Thanks. Good afternoon, everyone, and thanks for joining us, despite I can imagine many of you are already on holidays. I think that we are satisfied today with the results that we have been able to deliver. Despite, as everybody could have noticed, we are still heavily struggling in our two very important assets, India and Mexico. Two very important assets that are heavily impacted by COVID, and two very important assets considering the complications that are growing every day in China from a strategic point of view. The natural alternatives for today and for tomorrow, for a long-term strategy company like F.I.L.A., India and Mexico are and will be very important options. For my analysis and my presentation, I would like to clarify that I tend to compare actual performance with 2019. With all due respect, 2020 has been so complicated, so heavily affected by COVID by quarter, that I think the analysis would be less interesting. What comes out immediately from the comparison with 2019, if you already were attending our call in 2019, you remember that I was expressing a certain kind of optimistic view on F.I.L.A. that has always had a very long-term approach and sustainable approach with also a competitive advantage versus the competition. I think that these first six months with, let's say, one year later than what should have been due to COVID, is giving us finally quantitative indication that we were right. If you analyze the EBITDA, for example, in 2019, we have a gap of EUR 6 million coming just from India and Mexico. With almost 80% of comparable turnover this year, we have been able to reach a very important and strong growth in terms of profitability. I think you have appreciated also the profitability on sales that we have been able to reach in the first semester. The cash generation, now that we have not been faced with reorganization or SAP implementation, finally. As already anticipated last year, the substantial reduction of extraordinary items. All in all, a group that has regained stability, profitability, and cash generation without our two jewels, India and Mexico. I think, by the way, to compare India and Mexico with 2019 is an unfair comparison, because the two countries were heavily growing until March 2020, especially India, who was running at the pace of 25% every year. To compare the numbers of 2019 today is really not generous. Last but not least, you have seen that thanks to the vaccination campaign, we see that the school business is strongly recovering, despite I would like to remember you that until mid-March, in many European countries, including Italy, schools were closed. We really could not enjoy, let's say, a full-scaled business. For this reason, I think that we will see school business to continue improving the figures. For what Mexico and India is concerned, we see some signs of recovery. Unfortunately, customers do not trust too much their government. Even if they have guaranteed a school reopening by the end of the month of August. All customers are telling us that they prefer to see the reality, to see what will happen, and then probably the regular flow of business will restart again. Now I ask Stefano to present the figures in a precise manner, and then I am available for all the questions. Thank you. Thank you, Massimo. I ask everybody to go to the presentation and to go to page 5 so we can start to analyze the core business sales trend. The group closed with an amount of core business sales equal to EUR 324.7 million, showing an increase at comparable FX of +11.1%, +EUR 34.2 million, compared to the previous year. The FX effects are equal to EUR 17 million, and are allocated for the main part to the U.S.A., North America for EUR 13.4 million, due to the devaluation of the USD against the EUR of approximately 9.5%, and for EUR 2 million to Central South America for devaluation of pesos, Argentinas, and Brazil real, Argentina pesos, and for EUR 2 million to Asia, mainly to Indian rupee, a devaluation of 8% approx. Total amount of FX is EUR 17 million negative. This growth of sales confirms the trend that we had in Q1, where the group grew +3.1%. We can see the contribution. We have all the geographic area in a positive trend. This is due, as Massimo mentioned before, to the recovery of the school business. Of course, we had a confirmation on the fine art business. By geographic area, we have Europe that confirmed the trend of a growth +22.1%. The South America, approx. 40% was negative in Q1. North America, +2.5%, was -3.9% in Q1. Asia, +3.4%, was negative also in Q1. About the business area for the line, we can see we had the confirmation for the fine art business that confirmed the double-digit growth, 13%, more or less similarly, a little lower than in Q1. That was 15%. We can see how the school business recovered with +9.4% and was negative for -3.9% in Q1. We can see how the school and office business recovered strongly in Q2. Industrial business is not big, but showed big growth. Industrial business is important because industrial business has a very strong growth margin. If you go to page 6, you can see by the cake graphic, how the fine art AOB business grew a little compared to the previous year. Now it's equal to 32.1%. Again, a little compared to the previous year. Also we can see how, due to the strong growth in Europe, the weight of Europe by geographic area increased a lot compared to the previous year, from 32.6% - 37.6%. If we go to page 7, we can see the growth of the EBITDA. The EBITDA is equal to EUR 58.5 million, showing