Good evening. Chorus Call operator speaking. Welcome to the presentation of the first half 2021 results of the Brunello Cucinelli Group. I'd like to remind you that all participants are in a listen-only mode. Following the initial presentation, there will be room for questions. Speakers will be Brunello Cucinelli, Executive Chairman and Creative Director, Luca Lisandroni, Co-CEO, Riccardo Stefanelli, Co-CEO, Moreno Ciarapica, CFO, and Pietro Arnaboldi, Head of Investor Relations and Corporate Planning. In order to receive help from an operator during the conference call press star followed by zero. Now, I'd like to give the floor to Brunello Cucinelli. The floor is yours. Good evening and welcome back. First of all, I'd like to say that Luca and Riccardo are not Co-CEO, they're CEOs. Thank you very much, as usual. After this holiday, I say welcome back and thank you very much, investors, analysts, and journalists. I hope that this holiday has somehow regenerated, re-energized us after, at least for me, but for everybody, after more than a year spent in fear, sometimes in pain, at least for me, in hope, full body and soul. Best wishes for some sort of world civil human economic renaissance that I think we are seeing in humanity. By the way, about a month ago, I was received by our Prime Minister Draghi for a chat, and he was very nice to me. When I stepped into his office, said, "I'm honored of having you here." I said, "Well, actually, Mr. President, I'm the one who is honored." Just to give you an idea of how a president can be gracious towards someone. We are honored to have him as a Prime Minister. First of all, I'd like to talk about the vaccines for 10 seconds. The vaccine hub is still working at full speed, even at night for the youngest. I'm very pleased that at national and regional level, we have reached 70% of general fully vaccinated people. In the company, we have almost all been vaccinated. We have about 1% of employees who decided not to get the vaccination for now. We had an assembly, a general meeting, where we said that the day we can go back to work without masks inside, that will be the day when we will only enter the company with a green pass. As you know, as it is our culture, we don't want to force or even convince anyone to get vaccinated. If that's the case, we will grant paid leave for six months, and then we will see how things developed. So far, we only have a very tiny percentage of anti-vaxxers because you see, our job is to protect everyone. It is clear that no one wants to work eight hours a day or to have lunch for 1 hour in the canteen near someone who is not vaccinated. That's the great truth. We need to protect 99% of the vaccinated workers. I'd like to dedicate this call, of course, above all, in addition to earnings, but that's clear. I'd like to dedicate it to the product, to the Solomeo area, and also to three major markets. The first one, the U.S., it is doing very, very well and we'll talk about it. We will just spend a few words on it. Europe, a really interesting market for us, and which we want to consider as it is perhaps for a year or so. China, an immense, very interesting market, a source of work for mankind for the coming 50 years or 100 years. We want to devote a great deal of time to it in order to gain in-depth cultural, human, and economic knowledge. This is tonight's call, the schedule. At the beginning, you see when we got listed, I was often told that some conference calls could also be made by or run by the CFO alone. This actually never convinced me. On the contrary. Honestly, I've always wanted many of us here in the office to listen to your questions and observations as an important comparison for common growth. We are all gathered here, ready, and so we are here available to answer any of your calls. Today, we are officially opening a five-people call. It's not that these people were not there before. There has always been about nine of us. Around the table you can ask questions to Pietro, investor relator, Luca, CEO, not Co-CEO, because he has not been downgraded, Riccardo, also CEO, Moreno, CFO, and me, the President of Operations and Creative Director. Now I will read out the main results, after which Moreno will go into detail, I will come back and discuss these big topics in, especially China, in more detail. We have net revenue, EUR 313.8 million, up 7.7% at current exchange rate. + 10% at constant exchange rates as of 30th of June 2019 compared to 30th of June 2018, + 2.9% at current exchange rates vis-à-vis at 30 June 2020. This is not really relevant this quarter, that was not really happy, fortunate last year. Second quarter 2021 reported sales of EUR 149.2 million, up 13.8% compared to the same period in 2019. This is a great value for us. EBITDA of EUR 80.6 million, 25.7% margin compared to EUR -3.4 million last year and EUR 79.2 million as at 30th of June 2019. EBITDA excluding IFRS 16. Excluding IFRS 16 impacts amounted to EUR 39.9 million, 12.7% incidence compared to EUR -14.1 million at 30th of June 2020 and EUR 49.9 million as at 30th June 2019. EBIT EUR 25.3 million, 8.1% incidence compared to EUR -53.3 million last year. Net profit EUR 21.9 million, incidence of 7% compared to a loss of EUR 47.7 million in the first half 2020, and a profit of EUR 25 million in the first half 2019. As you know, we have not made any change to our investment plan, EUR 29.9 million in the first half 2021, as part of a multi-year project confirmed even in the presence of the effects of the pandemic, and to support by the solid capital structure. Net financial indebtedness of EUR 96.3 million compared to EUR 136.5 million as of 30th of June 2020. These