Good afternoon. I'd like to welcome you to the earnings conference about the second quarter of the year. Karol Półtorak and Łukasz Stelmach will join me in discussing these results. We've made the necessary changes, the person staffing changes, as the leaders, the CEOs, in across the group. The group is focused on a review and reducing costs and reducing inventories. In the second half of the year, the results will be more pronounced. We've had a softer consumer environment, some weather anomalies, and that meant that the start in the spring was slower, we've lost a significant portion of our margin as a result. That's the case of what's happened in the last quarter and half year. We saw, of course, the declines of prices on freight, crude, cotton, we're looking with optimism into the future quarters. The consumer will be in better condition, inflation is coming down, salaries are up, electricity prices are falling, we should have better margins and better profitability. The most important things that happened in the previous quarter was follows. We have HalfPrice growing very quickly, we have sales growth of nearly 90% on a like-for-like basis. We have a major scale of business. We have 110 stores, and we've been cooperating with all of the off-price suppliers across the world in the second half of the year, which is critical for off-price, this is the nature of the business. We have the fall and winter collections, Christmas presents, this is the period of harvest. We're some 2 years from the get-go point, we see great future. We have a major strategic engine here in our group as a result of HalfPrice, we have good results at CCC, we have satisfactory EBITDA result. We're reducing our base, cost base, it's down by 9%. We continue to cut costs, this is something that we'll see even more in Q3. As a result of the good work on our inventories, we've been able to improve the margins by 4.5%. According to our plans at Modivo, this is one of our biggest problems. We've been able to reduce our inventories by PLN 250 million in the quarter. At the end of the year, we'll go down below PLN 1 billion. We'll be able to improve our cash flow substantially. We're going to want to be able to generate margins on the new products. We have the lowest net financial debt level since 2018. It's been reduced by some 38% quarter-on-quarter. We want to refinance, and we want to have good conditions for that refinancing. We see the consumer context is improving. We have energy and gas prices falling. Consumers are earning more. This means that they'll have greater pension for making purchases. This is going to be important for the channels of sales that we have that are available to millions of customers, and we'll be able to take advantage of the effects of the cooperation that we've entered into in recent periods. CCC is a very good organized sales network. We have our own online, offline, full-price and off-price channels. We have millions of customers. We have a large number of own in-house brands, and we're entering into licensing on a very strong basis, and this means that we're going to be able to improve our profitability and our margins. We're working with new licenses. We can start with Reebok, and so this model of cooperation is quite beneficial to us, and this is something that we're going to want to roll out across the CCC Group, so in eobuwie, HalfPrice. In the CCC Group, we've been able to find and identify streamlining opportunities, and so we can say we have a, the most mature omnichannel model here in CCC. We have brick-and-mortar sales, we have online sales. It's linked to the purchases that consumers want too make, and this is an ideal place to look to streamline and improve and enhance our potential. Despite inflation, we've been able to reduce our costs steadily, and as a result of activities that I've implemented as the CEO, we'll be able to see the full benefit in Q3. We're able to control our costs flexible, depending on the market conditions, and so it's the most profitable business in the group, and this is the way it should stay. We're the leader here in the region. We want to achieve the profit margins that a leader should have. Thank you very much. I'll give the floor now to Karol Półtorak, who can tell us a bit about the fast-growing HalfPrice. Welcome. Thank you very much, Mr. President. You've posed a lot of questions, interesting questions, and you can put up questions as you like. As we said, HalfPrice is a strong engine of growth. It's not slowing down at all. We've had a large number of customers joining us on a new market in Latvia. As you can see on the graph, we have 110 stores in 9 countries, that's within a mere 2 years. That means that we've been able to grow very fast. Our sales growth is moving at an ultra-fast clip, not only because of new stores, but this is also because of our existing stores performing very well. Like-for-like sales are up by some 31%. In retail, at the current period, this is a phenomenal figure. This is another quarter in which we've been able to maintain that pace of sales growth on a like-for-like basis. We want to continue to nurture that and speed that up now that we have scale. As you can see in the middle, we want to add marketing. This is an example of what we've done in the past quarter. We're the first HalfPrice fashion brand, where we used artificial intelligence to prepare our advertising, something that goes fast, and this is something that artificial intelligence