Exhibit 18.4.The following ratio-to-moving averages for the seasonally adjusted series were found by the decomposition method applied on a time series representing quarterly sales for the last four years: 
Refer to Exhibit 18.4.By how many percent the sales in Quarter 4 exceed the average quarterly sales?
Definitions:
French Popular Front
A coalition of leftist parties in France during the 1930s, known for implementing social reforms and labor laws.
1930s
Denotes the decade encompassing the years from 1930 to 1939, marked by the Great Depression, the rise of fascism, and the approach of World War II.
Italian Economy
Refers to the economic structure and performance of Italy, characterized by a diversified industrial base, developed agricultural sector, and prominent global trading activities.
Benito Mussolini
The Italian fascist dictator who ruled Italy from 1922 until his downfall in 1943, establishing a totalitarian regime.
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