Good evening, and welcome to the Safilo Group's Q1 2021 trading update. This call may contain forward-looking statements relating to future events and operating economic and financial results for the Safilo Group. Such forecasts, due to their nature, imply a component of risk and uncertainty due to the fact that they depend on the occurrence of certain future events and developments. The actual results may therefore vary, even significantly to those announced in relation to a multitude of factors. Today's participants are Mr. Angelo Trocchia, Chief Executive Officer, Mr. Gerd Graehsler, Chief Financial Officer, and Ms. Barbara Ferrante, Director of Investor Relations. Mr. Trocchia, you have the floor, sir. Hi. Good evening. Good evening, everyone, and thank you for attending today's conference call on the Safilo's Q1 2021 trading update. Exactly two months ago, during our discussion on the 2020 results, we talked about how the 2021 had started substantially in line with our expectations and how March could have been a key month, not so much for its potential significant upside compared to March last year, but more as a first important sign on how the overall business could perform compared to 2019. Without doubt, this year represents a fresh start for our group after two years of meaningful turnaround to give the company a stronger and more resilient business model with a diversified brand portfolio and a supply chain right-sized to market reality. In the last two years, we have been working to reshape our brand portfolio from a concentrate to a diversified one, establishing global brands with high visibility and new champions, with differentiated focus by geography and consumer segment. We are therefore pleased about this very positive start of 2021, which saw our Q1 sales and economic results exceed the Q1 of 2019. These results are all the more significant as they were achieved in a health and business environment, which has remained, in the meantime, tough in a number of countries and distribution channels. They represent for us a first encouraging testimony of the growth we can aim for, thanks to our new business leaders. Let's look at the economic and financial KPI of the period. As you have noticed from our press release, given the exceptional nature of 2020, our results this year will be compared also with the same period of 2019, the most significant benchmark to measure the health of the market where we play and the progress of our operational execution. Our net sales in Q1 reached EUR 251.4 million, up 20% at constant exchange rate compared to the Q1 of last year, and more meaningfully, up 6% compared to the Q1 of 2019. Thanks to the strong recovery recorded by our own brands and Polaroid, with the new business in the portfolio effectively compensating the license terminated at the end of 2020. The positive sales momentum was again largely driven by the United States and by a better-than-expected growth of the online business, which again, soared thanks to the higher contribution of our newly acquired e-commerce business, the higher growth of the Smith D2C channel, and the sales generated through the internet pure players. From an economic standpoint, in the Q1, we registered a significant improvement in profitability. Also, in this case, above last year, and again, even more important, above Q1 2019, thanks to the positive sales development, the ongoing strict discipline with which we are managing our expenses and continue to pursue our structural saving plan, which has already provided for now linear overhead cost structure. Q1 this year, we recorded EUR 25.8 million of adjusted EBITDA and the margin, which jumped to 10.3% of sale, exponentially above Q1 last year. Compared to Q1 2019, the increase was +29.4% in absolute terms and +220 basis points at marginal level. The group net debt at the end of March stood substantially in line with the position we recorded at the end of last year at EUR 223.9 million. I'll now hand it over to Gerd for some additional details on the top and bottom line. Thank you, Angelo, and good evening to all of you connected via conference call and audio webcast. Let me add some color to the core highlights already provided to you by Angelo, starting from our Q1 net sales performance, slide four of our presentation. The way in which we analyze our performance this year is by evaluating the effectiveness of our brand portfolio rebalance. This year, we have different moving parts in our portfolio, and our objective for 2021 rests on the ability of our business, both owned and licensed, to effectively compensate the terminated activities' top and bottom line. This is indeed what happened in the Q1 of the year when the contribution provided to the period by Privé Revaux and Blenders, with the latter not yet included in our perimeter in Q1 2020, and the newer licensed brands in the portfolio, among them Levi's, David Beckham, Missoni, PORTS, and Isabel Marant, largely compensated the licenses