CENTRALE DEL LATTE DI TORINO & C. S.P.A.: The Shareholders’ Meeting approved the 2011 financial statements, with the allocation of a dividend of € 0.02 per share

The Shareholders’ Meeting of Centrale del Latte di Torino – a company listed on the STAR division of Borsa Italiana, dealing in the production and sale of fresh milk, milk products and ultra-fresh products – today approved the financial statements for FY2011.

The Centrale del Latte di Torino Group recorded net consolidated revenue of € 103.2 million at 31/12/2011, up 2% compared to € 101.3 million recorded in the previous FY. Despite the difficult socio-economic situation, as a result of which household spending has fallen
dramatically even in the food segment, and particularly with regard to branded products, the CLT Group succeeded in increasing its sales, acquiring new market shares and strengthening brand awareness, without neglecting growth in new productive sectors, and in third-party brand products.

EBITDA at 31/12/2011 stood at € 6.5 million, compared to € 8.9 million of the previous FY, and EBIT went from € 3 million at 31/12/2010 to € 592 thousand at 31/12/2011. FY2011 closed with a net loss of € 1 million, compared to the net profit of € 1 million registered at 30/12/2010.

The fall registered in profit margins is mainly due to the rise in milk raw material costs, particularly evident in the first nine months of 2011, with increases as high as +9% compared to 2010 prices. in the last quarter of 2011, EDITDA rose once more.

The net financial position at 31/12/2011 was negative by € 31.9 million, partly as a result of the delay in payment of a VAT rebate that at the end of the year amounted to € 5.2 million, compared to -€ 31 million at 31/12/2010 and -€ 29.1 million at 30/09/2011.

As regards the results of the parent company Centrale del Latte di Torino & C. S.p.A., net revenue at 31 December 2011 equalled € 59.3 million, in line with the results at 31/12/2010. EBITDA for the year went from € 5.8 million at 31/12/2010 to € 4.5 million at 31/12/2011. EBIT at 31/12/2010 was € 2.3 million compared to € 3.8 million of the previous FY, while net profit went from € 1.4 million at 31/12/2010 to € 281 thousand at 31/12/2011. In Q4 the parent company achieved an EBITDA equal to 10.4% of the value of production.

The Meeting approved the allocation of a dividend of € 0.02 per share, payable starting from 10 May 2012, ex-dividend date: 7 May 2012. The Shareholders’ Meeting also appointed the Board of Statutory Auditors for the 2012 – 2014 three-year period.

The Board is made up of: Mr. Francesco FINO (Chairman), Ms Vittoria ROSSOTTO and Mr. Giovanni RAYNERI (Statutory Auditors), Mr. Franco RICHETTI, Ms Michela RAYNERI and Mr. Massimiliano FISCHER (Alternate Auditors).

Pursuant to paragraph 2 of article 154-bis of the Consolidated Finance Law, the Executive in charge of drafting corporate accounts, Mr. Vittorio Vaudagnotti, stated that the accounting information herein contained tallies with the company’s documentary evidence, ledgers and accounts.

The press release is also available on the website www.barabino.it, where it may be downloaded from the “Breaking News” section.
In addition, all the documentation regarding the company (press kit, previous press releases, photographic material, etc.) is available in the section “Online Press Office” of the website.

Turin, 30 April 2012