Ferrari NV (RACE) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Ferrari 2023 Full Year Results Conference Call and Webcast. (Operator Instructions) Please note that today's conference is being recorded. I would now like to turn the conference over to your speaker, 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 2023 全年業績電話會議和網路廣播。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給您的發言人，投資者關係主管 Nicoletta Russo。請繼續。

Thank you and welcome to everyone who is joining us. Today, we plan to cover the group's full year 2023 operating results and 2024 guidance, and the duration of the call is expected to be around 60 minutes. Today's call will be hosted by the Group CEO, Mr. Benedetto Vigna; and Group CFO, Mr. Antonio Picca Piccon. All relevant materials are available in the Investors section of the Ferrari corporate website. And at the end of the presentation, we will be available to answer your questions.

感謝並歡迎所有加入我們的人。今天，我們計劃介紹該集團2023年全年營運業績和2024年指引，電話會議持續時間預計在60分鐘左右。今天的電話會議將由集團執行長 Benedetto Vigna 先生主持；和集團財務長 Antonio Picca Piccon 先生。所有相關資料均可在法拉利公司網站的投資者部分找到。在演示結束時，我們將回答您的問題。

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

在我們開始之前，請允許我提醒您，我們在今天的電話會議中可能做出的任何前瞻性陳述均受到今天演示文稿第2 頁中包含的安全港聲明中提到的風險和不確定性的影響，並且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。

Grazie, Nicoletta, and thank you, everyone, for joining us today. 2023 will be remembered as the year in which we accomplished many achievements, and we strengthened our brand across each of its 3 souls: racing, sport car and lifestyle. For this, I would like to thank all the women and men of Ferrari for their outstanding work; all our clients for their continuous trust in our brand; and all our partners, suppliers, dealers and sponsors with whom we have continued to strengthen our relations.

感謝 Nicoletta，感謝大家今天加入我們。 2023 年將被銘記為我們取得許多成就的一年，我們強化了我們品牌的三個靈魂：賽車、跑車和生活方式。為此，我要感謝法拉利全體員工的出色工作；感謝所有客戶對我們品牌的持續信任；以及我們不斷加強關係的所有合作夥伴、供應商、經銷商和贊助商。

Among the many achievements realized in 2023, I'd like to mention 3: the first, historic victory at Le Mans; the second is the 5 new model launches, further enriching our beautiful product offering, together with a variety of new clients' engagement experiences; and last but not least, the new iconic bag, the Maranello clutch, that stems out of a cooperation between colleagues in Maranello, belongs to sports car team, and those in Milan of our lifestyle department. These achievements are reflected in our record full year financial results across all metrics.

在 2023 年所取得的眾多成就中，我想提及三項：勒芒首場歷史性勝利；二是5款新車型的推出，進一步豐富了我們精美的產品線，以及各種新客戶的參與體驗；最後但並非最不重要的一點是，新的標誌性手袋 Maranello 手拿包源自馬拉內羅同事之間的合作，屬於跑車團隊和米蘭生活部門的同事。這些成就反映在我們所有指標創紀錄的全年財務表現中。

So let's start reviewing together a few key numbers of year 2023: revenues were at approximately EUR 6 billion; EBITDA at EUR 2.28 billion, with record yearly EBITDA margin of 38.2%; net profit, a first in our history, well over EUR 1 billion threshold, with a remarkable net profit margin of 21%; and industrial free cash flow generation of approximately EUR 930 million, of which about EUR 800 million distributed to shareholders between dividends and share buyback. And now, after the numbers, let's deep dive into our racing activities.

那麼讓我們開始一起回顧 2023 年的幾個關鍵數字：營收約 60 億歐元； EBITDA 為 22.8 億歐元，年度 EBITDA 利潤率為創紀錄的 38.2%；淨利遠超 10 億歐元，創歷史新高，淨利率高達 21%；工業自由現金流產生約9.3億歐元，其中約8億歐元透過股利和股票回購分配給股東。現在，在數字之後，讓我們深入了解我們的賽車活動。

Winning the 24 Hours of Le Mans was an unforgettable day for our history. I was there, and I will never forget June 11 afternoon because it saw our victorious return to the Top Class of the World Endurance Championship on the centenary of this legendary 24-hour race. The Ferrari 499P's win was a true team effort. Every area of our company worked together to contribute to our Hypercar's success, and I'm really proud of everyone. As we say, we are and we act as One Ferrari.

贏得勒芒 24 小時耐力賽對我們的歷史來說是難忘的一天。我當時在那裡，我永遠不會忘記 6 月 11 日下午，因為在這場傳奇的 24 小時比賽一百週年之際，我們見證了我們勝利重返世界耐力錦標賽頂級組。 Ferrari 499P 的勝利是真正的團隊努力。我們公司的各個部門共同努力，為我們的超級跑車的成功做出了貢獻，我為每個人感到自豪。正如我們所說，我們就是一輛法拉利，而我們的行為也是一輛法拉利。

In Formula 1, we fought till the very last race, even though the last season has been a difficult one, often short on satisfaction. We know we must continue to work tirelessly to return to the level that our tifosi rightly expect of us, and we look forward to it. The continuous will to progress and strive for excellence in racing and everything we do testify our effort and our willingness to always push the boundaries of technology and innovation audaciously.

在一級方程式賽車中，我們一直戰鬥到最後一場比賽，儘管上賽季是一個艱難的賽季，常常缺乏滿足感。我們知道，我們必須繼續不懈地努力，才能回到我們的 Tifosi 對我們正確期望的水平，我們對此充滿期待。在賽車運動中不斷進步和追求卓越的意願以及我們所做的一切都證明了我們的努力以及我們始終大膽突破技術和創新界限的意願。

And this leads me to the achievements we reached in our sports cars. In 2023, we unveiled 5 new models out of the 15 models announced at 2022 Capital Market Day: 3 models for the road, the Roma Spider, the SF90 XX Stradale and SF90 XX Spider, they all raise the bar of technology and design still further to meet and exceed the desires of our clients; and 2 models for the track. During the Finali Mondiali at the Mugello Circuit last quarter, we unveiled the 296 Challenge and the 499P Modificata, both of which will set new benchmarks in track driving thrills for our most passionate tracing clients.

這讓我了解了我們在跑車方面所取得的成就。 2023 年，我們在 2022 年資本市場日宣布的 15 款車型中推出了 5 款新車型：3 款公路車型，Roma Spider、SF90 XX Stradale 和 SF90 XX Spider，它們都進一步提高了技術和設計的標準滿足並超越客戶的願望；和 2 個賽道模型。上季在穆傑羅賽道舉行的 Finali Mondiali 比賽中，我們推出了 296 Challenge 和 499P Modificata，這兩款車都將為我們最熱情的追蹤客戶樹立賽道駕駛刺激的新基準。

Consistently and coherently, we follow our strategy of different Ferrari for different moments and different Ferrari for different ferraristi. This year, we continued to engage with our clients with many experience on the road and on the track. I refer to unique and truly engaging occasions such as the Finali Mondiali, our Cavalcades, the Legacy Tours, our Legacy Tours, to mention just a few of them. These are all experiences which continue to bond our community even further and evoke a true sense of belonging. These exclusive events enable our clients, our tifosi and enthusiasts to interact with the brand and live experiences together.

我們始終如一地遵循我們的策略：不同的法拉利適合不同的時刻，不同的法拉利適合不同的法拉利。今年，我們繼續與擁有豐富道路和賽道經驗的客戶合作。我指的是獨特且真正引人入勝的活動，例如 Finali Mondiali、我們的 Cavalcades、Legacy Tours、我們的 Legacy Tours，僅舉幾例。這些經歷將繼續進一步加強我們的社區聯繫並喚起真正的歸屬感。這些獨家活動使我們的客戶、tifosi 和愛好者能夠與品牌互動並共同體驗現場體驗。

2023 has been a year of learning for our lifestyle activities, which have shown positive indicators, among which improved retail performances, successful activations in conjunction -- and this is really key, in conjunction with racing and brand events and record museums' visitors. In fact, 740,000 brand lovers visited our museums in Maranello and Modena in the year, almost 20% more people than 1 year ago, confirming the strength of the brand and the passion of our community.

2023 年對於我們的生活方式活動來說是學習的一年，這些活動顯示出了積極的指標，其中包括零售業績的改善、結合的成功激活——這非常關鍵，結合賽車和品牌活動以及記錄博物館的參觀者。事實上，這一年有 74 萬名品牌愛好者參觀了我們位於馬拉內羅和摩德納的博物館，比一年前增加了近 20%，這證實了品牌的實力和我們社區的熱情。

Throughout all the years -- throughout 2023, we have also done relevant progresses in our carbon-neutrality journey. Indeed, we reduced our Scope 1 and Scope 2 emissions by 7% in 2023 and by 16% versus 2021. We built our first prototype engine from recycled aluminum. We also installed solar panels, providing an extra 2.4-megawatt peak power compared to last year. An additional 1-megawatt peak power will become available in the coming months from the Renewable Energy Community, the first-ever energy community in Italy to be backed by an industrial company for the benefit of its local area.

