Ferrari NV (RACE) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to Ferrari 2020 Full Year Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to first speaker today, Nicoletta Russo. Please go ahead.

美好的一天，感謝您的支持。歡迎來到法拉利 2020 年全年業績電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）我現在想將會議交給今天的第一位發言人 Nicoletta Russo。請繼續。

Thank you, Nadia, and welcome to everyone who's joining us. Today, we plan to cover the group's full year 2021 operating results and 2022 guidance. In light of this, the duration of the call is expected to be around 60 minutes. Today's call will be offered by the group CEO, Mr. Benedetto Vigna; and Group CFO, Mr. Antonio Piccon.

謝謝你，Nadia，歡迎所有加入我們的人。今天，我們計劃涵蓋該集團 2021 年全年的經營業績和 2022 年的指導。有鑑於此，預計通話時間約為 60 分鐘。今天的電話將由集團首席執行官 Benedetto Vigna 先生主持；和集團首席財務官 Antonio Piccon 先生。

All relevant materials are available in the Investors section of the Ferrari corporate website, and at the end of the presentation, we will be available to answer your questions.

所有相關材料都可以在法拉利公司網站的投資者部分獲得，在演示結束時，我們將隨時回答您的問題。

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.

在開始之前，讓我提醒您，我們在今天的電話會議中可能做出的任何前瞻性陳述都受到今天演示文稿第 2 頁中包含的安全港聲明中提到的風險和不確定性的影響，電話會議將受這種語言。

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。

Thank you, Nicoletta. Thank you, everyone, for joining us today. Three months have passed since the last time we met digitally altogether and many things have happened in our company. Today, I will be delighted to take you through the 2021 result, and I will provide a little taste about what's happening in our company.

謝謝你，尼科萊塔。謝謝大家，今天加入我們。自從我們上次完全以數字方式見面以來已經過去了三個月，我們公司發生了很多事情。今天，我很高興帶您了解 2021 年的結果，我將簡要介紹一下我們公司正在發生的事情。

Our performance in 2021 was very robust, from both a quantitative and qualitative point of view. Numbers first. We closed the year setting a new record in terms of results across all metrics, posting double-digit growth and above pre-pandemic level. The results were higher than the targets we had already upgraded when we shared our third quarter results. Five excellent results to remember. First, EUR 4.3 billion revenues, materially exceeding for the first time in our history the threshold level of EUR 4 billion. Over 11,000 cars shipped with significant growth in all regions. In China, our deliveries doubled year-over-year.

從數量和質量的角度來看，我們在 2021 年的表現非常強勁。先說數字。今年結束時，我們在所有指標的結果方面都創下了新紀錄，實現了兩位數的增長，高於大流行前的水平。結果高於我們在分享第三季度業績時已經升級的目標。五個出色的結果要記住。首先，43 億歐元的收入，在我們歷史上首次大幅超過 40 億歐元的門檻水平。超過 11,000 輛汽車的出貨量在所有地區都有顯著增長。在中國，我們的交付量同比翻了一番。

35.9% exceptionally strong EBITDA margin reached at a record level. Impressive EUR 640 million industrial free cash flow generation, mainly thanks to the advances collected on the special series, and thanks to the discipline and timing of CapEx spend, and all this with no impact on our product plan. The last point is we have the strongest ever order book in our history, up double digit versus the prior year and covering well into 2023 with all regions showing significant growth.

35.9% 異常強勁的 EBITDA 利潤率達到創紀錄水平。令人印象深刻的 6.4 億歐元工業自由現金流產生，主要歸功於特殊系列的預付款，以及資本支出支出的紀律和時機，所有這一切都對我們的產品計劃沒有影響。最後一點是，我們擁有歷史上最強勁的訂單，與去年相比增長了兩位數，並且覆蓋到 2023 年，所有地區都顯示出顯著增長。

How did we achieve this excellent -- these 5 excellent results? Firstly, we have to thank our incredible customers, both existing and new, and all the women and all the men of Ferrari for their outstanding work. Secondly, it was possible, thanks to the strong margin contribution of the Monza SP1 and SP2. Thirdly, this was further boosted by our decision to seize commercial opportunities on certain models in line with our order intake evolution. We also benefited from deliveries of the SF90 Stradale being moved to '21 from previous year 2020. And last but not least, we have capitalized on a strong economic climate, as evidenced also by the solid performance of our preowned business, and on the enthusiasm of our customers whose delight in sharing their Ferrari passion with us, has been so evident at our event.

我們是如何取得如此出色的——這 5 項出色的成績的？首先，我們必須感謝我們令人難以置信的客戶，無論是現有的還是新的，以及法拉利的所有女性和男性，他們的出色工作。其次，這是可能的，這要歸功於 Monza SP1 和 SP2 的強勁利潤貢獻。第三，我們決定根據我們的訂單量變化在某些型號上抓住商業機會，進一步推動了這一點。我們還受益於 SF90 Stradale 從 2020 年移至 '21 的交付。最後但並非最不重要的一點是，我們利用了強勁的經濟環境，我們二手業務的穩健表現和熱情也證明了這一點我們的客戶很高興與我們分享他們對法拉利的熱情，這在我們的活動中表現得如此明顯。

After these 5 excellent results, the 5 key priorities we focused on, on all the year 2021. Product excellence, customer experience, motor racing, brand diversification and carbon neutrality. Let's start with product. Last year, we unveiled 4 new models demonstrating our leadership in technology, in design, and driving experience. They all received an enthusiastic response from the market and worldwide acclaim. In May, we unveiled the 812 Competizione and 812 Competizione Aperta, our latest special series with its revolutionary aerodynamics, and they were all sold out prior to the official launch, as a testament to the vigorous demand for our V12 models.

在這 5 個出色的成績之後，我們在 2021 年全年關注的 5 個關鍵優先事項。產品卓越、客戶體驗、賽車、品牌多元化和碳中和。讓我們從產品開始。去年，我們推出了 4 款新車型，展示了我們在技術、設計和駕駛體驗方面的領先地位。他們都得到了市場的熱烈反響和世界範圍的讚譽。 5 月，我們推出了具有革命性空氣動力學特性的最新特別系列 812 Competizione 和 812 Competizione Aperta，它們在正式發布前均已售罄，這證明了對我們 V12 車型的旺盛需求。

Just a month later in June, we launched the accelerating 296 GTB, featuring our latest hybrid powertrain, combining a V6 turbo and electric motor. It exceeded previous model's order intake over the same relative period, and now a solid pipeline of experiences for our customers is already planned for the current year, further filling our ambition for this model. I drove this car several times and the go cart feeling at the fun to drive experience you can have are really unique, believe me.

僅僅一個月後的 6 月，我們推出了加速 296 GTB，配備了我們最新的混合動力系統，結合了 V6 渦輪增壓和電動機。它在同一時期超過了之前型號的訂單量，現在我們已經計劃在今年為我們的客戶提供可靠的體驗管道，進一步滿足我們對該型號的雄心。我開過這輛車好幾次，你可以擁有的駕駛體驗的樂趣真的很獨特，相信我。

A few weeks ago, in November, the new icon, the most powerful V12 ever made, whose unveiling, I had the pleasure of attending in Florence, surprised our most loyal Ferrarista. I'm talking about the Ferrari Daytona SP3, a masterpiece of craftmanship, performance and design, already awarded internationally and limited to 599 units, which have all been allocated in advance of its premieres and with untapped demand way exceeding the limited series plan.

幾週前，也就是 11 月，新標誌性的有史以來最強大的 V12，我有幸在佛羅倫薩參加了它的揭幕儀式，這讓我們最忠實的法拉利愛好者感到驚訝。我說的是法拉利 Daytona SP3，它是工藝、性能和設計的傑作，已經在國際上獲獎，限量 599 輛，全部在其首映前分配，未開發的需求量超過了限量系列計劃。

So we entered this year, '22, with considerable momentum, thanks to 2 factors: one, the strongest ever order book; and two, a broad portfolio of models. The order book first. It has never been so strong. The positive trend characterized the whole year and continued in Q4 when we experienced impressive order intake despite our decision to close the order collection on certain models. Second, the new product portfolio. Not only do we have the broadest, most innovative and most beautiful range of cars ever offered to our customers, but we also plan to further enrich this with 2 further launches this year, completing the 15 launches promised at the Capital Market Day in 2018.

