Ferrari NV (RACE) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by, and welcome to Ferrari 2023 Q2 Results Conference Call. (Operator Instructions) I would now like to hand the conference over to your speaker today, Nicoletta Russo, Head of Investor Relations. Please go ahead.

美好的一天，感謝您的耐心等待，歡迎參加法拉利 2023 年第二季度業績電話會議。 （操作員指示）我現在想將會議交給今天的發言人，投資者關係主管 Nicoletta Russo。請繼續。

Thank you, Roberto, and welcome to everyone who is joining us. Today we plan to cover the Group's Q2 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，羅伯托，歡迎所有加入我們的人。今天我們計劃報導集團 2023 年第二季度的經營業績，電話會議的持續時間預計約為 60 分鐘。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 Picca Piccon 先生主持。

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找到，在演示結束時，我們將回答您的問題。

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

在我們開始之前，請允許我提醒您，我們在今天的電話會議中可能做出的任何前瞻性陳述均受到安全港聲明中提到的風險和不確定性（包含在今天的演示文稿的第2頁），並且電話會議將受此約束語言。話雖如此，我想把電話轉給貝內代托。

Grazie Nicoletta, and thank you everyone for joining us today. I would like to start by thanking all the women and men at Ferrari for their passion, dedication and sense of belonging. Without them, without their agility and nimbleness the exceptional results of the past quarter would not have been possible. Grazie.

Grazie Nicoletta，感謝大家今天加入我們。首先，我要感謝法拉利所有員工的熱情、奉獻精神和歸屬感。沒有他們，沒有他們的敏捷性和敏捷性，上個季度的出色業績是不可能實現的。謝謝。

Definitely Q2 was a quarter dense of many positive milestones on all fronts. Four are the key messages of this call that Antonio and I intend to pass to you. One, record high exceptional results, driven by product mix and personalizations. Stronger than expected personalizations lead us to increase the full year guidance on all fronts. Two, our order book remains stunningly high across all geographies and the full product range thanks to a robust order intake. Three, the geographical pattern of our shipments in the last quarter, as in all other quarters, reflects our deliberate allocation plans along the controlled growth trajectory and are not at all correlated with the respective market traction. In the first semester our shipments grew by 4% year-over-year with all regions up. Remarkable +14% up of Mainland China, HK & Taiwan and +7% up of the Americas. Four, we are on track with our product strategy and carbon neutrality journey.

當然，第二季度在各個方面都充滿了許多積極的里程碑。安東尼奧和我想向你們傳達的這次電話會議的關鍵信息有四點。第一，在產品組合和個性化的推動下，創下了卓越的業績記錄。比預期更強的個性化使我們增加了各方面的全年指導。第二，由於訂單量強勁，我們在所有地區和全產品系列的訂單量仍然高得驚人。第三，與所有其他季度一樣，我們上一季度的出貨量地理格局反映了我們沿著受控增長軌蹟的深思熟慮的分配計劃，與各自的市場吸引力完全無關。第一季度，我們的出貨量同比增長 4%，所有地區均實現增長。中國大陸、香港和台灣增長了 14%，美洲增長了 7%。第四，我們的產品戰略和碳中和之旅正步入正軌。

So, now, let's start from our exceptional second quarter earnings. I am very pleased to highlight the following three key data. Revenues at nearly 1.5 billion Euro, up 14% versus the prior year. Even more remarkable in light of shipments substantially flat year over year. Adjusted EBITDA is about EUR 590 million, with a 40% margin. Industrial free cash flow generation at approximately EUR 140 million. Interesting to note that it took us only six months to surpass the EUR 1 billion EBITDA threshold, while it took the entire 2017 to pass that same level. A result that everyone at Ferrari contributed to reach.

現在，讓我們從我們出色的第二季度收益開始。我很高興強調以下三個關鍵數據。收入接近 15 億歐元，比上年增長 14%。更值得注意的是，出貨量同比基本持平。調整後 EBITDA 約為 5.9 億歐元，利潤率為 40%。工業自由現金流量約為 1.4 億歐元。有趣的是，我們只用了六個月的時間就超過了 10 億歐元 EBITDA 的門檻，而我們花了整個 2017 年才達到了這一水平。這一成果是法拉利每個人都做出貢獻的。

Beyond these strong financial results, in the quarter there were other important milestones which deserve to take the spotlights. Racing world first. Sunday afternoon, June 11, 2023 was an unforgettable day for Ferrari. 58 years after our last participation we returned to victory in the top class of the WEC with the podium at Le Mans, on the centenary of the world's most famous endurance race. A few days later, with a parade through the streets of the city here in Maranello and in our factory, we celebrated the victory with the 499P team, all Ferrari colleagues, our partners and our enlarged community.

除了這些強勁的財務業績之外，本季度還有其他重要的里程碑值得關注。賽車世界第一。 2023 年 6 月 11 日星期日下午對於法拉利來說是難忘的一天。距離上次參加 58 年後，我們在世界最著名的耐力賽一百週年之際，在勒芒登上了領獎台，重返 WEC 頂級賽事。幾天后，我們在馬拉內羅市的街道和我們的工廠舉行了遊行，與 499P 團隊、所有法拉利同事、我們的合作夥伴以及我們擴大的社區一起慶祝了勝利。

Why is it so important for all of us to celebrate this victory? Because, once again, it testifies the effort and the willingness to always push the boundaries of technology and innovation. Racing is our heritage and, more than ever, it is a stimulus to further innovate. It's the will to progress that we always need to keep alive, it's the inheritance of our founder that we need to nurture constantly with confident humility. With the same spirit we started, a few months ago, the F1 Championship, but with a competitiveness level below our expectations. In some recent races, such as the one of last week end in SPA-Francorchamps, we saw some signs of improvement. Clearly we want to keep improving, and we are working day and night to make our car more competitive.

為什麼慶祝這場胜利對我們所有人來說如此重要？因為，它再一次證明了我們不斷突破技術和創新界限的努力和意願。賽車是我們的傳統，它比以往任何時候都更能激勵我們進一步創新。這是我們始終需要保持活力的進步意志，是我們需要以自信的謙遜不斷培育的創始人的遺產。幾個月前，我們懷著同樣的精神開始了 F1 錦標賽，但競爭力水平低於我們的預期。在最近的一些比賽中，例如上週在 SPA-Francorchamps 舉行的比賽中，我們看到了一些改善的跡象。顯然，我們希望不斷改進，我們正在夜以繼日地工作，以使我們的汽車更具競爭力。

Now let's talk about sports cars and in particular about our newly born special limited series SF90 XX Stradale and Spider. Derived from SF90, they have more than 1,000 horsepower, are amazingly beautiful, embed the recently patented extra boost vehicle dynamics feature, directly derived from Formula 1 and they use radical new aerodynamics solutions, including a fixed rear spoiler. The last time we saw it on a Ferrari was in the mid of 90s with the F50 supercar. Apart from these unique technical features I also like to underline the strong client traction. And Infact, both of them were already sold-out to our most loyal clients prior the official unveil.

現在我們來談談跑車，特別是我們新誕生的特別限量系列SF90 XX Stradale和Spider。它們源自SF90，擁有超過1,000 馬力，非常漂亮，嵌入了最近獲得專利的額外增壓車輛動力學功能，直接源自一級方程式賽車，並且它們使用全新的空氣動力學解決方案，包括固定後擾流板。我們上次在法拉利上看到它是在 90 年代中期的 F50 超級跑車上。除了這些獨特的技術功能之外，我還想強調強大的客戶吸引力。事實上，在正式亮相之前，我們最忠實的客戶已經將這兩款產品售罄。

The extremely positive reaction to these two launches is the most recent signal to the strong desirability of our Brand. Further indicators to that are: Firstly, the enthusiastic reception to our exceptional product offering, led by the Roma Spider and Purosangue, which commenced deliveries in June, as planned; Secondly, the very robust order book in all geographies, further consolidating the visibility that we continue to enjoy, well into 2025; Thirdly, the overall persisting dynamism of the Ferrari pre-owned market which translates into sound residual values; And last but not least, the impressive attendance levels to the world of Ferrari experiences, where, as we said during last Capital Markets Day, we want to focus our attention more and more in the future.