多年來—2023年，我們在碳中和之旅上也取得了相關進展。事實上，我們在 2023 年將範圍 1 和範圍 2 排放量減少了 7%，與 2021 年相比減少了 16%。我們用再生鋁製造了第一台原型引擎。我們還安裝了太陽能電池板，峰值功率比去年增加了 2.4 兆瓦。再生能源社區將在未來幾個月內提供額外的 1 兆瓦峰值功率，這是義大利有史以來第一個由工業公司支持的能源社區，旨在造福當地。

And this is only one demonstration of the moral obligation we feel to give back to local community. All of these developments as well as the record results have been possible, thanks to the passion and dedication of all my colleagues here. And to reward their achievement, in line with the company's strong performance indicators, I'm pleased to announce the yearly competitive award of up to nearly EUR 13,500 for our employees.

這只是我們回饋當地社區的道德義務的體現。所有這些發展以及創紀錄的成果都是可能的，這要歸功於這裡所有同事的熱情和奉獻。為了獎勵他們的成就，根據公司強勁的績效指標，我很高興地宣佈為我們的員工提供高達近 13,500 歐元的年度競爭性獎勵。

We are also proud to mention the additional 4 welfare initiatives that we have announced last November 13: a broad-based share ownership plan for our 5,000-plus employees; the extension of health checkups; the parenting support; as well as the 250 new hires. On top, we have also received the Equal Salary Certification on a global level for the first time, a result we can all be proud of.

我們也自豪地提及去年 11 月 13 日宣布的另外 4 項福利舉措：為 5,000 多名員工提供廣泛基礎的股權計劃；延長健康檢查；育兒支持；以及250名新員工。最重要的是，我們還首次獲得了全球範圍內的同工同酬認證，這是我們所有人都可以感到自豪的結果。

2023 was characterized by global tensions, geopolitical conflicts, supply chain disruptions and cost inflation, all challenges we have learned a lot from. Our flexibility, our agility, together with the constant support of our clients and partners, allow us to look at 2024 with confidence. Such confidence also derives from the positive momentum that we continue to experience. Notwithstanding the current challenging macroeconomic environment, the vitality of our business is once again confirmed by the order book on current models, which remain strong across all geographies and covers the entire 2025.

2023 年的特點是全球緊張局勢、地緣政治衝突、供應鏈中斷和成本通膨，我們從所有挑戰中學到了很多。我們的靈活性、敏捷性以及客戶和合作夥伴的持續支持，讓我們對 2024 年充滿信心。這種信心也源自於我們持續經歷的正向動力。儘管當前宏觀經濟環境充滿挑戰，但當前車型的訂單再次證實了我們業務的活力，這些訂單在所有地區都保持強勁，並覆蓋整個 2025 年。

During last months, I've been visiting several dealerships in Europe, U.S.A., in different countries in Asia, and I can tell you that the traction of our brand is really strong. You can really breathe it. When you meet our clients into the dealership and you see how they interact with our dealers, you can easily understand their strong attachment to our brands. Our dealerships are a great point of aggregation for our clients, and events organized by our dealers help to give a boost to the spontaneous aggregation of our loyal clients.

在過去的幾個月裡，我走訪了歐洲、美國、亞洲不同國家的幾家經銷商，我可以告訴你，我們品牌的吸引力非常強大。你真的可以呼吸它。當您在經銷商處見到我們的客戶並看到他們如何與我們的經銷商互動時，您可以輕鬆地理解他們對我們品牌的強烈依戀。我們的經銷商是客戶的重要聚集點，經銷商組織的活動有助於促進我們忠實客戶的自發性聚集。

The residual values remain sound, with different dynamics in the region and normalizing from the peaks registered in the post-pandemic period when lack of new product boosted them. The visibility granted by the order book give us the confidence to look at the future but, at the same time, we need to keep always 4 wheels on the ground. Confident humility and will to progress have been, are and will be our North Star during the execution of our business plan.

剩餘價值仍然良好，該地區的動態有所不同，並且從大流行後時期的峰值恢復正常，當時缺乏新產品推動了剩餘價值。訂單簿所賦予的可見性讓我們有信心展望未來，但同時，我們需要始終保持四個輪子在地上。在執行我們的業務計劃期間，自信的謙遜和不斷進步的意願過去、現在和將來都是我們的北極星。

Following an initial phase of our business plan characterized by revenues and profitability expansion, in 2024, we continue to grow our top line while consolidating percentage margins, which we expect to further expand towards the end of the current business plan. The record result of 2023, the exceptional visibility on our order book and the extraordinary performance of our business allow us to look at the high end of the 2026 target with stronger confidence.

在我們以收入和盈利能力擴張為特徵的業務計劃的初始​​階段之後，到 2024 年，我們將繼續增加收入，同時鞏固利潤率，我們預計在當前業務計劃結束時將進一步擴大。 2023 年創紀錄的業績、卓越的訂單可見度以及卓越的業務表現，讓我們對 2026 年目標的高端充滿信心。

But beyond the core numbers, what to expect in 2024 from us? In racing, our DNA, we will compete at the top in Formula 1 and Endurance. We have recently confirmed the World Endurance Championship teams. And in Formula 1, we have reinforced the technical team and expanded the manufacturing area, which is already up and running. And during the last weekend, we won 24 Hours of Daytona in GTD Pro Class with our 296 GT3 car, definitely a great start to the 296's career. On top, we have just announced that we are expanding our presence in the racing world with the intention of setting records also by racing on the seas of the entire world.

但除了核心數據之外，2024 年我們還能期待什麼？在賽車方面，我們的基因是，我們將在一級方程式賽車和耐力賽中名列前茅。我們最近確認了世界耐力錦標賽的參賽隊伍。在一級方程式賽車中，我們加強了技術團隊並擴大了已經投入運作的製造區域。上週末，我們駕駛 296 GT3 賽車贏得了 GTD Pro 組代托納 24 小時耐力賽冠軍，這絕對是 296 職業生涯的良好開端。最重要的是，我們剛剛宣布，我們正在擴大我們在賽車界的影響力，目的是透過在全世界的海上比賽來創造記錄。

In sports cars, we will inaugurate the e-building in June, exactly 2 years later than the last Capital Markets Day. We will further enrich the product offering with 3 new model launches, and we will continue to enhance our client experiences, both on track and on road, not only on brand-new cars, but also taking care of ferraristi owning pre-owned models with tailored events. In our history, we crafted about 250 different models of Ferrari and, for us, they are all equally important. They are all our kids.

在跑車方面，我們將於 6 月舉行電子大樓落成儀式，比上一次資本市場日晚了整整 2 年。我們將推出 3 款新車型，進一步豐富我們的產品系列，我們將繼續增強客戶在賽道和公路上的體驗，不僅是在全新汽車上，而且還照顧法拉利擁有的二手車型定制活動。在我們的歷史中，我們製造了大約 250 種不同的法拉利車型，對我們來說，它們都同樣重要。他們都是我們的孩子。

In lifestyle, in 2024 will be the year of progress, with an array of activities designed to build the scale while elevating and expanding visibility. Among our priorities, we continue to focus on our carbon-neutrality journey, which is further boosted by the ultimate goal: to shut down the trigenerator within the next 18 months. We look ahead at 2024 with energy, agility and confident humility, but above all, with enthusiasm for the new exciting challenges in front of us.

在生活方式方面，2024年將是進步之年，一系列活動旨在擴大規模，同時提升和擴大知名度。在我們的優先事項中，我們繼續關注我們的碳中和之旅，最終目標進一步推動了這一進程：在未來 18 個月內關閉三發電機。展望 2024 年，我們充滿活力、敏捷且自信謙遜，但最重要的是，我們對眼前的新挑戰充滿熱情。

And now I hand over to Antonio to review the 2023 results and 2024 guidance.

現在我交給 Antonio 來審查 2023 年的結果和 2024 年的指導。

Thank you, Benedetto, and good morning or afternoon to everyone joining us today. Starting on Page 7, we present the highlights of the results for the entire 2023. As Benedetto just mentioned, 2023 was another record year for our company, with all financial metrics once again growing double digits and with a significant margin expansion of 3 percentage points at the EBIT level and even more at the EBITDA level.

謝謝貝內代托，今天加入我們的每個人都早安或下午好。從第7 頁開始，我們將介紹整個2023 年業績的亮點。正如貝內代托剛才提到的，2023 年對我們公司來說又是創紀錄的一年，所有財務指標再次實現兩位數增長，利潤率大幅成長3 個百分點在 EBIT 層面，甚至在 EBITDA 層面。

Even if our 4-year plan from the last Capital Market Day is rather front-loaded by design, such results went beyond our initial expectations. Considering the modest shipments increase and the inflation headwind affecting our input costs, a visible real-life application of the obsession to privilege value upon volume and to control allocations to promote exclusivity.

