Welcome, everyone. Magda Kopaczewska, Investor Relations, and Przemysław Lutkiewicz, Vice President of the Management Board of LPP. We'd like to welcome you to our results conference, where we will present financial results for the past quarter and the entire year. We will also discuss the corporate events and tell you about our plans for the coming months. In the last part of the presentation, as usual, we kindly invite you to participate in our Q&A session, and you can place your question in the chat window. That's all for the introduction. Now, Przemysław, you have the floor. Thank you very much. Welcome, ladies and gentlemen. Today we will, as usual, start with financial results for the fourth quarter of 2020-2021. I would like to remind you that this is the shifted fiscal year. The past year normally had 12 months, but it starts in February and finishes in January, so it's not equal to the calendar year. The fourth quarter, which we'll be talking about today, comprises the months of November, December, and January. We will, of course, compare it to the analogous shifted quarter from the previous year. The slide that you have already seen in the previous conferences, we updated along with the situation developments as to COVID situation. I would like to refer to it but discuss the newest part of the schedule here. Let me remind you that at the end of October, the epidemiological situation in Poland and in neighboring countries was very hard. Poland was all in the red zone, and therefore, in November, there was a second lockdown introduced in Poland. All the stores were closed. After that, some lifting of the restrictions was before Christmas, after Christmas. Again, some restrictions and a third lockdown were introduced. In February, the stores were reopened again. Mid-March, the fourth lockdown started. It has been continuing up to today. The stores are closed mostly. Please take a look. This is the graph, which looks something like an amphitheater. We decided to present the lockdown calendar in the previous year, starting from February 2020, when the first month of the financial year started, until January 2021. You can see all the countries where we operate on the left-hand side, where we have the stores starting from Poland, Russia, Ukraine, and so on, finishing with Kazakhstan and Belarus. What you can see, which is clearly visible, is the second part of March and April and May 2020, when the lockdowns were introduced in many countries. This was the hardest period for the company, as we were uncertain as to what to expect, what the situation would look like, how long the lockdowns would take, and what the customer behaviors would be like. The beginning of last year was the hardest for us. Only two countries didn't have lockdowns. You can see Finland and Belarus. Since the middle of May, the restrictions were lifted, and the stores reopened. You can see the following months, June, July, August, and September, were free from lockdowns apart from some minor exceptions. In October, the situation deteriorated. In November, December, and January, you can see that the lockdowns in many countries were reintroduced. This, unfortunately, hindered our results. The lockdowns were not so stringent as the first ones. You can see that Russia, the second most important market, and Romania didn't have lockdowns in the fourth quarter, which allowed us to achieve quite good results, the best we could. Summarizing or showing you the big picture of the company at the end of last year, there were 1,856 stores open in the 25 countries. Traditional stores, because of lockdowns, of course, recorded very low results, almost 40% on the minus, like-for-like. The floor space increased by almost 17%. The online sales doubled last year. Now we are present in 30 countries with our online offer. Because of the size of lockdowns, the revenues of online sales could not offset the falls that we recorded in offline sales. Group revenues deteriorated by almost 15%. Let's take a look at the map. Let me remind you that in green, you can see the countries where online and offline sales are available. The gray countries, where we only have the offline offer, and the blue ones with only the online offer. As you can see by the number of stores, the most important country is still Poland, but the growth has been noted in Russia, Ukraine, and Romania. These three markets, because of their size and attractiveness for LPP, have recorded the fastest growth, and it will be continued in the years to come, but we will discuss that in the slides connected with plans for the future. You can see the table of 1,856 stores, so plus 110 stores year-on-year. In Poland, we noted a slight decline but quite considerable increases in the CIS regions with Belarus and Kazakhstan. As of the 31st of January, 45% of all stores were opened. As you can see, the eastern markets were operational 100%. In Poland, only 10% were opened. Apart from Poland, in the European Union, without Poland, only half of the stores were open. Moving on to sales results, starting with like-for-likes in traditional stores. As you can see on the left-hand side, there was a considerable 50% drop in like-for-likes, similar to the first quarter, wherein the countries we operate in were actually affected by lockdowns. On the right-hand side, you can see like-for-likes of open stores. There were three months last year only where we recorded increases. The beginning of the year, then July and August. The end of the year, we recorded drops, but at a similar level, more or less -12% in each month, which is probably connected to the fact that some parts of the customers transitioned to online shopping permanently and, therefore, these drops in open stores that we recorded. All in all our brands recorded drops in like-for-likes, which is, of course, related to the number of stores in particular cities that we have. Moving on to e-commerce revenues. Our online sales have been increasing considerably. Almost PLN 800 million in sales in the fourth quarter only is the record sales result compared to any other quarter. On the right-hand side, you can see online revenues by regions. Poland is in the green and almost a half of the revenues. We noted increases of 99% +, and Poland, 70%. The yellow, we can see European countries apart from Poland, so almost triple the sales results. The last, dark blue, is the double increase in sales in CIS countries, in Russia and Ukraine. Considerable increases at the moment where we see the customer behavior of those who actually transition to online sales when the stores are closed due to the pandemic. Now, a considerable part of that shopping is done through mobile devices. 