Ferrari NV (RACE) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Ferrari 2022 Full Year Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎參加法拉利 2022 年全年業績電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Nicoletta Russo, Head of IR. Please go ahead.

我現在想把會議交給今天的發言人，IR 負責人 Nicoletta Russo。請繼續。

Thank you, Sharon, and welcome to everyone who is joining us. Today, we plan to cover the group's full year 2022 operating results and 2023 guidance, and the duration of the call is expected to be around 60 minutes. Today's call will be hosted by the group CEO, Mr. Benedetto Vigna, and the Group CFO, Mr. Antonio Piccon. All relevant materials are available in the Investors section of the Ferrari corporate website. And at the end of the presentation, we will be available to answer your questions.

謝謝你，Sharon，歡迎所有加入我們的人。今天，我們計劃涵蓋集團 2022 年全年經營業績和 2023 年業績指引，電話會議時長預計在 60 分鐘左右。今天的電話會議將由集團首席執行官 Benedetto Vigna 先生和集團首席財務官 Antonio Piccon 先生主持。所有相關材料均可在法拉利公司網站的投資者部分獲取。在演示結束時，我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 presentation, and the call will be governed by this language.

在我們開始之前，讓我提醒您，我們在今天的電話會議中可能做出的任何前瞻性陳述都受到今天演示文稿第 2 頁中安全港聲明中提到的風險和不確定性的影響，並且電話會議將受此語言約束.

With that said, I'd like to turn the call over to Benedetto.

話雖如此，我想把電話轉給 Benedetto。

Thank you, Nicoletta, and thank you, everyone, for joining us today. In this call, we will discuss in detail 2 things: the result of the full year '22 and priorities and guidance of year '23. It has been a year of celebration, progress and innovation for Ferrari. And for this, I would like to thank all the women and men of Ferrari for their outstanding work, all our partners who have helped us considerably during the past challenging years during which we had the opportunity to strengthen our relations with many of our suppliers, and last but not least, all our clients for their continuous trust in our brand.

謝謝 Nicoletta，也謝謝大家今天加入我們。在這次電話會議中，我們將詳細討論兩件事：22 年全年的結果以及 23 年的優先事項和指導。對於法拉利來說，這是慶祝、進步和創新的一年。為此，我要感謝法拉利全體員工所做的出色工作，感謝我們所有的合作夥伴，他們在過去充滿挑戰的歲月里為我們提供了巨大幫助，在此期間我們有機會加強與許多供應商的關係，最後但同樣重要的是，感謝所有客戶對我們品牌的持續信任。

During our 75th anniversary years, among the many different moments, a milestone that signaled our company's evolution, I would like to highlight the following 3. Firstly, we unveiled 2 exciting models, the 296 GTS in April and the Ferrari Purosangue in September. These models strengthen an already astonishing product range that both meets and exceeds our customer demand for design, performance and driving trials.

在我們成立 75 週年之際，在許多不同的時刻中，一個標誌著我們公司發展的里程碑，我想強調以下 3。首先，我們推出了 2 款令人興奮的車型，4 月份的 296 GTS 和 9 月份的 Ferrari Purosangue。這些型號進一步豐富了本已驚人的產品系列，滿足並超越了客戶對設計、性能和駕駛試驗的需求。

Secondly, we presented our strategic plan. It was June for '22, '26, setting transparent, concrete and measurable goal. Thirdly, we outlined our journey towards the carbon neutrality within 2030 through a scientific and holistic approach. We are clear on our overall carbon footprint and we have a defined road map moving forward.

其次，我們提出了我們的戰略計劃。 22 年 6 月，26 年，設定透明、具體和可衡量的目標。第三，我們通過科學和整體的方法概述了我們在 2030 年內實現碳中和的旅程。我們很清楚我們的整體碳足跡，我們有一個明確的前進路線圖。

From a financial perspective, we ended the 2022 with a remarkable set of results, setting a new record across all metrics, with EUR 5.1 billion revenues, strong net profit at EUR 939 million, and more than EUR 750 million of industrial free cash flow generation. I will address, first racing where our origins lie, then sports cars where we have evolved and at the hand, lifestyle, our new ventures will continue to elevate our brand.

從財務角度來看，我們以一系列出色的成績結束了 2022 年，在所有指標上都創下了新紀錄，實現了 51 億歐元的收入、9.39 億歐元的強勁淨利潤以及超過 7.5 億歐元的工業自由現金流生成.我將首先談到我們起源的賽車，然後是我們發展的跑車，以及生活方式，我們的新企業將繼續提升我們的品牌。

Let's start with the racing world. 2022 was an important year for Ferrari in the racing activities. We celebrated memorable victories in the Endurance Championship and we unveiled 2 new racing cars. The 296 GT3, the successor of the most winning Ferrari in history, the 488 GT3 and the 499P, our new Le Mans Hypercar signaling our return to the top tier of the FIA WEC in 2023 after 50 years.

讓我們從賽車世界開始。 2022 年對於法拉利賽車活動來說是重要的一年。我們在耐力錦標賽中慶祝了令人難忘的勝利，並推出了 2 輛新賽車。 296 GT3 是歷史上獲勝最多的法拉利、488 GT3 和 499P 的繼任者，我們的新款勒芒 Hypercar 標誌著我們在 50 年後於 2023 年重返 FIA WEC 頂級賽事。

In Formula 1, we proved that our competitive edge improved during the last season, and it was encouraging for us and the million of funds to see our drivers taking more places on the podium. Clearly, our goal is to achieve the ultimate price and the entire team, together with Fred, who recently joined us, are working relentlessly in that direction.

在一級方程式中，我們證明了我們在上個賽季的競爭優勢有所提高，看到我們的車手在領獎台上佔據更多位置，這對我們和百萬資金來說是令人鼓舞的。顯然，我們的目標是實現最終價格，整個團隊以及最近加入我們的 Fred 都在朝著這個方向不懈努力。

In sport, we are engaged in 3 championship, F1, Endurance and SRO. We continue to lead the way in terms of bridging the real world with the virtual world. How we do it? Well, by having our own Esport headquarters in Maranello, where our Esport drivers, share programs and activities with our Scuderia Ferrari Driver Academy. And this is 1 important way to engage the younger generations.

在運動方面，我們參與了 3 項錦標賽，F1、Endurance 和 SRO。在連接現實世界和虛擬世界方面，我們繼續處於領先地位。我們如何做？好吧，通過在馬拉內羅擁有我們自己的電競總部，我們的電競車手會在那裡與我們的法拉利車隊車手學院分享項目和活動。這是吸引年輕一代的一種重要方式。

Now after all the racing activities, let's talk about our beautiful high-performance and unique sports cars. And let's focus on our future, our order book. We continue to enjoy strong demand across all regions, with an overall order portfolio continuing to be at an all-time high and covering well into 2024.

賽車活動結束後，讓我們來談談我們美麗的高性能和獨特的跑車。讓我們關注我們的未來，我們的訂單。我們繼續享受所有地區的強勁需求，整體訂單組合繼續處於歷史最高水平，並一直持續到 2024 年。

Our sports car product portfolio continues to have a strong traction on all fronts with the 296 family and Purosangue, driving the net order intake. The Purosangue order intake has been extraordinarily high, well beyond our expectations. But the enthusiasm of our clients is expressed also by their attendance level at all our events. In fact, in 2022, we had an unprecedented number of unrivaled client engagement experiences.

我們的跑車產品組合在 296 系列和 Purosangue 的各個方面繼續具有強大的吸引力，推動了淨訂單的增長。 Purosangue 的訂單量非常高，遠遠超出了我們的預期。但我們客戶的熱情也體現在他們對我們所有活動的參與程度。事實上，在 2022 年，我們擁有了數量空前的無與倫比的客戶參與體驗。

On the bread events side, we extended our Casa Ferrari hospitality in several global venues and in Australia, we had, for the first time, our Universal Ferrari concept. On the dynamic events, we ranged from our cover capes to our engaging track activities. One for all, the Finali Mondiali, we held in Imola in the last quarter, which was definitely a great success and brought more than 40,000 funds altogether.

在麵包活動方面，我們在全球多個場館和澳大利亞擴展了法拉利之家的熱情好客，這是我們第一次擁有我們的通用法拉利概念。在動態事件中，我們的範圍從我們的封面斗篷到我們引人入勝的賽道活動。總而言之，上個季度我們在伊莫拉舉行的 Finali Mondiali，絕對是一個巨大的成功，總共帶來了 40,000 多筆資金。

All of these client experiences are designed to continue to fuel the passion and a sense of belonging within the Ferrari family. Among the innovation of 2022, it's worth mentioning, too, the first edition of the Cavalcade icon with the participation of 80 Ferrari Monza, both SP1 and SP2, coming from more than 20 nations. And the first Ferrari GT Tour Women's edition with 26 ferrarista, coming together to take part in an exclusive road trip in Ibiza.

