Qiwi PLC (QIWI) 2021 Q3 法說會逐字稿

Good day, everyone, and welcome to the QIWI Third Quarter 2021 Earnings Conference Call. Today's call is being recorded.

大家好，歡迎參加QIWI 2021年第三季財報電話會議。今天的電話會議正在錄音中。

At this time, I would like to turn the call over to Mr. Dmitry Kovalenko, Head of Investor Relations of QIWI. Thank you. Please go ahead.

現在，我想把電話轉給QIWI投資者關係主管Dmitry Kovalenko先生。謝謝。請繼續。

Good day, everyone, and thank you for joining us to discuss QIWI's operating and unaudited financial results for the third quarter of 2021. With me to review the results are Andrey Protopopov, our CEO; Alexey Mashchenkov, our CFO; and Elena Nikonova, Deputy CFO.

大家好，感謝大家與我們一起討論QIWI 2021年第三季的營運和未經審計財務業績。與我一起回顧業績的有：執行長Andrey Protopopov、財務長Alexey Mashchenkov和副財務長Elena Nikonova。

The replay of this call will be available until Tuesday, December 7, 2021. Access information for the replay is listed in today's earnings press release. The announcement and presentation are available on our Investor Relations website at investor.qiwi.com. I also note, we have published Excel data book with historical data of our financial and operating metrics on the website. For those listening to the replay, this call was held and recorded on November 23, 2021.

本次電話會議的重播將持續到2021年12月7日（星期二）。重播的獲取資訊已在今天的收益新聞稿中列出。公告和簡報可在我們的投資者關係網站investor.qiwi.com上取得。另請注意，我們在網站上發布了包含我們財務和營運指標歷史資料的Excel資料手冊。對於收聽重播的用戶，本次電話會議於2021年11月23日舉行並錄製。

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 for future performance. All forward-looking statements made today reflect our current expectations only, and we undertake no obligation to update any statement to reflect these events that occur after this call. 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.

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》所定義的前瞻性陳述。這些關於我們未來績效預期的前瞻性陳述受已知和未知風險及不確定性的影響。 QIWI提醒，這些陳述並非對未來業績的保證。今天所做的所有前瞻性陳述僅反映我們目前的預期，我們不承擔更新任何陳述以反映本次電話會議後發生的事件的義務。有關可能導致我們的實際結果與任何前瞻性陳述有重大差異的因素，請參閱本公司向美國證券交易委員會提交的最新20-F表格年度報告。

During today's call, management will provide certain information that will constitute non-IFRS financial measures, such as total net revenue, adjusted EBITDA, adjusted net profit and adjusted net profit per share. Reconciliation to IFRS measures and certain additional information are also included in today's earnings press release. After our remarks, we look forward to taking your questions.

在今天的電話會議上，管理層將提供一些構成非國際財務報告準則 (IFRS) 財務指標的信息，例如總淨收入、調整後息稅折舊攤銷前利潤 (EBITDA)、調整後淨利潤和調整後每股淨利潤。與國際財務報告準則 (IFRS) 指標的對帳及其他資訊也將包含在今天的收益新聞稿中。發言結束後，我們期待回答您的提問。

I will now turn the call over to QIWI's CEO, Andrey Protopopov. Andrey, please?

現在我將把電話轉給QIWI的執行長安德烈·普羅托波波夫（Andrey Protopopov）。請問安德烈在嗎？

Good day, everyone, and thanks for joining us today. Despite all the regulatory headwinds the group faced this year, I am pleased with the results achieved by the team for the 9 months 2021. We managed to outperform our initial budget expectation and adapt to a new payment services landscape. Our initiative in the existing business streams helped to mitigate substantial portion of losses emerged due to suspension of cross-border operations. Following positive trajectory across all key segments, we decided to upgrade our guidance for 2021 and raised our expectations for Payment Services net revenue and adjusted net profit.

大家好，感謝大家今天加入我們。儘管集團今年面臨許多監管挑戰，但我對團隊在2021年前九個月的表現感到滿意。我們成功超越了最初的預算預期，並適應了新的支付服務格局。我們在現有業務流中的舉措有助於緩解跨境業務暫停造成的大量損失。鑑於所有關鍵業務部門都取得了積極的進展，我們決定上調2021年的業績指引，並上調了支付服務淨收入和調整後淨利潤的預期。

A few words on the key events that took place in the third quarter. The CBR restriction expired and the Central Bank reinstated our ability to receive direct credit lines from the Central Bank, reflect an overall positive attitude towards QIWI. We sold our stake in Tochka project and received the base amount of RUB 4.9 billion. Moreover, our previous expectations regarding the strong performance in 2021 are coming true. As a result, you may have noticed in our reporting an additional income provision of RUB 2.7 billion. Although the amount is not final and may be reviewed following Tochka audit results for 2021, we base our expectations on current results and reflect it accordingly.

簡單回顧一下第三季發生的關鍵事件。 CBR 限制已到期，央行恢復了我們從央行獲得直接信貸額度的能力，這反映出我們對 QIWI 整體持積極態度。我們出售了 Tochka 項目中的股份，獲得了 49 億盧布的基準金額。此外，我們先前對 2021 年強勁業績的預期正在實現。因此，您可能已經注意到，我們在報告中額外提列了 27 億盧布的收入準備金。雖然該金額並非最終金額，可能會在 Tochka 2021 年審計結果公佈後進行審核，但我們的預期是基於當前業績並相應反映的。

Finally, the uncertainty around the TSUPIS result. Unfortunately, the decision was not in our favor. Given TSUPIS and related acquiring services account in 80% of our total net revenue for the 9 months 2021, we admit the next year, we are going to face high base effect.

最後，TSUPIS 業績的不確定性。很遺憾，這項決定對我們不利。鑑於 TSUPIS 及相關收單服務占我們 2021 年前 9 個月總淨收入的 80%，我們承認明年我們將面臨高基數效應。

It is too premature to provide guidance for 2022. Still, I'd like to comfort investors highlighting a few things. First of all, we are going to compensate for the dominant part of lost revenue stream by active growth in the existing businesses. And secondly, we've conducted a comprehensive market research to leverage our expertise and accelerate growth. We are finalizing the results for approval with the Board and hope to share all details with you in the beginning of next year.

