Ferrari NV (RACE) 2016 Q2 法說會逐字稿

Good day and welcome to the Ferrari 2016 second-quarter results conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Ms. Nicoletta Russo, Head of Investor Relations. Please go ahead.

美好的一天，歡迎參加法拉利 2016 年第二季度業績電話會議。今天的會議正在錄製中。此時，我想將會議轉交給投資者關係主管 Nicoletta Russo 女士。請繼續。

Thank you, Arly, and good day to everyone on the call. There is one topic that we plan to cover today: The Group's second-quarter and first-half 2016 financial results. In light of this, the call is expected to last around 45 minutes. All relevant materials are available on the Ferrari investor relations website.

謝謝你，Arly，祝大家今天好。我們今天計劃討論一個主題：集團 2016 年第二季度和上半年的財務業績。鑑於此，通話預計將持續約 45 分鐘。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 offered by the Group's Chairman and CEO, Sergio Marchionne; and Alessandro Gili, the Group's Chief Financial Officer. At the end of the presentation, they will be available to answer your questions.

今天的電話會議將由集團董事長兼首席執行官塞爾吉奧·馬爾喬內 (Sergio Marchionne) 主持；和集團首席財務官 Alessandro Gili。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 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 second-quarter 2016 results presentation, and the call will be governed by this language. With that, I would like to turn the call over to Mr. Marchionne.

在我們開始之前，讓我提醒您，我們在今天的電話會議期間可能做出的任何前瞻性陳述都受到今天 2016 年第二季度業績報告第 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，電話會議將受這種語言的支配。有了這個，我想把電話轉給馬爾喬內先生。

Thank you very much. I'm going to be doing the least amount of lifting on this call today. I will get Alessandro to take you through the numbers.

非常感謝。我將在今天的電話會議上做最少的工作。我會讓亞歷山德羅帶你看數字。

I would just like to make three points, before we start the first one. And then obviously, we will take questions at the end. The first one is, as the headline says, it is a record quarter. I think we are quite satisfied with the progress that we are making with Ferrari, I think we're totally in line with the forecast that we have for this business going forward. We continue to focus on a couple of objectives. One of them obviously is producing and getting to about EUR1 billion worth of EBITDA as quickly as we can, and obviously two, reducing our debt levels as quickly as we can.

在我們開始第一點之前，我只想說三點。然後很明顯，我們將在最後回答問題。第一個是，正如標題所說，這是一個創紀錄的季度。我認為我們對與法拉利合作取得的進展非常滿意，我認為我們完全符合我們對這項業務未來的預測。我們繼續專注於幾個目標。其中一個顯然是盡快產生並達到價值約 10 億歐元的 EBITDA，顯然還有兩個是盡快降低我們的債務水平。

I have no negative news to give you about the quarter itself, in the sense that I think the order books are quite strong. They continue to reflect the strength of the brand. But more importantly, I think the strength of the product offering that we have in the marketplace. And so, and the indications that we have given for 2016 are minimum conditions that we think we can get to. We will see at the end of the third quarter how far it will take us.

我沒有關於本季度本身的負面消息，因為我認為訂單相當強勁。他們繼續體現品牌的實力。但更重要的是，我認為我們在市場上提供的產品的實力。因此，我們為 2016 年給出的跡像是我們認為可以達到的最低條件。我們將在第三季度末看到我們能走多遠。

The third quarter is a bit of an anomalous quarter because of the fact that we have the summer shutdown, although there will be, obviously, a number of products that will be hitting our dealers, and that have been shipped out of here during that period of time. But more important for us is the trajectory that the Company is on, consistent with all of the forecasts that we have given you in the past. And I think that we're looking forward to a phenomenal 2016.

第三季度是一個有點反常的季度，因為我們有夏季停工這一事實，儘管顯然會有一些產品將衝擊我們的經銷商，並且在此期間已經運出這裡的時間。但對我們來說更重要的是公司的發展軌跡，與我們過去給您的所有預測一致。我認為我們期待著非凡的 2016 年。

The other thing is -- one of the things that have come up from our discussions in the past has been what happens technically, technologically now for Ferrari going forward? We have spent some pretty intense periods of time here over the last 90 days, to try and delineate the future of Ferrari from a product standpoint. I think we have made great progress in terms of getting our thinking straight about both engine development, the impact of hybrid technology on these cars, the way in which we will be presenting them in terms of architectural choices going forward.

另一件事是——我們過去討論中出現的一件事是技術上發生了什麼，現在法拉利前進的技術上發生了什麼？在過去的 90 天裡，我們在這裡度過了一段相當緊張的時期，試圖從產品的角度描繪法拉利的未來。我認為我們在正確思考發動機開發、混合動力技術對這些汽車的影響以及我們將在未來的架構選擇方面呈現它們的方式方面取得了很大進展。

This is ongoing work. It will be the single largest challenge that we have on the GT side of the House. And it is something that we will hopefully be able to talk about -- at least in terms of concept, within 2017, as we celebrate the 70th anniversary of the House. And we will expect there will be some car that will come out of the process there between 2018 and 2019. But I think the important thing is that the next phase of the development of the house is under development, which all indications are that we will continue -- we will be able to continue this process of technological innovation, which has been at the heart of our House here since it was some founded 69 years ago.

這是正在進行的工作。這將是我們在眾議院 GT 方面面臨的最大挑戰。我們希望能夠在 2017 年慶祝眾議院成立 70 週年之際談論這件事——至少在概念方面。我們預計在 2018 年到 2019 年之間會有一些汽車從那裡出來。但我認為重要的是房子的下一階段開發正在開發中，所有跡像都表明我們將繼續——我們將能夠繼續這一技術創新過程，自 69 年前成立以來，這一直是我們公司的核心。

I cannot avoid talking about Formula 1. I think it is an issue that has certainly been -- from a journalistic standpoint, it has been front and center, it is a matter of phenomenal attention from both our fans, and internally inside Ferrari. If I told you that I was happy with the development of the Scuderia over the last few months -- and certainly in terms of the 2016 season development, I would be lying. I think there were a number of changes that were made. Some rather senior leadership changes that were made, last week we have made some more in terms of the organizational structure of the Scuderia over the weekend. I think we are in the process now reconstituting the technical team to drive both the completion of the 2016 car and to drive the development of the 2017 vehicle, which as you well know, reflects the change in the rules and the regulations that govern the sport.

我無法避免談論一級方程式。我認為這肯定是一個問題——從新聞的角度來看，它一直是前沿和中心，這是我們的車迷和法拉利內部都非常關注的問題。如果我告訴你我對 Scuderia 過去幾個月的發展感到滿意——當然就 2016 賽季的發展而言，我會撒謊。我認為已經進行了許多更改。進行了一些相當高級的領導層變動，上週我們在周末的 Scuderia 組織結構方面做出了更多改變。我認為我們現在正在重組技術團隊，以推動 2016 年賽車的完成和 2017 年賽車的開發，眾所周知，這反映了管理這項運動的規則和規定的變化.

Regardless of the amount of work that needs to go on now, in terms of realigning processes and flattening the organization, which is consistent with the management style that I have embraced for a number of years now, I think I can only give you the comfort of telling you that I think we are, as one would expect, we are the repository of a huge amount of talent inside this House. I have found, and I have been speaking to a lot of people, both from the technical side of GT and from the Formula 1 teams, I have found phenomenal talent inside the House. I think it is important for us to leverage their know-how, to leverage that talent pool, and that is what we are doing.