are the main highlights, and this was my comment. The first half of 2021 closed with very interesting results. Sales of the fall/winter 2021 collections, and this is very important, got off to a very good start, and the brand seems to be gaining broad consensus, both in its stylistic expression and in the way it relates to the local community and to humanity as a whole. Another important thing, order intake for the spring/summer 2022 men's and women's collections, now almost at an end, was excellent. All this prompts us to envisage a strong rise in turnover of around 20% for the current year, and to view this time as a sort of year of rebalancing. For 2022, we expect a return to a healthy growth of 10%. These are the highlights, as I said. Moreno, you can give us more detail, and then we will talk about strategy. Good evening, ladies and gentlemen, and thank you, Brunello. I'd like to analyze some of the issues that characterize the performance of the first half 2021 results. Slide number eight of our presentation summarizes the income statement figures, highlighting the values as of 30th of June 2019, 2020, and 2021. Clearly, the direct comparison of the results of the first half 2021 with those of the first six months of 2020 is of limited relevance, the latter being strongly affected by the pandemic. Since we chose to preserve the solidity of our corporate structure with the confirmation of all the activities and investments we had planned. When comparing this with the first half of 2019, we must take into account the following. The continuing effects related to the pandemic in the first six months of this year, the dynamics development related to commercial initiatives, the development of the network in the presence of the new direct boutique openings, 112 boutiques as of 30th of June 2021 compared to 102 in 2019. The 12 conversions to direct management of hard shops in luxury department stores at the last 12 months, and the major expansions of certain sales spaces. Net revenues for the first half 2021 are in line with preliminary values communicated on July 13th. We would like to point out that as of June 30th, 2021, the income statement item, other revenues amounted to EUR 2,162 thousand, has been classified under other operating costs. Slide 17 in the annexes, instead of being entered under revenues from sales and services, as in previous communications. For the sake of uniformity and comparability of data, the same reclassification has also been made in the presentation of the income statement figures as at June 30, 2020, where other revenues amounted to EUR 1,347,000. The first margin at June 30th, 2021 amounted to 66.8%, a slight increase compared to 66.5% as at June 30th, 2019. In relation to EBITDA, we have proposed an additional table that sterilizes the accounting effects of the application of IFRS 16. As regards 30th of June 2020, it also sterilizes the accounting effects relating to the extraordinary provision of EUR 30 million relating to the item inventories for the Brunello Cucinelli for Humanity project. The EBITDA margin as of 30th of June 2021, excluding IFRS 16, it amounts to 12.7% compared to 17.1% as of 30th of June 2019. Considering the impact of the pandemic that continued in the first six months of 2021, and also considering costs whose benefits on sales and results will be progressively visible in the coming months. The net profit of EUR 21.9 million as of 30th June 2021 benefits from the recognition of deferred tax assets for a total amount of EUR 9.2 million, calculated on the balance of the inventory write-down provision for the Brunello Cucinelli for Humanity project. We'd like to remind you that the EUR 25 million of net income as of 30th of June 2019 included EUR 2.5 million of tax benefits related to the patent box as the last year of this benefit. Details of personnel costs, rent, communication investments, and depreciation are analyzed in slide 10. I'd like to highlight the progressive increase in our human resources with the number of FTEs rising from 1,842 to the current 2,287 people, supports our growth projects, growth in the digital world, and the expansion of the network. As to the rental cost, the evolution of the network is behind the increase here. The first six months of 2021 include costs related to the expansion of sales spaces, new boutique openings, and new hard shops managed directly within the luxury department stores, with the relative benefits on sales and results that will be progressively visible in the coming months. We now turn to the balance sheet. We analyze three working capital investments and net financial debt. Slide 12 with the dynamics of inventories showing the complete recovery of the increase reported as of 30th of June 2020, mainly related to the lockdown periods, and a balance in June 2021 equal to EUR 208.8 million, influenced by the growth of the retail network. five new openings and 10 hard shop conversions in the first six months of 2021. The expansion of some existing boutiques, the expansion of the digital channel activity, and the development of the new initiative related to the kids collections and the Sartoria Solomeo project. As to trade receivables, we'd like to point out the return to normal terms of payment of some wholesale customers to whom we had granted payment extensions to help them deal with the effects of the pandemic. With regard to trade payables, we point out that the payment terms to suppliers, collaborators, and consultants remain unchanged. Slide 13 shows the great attention we continue to devote to investments amounting to EUR 29.9 million as of the first half 2021 with a net financial debt, the classic