Chat with Filing

Ask questions about this document
Please log in or register to use the chat feature. Please register first.
ER - Dati definitivi 1° trimestre 2025 - risultati 30.4.2025 (Versione Inglese)

Company: Banca Mediolanum Date: 2025-05-08 Language: English Register to download
Loading document preview...
Document Preview Not Available

The file type (.pdf) cannot be displayed directly here.
Open Original File
Error loading document preview. Please try the 'Open Original File' link.
You're One Click Away From The Full Filing

Instantly access this document—and 2.8M more—for free. Select your preferred method:
Continue with Google Continue with Microsoft Continue with Facebook Continue with Amazon
![](_page_0_Picture_0.jpeg)

| Informazione<br>Regolamentata n.<br>1795-36-2025 |   | Data/Ora Inizio Diffusione<br>8 Maggio 2025 11:32:12                          | Euronext Milan |  |
|--------------------------------------------------|---|-------------------------------------------------------------------------------|----------------|--|
|                                                  |   |                                                                               |                |  |
| Societa'                                         | : | BANCA MEDIOLANUM                                                              |                |  |
| Identificativo Informazione<br>Regolamentata     | : | 205253                                                                        |                |  |
| Utenza - referente                               | : | BCAMEDIOLANUMN07 - Lietti Angelo -<br>7LVZJ6XRIE7VNZ4UBX81                    |                |  |
| Tipologia                                        | : | REGEM                                                                         |                |  |
| Data/Ora Ricezione                               | : | 8 Maggio 2025 11:32:12                                                        |                |  |
| Data/Ora Inizio Diffusione                       | : | 8 Maggio 2025 11:32:12                                                        |                |  |
| Oggetto                                          | : | Dati definitivi 1° trimestre 2025 - risultati<br>30.4.2025 (Versione Inglese) |                |  |
| Testo<br>del<br>comunicato                       |   |                                                                               |                |  |

Vedere allegato

![](_page_1_Picture_1.jpeg)

![](_page_1_Picture_2.jpeg)

PRESS RELEASE

### **THE MEDIOLANUM BANKING GROUP**

**First Quarter 2025 Results** 

# **A solid first quarter: net income and inflows on the rise**

- **NET INCOME: € 243.3 MILLION**
- **ASSETS UNDER ADMINISTRATION: € 140.30 BILLION**
- **CREDIT BOOK: € 17.78 BILLION**
- **COMMON EQUITY TIER 1 RATIO: 22.5%**
- **APRIL TOTAL NET INFLOWS: € 1.13 BILLION**
- **APRIL TOTAL NET INFLOWS INTO MANAGED ASSETS: € 1.13 BILLION**

The Board of Directors of Banca Mediolanum S.p.A., which met today, approved the Consolidated Financial Statements of the Mediolanum Group as of March 31, 2025.

**Massimo Doris**, **CEO of Banca Mediolanum**, comments: "2025 opens with a solid first quarter marked by very positive results for Banca Mediolanum. Net income stands at 243 million euro, up 10% compared to the same period last year – a figure that reflects the strength of a business model built on solid foundations, shaped by consistency and a long-term vision. A particularly noteworthy figure is the net inflows into managed assets which, including the month of April – our best month ever – exceed 3.1 billion euro: an exceptional result driven by the trust of our customers and the professionalism of our Family Bankers. In this context, I also want to highlight the contribution of instalment plans, with annual flows now close to 2 billion euro. Total assets surpassed 140 billion euro - a new all-time record - just like the credit book, nearing 18 billion euro. This first quarter, therefore, leads me to look ahead to the rest of the year with confidence and optimism, even in an environment still marked by multiple global uncertainties.".

## **FINANCIAL RESULTS AS AT MARCH 31, 2025**

- The excellent performance of the commercial results in recent months has led to exceptionally high average assets, generating **Net Commission Income** of **€ 316.2 million**, an increase of **9%** compared to the first quarter of 2024.
- **Net Interest Income**, amounting to **€ 180 million**, **-18%** compared to the first quarter of 2024, reflects the changed interest rate environment compared to the beginning of 2024 and the impact of the success of the commercial initiatives on the cost of funding.
- The **Operating Margin** reached **€ 279.1 million**, in line with the same period last year, also thanks to the growth in commission income and cost control, which offset the impact of the decline in net interest income.
- Therefore, **Net Income** stands at **€ 243.3 million**, an increase of **10%** compared to the same period last year, also thanks to the positive market effects, particularly observed in the first two months of the year.
- Total **Assets under Management and Administration** amount to **€ 140.30 billion**, reflecting a **1%** increase from the end of 2024.