不管現在需要做多少工作，在重新調整流程和扁平化組織方面，這與我多年來一直採用的管理風格是一致的，我想我只能給你安慰告訴你，我認為我們是，正如人們所期望的那樣，我們是這所房子內大量人才的寶庫。我已經發現，並且我一直在與很多人交談，無論是來自 GT 的技術方面還是來自一級方程式車隊，我都在房子裡發現了非凡的人才。我認為利用他們的專業知識，利用人才庫對我們來說很重要，這就是我們正在做的事情。

I think that a lot of the aspersions that you see in the press about the quality of our leaders are misplaced. I think the fact that we were in need of a transfusion of intelligence, of technical intelligence from the outside is completely overdone. I think we have made a decision to develop our, both the 2016 and the 2017 car, based on our own skills and our own talents on the inside. We have sufficient depth to accomplish that task.

我認為你在媒體上看到的很多關於我們領導人素質的誹謗都是錯誤的。我認為我們需要從外部輸入智能和技術智能這一事實完全是過頭了。我認為我們已經決定開發我們的 2016 年和 2017 年賽車，基於我們自己的技能和我們自己的內在天賦。我們有足夠的深度來完成這項任務。

I look forward to a more successful last portion of the season in 2016. And certainly, a basis on which the 2017 car can start its life in the early part of next year on a much stronger basis than it has today. On that note, I would like to pass it to Alessandro, he will take you through the details, obviously we will be able to answer questions as we go.

我期待在 2016 賽季的最後一段更成功。當然，2017 年的賽車可以在明年年初以比現在更強大的基礎開始它的生命。關於這一點，我想把它交給亞歷山德羅，他會帶你了解細節，顯然我們可以隨時回答問題。

Thank you, Mr. Marchionne. Good afternoon everyone. And thank you for listening in on the call.

謝謝你，馬爾喬內先生。大家下午好。感謝您收聽電話。

Moving onto page 3, our shipments grew to 2,214 units, showing an increase of 8%, or 155 units, led by the solid performance of new models, the 488 GTB, 488 Spider, and the F12 Tour de France, partially offset by LaFerrari that finished its limited series run. Group net revenues reached EUR811 million, up 5.9%, or 6.2% at constant currencies. Adjusted EBIT reached EUR156 million, with a margin increase of 310 basis points. Our net profit for the group adjusted for the charges related to the Takata worldwide airbag inflator recalls, was up 35%, to EUR104 million. This is a record quarter in the history of Ferrari.

進入第 3 頁，我們的出貨量增長到 2,214 輛，增長了 8%，即 155 輛，這得益於新車型 488 GTB、488 Spider 和 F12 環法自行車賽的強勁表現，但被 LaFerrari 部分抵消完成了其有限的系列賽。集團淨收入達到 8.11 億歐元，按固定匯率計算增長 5.9% 或 6.2%。調整後息稅前利潤達到 1.56 億歐元，利潤率增長 310 個基點。經高田全球安全氣囊充氣機召回相關費用調整後，我們集團的淨利潤增長了 35%，達到 1.04 億歐元。這是法拉利歷史上創紀錄的季度。

Finally at the end of June, 2016, our net industrial debt was EUR763 million, better than March, 2016. On July 5, Ferrari unveiled the first images of the open top LaFerrari, the new limited edition special series, whose details will be provided at the Paris International Motor Show later this year. On July 7, Ferrari with Luxottica Group announced the signing of a sponsorship agreement for the Ray-Ban brand to appear on our Formula 1 cars.

最終在 2016 年 6 月末，我們的淨工業債務為 7.63 億歐元，好於 2016 年 3 月。7 月 5 日，法拉利發布了全新限量版特別系列敞篷 LaFerrari 的第一張圖片，具體細節將在後面公佈在今年晚些時候的巴黎國際車展上。 7 月 7 日，法拉利與 Luxottica Group 宣布簽署一項贊助協議，讓 Ray-Ban 品牌出現在我們的一級方程式賽車上。

And we are confirming our full-year guidance as follows: Shipments at approximately 8,000 units including our supercars. Net revenues greater than EUR3 billion, adjusted EBITDA greater or equal to EUR800 million, and net industrial debt lower or equal to EUR730 million.

我們正在確認我們的全年指導如下：出貨量約為 8,000 輛，包括我們的超級跑車。淨收入超過 30 億歐元，調整後 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 onto page 4, we show our operating highlights for the second quarter of 2016. Our shipments reached 2,214 units, showing an increase of 8%, or 155 units, mainly led by V8 models, which were up 16%, thanks to the continued strong sales of the two newly-launched models, the 488 GTB and the 488 Spider.

轉到第 4 頁，我們展示了 2016 年第二季度的運營亮點。我們的出貨量達到 2,214 台，增長 8%，即 155 台，主要是 V8 車型，增長 16%，這得益於持續的兩款新推出的車型 488 GTB 和 488 Spider 銷量強勁。

On the other side, V12 models were down 22%, due to the F12berlinetta being in its fifth year of commercialization and the phase out of the FF and LaFerrari that finished its limited series run. The V12 decrease was partially offset by the F12 Tour de France now reaching global coverage. We remind you that the GTC4Lusso will commence distribution in the third quarter of this year.

另一方面，V12 車型下降了 22%，原因是 F12berlinetta 處於其商業化的第五個年頭，而 FF 和 LaFerrari 已經完成了其有限的系列賽。 V12 的下降部分被 F12 環法自行車賽所抵消，目前已覆蓋全球。我們提醒您，GTC4Lusso 將於今年第三季度開始分發。

Net revenues were up 5.9%, 6.2% at constant currencies, with all revenue lines positively contributing. In particular, cars and spare parts posted an increase of approximately 2%, mainly driven by volumes, along with positive contribution from our personalization programs, partially offset by mix and by lower sales of LaFerrari that finished its limited series run. Our adjusted EBITDA improved by 12%, topping EUR217 million, and the result was primarily driven by higher volumes, followed by a positive contribution from sponsorship, commercial, and brand, as well as other supporting activities.

淨收入增長 5.9%，按固定匯率計算增長 6.2%，所有收入線都做出了積極貢獻。尤其是汽車和備件增長了約 2%，主要受銷量驅動，以及我們個性化計劃的積極貢獻，部分被混合和 LaFerrari 完成其有限系列運行的較低銷量所抵消。我們調整後的 EBITDA 增長了 12%，超過 2.17 億歐元，這主要是由於銷量增加，其次是讚助、商業和品牌以及其他支持活動的積極貢獻。

Adjusted EBIT for the group showed a strong 26% increase, reaching EUR156 million, resulting in a margin expansion of 310 basis points. And the adjusted EBIT improvement benefited from the various variables, and a more detailed explanation will be given when commenting page 7. Both adjusted EBIT and adjusted EBITDA excludes the charges of the EUR10 million due to the worldwide Takata airbag inflator recalls.

集團調整後息稅前利潤強勁增長 26%，達到 1.56 億歐元，利潤率擴大 310 個基點。調整後息稅前利潤的改善得益於各種變量，在評論第 7 頁時將給出更詳細的解釋。調整後的息稅前利潤和調整後的息稅折舊攤銷前利潤均不包括因全球高田安全氣囊充氣機召回而產生的 1000 萬歐元的費用。

Q2 2016 industrial free cash flow generation was primarily driven by a strong increase in cash flow from operating activities, including a positive change in working capital and timing effects of advances on the new open-top LaFerrari, partially offset by CapEx and the first 2016 tax advance.

2016 年第二季度工業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，包括營運資金的積極變化和新敞篷 LaFerrari 預付款的時間效應，部分被資本支出和 2016 年第一次稅收所抵消進步。

Let me remind you that Q2 2015 industrial free cash flow included a EUR160 million one-time cash inflow related to the final reimbursement by Maserati of its inventory in China. Excluding that one item, the industrial free cash flow in Q2 2015 would have been EUR173 million. Net industrial debt at June 30, 2016 was reduced to EUR763 million, primarily due to industrial free cash flow generation, partially offset by EUR87 million cash distribution to holders of common shares, and EUR13 million dividends paid to NCI.