terminated at the end of last year. At the same time, our comparable brand portfolio recorded a strong recovery, explaining the majority of the upside we recorded compared to last year, but also versus Q1 2019. These are significant positive news for us, pretty much broad-based across our brands from the strong growth of Smith and Carrera to the meaningful rebound of the majority of our licenses, in particular, Hugo Boss, Tommy Hilfiger, Kate Spade, and Jimmy Choo. By product and channel, prescription frames remained the key positive driver across brands and markets, confirming the resilience of the product category in optical stores. In the quarter, our total sunglass business was supported by the new contribution coming from the e-commerce channel, which more than offset the soft sun business and terminated business in Europe. As just highlighted by Angelo, our total online business soared in Q1, thanks in particular to Blenders, Smith, and the sales growth through the internet pure players. Focusing on this in the next slide. Today, our total online business is three times bigger than it was in Q1 2019, moving from 4% of the group's total net sales to 6% in Q1 of last year to 13% in Q1 of 2021. The exponential increase of our D2C activities we recorded this year at +164% compared to Q1 2020 were clearly driven by Blenders, exceeding our expectations, +79% versus a year ago on a pro forma basis compared to its Q1 2020. To note, Blenders is now starting off well also in Canada and Australia as the brand and its e-com started to expand out of the United States this year. As a reminder, Blenders was not in our perimeter in Q1 last year as the acquisition was effective June 1st, 2020, while we already had a couple of months of Privé Revaux acquired on February 10th, 2020. On the other hand, this year our online sales continued to be nurtured by the significant growth of the Smith direct-to-consumer business, up around 63% at constant exchange rates, as well as by our sales through the internet pure players, up around plus 48% in the period. Moving to a snapshot of the sales performance in our four regions. As expected, there was a continuation of the main dynamics recorded in the H2 of 2020, particularly as far as the strong ongoing sales growth in the United States was concerned. In North America, our Q1 sales at constant exchange rates were up 53.8% versus Q1 2020, and by 41.8% versus Q1 2019. Indeed, a strong upside which materialized across all product categories and brands, which reflected the combination of a number of positive effects. From the just mentioned contribution of Privé Revaux and Blenders to the strong momentum of Smith products, both online and through the more traditional sports channel, and in particular, its bike helmets business doubling and reaching 16% of the brand's business in the quarter. To the outstanding business upside continuing in independent optical stores, chains, and department stores. In Q1 2021, the contribution of Privé Revaux and Blenders to the North American growth versus 2020 and versus Q1 2019 was respectively +21% and +25%. In Europe, our business remained soft, down 5% at constant exchange rates versus 2020 and -17.8% versus Q1 2019. This was very much expected as many markets remained constrained by the persisting retail restrictions and lack of tourist flows, which continued to penalize, in particular, the sunglass business in specialty channels like boutiques, department stores, and travel retail, but also in some of the biggest chains. Among our brands, this market context impacted above all Polaroid, a brand particularly exposed to the European sun markets. As previously highlighted, the prescription frames business was very solid for the majority of our brands, also in Europe, growing compared to both Q1 2020 and Q1 of 2019. In Asia Pacific, Q1 sales were down 10.8% at constant exchange rate compared to Q1 2020, and minus 25.3% versus Q1 of 2019. This was again not a surprise for us as the region is one of the most exposed to the travel retail business, a channel which was still high in Q1 last year, while it represented around 36% of the regional business in Q1 2019, with the terminated licenses being roughly half of it. On the positive side, our sales in China and Australia confirmed the significant growth trajectory recorded in the H2 of 2020, up respectively around 73% and 46% versus Q1 2020, and both significantly also above Q1 2019. Proving thus the effectiveness of the portfolio strategy we have been implementing to build a more relevant and sustainable business in Asia Pacific. Finally, in the rest of the world, our Q1 business recorded a sharp acceleration across all main brands and product categories, up 40.6% versus Q1 of 2020 and +26.5% versus Q1 2019. With a rebound that materialized in particular in the Middle Eastern markets, which had started to recover from the Q4 of last year. Let me now move to our economic and financial performance, slide seven, following from