one on slide 14 of EUR 96.3 million as of 30th of June 2021 compared to EUR 136.5 million reported at 30th of June 2020, which had been impacted by the effects of the pandemic. Already at 1st December 2020, the NFP showed a significant recovery, and we expect for the end of 2021 a further improvement compared to 1st of June 2021, considering the dynamics of cash generation in the second half of the year, and also remembering the seasonality of sales, which leads to the peak of the NFP between June and September. This is the end of my presentation. Thank you for your attention. Give the floor back to Brunello. Here we are. First of all, let's talk about product. Fall/winter sales. It's August, we have been selling this for a month and a half. Sales in multi-brand and mono-brand stores of the fall/winter 2021 collections are going very well. The collections are viewed as youthful, modern, chic, very luxurious, and exclusive. It's really we are experiencing a great time. In all sincerity, the 2021 collections were really, really very beautiful. This echoes that statement by Einstein that fascinates me so much. In difficulties, genius unleashes its creativity because we have spent a year in difficulty. We spent a year when we worked in physical presence all the time except for 6 weeks of a total lockdown in March and April 2020. The concentration, dedication, courage, and humility led us to the, and maybe some luck too, led to the creation and designing of very special garments for which we will receive a truly unique award next week in London. We can't tell you exactly what it is, not officially, and if you're happy, you receive it once in a lifetime. I have my father, who is 100 years old, who lives opposite me, and I said to him, "Dad, do you remember when you used to work those fields with oxen and the soil was made up 50% of stones and the wheat was small." I told him about the award, and he was moved, and so was I. He told me what he always says to me, "Be a good man." This is about the collections and the prize next week. It's something we're really honored by. We'll give you details very soon. Next, new collection, spring/summer 2022. The men's collection is now complete. The women's collection is almost at the end. The results have been really, really special. We do not have the judgment, the feedback from the press, because we will collect this in September in Milan. There is no doubt that all this and the order intake gives us a glimpse of a very interesting and very positive 2022. Jokingly, I say, let's hope that this mood about the brand continues for a few years, even for a few decades. I wouldn't mind that at all. You know that when you start the year knowing fully well that you received positive feedback on the product, this really is a good start. What happens in the world, you can really fathom, but the product, you can vouch for that. The Solomeo area. We have talked at length about the value of the territory and its support for the brand. I honestly believe, and I'm telling you this because of the question you asked us, what happens after Brunello? Well, let's hope that the business goes on even after Brunello. I believe that Solomeo gives, and is giving the brand some sort of limited immortality. Why is that? Because it will survive with its buildings, its epigraphs, its identity. Its history will survive the passage of time. I believe that this hamlet will remain for long decades, hopefully centuries. It will still be the hamlet of cashmere and harmony and the history and humanistic capitalism. I'm telling you this because, at this moment in time, the brand is benefiting from the value of Solomeo. I'm telling you this because after the restoration of the hamlet, you saw that we built the theater in 2008, a secular temple of art in 2016. We built the winery as a tribute to the Earth, who will be there for 1,000 years. Xenophanes says everything comes from the Earth. In 2018, we built the monument to the dignity of man, and always as a family foundation. This is always very much separated from the listed company, whose company invests in the territory 0.2% of revenues. The rest is taken care of by the foundation for the 1,000-year projects. On October 28th, if you happen to be in Italy by any chance, in Milan, at the Piccolo Teatro in Milan, we will present a project for the next 1,000 years. It will take about 3 years to complete this project, but I think it will keep giving something very important, contributing something important to the hamlet. I believe that even the cultural chain of the territory and the cashmere artifacts will also enjoy some sort of immortality because these micro companies, high quality companies and workshops, they can really be a source of satisfaction for the future. As to turnover, profit, NFP, EBITDA, investments, shop, store expansions, you know everything. We confirm everything, and everything is clear. We wanted to talk about markets. I'd now like to open a nice and interesting window on the whole world. At the end of the year, we'll have 32% Americas, 44% Europe, 24% Asia, of which almost 15% China. China, for us, is starting to become quite a good business. Do you agree with that? Yes. If we were to envisage this breakdown in three years' time, we would like to envisage the following. 30% U.S., because it is a very important market for absolute luxury, both for men and women, and also in terms of taste, because they have a very special taste. We'd like Europe to account for 40%, very important, as a sort of showcase for international taste in Paris, Saint-Tropez, London, and Milan. 