Ferrari NV (RACE) 2022 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Ferrari 2022 Q1 Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加法拉利 2022 年第一季度業績電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand over the conference to your first speaker today, Nicoletta Russo. Nicoletta, please go ahead.

我現在想把會議交給你今天的第一位發言人，Nicoletta Russo。尼科萊塔，請繼續。

Thank you, Stephen, and welcome to everyone who is joining us. Today, we plan to cover the group's Q1 2022 operating results, and the duration of the call is expected to be around 60 minutes.

謝謝你，斯蒂芬，歡迎所有加入我們的人。今天，我們計劃報導該集團2022年第一季度的經營業績，電話會議的時間預計在60分鐘左右。

Today's call will be hosted by the Group's 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.

今天的電話會議將由集團首席執行官 Benedetto Vigna 先生主持；和集團的首席財務官 Antonio Picca Piccon 先生。所有相關材料均可在法拉利公司網站的“投資者”部分獲得。在演示結束時，我們將回答您的問題。

Before we begin, let me remind you that any forward-looking statements we might make during today's call are subject to the risks and uncertainties mentioned in the Safe Harbor statement included on Page 2 of today's presentation, and the call will be governed by this language.

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

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

話雖如此，我想把電話轉給貝內代托。

Grazie Nicoletta. Thank you, everyone, for joining us today. I would like to start by thanking all the women, all the men in Ferrari for their passion and dedication, which has been essential to navigate the first months of this year. All of them contributed with their tireless effort in achieving the strong results that we are going to present today.

格拉齊妮可萊塔。謝謝大家，今天加入我們。首先，我要感謝法拉利的所有女性、所有男性的熱情和奉獻精神，這對於今年頭幾個月的航行至關重要。他們都為實現我們今天將要呈現的強勁成果做出了不懈的努力。

Before addressing our results for the first quarter of '22, I would like to spend a few words on the current international scenario and ongoing conflict in Ukraine. While hoping for a rapid return to dialogue and a peaceful resolution, our thoughts and support go out to those affected. Ferrari is playing its small part alongside the institutions to bring relief to this situation.

在談到我們 22 年第一季度的業績之前，我想談談當前的國際形勢和烏克蘭持續的衝突。在希望迅速恢復對話和和平解決的同時，我們的思想和支持向受影響的人傳達。法拉利正在與這些機構一起為緩解這種情況發揮作用。

In relation to this ongoing crisis and its implications, our supply chain has continued to prove its resilience, guaranteeing a smooth production at our facilities. With no doubt the current macroeconomic scenario is causing new challenges. However, our teams in Ferrari, also with the support of our partners, have been able to manage this situation properly.

鑑於這場持續的危機及其影響，我們的供應鏈繼續證明其彈性，確保我們設施的順利生產。毫無疑問，當前的宏觀經濟形勢正在引發新的挑戰。然而，在我們合作夥伴的支持下，我們在法拉利的團隊已經能夠妥善處理這種情況。

That said, while we continue to monitor the current scenario on our supply chain, we have not been immune to inflation. However, this is limited to a portion of our cost base. In fact, we have seen some increase in energy and certain raw material costs: mainly aluminum and precious metals. But in light of this, we immediately took 2 actions to preserve our profitability:

也就是說，雖然我們繼續監控我們供應鏈的當前情況，但我們也未能倖免於通脹。但是，這僅限於我們成本基礎的一部分。事實上，我們已經看到能源和某些原材料成本有所增加：主要是鋁和貴金屬。但有鑑於此，我們立即採取了兩項措施來保持我們的盈利能力：

The first, in Fall last year, we applied a price increase across our current product range;

首先，在去年秋季，我們對現有產品系列進行了提價；

The second, we just set the price positioning of our new models to adequately reflect our estimates on cost inflation.

第二，我們只是設定了新模型的價格定位，以充分反映我們對成本通脹的估計。

At the beginning of the year, we announced the new organizational structures achieved through both the promotion of homegrown talent and a number of key strategic external hires. The new organization is designed to further foster innovation, optimize processes, enhance agility and increase collaboration, being open and more horizontal. And I'm very much delighted to see that we are on the right transformation path.

年初，我們宣布了通過提升本土人才和一些關鍵戰略外部招聘實現的新組織結構。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，更加開放和橫向。我很高興看到我們正走在正確的轉型道路上。

Moving to the first quarter results. I'm very pleased to highlight the following four record quarterly data:

轉到第一季度的結果。我很高興地強調以下四個創紀錄的季度數據：

The first, revenues at EUR1.2 Billion, up 17% versus the prior year;

首先，收入為 12 億歐元，同比增長 17%；

EBITDA at EUR 423 Million;

EBITDA 為 4.23 億歐元；

Industrial free cash flow generation was approximately EUR 300 Million, almost twice compared to what we achieved a year ago, sustained by the strong profitability and the advances collected on the Daytona SP3.

工業自由現金流產生約 3 億歐元，幾乎是我們一年前實現的兩倍，這得益於強勁的盈利能力和 Daytona SP3 收集的預付款。

Our order book continues to be very strong, much stronger than ever, and it covers very well into 2023. I'm proud to state that most of our models are already sold out, and this is not just for the limited series.

我們的訂單繼續非常強勁，比以往任何時候都要強大，而且它涵蓋到 2023 年。我很自豪地說，我們的大多數型號已經售罄，這不僅僅是限量系列。

All of this was made possible, thanks to the following three elements:

由於以下三個要素，所有這一切都成為可能：

Number one, our product offer is truly astonishing, it now includes V8 and V12 thermal engines as well as V8 and V6 hybrid solutions, further enriched by the recent unveil of the 296 GTS;

第一，我們的產品供應確實令人驚嘆，它現在包括 V8 和 V12 熱機以及 V8 和 V6 混合動力解決方案，最近推出的 296 GTS 進一步豐富了產品；

Number two, the strength of our net order intake that continued over the quarter;

第二，我們在本季度持續的淨訂單量；

Number three, the exceptionally strong performance of the pre-owned business sustained by the economic climate.

第三，在經濟環境下，二手業務表現異常強勁。

As part of our recent activities, I would also like to underline the following three key facts.

作為我們近期活動的一部分，我還想強調以下三個關鍵事實。

1. Let's start with the signature of the Memorandum of Understanding with the Italian Ministry of Economic Development, Invitalia and the Emilia-Romagna region. This agreement will focus on industrial projects and research & development activities for new technologies aimed at bringing tangible benefits from an environmental perspective, as well as increasing digitalization. Such projects will further foster our competitive advantage since they will ensure the vertical integration of key components to be handcrafted here in Maranello. The plan will lead to the employment of 250 new hires, further boosting the territory of Maranello and Modena as a hub for excellence and increasingly attractive to new skillsets required by the automotive industry.