因此，我們進入了 22 年，勢頭強勁，這要歸功於兩個因素：第一，有史以來最強勁的訂單；第二，廣泛的模型組合。先上訂單。它從未如此強大。儘管我們決定關閉某些型號的訂單，但這一積極趨勢貫穿全年，並在第四季度持續，當時我們的訂單量令人印象深刻。二是新產品組合。我們不僅為客戶提供最廣泛、最具創新性和最漂亮的汽車系列，而且我們還計劃在今年進一步推出 2 款車型，以完成 2018 年資本市場日承諾的 15 款車型發布，從而進一步豐富這一點。

In this year, in '22, we will unveil the much-anticipated Purosangue which I'm confident will exceed our customer expectation. I drove it several times in the hills around Maranello, day and night for the test, and I can testify that the driving experience is really astonishing, but I do not want to say more to avoid -- to spoil such a surprise.

今年，在 22 年，我們將推出備受期待的 Purosangue，我相信它會超出我們客戶的期望。我在馬拉內羅周圍的山丘上開了幾次車，日夜進行測試，我可以證明駕駛體驗確實令人驚嘆，但我不想多說避免——破壞這樣的驚喜。

Now after product, customer experience. In the course of 2021, it has been really liberating to be able to start arranging events with them again. To mention a few of them, we market the Cavalcades tenth anniversary with a very special event in Sicily for Classic and Moderna drivers, and we restarted our Tributo Corse Clienti activities culminating in the Finali Mondiali at Mugello, where I met so many of our customers in France, all passionate about Ferrari.

現在在產品之後，客戶體驗。在 2021 年的過程中，能夠再次開始與他們安排活動真的很自由。僅舉幾例，我們在西西里島為 Classic 和 Moderna 車手舉辦了一場非常特別的活動來宣傳 Cavalcades 十週年，我們重新開始了 Tributo Corse Clienti 活動，最終在 Mugello 的 Finali Mondiali 中達到了高潮，在那裡我遇到了很多客戶在法國，所有人都對法拉利充滿熱情。

Now our motor racing activities. 2021 was our best ever season in GT racing, with Ferrari winning the driver's and manufacturer's world titles in FIA World Endurance Championship, and with victory at the 24 hours of Le Mans with our 488 GTE ever. The Formula 1, 2021 season also showed encouraging sign towards its end. We have third place in the Constructors' Championship. 2022 is the first year with a complete new set of technical rules and our new car will be presented in a few days on February 17.

現在我們的賽車活動。 2021 年是我們有史以來最好的 GT 賽季，法拉利在 FIA 世界耐力錦標賽中贏得了車手和製造商的世界冠軍，並憑藉我們的 488 GTE 在勒芒 24 小時耐力賽中獲勝。 2021 年一級方程式賽季也顯示出令人鼓舞的跡象。我們在車隊錦標賽中獲得第三名。 2022年是整套全新技術規則的元年，我們的新車將在幾天后的2月17日亮相。

We are also redefining our strategic partner along 3 directions. One, we welcome back Banco Santander. Two, we tap current segments with new partners such as CEVA Logistics in the transportation space; three, we strengthened our relationship with leading-edge technological partners, such as Amazon Web Services, Velas to be at the forefront of digital technologies and Web 3.0. Such stronger partner portfolio confirms once again the continued of the most successful team in F1 history, Scuderia Ferrari.

我們還在三個方向重新定義我們的戰略合作夥伴。一，我們歡迎桑坦德銀行回來。二是在運輸領域與CEVA Logistics等新合作夥伴開拓現有細分市場；第三，我們加強了與領先技術合作夥伴的關係，例如亞馬遜網絡服務、Velas，以走在數字技術和 Web 3.0 的最前沿。如此強大的合作夥伴組合再次證實了 F1 歷史上最成功的車隊法拉利車隊的延續。

And what about the brand diversification? Well, last year, we made excellent progress in extending our brand into exciting new territories. In June, we launched the first ever Ferrari fashion collection. In July, we reopened the iconic Cavallino Restaurant in the heart of Maranello and in the second half of last year, we renovated our stores in Italy and U.S.A. In 2022, we plan to move forward, and the first important milestone will be the upcoming fashion show in Milan later this month.

那麼品牌多元化呢？嗯，去年，我們在將品牌擴展到令人興奮的新領域方面取得了巨大進展。六月，我們推出了第一個法拉利時裝系列。 7 月，我們重新開放了位於馬拉內羅中心的標誌性 Cavallino 餐廳，去年下半年，我們翻新了我們在意大利和美國的門店 2022 年，我們計劃繼續前進，第一個重要里程碑將是即將到來的時尚本月晚些時候在米蘭展出。

Last, but not least, carbon neutrality by 2030. In a further step towards our goal, in Q4, we received ISO 14064 certification for our calculation of the group's carbon footprint. This certification has been really an important step forward. In addition to our electrification journey, we are also committed to addressing both direct, indirect emission with a focus on energy and material across all our entire value chain.

最後但並非最不重要的一點是，到 2030 年實現碳中和。為了實現我們的目標，我們在第四季度獲得了 ISO 14064 認證，用於計算集團的碳足跡。該認證確實是向前邁出的重要一步。除了我們的電氣化之旅，我們還致力於解決直接和間接排放問題，重點關注我們整個價值鏈中的能源和材料。

As always, our focus was not only on external stakeholders. We continued to invest in our employees, true to our founders' belief that Ferrari is made above all by people. We invested in training for our employees caring for their well-being and nurturing the diversity of talent in our company. Our efforts were rewarded in 2021 by equal salary certification for the second consecutive year in Italy and for the first time in the United States. The year has been really outstanding, thanks to the passion, the dedication of Ferrari people and to reward their achievement in line with the company's strong performance indicators, I'm really pleased to announce the company's the yearly competitive award up to slightly over EUR 12,000 for our employees.

與往常一樣，我們關注的不僅僅是外部利益相關者。我們繼續投資於我們的員工，忠實於我們創始人的信念，即法拉利首先是由人創造的。我們投資於培訓員工，關心他們的福祉並培養公司的多元化人才。我們的努力在 2021 年獲得了意大利連續第二年和美國首次獲得同等工資認證的回報。這一年非常出色，感謝法拉利員工的熱情和奉獻精神，並根據公司強大的績效指標獎勵他們的成就，我很高興地宣佈公司的年度競爭獎高達略高於 12,000 歐元為我們的員工。

And now after the 2021 highlights, let's have a look at the future -- at our future, a small taste before providing the full picture on June 16 when we meet here. We are targeting 2022 to be a solid year on the trajectory to reach the 2023 EBITDA target of EUR 1.82 billion as announced in 2018. How do we want to do this? How we want to achieve this goal? Well, there are 3 clear directions we identified. Number one, we will carefully manage a vibrant order intake in line with our strategy to pursue controlled growth to preserve our brand exclusivity. Two, we will manage the Monza's phase out while Daytona's deliveries will start in 2023. Three, as I already explained in the last call, innovation requires partners and it is what we started to do, lot from Amazon, Velas, just to mention a few of them and some other important technology partnership will follow up in the near future.

現在，在 2021 年的亮點之後，讓我們看看未來——在我們的未來，在 6 月 16 日我們在這裡見面時提供全貌之前，先來個小品味。我們的目標是 2022 年成為實現 2018 年宣布的 18.2 億歐元的 2023 年 EBITDA 目標的堅實一年。我們想如何做到這一點？我們想如何實現這個目標？好吧，我們確定了 3 個明確的方向。第一，我們將根據我們追求可控增長的戰略，謹慎管理充滿活力的訂單，以保持我們的品牌排他性。第二，我們將管理 Monza 的逐步淘汰，而 Daytona 的交付將從 2023 年開始。第三，正如我在上次電話會議中已經解釋的那樣，創新需要合作夥伴，這就是我們開始做的事情，很多來自亞馬遜，Velas，只是提到一個他們中的少數人以及其他一些重要的技術合作夥伴將在不久的將來跟進。

2022 is a very important year for us. It's not only the 75th anniversary of our company, it also sets the foundation for a new business plan, which will be presented at our Capital Market Day on June 16 here in Maranello. This will also be location to meet in person some members of our new organization recently announced and achieved through both the promotion of homegrown talents and the number of key strategic externalize. The new organization is designed to further foster innovation, optimize processes, enhance agility and increase collaboration. People are the soul of our company, and I'm confident we will seize the opportunities ahead of us in this fast-evolving environment.

2022年對我們來說是非常重要的一年。這不僅是我們公司成立 75 週年，還為新的商業計劃奠定了基礎，該計劃將於 6 月 16 日在馬拉內羅舉行的資本市場日上公佈。這也將是我們新組織的一些成員親自會面的地點，最近宣布並通過提升本土人才和關鍵戰略外化的數量來實現。新組織旨在進一步促進創新、優化流程、增強敏捷性和加強協作。人是我們公司的靈魂，我有信心在這個快速發展的環境中抓住我們面前的機遇。

I will now hand over to Antonio who will review the 2021 result and 2022 guidance.

