Restaurant Operations

     As of December 31, 2005, we had 451 points of sale, including 143 kiosks and trailers, of which 65 are owned and operated by us and the remaining 386 by our franchisees, all under the “Bob’s” tradename. Note that approximately 54.3% of these points of sale are located in the states of Rio de Janeiro and São Paulo, with the remainder widely spread throughout major cities in other parts of Brazil, except for one franchised restaurant in Portugal and one in Angola. The largest number of franchise operations outside Rio de Janeiro and São Paulo are in the states of Santa Catarina and...