the highlights already provided by Angelo. In this Q1, both our industrial and operating activities clearly benefited from the positive leverage provided to the period by the sales rebound, as well as from the cost discipline we continued to pursue alongside our ongoing structural savings plan. Structural savings totaled EUR 3 million in the Q1, on top of which we benefited of EUR 2 million of COVID-19 related measures. Non-recurrent costs were booked in the period, mainly in relation to the announced closure, starting from June, of the Ormož production plant in Slovenia. In Q1 of 2021, non-recurrent costs totaled EUR 16.2 million, EUR 4.6 million at the gross profit level, mainly in depreciations for the impairment of manufacturing assets, and EUR 12.4 million at the EBITDA level. In Q1 last year and in Q1 2019, these costs were EUR 2.4 million and EUR 1.1 million respectively. On a reported basis, Q1 gross profit stood at EUR 126.6 million, with a margin on sales of 50.4% compared to 49.5% in Q1 2020 and 52.7% in Q1 2019. On an adjusted basis, gross profit equaled EUR 131.2 million or 52.2% of sales, up 19.9% compared to last year's gross profit and plus 270 basis points compared to the gross margin. Compared to Q1 2019, it was substantially in line in value terms and 50 basis points below in terms of margin. Our industrial performance this year benefited from the better cost absorption provided for by the increase of production volumes, although still below Q1 2019 levels, and from the first structural savings on manufacturing and obsolescence, which in the period were partially offset by higher inbound transportation costs. Sales mix had two key opposing dynamics, the positive accretive growth of the D2C channel, and the still negative brand product mix, mainly related to the exit of terminated licenses and to the higher weight of sport products. Below the gross profit line, our general selling and administrative expenses benefited from the cost containment actions we continued to implement and from the leaner overhead cost structure deriving from the last two years' structural savings. Clearly, the exit of terminated licenses means we pay a lower level of royalties and marketing contributions, and these positive impacts are now visible in our numbers. Q1 2021 reported EBITDA equaled €13.4 million, with a margin on sales at 5.3%, compared to 1.5% last year and 7.6% in Q1 2019. On an adjusted basis, excluding the non-recurrent costs of the period, EBITDA this year equaled €25.8 million, marking an exponential increase compared to the €5.8 million recorded in Q1 2020, and a meaningful improvement of plus 29.4% compared to the EUR 20 million recorded in Q1 2019. The adjusted EBITDA margin jumped to 10.3%, up 770 basis points compared to the 2.6% in Q1 of 2020, and up 220 basis points compared to the 8.1% recorded in Q1 2019. As always, in this quarterly trading update, we also provide you with our group net debt, which at the end of March, as anticipated by Angelo, stood substantially in line with the position reported at the end of December last year at EUR 223.9 million or EUR 181.3 million pre IFRS 16. This reflected the positive economic results of the period and the ongoing strict control on net working capital, where we continued to make progress on our cash collection activities, as well as on the reduction of our inventories. I stop here and I hand it over to Angelo for his further remarks on the evolutions after the closure of the quarter. Thanks to you, Gerd. These weeks of April and May, we made solid progress on our execution agenda. First of all, on our industrial restructuring plan. On April 14th, we reached a satisfactory agreement with the trade union and the work council regarding the closure of the Ormož production site starting from June 2021. I would like to take also this opportunity to thank all the parties involved who have been working with us in a constructive way to find very quickly a sustainable solution to minimize as much as possible the social impact of this difficult decision. As said, this is an additional step toward our broader strategy aimed at ensuring a solid and sustainable future for our group, rightsizing our supply chain to our new market reality. Today, we have announced a new five-year global licensing agreement for the design, manufacturing, and distribution of Dsquared2, which goes in line with the direction of our brand's overall strategy and represents a great addition to our existing portfolio. Dsquared2 is a global fashion brand founded in 1995 by Dean and Dan Caten and renowned for its uniqueness and creativity, and a good opportunity for us to grow in the fashion luxury segment with a distinctive and complementary brand. Our first optical and sunglass collection with Dsquared2 will hit the market in January 2022 for the new spring/summer season. Now to conclude our presentation, I would like to outline that in the month of April, sales trend continued to be strong, still