Opoczno delivered 4Q06 results that were below our expectations and consensus forecast on both EBIT and net profit. Reported net loss came in at PLN 5.6m for 4Q06 versus a reported net loss of PLN 0.4m in 4Q05. This is much below our estimate of net loss of PLN 0.4m and consensus estimate of net profit of PLN 0.2m. Net loss adjusted for all one-offs came in at PLN 4.3m for 4Q06 versus fully adjusted net profit of PLN 1.1m for 4Q05 and versus our forecast of net profit of PLN 0.8m. In our opinion, we could expect only moderately negative trading impact as current valuation of Opoczno prices the recovery that Cersanit is expected to deliver for the company in 2007.