Good morning, good afternoon, everyone. I am Loic Jenouvrier, and as a CFO, I will be presenting you with Global Blue's financial performance for quarter one of the financial year 2021- 2022. I will leave the floor to Jacques Stern, CEO, who will present the latest tax-free shopping trends and the recovery scenario. I will start by sharing with you the key messages that summarize this quarter's financial performance. I will take you through the income statement, followed by an overview of the segmented revenue. This will be followed by an overview of the cost structure, the net financial debt development, and I will conclude with a summary of the company's liquidity. It's worth to remind you that Global Blue's financial year is from April to March, hence, this is our first quarter. It's now time to start. I suggest we go to slide four to see the main takeaways for the first quarter of the financial year 2021- 2022. These are our three main takeaways. First, COVID-19 has very much disrupted the travel retail industry, and Global Blue has recorded a drop of 83% of its revenue versus the pre-COVID period, i.e., full year 2019 and 2020. This drop is due to the COVID-19 outbreak, which has nearly stopped international and intercontinental travel since March 2020. However, we are starting to see a gradual recovery, which is backed up by the increase of Global Blue's revenue by 119% versus same period last year. Second takeaway, Global Blue's management implemented a wide-ranging saving program to mitigate this revenue decrease. Consequently, Global Blue fixed adjusted operating expenses, excluded scope effect from the ZigZag acquisition, have been reduced by 50% over the period. Third takeaway, Global Blue's liquidity stands at EUR 217 million, consisting of EUR 135 million of cash in our balance sheet, as well as EUR 82 million of additional liquidity. This indicates that our fixed expenditures are well covered into calendar year 2022, and I will cover this topic in more detail in the upcoming slides. Let's now move to slide five. On this slide, we present our adjusted P&L. Adjusted because it excludes all exceptional items which are non-recurring in nature, as well as the amortization of acquired intangible assets, mostly related to the purchase price allocation made in 2012 when Silver Lake and Partners Group bought Global Blue. You will find in appendix all the reconciliations to the nearest IFRS financial metrics. As already mentioned, Global Blue's revenue decreased by 83% compared to pre-COVID, and the adjusted EBITDA was EUR -10.7 million this quarter, compared to EUR 39.5 million in Q1 2019- 2020. It is also worth mentioning that the EBITDA this quarter is EUR 4.2 million better than last year, mainly thanks to a significantly better top line. Adjusted operating expenses have been reduced by 55% in Q1 compared to pre-COVID, mainly thanks to the management saving program quickly implemented in early spring 2020 when travel restrictions occurred. After D&A, finance, income tax, and non-controlling interest, Global Blue's adjusted net income group share was EUR -24 million in Q1, which compares with EUR 15.5 million in Q1 2019- 2020. More detail on the various P&L items will be provided in the upcoming slide. We can move now to slide six for our segmented revenue overview. TFS and AVPS revenues are at 13.9% of pre-COVID levels, i.e., roughly twice as much as Q1 last year when the revenue was at 7.6% of pre-COVID levels. When comparing the recovery between TFS and AVPS is recovering at a faster pace, given that it is less exposed to intercontinental travel than TFS. AVPS revenue is now at 30.4% of pre-COVID level, compared to 12.1% a year ago. We note that in our Q1 revenue, we have EUR 2.8 million coming from the acquisition of ZigZag, which occurred end of March 2021. I suggest we go now to slide seven for a more detailed overview of Global Blue's adjusted operating expenses. As you have seen in our adjusted P&L, the adjusted operating expenses decreased by EUR 33.6 million, or 55%, moving from EUR 61 million two years ago to EUR 27.4 million this quarter. Variable costs were reduced by 84%, in line with the 86% revenue decrease of TFS and AVPS. On top of the volume-driven cost reduction, there has been a reduction of 50% of the adjusted fixed operating expenses, as already mentioned in the introduction. These savings of EUR 21.4 million were achieved by leveraging on possible government support when it is still available, as well as the company's saving program. For personnel cost, Global Blue applied for available government support, and consequently, as furloughed staff, or as reduced working hours, while in parallel, applied for employee salary support scheme introduced by certain governments. Global Blue also permanently reduced headcount through business restructuring in different countries and functions. For non-personal cost, Global Blue renegotiated contracts with business partners and reduced local level third-party employment or advisory services. As a result, we have been able to materially reduce both personal and non-personal fixed operating expenses. We show the scope effect of ZigZag acquisition for a total of EUR 3.5 million of operating expenses. On slide eight, we compare the development of those operating expenses between the current and last year's quarters versus the pre-COVID cost base. There is a net marginal reduction of the savings from EUR 20.5 million last year to EUR 21.4 million this year. This is in line with management cost saving plan. As government gradually phase out their support, Global Blue has been executing restructuring programs which permanently reduced headcounts. Saving from utilizing government grants