![](_page_2_Picture_1.jpeg)

- The retail **Credit Book** of the Group amounted to **€ 17.78 billion**, showing an increase of **1%** compared to the end of 2024. The ratio of **Net Non-Performing Exposures** on the total loans of the Group remains extremely low, standing at **0.77%.**
- The **Common Equity Tier 1 Ratio** stood at **22.5%** as of March 31, 2025, confirming Banca Mediolanum's strong capital position and fully absorbing the impact of the Basel regulatory framework reform introduced at the start of the year.

# **BUSINESS RESULTS AS AT MARCH 31, 2025**

The **business results** amounted to **€ 4.67 billion**. In particular:

- **Total Net Inflows** were positive at **€ 3.77 billion**, up **23%** compared to the first quarter of 2024, while **Net Inflows into Managed Assets** reached **€ 2.01 billion**, marking a **71%** increase.
- **Loans Granted** during the period amounted to **€ 849 million**, up **51%** compared to the same period last year, also reflecting the recovery in the real estate market.
- **General Insurance Premiums** reached **€ 53.3 million**, up **26%** compared to the first quarter of 2024, driven by contributions from both stand-alone and loan protection policies.
- As of March 31, 2025, the number of **Family Bankers** stands at **6,491**, slightly up from the end of 2024; the total number of **customers** reached **1,963,300**, a **2%** increase since the beginning of the year. This result was driven by strong growth in new customers, with 64,500 acquired — up 3% from last year — thanks to the success of the promotional initiatives launched at the start of 2025.

# **2025 GUIDANCE**

Below are the expected results for the 2025 financial year in relation to the Group's key business, financial, and capital indicators:

- Net inflows into managed assets are expected to remain strong, with volumes in line with 2024.
- Net Interest Income for 2025 is projected to decline by 5% compared to the previous year.
- Cost/Income Ratio is expected to remain below 40%.
- Cost of Risk is estimated at approximately 20 basis points.
- The 2025 dividend is expected to increase compared to the 2024 base dividend of €0.75.

![](_page_3_Picture_1.jpeg)

![](_page_3_Picture_2.jpeg)

## **APRIL 2025 BUSINESS RESULTS**

Banca Mediolanum also announces its business results for the month of **April 2025**:

| € mn                                     | Apr.<br>2025 | YTD<br>2025 | YTD<br>2024 |
|------------------------------------------|--------------|-------------|-------------|
| TOTAL BUSINESS RESULTS OF THE GROUP      | 1,454        | 6,121       | 4,912       |
| -<br>Total Net Inflows                   | 1,126        | 4,892       | 4,089       |
| Net Inflows into Managed Assets          | 1,135        | 3,148       | 1,801       |
| o/w Mutual Funds, U-L & Managed Accounts | 1,183        | 3,306       | 1,536       |
| Net Inflows into Administered Assets     | (8)          | 1,743       | 2,289       |
| -<br>Total Loans Granted                 | 308          | 1,157       | 764         |
| -<br>General Insurance Premiums          | 19           | 72          | 58          |

Preliminary data subject to change & rounded for presentation purposes

----------------------------------

In an effort to provide more comprehensive disclosure of the results as at March 31, 2025, the segment report detailing economic and financial data has been prepared according to a format that reflects the internal reporting criteria of the Mediolanum Group. This reclassified segment report is not subject to audit by the independent auditors.

Please take note that following the new legislative decree n. 25 of February 15, 2016, which implemented the latest European Transparency Directive, the previous obligations to disclose quarterly results to the market no longer apply.

The Quarterly Report as at March 31, 2025 should be considered voluntary reporting by Banca Mediolanum S.p.A., consistent with previous periods. It will be made available at the company's registered office, through the Spafid Connect S.p.A. storage service at www.emarketstorage.com, and on the website www.bancamediolanum.it in the Investor Relations section within five days of Board approval.

