Centrale del Latte d'Italia : The Shareholders’ Meeting approves the financial statements for FY 2016 and appoints the Board of Directors

CENTRALE DEL LATTE D'ITALIA S.p.A.: The Shareholders' Meeting approves the financial statements for FY 2016 and appoints the Board of Directors.

The Shareholders' Meeting of Centrale del Latte d'Italia - 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 - met today in Turin and approved the financial statements for FY 2016, the first financial statements following the merger of Centrale del Latte di Firenze, Pistoia e Livorno into Centrale del Latte di Torino.

At a consolidated level, Centrale del Latte d'Italia Group recorded net consolidated revenue of € 117.7 million at 31/12/2016, up 21.6% compared to € 96.8 million recorded at 31/12/2015. As regards sales (which cannot be compared with those of the previous FY because of the change to the scope of consolidation as a result of the aforementioned merger), Gruppo Centrale d'Italia remains the third milk producing hub in Italy, with a market share of 7.3% in the fresh and extended shelf life (ESL) milk segment, 3.7% in the UHT milk segment and leadership positions in the Piemonte/Valle d'Aosta, Tuscany, Liguria and Veneto regions.

EBITDA went from € 4.8 million at 31/12/2015 to € 2.9 million at 31/12/2016, whereas EBIT went from the positive figure of € 1.6 million at 31/12/2015 to the negative figure of € 1.6 million at 31/12/2016. These margins were conditioned by extraordinary, non-recurring costs for the merger by incorporation operation of the Centrale del Latte di Firenze, Pistoia e Livorno. At 31 December 2016, the business combination's consolidated net profit equalled € 12 million (vs. € 517 thousand at 31/12/2015).

As regards the parent company, net profit at 31 December 2016 amounted to € 12,783,720, allocated to the legal reserve and to the extraordinary unavailable reserve from the business combination.

The Shareholders' Meeting then appointed the new BoD, which will remain in office for three FYs and until approval of the financial statements at 31 December 2019.

The new Board of Directors of the company is therefore made up of: Luigi Luzzati, Riccardo Pozzoli, Lorenzo Marchionni, Adele Artom, Piera Braja (Independent Director), Antonella Forchino, Elsa Fornero (Independent Director), Renato Giallombardo (Independent Director), Maurizio Macchiavello, Laura Materassi (Independent Director), Lorenzo Petretto, Luciano Roasio (Independent Director) and Alberto Tazzetti (Independent Director).

The following joined the BoD as an Independent Director: Piera Braja, Chartered Accountant and Auditor, a member of the Register of Chartered Accountants an Experts in Accounting of Turin since 1990.

The Meeting also expressed a favourable vote on the Remuneration Report.

The Board of Director met after the Shareholders' Meeting, and confirmed Luigi Luzzati as Chairman, Riccardo Pozzoli as Vice Chairman and CEO, Lorenzo Marchionni as Vice Chairman and Macchiavello as CEO for the CLR - Latte Tigullio business unit, and defined the composition of the Committees provide for by the rules on Corporate Governance.

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.