The proposal for today's meeting is to have a Q&A session, and on our side, we are five, including four Board members and then Magda leading our investor relations at Shoper. I propose to start with your question. We have, of course, a presentation containing official quarterly results for the first three months of 2022. If you want it and it will be helpful, of course, we can show some slides. I guess it will be more convenient. The name is quite difficult to recognize. Let's start. If someone has any questions, please raise your hand, and we are happy to answer your questions. Hi. Good morning. Afternoon maybe for you. Can you hear me fine? Yeah, I guess we have some struggles with quality connection, but we can try to start the session. Because I'm connected to the time, so Sylwia Jaśkiewicz from Consilium, but I'm not able to send maybe the questions to the chat. Maybe the connection is slightly better. Yes. I just changed settings so it's possible. Perfect. I would just send my question there even though I am not here. You'll find it from here. Yeah. Absolutely. Go ahead. Okay. I will go mute. Okay. Thank you. Gorgi, would you like to open the discussion? Yes. Yeah, that'd be great. We haven't really spoken much about categories of merchants in the past couple of months. Maybe you can update us on what categories of shops are you seeing that are joining as growth sets and maybe which categories are maybe going out of fashion. I remember that when we first engaged, there was a discussion about Shoper over-indexing on, let's say, non-commoditized types of products. Products that have a bit more of an emotional decision like cosmetics or apparel, shoes, these types of things. Also coincidentally, Allegro charges high commissions for. Is this still a strong category for you? How has it been developing? That sort of thing. Pawel, go ahead. Yeah. Of course, handmade goods and some maybe original stuff is still something that is very popular to sell on platforms like Shoper, we see that many people come here because Allegro is too expensive to sell it. The whole, I would say, ecosystem of merchants, it's relatively similar to what it was a year ago. We have lots of stores in fashion, home decor. It didn't change, the COVID times and war times didn't change the percentage share of those stores that would be statistically significant. The same with new stores coming to our platform, the same with some churn that we see. It didn't change in any direction, I would say, in last months. I would say business as usual from the perspective, maybe a little bit of some cheaper goods that we see a turnover. We did integrate with a shopping platform recently to enable additional sales for our merchants. Nothing that would be statistically significant change since a couple of months. Just to summarize this topic, what Pawel mentioned about, no significant changes if we compare first quarter to first quarter or even to the whole last year. Again, we are quite active in some parts of the market like fashion, home and garden, some things connected with hobbies, for example. There is no, let's say, dramatic change. Business is as usual. The other, I guess, it's a bit of a holistic topic, so you can choose how to reply, but it seems like Allegro, they're going through some leadership changes. We don't know who the new CEO will be. We don't know who else will be leaving or joining. It seems like they just took too much on their plate at one time, and it ended up backfiring. They wanted to become Amazon in the space for a few months, and then they did an acquisition. They did a bunch of other initiatives. What are you seeing? Any changes of direction in this period while they're searching for a new CEO? Do you see any changes, and how do you see this unfolding a year or two from now? Do you think they'll have to scale back on their ambitions? This is a very interesting question, I'm not sure if we should answer to so sensitive topic like replacement of CEO at Allegro. I think that what we can share on our side, from our side, Pawel, maybe a couple of words about Shoper and their invasion on the Polish market. Sure. Because they are very active. Yeah. From the perspective of Allegro, it's what you've said. There is a turnover on top management. We see some people now even going to Shoper from Allegro. There is something going on, but we are not eligible to tell what's really inside. It's Allegro's management's duty. From the market perspective, we see a huge shift, at least from the number of parcels being sent from Shopee, a platform that we know that they had a premiere a couple of months ago, but they are now advertising in Poland very aggressively. For the time being, we see that the GMV is relatively small, but the number of packages that are being sent to Shopee is very high. Like a year ago, Allegro did have a monopolistic position. Nowadays, we have Amazon, we have Shopee. OLX, they announced that they are starting their own marketplace. We have also, eBay just announced. This is very good for us, actually, from perspective of Shoper, if there is no monopolistic position of Allegro. I think the market will be still with huge advantage, like bigger positions of Allegro for next future years, for sure, they will not be that strong, I would say, that they used to be because of the competition. What we see, the market is more and more crowded, if we're talking about marketplaces, because what Pawel mentioned, till Q1 2021, it was just Allegro on the market. Then we see from this date, Amazon, then Shopee, some local challengers like Erli or Frisco.pl. OLX probably will be the full marketplace operating in this market till end of this year. eBay decided to announce and to, let's say, reenter the Polish market. We can say that we see rising competition between marketplaces. For