Ladies and gentlemen, thank you for standing by. I am Gail, your Chorus Call operator. Welcome and thank you for joining the OPAP S.A. conference call and live webcast question and answer session to discuss the third quarter 2021 financial results. Please note a video presentation has been distributed and is available on the OPAP investor relations website. All participants will be in listen-only mode and the conference is being recorded. At this time, I would like to turn the conference over to Mr. Jan Karas, CEO of OPAP S.A. Mr. Karas, you may now proceed. Thank you very much. Good evening or good morning to everyone, and welcome to our regular Q3 results conference call. This time we have tried to be innovative, as in everything we do. I hope you appreciate as much as we do that the visual contact is generally much more preferable to the audio only, and therefore we were delivering to you a new format today with combined recorded video and results presentation that hopefully is more efficient and saves you time since you have the option to watch it at your own convenience prior to this session. The video presentation has been distributed since this morning, and additionally it is available in the IR section of our website. I hope you all had the chance to watch it, and I also hope you like it. Now, should our IR team receive your positive feedback on this new format, we will be certainly looking forward to adopt it as the new norm for us going forward. Now we can directly jump into the Q&A session. Operator, over to you. Let's start. Ladies and gentlemen, at this time we will begin the question and answer session. Anyone who wishes to ask a question may press star followed by one on their telephone. If you wish to remove yourself from the question queue, then you may press star and two. Please use your handset when asking your question for better quality. Anyone who has a question may press star and one at this time. One moment for the first question, please. The first question is from the line of Iakovos Kourtesis with Piraeus Securities. Please go ahead. Yes, good afternoon, gentlemen. Two questions from my side. First has to do with your dividend policy. As far as I remember you are committed to a minimum dividend distribution of EUR 1 dividend per share per year. However, I assume this is for normalized conditions. Would you consider to reexamine your dividend policy if the epidemiological data will worsen in the next few weeks, and this will lead to a lockdown? This is my first question. The second question has to do with the minimum GGR tax payment for Hellenic Lotteries, annual GGR tax payment, which stands at EUR 50 million. Do you have any developments in your legal action on this issue with the Greek state? Thank you very much. Good afternoon. Pavel Mucha speaking. Thank you for the question. What we said last time about our dividend policy remains valid. We want to maximize the possible amount of distribution and pay regularly twice a year. At the moment, we have no reason to change it, including the floor of EUR 1. We just have excellent Q3 results. Yes, epidemiological situation is definitely worsening. At this stage, our policy remains in place and we have no reason to somehow adjust it. Correct. I will connect on the second part of the question about the Hellenic Lotteries tax obligation. I assume you refer to the Hellenic Lotteries arbitration that we have now opened. There is no development at this moment that we could update you on. We continue according to the timetable of the arbitration court, and of course, as soon as we have any updates we will come back to you on that. Thank you. Thank you very much. The next question is from the line of Stamatios Draziotis with Eurobank Equities. Please go ahead. Yes, hi there, and just firstly to say well done for coming up with this new format for the conference call. It's quite a clever one and saves us quite a lot of time. Just on my questions, firstly a follow-up on the previous question regarding the arbitration with the Greek state with respect to Hellenic Lotteries gaming duty. Just wondering, do you think it's reasonable to expect the case to be decided upon in time for your 2021 results? And if this is indeed the case and you manage to get a positive court decision, what would the impact be on your numbers from the reversal of the extra gaming duty charge? That was the first question. Second one, just on the recent, you know, stiffer restrictions which we all know, firstly the display of a negative COVID test and or a proof of recovery from COVID or a vaccine certificate, then the curbs effectively limiting access solely to vaccinated individuals. Just wondering, I mean, I know the impact from the latter is rather hard to gauge as this has only been in effect for a few days, but could you maybe You know, talk a bit about how the former affected your business and maybe, you know, tell us the extent to which you feel there is a chance that the government decision might change, and the OPAP shops might eventually be treated as retail venues, as was the case with previous COVID-related measures. Thank you. Thank you very much for the good question, and thank you very much for your kind words on the new format. It's much appreciated. Starting with the first question, the Hellenic Lotteries arbitration. I really