Ferrari NV (RACE) 2015 Q4 法說會逐字稿

Good day and welcome to the Ferrari NV 2015 results conference call.

美好的一天，歡迎參加 Ferrari NV 2015 年業績電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I would like to turn the conference over to Ms. Nicoletta Russo, Head of IR.

在這個時候，我想把會議交給 IR 負責人 Nicoletta Russo 女士。

Please go ahead.

請繼續。

Thank you, Tina, and good day to everyone on the call.

謝謝你，蒂娜，祝大家今天好。

There are two topics that we would like to cover today.

我們今天想討論兩個主題。

First, the group full-year 2015 operating results and then our full-year 2016 guidance.

首先是集團 2015 年全年經營業績，然後是我們的 2016 年全年業績指引。

In light of this, the duration of the call is expected to be around 60 minutes.

有鑑於此，預計通話時間約為 60 分鐘。

All relevant materials are available on the Ferrari investor relations website.

所有相關材料均可在法拉利投資者關係網站上找到。

Today's call will be authored by the Group Chairman, Sergio Marchionne, and Mr. Alessandro Gili, Group Chief Financial Officer.

今天的電話會議將由集團主席 Sergio Marchionne 和集團首席財務官 Alessandro Gili 先生撰寫。

At the end of the presentation, they will be available to answer your questions.

在演示結束時，他們將可以回答您的問題。

Before we begin, let me remind you that any forward-looking statements that we might make during today's call are subject to the risks and uncertainties mentioned in the Safe Harbor statement included on page 2 of today's full-year 2016 results presentation and the call will be governed by this language.

在我們開始之前，讓我提醒您，我們在今天的電話會議中可能做出的任何前瞻性陳述都受到今天 2016 年全年業績報告第 2 頁中包含的安全港聲明中提到的風險和不確定性的影響，電話會議將受這種語言的支配。

With that, I'd like to turn the call over Mr. Marchionne.

有了這個，我想把電話轉給馬爾喬內先生。

Thanks very much, Nicoletta.

非常感謝，尼科萊塔。

I'm going to keep my comments relatively short.

我將保持我的評論相對簡短。

[Do the opening] here and pass it on to Alessandro to take you through the details of 2015 and the guidance for the current year.

【開篇】這裡交給亞歷山德羅，帶你了解2015年的細節和當年的指導。

The best way to describe 2015 is that it was, in our view, was a phenomenal year, with the best results in the history of Ferrari.

描述 2015 年的最佳方式是，在我們看來，這是非凡的一年，取得了法拉利歷史上最好的成績。

We fired on all cylinders, pardon the expression, but I think we were able to deliver, certainly in terms of operating performance, exactly what we had set out in our road show back in the fall of last year.

我們全力以赴，請原諒這種表達方式，但我認為我們能夠交付，當然就運營績效而言，正是我們在去年秋天路演中設定的。

The forecast for 2016 is a confirmation of what we told you when we were presenting the Ferrari case with [investor base].

2016 年的預測證實了我們在向 [投資者群] 展示法拉利案例時告訴您的內容。

The order backlog continues to be strong.

訂單積壓繼續強勁。

Every indication that we will achieve, and in all likelihood, exceed the numbers that we're providing you with guidance.

我們將實現並且很可能超過我們為您提供指導的數字的每一個跡象。

I think the important objective for us remains, as I mentioned, last year when we met, that we would be targeting at the earliest possible time the production of La Fiat [billion] in EBITDA from the house.

正如我在去年我們見面時提到的那樣，我認為我們的重要目標仍然是，我們將儘早瞄准在 EBITDA 中生產 La Fiat [十億] 的房子。

All efforts are in the direction of formula one key doing well.

一切努力都朝著一級方程式關鍵的方向做好。

I think we are getting ready now for the trials of the cars in the month of February, I think it's ultimately to start racing on March 20 in Australia.

我認為我們現在正在為 2 月份的賽車試驗做好準備，我認為最終會在 3 月 20 日在澳大利亞開始比賽。

And the indication is the performance will be in line with the expectations that we laid out last year.

跡象表明，業績將符合我們去年制定的預期。

So I'm done now, then I'll pass it on to Alessandro and I will be more than glad to take questions.

所以我現在已經完成了，然後我會將它傳遞給 Alessandro，我會非常樂意回答問題。

Thank you, Mr. Marchionne, and good morning, good afternoon, good evening to everybody.

謝謝馬爾喬內先生，大家早上好，下午好，晚上好。

If you are using the deck that is supporting the call, on page 3, we're discussing our full-year results, which I'm very proud to present as the [liko] set that we got, as Mr. Marchionne mentioned before.

如果您使用的是支持電話的套牌，在第 3 頁，我們正在討論我們的全年業績，我很自豪地介紹我們得到的 [liko] 套牌，正如 Marchionne 先生之前提到的.

Our shipment goods were 7,664 units, for the full year 2015, showing an increase of 6%.

2015年全年出貨7664台，同比增長6%。

This was less led by V8 models up 17% thanks to the success of California T, 458 Speciale, and the newly launched 488 GTB, which more than offset the end of the life-cycle of the 458 Italia and the 458 Spider.

由於California T、458 Speciale 和新推出的488 GTB 的成功，V8 車型的銷量增長了 17%，這大大抵消了 458 Italia 和 458 Spider 生命週期的結束。

On the other end, V12 models were down 24%, due to the F12berlinetta and the FF being at their 4th and 5th year of commercialization respectively.

另一方面，由於 F12berlinetta 和 FF 分別處於商業化的第 4 年和第 5 年，V12 車型下降了 24%。

Please let me remind you that we started shipping the F12tdf in December.

請讓我提醒您，我們在 12 月開始發貨 F12tdf。

Group net revenues reached EUR2.85 billion, up 3%, which is higher than the guidance we provided in October.

集團淨收入達到 28.5 億歐元，增長 3%，高於我們在 10 月份提供的指引。

Adjusted EBITDA reached EUR748 million, with a margin increase of 110 basis points, which was better than guidance.

調整後的 EBITDA 達到 7.48 億歐元，利潤率增長 110 個基點，好於預期。

Our net profit for the Group was EUR290 million, the highest we've achieved, [Scuderia] Ferrari up 9%, which is the highest level ever reached.

我們集團的淨利潤為 2.9 億歐元，是我們所達到的最高水平，[Scuderia] Ferrari 增長 9%，這是有史以來的最高水平。

Our net debt position as of December 31 was EUR1.938 billion, better than guidance, which included obviously the self-liquidating portfolio of our financial receivables and net-to-debt was EUR797 million.

截至 12 月 31 日，我們的淨債務頭寸為 19.38 億歐元，好於指引，其中顯然包括我們的金融應收賬款的自我清算組合，淨債務為 7.97 億歐元。

Our key to free cash flow generation for full-year 2015 was EUR390 million and let me remind you that we commence our financial results using non-GAAP measures, as defined on page 22 of the deck that we consider key to describe our financial performance.

我們在 2015 年全年產生自由現金流的關鍵是 3.9 億歐元，讓我提醒您，我們使用非公認會計原則衡量標准開始我們的財務業績，正如我們認為描述我們財務業績的關鍵的甲板第 22 頁所定義的那樣。

During the fourth quarter of 2015, we unveiled the F12tdf, which we began shipping in December, as I mentioned before.

正如我之前提到的，在 2015 年第四季度，我們推出了 F12tdf，我們於 12 月開始發貨。

New units for 2016 by the [ready un] contribution for 2016.

[ready un] 2016 年貢獻的 2016 年新單位。

The results of Scuderia Ferrari in 2015 were positive and we are targeting what we [a relevant range before] 2016 season.

Scuderia Ferrari 在 2015 年的成績是積極的，我們的目標是 2016 賽季 [之前的相關範圍]。

Finally, Ferrari completed a spinoff from FCA on January 3, 2016 and commenced trading at the Milan Stock Exchange on January 4 this year.

最終，法拉利於 2016 年 1 月 3 日完成了從 FCA 的分拆，並於今年 1 月 4 日在米蘭證券交易所開始交易。

Our targets for 2016 are [aligning] our guidance.

我們 2016 年的目標是[調整]我們的指導。

Shipments, including limited edition supercars, should reach approximately 7,900 units.

包括限量版超級跑車在內的出貨量應達到約 7,900 輛。

This will result in the support net revenues in excess of EUR2.9 billion, assuming FX at current market conditions.

假設當前市場條件下的外匯，這將導致支持淨收入超過 29 億歐元。

Adjusted EBITDA is expected to be about EUR770 million.

調整後的 EBITDA 預計約為 7.7 億歐元。

Net debt is expected to be lower than EUR1.95 billion, excluding the self-liquidating financial receivables portfolio below EUR750 million.

淨債務預計低於 19.5 億歐元，不包括低於 7.5 億歐元的自動清算金融應收賬款組合。

And that includes the distribution to shareholders that we have highlighted in our press release, which is subject to the approval of the 2015 annual accounts and reviewable [dipatarela] financial statement by the Board of Directors.

這包括我們在新聞稿中強調的對股東的分配，這需要董事會批准 2015 年年度賬目和可審查的 [dipatarela] 財務報表。

If we move to page 4, we're showing our operating highlights for 2016.

如果我們移至第 4 頁，我們將展示 2016 年的運營亮點。

Net revenues were up 3%, mainly due to cars and spare parts, resulted in an increase of 7%, driven by volume, FX and personalization, which contributed to cars and spare parts for 16%.

淨收入增長 3%，主要來自汽車和備件，在銷量、外彙和個性化的推動下增長了 7%，其中汽車和備件貢獻了 16%。

And were partially offset by engines which were down 30%.

並被下降 30% 的發動機部分抵消。

Adjusted EBIT for the grouping EUR69 million to EUR472 million, resulting in a 200 basis point margin growth.

集團調整後的息稅前利潤為 6,900 萬歐元至 4.72 億歐元，導致利潤率增長 200 個基點。

The adjusted EBIT improvement benefited from various variables and a more detailed explanation will be given and we commence page 7.

調整後的息稅前利潤改善受益於各種變量，將給出更詳細的解釋，我們從第 7 頁開始。

EBIT totalled EUR444 million versus EUR389 million, resulting a 150 basis point margin increase.

息稅前利潤總額為 4.44 億歐元，高於 3.89 億歐元，利潤率提高了 150 個基點。

Our adjusted EBITDA improved by 8%, achieving EUR748 million.

