11/11/2004

Financial results as of September 30, 2004 approved by the Board of Directors. Net sales amounted to € 70.36 million, in line with € 70.34 million as of 30/9/2003, EBITDA amounted to € 8 million (+3.8% vs 30/9/2003) and EBIT amounted to € 3.8 million (+15% vs. 30/9/2003). Earnings before taxes increased 72% up to € 4.3 million.

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 financial results as of September 30, 2004.

In spite of a general consumption drop and a market characterized by consumers increasingly buying unbranded and cheap products, as of end of September 2004 the Group recorded net sales amounting to € 70.36 million, substantially in line with the same period of last year (€ 70.34 million).

The growth in Group's margin was particularly significant: as of end of September 2004, it reported EBITDA amounting to € 8 million (+3.8% vs. the same period of the previous year), while EBIT amounted to € 3.8 million, thus reporting a 15% growth.

A profit before taxes was reported amounting to € 4.3 million, with a 72% increase over € 2.5 million as of September 30, 2003: this result was obtained after calculation of the extraordinary income deriving from the writing off of tax interferences, and of the capital loss due to the winding up of CLAV Finanziaria S.p.A.

The net financial position of the Group as of September 30, 2004, although still at € - 3.11 million, reported a net improvement from the same period of the previous FY, in which a € - 9.7 million figure was reported, while showing a stable trend if compared to the figure as of 30/6/2004 (€ - 3.166 million).

With regard to the Holding Company Centrale del Latte di Torino, net proceeds grew from € 39.6 million as of September 30, 2003 to € 41.4 million as of September 30, 2004; EBITDA amounted to € 5.7 million (+7.7% vs. 30/9/2003) and EBIT amounted to € 3.7 million (+30% vs. 30/9/2003). Earnings before taxes amounted to € 3.5 million (+58%) as against € 2.2 million as of 30/9/2003.

Further, in order to implement corporate streamlining plans for the entire Group, last September CLAV Finanziaria S.p.A. was winded up. The 82% shareholding in Centrale del Latte di Vicenza was directly transferred to the Holding Company.

After the above operation as of September 30, 2004, the Group of Centrale del Latte di Torino now holds an 82% share in Centrale del Latte di Vicenza S.p.A. and a 99.98% in Centro Latte Rapallo S.p.A.

As to forecasts, the impact of a general drop in consumption recorded in the third quarter is expected to be partially offset by the positive effect from the launching of new important products by the end of this year.

Turin - November 11, 2004