Ferrari NV (RACE) 2016 Q1 法說會逐字稿

Good day and welcome to the Ferrari NV 2016 first-quarter results conference call.

美好的一天，歡迎參加 Ferrari NV 2016 年第一季度業績電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time I'd like to turn the conference over to Miss Nicoletta Russo, head of Investor Relations.

在這個時候，我想把會議交給投資者關係負責人 Nicoletta Russo 小姐。

Please go ahead, ma'am.

請繼續，女士。

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

謝謝你，朱莉婭，祝大家今天好。

There are two topics that we plan to cover today.

我們今天計劃討論兩個主題。

First, the group first-quarter 2016 financial results and then our commercial and brand initiatives.

首先是集團 2016 年第一季度的財務業績，然後是我們的商業和品牌舉措。

In light of this the call is expected to last around 45 minutes.

鑑於此，通話預計將持續約 45 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獲取。

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

今天的電話會議將由集團董事長兼首席執行官 Sergio Marchionne 和集團首席財務官 Alessandro Gili 先生主持。

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

在演示結束時，他們將回答您的問題。

Before we begin let me remind you that any forward-looking statement we might make during today's call are subject to the risk and uncertainties mentioned in the Safe Harbor statement included on page 2 of today's first-quarter 2016 results presentation.

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 年第一季度業績報告第 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。

And the call will be governed by this language.

呼叫將受此語言支配。

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

有了這個，我想把電話轉給馬爾喬內先生。

Thanks very much.

非常感謝。

I'm just going to keep my comments to a limited number of remarks about the first quarter of this year.

我只是將我的評論保留在關於今年第一季度的有限數量的評論中。

I think you've seen from the numbers that we have as expected delivered an incredibly strong quarter.

我認為你已經從我們預期的數據中看到了一個令人難以置信的強勁季度。

The order books remain incredibly strong.

訂單仍然非常強勁。

We have been able to post results on an EBIT basis which are certainly at historical levels for Ferrari.

我們已經能夠在 EBIT 基礎上發布結果，這對於法拉利來說肯定處於歷史水平。

Alessandro will explain to you the impact of hedging and what it's had in terms of the results for the quarter.

Alessandro 將向您解釋對沖的影響以及它對本季度業績的影響。

Although these margins appear to be marginally below what our best competitor in this industry has done historically.

儘管這些利潤率似乎略低於我們在該行業的最佳競爭對手歷史上的表現。

That is Porsche.

那就是保時捷。

If you were to strip out the impact of the hedging policies that we have had in place for the first quarter of 2016 we would have been well in excess of the 20% mark.

如果剔除我們在 2016 年第一季度實施的對沖政策的影響，我們將遠遠超過 20% 的大關。

I think it's an indication of the kind of profitability that we can expect for this business going forward.

我認為這表明我們可以期待這項業務未來的盈利能力。

The product launches are going as expected.

產品發布按預期進行。

We've shown the success to the FF in Geneva received have been received incredibly well by our customers and I think that the order book is beginning to build well.

我們已經向日內瓦的 FF 展示了成功，我們的客戶收到了非常好的好評，我認為訂單開始建立良好。

The car will be in-market by Q3 of this year.

該車將於今年第三季度上市。

I think that the rest of the product portfolio is shaping up well.

我認為其餘的產品組合發展良好。

The order book especially for the 488 and the convertible is quite long.

尤其是 488 和敞篷車的訂單很長。

We're well into 2017 now.

我們現在已經進入 2017 年了。

We really have no bad news to report other than the fact that we remain hugely disappointed by the performance of the Scuderia at the race yesterday.

我們真的沒有壞消息要報告，除了我們仍然對昨天比賽中 Scuderia 的表現感到非常失望。

I just finished a meeting with the leadership team for the racing activities.

我剛剛與領導團隊就賽車活動進行了一次會議。

I think that we have to renew our effort to make sure that we can reposition Ferrari properly.

我認為我們必須重新努力，以確保我們能夠正確地重新定位法拉利。

We have had four podiums in the first four races.

我們在前四場比賽中有四個領獎台。

Unfortunately, we did not win any of the four races and I think that we need to correct this put a quickly.

不幸的是，我們沒有贏得四場比賽中的任何一場，我認為我們需要盡快糾正這個錯誤。

On that basis I pass the call on to Alessandro.

在此基礎上，我將電話轉給 Alessandro。

One more thing.

還有一件事。

We have as indicated during the roadshow and certainly at the end of the year have indicated that we wanted to get out of the financial services business.

正如路演中所表明的那樣，當然在年底時我們已經表示我們想退出金融服務業務。

It was something that we consider to be noncore.

這是我們認為非核心的東西。

What we've announced today is the first step in the process of removing that leverage from our balance sheet.

我們今天宣布的是從我們的資產負債表中消除這種槓桿作用的第一步。

Hopefully we'll have it brought home by the end of the year.

希望我們能在年底前把它帶回家。

The US position needs to be looked at quite carefully because of the fact that it's a crucial piece of our business in the US.

美國的立場需要仔細研究，因為它是我們在美國業務的重要組成部分。

And so we'll come up with a creative solution to that objective, too.

因此，我們也會針對該目標提出創造性的解決方案。

But I think we're on track on everything that we've mentioned to you both on the roadshow and in terms of the year-end results.

但我認為，無論是在路演中還是在年終業績方面，我們都在向您提到的一切方面走上正軌。

So Alessandro, over to you.

所以亞歷山德羅，交給你了。

Thank you Mr. Marchionne.

謝謝馬爾喬內先生。

Good afternoon everyone and thank you for listening in the call.

大家下午好，感謝您收聽電話。

I'm proud to present these results for Q1 2016.

我很自豪地介紹 2016 年第一季度的這些結果。

Our shipments grew to 1,882 units, showing an increase of 15%.

我們的出貨量增長到 1,882 台，增長了 15%。

All regions up due to the strong start of the new models: the 488 GTB, the 488 Spider and the F12tdf and despite LaFerrari finishing its limited series run group.

由於新車型的強勁開局，所有地區都上升了：488 GTB、488 Spider 和 F12tdf，儘管 LaFerrari 完成了其有限的系列賽跑組。

Net revenues reached EUR675 million, up 8.8%.

淨收入達到 6.75 億歐元，增長 8.8%。

Adjusted EBITDA reached EUR178 million with a margin increase of 110 basis points.

調整後的 EBITDA 達到 1.78 億歐元，利潤率增加 110 個基點。

Our net profit for the group was up 19% to EUR78 million and this is the best first quarter ever in the history of Ferrari.

我們集團的淨利潤增長了 19%，達到 7800 萬歐元，這是法拉利歷史上最好的第一季度。

Our net industrial that was slightly down from year-end to EUR782 million and our industrial free cash flow generation for Q1 2016 was EUR28 million.

我們的工業淨額較年底略有下降至 7.82 億歐元，我們在 2016 年第一季度產生的工業自由現金流為 2800 萬歐元。

As a result of the recently finalized bond issuance we are now commenting that industrial debt and industrial free cash flow as our key financial metrics.

由於最近完成的債券發行，我們現在評論工業債務和工業自由現金流是我們的關鍵財務指標。

We signed today a memorandum of understanding for FCA Bank to acquire a majority stake of Ferrari Financial Services AG which is a wholly-owned subsidiary which provides retail and leasing financial services in certain European countries.

我們今天簽署了一份諒解備忘錄，讓 FCA 銀行收購 Ferrari Financial Services AG 的多數股權，該公司是一家在某些歐洲國家提供零售和租賃金融服務的全資子公司。

Early this year as Mr. Marchionne just said we launched the GTC4Lusso which will replace the FF.

今年年初，正如馬爾喬內先生所說，我們推出了將取代 FF 的 GTC4Lusso。

And finally, the racing season has just begun with four podiums that we've achieved so far in 2016, totaling 700 podiums throughout our racing history.

最後，本賽季剛剛開始，我們在 2016 年已經登上了四個領獎台，在我們的賽車歷史上總共登上了 700 個領獎台。

And guidance has been revised upwards with shipments higher than 7,900 units including supercars, net revenues of approximately EUR3 billion, adjusted EBITDA higher or equal to EUR800 million and net industrial debt lower or equal to EUR730 million.

