Ferrari NV (RACE) 2024 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Ferrari 2024 full-year results conference call.

您好，感謝您的支持。歡迎參加法拉利2024年全年業績電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to your speaker, Nicoletta Russo, Head of Investor Relations. Please go ahead.

現在，我想將會議交給發言人、投資者關係主管 Nicoletta Russo。請繼續。

Thank you, Sandra, and welcome to everyone who is joining us.

謝謝你，桑德拉，歡迎大家加入我們。

Today, we plan to cover the Group's full-year 2024 operating results and 2025 guidance, and the duration of the call is expected to be around 60 minutes.

今天我們計劃討論集團2024年全年經營業績及2025年指引，預計電話會議時長約60分鐘。

Today's call will be hosted by the Group's CEO, Mr. Benedetto Vigna, and Group's CFO, Mr. Antonio Picca Piccon. All relevant materials are available in the Investors section of the Ferrari corporate website. And at the end of the presentation, we will be available to answer your questions.

今天的電話會議將由集團執行長 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。演示結束後，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 two 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上可能做出的任何前瞻性陳述都會受到今天演示文稿第二頁中所含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 would like to turn the call over to Benedetto.

話雖如此，我想把電話轉給貝內代托。

Thank you, Nicoletta. And good morning and afternoon, everyone.

謝謝你，尼可萊塔。大家早安，下午好。

'24 has been another remarkable year for Ferrari, full of milestones, unforgettable memories and the continued growth of our brand across each of its three souls: racing, sports cars, and lifestyle. Over the last year, we successfully continued to execute our business plan. We did significant progress in both the development of our infrastructure and our product offering.

'24 年對法拉利來說又是非凡的一年，充滿了里程碑、難忘的回憶以及我們品牌在賽車、跑車和生活方式三大靈魂方面的持續成長。在過去的一年裡，我們繼續成功地執行我們的商業計劃。我們在基礎設施開發和產品供應方面都取得了重大進展。

On infrastructure, the e-building, inaugurated last June, is up and running and we also accelerated the construction of the new paint shop for additional personalization. On product offering, we are fully in line with our business plan. We launched three models in 2024, our supercar F80 and the two 12Cilindri, Coupe, and Spider.

在基礎設施方面，去年六月落成的電子大樓已經投入運行，我們也加快了新噴漆車間的建設，以實現更多的個人化。在產品供應方面，我們完全符合我們的商業計劃。我們在 2024 年推出了三款車型，分別是超級跑車 F80 和兩款 12Cilindri、Coupe 和 Spider。

Our new supercar perfectly embodies our relentless will to progress and it showcases the significant technology transfer from our racing experience to our sports cars. Indeed, the F80 is equipped with our most powerful engine, a V6-hybrid powertrain, directly derived from the 499P that won in Le Mans for two consecutive years. The F80 will be produced in a limited series of 799 examples, already fully allocated to our collectors, and it represents the eighth model launched out of the 15 we promised to all of you at the 2022 Capital Markets Day but the F80 is not only the pinnacle of our innovation, it also represents a major advancement in our electrification journey. Now, we can claim that our battery modules, our electric axles, our inverters, and electric engines are developed and handcrafted in Maranello, as we told you a couple of years ago.

我們的新超級跑車完美地體現了我們不懈的進步意志，展示了我們從賽車經驗到跑車的重大技術轉移。確實，F80 配備了我們最強大的引擎——V6 混合動力系統，直接源自於連續兩年在勒芒奪冠的 499P。F80 將限量生產 799 輛，已全部分配給我們的收藏家，它是我們在 2022 年資本市場日向大家承諾的 15 款車型中推出的第八款車型，但 F80 不僅是我們創新的巔峰，它還代表了我們電氣化之旅的重大進步。現在，我們可以聲稱我們的電池模組、電動軸、逆變器和電動引擎都是在馬拉內羅開發和手工製作的，就像我們幾年前告訴過您的那樣。

The internalization of this knowhow represents a big step forward. All of this is done in our new e-building, a state-of-the-art infrastructure that grants us further production flexibility. And flexibility is more crucial than ever in today’s current context and is made even more achievable, thanks to the strong relations we have with our suppliers.

這些知識的內化代表著向前邁出的一大步。所有這些都是在我們的新電子大樓中完成的，這是一座最先進的基礎設施，為我們提供了進一步的生產靈活性。在當今的環境下，靈活性比以往任何時候都更加重要，而且由於我們與供應商之間建立了牢固的關係，靈活性變得更加容易實現。

2024 has seen excellent financial results, with record full year figures across all metrics.

2024 年的財務表現十分出色，各項指標皆創下全年新高。

Revenues, revenues at approximately EUR6.7 billion, with double-digit growth versus the previous year. Double-digit growth also in profitability, supported by an extraordinary demand for personalizations and favorable product mix, with a net profit reaching EUR1.5 billion. And then industrial free cash flow, industrial free cash flow generation surpassing the EUR1 billion threshold for the first time.

收入，收入約 67 億歐元，較上年實現兩位數成長。獲利能力也實現了兩位數成長，得益於對個人化的巨大需求和良好的產品組合，淨利潤達到 15 億歐元。然後是工業自由現金流，工業自由現金流產生首次超過10億歐元的門檻。

Everything I have mentioned so far, including the record financial results, has been made possible, thanks to the passion, the dedication of all my colleagues, the loyalty of our clients, and the steadfast support from our partners. Grazie, to all.

我到目前為止提到的一切，包括創紀錄的財務業績，都是憑藉全體同事的熱情和奉獻精神、客戶的忠誠以及合作夥伴的堅定支持才得以實現的。謝謝大家。

The strength of our business is also confirmed by the order book on current models, which has evolved as expected and covers the entire 2026, with the 12Cilindri Coupe and Spider guiding the order intake. Residual values remain sound, with different dynamics throughout the regions and models. Clearly, we are closely monitoring their trends, and in this respect, on one side we continue with a wise allocation strategy, and on the other side, we continue to devise even more exclusive Ferrari experiences to further engage our clients.

目前車型的訂單量也證實了我們業務的實力，訂單量按預期發展並涵蓋整個 2026 年，其中 12Cilindri Coupe 和 Spider 引領訂單量。殘值保持穩健，但不同地區和模型的動態不同。顯然，我們正在密切關注他們的趨勢，在這方面，一方面我們繼續實施明智的分配策略，另一方面，我們繼續設計更多獨特的法拉利體驗，以進一步吸引我們的客戶。

These experiences span from racing days, to test drives, from regional premieres to exclusive driving events. This year, we also brought together our three souls: racing, sports cars, and lifestyle in a series of unforgettable events in Miami, during the Grand Prix. Why all of this? Because owning a Ferrari is much more than just owning a car. It is about being part of an exclusive community united by a shared passion.

這些體驗涵蓋賽車日、試駕、地區首演到獨家駕駛活動。今年，我們還在大獎賽期間在邁阿密舉辦了一系列令人難忘的活動，將賽車、跑車和生活方式這三大靈魂融合在一起。為什麼會發生這一切？因為擁有一輛法拉利不只是擁有一輛汽車。它是關於成為一個因共同的熱情而團結在一起的獨特社區的一部分。

The loyalty of our clients is testified, once again, by a few interesting data. In 2024, we sold approximately 81% of our new cars to existing Ferrari clients and 48% to clients who currently own more than one Ferrari. The passion is also shared by our wider community, and is testified by museums' visitors which hit a new

一些有趣的數據再次證明了我們客戶的忠誠度。2024 年，我們向現有法拉利客戶銷售了約 81% 的新車，向目前擁有多輛法拉利的客戶銷售了 48% 的新車。這種熱情也得到了我們更廣泛的社區的認同，博物館的參觀者也證實了這一點，這給

record in 2024: more than 850,000 visitors coming in Maranello and Modena in our museums.

2024 年的記錄：超過 85 萬名遊客來到馬拉內羅和摩德納參觀我們的博物館。

And now, let us move forward. What to expect for this year, for 2025?

現在，讓我們繼續前進。對今年和 2025 年有何期待？

In racing, we aim to compete at the top in both Formula 1 and Endurance championships, with a reinforced team and a clear goal: winning. In sports cars, we will further enrich our product offering with six new model launches. Do not ask me anything about the elettrica, the Ferrari model that we will announce in a unique, innovative way, and this will happen in Q4. And throughout the year, we will continue to enhance our client experiences and accelerate the development of our paint shop. And in lifestyle, 2025 will be a year of progress, with an array of activities designed to build scale and expand our visibility.

在賽車運動方面，我們的目標是憑藉更強大的團隊和一個明確的目標，在 F1 和耐力賽中爭奪冠軍。在跑車方面，我們將推出六款新車型，進一步豐富我們的產品線。不要問我任何有關 elettrica 的問題，我們將以獨特、創新的方式發布這款法拉利車型，而且這將在第四季度實現。全年我們將持續提升客戶體驗並加速噴漆車間的發展。在生活方式方面，2025 年將是進步的一年，我們將開展一系列活動來擴大規模和提高知名度。

All of this is an investment, with the ultimate goal being to continue to nurture and elevate our brand. Among our priorities, we will continue to focus on our carbon neutrality goal by 2030. Further progress were made in 2024 with the shutdown of our highly efficient trigeneration plant, several months ahead of our initial projection of last Capital Markets Day.

所有這些都是投資，最終目標是繼續培養和提升我們的品牌。我們的首要任務之一是繼續致力於實現 2030 年碳中和目標。2024 年，隨著高效三聯產電廠的關閉，我們取得了進一步的進展，比上次資本市場日的初步預測提前了幾個月。

Since September 2024, we are no longer burning methane gas for electricity production, and relying increasingly on renewable sources. Thus, in 2025, we expect to reduce by approximately a factor three our Scope 1 and Scope 2 emissions, compared to the 2021 base year. This, again, was made possible thanks to the commitment and dedication of all our colleagues, of all Ferrari people. And to reward their achievement, in line with the company's strong performance indicators, I am pleased to announce the yearly competitive award of up to approximately EUR14,400 for our employees as well as the confirmation of the global Equal Salary certification and the newly-achieved Italian certification on gender equality.