a growth of +30.8% at comparable FX. Just for your information, FX are equal to -EUR 1.8 million and are mainly related to the U.S.A. North America area. Again, just for your information, the weight of these FX is very low because it's less than 3% on the EBITDA value, just to confirm that we have a natural hedging on FX on the margin. The growth is +30.8% compared to the previous year. It's very important to mention that the EBITDA margin grew from 15% -1 8% of this year. This is due, of course, to the operative leverage coming from the increase of sales. Because the fixed costs were already stable, we have still some, we say that the marketing costs, traveling costs, either decreased compared the previous year again. Because company, of course, are very careful in this moment due to the scenario is not very stable to increase the kind of cost, and this, of course, pumped the operating leverage. Also, the EBITDA margin benefit of the mix of sales due to the fine art business that is still important with a strong marginality. We say that this is the main effect because the gross margin, due to the fine art business, gave a big help to the increase of the EBITDA margin. As Massimo said, extraordinary costs, more or less, they show a little increase compared Q1 due to some increase of COVID costs, some queue of reorganizational cost in some areas, Australia, North Scandinavia, and Santo Domingo, where we have some moving of some plants, and Mexico. Mexico, we had a fiscal organization due to the local law, and we had some extraordinary consultancy cost just to manage this fiscal organization. Going to page 8, we can see also how the net income adjusted result benefit this trend. We have EUR 26.6 million of net income result, showing an increase of EUR 17.1 million compared to the previous year. Of course, for EUR 12.4 million, this improvement is due to the improvement of the EBITDA. We have less amortization depreciation for an amount approx. of EUR 3 million, and this is due to less CapEx made in the last year, and also less accrual on and write-off on receivable compared to the previous year where we had the worst moment of the COVID crisis. We have a positive result of EUR 4.7 million coming from the financial result. This is a mix of components. We have a big effect coming from positive financial FX. This is due mainly to the U.S. area, U.K. area, and Brazil area, where we have some finance and not in local currency. We have more or less also EUR 1 million of benefit coming from an improvement of interest. This is due to the better level of working capital, of course, but also to all the action that we did just to lend money from the head office in the area where the cost of the money is higher. This is just to mitigate, in some areas, Mexico, Brazil, Russia, the local cost of interest. This help us to reach this good saving of interest cost. Of course, we have more or less EUR 3 million of more tax amount due to the better results. Mixing all these components, we arrive to the EUR 7 million of improvement of net adjusted results. Going to page 9, we have the net bank debt and net financial position slide. As you can see, we have a last 12 months decrease of net bank debt of EUR 6.7 million, excluding the positive FX effect, mainly from U.S.A. The cash generation is very strong. The contribution come mainly from U.S.A., but also from Mexico, from U.K., from F.I.L.A., India, but main part comes from the U.S.A., of course. You can say also how the ratio on the working capital improved more or less of 3 point compared to the previous year. We can see this improvement also if we compare, in page 10, the cash flow statement, comparing the first 6 month of the previous year to the first 6 month of this next year. You can see how the free cash flow to equity improve of EUR 45 million. Part comes, of course, from the cash flow from operating activity for EUR 17 million, we have EUR 23 million coming from the improvement of working capital. This is due mainly to the U.S.A. inventory decrease, North American inventory decrease, or inventory in general coming from the U.S.A., the big part, so the inventory management. Also to a good management of the receivable that improve compared to the previous year. Maybe saying that, we can say that, as you know, we have a testing of the covenants in June and December. We reach the leverage ratio of 3.85. If you remember, we mentioned the previous call that we negotiate without any additional cost with banks, a covenant reset with the banks. That means to adopt for this year the covenant leverage ratio that we have in 2020. It was unnecessary, of course, in the light of the result. We reached 3.85 of ratio compare the target of 5.45 that we have in agreement with the bank. This good leverage ratio also allow the company the possibility to ask the bank the decrease of the margin ratio that we have with the banks for 50 basis points of the line that we have. That means less of EUR 2 million of saving interest for the next year. I conclude, I think, and we are ready for the Q&A section. We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. The first question comes from Nicolò Storer with Kepler. Please go ahead. Ciao, Massimo, Stefano, Francesca. I have a few questions. The first one. Can you hear me? Yes. Okay. The first one is on what you see for this second part of the year, if you can give us a first flavor on July. In particular on Fine Art, considering that last year you had a very strong second half at + 30%. What do you see? Do