Borsa Italiana - Figures 2005

A record year for Borsa Italiana

Dec 31 2005 - 16:00

(Figures to 29 December)

  • Trading turnover in share instrument electronic systems, ETFs and securitised derivatives has exceeded €1,000 billion (€1,015bn)
  • Trading turnover reaches a new all-time high of €953 billion
  • Trading in Securitised Derivatives, ETFs and idem stock derivatives also reaches a new all-time high
  • Capitalisation increases to €681 billion (+17.2% on 2004), representing 49.4% of GDP
  • Mib index +14.6% (+54.7% since December 2002), Mibtel index +14.4%, (+54.0% since december 2002)
  • S&P/MIB index +16.4%, (+53.0% since December 2002)
  • All Stars index +33.0%, (+72.5% since December 2002), Star index +31.2% (+75.0% since December 2002), TechStar index +46.7% (+87.8% since December 2002)
  • 282 listed companies at year end (+4 on 2004), with 19 new listings (highest level since 2000) and 15 delistings
  • First place in europe in terms of Turnover Velocity, third place in terms of trading contracts on electronic systems, fourth place in terms of trading turnover on electronic systems, first place for ETF contracts on electronic systems, first place for trading on securitised derivatives
  • Growth rate in share trading highest in europe in terms of contracts and turnover, first too in terms of growth rate of standard contracts for share derivatives
  • 15 placements for listing purposes (IPOs) raise €2.6 billion, of which €1.1 bn fed directly to the companies
  • 21 capital increase transactions through subscription of shares raise €12.1 billion
  • 3 secondary offerings (including the fourth enel tranche) raise €4.2 billion
  • €19.8 billion returned to market through 23 takeover bids


  • The Mib index is looking at closing the year on levels close to the annual high reached on Thursday 29 December at 26,224, with an increase of 14.6% compared to year end 2004, following the 17.5% and 14.9% increases of the previous two years. The lowest figure was recorded on Wednesday 12 January (22,289), remaining above the maximum recorded the previous year. The highest daily increase (+1.8%) was recorded on Friday 8 July, and the biggest fall (-3.5%) on Monday 18 April. 146 sittings closed on a positive performance, 18 closed at a substantially stable level, and 91 closed on a negative performance. The best month’s performance was in September (+4.9%), while the worst month was October (-7.1%).
  • The continuous indices revealed a homogenous trend, with Mibtel at +14.4% and S&P/MIB at +16.4%, while Midex – subject of a methodology revision in September which made it compatible with S&P/MIB within the blue chip segment – increased by 6.7%. The indices for the high quality mid-small caps launched in January have revealed an extremely strong growth: +33.0% for All Stars, +31.2% for Star and +46.7% for TechStar, which resulted in all-time highs in October (All Stars and Star), September (Star) and December (TechStar).
  • The total return indices, which also include dividends distributed during the course of the year, revealed improved performances: +18.6% for Mib, +18.4% for Mibtel, +20.1% for S&P/MIB and +9.9% for Midex.
  • By examining performance prior to 2005 the speed with which the stock market has grown becomes evident. Since year end 2002, growth has reached 54.7% for Mib (+70.6% in terms of total return), 53.0% for S&P/MIB (+68.4%), 52.8% for Midex (+64.5%), 72.5% for All Stars, +75.0% for the Star index for traditional small and medium-sized companies; +87.8% for the TechStar for high tech companies.
  • At international level, the positive performance of the Italian market places it in an intermediate position. European markets have shown very positive performances (+24.2% of the Stoxx 600 index and +22.5% for the FTSE Eurotop 100): +33.8% Swiss market, +30.3% Swedish market, +29.2% German market, +24.9% Euronext, +21.0% Spanish market, +18.5% London stock market. The North American markets shaw a complex situation, where growth for NYSE (+3.5%) and NASDAQ (+2.0%) contrast with the +22.2% growth in the Toronto market. There is an similar situation in the Asian region where the strong growth of the Tokyo market (+42.3%) is accompanied by a +17.8% growth in the Australian market and a +5.7% growth in Hong Kong. Developing the 2004 analysis (a year in which the Italian market recorded the best overall performance in Europe), the development of the Mib index (+34.6% from year end 2003) appears to be in line with the development of other European markets (Stoxx 600growing by +36.0%, and the FTSE Eurotop 100 by +30.4%). Moving the focus to the medium term, in the eight years that have passed since the end of 1997, the Italian market has revealed an average annual growth of 6.1%, almost double that of the pan-European index Stoxx 600 (3.6%), of S&P500 (3.3%) of Nasdaq Composite (4.4%), and clearly superior to that of Nikkei 225 (0.9%).
  • Out of the 320 shares listed at year end, 204 (63.8% in total) reveal a significantly positive annual performance (over 2.5%), 19 (5.9%) remain unchanged (performance between +2.5% and -2.5%), 71 (22.2%) show negative performances (less than -2.5%) and the performance of 26 (8.1%) cannot be calculated as they were either unlisted at the end of 2004 or were suspended indefinitely at year end.
  • The shares featuring the best annual performance were Trevi Fin Industriale (+274.7%), Sopaf (+215.5%) and Ras Savings Share (+207.6%); those that performed worst were Cell Therapeutics (-68.8%), Alitalia (-52.6%) and Data Service (-46.0%)
  • In the S&P/MIB basket, 28 shares close the year with a positive performance (notably Saipem +56.5%, Banca MPS +50.8% and Capitalia +47.1%), 2 remain unchanged and 9 are down (Telecom Italia –17.1%, Pirelli & C. –11.7%, Mondadori Editore -6.9%); a comparative analysis cannot be made in the case of Lottomatica (formally listed on 20 December after the incorporation of the previous Lottomatica into New Games, taking on this name in the market context). Among the shares in the Star segment those listed as positive are Biesse (+162.0%), Stefanel Rsp (+143.1%) and Dada (+141.6%), while negative figures apply in the case of Trevisan Cometal (-24.9%), Negri Bossi (-24.9%) and Ima (-15.1%)