The Officer responsible for preparing Banca Mediolanum S.p.A financial reports, Angelo Lietti, declares, in compliance with the requirements of paragraph 2 of article 154 bis of the Consolidated Finance Act, the accounting information contained herein corresponds to the accounting entries, records and books.

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

Attachments:

- Balance Sheet as at March 31, 2025
- Reclassified Income Statement as at March 31, 2025
- Segment Report as at March 31, 2025

Basiglio - Milano 3 City, May 8, 2024

Contacts: **Media & Public Relations Investor Relations**  Roberto De Agostini Alessandra Lanzone Tel +39 02 9049 2100 Tel +39 02 9049 2039 Mob +39 348 8100 802 Mob +39 335 5684 808 e-mail: [roberto.deagostini@mediolanum.it](mailto:roberto.deagostini@mediolanum.it) e-mail: [alessandra.lanzone@mediolanum.it](mailto:alessandra.lanzone@mediolanum.it)

![](_page_4_Picture_1.jpeg)

![](_page_4_Picture_2.jpeg)

### **Assets**

| €/000                                                                             | March 31, 2025 | December 31, 2024 |
|-----------------------------------------------------------------------------------|----------------|-------------------|
| 10. Cash and cash equivalents                                                     | 716,931        | 684,440           |
| 20. Financial assets at FVPL                                                      | 42,630,949     | 42,531,431        |
| a) held for trading                                                               | 991,715        | 416,218           |
| b) designated at fair value                                                       | 41,431,468     | 41,904,095        |
| c) mandatorily measured at fair value                                             | 207,766        | 211,118           |
| 30. Financial assets measured at fair value through other comprehensive<br>income | 2,243,803      | 2,305,833         |
| 40. Financial Assets measured at amortised cost                                   | 38,108,439     | 37,863,887        |
| a) due from banks                                                                 | 933,145        | 811,382           |
| b) loans to customers                                                             | 37,175,294     | 37,052,505        |
| 80. Insurance contract assets                                                     | 72,113         | 70,997            |
| 90. Property and equipment                                                        | 207,879        | 209,693           |
| 100. Intangible assets                                                            | 214,173        | 212,914           |
| of which:                                                                         |                |                   |
| - goodwill                                                                        | 125,625        | 125,625           |
| 110. Tax assets                                                                   | 812,548        | 834,297           |
| a) current                                                                        | 647,781        | 664,392           |
| b) deferred                                                                       | 164,767        | 169,905           |
| 120. Non-current assets held for sale and discontinued operations                 | 480            | 823               |
| 130. Other assets                                                                 | 1,133,230      | 1,439,957         |
| TOTAL ASSETS                                                                      | 86,140,545     | 86,154,272        |

![](_page_5_Picture_1.jpeg)

# **Liabilities and Shareholders' Equity**

| €/000                                                | March 31, 2025 | December 31, 2024 |
|------------------------------------------------------|----------------|-------------------|
| 10. Financial liabilities measured at amortised cost | 35,802,114     | 35,528,900        |
| a) due to banks                                      | 1,018,053      | 717,433           |
| b) due to customers                                  | 34,481,729     | 34,497,838        |
| c) debt certficates including bonds                  | 302,332        | 313,629           |
| 20. Financial liabilities held for trading           | 90             | 3                 |
| 30. Financial liabilities designated at fair value   | 18,858,738     | 18,740,436        |
| 60. Tax liabilities                                  | 454,399        | 410,923           |
| a) current                                           | 360,776        | 307,087           |
| b) deferred                                          | 93,623         | 103,836           |
| 80. Other liabilities                                | 1,152,087      | 1,289,681         |
| 90. Employee termination indemnities                 | 11,956         | 12,228            |
| 100. Allowances for risks and charges                | 344,552        | 342,336           |
| a) commitments and guarantees given                  | 1,289          | 930               |
| b) post-employment benefits                          | 105            | 105               |
| c) other allowances for risks and charges            | 343,158        | 341,301           |
| 110. Insurance contract liabilities                  | 25,155,869     | 25,804,045        |
| 120. Valuation reserves                              | 205,885        | 119,833           |
| 150. Reserves                                        | 3,651,454      | 2,526,734         |
| 155. Interim dividends                               | (272,832)      | (272,832)         |
| 160. Share premium reserve                           | 9,234          | 9,082             |
| 170. Share capital                                   | 600,697        | 600,688           |
| 180. Treasury shares (-)                             | (77,035)       | (77,414)          |
| 200. Net Profit (Loss) for the period (+/-)          | 243,337        | 1,119,629         |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY           | 86,140,545     | 86,154,272        |

