Thank you, Andrei, and welcome to everyone who is joining us. There are two topics that we'd like to cover today. First, the group's full year 2020 operating results and then our full year 2021 guidance. 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 Chair and Acting CEO, Mr. John Elkann; and our Group CFO, Mr. Antonio Picca Piccon. All relevant materials are available in the Investors section of the Ferrari corporate website. 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 Mr. John Elkann.

Good afternoon, Nicoletta. Good morning and afternoon to all. I would like to start by thanking all of my colleagues in Ferrari for the remarkable results in 2020, a testament to the strength of our business model and the resilience of our core business. In fact, we exceeded full year guidance on all metrics in 2020. These results have been achieved while factoring in the impacts of COVID-19 on all of our activities. This environment allowed us to learn more about our strengths and weaknesses, which helped us further fortify our company for the future. 2020 has also been characterized by the successful digital unveiling of the Ferrari Portofino M, SF90 Spider, and 488 GT Modificata. Today, we have the most beautiful, innovative, and widest product range in our history. I would like to highlight some of our achievements that we are particularly proud of. Back on Track, which is Ferrari's program to safeguard the health of our employees in a COVID-19 secured environment, has become a reference in Italy and around the world. We also received the equal salary certificate; in July, we were the first Italian company awarded recognition for equal compensation among women and men for equivalent roles and jobs, testifying to our commitment to create an inclusive and diverse working environment. Furthermore, during this pandemic crisis, we took important social responsibility actions. We launched a fundraising campaign with our clients, matching all donations to support medical staff and the health system of our community in Maranello and surroundings. We also partnered with the Italian Institute of Technology to present the open-source project SI 5, a revolutionary low-cost and lightweight pulmonary ventilator. Lastly, during the seven-week closure of the factory, we did not use any state aid program and continued to pay the full salaries of all employees. 2020 was also a year of celebration: our 1,000 Grand Prix, the highest number in Formula One ever reached; our victories in the GT racing season, and we reached over 2.5 million visitors in our eSports series. But our 2020 Formula One results reminded us that a great past doesn't equate to a great present or future. This painful reality, both for ourselves and our fans, is from which we must restart with humility, focusing on what will make us competitive and ultimately lead to winning. As we enter into 2021, which Antonio will give you more details about, we continue to work on our product plan for this exciting decade ahead, adapting it to a fast-evolving environment. Our journey toward carbon neutrality will provide a wider framework for our future. We are working on a clear plan, including Formula One, to become carbon neutral through actions taken directly and indirectly within this decade. We are optimistic about the opportunities ahead of us and look forward to sharing and discussing the future of Ferrari for this decade at our Capital Markets Day in the first half of 2022. Now, let me address the CEO succession. We have established, as a board, a search committee responsible for a process to identify the right successor to Louis Camilleri. We want to take the necessary time to find the best possible CEO for our company. On this note, I would like to express my most sincere thank you to Louis, who is listening on our call today for his personal commitment, as our CEO since 2018 and as a member of our board since 2015. His passion for Ferrari is and has been limitless. Under his leadership, the company has further solidified its position as one of the world's greatest companies. Louis built a leadership team that is continuing to propel our company forward, as our results demonstrate, and for this, I am personally grateful to him and to all my colleagues at Ferrari.

