Ferrari NV (RACE) 2023 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Ferrari 2023 Q1 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 2023 年第一季度業績電話會議。 （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 Investor Relations. Please go ahead.

我現在想把會議交給今天的演講者，投資者關係主管 Nicoletta Russo。請繼續。

Thank you, Sandra and welcome to everyone who's joining us. Today, we plan to cover the group's Q1 2023 operating results and the duration of the call is expected to be around 60 minutes. Today's call will be hosted by the group's CEO, Mr. Benedetto Vigna; and group's CFO, Mr. Antonio Picca Piccon.

謝謝你，Sandra，歡迎所有加入我們的人。今天，我們計劃報導集團 2023 年第一季度的經營業績，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 先生主持；和集團的首席財務官 Antonio Picca Piccon 先生。

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.

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上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的約束。

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。

Gracias, Nicoletta. Thank you, everyone, for joining us today. I would like to start by thanking all the women and men at Ferrari for their passion and dedication, which has been essential in navigating the first months of this year. Without the tireless effort of all of them, from first to last, the strong result we present today wouldn't have been possible, I have no doubt.

謝謝，妮可萊塔。謝謝大家今天加入我們。首先，我要感謝法拉利全體員工的熱情和奉獻精神，這對於今年頭幾個月的發展至關重要。沒有他們所有人的不懈努力，從頭到尾，我們今天取得的好成績是不可能的，我對此深信不疑。

The current technology transition is creating a continuously evolving landscape. From my experience and having managed some technology transformation in the past, I have learned that being agile and nimble is key to success. These 2 qualities underpinned our strategic plan and the progress we are making are perfectly on track with respect to what we presented at the Capital Market Day almost 1 year ago.

當前的技術轉型正在創造一個不斷發展的格局。根據我的經驗和過去管理過的一些技術轉型，我了解到敏捷是成功的關鍵。這兩個品質支撐了我們的戰略計劃，並且我們正在取得的進展與我們將近 1 年前在資本市場日展示的內容完全吻合。

In particular, I would like to comment on 2 elements extremely important for our further growth: the building -- the e-building and our differentiated product offering. Let's start with the e-building. It grows taller and taller every day we come to office. This will be the home of our internally developed strategic electric components and it will grant us a higher degree of production flexibility for our hybrid and full electric models.

特別是，我想評論對我們的進一步發展極為重要的兩個要素：建築——電子建築和我們提供的差異化產品。讓我們從電子建築開始。我們每天來辦公室，它都長得越來越高。這將是我們內部開發的戰略性電子元件的所在地，它將為我們的混合動力和全電動車型提供更高程度的生產靈活性。

And now the differentiated product offering. Today, it includes ICE and hybrids whose deliveries' wait doubled in the quarter, reaching 35%. Moreover, in line with plans, we will soon add to the family our full electric model tailored to address our current client needs. As we have done throughout this -- our history, we will exploit new technologies to the utmost to enhance our sport cars' driving thrills. And we will do it in our own distinctly uncompromising way.

現在提供差異化產品。今天，它包括 ICE 和混合動力車，它們的交付等待在本季度翻了一番，達到 35%。此外，根據計劃，我們將很快將我們的全電動模型添加到該系列中，以滿足我們當前客戶的需求。正如我們在整個過程中所做的那樣——我們的歷史，我們將最大限度地利用新技術來增強我們跑車的駕駛樂趣。我們將以我們自己明顯不妥協的方式做到這一點。

We want to give our clients greater freedom to choose the right type of powertrain, so we welcome the commitment at European Union level to allow the adoption of e-fuels. We believe that ICE still has an important role to play also in a carbon-neutral world. And together with our partners, we are studying and evaluating solutions that will contribute decreasing CO2 emissions.

我們希望為我們的客戶提供更大的自由來選擇合適的動力總成類型，因此我們歡迎歐盟層面允許採用電子燃料的承諾。我們相信 ICE 在碳中和世界中仍然可以發揮重要作用。我們正在與我們的合作夥伴一起研究和評估有助於減少二氧化碳排放的解決方案。

At Ferrari, moreover, we have a unique advantage because in 2026, our Formula 1 cars will begin to use 100% sustainable fuel. And this means that we will continue to develop technologies on track and later move them to road. E-fuels can already power our current internal combustion engines. While the production of e-fuels will receive a boost from the recent European Union decision, I see many questions and doubts about their costs and availability.

此外，在法拉利，我們擁有獨特的優勢，因為到 2026 年，我們的一級方程式賽車將開始使用 100% 可持續燃料。這意味著我們將繼續開發軌道上的技術，然後將它們推向道路。電子燃料已經可以為我們當前的內燃機提供動力。雖然電子燃料的生產將因歐盟最近的決定而得到推動，但我看到許多關於其成本和可用性的問題和疑慮。

Although I can understand this question, I'm a firm believer in the power of technology innovation. I have learned from experience how initial difficulties in a new technology can be overcome as you learn how to optimize the process. This will be true for both electrification and e-fuels. We will, therefore, continue to execute our product strategy detailed during the Capital Market Day with the highest determination.

雖然我能理解這個問題，但我堅信技術創新的力量。我從經驗中了解到，當您學習如何優化流程時，如何克服新技術的初始困難。電氣化和電子燃料都是如此。因此，我們將繼續以最高的決心執行我們在資本市場日詳細介紹的產品策略。

As we move towards our objective to reach carbon neutrality by the end of this decade, we also want to play our part in setting an example and inspiring wider change in the energy landscape. While we continue tirelessly to improve the efficiency of our manufacturing processes and increase the share of solar energy use, we work also beyond the walls of our plant. As such, we recently announced the creation of a photovoltaic plant serving the newly created Renewable Energy Community of Fiorano and Maranello, which is the first one in Italy ever promoted and supported by a company for the benefit of its local territory. It will bring a positive environmental and social economic impact.

在我們朝著在本十年末實現碳中和的目標邁進的同時，我們也希望發揮自己的作用，樹立榜樣並激發能源格局的更廣泛變革。在我們不知疲倦地繼續提高製造流程效率和增加太陽能使用比例的同時，我們也在工廠之外開展工作。因此，我們最近宣佈建立一個光伏電站，為新成立的菲奧拉諾和馬拉內羅可再生能源社區提供服務，這是意大利有史以來第一個由公司為了當地利益而推動和支持的光伏電站。它將帶來積極的環境和社會經濟影響。

Firstly, sharing zero-mile renewable energy reduces CO2 emission and thus, we can avoid energy losses during the distribution. Secondly, the energy community will grant tangible savings in energy bills for its members, being a citizen, institution, commercial activities and factories. And the Renewable Energy Community initiative is complemented with the introduction of fossil-free, hydrotreated vegetable oil on the tracks of our most relevant logistic partners in Europe, substituting the use of diesel and abating up to 80% in the CO2 emissions.

首先，共享零英里可再生能源減少了二氧化碳排放，因此我們可以避免分配過程中的能源損失。其次，能源界將為其成員（公民、機構、商業活動和工廠）節省能源費用。我們在歐洲最相關的物流合作夥伴的軌道上引入無化石、加氫處理的植物油作為可再生能源共同體倡議的補充，取代了柴油的使用，減少了高達 80% 的二氧化碳排放量。

Now let's talk about our strong first quarter results that I'm sure you have already noticed on the projected chart. I'm very pleased to highlight the following 3 key data: revenues at EUR 1.4 billion, up 20.5% versus the prior year; adjusted EBITDA at nearly EUR 540 million with a 37.6% margin; industrial free cash flow generation at approximately EUR 270 million.

現在讓我們談談我們強勁的第一季度業績，我相信你已經在預測圖表上註意到了。我很高興地強調以下 3 個關鍵數據：收入為 14 億歐元，比上一年增長 20.5%；調整後的 EBITDA 接近 5.4 億歐元，利潤率為 37.6%；工業自由現金流產生量約為 2.7 億歐元。

Our order book already extends into 2025 on the back of a continuously strong demand. We have just opened the order collection for the newly launched Ferrari Roma Spider. And today, we are also pleased to announce the long-awaited reopening for the Purosangue with deliveries due in 2026. Further testament to the strength of demand for our cars is the continued dynamism of the Ferrari preowned market, which translates into sound residual values. The enthusiasm of our clients is also expressed by their attendance level at all our events.

在持續強勁的需求的支持下，我們的訂單已經延伸到 2025 年。我們剛剛開始接受新推出的 Ferrari Roma Spider 的訂單收集。今天，我們也很高興地宣布期待已久的 Purosangue 重新開放，將於 2026 年交付。法拉利二手車市場的持續活力進一步證明了對我們汽車的強勁需求，這轉化為良好的剩餘價值。我們客戶的熱情也體現在他們參加我們所有活動的水平上。

In March, the Ferrari Cavalcade attracted over 80 Ferrari vehicles (inaudible) on a 1,000-kilometer adventure through Morocco, culminating in the unveiling of the Ferrari Roma Spider. This latest model from Maranello is a timelessly elegant high-performance car with a contemporary take on the chic, pleasure-seeking Italian lifestyle of the '50s and '60s. What makes it so striking is the adoption of a soft top, a solution making a welcome return to the Prancing Horse range on a front-engine car, 54 years after the launch of the 365 GTS4 in 1969 that many of us have seen several times in the Miami Vice TV series.

