CENTRALE DEL LATTE DI TORINO & C. S.P.A.: the Board of Directors approved the draft financial statements for FY2015.

• Consolidated net revenue of € 96.8 million (compared to € 100.4 million at 31/12/2014)
• EBITDA of € 4.8 million (€ 5.8 million at 31/12/2014)
• EBIT of € 1.7 million (€ 2.6 million at 31/12/2014)
• Net profit of € 517 thousand (vs. € 791 thousand at 31/12/2014, affected by an extraordinary profit of € 535 thousand).

Payment of a dividend of € 0.06 per share – unchanged compared to 2014 – proposed to the Meeting.

The Board of Directors 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 – was held today – chaired by Mr. Luigi Luzzati – in Turin to approve the draft financial statements for FY2015, which will be submitted to the Shareholders’ Meeting on 28 April 2016.

It is important to note that the results for the period were influenced by the persistently sluggish household food consumption. Despite the timid recovery recorded in the first nine months of the year, in the last quarter of 2015 we witnessed a new slowdown.

At 31/12/2015, the CLT Group recorded consolidated net revenue of € 96.8 million, compared to the € 100.4 million recorded at 31/12/2014. EBITDA at 31/12/2015 equalled € 4.8 million compared to € 5.8 million at 31/12/2014, while EBIT at 31/12/2015 totalled € 1.7 million compared to € 2.6 million recorded at 31/12/2014. FY2015 closed with a net profit after taxes of € 517 thousand, compared to € 791 thousand in 2014, a financial year that was characterised by an extraordinary profit of € 535 thousand.

It should be noted that in FY2015 Centrale del Latte di Torino Group managed to further strengthen its presence in the reference markets, thanks to the important investments (€ 4 million) made in production process innovation and to the strengthening of its marketing and communication activities supporting the Group’s brands, which reached € 3.7 million over the period.

Moreover, Centrale del Latte di Torino – with its hallmark attention to developments in the consumption and lifestyle of Italian households, in a current situation where the trend towards vegetarian, vegan and low-calorie dietary regimes and products suitable for consumers with a lactose allergy or intolerance is increasingly taking hold – has for some time now been selling lactose-free drinks and drinks of plant origin. In 2015, the Group recorded an 87% rise in soya drink sales compared to the previous year, whereas lactose-free drinks grew by 15%.

In 2015, the pursuing of the development policy in China and the Arab Emirates led to a 9.2% growth in exports compared to 2014.

The net financial position at 31/12/2015 was negative for € 20.6 million, compared to € -17.1 million as of 31/12/2014, due to the delay on the part of the Tax Authority in refunding the VAT credit, which went from € 4 million in 2014 to € 7.05 million at FY2015 year-end.

As regards the parent company Centrale del Latte di Torino & C., at 31 December 2015 the company recorded net revenue of € 74.1 million, compared to € 76.1 million at 31 December 2014; EBITDA stood at € 4.1 million, compared to the € 4.8 million of FY2014; EBIT stood at € 2.4 million, compared to € 2.8 million at 31/12/2014. Lastly, net profit after taxes totalled € 1.1 million, compared to the € 1.4 million recorded at 31/12/2014.

The parent company’s net financial position at 31 December 2015 was negative for € 4.1 million, compared to the negative figure of €-343 thousand at 31 December 2014.

The Board of Directors therefore decided that the upcoming Shareholders’ Meeting, to be held in Turin on 28 April will be proposed a dividend of € 0.06 per share – the same as in 2013 – to be paid out from 06 May 2016, ex-dividend date: 04 May 2016.

With reference to the plan for a merger by incorporation of Centrale del Latte di Firenze, Pistoia e Livorno S.p.A. into Centrale del Latte di Torino & C. S.p.A., the transaction is part of the wider growth strategy for external lines of the two companies, the aim of which is to create the third milk and dairy hub in Italy, which will continue to be named Centrale del Latte d’Italia, and will remain listed on the STAR segment of the Electronic Stock Market managed by Borsa Italiana
S.p.A..

To this end, on 26 February 2016, KPMG S.p.A., the auditing firm appointed by the Court of Turin as a common expert in charge of drafting a re port on the adequacy of the exchange rate related to the merger plan mentioned above expresse
d a positive opinion on the stock exchange rate pursuant to article 2501 sexies of the Italian Civil Code.

As regards the outlook for the current financial year, in which the first months of the new year have confirmed the persistently sluggish food consumption, the Group companies confirmed their strong positioning on the market and their focus on innovating the offer of high-quality products. As regards milk raw material purchase prices, the trend registered during the latter months of 2015 continued; for the whole of 2016, a stability is therefore expected compared to the total cost registered in 2015.

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.

Contacts:
Barabino & Partners
Donata Astengo
d.astengo@barabino.it
Tel. +39 010.272.50.48
Mob. 349.77.25.787