Ferrari NV (RACE) 2022 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Ferrari 2022 Q3 Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Nicoletta Russo, Head of Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加法拉利 2022 年第三季度業績電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給你今天的演講者，投資者關係主管 Nicoletta Russo。請繼續。

Thank you, Sharon, and welcome to everyone who is joining us. Today, we plan to cover the group's Q3 2022 operating results, and the duration of the call is expected to be around 60 minutes. Today's call will be hosted by the group CEO, Mr. Benedetto Vigna and the 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.

謝謝你，Sharon，歡迎所有加入我們的人。今天，我們計劃報導該集團2022年第三季度的經營業績，預計通話時間為60分鐘左右。今天的電話會議將由集團首席執行官 Benedetto Vigna 先生和集團首席財務官 Antonio Piccon 先生主持。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. With that said, I'd like to turn the call over to Benedetto.

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.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. On behalf of everyone at Ferrari, I would like to begin this call by remembering with gratitude Mauro Forghieri who has passed away. He had such an important impact on Ferrari's history and the motor racing. We will always remember his passion and determination that drove the evolution of our company over the years. With Mauro, we won no fewer than 11 F1 drivers and constructors championship titles and 5 endurance titles. Our thoughts and our prayers are with his family at this sad time.

謝謝你，尼科萊塔。謝謝大家，今天加入我們。我謹代表法拉利的每一個人，懷著感恩的心緬懷已故的毛羅·福吉里（Mauro Forghieri）來開始這次電話會議。他對法拉利的歷史和賽車運動產生瞭如此重要的影響。我們將永遠記住他多年來推動我們公司發展的熱情和決心。憑藉 Mauro，我們贏得了不少於 11 個 F1 車手和車隊冠軍頭銜以及 5 個耐力賽冠軍頭銜。在這個悲傷的時刻，我們的思念和祈禱與他的家人同在。

And now let's go to the third quarter. The third quarter has been very, very strong with all key P&L metrics up double digits versus last year. Revenues increased 19% with shipment up 16%. EBITDA and EBIT were up 17% and 11%, respectively. And industrial free cash flow generation was very sound. The very robust financial result we present today are further proof of the strength of our business, and that's why we revised upward our 2022 guidance on all metrics.

現在讓我們進入第三季度。第三季度非常非常強勁，所有關鍵損益指標都比去年上升了兩位數。收入增長 19%，出貨量增長 16%。 EBITDA 和 EBIT 分別增長 17% 和 11%。工業自由現金流的產生非常穩健。我們今天呈現的非常強勁的財務業績進一步證明了我們的業務實力，這就是我們上調 2022 年所有指標指引的原因。

The current macroeconomic scenario brings new challenge on a global scale. This is true for us, and this is true for our partners. Indeed, to guarantee as move production, we are supporting our supply chain with tangible measures. Moreover, as we said in the last call, we have taken action on pricing to adequately react to cost inflation, focusing on the following 3 areas: one, price definition of new models; two, personalization offering; and three, mid-single-digit price increase on selected models and markets.

當前的宏觀經濟形勢在全球範圍內帶來了新的挑戰。這對我們來說是正確的，對我們的合作夥伴也是如此。事實上，為了保證移動生產，我們正在以切實的措施支持我們的供應鏈。此外，正如我們在上次電話會議中所說，我們在定價方面採取了行動，以充分應對成本上漲，重點關注以下三個方面：一是新車型的價格定義；二、個性化產品；第三，選定型號和市場的中個位數價格上漲。

Having said that, we continue to enjoy a very strong momentum with a remarkable order intake in the quarter, considering that our clients could order only a few models. Such a positive trend is visible all over the world. Since last time we spoke a quarter ago, 4 important events took place, receiving large enthusiasm from our clients. Firstly, the Purosangue world premier; secondly, the Cavalcade Classiche; thirdly, Esperienza Ferrari; and lastly, several lifestyle initiatives.

話雖如此，考慮到我們的客戶只能訂購少數型號，我們在本季度繼續享有非常強勁的勢頭，訂單量顯著增加。這種積極的趨勢在全世界都可見。自從我們上一次在一個季度前發表講話以來，發生了 4 項重要事件，得到了客戶的極大熱情。首先，Purosangue 世界首屈一指；其次，Cavalcade Classiche；第三，Esperienza Ferrari；最後，一些生活方式舉措。

Let's start with the world premiere of the Purosangue in Tuscany. We hosted 2,400 of our most loyal clients from all over the world at Teatro del Silenzio in Lajatico. We promised our clients something new, unlike any others, a true sport car able to deliver the same driving trials as our most extreme models, and we delivered exactly on that promise, designing and engineering the Purosangue is an authentic, 4 doors, 4 seaters Ferrari sports car. There was no better reward for the entire team than to see clients wonder in front of the Purosangue. Their reception was hugely enthusiastic, and they praised its performance, the design and driving trials.

讓我們從托斯卡納Purosangue 的全球首演開始。我們在 Lajatico 的 Teatro del Silenzio 接待了來自世界各地的 2,400 名最忠實的客戶。我們向我們的客戶承諾了一些新的東西，不同於其他任何東西，一輛真正的跑車能夠提供與我們最極端的車型相同的駕駛試驗，我們完全兌現了這一承諾，設計和製造的 Purosangue 是一款真正的 4 門 4 座法拉利跑車。對整個團隊來說，沒有比看到客戶在 Purosangue 前驚嘆更好的回報了。他們的接待非常熱情，他們讚揚了它的性能、設計和駕駛試驗。

On performance first. They welcomed our most iconic and powerful V12 engine with a brand new configuration, which delivered 725 horsepower. Moving to design, they were surprised to see: the roominess on board, given the compact size; the driving position typical of a sport car, close to the floor and reclined; the welcome door solution, which enables easy ingress and egress; and the electrochromic glass roof that can be added during personalization of their vehicle.

先說性能。他們歡迎我們最具標誌性和最強大的 V12 發動機，採用全新配置，可提供 725 馬力。轉向設計，他們驚訝地發現：船上的寬敞，考慮到緊湊的尺寸；跑車的典型駕駛位置，靠近地板並傾斜；迎賓門解決方案，可輕鬆進出；以及可以在車輛個性化過程中添加的電致變色玻璃車頂。

Finally, yet importantly, the promise of impressive driving trials further enhanced by the active suspension technology, which makes its debut on this model. We talked about this technology, the fast at the Capital Market Day. With all that said, I know you all are curious about how many orders we already have and how long the order book is. But you also know that we do not provide this kind of detail. Trust me, it is unlike any other. It is way above our most promising expectations.

最後，但重要的是，主動懸架技術進一步增強了令人印象深刻的駕駛試驗的承諾，該技術在該車型上首次亮相。我們在資本市場日談到了這項技術，速度很快。話雖如此，我知道你們都很好奇我們已經有多少訂單以及訂單簿有多長。但你也知道我們不提供這種細節。相信我，它不同於其他任何東西。這遠遠超出了我們最有希望的預期。

And now after Purosangue, let's talk about the second important event of the quarter, Cavalcade Classic in the dolomite, featuring 65 vintage Ferrari and their owners from all over the world. The cars paraded through the towns of Trentino Alto-Adige and boding key moments in Ferrari's 75-year history. This unique event is designed on one side to bring owners together to share authentic and memorable experiences, on the other, to create a single community united by its passion for Ferrari.

現在，在 Purosangue 之後，讓我們談談本季度的第二個重要活動，白雲石的 Cavalcade Classic，有來自世界各地的 65 輛老式法拉利和他們的車主參加。這些汽車在特倫蒂諾上阿迪傑城鎮遊行，預示著法拉利 75 年曆史上的關鍵時刻。這一獨特的活動一方面旨在將車主聚集在一起，分享真實而難忘的體驗，另一方面，通過對法拉利的熱情創建一個統一的社區。

And now the third event, Esperienza Ferrari, based at the heart of the Fiorano racetrack where we created a unique and elegant space for our clients. Over 5 months, we hosted 1,250 clients, of which more than 40% were new to Ferrari and organized 2,500 test drives to let them feel the driving trials unleashed by the 296 GTB. As I told some of you during our latest road show, this memorable experience is also open to our Ferrari people. And in fact, more than -- as of today, more than 500 employee have so far enjoyed it, feeling even more connected to Ferrari.

現在是第三場賽事，Esperienza Ferrari，位於 Fiorano 賽道的中心，我們為客戶創造了一個獨特而優雅的空間。在 5 個月的時間裡，我們接待了 1,250 名客戶，其中超過 40% 是法拉利的新手，並組織了 2,500 次試駕，讓他們感受 296 GTB 帶來的駕駛體驗。正如我在最近一次路演中告訴你們的那樣，這種難忘的經歷也對我們的法拉利人開放。事實上，截至今天，超過 500 名員工已經享受了它，感覺與法拉利的聯繫更加緊密。

And to conclude on the events held in Q3 after Purosangue; after Cavalcade Classic and Esperienza Ferrari , let's focus on the lifestyle pillar. We launched the first product of our partnership with Richard Mille, an ultra-flat watch limited to 250 units, which embodies the shared values between both brands, combining deep engineering know-how with cutting-edge, state-of-the-art innovation. At the Monte Grand Prix, last September, a special Giallo Modena apparel and accessories collection was launched to celebrate our 75th anniversary, and this series of limited edition items in yellow sold out in the online stores in a few hours.