3 月，Ferrari Cavalcade 吸引了 80 多輛法拉利汽車（聽不清）參加穿越摩洛哥的 1,000 公里冒險之旅，最終揭幕的是 Ferrari Roma Spider。 Maranello 的這款最新車型是一款永恆優雅的高性能汽車，對 50 年代和 60 年代別緻、享樂的意大利生活方式進行了現代演繹。它之所以如此引人注目，是因為採用了軟頂，這種解決方案在 365 GTS4 於 1969 年推出 54 年後再次回歸前置引擎汽車，我們中的許多人已經看到了很多次在邁阿密風雲電視劇中。

I'm also proud to state that Ferrari has won 3 prestigious awards. The first one related to Purosangue. It has been named the Red Dot: Best of the Best in the Product Design category. The second for Ferrari Vision Gran Turismo voted the Red Dot: Best of the Best in the Innovative Products category. And the third one is the Red Dot for the 296 GTS, Maranello's first spider powered by a plug-in hybrid V6 engine.

我也很自豪地宣布法拉利贏得了 3 個著名獎項。第一個與 Purosangue 有關。它被評為紅點獎：產品設計類別中的最佳獎。 Ferrari Vision Gran Turismo 的第二款車型在創新產品類別中獲得了紅點獎：Best of the Best。第三個是 296 GTS 的紅點獎，這是馬拉內羅的第一款由插電式混合動力 V6 發動機提供動力的蜘蛛。

And what about the motorsport? The racing year has just begun with mixed results so far. 2023 will be the Formula 1 longest-ever season. And as we did in the first 4 races, we will continue to fight race by race with ambition and humility. Attention to details, focus and continuous learning will be key as the season unfolds.

那賽車運動呢？到目前為止，賽車年剛剛開始，結果喜憂參半。 2023 年將是一級方程式有史以來最長的賽季。正如我們在前 4 場比賽中所做的那樣，我們將繼續以雄心和謙遜的態度逐場比賽。隨著賽季的展開，注重細節、專注和持續學習將成為關鍵。

In October '22, we unveiled the 499P, our Le Mans Hypercar. And this March at The 1000 Miles of Sebring, it led the Ferrari's return after 50 years to the top class of the FIA World Endurance Championship. The 3 podium we won in Sebring, Portimão and Spa-Francorchamps are confirming we are competitive. And with humility, we will continue to learn race by race.

22 年 10 月，我們推出了勒芒超級跑車 499P。而在今年三月的賽百靈 1000 英里耐力賽中，它帶領法拉利時隔 50 年後重返國際汽聯世界耐力錦標賽的頂級賽事。我們在 Sebring、Portimão 和 Spa-Francorchamps 贏得的 3 次領獎台證實了我們的競爭力。我們將以謙遜的態度繼續逐個種族地學習。

We all eagerly await our return to Le Mans in June, a milestone for endurance racing and an experience we will share with our clients and our fans. But before leaving motorsport, I would like to remember that Spa-Francorchamps has been a special race for us because the Ferrari team that won with our 488 GTE was composed by 2 men and 1 woman. Lilou joined us a few months ago and it has been the first time in FIA World Endurance Championship that a woman won a race. And this, together with our Equal Salary certification and the Girls on Track program, underlines our strong commitment on the diversity and inclusion side.

我們都熱切期待 6 月重返勒芒，這是耐力賽的里程碑，也是我們將與客戶和車迷分享的經驗。但在離開賽車運動之前，我想記住 Spa-Francorchamps 對我們來說是一場特殊的比賽，因為駕駛我們的 488 GTE 獲勝的法拉利車隊由 2 名男子和 1 名女子組成。 Lilou 幾個月前加入我們，這是女性首次在國際汽聯世界耐力錦標賽中贏得比賽。這與我們的同工同酬認證和 Girls on Track 計劃一起，突顯了我們對多元化和包容性方面的堅定承諾。

2022 was important for the increased expression of our brand into lifestyle, which we are continuing to nurture with the fourth fashion show that took place in February during the Milan Fashion Week. It generated a strong positive coverage from the press and key opinion leaders.

2022 年對於我們的品牌更多地融入生活方式非常重要，我們將繼續通過 2 月米蘭時裝週期間舉行的第四場時裝秀來培育這種生活方式。它引起了媒體和主要意見領袖的強烈積極報導。

I like also to underline the incredible reception of the brand-new exhibition, Game Changers, that is on display since February 18 at the Museo Enzo Ferrari here in Moderna that together with the one in Maranello registered record level of visitor attendance in the first quarter, more than 100,000 people, more than 1,000 people per day.

我還想強調一下自 2 月 18 日起在 Moderna 的恩佐法拉利博物館展出的全新展覽 Game Changers 的令人難以置信的接待，該展覽與馬拉內羅的展覽一起在第一季度創下了參觀人數的歷史新高，超過10萬人，每天超過1000人。

Also, our thematic parks are experiencing record levels of visitor attendance sustained by the introduction in January of Mission Ferrari, the world's most immersive mega coaster and the last addition to the Ferrari World Abu Dhabi.

此外，由於 1 月份推出了世界上最具沉浸感的大型過山車和阿布扎比法拉利世界的最後一站 Mission Ferrari，我們的主題公園的遊客人數也創下了歷史新高。

Before handing over to Antonio to review Q1 2023 earnings in all the detail, I like to conclude saying that these first months of 2023 have been another significant step on a journey during which we will continue to execute our strategy with commitment, focus and determination.

在交給 Antonio 詳細審查 2023 年第一季度收益之前，我想總結一下，2023 年的頭幾個月是我們在旅程中邁出的又一個重要步驟，在此期間我們將繼續以承諾、專注和決心執行我們的戰略。

Antonio, please, the stage is yours.

安東尼奧，拜託，舞台是你的。

Thank you, Benedetto and good morning or afternoon to everyone joining us today.

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。

Starting on Page 4, we show the highlights of the first quarter results, which represent a very strong start to the year, with revenues up more than 20% versus the prior year and adjusted EBIT, adjusted EBITDA, adjusted diluted EPS growing more than 25%. In particular, revenues came in at EUR 1.429 billion; adjusted EBITDA at EUR 537 million; and adjusted EBIT at EUR 385 million, with remarkable percentage margins at 36 -- 37.6% and 26.9%, respectively. Adjusted net profit at EUR 297 million with an adjusted net profit margin of 21%. And finally, strong industrial free cash flow generation of EUR 269 million, slightly lower compared to the prior year, which was sustained by the advances collected on the Daytona SP3 and the 812 Competizione A.

從第 4 頁開始，我們展示了第一季度業績的亮點，這代表了今年開局非常強勁，收入比上年增長超過 20%，調整後的息稅前利潤、調整後的息稅折舊攤銷前利潤、調整後的攤薄每股收益增長超過 25 %。特別是，收入達到 14.29 億歐元；調整後的 EBITDA 為 5.37 億歐元；調整後息稅前利潤為 3.85 億歐元，利潤率分別為 36%、37.6% 和 26.9%。調整後淨利潤為 2.97 億歐元，調整後淨利潤率為 21%。最後，強勁的工業自由現金流產生了 2.69 億歐元，略低於上一年，這得益於代托納 SP3 和 812 Competizione A 的預付款。

Turning to Page 5, you can see the details of the Q1 '23 shipments, which were up 9.7% compared to the prior year. The increase was mainly driven by the Ferrari Portofino M, the 296 GTB and the 812 Competizione. In the quarter, we commenced the deliveries of the 296 GTS and the 812 Competizione A, while the F8 Tributo reached the end of its life cycle. The Daytona SP3 was in a ramp-up in the quarter, with lower deliveries compared to the Monza SP1 and SP2 last year.

翻到第 5 頁，您可以看到 23 年第一季度出貨量的詳細信息，與去年同期相比增長了 9.7%。這一增長主要由法拉利 Portofino M、296 GTB 和 812 Competizione 推動。本季度，我們開始交付 296 GTS 和 812 Competizione A，而 F8 Tributo 的生命週期已經結束。 Daytona SP3 在本季度處於增長階段，與去年的 Monza SP1 和 SP2 相比交付量較低。

As already highlighted by Benedetto, you see that in Q1, we doubled the hybrid versus last year, reaching 35% of total deliveries as we roll out the allocation of our 4 hybrid models. As customary, the geographical allocation was deliberate and reflected the pace of introduction of new models. As such, Americas and Mainland China, Hong Kong and Taiwan posted double-digit growth versus the prior year.