1. 讓我們從與意大利經濟發展部、Invitalia 和艾米利亞-羅馬涅大區簽署諒解備忘錄開始。該協議將重點關注旨在從環境角度帶來切實利益的新技術的工業項目和研發活動，以及提高數字化水平。這些項目將進一步培養我們的競爭優勢，因為它們將確保在馬拉內羅手工製作的關鍵部件的垂直整合。該計劃將僱傭 250 名新員工，進一步提升馬拉內羅和摩德納地區作為卓越中心的地位，並對汽車行業所需的新技能組合越來越有吸引力。

2. Secondly, the Daytona SP3 was awarded with the Red Dot Best of the Best. This international award, once again, is a testament to the passionate work of all the Ferrari team.

2. 其次，Daytona SP3 榮獲 Red Dot Best of the Best。這一國際獎項再次證明了所有法拉利團隊的熱情工作。

3. And finally, the Annual General Meeting approved a dividend distribution of approximately 250 Million EUR, representing a 57% increase of the dividend paid per share compared to the prior year. This is combined with our ongoing multi-year share repurchase program to reward our shareholders.

3. 最後，年度股東大會批准了約 2.5 億歐元的股息分配，與上一年相比，每股支付的股息增加了 57%。這與我們正在進行的多年股票回購計劃相結合，以獎勵我們的股東。

Now, let's move to the product excellence and customer activities. In the last few months, we have continued our engagement activities with clients and the media with the 296 GTB, a model that is receiving unanimous praise given the utmost level of fun-to-drive experience, coupled with our innovative V6 hybrid engine. Evidence of such success is the robust order collection, a record level in a quarter if compared to any other model, and it paves the way for the recently unveiled 296 GTS, its Spider version.

現在，讓我們轉向卓越產品和客戶活動。在過去的幾個月裡，我們繼續與客戶和媒體進行互動，推出 296 GTB，這款車型憑藉我們創新的 V6 混合動力發動機提供最高水平的駕駛樂趣體驗，獲得了一致好評。這種成功的證據是強大的訂單收集，如果與任何其他型號相比，這是一個季度內的創紀錄水平，它為最近推出的蜘蛛版本 296 GTS 鋪平了道路。

The 296 GTS marks a further step in our electrification journey and enriches our hybrid offering, now made up of four different models and covering differentiated needs of our customer base. This latest product launch is the fifth cornerstone on our electrification path, after LaFerrari, SF90 Stradale, SF90 Spider and 296 GTB. Moreover, with the launch of the 296 GTS, we are just one step away from completing the 15 models promised at the 2018 Capital Markets Day.

296 GTS 標誌著我們在電氣化之旅中又邁出了一步，豐富了我們的混合動力產品，現在由四種不同的車型組成，涵蓋了我們客戶群的差異化需求。這一最新產品發布是繼 LaFerrari、SF90 Stradale、SF90 Spider 和 296 GTB 之後我們電氣化道路上的第五個基石。此外，隨著 296 GTS 的推出，我們距離完成 2018 年資本市場日承諾的 15 款車型僅一步之遙。

And this leads me to the last but not least, launch: the highly coveted and much anticipated Purosangue: a unique and uncompromising Ferrari. At its heart beats the most iconic Ferrari engine of all time, our naturally aspirated V12, celebrating the bloodline of performance, innovation and excellence. I can testify to its outstanding driving experience, while I was driving it on the hills here close to Maranello. It has the agility and fun to drive typical of our sportscars, believe me.

這將我引向最後但並非最不重要的發布：令人垂涎和萬眾期待的 Purosangue：一款獨特且不妥協的法拉利。它的核心是有史以來最具標誌性的法拉利發動機，我們的自然吸氣 V12，慶祝性能、創新和卓越的血統。當我在馬拉內羅附近的山丘上駕駛它時，我可以證明它出色的駕駛體驗。相信我，它具有駕駛我們典型跑車的敏捷性和樂趣。

What also thrills me is seeing the Formula 1 racing team competing back at the top, thanks to our talented drivers and the F1-75, which has proved itself to be reliable and up for the highest challenge. It is mine and the whole team's greatest satisfaction to see our hard work starting to pay off.

讓我興奮的是，看到 F1 賽車隊重返巔峰，這要歸功於我們才華橫溢的車手和 F1-75，它已證明自己是可靠的，可以應對最高挑戰。看到我們的辛勤工作開始得到回報，這是我和整個團隊最大的滿足。

In GT racing, we are consolidating the great performance of last year, with several victories already achieved. Important to underline that the motor sport seasons have just begun, and we will continue to fight race by race with ambition and humility. Attention to details, focus and continuous learning will be key as the season unfolds.

在 GT 比賽中，我們正在鞏固去年的出色表現，已經取得了幾場胜利。重要的是要強調，賽車運動賽季才剛剛開始，我們將繼續以雄心和謙遜的態度逐場比賽。隨著賽季的展開，對細節的關注、專注和持續學習將是關鍵。

We are also on track for our return in FIA WEC top class from 2023, that will have its highlight in the Le Mans 24 Hours, a race where so many great chapters in our motor racing history have been played out. It is a competition that represents another opportunity for us to fight at the highest level while pushing the boundaries of technology on the track to then transfer it to the next generation of Ferrari road cars.

我們也有望從 2023 年開始重返 FIA WEC 頂級賽事，這將在勒芒 24 小時耐力賽中成為亮點，這場比賽已經上演了我們賽車史上的許多偉大篇章。這是一場比賽，它代表了我們在最高水平上戰鬥的另一個機會，同時在賽道上推動技術的界限，然後將其轉移到下一代法拉利公路車上。

Moving to the brand diversification activities. In February, we hosted the second fashion show during the Milan Fashion Week, presenting our new Ferrari fall/winter collection, which received international acclaim.

轉向品牌多元化活動。 2 月，我們在米蘭時裝週期間舉辦了第二場時裝秀，展示了我們全新的法拉利秋冬系列，獲得了國際讚譽。

Lastly, I look forward to meeting you in person here in Maranello on June 16, when we will open the doors of our Company to analysts, investors and journalists to present the industrial plan for the coming years. The Capital Markets Day will allow us the opportunity to articulate our constant drive for innovation, for exclusivity and for excellence. In June, we will share with all attendants our future strategy well-grounded on a solid plan.

最後，我期待著 6 月 16 日在馬拉內羅與您見面，屆時我們將向分析師、投資者和記者敞開公司的大門，展示未來幾年的產業計劃。資本市場日將讓我們有機會表達我們對創新、排他性和卓越的持續動力。六月，我們將與所有與會者分享我們基於堅實計劃的未來戰略。

I will now hand over to Antonio, who will review the Q1 2022 results.