所有這些客戶體驗旨在繼續激發法拉利大家庭的熱情和歸屬感。在 2022 年的創新中，也值得一提的是來自 20 多個國家的 80 輛法拉利蒙扎 (SP1 和 SP2) 參與的第一版 Cavalcade 標誌。首屆 Ferrari GT Tour Women's Edition 與 26 輛 Ferrarista 齊聚一堂，參加伊維薩島的獨家公路旅行。

And now, after the sports cars, let's talk about lifestyle activities. Here, we are determined to keep on working to extend our heritage and values in the wider luxury industry. Four highlights worth mentioning for 2022. One, we continued our journey in brand elevation through 2 fashion shows with strong and positive reviews from press and clients; two, we grew our assortment on high image items such as the jumpsuit and [die] traffic builders, such as Gallo Modena collection launched at Monza Grand Prix to celebrate the 75th anniversary. Three, we further consolidated our licensing agreements in line with our luxury positioning. And last but not least, we reached a record level of visitor at our museum, welcoming more than 600,000 guests in 2022.

現在，在跑車之後，讓我們談談生活方式活動。在這裡，我們決心繼續努力，在更廣泛的奢侈品行業擴展我們的傳統和價值觀。 2022 年值得一提的四大亮點。第一，我們通過 2 場時裝秀繼續我們的品牌提升之旅，得到了媒體和客戶的強烈和積極評價；第二，我們增加了高形象商品的種類，例如連身褲和 [死] 交通建設者，例如在蒙扎大獎賽上推出的 Gallo Modena 系列，以慶祝 75 週年。第三，我們根據我們的奢侈品定位進一步鞏固了我們的許可協議。最後但並非最不重要的一點是，我們的博物館參觀人數達到了創紀錄的水平，2022 年接待了超過 600,000 名客人。

As you can see, last year, we made many steps forward in racing, sport cars and lifestyle. And in 2022, we also detailed our commitment to reaching carbon neutrality by end of this decade. And we are also proud to have committed to set science-based targets. The focus is not only on the impact of driving our sports cars, but also in our entire supply chain and production facilities. In years, we are working very closely with all our suppliers.

如您所見，去年，我們在賽車、跑車和生活方式方面取得了長足進步。在 2022 年，我們還詳細說明了我們在本十年末實現碳中和的承諾。我們也為致力於設定以科學為基礎的目標而感到自豪。重點不僅在於駕駛我們的跑車所產生的影響，還在於我們的整個供應鍊和生產設施。多年來，我們與所有供應商密切合作。

In 2022, we also completed several projects in terms of carbon neutrality. From the new fuel cell plant and photovoltaic system at Maranello to the main innovation identified by our colleague, such as the adoption of new filters in our foundry, saving more than 250 tons of aluminum per year and the dispersion recovery in our engine testing process. All these initiatives implemented in 2022 led to a reduction of approximately 5% of energy consumption per car. This is a remarkable result, and I'm really proud to underline that no CapEx was required, only brain power of all the colleagues.

2022年，我們還完成了多個碳中和項目。從馬拉內羅的新燃料電池廠和光伏系統到我們的同事發現的主要創新，例如在我們的鑄造廠採用新的過濾器，每年節省超過 250 噸的鋁，以及我們發動機測試過程中的分散回收。 2022 年實施的所有這些舉措導致每輛汽車的能源消耗減少了約 5%。這是一個了不起的結果，我非常自豪地強調不需要資本支出，只需要所有同事的腦力。

All of these developments as well as the record result of the years have been possible thanks to the passion, to dedication of all the Ferrari people and to reward their achievement in line with the company's strong performance indicators, I'm pleased to announce the yearly competitive award of up to nearly EUR 13,500 for our employees. I'm also proud to share that for the fourth year in a row, Ferrari confirmed itself as 1 of the best place to work, thanks to career opportunities and welfare services we offer to our employees.

由於所有法拉利人的熱情和奉獻精神，以及根據公司強大的績效指標獎勵他們的成就，所有這些發展以及多年來創紀錄的成果都是可能的，我很高興地宣布每年為我們的員工提供高達近 13,500 歐元的競爭性獎勵。我也很自豪地與大家分享，法拉利連續第四年確認自己是最佳工作場所之一，這要歸功於我們為員工提供的職業機會和福利服務。

We live behind a year characterized by global tensions, geopolitical conflict, supply chain issues and cost inflation. With our people, clients and partners, we've been able to weather through these times, thanks to the collaboration, will to progress, continuous learning, focus and confidence that sets us apart.

我們生活的一年以全球緊張局勢、地緣政治衝突、供應鏈問題和成本膨脹為特徵。與我們的員工、客戶和合作夥伴一起，我們能夠度過這些時期，這要歸功於合作、進步的意願、持續學習、專注和信心，這讓我們與眾不同。

And now we are ready for 2023. It will represent another significant step of our journey, during which we will continue to execute our strategy with the highest determination. Four, four are the priorities for 2023. We will compete at the top in the different racing championship. We will continue to enhance our client experiences both on track and on road and reaching them with 4 new model launches.

現在我們已經為 2023 年做好了準備。這將是我們旅程的又一個重要步驟，在此期間我們將繼續以最高的決心執行我們的戰略。四個，四個是2023年的重點。我們將在不同的賽車錦標賽中爭冠。我們將繼續提升我們的客戶在軌道上和公路上的體驗，並通過推出 4 款新車型來吸引他們。

We will broaden the lifestyle client base with a coherent and integrated offering of personal goods and unique experiences, and we will further accelerate the innovation pace with a strong focus on electrification and HMI as proved by the 4x higher number of patents that we filed in 2022 compared to 2021. We look ahead at 2023 with enthusiast, energy, agility and confident humility required in these challenging times.

我們將通過連貫和綜合的個人用品和獨特體驗來擴大生活方式客戶群，我們將進一步加快創新步伐，重點關注電氣化和 HMI，我們在 2022 年申請的專利數量增加了 4 倍。與 2021 年相比。展望 2023 年，我們將以充滿挑戰的時代所需的熱情、活力、敏捷和自信的謙遜態度展望未來。

Now I hand over to Antonio to review the 2022 results and 2023 guidance.

現在我交給安東尼奧審查 2022 年的結果和 2023 年的指導。

Thank you, Benedetto, and good morning or afternoon to everyone joining us today. Let's start on Page 5 with the full year 2022 highlights, showing a very strong year with double-digit growth compared to 2021 and representing a solid foundation of the new business plan. These record earnings exceeded our latest guidance, thanks to a better business performance, personalization and a tailwind from foreign exchange rates also in the last part of the year.

謝謝你，貝內代托，早上好或下午好，今天加入我們的每一個人。讓我們從第 5 頁開始，重點介紹 2022 年全年，與 2021 年相比，今年表現非常強勁，實現了兩位數的增長，代表了新業務計劃的堅實基礎。這些創紀錄的收益超出了我們最新的指引，這要歸功於更好的業務表現、個性化以及今年最後一部分外匯匯率的推動。

Having said that, I would like to highlight our most remarkable achievements. EBITDA of EUR 1.773 billion, and EBIT of EUR 1.227 billion with margins aligned to guidance reflecting product mix and the evolution of our D&A. Net profit of EUR 939 million resulting in a diluted EPS of EUR 5.09 and an industrial free cash flow generation of EUR 758 million.

話雖如此，我想強調我們最顯著的成就。 EBITDA 為 17.73 億歐元，EBIT 為 12.27 億歐元，利潤率與反映產品組合和我們 D&A 演變的指導一致。淨利潤為 9.39 億歐元，攤薄後每股收益為 5.09 歐元，產生的工業自由現金流為 7.58 億歐元。

Turning to Page 6, you can see the details of the 2022 shipments. The product portfolio over the year included 9 internal combustion engine models and 3 hybrid models representing 78% and 22% of shipments, respectively. The deliveries increase was mainly driven by the Ferrari Portofino M and the SF90 family as well as the 296 GTB and 812 Competizione, which were in the ramp-up phase.

翻到第 6 頁，您可以看到 2022 年出貨量的詳細信息。全年的產品組合包括 9 款內燃機車型和 3 款混合動力車型，分別占出貨量的 78% 和 22%。交付量的增長主要是由法拉利 Portofino M 和 SF90 系列以及處於量產階段的 296 GTB 和 812 Competizione 推動的。

The deliveries of the ICONA pillar were lower compared to the prior year as the Ferrari Monza phase out in Q1 and first few units of the Daytona SP3 commenced in Q4. All geographic regions grew compared to 2021 as we continue to serve an impressive order book across all models. As customary for Ferrari, the geographical allocation was deliberate and followed the pace of introduction of new models, particularly Mainland China, Hong Kong and Taiwan continued to post high double-digit growth versus the prior year.

