The board of directors approves results for 1st quarter 2008

Consolidated revenues reach €1,090.9m, up 21.5% compared to €897.7m in 1st quarter 2007

• Revenues in North America: $602.9m, up 11.4% on $541.5m in 1st quarter 2007
• Revenues in Italy: €292.1m, up 6.3% on €274.7m in 1st quarter 2007 
• Revenues in Rest of Europe: €149.4m, up 13.7% on €131.4m in 1st quarter 2007 
• Revenues from Aldeasa: €171.2m up 9.2% on €156.8m in 1st quarter 2007 
• Revenues from Alpha Group: £122m 
• Consolidated Ebitda: €74.6m, down 6.7% on €79.9m in 1st quarter 2007 
• Net result: €–4.1m against €9.8m in 1st quarter 2007 
• Acquisitions in the last 12 months contributed revenues of €176.6m, Ebitda of €4.9m and net losses of €8.7m 
• Net financial indebtedness: €1,267.7m against €1,162.2m at 31st December 2007

Outlook for 2008

• Revenues for the first 18 weeks: up 19.3% compared to the same period 2007
• Consolidated revenues: around €5.9bn, including 49.95% of Aldeasa and 100% of World Duty Free 
• Consolidated Ebitda: around €630m 
• Net financial indebtedness at 31st December: around €2.3bn, including the acquisitions of 49.95% of Aldeasa and 100% of World Duty Free