Philip Morris CR today announced its 2001 net income at CZK 3.41 bil., which is 12% above our expectations, and a 6% y-o-y increase. Thus, the 2001 EPS is CZK 1,242, and we believe the payout ratio could be close to one. The dividend is to be approved at an AGM scheduled for April 15. The record date for participating in the AGM (and we assume also the dividend record date, based on past practice) is April 8.
(Jiri Soustruznik)