Good evening, Chorus Call operator speaking. Welcome to the presentation of the first half 2019 results of the Brunello Cucinelli Group. I'd like to remind you that all participants are in listen-only mode. Following the presentation, there will be the opportunity to ask questions. Speakers will be Brunello Cucinelli, President and CEO, Moreno Ciarapica, CFO, and Pietro Arnaboldi, Head of Investor Relations. In order to receive help from an operator during the conference call, press star, followed by zero. Now I'd like to give the floor to Brunello Cucinelli. The floor is yours. Here we are. Welcome, everybody. It's a pleasure to speak to you. I hope you've had some interesting and relaxing holidays.
Well, as usual, I'd like to say that personally, I'm very fond of these conference calls because it is basically a time when we can talk to each other, discuss things, and also draw conclusions, positive or negative. Before starting this time, I'd like to convey to you my big satisfaction. My satisfaction in particular for this historic agreement that the important listed companies in N.Y. have signed a few days ago, and I'd like to read out what it says. In order to create value, one needs to also take a look at the environmental impact, the respect of the community, and the dignified conditions offered to employees. I wanted to congratulate all these companies with no exception, and I think that maybe this is a great step in the 21st century.
It is a great thank you from my behalf because it is a great gift that you have done to the coming generations. Well, this call is very important for us because it occurs at a very special time for mankind. Thank you again for being here. As usual, we are all here for you, and I'd like to give you the financial highlights, and then the CFO, Moreno Ciarapica, will dwell on the details. We'll give you a bit more of a drill down. I'll resume the floor again in order to first of all give you visibility about 2019. We are at the end of August already, the important initiatives ongoing. I'd like to give you quite a solid visibility on 2020 because the Spring/Summer collections have reached their conclusion, and also dwelling on the third three-year period until 2021.
I'd like to read out the financial highlights. Net revenues, EUR 291.4 million, +8.1%. The current exchange rate, +7.2% at constant exchange rates, vis-a-vis EUR 269.5 at June 30, 2018. EBITDA is EUR 49.9 million and 17.1% on sales. Net profit, EUR 22.8 million with 7.8% incidence on sales. Italian international markets, +9.5%. Italian market, +1.1%. Sales, Europe +9.7%, North America 9%, China 15.9%, and the rest of the world 5.3%, all plus positive territory. Increase in all distribution channels. Retail 12%, monobrand wholesale adjusted 1.7%, and multibrand wholesale 6.5%. Investments, EUR 18.8 million, and net financial position, EUR 46.6 million. This is my comment on the results. We are fully satisfied with our first half results in terms of both financial performance and the brand's image and buoyancy. We like to be identified as a Made in Italy, ready-to-wear luxury brand.
Since it is the end of August, we can very serenely, confidently envisage a particularly positive 2019, with revenues increasing in line with our long-term expectations. The famous 8% annual growth resulting, well, hopefully, obviously, in double sales over the next 10 years, along with a more than proportional increase of the EBITDA with healthy and rising profits. The feedback following the order intake for the new Spring/Summer 2020 men's collection, as well as the first kidswear collection, has been very positive. The latter is a great project we have put a lot of trust and energy in. The order intake for the Spring/Summer 2020 women's collection has been just as good, and it is drawing to a close. As you know, it is very important, the fact that we work in August, we are open for business.
The current taste of the market, a very important element, at least for us, is becoming very similar to us. We keep claiming the importance of investments to support the brand, the above strengthens our well-founded optimism for 2022, when we expect further growth in revenues and profits in line with our long-term guidance. Now I'd like to give the floor to the CFO, providing you with the details, and then I'll resume the floor again. Thank you. Good evening, ladies and gentlemen. It's a pleasure to hear from you.
Following the communication of the preliminary results on last July 11th, confirmed with the final results, I'd like to start from slide number 10, highlighting that the figures as of June 30th, 2019 have all been reprocessed and presented, eliminating the effects generated by the application of the new IFRS 16 principle, in force as of January 2019, in order to allow for the comparability of figures with June 30th, 2018. The impacts of the IFRS are reported in the slide of the annex on pages 18 and 19. As of June 30, 2019, sales grew by 8.1% at current exchange rate and 7.2% at constant exchange rate, with a positive impact of currency that was just below 1%, because of our very careful hedging for foreign risk.
