Good morning, and welcome to our Q3 interim report session. Today, we are arranging this also so that we have participants here in our new Stockmann lounge in Helsinki. As before, together with me, I have our CEO, Susanne Ehnbåge, and our group CFO, Annelie Forsberg. We are really happy to announce our robust revenue growth for the Stockmann Group and Stockmann division adjusted operating result reached black numbers. Let's look more closely at our numbers. If you look at the revenue for the group, it grew with 2.6%, and if we take into account our local currencies, our growth was 4.2%.
Our adjusted operating result decreased by EUR 10.9 million, reaching EUR 22 million, but when looking from the rolling 12 months' point of view, it is plus almost 16%, reaching almost EUR 1 billion. Our adjusted rolling 12 months operating result is up by EUR 47.9 million, and when we look, Lindex revenue was minus 1.2%, when we look in euros, but if we compare Lindex revenue in local currencies, it grew 1.1%. Our adjusted operating result is down by EUR 8.7 million, and it is important to remember that the key impact here is the currency, the Swedish crown versus U.S. dollar, but also, as we have communicated very clearly, we are investing for the future growth, and Susanne will explain more in detail the plans within Lindex.
It's also a fact that we are now living in a more normal operational status, also more normal operational cost has come now after the COVID period. When we look at the Stockmann revenue, it is a very strong growth, almost 12%, and our adjusted operating result is now, as I said, in black numbers. If we look at our adjusted rolling 12 months, it is up by EUR 31.3 million, but still in small negative numbers. I also would like to highlight in this slide our cash. It is still strong despite our heavy investments we are currently going through with. Now, let's look more deeply into Stockmann division. As I said, our revenue was up almost by 12%, and even especially our brick-and-mortar stores grew by 11.8%.
This is due to the higher number of visitors and customers' increased average purchase. Also, looking at the current status with the online market, it is a great achievement that we are still growing with our online sales. Overall, Stockmann is taking market share in Finland. Our gross margin increased to 46.3%, and this is, again, continuation of our strategy focusing on a full price sales. Our operating cost was EUR 45.6 million, and it's up by EUR 17.6 million, and this is due to the cost increase, the provision for prudential reasons of the EUR 15.9 million due to the LähiTapiola arbitration decision. It is recorded as an item affecting comparability, but also, when we look to operating costs, we have then the higher energy cost and cost related to higher sales.
The key part of this increase in operating cost is coming from the arbitration decision and the provision reasons for this, EUR 15.9 million. If we look then at rolling 12 months sales, it is EUR 300 million and almost EUR 320 million. We are clearly still below 2019, and when looking to 2019 fashion market, it is still 7% below as a whole market. Actions that have improved visitor numbers and our sales, obviously it is working more closely with our customers, school start, autumn newness campaigns, and bringing again many new brands. We have now started a very effective program with customer evenings and events and, for example, a great achievement in this period was how we launched the Chanel One launch within the Stockmann Group.
Obviously, this is our celebration year of the 160-years anniversary, so we have many exclusive collaborations with our suppliers. For example, Minna Parikka again launched a new collection for the Christmas party season. One of our big focus areas is Double the Men, and male customer focus has enhanced also the sales, and we clearly see that the younger men are finding us more and more every day. We've been focusing very much on our MyStockmann loyalty, and as you might recall, we launched the MyStockmann loyalty in Baltic markets, and that introduction to this market is ongoing as we speak. We are also looking new channels. How do we can reach our customers? Wolt delivery services has extended now to new cities where we do not have the department stores.
I'm taking Seinäjoki, Vaasa, Pori, and this is a new era in terms of customers in those cities to get deliveries from Stockmann. I would say our systematic focus on strategic initiatives and digital development is proceeding well and at Stockmann. This would not have happened without our team's strong commitment to get black numbers also for Stockmann division. If you look then the future, how do we see it in the coming months? We will continue to focus in customer centricity and sustainability. We will continue executing our customer-centric strategy. This means we are investing to improve customer experiences in online. It is also omni-channel customer journeys, and this includes various training activities with our employees.
We will further develop and involve our customers with the MyStockmann loyalty program, and we are investing and upgrading currently our Helsinki flagship, and that will be a continuous upgrade process. We are also renovating our Turku department store and Itäkeskus, as we communicated yesterday. This will be a new concept for Stockmann, and that will be visible to our customers then next spring in 2023. Itäkeskus will continue as it is today until Christmas, but then next year we will introduce a new concept there. We also have told you about Tampere ReLove second-hand store has been a great success here in Helsinki, and now we will open ReLove in Tampere before Christmas, and our brand-new kids' toy store will be opened also for our Tampere customers before Christmas.