對這兩次發布的極其積極的反應是我們品牌強烈需求的最新信號。進一步的指標是：首先，我們以 Roma Spider 和 Purosangue 為首的卓越產品受到了熱烈歡迎，這些產品按計劃於 6 月開始交付；其次，所有地區的訂單量都非常強勁，進一步鞏固了我們在 2025 年繼續享有的知名度；第三，法拉利二手車市場整體持續的活力，轉化為良好的剩餘價值；最後但並非最不重要的一點是，法拉利體驗世界的參觀人數令人印象深刻，正如我們在上一次資本市場日所說，我們希望在未來越來越多地關注這一領域。

Indeed, in the quarter we organized three highly engaging activities with our community to further strengthen the bonds. The tribute to Le Mans in France, Universo Ferrari in South Korea, Cavalcade in Italy. The Tribute to Le Mans took place with 40 crews together with Casa Ferrari, a dedicated and exclusive hospitality which saw over 500 clients, dealers and partners enjoy the race over the long weekend. It was also the stage for the launch of the Hyperclub. What is it? It is a three-year program, limited to 100 memberships already sold out, that gives privileged access to the 24 Hours of Le Mans, its on-track facilities and the 499P race team.

事實上，在本季度，我們與社區組織了三項高度參與的活動，以進一步加強聯繫。向法國勒芒、韓國法拉利和意大利 Cavalcade 致敬。向勒芒致敬活動由 40 名工作人員與 Casa Ferrari 共同舉辦，這是一場專注而獨特的招待會，超過 500 名客戶、經銷商和合作夥伴在這個長周末享受了比賽。這也是 Hyperclub 成立的舞台。它是什麼？這是一項為期三年的計劃，僅限 100 名會員，會員資格已售完，會員可享受勒芒 24 小時耐力賽、賽道設施和 499P 車隊的特權。

This is the first time we launch such a club, and its successful reception is a confirmation of the goodness of our strategy to enrich the experience we are offering to our clients. And now Universo Ferrari. Universo Ferrari is an immersive exhibition showcasing the world of Ferrari. In June we brought Maranello to Seoul. It was the first time it opened its doors in Korea, hosting more than 3,000 people spanning from clients to fans. I attended it and I could experience personally the desirability of our brand in a country where we increased our deliveries three times in the last 5 years and where the average age of our clients is well below 40 years.

這是我們第一次推出這樣的俱樂部，其成功的反響證實了我們豐富客戶體驗的戰略的良好性。現在是法拉利宇宙。 Universo Ferrari 是一個展示法拉利世界的沉浸式展覽。六月，我們將馬拉內羅帶到了首爾。這是它首次在韓國開業，接待了從客戶到粉絲的 3,000 多人。我參加了這次活動，親身體驗了我們品牌在過去 5 年交付量增加了三倍、客戶平均年齡遠低於 40 歲的國家的受歡迎程度。

For the Cavalcade instead, approximately 120 Ferraris came from all over the world to Rome. The event ended with a charity auction for initiatives to educate young people, one of the pillars of Ferrari's ESG activities. All the proceeds from the auction will go to Save the Children to support educational projects in a local school. It's very important for us to thank the local communities that host our events. We also continue tirelessly to improve the efficiency of all our processes. In Q2 we wanted to play our part in inspiring a wider change with 3 additional steps aiming to reach carbon neutrality by 2030 as we committed during the last Capital Market Day.

而 Cavalcade 則有大約 120 輛法拉利從世界各地來到羅馬。活動以教育年輕人的慈善拍賣結束，這是法拉利 ESG 活動的支柱之一。拍賣所得的所有收益將捐給救助兒童會，用於支持當地學校的教育項目。對我們來說，感謝主辦我們活動的當地社區非常重要。我們還繼續不懈地提高所有流程的效率。在第二季度，我們希望發揮自己的作用，通過另外 3 個步驟來激發更廣泛的變革，目標是到 2030 年實現碳中和，正如我們在上一個資本市場日所承諾的那樣。

The first one is, since May we have the first engine built from 100% recycled aluminum in our foundry, a prototype that we are currently testing. The second, we are on track with the construction of the E-building. We are completing the walls and we are ready to start to install the equipment in September, to be up and running in June 2024, as committed during the Capital Market Day of June 2022. In 2 years the entire building will run on renewable energy. Last but not least, we hosted over 60 sponsors and partners at our first sustainability workshop, a chance to discuss carbon-reduction projects acting as a catalyst for change.

第一個是，自 5 月份以來，我們的鑄造廠擁有第一台由 100% 再生鋁製成的發動機，我們目前正在測試該原型。第二，我們的E樓建設進展順利。我們正在完成牆壁的施工，並準備在9 月開始安裝設備，並按照2022 年6 月資本市場日期間的承諾，於2024 年6 月啟動並運行。兩年後，整個建築將使用可再生能源運行。最後但並非最不重要的一點是，我們在首屆可持續發展研討會上接待了 60 多家贊助商和合作夥伴，這是一個討論作為變革催化劑的碳減排項目的機會。

And now switching gears to the lifestyle, I like to underline that we continued to execute against our strategy with a nimble approach and we saw encouraging signs toward our vision. Le Mans was the perfect stage for a Ferrari shop in the fan zone, with an enthusiastic response from clients. In Le Mans, we also recorded an increase in average ticket at our corner boutique in Casa Ferrari as we saw in Rome with our Cavalcade clients. Lastly, our museums performed extremely well, with a +34% year-over-year traffic presence increase in the first six months.

現在轉向生活方式，我想強調，我們繼續以靈活的方式執行我們的戰略，我們看到了實現我們願景的令人鼓舞的跡象。勒芒是法拉利車迷專賣店的完美舞台，受到了客戶的熱烈反響。在勒芒，我們在 Casa Ferrari 街角精品店的平均門票也有所增加，正如我們在羅馬與 Cavalcade 客戶所看到的那樣。最後，我們的博物館表現非常出色，前六個月的客流量同比增長了 34%。

I'll now leave the stage to Antonio to enter into the earnings details.

現在我將讓安東尼奧來討論收益細節。

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

謝謝貝內代托，祝今天加入我們的每個人早上好或下午好。

Starting on page 4, we present the highlights of the second quarter results which show a robust progress of the year. In fact, as we guided last time we spoke, the second quarter of 2023 was very strong, sustained by a continuing remarkable business performance, with a rich product mix and highly personalized products. There were also positive timing effects and other occurrences, which contained our net operating expenses in the quarter and brought to the exceptionally high percentage margins that we report. Therefore, with shipments basically flat versus the prior year, Revenues were up more than 14% and Adjusted EBITDA increased roughly 32%. Adjusted EBITDA and EBIT margins reached 40% and 29.7% respectively, leading to an Adjusted Net Profit margin of 22.7%. On this basis, we have decided to upgrade our guidance for the year on all metrics, as we'll discuss in few minutes.

從第 4 頁開始，我們介紹了第二季度業績的亮點，這些業績顯示了今年的強勁進展。事實上，正如我們上次所說的那樣，2023 年第二季度非常強勁，這得益於持續卓越的業務表現、豐富的產品組合和高度個性化的產品。還有積極的時間效應和其他事件，這限制了我們本季度的淨運營費用，並帶來了我們報告的異常高的百分比利潤率。因此，在出貨量與上年基本持平的情況下，收入增長了 14% 以上，調整後 EBITDA 增長了約 32%。調整後 EBITDA 和 EBIT 利潤率分別達到 40% 和 29.7%，調整後淨利潤率為 22.7%。在此基礎上，我們決定升級今年所有指標的指導，我們將在幾分鐘內討論。

On page 5, you can see the details of the Q2 2023 shipments. As mentioned by Benedetto, in the quarter we continued to serve a very high order book, with deliveries which rebalanced the first semester and in line with our volume, geographic and product mix strategy for the year. Thus, we drove EMEA up double-digit versus the prior year, while deliveries in Americas, Mainland China, Hong Kong and Taiwan, and Rest of APAC ended up being lower compared to Q2 2022. Shipments in the quarter were mainly driven by the 296 GTB, the Roma and the Portofino M, while the 296 GTS and the 812 Competizione A were in ramp up phase. The allocations of the Daytona SP3 continued as planned and we commenced the first deliveries of the Purosangue. As we continue to execute on our electrification journey, the hybrid weight on total deliveries has further improved, reaching 43%, more than doubled compared to last year.