正如 Benedetto 已經強調的那樣，你看到在第一季度，我們的混合動力車比去年翻了一番，隨著我們推出 4 種混合動力車型的分配，達到總交付量的 35%。按照慣例，地域分配是經過深思熟慮的，反映了新車型的推出速度。因此，美洲和中國大陸、香港和台灣較上年實現兩位數增長。

On Page 6, you can see the worth of our group net revenues, growing 18% at constant currency. The growth in cars and spare parts was driven by higher volumes, a richer product and country mix, a strong contribution from personalization as well as the price increase on selected models and markets that we communicated last year.

在第 6 頁，您可以看到我們集團的淨收入價值，按固定匯率計算增長了 18%。汽車和備件的增長是由更高的銷量、更豐富的產品和國家組合、個性化的強大貢獻以及我們去年溝通的特定車型和市場的價格上漲推動的。

Personalizations were widely spread among the portfolio and stood at 18% in proportion to revenues from cars and spare parts. Sponsorship, commercial and brand reflected the better prior year Formula 1 ranking and the contribution from lifestyle activities, mainly led by museums' visitors and retail. Engines revenues declined in line with the reduction of supplies to Maserati, as the supply agreement gets closer to its maturity. Currency had a positive impact, mainly following the U.S. dollar dynamic.

個性化服務廣泛分佈於產品組合中，佔汽車和備件收入的 18%。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，主要由博物館的遊客和零售主導。隨著供應協議接近到期，發動機收入隨著對瑪莎拉蒂供應的減少而下降。貨幣產生了積極影響，主要是跟隨美元動態。

Moving to Page 7. The change in adjusted EBIT bridge is explained by the following variances. First, volume, positive for EUR 28 million, reflecting the shipments increase versus the prior year. Mix and price, strongly positive for EUR 85 million driven by higher personalizations whose contribution exceeded our projections. The richer product mix compared to the prior year led by the 812 Competizione and the SF90 families as well as the decreased wait of the F8 family. Positive country mix in absolute terms, sustained by Americas and Mainland China, Hong Kong and Taiwan as well as the already mentioned price increases.

移至第 7 頁。調整後的 EBIT 橋的變化由以下差異解釋。首先，銷量為 0.28 億歐元，反映出貨量與上一年相比有所增長。混合和定價，由於貢獻超出我們預期的更高個性化，對 8500 萬歐元產生了強烈的積極影響。與上一年相比，由 812 Competizione 和 SF90 系列引領的產品組合更加豐富，F8 系列的等待時間也減少了。由美洲和中國大陸、香港和台灣以及已經提到的價格上漲所維持的絕對國家/地區組合是積極的。

Industrial and R&D expenses grew EUR 47 million, mainly due to higher depreciation and amortization and raw material cost inflation, which is visible. The latter, together with the larger share of shipments to China, is containing our percentage gross margin, which anyway remains slightly above 50%.

工業和研發費用增長了 0.47 億歐元，這主要是由於較高的折舊和攤銷以及原材料成本上漲，這是顯而易見的。後者，連同更大份額的運往中國的出貨量，控制了我們的毛利率百分比，無論如何仍略高於 50%。

SG&A were negative by EUR 22 million, reflecting marketing and lifestyle activities, obviously centered around the Roma Spider unveiling in Marrakesh and the fashion show in Milan as well as our organizational development. Other, was almost in line, mainly reflecting the better prior year Formula 1 ranking and the higher contribution from lifestyle activities. The total net impact of currency was positive for EUR 28 million.

SG&A 為負 2200 萬歐元，反映了市場營銷和生活方式活動，顯然以馬拉喀什的 Roma Spider 揭幕和米蘭時裝秀以及我們的組織發展為中心。其他，幾乎一致，主要反映了前一年更好的一級方程式排名和生活方式活動的更高貢獻。貨幣的總淨影響為 0.28 億歐元。

Turning to Page 8. Our industrial free cash flow generation for the quarter was strong at EUR 269 million, reflecting the increased profitability, partially offset by a negative change in working capital, provisions and other, mainly linked to the increased inventory value, both in relation to the running volumes and the richer product mix. Our inventories will remain high throughout the year, also to preserve our agility in a context where the fluidity of the supply chain is not yet fully restored.

翻到第 8 頁。我們本季度產生的工業自由現金流強勁，達到 2.69 億歐元，反映了盈利能力的提高，部分被營運資金、準備金和其他方面的負變化所抵消，這主要與庫存價值的增加有關，無論是在與運行量和更豐富的產品組合有關。我們的庫存將全年保持在高位，也是為了在供應鏈流動性尚未完全恢復的情況下保持我們的靈活性。

Capital expenditure, EUR 150 million, in line with our product and infrastructure development and consistent with the full year guidance to end up higher compared to last year, up to EUR 850 million.

資本支出為 1.5 億歐元，與我們的產品和基礎設施開發相一致，並與全年指導相一致，最終高於去年，高達 8.5 億歐元。

In the quarter, the capitalization ratio of our development expenses was 43%, increased versus the prior year as we entered the development phase on a number of future models and [per effect] of the budget caps imposed on the spending in Formula 1.

本季度，我們開發費用的資本化率為 43%，與上一年相比有所增加，因為我們進入了一些未來模型的開發階段，並且 [per effect] 對一級方程式支出施加的預算上限。

Net industrial debt at the end of March was EUR 53 million, decreased compared to December 2022, reflecting the solid industrial free cash flow generation, net of the share repurchase program. It is also worth mentioning that during the quarter, we completed the refinancing through new bank loans of the bond maturing for EUR 390 million. And this has allowed us to successfully diversify sources and tenors while keeping a stable and safe level of total liquidity.

3 月底的淨工業債務為 5300 萬歐元，與 2022 年 12 月相比有所減少，反映出扣除股票回購計劃後產生的穩健的工業自由現金流。還值得一提的是，本季度，我們完成了 3.9 億歐元到期債券的新銀行貸款再融資。這使我們能夠成功地實現來源和期限的多元化，同時保持穩定和安全的總流動性水平。

To conclude on Page 9, we confirm the 2023 guidance, which targets solid growth and consistent progress in profitability.

作為第 9 頁的總結，我們確認了 2023 年的指導方針，該指導方針的目標是穩健增長和盈利能力的持續進步。

Looking at the development of the year, as we see it today, we directionally expect a strong Q2, followed by a softer tail in H2 and particularly Q4, in line with our planned product cadence.

縱觀今年的發展，正如我們今天所看到的那樣，我們定向預期第二季度表現強勁，隨後是下半年尤其是第四季度的疲軟尾巴，這與我們計劃的產品節奏一致。

In essence and to conclude, we keep on executing flawlessly according to our strategy, thanks to the passion and enthusiasm of everyone here in Ferrari and with all of our partners.

總而言之，我們繼續按照我們的戰略完美執行，這要歸功於法拉利每個人以及我們所有合作夥伴的熱情和熱情。

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. Sandra, we are now ready to open for Q&A.

謝謝你，安東尼奧。桑德拉，我們現在可以開始問答了。

(Operator Instructions) We will now take the first question. It comes from the line of Susy Tibaldi from UBS.

（操作員說明）我們現在將回答第一個問題。它來自 UBS 的 Susy Tibaldi 系列。

Congratulations for another strong quarter. The first question on -- just hover back to something you just mentioned. If I heard correctly, you said that you expect now H2 to be a bit weaker and especially Q4. I think previously, you were flagging that this year was going to be a little bit more H2 weighted. So can you just explain like what has changed? Because if we look at the mix progression, Q1 definitely was weaker than what we should be expecting for the rest of the year because you're going to have a ramp-up in Daytona, in the competition, in the specials and some of the higher-value cars. So can you explain the moving parts there?

祝賀又一個強勁的季度。第一個問題 - 只需將鼠標懸停在您剛才提到的內容上。如果我沒聽錯的話，你說你預計現在 H2 會更弱一些，尤其是 Q4。我想以前，你曾表示今年的 H2 權重會更高一些。那麼你能解釋一下發生了什麼變化嗎？因為如果我們看一下混合進程，Q1 肯定比我們今年餘下時間應該預期的要弱，因為你將在代托納、比賽、特價和一些更高價值的汽車。那麼你能解釋一下那裡的活動部件嗎？

And then my second question on the Purosangue and super impressive that you are already taking orders for 2026. And I was wondering if you can share a bit more qualitative comments from your customers and also whether you are seeing demand from customers also for a hybrid version.

然後是關於 Purosangue 的第二個問題，令人印象深刻的是，您已經在接受 2026 年的訂單。我想知道您是否可以分享來自客戶的更多定性評論，以及您是否看到客戶也需要混合動力版本.

Susy, ciao. I'll take care of the second question on the Purosangue and the first one, Antonio will come back to you. So the Purosangue, we decided to reopen orders starting 2026 because we see that, let's say, there was -- as we told you last time, there was a collection of expression on interest from many customers.