30% Asia, of which 20% in China, and the rest in the other Asian countries. I think that Asia is super important now for many companies and for the time to come, and also valid for international taste. We have these young celebrities. You see, they wear exactly the same garments as in L.A., as you'll find in Shanghai. This is very interesting. I'd just like to remind you that 85% of our business accounted for by ready-to-wear. The taste is important, the shapes, the colors, and the lifestyle. I really like to call our company a business of fashion and of lifestyle. Let's start from these three large markets. U.S., just a few words, a very important reference market for us, also in terms of taste. Recovering both in terms of numbers and also psychologically, as we can see from the wholesale orders of the important major department store for the spring summer 2022 collections. It is a market that we have always considered and viewed as a domestic market. Europe, a big market for us. There's two, very important as a world reference, performing very well in average cities with their wealthy customers, well off customers. Very positive performance overall. More difficulty in the largest cities, but generally speaking, really important as a reference point for taste, visual merchandising, and major cultural changes. Sometimes when I'm in London for two to three days, you take a look at the street and you see how the taste is changing. We see Europe as it is for the coming year because I think that the pandemic will be with us for the coming months, and we will coexist with it. You see, Europe, we have always considered it a large domestic market. Let us now move to China, very important country, and I think that it will provide us with important satisfaction in this century. As to China, we'd like to tell you how it all started in China. I would like to make some major considerations. First of all, China will be the great driver of growth for all humanity. Yes, you all agree. I see you all nodding. We have always wanted to have a special relationship with these people because I started working my business with Germany, and I was welcomed there because I knew their culture. I did the same in America, and we tried to do the same with China, too. We started to work together not more than 10 years ago as exporters of manufactured goods, and since then, we have called this special project Celestial Empire. You see, our Chinese friends love this definition. We started out as cashmere pullover manufacturers about 40 years ago. Clearly the finest raw material in the world comes from Mongolia and China. Of course, we have all been influenced by these people. We, of course, live with cashmere. We met 1,000 times to discuss the quality and quantity of cashmere. You see, the colder it is, the better the cashmere is. We discuss the relationships with the producers, with the shepherds, and this has allowed us to see China from a different point of view. I have always thought that enjoying a good loyal and fruitful relationship is possible if you know each other's customs and cultures. For me, the experience of being a supplier and customer for very long years has been very important. When about 10 years ago, we decided to start the reverse process, that is exporting our products, we considered this very distant country as a foreign market because it was further away. We had Japan, domestic market, Europe and America, domestic market. When we started about 10 years ago, we started with important fundamentals. First of all, it had to be a long-term project, but we have always done that, and we have always told you about this. Long-term related projects for us and for China, too. We wanted to start with a homogeneous international taste, Los Angeles, Shanghai, Milan, and London. We also wanted a good economic growth, but also cultural growth, and also human relations had to be pretty special. We tried to forge long-term projects there. From the very beginning, we have seen in this world something extraordinary for this century, at least for me. You see, a fourth of the world population resides there. I like this very much. What about taste? First of all, one single taste on an international level. Our first partner was saying, "Why can't we have some striped polo shirts?" Our answer has always been, "No, because we need to sell an international single taste." Not because we want to be arrogant, but I remember one anecdote, when an American customer wanted to have wider legged trousers, we would answer, "This is not our culture. We can't do that." Said, "Well, how come you can't do larger legged trousers?" The truth was that we wanted to maintain the identity of our brand, because in clothing, either you have it or not. It's not the same as in accessories. We wanted an understated product, handmade, because we have 52% is done by hand. As you know, we are a no logo company, also with a healthy visibility. That's how we wanted to tackle this market, trying to convey the idea of product, culture. This has always been the way in which we communicate. Also an exclusive product, and pretty expensive too. We have always wanted to manufacture here in Italy with craftsmanship. We see a lot of young actors. You should know that we have no brand ambassadors or paid brand ambassadors, where we see many young celebrities and who dress exactly the same as their peers in L.A., for example. This is very interesting taste-wise. Economic growth. When we started at the very beginning, also following on your recommendations, we wanted to have, yes, definitely a faster growth than in other markets because it was just the beginning compared to U.S., Europe, and Japan. At the same time, we wanted some sort of balanced