  • 2005 closes with a total of 282 companies listed on the Borsa Italiana markets; 4 more than at year end 2004. This breaks down into 88 companies on the MTA/MTAX Blue Chip segment (+3), 72 on the Star segment (=), 104 on the Standard segment (-4) and 18 on the Mercato Espandi (+5). On the MTA/MTAX 13 new companies were listed and 14 were delisted. On the Mercato Expandi 6 new companies were listed and one was delisted. On 29 December Kerself was also listed to begin trading on the Mercato Expandi during 2006.
  • The 19 new admissions for this year (5 companies on the MTA/MTAX blue chip segment, 3 on the Star segment, 5 on the ordinary segment and 6 on the Mercato Expandi) reach the highest level since 2000 and bring to 178 the total number of new companies listed on the stock markets over the last eight years (ie. since Borsa Italiana Spa commenced activity). In 15 cases these companies went public after a placement with initial public offering (IPO).
  • Of the 13 new listings on MTA/MTAX, 10 took place as a result of placements with public offer (Igd, Save, Toro, Banca Italease, Marr, Anima Sgr, Guala Closures, Eurotech, Safilo Group and Eurofly), one as a result of a demerger from an already listed company (Valentino Fashion Group from Marzotto), one as a result of a merger in a listed company (Lottomatica merged into New Games, taking on this name in a market context) and one due to a company with existing free-float (Parmalat). On the Mercato Expandi new 5 listings took place as a result of placements with public offer (Monti Ascensori, Boera, Tamburi Investment Partners, Caleffi and Apulia Prontoprestito) and one involved a company with existing free-float (Mondo Home Entertainment, whose shares had been assigned free to Mondo TV shareholders).
  • Of the 14 delistings of companies listed on the MTA/MTAX index, 5 were the result of the successful completion of public takeover bids (Ericsson, Grandi Navi Veloci, Industrie Zignago S. Margherita, Procomac and Roland Europe), another 5 were due to the failure of companies to meet listing requirements due to bankruptcy or extraordinary administration (Arcuati, Finmatica, Olcese, Parmalat Finanziaria and Tecnodiffusione), one was due to a request from the foreign issuing company (Volkswagen), one was due to a merger with a company listed on a foreign market (Vicuron with Pfizer), one was due to a merger with a listed company (Tim with Telecom Italia) and one was due to a merger with a company that was then contextually listed for trading (Lottomatica with New Games). The delisting on the Mercato Expandi (Ngp) was due to the absence of listing requirements.
  • Against the 7,099 new listings (the second highest all-time figure after that of 2001) and 6,197 delistings, the number of covered warrants and certificates listed on SeDex rose to 3,923 (+29.9%).
  • Thanks to 10 new listings, the number of listed ETFs rose from 20 to 30.
  • On the Mot the number of listed government securities dropped to 91, with 45 new listings and 50 delistings. Following 71 new listings and 53 delistings, the overall number of bonds present at year end rose to 307, Eurobonds and ABSs, thanks to 15 new listings and 6 delistings, rose from 58 to 67.