現在就為2022年提供業績指引還為時過早。不過，我想安慰一下投資者，強調幾點。首先，我們將透過現有業務的正面成長來彌補大部分收入損失。其次，我們已經進行了全面的市場調查，以利用我們的專業知識來加速成長。我們正在最終確定結果，提交董事會批准，並希望在明年年初與大家分享所有細節。

And now to our third quarter results. Our net revenue growth of underlying business was 2% lower year-on-year. I believe this is a good result considering the effect from CBR restriction and high base of last year. As a reminder, in 2020, sport events will move to the second half of the year due to lockdown measures. Our core Payment Services net revenue decreased by 4% year-on-year due to lower E-commerce net revenue yield. On the other hand, we note all-time high payment volumes, which increased by 13% year-on-year.

現在來看看我們第三季的業績。我們基礎業務的淨收入增幅較去年同期下降了2%。考慮到央行限制措施和去年的高基數，我認為這是一個不錯的結果。需要提醒的是，由於封鎖措施，2020年體育賽事將延後到下半年舉行。由於電商淨收入收益率下降，我們核心支付服務淨收入較去年同期下降了4%。另一方面，我們注意到支付量創歷史新高，年增了13%。

At the same time, we continue to demonstrate superior profitability with adjusted EBITDA margin of 60% and adjusted net profit margin reaching 42%. In line with target payout ratio of 50% of group adjusted net profit, the Board of Directors approved interim dividend payment of RUB 0.30 per share.

同時，我們持續展現卓越的獲利能力，調整後EBITDA利潤率達60%，調整後淨利率達42%。為了實現集團調整後淨利50%的目標股利支付率，董事會批准派發每股0.30盧布的中期股利。

I will now add some color to the key quarter developments and operating results, while Alexey will cover financial side after. Payment Services payment net revenue decreased by 8%. The decline in average net revenue yield was partially offset by record high volume. The average net revenue yield declined by 23 basis points, mainly due to decreased share of high marginal cross-border payments accounted within the E-commerce market vertical.

現在我將對關鍵季度發展和營運業績進行一些補充說明，Alexey 稍後將介紹財務方面。支付服務淨收入下降了 8%。平均淨收入收益率的下降被創紀錄的高交易量部分抵消。平均淨收入收益率下降了 23 個基點，主要原因是高邊際跨境支付在電子商務垂直市場的比例下降。

Our volumes in third quarter was at historical high level, reached almost RUB 0.5 trillion. A 13% growth year-on-year was largely a result of the following trends in the Money Remittance market vertical: while higher payout volumes to the self-employed from QIWI Wallet account holders and payouts on cards. In the third quarter, we connected to our platform 526 taxi companies, growing its number by 50% versus last year. We onboarded 52 new partners working with the self-employed and other industries, including scrap metal pickers, waste paper collectors, house staff and others. 29% growth in bettings winnings payout driven by overall growth in betting market, and continuous growth of B2B2C and peer-to-peer transactions attributed to key market products and other use cases. Corporate and other net revenue increased by 26% year-on-year driven by developments in our ROWI and Flocktory projects.

我們第三季的交易量達到歷史最高水平，接近 0.5 兆盧布。較去年同期成長 13% 主要是由於匯款市場垂直領域的以下趨勢：QIWI 錢包帳戶持有者向自僱人士支付的金額以及銀行卡支付金額增加。第三季度，我們的平台連接了 526 家計程車公司，比去年成長了 50%。我們吸收了 52 家新合作夥伴，服務自僱者和其他行業，包括廢金屬拾荒者、廢紙收集者、家政人員等。受博彩市場整體成長以及 B2B2C 和點對點交易持續成長（主要市場產品和其他用例推動）的推動，博彩獎金支付增加了 29%。受 ROWI 和 Flocktory 專案進展的推動，公司及其他淨收入年增 26%。

As we have noted in the press release, our Factoring PLUS project was rebranded into the ROWI. Its net revenue in the third quarter increased by 62% year-on-year. In line with previous communications, the growth accelerated in the second half of the year due to the seasonality of portfolio. Digital bank guarantees portfolio increased by 86% year-on-year to RUB 31.2 billion. Number of deals increased by 18%, reaching 8,200 and the average ticket increased 66% to RUB 1.1 million.

正如我們在新聞稿中所述，我們的「保理PLUS」計畫已更名為「ROWI」。其第三季淨收入年增62%。與先前的溝通一致，由於投資組合的季節性，下半年成長有所加速。數位銀行擔保組合年增86%，達到312億盧布。交易數量增加18%，達8,200筆，平均單價成長66%，達到110萬盧布。

Factoring portfolio increased by 83% and reached RUB 7 billion, with number of active clients growing up by 48% to 592. At the same time, there are positive developments in the net revenue yield, which improved year-on-year by 2.4 percentage points.

保理業務組合成長了 83%，達到 70 億盧布，活躍客戶數量成長了 48%，達到 592 個。同時，淨收入收益率也取得了積極的進展，年增了 2.4 個百分點。

On top of active portfolio growth and expansion of customer base, we have launched our credit product for contract execution and started to provide loans for marketplace sellers via our platform at [sales.ru]. In the third quarter, new products generated RUB 29 million and demonstrated positive net profit results.

除了積極拓展產品組合和擴大客戶群之外，我們還推出了用於合約執行的信貸產品，並開始透過[sales.ru]平台向市場賣家提供貸款。第三季度，新產品創造了2,900萬盧布的收入，並實現了正的淨利潤。

Flocktory net revenue increased by 13%. We continue to expand our customer base and attract new traffic providers use in Flocktory platforms and marketing services.

Flocktory 淨收入成長了 13%。我們持續擴大客戶群，並吸引新的流量供應商使用 Flocktory 平台和行銷服務。

Now let me pass the floor to our new CFO. Alexey will walk you through our financial results.

現在，請我們新任財務長發言。 Alexey 將向大家介紹我們的財務表現。

Thank you, Andrey, and hello, everyone. I will add some key notes to the third quarter developments. Our profitability level remains robust with adjusted EBITDA margin of 60% and adjusted net profit margin of 42%. Due to the cost optimization measures successfully implemented in 2020 and rigorous cost control in 2021, we continue to demonstrate exceptional efficiency of our operations. Our initiatives helped to offset negative implications of lost high-yielding, cross-border payments in the wake of Central Bank restrictions.

