Orco should release it FY2006 figures on 29 March, Thursday immediately after Paris market close at 17:30 CET. We expect net income to increase by 106.2% y/y to EUR 112.5m boosted by portfolio revaluation profit of EUR 135.0m. On the operating level without revaluation we expect Orco
to book profit of EUR 13.1m, in comparison to last year loss of EUR 2.1m. Note that company already released its sales figures on 22 January together with its NAV estimate. Total unaudited sales reached EUR 169.3m, increase of 236.3% y/y and NAV as at 31 December 2006 stood at EUR 92/share. This implies Orco
currently trades at 1.34x P/NAV multiple.