CEZ will reports its unconsolidated IFRS FY2005 figures on Tuesday at 9.45am CET. Note that the FY unconsolidated numbers will be reported under IFRS for the first time hence the y/y comparison is less meaningful even tough we tried to adjust the last year CAS numbers to IFRS. The top line should be positively impacted by electricity price increase by 11% y/y more than offsetting lower level of electricity generation. Profit at the operating level should be positively affected by the continued Vision 2008 program aimed at streamlining process. In addition, CEZ should book a profit of CZK1.2bn from the sale of excess CO2 emission credits. The company will release its FY2005 consolidated figures on March 31. CEZ holds a conference call to its unconsolidated results on Tuesday, February 28 at 5.00pm CET. The dial-in number is +44 207 162 0025. We are looking for more news regarding CEZ’s expansionary plans and potential on its dividend policy, which is expected to be adjusted. Under the current dividend policy assuming dividend increase by CZK1 per share every year, 2005 dividend should reach CZK10 per share.