自 2024 年 9 月起，我們不再燃燒甲烷氣體來發電，而是越來越依賴再生能源。因此，與 2021 年基準年相比，我們預計 2025 年範圍 1 和範圍 2 的排放量將減少約三倍。這又要歸功於我們全體同事、全體法拉利人的承諾和奉獻。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每年高達約 14,400 歐元的競爭性獎金，以及全球同工同酬認證和新獲得的意大利性別平等認證。

We remain constantly looking forward. And before I leave the stage to Antonio, I would like to underline three things about this year. One, 2025 will be another step forward in the execution of our business plan, allowing us to look to the future with stronger confidence, since we are even better positioned compared to our initial trajectory. Two, we look ahead with a united, focused, and well-grounded team, ready to embrace the future with enthusiasm, and the exciting challenges that lie ahead of us. Three, 2025 will also be a great occasion to come together here in Maranello on October 9 for the launch of the Ferrari full-electric and to share with you what we envision for our future.

我們始終期待著。在將講台交給安東尼奧之前，我想強調今年的三件事。首先，2025年將是我們執行業務計畫的又一步，讓我們能夠更加自信地展望未來，因為與最初的軌跡相比，我們處於更有利的位置。二是，我們以團結、專注、紮實的團隊精神迎接未來，熱情地迎接即將到來的令人興奮的挑戰。第三，2025 年也將是一個偉大的時刻，10 月 9 日，我們齊聚馬拉內羅，共同發布法拉利全電動車，並與大家分享我們對未來的展望。

And now, I leave Antonio with the 2024 results and the guidance for this year.

現在，我向安東尼奧匯報 2024 年的業績和今年的指導。

Thank you.

謝謝。

Grazie, Benedetto. And good morning or afternoon to everyone joining us today.

謝謝，貝內代托。向今天參加我們會議的各位早安、下午好。

I start on page eight with a quick overview of the highlights of the full year.

我從第八頁開始快速概述全年的亮點。

2024 has been a very strong year with all metrics exceeding our expectations and reaching remarkable results. I stand with Benedetto in congratulating the team on their outstanding performance and exceptional work.

2024 年是強勁的一年，所有指標均超出我們的預期並取得了令人矚目的成績。我與貝內代託一起祝賀團隊的出色表現和卓越工作。

Revenues and profitability grew double-digit and this with shipments only slightly higher than last year. Product mix and personalizations continued to strengthen. This was combined with a favorable country mix, and resulted in an EBITDA margin of 38.3%, despite continued inflationary pressure, higher racing expenses, and brand investments.

營收和獲利均實現兩位數成長，且出貨量僅略高於去年。產品結構和個人化不斷加強。再加上有利的國家組合，儘管通膨壓力持續存在、賽事費用增加以及品牌投資增加，但 EBITDA 利潤率仍達到 38.3%。

Further leverage on the D&A, in line with the phase out of several models, enabled us to expand the EBIT margin to 28.3%. Let me also highlight the net profit, that reached EUR1.5 billion and corresponded to a diluted EPS of EUR8.46, up 22.6% versus the prior year. Such an improvement encompassed nil financial charges and a tax rate of 19.2%, supported by the temporary coexistence of two Patent Box regimes.

隨著幾款車型的逐步淘汰，我們進一步利用 D&A，將息稅前利潤率擴大至 28.3%。我還要強調的是，淨利潤達到了 15 億歐元，相當於每股收益 8.46 歐元，比上年增長 22.6%。這種改善包括零財務費用和 19.2% 的稅率，並得到兩種專利盒制度暫時共存的支持。

The Industrial free cash flow generation was very strong and above EUR1 billion for the first time. This achievement is even more remarkable if we consider that in 2024 our capital expenditures peaked at around EUR990 million.

工業自由現金流產生非常強勁，首次超過10億歐元。如果我們考慮到 2024 年我們的資本支出將達到約 9.9 億歐元的峰值，這項成就就更加令人矚目。

On page nine, we analyze our shipments for 2024, which increased by 89 units. We had significant changes in our product portfolio throughout the year. The shipments of the Purosangue, Roma Spider, and 296 GTS grew compared to the prior year as well as those of the Daytona SP3. We commenced deliveries of the SF90 XX family and the 12Cilindri, in line with our plans.

第九頁，我們分析了 2024 年的出貨量，增加了 89 台。我們的產品組合全年發生了重大變化。Purosangue、Roma Spider、296 GTS 的出貨量與去年同期相比都有所增長，Daytona SP3 的出貨量也有所增長。我們按照計劃開始交付 SF90 XX 系列和 12Cilindri。

On the other side, five models phased out: Portofino M, SF90 Stradale, 812 GTS, 812 Competizione and Roma. The hybrid share reached 51%, in line with product plans and was mainly driven by the 296 GTS. As customary, the geographic breakdown reflects the different product cycles as well as the company's allocation strategy, adopted to preserve the brand’s exclusivity. As a result, EMEA and Americas were up versus the prior year, representing close to 75% of our total shipments. Rest of APAC was almost flat at 17%, and Mainland China, Hong Kong and Taiwan reduced their share to 9% in line with our long-term ambition for this region.

另一方面，五款車型退出市場：Portofino M、SF90 Stradale、812 GTS、812 Competizione 和 Roma。混合動力份額達到 51%，符合產品計劃，主要由 296 GTS 推動。按照慣例，地理分佈反映了不同的產品週期以及公司為保持品牌的獨特性而採取的分配策略。因此，歐洲、中東和非洲地區以及美洲地區的出貨量較上年上升，占我們總出貨量的近 75%。亞太地區其他地區的份額幾乎持平於 17%，而中國大陸、香港和台灣的份額則降至 9%，這符合我們對該地區的長期目標。

On page 10, you can see the net revenues bridge, which shows a 13.4% growth versus the prior year at constant currency. The increase in cars and spare parts was driven by the richer product and country mix, as well as higher personalizations. Personalizations continued to strengthen and exceeded once again our expectations, reaching approximately 20% of total revenues from cars and spare parts, mainly supported by the Purosangue and the Daytona SP3.

在第 10 頁，您可以看到淨收入橋，以固定匯率計算，與前一年相比成長了 13.4%。汽車和零件銷量的成長得益於產品和國家組合更加豐富以及個性化程度更高。個人化繼續加強並再次超越我們的預期，達到汽車和零配件總收入的約 20%，主要受到 Purosangue 和 Daytona SP3 的支持。

Sponsorship, commercial, and brand increased thanks to the new sponsorships for our racing activities, among which HP as the new title sponsor of Scuderia Ferrari, as well as higher contribution from lifestyle activities. Currency, net of hedges in place, had a negative net impact in the year.

由於我們賽車活動獲得了新的贊助商，包括 HP 成為法拉利車隊的新冠名贊助商，以及生活方式活動的貢獻增加，贊助、商業和品牌收入均有所增加。扣除現有的避險後，貨幣在本年度產生了負面淨影響。

Moving to page 11, the change in adjusted EBIT is explained by the following variances:

轉到第 11 頁，調整後息稅前利潤的變化由以下差異解釋：

Mix and price strongly positive thanks to the enriched product mix, sustained by the deliveries of the Daytona and the 13 units of the 499P Modificata, the increased contribution from personalizations, and a positive country mix, supported by the Americas. Higher Industrial and R&D expenses, largely driven by racing and innovation activities, and then SG&A increase, reflecting the continuous initiatives in software and digital infrastructure, organizational development, as well as brand investments.

由於產品組合豐富，加上 Daytona 和 13 輛 499P Modificata 的交付、個性化定制貢獻的增加，以及由美洲支持的積極的國家組合，產品組合和價格呈現強勁積極態勢。工業和研發費用增加，主要受到賽車和創新活動的推動，然後是銷售、一般及行政費用的增加，反映了軟體和數位基礎設施、組織發展以及品牌投資的持續舉措。

Other was strongly positive, thanks to new sponsorships and lifestyle activities, partially offset by higher costs due to the better 2024 Formula 1 season ranking. Lastly, even in this case, we had a negative net impact from currency. The EBITDA margin was 38.3%, while the EBIT margin reached 28.3% and benefited from the already mentioned flattish D&A.

其他方面則表現強勁，得益於新的贊助和生活方式活動，但 2024 年一級方程式賽季排名提升導致的成本上升部分抵消了這一影響。最後，即使在這種情況下，我們也受到了貨幣的負面淨影響。EBITDA 利潤率為 38.3%，而 EBIT 利潤率達到 28.3%，並受益於前面提到的平穩的 D&A。

Turning to page 12, our industrial free cash flow generation for the year was EUR1.027 billion. The tailwind from the strong increase in profitability was partially offset by a negative contribution from net working capital, provisions and other, albeit improved versus 2023, primarily driven by an increase in inventory value, mainly due to our enriched product mix, and higher trade receivables; higher tax payment; and capital expenditures of EUR989 million, a peak within the current business plan, in line with the advancements in product development and the accelerated spending on the new paint shop.

翻到第 12 頁，我們今年的工業自由現金流產生量為 10.27 億歐元。獲利能力強勁成長帶來的順風部分被淨營運資本、撥備和其他方面的負面貢獻所抵消，儘管與 2023 年相比有所改善，這主要是由於庫存價值增加所致，這主要歸功於我們豐富的產品組合和更高的貿易應收款；更高的納稅額；資本支出為9.89億歐元，為目前業務計畫中的最高水平，與產品開發的進步和新噴漆車間的加速支出一致。

I would like to highlight that an amount of more than EUR1 billion, very close to the Industrial free cash flow generation, was also returned to our shareholders through a combination of dividends and share repurchases throughout the year.

