Ferrari N.V. Common Shares

Good day and thank you for standing by. Welcome to the Ferrari 2021 Q3 results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star and 1 on your telephone. Please be advised that today's conference has been recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Nicoletta Russo.

Please go ahead. Thank you, Sara, and welcome to everyone who is joining us. Today, we plan to cover our group's Q3 2021 operating results. In light of this, the duration of the call is expected to be around 60 minutes. Today's call will be hosted by the Group CEO, Mr. Benedetto Vigna, and Group CFO, Mr. Antonio Picapicon. All relevant materials are available in the investor section of the Ferrari corporate website, and at the end of the presentation, we will be available to answer your questions. Before we begin, let me remind you that any forward-looking statements we might make during today's call are subject to the risk and uncertainties mentioned in the Safe Harbour Statement included on page 2 of today's presentation, and the call will be governed by this language. With that said, I'd like to turn the call over to Mr. Benedetto Vigna.

Thank you, Nicoletta. Thank you so much. And thank you, everyone, for joining us today. First of all, I would like to say that it is a great honor for me to be here today for the first time as Ferrari CEO. and even a great honor to take you through the latest results of this wonderful company. Before joining this team, I have always had a huge admiration for Ferrari, for its people, its achievements, and of course for its incredible cars and racing expertise, all brought together under a legendary brand that's known and respected all around the world. Now that I am in the privileged position of being on the inside, leading this unique company, my admiration is so much greater. But before we talk about the last quarter, I'd like to share with you a little bit of my experience here in Ferrari during the first weeks since I arrived in Maranello. First and foremost, I've been getting to know our highly motivated and skilled team. And I've been very much impressed by their dedication to every detail, by their knowledge, and by their skill. But most of all, by their openness to learning and improving everything we do, every step of the way. They all want to take Ferrari to new, even greater levels. They have made me feel very much at home from day one, so I'd like to take this opportunity to thank everyone in the company for their warm welcome. We've no doubt we have many exciting and rewarding times ahead of us, in which our opportunities have never been greater. And what convinces me of this more than ever, are the following three key factors that I've seen so clearly expressed by my colleague in my first weeks. I refer to passion, I refer to excellence, and I refer to innovation. First of all, passion. You may have heard this word many times, since it is often very used, but I believe Here in Ferrari, it finds its true meaning. Everyone who has any connection with Ferrari, whether they be colleagues, partners, Tifosi and of course our customers, all express a sense of belonging, a belief and a love for our brand which is quite unlike anything I have known. Second, excellence. In Ferrari, we craft timeless icons that are not only beautiful to look at, but also deliver a unique experience. Most of all, they are known for being fun to drive, and this is something I can testify to myself. And third, innovation. And by innovation, I don't just mean the ability to exploit technology to the maximum. but also the way we express visibility through the special collaboration between our teams in the constant drive to perfect what we do and the creative inspiration we bring to our craft the sf90 stradale is a testament to this as are also the sf90 spiders and the 296 gtb all solid steps ahead in the implementation of our electrification plans that are part of our path towards new technology in the distinctive Ferrari way. Of course, this relentless dedication to our craft for our customers is also dedicated to our investors who place their trust in us and to you, to all of you who follow us. Having shared my initial experience in Ferrari, let's focus on the result of this last quarter. And here, I would like to highlight the following three things that are all first. Revenues, cash flow, and order intake. Revenue first. This is the first time in our history that in Q3 we crossed the 1 billion euro revenue threshold. Now, cash flow. We have delivered the strong Q3 in our history in terms of industrial free cash flow generation. And last but not least, order intake. This is the highest ever quarter of order intake across all models and regions, with mainland China and U.S. being particularly strong. But how did we achieve all of this? How was it possible? well i'd like to point to the following three factors first of all we have capitalized through focus and discipline on a strong economic climate as evidenced also by the solid performance of our pre-owned business second we have the most beautiful most innovative and widest product range in our history the 296 gtb with its hybrid v6 which we launched in June, has been received with huge enthusiasm, with