  • For the third year running The positive trend in share prices and new company listings brought about a growth in the overall capitalisation of national listed companies, which reached €681 billion (€581 year end 2004) representing 49.4% of the Gross Domestic Product (against 43.0%), highest figure ever since June 2001.
  • In detail, capitalisation totalled €630.0 billion for companies on the blue chip segment (€539.7 bn year end 2004), €18.5 bn for those on the Star segment (against €15.1), €25.0 bn for those on the Standard segment (20.7%) and €7.3 bn for those on the Mercato Expandi (against €5.3 bn). Star and Mercato Expandi were the two areas that revealed the strongest rate growth.
  • At the end of November, Borsa Italiana, with €646 billion, was in sixth place in Europe in terms of capitalisation of national listed companies, ahead of OMX (a grouping of the Danish, Estonian, Finnish, Latvian, Lithuanian and Swedish markets, which have €638 billion) and behind London (€2,527 billion), Euronext (a grouping of the Belgian, French, Dutch and Portuguese markets - €2,160), Deutsche Börse (€998bn), Madrid (€867bn) and Swiss Exchange (€776bn).
  • Within the Borsa-MTA the capitalisation ranking between the macro-sectors, saw the Financial sector confirmed in first place (up from 39.2% at year end 2004 to 48.5%), ahead of Industry (which rose from 23.1% to 26.4%) and Services (down, also in absolute market value, from 37.6% to 25.0%).


  • Total trading on the electronic systems of share instruments, ETFs and securitised derivatives involved 53.0 million contracts and a turnover of €1,015 billion. The daily average was 208,000 contracts (+35.6% on 2004) and €4.0 billion (+35.5%), a new all-time high for the Italian market.
  • Share trading rose in turnover (daily average rising from €2.9 billion to €3.8 billion, +31.1%, higher than the previous all-time high of €3.4 billion registered in 2000), with the daily average number of contracts standing at 185,300, up by 38.8%. The highest daytime trading figure was achieved on Friday 16 December (session in which derivatives matured), with a turnover of €7.79 billion (second all-time session in the history of the Borsa Italiana, after that of 17 March 2000 which saw a turnover of €8.03 billion). The most liquid month was October, which was the third highest month of all time after February and March 2000, with an average daily turnover of €4.56 billion.
  • In terms of markets and segments, the blue chip segment revealed a daily average of 152,500 contracts (+30.1% on 2004) and a turnover of €3.59 billion (+28.5%), the Star averaged 15,200 contracts (+136.1%) and €71 million (+198.9%), the Standard averaged 16,600 contracts (+80.3%) and €73 million (+136.6%), Mercato Expandi averaged 564 contracts (+110.0%) and €4 million (+115.8%).
  • The average size of the share contracts dropped from €21,400 to €20,300 (€23,600 for blue chip shares, €4,600 for Star shares, €4,400 for standard shares and €6,900 for those on Mercato Expandi), an evidence of the strong interest from retail investors in the market.
  • As in 2004, Eni was the most traded share in terms of turnover, accounting for a total of €159.6 billion (16.7% of the overall total), followed by Telecom Italia (€77.5 bn and 8.1%), Enel (€73.8 bn and 7.8%)and Unicredito Italiano (€72.9 bn and 7.6%). The top share not belonging to the S&P/MIB index, Telecom Italia Saving Share, is ranked in twelfth place with €20.5 billion (2.2% of total) and the second is Banca Popolare Italiana in 31st place (€4.9 bn and 0.5%).
  • In terms of contracts the most traded share was also Eni (in second place last year) with 2.2 million contracts (4.7% of the total figure), followed closely by STMicroelectronics (previously in first place) with 2.1 million contracts (4.56% of the total figure), Enel (1.7 mn contracts and 3.6% of total), Telecom Italia (1.6 mn contracts and 3.4% of total) and Unicredito Italiano (1.5 mn contracts and 3.3%of total).
  • A sharp increase was also noted for ETFs which reached new record highs with a daily average turnover of €34.1 million (+171.6% compared to the 2004 average) and an average of 1,400 contracts per day (+170.6%). The month with the highest levels of trading was October (€45.9 million and a daily average of 2,100 contracts). The busiest day of trading was recorded on Thursday 6 October in terms of contracts (4,305) and Friday 13 May in terms of turnover (€245.0 million); in both cases the levels reached have constituted new all-time records for the Italian market.
  • At the end of November the Italian stock market situation has emerged in Europe thanks to the high liquidity of its shares, as proven by its leading position in terms of turnover velocity, the indicator which compares electronic trading turnover with capitalisation to show the annual share turnover rate. Italian turnover velocity was indicated as being 147.5%, compared with 111.4% for Deutsche Börse, 98.3% for the Spanish market, 83.6% for OMX and 81.6% for Euronext. Borsa Italiana – with an average daily turnover of €3.8 billion – confirmed its fourth place in Europe in terms of share trading on electronic systems, ahead of Madrid (€3.4bn) SWX-Virt-x (€2.1bn) and OMX (€2.1bn) and behind Euronext (€7.0bn), London (€6.1bn) and Deutsche Börse (€4.4bn). The situation is even more positive as far as contracts are concerned, as the Italian market – revealing the highest growth rate of all the main European markets – has overtaken Deutsche Börse to take third position after Euronext and London. The strong growth in ETF trading has carried the Italian market to first place in Europe for contracts closed through electronic systems, while Sedex takes first place also in terms of turnover.
  • After hours trading disclosed 973 thousand contracts worth €7.3 billion, with a daily average that is down from 9.2% and from 5.9% compared to 2004. The busiest trading month was October for contracts (daily average of 5,100) and January for turnover (€40.7 million).