我們調整後的 EBITDA 增長了 8%，達到 7.48 億歐元。

The result was driven by stronger grading performance, partially offset by lower D&A as a result of the phase-out of the 458 family.

結果是由更強大的分級性能推動的，但由於 458 系列的淘汰而導致 D&A 下降，部分抵消了這一結果。

EBITDA [to the] EUR719 million, showing an increase of EUR41 million versus last year.

EBITDA [至] 7.19 億歐元，與去年相比增加了 4100 萬歐元。

Full-year 2016 free cash flow generation was primarily driven by the strong increase in cash flow from operating activities, which included the following one-time (inaudible) cash inflows: the sale of certain investment properties, the reimbursement of the financing of inventory related to the establishment of the Maserati standalone business in China and the sale of some financial assets portfolio of FFS S.p.

2016 年全年自由現金流的產生主要是由經營活動現金流的強勁增長推動的，其中包括以下一次性（聽不清）現金流入：出售某些投資物業、償還與存貨相關的融資為在中國建立瑪莎拉蒂獨立業務以及出售FFS S.p.的部分金融資產組合。

A. and FFS KK, which are two of our consorted 80 subsidiary, [arguing] the financial services area, partially offset by the one-time extra bonus payment in December, which was made to all the Ferrari employees for the amount of EUR5,000 each.

A. 和 FFS KK 是我們聯合的 80 家子公司中的兩家，[爭論] 金融服務領域，部分被 12 月一次性額外獎金支付所抵消，該獎金支付給所有法拉利員工，金額為 5 歐元，每個000。

Net debt was EUR1.938 million the end of December from EUR566 million net cash as of December 31, 2014 and this was primarily due to the capital reorganization in connection with our IPO and spin-off, partially offset by the strong free cash flow generation.

截至 12 月底，淨債務為 193.8 萬歐元，而截至 2014 年 12 月 31 日的淨現金為 5.66 億歐元，這主要是由於與我們的 IPO 和分拆相關的資本重組，部分被強勁的自由現金流產生所抵消.

If we move on to page 5, to where these [dial-in] shipments, at the end of December, we have Americas, which represents 34% of our total shipment, which was up 7%.

如果我們繼續前進到第 5 頁，這些 [撥入] 發貨的地方，在 12 月底，我們有美洲，占我們總發貨量的 34%，增長了 7%。

USA performance was primarily driven by California T and continued contribution of LaFerrari.

美國的表現主要是由 California T 和 LaFerrari 的持續貢獻推動的。

EMEA, representing 44% of our total shipment, increased by 2%.

EMEA 占我們總出貨量的 44%，增長了 2%。

In UK, Ferrari's largest market in EMEA, which had a 5% increase in shipment supported by 458 Speciale and the California T.

在英國，法拉利在 EMEA 的最大市場，在 458 Speciale 和 California T 的支持下出貨量增長了 5%。

Strong performance was reported in Italy, up 17% thanks to 458 Speciale and California T. Germany and Italy experienced a slowdown, the first due to a Company decision to reduce allocation to announce a carpet effect and the lesser due to the F12berlinetta being in its 4th year of commercialization.

據報導，意大利表現強勁，增長 17%，這要歸功於 458 Speciale 和 California T。德國和意大利經歷了放緩，首先是由於公司決定減少分配以宣布地毯效應，其次是由於 F12berlinetta 在其商業化第四年。

Greater China, lost 8% of total shipment decreased by 10% for 8% in total shipments for the group.

大中華區總出貨量下降8%，下降10%，為集團總出貨量的8%。

Hong Kong and Taiwan, shipments increased by 22% thanks to California T and 458 Speciale.

香港和台灣的出貨量增加了 22%，這要歸功於 California T 和 458 Speciale。

China mainland shipments dropped by 22% due to the 458 family phase-out and the F12beriletta being at its 4th year of commercialization.

由於 458 系列的淘汰和 F12beriletta 進入商業化的第 4 年，中國大陸的出貨量下降了 22%。

Please keep in mind that China represents less than 5% of our total shipments.

請記住，中國占我們總出貨量的不到 5%。

Rest of Asia-Pacific representing 14% of total shipments, increased by 26%.

亞太地區其他地區佔總出貨量的 14%，增長了 26%。

And Australia, our shipments increased by 44%, driven by California T and 458 Speciale.

而澳大利亞，在 California T 和 458 Speciale 的推動下，我們的出貨量增長了 44%。

Japan, which had a right around increase of 33%, mainly driven by federal market conditions and the growth in Japan was driven by the California T and 458 Speciale.

日本的增長率約為 33%，主要受聯邦市場狀況的推動，而日本的增長則受到 California T 和 458 Speciale 的推動。

Moving to page 6, we're providing the bridge of our net revenue, which reached EUR2.854 million, up 3% versus last year, mainly due to higher volumes.

轉到第 6 頁，我們提供了淨收入的橋樑，淨收入達到 285.4 萬歐元，比去年增長 3%，主要是由於銷量增加。

At cost and currency net revenues would have declined by 3%.

按成本和貨幣計算，淨收入將下降 3%。

Let me also highlight that during the fourth quarter of 2015, we benefited from the leaders of the 488 GTB, which completed its distribution roll-out and the commencement of shipment of 488 Spider and F12berlinetta.

讓我再強調一下，在 2015 年第四季度，我們受益於 488 GTB 的領導者，它完成了分銷推廣和 488 Spider 和 F12berlinetta 的開始發貨。

Cars and spare parts were in total in change of EUR136 billion, increased from that line in revenues.

汽車和備件的總收入變化為 1,360 億歐元，高於該線的收入。

Americas increased by 40% thanks to due to higher sales from La Ferrari, higher volumes, and FX input.

由於 La Ferrari 的銷售額增加、銷量增加和外匯輸入，美洲增長了 40%。

Rest of Asia-Pacific showed and increase of 23%, mostly related to higher volumes versus last year in Japan, partially offset by EMEA down 12%, mostly due to FX and lower shipments in Italy.

亞太其他地區增長 23%，主要是由於日本的銷量較去年增加，但部分被歐洲、中東和非洲地區下降 12% 所抵消，這主要是由於外彙和意大利的出貨量下降。

Greater China down 11% due to lower shipments.

由於出貨量下降，大中華區下降 11%。

The proportion of V12 models shipped 12 from 27% from 12 months ended December 31, 2014 to 19% for 12 months ended December 31, 2015, and was primarily driven by a 34% decrease in shipment of F12berlinetta, attributable to the type of the car being in its 4th year of commercialization.

V12 車型的出貨量比例從截至 2014 年 12 月 31 日的 12 個月的 27% 增加到截至 2015 年 12 月 31 日的 12 個月的 19%，主要是由於 F12berlinetta 的出貨量下降了 34%，歸因於汽車正處於商業化的第四個年頭。

Shipments of V8 models increased as a result of achieving full production of the California T, 458 Speciale A and 488 GTB, partially offset by increases in shipments of 458 Italia and the 458 Spider and 458 Speciale.

由於實現了 California T、458 Speciale A 和 488 GTB 的全面生產，V8 車型的出貨量增加，部分被 458 Italia 和 458 Spider 和 458 Speciale 的出貨量增加所抵消。

On engine revenues, engine net revenues generated EUR219 million for the full-year 2015, an increase of EUR92 million, or 30% from EUR311 million for the full-year 2014.

在發動機收入方面，2015 年全年發動機淨收入為 2.19 億歐元，比 2014 年全年的 3.11 億歐元增加 9200 萬歐元，或 30%。

The EUR92 million decrease was almost totally attributable to a decrease in net revenues, generated by 31% decrease in the volumes of engines sold to Maserati.

減少 9200 萬歐元幾乎完全歸因於淨收入的減少，這是由於出售給瑪莎拉蒂的發動機數量減少了 31%。

Sponsorship, commercial and brand net revenues reached EUR441 million for 2015, an increase of EUR24 million, or 6% from EUR417 million for 2014.

2015 年贊助、商業和品牌淨收入達到 4.41 億歐元，比 2014 年的 4.17 億歐元增加 2400 萬歐元，或 6%。

Other net revenues amounted to EUR114 million for 2015 versus EUR90 million for 2014, primarily driven by the performance of other supporting activity.

2015 年其他淨收入為 1.14 億歐元，而 2014 年為 9,000 萬歐元，主要受其他支持活動的推動。

Moving to page 7, where we have our adjusted EBIT bridge, you can see that year-over-year changes in adjusted EDIT in items.

轉到第 7 頁，我們有調整後的 EBIT 橋，您可以看到項目中調整後的 EDIT 的逐年變化。

Volumes were up for EUR45 million thanks to higher volumes of 383 cars, excluding LaFerrari, maybe due to higher sales of California T, 458 Speciale A, and the newly launched 488 GTB.

由於 383 輛汽車（不包括 LaFerrari）的銷量增加，銷量增加了 4500 萬歐元，這可能是由於 California T、458 Speciale A 和新推出的 488 GTB 的銷量增加。

Positive contribution also came from personalization.

積極的貢獻也來自個性化。

Mix was lightly negative announcing to EUR6 million, mainly due to growth of V8 versus V12, partially offset by higher sales of LaFerrari and the special car FXXK.

Mix 略微負面地宣佈為 600 萬歐元，主要是由於 V8 相對於 V12 的增長，部分被 LaFerrari 和特種車 FXXK 的更高銷量所抵消。

Industrial costs and R&D were down EUR3 million, attributable to the 2016 development of the power unit for F1 racing activity, partially offset by a lower R&D on road cars, primarily R&D in product D&A of the 458 family due to the phase-out, and efficiencies on production costs.

工業成本和研發減少了 300 萬歐元，原因是 2016 年開發了 F1 賽車活動的動力裝置，部分被公路車研發的下降所抵消，主要是由於淘汰而導致的 458 系列產品研發和研發，以及生產成本的效率。

SG&A costs were down by EUR15 million, mainly due to our focus on directly operated retail stores, corporate costs and it was also the [dual leasing[ in the US and Italy, and F1 racing activities.

SG&A 成本下降了 1500 萬歐元，主要是由於我們專注於直營零售店、企業成本以及美國和意大利的[雙重租賃]以及 F1 賽車活動。

Positive impact from transaction exchange rate net of hedging, resulted in an increase of EUR41 million, mainly due to US dollar and GBP that was partially offset by yen.

交易匯率扣除套期保值後的積極影響，導致增加4100萬歐元，主要是由於美元和英鎊被日元部分抵消。

Other, as a final item, was up by EUR7 million, includes better results from brand and commercial activities and to a lesser extent, supporting activities, including Ferrari Financial Services.