you see stability at previous year's level? You see revenues coming back a bit? Your feelings on that? The second one on Mexico. In your introductory speech, it seems you were particularly negative on this market, whereas in our previous call after Q1, you were more bullish. Results were quite good, I would say. What has changed? Has something changed in the last few days that is letting you have this bearish sentiment on this market? The other question is on India, and it's related to the other two. I was wondering if you think you can achieve your guidance, even assuming India is not recovering from September, as you were assuming before. The very last one for Stefano, just to understand, if I understood well, basically from next year you will have EUR 2 million per year in savings on interest rates because you have already agreed with the banks the change in the margin budget. Thank you. I can start, Massimo, for the last question. It is easier and quicker, if you agree. When we submit to banks the compliance certificate, so it will be valid for the next month, and we have more or less EUR 400 million of M&A debt. 50 basis points of saving makes more or less this saving for the next year. Okay. Okay. Thanks, Nicolò. First of all, I think that July is in line with the numbers of June, of the first semester. We have not noticed any significant change. From the positive side, in North America and in Europe, I would say there is a very high level of certitude that school will be in presence, and this is generating good sellout of product in these days. I would say we are close to be back to a normal year, which means that we are expecting good weeks ahead of us. In particular, with relating to Fine Art, I think Fine Art, the analysis need to be splitted in 2. The business of Fine Art in general for F.I.L.A Is doing extremely well. In fact, this performance that you have seen in the first six months is also due to Fine Art, to the improvement in average margin, in product mix. Our strong leadership in the market is confirmed, I would say, on a daily basis. Please remember that Fine Art, at least in the last five years, but also in the following period, is a business with an organic growth. It is true that last year, the business has been a bit inflated. I'm not too much concerned in terms of guidance or expectation, because the business was inflated, but was also inflated for entry-level product, which is not our core business for Fine Art. There was a moment in which whatever we had in the shelf was requested by our customer. It is possible that the top line, we will see a reduction in growth. In terms of profitability, we are still extremely positive. In terms of guidance, let's say, the business in general, of course, we are positive. It cannot be different because, in June, with EUR 1 million EBITDA from Mexico and India, we have done better than 2019. Our guidance for this year is between, if I'm not wrong, EUR 107 million, EUR 108 million. In 2019, we ended up with EUR 111 million, and even more, we have the exchange rate against us. All positive elements. Our problem, but I think that in few weeks we are going to have very clear signs, is related to school reopening in those two countries. I am not neither bullish nor negative for Mexico or India. I am simply realistic. If schools will reopen, both Mexico and India will do a great job for very simple reason that we have the back to school ready in our inventory. We are a local, we are a domestic manufacturer, so we have a competitive advantage versus the competition that has huge problem with the supply chain. We are brand leader, so we have everything to be extremely successful. If schools will reopen, we will respond in an adequate manner, and we will see a very strong second semester. If school in those two countries will not open, or we are going to have another wave of COVID, clearly, in 2019, we had €17 million EBITDA coming from Mexico and India. The impact for the first six months is important. Let me find, in page 7, you can see we had EUR 7 million EBITDA in 2019 as of June, and we ended the year with EUR 17 million. Unfortunately, on Mexico, India, we do not have a view except official declaration of the president of Mexico, again, last week, that they will reopen schools at the end of August. I will be the happiest person in the world if this will happen. In India, we see some state that start reopening schools. What does it mean? It means that in July, we have seen signs of recovery in both countries, but not signs of full business regained because we are sure that schools are reopening. We see customers making a choice of partial replenishment of the stock. Partial, I underline, in order to be ready, if really the schools will reopen, let's say, in the next 15 days. I cannot be bullish, I cannot be negative. I am realistic. We have demonstrated that we can live without India and Mexico. Of course, I remember in 2019, myself, I was indicating that the group was ready to go beyond the EUR 120 million threshold of EBITDA. I think that if you look at our first semester, I think my indication that go back 2 years was absolutely realistic. It's just a mathematical calculation. We are at EUR 58.5 with a gap of almost EUR 6 million in India and Mexico, which means EUR 64.5. Add maybe some FX effect, you see that the group was absolutely ready to go beyond the threshold. Unfortunately, a lot of water have flown in the last 18 months. India and Mexico, we are still waiting positive news. I'm not negative like last