11/03/2005

The Board of Directors approved the Financial Statement Draft for 2004 FY.
As of December 2004, consolidated net sales showed stable results (¤ 95 mln vs. ¤ 95.6 mln in the previous FY), both EBIT (¤ 4.7 mln vs. ¤ 4.5 mln in the previous FY), and net consolidate profit increased (¤ 1.3 mln vs. ¤ 1.2 mln in the previous FY).
The distribution of ¤ 0.03 Euro dividends per share was proposed.

The Board of Directors of Centrale del Latte di Torino & C. - a Company listed in the Star Segment of Borsa Italiana (the Italian Stock Exchange) which, together with its subsidiaries Centrale Latte Rapallo and Centrale del Latte di Vicenza, produces and sells fresh milk, dairy, and ultrafresh products - approved today the Consolidated Financial Statement as of December 31, 2004, which will be submitted to the approval of the Meeting of Shareholders to be held, in first call, on April 26, 2005 and, if required, in second call, on May 2, 2005.

At the end of 2004, the Group reported net sales amounting to ¤ 95 million, substantially in line with 2003 FY results, which amounted to ¤ 95.6 million, thus confirming the Group's capacity to control its reference market despite a general consumption reduction.

With stable operating costs vs. 2003, as of 31.12.2004 the Ebitda reported by the Group amounted to ¤ 10.2 million, substantially in line with the ¤ 10.3 million figure of 2003.

Year-end Ebit amounted to ¤ 4.7 million vs. ¤ 4.5 million in 2003, thus recording an approximately 4% growth. This figure is mainly due to operating cost containment achieved by all Group companies, with particular reference to raw material costs, following the implementation of a more careful supply rationalization policy.

With regard to net profit, the Group recorded an 8% increase, amounting to ¤ 1.3 million, vs. ¤ 1.2 million as of 31.12.2003.

The Net Financial Position, which as of December 31 2004 amounted to ¤ -1.8 million vs. ¤ -3.1 as of September 30 2004 and ¤ -6.2 million in 2003, recorded a constant increase.

The Holding Company - Centrale del Latte di Torino - as of end of December 2004 reported total sales amounting to ¤ 55.7 million , with an increase over the ¤ 53.6 million figure in 2003; Ebitda increased to ¤ 7.2 million from ¤ 7.1 million in 2003, while EBIT grew to ¤ 4.6 million from ¤ 3.5 million in 2003 and net profit increased to ¤ 1.9 million from ¤ 1.8 million in 2003.

Therefore, in the light of the positive results obtained, the Board of Directors decided to submit to the approval of the next Meeting of Shareholders the proposal of a distribution of dividends for ¤ 0.03 for each ordinary share, to be paid starting from May 19 2005, against detachment of coupon on May 16, 2005.

“In 2004 - said Mr. Luigi Luzzati, President of Centrale del Latte di Torino & C. - we consolidated our economic results and strengthened the Group's shareholder's equity in view of some challenging development plans we started during the year and that will be brought forward in the next two years. These plans feature a new production unit for Centrale del Latte di Vicenza whose construction works began last December”.

Unlike reports published by some newspapers, the Company has no growth plans for the next few years beyond 2005, when the Company expects a 1.6% sales growth assuming the same list prices and constant profitability conditions.

Turin - March 11, 2005