Ferrari NV (RACE) 2024 Q2 法說會逐字稿

Welcome to everyone who is joining us. Today, we plan to cover the group's operating results of the second quarter of 2024, 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's CFO, Mr. Antonio Picca Piccon. All the relevant materials are available in the Investors section of the Ferrari corporate website. And at the end of the presentation, we be available to answer your questions.

歡迎所有加入我們的人。今天，我們計劃報道集團2024年第二季的營運業績，預計通話時間約60分鐘左右。今天的電話會議將由集團執行長 Benedetto Vigna 先生和集團財務長 Antonio Picca Piccon 先生主持。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，我們可以回答您的問題。

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 statements 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。話雖如此，我想把電話轉給貝內代托。

Grazie, Aldo. Thank you, everyone, for joining us today. I'd like to open today's call with a heartfelt thank you, firstly, to our clients for their continued trust in our brands; secondly, to all our partners, suppliers, dealers and sponsors with whom we have continued to strengthen our relationship; and last but not least, to all our Ferrari colleagues for their outstanding working passion supported by a strong sense of belonging. Many important milestone and positive achievement took place in the second quarter, among which our victory in the 24 Hours of Le Mans for the second years in a row.

謝謝，奧爾多。謝謝大家今天加入我們。在今天的電話會議開始時，我想衷心感謝大家，首先感謝我們的客戶對我們品牌的持續信任；其次，致我們所有不斷加強關係的合作夥伴、供應商、經銷商和贊助商；最後但並非最不重要的一點是，感謝所有法拉利同事的出色工作熱情和強烈的歸屬感。第二季度取得了許多重要的里程碑和積極的成就，其中包括我們連續第二年在勒芒 24 小時耐力賽中獲勝。

During today's call, I will touch upon the following four key achievements: one, very strong Q2 financial result and the continued smooth execution of the year; two, a solid order book, which has evolved as expected with the new 12Cilindri Spider and Coupe guiding the order intake; three, a full week of activities in June dedicated to sustainable innovation. This involved all our stakeholders and culminated in the inauguration of the e-building exactly two years from its announcement at the Capital Market Day. We really made it. Fourth, good progress in racing and lifestyle with enhanced cohesion across our company's three souls.

在今天的電話會議中，我將談到以下四項主要成就：一是第二季的財務表現非常強勁，全年執行情況持續順利；第二，穩定的訂單簿，隨著新的 12Cilindri Spider 和 Coupe 導引訂單量的增長，訂單簿已按預期發展；三、六月整整一週致力於永續創新的活動。我們所有的利害關係人都參與其中，最後在資本市場日宣布電子大樓的落成整整兩年後。我們真的做到了。四是賽車和生活方式取得良好進展，公司三魂凝聚力增強。

So let's start with the financial result of the second quarter, which demonstrate again strong execution and continued growth. First, revenues. They were at EUR1.7 billion, up 16% versus the previous year sustained by the continuing strength of the product mix and the growing demand for personalization. Second, profitability, which improved with adjusted EBITDA at about EUR670 million and the remarkable 39% margin; and third, the net profit, which reached EUR413 million. On the back of stronger personalizations and increased visibility for the remaining part of the years, we upgrade our 2024 guidance, and Antonio will show you the details later in the call.

讓我們從第二季的財務表現開始，它再次證明了強勁的執行力和持續的成長。首先，收入。由於產品組合的持續強勁和個性化需求的不斷增長，銷售額達到 17 億歐元，比上年增長 16%。其次，獲利能力有所改善，調整後的 EBITDA 約為 6.7 億歐元，利潤率高達 39%；第三，淨利達4.13億歐元。在接下來幾年的更強個人化和更​​高可見性的支持下，我們升級了 2024 年指導，Antonio 將在稍後的電話會議中向您展示詳細資訊。

The solidity of this quarter results was accompanied by continued strong brand momentum, which brings me to my second key point for today: the enthusiastic reception of our latest new sports cars, The 12Cilindri and the 12Cilindri Spider drove the order collection in the quarter, adding to an already solid order book on current models, which covers well into 2026. Such visibility relies on the loyalty of our existing customers all over the world as well as the brand appeal to the new ones. On that and keeping an eye on current macro-development market-by-market, we continue to allocate our products strategically across the different regions to announce our brand strength and exclusivity.

本季業績的穩健伴隨著持續強勁的品牌勢頭，這讓我想到了今天的第二個關鍵點：我們最新的新跑車 12Cilindri 和 12Cilindri Spider 受到熱烈歡迎，推動了本季度的訂單收集，並補充道目前車型的訂單已經很充足，一直持續到2026 年。在此基礎上，並密切關注當前各個市場的宏觀發展，我們繼續在不同地區策略性地配置我們的產品，以彰顯我們的品牌實力和獨特性。

After the world premiere in Miami, we hosted several regional launches of our new V12s, naturally-aspirated 12 cylinder sports cars in all major markets, and they will continue in the second half of the years. I attended some of these beautiful events, and I met clients from different European countries. They all praised the 12Cilindri’s perfect synthesis between the past and the futures -- the front of the 12Cilindri that recalls the 1968 365 GTB4 with the old styling interpreted in a very futuristic way.

在邁阿密舉行全球首發後，我們在所有主要市場舉辦了幾場新 V12 自然吸氣 12 缸跑車的區域發布會，這些活動將在下半年繼續舉辦。我參加了其中一些精彩的活動，並結識了來自不同歐洲國家的客戶。他們都稱讚 12Cilindri 是過去與未來的完美結合——12Cilindri 的車頭讓人想起 1968 年 365 GTB4，老式造型以一種非常未來主義的方式詮釋。

And now we go to the third point of today's call. Innovation is sustainability, and sustainability is innovation. This is our profound belief. Sustainable innovation has been the focus of a series of events that we hosted in Maranello end of this June, involving all Ferrari stakeholders. We have the workshop with around 30 of our Ferrari partners aimed at the sharing experiences and practices to reduce environmental impact.

現在我們進入今天電話會議的第三點。創新就是永續，永續就是創新。這是我們深刻的信念。永續創新一​​直是我們今年六月底在馬拉內羅舉辦的一系列活動的焦點，所有法拉利利益相關者都參與其中。我們與大約 30 家法拉利合作夥伴舉辦了研討會，旨在分享減少環境影響的經驗和做法。

A full day was devoted to suppliers. They play a key role in our company's drive for innovation. This annual event brought together about 500 people from a few hundred suppliers from all over the world for a discussion on their contribution to sustainable innovation, which is increasingly central to our supply chain.

一整天的時間都花在供應商身上。他們在我們公司的創新驅動力中發揮關鍵作用。這項年度活動匯集了來自世界各地數百家供應商的約 500 人，討論他們對永續創新的貢獻，永續創新在我們的供應鏈中日益重要。

And then a weekend was dedicated to Ferrari's employees, their families, and friends -- a record presence of more than 30,000 people visiting our factory. Such a great emotion. I spent there the full Saturday and it was, for me, the first time, and I will never forget this beautiful, unique experience.

然後是一個專門為法拉利員工、他們的家人和朋友舉辦的周末——參觀我們工廠的人數達到了創紀錄的 30,000 多人。如此偉大的情感。我在那裡度過了整個週六，對我來說，這是第一次，我永遠不會忘記這次美麗而獨特的體驗。

And during that intense week, we also inaugurated the new e-building where E stands for energy, evolution, and environment. And based on the concept of technological neutrality and flexibility, this new facility will house the development and production of ICE, hybrid, and full electric models.

在那緊張的一周裡，我們也為新的電子大樓揭幕，其中 E 代表能源、進化和環境。基於技術中立和靈活性的理念，這個新工廠將用於開發和生產內燃機、混合動力和全電動車型。

Yes, let me remark once again, our belief. We believe that there is no single solution to future automotive powertrains. And this is particularly true during the current technology transition. Technological neutrality is a key principle for us and consistent with our strategy, and we continue to invest in the three powertrains -- internal combustion engine, hybrid, and full electric -- to provide our client with maximum freedom of choice.

是的，讓我再說一遍，我們的信念。我們相信未來汽車動力系統沒有單一的解決方案。在目前的技術轉型期間尤其如此。技術中立是我們的關鍵原則，也與我們的策略一致，我們繼續投資三種動力系統——內燃機、混合動力和全電動——為我們的客戶提供最大的選擇自由。

In the e-building, we will also engineer and handcraft the strategic electrical component that are highly relevant to differentiating Ferrari's technology and performance -- high-voltage batteries, electric motors, and axles. In this, the full electric Ferrari requires new technologies, new components, and processes, and the e-building will enable us to keep our critical know-how in-house and maintain our competitive advantage in the years to come.