由於 Ferrari Monza 在第一季度逐步淘汰，而 Daytona SP3 的前幾台在第四季度開始生產，因此 ICONA pillar 的交付量低於上一年。與 2021 年相比，所有地理區域均有所增長，因為我們繼續為所有型號提供令人印象深刻的訂單。按照法拉利的慣例，地域分配是經過深思熟慮的，並緊跟新車型推出的步伐，尤其是中國大陸、香港和台灣地區繼續保持較上年兩位數的高增長。

I'll just remind you that the greater weight of the region is supportive in absolute value, while dilutive in terms of percentage margins. And this is more visible in the gross profit of Q4 when Mainland China, Hong Kong and Taiwan reached 14% of total shipments.

我只是提醒你，該地區更大的權重在絕對值上是支持的，而在百分比利潤率方面是稀釋的。而這一點在Q4的毛利中更為明顯，當時中國大陸、香港和台灣佔總出貨量的14%。

On Page 7, you can see the walk of our group net revenues growing 16% at constant currency. As explained throughout the year, change in cars and spare parts was driven by higher volumes and personalization. Personalizations were at around 18% in proportion to revenues from cars and spare parts. Engines was negative, in line with the reduction of supplies to Maserati, which will stop in 2023.

在第 7 頁，您可以看到我們集團的淨收入以固定匯率計算增長了 16%。正如全年所解釋的那樣，汽車和備件的變化是由更高的銷量和個性化推動的。個性化服務佔汽車和備件收入的 18% 左右。發動機性能為負，這與瑪莎拉蒂的供應減少一致，供應減少將於 2023 年停止。

Sponsorship, commercial and brand reflected the better prior year Formula 1 ranking and the contribution from lifestyle activities, led by retail sales and museums visitors despite lower sponsorship. Currency had a positive impact mostly related to the U.S. dollar and the Chinese yuan.

贊助、商業和品牌反映了前一年更好的一級方程式排名和生活方式活動的貢獻，儘管贊助較低，但零售額和博物館參觀者引領。貨幣產生的積極影響主要與美元和人民幣有關。

Let's move on to Page 8 and review the change in our EBIT year-over-year, explained by the following variances. Volume positive for EUR 261 million reflecting the shipment increase of approximately 2,000 units versus the prior year. Mix and price variance, negative for EUR 16 million mainly impacted by lower deliveries of the Ferrari Monza SP1 and SP2, partially offset by the increased contribution from personalizations, country and range model mix.

讓我們轉到第 8 頁，回顧我們的 EBIT 同比變化，由以下差異解釋。銷量為 2.61 億歐元，反映出貨量比上一年增加了約 2,000 台。混合和價格差異，負 1600 萬歐元，主要受法拉利 Monza SP1 和 SP2 交付量減少的影響，部分被個性化、國家和系列車型組合的貢獻增加所抵消。

Industrial and R&D expenses grew EUR 116 million during the year due to higher depreciation and amortization as well as direct and indirect cost inflation mainly from energy and aluminum. The latter became particularly visible in Q4 as we supported our supply chain.

由於較高的折舊和攤銷以及主要來自能源和鋁的直接和間接成本膨脹，工業和研發費用在這一年增長了 1.16 億歐元。後者在第四季度變得尤為明顯，因為我們支持我們的供應鏈。

SG&A were negative by EUR 47 million, reflecting communication and marketing activities, lifestyle and corporate events as well as our organizational development. Finally, Other was negative EUR 49 million, mainly explained by the variance in contribution from racing activities and nonrecurring items as well as the reduced engine shipments to Maserati. This was partially offset by better contribution from lifestyle activities. The total net impact of currency was positive for EUR [190] million.

SG&A 為負 0.47 億歐元，反映了溝通和營銷活動、生活方式和公司活動以及我們的組織發展。最後，其他為負 0.49 億歐元，主要原因是賽車活動和非經常性項目的貢獻差異以及對瑪莎拉蒂的發動機出貨量減少。這部分被生活方式活動的更好貢獻所抵消。貨幣的總淨影響為 [190] 億歐元是積極的。

Turning to Page 19 -- 9 apologies. Our industrial free cash flow generation for the year reflects the strong profitability and a positive contribution from working capital and other, mainly related to the collection of Daytona SP3 and 812 Competizione on advances. This was partially offset by EUR 806 million of capital expenditure in line with guidance.

翻到第 19 頁——9 抱歉。我們今年的工業自由現金流產生反映了強勁的盈利能力以及營運資金和其他方面的積極貢獻，主要與 Daytona SP3 和 812 Competizione 預付款的收集有關。根據指導，這被 8.06 億歐元的資本支出部分抵消。

In the year, the capitalization ratio of our development expenses was 45% increase versus the prior year as we enter the development phase on a number of future models and per effect of the budget cap in Formula 1. Net industrial debt as of the end of December 22 was EUR 207 million, decreased by EUR 90 million compared to December '21, reflecting the solid industrial free cash flow generation, net of the share repurchase program and dividend payment.

今年，隨著我們進入多款未來車型的開發階段以及公式 1 中預算上限的影響，我們開發費用的資本化比率比上年增加了 45%。 截至年底的淨工業債務12 月 22 日為 2.07 億歐元，與 12 月 21 日相比減少了 0.9 億歐元，反映了扣除股票回購計劃和股息支付後穩健的工業自由現金流產生。

To conclude on Page 10, we outlined the guidance for 2023, which targets solid growth and consistent progress in profitability. The main drivers are as following: mix will be extremely strong, thanks to a very rich product portfolio, full year contribution of Ferrari Daytona SP3 and continuous positive effect from personalization. Price will positively contribute throughout the year, in line with the mid-single-digit price increase communicated in Q3 to counterbalance the impact of the current cost inflation.

作為第 10 頁的總結，我們概述了 2023 年的指導方針，目標是穩健增長和盈利能力的持續進步。主要驅動因素如下：得益於非常豐富的產品組合、Ferrari Daytona SP3 的全年貢獻以及個性化的持續積極影響，組合將非常強勁。價格將在全年做出積極貢獻，與第三季度傳達的中個位數價格上漲一致，以抵消當前成本通脹的影響。

D&A will increase in line with the start of production of new models. Revenues from racing and lifestyle activities will show a limited improvement. And industrial free cash flow generation will be sustained by our profitability, partially offset by capital expenditures, slightly higher than EUR 800 million, and negative working capital in its broader meaning, mainly due to lower deposits on limited series models along with the reversal of those already collected in the previous 18 months.

D&A 將隨著新車型的投產而增加。來自賽車和生活方式活動的收入將出現有限的改善。工業自由現金流的產生將由我們的盈利能力維持，部分被資本支出（略高於 8 億歐元）和廣義上的負營運資本所抵消，這主要是由於有限系列模型的存款減少以及這些模型的逆轉已在過去 18 個月內收集。

The tax rate for the year is expected to be around 22%, that is higher than in 2022, mainly because of the introduction of new rules on the patent box regime. The underlying assumption on the exchange rate of the U.S. dollar to euro is that it will fluctuate around 1.10, implying an overall neutral foreign exchange effect compared to 2022. This foreign exemption, together with the net impact of price actions taken to offset energy and raw material cost increases, explains most of the improvement in absolute terms between the 2023 guidance versus the previous EBITDA target of EUR 1.8 billion to EUR 2 billion.

預計全年稅率在 22% 左右，高於 2022 年，主要是因為專利盒制度的新規則出台。美元對歐元匯率的基本假設是它將在 1.10 左右波動，這意味著與 2022 年相比總體上中性的外匯影響。這一外國豁免，以及為抵消能源和原料而採取的價格行動的淨影響材料成本增加，解釋了 2023 年指南與之前 18 億歐元至 20 億歐元的 EBITDA 目標之間絕對值改善的大部分原因。

Percentage profitability will be growing over the course of the year, with Q1 currently expected to be the softest quarter driven by the planned development of our product and country mix. This is also linked to the allocation of deliveries to Mainland China, Hong Kong and Taiwan designed to be front-loaded.

在這一年中，盈利百分比將增長，目前預計第一季度將是我們產品和國家組合的計劃發展所推動的最疲軟的季度。這也與設計為前期裝載的中國大陸、香港和台灣的交付分配有關。

Lastly, cost inflation remains largely unknown. In this context, we are relentlessly executing the strategy we outlined at the Capital Market Day as committed and focused as ever. The 2023 guidance represents another solid step on the trajectory to 2026.

最後，成本通脹在很大程度上仍然未知。在這種情況下，我們一如既往地堅定不移地執行我們在資本市場日概述的戰略。 2023 年指南代表著在通往 2026 年的道路上又邁出了堅實的一步。

With that said, I turn the call over to Nicoletta.

話雖如此，我將電話轉給了 Nicoletta。

Thank you, Antonio. Sharon, we are now ready to take questions.

謝謝你，安東尼奧。 Sharon，我們現在準備好提問了。

(Operator Instructions) We will now take the first question. And your first question comes from the line of Stephen Reitman from Societe Generale.

