31/07/2003

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 2002), 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. - 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 June 30, 2003.

In the first half of 2003, net consolidated sales amounted to _ 47.9 million, as against _ 46.8 million in the 1st half of 2002, with an approx. 2.3% increase, EBITDA amounted to _ 5.2 million, as against _ 3.7 million in the 1st half of 2002, thus recording an approx. 38% increase.

EBIT amounted to _ 2.3 million, vs. _ 450 thousand in the 1st half of 2002, owing to a lower impact of depreciation items, while earnings before taxes amounted to _ 1.6 million, as against _ 280 thousand in the 1st half of 2002.

The net financial standing of the Group as of June 30, 2003, amounting to _ - 9.5 million recorded a significant improvement of _ 6.4 million from the previous financial year

The above results are evidence of a significant economic-financial improvement from the same period of 2002. This is mainly due to the effective integration process that took place in all the subsidiary companies, as well as to a better operating cost management, arising from more careful rationalization policies in raw material and service procurement implemented by all the companies in the Group.

With regard to the Holding Company, net proceeds went up from _ 26 million in the 1st half of 2002 to _ 27 million in the same period of 2003, EBITDA grew from _ 2.2 million in the 1st half of 2002 to _ 3.5 in the 1st half of 2003, EBIT increased from _ 831 thousand in the 1st half of 2002 to _1.8 million in the 1st half of 2003, while earnings before taxes grew from _ 1.2 million in the 1st half of 2002 to _ 1.5 million in the 1st half of 2003.

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