The Anti-monopoly office fined Cesky Tel with CZK 80m (CZK 0.25/share or less than EUR 0.01/share) for abusing its dominant position in ADSL sector in 2003. The fine was lowered by CZK10m to better reflect Cesly Telecom’s implied profits. Cesky Telecom said that it does not agree with the verdict and considers appealing against it. At the same time, we believe Cesky Tel creates provisions for such cases therefore, should it be unsuccessful in potential appeal, the fine should not have any significant impact on its financials. We reiterate our Sell recommendation for Cesky Telecom.