Qiwi PLC (QIWI) 2018 Q2 法說會逐字稿

Good day, everyone, and welcome to the Qiwi Second Quarter 2018 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the call over to Mrs. Varvara Kiseleva, Head of Investor Relations. Please go ahead.

大家好，歡迎來到 Qiwi 2018 年第二季度收益電話會議。今天的會議正在錄製中。這個時候，我想把電話轉給Mrs。投資者關係主管 Varvara Kiseleva。請繼續。

Thank you, operator, and good morning, everyone. Welcome to the Qiwi second quarter earnings call. I'm Varvara Kiseleva, Head of Investor Relations, and with me today are Sergey Solonin, our Chief Executive Officer; and Alexander Karavaev, our Chief Financial Officer.

謝謝接線員，大家早上好。歡迎來到 Qiwi 第二季度財報電話會議。我是投資者關係主管 Varvara Kiseleva，今天和我在一起的是我們的首席執行官 Sergey Solonin；和我們的首席財務官 Alexander Karavaev。

A replay of this call will be available until Thursday, August 23, 2018. Access information for the replay is listed in today's earnings press release, which is available on our Investor Relations website at investor.qiwi.com. For those listening to the replay, this call was held and recorded on August 16, 2018.

此電話會議的重播將持續到 2018 年 8 月 23 日星期四。重播的訪問信息列在今天的收益新聞稿中，可在我們的投資者關係網站 investor.qiwi.com 上獲取。對於那些收聽重播的人來說，這個電話是在 2018 年 8 月 16 日舉行和錄製的。

Before we begin, I would like to remind everyone that this call may contain forward-looking statements as they are defined under the Private Securities Litigation Reform Act of 1995. These forward-looking statements about our expectations for future performance are subject to known and unknown risks and uncertainties. Qiwi cautions that these statements are not guarantees of future performance. All forward-looking statements made today reflect our current expectations only, and we undertake no obligation to update any statement to reflect the events that occur after this call.

在開始之前，我想提醒大家，本次電話會議可能包含 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。這些關於我們對未來業績預期的前瞻性陳述受到已知和未知的風險和不確定性的影響。Qiwi 警告說，這些聲明並不是對未來業績的保證。今天所做的所有前瞻性陳述僅反映我們當前的預期，我們沒有義務更新任何陳述以反映本次電話會議後發生的事件。

Please refer to the company's most recent annual report on Form 20-F filed with the Securities and Exchange Commission for factors that could cause our actual results to differ materially from any forward-looking statements.

請參閱公司最近向美國證券交易委員會提交的 20-F 表格年度報告，了解可能導致我們的實際結果與任何前瞻性陳述存在重大差異的因素。

During today's call, management will provide certain information that will constitute non-IFRS financial measures, such as adjusted net revenue, adjusted EBITDA, adjusted net profit and adjusted net profit per share. Reconciliations to IFRS measures and certain additional information are also included in today's earnings press release. With that, we'll begin by turning the call over to Sergey Solonin, our Chief Executive Officer.

在今天的電話會議中，管理層將提供構成非 IFRS 財務指標的某些信息，例如調整後的淨收入、調整後的 EBITDA、調整後的淨利潤和調整後的每股淨利潤。今天的收益新聞稿中還包含與 IFRS 措施和某些其他信息的調節。有了這個，我們將首先把電話轉給我們的首席執行官謝爾蓋索洛寧。

Thank you, Varvara, and good morning, everyone. Thanks for joining us today. I'm excited to share our second quarter results and robust performance in the first half of 2018 with you.

謝謝你，Varvara，大家早上好。感謝您今天加入我們。我很高興與您分享我們第二季度的業績和 2018 年上半年的強勁表現。

Our core Payment Services business demonstrated solid performance with 28% segment net revenue and 22% segment net profit growth. Our growth this quarter was mainly driven by the development of our payment ecosystem and implementation of our B2B2C strategy, as well as certain external drivers that I will mention later.

我們的核心支付服務業務表現穩健，分部淨收入增長 28%，分部淨利潤增長 22%。我們本季度的增長主要是由我們支付生態系統的發展和我們 B2B2C 戰略的實施以及我將在後面提到的某些外部驅動因素推動的。

On top of that, we continue to develop our key products and use cases in order to offer our clients convenient solutions in our focused market vertical. We are preceded to invest in scaling up our Consumer Financial Services segment, which is represented by SOVEST project, as well as building up our SME segment through Tochka and multi-banking platform.

最重要的是，我們繼續開發我們的關鍵產品和用例，以便在我們專注的垂直市場為我們的客戶提供方便的解決方案。我們先投資擴大以 SOVEST 項目為代表的消費者金融服務部門，並通過 Tochka 和多銀行平台建立我們的中小企業部門。

Given all of the above, we believe that our performance serves a solid foundation for our future growth. We achieved strong financial results in our Payment Services business in the first half of 2018, building up a firm foundation for investing in the development and scaling of a new business lines and projects. We believe, we are well positioned to grow our Payment Services segment in our business order.

綜上所述，我們相信我們的業績為我們未來的增長奠定了堅實的基礎。2018 年上半年，我們的支付服務業務取得了強勁的財務業績，為投資開發和擴展新業務線和項目奠定了堅實的基礎。我們相信，我們有能力在我們的業務訂單中發展我們的支付服務部門。

In order to achieve this goal and generate substantial operating cash flows to support our investment in the new projects, we will focus on executing our strategy through building a wider digital infrastructure, creating new enriching existing client use cases and expanding the ecosystem of our business through offering our consumers the widest use of services and expanding the consumer life cycle.

為了實現這一目標並產生可觀的運營現金流來支持我們對新項目的投資，我們將專注於通過建立更廣泛的數字基礎設施來執行我們的戰略，創造新的豐富現有客戶用例並通過以下方式擴展我們的業務生態系統為我們的消費者提供最廣泛的服務用途並擴大消費者的生命週期。

Now on some operating highlights. Payment Services segment volume increased by 21%, to reach RUB 263 billion, driven by significant growth in E-commerce and Money Remittances verticals, which grew 48% and 42%, respectively, over second quarter of 2017. We are pleased with the dynamics in both verticals, and believe that such growth was largely driven by the development of our peer-to-peer ecosystem, secular growth in our core market, as well as the rollout of the products we deployed together with our partners, such as [Adetour] taxi company, as part our B2B2C and self-employed focus. The increase in E-commerce market vertical was also driven by the sports betting volumes, elevated by the Football World Cup 2018.

