Financial data
Centrale del Latte di Torino & C. S.p.A. has operated for about 50 years in the food sector for processing, packaging and sale of milk and derivatives in Piedmont, Liguria and Valle d'Aosta, with a leading market share in these areas for the fresh and long shelf-life segments.
Revenues In April 1999, after successive operations concerning the capital stock and the purchase of a controlling interest in Centro Latte Rapallo, the Company became Centrale del Latte di Torino & C. S.p.A.

During the course of 1999 the Company recorded revenues of around 107.7 billion lire with an operating margin of 4.4 billion lire adjusted for consolidation amortisation and essentially a breakeven after depreciation and amortisation of more than 6 billion lire and structural investments in communications in excess of 11 billion lire.
Investments in marketing and advertising From the marketing standpoint the Company has pursued a distribution expansion programme throughout the territory by appointing area dealers for the entire product range in the provinces of Cuneo, Asti, Vercelli, Biella, Alessandria and Aosta. It has also made considerable investments in advertising and marketing amounting to more than 3.7 billion lire and focused on consolidating brand names.
Structural investments In addition the Company has pursued a consolidation plan of production structures with the purchase of a site used as a distribution platform near to the Rapallo plant and through improvements to existing structures in Turin and Carmagnola, where new packaging lines have been installed.
Total structural investments amounted to about 4 billion lire.
Production Total production and sales volume in 1999 exceeded 80 million litres, comprising mainly fresh milk and to a lesser degree UHT milk while the remainder referred to yoghurt, cream, butter, eggs, cheese, etc.
Half-yearly revenues for 2000 In the first half of 2000 Centrale del Latte di Torino & C. recorded revenues of 56.8 billion lire, a growth of about 5% compared with the 54.2 billion lire in the same period of 1999.
This increase was above all due to the positive trend for demand of products in the UHT milk segment and new packaged products launched at the beginning of 2000, above all packaged salads.
Gross operating margin of 5.1 billion lire The gross operating margin for the half year also increased to 5.1 billion lire (4.9 billion lire in 1999) thanks to a substantial reduction in operating costs in the six-monthly period.
In addition investments were made in the period in plant and machinery for 2.7 billion lire for packaging equipment.
Net income was 483 million lire, substantially the same as the 480 million lire recorded in the first half of 2000.
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