Ferrari NV (RACE) 2023 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Ferrari Third Quarter 2023 Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加法拉利 2023 年第三季業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

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

現在我想將會議交給今天的第一位發言人，投資者關係主管 Nicoletta Russo。請繼續。

Thank you, Nadia, and welcome to everyone who is joining us. Today we plan to cover the group's Q3 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 CEO, Mr. Benedetto Vigna; and group's CFO, Mr. Antonio Picca Piccon. All relevant materials are available in the Investors section of the Ferrari corporate website. And at the end of the presentation, we will be available to answer your questions.

謝謝你，納迪亞，歡迎所有加入我們的人。今天我們計劃報告該集團 2023 年第三季的經營業績，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執行長 Benedetto Vigna 先生主持；以及集團財務長 Antonio Picca Piccon 先生。所有相關資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.

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聲明均受到今天演示文稿第2 頁中包含的安全港聲明中提到的風險和不確定性的影響。並且呼叫將受此語言管轄。

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

話雖如此，我想把電話轉給貝內代托。

Gracias, Nicoletta, and thank you everyone for joining us today. Before we begin, I would like to thank all the women and men of Ferrari for their outstanding work, all our clients for their continuous trust in our brands, and all our partners, suppliers, dealer and sponsors with whom we have continued to strengthen our relations.

感謝 Nicoletta，感謝大家今天加入我們。在我們開始之前，我要感謝法拉利所有員工的出色工作，感謝所有客戶對我們品牌的持續信任，感謝我們所有的合作夥伴、供應商、經銷商和贊助商，我們與他們一起不斷加強我們的品牌影響力。關係。

In the current macroeconomic context, we are continuing to execute our business plan in line with the trajectory outlined in the last year during our Capital Market Day. And Q3 was once again a quarter full of achievements.

在當前的宏觀經濟背景下，我們將繼續按照去年資本市場日概述的軌跡執行我們的業務計劃。第三季又是一個充滿成就的季度。

Three are the key messages we want you to focus on. One, record Q3 financial result sustaining our greater confidence towards year end guidance. Two, product and infrastructure development are well on-track in particular on the electrification side with the full electric Ferrari in prototype phase and the e-building proceeding as planned. Three, continued strong brand momentum forward towards by 2 new model launches, the 296 Challenge and 499P Modificata, an outstanding event attendance in Italy and in the United States.

我們希望您專注於三個關鍵訊息。第一，創紀錄的第三季財務業績讓我們對年底指引更有信心。第二，產品和基礎設施開發進展順利，特別是在電氣化方面，全電動法拉利正處於原型階段，電子建築也按計畫進行。第三，透過推出 296 Challenge 和 499P Modificata 這兩款新車型，繼續保持強勁的品牌勢頭，在義大利和美國的活動中表現出色。

So let's start with financial results and the business performance of our company. Q3 was a record quarter. We have all key metrics showing a double-digit growth versus the previous year. For the first time, the revenues were above EUR 1.5 billion, 24% up versus the prior year. We have a shipment 9% up. All geographic regions grew in the first 9 months.

讓我們從我們公司的財務表現和經營業績開始。第三季是創紀錄的季度。我們的所有關鍵指標都顯示與前一年相比出現了兩位數的成長。營收首次超過 15 億歐元，較上年成長 24%。我們的出貨量上漲了 9%。所有地理區域在前 9 個月均出現成長。

EBITDA about EUR 600 million and EBIT over EUR 420 million were both up about 40%, driven by product mix and personalization. And last but not least, the industrial free cash flow generation was more than EUR 300 million. These results are further proof of the strength of our business and the increase and the visibility towards the end of the years led us to revise upward the full-year outlook.

在產品組合和個人化的推動下，息稅折舊攤提前利潤 (EBITDA) 約為 6 億歐元，息稅前利潤 (EBIT) 超過 4.2 億歐元，均成長約 40%。最後但並非最不重要的一點是，工業自由現金流量超過 3 億歐元。這些結果進一步證明了我們業務的實力，而年底的成長和可見性促使我們上調了全年展望。

The vitality of our business is also confirmed by the current order book, which remains at the highest levels across all geographies and models, covering the entire 2025. And before you ask, I can already tell you that in the next few months we do not expect the order book to continue to grow since all models are substantially sold out, but one: the Roma Spider.

目前的訂單量也證實了我們業務的活力，訂單量在所有地區和型號中都保持在最高水平，涵蓋整個2025 年。在您提問之前，我已經可以告訴您，在接下來的幾個月裡，我們不會預期訂單量將繼續成長，因為所有車型都已大量售空，但只有一款：Roma Spider。

Last week at the dealer annual meeting, I spend one full day with dealers from all over the world and I received a very positive comments on the market sentiment. And by this, I mean throughout, from products to client interest and to brand experiences. And again, anticipating one of your question, I would like to underline that during the dealer annual meeting of last week, I specifically spent time with our dealers in Mainland China, which confirmed that the traction of the brand continues to be very strong.

上週在經銷商年會上，我與來自世界各地的經銷商度過了一整天，並收到了對市場情緒非常正面的評價。我的意思是從產品到客戶興趣再到品牌體驗的整個過程。再次，針對您的問題，我想強調一下，在上週的經銷商年會上，我專門與中國大陸的經銷商進行了交流，這證實了該品牌的吸引力仍然非常強勁。

We are also making progress on the future product pipeline. All projects are on track as planned. And in particular, I'm excited about the full electric Ferrari, now a prototype in testing mode. I had the pleasure to see and try it. And unfortunately, I cannot tell you more. You have to be patient. And as you know, this is part of the desirability of our brand.

我們在未來的產品線方面也取得了進展。所有項目均按計畫步入正軌。特別是，我對全電動法拉利感到興奮，它現在是處於測試模式的原型車。我很高興看到並嘗試過。不幸的是，我不能告訴你更多。你必須要有耐心。如您所知，這是我們品牌的願望的一部分。

I'm also very proud of how the e-building is progressing towards the inauguration expected in June next year, exactly 2 years later after our Capital Market Day. After finishing the walls, we started already to install the equipment to produce the selected strategic component and by Q1 2024, we will finalize the assembly line of the electric engine and e-axles.

我也對電子大樓的進展感到非常自豪，預計將於明年 6 月（也就是我們的資本市場日之後的兩年後）舉行落成典禮。完成牆壁後，我們已經開始安裝設備來生產選定的戰略部件，到 2024 年第一季度，我們將完成電動引擎和電子軸的組裝線。

Talking about our product offering, last week we unveiled 2 new standing models, both inspired by our racing DNA. In fact, the recent Finali Mondiali at our Mugello race track provided the ideal stage for the unveiling of the latest 2 addition to our portfolio.

談到我們的產品系列，上週我們推出了 2 款新的站立模型，它們的靈感都來自我們的賽車 DNA。事實上，最近在穆傑羅賽道舉行的 Finali Mondiali 為我們產品組合中最新 2 款產品的發布提供了理想的舞台。

The first one is the 296 Challenge. It is an ICE car that makes full use of experience and expertise gained by the company in the field of International GT racing. The result is a car in several respects very close to the 296 GT3 which debuted in January 2023.

第一個是296挑戰賽。這是一款充分利用了該公司在國際GT賽車領域所累積的經驗和專業知識的ICE車。結果是一輛在多個方面與 2023 年 1 月首次亮相的 296 GT3 非常接近的汽車。

And the second is the 499P Modificata. It is a strictly limited-series track cars. And the most high-performance closed-wheel car ever offered for gentlemen driver use and already fully allocated. We are the only brand offering its client the possibility to drive the newest racing car only 6 months after the debut on the racetrack in Sebring inaugurating the new Sport Prototipi Clienti program, which joins the F1 Clienti program. Once again, the Finali Mondiali, the unique reunion of the Ferrari community to celebrate the final events of our client experience on-track.

第二款是 499P Modificata。它是嚴格限量系列的軌道車。這是迄今為止為紳士駕駛員提供的高性能閉輪汽車，並且已經完全分配。我們是唯一一個為客戶提供駕駛最新賽車的機會的品牌，在賽百靈賽道首次亮相僅 6 個月後，我們就啟動了新的 Sport Prototipi Clienti 計劃，該計劃加入了 F1 Clienti 計劃。再次，Finali Mondiali，法拉利社區的獨特聚會，慶祝我們客戶在賽道上體驗的最後一場活動。

So the participation of almost 30,000 motorsport enthusiasts among clients, tifosi and employees. In talking about our community, I'm also proud to mention that the Ferrari Gala, which took place in New York in mid-October, this event was an opportunity to highlight our brand's influence on sports cars, on racing, lifestyle, and beyond, celebrating also the unique bond and share the values between Ferrari in the U.S., which goes back to the earliest days of our histories in the '50s and those strong today.

客戶、tifosi 和員工中近 30,000 名賽車運動愛好者參與其中。在談論我們的社區時，我還很自豪地提到 10 月中旬在紐約舉行的法拉利盛典，這次活動是一個機會來強調我們品牌對跑車、賽車、生活方式等方面的影響力，同時慶祝法拉利在美國的獨特聯繫並分享價值觀，可以追溯到50 年代我們歷史的早期和今天的強大。

This event was an opportunity to share a series of the unique experiences with such a passionate community. During this 3-day exhibition, we got the opportunity to get 130,000 visitors at the New York City's Hudson Yards complex, the one that you are seeing now in your chart. And an exclusive charity auction during the Ferrari Gala dinner, which raised more than $7 million. And the funds will be devoted to projects supporting education in the community because we believe that giving back is a moral obligation.

