For the first half of the year, Philip Morris CR reported a slight increase in revenues of 2.9% yoy to CZK10.7bn. However, operating profit decreased by 12.6% yoy to CZK1.9bn. Compared to our expectations, this result is 11.6% weaker. Net profit for the first half of the year was CZK1.6bn, a 13.3% decrease yoy. This implies a full-year dividend of CZK1,210 per share and a gross yield of 6.8%.