80% of the visits in our stores are through mobile devices, and two-thirds of overall purchases are. We wanted to move towards the mobile device sales, and we knew that we had to adjust our website for the purposes of the online sales through mobile devices. With pictures, quickly loading, and so on. Everything had to be possible via smartphone. Summing up, overall sales and revenues. On the left-hand side, you can see how fast and how strong the sale increases outside Poland, so CIS region and Europe. They are almost the same as the green Poland result you can see on the graph. All these regions recorded falls in the fourth quarter, of course, due to lockdown. Not all the countries recorded lockdowns. The example of Romania or Serbia and Bosnia and Herzegovina, where the revenues increase year-over-year. This was mostly due to the opening of new stores, like in Bosnia and Herzegovina. The fast e-commerce growth also contributed. Not all countries recorded losses. On the right-hand side, you can see the floor space increases. It's by almost 17%. The most increases are recorded in the eastern countries at over 30%, with Poland around a 7% increase. The most important information that you can get from this slide is probably the fact that Poland, our most important market, is becoming dominated by other countries. Maybe to put it differently, for the first time in history, Poland dropped its share in the revenues below 40%. All our brands recorded more sales in the fourth quarter outside Poland as compared to Poland. The strategy of group development focusing on sales abroad is actually giving better and better results. Let's have a look at revenues by quarters. On the left-hand side, you can see, especially in the left part pertaining to 2019, the normal distribution of our seasonality. The first quarter is the worst, and then similar results in the second and third, and the fourth quarter is the best one with November, December, and January. You can see how COVID strongly affected the seasonality last year, where the first quarter was very, very bad, and then there were increases in the second and third, and the third was actually the best because of the lockdowns and overall poor results in the fourth quarter. The seasonality of the past year has been strongly affected by lockdowns introduced. E-commerce sales marked in yellow is clearly visible, almost 40% in the fourth quarter. On the right-hand side, you can see omnichannel revenues, so offline and online together broken down by particular brands. The year-on-year drop was 23%. Reserved, Cropp, and Mohito had around a 30% drop year-on-year. Sinsay is an exception here. Here we have the most increases in terms of number of stores, and this is the only brand that recorded an increase in the fourth quarter. Let's move on to gross profit margin. In the first part of the year, the gross profit margins were lower than previous years. It was a result of lockdowns and the fact that we tried to sell the Spring and Summer collections as fast as we could, even despite the restrictions. We saw the effects of those actions, so moving a certain part of the spring collection to autumn and 40% reductions in purchases for the Autumn/Winter collections. These 40% reductions caused there to be less inventory to sell off. It was like shooting at a moving target. We didn't know what the customer behavior would be like, the lockdown situation, and what kind of stock-taking approach to adopt. We are pleased with those actions, and the shifts of collections that we introduced and the decrease in the purchases that we introduced brought the expected result. At the end of the year, we were not left with too much stock. Considerable increases in online sales caused us to not have to introduce excessive sell-offs and prolong the campaigns. Stocks were lower than we planned, so at the end of the year, we are not experiencing any problems with excessive inventory, and the margins have increased and are better in the fourth quarter, comparing year-on-year. Of course, on the other hand, the foreign exchange rate of US dollar helped in this situation. It was lower towards the end of last year than compared to the previous months. Let's move on to cost. On the left-hand side, you can see the graph with your own stores' costs. Similarly to previous quarters, the fourth quarter, too, recorded lower costs, so -26% year-on-year. With all the cost elements, rents, HR costs, and other costs are considerably lower, PLN 144 per square meter per month. On the right-hand side, you can see the overall SG&A costs, e-commerce, and headquarters costs; this is also a drop by 14% year-on-year. You could say that our business has been changing considerably from the one that fixed costs dominate, where we have changeable costs introduced. The most considerable here are related to online sales with variable costs and transitioning in the stores to turnover rents, for example, and the costs related to turnover, such as third-party costs. All of this causes the variable costs to be predominant here. Summing up the quarter, the revenues are lower by 23.1% year-on-year. Gross profit margin is slightly better. SG&A costs are a similar level to the previous year. As usual, at the end of the year, we have a lot of one-offs. On the one hand, we had considerable write-offs related to unprofitable stores and a goodwill write-off in Slovakia. On the plus side, we