Ferrari NV (RACE) 2022 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Ferrari 2022 Q2 Results Call and Webcast. (Operator Instructions) Please remember that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎來到法拉利 2022 年第二季度業績電話會議和網絡直播。 （操作員說明）請記住，今天的會議正在錄製中。

I would now like to hand over to your speaker, Nicoletta Russo. Please go ahead.

我現在想把發言交給你的發言人 Nicoletta Russo。請繼續。

Thank you, and welcome to everyone who's joining us. Today, we plan to cover the group's Q2 2022 operating results. And the duration of the call is expected to be around 60 minutes.

謝謝你，歡迎所有加入我們的人。今天，我們計劃介紹該集團 2022 年第二季度的經營業績。通話時間預計為60分鐘左右。

Today's call will be offset by the Group CEO, Mr. Benedetto Vigna; and Group CFO, Mr. Antonio 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.

今天的電話將由集團首席執行官 Benedetto Vigna 先生代替；和集團首席財務官 Antonio 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，電話會議將受此語言的約束.

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

話雖如此，我想把電話轉給貝內代托。

Thank you, Nicoletta. Thank you, everyone, for joining us today. It was a pleasure to meet many of you in person last June during our Capital Market Day here in Maranello. But before talking about Q2 record results, let's recap the main points of our strategic plan for '22, '26. We talked about our electrification journey, the product strategy the industrial strategy, financial targets and our path to carbon neutrality by 2030. And I will address our commitment to preserve and protect our planet, later in this speech.

謝謝你，尼科萊塔。謝謝大家，今天加入我們。很高興在去年 6 月在馬拉內羅舉行的資本市場日期間與你們中的許多人見面。但在談論第二季度創紀錄的業績之前，讓我們回顧一下我們 22 年和 26 年戰略計劃的要點。我們談到了我們的電氣化之旅、產品戰略、工業戰略、財務目標以及我們到 2030 年實現碳中和的道路。我將在本次演講的稍後部分闡述我們對保護和保護地球的承諾。

Now let's start with our electrification journey. We are very well positioned to tackle the technological transition. Electrification represents for us a great opportunity to address customer needs and to continue to realize unique Ferraris. We are continuously advancing in our electrification journey. We started in 2009, 13 year ago, with our experience in Formula 1, then we transferred to our first hybrid model, LaFerrari, a supercar. And more recently, with the launch of 4 range hybrid models currently in our product portfolio, we extended successfully this technology to higher volume car. Thanks to this expertise, you can brief really in all our laboratories and additionally, fooled by our passion, dedication and willingness to push the boundaries farther, we will unveil our first full electric model in 2025, a true Ferrari that will enrich our product range.

現在讓我們開始我們的電氣化之旅。我們已經做好了應對技術轉型的準備。電氣化對我們來說是滿足客戶需求並繼續實現獨特法拉利的絕佳機會。我們在電氣化之旅中不斷前進。我們從 13 年前的 2009 年開始，憑藉我們在一級方程式賽車中的經驗，然後我們轉移到了我們的第一款混合動力車型 LaFerrari，一輛超級跑車。最近，隨著我們產品組合中目前 4 款混合動力車型的推出，我們成功地將這項技術擴展到更大容量的汽車。憑藉這些專業知識，您可以在我們所有的實驗室中進行真正的簡報，此外，我們將在 2025 年推出我們的首款全電動車型，這款真正的法拉利將豐富我們的產品範圍。 .

It will contain several unique features and it will be a sport car as every Ferrari that offers a true Ferrari driving experience. We have also confirmed our product strategy based on different Ferrari for different Ferrari Ferrariste, a different Ferrari for different moments. It is built to preserve uniqueness while satisfying the different customer profiles from more adrenaline-seeker pilots to more versatile sports car drivers. We have also committed to unveiling 15 new models from '23 to '26 to keep our product range up to the level where Ferrari has always been. This will also include the highly awaited new supercar, a master piece of innovation, design and performance.

它將包含幾個獨特的功能，它將成為一輛跑車，就像每輛提供真正法拉利駕駛體驗的法拉利一樣。我們也確定了我們的產品策略，不同的法拉利，不同的法拉利，不同的法拉利，不同的時刻。它旨在保持獨特性，同時滿足從更多尋求腎上腺素的飛行員到更多多才多藝的跑車駕駛員的不同客戶檔案。我們還承諾從 23 年到 26 年推出 15 款新車型，以使我們的產品範圍保持在法拉利一直以來的水平。這還將包括備受期待的新型超級跑車，它是創新、設計和性能的傑作。

We reiterated our industrial strategy. In doing so, we will continue to progress staying very focused and disciplined in terms of capital expenditures, adopting a make versus partnership approach. Indeed, we will focus on the key differentiating factors, and we will invest on the strategic component that we deem relevant to continue to exceed our customers' expectations in terms of performance and driving trials.

我們重申了我們的產業戰略。在此過程中，我們將繼續在資本支出方面保持高度專注和自律，採用製造與合作的方法。事實上，我們將專注於關鍵的差異化因素，我們將投資於我們認為相關的戰略組件，以在性能和駕駛試驗方面繼續超越客戶的期望。

On this note, we will invest in our infrastructure, expanding our factory with a new paint shop, and any building where the most advanced technologies in the electrification field will be designed, developed and crafted.

在這一點上，我們將投資於我們的基礎設施，通過新的油漆車間擴建我們的工廠，以及任何將設計、開發和製造電氣化領域最先進技術的建築物。

For what concerns partnership, as it was true in the past, we continue to tailor existing solutions that are available on the market and read them with our own eyes in a way that our cars continue to be unique and authentic.

對於與合作關係相關的問題，就像過去一樣，我們繼續定制市場上現有的解決方案，並用我們自己的眼睛解讀它們，以使我們的汽車繼續保持獨特和真實。

At the Capital Market Day, we also shared with you our financial targets. Built on a solid and comprehensive ground, we target a 9% compounded annual growth rate for our revenues driven by strong product pipeline. We have ambitious goals also for our lifestyle activities, where we target to double the 2026 sales compared to pre-pandemic levels, focusing on 3 things: luxury goods, experiential and collectibles. The business plan also entails an 11% compounded annual growth rate of EBITDA and a very strong industrial free cash flow generation. We expect to double it versus what we generated over the past 5 years.

在資本市場日，我們還與您分享了我們的財務目標。建立在堅實而全面的基礎上，我們的目標是在強大的產品線推動下實現 9% 的年復合增長率。我們的生活方式活動也有雄心勃勃的目標，我們的目標是使 2026 年的銷售額比大流行前水平翻一番，重點關註三件事：奢侈品、體驗和收藏品。該商業計劃還需要 11% 的 EBITDA 複合年增長率和非常強勁的工業自由現金流產生。我們希望將它與過去 5 年的產量相比翻一番。

Such solid financial profile allows us to keep investing for our future growth, while increasing the shareholders' remuneration with a combination of dividends and share buyback. Dividend payout will be increased to 35% of adjusted net income and a EUR 2 billion share repurchase program already started.

這種穩健的財務狀況使我們能夠繼續為未來的增長進行投資，同時通過股息和股票回購的結合來提高股東的薪酬。股息支付將增加到調整後淨收入的 35%，並且已經啟動了 20 億歐元的股票回購計劃。

How will we make it? As highlighted at the Capital Market Day, all of these will be made possible, thanks to the relentless work of all the women and men in Ferrari, the loyalty of our customers and the teamwork with our partners; industrial, academic and commercial.

我們將如何實現它？正如資本市場日所強調的那樣，所有這些都將成為可能，這要歸功於法拉利所有女性和男性的不懈努力、我們客戶的忠誠度以及與我們合作夥伴的團隊合作；工業、學術和商業。

Moving now to today's agenda. Let me review the second quarter, another quarter of records, whose strength led us to upgrade our 2022 guidance on all metrics. Number one, record revenues at EUR 1.3 billion, up 25% versus the prior year. Number two, record EBITDA at approximately EUR 450 million. Number three, record EBIT at approximately EUR 325 million. And number four, in Q2, we reached a new record in terms of net order intake, which is astonishing, considering that in the quarter, the books were open only on 3 models of Ferraris, from 296 GTB and 296 GTS, the one we announced last April. This strong trend is visible all over the world, no specific geographical pattern. On top of these 4 records, we have another 3 records we like to highlight.

