Orco is to report its FY2005 sales figure today. Recently Orco issued its guidance fort the full year sales at EUR47m. This is substantially lower than our expectation of EUR62m. We were told by Orco that the difference comes from accounting for a revaluation gain of EUR11m from Orco Business Park in Budapest sold to Orco’s Endurance fund directly into equity and moving pat of residential sales from 4Q05 into 1Q06. The difference, however, does not have any impact on our valuation of the stock. We expect that the actual sales figure would be close to Orco’s guidance. The y/y drop in sales was caused by a change in the accounting system to IAS2, which assumes booking residential revenues only after the transfer of ownership and the lack of IPB Real’s pipeline for delivery in 2005 set prior to the acquisition by Orco.