25/09/2003

CENTRALE DEL LATTE DI TORINO & C. S.P.A.:
Board of Directors approved the financial results as of June 30, 2003.

Net consolidated sales amounting to _ 47.9 million (vs _ 46.8 million as of June 30, 2002), EBITDA amounting to _ 5.2 million (vs _ 3.7 million as of June 30, 2002), EBIT amounting to _ 2,3 million (vs _ 450 thousand as of June 30), earnings before taxes amounting to _ 1.6 million (vs _ 280 thousand as of June 30, 2002).

The Board of Directors of Centrale del Latte di Torino & C. S.p.A - a company listed in the Star Segment of Borsa Italiana S.p.A. (the Italian Stock Exchange) which, together with its subsidiaries Centrale Latte Rapallo and Centrale del Latte di Vicenza, produces and sells fresh milk and ultrafresh products - approved today the company's results as of June 30, 2003.

In the first half of 2003, net consolidated sales amounted to _ 47.9 million, as against _ 46.8 million in the first half of 2002, with an approximately 2.3% increase, EBITDA amounted to _ 5.2 million, as against _ 3.7 million in the first half of 2002, with an approximately 37.8% increase.

EBIT amounted to _ 2.3 million versus _ 450 thousand in the first half of 2002, owing to a depreciation reduction, which went down from 7% in the first half to 5.9%; earnings before taxes amounted to 1.6 million, versus _ 280 thousand i n the first half of 2002.

The net financial standing of the Group as of June 30, 2003, with liabilities amounting to _ 9.5 million, significantly improved from the same period of last year, which recorded liabilities amounting to _16 million.

These results show a significant economic/financial result improvement, when compared with the same period of 2002, mainly to be attributed to effective integration processes implemented by all subsidiary companies, as well to better operating cost management.

With regard to the Holding Company, net proceeds went up from _ 26 million in the first half of 2002, to 27 million in the same period of 2003, EBITDA increased from _ 2.2 million in the first half of 2002, to _ 3.5 in the first half of 2003, EBIT also increased from _ 831 thousand in the first half of 2002, to _ 1.8 million in the first half of 2003, and earnings before taxes grew from _ 1.2 million in the first half of 2002 to _ 1.5 million in the first half of 2003.

Finally, as to forecasts, although the third quarter (especially July and August) is strongly affected by seasonal factors, the good trend in sales and a strict cost control are expected to help the Group further improve its results.