讓我提醒您，2015 年第二季度工業自由現金流包括與瑪莎拉蒂最終償還其在中國的庫存相關的 1.6 億歐元一次性現金流入。不包括這一項，2015 年第二季度的工業自由現金流為 1.73 億歐元。 2016 年 6 月 30 日的淨工業債務減少至 7.63 億歐元，主要是由於工業自由現金流的產生，部分被分配給普通股持有人的 8700 萬歐元現金以及支付給 NCI 的 1300 萬歐元股息所抵消。

Moving to page 5, in terms of geographical distribution, EMEA and greater China enjoyed a sound year-over-year growth, with shipments increasing respectively by approximately 14%, and more than 25%, mainly driven by the 488 family and the F12 Tour de France shipments. America posted a slight improvement, whereas rest of Asia-Pacific remained in line with prior year due to the late arrival of the 488 Spider and the F12 Tour de France.

轉至第 5 頁，從地域分佈來看，EMEA 和大中華區同比增長良好，出貨量分別增長約 14% 和 25% 以上，主要受 488 家族和 F12 Tour 推動法國發貨。美國略有改善，而由於 488 Spider 和 F12 環法自行車賽的遲到，亞太其他地區與上一年保持一致。

As a reminder, we are now phasing out the FF, and we will begin shipments of the GTC4Lusso in Q3 2016. In addition to this, the F12berlinetta at its fifth year of commercialization continues to perform better than expected. At the end of June, the region Americas was up approximately 0.5%.

提醒一下，我們現在正在逐步淘汰 FF，我們將在 2016 年第三季度開始出貨 GTC4Lusso。除此之外，F12berlinetta 在其商業化的第五個年頭繼續表現好於預期。 6 月底，美洲地區上漲約 0.5%。

In the US is in particular, the positive performance was driven by the 488 GTB, the 488 Spider, and the California T, and the F12 Tour de France. Offsetting the F12berlinetta in its fifth year of commercialization and LaFerrari, that finished its limited series run. During 2016, we completed the deliveries of the F60 America, which is a strictly limited edition.

尤其是在美國，488 GTB、488 Spider、California T 和 F12 環法自行車賽推動了積極的表現。抵消了 F12berlinetta 在其商業化的第五年和 LaFerrari，完成了其有限的系列賽。 2016 年，我們完成了嚴格限量版 F60 America 的交付。

EMEA increased by approximately 14%. The UK, Ferrari's largest market in EMEA, posted shipments in line with previous years, due to the timing of the 488 Spider having just arrived on the market. The region recorded robust deliveries of the 488 GTB and F12 Tour de France, more than offsetting the phase out of the 458 family and the FF. Strong performances were recorded in Italy, plus 23%, and in Germany, plus 26%, thanks to the 488 family and the F12 Tour de France. Other European countries, Africa and Middle East, expanded at double digits.

歐洲、中東和非洲地區增長了約 14%。英國是法拉利在歐洲、中東和非洲地區最大的市場，由於 488 Spider 剛剛上市的時機，英國的出貨量與往年持平。該地區錄得 488 GTB 和 F12 環法自行車賽的強勁交付，遠遠抵消了 458 系列和 FF 的淘汰。得益於 488 家族和 F12 環法自行車賽，意大利的表現強勁，增長了 23%，德國增長了 26%。其他歐洲國家、非洲和中東地區以兩位數增長。

Greater China increased by more than 25%. China mainland in particular, shipments grew at double-digit rate, thanks to the success of the 488 family and the F12 Tour de France having just arrived on the market. Hong Kong and Taiwan experienced higher volumes, led by both V8 and V12 models, more than offsetting the phase out of the 458 family and the FF.

大中華區增長超過25%。尤其是中國大陸，出貨量以兩位數的速度增長，這要歸功於488家族的成功和剛剛上市的F12環法自行車賽。在 V8 和 V12 車型的帶動下，香港和台灣的銷量增加，遠遠抵消了 458 系列和 FF 的淘汰。

Rest of Asia-Pacific posted shipments in line with previous year. Japan was unchanged compared to previous year with 488 family and California T offsetting the 458 family phase out. Same trend was noticed on the V12 models, with the F12 Tour de France offsetting the FF phase out.

亞太其他地區的出貨量與去年持平。日本與上一年相比沒有變化，有 488 個家庭和加利福尼亞州 T 抵消了 458 個家庭的淘汰。 V12 車型也出現了同樣的趨勢，F12 環法自行車賽抵消了 FF 的淘汰。

Australia shipments were affected by timing, with the 488 Spider and the F12 Tour de France having just arrived on the market, and the 488 GTB only partially offsetting the 458 family phase out. And other Asia-Pacific increased double-digit, driven by the V8 models.

澳大利亞的出貨量受到時機的影響，488 Spider 和 F12 環法自行車賽剛剛上市，而 488 GTB 僅部分抵消了 458 系列的淘汰。和其他亞太地區一樣，在 V8 車型的推動下實現了兩位數的增長。

Moving to page 6, our net revenues reached in EUR811 million, up 5.9% versus Q2 of last year, with all revenue lines positively contributing. At constant currencies, net revenues would have increased by 6.2%.

轉到第 6 頁，我們的淨收入達到 8.11 億歐元，比去年第二季度增長 5.9%，所有收入線都做出了積極貢獻。按固定匯率計算，淨收入將增長 6.2%。

Cars and spare parts revenues posted an increase of EUR10 million to EUR589 million, mainly due to higher volumes along with increased positive contribution from our personalization programs. Higher revenues were led by the 488 family, both 488 GTB and 488 Spider, the F12 Tour de France, and the non-registered car FXX K, as well as the limited edition F60 America.

汽車和備件收入增長 1,000 萬歐元至 5.89 億歐元，主要是由於銷量增加以及我們的個性化計劃帶來的積極貢獻增加。較高的收入來自 488 系列，包括 488 GTB 和 488 Spider、F12 環法自行車賽和未註冊的汽車 FXX K，以及限量版 F60 America。

Engine revenues generated EUR71 million, up EUR14 million or 24% versus prior year. The solid growth was mainly due to greater rental revenues from other Formula 1 teams, and please let me remind you that during 2016, the F1 season, we are renting our engines to three teams versus two teams in 2015. Maserati engines and revenues were in line with previous year. Sponsorship commercial and brand rec revenues reached EUR117 million for Q2 2016, with an increase of EUR14 million or 14% compared to prior year, mainly due to better championship ranking, as well as greater sponsorship revenues, and positive contribution from brand related activities.

發動機收入為 7100 萬歐元，比上年增長 1400 萬歐元或 24%。穩健增長主要是由於其他一級方程式車隊的租金收入增加，請讓我提醒您，在 2016 年的 F1 賽季，我們將引擎租給三支車隊，而 2015 年為兩支車隊。瑪莎拉蒂的引擎和收入在與上年一致。 2016 年第二季度，贊助商業和品牌娛樂收入達到 1.17 億歐元，比上年增加 1400 萬歐元或 14%，這主要是由於更好的冠軍排名、更大的讚助收入以及品牌相關活動的積極貢獻。

Moving to page 7, you can see that year-over-year changes in adjusted EBIT main items, volumes were up EUR24 million, thanks to an increase of approximately 230 units, excluding LaFerrari, mainly due to newly launched 488 GTB, 488 Spider and the F12 Tour de France, along with a positive contribution from our personalization programs. Mix was negatively impacted by LaFerrari, that finished its limited series run, and V8 slightly higher compared to the previous year. This was partially offset by deliveries of the non-registered car FXX K and final shipments of the limited edition F60 America.