last year were EUR 7.3 million, whereas this year they're reduced to EUR 3.9 million. In tandem, the employee cost saving increased from EUR 6.3 million last year to EUR 7.1 million this year. Flipping to slide nine, you can see there the development of Global Blue's adjusted depreciation and amortization, as well as the net finance cost. Adjusted D&A decreased by EUR 0.8 million, or 7% versus prior year. This reduction is driven mainly by the restructuring of the cost base through renegotiations of contracts and, to a lesser extent, long-term lease contracts. Under IFRS 16, long-term lease contracts cost are treated mostly as depreciation cost. Versus the pre-COVID-19 cost base, the adjusted D&A increased by 7.3%, mainly due to the increased investment in technology in the prior financial years, in line with management focused on digital innovation. For net finance cost, they have decreased by 11.6% versus prior year and 9.3% versus Q1 2019- 2020, mainly thanks to better margins following the implementation of a new debt facility in the context of the NYSE listing last August. Let's move now to slide 10 to have a look at our net financial debt variance. After an EBITDA of EUR -10.7 million for the quarter, the level of CapEx was EUR 4.6 million, essentially related to technology development. We have been able to reduce our level of CapEx by 15% compared to last year, and 25% versus pre-COVID base. We nevertheless continue to invest in strategy projects for the company's future. Changes in working capital were EUR -26.7 million, of which EUR 6.7 million for one-off tax settlement and EUR 15.2 million is due to business volume increasing from March 2021 to June 2021. Indeed, invoiced VAT increased by 95% in this period, which drives an increase of working capital since tourists get refunded upfront, whereas about a month later, Global Blue collects the VAT from its merchant or authorities. Interest paid in Q1 of the current financial year were only EUR 0.2 million and do not include the interest of the credit facility which are paid twice a year in Q2 and in Q4. This quarter, Global Blue's net financial debt increased by EUR 47.5 million. We can now move on to slide 11 to have an overview of the Global Blue's net financial debt as of 30th of June 2021. Our net financial debt amounted to EUR 593.8 million. It was constituted of EUR 630 million of senior debt, EUR 99 million of revolving credit facility, and EUR 135.2 million of cash and cash equivalents. Both our senior debt and revolving credit facility have a maturity date of 28 August 2025. In February 2021, we obtained a covenant waiver from our lenders, and therefore the first testing date will be in September 2022. It will be a semi-annual test and will start with a leverage ratio not exceeding 4.75, stepping down progressively to 3.5 by maturity. Global Blue has agreed to a floor of its liquidity of EUR 35 million, but this condition shall cease to apply if the revenue of the group for any calendar month return to 40% of pre-COVID revenues. Last but not least, let's go now to slide 12 for the liquidity analysis. As mentioned in introduction, our liquidity stands at EUR 217 million, consisting of EUR 135 million of cash and EUR 82 million of additional liquidity. The EUR 82 million of additional liquidity includes $75 million of supplemental liquidity facility provided by pre-transaction shareholders in connection with the combination with FPAC. It is available until end of February 2022 with a two year maturity once drawn. On the left-hand side of the slide, you can see that the monthly average fixed expenditures of this quarter, which amounted to EUR 11.9 million. It was composed of EUR 7.5 million for fixed adjusted operating expenses, EUR 1.5 million for capital expenditures, EUR 1.1 million for lease payment, and EUR 1.8 million of normalized interest paid, normalized because interest paid are paid twice a year, as I was saying, in Q2 and in Q4. What we can say is that with EUR 217 million of liquidity, this implies that our fixed expenditures are well covered into calendar year 2022. This is the end of the financial section, and I now leave the floor to Jacques Stern to present the latest tax-free shopping trends and the recovery scenario. Thank you, Loic. Let's start by the latest trend, which means concretely July and August. Before digging into the detail, let's step back a little bit, and I'm sure that now you are familiar with this chart, which shows the recovery scenario or the way we think about it in five phase, with a couple of events allowing to go from each phase to the next one. To focus on where we are today, clearly, two situations which are different. The first one in APAC, where borders are mostly closed, and therefore, we are really, I would say, at the very beginning of the phase II, so with very little intra-regional travel. We will see that this translates into a very low performance in terms of recovery in APAC. In Europe, after the intra-regional travel restart in Q1, this is on the back of that you have seen the increase of the TFS, but also AVPS increase in the Q1. We are now starting slowly to enter into the phase III, where the long-haul flights are restarting, which mean that in some country, with some origin market country, we are seeing that long-haul are restarting. You will see in a moment that this translating to, for Europe, an acceleration of the level of recovery. Let's do a dig into the detail. Here we are talking about the monthly performance since the beginning of the year. We are talking about what we call issue tax-free spend, meaning what is issued at the level of the store. We are talking about continental Europe. What does that mean? That those