這次活動是一個與如此熱情的社區分享一系列獨特體驗的機會。在為期 3 天的展覽期間，我們有機會在紐約市的哈德遜城市廣場綜合體（您現在在圖表中看到的那個）吸引了 130,000 名參觀者。以及法拉利晚宴期間的獨家慈善拍賣，籌集了超過 700 萬美元。這些資金將專門用於支持社區教育的項目，因為我們相信回饋是一項道德義務。

This quarter, we also had the many client experiences on-road among which the Ferrari Cavalcade Classiche is the first Ferrari legacy tours dedicated to the beautiful F40, which is saw the participation of 40 owners of F40 from all over the world.

本季度，我們也獲得了許多客戶的公路體驗，其中 Ferrari Cavalcade Classiche 是第一個專門為美麗的 F40 舉辦的法拉利傳統之旅，共有來自世界各地的 40 名 F40 車主參加。

Moving to the racing world. In the World Endurance Championship, after the victory of the 24 Hours of Le Mans, the Ferrari 499P confirmed to be competitive with the podium in Italy, a fourth and fifth place in Japan, and we are looking forward to our return to action for the grand finale of the season with the 8 hours of Bahrain this coming weekend.

進入賽車世界。在世界耐力錦標賽中，繼勒芒 24 小時耐力賽奪冠后，法拉利 499P 確認將在意大利站上領獎台，在日本站獲得第四名和第五名，我們期待著重返賽場。本週末巴林8小時耐力賽將為本季壓軸大戲。

The Formula 1, the recent volumes and improvements provide us the boost to prepare ourselves for the next season. Clearly, we need to keep improving and recover our technical gap. And thus, on one side, we are strengthening the team and the Fred. In another side, we are enlarging our racing manufacturing infrastructure, which will grant us highest development speed and quality. I saw this facility this morning.

一級方程式賽車、最近的銷售和改進為我們為下個賽季做好準備提供了動力。顯然，我們需要不斷改進並彌補我們的技術差距。因此，一方面，我們正在加強團隊和弗雷德。另一方面，我們正在擴大我們的賽車製造基礎設施，這將為我們提供最高的開發速度和品質。我今天早上看到了這個設施。

We are also pleased with the renewal of the multi-year partnership with Puma will become our Formula 1 premium partners starting from next year. We also strengthened the licensing agreement with Puma for Ferrari-branded products and they became the suppliers of our racing teams and all other racing activities.

我們也很高興與彪馬續簽多年合作夥伴關係，從明年開始，彪馬將成為我們的一級方程式高級合作夥伴。我們也加強了與 Puma 的法拉利品牌產品的授權協議，他們成為我們賽車隊和所有其他賽車活動的供應商。

Continuing lifestyle, on top of this partnership that I just mentioned with Puma, Ferrari showcase its latest the Spring/Summer 2024 looks during the Milan Fashion Week, a powerful collection perceived from many editors as their absolute favorite so far. We also continue to strengthen our presence with successful activation in Pebble Beach and in New York brand event by creating our own pop-up for our clients to increase collection, awareness and visibility.

繼續生活方式，除了我剛才提到的與Puma 的合作之外，Ferrari 在米蘭時裝週期間展示了其最新的2024 年春夏造型，這是一個強大的系列，被許多編輯視為迄今為止他們絕對的最愛。我們也透過為客戶創建自己的快閃店來提高收藏、知名度和知名度，在圓石灘和紐約品牌活動中成功激活，繼續加強我們的影響力。

And we registered a record level of visitors in our museum reaching over 650,000 visitors since the beginning of January, confirming the strength of the brand and the passion of our community. For your reference, in the whole 2022 we had about 620,000 visitors. So, we still have a couple of months to go till year end.

自 1 月初以來，我們博物館的參觀人數創歷史新高，超過 65 萬名參觀者，證實了我們品牌的實力和社區的熱情。供您參考，2022 年全年我們的訪客人數約為 62 萬人次。所以，距離年底我們還有幾個月的時間。

And before leaving the stage to Antonio, one comment on our important sustainability journey. While many activities continue to run at factory level to address Scope 1 and Scope 2 emission, and we are looking carefully at energy efficiency and recycled material use, we are engaging our suppliers, our dealers to address Scope 3 emission.

在安東尼奧離開舞台之前，請對我們重要的永續發展之旅發表評論。雖然許多活動繼續在工廠層級進行，以解決範圍1 和範圍2 的排放問題，並且我們正在仔細研究能源效率和回收材料的使用，但我們正在與我們的供應商、經銷商合作解決範圍3 的排放問題。

Indeed last week during our dealer annual meeting, for the first time we also awarded the most active dealers in reducing their CO2 emission with the Green Award. And we will keep this Green Award also for the years to come to keep wide attention on this topic that is so important for our company.

事實上，在上週我們的經銷商年會上，我們也首次向在減少二氧化碳排放方面最積極的經銷商頒發了綠色獎。我們也將在未來幾年保留這一綠色獎，以保持對這個對我們公司如此重要的主題的廣泛關注。

And then now, I leave the stage to Antonio to enter into the earnings details.

現在，我將舞台留給安東尼奧討論收益細節。

Thank you, Benedetto. And good morning or afternoon to everyone joining us today. Starting on Page 4, we present the highlights of the third quarter results, a quarter which confirms the positive dynamic saw in the first part of the year and represents a further improvement compared to the expectations we had.

謝謝你，貝內代托。今天加入我們的大家早安或下午好。從第四頁開始，我們介紹了第三季業績的亮點，該季度確認了今年上半年的積極動態，並且與我們的預期相比進一步改善。

Our strong business performance was sustained by a rich product and country mix and high personalizations, leading to a remarkable double-digit growth in revenues, profitability, and industrial free-cash flow generation. With shipments single-digit higher than last year, revenues were up roughly 24%.

我們強勁的業務業績得益於豐富的產品和國家組合以及高度個人化，導致收入、獲利能力和工業自由現金流產生顯著的兩位數成長。由於出貨量比去年高出個位數，營收成長了約 24%。

Adjusted EBITDA increased 37% with a 38.6% margin. Adjusted EBIT was up 42% with a 27.4% margin, supporting a strong industrial free cash flow generation of EUR 300 million.

調整後 EBITDA 成長 37%，利潤率為 38.6%。調整後息稅前利潤成長 42%，利潤率為 27.4%，支持強勁的工業自由現金流產生 3 億歐元。

On Page 5, you can see the details of the Q3 shipments. In the quarter, we continued to serve the highest order book that Benedetto commented and we are all very proud of. Backed by the above shipments in the quarter, reflected our volume and product allocation strategy for the year and by geography.

在第5頁，您可以看到第三季出貨量的詳細資訊。在本季度，我們繼續提供貝內代托評論的最高訂單圖書，我們都對此感到非常自豪。在上述季度出貨量的支持下，反映了我們今年和按地區劃分的銷售和產品分配策略。

Thus, EMEA and Americas were up versus the prior year. Deliveries in Mainland China, Hong Kong and Taiwan decreased by a few turns and rest of APAC was substantially flat year-over-year. All regions are up in the first 9 months with Americas, benefiting from a larger share of allocations year-over-year and visibly supporting our margins.

因此，歐洲、中東和非洲地區和美洲地區的銷量較前一年上升。中國大陸、香港和台灣地區的交付量出現了幾輪下降，亞太地區其他地區的交付量比去年同期基本持平。在前 9 個月，所有地區的業績均有所增長，其中美洲地區受益於同比更大的分配份額，並明顯支撐了我們的利潤率。

The increase in shipments was driven by the 296 and SF90 families together with 812 Competizione A and the Purosangue, which were in their ramp-up phase. In the quarter, the F8 Spider was approaching the end of its lifecycle. And the allocations of the Daytona SP3 continued in line with planning.

出貨量的成長是由 296 和 SF90 系列以及正處於產能提升階段的 812 Competizione A 和 Purosangue 推動的。本季度，F8 Spider 已接近其生命週期的終點。 Daytona SP3 的分配繼續按照計劃進行。

Lastly, in the quarter, the hybrid wave on total deliveries further improved reaching 51% and surpassing that of ICE for the first time as a result of the SF90 and the 296 families contribution.

最後，在本季度，由於 SF90 和 296 系列的貢獻，混合波總交付量進一步提高，達到 51%，並首次超過 ICE。

On Page 6, you can see the net revenues reached posting a strong 26% growth at constant currency. The increase in cars and spare parts was driven by higher volumes, a richer product and country mix, as well as stronger personalizations and pricing. Personalizations further increased in absolute value in the quarter and reached approximately 19% in proportion to revenues from cars and spare parts mainly driven by paint, leverage and the use of carbon.

在第 6 頁上，您可以看到以固定匯率計算，淨收入實現了 26% 的強勁成長。汽車和零件的成長是由銷量增加、產品和國家組合更豐富以及個性化和定價更強推動的。本季個人化的絕對值進一步增加，佔汽車和零件收入的比例達到約 19%，主要由油漆、槓桿和碳的使用推動。

Sponsorship, commercial and brand reflected higher sponsorships including Formula 1 and World Endurance Championship racing activities and higher commercial revenues as a result of the better prior year Formula 1 ranking. Engines revenue declined in line with the reduction of supplies to Maserati. And please note that from Q1, 2024 we'll stop reporting such item in the bridge analysis as a result of the supply agreement coming to its natural end.