現在介紹一些操作要點。支付服務業務量增長 21%，達到 2630 億盧布，這得益於電子商務和貨幣匯款垂直領域的顯著增長，分別比 2017 年第二季度增長 48% 和 42%。我們對這兩個垂直領域的動態感到滿意，並相信這種增長主要是由我們點對點生態系統的發展、我們核心市場的長期增長以及我們與我們一起部署的產品的推出所推動的。合作夥伴，如 [Adetour] 出租車公司，作為我們 B2B2C 和個體經營重點的一部分。電子商務垂直市場的增長也受到 2018 年足球世界杯帶來的體育博彩量的推動。

As of 30th of June, we had 20.5 million Qiwi Wallet accounts, an increase of 2 million as compared to the prior year, resulting from our continuous efforts to grow and then leverage our ecosystem, an implementation of our B2B2C strategy. Our total Consumer Financial Services segment payment volume reached RUB 3.2 billion for the second quarter of 2018. We also see positive dynamics across key operating metrics of the project.

截至 6 月 30 日，我們擁有 2050 萬個 Qiwi 錢包賬戶，比上一年增加 200 萬個，這是由於我們不斷努力發展並利用我們的生態系統，實施我們的 B2B2C 戰略。2018 年第二季度，我們的消費者金融服務部門支付總額達到 32 億盧布。我們還看到了項目關鍵運營指標的積極動態。

Moreover, the second quarter, we have significantly enlarged the capabilities of the product, introducing several new options for our consumers, which make the product even more attractive and useful, while improving user monetization.

此外，在第二季度，我們顯著擴大了產品的功能，為我們的消費者引入了幾個新的選擇，使產品更具吸引力和實用性，同時提高了用戶貨幣化。

We continue to develop our products and enhance our business model with the aim to start testing the multi-banking model for SOVEST by the end of the year. And we see substantial interest over the installment card projects from other players in the banking sector. We believe that we have entered an interesting niche with a significant potential and have built a robust infrastructure, including best-in-class distribution and partner networks.

我們將繼續開發我們的產品並增強我們的業務模型，目標是在年底前開始為 SOVEST 測試多銀行業務模型。我們看到銀行業其他參與者對分期卡項目表現出濃厚的興趣。我們相信，我們已經進入了一個具有巨大潛力的有趣利基市場，並建立了強大的基礎設施，包括一流的分銷和合作夥伴網絡。

Our SME segment, which we developed through Tochka, continued to demonstrate robust operating performance in the second quarter of 2018. We currently operate Tochka as a multi-bank service that provides its customers with the opportunity to open accounts with either Qiwi Bank or Otkritie Bank.

我們通過 Tochka 開發的中小企業部門在 2018 年第二季度繼續表現出強勁的經營業績。目前，我們將 Tochka 作為一項多銀行服務運營，為其客戶提供在 Qiwi 銀行或 Otkritie 銀行開立賬戶的機會。

As we have disclosed earlier, this June, we signed a partnership agreement with Otkritie and management team of Tochka, launching our joint development of this business. Under our agreements, we have established a joint venture Tochka, which will serve as technological partner and service provider for banks, members of the multi-bank platform.

正如我們之前披露的那樣，今年 6 月，我們與 Otkritie 和 Tochka 的管理團隊簽署了合作協議，啟動了我們對該業務的聯合開發。根據我們的協議，我們成立了一家合資企業 Tochka，作為多銀行平台成員銀行的技術合作夥伴和服務提供商。

We're very excited about Tochka business and our partnership with Otkritie in SME segment. We believe that Tochka is one of the best solutions for SME business in Russia, that is offering entrepreneurs broad range of financial services, distinguished by a unique quality of client experience.

我們對 Tochka 業務以及我們在中小企業領域與 Otkritie 的合作夥伴關係感到非常興奮。我們相信 Tochka 是俄羅斯中小企業業務的最佳解決方案之一，它為企業家提供廣泛的金融服務，並以獨特的客戶體驗質量而著稱。

Moreover, in August, we have had a first meeting of Tochka supervisory board, where we adopted the strategy and business plan of Tochka. As we discussed earlier, we will be financing the development of the project in equal parts. 50% each with Otkritie, with aim to reach breakeven in the first half of 2019 and reach the target of RUB 1 billion net profit in 2021.

此外，在 8 月，我們召開了 Tochka 監事會的第一次會議，我們在會上通過了 Tochka 的戰略和業務計劃。正如我們之前討論的那樣，我們將等額資助該項目的開發。Otkritie各佔50%，力爭2019年上半年實現收支平衡，2021年實現淨利潤10億盧布的目標。

Positive volume dynamics in our key market verticals converted into strong Payment Services segment net revenue growth and together with our SME segment contributed to our overall robust performance in our business. Alexander will walk you through the second quarter numbers in more detail, just -- in just a moment, while I would like to walk you through some recent developments.

我們主要垂直市場的積極銷量動態轉化為強勁的支付服務部門淨收入增長，並與我們的中小企業部門一起為我們業務的整體強勁表現做出了貢獻。亞歷山大將更詳細地向您介紹第二季度的數字，就在片刻之間，而我想向您介紹一些最近的發展。

We have also recently finalized our negotiations with Otkritie in respect of the Rocketbank project. In accordance with these agreements, we aim to transfer Rocketbank customers personal and business processes to Qiwi by the end of 2018.

我們最近還完成了與 Otkritie 就 Rocketbank 項目進行的談判。根據這些協議，我們的目標是在 2018 年底之前將 Rocketbank 客戶的個人和業務流程轉移到 Qiwi。

We believe that apart from unique proprietary product offerings that Rocketbank possess, there is a profound potential for synergies between our core products and use cases in Rocketbank offering. We're currently working on our strategy in respect of this line of business and will provide an update once we finalize the transition of the business.

我們相信，除了 Rocketbank 擁有的獨特專有產品之外，我們的核心產品和 Rocketbank 產品用例之間的協同效應具有巨大潛力。我們目前正在製定有關該業務線的戰略，並將在我們完成業務轉型後提供更新。

And now I would like to add a personal point. Starting from tomorrow, I will embark on around the world trip, with my family that will last next 9 months. At the same time, I remain fully committed to Qiwi and will continue to serve as the CEO and be actively involved in the executive management of Qiwi, while I'm on the journey.