driven by outstanding growth in the United States, the online business, and the progress of a number of emerging countries. The month was solid despite a still mixed picture in Europe, where retail restriction and the uncertainties surrounding stores reopening in some countries instead prevented a material rebound in the region. Based on the current visibility on the order book, we expect our total net sales for the Q2 of 2021 to clearly normalize compared to the exceptional COVID-19 related decline recorded in the Q2 of last year, working hard with the objective to slightly surpass Q2 2019 at constant exchange rate. This concludes our presentation. We are now ready to take your questions. Excuse me, this is the conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star one on their touch-tone telephone. To remove your question, please press star two. Please pick up the receiver when asking questions. We will pause momentarily while the participants join the queue. The first question is from Cédric Rossi of Bryan Garnier. Please go ahead, sir. Yes. Good evening to all of you. I have two small questions. The first one, Angelo, regarding your guidance. You said that Q2 sales are expected to slightly exceed the 2019 levels. Can we expect the same magnitude of performance than in Q1? In other words, 2% or 3% higher sales than in 2019? My second question is regarding Europe. I understand that April, you were still negatively impacted by lockdowns across Europe. Could you give some color on the mood of independent opticians there? Are they ready to reorder and to prepare the sun peak season? How do you anticipate the sun glass category to catch up in Q2? Thank you. I will start from the second, then I'll integrate to the first. Europe is a little bit patchy. First of all, the world is very patchy. We have U.S., China going very well, Australia going very well. On the contrary side, if we look to Asia, Korea is really bad and other country in the region are very bad. If you look to the rest of the world, some of the emerging Middle East performing very well, some other country in Latin America also. I think we need to get used to this patchy situation. The same situation, if you like, somehow is in Europe, where I think we see in U.K. a strong rebound. In the last two, three weeks, as soon as the lockdown situation has been improving, we see really a jump in the sales. If I look to Italy in the last weeks, we don't see the same trend of U.K., but we see positive signs. On the other side, Germany and France and Spain, currently we don't see any change in the trend. Specifically on the opticians, let me say in this moment, obviously the question mark of the optician is the sun season going to start, yes or no? Can the people really travel within Europe? I think they are positive, to be honest, because I think they are happy about the quarter one. The big question is going to be, because today we have optical and sun performing dramatically different. We have the optical going +20%, the sun going down more than a high double-digit. Is this trend going to change in the season to come? No one knows. The atmosphere is positive. I think let me say the mood is positive. Question mark is the rest of Europe, Germany, France, Spain, going to follow what we see in U.K., yes or no? That is the fundamental question. In general, I have to say, I know with Luxottica, the optician are relatively positive, and they really look to how fast can the vaccination process get started in Europe. Up to Gerd before the. I will build a little bit on what Angelo said. Clearly, geographically, the U.S. should continue on track. In Europe, let's see how the situation evolves. Obviously, as you know, the Q2 for us is really the peak period and the peak season of the year. It will depend quite a bit on how sunglasses are going to evolve, not only in the regular trade, but I think also on the D2C, because now with Blenders, with Privé Revaux, we have also some new acquisitions that are playing quite a bit in sun and who have the main peak season in the quarter. Whether the further easing of restrictions here in Europe can also Bring us some degree of sunglass reorders in the quarter. While in optical, I think the trends we've seen in Q1, they're going to continue. We don't see them slowing down. I think at the end of the story, it's still a bit difficult to say exactly where we will end the quarter. The most important months in the quarter tend to be May and June. We're in the middle of May. At the end, I think we will be somewhere slightly above Q2 of 2019, with the trends continuing in the way they're going right now. Super. Very clear. Thank you. Thanks. The next question is from Domenico Ghilotti of Equita. Please go ahead, sir. Good afternoon. A few questions. The first is a follow-up just on this European trend in the order. Do you have a sense of what is the initial inventory level in the trade that could have some pent-up effect on the orders if the opticians