Qiwi (QIWI) 19 Nov 202020 Q3 Earnings call transcript

Good day everyone and welcome to the Qiwi Third Quarter 2020 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the call over to Ms. Varvara Kiseleva, Interim Chief Financial Officer of Qiwi. Please go ahead.

good and operator, you, morning everyone. Thank the to Qiwi’s third call. earnings quarter Welcome am Financial Chief Kiseleva, I Interim Officer. Varvara Payment Executive with And me of Chief Officer; today our the Officer Kim, Chief are Executive Andrey and Services segment. Boris Protopopov, replay Thursday, X, until XXXX. be December this will A of available call which at Access information investor.qiwi.com. release, is at our today's earnings listed for available in Investor the press replay is Relations website

the recorded listening to replay, on XX, those was and this For held November XXXX. call

our that Reform guarantees this I as statements would like cautions XXXX. future everyone subject known these for forward-looking under to Before to performance Commission and update are These occur expectations forward-looking may made expectations that the refer Please any statements any Exchange most XX-F we to future statements Securities Qiwi on to call that filed from statements and remind could to and with factors they the Form of begin, contain undertake to forward-looking after reflect differ statements All Private current reflect Act forward-looking defined actual events that results recent performance. Annual risks are unknown our our the no uncertainties. materially call. not obligation statements. cause are Securities Report for today, about Litigation of and only, Company's this we

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

good our quarter joining and everyone. Varvara, share financial today. call on us I'm you, XXXX results. third glad to for this Thanks Thank morning,

segment Payment as This robust other in as continued Services quarter, to demonstrate projects. our performance our well we in

profit in third net our streams. and was supported delivered growth. as abnormally events in solid well by largely and as XX% including Payment several net the revenue segment results quarter showed self-employed sport factors, This Services strategic Our growth growth of high-density

also sale the across include of well business being that also us on quarter, of to our This as SOVEST to the closed payment all core projects. optimize improve can and efficiency refocus wind helped This operations This on our we as and we interest and of synergetic Rocketbank. be competence. products, key our projects continue to said, down the consumer successfully

trends I further, Russia. deterioration several important of like of disposable to we that Moving would I with as Moreover, currently we the may in expect and increasing factors, see other believe for of our are to business. incomes the result how several Today, products a related you share coronavirus. consumer spread further uncertainty

purchasing effect substantial of on any seen yet the of decrease not have the operations. our population We power the of

Our diversified negative cushioned key trends portfolio of so the services and markets circular growth in far. our

XXXX. expect However, we effects to into negative may visible forward and going be certain

robust continue amounts and develop sport key the and both the transactions for banking and Secondly, limits in in transactions, we future requirements, in and may of of are limitations, Wallet specific wallet the cross-border and respect establishing the regulation more to in of include the elaborate market. to markets. more digital types constant our the QIWI of regulations to see bodies stringent maximum past our certain respect rules likely have of noted and default This products adopt governmental in regulations respect

formally operations. different initiatives impose that legislative eventually of today, become additional being proposals or bodies, is our pressure a by number As legislative discussed and of on informally, can legislative loss on

guidance situation that reliable see but any the new course. environment, results our and have we continue closely Despite we operating of assessment now, economic and and these XXXX we of do may impact to challenging of for and to digitalization developing operations, XXXX monitor for are uncertainty, including due the general trends solutions. through that on and diverse in will strengthening niches well the and long-term, to As services make best-in-class provide I our cannot believe services. business our mid-and self-employed continue growth we certain digital our our as in provide positioned clients opportunities trends, ecosystem BXB well products with as

Now on some operating highlights.

net as was billion. NPL was Payment million increased the RUBXXX minute bank Rocketbank quarter total million the positive to of reach in quarter year. RUBXX in total other the by category million mainly continued period the by factoring in Factoring the year. XXXX, to primarily segment Factoring Third to prior Most as segment XX% by and and of million revenue other Services negative results net prior compared Factoring in on well Net third growth to the growth. driven performance Factoring well PLUS products the low to discuss XX% guarantee from to as a grew including growth driven revenue of corporate expansion other PLUS of guarantees through segments. projects you portfolio Services and the the of Other RUBXXX scaling in The reach revenue was In billion was grew portfolios. revenue our as revenue for our driven compared the maintain category RUBX.X by while net by Bank billion. of net up XX% increased Andrey same third and the net Category. performed third revenue year. RUBXX.X I to growth effect level. quarter Corporate RUBX portfolio prior revenue and the of of Net contribution projects, of quarter for RUBXXX walk XXXX. will Payment third billion, by reach revenue opposed the to quarter RUBX.X and XXXX increase as