had subsidies obtained in many countries for the salaries of employees. The operating profit, a considerable PLN 80 million drop, and the previous year's was PLN 300 million. There is a loss over PLN 40 million with EBITDA. In the fourth quarter, we are pleased with operating profit and net profit, due to the foreign exchange differences and various operations related to IFRS 16 and lease contracts, which burdened our financial activity, the company generated a loss here. Looking at the entire year 2020, we have revenues drop by 15%, or PLN 7.8 billion. These are the revenues for the whole year, with a little bit lower profit margin. The cost was slightly lower as well; it was not as considerable as the unfortunate drop in revenues. The operating profit, PLN 150 million, is a considerable drop compared to last year. On the net level, it's almost PLN 200 million, and last year it was PLN 500 on the plus side. It's a difficult year. The financial results reflect those difficulties, the measures that the company has taken, on the one hand, in relation to investments in new technology and, on the other hand, optimizations of working capital and good management of cash, overall caused closing the year with a loss. The financial condition is stable. We are quite optimistic about the future, and when the lockdowns are lifted, we could show better financial results than in the previous year. Let's discuss some elements of our balance sheet, starting with inventory. Inventory grew over PLN 2 billion. This is due to full inventory with new collections. Over 70% of this is spring/summer collections. The sell-offs since January and February were successful, so we don't really have a lot of older collection pieces in the inventory. On the right-hand side, you can see our working capital. Considerable increase in trade liabilities. It's over the inventory level, so it means that the company has quite considerable cash levels. Inventory per sq m, PLN 455. This is the level that we would try to achieve in the 2021 period. 2019 showed that now we have COVID, and the inventory dropped considerably, to PLN 1,200 per sq m. We're coming back to the optimum levels. 1,500 will probably mark the new standard for the post-COVID period. The next slide shows net cash on the balance sheet. Net debt. You can see on the graph that a considerable change is visible in the third quarter, over PLN 1 billion net cash. Now it's less than PLN 300, which is related also to some operations that we have been conducting. We shifted some financial assets from the bank to money market funds, and we used some of them as deposits. Almost PLN 1 billion, they are not demonstrated financially. The PLN 1 billion cash, which you can see in a different item, we can still use if we wanted to look overall, this indicator would be better. This approach, the accounting approach showing that the cash should be recorded differently, causes this kind of result that you can see on the graph. Let's stop for a moment here because I think the situation is quite strange. I have never experienced such a thing before. I think keeping cash in the bank is connected with some negative interest. Company would have to try to do something with the extra cash. They try to find alternatives, moving from deposits in the banks towards some fund options. We're trying to take into consideration the security issues also. We place our cash in money market funds. Another comment: some deposits, some cash are in. With such an increase in purchases and the liabilities with reverse factoring, we decided that the limits that we have in two banks, HSBC and Santander, are not satisfactory for now with increased liabilities and purchases. In order to still be working on these factoring platforms to keep increasing the liabilities and at the same time give the possibilities for our suppliers to have a convenient way of financing and processing invoices, we decided to increase our possibilities here on these platforms by way of adding our own cash. We put in certain deposits here for the banks, and we could increase our factoring limits in order to continue increasing the liabilities. Of course, these deposits are short-term, like fixed -term. We can, in advance, withdraw them, so this is not blocked money. This is for a fixed period of time. Let's move on to CapEx. You can see on the right our CapEx is almost PLN 300 million in the fourth quarter. You can see the acceleration here. In the first half of the year, we stopped the investments in terms of both infrastructure investments with office premises and stores. In the second half of the year, when the situation improved and the markets unblocked, we also decided to speed up the development, with more outlays in the fourth quarter, most of them for the stores. We also unlocked certain costs, and we moved to this increasing mode in the company. We decided to continue with the opening of stores and investing in infrastructure, which we will discuss in a second. Summing up the last year, we have been developing our floor space. These are stores in smaller cities, opened under better conditions than before. Still, we record e-commerce increases. We have doubled the revenues. The costs are under control, and the working capital is managed well. We are safe on the financial side, so net cash is still present. As far as key developments in the past period are concerned, let me start with charity operations that we have been carrying out in the company. There is a foundation called LPP Foundation, which helps most of all those excluded. We primarily want to help institutions and persons in our neighboring areas, in Gdańsk and Kraków, where we do have our offices. It was a record year in this respect. PLN 9 million in clothes and in financial aid for the institutions were donated. For the first time, we helped hospitals and rescue workers, which really needed special attention in this difficult period, and our foundation tried to assist the medical personnel in this period. Another three events pertain to logistics, and logistics