Net profit came in at PLN 37.5m for 2Q07, down 12.4% y/y. This was 8% below our forecast of PLN 40.7m and 14.7% below consensus estimates of PLN 43.9m. The results were materially above expectations on sales and EBIT, mostly due to very good results of Opoczno but also slightly better-than-expected excluding Opoczno consolidation. Below EBIT, the figures were negatively affected by very high net financial loss, in our opinion, coming mostly from FX losses. We would expect rather neutral market reaction to the results of (40 PLN, 0,30%). We would revise our forecasts based on the results. We remain positive on the company in the long term and we would expect better year-on-year results in 2H07, strengthened by Russian acquisitions and better results at Romanceram and Opoczno. Starting from 1Q08, we expect contribution of Ukrainian factories.