我現在將移交給 Antonio，他將審查 2022 年第一季度的結果。

Thank you, Benedetto, and good morning or afternoon to everyone joining us today. Let's start on Page 7 with the highlights of this first quarter, a very strong start, actually, to the year with two or even three-digit growth for all our KPIs.

謝謝你，Benedetto，今天加入我們的每個人早上或下午好。讓我們從第 7 頁開始，看看第一季度的亮點，實際上，這是一個非常強勁的開端，我們所有的 KPI 都實現了兩位數甚至三位數的增長。

Shipments were 3,251 units, up more than 17% versus prior year.

出貨量為 3,251 台，同比增長 17% 以上。

Group net revenues were EUR 1 Billion and 186 Million, up the same versus prior year.

集團淨收入分別為 10 億歐元和 1.86 億歐元，與去年同期相比有所增長。

EBITDA reached EUR 423 Million, up 12.5% year-over-year with an EBITDA margin of 35.6%. This was lower compared to the extraordinary heights of last year, since the exceptionally strong product mix of Q1 '21 in terms of gross margin recovering from 2020, was further emphasized by still restrained costs. EBIT was EUR 307 Million, up 15.4% year-over-year.

EBITDA 達到 4.23 億歐元，同比增長 12.5%，EBITDA 利潤率為 35.6%。與去年的非同尋常的高度相比，這一數字較低，因為從 2020 年開始恢復的毛利率方面，21 年第一季度異常強勁的產品組合進一步受到成本限制的影響。息稅前利潤為 3.07 億歐元，同比增長 15.4%。

Net profit came in at EUR 239 Million, up 16.4% versus prior year, resulting in a Diluted EPS of EUR 1.29 compared to EUR 1.11 in Q1 '21.

淨利潤為 2.39 億歐元，較上年增長 16.4%，攤薄後每股收益為 1.29 歐元，而 21 年第一季度為 1.11 歐元。

The industrial free cash flow generation for the quarter was strong at EUR 299 Million, supported by the collection of the advances for the Daytona SP3 and the 812 Competizione A.

在 Daytona SP3 和 812 Competizione A 的預付款收集支持下，本季度工業自由現金流產生強勁，達到 2.99 億歐元。

Turning to Page 8. You can see the details of the Q1 shipments. From now on, we will show the breakdown of our shipments into ICE and hybrids, as we already noted that the previous split based on the number of cylinders has become less and less meaningful. The product portfolio in the quarter included 8 thermal engine models and 2 hybrids, representing 83% and 17% of total shipments, respectively.

翻到第 8 頁。您可以看到第一季度出貨的詳細信息。從現在開始，我們將展示我們的出貨量細分為 ICE 和混合動力車，因為我們已經註意到，之前基於氣缸數量的劃分變得越來越沒有意義。本季度的產品組合包括 8 款熱機型號和 2 款混合動力車，分別佔總出貨量的 83% 和 17%。

As per our programs, our hybrid offer will be further enriched by the start of deliveries of the 296 GTB in the second quarter, while we continue to serve the impressive order book recorded for all our current range, including certain ICE models whose lifecycle has been extended.

根據我們的計劃，我們的混合動力產品將在第二季度開始交付 296 GTB 時進一步豐富，同時我們繼續為我們所有當前範圍內記錄的令人印象深刻的訂單提供服務，包括某些生命週期已經過的 ICE 模型擴展。

Deliveries in the quarter were driven by:

本季度的交付受以下因素推動：

The Ferrari Roma,

法拉利羅馬，

The SF90 family, as well as

SF90 系列，以及

The Portofino M.

波托菲諾 M.

In the quarter, we also commenced the first delivery of the 812 Competizione, while those of the Ferrari Monza SP1 and SP2 were lower than the prior year and reached the end of the limited-series run.

在本季度，我們還開始了 812 Competizione 的首次交付，而法拉利 Monza SP1 和 SP2 的交付量低於上年，並達到了限量系列運行的結束。

Quarterly shipments reflected the deliberate geographic allocation in response to port congestion experienced in the first months of the year, which explains the decrease of our deliveries to America.

季度出貨量反映了為應對今年頭幾個月經歷的港口擁堵而故意進行的地域分配，這解釋了我們對美國的交付量減少的原因。

On Page 9, you can see the walk of our group revenues. At constant currency, they grew by 16.6%.

在第 9 頁，您可以看到我們集團收入的變化。按固定匯率計算，它們增長了 16.6%。

Revenues from cars and spare parts were up 18%, net of the different exchange rates, driven by volumes, positive product mix and pricing together with the contribution from personalizations. Revenues from personalizations were higher than the prior year in absolute terms, sustained by volumes, while substantially in line - around 17% - in proportion to revenues from cars and spare parts.

在銷量、積極的產品組合和定價以及個性化貢獻的推動下，扣除不同匯率後，汽車和備件的收入增長了 18%。個性化收入的絕對值高於上一年，由銷量維持，而與汽車和備件收入的比例基本一致 - 約 17%。

Engines revenues were down 19%, given the lower shipments to Maserati, whose contract is approaching the expiration in 2023.

發動機收入下降了 19%，原因是對瑪莎拉蒂的出貨量減少，瑪莎拉蒂的合同將在 2023 年到期。

The increase in sponsorship, commercial and brand up more than 17% at constant currency, was essentially attributable to the better prior year Formula 1 ranking and the contribution from brand-related activities. This was partially offset by lower sponsorship.

按固定匯率計算，贊助、商業和品牌的增長超過 17%，主要是由於去年一級方程式排名更好以及品牌相關活動的貢獻。這部分被較低的讚助所抵消。

Other revenues were mainly related to other supporting activities.

其他收入主要與其他配套活動有關。

Currency, including translation and transaction impacts as well as foreign currency hedges had a total positive contribution of EUR 8 Million, mostly related to the U.S. Dollar and the Chinese Yuan.

貨幣（包括換算和交易影響以及外幣對沖）總共產生了 800 萬歐元的積極貢獻，主要與美元和人民幣有關。

As we move to Page 10, let me review the change in our EBIT Bridge, explained by the following variances:

當我們轉到第 10 頁時，讓我回顧一下 EBIT 橋的變化，由以下差異解釋：

1. Volume was positive for EUR 59 Million, reflecting the shipments increase;

1. 成交量為 5900 萬歐元，反映出貨量增加；

2. Mix/price variance was also positive in absolute terms for EUR 13 Million, driven by the product mix, supported by the SF90 family and personalizations. This was just partly offset by the increased weight of the Portofino M and the Ferrari Roma, as well as the lower contribution of the Ferrari Monza. Please remind that we expect the product mix variance to become negative as the year unfolds, given the phase-out of the Monzas in Q1 and the phase-in of the Daytona SP3 in 2023.