轉到第 7 頁，您可以看到調整後息稅前利潤的主要項目同比變化，銷量增加了 2400 萬歐元，這要歸功於增加了約 230 輛，不包括 LaFerrari，主要是由於新推出的 488 GTB、488 Spider 和F12 環法自行車賽，以及我們個性化計劃的積極貢獻。混合受到 LaFerrari 的負面影響，結束了其有限的系列賽，與去年相比，V8 略高。這被未註冊汽車 FXX K 的交付和限量版 F60 America 的最終出貨量部分抵消。

Industrial cost and R&D cost posted EUR11 million decrease, mainly due to lower G&A for the 458 family and LaFerrari phasing out, coupled with positive contribution from industrial cost savings, partially offset by F1 costs. SG&A costs are in line with prior year as a result of new stores opening, new model launches, and corporate cost offset by lower bad debt in Q2 2015.

工業成本和研發成本減少了 1100 萬歐元，主要是由於 458 家族的 G&A 降低和 LaFerrari 逐步淘汰，加上工業成本節約的積極貢獻，部分被 F1 成本抵消。 SG&A 成本與上一年持平，原因是新店開業、新車型推出以及企業成本被 2015 年第二季度壞賬減少所抵消。

Impact of transaction exchange rate net of hedging is positive on margin, due to the US dollar strengthening against euro, only partially offset by weaker GBP. And other was up EUR14 million thanks to sponsorship, commercial and brand, as well as other supporting activities. As a result of all of the above, Q2 2016 adjusted EBIT was up 26% to EUR156 million, and adjusted EBIT margin expanded by 310 basis points, reaching 19.3%. Excluding FX hedges, it would have been 21.5%, versus 20.5%, for prior-year on a comparative basis.

扣除對沖的交易匯率對保證金的影響是正面的，因為美元兌歐元走強，僅部分被英鎊走弱所抵消。由於贊助、商業和品牌以及其他支持活動，其他項目增加了 1400 萬歐元。綜上所述，2016 年第二季度調整後 EBIT 增長 26% 至 1.56 億歐元，調整後 EBIT 利潤率擴大 310 個基點，達到 19.3%。不計外匯對沖，這一比例為 21.5%，而去年同期為 20.5%。

Moving to page 8, net industrial debt at the end of June was equal to EUR763 million, better than March 31, 2016, due to the strong industrial free cash flow generation, which was partially offset by EUR87 million cash distribution to holders of common shares and EUR13 million dividends paid to our NCI. The positive industrial free cash flow generation was primarily attributable to the strong adjusted EBITDA, positive change in net working capital, and timing effect of advances on the new open top LaFerrari. All of that was partially offset by the first 2016 tax advance, and by CapEx. CapEx was EUR90 million, driven by R&D and product investments, in connection with our continuous product range renewal.

轉至第 8 頁，由於強勁的工業自由現金流產生，6 月底工業債務淨額為 7.63 億歐元，優於 2016 年 3 月 31 日，但部分被分配給普通股持有人的 8700 萬歐元現金所抵消向我們的 NCI 支付了 1300 萬歐元的股息。產生積極的工業自由現金流主要歸因於強勁的調整後 EBITDA、淨營運資本的積極變化以及對新敞篷 LaFerrari 的預付款的時間效應。所有這些都被 2016 年的第一次預繳稅款和資本支出部分抵消。在研發和產品投資的推動下，資本支出為 9000 萬歐元，與我們持續的產品範圍更新有關。

And to close, on July 5, we unveiled the first images of the new limited edition special series open top LaFerrari, already fully pre-sold. Details will be provided at the Paris International Motor Show later this year. From page 12, we are providing as usual certain slides on our brand activities, as well as the events that Ferrari has organized to engage its customers.

最後，在 7 月 5 日，我們發布了全新限量版特別系列敞篷 LaFerrari 的第一張圖片，該系列已經完全預售。詳細信息將在今年晚些時候的巴黎國際車展上公佈。從第 12 頁開始，我們照常提供有關我們品牌活動的某些幻燈片，以及法拉利為吸引客戶而組織的活動。

To close, on page 13, we are confirming our 2016 outlook. We expect shipments at approximately 8,000 units including supercars, net revenues greater than EUR3 billion, adjusted EBITDA equal to or greater than EUR800 million, and net industrial debt lower or equal to EUR730 million. Having said that, I'm handing over to Mr. Marchionne for any final remarks.

最後，在第 13 頁，我們確認了我們的 2016 年展望。我們預計包括超級跑車在內的出貨量約為 8,000 輛，淨收入超過 30 億歐元，調整後的 EBITDA 等於或大於 8 億歐元，淨工業債務低於或等於 7.3 億歐元。話雖如此，我將請馬爾喬內先生作最後發言。

None. I think we will just take questions.

沒有任何。我想我們只會回答問題。

(Operator Instructions)

（操作員說明）

John Murphy, Bank of America Merrill Lynch.

美銀美林的約翰·墨菲。

Just a first question on the LaFerrari open top or Spider. I'm just curious if you can give us a gauge on timing of launch and possibly the volume targets or limits, if you will.

只是關於 LaFerrari 敞篷或 Spider 的第一個問題。我只是好奇你是否可以給我們一個關於發射時間以及可能的數量目標或限制的衡量標準，如果你願意的話。

First production, second half of this year, completion in 2017.

首期生產，今年下半年，2017年完工。

And volume?

和音量？

No.

不。

Okay. You can't blame me for trying. Just also curious on the order backlog, given all of the unrest and volatility we have seen in the world, Europe and some of the stuff happening here in the US. If anything changed in your order back log, as far as units or mix?

好的。你不能怪我努力。考慮到我們在世界、歐洲以及美國發生的一些事情，我們對訂單積壓感到好奇。如果您的訂單積壓日誌中有任何變化，就單位或組合而言？

Absolutely nothing. It has been a non-event. Even the Brexit issue, which we watched very, very carefully, has not caused a dent in our numbers.

絕對沒有。這是一個非事件。即使是我們非常非常仔細地觀察的英國退歐問題，也沒有對我們的人數造成影響。

We're going to have to watch until this things plays out completely. Based on what we know today, there is certainly no significant deterioration, actually there is no deterioration in the order book. And there has been no increase in cancellation orders. There has been no distortion in demand.

我們將不得不觀察，直到事情完全結束。根據我們今天的了解，肯定沒有明顯的惡化，實際上訂單簿沒有惡化。取消訂單沒有增加。需求沒有出現扭曲。

Look, it certainly is part of our duty here as we update you quarterly on these numbers, just to give you indications of softening conditions. We don't see any.

看，這當然是我們在這裡的職責的一部分，因為我們每季度都會向您更新這些數字，只是為了給您提供軟化條件的跡象。我們沒有看到。

It reflects -- I hate to sound like an old lady that keeps on repeating herself. But it reflects the strength of the brand. It is just not -- it hasn't been, in fact we saw this back in 2008 and the 2009 crisis, the fact as long as we are not really severely damaged, even though there was the rest of the so-called auto industry had gone through upheavals. This business that weathered the storm quite well, so that is it.

它反映了——我討厭聽起來像一個老太太，不斷重複自己。但它體現了品牌的實力。事實並非如此——事實上我們在 2008 年和 2009 年的危機中就看到了這一點，只要我們沒有真正受到嚴重破壞，即使還有所謂的汽車行業的其餘部分經歷了動盪。這項業務很好地經受住了風暴，就是這樣。

Okay. And then on personalization in the quarter, obviously that was a positive. I'm curious if you can give us a percentage uptake in pricing.