贊助、商業和品牌反映了包括一級方程式和世界耐力錦標賽賽車活動在內的更多贊助，以及由於上一年更好的一級方程式排名而帶來的更高的商業收入。引擎收入隨著瑪莎拉蒂供應量的減少而下降。請注意，從 2024 年第一季開始，由於供應協議自然終止，我們將停止在橋樑分析中報告此類項目。

Currency had a negative net impact this time mainly reflected the Chinese yuan and the Japanese yen, and secondarily the U.S. dollar dynamic.

此次貨幣方面的負面淨影響主要反映人民幣和日元，其次是美元動態。

Moving to Page 7, the change in adjusted EBIT is explained by the following variances. Volume, positive and reflecting the increase in shipments. Mix and price strongly positive for EUR 170 million thanks to the very favorable mix, both product mix sustained by the Daytona SP3, 812 Competizione A and the SF90 families, and country mix driven by Americas. And obviously to the increased contribution from personalizations and pricing.

轉到第 7 頁，調整後息稅前利潤的變化由以下差異解釋。成交量積極，反映出出貨量的增加。由於非常有利的組合，包括 Daytona SP3、812 Competizione A 和 SF90 系列所維持的產品組合，以及美洲推動的國家組合，組合和價格非常積極，達到 1.7 億歐元。顯然，個人化和定價的貢獻不斷增加。

Industrial and R&D expenses grew EUR 63 million, mainly due to higher depreciation and amortization, and raw materials and component cost inflation. SG&A were slightly negative for EUR 10 million, mainly reflecting the company's additional development and digital infrastructure.

工業和研發費用增加了 6,300 萬歐元，主要是由於折舊和攤銷增加以及原材料和零件成本上漲。 SG&A 略為負數，為 1000 萬歐元，主要反映了公司的額外開發和數位基礎設施。

Other was positive for EUR 17 million, mainly reflecting higher commercial revenues from the better prior year Formula 1 ranking and new sponsorships. The total net impact of currency was negative for EUR 23 million. With the positive net support of these variances, we reached remarkable EBITDA and EBITDA margins that we mentioned.

其他收入為 1,700 萬歐元，主要反映了去年更好的一級方程式排名和新贊助帶來的更高的商業收入。貨幣的總淨影響為負 2,300 萬歐元。在這些差異的正淨支持下，我們實現了我們提到的顯著的 EBITDA 和 EBITDA 利潤率。

Turning to Page 8, our industrial free cash flow generation for the quarter was strong at EUR 301 million, reflecting the increased profitability partially offset by capital expenditure for EUR 205 million, in line with our product and infrastructure development, and consistent with the full year target of approximately EUR 850 million, an increase in net working capital, which reflect a seasonal decrease of trade payables during the past summer as a result of our decision to carry higher inventories and accelerate our capital expenditure in the previous months.

翻到第8 頁，我們本季的工業自由現金流量強勁，達到3.01 億歐元，反映出獲利能力的增加被2.05 億歐元的資本支出部分抵消，這與我們的產品和基礎設施開發一致，也與全年一致目標約為 8.5 億歐元，淨營運資本增加，這反映了去年夏季貿易應付帳款的季節性減少，這是由於我們決定在前幾個月增加庫存並加快資本支出。

To be noted that the net contribution from advances collected on our future deliveries, including the start of French models in certain countries, was positive, but very limited in the quarter. Net industrial debt at the end of September, decreased to EUR 233 million, reflecting the solid industrial free cash flow generation in the quarter, partially offset by EUR 194 million of share repurchases.

值得注意的是，我們未來交付所收取的預付款（包括在某些國家啟動法國車型）的淨貢獻是積極的，但在本季度非常有限。 9 月底的淨工業債務減少至 2.33 億歐元，反映出本季工業自由現金流的強勁生成，部分被 1.94 億歐元的股票回購所抵銷。

To conclude on Page 9. We upgrade the guidance for the full year on the back of another very positive quarter. Q3 earnings were supported by an extremely favorable product and country mix enriched with personalizations. In addition, it benefited from timing on cost mainly related to racing in a more favorable U.S. dollar dynamics compared to our previous expectations.

第 9 頁得出結論。在又一個非常積極的季度的支持下，我們上調了全年指引。第三季的收益得益於極為有利的產品和充滿個人化的國家組合。此外，它受益於成本時機，主要與與我們先前預期相比的更有利的美元動態有關。

We expect this positive contributions to be visible also in Q4 despite the planned lower volumes allocation, higher D&A linked to product life cycles, continuing inflationary pressure, as well as a significant seasonal increase in rising expenses on one side for the development cost for the 2024 Formula 1 car, and on the other, the logistics expenses for the last overseas races or for the season.

儘管計劃的產量分配減少、與產品生命週期相關的 D&A 增加、持續的通膨壓力以及 2024 年開發成本一方面支出大幅季節性增加，但我們預計這種積極貢獻在第四季度也將顯現出來一級方程式賽車，另一方面是最後一場海外比賽或本賽季的物流費用。

All of the above augurs well for 2024, and we are confident and ready in front of its challenges. As we anticipated during our Capital Market Day, next year we expect a normalized revenues growth after the very strong start of the business plan, which will be explained front loaded. That said, we are obviously conscious of the strength of our margins, which is there and in line with our plans.

所有這些都預示著 2024 年前景光明，我們充滿信心並做好了迎接挑戰的準備。正如我們在資本市場日期間所預期的那樣，明年我們預計在業務計劃強勁啟動後收入將實現正常增長，這將在前期進行解釋。也就是說，我們顯然意識到了我們的利潤率，這是存在的並且符合我們的計劃。

Many thanks for your attention and let me now turn the call over to Nicoletta.

非常感謝您的關注，現在讓我將電話轉給 Nicoletta。

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

謝謝你，安東尼奧。納迪亞，我們現在準備開始問答環節。謝謝。

(Operator Instructions) Now we're going to take our first question. And the first question comes from the line of Adam Jonas from Morgan Stanley.

（操作員說明） 現在我們要回答第一個問題。第一個問題來自摩根士丹利的亞當喬納斯。

There was a bit cutting out there. It's Adam Jonas. Can you hear me?

那裡有一點切割。我是亞當‧喬納斯。你聽得到我嗎？

Very well, Adam.

很好，亞當。

So to comment, first question on your order book you said that you don't expect the order book to grow because you're basically sold-out. So does this mean that you're only going to take new orders at a pace that replaces your deliveries? Or you -- or you're just not taking any new orders? I'm just curious if this is unprecedented or if you're aware. I know you're relatively new to Ferrari, but whether you're aware of the situation happening before?

因此，要評論一下，關於您的訂單簿的第一個問題，您說您預計訂單簿不會增長，因為您基本上已經售罄。那麼這是否意味著您只會以取代交貨的速度接受新訂單？或者你——或者你只是不再接受任何新訂單？我只是好奇這是否是史無前例的或是你知道。我知道您對法拉利還比較陌生，但是您是否知道之前發生過的情況？

No, no look, thanks for the question, Adam. So last year -- in the last years, we had a stronger increase of order book. We expect these order book not to grow at the same speed for a couple of reasons. Number one, we are allocating final tail of Purosangue. So it's almost gone, let's say. And we cannot take orders on the -- on Roma Spiders.

不，不看，謝謝你的提問，亞當。所以去年——在過去的幾年裡，我們的訂單成長強勁。由於幾個原因，我們預計這些訂單不會以相同的速度成長。第一，我們正在分配 Purosangue 的最後尾巴。所以可以說，它幾乎消失了。我們不能接受羅馬蜘蛛隊的命令。

Clearly, we have at the special version, but the special version, let's say, are all allocated as well as the 499P Modificata. They are all allocated, but so we remain confident about the traction of our cars. I was with -- at Finale Mondiali with many clients. There were 600 clients last weekend and they were literally in love with our track cars. But clearly the speed of growth order book will not be the same as in the past.

顯然，我們有特殊版本，但是可以說，特殊版本和 499P Modificata 一樣都已分配。它們都已分配，但我們對汽車的牽引力仍然充滿信心。在Finale Mondiali，我和很多客戶在一起。上週末有 600 名客戶，他們真的很喜歡我們的軌道車。但顯然訂單成長的速度不會像過去一樣。

We have many things. Let's say we have less model to offer to the clients because they eagerly took everything we offer them. So it's a good challenge for us to keep challenge -- to keep, let me say, delighting them with unique car.

我們有很多東西。假設我們向客戶提供的模型較少，因為他們急於接受我們提供的一切。因此，對我們來說，保持挑戰是一個很好的挑戰——讓我說，用獨特的汽車讓他們感到高興。

And maybe as a follow-up. Can you remind us how that works for pricing, the mechanism from the time an order is placed, let's say, at the far end of your order book late 2025? Tell us how what is the expectation that one of Ferrari customer would have for the price paid prior to configuring versus your ability to work with them, including potentially higher prices? Not just because you can because obviously you want to treat the company -- you want the customer to promise of value. But just remind us in during times when there is very-very tight order book and it goes very-very long out, how -- confirm that you don't lock in pricing and kind of historically, how that could move, if you follow the logic of my question?