Thank you, Mr. Chairman. And good morning or afternoon to everyone who is joining us today. I start from Page 6, where you can see the highlights of 2020 results, which exceeded our latest guidance in this difficult time driven by very strong fourth quarter results. This was achieved on the back of the strength of our core business, improved Formula One revenues, cost containment actions deployed during the year, and a tailwind from foreign exchange compared to our projections. Our shipments in 2020 were 9,119 units, approximately 10% less than the prior year, in line with our production planning. The Group's net revenues were EUR 3,460 million, down 8.1% compared to the prior year, driven by lower deliveries as well as lower Formula One and brand revenue. EBITDA came in at EUR 1,143 million, down 10%, with a margin of 33%. It is worth noting that the EBITDA margin in our core business was better than in 2019. EBIT was 716 million, down 21.9%, embedding higher D&A. Adjusted net profit was EUR 534 million, down 23.5% versus 2019 and resulted in an adjusted diluted EPS of EUR 2.88 compared to EUR 3.71 of the prior year. The adjusted figures reflected a tax benefit with no cash impact on 2020 as a result of the one-off partial step-up of the trademark book value in accordance with Italian tax regulations. Industrial free cash flow for the year was EUR 172 million. What you can't see in this chart are the fundamental dynamics underlying our business. We have recorded strong order intakes since summer 2020 fueled by the resumed commercial activities and the new product unveiling. As a result, on a yearly basis, we ended up with a net order intake very much in line with 2019 despite a very different environment, and the trend continued in January. The order book is at a record level, up 22% versus last year and covering the entire 2021 and beyond. Should we exclude the effects of the production loss due to COVID-19, it would be up nearly 10%. Cancellations remained well within our average experience and were actually lower than in 2019. Residuals are holding up well on the back of the growth of pre-owned transaction volume. This happened notwithstanding the challenges thanks to our effectiveness in reshaping the way we engage with customers through a mix of inputs and digital events, digital reviews, and more exclusive gatherings and test drives. We obviously owe a lot to our dealers for this, who have been standing by us unabated even during the most difficult outburst of the pandemic in their respective countries. Page 7 shows the impact of the COVID-19 pandemic that mostly hits the second quarter of 2020 due to the seven-week production suspension and the temporary dealers' closure. The flexibility and adaptability that is inherent to our organization, and the resilience of the order book led to a V-shaped recovery. Indeed, our Q4 was a record quarter in terms of volume, net revenue, and EBITDA, growing double digits versus an already robust Q4 2019. Turning to Page 8, you can see the details of the full year 2020 shipments down 1,012 units following the seven-week production suspension in the first half of 2020 and dealers' temporary closure due to the COVID-19 pandemic, partially offset by a gradual production recovery of roughly 500 units in the second half of the year. Sales of both V8 cylinder and V12 were down 10.3% and 9% respectively. During the year despite the COVID-19 disruptions, we managed to deliver Ferrari Monza SP1 and SP2 as originally scheduled. The F8 family continued its ramp-up phase, offsetting the special series of the 488 Pista family, which was approaching the end of its lifecycle. The 812 GTS's deliveries commenced in the second quarter and reached global distribution. While the Ferrari Portofino phased out with the introduction of the Ferrari Portofino in 2021. The deliveries of the SF90 Stradale started in Q4 following the industrialization delays experienced and then sold. In the same quarter, the Ferrari Roma also commenced deliveries. The new shipments were affected by our deliberate geographical allocation based on the various stages of the life cycles of our model by region. As a result, EMEA and the rest of APAC were almost in line with the prior year, Americas were down 19.8% but showed a 14% turnaround in Q4 thanks to the ramp-up of the 2019 models. Mainland China, Hong Kong, and Taiwan posted a decrease of 45.5% in the year while grew triple digits in Q4, thanks to the ramp-up of 2019 models and an easy comparison versus the prior year. As a reminder, we privileged deliveries in this region during the first nine months of 2019. Notwithstanding the challenges of the COVID-19 pandemic, we unveiled three new models in 2020: the Ferrari Portofino M, SF90 Spider, and the limited edition track car 488 GT Modificata, which will lead the market in 2021. I am happy to announce that our portfolio will be further enriched by three new models unveiling this year. Turning to page 9, you can see here displayed the work of our group net revenues for the full year that was down 8.9% at constant currency. Revenue from cars and spare parts were down 4.1% at constant currency. Such performance reflects the volume decline and their personalization, partially offset by the positive mix price, mainly thanks to the Ferrari Monza SP1 and SP2. Personalization rates on cars and spare parts revenue were around 18% while down in absolute terms given the volume contraction. Engine revenues were down 24%, mainly reflecting lower shipments to Maserati and revenues from the rental of engines to other Formula One racing teams. Revenues from sponsorship, commercial, and brand were down EUR 150 million, significantly impacted by the COVID-19 pandemic, resulting in a shorter number of Formula One races, as well as lower in-store traffic and museum visitors. Other revenues were down 18.3% at constant currency, mainly impacted by reduced sports-related activities and the cancellation of the MOTO GP at the Mugello