好的。然後在本季度的個性化方面，顯然這是一個積極的方面。我很好奇你能否給我們一個定價百分比。

I know you have talked about that in the past. I'm just curious what the penetration in uptake on price was for personalization in the quarter and where you see that going.

我知道你過去曾談過這件事。我只是好奇本季度個性化對價格的滲透是什麼，以及你看到的情況。

I don't know whether Alessandro is going to tell you that, but I'm going to leave it to him.

我不知道亞歷山德羅是否會告訴你，但我會把它留給他。

I think we have provided it in the past, it is higher than 16%, in contribution to our top line revenues.

我認為我們過去提供了它，它高於 16%，以貢獻我們的收入。

And then just lastly Sergio, you mentioned something about hybrid technology a little more clearly than you have in the past, being a little more mainstream in your product line up. Is that the technology you believe we are going to be seeing in the powertrain, sometimes in 2018, 2019, in 2020 for the broader product portfolio for Ferrari?

最後塞爾吉奧，你提到的混合技術比你過去更清楚一點，在你的產品系列中更主流一點。這是您認為我們將在動力總成中看到的技術嗎？有時會在 2018 年、2019 年、2020 年為法拉利提供更廣泛的產品組合？

Absolutely. I don't think it is avoidable. I think that we might as well make it truly Ferrari. That is the whole objective here, is to make it so unique that it cannot be emulated, regardless of what you hear from Elon Musk, whom I love dearly as a friend.

絕對地。我不認為這是可以避免的。我認為我們不妨讓它成為真正的法拉利。這就是這裡的全部目標，就是讓它變得如此獨特以至於它無法被模仿，不管你從 Elon Musk 那裡聽到了什麼，我作為朋友深愛他。

But I think Ferrari needs to put its thumbprint on the technology. That is what it is doing. So stay tuned.

但我認為法拉利需要在技術上留下自己的印記。這就是它正在做的事情。所以請繼續關注。

Great, thank you very much.

太好了，非常感謝。

Martino De Ambroggi, Equita.

馬蒂諾·德·安布羅吉，Equita。

Two questions on the guidance. First, actually on the adjusted EBIT bridge for the second quarter. There is variable, defined as other, representing the EUR14 million of improvement in the quarter.

關於指導的兩個問題。首先，實際上是第二季度調整後的息稅前利潤。有一個變量，定義為其他變量，代表本季度 1400 萬歐元的改善。

You are specifying now the composition of this variable. But should we expect a similar trend going forward for this item? If it is possible to elaborate a little bit more, first?

您現在正在指定此變量的組成。但是我們是否應該期待這個項目會出現類似的趨勢？如果可以再詳細一點，首先？

Second, adding decapitalization, the balance is a portion of the EUR11 million of improvement in cost of R&D. And the third is on the full-year guidance. Because assuming the floor of your EBITDA guidance, basically, the improvement is EUR50 million. If I remember correctly, EUR50 million is also the ForEx effect that you have for the full year, which is essentially recorded in the second half. Am I right?

其次，加上資本縮減，餘額是 1100 萬歐元研發成本改善的一部分。第三是全年指導。因為假設您的 EBITDA 指導下限，基本上，改進是 5000 萬歐元。如果我沒記錯的話，5000萬歐元也是你全年的外匯效應，基本上是在下半年記錄的。我對嗎？

Except for the last one, you are correct on the EUR50 million we provided in the past, so it's included in the guidance.

除了最後一個，您對我們過去提供的 5000 萬歐元是正確的，因此它包含在指導中。

It's mainly or totally in the second half?

主要還是完全在下半年？

It's basically totally in the second half. You have seen the combination of Q1 and Q2 is a flip number.

基本上都在下半場。您已經看到 Q1 和 Q2 的組合是一個翻轉數。

Okay.

好的。

And on other, I think we are including all the other businesses, technically. So sponsorship, commercial, and branch, just to give you some flavor. Obviously, brand revenues are growing, and obviously, there's contribution there in terms of profitability, since we are operating with some new stores, sponsorship is growing higher than last year. We have some new sponsors.

在其他方面，我認為我們在技術上包括所有其他業務。所以贊助，商業和分支，只是為了給你一些味道。很明顯，品牌收入在增長，很明顯，在盈利方面也有貢獻，因為我們在經營一些新店，贊助增長高於去年。我們有一些新的讚助商。

These always exclude, for the quarter, the new sponsorship agreement with Ray-Ban, which is going to be in Q3 and Q4 obviously. And the other positive impact obviously is related to our engines and that are rented to other Formula 1 teams, and partially to Maserati. It was very small in this quarter.

對於本季度，這些總是不包括與雷朋的新贊助協議，這顯然將在第三季度和第四季度進行。另一個積極影響顯然與我們的引擎有關，這些引擎租給了其他一級方程式車隊，部分租給了瑪莎拉蒂。這個季度非常小。

As well we have some conservation from Ferrari Financial Services activities. So the -- contribution for all of the other activities of the quarter.

此外，我們還從法拉利金融服務活動中獲得了一些保護。所以--為本季度所有其他活動的貢獻。

Jus t to finish off the discussion on the engine rental business, after months of diatribe and discussion within the F1 Strategy Commission, we now agree that the three major houses, perhaps four if Honda joins the group, will be the main providers of engine solutions to the grid. And so, the future of that business is relatively guaranteed.

剛剛結束關於發動機租賃業務的討論，經過 F1 戰略委員會數月的謾罵和討論，我們現在同意三大公司，如果本田加入該集團，可能會有四個，將成為發動機解決方案的主要供應商到網格。因此，該業務的未來是相對有保證的。

Quantums have come down in terms of rental charges for the engines, but I think you will stabilize this pre-opportunistic approach that people have taken, in terms of providing engine solutions. So it will become a stable part of the business going forward, because the commitment to provide engines to the rest of the grid is actually equally shared amongst the engine manufacturers.

Quantums 在發動機租賃費用方面已經下降，但我認為你將穩定人們在提供發動機解決方案方面採取的這種預先機會主義的方法。因此，它將成為未來業務的穩定部分，因為向電網其餘部分提供發動機的承諾實際上在發動機製造商之間平分。

And on your last question, Martino, on the D&A, industrial calls to the NR and DR program, because of D&A impact, which is lower this quarter than last year. I think we have commented multiple times that we did a full 458 phase out in LaFerrari, in particular phasing out. Now we are facing the D&A, which is lower than Q2 2015.

關於你的最後一個問題，Martino，關於 D&A，工業界呼籲 NR 和 DR 計劃，因為 D&A 影響，本季度低於去年。我想我們已經多次評論說，我們在 LaFerrari 中完成了 458 輛的全面淘汰，特別是逐步淘汰。現在我們面臨的是低於 2015 年第二季度的 D&A。

So this is not particularly related to R&D capitalized.

所以這與研發資本化並不特別相關。

No, not technically, not.

不，不是技術上的，不是。

Thank you.

謝謝你。

Monica Bosio, Banca IMI.

莫妮卡·博西奧，Banca IMI。

I would have a few questions. The first one is, if you can, can you tell me a little bit more on the American performance, which was slipped. Is it because of the phase out of the limited edition F60 America? Or maybe there was something else -- because I was quite surprised about the American performance, on one side. And I was particularly positively surprised about the greater China.

我有幾個問題。第一個是，如果可以的話，你能告訴我更多關於美國的表現嗎，這是滑倒的。是因為限量版 F60 America 的淘汰嗎？或者也許還有別的原因——因為一方面我對美國的表現感到非常驚訝。我對大中華區感到特別驚喜。

So I was wondering if you can comment a little bit more. Also on the back of the new annual wealth report from Capgemini, which reported higher from Asia-Pacific than America. It's the first time that I've seen this figure since the last 10 years.

