Hi, hello. I'm Magdalena Kopaczewska, Investor Relations, Przemysław Lutkiewicz, Deputy Chairman of the Management Board. Welcome to our results conference for Q3, within which we will tell you what has happened ever since we met during our last meeting. We'll talk about our financial results for the third quarter, and we'll also tell you about our plans, short-term plans, for the future. Towards the end, we will traditionally invite you to ask your questions, and we shall start with Black Friday. Black Friday, that is the period of promotions and an increase in sales that lasted ever since Thursday preceding Black Friday until Monday, so the so-called Black Week. We are very happy about this year's results of Black Week, and that is because we've noted double-digit increases in revenues in both channels, in omni-channel, comparing our results to the previous year, the same period. What we are most happy about is higher gross margin on sales within this period. In division into channels, you can see that the shopping trends were higher. In offline, they have noted growth by 37%, while online, an increase by 16%. In terms of the internet, one should mention that what becomes ever more popular is shopping via our application. That is why even before Black Week, at the beginning of November, we launched an application for our Mohito brand, and this is yet another brand that is accompanied with an application following Reserved and Sinsay applications, make it possible for us to build consumer loyalty to our brands. At the same time, they make it possible to lower the marketing costs, the so-called performance marketing costs online, and therefore, they become a great tool that gives us knowledge about the customer and their behaviors, and their usual choices. They're also very beneficial for our customers, as the applications make it possible to have access to the full history of shopping, online or offline, and they also make it possible to carry out quick returns without receipt, and also they make it possible to get access to information about a given brand. Mohito app is available in Poland only, but we also are planning rollout in Czechia and Romania. Now, Przemysław will take over to tell you about other events in our company. I'll be back with you for Q&A. Another important event we need to mention, this is the construction of our logistics network. We also announced it, that we are going to open the logistics center for stationary stores in Romania. It has already happened. We started the construction in January this year. At the end of the year, right now, we are starting with the production works in the logistics center. This is close to the capital of the country, in Bucharest. This is a leased center. We do not invest in CapEx, we just lease the situation, and we employ within Logistics Romania the employees for our own jobs. This logistics center is to serve shops across the entire southern Europe, so Romania, Bulgaria, but also Hungary, Croatia, Serbia, and Greece. So 450 stores today, this is how many we have in this region, but of course, this region is something that we keep on developing, so with time, there will be more stores to come. Another important event is opening three stores of Reserved in London. Now, we have four in London altogether, two at the main shopping street, high street, that is Oxford Street, one that we opened in 2017, and nearby, there is another one. But also we have two new stores in shopping centers. You're asking us how the sales go over there. Quite well, but we can see this difference in the shopping malls. The results are better than those noted in Oxford Street. So that shows the trending, the changing shopping trends in Western Europe. The three new stores that we opened are much more preferable in terms of the conditions that we have there in terms of the rental burden, and so on. So we certainly hope that the return on investment is to be observed within the three years to come. Greece is another market that we have started conquering. We've opened it towards the end of the previous financial year. Now, we have three Sinsay stores in the Greece market. That's a market that sells really well, both online, where we had launched our online store in that country beforehand, as well as all the stores, offline stores. They also sell really well. I need to mention that it is owing to the Greek market, that it has turned out that we need to be more flexible about approaching our new Sinsay stores. We intended to open those between 900 and 1,200 sq m in terms of floor space. It turns out that there are not many locations of this kind in Greece. So in order to enter this market, we need to reduce our expectations in terms of the size of the stores. So adjusting to the market conditions, being more flexible, we are now ready to open Sinsay stores of 500-600 sq m. That also makes it possible for us to increase our developmental potential across the entire Central Europe region. That is why we also increase the guidance of new launches of stores for next year. I'm going to tell you more about that as we go today. So our goal for next year in Greece is to open over 20 new Sinsay stores. So altogether now, we have over 2,200 stores in our network. The table on the left-hand side shows you that we added almost 370 stores over the year, out of which 101 in Poland and 268 abroad. Poland still remains the core market for us, generating around 45% of total sales. We have almost 1,100 stores in Poland. But the development for the years to come is something that we envisage to happen more intensely beyond Poland. So Romania, Bulgaria, Greece, Serbia, Croatia, or Italy would be those markets that we would like to keep developing within the fastest pace. And