Shoper, this is good information because we see their investments in onboarding of merchants or consumers. It should fuel us in the next couple of quarters. Understood. I guess I'm only asking about Allegro in terms of it being an alternative to Shoper for merchant. This is completely different sales channel. Sure. It's not competitive. This is something like what every merchant should be equipped, with some sales channel by marketplace, but also, or mainly, having own store as an independent solution. Do you think this equation will change dramatically if Allegro was to lower commissions? Do you think the commission is a big determinant in the merchant decision? Again, we shouldn't speculate. I guess, results of Allegro are under high pressure. This is my personal opinion. I don't expect to decrease any commissions on Allegro. This is not our knowledge, this is our view. For the time being, Shopee is being offered for free with free shipments, and we see some shift from Allegro to Shopee, maybe with some very inexpensive goods. From the Shoper perspective, we actually see some interest to connect Shoper to Shopee, but also in many newcomers to start the business. We don't see it like they will lower this commission. If even they lower this commission, that it would anyhow threaten the Shoper's position. Actually, we are kind of agnostic whenever our customer sells. If they are on Shoper, we help selling on Allegro, we help selling on Shopee. We even acquired a company that it's an omnichannel connector. We also can stick a little bit to any kind of a GMV that's being generated in this ecosystem. For the time being, it's more merchants. They build second leg close to their Allegro business because they see that they don't have this direct relationship with end customer and so on. Understood. I know you don't talk about this in that way, have you seen any change in merchant acquisition costs? I know that you do various types of advertising, including quite a bit of brand advertising. Has anything changed in terms of post-COVID, finding it more expensive to acquire the marginal merchant or less expensive or anything like that? Well, during the beginning of the war and a couple of weeks afterwards, many things stopped for a while, even with advertising. Now they come back to the normal, and cost of acquisitions are relatively similar that they were before. We had some COVID bonus, but it was in 2020, that it was many people interested in our services, but then it went back to normal. We have a very reasonable cost of acquisition, but still, we need to look out for new opportunities. We've introduced dropshipping for very small customers that they don't have an idea what to sell, and we help to do it. We actually enabled, for premium customers, multi-store technology plus 24/7 service. We also are expanding our target addressable market to small customers, very small customers who, even without an idea what to sell, but willing to sell, and to more mature customers with more needs. We expand our Shoper Premium offer. We did raise our prices on this Shoper Premium offer. That's how we also react what's going on on this market. To answer your question, the cost of acquisition, they didn't change anyhow. No raise, no lowering. Understood. I'll shut up for now. Thank you. Okay. Maybe we're going to take the questions because they were next from the chat. First question, the decrease in net income was driven by higher taxes and interest expenses. Should we expect some impact going forward? Piotr, this is a question for you. Could you repeat the question? You can see the first question on chat. On the chat. Yeah. No. Which chart? Yeah. Okay. Actually, the net gain, of course, higher taxes, we have there a compound effect of deferred tax and current tax, of course. In terms of interest expenses, we don't have any financial debt now, and interest there are connected with valuation of leasing under IFRS 16. Basically, after moving to new head office in Kraków, of course, this impact on the results on quarters will be very consistent. Of course, now we also announced new agreement with Atman for data center. There will be also some additional leasing on servers, and also here we'll see some interest expenses presented in the same manner based on IFRS 16. Okay, next question is for me. How has your shareholder base changed? Could that be a relevant factor for the stock performance? First of all, we do not have such a data. Exactly, we don't know how the shareholders are changing right now. Only comment that we can do right now is very obvious comment that maybe some investors are simply a little bit scared because of a war that is next to our border on Ukraine. That's the only comment. We don't have any other data. I think we can add that there is still a one-year lockup, so the investors that have over 10% of the shares, it didn't change at all. The private equity company, V4C, they still have 25%, and there are four individual owners that they still keep 11% something of the shares, each one. Yeah. I was wanting to comment before not on our base investors. Okay, next question. What should we expect in terms of head count for the year? Anna, for you. Okay. Good morning, everyone. As you know, we don't publish any KPIs connected with our budget. In this case, it's the same situation, but we mentioned that in the first quarter, we hired nearly 50 new specialists in Shoper. It doesn't mean, obviously, that we will continue this dynamic in the coming quarters. I would like to stress that we are very careful considering the new hires. We always check new employees or new hires, how they corresponded with our business needs, business results, and of course, we treat new employee as a crucial investment because we are going to increase the number of our customers, we are going to