racetrack, only partially offset by the first-ever Formula One Grand Prix at our circuit. Currency, including translation and transaction impact, as well as foreign currency hedges, which played a significant role, had a positive contribution of EUR 32 million, mainly due to the US dollar. Moving to page 10. Let me review the change in our EBIT, which was EUR 716 million, down 21.9% or 25.3% at constant currency with EBIT at 20.7%. The negative variance at constant currency remains mostly due to the COVID-19 impact on Formula One brand-related activities and engine sales, partially offset by the resilience of our core business. More precisely, volume drove a negative variance of EUR 126 million due to previously mentioned reduced deliveries. Mix price variance was positive for EUR 130 million thanks to the Ferrari Monza SP1 and SP2 and a richer product mix while counter mix in Q4 despite fewer FXX-K EV. This was partially offset by the lower contribution from personalization programs, given the decrease of shipments and the gradual phase-out over the 488 Pista family. Industrial costs, research and development costs increased EUR 38 million, mainly due to higher D&A, net of the benefits of technology-related incentives recognized in the year. This also included the full cost of employees' paid days of absence during the COVID-19 production suspension. SG&A decreased EUR 6 million reflecting significant cost containment action, partly offset by Formula One racing activities. Other decreased EUR 211 million due to the pandemic impact on the Formula One racing calendar, lower traffic from brand-related activities, and engine sales to Maserati. Resulting in a net positive impact of currency of EUR 38 million year-on-year. Turning at page 11, Industrial free cash flow generation for the year was EUR 172 million. The positive generation was driven by EBITDA partially offset by investment of EUR 709 million to fuel our long-term product development, including over EUR 16 million from the purchase of tracts of land contiguous to our facilities in Maranello. Net of the impacts of IFRS 16, our capital expenditure for 2020 was slightly lower than our guidance due to slower spending cadence in the last quarter that we will make up in 2021. The capitalization ratio was approximately 38% for the year, basically in line with 2019. The adverse working capital impacts were primarily due to the reversals of the Ferrari Monza SP1 and SP2 advances received in 2019 and higher products and raw material inventory to protect the supply chain during this complex month. Net industrial debt at the end of the year was EUR 543 million compared to EUR 337 last year. During the year, a total worth of EUR 130 million in shares were repurchased before the decision to temporarily suspend the program and EUR 212 million were distributed in dividends. With respect to the share repurchase program, it's important for you to know that we remain focused on rewarding our shareholders, and the Board of Directors will decide the best course of action as the year unfolds. At the end of 2020, total available liquidity including undrawn credit lines was EUR 700 million, committed was EUR 2,062 million, which compares with approximately EUR 1,880 million as of September 30. As a reminder, an amount of EUR 500 million will just be used to reimburse the bond maturing in January. Moving to page 12, you can see the 2021 guidance which targets a strong rebound versus 2020 with net revenues around EUR 4.3 billion. This target is predicated upon trading conditions affected by further restrictions or impacts from the pandemic on our core business, revenues from Formula One, still discounting the known uncertainties on the calendar and reflecting a lower 2020 ranking, and brand activities still dealing with the COVID-19 challenges throughout 2021. Adjusted EBITDA is projected to be between EUR 1,450 million and EUR 1,500 million with an approximate percentage margin between 33.7% and 34.49%. Adjusted EBIT between EUR 970 million and EUR 1,020 million, targeting an EBIT margin between 22.6% and 23.7%. This reflects the higher D&A following the CapEx increase in the most recent year in addition to the mentioned challenges due to COVID-19. We also expect operational and marketing expenses to gradually resume. Adjusted diluted DPS is expected to be between EUR 4 and EUR 4.20 per share assuming an approximately 20% tax rate. Industrial free cash flow in the region of EUR 350 million. Our free cash flow will reflect higher CapEx, which we expect to amount to around EUR 800 million with a slight catch-up compared to 2020 as already commented. Finally, it is worth noting that the guidance for 2021 rests on the assumption that the exchange rate will remain in line with the last part of 2020 for our most relevant currencies. The extraordinary conditions of 2020 affected all of us in many ways. What has not changed is the commitment and passion that we live and breathe every day in Ferrari. 2021 guidance growth is evidence of our unchanged ambitions. We clearly know that there is a lot of focus on 2022. On one hand, the pandemic has clearly affected our plans. As disclosed, we have postponed some initiatives. In addition, the pace of the introduction of new emissions regulations all over the world has been accelerating. To have better clarity on our future, we also need to handle the uncertainties caused by COVID-19 impacting the development of our core business, our Formula One racing, and brand-related activities possibly longer than originally expected. On the other hand, the inherent strength of our business model and the resilience of our core business have proved their worth in this recent period, which gives us confidence in our ability to tackle challenges and possibly transform them into opportunities. As our Chairman just said, we have an exciting decade ahead, which we look forward to sharing and discussing when we meet for our Capital Markets Day in 2022.