year because it seems that anyway COVID in India is under control, even if vaccination is proceeding slowly. Also in Mexico, the situation seems to be under control, but unfortunately, the health system is not very much efficient. The best solution they have found in the last 16 months was to keep the school completely, I underline, closed. If you want my opinion, in a way or in another, we will see Mexico and India restart their normal operation. It's just an opinion, it's not a forecast. Yes. Maybe a very quick follow-up. When you talk about finance, you say that you can imagine in the coming quarters a reduction in growth, but you still see the plus sign in front of the number, or we can imagine also a decline compared to last year? I think that it depends on the area. I would say in big majority of the area of the world, we will see a growth because, as you have seen in June, we have a +13% organic. We have really extremely positive results in Europe, but not only in Europe, but in many countries around the world, including China, India. All the small subsidiary around the world are growing double-digit. In United States, maybe we can expect a slowdown, because in United States, the big retailers last year were hungry of everything that could be sold as a fine art product. This aspect could a little bit slow down, but in a very positive environment anyway. Again, United States are having very nice recovery of profitability, marginality, because our brands are doing a pretty good job. Maybe U.S., we could see a flattish number versus last year. In the rest of the world, I see a continued growth. Thank you. The next question comes from Alessandro Cecchini with Equita. Please go ahead. Hello, everybody. Thank you for taking my question. The first one is about the working capital that I saw the big improvement that you had in the second quarter versus typical seasonality probably was due to inventories decline. I would like to better understand if you think that you can go on with this kind of control of inventories for the next couple of quarters. At the moment, if you have the right inventories to serve the market, to generate free cash flow? This is my first question. My second question is, I would like to go back a little bit on your confirmation of the guidance, in term of EBITDA of EUR 107 million-EUR 108 million. If I understood correctly, this is including very limited contribution for India and Mexico? If I understood correctly. The potential reopening of India, Mexico could be a potential, I would say upside, but at the moment, it's better to be conservative and so to maintain this guidance. I understood correctly this point? Finally, my last question is about the tax rate. I saw very limited tax rate also on the normalized numbers of 23%-24%. I would like to better understand what kind of tax rate, normalized tax rate, we need to presume for the year. Thank you. Stefano, you like maybe to answer the first question on working capital? Before Stefano enters into the details, let me, Alessandro, point out a very important problem that all the businesses around the world are facing, and we are also facing. The supply chain in this period of time is extremely complicated. Clearly, as we have stabilized our organization, we were expecting an improvement in working capital, and this is happening. The improvement in working capital can easily happen in Mexico and India if those countries will open. We have area of improvement. Consider also that we have, I would say in a big number, around, I can mention hundreds of containers laying in different harbors of China, due to the unbelievable problem of the logistics around the world. If we are going to have some unexpected problem in the supply chain, this could maybe reduce the improvement that we are generating. Last but not least, remember that our target was to reach the famous 40% that we confirm, or even slightly better. In long term, the improvement is stable, and we are showing that we are able to get there. The let's say, short-term storm are complicated to manage, because, as you probably know from other businesses, the supply chain in this moment is a complete chaos. Of course, we are trying to manage in the best way possible. Stefano, maybe you can give some more precise numbers. I just wanted to explain the environment in which we are working. I think that you explained everything very well because, as Alessandro said, the improvement come mainly from the inventory and mainly from U.S. As you said, the environment is not so certain or so stable for the future. For sure, we have a target of improved net working capital. We have a target of free cash flow to equity generation. Maybe the gap can be a little reduced in the following quarter, but it will be still positive. Maybe now we reach just a peak of maximum, the leverage of decrease the inventory. For sure, inventory under control, and it will be also under control in the next following months. I think that maybe the gap can be a little maybe lower, but still positive in the next months. About Okay, Alessandro, do you- Yes. Okay. For the tax rate, yes, you are right. We benefit of the summer recovery, some tax credit, in particular in F.I.L.A., that we use fully. I think that, again, the tax rate for this year maybe will be lower to the 28%, 29% that I normally say, I always said. Will be a little lower, mainly to this tax benefit that we have in F.I.L.A., because we use and we clean all the tax credit that we had. Will be, I think, I estimate maybe 26% for