指引已向上修訂，包括超級跑車在內的出貨量超過 7,900 輛，淨收入約為 30 億歐元，調整後的 EBITDA 高於或等於 8 億歐元，淨工業債務低於或等於 7.3 億歐元。

Moving to page 4, we show our operating highlights for the first quarter of 2016.

轉到第 4 頁，我們展示了 2016 年第一季度的運營亮點。

Our shipments reached 1,882 unit, showing an increase of 15% led by V8 models which were up 21% thanks to the success of the two newly launched models: the 488 GTB and the 488 Spider.

我們的出貨量達到 1,882 輛，增長 15%，其中 V8 車型增長 21%，這得益於兩款新推出的車型：488 GTB 和 488 Spider。

On the other hand V12 models were down 6% due to the phaseout of the FF, the completion of the lifecycle of the F12 Berlinetta now in its fifth year of commercialization and LaFerrari finishing its limited series run.

另一方面，由於 FF 的淘汰、F12 Berlinetta 的生命週期已經完成，現在已經進入商業化的第五個年頭，以及 LaFerrari 完成了其有限的系列賽，V12 車型的銷量下降了 6%。

This was partially offset by the new F12tdf.

這被新的 F12tdf 部分抵消。

We remind you that the recently presented GTC4Lusso will commence distribution in the second half of the year.

我們提醒您，最近推出的 GTC4Lusso 將於下半年開始發行。

Net revenues were up 8.8% mainly due to cars and spare parts that boasted an increase of 12% driven by volume partially offset by mix and the negative contribution of engines down 10%.

淨收入增長 8.8%，主要是由於汽車和零部件在銷量的推動下增長了 12%，部分被混合抵消，發動機的負面貢獻下降了 10%。

Our adjusted EBITDA improved by 11% topping EUR178 million and the result was primarily driven by higher volumes.

我們調整後的 EBITDA 增長了 11%，達到 1.78 億歐元，這主要是由於銷量增加。

Adjusted EBIT for the group showed a robust 21% increase reaching EUR121 million, resulting in 190 basis points growth margin growth.

集團調整後息稅前利潤強勁增長 21%，達到 1.21 億歐元，利潤率增長 190 個基點。

The adjusted EBIT improvement benefited from various variables which we will comment later.

調整後的息稅前利潤改善得益於我們稍後會評論的各種變量。

Q1 2016 industrial free cash flow generation was primarily driven by EBITDA, partially offset by CapEx and negative change in working capital mainly due to less down payments received for LaFerrari.

2016 年第一季度工業自由現金流的產生主要由 EBITDA 推動，部分被資本支出和營運資本的負變化所抵消，主要是由於 LaFerrari 收到的首付減少。

Q1 2015 industrial free cash flow included a EUR44 million one-time cash inflow related to a partial reimbursement of the financing of the Maserati inventory in China.

2015 年第一季度工業自由現金流包括與瑪莎拉蒂在中國的庫存融資的部分償還有關的 4400 萬歐元一次性現金流入。

Excluding that one-time industrial free cash flow would have been in Q1 2015 minus EUR9 million.

不包括一次性工業自由現金流將在 2015 年第一季度減去 900 萬歐元。

Net industrial debt as of March 31 was reduced to EUR782 million primarily due to industrial free cash flow generation.

截至 3 月 31 日，淨工業債務減少至 7.82 億歐元，主要是由於工業自由現金流的產生。

If we move to the next page on page 5, in terms of geographical distribution we achieved year-on-year growth in all regions, proving our robust business model.

如果我們轉到第 5 頁的下一頁，就地理分佈而言，我們在所有地區都實現了同比增長，證明了我們穩健的商業模式。

EMEA, greater China and rest of Asia-Pacific enjoy double-digit growth mainly thanks to our new models: the 488 GTB, 488 Spider and the F12tdf.

EMEA、大中華區和亞太其他地區實現兩位數增長，這主要歸功於我們的新車型：488 GTB、488 Spider 和 F12tdf。

Americas was up single digit due to the 488 Spider and the F12 just arrived to the market.

由於 488 Spider 和 F12 剛剛上市，美洲市場上漲了個位數。

As a reminder, we are now phasing out the FF and we will introduce the GTC4Lusso in the second half of the year.

提醒一下，我們現在正在逐步淘汰 FF，我們將在下半年推出 GTC4Lusso。

At the end of March the region Americas which represent 28% of total shipments was up 2%, USA performance was primarily driven by the 488 GTB and California T offsetting the F12 Berlinetta at its fifth year of commercialization and LaFerrari completing its limited series run.

截至 3 月底，佔總出貨量 28% 的美洲地區增長了 2%，美國的業績主要受到 488 GTB 和加利福尼亞 T 的推動，抵消了 F12 Berlinetta 在其商業化的第五個年頭，以及 LaFerrari 完成了其有限的系列賽。

The F12tdf just arrived in the market contributing for a few units in Q1 2016 and in Q1 2016 we began also shipping the F6, the America strictly limited edition.

F12tdf 剛剛在 2016 年第一季度投放市場，並在 2016 年第一季度推出了 F6，美國嚴格限量版。

EMEA representing 51% of total shipments increased by 24%.

佔總出貨量 51% 的 EMEA 增長了 24%。

UK, our largest market in EMEA, had a 4% increase in shipments supported by California T and the newly launched 488 family and the F12tdf.

英國是我們在 EMEA 的最大市場，在 California T 和新推出的 488 系列和 F12tdf 的支持下，出貨量增長了 4%。

Stronger performance was reported in Italy plus 75%, in Germany plus 74% and other Europe and Africa for 35% thanks to the 488 family and the F12tdf.

得益於 488 系列和 F12tdf，意大利的表現更為強勁，增加了 75%，德國增加了 74%，其他歐洲和非洲增加了 35%。

Greater China, 8% of our total shipments increased by 16%.

大中華區8%的我們總出貨量增加了16%。

China mainland shipments grew by 67% thanks to the success of the 488 GTB.

得益於 488 GTB 的成功，中國大陸的出貨量增長了 67%。

Hong Kong and Taiwan shipments dropped by a few units mainly due to the phaseout of the 458 family which was only partially offset by the 488 family.

香港和台灣的出貨量下降了幾台，主要是由於 458 系列的淘汰，488 系列僅部分抵消了這一影響。

Shipments are planned to increase in the following quarters.

計劃在接下來的幾個季度增加出貨量。

The rest of Asia-Pacific representing 13% of our total shipments increased by 14%.

占我們總出貨量 13% 的亞太地區其他地區增長了 14%。

Australia shipments were up by 14% driven by the 488 GTB which more than compensated the phaseout of the 458 family.

在 488 GTB 的推動下，澳大利亞的出貨量增長了 14%，這足以彌補 458 系列的淘汰。

Japan recorded a slight reduction of 3% mainly due to the 488 Spider and the F12tdf that were not yet arrived in the market.

日本錄得小幅下降 3%，主要是由於尚未上市的 488 Spider 和 F12tdf。

Other Asia-Pacific increase double digit driven by V8 models.

其他亞太地區在 V8 車型的推動下實現兩位數增長。

Moving on to the next page, we comment our net revenues.

進入下一頁，我們評論我們的淨收入。

Net revenues reached EUR675 million, up 8.8% versus Q1 last year mainly due to higher volumes.

淨收入達到 6.75 億歐元，比去年第一季度增長 8.8%，主要是由於銷量增加。

At constant currencies net revenues would have increased by 8.4%.

按固定匯率計算，淨收入將增長 8.4%。

Let me highlight that during the first quarter of 2016 we benefited from deliveries of the 488 GTB which completed its distribution rollout and shipments of 488 Spider and F12 Tour de France.

讓我強調一下，在 2016 年第一季度，我們受益於 488 GTB 的交付，完成了其分銷推廣和 488 Spider 和 F12 環法自行車賽的發貨。

Cars and spare parts revenues of the EUR52 million increased from cars and spare parts, EMEA showed an increase of 27% mostly related to higher volumes of the 488 GTB, the 488 Spider and the F12tdf.

