CENTRALE DEL LATTE DI TORINO & C. S.P.A.: the transaction for the sale of the 40% equity investment held in Frascheri S.p.A. has been signed.

Centrale del Latte di Torino & C. S.pA – 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 – has completed the transaction for the sale of its 40% stake in the share capital of Frascheri S.pA – a company operating in the same sector, with offices and factory in Bardineto, in the province of Savona.

This transaction was carried out in part by Frascheri S.p.A through the purchase of treasury shares and in part by the purchase of the remaining shares by members of the Frascheri family.

From an economic point of view, the sale of the stake will have positive effects on the net financial position of Centrale del Latte di Torino, and will make it possible to enter a capital gain of € 1.6 million in the financial statements.

Please note that Centrale del Latte di Torino acquired the 40% stake in Frascheri SpA in 2001. After over ten years of active, fruitful collaboration, the companies decided, by mutual agreement, to make the transaction referred to above in order to allow both parties to grasp new opportunities for development.

In the first 9 months of 2013 Centrale del Latte di Torino & C. S.p.A. reached – at a consolidated level – net revenue of € 71.6 million, an EBITDA of € 4.1 million, an EBIT of € 722 thousand and a negative net result of € 400 thousand, up compared to the € -591 thousand at 30/9/2012. The Group’s net financial position at 30 September 2013 was negative to the tune of € 22.9 million, compared to the negative figure of € -25.6 million at 31 December 2012 and € – 27.6 million of 30 September 2012.

In 2012, Frascheri S.p.A. obtained revenue of € 12.5 million, with a net profit of € 144 thousand. It employs 41 people and distributes its products daily both on the small and large-scale retail market, mainly in the provinces of Savona and Imperia.

Contact:
Barabino & Partners
Donata Astengo
Cell. 349.77.25.787
e-mail: d.astengo@barabino.it

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, 18 nov 2013