在電子建築中，我們還將設計和手工製作與法拉利技術和性能差異化高度相關的戰略電氣零件——高壓電池、電動馬達和車軸。在這方面，全電動法拉利需要新技術、新組件和流程，而電子建築將使我們能夠將關鍵專業知識保留在內部，並在未來幾年保持我們的競爭優勢。

Advantages of new e-building do not end here. It will also enable us to decouple people-wise, the production of limited-edition cars, such as Icona, from the development of new models. And this will allow us to place the research and developing team closer to manufacturing, shortening the product development phase and time to market.

新電子建築的優點還不止於此。它還將使我們能夠將限量版汽車（例如 Icona）的生產與新車型的開發脫鉤。這將使我們能夠讓研發團隊更接近製造，並縮短產品開發階段和上市時間。

And here I would like to be very clear on one point. We did not realize the e-building with the aim of growing our volumes. Our ethos remains the same: quality, quality of revenues over quantity. On June 21, we completed the skeleton of e-building and installed the equipments. Now we are focusing on testing the processes and debugging the lines to start production of hybrid and ICE models from the beginning of 2025.

在這裡我想非常明確一點。我們沒有實現電子化建設以增加產量。我們的精神始終如一：質量，收入質量重於數量。 6月21日，電子大樓骨架完成，設備安裝完畢。現在我們正集中精力測試製程並調試生產線，以便從 2025 年初開始生產混合動力和內燃機車型。

For this achievement, a special thanks goes to all the colleague who have been able to maintain the e-building schedule despite all the difficulties that we experienced during these times. It has been not easy, but they made it happen by acting nimbly with focus and determination. During the quarter, we made further progresses both in racing and lifestyle, creating stronger a cohesion across our company's three souls.

對於這項成就，我們要特別感謝所有同事，儘管我們在這段時間內經歷了種種困難，但他們仍然能夠維持電子建築計畫。這並不容易，但他們透過靈活、專注和決心實現了這一目標。本季度，我們在賽車和生活方式方面都取得了進一步的進步，增強了公司三個靈魂的凝聚力。

Let's start with the racing war. In our second season, in the top class of the World Endurance Championship, we achieved an extraordinary success with our 499P at the 24 Hours of Le Mans. And this is second Le Mans victory for our upper cars. This outstanding result deserves huge praise and is a testament to the exceptional teamwork of all colleague in this perseverance.

讓我們從賽車大戰開始。在世界耐力錦標賽頂級賽事的第二個賽季，我們駕駛 499P 在勒芒 24 小時耐力賽中取得了非凡的成功。這是我們的上層賽車第二次獲得勒芒勝利。這一出色的成績值得高度讚揚，也證明了所有同事的堅持不懈的卓越團隊合作。

The same spirit and will to progress is vivid among our Formula 1 team. Scuderia Ferrari HP approached the 2024 Formula 1 season with the aim of always fighting at the front. We entered the summer break with encouraging signs. We scored two wins versus zero last years, and 50% more points per race compared to last years. The team remains focused and united and is pushing harder to continue to improve the performance of the cars. Our recent racing sports car event have also been the perfect stage to gather our most loyal client and showcase our lifestyle dimension.

我們的一級方程式團隊也體現出同樣的精神和不斷進步的意願。法拉利車隊 (Scuderia Ferrari HP) 接近 2024 年一級方程式賽季，目標是始終奮戰在前線。我們帶著令人鼓舞的跡象進入了暑假。去年我們取得了兩場勝利，而去年則為零，每場比賽的積分比去年增加了 50%。團隊保持專注和團結，並更加努力地繼續提高賽車的性能。我們最近的賽車活動也是聚集我們最忠實的客戶並展示我們生活方式維度的完美舞台。

And this brings me on to my last point for today. We have recently been much more deliberate about including our lifestyle collections at our exclusive events, and sharing our latest creations with our community. The successful activation in Pebble Beach in Las Vegas last years were a first step.

這就是我今天的最後一點。最近，我們更加慎重地將我們的生活方式系列納入我們的獨家活動中，並與我們的社區分享我們的最新創作。去年在拉斯維加斯圓石灘的成功啟動是第一步。

This year, at the beginning of May, we took a further step forward. We organized a series of engaging and unique experiences in Miami for our community. This encapsulated the elegance of our sports cars, the lure of Ferrari lifestyle and excitement of racing. This was more than just hosting events. It created a coherent, coordinated, and inclusive narrative across each of our three souls.

今年五月初，我們又向前邁出了一步。我們在邁阿密為我們的社區組織了一系列引人入勝且獨特的體驗。這體現了我們跑車的優雅、法拉利生活方式的誘惑和賽車的興奮。這不僅僅是舉辦活動。它在我們三個靈魂中創造了一個連貫、協調和包容的敘事。

A similar approach was also taken during the most iconic endurance race at Le Mans with the creation of a pop-up store at our Casa Ferrari, which received very positive feedback from clients, resulting in improved sales and encouraging signs for the future.

在最具標誌性的勒芒耐力賽期間，我們也採取了類似的方法，在我們的Casa Ferrari 開設了一家快閃店，該店收到了客戶非常積極的反饋，從而提高了銷售額，並為未來帶來了鼓舞人心的跡象。

We are aware that Ferrari is an incredible, powerful, and unique brand, being extremely exclusive on one side when you think of our sports cars; at the same time being very inclusive, if you think of our racing DNA and the millions of the FOC and brand enthusiast that we inspires all over the world.

我們知道，法拉利是一個令人難以置信、強大且獨特的品牌，當您想到我們的跑車時，一方面它是極其獨特的；另一方面，它又是一個非常獨特的品牌。同時，如果您想到我們的賽車基因以及我們激勵的世界各地數以百萬計的 FOC 和品牌愛好者，那麼我們的包容性非常強。

Among them, during the Formula 1 Grand Prix at Imola, two Ferrari enthusiasts had a once-in-a-lifetime opportunity to spend a night inside our iconic museum in Maranello, which was the setting for a unique Airbnb stay, an experience not usually available to the public.

其中，在伊莫拉舉行的一級方程式大獎賽期間，兩位法拉利愛好者獲得了千載難逢的機會，在我們位於馬拉內羅的標誌性博物館內過夜，這是一次獨特的Airbnb 住宿體驗，這種體驗​​通常不常見對外開放。

We were able to create this activation by leveraging our existing assets. Our museums in Maranello and Modena and we are -- first time we passed the threshold of 100,000 visitors in May alone the Fiorano racetrack and our historic Cavallino Restaurant.

我們能夠透過利用現有資產來創建此啟動。我們位於馬拉內羅和摩德納的博物館，僅在 5 月份，菲奧拉諾賽馬場和我們歷史悠久的卡瓦利諾餐廳就首次突破了 10 萬名遊客的門檻。

To conclude, the second quarter of 2024 has been full of significant milestones, and I believe this achievement marked the continuation of our journey as we are driven on by our way to progress and the drive for excellence in everything we do always keeping four wheels on the ground.

總而言之，2024 年第二季度充滿了重要的里程碑，我相信這一成就標誌著我們旅程的延續，因為我們在不斷進步的道路上不斷前進，在我們所做的一切中追求卓越，始終保持四輪驅動地面。

And on this note, I hand over to Antonio to review the Q2 2024 financial results. Please, Antonio.

就此而言，我將交給 Antonio 審查 2024 年第二季的財務表現。拜託，安東尼奧。

Grazie, Benedetto, and good morning or afternoon to everyone joining us today. I start on page 6, where we present the highlights of the second quarter. Continuing the trends from the first quarter, the growth rate of revenues and profitability outpaced that of our deliveries, mainly thanks to the enriched product mix and increased personalizations.

感謝貝內代托，今天加入我們的每個人都早安或下午好。我從第 6 頁開始，介紹第二季的亮點。延續第一季的趨勢，收入和盈利增長超過了交付增速，這主要得益於產品組合的豐富和個性化的增強。

Therefore, while shipments grew by less than 3%, revenues were up 16%, adjusted EBIT up 17% with a 29.9% margin. Adjusted EBITDA increased 14% with a 39.1% margin, and such economic results led to a remarkable industrial free cash flow generation despite higher capital expenditure and tax payments.

因此，雖然出貨量成長不到 3%，但營收成長了 16%，調整後的息稅前利潤成長了 17%，利潤率為 29.9%。調整後的 EBITDA 成長了 14%，利潤率為 39.1%，儘管資本支出和稅收增加，但這樣的經濟成果導致了顯著的工業自由現金流產生。

Moving to page 7, we review our shipments for the second quarter, which increased by 92 units. As already mentioned by Benedetto, we leveraged our order book visibility and production flexibility to design our product allocation across the different regions consistently with the developments observed in each respective market. As a result, deliveries increased in EMEA, Americas, and the rest of APAC, while decreased by roughly 60 units in Mainland China, Hong Kong, and Taiwan.