now, moving on to the financial results, starting, of course, in our revenues and sales. We can see that over those nine months, it is offline stores that sell better than online ones. In online, we had a few percentage drops in sales. In offline, we had increase of 12%. Also, the floor space grew by 24% year-on-year. So we are present at the 39 markets now, and the gross revenues of the group within three quarters increased by 7%. The Q3 sales were below our expectations. It was identical to the results noted last year in both distribution channels, offline and online. So similar, similar digits in terms of the revenues results. The warm end of the summer shifted, extended onto September. Many competitive companies also complained about that, where already there were autumn collections. In the shopping centers, the traffic was low because people still benefited from the warm season, and they did not purchase autumn collections yet. That's changed only starting in October, when colder days came, and then the sales started to grow. But this week, September, resulted in the revenue being flat year-over-year. When you look at the table down there on the right-hand side, you can see that the best dynamics in terms of growth of revenues was that by Sinsay that exceeded the barrier of PLN 2 million in one quarter. That is our biggest brand, contributing the most to our sales. Reserved, Cropp, House, and Mohito, those four brands had drops of sales year-over-year, and I guess that the bigger ones were in e-commerce, online. So looking now ahead, it is in October that we could see the sales rebounding, good ones in November, continuation of good trends in December. So I believe that Q4 is going to be much better in terms of sales dynamics year-over-year. Now, looking at online sales, again, it was flat year-over-year. You can see at the graph that in the domestic market, we've had increases in sales, but minor drops abroad. But basically speaking, very comparable, similar results, about PLN 1 billion in the online channel. As Magda has mentioned, applications are growing ever more important in those markets that had welcomed applications as the first ones. Half percent of online sales go through the applications. That is why the applications are so important for us to develop across all the brands. We can also see that, right, the newest application. Well, a week ago, we had Mohito launch. A month ago was the Sinsay Club. A week ago, this more broadly advertised one. But we have many users now generating 25% of all the online sales in Poland. So we can see that the applications are really important now. Taking a general look, about a quarter of the sales of the group is generated by online sales. The share of foreign sales and revenues, and again, we see that it is beyond Poland that our stores and revenues grow fastest. You can see that the floor space has been increased by 24%, out of which 15% of growth is that in Poland. There is still space for Sinsay in retail parks and smaller towns, but abroad, well, this is where, the countries mentioned before, is where we are going to grow over 1 million sq m floor space. That is a growth by 30% year-over-year. And the countries where we grow fastest and where we can saturate the market with our stores faster are, of course, the biggest countries in the regions of Romania, Serbia, Bulgaria, Hungary. These are the markets that we are focusing on now. Of course, Italy and Greece, the new kids on the block as well. Now, let's move on to profit margin. On the right-hand side, the chart shows you great rebalancing of margin over 55%. We have mentioned for some time now that the second half of the year is going to be stronger in terms of profit margins, because the previous quarters, four quarters, was selling excessive collections that we had, resulting from the outbreak of war in Ukraine. And that is where the big inventories, the excessive inventories, had to be sold. We had to use a variety of promotion activities that lowered our margin. Now we have completed the sale out of those collections. Now we have new collections that are delivered just in time, that are sold at lower prices in terms of dollars. They're also bought at the lower foreign exchange rate of American dollar year-over-year. So we can see that zloty is growing stronger. That is beneficial for us as importer. Also, the freight costs have dropped, so transporting of commodities from Asia to Poland, and you can see that right there are fewer and fewer promotions, and that is something that makes it possible for us to sell at regular prices. The third quarter that started in August, so August, September, October, that's introducing collections at regular prices. So we try to reduce the amount of promotions. Still, in 2021, as the graph shows, the situation was that Q4 noted higher profit margin than the third one. I wanted to tell you that if you are to forecast our results for coming quarters, please do not be misled by the historic pattern. In 2021, the situation was unusual. The demand was so high after the preceding COVID closure, that, customers bought, goods at first prices. We even had shortages of, goods. So today, the market situation is quite different. Q4, including February, this is how we end our financial years, going to offer promotions, and lowering of prices. So certainly, the profit margin on Q4 will be lower than what you can see in the record Q3. At the bottom, you can also see the level of inventories. These are those, dark blue bars. It's similar for the last four quarters, over PLN 3 billion in inventories. What's important is also this additional, index that is, the calculation of inventories per square meter. The level of, inventory is stable, but we are increasing