儘管我們從上個資本市場日開始製定的四年計劃在設計上相當提前，但這樣的結果超出了我們最初的預期。考慮到出貨量的小幅增長和影響我們投入成本的通膨逆風，在現實生活中明顯應用了對數量優先價值和控制分配以促進排他性的痴迷。

Let's dive into the details to try and shed some light on our path forward. Our strong business performance in 2023 was sustained by 3 main factors: a rich product mix per se, further emphasized by a surprisingly strong personalization uptick, coupled with a favorable country mix. This led to revenues up 17%; adjusted EBITDA growing roughly 28.5%, that is EUR 500 million, with a very solid margin standing at 38.2%; adjusted EBIT up approximately 32%, with a yearly record 27.1% margin; net profit of EUR 1.26 billion, leading to an adjusted diluted earnings per share of EUR 6.9 from less than EUR 5.1 last year. Of a particular note was the industrial free cash flow generation, which reached EUR 932 million.

讓我們深入研究細節，試著闡明我們前進的道路。我們在 2023 年的強勁業務表現由 3 個主要因素支撐：豐富的產品組合本身，令人驚訝的強勁個性化增長以及有利的國家組合進一步強調了這一點。這導致收入成長 17%；調整後的 EBITDA 成長約 28.5%，即 5 億歐元，利潤率非常穩定，達到 38.2%；調整後息稅前利潤成長約 32%，年度利潤率達到創紀錄的 27.1%；淨利潤為 12.6 億歐元，調整後攤薄每股收益從去年的 5.1 歐元低調整為 6.9 歐元。特別值得一提的是工業自由現金流的產生，達到 9.32 億歐元。

Moving to Page 8, you can see the details of the full year shipments. In the year, deliveries increased less than 450 units after 2 post-pandemic years of strong double-digit increase. As usual, geographies reflect our choices of volume and product allocation in the different markets. The EMEA and the Americas were up versus prior year, representing more than 70% of our total shipments; Rest of APAC was almost flat at 17%; and Mainland China, Hong Kong and Taiwan reduced their share by few tens of units to 11%, in line with our long-term targets for this area, considering its relative youth and evident dilution impact on our percentage margins.

轉到第8頁，您可以看到全年出貨量的詳細資訊。在經歷了疫情後兩年強勁的兩位數增長之後，今年的交付量增加了不到 450 輛。像往常一樣，地理位置反映了我們在不同市場中對數量和產品分配的選擇。歐洲、中東和非洲地區和美洲地區的出貨量較去年有所成長，占我們總出貨量的 70% 以上；亞太地區其他地區幾乎持平，為 17%；考慮到該領域相對年輕以及對我們利潤率的明顯攤薄影響，中國大陸、香港和台灣的份額減少了數十個單位至 11%，符合我們對該領域的長期目標。

Shifting to the product. The most significant change in the year was the doubling of the hybrid share to 44% of the total volumes, underpinned by the growth of the SF90 and 296 families. The highly anticipated Purosangue ramped up during the second half of the year to finally reach its cruising altitude in 2024. The Roma Spider, which was unveiled in the first quarter, already commenced deliveries in the last quarter of 2023.

轉向產品。今年最顯著的變化是，在 SF90 和 296 系列成長的支撐下，混合動力車型的份額翻了一番，達到總銷量的 44%。備受期待的 Purosangue 在今年下半年不斷加速，最終於 2024 年達到巡航高度。第一季亮相的 Roma Spider 已於 2023 年最後一個季度開始交付。

Special Series, represented by the 812 Competizione family, increased compared to 1 year ago, thanks to the deliveries of the Aperta version, while the Daytona SP3 shipments continued according to our plans, between 30 and 40 units per quarter. Lastly, in the year, the F8 family concluded its life cycle, with the Portofino M was also approaching its end.

以 812 Competizione 系列為代表的特殊系列，由於 Aperta 版本的交付，與一年前相比有所增加，而 Daytona SP3 的出貨量繼續按照我們的計劃進行，每季度在 30 至 40 輛之間。最後，F8家族在這一年結束了它的生命週期，Portofino M也接近尾聲。

On Page 9, you can see the net revenue bridge posting a robust 17% growth versus prior year, also at constant currency. The increase in cars and spare parts was evidently the main contributor, driven by the richer mix, personalizations, pricing and slightly higher volumes. Price increases during the year were differentiated by product and geography, in accordance with the decisions taken in the second half of 2022 to protect our margins from the surge of inflation.

在第 9 頁上，您可以看到淨收入橋與前一年相比（同樣以固定匯率計算）強勁增長了 17%。汽車和零件的成長顯然是主要貢獻者，其推動因素是更豐富的產品組合、個人化、定價和銷售的略微增加。根據 2022 年下半年為保護我們的利潤免受通膨飆升影響而做出的決定，年內的價格上漲按產品和地理位置進行了區分。

Personalizations continued to strengthen. And in the last quarter, we witnessed a consolidation of the trend registered in the first 9 months. In 2023, personalizations stood at approximately 19% in proportion to revenues from cars and spare parts, mainly driven by paints, liveries and the use of carbon.

個性化繼續加強。在上個季度，我們見證了前 9 個月趨勢的鞏固。到 2023 年，個人化服務佔汽車和零件收入的比例約為 19%，這主要是由油漆、塗裝和碳的使用所推動的。

Sponsorship, commercial and brand reflected higher sponsorships, including Formula 1 and World Endurance Championship racing activities, higher Formula 1 commercial revenues and the better ranking achieved in 2022 compared to 2021 as well as the growing contribution from lifestyle activities.

贊助、商業和品牌反映了更高的贊助，包括一級方程式和世界耐力錦標賽的賽車活動、更高的一級方程式商業收入和2022年與2021年相比取得的更好的排名，以及生活方式活動的貢獻不斷增加。

Engines revenues declined in line with the reduction of supplies to Maserati, whose contract expired at the end of 2023. Therefore, from the first quarter 2024 onward, any residual contribution from the sales of engines to third party, whether for sports cars or racing, will be reported in the bar named Other. Currency had a small negative net impact, mainly reflecting the opposite dynamics of the U.S. dollar, Japanese yen and Chinese yuan.

引擎收入隨著瑪莎拉蒂供應量的減少而下降，瑪莎拉蒂的合約於 2023 年底到期。因此，從 2024 年第一季開始，向第三方銷售引擎的任何剩餘貢獻，無論是跑車還是賽車，將在名為「其他」的欄位報告。貨幣的淨影響較小，主要反映了美元、日圓和人民幣的相反動態。

Moving to Page 10. The change in adjusted EBIT is explained by the following variances: volume, positive and reflecting the limited increase in shipments; mix and price, also positive and very strong, for EUR 461 million, thanks to very favorable product mix sustained by the Daytona SP3, the 812 Competizione and the SF90 families; country mix, driven by the Americas and Mainland China, Hong Kong and Taiwan despite the small decrease in deliveries in the year; and to the increased contribution from personalizations and pricing.

轉到第 10 頁。調整後息稅前利潤的變化可以透過以下差異來解釋：數量為正，反映了出貨量的有限成長；組合和價格也積極且非常強勁，達到 4.61 億歐元，這要歸功於 Daytona SP3、812 Competizione 和 SF90 系列所維持的非常有利的產品組合；國家組合，儘管年內交付量小幅下降，但受美洲和中國大陸、香港和台灣的推動；以及個人化和定價的貢獻增加。

Industrial and R&D expenses grew EUR 166 million mainly due to higher depreciation and amortization, cost inflation and higher Formula 1 expenses. SG&A were negative for EUR 43 million, mainly reflecting the continuous development of the company's digital infrastructure and organization. In addition, we kept on adding resources to enhance our brand investment, which encompass all our marketing, lifestyle and other initiatives designed to enhance the brand recognition among clients.

工業和研發費用增加了 1.66 億歐元，主要是由於折舊和攤提增加、成本上漲以及一級方程式費用增加。 SG&A 為負數 4,300 萬歐元，主要反映了公司數位基礎設施和組織的持續發展。此外，我們不斷增加資源來加強我們的品牌投資，其中包括我們所有的行銷、生活方式和其他旨在提高客戶品牌認知度的措施。

Other was positive for EUR 81 million, combining higher Formula 1 commercial revenues as well as better ranking in 2022 versus 2021, new sponsorships, higher contribution from lifestyle activities and certain releases of provisions already discussed during the year. The total net impact of currency was positive for EUR 15 million. With the positive net support of these variances, we reached the yearly records of EBITDA and EBIT margins that we commented.