我想強調的是，我們全年也透過股利和股票回購等方式向股東返還了超過10億歐元的資金，非常接近工業自由現金流的產生。

Finally, the net industrial debt was EUR180 million at the end of December 2024.

最後，截至2024年12月底，工業淨債務為1.8億歐元。

Let us move to page 13, where we present our targets as well as the drivers for 2025. Please note that these targets set the floor we aim to achieve. On sports cars, product and country mix will continue to be positive, improving from an already rich 2024 baseline. While the contribution of the Daytona is expected to gradually decrease over the year, the mix will be supported by special series and range models along with a few initial deliveries of the F80 towards its end.

讓我們翻到第 13 頁，我們在這裡介紹我們的目標以及 2025 年的驅動力。請注意，這些目標設定了我們要達到的底線。就跑車而言，產品和國家組合將繼續保持積極勢頭，在已經豐富的 2024 年基準的基礎上進一步提升。雖然 Daytona 的銷售貢獻預計將在今年內逐漸減少，但特殊系列和系列車型以及 F80 在年底的少量初始交付將為該系列的銷量貢獻提供支持。

Personalizations are expected to grow in absolute terms, though stable around 20% of cars and spare parts revenues. Racing revenues from sponsors and the commercial rights-holder are expected to grow, thanks to the new sponsorships already signed, the full contribution of title partner HP and the better ranking achieved in Formula 1 in 2024 compared to 2023.

個人化客製化預計絕對值會成長，但汽車和零配件收入仍穩定在 20% 左右。由於簽署的新贊助、冠名合作夥伴 HP 的全力貢獻以及 2024 年一級方程式賽車排名較 2023 年有所提高，來自贊助商和商業權利持有者的賽車收入預計將增長。

The lifestyle activities will continue to increase their support to the top line, accelerating their growth rate, while investing a larger share of resources to speed up the pace of development and the expansion of the retail network. Continuous brand investments, higher racing and digital transformation expenses as well as higher costs implied by the ongoing supply chain challenges, allow us to develop our activities, resulting in a gradual progression of our percentage margins.

生活方式活動將繼續增加對營收的支持，加速其成長率，同時投入更大份額的資源，並加快發展速度和零售網路的擴張。持續的品牌投資、更高的賽事和數位轉型費用以及持續的供應鏈挑戰所帶來的更高成本，使我們能夠開展業務，從而使我們的利潤率逐步提高。

Given the above, the first half of 2025 is expected to be stronger than the second half, in line with the development of the product mix. As to the bottom line, we estimate the effective tax rate to be higher, at around 22.5%, as we keep on benefitting from the new Patent Box regime, while the previous one has come to an end.

有鑑於上述情況，預計 2025 年上半年的表現將強於下半年，與產品結構的發展一致。至於底線，我們估計有效稅率將更高，約為 22.5%，因為我們繼續受益於新的專利盒制度，而先前的製度已經結束。

The Industrial free cash flow generation will be sustained by our profitability, partially offset by a still negative change in working capital, with new deposits from clients, partly offset by the reversal of previous years' advances; tax payments, proportional to the development of our income; and CapEx of approximately EUR900 million, substantially lower than last year.

工業自由現金流的產生將由我們的獲利能力維持，部分被營運資本的仍然為負的變化所抵消，來自客戶的新存款，部分被前幾年預付款的逆轉所抵消；納稅與我們的收入發展成正比；資本支出約9億歐元，大幅低於去年。

The underlying assumption on the US dollar exchange rate is that it will fluctuate around [1.05], that would be rather neutral compared to 2024, including hedges. And please note that what I have just mentioned relies on the assumption that applicable customs duties stay unchanged.

對美元匯率的基本假設是，它將在 [1.05] 左右波動，與 2024 年相比，這將相當中性，包括對沖。請注意，我剛才提到的是基於適用關稅保持不變的假設。

To sum up, today’s very strong set of results mark another significant step in our growth trajectory, which we aim at continuing in 2025. Despite the ongoing uncertainty in the global scenario, our unique business model gives us strong visibility, flexibility, and confidence in our future, and we look forward to sharing our long-term vision and strategy at our Capital Markets Day on October 9.

總而言之，今天非常強勁的業績標誌著我們的成長軌跡又邁出了重要一步，我們的目標是在 2025 年繼續保持這一成長軌跡。儘管全球局勢仍存在不確定性，但我們獨特的商業模式為我們提供了強大的可見度、靈活性和對未來的信心，我們期待在 10 月 9 日的資本市場日分享我們的長期願景和策略。

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

感謝您的關注，現在我將電話轉給 Nicoletta。

Thank you, Antonio. We are now ready to start 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) Susy Tibaldi, UBS.

(操作員指示) Susy Tibaldi，瑞銀。

I have two. The first one, regarding your model rollout, six new models in 2025. So you are anticipating your guidance by one year. Is that purely on the financial side or also operationally? Because if you add six models, you get to 14, and you were going to launch 15 by 2026, so it would imply only one in 2026. So a clarification on that.

我有兩個。第一個問題，關於你們推出的車型，2025 年將推出六款新車型。因此，您預計您的指導將持續一年。這純粹是財務方面的問題還是也包括營運方面的問題？因為如果你增加 6 種型號，你就會有 14 種，而你原本要在 2026 年推出 15 種，所以這意味著 2026 年只會推出一種。對此我做些澄清。

Linked to that, do you have any concern that maybe you are launching too many in one year because is it not confusing maybe for the customer if we suddenly get so many new models, in terms of positioning? And is your focus then in 2026 on reaching new customers again, or still to focus on existing customers? That will be the first question.

與此相關，您是否擔心一年內推出的產品數量過多，因為從定位上講，如果我們突然推出這麼多新車型，客戶是否會感到困惑？那麼，2026 年您的重點是再次吸引新客戶，還是仍然專注於現有客戶？這是第一個問題。

Then the second question. Can you explain how exactly your mix flows through to your P&L? The reason I am asking is that in 2023, we saw obviously a big jump in your EBITDA margin, helped by the very strong mix. But arguably, in 2024, your mix was almost equally as good, but the profitability improvement was significantly smaller. Can you give us some clarity on what are really the key drivers of your margin expansion that we should focus on going forward? Thanks.

那麼第二個問題。可以解釋一下你的產品組合究竟如何影響你的損益表嗎？我之所以問這個問題，是因為在 2023 年，我們明顯看到你們的 EBITDA 利潤率出現了大幅成長，這得益於非常強勁的產品組合。但可以說，到 2024 年，您的組合幾乎一樣好，但獲利能力的改善卻明顯較小。您能否向我們解釋一下，我們未來應該重點關注的利潤率擴大的關鍵驅動因素是什麼？謝謝。

Okay. Susy, thank you. I take the first one, and then Antonio will go through the mix.

好的。蘇西，謝謝你。我選擇第一個，然後安東尼奧會進行混合。

Number one, we are always pushing for new clients, okay? This is true either for, let’s say, thermal cars, ICE, or for hybrid cars. You may notice that in 2024 is the first year, if you want, where 51% of our cars were hybrid. So we are taking care of the collectors, of the repeaters, but also the new clients.

第一，我們一直在努力爭取新客戶，好嗎？這對於熱能汽車、內燃機汽車或混合動力汽車來說都是正確的。如果你願意的話，你可能會注意到，2024 年是第一年，屆時我們的 51% 的汽車都是混合動力車。因此，我們不僅要照顧收藏者、中繼器，還要照顧新客戶。

The second, the doubt that you had about too many models and confusion. Well, we are talking about different kind of cars. There are cars that are special versions that are limited. You may remember that we are doing two kinds of car. One more for pilots, okay, and one for sports car drivers. So they are clearly positioned according to different kind of clients we have.

第二，你對模型太多，造成混亂的疑慮。好吧，我們正在談論不同類型的汽車。有些車是限量的特殊版本。您可能還記得，我們​​正在生產兩種汽車。再有一個是給飛行員的，好的，還有一個是給跑車司機的。因此，我們根據不同類型的客戶對它們進行了明確的定位。

Consider that since the beginning, we said we are pursuing a strategic -- a horizontal strategy in terms of, let me say, model we propose. We do not want to do a few models with a lot of volumes because we believe this is a little bit against the desirability and it is not compliant, if you want, with our strategy to become and to be always more and more a luxury brand. So we said 15, you did well the math, we will reach 14. There is something else left for next year. Next year, we will update what we are planning to do for the end of the decade in October. We are talking about new clients, existing clients. So this is the picture.

想想看，從一開始，我們就說我們正在推行一項戰略——就我們提出的模型而言，一項橫向戰略。我們不想生產數量眾多的少數車型，因為我們認為這有點違背願望，而且也不符合我們成為並不斷成為奢侈品牌的策略。所以我們說 15，你算賬，我們會達到 14。還有一些事情留到明年再做。明年十月，我們將更新我們為本世紀末所製定的計劃。我們正在談論新客戶和現有客戶。這就是圖片。

For the mix, I would like Antonio.

就混合而言，我喜歡安東尼奧。

Hi Susy. When we speak about the mix, we are referring to: product mix, including the special series and the strictly limited cars in volume, meaning the Icona for the time being and next the F80, the supercar; then the country mix; and finally, the contribution of personalizations and pricing overall.

你好，Susy。當我們談論產品組合時，我們指的是：產品組合，包括特殊系列和數量嚴格限制的汽車，暫時指的是 Icona 和接下來的超級跑車 F80；然後是鄉村音樂混合曲；最後，個人化和整體定價的貢獻。

So what we have been going through in the last couple of years has been an increasing contribution by all of these categories. As far as product mix is concerned, clearly, we reached a new baseline this year with the full deployment of the deliveries of the Daytona throughout the entire year, which in 2025 is not as strong as in 2024 because the Daytona will come to its end by the end of the third quarter.