汽車和零部件收入增加了 5200 萬歐元，歐洲、中東和非洲地區增長了 27%，這主要與 488 GTB、488 Spider 和 F12tdf 的銷量增加有關。

Greater China was up 39% due to volume increase of 488 GTB in China mainland and rest of Asia-Pacific up 8% due to higher shipments of V8 models, partially offset by Americas down 11.5% due to lower sales of LaFerrari completing its limited series run and the 488 Spider and the F12tdf just arrived in the market contributing for a few units in Q1 2016.

大中華區增長 39%，原因是中國大陸銷量增加 488 GTB，亞太其他地區增長 8%，原因是 V8 車型的出貨量增加，部分被美洲下降 11.5% 所抵消，原因是 LaFerrari 完成其有限系列的銷量下降run 和 488 Spider 和 F12tdf 剛剛上市，為 2016 年第一季度的一些單位做出了貢獻。

The proportion of V12 models shipped went from 19% for Q1 2015 to 16% for Q1 2016 and was primarily driven by a 48% decrease in shipments of the F12 Berlinetta at its fifth year of commercialization.

V12 車型的出貨比例從 2015 年第一季度的 19% 上升到 2016 年第一季度的 16%，這主要是由於 F12 Berlinetta 在商業化第五年的出貨量下降了 48%。

Shipments of V8 models increased as a result of completing the distribution rollout of the 488 GTB in other markets, the introduction of the 488 Spider to other countries as well as the contribution of California T partially offset by decreases in shipments of the 458 family which has been phased out.

由於完成了 488 GTB 在其他市場的分銷推廣、將 488 Spider 引入其他國家以及 California T 的貢獻部分被 458 系列的出貨量減少所抵消，V8 車型的出貨量有所增加。被淘汰。

Engine net revenues generated EUR57 million for Q1 2016, a decrease of EUR7 million compared to prior quarter in 2015, 10% from EUR64 million for Q1 2015.

2016 年第一季度發動機淨收入為 5700 萬歐元，比 2015 年上一季度減少 700 萬歐元，比 2015 年第一季度的 6400 萬歐元下降 10%。

The EUR7 million decrease was almost totally attributable to a decrease in net revenues generated by a 38% a decrease in the volume of engines sold to Maserati despite higher rental revenues from our Formula One teams.

700 萬歐元的減少幾乎完全歸因於淨收入減少，儘管我們的一級方程式車隊的租金收入增加，但出售給瑪莎拉蒂的發動機數量減少了 38%。

Sponsorship commercial and brand net revenues reached EUR118 million for Q1 2016, an increase of EUR9 million or 8% from EUR109 million for Q1 2015, mainly due to better championship ranking in 2015 versus 2014.

2016 年第一季度贊助商業和品牌淨收入達到 1.18 億歐元，比 2015 年第一季度的 1.09 億歐元增加 900 萬歐元或 8%，主要是由於 2015 年的冠軍排名比 2014 年更好。

And other net revenues was flat at EUR19 million.

其他淨收入持平於 1900 萬歐元。

Moving to page 7, you can see the year-over-year changes in adjusted EBIT main items.

轉到第 7 頁，您可以看到調整後 EBIT 主要項目的同比變化。

Volumes were up EUR25 million thanks to an increase of approximately 260 cars excluding LaFerrari, mainly due to the newly launched 488 GTB, the 488 Spider and the F12tdf.

由於新推出的 488 GTB、488 Spider 和 F12tdf，不包括 LaFerrari，銷量增加了約 260 輛，銷量增加了 2500 萬歐元。

Increased positive margin contribution from personalization also contributed to the volume component.

個性化帶來的正利潤貢獻增加也促成了銷量部分。

Mix was negatively impacted by higher V8 versus V12 models, lower sales of LaFerrari partially offset by higher sales of special car FXX K and the first deliveries of the F60 America.

混合受到 V8 與 V12 車型更高的負面影響，LaFerrari 的銷量下降部分被特種車 FXX K 的銷量增加和 F60 America 的首次交付所抵消。

Industrial cost and R&D substantially unchanged to minus EUR1 million attributable to higher spending on F1 racing activity, partially offset by lower D&A for the 458 family and industrial cost savings.

由於 F1 賽車活動的支出增加，工業成本和研發基本保持不變，為負 100 萬歐元，部分被 458 家族的研發成本降低和工業成本節約所抵消。

Lower SG&A costs of EUR2 million mainly due to timing effect of the 2016 Formula One racing season versus last year.

SG&A 成本降低 200 萬歐元，主要是由於 2016 年一級方程式賽車賽季與去年相比的時間效應。

Neutral impact of transaction exchange rates net of hedging and other was up EUR3 million due to other supporting activities contributing to the adjusted EBIT.

由於其他支持活動有助於調整後的息稅前利潤，交易匯率的中性影響（扣除對沖和其他因素）增加了 300 萬歐元。

Moving on to the next page on page 8, we comment on net industrial debt at the end of March 2016 was EUR782 million, down from EUR797 million at the end of 2015 due to industrial free cash flow generation of EUR28 million partially offset by debt issuance cost and debt discount on our recent admission of the bond.

轉至第 8 頁的下一頁，我們評論 2016 年 3 月末工業淨債務為 7.82 億歐元，低於 2015 年底的 7.97 億歐元，原因是工業自由現金流產生的 2800 萬歐元被債務發行部分抵消我們最近認購債券的成本和債務折扣。

The positive industrial free cash flow generation was primarily driven by EBITDA, partially offset by CapEx and negative change in working capital mainly due to less down payments received for LaFerrari.

積極的工業自由現金流產生主要由 EBITDA 推動，部分被資本支出和營運資本的負變化所抵消，主要是由於 LaFerrari 收到的首付減少。

Q1 2015 industrial free cash flow included a EUR44 million one-time cash inflow related to a partial reimbursement by Maserati of its inventory in China.

2015 年第一季度工業自由現金流包括與瑪莎拉蒂部分償還其在中國的庫存相關的 4400 萬歐元一次性現金流入。

Excluding that one-time in Q1 2015 industrial free cash flow would have been minus EUR9 million.

不包括 2015 年第一季度的一次性工業自由現金流為負 900 萬歐元。

Net CapEx at EUR67 million was driven by our investment to sustain the product offering.

6700 萬歐元的淨資本支出是由我們對維持產品供應的投資推動的。

Moving on to the next page, we comment the memorandum of understanding which was signed today between Ferrari Financial Services S.p.

進入下一頁，我們將評論今天與 Ferrari Financial Services S.p. 簽署的諒解備忘錄。

A. and FCA Bank.

A. 和 FCA 銀行。

We have signed the MOU for FCA Bank to acquire a majority stake of Ferrari Financial Services AG, a wholly-owned subsidiary of FFS S.p.

我們已與 FCA 銀行簽署諒解備忘錄，以收購 FFS S.p. 的全資子公司 Ferrari Financial Services AG 的多數股權。

A. Ferrari Financial Services S.p.

A. 法拉利金融服務公司

A. and FCA Bank will continue the operation of FFS AG as a joint venture partner supporting the sales of Ferrari cars in certain European countries by offering innovative vehicle financing solutions to Ferrari customers.

A. 和 FCA 銀行將繼續作為合資夥伴運營 FFS AG，通過向法拉利客戶提供創新的車輛融資解決方案，支持法拉利汽車在某些歐洲國家的銷售。

Moving on to the next page, the GTC4Lusso was unveiled at the recent Geneva Motor Show.

進入下一頁，GTC4Lusso 在最近的日內瓦車展上亮相。

The new Ferrari GTC4Lusso is the latest interpretation of the four-seater concept which combines extraordinary technology and performance in all driving conditions with sporty elegance and luxurious comfort for driver and passengers alike.

全新法拉利 GTC4Lusso 是對四人座概念的最新詮釋，它結合了卓越的技術和在所有駕駛條件下的性能，以及為駕駛員和乘客提供的運動優雅和豪華舒適。

We've been very active on a global basis with our Corse Clienti as you can see on slide 12.