orders flowing in even before customers have had the opportunity to drive the cars. And of course, last but not least, we have to thank our incredible customers, both existing and new. Speaking of our customers, it has been really liberating to be able to start arranging events with them again in september in sicily i was delighted to attend the 10th anniversary of the cavalcade a truly memorable event in every sense in fact for the first time over 120 historic and contemporary ferraris joined a single parade if you had been able to join me in Sicily, you would have been surrounded by a selection of truly beautiful cars, Ferrari at its finest, from the Monza to the Portofino, from the hybrid power of the Ferrari and SF90 Stradale to the historic Testarossa and F50. But more than anything, this occasion truly emphasized that owning a Ferrari is so much more than just owning a car. It is the experience of being a member of the unique Ferrari family. And so, I am really proud to announce today to all our loyal Ferrari family members that a new surprise is coming soon with the unveiling in the middle of this month of our second Icona model. it will be another very special occasion. Just be patient for a few more days. Now, after the Q3 highlight, let's have a quick look together at the future. My first two months in Maranello confirmed to me that we are very strongly positioned to capitalize on the many opportunities we have in our hands today and the ones that lie ahead of us. I believe a Ferrari, as it has always done, will distinguish itself yet again through its creativity and ability to apply and interpret the vast array of future technologies and always with our uncompromising and distinctive style. This will happen while always remaining disciplined in our approach to investment. To achieve this result, our people are the key. They really are the key. Through our special close collaboration, working with commitment and dedication for a common goal, we will deliver enduring success together. This has been the source of our unique success in the past, and it will also power our future, both within the company and outside the company. working with all of our partners, present and future. This is exactly the kind of innovative and open approach you can expect under my leadership here, as demonstrated also by the recent exciting collaboration we announced with Labfrom. We are also making excellent progress with our brand diversification strategy to further enhance the vibrancy and vitality of our brand. We have unveiled the first fashion collection, we have renovated our flagship stores in Maranello, Milano and Los Angeles, and we reopened the iconic Cavallino restaurant here next to our home. We are making important progress also in our motor racing activities. Indeed, just a few weeks ago, in August, Our 488 GT Evo won at Le Mans, a circuit we will return to in 2023 to compete at highest level with our hypercar. In Formula 1, in the most recent races, we have seen some positive signs of progress as well. Competition. Competition on the track has been deep in Ferrari's DNA through our history. So it is today, so it will be in the future. There are many, many projects under development in our company, but there are three areas I would like to highlight today. Our brand, our product, and carbon neutrality. Our brand first. Relentlessly, we will continue to nurture and evolve our brand by enhancing an already engaging, immersive and authentic experience for all our customers, current and new ones. Whenever and wherever they get in touch with us, when they drive the car, attend a Ferrari event or enter our stores, In the real world, or in the digital dimension, we are fully committed to make this an extraordinary emotional experience. We are fully aware of this enormous responsibility, especially in a world rapidly changing like today. Now, after brand the product, we will continue the disciplined extension of our product range. through the launch of the Puro Sangue, which we will unveil next year. We will work to capture all the possibilities offered by technologies in a unique and distinctive way, always preserving our exclusivity and luxury positioning as we have done throughout our history. And finally, carbon neutrality. We will continue our focused journey toward carbon neutrality by 2030, a key priority for my tenure and for our business. And to be clear, in addition to our electrification journey, we are committed to addressing both direct and indirect emissions with a focus on energy and materials. At our next Capital Market Day, we will provide you with plenty of detail and colors about our future plans and the path to delivery. And we look forward to hosting you in Maranello on June 16th. Let me conclude these opening words by again thanking all my Ferrari colleagues for their warm welcome and for all their amazing work. I am deeply honored to be leading them into the next phase of our extraordinary journey. And, of course, my thanks go also to our Board and to our Chairman for their support and confidence, and also to you, to all of you, for your precise and dedicated interest in everything we do. I would now like to hand over to Antonio to present in detail the Q3 2021 earnings.