蘇西，再見。我會解決關於 Purosangue 的第二個問題，第一個問題，Antonio 會回來找你。因此，Purosangue，我們決定從 2026 年開始重新開放訂單，因為我們看到，比方說，正如我們上次告訴你的那樣，許多客戶表達了一系列興趣。

At the beginning, when we launched the cars, we were not expecting such strong, let's say, reaction from the clients. So we had to put a little bit of stop to organize ourselves so that we could reopen properly. So there is no change in our strategy to keep this Purosangue at always lower at 20% of our annual volume. This is very, very important to underline.

一開始，當我們推出汽車時，我們並沒有預料到客戶會有如此強烈的反應。所以我們不得不停下來組織自己，以便我們能夠正常重新開放。因此，我們的戰略沒有改變，始終將 Purosangue 的銷量保持在我們年銷量的 20%。強調這一點非常非常重要。

What we see is that the clients have -- are positively surprised because it's a really unique car that gives you the feeling, that people start to try it, gives the feeling of a sport car with the roominess that usually a sport car is not able to provide because it's smaller. So this is the decision we took and we wanted to share with you and the rest of the world today because I think it's very important. And if you want also make us a little bit proud to make something that is highly appreciated by our client.

我們看到的是客戶 - 非常驚訝，因為它是一款真正獨特的汽車，讓您感覺，人們開始嘗試它，給人一種跑車的感覺，並具有通常跑車無法提供的寬敞空間提供，因為它更小。所以這是我們做出的決定，我們今天想與您和世界其他地方分享，因為我認為這非常重要。如果您想要，也讓我們為製作出客戶高度讚賞的東西而感到自豪。

For the first one, H1, H2 relative wait, I leave it to Antonio, that he can explain.

對於第一個，H1，H2 相對等待，我留給安東尼奧，他可以解釋。

Thank you, Benedetto and Susy, for the question. I think we probably -- I was a bit unprecise back in the call of February because I said that margins would have improved during the course of the year, which is correct, actually. Nothing changed compared to that. It's simply that I forgot to mention at the time that Q2 would have been the strongest quarter as it is -- as we see it today. And then, of course, there are refinements of allocation by country and by product depending throughout the various months. So there is nothing more than a better visibility or more precise planning of our product delivery during the course of the year.

謝謝 Benedetto 和 Susy 提出的問題。我認為我們可能 - 我在 2 月份的電話會議上有點不准確，因為我說過利潤率在這一年中會有所改善，這實際上是正確的。與此相比，沒有任何變化。只是我當時忘了提到第二季度本來是最強勁的季度——正如我們今天所看到的那樣。然後，當然，根據不同月份的不同，國家和產品的分配也會有所改進。因此，只有在一年中對我們的產品交付有更好的可見性或更精確的計劃。

Okay. Understood. Very clear. But when it comes to the mix, is it fair to assume that Q1 was, let's say, the weakest -- the softest quarter of the year in terms of mix, if we just think about the phasing of the models that are coming? So we've got the Daytona. You've got the specials and you have lower wait of F8. So in theory, the mix from here should improve.

好的。明白了。非常清楚。但是，當談到組合時，如果我們只考慮即將推出的模型的分階段，假設第一季度是最弱的——就組合而言是一年中最疲軟的季度，這是否公平？所以我們有代托納。您有特價商品，而且 F8 的等待時間更短。所以從理論上講，這裡的混合應該會有所改善。

Yes, you're right. That's definitely what we see today.

你是對的。這絕對是我們今天所看到的。

We will now take the next question. It comes from the line of Giulio Pescatore from BNP Paribas Exane.

我們現在開始下一個問題。它來自 BNP Paribas Exane 的 Giulio Pescatore 系列。

So the first one, just I need to follow up on the guidance because it's just not clear in my head. So you had a first quarter margin, especially on the EBIT level, way above the guidance, almost 100 bps above the guidance. And now saying that Q2 will be better, I understand that there will be maybe a slowdown in Q3, in Q4, even though it's not really clear in my head why that would be the case given the Daytona and Purosangue. So I'm just trying to connect all the dots here. What am I missing? Why would -- why is 26% EBIT margin is still the right target for this year?

所以第一個，我只需要跟進指導，因為我腦子裡不清楚。因此，您的第一季度利潤率，特別是在息稅前利潤水平上，遠遠高於指導，幾乎比指導高出 100 個基點。現在說 Q2 會更好，我知道 Q3 和 Q4 可能會放緩，儘管在我的腦海中並不清楚為什麼 Daytona 和 Purosangue 會出現這種情況。所以我只是想在這裡連接所有的點。我錯過了什麼？為什麼 - 為什麼 26% 的息稅前利潤率仍然是今年的正確目標？

Then, sorry, the second question on the cash buybacks. You're very close to being a net cash position. I think in the past, you clearly said that you don't want to be in a net cash position. Why not stepping up the buyback? Should we expect you to be more focused on the buyback program going forward given that cash flow should also accelerate in the second part of the year?

然後，抱歉，關於現金回購的第二個問題。您非常接近淨現金頭寸。我想在過去，你明確表示你不想處於淨現金頭寸。為什麼不加大回購力度？鑑於現金流在今年下半年也應該加速，我們是否應該期望您更關注未來的回購計劃？

And then the last question. I remember in the past, having too long waiting list could weight on your customer demand because some customers are not willing to wait 3 years to -- 2 years plus to receive delivery of the cars. So is there an issue? At what point does it become an issue? And if it does, will you be forced to accelerate the phasing of deliveries compared to your initial plan?

然後是最後一個問題。我記得過去，等候名單太長可能會影響您的客戶需求，因為有些客戶不願意等待 3 年到 2 年以上才能收到汽車。那麼有問題嗎？它在什麼時候成為一個問題？如果是這樣，與最初的計劃相比，您是否會被迫加快分階段交付？

Giulio, Benedetto taking the question and then I leave the first to Antonio. The waiting list, clearly, if we do -- if we say we reopen the order in '26, is because there is a strong interest. And I can tell you that there is no trend in order cancellations that we see from the customers, okay? There are -- I can share you with these things, yesterday was having a dinner. There was a guy that was 58 years old and he is planning for making himself a gift when he turns 60. So it's perfectly in line with our plan to reopen the order. So we don't see client, let me say, canceling the orders because of the time. They are considering it already. So this is the question about waiting list. And for the other 2 questions, I hand over to Antonio.

Giulio、Benedetto 提出問題，然後我將第一個問題留給 Antonio。顯然，等待名單，如果我們這樣做 - 如果我們說我們在 26 年重新開放訂單，那是因為有強烈的興趣。我可以告訴你，我們從客戶那裡看到沒有取消訂單的趨勢，好嗎？有——我可以和你分享這些東西，昨天正在吃晚飯。有一個58歲的人，他打算在60歲的時候給自己做一份禮物。所以這完全符合我們重新開放訂單的計劃。所以我們沒有看到客戶，讓我說，因為時間而取消訂單。他們已經在考慮了。所以這是關於waiting list的問題。至於其他 2 個問題，我交給 Antonio。

Thank you, Giulio and I'll try and help you connect the dots, if possible, on the first question. First, there is not just the sports car pillar. So when looking at the -- our -- let me call intra-quarter seasonality, you also need to take into account the unfolding of the expenses of the other businesses, which is basically the -- what we have, R&D OpEx, that's an element, obviously, in driving the profitability in each single quarter.

謝謝 Giulio，如果可能的話，我會盡力幫助您將第一個問題聯繫起來。首先，不僅僅是跑車支柱。因此，在查看 - 我們的 - 讓我稱之為季度內季節性時，您還需要考慮其他業務支出的展開，這基本上是 - 我們擁有的研發運營支出，這是一個顯然，這是推動每個季度盈利能力的因素。

And then there are other elements. When you look at the development of the EBIT margin, you need to take into account also the development of depreciation and amortization, which is not linear over the course of the year but start and unfold as we present with -- as we start producing the model that we then deliver. So that explains this very strong Q1 EBIT margin compared to the guidance for the full year. And I think the comment I made before may help explaining why Q2 is so strong. We see it strong -- relatively stronger, in relative terms.

然後還有其他元素。當您查看 EBIT 利潤率的發展時，您還需要考慮折舊和攤銷的發展，這在一年中不是線性的，而是隨著我們呈現的開始和展開——當我們開始生產我們隨後交付的模型。因此，與全年的指導相比，這解釋了這一非常強勁的第一季度息稅前利潤率。而且我認為我之前發表的評論可能有助於解釋為什麼 Q2 如此強勁。我們認為它很強大——相對而言，它相對更強大。

The second question with respect to cash and the fact that it might end up being net debt positive. And I would say, certainly at the Capital Market Day, we clearly communicated as well a program -- a buyback program of EUR 2 billion that is -- will have been executed in line with the generation of cash. We have an initial tranche that we are going to complete soon. And then obviously, as the time unfolds, we'll define what to do next. Hope this helps.