introduce new services, and probably we will increase employment as well, but as an investment. I think the last thing is worth to notice that, especially in Poland, in IT recruitment and labor market, we are very excellent track record in recruitment IT specialists, and we are very proud of that because it's not easy. Our culture, our management team, or our industry is very appealing for IT specialists, and thanks to that, we have very talented employees on board. Maybe I will add something. Of course, in comparison to Q1 of 2021, we have and we can show very high growth in number of employees at Shoper. That's good, because what Anna mentioned, if we decide to hire new staff to the company, it means that we still see some space to grow faster in the market. If you see pace of growth connected to or related to revenue or EBITDA or GMV, it's significantly higher than any other player from the Polish market. Of course, it's partly driven by new staff. We expand sales team, but of course, we also hired IT specialists to have better development of our applications for the platform. We, of course, in the long run, we want to earn money on every single employee in the company. On this stage, we perceive this like fuel to grow faster, and that's the explanation. Of course, it's worth to add that it requires time, because this is not the kind of business where putting additional people into the team will give results next quarter. In some cases, of course, it will work like that, like salespeople or partly customer care, but especially in development side of development of the products, it will last a bit longer, because we hire them to cover some market needs, some products that are not representing our offer or are not in the way, not so developed that we wish to have. For such kind of activities, of course, this return on those employees will have to wait a bit longer. Yeah. Additionally, typically, if we present our presentation, Pawel describes the portfolio products we have at Shoper. You can find there dozens of great products, and a huge part of them are relatively new in our portfolio. It means that we are at the quite early stage of development, and we should be focused how we can increase quality of these services, products, how we can extend functionalities of these products, and of course, with relevant people. What also Piotr mentioned that, in some cases, of course, we in the company, but also our investors, should be a bit more patient to see return from these investments. Okay. Last questions from the chat, from Odilo. Not last one. Have you seen any traction with Ukrainian merchants that are now in Poland? It's starting, yeah. It's starting. It's not a lot for the time being, it's couple, up to 10 new merchants that started their own store on the platform. We announced it just a couple of days, weeks ago, so it's rolling out. They are two months here in Poland and accommodating, so starting a new business, it will take a little bit of time. We see that Polish merchants are very interested in Ukrainian version of their store, so this is a kind of a business opportunity also from us, because they want to promote to Ukrainian people, so they will sell more. With people who become merchants and are from Ukraine, it's starting very slowly. We don't have, for the time being, that particular measurement because they can just log in, buy, and start their own store without our physical contact, I would say, or phone contact. Yeah. Additionally, I guess we have over 3 million Ukrainians came to Poland after. February 24th. The news from the last week is that the very first time, the outflow of Ukrainians to Ukraine was higher than inflow of Ukrainians to Poland. Of course, they have impact on the Polish economy. What you're asking about, some of them decided to start business in Poland, but I guess, of course, this is just expectation. The majority will decide to go back to Ukraine, and this is their homeland and what we see and what we feel, in the majority, we don't expect that they decide to stay in Poland. Okay. The last question from the chat. Does your expectations for growth and the potential that you see in the market have not changed due to war or inflation impact on the positive or negative? I can start. Yes, I doubt it. We are still, I would say, optimistic in the hard times in Poland. Inflation, it goes, on one hand, it's an opportunity to earn more because we know when there is inflation, most of our services are in the model of pay as you grow. The more the prices of the goods are, the more commission we get from GMV and turnover. That's a good one. From the perspective of salary expectations, there is also some pressures that I can tell you a little bit more. In the market, after the times of when there was an outbreak of war, there was some freeze that we've seen that some potential merchants or our actual merchants, they just maybe stop their decisions for some time. For the time being, we see that it's still some kind of unsureness what will happen in economy, but more and more merchants decide to invest more, to buy the stores, new business, with online stores. We are relatively optimistic towards the future, but as I said before, we also expand our target addressable markets to grow as fast as possible in these times. Okay, thank you as well. Now, the question from the mysterious imposter, please. Yes, sir. Hi, this is Błażej Kiwerski from TRG. Sorry, it didn't show up on the title here. I have a couple questions. I'll start from just trying to understand a little bit more about how the increasing complexity, increasing diversification of marketplace players, how does that contribute to your business? You mentioned before, and I heard that you're quite agnostic, in terms of where your merchant sells to. On the other hand, is there any