所以我想知道您是否可以發表更多評論。同樣在凱捷新的年度財富報告的背後，該報告在亞太地區的報告高於美國。這是過去 10 年來我第一次看到這個數字。

Second question is on customization. If I understood well, customization and personalization are now above 16% top line, is hitting the target for the full year? Or maybe for the full year, it could be higher.

第二個問題是關於定制的。如果我理解得很好，定制和個性化現在已經超過了 16% 的頂線，是不是達到了全年的目標？或者全年可能會更高。

And the long-term my estimated account, 20%. But as things are, I believe that maybe there is room for 25%. Am I right?

而長期我估計的賬戶，20%。但事實上，我相信也許還有 25% 的空間。我對嗎？

And the last question is on the recall on the Takata airbags. Just to check, do you have accounted all of the expected recall costs in the second quarter? Thank you very much.

最後一個問題是關於高田安全氣囊的召回。只是檢查一下，您是否計算了第二季度的所有預期召回成本？非常感謝。

Let me try and deal with some of your questions, and I'll leave Alessandro to answer the more technical thing about whether we are talking about with CapEx and R&D stuff.

讓我試著處理你的一些問題，我會讓亞歷山德羅回答更多關於我們是否在談論資本支出和研發方面的技術問題。

The recall issue, obviously, we have booked everything we know, that needs to be recalled. I think that the notes have been relatively clear about the purpose for the recall. This is a relatively large issue for the wider auto industry. You saw the BMW numbers come out, and they booked a provision today, SCA booked one last week.

召回問題，顯然，我們已經預訂了我們知道的所有需要召回的東西。我認為，關於召回的目的，筆記已經比較清楚了。對於更廣泛的汽車行業來說，這是一個相對較大的問題。你看到寶馬的數字出來了，他們今天預訂了一個供應，SCA 上週預訂了一個。

It is a process which is unfolding, I think. The provision that we have taken reflects what we know needs to be repaired. And I think we will take it from here. But I'm not aware of any additional charges that need to be taken at this point in time.

我認為這是一個正在展開的過程。我們採取的規定反映了我們知道需要修復的地方。我認為我們將從這裡開始。但我不知道此時需要收取任何額外費用。

And terms of your comments about the high net worth population shifting from the rest of the world or the Americas onto a APAC, I think it was an expected transition. I would just remind you that the wider population of people that are out there -- we only sell 8,000 cars a year. So our ability and our penetration rate into that population is miniscule compared to the size of the population itself. And it is only encouraging to us, in terms of the potential reach of this brand and how quickly we could grow to try to cover this growing population of people who have the means to be able to afford our products.

至於你對高淨值人口從世界其他地區或美洲轉移到亞太地區的評論，我認為這是一個預期的轉變。我只想提醒你，那裡有更廣泛的人群——我們每年只銷售 8,000 輛汽車。因此，與人口本身的規模相比，我們的能力和我們對該人口的滲透率是微不足道的。就這個品牌的潛在影響力以及我們能夠以多快的速度增長以試圖覆蓋不斷增長的有能力購買我們產品的人群而言，這對我們來說是令人鼓舞的。

Your comments about North America -- I'm not surprised that North America has flat lined not moved substantially year-over-year. It is really a question of product flow. Alessandro talked about the fact that the FF has come out, and we've produced the GTC4Lusso.

您對北美的評論——我對北美持平並沒有同比大幅變動並不感到驚訝。這確實是產品流的問題。 Alessandro 談到了 FF 已經問世的事實，我們已經生產了 GTC4Lusso。

Beginning in the second semester, you will see numbers restore. There was certainly an expectation that the FF would come out of service within 2016 and that's impacted numbers. The F12, as Alessandro mentioned, is in the fifth year of its life.

從第二學期開始，您將看到數字恢復。人們當然期望 FF 將在 2016 年內退役，這影響了數字。正如亞歷山德羅所提到的，F12 已進入其生命的第五個年頭。

These are not surprising developments. I would read nothing into it. As a matter of fact, I can only confirm the strength of the order book in the Americas, simply based on the value of the 488, both the convertible and the hardtop. You will see in America, numbers come out of the US this morning. Although most of the majors were down, the market continues to show significant strength. I'm not worried at all.

這些都不是令人驚訝的事態發展。我什麼也不讀。事實上，我只能根據488的價值來確認美洲的訂單強度，無論是敞篷車還是硬頂車。你會在美國看到，今天早上來自美國的數字。儘管大多數主要股票下跌，但市場繼續顯示出顯著的實力。我一點也不擔心。

Okay, thank you very much.

好的，非常感謝。

Thomas Besson, Kepler.

托馬斯·貝松，開普勒。

I have three quick questions. The first one, I would like to check with that the CapEx figure for the second quarter was only -- EUR32 million, approximately EUR61 million for depreciation. Is that correct?

我有三個簡單的問題。第一個，我想確認第二季度的資本支出數字僅為 3200 萬歐元，折舊約為 6100 萬歐元。那是對的嗎？

You are talking about the gross CapEx for the quarter -- was actually EUR90 million.

你說的是本季度的總資本支出——實際上是 9000 萬歐元。

Okay. Thank you. Can I check with you, the long-term goal is still 9,000 to 10,000 vehicles, or do you think that there is potentially room at one point to go beyond that?

好的。謝謝你。我可以和你核實一下，長期目標仍然是 9,000 到 10,000 輛，還是你認為有可能在某一時刻有超越的空間？

I think we will stick to the forecast that we have given you in the past. There is no momentous change. I think we need to grow this brand. In total consistent parallel fashion with the growth of the market.

我想我們會堅持我們過去給你的預測。沒有重大變化。我認為我們需要發展這個品牌。與市場的增長完全一致。

Let's not aspire to be something that we have never been. We just won't.

讓我們不要渴望成為我們從未有過的東西。我們只是不會。

I go back to what Monica mentioned earlier in her remarks. The potentially available population of customers to Ferrari, is a growing population. And it is global. I think that we have the global footprint in terms of distribution to service that customer base. I think that is important for us to move forward. I think it is a key element in the development of our portfolio.

我回到莫妮卡之前在她的發言中提到的內容。法拉利潛在的可用客戶群體是不斷增長的群體。它是全球性的。我認為我們在為該客戶群提供服務的分銷方面擁有全球足跡。我認為這對我們前進很重要。我認為這是我們開發產品組合的關鍵要素。

I think we need to be able to treat these products to relevant market conditions. I think we have done a number of things here, and you will see, hopefully as we keep revealing these products, that we have understood that requirement. And I think you will see numbers growing accordingly.

我認為我們需要能夠根據相關的市場條件來對待這些產品。我認為我們在這裡做了很多事情，希望隨著我們不斷展示這些產品，您會看到我們已經理解了這一要求。我認為你會看到數字相應地增長。

Somebody asked the question, and the consistent question is -- what are we doing on pricing? I think the short answer is that we are doing everything we can. And we have started moving price on some of our vehicles now.

有人問了這個問題，一致的問題是——我們在定價方面做了什麼？我認為簡短的回答是我們正在盡我們所能。我們現在已經開始對我們的一些車輛進行價格調整。

We have done it in an intelligent way, to make sure we give advanced warning to our customers. So it will some time to work its way through. The pricing actions are in place and we will continue to take them as we see opportunity arise.

我們以一種智能的方式做到了這一點，以確保我們提前向客戶發出警告。所以它需要一些時間來解決它。定價行動已經到位，我們將在看到機會出現時繼續採取行動。

Thank you very much.

非常感謝。

Ryan Brinkman, JPMorgan.

瑞安·布林克曼，摩根大通。

I'm looking at SG&A, in Q2, it was flat. You discussed some moving pieces in the footnotes on page 7, store openings, model launches, corporate costs this year, bad debt last year. How would you say SG&A is tracking on an underlying basis.