become more confident on the sun season? The second question is on the North American market. On the opposite, we are seeing already a very strong momentum there. I wonder, what is your feeling on the selling compared to the sellout? You have also a direct exposure, you have now also some direct visibility on that. In particular for the independent wholesale channel, I wonder if they are following a similar very strong path in sellout. Last question, housekeeping on, is there any significant contribution from discontinued brands in Q1 or in the H1 of this year that we should take into account to extrapolate the trend, let's say, going forward? I answer the first two questions. I leave the last one to Gerd. Let's start from U.S. I think U.S. is. Honestly, we have two trends there. One is that our redesign that the TOs, with the main focus on the TO, on the independent, we've been reshaping our sales force. Part of the results are related to that. We have really dramatically increased the grip on the market. The other is the market is going well. To be honest, in this moment, there is no stock building in the TOs. They are selling. Our analysis tell us that we are gaining share, shelf space, mainly toward some of the small players. The market is going well, we are gaining shelf space. We don't have any sign of, let me say, stock building. Selling and sellout are aligned. We go to Europe, I think that during these days, no optician is increasing the stock. I think that starting from last year, they are learning to work in general with a lower level of stock. For me, the real question that we have and the optician have is how much is the sun going to rebound? To be honest, they are not pushing so much on the sun. We see that they are more relaxed to buy optical. To be honest, if the sun will come out and the season will pick up, we will see a fast rebound. Honestly, stock, they are very cautious. I don't think there is a stock building in the optician during these days. They are very cautious compared to the past. I leave Gerd to the last question. On the discontinued brands, we are having some closeout sales now in Q1 and Q2 on Dior. We will have some closeout sales in the H2 year on Fendi, which as you know, ends at the end of June. The contribution to top and bottom line has been fairly small in Q1, and I would expect something similar and still small also in Q2. That's it. If I may, maybe I have another question, given the new license agreement. I was interested in understanding, what was the key element, the key selling points to get the license from a competitor? I don't like to comment on the competitor. For me, the question is, as you see, the way in which we look to the license is we are looking to global license, and we are looking to a series of license which have relevant on some regional local market. I think Dsquared2 acts in some market where we are very strong. I think the fact that we are very strong in some of the markets which are important for Dsquared2, and the fact that we are showing with the other licenses that we have taken recently in the portfolio, the ability to let these licenses grow. These are the main reasoning behind the fact that Dsquared2 is now with Safilo. It's answering to a more regional need in regions or in countries where we are very strong. We can really assure that the brand is going to grow significantly compared to the last year's performance. Can you share also the rollout for Blenders in particular, and if there is any update on Privé Revaux? It was expected to be rolled out also Let me say, Privé Revaux has been launched mainly in GP. The rollout we were talking last time was GP Europe, and in Europe, I think we have commented before. Let me say, we didn't choose the best moment in the sense that, also, if you look to the GP numbers, it's still obviously paying a little bit of a price of the situation in Europe. That was the international strategy for Privé Revaux. For Blenders, we have launched in Canada, we have launched in Australia. In both markets, it's performing very well. Obviously, now Australia goes in the low season, so to see the really pick up, we need to wait for quarter three, quarter four. Canada is going very well, and we are evaluating more English speaker countries, let me say, in the H2 of the year. Honestly, the results we are getting are honestly by far better than what we were expecting. Canada, because the consumer and the market's quite similar to U.S., and Australia, because I think Australia Blenders may have huge potential. I think it's really fitting or is very close to some of the needs of the Australian consumer. In the H2, we will extend to more English speaker countries. Okay, thank you. As a reminder, if you wish to register for a question, please press star and one on your touchtone telephone. The next question is from Adam Crocker of Logbook Investments. Please go ahead, sir. Hi. I was hoping you could provide an update on the status of your IT