2. 產品組合/價格差異在 SF90 系列和個性化的支持下，絕對值也為 1300 萬歐元。這只是部分被波托菲諾 M 和法拉利羅馬的重量增加以及法拉利蒙扎的較低貢獻所抵消。請注意，鑑於第一季度 Monzas 的淘汰和 2023 年 Daytona SP3 的逐步推出，我們預計產品組合差異將隨著時間的推移變為負數。

3. Industrial and R&D expenses grew EUR 18 Million in the quarter due to energy and some material cost increases, as anticipated by Benedetto, as well as higher depreciation and amortization.

3. 由於能源和一些材料成本的增加，如 Benedetto 所預期，以及更高的折舊和攤銷，本季度的工業和研發費用增加了 1800 萬歐元。

4. SG&A were negative by EUR 14 Million, mainly reflecting definitely more lively communication and marketing activities and our lifestyle events as well as the Company organizational development.

4. SG&A 負 1400 萬歐元，主要反映了更加活躍的溝通和營銷活動以及我們的生活方式活動以及公司組織發展。

5. Other was substantially flat. In essence, this reflects the better prior year Formula 1 ranking and higher contribution from brand-related and other supporting activities, offset by lower sponsorship, reduced engine shipments to Maserati and various other expenses, also accrued on the basis of current year ranking.

5.其他基本持平。從本質上講，這反映了上一年一級方程式的排名更好，品牌相關活動和其他支持活動的貢獻更高，但被讚助減少、瑪莎拉蒂發動機出貨量減少以及其他各種費用所抵消，這些費用也是在本年度排名的基礎上產生的。

The total net impact of currency was positive for EUR 2 Million.

貨幣的總淨影響為 200 萬歐元。

As a result of what I just mentioned, EBIT reached EUR 307 Million, up 15.4% versus the prior year with an EBIT margin of 25.9%.

由於我剛才提到的結果，息稅前利潤達到了 3.07 億歐元，與上一年相比增長了 15.4%，息稅前利潤率為 25.9%。

Turning to Page 11. The remarkable industrial free cash flow generation of this quarter determined by the strong profitability, and the already mentioned advances on the Daytona SP3 and 812 Competizione A - within our wider definition of working capital - was offset only in part by the inventory increase related to the projected volume growth for the year, as well as by capital expenditure of EUR 132 Million.

轉到第 11 頁。本季度強勁的盈利能力決定了顯著的工業自由現金流產生，以及已經提到的 Daytona SP3 和 812 Competizione A 的進步——在我們更廣泛的營運資本定義內——僅被部分抵消庫存增加與當年預計的銷量增長以及 1.32 億歐元的資本支出有關。

The pace of spending is in line with our plans to contain CapEx at around EUR 800 Million in 2022. In the quarter, the capitalization ratio of our development expenses was approximately 38%, in line with the prior year.

支出步伐符合我們在 2022 年將資本支出控制在 8 億歐元左右的計劃。本季度，我們開發費用的資本化比率約為 38%，與上一年持平。

Net industrial debt as of the end of March '22 was EUR 136 Million compared to EUR 297 Million at December 2021, barely reflecting the significant free cash flow, net of EUR 135 Million paid in the context of our share repurchase program.

截至 22 年 3 月底，淨工業債務為 1.36 億歐元，而 2021 年 12 月為 2.97 億歐元，這幾乎沒有反映在我們的股票回購計劃中支付了 1.35 億歐元的大量自由現金流。

As anticipated by Benedetto, the Annual General Meeting approved the dividend distribution of approximately EUR 250 Million, to be paid in a couple of days, on May 6.

正如 Benedetto 預期的那樣，年度股東大會批准了約 2.5 億歐元的股息分配，將於 5 月 6 日在幾天內支付。

On Page 12, we confirm the guidance for 2022, which firmly targets:

在第 12 頁，我們確認了 2022 年的指導方針，該指導方針堅定地針對：

Solid growth on all metrics and

所有指標的穩健增長和

Robust cash generation,

強勁的現金生成，

Amidst all the challenges that this dramatic start of the year is posing in several respects.

在今年這個戲劇性的開端在幾個方面構成的所有挑戰中。

I think this completes our review for the quarter. As usual, I thank you for listening and very much look forward to seeing you soon in Maranello at our Capital Markets Day.

我認為這完成了我們對本季度的審查。像往常一樣，我感謝您的聆聽，並非常期待很快在我們的資本市場日在馬拉內羅見到您。

I now turn the call over to Nicoletta.

我現在把電話轉給 Nicoletta。

Thank you, Antonio. We are now ready to start the Q&A session. Stephen, I'll turn the call over to you. Thank you.

謝謝你，安東尼奧。我們現在準備開始問答環節。斯蒂芬，我會把電話轉給你。謝謝你。

(Operator Instructions) The first question comes from Giulio Pescatore from BNPP.

（操作員說明）第一個問題來自 BNPP 的 Giulio Pescatore。

The first one on the guidance, one very simple question. Your target range implies an EBIT margin of about 23%, even at the higher end in the next 9 months. Isn't that slightly too conservative despite the higher R&D and weakening mix? And the second question on the Monza. I just want to make sure I understood it correctly, can you confirm that there are no more Monza due for deliveries in Q2, it was completely phased out on Q1?

第一個關於指導，一個很簡單的問題。您的目標範圍意味著息稅前利潤率約為 23%，即使在未來 9 個月的較高端也是如此。儘管研發較高且組合減弱，這是否有點過於保守？關於蒙扎的第二個問題。我只是想確保我理解正確，你能確認第二季度沒有更多的蒙扎交貨，它在第一季度完全淘汰了嗎？

And then the last one on the Purosangue, thanks for the extra color on the engine, the V12 engine. But can you maybe give us the reasoning behind the decision to launch the Purosangue without a hybrid system, also given that this is a model that we had hoped that would improve your position in China?

然後是 Purosangue 上的最後一個，感謝引擎上的額外顏色，V12 引擎。但是，您能否告訴我們決定在沒有混合動力系統的情況下推出 Purosangue 的原因，同時考慮到我們希望這是一個能夠提高您在中國的地位的模型？

Okay. Thank you, Giulio. I start with the second question, and then Antonio will comment on the first one. So, the Purosangue will be a naturally aspirated V12, our iconic model. We have been testing different options. But then I think it was clear that to celebrate the bloodline of the performance, innovation, experience, the V12 and the experience and the product performance it is able to deliver has been the right solution to push to the market. So there has been a clear result of our testing and also our discussion with the market.