160 years anniversary celebrations will be culminating in events and exclusive collaborations during quarter four, and obviously, the magical Christmas has already started. Our Christmas shops are open, and it is my pleasure to say that we are well prepared for a great Christmas this year. Systematic work on sustainability continues, and I'm happy to announce that we have been accepted and will be attending a National Circular Design Programme, and that was also this week communicated in our press releases. With this, I would like to hand over now to Susanne. Susanne, please take forward.
Thank you, Jari, and good morning, everyone. Let's dig into Lindex then. We will start with the sales, and the revenue was EUR 166.9 million, and this was then a decrease of -1.2%. If we look at it in local currencies, the sales increased by 1.1%. If you compare this to 2019, the sales increase was 13.8%. This means that we had the highest sales ever for the third quarter and that we also continued to increase our market share in the Nordics. We can also see that our sales in our stores and also online continued to improve and that our share of digital sales was 17.8%.
The share of digital sales was 17.8%. If we then continue to the gross margin, it decreased to 61.7%, and this is due to the less favorable U.S. dollar versus the Swedish krona. If we compare the dollar today, it is 30% more expensive than it was a year ago. We have increased the prices toward the end consumer, but we have not fully compensated for the currency impact because we believe it's critical for us to continue to have a strong price value so that we can continue our growth and also to improve our market share in the way that we have done for the last couple of years.
If we continue to the operating cost, it increased by EUR 1.7 million to EUR 61.1 million, and this is driven by strategic investments for growth, but also that we now have a more normal operation that is not related and affected by the pandemic. We are not also receiving any pandemic support in the way that we did last year. The adjusted operating result was EUR 22.5 million and the operating result EUR 22.9 million. This is a really high profit level if we compare this profit for the last couple of years. If we compare it to 2021, we have decreased our profit, and that year we had an extremely good profit level. The reason for this is mainly caused by the currency effect.
We continue to the CapEx, and the CapEx was EUR 28.5 million, and this is due to that we are now investing in our new omni-channel DC, and this is a critical enabler for our future growth. This is planned to be ready in 2024. Looking at the highlights then for the third quarter, we are of course really happy that we continue to increase our sales in all sales channels and also that we reach an all-time high for the third quarter. Also, something that is really strong is that we have our offering and also our customer-centric approach, and that has strengthened our customer base.
We have so far this year attracted 775,000 new customers, and this means that we now have 5.4 million registered customers that we can continue to build long-term relationships with. During the quarter, we also had a big launch and a very successful launch with our new brand, Female Engineering. We are now live on our website, and also we have these products available in 256 stores in nine markets. We will continue the development with new products, and we are planning to have new innovation ahead. Related to the Female Engineering and also sustainability, if you look into our webpage now or Female Engineering's webpage, you can actually see now that we're showing these products with the climate impact and also with the full traceability.
That is something that has been very well received by our customers and also something that the media has written quite a lot about. Also regarding the circular transformation, we have now taken the second-hand shop also online. We have done this as a pilot, and that was also successful because we have sold out all the items that we had available. Now we're looking into how we can scale this further. Last but not least, during this quarter, we also had a campaign, The Art of Comfort, where we try to explain to the audience how important we think that it is to let the kids be kids and let them play, and also that we know comfort like no one else.
If we look at Lindex vision and the way forward, according to the market outlook, uncertainty in the global economy is expected to persist, and the retail market is expected to remain challenging. We have already started to take actions regarding this. For example, we have been negotiating with our suppliers and also our landlords. Other activities is regarding automation and digitalizations, and here we have today 18 RPA processes running. We are also implementing a new PLM system, and a PLM system is sort of the heart in a fashion company. It's where you have the fashion and the product and design process, and this is something that will make it easier and more efficient for us going forward. We are also implementing RFID tags during next year.
Regarding our long-term targets, they are ambitious, and they are focusing on significant growth, that we will have high profitability at the same time as we shall reduce our climate impact. We are focusing and putting all our efforts into these three areas. We are now in the end of the October month, and for Lindex, this means also the pink month. We have been supporting the Pink Ribbon campaign for cancer research for 19 years. Since 2003 until this year, we have donated EUR 17.7 million. This year, we have decided to donate 10% of all the bra sales to cancer research. I'm really happy to say that we have reached an all-time high already yesterday, and we still have a few days left. Sorry, just one more thing.
