Scelte strategiche Ferrari

[4200blu]

Risultati Q1/2020

 

[iDrive]

Il solo marchio che regge più o meno il Covid.

 

Poi certo che il Q2 sarà molto impattato anche per loro.

[iDrive]

Malgrado la crisi, Ferrari riesce a mantenere un EBITDA del quasi 30% sul semestre... impressionante.

https://corporate.ferrari.com/en/q2-2020-affected-covid-19-line-expectations-full-year-guidance-narrowed-within-previous-range

 

 

 

[pennellotref]

https://seekingalpha.com/article/4384613-ferrari-n-v-race-ceo-louis-camilleri-on-q3-2020-results-earnings-call-transcript?part=single

 

Punti salienti:

 

Cita

Louis Camilleri CEO

.....

we are now running on all cylinders and have overcome the embryonic issues that we and our suppliers faced with the industrialization phase of the SF90 Stradale.

.....

The quarter witnessed the launch of the latest addition to our family of models, the Portofino M, M standing for Modificata. With a redesigned powertrain, a brand-new eight-speed gearbox and numerous other design and technical upgrades. In keeping with the times, it is the first ever Ferrari to be previewed exclusively through vivid digital activities that have triggered very positive feedbacks to date.

We are pleased with the reception that the Ferrari Roma continues to generate across the world. Of particularly note today is the very strong orders emanating from China, Japan and Korea. The fact that it is attracting a higher percentage of new to Ferrari customers, then the Ferrari Portofino and the younger cohort augurs well for the future. China in particular is exciting.

Orders are currently running at 50% above the Portofino in the equivalent time span since their respective launch. We are also encouraged by the demographics of the SF90 Stradale as in terms of its current order book, the new to Ferrari customers are the youngest across all the models that we offer.

Whether or not this is related to the fact that it is our first range hybrid model remains to be determined, but it is certainly an exciting prospect.

....

 

Antonio Piccon CFO

......

I remind you that the SF90 Stradale and the Ferrari Roma will start the deliveries in Q4 2020, actually they started deliveries in Q4. Finally, within the end of the year, we will unveil an additional new model, the eight out of the 15 planned of our planned period 2018-2022.

.....

Q&A

 

John Murphy BofA Meryll Lynch

Yes. Given the disruption around COVID, has anything changed or been delayed on your product cadence or your product launch cadence?

 

Louis Camilleri

In terms of actual launches, i.e., presentations, it hasn't really changed. As we said back in August and the COVID did disrupt our supply chain and the industrialization phase, particularly of the SF90. So that's been somewhat delayed relative to our beginning of the year plans. As you know for COVID, we've also said on at least two occasions that we've been prudent in terms of our investments and certain models going forward have been delayed by three months and others by nine months. So nothing really very material. There have been delays, John. I don't know if that answers your question.

 

John Murphy BofA Meryll Lynch

That does. And the correlation with those launches and the waitlist appears to be relatively high. So I'm just curious, it sounds like you're getting record orders for the waitlist, but I'm just curious, has that changed anything with the waitlist where it's either shrunk or maybe growing as people are willing to wait longer.

 

Louis Camilleri

Well, the waitlist has obviously increased and that's something that we will need to address, particularly on the models where we have rather ambitious plans in terms of attracting new to Ferrari customers. And I think those are somewhat vulnerable to very long waiting lists, as opposed to normal customers who are acclimatized to a longer waiting list. But essentially, I think we enter 2021 with a very strong order book. And as Antonio just mentioned, barring any dislocations because of the pandemic, we should have a pretty good year obviously of a weak base, but nevertheless a pretty strong year.

 

John Murphy BofA Meryll Lynch

That's helpful. And then a second question just around the EBITDA margins. It's hard not to get excited when we see 37.2%, I think that's one of the highest, if not the highest that you guys have ever printed at least in [indiscernible] public data. I'm just curious if you think about the puts and takes in the quarter and as we go forward, what would actually potentially not be repeatable either on cost containment or mix or is this something we can think about as a potential for the future on EBITDA margins?

