11/02/2005

The Board of Directors approved data related to 4th quarter of 2004

At the end of December 2004 consolidated net earnings were stable (95 mln Euros vs 95.6 mln Euros in 2003), just like the EBITDA - gross operating spread - (10.2 mln Euros vs 10.3 mln Euros in 2003).

Increase reported in the operating result (4.7 mln Euros vs 4.5 mln Euros in 2003) and in profit before taxes (3.9 mln Euros vs 3.3 mln Euros in 2003).

The Board of Directors of Centrale del Latte di Torino (Turin Municipal Dairy ) - a company operating, together with subsidiaries Centro Latte Rapallo and Centrale del Latte di Vicenza, in the production and marketing of fresh milk, derivatives and ultrafresh products, and listed in the STAR segment of the Italian Stock Exchange - approved today the data related to the 4th quarter of 2004.

According to consolidated data, at the end of December 2004 this Group reported net earnings amounting to 95 million Euros, basically in line with those of fiscal year 2003, amounting to 95.6 million Euros, therefore confirming the Group’s ability to maintain its market share also at a time of increasing contraction in demand.

Thanks to its stable line of operating costs with respect to 2003, on 31.12.2004 the Group recorded an Ebitda value (gross operating spread) of 10.2 million Euros, similar to the 10.3 million Euros of 2003.

The operating result increased by approximately 4%, amounting to 4.7 million Euros with respect to 4.5 million Euros recorded on 31.12.2003.

As for profits before taxes, the Group reported a 21% increase corresponding to 3.9 million Euros, with respect to the 3.3 million Euros of 31.12.2003, resulting from a reduction in operating costs and lower ordinary depreciations following completion of depreciation plans.

Improvement was also recorded in the Net Financial Standing, that on 31st December 2004 recorded a loss of 1.8 million Euros with respect to the loss of 3.1 million Euros of 30th September 2004 and to the loss of 6.2 million Euros reported in fiscal year 2003.

The Holding Centrale del Latte di Torino at the end of December 2004 reported 55.7 million Euros in total earnings, an increase with respect to 53.6 million Euros of 2003; Ebitda amounted to 7.2 million Euros, an increase with respect to 7.1 million Euros in 2003, while the operating result amounted to 4.6 million Euros, an increase with respect to 3.5 million Euros in 2003, and profit before taxes was 4 million Euros with respect to 3 million Euros in 2003.

“Given the results attained at the end of 2004 - Luigi Luzzati, Chairman of Centrale del Latte di Torino & C., affirmed - we can say that 2004 for our Group was a year of consolidated economic results and of strengthened financial position in view of the scheduled development programme, featuring the construction of a new production plant in Vicenza, that will be implemented in the course of the next two-year period”.

“According to the forecasts for 2005 - Luzzati concluded - the Group shall consolidate its market share in the fresh/ultra fresh sector through the introduction of new references such as the start-up of production and marketing of the probiotic drinking yogurt that will integrate the product range of all companies belonging to this Group”.

Turin - February 11, 2005