Orco has just released its 1Q13 results. Revenue is decreasing by 6.3 mln. EUR to 23.0 mln. EUR y/y mainly as a result of reduced development activities. Adjusted EBITDA is decreasing in a lower proportion than revenue from 5.6 mln. EUR in 1Q12 to 5.1 mln. EUR. Net profit of 7.3 mln. EUR in 1Q13 compared to 1.1 mln. EUR in 1Q12. / Positive net financial result of 4.1 mln. EUR (vs. -6.4 mln. EUR in 1Q12) is strongly impacted by the decrease in interest expenses, the negative foreign differences and the one off gain on debt buy back. Seems NEUTRAL to us. Orco calls EGM on June-27.