is offering a business and the business community in a variety of areas, and we're trying to tap into that potential. The third thing. We want to utilize this flotilla of stores, and we want to have basically a loyalty club, which will be the sister of the CCC Club. 150,000 customers from CCC made their first purchases in HalfPrice, so 50,000 of them. We can say that you can buy your shoes in CCC, and you can buy your T-shirts, blouses, and things like that from HalfPrice. This is a trend that we want to support. One example, on the left, we can see, on your right, we have the gift card that we introduced at the end of the quarter. You're going to be able to use that gift card in CCC and in HalfPrice. We believe that we'll be able to issue no fewer than 1 million cards. We'll have a discount that we're giving directly to CCC customers. This will be available in HalfPrice. This should bring in more customers. We'll be able to basically hit two birds with one stone. This is something where customers are going to be able to achieve their goals immediately. They can buy footwear as well as other categories that are available in HalfPrice. Moving on. If we look at Modivo and eobuwie, we're basically cleaning up after a market storm. We're strongly convinced that we have a wonderful period of great results in front of us after doing this cleanup operation. We've said quite a bit to you recently about the technology transformation in the Modivo Group. This is a broad-based program that demands time and money. There are initiatives that the new platform, e-commerce platform, generated. We've enlarged our marketplace functionality. We have a new mobile application. All this took place at the same time as the market crisis. This is not something that's helped us, of course, but we're really closing in on wrapping up that process. We'll have a new environment. We've migrated almost all of our business to that new platform. Poland is the largest market and the most important market. We've completed this successfully. We have very high conversion rates. We're working well between this environment and other mobile apps. This is a trend that we want to support. As you can see on the graph, some 40% of sales in Poland were generating through our mobile app. That's something that we want to continue to boost. 40% is already a significant figure. This is something that will help us as we rationalize our costs of generating traffic. Good customer experiences means that we'll have to spend less on performance. This is one of our strategic targets for the Modivo Group. The benefits ensuing from this technological transformation are visible today. We want to emphasize that this is the beginning and not the end. We can say that the Modivo Group has laid a new foundation in technology, and that means we have put distance between ourselves and the other leaders in the market, and since we've created that space, our team can focus on the product, on customers, customer experience. The team will make a large number of small changes and tweaks, and this will improve and enhance customer satisfaction, customer experience, will accelerate our operations, and at the end of the day, this will contribute to the business results. As we continue to focus on the Modivo Group, I want to take a look at another important business process that we're scrutinizing, and we want to talk about it during today's conference. We're talking about reducing basically our working capital expense, so reducing inventories. We know that the entire e-commerce business is grappling with that problem. That's also applicable to us at the Modivo Group. So we trade, maybe it's rather obvious, but this is one of the major objectives this year in order to reduce our working capital through inventories. We're talking about reducing about PLN 300 million-PLN 400 million by the end of the year. We have made a lot of progress towards that goal. We've reduced quarter-on-quarter, we've reduced our inventories by more than PLN 200 million. We're looking at this on a year-on-year basis. This is the trend that will enable us to achieve that target of having PLN 300 million-PLN 400 million less at the end of the financial year of 2023. What are we doing in order to achieve that target? We're streamlining all of our purchasing processes, anything related to purchasing and procurement generally, this will enable us to do better, more efficiently in order to buy our stock more quick, more easily. At the same time, we're liquidating our inventories and having access to new customers, like the HalfPrice channel, is something that's quite important. This makes us- makes it easier for us to sell down our inventories more quickly. This is something that will impact our gross margin and up to the end of the year, and it has impacted, but we're hoping that from the beginning of 2024, this is something that will be part of the history. We won't have the effect of destocking. This is something that we've witnessed from... since the beginning of we hope not to see it anymore as of Q1 2024. we can say what we're doing is quite similar to what the competition is doing. we can see that the overall industry is trying to strike a new balance. One could say that the conditions for running multiple brands are basically becoming more stable. This is beneficial to us and to the overall industry. to recap, at the end of the year, we want the Modivo Group inventory to drop below PLN 1 billion. This will mean a