也許作為後續行動。您能否提醒我們，定價是如何運作的，即從下訂單時開始的機制，比方說，在 2025 年末訂單簿的末端？請告訴我們，一位法拉利客戶對配置前支付的價格的期望與您與他們合作的能力如何，包括可能更高的價格？不只是因為你可以，因為顯然你想善待公司——你希望客戶承諾價值。但請提醒我們，當訂單簿非常非常緊張並且訂單持續時間非常長的時候，如何確認您沒有鎖定價格以及歷史情況，如果您遵循的話，情況會如何變化我的問題的邏輯？

No, I think I follow. What I want to tell you is that it's true the order book is pretty long. I have to say that during last years, we gave a clear priority to all our dealers to engage the client. Also with on one side experiences, on the other side is with the pre-owned cars. So I have to say that and that's what also what I said to the dealer last week in Florence.

不，我想我遵循。我想告訴你的是，訂單確實很長。我必須說，在過去的幾年裡，我們明確優先考慮所有經銷商與客戶的互動。一方面是體驗，一方面是二手車。所以我必須這麼說，這也是我上週在佛羅倫薩對經銷商所說的話。

I thanked them because they did what we were committing, what we were asking them to do. And in terms of pricing flexibility, like you said, it's always you have to find the right balance in increasing the price of what is already contracted versus also not upsetting the client. I think we have the bond. And let me say the link and understanding of the client is such that we can continue to manage in the same way we did so far. So I do not expect, honestly, big troubles over there, Adam.

我感謝他們，因為他們做了我們所承諾的事、我們要求他們做的事情。在定價彈性方面，正如您所說，您始終必須在提高已簽訂合約的價格與不讓客戶感到不安之間找到適當的平衡。我認為我們有緣分。我想說的是，客戶的聯繫和理解使我們可以繼續以迄今為止的方式進行管理。所以說實話，我不認為那裡會有大麻煩，亞當。

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

下一個問題來自 Kepler Cheuvreux 的 Thomas Besson。

I have a couple of questions, please. I'd like to start first with the level of your revised 2023 target. When you compare it with 2026 targets you showed us at the Investor Day 18 months ago, so clearly you've done better than you are assuming for '22. You're going to do a lot better than you were assuming for '23. So the question is simply, is there a plan at one stage in February or maybe in June next year when we visit your EV plant to eventually raise the '26 targets? Or are you going to leave us with these '26 targets for longer? That's the first question.

我有幾個問題。我想先談談你們修訂後的 2023 年目標的水平。當你將其與 18 個月前投資者日向我們展示的 2026 年目標進行比較時，很明顯你的表現比你對 22 年的假設要好。你會比 23 年的假設做得更好。所以問題很簡單，是否有計劃在明年 2 月或可能在明年 6 月的某個階段，當我們參觀你們的電動車工廠時，最終提高 '26 的目標？或者您打算讓我們更長時間地保留這些「26 年目標」？這是第一個問題。

The second, you have fully sold everything you're going to make until the end of 2025. Can you talk about the impact this has on your residuals on existing vehicles on the road? And share with us the share of used vehicle sales in your cars and spare parts revenues and explain us whether this is going to increase? You plan to control a higher proportion of your used car business in the future or not?

第二，你已經完全賣掉了 2025 年底之前要生產的所有產品。你能談談這對道路上現有車輛的剩餘部分的影響嗎？請與我們分享二手車銷售在您的汽車和零件收入中所佔的份額，並向我們解釋這一比例是否會增加？您是否計劃未來控制更高比例的二手車業務？

So I take the first one. Thomas, thanks for the question. So we confirm the plan we shared with you one year ago. You have to wait still, let me say, a few quarters more than your visit maybe next June before we update our plan. So this is -- we will not review this before '25, okay, the year '25. So we keep -- we want to do what we committed in front of our shareholder to do in 2022.

所以我選擇第一個。托馬斯，謝謝你的提問。因此，我們確認了一年前與您分享的計劃。讓我說，您必須等待，比您明年六月訪問的時間多幾個季度，然後我們才能更新我們的計劃。所以這是——我們不會在 25 年前回顧這個，好吧，25 年。因此，我們堅持——我們希望實現我們在股東面前承諾的 2022 年要做的事情。

The second, I will start and then Antonio will add as he believes are appropriate. It's true that we are sold out. As I said, this is helping a lot on the pre-owned market. And I have to say that we see the pre-owned market pretty healthy. In some sense, yes, it can help to sell spare parts. But I would say that the thing that we see is not happening as originally we planned at the beginning of the year. I mean, it's going better than we plan. It is the personalization. The spare part, correct me Antonio, but it's pretty in line with what we saw. No?

第二個，我將開始，然後安東尼奧將添加他認為合適的內容。確實，我們已經賣完了。正如我所說，這對二手市場有很大幫助。我不得不說，我們認為二手市場相當健康。從某種意義上說，是的，它可以幫助銷售備用零件。但我想說的是，我們看到的事情並沒有按照我們年初計畫的那樣發生。我的意思是，事情比我們計劃的要好。這就是個性化。備用零件，糾正我，安東尼奧，但這與我們所看到的非常一致。不？

Absolutely. And maybe I can complement on this. In terms of pre-owned vehicles that we sell, it's really limited to the cars that we use for our events, for introducing the car, per se, but in terms of commercial strategy, so in terms of volume is really limited to a small number of pieces every year.

絕對地。也許我可以補充這一點。就我們銷售的二手車而言，它實際上僅限於我們用於活動、介紹汽車本身的汽車，但就商業策略而言，因此數量實際上僅限於少量每年的件數。

In terms of interest for controlling the market, this is not for us. It's obviously for our dealer. And we encourage our dealers, to become more and more present in the pre-owned business. That's certainly an area of further potential development for them.

從控制市場的利益來看，這不適合我們。這顯然是為了我們的經銷商。我們鼓勵我們的經銷商越來越多地參與二手車業務。這無疑是他們進一步潛在發展的領域。

Can I maybe have just a quick follow-up? Would it make sense for you, given that you've already sold almost everything you're going to make, to already start selling the BEV products you plan to show us in '25 before showing it to customers or do you want to show it first to customers?

我可以快速跟進嗎？鑑於您已經售出了幾乎所有要生產的產品，在向客戶展示之前就已經開始銷售您計劃在 25 年向我們展示的 BEV 產品，這對您來說有意義嗎？首先給客戶？

No, we will show the BEV in Q4, '25 as planned. So everyone will see, let me say, in that quarter, apart from the people that are working here, obviously, that have to see to make it happen. So it's Q4 '25, Thomas.

不，我們將按計劃在 25 年第四季度展示 BEV。因此，每個人都會看到，讓我說，在那個季度，除了在這裡工作的人之外，顯然，他們必須看到實現這一目標。現在是 25 年第四季度，托馬斯。

And the next question comes from the line of Stephen Reitman from Societe Generale.

下一個問題來自法國興業銀行的史蒂芬雷特曼。

A question first of all on the guidance for 2023. Just with simple maths, it seems to be that after a 28% margin, adjusted operating margin in the first 9 months of the year, if we take the lower end or for the 26.5% -- at least 26.5% or more, that suggests the margin could be as low as 22% in the fourth quarter, which seems very, very low compared to the momentum you've shown. And the kind of -- maybe the sort of currency adjusted underlying margin of 29.4% that you showed in the third quarter for FX impacts and hedges. So if you could maybe talk about the headwinds that you're anticipating in the fourth quarter. Obviously, we know this is a very conservative guidance you always give.

首先是關於 2023 年指引的問題。僅透過簡單的數學計算，如果我們取較低端或 26.5%，那麼在 28% 的利潤率之後，今年前 9 個月的調整後營業利潤率似乎是這樣的-- 至少26.5% 或更高，這表明第四季度的利潤率可能低至22%，與您所表現出的勢頭相比，這似乎非常非常低。也許是您在第三季針對外匯影響和對沖而顯示的 29.4% 的貨幣調整基礎利潤率。因此，您是否可以談談您預計第四季會遇到的不利因素。顯然，我們知道這是您始終給出的非常保守的指導。

And my second question is about Formula 1. And could you update us on the status of how you are with have you fully now replaced all the sponsorship that you lost, obviously Mission Winnow and Velas? Now you have a full roster, including your main sponsor. I saw you took on Virtual Gaming World, but does that now mean now you're fully -- your car is fully livery and you have everything you need?

我的第二個問題是關於一級方程式賽車的。您能否向我們介紹一下您現在的狀況，您是否已經完全更換了您失去的所有贊助（顯然是 Mission Winnow 和 Velas）？現在你有了完整的名單，包括你的主要贊助商。我看到你參加了《虛擬遊戲世界》，但這是否意味著現在你已經完全——你的車已經塗滿了製服，並且你擁有了你需要的一切？

I take the second one. Stephen, thanks for the question. And then I will ask Antonio to comment on the first one. So let me say in this way. In the last 3 years, we have been able to lower depend sponsorship wise. We have been able to lower the dependence on, let me say, on a single sponsor. Okay. So if in the past this single sponsor was accounting for more than 60% of revenues, and now if I take the biggest sponsor in our basket it's no more than 13%, 14%. So I would say that on the sponsorship wise, we have been able to enlarge the sponsor base by lowering also the dependence on a big one. So this is the answer to the Formula 1. And then Antonio.