現在轉到今天的議程。讓我回顧一下第二季度，又一個季度的記錄，其實力促使我們升級了 2022 年所有指標的指導。第一，創紀錄的收入為 13 億歐元，比上一年增長 25%。第二，創紀錄的 EBITDA 約為 4.5 億歐元。第三，創紀錄的息稅前利潤約為 3.25 億歐元。第四，在第二季度，我們在淨訂單量方面創下了新紀錄，這是令人驚訝的，考慮到本季度，只有 3 款法拉利車型開放，從 296 GTB 和 296 GTS，我們的那一款去年四月宣布。這種強勁的趨勢在世界各地都可見，沒有特定的地理格局。除了這 4 條記錄之外，我們還有另外 3 條記錄要突出顯示。

I'd like to start with our Guinness World Records title for the largest LED-illuminated racetrack awarded for the lighting show at our Fiorano racetrack. Consisting of more than 1 million LED points and covering more than 110,000 square meters. And all of that was powered with green energy. Secondly, the lighting show concluded the first edition of the Cavalcade icona with the participation of 80 Ferrari Monza, both SP1 and SP2, coming from more than 20 nations.

我想從我們的 Fiorano 賽道燈光秀獲得的最大 LED 照明賽道的吉尼斯世界紀錄稱號開始。由超過100萬個LED點組成，佔地11萬多平方米。所有這一切都以綠色能源為動力。其次，燈光秀結束了第一屆 Cavalcade icona，來自 20 多個國家的 80 輛法拉利 Monza 參加了 SP1 和 SP2。

This event celebrated the 75th anniversary of our company. And last but not least, I also add the pleasure to attend the Cavalcade Riviera in Monaco, which involved 144 Ferrari from over 30 nationalities, a record in the Cavalcade history. Such overwhelming attendance is, again, a testament to the unforgettable experiences that our customers are willing to chase along with the pleasure and fun of driving that carry the prancing horse name around the globe.

本次活動慶祝我公司成立75週年。最後但同樣重要的是，我還很高興參加摩納哥的 Cavalcade Riviera，參加了來自 30 多個國家的 144 輛法拉利，這是 Cavalcade 歷史上的一項記錄。如此眾多的出席人數再次證明了我們的客戶願意追逐的難忘體驗，以及帶著躍馬之名在全球範圍內駕駛的樂趣和樂趣。

On the racing activities, we continue to fight at the top in the Formula 1 and FIA World Endurance Championship, where the team is working hard for our return in 2023 in the top class with our hyper car. Two fresh news from the last weekend. We unveiled the Ferrari 296 GT3, our latest V6 that represents the future of the prancing horse in GT racing. And we just won the 24 hours of Spa-Francorchamps Gold Cup with a team of 4 women.

在賽車活動上，我們繼續在一級方程式和國際汽聯世界耐力錦標賽中爭冠，車隊正在努力爭取我們在 2023 年駕駛我們的超級賽車重返頂級賽事。上週末的兩個新鮮消息。我們推出了法拉利 296 GT3，這是我們最新的 V6，代表了 GT 賽車中躍馬的未來。我們剛剛以 4 名女性的團隊贏得了 24 小時 Spa-Francorchamps 金杯賽。

We also presented our journey towards carbon neutrality by 2030. This was a few weeks ago. And now we are moving from purpose to actions. Here, the 4 actions we already put in place. One, we have committed to set Science Based Targets in line with 1.5 Celsius degree pathway. Two, we have installed the new 1-megawatt solid oxide fuel cell plant at our Maranello facilities. It provides 5% of the energy required for Ferrari's production activities in Maranello while reducing fuel consumption and emissions compared to combined heat and power cogeneration systems. Gas requirements are cut by around 20%, with a significant energy savings.

我們還介紹了到 2030 年實現碳中和的旅程。這是幾週前的事了。現在我們正在從目標轉向行動。在這裡，我們已經實施了 4 項行動。一，我們已承諾根據 1.5 攝氏度路徑設定科學目標。第二，我們在馬拉內羅工廠安裝了新的 1 兆瓦固體氧化物燃料電池工廠。與熱電聯產系統相比，它提供了法拉利在馬拉內羅生產活動所需能源的 5%，同時減少了燃料消耗和排放。氣體需求減少了約 20%，顯著節省了能源。

Three, we have begun the installation of a new photovoltaic system on the roofs of our Maranello factory buildings, further expanding our independent energy production and reducing our CO2 emission. Once fully operational, the new solar installation will allow us to self-produce 1.7 gigawatt hour per year. And fourth, we've started a partnership with ClimateSeed, an impact-driven company that is helping us support high-quality innovative projects focused on positive climate and social contribution.

三，我們已經開始在我們的馬拉內羅工廠大樓屋頂安裝新的光伏系統，進一步擴大我們的獨立能源生產並減少我們的二氧化碳排放量。一旦全面投入使用，新的太陽能裝置將使我們能夠每年自產 1.7 吉瓦時。第四，我們與氣候種子公司建立了合作關係，這是一家以影響為導向的公司，幫助我們支持專注於積極氣候和社會貢獻的高質量創新項目。

As a final remark, and looking at what's next, for sure, September will be a key month for us with 3 important events. The Monte Grand Prix, where we will fight again at our home, the world premiere of the Purosangue and the third fashion show at Milan fashion week.

作為最後的評論，看看接下來會發生什麼，可以肯定的是，9 月對我們來說將是一個關鍵的月份，有 3 個重要事件。 Monte Grand Prix，我們將在家裡再次戰鬥，Purosangue 的全球首發和米蘭時裝週的第三場時裝秀。

And now I will hand over to Antonio, who will review the Q2 '22 results.

現在我將交給安東尼奧，他將審查 22 年第二季度的結果。

Thank you, Benedetto, and good morning or afternoon to everyone joining us today. Let's start on Page 7 with the highlights of the second quarter, another very strong quarter with double-digit growth and record levels for shipments, revenues, EBITDA and EBIT. Percentage margins were also in line with our expectations, mainly reflecting the already flagged development of product mix during the course of the year. Shipments were 3,455 units up 28.7% compared to the prior year.

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，重點介紹第二季度，這是另一個非常強勁的季度，出貨量、收入、EBITDA 和 EBIT 均實現了兩位數的增長和創紀錄的水平。百分比利潤率也符合我們的預期，主要反映了年內產品組合的發展已經疲軟。出貨量為 3,455 台，同比增長 28.7%。

Group net revenues were EUR 1.291 billion, up 24.9%. EBITDA reached EUR 446 million, up 15.5% year-over-year with an EBITDA margin of 34.6%, lower than last year since those extraordinary highs were supported by the strong contribution of the Ferrari Monza. EBIT was EUR 323 million, up 17.8%. Net profit came in at EUR 251 million, up 21.6% versus prior year, resulting in a diluted EPS of EUR 1.36 compared to EUR 1.11 in Q2 2021. The industrial free cash flow generation for the quarter was EUR 79 million. As already anticipated, and in line with the seasonal cadence, the strong operating cash flow of the quarter was partially flattened by tax payments. They were much higher than in Q2 2021 since commensurated the significantly improved income of 2021 compared to 2020.

集團淨收入為 12.91 億歐元，增長 24.9%。 EBITDA 達到 4.46 億歐元，同比增長 15.5%，EBITDA 利潤率為 34.6%，低於去年，因為這些非同尋常的高點是由法拉利蒙扎的強勁貢獻支撐的。息稅前利潤為 3.23 億歐元，增長 17.8%。淨利潤為 2.51 億歐元，比上年增長 21.6%，攤薄後每股收益為 1.36 歐元，而 2021 年第二季度為 1.11 歐元。該季度的工業自由現金流為 7900 萬歐元。正如已經預期的那樣，並且與季節性節奏一致，本季度強勁的經營現金流部分被納稅所抵消。由於與 2020 年相比，2021 年的收入顯著提高，因此它們遠高於 2021 年第二季度。

Turning to Page 8, you can see the details of the Q2 shipments. The product portfolio in the quarter included 7 internal combustion engine models and 3 hybrid models, including 1 ICE truck car, representing 83% and 17% of shipments, respectively. In the quarter, we were continuing to serve an impressive order book across all our current range, and delivery increase in the quarter were mainly driven by the Portofino M and the F8 family in line with programs.

翻到第 8 頁，您可以看到 Q2 出貨量的詳細信息。本季度的產品組合包括 7 款內燃機車型和 3 款混合動力車型，包括 1 款 ICE 卡車車，分別占出貨量的 83% 和 17%。在本季度，我們繼續在我們當前的所有產品系列中提供令人印象深刻的訂單，本季度交付量的增長主要是由符合計劃的 Portofino M 和 F8 系列推動的。

In the quarter, we also commenced the first deliveries of the 296 GTB, while the 812 Competizione was in a ramp-up phase. As already flagged, the Ferrari Monza SP1 and SP2 reached the end of their limited series run in Q1. All geographic regions positively contributed in the quarter, particularly in Mainland China, Hong Kong and Taiwan stood out with double deliveries compared to prior year, reflecting the strength of the demand.