double-digit decline, and that means our rotation or turnover will be down by some 20 days. we're trying to improve our results by leaps and bounds, and we should see that improvement as of the beginning of 2024. If we talk about the results of the various segments and the group overall, this is something that will be discussed by Łukasz Stelmach. I'd like to invite him to join us at this time at the stage. Thank you very much, Karol. I'd like to welcome you very cordially. First, let's take a look at sales in Q2. In the recent quarter, we've seen revenue up by 2%, and this is because of HalfPrice and Modivo, primarily. We should remember that when assessing growth rate, we should have in mind the high base from last year, and this was linked to the large number of refugees coming into Poland from Ukraine and what happened post-COVID, and we can say that these results are quite impressive. We see that HalfPrice is growing at some 90% in sales, with space up by only 50%. We can say that like-for-like, like-for-like sales are up 31%, and these are very good results, having in mind the macroeconomic conditions. Two of the four brands are. Well, we can say that inventories are down in two of the four. If we look at HalfPrice, we can say that the inventory is moving up because of the growth of the business, and we can see that this is correlated with a very fast growth of this brand. The last thing that I wanted to draw your attention to on this, we can see that online represents a high percentage of sales. In Q2 2023, it's above 50%, and it's at 52%. Now let's go ahead and take a look at the results of the various segments on a drill down basis. Let's start with CCC. If we look at the revenue, what's important is the online sales growth. It's up 23% year-on-year. If we look at offline, we can say that the picture is different, but we have the pressure of the high base from last year. PLN 920 million, which we were able to generate last year, was the highest offline sales figure in a single quarter in history, and it would be very difficult to beat that level. We can also say that the customer in the value for money segment, we can say that in Q2, this person has been facing high living cost increases, and that pressure is visible here. We can see that the gross margin is up quite strongly by some 3 percentage points. This is generally because of having a better structure of inventory. We've been able to optimize that. The working capital is optimized. That means that we are able to make more selective activities in order to give better promotions, pinpointed promotions. We also launched sales, savings measures. We were able to reduce costs by some 9 percentage points. We can say that this is the ninth quarter in which our admin and sales expenses are being reduced. This is one of our priorities. In order to be, we want to do that, and we've been doing that effectively in practice. This means that we've been able to generate an EBITDA of PLN 221 million in CCC. I would mention that this is the highest quarterly result under CCC since Q4, 2019, and with a very good profitability of 21%. These results mean that the CCC brand has made a major contribution to EBITDA of the overall group. If we look at the Modivo Group, what are its results? The Modivo Group results are up by 4%. What's worthy of mention is that Modivo itself was moving up by some 40%. We should have in mind that there's a lot of fierce commerce, fierce competition on the e-commerce market. This is where eobuwie and Modivo are operating. We believe that the overall overstocking we've seen in the e-commerce business is gradually normalizing, and so we're more calm about the future, especially as we move into 2024. If we look at the inventories in the Modivo Group, we would draw your attention to the following fact, that on a quarter-to-quarter basis, it's down by 15%, optimizing inventory, while it did have a negative impact on gross margin, which was 38.1%. This was something that was an intentional and deliberate effort in order to solve the problem of overstocking gradually. What I want to mention is that purchasing, the purchases for the new season, are much lower than they were in the past. The group will utilize open-to-buy during seasons. This means that we'll be able to act more flexibly, and we'll be able to react to demand more easily. A few more words about costs in the group. If you look at marketing spend, it's grown a little bit. This is something that was intentional and planned. This is a result of doing more in marketing and the other costs as a result of completing the technological transformation. These are gradual, short-term changes, but logistics costs have been improving year on year. If we can look at the next segment, we can look now at HalfPrice. We've already said a little bit about HalfPrice. It continues its rapid growth, we have now more than 100 stores, and we currently have 110 stores. In Q2 2023, our revenue is up by some 86%, we have great like-for-like sales performance, which is some 31%. We're growing HalfPrice not only through new store openings, but as a result of the performance of those stores that were opened previously, and they're entrenching their position on the market. Sales per square meter is above 610 PLN. Gross margin's down year-over-year. This is a result of the effect that we referenced several times today. We're trying to improve the turnover on Modivo Group, and so this transfer took place across the first half