轉到第 7 頁，我們回顧了第二季的出貨量，增加了 92 台。正如 Benedetto 已經提到的，我們利用訂單可見性和生產彈性，根據每個市場觀察到的發展來設計不同地區的產品分配。因此，歐洲、中東和非洲、美洲和亞太地區其他地區的交付量增加，而中國大陸、香港和台灣的交付量則減少了約 60 台。

The increase in deliveries was driven by the Purosangue, the Roma Spider, and the 296 GTS. Additionally, we commenced the first deliveries of the SF90 XX Stradale, the special series hybrid with a limited production run of 799 units. The allocation of the Daytona SP3 grew in the quarter compared to the prior year but were lower than in Q1 in line with our plans.

交付量的成長是由 Purosangue、Roma Spider 和 296 GTS 推動的。此外，我們還開始了 SF90 XX Stradale 的首批交付，這是一款限量生產 799 輛的特殊系列混合動力車。 Daytona SP3 的分配量在本季度與去年同期相比有所增長，但低於第一季度，符合我們的計劃。

The shipments of the Roma and the special series 812 Competizione decreased, approaching the end of their lifecycle, while the SF90 Stradale and 812 GTS phased out. In the quarter, the hybrid share reached 48% in line with product cadence and mainly driven by the 296 GTS.

Roma 和特殊系列 812 Competizione 的出貨量下降，接近其生命週期的終點，而 SF90 Stradale 和 812 GTS 則逐步退出市場。本季度，混合動力市場佔有率達到 48%，與產品節奏一致，主要由 296 GTS 推動。

On page 8, you can see the net revenues bridge, which shows a 19% growth versus prior year at constant currency. The increase in cars and spare parts was the most relevant contributor driven by the richer product mix and country mix, as well as higher personalizations. In the quarter, personalization further strengthened -- and almost 20% of total revenues from cars and spare parts, mainly supported by the Purosangue and Daytona SP3.

在第 8 頁，您可以看到淨收入橋，以固定匯率計算，該橋顯示與前一年相比增長了 19%。汽車和零配件的成長是最相關的貢獻者，這是由更豐富的產品組合和國家組合以及更高的個人化所推動的。本季度，個人化進一步加強，總收入的近 20% 來自汽車和零件，主要由 Purosangue 和 Daytona SP3 提供支援。

Sponsorship, commercial, and brand increased thanks to new sponsorships related to our racing activities and improvements in lifestyle. The increasing sponsorships reflect the latest sponsors’ additions, including HP as the new title sponsor of Scuderia Ferrari in F1.

由於與我們的賽車活動和生活方式的改善相關的新贊助，贊助、商業和品牌有所增加。贊助商的增加反映了最新的贊助商增加，其中包括惠普成為 F1 法拉利車隊的新冠名贊助商。

Other revenues were almost flat with improved contribution from financial service activities substantially offset by the Maserati contract expiration. Currency, net of [hedges] in place, had a negative net impact, mainly due to the adverse dynamics of the US dollar, the Japanese yen, and the Chinese yuan versus the euro.

其他收入幾乎持平，但金融服務活動貢獻的增加被瑪莎拉蒂合約到期所抵消。扣除已實施的[對沖]後，貨幣產生了負面的淨影響，主要是由於美元、日元和人民幣兌歐元的不利動態。

Moving to page 9, the change in adjusted EBIT is explained by the following variances: volume, positive and reflecting the units increase versus the prior year; mix and price, strongly positive, thanks to the robust product mix sustained by the Daytona SP3 and the few 499P Modificata sales; the increased contribution from personalizations; and the positive country mix, mainly supported by the increased weight of the Americas.

翻到第 9 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，正數，反映單位數量與上一年相比的增長；組合和價格，由於 Daytona SP3 和少量 499P Modificata 銷售所維持的強勁產品組合，非常積極；個性化的貢獻增加；以及積極的國家組合，主要受到美洲權重增加的支持。

Industrial and R&D expenses were almost flat in the quarter. SG&A increased and reflected marketing and brand investments and the ongoing development of our digital infrastructure and organization. The events we had in Miami and Le Mans exemplify our brand investments, perfectly integrating the sports car lifestyle and racing souls.

本季工業和研發費用幾乎持平。 SG&A 增加並反映了行銷和品牌投資以及我們數位基礎設施和組織的持續發展。我們在邁阿密和勒芒舉辦的賽事體現了我們的品牌投資，將跑車生活方式與賽車靈魂完美融合。

Other was almost flat in the quarter. The increased contribution of our new sponsorship and a new release of current environmental provisions were approximately EUR10 million were mostly offset by higher costs for racing, also due to better Formula 1 in-season ranking.

本季其他業務幾乎持平。我們的新贊助和新發布的當前環境條款增加的貢獻約為 1000 萬歐元，大部分被賽車成本的增加以及一級方程式賽季排名的提高所抵消。

Lastly, the total net impact of currency was negative [EUR435 million]. And as a result, the EBITDA margins stood at 39.1%. As a reminder, the exceptional EBITDA margin of 40% in Q2 2023 was supported by certain timing and other positive effect, which in part took place also this quarter. The EBIT margin reached 29.9% and benefited from flattish depreciation and amortization compared to the prior year as a result of the production cadence of current models.

最後，貨幣的總淨影響為負[4.35 億歐元]。結果，EBITDA 利潤率為 39.1%。需要提醒的是，2023 年第二季 40% 的非凡 EBITDA 利潤率得到了某些時機和其他積極影響的支持，這些影響也在本季度發生。息稅前利潤率達到 29.9%，得益於目前車型的生產節奏，折舊和攤提與去年持平。

Turning to page 10, in the second quarter, our industrial free cash flow generation was EUR121 million, reflecting the increase in profitability, partially offset by capital expenditure that are higher than last year and in line with the pace of development of our product as well as of the new infrastructure in Maranello. As previously mentioned, capital expenditure this year are progressing more linearly compared to our usual cadence due to advanced development of the product pipeline and the ongoing spending for the new paint shop, tax payments and an increase in net working capital provisions and other primarily driven by higher inventory, which reflects both our production plans and the enriched product mix. At the end of June, the company was in a net industrial debt position for EUR441 million since the dividend payment and share repurchases occurred in the quarter more than offset the positive industrial free cash flow.

翻到第 10 頁，第二季度，我們的工業自由現金流量為 1.21 億歐元，反映了盈利能力的增長，部分被高於去年的資本支出所抵消，並且與我們產品的開發速度保持一致馬拉內羅的新基礎建設。如前所述，由於產品線的先進開發和新塗裝車間的持續支出、納稅和淨營運資本準備金的增加以及其他主要驅動因素，與我們通常的節奏相比，今年的資本支出進展更加線性。截至 6 月底，該公司的工業債務淨額為 4.41 億歐元，因為本季發生的股息支付和股票回購抵消了正工業自由現金流。

Moving to page 11, we revised upward 2024 guidance mainly to reflect the improved visibility on stronger personalization following the very solid result of the first six months. We are also projecting higher R&D expenses for racing and other innovation activities as well as for marketing and brand initiatives for the rest of the year. This leads us to confirm the EBITDA margin target for the year while upgrading the EBIT margin to reflect the operating leverage on G&A.

轉到第 11 頁，我們上調了 2024 年指導，主要是為了反映繼前六個月的非常紮實的業績之後，更強的個性化的可視性有所提高。我們也預計今年剩餘時間內用於賽車和其他創新活動以及行銷和品牌計畫的研發費用將更高。這促使我們確認今年的 EBITDA 利潤率目標，同時上調 EBIT 利潤率以反映 G&A 的營運槓桿。

The improved EPS also reflects the new estimate on the tax rate for 2024 now in the region of 19.5%, which benefits from the temporary coexistence of the two different patent box regimes. The strong profitability also turns into higher industrial free cash flow, notwithstanding the increased pace of our capital expenditure above the initial EUR950 million target also reflecting the updated timeline for the new paint shop, which has been accelerated compared to our plans as per the last Capital Market Day.