is a very important aspect of our business in this difficult period. As you can see, we have been building a new e-commerce warehouse in Russia. This will be dedicated to LPP, but it'll be rented. Fulfillment center in Romania is expanded. The dynamic growth of e-commerce caused the needs for more warehouse space. In Brześć Kujawski, this is related to stationary stores. Now going into details, Russia, as you know, is a very big country, so logistics is quite a challenge here. Here we decided to increase our logistics resources, both in terms of developing distribution centers for stationary stores and for e-commerce too. Thus, the decision of doubling the floor space in warehouses for e-commerce. The construction has started, and in the third quarter of this year, it will become operational to make the delivery faster and to improve the quality of logistics so that it's better and better in this promising but challenging market. Another element of these logistics changes is the warehouse in Brześć Kujawski. We announced some time ago the opening and construction of this warehouse. COVID and lockdowns caused it so that for several months the construction has been stalled. We have accelerated the construction. As you can see in the picture from above, half of this warehouse is actually covered with a roof, and we're planning to make it operational in a year, so the first quarter of 2022. In the first phase, the target employment will be 500 people and maybe 1,000 overall. Planned CapEx is PLN 200 million. The warehouse in Romania, the e-commerce has been developing very quickly in this market. We're hoping that the logistics from this country will be able to support also neighboring countries. We are doubling the floor space of the warehouse in Romania. We would like to service from that spot also Bulgaria and maybe some other countries in Southern Europe. On the map, you can see how many warehouses we have right now. The black elements serve as e-commerce. We have five of those in Gdańsk, Stryków, Bratislava, Bucharest, and Moscow. There are two warehouses dedicated to traditional stores in Pruszcz Gdański and Moscow and Brześć Kujawski, which is under construction. We will ultimately have three warehouses dedicated to traditional stores. Why are we focusing on the development of our logistics network? To be closer to the customer, to be able to deliver the goods faster. When you purchase online, the next -business-day delivery is key, and we need to be as close as possible to the customer. Thanks to technology and thanks to new warehouses, we are able to shorten the delivery times. Thanks to the defrost project related to the defrosting of the inventory that we have in the stores, we are able to deliver the purchased items also from the stationaries close to the people who buy online. A few words about our plans for the next months. Let's start with the omnichannel term. Omnichannel for us means perspective. What trade will look like in the coming years. Both offline and online channels combined together in the omnichannel will make it possible to have more effective stock management and the use of the resources available. The traditional stores, which are at the same time kind of warehouses for e-commerce orders, can service the online customer as well. On the other hand, for the purchases done through mobile devices and desktop purchases, the customer can come and collect the goods at the stores or return the goods at the stores. This permeation of the two channels is key for us, and we will focus on developing this strategy. Technology is also important here. The electronic tag technology, RFID technology, has been implemented in Reserved successfully. This has brought tangible results, thanks to the availability of goods and bigger rotation and more availability of goods on the shop floor. We have decided to accelerate the development of RFID technology in our company and include other brands, Cropp, Mohito, and House. RFID technology will be developed in these brands this year. We believe that this will help improve the effectiveness of our younger brands. The pace of implementation is key as well. Thanks to RFID and the experiences that we have gathered in the Reserved brand, we can actually implement these solutions in new brands faster. This slide focuses on our own e-stores and the answer to the question of why we're not entering online platforms, like collective platforms. We are asked often why LPP is not in Zalando, Answear. We are not doing it for several reasons. The most important reason is that we want to have full control over our goods, the pricing policy, and how the customer is serviced by our stores. On the other hand, we want to have knowledge about the customer. This is key in the times like these. We want to develop our capacity or resources in terms of AI. We want to see the customer behavior, what goods they choose, and why they choose particular goods to be able to provide them with better service in the future. We don't want to shift this knowledge and these elements to third parties. The pace of the development is key. We doubled the sales online last year. This means that we need to develop online stores very quickly. We don't want our people to focus on other platforms. We want them to have 100% attention focused on our development. Therefore, we decided not to enter such platforms. Our strategy, as for now, covers our own e-stores, which is quite challenging as it is. We need to provide good service with this fast development. We don't want our IT forces to be distracted by other businesses. Now, some fashion-related comments: what sells well. Magda will tell you all about it. Thank you, Przemysław. Ladies and gentlemen, one of my favorite expressions related to fashion is that fashion is not disconnected from reality, from what is going on, from the economic trends or the social moods. As an example, you can see last year, the COVID-affected year. During the pandemic, all of us have changed our lifestyle, the way we spend our time. We stayed at home