  • The trading of covered warrants and certificates listed on SeDex also saw an extremely strong growth in trading turnover, more than tripling with respect to last year and reaching a new all-time high. The average daily turnover rose to €193.0 million (+201.3% compared to 2004) and to 16,300 contracts (+11.8%). On Thursday 6 October a new all-time record was set, when the amount of trading done in a single session reaching a turnover of €383.5 million.


  • 2005 has also been a record year in terms of stock derivatives characterised by a strong growth in trading activity. During the course of the year 25.8 million standard contracts were traded, for a notional turnover of €924.2 billion. The daily average for standard contracts rose from 71,099 last year to 101,327 (+42.5% on 2004, which is the highest annual increase since 2001), a new record high for the Idem market. On Tuesday 15 November a new record was set for the highest number of contracts traded in a single session (332,710 standard contracts). Dividing these up into single instruments shows a significant growth in stock futures and stock options. The relationship with cash trades (also increasing strongly) has shown to be stable at 97%.
  • In a European context, characterised by the two main markets (Eurex e Euronext-Liffe) accounting for about 90% of total trading. Idem reported the best growth rate in 2005 in terms of standard contracts traded, compared to the previous year.
  • Open interest has grown rapidly: the average figure for the year is 2.56 million standard contracts, a rise of 37.5% on the 2004 figure of 1.86 million. The highest rates of growth were actually recorded from stock futures (+99.8%) and stock options (+33.7%). On Thursday 17 November the new all-time high was recorded for open interest at the close of trading, with a total number of 4,021,520 standard contracts.
  • Futures on S&P/MIB registered a daily average of 14,020 standard contracts (+8.2% on 2004) and a notional turnover of €2.3 billion (+26.1%). March, characterised by quarterly maturity, was the most liquid month of the year, with a daily average of 18.300 standard contracts and a notional turnover €2.9 billion. Wednesday 16 March registered a new all-time high for the number of contracts traded in a single session, with a total of 57,183 standard contracts.
  • Trading in miniFutures on S&P/MIB amounted to a total of 1.3 million standard contracts and a notional turnover of €42.2 billion, with a daily average of 5,100 standard contracts (-12.4%) and an average daily notional turnover of €165.5 million (+2.5%).
  • Trading in options on the indices revealed a daily average of 10,200 standard contracts (+17.7% compared to 2004) and €820 million in notional turnover (+37.9%). On Wednesday 19 October a new all-time high was recorded for the number of contracts traded in a single sitting (33,304 standard contracts).
  • Trading in stock futures increased by 246.2%, rising from 6,700 standard contracts daily in 2004 to 23,400 in 2005 (new record high), thereby confirming its position as the second most traded instrument on the Idem. In terms of turnover figures rose from €30.4 million daily in 2004 to €132.3 in 2005 (+334.6%). On Monday 14 November the new record high for trading in a single session was recorded with 248,642 standard contracts being traded. At year end futures on 33 underlying shares have been traded.
  • Trading in stock options rose, in terms of standard contracts, from a daily average of 37,000 in 2004 to 48,700 in 2005 (+31.8%, new all-time high) and in terms of notional turnover there was an increase from €142.9 million to €214.1 million (+49.8%). Stock options confirmed themselves as the most traded instrument on the Idem in terms of standard contracts. At year end options have been traded on 39 underlying shares.