在本季度，我們還開始了 296 GTB 的首次交付，而 812 Competizione 則處於加速階段。如前所述，法拉利 Monza SP1 和 SP2 在第一季度結束了他們的限量系列賽。所有地理區域在本季度都做出了積極貢獻，特別是在中國大陸、香港和台灣地區，交付量較去年同期翻了一番，反映了需求的強勁勢頭。

On Page 9, you can see the walk of our group net revenues growing 21% at constant currency. Revenues from cars and spare parts were up 21% at constant currency driven by higher volumes, along with the contribution from personalization. Revenues from personalizations were higher than the prior year, sustained by volume at around 18% in proportion to revenues from cars and spare parts. Engines revenues were down 8%, given the lower shipments to Maserati whose contract is approaching the expiration in 2023.

在第 9 頁，您可以看到我們集團的淨收入按固定匯率計算增長了 21%。汽車和備件的收入按固定匯率計算增長了 21%，原因是銷量增加以及個性化的貢獻。個性化產品的收入高於去年，銷量與汽車和零部件收入的比例保持在 18% 左右。發動機收入下降了 8%，原因是向瑪莎拉蒂的出貨量減少，瑪莎拉蒂的合同即將在 2023 年到期。

The increase in sponsorship, commercial and lifestyle, up more than 23% at constant currency, was mainly attributable to the better prior year Formula 1 ranking and the contribution from lifestyle activities, which was partially offset by lower sponsorship. The other revenues increase was mainly related to other supporting activities. In currency, including translation and transaction impact as well as foreign currency hedges, had a total positive contribution of EUR 41 million mostly related to the U.S. dollar and the Chinese yuan.

贊助、商業和生活方式的增長，按固定匯率計算增長超過 23%，主要是由於去年一級方程式排名更好以及生活方式活動的貢獻，這部分被較低的讚助所抵消。其他收入增加主要與其他配套活動有關。在貨幣方面，包括換算和交易影響以及外幣對沖，總共產生了 4100 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. Volume was positive for EUR 90 million, reflecting the shipment increase. Mix price variance, as expected and linked to product current, was negative for EUR 16 million, mainly due to the softer product mix related to the phaseout of Ferrari Monza and the greater contribution of the Portofino M, partially offset by the positive contribution from personalizations.

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。成交量為 9,000 萬歐元，反映了出貨量的增長。正如預期的那樣，與當前產品相關的價格差異為負數，為 1600 萬歐元，主要是由於與法拉利蒙扎的淘汰相關的較軟的產品組合以及波托菲諾 M 的更大貢獻，部分被個性化的積極貢獻所抵消.

Industrial and R&D expenses grew EUR 27 million in the quarter, mainly due to higher depreciation and amortization, cost inflation and other one-off operating expenses, net. SG&A were negative by EUR 18 million, mainly reflecting communication and marketing activities and corporate events as well as the support the company's organization development. Other was negative for EUR 9 million. It reflects the improved prior year Formula 1 ranking and higher contribution from lifestyle activities that were more than offset by lower sponsorship, reduced engine shipments to Maserati, higher costs related to the better Formula 1 in-season ranking assumption and other miscellaneous expenses. The total net impact of currency was positive for EUR 29 million.

本季度工業和研發費用增加了 2700 萬歐元，主要是由於折舊和攤銷增加、成本膨脹和其他一次性運營費用淨額增加。 SG&A 為負數 1800 萬歐元，主要反映了溝通和營銷活動以及公司活動以及對公司組織發展的支持。其他為負值 900 萬歐元。它反映了上一年一級方程式排名的提高和生活方式活動的更高貢獻，這被較低的讚助、減少對瑪莎拉蒂的發動機出貨量、與更好的一級方程式賽季排名假設和其他雜項費用相關的更高成本所抵消。貨幣的總淨影響為 2900 萬歐元。

As a result of what I just mentioned, EBIT reached a record level of EUR 323 million, up approximately 18% versus the prior year, with an EBIT margin of 25%.

由於我剛才提到的結果，息稅前利潤達到了創紀錄的 3.23 億歐元，比上一年增長了約 18%，息稅前利潤率為 25%。

Turning to Page 11. Our industrial free cash flow generation of the quarter reflect the strong profitability, which was flattened by EUR 166 million of capital expenditure that are progressing in line with full year guidance. EUR 162 million of cash interest and taxes, mainly reflecting the 2021 tax balance payment linked to the strong 2021 results and the first 2022 tax installment. And a small adverse impact of working capital and other, which was mainly related to the higher inventories in line with the projected volume growth for the year partially offset by the collection of Daytona SP3 advances.

轉至第 11 頁。我們本季度的工業自由現金流量反映了強勁的盈利能力，但由於 1.66 億歐元的資本支出與全年指導一致，這使盈利能力趨於平緩。 1.62 億歐元的現金利息和稅收，主要反映了與 2021 年強勁業績和 2022 年第一期稅收相關的 2021 年稅收餘額支付。以及營運資金和其他方面的小幅不利影響，這主要與較高的庫存有關，符合本年度預計的銷量增長，部分被代托納 SP3 預付款的收集所抵消。

In the quarter, the capitalization ratio of our development expenses was approximately 46%, slightly increased versus the prior year. Net industrial debt as of the end of June '22 was EUR 387 million. The increase from the EUR 136 million as of March 2022 is explained by the EUR 250 million dividend distribution and approximately EUR 80 million of share repurchases, more than offsetting the positive industrial free cash flow generation in the quarter. However, the overall strong net cash generation of the last 12 months improved the net investor debt position by almost EUR 150 million compared to June 2021.

本季度，我們開發費用的資本化比率約為 46%，較上年略有上升。截至 22 年 6 月末的淨工業債務為 3.87 億歐元。與截至 2022 年 3 月的 1.36 億歐元相比，增加的原因是 2.5 億歐元的股息分配和約 8,000 萬歐元的股票回購，足以抵消本季度產生的正工業自由現金流。然而，與 2021 年 6 月相比，過去 12 個月整體強勁的淨現金產生使淨投資者債務頭寸增加了近 1.5 億歐元。

On Page 12, we revised upward our 2022 guidance across all metrics on the back of 3 main factors that add on to our initial assumptions for the year. First, a stronger business performance with regards to personalization. Second, a tailwind from foreign exchanges net of hedges, mainly given the recent strengthening of the U.S. dollar versus the euro. And third, notwithstanding the rising inflation in our cost base linked to the current environment that slightly soften our percentage margins. I obviously remind you that our guidance still relies on the assumption that trading conditions are not significantly affected by the current complex environment.

在第 12 頁，我們基於 3 個主要因素上調了 2022 年所有指標的指引，這些因素增加了我們對今年的初步假設。首先，在個性化方面有更強的業務表現。其次，外匯對沖的利好，主要是考慮到近期美元兌歐元走強。第三，儘管與當前環境相關的成本基礎通脹上升，略微削弱了我們的百分比利潤率。我顯然提醒您，我們的指導仍然依賴於交易條件不受當前複雜環境顯著影響的假設。

To conclude, we are very pleased with this quarter of record, which are the results of the unabated passion of each one -- each and everyone here in Ferrari, which demonstrated the robustness of our business model and the success of our product portfolio, and which let us look with great confidence in the rest of the year and our further challenges to come.

總而言之，我們對本季度的創紀錄感到非常滿意，這是法拉利每個人不減激情的結果，這證明了我們商業模式的穩健性和產品組合的成功，以及這讓我們對今年餘下的時間和未來的進一步挑戰充滿信心。

We are now ready to open the Q&A session. Thank you.

我們現在準備打開問答環節。謝謝你。

(Operator Instructions)

（操作員說明）

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

第一個問題來自摩根士丹利的亞當喬納斯。

Just a couple of questions. First on FX, which is going to be more important over the next couple of quarters given the continued weakness of the euro versus the foreign currency baskets. I was surprised with the conversion of the FX benefit to EBIT versus how it helped revenues. So it helped revenue, EUR 49 million, helped operating profit EUR 37 million, for about 75% kind of conversion. I was a little surprised given your -- what we seem to know about your hedging strategy where you would hedge a pretty clear majority 12 months out and then kind of tailing off from there. So is that normal? Is that kind of impact on top line then following through to EBIT, something that's continuing? Or was it unusually high conversion this quarter?