我在看 SG&A，在第二季度，它持平。您在第 7 頁的腳註中討論了一些動人的因素，包括開店、新車型發布、今年的公司成本、去年的壞賬。您如何說 SG&A 在基礎上進行跟踪。

And generally, when you strip away some of these more one-time items, do you expect SG&A leverage on higher shipments going forward? Or should it move more in conjunction with volume?

一般而言，當您剝離其中一些一次性物品時，您是否期望 SG&A 對未來更高的出貨量產生影響？或者它應該更多地與音量一起移動？

As an absolute number you won't, with leverage as a percentage of total revenue you will. It will take some time as we grow the base.

作為一個絕對數字，你不會，而槓桿佔總收入的百分比你會。隨著基礎的發展，這將需要一些時間。

This is not a high spending environment, to be honest. I'm still using chairs from 1952 in my office. It's not as if -- we're treating our customers much better then we are treating ourselves to be honest.

老實說，這不是一個高消費的環境。我的辦公室裡仍在使用 1952 年的椅子。這並不是說——我們對待客戶比誠實對待自己要好得多。

Great, thank you. And just last question. Cadence of engine volume, how might that progress throughout the year as the Levante is launching? Thanks.

太好了謝謝。最後一個問題。發動機體積的節奏，隨著萊萬特的推出，這一年的進展如何？謝謝。

Look, we have had to put on an additional shift to try and deal with the demand. So the indications from the Levante are quite good. When I spoke to the other side of myself, and I checked the order book on Levante, the Levante order book was quite strong.

看，我們不得不進行額外的轉變來嘗試處理需求。所以萊萬特的跡象相當不錯。當我與自己的另一面交談時，我檢查了 Levante 的訂單簿，Levante 的訂單簿非常強大。

I think we're waiting for US introduction to happen in the third quarter of this year. So I think it will be fine. And I think, to the extent that we have added on the third shift here is because of the fact that we see this as being a permanent condition.

我認為我們正在等待今年第三季度在美國推出。所以我認為會沒事的。我認為，就我們在這裡添加的第三個班次而言，是因為我們認為這是一個永久性條件。

Massimo Vecchio, Mediobanca.

馬西莫維奇奧，Mediobanca。

My first question is a follow-up on Brexit. The fact that Aston Martin and Maclaren are UK-based. Do you see it as an issue in terms of pricing for your segment? Or the elasticity of your customer base is such that it's not a problem for you?

我的第一個問題是關於英國退歐的後續行動。事實上，阿斯頓馬丁和麥克拉倫都是英國的。您是否將其視為您的細分市場定價方面的問題？或者您的客戶群的彈性對您來說不是問題？

No.

不。

Okay. Second question is on the guidance. Can you share with us a little bit of granularity, how much conservatism is in the guidance? And how much is probably global risk raising worldwide, or any other factor which we are not seeing?

好的。第二個問題是關於指導的。您能否與我們分享一點粒度，指導中有多少保守？全球範圍內的全球風險可能增加多少，或者我們沒有看到的任何其他因素？

Mr. Vecchio, I have already gone beyond my normal level of conservatism. I told you that we consider this to be minimum points. If I had a better view, I would have given it to you. Wait until the year unfolds.

Vecchio先生，我已經超越了我正常的保守主義水平。我告訴過你，我們認為這是最低分。如果我有更好的觀點，我會把它給你。等到過年。

Okay, got it. The last question, tax cash out, how can we expect the total number in 2016 and the timing of that, because this is a bit confusing.

好，知道了。最後一個問題，稅收兌現，我們如何預測 2016 年的總數和時間，因為這有點令人困惑。

You need to consider in the second half, I think we have commented in the past, we will have the second advance on taxes, as well as the payment on the balance of 2015 taxes. Therefore, the free cash flow generation is going to be in line with the guidance that we provided of the net industrial debt. And the second half obviously will have a positive contribution on free cash.

你需要在下半年考慮，我想我們過去已經評論過，我們將有第二次預付稅款，以及支付2015年稅款的餘額。因此，自由現金流的產生將符合我們提供的淨工業債務的指導。下半年顯然會對自由現金產生積極的貢獻。

Alessandro has beaten this horse dead into the ground over and over again, because 2016 is an anomalous year. It's a catch-up of 2015 and a clean out of 2016. Once we go through this year, I think we're getting into a regular cycle, and you won't have a problem understanding the cash flow. It is a transition year.

亞歷山德羅一次又一次地把這匹馬打死在地上，因為 2016 年是反常的一年。這是 2015 年的追趕和 2016 年的清理。一旦我們度過了這一年，我認為我們正在進入一個正常的周期，你對現金流的理解不會有問題。這是一個過渡年。

It will be entirely in the third quarter, or you're able to split in some way on the fourth?

它將完全在第三季度，或者你能夠在第四季度以某種方式分裂？

The payment of the taxes will be mostly fourth quarter.

稅款的支付將主要在第四季度進行。

Fourth quarter. All right. Thank you very much.

第四季。好的。非常感謝。

George Galliers, Evercore.

喬治·加利爾斯，Evercore。

My question was with regards to special models. Clearly, in the wake of the LaFerrari Open, and I think also in Venice, those attending were shown a plan for another 350 special models around the 70th anniversary. Did you see any saturation point with regard to special models? Do you think the strength of the Ferrari brand is so much that for example, you could produce and sell 1,000 every year without any kind of saturation of the market?

我的問題是關於特殊型號的。顯然，在 LaFerrari 公開賽之後，我想也是在威尼斯，參加者被展示了一個計劃，即在 70 週年前後再推出 350 款特殊車型。您是否看到特殊型號的飽和點？您認為法拉利品牌的實力如此強大，例如，您可以在沒有任何市場飽和的情況下每年生產和銷售 1,000 輛嗎？

I think 1,000 every year is an absolute exaggeration. I think it actually is contrary to the notion of a special series. I can only tell you that -- if I had to appease all the customers who had written to me on both LaFerrari and the open edition of LaFerrari, the one that's going to be unveiled in the fall auto show, then I think you would be -- we would be well above any of the numbers that we have talked about as being a limited edition.

我認為每年1000個是絕對誇張的。我認為這實際上與特殊系列的概念相反。我只能告訴你——如果我必須安撫所有在 LaFerrari 和 LaFerrari 公開版上寫信給我的顧客，那款車型將在秋季車展上亮相，那麼我想你會- 我們將遠遠超過我們所說的限量版的任何數字。

I have noticed, certainly in terms of your approach that we have taken, we have noticed no level of saturation or discomfort with the numbers that we have pointed out. We are still -- and the cars are completely sold out. They were sold out on an unseen basis for the customers. I don't know how to describe this to you. These are cars that are selling, just on the inkling of the fact that they exist.

我注意到，當然就我們所採取的方法而言，我們注意到我們指出的數字沒有飽和或不適的程度。我們仍然 - 而且汽車完全售罄。它們在顧客看不見的基礎上被搶購一空。我不知道如何向你描述這個。這些是正在銷售的汽車，只是在暗示它們存在的事實。

And so I certainly do not want to change the dynamic. To the extent that I keep on going back to, I'm making Monica famous here, with the extent that we go back to those high net individual discussion. Obviously, we will cater and cater to that population, to reflect the population. One of the things we cannot do is change the uniqueness of those products, and the scarcity associated with them.