每股盈餘的改善也反映了 2024 年稅率的新估計，目前約為 19.5%，這得益於兩種不同專利盒制度的暫時共存。強勁的獲利能力也轉化為更高的工業自由現金流，儘管我們的資本支出步伐加快，超過了最初的9.5 億歐元目標，這也反映了新塗裝車間的更新時間表，與我們上次資本的計劃相比，這一進度有所加快市場日。

To sum up and focus on the second half of the year, we therefore expect a positive product mix, even though to a lesser extent compared to the first half given the lower Daytona deliveries in line with our plans, the mentioned increase in R&D, OpEx, and SG&A, and higher G&A in line with the start of production of new models and the digital infrastructure.

總結並專注於今年下半年，我們預計將出現積極的產品組合，儘管與上半年相比，由於代托納交付量較低，與我們的計劃一致，上述研發、運營支出的增加，程度較小、SG&A，以及與新車型生產開始和數位基礎設施一致的更高的G&A。

With respect to the quarterly pace, we confirmed the already flat softer Q3 intentionally designed in terms of volumes, model, and country mix allocation to use the whole company in its transition to the new ERP, the Enterprise Resource Planning software for order collection, productions, and management that will go live at the end of August.

就季度進度而言，我們確認第三季度已經持平，在銷量、型號和國家組合分配方面有意設計，以利用整個公司過渡到新的 ERP（用於訂單收集、生產的企業資源規劃軟體） ，以及將於八月底上線的管理。

To conclude, the financial results that we present today underscore the solid fundamentals of our business and a flawless execution. Such results and the visibility that we enjoy give us renewed confidence to sustain this positive momentum and keep on delivering on our commitment.

總而言之，我們今天公佈的財務表現強調了我們業務的堅實基礎和完美的執行力。這些成果和我們所享有的知名度讓我們重新有信心保持這一積極勢頭並繼續履行我們的承諾。

I thank you for your attention. And I now turn the call over to Aldo.

我感謝您的關注。我現在把電話轉給奧爾多。

Thank you, Antonio. Ivan, we are now ready to start the Q&A session.

謝謝你，安東尼奧。 Ivan，我們現在準備開始問答環節。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

John Murphy, B of AS.

約翰‧墨菲 (John Murphy)，AS 學士。

Hi. Good afternoon, everybody. I do want to ask two maybe relatively simple but important questions. Benedetto, when you talk about the order book being full through 2026, that's sort of an indication that you know what your units are going to be or planning on what your units are going to be through the next two-and-a-half years.

你好。大家下午好。我確實想問兩個可能相對簡單但重要的問題。 Benedetto，當您談到 2026 年訂單簿已滿時，這在某種程度上表明您知道您的設備將是什麼，或者計劃在未來兩年半內您的設備將是什麼。

I'm just curious, as you know that and you plan for that, is there just a much greater focus on price and mix with very slow growth in units, or could we see maybe a little bit of an acceleration in unit growth and a slightly less emphasis on price and mix? How do you think about balancing those and really the volume growth for the next two-and-a-half years?

我只是好奇，正如您所知，並且您對此有計劃，是否會更加關注價格和組合，而單位增長非常緩慢，或者我們是否會看到單位增長略有加速，並且稍微不那麼重視價格和組合？您如何看待平衡這些因素以及未來兩年半的銷售成長？

And the second question?

第二個問題呢？

Okay. So I think the first one -- and second that will -- Antonio will have. John, thanks for your question. Coming to the first one is, we'll give -- let's say what we see is an advantage in terms of mix and price and slower growth, coming back to your first question. The second?

好的。所以我認為第一個——第二個——安東尼奧將會有。約翰，謝謝你的問題。談到第一個問題，我們會給出——讓我們說我們看到的是在組合和價格方面的優勢以及較慢的增長，回到你的第一個問題。第二？

John, if I got your question right, in terms of the guidance and margin, this is very much driven by the development of our mix going forward and obviously the incidents of expenses. So if you look at Q2, I think the rational for that is clear, but if we look forward to the second half of the year, I think there is additional costs that are partly seasonal that are denting into the continuation of the similar level of profitability. As to 2025 and 2026, [2026] is out there in terms of guidance and remains there. And 2026, we'll speak later on, beginning of next year.

約翰，如果我沒有回答你的問題，就指導和利潤而言，這在很大程度上是由我們未來組合的發展以及顯然的費用事件所驅動的。因此，如果你看看第二季度，我認為其合理性是明確的，但如果我們展望今年下半年，我認為存在部分季節性的額外成本，這會削弱類似水平的延續。至於 2025 年和 2026 年，[2026] 在指導方面已經存在並且仍然存在。 2026 年，我們稍後會在明年初討論。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Hey, guys. Congratulations on a great execution quarter. A couple -- a few questions for me. One on personalization -- can you help us understand the increase in personalization, I think you said almost 20%. Maybe break down what's helping move that higher. Any headwinds? And I'm curious how much the mix of cars is influencing that and if the early shipments of the SF90 XX special models are suggesting that personalization will be in line with averages or above as we move past 2Q.

大家好。恭喜季度執行力出色。有幾個問題想問我。一是關於個人化——您能否幫助我們了解個人化的成長，我想您說的是幾乎 20%。或許可以分解一下是什麼幫助我們走得更高。有什麼阻力嗎？我很好奇汽車的組合對此有何影響，以及 SF90 XX 特殊車型的早期發貨是否表明，當我們進入第二季度時，個性化將與平均水平一致或更高。

And then the second question is, as we think ahead to the EV next year, it's interesting to look back and see how the company has rolled out new technologies in the past. The LaFerrari introduced the KERS hybrid system and you guys chose to bring that out at a very high price, EUR1 million-plus supercar price point. Conversely, the Purosangue you brought that out as a premium price road car with a higher unit count than the strictly limited LaFerrari. As you think about those two examples, what are the most important elements of the strategy that you think about in launching the EV?

第二個問題是，當我們展望明年的電動車時，回顧一下該公司過去如何推出新技術是很有趣的。 LaFerrari 推出了 KERS 混合動力系統，你們選擇以非常高的價格推出它，超過 100 萬歐元的超級跑車價格。相反，Purosangue 作為一款高價公路車推出，其單位數量比嚴格限制的 LaFerrari 更高。當您思考這兩個例子時，您在推出電動車時所考慮的策略中最重要的要素是什麼？

I think the – let us start with the first one, the personalization. Michael, thanks for your question and the compliment go to all the team. The story of the personalization, we have this question several times. What we see -- and we are focusing in supporting the demand of increased personalization from our client. I would like you all to remember a couple of things. One, the personalization level is – does not depend too much on the model; it's about 20%. Clearly in absolute term, when you sell something that is more expensive, in absolute term, is bigger but in any case, is around 20%.

我認為──讓我們從第一個開始，即個人化。邁克爾，感謝您的提問並對整個團隊表示讚揚。個性化的故事，我們多次有這樣的疑問。我們所看到的—我們專注於支援客戶日益增長的個人化需求。我希望大家記住幾件事。一、個人化程度－不太依賴車型；大約是20%。顯然，從絕對值來看，當你賣的東西更貴時，從絕對值來看，更大，但無論如何，大約是 20%。

And the second thing that I told the -- I would like to share with you is that the dimension of the personalization that our client like a lot is the carbon finish. We keep analyzing what is the take rate of the different optional that we offer, and we see a clear dominance of everything that is carbon finish. And we have been looking at this both inside in the car and outside the cars.

我想與您分享的第二件事是，我們的客戶非常喜歡的個人化維度是碳飾面。我們不斷分析我們提供的不同選項的採用率是多少，我們發現碳飾面的所有產品都佔據了明顯的主導地位。我們一直在車內和車外研究這一點。

So we are putting our supply -- we are strengthening support, strengthening, let say, the supply chain in a way that we can accommodate the different client needs. So this is about the personalization. These are the two facts that are supported by data analysis or what we see in terms of behaviors of our client.

因此，我們正在加強供應——我們正在加強支持，比如說，加強供應鏈，以便我們能夠滿足不同客戶的需求。所以這就是個性化。這是數據分析或我們從客戶行為中看到的支持的兩個事實。

The second is that -- is about the EV strategy. Here I would like to remind that it was May 2022 before the CMD, when we had the several discussion in the company, it was clear at the time that it wouldn't make sense to push only one kind of propulsion. Technological neutrality is a key when you have, let's say, the market is not -- does not know where to go. So for us, making the EV is a way to show our client that whatever is the technology, we can harness in a unique way to deliver them unique driving trails.