positive effect from this more complexity in the market? Can you maybe either use data or anecdotes to explain that? On the other hand, with Shopee, for example, targeting more long tail products and maybe smaller merchants, how does that affect the clients that maybe come to you and maybe how does that affect your ability to charge your clients for some services, for example, shipping and logistics, for example. Are you seeing some pushback on that? Maybe people think for some clients, it's more economical just to stay with Shopee since everything's free. Just start with that, if I may. I will start maybe, Marcin, you can continue from your perspective, but from the commercial perspective, we see that appearance of Shopee actually created hundreds of thousands of new people that buy online. That's the beauty. It's an opportunity that they started with Shopee, but we see that they first time use their phone to buy something, so they are more used to this service. Shopee, they offer free shipment from their platform. They are burning money for the time being because the products that they sell are very, very inexpensive, so they are burning money. It's still a huge difference if you have a business that's only on marketplaces, that's kind of risky because the provisions can change, the rules can change, the positioning of the particular marketplace can change in a moment, and you don't have a direct relationship with the merchant. Most of the merchants, they tend to realize, especially nowadays, that it's better when you sell on marketplaces, they're very good. Also having their own store, emails to the merchants' telephone numbers and such, that's a huge advantage, especially that you pay for acquiring a new customer once, and then you can make additional upsell, cross-sell, sell after when somebody uses the product again. It's relatively good that the marketplace ecosystem gets a little bit fuzzy because in Poland, it's a saying, when two people fight, the third one is benefiting. It's kind of it's good. I see. Is it fair to say that given how they're positioned right now, probably there's very little overlap between the merchants that list on Shopee versus the merchants that use Shoper, but in some way, in the medium to long term, it does help to grow the market as maybe these merchants will have a chance later on to grow and mature. Is that a fair assessment? We don't see any kind of overlap because we never recognized marketplaces as our competitors. We never try to position ourselves as a competitive solution to marketplaces. Both are parts of the whole e-commerce ecosystem, and we are happy if we see new marketplaces in the market or on the horizon coming to Poland, because we know that they will invest millions in onboarding of new merchants or new consumers to purchase something online. Finally, each or almost each merchant, he wants to have own store as a fully independent space channel. Shoper is absolutely not competitive solution or platform to marketplaces. It's something different, and we meet other expectations or other needs of marketplaces. You also asked about if we benefited, for example, by players indirectly, of course, like Shopee. Yes, we do, because we have in our group omnichannel platform called Apilo, and this platform allows to be connected with many marketplaces, and to manage the whole sales process from the one place in the same time, for example, Amazon, Allegro, Shopee, and others. We have substitution there, of course, but we also have some fees per events. If we see any kind of order, for example, on Shopee made through Apilo, we can earn money. I see. If a merchant connects through you to a marketplace in Shopee, in addition to other marketplace, you charge the merchants a take rate even though they sell this through the third party marketplace? No. If they sell directly on Shopee, we can charge for connection, like the tool that you can sell on Shoper and Shopee in one convenient environment. If we do advertising, for example, for this merchant, it's not available yet on Shopee. We, for example, help selling on Allegro, which is an alternative, and if we help advertising their products on Allegro, we charge a commission fee similar that we charge on Shoper campaigns, for example. A percentage of the turnover then. I see. You help them advertise on these marketplace. Yeah. Every platform like Google, like Facebook, like TikTok, for example, we help advertising, and each of this platform has their own system that you really need to know, and know how to advertise and perform well. We take commission when the sales is done. That's our business model. We even help selling on Allegro and very soon, probably on other marketplaces, and take a commission out of it as well. Got it. My second question is related to the subscription fee increase. I think in January when we talked last, you increased by 10%, maybe a little bit more. I read today that I think you're planning for more increases in April. Can you talk a little bit about that? I think the April increase, is it only for the premium subscription? If so, what percentage of your premium subscription is versus your total subscription revenue right now? Yes, we did raise our prices of premium services at the beginning of April, and we don't disclose this particular data differentiations between Shoper Premium and Shoper Standard, I would say. Well, the raise was in percentage, it sounds high that it was raised of 25%, but it's hundreds PLN per month, and what's more, we really developed the service. We have now 24/7 service. We have multiple warehouses, many new apps that you can add to your store when you're a premium customer, so it goes with big raise of functionality and quality of the service. Right. Have you seen any turnover client churn after your two price increases