正如您在幻燈片 12 中看到的那樣，我們在全球範圍內一直非常積極地使用 Corse Clienti。

As previously announced, we've signed a nonbinding memorandum of understanding -- and we are on page 13 -- a memorandum of understanding for the licensing of the design, construction and operation of a new Ferrari theme park to be located in one of the primary cities in mainland China.

正如之前宣布的那樣，我們已經簽署了一份不具約束力的諒解備忘錄——我們在第 13 頁——一份關於授予新法拉利主題公園設計、建造和運營許可的諒解備忘錄，該主題公園位於中國大陸的主要城市。

As indicated during the IPO process, Ferrari is aggressively exploring the luxury goods space that extends beyond luxury sports cars while nurturing and expanding the Scuderia Ferrari merchandising concept which is inextricably linked to its racing activities in Formula One.

正如在首次公開募股過程中所表明的那樣，法拉利正在積極探索超越豪華跑車的奢侈品領域，同時培育和擴展與一級方程式賽車活動密不可分的 Scuderia Ferrari 商品概念。

It is expected that the first evidence of this development, the Ferrari-branded goods akin to its luxury sports car offering, would be accessible to potential customers in 2017 when the Company celebrates its 70th anniversary.

預計這一發展的第一個證據，即類似於其豪華跑車產品的法拉利品牌商品，將在 2017 年公司慶祝成立 70 週年時向潛在客戶提供。

And moving to page 14, we outline our power 2016 revised outlook.

轉到第 14 頁，我們概述了 2016 年修訂後的電力展望。

All metrics revised upwards, shipments higher than 7,900 units including supercars.

所有指標都向上修正，包括超級跑車在內的出貨量超過 7,900 輛。

Previously we had mentioned in the initial guidance approximately 7,900.

之前我們在最初的指導中提到了大約 7,900 個。

Net revenues approximately EUR3 billion.

淨收入約為 30 億歐元。

We had prior EUR2.9 billion.

我們之前有 29 億歐元。

Adjusted EBITDA higher or equal to EUR800 million.

調整後 EBITDA 高於或等於 8 億歐元。

Previously was EUR770 million.

此前為 7.7 億歐元。

And net industrial debt lower or equal to EUR730 million while previously we had lower than EUR750 million.

淨工業債務低於或等於 7.3 億歐元，而之前我們的債務低於 7.5 億歐元。

And with that said I hand over to Nicoletta.

話雖如此，我將交給尼科萊塔。

Thank you, Alessandro.

謝謝你，亞歷山德羅。

Before we begin our Q&A session I'd like to hand over to Mr. Marchionne.

在我們開始我們的問答環節之前，我想先交給馬爾喬內先生。

Okay we are ready to start the Q&A session please, Julia, go ahead.

好的，我們已經準備好開始問答環節了，朱莉婭，請繼續。

(Operator Instructions) John Murphy, Bank of America.

（操作員說明）John Murphy，美國銀行。

Good morning, guys.

早上好傢伙。

Just a first question on this CEO change.

只是關於這次 CEO 變動的第一個問題。

Sergio, I mean obviously this is something that was somewhat expected by a lot of folks but it is a change.

塞爾吉奧，我的意思是很明顯這是很多人都在期待的，但這是一個變化。

And I'm curious if you take the other rein and really have full control here, what do you think you might change on the product side, on the cost side and really how should we think about the change in the CEO reins here?

我很好奇你是否掌握了另一個控制權並在這裡真正擁有完全的控制權，你認為你可能會在產品方面、成本方面做出什麼改變，以及我們應該如何看待這裡 CEO 的改變？

Look, I was the one that pitched the Ferrari case on the road.

看，我是那個在路上推法拉利案子的人。

That's not going to be a different case than the one that I presented to the capital markets at the end of last year.

這與我去年年底向資本市場提出的情況不會有所不同。

I remain as bullish on this prospect -- on prospects of this Company as I was when I presented Ferrari to the markets.

我仍然看好這個前景——就像我向市場介紹法拉利時一樣看好這家公司的前景。

I remain even more so convinced of its upward potential.

我仍然更加相信它的上升潛力。

When you look at Q1 2016 and you look at the adjusted EBIT performance of this house you realize that we're beginning just now to define the true potential on the passenger car side of what this house can actually deliver.

當您查看 2016 年第一季度並查看該房屋的調整後 EBIT 表現時，您會意識到我們剛剛開始定義該房屋實際交付的乘用車方面的真正潛力。

So I think, Alessandro mentioned, I'm not sure that he mentioned the fact that the personalization efforts are beginning to pay off.

所以我認為，亞歷山德羅提到，我不確定他是否提到了個性化努力開始得到回報的事實。

It is representing a more relevant portion of the revenue and as you well know that's probably the most financial rewarding piece of the car offering.

它代表了收入中更相關的部分，眾所周知，這可能是汽車產品中最具經濟回報的部分。

I think we need to continue to explore pockets of profitability throughout the business and see whether we can bring this car, bring Ferrari to produce EUR1 billion in EBITDA as quickly as we can.

我認為我們需要繼續探索整個業務的盈利能力，看看我們能否帶來這款車，讓法拉利盡快產生 10 億歐元的 EBITDA。

That remains my immediate objective.

這仍然是我的直接目標。

Okay, and then just a second question as we look at the volume outlook that you're giving, it's greater than 7,900.

好的，然後是第二個問題，當我們查看您給出的數量前景時，它大於 7,900。

If we hit 7,900 that would mean that volume would be flat on a year-over-year basis in the second, third and fourth quarter and that seems awful conservative given what you've just put up in the first quarter and the opportunities that appear to be in front of you in the Americas.

如果我們達到 7,900，這意味著第二、第三和第四季度的交易量將與去年同期持平，考慮到您剛剛在第一季度提供的情況以及出現的機會，這似乎非常保守在美洲出現在你面前。

I mean how should we think about buying through the remainder of the year?

我的意思是我們應該如何考慮在今年剩餘時間內購買？

Because the guidance that you're giving us is really just indicating flat to up.

因為您給我們的指導實際上只是表示從平到上。

I would presume more up than flat but it just seems like there's a lot of opportunity as we go through the course of the year to be significantly above 7,900.

我認為上漲多於持平，但似乎有很多機會，因為我們經歷了這一年的歷程，顯著高於 7,900。

I think the chances are there.

我認為機會是有的。

I think you may have noticed from the way in which we're guiding that we're being cautious as we learn our reporting cycle here.

我想您可能已經從我們的指導方式中註意到，當我們在這裡了解我們的報告週期時，我們會保持謹慎。

I think as we keep on delivering quarters between now and the end of this year I think you may see a shift in those numbers as we see actual numbers come out.

我認為，隨著我們從現在到今年年底繼續交付季度，我認為隨著我們看到實際數字的出現，您可能會看到這些數字的變化。

I think you are going to have to bear with us until the end of the year until we find our rhythm.

我認為你將不得不忍受我們直到今年年底，直到我們找到我們的節奏。

I think there is a necessary level of caution associated with these forecasts and it's something that I think one ought to keep in mind.

我認為與這些預測相關的謹慎程度是必要的，我認為人們應該牢記這一點。

We certainly do not want to disappoint and I think that the indications are that we may exceed all the targets we gave you.

我們當然不想讓您失望，我認為跡象表明我們可能會超過我們給您的所有目標。

But I think we're going to wait until actual numbers come in.

但我認為我們要等到實際數字出來。

Very understandable.

非常好理解。

Then just lastly, as we think about mix in the quarter, I mean it really wasn't that great an aggregate headwind.

最後，當我們考慮本季度的混合時，我的意思是這確實不是一個很大的總體逆風。

Can you just comment on the F12tdf deliveries, maybe more specifically in the quarter and what we should expect for the full year?

您能否就 F12tdf 的交付發表評論，也許更具體地說是在本季度以及我們對全年的預期？

I know we're looking at 799 in total, but do you think you'll get the bulk of those this year and that might even reverse the mix impact as we go through the course of the year?