（操作員說明）我們現在將回答第一個問題。你的第一個問題來自法國興業銀行的 Stephen Reitman。

I apologize for the background noise. Two questions, please. You commented that the order intake has been much higher than you had anticipated on the Purosangue. Could you comment on if there are any regional differences and particularly interested in the reaction in China to that product?

我為背景噪音道歉。請教兩個問題。您評論說 Purosangue 的訂單量比您預期的要高得多。您能否評論一下是否存在任何地區差異，尤其是對中國對該產品的反應感興趣？

And secondly, also on China itself, we saw that China took up a larger share of total sales, quite a strong acceleration there. Accord of the numbers I'm looking at, it seems that the growth was driven particularly by the V8, the by the F8 Tributo and I guess, 296 GTB. Do you think this already indicates an increasing desire of Chinese customers also to accept the sort of the 2 super sports car concepts as well which has obviously been maybe an issue in the past.

其次，同樣在中國本身，我們看到中國在總銷售額中佔據了更大的份額，增長速度相當強勁。根據我正在查看的數字，似乎增長主要是由 V8、F8 Tributo 和我猜的 296 GTB 推動的。您是否認為這已經表明中國客戶也越來越希望接受這兩款超級跑車概念，這顯然在過去可能是一個問題。

Apologies, we had some problem with the audio. Can you kindly repeat your second question? We got the 1 on Purosangue.

抱歉，我們在音頻方面遇到了一些問題。你能重複你的第二個問題嗎？我們在 Purosangue 上獲得了 1。

Yes. After Purosangue, yes. On the -- sorry, on China, again, looking at the growth of your sales in China in 2022, according to the data I'm seeing, it looks like it was driven primarily by the F8 and 296 GTB rather than the Roma. I was just wondering, do you think this indicates a growing acceptance of Chinese customers for the 2-door -- 2-seater sports car concept, which has obviously been something that's held Ferrari back in the past, maybe in China.

是的。在 Purosangue 之後，是的。關於——抱歉，關於中國，根據我看到的數據，看看 2022 年你們在中國的銷售增長，看起來它主要是由 F8 和 296 GTB 而不是 Roma 推動的。我只是想知道，你認為這是否表明中國客戶越來越接受 2 門 - 2 座跑車概念，這顯然是過去阻礙法拉利前進的原因，也許在中國。

The first 1 was the acceptance of the traction of Purosangue all over the region. And I have to say 2 things. It has been the acceptance, it has been higher than what we were thinking, and this is true across all the regions, okay? This is 1 important message.

第一個是接受 Purosangue 在整個地區的牽引力。我必須說兩件事。它得到了認可，它比我們想像的要高，所有地區都是如此，好嗎？這是 1 條重要信息。

The second one, coming to the China let's say, the preference of Chinese clients toward our cars forecast. I have to say that we don't see a special pattern because we see clients interested in our ICE as well as in our hybrid. Consider also that we manage deliberately, the delivery of the cars for that region. But we don't see a clear pattern of selection of car.

第二個，比如說來到中國，中國客戶對我們汽車的偏好預測。我不得不說我們沒有看到特殊的模式，因為我們看到客戶對我們的 ICE 以及我們的混合動力車感興趣。還要考慮到我們有意管理該地區的汽車交付。但是我們沒有看到一個清晰的汽車選擇模式。

We will And your next question comes from the line of Susy Tibaldi from UBS.

我們會 你的下一個問題來自瑞銀的 Susy Tibaldi。

I have 3, please. So on 2023, on the guidance, I was wondering, should we see it as sort of a one-off super strong year, a bit like 2022 was a weaker transition year? And basically, because I look at the 2026 guidance. And I'm trying to understand if we should expect the growth forward -- going forward to be somewhat linear? Or we could find a subsequent scenario where, again, we could have another transition year, where we could see some pressure on the margin. So are you going to be able to comp this year super strong price mix. I personally would say yes, but I will be keen to hear your view.

我有 3 個。因此，關於 2023 年的指導，我想知道，我們是否應該將其視為一次性的超級強勢年，有點像 2022 年是較弱的過渡年？基本上，因為我查看了 2026 年的指南。我想知道我們是否應該期待未來的增長——未來是線性的？或者我們可以找到一個後續場景，再次，我們可以有另一個過渡年，在那裡我們可以看到利潤率的一些壓力。那麼，您是否能夠在今年獲得超強的價格組合。我個人會說是，但我很想听聽您的意見。

Secondly, on pricing, can you talk us through the philosophy on how you decide price models? I'm asking because in the past, I remember there was this rule of thumb that each car was a bit more expensive than the predecessor and with a higher margin contribution. And these increases were usually a mid-single digit. But when we look at -- if you think about the laws of supply and demand, given this extremely strong demand that you're seeing, it feels that maybe a new approach is needed. So I was interested to hear how you think about of setting prices for a new product?

其次，關於定價，您能否通過您如何確定價格模型的理念與我們談談？我問是因為在過去，我記得有一條經驗法則，即每輛車都比前任貴一點，而且利潤率更高。這些增長通常是中個位數。但是當我們看——如果你考慮供求規律，鑑於你所看到的這種極其強勁的需求，你會覺得可能需要一種新的方法。所以我很想听聽您如何看待為新產品定價？

And lastly, a shorter 1 on the Daytona, sort of staging that we should expect over the next few years. Is it going to be quite evenly distributed over its life cycle? Or is it -- 2023 going to be like a heavier year for Daytona?

最後，Daytona 上的 1 更短，這是我們在未來幾年應該期待的一種表現。它會在其生命週期中均勻分佈嗎？還是 - 2023 年對代托納來說將是更沉重的一年？

Thank you, Susy. I'll take the third 1 and then the first and the second 1 will be with Antonio. So the third one, the Daytona, we are starting as planned. And you can, yes, assume that it's more or less evenly distributed. The first and the second, Antonio will comment more.

謝謝你，蘇西。我將接受第三個 1，然後第一個和第二個 1 將與 Antonio 一起。所以第三個，代托納，我們按計劃開始。是的，您可以假設它或多或少是均勻分佈的。第一個和第二個，Antonio 將發表更多評論。

Yes. 2023 guidance compared to 2026. I think there are 2 elements that should be taken into consideration. The first 1 is that we already mentioned at the Capital Market Day that the plan is front loaded, which means basically, you cannot assume a linear development, but it's rather a jump at the beginning and then a smoother growth.

是的。 2023 年指導與 2026 年的比較。我認為應該考慮兩個因素。第一個是我們在資本市場日已經提到了這個計劃是前置的，這意味著基本上，你不能假設一個線性發展，而是一開始是一個跳躍，然後是一個更平穩的增長。

Secondly, some of the assumptions that were outlined at the Capital Market Day, obviously need to be updated once we get closer and closer. And 1 of the first is obviously the impact of pricing compared to where we were at the Capital Market Day, we had an adjustment in Q3 that we, I think, were public about. Another 1 is the impact of foreign exchange rates. I think we said at the Capital Market Day, we had assumed 1.15 as the average U.S. dollar to euro exchange rate. And this 1 is based on 1.10. So this set of assumptions, of course, will be revised from time to time depending on how and where we go.

其次，資本市場日概述的一些假設顯然需要在我們越來越接近時進行更新。與我們在資本市場日的情況相比，第一個顯然是定價的影響，我們在第三季度進行了調整，我認為這是公開的。另外1是外匯匯率的影響。我想我們在資本市場日說過，我們假設美元兌歐元的平均匯率為 1.15。而這個1是基於1.10的。因此，這組假設當然會根據我們的方式和去向不時進行修改。

The second question is on pricing strategy. I think on this we have been quite careful in defining it, depending on the model and its distribution over time. And obviously, we are -- we take care about the demand and the order book that we have for the various models. So the price increases that have been applied in Q3, have been applying differently to selected markets and models.

第二個問題是定價策略。我認為在這一點上，我們在定義它時非常謹慎，這取決於模型及其隨時間的分佈。顯然，我們是——我們關心各種型號的需求和訂單。因此，在第三季度應用的價格上漲一直以不同方式應用於選定的市場和模型。

If I may, to the next questions, I kindly ask to state clearly your questions since we are having some audio problems.

如果可以的話，對於接下來的問題，由於我們遇到了一些音頻問題，我懇請您清楚地說明您的問題。

(Operator Instructions) And your next question comes from the line of Giulio Pescatore from BNP Exane.

（操作員說明）您的下一個問題來自 BNP Exane 的 Giulio Pescatore。

The first 1 is a bit broad in general. I mean we rally we don't often think about the macro issues, because you create your own demand in a way. But if you think about the creation of -- and concentration of wealth in the last few years, that clearly has been a driver of demand for you. I think you're uniquely placed to have a view on this topic. So I was wondering if you could share your thoughts on what we should expect in terms of concentration as well in demand for the next year? And what are you assuming in your target?