好的。謝謝你，朱利奧。我從第二個問題開始，然後安東尼奧將對第一個問題發表評論。因此，Purosangue 將成為我們的標誌性車型自然吸氣 V12。我們一直在測試不同的選項。但後來我認為很明顯，慶祝性能、創新、體驗、V12 以及它能夠提供的體驗和產品性能的血統是推向市場的正確解決方案。因此，我們的測試以及我們與市場的討論已經有了明確的結果。

For the Monza, I can reaffirm what Antonio said that we stopped the production and the sales of Monza in Q1.

對於蒙扎，我可以重申安東尼奧所說的我們在第一季度停止了蒙扎的生產和銷售。

For the other part of the question, Antonio, you may help on this direction.

對於問題的另一部分，安東尼奧，您可以在這個方向上提供幫助。

Yes. Giulio, the guidance that we provided on EBIT is based on the fact that D&A will accrue over the course of the year, not linearly, but based on the start of production of our new models. So it's basically growing during the course of the year.

是的。 Giulio，我們在 EBIT 上提供的指導是基於 D&A 將在一年中累積的事實，不是線性的，而是基於我們新模型的開始生產。所以它基本上在一年中增長。

Okay. And as follow-up on the guidance, we also saw the U.S. dollar appreciating quite significantly. Is that already reflected in the guidance you have?

好的。作為該指引的後續行動，我們還看到美元大幅升值。這是否已經反映在您的指導中？

Yes. The reason why we are not basically making significant changes is because, as you know, we are following a foreign exchange hedging policy. So there might be opportunities around that, depending on how much remains free from hedging, but we prefer to stay cautious on that because it's unpredictable what happens to the currencies.

是的。我們基本上沒有做出重大改變的原因是，如您所知，我們正在遵循外匯對沖政策。因此，這可能會有機會，這取決於有多少可以免於對沖，但我們更願意對此保持謹慎，因為貨幣會發生什麼情況是不可預測的。

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

下一個問題來自 Equita 的 Martino De Ambroggi。

The first is always on the guidance. If I take your volumes in Q1 and then multiply by 4, which is quite usual, let's say, in normal years in the past, I get something in the region of 13,000 units. So first question, is it reasonable this figure as the underlying volumes in your full year guidance?

第一個總是在指導上。如果我將您在第一季度的銷量乘以 4，這很常見，假設在過去的正常年份，我會得到大約 13,000 個單位。所以第一個問題，這個數字作為你全年指導中的基本數量是否合理？

Hi Martino, maybe I take this one. As you know, we do not comment on shipments. I think our revenues is really what is driving our results. So we are focusing on that one. We may add that, obviously, due to the significant order book, shipments will remain high over the course of the year, yes.

嗨馬蒂諾，也許我拿這個。如您所知，我們不對貨物發表評論。我認為我們的收入確實是推動我們業績的因素。所以我們專注於那個。我們可以補充一點，顯然，由於訂單量很大，全年出貨量將保持高位，是的。

Okay. The second part of the question, even if it's not 13,000 in any case, it is a significant growth for just one year. And if I remember correctly, your output capacity is 15,000/16,000. So if you maintain the same pace also knowing that the Purosangue will be all additional we don't know the amount of volumes but will be additional. So probably you have another 2, 3 years' time before needing to either add a shift or add capacity, just to know what you're thinking about it.

好的。問題的第二部分，哪怕無論如何都不是13000，但僅僅一年的時間，也是一個顯著的增長。如果我沒記錯的話，你的輸出容量是 15,000/16,000。因此，如果您保持相同的速度，也知道 Purosangue 將全部增加，我們不知道卷的數量，但會增加。因此，在需要增加班次或增加產能之前，您可能還有 2、3 年的時間，只是想知道您在想什麼。

It's a good question. Martino, thank you. I think you will have a clear answer to all your deductions, let's say the 16th of June. What I can tell you is that also for all the cars we make, we will keep clear in mind the exclusivity. You remember well, the capacity that we have is in that ballpark. I can tell you that we are not planning investment to increase that numbers.

這是個好問題。馬蒂諾，謝謝。我想你會對你的所有扣除有一個明確的答案，比如說 6 月 16 日。我可以告訴你的是，對於我們製造的所有汽車，我們都會牢記排他性。你記得很清楚，我們的能力就在那個範圍內。我可以告訴你，我們不打算投資來增加這個數字。

Okay. And the last question is a more specific question on prices. During your introduction remarks, you mentioned that you already revised upward prices last year in order to offset raw material and other cost inflation, and you are also revising prices this year. Could you provide us just a rough indication of the amount of price revision?

好的。最後一個問題是關於價格的更具體的問題。在你的介紹性發言中，你提到你去年已經上調了價格，以抵消原材料和其他成本的上漲，今年你也在上調價格。您能否向我們提供價格調整幅度的粗略指示？

The price increase that has been already applied is in the range of 2%. This is already, I mean delivered to the market. It's on the process. Some results already in Q1, some other are coming.

已經實施的價格上漲幅度在 2% 範圍內。這已經，我的意思是交付給市場了。它在過程中。一些結果已經在第一季度，其他一些即將到來。

Okay. So I was wrong in understanding there was one last year and another one coming.

好的。所以我錯誤地理解去年有一個，另一個即將到來。

No, no, you are right. I mean, there are 2 things. There are the model that have been already -- the old model, let me say, and the new model. The old model is the price increase ballpark I gave you. For the new model, there is a different price increase that is different from the 2%. So you understood well, is we are talking about 2 different things.

不，不，你是對的。我的意思是，有兩件事。有已經存在的模型——讓我說，舊模型和新模型。舊模型是我給你的提價球場。對於新車型，價格上漲幅度與2%不同。所以你理解得很好，我們在談論兩件不同的事情。

And the next question comes from Susy Tibaldi from UBS.

下一個問題來自瑞銀的 Susy Tibaldi。

So my first one would be on the demand, which you already indicated it continues to be extremely strong. Your order books are record high, but can you just give us some more comments qualitatively? I mean, are you really not seeing any impact from all the macro pressures that we are seeing? So maybe by geography, is there anything at all that maybe worth flagging? Or is this high-end consumer really spending the same as before or even more?

所以我的第一個將是需求，你已經表明它仍然非常強大。您的訂單量創歷史新高，但您能否給我們一些定性的評論？我的意思是，你真的沒有看到我們所看到的所有宏觀壓力的任何影響嗎？所以也許從地理上看，有什麼值得標記的嗎？還是這個高端消費者的消費真的和以前一樣，甚至更多？

And then my second question would be on China. We saw a strong increase in volumes in China, which is said to be in line with the demand there. I was wondering which models are seeing the most success in China? And when it comes to the Chinese market, is this demand concentrated in few key areas? Or how do you see that will be very interesting to get some color?

