Management and labour unions agreed on wages increase by 3% in average form the last’s year CZK 26,400. Rise should start from April. Number of employees declined last year by 14% to 7,524 and further reducing of working power is scheduled for this year. Operating efficiency measured by number of fixed lines pre employee increased by 8.5% to 415. We do not believe that news will influence today’s trading. We reiterate our Sell recommendation for Cesky Telecom.