year-end, so a little lower than the normal 28% that I say. Okay. About my understanding about the guidance, if my building blocks are correct in terms of a qualitative way, so that your current expectation that was confirmed, if it assume limited India and Mexico. I think that your analysis is correct, Alessandro. First of all, you can imagine when we build up the guidance, or let's say when we build up our budget, we were in November, and you remember November was a nightmare in terms of environment and in terms of expectation of vaccine. Clearly, we had, fortunately, a conservative view on India and Mexico. I think I already told you during the first quarter result meeting that we have made a 2021 budget for India and Mexico as if in those two countries, the situation would go back to normal starting June 2021. In reality, the situation is unfortunately worse than what we could imagine. At budget level, the total contribution of India and Mexico, if I'm not wrong, was in the area of EUR 10 million-EUR 11 million, much lower than 2019. This represents a great chance to improve the guidance the day that schools in those countries will reopen, because the rest of the world is performing better than our expectations in November, because vaccines are successful. Vaccine campaign is pretty well organized. It seems that there are absolutely no more doubts that in Europe and in North America, schools will reopen. In this situation, we have, let's say, to give rounded numbers, EUR 10 million EBITDA expected coming from Mexico and India that are a big question mark. If these countries will reopen, we will see probably even a better-than-expected guidance. If they will not reopen, the rest of the world is really performing, we think that it does not make sense that we reduce the guidance. Neither we reduce nor we increase, because unfortunately, there is too much uncertainty on what will happen in these two countries. In this period, good or bad, these two countries are extremely important for us. For many years, they have driven a very nice growth. In Mexico, we have done a great job in the last two years. From 2021, we expect strong cash generation and very interesting improvement in the EBITDA, but we need to go back to a normal business situation. We are positive, but for 2021, we can only hope that the situation will go back to normal. Yes, your analysis is correct. Okay, thank you. Maybe last point. Basically, what you are expecting for the third quarter in terms of European school, U.S. school, it's been very dynamic. Probably you have already orders. In the U.S., I know that retail business is asking products in August. Basically, if I understood correctly, you are being positive on the school business, European and U.S. school business for the third quarter versus last year was very, very negative. Alessandro, there are statistics that are available, by the way. It's not related to my feeling, but it's very much related on numbers. By week, the sellout of the retailers is much stronger than the same week of last year. I would say, very close to the numbers of sellout of 2019, which has not been the case until June. If the question is that, are we positive on the trend of this third quarter? The answer is yes, because we are happy to see that on a weekly basis, the feedback coming from our customers is as positive as we expected. Okay. Thank you. That's. The next question comes from François Robillard with Intermonte. Please go ahead. Hi, everyone. Thank you for taking my question. First one is just bouncing on the statistics that you mentioned. I read in a couple of articles that there was some shortage of back-to-school products in the U.S. currently. Is this a situation that you yourself are facing? Are there any products that you are not able to supply to the market at the moment? Coming back on your top-line figures for the first half, can you just give us a bit of a breakdown of how much was due to the rising prices, which you implemented to face the rising raw material prices? Same thing, can you just give us a quick update on the situation for some of your main components, like cotton or pulp or some plastics? Finally, can you just give us the detail of the contribution of Arches to your top line and EBITDA in the second quarter? Thank you very much. Okay. Concerning the problems related to product availability, frankly speaking, we have been actually impacted in North America because we have containers sitting in the dock of different harbors. For us, this has not been significant because fortunately, we have a plant in North America and in Mexico, fully producing for U.S. market, so we have been much less affected. It is true that the big retailers with their own private label have been seriously affected by the disaster of the supply chain in the market. For us, I would say yes, it has been an impact. I think it was not worth to mention this because the numbers are positive, and we didn't want to enter into too many details of our complicated operations. Yes, we are going to see some slight positive impact on our turnover because of delayed shipment to our customers. Yes, it's a problem, but it's really a big problem worldwide. The supply chain is really under serious constraints and huge cost inflation. The second question, I think, was how much is the impact of prices? The impact of prices is minimal so far, at least in this semester, because the prices have been increased depending on countries. We started best case from 1st May, then 1st June, or sometimes even 