然後我的第二個問題是關於中國的。我們看到中國的銷量強勁增長，據說這與那裡的需求相符。我想知道哪些模式在中國最成功？而說到中國市場，這種需求是否集中在幾個關鍵領域？或者你怎麼看得到一些顏色會很有趣？

Okay. I start from the second, Susy. So in China, we see, we have a very good traction on the 8 cylinders, ICE and hybrid. So I think this is really a good summary of what we see in China.

好的。我從第二個開始，蘇西。所以在中國，我們看到，我們在 8 缸、ICE 和混合動力方面有很好的牽引力。所以我認為這確實是對我們在中國看到的情況的一個很好的總結。

When it comes instead to the trend of the demand, I mean, clearly, we are watching carefully. We expect a different pattern also because several models are sold out. And I'm talking about the F8 and talking about the Portofino, about the 812. So we expect a different pattern also because we deliberately selected to sold out and to terminate some models.

當談到需求趨勢時，我的意思是，很明顯，我們正在仔細觀察。我們也期待不同的模式，因為有幾個型號已經售罄。我在談論 F8 和 Portofino，關於 812。所以我們也期待不同的模式，因為我們故意選擇售罄並終止某些型號。

And the next question comes from George Galliers from Goldman Sachs.

下一個問題來自高盛的 George Galliers。

The first question is on the Purosangue, again. So I'm very excited to see this, and thank you for the incremental details. When you think about the pricing of the Purosangue and its exclusivity, obviously, if we look at some of the other high-end utility vehicles in the market, we're seeing huge waitlists and cars being sold on very quickly in the secondhand market at very large premiums.

第一個問題是關於Purosangue，再次。所以我很高興看到這一點，並感謝您提供的增量細節。當您考慮 Purosangue 的定價及其排他性時，顯然，如果我們看看市場上的其他一些高端多功能車，我們會看到大量的候補名單和汽車在二手市場上的銷售速度非常快非常大的保費。

So when you think about the pricing of the Purosangue, do you plan to price it at a level where Ferrari is the main beneficiary for the strong demand rather than sellers in the used car market? And are you also taking any additional measures to control which customers are prioritized on the product? The second question I had was just on the deposits. I don't know if you could confirm what percent of deposits on the Competizione A and the Daytona have been taken during the quarter?

因此，當您考慮 Purosangue 的定價時，您是否計劃將其定價在法拉利是強勁需求的主要受益者而不是二手車市場的賣家的水平？您是否還採取任何其他措施來控制哪些客戶優先購買產品？我的第二個問題是關於存款的。我不知道您能否確認在本季度中，Competizione A 和 Daytona 的存款佔了多少？

So I start, George, I take the question on the Purosangue, Antonio will take the first one. So on the Purosangue, I would say that clearly, we have price in mind. We cannot share it, unfortunately. But we want to preserve always also for this car, we keep in mind the exclusivity. Exclusivity is one strategic guidelinewe push, we keep pushing, and we want to make sure that this stays well grounded in the DNA of all the product we developed. So Purosangue will also be considered this dimension of exclusivity. In terms of, as I said, price and the customer base, we have clear ideas. And let's say, we will address properly at the right time. For the advanced payment, the other question, Antonio, you may help.

所以我開始，喬治，我回答關於普羅桑格的問題，安東尼奧會回答第一個問題。所以在Purosangue，我會說得很清楚，我們考慮到了價格。不幸的是，我們無法分享它。但我們也希望始終保留這輛車，我們牢記排他性。排他性是我們推動的一項戰略方針，我們一直在推動，我們希望確保這在我們開發的所有產品的 DNA 中保持良好的基礎。因此，Purosangue 也將被視為排他性的這個維度。正如我所說，就價格和客戶群而言，我們有明確的想法。比方說，我們將在正確的時間妥善處理。對於預付款，另一個問題，安東尼奧，你可以幫忙。

George, the net impact of the contribution of the Daytona and the 812 Competizione A is in the region of EUR 80 Million. Obviously, this is a net impact, meaning the cash inflow has been higher than that. And half of it is due to the Daytona. And then we have a negative, which is the amount not collected on the Monza because already collected in the previous year. So it's basically a net between EUR 120 Million cash in and EUR 30 Million less collections on the Monza. Hope it helps.

喬治，Daytona 和 812 Competizione A 貢獻的淨影響在 8000 萬歐元左右。顯然，這是一個淨影響，這意味著現金流入高於此。其中一半是由於代托納。然後我們有一個負數，這是在蒙扎沒有收取的金額，因為前一年已經收取了。所以它基本上是在蒙扎的 1.2 億歐元現金和 3000 萬歐元之間的淨額。希望能幫助到你。

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

下一個問題來自法國興業銀行的斯蒂芬·雷特曼。

I have a couple of questions. First of all, could you give us the number of Monza SP1, SP2s that were sold in this final quarter for this year? Secondly, could you comment a bit about what you said about the order book, you've mentioned very strong orders for the F8, which obviously is in its last last selling period. When will this be finished relative to the being replaced by the 296 GTB and obviously, the GTS?

我有一些問題。首先，你能告訴我們今年最後一個季度銷售的 Monza SP1、SP2 的數量嗎？其次，您能否評論一下您所說的關於訂單的內容，您提到 F8 的訂單非常強勁，這顯然是在最後一個銷售期。相對於被 296 GTB 和顯然是 GTS 所取代，這將在什麼時候完成？

And finally, on sponsorship for the Formula 1 team, I understand obviously you lost your Mission Winnow and has become like a co-sponsor but is no longer the main headline sponsor. Could you comment on what's happening on negotiations for replacing it? And I suspect that given the strong performance of the Formula 1 team, the negotiations are getting easier in terms of finding a main sponsor.

最後，關於一級方程式車隊的讚助，我明白你顯然失去了你的任務 Winnow 並且變得像一個共同贊助商，但不再是主要的頭條贊助商。你能否評論一下關於更換它的談判正在發生的事情？而且我懷疑鑑於一級方程式車隊的強勁表現，就尋找主要贊助商而言，談判變得越來越容易。

Okay. So I'll start from the sponsors, other way around. So from the sponsor, as we said in the call, we see that we have a wider set of partners that are willing to work together with us. And this basket of partners, goes from a technology to banks to also new players of new economy. So I would say that we see a positive trend over there. And we become more and more appealing as we win more, if you can easily understand more and more Grand Prix.

好的。所以我將從贊助商開始，反之亦然。因此，正如我們在電話會議中所說，從贊助商那裡，我們看到我們有更廣泛的合作夥伴願意與我們合作。而這一籃子的合作夥伴，從技術到銀行，再到新經濟的新參與者。所以我想說我們看到了積極的趨勢。如果你能很容易地理解越來越多的大獎賽，我們會隨著我們贏得的更多而變得越來越有吸引力。

So if you want the summary is that it's true that we lost a big sponsor, but it's also true that the contribution of the big sponsor is not so big like in the past, but it's also true now that we access to a more diversified set of sponsors.