謝謝安德烈，大家好。我將補充一些關於第三季度發展情況的關鍵資訊。我們的獲利水準保持強勁，調整後EBITDA利潤率為60%，調整後淨利率為42%。由於2020年成功實施的成本優化措施以及2021年嚴格的成本控制，我們持續展現出卓越的營運效率。我們的措施有助於抵銷央行限制措施導致的高收益跨境支付業務損失的負面影響。

Our adjusted EBITDA margin was broadly flat year-on-year and stood at 60% in the third quarter. Adjusted net profit margin declined by 7.2 percentage points to 42%, driven mainly by the following factors: First of all, high-yielding cross-border payments were suspended. And as a result, the EPS net profit margin decreased. Additionally, this quarter will lack equity pickup from Tochka. And the above negative factors were offset by divestiture of Rocketbank.

我們的調整後EBITDA利潤率與去年同期基本持平，第三季為60%。調整後淨利率下降7.2個百分點至42%，主要受以下因素影響：首先，高收益跨國支付業務暫停。這導致每股收益淨利潤率下降。此外，本季將不會從Tochka獲得股權。 Rocketbank的剝離抵消了上述負面因素。

We completed the sale of our stake in Tochka project with expected cash proceeds reaching RUB 7.6 billion. In the third quarter, we have received the base amount of RUB 4.9 billion. Additionally, in third quarter, we made an accrual of RUB 2.7 billion of additional income following strong results of Tochka. Although the final amount is yet to be verified in the second quarter of 2022, we are encouraged with the current results.

我們完成了Tochka專案股份的出售，預計現金收益達76億盧布。第三季度，我們已收到49億盧布的基準收益。此外，由於Tochka專案業績強勁，我們在第三季額外提列了27億盧布的營收。雖然最終金額尚待2022年第二季確認，但我們對目前的業績感到鼓舞。

Considering current amount of performance adjustment, the IRR for our investment in this project reached 54% or over 4x return on QIWI original investment. Including the results from Tochka sale, our net profit for the period increased 2.9x year-on-year and stood at RUB 8.8 billion.

考慮到目前的績效調整額，我們對該專案投資的內部報酬率 (IRR) 達到54%，相當於QIWI原始投資報酬率的4倍以上。計入Tochka出售的收益，我們本期淨利年增2.9倍，達到88億盧布。

We upgraded our guidance in respect of 2021. Our guidance reflects recent changes in the betting industry, conservative projections on the recovery of cross-border operations and sale of Tochka project. This eliminates its contribution in net profit in the second half of the year. We also take into account strong performance for the first 9 months of the year, which came above our initial expectations. As a result, we expect total net revenue to decrease year-on-year by 10% to 15%, Payment Services segment net revenue to decrease by 5% to 10%, and adjusted net profit is expected to decrease by 10% to 15% over 2020 results.

我們上調了2021年的業績指引。我們的指引反映了博彩業的近期變化、對跨境業務復甦的保守預測以及Tochka專案的出售。這消除了該項目在下半年對淨利潤的貢獻。我們也考慮了今年前9個月的強勁表現，該表現超出了我們最初的預期。因此，我們預期總淨收入將年減10%至15%，支付服務部門淨收入將下降5%至10%，調整後淨利預計將較2020年業績下降10%至15%。

The Board has approved interim dividends in the amount of RUB 0.30 per ADR. We are currently consistent with the targeted payout ratio of 50% of group adjusted net profit. And just as a reminder, adjusted net profit does not include proceeds from sale of Tochka.

董事會已批准每股美國存託憑證 (ADR) 派發 0.30 盧布的中期股息。我們目前的目標股利支付率仍為集團調整後淨利的 50%。另需提醒的是，調整後淨利潤不包括出售 Tochka 的收益。

To conclude my speech, I would like to reiterate that we, as a team, are focused on profitable growth and return driven in all our decisions. I believe such prerequisite is crucial to ensure sustainable future of QIWI.

最後，我想重申，作為一個團隊，我們所有決策都以獲利成長和回報為導向。我相信，這項前提對於確保QIWI的永續發展至關重要。

And now I will give the floor back to Andrey for some closing remarks.

現在我將把發言權交還給安德烈，請他做最後發言。

Thanks, Alexey. Traditionally, I will give you a brief update on changes on the betting market. Unfortunately, our bid to serve as a ETSUP was not successful. Since October, the newly appointed ETSUP took over our TSUPIS operation. Net revenue of whole betting stream comprised 30% of group's total net revenue. Net revenue from our TSUPIS business and related acquiring services for 9 months 2021 amounted for RUB 3.2 billion, representing 18% of total net revenue of the group. We believe that we are able to retain net revenue generated from QIWI wallet services for the betting industry.

謝謝，Alexey。按照慣例，我會簡單介紹一下博彩市場的變化。很遺憾，我們申請成為ETSUP的申請未能成功。自10月起，新任命的ETSUP接管了我們的TSUPIS業務。整個博彩業務的淨收入佔集團總淨收入的30%。 2021年前9個月，我們TSUPIS業務及相關收單服務的淨收入為32億盧布，佔集團總淨收入的18%。我們相信，我們能夠保留QIWI錢包服務為博彩業帶來的淨收入。

For 9 months 2021, it comprised 12% of group's total net revenue or RUB 2.1 billion. We don't absorb any negative trends with respect to QIWI wallet payments method used for betting purposes. We continue to work on options to share our expertise and provide services within the new framework of the new betting landscape.

2021年9個月，該業務佔集團淨收入的12%，即21億盧布。我們並未受到用於投注的QIWI錢包支付方式的任何負面趨勢的影響。我們將繼續探索各種方案，在新的投注格局的新框架下，分享我們的專業知識並提供服務。

I'd like to conclude with some brief outlook on the next year, reiterating my previous message. A combination of our underlying business streams demonstrate healthy development and double-digit growth, which will be reflected in 2022 expectations. At the same time, we have several options on the table to leverage our expertise and accelerate growth. We will provide more details to the market once we have the new strategy approved by the Board.

最後，我想對明年做一些簡短的展望，重申我先前的觀點。我們各項基礎業務組合呈現健康發展和兩位數成長，將反映在2022年的預期中。同時，我們也有多種方案可以利用我們的專業知識來加速成長。新策略一旦獲得董事會批准，我們將向市場提供更多細節。

Thanks for listening. We are ready to take your questions.

謝謝大家的聆聽。我們隨時準備好回答你們的問題。

(Operator Instructions) Our first question is coming from Chris Kennedy of William Blair.

（操作員指示）我們的第一個問題來自 William Blair 的 Chris Kennedy。

I understand you're not planning to give 2022 guidance. But can you talk about the long-term growth and margin profile of the business as you anniversary the loss of the sports betting business?