第二個是關於電動車戰略。這裡我想提醒一下，那是CMD之前的2022年5月，當時我們在公司裡進行了幾次討論，當時就很清楚，只推一種推進力是沒有意義的。當市場不知道要走向何方時，技術中立是關鍵。因此，對我們來說，製造電動車是向客戶展示無論是什麼技術，我們都可以以獨特的方式利用為​​他們提供獨特的駕駛路線的一種方式。

So one message that I said when I made the introduction is that we continue to believe in technology neutrality. We are acting in the direction and our plan – let's say our plan of EV introduction is as it was. We unveiled the car in Q4 2025. And we believe we are able -- we will be able to deliver a unique driving experience to our customers with any kind of cars that we're going to make in the e-building.

因此，我在介紹時所說的一個訊息是，我們仍然相信技術中立。我們正在按照我們的方向和計劃行事——假設我們的電動車推出計劃保持原樣。我們於 2025 年第四季度推出了這款汽車。

George Galliers, Goldman Sachs.

喬治‧加利爾斯，高盛。

Yeah. Thank you very much for taking my questions. Obviously, it sounds like you are seeing very strong demand still for all of your products and obviously, you have a very healthy order book. Obviously, just mindful of what we're hearing other luxury companies talk about as you've built up the order book of the 12Cilindri, have you seen any areas where perhaps the market has not been as strong as you might have expected and potentially any areas where that's been more than compensated for by very high demand? Is there any sort of geographic development that has caused you to raise an eyebrow?

是的。非常感謝您回答我的問題。顯然，聽起來您對所有產品的需求仍然非常強勁，而且顯然，您的訂單簿非常健康。顯然，當您建立 12Cilindri 的訂單簿時，請注意我們聽到其他奢侈品公司談論的內容，您是否看到任何市場可能沒有您預期的那麼強勁的領域，並且可能存在任何潛在的問題？領域的需求已經遠遠超過這些了？有沒有什麼地理發展讓您感到驚訝？

And then the second question I had was just with respect to the very strong price mix during the quarter. Can you give us any insights into how much of that was from the contribution from Daytona SP3 and the 499? And with respect to the 499, if you are able to provide any sort of insight around the volume in the quarter, the volumes we should expect over the remainder of the year, I think that would be very helpful. Thank you.

我的第二個問題是關於本季非常強勁的價格組合。您能否告訴我們其中有多少來自 Daytona SP3 和 499 的貢獻？就 499 而言，如果您能夠提供有關本季度銷量的任何見解，以及我們在今年剩餘時間內預期的銷量，我認為這將非常有幫助。謝謝。

Thank you, George. I was taking the first one; the second, Antonio will reply. So the first one maybe, the question is about the 12Cilindri order book, right? That's what you said -- 12Cilindri? So I can tell you that the traction of both models is very strong across all the countries. There is only one country -- but we knew already by the sign -- one country where the order book is not so strong like in other countries because it's 12Cilindri because there is, let me say, additional tax burden, that is China.

謝謝你，喬治。我選的是第一個；第二個，安東尼奧會回答。所以第一個可能是關於 12Cilindri 訂單簿的問題，對吧？這就是你說的－12Cilindri？所以我可以告訴你，這兩種模式在所有國家都有很強的吸引力。只有一個國家——但我們已經從標誌上知道——這個國家的訂單不像其他國家那麼強大，因為它是 12Cilindri，因為有，讓我說，額外的稅收負擔，那就是中國。

But remember that when we share with you the Capital Market -- during Capital Market Day, the plan for the four years, together with the technological neutrality, we said another important thing. Because of the product pipeline we were developing, we said that China would've been always lower than 10% rate of China.

但請記住，當我們在資本市場日期間與您分享資本市場時，四年的計劃以及技術中立性，我們說了另一件重要的事情。因為我們正在開發的產品線，我們說中國的比率總是低於中國的10%。

So I would say no surprise in this respect. I would say instead one thing that the traction of the 12Cilindri has been stronger -- I would say, even much stronger than the two predecessors in the same category. I'm talking about the 812 GTS and the 812 Superfast. So we are happy about the traction of this model with a different client that I've seen.

所以我在這方面並不感到驚訝。相反，我想說的是，12Cilindri 的牽引力更強——我想說，甚至比同一類別的兩款前輩強得多。我說的是 812 GTS 和 812 Superfast。因此，我們很高興這種模式對我見過的不同客戶的吸引力。

And the second is for you, Antonio.

第二個是給你的，安東尼奧。

Hi, George. During the quarter, we shipped 74 Daytona. That's why I said less than in Q1 and obviously, higher than last year. And going forward there, you remember we said that they'll decline over the course of the second half. In order to have a sort of high average for the year, which is slightly above 60 per quarter

嗨，喬治。本季度，我們售出了 74 輛 Daytona。這就是為什麼我說的數字低於第一季度，但顯然高於去年。展望未來，你還記得我們說過他們會在下半場下降。為了獲得較高的年度平均數，每季略高於 60

The 499P, we shipped five in the quarter. There is not to be expected uneven pace of delivery going forward with more or less that would be the region four to five depending on the quarter, the clients.

499P，我們本季出貨了 5 台。預計未來的交付速度不會參差不齊，根據季度和客戶的不同，大約有四到五個地區。

Thomas Besson, Kepler Cheuvreux.

湯瑪斯‧貝松，開普勒‧舍弗勒。

Thank you very much for taking my questions and congratulations on the numbers. I'd like to discuss with you the possibility of seeing your averaging prices moving even higher or not in the second half. I was impressed by the step up in Q2 versus Q1. With what you said, we should expect a substantially lower number of SP3 but a much higher level of Daytona and XX, I guess. Could you help us assess whether the average price in the second half could be higher than the first half or not and also mention the impact of the declining China share on that calculation? That’s the first question.

非常感謝您回答我的問題並對數字表示祝賀。我想與您討論下半年平均價格是否會進一步上漲的可能性。第二季相對第一季的進步給我留下了深刻的印象。根據您的說法，我猜我們應該預期 SP3 的數量會大幅減少，但 Daytona 和 XX 的水平會更高。您能否幫助我們評估下半年的平均價格是否會高於上半年，並提及中國份額下降對此計算的影響？這是第一個問題。

And the second, the SF Ferrari is finished now. Could you talk about the expected evolution of the hybrid share in the coming quarters? It has reached a high level driven by another the 296 GTS. What should we expect in the coming quarters? And when should we expect you to release a new hybrid car?

第二個，SF Ferrari 現已完成。您能談談未來幾季混合動力份額的預期演變嗎？在另一台296 GTS的帶動下，它已經達到了很高的水平。未來幾季我們該期待什麼？我們預計你們什麼時候會發布一款新的混合動力汽車？

I’ll take the second; Antonio will take the first. Here maybe I would like to share with you one important point. Today, when we -- you see the number of the share of the cars, hybrid as I see, more or less we are around 50-50. Well, I think that there continues to be a strong traction for our hybrid model. And just yesterday I was with a few clients that they were extremely happy about the 296 GTB compared with the 458 that was thermal.

我選第二個；安東尼奧將獲得第一名。在這裡也許我想跟大家分享一個重要的觀點。今天，當我們看到混合動力車的份額數量時，我們或多或少大約在 50-50 輛左右。嗯，我認為我們的混合模型仍然具有強大的吸引力。就在昨天，我和一些客戶見面時表示，與熱力型 458 相比，他們對 296 GTB 非常滿意。

And so what I want to say is that we expect the traction of the hybrid going forward in the same level as it has been so far. And we start to see also some positive comment about the initiative we launched at the beginning of this month -- sorry, the past month in July when we extend also the warranty to the high-voltage battery of the hybrid cars.

所以我想說的是，我們預計混合動力車的牽引力將保持與迄今為止相同的水平。我們開始看到一些關於我們在本月初推出的計劃的積極評論 - 抱歉，七月的最後一個月，我們也將保固期延長到了混合動力汽車的高壓電池。

So we don't see any, let's say, strange sign on hybrid. On the contrary, we see a strong positive interest and attention and driving trails that our clients are experiencing when they drive this hybrid car. So that's I think -- the second -- then Antonio (multiple speakers)

所以我們在混合動力車上沒有看到任何奇怪的跡象。相反，我們看到客戶在駕駛這款混合動力汽車時所經歷的強烈的積極興趣和關注以及駕駛軌跡。這就是我想的——第二個——然後是安東尼奧（多個演講者）

(multiple speakers) numbers. Anyway, the second -- in terms of ASP for the second half of the year, I would expect it not -- to be not very different, maybe slightly lower compared to the first half. While with respect to the -- and this is mainly due to the fact that Daytona is going down in terms of number of shipments, through there will be some more SF90 XX that -- this will be growing. We have delivered until now few tens of this car. There will be in the region of 100 or slightly more of this in the second half. But overall, the net impact should be the one that I mentioned.

