CENTRALE DEL LATTE D’ITALIA S.p.A.: The Board of Directors approved the results at 31 March 2019.

• Results worsened in Q1, but already recovered significantly in the month of April alone.
• Consolidated net revenue of € 43.4 million (compared to € 45.5 million at 31/03/2018)
• EBITDA of € 963 thousand (vs. € 1.7 million at 31/03/2018)
• EBIT negative to the tune of € 1 million (vs. € -8 thousand at 31/03/2018)
• Negative pre-tax result of € 1.4 million (vs. € -440 thousand at 31/03/2018)

The Board of Directors of Centrale del Latte d’Italia – a company listed, since 2001, on the STAR segment of Borsa Italiana and currently the third-ranking Italian player in the fresh and long-life milk market, with leadership positions in Piemonte, Liguria, Tuscany and Veneto – today approved the results at 31 March 2019.

The results for Q1 2019 were mainly influenced, on the one hand, by the drop in milk consumption and, on the other, by tension on milk raw material prices. It is important to highlight, however, that in the month of April, consolidated turnover recorded a significant increase, thus reducing the fall registered in the quarter that has just ended.

At 31/03/2019, the Group recorded consolidated net revenue of € 43.4 million, compared to the € 45.5 million achieved at 31/03/2018. EBITDA at 31/3/2019 equalled € 963 thousand compared to € 1.7 million at 31/3/2018. EBIT at 31/3/2019 was negative for € 1 million compared to the negative figure of € -8 thousand recorded at 31/3/2018. The Group closed Q1 2019 with a pre-tax loss of € 1.4 million, compared to the € -440 thousand at 31/03/2018.

The Group’s net financial position at 31 March 2019 was negative for € -77.6 million, compared to the negative figure of € -73.7 million at 31 December 2018, further to the increase in the need for current assets and the continuing investments for the renewal of plants and warehouses in the Group’s production factories.

As regards the parent company Centrale del Latte d’Italia Spa, at 31 March 2019 the company recorded net revenue of € 19.5 million, compared to € 20.3 million at 31 March 2019; EBITDA stood at € 591 thousand, compared to the € 474 thousand reached at 31/03/2018; EBIT was negative for € -233 thousand, compared to the negative figure of € -101 thousand in Q1 2019; lastly, the pre-tax loss totalled € -372 thousand, compared to the loss of € -361 thousand recorded at 31/03/2018.

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

With 4 factories and some 415 employees, Centrale del Latte d’Italia Group produces and sells more than 120 products, ranging from milk and milk products to yogurt and drinks of plant origin, distributed in over 16,000 traditional shops and large retail chains in the pertinent areas under the brand names TappoRosso, Mukki, Tigullio and Vicenza.

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