我知道您不打算提供2022年的業績指引。但在您失去體育博彩業務週年之際，能否談談該業務的長期成長和利潤率狀況？

Chris, thank you for your question. I would reiterate that for the next year, what we're going to do is basically compensate our losses, and we had growth in other segments. So we will believe we will be able to compensate majority of this growth as our key streams will continue to grow. Going forward, starting from 2023, we are targeting the growth. It's not yet -- we don't yet have kind of finalized plan for that, but we would be targeting the double-digit growth starting from 2023.

克里斯，謝謝你的提問。我想重申一下，明年我們主要彌補虧損，其他業務也成長了。因此，我們相信，隨著我們主要業務的持續成長，我們能夠彌補大部分成長。展望未來，從2023年開始，我們將努力實現成長。目前我們還沒有最終的計劃，但我們的目標是從2023年開始實現兩位數的成長。

Okay. Great. And then just one quick one. Can you talk about kind of trends from October until mid-November and how that's going?

好的。太好了。接下來我只想快速問你一個問題。可以談談從10月到11月中旬的趨勢以及進展嗎？

Yes. I would say that it's going in line with our kind of expectations. So if we will be talking about the betting operation, as I mentioned, we don't see any negative trends on QIWI wallet operations with betting companies. So it's growing, I would say, generally in line how we would expect it, no like losses. Other segments, I would say, generally continue the same trends we observed in the third quarter.

是的。我想說的是，一切進展符合我們的預期。說到博彩業務，正如我之前提到的，我們沒有看到博彩公司QIWI錢包業務出現任何負面趨勢。所以，我認為它正在成長，整體上符合我們的預期，沒有出現虧損。我想說，其他業務部門總體上延續了我們在第三季觀察到的趨勢。

Alexey, yes, Alexey, if you want to add something here.

阿列克謝，是的，阿列克謝，如果你想在這裡添加一些內容。

Yes. I just want to add quickly that I think our forecast is reflected in our guidance that we included to the press release.

是的。我只想快速補充一點，我認為我們的預測已經反映在我們新聞稿中的指引中。

Our next question is coming from Vladimir Bespalov of VTB Capital.

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

My first question will be on the regulatory environment. We know that there were some shocks over the past year. But if we look at the current revenue streams of QIWI for example, we know that probably in some areas, the regulation is more mature, in some areas is less mature. So if you would estimate this regulatory environment, what portion of your revenue streams -- current revenue streams is in less mature regulatory environment? And do you see any potential risk that regulation will change and there will be an adverse effect on your revenue streams?

我的第一個問題是關於監管環境的。我們知道過去一年確實有一些衝擊。但以QIWI為例，如果我們看一下目前的收入來源，就會發現在某些領域，監管可能比較成熟，而在某些領域則不太成熟。所以，如果您評估一下目前的監管環境，您目前的收入來源中，有多少部分是處於不太成熟的監管環境中？您是否認為監管環境發生變化，從而對QIWI的收入來源產生負面影響的潛在風險？

Vladimir, thank you for your question. As already said, it's kind of tricky to say. I would say that generally, the markets we are operating currently are less risky versus, let's say, betting in terms of the overall regulatory potential headwinds. At the same time, working in Russia, you can always expect changes, like in every type of business where you can expect it and not expect it. So it would be quite difficult to forecast.

弗拉基米爾，謝謝你的提問。正如我之前所說，這有點難回答。我想說的是，整體而言，我們目前營運的市場風險低於，比如說，押注整體監管的潛在阻力。同時，在俄羅斯工作，你總是可以預料到變化，就像在任何一種業務類型中一樣，有可以預料到的，也有意想不到的。所以預測起來相當困難。

At the same time, I would say that probably, quickly grow in self-employed businesses, including the different B2B2C and peer-to-peer scenarios are less developed in terms of regulatory and may be subject for future kind of attention from regulator. That's where we may see some potential changes or enforcement, I would say.

同時，我認為個體經營企業可能會快速成長，包括各種B2B2C和P2P模式，這些模式在監管方面還不夠完善，未來可能會受到監管機構的關注。我認為，我們可能會看到一些潛在的變化或執法。

Okay. And my second question will be on the use of proceeds from the sale of Tochka. You used to have a lot of cash on the balance sheet even before the sale. Now you have more cash, and your profitability is high. So how are you going to use those proceeds? Are you going to distribute more dividends? Do you have maybe M&A targets in your new strategy? So could you elaborate on that a little bit?

好的。我的第二個問題是關於出售Tochka所得收益的用途。在出售Tochka之前，你們的資產負債表上就有很多現金。現在你們的現金更多了，獲利能力也很高。那麼，你們打算如何運用這些收益呢？你們會分配更多股息嗎？你們的新策略中是否有併購目標？能否詳細闡述一下？

Yes. Thank you for your question. As we said, we're currently evaluating different options to speed up our growth, and we have different kind of investment opportunities. So looking forward, we still have those to be approved by the Board, I would say, together with the budget for the next year as well as more longer-term growth perspective. So I would believe that we will be ready to communicate the plans, the future plans, how we will be -- what we'll be doing with this cash and together with our strategy at the beginning of next year, and probably like together with our guidance in the -- after the first quarter. So Alexey, if you would add here something.

是的，感謝您的提問。正如我們所說，我們目前正在評估各種加速成長的方案，並且我們擁有不同類型的投資機會。展望未來，我想說，我們仍然需要董事會批准這些方案，以及明年的預算和更長期的成長前景。因此，我相信我們將準備好在明年年初就這些計劃、未來規劃、我們將如何使用這筆現金以及我們的策略，以及在第一季之後的指導方針方面進行溝通。 Alexey，您能否補充一些內容？

No, I'd just like to add that different capital allocation options are considered at the Board level, and we will definitely communicate with the market as soon as we kind of make some decision regarding that. And as of now, again, as we announced, we continue to pay out the dividends with a pay ratio of 50% of our adjusted net profit. And yes, that's what we communicated to the market before, and that's what we continue to execute. And aside from that, as soon as the Board make decision, we will communicate it to the market.

不，我只想補充一點，董事會層面正在考慮不同的資本配置方案，一旦我們做出決定，我們一定會與市場溝通。正如我們之前宣布的那樣，截至目前，我們將繼續按照調整後淨利潤的50%支付股息。是的，這是我們之前向市場溝通過的，我們將繼續執行。除此之外，一旦董事會做出決定，我們也會立即與市場溝通。

Our next question is coming from Alex Vasenkov of Mathinvestments.