所以如果你想總結一下，我們失去了一個大贊助商是真的，但大贊助商的貢獻不像過去那麼大也是真的，但現在我們接觸到更多樣化的集合也是如此的讚助商。

Then I comment about the second part, it was the order book. The order book for the 8 cylinders, the sport 8 cylinders, the F8, goes till end of next year, but we start to see already an overlap with the 296 GTB that, as I said before, is the highest ever traction in terms of interest, in terms of order book from many customers.

然後我評論第二部分，它是訂單簿。 8 缸、運動型 8 缸、F8 的訂單將持續到明年年底，但我們開始看到已經與 296 GTB 重疊，正如我之前所說，就牽引力而言，這是有史以來最高的牽引力興趣，就許多客戶的訂單而言。

Just to complete before handing over to Antonio, basically, we have also a strong traction, and we are sold out on the 12-cylinder, on the 812, basically for additional 2 years. The key point I would like to leave here is that in Q2, we already start to ship the 296 GTB.

只是在移交給安東尼奧之前完成，基本上，我們也有很強的牽引力，我們在 12 缸、812 上賣光了，基本上再賣 2 年。我想在這裡留下的關鍵點是，在第二季度，我們已經開始出貨 296 GTB。

Antonio, you want to comment?

安東尼奧，你想發表評論嗎？

And the last information was the number of Monza sold in Q1, and the number is 40.

而最後的信息是Q1銷售的Monza數量，數量是40。

All right. And just , if I could just put in one final one. Also on the Purosangue, do you envisage that the vehicle will only be powered by V12s? Or do you think that in the future also, it might take alternative different powertrains as well with a low number of cylinders?

好的。只是，如果我能最後一個。同樣在 Purosangue 上，您是否認為該車輛將僅由 V12 驅動？或者您是否認為在未來也可能採用其他不同的動力總成以及較少的氣缸數？

(foreign language) We do not comment on this, sorry.

（外語）對此我們不做評論，抱歉。

Thank you.

謝謝你。

We cannot comment.

我們無法發表評論。

Sorry about this, Stephen.

對不起，斯蒂芬。

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

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

It's Thomas from Kepler Cheuvreux. I also have a couple of questions, please. Firstly, I would like to confirm that your first quarter was probably the strongest in terms of profitability and free cash flow for the year.

是來自 Kepler Cheuvreux 的 Thomas。我也有幾個問題，請。首先，我想確認您的第一季度可能是今年盈利能力和自由現金流最強的季度。

Yes. Yes, Thomas. This has been a record quarter on all key metrics. Yes, you're right, absolute terms.

是的。是的，托馬斯。這是所有關鍵指標的創紀錄季度。是的，你是對的，絕對術語。

But it's fair to assume that the next 3 quarters are probably going to be a bit softer because you're still going to benefit from volumes, but less from the mix you had in Q1 right?

但可以公平地假設，接下來的 3 個季度可能會稍微疲軟，因為您仍將受益於銷量，但從第一季度的混合收益中受益較少，對吧？

Yes, this is a fair assumption. This is based on product mix on one hand, the fact that we stopped selling the Monza at the end of the first quarter and we have not yet the Daytona, that is coming in 2023. And also in terms of the cash flow, this is due to the pace of collection of the deposit during the course of the year. And obviously, that capital expenditure is growing and not linearly during the course of the year.

是的，這是一個合理的假設。一方面這是基於產品組合，事實上我們在第一季度末停止銷售蒙扎，我們還沒有 2023 年推出的代托納。而且就現金流而言，這是由於年內收取押金的速度。顯然，資本支出在一年中呈增長趨勢，而非線性增長。

Yes. I wanted to get back to Formula 1. If we assume that your current strike continues and that you win the championship, which I think would be great. Could you just remind us what would be the impact on your 2023 accounts broadly speaking because it would be a substantial improvement?

是的。我想回到一級方程式。如果我們假設你目前的罷工繼續並且你贏得了冠軍，我認為這會很棒。您能否提醒我們，從廣義上講，這會對您的 2023 年賬戶產生什麼影響，因為這將是一項重大改進？

Yes, it will be a positive. I can't quantify that one, because it's also based on the EBITDA of the overall Circus..

是的，這將是積極的。我無法量化那個，因為它也是基於整個馬戲團的 EBITDA。

Okay. But would you say at least, it would be a substantial double-digit medium figure for your '23 EBITDA if you manage to win the championship? Or is it too much?

好的。但你至少會說，如果你能贏得冠軍，這對你的 '23 EBITDA 來說將是一個可觀的兩位數中等數字？還是太多了？

As I said, I prefer not to quantify. Let's assume it's an improvement anyway, which is, I mean, perhaps not material in our numbers, but still a significant one.

正如我所說，我不想量化。無論如何，讓我們假設這是一種改進，我的意思是，這在我們的數字中可能並不重要，但仍然是一個重要的數字。

Last quick one, please. You mentioned in your prepared comments that the preowned business was very strong. Could you remind us where we can see that in your accounts, please?

請最後一個快點。您在準備好的評論中提到二手業務非常強大。你能提醒我們在哪裡可以看到你的帳戶嗎？

Well, actually, you don't see this on our numbers or you would see it marginally in our financial services business, but really marginally. I think what the reason why we monitor it, though, is because it's very relevant to support the order intake, obviously, in the interest of a number of customers.

好吧，實際上，您在我們的數據中看不到這一點，或者您會在我們的金融服務業務中看到它，但實際上是很少看到的。不過，我認為我們監控它的原因是因為它與支持訂單接收非常相關，顯然，這符合許多客戶的利益。

And the next question comes from Gabriel Adler from Citi.

下一個問題來自花旗的 Gabriel Adler。

There are 2 questions left from my side. Just coming back to free cash flow, you're very clearly running ahead of the run rate implied by the guidance. It was about EUR 600 Million. So could you provide some more color, please, on your expectations of working capital and CapEx through the year and the ramp that you expect to see there?

我這邊還有2個問題。剛剛回到自由現金流，你很明顯跑在了指導所暗示的運行速度之前。大約是 6 億歐元。那麼，您能否提供更多關於您對全年營運資金和資本支出的期望以及您期望在那裡看到的斜坡的顏色？

And then secondly, on volumes. I appreciate that you don't specifically guide on this, but I think previously, you've commented that the first half should be stronger than the second. Could you confirm whether that's still your expectation for the year?