Thank you, Antonio. We are now ready to start the Q&A session. As a reminder, you will be managed by Antonio. Thank you, Andrei, to you.

Hey, good morning, guys. Thanks for all the detail. I want to ask about the guidance first, I suppose. If we look at the 2022 EBITDA that we talked about at the Capital Markets Day, it had implied incremental margins of about well over 50% relative to the 2019 numbers, and then your 2021 guidance implies less than 40% incremental margins versus 2019. I'm wondering what you consider are the components that will leave incremental margins in 2021 below the trajectory that we knew about.

Thank you, Michael. We will not look at 2021 for the trajectory to 2022. This primarily depends on the mix. We assume that the product mix will be discussed at the Capital Market Day, as I said, we'll review. There is an expected significant growth between the two years. 2021, as of now, is back on the trajectory we had at the time we prepared the plan in September 2018.

Let me ask you about that. If I look at the figures you provided, and if I exclude the business losses you detailed for 2020, which include EUR 126 million in volumes and EUR 211 million in lost revenue from Formula One and brand activities, that would place your EBITDA at EUR 1.48 billion for 2020, aligning with the midpoint you've guided us to for 2021. Clearly, some of the car business will return. I understand that the overarching theme of the Capital Markets Day long-term plan was to continue growing the business and improving profitability. Therefore, I'm curious about how much caution you feel is necessary to incorporate into the 2021 margin guidance today.

I think very little, because 2021 is still affected by significant uncertainty. I mentioned some elements in the slide that you see, and I cannot be more specific in terms of amounts, but clearly, all of our business, including F1, to some extent, has to deal with the uncertainty related to the development of the pandemic.

Then and just one last one I know, John mentioned regarding a path to carbon neutrality and developing a wide framework. I thought that was a very interesting comment. Would you mind elaborating because it's a subject of much discussion among shareholders? Could you elaborate on what you think are the key high-level underpinnings to get there that we should think about as far as how Ferrari thinks about it?

Yes, I think I can speak on a qualitative basis. Despite the fact that we are focused on the car business, we also have other activities. Our cars business is basically made up of the carbon footprint of our products. F1 is very specific, per se. Brand-related activities also have their unique features. So first of all, we need to pull all of that together and be able to compute the carbon footprint for the company, company-wide. Based on the size of this footprint, we can then compile a mix of actions to tackle the issue both through various actions and compensation. As I said, the plan is first to achieve carbon footprint certification. After that, we will be ready to be more specific about the actions that we put in place to achieve what our Chairman just mentioned, which is the goal to become carbon neutral within the decade.

Good afternoon. Because you mentioned Louis was listening, Louis, hope you're doing well and miss you on many levels. Just a first question, and I think Michael's question on 2021 guidance is very important to know because I think we're all trying to figure out what the basis is to work off of for our 2022 and beyond numbers because it still seems like there's some noise and pressure on 2021. Is that kind of a fair statement to say, hey, 2021 is still a year that's got COVID noise, some incremental costs and some other things that might not be the best way to think about building off as a basis year for the trajectory in 2022 and beyond? Is that a fair statement?