more, and our home and work merged somehow. As a result, there were fewer official outings and formal outings, so the formal office wardrobe was neglected, and we discovered that comfort and casual outfits were the key ones, and it was the buzzword for the past year. Right now, we still value comfortable clothes and this casual trend. Formal clothing is still on the defensive because there are no occasions to wear such clothing. We can see that something has been going on, something has been changing. We can see quite considerable optimism in purchases, especially in the ladies' collection. Ladies are willing to buy not only oversized dresses but also those flowery pieces. It seems that everybody has had enough of sitting at home in their sweats, and there is hope to wear new clothing at some other events and present themselves. Fashion is always related to what is going on outside. The trends are visible also. We notice them. We notice them among our clients, and the fashion houses also see that, and it seems that those trends will stay strong for the coming spring-summer season but also for the autumn-winter seasons. The big fashion houses in fashion weeks show that. Talking about trends, we have to mention here the polarization that has been observed. This is related to the increase in interest in value-for-money segment clothing, where the price is the key driver to purchase some items. This is related, again, to the current economic situations. On the other hand, we can also see a considerable interest in sustainable fashion. This also reflects the current awareness of ecology that is on the increase. Our response to those two trends is, first of all, the Sinsay brand in the value-for-money segment and the Eco Aware collection in the sustainable fashion trend. Eco Aware is our line with all our brands. Of course, in Reserved, Eco Aware is every third piece of clothing. There are certain standards to be met in terms of this collection. These refer to the use of the materials that are more environmentally friendly. This is organic cotton, recycled fibers, and cellulose-based materials like Tencel. On the other hand, these are products that have been manufactured in factories that operate according to ecological standards. These standards pertain to less water consumption, the use of renewable energy sources, or factories with their own water treatment infrastructure. We place considerable focus on these Eco Aware Collections. We have targets set. We can brag now that these targets are better than expected now. To make it easier for the customer to find such collections, we introduced this Eco Aware label. This label used to be green, but we have decided that a more environmentally friendly option would be to change the color into white, as you can see on the slide. If you're interested in the details pertaining to our sustainable fashion policy and sustainable approach, we encourage you to have a look. There are several days off that we have ahead of us, so it's a great opportunity to have a look at our new integrated report. This has been published today. That's all from me. Now, Przemysław, you have the floor again, and you will discuss another more important trend that is online shopping. We talked about fashion and what happened. What is interesting for you is the future. What is going to happen in the company, how we see the market, and what kind of trends are to be expected. It would be hard to forecast in the turbulent times like these. COVID came and destroyed several plans. My attitude to planning is quite negative. It's difficult right now. What was our approach to build our plans for the coming months? It's difficult to expect what lockdowns will be introduced with the waves of the pandemic. We assumed that the goods we will purchase for this year, we will do it looking at 2019 models. If something goes wrong, if the reality distorts from the plan, we are basically going to react ad hoc. We assume that this year will be quite normal, but after the first quarter and the shifted lockdowns, our plans, initial plans, were not in tune with reality. Starting from the online sales plan, we can see that as long as lockdowns are introduced, the dynamic increases are noted in online sales. PLN 2.8 billion is the plan for this year. Last year, it was PLN 2.2 billion. On the one hand, it's an ambitious plan, and on the other hand, it's very difficult to guess what's going to happen, because on the basis of the results from the markets reopened after the lockdown, like Lithuania or Slovakia or Bulgaria, in those markets, the traditional store sales have accelerated, and the online growth has stopped a little. It's very difficult to anticipate whether this target will be achieved. We're hoping for that, because some of the customers got used to the new way of doing shopping. In Lithuania, Slovakia, or Bulgaria, after the reopening of the stores, we noted considerable increases in year-on-year sales. There is always a group of customers who prefer to go to the actual store to have this tangible and real experience of buying, instead of clicking on the screen. If the store is unavailable for some time, this especially increases the willingness to go there when it's reopened. As far as our plans for the traditional network, we planned a 20% increase in floor space for this year. This is quite faster than last year. It was 16.5% year-on-year. Of course, the question is whether, in times like these, in the internet like this, to develop the traditional store chain; our answer is yes. This is worth doing, because our omnichannel strategy with the traditional stores constituting support for e-commerce and vice versa, we see further possibilities of developments in traditional stores, especially in the Eastern European countries like Russia and Ukraine and Southern European countries' markets as well, like Croatia and Serbia. We constantly see the possibilities for opening new stores, not necessarily in huge shopping malls. We are talking about smaller cities where people prefer to go to