don't want to speculate on the development of the case. If I should give you a little bit more color, then all I can tell you at this moment that we hope that we will hear more before the year end. I don't have any information at all to allow me even any speculations on what the feedback will be and what the final agreement eventually will be, so that I could give you a flavor as to what the impact on our numbers could be. I'm sorry, but we are not able to tell you more on this now. Regarding the second question, very good one and very relevant one these days. Just to put it into picture for all the audience. We have about two weeks ago been exposed to measures requesting COVID vaccination or COVID test as a mandatory condition for entering the OPAP store. That obviously created a challenge for us, a challenge that is following the one with PLAY stores that already happened several weeks prior to that. Starting this Monday, this situation got even worse because only vaccinated people are allowed to go into the store. Now, as to the first part of the measure that happened more than two weeks back, the early indication on the total numbers was around 10%, but 10% impact and improving in time and improving in a positive way. Yet, it's a number on total. It's important to notice that, A, we see quite a different impact per vertical, per different games. We see very different impacts in geographies depending on the number of vaccinated people. And as I've mentioned, we have seen development in time that was improving. Now, starting this Monday, the measures have worsened even more. We have only two days behind us, so I really wanna abstain from any speculations as to what the impact will be. Certainly the impact would be again something we will notice, as you can logically assume, when people who are not vaccinated are simply prohibited from entering the store. As to your last part of the question, could this decision eventually change? As you may have noticed in the media, just today is a strike of OPAP agents happening in front of Ministry of Finance. To our understanding as to the unofficial information we have, they have met government representatives, and their promises have been made about this measure to be possibly brought back. I'm referring now to the last part of only vaccinated people allowed to enter the store. Possibly we may go back to the measure we have had until last week, which until this Sunday, which would certainly be much better than the new ones. Again, for those who are not aware, to put it into perspective, why we consider it unfair and why we are optimistic that possibly we might see that decision to be reversed, is that OPAP stores have been put in the bucket with restaurants for the first time. In all the different measures that we have seen in the last two years, we were always in a bucket with other retail, and other retail continues to allow customers, even non-vaccinated, with the COVID test to enter the stores. In a sense, that's the case. In the next days, we should see hopefully some positive developments on that front. Again, it's not something I can officially confirm. It's only informal information we have received just today. Mr. Draziotis, are you finished with your questions? Mr. Draziotis, I apologize. We cannot hear you. We will move on. The next question is from the line of Dimitris Birbos with Optima Bank. Please go ahead. Yes. Good afternoon, gentlemen. Thank you for your presentation and, the new format was a great idea, I think. I have three questions. The first one relates to the online activity, Stoiximan, who have seen a 28% growth in GGR in the third quarter. It would be great if you could provide some update about the performance of Stoiximan in October and November, if we should expect some deceleration or the growth is still there. Because you mentioned in your presentation that there are some unfavorable sports results. This means that we should expect some, let's say, less strong growth in Q4. The second question has to do with the performance of the lot-based games. The GGR was down by 2%. I understand that there was a high base of comparison for JOKER and also for Instant & Passives. I wonder what was the performance of KINO, given that the retail sales in Greece goes up by 12% in July and 8% in August. To be honest, I was expecting to see a positive lottery GGR growth in third quarter. If you could provide some insight about the KINO performance and what is games performance in October and of course in November, of course, last year OPAP's stores were closed in early November. For October, if you have seen some better performance for KINO. The last question has to do with your loyalty program. I think it's a very interesting initiative from your side. I'm wondering what are the benefits in the first months of implementation of this program. If agents are happy with this program, the Wheel of Fortune, what is the impact on visitorship? Also if you see some more upside potential from the customer penetration rate and also participation of players. That's my question from my side. Thank you. I will start with the second part of your question. Performance in the Q3 overall in retail. Yes, indeed, we have seen a good performance in KINO. Largely, we like to believe that thanks to the resilience of the business and positive impact