其他收入為8100 萬歐元，包括更高的一級方程式商業收入以及2022 年與2021 年相比更好的排名、新的讚助、生活方式活動的更高貢獻以及年內已討論的某些條款的發布。貨幣的總淨影響為 1500 萬歐元。在這些差異的正淨支持下，我們達到了我們所評論的 EBITDA 和 EBIT 利潤率的年度記錄。

Turning to Page 11. Our industrial free cash flow generation was remarkable in the year, reaching EUR 932 million, reflecting the increased profitability, partially offset by financial charges and taxes; and most of all, capital expenditure for EUR 869 million increased in line with the pace of development of our products and infrastructure; the already flagged significant increase in the working capital, which reflects both the inventory expansion built to protect our delivery plans and the enriched product mix.

翻到第 11 頁。這一年我們的工業自由現金流量非常顯著，達到 9.32 億歐元，反映出獲利能力的提高，但部分被財務費用和稅收所抵銷；最重要的是，8.69 億歐元的資本支出隨著我們產品和基礎設施的發展步伐而增加；營運資金已經顯著增加，這不僅反映了為保護我們的交付計劃而建立的庫存擴張，也反映了產品組合的豐富。

Net industrial debt at the end of December improved below the EUR 100 million mark, reflecting the robust industrial free cash flow generation, partially offset by our initiatives to reward shareholders. Dividends and buybacks were worth approximately EUR 800 million altogether, implying a distribution of roughly 85% of the industrial free cash flow generation.

12 月底的淨工業債務改善至 1 億歐元以下，反映出強勁的工業自由現金流生成，但部分被我們獎勵股東的舉措所抵消。股利和回購總額約為 8 億歐元，這意味著分配了工業自由現金流產生量的約 85%。

Finally, let's move to Page 12. Building upon the visibility we enjoy, we outline the guidance for 2024 as a further solid step towards our target for the years to come. Let me explain the drivers sustaining 2024 along the growth trajectory that we have designed.

最後，讓我們轉到第 12 頁。基於我們所享有的知名度，我們概述了 2024 年的指導方針，作為實現未來幾年目標的另一個堅實步驟。讓我解釋一下維持 2024 年我們設計的成長軌跡的驅動因素。

On sports cars, product and country mix will be positive and much more relevant than volume, once again, with an increased contribution from the Daytona SP3 and a constant personalization rate. Commercial revenues from racing in Formula 1 will be affected by the lower ranking achieved in 2023 compared to 2022 despite a higher number of races in the 2024 calendar. Lifestyle activities will continue to increase their support to the top line while investing a larger share of resources to speed up the pace of development. Cost inflation is expected to persist through the supply chain. And SG&A will increase in line with revenues due to continuing brand investment and digital development.

在跑車方面，隨著 Daytona SP3 的貢獻增加和穩定的個人化率，產品和國家組合將再次變得積極，並且比銷量更重要。儘管 2024 年的比賽數量較多，但與 2022 年相比，2023 年排名較低，將影響一級方程式賽車的商業收入。生活方式活動將持續加強對營收的支持力度，同時投入更大份額的資源，並加快發展步伐。預計整個供應鏈的成本上漲將持續存在。由於持續的品牌投資和數位化發展，SG&A 將隨著收入的成長而成長。

The above will contribute to the further profitability expansion while we expect inflation, brand and infrastructural expense as well as increased Formula 1 spending due to the higher budget caps to flatten our percentage margin in line with 2023. The industrial free cash flow generation will be sustained by our profitability, partially offset by capital expenditure of approximately EUR 950 million as many projects will enter in their advanced stage of development; a still a negative change in working capital, in its broader meaning, mainly due to lower net advances collected from clients; and increased tax payments proportional to the growth of our income in 2023.

上述因素將有助於盈利能力的進一步擴張，同時我們預計通貨膨脹、品牌和基礎設施費用以及由於預算上限提高而導致一級方程式支出增加，從而使我們的利潤率與2023 年保持一致。工業自由現金流的產生將持續下去我們的獲利能力，部分被約 9.5 億歐元的資本支出所抵消，因為許多項目將進入高級開發階段；從更廣泛的意義上來說，營運資金仍然出現負變化，這主要是由於從客戶收取的淨預付款減少；並根據 2023 年收入的增長按比例增加納稅額。

The underlying assumption on the U.S. dollar exchange rate is that it will fluctuate around 1.1, implying a negative FX impact compared to 2023, including hedges. That said, we are obviously conscious of the stronger business performance recorded so far despite the higher cost inflation. Such performance has been driven by the product mix, which will remain rich over the business plan and has been further enhanced by both the actions on pricing and the exceptional demand for personalizations. For sure, we continue to stay focused on pricing and product enrichment. And reassured by the visibility granted by our order book, we affirm the confidence into the high end of our 2026 target, as Benedetto just said.

美元匯率的基本假設是其將在 1.1 左右波動，這意味著與 2023 年相比，包括對沖在內，將對外匯產生負面影響。也就是說，我們顯然意識到，儘管成本通膨較高，但迄今為止所記錄的業務表現更為強勁。這種績效是由產品組合推動的，產品組合將在業務計劃中保持豐富，並透過定價行動和個人化的特殊需求進一步增強。當然，我們將繼續專注於定價和產品豐富化。正如貝內代托剛才所說，我們的訂單簿所賦予的可見性讓我們感到安心，我們對 2026 年目標的高端充滿信心。

I thank you for your attention, and I'll now turn the call over to Nicoletta.

感謝您的關注，現在我將把電話轉給 Nicoletta。

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

謝謝你，安東尼奧。我們現在準備開始問答環節。

(Operator Instructions) We are now going to proceed with our first question, and the questions come from the line of John Murphy from Bank of America Securities.

（操作員說明）我們現在要繼續我們的第一個問題，這些問題來自美國銀行證券公司的 John Murphy。

This is John Babcock, actually, on the line for John Murphy. Just quickly, you talked about doubling the hybrid share from 2022 to 2023 from 22% of shipments to 44%. Out of curiosity, do hybrids tend to be favorable for mix? And then also, can you talk about what the customer reception has been to hybrid engines and if this is something they're asking for?

實際上，這是約翰·巴布科克 (John Babcock)，正在接聽約翰·墨菲 (John Murphy) 的電話。很快，您談到了從 2022 年到 2023 年將混合動力份額翻倍，從出貨量的 22% 增加到 44%。出於好奇，混合動力是否傾向於混合？另外，您能否談談客戶對混合動力引擎的接受情況以及這是否是他們的要求？

Okay. I will comment about this. Yes, it's true we doubled our share of hybrid. This justifies that we are able, in Ferrari, to use the technology in a way that is unique. Coming back to the specific question, I would say that -- 2 points. Number one, the profile of the customer using this technology is not so much different from the one using in a thermal traditional car. And number two, profit-wise, we are saying the same ballpark as all the other cars. For us, each car is a business initiative, and all of them have to deliver according to our standards.

好的。我將對此發表評論。是的，我們確實將混合動力汽車的份額增加了一倍。這證明我們能夠在法拉利以獨特的方式使用這項技術。回到具體問題，我想說──2點。第一，使用該技術的客戶的概況與熱傳統汽車中使用的客戶的概況沒有太大區別。第二，從利潤角度來看，我們所說的大致情況與所有其他汽車相同。對我們來說，每輛車都是一項業務舉措，所有車輛都必須按照我們的標準交付。

Okay. I appreciate that. And then also, just given what's going on in the Red Sea, could you just quickly discuss if this was creating any challenges for Ferrari?

好的。我很感激。另外，考慮到紅海正在發生的事情，您能否快速討論一下這是否給法拉利帶來了任何挑戰？

A challenge in the Red Sea is, basically, we don't see it at all. We double check with our suppliers. There is nothing that is impacting us. So no impact on our production or deliver on cash.

紅海的一個挑戰基本上是我們根本看不到它。我們會與供應商仔細檢查。沒有什麼可以影響我們。因此，對我們的生產或現金交付沒有影響。

We are now going to proceed with our next question, and the questions come from the line of Michael Binetti from Evercore ISI.

我們現在要繼續下一個問題，這些問題來自 Evercore ISI 的 Michael Binetti。

Congrats on finishing up a terrific year. I guess, first off, could you -- Antonio, could you give a little context around the guidance for free cash flow lower this year? Is there -- I'm wondering if there's an acceleration in some of the development spend? And any -- maybe any delta in the deposits for supercars included in the free cash flow outlook or excluded?

恭喜您度過了美好的一年。我想，首先，安東尼奧，您能否就今年自由現金流下降的指導提供一些背景資訊？我想知道有些開發支出是否有加速？超級跑車存款的任何增量是否包含在自由現金流前景中或排除在外？

And then on personalization, maybe just a little bit on the strategy there going forward. After a really good year on personalization last year, is there an opportunity to take some pricing to help offset some of the cost increases that you're seeing across the business there?