只是幾個問題。首先是外匯，鑑於歐元兌外幣籃子的持續疲軟，這在接下來的幾個季度將變得更加重要。我對外匯收益轉換為息稅前利潤以及它如何幫助收入感到驚訝。因此，它幫助收入 4900 萬歐元，幫助營業利潤 3700 萬歐元，實現了大約 75% 的轉換。考慮到你的對沖策略，我有點驚訝——我們似乎知道你的對沖策略，你會在 12 個月後對沖相當明顯的多數，然後從那裡逐漸減少。那這正常嗎？這種對收入的影響是否會持續到息稅前利潤？還是本季度的轉化率異常高？

Adam, Antonio speaking. Nothing unusual, actually. You should take into consideration that our foreign currency exposure is on revenues and net of cost. And when you look at the impact of foreign exchanges, you should look at the combined impact of what we have as foreign exchange hedges at beginning of our revenues or EBIT bridge, and the change in foreign exchange and FX hedges in the last quarter, which is the second before last column. So actually, the impact on net revenue is EUR 41 million while the impact on the EBIT is EUR 28 million, so EUR 10 million. I'm not sure whether it's always of that size, the difference, but there is always -- because of what I mentioned before, meaning we are not just hedging revenues, but revenues net of cost.

亞當，安東尼奧發言。其實沒什麼不尋常的。您應該考慮到我們的外匯敞口是基於收入和扣除成本的。當您查看外彙的影響時，您應該查看我們在收入或息稅前利潤開始時作為外匯對沖的綜合影響，以及上一季度外彙和外匯對沖的變化，這是倒數第二列。所以實際上，對淨收入的影響是 4100 萬歐元，而對息稅前利潤的影響是 2800 萬歐元，所以是 1000 萬歐元。我不確定它是否總是那麼大，差異，但總是存在 - 因為我之前提到過，這意味著我們不僅僅是對沖收入，而是扣除成本後的收入。

Nothing has changed in terms of our hedging policy. We keep on running usually on a rolling base. And obviously, the impact that you see in our quarter is that the result of the spot rate that we observed during the month, net of the hedges that have been put in place in the previous 12 months basically accumulated and stratified.

我們的對沖政策沒有任何改變。我們通常在滾動的基礎上繼續跑步。顯然，您在本季度看到的影響是，我們在本月觀察到的即期匯率結果，扣除前 12 個月實施的對沖，基本上是累積和分層的。

And just one follow-up, please. Ahead of the Purosangue launch, confirming that your first deliveries will be in this calendar year, this fiscal year. Anything you want to call out that could get noisy with the launches -- with the launch or other costs related to the launch? Any order of magnitude you wanted to point out that you've embedded in your guide for margin of safety?

請只跟進一次。在 Purosangue 發布之前，確認您的第一批交付將在本日曆年，本財政年度。您想提出的任何可能會因發布而引起噪音的事情 - 與發布或與發布相關的其他成本？您想指出您已在指南中嵌入安全邊際的任何數量級？

Adam, it's Benedetto speaking. So the program Purosangue is proceeding as planned. The deliveries will start next year, as we said also at the beginning of the year. And let's say, both on -- from a business point of view, and a technical point of view, the program is well on track. So nothing out of, let's say, what we are planning for. So we are very -- we are very happy to see this finally toward the Premier, as I said, in -- to show in world premiere in September.

亞當，是貝內代託說話。因此，Purosangue 計劃正在按計劃進行。正如我們在年初所說的那樣，交付將於明年開始。讓我們說，無論是從商業角度還是技術角度來看，該計劃都走上了正軌。所以沒有什麼，比方說，我們正在計劃什麼。所以我們非常 - 正如我所說的那樣，我們非常高興看到這最終出現在總理身上 - 將在 9 月的全球首映式中展示。

We are going to proceed with the next question. The next question comes from the line of Susy Tibaldi from UBS.

我們將繼續下一個問題。下一個問題來自瑞銀的 Susy Tibaldi。

I have 3 questions, please. So my first one would be on the volume growth. Again, you reached a new record, up 29%. And of course, you already explained earlier in the year that it's because you have very long waiting list also you don't want people to have to wait for years. But then each quarter, you keep telling us there is a new record, a new record order intake. So this pace of production that we have seen so far this year, is this something that may persist for the rest of the year? So how should we think about the volume growth, that's first question.

請問我有3個問題。所以我的第一個是關於銷量增長。再次，您達到了新的記錄，增長了 29%。當然，您在今年早些時候已經解釋過，這是因為您的等候名單很長，而且您不希望人們不得不等待多年。但是每個季度，你不斷告訴我們有一個新的記錄，一個新的訂單接收記錄。那麼，我們今年到目前為止所看到的這種生產速度，是否會在今年餘下的時間裡持續下去？那麼我們應該如何考慮銷量增長，這是第一個問題。

My second question was on the pricing because last year, if I remember correctly, around July, you took a small 2% price increase to offset some of the inflation in the cost base. And of course, this year, the inflation is higher. So I was wondering if you have done any similar action year-to-date? And thirdly, on the profitability, previously, you were guiding to a year where we were going to see a stronger H1 and then getting progressively weaker due to the mix. But now if we look at performance in H1, your EBITDA margin was 35.1%, and your new updated guide is for over 35%. So it sort of implies that perhaps Q2 was actually the low point of the year, and margins could improve in the second half. Any comments on this would be very helpful.

我的第二個問題是關於定價的，因為去年，如果我沒記錯的話，大約在 7 月左右，你採取了 2% 的小幅提價來抵消成本基礎的部分通脹。當然，今年的通貨膨脹率更高。所以我想知道你今年迄今為止是否做過任何類似的行動？第三，在盈利能力方面，以前，你指導的一年我們將看到一個更強勁的上半年，然後由於混合而逐漸變弱。但是現在如果我們看一下上半年的表現，你的 EBITDA 利潤率是 35.1%，而你的新更新指南超過了 35%。所以這有點暗示第二季度可能實際上是今年的低點，下半年利潤率可能會提高。對此的任何評論都會非常有幫助。

So I will take the first 2, Susy, and the last, Antonio will reply. So the volume growth in H2, the volume will be lower than H1. And this, I would say, is a regular pattern. So nothing strange and again, in line with our original plan. Number two, yes, we put in place some pricing increase, and we will -- they will be visible starting Q1 next year. And for the profitability comment, Antonio, you may explain the pattern that we are seeing.

所以我會選擇前兩個，Susy，最後一個，Antonio 會回复。所以H2的成交量增長，成交量會低於H1。我想說，這是一個常規模式。所以沒有什麼奇怪的，再次符合我們最初的計劃。第二，是的，我們實施了一些價格上漲，我們將 - 從明年第一季度開始就可以看到它們。對於盈利能力評論，安東尼奧，您可以解釋我們所看到的模式。

Yes, Susy. I think Q2 -- certainly, what we are looking at for the second half is an improvement -- further improvement in terms of margins from personalization, which is stronger than expected. Secondly, what I mentioned before, we already got the benefit from foreign exchange rates in the first half of the year, but the hedges that were in place were -- at currency level, it was worse compared to what we are heading to for the second half.

是的，蘇西。我認為第二季度——當然，我們在下半年看到的是一種改進——在個性化利潤率方面的進一步提高，這比預期的要強。其次，我之前提到的，我們已經從上半年的外匯匯率中受益，但是已經到位的對沖 - 在貨幣層面上，與我們即將實現的目標相比，情況更糟。下半場。

In addition, Q2 has been impacted by small one-off operating expenses that overall whether impacted a bit we do not expect to have them once again in the second half. So net-net, that's the reason why we are looking at the guidance in the direction I explained.

此外，第二季度受到一次性小額運營費用的影響，總體而言是否受到一定影響，我們預計下半年不會再次受到影響。所以 net-net，這就是我們在我解釋的方向上查看指導的原因。

The next question comes from Giulio Pescatore from Exane BNP Paribas.

下一個問題來自 Exane BNP Paribas 的 Giulio Pescatore。

The first one on China, I was very impressed with your level of deliveries in the market. Can you maybe elaborate on what drove the increase in the region? The second question on the new GT car. Those are always models that are very difficult to track, but anything you could share on pricing, timing of launch and contribution to profit implied by the sale of this model would be super useful.

第一個關於中國的，我對您在市場上的交付水平印象深刻。您能否詳細說明是什麼推動了該地區的增長？第二個關於新GT車的問題。這些總是很難追踪的模型，但你可以分享的任何關於定價、發佈時間和銷售該模型隱含的利潤貢獻的信息都會非常有用。

And then the third one on energy risk. That's clearly on everybody's mind in the automotive sector. Do you have any way of quantifying the risk of potential energy rationing in Europe, given your concentration of production? And are you taking any measures to potentially offset any impact in as you approach the winter?