我知道我們總共看到了 799 個，但你認為今年你會得到其中的大部分，甚至可能會在我們度過這一年的過程中扭轉混合影響嗎？

No, I think we'll probably will not exhaust the whole pop in 2016.

不，我認為我們可能不會在 2016 年用盡整個流行音樂。

We delivered less than 20% of the volumes in Q1 of the number that we gave you that you properly, correctly pointed out as being 799.

我們在第一季度交付的數量不到我們提供給您的數量的 20%，您正確指出為 799。

I think we're going to pace those throughout the year.

我認為我們將在整個一年中加快步伐。

And it's not a question of just pacing revenue, I think it's a question of being able to deliver the products out of the factory.

這不僅僅是調整收入的問題，我認為這是能夠將產品交付出廠的問題。

I think that most of them will be delivered within 2016.

我認為其中大部分將在 2016 年內交付。

There will be a hangover effect in 2017.

2017年會有宿醉效應。

Okay great.

好，太棒了。

Thank you very much.

非常感謝。

Martino De Ambroggi, Equita.

馬蒂諾·德·安布羅吉，Equita。

Yes, good morning, good afternoon everybody.

是的，大家早上好，下午好。

Martino from Equita.

來自Equita的馬蒂諾。

Focusing on free cash flow, I know you did not disclose the terms of the agreement for the financial business with FCA Bank.

關注自由現金流，我知道你沒有透露與 FCA 銀行的金融業務協議條款。

But just to be sure the change in guidance is not related to this, in terms of net debt is not related to this transaction first.

但為了確定指引的變化與此無關，就淨債務而言，首先與此交易無關。

No, it's not.

不，這不對。

Okay, perfect.

好的，完美。

And the second question is on free cash flow.

第二個問題是關於自由現金流的。

Could you remind us what is the one-off impact for the taxes cash out this year?

您能否提醒我們今年稅收兌現的一次性影響是什麼？

I remember last time we discussed more than EUR100 million but maybe today you have a more precise indication which is included in your guidance.

我記得上次我們討論了超過 1 億歐元，但也許今天你有一個更準確的指示，它包含在你的指導中。

Yes, that's correct, Martino.

是的，沒錯，馬蒂諾。

We have expecting a down payment for taxes relate to 2016 in the second part of the year for more than EUR100 million.

我們預計今年下半年與 2016 年相關的稅款首付款將超過 1 億歐元。

Okay.

好的。

And regarding the EBIT guidance, if I understand correctly the main change to your guidance is related to volumes or there is any other issue that should be taken into account?

關於息稅前利潤指南，如果我理解正確，您的指南的主要變化與數量有關，還是應該考慮其他任何問題？

And I remember ForEx was expected to be positive by EUR50 million but mainly in the second half of the year, so it should come going forward.

我記得 ForEx 預計將增加 5000 萬歐元，但主要是在下半年，所以它應該會向前發展。

With all due respect, I think that the improvement in guidance is both an EBITDA and lowering debt.

恕我直言，我認為指引的改善既是 EBITDA 也是降低債務。

But the number that Alessandro mentioned, EUR100 million is already included in the net debt number at the end of 2016, the expected number.

但亞歷山德羅提到的數字，1億歐元已經包含在2016年底的淨債務數字中，這是預期的數字。

It includes the one-off payment in taxes.

它包括一次性支付的稅款。

Yes, yes, my question now was on the EBIT.

是的，是的，我現在的問題是息稅前利潤。

So just to understand if it's it driven by higher volumes or there is some other element driving the improvement in profitability?

所以只是為了了解它是由更高的銷量驅動還是有其他一些因素推動了盈利能力的提高？

It's both improved margins and higher volumes.

它既提高了利潤率，又提高了銷量。

Okay.

好的。

ForEx, though, was at EUR50 million?

然而，ForEx 是 5000 萬歐元？

Yes, ForEx is unchanged compared to the guidance we provided at the beginning of the year.

是的，與我們在年初提供的指導相比，ForEx 沒有變化。

Okay.

好的。

Very last one, merchandising strategy, any timetable for the disclosure of your strategy?

最後一個，推銷策略，你的策略披露有什麼時間表嗎？

I think the press release makes reference to 2017.

我認為新聞稿提到了 2017 年。

We can actually show what we intend to do with a non-car luxury end of the business.

我們實際上可以展示我們打算如何處理非汽車豪華業務。

I think we'll have it to wait while we celebrate the 70th anniversary next year.

我想我們會等到明年慶祝 70 週年。

Okay, thank you.

好的謝謝你。

Ryan Brinkman, JPMorgan.

瑞安·布林克曼，摩根大通。

Hi, great, thanks for taking my question.

嗨，太好了，感謝您提出我的問題。

Can you give some more color about the thinking behind the share repurchase authorization at the recent annual general meeting?

在最近的年度股東大會上，您能否就股份回購授權背後的想法多說一些？

I don't remember buyback being discussed too much around the time of the IPO but rather a strong dividend payout.

我不記得在 IPO 期間對回購進行了太多討論，而是討論了強勁的股息支付。

Was this in response to the valuation of the shares in the market and how should we think about the cadence of any possible repurchases?

這是對市場股票估值的回應嗎？我們應該如何考慮任何可能的回購節奏？

I think it's a healthy thing to have in terms of corporate authority.

我認為就公司權威而言，這是一件健康的事情。

I think given what we've seen in the marketplace and the fact that we have seen some bizarre trading certainly at the time of the spin out of SCA into unsuspecting shareholders will mean now they wanted to be long-term shareholders of Ferrari.

我認為，鑑於我們在市場上看到的情況，以及在 SCA 分拆給毫無戒心的股東時我們確實看到了一些奇怪的交易，這意味著他們現在想成為法拉利的長期股東。

Had we had that authority in place I think we would have been able to act in a more intelligent fashion.

如果我們擁有這種權力，我認為我們將能夠以更聰明的方式行事。

There is no doubt that there was value arbitrage that was being left at the table, on the table at the time of the spin.

毫無疑問，在旋轉時，桌上存在價值套利。

And I think it was unfortunate we were not able to act and I think it's good corporate authority to have period.

而且我認為不幸的是我們無法採取行動，我認為有一段時間是良好的公司權威。

Whether we use it or not it really doesn't matter.

我們是否使用它並不重要。

I think the important thing is to have it.

我認為重要的是擁有它。

Just go back to your comment about what I said during the roadshow, I think what we clearly stated that this was a cash-generative business and as such dividend payouts and share repurchases were the easiest way in which we could deliver value to shareholders.

回到你對我在路演期間所說的話的評論，我認為我們明確表示這是一項產生現金的業務，因此股息支付和股票回購是我們為股東創造價值的最簡單方式。

One was not exclusive of the other and even dividend payouts as forecast during the roadshow will eventually still yield a business which is fundamentally unlevered.

一個並不排斥另一個，甚至在路演期間預測的股息支付最終仍將產生一個從根本上無槓桿的業務。

In that situation the only thing you can do is go back in and buy shares.

在那種情況下，你唯一能做的就是回去買股票。

Okay, and can you share what you plan to do with any proceeds from the sale of a stake in Ferrari Financial Services?

好的，你能分享一下你打算如何處理出售法拉利金融服務股份的任何收益嗎？

Reduce the financial debt to support the financing activities.

減少金融債務以支持融資活動。

You'll have zero impact on the net industrial debt.

您對淨工業債務的影響為零。

Got it.

知道了。

Then just lastly, you mentioned that your margin would have looked better relative to Porsche's had it not been for the hedging.

最後，您提到如果沒有對沖，您的利潤率會比保時捷更好。

Is it possible to say what your EBIT margin or what your EBIT would have been without the hedging?

是否可以說出您的 EBIT 利潤率或如果沒有對沖，您的 EBIT 會是多少？

21%.

21%。

Fantastic.

極好的。

Thanks a lot.

非常感謝。

Massimo Vecchio, Mediobanca.

馬西莫維奇奧，Mediobanca。

Good afternoon everybody.

大家下午好。

First, a clarification on the MOU with FCA Bank, it refers only to the European portfolio, right, is it correct?