of our new loyalty scheme, which at that period was predominantly used, as you could see in the charts we have shown you in our presentation by KINO players. I think that's one of the colors that I wanna give you on the loyalty scheme, which I'll speak about in a second. Before I go there, though, regarding the general trends in Q3, we have since you mentioned also JOKER and scratch, these are at the same time, or on the other hand I might say, verticals that have certainly been under challenge due to the missing, occasional or peripheral players in our stores. Connected generally with the pandemic and people making more cautious choices as to visiting, point of sales and generally going out. That is on the point of lottery games in the summertime. In terms of loyalty, again, to remind ourselves, the key reason why we are doing loyalty is actually the smart de-anonymization of the retail base. Our base historically, our retail historically has been an anonymous play, and we want to evolve that, and we want to collect the customer data so that we can bring a better solutions and better experiences to our customers. And also because we want to digitalize the customer experience in stores which gives us benefits like personalization of our offers. First of all, smart de-anonymization of the base. Second, smarter development of the new propositions going forward. Third, digitalization of the retail experience because loyalty app is just the first step. And if you have seen my presentation, you would see the next day being the OPAP Store app, where the loyalty is combined with the ability to place your bet and collect your winnings. Another extremely important dimension. Last but not least, the loyalty itself giving benefits to customers is significantly improving the perception of winnability. Another challenge that we constantly have, because we wanna make sure that our customers feel they are winning with us and strengthening that element is very important for our business. We tick all the boxes with our loyalty scheme. What is important, it's not some kind of OpEx that costs us money and it's just another budget line. It's the important thing is all this is powered by the loyalty scheme, or I should probably say a CRM scheme behind that brings us money back. It's a profit-generating activity at the same time. I think the financial results are yet to be seen in mid- to long-term, when we reach an even bigger penetration of the base. Already now I can tell you that we are seeing multiples of the GGR for every euro of investment. That's a great result for the start, and we are very encouraged so far about it. Now, your question was also about agents and customers. We have positive feedback from both customers as well as agents. We also see a lot of engagement around this proposition. We also have a lot of feedback from both customers as well as our agents on how to develop the loyalty scheme further. Typical example of something that we want to bring in the next day is more involvement of our retailers and the point of sale network in delivering benefits to the customers, in making personalized, more personalized communication to them, et cetera, et cetera. Impact on visitorship, not to avoid any specific question of yours, is not something I can comment in exact numbers because we are not tracking visitorship in our stores yet. It's by the way, another exciting side benefit of the technology that we have implemented in our stores that in the future will allow us track visitorship in our stores. For that reason, exact tracking is missing at this moment, and very importantly, the whole COVID situation bringing a significant disruption into whatever trends measuring, I cannot comment on the visitorship. I like to believe, and we certainly provide our loyalty also for the reason that it will bring us more customers, new customers, and the existing customers coming more often. The impact on visitorship should certainly be positive as well. Hopefully that covered your question. I'm handing over to Pavel to comment on the performance of Stoiximan, and that was the first part. Yes. The question about performance of Stoiximan into October and November. I would say Stoiximan continues very well in terms of the new registrations into activations of the customer base and the activity of the players and all the activities which they are doing. That is definitely the activity and the turnover of players that is there. Despite this, the Q4 result of Stoiximan will be a bit challenging, and this is purely because of October and purely because of sports betting, where October was a really difficult month in terms of the margin. In sports betting, it was really very high payout in October due to the results, due to the sports results. This is not really just for Stoiximan, this is also for OPAP online and all the other operators across Europe and globally. Really October was in the last three or four years by far the worst month in terms of the margin due to the sports betting payout and this will somehow impact the Q4 results. However, the situation is kind of one-off impact already in November. The situation is normalizing and will normalize going forward. For that reason, despite growing turnover, the GGR and the result in Q4 will be somewhat impacted. Okay. Thank you very much for your answers. The