the actual stores rather than buying online. We see the potential there. Opening stores in retail parks, by the streets, under better commercial conditions than before. The 20% plan for the overall network and more development outside Poland, a 22% increase in European Union countries apart from Poland, and over 30% in the eastern markets. We are going to develop our youngest brands, those formats that fit well in retail parks like Sinsay, Cropp, and House brands. This year, we will have a new market. The stores will be opened in North Macedonia for the first time in the second half of the year. We are going to spend over PLN 800 million on those stores; the overall CapEx will be PLN 1.1 billion. Apart from building the stores, we'll be, of course, building the Brześć Kujawski Center; some of the CapEx will be devoted to the development in the IT area and the headquarters in Gdańsk. Our CapEx for the two coming years is almost PLN 2 billion, PLN 1.1 billion this year and PLN 900 million the following year. A considerable amount from the CapEx, PLN 1.6 billion, will be devoted to the development of the stores. Summing up the targets for this year, what we can see now is we want to continue with the increase in the floor space. We want to continue helping our e-commerce stores to grow, even in comparison to the COVID year, which was actually focused on online sales. We're expecting double-digit growth in sales as compared to last year. We want to improve our operating margin. On the slide, you can see double-digit growth revenue and operating margin improvement year-over-year. There was a bad year because of COVID. It's quite easy to do. We are thinking of 2019 also. Our operating margin was 9.5% this year. We would like to improve it even more. Of course, our target is a safe liquidity position maintained. What are the challenges? Of course, the further lockdowns. We haven't planned with those in sight. It is uncertain whether a new wave of infection will come and how the customers will behave, in particular industries, and how they will operate in this economy. The challenge of exchange rates, what will be the exchange rate for USD, for RUB, because Russia is the second market for us. We also see a lot of opportunities. We think that the past period made us, as a company, adapt to this new way of commerce, this digitization of the business, and the development of omnichannel and RFID tags. All of this together will translate into better results in the future. We are quite well-positioned right now in terms of traditional ways of operating and some omnichannel-related aspects. We are looking with optimism into the future, and we are well-prepared to face new market challenges. The collections are better and better. It seems that we can feel the market and adapt to it quickly. This is especially visible in terms of the new collection. I would also like to mention that after the lockdown, we feel stronger and motivated within the company, and we can see the effects now. The first lockdown was the worst because we didn't know what to expect. We felt this uncertainty, and this, in turn, caused us to be driven internally, and we can see the positive effects of that now. Certainly, the first half of the year was survival. We didn't really know what to expect and what the situation would bring. The second part of the year is the improvement of the operations and acceleration of the plans. We still believe in the e-commerce development on new markets outside Poland. We can distribute the marketing budget properly. We can boost the demand outside Poland in terms of e-commerce also. AI and the algorithm that we use make it possible for us to see the customer behavior and to adapt our operations to that or to plan sales offers, also the pricing policy. All of those aspects make us well-prepared to face the challenge in the coming years. As to the upcoming years, three-five years from now, of course, we want to focus on product development following the customer expectations and the market demands, further digitization of the business, and continuous improvement of our omnichannel business, and strengthening the development of the value-for-money segment. Price matters, especially customers in smaller cities. These customers pay a lot of attention to the pricing, so our products answer these needs well. We are going to this development, the double-digit development in the coming years. The lockdowns that we observe now will soon be lifted, and we will be fully operational, both in traditional stores and online. Thank you very much, ladies and gentlemen, for your attention, and you're kindly welcome to ask some questions if you have some additional queries. There are some questions. Let me start from the beginning. If you think of foreign expansion in Eastern markets, Romania, Ukraine, how do you see the potential in comparison to the Polish market as regards the potential of floor space in terms of number of inhabitants, and what is the rate of return in the opening stores and the competitive pressure relative to your operations in Poland? This is a very complicated and complex question. We consider those markets in terms of the number of stores per the number of inhabitants, 50 million inhabitants in Ukraine or 25 million. It seems that we can have more stores in those countries and develop online sales more. In Ukraine, the target development will be similar to Poland's. Romania, half of what we have in Poland. Russia, which was not mentioned here, can have many more stores than Poland. It seems that those markets are very good for us. We are recognized and have developed infrastructure in those countries. Back office and commerce structures are developed, as are logistic structures, so we are well-positioned in terms of growth in those markets. What is important is also mentioned in the question: the competitive pressure and the competitive environment. Of course, the Eastern markets, Russia and Ukraine, are easier for us. There is less competition, and it's easier for us to grow there and to