We are really in an ever-changing industry that we are living in, and at the same time, we are also in the middle of a major transformation. Our strong development in recent years is a fine proof of our ability to meet our customers' needs and to be adaptable, flexible, and fast to meet the uncertain future. This would not have been possible without the hard work and great contribution from all the Lindex employees. I would like to say thank you. Here we will together also continue on this journey to create long-term resilience also going forward. Now, I would like to hand over to you, Annelie.
Thank you very much, Susanne. Good morning, everyone. Yes, looking into the financial figures then as well. During the third quarter, Stockmann Group sales improved, and that is due to higher visitor numbers and also increased average purchase. The revenue ended up at EUR 244.0 million, and that is an increase with 2.6% in euro, and in local currencies, it's an increase with 4.2%. Compared to 2019, which was before the pandemic, the growth is 8.3%. The gross margin has decreased, and the main reason for that is what Susanne explained, the unfavorable U.S. dollar compared to SEK.
The gross profit has slightly decreased then, as a reason for that, to EUR 143.7 million, although partly compensated by higher sales. The operating cost has increased to EUR 107.1 million. A big item in here is the provision, as a matter of prudence made for the LähiTapiola arbitration decision, EUR 15.9 million. Other OPEX that has increased is also the strategic growth expenses. Also that we have a more normal business operations now than we had last year due to the pandemic. This means that the adjusted operating result, excluding the LähiTapiola provision made for prudence reasons, then the adjusted operating result has decreased with EUR 10.9 million compared to 2021. But an increase with EUR 14.3 million compared to 2019 before the pandemic.
The operating result then ended up at EUR 6.0 million. If we look into the revenue and the adjusted operating result on a longer run, we can see that we have reached new levels. The rolling twelve revenue now is EUR 986.7 million, and that's an increase with 15.6% compared to September last year. Compared to 2019, the increase is 2.7%. The adjusted operating results, which is excluding all the capital gains and real estate of selling the real estates and also restructuring costs, then the adjusted operating result ended up at EUR 83.3 million. As seen here in the graph, there is a significant improvement during the latest quarters. Compared to 2019, it's an increase with EUR 43.5 million.
If we look into both divisions here, we can see that Lindex profitability remains on a high level and that Stockmann improves steadily. Compared to 2019, the Lindex adjusted operating result has more than doubled. Stockmann division was hit quite hard during the pandemic, but now is almost on a rolling 12 basis on positive figures. The cash flow continues on a good level, and these graphs illustrates both the cash flow for quarter three and also the cash flow for rolling 12 month. As seen here during the quarter three, the cash flow decreased. The main reason for that is that we have a higher working capital compared to quarter two, and the reason for that is that we are preparing for Christmas sales, and we also have longer lead times. It's a seasonality reason there as well.
We also have high investments for the Lindex new omni-channel warehouse, and that's amount of EUR 24 million, this, during quarter three. The cash flow on the rolling 12 months, there we can see that the cash flow from the operations is on a high level. The working capital stays quite intact, while the investments are high and EUR 25 million of these investments of EUR 50 million is the new warehouse for Lindex. We have also done repayment of governmental loans of EUR 40 million during these rolling 12 months, latest 12 months. That is the reason. Going forward, there will still be investments in Lindex's omni-channel distribution center. As said before, the provision, the amount is EUR 110 million. We will have coming CapEx during the coming years here.
Looking into the interest-bearing debt, we can see here that except the bond of EUR 67.5 million, the group is debt-free. If we compare to the beginning of 2018, the interest-bearing debt has decreased, and now the group is having a positive cash situation after selling the real estates as well. The balance sheet is in a much better shape now. We have lease liabilities in the balance sheet, and the lease liabilities are rental payments due under the contracts that we have. The amount is EUR 559.1 million, and the main part here is the future payments for Lindex stores. It's EUR 271.4 million.
We also have the Stockmann Helsinki City Center of the sale-leaseback here as well, EUR 189.7 million, together with other premises and the rental agreements we have here. The group shows a strong equity ratio and has a good cash position. As seen here in the graph, after selling the real estate, the equity ratio has increased significantly. Excluding the future rental payment, according to the IFRS 16 accounting, the equity ratio is 53% now, compared to one year ago, where it was 22.9%. Despite more shares, because the shares has more than doubled compared to 2021, the adjusted earnings per share is stable anyway. Which is also illustrated in this graph. The guidance. We have not changed the guidance.