並總結在 Purosangue 之後在第三季度舉行的活動；在 Cavalcade Classic 和 Esperienza Ferrari 之後，讓我們關註生活方式的支柱。我們推出了與 Richard Mille 合作的第一款產品，這是一款限量 250 枚的超薄腕錶，體現了兩個品牌之間的共同價值觀，將深厚的工程技術與尖端、最先進的創新相結合.在去年 9 月的蒙特大獎賽上，為慶祝我們的 75 週年，推出了特別的 Giallo Modena 服裝和配飾系列，而這一系列黃色限量版商品在幾個小時內就在網上商店售罄。

And lastly, during the last fashion week in Milan, our lifestyle team showed on the Teatro Lirico stage, the Spring/Summer '23 fashion collection, receiving international praise. This new collection centered around the theme of dreams and was inspired by the timeless values that have turned the Ferrari dream into reality. And talking about dreams, let's remember that the Ferrari dream has its roots in racing. And so let's recap together where we stand in the various categories in which we compete, the achievement we have delivered and the new opportunities ahead of us.

最後，在上一屆米蘭時裝週期間，我們的生活方式團隊在 Teatro Lirico 舞台上展示了 23 年春夏時裝系列，獲得了國際讚譽。這個新系列以夢想為主題，靈感來自將法拉利夢想變為現實的永恆價值觀。談到夢想，讓我們記住法拉利的夢想源於賽車。因此，讓我們一起回顧一下我們在競爭的各個類別中所處的位置、我們取得的成就以及擺在我們面前的新機遇。

Let's start with Formula 1. Last time, when I was talking here, I said we were fighting for the championship. While we have returned to be competitive, in this year, we cannot be satisfied with this year's results. Now we focus on the last races of the season and in preparing ourselves in the best way possible for the next one. In Competizione GT we celebrated the 500th victory of the Ferrari 488 GT3, which makes this model the most successful Ferrari racing car ever, an extraordinary record and the previous legacy that will pass to the new Ferrari 296 GT3 due to make its track debut at the 24 hours of the Daytona next January.

讓我們從一級方程式開始。上次，當我在這裡講話時，我說我們正在為冠軍而戰。雖然我們已經恢復了競爭力，但在今年，我們不能滿足於今年的結果。現在我們專注於本賽季的最後一場比賽，並以最好的方式為下一場比賽做準備。在 Competizione GT 中，我們慶祝了法拉利 488 GT3 的第 500 場胜利，這使得這款車型成為有史以來最成功的法拉利賽車，一項非凡的記錄和之前的遺產將傳遞給新的法拉利 296 GT3，因為它在賽道上首次亮相明年一月的Daytona 24小時。

Such success in Competizione GT is coupled with the victory of Ferrari in the IMSA series with both driver and team wins. Lastly, we hosted our Finali Mondiali at the Imola racetrack. This was just a few days ago. The feast of high-performance racing celebrated the final event of our Attività Sportive GT together with our clients, fans and employees. 38,000 motor sport enthusiasts gathered to share their passion, which made this moment the perfect stage for the unveiling of the Ferrari Le Mans Hypercar. 499P is the name of this fantastic car. These new cars marks Ferrari's return to the FIA World Endurance championships top class from next season, exactly 50 years after we last fought for outright victory in that championship.

Competizione GT 的成功與法拉利在 IMSA 系列中的勝利相結合，車手和車隊均獲勝。最後，我們在伊莫拉賽道舉辦了 Finali Mondiali。這只是幾天前的事。高性能賽車的盛宴與我們的客戶、車迷和員工一起慶祝了我們的 Attività Sportive GT 的最後一場比賽。 38,000 名賽車運動愛好者齊聚一堂，分享他們的激情，讓這一刻成為法拉利勒芒超級跑車揭幕的完美舞台。 499P 是這款出色汽車的名稱。這些新車標誌著法拉利從下個賽季開始重返國際汽聯世界耐力錦標賽的頂級賽事，正好是我們上一次為贏得該錦標賽的徹底勝利而奮鬥 50 年後。

And now it's time to update you on our ESG action that are very important in our plan. In our journey to reach carbon neutrality by 2030, we have already implemented the 1 megawatt fuel cell installation and the partnership with ClimateSeed announced at the Capital Market Day. But in addition to this, the team has been deploying 3 further initiatives during this month.

現在是時候向您介紹我們計劃中非常重要的 ESG 行動了。在我們到 2030 年實現碳中和的過程中，我們已經安裝了 1 兆瓦的燃料電池，並在資本市場日宣布了與 ClimateSeed 的合作夥伴關係。但除此之外，該團隊在本月還部署了 3 項進一步的舉措。

Firstly, in line with our plans, we are installing additional new photovoltaic panels on the roof of the Maranello buildings, delivering a total power of approximately 1.5 megawatt by year-end. This will be operational by the end of next quarter, and I will update you in the next call. Secondly, we planted the first trees within our forestation initiative, Bosco Ferrari in Maranello. The first area of woodland spans 6 hectares out of overall 30 hectares to recreate an ecosystem with significant environmental benefits, and we are seeing increasing interest from many Italian municipalities to join this initiative, and this interest makes us very, very proud.

首先，按照我們的計劃，我們正在馬拉內羅大樓的屋頂上安裝額外的新光伏電池板，到年底總發電量約為 1.5 兆瓦。這將在下個季度末開始運作，我將在下一次電話會議中更新您的信息。其次，我們在馬拉內羅的 Bosco Ferrari 造林計劃中種植了第一棵樹。第一個林地面積佔總面積 30 公頃中的 6 公頃，以重建具有顯著環境效益的生態系統，我們看到許多意大利城市越來越有興趣加入這一倡議，這種興趣讓我們非常非常自豪。

Thirdly, in addition to our plan shared at the Capital Market Day, we are continuing to streamline our production processes and to identify actions to reduce the energy consumption and CO2 emissions. These efficiencies are possible, thanks to the ideas, awareness and action of the Ferrari people. And here, I would like to give you a couple of examples.

第三，除了我們在資本市場日分享的計劃外，我們將繼續精簡我們的生產流程，並確定減少能源消耗和二氧化碳排放的行動。由於法拉利人的想法、意識和行動，這些效率是可能的。在這裡，我想給你舉幾個例子。

One, thanks to adoption of new filters in our foundry, we are reducing our scope 3 upstream carbon footprint by 1% and saving more than 250 tons of aluminum per year. No CapEx required, only brain power. Two, by recovering the heat dispersion in our engine testing process, we reduced the natural gas usage by approximately 2% of our yearly consumption. Finally, let me highlight 2 important achievements related to our people and the next generation.

一，由於我們的鑄造廠採用了新的過濾器，我們將範圍 3 上游的碳足跡減少了 1%，並且每年節省了 250 多噸鋁。不需要資本支出，只需要腦力。第二，通過在我們的發動機測試過程中恢復散熱，我們將天然氣的使用量減少了大約 2% 的年消耗量。最後，讓我強調與我們的人民和下一代有關的兩項重要成就。

On one end, we received the confirmation of the equal salary certificate in Italy and North America. This is a testament to our commitment to an inclusive work environment where the importance of merit is guaranteed to attract, retain and develop the talents that will accelerate Ferrari's innovation in the future. On the other hand, we inaugurated the e.DO learning center at the Fermo Corni higher education institute in Modena. As you know, promoting education is a core part of Ferrari's ethos, and its relationship with the local community. The new laboratory, which aims to help students enter the world of science and technology is an investment in their futures.

一方面，我們收到了意大利和北美同工同酬證書的確認。這證明了我們對包容性工作環境的承諾，在這種環境中，人才的重要性可以保證吸引、留住和培養能夠加速法拉利未來創新的人才。另一方面，我們在摩德納的 Fermo Corni 高等教育機構開設了 e.DO 學習中心。如您所知，促進教育是法拉利精神的核心部分，也是它與當地社區的關係。旨在幫助學生進入科技世界的新實驗室是對他們未來的投資。

And now I will hand over to Antonio to review in detail the Q3 2022 result.

現在我將交給安東尼奧詳細審查 2022 年第三季度的結果。

Many thanks, Benedetto, and good morning or afternoon to everyone joining us today.

非常感謝 Benedetto，今天加入我們的每個人早上或下午好。

Let's start on Page 7 with the highlights of the third quarter. Another very strong quarter, indeed, with double-digit growth on key metrics. Shipments were 3,188 units, up 16% versus prior year. Group net revenues were EUR 1.250 billion, up 19%. EBITDA reached EUR 435 million, up 17% year-over-year with an EBITDA margin of 34.8%, lower than last year, given the absence of the Ferrari Monza. EBIT was EUR 299 million, up 11% with an EBIT margin of 23.9%. Percentage margins were in line with our expectations, mainly reflecting the product mix and D&A evolution.

讓我們從第 7 頁開始，介紹第三季度的亮點。確實是另一個非常強勁的季度，關鍵指標實現了兩位數的增長。出貨量為 3,188 台，同比增長 16%。集團淨收入為 12.50 億歐元，增長 19%。由於沒有法拉利蒙扎，EBITDA 達到 4.35 億歐元，同比增長 17%，EBITDA 利潤率為 34.8%，低於去年。息稅前利潤為 2.99 億歐元，增長 11%，息稅前利潤率為 23.9%。百分比利潤率符合我們的預期，主要反映了產品組合和 D&A 的演變。

Net profit came in at EUR 228 million, up 10% versus prior year, resulting in a diluted EPS of EUR 1.23 compared to EUR 1.11 in Q3 2021. The industrial free cash flow generation in the quarter was EUR 219 million, which implies a cash inflow for the 9 months close to EUR 600 million, almost EUR 100 million higher than last year.