在第5頁，您可以看到2023年第二季度出貨量的詳細信息。正如 Benedetto 所提到的，本季度我們繼續提供非常高的訂單，第一學期的交付量重新平衡，並符合我們今年的數量、地理和產品組合戰略。因此，我們推動歐洲、中東和非洲地區的出貨量較上年增長兩位數，而美洲、中國大陸、香港和台灣以及亞太地區其他地區的出貨量最終低於2022 年第二季度。該季度的出貨量主要由296 GTB、Roma 和 Portofino M，而 296 GTS 和 812 Competizione A 正處於提升階段。 Daytona SP3 的分配繼續按計劃進行，我們開始了 Purosangue 的第一批交付。隨著我們繼續推進電氣化進程，混合動力佔總交付量的比重進一步提高，達到 43%，比去年增加了一倍多。

On page 6, you can see the walk of our Group net revenues, growing 12.8% at constant currency. The growth in cars and spare parts was driven by a richer product mix sustained by the Daytona SP3 and the 812 Competizione family, as well as a continuing very strong contribution from personalizations and pricing. Personalizations, mainly sustained by carbon look and liveries offering, 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, new sponsorships and the contribution from lifestyle activities, mainly led by entertainment and retail. Engines revenues declined in line with the reduction of supplies to Maserati, as the agreement gets closer to its maturity. Currency had a positive impact, mainly following the US dollar dynamic.

在第 6 頁上，您可以看到我們集團淨收入的變化情況，按固定匯率計算，增長了 12.8%。汽車和零部件的增長得益於 Daytona SP3 和 812 Competizione 系列所維持的更豐富的產品組合，以及個性化和定價的持續強勁貢獻。主要通過碳纖維外觀和塗裝服務維持的個性化在產品組合中廣泛分佈，佔汽車和零部件收入的 18%。贊助、商業和品牌反映了上一年更好的一級方程式排名、新的讚助以及主要由娛樂和零售主導的生活方式活動的貢獻。隨著協議接近成熟，發動機收入隨著瑪莎拉蒂供應量的減少而下降。貨幣產生了積極的影響，主要是隨著美元的動態而變化。

Moving to page 7, the change in Adjusted EBIT is explained by the following variances: Volume, flat and reflecting the quarterly allocation plans; Mix and price, strongly positive for EUR 94 million driven by, a, the richer product mix, sustained by the Daytona SP3 and the 812 Competizione and the SF90 families, the increased contribution from personalizations, and pricing; Industrial and R&D expenses grew EUR 36 million, mainly due to higher depreciation and amortization and once again, I want to flag it, continuing cost inflation, partially offset by quarterly-specific lower Formula 1 expenses, net of technology-related government incentives; SG&A were negative for EUR 15 million, mainly reflecting the company's digital infrastructure and organizational development as well as marketing activities; Other was positive for EUR 54 million, mainly reflecting the combined effect of higher commercial revenues from better prior year Formula 1 ranking and the lower costs due to the revised Formula 1 in season ranking assumptions, new sponsorships, higher contribution from lifestyle activities, and a positive adjustment to car environmental provisions due to more favorable market conditions; the total net impact of Currency was positive for EUR 20 million.

轉到第 7 頁，調整後息稅前利潤的變化由以下差異解釋： 數量、持平並反映季度分配計劃；產品組合和價格，對 9,400 萬歐元產生強勁積極影響，原因是：a、Daytona SP3、812 Competizione 和 SF90 系列所維持的更豐富的產品組合、個性化和定價的貢獻增加；工業和研發費用增長了3600 萬歐元，主要是由於折舊和攤銷增加，我想再次指出這一點，持續的成本通脹，部分被特定季度較低的一級方程式費用所抵消，扣除與技術相關的政府激勵措施； SG&A 為負數 1500 萬歐元，主要反映了公司的數字基礎設施和組織發展以及營銷活動；其他收入為5,400 萬歐元，主要反映了上一年更好的一級方程式排名帶來的更高的商業收入以及由於修改一級方程式賽季排名假設而降低的成本、新的讚助、生活方式活動的更高貢獻以及由於市場條件更加有利，汽車環保規定積極調整；貨幣的總淨影響為 2000 萬歐元。

Based on the just-listed items, we reached an exceptional EBITDA margin of 40%. Excluding the mentioned timing and other positive effects, the EBITDA margin in the quarter would have been, anyhow, the highest of the year and slightly above our full year guidance.

根據剛剛列出的項目，我們的 EBITDA 利潤率達到了 40%。排除上述時間點和其他積極影響，無論如何，本季度的 EBITDA 利潤率將是今年最高的，略高於我們的全年指導。

Turning to page 8, our Industrial free cash flow generation for the quarter was solid at EUR 138 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 yearly production planning and to the richer product mix. As flagged in the previous quarter our inventories will remain high throughout the year to preserve our agility to manage the still complex dynamics of our supply chain.

翻到第8 頁，我們本季度的工業自由現金流量穩定在1.38 億歐元，反映出盈利能力的增加，部分被營運資本、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，無論是在關係到年度生產計劃和更豐富的產品結構。正如上一季度所指出的那樣，我們的庫存全年將保持在高水平，以保持我們管理供應鏈仍然複雜的動態的靈活性。

Capital expenditures for EUR 198 million, in line with our product and infrastructure development and consistent with a full year target of approximately EUR 850 million. Net industrial debt at the end of June was EUR 331 million, higher compared to March 2023, reflecting our capital allocation strategy. We paid EUR 328 million in dividends, in line with our increased dividend policy and EUR 83 million of share repurchases in the quarter, EUR 359 million since the 2022 Capital Markets Day.

資本支出為 1.98 億歐元，與我們的產品和基礎設施開發一致，並符合約 8.5 億歐元的全年目標。截至 6 月底的工業債務淨額為 3.31 億歐元，高於 2023 年 3 月，反映了我們的資本配置策略。根據我們增加的股息政策和本季度 8300 萬歐元的股票回購，我們支付了 3.28 億歐元的股息，自 2022 年資本市場日以來支付了 3.59 億歐元。

To conclude, on page 9, we upgrade the 2023 guidance as thereby described. This is essentially driven by the trend of personalizations, that we are confident will continue stronger than originally anticipated. And higher racing revenues from sponsorships and commercial, albeit to a lesser extent. We considered all of this net of the inflationary pressure that I mentioned also for the quarter, and which leads us to confirm our percentage margins for the full year. The very robust results we presented today, together with the continuous strong momentum we are enjoying, truly give us further confidence in the execution of our business plan.

最後，在第 9 頁，我們升級了 2023 年指南，如下所述。這本質上是由個性化趨勢推動的，我們有信心這種趨勢將繼續比最初預期的更強勁。來自讚助和商業的賽車收入也更高，儘管程度較小。我們考慮了所有這些淨值，即我提到的本季度的通脹壓力，這使我們確認了全年的利潤率。我們今天公佈的非常強勁的業績，加上我們所享受的持續強勁勢頭，真正讓我們對業務計劃的執行更有信心。

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

話雖如此，我把電話轉給尼科萊塔。謝謝。

Thank you, Antonio. Roberto, we are now ready to start the Q&A session.

謝謝你，安東尼奧。羅伯托，我們現在準備開始問答環節。

(Operator Instructions) The first question is from Susy Tibaldi from UBS.

（操作員說明）第一個問題來自UBS 的Susy Tibaldi。

My first one would be on the impact of inflation that you have mentioned a few times. Would you be able to give us a quantitative indication on -- of how much this is weighing on your OpEx or profitability? And also, are you planning to make any price adjustments to offset this?

我的第一個問題是關於您多次提到的通貨膨脹的影響。您能否給我們提供一個定量指標，說明這對您的運營支出或盈利能力造成了多大影響？另外，您是否計劃進行任何價格調整來抵消這一影響？

Secondly, in the first few months of the year, have you observed any -- I mean, so far, any change in the way your consumers and prospective consumers behave. It sounds like there hasn't been really any change in the demand patterns that you're seeing. So I just wanted to confirm that and whether you expect for the rest of the year, any change at all?

其次，在今年的前幾個月，您是否觀察到——我的意思是，到目前為止，您的消費者和潛在消費者的行為方式有任何變化。聽起來您所看到的需求模式實際上並沒有任何變化。所以我只是想確認這一點，以及您是否預計今年剩餘時間會有任何變化？

And then lastly, on your e-building, which will open in mid-'24, given that the expectation of the first (inaudible) in 2025, how should we think about the ramp-up of this new e-building?