我選第二個。史蒂芬，謝謝你的提問。然後我會請安東尼奧對第一個問題發表評論。那我就這樣說吧。在過去的三年裡，我們已經能夠降低對贊助的依賴。我們已經能夠降低對單一贊助商的依賴。好的。因此，如果過去這個單一贊助商佔收入的 60% 以上，那麼現在如果我把最大的贊助商納入我們的籃子裡，它不會超過 13%、14%。所以我想說，在贊助方面，我們已經能夠透過降低對大贊助商的依賴來擴大贊助商基礎。這就是一級方程式的答案。然後是安東尼奧。

And Stephen, I think the reasoning is the one I try and explain in words in my speech. If you look at Q4, what is different compared to the previous quarter is in terms of volumes, lower allocation to the fourth quarter. It's already design that way since the beginning of the year. Secondly, we have a specificity in terms of the overall seasonality of the spending, particularly R&D expenses to the P&L for raising.

史蒂芬，我認為我在演講中嘗試用文字解釋這一推理。如果你看一下第四季度，與上一季相比，不同之處在於數量方面，第四季度的分配較低。從今年年初開始就已經這樣設計了。其次，我們在支出的整體季節性方面有特殊性，特別是研發支出佔損益表的籌資。

If we normalize for that, even at the EBITDA margin level, we get much more in line with the rest of the year. In addition, if you go to the EBIT margin level, then you should take into consideration that DNA are going to grow in the Q4. And this is due to 2 elements, one is the start of production of a couple of new models. And the second one is our some projects that we are going to start depreciating. That are more related to our infrastructure development of the sales. And thanks for complements on being conservative.

如果我們對此進行正常化，即使在 EBITDA 利潤率水準上，我們也會與今年剩餘時間更加一致。此外，如果您考慮息稅前利潤水平，那麼您應該考慮到 DNA 將在第四季度增長。這是由於兩個因素，一是幾種新車型的開始生產。第二個是我們要開始折舊的一些項目。這更與我們的銷售基礎設施發展有關。感謝您對保守的補充。

And the next question comes from the line of Giulio Pescatore from BNP Paribas.

下一個問題來自法國巴黎銀行的 Giulio Pescatore。

And first one, I want to come back on a comment made by one of your competitors. I know you don't comment on competitors, but it was striking because they were calling out weakness in luxury cars demand, especially in North America. And what they said, it seemed very stark contrast with whatever you're saying today. So I'm not asking you to comment on competition, but just what do you think is making the difference here? Why your demand is so much healthier and resilient than some of your peers?

首先，我想回顧一下您的一位競爭對手的評論。我知道您不會評論競爭對手，但這很引人注目，因為他們指出豪華車需求疲軟，尤其是在北美。他們所說的似乎與你今天所說的話形成鮮明對比。所以我並不是叫你對競爭發表評論，而是你認為是什麼造成了這種差異？為什麼您的需求比您的一些同行更健康和有彈性？

Then second one, just a clarification. The track cars you launched, those don't count towards the 15 models expected to be launched by 2026 and the 4 models for this year? Just a clarification on that. And then very last one, the 499P. I mean, can you give us an indication on volumes and price and when do you expect deliveries to happen? And is there any reason to expect these cars to be less profitable than the limited edition ones you have launched in the past?

然後是第二個，只是澄清一下。你們推出的賽道車，那些不計入預計2026年推出的15款車型和今年推出的4款車型？只是對此進行澄清。最後一款是 499P。我的意思是，您能否向我們透露一下數量和價格以及您預計何時交貨？有沒有理由認為這些汽車的利潤會低於你們過去推出的限量版汽車？

So I start from -- so these 2 cars, they count in the 15 models also because despite the fact that they look like something else, I mean we had to put a lot of resources in engineering, in managing this product. So they count. The 296 Challenge is only ICE, is not hybrid well, well -- but there has been a lot of work done by our colleague in the engineering in the factory to make it happen.

所以我從 - 所以這兩輛車算在 15 款車型中也是因為儘管它們看起來像別的東西，我的意思是我們必須在工程和管理這個產品方面投入大量資源。所以他們算。 296 Challenge 只是 ICE，不是混合動力車，但我們工廠的工程同事已經做了很多工作才能實現這一目標。

The 499P Modificata, it's a car that comes in few 10s of it. And it is a car that, as I said, will offer our gentleman driver the possibility to drive the same experience of our, let me say, pilot that won a few months ago in Le Mans. And I would say that I want to share with you this comment that I heard for me gentlemen drivers. Last I heard in Mugello last week. No, they were very happy to have the possibility to test themselves on a racetrack with a car that, by the way, does not have even the balance of performance.

499P Modificata，這是一輛只有幾十塊錢的車。正如我所說，這輛車將為我們的紳士駕駛員提供與幾個月前在勒芒獲勝的飛行員相同的駕駛體驗。我想說的是，我想與你們分享我為先生們司機聽到的這個評論。我上週在穆傑羅聽到了最後一次消息。不，他們很高興有機會在賽道上測試自己的汽車，順便說一句，甚至沒有性能平衡。

So if, let's say, our drivers, when they are racing in the World Endurance Championship, there is a balance of performance. So they cannot go faster than they would like. The gentlemen drivers, since it is in its own, it can do even faster, so he can enjoy even more the speed of this car.

因此，假設我們的車手在參加世界耐力錦標賽時，表現是平衡的。所以他們不能走得比他們想要的更快。各位司機先生，既然是自己的，那就可以做得更快，這樣他就可以更加享受這輛車的速度了。

And then the first question, why we believe we are resilient? I would like to answer the question -- the answer, sorry, in 2 parts. I think when we're talking about Ferrari car, we are talking about an ultra-luxury car that is also addressing maybe demographics that is different from other brands. But the second I have been -- in these 3 years, 2 years, I have seen and I've met many people that are touching our brand, the (inaudible). And they have seen an attachment, a sense of bonding that is really unique. I mean, I was in Mugello last weekend, I was in Pebble Beach. And I can tell you, Giulio, that right after the car was shown, it was fully allocated. I mean the car -- there was a client close to me that started to cry, literally.

然後第一個問題，為什麼我們相信我們有彈性？我想回答這個問題——抱歉，答案分為兩部分。我認為當我們談論法拉利汽車時，我們談論的是一款超豪華汽車，它也可能解決與其他品牌不同的人口統計問題。但我第二次——在這三年、兩年裡，我看到並遇到了許多正在接觸我們品牌的人，（聽不清楚）。他們看到了一種依戀，一種真正獨特的連結感。我的意思是，上週末我在穆傑羅，我在圓石灘。我可以告訴你，朱利奧，在汽車展示後，它就被完全分配了。我指的是那輛車——我身邊有一位客戶真的開始哭了。

The bond we have with our customer, I think, is something unique and for which I will never -- I will always, let me say, thank them. Clearly, our people are doing their best, but our clients are giving -- they're trusting us. And I would always thank them for this kind of trust. So this is the long answer to your question. We are talking about different kind of people. We are talking about the kind of unique sense of belonging, sense of bonding of this client to our brand.

我認為，我們與客戶之間的連結是獨一無二的，我永遠不會——我會永遠感謝他們。顯然，我們的員工正在盡力而為，但我們的客戶也在付出——他們信任我們。我會永遠感謝他們的這種信任。這就是你問題的長答案。我們談論的是不同類型的人。我們談論的是客戶對我們品牌的獨特歸屬感和連結感。

It's very clear. I hope he didn't start crying because he saw the price tag, but yes.

非常清楚。我希望他沒有因為看到價格標籤而哭泣，但是的。

And the question comes from the line of Monica Bosio from Intesa Sanpaolo.

這個問題來自聯合聖保羅銀行 (Intesa Sanpaolo) 的莫妮卡·博西奧 (Monica Bosio)。

The first one is on the shipment allocation for the next year. I know that you cannot disclose it, but I just was wondering if you are still keen to keep a share towards China in the region of 10% or more. My second question is on the SF90 XX. Are you planning to get some advances in 2024 from the SF90 XX? And the very last one is an housekeeping question on the financial charges. Can you, Antonio, explain me better the impact at the financial charges side in the third quarter and an expectation -- rough expectation for the full year please?

第一個是關於明年的出貨分配。我知道你不能透露這一點，但我只是想知道你是否仍然熱衷於將中國的份額保持在10%或更多。我的第二個問題是關於 SF90 XX 的。您是否計劃在 2024 年從 SF90 XX 獲得一些進步？最後一個是關於財務費用的內務問題。安東尼奧，您能否更好地向我解釋一下第三季度財務費用方面的影響以及對全年的粗略預期？

Monica, so SF90 XX yes, we'll take advanced payment 2024. The rest is Antonio.

莫妮卡，所以 SF90 XX 是的，我們將在 2024 年預付款。剩下的是安東尼奧。

Yes, absolutely. In China, I think we stick to what we said at the Capital Market Day, meaning for us, China is a market around 10% in terms of share of our annual deliveries, 2024.

是的，一點沒錯。在中國，我認為我們堅持我們在資本市場日所說的，這對我們來說意味著，就 2024 年我們的年度交付份額而言，中國是一個大約 10% 的市場。

For the next year?