 

Louis Camilleri

Well, it's driven by a very strong performance in the core business, the car business, where the EBITDA margin, I'm looking at Antonio, but I believe it was above 45% in terms of the core business. So that's driven a lot by mix and particularly by the Monza. As you know, in the fourth quarter, we will face a comparison where we had Monza's last year. So that huge uplift won't be there. But it was still nevertheless be pretty strong because of the advent of the SF90, the full ramp-up of the 812 GTS that is performing strongly. So we feel very good about the margin.

I think from the Maserati perspective, as that becomes lower, that obviously has a favorable impact on our margin because you can imagine that the margins on the Maserati engines are quite low. Brand margins are high, they are having a very difficult year for obvious circumstances. And hopefully next year, we'll be able to really start implementing the plan that we had announced, I guess this time last year.

 

Adam Jonas Morgan Stanley

Hey, Louis. I got a bit of a longer dated strategic question for you on EVs. So if I look at your COGS, cost of goods sold on a per unit basis for Ferrari, we get close to €150,000 per unit, and I'm thinking roughly half of that could be related to the power unit, the engine transmission, fuel delivery exhaust and all the supporting mechatronics and electronics.

Now I'm thinking if this is transitioned hypothetically to 100% BEV power unit, including the battery, E motors, charger, inverters, et cetera, that this would be substantially less complex, less exquisite and lower variable cost per unit compared to today's ICE powertrain. Could this create a very large cost efficiency opportunity for Ferrari while still providing your customers with the highest performance experience that they would expect from a Ferrari? Please tell me, Louis, where I’m maybe wrong with this logic.

 

Louis Camilleri

I understand where you're going. I don't necessarily agree with you. I think that the way you said it less complex and less exquisite is where you potentially derail because in fact to achieve the objectives you just mentioned, which is to retain the Ferrari DNA. The EV will actually be significantly more complex than you are assuming. And that's clearly something that we're working on. But just to have a standard EV and put the Cavallino on it is not what we are all about. So the day we come out with an EV, or what we call a BEV, it will be a pretty complex machine. And furthermore, there are a number of elements that we will have to put in, which are very costly.

If I look at the SF90 Stradale and the cost aspects of the electric, aspects of the hybridization and the electric axles and the front axle, those are pretty expensive considerations. Having said that, over the longer term, and that's what we're talking about, you would hope that there would be cost savings. I'm not sure they would be as extravagant as you imply, but they should be cost savings longer term as battery technologies improve as well. However, my own sense is that to sort of say a 100% electric, that's pushing things. I really don't see Ferrari ever being at a 100% EV, and certainly not in my lifetime will it reach even 50%.

 

Adam Jonas Morgan Stanley

Okay. Yes. Okay. Remind us, and I know you've addressed it before, but I imagine that this is evolving, particularly as other more internal combustion engine manufacturers move to EVs not 100%, but maybe 50%. Remind us how Ferrari is thinking about the sound of a Ferrari without an exhaust system? And I didn't know if you could maybe address how you addressed it on the SF90 Stradale, I might have missed it when it's in E-mode. Just give us some things to think about because I think in your own materials, you mentioned sound is the essence, the sexuality, the passion, the whole spirit of the brand, it starts with sound and that's got a lot of investors attention. Thanks.

 

Louis Camilleri

Yes. And that's one element that we are working on. Obviously for the competitive reasons, I'm not going to give you the details. But that's something that we are quite comfortable that we can achieve. And it's really the depth of the sound and the gradation of the sound that's key. But you're right, sound is – in terms of all the consumer research we have is one of the key elements, and clearly it is a big priority. We've done a lot of work on that and we feel comfortable that that is certainly one of the aspects that we can address.

......

 

Giulio Pescatore Exane

Hi everyone, thank you for taking my question. Just the first one, I mean, it has changed – a lot of changed since we were all dining together in your Maranello factory in 2018. So I'm just wondering if you are willing to reconfirm the 2022 targets or if there are any changes that you might have to make to those, I mean targets on a headline basis, I guess more than on a margin basis.

 

Louis Camilleri

Well, Giulio, as you said, a lot of things have changed since 2018 not least of which has been this very sad and disruptive COVID. And we're now seeing a resurgence as you know. I think that it's a bit early to talk about 2022 other than to say that what I said earlier. In terms of our plans, we have delayed a number of models by three months and some by nine months. So obviously that has a longer term impact going forward. But we still very much remained focus on the plan that was given, but some models will slip. Others will be delayed by a quarter or two.