一般來說，第一個有點寬泛。我的意思是我們集會我們不經常考慮宏觀問題，因為你在某種程度上創造了自己的需求。但如果你想想過去幾年財富的創造和集中，這顯然是你需求的驅動力。我認為您處於獨特的位置，可以對這個主題發表看法。所以我想知道您是否可以就明年的集中度和需求方面我們應該期待什麼分享您的想法？您在目標中假設了什麼？

The second one, I would like to go back on pricing. You mentioned that the '26 targets have some assumption on pricing and you have taken pricing to offset cost, but am I right in assuming that even if costs have to go down, I mean, you're not going to be lowering your prices, right? So pricing should be sticky for you. Just a comment on that, please. And then last one for Antonio, please, on the R&D expenses. What happened in Q4 because the number was very, very low. And how should we think about this cost for 2023, please? I hope I was clear.

第二個，我想重新定價。你提到 26 年的目標對定價有一些假設，你已經採取定價來抵消成本，但我假設即使成本必須下降，我的意思是，你不會降低你的價格，正確的？所以定價對你來說應該是有粘性的。請對此發表評論。最後一個關於安東尼奧的研發費用。第四季度發生了什麼，因為這個數字非常非常低。請問我們應該如何考慮 2023 年的這筆費用？我希望我說得很清楚。

Maybe, Giulio, I'll start with the second and the third one, from the last one, R&D expenses. You're right. There are 2 reasons. One is that as we go more and more -- we enter more and more into the development phase of new models, we switch from pure innovation expenses to development expenses is obviously a different accounting treatment. So this may explain changes in the allocation of the hours and time by our engineers. And obviously, the fact that we are capped in terms of development costs on the chassis in 2022 has also an impact because obviously, you spend more at the very beginning of the year and rather less at the end.

也許，Giulio，我將從最後一個 R&D 費用的第二個和第三個開始。你說得對。有兩個原因。一個是隨著我們越來越多地進入新模型的開發階段，我們從純創新費用轉向開發費用顯然是一種不同的會計處理方式。所以這可以解釋我們的工程師在時間和時間分配上的變化。顯然，我們在 2022 年的底盤開發成本方面受到限制這一事實也產生了影響，因為很明顯，你在年初花費更多，而在年底花費更少。

The second before last, I think, was on pricing. You are perfectly right, and thanks for adding to my answer before because I spoke about pricing without obvious obviously mentioning that pricing also has to take into account where costs are going. I simply said inflation is unknown and known. Meaning, obviously, we make assumptions in that respect. And on that basis whether right or wrong, obviously, we try and be careful, but we cannot predict where it will go. And this is another element to be taken into account. And that's why we do not add anything more in respect of 2026.

我認為倒數第二個是關於定價的。您是完全正確的，並且感謝您之前添加到我的回答中，因為我談到定價時沒有明顯提到定價還必須考慮成本的去向。我只是說通貨膨脹是未知的和已知的。意思是，顯然，我們在這方面做出了假設。在此基礎上，無論對錯，顯然，我們都會努力並保持謹慎，但我們無法預測它會走向何方。這是另一個需要考慮的因素。這就是為什麼我們在 2026 年不再添加任何內容。

Coming to the first question, Giulio. As you said, our view on the concentration of wealth in the world. Well, this is a trend that everyone can read on any newspapers. What I can tell you is that for us, what is important is that we keep always unique and we keep always exclusivity for our cash. I think that what our founder said, we want to sell always 1 car less than the market demand was true, is true and will be true. So concentration is happening. Yes, it's up to us what we are doing to manage properly the demand to keep it always exclusive.

關於第一個問題，Giulio。正如您所說，我們對世界財富集中度的看法。好吧，這是每個人都可以在任何報紙上看到的趨勢。我可以告訴你的是，對我們來說，重要的是我們始終保持獨特性，並且我們始終保持現金的排他性。我認為我們的創始人所說的，我們希望銷售的汽車總是比市場需求少 1 輛，這是真的，現在是真的，將來也會是真的。所以專注正在發生。是的，這取決於我們正在做些什麼來妥善管理需求以使其始終保持排他性。

And your next question comes from the line of Michael Binetti from Credit Suisse.

你的下一個問題來自瑞士信貸的 Michael Binetti。

Wonderful end of the year. I love the guidance of '23, obviously. Just a couple of quick ones on the model. How should we think about personalization versus 18% in 2022 as we look out this year and you think about the mix of cars. And I'm wondering, does this guidance include getting the Keystone sponsor back in Formula 1 that exited last year? And then I guess a bigger picture question as we think through the numbers. So the guidance is for EBITDA margins around 38% this year. I think the long-term plan is 38% to 40%, obviously, this is the kind of year that has many, many tailwinds for profitability. Most importantly, the supercar mix is always helpful.

精彩的年底。顯然，我喜歡 23 年的指導。模型上只有幾個快速的。我們應該如何看待個性化與 2022 年的 18%，因為我們展望今年，您會考慮汽車的組合。我想知道，該指南是否包括讓 Keystone 贊助商重返去年退出的一級方程式？然後當我們通過數字思考時，我猜想一個更大的問題。因此，今年的 EBITDA 利潤率約為 38%。我認為長期計劃是 38% 到 40%，顯然，今年是有利可圖的一年。最重要的是，超級跑車組合總是有幫助的。

Can you speak to what would be the upside case that would take margins from the level you just guided us to this year at 38% to the high end of that range at 40%. What are some of the things that are incremental to the P&L this year that would support that higher margin range from here?

你能說說利潤率從你剛剛指導我們今年的水平 38% 到該範圍的高端 40% 的上行情況是什麼嗎？今年的損益表有哪些增量可以支持更高的利潤率範圍？

So Michael, Antonio will take this question. And...

Michael、Antonio 將回答這個問題。和...

Yes. On personalization, the way we model it is basically we assume that as a rather constant proportion to revenues. You have seen over the last few years, we have been flat between 17% and 19%, depending on the models. So the assumption we are making -- and I think I mentioned the same at the Capital Market Day. And this is obviously mostly related to the development of the mix. The higher the price point, the lower the proportion of personalization to the overall revenues. So it depends on the mix, basically, but that is the assumption.

是的。在個性化方面，我們對其建模的方式基本上是我們假設它與收入的比例相當恆定。你已經看到，在過去幾年中，我們一直持平在 17% 到 19% 之間，具體取決於型號。所以我們正在做的假設——我想我在資本市場日也提到了同樣的假設。這顯然主要與混音的發展有關。價格點越高，個性化佔總收入的比例就越低。所以這基本上取決於組合，但這是假設。

With respect to the development of margins, the big jump was already there in the original guidance and then development over time, once again, absent any consideration, any further consideration on additional price changes and cost changes is that this will drive our trajectory to what we mentioned and gave the guidance to 2026. So the mix is really the driver there.

關於利潤率的發展，最初的指導已經有了很大的跳躍，然後隨著時間的推移而發展，再一次，沒有任何考慮，任何對額外價格變化和成本變化的進一步考慮都是這將推動我們的軌跡到什麼我們提到並給出了 2026 年的指導。所以混合才是真正的驅動力。

Okay. The marketing sponsor for Formula 1? Is that getting the Keystone sponsor back in Formula 1 that was missing last year. Is that included in this guidance at this time?

好的。一級方程式的營銷贊助商？是不是讓 Keystone 贊助商回到去年失踪的一級方程式比賽中。目前是否包含在本指南中？

We included, Michael, sorry, because we had some troubles, too, here, actually. The electronic is always a problem. Unfortunately, sometimes electronics, you cannot rely on it. No. The sponsorship, we keep enlarging our sponsor base. We keep diversifying our sponsor base. And you have seen that in the last week, we announced new sponsors. And all the plan and the guidance that Antonio showed you is all coherent with also what we see on the evolution of sponsorship. So all the picture, the picture is considering all the elements, including the sponsorship evolution.

邁克爾，抱歉，我們也包括在內，因為實際上我們在這裡也遇到了一些麻煩。電子一直是個問題。不幸的是，有時電子產品，你不能依賴它。不，贊助，我們不斷擴大我們的讚助基礎。我們不斷使我們的讚助商基礎多樣化。你已經看到，在上週，我們宣布了新的讚助商。 Antonio 向您展示的所有計劃和指導都與我們在讚助演變中看到的一致。所以所有的畫面，畫面都在考慮所有的元素，包括贊助商的演變。

And your next question comes from the line of Thomas Besson from Kepler.

你的下一個問題來自開普勒的托馬斯貝松。

It's Thomas Besson from Kepler Cheuvreux. I have 2 simple questions, please. Could you help us understand the pace of ramp-up for SP3 and Purosangue. You've highlighted that mix would be the -- by far, the biggest driver for '23, it's totally clear. But I mean can you give us some direction on the number of units planned per quarter? Is your indication that Q1 is a softer quarter largely linked with the fact that you'll have a lower share of SP3 and Purosangue, for instance?

