Orco announced that after implementation of IFRS accounting standards it made a loss before minorities of EUR 3.3m in 1Q2005. The loss is in line with the company’s expectations and is a result of the changes in accounting standards, which mainly affect Orco's sales, in particular at its development unit, which forms around 80% of Orco's sales. Sales are now booked at the time of ownership transfer instead of, as done previously, during completion. As there were no projects completed in 1Q2005, the company reported a loss. Most of Orco's projects are to be completed towards the end of 2005, 2006 and 2007. The reported 1Q05 figures did not include appreciation of assets or newly initiated projects.