of the year, and this made an impact on the results in the first half of the year. This is something that will happen to a much lower degree, and this means that the HalfPrice margin should revert to its optimum level, where optimum, where HalfPrice is accustomed us to such a high level in the past. I think what's particularly positive here, on top of the like-for-like sales performance growth, so the, the cost to revenue ratio is down by some 8%. This is a result of operational leverage and as the size of the business grows, and this is something that will generate even more benefit in upcoming quarters. As a result, the EBITDA was PLN 6 million at a margin of nearly 2%. We've talked about the results of the various segments. Now let's take a look at the overall results of the group. We can begin with the revenue. Revenue is above PLN 2.4 billion in an individual quarter, with an increase of quarter-over-quarter of 18%. As I mentioned, we had the overall overstocking in the industry. Consumers were in a softer position, and there's no doubt, there's no... It's easy to understand why things were not done. As a result of the savings measures that we talked about, we've been able to exert a positive impact, and the FX gains or differences also had a positive impact. Let's take a look at the cash flow as we've completed the discussion of the financial results of the group. If we look at the improvement in cash flow, let me draw your attention to the following fact, that across the first half of the year, the CCC brand has been generating a very good, solid, robust, EBITDA result. As a result of this, the CapEx, this means that we've had nearly PLN 500 million. in cash flow in the first half of the year, this is something that's making it possible to finance the dynamic expansion of HalfPrice. What's especially worthy of being underlined is that Modivo is gradually reducing its inventories, it's down by PLN 104 million, this is something that has improved the operating cash flow of Modivo. At the end of the day, let's take a look at how this affects the debt structure of the group. In the CCC business unit, which is CCC and HalfPrice, we continue to reduce our debt and exposure on a net basis, that means we're using loans to a lesser extent. We have the equity or the working capital optimization program, we're doing savings programs, also as a result of the second tranche of equity being subscribed for. As a result of the following, the financial debt of CCC is down by 37% quarter-on-quarter. The net exposure, this is debt after having in mind the reverse factoring and guarantees, it's down by some 20% quarter-on-quarter. Let me mention here that these are the lowest levels we've seen since 2018, and this shows that the deleverage plan being realized by the group is quite effective, and this is something that we're continuing effectively, and it's something we plan to continue rolling out in upcoming months. We can see that the SoftBank capitalization of the interest is something that's caused the debt to grow up. So that's to grow. I'd like to give the floor back to Karol at this time. Thank you for your attention. Thank you very much, Łukasz. As we gradually wrap up our presentation, I want to draw your attention to some of those issues that show up in our discussions with you, financial institutions and investors, equity investors. Every discussion about financing, well, ESG is a very important issue. This is one of the things that stands very high on our list of priorities. This topic is becoming more and more important, especially if as we look at the more and more demanding regulatory environment, especially if we look at the EU Directive CSRD in terms of non-financial reporting. This is something that will be in force as of next year. We at the CCC Group are treating this with due deference and respect, and having in mind the non-financial report that we've published recently, so our CO2 reductions and our targets, well, we've essentially already achieved them. As a result of requests made by several investors, we want to use SPT, and we've reported some financial data to the CDP targets in all categories. We're one of two companies in Poland that are doing that. Yes, so we received an award for being the most sustainable footwear company in the world, and this is something that was announced by World Finance Magazine. This is not our direct target. This is something we're doing for our customers, because our customers need us be as a responsible party or corporate citizen. ESG issues will gradually affect the financial side of the company more and more, and that's why we're pleased to continue operating in this area and be one of the leading players. We've been able to master this topic. The climate itself is so important, so the market, the consumer climate are a very serious topic, especially linked to the climate. A little bit of a joke there, but we can say that the climate is something that's improving. We can say that the context is improving. We see the trends, and we're quite optimistic as we gaze into 2024. A few months ago, we published our assumptions for the full year. We showed you how important the second half of the year would be, and all the macroeconomic data confirm that, affirm that. We've been observing improvement in the consumer trust ratios. Salaries, in real terms, are on the rise. We can see restating salaries, raising pensions, retirement plans. Here in Poland, we are in the pre, election