我們的下一個問題來自 Mathinvestments 的 Alex Vasenkov。

My congratulations with solid quarter results. And I have a couple of questions. First, can you please provide guidance for change in working capital and net cash flow used in operating activities for 2021?

恭喜您本季業績穩健。我有幾個問題。首先，您能否提供2021年營運資本及營業活動淨現金流變動的指引？

So let me take this question. We only provide guidance for our total net revenue, Payment Services net revenue and adjusted net profit results. We do not provide guidance for working capital. Sorry for saying no to this.

所以請容許我回答這個問題。我們只提供總淨收入、支付服務淨收入及調整後淨利的業績指引。我們不提供營運資本的績效指引。很抱歉，我對此回答「否」。

I see. And my second question would be regarding user wallets. So it seems to be -- the trend continued to decrease number of active user wallets. So can you please provide some insight why this trend continues?

我明白了。我的第二個問題是關於用戶錢包的。看來——活躍用戶錢包的數量持續下降。您能否解釋一下這種趨勢持續的原因？

Yes. Thank you for your question. There are several key reasons why number of wallets is declining. One of those is the CBR restrictions that we faced in the first half of the year, where a lot of kind of merchants of QIWI wallet were like forbidden to pay to. So we lost some of the users paying to those wallets.

是的，謝謝你的提問。錢包數量下降有幾個主要原因。其中之一就是我們上半年面臨的CBR限制，許多QIWI錢包的商家被禁止付款。所以我們失去了一些使用QIWI錢包的用戶。

At the same time, we -- even before that, we introduced some limitation on anonymous wallets and enhancement on certain KYC procedures, which decreased technically, I would say, the number of wallets. Because anonymous wallets is big -- quite big numbers. At the same time, they represent less than 10% of the volumes of the QIWI wallet overall. So I would mention that while the number of wallet is declining, the payment volume per active QIWI wallet account was higher by 92% versus last year in the third quarter.

同時，甚至在此之前，我們就對匿名錢包進行了限制，並增強了某些 KYC 流程，這從技術上來說，我認為減少了錢包的數量。因為匿名錢包數量很大，相當大。同時，它們在 QIWI 錢包總交易量中所佔比例不到 10%。所以，我想說，雖然錢包數量正在下降，但 QIWI 每個活躍錢包帳戶的支付額在第三季比去年同期增加了 92%。

So while the number of wallet is declining due to those reasons, part of them is more kind of technical, we are able to grow on our key use cases, namely self-employed; paying to the betting clients, where people are spending actually more. And overall volume is growing on the QIWI wallet, and the volume per client is growing on the QIWI wallet.

因此，雖然由於這些原因（其中一部分是技術原因）錢包數量正在下降，但我們仍然能夠在關鍵用例上實現增長，即個體經營；支付給博彩客戶，而這些客戶的支出實際上在增加。 QIWI 錢包的整體交易量正在增長，QIWI 錢包的每位客戶交易量也在增長。

I understand. I just want to note that 80% of population in Russia don't have credit cards. Would you agree that this fraction of population is QIWI's potential customers?

我明白。我只是想指出，俄羅斯80%的人口沒有信用卡。您是否同意這部分人口是QIWI的潛在客戶？

It may be, but we look at this at a little bit different way. So what we are focusing on, we are focusing on our key segments. Namely, it's clients for digital entertainment merchants, including betting online, games, social networks and others who wants to pay online. Second, it's self-employed, both self-employed entrepreneurs that's doing some small businesses and selling goods and services to their clients and needs convenient peer-to-peer solution. And second, the self-employed that are getting money from businesses where they're getting paid from those businesses via our system. And users of Money Remittance and digital commerce.

或許如此，但我們從不同的角度看待這個問題。因此，我們關注的是關鍵細分市場。首先，我們關注的是數位娛樂商家的客戶，包括線上博弈、遊戲、社交網路以及其他需要線上付款的商家。其次，我們關注的是個體戶，包括經營小生意、向客戶銷售商品和服務的個體經營者，他們需要方便的點對點解決方案。第三，我們關注的是那些透過我們的系統從企業獲得資金並收到付款的個體戶。最後，我們關注的是匯款和數位商務的使用者。

So that's our, call it, key streams. And we are more focused to provide the tailor-made solution for the specific segments and niches within those streams. So that's what we are targeting. Probably not being too much focused on the more broader audience where we still have quite, I would say, road reduction with the big banks and marketplaces.

這就是我們的核心業務流。我們更專注於為這些業務流中的特定細分市場和利基市場提供量身定制的解決方案。這就是我們的目標。我們可能不會太關注更廣泛的受眾，因為我認為我們與大型銀行和交易平台的合作仍然在減少。

Our next question is coming from Ildar Davletshin of Wood & Company.

我們的下一個問題來自 Wood & Company 的 Ildar Davletshin。

I have a few, and please stop me if there are too many. First, just to follow up on several questions, which were already asked. With regards to your guidance for the fourth -- for the full year, the implied net income is quite low. I think it's like RUB 0.5 billion, if I'm not mistaken, using 10% potential decline in full year adjusted net income. I'm just curious, are there any one-offs or additional investments or year-end expenses that we haven't thought about it? Or is it more you being rather conservative in your guidance for net income?

我有幾個問題，如果太多的話請打斷我。首先，我想跟進幾個已經被問過的問題。關於您對第四財季（全年）的預測，隱含的淨收入相當低。如果我沒記錯的話，假設全年調整後淨收入可能下降10%，那麼隱含的淨收入大概是5億盧布。我只是好奇，有沒有哪些一次性支出、額外投資或年終支出是我們還沒考慮到的？或者說，您對淨收入的預測比較保守？

Yes. Thank you for your question. Yes, because it's -- I would say it's both, because you are taking the lower end probably of the guidance. And at the same time, historically, we have high expenses in the fourth quarter related to some seasonality and some, I would say, more one-off events. So I would say it's both.

是的，謝謝你的提問。是的，因為……我想說兩者都有，因為你給的可能是指引的下限。同時，從歷史上看，我們第四季的支出較高，這和一些季節性因素以及一些一次性事件有關。所以我認為兩者都有。

Okay. And may I also clarify. There was a question on the use of proceeds. But would you provide some guidance on the overall net cash position that is at the parent level that does not include funds -- customer funds, that belongs to rather just a QIWI. I think before it was -- like at some point, it was about RUB 5 billion. I don't know if it's higher now with the additional transactions.