the floor space in square meters. That is why this index inventory per square meter is over P LN 1,600. And I think we are at this level that is normal to us. We would like to stick to this level of PLN 1,600 or PLN 1,700 per sq m, looking ahead at the quarters to come. Of course, today, it's somewhat easier to manage it all, because, again, when we look back, when we had too much of stocks, we had too many products, so we had to bring it here owing to the turbulences elsewhere. Today, we can say that we are proceeding the way we should, so it's just in time. We are importing in time and introducing it to stores in time. No turbulences across markets, including transportation services. What's important is also that we've improved the rotation of our goods, so it's 148 days. Previously, a year ago, it was 167 days. So again, this is one of the main indexes here in terms of the turnover. It could be improved to 148 days. It's still quite a lot. We would like to have the turnover closer to 130 days. And the costs. From Q4 last year, we have looked at our costs very closely. The discipline was visible in any component of our company, in stores, in the headquarters, in logistics, in our e-commerce activity. Everywhere, we tried to cut costs, and you can see that at the top, when you can see cost of owned stores, 171 PLN per meter, that's the level that we've kept for some 3-4 quarters, so that's stable. That's a 13% drop of the cost per square meter year-over-year. At the bottom, you can see total costs, so of those of stores plus logistics, e-commerce, headquarters, again, per square meter, PLN 297. That's the lowest readout in the period analyzed. Again, a drop by 27% year-over-year. And this discipline, cost discipline, is kept, owing to which we can generate very good profit. Looking now at stores again, year-over-year, we can see drops in all the categories. Rental cost, the new Sinsay stores have lower average rental cost than all the other stores in the network, particularly those by Reserved or Mohito. The costs of staff, again, are lower year-over-year. The remaining costs, such as energy or materials that we use to prepare stores for launch, they are lower as well. But when you look at the last bars, the last quarters, they are similar. So we are sticking to the same low level of costs across the entire group. But in terms of the total costs, you can see the savings that we've made, that is those of performance marketing that have been cut year-over-year. The same goes for logistics, but also the costs in practically any department, any area of our company's activities are lower year-over-year. ... Now, the index that we've been watching carefully, so cost per sales, that's 37%. A year ago, that was 41%. So again, we say that we would like long-term basis for this index to be lower than 40%. Now, of course, we have reached even a better result. And now move on to profit and loss account. The sales for quarter three + PLN 300 billion. So it's about a flat, no changes, but we have more increase in the gross margin 55%. That's better. With cost discipline, with a drop in cost by 12%, we have good operating cost PLN 12 million, minus financial cost, interest, but also exchange rates and taxes, and the net profit PLN 574 billion. This is a good net profit 45%. This profit margin makes our profitability much, much higher, 18% better in quarter three. Year-over-year, over PLN 12 billion in sales. Here, 7% year-over-year, but the costs are lower by 6%, so we doubled the operating profit by PLN 1.6 billion, and profitability 13%. Net profit over PLN 1,008,000,000 and PLN 1,001,027,000 billion. This year, we focused on improving profitability of our business, and this was done. One more information about the working capital. We remember that our goal, as for the working capital, was to make it lower, so to cover our inventories. This is happening in this period as well. Inventories are much higher, and we have the negative working capital, so the turnover of inventories is much faster than the settlement as for the receivables. Our cash flow over PLN 1 million from operating cash flow. This is already the third quarter when we generate PLN 1 billion additional operating capital. The level of debt, we do not have any debt. Looking at this, we have the slide. We have this net debt, but this is with IFRS assumptions, so the rentals plus the cash that we have in the financial market. So the net cash that would be around PLN 300 million. So there is no debt as for the company, so we are on a safe side. Therefore, we can invest our own resources. These investments are just new stores. On this lower diagram, you can see over PLN 300 million investments. The majority of these went to stores. Now, we completed also the cycle of investments in our logistics centers, so we don't have more of these investments apart from stores. So investments like in the IT systems, additional software, for example. I believe that next year we won't have much of these, so more of our CapEx, I will go into that in a moment, will be directed to the development of our stores. So summing up, the nine months of this year, we are very happy about the results. We have the 7% increase for three quarters. We can see that offline is developing much, much faster than online. We maintain our cost-saving policy. Operating margin, we thought 10%, it's 13%, so this goal has been achieved. We have very good operating cash flow, PLN 3 billion. As for the operating cash flows, this is very good, so there is safe debt level. Now, the plans for the future. We have a good outlook for the fourth quarter. This is the middle of this quarter, so good months, November and half of December. Last year, December was not so great. We can see