the as trends XXXX by PLUS was see, well third the compared we results in Tochka for as expanding products the product and third with our aim the project revenue decrease quarter current low develop the to in also million in these the from currently time, RUBXXX million Factoring proposition. Given products XXXX number of RUBXXX we same net revenue At quarter of scaling revenue resulted the settlement by of from Tochka year. QIWI. the clients a to and generated the the primarily prior net active of consolidation to contributed due starting Flocktory December growth. from cash net services projects further declined revenue

investors, ever down of projects the job October again As the I we done. already team debt Thanks Rocketbank XXXX, happy service Russia Further, to share first quarter, ruble-denominated in bond entering placed we we and for processes. give completed an mentioned, in but to mention will value in concluded would I'm believe successfully is belief our shortly, strong a will details our the good third that both more and general business. market wind and like the sale QIWI which joint placement outstanding the Varvara that market. in you institutional from QIWI to I that retail sign is as story the well customers interest as

determination right glad to ratio approved on, the Board XX% of target net provided. the that our reserves quarterly with financial following it committed dividends results, XXXX in XXXX is per payout at payout necessary of the in as quarter of to so We target total the that annual adjusted accordance to Moving third least approved distribute Board remain of I'm share. $X.XX the of the has a dividend announce the deems March. Board of dividend Directors by the profit the for Directors The

payout vary ratios each may or the above for quarters, provided However, big below maybe and target.

in of that. Financial the Officer Finally, over has year Pavel Korzh, QIWI, to as He effective finance. the in announce I and would of Chief Bank QIWI the of CFO QIWI XXXX. experience August has served Pavel years as joined appointment like of December X, to before this XX

expand and this, execution convinced knowledge, our turn call will that on background Services Pavel's delivering Andrey? will impressive strong financial to our update growth, Pavel for able I'm help further on to business and further. With business. Andrey the an extensive strategy Payment support focus I over Given be our results, us

everyone. us. good Thank you, for and Thanks joining Boris, morning,

of Services Moving onto the results segment. our Payment

billion, decline telecom by vertical. quarter growth primarily money market financial XX% XXXX, to by and the RUBXXX in and For segment Services market E-commerce volume limited our offset vertical, by Payment a increased services driven third in

number recover mobile majority to the was growth from of remittance at remittance by abnormally Kantan different digital entertainment to once in also money of our were are over. increase largely the performance resulting current volume performance driven system As strategic stream, the growth to well restrictions lockdown contributed and other subcategory. see of scaling started growth of also volume June large was the Different cases recovery by a corridor, of in of a by started Hence, payouts development of sports as the underpinned resulting the events our Money strong as we've The self-employed driven of time Significant by in the E-commerce calculate. the occasions, Remittance Tajikistan offer use track. same we extent the application. to the on are porter continued the money eased self-employed from as discussed compact on back the primarily verticals

to Park travel improve connected to or affected the over adversely services be XXXX, taxi and some categories by third and such and in and connected support quarter restriction innovations. to same other use continue example, primarily further companies, the order in several distribution, to develop related time, to platform At continue for growth taxi the self-employed of slowdown. repayments stream in economy the For our as overall physical COVID-XX ticketing the cases started XXX to loan the we our our to

seen our maintain order Russia, Boris continue At time, product but our some for in our risks resilience deterioration cases our the like, we developing categories so distribution, situation and slowdown the e-commerce. situation of best to closely power not mix how our can believe volumes affect core diversified our we use lower including negatively and have purchasing monitor growth, not revenues moment, of product. categories, doing far, move In to from remain in population As of any same mitigate our or key only the the we mentioned niche significant misses. we physical and further thanks that evolves, cautious to from and At uncertainties. to example, new resulting

for developed in we our cementing our BXB groups will loans more payment as and For certain segment, and certain card and as for Rocketbank. our demand our debit clients, believe relevant that product All BXBXC key growth. partners We and as help services piloting focused are position for projects really user diversified such service program credit well our product the us such employees in expand market proposition our provide services. example,