As you know, its objective is always that of neutralizing the impact of currency fluctuation on the absolute value of EBITDA. Considering the current level of exchange rates and ongoing existing hedging, it is reasonable to expect a positive Forex impact in line with the trend of the first half. The EBITDA in the first six half of 2019 amounted to EUR 49.9 million, with EUR 3.7 million growth and margins in line with last year and amounted to 17.1%. The first margin increased significantly, i.e., 130 basis points from 65.3%-66.6%, due to a positive impact of like-for-like growth, i.e., 3.7% as of June 30th, 2019, and the incidence of the retail channel shifting from 49.7% of last June to 51.5% of this June.
This figure increased thanks to the new direct spaces, among which 3 boutique openings and 2 conversions in the last 12 months, some extensions of existing boutiques, and 5 new spaces directly operated in concession within the luxury department stores. These spaces were previously managed with the wholesale formula. Operating costs also increased, mainly personnel and rent. These costs have to do with the development of the business, the higher incidence of the retail channel, and the new initiatives, in particular, the natural extension of the collection offer to kidswear starting from the next seasons, and also the made-to-measure suits initiative and the digital investments. The incidence of D&A increased from 4.4% of June last year to 4.8% June this year. The latter value is in line with our expectations for the full year vis-à-vis an incidence at the end of 2018 that amounted to 4.6%.
The incidence of net financial charges amounted to 1.0% vis-à-vis 0.4% of last June. This value had been positively impacted by the valuation of put options on minority stakes of subsidiary companies. We'd like to highlight that the incidence of net financial charges had been of 1.1% of 31st December 2017 and 0.8% in 31st December 2018, in line with our full year expectations. If we exclude the estimated tax benefit ensuing from the so-called patent box highlighted in the box on the bottom right on slide 10, the adjusted net income in the first half 2019 amounted to EUR 22.8 million vis-à-vis EUR 23.8 million last year, with a tax rate adjusted at 31.1%. This adjusted tax rate at the end of last year amounted to 29.5%.
At the end of the year 2019, we expect an adjusted tax rate in line with the incidence reported as of 30th of June 2019. As you know, most of the group's taxable income is generated in Italy, and the increase of the tax rate in the first half was impacted by the effects of the repeal of, starting this year, the ACE legislation, which is the economic growth aid. Now moving on to the working capital on slide 13. There was an increase of its incidence from 25.8%-27.9%. As to inventory, incidence from 30.2%-31.3% is really linked to the openings of new direct boutiques, extensions, conversions from the monobrand wholesale channel to the direct channel, and the new spaces directly managed within the luxury department stores.
On top of this, there were the following factors: an expansion of collections to children, kidswear, starting from spring/summer 2020, but with an initial capsule collection for winter 2019 in selected spaces starting from the end of October. Made-to-measure suits and the digital initiatives. Considering the healthy management of cash collection, the increase in trade receivables, incidence from 12.0% to 13.9%, is ascribable to the development of the wholesale business, whose sales as of 30th June 2019 improved by 6.5%, and it is also due to the increase of retail sales within the luxury malls and the payment terms. The organic increase of trade payables, incidence from 13.1% up to 13.9%, has to do with the increase in the business volume in the first half, and in particular, it is due to the new initiatives besides the new important investments, including communication investments.
As to the other credits and debts, negative by EUR 19.8 million vis-à-vis EUR 17.8 million last year. They have to do the valuation at fair value of the outstanding hedging derivatives. Investments and net financial position. Investments, on Slide 14 of our presentation, amounted to EUR 18.8 million included in the multi-year plan to maintain our company modern over the long time, supporting our presence on the market, and availing ourselves of the most innovative and modern productive, logistic, and IT structures. Commercial investments amounted to EUR 12.9 million. Other investments, EUR 5.9 million. The latter includes investment for production, logistics, and IT digital. In 2019, the bulk of investments happens and occurs in the second half of the year, with an incidence of investments on the total revenues amounting to 8% approximately, as already mentioned previously.
On July 29th, as our long-standing North American partner has accepted to sell their minority stake, we have acquired 30% of the share capital of the subsidiary company, Brunello Cucinelli USA, Inc., amounting to EUR 4.5 million, and 30% stake of the Brunello Cucinelli Canada Ltd., EUR 2.2 million. These transactions enable the parent company to hold 100% stake in both companies, and the effect will be accounted for in the equity reserves in compliance with IFRS. The level of expected debt as of December 31st, 2019 will increase by the same amount. The net financial position as of June 30th, 2019, Slide 15, amounted to EUR 46.6 million against EUR 44 million, June 30th last year, with a positive cash generation of the operating activity and a very healthy management of working capital.