其他，作為最後一項，增加了 700 萬歐元，包括品牌和商業活動的更好結果，以及較小程度的支持活動，包括法拉利金融服務。

On page 8, we are providing the bridge of our net cash and we show the evolution from the EUR566 million.

在第 8 頁，我們提供了淨現金的橋樑，並展示了從 5.66 億歐元的演變。

That's positive as of the start of the year, with a net debt of EUR1.938 million at the end of the year.

截至年初，這是積極的，年底的淨債務為 193.8 萬歐元。

These were driven by the capital reorganization in connection with our IPO and spin-off, partially offset by the strong free cash flow generation as well as the [deagon] and payments related to our minority shareholders in China.

這些是由與我們的 IPO 和分拆相關的資本重組推動的，但部分被強勁的自由現金流產生以及與我們在中國的少數股東相關的 [deagon] 和付款所抵消。

The positive free cash flow generation was primarily attributable to strong operating performance of EUR748 million and a net increase in the financial receivables portfolio of EUR121 million, partially offset by taxes paid, negative working capital performance of EUR39 million, mainly attributable to [exsqueeze] in payables, primarily driven by full production LaFerrari in 2014, while at the end of 2015, the product [lafifer] was nearing completion and shipments are planned to be completed in Q1 2016, partially offset by collection on inter-company related [party] receivables.

產生正的自由現金流主要歸因於 7.48 億歐元的強勁經營業績和 1.21 億歐元的金融應收賬款組合的淨增加，部分被已繳稅款抵消，負營運資本業績為 3900 萬歐元，主要歸因於 [exsqueeze]應付賬款，主要由 2014 年全面生產的 LaFerrari 推動，而在 2015 年底，產品 [lafifer] 已接近完成，計劃於 2016 年第一季度完成發貨，部分被公司間相關 [方] 應收賬款的收款所抵消.

CapEx (inaudible) and was EUR317 million, driven primarily by investments to sustain our product offering net to the one-time cash influx on the sale of investment property.

資本支出（聽不清）為 3.17 億歐元，主要受投資推動，以維持我們的產品供應淨額，以出售投資物業的一次性現金流入。

On page 9, we're providing the details of the net debt analysis, made of the following elements: the capital reorganization in connection with the US IPO is up to a EUR2.8 billion (inaudible).

在第 9 頁，我們提供了由以下要素組成的淨債務分析的詳細信息：與美國 IPO 相關的資本重組高達 28 億歐元（聽不清）。

The completion of the [cradiac agreement] that took place in November with a [certain stem] third-party [tent] comprised of EUR1.5 billion meet loans from productivity and we EUR0.5 billion which shorten ability.

於 11 月與 [某些莖] 第三方 [帳篷] 完成了 [cradiac 協議]，其中包括 15 億歐元的生產力貸款和我們 5 億歐元的貸款，這將縮短能力。

The finalization $100 fringe line from a third-party event on a fortune of our financial services portfolio did well.

第三方活動對我們的一大筆金融服務組合的最終確定 100 美元的邊緣線表現良好。

And so repayment of the FCA loan, which took place a the end of December and the seven [FCA FFS Inc] that was EUR411 million.

因此，FCA 貸款的償還發生在 12 月底和 7 個 [FCA FFS Inc] 為 4.11 億歐元。

Even in payments related to our minority shareholders from China and the acquisition of the NCI, all were offset by free cash flow generation of EUR390 million and other minority facts.

即使在與我們來自中國的少數股東和收購 NCI 相關的付款中，也都被 3.9 億歐元的自由現金流和其他少數事實所抵消。

On page 10, we have provided the detail of our debt maturity schedule, which is shown as a result of the trades agreements and the refinancing transaction which was finalized at the end of the year, at last the new trade agreement specifically were finalized in the US for the financial services portfolio.

在第 10 頁，我們提供了我們的債務到期時間表的詳細信息，該時間表顯示為貿易協議和在年底完成的再融資交易的結果，最後新的貿易協議特別在美國為金融服務組合。

On 11, we have provided the details of our guidance.

11 日，我們提供了指導的詳細信息。

We're providing the outlook of shipments, including limited-edition supercar, will reach approximately 7,900 units, which will support net revenues in excess of EUR2.9 billion, assuming FX at current market conditions.

我們正在提供包括限量版超級跑車在內的出貨量前景，預計將達到約 7,900 輛，這將支持超過 29 億歐元的淨收入，假設外彙在當前市場條件下。

Adjusted EBITDA is expected to be above EUR770 million and net debt is expected to be lower than EUR1.95 billion, excluding the self-liquidating financial receivables portfolio, EUR750 million, which includes the distribution to our shareholders, subject to the approval of the 2015 annual accounts and the review of the other relevant financial statements by the Board of Directors.

調整後的 EBITDA 預計將高於 7.7 億歐元，淨債務預計低於 19.5 億歐元，不包括自清算金融應收賬款組合 7.5 億歐元，其中包括向我們的股東分配，但須經 2015 年批准年度賬目及董事會對其他相關財務報表的審閱。

On page 12 until the end of the deck, we are providing an overview of the main activities that were done in 2015.

在第 12 頁直到甲板結束，我們將概述 2015 年完成的主要活動。

Page 12 has the overview of our launches of our vehicles.

第 12 頁概述了我們推出的車輛。

Just to summarize, the 488 GTB, the 488 Spider, and the F12tdf.

總結一下，488 GTB、488 Spider 和 F12tdf。

On page 13, we are providing the summary 2015 results in Formula 1 and over the year and are waiting and looking forward to the March 18 starting of the new season for this year.

在第 13 頁，我們提供了 2015 年一級方程式和全年結果的摘要，我們正在等待和期待今年 3 月 18 日新賽季的開始。

On page 14, we are providing all client relations activities which are relevant for 2015, have been completed into our --included in our performance and also our client relation activities.

在第 14 頁，我們提供了與 2015 年相關的所有客戶關係活動，這些活動已經完成——包括在我們的業績和客戶關係活動中。

Page 15 is providing the overview of the brand and our store presence.

第 15 頁概述了品牌和我們的商店。

We are operating with now 12 directly operated stores and more than 23 in franchising and also we've got a plan to support the growth from this perspective.

我們現在有 12 家直營店和超過 23 家特許經營店，我們也有計劃從這個角度支持增長。

And page 16 is providing the overview of the corporate structure as a result of the IPO and the spin-off which took place at the beginning of the year with the leasing at the Milan Stock Exchange in January of this year.

第 16 頁概述了 IPO 和今年年初在米蘭證券交易所租賃的分拆後的公司結構。

With that, I hand over to Mr. Marchionne for any closing remarks.

有了這個，我把任何結束語都交給馬爾喬內先生。

I think we can take questions.

我想我們可以提問。

Before we start the Q&A session, please let me remind you that we are a one-segment Company.

在我們開始問答環節之前，請讓我提醒您，我們是一家單一部門的公司。

Just another ancillary group for the car business.

只是汽車業務的另一個輔助組。

[Fertefela] one is our marketing tool and therefore we do have a surprising [cost] in our P&X and for the community has provided a good level and we don't have business [unitour] segments.

[Fertefela] 一個是我們的營銷工具，因此我們在 P&X 中確實有一個令人驚訝的 [成本]，並且為社區提供了一個很好的水平，我們沒有業務 [unitour] 部門。

With that, I'm going to turn it back to the operator and we will begin the Q&A session.

有了這個，我將把它轉回給運營商，我們將開始問答環節。

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

John Murphy, Bank of America.

美國銀行的約翰·墨菲。

Good morning and good afternoon, everybody.

大家早上好，下午好。

A first question, if maybe, Alessandro, we could go to appendix 21.

第一個問題，如果可能的話，亞歷山德羅，我們可以去附錄 21。

I'm just curious if you can give us the adjustments for the profit before taxes, the tax rate and the net income.

我只是好奇你能不能給我們調整稅前利潤、稅率和淨收入。

Because I think people are little bit confused.

因為我認為人們有點困惑。

The adjusted EBIT and adjusted EBITDA look very strong relative to expectations, but I think there's some confusion about what the adjusted net income is for the EUR24 million that you're incurring for the IPO process.

調整後的 EBIT 和調整後的 EBITDA 相對於預期看起來非常強勁，但我認為對於 IPO 過程中產生的 2400 萬歐元的調整後淨收入是多少存在一些混淆。

Actually we don't have an adjusted net income.

實際上，我們沒有調整後的淨收入。

That is net income as it is, so there are no adjustments for that, while adjusted EBIT and adjusted EBITDA are reflected in the items related to the IPO and spin-off cost and we've obviously adding 2015 as one-time costs as well as the extraordinary statement of Ferrari employees of EUR5,000 as mentioned before as well as the partial offset for the gain that we had in connection with the state of the investment property.

那是淨收入，所以沒有調整，而調整後的 EBIT 和調整後的 EBITDA 反映在與 IPO 和分拆成本相關的項目中，我們顯然也將 2015 年作為一次性成本添加如前所述，法拉利員工的特別聲明為 5,000 歐元，以及部分抵消了我們與投資物業狀況有關的收益。

So All of these amounts combined sum up to EUR29 million for 2015.

因此，2015 年所有這些金額合計為 2900 萬歐元。

But we are not adjusting our net income so that is the pure net income as a Company.

但我們並沒有調整我們的淨收入，因此這是一家公司的純淨收入。

But those costs, they presumably are one-time, are included, or expensed I guess, in this income statement.

但這些成本大概是一次性的，我猜是包含在損益表中的。

So they are not backed out for the net income is what you're saying?

所以他們沒有因為淨收入而被淘汰，這就是你所說的？

Yes, no.

是的，沒有。

That's why I don't say that's the pure net income including those costs.

這就是為什麼我不說那是包括這些成本在內的純淨收入。

And our tax rate at the end of 2015, 33%.

而我們2015年底的稅率是33%。

There is a slight increase compared to last year, which is primarily driven by the fact that we had reflected the change in the future tax rate on the Italian perspective, which is impacting the net DPA and DPL of the year.

與去年相比略有增加，這主要是因為我們從意大利的角度反映了未來稅率的變化，這影響了當年的淨 DPA 和 DPL。

So it's the one-time over 1% negative contributing to the net income of the year (multiple speakers).

因此，這是對當年淨收入的一次性超過 1% 的負面影響（多位發言者）。

Okay, but if we wanted to back those numbers out, that would be the EUR24 million that you are adjusting for on adjusted EBIT, right?