最後，關於將於 24 年中期開放的電子建築，考慮到第一座建築（聽不清）將於 2025 年建成，我們應該如何考慮這座新電子建築的升級？

Thank you, Susy. So let's start from the third one. The e-building is -- will be, let me say, up and running with all equipment in mid next year in June, exactly 2 years after we ended the Capital Market Day here. And this will be an e-building that will develop strategic component for the electric cars. But also will guarantee us the flexibility to assemble cars that are not only electric. In fact, we will start also to assemble over there car that are not electric.

謝謝你，蘇西。那麼我們就從第三個開始吧。讓我說，電子大樓將在明年六月中旬啟動並運行所有設備，也就是我們在這裡結束資本市場日的兩年後。這將是一座電子建築，將為電動汽車開發戰略組件。而且還將保證我們組裝電動汽車的靈活性。事實上，我們也將開始在那裡組裝非電動汽車。

When it comes to another important dimension to e-building, let's consider that this will be a building that will use more state-of-the-art equipment, let's say, with all the renewable energy and we'll have the flexibility that we need in a company such as Ferrari that is always pushing for uniqueness and desirability.

當談到電子建築的另一個重要方面時，讓我們考慮一下，這將是一座將使用更多最先進設備的建築，比如說，使用所有可再生能源，並且我們將擁有我們的靈活性像法拉利這樣始終追求獨特性和吸引力的公司的需求。

Another important point for the part of your question is that we are on track because we will unveil our electric Ferrari in Q4 end of 2025 and some component, as we said to you last year, will be assembled over there. So the team, I think, did a great job because we are completely on track in the last year for some components like the cement, the concrete or whatever, it was not easy. So here, if you pass by our company, you can see the [mashroom] getting taller and taller any day.

對於你的問題，另一個重要的一點是，我們正在步入正軌，因為我們將在 2025 年第四季度末推出我們的電動法拉利，正如我們去年向您所說的，一些組件將在那裡組裝。所以我認為，團隊做得很好，因為去年我們在水泥、混凝土等一些部件上完全步入正軌，這並不容易。所以在這裡，如果你路過我們公司，你可以看到[蘑菇]一天比一天長高。

The second point was about the customer, the client behavior. Well, I can tell you that we do not have any change. We don't see any change in the consumer behavior. If I go to see the order component, as I told you, very high and it goes well into 2025. Well, I see that the split among the different regions of the order book is very good. They are all growing. So we don't see any change.

第二點是關於客戶、客戶行為。好吧，我可以告訴你，我們沒有任何改變。我們沒有看到消費者行為有任何變化。如果我去看看訂單部分，正如我告訴你的那樣，非常高，並且會很好地持續到 2025 年。嗯，我看到訂單簿不同區域之間的劃分非常好。他們都在成長。所以我們沒有看到任何變化。

The only thing I can add is that there are some regions like what I mentioned before in Korea, for example, that are growing at a good pace. But all the client in all the regions are, let me say, do not show any change in their, I would say, in their pattern to order our cars.

我唯一可以補充的是，有些地區，例如我之前提到的韓國，正在以良好的速度增長。但我想說的是，所有地區的所有客戶訂購我們汽車的模式都沒有表現出任何變化。

For the inflation and the price, Antonio.

對於通貨膨脹和價格，安東尼奧。

Thanks for the question. I think what we are assuming here is to be in line with the general economy. So between 4% and 5% is an overall impact over the year. And with respect to price increases, obviously, we are mindful and willing to protect our margins and that's what we keep on doing. Obviously, at the same time, we have a strong order book so we need to manage it very carefully and basically preserve it while maintaining a clear and fair relationship with our clients.

謝謝你的提問。我認為我們在這裡的假設是與整體經濟一致。因此，全年的總體影響在 4% 到 5% 之間。顯然，在價格上漲方面，我們非常謹慎並願意保護我們的利潤，這就是我們一直在做的事情。顯然，與此同時，我們擁有強大的訂單簿，因此我們需要非常仔細地管理它，並基本上保留它，同時與客戶保持清晰和公平的關係。

And just a quick follow-up on the e-building as you're planning also to assemble some of nonelectric car. Shall we still think about this 15,000 units during the current plan as a cap? Or does the new building give you more flexibility?

這是對電子建築的快速跟進，因為您還計劃組裝一些非電動汽車。我們是否仍應考慮當前計劃中的這 15,000 台作為上限？或者說新大樓給了你更多的靈活性？

I understand there is a lot of curiosity in these numbers. What I can tell you is that we will always sell 1 car less than the market demand. And today, what the e-building will do for us is 2 things: number one, to guarantee us more flexibility, so we can accommodate more, let me say, freedom in the personalization we offer to our clients. So this is the flexibility; the second is about having a process that is more sustainable, a manufacturing process that is more sustainable because we are using state-of-the-art trends that are, let's say, help us to go in the direction of the carbon neutrality by 2030. So flexibility is key for us and use of, let me say, state-of-the-art equipment.

我知道這些數字引起了人們的好奇。我可以告訴你的是，我們永遠會比市場需求少賣一輛車。今天，電子建築將為我們做兩件事：第一，保證我們更大的靈活性，這樣我們就可以在為客戶提供的個性化服務中提供更多的自由。這就是靈活性；第二個是關於擁有一個更可持續的流程，一個更可持續的製造流程，因為我們正在使用最先進的趨勢，可以說，幫助我們在 2030 年之前朝著碳中和的方向前進. 因此，靈活性對我們和使用最先進的設備至關重要。

The next question from Giulio Pescatore from BNP Paribas.

下一個問題來自法國巴黎銀行的 Giulio Pescatore。

The first one for Antonio, on the guidance. Why should we expect a decline in margin sequentially in H2 of about 350 bps compared to the first half, especially if we consider the model momentum that you have in the second half with, I guess, higher shipments of the Purosangue, higher shipments of the Competizione, higher shipments of the GTS. So I mean your model momentum seems to be improving in the second half and you're guiding for a very steep decline in margin.

第一個是安東尼奧的，關於指導。為什麼我們應該預計下半年利潤率將比上半年下降約 350 個基點，特別是如果我們考慮到下半年的模型勢頭，我猜，Purosangue 的出貨量更高，Purosangue 的出貨量更高競爭激烈，GTS 的出貨量更高。所以我的意思是，你的模型勢頭似乎在下半年有所改善，並且你的指導利潤率將急劇下降。

And the second one on the Purosangue delivery. It feels like deliveries in the second quarter weren't very elevated. Can you maybe confirm or give us an indication of where you stand in terms of the ramp-up and if you could also give us an indication of what percentage of the full year shipments roughly will be made up of the Purosangue this year.

第二個是關於 Purosangue 交付的。感覺第二季度的交付量並沒有很高。您能否確認或向我們表明您在增長方面的立場，以及是否也可以向我們表明今年 Purosangue 大約佔全年出貨量的百分比。

Sorry, the last question on the margins. In Q2, you were not far from 30% on the EBIT level. I mean that's the upper end of your 2026 targets. And while I know that it's just one quarter and we shouldn't extrapolate, that's what you're going to tell me. But I was wondering if you are planning to maybe invite us back to Maranello potentially for the unveil of the new plant next year for an update on the business plan.

抱歉，最後一個問題在邊緣。第二季度，息稅前利潤水平離 30% 不遠了。我的意思是，這是 2026 年目標的上限。雖然我知道這只是四分之一，我們不應該推斷，但這就是你要告訴我的。但我想知道您是否計劃邀請我們回到馬拉內羅，參加明年新工廠的揭幕儀式，以了解業務計劃的最新情況。

So the last one, you are invited to come to see the plant but we will not have the Capital Market Day in June next year. I'll comment about the percentage -- okay, Purosangue, sorry. We started to deliver Purosangue in Q2 as planned. So we will ramp up basically in the second half of the year. I can tell you that the volume of the Purosangue this year will be below 10% in terms of the annual production volume.

所以最後一點，邀請您來參觀工廠，但明年六月我們不會有資本市場日。我會評論一下這個百分比——好吧，Purosangue，抱歉。我們按計劃在第二季度開始交付 Purosangue。所以下半年我們基本上會加速。我可以告訴你，今年Purosangue的產量將低於全年產量的10%。

And with respect to your first question, Giulio, thanks for that. I'll try and explain through the review of the slide, how we see the rest of the year. And now we -- Q2 basically performed, I think quite well. And Q2 was designed to be the stronger quarter of the year. I think we mentioned a couple of times in previous calls. This happened actually. And the margin for that quarter was already higher than the guidance for the full year. But it was enhanced by a couple of elements: one, some timing effect, meaning positive that were already in our numbers expected for Q3 and that happened to come earlier; some other, there were adjustments and expected adjustment to our assumption that will not be repeated; and the third element is, of course, the strong flow of personalization. That was also a surprise.

