CREMONINI GROUP: The Board of Directors has approved the draft Financial Statement and Consolidated Accounts for 2006.

• Total consolidated revenues in 2006 of 2,348.8 million Euro (+10.3%);

• EBITDA of 139.1 million Euro (+18.8%) and EBIT of 87.8 million Euro (+22.8%);

• A gross dividend of 0,080 Euro per share proposed; ex-dividend date will be 21st May.

Today in Castelvetro di Modena, the Cremonini S.p.A. Board of Directors approved the draft Financial Statements and Consolidated Accounts for 2006, which will be presented to the Shareholder's Meeting convened for 28th April at the Head Office.

Principal consolidated economic results for the 2006 fiscal year

In the 2006 fiscal year, the total revenues of the Cremonini Group reached 2,348.8 million Euro, an increase of 10.3% compared to 2,128.9 million Euro for the same period in 2005.

The Gross Operating Margin (EBITDA) amounted to 139.1 million Euro (+18.8% compared to 117.1 million Euro in 2005), while the Operational Result (EBIT) rose to 87.8 million Euro compared to 71.5 million Euro in 2005 (+22.8%).

The overall results from normal operations amounted to 56.4 million Euro, an increase of 11.4% compared to 50.6 million Euro in 2005.

The minorities' share of the pre-tax profit for 2006 was 55.4 million Euro, an improvement if it is considered that the corresponding result in 2005 of 76.8 million Euro included the net extraordinary capital gain of 26.1 million Euro deriving from MARR's IPO (including Greenshoe).

The Group's net profit, which was 40.6 million Euro in 2005, including the effect of the aforesaid extraordinary capital gain, was 11.6 million Euro in 2006.

Results of the Cremonini S.p.A. Parent Company and dividend proposal

The Cremonini S.p.A. Parent Company had total revenues of 143.0 million Euro compared to 135.4 million Euro in 2005 and a Net profit of 1.3 million Euro (46.8 million Euro in 2005, a figure that included the net extraordinary capital gain of 41.2 million Euro deriving from the MARR IPO).

The Board of Directors has proposed the payment to the shareholders of a gross dividend of 0.080 Euros per share, corresponding to 88.5% of the Net Consolidated Profit. The Board of Directors has proposed 24th May as payment date of the dividends (ex-dividend date will be on 21st May).

Net Debt as at 31 December 2006

The Net Debt as at 31 December 2006 reached 584.2 million Euro, compared to 605.2 million Euro as at 30 September 2006 and 512.1 million Euro as at 31 December 2005.The increase in the twelve months derives from the distribution of dividends of 39.8 million Euro and acquisitions of 32.6 million Euro. The Group invested a total of 97.6 million Euro in 2006.

The Net Equity as at 31 December 2006 amounted to 348.7 million Euro, compared to 363.8 million Euro as at 31 December 2005.

Results in the three business sectors

During this period, the production sector registered total revenues of 1,044.5 million Euro, +3.9% compared to 1,005.8 million Euro in 2005. The EBITDA reached 50.1 million Euro (43.6 million Euro in 2005) and the EBIT amounted to 19.5 million Euro (15.6 million Euro in 2005).

The distribution sector° registered an increase in total revenues of 10.3%, reaching 972.7 million Euro compared to 882.3 million Euro in 2005. The EBITDA reached 61.6 million Euro (53.0 million Euro in 2005), while the EBIT amounted to 53.4 million Euro (45.0 million Euro in 2005).

The catering sector realised total revenues of 397.0 million Euro, an increase of 32.6% compared to 299.3 million Euro in 2005. The EBITDA reached 30.1 million Euro (26.9 million Euro in 2005), while the EBIT was 21.4 million Euro (19.9 million Euro in 2005).

Events after the end of the 4th quarter

In early January 2007 the subsidiary MARR signed a contract for the acquisition of the entire share capital of New Catering Srl, a company based in Forlì that is active in the distribution of food products to the bars and fast-food catering.

On 26th January Cremonini's Board of Directors approved, in concert with the other Group companies involved, the commencement of procedures for the early extinction of the existing asset-backed securitisation transaction with Cremonini Sec Srl. The securities will be repaid on 24th April 2007.

Outlook

The higher than expected results achieved during 2006, which also derived from the excellent performance in the last quarter of the year, permit a forecast of an improvement in operative results for the 2007 financial year.

Cremonini, with over 7,600 employees, is one of the largest foodstuff groups in Europe, and operates in three business areas: production, distribution and refreshments.

The Group, which had total revenues of 2,348.8 million Euros in 2006, is the absolute leader in Italy in the production of beef and meat-based transformed products (Montana) and the marketing and distribution of food products (MARR) to the catering sector. It also has a significant presence in the catering sector and, in particular, the leadership in Italy in on-board train and railway stations catering (Chef Express). Finally the Group is in 2nd place in the Italian motorway catering market.

Castelvetro di Modena, 27 March 2007

Contact: Barabino & Partners Cremonini S.p.A.
Massimiliano Parboni Luca Macario
Raffaella Perugini 059 754630
Tel.: 06 6792929 macario@cremonini.com