好的，但是如果我們想取消這些數字，那將是您根據調整後的息稅前利潤調整的 2400 萬歐元，對嗎？

Would go to the pre-tax profit and then would be applied, the same tax rate would be applied, correct?

會去稅前利潤然後會被應用，同樣的稅率會被應用，對嗎？

Yes.

是的。

Okay.

好的。

So the EPS looks like it's more $0.36 as opposed to the $0.28 when we back those numbers out.

因此，每股收益看起來更像是 0.36 美元，而不是我們支持這些數字時的 0.28 美元。

Does that sound about right?

那個聽起來是對的嗎？

Yes.

是的。

If you had to back out EUR29 million, that would be your adjusted net income would be EUR319 million.

如果您必須退出 2900 萬歐元，那麼您的調整後淨收入將為 3.19 億歐元。

So you're recalculating that or we can do the math.

所以你正在重新計算，或者我們可以做數學。

And I believe it's correct.

我相信這是正確的。

Okay so it's about that rate.

好吧，大概就是這個速度。

Okay and also, if we look at page 8 and look at the EUR390 million of free cash flow, if we took out the one-time items, I apologize, I didn't follow that on page 8, what were the one-time positives and negatives?

好吧，如果我們看看第 8 頁，看看 3.9 億歐元的自由現金流，如果我們取出一次性項目，我很抱歉，我沒有按照第 8 頁的內容進行操作，一次性項目是什麼正面和負面？

What do they amount to if we look at the free cash flow?

如果我們看一下自由現金流，它們意味著什麼？

The free cash flow is basically all positive amounts related to the one-time, as I mentioned, so the state of investment properties, the reimbursement from on the Maserati loan, and the state of the financial receivables portfolio.

正如我所提到的，自由現金流基本上都是與一次性相關的正數，包括投資物業的狀態、瑪莎拉蒂貸款的償還以及金融應收賬款組合的狀態。

You give one negative item, you pay off, extraordinary payoff for the personal which we did in December.

你給了一件負面的東西，你就得到了回報，對我們在 12 月所做的個人而言，這是非凡的回報。

So the total of those would be, of the positive and negative one-time free cash flow numbers?

那麼這些總數將是一次性自由現金流量的正數和負數？

Yes.

是的。

I'm sorry I missed what was the total?

對不起，我錯過了總數是多少？

You want to know how much they amount was in total?

您想知道它們總共有多少嗎？

Yes.

是的。

We just want to understand the ongoing free cash flow power as we're modeling this forward so we know what we're walking off of in 2015.

我們只是想了解持續的自由現金流能力，因為我們正在對此進行建模，以便我們知道我們在 2015 年要擺脫什麼。

Including one-time, close to EUR100 million.

包括一次性，接近 1 億歐元。

Got it.

知道了。

Okay.

好的。

Thank you.

謝謝你。

And then just secondly, as we think about the ongoing product launches and roll-off, how much of the LaFerrari is left to be delivered and recognized in 2016 and if we think about that relative to the F12tdf ramp, how much of the 799 of F12tdfs are going to be delivered in 2016 according to your plan?

其次，當我們考慮正在進行的產品發布和推出時，2016 年還有多少 LaFerrari 有待交付和認可，如果我們考慮相對於 F12tdf 坡道，799 有多少按照你們的計劃，F12tdfs 會在 2016 年交付嗎？

We're not delivering all of them in 2016 and the effect of the F12tdf is essentially offsetting also the negative effects of the come-out of the LaFerrari.

我們不會在 2016 年交付所有這些，F12tdf 的影響基本上抵消了 LaFerrari 出現的負面影響。

So you're basically, in your forecast, assuming that the LaFerrari and the F12tdf will be a relative neutral on mix?

所以你基本上，在你的預測中，假設 LaFerrari 和 F12tdf 將是一個相對中性的混合？

Yes, correct.

是，對的。

Okay.

好的。

And then as we think about the engine business and the Levante launch, at what point in 2016 will the Levante launch and the presumably the engines that go along with that product really hit and help the engine business?

然後，當我們考慮發動機業務和 Levante 的發佈時，Levante 的發布以及可能與該產品配套的發動機將在 2016 年的什麼時候真正影響並幫助發動機業務？

Second half of 2016.

2016 年下半年。

Okay.

好的。

And just lastly on FX, you have nothing assumed for your guidance for 2016.

最後，在 FX 上，您對 2016 年的指導沒有任何假設。

It's basically at current spots with no benefit from hedging or any shifts that would happen in the market?

它基本上是在當前位置，沒有從對沖或市場發生的任何變化中受益？

There is a partial roll-off, as I think we said a certain number of times during the road show, which is coming 2016 in the second half of the year.

正如我想我們在路演期間所說的那樣，有部分滾降，這將在 2016 年下半年到來。

[Fried currencies] expected to roll-off completely by the first half.

【炒幣】預計上半年全面回落。

Okay.

好的。

Great.

偉大的。

Thank you very much.

非常感謝。

Ryan Brinkman, JPMorgan.

瑞安·布林克曼，摩根大通。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

First one is really just on the R&D assumptions, if you can provide that color, that are embedded in the 2016 guidance.

第一個實際上只是基於研發假設，如果您可以提供該顏色，則嵌入在 2016 年指南中。

And then, more generally, if you could comment on the how the larger project is going to moderate R&D over the medium-term.

然後，更一般地說，如果您可以評論一下更大的項目將如何在中期緩和研發。

Total R&D in terms of capital expense chart, lots of products are component and all of the touring is going to be EUR360 million in total for CapEx.

資本支出圖表方面的總研發，許多產品是組件，所有巡迴演出的資本支出總額將達到 3.6 億歐元。

If you need to add the amount in terms of expending, you need to add also the influx on the T&L, which is partially driven by our R&D for innovation which is expense flat of the DDR and racing activity, which is going to be lower than what we had in 2015.

如果您需要增加支出方面的金額，您還需要增加 T&L 的流入量，這部分是由我們的創新研發推動的，DDR 和賽車活動的費用持平，這將低於我們在 2015 年擁有的東西。

Just as a broad statement on the takedown of CapEx, there is a significant work that has been going on at a Formula 1 level now to find really which trains are spending on racing activity at least for the duration of the concord agreement from 2020.

正如關於取消資本支出的廣泛聲明一樣，現在一級方程式一級正在進行一項重大工作，以找出至少在 2020 年協和協議期間哪些列車在賽車活動上的支出。

And I think a lot of this has to do with time and the efforts that have been made in the last six months on the summarization of the prior units.

我認為這在很大程度上與時間和過去六個月在總結先前單元方面所做的努力有關。

And there are additional work done to point out to make sure that the revisions to the staffing in 2017 will reasonably be expected to solve the distortion in the R&D profile of (inaudible).

並且還需要指出一些額外的工作，以確保合理預期 2017 年人員編制的修訂能夠解決（聽不清）研發概況中的扭曲問題。

So I feel roughly comfortable with 2016 is in mind, the record amount of money to get ready for the 2016 season.

因此，我對 2016 年感到大致滿意，這是為 2016 賽季準備的創紀錄金額。

I think we're going to see these numbers on the Formula 1 side come down relatively quickly once 2017 is nailed down and sort of adjusting the structure to run Formula 1 until 2020 (multiple speakers).

我認為一旦 2017 年確定下來，我們將看到一級方程式方面的這些數字相對迅速下降，並在某種程度上調整結構以在 2020 年之前運行一級方程式（多位發言者）。

I think both Alessandro and I have been relatively clear on the CapEx profile going forward.

我認為亞歷山德羅和我對未來的資本支出概況都比較清楚。

I think most of the large investments have been made in terms of the architectural and fire trained choices that we've made here.

我認為大部分大筆投資都是在我們在這裡做出的建築和消防訓練選擇方面進行的。

So we expect these numbers to taper down as we walk the walk all the way into 2018 and 2019 until the next cycle starts.

因此，我們預計這些數字會隨著我們一路走到 2018 年和 2019 年而逐漸減少，直到下一個週期開始。

Great.

偉大的。

Helpful.

有幫助。

Thank you.

謝謝你。

And then just last question, it sounded like an answer to one of John's questions that you are guiding mix to be roughly a push next year.

然後是最後一個問題，這聽起來像是對 John 的一個問題的回答，您正在指導混合在明年成為大致的推動力。

Can you just talk about the other drivers?

你能談談其他司機嗎？

Firstly, if that's correct, but also the other drivers in the walk from adjusted EBITDA of EUR748 million in 2015 to EUR770 million in 2016.

首先，如果這是正確的，還有其他推動因素從 2015 年的 7.48 億歐元調整後的 EBITDA 到 2016 年的 7.7 億歐元。

Any sort of directional color about volume or currency hedges.

關於交易量或貨幣對沖的任何類型的方向性顏色。

You provided some color on R&D just now, but some of the other components of the bridge, please.

您剛才提供了一些關於研發的顏色，但請提供一些橋樑的其他組件。

Thank you.

謝謝你。

To begin with, it's too hard [having more currency] in 2015 to 2016.

首先，在 2015 年到 2016 年 [擁有更多貨幣] 太難了。

As we've been doing contributions.

因為我們一直在做貢獻。

So the mix side, I think we covered that.

所以混合方面，我想我們已經涵蓋了。

Volume is going to be right around that as Sergio just mentioned and the other one element, as we said, is the FX contribution in the second half of the year.

正如塞爾吉奧剛剛提到的那樣，交易量將與此差不多，而另一個因素，正如我們所說，是下半年的外匯貢獻。

And then we will still have that lower [like historical] amount of the SG&A as a result of keep on focusing on stores activity for the brand side.

然後，由於繼續專注於品牌方面的商店活動，我們仍將擁有較低的 [如歷史] 數量的 SG&A。

So those are the main drivers for the walk in.

因此，這些是步行的主要驅動力。

D&A is likely to hold in 2020, 2016 again, as a result adjusted life cycle, I'll call it, that's all that.

D&A很可能在2020年，2016年再次舉行，結果調整了生命週期，我稱之為，僅此而已。

Thank you.

謝謝你。

Richard Hilgert, Morningstar.

理查德希爾格特，晨星。

Thank you.

謝謝你。

Good morning and good afternoon.

早上好，下午好。

I appreciate you taking my questions.

感謝您回答我的問題。

Just looking at the individual country changes in volume, China being down a little more than 9%, I guess almost 10%.