關於現金的第二個問題以及它可能最終成為淨債務正數的事實。我要說的是，當然在資本市場日，我們也清楚地傳達了一個計劃——一個 20 億歐元的回購計劃——將根據現金的產生而執行。我們有一個初始部分，我們將很快完成。然後顯然，隨著時間的推移，我們將確定下一步該做什麼。希望這可以幫助。

Yes, it does. So if I can just follow up on the initial question on waiting list and orders. If I remember correctly, at the time of the CMD, one of the assumptions you made in the targets for 2026 was that demand was going to normalize. Based on what we're seeing today, is that still a fair assumption?

是的，它確實。因此，如果我可以跟進有關等候名單和訂單的初始問題。如果我沒記錯的話，在 CMD 的時候，你在 2026 年的目標中所做的假設之一是需求將正常化。根據我們今天所看到的情況，這仍然是一個合理的假設嗎？

Yes. I think we see this -- we don't see any big variation, either in terms of execution and in terms of assumptions we had with -- we made for the Capital Market Day.

是的。我認為我們看到了這一點——我們沒有看到任何大的變化，無論是在執行方面還是在我們所做的假設方面——我們為資本市場日所做的。

We will now take the next question. It comes from the line of Stephen Reitman from Societe Generale.

我們現在開始下一個問題。它來自法國興業銀行的 Stephen Reitman 系列。

Again, on the first quarter, obviously, the very strong print you made on the EBIT margin. Obviously, we were kind of like guided towards this would be a weak quarter from a sort of mix perspective. But obviously, you started now selling the 296 GTS, so -- which has got a substantial price increase over the F8 Spider, which it replaces. So are we beginning to see now an impact of your moves on increasing prices on your [serial] cars? And I think you started this with 296 GTB. And obviously, the Roma Spider, significantly more expensive than the Portofino M that it replaced as well.

同樣，在第一季度，很明顯，您在息稅前利潤率上的表現非常強勁。顯然，從某種混合的角度來看，我們有點像被引導到這將是一個疲軟的季度。但很明顯，你現在開始銷售 296 GTS，所以 - 與它取代的 F8 Spider 相比，它的價格大幅上漲。那麼我們現在是否開始看到您的舉措對您的 [系列] 汽車價格上漲的影響？我認為您是從 296 GTB 開始的。顯然，Roma Spider 也比它所取代的 Portofino M 貴得多。

And secondly, this question is also about the mix because I thought that looking at your geographic mix, it wasn't particularly helpful having China, being such a big growth part of that because, obviously, we know that it's high revenue but when we take into account the taxes, I understand that the contribution it makes to the overall group margin is negative or is a headwind. So if you can comment on that, please.

其次，這個問題也是關於組合的，因為我認為看看你的地理組合，中國並不是特別有幫助，因為它是其中如此大的增長部分，因為很明顯，我們知道它的收入很高，但當我們考慮到稅收，我知道它對整個集團利潤率的貢獻是負的或者是逆風。所以，如果你能對此發表評論，請。

Antonio will take it.

安東尼奧會接受的。

Sure, Stephen. As I think I already commented in the past, we don't look at this, the margin on a single model but rather as our -- these models are priced in their positioning. And obviously, we try and adjust prices on models that are newly introduced or in a way -- well in advance to the time of delivery to our client. So it is a gradual move, this one. And then we should not disregard that even the cost base is changing from time to time. Inflation has not come to an end anyway. We see it visible and (inaudible) of our margins, that's an element of attention also for the rest of the year. So the guidance is also predicated upon this assumption.

當然，斯蒂芬。正如我想我過去已經評論過的那樣，我們不看這個，單個模型的利潤率，而是我們的——這些模型是根據它們的定位定價的。顯然，我們會嘗試調整新推出的型號或以某種方式調整價格——在交付給我們的客戶之前。因此，這是一個循序漸進的舉措。然後我們不應該忽視甚至成本基礎也在不時變化。通貨膨脹無論如何都沒有結束。我們看到它是我們利潤率的可見和（聽不見），這也是今年剩餘時間的關注因素。因此，指南也基於此假設。

The other question was, I think, in respect of -- sorry. Mix. Yes. I'm sorry. The stronger mix acting on EBIT margin in China, not visible. The fact that the positive element that I mentioned in my comment before is that actually, personalization came in much better than we would have expected. And this almost entirely offset the negative impact of China of our -- on our percentage margin. So while -- when you look at the absolute margins, China is positively contributing. As I mentioned a number of times, this is not the case when we come and look at the percentage margin but the negative impact in the quarter has been offset by the level of personalization and the margins we have on that.

另一個問題是，我認為，關於-- 抱歉。混合。是的。對不起。更強的組合作用於中國的息稅前利潤率，不可見。事實上，我之前在評論中提到的積極因素是，實際上，個性化比我們預期的要好得多。這幾乎完全抵消了中國對我們利潤率的負面影響。因此，當您查看絕對利潤率時，中國正在做出積極貢獻。正如我多次提到的那樣，當我們來看百分比利潤率時情況並非如此，但本季度的負面影響已被個性化水平和我們在這方面的利潤率所抵消。

(inaudible) has been a (inaudible) important, Stephen. This is a part of the personalization. It's been really very, very important. We see this trend that helped us a lot.

（聽不清）一直是（聽不清）重要的，斯蒂芬。這是個性化的一部分。這真的非常非常重要。我們看到這種趨勢對我們幫助很大。

And you can expect another big pickup as well when you have your new paint shop, when you have your new paint line as well?

當你有了新的油漆車間，當你有了新的油漆生產線時，你能期待另一個大皮卡嗎？

Yes, that's true. That's also what we said when we met. When we talk about personalization, we're talking about painting. That is something that you do in the last step of the manufacturing. You're talking about rims. You're talking about the trims in the car. So this is very, very important. And we care a lot about personalization because it's a way to make the Ferrari more and more personal. And in our luxury industry, this is key. It's key for the experience we deliver to the client. It is also key to make this car more and more unique and, let's say, to deliver the unique experience that the client are looking for.

是的，這是真的。我們見面時也是這麼說的。當我們談論個性化時，我們是在談論繪畫。這是你在製造的最後一步要做的事情。你說的是輪輞。你說的是車內的裝飾。所以這非常非常重要。我們非常關心個性化，因為這是讓法拉利變得越來越個性化的一種方式。在我們的奢侈品行業，這是關鍵。這是我們為客戶提供體驗的關鍵。讓這輛車變得越來越獨特，比方說，提供客戶正在尋找的獨特體驗也很關鍵。

We will now take the next question. It comes from the line of Martino De Ambroggi from Equita.

我們現在開始下一個問題。它來自 Equita 的 Martino De Ambroggi 系列。

One more question on the Purosangue. You reopened the orders for the strong demand. Does it mean you could revise the volume guidance of up to 20% of total volumes maybe not in the short term but in the long term?

還有一個關於 Purosangue 的問題。您重新打開了強勁需求的訂單。這是否意味著您可以修改總交易量的 20% 的交易量指導，也許不是在短期內，而是在長期內？

And on the first quarter, could you tell us the number of Daytonas you delivered? And what should we expect for the ramp-up of the Purosangue in the next few quarters?

在第一季度，您能告訴我們您交付的 Daytonas 的數量嗎？我們對 Purosangue 在接下來幾個季度的增長有何期待？

And if I may, very last on the mix effect. Because it's a mix of region, products, personalization, prices, could you roughly split the price/mix contribution very, very roughly?

如果可以的話，最後是混合效果。因為它是地區、產品、個性化、價格的混合體，你能不能非常非常粗略地粗略地劃分價格/混合貢獻？

Okay, Martino, Benedetto. So thanks for this question. Let's start from the Purosangue. So we are starting, let me say, to deliver in next quarter. Clearly, there is a ramp-up phase. We will keep growing quarter-over-quarter, more or less at ratio to quarter-over-quarter. This is the volumes that we will keep delivering in terms of increase.

好的，馬蒂諾，貝內代托。所以感謝這個問題。讓我們從 Purosangue 開始吧。所以我們開始，讓我說，在下個季度交付。顯然，有一個加速階段。我們將保持環比增長，或多或少按環比增長。這是我們將繼續增加的數量。

We do not plan to extend the life of the cars versus what was originally planned. This reopening of the order was done because as I said we were caught by a positive surprise for this strong interest. So we wanted to make sure that everything -- we want to put a little bit of the situation, if you want under more control, from an industrial point of view. So there is no extension, not at all. This is the first question.

與最初的計劃相比，我們不打算延長汽車的使用壽命。之所以重新開始訂單，是因為正如我所說，我們對這種強烈的興趣感到驚喜。所以我們想確保一切——如果你想從工業的角度得到更多的控制，我們想稍微了解一下情況。所以沒有擴展，根本沒有。這是第一個問題。

The second was about Daytona. Well, we delivered 30 Daytona. The third one that you are asking, the split between the geography, the product. I understand your curiosity. I would do the same question. But I would also understand if you would not reply to me with the exact split. What I can tell you is, what I said to Stephen and also Antonio said the -- we see a positive trend in the personalization increase. I think this is in line with the trend also we see in other luxury industries that our client want to have more and more a personal-rich car.

