31% y/y) per share yesterday. The dividend implies a 100% payout ratio from unconsolidated results. Note that the stock now trades without the right to receive any dividend. PMCR faces a tough market conditions due to increasing excise taxes and competition of cheaper imports despite the company’s efforts to fight it by introducing cheaper brands and optimizing its production.