淨利潤為 2.28 億歐元，較上年增長 10%，攤薄後每股收益為 1.23 歐元，而 2021 年第三季度為 1.11 歐元。該季度產生的工業自由現金流為 2.19 億歐元，這意味著現金9 個月的流入量接近 6 億歐元，比去年高出近 1 億歐元。

Turning to Page 8, you can see the details of the Q3 shipment. The product portfolio in the quarter included 7 internal combustion engine models and 3 hybrid models, representing 81% and 19% of shipments, respectively. As mentioned by Benedetto, in the quarter, we were continuing to serve an impressive order book across all models. Deliveries increase were mainly driven by the 296 GTB which was in the ramp-up phase along with the 812 Competizione. The Ferrari Portofino M and F8 family continue to sustain deliveries' growth partially offset by lower contribution from the SF90 family. There were no Icona deliveries in the quarter as the Ferrari Monza phased out in Q1 this year.

翻到第 8 頁，您可以看到 Q3 出貨的詳細信息。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，分別占出貨量的 81% 和 19%。正如 Benedetto 所說，在本季度，我們繼續為所有型號提供令人印象深刻的訂單。交付量的增長主要是由 296 GTB 和 812 Competizione 共同推動的。法拉利波托菲諾 M 和 F8 系列繼續保持交付量增長，部分被 SF90 系列的較低貢獻所抵消。由於法拉利蒙扎在今年第一季度逐步淘汰，本季度沒有 Icona 交付。

Geographic allocations were driven by product cadence. Mainland China, Hong Kong and Taiwan continued to post a double-digit growth versus the prior year, reflecting the strength of the demand and representing approximately 14% of our total shipments in the quarter, 11% in the 9 months. As a reminder, such a strong performance in the region represents for us a positive in terms of absolute profitability, but it also implies a margin dilution linked to duties and consumption tax.

地域分配由產品節奏驅動。中國大陸、香港和台灣繼續實現與去年相比兩位數的增長，反映了需求的強勁，占我們本季度總出貨量的約 14%，9 個月內為 11%。提醒一下，該地區如此強勁的表現對我們來說代表了絕對盈利能力的積極因素，但這也意味著與關稅和消費稅相關的利潤稀釋。

On Page 9, you can see the walk of our group net revenues, growing 13% at constant currency. In Q3, we consolidated the trends already explained in the previous quarters. Cars and spare parts, driven by higher volumes and personalization, with personalization were at around 18% in proportion to revenues from cars and spare parts. Engines decreased due to Maserati. Such supply agreement is approaching its aspiration in 2023. Sponsorship, commercial and brand reflected the better prior year Formula 1 ranking and the contribution from lifestyle activities led by retail sales and museums visitors despite lower sponsorship. Currency had a positive impact mostly related to the U.S. dollar and the Chinese yuan.

在第 9 頁，您可以看到我們集團淨收入的變化，按固定匯率計算增長了 13%。在第三季度，我們整合了前幾個季度已經解釋的趨勢。受銷量增長和個性化驅動的汽車和零部件，個性化佔汽車和零部件收入的比例約為 18%。由於瑪莎拉蒂，發動機減少了。這樣的供應協議將在 2023 年接近其期望。贊助、商業和品牌反映了上一年更好的一級方程式排名，以及儘管贊助減少，但零售和博物館參觀者主導的生活方式活動的貢獻。貨幣產生的積極影響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 year-over-year, explained by the following variances. Volume, positive EUR 62 million, reflecting the shipment increase; mix/price variance negative for EUR 26 million, and mainly impacted by the lack of Icona and the softer range model mix, partially offset by the increased contribution from personalizations and country mix. As previously mentioned, the strong performance in China was supportive in absolute terms, even though it contributed to soften our percentage margins.

當我們轉到第 10 頁時，讓我回顧一下我們的 EBIT 同比變化，由以下差異解釋。成交量，正 6200 萬歐元，反映出貨量增加；組合/價格差異為負 2600 萬歐元，主要受到缺少 Icona 和較軟的模型組合的影響，部分被個性化和國家組合的貢獻增加所抵消。如前所述，中國的強勁表現在絕對值上具有支撐作用，儘管它有助於軟化我們的百分比利潤率。

Industrial and R&D expenses grew EUR 34 million in the quarter, mainly due to higher depreciation and amortization and obviously, cost inflation. SG&A were negative by EUR 17 million, mainly reflecting communication, marketing and lifestyle activities. Other, finally, was slightly positive for EUR 3 million reflecting the improved prior year Formula 1 ranking and higher contribution from lifestyle activities, partially offset by lower sponsorships, reduced contribution from Maserati and other miscellaneous expenses. The total net impact of currency was positive EUR 41 million.

工業和研發費用在本季度增加了 3400 萬歐元，主要是由於較高的折舊和攤銷，以及明顯的成本膨脹。 SG&A 為負數 1700 萬歐元，主要反映了溝通、營銷和生活方式活動。最後，其他 300 萬歐元略有上升，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，部分被讚助減少、瑪莎拉蒂貢獻減少和其他雜項費用所抵消。貨幣的總淨影響為正 4100 萬歐元。

Turning to Page 11. Our industrial free cash flow generation for the quarter reflected the strong profitability and a positive contribution from working capital and other, mainly related to the collection of the Daytona SP3 advances. This was partially offset by EUR 198 million of capital expenditure, that are progressing in line with our full year programs of about EUR 800 million. In the quarter, the capitalization ratio of our development expenses was approximately 45%, increased versus the prior year, also as a result of the capped research spending in Formula 1. Net industrial debt as of the end of September 2022 was EUR 256 million, decreased by EUR 130 million compared to June 2022, reflecting the solid industrial free cash flow generation, net of the EUR 85 million of share repurchases.

轉到第 11 頁。本季度我們的工業自由現金流產生反映了強勁的盈利能力以及營運資金和其他方面的積極貢獻，主要與代托納 SP3 預付款的收集有關。這部分被 1.98 億歐元的資本支出所抵消，這些支出與我們約 8 億歐元的全年計劃一致。在本季度，我們的開發費用的資本化比率約為 45%，較上年有所增加，這也是一級方程式研究支出上限的結果。截至 2022 年 9 月末，淨工業債務為 2.56 億歐元，與 2022 年 6 月相比，減少了 1.3 億歐元，反映了穩健的工業自由現金流產生，扣除了 8500 萬歐元的股票回購。

On Page 12, as already mentioned by Benedetto, we revised upward our 2022 guidance across all metrics, sustained by a continued strong business performance of personalizations and a tailwind from foreign exchange rates. Such improved targets encompass the assumptions of continuing cost inflation through our supply chain, and this is mostly visible in the EBITDA margin guidance, which for the short term, is rather flattened by such increased costs. To conclude, the results we have presented today, the robustness of our business model and the success of our product portfolio in the current trading conditions, continue to fuel our confidence for the remaining part of 2022, setting the ground of another great year and more to come.

正如 Benedetto 已經提到的，在第 12 頁，我們向上修訂了 2022 年所有指標的指引，這得益於持續強勁的個性化業務表現和外匯匯率的順風。這種改進的目標包括通過我們的供應鏈持續成本膨脹的假設，這在 EBITDA 利潤率指導中最為明顯，在短期內，這種增加的成本相當平淡。總而言之，我們今天展示的結果、我們商業模式的穩健性以及我們產品組合在當前交易條件下的成功，將繼續增強我們對 2022 年剩餘時間的信心，為又一個偉大的一年甚至更多時間奠定基礎來。

Thank you, Antonio. Sharon, we are now ready to open the Q&A session. Thank you.

謝謝你，安東尼奧。 Sharon，我們現在準備開啟問答環節。謝謝你。

(Operator Instructions) Your first question comes from Michael Binetti from Credit Suisse.

（操作員說明）您的第一個問題來自瑞士信貸的 Michael Binetti。

Congrats on a nice quarter. I know the macro is very tough. Let me ask you -- I want to ask you today how you feel about the 2022 guidance for EUR 1.8 billion to 2 billion of EBITDA. Even though you're raising today, I want to ask you whether you think it's conservative next year at this time, but I am curious how you see revenues and profitability building next year across the business lines? Maybe the cars business, how you see that contributing, how the P&L or the lifestyle businesses and the sport business will change as you bring back some of the core sponsors and expand into Le Mans, the lifestyle categories that you mentioned, maybe some of the biggest incremental changes? And then I guess longer term, I'm curious, what are the bigger challenges you see today and getting the first electric Ferrari in 2025 up to the margin levels that are in line with the averages you enjoy across the rest of the fleet?

祝賀一個不錯的季度。我知道宏是非常艱難的。讓我問你——我今天想問你對 2022 年 18 億至 20 億歐元 EBITDA 的指導有何看法。儘管你今天加薪，但我想問你，你認為明年這個時候是否保守，但我很好奇你如何看待明年各業務線的收入和盈利能力？也許汽車業務，您如何看待貢獻，損益表或生活方式業務和體育業務將如何隨著您帶回一些核心贊助商並擴展到勒芒，您提到的生活方式類別，也許是一些最大的增量變化？然後我想從長遠來看，我很好奇，你今天看到的更大挑戰是什麼，以及在 2025 年讓第一輛電動法拉利達到與你在其他車隊中享受的平均水平一致的利潤率水平？

Thank you for the question, Mike. So let's start from the first one. As Antonio said, and these number are showing, we feel very much confident and that's the reason why we are increasing, number one, the confident -- the guidance for this year, and we are also very positive for the next year. This is thanks to the order book that we have that is, let me say, spanning all the products we have as well as all the regions. So this is a very first important message.