單看各個國家的交易量變化，中國下降了 9% 以上，我猜幾乎是 10%。

Given the environment over in that market, it seemed like that environment was something that was all throughout 2015.

考慮到那個市場的環境，這個環境似乎貫穿了整個 2015 年。

Does it make sense to think of China directionally as having reached a trough and that 2016 we should see maybe some slight improvement in volume from that region?

將中國定向視為已觸底，2016 年我們應該看到該地區的銷量可能略有改善，這是否有意義？

No.

不。

I think the best, the most intelligent view of China is to hold volumes at 2015's level.

我認為對中國最好、最明智的看法是將銷量保持在 2015 年的水平。

Okay.

好的。

So unchanged for 2016 versus 2015.

因此，2016 年與 2015 年相比沒有變化。

That's right.

這是正確的。

And did I hear correctly, I'm sorry I'm having some difficulty hearing the call.

我聽錯了嗎，很抱歉我在聽到電話時遇到了一些困難。

23% effective tax rate for 2015, full year?

2015 年全年有效稅率為 23%？

33%.

33%。

33%.

33%。

Okay.

好的。

All right.

好的。

Very good.

很好。

And was curious, just taking a look at the guidance next year versus this year, maybe implying a slight increase in volume from one year to the next.

並且很好奇，只是看看明年與今年的指導，可能意味著從一年到下一年的數量略有增加。

But I'm trying to square that with the longer term target of 9,000 vehicles shipped in 2019.

但我正試圖將其與 2019 年出貨 9,000 輛汽車的長期目標相提並論。

If I'm looking at the ramp, it seems like the shipments might be a little bit off of what I might have expected, in order to eventually get to that 9,000 if we're expecting somewhat of an even ramp.

如果我正在查看坡道，似乎出貨量可能會與我的預期有所不同，如果我們期望有一個平穩的坡道，最終會達到 9,000 個。

Can you talk little bit about how you get from here to the 9,000 and where that ramp goes?

你能談談你是如何從這裡到達 9,000 的，以及那個坡道的去向嗎？

Is it more of an increase later on or is it in the middle?

是以後增加更多還是在中間增加？

Where does the change happen year over year in the shipments?

出貨量逐年變化在哪裡？

Look, we said 9,000 cars as what we consider to be the natural limit of the volume [rendition] for Ferrari.

看，我們說 9,000 輛汽車是我們認為是法拉利銷量的自然極限。

It is not an issue -- the loftiness of the increase is not an issue from the production side inside Ferrari.

這不是問題——從法拉利內部的生產方面來看，增長的崇高程度不是問題。

It just isn't, just given the limited number of Ferraris that we make.

事實並非如此，只是考慮到我們生產的法拉利數量有限。

We have since stated publicly that we will never build the car in excess of what market demands.

此後，我們公開表示，我們永遠不會製造超出市場需求的汽車。

So the modulation of that increase is based on market penetration and the model of the car.

因此，這種增長的調節是基於市場滲透率和汽車型號。

We have not talked specifically about which models get launched in what year.

我們還沒有具體討論哪些型號在哪一年推出。

And I think you're just going to have to bear with us as we roll-out the product portfolio between now and 2019 to justify the volume of 9,000.

而且我認為您將不得不忍受我們，因為我們從現在到 2019 年推出產品組合以證明 9,000 的數量是合理的。

I can't tell you when.

我不能告訴你什麼時候。

Okay.

好的。

Thank you very much.

非常感謝。

Stuart Pearson, BNP Paribas.

斯圖爾特·皮爾森，法國巴黎銀行。

Yes, good morning, and good afternoon, sir.

是的，早上好，下午好，先生。

So just a couple questions.

所以只是幾個問題。

Firstly, just to clarify on the net debt position and the guidance.

首先，只是澄清淨債務狀況和指導。

I think for FCA equates your number I think of [EUR963] million for your net industrial debt if you like, or ex the -- or the finance receivables.

我認為對於 FCA 而言，如果您願意，或者前 - 或金融應收賬款，我認為您的淨工業債務為 [963] 百萬歐元。

I wondered if you could confirm that number, and that compares to EUR750 million or below EUR750 million you're guiding for?

我想知道您是否可以確認這個數字，與您指導的 7.5 億歐元或低於 7.5 億歐元相比？

Because I guess, that implies roughly EUR300 million of free cash flow you're guiding for this year?

因為我猜，這意味著您今年指導的自由現金流約為 3 億歐元？

I just wanted to check that number?

我只是想檢查那個號碼？

And the second question was just -- really going back to this margin, because I'm maybe just slightly disagreeing with the initial question.

第二個問題只是- 真的回到這個邊緣，因為我可能只是稍微不同意最初的問題。

I would have thought 14.7% margin in Q4 was quite a disappointment in a way, given where we were in Q3 around 500 basis point sequential contraction.

考慮到我們在第三季度連續收縮約 500 個基點，我會認為第四季度 14.7% 的利潤率在某種程度上是相當令人失望的。

Now I know there is some seasonality, some worker payments.

現在我知道有一些季節性，一些工人付款。

And so I wonder if you could just talk about the differences there, the drivers there, especially with respect to personalization?

所以我想知道你是否可以談談那裡的差異，那裡的驅動因素，特別是在個性化方面？

I understand that may have been a bit weaker in Q4, so just how you expect that to trend in 2016 and why?

我知道第四季度可能會有所減弱，那麼您對 2016 年的趨勢有何預期，為什麼？

Thank you.

謝謝你。

So the [core] of net debt, as we said that in the press release was in connection to the FCA reading our preliminary results on a consolidated basis, with their view.

因此，正如我們在新聞稿中所說，淨債務的[核心]與 FCA 在綜合基礎上閱讀我們的初步結果有關，他們認為。

There is a different definition of the net debt, and the net industrial debt, so differences that you're looking for is just a difference in definition.

淨債務和淨工業債務有不同的定義，因此您要尋找的差異只是定義上的差異。

We are, considering our net debt, per our definition is just a simple difference within our cash position and our net debt position, which is made of all the credit agreement that we finalized by other debt that existed to fund the financial services company.

考慮到我們的淨債務，我們的定義只是我們的現金頭寸和我們的淨債務頭寸之間的一個簡單區別，這是由我們通過為金融服務公司提供資金而存在的其他債務最終確定的所有信貸協議組成的。

So if we take that out -- so we take out the self- liquidating portfolio, we are at the EUR800 million.

所以如果我們把它拿出來——所以我們拿出自動清算的投資組合，我們就達到了 8 億歐元。

For the -- and that is consistent to the number we provided during the [deal] inclusive of the number in Q3.

對於 - 這與我們在 [交易] 期間提供的數字一致，包括第三季度的數字。

Sorry, I missed the number.

對不起，我錯過了號碼。

If you take out the self-liquidating receivables, the number would be -- so the EUR1.938 billion would be, just to compare to your EUR750 guidance?

如果您取出自動清算應收賬款，這個數字將是 - 所以 19.38 億歐元，只是為了與您的 750 歐元指導進行比較？

EUR797 [million] for 2015 actual, and EUR750 million for our 2016 guidance.

2015 年實際為 7.97 億歐元，2016 年指導為 7.5 億歐元。

EUR797 million?

7.97億歐元？

Now, we have just -- listen, we have just been getting feedback from the market, about the fact that the market does not understand the total debt, the EUR1.9 billion.

現在，我們剛剛——聽著，我們剛剛從市場那裡得到反饋，關於市場不了解總債務的事實，即 19 億歐元。

The debt -- net industrial debt position of this house is EUR800 million.

這所房子的債務——淨工業債務頭寸為8億歐元。

Under -- (multiple speakers)

低於 -- （多位發言者）

Nobody would ever show numbers over EUR1.9 billion under normal circumstances.

在正常情況下，沒有人會顯示超過 19 億歐元的數字。

We don't segregate financial services from the rest of our operations, which probably is the aggregation number.

我們不會將金融服務與我們的其他業務分開，這可能是匯總數字。

The difference between the EUR790 [million] that Alessandro made reference to on the total debt, is a self-liquidating position.

亞歷山德羅在總債務中提到的 7.9 億歐元之間的差額是一個自動清算頭寸。

It will pay itself off.

它會自己得到回報。

I understand the difference.

我明白其中的區別。

But then, that implies that's after the dividend, your' re only guiding for your EUR840 million or something of free cash flow this year then?

但是，這意味著在股息之後，你今年只指導你的 8.4 億歐元或一些自由現金流嗎？

Is that, is that correct?

是這樣，對嗎？

For 2016, we've [put] the upper limit of debt at EUR750 million.

2016 年，我們將債務上限設定為 7.5 億歐元。

Okay.

好的。

Okay.

好的。

Thank you.

謝謝你。

It includes a dividend of EUR87 million for the year, or a distribution of EUR87 million, which is what we've declared.

它包括本年度 8700 萬歐元的股息，或 8700 萬歐元的分配，這是我們宣布的。

Okay.

好的。

And then, a question, sorry on the margin and the personalization?

然後，一個問題，對邊緣和個性化感到抱歉？

Thank you.

謝謝你。

So I believe your question was on Q4.

所以我相信你的問題是在第四季度。

The -- we had explained that part of the reason for [announcing] this in the way that we have expenses, in particular for R&D.

- 我們已經解釋了[宣布]這一點的部分原因，因為我們有費用，特別是研發費用。

So I think we need to prepare for a new season.

所以我認為我們需要為新賽季做準備。

We are -- we have a higher spending on R&D in Q4, and particularly in Q1, in order prepare for the season.

我們 - 我們在第四季度，特別是在第一季度的研發支出更高，以便為這個賽季做準備。

That's why the Q4 numbers are lower than the Q3 numbers, which were somehow exceptional.

這就是為什麼第四季度的數字低於第三季度的數字，這在某種程度上是例外的。

So in terms of how 2016 is going to perform, although we had a negative contribution of the -- for the phase-out of the Maserati, which is still only partially in Q1 of the year, but then it will roll off.

因此，就 2016 年的表現而言，儘管我們對瑪莎拉蒂的淘汰做出了負面貢獻，瑪莎拉蒂仍然只是在今年第一季度的一部分，但隨後它將滾滾而來。

And as I've mentioned before, in terms of mix, that it is going to be offset by (inaudible) to the front, which is basically going to be distributed through all the different quarters of the year.

正如我之前提到的，就混合而言，它將被（聽不清）前排抵消，這基本上將分佈在一年中的所有不同季度。

But we have -- but first half, they come from the second half, also due to the effects which I had mentioned.