我現在將移交給安東尼奧，他將審查 2021 年的結果和 2022 年的指導。

Thank you, Benedetto, and good morning or afternoon to everyone, who is joining us today. Let me start on Page 7, where you can see the highlights of the 2021 earnings, a very strong year, which shows high double-digit growth on all metrics compared to 2020. And more meaningfully, a remarkable increase versus pre-pandemic levels. Our shipments reached 11,155 units, up 22% versus the prior year and 10% versus 2019. Group net revenues were EUR 4.271 billion, increased 23% versus prior year and 13% versus 2019, driven mainly by volume and stronger product mix.

謝謝你，Benedetto，今天加入我們的每個人早上或下午好。讓我從第 7 頁開始，您可以在其中看到 2021 年收益的亮點，這是非常強勁的一年，與 2020 年相比，所有指標都顯示出兩位數的高增長。更有意義的是，與大流行前的水平相比有了顯著增長。我們的出貨量達到 11,155 台，比上年增長 22%，比 2019 年增長 10%。集團淨收入為 42.71 億歐元，比上年增長 23%，比 2019 年增長 13%，主要受銷量和更強大的產品組合的推動。

EBITDA came in at EUR 1.531 billion, up 34% versus 2020 and close to 21% versus 2019. The EBITDA margin reached a record level of 35.9%, boosted by the contribution from the Ferrari Monza and an otherwise very rich product mix. EBIT was EUR 1.75 billion up 50% versus 2020 and 17% versus 2019. The improvement of both operating margins, compared to our latest guidance, mainly reflects the upward revision of the commercial revenues from the F1 commercial rights holder recorded in Q4.

EBITDA 為 15.31 億歐元，與 2020 年相比增長 34%，與 2019 年相比增長接近 21%。在法拉利蒙扎和其他非常豐富的產品組合的貢獻下，EBITDA 利潤率達到了創紀錄的 35.9%。息稅前利潤為 17.5 億歐元，較 2020 年和 2019 年分別增長 50% 和 17%。與我們的最新指引相比，這兩種營業利潤率的改善主要反映了第四季度記錄的 F1 商業權利持有人的商業收入的向上修正。

Adjusted net profit was EUR 833 million up 56% versus 2020 and 19% versus 2019, resulting in an adjusted diluted EPS of EUR 4.5, improved by 56% versus prior year. Industrial free cash flow for the year was exceptionally strong at EUR 642 million, supported mainly by the collection of the advances for the 812 Competizione.

調整後淨利潤為 8.33 億歐元，較 2020 年和 2019 年增長 56%，較 2019 年增長 19%，調整後的攤薄後每股收益為 4.5 歐元，較上年增長 56%。本年度工業自由現金流異常強勁，達到 6.42 億歐元，主要得益於 812 Competizione 預付款的收取。

Turning to Page 8. You can see the details of the shipments of the full year 2021, up 22% versus 2020. Sales of 8 cylinder were up about 35%, while 12 cylinders were down 16%, mainly due to the reduced volume of the 812 Superfast, which was phased out in the year. Our deliveries were driven by the range models, the F8 family, the Ferrari Roma and SF90 Stradale, which reached global distribution, the Portofino M and the SF90 Spider in ramp-up phase. Shipments of the Ferrari Monza SP1 and SP2 were higher compared to the prior year, in line with planning and reaching the end of production. All geographic regions posted double-digit growth.

翻到第8頁，可以看到2021年全年出貨量的詳情，比2020年增長22%。8缸銷量增長約35%，12缸銷量下降16%，主要是因為銷量減少812 Superfast，於當年被淘汰。我們的交付是由系列車型、F8 家族、法拉利 Roma 和 SF90 Stradale 推動的，這些車型已達到全球分銷、Portofino M 和處於加速階段的 SF90 Spider。與上一年相比，法拉利蒙扎 SP1 和 SP2 的出貨量有所增加，符合計劃並已停產。所有地理區域均實現兩位數增長。

Moving to Page 9, you can see the walk of our group net revenues, up 26% at constant currency. The increase in revenues from cars and spare parts up almost 29% at constant currency was supported by higher volumes and strong enrichment of the product mix along with personalizations. Revenues from personalizations were higher than the prior year in absolute terms, sustained by volumes. They were in line with historical average at around 18% in proportion to revenues from cars and spare parts. Engines revenues were up about 26%. The improvement is related to higher shipments of Maserati and to a lesser extent, to the rental of engines to other Formula 1 racing teams.

轉到第 9 頁，您可以看到我們集團淨收入的變化，按固定匯率計算增長了 26%。汽車和備件收入增長近 29%，這得益於更高的銷量和產品組合的強大豐富以及個性化。個性化收入的絕對值高於上一年，由銷量維持。與汽車和零部件收入的比例約為 18%，與歷史平均水平一致。發動機收入增長了約 26%。這一改進與瑪莎拉蒂的更高出貨量有關，在較小程度上與向其他一級方程式賽車隊出租發動機有關。

The increase in sponsorship, commercial and brand, up close to 13% at constant currency, was attributable to the more favorable Formula 1 calendar and brand-related activities, partially offset by lower prior year ranking. This increase reflects also the upward revisions of the commercial revenues from Formula 1 that I mentioned before.

贊助、商業和品牌的增長，按固定匯率計算接近 13%，歸因於更有利的一級方程式賽歷和品牌相關活動，部分被去年排名下降所抵消。這一增長也反映了我之前提到的一級方程式商業收入的向上修正。

Currency, including translation and transaction impact as well as foreign currency hedges had a negative contribution of EUR 80 million, mostly related to the U.S. dollar and the Japanese yen this quarter.

貨幣（包括換算和交易影響以及外幣對沖）產生了 8,000 萬歐元的負面貢獻，主要與本季度的美元和日元有關。

Moving to Page 10. Let me review the change in our EBIT bridge, explained by the following variances. First, volume was positive for EUR 220 million, reflecting the shipments' increase. Second, mix price variance was also positive for EUR 212 million, boosted by a richer product mix, thanks to the SF90 family and the Ferrari Monza SP1 and SP2, along with personalizations, partially offset by the ramp-up of the Ferrari Roma and the Portofino M, and the reduced contribution of the 812 Superfast.

轉到第 10 頁。讓我回顧一下 EBIT 橋的變化，由以下差異解釋。首先，銷量為 2.2 億歐元，反映了出貨量的增長。其次，由於 SF90 系列和 Ferrari Monza SP1 和 SP2 的產品組合更加豐富，以及個性化，部分價格差異被 Ferrari Roma 和Portofino M，以及 812 Superfast 的貢獻減少。

As already mentioned by Benedetto, the product mix in 2021 was further boosted by our decision to seize commercial opportunities on certain models in line with order intake evolution. That also benefited from deliveries of SF90 Stradale being moved to 2021 from 2020. Third, industrial and R&D expenses increased EUR 65 million, mainly due to higher D&A, product innovation activities, and Formula 1 expenses, net of technology-related government incentives, as well as start-up costs. Fourth, SG&A were negative by EUR 14 million, mainly reflecting communication and marketing activities of model unveilings and lifestyle events, as well as the company's organizational development. Lastly, other increased EUR 83 million, reflecting the more favorable Formula 1 calendar and higher contribution from brand-related and other supporting activities, partially offset by the impact of the lower Formula 1 ranking of 2020. The overall net impact of currencies was negative for EUR 77 million. As a result of what I just mentioned, EBIT reached EUR 1.075 billion up 50.2% versus the prior year with an EBIT margin of 25.2%.

正如 Benedetto 已經提到的，2021 年的產品組合因我們決定根據訂單量的演變抓住某些型號的商業機會而進一步提升。這也得益於 SF90 Stradale 的交付從 2020 年移至 2021 年。第三，工業和研發費用增加了 6500 萬歐元，主要是由於更高的 D&A、產品創新活動和一級方程式費用，扣除與技術相關的政府激勵措施，因為以及啟動成本。第四，SG&A為負1400萬歐元，主要反映了車型發布和生活方式活動的傳播和營銷活動，以及公司的組織發展。最後，其他增加了 8300 萬歐元，反映了更有利的一級方程式賽歷以及品牌相關和其他支持活動的更高貢獻，部分被 2020 年一級方程式排名較低的影響所抵消。貨幣的整體淨影響對7700 萬歐元。由於我剛才提到的結果，息稅前利潤達到 10.75 億歐元，比上年增長 50.2%，息稅前利潤率為 25.2%。

Turning to Page 11. Industrial free cash flow generation for the year was remarkable and equal to EUR 642 million, sustained by the strong growth in EBITDA, and the collection of advances on the 812 Competizione. The working capital dynamic including the above-mentioned advances, provisions and other receivables and payable, was almost neutral also due to the cadence of our capital expenditure, which stood at EUR 737 million. The capitalization ratio was approximately 39% for the year and in line with the prior year.

