According to Bloomberg, ECM plans to issue 5-year bonds worth as much as CZK 2bn (EUR 71m) due on 31 March 2012. The issuance is expected on 20 March 2007.
Our view: We expect that D/E ratio was 0.6x at the end of 2006. Bond issue will increase this ratio back to the levels before IPO to about 1.2x, which is slightly more than our expectations of 1.1x for the FY2007. We see the news rather neutral.