in billion net Payment to year. payment Services RUBX.X prior prior back reached average primarily payment RUBX.X billion the billion, growth Payment the third net up by from adjusted billion RUBX.X the revenue RUBX.X increased volume the to increased net supported XX%, segment results. of adjusted slight the quarter revenue. XX% Going Services to revenue year to due compared improvement

risk was average Remittance verticals year. acquiring net Interest million bank Payment such volume in two driven decreased due share prior declined and to Fees X.XX%, to At in million adjusted net revenue yield time, increased yields proportion mix RUBXXX compared prior points million Money of for and basis and total volume. by to the from Money X% payment central Our year-over-year year-over-year, other to revenue payment of revenue adjustment. up E-commerce mainly the higher lower accounts as, with same Remittance inactive by as E-commerce rates. adjusted due changing have year. RUBXXX and was the unclaimed low-yielding million year-over-year to for RUBXXX net increasing adjusted revenue in product Services products, RUBXXX example,

and rather continued million quarter, being the RUBXX.X economic have discussed product impact that and our XXXX, the see continued XX, initiatives to Wallet we did declines slowdown slowdown. We active time that increasing changes regulatory from same than operating substantial QIWI September performance operating believe believe any of economic a models. at the affect operating This such million future. in reason the Such RUBXX.X decline decline our the potential from financial in key primarily of At consumer well as that performance regulatory time to for diversification not negatively as proposition to September factors resulted our XXXX. certain time, substantially in of XX, the to to preferences are related as in due number we that operational to

by performance Our key and growth supported robust quarter products was of this competitors. our

users, believe of our Varvara we optimize the sustainable Although well at for ahead and challenges and see grow on that business a cautious, group. we to improve growth. moment, we partners. merchants With to the initials and I remain work of working many create positioned our our continue to are pass the in financial this, over for services, which use developing more for operations we are performance and new our ground in will cases order Simultaneously, to details to lay Varvara? suite long-term

Andrey. you, Thank

Moving on to expenses.

Payment our Services demonstrate as by through supported our successful the operating year. our other divestiture to flows as significantly the of our we cash control quarter, investment operations third optimization projects of segment implement This to efficiency our strong best have key projects. well of measures In performance that we the as well margins as continued this in good generated started and other intensive beginning of cost overall quarter, increased performance have

and both I refer Before like to we move numbers the operations will under on, continued IFRS. I of highlight include going that forward segment that would effects discontinued the to

billion related factors in gain million and prior of share-based of tax. slot. in prior from This growth SOVEST projects million was being as net better increase payroll the selling, decrease and the year. resulting profit that year. compared Services prior to from by doubt, EBITDA decrease as was in expenses RUBX.X third quarter IFRS adjusted was from to year RUBX prior in was expenses expenses, by advertising with Payment expenses Payment was million financial. prior discontinued total in as excluding expenses said, as and from adjusted billion an general primarily same in activities. predominantly sales from in marketing, consolidation expenses RUBXXX and bonus by avoidance resulting performance revenue primarily to mainly growth, and and the and personnel to of of net acquisition accruals RUBXXX XX% XX% driven effect administrative resulting offset of presented offset in net of driven foreign X.X partially termination margin and profit network taxes, operations increase XX, income administrative in recovery Services September and loss XX% personnel BRL well the Android increased Rocketbank client segment the higher driven segment administrative excluding Rocketbank EBITDA by by of from profit increased third XXXX, underpins to Adjusted the expenses driven by of due marketing as adjusted compared million net primarily share-based the billion. credit quarter growth of well revenue decrease are to Adjusted and the as segment year. to by payments, to the RUBX.X as Forest Services a adjusted two Services EBITDA RUBXXX an Payment personnel expense revenue a primarily well EBITDA quarter decrease by payments increased net a well LTI general program. wind expenses, This personnel primarily selling, resulted net segment exchange in growth increase cash-based period payment compensation in same an as in bank the as the to billion compared primarily year, related by in related the for The XXXX of loss For network growth down. the Consumer expenses, compared is project our impacting as XX% Financial the period RUBXXX the selling, of resulting an project the increase offset Group credit effect as same general margin

a good primarily significantly is development that in At the was final of Factoring same below unsecured PLUS debt coupon oversubscribed. projects, interest project. number our work in bonds optimize the funding strongly a due to opportunity initial portfolio and At and October raising it moment, strong As the the we of XXXX. of placement enjoyed QIWI purpose X.X%, believe a has for capital Boris billion current of structure. mentioned, the XXXX, was Factoring the time, range growth funding do RUBX the The placed has already main

guidance. Now on to our

that to on of moment, have the like everyone at COVID-XX would outbreak remind well regarding certain of as other we our business. potential limited I strainers visibility factors the impact coronavirus the as Firstly,

