CEO G. Berdar said yesterday that the company has sufficient sources to pay out as much as CZK 6.6bn as dividends this year, which would imply a gross dividend of CZK 20.5 per share. Mr. Berdar also said that adjusted for the write-down, 2003 net profit was around CZK 5bn. Note also that the last CT AGM approved a POR of 50-70% for 2004 and 2005. Applying the ratio to the adjusted net profit, this would indicate a gross dividend of CZK 7.80-10.90 per share, which is rougly in-line with our estimates.
Jitka Oppitzová, Patria Finance