首先，澄清與FCA銀行的MOU，它只指歐洲投資組合，對嗎？

That's correct.

這是正確的。

Okay, second question on the business with Maserati regarding the engines, I believe you made no secret that this business has lower margins than the car business and obviously there is a contract which is expiring in 2023, if I'm not wrong.

好的，關於與瑪莎拉蒂有關發動機業務的第二個問題，我相信您毫不掩飾地表示，該業務的利潤率低於汽車業務，如果我沒記錯的話，顯然有一份合同將於 2023 年到期。

So I was trying to understand what would you do if this contract would expire tomorrow.

所以我試圖了解如果這份合同明天到期，你會怎麼做。

Which position are you with this production facility, what could you do with this spare capacity, and also, sorry, how long before you have to decide what to do with this?

你在這個生產設施的哪個職位，你能用這些閒置產能做什麼，還有，對不起，你需要多長時間才能決定如何處理這個？

I can give you an answer as sort of the FCA user of the engines.

我可以作為引擎的 FCA 用戶給你一個答案。

We have no intention of abandoning the relationship with Ferrari out of Maserati.

我們無意放棄瑪莎拉蒂與法拉利的關係。

I think it's something that we have found incredibly helpful in terms of the marketing of the Maserati products on a global scale.

我認為這對我們在全球範圍內營銷瑪莎拉蒂產品非常有幫助。

And I don't know of a reason today that would suggest that those volumes would actually drop or they would deviate from forecast.

而且我不知道今天有什麼原因表明這些交易量實際上會下降或偏離預期。

The launch of the Maserati Levante is going to draw a substantial portion of the capacity that's been allocated by Ferrari to Maserati.

瑪莎拉蒂 Levante 的推出將吸引法拉利分配給瑪莎拉蒂的大部分產能。

And as much as on a full cost basis it does not provide the equivalent margins for all we get from car making.

而且，儘管以全部成本為基礎，它並不能為我們從汽車製造中獲得的所有利潤提供同等的利潤。

It does provide a good level of absorption of fixed cost within the plant.

它確實可以很好地吸收工廠內的固定成本。

I think it's something that's desirable and I think it's something that Ferrari will continue to nurture going forward.

我認為這是令人嚮往的東西，而且我認為法拉利將繼續培育它。

All right.

好的。

Thank you very much.

非常感謝。

Adam Jonas, Morgan Stanley.

亞當喬納斯，摩根士丹利。

Hey everybody, the first one is kind of housekeeping.

大家好，第一個是家務。

Did you disclose or can you give us an indication of how much movement in capitalized development cost versus amortization of such costs impacted the margin in the quarter?

您是否披露或能否向我們說明資本化開發成本與此類成本攤銷對本季度利潤率的影響程度？

Of the EUR67 million of CapEx, almost EUR40 million are related to R&D in terms of capitalization component.

在 6700 萬歐元的資本支出中，近 4000 萬歐元與資本化部分的研發有關。

Okay, thanks.

好的謝謝。

And the second one for Sergio, regarding Formula One, it seems F1 and Ferrari are inextricably linked in that Formula One does not exist in its current form without Ferrari and Ferrari does not exist in its current form at least without Formula One or at least in motor racing at its highest state-of-the-art in whatever form or entity that might exist, yet at the time when a lot of other global sports franchises are reaping huge benefits in global marketing and endorsements it seems that F1 is, and I want to be polite here, Sergio, it seems kind of at a crossroads where it might have a lot of room to improve.

塞爾吉奧的第二個，關於一級方程式，似乎 F1 和法拉利有著千絲萬縷的聯繫，因為沒有法拉利，一級方程式就不會以目前的形式存在，而法拉利至少在沒有一級方程式或至少在以任何可能存在的形式或實體，以最先進的方式進行賽車，但在許多其他全球體育特許經營權在全球營銷和代言中獲得巨大利益的時候，似乎 F1 是，而且我想在這裡保持禮貌，塞爾吉奧，它似乎處於十字路口，可能還有很大的改進空間。

It seems to be massively undershooting its commercial potential, basically, if I want to be blunt on a global scale.

基本上，如果我想在全球範圍內直言不諱的話，它似乎大大低於其商業潛力。

And without getting too far down the rabbit hole of politics and leadership at the FIA and Formula One, Sergio, can you explain the potential for Ferrari's role, especially with your enhanced role at that organization, to help recast the sports image and strategy?

在不深入國際汽聯和一級方程式的政治和領導力的兔子洞的情況下，塞爾吉奧，你能解釋一下法拉利角色的潛力，特別是你在該組織的增強作用，以幫助重塑體育形象和戰略嗎？

And how could this payoff not only for existing and untapped fan bases of Formula One but also for Ferrari shareholders and stakeholders as well?

這種回報如何不僅對現有和未開發的一級方程式賽車粉絲群，而且對法拉利股東和利益相關者也有好處？

Sorry to be verbose there but thanks.

很抱歉在那裡冗長，但謝謝。

You actually were incredibly tactful and I'm going to try and give you a very tactful answer.

您實際上非常委婉，我將嘗試給您一個非常委婉的答案。

Look, there's been a huge amount of work that's been done by FOM through Bernie Ecclestone to try and build F1 into what it is today.

看，FOM 通過伯尼·埃克萊斯頓 (Bernie Ecclestone) 做了大量工作，試圖將 F1 打造成為今天的樣子。

And I think he's got years of experience that he's applied to the enterprise here.

而且我認為他有多年的經驗應用於這裡的企業。

So I think we have all benefited from his leadership and his management.

所以我認為我們都從他的領導和管理中受益。

There is not a single doubt in my mind that Jean Todt over at the FIA has now provided a good interface for the racing teams to begin to have a dialogue about the shaping of the sport going forward.

在我看來，毫無疑問，國際汽聯的讓·托德（Jean Todt）現在為賽車隊提供了一個很好的界面，可以開始就這項運動的未來發展進行對話。

I sit on the board of FOM together with a couple of other racing teams.

我和其他幾支賽車隊一起坐在 FOM 的董事會上。

We have very keen interest to make sure that we express the highest potential from this business.

我們非常有興趣確保我們從這項業務中發揮最大的潛力。

There are discussions that are going on within that environment now how to best improve this business.

現在在這種環境中正在進行討論如何最好地改善這項業務。

We're going to be incredibly collaborative to try and make sure that we drive the bus in the same direction.

我們將進行難以置信的協作，以確保我們將公共汽車朝同一個方向行駛。

And on this issue I have to agree that as competitive as we are, especially against Mercedes on the track, I think we both Mercedes and ourselves see the proper development of that of what they refer to as the circus to be in everybody's best interest.

在這個問題上，我必須同意，儘管我們具有競爭力，尤其是在賽道上對陣梅賽德斯時，我認為梅賽德斯和我們自己都認為馬戲團的適當發展符合每個人的最佳利益。

It's a work in process.

這是一項正在進行的工作。

It is something which Ferrari needs to engage because it is, as you said correctly it is at the heart of the brand.

這是法拉利需要參與的事情，因為正如你所說的那樣，它是品牌的核心。

We will do everything we can to make sure that we explore the highest possible potential out of F1.

我們將盡一切努力確保我們發掘 F1 的最大潛力。

And I tend to agree with you that I think that there is potential that is yet unexploited and it's not expressed and I think it will benefit everybody at the table including the holders of the commercial rights of Formula One.

我傾向於同意你的觀點，我認為還有尚未開發的潛力，並且沒有表達出來，我認為這將有利於在座的每個人，包括一級方程式商業權利的持有者。

So the only thing I can tell you, Adam, is stay tuned.

所以我唯一能告訴你的，亞當，請繼續關注。

This is a work in process, it will develop over the next little while.

這是一項正在進行的工作，它將在接下來的一段時間內發展。

I think the last decision that was made by the F1 commission following a pretty lengthy discussion of the strategy at the strategy group in terms of the changes for the 2017 regulation, especially two things: one the stabilization of the engine rules out to 2020 and the commitment by the engine providers, the four racing teams that have engine supply capability, the obligation to provide engines to other participants in the Formula One circuit will provide the right level of stability in terms of the number of teams that will race.