現在我想補充一點個人觀點。從明天開始，我將和我的家人一起踏上環球之旅，這將持續9個月。與此同時，我將繼續全心投入 Qiwi，在旅途中將繼續擔任首席執行官並積極參與 Qiwi 的執行管理。

During the last decade, we have created a unique modern best-in-class and self-sustainable management team and structure, that has been and will continue to lead Qiwi. So my trip will not affect the day-to-day operations and management of Qiwi.

在過去的十年中，我們創建了一個獨特的現代一流和自我可持續的管理團隊和結構，一直並將繼續領導 Qiwi。所以我此行不會影響啟維的日常運營和管理。

With this, I will turn the call over to Alexander, who will take you through our financial results in more detail. Alexander?

有了這個，我會把電話轉給亞歷山大，他會帶你更詳細地了解我們的財務結果。亞歷山大？

Thank you, Sergey, and good morning, everyone. Second quarter 2018 total adjusted net revenue increased by 54% to reach RUB 4.5 billion, up from RUB 2.9 billion in the second quarter of 2017. The increase was mainly driven by Payment Services and Small and Medium Enterprises segment net revenue growth.

謝謝你，謝爾蓋，大家早上好。2018 年第二季度調整後淨收入總額增長 54%，達到 45 億盧布，高於 2017 年第二季度的 29 億盧布。這一增長主要受支付服務和中小企業部門淨收入增長的推動。

Payment Services segment net revenue increased 28%, to reach RUB 3.8 billion compared to RUB 3 billion in the second quarter of 2017. Payment Services payment adjusted net revenue increased 36% to RUB 3.4 billion, up from RUB 2.5 billion in the prior year.

支付服務部門淨收入增長 28%，達到 38 億盧布，而 2017 年第二季度為 30 億盧布。支付服務支付調整後淨收入增長 36% 至 34 億盧布，高於上年的 25 億盧布。

As a result of the net revenue growth in our E-commerce and Money Remittances verticals, which grew 62% and 22%, respectively, offset by a decline in trend in Financial Services vertical by 11%.

由於我們的電子商務和貨幣匯款垂直領域的淨收入增長分別增長了 62% 和 22%，這被金融服務垂直領域下降 11% 的趨勢所抵消。

Our financial results in these segments are driven both by increase in volume, as Sergey just described, and the improvement of the payment average net revenue yield by 14 basis points year-over-year, as a result of change in category and product mix.

正如謝爾蓋剛才所描述的那樣，我們在這些領域的財務業績是由數量的增加以及由於類別和產品組合的變化而導致的支付平均淨收入收益率同比提高 14 個基點推動的。

Payment Services other adjusted net revenue decreased 10% to RUB 470 million as compared to RUB 522 million in the prior year, mainly because of the decrease in revenue from advertising, as well as revenue from overdrafts provided to agent. Payment Services segment net revenue, excluding revenue from fees for inactive accounts and unclaimed payments increased 32% compared to the same period in the prior year, primarily as a result of growth in Payment Services payment adjusted net revenue, as discussed earlier.

支付服務其他調整後的淨收入從上年的 5.22 億盧布下降 10% 至 4.7 億盧布，這主要是由於廣告收入以及提供給代理商的透支收入減少。支付服務部門的淨收入（不包括非活動賬戶費用收入和無人認領的付款收入）與去年同期相比增長了 32%，這主要是由於支付服務支付調整後淨收入的增長，如前所述。

Consumer Financial Services segment net revenue was RUB 58 million for the second quarter of '18, as compared with a net revenue loss of RUB 68 million in the second quarter of the prior year, showing the development of our SOVEST project as well as the effect of the introduction of new consumer focused option.

消費者金融服務部門 18 年第二季度的淨收入為 5800 萬盧布，而去年第二季度的淨收入虧損為 6800 萬盧布，顯示了我們 SOVEST 項目的發展及其影響引入以消費者為中心的新選項。

Net revenue of the Small and Medium Enterprises segment was RUB 597 million for the second quarter 2018 compared with 0 in the prior year. Small and Medium Enterprise segment net revenue include mostly Tochka revenues, recognized from information and technology service agreements with Otkritie Bank, for providing services to Tochka clients that have their accounts with Otkritie Bank.

2018 年第二季度，中小企業部門的淨收入為 5.97 億盧布，而去年同期為 0。中小企業部門的淨收入主要包括 Tochka 收入，從與 Otkritie 銀行的信息和技術服務協議中確認，用於為在 Otkritie 銀行擁有賬戶的 Tochka 客戶提供服務。

Net revenue of the Corporate and Other category was RUB 23 million for the second quarter 2018 compared with RUB 7 million in the prior year.

2018 年第二季度企業和其他類別的淨收入為 2300 萬盧布，而去年同期為 700 萬盧布。

Moving onto expenses. Strong operating performance of our Payment Services business that continued to generate substantial cash flows, supported our investments in the development of our new projects, most notably, SOVEST and Tochka. These being said, adjusted EBITDA increased 1% to RUB 1.39 billion, from RUB 1.38 billion in the prior year.

轉到費用上。我們的支付服務業務的強勁經營業績繼續產生大量現金流，支持我們對新項目開發的投資，尤其是 SOVEST 和 Tochka。儘管如此，調整後的 EBITDA 增長了 1%，從去年的 13.8 億盧布增至 13.9 億盧布。

Adjusted EBITDA margin was 31% compared with 47% in the prior year.

調整後的 EBITDA 利潤率為 31%，而上一年為 47%。

Adjusted EBITDA margin contraction primarily results from the increase in compensation for employees and related taxes, excluding effects of share based payment, higher SG&A

調整後的 EBITDA 利潤率收縮主要是由於員工薪酬和相關稅收的增加，不包括基於股份的支付的影響，更高的 SG&A

(technical difficulty)

（技術難度）

expenses both incurred in connection with service in Tochka project as well as client acquisition and advertising expense, incurred due to investments in the scaling up of service project and Tochka projects. Adjusted EBITDA was also affected by the increase in Other administrative expense.

與 Tochka 項目的服務相關的費用，以及由於擴大服務項目和 Tochka 項目的投資而產生的客戶獲取和廣告費用。調整後的 EBITDA 也受到其他管理費用增加的影響。

Group adjusted net profit decreased 19% to RUB 872 million, down from RUB 1.1 billion in second quarter of the prior year. Adjusted net profit was largely affected by the same factors as adjusted EBITDA, as well as increase in net foreign exchange loss as compared to the same period in the prior year.