next question is a follow-up question from Stamatios Draziotis with Eurobank Equities. Please go ahead. Yes. Hi again. Firstly, just to thank you for your answers before I had an issue with my mic. Just a couple of quick questions that popped to my mind, follow-ups. You briefly mentioned in your presentation this, you know, the new regime regarding the tax on winnings, and recent performance has been dragged down a bit by this. Could you maybe, you know, give us a bit more color on that, so the impact from this regulatory measure? On online, we heard you the last time communicating some, you know, quite ambitious targets in the medium term. Could you maybe talk about, you know, the product plans that you have in the pipeline, for example, online KINO, and the time of actions and roll-outs? Thank you. Apologies. Can you, on the second part of the question, are you asking about the product, roadmaps or customer proposition evolution on the online side only? Or- Yes, that's correct. Yeah. Yeah, exactly. All right. Good. For the first part, impact on taxation, it was certainly something that was not very pleasant to us. Just to remind you, it was a taxation change happening early in July, but at the same time, we had also a number of competitors coming. We have done a lot of campaigns to protect our base and acquire more customers. There were multiple things happening at the same time. There was also a few weeks afterwards happening the max bet limit limitation to EUR 2. Quite a few things happened, not all of them very pleasant. The taxation max bet limit certainly didn't help our performance since it was something that customers did not appreciate it at all. As always, we were trying to compensate it by many different actions ranging from customer proposition development all the way to different promos that we have been doing in the summer. I have been mentioning those in the presentation. Overall, even though these obviously did have a negative impact, we somehow managed the difficulties as we always do and continue to grow our online business according to the numbers you have seen in the presentation. That's on the online performance. Regarding the second part of the question, the plans for the future of the portfolio, our plans are certainly to keep strengthening our lottery proposition, lottery online proposition. There is more that we have in our kitchen than the JOKER that currently customers can enjoy. We foresee an evolution of the lottery portfolio. We wanna provide a holistic offering for our customers. We wanna provide a true lottery entertainment, and it should be for much more focus on casual customers and players. In terms of what games you will see, we are certainly looking into and assessing the launch and benefits of all the games that we provide currently in retail. The way they will be offered in online might have some spin in it, because the beauty of a digital environment is that you can serve those things in a slightly different way to the customers. Now, not to confuse you, what I'm referring to while in the store, KINO BONUS, as an example, is a subset of KINO. In the online world, you can position it as almost like a separate game for customers to enjoy. Still with the same branding, obviously, because that's a regulatory obligation. Now, what I'm trying to give you a flavor of is that our aim is not just to bring our retail lottery games to online, and that's it. Our aim is to bring it with an exciting, entertaining twist, so that we provide a customer proposition that will be interesting for new segment of customers besides relevant to the existing ones. As to when exactly, there remains numerous question marks to be answered on the technology, legal and regulatory fronts for us to clarify, and sign off. That will then confirm the final launch dates, but as always, we will certainly make sure to keep you informed as to when exactly that will happen. Our intention is certainly next year. That's great. Thank you so much. The next question comes from the line of Fani Tzioukalia with Wood & Co. Please go ahead. Mrs. Tzioukalia has withdrawn her question. The next question comes from Virendra Chauhan with AlphaValue. Please go ahead. Yeah. Thanks for taking my questions. One is with respect to the slide on the loyalty program, I think the slide number 14, and I'm referring to the fourth chart in that or the graph, which with the heavy users increasing very, very rapidly. My question is that how does that play out from a problem gambling perspective, since that's been a talk in other parts of Europe and not specifically in Greece? How do we read it from that perspective? Could you know heavy users you know there could be a fine line between heavy usage and problem gambling. How do you balance that? Another question was anything in particular driving the strong cost controls? By that I mean, when I see the costs, well, the NGR-related costs, like, the agent commissions and, the payroll expenses specifically. There's some kind of a decrease at the overall level in spite of the top line momentum that you are seeing. Lastly, just, what is the current status of your retail estate and the distribution channel from like, what kind of constraints are you operating? In the presentation you did mention that you're seeing some kind of constraints, but, could you