In that negatively length will it outbreak demand addition, currently and is of whole? consumer the the from impact how on the and coronavirus outbreak full and The effect much of will of macroeconomic be clear severity on our the the activity will economic and is what on affected depend market. COVID-XX uncertain have a as in environment remains

and such current of severe deteriorate more only could our this be expectations as the If business earnings reflects our the trends and of were further see outlook date Our we and expected. based to on the impact on views than trends currently operations call.

we group monitor respect to We our revenue over Payment over to increase that, said guidance Having XX% to continue Services total by XXXX, closely. expected XX% outlook, the by increase revenue to XXXX X% XX% while increase profit of to segment XXXX. in net XXXX. situation over expect reiterate to we net to by XX% adjusted X% net is

call the Although that, certain of the we the year. remain beyond our and nine our for see course performance, open right solid in for is other operator, results our control With reserve XXXX guidance please our months questions. to foundation a as revise up factors the

Thank you.

proceed Our We line will of & Please with be the question. your question-and-answer session. Davletshin come from first conducting now Wood questions of Ildar a [Operator Instructions] Co.

Congratulations with results. strong good

the core segment. one wanted just payment particularly, ask your to question on So I business, E-commerce and

yield, noticed is net understandable. revenue in decline this partially So, we which

is Or yield maybe risk this question employed, same And X.X% also segment. have like Yandex still the there the sort maybe seems progress. And bit any that operations? next like of maybe competitors you're around about new At revenues, you little also like in see you your other you to overall a prospects competition very of like about contribution and other talk in terms just it you of so and niche direct operate also like on for in it's Sberbank a in it plans little see forward? if more self kind the then see Could making progress. making going you terms separately, level this the revenue is, more sustainable as could do good years safe the if on of Do it's you seems there, the time, potential? good that speak or bit to that downside couple the of your maybe a

your I will one Thank the you for first regarding yields question. cover self and E-commerce employed.

the acquiring E-commerce, for more described, QIWI reason, traditional a online as a sell product requires broader now we share the our the inline our versus range of of growing versus in Wallet. traditional that we bigger in So

those So, E-commerce. see this not are South would I generally say certain trend. a will the growths would Talking targeting employees, about entertainment that are that specific, higher traditional we normally say, We're targeting you thank we level be I markets. Though that because our E-commerce's of we yields we on believe quite digital high versus may itself have. where employed all

and metal and we are where markets it's companies on drivers, taxi markers others. some scrap for taxi including, example, So pickers, the and those web -- playing,

our each those say, interesting yet, we the others, is a competitive partners At I lot would would is playing including industry in competitors markets we in some not our reflection that kind same in focus time, and advantages are say and same because the with build we exactly the some of are other. tailor-made we I those growing. markets competing at markets. that have that fit of with certain those overall, in And a this time, tailor-made markets have We in market solutions -- is

the base. competed even the taxi is cash-based how of payment market, more scrap the market, drivers cash are with because market to portion the We companies the of of in the metal taxi are pickers of majority cash on curing market the big

the from would move that fact to more is are I this move be payments and will go. there, there grow cash-based those to still, players payment online the huge this So will say, -- opportunity to -- the

in competition. have are So markets, we in those it's to good a way, -- a

niches products, rate I While the our, to to have I would have the would focus would competitive the broad say, not be to specific on provide say, where we larger this, a but strongest can market try operation.

on just your maybe comment. Okay, check a double

E-commerce expect the will you because that in be isn't didn't Or clear? the do sustainable? this get answer the quite yield revenue I So line to

voice. please So could repeat? you your There down something is

Yes, I yield. the the about the answer question first was to on revenue net ask to trying

So, or can -- the is the sustainable level is think you down we third in can level? do go quarter, saw which from still this this go

though still some quite go Yes. I I a down said can would will overall. stay it think on high, bit, say, that I high it quite level

down in may a the go well. as it next So bit quarters

the next question Chris line William from come of Blair. with Our Kennedy is

regarding businesses. have story, new Sorry, we one our had we I question think -- more

could I if comment So it's possible.