for this time double-digit increase in online sales. We can see double digits in offline sales. Both distribution channels sell very well. Of course, the weather is a factor here. The weather is helping us. When it's more cold, clients buy winter clothes more willingly. On Black Friday, that was during the Black Week, that was really good result. Year-over-year, we had double digits, and our target is to maintain the cost discipline. We also have the Christmas, new Christmas collections, bought at more favorable rates, so it should be much, much better year-over-year. Our target is to increase EBIT and improve our profitability. Our Christmas and Carnival collections, these are mainly new accessories, Christmas accessories in Sinsay and Reserved, but also other brands, they also have some surprises for our customers. We also have additional elements in our collections in terms of clothing, party, and Christmas. From Reserved, this is the classic tailoring with bold cuts dedicated to Western markets, because we can see the potential over there as for these more bold collections. So for this year, our target was to improve the profitability. We thought offline is going to grow much, much better than online. We wanted PLN 18 billion. As for the group revenues, the third quarter was not so great in terms of sales, so we can see that we might not reach this goal, but we should exceed PLN 17 billion significantly. So we still have this goal in mind. The gross profit should be 51%-52%. As for the savings, PLN 1.2 billion, that was done in the first six months. Now, we can see it's much more than we planned, so this is very positive. EBIT margin, we planned it over 10%. Now we can see it's around 13%, so we would like to maintain this goal till the end of the year. CapEx, it's still maintained as we planned at PLN 1.1 billion, more of these for our stores. We want to maintain this conservative policy, so very conservative structure. As for the capital, lower low level of debt and normalization of the working capital. Some information about our plans for the next quarters. We want to strengthen the Reserved brand, opening stores in Milan and in London, and our stores in Berlin show that Western European clients expect better quality, more classic and more bold collections. To make it happen, to have these collections and provide them for the Western European countries, we focused on the design office in Barcelona that was launched in 2016. So it's going to be taken over by the Reserved brand. We won't have over there only the designers, but also a group of people who are purchasers. So the Spanish market, especially Barcelona, are very interesting. We have a lot of offices, design offices over there and sales offices, established by the producers, by factories from Europe and from Asia. And for us, they offer ready-made solutions and designs that can be purchased and launched very quickly. So one of the elements of our strategy for strengthening the Reserved brand is the design and purchasing office in Barcelona to launch the collections very, very fast on the Western markets. Another important element is the purchasing office in Istanbul. We've been purchasing a lot of collection in Istanbul. 30% of Reserved women's collection come from Turkey, so we would like to have a much better qualities and in terms of time also offer for the clients. That's why the purchasing office in Istanbul. Sinsay and the dynamic development, we can see the potential of growth for the next 3-5 years. That's why we believe that the strategy for Sinsay development comprises three elements: opening new stores, apps and support for online stores, but also maintaining attractive prices. So we can see significant potential when we decreased our expectations as for the size of Sinsay stores up to 600 sq m. We observed much, much better potential, so we would like to open 300 stores every year for the next three years, so we say about 1,000- around 1,000 stores in three years. We are going to develop them in smaller towns, in retail parks. We know that the rental terms are more favorable than renting floor space in big shopping centers. That's why the cost for Sinsay is going to be much lower. Attractive prices, so big volumes, contracting ahead in terms of our collection, looking for alternative plans or other markets and online activity. Value for money, this is one of our features. E-commerce offer, this is. We are going to focus on these apps on other markets. We also introduced the loyalty program we want to develop for the future. This is dedicated only for Sinsay brand, and you also know that in e-commerce or online stores, the assortment is much, much broader than in offline. That's why we encourage our customers to buy online. So this is the strategy for Sinsay brand. We want to double the number of stores within the next three years. The cost. The costs are also an important element to have them on a lower level. As for the cost control and managing the costs, we need algorithms. What we were saying, RFID technology, so this electronic tag in our four brands, Reserved, Cropp, House, and Mohito, it's there, but we want to develop this technology and expand it in our stores. In Sinsay, we have other projects related to different packaging or streamlining in packaging. As for shipping goods to stores, we want to save with large volumes so that the logistics is more efficient and cost-effective. We streamlined this logistics between plants and logistics center, but we want to need another element, so the delivery from logistics centers to the stores to have it at more effective level. And cost managing, so various algorithms or historic patterns we've been analyzing, they are going to help us with improving our