謝謝你的問題，邁克。所以讓我們從第一個開始。正如安東尼奧所說，這些數字正在顯示，我們感到非常有信心，這就是我們增加的原因，第一，信心 - 今年的指導，我們對明年也非常積極。這要歸功於我們擁有的訂單簿，讓我說，它涵蓋了我們擁有的所有產品以及所有地區。所以這是一個非常重要的信息。

Now if you talk about the bigger challenge for electric car, I think I would say, I would split the answer in 2 parts. If we talk about the product development where we are, we are fully in line with our, let's say, project development. So we are proceeding as per plan. And this is true, as I said, on the technical side, but if I go to see on the profitability side, this is fully in line with our long-term view, midterm view that we shared with you at Capital Market Day. This year, we made a lot of progress in optimizing on 1 side, the architecture of the cars. On the other side, also optimizing and strengthening our relation with some strategic suppliers.

現在，如果您談論電動汽車面臨的更大挑戰，我想我會說，我會將答案分成兩部分。如果我們談論我們所處的產品開發，我們完全符合我們的，比方說，項目開發。所以我們正在按計劃進行。正如我所說，這在技術方面是正確的，但如果我從盈利能力方面來看，這完全符合我們在資本市場日與您分享的長期觀點和中期觀點。今年，我們在優化汽車架構這一方面取得了很大進展。另一方面，也優化和加強了我們與一些戰略供應商的關係。

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

您的下一個問題來自 BNP 的 Giulio Pescatore。

The first one on the (inaudible). I understand you're not going to comment any more in details on where the order book stand, but can you maybe share any color on the composition of the order intake? Is this achieving the goal you had in mind for this model? Anything you can share on that would be very interesting.

第一個在（聽不清）。我知道您不會再詳細評論訂單簿的位置，但是您能否就訂單的構成分享任何顏色？這是否實現了您為此模型設定的目標？您可以分享的任何內容都會非常有趣。

The second 1 on the order book. I noticed that you're now defining it as remarkable vessels record in pretty much any other presentation in the last few quarters. I don't want to read too much into this, but is that a function of the availability of models? Is there anything else are you seeing a softening in order? Anything on that would be also helpful. And then the last 1 on the 296 GTB. If you look at the number of hybrids you sold in the quarter, it was pretty much flat sequentially versus Q2. I was expecting maybe an increase because of the ramp-up of the 296. Are you just giving priority to other older models given the demand? Or is there any delay on the ramp-up of that particular model?

訂單簿上的第二個 1。我注意到您現在將它定義為過去幾個季度幾乎所有其他演示中的非凡船隻記錄。我不想對此進行過多解讀，但這是模型可用性的函數嗎？你是否看到了其他任何事情的軟化？任何關於此的內容也會有所幫助。然後是 296 GTB 上的最後一個 1。如果您查看本季度銷售的混合動力車數量，則與第二季度相比，環比幾乎持平。我預計可能會因為 296 的增加而增加。鑑於需求，您是否只是優先考慮其他舊型號？或者該特定模型的升級是否有任何延遲？

Okay. I'll start from the last one, Giulio. The 296, the hybrid and the split between ICE and hybrid, I would say that so far, it has been always in the ratio 80-20. We expect this ratio to change. Consider that we will have also -- we have already a stronger order book when it comes to the GT, the Spyder, the 296 Spyder. This is important. So if you want, your reduction is correct. We will have an increase of the hybrid shares in our models. So this is question number three.

好的。我將從最後一個開始，朱利奧。 296，混合動力車以及 ICE 和混合動力車之間的分離，我想說到目前為止，它的比例一直是 80-20。我們預計這個比率會發生變化。考慮到我們也將擁有——我們已經擁有更強大的 GT、Spyder、296 Spyder 訂單。這個很重要。因此，如果您願意，您的減少是正確的。我們將增加模型中的混合份額。所以這是第三個問題。

The question number one, I go to Purosangue to provide you a little bit more color. As I told you, we had almost 2,500 clients visiting us and looking at the world premiere in Tuscany. It has been very well received because of performance, because of the design, because also some of them added a place or an opportunity to try the cars. But I have to say that -- 2 things we told you at the Capital Market Day, keep -- let me say, we stick to that. So number one, we do not want to pass 20% of annual volume of this car; and two, we are, let's say, if you want, we are -- the order backlog is such that it is fully satisfied. So you cannot come in our factory. But if you come in our factory, you see that we made enough space to accomplish and to realize our industrial plan for this natural-aspirated V12 engine.

第一個問題，我去Purosangue為您提供更多顏色。正如我告訴你的那樣，我們有近 2,500 名客戶訪問我們並觀看托斯卡納的全球首演。由於性能、設計以及其中一些增加了試車的地方或機會，它受到了很好的歡迎。但我不得不說——我們在資本市場日告訴你的兩件事，請保持——讓我說，我們堅持這一點。所以第一，我們不想超過這輛車年銷量的 20%；第二，我們可以說，如果你願意，我們可以——訂單積壓是完全滿意的。所以你不能進入我們的工廠。但是，如果您來到我們的工廠，您會發現我們為完成和實現我們對這款自然吸氣 V12 發動機的工業計劃留出了足夠的空間。

So maybe what I can tell you is that the order we got in Purosangue are really unlike any others. If you want a volume car in the sense that the order book is more similar to the special cars, to the limited edition cars than to the bigger volume cars. And then there was the last -- the other question was the net order intake, the book. Clearly, by today, I mean we keep increasing continuously our order book. We expect a decrease in this speed also because we are sold out on a lot of model, and we are focusing -- I mean, today, if you go in a dealer, you can buy a 4 model, more or less. You have the room, you go Purosangue. We have 2 term ICE and 2 hybrid, 96 Spyder, 96 GTB, and then Purosangue Roma. Clearly, we expect a slowdown in the buildup of the order book, but this is planned, obviously. The other point, we are asking our dealers to push more on the motion to enrich the customer experience through all other dimensions that we can offer to our customers. So these are the -- a little bit more color on the 3 questions you addressed to me, Giulio.

所以也許我可以告訴你的是，我們在普羅桑格得到的訂單真的不同於其他任何訂單。如果你想要一輛量產車，因為訂單簿更類似於特種車，限量版汽車而不是更大量的汽車。然後是最後一個問題——另一個問題是淨訂單量，這本書。顯然，到今天為止，我的意思是我們不斷增加我們的訂單。我們預計這個速度會下降，因為我們的很多型號都賣光了，我們正在集中精力——我的意思是，今天，如果你去經銷商那裡，你可以或多或少地買一個 4 型號。你有房間，你去Purosangue。我們有 2 個術語 ICE 和 2 個混合動力，96 Spyder，96 GTB，然後是 Purosangue Roma。顯然，我們預計訂單的增加會放緩，但這顯然是有計劃的。另一方面，我們要求我們的經銷商通過我們可以提供給客戶的所有其他方面來更多地推動這一行動，以豐富客戶體驗。所以這些是你向我提出的 3 個問題的更多顏色，Giulio。

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

您的下一個問題來自高盛的 George Galliers。

Actually, the first question was just following on a little bit from Giulio's question. It sounds like you don't have any capacity constraints on the hybrid cars. So I just wanted to ask about the lower shipments of the SF90 whilst you saw a positive contribution from older models like the F8, particularly as first deliveries of the SF90 Spyder only commenced in 3Q last year, hence, full deliveries of that vehicle have been in progress for less than 12 months. Is this a temporary effect? Should we expect growth in SF90 at some point in coming quarters? Or are you actually seeing a bit of a wind down in terms of the SF90?

實際上，第一個問題只是在 Giulio 問題的基礎上進行了一點點。聽起來您對混合動力汽車沒有任何容量限制。所以我只是想問一下 SF90 的出貨量較低，而您看到 F8 等老款車型的積極貢獻，特別是因為 SF90 Spyder 的首次交付僅在去年第三季度開始，因此該車輛的全部交付已經進行中不到 12 個月。這是暫時的影響嗎？我們是否應該預期未來幾個季度 SF90 的增長？或者您是否真的看到了 SF90 的風頭？

The second question I had was just on the 499P, which I think has got everyone with a keen interest in the auto industry and Motorsport extremely excited. Is it reasonable to expect at some point a road car derived from this product? And just to revisit, I think the introduction of the Icona series, I believe originally, it was flagged as bridging the gap between the hyper cars, which you typically only introduce at least once every 10 years. Could you see a hypercar and Icona model in production in tandem? Or would the intention still be that Icona bridges the gap between the hyper cars?

我的第二個問題是關於 499P，我認為這讓所有對汽車行業和賽車運動感興趣的人都非常興奮。期望在某個時候從該產品衍生出一輛公路車是否合理？再回顧一下，我認為 Icona 系列的引入，我最初相信，它被標記為彌合超級汽車之間的差距，您通常每 10 年至少推出一次。你能看到超級跑車和 Icona 模型串聯生產嗎？或者，Icona 的意圖仍然是彌合超級汽車之間的差距嗎？

Okay. So we start from the first one, George. One is the capacity constraint you were saying. So I would like to say one thing. One of the key strength of Ferrari is the ability to manage different model in production also because the line that we ever not fully automated, but there are people, human beings that are able to give flexibility and the agility to the production line. If you came here, you clearly see that the same manufacturing line can manage ICE or hybrid cars.