第三個是關於能源風險的。這顯然是汽車行業每個人的想法。鑑於您的生產集中度，您是否有任何方法可以量化歐洲潛在的能源配給風險？當你接近冬天時，你是否採取任何措施來抵消任何影響？

Okay. Giulio, this is Benedetto. This is a good question about the China. As we told also in the previous call, we had a strong net order intake in China. Today, if you remember the chart of Antonio was talking about in terms of shipment at 10% of overall versus the previous year was 6%. Yes, we had a long -- big growth, but this growth, if you see in -- has been pretty much the same all over the places. So as I said, no particular -- specific geographical pattern here, clearly, you see bigger in percentage because in the previous year was smaller. Then you asked about the pricing, the GT3, if I understood well. The GT3 pricing...

好的。朱利奧，這是貝內代托。這是一個關於中國的好問題。正如我們在之前的電話會議中所說，我們在中國的淨訂單量很大。今天，如果您還記得 Antonio 的圖表所談論的出貨量佔整體出貨量的 10%，而上一年為 6%。是的，我們有一個長期的 - 大的增長，但如果你看到這種增長 - 在所有地方幾乎都是一樣的。所以正如我所說，這裡沒有特別的具體地理模式，很明顯，你看到的百分比更大，因為前一年的比例更小。然後你問了 GT3 的定價，如果我理解的話。 GT3的價格...

Yes. Yes.

是的。是的。

Okay. So remember that GT3 is a car is for the track. It's not a road car. So it's important for sure, it helps on the top line and on the bottom line of the company, but is mostly meant to enhance the experience, and to enrich the experience of our customers. And this is the car -- the GT3 is coming from the 296, the road car 296, and it will replace the one that is running today on the racetrack the 488. But as I said, we have to look at this car more in terms of rich and full experience we are providing to our customers. Talking about the energy risk, I would like Antonio to be more precise here.

好的。所以請記住，GT3 是為賽道而生的賽車。這不是公路車。所以肯定很重要，它有助於公司的收入和利潤，但主要是為了增強體驗，豐富我們客戶的體驗。這就是這輛車——GT3 來自 296，公路車 296，它將取代今天在賽道上運行的 488。但正如我所說，我們必須更多地看待這輛車我們為客戶提供的豐富而全面的經驗。談到能源風險，我希望安東尼奧在這裡更準確。

Sure, Giulio. I think in the numbers that we reported, there is clearly an impact from energy cost inflation. We are not immune to that even if we try and be opportunistic and buy in advance, what we are -- depending on our needs for the future months. Obviously, since we are in the market, and we believe we are sufficiently agile, we are reacting to what we see in terms of cost and therefore, adjusting our offer even in terms of pricing going forward.

當然，朱利奧。我認為在我們報告的數字中，能源成本通脹顯然會產生影響。即使我們嘗試機會主義並提前購買，我們也不能倖免於難，我們是什麼 - 取決於我們未來幾個月的需求。顯然，由於我們在市場上，並且我們相信我們足夠敏捷，我們正在對我們在成本方面所看到的做出反應，因此，即使在定價方面也會調整我們的報價。

Okay. But I was more worried actually about the supply of energy. Are you taking any actions to potentially offset lower supply with energy?

好的。但實際上我更擔心的是能源供應。您是否正在採取任何行動來抵消能源供應的減少？

Sorry. I didn't get that. No. So far, we haven't seen any specific concern in that respect.

對不起。我沒明白。沒有。到目前為止，我們還沒有看到這方面的任何具體問題。

The next question come from Michael Binetti from Credit Suisse.

下一個問題來自瑞士信貸的 Michael Binetti。

I guess the -- as we look at the performance in this quarter, the level of cars that you're producing, and it looks like you're on a run rate to produce 13,000 to 14,000 cars here. You've been very clear this year would be high unit volumes and some mix headwinds, and we've seen that in the numbers. But we've had years like this sort of transitioned from high-volume years into supercar years just like apparition in the past, but we haven't seen units go negative after a year like this. And that makes some sense. You have capacity to build at this level.

我猜 - 當我們查看本季度的表現時，您生產的汽車水平，看起來您在這裡生產 13,000 到 14,000 輛汽車的運行速度。你已經很清楚今年將是高單位銷量和一些混合逆風，我們已經在數字中看到了這一點。但我們已經有過這樣的年份，從高產量的年份過渡到超級跑車的年份，就像過去的幻影一樣，但我們還沒有看到單位在這樣的一年後變成負數。這是有道理的。你有能力在這個水平上建造。

But as we look at next year, if you're producing at this rate, and the mix of cars shifts positively is roll out Daytona and even Purosangue, I mean do you -- do we expect lower volumes next year? And I guess the spirit of what I'm asking is, your guidance this year now at the high end is EUR 1.73 billion. That's just 4% below the EUR 1.8 billion to EUR 2 billion target of EBITDA that we have for next year. So when we see operating at these levels, it's in 2Q, it's hard for us to understand how to crosswalk to a much slower EBITDA growth rate baked into some of the out-year guidance that we have.

但是，當我們展望明年時，如果您以這種速度生產，並且汽車組合的積極變化是推出 Daytona 甚至是 Purosangue，我的意思是你 - 我們預計明年的產量會下降嗎？我想我要問的精神是，你今年的指導現在處於高端是 17.3 億歐元。這僅比我們明年設定的 18 億歐元至 20 億歐元的 EBITDA 目標低 4%。因此，當我們看到在這些水平上運營時，它是在第二季度，我們很難理解如何將 EBITDA 增長率放緩到我們擁有的一些年度指導中。

So Michael, I think the key word I used at Capital Market Day was always uniqueness and, let's say, distinctive cost. What I can tell you is that the increase of volume that you see '22 over '21 is not going to be the same increase of volume for the year to come. This does not depend. We will lower. It just means that the year-over-year growth will be slower than this year, '22 over '21. This is the answer to your question, if I understood well.

所以邁克爾，我認為我在資本市場日使用的關鍵詞始終是獨特性，比方說，獨特的成本。我可以告訴你的是，你看到 '22 比 '21 的銷量增長不會是未來一年的銷量增長。這不取決於。我們會降低。這只是意味著同比增長將比今年慢，'22 比 '21。如果我理解得很好，這就是您問題的答案。

It is. I guess that the question if we take some of this capacity you have to produce 3,450 units in a quarter, and if some of those weren't Portofinos, but were instead Daytona is at 10x the price, it makes it hard for us to understand the low end of the guidance next year based on what we have this year.

這是。我想如果我們採用其中的一些產能，你必須在一個季度生產 3,450 輛，如果其中一些不是波托菲諾，而是代托納的價格是 10 倍，這讓我們很難理解根據我們今年的情況，明年指導的低端。

It's true, but you also to consider that the cars are not all the same. I mean, this morning, I was in the line with the team. And it's not the same amount of work time that you need to produce the same object -- different object, different cars. So there is some dependence also what is the Ferrari, the colleague are working on. So you cannot place and make an equation, let's say, we will adjust 1 variable.

這是真的，但你也要考慮到汽車並不完全相同。我的意思是，今天早上，我和團隊一起排隊。生產同一個物體——不同的物體，不同的汽車，所需的工作時間並不相同。因此，同事們正在研究的法拉利是什麼也有一定的依賴性。所以你不能放置和做一個方程，比方說，我們將調整 1 個變量。

Okay. I guess -- how -- I guess you raised the year, I suspect a lot of it was on FX. You raised the year on EBIT. I guess with the majority of your costs are in euros, but the revenues from a broad basket currencies that are largely favorable, to the guidance. Can you help me understand that did you tweak anything lower on the profitability for the underlying business, excluding currency for the year? And I know you have a very disciplined financial process, and you have good visibility into your targets for the current year. Have you taken any actions to push any profitability out to next year to add a margin of safety at this point given how favorable FX is?

好的。我猜 - 怎麼 - 我猜你提高了這一年，我懷疑很多都是在 FX 上。你在息稅前利潤上提出了這一年。我猜你的大部分成本都是歐元，但來自廣泛的籃子貨幣的收入對指導來說是有利的。您能否幫助我了解您是否對基礎業務的盈利能力進行了較低的調整，不包括當年的貨幣？而且我知道你有一個非常嚴格的財務流程，你對今年的目標有很好的了解。鑑於外匯有多有利，您是否已採取任何措施將盈利能力推遲到明年以增加安全邊際？

Antonio, can you take it?

安東尼奧，你能接受嗎？

Yes, sure. No. I mean, we're obviously -- we have based our -- we are basing our activity on planning and planning depends on one end on our order book. And secondly, of course, our production capacity. And we played it carefully since we know we have, at this time, an order book that covers more than a year, longer than that. So what we are basically giving as a guidance is based on what we planned and the quality of the mix that we aimed at producing.