I’m not sure I got all the details of your question because the line is not very good here. I understand you're asking about whether 2021 may be informative as to the development of the results for 2022. Only partly, I would say 2021 is mostly execution, assuming that COVID-19 allows us to execute well in alignment with our plans. 2022 already encompasses the expectation of the introduction of the new model, and there we need to be more specific later on.

Okay, and then just a second question, you mentioned personalization was lower in 2020. I'm just curious as you think about 2021 and a recovery, and then beyond do you think that personalization will be significantly additive to results going forward? And it was a little bit depressed in 2020 because of COVID.

Okay, thank you for this question, John. I think we discussed a number of times in previous calls too. We don't do product personalization because it usually does not move much throughout time; it depends on the mix of our products. We mentioned, I think already in a couple of calls, that the personalization rate has been influenced by specialty areas. Clearly, the price of the cars is important because it affects the denominator meaning the total revenues. So I will not be particularly mindful about the fluctuation of this personalization rate. What actually matters in absolute terms are the margins attached to that. You may imagine that the personalization rate for the Monza in terms of the share of revenue is lower compared to that of a Portofino or maybe Pista. It depends, it is a balance of that but the company's contribution may be very different.

Okay, and just lastly on the Concorde Agreement, I was just wondering if you could give us any basics on the positive or negative side for economics going forward and just how we should think about that in a very basic way on the positive negative swing factors.

Yes, I prefer to comment saying that the net impact of the introduction of the new Concorde Agreement and the budget cap is kind of neutral for us. That is the expectation that we will be monitored throughout time.

Hi, everyone. First of all, I also wanted to take this opportunity to wish Louis all the best. Now, coming to the questions, I want to come back to the 2021 guidance, particularly to the free cash flow one. I really struggle to understand how to reconcile this EUR 350 million guidance also because you've given us an EUR 800 million CapEx number. What are the other assumptions behind this number in terms of working capital? And how do we think about bridging this result with the 2022 target given that it would imply a growth of three times in cash flow generation?

Thank you, Giulio. As you know, our free cash flow is basically the result of how much we take out from EBITDA due to capital expenditures. Working capital in a wider sense means we take into account also the impact of the advances that we receive on the Monza, and we have a significant drag in 2021 basically, we catch some significant part of the price of the Monza already in 2019 and we want to deliver in 2021. Besides the usual dynamics of the rest of working capital, that does not count much usually, we have the tax and financial charges payment. As for taxes concerned, you should take into account the fact that the new Patent Box scheme basically provides for the cash benefit to be split in three years. So there will be a slight reduction in 2021 compared to what we witnessed in 2019 and 2020. Does it help?

Yes, a lot. Thank you very much. And if we look at the 2022 number again, does it include any impact from new deposits for a potential new limited edition car? Or should we say it's a clean number?

Yes. That's a fair assumption.

Okay. Thank you very much. Then I also wanted to come back on the decision to postpone the CMD. Is that only driven by the fact that there isn't a permanent CEO at the moment or if there is anything else behind the decision?

I don't think we have communicated that date for the CMD, Giulio. If there is anything, we will speak about that.

Okay. Looking at your shipments for Q4, you indicated that shipments would be down about 9% for the full year in 2020. You finished the year down 10%. Is there any conservativeness in deliveries in the last few weeks of the year? Have you possibly halted the deliveries?

No, it is just rounding, Giulio, just rounding.

Hi, thanks for taking my question. First of all, I would like to talk a little bit about the mix evolution to expect in 2021. Clearly, your mix is becoming stronger and stronger, and at the same time, we do have the generalization of the Monza and also the Pista's being phased out. So net-net, what should we expect in terms of contribution from the mix in 2021?

We expect mix to be positive, and that's due to the fact that we will keep on delivering the Monza as per our plan, and we should see significant growth in terms of the delivery of the SF90. So that will be the main driver of what we expect.

Could you explain the percentage of volumes you anticipate will be hybrid? You had set a target at the Capital Markets Day to reach 60% by next year, but currently, you only have two models. How should we view the increase, and can you provide an estimate of what percentage of 2021 volume might be hybrid?

No, as you know, we prefer not to go into that. We prefer to look at adjusted revenue. Those are much more relevant than volumes per se.