好的。所以我們從第一個開始，喬治。一是你說的容量限制。所以我想說一件事。法拉利的關鍵優勢之一是能夠在生產中管理不同型號的生產線，這也是因為我們從未完全自動化的生產線，但有人能夠賦予生產線靈活性和敏捷性。如果你來到這裡，你會清楚地看到，同一條生產線可以管理 ICE 或混合動力汽車。

So what I can tell you is that, number one, we are producing as planned. There is no deviation. And the other complements go, first of all, to the team that is able to manage complicated supply chain; and two, also to our partners that are very much supportive. And other important message is that the agility of this line is thanks to the presence of people that with their passion and their dedication are able to make this line very, very agile and accommodate what are the clients' needs. So this is very important.

所以我可以告訴你的是，第一，我們正在按計劃生產。沒有偏差。其他的補充首先是能夠管理複雜供應鏈的團隊；第二，也感謝我們非常支持的合作夥伴。另一個重要的信息是，這條線的敏捷性要歸功於人們的存在，他們的熱情和奉獻精神能夠使這條線非常、非常靈活並滿足客戶的需求。所以這是非常重要的。

When it comes to 499P, I'm glad you also like the car. I can tell you that I was with the colleague, what was Saturday evening. It is really nice car. It is a big step forward for us. We -- I don't want to comment about your question because as you can imagine, our product strategy and what we intend to do is also part of our secret sauce. And I'm really -- sorry, I cannot discuss more detail. But I can tell you that, as you have seen in the past, Ferrari is very good in using all the things that are developed by the team.

談到499P，我很高興你也喜歡這輛車。我可以告訴你，我和同事在一起，那是星期六晚上。這真是一輛好車。這對我們來說是向前邁出的一大步。我們——我不想評論您的問題，因為您可以想像，我們的產品戰略和我們打算做的事情也是我們秘訣的一部分。我真的- 抱歉，我不能討論更多細節。但我可以告訴你，正如你過去所看到的，法拉利非常擅長使用車隊開發的所有東西。

And your next question comes from the line of Evan Silverberg from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Evan Silverberg。

It's Adam Jonas. Everybody, can you hear me?

是亞當喬納斯。大家，你能聽到我嗎？

We hear you, yes.

我們聽到了，是的。

Great. Benedetto, I just wanted to kind of reconcile, you said that the order book for Purosangue is fully satisfied, but you can still order it at a dealer. So I just want to confirm it's not quite sold out officially, correct?

偉大的。 Benedetto，我只是想調和一下，您說 Purosangue 的訂單完全滿意，但您仍然可以在經銷商處訂購。所以我只是想確認它並沒有正式售罄，對嗎？

Adam, it's a good deduction.

亞當，這是一個很好的演繹。

Also, China, 14% of total sales versus 9% last year, dilutive to margin, accretive to dollars, euros of profit. Is that normal that -- what are your thoughts on what a normal level or steady-state level of China as a percentage, once you kind of get some of your other launches flowing through to Western markets?

此外，中國占總銷售額的 14%，而去年為 9%，這會稀釋利潤，增加美元和歐元的利潤。這是否正常——一旦你的其他一些產品流向西方市場，你對中國的正常水平或穩態水平的百分比有何看法？

Adam, as we said in the Capital Market Day, we believe the right number for us specially in China, if you want, is between 11% -- 10%, 11%.

亞當，正如我們在資本市場日所說的那樣，如果你願意的話，我們認為特別適合我們的數字在 11% -- 10% 和 11% 之間。

10%, 11%? Great. And just finally, if I can squeeze one more in, and I'll shut up. You talked about strategic partnerships as you kind of get closer to production of your first pure EV in 2025. I know this call is too early for major milestones there. But would next year, by end of next year, be too soon for you to disclose your battery cell partner? Or should we wait until beyond '23 for that type of announcement?

10%，11%？偉大的。最後，如果我能再擠一個，我就閉嘴了。你談到了戰略合作夥伴關係，因為你接近於 2025 年生產你的第一輛純電動汽車。我知道這個電話對於那裡的重大里程碑來說還為時過早。但是明年，到明年年底，您透露您的電池合作夥伴是否為時過早？還是我們應該等到 23 年之後才發布這種類型的公告？

Adam, you know that the battery, we are the supplier. The cell, we do not even disclose the cell supplier, cell maker also for 26 and the SF90. I believe that this is an important part we want to keep for us. So what I can tell you and all the colleagues on the phone is that the development of the cars is proceeding as planned, and we did a big, big step forward in Q3. But unfortunately, we cannot tell you who is going to be the cell supplier.

亞當，你知道電池，我們是供應商。電池，我們甚至沒有透露電池供應商，電池製造商也為26和SF90。我相信這是我們想要為我們保留的重要部分。所以我可以告訴你和電話中的所有同事，汽車的開發正在按計劃進行，我們在第三季度向前邁出了一大步。但不幸的是，我們無法告訴您誰將成為電池供應商。

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

您的下一個問題來自法國興業銀行的 Stephen Reitman。

I have 2 questions. First of all, I think it's been said that it was a kind of set of unique circumstances that have led to the situation where you have very few vehicles that are available to sell because of delays with certain launches and other impacts from COVID and other delays. So you had a limited number of part of the vehicles to sell. When in your mind, do you think we'll be in a situation where your dealers will have a much wider range of vehicles to sell? And secondly, could you comment on the trends in residual values? Obviously, I know that's the responsibility of dealers to do that. But obviously, you monitor those -- that situation quite closely as well.

我有 2 個問題。首先，我認為有人說這是一種獨特的情況，導致由於某些發射的延遲以及 COVID 和其他延遲的其他影響，您可以出售的車輛很少.因此，您出售的部分車輛數量有限。在您的腦海中，您是否認為我們將處於您的經銷商將有更廣泛的車輛出售的情況？其次，您能否評論一下剩餘價值的趨勢？顯然，我知道這是經銷商的責任。但很明顯，您也會密切關注這些情況。

I start from the second, Stephen. The trend on residual value, we don't see any change. We see some model appreciating, but we don't see any change over there. And actually, we believe that the fact that let's say, the fact that a lot of models are sold out, this will give -- will be an opportunity for our dealer to focus also on the preowned business. And then there was -- the first question was about the...

我從第二個開始，斯蒂芬。殘值趨勢，我們看不到任何變化。我們看到一些模型正在升值，但我們看不到那裡有任何變化。實際上，我們相信，很多型號都已售罄的事實，這將給我們的經銷商提供一個機會，讓他們也專注於二手業務。然後是 - 第一個問題是關於...

When the dealers (inaudible).

當經銷商（聽不清）。

Yes. I think, look, the -- is what we said in Capital Market Day. We are planning to launch 15 models in these 4 year beyond the Purosangue. We are sticking to that. We may have some model more successful than others. But I think what I can tell you that we stick to our compass that is 15 new models with the split I told you on the Capital Market day. It means that in 2026, we will have the offering split between the -- we will have the 3 offerings, the ICE, the hybrid and electric as per what we told you in the Capital Market Day. So there is no change. And we had -- actually, I can also give more color, Stephen. Last week, we had the distribution, the dealer annual meeting here in Modena, where we had 500 people visiting us. And the -- let me say, they are very supportive, very much engaged, and they fully agree on our plan for the future in terms of new car launches. So there is very, very tight relation, and we are working very well with them and they with us.

是的。我認為，看，這就是我們在資本市場日所說的。我們計劃在 Purosangue 之後的 4 年內推出 15 款車型。我們堅持這一點。我們可能有一些模型比其他模型更成功。但我想我可以告訴你的是，我們堅持我們的指南針，即我在資本市場日告訴你的 15 款新車型。這意味著在 2026 年，我們將根據我們在資本市場日告訴您的內容，將產品分為 3 種產品，即 ICE、混合動力和電動。所以沒有變化。我們有 - 實際上，我也可以提供更多顏色，斯蒂芬。上週，我們在摩德納舉行了經銷商年會，有 500 人參觀了我們。而且——讓我說，他們非常支持，非常投入，他們完全同意我們在新車發布方面的未來計劃。所以有非常非常緊密的關係，我們與他們合作得很好，他們也與我們合作。

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

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

I hope you can hear me. The first question is on Purosangue. The personalization rate, on average, is 18%. But I'm wondering if we can assume a much higher personalization rate for Purosangue maybe in the range of 23%, 24%. Am I too aggressive on this side?

我希望你能聽到我的聲音。第一個問題是關於Purosangue。個性化率平均為 18%。但我想知道我們是否可以假設 Purosangue 的個性化率更高，可能在 23%、24% 的範圍內。我這方面是不是太激進了？

And the second question is more strategic. Looking forward, when you see as reasonable an electric model with the same mission of the Purosangue, just a statement from you. And the very last is on -- maybe it's too early to ask, but do you have a breakdown, rough breakdown of the customer profile by gender and age for the Purosangue?