But I mean next year, we should have a strong year and I think that will form the base going forward. And we'll give you obviously more details relative to 2021 at our next call, which will be in February at which point we'll have a much better sense of where the world stands in terms of this COVID, which regretfully does create a lot of uncertainty.

 

Giulio Pescatore Exane

Okay. Thank you. Very clear. Then the second question on your hybrid targets still above 2022, where you had a 60% hybrid mix target by 2022 and I think your plan – your planning was to have a full hybrid range of mid-engine like forecast by 2021. Are those targets still valid and what does it mean for that…

 

Louis Camilleri

Well. Again, we are pushing for hybrid, SF90 Stradale is obviously the first one, then will be others. Some maybe slightly delayed. But we're talking six to 12 months. We're not talking two or three years, Giulio. But clearly, we want to address hybridization because we think it has huge benefits. But I think also that when you see the carbon footprint, people tend to just look at emissions. We look at the entire carbon footprint and a hybrid relative to an internal combustion engine. It's not necessarily that much more favorable. So it's something we're working on very carefully.

 

Giulio Pescatore Exane

Yes. And I totally agree with you that people should be looking more at carbon footprint. But it doesn't seem to be the case, at least when we look at regulatory decisions at a local level. For example, if you look at the French Malus scheme that has basically been penalizing you with €20,000 fine this year, going up to €30,000 €40,000, €50,000 in 2022. I mean how are these penalties affecting you, your sales into this market and are you afraid of more countries kind of adopting a similar type of scheme, because of course all of your cars except for the SF90, emit more than 200 grams of CO2.

 

Louis Camilleri

Yes. You're right. They're adding, I guess sort of excise taxes. I think the whole car industry needs to really educate the regulators because to look at emissions and even then to look at just static emissions, I think is wrong from a scientific perspective. And the car industry needs to do a much better job at explaining the entire carbon footprint. And I think they will do that going forward. We Ferrari have a role in that and we obviously have to do our job. And I think as I said in my opening remarks to come out with a detailed carbon footprint will form the basis to really start explaining the various aspects because if you take a V12 Ferrari that only runs 3,000 kilometers a year, probably has less emissions and a very small car that runs every day.

.....

 

Stephen Reitman SocGen

Good afternoon, Louis and Antonio. I have two questions, please. First of all, I was intrigued by your comment about the high – the increase in orders you've seen on the Roma compared to the Portofino in China, because clearly China has not been the market for the two-seaters, but do you think that you're seeing potentially a way to crack that market even before you launch the Purosangue?

And my second question is about the SF90 Stradale, the Assetto Fiorano option, are you limited and what percentage of sales would you able to supply with that option, and what is the demand being for that, because obviously it's a significant upgrade in terms of cost than I suppose was profitability? Thank you.

 

Louis Camilleri

Yes. We're very encouraged by the Roma up to now in China. We're very encouraged by the level of orders we're receiving and the demographics, so that's a good sign. And, yes, potentially it could start the process of really penetrating the Chinese market in a more material manner than we've been able to. Obviously, the two plus two is an attractive combination. So, that's one.

The Assetto Fiorano, yes, generates a higher margin than the SF90. We've actually been very encouraged by the level of orders on the Assetto, significantly higher than we had expected and is running around 40% of total orders. We do not really have capacity constraints in terms of the Assetto Fiorano. It takes time for our suppliers to gear up, but over time we don't have capacity constraints on that one. It really is not an issue, I don't think.

 

[LucioFire]

ma la seconda special dopo la sp1 quando la presentano?

[__P]

1 ora fa, LucioFire scrive:

ma la seconda special dopo la sp1 quando la presentano?

Entro il 2022 dovrebbe vedersi una nuova auto della serie Icona.

[iDrive]

Risultati da sballo!

 

37% di margini operativi!

42% per le attivita industriale!

[4200blu]

[Beckervdo]

Louis Camilleri si dimette da AD Ferrari per motivi personali.

Cita

 

Lo aveva anticipato qualche giorno fa, la notizia è stata data alla chiusura di Wall Street: Louis Camilleri lascia tutti gli incarichi «per motivi personali» dopo aver contratto e superato il Covid. C’è la presidenza di Philip Morris, il colosso del tabacco, ma soprattutto la carica di ad di Ferrari. A Maranello, fanno sapere fonti vicine al gruppo, è già partita da qualche giorno la ricerca del successore ma intanto il vuoto lasciato dal manager maltese non è indifferente.