just, you know, detail them? That would be really helpful. Thank you. Can you clarify the third part of your question? Because I was speaking about the restrictions quite in detail. Are you referring to COVID measures restrictions, or you mean something else? No, the COVID restrictions that are in force in your retail channels. Are you on or like operating at some capacity constraints, or are you expected to shut down a certain part of your estate? Those kind of restrictions. Clear. Thank you. I will start from the last one. I was mentioning before it in more detail. Just quick recap. Last more than two weeks ago, we were imposed with new limitations that only vaccinated people or people with negative COVID tests are allowed into our OPAP stores. That was something that had around 10% impact on average on the performance. However, it was improving already in the week after in the positive direction. Now, this Monday, another hit came when the new limitation says that only vaccinated people and nobody else are allowed to enter our stores. Impact remains to be seen, but we certainly believe that this is something that will not remain unnoticed. At the same time, I have shared the positive expectations that possibly following the strike of agents today, we may see some developments that the state authorities might change the measures back to the previous ones that were valid until last Sunday. That's for the third part of the question. On the first one, the chart that you are referring to presents segments of players depending on their activity in the loyalty app. There is possibly a slightly misinterpreted description from our side, because we are not saying heavy players, we are saying heavy scanners. The segment that you are referring to are not necessarily people spending a fortune in the shops. They are simply playing more often, and they are scanning more often. What we believe, since responsible gaming is extremely important for us, and we take it very seriously, this is another benefit of the whole loyalty scheme that we have under control how customers play, and we can step in when we would see any unhealthy developments of behavior of our customers. We have such mechanics in place, and we proactively interact with customers where we would see a possible dangerous gambling behavior as part of our responsible gaming programs. Like I said, I believe it's the contrary. We want to reward our players. We wanna make sure they enjoy our games, they have fun, and that in a certainly safe and responsible environment, and that is a big priority for us. That is the reason why we have WLA certification received. I hope you can trust us that we mean this really seriously, as also confirmed by not only CEO statements, but also relevant third parties. As to the second part of your question, Pavel, you wanna comment? Yes. Well, you asked specifically about agents commission and about payroll. Agents commission is really directly linked to our revenues. Basically, there's no magic with agents commission. They are really correlated with the movements in the revenue. In terms of the payroll, yes, we took a number of cautious actions where really not only on payroll, but really on all OPEX throughout 2020 and into 2021, we are trying to control our costs. We had some actions to reduce the headcount and we were very cautious in terms of the salary increases, so all this helps us to manage the payroll line. In terms of the agents commission, what I would also mention that obviously, big part of our GGR growth is driven by online, where this has nothing to do with the agents. That's also maybe relative to revenues or NGR. You might see different growth in terms of agents commission versus the top line. Okay. Pavel, just one follow-up. When I look at the GGR related expense and the payroll expenses, is this like probably around 25-26% on the former and about the 4-4.5% level on your payroll? Is that something that we should be looking at, you know, which will be replicated in the future as well? I mean, will that sustain? I think with payroll, I cannot promise that the payroll will be flat because we have to continue to invest into our infrastructure and digitalization of OPAP, not only in online and into the retail. We will definitely not be able to stay with the same level, but we don't expect some dramatic growth. In terms of the agents commission, again, most of our growth going forward, as we also presented to you in the Q2 call in detail, is really in online. Of course, we continue to manage the retail, but definitely the top line will grow mainly thanks to the online. Again, you will not see dramatic increase in the agents commission. Okay. Perfect. Thank you. The new format is brilliant. Thank you for that. Thank you very much. The next question is from the line of Fani Tzioukalia with Wood & Co. Please go ahead. Hi. Hello, everyone. Sorry for before. Friendly advice, don't touch your AirPods if you're about, you know, to speak on the phone. 