第二個是關於代托納的。好吧，我們交付了 30 Daytona。您要問的第三個問題是地理和產品之間的劃分。我理解你的好奇心。我會做同樣的問題。但是，如果您不以確切的拆分方式回复我，我也能理解。我可以告訴你的是，我對斯蒂芬和安東尼奧所說的——我們看到個性化增加的積極趨勢。我認為這符合我們在其他奢侈品行業看到的趨勢，即我們的客戶希望擁有越來越多的私人汽車。

I mean, already, our Ferrari were pretty much, if you want -- each Ferrari is different from others. Now they are becoming even more different, if you want. And this is something that we experienced positively in the second -- in the last 2 months of the quarter.

我的意思是，如果你願意的話，我們的法拉利已經差不多了——每輛法拉利都與眾不同。如果您願意，現在它們變得更加不同。這是我們在第二個季度的最後兩個月中積極體驗的事情。

And if I may, do not disregard the fact that keeping OpEx, meaning selling and general expenses and R&D expenses at a growth level, which is lower than revenues, obviously adds to the quality of the margins, finally. So we're very careful on these aspects.

如果可以的話，請不要忽視這樣一個事實，即保持運營支出，即銷售和一般費用以及研發費用處於低於收入的增長水平，最終顯然會提高利潤率。所以我們在這些方面非常小心。

Okay. Customization was 18% last year. So in Q1 was how much?

好的。定制化比例去年為 18%。那麼第一季度是多少？

Pardon me? So personalization I think last year was 17%, right? Yes, 17%. Its 18% this year.

對不起？所以我認為去年的個性化是 17%，對嗎？是的，17%。今年是 18%。

We will now take the next question. It comes from the line of Monica Bosio from Intesa Sanpaolo.

我們現在開始下一個問題。它來自 Intesa Sanpaolo 的 Monica Bosio 系列。

Once again, on the personalization, just a curiosity, on which models did you see the higher requests in personalization? And should we assume that the personalization rate trend of the first quarter will keep growing over the next quarter? I'm asking this along with another question. It's on the different evolution in the deliveries to China. Do you expect a different evolution across the year or the deliveries will be equally distributed across the different quarters in China?

再次，關於個性化，只是好奇，您在哪些模型上看到了對個性化的更高要求？我們是否應該假設第一季度的個性化率趨勢將在下一季度繼續增長？我問這個連同另一個問題。這是關於向中國交貨的不同演變。您是否預計全年會有不同的演變，或者交付量將平均分佈在中國的不同地區？

And another question is on the cost.

另一個問題是成本。

(inaudible)

（聽不清）

I read on the press release that the company is running the renegotiation on the labor cost. I was wondering if you would just can quantify if we have some increases over this year and the next one.

我在新聞稿上看到，該公司正在就勞動力成本進行重新談判。我想知道你是否可以量化我們今年和明年是否有一些增長。

And last question is more general, on the batteries. In 2025, the company will launch the electrified Ferrari. Can you share with us your view on the different materials of the batteries, if you are evaluating any solutions that look more suitable for Ferrari than others? Any insight would be useful.

最後一個問題更籠統，關於電池。 2025 年，公司將推出電動法拉利。如果您正在評估任何看起來比其他人更適合法拉利的解決方案，您能否與我們分享您對電池不同材料的看法？任何見解都會有用。

Thank you, Monica, for your question. There are 4 questions. I will take the first and the last. I will leave the -- Antonio to elaborate a little bit more...

莫妮卡，謝謝你的問題。有4個問題。我會拿第一個和最後一個。我將離開 - 安東尼奧詳細說明......

(foreign language)

（外語）

Okay. So let's start from the last one so that it's [fresher]. The story of the battery. The battery -- the chemical element, if you want, that we are using more or less are the same, is the chemistry that is a little bit more specific to our needs. And what I can tell you that there are 2 dimensions that we are following to optimize our batteries. One is the energy density. Another one is the power density. So we don't have a single chemistry. We have different kind of chemistry, a little bit more tailored for our needs, considering the 2 vectors of energy and power. And as I said at the beginning, we are on track with our plan that we shared with you the 16th June last year.

好的。因此，讓我們從最後一個開始，這樣它 [更新鮮]。電池的故事。電池——化學元素，如果你願意的話，我們使用的或多或少是相同的，是一種更符合我們需求的化學物質。我可以告訴你的是，我們遵循兩個維度來優化我們的電池。一是能量密度。另一個是功率密度。所以我們沒有單一的化學反應。考慮到能量和功率的兩個向量，我們有不同種類的化學反應，更適合我們的需求。正如我在開頭所說的那樣，我們正在按照去年 6 月 16 日與您分享的計劃進行。

The first question, which is the trend you see, we don't see any specific trend by models. We don't have also any specific trend by countries. It's -- let's say, really, it's very much personal. Like I was telling you, the -- our clients are making more and more personal, the Ferrari, the one they want to drive and the one they want to live. So this is the question -- the answer to the question.

第一個問題，這是你看到的趨勢，我們沒有看到任何模型的具體趨勢。我們也沒有任何國家/地區的具體趨勢。它——可以說，真的，它非常私人化。就像我告訴過你的那樣，我們的客戶正在製造越來越個性化的法拉利，他們想要駕駛和居住的一輛。這就是問題——問題的答案。

For the China split and the labor cost, Antonio can be a little bit more specific on this.

對於中國分裂和勞動力成本，安東尼奧可以更具體一點。

Yes. Monica, on China, our deliveries to China, Hong Kong and Shanghai, our deliveries in the course of the year are more or less than -- a bit less than 10% of total deliveries. And in terms of distribution by quarter, the first and the third quarter are the ones that currently are a bit more loaded than the other 2. Don't take it for granted because we may have slight changes in the allocation but it's more or less directionally how this should develop over the course of the year.

是的。莫妮卡，關於中國，我們在中國、香港和上海的交付，我們在這一年中的交付量或多或少——略低於總交付量的 10%。而且按季度分配來看，第一季度和第三季度是目前比其他兩個負載多一點的。不要認為這是理所當然的，因為我們可能會在分配上略有變化，但或多或​​少定向這應該如何在一年中發展。

And the last one is labor cost. We are not engaged actually we completed the negotiation. So it's an 11% increase on a cumulative basis over 2023 and 2024, which is impacting this year in the region of 6%. And this obviously is in the numbers.

最後一個是人工成本。我們沒有訂婚，實際上我們已經完成了談判。因此，它在 2023 年和 2024 年的基礎上累計增長了 11%，這對今年的影響約為 6%。這顯然是數字。

We will now take the next question. It comes from the line of Thomas Besson from Kepler Cheuvreux.

我們現在開始下一個問題。它來自 Kepler Cheuvreux 的 Thomas Besson 系列。

It's Thomas from Kepler Cheuvreux. I have a few questions as well. Is it possible for you to confirm over how many quarters you plan to deliver the Daytona to your lucky customers? That will be the first question, or broadly, say it differently, how many units we should expect per quarter in '23, '24?

我是 Kepler Cheuvreux 的 Thomas。我也有幾個問題。您能否確認您計劃在多少個季度內將代托納交付給您的幸運客戶？這將是第一個問題，或者更廣泛地說，換句話說，我們應該期望在 23 年、24 年每個季度有多少單位？

Second question, there was a bigger tailwind from ForEx that I was expecting in the first quarter. Is it still the main scenario to have something broadly for the midterm as it gives them a huge opportunity to offer various kinds of powertrain solutions to your customers in the midterm?

第二個問題，我預計第一季度外匯交易會帶來更大的推動力。為中期提供廣泛的東西是否仍然是主要場景，因為它為他們提供了一個巨大的機會，可以在中期為您的客戶提供各種動力總成解決方案？

Could you share with us what is the initial thinking about the long-term proportion of vehicles that could stay with that kind of powertrain modes in 15, 20 years' time? Or is it still way too early to discuss that?

您能否與我們分享一下關於在 15 年、20 年的時間裡可以保留這種動力總成模式的車輛的長期比例的初步想法是什麼？還是現在討論這個還為時過早？

Okay. Okay, Thomas. So the first one, the number of Daytona per quarter will be more or less between 30 and 40. The second -- I think the third one -- the FX, Antonio will elaborate. The third one is about the fuel. Well, last year before our Capital Market Day, we thought extensively on this point because we believed already at the time that the ICE can -- there is -- can deliver still a lot of things. I mean there is a lot of way to go. So that's the reason why we said if you remember that in '26 and 2030, we were always having in mind and we shared our plan, what is our offering in terms of ICE. The decision -- the recent decision of European Union of -- about e-fuel is very much welcomed by us. If you want, it's a confirmation of the goodness of the strategy that we shared with you last year.

