Tobacco company Philipp Morris ÈR generated net profit totalling CZK 2.6bn in 2015, up 14% y/y. Consolidated revenues, excl. excise tax and VAT, dropped 22.7% to CZK 10.9bn. Sales in the Czech Republic increased by 2.1% and in Slovakia by 4.2%. Philip Morris ÈR’s board of directors chairman András Tövisi has stated that the drop in revenues was driven by the change in production operation model. From January 1, 2015, Philip Morris ÈR does not own the materials for production, but is remunerated for the provided service of the transformation of materials into finished products. The firm’s board of directors has proposed the payment of the gross dividend from net profit for 2015 totalling CZK 2.52bn. Decision about the proposal will be made by the regular general meeting on April 29, 2016.