但是我們有——但是上半場，他們來自下半場，也是由於我提到的影響。

So that's providing a different geography to our financial results during 2016.

因此，這為我們 2016 年的財務業績提供了不同的地理位置。

So you will see the effects, positive contribution coming in the second half of the year.

所以你會在下半年看到效果，積極的貢獻。

But just go back to Q3, and try to compare Q3 to Q4.

但只要回到 Q3，並嘗試將 Q3 與 Q4 進行比較。

We were crystal clear on the roadshow, and every call that we've made in connection with the IPO that Q3 was an unusual operating performance quarter, and that we would not be repeating it in Q4.

我們在路演中非常清楚，我們在與 IPO 相關的每一個電話中都表示，第三季度是一個不尋常的經營業績季度，我們不會在第四季度重蹈覆轍。

As he said, this 2015 is the highest operating margin that this house has ever achieved.

正如他所說，2015 年是這家公司有史以來最高的營業利潤率。

That's clear.

這很清楚。

Thank you.

謝謝你。

Martino De Ambroggi, Equita.

馬蒂諾·德·安布羅吉，Equita。

Thank you.

謝謝你。

Good afternoon, and good morning everybody, actually from Equita.

下午好，大家早上好，實際上來自 Equita。

My first question is on the guidance for the current year.

我的第一個問題是關於今年的指導。

I'm sorry, but the line was not particularly good.

對不起，線路不是特別好。

I was wondering if you could recap the CapEx for the current year and D&A?

我想知道您是否可以回顧一下本年度的資本支出和 D&A？

And also, if for the current year, we should expect a positive impact on tax rate because of the patent box under the fiscal system in Italy?

而且，如果在本年度，我們應該期待由於意大利財政體系下的專利箱而對稅率產生積極影響？

Well, [total] CapEx for the year is expected to be lower than EUR350 million.

那麼，今年的 [total] CapEx 預計將低於 3.5 億歐元。

And the patent box that you mentioned is tax rate, it's under the (inaudible).

你提到的專利框是稅率，它在（聽不清）之下。

We haven't reflected, and it's not going to provide a relevant amount until the [policy] is accepted, and until we exactly know how much is the contribution, and it's subject to approval of a specific ruling that has not been finalized yet.

我們沒有反映，在[政策]被接受之前，它不會提供相關金額，直到我們確切知道捐款是多少，這取決於尚未最終確定的具體裁決的批准。

And so, we have ruling, but need to get it.

所以，我們有裁決，但需要得到它。

And the amount, the total amount which is going to distributed to the Company in -- for all companies who are operating Italy under the [patent box] regime.

以及金額，將分配給公司的總金額 - 適用於在 [專利盒] 制度下經營意大利的所有公司。

So it's not a fixed amount that we can define at the moment.

所以這不是我們目前可以定義的固定數量。

It's going to be more relevant, if we get in 2017 on.

如果我們在 2017 年開始，它將更加相關。

Okay.

好的。

And the second is on the adjusted EBITDA guidance, above EUR770 million.

第二個是調整後的 EBITDA 指引，超過 7.7 億歐元。

Based on the notes that I have, my estimate typically it's generated by the ForEx effect for the current year.

根據我的筆記，我的估計通常是由當年的外匯效應產生的。

And by the way, consensus is above EUR800 million.

順便說一句，共識超過 8 億歐元。

So just understand that, if you could elaborate on the real potential for the EBITDA margin for the current year?

因此，請理解這一點，您能否詳細說明本年度 EBITDA 利潤率的真正潛力？

Or on the other side, what are the negative items affecting the positive ones?

或者另一方面，影響積極因素的消極項目是什麼？

I think EBITDA is [ultimately] in line to what we had highlighted in the past, in terms of progressive performance.

我認為 EBITDA [最終] 與我們過去強調的內容一致，就進步表現而言。

Our volumes are growing as you see, from our preliminary numbers to the 7,900 unit.

如您所見，我們的銷量正在增長，從最初的數量增加到 7,900 台。

So that's a positive contribution, in terms of volume and mix is going be very lightly negative.

所以這是一個積極的貢獻，就數量和混合而言，將是非常輕微的負面影響。

That is, basically going to be a slightly offset by the phase-out of LaFerrari.

也就是說，LaFerrari 的淘汰基本上會略微抵消。

So we need to consider that LaFerrari contribution was I think, both 2015 and in 2014.

所以我們需要考慮到我認為 LaFerrari 的貢獻是在 2015 年和 2014 年。

So we are substantially offsetting all the effect of LaFerrari, and our guidance is higher than the 2015 results, and the 2015 adjusted EBITDA, which was the highest one achieved by the Company.

因此，我們大大抵消了 LaFerrari 的所有影響，我們的指導高於 2015 年的業績和 2015 年調整後的 EBITDA，這是公司取得的最高水平。

So we believe it's in line with our expectations in the Company and in line with our plan.

因此，我們認為這符合我們對公司的期望，也符合我們的計劃。

Okay.

好的。

And the very last one, the net debt guidance, could remind what is the impact of non-recurring items for this year?

最後一個，淨債務指引，可以提醒今年非經常性項目的影響是什麼？

Non, apart from what -- as we said, a distribution to the shareholders, which is going to be -- which is included in the guidance, and is expected to be approved by the Board, as regard to the review of the financial statement of 2015.

除了 - 正如我們所說的那樣，將向股東分配 - 已包含在指南中，預計將由董事會批准，以審查財務報表2015 年。

That is the EUR87 million which we have in our press release today.

這就是我們今天發布的新聞稿中的 8700 萬歐元。

Yes, okay.

是的，好的。

So nothing else.

所以沒有別的。

Okay.

好的。

Thank you.

謝謝你。

Neel Mehta, Morgan Stanley.

尼爾·梅塔，摩根士丹利。

Thanks, and good afternoon.

謝謝，下午好。

Just a couple questions from my end.

我的最後幾個問題。

First, I know that greater personalization has been highlighted as an opportunity to expand margins, maybe a long-term opportunity?

首先，我知道更大的個性化已被強調為擴大利潤的機會，也許是一個長期的機會？

But could you elaborate more on that, and maybe give us color, or just the order of magnitude on the margins that are associated with cars which have been customized, through maybe your tailor-made or special equipment programs?

但是您能否詳細說明一下，也許可以通過您的定製或特殊設備計劃給我們顏色，或者只是與定制汽車相關的利潤的數量級？

And then my second question, just on spare parts.

然後我的第二個問題，只是關於備件。

Could you give us a sense of how much of the revenue is spare parts within the car and spare parts segment?

您能否告訴我們汽車和備件領域的備件收入有多少？

And any color on margins within that category?

以及該類別內的邊距上的任何顏色？

And the type of growth you've seen over the last few years with, specifically relating to spare parts?

您在過去幾年中看到的增長類型，特別是與備件有關的增長？

Thank you.

謝謝你。

By the way, I'm amazed that you are asking questions about spare parts.

順便說一句，我很驚訝您會問有關備件的問題。

There is not anybody who makes spares as (inaudible) in the world that wouldn't give you remotely the number on spare parts.

世界上沒有任何人將備件製造為（聽不清），不會遠程為您提供備件數量。

Not one.

不是一個。

But I will give you a benign answer.

但我會給你一個溫和的答案。

It is by definition, one of the most profitable parts of the business.

根據定義，它是業務中最賺錢的部分之一。

Unfortunately, the only way you can make money in spare parts is by making the car.

不幸的是，你可以在備件上賺錢的唯一方法是製造汽車。

If you don't make the car, there is no spare parts to attach to the vehicle itself.

如果您不製造汽車，則沒有備件可以連接到車輛本身。

But it is significant profit contributor.

但它是重要的利潤貢獻者。

In the case of Ferrari, and when you compare it to the rest, those people that make vehicles, they probably play a less relevant part than it does in other automakers, because of the potential margin that generate in new part sales.

就法拉利而言，當你將其與其他製造汽車的人進行比較時，由於新零件銷售產生的潛在利潤，他們所扮演的角色可能不如其他汽車製造商那麼重要。

The question about personalization, and we cannot give you numbers on the margin (inaudible) but it's substantially higher as you move up the personalization curve.

關於個性化的問題，我們無法在邊際上為您提供數字（聽不清），但隨著您向上移動個性化曲線，它會大大提高。

So when you get to tailor-made, those margins are significantly higher than on a standard car.

因此，當您進行定制時，這些利潤明顯高於標準汽車。

But there are varying degrees, to the extent that -- and I think we are being relatively successful at pushing the personalization option to our customers view as the margin increased from [where they are].

但是在某種程度上，我認為我們在將個性化選項推向我們的客戶方面相對成功，因為利潤率從 [他們所在的地方] 增加了。

I can't give you numbers.

我不能給你數字。

All right.

好的。

Thank you.

謝謝你。

Thomas Besson, Kepler Cheuvreux.

托馬斯·貝松，開普勒·切夫勒。

Thank you very much.

非常感謝。

I have a few questions as well please.

我也有幾個問題請教。

Could you help us on where gross going to come from in your opinion in 2016, as we assume it's not from China?

您能否幫助我們了解您認為 2016 年總收入來自哪裡，因為我們假設它不是來自中國？

Can you please repeat the question, because we really didn't hear it very well?

你能重複一下這個問題嗎，因為我們真的沒聽清楚？

Sorry.

對不起。

I'm not sure I understood what you said.

我不確定我是否理解你所說的。

If you can, please repeat the question, because we didn't get it.

如果可以的話，請重複這個問題，因為我們沒有得到它。

Okay.

好的。

Sorry for that.

對此感到抱歉。

Could you please help us just on where volume growth will come from in 2016, please, as it's not going to come from China?

請您幫我們談談 2016 年的銷量增長來自哪裡，因為它不會來自中國？

So the growth will [primarily] coming from -- will be coming from the Americas, of the US is a main consumer for there, and EMEA, which is obviously, those are two largest regions.

因此，增長將[主要]來自 - 將來自美洲，美國是那裡的主要消費者，而歐洲、中東和非洲顯然是兩個最大的地區。

I think we covered, also in parts of China, and generally, the -- it's less than 5% of our total shipment.

我認為我們也覆蓋了中國部分地區，一般來說，它不到我們總出貨量的 5%。

So as you can imagine this quarter, it's going to be -- expected to be stable.

