For the last quarter of last year, CEZ reported an EBITDA of CZK33.9bn, which is an 8.9% yoy decrease and in line with market estimates. Net profit was CZK6.0bn (-7% yoy), which is slightly weaker (-3%) than the consensus estimate. The yoy decline is mainly due to lower electricity prices. For the full year, CEZ reported EBITDA at the upper end of its projection and slightly exceeded its net profit target. This suggests a dividend of up to CZK42. However, we find this year's guidance disappointing, especially in terms of net profit.