因此，過去幾年我們經歷的是所有這些類別的貢獻都在增加。就產品結構而言，顯然，我們今年達到了一個新的基線，全年全面部署了Daytona的交付，但2025年的表現不如2024年強勁，因為Daytona將在第三季末停產。

Then the country mix is also relevant since we have flagged a number of times now that not all the countries are adding the same in terms of contribution margin. In this respect, the fact that we are moving the majority of our deliveries to North America and Europe helps compared to the previous situation, where China was more relevant.

那麼國家組合也是相關的，因為我們已經多次標記過，並非所有國家在貢獻毛利方面都增加相同。在這方面，與之前中國更重要的情況相比，我們將大部分貨物運送到北美和歐洲是有幫助的。

The third one is pricing. Pricing has been particularly visible in 2023. In 2024, to a lesser extent, since it has been mostly offset by the increase in costs that we have been registering. And in 2025, it will be very, very limited and mostly related to some models in some specific countries or some components of our revenues related to the cars, but not entirely affecting the model price.

第三個是定價。2023 年的定價尤為明顯。2024 年，程度較小，因為它大部分已被我們記錄的成本增加所抵消。而到2025年，這個影響會非常非常有限，主要跟某些特定國家的某些車型，或是跟汽車相關的部分收入有關，但不會完全影響車型價格。

Finally, personalizations. Personalizations has been the real big new contributor to our P&L. It has been going through a progressive increase in weight from 18% before 2022 to 19% and 19.5% in 2023, '24, and now 20%. So that is the real element of news that has been surprising us positively throughout these years, and we expect this to continue in 2025, as I mentioned before.

最後，個性化。個人化已經成為我們損益表的真正巨大新貢獻者。其權重一直在逐步增加，從2022年之前的18%增加到2023年、2024年的19%和19.5%，現在為20%。所以，這就是這些年來真正令我們感到驚訝的新聞，正如我之前提到的，我們預計這種情況將在 2025 年繼續下去。

Does it help?

這樣有幫助嗎？

Yes, it does. I guess a lot of these factors that you mentioned on the positive side as tailwinds, they were there in 2024, right, as well as 2023, just the magnitude of the profitability improvement in 2023 versus 2024 was very different. But I suppose that you answered that by mentioning the cost inflation, the underlying inflation, which was not offset by pricing (multiple speakers) to some extent in 2024.

是的。我想，您提到的許多正面因素，例如順風因素，在 2024 年也存在，在 2023 年也存在，只是 2023 年和 2024 年獲利能力改善的幅度非常不同。但我想你的回答是提到成本通膨，即潛在通膨，這在 2024 年在一定程度上沒有被定價 (多位發言者) 所抵消。

Yeah. Correct.

是的。正確的。

Stephen Reitman, Bernstein.

史蒂芬‧雷特曼，伯恩斯坦。

I had a question on pricing first. I took note of your comments that pricing will not have a significant impact in 2025 apart from the specific models. One model I want to focus on is the Purosangue. I understand that is actually having some quite significant price increases from the beginning of 2025. Could you confirm that?

我首先對定價有一個疑問。我注意到您的評論，除了特定型號外，定價不會在 2025 年產生重大影響。我想要重點關注的一個模型是 Purosangue。我知道從 2025 年初開始價格實際上會出現相當大幅的上漲。你能否證實這一點？

Secondly, could you talk about also the 12Cilindri in terms of how you are seeing the customer profile on that vehicle? Is it attracting new customers or is it actually going a lot again to your collectors and people who have more than one Ferrari already?

其次，您能否談談 12Cilindri，談談您如何看待該車型的客戶資料？它是否吸引了新客戶，或者它實際上再次吸引了大量收藏家和已經擁有多輛法拉利的人？

Thank you, Stephen, for this question. One, the pricing, thanks, because you are right. January 1 of this year, there is a price increase on Purosangue. This was already planned. It was already communicated to you. When we said no pricing increase, we said no new price increase, but the price increase of Purosangue is planned and is there. So I appreciate it.

謝謝史蒂芬提出這個問題。首先，定價，謝謝，因為你是對的。今年1月1日起，Purosangue的價格上漲。這已經是計劃好了。已經傳達給您了。當我們說不漲價時，我們是說不會再漲價，但 Purosangue 的價格上漲是計劃好的，而且確實會上漲。我很感激。

When it comes to the 12Cilindri, well, we are having good traction on Coupe and Spiders. I would say today that the order intake is more or less 50/50 on the two models. And there is also a strong trend from new clients, prospect and mono-buyers. I would say that 45% -- 40, 45 years is the average age of the new clients. How many are new clients percentage-wise? We are talking around something in the range of 20%. So that is very interesting. Also, I want to share with you the age, that is pretty interesting because we see, and I have in mind several of them, young people as well as new clients that are particularly interested in the 12Cilindri.

說到 12Cilindri，我們在 Coupe 和 Spiders 上表現良好。我今天要說的是，這兩種型號的訂單量大致上是各佔一半。新客戶、潛在客戶和單一購買者也呈現強勁的趨勢。我想說 45%——40、45 歲是新客戶的平均年齡。以百分比計算，新客戶有多少？我們討論的是 20% 左右的數值。這非常有趣。此外，我想與大家分享年齡問題，這非常有趣，因為我們看到，我想到其中的幾個，年輕人以及對 12Cilindri 特別感興趣的新客戶。

If I could also ask you just have you got any updates on the warranty program you have been offering on the battery that you told us about last year, particularly in terms of guaranteeing the longevity or the usefulness of the battery in the plug-in hybrids? And obviously, you will do something similar on the BEV.

我還想問一下，您是否對去年提到的電池保固計畫有任何更新，特別是在保證插電式混合動力汽車電池的壽命或實用性方面？顯然，您會在 BEV 上做類似的事情。

Another interesting question, Stephen. Yes, we launched this warranty basically in September. In the last four months, we see around 350 people that are buying our additional insurance for a peace of mind. We have different kind of -- consider for everyone that this is a warranty that is touching only the hybrid cars because we are talking about high-voltage battery.

另一個有趣的問題，史蒂芬。是的，我們基本上在九月推出了這項保固。在過去的四個月中，我們看到大約有 350 人購買了我們的附加保險，以獲得安心。我們有不同類型的——考慮到每個人都認為這是一種僅涉及混合動力汽車的保修，因為我們談論的是高壓電池。

So we are talking about, as I said, 350 contracts signed more or less in four months. The reason why they like it is because this is providing them a peace of mind because there is no problem, let me say, in the expiration date of the chemistry of the [sale] of the battery cells. So it is having good traction, and we will keep monitoring it.

正如我所說，我們談論的是四個月內簽署的大約 350 份合約。他們之所以喜歡它，是因為它讓他們安心，因為電池單元的化學成分在銷售中的有效期沒有任何問題。因此它具有良好的發展勢頭，我們將繼續關注它。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂 (Michael Binetti)，Evercore ISI。

Congrats on a great end to the year. I'll have my congrats there.

祝賀這一年圓滿結束。我將在那裡向你表示祝賀。

Just a quick one. Would you mind telling us how many Daytonas shipped in the fourth quarter? I wanted to ask you about the shape of that a little bit.

只需快速操作即可。能告訴我們第四季 Daytona 的出貨量嗎？我想問您一些關於它的形狀的問題。

Antonio, (multiple speakers) can you take it?

安東尼奧，（多位發言者）你能接受嗎？

Just a second.

請稍等。

Well, in the meantime, if you may ask something else, I am going to retrieve the information.

好吧，與此同時，如果您想問其他問題，我會檢索資訊。

I mean if we assume the Daytonas were (multiple speakers)--

我的意思是如果我們假設 Daytonas（多位發言者）——

Sorry. The number of Daytona is 46. One every (multiple speakers) --

對不起。Daytona 的編號是46。每（多位發言者）——

So 46, I think, if we exclude the Daytonas, probably the rest of the fleet, the ASP or the car revenues per unit were probably up low double digits, maybe 10%. I was interested in your comment, Antonio, that the first half will be stronger than the second half. I think that is a little bit counterintuitive to how we were thinking about it. It seems like the ASPs on the rest of the fleet besides Daytonas were up pretty strongly. Is that something we should continue -- we should expect to continue in the first half, and that is what is driving your comment that first half will be higher?

所以我認為，如果我們排除 Daytona，其餘車型的平均售價或每輛車的收入可能會上漲 46%，可能為 10%。安東尼奧，我對你的評論很感興趣，你說上半場會比下半場更強大。我認為這與我們的想法有點違反直覺。看起來，除 Daytona 以外，其餘車隊的平均售價都上漲得相當強勁。我們應該繼續這樣的發展嗎－我們應該預期在上半年繼續這樣的發展，這也是您說上半年會更高的原因嗎？

Then, I guess, separately, is there any way you could contextualize how many F80s you will ship in the fourth quarter here? I know it is the first quarter, and you will be ramping up, but it seems like when you say the first half is stronger in the second half, it will be very few F80s in the fourth quarter. Is that the right way to think about it?

那麼，我想，另外，您是否能具體說明一下第四季度您將出貨多少輛 F80 呢？我知道這是第一季度，你們將會加大力度，但當你說上半年比下半年更強勁時，似乎第四季的 F80 就會很少。這是正確的思考方式嗎？

Listen, I would model it this way. You should assume that the Daytona is slightly lower every single quarter from Q1 to Q3. They are going to be down to nil in Q4. Then the swap between the SF90 XX, Coupe, and Spider, with the 812 Competizione is going to grow -- is going to be positive and provide an accretion from Q3 onwards, but not offsetting the negative from losing the Daytona. The F80 is kicking in, in the last quarter, but just a few units. That explains widely the strength of the first half compared to the second.