第二個問題更具戰略意義。展望未來，當您認為具有與 Purosangue 相同使命的電動模型是合理的時，只是您的聲明。最後一個是 - 也許現在問還為時過早，但是您是否對 Purosangue 的客戶檔案按性別和年齡進行了細分，粗略細分？

Thank you, Monica. So I start from the Purosangue. Okay. Let me tell you one thing that the Purosangue has a lot of accessories, a lot of optional, a lot of opportunities of personalization because we have been reaching the offer. I mean, we -- I mentioned just 1 that is very interesting is electrochromic glass roof. It's very, very interesting. It's very well appreciated. I believe that there could be opportunities to have aggregate personalization. But at the end of the story, it depends also what the clients and how much they want to personalize. So I would -- allow me to say, I would be arrogant if I would guess what is the personalization rate of the clients. What I can tell you is that offer is pretty wide. And usually, as you've seen also in Q3 and the guidance in Q4 is also driven by a positive tailwind on the personalization. Then when it comes to the let me say, electric Purosangue, if I -- allow me to say in this way, the second question?

謝謝你，莫妮卡。所以我從Purosangue開始。好的。讓我告訴你一件事，Purosangue 有很多配件，很多可選的，很多個性化的機會，因為我們已經達到了報價。我的意思是，我們 - 我只提到了一個非常有趣的是電致變色玻璃屋頂。這是非常非常有趣的。這是非常好的讚賞。我相信可能有機會進行總體個性化。但在故事的最後，這也取決於客戶的需求以及他們想要個性化的程度。所以我會 - 請允許我說，如果我猜測客戶的個性化率是多少，我會很傲慢。我可以告訴你的是，報價非常廣泛。通常，正如您在第三季度和第四季度所看到的那樣，第四季度的指導也受到個性化的積極推動。那麼當談到讓我說，電動Purosangue，如果我——請允許我這樣說，第二個問題？

Something similar, yes.

類似的東西，是的。

Yes, as I said before to another colleague, the plan for the future is something that we are very secret of, also because we believe it constitutes a competitive advantage for us. So let me say in this way, we will use the technologies in a way, keeping always in mind the -- putting always the client the center and the driving trials that we want to generate. So we have a plan, but I cannot disclose here. Sorry, Monica, the point is the customer picture, yes, for sure, we have a customer -- we know the customer of Purosangue. What I can tell you without disclosing anything confidential. What I can tell you is that we have a strong acceptance, either by, let me say, the collectors, what was called in the previous call, I think [top in VIP], and also by the new prospects. The reception of this model across different age, different region, different genders is very, very strong. So there is not a clear sign and a clear pattern. I can tell you that many women, Asian, European and American, they all a little bit older, a little bit younger, they all like this car, the Purosangue.

是的，正如我之前對另一位同事所說，未來的計劃是我們非常保密的，也是因為我們相信它構成了我們的競爭優勢。所以讓我這樣說，我們將以某種方式使用這些技術，始終牢記——始終以客戶為中心和我們想要產生的駕駛試驗。所以我們有一個計劃，但我不能在這裡透露。對不起，莫妮卡，重點是客戶照片，是的，當然，我們有客戶——我們知道普羅桑格的客戶。我可以在不透露任何機密信息的情況下告訴你。我可以告訴你的是，我們有很強的接受度，無論是收藏家，我認為上一次電話會議中的名稱，我認為 [頂級 VIP]，還有新的潛在客戶。這種模式在不同年齡、不同地區、不同性別的接受度非常非常強。所以沒有明確的標誌和明確的模式。我可以告訴你，很多女性，亞洲的、歐洲的和美國的，她們都大一點，年輕一點，她們都喜歡這輛車，Purosangue。

And your next question comes from the line of John Murphy, Bank of America.

您的下一個問題來自美國銀行的 John Murphy。

Just one additional question on the Purosangue. I mean, you've mentioned that it could be as much as 20% of your volume and you would limit it there. If we look at the volumes that you put up this year in 2022, that would imply that you might be able to do 3,000 to 3,500 of the Purosangue's go forward. I'm just curious, based on your order book right now and what you're thinking, if that is a number you think is achievable and if we were to think about something like that, that would equate to about 4 to 5 years of the volume growth that most people are expecting. So it seems like that, that would be sort of a high number. Just curious, as you dimension where that segment actually could be for you? I know you're governing in a 20%, but is that something you think can happen more quickly? Or based on your order book, maybe it might take longer?

關於Purosangue的還有一個問題。我的意思是，你提到它可能是你音量的 20%，你會限制它。如果我們看一下您今年在 2022 年提出的數量，這意味著您可能能夠完成 Purosangue 的 3,000 到 3,500 次。我只是好奇，根據您現在的訂單和您的想法，如果這是您認為可以實現的數字，並且如果我們要考慮類似的事情，那將相當於大約 4 到 5 年大多數人所期望的銷量增長。所以看起來，這將是一個很高的數字。只是好奇，當您確定該細分市場實際上適合您的位置時？我知道你在 20% 中執政，但你認為這會發生得更快嗎？或者根據您的訂單，可能需要更長的時間？

Thank you, Johnny. Maybe I misunderstood, you said that 3,500 per year?

謝謝你，約翰尼。可能我誤會了，你說的是每年3500？

So yes, assuming you're going to do about 13,000 units this year, I mean, just grossing it up and just saying, if you're going to do -- if you're limiting the Purosangue to 20%, you would add specifically 3,250 units to that base of 13,000 that would be Purosangue to get to 20% mix at Purosangue. I mean basically, how fast do you think you can get there or how slow do you think to get there? And I mean -- and how do you manage this based on the order book that you're seeing right now?

所以是的，假設你今年要生產大約 13,000 個單位，我的意思是，只是把它加起來，然後說，如果你打算這樣做——如果你將 Purosangue 限制在 20%，你會添加特別是 3,250 單位到 13,000 的基礎上，這將是 Purosangue 在 Purosangue 達到 20% 的混合。我的意思是，你認為你能多快到達那裡，或者你認為到達那裡有多慢？我的意思是——你如何根據你現在看到的訂單來管理這個？

No, the reason why I was asking is that for me, 20% of the 13,000, is 2,600, the reason why I wanted to check. So what I can tell you...

不，我問的原因是對我來說，13,000 的 20% 是 2,600，我想檢查的原因。那我能告訴你什麼...

But I would imagine it'd be incremental, right? I mean there wouldn't be any...

但我想它會是增量的，對吧？我的意思是不會有任何...

I'm not saying incremental. I'm saying that out of the total number, up to 20% of yearly volumes will be Purosangue. So let's say, if it is 13,000, it's around 2,600. What I can tell you is that we are pretty close to our target. And let's say, I think this is the most, let's say, the most detailed information I can provide you, together with the fact that the car really received strong acceptance, as I said before, by all people that attended because we had a customer traveling from all over the world. And let's say that the acceptance has been very, very strong, a lot enthusiasm. They appreciate the performance, they appreciate the design. They appreciate also the driving emotion because during those days, there was a very good idea of the marketing team -- of the commercial team, they offer the possibility to some customers that were selected on -- through a lottery to drive the cars for around 40 kilometers. And I cannot share with you, but there are the video of the people that are really crying for the emotions that they can experience. So very strong acceptance because of the performance, design and driving trials, and we are very close to our target. And as I said, we stick to our plan to not pass the 20% threshold of our annual volumes, whatever they will be.

我不是說增量。我是說在總數中，高達 20% 的年銷量將是 Purosangue。假設是 13,000，則約為 2,600。我可以告訴你的是，我們非常接近我們的目標。比方說，我認為這是我可以為您提供的最詳細的信息，以及正如我之前所說的那樣，這輛車確實得到了所有人的強烈認可，因為我們有一個客戶從世界各地旅行。假設接受度非常非常強，非常熱情。他們欣賞性能，欣賞設計。他們也很欣賞這種駕駛情感，因為在那些日子裡，營銷團隊有一個非常好的想法——商業團隊，他們為一些被選中的客戶提供了可能性——通過彩票來駕駛汽車四處轉轉40公里。我無法與你分享，但有些人真的為他們能體驗到的情緒而哭泣的視頻。由於性能、設計和駕駛試驗的接受度非常高，我們非常接近我們的目標。正如我所說，我們堅持我們的計劃，不超過年銷量的 20% 門檻，無論它們是什麼。

We look forward to driving it. Just a second question real quick. If we think about 2023, mix is going to be a major positive with the Daytona and the Purosangue, it sounds like pricing is a small positive for you right now, and that's likely to continue. Volume presumably will be up. Raws are easing, other cost inflation might not be too bad. It sounds like your earnings may gap open next year. I think the consensus is for better than a 20% increase in EBIT. Is there any sort of major sort of headwinds that I might be missing or we should be thinking about or even positive factors we should think about besides those major ones for 2023?

我們期待駕駛它。第二個問題真的很快。如果我們考慮到 2023 年，Daytona 和 Purosangue 的混合將是一個主要的積極因素，聽起來定價現在對你來說是一個小的積極因素，而且這種情況很可能會持續下去。成交量大概會上漲。 Raws 正在放鬆，其他成本通脹可能不會太糟糕。聽起來你的收入明年可能會出現缺口。我認為共識是息稅前利潤增長超過 20%。除了 2023 年的主要不利因素之外，是否還有我可能遺漏的主要不利因素，或者我們應該考慮甚至是積極因素？

I mean, the Capital Market Day was clear about the target also for next year. Clearly, we are paying close attention to the story of the inflation, and this is also the reason why we said those in the previous call, we are increasing prices for next year. But for the rest, I mean, we are proceeding yearly as planned. And as in the past, we delivered on premise -- on our promises, we want also to continue to deliver on our promises. So this is our, I would say, daily commitment to the people here and obviously, to all the shareholders.