growth. We wanted to have a fair price, and also compared to Europe. This has always been an issue for all the markets. The idea that America has +20% compared to Europe, China, 27%, 28%, Japan, 33%, +33%. Why? Well, you see there's communication there. I remember an interview in Shanghai when there was a young member of the press with two iPads and an iPhone, and I was really impressed because she was asking me questions, and she was showing me the prices of the single items in Shanghai, Milan, and San Francisco, and I was very impressed with that. As usual, we believe in multibrands, still today, we believe that Chinese multibrand stores can be our leaders, our teachers. They know the size, they know the taste. We basically follow on their footsteps. Also we want to have a very clear and sincere relations with the landlords as we have had in America and Europe. As you know, in the beautiful high streets in the cities, those are the prices. Also behavior plays a role in assigning one space or another. You see the prices are very, very high, the rent prices. Since they have a lot of demand, the landlords can choose how to allot their spaces, and behavior plays a role here. Cultural growth there. We have a team of 200 people and only local Chinese people. Our team in China is made up of only Chinese people, and they come to us, to Solomeo, we meet up with them. We try to gain insight in our mutual cultures. We are part of the Italy China Foundation, I also part of the Unione Filantropica Italy China, I have always had a passion for philosophy. If you come to our village in the Square of the Wise Men in Solomeo, we have Leonardo on the one hand, then we have Confucius and Plato. Confucius and Plato, they lived at the same time. One is the father of the West and the other, the father of the East. For a Chinese person, Confucius is extraordinary. Before leaving the floor for questions, I'd like to tell you that we have a very positive attitude towards this market, and we need to be gracious towards them. A year down the road, after the start of the pandemic, we wouldn't have imagined this kind of level that we have achieved. I'm saying this to you, analysts and investors, listening to you, 2021 is a year of rebalancing. The only thing that is missing is a few points on EBITDA. Inventory investments, we have gone back to our balance. We are very confident. In the company, there is a very fascinating mood around. This also is the result of the time we are experiencing in terms of taste. To conclude, the usual warning I always have for you is the product. Our product needs to be useful, exclusive, contemporary, cutting edge, and chic, and luxury. This is what we think matters the most. We have spoken at length about China because we wanted to convey to you the way in which we tackle this very important market, this special culture that is destined to rule in this century. I am not in my prime anymore, but I am convinced that this is the way ahead. Thank you very much once again. We want to really convey to you some of our culture without only relying on numbers, and now the floor is open for discussion. The next call will be around October 20th, but we already have July and August already with the order intake, so we are pretty confident. Thank you. Thank you very much. Chorus Call operator speaking. We will now start the Q&A session. Whoever wants to ask a question, please press star followed by one on your keypad. In order to exit the booking list, press star followed by two. Please ask your question speaking into the microphone. Whoever wants to ask a question, please press star followed by one now. First question from Flavio Cereda, Jefferies. Thank you. Good evening, Brunello. Good evening, everybody. Good evening, Flavio. There's a bit of rain in your England. Yes, let's forget about it. You see, that's why people are going to buy cashmere in August too. Yes, you see, everybody prays their own gods. You see, we are not very unhappy with this kind of rainy climate. I have 2 quick questions to be original on China. Number one, your typical customer, let's say, what is the difference between your Chinese and European customers in terms of age? Secondly, if you can remind us of the price difference on average for you between purchasing a garment in Shanghai or in Milan. Very well. Starting from the second question. On average it is 28% higher than in Milan. The objective is to have about 25%-26% in a two years' time, which is the balance that I would appreciate when the young member of the press told us, why does it cost more here? You see, this is part of the idea of balance between profit and giving back. As far as the average customer is concerned, it is slightly younger because there are many young, well-off people in China, we're pleased with that. In U.S., we have young actors, but we are very happy with the clientele that we have in China. Of course, we have an expensive product, but also this idea of exclusive, no logo product. As you were saying the other day, Luca, you had come up with a good adjective. We were talking about a silent kind of growth, a balanced growth that we hope we can replicate in the coming years, not just from the economic point of view, but also from a cultural point of view of integration with our team and with the Chinese people, and also in terms of brand positioning. We have to say that at this moment in time, we see a growing interest for ready-to-wear in a market that was natively driven by accessories. Also this idea of no logo really is becoming attractive for many, many people. Yes, we are happy, Flavio. I wanted Luca to say something too, because you have to feel really