figure exclude the U.K. performance. You may recall that U.K. has stopped the tax-free scheme on the 1st of January, 2021, on the back of the Brexit. The performance which is there, comparing apple to apple, so at the continental Europe. Obviously, when we are looking to the global figures, we should account that in 2019 and in 2020, U.K. was present, which is no more the case now. Second element to have in mind before I go into the detail of those figures, we are talking about issuing tax refund. That does not mean that it's refunded tax refund, which is directly linked to then the revenue of Global Blue. What do you have in between? Some leakage, where people are issuing in the store, but not fulfilling the full process at the airport with validation and refund, and therefore, there's also a gap which may arise. One of the point that we will comment later on in this presentation is that the refund ratio is lower now compared to pre-COVID. One of the reason is disruption in certain airports where validation is not always provided in all airport or not all the time during the day. This represent, I would say, the underlying trend. From that point of view, we see after an acceleration between June compared to May and April, which was around 11%- 12%, we see a further acceleration, which was commented and part of our scenario for July and August, where you've seen that we went to after 33% increase in July to a 40% in August. When we try to understand from a geography standpoint, so destination market, basically, where it's coming from, you can see that a diverse situation in Europe with south region, particular Turkey and Greece, which were early to restart the long-haul travel, which are benefiting the first to that. Russia also, from that point of view with Iceland. I think more importantly, we see France, which is the biggest country in terms of destination, which is now recovering at a level of 50% in August. A nice development in terms of recovery for the French market. When we try to understand where this recovery is coming from, basically, the message is very clear. First, by the regional shoppers. What we call regional shoppers is basically Swiss, Ukrainian, or U.K., which now are able to shop tax-free in Europe. Some more minor countries which are not part of the EU, but which are part of Europe. You see here the level of recovery globally in August is 97%. We are almost back to pre-COVID level, in particular for the Swiss going to Italy and Germany, which are two big cross-market corridor. Also Ukrainian going to France or to Italy, and also, which is a new market, British going to France and Spain in particular. More importantly, for the start of the phase III, I think there's two nationalities which are really important to check here, which are the GCC, so Gulf countries. Among which you have obviously UAE, Dubai, but also Saudi Arabia, Qatar and Kuwait. You see that since the last two to three months, they are really back in continental Europe, at a level of 85%. Also, which is very encouraging, the U.S. shopper, who has been allowed, like the GCC, if they are double vaccinated, to come freely in Europe, very quickly returned to a level of around 80%. At the end of August, 83%, to be precise. In particular, what I was saying, GCC and U.S. as really being very favorable for France, where in both markets you see the level of recovery, which is quite impressive, in terms of number. Clearly, France has also benefit from the lack of TFS availability in the U.K., given the drop of the scheme. Some of the GCC and U.S. have traveled to France and in a lesser extent into Italy to shop tax-free in those two countries rather than in the U.K. I remind you that long-haul flight shoppers usually come in Europe and travel in more than two countries. They have the choice where they shop. It's a part also why we have this sizable recovery for those two nationalities. On the rest of the nationalities, you see that we have a slight progression, which is, for August, 27%, which give overall figures you see at 46% for the last week of August. In average, 40% in August. There, obviously, one of the reasons why it's progressing but still very low is that Chinese, which represent before COVID-19, a large part of the consumer base for Europe, around 35%, are still around 5% recovery. Really only essential business between China and Europe and only few people among those qualified to do tax-free. It's reason why it's progressing generally, but still because of Chinese, not at all at this level. When we try to understand, and this slide is also interesting, this level of recovery from whom it is and what is the impact on the number of transactions and on the value of the transaction, you can see that across the board, what we are seeing is that it's mostly the affluent shoppers which are coming back sooner than, I would say, the infrequent shopper, which is not a surprise. They have more purchasing power. They are more used to travel, so they are the first one which wants and which travel back, and therefore you have this positive impact. Which include a kind of pent-up demand also, which is the people who are coming there are more affluent, and they are, by definition, spend more than the infrequent. Also they spend more, in average 15%-20%, compared to pre-COVID-19 when we are analyzing the same people, so the same passport. Important also to note that the U.K. resident, which include British citizen, but also EU passport holder which live in the U.K., have a very strong average of almost 1,500, which show that there's a real potential to continue to develop the business with U.K. resident shopping in Europe. On the opposite, as mentioned at the very beginning