因此，正如您可以想像的那樣，本季度它將是 - 預計會穩定。

So it's still not going to be a relevant [market] in terms growth, and it's not coming -- it'd never be -- also when we described our strategy for the doing the IPO.

因此，就增長而言，它仍然不會成為一個相關的[市場]，而且當我們描述我們進行 IPO 的策略時，它也不會到來——它永遠不會到來。

So the two main contributors are the Americas with the US, and EMEA.

因此，兩個主要貢獻者是美國和歐洲、中東和非洲。

Very good.

很好。

Can you give us the numbers of TDF that have been shipped in 2015?

您能給我們提供 2015 年出貨的 TDF 數量嗎？

And also the number of LaFerrari that have been shipped in 2015, please?

還有 2015 年出貨的 LaFerrari 的數量，好嗎？

On the LaFerrari, we are not providing the number, but as we have said in the past, 2015 was slightly higher than 2014, and we have small [pay] in Q1 this year.

在 LaFerrari 上，我們沒有提供數字，但正如我們過去所說，2015 年略高於 2014 年，今年第一季度我們的 [工資] 很小。

TDF was really at the very beginning, so a few units, not relevant for 2015 at all.

TDF 真的是剛開始，所以有幾個單位，與 2015 年完全無關。

Just for your information, if you trying to work the numbers off, LaFerrari was a limited edition car.

僅供參考，如果你想把數字計算出來，LaFerrari 是一款限量版汽車。

We sold 500, and starts 499.

我們賣了 500，開始了 499。

If they are evenly split between 2014 and 2015, they are about 450 a year.

如果他們在 2014 年和 2015 年之間平均分配，他們每年大約有 450 個。

Even if there is an -- if we calendar adjust them, one year to the other, they're not materially off on that number.

即使有 - 如果我們在日曆上調整它們，一年到另一年，他們並沒有在那個數字上出現實質性的偏差。

Great.

偉大的。

Thanks.

謝謝。

Lastly two small questions.

最後兩個小問題。

Can you explain the dividend policy, please from here?

你能從這裡解釋一下股息政策嗎？

I'm sorry, but we couldn't hear again the question.

很抱歉，我們再也聽不到這個問題了。

Sorry, could you comment on the dividend policy of Ferrari, please?

抱歉，您能評論一下法拉利的股息政策嗎？

25% to 40% of net.

淨額的 25% 至 40%。

Okay.

好的。

Thank you.

謝謝你。

Last question.

最後一個問題。

At what date, do you expect to publish the full accounts, please?

請問您希望在什麼日期發布完整的帳戶？

I'm sorry, again.

我很抱歉，再次。

The line is a bit unclear.

線有點不清楚。

Could you kindly repeat?

你能重複一遍嗎？

Sure.

當然。

When, what date should we get the full accounts for Ferrari, please?

請問我們什麼時候、什麼時候可以拿到法拉利的完整賬目？

I'm sorry.

對不起。

Can you kindly speak closer to the microphone?

你能靠近麥克風說話嗎？

Thank you.

謝謝你。

Yes, I will speak right on the microphone.

是的，我會直接對著麥克風講話。

I'm sorry if the line is bad.

如果線路不好，我很抱歉。

Could you please tell us when you will release the accounts of the Company, the full accounts of the Company, please?

請您告訴我們您什麼時候公佈公司的賬目，公司的完整賬目好嗎？

Full accounts, sorry.

完整的帳戶，對不起。

So the full is expected to come from the Board of Directors later in February.

因此，預計 2 月晚些時候董事會將提供全部資金。

So close to the end of February, and that is when we will be publishing our [20-F], and our annual report which is required for Dutch, under a Dutch requirement.

接近 2 月底，屆時我們將根據荷蘭的要求發布我們的 [20-F] 以及我們的年度報告，這是荷蘭要求的。

Thank you very much.

非常感謝。

You're welcome.

別客氣。

Stephen Reitman, Societe Generale.

斯蒂芬·雷特曼，法國興業銀行。

Yes, good afternoon.

是的，下午好。

Thank you.

謝謝你。

Could you tell me if you have any more clarity on negotiations with the [relevant] authorities on the CO2 targets that you will be meeting for -- in the relevant regions, Europe and the United States for 2020 and 2021?

您能否告訴我，您是否就 2020 年和 2021 年在相關地區、歐洲和美國將要達成的二氧化碳目標與 [相關] 當局進行的談判有更明確的說明？

No, we do not have any additional information to give you.

不，我們沒有任何額外信息可提供給您。

Other than, obviously to comment that the discussions are ongoing.

除此之外，顯然要評論討論正在進行中。

I don't expect to have any [seismic] from the discussion.

我不希望討論中有任何[地震]。

I think we understand, from a public portfolio, it will have to happen.

我認為我們理解，從公共投資組合來看，這將不得不發生。

I have said this publicly that, I do think that ultimately the introductions of a hybrids in Ferraris will be inevitable.

我曾公開表示，我確實認為最終在法拉利中引入混合動力車將是不可避免的。

It will make it much easier.

這會讓事情變得容易得多。

And can you give me your average CO2 score across your fleet in 2015?

您能告訴我您在 2015 年整個車隊的平均二氧化碳排放量嗎？

To be perfectly honest, I don't know.

老實說，我不知道。

And obviously, it depends on -- it depends on jurisdictions.

顯然，這取決於 - 它取決於司法管轄區。

The initial control systems vary by area.

初始控制系統因地區而異。

Is it roughly -- is a figure I have in mind for 2014 is about 270 grams.

是不是粗略的——我想到的 2014 年的數字約為 270 克。

Does that sound reasonably in the ballpark?

這在球場上聽起來合理嗎？

It does not sound unreasonable, but I -- you and I are not [graphing] it.

這聽起來不無道理，但我——你和我並沒有[繪製]它。

I don't have enough information to give it to you, but it does not sound unreasonable, given what I know.

我沒有足夠的信息給你，但考慮到我所知道的，這聽起來不無道理。

Thank you.

謝謝你。

Michael Binetti, UBS.

瑞銀集團的邁克爾·比內蒂。

Hey, guys.

大家好。

Good afternoon.

下午好。

If I -- I want to back up a little bit, because everybody has asked quite a bit about some of the details here.

如果我-- 我想稍微支持一下，因為每個人都對這裡的一些細節提出了很多問題。

But if we just try to connect the story for 2016, to some of the longer-range thinking that you guys talked about during IPO.

但是，如果我們只是嘗試將 2016 年的故事與你們在 IPO 期間談到的一些長遠思考聯繫起來。

In the revenue guidance for 2016, will put you right at what we thought was about the top of where the guidance was initially going to be for revenues for 2017.

在 2016 年的收入指導中，將讓您了解我們認為的 2017 年收入指導最初的最高點。

But as I look at the incremental margins next year, they're going to be a little bit lower here.

但是當我查看明年的增量利潤率時，它們會在這裡稍微降低一些。

And I know, and you tried to give us a little bit of color on the walk on EBITDA margins.

而且我知道，您試圖在 EBITDA 利潤率上給我們一些色彩。

But if the unit targets are what they are, but the revenues are maybe running a little bit ahead of what you thought, in the original 2017 plan.

但是，如果單位目標是他們現在的樣子，但收入可能比你想像的有點超前，在最初的 2017 年計劃中。

A lot of the story was some of the cost items starting to lever in 2016.

很多故事都是 2016 年開始使用的一些成本項目。

It sounds like that -- maybe some of those might have shifted out to 2017.

聽起來是這樣——也許其中一些可能已經轉移到 2017 年。

I know Sergio, when we're talking through the roadshow process, you thought maybe some of the Formula 1 cost reductions.

我知道塞爾吉奧，當我們討論路演過程時，你認為可能是一級方程式的一些成本降低。

It seemed to me like some of the Formula 1 cost reductions you were talking about, were going to be occurring more in 2016.

在我看來，您所說的一些一級方程式成本降低將在 2016 年發生更多。

It sounds like some of those have now moved to 2017.

聽起來其中一些已經轉移到 2017 年。

Maybe just some directional guidance on each of lines in the P&L, to help us connect what you're saying about 2016, to what we originally were thinking about 2017?

也許只是對損益表中每一行的一些方向性指導，以幫助我們將您所說的 2016 年與我們最初對 2017 年的想法聯繫起來？

So the best [angle] I can give you in 2016, is that the numbers that I understand that was quoted in the guidance, was greater than the number that we posted.

因此，我可以在 2016 年給您的最佳 [角度] 是，我理解的指南中引用的數字大於我們發布的數字。

And I think that there is a view out there, that we have never -- we have historically not missed numbers.

而且我認為那裡有一種觀點，我們從來沒有 - 我們歷史上沒有錯過數字。

I think the numbers that we are giving you will measure against actual performance as we go forward.

我認為我們提供給您的數字將根據我們前進的實際表現來衡量。

I confirmed everything that I told you on the roadshow, but the reduction in F1 costs.

我確認了我在路演中告訴你的一切，但 F1 成本的降低。

And the fact, that this house will be presently gearing up, and getting to ready to leverage off the investment that is made in the [architecture] The cars that are falling off, we'll see -- the launch of a new car.

事實上，這所房子目前正在加速發展，並準備利用在 [架構] 上的投資。我們將看到正在脫落的汽車——新車的推出。

There are at least three new cars that are coming off the portfolio on a yearly basis.

每年至少有三款新車從產品組合中脫穎而出。

Just let us, go out there, produce the numbers on a quarterly basis.

讓我們去那裡，每季度製作一次數字。

We have indicated clearly in guidance that these were the lowest numbers of a possible set of ranges of outcomes.

我們在指南中明確指出，這些是可能的一系列結果中的最低數字。

I think it we will do better than what we've indicated.

我認為我們會做得比我們所指出的要好。

But that's what it is.

但事實就是如此。

And taking into the [PNS] decline as [proved] guidance, is going to be unhelpful to you, or to me, right?

並且將 [PNS] 下降作為 [已證實的] 指導，對您或我都沒有幫助，對嗎？

Okay.

好的。

And then, could you comment on -- because obviously, probably more than our fair share of turmoil around the world right now, and volatility in some of the different markets.

然後，你能否評論一下——因為顯然，可能超過了我們目前在全球範圍內的動盪，以及一些不同市場的波動。

Would you mind commenting on what you are we're seeing related to the wait list for the product in some of the different regions, given what we're seeing with the Chinese economy, the US stock volatility, and then obviously, some of the oil markets are under pressure there, and they are important markets for you as well.