聽著，我會這樣建模。您應該假設 Daytona 的價格從第一季到第三季每季都會略有下降。到第四季度，這一數字將會降至零。然後，SF90 XX、Coupe 和 Spider 與 812 Competizione 之間的交換將會增加——將是積極的，並從 Q3 開始提供增量，但無法抵消失去 Daytona 帶來的負面影響。在最後一個季度，F80 開始發揮作用，但只有少數幾台。這充分解釋了為什麼上半年的表現比下半年更強勁。

Okay. Then if I could just follow up, Benedetto. As you see concerns about residual values of hybrids around the world across brands dropping a little bit as you guys are on the eve of launching your first EV, does that change your view of what the Ferrari full electric customer will value the most as you are seeing differences in how consumers more broadly think about those cars going forward?

好的。那我可以跟進一下嗎，貝內代托。在你們即將推出首款電動車之際，您發現全球各品牌對混合動力車殘值的擔憂都有所下降，這是否會改變您對法拉利全電動客戶最重視什麼的看法，因為您看到消費者對未來這些汽車的看法存在差異？

Thank you for the question, Mike. I think that I would like to say in this way. There are electric cars and electric cars. I think that we -- since the beginning, let us say, when we announced our strategy in June 2022, we had clear in mind that when you use a new technology, you have to make it in a unique way. And that is what we are doing. We are looking at all the dimensions, as we said at that time.

謝謝你的提問，麥克。我想我想這樣說。有電動車，也有電動車。我認為，從一開始，比如說，當我們在 2022 年 6 月宣布我們的策略時，我們就清楚地認識到，當你使用一項新技術時，你必須以獨特的方式去做。這正是我們正在做的事情。正如我們當時所說的，我們正在考慮所有方面。

I do not want to comment on the reason why other electric cars may be accepted or not. What I can tell you is that our electric car, as we said, will be unique in the sense that we are looking at the different dimensions, the style, the performance and the driving thrills. We are looking at all the dimensions that are below, that are sustaining the driving thrills.

我不想評論其他電動車可能被接受或不被接受的原因。我可以告訴你的是，正如我們所說，我們的電動車將是獨一無二的，因為我們會考慮不同的尺寸、風格、性能和駕駛樂趣。我們正在研究以下所有維持駕駛刺激的維度。

If you want to know more details, you have to come here to eat tortellini and to see the electric car in October.

如果想了解更多細節，一定要在十月來這裡吃義大利餃子、看電動車。

Monica Bosio, Intesa Sanpaolo.

莫妮卡·博西奧 (Monica Bosio)，Intesa Sanpaolo。

I have three questions. One is for Benedetto, it is on the order book in China. I remind that on the occasion of the third quarter, you said that the order book in China was at around five quarters. I am just wondering how is the situation now and if you are mulling to change a little bit the strategy also on the back of the tariff environment? In this context, I am also wondering if we can expect some acceleration in deliveries towards Americas in the very first part of the year?

我有三個問題。一個是貝內代托 (Benedetto)，已經在中國的訂單上了。我提醒一下，在第三季之際，您說中國的訂單量大約是五個季度。我只是想知道現在的情況如何，以及您是否正在考慮根據關稅環境稍微改變策略？在此背景下，我還想知道，我們是否可以預期今年上半年美洲地區的貨物交付量會有所加快？

Then the second question is on the residual values. That is something that has to do also with the seven-years warranty on the batteries. Can you give us just an update on the residual value trend on the hybrid models?

第二個問題是關於殘值。這也與電池的七年保固有關。您能否向我們介紹一下混合動力車型的殘值趨勢？

The third question is on the R&D for the current year, if you can share with us some indication, Antonio?

第三個問題是關於今年的研發，安東尼奧，您能與我們分享一些跡象嗎？

Thank you, Monica. One, order book in China. You remember well, we said five quarters, and we state today five quarters. And we do not intend to do any acceleration of sales through US or wherever, because of duties or what. So we go ahead with our plans without an acceleration.

謝謝你，莫妮卡。一、中國境內訂單。你們記得很清楚，我們說過是五個季度，今天我們也說是五個季度。而且，我們不打算因為關稅或其他原因而透過美國或其他地區加速銷售。因此，我們繼續執行計劃，且不加速。

Two, residual values. Residual values, there is -- the trend of residual values is different for different regions and different models. What we are doing is that where there are some countries, like UK, for example, where we are limiting the shipment of the cars and where we see that the warranty that Stephen was asking about is being used. This is the first two questions. For R&D?

二、殘值。殘值，不同地區、不同車型的殘值趨勢不同。我們的做法是，在某些國家，例如英國，我們正在限制汽車的運輸，我們發現史蒂芬所詢問的保固正在被使用。這是前兩個問題。用於研發？

On R&D, Monica, it is going to be around 8% of revenues, pretty much in line with 2024. So not a big change there.

莫妮卡，在研發方面，它將佔收入的 8% 左右，與 2024 年的水平基本一致。因此，變化不大。

Okay. Thank you very much. If I may, just a follow-up. It is just a housekeeping question.

好的。非常感謝。如果可以的話，我只是想跟進一下。這只是一個普通問題。

The first half will be stronger than the second half. The price mix will change between the first and the second part of the year. I can imagine that volumes will keep low-double-digit. Can I imagine a different trend in volumes between the first and the second part of the year or should be more or less as the previous year?

上半年將比下半年強勁。價格組合將會在上半年和下半年發生變化。我可以想像交易量將保持低兩位數。我能否想像今年上半年和下半年的交易量趨勢會有所不同，或者應該與前一年大致相同或略有不同？

(multiple speakers)

（多位發言者）

Thank you, Monica. Pretty much equally distributed in terms of volume. In terms of the main drivers for H1 being stronger than H2, I just mentioned. So I do not think there is any anything significant to flag.

謝謝你，莫妮卡。從體積上看，分佈基本上均勻。關於H1強於H2的主要驅動因素，我剛才提到了。因此我認為沒有什麼重要的事情需要標記。

Anthony Dick, ODDO BHF.

安東尼·迪克（Anthony Dick），ODDO BHF。

A couple on my side. The first is on the D&A. Your guidance seems to suggest that D&A will be lower in 2025 versus 2024. Could you maybe confirm this or not and explain the reasons behind that? I think you mentioned some model phase-outs having an impact on D&A. So just wondering if that was also expected this year.

我這邊有一對夫婦。第一個是關於 D&A。您的指導似乎表明 2025 年的 D&A 將低於 2024 年。您能否確認這一點並解釋背後的原因？我認為您提到一些模型淘汰對 D&A 產生了影響。我只是想知道今年是否也會出現這種情況。

And then my second question is on the F80. You mentioned in the presentation that it has been fully allocated, but there have also been various reports saying that there has been some cancellations from clients on the cars. And maybe could you address that question, confirm whether or not there have been some cancellations and just whether you have been able to replace these cancellations and maybe where the order book stands for the F80?

我的第二個問題是關於 F80 的。您在演示中提到車輛已經全部分配，但也有各種報告說，有些客戶取消了車輛預訂。也許您能回答一下這個問題，確認是否有一些訂單取消，以及您是否能夠替換這些取消的訂單，以及 F80 的訂單情況如何？

Thank you, Anthony. I take the second one. The D&A, Antonio will guide you. Thanks also for this question. Another interesting one, because it is also true that on internet, you may read whatever you want. We rely on the contract that our clients are signing. And also, if you want, allow me to say that there are more people than the 799 cars that we are aiming to do.

謝謝你，安東尼。我選第二個。D&A 的 Antonio 將指導您。也感謝您提出這個問題。另一個有趣的例子是，在網路上你也可以閱讀任何你想讀的內容。我們依賴客戶簽署的合約。另外，如果您願意的話，請允許我說，參加人數比我們計劃參加的 799 輛車還多。

Unfortunately, we cannot show you the contracts, but I think you have seen also, after a blog was popped up, when was it, mid-January? Because I remember I was on the phone with Nicoletta. There has been a correction and the blog itself has been correcting the news.

不幸的是，我們無法向您展示合同，但我想您也看到了，在博客出現之後，那是什麼時候，一月中旬？因為我記得我正和 Nicoletta 通電話。已經進行了更正，並且博客本身也在更正新聞。

You know what? What I can tell you is not to disclose, let us say, something that we cannot, I would like to tell you that the order intake on the supercar has been faster than the order intake on the two previous Iconas. So I would not -- it is not relevant this news, what you read on internet.

你知道嗎？我可以告訴你們的是，我們不能透露一些我們不能透露的事情，我想告訴你們，這款超級跑車的訂單量比之前兩款 Iconas 的訂單量要快。所以我不會——這與你在網路上看到的新聞無關。

The second one (multiple speakers)

第二個（多位發言者）

With respect to the D&A, I mentioned the fact that in 2024, the overall level of D&A was substantially flat, it moved a few millions. When we look at 2025, this is driven by the model phase-in, phase-out. We start having D&A from the start of production of the new models. So what is implicit in our guidance follows the fact that some of the models we currently have are going to be phased out and new ones will kick in. There is little else to comment, very honestly, in this. In addition, we have the impact of the new e-building that has started its production in the end of 2024, and this is it.

關於 D&A，我提到過這樣一個事實，即 2024 年，D&A 的總體水平基本上持平，變動了數百萬。當我們展望2025年時，這是由模型的逐步採用和逐步淘汰所驅動的。我們從新車型生產開始就開始進行 D&A。因此，我們的指導中隱含著這樣一個事實：我們目前擁有的一些模型將被逐步淘汰，而新的模型將開始生效。坦白說，對此沒有什麼好評論的。此外，我們還有新的電子建築的影響，該建築將於 2024 年底開始生產，就是這樣。

Okay. Thank you.