是的，當然。不，我的意思是，我們顯然——我們已經基於我們的——我們的活動基於計劃，而計劃取決於我們的訂單簿的一端。其次，當然是我們的生產能力。而且我們玩得很仔細，因為我們知道此時我們有一份涵蓋一年多的訂單，比這更長。所以我們基本上給出的指導是基於我們的計劃和我們旨在生產的混合質量。

And of course, the other element of uncertainty that we do not usually know in advance is the level of the ancillary profitability, let me call it like this, meaning how much of personalization each car we carry on that, as you see, is part of our revised guidance.

當然，我們通常不會提前知道的另一個不確定因素是輔助盈利能力的水平，讓我這樣稱呼它，這意味著我們對每輛車進行多少個性化，正如你所見，這是一部分我們修訂後的指南。

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。

Actually, most of my questions have been already answered, but just 1 left. Two months passed from the Capital Market Day, and we had the chance to have a glimpse of the Purosangue. I was wondering, I'm not sure if you can tell us, you can tell us if there is any country where Purosangue is receiving a higher-than-average interest? So any flavor on this would be appreciated.

實際上，我的大部分問題已經得到解答，但只剩下 1 個。距離資本市場日已經過去了兩個月，我們有機會一睹普羅桑格的風采。我想知道，我不確定你是否可以告訴我們，你可以告訴我們是否有任何國家的 Purosangue 獲得了高於平均水平的興趣？因此，對此的任何風味都將不勝感激。

Thanks for your question, Monica. We see a well spread -- let me say, strong interest in Purosangue from owners of different countries. So as I said before, for the net order intake, I think we are not able to see any particular geographical pattern. So the Purosangue seems to be equally attractive for different owners, family members all over the globe.

謝謝你的問題，莫妮卡。我們看到了廣泛的傳播——讓我說，來自不同國家的所有者對 Purosangue 的濃厚興趣。所以正如我之前所說，對於淨訂單量，我認為我們無法看到任何特定的地理模式。因此，Purosangue 似乎對全球不同的所有者和家庭成員同樣具有吸引力。

Okay. And there is no -- any difference? Is there any difference in terms of gender, age or whatever?

好的。沒有——有什麼區別嗎？在性別，年齡或其他方面有什麼區別嗎？

I can tell you. We look at the age distribution, and it pretty covers the same age distribution that we have in average for all the products -- for all the cars that we sell. So we don't see any sign that is -- any signal, let me say, that brings us to make a special conclusion for the time being. Maybe for the next call or 2 calls from now, we see some signal, and we will be glad -- more than glad to share with you, Monica.

我可以告訴你。我們查看年齡分佈，它幾乎涵蓋了我們所有產品的平均年齡分佈——對於我們銷售的所有汽車。因此，我們沒有看到任何跡象——任何信號，讓我說，讓我們暫時得出一個特別的結論。也許從現在開始的下一個電話或 2 個電話，我們會看到一些信號，我們會很高興 - 非常高興與你分享，莫妮卡。

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 Daytona, and the production ramp. It seems that there are at least 2 cars, maybe a few more presently being used by the press and appearing in social media. Can you confirm, are these preproduction cars or are they part of the 599 total? And can you remind us when the first customer shipment is expected to begin?

我遇到的第一個問題是關於代托納和生產坡道的。似乎至少有 2 輛汽車，可能還有一些目前被媒體使用並出現在社交媒體上。你能確認一下，這些是預生產的汽車還是 599 輛的一部分？您能提醒我們預計第一批客戶發貨的時間嗎？

Secondly, just following on from Giulio's questions around gas. Can you remind us what percentage of the energy supply in Maranello comes from gas? And are there any activities such as paint shop that have a 100% dependability on gas? Finally, just with respect to Formula 1, I understand championship points, do you still have implications for revenues and per your own press release post Hungary, you did describe in that press release, the Hungarian performance is disappointing. There have now been a few races where you haven't converted qualifying performance into rates results. Are there any steps you can take at a management level to address this?

其次，繼續 Giulio 關於天然氣的問題。您能否提醒我們馬拉內羅的能源供應中有多少來自天然氣？是否有任何活動，例如油漆店，對天然氣有 100% 的可靠性？最後，就一級方程式而言，我了解冠軍積分，您是否仍然對收入有影響，並且根據您在匈牙利發布的新聞稿，您確實在該新聞稿中描述過，匈牙利的表現令人失望。現在有幾場比賽您沒有將排位賽表現轉化為費率結果。您是否可以在管理層採取任何措施來解決這個問題？

So let's start from Daytona, okay? So Daytona, the shipment will start in Q1. The one that you see on social media, this is the preproduction. Some of those cars will -- may be solved at a later stage. This is usual process. But let me say that Daytona shipment will start the next year. The second was about the percentage of energy that depends on gas. Today, I would say that the biggest -- let's say, most of the energy is coming from gas because don't forget, we have the 3 generators. So we are feeding gas in it to create also the electricity that we need.

所以讓我們從代托納開始，好嗎？所以代托納，發貨將在第一季度開始。你在社交媒體上看到的，這是預生產。其中一些汽車將 - 可能會在稍後階段解決。這是通常的過程。但讓我說，代托納的發貨將於明年開始。第二個是關於依賴於氣體的能量百分比。今天，我想說的是最大的——比如說，大部分能源來自天然氣，因為別忘了，我們有 3 台發電機。因此，我們在其中註入氣體以產生我們需要的電力。

What I can tell you that this year, we reduced a little bit the usage of -- this year '22, we reduced the usage of gas in favor of electricity. And I can also tell you proudly that thanks to the innovation of the team all over the industrial operation, we have been able to reduce the energy -- necessary energy per car by 3%, and we aim to continue to reduce this up to year-end by 5%.

我可以告訴你的是，今年，我們減少了一點——今年 22 年，我們減少了天然氣的使用，轉而使用電力。而且我還可以自豪地告訴你，由於整個工業運營團隊的創新，我們已經能夠將能源——每輛車的必要能源減少 3%，我們的目標是在一年內繼續減少。 - 以 5% 結束。

And then the last question about Formula 1 and the performances over the last weekend. As I said, also to the Capital Market Day, Formula 1, it's in our DNA. Formula 1 means for us that we have to pay attention to all the details. It's also a way that when there is -- it's also a continuous occasion to learn, and we keep fighting for the winning of the Formula 1 championship.

然後是關於一級方程式和上週末表現的最後一個問題。正如我所說，對於一級方程式資本市場日，它也存在於我們的 DNA 中。一級方程式對我們來說意味著我們必須注意所有細節。這也是一種方式——當有的時候——這也是一個持續學習的機會，我們繼續為贏得一級方程式錦標賽而奮鬥。

The next question come from the line of Stephen Reitman from SGCIB.

下一個問題來自 SGCIB 的 Stephen Reitman。

Yes. Stephen, Societe Generale. I have 3 questions. First of all, you mentioned the record order book. So congratulations on that. Could you comment on whether you're seeing any cancellations and where they might be geographically regarding sort of like the confidence of customers?

是的。斯蒂芬，法國興業銀行。我有 3 個問題。首先，您提到了記錄訂單簿。恭喜你。您能否評論一下您是否看到任何取消以及它們可能在地理上的位置，類似於客戶的信心？

Secondly, I know that, obviously, residual values, the resale of the cars is responsibility of digital dealers, but obviously, you track that very closely. Could you give us some insights into what's happening by region on reginal values of Ferraris? And thirdly, on sponsorship, could you update us on how things are looking in terms of getting a main sponsor for the Formula 1 team absent Mission Winnow taking more juniors status on the sponsorship?

其次，我知道，很明顯，剩餘價值，汽車的轉售是數字經銷商的責任，但顯然，你非常密切地跟踪。您能否給我們一些關於法拉利區域價值各地區正在發生的事情的見解？第三，關於贊助，您能否向我們介紹一下在沒有 Mission Winnow 的情況下獲得一級方程式車隊的主要贊助商的情況如何，從而獲得更多的青少年贊助？

Okay, Stephen. So yes, record orders, net order intake, and also the cancellations are very, very low. And nothing, let me say, out of the regular pattern. And we do not see also here -- sorry, if I repeat myself, we don't see any geographical patterns. We keep watching with a lot of attention, as you can imagine, all this data we keep analyzing. But we don't see any geographical pattern that we can share with you. Clearly, if there is any pattern, we would be more than glad to share in the next calls. But today, we don't see anything strange under the sun.