find attractive locations. It's more difficult in the European Union countries like Romania. In Romania, Bulgaria, or Croatia, this competition is more basic. The companies that are our competitors in the Czech Republic now, for example, they also plan to develop in those markets, so the competitive pressure is on the increase. We are optimistic. These markets are very good for us. The rate of return is appropriate. It's short, so less than 20 months. Let me add that the Eastern European market behaves differently than the Western European markets. I mean, the pandemic situation here. What's happening in retail, in fashion brands, in the Western markets, how many companies will go bankrupt, and so on. We can see that Eastern Europe seems to be more resilient to COVID situation, and it's quite good for us. It's a very good comment. In traditional commerce, in traditional stores, after the lockdown, Central and Eastern Europe sell well. The e-commerce customer is always demonstrating a different behavior. The customers learn and are willing to learn new things, so the level of returns is lower in this part of Europe than in Western Europe. How would you comment on the latest revelations about retailers wanting to sue the government? What would be the compensation that LPP would be wanting to get from the government? Who would have to pay that, government or the shopping mall owners? I wouldn't like to comment on that information. Of course, there are works on various dimensions. We have been carrying out individual negotiations. After the first lockdown, it was successful, but with each lockdown—it's the fourth lockdown in Poland—it's getting more and more difficult to negotiate with shopping mall owners. Both sides fought for their rights, LPP and some other companies, and the shopping malls, on the other hand, want to stick to their own views and their own tenet. Works have been done on various planes. The government is also considering introducing some changes. Let's wait. I think right now, individual negotiations will not bring a lot of effects, so we are waiting for systemic solutions. The government, as a kind of arbitrator, would be good here, and the top-down solutions would save the situation, I think. Another question, quite a long question, or several. Let me just ask one by one. To what level, according to your budget, should the stationary sale be rebuilt per square meter after the pandemic, taking into consideration the growth in e-commerce and Sinsay? It's a difficult question, and of course, when you plan, you can miss here. Of course, when we planned a stocking after the COVID period, we planned just a few percent growth in like-for-likes. We assume that the customers would be willing to return to stationery stores to change their habits a little bit for this year. In the long-term perspective, e-commerce would continue to be popular. We can see that the sales in this month and the coming summer months will return to the levels like in 2019. In the long run, I think per sq m, the sales result will be lower, and commerce will be moving towards online sales. We are planning to get this balance between the two ways. We don't know if it's 30/70, 30% internet and 70% online, or 50/50. This is hard to guess now. For the coming years, e-commerce will be on the increase. We don't know it; nobody knows it. Because e-commerce proponents say that this will be the primary source. Some other people say that stationary stores will be on the increase. We need a time of stability. Right now, we see that when post-lockdown stores are opened, the demand is on the increase and e-commerce is on the decrease. After some time, it's stabilizing. We need this period of stabilization. It will be like a hybrid model. This is the same as in the case of remote work. Hybrid model, I think, will be functioning in the coming years. This will be similar in terms of e-commerce. We saw several analyses of some other companies that we agree with. This year will be like a reaction to the complete lockdown. After the lockdowns, the traditional store may record some increases, and after several months, online commerce will be on the increase again. We are inclined to accept this scenario. Like-for-likes in open stores for the previous years, looking at the months, we saw that plus results just after the lockdown was recorded. The data that we see from Lithuania, Bulgaria, or Slovakia, which are the countries where there was defrosting after the lockdown recently, show a considerable shift from online to offline stores. I think in Lithuania, during the lockdown, the increases were 200% in e-commerce. When the stores reopened, the dynamics of like-for-likes were 0%, so it is the same level as in the previous year. Lockdown considerably affects online and traditional modes of sales. What is currently the internet basket value in particular brands, including Sinsay? I do not have such data. I cannot present them to you, and we wouldn't like to disclose this information. What is the operating margin in e-commerce, and what is the change year-on-year? Operating margin in e-commerce is better and better thanks to the effect of scale and investment in logistics and thanks to broader use or broader purchases done online. The profitability of online business has almost doubled from 10%-11% in the previous year, now operating at levels of 20%, so it's considerably better. The profitability here is affected by marketing and advertising operations. The question is what part of these revenues we want to devote to marketing actions. Whether we want to have more marketing activities so the profitability is less. We need to balance that. Oh, you see, that's the answer to the following question. What is the cost of marketing in terms of revenues last year? We are steering this. There is no stable level. We are trying here to have smart management of the budget, to use it as effectively as possible. We are trying, in general, to have a flexible budget between 8% and 14% of online sales. Now marketing is considerably different