The figures and accounting items presented below have been established in accordance with the IFRS accounting principles and framework adopted by the European Union. Details on the changeover to IFRS are available on our website www.quick-restaurants.com, which has been updated and also includes a comparison of first half results and shareholders’ equity with the figures for 30th June 2004.

A very encouraging first half:
System-wide sales: +5.9%
REBIT: +21.1%
Net income: +32.4%
First half 2005

The Group’s IFRS results for the first half of 2005 show a strong operating performance across the board:

· System-wide sales amounted to € 371.5 million, up 5.9% on the same period of 2004. On a like-for-like basis, sales increased by 5.0%, with very strong growth recorded in France (+6.5%).
· Recurrent earnings before interest and tax (REBIT) stood at € 21.8 million, up 21.1%.
· REBITDA increased by 16.3 % to € 34.8 million.
· The Group’s net debt totalled € 62.7 million, down € 1.8 million on the end of 2004, despite the payment in Q2 05 of € 9.7 million in dividends for the 2004 fiscal year.
· Financial income rose sharply from € -3 million in 2004 to € -1.3 million at end-June 2005, due to a reduction in the Group’s debt and to the renegotiation of the terms of certain bank loans.
· Group et income, amounted to € 13.5 million, up 32.4% on the first half of 2004.