Stockmann expects an increase in the group's revenue and that the adjusted operating result improves compared to previous years. Guidance is based on the assumption that there will be no major changes in consumer spending during the latter part of the year. Geopolitical instability in the world with high inflation and challenges in the supply chain and international logistics, as well as the challenges of COVID-19 restrictions require that both divisions have to be adaptive and flexible to meet the future. It's the same guidance as we have given before. The market outlook is the same as well, where uncertainty in the global economy is expected to persist throughout 2022. The geopolitical instability will affect the supply chains and international logistics, and the COVID-19 pandemic will continue to have an impact on the economy across the world until the coronavirus situation is under better control.
Additionally, the accelerating inflation has an impact on households and consumptions and will also lead to increased operating costs. The retail market is expected to remain challenging due to changes in consumer behaviors and confidence. The Stockmann division will continue to execute the restructuring program and Lindex to explore new growth opportunities. With that, I end up the financial presentation as well and welcome Jari and Susanne for Q&As here as well.
We are ready for the questions. As we have participants in the room as well, do you have any questions? Yes, go on.
Mm-hmm.
Yes, I'm Pirkko Tammilehto from Kauppalehti. I was wondering, do you have to raise the prices because the inflation is so hard now? At Lindex or you already said that you have raised the prices. What about Stockmann Group? Do you think that will affect your customers that you should raise some prices because the inflation is so high?
We have been increasing the prices constantly and obviously we look category by category. As you can see in the results as well, this is thanks to increasing prices and being really focused on the right price level as the inflation is high. It is, I think, important to remember that there are different kind of customers, there are different kind of price levels in Stockmann division. If I take Stockmann private labels, they are affordable, good quality value for money. We clearly see that premium luxury is holding very well globally, but also in our sales. It is a combination. We need to be very careful. We need to follow all the time the customer behavior and, but so far we've seen, it's working well.
You have a question, yeah. Regarding the inflation for Lindex, I would say it has not really affected our prices or the intake prices. It has mainly been the U.S. dollar because we have been able to mitigate sort of price increases in the way we're doing the garments and the products. The impact of cost has been due to the U.S. dollar and SEK. As I said, we have to some part increased the prices to the end consumer. We are also a little bit careful here because it is important that we have the right price value, so it's affordable and the consumers can actually buy the Lindex clothes, and I think that's also a strength onwards.
About the customers here in Stockmann, you used to have a lot of tourists from Asia and from Russia, and those both are now away, so they are not here. You have more Finnish customers. Stockmann is now tempting Finnish people also.
Yes, we have the loyal customer share is above 70%, so identifying as the Stockmann MyStockmann loyalty customers. We call tax-free tourists from Russia or Asia, they disappeared already before COVID. When COVID hit, we had to adjust our operations that we cannot be basing our business on tax-free customers. We've been improving our position with the domestic customers, but it's also Helsinki and Finland as an attractive destination for Europeans. This summer, we saw already that Southern Europeans came clearly back to Helsinki and Finland. We are not yet recording the same level as 2019 in terms of tourists. If I remember correctly, Helsinki was announcing we were roughly 80% versus 2019 in terms of tourists.
Yes, we have European, Americans to some extent, but also domestic and we are a destination also for those who live in Oulu.
Okay. Thank you.
Yes. Samuel Williamson from Nordea Markets Credit Research. Thank you for the good presentation. Just going through the communication here, that you said that this, if you exclude the bond and the leasing liabilities, your net cash, but also your net cash including the bond. What is your overall feeling when continuing the restructuring process with the outstanding bond? I know that you cannot say directly, but just, again, overall feeling, because the coupon is very low, but on the other hand, it contracts your possibilities for dividend payouts out of financial restructuring. Even though it's a cheap bond, but trying to just figure out your communication, you try to exclude it and so forth. Like, what is your overall feeling?
Are you, for example, looking for early redemption or just comfortable with the bond going forward? Thank you.
Well, the bond is until 2026, so we're having time left there. Of course, we are looking into how to get out of the restructuring program as soon as possible, of course. That is what we aim for. We will look into more financing options after that as well.
Basically the key challenges with the district courts and the disputed claims as we are reporting, when do we get the decisions from the courts? That is the key mover in terms of getting away from the whole restructuring process. It is more, how do we finance the growth we are doing currently, but it's also how do we get the decisions from the court in order to get out of this?