好的。謝謝。

Could you maybe just clarify what are your expectations for D&A in 2025?

您能否解釋一下您對 2025 年 D&A 的期望是什麼？

The difference between the -- EUR650 million.

兩者之間的差額為——6.5億歐元。

Henning Cosman, Barclays.

巴克萊銀行的亨寧‧科斯曼 (Henning Cosman)。

The first one is really on pricing power, ultimately. We have this very stubborn residual value debate. You are having these six launches in 2025. Could you just reassure us a bit about your expected ability to take these markups versus predecessor? The 12Cilindri was obviously quite successful in terms of how you priced it and I suppose how you anticipated the demand. I think it would be helpful if you could maybe reassure us a little bit that you think you will still be able to execute good pricing power as you are looking at six launches in 2025. Just looking for a bit of color there.

第一個問題最終還是關乎定價權。我們有一個非常頑固的剩餘價值爭論。你們將在 2025 年進行這六次發射。您能否向我們稍微保證一下，與前任相比，您預計有能力負擔這些加價？從您的定價以及您對需求的預測來看，12Cilindri 顯然是相當成功的。我認為如果您能向我們保證一下，您仍然能夠行使良好的定價權，因為您計劃在 2025 年推出六款產品，這將會很有幫助。只是想在那裡尋找一點顏色。

The second question would be, again, in the direction of the hybrids. You have obviously indicated (multiple speakers)--

第二個問題也是關於混合動力車的方向。你已經明顯地表明（多位發言者）——

Sorry. Henning, the second is in direction of hybrids, is what you said?

對不起。亨寧，第二個是混合動力的方向，是你說的嗎？

That is right. On the direction of the plug-in hybrids. You have obviously given us in the industrial plan an indication of the number of models you were going to do in terms of hybrids, right? I am just wondering if there's anything at all that would make you revisit the plan as to how many of your models would be plug-in hybrids in the context of perhaps a little bit more muted reception on part of your customers, more in favor of combustion engines.

沒錯。關於插電式混合動力車的發展方向。您顯然已經在工業計劃中向我們透露了要生產的混合動力汽車的數量，對嗎？我只是想知道，是否有任何事情會讓您重新考慮您的計劃，即在部分客戶對插電式混合動力汽車的接受度可能稍微低一些、更傾向於內燃機汽車的情況下，您的計劃中有多少車型將是插電式混合動力汽車。

Thank you. Sorry, the line was a little bit disturbed. But I will start from the second one, and we confirm the plan that we had in mind three years ago, in 2022. We said that we were having, let us say, the hybrid, the thermal and electric. We are executing our plan according to our initial product plan. There is no change over there.

謝謝。抱歉，線路稍微有點混亂。但我將從第二個開始，我們將在 2022 年確認三年前製定的計劃。我們說過，我們正在擁有熱能和電力混合動力汽車。我們正在按照我們最初的產品計劃執行我們的計劃。那邊沒有什麼變化。

Considering the story of pricing power, I would like to say in this way. We have a lot of launches this year because this is what we were planning to do since time zero because in light of respecting the clients, different clients, there are clients that are aiming to have a pilot car, clients that have a sport cars car. So we want to offer all of them a new selection of product, so that we stay coherent with our strategy that was different Ferrari for a different Ferrarista and a different Ferrari for different moments. We confirm our product strategy and our marketing strategy as shared two and a half years ago.

考慮到定價權的故事，我想這樣說。我們今年有很多新品發布，因為這是我們從零開始就計劃要做的事情，因為出於對客戶的尊重，不同的客戶，有些客戶的目標是擁有一輛試驗車，有些客戶的目標是擁有一輛跑車。因此，我們希望為所有人提供新的產品選擇，以便我們能夠保持策略的一致性，即為不同的法拉利愛好者提供不同的法拉利，為不同的時刻提供不同的法拉利。我們確認了兩年半前分享的產品策略和行銷策略。

We can expect the typical pattern of markups versus predecessor, right? We should not think that there is going to be any deviation from the recent trend where you are able to take good markups versus predecessor (multiple speakers)--

我們可以預期與前任相比的典型加價模式，對嗎？我們不應該認為近期趨勢會出現任何偏差，與前任相比，你能夠獲得不錯的加價（多位發言者）——

I would not like to comment about the features of the new cars, either from a technical point of view or a pricing point of view. Let us make them. You will see, we will start to roll out. I mean you can make up your model. We will start pretty soon, let’s say, and then you will see what we have in the pipe. You have to be a little bit patient, Henning.

我不想從技術角度或定價角度評論新車的特點。讓我們來製作它們。您會看到，我們將開始推出。我的意思是你可以建立你的模型。我們很快就會開始，然後你就會看到我們在管道裡有什麼。你必須要有點耐心，亨寧。

Sorry, if I can just squeeze a final one on the topic of pricing.

抱歉，我只能就定價問題再問最後一個問題了。

You said you are not accelerating your plans in forwarding or front-loading deliveries into the US. So can I then assume that you think if there were tariffs that you are quite confident that you would fully pass them on, as you typically do?

您說過，您不會加快轉發或預先裝載貨物到美國的計畫。那麼我是否可以假設，您認為如果有關稅，您會非常有信心將其完全轉嫁出去，就像您通常做的那樣？

What I can tell you in this direction, one, as I said, we do not accelerate. Two, in this game, there are three players. There is Ferrari, there are the dealers, there is a client. When the details will be disclosed in terms of timing, in terms of amount, we will see how to manage properly.

關於這個方向我可以告訴你的是，第一，正如我所說，我們不會加速。二、這個遊戲有三名玩家。有法拉利、有經銷商、有客戶。當時間和金額等細節披露後，我們將看看如何妥善管理。

Today, there is a lot of things on internet, on social apps, whatever, but there is not yet any fact. We like to do two things. One, we like to keep our promise, and two, we like to work on facts. When the fact will get out, we will see how to manage.

如今，網路上、社交應用程式上等等都有很多東西，但還沒有任何事實。我們喜歡做兩件事。一是我們喜歡信守承諾；二是我們喜歡實事求是。當事實真相大白時，我們就知道該如何處理。

Thomas Besson, Kepler Cheuvreux.

湯瑪斯貝松、開普勒舍弗勒。

I have three questions, please. Firstly, I would like to come back to the improved average selling prices in Q4 versus Q3. I would like you to give us a bit more detail beyond the increased personalizations that you said has been a driver. Could you explain why effectively we saw a clear increase. Is it linked to the higher share of hybrids in Q4?

我有三個問題，請問一下。首先，我想回顧一下第四季相對於第三季的平均銷售價格的提高。除了您所說的提高個人化水平這一驅動因素之外，我還希望您能為我們提供更多細節。你能解釋為什麼我們有效地看到了明顯的成長嗎？這是否與第四季混合動力汽車份額上升有關？

Then I would like to ask a second question, about what you anticipate for the hybrid share in your volumes in 2025. I know it is probably a bit difficult to answer this because you do not want to tell us too much about the six new models. But do you think it will increase further, or do you think we are going to see a stabilization of hybrid share?

然後我想問第二個問題，您預計 2025 年混合動力汽車在銷售中的份額是多少。我知道回答這個問題可能有點困難，因為您不想告訴我們太多關於這六款新車型的資訊。但您認為它會進一步增加嗎，或者您認為我們將看到混合份額的穩定性嗎？

(multiple speakers)--

（多位發言者）——

Sorry. Thomas, the second question, you think it will increase?

對不起。托馬斯，第二個問題，您認為它會增加嗎？

No. I am asking if we are going to see a plateau in hybrid share in 2025 or if it will increase further.

不。我問的是，到 2025 年，混合動力車的份額是否會穩定下來，還是會進一步增加。

Then I have a last, long-term question. You are going to be launching the most expensive product ever with the F80 in few units at the end of the year. We can assume therefore you are going to have very, very strong '26, '27 average selling prices. Can you tell us just one word about the post F80 plan to be able to offset the departure of that car in [2028 or 2029], please.

然後我還有最後一個長期問題。你們將在年底推出迄今為止最昂貴的產品 F80，僅限量發售。因此，我們可以假設，26、27 年的平均售價將非常非常強勁。您能否簡單介紹一下 F80 之後的計劃，以便能夠抵消該車在 [2028 年或 2029 年] 停產的影響？

Okay. To see what will happen in '28, '29, you will come here in October (multiple speakers)--

好的。要了解 28、29 年會發生什麼，你可以在十月來這裡（多位發言者）——

I will be there, I will be there.

我會在那裡，我會在那裡。

Thomas, you have to come. (multiple speakers) We will disclose. If we tell you everything now, you do not come anymore here. For sure, I mean, we have a plan that will discuss with you and all the colleagues in the call. I mean, there is a plan that is supporting our ambition. We shared with you what we were going to do in this time. And let’s say, we did, we executed what we committed to execute. In terms of -- hybrids, yes (multiple speakers)--

湯瑪斯，你一定要來。（多位發言者）我們會揭露。如果我們現在把一切都告訴你，你就不會再來這裡了。當然，我的意思是，我們有一個計劃，將在電話會議中與您和所有同事進行討論。我的意思是，有一個計劃可以支持我們的雄心壯志。我們與你們分享了我們這段時間要做的事。並且可以說，我們執行了我們所承諾要執行的事情。就混合動力車而言，是的（多位發言者）——

Yes, the second was on the hybrid share for 2025. We expect to be slightly lower compared to 2024 because of the delivery, (multiple speakers) exactly, of the 12Cilindri and the Purosangue.

