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 report as of September 30, 2005.

In order to compare the results as of September 30, 2005 with those of the same period in 2004, it must be pointed out that the results reported by the Group as of 30/9/2004 included some extraordinary income due to the removal of tax interferences and the winding up of the subsidiary company CLAV Finanziaria S.p.A. with a net positive P&L impact of Euro 619 thousand.

For this reason, in order to make the figures homogeneous and be able to compare them, a value adjustment was carried out on the figures posted as of 30/9/2004 following the extraordinary income mentioned above:

(thousands of Euro)	30-Sept-05		30-Sept-04		30-Sept-04
(thousands of Euro)	30-Sept-05		Adjusted		30-Sept-04
Ebitda	7,194	10.2%	7,908	10.7%	8,527	11.5%
Ebit	3,908	5.6%	4,424	6.0%	5,043	6.8%
Net profit after taxes	1,580	2.2%	1,397	1.9%	2,016	2.7%

Therefore, taking the above adjustment into account, in the first nine months of 2005, the Group recorded net sales amounting to Euro 70 million, namely substantially in line with the previous year (Euro 70.4 million).

Please note that among the various areas contributing to sales during the first nine months of the year, the "Yoghurt” division recorded a significant 11.6% increase, partly due to the introduction of probiotic yoghurt, which enjoyed good market response.

Further, as of 30/9/2005, the Group reported EBITDA amounting to Euro 7.2 million (vs. Euro 7.9 million as of 30/9/2004), EBIT of Euro 3.9 million (vs. Euro 4.4 million as of 30/9/2004), while the Group's profit for the year amounted to Euro 1.6 million (vs. Euro 1.4 million as of 30/9/2004).

By analysing the data reported by the Group in the first nine months, it can be pointed out that, despite a market situation characterised by a drop in consumption, the Group was able to maintain substantially stable profitability indices, protect and further develop its brands, and assert its role as a major interregional player, without compromising on product quality and safety.

The Group's net financial position as of September 30 2005 amounted to Euro -3.1 million. Although stable if compared to the same period of last year, when compared to the results as of June 30 2005, it recorded a drop of Euro 933 thousand, due to the payment of the first Euro 2 million instalment of a 20-year loan taken to build the new plant in Vicenza.

With regard to the Holding Company, net sales amounted to Euro 41.4 million (vs. Euro 41 million as of September 30 2004), EBITDA amounted to Euro 5.2 million (vs. Euro 5.3 million as of 30/9/2004), and EBIT amounted to Euro 3.7 million (vs. Euro 3.6 million as of 30/9/2004). After-tax profit amounted to Euro 2 million (vs. Euro 1.7 million as of 30/9/2004).

“From a first analysis of consumption trends - stated Mr. Luigi Luzzati, President of Centrale del Latte di Torino & C. - we expect their limited increase during the next quarter, and sales that will reach the figures and results of the previous year, also in the light of the upward trend recorded in October, at the end of which Group's consolidated sales amounted to Euro 78.5 million, in line with the previous FY”.