Ferrari N.V. (RACE) Q1 2023 Earnings Call Transcript

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, and thank you for standing by. Welcome to the Ferrari 2023 Q1 Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

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

Nicoletta Russo

Thank you Sandra, and welcome to everyone who's joining us. Today we plan to cover the group's Q1 2023 operating results and the duration of the call is expected to be around 60 minutes. 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.

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

With that said, I'd like to turn the call over to Benedetto.

Benedetto Vigna

Gracias, Nicoletta. Thank you everyone for joining us today. I would like to start by thanking all the women and men at Ferrari for their passion and dedication, which have been essential in navigating the first months of this year. Without the tireless effort of all of them from first to last, the strong result we present today wouldn't have been possible, I have no doubt.

The current technology transition is creating a continuously evolving landscape. From my experience, and having managed some technology transformation in the past, I have learned that being agile and nimble is key to success. These two qualities underpin our strategic plan and the progress we are making are perfectly on track with respect to what we presented at the Capital Market Day almost one year ago.

In particular, I would like to comment on two elements extremely important for our further growth: the building -- the e-building and our differentiated product offering. Let's start with the e-building. It grows taller and taller every day we come to office. This will be the home of our internally developed strategic electric components and it will grant us a higher degree of production flexibility for our hybrid and full electric models.