是的，第二個是關於2025年的混合動力車份額。我們預計與 2024 年相比會略低，因為 12Cilindri 和 Purosangue 的交付（多位發言人）確實如此。

In terms of the mix price impact in Q4 compared to Q3, I think it is mostly related to the development of the SF90 XX.

就第四季度與第三季相比混合價格的影響而言，我認為這主要與 SF90 XX 的開發有關。

And also some personalizations, because there was an increased percentage of carbon finished parts. I mean, the carbon finish, as we said also in another conference calls is becoming more and more appealing. And as a matter of fact, you may remember, Thomas, that we increased also our supply chain capability to provide this kind of personalization.

並且也進行了一些個人化設計，因為碳成品零件的比例增加了。我的意思是，正如我們在另一次電話會議中所說的那樣，碳纖維飾面正變得越來越有吸引力。事實上，湯瑪斯，你可能還記得，我們​​也增強了供應鏈能力，以提供這種個人化服務。

And the last element is probably a bit of a country mix, which is also positive in Q4 more than Q3.

最後一個因素可能有點國家因素，第四季的表現也比第三季更為正面。

George Galliers, Goldman Sachs.

高盛的喬治‧加利爾斯 (George Galliers)。

The first question I had was just a bit of a housekeeping question with respect to the number of specials shipped in the fourth quarter. I think if we just do the basic maths based off what you showed for Q1, Q2, and Q3, and then what you showed for the full year, it would imply that the specials were somewhere in the region of 7% to 8% of deliveries in Q4. I was wondering if you might be able to confirm that.

我的第一個問題只是關於第四季度運送的特殊貨物數量的一些基本問題。我認為，如果我們根據您展示的第一季、第二季和第三季的情況以及全年的情況進行基本的計算，就會發現特價品在第四季的交付量佔比約為 7% 到 8%。我想知道您是否可以證實這一點。

The second question I had was just on the depreciation and amortization. Obviously, at around EUR650 million for this year, there is quite a large delta to where the CapEx has been in recent years. Over time, is it fair and logical to expect the D&A to get close to the EUR900-plus million level of CapEx that we have been seeing? Or does the lifetime assumptions for the D&A mean that that annual D&A number will always be materially lower than the CAPEX has been at these elevated levels?

我的第二個問題是關於折舊和攤提。顯然，今年的資本支出約為 6.5 億歐元，與近年來的資本支出相比有很大差異。隨著時間的推移，預期 D&A 接近我們所看到的 9 億多歐元的資本支出水準是否公平且合理？或者，D&A 的終身假設是否意味著年度 D&A 數字將始終大幅低於資本支出 (CAPEX) 在這些高水準時的水準？

Then just finally, with respect to the order book, obviously, sold out for the next two years, which is phenomenally strong. And that would equate to something in the region of around 28,000 cars. As we think about those orders, what is the average number of orders per customer? Can you give any insights into that?

最後，就訂單而言，未來兩年的訂單顯然都已售罄，這是非常強勁的。這相當於該地區約有 28,000 輛汽車。當我們考慮這些訂單時，每位客戶的平均訂單數量是多少？您能對此給出任何見解嗎？

The first one, I would reply, is 6%. You said the number of specials in Q4, 6%. The last one, yes, we are covered until 2026. You said the orders per client--

第一個，我的回答是6%。您說第四季的特別活動數量為 6%。最後一個，是的，我們的保障期將持續到 2026 年。您說的是每位客戶的訂單—

Per client, exactly.

確實，對於每個客戶來說。

We do not have this metric. Let me put it this way. The distribution of orders for sure is not Gaussian, it is pretty scattered. This I can tell you. What I can tell you is that there are clients that want only one kind of car, the pilot; some clients that want only the one for sport car drivers; and other people that are taking both. Depends a little bit.

我們沒有這個指標。讓我這樣說吧。訂單的分佈肯定不是高斯分佈，而是相當分散。這一點我可以告訴你。我可以告訴你的是，有些客戶只想要一種車，那就是 Pilot；有些客戶只想要一款適合跑車駕駛者的產品；以及其他同時服用這兩種藥物的人。有點取決於。

This kind of average is a little bit meaningless because it depends on the country and also consider that there are also the top and VIP clients that are taking our car also in different places. So we do not see this parameter because it is not representative.

這種平均值有點沒意義，因為它取決於國家，而且還要考慮到也有頂級客戶和 VIP 客戶在不同的地方使用我們的車。所以我們看不到這個參數，因為它不具代表性。

The second one, the D&A (multiple speakers)--

第二個，D＆A（多位發言者）--

CapEx to D&A, I think we discussed it already when we had the Capital Markets Day in [2022]. I think we said by the end of 2026, we would expect it to be around 1.2. So it is not 1 to 1. For the next five years, please wait until the next Capital Markets Day, and we will be more specific.

資本支出到折舊與攤銷，我想我們在資本市場日的時候就已經討論過了。[2022]。我認為我們曾說過，到 2026 年底，預計這個數字將達到 1.2 左右。所以它不是 1 比 1。對於未來五年，請等到下一個資本市場日，我們將會更具體。

Clearly, what we are witnessing this year is a wave of investment, which is made of significant additions, the elettrica that we were talking before, and the infrastructural investments that are also reshaping our Maranello plant. Going forward, subject to the definition of the new product plan, there are chances for a reduction and therefore a trend towards equalization.

顯然，我們今年見證了一波投資浪潮，其中包括大量新增設施、我們之前談到的電動車以及重塑我們馬拉內羅工廠的基礎設施投資。展望未來，根據新產品計劃的定義，可能會出現減少並因此趨於均等化的機會。

Adam Jonas, Morgan Stanley.

摩根士丹利的亞當喬納斯。

I am looking forward to the tortellini as well. It is divine.

我也很期待義大利餃子。它是神聖的。

Benedetto, you mentioned 81% of last year's sales were to existing customers. It was 74% in the prior year. That is a big jump. I am curious what drove that, what your long-term natural level is? Just to clarify, within that question, I think you said that -- did you say 40% of sales were to customers that owned one Ferrari already in the garage or was it 14%? I could not tell if it was 40% or 14%.

貝內代托，您提到去年 81% 的銷售額來自現有客戶。去年這一比例為 74%。這是一個巨大的飛躍。我很好奇是什麼推動了這個趨勢，你的長期自然水平是多少？只是為了澄清一下，在這個問題中，我認為你說過——你是說 40% 的銷售額來自已經在車庫裡擁有一輛法拉利的客戶，還是 14%？我無法判斷它是 40% 還是 14%。

Then I have a follow-up.

然後我有一個後續問題。

4-0, sorry for my English.

4-0，抱歉我的英文不好。

Thank you. That makes more sense. No, it is me. It is my American ears.

謝謝。這更有意義。不，是我。這是我的美國耳朵。

No, it is okay. It is always good to learn. No problem.

不，沒關係。學習總是好的。沒問題。

Yeah, on 81%, just curious a little color around that. It is a big jump, and I do not know if that could go higher. To your order book, based on what you see, would that remain around 81% or rise, or is that a high watermark?

是的，81%，只是好奇周圍的一些顏色。這是一個很大的飛躍，我不知道它是否還能更高。就您的訂單而言，根據您所看到的情況，這個數字會保持在 81％ 左右還是會上升，或者這是一個高水位？

I think, Adam, just consider the case of 12Cilindri. The 12Cilindri is a car that is ICE, the 12Cilindri. And you have 40% -- 20% of the clients that are new. Also consider the average age is also around 45 years. I have here the graph, if you take 12Cilindri, Coupe, and Spiders. Yes, the Coupe to be precise, average age is 45.2 years, and the Spider is 44.4 years.

亞當，我認為，只考慮一下 12Cilindri 的情況。12Cilindri 是一款 ICE 汽車，即 12Cilindri。其中 40%——20% 的客戶都是新客戶。也請考慮一下平均年齡也在 45 歲左右。我這裡有一張圖表，如果你選擇 12Cilindri、Coupe 和 Spiders。是的，準確地說是 Coupe，平均年齡為 45.2 歲，而 Spider 為 44.4 歲。

It is easy to remember, three 4s. Allow me to say, if I go to compare this also with the average age of the hybrid cars, more or less it is the same for the new clients. In terms of another data point that can be interesting, if I go to see the new clients percentage-wise, the order from new clients is in the same ballpark.

很容易記，三個4。請允許我說，如果我將其與混合動力汽車的平均年齡進行比較，新客戶的情況大致相同。就另一個有趣的數據點而言，如果我按百分比查看新客戶，來自新客戶的訂單大致相同。

All right. That would suggest stability there. Thanks, Benedetto.

好的。這表明那裡穩定。謝謝，貝內代托。

Just my follow-up on the personalizations, just another angle. You had acknowledged again some of the residual weakness in recent periods was maybe a little bit of over-personalizations or different combinations that may not have achieved the same residual value retention in the second-hand market. I am wondering, even though you have guided clearly on personalization level remaining around 20%, more or less flat year on year, has your team made any changes to the character or the type of personalization? You mentioned carbon fiber.

這只是我對個人化的跟進，只是另一個角度。您再次承認，最近時期的一些殘餘弱點可能是過度個人化或不同的組合，可能無法在二手市場實現相同的殘餘價值保留。我想知道，儘管您明確指導個性化水平保持在 20% 左右，逐年基本持平，但您的團隊是否對個性化的性質或類型做出過任何改變？您提到了碳纖維。

But in addition to that, that you would make available to your clients or somehow disincentivize, so that you do not have the rainbow-colored paint with the brown interior? Making sure that it is more in a Ferrari clientele pedigree. Does that make sense? I do not know if there were things you could do to encourage or discourage the type.