free to talk to everybody. If one day they say to you, Brunello died because he was old, you see my time is over. We need to have the responsibility for those who come after us. Yes, thank you very much. Thank you, Flavio. Next question by Guido Lucarelli, Exane BNP Paribas. Good evening, everybody. Good evening, Brunello. Good evening, Guido. I have three questions still on China. The first one has to do with the latest statements of the Chinese president on redistribution of wealth, also possibly a taxation on wealthy people. I'd like to know whether this raises any concern that this can have an impact on the Chinese consumers. The second one has to do with China and the latest COVID hotspots, whether this can have any impact in terms of store closures. To conclude, what about the weight of China between now and three years' time, 20% of sales, and considering the importance of the multi-brand channel, what could be the retail wholesale mix of the 20%? I'll start from the last question. Currently, we have 15%. In two to three years' time, we could achieve 20%. There will be growth, some wholesale, some retail, because it's not that we expect that much, but three or four points. As to hotspots, so far there is nothing that really affects us. As to the impact, you see, it's been a few years now that I maintain that going ahead with the collection and everything, we will have to really find a balance between profit and giving back. What I say is, would you buy something if you knew that that brand is making proportional profits? You wouldn't. This is the truth. What we don't like, they don't like either. This idea of healthy profit, of growth of mankind, this idea is always something we highlight and we have always highlighted in our company. Personally speaking, in our company, we are not worried about anything. I believe that it will be the market for the next 100 years, China. Thank you very much. Thank you, Guido. For further question please press star followed by one on your keypad. I would like to remind you that if you want to ask question press star followed by one on your keypadNext question from Paola Carboni, EQUITA. Good evening, everyone. I have two questions. Shifting focus away from China. The first one on profitability, that is, yes, still lagging behind to 2019, but in this first half, it did catch up by 10 points. I saw in the press release that you were highlighting that some marketing initiatives will be more concentrated in the second half of the year. I was wondering also for personnel costs or rents, was there some sort of temporary developments linked to forced savings for COVID or some other aspects to be taken into account? Will the cost dynamics be different in the second half of the year? I can understand that there will be more benefits on the top line from the new stores. That's my question anyway. Second question on the U.S. market. If you can give us more colors also on the attitude of customers over there, if there is something still brewing there, or if there is some sort of slowdown. In America, there is a great mood over there. You can feel it from the daily sales, Paola. You see they started at the end of June with the collections, and they bought the spring-summer collections with a lot of fascination. We see a lot of positivity on the United States. As far as the impact of costs, there is no change there, Paola. We have the very same business that we had last year. We did not fire anybody. We did not close any stores down, so we are ready. We called it the year of the rebalancing because apart from EBITDA, we have a true rebalancing of the NFP with investments in advertising. You shouldn't expect any different things. We are very, very confident in that. I expect a higher EBITDA margin in the second half of the year. Well, you see, Paola, we all hope for an improvement. You see, Paola, we should never be carried away by stuff. There is COVID, and then, of course, if we are able to improve it, then we will all be happy. At the same time, we must be cautious all the time, and we want to be cautious in China, too. That's what I wanted to say. If we are cautious when drafting our budgets, then in that way, we can live and work with serenity. Whereas if we exaggerate, if we stretch out our budgets, then it is difficult. This is what really matters. When we went public, we said it from the very beginning, we want to have a healthy growth. You see, in the past 10 years, we were always able to grow by 10%. This last year, we lost 10%. Next year, we'll have 20%, and next year, we will have our usual 10%. I want to be cautious in everything I do. I don't want to be frightened by the fact that maybe something happens tomorrow morning and we lose 0.2%, and this becomes a debacle. Then, Paola, you work in a hasted, in a pressured manner in the company, too. If you always need to chase this 0.01% of EBITDA, that's when it gets difficult, and part of creativity goes away with it. Of course, we always try and be confident. Yes. Thank you. Thank you very much. Thank you. I'd like to remind you that if you want to ask a question, you can press star followed by one on your keypad. Mr. Cucinelli, there are no questions. Yes. Thank you very much. This idea of holding this conference call with five people should really convey the idea that you can talk to us any time of the day or during the conference call, and if someone comes down with a flu one day, then there will be four of us left. Thank you and best wishes for everything, and we'll speak to you soon. Have a nice evening. Goodbye. Chorus Call speaking here. The conference call has ended. You can now disconnect your phones. Thank you.