(Ondřej Daťka) České radiokomunikace's RadioMobil recently announced that it would invest CZK 5 bil. in 1999, following capex of more than CZK 4 bil. last year. Importantly, the company says that it would not need to increase its debt to finance its large capex, as it can still draw on the CZK 250 mil. syndicated loan from 1998 and on internally generated cash flow. Moreover, the company CEO said he expects RadioMobil to have some 600,000 subscribers in 1999, which is less than we expect (660,000). The CEO also suggested that RadioMobil's net income in 1999 will remain unchanged from 1998, but did not disclose the latter figure. In our view this is a relatively pessimistic forecast and we are more optimistic on RM's net income. Among other factors, different expectations on subscriber numbers may account for this difference. Our České radiokomunikace rating is accumulate.