好的。我還想澄清一下。之前有一個關於募集資金用途的問題。您能否提供一些關於母公司層面整體淨現金狀況的指導？這不包括資金－客戶資金，這些資金屬於合格投資銀行（QIWI）。我記得之前大概是50億盧布。我不知道現在隨著交易的增加，這個數字是否會更高。

I'll take this one. At the end of Q3, we had in total, RUB 37.5 billion cash and cash equivalents. And -- it's like next to 50-50 split between our own funds and the funds from our customers, clients and merchants.

我選這個。截至第三季末，我們總共擁有375億盧布的現金和現金等價物。而且──我們的自有資金和來自客戶、顧客和商家的資金幾乎各佔一半。

Okay. I see. And maybe -- so 2 more, if I may. One was -- I had a question, at the beginning in your prepared remarks, you mentioned that you have a separate business line around, if I'm not mistaken, credit product for E-commerce customers. I may got it wrong. Please, can you clarify? And maybe if you could speak a little bit more about this product? How it differs from the existing products on the market? Because it looks like a relatively new business, at least from my perspective.

好的，我明白了。也許——如果可以的話，我還有兩點想問。第一點－我有個問題，在您準備好的發言一開始，您提到過，如果我沒記錯的話，你們有一條單獨的業務線，是針對電商客戶的信貸產品。我可能記錯了。您能解釋一下嗎？能否再多談談這個產品？它與市面上現有的產品有何不同？因為它看起來是一個相對較新的業務，至少在我看來是這樣。

Yes, it's probably a product for the marketplace sellers that we are developing through our ROWI project. It's in line with our overall approach, kind of structured financing for SME businesses. So it's -- I would say the closest kind of analogy would be factoring business. Because what we are seeing, we are seeing through the API, the numbers, how those sellers are operating on the marketplaces, how their volumes are growing, how much they are selling, et cetera. And we are getting those money to replace those loans through the escrow accounts where sellers are getting money from the marketplaces.

是的，這可能是我們透過ROWI專案為市場賣家開發的一款產品。它符合我們整體的策略，即為中小企業提供結構化融資。所以，我認為最接近的類比是保理業務。因為我們透過API可以看到這些數字，了解這些賣家在市場上的營運情況、他們的交易量成長情況、他們的銷售量等等。我們會透過賣家從市場平台取得資金的託管帳戶來獲得這些資金，以取代貸款。

So in a way, it's a kind of financing more of the marketplace. So the risk is more on the marketplaces, like Ozon, Wildberries and others, while we are proposing this product for the sellers. It's -- I would say, quite a new one. It's not yet big. I think the portfolio with several hundred million of rubles, so it's quite small yet. But we see it's quite, I would say, promising going forward if we make everything right in terms of the distribution.

所以從某種程度上來說，這相當於為市場提供更多融資。因此，風險更集中在像 Ozon、Wildberries 等平台，而我們向賣家推薦這款產品的時候。我想說，這是一個相當新的產品，規模還不大。我認為投資組合規模只有幾億盧布，所以規模還很小。但我認為，如果我們在分銷方面做好一切，未來前景還是相當光明的。

That sounds very interesting. And that, as I understand this is quite different to what is currently available for merchants on -- from other providers, right? So like there is no alternative sort of product.

這聽起來很有趣。而且據我了解，這與其他供應商目前為商家提供的產品完全不同，對吧？也就是說，沒有其他替代產品。

There are kind of some, I would say, tries on the market to do similar. But it's certainly different from the traditional bank approach when they're more trying to kind of to score the seller as a company. While what we do differently, we kind of score the relationship between the seller and the marketplaces and the numbers of actual sales. And use escrow accounts to get those, so to get those funds from marketplaces to repay the loan. So their structure is very different from what is on the market currently.

我想說，市場上有一些類似的嘗試。但這與傳統銀行的做法肯定不同，傳統銀行更傾向於對賣家公司進行評分。而我們的做法不同，我們會評估賣家與平台之間的關係以及實際銷售量。我們會使用託管帳戶來取得這些資金，從平台取得資金以償還貸款。所以，他們的結構與目前市場上的模式截然不同。

Okay. And maybe last one for me. So you mentioned that you're working on this strategy, which also looks like quite interesting to understand a little bit better. And historically, you have focused on high-margin segments, niches, as I understand it, with relatively limited growth and some of them were negatively affected by regulatory changes. Are you -- in your new strategy, are you still considering this sort of cash segments that are not fully serviced by current players? Or are you also thinking of some more credit products or maybe its partnerships with some other players? Like which direction are you thinking more about, like volume or margin or new segments?

好的。對我來說，這也許是最後一個問題。您提到您正在製定這個策略，這個策略看起來也很有趣，值得深入了解一下。從歷史上看，您一直專注於高利潤率的細分市場，據我所知，這些細分市場成長相對有限，其中一些也受到監管變化的負面影響。在您的新策略中，您是否仍在考慮這類目前尚未被其他公司完全涵蓋的現金業務？或者您也在考慮一些信貸產品，或與其他公司的合作？您更重視哪個方向，例如交易量、利潤率還是新的細分市場？

Yes. I would just add that the segments we are focusing on are growing segments actually. So majority of those segments we are operating currently are either growing. Or at least the kind of addressable part of those markets, namely online payments, are growing.

是的。我想補充一點，我們關注的細分市場其實都是成長型的。所以我們目前營運的這些細分市場大部分都在成長。或至少這些市場中潛在的部分，也就是線上支付，正在成長。

Looking forward, I would say that we are -- what we are looking at is first, how we can add -- what products and services we can add to those segments and clients where we are creating in, including probably some loans to the clients. We are working like, I don't know, taxi drivers or self-employed people where we see them. So that's one of the options. All other products for the same segments to be, I would say, more competitive long term. And secondly, what we are looking at is what other markets where we can, let's say, reuse our expertise and services to get bigger volumes and revenue from those markets.

展望未來，我想說，我們首先要考慮的是，如何為我們正在涉足的細分市場和客戶群增加哪些產品和服務，包括可能向客戶提供一些貸款。我們正在與計程車司機或自僱人士等群體合作。所以這是其中一個選擇。我想說，同一細分市場的所有其他產品，從長遠來看，都更具競爭力。其次，我們正在考慮在哪些其他市場，比如說，我們可以重新利用我們的專業知識和服務，從而從這些市場獲得更大的銷售和收入。

(Operator Instructions) Our next question is coming from Maria Sukhanova of BCS.