是開普勒 Cheuvreux 的 Thomas Besson。我有 2 個簡單的問題，請。您能否幫助我們了解 SP3 和 Purosangue 的升級速度。你已經強調了混合將是 - 到目前為止，'23 的最大驅動力，這是完全清楚的。但我的意思是，您能否就每季度計劃的單位數量給我們一些指導？例如，您是否表示第一季度是一個疲軟的季度，這在很大程度上與您將擁有較低的 SP3 和 Purosangue 份額這一事實有關？

And the second question, you've mentioned ForEx as neutral in '23 versus a fairly disinvesting '22. Is it too early already to make an assumption for '24 ForEx impact? Or can we already assume that it should be a small negative?

第二個問題，你提到 ForEx 在 23 年是中性的，而 22 年是相當不投資的。現在就假設'24 ForEx 的影響還為時過早嗎？或者我們是否已經假設它應該是一個小負值？

I'll take the first 1 and -- so the Purosangue, this is the year we are ramping up the production. We had an important milestone end of last year that we met successfully. So we are ramping up as -- clearly, this is the ramp-up year, so we will be lower than 20% of the total volume production, but we will -- and we will ramp up along the 4 quarters so that to reach the right production volume by end of this year. So everything is on track, and we are moving according to the plan. Antonio, you take the second.

我會拿第一個 - 所以 Purosangue，這是我們提高產量的一年。去年年底，我們成功地遇到了一個重要的里程碑。所以我們正在增加 - 顯然，這是增加年，所以我們將低於總產量的 20%，但我們會 - 我們將在 4 個季度增加，以便達到到今年年底達到合適的產量。所以一切都在軌道上，我們正在按照計劃前進。安東尼奧，你拿第二個。

Yes. On your second question, Thomas, I think it's too early to say, honestly. Visibility is already a complex element when looking at 1 year for the foreign exchange rate. Obviously, if you compare to the average assumption that we made on -- on the plan to 2026, in principle, mathematically, yes, but reality will be a different thing, and it's too early to say now.

是的。關於你的第二個問題，Thomas，老實說，我認為現在說還為時過早。從 1 年的外匯匯率來看，可見性已經是一個複雜的因素。顯然，如果你與我們所做的平均假設進行比較 - 關於到 2026 年的計劃，原則上，從數學上講，是的，但現實將是另一回事，現在說還為時過早。

And your next question comes from the line of George Galliers from Goldman Sachs.

你的下一個問題來自高盛的 George Galliers。

The first 2 questions, I just wanted to clarify a couple of points from earlier on the call. So earlier, you did mention that the Daytona would be relatively evenly distributed. Can you just confirm, is that over 2023 and 2024? Or does that also include 2025?

前 2 個問題，我只是想澄清之前電話會議中的幾點。所以早些時候，您確實提到代托納會相對均勻地分佈。你能確認一下，是在 2023 年和 2024 年之後嗎？還是也包括 2025 年？

The second question was just on the specials, at 3% of 2022 volumes that equates to around 400 units. Is that the right kind of level to think about for this year as well? Or as you ramp the Competizione Aperta,should we expect that number to be higher? And then the last question I had was just with respect to the other line in 2022 Obviously, it was a negative, and you did mention some nonrecurring items. Could you perhaps just quantify how large the nonrecurring items were there, and any detail on what they relate to would be much appreciated?

第二個問題只是關於特價商品，佔 2022 年銷量的 3%，相當於大約 400 個單位。這也是今年要考慮的正確水平嗎？或者當你提高 Competizione Aperta 時，我們是否應該期望這個數字更高？然後我的最後一個問題是關於 2022 年的另一條線顯然，這是負面的，你確實提到了一些非經常性項目。您能否量化非經常性項目的規模，以及它們相關的任何詳細信息將不勝感激？

George, I will leave the last one, the nonrecurring items to Antonio. I will manage the other 2 related to the product. Well, just is important clarification. When we are talking about any new model going production, clearly, there is a ramp-up phase. And then there is a stabilization. This is true for all the products we do. So in these years, we will ramp up these new cars, and we will have an increase and then a stabilization over the course of years.

George，我將把最後一項，即非經常性項目留給 Antonio。我將管理與產品相關的其他 2 個。好吧，只是重要的澄清。當我們談論任何即將投產的新車型時，顯然都會有一個加速階段。然後是穩定。我們所做的所有產品都是如此。所以在這些年裡，我們將增加這些新車，我們將在幾年內有所增加，然後穩定下來。

When I talk about every distribution, I talk about every distribution in quarters when the production is stabilized. This is the year where we run the Daytona and also the same applies to Purosangue as your colleague asked before. For the nonrecurring items, Antonio, you can take it.

當我談論每個分配時，我會在生產穩定時談論每個季度的分配。今年是我們運行 Daytona 的年份，正如您的同事之前詢問的那樣，這同樣適用於 Purosangue。對於非經常性項目，安東尼奧，你可以接受。

The nature of that -- first, do not forget this is a variance. So it means the difference between the nonrecurring of this year and the nonrecurring of the previous one. Last year, we had some positive nonrecurring mainly related, if I remember all of them correctly to the release on some provisions in respect of previous recall campaigns or excess provisions on that. Release of provisions in respect of bad debt that were previously accrued. And this year, particularly in the last quarter, has been our nonrecurring costs in respect of the organization of the company. So that is it. All in all, throughout the year, I think it amounts to -- in terms of the difference is a negative of EUR 30 million year-over-year.

其本質——首先，不要忘記這是一個差異。所以這意味著今年的非經常性與上一年的非經常性之間的區別。去年，我們有一些積極的非經常性主要相關，如果我沒記錯的話，所有這些都與釋放關於以前的召回活動或超額準備金的一些規定有關。免除之前計提的壞賬準備金。今年，特別是在最後一個季度，我們在公司組織方面產生了非經常性成本。就是這樣。總而言之，我認為全年總計 - 就差異而言，同比負 3000 萬歐元。

And your next question comes from the line of Adam Jonas from Morgan Stanley.

你的下一個問題來自摩根士丹利的亞當喬納斯。

This is Matthias on for Adam. But within your industrial free cash flow outlook, you highlighted some negative working capital and rising CapEx impact. Can you dimension out each of these for us? So in terms of like how much CapEx and what's the order of magnitude on the working capital outflow?

這是亞當的馬蒂亞斯。但在您的工業自由現金流前景中，您強調了一些負面的營運資本和不斷上升的資本支出影響。你能為我們列出每一個嗎？那麼就資本支出而言，營運資本流出的數量級是多少？

Sure. I mentioned earlier on that capital expenditure for 2023 is targeted to be above EUR 800 million, slightly above that number, so slightly higher compared to 2022. Working capital is expected in its broader meaning, that is including the -- I mean the lower cash-in coming from the fact that we had collected deposit in advance in 2022 is in the region of EUR 100 million or so.

當然。我之前提到過，2023 年的資本支出目標是超過 8 億歐元，略高於這個數字，因此與 2022 年相比略高。營運資本預計在更廣泛的意義上，包括——我的意思是較低的現金- 由於我們在 2022 年提前收取了定金，收入約為 1 億歐元。

Great. And then as a follow-up, for the Purosangue, you lost some cost inefficiencies in the prior year, but there will also be some ramp-related costs this year, I presume. So it's not really clear whether the year-over-year impact on adjusted operating margins is going to be positive, negative or neutral. So how should we think about the Purosangue impact on margins for this year?

偉大的。然後作為後續行動，對於 Purosangue，你在前一年失去了一些成本低效，但我想今年也會有一些與斜坡相關的成本。因此，目前尚不清楚調整後營業利潤率的同比影響是積極的、消極的還是中性的。那麼我們應該如何看待 Purosangue 對今年利潤率的影響呢？

I take this question about the Purosangue. What I would like to underline is that here in Ferrari, the product development process is very robust. So thanks to our -- the way we qualify, we validate the cars, any new car we have. I mean when we go in production, the product is very well tested and is mature. So we do not expect any surprise in this direction. I think this is 1 of the key assets of our company, is the maturity and the stability of the product development process.

我接受這個關於 Purosangue 的問題。我想強調的是，在法拉利，產品開發過程非常穩健。所以多虧了我們 - 我們的資格方式，我們驗證了汽車，我們擁有的任何新車。我的意思是當我們投入生產時，產品經過了很好的測試並且已經成熟。因此，我們預計在這個方向上不會有任何意外。我認為這是我們公司的關鍵資產之一，就是產品開發過程的成熟和穩定。

And your next question comes from the line of Martino De Ambroggi from Equita.

你的下一個問題來自 Equita 的 Martino De Ambroggi。

On the guidance, I know very well, you do not provide any volume guidance. But am I right in assuming volumes ex Purosangue roughly similar to last year in '23 or slightly up, plus the Purosangue, considering Daytona will offset Monza.