好的。好的，托馬斯。所以第一個，每季度代托納的數量或多或少在 30 到 40 之間。第二個——我認為是第三個——FX，安東尼奧將詳細說明。第三個是關於燃料。好吧，去年在我們的資本市場日之前，我們對這一點進行了廣泛的思考，因為我們當時已經相信 ICE 可以 - 可以 - 仍然可以提供很多東西。我的意思是還有很多路要走。所以這就是為什麼我們說如果你還記得在 26 年和 2030 年，我們一直在考慮並分享我們的計劃，我們在 ICE 方面的產品是什麼。我們非常歡迎關於電子燃料的決定——歐盟最近的決定。如果您願意，這是對我們去年與您分享的策略的好處的確認。

So we have no change. We have no change. We have -- the reason why last year, we presented the (inaudible) split between the different propulsion was because based on our experience, let's say, the transition -- the technology transition, especially when they touch the energy side are not digital. It's not something that can come from one day to another. It takes time. So we are really -- we welcomed a lot the decision of e-fuel because this can -- is a further substantiation of our strategy.

所以我們沒有零錢。我們沒有零錢。我們有 - 去年我們提出不同推進力之間的（聽不清）分裂的原因是因為根據我們的經驗，比方說，過渡 - 技術過渡，特別是當它們觸及能源方面時不是數字化的。這不是可以從一天到另一天發生的事情。這需要時間。所以我們真的 - 我們非常歡迎電子燃料的決定，因為這可以 - 進一步證實了我們的戰略。

Antonio, about the FX.

安東尼奧，關於 FX。

Yes. On the FX, Thomas, I think, obviously take it with the benefit of all of us living in a world of significant financial volatility. If the spot rate of U.S. dollar to euro remains more or less where we are today, we expect this to remain -- to have more or less a neutral impact year-over-year. Obviously, it depends if it goes -- if the euro strength becomes much stronger, this could be an assumption to be reviewed.

是的。在 FX 方面，我認為 Thomas 顯然是為了讓我們所有人都受益，因為我們生活在一個金融動蕩的世界中。如果美元兌歐元的即期匯率或多或少保持在我們今天的水平，我們預計這種情況將保持不變——或多或少對同比產生中性影響。顯然，這取決於它是否繼續——如果歐元走強，這可能是一個需要審查的假設。

We will now take the next question. It comes from the line of Adam Jonas from Morgan Stanley.

我們現在開始下一個問題。它來自摩根士丹利的 Adam Jonas 系列。

This is [Matthias] here on behalf of Adam. So China, Hong Kong and Taiwan hit 11% of deliveries this quarter. And we know that you got to do some front-loading of that in the region but just curious how you see this heading into 2025 based on your forward book.

我是 [Matthias] 代表 Adam 在這裡。因此，本季度中國、香港和台灣的交付量達到了 11%。我們知道您必須在該地區做一些前期工作，但只是好奇您如何根據您的前瞻性書籍看待 2025 年的發展。

You may take this one.

你可以拿這個。

Okay. On China, I think this quarter has been rather front-loaded, meaning, Matthias, we had a chunk of deliveries to China, which has been comparatively higher, within, let me say, sort of target for the year of about 10% of total deliveries to that region. When looking at the future years, I think we stated already at the Capital Market Day that we expect our shares of deliveries to China to not exceed significantly the 10% mark.

好的。在中國，我認為這個季度已經相當提前了，這意味著，馬蒂亞斯，我們向中國交付了大量貨物，這相對較高，在我說的今年約 10% 的目標範圍內到該地區的總交付量。展望未來幾年，我認為我們已經在資本市場日表示，我們預計我們對中國的交付份額不會顯著超過 10% 大關。

So it's a quarter that is fully in line with our strategy. Yes.

所以這是一個完全符合我們戰略的季度。是的。

We will now take the next question. It comes from John Murphy from Bank of America.

我們現在開始下一個問題。它來自美國銀行的 John Murphy。

This is actually John Babcock on the line for John Murphy. Just one question. Could you talk about the opportunity you have to take up price on your vehicles?

這實際上是 John Babcock 接聽 John Murphy 的電話。只有一個問題。你能談談你必須為你的車輛定價的機會嗎？

Opportunity to take, to take up prices. Look, it's a good question. As we said throughout the year and last year and what we are doing now, we are -- we said that we were going to increase mid-single digit selected model on -- and that's what we are doing. So we saw this opportunity and we are using it. So I think it's also important that we value properly, what we are offering to our client and they fully understand it.

趁機拿價。看，這是個好問題。正如我們在全年和去年所說的以及我們現在正在做的那樣，我們是 - 我們說過我們將增加中個位數的選定模型 - 這就是我們正在做的。所以我們看到了這個機會，我們正在利用它。所以我認為我們正確地重視我們向客戶提供的東西並且他們完全理解它也很重要。

We will now take the next question. It comes from the line of Tom Narayan from RBC CM.

我們現在開始下一個問題。它來自 RBC CM 的 Tom Narayan 系列。

Yes. Tom Narayan, RBC. So hybrids were 35% of shipments in Q1. Curious if you could talk about the demographics of these customers, age or the -- are they new to the brand? Just curious if there's any read-throughs as we can think about your electrification path ahead.

是的。湯姆·納拉揚 (Tom Narayan)，加拿大皇家銀行。因此，混合動力汽車佔第一季度出貨量的 35%。想知道您是否可以談談這些客戶的人口統計數據、年齡或——他們是該品牌的新手嗎？只是好奇是否有任何通讀，因為我們可以考慮您未來的電氣化道路。

And then just a quick follow-up on the Purosangue relaunch in 2026. Could the pricing be raised? I know the initial pricing, given the strong demand, it would suggest you could raise it. Just curious if the pricing could be raised.

然後只是對 2026 年 Purosangue 重新啟動的快速跟進。可以提高定價嗎？我知道最初的定價，鑑於強勁的需求，建議你可以提高它。只是好奇是否可以提高定價。

And then lastly, a follow-up on e-fuels. One hurdle potentially for e-fuels is infrastructure needed, right, for fueling, et cetera. Curious if you could share any comments on how you think that might develop. I know that the EUs or governments are definitely supportive of it but certainly would require an investment there.

最後，關於電子燃料的後續行動。電子燃料的一個潛在障礙是需要基礎設施，對，用於加油等。想知道您是否可以就您認為這可能如何發展發表任何評論。我知道歐盟或政府肯定會支持它，但肯定需要在那裡進行投資。

Okay. So Tom, thank you for your question. Let's talk -- let's start from the demographics of the hybrid. This is something that we are looking carefully because we are also interested to understand what's happening. And I can tell you that any quarter, we have a look at these numbers and we don't see there a specific pattern. So we have -- if you want, we have the same client that is buying the hybrid and ICE. We have a client that entered the Ferrari World through the hybrid and then they buy the ICE or vice versa. And also, if you see the pattern across the continents or across the, let's say, the age, we don't see really a pattern. So this is a very interesting question that we are always making ourselves.

好的。湯姆，謝謝你的提問。讓我們談談 - 讓我們從混合動力車的人口統計數據開始。這是我們正在仔細研究的事情，因為我們也有興趣了解正在發生的事情。我可以告訴你，在任何一個季度，我們都會查看這些數字，但我們看不到特定的模式。所以我們有 - 如果你願意，我們有相同的客戶購買混合動力車和 ICE。我們有一個客戶通過混合動力進入法拉利世界，然後他們購買了 ICE，反之亦然。而且，如果你看到跨大陸或跨時代的模式，比方說，我們看不到真正的模式。所以這是一個非常有趣的問題，我們一直在問自己。

We wanted to report in this quarter this important target. Basically 35% of them are hybrid. We also checked the average age of the clients that buy hybrid or the red or the yellow in the chart that Antonio was presenting, there is no difference. So this is the first question.

我們想在本季度報告這個重要目標。基本上其中 35% 是混合動力車。我們還檢查了購買混合動力車或安東尼奧展示的圖表中的紅色或黃色客戶的平均年齡，沒有區別。所以這是第一個問題。

The second question is, the Purosangue, today we said that we are reopening with deliveries in 2026. Usually, we do not comment about the price increases so long in the time. You can make your own assumption but we do not want to discuss specifically on this point.

第二個問題是，Purosangue，今天我們說我們將在 2026 年重新開放交付。通常，我們不會評論這麼長時間的價格上漲。你可以做出自己的假設，但我們不想在這一點上具體討論。

The last one, maybe I misunderstood your question about the e-fuel, it's something that can fit in our engines as it is. We are already doing a test with different kinds of fuels that are not fossil derived. The infrastructure is the same. Clearly, you have to produce it. So you have to combine the CO2 of the atmosphere with hydrogen coming from the water. But infrastructure is the same.