![](_page_6_Picture_1.jpeg)

## **Reclassified Income Statement**

| €/000                                                       | March 31, 2025 | March 31, 2024 |
|-------------------------------------------------------------|----------------|----------------|
| Entry fees                                                  | 16,871         | 12,977         |
| Management fees                                             | 343,617        | 303,306        |
| Investment Management fees                                  | 66,896         | 60,113         |
| Net insurance result                                        | 56,393         | 47,956         |
| Banking services fees                                       | 48,522         | 51,151         |
| Other fees                                                  | 13,797         | 12,503         |
| Total commission income                                     | 546,096        | 488,006        |
| Acquisition costs                                           | (186,937)      | (158,918)      |
| Other commission expenses                                   | (42,934)       | (38,614)       |
| Total commission expenses                                   | (229,871)      | (197,532)      |
| Net commission income                                       | 316,225        | 290,474        |
| Net interest income                                         | 179,965        | 219,980        |
| Net income (loss) on other investments                      | (303)          | 2,134          |
| Impairment on loans                                         | (1,389)        | (8,837)        |
| Other revenues & expenses                                   | 598            | 265            |
| CONTRIBUTION MARGIN                                         | 495,096        | 504,016        |
| G & A expenses                                              | (185,438)      | (176,091)      |
| Contributions to Banking & Insurance Industry               | (4,616)        | (22,073)       |
| Amortisation & depreciation                                 | (7,733)        | (9,042)        |
| Provisions for risks & charges                              | (18,166)       | (13,749)       |
| TOTAL COSTS                                                 | (215,953)      | (220,955)      |
| OPERATING MARGIN                                            | 279,143        | 283,061        |
| Performance fees                                            | 39,174         | 29,605         |
| Net income on investments at fair value                     | 12,834         | (4,327)        |
| MARKET EFFECTS                                              | 52,008         | 25,278         |
| Extraordinary Contributions to Banking & Insurance Industry | (1,131)        | (10,795)       |
| EXTRAORDINARY ITEMS                                         | (1,131)        | (10,795)       |
| PROFIT BEFORE TAX                                           | 330,020        | 297,544        |
| Income tax                                                  | (86,683)       | (77,031)       |
| NET PROFIT (LOSS) FOR THE PERIOD                            | 243,337        | 220,513        |

![](_page_7_Picture_1.jpeg)