  • Trading in government securities reached €108.7 billion, with a daily average of €426.2 million, a 21.4% drop with respect to 2004. Bond trading increased to €11.0 billion, with a daily average of €43.3 million, + 52.2% on 2004. Trading in Eurobonds and ABS on EuroMOT was valued at €3.2 billion, with a daily average of €12.7 million (-9.0% compared to 2004).


  • During the course of 2005, investment flows through the Italian stock market due to capital increase transactions through subscription of shares and placement operations reached €18.9 billion, an increase for the third consecutive year compared to the €6.6 billion in 2002, €12.6 billion in 2003 and €15.2 billion in 2004. Historically, the 2005 level is the highest since 1999 and the fourth highest in the last 15 years. The total amount returned directly to the listed or newly quoted companies was €13.2 billion, the second highest level in the last 15 years, after that of 1999.
  • In 2005, listed companies carried out 21 capital increases by payment (10 for blue chip, 2 for Star and 9 for Standard), enabling the listed companies to raise €12.1 billion (23 transactions totalling €3.3 billion in 2004). It is important to note how the small and medium-sized companies on MTA/MTAX raised 12.1% of this total, while only representing 7.4% of capitalisation.
  • The three biggest operations of 2005 (which together raised just under 60% of the total) were carried out by Fiat during the months of November and December (€3.0 billion), by Unipol in October (€2.6 billion) and by the Banca Popolare Italiana in June-July (€1.5 billion). Among the other transactions, the following raised amounts bigger then €200 million: Pirelli & C. (€1,062 million), Alitalia (€1,006mn), Fastweb (€800mn), Impregilo (€650mn), Sias (€335mn), Camfin (€218mn). The average size of the transactions, influenced by the size of the larger ones, was equal to €574 million (€142mn in 2004), while the median was €149mn (€27mn in 2004). The transactions mainly took place by means of the issue of ordinary shares (13 cases). In 3 cases a placement of ordinary shares plus warrants took place; one case saw a placement of ordinary and privileged shares; one case ordinary shares combined with convertible bonds and warrants; in two cases convertible bonds were issued, while in another warrants were issued. The Fiat transaction involved a no-charge transaction method, in which a consortium of banks subscribed the shares (in exchange for credits) in order to then offer them to the shareholders as options.
  • The increase in Fiat capital gained the fifth highest position ever (the first since 2001) in terms of the total value of the transaction, while the Unipol transaction comes in at seventh place.
  • As well as the placement operations, 3 placements were performed without payment (Banca Popolare dell’Etruria e del Lazio, Premuda, Banca Ifis).
  • The 18 placement transactions – excluding two transactions for the purpose of the placement of real estate funds – raised €6.8 billion, a drop with respect to 2004 (€12.0bn), but nevertheless an increase compared to the two previous years (€2.8 billion and €2.9 billion respectively in 2003 and 2002).
  • In 15 cases, involving a total of €2.6 billion (the same figure as in 2004), the placements were carried out for the purpose of Initial Public Offering transactions (in chronological order: Igd, Save, Toro, Banca Italease, Marr, Bioera, Monti Ascensori, Anima Sgr, Caleffi, Tamburi Investment Partners, Guala Closures, Eurotech, Safilo, Abulia Prontoprestito, Eurofly); in 2 cases, and for a total of €111 million, the placements were private placement share transactions involving companies already listed with institutional investors (Acegas Aps e Azimut Holding); in one case there was a takeover sale worth €4.1 billion (the fourth tranche of the privatization of Enel).
  • There were two cases of placements of real estate fund units (Berenice Fondo Uffici e Fondo Beta Immobiliare), for a total of €465 million.
  • The largest transactions of 2005 in terms of turnover were the fourth tranche of Enel (€7.6 billion, 60% of total), followed by the placements for the new listing of Toro (with an IPO of €706 million) and of Safilo (with an IPO of €686 million). The following placements were also significant in size: the IPO of Banca Italease (€190 million), Marr (€184mn), Guala Closures (€163mn), Save (€160mn) and Igd (€152).
  • In the 16 transactions with public offerings the method of sale was used four times (IPO), in three cases the subscription of shares alone (OPS) and in the 9 remaining cases the mixed technique of sale and subscription (OPVS). It is important to note that the Monti Ascensori IPO (OPVS) was only aimed at institutional investors.
  • Globally 64% of the turnover was subscribed by institutional investors. The rest (36%) was subscribed by retail investors, with a 13% share subscribed by pre-existing Enel shareholders at the time of the fourth tranche transaction, and smaller quotas of about 1% subscribed by individuals and other subjects.
  • Focusing attention on the 15 IPO transactions, the shares bought by retail investors were worth about 27% of the total raised (40% in 2004), against 73% bought by Italian and foreign institutional investors (60% in 2004). A breakdown of the retail segment reveals that 24% of the total turnover was subscribed by the general public, less than 1% by individuals or persons connected to the issuing companies and just under 3% by other parties benefiting from reserved tranches.
  • With regard to IPOs, the capital raised was divided almost equally between the shareholders who sold their equity holdings (58% of the total, 87% in 2004, 88% in 2003) and the issuing companies (42%, compared to 13% in 2004 and 12% in 2003) for the financing of future development.
  • The placement regarding the fourth Enel tranche was the ninth largest amount raised ever; the IPO relating to Toro was the eleventh biggest transaction carried out for the purpose of admission to trading (the third not linked to privatization transactions).
  • Retail and institutional investors displayed interest in placement operations: the average oversubscription figure (the ratio between the number of securities demanded and those effectively allocated) among the IPOs was 5.1 (3.9 the median), more than double the 2004 level, with peaks equalling 12.7 for Bioera, 12.6 for Banca Italease and 9.0 for Igd. The fourth Enel tranche received applications 2.9 times the number of shares offered.