Okay. And on this CEO search, I mean, I can imagine that you cannot give details in terms of names that you might be considering, but can you perhaps discuss a little bit about what are the key criteria and qualities that you are looking for in the next CEO?

Yes, I'm sure the board is considering all of the criteria that are necessary to run a company like ours.

Okay. And maybe just one last one as a clarification, can you just remind us what plans have been affected? And what initiatives have been postponed as a result of COVID?

No. Once again, I think we mentioned a couple of times this year. The basics and the main drivers of our growth plan remain unchanged. It's just a question of timing for most of that. But we are not specific in advance about the models we will launch, we cannot be specific even more I would say on the initiatives that will come in a couple of years or longer.

Good afternoon, everyone, and thanks for taking my question. The first one is on China. Can you give us a flavor of what are we doing to expect in terms of shipments from Mainland China, Hong Kong, and Taiwan in 2021 and if you see some major flow of shipments in the coming year from these regions? And second, on the timing for the new models. Can you give us a rough timing for the announcement of the three new models in 2021? And the very last is on the quarterly trend. I know it's difficult, but the outlook is still uncertain. So do you see some differences between the quarter by quarter? If you can just give us a flavor about the first quarter and going forward? Thank you very much.

Thank you, Monica. I will begin by addressing the launch; it's a good attempt, but we typically avoid discussing such specifics. Regarding the quarterly progress this year, we are experiencing some seasonal fluctuations, and changes occurred in 2020 due to the pandemic's effects. Therefore, comparisons won't be straightforward; it's not just about volume changes, but also variations in the mix and revenue recognition for our F1 activities. This makes it quite complex without delving into modeling details, which I prefer to avoid. On the topic of China, we are seeing a strong resurgence in orders from that market. It's important not to compare our current deliveries with those in 2019 and 2020, as they were impacted by our decision to advance the implementation of new emission regulations that caught us off guard in 2019, leading to a challenging comparison in 2020. In 2021, we are currently observing significant order growth, particularly noteworthy for the Roma, which has attracted a considerable number of orders from women. This suggests relevance in terms of the car's features, even with an internal combustion engine.

Good afternoon and thank you for taking my questions. The first question I had, and apologies if you did allude to this in the comments, but just for this year, what are your assumptions around raw materials and FX? And have you already taken action to price through the appreciation in the Euro against the US dollar, which we saw last year?

Thank you, George. In terms of our policy on FX, as you know, we have a policy that provides for hedging on a rolling basis with some target percentages. A significant chunk of 2021 is already hedged throughout 2020. Still, we do not go under the percentage, and there is room for changes and impact from fluctuations on our results, which is minimized but may go either side. As for raw materials, for those that really matter, we have a similar policy.

Understood, thank you. And then the second question I had was just with respect to the order book. You're obviously extremely clear that the order book is very strong and extends well into next year. Can I just ask you, is there much variation by model line, or more importantly, by market in terms of what you see with respect to the order book? Or is it pretty robust across the board at this point in time?

I would describe it as pretty robust across the board and across geographies. Meaning across products and geography nicely enough.

Great. And then the final question, just to clarify, and I think both Michael and John have already touched on this, but I just wanted to clarify. At this point in time, you still are aiming to deliver the 2022 targets that were presented. Is that a fair statement?

I think that will come with Capital Market Day. At that point, we may describe the strategy we are pursuing and any results expected for the target for 2022 if they need to be changed.

Thank you very much. I have a couple of questions left, please. First, on the EBIT Bridge in 2020 because of COVID, you had an enormous negative line but who is V negative. Should we expect part of that to reverse positively in 2021? Or is it just something that's gone?

Not sure I got which part of the EBIT Bridge you're talking about.

The one called

Sorry, well, that there are other includes the impact of F1, which in principle may come back to the extent that the F1 calendar is not affected in the same way it was in 2020. That also includes the revenues from the commercial right holder and revenues from sponsorship, but also the impact on EBIT from the delays and closure of our brand-related activities. Once again, there we are very much dependent on the evolution of the pandemic. Finally, we are also partly dependent on Maserati in terms of volumes and margin attached to that.