轉至第 11 頁。由於 EBITDA 的強勁增長以及 812 Competizione 的預付款的收集，本年度工業自由現金流產生了顯著的 6.42 億歐元。包括上述預付款、準備金和其他應收款和應付款在內的營運資金動態幾乎是中性的，這也是由於我們的資本支出節奏為 7.37 億歐元。年內資本化比率約為39%，與上年持平。

Net industrial debt as of the end of December '21 was EUR 297 million compared to EUR 543 million at the end of 2020. It's worth mentioning that excluding the dividend distribution of EUR 152 million (sic) [EUR 162 million] and EUR 231 million of share repurchase, we would have been cash positive at year-end.

截至 21 年 12 月底的淨工業債務為 2.97 億歐元，而 2020 年底為 5.43 億歐元。值得一提的是，不包括 1.52 億歐元（原文如此）[1.62 億歐元] 和 2.31 億歐元的股息分配在股票回購方面，我們在年底時會出現現金正數。

Let's move on Page 12. Here, we explain the main drivers of our guidance for 2022, which targets a solid growth and continues to demonstrate the EBITDA progress on the trajectory to reach our 2023 EBITDA target of EUR 1.8 billion to EUR 2 billion, as announced back in 2018. While in 2022, our profitability will continue to expand in absolute terms, carefully leveraging our record order book, percentage-wise, the marginality will be flattened by a product mix, which will be richer, but not enough to offset the negative impact of the Monza phasing out and of the Daytona deliveries starting in 2023. More diversified by -- but lower revenues from sponsorship and a step-up in D&A, in line with the start of production of new models, which will start the deliveries in 2023 or which contribute marginally in 2022. On the Industrial free cash flow side, the generation will be robust, supported by the strong operating results and the collection of advances on the Daytona SP3. This will be partially offset by capital expenditures of approximately EUR 800 million as we expect the lower CapEx seen in 2021 to rephase partly in 2022, but also by much higher taxes commensurate to the very strong results posted in 2021.

讓我們繼續第 12 頁。在這裡，我們解釋了 2022 年指導的主要驅動因素，該指導以穩健增長為目標，並繼續證明 EBITDA 在實現 2023 年 18 億歐元至 20 億歐元的 EBITDA 目標的軌道上取得的進展，因為早在 2018 年就宣布。雖然在 2022 年，我們的盈利能力將繼續以絕對值計算擴大，謹慎地利用我們創紀錄的訂單，按百分比計算，邊際將被產品組合拉平，產品組合將更豐富，但不足以抵消蒙扎淘汰賽和從 2023 年開始代托納交付的負面影響。隨著新車型的開始生產，贊助收入和 D&A 增加的收入更加多樣化，但收入降低，這將開始2023 年交付或 2022 年貢獻微弱。在工業自由現金流方面，在強勁的經營業績和代托納 SP3 的預付款收集的支持下，這一代將是強勁的。這將被約 8 億歐元的資本支出部分抵消，因為我們預計 2021 年較低的資本支出將在 2022 年部分重新調整，但與 2021 年公佈的非常強勁的業績相稱的更高稅收也將部分抵消。

Page 12 (sic), we show the progress that we aim to achieve based on our guidance since our starting point of 2018 until the end of 2022. In essence, as of the end of this current year, we want to be very close to what we promised at the 2018 Capital Markets Day for the accumulated EBITDA and fully on target in terms of cumulated industrial free cash flow generation over the planned period albeit with a different time profile. And we want to achieve such results despite the impact of this pandemic. Subject to meeting our ambitions, I believe this will prove once again the resilience and strength of our business model, based on brand exclusivity, product excellence, leading-edge technology and innovation. Such awareness allow us to look at the future with great confidence.

第 12 頁（原文如此），我們展示了從 2018 年開始到 2022 年底，我們根據我們的指導目標實現的進展。本質上，截至今年年底，我們希望非常接近我們在 2018 年資本市場日承諾的累計 EBITDA 以及在計劃期間的累計工業自由現金流產生方面完全達到目標，儘管時間概況不同。儘管有這種流行病的影響，我們仍希望取得這樣的成果。在實現我們的雄心壯志的前提下，我相信這將再次證明我們基於品牌獨家性、卓越產品、領先技術和創新的商業模式的彈性和實力。這種意識讓我們充滿信心地展望未來。

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

話雖如此，我把電話轉給了 Nicoletta。謝謝你。

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

謝謝你，安東尼奧。納迪亞，拜託，我們現在準備開始我們的問答環節。

(Operator Instructions) The first question comes from the line of Michael Binetti from Crédit Suisse.

（操作員說明）第一個問題來自 Crédit Suisse 的 Michael Binetti。

I guess I'm trying to think about the structure of the guidance you laid out for '22 relative to where we were at. I know you guys have been focusing on the 2018 Analyst Day and helping explain the differences and similarities as you pushed out the EUR 1.8 billion to EUR 2 billion to next year. But this year, you've got revenues in line at EUR 4.8 billion with the low end of that original plan, but EBIT below by maybe EUR 100 million at the low end of the plan. Maybe you could just help us understand what's different on the same revenue base that drives EBIT a little bit lower this year? And if it's -- I think you originally said maybe a few units of Purosangue would start to ship in 2022, but today, you're clarify that, that it'll be in '23. So maybe it's a timing mismatch. But I wonder how much of it might be attributable to the profitability of Purosangue relative to the overall fleet? Is that a car that you view as accretive to corporate margins or to the rest of the fleet?

我想我正在嘗試考慮相對於我們所處的位置，您為 22 年制定的指導結構。我知道你們一直在關注 2018 年分析師日，並在將 18 億歐元至 20 億歐元的資金推到明年時幫助解釋異同。但今年，您的收入與原始計劃的低端一致，為 48 億歐元，但 EBIT 可能低於計劃低端的 1 億歐元。也許您可以幫助我們了解在相同的收入基礎上，今年的息稅前利潤略有下降的不同之處？如果是——我想你最初說可能會有幾台 Purosangue 將在 2022 年開始發貨，但今天，你要澄清的是，它將在 23 年。所以可能是時間不匹配。但我想知道其中有多少可能歸因於 Purosangue 相對於整個船隊的盈利能力？您認為這輛車會增加公司利潤還是增加車隊的其他部分？

Antonio, can you help me with this.

安東尼奧，你能幫我解決這個問題嗎？

Thank you, Michael. If I got your question right, I think the difference compared to the guidance we gave back in 2018 is largely due to the different timing of introduction of the cars compared to what we modeled at that time. Obviously, we are seizing the commercial opportunity that we are having. So the significantly strong order books on V8 and remodels is helping in that respect. While as we mentioned, I think the gap that we have between the phaseout of the of the Monza and introduction of the Daytona is impacting the level of the margins, both EBIT and EBITDA.

謝謝你，邁克爾。如果我的問題是正確的，我認為與我們在 2018 年給出的指導相比的差異主要是由於與我們當時的模型相比，汽車的推出時間不同。顯然，我們正在抓住我們所擁有的商業機會。因此，V8 和改型的強勁訂單在這方面有所幫助。正如我們所提到的，我認為我們在 Monza 的淘汰和 Daytona 的推出之間存在的差距正在影響利潤率水平，包括 EBIT 和 EBITDA。

In addition to that, as far as EBIT is concerned, we have this D&A impact, which is due to the fact that we start producing new cars that are coming in, in the next one. I don't know whether this is enough or I think in terms of color, this should help.

除此之外，就息稅前利潤而言，我們有這種 D&A 影響，這是因為我們開始生產下一輛即將上市的新車。我不知道這是否足夠，或者我認為就顏色而言，這應該會有所幫助。

Let me follow that for 1 second. You have Daytona and Purosangue confirmed to start shipping next year after what you described as a headwind from mix this year, largely Monza. But if the guide is now EUR 1.8 billion to EUR 2 billion for next year, the low end of that guide assumes EBITDA growth will slow to about 6% in 2023 from 11% in 2022. How should we think about the top end versus the bottom end of the guidance in that range? What scenario do you see that would explain a slowdown to the -- an EBITDA growth next year? Maybe there's some phasing of investments as you guys look out to big initiatives like electric and those kinds of things. I'm just curious if you could help us think about that.