關於你的第一個問題，朱利奧，謝謝你。我將嘗試通過幻燈片的回顧來解釋我們如何看待今年剩餘的時間。現在我們——第二季度基本上表現良好，我認為相當不錯。第二季度被設計為今年表現最強勁的季度。我想我們在之前的電話中提到過幾次。這確實發生了。該季度的利潤率已經高於全年指引。但它得到了幾個因素的增強：一是一些時間效應，這意味著積極的影響已經在我們對第三季度的預期數據中，而且碰巧出現得更早；其他一些，對我們的假設進行了調整和預期調整，不再重複；第三個要素當然是個性化的強大流動。這也是一個驚喜。

At the same time, if we -- if I take out the timing impact and the, let me call it, non-repeatable element and I look at the second part of the year, I think -- then take into consideration also the inflation that is continuing stronger than we would have expected on our original numbers, it's difficult for us to guide you to a level of margins that is strongly above the level that we guided at the very beginning of the year. That's why we confirm 38%. Because obviously, the cost base is higher because of the inflation. And that's basically taking a part of the positive impact from the additional revenues from personalization responses.

與此同時，如果我們——如果我去掉時間影響和不可重複因素，我想我看看今年下半年——然後也考慮通貨膨脹這種情況持續強於我們對原始數據的預期，我們很難引導您達到遠高於我們年初指導水平的利潤水平。這就是我們確認 38% 的原因。因為顯然，由於通貨膨脹，成本基礎更高。這基本上是個性化響應帶來的額外收入所帶來的積極影響的一部分。

Okay. And just following up on that, is it fair to say that the reversal of the bonuses from Formula 1 which normally happens in Q3 and this time happened in Q2. Is it fair to say that you should be around EUR 10 million, EUR 15 million, maybe EUR 20 million, can you give us maybe an order of magnitude on this element.

好的。緊接著，可以公平地說，一級方程式獎金的逆轉通常發生在第三季度，而這次發生在第二季度。公平地說，您應該在 1000 萬歐元、1500 萬歐元、也許 2000 萬歐元左右，您能給我們這個元素的一個數量級嗎？

Yes. Hopefully, it should not happen. Not in the second nor in the third quarter or -- but anyway, it happened, we recognized in the second quarter the fact that we cannot win this year, mathematically impossible. So we basically adjusted our estimate to the assumptions to get second and the impact is approximately EUR 10 million in the quarter.

是的。希望這不會發生。不是在第二季度，也不是在第三季度，或者——但無論如何，它發生了，我們在第二季度認識到我們今年無法獲勝的事實，從數學上來說是不可能的。因此，我們基本上將我們的估計調整為獲得第二名的假設，該季度的影響約為 1000 萬歐元。

And the next question from Monica Bosio from Intesa Sanpaolo.

下一個問題來自聯合聖保羅銀行的莫妮卡·博西奧。

I have 2 questions. The first one is on Purosangue. You opened the order book for 2026. I was wondering if you can give us some flavor on how it's going in there and how long that the order book for Purosangue stands now.

我有 2 個問題。第一個是關於 Purosangue。您打開了 2026 年的訂單簿。我想知道您是否可以向我們介紹一下那裡的進展情況以及 Purosangue 的訂單簿現在能持續多久。

The second question -- I have 3 actually. The second is on China. I perfectly understand that the distribution of the shipments for the quarter do not reflect the trend of the demand. But I remember that in the first quarter, you told us that by year-end, shipments in China will not be in excess of 10%? Is it right? Can you confirm also in this occasion.

第二個問題——實際上我有3個問題。第二個是關於中國。我完全理解本季度出貨量的分佈並不能反映需求的趨勢。但我記得第一季度，您告訴我們，到年底，中國的出貨量不會超過10%？這樣對嗎？這次也能確認一下嗎？

And the third one is on the new special series. I was wondering if you can give us a flavor on the breakdown of the customers by regions, if there is a specific concentration in one region or in another. And if you think that the new special series, we carry a higher weight of personalization or not, specifically as for the carbon component.

第三個是關於新的特別系列。我想知道您能否向我們介紹一下按地區劃分的客戶細分情況，以及某個地區或另一個地區是否存在特定的集中情況。如果您認為新的特殊系列，我們是否具有更高的個性化權重，特別是對於碳組件而言。

Thank you, Monica. So let's start from the first one, the story of the Purosangue. As we told you last time in May, we re-opened the orders for 2026. And I can tell you that it's doing very well. We are collecting, let's say, orders for the final tail, okay? So here, it's -- the car continues to have a very, very strong traction.

謝謝你，莫妮卡。那麼讓我們從第一個開始，Purosangue 的故事。正如我們上次在 5 月份告訴您的那樣，我們重新開放了 2026 年的訂單。我可以告訴您，情況非常好。比如說，我們正在收集最後一條尾部的訂單，好嗎？所以在這裡，汽車仍然具有非常非常強大的牽引力。

The second one was about China shipment. You remember very well. We said that we deliberately fixed, let's say, the shares of our shipment, let me say, to 10%, 11% and I think this is -- I mean we are on track with this plan. And then about the customer, if I understand well, I will repeat what is -- if you see any change in the customer base pattern, that's what I understood.

第二個是關於中國發貨的。你記得很清楚。我們說我們故意將我們的出貨量固定為 10%、11%，我認為這是——我的意思是我們正在按計劃實施。然後關於客戶，如果我理解得很好，我會重複一下——如果你看到客戶群模式有任何變化，這就是我的理解。

Let's say, the special series, let me say that we are -- the SF90 XX, both Stradale and Spider. Let's say, we are reflecting, if you want, the same pattern of the top VIP clients. So there are some regions clearly that do not have yet too many clients, that do not have a big allocation. Because remember that the special series is reserved to the top part of our client pyramid let's say.

比如說，特別系列，讓我說我們是——SF90 XX，包括Stradale 和Spider。假設，如果你願意的話，我們正在反映頂級 VIP 客戶的相同模式。因此，有些地區顯然還沒有太多的客戶，也沒有大量的分配。因為請記住，特殊系列是保留給我們客戶金字塔的頂部的。

So the traction of this car has been very strong with people. I mean, I attended a couple of sessions of the presentation of our colleague from ingenious marketers. And I can tell you that when the car was unveiled, even without stepping in the cars, the several people -- I was with European, I was with Asian, I was with American and Japanese, they all love, let me say, the cars.

所以說這輛車對人們的牽引力一直是非常強的。我的意思是，我參加了幾次來自聰明的營銷人員的同事的演講。我可以告訴你，當汽車揭幕時，即使沒有踏上汽車，幾個人——我是歐洲人，我是亞洲人，我是美國人和日本人，他們都喜歡，讓我說，汽車。

So when it comes to the story of personalization, it's what -- I'm telling you what I said during this -- our introduction. We see this trend that is better than expected. The people are, let's say, more and more happy to add personalization to the cars. The carbon look is something that we are discovering as an interesting trend, definitely.

因此，當談到個性化的故事時，這就是我在這期間所說的話——我們的介紹。我們看到這一趨勢好於預期。可以說，人們越來越樂意為汽車添加個性化功能。我們發現碳纖維外觀確實是一種有趣的趨勢。

And the next question from Henning Cosman from Barclays.

巴克萊銀行的亨寧·科斯曼提出了下一個問題。

The first one is on the order book. I just want to make sure I'm not missing something or reading too much or too little into the attributes you're using for your order book and order intake. So when you say solid order book or robust order intake, is that in any way less than you have previously indicated. I thought we had previously talked about record as an attribute or even sold out when discussing individual model side. I just want to make sure we're not missing anything there, if there's anything that you want us to read into the attributes, if you could please let us know.

第一個是在訂單簿上。我只是想確保我沒有遺漏任何內容，也沒有對您用於訂單簿和訂單攝入量的屬性了解太多或太少。因此，當您說穩定的訂單簿或強勁的訂單量時，這是否比您之前指出的要少。我認為我們之前已經討論過唱片作為一種屬性，甚至在討論個別模型方面時已經售罄。我只是想確保我們沒有遺漏任何內容，如果您希望我們讀取屬性中的任何內容，請告訴我們。

And perhaps another way about asking about the margin trajectory in H2 as a second question. When we talk about personalization, I appreciate there was a positive surprise in H1, both Q1 and Q2 and Antonio, you said, it's reflected in the full year guidance increase already. I understand that. But could you please perhaps help us understand if we are now expecting a continuously higher personalization rates. So are we basically now at the new run rate, and we are extrapolating that? Or are your expectations for the second half that is as low as you had originally expected? And you think H1 was more of a one-off, and we're now dropping back to your original expectations, both perhaps for the full year '23 and beyond, if you could.