所以我當然不想改變動態。就我繼續回到的程度而言，我正在讓莫妮卡在這裡出名，在某種程度上我們回到那些高淨值的個人討論。顯然，我們將迎合和迎合該人口，以反映人口。我們不能做的一件事是改變這些產品的獨特性，以及與之相關的稀缺性。

For those of you who are interested, it was interesting article and again, I'm the wrong guy to talk about this. I was fascinated by the [Atomis Marken Bank], and there was an interesting article showing up, I think it was in The Economist, on a couple of weeks ago on the economics of the bank. And fundamentally, once those things happen, one, they're very difficult to replicate.

對於那些感興趣的人來說，這是一篇有趣的文章，再說一次，我是個錯誤的人來談論這個。我對 [Atomis Marken Bank] 很著迷，並且出現了一篇有趣的文章，我想是在幾週前的《經濟學人》上，關於銀行的經濟學。從根本上說，一旦這些事情發生，它們就很難復制。

Secondly, you have to be very, very faithful to the principles that govern distribution. So you just cannot fall in love with the notion of making more money off a limited run, that will kill you in the long term. We are not going to change that dynamic.

其次，你必須非常非常忠實於支配分配的原則。所以你不能愛上從有限的運行中賺更多錢的想法，從長遠來看這會害死你。我們不會改變這種動態。

And related to this, given the huge excess demand, when you come to price these cars, how do you think about that? Do you look to maximize profit? Do you look to respect your customers at what you think is an appropriate level? Or do you have internal gross margin targets that you apply versus the actual cost to build them?

與此相關，考慮到巨大的過剩需求，當你為這些汽車定價時，你怎麼看？您是否希望實現利潤最大化？您是否希望以您認為適當的水平尊重您的客戶？或者您是否有應用的內部毛利率目標與構建它們的實際成本？

A combination of all of those things.

所有這些東西的組合。

Okay. And finally, with regards to the quarter, in the revenue bridge, you reported EUR14 million improvement, and you mention specifically with regards to championship ranking in Formula 1. Can you just clarify which season that relates to? And in terms of, from a cash perspective, what is the seasonality with respect to payments from Formula 1, which you receive, both television and also for championship position.

好的。最後，關於本季度，在收入橋樑方面，您報告了 1400 萬歐元的改善，您特別提到了一級方程式的冠軍排名。您能澄清一下與哪個賽季有關嗎？從現金的角度來看，你收到的一級方程式支付的季節性是什麼，包括電視和冠軍位置。

There is no television. So it is 2015. The revenue that was recorded in 2016, I have to rely on Alessandro to tell you the timing. I don't know what the timing is.

沒有電視。所以是 2015 年。2016 年記錄的收入，我不得不依靠亞歷山德羅告訴你時間。我不知道時間是什麼。

The timing is pretty straightforward. Distributed over the quarters. No particular timing.

時機非常簡單。分佈在各個季度。沒有特別的時間。

It is quarterly distribution, evenly split over the quarters?

是按季度分配，按季度平均分配？

Yes. Just to make your life even more -- to create more angst in your life, we need to rank second to cause the dislocation in that revenue stream for 2017. So we are working our butts off to make sure that happens. So as soon as we hang up, I can go fix that problem.

是的。只是為了讓你的生活更加精彩——為了在你的生活中創造更多的焦慮，我們需要排名第二才能導致 2017 年收入流的錯位。所以我們正在努力確保這種情況發生。所以我們一掛斷，我就可以去解決這個問題。

Good luck with that. Thanks.

祝你好運。謝謝。

Adam Jonas, Morgan Stanley.

亞當喬納斯，摩根士丹利。

This is [Neil Meadow] on for Adam Jonas. Can you explain to us the historical rationale behind the typical five-year product cycle for your non-limited-edition models? Sergio and Alessandro, both of you have noted on the last couple calls that certain models -- mainly the F12berlinetta have had a harder time competing in the marketplace late in their cycle, in their fifth year of commercialization. So aside from just introducing special edition versions like the F12tdf, how feasible or unfeasible is it to accelerate a model's product cycle, when there are signs out there that the order book may be thinning out? Thanks.

這是亞當喬納斯的[尼爾梅多]。您能否向我們解釋一下您的非限量版車型典型的五年產品週期背後的歷史原理？塞爾吉奧和亞歷山德羅，你們倆在最近幾次電話會議上都注意到，某些車型——主要是 F12berlinetta，在其商業化的第五個年頭，在其周期後期在市場競爭中遇到了困難。因此，除了推出 F12tdf 等特別版之外，在有跡象表明訂單可能正在減少的情況下，加速模型的產品週期有多可行或不可行？謝謝。

Are you parading as Adam?

你是在以亞當的身份遊行嗎？

I am. He is actually in Spain right now.

我是。他現在實際上在西班牙。

Send Adam my compliments on his travel schedule.

向亞當表達我對他的旅行計劃的讚美。

I definitely will.

我一定會的。

To answer your question, I don't think the F12 -- I think you need to be very careful about why the order book is thinning out. The only reason why -- there is a tradition in this house to rejuvenate the product portfolio over a cycle, and if people know there is a new F12 coming in some form, they will obviously wait, and that is why the book thins out, it's not something endemic to the car.

要回答您的問題，我不認為 F12 - 我認為您需要非常小心為什麼訂單簿正在減少。唯一的原因——這間房子有一個傳統是在一個週期內更新產品組合，如果人們知道有新的 F12 以某種形式出現，他們顯然會等待，這就是這本書變薄的原因，這不是汽車特有的東西。

As a matter of fact, we have seen -- over the last 90 days, we have seen an improvement in the order intake on F12s. Notwithstanding the fact that over some period of time, we will be replacing that car. And that is not far off, the replacement cycle.

事實上，我們已經看到——在過去的 90 天裡，我們看到 F12 的訂單量有所改善。儘管事實上在一段時間內，我們將更換那輛車。這不遠了，更換週期。

But the market knows, and our the customer base and the people that deal with our products know, that eventually these products will be rejuvenated. And when that happens, they will buy the new one.

但市場知道，我們的客戶群和與我們產品打交道的人都知道，最終這些產品將重新煥發活力。當這種情況發生時，他們會購買新的。

By the way, in terms of coming up with a tdf, the tour de France, it is indicative of the expression -- the highest level of technology at the end of the series. We have done this with the 599 GTO, we've done it now with the F12tdf. So get used to this. We will continue to do this, because it allows us to experiment with technology in limited series.

順便說一句，就想出一個tdf，即環法自行車賽而言，它代表了一種表達方式——該系列結束時的最高技術水平。我們用 599 GTO 做到了這一點，現在我們用 F12tdf 做到了。所以習慣這一點。我們將繼續這樣做，因為它允許我們在有限的系列中試驗技術。

A lot of the technology ended up being mainstay in the GTC4Lusso. That is how we run this business. So get used to it.

許多技術最終成為 GTC4Lusso 的中流砥柱。這就是我們經營這項業務的方式。所以習慣吧。

Thank you.

謝謝你。

And the 488 -- when it comes at the end of the cycle. Anything else I can do for you? Whoever you are?

還有 488 —— 在周期結束時。還有什麼我可以為你做的嗎？無論你是誰？

No, thank you.

不，謝謝。

As there are no further questions in the queue, I would like to hand the call back to Ms. Nicoletta Russo for any additional or closing remarks.

由於隊列中沒有其他問題，我想將電話轉回給 Nicoletta Russo 女士，以獲取任何補充或結束語。

Thank you everyone for joining us in today's conference call. The IR is now available for any follow-up you may have. We wish you a lovely day. Goodbye.

感謝大家加入我們今天的電話會議。 IR 現在可用於您可能進行的任何後續行動。我們祝您有美好的一天。再見。

That will conclude today's conference call. Thank you for your participation, ladies and gentlemen. You may now disconnect.

這將結束今天的電話會議。感謝您的參與，女士們，先生們。您現在可以斷開連接。