since the beginning of the year? Churn is still relatively standard. We did introduce these add-ons to Shoper Premium service to make it really competitive from the price perspective, but also from the level of services that you get in this price. We tend to now really push to upsell from Shoper Standard services to Shoper Premium, because then you have another phone call that you can talk with professionals, shorter waiting list to fix any kind of tickets you give, or when you call, you wait much, much shorter. There are many benefits with professionals that we enable to Shoper Premium customers. Nowadays we want to push to Shoper Premium from Shoper Standard services. Very low number of downsells, we call it downsells, from Shoper Premium to Shoper Standard services. We've seen, because we are SaaS, we have obligation to inform 10 days before the price rise that the price will change, and the merchant can generate an invoice and pay upfront for next six months, 12 months. We've seen that lots of merchants, they generated invoices for themselves to pay upfront in the lower price before. It's good because we don't have to take care about churn and such for a longer time across premium customers. Yeah. How would you characterize premium. Maybe, sorry, I will add something. The only comment we received from our customer base was that they were a bit surprised by only 10% increase because it was below the inflation. What else, Piotr, maybe you will add one sentence, how is the mechanism of subscription over time? Yeah. It's important to know that if you take into consideration the price increases and their impact on revenues, you need to keep in mind that according to IFRS, they are deferred. Every single sales is deferred for the period of the subscription. The change of prices deployed in January, it doesn't mean that it will have full impact on all 2022 revenues because a bunch of revenues of 2022 was generated by sales in previous years, on subscription, actually, in 2021, in the same manner. We can assume that in terms of this 11% increase of basic subscription, it should have an impact of revenue around five this year. In case of this 25, it will be 13%, 14% max. Yes, I do understand. Thank you so much for quantifying that for me. On the investment in personnel, can you maybe help us understand a little bit on any kind of specific areas that you are investing? Is it more from a customer acquisition and servicing, or is it more from a product development? If it's the latter, is there a specific area that you are focusing on that you're seeing high demand and missing from the market? Go ahead, Anna. I will start, you, Marcin, will continue. As I mentioned, in the first quarter, we did the biggest investment in development team, and I think that now we are on the good level of this employment, and we are going to start to work on the new products and services, and concentrate on our actual employees to cooperate with them. New hires connected with sales or customer service will be directly connected with the number of our customers. When we noticed that the number is higher than we expect, for example, we will talk about new hires. This is the model of hiring. The truth is that we invest in every single department in the company. What Anna mentioned, of course, in the first quarter, mainly, we decided to invest in IT development because of new services, because of implementing new functionalities to the platform. Equally, we also invested in new or stronger accounting team or HR or sales operations. If we see the whole company, I guess every single place is stronger after the first quarter, because we still see huge demand from the market, and we want to have, of course, the strongest team on the market. The good thing is that Shoper is today recognized as a very cool place to work. We have some transfers for significantly larger companies from the industry. People joined us because they see ambitious pipeline of new projects, they see that the company is growing significantly faster than the competitors. Many reasons. Great. I just have a follow-up on this, then that's my last question. Just in terms of the area of investment. I know that now the effort of upselling to premium subscribers, what about some of the larger enterprise solutions? Are you seeing any opportunities there? I think for some of the international players, this really is kind of where a lot of take rate can start to diverge, right? Kind of a more holistic consulting turnkey solutions for these enterprises. Is this something that you're working on? Do you see demand? Our merchants, or we together with our merchants, we of course invest to have more mature solutions for each part of the market. This is not so easy, this is not so simple to cover because solutions for enterprises, mainly it's only the platform, only the software, without ability to add additional services like payments or financial products or logistics, because they are so strong that they have own contracts with logistic companies or payment gateways. Of course our ambition is to have broader coverage in the market, but in the same time to keep high margin selling our products. We try to build optimum business model to have, of course, larger merchants in our base, but in the same time, to provide to them the full range of services, not only software. We are from time to time in discussion with many agencies or producers of e-commerce software. We see that they have absolutely great portfolio of big brands. In the same time, the profitability of this company is extremely low, because they are able to provide only software, without any kind of value-added services. If you compare growth in subscription segment at Shoper and solutions segment at Shoper, you see that we grow mainly thanks to services based on pay-as-you-grow