然後是個人化，也許只是一點點未來的策略。在經歷了去年個人化方面非常出色的一年之後，是否有機會採取一些定價來幫助抵消您在整個業務中看到的一些成本增加？

Michael, I'll take the second one, the accelerated question, Antonio will elaborate. So yes, the personalization, I mean, we are a luxury company. Of course, we have to do that. Personalization is an important vector of growth for us. And it offers also an opportunity for tracking up. And we started this year to review the price up in the mid-digit areas. So percentage is important, yes; two, we are going to [catch] the price for this important dimension. The free cash flow, yes, Antonio?

邁克爾，我將討論第二個問題，即加速問題，安東尼奧將詳細說明。所以是的，個人化，我的意思是，我們是一家奢侈品公司。當然，我們必須這樣做。個人化是我們成長的重要載體。它還提供了跟踪的機會。我們從今年開始審查中位數區域的價格上漲。所以百分比很重要，是的；第二，我們將[捕捉]這個重要維度的價格。自由現金流，是的，安東尼奧？

Yes. I'll try and explain 3 reasons. The first is clerical. We're just paying more taxes. The second one is we are spending more on CapEx. EUR 950 million is what we have in mind for the year. And this is just because we have a product that are now very close to their launch and a number of products. And the third is the reposit cycle. This is just signing basically. There are -- I mean we've elected quite a bit in 2022 and 2023. We have kind of net reversal and, in addition, some new advances collecting in 2024. But the negative -- the impact overall is negative, modestly negative.

是的。我將嘗試解釋 3 個原因。第一個是文書。我們只是繳更多的稅。第二個是我們在資本支出上投入更多。我們今年的目標是 9.5 億歐元。這只是因為我們有一個產品現在非常接近他們的發布以及許多產品。第三個是回購週期。這基本上只是簽名。我的意思是，我們在2022 年和2023 年進行了相當多的選舉。我們有某種淨逆轉，此外，2024 年還會取得一些新的進展。但負面影響——總體影響是負面的，輕微的負面影響。

Okay, okay. And I guess, if I could squeeze one more in. With the -- I guess, with the e-building still on track for midyear, Benedetto, can you tell us how -- what we'll see early on as far as -- as you guys start to commercialize that? What are some of the first things we'll see from outside of the company as you guys start to look to commercialize that?

好吧好吧。我想，如果我能再擠進去一個的話。貝內代托，我想，電子大樓仍將在年中按部就班地進行，你能告訴我們如何——我們將在早期看到什麼—— - 當你們開始將其商業化時？當你們開始考慮將其商業化時，我們首先會從公司外部看到什麼？

This morning, me and Antonio were in the e-building. So we are on track. It will be up and running starting this June. And this will be a place where we will assemble not only electric cars. Electric car, as you know, will be ready, and we are on track for Q4 2025. So also in the electrification journey, we are fully on track with our plan.

今天早上，我和安東尼奧在電子大樓。所以我們步入正軌。它將從今年六月開始啟動並運行。這裡不僅是我們組裝電動車的地方。如您所知，電動車將準備就緒，我們將在 2025 年第四季步入正軌。因此，在電氣化之旅中，我們也完全按照我們的計劃進行。

We are now going to proceed with our next question, and the questions come from the line of Susy Tibaldi from UBS.

我們現在要繼續下一個問題，這些問題來自瑞銀集團的 Susy Tibaldi。

I have 3, I'll ask one at a time. So first one on the demand. Within the luxury sector, we are seeing some softening of demand, but it appears that the higher end exposed to the wealthier cohort is still doing extremely well. And it seems also from your opening remarks that, based on residual values, some feedback from dealers, you're not really seeing anything. But just to double check, is the economic picture at the moment having any impact at all on the Ferrari customer? Is there any comment, any additional color you can provide?

我有3個，我一次就問一個。所以第一個是關於需求的。在奢侈品產業，我們看到需求有所疲軟，但富裕人群的高端市場似乎仍然表現得非常好。從你的開場白看來，根據剩餘價值和經銷商的一些回饋，你並沒有真正看到任何東西。但再檢查一下，目前的經濟狀況對法拉利客戶有什麼影響嗎？您有任何評論嗎？您可以提供任何其他顏色嗎？

Look, as we said in the call myself and also was Antonio, the demand at our order book is very strong. It goes well into 2025 -- till the end of 2025 and, in some cases, even more. We do not see any negative signal, particular negative signal on this topic. We keep, let's say, doing as planned.

看，正如我們本人和安東尼奧在電話中所說，我們的訂單簿的需求非常強勁。它將持續到 2025 年——直到 2025 年底，在某些情況下，甚至更長。我們沒有看到任何負面訊號，特別是關於這個主題的負面訊號。可以說，我們繼續按計劃行事。

Clearly, there is not -- in our client base, there is not an impact in any kind of -- in any respect. So this is -- if you want also, I can give you a bit more color. We have been -- we had the dealer annual meeting end of November. We have also the -- we have been visiting several dealerships in U.S.A., in Asia, in different countries in Europe, and there is really a strong traction towards our brand.

顯然，在我們的客戶群中，在任何方面都沒有任何影響。所以這就是——如果你也想要的話，我可以給你更多的顏色。我們在 11 月底召開了經銷商年會。我們也參觀了美國、亞洲、歐洲不同國家的幾家經銷商，我們的品牌確實有很強的吸引力。

On the margin guidance for 2024, which basically implies flattish margin, I wanted to understand if your core cars and spare parts business is also seeing flattish margins. Or perhaps that core business is seeing some underlying improvement but then is offset by the dilution of some of the other segments where you are choosing to invest a little bit more? So it would be quite interesting to understand the dynamics in your various segments.

關於 2024 年的利潤指引，這基本上意味著利潤率持平，我想了解您的核心汽車和零件業務的利潤率是否也持平。或者也許核心業務正在看到一些潛在的改善，但隨後被您選擇多投資的其他一些細分市場的稀釋所抵消？因此，了解各個細分市場的動態將是非常有趣的。

This is for Antonio.

這是給安東尼奧的。

That impacted the explanation, Susy. I'll try and explain it. So our product mix and personalization [are obviously good] but we expect the cost base below that to impact us and to flatten the margin. If we wish within the cost of goods sold, it is just the budget cap on -- which is growing on the F1 racing activities. That is growing year after year and that's [probably] in the high -- upper side of the P&L.

這影響了解釋，蘇西。我會嘗試解釋一下。因此，我們的產品組合和個人化[顯然很好]，但我們預計低於該水準的成本基礎會影響我們並壓平利潤。如果我們希望在銷售商品的成本之內，這只是預算上限——F1 賽車活動的預算上限不斷增加。這個數字逐年增長，並且[可能]位於損益表的較高部分。

Okay. And the last question, for 2024, when we think about the phasing, is it fair to assume that the year is going to be a little bit more front-end loaded given the mix evolution? Or is it going to be quite similar quarter-on-quarter?

好的。最後一個問題是，對於 2024 年，當我們考慮分階段時，考慮到混合演變，假設這一年的前端負載會更多一些，是否公平？或者季度環比會非常相似嗎？

I don't see a significant difference yet. And there might be nuances, but not significant change -- no significant changes. Usually, Q4 remains slightly softer, particularly in terms of volume allocations. But as of now, nothing to flag. That's it. I said the fourth quarter -- the first, sorry.

我還沒有看到顯著差異。可能會有細微差別，但不會發生重大變化——沒有重大變化。通常，第四季度仍然略有疲軟，特別是在數量分配方面。但到目前為止，還沒有什麼值得標記的。就是這樣。我說的是第四季——第一季度，抱歉。

We are now going to proceed with our next question, and the questions come from the line of Stephen Reitman from Societe Generale.

我們現在要繼續下一個問題，這些問題來自法國興業銀行的史蒂芬雷特曼。

Again, congratulations for the very strong result. Also, congratulate you also on the quality of the result. We certainly noticed that the positive impact from R&D capitalization was a little bit lower in 2023 than in 2022 or '21. So points to the higher quality there as well, I think.

再次恭喜我們取得如此強勁的成績。另外，也恭喜您的結果品質。我們當然注意到，2023 年研發資本的正面影響略低於 2022 年或 21 年。我認為這也表明那裡的質量更高。

A question, you mentioned about the Purosangue has now gotten to a cruising speed in terms of production. Does that suggest that we are on track to see that reach the 20% of the sort of annual sales? Because it looks like in 2023, it was only in the hundreds. So there would be a considerable ramp-up. And if you could comment on what the personalization levels are looking like. I imagine that people are paying a lot of money in terms of personalizations in order to secure build slots as well for these in terms of -- to make their orders attractive.