也許還有另一種方式來詢問下半年的利潤軌跡作為第二個問題。當我們談論個性化時，我很欣賞上半年、第一季度和第二季度都出現了積極的驚喜，安東尼奧，你說，這已經反映在全年指導增長中。我明白那個。但您能否幫助我們了解我們現在是否期望不斷提高的個性化率。那麼我們現在基本上處於新的運行速度嗎？我們正在對此進行推斷嗎？或者說你對下半年的預期是否和原來預期一樣低？您認為 H1 更像是一次性的，而我們現在正在回落到您最初的期望，如果可以的話，可能是 23 年全年及以後。

Thank you, Henning. I think that I take the first one and Antonio will take a second on the personalization trend and the margin. I like your questions. When you say solid, robust, well, for us, solid, robust means that the order book of this quarter is higher than the previous quarter. It's a good point. We'll make sure that in the next call, we'll have only one name, one adjective. But this means, for us means that today is bigger than it was. So trust us next year -- next quarter, we use only one word. The personalization and margin...

謝謝你，亨寧。我認為我會選擇第一個，而安東尼奧會在個性化趨勢和利潤方面選擇第二個。我喜歡你的問題。當你說“堅實”、“穩健”時，對我們來說，“穩健”意味著本季度的訂單量高於上一季度。這是一個好點。我們將確保在下一次通話中，我們只有一個名字和一個形容詞。但這對我們來說意味著今天比以前更大。所以請相信我們，明年——下個季度，我們只使用一個詞。個性化和利潤...

Maybe before coming to that, I think you asked us about the order intake. Be mindful that this depends also on the number of models that are available for order. So they may change from month to month. So there are periods in time when we are open for taking order for a larger number of models and some other periods, such as today, for example, where we just have 2.

也許在談到這個之前，我想你問過我們有關訂單量的問題。請注意，這還取決於可供訂購的型號數量。因此，它們可能每個月都會發生變化。因此，在某些時期我們會接受更多型號的訂單，而在其他時期，例如今天，我們只有 2 個型號。

So today, we have 2 hybrid and 2 thermal. We have 4, (inaudible).

所以今天，我們有 2 輛混合動力車和 2 輛熱力車。我們有 4 個（聽不清）。

With respect to your question, which is a very important one, personalization, I think I mentioned already on a number of times. On personalization, we give the flexibility to our clients to define what they want to have on their car between 4 and 3 months before delivery, which gives us visibility, which is partial during the course of the year. Based on what we know today, I think we are confident that for the rest of 2023, we'll remain in line with the flow that we have seen in during the first half, okay?

關於你的問題，這是一個非常重要的問題，即個性化，我想我已經多次提到過。在個性化方面，我們為客戶提供了靈活性，讓他們可以在交付前 4 到 3 個月內定義他們想要在汽車上配備什麼，這使我們能夠了解全年的部分情況。根據我們今天所了解的情況，我認為我們有信心在 2023 年剩餘時間裡，我們將保持與上半年所看到的流程一致，好嗎？

But obviously, it becomes difficult to project any further. And this has been one of the reasons why we said this is at the root of the improvement of the guidance that we have just delivered today. Hope this helps.

但顯然，進一步預測變得困難。這就是我們說這是改進我們今天剛剛發布的指導意見的根本原因之一。希望這可以幫助。

And the next question from Steve Reitman from Societe Generale.

下一個問題是來自法國興業銀行的 Steve Reitman。

Question, first of all, on the Purosangue, as you re-opened the order book for 2026 build slots, having closed it earlier this year when you said that the demand was 4 to 5x higher than you've been anticipating when you first launched the vehicle. I think the question was asked before, but I didn't quite maybe get the answer of how long is it likely that the order window is going to be open on the '26 build slots? Or are you already looking at 2027 build slots as well?

首先，關於 Purosangue 的問題，當您重新開放 2026 年建造時段的訂單時，今年早些時候關閉了訂單，當時您說需求比您首次推出時的預期高 4 到 5 倍機動車。我想這個問題之前已經被問過，但我不太可能得到答案：訂單窗口可能會在'26構建槽上打開多長時間？或者您也已經在考慮 2027 年的構建位置了嗎？

You also mentioned on the personalization that it was spread across the models. It would seem to me that it was one of the reasons why the personalization is also going up was because in order to secure even a build slot for a Purosangue, it probably makes sense for your customers to order as heavily and personalized as possible in order to increase the attractiveness and to make them a more desirable customer than a vehicle that is maybe less heavily specced.

您還提到了個性化，它分佈在各個模型中。在我看來，這也是個性化程度不斷提高的原因之一，因為為了確保 Purosangue 的構建位置，您的客戶盡可能大量訂購和個性化訂單可能是有意義的。增加吸引力並使他們成為比規格不那麼高的車輛更有吸引力的客戶。

Stephen, so you are right at the beginning, we had to stop the order -- taking order of Purosangue because the speed of order intake was 4, 5x higher than we planned. Then we settled, we organized and also with all the supply chain. So we are planning to take order on Purosangue for all 2026. Okay. This is the answer to your first question.

斯蒂芬，所以你一開始就說得對，我們不得不停止訂單——接受 Purosangue 的訂單，因為訂單接收的速度比我們計劃的高 4、5 倍。然後我們安頓下來，我們組織了所有的供應鏈。因此，我們計劃在 2026 年全年訂購 Purosangue。好的。這是你第一個問題的答案。

Clearly, when you have a car, when you have 4 seats instead of 2, you have more option on the personalization to offer to the client. But I can tell you that if I go to see the trend of the personalization across all, let me see, the model, or the car -- I mean there is a trend that is touching all our model, and this is true across all geographies. I think that the people considering that we said clearly, we do not want to increase a (inaudible). They are more tailoring the cars like their personal dress. So they're putting a lot of features. Carbon look is one of these deliveries. (inaudible), I think it is. There are a lot of features that in the past the client were not looking at so much. This is what we see. This is what we see. It can be also reflected in -- really, we see it in Europe, we see in Asia, we see in U.S. So that's where we are, Stephen.

顯然，當您擁有一輛車時，當您有 4 個座位而不是 2 個座位時，您就可以為客戶提供更多個性化選擇。但我可以告訴你，如果我去看看所有車型的個性化趨勢，讓我看看車型或汽車——我的意思是有一種趨勢正在影響我們所有的車型，這在所有車型上都是如此。地理。我認為人們考慮到我們明確表示，我們不想增加（聽不清）。他們對汽車的定制更像是對個人服裝的定制。所以他們添加了很多功能。碳纖維外觀就是其中之一。 （聽不清），我認為是的。有很多功能在過去客戶並沒有太多關注。這就是我們所看到的。這就是我們所看到的。它也可以反映在——實際上，我們在歐洲、亞洲、美國都看到了這一點。所以這就是我們現在的情況，斯蒂芬。

Are there limitations in -- that you have internally in terms of having enough craftsman to fulfill all of the desires of the customers? And how important will your new paint shop be when you open that?

你們內部在擁有足夠的工匠來滿足客戶的所有需求方面是否存在限制？當你的新油漆店開業時，它有多重要？

No, we don't have this limitation. I can tell you that for sure, when you're talking about the carbon look, the process to make carbon component is very much, let's say, hand-crafted, but we have a solid supply chain over there with different suppliers. We have really strategic relation. So we feel we are confident that we can address the personalization in the right way.

不，我們沒有這個限制。我可以肯定地告訴你，當你談論碳外觀時，製造碳部件的過程很大程度上是手工製作的，但我們擁有與不同供應商合作的穩固的供應鏈。我們有著真正的戰略關係。因此，我們有信心能夠以正確的方式解決個性化問題。

If you want the stress test we did ourselves last year overall on the volume increase, it has been very helpful. And [posterior] it has been a wise decision.

如果您想要我們去年針對交易量增長所做的壓力測試，那麼它非常有幫助。 [後]這是一個明智的決定。

And the next question from Anthony Dick from ODDO BHF.