of this section, we are seeing a performance in APAC which shield around 10%, as we plan it in a scenario that we have communicated to you in June. Reason is very simple. Borders are mostly closed apart essential business, and even though you can see a difference between Japan, which is recovered at 16%, and Singapore only at 3%, reality is that it's only coming from essential business traveler, no leisure traveler, and therefore the recovery is still very small and limited in APAC in all those three markets that we are in, which are the three main markets in APAC. In summary, a summer which saw the first sign of recovery in Europe, and clearly driven by American GCC and, I would say, the cross-border business in Europe, and APAC still flat. What does that mean in terms of recovery scenario, if we project ourselves in the next months, what do we think can be the scenario? A few elements to have in mind in order to build those scenarios. You may recall also that we have shown most of those slides. They are updated with new figures, which give us a way to then give you our sense of level of recovery for the summer, so including September, but also for the autumn, i.e., the months of October to December. Three elements to have in mind in order to build those scenario. First, what we call the projection of herd immunity, which is viewed by the WHO, a level of 80% of vaccination of the population, where concretely you can say that at this level, the sanitary condition to travel from an origin market or to a destination market is met. This is one of, I would say, a key indicator to understand when corridors from a sanitary point of view can be open. Second driver, which is when, from a political standpoint, the states will decide to reopen. We have seen, like in Europe, starting in June, that Europe have reopened their border, even to origin market, which are not reaching this herd immunity. Therefore, we have to monitor that because it can be, I would say, an accelerator, i.e., a way to say even before herd immunity, you can travel again. It also can be a slowdown factor if some nationality decide not to reopen despite reaching herd immunity. I will give more element on that, especially around the Chinese case, which is important to watch. Finally, the third driver, which is the appetite or the willingness for shopper to travel again when corridors are reopened, which is an important element, which is not totally correlated from one and two drivers, but which is a survey that we are doing now for the last 18 months after months, and per nationality and per corridor, we are assessing the appetite of the consumer to travel and to shop again. Let's go to the detail. First, having a snapshot at the end of August about where we are in terms of reaching this herd immunity. No country have reached it for now or very limited one. We will see that they are in the Middle East. We have seen in the last two months a progression in a lot of countries, including China, where today 63% of the population is double vaccinating. This is the first figure and 74%, which is first dose vaccinated. You see also that in Europe, across Europe, after a very strong start of the U.K., the situation is mostly, I would say, comparable in all country with around 60%+ in terms of fully vaccinated and 70%+ in terms of one vaccination. The U.S., which was very strong on the back of probably a different situation per state is lagging now with only 51% of the population, which is double vaccinated. We have seen that this does not prevent the one which are double vaccinated and who wants to travel, which are the more, I would say, affluent to have come in Europe, in particular in France, to recover around 80%. The importance of that really condition when we can enter in phase IV, because we would have the sanitary condition. From that point of view, what we see today is that by the end of September 2021, this 80% target of population fully vaccinated will be reached in 30% of destination market and 10% in origin market. Destination markets such as Spain, France, and Singapore, and as I was saying, some limited country in Middle East. With the projection of the various country, we see, and I think this is a very positive message, that by the end of the year, almost 70% of the origin market and 90% of the destination market will have reached this 80%. The message there is to say that from a sanitary point of view, we are clearly saying that by the end of the year, we should see the majority of origin market and the majority of destination market which met this condition, where the sanitary condition are met to travel. As I say, that does not mean that the recovery cannot happen before in phase III, but in a sizable amount and a meaningful amount, obviously, phase IV is what we are looking for. From that point of view, December could be a very important date. Having said that, and as mentioned, it would be the case if and only if, from a political standpoint, the member or the origin market countries and the destination country reopen their border to the herd immunity, I would say, group of people. Concretely today, in which situation are we? We have basically 50% of our destination market, namely Switzerland, France, Turkey, Greece, Spain, which if you are double vaccinated, you can arrive, even though, as I mentioned, the herd immunity is not totally rich in the origin country. On the other side, we have basically mainly four country, and this is the one which have led this improvement in Europe during the summer, which basically are allowed to travel in Europe and have the necessary condition to come in Europe. It's 40%, so entire European, American, GCC, and the U.K. residents. What