23/09/2004

Financial results as of June 30 2004 approved by the Board of Directors showing upward trend.

Net consolidated sales amounting to € 48.8 million (+2% vs. June 30 2003), EBITDA amounting to € 5.6 million (+8.5% vs. June 30 2003), EBIT amounting to € 2.9 million (+26,9% vs. June 30 2003), earnings before taxes amounting to € 2.9 million (+77% vs. June 30 2003).

The growth continues in all major economic indexes 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 - as confirmed by the financial results as of June 30 2004, approved today by the company's Board of Directors.

In the first half of 2004, consolidated net proceeds amounted to € 48.8 million, versus € 47.9 million in the first half of 2003, with an approximately 2 % increase, EBITDA amounted to € 5.6 million as against € 5.2 million in the first half of 2003, with an approximately 8.5% growth.

EBIT amounted to € 2.9 million, as against € 2.3 million in the first half, with a +26.9% increase, while earnings before taxes totaled € 2.9 million, as against € 1.6 million in the first half of 2003, thus recording a +77% growth.

The Group net financial position as of June 30 2004 - amounting to € -3.1 million - after payment of dividends and taxes, recorded a significant improvement from € -9.5 million in the same period of last year, as well as from the figure reported as at Dec. 31 2003, which totaled € -6.2 million.

With regard to the Holding Company, Centrale del Latte di Torino, net proceeds grew from € 27 million in the first half of 2003 to € 28.7 million in the same period of 2004, EBITDA went up from € 3.5 million in the first half of 2003 to € 4 million in the first half of 2004, EBIT increased from € 1.8 million in the first half of 2003 to € 2.7 million in the first half of 2004, while earnings before taxes grew € 1.5 million in the first half of 2003 to € 2.8 million in the first half of 2004.

Turin - September 23, 2004