其次，關於數量。我很欣賞你沒有具體指導這一點，但我認為之前，你曾評論說上半場應該比下半場更強。您能否確認這是否仍然是您對這一年的期望？

Yes. Sure, Gabriel. I think the first question in terms of cash flow, in terms of capital expenditure that is basically the main negative starting from the EBITDA. We expect it to annually grow up to approximately EUR 800 Million, overall figure. The pace of development, though, is not liner during the course of the year. It's more exponential. That helps, of course, in terms of working capital around year-end. So we expect also working capital, including deposits, to be a positive in the year. And the guidance, the overall guidance is for not less than EUR 600 Million, overall, industrial free cash flow.

是的。當然，加布里埃爾。我認為第一個問題是關於現金流的，就資本支出而言，這基本上是從 EBITDA 開始的主要負面因素。我們預計它每年將增長到大約 8 億歐元，總體數字。然而，在這一年中，發展速度並不穩定。它更具指數性。當然，這有助於年底左右的營運資金。因此，我們預計今年的營運資金（包括存款）也將是積極的。並且指導，總體指導不低於6億歐元，整體工業自由現金流。

The second question, forgive me, is on volumes, whether H1 is better than H2? I would say not necessarily. It's more in terms of quality because of Q1, that includes the sales of the Monza.

原諒我，第二個問題是關於交易量，H1 是否優於 H2？我會說不一定。由於第一季度，它在質量方面更多，其中包括蒙扎的銷售。

And the next question comes from Gianluca Bertuzzo, Intermonte.

下一個問題來自 Intermonte 的 Gianluca Bertuzzo。

I have 2 questions on the Purosangue, if I may. First one, if we look at some of your peers in the luxury industry, they faced cannibalization of the GT models after the launch of their SUV. Do you think this is a risk also for Ferrari as GT models represents almost 1/3 of your shipments?

如果可以的話，我有兩個關於 Purosangue 的問題。首先，如果我們看看你在奢侈品行業的一些同行，他們在推出 SUV 後面臨著對 GT 車型的蠶食。您是否認為這對法拉利來說也是一種風險，因為 GT 車型占您出貨量的近 1/3？

And the second one, do you have a certain threshold beyond which you will not go for the SUV in terms of volume compared to your total shipments?

第二個問題，您是否有一定的門檻，與您的總出貨量相比，您不會購買 SUV 的數量？

I start from the second one. Gianluca. We will, we will stick to exclusivity also for the Purosangue. Yes, clearly, we have numbers clear in mind in terms of ratio to total numbers that we want to make as Purosangue.

我從第二個開始。詹盧卡。我們會，我們也將堅持對 Purosangue 的排他性。是的，很明顯，在我們想要作為 Purosangue 的總數的比率方面，我們已經清楚地記住了數字。

Then coming to the second question, I think that different Ferrari for different Ferraristi or different Ferrari for different moments is a strategy where you can read the answer to the first question. So we have on the market different models. This has been proving a successful strategy, and we don't see this risk of cannibalization.

然後談到第二個問題，我認為不同的法拉利適用於不同的法拉利或不同的法拉利適用於不同的時刻是一種策略，您可以閱讀第一個問題的答案。所以我們在市場上有不同的型號。事實證明，這是一個成功的策略，我們沒有看到這種自相殘殺的風險。

And the last question for the moment comes from Evan Silverberg from Morgan Stanley.

目前的最後一個問題來自摩根士丹利的 Evan Silverberg。

It's Adam Jonas from Morgan Stanley. Can you hear me?

是摩根士丹利的亞當喬納斯。你能聽到我嗎？

Yes, we can.

我們可以。

Okay. Great. So remind us of the technical production capacity for the entire company, body shop, paint shop, post Purosangue. You referred to it earlier, but I didn't hear the exact number or range of units in Maranello.

好的。偉大的。所以提醒我們整個公司的技術生產能力，車身車間，油漆車間，後Purosangue。您之前提到過，但我沒有聽到馬拉內羅的確切單位數量或範圍。

15,000. Adam, 15,000.

15,000。亞當，15,000。

Yes.

是的。

And just as a follow-up, the 250 new hires in Maranello and Modena, where you referred to vertical integration of handcrafted components, that's a lot of employment, that's 5% of your company: non-insignificant. Can you tell us what kind of components and technologies that these talented and very lucky individuals will be working on?

作為後續行動，馬拉內羅和摩德納的 250 名新員工，在那裡你提到了手工組件的垂直整合，這是一個很大的就業機會，占公司的 5%：非微不足道。您能否告訴我們這些才華橫溢且非常幸運的人將致力於開發什麼樣的組件和技術？

I know you are curious and you would like to have an answer. I think that we will have the pleasure to meet in person in a few weeks, and we will tell you exactly what we want to do, which are the strategic components we want to do in-house. So bear with me if I ask you a little bit more patience. But I read all your reports, I see. But allow us to wait still a few weeks, then we meet and we'll explain, and we'll show you with a clear presentation, I think, the strategic part that we want to make here.

我知道你很好奇，你想知道答案。我想我們將有幸在幾週後親自見面，我們會確切地告訴你我們想要做什麼，這是我們想要在內部做的戰略組成部分。如果我要求你多一點耐心，請耐心等待。但我讀了你所有的報告，我明白了。但是請允許我們再等幾週，然後我們會面並進行解釋，我們會向您展示一個清晰的演示文稿，我認為，我們想要在這裡製作的戰略部分。

I am showing no further questions at this time. I would now like to turn the conference back to Benedetto. Thank you very much. Please go ahead.

我目前沒有進一步的問題。我現在想把會議轉回貝內代托。非常感謝。請繼續。

So I think I want to thank all of you for your time, for your attention this afternoon and for all your questions. And also, believe me, this will be the last time I ask you to be patient to have a lot of answers because the next time we'll be in person, and I will, together with the team, we will reply all the questions.

所以我想我要感謝大家的時間，感謝你們今天下午的關注以及你們提出的所有問題。而且，相信我，這將是我最後一次請你耐心回答很多問題，因為下一次我們會面對面，我會和團隊一起回答所有問題.

So the first quarter, really, of this, we just closed, represent another strong start. The metrics, as you have seen, are very good in all respect. And in the Capital Market Day, we really want to outline our strategy for the years to come, and we will take all your questions. And I really am very much looking forward to seeing you here in June in Maranello.

所以第一季度，真的，我們剛剛結束，代表了另一個強勁的開端。如您所見，這些指標在各方面都非常好。在資本市場日，我們真的很想概述我們未來幾年的戰略，我們會回答您的所有問題。我真的非常期待六月在馬拉內羅見到你。

So thank you again. Good afternoon, and hope to see you soon. Bye-bye.

所以再次感謝你。下午好，希望很快見到你。再見。

Thank you very much, Mr. Vigna. This now concludes the conference call. Thank you for participating. You may now disconnect.

非常感謝您，維尼亞先生。現在電話會議結束。感謝您的參與。您現在可以斷開連接。