The NFP achieves its usual peak in between June and September, and then it drops towards the end of the year. The debt expected at the end of the year, including the new ongoing initiatives and the impact on the working capital, so the debt is expected to be between 5% and 6% of total sales. This is the end of my presentation. I give the floor back to Brunello. Thank you for your attention. Here we are. What about 2019? Of course, it is drawing to a conclusion. In terms of product, it is a very important momentum for us. There is a very good momentum. As I was saying, the winter collection sales have set off to a good start.
An important thing is that we are shifting towards a men's and women's wear taste that is very suitable to what we feel is proper. You see, following many years of strong taste, we are now moving towards something that is less garish, more chic, more understated. This is basically our nature, and we are happy with that because this way, we can work with more serenity, because for the less young among you, at the end of the '80s, there were two exceptional Italian brands, Armani and Versace, whose taste was exactly the opposite between the two. One was winning, the following five years, the other one was. We believe, and you see, this is a very strongly perceived feeling, there is a lot of demand for luxury ready-to-wear. Ready-to-wear, mind you. For us, of course, this is very positive news.
We can say that in the coming years, in terms of taste, these years should be very favorable, very much in keeping with our taste. We have just started our first discussions on the 2020 winter collection, and we have stated the same. We have to keep pursuing novelty, a special visual merchandising able to describe your world. Stores and showrooms must be very fresh, new. Stepping into a store must be a great experience, experiencing the product, the manual skills, the creativity. This morning, we said something that I find very special. Undoubtedly, you see, as time passes, basically objects acquire, take on more value. This is true, and this is something that you, especially you young people, value. I'll just give you an example, just a couple of seconds.
There's someone here in the village who loves cars. She says to me, "Brunello, I really like this car because I changed one of its lights. I changed this and that, some different parts." Now, since it is more difficult to actually act upon things with your own hands, you feel that these things belong to you a bit less. The fact of being able to touch things is very important. The internet, we have a great organization. We are very much poised and prepared for the coming years. This is actually a culture for us, not so much a technology. We would like this technology not to steal our soul. We keep repeating this. Now I'd like to devote three minutes to the value of physical stores. We actually attach a lot of importance to the brick-and-mortar stores, especially for the luxury segment.
Of course, it must be very welcoming, but what really matters is that the people working at the store must be fascinating and charming. We basically call them our brand ambassadors, the sales associates. Because of this, we have started a school here at the Village. You are well familiar with our arts and crafts schools. By the way, we're going to start this course for the women's wear fashion, the so-called première in French. Basically, première are those who are given the sketch by the designer, and then they produce the garment. We have started these brand ambassador classes. Now, for the time being, just for men's, because it is very important that when you basically step into the physical store, you are met with someone who is very friendly, elegant, refined, representative, and brand ambassador, someone who knows the brand darn well.
This is a new initiative. Now I'd like to mention two further important initiatives. The Sartoria Solomeo, that you're already familiar with, and it is already developing nicely. We are already very satisfied with this initiative because we have many young people who opt for a made-to-measure suit or jacket, which means that maybe if you have a pattern textile, so not the whole suit, just a jacket, you are 35 years old and you want it made-to-measure. This was precisely our aim last year. You see, The New York Times defined us as those who were able to dress the new 21st century CEOs. We were very pleased. The Scuola Sartoria di Solomeo is really developing nicely, taking on its suitable identity. As you might know, two and a half years ago, we started reconditioning garments.
We have a great team, skilled team, and we are also very pleased to recondition the garments made by other brands. We're very happy with that, because if you actually recondition them, you have a new garment in your hands. Of course, this is especially true for menswear, because if you have a great coat dating back to 18 years ago, maybe the lining is ruined. We can replace the lining, and the coat is as good as new. For example, I usually wear the same two coats. One is 18 years old, the other one 20. I changed the lining twice because that's what basically lasts less. I started my business with colored cashmere, but also because I wanted to make products that were never to go to waste. I do not like to throw away things.