集團調整後淨利潤下降 19% 至 8.72 億盧布，低於去年第二季度的 11 億盧布。調整後的淨利潤主要受到與調整後 EBITDA 相同的因素以及與去年同期相比增加的淨匯兌損失的影響。

Payment Services segment net profit increased 22% to RUB 2.3 billion compared with RUB 1.8 billion in the prior year, primarily driven by Payment Services segment net revenue growth. Consumer Financial Services segment net loss was RUB 702 million in the second quarter 2018, as compared to a net loss of RUB 576 million in the prior -- in the same period of the prior year, resulting from the expansion of the operation of SOVEST project and this cost mostly related to the consumer acquisition.

支付服務部門淨利潤從上年的 18 億盧布增長 22% 至 23 億盧布，這主要受支付服務部門淨收入增長的推動。消費者金融服務部門在 2018 年第二季度的淨虧損為 7.02 億盧布，而去年同期為 5.76 億盧布，這是由於 SOVEST 項目的運營擴張所致而這筆費用主要與消費者獲取有關。

Small and Medium Enterprises segment net loss was RUB 263 million, resulting mostly from client acquisitions and marketing costs. Corporate and Other category net loss was RUB 413 million, an increase of 123% compared with a net loss of RUB 185 million from the prior year. The net loss was primarily driven by expenses incurred in connection with the Rocketbank project, as well as several other individual insignificant project.

中小企業部門淨虧損為 2.63 億盧布，主要是客戶獲取和營銷成本造成的。公司和其他類別淨虧損為 4.13 億盧布，比上年的淨虧損 1.85 億盧布增長 123%。淨虧損主要是由於與 Rocketbank 項目以及其他幾個無關緊要的項目相關的費用所致。

Finally, as you saw in our earnings release, our Board of Directors decided to refrain from distributing the dividend, while we are incurring significant investments in connection, we're launching a lot of new projects. We expect that throughout the 12 months, starting from the third quarter of 2017, we will concentrate on investing into our future growth. While long term we remain committed to distributing all the excess cash to our shareholders.

最後，正如您在我們的收益發布中看到的那樣，我們的董事會決定不分配股息，同時我們在這方面進行了大量投資，我們正在啟動許多新項目。我們預計從 2017 年第三季度開始的 12 個月內，我們將專注於投資於我們未來的增長。從長遠來看，我們仍然致力於將所有多餘現金分配給我們的股東。

Now onto our guidance. We increase our Payment Services segment net revenue guidance and expect Payment Services segment net revenue to increase by 18% to 22%, driven by the strong performance of our Payment Services business in the first half of 2018.

現在進入我們的指導。在 2018 年上半年支付服務業務的強勁表現的推動下，我們上調了支付服務部門的淨收入指引，並預計支付服務部門的淨收入將增長 18% 至 22%。

We increased our total adjusted net revenue guidance to incorporate the increase of our Payment Services segment net revenue guidance, as well as overperformance of net revenue recognized in connection with our Tochka project in the first half of 2018 and our expectations regarding SME net revenue for the second half of the year. Thus, we expect our total adjusted net revenue to increase by 26% to 32% over 2017.

我們提高了調整後的淨收入總額指引，以納入我們支付服務部門淨收入指引的增加，以及 2018 年上半年與我們的 Tochka 項目相關的淨收入超額表現以及我們對中小企業淨收入的預期下半年。因此，我們預計我們的調整後淨收入總額將比 2017 年增長 26% 至 32%。

We increase our Payment Services segment net profit guidance to incorporate the increase of our Payment Services segment net revenue guidance, and expect Payment Services segment net profit to increase by 12% to 17% over 2017. At the same time, we divide group adjusted net profit and expect it to decrease by 15% to 25% over 2017. The revision of our guidance is driven by the incorporation of Tochka project and Rocketbank cost for the second half of 2018.

我們提高了支付服務分部的淨利潤指引，以納入我們支付服務分部淨收入指引的增加，並預計支付服務分部的淨利潤將比 2017 年增長 12% 至 17%。同時，我們對集團調整後淨利潤進行劃分，預計較2017年下降15%至25%。我們的指引修訂是由於 2018 年下半年 Tochka 項目和 Rocketbank 成本的合併。

We expect that the additional net loss for second half of 2018, after shares with Tochka project, will amount for around RUB 0.5 billion. The cost of share with the transfer in rollout of Rocketbank operations in Qiwi, I expect that the amount roughly RUB 600 million for the second half of the year.

我們預計 2018 年下半年的額外淨虧損，扣除與 Tochka 項目的股份後，將達到約 5 億盧布。在 Qiwi 推出 Rocketbank 業務的轉讓份額成本，我預計下半年的金額約為 6 億盧布。

Although we see our first half 2018 results as a solid foundation for our future growth, certain other factors remain beyond our control, and hence, we reserve the right to revise guidance in the course of the year.

儘管我們將 2018 年上半年的業績視為我們未來增長的堅實基礎，但某些其他因素仍然超出我們的控制範圍，因此，我們保留在年內修改指引的權利。

With that, operator, please open up the call for questions.

有了這個，接線員，請打開問題電話。

(Operator Instructions) Our first question comes from the line of Bob Napoli with William Blair.

（操作員說明）我們的第一個問題來自 Bob Napoli 和 William Blair 的台詞。

Couple questions. The -- first on the E-commerce growth, the World Cup, you pointed out the World Cup, and the addition to sports gambling on -- now what -- can you give -- what would the growth of E-commerce have been without the World Cup? And can you give some feel for the segment mix under E-commerce? What verticals or -- make up the majority of that business today?

幾個問題。- 首先是關於電子商務的增長，世界杯，你指出了世界杯，除了體育博彩之外 - 現在 - 你能給出 - 電子商務的增長會是什麼沒有世界杯？您能否對電子商務下的細分市場組合有所了解？哪些垂直行業或 - 構成了當今該業務的大部分？

Yes, so in terms of World Cup growth -- I mean World Cup effect on the sport betting growth. So the -- actually it's something that we are still testing. So we believe that the part -- at least the part of the gamers and participants that used to make sports betting during the World Cup, will probably stay within the ecosystem.

是的，就世界杯增長而言——我指的是世界杯對體育博彩增長的影響。所以 - 實際上這是我們仍在測試的東西。所以我們相信，這部分——至少是在世界杯期間進行體育博彩的玩家和參與者的一部分——可能會留在生態系統中。

But generally, the good way to look at it as full, so if you take the Q1 growth in that category, Q1 to Q1 of last year, then that would be approximately the same in Q2. So everything was -- that would be kind of related to World Cup.