So, you the question Rocket. know was On new of winding for about closing midterm after project that long-term down and businesses. perspective, selling contribution on and service

midterm plan. horizon on verticals XX%, on at that could the -- of new business the during our the long-term in XX, year, business very perspective, We and working we Factoring XX% discussed say still they group expected pandemic than they We the -- PLUS. expect still and as performed And strategy these level. we like call, XXXX, us on this have. performed well. previous we could net COVID I bring could But especially on at our better even revenue businesses And the we we are of during say beginning have to our Flocktory

apologies. Okay,

of Blair. Our question with Chris the line from next Please Kennedy question. William your come proceed with is

of profitability on Great. talk the Boris, those? one can initiatives, follow-up about you long-term BXB those

about how the their that business us to and sustainable question model, is. it believe I factoring Yes. is

for talking this about decrease margin. with that special have very special, also could enterprises, We In reliable segment and work medium-sized companies. some in expect margin the rather of not them, in for the we time. it's because see long-term We enjoy them, of the other segment. And question perspective, rather will at So we cost margin. the a margin. could midterm question high and profitability moment, a for hand, that expect And big, of on NPL, And NPL we the good retail in of such is compared very think of re-seen Around profitability to And the a risk it's to contracts a two for say, in which small we have as medium-sized in resolute, practically and reasons. be general, loans. small operations enterprises, we high and XX% in which XX%. loans

In fact, from operation -- with these companies, we X%. have a cost crisis. in Even of this risk less this than during

Okay. potential can And more QIWI's how helpful. potential then That's on changes just how you would give the would little Russia business bit you regulatory color very navigate that in and changes? and a impact

as Well, two regarding have bodies government we and from key the initiatives markets. few mentioned a I earlier, legislative

prepare is two whole is new regulation increase unified and changing change of makers. terms ownership. quite in one And of about betting. for laws, the Russia which of government, bit mean of slower new bookmakers level the even legislation we at creating laws which in I the companies taxation now changing bookmaker being the is astonishing July, the first beneficiary just in book about terms legislation the discussed including The adopted offshore And in And further second of different for is at because low now a they the taxation the TSUPIS. and are two

here. is Now I remind of two TSUPIS, you, TSUPIS we this one have to

e-money wouldn't central of about they the that's and our the regulator second wallets, but about any of of change very owners of the in trans-border and office for the important their wallets. QIWI a that's very to early of try reporting or I on And regulation. that e-money bank a business, level At course, the effect to predict impact federal wallet law to in sign operations. is mean, of It taxation a especially -- for -- payments. but operation electronic to for this the it's moment, introduce attention form So, shows the directly special material about it's sure foreign

on this in limit attention that sign an a they that could and this of could And operation. could business case. it's impact So, potentially have -- such our

BCS. question line Maria your next of from is with Our proceed Please come Sukhanova the of question.

just bit a on wanted little the part. more to to elaborate ask I circulation

Specifically stressed please press know on there section specifically single we you have mentioned front have general background just regulatory for been risk. regulatory this release, far? you us, more as that developments -- I'm general. tell in you And grading Just risk about seem this TSUPIS, could the wondering is about so to risk like business

So concerned I been on point. so you or front are is so negative? feel fact stressed really going you there like the reflects now just be, have the it that what's wonder about regulatory have it because far, more many regulatory more this initiatives might indeed that environment you which to helpful understand, in at together if if approved, So potential just is

may hear your can't be response? I'm one muted. lines the of sorry. We Unfortunately,

Thank you question. for mute. Sorry, was on the I

at situation is about August, which draft which now it's has or when books now had talking Parliament. law, since from government. federation, the it was we just since in the earnings last call, And August the single a in TSUPIS, changed of proposal in a discussed level September So because was

law And even this consider put I a it's sentence lots. That's who our to be single to be is they draft adopted and in will predict That's progress huge will TSUPIS. this the this will because text started so, why draft changing. moment, eventually. the what in At whether mean, we be the the final And press difficult this. release situation

that, becoming And the chance but changing single half to even will much the TSUPIS. it, be the for us of that's instead of uncertain. is better half situation true more have going also to because We serve we be a the here, is of market and whole is

of follow-up in down or do of this to you slow year Factoring, the just to respect? double you RUBX by on quick billion reason the a like And end confirm plan half-on-half still portfolio a the