（操作員指示）我們的下一個問題來自 BCS 的 Maria Sukhanova。

I have 2 questions. So first one on international transfers that CBR has restricted 1 year ago. Do you think there is -- at this point in time, there is any chance that some of these volumes will come back, and more in the fashion that would comply with strict approach? Or it's just lost cause at this point?

我有兩個問題。第一個問題是關於俄羅斯央行一年前限制的國際轉帳。您認為目前這些轉帳量有可能恢復，並且以符合嚴格監管方式的方式恢復嗎？還是說，目前看來，這種做法已經無望了？

And second question about number of e-wallets. I understand the decline does not reflect revenue at all. But just to understand, like roughly where the decline may end. So for instance, if you look at third quarter, how many active e-wallets were there that really transacted? Is it like over RUB 10 million? Or is it less? Just for some rough understanding.

第二個問題是關於電子錢包數量的。我知道下降幅度根本無法反映收入。但我只是想了解一下，下降幅度大概會在什麼時候結束。例如，看看第三季度，有多少活躍的電子錢包真正進行了交易？是超過1000萬盧布嗎？還是更少？只是為了粗略地了解一下。

Okay. Maria, thank you for your questions. Let me take the first time -- first one. So I would say that generally, we expect some slow growth on those international payments. We don't expect any, I would say, significant pickup. It's related with, I would say, change of regulations that was imposed recently regarding the onboarding and working with the foreign merchants. There were certain amendments introduced to cross-border regulations, and basically some -- we are making our onboarding in line with those new regulations and believe that it will be quite steady, quite slow, steady growth for the -- looking forward. And importantly, it's -- those expectations are already included in our guidance for this year, and we'll be certainly providing it for the next year as well.

好的。瑪麗亞，謝謝你的提問。首先，我想先回答第一個問題。總的來說，我們預期國際支付業務會緩慢成長，不會大幅回升。這與最近出台的關於引入和與外國商家合作的法規變化有關。跨境法規有一些修訂，我們正在根據這些新法規進行引入，我們相信未來將會保持相當平穩、緩慢的成長。重要的是，這些預期已經包含在我們今年的業績指引中，明年我們也一定會提供類似的指引。

Talking about the number of QIWI wallet, and that for that -- yes. Talking about the number of QIWI wallets. We don't disclose it on the quarterly basis. So we disclosed it on the last 12 months basis. So we will continue to see some decline going forward because we will get -- we will be getting the full effect of CBR restrictions.

說到QIWI錢包的數量，是的。說到QIWI錢包的數量。我們不是按季度披露，而是按過去12個月披露。因此，未來我們將繼續看到QIWI錢包數量的下降，因為我們將全面受到央行限制的影響。

Our next question is coming from [Rateem Kremel] of [Erste Management].

我們的下一個問題來自 [Erste Management] 的 [Rateem Kremel]。

Maybe I have a question regarding the relatively frequent changes of the CFOs. I mean I think it's third person, right, in the last 2 years. Do you have any comments why there has been so many changes on this position? And whether the new, let's say, incoming CFO, let's say, the perception of the company. And whether you feel comfortable staying as a CFO in the company for longer term?

我可能想問一下財務長（CFO）的頻繁更替。我的意思是，過去兩年裡，大概換了三位財務長吧。您覺得為什麼這個職位改變這麼頻繁？新任的CFO，比如說即將上任的CFO，對公司有什麼看法？您是否願意長期擔任CFO？

Okay. I will start, and then Alexey will continue. So I believe that while there were different personal reasons for our previous CFOs to leave the company, generally speaking, it is more linked to the changes of the CEO. So as you know, we had a long-term CEO, Sergey Solonin, who was taking the role for 7 years. And Alexander Karavae was with him for the, like, almost all of the journey.

好的。我先開始，然後Alexey繼續。我認為，雖然我們之前的CFO離職都有不同的個人原因，但總的來說，這更多是與CEO的變動有關。如你所知，我們之前有一位長期擔任CEO的Sergey Solonin，他擔任這個職位已經7年了。 Alexander Karavae幾乎在整個旅程中都陪伴著他。

And then when this started to change, so we have after Sergey, we have Boris Kim and then me. These changes of CEO was kind of triggering the changes in CFO positions. So now as long as I'm here for the long term, I'm committed for the company. So I was looking for a partner to work with me. So, so far, I happy with Alexey and hope we will be working together like for the long time. Alexey, please feel free to add.

後來情況開始發生變化，謝爾蓋之後，是鮑里斯·金，然後是我。這些執行長的變動在某種程度上引發了財務長職位的變動。所以現在，只要我長期在公司，我就會全心投入。所以我一直在尋找一位合作夥伴與我共事。到目前為止，我和阿列克謝合作得很愉快，希望我們能長期合作。阿列克謝，請隨意補充。

Yes. I just wanted to add, I'm very happy to be a part of QIWI team. I'm excited about the company's future. I believe the company is in quite unique position. It's one of the pioneers of fintech industry in Russia and still has few very attractive segments where it successfully operates. And the company has resources and fantastic team that can continue the growth and accelerate it, and I would be happy to be part of this.

是的。我只是想補充一下，我很高興成為QIWI團隊的一員。我對公司的未來充滿期待。我相信公司處於非常獨特的地位。它是俄羅斯金融科技行業的先驅之一，並且仍然在少數幾個非常有吸引力的領域中取得成功。公司擁有資源和優秀的團隊，能夠持續成長並加速發展，我很高興能成為其中的一員。

Maybe can you share your KPIs as a management? I mean are you somehow linked to the, let's say, there's some stock option plans? Or are you somehow linked to the performance of the share price? Because we all know how the performance of the QIWI has been in the last 12 months versus the Russian market.

能分享一下您作為管理層的KPI嗎？我的意思是，您的KPI是否與某些因素（例如股票選擇權計劃）相關？或與股價表現相關？因為我們都知道QIWI在過去12個月的表現與俄羅斯市場相比如何。

Yes. Generally, our short-term KPIs are linked to the financial performance, different metrics of financial performance, like group net revenue, our group net income, some other segments KPIs. And our LTI that was recently kind of -- we launched a new LTI program is linked to the share price. So this, like, we are motivated to the stock growth as well.

是的。通常，我們的短期KPI與財務績效掛鉤，不同的財務績效指標，例如集團淨收入、集團淨利潤以及其他一些部門的KPI。我們最近推出了一項新的長期激勵計劃（LTI），該計劃與股價掛鉤。因此，我們也受到股價上漲的激勵。

And is it just for, let's say, CEO, CFO? Is it a broader kind of program for, let's say, other people in the team?