（多個發言者）數字。無論如何，第二個——就下半年的平均售價而言，我預計不會有太大的不同，與上半年相比可能會略低。雖然這主要是因為 Daytona 的出貨量正在下降，但 SF90 XX 的出貨量將會有所增加。到目前為止，我們已經交付了幾十輛這款車。下半年的數量將達到 100 左右或略多。但總體而言，淨影響應該是我提到的。

Henning Cosman, Barclays Capital.

亨寧·科斯曼，巴克萊資本。

Yeah. Thanks so much for taking my question. I have one question on personalization, please. I believe at Q1 stage, we talked about a level of slightly higher than 19%, and at the time you said it was above average what you're expecting going forward. We are now talking, I believe, more like 20%, and you are not talking about above average anymore. So is it fair to say that at this point the expectations for personalization have shifted up and you're now expecting more sustainably a level of 20%?

是的。非常感謝您提出我的問題。我有一個關於個人化的問題。我相信在第一季階段，我們談到了略高於 19% 的水平，當時你說這高於你對未來的預期。我相信我們現在談論的大約是 20%，而你不再談論高於平均水平了。那麼，現在對個人化的期望已經上升，並且您現在期望更可持續的 20% 水平，這樣說是否公平？

And the second question perhaps on residuals, I know we've been talking about residual normalization. If you could just share your latest observations and thoughts. I know you think that residual value should start to normalize to a greater degree than they have perhaps during the COVID and semiconductor period. Do you think at all that could affect your ability going forward to price successor models as large a markup as you have currently done once your buyers start to consider perhaps a more normalized development in residual values? But also more broadly, any considerations you would share around residuals will be greatly appreciated. Thank you very much.

第二個問題可能是關於殘差，我知道我們一直在討論殘差標準化。如果您能分享您最新的觀察和想法。我知道您認為殘值應該開始比新冠疫情和半導體時期更大程度地正常化。您認為，一旦您的買家開始考慮殘值的更正常化發展，這是否會影響您對後續車型進行像目前這樣大的加價的能力？但更廣泛地說，我們將非常感謝您就殘差分享的任何考慮因素。非常感謝。

Henning, so the first one -- personalization. Forecasting the behavior of the client, you know very well, is not easy. What we can -- the only thing, allow me to say, the best antidote or the best way to manage this is to become -- to be agile, to accommodate their needs, to have some flexibility. That's reason why we are so much proud about our e-building because of the flexibility that allows us.

亨寧，第一個－個人化。您很清楚，預測客戶的行為並不容易。我們能做的——唯一的一件事，請允許我說，最好的解藥或最好的管理方法就是——變得敏捷，適應他們的需求，並擁有一定的靈活性。這就是為什麼我們對我們的電子建築感到非常自豪，因為它具有靈活性。

So for the rest of the year, we expect, in any case, something that is in the range of 19%. It can go up a little bit 19.5%, but that 19% is what you can consider also for the rest of the year. That's what we are planning for.

因此，在今年剩餘時間裡，無論如何，我們預計這一數字將在 19% 左右。它可能會上漲一點點 19.5%，但這 19% 也是你今年剩餘時間也可以考慮的。這就是我們的計劃。

The second question is that-- it is a good occasion to clarify a couple of points. The first one, the residual value remains strong. There are some geographies, okay? I can mention, for example, UK -- well, let's say they're a little bit weaker. But I can tell you that we have been analyzing 20,000 transactions -- 20,000 transactions that have been happening in the last years -- and we have seen that there are the functional personalization that are keeping their value.

第二個問題是──這是澄清幾點的好機會。第一，殘值依然強勁。有一些地理區域，好嗎？例如，我可以提到英國——好吧，我們可以說他們稍微弱一些。但我可以告訴你，我們已經分析了 20,000 筆交易——過去幾年發生的 20,000 筆交易——我們發現功能個人化正在保持其價值。

Then there are some personalization like the painting -- some special paintings, something that is not, let's say, maybe not so appreciated by the second client that are a little bit impacted. But I can tell you that, let's say, the trend remains strong.

然後還有一些個人化的東西，像是繪畫——一些特殊的繪畫，比如說，可能不會被第二個客戶所欣賞的東西，這會受到一點影響。但我可以告訴你，這一趨勢仍然強勁。

And maybe this is a good occasion to clarify everyone. Sometimes you keep reading that the people are afraid about the residual value of the hybrid cars. Well, we have been investigated. We have been working and listening to our client. We have been working in the last seven, eight months, and we announced that this warranty program that starts in July this year for all our hybrid cars in a way that we gave the peace of mind to all the clients that have the hybrid. So basically the battery is like many others, let me say, object in the cars and is protected by warranty. So thanks for your question.

也許這是一個向大家澄清的好機會。有時你會不斷讀到人們擔心混合動力車的剩餘價值。嗯，我們已經被調查了。我們一直在工作並傾聽客戶的意見。我們在過去的七、八個月裡一直在努力，我們宣布從今年 7 月開始針對我們所有的混合動力汽車推出這項保固計劃，讓所有擁有混合動力汽車的客戶高枕無憂。所以基本上電池就像汽車中的許多其他物體一樣，受到保固保護。謝謝你的提問。

May I squeeze a follow-up question?

我可以問一個後續問題嗎？

Sure.

當然。

To Antonio, please. Sorry, Antonio, you said some of the positive one-off effects in the bridge in the other bucket at the time of Q2 2023 -- I think, it was when you were talking about EBITDA, you said some of these were also present this quarter. Could you be a little bit more concrete on that, please?

安東尼奧，請。 Sorry, Antonio, you said some of the positive one-off effects in the bridge in the other bucket at the time of Q2 2023 -- I think, it was when you were talking about EBITDA, you said some of these were also present this四分之一.請您說得更具體一點好嗎？

Absolutely, sorry. I thought you remembered. Anyway, last year in the second quarter, we had a release of current environmental provisions. And also, we adjusted our expectations for the ranking of the year to the second place. While this year, we had a similar release of environmental provisions -- and we maintain for a time being our assumption in terms of being first in Formula 1.

絕對，對不起。我以為你記得。不管怎樣，去年第二季度，我們發布了現行的環境規定。並且，我們將今年的排名預期調整為第二名。今年，我們發布了類似的環境條款——並且我們暫時維持了我們在一級方程式賽車中排名第一的假設。

Stephen Reitman, Bernstein. Please go ahead. Your line is open.

史蒂芬‧雷特曼，伯恩斯坦。請繼續。您的線路已開通。

Yes, thank you and also congratulations on your results. I had a question again on personalization. I think you've said in the past that Purosangue surprised you in the sense that demand was much stronger than you'd anticipated and you closed the order book to reopen it again and it stretches out very far. You said that-- I think in the first quarter -- the personalization rate was very heavily influenced by collectors who were personalizing in a very high level. And maybe -- I had the impression you were thinking maybe this rate of personalization would not continue once these collectors had been satisfied. Maybe you could comment on what the personalization rate is looking like on the Purosangue as we go through – as it went in second quarter and the rest of the year.

是的，謝謝您，也恭喜您的成果。我再次有一個關於個人化的問題。我想你過去曾說過，Purosangue 讓你感到驚訝，因為需求比你預期的要強得多，你關閉了訂單簿並再次重新打開它，它延伸得很遠。你說過——我認為在第一季——個性化率很大程度上受到了個性化水平非常高的收藏家的影響。也許——我的印像是，你在想，一旦這些收藏家感到滿意，這種個人化的速度可能就不會持續下去了。也許您可以評論 Purosangue 的個人化率，就像我們在第二季和今年剩餘時間一樣。

And secondly, again, congratulations -- and I think it was a very good idea with the extended warranty program for the hybrid components addressing that concern. What is actually the feedback you've actually been getting from that already? It's obviously -- not many cars are yet at the end of their warranty on the vehicle yet. But have you already seen some take up of the plan? Thank you.

其次，再次恭喜——我認為混合動力組件的延長保固計畫解決了這個問題，這是一個非常好的主意。您實際上已經從中得到的回饋是什麼？顯然，沒有多少汽車的保固期尚未結束。但您是否已經看到該計劃得到了一些落實？謝謝。

Thank you, Stephen. As I said also, the compliments go to all the team here. So let's start with the personalization. You are right. In Q1, we see the collectors, let's say pushing out the personalization. What I can tell you, I don't know if it is a sign also for the future or not; we'll see. But we see also that the new client are particularly keen in personalization.

謝謝你，史蒂芬。正如我所說，這裡的所有團隊都受到讚揚。那麼讓我們從個人化開始。你是對的。在第一季度，我們看到收藏家推出個人化服務。我可以告訴你的是，我不知道這是否也是未來的一個徵兆；我們拭目以待。但我們也看到新客戶特別熱衷於個人化。

So the good point is that we're collecting a lot of data. We are analyzing them. While we can say with certainty that the carbon finish is definitely something together with the painting -- it is a personalization that shows a clear trend, a clear appeal for all the -- for the client.