margins and have more streamlined discounts later on. As for the medium term, we would like to grow about 15%. As for Sinsay brand, next year, our goal is 20%. We want this growth from this year to maintain for the next year. We will have 2 million sq m of floor space at the end of 2023, 2024. For the next year, for the next two years, 2025 and 2026, we would like to have the increase of 15% year-over-year. This year, our motto was to improve the profitability of business. This was done. For the future, we focus on the increase, the growth in revenues. We can't forget lower, about the lower cost, but we want this growth in revenue to be much, much higher in both distribution channels. Of course, we are going to open new stores, increase our floor space, but like-for-likes is also an element here. We plan for the next year. We plan double-digit growth in sales online. So we believe that the group revenue will reach at least PLN 20 billion next year. Gross margin should be much better year-over-year. We would like to have guidance for 52%-53%. As for gross profit margin and maintaining the cost effectiveness, we calculated with cost to sales rate. We would like to keep it below 40%. We speed up with increasing the floor space to 15... from 15%-20%, so we needed to increase CapEx for next year, PLN 1.3 billion, PLN 1.2 billion investments for new stores. And we would like to also maintain a safe debt level, so significant financial security. Looking at our cash flow for the next year and financial forecast, we won't need additional resources from bonds. We talked about it last year, but for now we keep it on the side as for the bonds, and we would like next year to buy out the bonds that we issued in 2019. So no corporate bonds rollover plans for now. Of course, ahead numerous challenges, but also a number of opportunities that offer themselves. The change of government in Poland and what we've heard over the last days. So, even greater level of social transfers announced in the future, so increases of sales for teachers and across the whole budgetary sphere, some social programs, including 800 +. It means that in Poland, the consumption to demand should increase. We should be among the beneficiaries of this situation. But that's not only about Poland. Of course, we are very happy about that, and we certainly hope that it will increase our sales. But looking at the new markets, we are also very hopeful about new stores in the markets mentioned, also increasing the dynamics of sales online. That is what should contribute to greater revenues. We will keep on developing applications, and we hope zloty to be strong against other currencies. We will keep on increasing the efficiency of our business and increasing profit. We also see the risks as usually. As usual, they are related to uncertainty in the economy, the inflation pressure. The increase in minimum wage across many markets means increase of costs for us. So that is something that we will have to face somehow, cost-wise. An increase in competition is something that we see in the value for money. We're not only talking about offline stores, but also online. New competitors keep emerging. These are usually Chinese entities. And the biggest risk now that the entire world is facing and all the businesses are facing across all the industries is, of course, geopolitical instability and the ever-emerging black swans. But generally speaking, ladies and gentlemen, we are optimistic about the coming year. And the very last slide, just informing you about a few changes we would like to notify you about or remind you really about. One of the board members, Jacek Kujawa, decided to leave the company. Mr. Mikołaj Wezdecki was appointed to take his capacity. He's responsible for IT and e-commerce now. There was changes in the supervisory board recently. Now we have two women, Ms. Jagoda Piechocka, who is the daughter of Mr. Marek Piechocki, the founder of the company, and Alicja Milińska, who for many years has been the chief accountant in our company. So we've got two ladies in our five-member supervisory board. In terms of shareholders, you remember that we had two main founders, and then their foundations is the biggest shareholders in our company. So the Semper Simul Foundation, that is related to the Piechocki family, and also the Sky Foundation, that is the one related to Mr. Lubianiec's family. Mr. Lubianiec's foundation has reduced its share in the structure of LPP below 5%, at the AGM. So they will be the only big shareholder about which we will keep informing you, is going to be Semper Simul Foundation, belonging to the Piechocki family. That's all from me. Thank you very much for your attention. Let me just repeat that we are happy about the three quarters. We are optimistic about the coming year and further growth opportunities of our company. It appears that the sentiment is likely to improve, the demand is likely to grow, so for the time being, we are very optimistic about 2024. Now I would like to ask you for your questions, and we'll eagerly take all of them. Let us start. The first question: looking at the 2024 guidance relating to the profitability, we can get the impression that you're expecting quite an erosion of profitability compared to the second quarter, second half of 2023. The profitability of EBIT in the second half can reach 15.5%, and the next year guidance and the average is EBIT profitability across the entire year at the level of minimum 12%-13%. The bigger challenge is to improve the gross margin or lack of big expansion of SG&A in 2024. Right. Guidance for 2024, but even now that we haven't closed 2024, we, we want to be very careful about the guidance for next year. But with time, as we see good financial results