這個計劃只針對CEO、CFO嗎？它是否是一個更廣泛的項目，例如面向團隊中的其他人？

Yes, we have quite a broad LTI program. It's -- we have, I would say, 3 layers. And in total, it includes, I think, around 200 people, including not only top management but as well, key engineers and product and sales guys. And all of this program is linked to the stock price.

是的，我們有一個相當廣泛的長期激勵計劃。我想說，我們有三層。總共約有200人參與，不僅包括高階管理人員，還包括核心工程師、產品和銷售人員。所有這些計劃都與股價掛鉤。

And because, I mean, do you get the shares for free? Or is it some kind of like a variance or options? I'm not familiar what are the, let's say, the details.

因為，我的意思是，這些股票是免費獲得的嗎？還是某種類似選擇權或變通方案？我不太清楚具體細節。

For the top management, it's split between the both, I would say. So it includes so-called -- yes, it includes both one that is based on the performance of the stock and retention part, which is also nominated in shares. So it's granted as shares, but management is still interested for those shares to grow to get bigger motivation.

對於高階管理人員來說，我想說，兩者是分開的。所以它包括所謂的——是的，它既包括基於股票表現的獎勵，也包括留存部分，留存部分也以股份的形式分配。雖然它以股份的形式授予，但管理層仍然希望這些股份能夠成長，以獲得更大的誘因。

So you're granted shares here, if I understood correctly.

如果我理解正確的話，您在這裡被授予股份。

It's called kind of RSU and PSU. So RSU is restricted stock that is granted, and PSU is performance stock that is granted. So we have both for the top management like on the 50/50 basis.

這被稱為RSU和PSU。 RSU是授予的限制性股票，而PSU是授予的績效股票。因此，我們為高階主管提供兩種股票，比例為50/50。

My last question. I remember that -- is it still Otkritie the main shareholder of the company?

我的最後一個問題。我記得Otkritie還是公司的主要股東嗎？

Yes. Otkritie has the biggest economic value, while Sergey Solonin have A-class share. So he's basically controlling shareholders -- shareholder.

是的。奧特克里蒂擁有最大的經濟價值，而謝爾蓋·索洛寧擁有A類股份。所以他基本上是控股股東──股東。

If I remember correctly, I mean, there was some kind of -- there was supposed to be said that Otkritie was supposed to get rid of the stake in QIWI by certain, I don't know, time line. But nothing has been happening. So there is no new information on this side. They are still keeping the shares with intention to sell.

如果我沒記錯的話，我的意思是，之前有某種說法——據說Otkritie應該在某個時間點（我不確定）之前出售QIWI的股份。但什麼事也沒發生。所以這方面沒有新的消息。他們仍然持有這些股份，並打算出售。

We traditionally answer to this question that it's better to ask Otkritie. So we are not in a position to comment our shareholders' kind of plan. And at the same time, I would say that recently, what was -- we saw publicly on the market was the intention to kind of sell our stock in some middle -- midterm. But that's a better question to Otkritie.

我們通常回答這個問題最好去問Otkritie。所以我們無法評論股東的計畫。同時，我想說，最近我們在市場上公開看到的是，我們打算在中期出售股票。但這個問題最好還是問Otkritie。

So they don't really -- but they have good -- their representatives on the Board of the company?

那麼他們實際上並沒有——但他們在公司董事會中有很好的代表？

Yes, yes. They have.

是的，是的。他們有。

Our next question is coming from [Yolena Shkima] of Raiffeisen Bank.

下一個問題來自 Raiffeisen Bank 的 [Yolena Shkima]。

So I have 2 questions actually. Maybe I missed something, but I'd like to ask which segments you are planning to focus on in the coming months and 2022 and other to compensate this decreased betting stream. I mean segment, services, products, anything.

所以其實我有兩個問題。我可能漏掉了什麼，但我想問一下，您計劃在未來幾個月以及2022年以及其他時間重點關注哪些細分市場，以彌補投注流量的下降。我指的是細分市場、服務、產品等等。

Yes, thank you for your question. We will be continue focusing on the same segments we are working now. It includes still the digital entertainment, because QIWI wallet in the betting and some other segments of digital entertainment is important payment method. And we believe we will be able to grow here as well. On top of that, we will be focusing on the self-employed, both self-employed, entrepreneurs and payment to the self-employed. Then it's money remittance and digital commerce. So those are 4 key areas in the Payment Services.

是的，感謝您的提問。我們將繼續專注於目前開展的領域。這仍然包括數位娛樂，因為QIWI錢包在博彩和其他一些數位娛樂領域是重要的支付方式。我們相信我們也能在這個領域實現成長。此外，我們還將專注於自僱者，包括自僱人士、企業家以及向自僱人士支付款項。然後是匯款和數位商務。以上是支付服務的四個關鍵領域。

On top of that, we will be continuing to grow in the ROWI business with those structural financing products, including digital bank guarantees, digital factoring and those new products that we launched this year. So those are key areas where we believe we will be growing for next year.

除此之外，我們將繼續拓展ROWI業務，包括結構性融資產品，包括數位銀行擔保、數位保理以及我們今年推出的新產品。因此，我們相信這些是明年我們實現成長的關鍵領域。

And the second question is, if we take a period from expiration of CBR restrictions to mid-November, to which extent do you think this volume of operations with foreign merchants has recovered?

第二個問題是，如果我們從央行限製到期到11月中旬這段時間，您認為對外商的業務量恢復到了什麼程度？

As I said, it's recovering quite slowly. We already see some operations, so operations. What is important to mention probably on top of that, that even during the CBR restrictions, we cleared, I would say, some of the big merchants with the Central Bank. So we started actually some of the operations earlier. And then now we're connecting more kind of smaller type of merchants, which take, I would say, a longer time. So it's not that significant, but it's growing.

正如我所說，復甦相當緩慢。我們已經看到了一些業務，所以說是業務。除此之外，值得一提的是，即使在央行限制期間，我們也為一些大型商家辦理了清算。所以我們實際上更早啟動了一些業務。現在，我們正在連接更多小型商家，我想說，這需要更長的時間。所以，雖然成長幅度不大，但正在成長。

This brings us to the end of our question-and-answer session. We would like to thank everyone for their participation today. You may disconnect your lines or log off the webcast and enjoy the rest of your day.

我們的問答環節到此結束。感謝大家今天的參與。您可以掛斷電話或退出網路直播，享受剩下的時間。