讓我跟著 1 秒鐘。您已經確認 Daytona 和 Purosangue 將於明年開始發貨，因為您描述了今年混合的逆風，主要是蒙扎。但是，如果現在的指南是明年的 18 億歐元至 20 億歐元，那麼該指南的低端假設 EBITDA 增長將從 2022 年的 11% 放緩至 2023 年的 6% 左右。我們應該如何考慮高端與該範圍內的指導底端？您認為哪種情況可以解釋明年 EBITDA 增長放緩？當你們期待像電動和類似的東西這樣的大計劃時，也許會有一些階段性的投資。我只是好奇你能不能幫我們考慮一下。

Yes. I think volumes will keep on growing anyway with better margins with mix, which will be stronger, which is supported by the new Icona coming in. And this isn't the -- as far as the contribution of our core business. And then we added the other businesses that we expect also to grow. I mean, brand is still very low in 2022. We expect it to be better. In terms of 1 -- there are some elements including the budget cap introduction, but that's, of course, in terms of the cost side.

是的。我認為無論如何，銷量將繼續增長，混合利潤率更高，這將更加強大，這得到了新的 Icona 的支持。這不是 - 就我們核心業務的貢獻而言。然後我們添加了我們預計也會增長的其他業務。我的意思是，2022 年的品牌仍然很低。我們希望它會更好。就 1 而言 - 有一些要素，包括預算上限的引入，但這當然是在成本方面。

Congrats on a great year, guys.

恭喜你們度過了美好的一年，伙計們。

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

下一個問題來自摩根士丹利的亞當喬納斯。

I cannot wait until June 16. That's going to be really -- that's going to be so special. So I look forward to meeting you all in person. Benedetto, when you -- you guys recently struck a deal with the Swiss blockchain company, Velas Network. How should investors think about the potential for the Ferrari brand in the metaverse or in the NFT or digital space?

我不能等到 6 月 16 日。那會是真的——那會非常特別。所以我期待與大家見面。 Benedetto，當你們最近與瑞士區塊鏈公司 Velas Network 達成協議時。投資者應該如何看待法拉利品牌在元界或 NFT 或數字空間中的潛力？

Thank you for the question, Jonas. And also looking forward to meet you in person at 16th of June. I think that, as we said, it's important that we look and we see how the new technologies can help the -- our brand. For sure, the digital technologies, the Web 3.0 technologies that are using the blockchain and NFT is an area that is -- can be interesting for us, either the service and attention. There are many -- as you know, there are many -- there is a lot of movement on the market about this. Some companies even changed the name. And I think this is an area that -- where we have to put our attention. And that's the reason also why I put the -- we have in place, if you have seen in the organization, a department that is called Digital and Data, because I mean, it's an important dimension that we as Ferrari, we have to evaluate to consider for the future.

謝謝你的問題，喬納斯。也期待在 6 月 16 日與您見面。我認為，正如我們所說，重要的是我們要觀察並了解新技術如何幫助我們的品牌。當然，數字技術、使用區塊鍊和 NFT 的 Web 3.0 技術是一個對我們來說可能很有趣的領域，無論是服務還是注意力。有很多——如你所知，有很多——市場上有很多關於這個的運動。一些公司甚至更名。我認為這是一個我們必須關注的領域。這也是我提出的原因——如果你在組織中看到過，我們有一個叫做數字和數據的部門，因為我的意思是，這是我們作為法拉利必須評估的一個重要方面為未來考慮。

Okay. I look forward to learning more about that, Benedetto. My follow-up is, do you believe electric vehicles expands the addressable market for the Ferrari brand? And if so, how?

好的。我期待著更多地了解這一點，貝內代托。我的後續行動是，您認為電動汽車會擴大法拉利品牌的潛在市場嗎？如果是這樣，怎麼辦？

So do you think that the electric vehicles will expand the brand?

那麼您認為電動汽車會擴大品牌嗎？

Do you think that as Ferrari brings forth all electric vehicles that, that grows the addressable market and revenue potential for the brand? And if so, how do you see that happening or why?

您是否認為隨著法拉利推出所有電動汽車，這會增加該品牌的潛在市場和收入潛力？如果是這樣，您如何看待這種情況或為什麼？

Okay. I think the point is the following. I mean, electrification is 1 technology, like the digitalization that we will harness always in our unique Ferrari way. As you know, we already started to hybridize our model a few years ago. We have already 3 models on the road. They are pretty much successful. SF90 Stradale, Spider, and 296 GTB. And I believe that the electrification is a way -- is a technology the way that can help our brand to keep the pace with time. That's what I believe, Adam.

好的。我認為重點如下。我的意思是，電氣化是一項技術，就像我們將始終以獨特的法拉利方式利用的數字化一樣。如您所知，幾年前我們已經開始混合我們的模型。我們已經有 3 款車型在路上。他們非常成功。 SF90 Stradale、Spider 和 296 GTB。我相信電氣化是一種方式——是一種技術，可以幫助我們的品牌與時俱進。這就是我所相信的，亞當。

The next question comes from the line of Susy Tibaldi from UBS.

下一個問題來自瑞銀的 Susy Tibaldi。

So my first 1 would be just to go back on Michael's question on the '22 guide. So your revenue guide for 2022 is quite high. And so given that the mix is going to be not that strong, it kind of implies a good step-up in volume. And so I was wondering if this is a correct assumption or if there is something else that will contribute meaningfully to the top line because you mentioned that also in terms of some sponsorship is a little bit lower. So it seems like this good increase in revenues should come mostly from the volume growth. So just wanted to check if that's the right way to think about it?

所以我的第一個 1 只是回到邁克爾在 '22 指南上的問題。因此，您 2022 年的收入指南相當高。因此，考慮到混合不會那麼強烈，這意味著數量會有所增加。所以我想知道這是否是一個正確的假設，或者是否還有其他東西會對收入產生有意義的貢獻，因為你提到在一些贊助方面也有點低。因此，收入的這種良好增長似乎主要來自銷量增長。所以只是想檢查一下這是否是正確的思考方式？

Hi, Susy, Antonio speaking. Your assumption is correct. Volume will be higher, so we'll grow there. And this is because the order book is significantly higher than we're used to, it's covering well into 2023. It's not true that the mix is weak. I mean, actually, the product range mix is high. It's simply not enough improving compared to the loss of the Monza and the introduction some months later of the Daytona, okay? But basically, year-over-year, volumes will be positive and mix, we expect to be slightly negative overall.

嗨，蘇西，安東尼奧發言。你的假設是正確的。成交量會更高，所以我們會在那裡增長。這是因為訂單比我們習慣的要高得多，它覆蓋到 2023 年。混合疲軟並不是真的。我的意思是，實際上，產品範圍組合很高。與蒙扎的損失和代托納幾個月後的引入相比，這根本就不夠改善，好嗎？但基本上，與去年同期相比，銷量將是積極的和混合的，我們預計總體上會略有下降。

Okay. Got it. And on pricing, so in '21, it was the first time that you pushed through a like-for-like price increase, about 2%. If I remember correctly was mostly due to the inflation. And given that inflation for the moment is not really going away, should we expect something similar for '22? Like are you planning to potentially push through some price increase if -- to offset the inflation or was it a one-off in '21?

好的。知道了。在定價方面，所以在 21 年，這是你第一次推動同類價格上漲，大約 2%。如果我沒記錯的話，主要是由於通貨膨脹。鑑於目前的通貨膨脹並沒有真正消失，我們是否應該期待 22 年出現類似的情況？就像您是否打算通過一些價格上漲來抵消通貨膨脹或者是在 21 年一次性？

Yes, this is a good and important point. I mean, there is some pressure on the energy on the aluminum cost, and we will apply this price increase to consider for that, but we will also leverage other important levers when it comes to the pricing of the new model and selected -- I mean, a price increase of selected model and also the personalization. So this is an important factor we are factoring in, Susy.

是的，這是一個很好且重要的觀點。我的意思是，能源對鋁成本有一定的壓力，我們將應用這次漲價來考慮這一點，但在新車型的定價和選擇時，我們也會利用其他重要的槓桿——我意味著，所選型號的價格上漲以及個性化。所以這是我們要考慮的一個重要因素，Susy。

Okay. Very clear. And very quick, just a follow-up on your free cash flow that you saw in the slide that you showed that you basically you're in line. You achieved the EUR 2.4 million to EUR 2.8 million cumulated cash flow as promised. So basically, the fact that you were guiding previously to a EUR 1.1 billion to EUR 1.25 billion industrial free cash flow is just a matter of phasing, right? Because it feels like that has been just phased differently due to the phasing of the models? Or was there some kind of advances for a future, maybe hypercar, which is now been changing timing?