Okay. Just a conclusion, does that mean that the disputed that you have the EUR 45 million, that's something that you will solve first before looking at the other options?
Well, we have to basically, or then we have to come to an agreement with these who are claiming that we get out of the restructuring process, but these claims will continue in the district courts. There are different alternatives, and we are looking at this together with the administrator, how can we get out of the restructuring claim? I can clearly say that our suppliers trust us already. There is no issue in that sense. We want to get as soon as possible out so that we are, you know, openly working with the financial markets so that we can invest for the future growth. The disputed claims now need to be solved first.
All right. Thank you.
The online questions, Fia Lindström asking, how is the remaining Itäkeskus lease contract?
If I put it this way, when we filed for the restructuring, that gave us the opportunity, why partially we are with the disputed claims, to negotiate new terms with every landlord, and in the case of Itäkeskus, we agreed. I don't want to reveal the agreement, but there is a possibility for the landlord to take the second floor for other use, and that is in our agreement, and this gives us a great opportunity to pilot new kinds of concepts within Itäkeskus, but not in the mind of Itäkeskus, but more in the mind of future growth.
Mikko Lahtinen asking, how do you consider Lindex gross margin going forward? Could we expect it to normalize when currency stabilizes?
Yes, as I said, the currency impact is huge in the intake price, and the dollar has become much more expensive than just a year ago. If we have a more positive exchange rate between the SEK and the U.S. dollar, that will have an impact for us. If we look at the fourth quarter, we have already bought the items for those months.
Arimatti Alhanko asking, the price of the cotton is down by 50% from the peak. How soon should this have a large positive impact on the gross margin?
We are buying mainly sustainable cotton, so there's a slightly different price level there. Again, we have been able to mitigate some of the currency impact also when we have negotiated the purchasing prices for our products. I agree there's an opportunity also going onwards, but to some extent this is already done.
Fria Lind Ekström asking, are there any plans to change the company name to Lindex to better reflect the main business of Stockmann Corporation?
I think this question comes every time, and there is no plans to change the company name.
Two questions from David Kantola. The first one being, "Of the still unresolved restructuring claims against Stockmann, which one is estimated to take the longest?"
It's difficult to say, because they are all proceeding in the court proceedings, and we cannot. We don't have the visibility where in the court processes each case is. We cannot really give any estimate. We obviously hope as soon as possible, but we are not managing that from our side.
The second one being, what is the time schedule for the Supreme Court granted Pirkanmaan Osuuskauppa's appeal arising from the termination of the sublease agreement, and will that appeal have to be resolved before the restructuring can end?
Well, as I said already, if I start with the last question there, obviously we want to solve the claims or the disputed claims with the district court. There is a technical possibility to agree that restructuring ended, but there are the disputes continuing in the courts. When it comes to the Pirkanmaa, it's in the highest court or Supreme Court. We could expect that it comes before end of this year, but we have no control where the process is as a whole.
Mattias Böhm asking, "Are Lindex costs associated with the new products and brands expected to continue in the following quarters? If so, in what scale?"
Okay. Regarding the cost increase that we saw for the third quarter, it is due to some extent to our investment in future growth. I would say mainly, the cost increase is due to the new, more normal operational sales, since we don't have any pandemic effect and we now have been able to have more staffs in our stores, for example. Yes, we will see that also in the Q4, that we are investing for future growth.
Arimatti Alhanko asking: Freight rates are down by more than 50% from the peak. How large positive for a tailwind should this bring to your gross margin, and how fast do you expect this to happen?
Can we repeat that?
Can you repeat?
I couldn't really hear.
Yes. The freight rates.
Yeah, freight.
Are down by. Yeah.
Yeah.
All right.
All right. Regarding the freights, yes, we are gonna negotiating that, as we do with all the suppliers right now. We expect quite a huge decrease in cost. This is part of what we call the estimated landed cost. That is the cost that we have on our products. The decrease in cost that we get now will then affect maybe four- six months later. Yes, we see that as an opportunity, and we have negotiated the prices.
And then-
I think it's important to understand that when we buy, for example, Lindex, it's a long lead times. We are well ahead within our buying. Same goes to Stockmann division. Some brands already requesting next autumn decisions.
Mikko Lahtinen asking: It reads in the report that the company considers the LähiTapiola arbitration decision to be erroneous. What does this mean, and what is the claim, and how will you move forward in this matter?