但總的來說，把它看成完整的好方法，所以如果你把第一季度的增長放在那個類別中，從去年的第一季度到第一季度，那麼第二季度就會大致相同。所以一切都是 - 這與世界杯有關。

And vertical mix, can you give some feel what percentages -- fiscal goods versus sports gambling -- versus sports versus Other ...

垂直組合，你能給出一些百分比——財政商品與體育博彩——與體育與其他……

So look, yes, well, I mean, it's more or less unchanged, but I -- still the sort of vast majority in E-commerce would be virtual, of which, like the half approximately would be like all types of gambling, I mean not gambling but sports betting and gaming, social and more PGL kind of things. And then the rest would be like other virtual goods like social networks and (inaudible).

所以看，是的，好吧，我的意思是，它或多或少沒有改變，但我 - 電子商務中的絕大多數仍然是虛擬的，其中大約一半就像所有類型的賭博一樣，我指的不是賭博，而是體育博彩、社交和更多 PGL 類的東西。然後剩下的就像社交網絡和（聽不清）等其他虛擬商品一樣。

So given that World Cup effect, I think the share of classical online E-commerce probably dropped slightly in Q2, but again, we see that it's a temporary effect generally.

因此，鑑於世界杯效應，我認為經典在線電子商務的份額在第二季度可能會略有下降，但我們再次看到，這總體上是一種暫時的影響。

And then, SOVEST, the -- how successful you've been in adding banks, trying to develop that multi-banking model? And do you still target breakeven next year? And at what point would you pull back investment, if you're not able to get the multi-banking model to work for you?

然後，SOVEST，你在增加銀行、嘗試開發多銀行模式方面有多成功？您明年是否仍以收支平衡為目標？如果您無法讓多銀行業務模式為您所用，您會在什麼時候撤回投資？

Yes, well. Hi, Bob. For SOVEST, we're working now with only one bank, although, we have few banks in a row, so -- because the integration is not that quick as you would like to see. So one bank will be launched this year and we will test on it the distribution system and multi-bank model in general.

好吧。嗨，鮑勃。對於 SOVEST，我們現在只與一家銀行合作，儘管我們連續有幾家銀行，所以 - 因為整合併不像您希望看到的那麼快。所以今年將推出一個銀行，我們將在其上測試分佈式系統和多銀行模型。

So right now, we do have understanding that our model works. So, we have a feasible model and economics on the project. So independently on multi-bank model, if it works or not, because we don't know. We think that it will work, but we still don't have a case. So we will think about pushing this project forward and pressing gas in the next year. So this will be decided I think in the budget on the next board meeting, that will be more by the budget for the next year.

所以現在，我們確實了解我們的模型有效。因此，我們在該項目上有一個可行的模型和經濟學。所以獨立於多銀行模型，它是否有效，因為我們不知道。我們認為它會起作用，但我們仍然沒有案例。所以我們會考慮在明年推進這個項目，壓氣。所以我認為這將在下一次董事會會議的預算中決定，明年的預算將更多。

So depending on that we either go as we planned, and then we will breakeven as we planned or we will -- want to scale the business and in the case we want to scale the business, it will mean that, next year, we will push for more clients. And then it will mean that, we will spend some money next year which will, I think, in the most aggressive scenario which will be the same as this year.

因此，取決於我們要么按計劃進行，然後我們將按計劃實現收支平衡，要么我們將 - 想要擴大業務規模，如果我們想要擴大業務規模，這將意味著，明年，我們將爭取更多的客戶。然後這將意味著，我們明年將花一些錢，我認為這將是在與今年相同的最激進的情況下。

And last question for me is, it's nice to see you get a -- the credit rating from S&P. They do one thing, they point out a few times, is an increase there in a competition. Where are you seeing an increase in competition? Is it from Yandex. Money, Sberbank? Or are there new -- where are you seeing your most difficult competition?

最後一個問題是，很高興看到你獲得標準普爾的信用評級。他們做了一件事，他們指出了幾次，那就是增加競爭。你在哪裡看到競爭的增加？是來自 Yandex.錢，儲蓄銀行？或者有沒有新的——你在哪裡看到你最困難的競爭？

No, the competition now is coming from SOVKOMBANK, which is one of the banks in the banking system, which made a very similar model and all the other products are not competing with us, as I think.

不，現在的競爭來自 SOVKOMBANK，它是銀行系統中的銀行之一，它製作了一個非常相似的模型，而且所有其他產品都沒有像我認為的那樣與我們競爭。

Our next question comes from the line of Vladimir Bespalov with VTB Capital.

我們的下一個問題來自 VTB Capital 的 Vladimir Bespalov。

First, I would like some clarification on your guidance and how you going to consolidate, deconsolidate Tochka, Rocketbank, so maybe you could provide some color? Is that correct to assume that you deconsolidate Tochka from the 1st of July? And to reflect from this time only, you're showing net losses of Tochka?

首先，我想澄清一下您的指導以及您將如何整合、拆分 Tochka、Rocketbank，所以也許您可以提供一些顏色？假設您從 7 月 1 日開始拆分 Tochka 是否正確？並且僅從這一次開始反映，您顯示的是 Tochka 的淨虧損？

Then for Rocketbank, this is the full year consolidation, but would you expect like Rocketbank to move to a certain stage to breakeven and to what will be, let's say, the effect of this Rocketbank next year?

那麼對於 Rocketbank 來說，這是全年的整合，但你會期望 Rocketbank 進入某個階段以實現收支平衡，並且假設明年這個 Rocketbank 的影響是什麼？

And in your revenue guidance outside of the core business, there is a pretty good increase in that guidance as well. Is that just the effect of, as you mentioned, of the outperformance of Tochka in the second quarter? Or there might be something beyond just Tochka and maybe SOVEST is going to perform better, and what is behind this?

在核心業務之外的收入指導中，該指導也有相當大的增長。正如你提到的，這只是第二季度 Tochka 表現出色的結果嗎？或者可能有一些超出 Tochka 的東西，也許 SOVEST 會表現得更好，這背後是什麼？

Okay, okay. Thank you. So now, first of all, on the accounting treatment. So on Tochka, yes, you are exactly right, so as soon as that new joint venture will go live, we will deconsolidate the Tochka business and the majority of the profits will be picked up through the equity pickup.

好吧好吧。謝謝。那麼現在，首先，關於會計處理。所以在 Tochka 上，是的，你完全正確，所以一旦新的合資企業上線，我們將拆分 Tochka 業務，大部分利潤將通過股權收購獲得。

On the exact date, we're still discussing that with Otkritie, so it's more, shall be decided on the facts and circumstances. So it's likely will not be July 4, but probably slightly later, but this is something that we're going to be discussing with Otkritie for the next kind of reporting period.