你提到的一個關於 Purosangue 的問題現在在生產方面已經達到了巡航速度。這是否表示我們有望達到年銷售額的 20%？因為看起來2023年的時候，也就幾百個。因此，將會出現相當大的成長。如果您可以評論一下個人化程度是什麼樣的。我想人們在個性化方面付出了很多錢，以確保他們的訂單具有吸引力。

And secondly, if you could comment on China. You did mention that you are strategically looking at that market in terms of also managing it in terms of the margin implication on sales in China. But I think there was an expectation that sales were going to maybe increase a little bit in the fourth quarter because they'd be deferred from the third quarter in 2023, but we actually saw quite a big drop in [2020] in the fourth quarter. So I'm just wondering if you could say are there any issues about sort of like the demand in that market as well?

其次，您能否對中國發表評論？您確實提到，您正在策略性地關注該市場，同時管理該市場對中國銷售的利潤影響。但我認為，人們預計第四季度的銷售額可能會略有增加，因為它們將從 2023 年第三季推遲，但我們實際上看到 [2020] 第四季度的銷售額出現了相當大的下降。所以我想知道您是否可以說是否也存在類似於該市場需求的問題？

Thank you, Stephen. Thank you also for your extrapolation that we will pass toward the team that maybe it's possible. Coming back to the story of the Purosangue, in 2023, we shipped a few hundreds Purosangue. In 2024, we will be at a cruising speed that is 20% of the total. So basically, in your assumption, your extrapolation are pretty in line with what -- with our plan.

謝謝你，史蒂芬。也感謝您的推斷，我們將向團隊傳達也許這是可能的。回到 Purosangue 的故事，2023 年，我們運送了數百隻 Purosangue。 2024年，我們的巡航速度將達到整體的20%。所以基本上，根據你的假設，你的推論與我們的計畫非常一致。

The personalization...

個性化...

But if I may, Benedetto, just to complete on that. I wouldn't focus on 20% of each single year. We said 20% of the yearly sales on average when we communicated around the Capital Markets Day (inaudible). I mean, mathematically, even if Benedetto is (inaudible).

但如果可以的話，貝內代托，我只想完成這一點。我不會專注於每年的 20%。當我們圍繞資本市場日進行溝通時，我們說過平均年銷售額的 20%（聽不清楚）。我的意思是，從數學上講，即使貝內代托是（聽不清楚）。

Yes, we are not that much (inaudible).

是的，我們沒有那麼多（聽不清楚）。

That's why (inaudible)

這就是為什麼（聽不清楚）

No, look, the story of Purosangue personalization, Stephen, clearly, the Purosangue offers a lot of degree of personalization. We see clients that are looking at the rims, the liveries, the painting, the roof. So there are some opportunities over there. And last year, we have been working a lot to strengthen our supply chain for the personalization that the car is offering to the client.

不，看，Purosangue 個性化的故事，史蒂芬，顯然，Purosangue 提供了很多程度的個性化。我們看到客戶正在關注輪圈、塗裝、油漆和屋頂。所以那裡有一些機會。去年，我們一直在努力加強我們的供應鏈，以便為客戶提供個人化的汽車。

The second question was about China. Well, China, for us, I would like to say that there are 3 words about China. The number one, for us, it's a young market. Young market, it means that the -- let's say the number of cars that we shipped to this market is not so many. To me, the market is very young. We have to let it to grow with the right speed to avoid, let me say, indigestions, okay?

第二個問題是關於中國的。那麼，中國，對我們來說，我想說關於中國的三個字。對我們來說，第一名是一個年輕的市場。年輕的市場，這意味著——假設我們運送到這個市場的汽車數量並不多。對我來說，這個市場還很年輕。我們必須讓它以正確的速度生長，以避免消化不良，好嗎？

The second, it's a niche market still. Because if you make the math, we are talking about 1,200 cars. It is written in the chart. We have slightly decreased this year, but we are talking about a decrease in the range of a few tens of units that since the market is small, it may look a few percent over there.

其次，這仍然是一個利基市場。因為如果你算一下，我們談論的是 1,200 輛汽車。它寫在圖表中。今年我們略有減少，但我們談論的是幾十單位的減少，由於市場很小，所以看起來可能會減少幾個百分點。

And then the number three, we said since the beginning that we will keep China in, let's say, around 10% because we believe -- because it is not margin-accretive. But again, it's important that in each country, as our history testifies, we let grow the attachment to the brand with the right speed. Because if you grow too fast, the clients don't get used to what is Ferrari, which is what we are doing -- we've done in other countries, and this is what we intend to do also in China.

第三，我們從一開始就說過，我們將把中國的份額保持在 10% 左右，因為我們相信——因為它不會增加利潤。但同樣重要的是，在每個國家，正如我們的歷史所證明的那樣，我們要以適當的速度培養對品牌的依戀。因為如果成長太快，客戶就不會習慣法拉利，而這正是我們正在做的事情——我們已經在其他國家做過，這也是我們打算在中國做的事情。

We are now going to proceed with our next question, and the questions come from the line of Tom Narayan from RBC Capital Markets.

我們現在要繼續下一個問題，這些問題來自 RBC 資本市場的 Tom Narayan。

Question on the strong plug-in hybrid performance. Just curious if you could extrapolate that for the eventual BEVs, full electric that you plan to sell. Is there really a translation there to say that consumer demand for -- with plug-in hybrids could potentially mean that this cohort would be interested in full electrics? Or are those buying the plug-in hybrids just across the board, similar to your existing portfolio of customers?

關於插電式混合動力性能強勁的問題。只是好奇您是否可以將其推斷為您計劃銷售的最終純電動車。是否真的有翻譯可以說消費者對插電式混合動力車的需求可能意味著這群人會對全電動汽車感興趣？或者那些購買插電式混合動力車的人是否與您現有的客戶組合類似？

Look, we pose ourselves many times these questions. We've been talking to our clients, direct or indirect, and into the dealers. I don't think there is any extrapolation possible in this respect. I believe that we will have clients that will only take the rev car, the ICE. We'll have a client that will take ICE and hybrid as today. We will have clients that we get in our family-only because we have the electric cars.

看，我們多次向自己提出這些問題。我們一直在直接或間接地與客戶以及經銷商進行交談。我認為在這方面沒有任何可能的推論。我相信我們會有隻搭乘改裝車 ICE 的客戶。我們將有一個客戶像今天一樣採用 ICE 和混合動力。我們將擁有我們家族中的客戶——僅僅因為我們擁有電動車。

So I believe that -- we see very often that the answer is that I need electric cars because I need to go in a place -- they'll not be allowed (inaudible). So I think any combination of these 3 colors, red, the blue and the green, is going to be possible. And I don't think that the hybrid cars is an extrapolation.

所以我相信——我們經常看到答案是我需要電動車，因為我需要去某個地方——它們不會被允許（聽不清楚）。所以我認為紅色、藍色和綠色這三種顏色的任意組合都是可能的。我不認為混合動力汽車是一種推論。

The only thing we take as a lesson is that also -- I mean looking at what happened in 2023, that there is always a way to use technology in a unique way, in the Ferrari way, that also client skeptical at the beginning of hybrid [sold to the hybrid]. This is the point.

我們唯一學到的教訓是——我的意思是看看2023 年發生的事情，總有一種方法可以以獨特的方式使用技術，以法拉利的方式，這也是客戶在混合動力開始時持懷疑態度的方法.[賣給混合動力]。這就是重點。

I remember once, I had breakfast with a client that was skeptical about the hybrid. And then he went to try it, and he bought the hybrid. And this is pretty common. So this is a confirmation that our strategy to keep alive the 3 colors, the red, the blue and the green, is the right one.

我記得有一次，我和一位對混合動力持懷疑態度的客戶共進早餐。然後他去嘗試一下，然後買了混合動力車。這很常見。因此，這證實了我們保持紅、藍、綠這三種顏色的策略是正確的。

Okay. And my follow-up, obviously, everyone really interested in your guys' electrification journey that will happen. Just curious if we can expect capital markets events for investors, and for ourselves as well, coming up this year potentially or next year?

好的。顯然，我的後續行動是，每個人都對你們即將發生的電氣化之旅真正感興趣。只是好奇我們是否可以期待今年或明年為投資者和我們自己帶來的資本市場事件？

Well, this year, for sure, not. We are working for next year. But for -- not for sure for this year. Only one point, the electrification journey, not will happening. It's already started (inaudible). So this is important. So this is the key message we passed on the Capital Market Day 2 years ago. We are [all real] on the electrification journey since a few years.

嗯，今年肯定不會。我們正在為明年而努力。但今年還不確定。只有一點，即電氣化之旅，不會發生。它已經開始了（聽不清楚）。所以這很重要。這是我們在兩年前的資本市場日傳遞的關鍵訊息。幾年來，我們[都真實地]踏上了電氣化之旅。

We are now going to proceed with our next question, and the questions come from the line of Thomas Besson from Kepler Cheuvreux.

我們現在要繼續下一個問題，這些問題來自 Kepler Cheuvreux 的 Thomas Besson。

We are now going to proceed with our next question, and the questions come from the line of Henning Cosman from Barclays.