are we projecting for the Q4? First, an extension about the capability to travel in Europe, namely in Italy and in Germany, where they will join, if you want, the group of countries which are allowing double vaccinated to come in their country without requiring a quarantine. For example, at this beginning of the week, the U.K. residents are now allowed to come in Italy without quarantining five days, which was really a hurdle in order to have meaningful business from the U.K. into Italy. It's somewhat loosen of the condition that those two country will put on the origin market. On the other side, we are foreseeing that in Russia, in Japan, in Korea, and in some other few country, there will be more vaccination, and the vaccination will be recognized in Europe, which are these destination country, so that we can reach 55% of the origin market being capable to travel concretely to Europe at which represents 70% of the destination market. This is where we have, I would say, a quite decent level of visibility. Where we don't have yet any visibility is on some origin market. Chinese, despite the success of their vaccination program, have not given any firm date where they will allow their citizen to travel abroad, and in particular in APAC and/or in Europe, which are two destination market. What we hear is summer 2022. Everything can change basically on the situation, clearly, this is what we are hearing. Australia, which is another country which represent far less than the Chinese, but still who has this zero COVID policy, today are closing the border for the citizen to travel abroad. It may change. It seems to be that politically they are willing to go from a zero COVID case to more we will live with COVID and vaccination and herd immunity is a key element, after we will reopen the border. For now, this is not yet confirmed. On the opposite side, in terms of destination market, the market in APAC has still not given clear indication on if and when they will reopen the travel in those countries, namely Japan, Singapore, and Korea. Based on that, it's clearly what we monitor, and we have seen, I would say, positive news in Europe and followed by a recovery, and we are still waiting for a reopening of the destination market in APAC, and clearly China, in terms of origin market. Last but not least, the driver of willingness to travel. We have this survey that we do month after month, around 15,000 tax-free shoppers are surveyed every month. They are part of our 6.5 million database consumer, which used to shop with Global Blue before COVID. We are seeing the barometer in average improving month after month. We see that we had 62% now in July and August in average compared to 60% in May and June. When we see the level of COVID-19 recovery, you see that there's a direct correlation between the willingness to travel and when they are allowed the level of recovery. You see the American and the GCC, which have strong willingness to travel around 89%-80%. You see the center, they have the same willingness to travel, but you see less the impact in terms of recovery for a simple reason, is the Sputnik vaccine is not allowed or recognized in most of the European country. When it is the case, like in Greece, like in Cyprus, like in Turkey, you see the level of recovery. The clear message we can have from this slide is that when open in terms of corridor, there's a clear correlation between the intention to travel and the level of recovery, and you see that it's improving month after month. It's, I would say, a good element to have in mind. If you put all those drivers into a shaker, basically, what is our view in terms of expectation for the summer? You have seen the figures for August and July in Europe and in APAC. We confirm the guidance or the scenario, rather than the guidance, to be honest, that we have given in June, i.e., 15%-20% level of recovery on the back of the improvement of the business in Europe, mainly driven by regional shoppers, U.S. and GCC, where there's no real recovery in APAC. For autumn 2021, so October to December, with the information that we have today in hand, and they are changing day after day, we have an expectation, in terms of scenario, of between 15%-25%. Why is this bracket, which is quite large? Because on the back of U.K. and Russia, it can improve what we are seeing during the summer. On Monday, the EU Commission have announced that they are recommending the member state of the EU 27 to stop the traveling of Americans into the country in Europe based on D elta variants increased in the U.S. The reality that after two days, when we try to understand how the member states will apply this recommendation, which is only a recommendation now, member states are the one who decide. The reality that a country like France, Greece, Italy, Spain, will probably implement more testing but no quarantine for the double vaccination. The impact may be limited of this recommendation of the EU Commission, which would then push the figure more on the high side of the bracket. If member states like Germany, for example, implement the recommendation, obviously it can push down a little bit those things. This is really the scenario, and I'm sure you are convinced of that. It's really a lot of information changing day after day. It's why we call that a scenario rather than a guidance because, honestly, everything change every day. This is the best to our knowledge what we project as a scenario for Q3 and Q4 of the calendar year 2021. With that in mind, I also remind you two figures which are important to understand what is the impact of the recovery of the sales in store into our profitability. To have an EBITDA breakeven, we need to reach a level