Yes, I'm comment. please sorry, Boris,

Varvara, go ahead. go ahead, No,

Thank you in the to is QX. increase see for outline numbers always and business portfolio course, your question. in seasonal, quite Factoring I we significant wanted that, of

be slightly probably given though less proximity. more However, would less portfolio or on the would of current in I this, say, than course, RUBX billion levels, -- the

from next the VTB Our of come Vladimir Instructions] line Bespalov [Operator of questions Capital.

a in Congratulations also the issue. if like and Andre of event? remarks on what rough worst-case Could on net this could thank for scenarios. my heat follow-up regulatory of this this mentioned, very prepared project you a metric your for could new adjusted given single your of scenario, estimate taking you also the the what are whatever the not or elaborate question. little on to on maybe this the situation a Probably give performance? on we I maybe And develops project? And in that to kind take good question numbers is And what assume my funder do revenues you X% some bit have contribution would stress in Tajikistan, you case you I -- it. to

Let your me of Tajikistan part question. talk from the start from

So Tajikistan is falling. store

So And a the say, remittance the starting so. companies not to players Bank was Russia do new of end companies the, money able Tajikistan regulation all in from trade. for to let's there the of for last key year, the were from Central

application year, go. our there. partners, mobile product Moreover, being successfully from So grew we in well. to as for app, we get able it's from the clients quarter enriches proposition growing quite do to bank and to And able and money launched directly volumes send quarter from mobile in it be that kind this our retail the second of contact of competitive this our advantage significantly

volumes of in revenues grow of us that the contract this the terms year all quite and money help significantly. So, to

now doubling say, close last So I year. to versus would

volumes. So quite specifically that the our strong, mining vertical, terms in impacted remittance of

Yes.

just parent, single regarding already show but is the So, first that XX% government, legislation on XX% scenario this level Only are laws government. betting. of still the I competitive still but supers of such the question moment, because even goes to not and from your further the law, could in are early one the just being the about parliament. which the to reading there the one discussed very it's the make two laws. statistics it's first will not Russian the into itself, At be at first because the parliament At And stress from and the on the it's answer Parliament -- And of even. region. which stage, only to in second not region, it's

real that if moment, legislation say What be So when adopted. will net I the and hit it's our would revenue the be this very discussion. will a at on theoretical

So on give at that, we couldn't But the future. to discuss revenue and an moment, have impact warn to just in the our be net probably numbers. that you, we you could we any have

of Kurbatova next proceed Our with comes Alpha your with from question. Bank. question the line Anna Please

Two minor questions. you taking about operations. Thank questions my for

First of the of scale with now until expectations? could the in the net transaction the volumes, more that Rocketbank pretty some making guidance bases are that to end in has on I part or Do provide EBITDA volume some volume in the you same quarter? SOVEST, unlikely on or of give note we losses assets, year the -- these all, the fourth and us second you the telecom significantly question, intact quarter. expect further result in reduced the your And third by business XX the purchases payment

trends color there? make please So some almost

your for Thank questions. you

two with business our any represent in Rocketbank being Rocketbank the with services We costs winded closed And associated the -- they're as part as SOVEST So, not sold regarding business cost Boris have and as amount. all and transaction. in expectations, well pilots mentioned, payment QX those and Payment and the don't that costs costs are operations. projects expect any of do any associated question, material of material Services we on substantially already XXXX, down associated with first we SOVEST

the we on SOVEST to guided is everything QX for and expect our respect, that books this in this Rocketbank year. already booked QX that to have losses earlier and this have that for in record been total we So

Regarding the telecom this question, performance physical with is distribution in the our that mentioned. we already line on

network So, under that COS service I meaning the retail would quarter. sales channels still, pressure are during those third say, our network and

are as So, major is the the categories physical that in some repayments telecom there or this distribution. for volume loan well, represented same other the reasons

there? Do some you E-commerce So see of them now? online are the you. other side, still the you in you Thank payments do lose when protect if again, I mean, the on of physical-based any, part digital transactions,

growth entertainment our that's growth in and reflected see the our is E-commerce in digital we in Yes, majority from obviously of specifically of those will numbers and because At the coming categories. volumes Wallet well more, with those is bankers categories. the telecom partners same with we I our trends some positive as of the and where the time, in say, have there would

However, proportionally we those overall smaller channels physical for is also numbers, decline. the telecom the distribution, why the that's see on

This no today's does the questions your for further team, at you are There QIWI of On conference. conclude participation. time. thank behalf this

your disconnect lines this at time. may You