但除此之外，您是否會向您的客戶提供或以某種方式阻止他們，以便您不用將彩虹色的油漆與棕色的內部搭配在一起？確保它更符合法拉利客戶血統。這樣有道理嗎？我不知道是否可以採取一些措施來鼓勵或阻止這種類型。

Yes. I think I understand what you mean. First of all, a few data points to give you more color because I think this is the last question, so I would like to share a little bit more color with all of you. So which are the personalizations that are most common in our cars? For sure, we have the carbon finish, okay, different kind of, let's say, accessories or things. Then there is also the painting. And then when it comes to painting, there are different [liveries].

是的。我想我明白你的意思。首先，我想提供一些數據點來給大家更多的信息，因為我認為這是最後一個問題，所以我想和大家分享更多的信息。那麼我們的汽車中最常見的個人化設定有哪些呢？當然，我們有碳纖維飾面，好吧，不同類型的，比如說，配件或東西。然後還有繪畫。說到繪畫，[制服]。

Now the question is, you have a client, and I have several in mind, that they come here with their idea of personalization and they let them guide by our experts here. For example, some people are telling, Benedetto, I came to Maranello. I went to New York with an idea, and then your colleague suggested me not to go so extreme or to do something so strange. So they followed. Some other clients, instead, they come here and they take what they want. We can advise, but the end of the story, we cannot force them. Clearly, allow me to say, if there are some combinations, they may not be pleased or liked or loved by the second potential buyer.

現在的問題是，你有一個客戶，我心裡也有幾個客戶，他們帶著個人化的想法來到這裡，讓我們的專家來指導他們。例如，有些人說，貝內代托，我來到了馬拉內羅。我帶著想法去了紐約，然後你的同事建議我不要走太極端，也不要做太奇怪的事。於是他們就跟隨了過去。相反，其他一些客戶來到這裡，拿走他們想要的東西。我們可以提出建議，但最終我們無法強迫他們。顯然，請允許我說，如果存在某些組合，第二個潛在買家可能不會滿意、喜歡或喜愛它們。

Just to tell you, we have been thinking internally maybe to make some predefined combinations, well, and just fresh. In the last two weeks, there are some places in the world, where they like to have quote-unquote, a set menu. There are other places where they want à la carte. They do not like set menu, and they want to be free to select what they want. Some people are saying, Look, I understand I may lose on residual value. But when I drive it, I want to enjoy it the way I want. It is a choice. You have maybe on your shirt, AJ. I would not take yours, I would not appreciate it, because I am BV.

只是想告訴你，我們一直在內部思考，也許可以做出一些預先定義的組合，嗯，很新穎。在過去的兩周里，世界上有些地方喜歡推出所謂的套餐。他們還想在其他地方點菜。他們不喜歡套餐，他們希望自由選擇自己想要的東西。有些人說，看，我明白我可能會損失剩餘價值。但是當我駕駛它時，我想按照自己想要的方式享受它。這是一個選擇。你的襯衫上可能有這個，AJ。我不會接受你的，我不會感激它，因為我是 BV。

I mean, we have to pay attention because we cannot limit. We have to defend the values of the brand, the identity of the brand. No doubt, we will not make a strange car for sure. But if the people like the combination, we cannot say no, we can only advise. (multiple speakers)

我的意思是，我們必須注意，因為我們無法限制。我們必須捍衛品牌的價值、品牌的認同。毫無疑問，我們絕對不會造出一輛奇怪的車。但如果人們喜歡這種組合，我們不能拒絕，我們只能提供建議。（多位發言者）

Adam, the best way, you become our client and you can live this experience in first person.

亞當，最好的方式是，你成為我們的客戶，你可以以第一人稱體驗這種感覺。

Tom Narayan, RBC.

加拿大皇家銀行的湯姆‧納拉揚 (Tom Narayan)。

My questions are, first is on this whole residual value thing with that blog, which is I guess fake news. One thing that I think can help people understand this better is, I do not know if you track this, but what is the percentage of your owners that might be looking at their Ferrari potentially as an asset, maybe as an investor? Just asking because the demand of these customers theoretically would be at most risk if residual values come down. That is the first one.

我的問題是，首先是關於那個部落格的整個剩餘價值的事情，我猜這是假新聞。我認為有一件事可以幫助人們更好地理解這一點，我不知道您是否跟踪這一點，但有多少比例的車主可能將他們的法拉利視為一種資產，或許是一種投資者？只是問一下，因為從理論上講，如果殘值下降，這些客戶的需求將面臨最大的風險。這是第一個。

Then I noticed on the slides on the 2025 guidance, you mentioned supply chain issues and challenges. Just curious if there are any details there, if that is anything for us to really be worried about or anything.

然後我注意到在 2025 年指導的幻燈片上，您提到了供應鏈問題和挑戰。只是好奇那裡是否有任何細節，這是否是我們真正擔心的事情或其他事情。

Then lastly, on the e-building. Since we were there last year, it was a big empty room, just curious, if we look at it today, what would we see that is different? What specific things are you utilizing it for now maybe that are different than what we saw before?

最後，關於電子建築。因為我們去年去過那裡，所以那是一個很大的空房間，只是好奇，如果我們今天看它，我們會看到什麼不同？您現在利用它的具體事物有哪些可能與我們之前看到的不同？

Okay. Start from the last one. If you come here, you will see that out of this building, there are Purosangue and hybrid cars getting out. There are cars that are done and getting out of the doors of that building. If you come here and you go to the -- we say in Italy first floor, in US you say second floor -- you have equipments that are managing, let’s say, batteries, engine, inverter, axles. This is about the e-building.

好的。從最後一個開始。如果你來到這裡，你會看到從這棟建築物裡出來了 Purosangue 和混合動力汽車。有一些汽車已經修好，正駛出那棟大樓的門。如果你來到這裡——在義大利我們說一樓，在美國你說是二樓——你會看到各種管理設備，像是電池、引擎、逆變器、車軸等。這是有關電子建築的。

Second, congratulations for spotting this point that Antonio was clear. What does it mean, supply chain challenge? It is really simple. There are some suppliers in the automotive industry that because of the lower demand of the big OEMs, are having some troubles. That is the meaning. How do we cope with that?

其次，恭喜你發現了安東尼奧清楚的這一點。供應鏈挑戰是什麼意思？這真的很簡單。汽車行業的一些供應商由於大型原始設備製造商的需求下降而遇到了一些困難。這就是這個意思。我們該如何應對呢？

Number one, we are dispatching our people there to make sure that we do not stop our production. Number two, we are leveraging the second sourcing option that we have in place. That is the meaning. It is funny because in the past, we thought that the supplier, depending less on us, if you want, had a more differentiated business, they could be more stronger. As a matter of fact, today you have several suppliers in the Western world that are suffering because of lower demand of Western world OEMs.

首先，我們派遣人員前往那裡，以確保我們的生產不會停止。第二，我們正在利用現有的第二個採購選項。這就是這個意思。這很有趣，因為過去我們認為，供應商對我們的依賴越少，如果他們願意的話，他們可以擁有更加差異化的業務，從而變得更強大。事實上，如今西方世界的幾家供應商正因西方世界原始設備製造商需求下降而損失。

Then you said, the first one, F80, how many clients? Maybe you can comment (multiple speakers)--

那你說，第一個，F80，有幾個客戶端？也許你可以評論（多位發言者）——

Yeah, I would make a reference to what you already mentioned a couple of times, Benedetto. We have been going through a statistical analysis of the (technical difficulty) of the range cars. And the fact that the range cars in one year lose around (technical difficulty) and the supercars. Those are usually appreciating over time very significantly. (multiple speakers)

是的，我會參考你已經提到過幾次的內容，貝內代托。我們一直在對系列車的（技術難度）進行統計分析。事實是，這款車型在一年內就輸給了其他車型（技術難度）和超級跑車。隨著時間的推移，這些通常會大幅升值。（多位發言者）

Having said that, it is very difficult to tell you what is the number of people who look at the car as an asset. I would be tempted to consider that collectors also have an investor's view, but not necessarily all. Most of them are simply passionate about that. And certainly, clients who decide to buy one car only, a range car, should consider that it happens simply normally that there is a reduction in value for the car. So that’s part of the equation.

話雖如此，很難告訴你到底有多少人會把汽車視為資產。我認為收藏家也應該有投資人的觀點，但不一定全部都是如此。他們中的大多數人只是對此充滿熱情。當然，決定只購買一輛汽車（續航里程型汽車）的客戶應該考慮到，汽車價值貶值是正常現象。這就是等式的一部分。

Thank you, Tom.

謝謝你，湯姆。

Well, before the conclusion of this call, I would like really to thank all of you for the time today but also for the attention you dedicate to us. Thanks for your questions. They helped us, me and Antonio, to clarify better. Thanks a lot.

好吧，在這通電話結束之前，我真的想感謝大家今天抽出的時間，也感謝你們對我們的關注。感謝您的提問。他們幫助我們（我和安東尼奧）更好地澄清事實。多謝。

I would like also to thank all the stakeholders because what we said -- what we did in the last years and what we are going to do next year -- this year is only because we have a lot of people with great determination and passion. The strong 2024 result and the continuing desirability of our brands is that is fueling our confidence for the year ahead and also for the future.

我還要感謝所有利益相關者，因為我們所說的、過去幾年所做的以及明年要做的今年所做的，都是因為我們擁有許多具有堅定決心和熱情的人。2024 年的強勁業績和我們品牌的持續吸引力增強了我們對來年乃至未來的信心。

Having said that, thanks again, and I wish all of you a good morning, good afternoon, good evening, wherever you are on the globe. And meet you in person, October 9 here, and we take care also of the weather. It should be better. Worse it cannot be. Thank you.

說了這麼多，我還是要再次感謝你們，祝大家早安、下午好、晚上好，無論你們身在世界的哪個角落。我們將於 10 月 9 日在這裡與您親自見面，我們也會關注天氣。應該會更好。不可能再糟了。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。