matching our expectations or even exceeding them, which we very much wish for, then certainly we will be adjusting our guidance. The 13%, for the time being, of profitability at the level of EBIT, and this is something we would like to stick to this year. But we will see how January goes. That is always related to sales and introduces certain uncertainties. So let's leave this security margin concerning our guidance for the coming year. We will see the first quarter and what it brings. We would love to increase it upwards. We wouldn't like to do it downwards, so we are conservative about our plans for the coming year. Another question: Will it be possible to order goods from a few brands, Reserved, Mohito, for example, Reserved, Mohito, and buying them in one basket and getting them in one parcel? Yes, so there is this concept that very often we are asked about, like having four brands in our portfolio, wouldn't we be ready to create a single marketplace, a place where you can buy all the brands to get them in a single parcel, right? Using a single click button. No, for the time being, there are no plans like that. Each of the brands is going to work independently. That's our strategy as of today. So it will not be possible to buy everything, in one basket. We stick to the division. That's our strategy, both offline and online. Many players that, again, have a few brands in their portfolio behave similarly, and we would like to stick to this market trend as well. We wouldn't like to get into multi-platform, but rather rely on mono branding strategy. What's the level of Sinsay profitability? What does it look like in terms of the division into brands? Oh, a very detailed question. Let me address it step by step. The EBIT margin that you ask about, as for Sinsay, is very closely, is comparable to other brands. There are 2-3 points of difference depending on the period, so not much. The offline channel is, of course, much more profitable than online one. Here in online, we are talking about the fact that the difference is of 3-4 percentage points beneficial for offline stores. So generally, at the level of business, Sinsay, without fully loaded costs from back office, but only at the level of costs, so pure e-commerce business is somewhat less profitable, profitable, but the incremental growth, on the other hand, is higher, meaning the growth of business on Sinsay part means that the total margin of the group is not diluted because we've got the economies of scale here, and it matters that new stores and new clients in e-commerce are more profitable than the average in the entire group. So generally speaking, Sinsay contributes positively to the entire profitability of our business. The question about commercial Sundays. So how would you compare the sales in the weeks, including those Sundays, where you can purchase, compared to other weeks? We enjoy high levels of sales in those Sundays, particularly the last one was record-breaking one. It's clearly there is demand for Sundays to be open for commerce. The previous Sundays were not as good as in the past, because previously, it was Saturday used to be the best day, and then Friday or Sunday. So Sunday ranked rather high in terms of sales level. After the ban was introduced, and only some Sundays were available, then we had sales at the level of, say, Tuesday, Wednesday, so the average day of the working week. But we can still see that these are good levels of sales, so the last Sunday was really super, but I think that's exceptional because it's December. But still, the Sundays that are commercial are profitable for us, so it makes sense to open stores and to run our activity. That's definitely positive for us. Lower cost of sourcing, are they likely to reduce the first prices in Sinsay next year? Does the company believe that competitors may take a similar decision, whose prices dictate the lowest levels for the entire market? Looking at the policy of Sinsay in terms of pricing, you might remember that at the beginning of the year, we believed we could increase price levels, but then it turned out that the customers did not accept it, so in half two, we had to return to lower prices. We can see that owing to that, the sales are growing dynamically in the second half of the year, and the Sinsay brand is performing really well. That's a signal for us that Sinsay has to stick to low prices. Looking at the competitors, it has to match its prices. Against the backdrop of the other companies in the value for money segment, that's a priority for us. On the other hand, we have managed to negotiate lower prices of purchasing in the factories. Is it possible to keep on reducing these prices? I don't think so. I think that the levels are satisfying now. If we manage to stick to them, that's already good. So we are very happy about the prices and the price margins. Can there be significant write-offs in Q4? No, I don't think so. As of today, we cannot see this risk. Q4, are you observing the higher dynamics of increase online or offline? Are the dynamics in offline higher than 20%? That's interesting because the dynamics are comparable, ranging between 15% and some 20% in both the distribution channels, depending on the day. I'd say that, yes, we are expecting those double-digit increases in Q4 in online, but I believe somewhat faster growth in offline. Those like for likes in Sinsay that we see over last weeks are double-digit, and they really make the offline activity to display this trend. Probably offline will keep on performing better than online. Can you explain exactly what LPP means by a double-digit growth and several percent growth? How would you differentiate that? The double-digit growth means 20% +, and several percent is between 10% and 