### **PROFIT & LOSS FIGURES DATA BY DIVISION AS AT MARCH 31, 2025**

| MEDIOLANUM GROUP                                            | ITALY    |                     |                   | FOREIGN |                   |                 |              |                   |
|-------------------------------------------------------------|----------|---------------------|-------------------|---------|-------------------|-----------------|--------------|-------------------|
| Euro thousands                                              | BANKING  | ASSET<br>MANAGEMENT | INSURANCE         | OTHER   | TOTAL             | SPAIN           | GERMANY      | TOTAL             |
|                                                             |          |                     |                   |         |                   |                 |              |                   |
| Entry fees                                                  | -        | 9,905               | -                 | -       | 9,905             | 6,966           | -            | 16,871            |
| Management fees                                             | -        | 183,269<br>35,384   | 126,971<br>25,881 | -<br>-  | 310,240<br>61,265 | 32,025<br>5,350 | 1,352<br>281 | 343,617<br>66,896 |
| Investment Management fees<br>Net Insurance result          | -        | -                   | 53,462            | -       | 53,462            | 2,779           | 152          | 56,393            |
| Banking services fees                                       | 45,761   | -                   | -                 | -       | 45,761            | 2,761           | -            | 48,522            |
| Other fees                                                  | 116      | 7,951               | 3,837             | 798     | 12,702            | 1,042           | 53           | 13,797            |
| Total commission income                                     | 45,877   | 236,509             | 210,152           | 798     | 493,335           | 50,923          | 1,838        | 546,096           |
| Acquisition costs                                           | (23,093) | (84,761)            | (60,481)          | 3,501   | (164,834)         | (21,554)        | (549)        | (186,937)         |
| Other commission expenses                                   | (20,448) | (9,207)             | (8,712)           | -       | (38,366)          | (4,428)         | (140)        | (42,934)          |
| Total commission expenses                                   | (43,541) | (93,968)            | (69,193)          | 3,501   | (203,200)         | (25,982)        | (689)        | (229,871)         |
| Net commission income                                       | 2,336    | 142,541             | 140,959           | 4,299   | 290,135           | 24,941          | 1,149        | 316,225           |
| Net interest income                                         | 150,069  | 493                 | 15,646            | 19      | 166,227           | 13,488          | 250          | 179,965           |
| Net income (loss) on other investments                      | (69)     | 5                   | (320)             | 9       | (376)             | 73              | -            | (303)             |
| Impairment on loans                                         | (1,150)  | -                   | -                 | -       | (1,150)           | (239)           | -            | (1,389)           |
| Other revenues & expenses                                   | (863)    | 192                 | (333)             | 1,299   | 294               | 303             | 1            | 598               |
| CONTRIBUTION MARGIN I                                       | 150,323  | 143,231             | 155,952           | 5,625   | 455,130           | 38,566          | 1,400        | 495,096           |
| Direct & Indirect Allocated costs                           | (58,535) | (25,233)            | (27,017)          | (1,687) | (112,472)         | (19,206)        | (108)        | (131,786)         |
| Contributions to Banking & Insurance Industry               | (491)    | -                   | (4,125)           | -       | (4,616)           | -               | -            | (4,616)           |
| CONTRIBUTION MARGIN II                                      | 91,297   | 117,998             | 124,809           | 3,938   | 338,042           | 19,360          | 1,292        | 358,693           |
| Unallocated Costs                                           | -        | -                   | -                 | -       | (53,652)          | -               | -            | (53,652)          |
| Amortisation & depreciation                                 | -        | -                   | -                 | -       | (5,249)           | (2,480)         | (4)          | (7,733)           |
| Provisions for risk & charges                               | -        | -                   | -                 | -       | (16,977)          | (1,189)         | -            | (18,166)          |
| OPERATING MARGIN                                            | 91,297   | 117,998             | 124,809           | 3,938   | 262,164           | 15,691          | 1,288        | 279,143           |
| Performance fees                                            | -        | 29,856              | 7,782             | -       | 37,638            | 1,407           | 129          | 39,174            |
| Net income on investments at fair value                     | 12,642   | (197)               | 16                | -       | 12,460            | 374             | -            | 12,834            |
| MARKET EFFECTS                                              | 12,642   | 29,659              | 7,798             | -       | 50,098            | 1,781           | 129          | 52,008            |
| Extraordinary Contributions to Banking & Insurance Industry | (1,131)  | -                   | -                 | -       | (1,131)           | -               | -            | (1,131)           |
| EXTRAORDINARY ITEMS                                         | (1,131)  | -                   | -                 | -       | (1,131)           | -               | -            | (1,131)           |
| PROFIT BEFORE TAX                                           | 102,807  | 147,657             | 132,607           | 3,938   | 311,131           | 17,472          | 1,417        | 330,020           |
| Income tax                                                  | -        | -                   | -                 | -       | (83,190)          | (3,302)         | (191)        | (86,683)          |
| NET PROFIT (LOSS)                                           | 102,807  | 147,657             | 132,607           | 3,938   | 227,941           | 14,171          | 1,225        | 243,337           |