1st July. The impact on the first semester of price increase, we are going to have this impact. We are going to have also the impact of cost increase that is extremely important. We have budgeted in around the end of December, towards the end of January. We have budgeted in a way that we considered the curve of the cost to start going down in July. Our indication to the commercial structure organization was to increase prices between 4% up to 6%, depending on different countries. Reality is that, unfortunately, this is not happening, so costs are not going down. The price increase that we have successfully implemented, I would say with no major problems, is not sufficient. If the situation will stay as it is today, we're going to apply another price increase between last quarter 2021 and first quarter 2022. To give you an idea, on transportation, the cost has gone from $3,000 per container, now it's $20,000. In terms of pulp, we see cost in the area of +30%. In plastic, we are more towards 100% cost increase. We see cost increase also in cardboard boxes for displays, for packaging. The total impact starts to be significant, will be partially compensated by actual price increase. Our profitability is growing anyway because fortunately, we had high inventory in the beginning of the year, this is reducing the impact. In order to fully compensate actual impact, we have decided to implement another price increase. I don't recall. Oh, yeah, the last question is related to Arches. Arches is doing extremely well, both in terms of top line and in terms of profitability, which is absolutely in line with our expectation. The legal entity in the semester has made almost EUR 8 million, only the legal entity because you have to consider the turnover of Arches is splitted in all the subsidiaries around the world. I don't have a consolidated number of Arches, is absolutely in line with the EUR 18 million that we have announced when we made the acquisition. I would say we are higher than EUR 18 million on a yearly base. In terms of profitability, the company is absolutely in line with our best expectations. I can confirm your number, Massimo, totally correct. Just to integrate, if you like, the group H1 turnover is more or less EUR 11 million. Okay. In six months. Yes. Okay. Just coming back on the first question, a quick follow-up. Are those supply chain issues and delays in deliveries, will they trigger some penalties from your customers as we saw in previous years? As you have seen in our presentation, the adjustment now are close to 0, and are really related to extraordinary costs, mainly to COVID, and restructuring and consultancy fee. You have all the fines that eventually we are facing the 1st semester are all inside our income statement, so they are not any more extraordinary. There is nothing unusual in this moment, because customer understand that we cannot do anything against harbor that are closed, shipping company that are not taking our request to ship product on time. It's a worldwide situation that nobody can really solve. Again, as we have majority of our product made in domestic, our rate of service is much, much better than what our customer are facing with their own private label and with other competitor. Thank you. Thank you. The last question comes from Isacco Brambilla with Mediobanca. Hi, good evening, everybody. Thanks for taking my question. I have a couple. The first one is on 2021 guidance on free cash flow generation. I appreciate we are in a context of very high uncertainty, but it would be very helpful for us to have a sort of target from your side, even a range in terms of free cash flow generation for this year, and also the net working capital assumption underlying such target. The second question is on 2022. Based on the very high profitability you are recording, should we expect 2022 to be finally the year in which F.I.L.A. reaches the 17.5% EBITDA margin you have been targeting for a while, I would say? Also for what concerns consensus on 2022 EBITDA, the current number, which should be in the region of EUR 120 million EBITDA ex IFRS 16. In your view, which kind of school campaign is assuming for next year? Thank you, Isacco. Stefano, can you answer first question, please? Isacco, at the moment, I can confirm, maybe I can improve the guidance that at the beginning was a little less than EUR 50 million. We seem to be over EUR 50 million. Of course, this is a good target because it's our natural target in a normal condition. At the moment, I will proceed to confirm that it will be a little over the EUR 50 million. Of course, it depend from a lot of component elements that are not very certain in the second half. Our view is positive to be over EUR 50 million. Let me add one point. I think until a few weeks ago, the market did not trust in our guidance. These numbers are saying that our guidance was realistic despite a very difficult environment. Again, when you do a budget, it is around October, November 2020. Please remember the disaster we were in Italy, in U.K., in France, and so on. These numbers are simply saying that our positive guidance, because at the end was positive because we were moving from EUR 95 million EBITDA to EUR 107 million EBITDA. The numbers of this semester are telling us that now our guidance is really achievable. If by, let's say, the next meeting with the stock exchange in September, we will have clear view of school reopening, we would be the first to be happy to review the guidance versus positive trends. Today, 5th of August, we