CENTRALE DEL LATTE DI TORINO & C. S.P.A.: The Board of Directors approved the quarterly report as at 31 March 2016.

• Consolidated net revenue of € 24.4 million (in line with € 24.4 million at 31/03/2015)
• EBITDA of € 1 million (vs. € 1.9 million at 31/03/2015)
• EBIT of € 126 thousand (vs. € 1 million at 31/03/2015)
• Pre-tax loss of € 35 thousand (vs. pre-tax profit of € 879 thousand at 31/03/2015).

The Board of Directors of Centrale del Latte di Torino & C. S.p.A. 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 in Turin before the Shareholders’ Meeting chaired by Mr. Luigi Luzzati to approve the results at 31 March 2016. The interim report was drawn up in line with those of the past, incorporating the indications of Borsa Italiana contained in notice no.
7587 of 21 April, issued to clarify that the Borsa Italiana Rules regarding the publication of interim reports will continue to apply to issuers trading on the STAR segment, regardless of any possible changes to the regulatory framework.

At 31 March 2016, the Group recorded consolidated net revenue of € 24.4 million, in line with € 24.4 million at 31/03/2015; EBITDA reached € 1 million, compared to the € 1.9 million at 31/03/2015, wheras EBIT stood at € 126 thousand, compared to € 1 million at 31 March 2015.

The Group closed the first quarter of 2016 with a pre-tax loss of € 35 thousand, compared to the pre-tax profit of € 879 thousand at 31/03/2015.

The Group’s net financial position at 31 March 2016 was negative to the tune of € 19.9 million, compared to the negative figure of € 20.6 million at 31 December 2015 and the negative figure of € 17 million at 31 March 2015.

As regards the parent company Centrale del Latte di Torino & C. Spa, at 31 March 2016 the company recorded net revenue of € 18.8 million, compared with € 18.7 million at 31 March 2015; EBITDA stood at € 1 million, compared to the € 1.7 million of 31/03/2015, whereas EBIT stood at € 438 thousand, compared to € 1.1 million in Q1 2016.

The pre-tax profit totalled € 355 thousand, compared to the € 1 million recorded at 31/3/2015.

In March, Centrale del Latte di Vicenza, a wholly owned subsidiary of Centrale del Latte di Torino & C. S.p.A., began producing Latte Verona brand fresh milk, using locally sourced milk, thus conforming the close attention paid to the production chain, a characteristic shared by the whole Centrale del Latte di Torino Group.

No significant changes are expected in performance, in an economic situation marked by deflation and a weak reaction to monetary and fiscal stimuli.

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.