than last year or two years ago. It's considerably more digitalized. Another question: request for update. What is the product offer in Sinsay? The main categories by percentage, and what categories should it be developed for? Very detailed. I think it's interesting for our competitors. I cannot answer that, of course. We are still working on verifying what share of particular categories should be in Sinsay stores. As you know, apart from the ladies' collection, we have kids' and men's collections, accessories, and a beauty segment. We are now trying by experimenting to reach this optimum level of products. It depends on both the size of the city and the country as well. That will be the end of my answer here. Let me just add that this category, in terms of accessories in Sinsay, it has some seasonality aspect to it. When it's, for example, Christmas or some holidays, this is on the increase. Apart from RFID, do you identify other elements that would reduce the cost of stores per sq m, like rents? Generally speaking, as far as costs are concerned in the stores, they will probably return to the pre-pandemic levels, PLN 180-PLN 185. Which elements will return? Cost of personnel will return to the pre-COVID levels when the stores are fully operational, and other costs as well related to energy and materials used in the stores. These will return to the levels from before the pandemic. Where we can save money, I think this is the rent area. When it comes to the quality of the stores and the rents that we are signing now, these are considerably lower than before. The savings here will be observed. 185 and 190 sq m. This is not so long-term as before. Yes, this is very important, Magda. Before, we signed seven- or eight-year agreements. Now, even two- or three-year periods. The Sinsay share in revenues has been on the increase. What is the market profitability now? Market profitability of Sinsay is very good. It's somewhere close to the average of the whole group. Can you please refer to the inflation in the whole of transport purchasing, a value-building area in LPP? If we have one hour, we can start discussing that. Ladies and gentlemen, of course, inflation is visible more and more starting from the supply chain. We are not talking about considerable increases in production here. Of course, for materials like cotton, the prices are on the increase, but it's not affecting us so much now. The cost of transport, sea transport, and rail transport—these costs affect our operations, and because of our long-term contracts, we are mitigating these risks, so they have not hit us in the first quarter of this year. Looking at the second half and the years to come, these costs of transport will be important and will affect the personnel costs and salary costs. These will increase in terms of inflation. We are observing, and we need to see how to react. We are not introducing any price increases, but in the coming quarters, we cannot say that there will be no price increases. We have been analyzing that and the elements of the supply chain and servicing of the stores. We have to take this into consideration, and maybe we'll have to react someday. This is the whole set of questions from Mr. Grzegorz. Let's move on. Are the covenants in the credit agreements fulfilled at the end of the year? All the covenants have been fulfilled, and not one was broken. We have net cash on the balance sheet, so in this way, everything's okay. What is the difference in gross margin on sale between e-commerce and offline and Sinsay versus other brands? For many quarters, we have talked about how offline has greater margins than online. Right now, these are balanced, and the differences between brands are not considerable. Maybe between offline and online are not considerable. Looking at the entire last year, I can say that these differences are not more than 1.1 percentage points, and offline has a higher margin, but these differences are not so considerable. Looking at other brands, Sinsay has a bit lower margins, but these are not so considerable. This is not like a gap of 10, eight, or six points but considerably lower differences. In the new markets, is e-commerce on the slower increase or is the value decreasing? This is the example of Bulgaria. Maybe not Bulgaria, because Bulgaria's online sales will open this year. Lithuania and Slovakia: the increases observed in offline plus 40% and 60% cause that the online sales in those markets to drop by half, looking at values in thousands or millions of Złoty. What can you expect in the first quarter results when it comes to sales and profitability? Please give us some time. After the May break, we will publish the report for the first quarter. In five days' time, please be patient. What percent of rents are sales-related? Direct sales are still 1/3 of the entire rent. In these contracts, there are both caps and some floors, not less than these. It's very difficult to sign agreements for clearly turnover-related agreements. There are more and more of those in the new spaces that we rent. We try to have purely turnover-based rents. In terms of agreements related to turnover, they are on the increase. Let's put it differently. The rents that are not related to turnover at all are less than 20%. In each rent, there is an element related to turnover. What could be the dividend this year versus 2019? Here again, please give us some time. We will announce all those details in a report. We are planning to pay out the dividend. Yes, that's true. We are a dividend company. We want to be perceived as such. The COVID year caused there to be a break in the payout of dividends. We want to reintroduce that. The financial results show that, of course, we recorded a loss. There is no profit. We want to pay the dividend from the retained profits. I guess this is all. Thank you very much. Ladies and gentlemen, thank you for joining us today. We wish you a pleasant May break. Good weather and health. Please join us next time in June. Yes. Thank you very much for your attention. See you soon.