of 25% of revenue recovery. To reach the cash breakeven, it's around 40%. Does not account the scope effect of the e-commerce return acquisition of ZigZag that we have done. This is really the figures for the tax-free and the Added Value Payment Services part of the group, i.e., the business present in 2019 figures. This is for the top line and the impact of what we're expecting. An element which is important to have in mind is the long-term plan that we have implemented. Loic have given you the update in Q1. If I step back a little bit more and project myself into the next quarter, what will be this savings? I remind you that fixed cost in 2019-2020 was EUR 159 million, of which we have implemented a short-term saving plan, which include government grants for EUR 18 million, but also some long-term fixed cost reduction in terms of employee cost, but also non-employee cost of EUR 84 million. We have reduced by more than 50% last year. Obviously, we have communicated, and we confirmed to you that this EUR 84 million that we have saved on the annual basis last year, some of that will be short term and will fade to the long-term saving level of EUR 50 million, which is our target. Long-term means in the coming quarter. The explanation of that is that, as I was mentioning, and as we are starting to see, we will no longer benefit from government grants, which account for EUR 18 million in this EUR 84 million. Also, in order to restart the business, we have taken some hard decision, and we will need to rehire some position in order to just manage the basic, around EUR 10 million, and also some short-term rent reduction that we have negotiating with the airport for EUR 6 million will not be there long-term in the company. The long-term saving, we confirm, even with the good performance of the Q1, will be EUR 50 million. Of which, depending the level of recovery, we will need to rehire parts of what we call semi-fixed or semi-variable position, like in the refund point where it depends on the volume, even though it's fixed cost, or in the processing center we have in Slovakia. As a matter to evaluate that, we have guided and we confirm that for a level of 70% recovery, this will means EUR 8 million of cost to rehire or reinject into business. The long-term saving at the level of 70% recovery would be EUR 42 million, compared to the EUR 84 million that we had done last year short-term, and of which you have seen that in Q1, we have almost keep the bulk of that because 50% is basically the level of the Q1. This slide, I think now you are, I think, very familiar of that. It's a way to try to illustrate the EBITDA recovery on the level of revenue recovery. To go back to my example a few minutes ago, at a level of 70% revenue recovery, we would be at a level of EUR 124 million of EBITDA, which would be EUR 83 million like for like before long-term saving plan, and EUR 42 million of long-term saving plan. You see that the impact of that would be an increase of margin, and the best way to see the margin impact of the long-term saving plan is really to look at 100% scenario, where instead of being at EUR 187 million, like we were on the trailing 12-month figures in January 2020, i.e., pre-COVID-19, we would be at EUR 221 million, i.e., an EBITDA margin on revenue of EUR 50 million, or 50% compared to 42% at the time. A long-term effects, which would boost the EBITDA margin of 800 basis point. Everything that we have done in the last quarter confirm those level of permanent saving, if you want. Last but not least, a conclusion that I want to reiterate to you, which is our confidence on the future, based on the gradual recovery of global business and the fact that the fundamental of the business driver remains intact. You know perfectly what they are: emerging market dynamic, more middle class traveling more and shopping more abroad. VAT dynamics, which is more country adopting the tax-free scheme, but also the increase of VAT, which probably will come in some country in Europe and in APAC in the coming months. More a higher level of VAT level means, for us, a percentage of commission which can be higher. Also the dynamic, which is very important, of digitalization. More digitalization means a process of tax-free, which is more easy. Also in terms of payment, we must mention that. More easiness means more adoption by consumer of the tax-free in particular. We, and our commission, our revenue is based on transaction validated and refunded, i.e., processes completed. Very important, digitalization. From that point of view, you may recall what we have shown to you in the end of financial year in June. We have done huge progress in terms of digitalization, which mean when business is back, we'll have a higher proportion of consumer, which basically will apply and use and finish the tax-free shopping process. Last but not least, e-commerce dynamic. Our acquisition of ZigZag, an e-commerce return leader in Europe, is positive. Very strong growth. We are seeing that in Q1 in terms of top line. We are continuing to invest to scale this business, to internationalize this business, and to sell in our portfolio of clients in order to speed up the growth of ZigZag. I'm sure that when we are coming back in three months to comment the H1, we'll have a slide to give you much more information on this acquisition. In summary, we and I believe that the fundamental of our business are still there. It's a good thing to recover our business, also after that, to continue the growth like we had in the past. On this note, thank you very much for the listening. As mentioned, we'll be back in three months to comment the H1 figure. Thank you very much. Have a good evening or a good morning.