好的。非常清楚。很快，只需對您在幻燈片中看到的自由現金流進行跟進，表明您基本上符合要求。您按照承諾實現了 240 萬歐元至 280 萬歐元的累計現金流量。所以基本上，你之前指導的 11 億歐元到 12.5 億歐元的工業自由現金流只是一個階段性的問題，對吧？因為感覺只是因為模型的分階段而分階段不同？或者未來是否有某種進步，也許是超級跑車，現在正在改變時機？

You got it right, Susy, phasing is the exact answer.

你猜對了，蘇西，分階段是正確的答案。

The next question comes from the line of John Murphy from Bank of America.

下一個問題來自美國銀行的 John Murphy。

Just wanted to follow up on that pricing discussion. I mean, obviously, there's cost inflation that's going on, but you're talking about your order book being longer than it ever has been before. So is there a greater opportunity to take price, explain it to your customers? Is there cost inflation to you? They're relatively sophisticated to offset that. But then also to maybe help balance out the supply and demand in the business. It's a very high-class problem, but it seems like there might be a greater pricing opportunity than you've ever even had before.

只是想跟進定價討論。我的意思是，很明顯，成本膨脹正在發生，但你說的是你的訂單比以往任何時候都長。那麼是否有更大的機會定價，向您的客戶解釋？你有成本膨脹嗎？他們相對複雜地抵消了這一點。但也可能有助於平衡業務中的供需。這是一個非常高級的問題，但似乎有比以往任何時候都更大的定價機會。

Thank you. I think this is what you say is important. And we are considering -- I mean, we are applying the price increase, and we are monitoring carefully what's happening on these 2 dimensions of energy and aluminum. And again, as I said, we will introduce also a new model and then we will apply in the right way the pricing. So this is an important dimension that we are careful about, also because we all know what is the pressure that there is in the supply chain all over the world.

謝謝你。我覺得這是你說的很重要。我們正在考慮——我的意思是，我們正在應用價格上漲，我們正在仔細監控能源和鋁這兩個維度的情況。同樣，正如我所說，我們還將推出一種新模型，然後我們將以正確的方式應用定價。所以這是我們要小心的一個重要維度，也是因為我們都知道全球供應鏈的壓力是什麼。

On the other side, I have to say that we have also on the supply chain, I mean, we have some good partners, reliable partners we can leverage on.

另一方面，我不得不說我們在供應鏈上也有，我的意思是，我們有一些好的合作夥伴，我們可以利用的可靠合作夥伴。

Okay. And then just a second question on the transition to EVs. It's very interesting that Daytona, V12 naturally aspirated engine and that sounds great to me personally. But obviously, there's a push towards EVs. Given your close relationship with your customers and you kind of build -- design engineer and build what they want, what are you hearing from your customers at this point on this transition? I mean, many other companies are slaves to guessing at where EV penetration will go and what they should do with their powertrain investment, but you have direct access and good discussion and relationships with your customers. So what are they telling you? Because on the Daytona, it seems like they're saying, "Hey, we probably don't want this right now," but the reality is some people might. So I mean, what are your customers telling you right now?

好的。然後是關於向電動汽車過渡的第二個問題。 Daytona，V12 自然吸氣發動機非常有趣，這對我個人來說聽起來很棒。但顯然，電動汽車正在受到推動。鑑於您與客戶的密切關係以及您的構建——設計工程師並構建他們想要的東西，您在此過渡時從客戶那裡聽到了什麼？我的意思是，許多其他公司都在猜測電動汽車的普及率以及他們應該如何處理他們的動力總成投資，但您可以直接訪問並與您的客戶進行良好的討論和關係。那麼他們在告訴你什麼？因為在代托納，他們似乎在說，“嘿，我們現在可能不想要這個，”但現實是有些人可能會這樣做。所以我的意思是，你的客戶現在告訴你什麼？

I think we have -- I mean, we have different kind of Ferrarista. Each 1 with its own preferred, let's say, model and propulsion. So we have Ferrarista that you have seen them in Florence when we launched the Daytona and they were extremely, extremely happy and delighted to see such a beautiful car. I have seen also customers trying the 296 GTB. That is a kind of different car with different feeling. So I think that if you want to get my feedback from the customer, is that we have customers with different feeling, different needs, different perceptions. And even the same customer for different moments can have -- can prefer the V12 aspirated one or the V6 hybrid. So there is a mix of different customer with different feeling and different needs and different emotion.

我想我們有——我的意思是，我們有不同類型的法拉利斯塔。每個 1 都有自己喜歡的模型和推進力。所以我們有 Ferrarista，當我們推出 Daytona 時，您在佛羅倫薩見過他們，他們非常、非常高興和高興地看到如此漂亮的汽車。我還看到有客戶試用 296 GTB。那是一種不同的車，有不同的感覺。所以我認為，如果你想從客戶那裡得到我的反饋，是因為我們的客戶有不同的感受、不同的需求、不同的認知。即使是同一位客戶在不同的時刻也可以擁有——可能更喜歡 V12 吸氣式或 V6 混合動力車。因此，不同的客戶有不同的感受、不同的需求和不同的情感。

But it's fair to say that you're not guessing at this, you're having discussions with your customers. So you -- what you're introducing and you're building is what they want. You're never going to misestimate the EV penetration on the models, right? I mean, if this is something that's well known by you through that order book and your discussions with your customers. Is that a fair statement?

但可以公平地說，您不是在猜測，而是在與您的客戶進行討論。所以你——你要介紹和建設的是他們想要的。您永遠不會錯誤地估計模型上的電動汽車普及率，對吧？我的意思是，如果這是您通過該訂單簿以及您與客戶的討論所熟知的事情。這是一個公平的說法嗎？

I'm saying that there is a clear trend, and we will work on for sure on next vehicle, and we will see the strategy line up here in June 16. What I want to say is that there are customers -- different customers that prefer different kind of propulsion scheme. So we are aware obviously of what's happening. We have planned for that, but we are also aware of the different feelings and different emotion the customers want to get with different propulsion scheme.

我是說有一個明顯的趨勢，我們肯定會在下一輛車上工作，我們將在 6 月 16 日看到這裡的策略。我想說的是，有客戶——不同的客戶更喜歡不同類型的推進方案。所以我們很清楚正在發生的事情。我們已經為此做好了計劃，但我們也意識到客戶希望通過不同的推進方案獲得不同的感受和不同的情感。

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

下一個問題來自法國巴黎銀行 Exane 的 Giulio Pescatore。

I just want to follow up on the previous point. In your answer, did you mean that as long as customers will want combustion engines, you will be willing to provide them even if we think about 10 or 20 years down the line?

我只想跟進上一點。在您的回答中，您的意思是說只要客戶想要內燃機，即使我們考慮 10 年或 20 年後，您也願意提供它們？

I think that the technology is useful as far as it address the customer needs. We have to delight the customer. We have to -- I mean, this is important for us. So if we are moving piston or we are moving other things, that's what we want to do.

我認為該技術在滿足客戶需求方面是有用的。我們必須取悅客戶。我們必須——我的意思是，這對我們很重要。因此，如果我們移動活塞或移動其他東西，這就是我們想要做的。

Okay. And then the second question on the order book for the 296 GTB, which you said built faster than the previous processor of that vehicle. Does that mean that, that car could potentially do the same type of volumes that attribute as they did in the past? And can you maybe talk about the difference in demographics between that vehicle and the 488?

好的。然後是 296 GTB 訂單簿上的第二個問題，您說它比該車輛的先前處理器構建得更快。這是否意味著，這輛車可能會產生與過去相同類型的容量？你能談談那輛車和 488 之間的人口統計差異嗎？

Yes, you can go, Antonio. I think you have...

是的，你可以走了，安東尼奧。我想你有...

We provided the forecast on volume life cycle. However, as Benedetto said before, the fleet has been very strong in terms of order compared to our previous internal benchmarks. The other element, yes, I think you are addressing the fact that the -- our customer base for this car is slightly younger and this is true.

我們提供了體積生命週期的預測。然而，正如 Benedetto 之前所說，與我們之前的內部基準相比，車隊在訂單方面非常強大。另一個因素，是的，我認為您正在解決一個事實，即我們的這輛車的客戶群略年輕，這是真的。

I mean, really, you need to drive it to experience it. It's...

我的意思是，真的，你需要駕駛它來體驗它。它的...

I'm asking you to provide a driving experience that your CMD, I'll be more than happy to know.

我要求您提供您的 CMD 的駕駛體驗，我很樂意知道。

Yes, we will.