明年？

Yes. In terms of the impact of the purchase of the bond, it creates the gain on sale, which is simply due by the difference between the pricing of the bond at the time we booked it and the pricing at the time we repurchased it. So it's EUR 8 million financial income that we booked in Q3, and which is reducing the financial charges net for the first 9 months. As a result, for the rest of the year, we expect to be much lower compared to what we were used to in the previous years. So about half the amount that we booked.

是的。就購買債券的影響而言，它創造了銷售收益，這僅僅是由於我們預訂債券時的債券定價與我們回購債券時的定價之間的差異所致。因此，我們在第三季預訂了 800 萬歐元的財務收入，這減少了前 9 個月的財務費用淨額。因此，在今年剩餘時間裡，我們預計與前幾年相比會低得多。所以大約是我們預訂的一半。

Now I'm going take our next question. Just give us a moment. And the next question comes from the line of Susy Tibaldi from UBS.

現在我要回答下一個問題。請給我們一點時間。下一個問題來自瑞銀集團 (UBS) 的 Susy Tibaldi。

My first one is about inflation because you once again have been mentioning how inflation has been. It remains a headwind and it's been now well 11 months since your price increase earlier in the year. So I was wondering if it's something that you are contemplating for next year, or if you prefer to adjust to the pricing of the new cars, so purely through the mix? Secondly, when we think about your medium-term guidance and what has changed since the Capital Markets Day, I guess on the positive side we have seen a very resilient demand, better personalization trends, these price increases. And while on the negative side, it's been mostly the higher inflation. Is this the right way to think about these moving parts or is there something else we should take into account? And then thirdly, a more technical question, but can you give us some color on why your gross margin was much weaker in this third quarter despite the very strong mix?

我的第一個是關於通貨膨脹的，因為您再次提到了通貨膨脹的情況。這仍然是一個逆風，距離今年早些時候漲價已經過去 11 個月了。所以我想知道這是否是您明年考慮的事情，或者您是否更願意純粹透過混合來調整新車的定價？其次，當我們考慮你們的中期指導以及自資本市場日以來發生的變化時，我想從積極的一面來看，我們看到了非常有彈性的需求，更好的個性化趨勢，這些價格上漲。雖然有負面影響，但主要是通膨上升。這是思考這些活動部件的正確方法還是我們還應該考慮其他因素？第三，一個更具技術性的問題，但您能否告訴我們，為什麼儘管混合非常強勁，但第三季的毛利率卻大幅下降？

Antonio, you take the question?

安東尼奧，你回答這個問題嗎？

Yes, sure. Inflation assumption, we are thinking of price increase next year. I think we do not have just pricing for cars. I mean, our overall revenues are much wider in principle to the extent needed and subject to the conditions that Benedetto mentioned during his first answer today. I think we remain flexible and look at how costs are proceeding in order to move pricing and eventually take a decision on that going forward.

是的，當然。通貨膨脹假設，我們正在考慮明年漲價。我認為我們不僅僅有汽車定價。我的意思是，我們的整體收入原則上在需要的範圍內要廣泛得多，並受到貝內代託在今天第一次答覆中提到的條件的限制。我認為我們保持靈活性，並專注於成本進展情況，以便調整定價，並最終就此做出決定。

Second, I think you really named which are the main different elements compared to what we had in mind at the Capital Market Day last year. And so far I think the overall impact, particularly of personalization and pricing on new model, has more than offset the debt coming from cost inflation. Gross margin weaker, it depends really you should not look at that on a quarterly basis.

其次，我認為您確實指出了與我們去年資本市場日所設想的主要不同元素。到目前為止，我認為整體影響，特別是新車型的個人化和定價，已經足以抵消成本通膨帶來的債務。毛利率較弱，這實際上取決於您不應該按季度查看。

Overall, the product mix and the country mix during a single quarter make a difference obviously together with the level of personalization of the cars entailed. So we're going to take a look at that, but look at that on a wider period of time and you'll see certainly an improvement 9 months-over-9 months.

總體而言，單季的產品組合和國家組合以及所需的汽車個人化程度會產生明顯的差異。因此，我們將對此進行研究，但從更廣泛的時間段來看，您肯定會看到 9 個月比 9 個月有所改善。

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

我們的下一個問題來自高盛的喬治·加利爾斯。

The first question I had was just with respect to how to think about mix in 2024. Obviously, a lot of exciting product to come and you're in the process of ramping the Competizione A and the Purosangue. Is it safe to assume that mix next year should be positive relative to this year given that product cadence?

我的第一個問題是關於如何考慮 2024 年的混合。顯然，將會出現很多令人興奮的產品，並且您正在升級 Competizione A 和 Purosangue。鑑於產品節奏，是否可以安全地假設明年的組合相對於今年應該是積極的？

And the second question I had, Benedetto, if I may, was with respect to the electric Ferrari that you mentioned earlier, obviously a very exciting product for Ferrari. However, a few other luxury premium car makers have noted that at the very top end of their product ranges, the customers, particularly in China, have a strong preference for internal combustion engines as similar to a watch. They believe the mechanical elements have a higher level of craftsmanship and value compared to electric and digital offerings. To the extent you have discussed the Ferrari EV with certain customers as a project, have you received any similar feedback? Or do you believe that whatever car Ferrari produces will have similar level of desirability irrespective of the power plants that you put in it?

貝內代托，如果可以的話，我的第二個問題是關於您之前提到的電動法拉利，這顯然是法拉利非常令人興奮的產品。然而，其他一些豪華高檔汽車製造商指出，在其產品系列的最高端，客戶（尤其是中國客戶）對內燃機有強烈的偏好，就像手錶一樣。他們認為，與電動和數位產品相比，機械元件具有更高的製程水準和價值。就您與某些客戶討論法拉利電動車專案而言，您是否收到任何類似的回饋？或者您是否相信法拉利生產的任何汽車都會具有類似的需求水平，無論您在其中安裝什麼發電廠？

So I take the second one. So let me make an introduction, George. I think that you have to look at the way you use the technology. The technology may be the same, but what is making the difference between one company and another is the way you use the technologies. Today there are many objects, I don't mention which one, beyond the cars that are all using the same technology, but at the end of the story, one is more successful than the others. It depends how close, how that product is addressing the real, in that case, needs of the final client.

所以我選擇第二個。那麼就讓我做介紹，喬治。我認為你必須考慮使用該技術的方式。技術可能是相同的，但一家公司與另一家公司之間的區別在於您使用技術的方式。今天有很多物體，除了都使用相同技術的汽車之外，我不提哪一個，但在故事的最後，一個比其他的更成功。這取決於該產品與最終客戶的真實需求的接近程度和方式。

What I can tell you, what I can tell you and is one of the question also, I am asking the client what is their feedback when they ask some other electric cars. Well, it's clear 2 things. One, we in our company did well in 2022 during the Capital Market Day to tell that we will make the 3 kind of propulsion: the red I see, the blue, rather than the green. Why? Because we want to leave this freedom to the client. And 2, we have a client and that's what they are telling me. Some of them, they will not take the electric car. Some other will take both. Okay? Some other will get into Ferrari World, Ferrari Family I would like to say, because of electric car.

我可以告訴你什麼，我可以告訴你什麼，這也是問題之一，我問客戶當他們詢問其他一些電動車時他們的回饋是什麼。嗯，有兩件事很清楚。第一，我們公司在 2022 年資本市場日期間表現出色，表明我們將推出 3 種推進器：我看到的紅色、藍色，而不是綠色。為什麼？因為我們想把這種自由留給客戶。 2，我們有一個客戶，這就是他們告訴我的。他們中的一些人不會乘坐電動車。其他一些人會兩者兼而有之。好的？其他一些人會進入法拉利世界，法拉利家族我想說，因為電動車。

I have in mind 3 clients, okay, with whom I had a dinner. They were saying I'm pushing up for sustainability. I'm pushing a lot in my family. I have a company. I created a company in this direction. For me, the way to get in this beautiful, fantastic family is through the electric Ferrari. I cannot get in without electric Ferrari. So we will have 3 kind of people. And that is the reason why the recent development on technology landscape, I think it's giving -- is a good confirmation of our strategy. And I have to say that if you want the expert I had in the other business to manage technology transition has been helping and it will help in this direction. The first one, the product mix.

我腦子裡有 3 個客戶，好吧，我和他們一起吃過晚餐。他們說我正在推動永續發展。我對我的家庭施加了很大的壓力。我有一家公司。我朝這個方向創立了一家公司。對我來說，加入這個美麗、夢幻的家庭的方式就是透過電動法拉利。沒有電動法拉利我就進不去。所以我們會有3種人。這就是為什麼最近技術領域的發展，我認為它很好地證實了我們的策略。我必須說，如果您希望我在其他業務中的專家來管理技術轉型，那麼它一直在提供幫助，並且將在這個方向上提供幫助。第一個，產品結構。

Yes, sure. George, I think it's maybe too early to speak about 2024 in such a detail since we haven't finalized the allocations. But if you ask me gut feeling where we should be considering the product range that we have and obviously assuming same level of personalization, I should bet at least on having the same similar mix to this year.