have only announcement of school reopening and nothing more because in Mexico and also in India, they are talking of reopening the school last week of August. It's just 3, 4 weeks ahead of us. It will be really stupid from my point of view that we revise our guidance 3 weeks ahead, before seeing if school will really reopen. Maybe in September we will be able to revise our estimation. Concerning your second comment of F.I.L.A threshold beyond EUR 120 million, I give you a very simple mathematical analysis. In 2019, we made EUR 58 million, and we ended up at EUR 111 million. You just have to add Arches that we bought in March 2020. You have to add the organic growth that F.I.L.A. has had in its history, except in 2018 and 2019 for the SAP implementation and for the acquisition of Pacon and all the reorganization that for us has been a bit painful. I think that our numbers today are really in line with a minimum threshold of EUR 120. Already the number of this semester. Clear. Thanks. Just on margins, is that 17.5% margin achievable even in the current context of challenges on materials, given the far better price mix that you are enjoying right now? Yes. It is challenging, but as every problem, even COVID, that has been a problem, is giving us opportunities. The inflation in cost, for example, from my point of view, has not to be considered, let's say, as a concern. I explain to you why. It's more a personal analysis, but I think you can share with me. Number one, in Fine Art. Fine Art is +30% of our business, and the inflation is much lower than other businesses. Let's say that at least one-third of our business is not heavily impacted by inflation. For example, cotton for high-end paper in this moment is almost stable. Second, the inflation, by definition, is a% of growth. When you are a brand leader, like F.I.L.A., it is true that you have to increase prices. Imagine our competitors or the private label that have to pay $20,000 per container when they import sometimes 1/3 of the comparable value comparable to us, to our product. If you want my opinion, and this I think I have always told, in a business in which the unit price is very insignificant for the economy of a family, we are talking of a few USD, few EUR per family. I think that this inflation should be of a big concern from the company that have decided historically to occupy the entry-level range of product, or the big retailers that have pushed for their private label. In fact, they are struggling a lot. I think I already mentioned it, that the private label in a few European countries, Italy, Spain, we have seen a decline of 50% in terms of sell-out in our business. Clearly, when you see a reduction of the gap between the brand leader and the private label, clearly the private label become less interesting. From what you consider a problem, I think we could have an opportunity. Don't forget e-commerce, in which private label in our business is zero. Today, I have not heard any question of e-commerce. We are booming with e-commerce, and in e-commerce, we work with average higher margins, and we are already implementing price increase. Inflation is a short-term problem, but could be an opportunity for companies like F.I.L.A. Clear. Thanks. There are no more questions at the moment. We have a follow-up from Isacco Brambilla. Please go ahead. Hi. Sorry, the very final last question from my side. Any comment on M&A, whether you are seeing any additional opportunity opening up in the aftermath of COVID? If yes, do you feel you are in the position to complete M&A just with your cash firepower, or are you potentially open to evaluate even other options to finance consolidation of the sector. Yeah. Thank you for this question. First of all, I think it is important to see that we are proceeding very fast to regain a kind of stability. With the trend of today, the level of 3 x an NFP EBITDA will be reached towards the end of this year, or we will be very close. If you recall, just 1 year ago, there were doubt on F.I.L.A. sustainability of the debts and, let's say, problems like that. I think that we are going to regain quickly stability. Our supporter, the banks, will appreciate also the speed with which we are regaining stability. You are right. Now that connection has restarted with the competition, I think also you had the chance to analyze the semester of some public competitors. You have seen that the performance related to our business are definitely worse than what F.I.L.A. is announcing. This COVID is clearly speeding up the potential opportunities of M&A. There is nothing really ready because today anyway to travel is complicated, still there are a lot of limitations. F.I.L.A., in this moment, would like to deleverage as a priority more than be involved in M&A project, only because we really feel satisfied and happy, let's say, in the last six months. We would like to enjoy a little bit this moment. It's true that there are a lot of discussions and opportunities coming on the table. I don't see any of them in short term, but with this demonstration of regained cash generation, high profitability, and strong leadership in many markets, in the moment in which we will enjoy India and Mexico to restart, yes, F.I.L.A. will be for sure a protagonist in the future M&A session. Perfect. Many thanks for all your answers. There are no more questions. Massimo, I don't know if you want to add something, like takeaways after the call. No or otherwise. I really thank everyone for the questions, for the patience during this.