I bought a bicycle, and my hope is for my granddaughters to use this bicycle one day. Maybe you have a small flaw, a small defect, and you go to the Beverly Hills tailor's shop. Since we have our true factory here, you ship your garment to us, and it takes one day to mend, and then we ship it back to you. This is very interesting. Another project ongoing, we have devoted a lot of energy to it. It is the kidswear collection. We have dealt with this project in a very serious manner, 250 items for boys and 250 for girls. Numbers aside, I believe that this line is very important for the brand, for its image. There will be some dedicated spaces in stores for these items. At one rate, we believe that kids should account for 4% or 5% of revenues.
What really matters, besides sales, what really matters is the identity of the taste. We have tried to achieve some sort of Mini-Me ready-to-wear. We are very happy with this children collection for the identity, for the taste, and hopefully for sales, too. Then the internet, you are already familiar with it. We still attach a lot of importance to this culture. In China, we have our own warehouse, China on China. At the end of July, we decided to restyle the website we had created two and a half years ago. Seven years for the first website, and the second one, we felt the need to upgrade it or to revamp it two and a half years down the road.
At the end of September, beginning of October, there will be the e-commerce on the one side, and then on the other side, we have tried to clearly identify the great themes that we value. Human sustainability, harmony with creation, and the idea of humanistic capitalism, because I don't want to repeat myself, but what happened four, five days ago in America, you see, I was very, very favorably impressed by it. I was struck by it. This website will show very clearly what the values are on which our company rests. That's basically what you analysts, investors were asking from us. At the end of the day, I have the following impression. We were just talking about it today. We want to make a fair profit, but we also want to be useful, and in Italian, useful and profit is the same word.
We wanted to do something useful for the world. We wanted to make profit in the world to profit from it, because maybe the positioning of the company comes before the positioning of the product, obviously. If the product doesn't work, the company does not work either. If the product works, the company positioning has an extremely important value. We have made a great investment in London, a store to be opened next year. We are very happy, very pleased, we're also happy with the surface, 500 sq m. This is the typical size for great stores in great prime positions. Of course, the rent was not that low, we never had this agreement with low rents in Milan or New York either. I believe that great location is very important for our brand because it will resonate also in the rest of the world.
Another important transaction, well, Moreno told you about, we reacquired the 30% of the American company. You see, the ideal conditions happened with Massimo. Massimo is 52 now. He's been with us for 20 years. He has always been our man in the U.S., in North America, and he's been with us for 20 years, as I said, and we hope that we can keep managing together this great market, top market, 33%, by conveying this culture, this Italian-American culture that is always very much appreciated. To wrap up, we think that 2019 can be a very positive year. For us, it is a year with great change for mankind. You see, I think that this overall idea of sustainability pervades everything. We expect EUR 600 million revenues in the years ahead and more than proportional EBITDA. A fair profit.
Just a couple of words on the tax rate. On average, over the last seven years of a listed company, we paid 30%, more or less. Moreno, right? Over the last five years, thanks to the patent box, we saw the tax rate drop to 22%-24%. What I mean is that we do our business in Italy, and you see, I'm very much in love with my Italy. I want to keep manufacturing in Italy, so I'm very pleased with this tax rate. If at the end of the day, the result is approximately 30%, it's fine by us. The dividend 2019, but 10% more, and they should account for 45% of our profit. Investment around 8% for the year.
As we said a year and a half ago, do you remember when we mentioned that maybe luxury and fashion, maybe because of technology or others, well, I think that it needs massive investments. Personally speaking, I'm always scared of my brand aging. I keep saying that I've always been scared of debt. As you know, my father says that debt works on Sunday, too. Be careful, we must always be modern and contemporary. We very often mention the fact that you need to revamp your showrooms every six months. Your website, we thought it would last for five years, whereas we have to upgrade it after two and a half years down the road. The net financial position could be around 5%-6% of revenues.
Honestly speaking, we do not feel that we carry that much debt, which means that if an important opportunity arises, we might seize it. For example, we have been looking for spaces in Paris for many, many years, and we haven't achieved our results yet. If it does happen overnight that a space becomes available, then, of course, we will seize the opportunity. Of course, you can't always budget for unexpected opportunities. 2019, a very interesting year. Now a couple of words on 2020, because we have very high, important numbers in terms of orders for men's, women's, and kids. Since the collection has been extremely successful with multi-brands and the press, we feel that the collection is very well-liked. If the collection receives a positive feedback, then you basically face the following year with a smile on your face because of the positive feedback.