20%. Another question concerns Spain. Will you also open stores in Spain? We are not planning to do that as for now. Opening Shein center, time to market, is it something that is noticeable in the market, and has it increased competition in the online channel for Sinsay? We can see the Shein activity. We've been observing it for some time now. For over a year, we have seen that this brand is performing well and is quite a serious competitor that has to be taken into account in the value for money online segment. Now, opening their warehouse in Poland, will it change anything? Well, even their entry itself without the last step was considerable. So I don't expect any major change to happen after the first shock. The Shein customers have gotten used to the brand. Will the faster deliveries change anything? I don't think that they will contribute much to changing of the situation. There are differences in preferences of customers across different markets. Will the product offer differ in Western countries compared to the remaining market? The product offer differs even across different stores in a single location, so our algorithms adjust the assortment collection to the demand of the customer that we can see is purchasing at a given location. So we built on historic patterns of the shopping habits, so we differentiate between particular stores across different cities, but also across different countries. We can see that London stores or a store in Munich or Milan have somewhat different customers, the bolder fashion. They are more demanding, they are ready to pay more, but also they purchase those more costly collections. So certainly, we will keep on differentiating, but we've been doing that for some time now, and that's related to our recent activities connected with opening a design office in Barcelona, one in Istanbul, and also inspiring our designers and purchasers and them working in the fashion capitals such as Seoul or New York. Next question: To what conclusions do you get when thinking about next year's dividend for this year? Well, we've already announced last year our dividend policy. We would like to pay between 50% and 70% of profit of the group as a dividend. Last period, that was 70% of the profit, so we will follow the pattern also next year, so around 70%. Now, the question concerning, again, Reserved and Sinsay. Looking at the AW collection, you can see that Reserved has moved somewhat upwards, making space for Sinsay in terms of the range of percentage points. Is that right? The price difference between Reserved and Zara, is it something that is evolving, or is it stable? Yes, we are trying to keep the price range between Reserved and Sinsay. Well, we're trying to preserve this difference. We want the price point difference to be visible. Of course, Reserved, as the more fashion brand, is going to be the one that will be more expensive than Sinsay. So yes, we are purposefully differentiating it, and we would like to stick to this differentiation that Reserved should be perceived as more... or the prices in Reserved should be lower than in Zara. Again, we try to have our attitude constant. That works if the clients, consumers can see that this is good because that's what we wanted them to do. How do you assess the conditions in terms of dollar foreign exchange, the costs of freight, the costs of work? Well, actually, starting from the second half, we have noticed that the collections that we've introduced are bought at a lower foreign exchange rate of the U.S. dollar. Freight, for half a year now, has been at a similarly low level, even prior COVID level. And the purchases of collections for autumn this year were done at lower unit prices expressed in the U.S. dollar. Here it appears that, right, so at the beginning of this year, it was easier to negotiate lower purchase prices with factories because we could see that many Western companies actually withheld their purchases, or they reduced their orders. Today, we can see that it is somewhat different already, so the demand and supply have been balanced, so the factories are not that, that eager to offer further discounts. I think that sticking to the levels that we have negotiated is going to be favorable anyhow. That means that the margin you could see rebounding in Q3 will be preserved. So if the situation is as stable as it is in terms of US dollar prices, of purchasing and freight prices that I can say are record low, then we, as a company, will be satisfied, absolutely. A question about the differences in profitability online commerce when Poland is compared to abroad. Further expansion online should be really supportive for profitability. Well, you're referring here probably to transportation costs, I mean, the shipping of parcels. Of course, the further we transport something, we ship something abroad or apparel in e-commerce, the more expensive it is. But these differences are not that significant. I'd say that to compare Poland and abroad, these differences are perhaps 1-2 percentage points in terms of profitability. So here, what is more important for our e-commerce profitability is performance marketing-related costs and the costs for logistics. The more we sell abroad, the greater volumes we have abroad, the lower the cost per unit. So of course, there are differences, but there are... It's more expensive abroad when compared to Poland, but that does not impact the profitability of our e-commerce business. That's not more than two percentage points. Thank you very much. That was the last question today. We would like to thank you for all the questions. Since this is our last meeting this year, we would like to thank you very much for all the meetings we've had over the year. We would like to wish you-