  • During the course of the year 23 takeover bids were performed, raising a total of €19.8 billion (19 transactions worth €0.5 billion in 2004). The overall turnover figures made the second biggest all-time record, topped only by the 1999 figures (€55.5 billion).
  • In 8 cases the takeover bids were voluntary (5 in 2004) and in 15 cases they were compulsory, of which 4 were residual (14 in 2004, of which 4 residual).
  • The main transactions in 2005 were the takeover bids for Tim (ordinary and savings shares) made by Telecom Italia (€13.8 billion), the bid for Ras (ordinary and savings shares) made by Allianz (€2,7 billion) and the bid for Edison (ordinary shares and warrants) made by Transalpina Energia (€2.6 billion). These were followed by the takeover bid by Zi. Fi. for Zignago (€221 million) and that of Telecom Italia Media for its own shares (€148 million). All other transactions had a total turnover of less than €100 million.
  • The takeover bid by Telecom Italia for Tim was the second biggest in the history of the Italian market, topped only by the takeover bid for Telecom Italia in 1999; those relating to Ras and Edison made eighth and ninth place.
  • Two bids (Abn Amro Bank on Banca Antonveneta and Banco Bilbao Vizcaya Argentaria on Bnl) did not reach the minimum compliance requirements and were therefore withdrawn. Two other bids, one voluntary and one compulsory, by Banca Popolare Italiana for Banca Antonveneta were suspended and then declared void by Consob, due to lack of information and violation of the procedures regarding takeover bid transactions.
  • Following the takeover bid transactions during the course of the year, 5 companies were delisted (Ericsson, Grandi Navi Veloci, Industrie Zignago S. Margherita, Procomac and Roland Europe), involving a total capitalisation at 30.12.2004, of 1.6 billion, (equal to 0.3% of total capitalisation).

Milan, 31 December 2005

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