That's why we feel that we're very confident about 2020. For 2020, we envisage the following: plus 8% revenues, more than proportional EBITDA, more than proportional profit. Yes, I wanted to mention something on this. When I talk about net income, of course, that's because I base my consideration on the tax rate. Of course, if the government changes something, this does not depend on us. 8% investment. As for dividends, we'd like to achieve a 50%, the optimal level, and net financial position improving in 2020. Because 2019 is the most important year for investment. 2021, end of the three-year period. We keep envisaging for this year, plus 8% sales, more than proportional EBITDA, the same for profit, dividend 50% as established, and an improving net financial position.
To conclude this call, and before leaving the floor for questions, we'd like to say that 2019, 2020, 2021, the first three year of this 10-year plan, are very important years in terms of numbers. My dear friends, they're also very important in terms of taste, because we are moving towards that kind of taste that really represents the identity of the brand. We work at peace, knowing fully well that there are great changes taking place in mankind at large, and we have to go with the stream. Thank you very much, and we open the floor for questions. We are available. Chorus Call's collaborator speaking. We will now start the Q&A session. Whoever wants to ask a question, please press star one on your keypad. In order to exit the waiting list, the booking list, press star two.
Please ask your questions speaking into the microphone. Whoever wants to ask a question, please press star followed by one now. First question from Flavio Cereda. Good evening, Brunello. Hello. Hello, you AC Milan supporter. I found out that I can actually ship you some garments that are not made by Brunello Cucinelli, and you recondition them. No, seriously speaking, Flavio, for us, reconditioning a sweater by some other brands really is nothing. You cannot really understand, fathom what customers say to us when they receive this communication. I think it is a very important thing. It will just be two or three garments at the end of the year, but what matters is the service. Sorry, I really wanted to apologize for interrupting. After the call, there might be more than two or three garments.
It's been three years, Flavio, that we've been doing it. I wanted to touch upon four themes. This one for Moreno. As for the working capital, what about the reserves at the end of the year? The trade receivables, what is the risk, especially with your North American customers? This is the first question. The second question on CapEx, the second half of the year, and the transaction with Massimo, that although you said he's 52, I hope he's definitely on holiday on some fancy destination. He's at work now. I was wondering why now? Not that I'm worried about it, just out of curiosity, why now instead of a year ago? The third question, over the last 12 months, you mentioned that there is more demand for understated garments.
Are there some distinctions between menswear and womenswear, for example? If you also agree on the fact, this is not your problem, it is an industry-wide issue, the cost of customer acquisition is growing, especially for the industry. One needs to spend more to attract more customers. Last thing on sustainability. If you can disclose more of what you do. Yes. Moreno, the floor is yours. North America receivables. As to the working capital, as of 30th of June 2019, as far as our Well, we can imagine that the figures at this time of the year can be projected also for the full year. As far as trade receivables for North America are concerned. There has never been any losses on trade receivables in North America. You see ultra, hyper selected customers, never provided for any unpleasant surprises.
Flavio, I'd like to add that over the years, in our business, we usually lose 0.1%, 0.15% of our revenues without an insurance. Just think if we had paid an insurance for that. We have always worked without worrying about the trade receivables, because we are talking about the wealthiest customers in the world. Of course, our most important customers, Neiman Marcus and Saks, they are very serious and confident, we feel very confident about the payments are very regular, very punctual, and very positive. Very timely. Flavio, as far as Massimo is concerned, we have known each other for 20 years. I have known him for 30 years. He is 53 years of age. We discussed with him, maybe it is high time for you to gain something for your family.
We keep managing the company the same way, I think it is the ideal solution for him and for us. As for the product, this has always been the rule of fashion. As you can see from the demands of customers when they make their orders, well, you can tell that the taste is going that way. Clients keep telling us that we will become some sort of beacon in the coming years because fashion is going that way. We are the beacon, reference company, not of course in terms of quantity, but because of the way we combine garments, because the fit is more useful. I wouldn't like to boast too much about this, Flavio. Sustainability, a very important topic.
As you know, you see, we did not use any plastics 20 years ago already because we preferred to use glass, for example, when we had lunch. By September, we want to disclose all this online and then we will also provide employees and suppliers with a booklet about this, subcontractors. We thought it was high time to actually talk about this. There are two or three articles on the press, one on the Avvenire, an Italian newspaper, and they all talk about sustainability. Hopefully all this will be circulated online. It will be easier to find. At one point, I said that the company must come before the product. Of course, the product must work, otherwise the company shuts down. The product comes first.