phase. This always generates some additional benefits to consumers, and we're benefiting from that. This should support our sales to some extent. At the same time, inflation is decelerating. That means we'll have an opportunity to get a cheaper loan, pay lower interest. This is important to, to consumers as well as to companies. As a result, we believe that the situation that was difficult or very difficult will gradually start to improve. We haven't talked about the strong PLN or lower prices of freight. These are another two dimensions which haven't really made themselves known in our base, but cost base, but they will be there in these subsequent quarters as the costs of purchasing collections will also diminish. The CEO mentioned that all of these catalyzers, in co-coupled with our savings measures, will give us an opportunity to improve our results. Let's maybe move directly to a summary of today's conference. Looking at the first slide, we will continue the very rapid rollout of HalfPrice, our sales are up nearly by double. We have very good profitability in the CCC segment, we're generating results that are in line with our leadership position. The third thing is we're reducing inventories in the Modivo Group. We're pursuing that program effectively, down by some PLN 250 million. We want to be below PLN 1 billion at the end of the year, and we're at the historically lowest level for net financial debt in the CCC business unit, and that's been since 2018. We have quite good prospects for the business and consumer environment, and this is something that will support us. I think here we can go ahead and thank you for your attention, and we'll invite you to join us for the Q&A session. We'll be back in just a moment after a short break. Welcome, ladies and gentlemen. We're going to go ahead and get started with our Q&A session. Let's go ahead and look at the 1st question: What are sales looking like at in the 1st week of August, so at the beginning of Q3 of this year? We have a successful start of the month, you know, it's too short of a period to talk about success. For now, things are going well. Thank you very much. The next question, we have many questions on this subject, so we'll try to boil it down to one question: Can you give an estimate of the Reebok contract? To what extent will it increase your sales as a result of having that agreement, that contract, and how quickly will it turn into margins and profits? Sales trends are moving in the direction of sports shoes, sports footwear, and we want to have brands that are customer-friendly. Reebok is a brand of that sort. It's brand number three in the world, and it should have a pretty big impact. It's not a brand that had such major exposure in this part of Europe through all of our brands, so eobuwie, Modivo, and CCC. We're going to be able to improve their exposure quite a bit. I think sales should be up several times higher, and this should generate, you know, good margins and profitability. We're going to be able to buy shoes directly from Reebok, and not having any middlemen, so we'll have good margin potential. We'll see to what extent that will improve our margins. We believe that, you know, the our margins should be up by, you know, more than in the double digits compared to previous periods. The strategy published in November 2021 assumed that you would pay out dividends. What is the group's attitude towards sharing profits with the shareholders? Is a dividend that couldn't be paid until 2025 when Modivo goes public, or is there any opportunity that the CCC company could pay dividends? I think the group needs money, especially if you talk about growing HalfPrice, which is the major brand, and it's portending a position in which it's going to be a very good player. The IPO of Modivo, and then we can start thinking about the dividends. I think it's better to think about paying down debt as opposed to paying out dividends. The major objective of the company is to reduce or deleverage. That's the clear priority. Of course, after we take care of all of these things, once the financial position would support that, we would like to return to paying dividends. Of course, the key is the IPO of Modivo.... Then our financial problems would come to an end, and then we can start thinking about paying dividends. What's the sense of using EBITDA according to IFRS 16? This doesn't take into consideration rents for premises. How useful is it? Well, ladies and gentlemen, we're not the ones who define the standards, reporting standards. The EBITDA result is something that ensues, ensues from the general regulations, and this means that we should have comparability for other companies that report according to the same standards. On top of the EBITDA result, we also report the EBIT result, which takes into consideration the impact of rents through depreciation, and we give a lot more complete financial information in our report. Basically, every interested party can find a full range of information in which he or she is interested. The next question is directly related to that: Why doesn't the company produce or disclose information about the preliminary results? When we talk about the net result, of course, we provide that information in the quarterly financial statements, which we're publishing them today. We're giving comments about the prelims. We provide that a few days after the quarter comes to an end. Of course, as is the case for several quarters, we want to make