我認為 F1 委員會在戰略小組就 2017 年法規的變化對戰略進行了相當長時間的討論後做出的最後決定，尤其是兩件事：一是發動機穩定到 2020 年，二是發動機供應商的承諾，具有發動機供應能力的四支車隊，向一級方程式賽道的其他參賽者提供發動機的義務將為參加比賽的車隊數量提供適當的穩定性。

It's designed to bring down the cost of execution.

它旨在降低執行成本。

We have also agreed a number of changes to the body style besides the tires that will be used in 2017 and hopefully will become a permanent element in the racing schemes going forward up until 2020.

除了將在 2017 年使用的輪胎外，我們還同意對車身樣式進行一些更改，並希望在 2020 年之前成為賽車計劃中的永久元素。

And so consistent with what I've said, both on the roadshow and on other calls, we do expect the cost of F1 compliance, our cost to come down between now and 2018 and 2019.

與我在路演和其他電話會議上所說的一致，我們確實預計 F1 合規成本，從現在到 2018 年和 2019 年，我們的成本會下降。

But the biggest issue to me is to make sure that this Board achieves the highest level of market acceptance and recognition that it can and we're a long way from that objective today.

但對我來說最大的問題是確保董事會能夠達到最高水平的市場接受度和認可度，而我們今天距離這個目標還有很長的路要走。

Thank you, Sergio.

謝謝你，塞爾吉奧。

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 quick questions please.

我有幾個簡單的問題。

Could you give us some qualitative comments about the evolution of cars and spare parts revenues within this buckets, please?

請您給我們一些關於此桶內汽車和備件收入演變的定性評論，好嗎？

Is there any uptick in the spare part business or is it really the personalization element that has driven the overall revenue there?

備件業務是否有任何增長，或者是否真的是個性化元素推動了那裡的整體收入？

The over increase in cars and spare parts is mainly driven by volume.

汽車和零配件的過度增長主要是由數量驅動的。

There is a component on personalization which is an additional 1% compared to the historical 15% on our top line in terms of contribution from personalization.

就個性化的貢獻而言，與我們歷史上的 15% 相比，個性化的組成部分增加了 1%。

1%, okay, thank you.

1%，好的，謝謝。

Could you give us an indication on the tax rate for the full year, please?

請告訴我們全年的稅率，好嗎？

You are benefiting from a lower tax rate in Italy, what do you now expect for 2016?

您正在受益於意大利較低的稅率，您現在對 2016 年有何期待？

Substantially in line with Q1.

與 Q1 基本一致。

Great, and lastly on the hedging, can you just be a bit more specific in terms of hedging cost for the quarter substantial and therefore substantial hedging benefits in coming quarters, is that what we should expect?

太好了，最後在對沖方面，您能否在本季度的對沖成本方面更具體一些，從而在未來幾個季度獲得巨大的對沖收益，這是我們應該期待的嗎？

The same positive impact on the full-year bridge with less cost in coming quarters, right?

在未來幾個季度以更低的成本對全年橋樑產生同樣的積極影響，對吧？

The contribution from actually the negative impact on the hedging, from the hedging in Q1 was approximately close to EUR30 million.

實際上，第一季度的對沖對對沖的負面影響大約接近 3000 萬歐元。

And on the annual basis I think we provided last time the overall effect is close to EUR100 million.

在年度基礎上，我認為我們上次提供的總體效果接近 1 億歐元。

But you need to consider there is already in our guidance in the second half of the year a contribution from FX variance compared to prior year of around EUR50 million.

但您需要考慮到，與上一年相比，我們在下半年的指導中已經有大約 5000 萬歐元的外匯差異貢獻。

Very clear.

非常清楚。

Thank you very much.

非常感謝。

Lello Della Ragione, Intermonte.

Lello Della Ragione，Intermonte。

Hi, good afternoon.

你好，下午好。

I have a couple of questions.

我有一些問題。

The first one is on the free cash flow bridge and actually the net industrial bridge.

第一個是自由現金流橋，實際上是淨工業橋。

I was wondering if you can comment on the other element, the EUR45 million there?

我想知道您是否可以評論其他元素，即那裡的 4500 萬歐元？

And if on this point also can you indicate what we should expect in terms of net working capital since the effect of the down payments for LaFerrari would last for even the next quarter probably?

如果在這一點上你也能指出我們在淨營運資本方面的預期，因為 LaFerrari 的首付影響可能會持續到下個季度？

And should we expect something in the same magnitude going in the second and third quarter probably until the start of the GTC4 down payment?

我們是否應該期待在第二季度和第三季度出現同樣規模的情況，直到 GTC4 首付開始？

So just to take all the questions, so the overall change there are two changes, one in working capital which is partially driven by timing on our receivable side and then in the other you see the component related to the down payments received for LaFerrari.

所以只是回答所有問題，所以整體變化有兩個變化，一個是營運資金，部分是由我們應收賬款方面的時間驅動的，另一個是與 LaFerrari 收到的預付款有關的部分。

So it's a combination of two different elements including the fact that we had lower CapEx payable in Q1 which is typical of our seasonality on CapEx.

因此，這是兩個不同元素的組合，包括我們在第一季度的應付資本支出較低的事實，這是我們資本支出季節性的典型特徵。

And on the other side in terms of working capital, working capital typically is negative for us, therefore should be contribution in terms of cash for the house.

另一方面，就營運資金而言，營運資金通常對我們不利，因此應該是對房子的現金貢獻。

There is a timing component related to seasonality which I just mentioned.

我剛剛提到了一個與季節性相關的時間組件。

So we expect to have a positive contribution from working capital -- sorry, positive from a cash flow standpoint in next quarters.

因此，我們預計營運資金會產生積極的貢獻——抱歉，從現金流的角度來看，下個季度是積極的。

Okay.

好的。

I have also another one is on SG&A.

我還有另一個在 SG&A 上。

You mentioned seasonality in F1 and actually the rate was quite low compared to last year and even first-quarter 2015.

你提到了 F1 的季節性，實際上這個比率與去年甚至 2015 年第一季度相比都非常低。

Should we expect this to reverse in the second quarter or should we expect an SG&A ratio below 10% as you posted in first quarter in terms on sales?

我們是否應該預期這種情況會在第二季度逆轉，或者我們是否應該預期 SG&A 比率低於您在第一季度公佈的銷售額的 10%？

The SG&A ratio should be substantially in-line with an 11% on an annual basis.

SG&A 比率應與每年 11% 基本一致。

This is really timing because we had one less race compared to last year.

這真的是時機，因為與去年相比，我們的比賽少了一場。

But this year actually we will have 21 races in total from an annual standpoint compared to the 20 we had last year.

但實際上，與去年的 20 場相比，從年度角度來看，我們總共將舉辦 21 場比賽。

And the last one actually, on D&A also we had very low percentage on sales and I was wondering, okay, it's going down, you mentioned the D&A related to the model that you're not producing any more but you are starting the GTC4 soon.

最後一個實際上，在 D&A 上，我們的銷售百分比也很低，我想知道，好吧，它正在下降，你提到了與你不再生產的模型相關的 D&A，但你很快就會啟動 GTC4 .

And I was wondering should we expect this level to continue until the second quarter and then come back around the 9.5%, 10% by year-end, or is it something is going down and will remain below 9% for the rest of the year?

我想知道我們是否應該預計這一水平會持續到第二季度，然後在年底前回到 9.5% 或 10% 左右，還是會有所下降並將在今年剩餘時間保持在 9% 以下?

D&A in total this year will be slightly lower than in prior year on an annual basis.

今年的 D&A 總額每年將略低於上一年。

The main reason is the 458 family phasing out as well as an effect driven by the fact that we don't have the D&A on the LaFerrari side.

主要原因是 458 系列的逐步淘汰以及我們在 LaFerrari 方面沒有 D&A 的事實所產生的影響。

So that's the combination of the two elements, so percentage wise it should be slightly lower than last year.

所以這是兩個元素的組合，所以百分比應該比去年略低。

Okay, thank you.