我的意思是，資本市場日也明確了明年的目標。顯然，我們正在密切關注通貨膨脹的故事，這也是我們在之前的電話會議中說的原因，我們正在提高明年的價格。但對於其餘的，我的意思是，我們每年都按計劃進行。和過去一樣，我們在前提下兌現了我們的承諾，我們也希望繼續兌現我們的承諾。因此，我想說，這是我們對這裡的人們的日常承諾，顯然也是對所有股東的承諾。

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

您的下一個問題來自 Kepler 的 Thomas Besson。

It's Thomas Besson, Kepler Cheuvreux. I'd like to first follow up on John's question if that's okay. I know you never want to give the exact numbers, but when you say 20% of the volumes [emerge], I think we probably need to think about a few years out. So does that -- does it include only the current capacities with the 2 shifts of the existing production lines? Or does that include as well potential incremental capacities from BDs? So should we think about 2,500 or more 3,000, 4,000 units per annum for Purosangue? That's the first question.

是 Thomas Besson，Kepler Cheuvreux。如果可以的話，我想先跟進約翰的問題。我知道你永遠不想給出確切的數字，但是當你說 20% 的捲 [emerge] 時，我認為我們可能需要考慮幾年後的情況。那麼這是否僅包括現有生產線的兩班制的當前產能？或者這是否也包括來自 BD 的潛在增量能力？那麼我們是否應該為 Purosangue 考慮每年 2,500 或更多 3,000、4,000 單位？這是第一個問題。

No, no. We -- as we said, I mean, we will not -- there will not be a big change in our capacity. We want always to keep to guarantee, the exclusivity of all the car we sell, Purosangue, as I said, also in June when we met here in Maranello. It's not a car that is meant to double the volume for us like it is in the strategic plan of other players in this field. For us, it's a unique car. It's a sport car, it's a car unlike any others for which we aim to have a maximum 20% of the yearly volumes because I believe -- we believe that exclusivity and uniqueness of our car goes also through this avenue. We don't want to end up doubling the volume and, let's say, putting a lot of CapEx also because, as I said, exclusivity and uniqueness are the key drivers of our product strategy and our -- if you want, our daily compass, and that's what we want to speak to.

不，不。我們——正如我們所說，我的意思是，我們不會——我們的能力不會發生大的變化。我們希望始終保證我們出售的所有汽車的獨家性，Purosangue，正如我所說，也是在六月我們在馬拉內羅會面時。這不是一輛旨在讓我們的銷量翻倍的汽車，就像該領域其他參與者的戰略計劃中那樣。對我們來說，這是一輛獨一無二的汽車。它是一款跑車，它不同於其他任何一款汽車，我們的目標是擁有最多 20% 的年銷量，因為我相信——我們相信我們汽車的排他性和獨特性也會通過這條途徑。我們不希望最終將銷量翻倍，比如說，投入大量資本支出，因為正如我所說，排他性和獨特性是我們產品戰略的關鍵驅動因素，如果你願意，我們的日常指南針，這就是我們想要談論的。

Second question on ForEx. When we look at 2023, is it reasonable to expect another decent boost from ForEx given your hedging positioning? Or have we seen already the bulk of the benefits from that bucket?

關於外彙的第二個問題。當我們展望 2023 年時，考慮到您的對沖頭寸，期待 ForEx 再次獲得可觀的提振是否合理？還是我們已經看到了該桶的大部分好處？

Okay. This is a good question for Antonio, because otherwise, he was silent. So it's good. Thank you, also Thomas, for keeping my attention alive.

好的。這對安東尼奧來說是個好問題，否則他就沉默了。所以很好。謝謝你，還有托馬斯，讓我的注意力一直在。

I think the question, it really depends, of course. I mean we hedge foreign exchange on a rolling basis. That means that we basically project on 2023 the trend of 2022. Whether this will be a positive or a negative, it pretty much depends on how the foreign exchange rates behave on a spot basis. All in all, we try and have approximately 70% of our total exposure hedged in advance declining over time. So we are basically projecting to 2023. As I said before, the trend that we have witnessed in previous months. Then if the dollar goes to $1.10, obviously, we have a huge positive. If it goes to $1.80 -- sorry, to $0.80, it's going to be a negative. That is the sense of my answer. I hope it helps.

我認為這個問題，當然，這真的取決於。我的意思是我們滾動套期保值外匯。這意味著我們基本上在 2023 年預測 2022 年的趨勢。這將是積極的還是消極的，這在很大程度上取決於外匯匯率在即期的表現。總而言之，我們嘗試提前對沖約 70% 的總風險敞口，並隨著時間的推移而下降。所以我們基本上預測到 2023 年。正如我之前所說，我們在前幾個月目睹的趨勢。然後，如果美元升至 1.10 美元，顯然，我們有一個巨大的利好。如果它達到 1.80 美元——抱歉，達到 0.80 美元，這將是負面的。這就是我回答的意義。我希望它有所幫助。

Just a very quick follow up. Can you confirm the dates of soft deliveries for Purosangue and Daytona please? The quarter you'll have the first deliveries?

只是一個非常快速的跟進。你能確認一下 Purosangue 和 Daytona 的軟交貨日期嗎？您將在哪個季度收到第一批貨物？

Yes, its Q2.

是的，它的第二季度。

And your next question comes from the line are Philippe Houchois from Jefferies.

您的下一個問題來自 Jefferies 的 Philippe Houchois。

I've got 2 questions. One is, I'm just following up on the question on the used values. So if I understand right, you started your comments saying you've got a remarkable order intake across models, and that will probably more likely translate into better residual values rather than maybe the used market being more economically sensitive and people being kind of more shy about buying those cars.

我有 2 個問題。一是，我只是在跟進有關使用值的問題。因此，如果我理解正確，您在評論開始時說您在各種型號中獲得了顯著的訂單量，這可能更有可能轉化為更好的剩餘價值，而不是二手市場對經濟更加敏感並且人們更加害羞關於買那些車。

So my first question is, is there any way that Ferrari is directly leveraged to improvement in user values? What I mean by is any agreements with dealers where there's a bit of profit sharing if they're going to benefit the most, I guess, of this improvement in used values. And I'm just wondering if in any way you are geared to that gain in profit sharing with dealers.

所以我的第一個問題是，有沒有什麼方法可以直接利用法拉利來提高用戶價值？我的意思是與經銷商達成的任何協議，如果他們將從使用價值的這種改進中受益最大，那麼他們將獲得一點利潤分享。我只是想知道您是否以任何方式準備好與經銷商分享利潤。

And my other question is a lot of questions about Purosangue and 20% cap, et cetera. If I hear you right, again is this car drives every bit as well as any Ferrari, so you're very proud of it. So this 20% cap is just arbitrary to -- but there's no -- because for years, it was concern about SUVs might damage the brand, et cetera, but this is not at all the case. You're just trying to keep the diversification of your product portfolio rather than lose a car that might eventually dominate some of your volume. Is that correct?

我的另一個問題是關於 Purosangue 和 20% 上限等的很多問題。如果我沒聽錯的話，這輛車的駕駛性能和任何法拉利一樣好，所以你為它感到非常自豪。所以這個 20% 的上限只是任意的——但沒有——因為多年來，人們擔心 SUV 可能會損害品牌等等，但事實並非如此。您只是想保持產品組合的多樣化，而不是失去一輛最終可能會主導您的部分銷量的汽車。那是對的嗎？

Okay, Philippe. I will start from the first one. When it comes to the preowned business, we have no profit sharing okay? So there is no process sharing with our dealers. It's their business, they manage in the way they want. And let me say, unique and -- what we have to do to help them is always to think about uniqueness exclusivity of the model. So this is what we do.

好的，菲利普。我將從第一個開始。說到二手生意，我們沒有利潤分享，好嗎？所以沒有與我們的經銷商共享流程。這是他們的事，他們以自己想要的方式管理。讓我說，獨特性和 - 我們必須做的是幫助他們始終考慮模型的獨特性排他性。所以這就是我們所做的。

When it comes to Purosangue, I think I would like to take this opportunity to remember that there are 2 orders that in Ferrari do not fit well, the Ferrari and utility, these are, I mean, SUV, and as I said, it's not an SUV or FUV because putting together the utility work with Ferrari car, I think we all agree is no sense. Now the story of our Purosangue is a new category. It's unlike any others that is pushing and is very well appreciated, where we said the 20% because we believe that this is a car like the other car we have in our range, we will have -- if you make the math, we will have 4 to -- around 4 cars per year, 4 to 5 cars, so it's around 20%, the split of the cars that you put on the market. So that is not, I would say, arbitrary. There is a rationale behind that is always meant to preserve the uniqueness and exclusivity because we consider Purosangue a car like the others we have in terms of volume split and unlike any other cars in that [pseudo] category, if you want, from other competitors. It's a unique car, and we want to preserve uniqueness and exclusivity. Maybe you can be not utility, it can be uniqueness. Yes. I will make a good one.