model. We provide to them much more services than only subscription as online store. It's also worth to mention that, of course, we develop our platform, and we introduce products and services that are needed by larger merchants as well, like multi-warehouse, for instance, what we introduced early this year. That also means that we go a bit higher with services for a bit bigger merchants, to also enlarge our address markets here. We also have a development internally to go up also on step-by-step basis. Indeed, we do it. Just for you know, these huge enterprise customers, they need a very individual approach. We create our products and our software to be replicable in thousands. This is the idea when we actually can multiplicator some kind of a business model, even advisory services that we create, we push it in some kind of a procedures to make it automated as much as possible. The large enterprise customers, they need a software house to build a big business store. If they have a complicated products or millions of products, that's where they need to probably sell additional software. For very big companies, what we start to see that they have, when they launch a new product, for example, and they want to have a very quick go-to-market proof of concept, Shoper is a perfect platform to start, to go with. If a brand has a new product or a new book or something like that, they tend to use our software to have a very quick launch. With Shoper, if you are really motivated, you can start selling from scratch, by buying SaaS license, next day you can sell stuff. That's the beauty of our software. I see. Basically, they will use your regular service. It's not a separate enterprise service. It's just maybe a premium subscription service. The thing is much more complicated because we provide services of products in the box, let's say. Doing business with enterprises, it means that we are, or we should be more integrator than the platform, because they mainly expect some specific integrations or connections with some internal systems. Providing services for enterprises, of course, the challenge is always how to build a scale, because you can rely on two or three or even four big contracts. The beauty of our platform, our company is that the revenues are perfectly divided into 30,000 of small contracts. Thanks to that, we can add additional services. We implement something new because we see huge demand from the whole base. Thanks to that, we can increase our revenues, we can increase ARPU, we can promote some new services, and do not rely on some specific expectations of one or two merchants. Understood. Thank you so much. That's all I have. Thank you. Okay. We've got one more question from Abu on the chat. You mentioned that Shoper is a cool place to work and have gained traction, how competitive are your salaries versus peers? How difficult is to maintain low churn and gain talent? Okay. Yes, of course, we keep an eye on salary in our peers, that's obvious. To be honest, of course, our salary is interesting for the candidates, but we strongly believe that money is not only thing which decide that someone is working in Shoper and stay with us for a longer time. The most important factor is if people develop themselves during the work, how looks the culture or communication between employees. We strongly believe that this is very important as well. For example, we develop or define the development program, which we call Shoper Up, where our employees can gain totally new skills connected, for example, with PHP programming. We as employer give them opportunity to learn these skills and support them during one or even three years. This is our idea how to maintain a low churn, for example, among our employees. The salary is on the good level, let's say, but also we pay a lot of attention to other things as communication, as a culture, as an opportunity to have real impact on the products and on our merchants. The shortest answer is, yes, we try to be competitive on the labor market, of course. In the same time, we don't want to overpay employees, because what Anna said, it's always mix of many factors and working and doing cool projects and having impact on implementation or some functionalities. We have so many great projects opened in the company, that people, they want to be proud of doing something, and they want to see or to have connection with merchants. They are able to meet with consumers. They can design some new functionalities, and after a couple of weeks, they see implemented functionalities provided to dozens of thousands of merchants. That's the reason why people want to work at Shoper. Of course, we should stay as a competitive employer, when we're talking about salaries, but this is just one factor. Thank you as well. Do we have any other questions? Please raise the yellow hand. Okay. One more. This is the final question. That's it. Sorry, that's the final question. In terms of any new thoughts on international expansion? I was mentioning many times that we have open discussion in the company. We want to decide till end of June. I guess on the next meeting, we will be able to say something in this letter. Today, we are fully focused on the Polish market, and the market is quite unstable. Of course, you see that all economies, they have some, let's say, fight against inflation. We are very careful this year. We didn't decide yet. All right. Thank you. Thank you. That was the final question. I can only add that we going to be available, me and the Board, on some conferences that are organized by some brokers. If you would like to meet us in person, please sign up. If you have any additional questions, please write to us, call us. We are always open to discussion. Yeah. Thank you, and see you next time. Thank you. Thank you. Bye-bye. Thank you. Bye-bye. Bye.