13/02/2004

Growing consolidated results as of December 31, 2003.

Net consolidated sales increasing up to € 95.6 million (+3.9%), EBITDA amounting to € 10.3 million (+48%), profits before taxes up to € 3.2 million, as against a loss of € 777 thousand reported as of December 31, 2002.

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 company's results as of the 4th quarter of 2003.

In terms of consolidated results as of December 2003, the Group reported net sales amounting to € 95.6 million, thus showing a 3.9% growth as against € 92 million in 2002, and confirming the positive sales trend also in the fourth and last quarter of 2003.

Sales figures for each business area recorded a 6.2% increase in the 'fresh milk' segment compared to the previous financial year, coupled by an increase also in the 'bulk milk and cream' segment and in the 'other packed products' (salads, vegetable items, and fresh pasta) segment. The latter product segment in particular recorded a 9.3% increase as against 2002.

Consolidated EBITDA amounted to € 10.3 million - a 48% growth as against € 6.9 million in the same period of 2002 - while EBIT amounted to € 4.5 million, a significant rise from € 508 thousand reported as of December 31, 2002.

Owing to EBIT increase, consolidated profits before taxes for the Group in 2003 reached € 3.2 million, compared to a loss of € 777 thousand recorded in 2002.

The net financial position as of December 31, 2003 also improved to € -6.2 million as against € -15.3 million as of December 31, 2002 and € -9.7 million as of September 30, 2003.

For the Holding Company Centrale del Latte di Torino in the 4th quarter of 2003 total sales amounted to € 53.6 million, an increase from € 51.3 million in 2002, EBITDA amounted to 7 € million , also on the rise if compared to € 4.5 million in 2002, EBIT amounted to € 3.5 million, also growing from € 617 thousand in 2002, and profit before taxes amounted to € 3 million as against € 700 thousand in 2001.

As to the 4th quarter of 2003, the Group reported the following results: net sales of € 25.3 million, versus € 24.3 million in the 4th quarter of 2002, EBITDA of € 2.6 million, as against € 1.9 million in the 4th quarter of 2002, EBIT amounting to € 1.1 million as against € 380 thousand in the same period of 2002, and profit before taxes of € 809 thousand, as against a loss of € 316 thousand in the 4th quarter of 2002.
The good results recorded in 2003 are to be attributed to an effective integration process implemented among the various subsidiary companies, as well as to better operating costs management, obtained through careful raw material procurement rationalization and service acquisition policies implemented by the companies in the Group.

During 2003, Centrale del Latte di Torino and its subsidiary companies confirmed their positioning in the relevant reference markets. Owing to a strong geographic presence, brand awareness, and a good money-for-value product offering, they were able to successfully cope with a difficult economic situation characterized by a general drop in consumption.

As to forecasts, the Company confirms the goals set in the 2004 budget, which provides for a limited sales growth derived from the introduction of new products, and substantially stable profits.

Turin - February 13, 2004