關於確切的日期，我們仍在與 Otkritie 討論，因此更多的是，應根據事實和情況決定。所以它可能不會是 7 月 4 日，但可能會稍晚一些，但這是我們將在下一個報告期與 Otkritie 討論的事情。

But, it will not concern the revenue, because the part of the revenues that we actually -- when we sell the book the part of the revenue that would relate to the clients, Tochka clients, that shows through the balance sheet of Qiwi Bank. And then we're going to be having approximately same amount, of course. So more or less equal to revenue that we're going to be paying to Tochka for servicing those clients.

但是，它不會涉及收入，因為我們實際的收入部分 - 當我們出售賬簿時，與客戶相關的收入部分，Tochka 客戶，通過 Qiwi Bank 的資產負債表顯示。當然，我們將擁有大致相同的數量。所以或多或少等於我們要支付給 Tochka 為這些客戶提供服務的收入。

So from that point of view, the accounting treatment will probably be a slightly more complicated. So we plan for the next quarter, as soon as we issue our next quarter results, probably spend some time to explain how that's going to be working from the accounting point of view. And, obviously, the guidance reflects our current understanding of accounting effects of Tochka as I just described, so we're still going to be having quite business revenue in that segment.

所以從這個角度來看，會計處理可能會稍微複雜一些。所以我們計劃下一個季度，一旦我們發布下一個季度的結果，可能會花一些時間從會計的角度解釋這將如何運作。而且，很明顯，正如我剛才所描述的，該指南反映了我們目前對 Tochka 會計影響的理解，因此我們仍將在該領域獲得可觀的業務收入。

So on Rocketbank, we -- Rocketbank will be fully consolidated, so we own all the assets and we're now in the process of migrating all the technology, personnel and clients onto the Qiwi Bank, which we believe will probably take around couple months starting from now. So we already a few thousand clients of Rocketbank migrated successfully from Otkritie Bank to Qiwi Bank.

所以在 Rocketbank 上，我們 - Rocketbank 將得到全面整合，因此我們擁有所有資產，我們現在正在將所有技術、人員和客戶遷移到 Qiwi Bank，我們相信這可能需要幾個月左右的時間從現在開始。所以我們已經有幾千名 Rocketbank 客戶從 Otkritie Bank 成功遷移到 Qiwi Bank。

And again as for the next year losses, we -- unfortunately, I'm not really able to say it as of now. So we basically, first of all need to complete the migration and we, as Sergey said, we plan the budgeting session, the budgeting board, that will approve the key indicators in November. Then probably the formal budget going to be approved in December.

至於明年的損失，我們——不幸的是，我現在還不能說。所以我們基本上首先需要完成遷移，正如謝爾蓋所說，我們計劃預算會議，預算委員會，它將在 11 月批准關鍵指標。然後可能會在 12 月批准正式預算。

Generally, we believe, Rocketbank would require some investments within next couple years, but that will really depend on our joint project pipelines, which what we are trying to achieve is to basically look to the synergies that it may create by using Rocketbank for our users. And based on those kind of conclusions, we will provide the budget for the -- for its development.

一般來說，我們認為，Rocketbank 將需要在未來幾年內進行一些投資，但這實際上取決於我們的聯合項目管道，我們正在努力實現的基本上是通過使用 Rocketbank 為我們的用戶創造協同效應.基於這些結論，我們將為它的發展提供預算。

And on the revenue side, the upgrade of your guidance apart from the core business, was there something else beyond just Tochka's contribution in the second quarter? And have you revised any numbers for service, for example, or anything else?

在收入方面，除了核心業務之外，您的指導升級，除了 Tochka 在第二季度的貢獻之外，還有其他什麼嗎？例如，您是否修改了任何服務號碼或其他任何號碼？

We -- no, no, we have not revised. So service numbers for that year, I remind is exactly the same as we basically used for the guidance that have been provided previously. So the upward [reason of theirs] is primarily core business in Tochka.

我們-- 不，不，我們沒有修改。因此，我提醒您，那一年的服務編號與我們之前提供的指導基本上使用的編號完全相同。所以向上 [他們的原因] 主要是 Tochka 的核心業務。

Okay. And another question a little bit broader one, we see a lot of discussion right now in the government about taxing self-employed people, individuals and so on and so forth. What is your view on this? Do you see this as an opportunity for Qiwi? Or you believe that the people might just move to cash settlements and things like this? And this might adversely impact your business?

好的。另一個更廣泛的問題，我們現在看到政府內部有很多關於對個體經營者、個人等徵稅的討論。您對此有何看法？您認為這對 Qiwi 來說是一個機會嗎？或者您認為人們可能會轉向現金結算之類的方式？這可能會對您的業務產生不利影響？

No, we -- Vladimir, we definitely believe that it is an opportunity. So we are participating in all these discussions in tax departments. And we think that for Qiwi as a platform, this is an opportunity to give an ability for both the government and people who are self-employed, to cooperate and work through a platform so that it will be easy for both sides.

不，我們——弗拉基米爾，我們絕對相信這是一個機會。因此，我們正在參與稅務部門的所有這些討論。我們認為，對於作為平台的 Qiwi 來說，這是一個機會，可以讓政府和個體經營者都能夠通過平台進行合作和工作，這樣雙方都會很容易。

And as far as I know at least for now, the current tax, the regimes that they think about for the future for self-employed is not difficult, or is not very high, or is not any high -- anyhow high for self-employed. And the only thing that should be in place is automation of the process, which we hope we'll be able to provide for our customers.

據我所知，至少就目前而言，目前的稅收，他們為個體經營者考慮的未來製度並不困難，或者不是很高，或者一點都不高——無論如何對個體經營者來說是高的——受僱。唯一應該到位的是過程的自動化，我們希望我們能夠為我們的客戶提供。

Okay. And maybe the last question, you mentioned that Tochka will require some investment from Qiwi and from Otkritie. How much Qiwi is going to invest, let's say, over the next 1, 2 years?

好的。也許是最後一個問題，你提到 Tochka 需要 Qiwi 和 Otkritie 的一些投資。比方說，在未來 1 年、2 年內，Qiwi 將投資多少？

Vladimir, look, we believe for the -- all I think we have provided we have slightly [better results], it's around RUB 700 million to RUB 800 million additional investment from our side this year, and approximately same amount shall come in from Otkritie. And next year, Tochka going to breakeven, so we're pretty sure that, that will happen because it's something that has been already proven. That would be that we believe.