### **PROFIT & LOSS FIGURES DATA BY DIVISION AS AT MARCH 31, 2024**

| (mediolar |
|-----------|
|           |

| MEDIOLANUM GROUP<br>Euro thousands                          | ITALY    |                     |           |         |           |          | FOREIGN |           |
|-------------------------------------------------------------|----------|---------------------|-----------|---------|-----------|----------|---------|-----------|
|                                                             | BANKING  | ASSET<br>MANAGEMENT | INSURANCE | OTHER   | TOTAL     | SPAIN    | GERMANY | TOTAL     |
| Entry fees                                                  | -        | 8,499               | -         | -       | 8,499     | 4,478    | -       | 12,977    |
| Management fees                                             | -        | 165,379             | 109,345   | -       | 274,724   | 27,037   | 1,545   | 303,306   |
| Investment Management fees                                  | -        | 32,179              | 22,808    | -       | 54,987    | 4,781    | 345     | 60,113    |
| Net Insurance result                                        | -        | -                   | 44,930    | -       | 44,930    | 2,792    | 234     | 47,956    |
| Banking services fees                                       | 48,675   | -                   | -         | -       | 48,675    | 2,476    | -       | 51,151    |
| Other fees                                                  | 102      | 7,003               | 3,330     | 1,170   | 11,604    | 839      | 60      | 12,503    |
| Total commission income                                     | 48,777   | 213,059             | 180,413   | 1,170   | 443,419   | 42,403   | 2,184   | 488,006   |
| Acquisition costs                                           | (28,478) | (70,883)            | (44,404)  | 1,203   | (142,561) | (15,433) | (924)   | (158,918) |
| Other commission expenses                                   | (18,742) | (9,058)             | (6,922)   | -       | (34,722)  | (3,731)  | (161)   | (38,614)  |
| Total commission expenses                                   | (47,220) | (79,940)            | (51,326)  | 1,203   | (177,283) | (19,164) | (1,085) | (197,532) |
| Net commission income                                       | 1,557    | 133,119             | 129,087   | 2,373   | 266,136   | 23,239   | 1,099   | 290,474   |
| Net interest income                                         | 185,116  | 1,782               | 14,459    | 28      | 201,385   | 18,202   | 393     | 219,980   |
| Net income (loss) on other investments                      | 1,753    | 32                  | 108       | 184     | 2,076     | 58       | -       | 2,134     |
| Impairment on loans                                         | (8,708)  | -                   | -         | -       | (8,708)   | (129)    | -       | (8,837)   |
| Other revenues & expenses                                   | (1,756)  | 148                 | (356)     | 2,081   | 117       | 137      | 11      | 265       |
| CONTRIBUTION MARGIN I                                       | 177,962  | 135,080             | 143,298   | 4,666   | 461,006   | 41,507   | 1,503   | 504,016   |
| Direct & Indirect Allocated costs                           | (60,612) | (25,309)            | (25,486)  | (1,605) | (113,012) | (15,933) | (553)   | (129,498) |
| Contributions to Banking & Insurance Industry               | (17,815) | -                   | (4,258)   | -       | (22,073)  | -        | -       | (22,073)  |
| CONTRIBUTION MARGIN II                                      | 99,534   | 109,771             | 113,554   | 3,061   | 325,920   | 25,574   | 950     | 352,445   |
| Unallocated Costs                                           | -        | -                   | -         | -       | (46,593)  | -        | -       | (46,593)  |
| Amortisation & depreciation                                 | -        | -                   | -         | -       | (7,118)   | (1,918)  | (6)     | (9,042)   |
| Provisions for risk & charges                               | -        | -                   | -         | -       | (13,257)  | (492)    | -       | (13,749)  |
| OPERATING MARGIN                                            | 99,534   | 109,771             | 113,554   | 3,061   | 258,953   | 23,164   | 944     | 283,061   |
| Performance fees                                            | -        | 19,997              | 8,964     | -       | 28,961    | 584      | 60      | 29,605    |
| Net income on investments at fair value                     | (4,960)  | 32                  | 170       | -       | (4,758)   | 403      | 28      | (4,327)   |
| MARKET EFFECTS                                              | (4,960)  | 20,028              | 9,134     | -       | 24,203    | 987      | 88      | 25,278    |
| Extraordinary Contributions to Banking & Insurance Industry | (10,795) | -                   | -         | -       | (10,795)  | -        | -       | (10,795)  |
| EXTRAORDINARY ITEMS                                         | (10,795) | -                   | -         | -       | (10,795)  | -        | -       | (10,795)  |
| PROFIT BEFORE TAX                                           | 83,780   | 129,800             | 122,688   | 3,061   | 272,361   | 24,151   | 1,032   | 297,544   |
| Income tax                                                  | -        | -                   | -         | -       | (71,574)  | (5,285)  | (172)   | (77,031)  |
| NET PROFIT (LOSS)                                           | 83,780   | 129,800             | 122,688   | 3,061   | 200,787   | 18,865   | 860     | 220,513   |

| Numero di Pagine: 10 |
|----------------------|
|                      |