我們現在要繼續下一個問題，這些問題來自巴克萊銀行的亨寧·科斯曼。

Interesting that you're emphasizing price and personalization so much. I'm not sure I understood you correctly, Benedetto. Did you say you would raise price in the mid-single-digit percentage range on personalization specifically? If you could just confirm that. And if you would also...

有趣的是，您如此強調價格和個人化。我不確定我是否正確理解了你的意思，貝內代托。您是否說過您會專門針對個人化將價格提高中個位數百分比？如果你能證實這一點就好了。如果你也願意...

Confirmed. Yes.

確認的。是的。

Yes, right. And on pricing, in general, are you willing to make some comments there? I think we recently talked a bit about the commercial opportunities on pricing in general, not just on the personalization. I know there's always the balance, of course, not upsetting your loyal customers who've been waiting for so long. But then again, you have opportunities because the order book is so long already, and you're virtually sold out. If you could update us on the commercial pricing opportunities there.

是的，沒錯。關於定價，總的來說，您願意在那裡發表一些評論嗎？我想我們最近討論了一般定價的商業機會，而不僅僅是個人化。當然，我知道總有一個平衡點，不要讓等待這麼久的忠實客戶感到不安。但話又說回來，你還有機會，因為訂單已經很長了，而且你幾乎已經賣完了。您能否向我們介紹那裡的商業定價機會的最新情況。

And then second question on personalization. As I understood Antonio correctly, the exit rate of 2023 was 19%. If I'm not mistaken, you're guiding 18% for 2024. You typically have 3 months of visibility. So I was just wondering how it's trending into Q1, where, I believe, you have some degree of visibility already. Is it in line with the 18%? Or is it still on the level of the exit rate, if that's not too precise?

然後是關於個人化的第二個問題。根據我對安東尼奧的理解，2023 年的退出率為 19%。如果我沒記錯的話，您對 2024 年的指導是 18%。您通常有 3 個月的可見度。所以我只是想知道第一季的趨勢如何，我相信您已經有了一定程度的知名度。是否符合18%？或者說，如果這還不太精確的話，它仍然處於退出率的水平嗎？

And then finally, third question on the Daytona. Antonio confirmed again in the opening remarks, 30 to 40 per quarter. I believe you sold around 150 so far out of the 600. So that would imply you still have 12 more quarters to sell worth of Daytonas. That seems pretty long. So I'm wondering if you would accelerate the Daytona volumes at some point so that it doesn't become such a long life cycle.

最後，關於迪通拿的第三個問題。安東尼奧在開場白中再次確認，每季30到40。我相信到目前為止，您已售出 600 輛中的大約 150 輛。因此，這意味著您還有 12 個季度的時間來出售價值不菲的代托納。這似乎很長。所以我想知道你們是否會在某個時候加快代托納的銷量，這樣它的生命週期就不會變得這麼長。

Thank you. Personalization, Daytona for Antonio. I take the ASP. So as I told you, the answer to the first question, yes, it's confirmed. We increased the price of the personalization exactly like you understood. When it comes to the price of the car, don't forget that last year, throughout the year, we have been increasing the price. And it's also important that we consider that, on the other side, that there is a client that has been, let me say, looking at Ferrari, then we have to behave properly when it comes to the pricing increase. We already executed, and we have to be respectful of our clients. While for personalization in Daytona, Antonio, you can...

謝謝。個性化，安東尼奧代托納。我選擇ASP。正如我告訴你的，第一個問題的答案是，是的，已經得到證實。正如您所理解的那樣，我們提高了個人化的價格。說到汽車的價格，大家別忘了，去年全年，我們一直在漲價。同樣重要的是，我們要考慮到，另一方面，有一個客戶一直在關注法拉利，那麼我們在漲價時必須採取適當的行動。我們已經執行了，我們必須尊重我們的客戶。在安東尼奧代托納進行個性化定制時，您可以...

Sure. On personalization, you got me right, meaning, in 2023, we were almost at 19%. And 2024 is based on an assumption that we'll maintain more or less that rate. Visibility, as of now, is in that direction. And the last question on Daytona, yes, you're right. We expect to grow there to be -- to move from 30, 40 to approximately 60 per quarter next year.

當然。關於個人化，你說得對，也就是說，到 2023 年，我們幾乎達到了 19%。 2024 年是基於我們將或多或少維持這一速度的假設。到目前為止，可見度是朝著這個方向的。關於代托納的最後一個問題，是的，你是對的。我們預計明年的數量將從每季 30、40 個增加到大約 60 個。

We are now going to proceed with our next question, and the questions come from Monica Bosio from Intesa Sanpaolo.

我們現在要繼續下一個問題，問題來自聯合聖保羅銀行的莫妮卡·博西奧。

I hope you can hear me. The first one is on the EBITDA margin that you guided, flattish for 2024. I understood that it is due to a cost base related to the production of more complex products. I can imagine that there is also a weight of the cost of labor. So I'm just wondering if you can give us some indication what is the weight of the cost of labor on this flattish guidance? Any info could be useful for us.

我希望你能聽到我的聲音。第一個是您指導的 EBITDA 利潤率，2024 年持平。據我了解，這是由於與更複雜產品的生產相關的成本基礎所致。我可以想像，勞動成本也有一定的影響。所以我只是想知道您是否能給我們一些指示，勞動成本在這個平淡的指導中所佔的比重是多少？任何資訊都可能對我們有用。

The second question is on the lifestyle. In the preliminary remarks, Benedetto anticipated that you're expecting an increase in the lifestyle revenues. Can you please help us to figure out growth rate for 2024?

第二個問題是關於生活方式。在初步評論中，貝內代托預計您預計生活方式收入將增加。您能幫我們計算一下 2024 年的成長率嗎？

And third question is on the advances from SF90 XX and Spider. I remember that in the last call, you said that you are going to collect advances on the car. I'm wondering if you can give us any indication on the amount and on the time frame across the year.

第三個問題是關於SF90 XX和Spider的進步。我記得在上次電話中，您說您要收取汽車預付款。我想知道您是否可以向我們提供有關全年金額和時間範圍的任何指示。

Thank you, Monica. Antonio will take 1 and 3, and then I will reply to your number 2.

謝謝你，莫妮卡。安東尼奧會選擇 1 和 3，然後我會回覆你的 2。

Yes, I apologize. I thought you would start. Anyway, on EBITDA margin, it's not due to the higher cost base actually -- or related to better -- it is not related to the additional complexity of the production. I mentioned basically 3 elements. One, cost inflation. Cost inflation is still there. It includes cost of labor. We have an agreement in place with the trade unions for an increase year-over-year of 4%, which is embedded in [these last function].

是的，我道歉。我以為你會開始。無論如何，就 EBITDA 利潤率而言，這並不是由於實際上較高的成本基礎 - 或與更好 - 它與生產的額外複雜性無關。我基本上提到了 3 個要素。一、成本通膨。成本通膨依然存在。其中包括人工成本。我們與工會達成協議，年增 4%，該協議已包含在[最後一項職能]中。

But even components and, generally speaking, this [corporate change] it is still embedded in current pricing the impact of the inflation that has been going through the economy in the last 12 months. So that is an element, it's not a complexity.

但即使是組成部分，一般來說，這種[企業變革]仍然包含在當前定價中，即過去 12 個月經濟中通貨膨脹的影響。所以這是一個元素，而不是複雜性。

The second one are expenses for brand development, including lifestyle, of course. We are investing in pro business (inaudible). And also, our digital infrastructure. We are growing and we need to grow even in that respect, including a significant rejuvenation of what we currently use.

第二個是品牌發展的費用，當然也包括生活方式的費用。我們正在投資專業業務（聽不清楚）。還有我們的數位基礎設施。我們正在成長，甚至在這方面我們也需要成長，包括對我們目前使用的東西進行重大更新。

And the last element, which is [dividing] both cost of goods sold and R&D expense in the P&L, is the -- are the expenses for the Formula 1. Since the budget cap, which was originally meant to decrease over time, is actually growing since it has been agreed among the various teams to index spending to inflation. So year-over-year, it's gone negatively, okay?

最後一個要素，即損益表中的銷售成本和研發費用，是一級方程式賽車的費用。由於預算上限原本打算隨著時間的推移而減少，但實際上是自從各團隊同意將支出與通貨膨脹掛鉤以來，這一數字一直在增加。所以逐年下降，好嗎？

Okay.

好的。

And in terms of your last question on the advantage on the SF90, yes, we are collectively not disclosed yet which are the target. I just said year-over-year. Take into consideration that the difference will be negative, so 2024 smaller than 2023.

