According to CFO Petr Voboril, CEZ plans to issue Eurobonds of up to EUR 500m if it succeeds in acquisitions in the CEE and SEE region. CEZ intends to finalize three to four new acquisitions by the end of this year. Note that CEZ is interested or participating in tenders in Bulgaria, Romania, Macedonia, Monte Negro, and Poland. CEZ repeated that it will re-consider its dividend policy if the acquisitions do not materialise. Voboril also added that CEZ will not be as conservative with its projections as it was before and will present 2006 estimates together with its 2005 results at the end of February. We do not expect the news to have a significant trading impact as much of it was previously announced. We reiterate our Buy recommendation.