29/04/2004

The Meeting of Shareholders approved the results for 2003 financial year. The distribution of a € 0.03 dividend per share was approved. Sales as of March 31, 2004 show a 4.7% growth over the first quarter of 2003

The Meeting of Shareholders 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 Statements as of December 31, 2003.

All major economic/financial indices as at 2003 year end show a significant improvement from 2003. More specifically, the Group at the end of 2003 reported net sales amounting to € 95.6 million, with an increase of 3.9% from € 92 million in 2002.

Consolidated EBITDA amounted to € 10.3 million, recording a 48% growth from € 6.9 million in 2002, while EBIT amounted to € 4.5 million, thus recording a significant increase from € 508 thousand as of December 31, 2002.

The consolidated Financial Statements for 2003, after payment of € 2.3 million taxes, close with a net consolidated profit of € 1,148 million, as against a loss of € 1.6 million in 2002.

At the end of 2003, the net financial position also improved, recording € - 6.2 million, as against € - 15.3 million as of December 31, 2002 and € - 9.7 million as of September 30, 2003.

The 2003 end year results for the Holding Company Centrale del Latte di Torino reported total sales amounting to € 53.6 million, (with an increase over € 51.3 million in 2002); EBITDA amounting to € 7 million (with an increase over € 4.5 million in 2002), while EBIT amounted to € 3.5 million (also showing an increase from € 617 thousand in 2002) and a net profit of € 1,793 million after paying € 1.4 million taxes.

In the light of the positive results reported, the Meeting of Shareholders further resolved to distribute a dividend of € 0.03 for each ordinary share (10 million) for a total of € 300 thousand, to be paid out on May 20, 2004 against detachment of coupon No. 2, on May 17, 2004.

Finally, the Meeting of Shareholders confirmed the appointment to the Director Guido Artom, who is going to hold this office, like the rest of the Board of Directors, until approval of the Balance Sheet for 2004.

According to the figures reported in the preliminary Financial Statement for the first quarter of 2004, consolidated sales amount to approximately € 24.9 million, with a 4.7% increase from the 1st quarter of 2003 amounting to € 23.8 million.

The financial position has also significantly improved: as of end of March 2004, it amounted to € -4.6 million, as against € -11.9 million in the previous year.

As already stated, in 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.

Turin - April 29, 2004