comparability plausible, we produce the full financial results, and this will be true once we publish the full financial results for Q2. What were the interest costs in Q2 of this year, and how do you estimate the cash flow in the most recent quarter? We've published in the current report a certain scope of financial data. Other financial data, according to MAR, will be published or disclosed in our financial reports. What I would like to underscore here is that we continue to reduce our utilization of credit costs, and that means interest costs are gradually being decreased. The next accounting question: Where do you take into consideration FX gains and losses? FX gains and losses due to operating results are in the operating result. When we're talking about financing, we, we don't have major items. They're in the financial result. Above all, they're in the operating results. We've received many, many questions about the IPO of Modivo and about your relations with SoftBank. By August of 2024, will you pay back their bonds, and will you convert that into equities of Modivo? We have ongoing contact with SoftBank and other shareholders who are our partners in the Modivo Group. Every month, we discuss the results. We have very good, high-quality dialogue. In theory, the IPO in the first half of 2024 is possible, but we believe, this is our joint opinion, that the optimum timing for that IPO would be in the latter half of 2024, at the turn of 2024, 2025. That's because we're cleaning up after the storm. 2024 should be a normal year with good profitability in Modivo. We should speed that business up. At the end of that year, at the turn of 2024 and 2025, this is a good opportunity to take that company public. This is a plan that we strongly uphold. We have good dialogue with SoftBank, and the instruments and the timing we have is something that we'll be able to adapt to what I just mentioned. I think this is a response to the next question: Do you believe that the IPO of the Modivo Group by the end of June of next year is not at risk? I think we can go on. If you look at the published results or intentions that you had, that you published in April for the end of the year, when we published the guidelines, we pointed out and we were aware that the second half of the year would be of critical importance because of seasonality considerations, and so we have an asym- symmetric situation. Results are lower in the first half of the year, having in mind where we are, we're well prepared for the second half of the year. We maintain that guidance, and we believe that the company and the group have done everything they could in order to achieve those targets. Having in mind the macro position, which is clearly and gradually improving, well, there's always some external risks, but the group declares that we maintain, uphold that guidance. The next question: Do you plan to reduce debt by PLN 500 million as a result of issuing rights issues as well as leaseback, sale-leaseback? Maybe I can respond to that question. I've talked with many of you. We're using the money from the rights offering in order to pay down credits and loans in CCC. By the end of 2023, we're going to prepay some PLN 230 million in bank debt, and PLN 100 million has already been done. We have a regular schedule of amortization of loans, and on top of that, we actually have to make a pari passu redemption, and this is something that was done the day before yesterday. This is something we've been consistently doing. If you look at sale-leaseback, this is one of the things that's being considered in the change of financing, refinancing, and we have a preliminary agreement. We want to get the best that we can get, and so we don't have the final decisions, but once we have those final decisions made, we'll be able to advise you. To what extent, what, what sort of net result you want to achieve as a group? Having in mind the sensitivity of this data, we don't want to give you such specific guidance. I think once we've done everything we can in order to tap into this very good latter half of the year to do as much as we want to do, we should be able to come close to a break-even point for the group. Our assumption is that next year, it's very realistic that we'll be able to have a group result that will be in the black. HalfPrice saw its gross margin fall. Why is it buying at higher prices from CCC than from other suppliers? 'Cause this reduced the results. This is not at all the case. Modivo is buying or selling at cost or even below. We have very good turnover there, but the margins are much lower. Basically, this is something that lends credibility to our concept, that we have a lot of new brands. We have synergy. That's why we have the HalfPrice, in order to ensure that all of our channels are clean. Modivo, eobuwie.pl and CCC, well, they should be clean channels. Basically, at the end of the season, we should have only, you know, the remnants. It doesn't matter if it's DeeZee or CCC, this applies to all of them. That's our business model. Thank you very much. The next question, do you plan to have another rights issuing, rights issue? We've talked a lot about that today. We've shown you the effects. We're working on rebuilding our profitability, on refinancing. One of the steps that we took was to issue rights, but we're improving things step by step, but we don't assume another rights issue will be necessary. What% of your collections in CCC are produced outside of Europe? I