是的，我們會。

Fantastic. I'll get there. Maybe just 1 last 1 before I pass on to the next speaker. On the free cash flow for 2022, I really started to bridge your guidance, which feels very, very conservative at the lower end, at least. I understand the step-up in CapEx. I understand that there are going to be higher taxes. But can you maybe help us with the amount of deposits that you should expect from the Daytona and how many deposits did you receive last year for the company because it's really difficult to bridge that number?

極好的。我會到達那裡。在我傳遞給下一位演講者之前，也許只有最後 1 個。關於 2022 年的自由現金流，我真的開始彌補你的指導，至少在低端感覺非常非常保守。我了解資本支出的提升。我知道會有更高的稅收。但是，您能否幫助我們了解您應該從 Daytona 獲得的存款金額以及您去年為該公司收到了多少存款，因為很難彌補這個數字？

Well, I cannot comment on the degree of conservatives of the estimate, but basically, our cash flow is really simple. I mean, we have the EBITDA and you know what the guidance is, you know what we said about CapEx. I think your question is about the working capital where we include in the wider definition, also the impact of the advances on the limited series cars. So the Daytona, we are talking about more than EUR 200 million more or less in terms of current estimate. The other element you should not underestimate is the impact of taxes because we are obviously paying taxes, both in terms of the balance and the advance on the basis of the results of 2021 and it makes a big difference compared to what we paid in 2021 based on the results of 2020 that were impacted by the pandemic. All of this provides you a better understanding of the detail.

好吧，我不能評論估計的保守程度，但基本上，我們的現金流真的很簡單。我的意思是，我們有 EBITDA，你知道指導是什麼，你知道我們對資本支出的看法。我認為您的問題是關於我們在更廣泛定義中包含的營運資金，以及進步對限量系列汽車的影響。因此，就目前的估計而言，我們所說的代托納或多或少超過 2 億歐元。您不應低估的另一個因素是稅收的影響，因為我們顯然是根據 2021 年的結果在餘額和預付款方面納稅，這與我們在 2021 年基於關於受大流行影響的2020年結果。所有這些都可以讓您更好地了解細節。

Yes. But you're still benefiting from the button box, right?

是的。但是您仍然可以從按鈕框中受益，對吧？

The button box is helping, but not in terms of cash, not at the level it did at the very beginning, because now the law provides for the benefit cash-wise in 3-year installment. So this has been already visible in 2021, and it will be obviously in 2022.

按鈕框是有幫助的，但不是在現金方面，不是在一開始時的水平，因為現在法律規定以 3 年分期付款的方式提供現金福利。所以這在 2021 年就已經可見了，顯然在 2022 年就會出現。

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。

My focus is on CapEx, which is a portion of the lower free cash flow for the current year. So the EUR 800 million may be considered a sort of peak for CapEx or should we expect they will go beyond EUR 1 billion annually going forward? And when you talk about partnerships, I remember you also mentioned partnership in order to reduce CapEx. I clearly understand you cannot talk about something that was not announced, but just to elaborate a bit on this in order to understand what could be the magnitude of the reduction in CapEx, if any?

我的重點是資本支出，這是本年度較低自由現金流的一部分。因此，8 億歐元可能被認為是資本支出的一種峰值，還是我們應該預計它們將在未來每年超過 10 億歐元？當您談論合作夥伴關係時，我記得您還提到了合作夥伴關係以減少資本支出。我清楚地理解您不能談論未宣布的事情，而只是詳細說明一下，以便了解資本支出減少的幅度（如果有的話）？

Thank you, Marco. You remember well, the partnership are important way forward for us and as I said also before, there would be some partnership that is an important partnership for us. We will announce in the near future. I think that -- I mean, it's important that is always also what I said in my previous slides, to keep strong discipline about CapEx and to keep the momentum and to make sure to do some innovative it's important we decide what we do internally, and we decided and what we want to do with partners outside. So the 2 words are partnership and discipline. And as I said, in the near future, you will hear about an important partnership on something that is important for our car but for which, let's say, we believe the best way forward is partnership.

謝謝你，馬可。你記得很清楚，夥伴關係對我們來說是重要的前進方向，正如我之前所說，會有一些夥伴關係對我們來說是重要的伙伴關係。我們將在不久的將來宣布。我認為——我的意思是，重要的是我在之前的幻燈片中所說的內容，保持對資本支出的嚴格紀律，保持勢頭，確保進行一些創新，重要的是我們決定內部做什麼，我們決定了我們想和外面的合作夥伴做什麼。所以這兩個詞是夥伴關係和紀律。正如我所說，在不久的將來，你會聽到一個重要的合作夥伴關係，這對我們的汽車很重要，但我們相信最好的前進方式是合作。

And on the amount of CapEx, EUR 800 million could be considered as a peak?

而在CapEx的金額上，8億歐元可以被認為是一個峰值嗎？

You can consider, it is more or less a good number to think about because we will use, as I said, the partnership to optimize and to be disciplined.

您可以考慮，這或多或少是一個值得考慮的數字，因為正如我所說，我們將使用合作夥伴關係來優化和遵守紀律。

Okay. And talking about volumes based on what you commented before, I would expect higher volume growth than the usual, let's say, average 6% we saw in the last few years?

好的。根據你之前評論的內容談論銷量，我預計銷量增長會比往常更高，比如說，我們在過去幾年看到的平均 6%？

Yes, it is a bit result of the significant net order intake increase that we have seen this year. So we need to serve this one. Obviously, we'll be very careful because the concept of cars remains crucial to our business model and this is an element of significant attention. We'll play all leverages to manage this one.

是的，這是我們今年看到的淨訂單量大幅增加的一個結果。所以我們需要為這個服務。顯然，我們會非常小心，因為汽車的概念對我們的商業模式仍然至關重要，這是一個值得關注的元素。我們將發揮所有槓桿作用來管理這一點。

And for sure, the broad portfolio we have, it's helping to protect also the brand exclusivity because in this year, we have lot of models that are in production.

當然，我們擁有廣泛的產品組合，這也有助於保護品牌的排他性，因為在今年，我們有很多模型正在生產中。

The next question comes from the line of Stephen Reitman from Societe General.

下一個問題來自法國興業銀行的 Stephen Reitman。

I understand what you're saying about the mix in 2022. So just to dig a little more detail in that. First of all, is my understanding that you'll still be selling Monza in the first quarter of 2022, so we could see maybe something there? And my second question is about the claims deliveries of the 812 Competizione and how many would you expect to be delivered in 2022...

我理解你所說的關於 2022 年混合的內容。所以只是為了挖掘更多細節。首先，我的理解是您仍將在 2022 年第一季度銷售蒙扎，所以我們可能會在那裡看到一些東西嗎？我的第二個問題是關於 812 Competizione 的索賠交付以及您預計在 2022 年交付多少……

There is a lot of noise on the background. We are having problem to understand your question. I don't know, it seems there is someone unmute, I don't know.

背景有很多噪音。我們在理解您的問題時遇到問題。我不知道，好像有人取消靜音，我不知道。

I'll try again. Sorry. Okay. Try again maybe. Yes, I'm sorry, no. I just wanted to ask, first of all, I understand that you will be selling still some Monza's in the first quarter of this year, this final model. Would that have an impact expected in the first quarter of this year still? And secondly, could you talk about the cadence of deliveries of the 812 Competizione, obviously, a very high-margin car for you in the quarter of 2022?

我會再嘗試。對不起。好的。也許再試一次。是的，對不起，不。我只是想問一下，首先，我知道你們將在今年第一季度銷售一些蒙扎的，最後的模型。這是否還會對今年第一季度的預期產生影響？其次，您能否談談 812 Competizione 的交付節奏，顯然，這對您來說是 2022 年季度利潤率非常高的汽車？

I think in terms of the Monza, we'll complete the deliveries of the Monza in Q1. However, the absolute number will not be as high as it has been during the last quarter of this year. 812 Competizione and Competizione Aperta will be spread quite evenly across the fourth quarter.

我認為就蒙扎而言，我們將在第一季度完成蒙扎的交付。但是，絕對數字不會像今年最後一個季度那樣高。 812 Competizione 和 Competizione Aperta 將在第四季度相當均勻地分佈。

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

下一個問題來自高盛的 George Galliers。

The first question I had was just on the volumes. Obviously, you're now above 11,000 units. I think in the past, previous management mentioned that max capacity was about 15,000 units on the existing industrial footprint. Is that still roughly the right number to think about? And in order to get that, presumably, you'd have to add shifts. What's the kind of lead time from a trading perspective to add incremental shifts?

