(consolidated annual accounts 2006 - audit 351s)

ORCO PROPERTY GROUP Consolidated financial statements Orco Property Group’s Board of Directors has approved on 28 March 2007 the consolidated financial statements for 2006. All the figures in this report are presented in thousands of Euros, except if explicitly stated. I. Consolidated income statement The accompanying notes form an integral part of these consolidated financial statements. December DecemberNote 2006 2 005Revenues 5 172 908 50 348Net gain from fair value adjustmenton investment property 5, 7 145 901 78 975Other operating income 2 786 2 219Gain on sale of activities held for sale 15 - 2 365Cost of sales -119 224 -17 795Employee benefit 22.5 -30 141 -13 259Amortization, impairments and provisions -4 076 -2 093Other operating expenses -33 906 -23 872Operating result 134 248 76 888Net interest expenses 17 -15 740 -6 962Other financial results 19 4 416 2 411Financial result -11 324 -4 551Profit before income taxes 122 924 72 337Income taxes 20 -25 069 -16 065Net profit 97 855 56 272Attributable to minority interests 1 156 1 749Attributable to the Group 96 699 54 523Basic earnings in EUR per share 21 12,58 9,25Diluted earnings in EUR per share 21 10,11 7,83 Orco Property Group Page 1 IFRS consolidated financial statements at 31 December 2006 II. Consolidated balance sheet The accompanying notes form an integral part of these consolidated financial statements. AssetsDecember DecemberNote 2006 2005*NON-CURRENT ...