ODDO BHF 的 Anthony Dick 提出了下一個問題。

My first question was on the EBIT bridge. You have the others bucket at EUR 54 million impact in Q2. So you mentioned some of the drivers and thank you for giving us the F1 provision amount. But can you possibly provide some further granularity into the other components of that item? And also, is that EUR 54 million just a non-repeatable impact as you mentioned? Or is there some that carried through t H2. And also in terms of the F1 provision, in particular, I think I heard that you are now basing your assumptions on the second place in the [championship] ranking. You're currently fourth place today. So I mean, hypothetically, if you were to maintain that fourth place position, should we expect the similar magnitude of provision reversal at a later point in the year?

我的第一個問題是關於息稅前利潤橋。其他方面在第二季度的影響為 5400 萬歐元。您提到了一些車手，並感謝您向我們提供 F1 撥款金額。但是您能否對該項目的其他組件提供更進一步的粒度？另外，這 5400 萬歐元是否只是您提到的不可重複的影響？或者是否有一些進行了t H2。另外，特別是在 F1 條款方面，我想我聽說您現在將您的假設建立在[錦標賽]排名第二的基礎上。您今天目前排名第四。所以我的意思是，假設，如果你要保持第四位的位置，我們是否應該預期在今年晚些時候會有類似幅度的撥備逆轉？

And then I had a quick second question on the FX impact, which turned negative in the quarter. So I was just wondering if you could provide some further information on how you expect that to evolve considering your hedging policy? And then a very small third one also, I was wondering if you could provide the amount of Daytona SP3s that you delivered in Q2?

然後我快速提出了第二個問題，即外匯影響，該影響在本季度轉為負值。所以我只是想知道您是否可以提供一些進一步的信息，說明考慮到您的對沖政策，您預計情況會如何發展？然後還有一個非常小的第三個，我想知道你們是否可以提供你們在第二季度交付的 Daytona SP3 的數量？

The questions are all for me. Let's start from the last one. I think in terms of the Daytona, we are about around 30 units in the quarter. The effects, don't be mistaken, it's actually positive, the overall impact, which is the sum up of the impact of the hedges of last year and the negatives in terms of the exchange rate. So its the second -- the second before last column in the EBIT chart. In terms of the reconciliation between what we have in other and what we have in terms of the revenues from, let me say, items that are different from cars, parts and engines, I think it's important that I explained -- in other, we have all the positives that come from rising revenues and we have obviously, the portion which is related to ranking, our positioning in the F1 championship. And then we have, let me call, non-repeatable items. In this quarter, already non-repeatable, I think we have the downward adjustment of the provisions for the carbon emissions which is about EUR 10 million in the quarter.

這些問題都是給我的。我們從最後一個開始吧。我認為就 Daytona 而言，本季度我們的產量約為 30 輛。影響，不要誤會，它實際上是積極的，總體影響，這是去年對沖的影響和匯率方面的負面影響的總和。所以它是第二列——息稅前利潤圖表中最後一列的倒數第二列。就我們在​​其他方面的收入與我們在不同於汽車、零部件和發動機的產品的收入方面所擁有的收入之間的協調而言，我認為我解釋的很重要 - 在其他方面，我們我們擁有來自收入增長的所有積極因素，顯然，我們擁有與排名相關的部分，以及我們在F1 錦標賽中的定位。然後我們就有了不可重複的項目。在本季度，我認為我們已經不可重複地向下調整了碳排放規定，本季度約為 1000 萬歐元。

So this should basically allows you a full reconciliation between what you would expect from our revenues and what you have in the another EBIT column. And then you asked about the impact from possibly becoming hopefully unlikely fourth rather than second. And the impact is lower compared to what we have from the first to the second.

因此，這基本上應該可以讓您在您對我們的收入的期望與您在另一個息稅前利潤欄中的收入之間進行全面調節。然後你問了可能不太可能成為第四而不是第二的影響。與第一次到第二次相比，影響要小一些。

And the next question from Philippe Houchois from Jefferies.

下一個問題是來自 Jefferies 的 Philippe Houchois。

Thank you very much for your explanation about when you say every quarter, you're surprised by personalization. I understand that people adjust what they want in their cars in the first few months before the delivery. That was very helpful. Most of my questions were asked, and I was wondering though, about racing. You did very well in the Le Mans 24 Hour race this year. And I'm just wondering, do you think there's scope for another big racing event or whether endurance races could be repeated like 4 times a year instead of an annual event, something that would create a business, similar or kind of same spirit as what we've seen in F1 because there's been an amazing revival of F1 and there's no reason why there's no scope for other races and whether maybe you even take the lead and try to organize bigger events and that would be a bigger part of your business model?

非常感謝您的解釋，當您說每個季度時，您都會對個性化感到驚訝。據我了解，人們會在交付前的頭幾個月調整他們對汽車的需求。這非常有幫助。我的大部分問題都被問到了，但我想知道的是關於賽車的問題。今年你在勒芒 24 小時耐力賽中表現出色。我只是想知道，你認為還有舉辦另一場大型賽車賽事的空間嗎？或者耐力賽是否可以每年重複四次，而不是一年一度的賽事，這會創造一種商業，類似於或有點相同的精神我們在 F1 中看到了這一點，因為 F1 出現了驚人的複興，沒有理由沒有其他比賽的空間，甚至您是否可以帶頭並嘗試組織更大的賽事，這將成為您商業模式的重要組成部分？

Yes, I take this question. So when it comes to racing today, let's say, we have, I would say, 3 areas of focus. One is F1, the second is what is the endurance where Le Mans belongs to. And the third one is more on the customer relationship management, like the Corse Clienti, the challenge the [Finali Mondiali]. Well, these are the areas where we are focused today and where we intend to be focused also for the future. So today, we want to be -- when we say that one of the values of our company is heritage and innovation when -- you know that Ferrari has been starting a lot with the endurance championships since the beginning. So we are present over there, and we are present in Formula 1, and we want to offer this kind of unique experience on the track (inaudible) our client. That's where we are.

是的，我接受這個問題。因此，當談到今天的比賽時，我想說，我們有 3 個重點領域。一是F1，二是勒芒屬於什麼耐力賽。第三個更多的是關於客戶關係管理，比如Corse Clienti，挑戰[Finali Mondiali]。嗯，這些是我們今天關注的領域，也是我們未來打算關注的領域。所以今天，當我們說我們公司的價值觀之一是傳承和創新時，我們希望——你知道法拉利從一開始就在耐力錦標賽上做了很多工作。所以我們在那裡，我們在一級方程式賽車中，我們希望在賽道上（聽不清）為我們的客戶提供這種獨特的體驗。這就是我們現在的處境。

And the next question from Tom Narayan from RBC CM.

下一個問題是來自 RBC CM 的 Tom Narayan。

A quick clarification on the e-building. So that will be ready in 2024. But I guess the first full electric Ferrari won't be introduced until the end of 2025. Just curious maybe why that gap? I understand it will also be used for ICE cars as well. But just curious if I could just understand that better. And then on Purosangue, it would be helpful to just understand some of the customer demographics the take rate there? Is it -- is there a percentage of buyers perhaps that are new to Ferrari? Presumably, this is a very different customer subset. Just curious now that you've seen some of the deliveries, who really is taking these? And then lastly, the SF90 Stradale uses a custom YASA motor, I believe. We learned recently from a luxury carmaker, recently announced they'd be using powertrain electric components from a pure-play EV maker. Just curious as to what went into your selection of the YASA. If you consider other providers here? And does this necessarily indicate how you think about your future EV aspirations?

關於電子建築的快速說明。所以這將在 2024 年準備就緒。但我猜第一輛全電動法拉利要到 2025 年底才會推出。只是好奇為什麼會出現這種差距？據我了解，它也將用於內燃機汽車。但只是好奇我是否能更好地理解這一點。然後在 Purosangue 上，了解一些客戶人口統計數據和那裡的接受率會有所幫助嗎？是否有一定比例的買家是法拉利的新手？據推測，這是一個非常不同的客戶子集。只是好奇，現在您已經看到了一些交付的貨物，到底是誰在接收這些貨物？最後，我相信 SF90 Stradale 使用定制的 YASA 電機。我們最近從一家豪華汽車製造商那裡獲悉，他們最近宣布他們將使用一家純電動汽車製造商的動力總成電子元件。只是好奇您選擇 YASA 的初衷是什麼。您是否考慮過這裡的其他提供商？這是否一定表明您如何看待未來的電動汽車願望？

Thank you, Tom. So I'll start from the first one, the story of e-building, and I understand that you want some clarification. So let's remember. June '22, we said we are going to be ready for the building in June '24, and that will happen. In June '24, we'll start to produce something in this line that is different from electric cars. Then end of '25, we will have in the building -- we will announce electric cars. And clearly, the day after -- the year after, we will have the electric car getting out of that building. So this is the schedule. And that's reason why I insisted a lot on any e-building that is on one side, flexible because it allows to build a different kind of cars. On the other side, by using renewable energy, fully renewable energy, it allows to develop strategic component for our electric cars.