我的第一個問題是關於卷的。顯然，您現在的數量已超過 11,000 個單位。我認為過去，以前的管理層提到現有工業足蹟的最大產能約為 15,000 台。這仍然是大致正確的數字嗎？為了得到這個，大概，你必須增加班次。從交易的角度來看，增加增量變化的前置時間是多少？

The second question I had was with respect to the carbon neutrality by 2030. Do you still expect e-fuels to play a prominent role in reaching that target?

我的第二個問題是關於到 2030 年實現碳中和。您是否仍然期望電子燃料在實現該目標方面發揮重要作用？

And then finally, obviously, we had significant management changes and some exciting promotions and external hires during the quarter. Perhaps you could give some insight into the skill set you were looking to promote as part of those management changes?

最後，很明顯，我們在本季度進行了重大的管理變動以及一些令人興奮的晉升和外部招聘。也許您可以深入了解您希望在這些管理變革中提升的技能組合？

I'll start from the last one. The management change and the carbon neutrality and the first one, Antonio will take it. So let's start from the management change. Yes, we did a big change at the beginning -- end of last year, beginning of this change -- beginning of this year. And we did along 2 directions, if you have seen. On 1 side, we promoted our internal talents that I had the pleasure to see because I talk to a lot of people in the company, and those will externalize. I think what the common threat that we wanted -- and I wanted to push this new organization are the 4 following ones.

我將從最後一個開始。管理變革和碳中和，第一個，安東尼奧會接受。因此，讓我們從管理變革開始。是的，我們在一開始 - 去年年底，這個變化的開始 - 今年年初進行了很大的改變。如果你看到了，我們沿著 2 個方向做了。一方面，我們提升了我很高興看到的內部人才，因為我與公司裡的很多人交談，這些人才會外化。我認為我們想要的共同威脅——我想要推動這個新組織的是以下 4 個威脅。

Number one, the strong willingness to cooperate. Number 2 is about attention to innovation and number 3 is the focus to bring these things, especially in a transition area to make the right -- the right choice, the right decision with the right timing and to move forward. And number 4 is very important, especially nowadays, this is becoming very important for all the companies. It is this continuous learning approach because we have to be open to listen at the other point of view, other people's point of view and also the supplier's point of view, the partner's point of view.

第一，強烈的合作意願。第 2 項是對創新的關注，第 3 項是帶來這些東西的重點，特別是在過渡領域做出正確的選擇——正確的選擇、正確的決定以及正確的時機並繼續前進。第四點非常重要，尤其是現在，這對所有公司都變得非常重要。正是這種持續學習的方法，因為我們必須開放地傾聽其他觀點、其他人的觀點以及供應商的觀點、合作夥伴的觀點。

So these are the features that I want to boost with the new organization, again, organized with the homegrown talents and also external hires. This keeps for granted, let me say, competencies that are -- all these people are bringing in the game.

所以這些是我想在新組織中提升的功能，再次，與本土人才和外部員工一起組織。讓我說，這是理所當然的，所有這些人都在比賽中帶來了能力。

Coming to the second question, the carbon neutrality. As we said, the carbon neutrality, we will show you a clear plan in -- when we meet here in Maranello. The target is to become carbon neutral by 2030. We want to do it looking at all the carbon emission we generate directly as well as the carbon emission that get generated along the value chain. And we want to do in a scientific way and so that's the reason why we are also proud if you want of this ISO certification we got in Q4, because it testifies that we are substantiating these numbers with a scientific approach. I think that if we want to tackle this properly, we need to be do it scientifically and that's what we will do and that's what we will show you in June.

來到第二個問題，碳中和。正如我們所說的碳中和，當我們在馬拉內羅會面時，我們將向您展示一個明確的計劃。目標是到 2030 年實現碳中和。我們希望著眼於我們直接產生的所有碳排放以及價值鏈上產生的碳排放。我們希望以科學的方式做事，這就是為什麼如果您想要我們在第四季度獲得的 ISO 認證，我們也很自豪，因為它證明我們正在用科學的方法證實這些數字。我認為，如果我們想妥善解決這個問題，我們需要科學地去做，這就是我們將要做的，這就是我們將在 6 月向您展示的內容。

Now the first question, Antonio, you can take that.

現在第一個問題，安東尼奧，你可以接受。

Yes, George. On the first one, yes, 15,000 units is the level of capacity that we have. There has been no change in that respect. And the second one, we are working on to shift and we predict to be there even for 2022. Hope this helps.

是的，喬治。第一個，是的，15,000 個單位是我們擁有的產能水平。在這方面沒有任何變化。第二個，我們正在努力轉變，我們預計甚至會在 2022 年實現。希望這會有所幫助。

The next question comes from the line of Monica Bosio from Intesa Sanpaolo.

下一個問題來自 Intesa Sanpaolo 的 Monica Bosio。

I hope you can hear me. My first question is on the volume growth in 2022 on the back of the strong order book, the ramp-up of the new enter models seen in 2022. The volumes impact would be significant over the current year. I was wondering if these could bring some phaseout of some models such as the S8. And as for the price mix, I was wondering if you can elaborate on what do you expect in terms of personalization for 2022?

我希望你能聽到我的聲音。我的第一個問題是，2022 年的銷量增長是基於強勁的訂單，2022 年新進入車型的增加。今年的銷量影響將是顯著的。我想知道這些是否會逐步淘汰某些型號，例如 S8。至於價格組合，我想知道您能否詳細說明您對 2022 年個性化的期望？

And my second question is housekeeping questions. As for the advances from the Daytona, should we assume an impact mostly in the first part of the year? Is it correct? And in terms of taxes, you mentioned that the taxes will be higher at the cash impact level in 2022. Can you give us some highlights at the P&L level?

我的第二個問題是家政問題。至於代托納的進步，我們是否應該主要在今年上半年承擔影響？這是正確的嗎？在稅收方面，您提到 2022 年現金影響級別的稅收將更高。您能否在損益級別上給我們一些亮點？

I take the part of the phase out of the model. As I said, in Q4, we stopped -- we did not take order anymore on some models and this is done for the sake of brand exclusivity. The personalization gives a good contribution to our top line. And for the Daytona and the taxes, maybe Antonio, you can take it.

我從模型中取出部分階段。正如我所說，在第四季度，我們停止了——我們不再接受某些型號的訂單，這是為了品牌排他性。個性化為我們的收入做出了很好的貢獻。對於代托納和稅收，也許安東尼奧，你可以接受。

Sure. Daytona is significantly contributing in terms of cash flow with the advances in Q1. Maybe you remember what happened back in 2019 with the Monza. And in terms of taxes, yes, we are currently projecting something like approximately EUR 200 million additional cash out for taxes during the course of '22.

當然。代托納在第一季度的預付款中為現金流做出了重大貢獻。也許您還記得 2019 年蒙扎發生的事情。就稅收而言，是的，我們目前預計在 22 年期間將有大約 2 億歐元的額外稅收現金用於稅收。

EUR 200 million.

2億歐元。

Dear participants. Thank you very much for all your questions. And now I would like to hand the conference over to our main speaker today, Mr. Benedetto Vigna for closing remarks. Please go ahead.

親愛的參與者。非常感謝您提出的所有問題。現在我想把會議交給我們今天的主要發言人 Benedetto Vigna 先生做閉幕詞。請繼續。

Thank you. Thank you so much, and thanks all for your time this afternoon and also for all your questions. Let me close by underscoring 3 things. One, our excellent 2021 financial result with an exceptional EBITDA margin. Two, our record order book covering well into 2023. And three, our broad innovative and beautiful product range with 2 new launches to come in this year in 2022. Today, I realize -- I mean, we provided a little taste of what's happening in our company. I realize that you want to hear more and we are as eager as ever to seize these opportunities ahead of us and to share with all of you the full picture on June 16 in Maranello at Capital Market Day. So good afternoon, everyone. Thanks again for your attention and talk to you in the next quarter. Thank you.

謝謝你。非常感謝，感謝大家今天下午的時間以及所有的問題。讓我通過強調三件事來結束。一，我們出色的 2021 年財務業績和卓越的 EBITDA 利潤率。第二，我們創紀錄的訂單涵蓋到 2023 年。第三，我們廣泛的創新和美麗的產品系列，2022 年將在今年推出 2 款新產品。今天，我意識到 - 我的意思是，我們對正在發生的事情有了一點了解在我們公司。我知道你們想听更多，我們一如既往地渴望抓住這些機會，並在 6 月 16 日馬拉內羅資本市場日與大家分享全貌。大家下午好。再次感謝您的關注，並在下個季度與您交談。謝謝你。

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

我們今天的會議到此結束。感謝您的參與。你們都可以斷開連接。祝你今天過得愉快。