關於指導，我很清楚，你們不提供任何量指導。但我假設 Purosangue 的銷量與 23 年的去年大致相似或略有上升，加上 Purosangue，考慮到代托納將抵消蒙扎，我是否正確。

And on the free cash flow, you already answered, Antonio, on the net working capital. Could you split the impact of down payments that you have underlining your guidance? And if this kind of down payments will become mainly recurring going forward? Or should we see a decline at a certain point.

關於自由現金流，你已經回答了，安東尼奧，關於淨營運資金。你能否分攤你強調你的指導的預付款的影響？如果這種預付款在未來主要是經常性的？或者我們應該在某個時候看到下降。

And if I may, very last on the single-digit price increase, offsetting inflation. So roughly EUR 200 million inflation, but you also mentioned during the call, that the cost inflation is unknown. So I was wondering if you were referring to next years or also the current year, and specifically, I ask you if you have any comment on the cost of labor because we know -- the negotiation is ongoing in Italy. So it takes probably time and you cannot talk about, but just to understand what you can comment about it.

如果可以的話，最後是個位數的價格上漲，抵消了通貨膨脹。所以大約有 2 億歐元的通貨膨脹，但你在電話中也提到，成本通貨膨脹是未知的。所以我想知道你是指明年還是今年，具體來說，我問你是否對勞動力成本有任何評論，因為我們知道——意大利正在進行談判。所以這可能需要時間，而且你不能談論，而只是理解你可以評論的內容。

Martino, I leave the second 1 is the most difficult 1 to Antonio. Now the first one, I understand your curiosity to understand what we will do exactly. And I would do the same thing in your shoes. Also, you cannot -- we cannot disclose exactly what we want to do by each specific model. So we have to wait still 12 months to see what we will do in 2023 in this direction. The free cash flow and the other question, I will leave to Antonio.

馬蒂諾，我留給安東尼奧的第二個 1 是最困難的 1。現在是第一個，我理解你對了解我們將要做什麼的好奇心。我會在你的鞋子裡做同樣的事情。另外，你不能——我們不能準確地透露我們想通過每個特定模型做什麼。所以我們還得再等12個月才能看到2023年我們會朝這個方向做什麼。自由現金流和其他問題，我將留給安東尼奧。

I'll be disappointing, Martino, for a number of reasons. No, first. In terms of your question on working capital, I can't give you the exact size of the negative outlook on the deposits. And going forward, our assumption obviously depends on the mix that we are assuming year after year because as you know, we collect deposits on strictly limited series. So it very much depends on how many we will have for sale in each single year and we'll start collecting in advance.

馬蒂諾，我會很失望的，原因有很多。不，首先。關於你關於營運資金的問題，我無法告訴你存款負面前景的確切規模。展望未來，我們的假設顯然取決於我們年復一年假設的組合，因為如您所知，我們收集嚴格有限系列的存款。所以這在很大程度上取決於我們每年要出售多少，我們會提前開始收集。

I said at the Capital Market Day that I remember very clearly that I mentioned the fact that over the planned period, this is going to be a wash. So there are years when we collect more and others where we have relative outflows, meaning less collections than it could have been otherwise.

我在資本市場日說過，我記得很清楚，我提到了一個事實，即在計劃的時期內，這將是一次洗盤。因此，有些年份我們收集的更多，而有些年份我們的資金流出相對較少，這意味著收集的資金比其他情況下少。

The second question, I think, was in respect of inflation. I said it's a known unknown. Obviously, when we make price adjustment, we look at the future -- we try and look at the future and make our best guess based on the data points that we obviously have, I mean, so we have assumptions. Then reality will be different by definition.

我認為第二個問題是關於通貨膨脹的。我說這是一個已知的未知數。顯然，當我們進行價格調整時，我們著眼於未來——我們嘗試著眼於未來，並根據我們顯然擁有的數據點做出最佳猜測，我的意思是，所以我們有假設。那麼現實將根據定義而有所不同。

In respect of labor cost, obviously, even there, we mad an assumption, but the negotiation around the new labor agreement is still ongoing. So we'll see what the final outcome is, we made assumptions around the number, which is what we currently think is more probable. But I cannot be more specific on this.

在勞動力成本方面，顯然，即使在那裡，我們也做出了假設，但圍繞新勞資協議的談判仍在進行中。所以我們會看到最終結果是什麼，我們圍繞這個數字做出了假設，這是我們目前認為更有可能的結果。但我不能對此更具體。

And your next question comes from the line of Tom Narayan from RBC.

你的下一個問題來自 RBC 的 Tom Narayan。

Tom Narayan, RBC. My first 1 has to do with electrification. I was curious if there was any updates post the June Capital Markets Day especially related to the new e-building development. And with electrification, we get this question a lot, but just wondering how you would respond to what is Ferrari's kind of method of distinguishing itself with electrification.

湯姆·納拉揚 (Tom Narayan)，加拿大皇家銀行。我的第一個與電氣化有關。我很好奇 6 月資本市場日之後是否有任何更新，特別是與新電子建築開發相關的更新。對於電氣化，我們經常收到這個問題，但只是想知道您會如何回應法拉利通過電氣化區分自己的方法。

And obviously, you can enhance the product, but just love some color on that. we've heard that it ultimately has to do with exclusivity, too, as a luxury retailer. If Hermès was forced to not sell leather bags and then other substrate people would still buy Hermès bags regardless. But I'd just love to hear more on how Ferrari can use electrification to enhance its product offering. And then the second question is just a quick one. Capital return. How do you think about capital return specifically as it relates to share buybacks?

很明顯，你可以增強產品，但只喜歡它的一些顏色。我們聽說，作為奢侈品零售商，它最終也與排他性有關。如果愛馬仕被迫不賣皮包，那麼其他基材的人仍然會不顧一切地購買愛馬仕包。但我只是想听聽更多關於法拉利如何利用電氣化來增強其產品供應的信息。然後第二個問題只是一個快速問題。資本回報。您如何看待與股票回購相關的資本回報？

Okay. Thank you, Tom. I'll take the first 2 and the last one, Antonio will comment. So the electrification, you may remember that in June last year, we said that we will unveil our electric -- Ferrari electric cars in 2025. And what I can tell you that we are fully on track with our -- with the project. The team did a lot of progress in the second half of the year. And we work a lot here on many dimensions when it comes to efficiency and the supportiveness of the car that are going to use this, let's say, engine and axle.

好的。謝謝你，湯姆。我會拿前 2 和最後一個，安東尼奧將發表評論。所以電氣化，你可能還記得去年 6 月，我們說我們將在 2025 年推出我們的電動汽車——法拉利電動汽車。我可以告訴你的是，我們的項目完全走上正軌。團隊在下半年取得了很大進步。當涉及到效率和將要使用它的汽車的支持性時，我們在許多方面做了很多工作，比方說，發動機和車軸。

We also said that we will do internally, manufacturing internally, strategic component. What does it mean? We will do internally in our e-building. By the way, if you come here, you will see it growing pretty fast. I was there this morning with the responsible of the infrastructure, and it's growing like a mushroom. This you can see, in this building, we will do the axle, will do the inverter. And we will also assemble the cell to make our own battery. So the building as the product is proceeding as planned. And I have to say that this is, let's say, the result, as I said also in my part of all the work of all the team that is fully dedicated to this important project.

我們還說我們將在內部進行，內部製造，戰略組成部分。這是什麼意思？我們將在我們的電子大樓內部進行。順便說一句，如果你來這裡，你會看到它發展得非常快。我今天早上在那裡負責基礎設施，它像蘑菇一樣生長。這個你可以看到，在這個大樓裡，我們會做車橋，會做逆變器。我們還將組裝電池以製造我們自己的電池。因此，作為產品的建築正在按計劃進行。我不得不說，這就是結果，正如我在所有團隊的所有工作中所說的那樣，我完全致力於這個重要項目。

Now, when you talk about any technology, what is important is not the technology, but the way you use the technology. And here, in Ferrari, when we've developed the cars, we always make them unique, distinctive looking at 3 dimension, the design, the performance and the driving trails. What we are doing constantly, when we develop these electric cars, we keep in mind that we have to start from the client, the client is the center, and we have to start from the driving trails. So when it comes to acceleration, braking, gearbox, sound, all these are dimensions that we are developing. And keep in mind during the -- for electric car.

現在，當你談論任何技術時，重要的不是技術，而是你使用技術的方式。在這裡，在法拉利，當我們開發汽車時，我們總是讓它們獨一無二，從 3 個維度、設計、性能和駕駛軌跡來看與眾不同。我們一直在做的是，當我們開發這些電動汽車時，我們牢記我們必須從客戶開始，客戶是中心，我們必須從駕駛軌跡開始。所以當涉及到加速、制動、變速箱、聲音時，所有這些都是我們正在開發的維度。並記住 - 對於電動汽車。

So the product strategy as well as the use of technology as well as all the infrastructure that we need to produce. Well, this is according to the plan, and there is no surprise. And we are, to say, satisfied where we are and we keep pushing. Antonio?