是的，當然。喬治，我認為現在如此詳細地談論 2024 年可能還為時過早，因為我們還沒有最終確定分配。但如果你問我的直覺，我們應該在哪裡考慮我們擁有的產品系列，並且顯然假設具有相同水平的個性化，我應該打賭至少會擁有與今年相同的相似組合。

So not such a jump that we are witnessing in 2023, compared to 2022. We know that last year was mainly a volume here. The product mix this year is much richer. Next year will be too, but not at the same distance as we witnessed from last year to this one.

因此，與 2022 年相比，我們在 2023 年看到的跳躍並不是如此。我們知道去年主要是這裡的一個量。今年的產品結構更加豐富。明年也會如此，但與我們從去年到今年所見證的距離不同。

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

下一個問題來自 Equita 的 Martino De Ambroggi。

I have one short-term and one long-term question. The first is on the full year guidance because you revised upwards by more or less EUR 100 million this year your EBITDA guidance. And considering the drivers you commented, I don't know if I'm right, but I suppose Formula 1, okay, was positive, but a small personalization is by far the most important contributor because, in my view, the mix was already predefined at the beginning of the year. So you know exactly more or less what to produce. So am I right in assuming that the personalization is the big difference between the starting guidance and the current one?

我有一個短期問題和一個長期問題。第一個是全年指導，因為您今年的 EBITDA 指導上調了或多或少 1 億歐元。考慮到你評論的車手，我不知道我是否正確，但我認為一級方程式，好吧，是積極的，但一個小的個性化是迄今為止最重要的貢獻者，因為在我看來，混合已經年初預定的。所以你或多或少確切地知道要生產什麼。那麼，我認為個人化是起始指南與當前指南之間的巨大差異的假設正確嗎？

And still on the margin is the Purosangue now is in ramp-up phase, probably finalized the ramp up. Should we assume is accretive in terms of margins? And if you have an update on the volumes that you expect? Last time you guided for less than 10% of total. I don't know if there is a more precise indication at this point of the year.

仍然處於邊緣的是 Purosangue 現在處於加速階段，可能已經完成了加速。我們是否應該假設利潤率會增加？如果您有關於您期望的捲的更新嗎？上次您指導的金額不到總數的 10%。不知道今年這個時候是否有更準確的指示。

So, Martino, I'll take the second one and the first, Antonio. So first of all, we said 20% over the year, that's the limit of the Purosangue. Yes, we are in a ramp-up phase, but we expected that the margin are in line with the rest of the family. Okay?

所以，馬蒂諾，我選擇第二個，第一個，安東尼奧。首先，我們說全年成長 20%，這是 Purosangue 的極限。是的，我們正處於起步階段，但我們預期利潤率與該家族的其他公司一致。好的？

And on the first one, Martino. Yes, I think you mentioned, personalization is probably the main positive surprise that we had. We it's also fair to acknowledge the fact that we had a positive support also and it is right, compared to our initial expectations. That obviously helped.

第一個是馬蒂諾。是的，我想你提到過，個人化可能是我們獲得的主要正面驚喜。我們也公平地承認，與我們最初的期望相比，我們也得到了積極的支持，這是正確的。這顯然有幫助。

Okay. So I was referring on the volumes for the current year for the Purosangue because this year obviously is by far less than 20%. So I remember…

好的。所以我指的是 Purosangue 今年的銷量，因為今年顯然遠低於 20%。所以我記得…

Okay. Thank you, Martino. I misunderstood, because for the year [to count] the limit is 20%, yes. This year will be lower because it's a ramp-up, yes.

好的。謝謝你，馬蒂諾。我誤解了，因為今年[計算]的限制是20%，是的。是的，今年會更低，因為這是一個上升期。

Okay. And the long-term question is I know you do not want to comment on your 2026 guidance, but consensus is already in the region of EUR 2.9 billion at EUR 3 billion EBITDA. So what are your thoughts about these projection for consensus, both second Bloomberg at both FactSet and I suppose all other providers?

好的。長期問題是我知道您不想對 2026 年的指導發表評論，但共識已經在 29 億歐元和 30 億歐元的 EBITDA 範圍內。那麼，對於 FactSet 上的第二位彭博社以及我想所有其他提供者的共識預測，您有何看法？

Look, I think I have to reply in the same way I replied to your colleague. So we will upgrade and review the messaging, let's say, the plan in '25. I think that now we are fully -- I'd like to say, Martino, that we are 4 wheels on the ground to make it happen the plan that we shared with you. So let's keep going. We've 4 wheels on the ground.

聽著，我想我必須像回覆你同事一樣回覆。因此，我們將升級並審查訊息傳遞，比如說 25 年的計畫。我認為現在我們已經完全——我想說，馬蒂諾，我們有四個輪子在地上，以實現我們與您分享的計劃。所以讓我們繼續吧。我們在地面上有 4 個輪子。

And the next question comes from the line of Henning Cosman from Barclays.

下一個問題來自巴克萊銀行的亨寧·科斯曼。

I think both have become follow-up questions by now, but I'm going to try and ask anyway. So the first one on the personalization again. I think last time we discussed that you have about 3 months of visibility. And it's great to see that you've now even adjusted to the top end of the usual range of 17% to 19%. I believe you said 19% for the Q3. The question is how, do you see that trending into 2024? I think previously you were expecting this to perhaps even go to the bottom end or outside the bottom end of the range, but the dynamics seem to suggest this is going in a more positive direction if anything. So if you could please comment on if you have changed your view as to as to how you see that develop going forward.

我認為現在這兩個問題都已成為後續問題，但無論如何我都會嘗試詢問。所以第一個又是關於個人化。我想上次我們討論過你有大約 3 個月的可見度。很高興看到您現在甚至已經調整到 17% 到 19% 的通常範圍的上限。我相信你說的是第三季的 19%。問題是，您如何看待 2024 年的趨勢？我認為之前你預計這甚至可能會達到該範圍的底端或超出該範圍的底端，但動態似乎表明這正在朝著更積極的方向發展（如果有的話）。因此，如果您可以評論一下您是否改變了對未來發展的看法。

And the second question I guess is again on the mix, maybe I can ask you a bit more specifically because we are all, I think, scratching our head about the strength in '24 when you have the Daytona volumes. Maybe we could start there if you could say. Is it going to be a lot more Daytona? So will you perhaps continue with the run-rate of 30 or so per quarter and 24 as well, and stretch it over a longer period because now with the SF90 XXs and also the 299 Modificata, the 296 Challenges, it seems there might be a pretty big jump actually, Antonio, if you allow me, relative to your earlier comment?

我想第二個問題又是關於混合的，也許我可以更具體地問你一點，因為我想，當你擁有代托納卷時，我們都對 24 年的實力感到摸不著頭腦。如果你能說的話，也許我們可以從這裡開始。代托納會更多嗎？因此，您是否會繼續保持每季度 30 次左右和 24 次左右的運行率，並將其延長更長的時間，因為現在有了 SF90 XX 以及 299 Modificata、296 Challenges，似乎可能會出現安東尼奧，如果您允許的話，相對於你之前的評論，實際上有相當大的跳躍？

Look, we have -- we confirm that for the Daytona will be around 34 per quarter. So it's exactly in line with what -- we saw what we said before. When it comes we set the percentage of personalization, we expect that this 19% of Q3 to be more in the range of 18%. But maybe you recall I mentioned at Capital Market Day that were planning around 17%, which was the usual run rate. And this is actually one of the reasons we have been positively surprised this year. We have seen a stronger penetration of personalization and of rich personalization on the current product range. It's difficult to bet as of now as to the continuation of this trend for the following month, given the reduced visibility that we have. So that will be the answer of Benedetto who reflects his view.

看，我們確認 Daytona 的數量約為每季 34 場。所以這與我們之前所說的完全一致。當我們設定個人化的百分比時，我們預計第三季的 19% 會在 18% 的範圍內。但也許你還記得我在資本市場日提到的計劃約為 17%，這是通常的運行率。這實際上是我們今年感到驚訝的原因之一。我們看到個性化和豐富的個性化在當前產品系列中的滲透力更強。鑑於我們的能見度降低，目前很難押注這種趨勢在下個月會持續下去。這將是貝內代託的回答，他反映了他的觀點。

Yes. We can also say no that we are preparing, but we want at the end of the story is the client and we are planning for this, let's say, 18%.

是的。我們也可以說不，我們正在準備，但我們希望故事的最後是客戶，我們正在為此做計劃，比方說，18%。

And just to clarify the 30 to 40 Daytonas, that's also your target run-rate for 2024, correct?

為了澄清 30 到 40 代托納，這也是您 2024 年的目標運行率，對嗎？

Yes, yes that was the answer. Yes, 30, 40 per quarter also next year.

是的，是的，這就是答案。是的，明年也是每季 30、40。

Okay. And some allocation of the Modificatas as well already next year, the 499?

好的。明年也會對 Modificatas 進行一些分配，即 499？

Let's say we will start, but I don't want to be too much specific on the quarter, but sure I mean we are -- we will start also -- let's say, we will start also the 499P Modificata.

假設我們將開始，但我不想對季度進行太多具體說明，但我的意思是我們將開始 - 我們也將開始 - 比方說，我們也將開始 499P Modificata。

And the next question comes from the line of Anthony Dick from ODDO BHF.