弗拉基米爾，你看，我們相信——我認為我們已經提供了稍微[更好的結果]，今年我們這邊的額外投資約為 7 億至 8 億盧布，Otkritie 將提供大約相同的金額.明年，Tochka 將實現收支平衡，所以我們非常確定，這將會發生，因為這已經被證明了。那就是我們相信的。

So again, we have some interesting new strategic ideas inside Tochka on how we might deploy the assets in broader sense that they have in terms of brand force and brand. But this is something that we want to be discussing next year. So far their core business going to be profitable next year already and hence we're not required an additional investment.

因此，我們再次在 Tochka 內部有一些有趣的新戰略想法，關於我們如何在更廣泛的意義上部署他們在品牌力和品牌方面擁有的資產。但這是我們明年要討論的事情。到目前為止，他們的核心業務明年已經盈利，因此我們不需要額外投資。

Okay, and out of this amount which you mentioned for this year, how much is invested already?

好的，在你提到的今年的金額中，已經投資了多少？

It's -- it's on top of what we have already invested, so that...

這是 - 它是在我們已經投資的基礎上，所以......

Okay, this is in for the second half of the year, right?

好的，這是下半年的，對吧？

Yes, exactly.

對，就是這樣。

And this will be cash that you're going to invest or it's going to be some kind of settlement with Otkritie for the past revenues?

這將是您要投資的現金，還是與 Otkritie 就過去的收入進行某種結算？

All of this -- this is something that we're discussing, I'm sure, we would have a really good kind of sign, as soon as we agreed with Otkritie, all the specific matters in respect of that joint venture, they eventually settled the accounts receivable in respect of Tochka for last year of RUB 644 million.

所有這一切——這是我們正在討論的事情，我敢肯定，一旦我們與 Otkritie 就合資企業的所有具體事項達成一致，我們就會有一個非常好的跡象，他們最終結清了 Tochka 去年 6.44 億盧布的應收賬款。

As for the -- as for this year, we don't know yet, so it might be part cash, part type of settlement, but really in relation to the accounts receivable created in 2018, so this -- again, so it's more or less doesn't matter, because what we agreed with Otkritie in principle is that, starting from January 1 of '18, we basically financed Tochka in equal part, 50-50 each and obviously, have same rights to the economic benefits that Tochka provides.

至於 - 至於今年，我們還不知道，所以它可能部分是現金，部分是結算類型，但實際上與 2018 年創建的應收賬款有關，所以這 - 再一次，所以更多或更少無關緊要，因為我們與 Otkritie 原則上同意的是，從 18 年 1 月 1 日開始，我們基本上等額資助 Tochka，每人 50-50，顯然，Tochka 擁有與 Tochka 相同的經濟利益權利提供。

And then they have a number of different types of instruments and how we achieve that, it's either contributing the accounts receivable or cash inject from something else. So this is something that we are discussing like tactically, so to say.

然後他們有許多不同類型的工具以及我們如何實現這一點，它要么貢獻應收賬款，要么從其他方面注入現金。所以這是我們正在討論的戰術，可以這麼說。

And maybe just a few words on developing a multi-banking model around Tochka, when we can see progress on that?

也許只是關於圍繞 Tochka 開發多銀行模型的幾句話，我們什麼時候能看到這方面的進展？

Well, certainly. So it's likely next year, so we have couple banks that are fairly interested to join that ecosystem. It's actually 3 banks.

嗯，當然。所以很可能明年，所以我們有幾家銀行非常有興趣加入這個生態系統。實際上是3家銀行。

3 multi-banks.

3 多銀行。

Yes, today, it's already multi-bank with the first of Qiwi and Otkritie, but if you talk about first...

是的，今天，它已經與 Qiwi 和 Otkritie 的第一個進行了多銀行合作，但是如果您首先談論...

Yes, yes, definitely.

是的，是的，絕對是。

Yes, yes. So we have 3 banks in a pipeline, so one bank is already in fairly advanced phase, so to say, 2 other is more kind of in the strategic type of these cash levels, [something in the] -- as I said, the preparation cycle and knowledge kind of part of that project is fairly complicated. So we believe, we may be in the position to announce something early next year, not earlier than that I think.

是的是的。所以我們有 3 家銀行在籌備中，所以一家銀行已經處於相當先進的階段，可以說，另外 2 家更像是這些現金水平的戰略類型，[某事]——正如我所說，該項目的準備週期和知識種類相當複雜。所以我們相信，我們可能會在明年初宣布一些事情，不會比我認為的更早。

(Operator Instructions) Our next question comes from the line of Andrey Mikhailov with Sova Capital.

（操作員說明）我們的下一個問題來自 Sova Capital 的 Andrey Mikhailov。

I had a question on Rocketbank and in particular, on its conversion to Qiwi. You mentioned that you've booked already 3,000 clients of Rocketbank to your balance sheet. And my first question is, what is your target or estimated conversion rate for the total universe of Rocketbank's clients, so to speak?

我有一個關於 Rocketbank 的問題，特別是關於它轉換為 Qiwi 的問題。你提到你已經在你的資產負債表上登記了 3,000 名 Rocketbank 客戶。我的第一個問題是，可以這麼說，您對 Rocketbank 客戶的整個領域的目標或估計轉化率是多少？

Well, our estimation is around 80%. That's also due to the increase of the client base that they still experiencing, so it will be more or less the same base that they have in the [Phase 3] quarter.

嗯，我們的估計是 80% 左右。這也是由於他們仍在經歷的客戶群的增加，所以它或多或少與他們在 [Phase 3] 季度擁有的基數相同。

Okay. I have a few more questions on this. Out of the few thousand clients that have already migrated, would you be able to share how many of those have already opened term accounts, term deposits with you?

好的。關於這個我還有幾個問題。在已經遷移的幾千名客戶中，您能否與您分享其中有多少人已經開設了定期賬戶、定期存款？

I think not much, but usually the term account deposit, they -- at least not something that can be easily migrated. So from a technical and legal point of view, they still keep them in Rocketbank, in Otkritie and they open the current accounts in Qiwi.

我認為不多，但通常是賬戶存款這個詞，它們——至少不是可以輕易遷移的東西。因此，從技術和法律的角度來看，他們仍然將它們保存在 Rocketbank 和 Otkritie 中，並在 Qiwi 中開設活期賬戶。

But, again, based on the consumer service that we basically feel for the -- it is -- the term account deposits will probably (technical difficulty) time, they need to mature. So our estimation that 80% of the term accounts will migrate.