2 questions from my side. First of all, if you could just provide some color on retail sports betting for the quarter, for the third quarter of 2021 regarding the performance. Secondly has to do with online and Stoiximan. Few words maybe on how do you see the online competition and market share shaping now with the new licenses and with respect to your active players, if you see. I mean, we do see an increase, a very encouraging increase on the number of active players, but what about their spending habits? Do you see them, you know, spending some more money? Is it a stable spending versus registered accounts? That's it. Thank you. Thank you very much for your question. I'll start from the second one. The online performance for both OPAP and Stoiximan, as Pavel has commented before, as to very recent, we had a very unfortunate October, not only us, I think all sports betting providers around the world, or at least in this part of Europe, because the luck was on the customer side. That was unfortunate payout and an unusual payout. You were referring, I think, to the summer months, though. In summer, we obviously have seen impact of the measures that I have commented before, like the new taxation. Very important, the new licenses came in force, and that brought several new competitors in the market and a little bit disruption. We all were fighting for a good positions in this new environment. A lot of activities, marketing activities has been done around it. In terms of performance itself, it largely correlates with the availability of the content and availability of the sports events and markets for the customers. We have seen certainly continuous positive trends for both Sazka and OPAP. We hope that continues to be the case even in Q4. Yeah. Okay. In terms of the sports betting performance in Q3, it was a good quarter in the online, both for Sazka and for OPAP online as we already had before. In terms of the active players and the activity, it was really a decent quarter. In terms of the retail, obviously there is a big quarter-on-quarter or year-on-year growth. In retail, just to give you a bit of color, the challenge is the live betting, you know. While in pre-game, we have relatively good performance. Definitely the COVID measures even in Q3, because, as you probably know, there were still limitations about one customer at the table, number of customers in the stores, and people more come and place the bet and leave. It's a bit more challenging for sports betting in retail in terms of the retail performance. Also if you compare quarter-over-quarter, comparing to last year, the Q3 calendar was very different this year compared to what we had last year. The current situation, just to add some more flavor, it certainly not helping. At the same time, I surely can say that sports betting on the other hand is one of the verticals that is showing quite a strong resilience despite the increased measures. That just proves that there is a high dependency on the content availability. That content and the markets from now on going forward is quite exciting because many of the things because of COVID were delayed. We will see a very rich sports calendar ahead of us, and I hope that will help us overcome this difficult period with solid performance. Hope this helped. Okay, thank you so much. Just one last question. Maybe some color on the VLTs because, I mean, personally we were expecting, you know, flattish, let's say more or less flattish performance. But it appeared to be extremely resilient post the reopening. I mean, we had the same, let's say, trends on the quarter last year and the quarter this year. What do you think drove this 5% year-on-year growth on the VLTs performance? I think VLTs are extremely exciting vertical. It just shows how big opportunities still there is in this product. We have big expectations from this vertical, from all VLTs, both in PLAY stores as well as in OPAP stores, not only for end of this year, but also for next year. It's an area where we believe there is still an opportunity to grow and the trajectory of the life cycle is still in it at the earlier stages. Now that I think is a key explanation of the performance we are seeing, and I can only dream about what the performance would be without any measures. We have been so far satisfied, but not to be only positive. Unfortunately, PLAY stores are obviously the ones suffering the most from the measures being applied, because unlike in OPAP stores where eventually, customers might stop at the door and ask the agent to come and take their bet, it's not something that you can do in any way in a PLAY store. Simply you cannot enter the venue, you cannot play and the rules are black and white. While in OPAP stores with the help, proactive help of the agent, it's something that can be in a difficult way, but overcome. PLAY stores, the hit is direct, the VLTs are direct hit. When I was referring to the measures impact in last couple of weeks, we have certainly seen more than 10% impact in the area of VLTs in OPAP stores and PLAY stores. Now, good thing is the resilience is big. Activity of players remains. Number of active players we see is still the same. It's just the people come less often and play more. So we will see now what the new measures will imply, like I said before. We need a couple of weeks to make any conclusions, but it would certainly be nice to believe that it will be without an impact. At the same time, we don't expect any kind of super drama on this front. Okay. This has been extremely helpful. Thank you so much. You're welcome. Thank you. The next question is from the line of Vaggelis Billios with Alpha Finance. Please go ahead. Hello. Congratulations