談到Purosangue，我想我想藉此機會記住法拉利有兩個訂單不太適合，法拉利和實用程序，我的意思是，SUV，正如我所說，它不是SUV或FUV，因為將實用程序與法拉利汽車放在一起，我認為我們都同意是沒有意義的。現在我們Purosangue的故事是一個新的類別。它與其他任何推動並受到高度讚賞的人不同，我們之所以說 20%，是因為我們相信這是一輛與我們範圍內的其他汽車一樣的汽車，我們將擁有 - 如果您進行數學計算，我們將每年有 4 到 - 大約 4 輛汽車，4 到 5 輛汽車，所以大約是 20%，你投放市場的汽車的比例。所以，我想說，這不是任意的。這背後有一個基本原理，始終是為了保持獨特性和排他性，因為我們認為 Purosangue 是一款與我們在體積分配方面擁有的其他汽車一樣的汽車，並且與該 [偽] 類別中的任何其他汽車不同，如果你願意的話，來自其他競爭對手.這是一輛獨特的汽車，我們希望保持獨特性和排他性。也許你可以不是實用的，它可以是獨一無二的。是的。我會做好的。

And your next question comes from the line of Tom Narayan from RBC.

您的下一個問題來自 RBC 的 Tom Narayan。

Tom Narayan, RBC. The first one is on the guidance you guys have out there for 2023. I know that's -- it does feel, I think, somewhat [still]. And I think some investors may be just wondering if -- why maybe you haven't withdrawn it or commented on it. I know usually you only comment on the annual guidance in the full year call, but I was just curious if there was any commentary on the current Q3 guidance that you have out there.

湯姆納拉揚，加拿大皇家銀行。第一個是關於你們對 2023 年的指導。我知道那是 - 我認為它確實感覺有點 [仍然]。而且我認為一些投資者可能只是想知道 - 為什麼你沒有撤回或評論它。我知道通常你只在全年電話會議中對年度指導發表評論，但我只是好奇你是否對當前的第三季度指導有任何評論。

And then the second question on Purosangue. A number of us on this call attended this Rolls-Royce event, and we were -- I found it surprising to hear that a lot of customers for that brand really didn't care as much for software or assisted driving in those sorts of features and cared more about luxury aspects of the car and stuff like that. Just curious if this is what you were hearing from your latest event from consumers looking at the Purosangue as well?

然後是關於Purosangue 的第二個問題。我們中的一些人參加了這次勞斯萊斯活動，我們感到驚訝的是，聽到這個品牌的很多客戶真的不太關心軟件或這些功能的輔助駕駛並且更關心汽車的豪華方面和類似的東西。只是好奇這是否是您從最近的活動中聽到的消費者也關注 Purosangue 的內容？

I start from the second one. If I understand well, Tom, is how much is valued the software in this kind of car. I'd like to say that when you talk about the luxury cars, and this is true, we have seen now, I am in this role since 14 months, it's true that there are features that are maybe important in mass market cars but are not at all important in luxury cars. You have had the pleasure to talk with many customers during this year. So what I can tell you that the software, the digital, the electronics in the cars must be placed in the right value because if you exaggerate, nobody will appreciate that value.

我從第二個開始。如果我理解得很好，Tom，這種汽車中的軟件是多麼看重。我想說的是，當你談論豪華車時，這是真的，我們現在已經看到，我從 14 個月以來一直擔任這個角色，確實有一些功能在大眾市場汽車中可能很重要，但在豪華車中根本不重要。在這一年裡，您有幸與許多客戶交談。所以我可以告訴你的是，汽車中的軟件、數字和電子設備必須具有正確的價值，因為如果你誇大其詞，沒有人會欣賞這種價值。

So I do not comment specific about Purosangue, but I can tell you that when you talk about luxury cars, well, it is a place where typical dimension that are important for the mass market players do not find the spot and meaning in this world. When it comes to 2023 guidance, I think you understood well, we provide the guidance for 2022. I can repeat what Antonio and myself said before that we -- the business model is very robust. The order portfolio is very strong, is very robust. And then we feel confident about this year and next year, but we do not provide any specific guidance. Sorry, Tom.

所以我不具體評論Purosangue，但我可以告訴你，當你談論豪華車時，嗯，這是一個對大眾市場參與者很重要的典型維度在這個世界上找不到位置和意義的地方。當談到 2023 年的指導時，我認為您理解得很好，我們提供了 2022 年的指導。我可以重複安東尼奧和我之前所說的話——我們的商業模式非常穩健。訂單組合非常強大，非常穩健。然後我們對今年和明年充滿信心，但我們不提供任何具體指導。對不起，湯姆。

In addition to what we said at the Capital Market Day, of course.

當然，除了我們在資本市場日所說的話。

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

您的下一個問題來自 ODDO 的 Anthony Dick。

I had a first one on the 2022 margin guidance. It seems in Q4, you're going to have probably some positive product mix with the SF90s, some positive mix ramping up of the FX tailwind and also maybe fewer expenses with fewer events. Yet your Q4 EBITDA margin guidance is for a very moderate increase in terms of margins. So I was just wondering if there were any particular headwinds to expect from the margins in Q4?

我在 2022 年的保證金指導中獲得了第一個。似乎在第四季度，SF90 可能會有一些積極的產品組合，一些積極的組合會增加外匯順風，並且可能會減少費用和更少的事件。然而，您的第四季度 EBITDA 利潤率指導是對利潤率的適度增長。所以我只是想知道第四季度的利潤是否會出現任何特殊的不利因素？

And then a second quick question on the topic of energy and energy supply. I understand that you use a lot of gas for your production in your factories and Italy is reliant quite heavily on Russian gas. So I just wondered if there were -- you put in place any measures to significantly reduce your gas consumption or any contingency plans you had in case the country faced a gas shortage this winter or the next.

然後是關於能源和能源供應主題的第二個快速問題。據我了解，您在工廠的生產中使用了大量天然氣，而意大利非常依賴俄羅斯天然氣。所以我只是想知道是否有 - 你採取了任何措施來顯著減少你的天然氣消耗，或者你有任何應急計劃，以防該國今年冬天或明年面臨天然氣短缺。

Okay. So I take it, Anthony, I'll take the one on energy, and I'll let Antonio comment on the first one. So I would like to clarify a few things. Number one, we do not rely on Russian gas. Number two, we produce 80% -- almost 80% of our energy is coming through the 3 generators that we have in our factory. Number three, as I show you, we are working -- we are increasing the share of electricity that we are generating in house, and we are also reducing the energy waste through better efficiencies or, let me say, leveraging the ideas that the team has.

好的。所以我接受它，安東尼，我會接受關於能量的那個，我會讓安東尼奧評論第一個。所以我想澄清一些事情。第一，我們不依賴俄羅斯天然氣。第二，我們生產 80%——幾乎 80% 的能源來自我們工廠的 3 台發電機。第三，正如我向你展示的那樣，我們正在努力——我們正在增加我們在內部產生的電力份額，我們還通過提高效率來減少能源浪費，或者，讓我說，利用團隊的想法有。

If you remember, I was talking about reducing the gas consumption by 2%, that is a good number, that has been done by, let me say, putting the people around the table. So we are putting also some contingency plan in place because in case there are some national, let me say, national direction, well, we will -- we are here in Italy, we will stick to them. But we are putting contingency plan in place. And clearly, the stock that we have is also a way to manage this situation. For the first one, I would like Antonio to comment.

如果你還記得，我說的是減少 2% 的氣體消耗，這是一個很好的數字，讓我說，這是通過讓人們圍坐在桌子旁來實現的。所以我們也制定了一些應急計劃，因為如果有一些國家的，讓我說，國家的方向，好吧，我們會——我們在意大利，我們會堅持下去。但我們正在製定應急計劃。顯然，我們擁有的股票也是管理這種情況的一種方式。對於第一個，我希望安東尼奧發表評論。

Yes, to your question on the implied margin for Q4, Anthony, I think these are in line with the 9 months in terms of EBITDA, so 35% expected to be confirmed in the last quarter. In terms of the rationale, I think the directionally you may think of the business being particularly strong in terms of personalization, in addition to what the range of models that we sell may provide. We have a positive from foreign exchange rates compared to the initial expectations for the year. And in terms of the negative, the cost inflation is the only one I can think of. So all in all, I think we are in line with what we had expected since overall throughout the year.

是的，對於你關於第四季度隱含利潤率的問題，安東尼，我認為這些與 9 個月的 EBITDA 一致，因此預計將在最後一個季度確認 35%。就基本原理而言，我認為您可能會認為該業務在個性化方面特別強大，此外我們銷售的模型範圍可能會提供什麼。與今年的最初預期相比，我們對外匯匯率持積極態度。就負面而言，成本通脹是我唯一能想到的。總而言之，我認為我們全年都符合我們的預期。

I will now hand the call back to Benedetto Vigna. Please go ahead.

我現在將電話轉回給 Benedetto Vigna。請繼續。

Thank you. Thanks to all of you for your time today and also for all your useful questions. As you have heard a few minutes ago from myself and Antonio, we did what we said. We delivered on all what we promised, and we look with great confidence to Q4 and beyond. Before closing, I also take the occasion to thank all the men, all the women, The Ferrari, in Maranello and all over the World that contribute daily to the success of our company. For the time being, good afternoon, everyone. Thanks again for your attention and talk to you in a quarter. Bye-bye.

謝謝你。感謝大家今天的時間以及所有有用的問題。正如您幾分鐘前從我和安東尼奧那裡聽到的那樣，我們按照我們所說的做了。我們兌現了所有承諾，我們對第四季度及以後充滿信心。在結束之前，我還要藉此機會感謝馬拉內羅和世界各地每天為我們公司的成功做出貢獻的所有男人、女人、法拉利。暫時，大家下午好。再次感謝您的關注，並在一個季度與您交談。再見。

This concludes today's conference call. Thank you for participating. You may now disconnect. Speakers, please stand by.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。演講者，請稍候。