好的謝謝你。

George Galliers, Evercore.

喬治·加利爾斯，Evercore。

Hi, thank you for taking my question.

您好，感謝您提出我的問題。

First question I had was just going back to the comments around hedging and your margins.

我的第一個問題是回到關於對沖和你的利潤的評論。

The 20% to 21% seems a large step up from the 15% average margin we've seen for Ferrari over the last three years.

20% 到 21% 似乎比我們在過去三年中看到的法拉利 15% 的平均利潤率提高了一大步。

Can you perhaps explain what the drivers behind the 500 basis points improvement is?

您能否解釋一下 500 個基點改進背後的驅動因素是什麼？

Is it predominantly volume, is it special editions, personalization or is there another piece?

它主要是數量，是特別版，個性化還是有其他作品？

For example have you had negative hedging effects in your numbers for some time?

例如，您的數字是否有過一段時間的負面對沖效應？

How about better management?

如何更好的管理？

Okay, any further details?

好的，還有更多細節嗎？

That's good enough, isn't it?

這已經足夠了，不是嗎？

Okay.

好的。

And then secondly, just when you give your outlook and guidance, I realize you don't give details on future products but when you give the outlook, does it include future models that may not have been released or revealed to the press or investors but are within your internal plans and which you plan to build and announce in the future?

其次，當你給出展望和指導時，我意識到你沒有提供未來產品的細節，但是當你給出展望時，它是否包括可能尚未發布或向媒體或投資者披露的未來模型，但是否在您的內部計劃之內，以及您計劃在未來構建和宣布的計劃？

I don't know how to answer your question because maybe you can give me a simple version of the question you just asked.

我不知道如何回答你的問題，因為也許你可以給我一個你剛才問的問題的簡單版本。

Say for example, when you give your outlook today, if for example you were going to announce another special edition at some point during this year, does your outlook today include that announcement that will come at some point in the future?

舉例來說，當你今天給出你的展望時，如果你打算在今年某個時候宣布另一個特別版，那麼你今天的展望是否包括將在未來某個時間發布的那個公告？

So if during the summer you announce a limited edition of five models that you're planning to build in November does your outlook reflect that?

因此，如果您在夏季宣布計劃在 11 月製造的五款限量版車型，您的前景是否反映了這一點？

I think I understand your question now.

我想我現在明白你的問題了。

I point out two things.

我指出兩點。

If you look at the guidance, the guidance has intentionally been structured as providing an equal to or greater than number.

如果您查看該指南，則該指南已被有意構造為提供等於或大於數字。

So it's by definition possible for us to improve on that performance.

因此，根據定義，我們可以改進該性能。

We're giving these numbers as minimum guidelines for the achievements expected for 2016.

我們將這些數字作為 2016 年預期成就的最低準則。

And secondly, we will not do anything through the guidance mechanism that would effectively break with commercial practice that Ferrari has had here in the last 70 years.

其次，我們不會通過指導機製做任何會有效打破法拉利在過去 70 年裡在這裡所採用的商業慣例的事情。

So to the extent that we will not have a publicly announced a particular special version.

因此，在某種程度上，我們不會公開宣布特定的特殊版本。

Until a particular point in time in the product cycle or in the commercial activities of this group we will not have updated guidance to reflect that.

在產品週期或該組的商業活動中的特定時間點之前，我們不會更新指南以反映這一點。

And we cannot do it because we cannot undo commercial practice for the financial disclosure as long as we're being consistently conservative in the guidance that we're giving.

我們不能這樣做，因為只要我們在提供的指導中始終保持保守，我們就無法撤銷財務披露的商業慣例。

And that is the approach that we're taking.

這就是我們正在採取的方法。

Okay, thank you.

好的謝謝你。

Then just very final question, can you just talk a little about the mix?

那麼最後一個問題，你能談談混音嗎？

Clearly the V8 sales were very strong with the 488 shipping very well.

顯然，V8 的銷量非常強勁，488 的出貨量非常好。

But when we look at the 12 cylinder taking into consideration the fact that there are some F12tdfs in there it looks like you've seen a significant step down.

但是當我們考慮到 12 缸考慮到其中有一些 F12tdf 的事實時，看起來你已經看到了顯著的下降。

Is that something we should expect to continue until the GTC4Lusso is launched later in the year?

在今年晚些時候推出 GTC4Lusso 之前，我們應該期待這種情況嗎？

Well, the answer is yes.

嗯，答案是肯定的。

I mean fundamentally we've got both the FF that's coming off production that's going to be replaced by the GTC4.

我的意思是，從根本上說，我們已經擁有了即將被 GTC4 取代的即將停產的 FF。

That's not going to be available until Q3 and Q4 this year.

這要到今年第三季度和第四季度才能使用。

The F12 as Alessandro mentioned is now in its fifth year of commercialization.

亞歷山德羅提到的 F12 現在已經進入商業化的第五個年頭。

So it's by definition going to be in diminishing numbers as we go forward.

因此，根據定義，隨著我們前進，它的數量會越來越少。

Until the 12 line gets renewed, and it's happening now first with the FF successor, you will see that number not be substantially different.

直到第 12 行更新，並且它現在首先與 FF 繼任者一起發生，你會看到這個數字並沒有太大的不同。

It will improve in the second half of this year I expect.

我預計今年下半年會有所改善。

But until the new F12 gets launched or a replacement for the F12 gets is introduced I think that that mix will not drastically change.

但在新的 F12 推出或 F12 的替代品推出之前，我認為這種組合不會發生巨大變化。

Having said this I don't think it's going to negatively impact margins.

話雖如此，我認為這不會對利潤率產生負面影響。

Great, thank you very much.

太好了，非常感謝。

Gabriele Gambarova, Banca Akros.

加布里埃爾·甘巴羅娃，Banca Akros。

Yes, thank you.

是的，謝謝。

Thanks for taking my question.

感謝您提出我的問題。

One was on the mix.

一個是混合的。

Alessandro, you cited the breakdown between V8 and V12 but I'm sorry I missed it.

Alessandro，您引用了 V8 和 V12 之間的故障，但我很抱歉我錯過了它。

And the second -- sorry?

第二個——對不起？

I said 21% up for V8 and 6% down for V12.

我說 V8 上升 21%，V12 下降 6%。

So you are not providing an absolute number for these how many cars?

因此，您沒有提供這些汽車數量的絕對數字嗎？

We typically aren't providing it.

我們通常不提供它。

Okay.

好的。

And the last one was on strategy.

最後一個是關於戰略的。

I mean there are from time to time there has been rumors about a new Ferrari model, possibly a fifth model in your product line, something that might be let's say more entry-level.

我的意思是，不時有關於法拉利新車型的傳言，可能是您產品線中的第五款車型，讓我們說更多的入門級車型。

So possibility six, there have been some rumors around, so I wanted to know if (multiple speakers)

所以可能性六，周圍有一些謠言，所以我想知道（多位發言者）

If the rumors are true?

如果傳聞是真的？

Yes.

是的。

If they were true they would not be rumors anymore because we would have announced it.

如果它們是真的，它們將不再是謠言，因為我們會宣布它。

So I really have nothing to do that.

所以我真的沒有什麼可做的。

I think when we make a decision as to what permanent changes we'll make to the portfolio we will announce it accordingly.

我認為，當我們決定將對投資組合進行哪些永久性更改時，我們會相應地宣布。

But as based on what I know today there are no significant changes that are happening to the portfolio going forward other than what we've disclosed to the markets.

但根據我今天所知道的，除了我們向市場披露的信息外，未來的投資組合沒有發生重大變化。

Okay, thanks Sergio.

好的，謝謝塞爾吉奧。

Thanks.

謝謝。

There are no further questions in the queue.

隊列中沒有其他問題。

I would now like to turn the call back to the speakers for any additional or closing remarks.

我現在想將電話轉回給發言人，以獲取任何補充或結束語。

Thank you everyone for attending today's conference call.

感謝大家參加今天的電話會議。

I'll be available for any follow-up question you might have.

我將隨時為您解答任何後續問題。

Thank you.

謝謝你。

Thank you.

謝謝你。

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。