所以好處是我們正在收集大量數據。我們正在分析它們。雖然我們可以肯定地說，碳飾面絕對是與繪畫相結合的——它是一種個性化，顯示出明顯的趨勢，對所有人都有明顯的吸引力——對客戶來說。

We start to see also that the new client -- in Q2, we start to see the new client are appreciating and want to personalize more and more the cars. But we don't feel confident yet to say that this is a trend like it is for collectors. We need to collect more data. That's reason why I told you before that we expect personalization to be always in the range of 19%. We'll see. We'll update you as soon as we understand and we pick up a signal.

我們也開始看到新客戶——在第二季度，我們開始看到新客戶正在欣賞並希望對汽車進行越來越個人化的設計。但我們還沒有信心說這對收藏家來說是一種趨勢。我們需要收集更多數據。這就是為什麼我之前告訴過你，我們期望個人化始終保持在 19% 的範圍內。我們拭目以待。一旦我們了解並收到信號，我們會立即通知您。

The second is that we've been working around seven months to set up this idea of high-voltage battery warranty. And as you can understand, I mean this is online since 27 days. And I can tell you that the feedback of the client -- some feedback of the client were very positive, because they understand that in the cars, there is something that is a limited life. And we Ferrari realized it, and we apply this warranty.

第二是我們花了大約七個月的時間來建立高壓電池保固的想法。正如你所理解的，我的意思是這個已經上線 27 天了。我可以告訴你，客戶的回饋——有些客戶的回饋非常積極，因為他們明白，在汽車中，有些東西的壽命是有限的。我們法拉利意識到了這一點，並且我們應用了此保固。

So the first feedback are positive. We'll see what is the take rate in the quarters to come, also, because the first cars that are approaching the end of the five years are SF90, no? 19 plus 5 is 24. So we will keep you updated, Stephen. The first feedback are very, very positive, because the people understand that they can – we understand and we care about the peace of mind of our client.

所以第一個回饋是正面的。我們還將看看未來幾季的採用率是多少，因為接近五年末的第一批汽車是 SF90，不是嗎？ 19 加 5 等於 24。第一個回饋非常非常積極，因為人們知道他們可以——我們理解並且我們關心客戶的安心。

Can I just ask one more question, please as well. And that is obviously there have been concerns about the general luxury market. But we saw last week a very strong results from Hermes in the iconic leather and saddlery business, which already defines the brand. What are you seeing -- what feedback are you getting from your dealers in terms of footfall, people visiting the showroom and the series of interest? How would you say that compares to in any period you prefer to compare it against?

我還可以再問一個問題嗎？這顯然是人們對一般奢侈品市場的擔憂。但上週我們看到愛馬仕在標誌性皮革和馬具業務上取得了非常強勁的業績，這已經定義了該品牌。您看到了什麼——您從經銷商那裡得到了哪些關於客流量、參觀陳列室的人員以及感興趣的系列的反饋？您認為與您喜歡比較的任何時期相比如何？

Look, we don't see any sign of weakness. We see -- there is no trend at all in reduction of visit. I can tell you that after the 12Cilindri announcement in Miami, we had a lot of events all over Europe. I've been attending personally several of them, because we organized them close to the racetrack in Fiorano and they were full -- full of client.

看，我們沒有看到任何軟弱的跡象。我們看到——訪問量根本沒有減少的趨勢。我可以告訴你，在邁阿密宣布 12Cilindri 後，我們在歐洲各地舉辦了許多活動。我親自參加了其中的幾個活動，因為我們在費奧拉諾賽馬場附近組織了這些活動，而且裡面擠滿了客戶。

The client we were inviting were in range of 100 per night, and we were offering also dinner. Most of the time they were spending close to the cars; they did not care about what we were offering for dinner. And so there is no weakness sign that is perceived either by us directly or by our dealers. I can tell you that there are also some clients that they want -- they are pushing us to have two -- both 12Cilindri. So let's say, we keep monitoring obviously, but we don't see any sign of weakness in this respect.

我們邀請的客戶每晚在 100 人左右，而且我們還提供晚餐。大部分時間他們都在汽車附近度過。他們不關心我們晚餐提供什麼。因此，我們直接或經銷商都沒有察覺到任何弱點。我可以告訴你，還有一些他們想要的客戶——他們正在推動我們擁有兩個——都是 12Cilindri。可以說，我們顯然一直在監控，但我們沒有看到這方面有任何弱點的跡象。

Martino De Ambroggi, Equita.

馬蒂諾·德安布羅吉，《Equita》。

Thank you. Good afternoon, everybody. Martino de Ambroggi from Equita. Again, on mix, am I right in estimating that probably one-third if not more of the mix effect in the first half this year came from the growing personalization. This is my first question.

謝謝。大家下午好。來自 Equita 的馬蒂諾·德安布羅吉。再一次，關於混合，我的估計是否正確，今年上半年的混合效應可能有三分之一（如果不是更多）來自日益增長的個人化。這是我的第一個問題。

I'm not able to give you a confirmation. I think is I -- probably is not far away from reality, but I'm not able to confirm as of now. We will follow up on this.

我無法給你確認。我想，也許離現實並不遙遠，但我現在還無法確認。我們將對此進行跟進。

Okay. And I understand you do not provide future guidance for the weight of personalization. But I was wondering if you had -- you suffered any kind of a constraint, and you were not able to satisfy all the customer's demand in the past because you are increasing the flexibility with the new e-building. So presumably you are ready or you expect some -- I don't know -- or maybe both to catch more than 20%?

好的。據我所知，您不會為未來的個人化權重提供指導。但我想知道您是否遭受任何形式的限制，而您過去無法滿足所有客戶的需求，因為您正在透過新的電子建築來提高靈活性。所以想必你已經準備好了或你期望一些——我不知道——或者兩者都可以達到 20% 以上？

Look, I understand you are trying to understand what is the future. What I can tell you is that, if someone added the right recipe in the world, it would be much richer. Today, we are planning based on the data we have. What I can assure you, Martino, is that we have been working with our suppliers for the personalizations that are more, let's say, appreciated by our client. And we put them in place to be agile, okay?

聽著，我知道你正在嘗試了解未來是什麼。我可以告訴你的是，如果世界上有人添加了正確的食譜，它會變得更加豐富。今天，我們正在根據現有數據進行規劃。馬蒂諾，我可以向您保證，我們一直在與我們的供應商合作，以實現更受我們的客戶讚賞的個人化服務。我們將它們放在適當的位置以保持敏捷，好嗎？

I mean, just yesterday, for example, we were analyzing in detail with the commercial team and also the production team what is the take rate. And the carbon is clearly an area that -- the carbon finish is an area of interest. We are sometimes in the past, the carbon -- the client -- the supplier, sorry, were not ready as and agile like the client wants. Now we are improving and strengthening their capability of delivering us what we need, what the client needs. This is what we can tell you -- for the future, it's what I said before. That's what we were planning for.

我的意思是，就在昨天，我們正在與商業團隊和製作團隊詳細分析採取率是多少。碳顯然是一個令人感興趣的領域——碳飾面。我們有時在過去，碳——客戶——供應商，抱歉，沒有像客戶想要的那樣做好準備和敏捷。現在，我們正在改進和加強他們為我們提供我們需要的、客戶需要的東西的能力。這就是我們可以告訴你的——對於未來，這就是我之前說的。這就是我們的計劃。

In the meantime, I just checked the number and actually, you are not far away from reality assuming one-third of the price mix effect in H1 comes from personalization.

同時，我剛剛檢查了這個數字，實際上，假設上半年價格組合效應的三分之一來自個人化，你離現實並不遙遠。

Anthony Dick, ODDO BHF.

安東尼·迪克，ODDO BHF。

Yes. Hello, and again, congrats on the amazing results. My first question is on the 12Cilindri. Great to hear your comments on the order momentum versus previous generations. I was just wondering if you might share the length of the order book of that car. You haven't said it's sold out, so I'd assume it's less than two years. But if you can confirm that, that would be very useful.

是的。您好，再次恭喜您所取得的驚人成果。我的第一個問題是關於 12Cilindri 的。很高興聽到您對與前幾代產品相比的訂單勢頭的評論。我只是想知道您是否可以分享那輛車的訂單簿長度。你還沒說它已經賣完了，所以我猜它還不到兩年。但如果你能證實這一點，那將非常有用。

And then related to this question, during Q1 results, you mentioned order book normalization, because most of your cars were sold out. So now with this new car, is the order book higher than Q1, broadly the same, or lower?