also from me for your results, as well for the new format of the presentation. Basically all the questions are already answered, so I don't have anything to add. Thank you. Thank you for your kind words anyway, and we are happy that we have managed to answer your questions before. We can proceed to the next one. Thank you. The next question is from the line of Mimis Oglou from Ambrosia Capital. Please go ahead. Hello. Many thanks for taking my questions. I have two on my side. One is on the online side. If you could comment on the online casino regulation developments. I think there was this EUR 2 threshold introduced at the end of summer. How is that impacting the business, if at all? And what do you expect there eventually, maybe reversal or some middle ground? That's the first question. And then the second one is on capital structure. You're generating lots of cash. If nothing material happens on the COVID front, you're expected to generate even more next year. So balance sheet will almost be unlevered next year. You have the minimum dividend, but if you could give us a bit more color on how you plan the capital structure, maybe some expectations in CapEx for the next year or so, that would be helpful. Thank you. Thank you very much. I will start with Anton, your question regarding the casino. Yes, indeed, there has been a new limitation on EUR 2 bet for the RNG games. If you want VLTs for the online world at the end of summer. The new EUR 2 max bet limit certainly did not help. It's a bit difficult to say what exactly was the impact, because I could probably do it if we do nothing else. Casino is actually one of the areas as, following our Fast Forward strategy, we invest a lot of efforts into. A lot of things have been done, especially around this new measure. We have been doing a lot of campaigns and promoting and CRM campaigns and moving customers to the live casino where they keep enjoying the benefits of the live game. That is something we wanna spice up very soon with the full Greek experience, if I may say, offering a fully localized with local promoters live casino experience. That's a big area where we invest, and it has helped us certainly compensate the impact of the limitation on the RNG casino. What is also worth mentioning, talking about casino, another thing that is helping us grow is the new front end that we have launched just few days ago. I'll be looking forward on the next call to share with you some hopefully good results driven by this new front ends of our online casino for our customers. I certainly encourage you to take a look 'cause we like to believe that this is certainly a big improvement of the customer experience we offer. On the second part of the question, I can ask Pavel to comment. Yes, your question about capital structure dividend. As I mentioned, we are committed to distribute maximum possible dividend, and to return the cash to the shareholders. One of the things we are assessing at the moment is to have a look at the leverage and potentially some loan repayments. In terms of your question on CapEx, it's pretty much standard CapEx. We are continuing to invest into proper infrastructure both in online and in retail, but nothing, no major projects. I would say it's the standard EUR 20 million-EUR 30 million investment for the next year. Other than that, we do not plan any large investment. No M&A or nothing like it, nothing like that to be done. We still have some earn-outs to be paid for Stoiximan up to EUR 100 million. That's really those are the largest items if it helps you to understand our position. That EUR 100 million will be paid over a certain number of years or how should we think about that? Pretty much most of it will be paid, well, part of it in 2022, part of it, some small part as well in 2023. Okay. Regarding license payments and all that's still very early, right? I mean, Yes. Our nearest license expires in Hellenic Lotteries in 2026. That's the one. At the moment, we are discussing the new concession agreement in Cyprus. That's coming potentially in 2022. But it shouldn't be. It's hard to say because the negotiations are progressing, but hopefully it shouldn't be any major impact. Got it. Thank you. As a reminder, if you would like to ask a question, please press star and one on your telephone. Once again, to register for a question, please press star and one on your telephone. As a final reminder, to register for a question, please press star and one on your telephone. Ladies and gentlemen, there are no further questions at this time. I would now like to turn the conference over to Mr. Karas for any closing comments. Thank you. Thank you very much. Thank you all very much for your time and patience to be with us. It's much appreciated. We are very excited that you like the new format. We'll be waiting for more feedback from you offline, and we will most likely, based on what I heard today, stick to this new format for you also in the future. With that, I hope you all stay sound and safe, and I hope it's not too early to wish you to enjoy also merry Christmas period. We'll be looking forward to talk to you again soon. Thank you very much and have a great day. Goodbye. Ladies and gentlemen, the conference is now concluded and you may disconnect your telephones. Thank you for calling and have a pleasant evening.