would say half. Well, this is something that's flattening. Are we talking about CCC or about the group? Because CCC is focusing on Asia, the others are primarily purchasing in Europe. I would say that at the group level, we're below the 50% watermark. If we look at overhead in the Modivo Group, in Q2, are there any one-offs, or is this really the base for our subsequent quarters? Just as in other brands in the Modivo Group, we have a cost optimization program. The costs were reported yesterday, and the comments are being made today. This is sort of an indirect point. We're not at the final station yet, so we assume that we'll continue reducing those costs. But there are some one-offs. The major one-off are the costs of development in order to do the migration into the M2 platform. And we also have some costs leaked to the LTI valuation. It's around PLN 10 million. What did the sales look like in the various months of Q2? Sorry, of, of 2023, so the last quarter, but this year. Weather didn't do a lot of good things for us. The weather in May was awful, and that means that we had to start with discounts, so we lost a lot of time. We lost... We went to rebates and discounts quickly. Then we had to move into summer collections very early. Having in mind the environment, we've been pleased with our results. It's been a hard quarter, once again. We're going to compare it to a very bad quarter in last year. You remember, in November of last year, when we... It was 21 degrees outside in the 1st of November, we weren't able to sell the tall boots, we're hoping that in October this year, this will be able to reverse. 'Cause we have had 2 6-month periods that are quite difficult. We had a warm winter and a cold spring, fall, a cold spring, summer. Weather anomalies, as in this year and last year, well, they were exceptional. They were exceptionally and, you know, disadvantageous to our industry. We're not focusing on that. We think that the temperature won't be 20 degrees in October. We should have better results, sales results with better weather. The FX rates are more beneficial. The environment won't be so scared as it was in the past in terms of what's happening with electricity and gas prices. People have time and money to do some purchases. Now, we have another question: What is the FX gain and loss impact for your results in Q2, 2023? This is a very detailed question. I said you'll have the full information in the financial report. I think we had an additional operating income of around PLN 16 million. From the point of view of the overall group in Q2. In the comparable quarter, we had a loss. It had an opposite sign. How was CCC and Modivo, how they were affected in terms of the changes of the management team? I'm thinking about Dariusz Miłek coming back to be the CEO and then having Marcin move into Modivo. I would say that we've been there since May. It's very difficult for us to talk about changes. These are changes we might notice in upcoming quarters. We have the headcount reductions or other reductions. They'll have an impact in the future. There are certain programs and projects that will be measurable, and they will generate measurable results in upcoming quarters. There are a lot of changes, 'cause in all of the companies, we changed management teams. Essentially, the CEOs, I'm the CEO in CCC and HalfPrice, and then Marcin's in Modivo. Dominika left us in DeeZee. Basically, something was changing everywhere, and so we're taking a close look at all of the costs historically, in the short term, and moving into the future, and we want to improve our margins and our, our products. That's the most important thing in a sales company. These are things that are happening. You're asking when we'll become, when we're going to be back in the black. Well, we're not going to do anything with people we don't earn any money with, any partners, so we have a very precise analysis, and so we utilize these products. We want to get rid of certain brands, certain partners. We've reduced or gotten rid of half of our suppliers in DeeZee, Modivo, and this will generate benefits in the future. We won't have a lot of support. It's not just a problem of Modivo or DeeZee or CCC. This is problems of the brands, the cooperation is fruitful, and I think we'll see the results of our partnership relations, where our channels will be safer, thinking about OCRs and rents. Every. Our rents are dependent upon our sales performance. We're doing a lot of other projects as well in order to rationalize. We can say that we're doing a bit of a revolution in the industry. We're pioneers. It's rarely the case that you have somebody who's an off-price player while being a full-price player. We've built a model that enables us to utilize our products at a very effective margin within our cost base. I think that we can wrap up the Q&A session. I'd like to thank you, ladies and gentlemen, and thank you, ladies and gentlemen. This was the last question. We'll invite you to the next earnings conference, and I invite you to be in contact with, with us as the IR team. Thank you very much. Goodbye. Thank you very much. Bye-bye. Within our cost base. I think that we can wrap up the Q&A session. I'd like to thank you, ladies and gentlemen, and thank you, ladies and gentlemen. This was the last question. We'll invite you to the next earnings conference, and I invite you to be in contact with, with us as the IR team. Thank you very much. Goodbye. Thank you very much.