然後與這個問題相關，在第一季的業績中，您提到了訂單正常化，因為您的大部分汽車都已售罄。那麼現在這款新車的訂單量是高於第一季、大致相同還是更低？

And then if I have time, I could squeeze a second question on ASP. Also, very impressed by the sequential ASP increase even despite lower Daytonas and even stripping out the 499P. So to put this in the context of your previous comments, you expected a 10% ASP increase for the full year. Is this still your expectation or should we expect something higher? Thank you.

然後如果我有時間的話，我可以擠出第二個問題關於ASP。此外，儘管迪通拿價格較低，甚至去掉了 499P，但 ASP 的連續上漲還是給我留下了深刻的印象。因此，結合您先前的評論來看，您預計全年 ASP 將成長 10%。這仍然是您的期望還是我們應該期望更高的東西？謝謝。

Look, the first question is -- the order book depends a little bit if it is 12Cilindri, the Coupe or the 12Cilindri, the Spider because we start already production of 12Cilindri Coupe. And this one is more than let's say 20 months.

看，第一個問題是——訂單多少取決於是 12Cilindri Coupe 還是 12Cilindri Spider，因為我們已經開始生產 12Cilindri Coupe。而這段時間就超過 20 個月了。

Consider also one point that for 12Cilindri Spider, it’s more than two years. I consider that usually we did the -- you may remember we said that with this launch of the cars, we did an experiment because we launch it together. For the first time in our history, we launched today together the Spider and the Coupe. And we see that the ratio between Coupe and Spider, the Spider is winning more around 60%, 65% for the order that we have in the books already. So this is the first question.

還要考慮一點，對於 12Cilindri Spider 來說，它已經超過兩年了。我認為通常我們會這樣做——你可能還記得我們說過，隨著汽車的推出，我們做了一個實驗，因為我們一起推出它。今天，我們歷史上第一次同時推出了 Spider 和 Coupe。我們看到 Coupe 和 Spider 之間的比例，Spider 贏得了 60% 左右，對於我們已經在書中的訂單來說是 65%。這是第一個問題。

The second question is, we see -- let me say, is for sure the orders are coming from the model that are not sold out. So the model that are not sold out are these two. So these two will continue to grow the order book and order book portfolio. And then you said that ASP, what is it?

第二個問題是，我們看到 - 讓我說，訂單肯定來自未售罄的型號。所以沒有售完的型號就是這兩款。因此，這兩家公司將繼續擴大訂單簿和訂單簿組合。然後你說ASP，那是什麼呢？

Yeah, the ASP -- the first one on the order book, I think it's fair to say that it remained flat because basically we had the -- we expected decline of the orders on the previous portfolio since we are delivering the new -- we are delivering the cars and at the same time, we are growing in terms of the 12Cilindri.

是的，平均售價——訂單簿上的第一個，我認為可以公平地說，它保持持平，因為基本上我們有——我們預計之前的投資組合的訂單會下降，因為我們正在交付新的——我們在交付汽車的同時，我們的 12Cilindri 數量也在不斷增長。

I mean, please consider that depending on the model that we launch, the order book may go up or down. If it is a limited volume car, obviously, it does not add too many volumes to a portfolio where we keep on delivering at the same pace. To the opposite, if we add a volume car, it's going to be different direction.

我的意思是，請考慮根據我們推出的型號，訂單可能會上升或下降。如果它是一款限量版汽車，顯然，它不會為我們繼續以相同速度交付的產品組合增加太多銷售。相反，如果我們添加一輛量車，那將會是不同的方向。

In terms of the ASP, plus 1% [versus] in H2, I think, we keep on confirming what the expectation for the full year is. It is having an average ASP about -- in the region of 10% over last year.

就平均售價而言，加上下半年的 1%，我認為我們將繼續確認全年的預期。其平均 ASP 比去年增加了 10% 左右。

Monica Bosio, Intesa Sanpaolo.

莫妮卡·博西奧，聯合聖保羅銀行。

Good afternoon, everyone. Most of my questions have been already answered, but I have two left. One is a general curiosity. In the previous conference call, Benedetto, you say that 74% of the new cars were sold to existing clients. That's fine. I'm curious about the new Ferrari SP. Any color on the pattern of the new Ferrari SP could be helpful. How is the distribution by country, age, powertrain? You already told us that personalization appeal is quite high. So any colors would be helpful.

大家下午好。我的大部分問題已經得到解答，但我還有兩個問題。一是普遍的好奇心。在先前的電話會議中，Benedetto，您說 74% 的新車都賣給了現有客戶。沒關係。我對新款法拉利 SP 很好奇。新款 Ferrari SP 圖案上的任何顏色都可能有所幫助。依國家、年齡、動力系統的分佈如何？您已經告訴我們，個人化的吸引力相當高。所以任何顏色都會有幫助。

And the second question is for the housekeeping. In the second quarter, there was no impacts from the financial charges. I was wondering if Antonio can give us a rough indication by year end. Thank you very much.

第二個問題是關於家事服務的。第二季度沒有受到財務費用的影響。我想知道安東尼奧能否在年底前給我們一個粗略的指示。非常感謝。

Monica, thank you. So I can tell you this; I think that the share among new client and repeaters, let me say, does not change so much, especially when you talk quarter over quarter. If we want -- I mean we keep analyzing what is the demographic, how it's changing the client profile that are approaching. One thing that we see is that -- also the new client like to personalize a little bit more the cars.

莫妮卡，謝謝你。所以我可以告訴你這一點；我認為，新客戶和回頭客之間的份額變化不大，特別是當你逐季度談論時。如果我們願意的話——我的意思是我們會繼續分析人口統計數據，以及它如何改變正在接近的客戶資料。我們看到的一件事是，新客戶也喜歡對汽車進行更多個人化設定。

But also here, Monica, depends on the geography. It depends a little bit on the geography. There are some places where the personalization level is higher and some others where instead, it's lower. So also the ratio of repeater and new client depends a little bit on the model. Maybe just as a colors, I can tell you that there are some cars that are in higher percentage of [women], okay? They go to [5] then even to 7% -- some other car a little bit lower. But there is not a clear sign.

但莫妮卡，這裡也取決於地理位置。這在一定程度上取決於地理位置。有些地方的個人化程度較高，而有些地方則較低。因此，中繼者和新客戶端的比例也有點取決於模型。也許只是作為一種顏色，我可以告訴你，有些汽車的[女性]比例更高，好嗎？他們會達到 [5]，然後甚至達到 7%——其他一些汽車的價格會更低。但沒有明顯的跡象。

Okay. And in terms of country distribution and the powertrain requirement across -- ? (multiple speakers)

好的。就國家分佈和動力總成要求而言 - ？ （多個發言者）

No sign. No sign in terms of country, no sign in terms of age also. No sign in terms of age, because one thought towards the following. Maybe we have been analyzing the correlation between the correlation between the preference of the model, the powertrain, and the age -- zero. Because we thought that maybe the people that are 55, they prefer the ICE instead of hybrid. Not at all true. I mean, there is no correlation.

沒有徵兆。沒有國家的跡象，也沒有年齡的跡象。沒有任何年齡跡象，因為人們想到了以下幾點。也許我們一直在分析車型偏好、動力系統和年齡之間的相關性——零。因為我們認為也許 55 歲的人更喜歡 ICE 而不是混合動力車。根本不是真的。我的意思是，沒有相關性。

That's very clear. Thank you.

這非常清楚。謝謝。

On the second one, Monica, you may assume a number not far away from that of last year -- or in the region of [15], very small.

對於第二個，莫妮卡，你可以假設這個數字與去年的數字相差不遠，或者在 [15] 的範圍內，非常小。

Thank you. There are no further questions. I will now hand over to Benedetto Vigna now for closing remarks.

謝謝。沒有其他問題了。現在請貝內代托·維尼亞致閉幕詞。

Thanks, all. Thanks for your time today and also for your questions. This strong Q2 result and also the continuing desirability of our brands all over the world fuel our confidence for the development of the year and for the years to come. And I wish you a good afternoon and also a relaxing summer break for the ones who are going to have it. Thanks again. Thanks for your attention. Grazie.

謝謝大家。感謝您今天抽出寶貴的時間，也感謝您提出的問題。第二季的強勁業績以及我們品牌在全球的持續需求增強了我們對今年和未來幾年發展的信心。我祝福你們有個美好的下午，也祝福那些即將享受暑假的人有個輕鬆的暑假。再次感謝。感謝您的關注。謝謝。