好的，斯蒂芬。所以是的，記錄訂單、淨訂單量以及取消量非常非常低。讓我說，沒有什麼不符合常規的。而且我們在這裡也看不到- 抱歉，如果我重複一遍，我們看不到任何地理模式。正如你可以想像的那樣，我們一直在密切關注我們一直在分析的所有這些數據。但我們看不到任何可以與您分享的地理模式。顯然，如果有任何模式，我們將非常樂意在接下來的電話會議中分享。但是今天，我們在陽光下看不到任何奇怪的東西。

The second was about the residual values. And also a year for the residual values, consider that if you want to buy a Ferrari and you go to a dealer, you just can buy 3 of them. Ferrari, the 296 GTB, 296 GTS. And this helps a lot to keep the residual values. In some cases, we see also a positive trend in the residual values. So this is -- let me see also here -- we see this as a constant all over the places for different model of our Ferrari.

第二個是關於殘值。還有一年的剩餘價值，考慮一下如果你想買一輛法拉利然後你去經銷商那裡，你可以買3輛。法拉利，296 GTB，296 GTS。這有助於保持剩餘價值。在某些情況下，我們還看到殘值呈積極趨勢。所以這是——讓我也在這裡看看——我們認為這是一個常數，適用於我們法拉利的不同型號。

Number 3 was the sponsorship. I would define this year as the year where we have been diversifying a lot, our sponsorship base. If you see also in our Formula 1 cars, you see a lot of different companies, different brands. And this has been possible to new sponsor, for example, in the logistics like CEVA, in the technology like Velas. So the sponsorship trend, you can refer to the chart that was showing, Antonio before. It was the chart #9, where basically you have seen also a positive trend. So I would say that we see a strong interest from several partners to partner with us, both on a commercial and on technical side.

第三名是讚助。我將今年定義為我們的讚助基礎多樣化的一年。如果你也看到我們的一級方程式賽車，你會看到很多不同的公司、不同的品牌。這對於新的讚助商來說是可能的，例如，像 CEVA 這樣的物流，像 Velas 這樣的技術。所以贊助趨勢，你可以參考之前顯示的圖表，安東尼奧。這是圖表#9，基本上你也看到了積極的趨勢。所以我想說，我們看到幾個合作夥伴對與我們合作的強烈興趣，無論是在商業方面還是在技術方面。

The next question come from the line of Charles Coldicott from Redburn.

下一個問題來自 Redburn 的 Charles Coldicott。

So my first on the stronger impact from personalization, are there any particular models driving that? Are you doing anything new to encourage people to spec up their vehicles at all? And maybe could you give us the percentage of revenues that personalization makes up? I think it was 17% in Q1, if I remember correctly. And secondly, on the order intake, as you mentioned, the records despite only having the book open for 3 models. So I guess I was wondering in a typical year, if you have 7 or 8 GTM Sports vehicles in the range, how many would you have the books open for in terms of order intake?

所以我的第一個問題是個性化帶來的更大影響，是否有任何特定的模型推動了這一點？你有沒有做任何新的事情來鼓勵人們對他們的車輛進行規範？也許你能告訴我們個性化佔收入的百分比嗎？如果我沒記錯的話，我認為第一季度是 17%。其次，在訂單接收方面，正如您所提到的，儘管只有 3 個模型的書打開，但記錄。所以我想我想在典型的一年裡，如果你有 7 或 8 輛 GTM 跑車，就訂單接收而言，你會打開多少本書？

And then thirdly, Benedetto, you mentioned the BEV in 2025. I know you guys -- you don't want to talk about it too much or give too many details away at this stage. But should we expect that to be a limited addition sort of hyper car? Or is that going to be part of the core sports car range?

第三，Benedetto，你提到了 2025 年的 BEV。我知道你們——在這個階段，你們不想談論太多或透露太多細節。但是我們是否應該期望這是一種有限的超級跑車？還是這將成為核心跑車系列的一部分？

I'll start from the last one, and then I'll leave the first, Antonio, to you, the personalization. So I think Charles, I fully understand your curiosity and I would like to share and to satisfy it. But it's a little bit too early. We are 3 years ahead. I am trying with the team, some unique authentic features we want to put in the car. So allow me to not be very specific in these answers. I'm asking -- I'm telling you that really we want to make something unique and authentic like I said during the Capital Market Day, looking at all the dimension from the uniqueness of the way the people will drive the car to the way the people will fill the cars. So this is about the electric car, we will unveil in 2025.

我將從最後一個開始，然後我將把第一個，安東尼奧，留給你，個性化。所以我想查爾斯，我完全理解你的好奇心，我想分享並滿足它。但這有點太早了。我們領先 3 年。我正在與團隊一起嘗試，我們想在汽車中加入一些獨特的真實功能。所以請允許我在這些答案中不是很具體。我在問——我是在告訴你，我們真的想像我在資本市場日所說的那樣做一些獨特和真實的東西，從人們駕駛汽車的方式的獨特性到道路的所有方面人們將填滿汽車。所以這是關於電動汽車的，我們將在 2025 年推出。

And then it was -- the second question about the net order intake, and it was specifically about the 3 models only, I think that -- let me say, we started detail this evolution of net order intake over the past years. And I have to say really that this quarter record, I think it may depend from different things. I think 1 key factor is -- over the years, we enriched the experience, we largely experience that we are able to provide to our owners, to our customer base, Ferrari owners.

然後是 - 關於淨訂單量的第二個問題，我認為它只針對 3 款車型 - 讓我說，我們開始詳細介紹過去幾年淨訂單量的演變。我不得不說真的，這個季度記錄，我認為它可能取決於不同的事情。我認為一個關鍵因素是——多年來，我們豐富了經驗，我們在很大程度上體驗了我們能夠提供給我們的車主、我們的客戶群、法拉利車主的體驗。

I mean I've been attending this to Cavalcade -- Cavalcade Icona and Cavalcade Riviera. And really, you see the way and how much they like the experience we are bringing to them. So apart from, let me say, the other external factors, if I have to pick 1 factor which is explaining this good NOI, net order intake is that the experience that we are able to provide, and this merit goes to all the colleagues that made it possible. It's something that explains this strong NOI in -- record NOI in Q2. For the personalization, Antonio, you may...

我的意思是我一直在參加 Cavalcade -- Cavalcade Icona 和 Cavalcade Riviera。真的，您會看到他們喜歡我們帶給他們的體驗的方式和程度。因此，讓我說，除了其他外部因素，如果我必須選擇一個解釋這個好的 NOI 的因素，淨訂單量就是我們能夠提供的經驗，這個優點歸功於所有同事使它成為可能。這可以解釋這種強大的 NOI - 在第二季度創紀錄的 NOI。對於個性化，安東尼奧，你可以...

Yes. Charles, I mentioned the fact personalization in the quarter was approximately 18% of total revenues on cars and spare parts. And with respect to your question whether this is due to any specific model, the answer is no. As you've listened, this quarter is mainly a quarter of range cars, particularly strong on V8 models, and even on that the personalization range has been higher. So when looking forward, we are extrapolating on this basis based on what we see in our current order portfolio.

是的。查爾斯，我提到本季度的個性化大約佔汽車和備件總收入的 18%。關於您的問題是否是由於任何特定型號，答案是否定的。正如您所聽到的，本季度主要是四分之一範圍的汽車，尤其是 V8 車型，甚至在個性化範圍內更高。因此，展望未來時，我們會根據我們在當前訂單組合中看到的情況在此基礎上進行推斷。

The next question comes from the line of Tom Gautam from RBC.

下一個問題來自 RBC 的 Tom Gautam。

Yes. Tom Narayan of RBC. I have 3. A follow-up on the nat gas rationing topic. Could you talk about supply chain vulnerability? So in the event, there's less availability of plastics, for instance, do you keep an inventory of components that might absorb this event, or maybe are you buying ahead of this? Next, there appears to be an increasing interest in Formula 1 in the U.S., partly thanks to a Netflix show. The U.S. are already a big market for you guys, but could you discuss any knock-on benefits this could have on your business, perhaps beyond just car sales?

是的。 RBC 的湯姆·納拉揚。我有 3。關於天然氣配給主題的後續行動。你能談談供應鏈的脆弱性嗎？因此，如果塑料的供應量減少，例如，您是否保留了可能吸收此事件的組件庫存，或者您是否在此之前購買？接下來，美國對一級方程式的興趣似乎越來越大，部分歸功於 Netflix 的節目。美國對你們來說已經是一個很大的市場，但您能否討論一下這可能對您的業務產生的任何連鎖反應，也許不僅僅是汽車銷售？

And then you did make some comments on the prepared commentary about preferring build versus buy. Regarding software, we have seen how this has been somewhat problematic with some big auto companies of late trying to do software in-house. Could you comment on your willingness to partner with software providers as opposed to perhaps trying to growing it by yourself?