因此，產品策略以及技術的使用以及我們需要生產的所有基礎設施。好吧，這是按照計劃進行的，沒有驚喜。可以說，我們對自己的現狀感到滿意，並且我們會繼續努力。安東尼奧？

With respect to the strategy and capital return. For that, we should get back to what I explained at the Capital Market Day, meaning over the planned period, we thought our cash generation has been largely deployed for return to shareholders, 50% in the form of larger dividends and 50% approximately in terms of share buyback. We also mentioned that depending on the evolution of the plan, we could have adjusted or confirmed the plan, but this is what we outlined in terms of target for the next 4 years. .

關於戰略和資本回報。為此，我們應該回到我在資本市場日解釋的內容，這意味著在計劃期間，我們認為我們的現金產生主要用於回報股東，50% 以更大的股息形式出現，50% 大約在股份回購條款。我們還提到，根據計劃的演變，我們可以調整或確認計劃，但這是我們在未來 4 年的目標方面概述的。 .

And your next question comes from the line of Anthony Dick from ODDO BHF. Apologies, Anthony, your line is very quiet. Can you please speak up?

你的下一個問題來自 ODDO BHF 的 Anthony Dick。抱歉，安東尼，你的線路非常安靜。你能說出來嗎？

Yes, can you hear me?

是的，你能聽到我說話嗎？

Your line is still very quiet.

你的線路仍然很安靜。

Is it better now?

現在好點了嗎？

Perfect.

完美的。

Okay. Sorry about that. My first question was a clarification on the Daytona SP3. At the time of the release, your commercial team was quoted...

好的。對於那個很抱歉。我的第一個問題是對 Daytona SP3 的澄清。在發佈時，您的商業團隊被引用...

Apologies to stop you. We really have some problems. Can you talk a bit slower and make sure that you split all the words.

抱歉打擾了。我們確實有一些問題。你能不能說得慢一點，並確保你把所有的詞都分開了。

I guess on the Daytona SP3, at the time of the release, your commercial team was quoted in the press saying that you targeted in 2024 for the deliveries of the Daytona SP3. I was just wondering if that was a time line that you still had in mind.

我想在 Daytona SP3 發佈時，媒體援引您的商業團隊的話說，您的目標是在 2024 年交付 Daytona SP3。我只是想知道那是否是您仍然考慮的時間表。

And the second question was on the Formula 1 business. I was just wondering if you could provide more color on the outlook, both on the top line and the bottom line for that business? Because, well, the sponsorship revenue is obviously a bit hard to predict, but I don't know if you were expecting to sign or sponsorships in 2023. And then with the increased revenues coming from the commercial rights owner and also reduced costs from the engine freeze. I'm just wondering what kind of incremental EBIT contribution we can expect over the coming years from that line of business.

第二個問題是關於一級方程式業務。我只是想知道您是否可以在該業務的頂線和底線上提供更多關於前景的顏色？因為，嗯，贊助收入顯然有點難以預測，但我不知道你是否期望在 2023 年簽約或贊助。然後隨著來自商業權利所有者的收入增加以及來自商業權利所有者的成本降低發動機凍結。我只是想知道未來幾年我們可以從該業務線中獲得什麼樣的息稅前利潤增量貢獻。

Antonio will start from the second.

安東尼奧將從第二個開始。

Maybe I'll start from the second. If I get your question right. With respect to the evolution of the revenues, we said we expect 2023 to be very much in line with 2022. So no major changes there.

也許我會從第二個開始。如果我答對了你的問題。關於收入的演變，我們說我們預計 2023 年將與 2022 年非常一致。所以那裡沒有重大變化。

With respect to the development of the cost base on the chassis in the budget cap on the chassis, there have been some adjustment for the inflation. So you may expect that it is going to lead to higher expenses there. While what is frozen in terms of development of the power unit is just the development cost, not the running cost, okay? So I wouldn't mention more than that, but I think I'll give you the -- some data points.

關於底盤預算上限中底盤成本基礎的發展，對通貨膨脹進行了一些調整。所以你可能會期望它會導致那裡的費用增加。而在動力裝置的開發方面凍結的只是開發成本，而不是運行成本，好嗎？所以我不會提及更多，但我想我會給你 - 一些數據點。

Question, if I understand well, Anthony, was about the life cycle of Daytona. Well, we do not disclose this kind of detail. But I mean, you can try to make a model based on the previous ICONA, but as you can understand, these are very important information that we like to keep here a little bit protected.

問題，如果我理解得很好，安東尼，是關於代托納的生命週期。好吧，我們不透露這種細節。但我的意思是，您可以嘗試基於之前的 ICONA 製作模型，但如您所知，這些是非常重要的信息，我們希望將其保存在這裡並加以保護。

We will now go to our last question. And your last question comes from the line of Daniel Roeska from Bernstein.

我們現在將轉到最後一個問題。你的最後一個問題來自伯恩斯坦的 Daniel Roeska。

I've got a strategic 1 more on the brand extension. Could you comment on how you think that the target groups for the luxury sports cars on 1 end and then for the extension of luxury lifestyle products and events on the other hand, how do they kind of overlap? Or how do they not overlap and kind of enhance each other?

我在品牌延伸上有一個戰略 1。您能否評論一下您認為豪華跑車的目標群體一方面是豪華生活方式產品和活動的延伸，另一方面是如何重疊的？或者它們如何不重疊並相互增強？

Thank you for this question, Daniel. I think that I mean during the Capital Market Day, we said that we are operating with our luxury car. We are operating in a small part. There is a much bigger part in the luxury space that is untapped by us. We are talking about a part that is remarkable. The estimation we exchange, we view at the time was around the $300 billion, and we see also according to the latest result that is growing.

謝謝你提出這個問題，丹尼爾。我想我的意思是在資本市場日期間，我們說我們正在用我們的豪華車運營。我們正在經營一小部分。我們尚未開發的豪華空間中有更大的部分。我們正在談論一個非凡的部分。我們交換的估計，我們當時認為大約是 3000 億美元，而且根據最新的結果，我們也看到它正在增長。

So it's important for us that since we believe Ferrari is a way of living that goes beyond the sport cars. Well, we believe that for our -- for the elevation of our brand to also enlarge the client that we are addressing. This is very, very important. And that's the reason why, let's say, we are very determined and committed for this year to a larger customer base and also to enhance and to offer new experience and also a new product. So this is very, very important, and this is 1 of the important priority of 2023.

所以對我們來說很重要，因為我們相信法拉利是一種超越跑車的生活方式。好吧，我們相信，為了我們 - 為了提升我們的品牌，也擴大了我們正在解決的客戶。這非常非常重要。這就是為什麼，比方說，我們今年非常堅定並致力於擴大客戶群，並增強和提供新體驗以及新產品。所以這非常非常重要，這是 2023 年的重要優先事項之一。

In that context, maybe, what are you expecting from your dealers? Do you envision kind of format changes? Do they need to move more to city centers kind of what's the relationship of that lifestyle extension and kind of your traditional retail outlet, how do you bring that together?

在這種情況下，也許，您對經銷商有何期望？您是否設想過某種形式的變化？他們是否需要更多地搬到市中心，這種生活方式的延伸與傳統零售店的關係是什麼，你如何將它們結合在一起？

I think, look, the dealer and let's say, we put together the sports car and the lifestyle when it makes sense to put them together in events and experience that are going across all the brands. This does not imply that we have always to put together the 2 dimensions in every space where we operate, okay? So clearly, we aim to make the experience of our clients in our dealership more and more luxury. This is 1 fact. This does not mean that we will sell hats in the dealership.

我認為，看，經銷商，讓我們說，當將它們放在所有品牌的活動和體驗中是有意義的時候，我們將跑車和生活方式放在一起。這並不意味著我們必須始終在我們操作的每個空間中將 2 維放在一起，好嗎？很明顯，我們的目標是讓我們的客戶在我們的經銷店中的體驗越來越奢華。這是1個事實。這並不意味著我們將在經銷店銷售帽子。

I will now hand back the conference to Benedetto Vigna for final remarks.

我現在將把會議交還給 Benedetto Vigna 作最後發言。

Thank you. Thanks to all of you for your time today and for your questions. 2022 has been a year rich of events and achievements and sets a robust foundation for this year, for 2023. And we look at it with even greater enthusiasts, energy and confident humility. I wish you all a good afternoon. Thanks a lot for your attention. Thank you so much.

謝謝。感謝大家今天抽出寶貴時間和提出問題。 2022 年是充滿事件和成就的一年，為今年和 2023 年奠定了堅實的基礎。我們以更大的熱情、活力和自信的謙遜來看待它。祝大家下午好。非常感謝您的關注。太感謝了。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。