platform, the sales platform. I know it's early, I was wondering if there's any update on that and the potential it brings in the quarters and years ahead. Thank you. Yeah, I think that the good thing is that we have finished the European rollout. How the platform is designed is allowing us to launch continuous new release. We already launched two new release, which is improving the consumer interface. We keep adding more features. We have put now the full catalog with new pictures, with the eyewear dressed, so it's not like the sort of existing picture we were putting before. We are now able also to load all the content and the advertising. To be honest, the pickup from the customers in Europe is getting better and better. We are at full speed. We have quite a tight rollout phases of different features from now till the year end. We are really going fast. Honestly, the feedback from the customer is getting better and better on two topics. One is really number of order that the customer is playing, because it's very easy, it's very straightforward. The other big area is on the after-sales. Instead of ringing to the customer care, they can order spare parts and get all the information straight away. By the way, starting from Italy, from next week, we have also launched a chat so the customer doesn't need to talk anymore and give a ring by phone or sending an email. There is a very simple chat, so any customer can chat directly with the customer care. Italy, where we have launched, we are launching during this day, the first feedback is enthusiastic because they found a very easy and modern way to interface with us. Going very well, honestly, and we are very fast. We have a full dedicated team. We are adding more resources. We have included in the team new resources with e-commerce knowledge and with data analytics knowledge, because now we have really a sort of easy way to really understand what's going on by country, by brand, by customer. It's going very well. Okay. If I could just add on to that, as it relates to the United States, is the rollout, the timing I know is a little later, but is the mechanics of the rollout similar to what you've done in Europe, and does it make it execution? Do you have learnings from Europe that you can transport to the United States? That is the idea. What we are doing today also, if we are on two completely systems, because in Europe we have a subsystem with the Salesforce. The IT infrastructure are completely different compared to the one in U.S. We are already now trying to take learning from what we are learning in Europe and try to adapt to the new system in U.S. Obviously, only starting from 2022, end of 2022, we can really do the jump also in U.S. There are a lot of learnings and things that we are sharing. For example, we are introducing a chat system also in Smith, not really on the overall wholesale, but on the Smith brand. We are trying to learn as much as possible and implement in U.S. Okay. Thank you. Thanks to you. The next question is a follow-up by Mr. Domenico Ghilotti of Equita. Please go ahead. I have a follow-up on the profitability, because basically in Q1 you reached the long-term target of 10% EBITDA margin. Okay, there is some seasonality, but Q2 is not far away in terms of looking at your projection compared to Q1. You have also the structural savings in the second part coming from the closure of Ormož. I wonder if you can share if there is something exceptional in Q1, if we can extrapolate from that a stronger base for 2021. If you can comment on the profitability, that was very, very strong. Yeah, I think couple of comments. I think on the one side, clearly we've had a very strong top-line performance. We started seeing a recovery of the gross margin. Q1, let me say, is not necessarily the quarter in which we invest the heaviest, because on the one hand, the peak consumption period for sunglasses, which is where we invest more of our marketing, is typically in the Q2 of the year. With a number of lockdowns, especially in Europe, clearly we have been a bit more cautious on demand driving investments. It is true that we were quite positively surprised by the EBITDA results of Q1. I think, taking into account the dynamics of the investments, as I was just saying, in Q2, we should have a good level of profitability also in the Q2. The game for the year will obviously be played in the H2 of the year. I think there is still, at least to me, a little bit difficult to predict exactly the business context, how exactly will Europe recover, open up, how will the summer and the reorders from the summer be? The U.S., it is going very strongly for a number of reasons, but also last year in H2, the U.S. was strong. Last year, Privé and Blenders were new. This year we are anniversarying them. There is some, let me say, perimeter effect that is going to be key for the H2 of the year. In the next couple of months, I think when we close the first semester, we will be in a better position to