然後你確實對準備好的評論發表了一些評論，關於更喜歡構建而不是購買。關於軟件，我們已經看到最近一些大型汽車公司試圖在內部開發軟件，這在某種程度上存在問題。您能否評論一下您與軟件提供商合作的意願，而不是試圖自己發展它？

Thank you, Tom. I'll start from the last one, build versus buy, what I say build versus partnership. I would like to say in this way. As I said, also Capital Market Day, we do not intend to do, for example, the FOS, the Ferrari Operating System. We do not intend to put a lot of money, a lot of people on software where there are partners that we can work with to make something unique and authentic. Clearly, we have the competencies to make it, let me say, unique. And also here, there are different kind of software. I would like to make a difference.

謝謝你，湯姆。我將從最後一個開始，構建與購買，我所說的構建與合作。我想這樣說。正如我所說，也是資本市場日，我們不打算做，例如 FOS，法拉利操作系統。我們不打算在軟件上投入很多錢，很多人都可以與合作夥伴一起製作獨特而真實的東西。很明顯，我們有能力讓它成為獨一無二的。而且在這裡，還有不同類型的軟件。我想有所作為。

There is the performance software where we are very strong. And if we are able to make the car that we make is because a lot of engineers here understand how to use component on the market with unique software that enhance the performances of the cars. Now when it comes, you said, to other software. Well, there are 2 big classes, if you want. The software for autonomous drive. And this is something where, let me say in this way, big OEM have to put a lot of resources, and this is an advantage for us because we do not want an autonomous Ferrari. We don't want the PC or the microchip, let me say, to be pleased about riding a Ferrari.

有我們非常強大的性能軟件。如果我們能夠製造出我們製造的汽車，是因為這裡的許多工程師都了解如何使用市場上的組件和獨特的軟件來提高汽車的性能。現在，你說，到了其他軟件。好吧，如果你願意，有 2 個大類。自動駕駛軟件。這就是，讓我這樣說，大型 OEM 必須投入大量資源，這對我們來說是一個優勢，因為我們不想要一輛自動駕駛的法拉利。讓我說，我們不希望 PC 或微芯片對乘坐法拉利感到高興。

The second is that is more about user interface. Well, over there, we will leverage the best also the things, the software, and we will customize in a way that is always unique and authentic. This is about, let me say, the software, and what we do internally and what we partner with other companies. Then it was second question. Yes, Formula 1 is growing -- the interest of Formula 1 in U.S. is growing a lot. We are doing pretty well in Americas. You see that the shipments were more than 30% in Q2. There is -- we don't know if the signal is more correlation or causation between the 2. But I can tell you that the 2 signals are pointing in the right direction, strong interest in F1, strong, I mean, interest from new customers in U.S.

第二個是更多關於用戶界面。好吧，在那裡，我們將利用最好的東西，軟件，我們將以始終獨特和真實的方式進行定制。讓我說，這是關於軟件、我們在內部做什麼以及我們與其他公司合作的事情。然後是第二個問題。是的，一級方程式正在增長——一級方程式在美國的興趣正在增長。我們在美洲做得很好。您會看到第二季度的出貨量超過 30%。有——我們不知道這兩個信號之間是否有更多的相關性或因果關係。但我可以告訴你，這兩個信號指向正確的方向，對 F1 的強烈興趣，我的意思是，對新的興趣美國的客戶

Then the first one, the more operational one on the supply chain. Here, we experienced some minor readjustment of production, but we are proceeding as we planned at the beginning of the year, we factored in some, let me say, potential bottlenecks, but thanks to the support of the partners. Thanks also to the greater job done by the supply chain and the manufacturing of the colleagues here. We have been able to stick to the plan and to absorb in an agile way, the problems that you may have in the daily operations.

然後是第一個，供應鏈上更具操作性的一個。在這裡，我們經歷了一些小的生產調整，但我們正在按照年初的計劃進行，我們考慮了一些，比如說，潛在的瓶頸，但感謝合作夥伴的支持。還要感謝供應鍊和這裡的同事所做的更大工作。我們已經能夠堅持計劃並以敏捷的方式吸收您在日常運營中可能遇到的問題。

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

下一個問題來自美國銀行的 John Murphy。

I just have 2 follow-up questions at this point. First, on the record order book. I was just curious if you can give us sort of a length of time that you expect that or you predict that at -- I mean, traditionally, you thought around 18 months plus or minus, but it sounds as like significantly longer than that. So are we at 24 months plus? And just curious how you're managing that order book. I mean there's always a lot of demand for Ferraris. So obviously, you make it traditionally very difficult to get on that order book. So what is loosening up here? And how is that being managed?

在這一點上，我只有 2 個後續問題。首先，在記錄訂單簿上。我只是好奇你是否可以給我們一個你期望的時間長度，或者你預測的時間長度——我的意思是，傳統上，你認為大約 18 個月左右，但聽起來比這要長得多。那麼我們已經超過 24 個月了嗎？只是好奇您是如何管理該訂單的。我的意思是對法拉利的需求總是很大。所以很明顯，傳統上你很難拿到那個訂單。那麼這裡有什麼鬆動呢？那是如何管理的？

And then just the second question is on foreign exchange. I mean, obviously, you're hedging in the capital markets and with banks. But is there an opportunity given the sophistication level of your customers to potentially pass through some of these swings in foreign exchange with them directly as they enter the order book so that you might not be able to -- you might have to be charged so much by banks or have the fluctuation and be a lot more fluid?

第二個問題是關於外彙的。我的意思是，很明顯，你在資本市場和銀行對沖。但是，考慮到您的客戶的複雜程度，是否有機會在他們進入訂單簿時直接與他們進行外匯波動中的一些波動，這樣您可能無法做到——您可能不得不被收取如此多的費用由銀行還是有波動並且流動性更大？

So John, I'll take the first one. I can tell you that order book, what I can tell you is -- also, what I said in the previous call is well beyond 2023. For the first question and the hedging and FX, Antonio, you can comment.

所以約翰，我會拿第一個。我可以告訴你訂單簿，我可以告訴你的是——而且，我在上一次電話會議中所說的遠遠超過 2023 年。對於第一個問題以及對沖和外匯，安東尼奧，你可以發表評論。

Yes. John, our partner and the ones we invoice to the dealers we already explored in the past the opportunity of using different models and pass on the foreign exchange risk to partners or even beyond that. But ultimately, we -- I think we concluded the way we have proceeded currently is the most efficient one, and certainly even the cleanest from our perspective.

是的。 John，我們的合作夥伴以及我們向經銷商開具發票的人，我們過去已經探索過使用不同模型並將外匯風險轉嫁給合作夥伴甚至更多的機會。但最終，我們 - 我認為我們得出的結論是，我們目前進行的方式是最有效的方式，從我們的角度來看，甚至是最乾淨的方式。

Antonio, maybe just can you tell us what the cost of hedging is for you?

安東尼奧，也許你能告訴我們對沖的成本對你來說是多少？

The cost of a hedging you mean? So you can read in...

你的意思是對沖的成本？這樣你就可以讀...

Yes, this is the direct cost.

是的，這是直接成本。

Yes. You can read in the financial charges line. It's -- I mean you can see the difference between interest rate and cost of hedging. It's made on a rolling basis. And of course, it depends on the interest rate differentials from time-to-time.

是的。您可以閱讀財務費用行。這是 - 我的意思是你可以看到利率和對沖成本之間的差異。它是在滾動的基礎上製作的。當然，這取決於不時的利率差異。

Due to time constraints, we will now end the question-and-answer session. I would now like to hand back the call to Mr. Benedetto Vigna, please go ahead for final remarks.

由於時間有限，我們現在將結束問答環節。我現在想將電話轉回給 Benedetto Vigna 先生，請繼續進行最後的發言。

Thank you. Thank you all of you for your time today and also for all your interesting questions. The second quarter of 2022 clearly marks another set of strong results with double-digit growth and record levels for revenues and profitability and such strong financial profile allow us to look at 2022 and beyond with great confidence. Good afternoon, everyone. Good morning, and thanks again for your attention, and (foreign language).

謝謝你。感謝大家今天的時間以及所有有趣的問題。 2022 年第二季度顯然標誌著另一組強勁的業績，實現了兩位數的增長以及創紀錄的收入和盈利能力水平，如此強勁的財務狀況讓我們對 2022 年及以後充滿信心。大家下午好。早上好，再次感謝您的關注和（外語）。

As for today, thank you for participating. Thank you for participating. You may now disconnect your lines.

至於今天，謝謝大家的參與。感謝您的參與。您現在可以斷開線路。