考慮到我們所看到的中國經濟、美國股市波動，顯然還有一些那裡的石油市場面臨壓力，它們也是您的重要市場。

Look, I mean, for me to try and make sense of the reaction equity markets to what's going on, is an [impossible task].

看，我的意思是，對我來說，試圖理解股市對正在發生的事情的反應，是一項 [不可能的任務]。

I don't understand it.

我不明白。

I don't understand the reaction of -- why our share price, announcing when we had the best earning in our history, and the stock around it.

我不明白人們的反應——為什麼我們的股價，宣布我們何時獲得歷史上最好的收益，以及它周圍的股票。

But we have not seen, in terms of customer interface, any impact from what we're discussing here, in terms of lowering our expectations or the order book.

但是，就客戶界面而言，我們還沒有看到我們在這裡討論的任何影響，即降低我們的期望或訂單。

We have not seen cancellations.

我們還沒有看到取消。

The order book continues to be as strong as ever.

訂單繼續與以往一樣強勁。

And you understand, we make less than 8,000 cars a year.

你知道，我們每年生產的汽車不到 8,000 輛。

So the ability, the placement of distribution network is not an issue And we remain conscious of the fact that obviously, we are dealing with an incredibly affluent customer base.

所以能力，分銷網絡的佈局不是問題而且我們仍然意識到，很明顯，我們正在與一個非常富裕的客戶群打交道。

That customer base today, based on what we know, today is not suffering from the events that you have described.

根據我們所知，今天的客戶群並沒有遭受您所描述的事件的影響。

Having said this, I think China has never been a significant portion of our portfolio, nor do we expect it to be a significant portion of our portfolio in 2016.

話雖如此，我認為中國從來都不是我們投資組合的重要組成部分，我們也不期望它在 2016 年成為我們投資組合的重要組成部分。

The rest of the world is actually doing well.

世界其他地方實際上做得很好。

Notwithstanding what capital market followers are saying, we are okay.

不管資本市場的追隨者怎麼說，我們都還好。

You see the numbers from Ferrari [just reported] this morning.

你會看到今天早上來自法拉利 [剛剛報導] 的數據。

70 months (inaudible) of sales growth.

70 個月（聽不清）的銷售增長。

The market is actually doing a lot better than people are assuming.

市場實際上比人們想像的要好得多。

So it's all right.

所以沒關係。

Okay.

好的。

And then, if I can add one last question, Alessandro.

然後，如果我可以添加最後一個問題，亞歷山德羅。

As far as personalization, I think you talked about that being about a 15% lift to the average prices for the vehicles.

就個性化而言，我認為您所說的是將車輛的平均價格提高了 15%。

Where did that -- what percent did that end at in 2015, and what is your thoughts baked into the 2016 outlook?

這在哪裡——2015 年的百分比是多少？您對 2016 年的展望有何看法？

Thank you.

謝謝你。

We covered that before.

我們之前介紹過。

It's [16]% in -- the actual 2015.

2015 年實際是 [16]%。

So we are expecting to be in line in 2016, [although we'll] get the benefit of high volumes.

因此，我們預計 2016 年將保持一致，[儘管我們將] 受益於高產量。

We can move to the next question, thank you.

我們可以轉到下一個問題，謝謝。

George Galliers, Evercore.

喬治·加利爾斯，Evercore。

Hello, and thank you for taking my questions.

您好，感謝您提出我的問題。

First question, I know you don't comment on future products.

第一個問題，我知道您不對未來的產品發表評論。

But conceptually, given a significant number of upcoming products from peers in the crossover space, would you ever consider a crossover for Ferrari?

但從概念上講，考慮到跨界車領域同行即將推出的大量產品，你會考慮法拉利的跨界車嗎？

And is the FF platform and drivetrain something which could be adapted for crossover at some point in the future, if you did decide to take that path?

如果你決定走這條路，FF 平台和動力傳動系統是否可以在未來的某個時候適應跨界車？

The answer to your second question is yes.

你的第二個問題的答案是肯定的。

And the answer to your first question is that, you'd have to shoot me first.

你的第一個問題的答案是，你必須先向我開槍。

Okay.

好的。

Thank you.

謝謝你。

And then, secondly, and then, apologies if you've already visited this, but the line wasn't perfect.

然後，其次，如果您已經訪問過這裡，請道歉，但這條線路並不完美。

Just coming back to FX and the change in which you hedge.

剛剛回到外彙和你對沖的變化。

Very simply, given what you have hedged in today's spot for the unhedged part, do you expect FX to be a similar tailwind in 2016 to the EUR45 million last year, or to be greater or smaller tailwind?

很簡單，鑑於您在今天對未對沖部分進行了對沖，您預計 2016 年外匯將成為與去年 4500 萬歐元類似的順風，還是更大或更小的順風？

Yes.

是的。

So yes, you expect it to be a greater tailwind, is that correct?

所以是的，你希望它是一個更大的順風，對嗎？

No, it's correct, that is in line with [2015].

不，這是正確的，這符合 [2015]。

Okay.

好的。

Very clear.

非常清楚。

Thanks.

謝謝。

Alexis Albert, Barclays.

亞歷克西斯·阿爾伯特，巴克萊銀行。

Hi, good afternoon.

你好，下午好。

Thank you for taking my questions.

謝謝你接受我的問題。

Two questions.

兩個問題。

The first one is regarding you're [Dura Tech].

第一個是關於你是[Dura Tech]。

I knew you don't want to communicate on the wait list on DuraTech, but considering the lack of visibility in the [India] (inaudible) sector, it would be great to have an idea of when we talk about ordering DuraTech Ferrari, are we talking about six months, or are we talking about 18 months?

我知道您不想在 DuraTech 的候補名單上進行交流，但考慮到 [印度]（聽不清）行業缺乏知名度，如果我們談論訂購 DuraTech 法拉利時能有所了解，那就太好了我們談論的是六個月，還是我們談論的是 18 個月？

It would be great if you could give us some color on that.

如果你能給我們一些顏色，那就太好了。

This is my first question.

這是我的第一個問題。

Second question is regarding the financing.

第二個問題是關於融資的。

What would you say is the share of Ferrari being financed?

你會說法拉利獲得融資的份額是多少？

The answer to your first question is, between the two numbers that you are right.

你的第一個問題的答案是，在你是對的兩個數字之間。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

That is useful.

這很有用。

And regarding financing?

關於融資？

Regarding financing on the new car side, it's on the new vehicles, we have a penetration rate of 33% on average.

關於新車方面的融資，在新車方面，我們平均滲透率為33%。

Okay.

好的。

So 33% is the Ferraris being financed by yourself, right?

所以 33% 的法拉利是由你自己出資的，對吧？

No.

不。

That is the financing that we are -- yes, it's all through -- I'm sorry, financing is on [part of our] financial services company, 33% of our new cars.

這就是我們的融資——是的，已經完成了——對不起，融資是由我們的金融服務公司提供的，占我們新車的 33%。

Okay, including all source of financing?

好的，包括所有資金來源？

We just do retail financing, that we do.

我們只是做零售融資，我們就是這樣做的。

We don't do any -- (multiple speakers)

我們不做任何事——（多位發言者）

Okay.

好的。

But do you have assumptions internally of, is this of 33% for you, what is it's total?

但是你內部有沒有假設，這對你來說是 33%，總共是多少？

So the financing coming from the dealers in general, is not a number that we know exactly, so we know how much we are financing directly.

因此，一般來說，來自經銷商的融資並不是我們確切知道的數字，所以我們知道我們直接融資了多少。

It's one out of three cars.

這是三分之一的汽車。

Okay.

好的。

Thank you.

謝謝你。

Lello Della Ragione, Intermonte.

Lello Della Ragione，Intermonte。

Hi, thank you for taking my question.

您好，感謝您提出我的問題。

Probably you answered it before, but the line is terrible here.

可能你以前回答過，但這裡的線路很糟糕。

It's about personalization.

這是關於個性化的。

You gave the number for 2015 during the presentation, but it wasn't clear from here.

您在演示過程中給出了 2015 年的數字，但從這裡不清楚。

And can you repeat what your target for 2016, and which will be -- is the personalization in terms of percentage, moving forward, the evolution of it even beyond 2016?

您能否重複一下您在 2016 年的目標，以及未來的目標是——百分比方面的個性化、向前發展、甚至超越 2016 年的發展？

Thank you.

謝謝你。

I'm sorry, but could you [generally] put some --?

對不起，你能[一般]放一些——嗎？

The percentage, and we covered that (inaudible).

百分比，我們涵蓋了該百分比（聽不清）。

So 15% was the actual that we had, in terms of contribution on the top line.

因此，就收入的貢獻而言，我們實際擁有 15%。

In 2015 -- I'm sorry, 2014.

2015 年——對不起，2014 年。

2015 was [16%] and we are expecting the same level in 2016.

2015 年為 [16%]，我們預計 2016 年將保持相同水平。

Last, as I had mentioned, the additional fact that we will have higher volume in 2016.

最後，正如我所提到的，我們在 2016 年的交易量將會增加。

Okay [50%] on top of the average selling price, right?

好吧 [50%] 在平均售價之上，對吧？

1, 6, so 16%.

1、6，所以 16%。

Okay.

好的。

16% on top of the average sell ling price.

高於平均售價的 16%。

Okay.

好的。

And can you just probably answered even to this one, but the line is terrible.

你能不能回答這個問題，但這條線很糟糕。

Can you please give us any indication on what we should expect on gross margin level for 2015, so with the costs that you had up there, in terms of [Roma] deal and [employee]?

您能否告訴我們我們對 2015 年毛利率水平的預期，以及您在 [Roma] 交易和 [員工] 方面的成本？

Thank you.

謝謝你。

So we have -- we are expecting obviously to keep on realizing efficiencies on our [government here], in line with what we had in 2015.

所以我們有 - 我們顯然希望繼續實現我們的 [這裡的政府] 的效率，與我們在 2015 年的情況一致。

Okay.

好的。

Thank you.

謝謝你。

There are no further questions at this time.

目前沒有其他問題。

I would like to turn the call back to your host for any additional or closing remarks.

我想將電話轉回您的主持人，以獲取任何其他或結束語。

Hello.

你好。

Thanks everyone for attending today's call.

感謝大家參加今天的電話會議。

Thank you.

謝謝你。

Bye.

再見。

That will conclude today's conference call.

這將結束今天的電話會議。

Thank you for your participation.

感謝您的參與。

Ladies and gentlemen, you may now disconnect.

女士們，先生們，你們現在可以斷開連接了。