謝謝你，湯姆。所以我將從第一個開始，即電子建築的故事，我理解您想要一些澄清。所以讓我們記住。 22 年 6 月，我們說過我們將在 24 年 6 月為大樓做好準備，這將會發生。 24 年 6 月，我們將開始生產與電動汽車不同的產品。然後到 25 年底，我們將在大樓裡宣布電動汽車。顯然，後天、後年，我們將讓電動汽車駛出那棟大樓。這就是時間表。這就是為什麼我非常堅持任何一側的電子建築，靈活，因為它允許建造不同類型的汽車。另一方面，通過使用可再生能源，完全可再生能源，它可以為我們的電動汽車開發戰略組件。

The second about Purosangue demographics, well, the demographics of Purosangue is not so much different from the overall demographics. What I can tell you is that very often, we will see behind the name of the Ferrarista, we will have a name of Ferrarista and men, but most of the time, the user will be the partners, the women because I told also in the previous call, when we attended the event of launch of Purosangue in September, very often, the people were asking if they could get 2 because for sure, one and the only one would have been used by the partners.

第二個是關於 Purosangue 的人口統計數據，嗯，Purosangue 的人口統計數據與整體人口統計數據沒有太大不同。我可以告訴你的是，很多時候，我們會看到法拉利斯塔的名字背後，我們會有法拉利斯塔的名字和男人，但大多數時候，用戶將是合作夥伴，女人，因為我也告訴過上一次電話會議，當我們參加9 月份的Purosangue 發布活動時，人們經常問他們是否可以得到2 個，因為可以肯定的是，一個也是唯一一個會被合作夥伴使用。

The third one is about SF90 XX. Well, when you talk about electric cars, for sure, there are 3 important blocks. One is the battery, one is the engine. And then there is another block that is very important is the power electronics in the middle. It's not one alone that is making the difference. It's the interplay of these 3 elements, the way they work together that are -- the work that make a difference. In the future, as we said in Capital Market Day, we will have also our own electric engine, F1 derived that will be used together with a new kind of electronics.

第三個是關於SF90 XX的。嗯，當你談論電動汽車時，肯定有 3 個重要的方面。一是電池，一是發動機。還有另一個非常重要的模塊是中間的電力電子設備。造成這種變化的並非只有一個人。正是這三個要素的相互作用以及它們協同工作的方式——才產生了影響。未來，正如我們在資本市場日所說，我們還將擁有自己的電動發動機，F1衍生的，將與新型電子設備一起使用。

And the next question from George Galliers from GS.

下一個問題來自 GS 的 George Galliers。

I had 2 questions really. The first one was just on special series. Given the very strong demand you always see to special series, would you consider having more than one special series in production at the same time. At the moment, it feels like you introduced them sequentially but presumably, they would be equally special if you had a special series variant of the SF90 and the 296 in production at the same time given they are 2 different models. So that was the first question.

我真的有兩個問題。第一個只是特別系列。鑑於您對特殊系列的需求一直非常強烈，您是否會考慮同時製作多個特殊系列？目前，感覺就像您按順序介紹了它們，但如果您同時生產 SF90 和 296 的特殊系列變體，那麼它們將同樣特別，因為它們是 2 個不同的型號。這是第一個問題。

The second one was whether you could just clarify where you are in terms of Daytona shipments out of the total units that you plan to deliver. Are you roughly 30% through, 50% through? Or any color there would be much appreciated.

第二個問題是，您是否可以澄清一下，就代托納的發貨量而言，您在計劃交付的總銷量中處於什麼位置。你大約完成了 30%、50% 嗎？或者任何顏色都會非常感激。

Okay. So for special series, we do not -- we limit all the superposition between special series. There is some special series superposition, sometimes between the tale of production of the previous one and the ramp-up of the following one. Think about 812 Competizione and SF90 XX Stradale. But the superposition is very minimal, okay. They are pretty much, let's say, evenly distributed.

好的。因此，對於特殊系列，我們不限制特殊系列之間的所有疊加。有一些特殊的系列疊加，有時是在上一個系列的製作故事和下一個系列的加速之間。想想 812 Competizione 和 SF90 XX Stradale。但疊加是非常小的，好吧。可以說，它們幾乎是均勻分佈的。

And then there is the other question was on the Daytona and the number of units for the quarter compared to the year. I think we can assume that we're evenly distributed for the quarter.

還有另一個問題是關於迪通拿以及本季度與去年相比的單位數量。我認為我們可以假設本季度的分配是均勻的。

And the next question is from Martino De Ambroggi from Equita.

下一個問題來自 Equita 的 Martino De Ambroggi。

My first question is a general question on the hybrid because you are now in the region of 40% of volumes in hybrid. So I know a lot depends on the mix of specific models and so on. But is there any big difference between ICE and hybrid profitability, trying to explain a trend today? And maybe also going forward?

我的第一個問題是關於混合動力的一般性問題，因為現在 40% 的銷量屬於混合動力。所以我知道很多取決於具體車型的搭配等等。但是，試圖解釋當今的趨勢時，ICE 和混合盈利能力之間有什麼大的區別嗎？也許還會繼續前進？

And the second question is on the price mix. This year, for sure, very strong. What's the speed you see and we should imagine for next year?

第二個問題是關於價格組合。今年，毫無疑問，非常強勁。您看到的以及我們明年應該想像的速度是多少？

Okay. I'll take it, Martino. I think it's important that we explain that you should not consider different margins for different power units. The way we look at the -- at our product range and its profitability is very much based on the positioning of each single car irrespective of the power unit that it carries. And with respect to the development of the mix, I think we said at the Capital Market Day, we are aiming at having a very balanced product mix over the next 4 years. This is always our goal for a number of reasons. First, because it allows us to serve our clients the best possible way. Secondly, because it allows us to manage the product development and manufacturing activities in a balanced way and ultimately, because also the profitability would move gradually up along with the development of the product range or the (inaudible)

好的。我會接受的，馬蒂諾。我認為重要的是我們要解釋一下，您不應該考慮不同功率單元的不同裕度。我們看待我們的產品系列及其盈利能力的方式很大程度上取決於每輛汽車的定位，無論其搭載的動力裝置如何。關於產品組合的發展，我想我們在資本市場日說過，我們的目標是在未來四年內擁有非常平衡的產品組合。出於多種原因，這始終是我們的目標。首先，因為它使我們能夠以最好的方式為客戶提供服務。其次，因為它使我們能夠以平衡的方式管理產品開發和製造活動，最終，因為盈利能力也會隨著產品系列或（聽不清）的發展而逐漸上升。

Thank you for your question. We are now running out of time. So we won't take any further questions. And I would like to turn the conference to Benedetto for closing remarks. Please go ahead.

謝謝你的問題。我們現在時間不多了。所以我們不會再提出任何進一步的問題。我想請貝內代托致閉幕詞。請繼續。

Thank you all. Thank you for your time and also for your questions. The second quarter of '23 really represents another important milestone for our company with the podium at Le Mans, the enthusiastic reception of both the SF90 XX Stradale and Spider and the incredible level of attendance to our client events. And this is also fueling our confidence for the development of these years. And now I would like to wish you a good afternoon, good morning, and thank you also for your attention. Thank you.

謝謝你們。感謝您抽出寶貴的時間，也感謝您提出的問題。 23 年第二季度確實代表了我們公司的另一個重要里程碑，在勒芒登上領獎台，SF90 XX Stradale 和 Spider 受到熱烈歡迎，以及我們客戶活動的出席人數令人難以置信。而這也為我們這些年的發展增添了信心。現在我想祝你們下午好，早上好，也感謝你們的關注。謝謝。

This concludes the conference for today. Thank you for participating. You may all disconnect.

今天的會議到此結束。感謝您的參與。你們都可以斷開連接。