Well, as we state in the document, the supervisor has announced that the company and the Helsinki District Court will not request the district court to amend the restructuring program based on the arbitration decision. It is supervisor's view that no payment based on the arbitration decision must be made to LähiTapiola while the amount of the receivable is under dispute. This means, in clear English, that the supervisor is reviewing how do we deal with this, and we are currently evaluating what does this arbitration decision mean and comparing that with the other agreements that has been solved during this process.
Mikko Lahtinen asking: How do you see the growth prospects for Lindex in the near term?
I'm maybe repeating myself here, but we are still investing in growth, and that is the plan. I would say the plan, number one, what is most important is that we continue to improve our market share. It is hard to say what will happen in the near future with the consumer behavior, but the plan is to continue to grow.
If I may add, that we've been very clear, we need a new distribution center. We need more volume in our distribution, and that's what we're investing now. We're investing for growth.
Jari Salonen asking: I think you have a parking lot at Itis. Will that parking lot be discontinued?
No, it is not in our ownership.
Matti Poiju asking: Is the gross margin of Lindex expected to come back into previous levels in the coming quarters?
If we compare the really high gross margin that we had previous year, I would not expect that to happen in Q4, due to again the currency impact and the lead times that we have when we are designing and buying our products until we have it available for our customers.
Kari Virtanen asking: How big was the total negative effect of currencies to the reported EBIT for Lindex?
It's difficult to say exactly how big it was, but of course, the gross profit for Lindex decreased, and the main part of that was the currency effect. I would say it's the effect from gross profit drop.
Jukka Parkkinen asking: Could you clarify the rise of inventory compared to the levels we have seen in previous reports?
I can maybe start.
Yeah, you can start. Yeah.
I mean, it has been quite uncertain times when it comes to the lead times from Asia to the Nordics, so we have been precautious, I would say, from both divisions that we think it's important that we have our products available for the winter and for the Christmas time here. That is a decision that we have taken. Last year we actually had a little bit too small a quantity than we actually wanted to have, so that we can see. Our expectations for December is that our stock should be lower than we have right now.
I fully concur with what Susanne said, and we've been adjusting all the time with the logistical challenges, but also with the suppliers, and we wanted to make sure that we are not missing any quarter four sales and especially Christmas sales for Stockmann. That's why we've been taking the goods already into our warehouse, clearly in advance versus what we've done previous years.
Lee for Lindex asking: How do you see the Lindex gross margin going forward? Do you see more pressure from increased costs, or are you expecting a recovery to the previous levels?
Talking about short term, again, we have the currency effect that we have. It's difficult for me or someone else in the company to do something about. When it comes to inflation, I would say that we have not seen that kind of effect, and we will not see it for the coming quarter either.
I think we need to follow also lot, like Annelie said, in our market outlook, the geopolitical situation. None of us can really say what is going to happen in Ukraine now and what are the impacts, and it is to be agile, adjusting to the situation, and adapting the best possible way in every situation. I think we learned during the COVID and now with the geopolitical situation that we need to be very agile in adjusting to the situation. That can be also seen positively. We are agile, we are adapting, and that's why we work. Giving estimates for the future, that's not in our hands.
Fria Lind Ekström asking, "How much did the exchange rate changes affect the EBIT in quarter three, and what was the adjusted Q3 EBIT in constant currencies?"
That is not something I want to come back with. We don't have that exact calculation today.
There is a next question about when do we consider spinning Lindex?
My answer is this is not the management decision. This is the board of directors' and the owners' decision. No such plans are on the table as we speak.
Fria Lind Ekström asking, "Do you plan to hasten the restructuring progress by seeking settlements outside of courts?"
I think I answered to that question already. It is about getting now the next court decisions, especially the Supreme Court of Finland decision, as the decisions so far have been favorable. The one we are questioning now is the arbitration committee decision concerning LähiTapiola, because this is contradictory decision with any other decisions. I think we've been communicating clearly this we need to do, and we have a possibility to get out of this if we get an agreement with the disputed claim holders.
Yes. Here, the last question from Ville: "Can you see the possibility to list Lindex separately in the future?"
Well, of course, there are possibilities to list divisions separately, but as we speak, no such plans on the table.
Yes. That was the online questions. Any more from here from the audience? If not, then.
We say thank you. We, both Lindex and Stockmann, welcome you for shopping. Now the holiday season or the Christmas season is approaching. Welcome and have a nice weekend.
Bye-bye.
Bye.
Bye.