CEZ said that based on the audit in Electrica Oltenia, it paid another EUR 15.5m (EUR 0.03 per CEZ’s share) for its majority stake in the company (51%); the price paid reached EUR 166.5m. The audit showed increase of NAV by EUR c29m though 2004 and 9M2005. The additional payment represents 51% of the NAV gain. This was the very last payment according to privatization contract. Oltenia holds 19% of the market and serves to 1.37 customers. We view that the news is slightly positive for today’s trading as the audit shows improving trends in Oltenia's operations. We reiterate our Buy recommendation on CEZ.