關於您關於 SF90 優勢的最後一個問題，是的，我們尚未透露目標是哪些。我只是說年復一年。考慮到差異將為負數，因此 2024 年小於 2023 年。

So Monica, for the lifestyle, let's say, 2023, 3 important things. Number one, we improved the retail performances because there is more traction towards our collection. Two, we saw there is a strong -- I mean, a strong -- a successful activation when you have event in conjunction with our racing and brand event. And three, we had record museum visitors, around 750,000, which is a lot.

莫妮卡，對於生活方式，比如說 2023 年，有 3 件重要的事情。第一，我們改善了零售業績，因為我們的產品系列更具吸引力。第二，我們看到，當您舉辦與我們的賽車和品牌活動相關的活動時，會產生強烈的——我的意思是，強烈的——成功的激活。第三，我們的博物館參觀人數創歷史新高，約 75 萬人，這個數字很大。

In 2024, if I have to define it, I define it as a year of progress because we have a list of activities that are aiming to build the scale and also to expand the network. And -- let me say, our network, while, if you want, we elevate the visibility of our brand. So it's a year where we are aiming to grow as well. And also, in this respect, we are in line with what we declared in June 2022 with our target to double this activity -- the revenues of this activity by 2026.

2024 年，如果我必須定義它，我將其定義為進步的一年，因為我們有一系列旨在擴大規模和擴大網路的活動。而且——讓我說，我們的網絡，同時，如果你願意的話，我們還可以提高我們品牌的知名度。因此，今年我們也希望能實現成長。而且，在這方面，我們符合我們在 2022 年 6 月宣布的目標，即到 2026 年將這項活動的收入翻倍。

Okay. If I can add just a follow-up on the country mix. You said that the country mix will keep positive in 2024. I'm just wondering if it will be similar to the one seen in full year 2023.

好的。如果我可以添加一個關於國家組合的後續內容。您說 2024 年國家結構將保持樂觀。我只是想知道它是否會與 2023 年全年類似。

Yes. I'd say, as of now, I wouldn't consider country mix being an additional positive in 2024. So it's more or less flattish.

是的。我想說，到目前為止，我不認為 2024 年國家組合會帶來額外的正面影響。所以它或多或少是平淡的。

We are now going to proceed with our next question, and the questions come from the line of George Galliers from Goldman Sachs.

我們現在要繼續下一個問題，這些問題來自高盛的喬治·加利爾斯。

Obviously, one of the standouts of 2023 was the very strong price/mix. And if we look at your 5-year plan, you were targeting around a EUR 700 million improvement in EBIT from price/mix by 2026. We're only 2 years into the plan, and you've delivered close to 65% of that target. Obviously, on this call, you've been mentioning new initiatives around personalization and pricing, and there are clearly still several important new launches to come. So is it fair to say there is a decent amount of upside to that original EUR 700 million that you flagged back at the CMD?

顯然，2023 年的突出表現之一是非常強勁的價格/組合。如果我們看看你們的 5 年計劃，你們的目標是到 2026 年將價格/組合的息稅前利潤提高約 7 億歐元。我們的計劃只實施了 2 年，而你們已經實現了接近 65%目標。顯然，在這次電話會議上，您提到了有關個人化和定價的新舉措，並且顯然還有幾項重要的新產品即將推出。那麼，可以公平地說，您在 CMD 上標記的最初 7 億歐元還有相當大的上升空間嗎？

Second question was also relating to something you talked about at the CMD, which was how you were going to leverage partnerships to co-develop best-in-class solutions with respect to electrification. I was wondering if you could give us some insights into how those partnerships have evolved. Have there been any unanticipated challenges? And conversely, have there been any areas where your partners have really surprised you positively? And if yes, would you be able to give us any small examples or snippets?

第二個問題也與您在 CMD 上談到的內容有關，即您將如何利用合作夥伴關係共同開發電氣化領域的一流解決方案。我想知道您是否能給我們一些關於這些夥伴關係如何演變的見解。有沒有遇到任何意想不到的挑戰？相反，您的合作夥伴是否在某些領域確實讓您感到驚訝？如果是的話，您能給我們一些小例子或片段嗎？

Thank you, George. I'll take the second one, and the first one, I will ask Antonio to define. So you remember very well, during Capital Market Day, we clearly said we leverage the partnership for electrification, but also for other technologies. Because don't forget that we are making luxury cars and we -- there is much more than a simple electrification. We are doing lots of innovation also on hybrid cars, on thermal cars.

謝謝你，喬治。我將採取第二個，第一個，我將請安東尼奧定義。所以你記得很清楚，在資本市場日期間，我們明確表示我們將利用這種夥伴關係來實現電氣化，同時也利用其他技術。因為不要忘記，我們正在製造豪華汽車，而且我們不僅僅是簡單的電氣化。我們也在混合動力車、熱能汽車方面進行了大量創新。

So having said that, we are having a positive surprise on the willingness of the partners to work with us. We have partners in different places going from new generation materials to new generation, let me say, advanced electronics to advanced display. And we are having -- as I said, we are very positively surprised by all our partners. And we are working with partners in Asia, in U.S.A. and also in Europe.

話雖如此，我們對合作夥伴與我們合作的意願感到驚訝。我們在不同的地方都有合作夥伴，從​​新一代材料到新一代，例如先進電子產品到先進顯示器。正如我所說，我們對所有合作夥伴感到非常驚訝。我們正在與亞洲、美國和歐洲的合作夥伴合作。

I can mention the one -- that the 11th of April -- the one that we publicly released in the 11th of April was with Samsung for the next-generation cars. But there is another one I cannot mention. I can tell you that we are working also on the way material for the cars are realized. Because, as we said multiple times, carbon, the sustainability for us important. We want to be carbon-neutral by end of this decade.

我可以提到 4 月 11 日，我們在 4 月 11 日公開發布的產品是與三星合作的下一代汽車。但還有一個我不能提。我可以告訴你，我們也在研究汽車材料的實現方式。因為，正如我們多次說過的那樣，碳、永續性對我們來說很重要。我們希望在本世紀末實現碳中和。

And we realized that to achieve our goal to go -- to proceed along our way, we need to work with partners that are also involved in the material preparation. So very positive surprise across the globe, very happy both because I have regular meetings with them. We are happy on our side. They are also happy on their side. So Antonio, you for the mix.

我們意識到，為了實現我們的目標——沿著我們的道路前進，我們需要與也參與材料準備的合作夥伴合作。在全球範圍內，這是非常積極的驚喜，非常高興，因為我定期與他們會面。我們很高興站在我們這一邊。他們也很高興站在他們這邊。所以安東尼奧，你適合混合。

Sure. On strong price/mix, I mean, if we compare with our assumption in the Capital Market Day, you are right, we have been doing better. And I think we've flagged a number of times this year that personalization particularly surprised us in terms of their strength. However, it's fair to say that even the cost base has been much higher than we would have expected. The positive, of course, is the fact that the improvement from personalization and pricing has been such that allowed us to more than offset the impact of inflation.

當然。在強勁的價格/組合方面，我的意思是，如果我們與資本市場日的假設進行比較，你是對的，我們一直做得更好。我認為今年我們已經多次指出，個人化的力量尤其令我們驚訝。然而，可以公平地說，即使是成本基礎也遠高於我們的預期。當然，積極的一面是，個人化和定價的改進使我們能夠抵消通貨膨脹的影響。

Now if we look forward, is there an opportunity for an upside on personalization? If the trend continues the way we have seen, potentially, yes, in terms of revenues. Whether this will flow through the P&L, it will very much depend on what happens to the cost base, exactly parallel with what happened in 2023.

現在，如果我們展望未來，個人化是否有機會發揮作用？如果這種趨勢繼續我們所看到的方式，那麼就收入而言，是的。這是否會流入損益表，很大程度取決於成本基礎的變化，與 2023 年發生的情況完全一致。

Due to time constraint and to keep the conference within the hour, we now end the question-and-answer session. I will now hand back to Mr. Benedetto Vigna, CEO, for closing remarks. Thank you.

由於時間限制，為了將會議控制在一個小時之內，我們現在結束問答環節。現在我將請執行長 Benedetto Vigna 先生致閉幕詞。謝謝。

Thank you. Thanks all of you for your time today and also for your question. The stronger 2023 result basically are the result of our strong brand desirability. And also, the confidence that we are having on this year and forward is thanks to the traction that our products have with all our clients. I wish you a good afternoon. And I thank you, together with all the Ferrari team here, for your attention and for your interest in our brand. Thank you so much.

謝謝。感謝大家今天抽出寶貴的時間並提出問題。 2023 年的強勁業績基本上是我們強大的品牌吸引力的結果。此外，我們對今年和未來的信心歸功於我們的產品對所有客戶的吸引力。祝你下午好。我和這裡的所有法拉利團隊一起感謝你們對我們品牌的關注和興趣。太感謝了。

Thank you, ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect your lines. Thank you, and have a good day.

謝謝女士們、先生們，今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。謝謝你，有美好的一天。