John Elkann ha assunto le deleghe ad interim. L’obiettivo per l’azionista è trovare la soluzione giusta più che una soluzione immediata, dunque sui tempi non si possono fare previsioni. Di certo c’è che per il Cavallino Rampante si cercherà una figura capace non solo di gestire ma anche di prendere pienamente in mano le sorti della fabbrica e della scuderia di Formula Uno, l’una alle prese con la pandemia e l’altra con un lungo periodo di magra a livello di successi.

E’ dalla scomparsa di Sergio Marchionne che il mercato si interroga su quale sia la leadrship più appropriata per una realtà iconica come la Rossa: per alcuni mesi Camilleri era sembrato una meteora, poi con il tempo aveva consolidato la sua posizione. Ora si ripropone il problema, questa volta nel pieno del processo di fusione che vede impegnata Fiat con Psa. In passato, tra i papabili si erano inseguite le voci su Vittorio Colao e Stefano Domenicali e Jonathan Paul Ive, ex chief design officer di Apple, ma anche Diego Piacentini e Luca Maestri di Apple.

La lettera di Elkann ai dipendenti

«Non ho dubbi di poter contare su tutti voi per l'impegno e la dedizione unici che sono il segno distintivo della Ferrari. Abbiamo una strategia chiara e ambiziosa e continueremo a seguirla». Lo scrive il presidente della Ferrari in una lettera ai dipendenti in cui parla della decisione di Camilleri. «Da parte mia - assicura Elkann - assumerò il ruolo di Amministratore Delegato ad interim con profondo senso di orgoglio e responsabilità nei confronti di tutti voi, persone della Ferrari, che non cessate mai di definire chi siamo e che ogni giorno fate la differenza».

«Decisione non facile che rispettiamo»

«Durante i tempi incerti e difficili della pandemia da Covid-19, Louis ha guidato la nostra azienda con mano ferma facendo della sicurezza e del benessere dei nostri dipendenti, delle loro famiglie e della nostra comunità la sua priorità assoluta». Una decisione di cui Elkan dice di aver appreso «con grande dispiacere come tutti noi della famiglia Ferrari»: «so che per lui non è stata una decisione facile ma, come sempre accade con scelte così importanti, dobbiamo rispettarla pienamente».

 

Elkann si dice «estremamente grato per tutto ciò che Louis ha fatto per la Ferrari e in particolare per il suo contributo negli ultimi anni, in cui ha preso il timone della nostra Società nel momento molto difficile seguito alla prematura scomparsa di Sergio nel luglio 2018. In qualità di membro di lunga data del Consiglio di Amministrazione, Louis ha mostrato un incrollabile senso di responsabilità assicurando continuità alla nostra organizzazione, guidando la Ferrari verso il futuro con un piano strategico ambizioso e lungimirante. Il suo impegno è stato totale, come la sua fedeltà ai principi del nostro fondatore Enzo Ferrari. La leadership e la passione di Louis - dice ancora il presidente del Cavallino - hanno guidato la Ferrari verso risultati eccezionali, spesso raggiungendo o superando gli obiettivi impegnativi che lui stesso si era prefissato. Abbiamo aperto un capitolo completamente nuovo per creare, con il record di cinque nuovi modelli presentati lo scorso anno, la gamma di prodotti più completa della nostra storia. Quest'ultima è un enorme tributo alle sue capacità e al suo stile manageriale unico, che so bene lo spingerebbe immediatamente a riconoscere il contributo personale e professionale di ognuno di voi per aver reso possibile tutto ciò».

Al timone per due anni e mezzo

Camilleri era stato nominato Ceo di Ferrari nel luglio 2018 dopo la scomparsa di Sergio Marchionne. Lascia anche la presidenza del colosso del tabacco Philip Morris International.

 

 

Via IlSole24Ore

[The.Doc]

Non so se essere felice delle dimissioni di Camomillo (mi auguro nulla di serio viste le motivazioni dell'abbandono) o temere che arrivi uno in Ferrari peggio di lui in quel ruolo... perchè al di là dei dati di vendita meglio lasciar perdere...

Modificato 11 Dicembre 2020 da The.Doc