We are actually noticing that before making a purchase, many customers or potential customers want to know about the company, how the company's doing. Next week, I'm going to China and we have four or five events there, and all the great journalists keep saying to me, "You should talk to us about mankind, the way you work, your craftsmanship." It means that there is a great change in the offing, and that's why we said that this call is very, very important, because I would have never expected these 200 companies to do this thing. Yesterday, I received a very important call from a Londoner, and he said, "Since your 200 friends came to your place in May, is that when they changed their mind?" I said, "Well, no, we're talking about companies that really represent 20% of the world GDP," mind you.
There is actually a need to make a profit, but also to make others profit from this. Oh yes, investment. Sorry, I forgot the last question. A year and a half ago, I said You see, I was inspired by Andrea Guerra, who used to say that a company should always invest 5%, 6% of sales to stay young and contemporary. A year and a half ago, I said to you that I think that this is maybe not enough to be contemporary. You see, every three days, you need to have a new video. Once upon a time, we would change the showroom once every three years and the Pitti booth once every three years. Now it's once every six months, and stores you need to renovate at least once every six months. I've always feared those who hesitate and do not want to invest.
If you invest enough, you will definitely be safeguarding the modernity of your brand. I'm 65 years of age and I have seen many companies with a lot of cash, but the brand was aging nevertheless. I say to my young managers, let's invest. Of course, we're talking about net financial position of EUR 20 million, EUR 30 million of EUR 600 revenues, not EUR 300 million net financial position, otherwise I wouldn't know what to do with it. When we went public, we had EUR 45 million, EUR 46 million net financial position, and it was out of a smaller revenue, it was higher than now. That's why we need to seize all the opportunities that arise. I'm always in favor of innovating, changing. This morning, we started working on the winter collection next year, and we have made some changes inside the showroom.
For example, we have changed the armchairs from a dark gray to a lighter gray because we think that the colors will be lighter next winter. I attach a lot of importance to this. Thank you. If you want to ask a question, you can press star followed by 1 on your keypad. Next question from Paola Carboni, Equita. Good evening. Yes, hi. Here we are. I have a few questions. If you can give us an update on what is happening in Hong Kong and mainland China with your company, although you are less exposed than other players, we wanted to have a feedback on this geography too. Another point on the monobrand channel in franchising. What can we expect for the full year based on the timing of the conversions that have already taken place or of the coming conversions?
One last thing on the working capital. The inventory has been clearly explained and the trade receivables. If I am not mistaken, this is not a temporary development, so I would like to know whether this is the incidence of net working capital we have to expect on an annual basis. Yes. CFO answering. As of the net working capital, as I said before with Flavio, envisaging that the incidence of June the 30th of the inventory will be the same or usually is the same for the full year. Trade receivables, there is a peak on June the 30th, and there will be some dwindling towards the end of the year because of the usual developments in the year. This is something we have always written on our report to the financial statements. It always normalizes towards the end of the year.
Franchising channel, adjusting the conversions, we expect a full year growth that is the same as the healthy like-for-like between 3% and 4% organic. An interesting figure for us, because this means that we do not have to stress these stores. Well, I'd like to add, the CEO says that we adopt the franchise formula for regions that are more difficult to reach, or maybe they're not worth to set up company. We have the best partner in Bulgaria, for example, and we enjoy a great relationship with them. China. We are very happy with the way China is performing. Things are going well for us. Hong Kong situation, you see, for us, there is not a lot of business in Hong Kong.
Paola, I'd like to say that when we actually set up the budget at the beginning of the year, we should always take into account some one-off events, New York or Paris or an earthquake. There is the Hong Kong issue. You see, Shanghai is performing very well, Beijing, Chengdu as well, so it is not a problem for us. At the end of the day, Hong Kong is not a large business, it's 1.4%, 1.6%. Even if you lose something there, our beloved China is nevertheless giving us 16%. It is already the end of August, so that's why we can have a view on the full year. Sales are performing well. We are confident. Thank you very much. Thank you. For further questions, press star followed by one on your keypad.
If there are no further questions, thank you very much for everything. Well, you see, I know that I have spoken a bit more at length than usual, but I really wanted to tackle the issues of sustainability and the great companies signing this agreement in America, and I hope that our children and grandchildren can maybe live in a better way. Whatever you might need, please give us a call. Thank you very much. Thank you. Goodbye. Call operator speaking. The conference call has ended. You can now disconnect your phones. Thank you.