最後一個，也許我誤解了你關於電子燃料的問題，它是一種可以直接安裝在我們發動機中的東西。我們已經在用非化石衍生的不同種類的燃料進行測試。基礎設施是一樣的。顯然，你必須生產它。所以你必須將大氣中的二氧化碳與水中的氫結合起來。但基礎設施是一樣的。

An area where we are working a lot, together our partners, is to make sure that in case there is a clear mandate to recognize the e-fuel because you need to feed that e-fuel in the car, where we need to work and we are working already with partners to make sure that the e-fuel is properly recognized versus the fossil fuel. This is -- there is no -- really no modification required in the infrastructure.

我們與合作夥伴一起努力工作的一個領域是確保萬一有明確的授權來識別電子燃料，因為您需要在我們需要工作的汽車中提供電子燃料，並且我們已經在與合作夥伴合作，以確保正確識別電子燃料與化石燃料。這是——沒有——真的不需要對基礎設施進行任何修改。

Yes. I guess I wasn't referring to your infrastructure but more of the fueling infrastructure, petrol stations, et cetera.

是的。我想我指的不是您的基礎設施，而是更多的加油基礎設施、加油站等。

It's the same, Tom, (inaudible). I mean clearly, in the production of the fuel, there is a difference because you don't have to dig a hole in the earth to take the oil but you have to, let's say -- like fertilizers, you have to take the CO2 from the atmosphere. But there is no difference in the distribution network.

這是一樣的，湯姆，（聽不清）。我的意思是很清楚，在燃料的生產中，這是有區別的，因為你不必在地球上挖一個洞來提取石油，但你必須，比方說——就像肥料一樣，你必須提取二氧化碳從大氣中。但在分銷網絡上沒有區別。

We will now take the next question. It comes from the line of Anthony Dick from ODDO BHF.

我們現在開始下一個問題。它來自 ODDO BHF 的 Anthony Dick 系列。

Congrats on the great results. Just a couple of follow-ups on my side. Firstly, on the Daytonas. Could you actually give us the number of Daytonas that was delivered in Q1 like you did previously for the Monzas? Also when you talked about the ramp-up of between 30 to 40 units, is that sort of the maximum capacity that you can produce? Or is that just the way that you want to sequence these deliveries?

恭喜取得好成績。我這邊只有幾個後續行動。首先，在代托納斯上。您能否像之前為 Monzas 一樣，給我們提供第一季度交付的 Daytonas 數量？另外，當你談到 30 到 40 個單位的增加時，這是你可以生產的最大產能嗎？或者這就是您想要對這些交付進行排序的方式？

And then a second question, follow-up on the personalization rates. Again, as we should see a ramp-up in Daytona deliveries, do you expect to maintain that 80% personalization considering the much higher ASP on these cars?

然後是第二個問題，跟進個性化率。同樣，正如我們應該看到代托納交付量的增加，考慮到這些汽車的平均售價要高得多，您是否希望保持 80% 的個性化？

Okay. So Anthony, the first question, Daytona we delivered in Q1, we said before, is 30. We keep staying in the quarter around 30, 40. This is -- let's say, considered in our case, the line is pretty much flexible. And this is flexible either in terms of equipment that you need to produce the cars but also in terms of ability of our employees to manage different kinds of steps. So there is no relation with maximum capacity.

好的。所以安東尼，第一個問題，我們在第一季度交付的代托納，我們之前說過，是 30。我們一直保持在 30、40 左右的季度。這是 - 假設，考慮到我們的情況，這條線非常靈活。這無論是在生產汽車所需的設備方面還是在我們員工管理不同步驟的能力方面都是靈活的。所以與最大容量沒有關係。

And the last point, the personalization rate. Maybe here, I can provide a little bit more color that will help you and the previous colleague that made this question. One big change we did in the personalization rate is that we enriched the carbon look components that are available to our clients. So if you want, there is -- there are more options available for our client that are carbon look. And usually, if you want, the carbon look components are more expensive than the others. But these are the 3 -- I think we addressed all of them, the 3 question you give us.

最後一點，個性化率。也許在這裡，我可以提供更多顏色來幫助您和提出這個問題的前同事。我們在個性化率方面所做的一大改變是我們豐富了可供客戶使用的碳外觀組件。因此，如果您願意，我們的客戶可以有更多碳纖維外觀的選擇。通常，如果你願意，碳外觀組件比其他組件更貴。但這些是 3 - 我認為我們已經解決了所有問題，即您給我們的第 3 個問題。

We will now take the last question. It comes from Gianluca Bertuzzo from Intermonte SIM.

我們現在來回答最後一個問題。它來自 Intermonte SIM 的 Gianluca Bertuzzo。

I want to jump back on the price/mix. On a full year basis, do you expect mix or price to be the biggest contributor in terms of growth for the average selling price?

我想回到價格/組合上。從全年來看，您預計組合或價格是平​​均售價增長的最大貢獻者嗎？

And a second one on the Daytona. I don't want to anticipate too much but do you expect there will be a time lag between the current Daytona and the next one, as it is, was the case with -- between the SP1 and the SP3 or it will be a smoother transition?

代托納上的第二個。我不想期望太多，但你認為當前代托納和下一個代托納之間會有時間差嗎，就像 SP1 和 SP3 之間的情況一樣，或者它會更順暢過渡？

Okay. This is the last question. So we split 50-50 between me and Antonio. So Antonio will take the price and mix.

好的。這是最後一個問題。所以我們在我和安東尼奧之間分配了 50-50。所以安東尼奧會接受價格和混合。

Price/mix, the answer is mix. So you (inaudible).

價格/組合，答案是組合。所以你（聽不清）。

The Daytona, no, I think -- look, we gave you -- I understand that you want to have all the possible detail. So as we said, 30 in Q1, 30, 40 more or less in the next quarters. And we are planning this production according, let me say, to what is also the -- which are the needs of the clients also in terms of personalization, okay, because there are a lot of carbon look component that are very important in this car model.

代托納，不，我想——看，我們給了你——我知道你想要所有可能的細節。正如我們所說，第一季度有 30 個，接下來的幾個季度或多或少有 30 個、40 個。我們正在根據客戶的個性化需求來計劃生產，好吧，因為這輛車中有很多非常重要的碳外觀組件模型。

And if your question was for the period after Daytona, please wait and (inaudible)

如果您的問題是關於代托納之後的那段時間，請稍等（聽不清）

Secrecy is important, Gianluca. We have to -- desirability is very important. So we have to...

保密很重要，詹盧卡。我們必須——合意性非常重要。所以我們必須...

Of course. And very last one, if I may. What is your assumption in terms of cost inflation for this year?

當然。最後一個，如果可以的話。您對今年成本通脹的假設是什麼？

I'll take this one. It's difficult to mention percentagewise. Anyway, I would say high single digit but it's really a mix of components. Last year, we have seen energy and metals, beginning of the year. Nowadays, these 2 components are not anymore the most relevant. Inflation is going through a number of commodities and products and components. And on top of that, labor cost is adjusting. So that's an assumption we'll see.

我要這個。很難按百分比提及。無論如何，我會說高個位數，但它實際上是多種成分的混合。去年，我們在年初看到了能源和金屬。如今，這兩個組件不再是最相關的。通貨膨脹正在影響許多商品、產品和組件。最重要的是，勞動力成本正在調整。所以這是我們將要看到的一個假設。

Last year, we saw more on energy side and it is easing down, down now. While this year, we see suppliers suffering a little bit more on the labor cost impact. That obviously has a delay of 1 year.

去年，我們在能源方面看到了更多，現在正在緩和。而今年，我們看到供應商在勞動力成本方面的影響更大一些。這顯然有 1 年的延遲。

Thank you. I would like to hand back over to Benedetto Vigna for closing remarks.

謝謝。我想把結束語交還給 Benedetto Vigna。

Thank you all. Thank you for the time you spent with us today. And also, thank you for your (inaudible) questions. The first quarter of 2023 represents really another strong start to a very robust year. And we look ahead with -- I think it's clear from the question and the answer, we look ahead with enthusiasm, energy, agility and also the confident humility that I think is always required when you are in challenging times.

謝謝你們。感謝您今天與我們共度時光。另外，感謝您提出的（聽不清）問題。 2023 年第一季度確實代表了非常強勁的一年的又一個強勁開端。我們展望未來——我認為從問題和答案中可以清楚地看出，我們以熱情、活力、敏捷以及我認為在充滿挑戰的時代總是需要的自信謙遜來展望未來。

And having said this, I wish all of you a good afternoon and thanks a lot for your time, for your questions and for your attention and meet you in a quarter time. Thanks.

說到這裡，我祝大家下午好，非常感謝你們抽出時間、提出問題和關注，下一刻再見。謝謝。

That does conclude our conference for today. Thank you for participating. You may now disconnect.

我們今天的會議到此結束。感謝您的參與。您現在可以斷開連接。