give an outlook as to where we see the H2. Certainly it's a very strong start. What about the cost? On the cost item that you have more under control, the savings, the structural savings, how much should we see in the H2 compared to, say, last year or this year? Compared to the H1? I think, on the overheads, let me say, let's split a little bit overheads and the cost of goods sold. On the overheads, we have done a lot of the saving, as you remember, in 2019 and in 2020. We have a portion still in 2021, and I think the running rate that we see in Q1 is something that we will also expect to keep going forward in at least for Q2, and then we obviously start anniversarying some of the actions that we took in the middle of the pandemic last year. The bigger contribution in 2021 that we see should really come from the cost of goods sold savings because as we were saying in the full year results of 2020, clearly in 2020, we were not really able to realize a lot of the cost of goods sold savings because we were sitting on closed factories and all kinds of social tools. This year, our expectation is to be around EUR 10 million-EUR 15 million of cost of goods sold savings in the full year, which would constitute, let me say, a good portion of the EUR 25 that we announced in the strategic plan back in 2019. I think so far the running rates are bringing us there. Okay. The watch out, I think, on the COGS is, it's not really in the COGS, but the watch out is a bit on the logistics costs. I'm sure you will see this across all the industries, transportation rates, be it air freight or sea freight from Asia to Europe to U.S. are very high in the moment. We are working on some additional opportunities on other COGS items in order to bring home that range of savings. Are you planning or have you already launched some price increases also to offset with, say, the inflation coming from logistics and part from raw materials? We are looking at price and mix always holistically. I don't want to comment on pricing action specifically. Yes, these are all considerations that we don't just look at cost reduction, but we also look at our gross to net sales and see how can we get some improvements there in order to help mitigate some of those upsides. Okay. Thank you. Thanks. The next question is from Marco Baccaglio of Kepler. Please go ahead, sir. Yes, good afternoon. I hope not to having you repeating some things because I connected late. Question one is whether your online business today as it is accretive on the profitability at consolidated level, let's say at EBITDA level. The second question is if you have an estimate of what could be the one-off costs for the whole year, what we have seen is already including all the costs of closure of a plant in Slovenia. The third one is whether you have any updates on your shareholder loan, the very expensive one in terms of potential refinancing. Okay. I think on the first question, the answer is yes. The B2C business is accretive to the total profitability of the group, we have, I think, a solid double-digit margin on that part of the business. As we were saying also previously, clearly there's a different dynamic. It's a very high gross margin business as it goes directly to the consumer, and then there is higher marketing expenses on the other side. Yes, on the bottom line it's accretive. On the second question regarding non-recurring costs, I think we should be looking at more or less EUR 20 million-EUR 25 million for the full year. All of this is part of the EUR 50 million framework that we provided back in 2019. We do expect that in this year, we will conclude the biggest portions of the restructurings at the time of this year. In Q1, we had EUR 16 million. In the EUR 16 million, we should say that there's been about EUR 4.6 million that were linked to asset write-downs. I mean, it's driven by Slovenia. We've basically taken down the book value of the factory to what we think we can actually realize in the market in a sale, while the other EUR 12 million are costs that are more directly linked with restructuring activities and severances. Let me say they are really cash costs. The third question was on the shareholder loan, which indeed is expensive. We have now basically drawn the first tranche of EUR 30 million in February already of last year. We have drawn the remainder of the loan in June. Clearly on the back of better results that we have been able to deliver in Q1, be it both on the bottom line, but also on the cash flow, I think now it's going to be a moment for us to look at whether there could be a more supportive market for us to take care of the shareholder loan. There's no plan in the immediate, let me say. Thank you. Gentlemen, Ms. Ferrante, there are no more questions at this time. Thank you very much. Thanks very much. Thanks to all being with us. Have a nice evening. Bye-bye. Ladies and gentlemen, thank you for joining. The conference is now over and you may disconnect your telephones.