但是，再次，基於我們基本上感覺到的消費者服務——這是——賬戶存款這個詞可能會（技術困難）時間，他們需要成熟。因此我們估計 80% 的術語帳戶將遷移。

All right. And the final question on this, my assumption currently is that, at least for the time being, you invest most of the cash after the conversion into securities -- record securities, bonds, these and corporate bonds of that kind.

好的。關於這個的最後一個問題，我目前的假設是，至少目前，你將大部分現金在轉換為證券後進行投資——記錄證券、債券、這些和公司債券之類的。

Is this a fair assumption to make? And do you think, your strategy will change in terms of that, for instance, would you be able to finance service cards with local bank balances?

這是一個公平的假設嗎？你認為你的戰略會改變嗎，例如，你能用當地銀行餘額為服務卡融資嗎？

Yes, that's for sure, that's for sure. So from that point of view, probably, we'd love to look like a normal bank. So the part, at least the substantial part of the current accounts will be (inaudible). So, you already know the result of kind of special kind of norms and the ratios for the banks, that needs to be more important, we based around our models for the next year and couple years from now to see how well they are balanced and we are, generally.

是的，那是肯定的，那是肯定的。因此，從這個角度來看，我們可能希望看起來像一家普通銀行。所以這部分，至少經常賬戶的大部分將是（聽不清）。所以，你已經知道了一種特殊規範的結果和銀行的比率，這需要更重要，我們基於我們明年和幾年後的模型，看看它們的平衡程度和一般來說，我們是。

But, again, our ultimate goal is to move service to multi-banks. From that point of view, we will not be kind of needing a lot of cash deposit, from that point of view.

但是，同樣，我們的最終目標是將服務轉移到多家銀行。從這個角度來看，我們不會需要大量現金存款。

And just to make sure, so if seeking to consolidate a bank model for service, the Rocketbank client balances so they invested mostly in securities in the future, is this correct?

只是為了確定，如果尋求鞏固銀行服務模式，Rocketbank 客戶餘額因此他們在未來主要投資於證券，這是正確的嗎？

From -- in different low risk [instruments] in general. So that's historically has been the strategy of Qiwi not to assume any risks in investment -- cash investment. This we're going to continue that way.

從——一般來說，在不同的低風險[工具]中。因此，從歷史上看，Qiwi 的策略是不承擔任何投資風險——現金投資。我們將繼續這樣做。

(Operator Instructions) Our next question comes from the line of Svetlana Sukhanova with Sberbank.

（操作員說明）我們的下一個問題來自 Sberbank 的 Svetlana Sukhanova。

Can you please explain that why FX loss in Q2 has expanded? And why loss for the corporate segment has expanded? What is included in that loss for the corporate segment?

能否請您解釋一下為什麼二季度匯兌損失擴大了？為什麼企業部門的虧損擴大了？公司部門的損失包括什麼？

Yes, okay, so -- yes, thank you. So on the ForEx, it's very simple. So we -- one of the legal entities that we have say it -- so to say, it's mostly technical. So it's one of the legal entities that we have in the group, has a functional currency US dollars. This is the company that service our gateway to the merchants that use English law primarily.

是的，好的，所以 - 是的，謝謝。所以在 ForEx 上，非常簡單。所以我們 - 我們已經說過的法律實體之一 - 可以這麼說，它主要是技術性的。因此，它是我們集團中的法人實體之一，其功能貨幣為美元。這家公司為我們通往主要使用英國法律的商家提供服務。

And that technically, the devaluation of rubles kind of produce that ForEx loss. So if rubles be having all the companies within the group using ruble in the functional currency, so that we will not be having any loss also.

從技術上講，盧布貶值會導致 ForEx 損失。因此，如果盧布讓集團內的所有公司都使用盧布作為功能貨幣，那麼我們也不會有任何損失。

So on the corporate segment, so it primarily comes from Rocket. So though, we have not onboarded, so to say that business for the first half of the year, but we were taking some of the cost that actually Otkritie refused to have. And it's been fairly important for us not to damage the brand and the person, the client experience. So -- and we basically financed.

所以在企業領域，它主要來自 Rocket。因此，雖然我們還沒有入職，可以說是今年上半年的業務，但我們承擔了一些實際上 Otkritie 拒絕承擔的成本。對我們來說，不損害品牌和個人、客戶體驗是相當重要的。所以 - 我們基本上提供了資金。

So the total amount of that course was around RUB 150 million, so that's probably the major part of increase of Corporate and Other category and then a few other smaller projects.

因此，該課程的總金額約為 1.5 億盧布，因此這可能是企業和其他類別增加的主要部分，然後是其他一些較小的項目。

Understand. So when you were talking about additional loss of RUB 600 million, attributed to Rocket in the second half of this year, do you understand to try it is -- we'll see through the -- going through the corporate segment or where Rocket would be recorded?

理解。因此，當你談到今年下半年 Rocket 的額外損失 6 億盧佈時，你是否理解嘗試它是 - 我們會看到 - 通過公司部門或 Rocket 會在哪裡被記錄？

That's a good question, it's -- there are actually 2 options, so it might be still the books for Corporate and Other or it might be presented as a separate segment. Now this is again, subject to a analysis of IFRS standard and special circumstance as well. Standard basically require a certain threshold to be kind of met for the kind of segment to be presented separately for the financial statements.

這是一個很好的問題，實際上有 2 個選項，所以它可能仍然是公司和其他的書籍，或者它可能作為一個單獨的部分呈現。現在又要根據 IFRS 標準和特殊情況進行分析。標準基本上要求滿足某個門檻，才能為財務報表單獨列報的分部種類。

We don't yet know whether Rocket will surpass those thresholds. But anyway, even if not, we will try to make it transparent and present as separate numbers in the reporting to come.

我們還不知道 Rocket 是否會超過這些門檻。但無論如何，即使沒有，我們也會努力使其透明化，並在未來的報告中以單獨的數字呈現。

Understand, but this RUB 600 million, which you mentioned, it's like net loss which you expect for the second half for the Rocket, do I got it right?

明白，但是你說的這6億盧布，就像你對火箭隊下半場的淨虧損，我沒看錯吧？

Yes, that's right.

恩，那就對了。

We have reached the end of our question-and-answer session and this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

我們的問答環節已經結束，今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。