1st quarter 2006: consolidated revenues up 21.5% to €822.8m against €677m in 1st quarter 2005

Consolidated revenues up 21.5% to €822.8m against €677m in 1st quarter 2005

Strong growthperformance in the first quarter, even without the positive impact of acquisitions, as traffic beating revenue growth outweighed the affects of a late Easter even without the new acquisitions and in spite of a late Easter

• Revenues in North America: $478.6m, up 5.7% on from $452.9m in 1st quarter 2005
• Revenues in Italy: €249.4m, up 11.4% on from €223.8m in 1st quarter 2005
• Revenues from new acquisitions (Aldeasa, Steigenberger and Poitou-Charentes): €72.3m
• Consolidated Ebitda: €72.9m, up 14.1% on from €64m in 1st quarter 2005
• Consolidated Ebit: €31.8m, up 17.4% on from €27.1m in 1st quarter 2005
• Net profits: €7.5m, up 12.1% on from €6.7m in 1st quarter 2005
• Revenues at end of April 2006: up 22.6% on against the same 2005 period