下一個問題來自 ODDO BHF 的 Anthony Dick。

My first question is on the residual values and the pre-owned market, which you've already alluded to. So we've seen a correction in the residual values in the past few months, still above pre COVID levels, and you describe them as healthy, but still trending down a bit. I know this is an important indicator for you. So I'd be interested in having your view on this, and how does it affect your volume strategy going into 2024? Obviously not a topic for the limited series of Purosangue, but I was wondering if you could comment, for example, on the demand and order momentum for your more accessible models like the Roma Spider.

我的第一個問題是關於剩餘價值和二手市場，您已經提到過。因此，我們看到過去幾個月殘值出現修正，仍高於新冠疫情前的水平，您將其描述為健康，但仍呈下降趨勢。我知道這對你來說是一個重要的指標。因此，我有興趣了解您對此的看法，以及它對您進入 2024 年的銷售策略有何影響？顯然，這不是 Purosangue 限量系列的主題，但我想知道您是否可以評論一下，例如，您更容易獲得的型號（如 Roma Spider）的需求和訂單勢頭。

And then I have a second quick question on the decision to approve the use of crypto-currency for the purchases of Ferrari cars. So could you maybe provide some color on the extent to which you think this can enlarge your customer base? And also as a follow-up, these crypto-currency investors have not always perceived as the most stable customers. So how do you intend on managing this? Do you think it could create more volatility in your residual values?

然後我有第二個問題，關於批准使用加密貨幣購買法拉利汽車的決定。那麼您能否提供一些關於您認為這可以在多大程度上擴大您的客戶群的資訊？此外，這些加密貨幣投資者並不總是被視為最穩定的客戶。那麼您打算如何管理這個問題呢？您認為這會為您的殘值帶來更大的波動嗎？

So for the crypto-currency, we do not expect this to create any volatility because at the end of the story, there will be a conversion one-to-one real time. What I can tell you, and I was discussing with the responsible the commercial and marketing officer here, we already started to have some client and I have to say not only the people below 35 years old or the 40 that are taking their own, let's say, the present order with the crypto-currency. So it seems to what I think that I mean from the first signal, it is very well appreciated.

因此，對於加密貨幣來說，我們預計這不會造成任何波動，因為在故事結束時，將會出現一對一的即時轉換。我可以告訴你的是，我正在與這裡的商業和營銷官員負責人討論，我們已經開始有了一些客戶，我不得不說，不僅是35 歲以下的人或40 歲以下的人正在採取自己的方式，讓我們比如說，當前的加密貨幣訂單。因此，從第一個信號來看，我認為我的意思是，它受到了很好的讚賞。

And so I think it was a good move to allow people to be -- let's say, to enter our family or to use, let me say, the crypto-currency to pay for a Ferrari because we make easier the process. And they also appreciate the fact that we use the crypto-currency that by using stake let's say is pretty much sustainable. Okay. The proof of stake instead of proof of work, it allows to be sustainable.

所以我認為這是一個很好的舉措，讓人們能夠——比如說，進入我們的家庭，或者使用加密貨幣來支付一輛法拉利，因為我們讓這個過程變得更容易。他們也讚賞我們使用加密貨幣這一事實，透過使用權益可以說幾乎是可持續的。好的。權益證明而不是工作量證明，使其具有永續性。

When it comes instead to the pre-owned. Well, what I can tell you is two things. One, we did in our history many models, 250 models, if I consider it since the beginning. For us, they are all important, the new and the previous one. We have to -- the Roma Spider is the new. The pre-owned are the previous one. Well, they are all important for us, and we need and we will take more and more care of them. We want to increase the share of the pre-owned cars that go through our official dealers. We want to make sure that the car that go through great dealers is reducing more and more.

當談到二手貨時。好吧，我可以告訴你兩件事。第一，我們在歷史上做過很多模型，如果我從一開始就考慮的話，有 250 個模型。對我們來說，它們都很重要，無論是新的還是舊的。我們必須－羅馬蜘蛛是新的。二手的就是之前的一件。嗯，它們對我們都很重要，我們需要而且我們會越來越多地照顧它們。我們希望增加透過我們的官方經銷商銷售的二手車的份額。我們希望確保透過大型經銷商銷售的汽車數量越來越少。

And what we are doing with the team here on the commercial side is exactly meant to reach this goal. I also have to say, and I wanted to share with you, that when I visited some dealerships in the last quarters, it's becoming more and more frequent that the dealers are having people whose [MBO], whose yearly KPI are based on the number on the pre-owned car that they keep purchasing.

我們與團隊在商業方面所做的正是為了實現這一目標。我還必須說，我想與大家分享的是，當我在上個季度走訪一些經銷商時，經銷商越來越頻繁地出現[MBO]的人，他們的年度KPI基於數字他們繼續購買的二手車。

So I think there is even more and more attention also from our dealers and clearly also from us because we will keep always the number of car limited. So, as I said, the new car we make as well as the one that our colleague before us, they have the same dignity and they must be cared in the same way like being all children of the same family.

因此，我認為我們的經銷商也越來越關注，顯然我們也越來越關注，因為我們將始終限制汽車數量。所以，正如我所說，我們製造的新車和我們之前同事的新車一樣，他們有同樣的尊嚴，必須像同一個家庭的孩子一樣得到同樣的照顧。

The last question for today comes from the line of John Murphy from Bank of America.

今天的最後一個問題來自美國銀行的約翰墨菲。

Benedetto, just kind of follow-up to that in sort of the follow-up to your backlog being so strong, you think about price and mix, I mean, there is opportunity to manage that sort of on an interim basis. But over time, do you think you need sort of like the "entry level product" like a Roma? I mean, it's a beautiful vehicle, but I mean would that be the kind of product that might not make it into the product portfolio in the next 3 to 5 years? And then the second question is, as you see the strength in the used market, is there a possibility to start doing personalization in the used market, maybe around wheels and interiors? Obviously, you can't do paint there or maybe you could, that could actually augment revenue and support residuals further in the secondary market.

Benedetto，只是對您的積壓訂單的後續行動如此強烈，您會考慮價格和組合，我的意思是，有機會在臨時基礎上進行此類管理。但隨著時間的推移，你認為你需要像 Roma 那樣的「入門級產品」嗎？我的意思是，這是一輛漂亮的汽車，但我的意思是，這種產品在未來 3 到 5 年內可能不會進入產品組合嗎？第二個問題是，正如您看到二手市場的實力一樣，是否有可能開始在二手市場進行個性化，也許圍繞車輪和內飾？顯然，你不能在那裡做油漆，或者也許你可以，這實際上可以增加收入並進一步支持二級市場的剩餘部分。

Thank you, John, for the question. Yes. I'll start from the second one, use the market. We see this trend also to do personalization in the pre-owned. They may change the rim. They may change something in interiors, but also some client they want to add, for example, some protective layers on the paint. Last week, I was visiting the location where we apply this protecting layer. And one of this car was exactly a pre-owned cash that was where we were applying a protective layer.

謝謝約翰提出這個問題。是的。我將從第二個開始，利用市場。我們也看到了二手車個人化的趨勢。他們可能會改變輪圈。他們可能會改變室內的某些東西，但也會改變一些他們想要添加的客戶，例如，油漆上的一些保護層。上週，我參觀了我們應用此保護層的位置。其中一輛車正是二手車，我們正在其中應用保護層。

The second, I believe that the Roma is a good entry model. I think that we don't need to go lower. I think that the strategy for a company like us that is playing, I would say, in the ultra-luxury space is such that we needed to make our car always more and more emotional, always more and more unique in terms of performance, in terms of, let me say, astonishing the signs and always set in mind the sustainability. I think these are -- there are 3 wheels that must work in the same way at the same speed. The driving emotion, driving trails, the performance driven by engineering and the beauty of the car driven by design. These are the 3 wheels that we'll keep considering. And I think we already have an entry level with this Roma.

第二，我認為Roma是一款不錯的入門車型。我認為我們不需要降低。我認為，像我們這樣的公司在超豪華領域的策略是這樣的，我們需要讓我們的汽車總是越來越感性，在性能方面總是越來越獨特，在讓我說，令人驚訝的跡象並始終牢記可持續性。我認為有 3 個輪子必須以相同的方式、相同的速度工作。駕駛情感、駕駛軌跡、工程驅動的性能以及設計驅動的汽車之美。這是我們將繼續考慮的 3 個輪子。我認為我們已經有了羅馬的入門級。

Thank you. Dear speakers, there are no further questions for today. I would now like to hand the conference over to Benedetto Vigna for any closing remarks.

謝謝。尊敬的發言者，今天沒有其他問題了。現在我想將會議交給貝內代托·維尼亞 (Benedetto Vigna) 發表閉幕詞。

So thank you all for your time today, and also for your very insightful question. Thanks a lot. The strong Q3 result and also the desirability of the brand that we've been debating during this one hour are basically fueling our confidence for the development of the year and also looking-forward. So thanks a lot again and I wish you a good afternoon or morning. Thank you so much.

謝謝大家今天抽出寶貴的時間，也謝謝你們提出非常有見地的問題。多謝。強勁的第三季業績以及我們這一個小時所討論的品牌吸引力基本上增強了我們對今年發展的信心和展望。再次非常感謝，祝您下午或早安。太感謝了。

That does conclude our conference for today. Thank you for participating. You may now all disconnect. Have a nice day.

我們今天的會議到此結束。感謝您的參與。你們現在可以斷開連結了。祝你今天過得愉快。