Okay, thank you. Actually, you gave me a connection to the next question. Can you just clarify the potential financial consequences of stopping the delivery of Maserati engines? We are not fully aware of obviously of the contract you had with them. Do you need to write off any of your assets?

The agreement with Maserati is expected to end in 2023. That business is diluted for us in terms of margin. Furthermore, I think we outlined since the time of the Capital Market Day that we expect to have some capacity freed up from that activity that may be used for the development of our model and our powertrain going forward.

Okay, thank you. I have a last question that may be beyond the scope, but I trade. Could you give us any hints about the 2022 CapEx plan and the timeline for the Purosangue launch? Whether it's still within the frame of the initial plan or whether it's now pushed into 2023?

No, I would prefer not to go into that. Once again, we said there are some developments ongoing. It is better to talk when everything is clear.

Yes. Good afternoon to everybody. I have a follow-up question on the topics indication. EUR 800 million is a really big number, probably the highest in the industry. I was wondering if you can give us some details on what are the number one or two projects you are investing in. Or at least by categories if it's R&D for new proportions, or any color would be helpful?

Sure, Massimo. By the way, this was the same target we gave or better expectation that we gave at the beginning of last year when we started 2020 and before being informed about the impact of COVID. Some of this is catch-up from the slower days of our investment in the last part of 2020. Mostly, this is product or product development, which all work is attached to that in terms of the consideration that we are not only involved with some thermal engines; we also have hybrids, and we are working on other infrastructure that is a small part of that. But we cannot disregard the development in our factory here. As we did, by the way, by purchasing some tracts of land contiguous to our headquarters here. So as I said, it’s multi-product and in line with what we said at the Capital Market Day back in 2018. So we’re adjusting and executing with that.

Thanks, everybody. I have a question for John Elkann, but I just wanted to say at the outset that I mean, all the talk around 2022 guidance, I totally understand it. But just think about how much the world has changed in terms of CO2 and climate change and EV economics since the 2018 CMD. It almost renders toward the 2022 guide irrelevant in my opinion, but just my opinion. But John, question for you. Ferrari vehicles, I know management in the past on tailpipe emissions, have commented that because Ferrari vehicles are such a minuscule part of the park, that it's really tiny, and that you could kind of talk to regulators and somehow convince them. We're not a big deal and you could kind of purchase credits and very easily at current carbon prices. Or even more than that, kind of neutralize it. But what's happening, of course, as you know, John, and the team now, cities are getting involved. London, Los Angeles, Hong Kong, and big Ferrari cities are kind of saying, no, we're not going to allow the operation of ICE vehicles in the coming years. And so it just means you run the risk of having the regulatory environment move outside of your control. So with that in mind, I'd love to hear maybe a direct question, John, can you see a day within the next decade where the majority of Ferrari's products are 100% electric, not just hybrid because that's still considered tailpipe climate-changing cars in the eyes of these mayors and cities that we're talking to and you're talking to. Could you see - and I'm not asking you to say it's going to happen. But is that too radical for Ferrari while protecting the sanctity of the brand? Thanks, John.

Hi, Adam. Good to hear your voice. I think that the best way to answer is really an open invitation for next year in Maranello to talk to you and all your colleagues who are going to join us on the exciting journey that we have over this decade. In 2030, we will still have hybrid cars. So within this decade, we will be seeing a Ferrari, fully electric. Well, we will see within this decade is an electric Ferrari and I hope you will buy one, Adam.

Yes, good afternoon and thank you. Question on you mentioned very impressively that your cancellation level in 2020 was lower than in 2019. Can you comment a little bit about where were the cancellations either by geography and by product ready to get an idea about that? And secondly, you alluded on the new customers that you had a very strong interest from women in China for the Roma. Can you talk more generally about the level of interest globally further on the Roma? And also, the level of interest for SF90 Stradale, the other extreme, and particularly the amount of the proportion of people who are specifying the Assetto Fiorano additional uptake? Thank you.

Yes. Thank you, Steven. In terms of the cancellations, we were public in the second quarter. That's the fact that we had some cancellations in North America and in Australia. They were pretty much concentrated there. Since then, we haven't seen anything specific. So the ones that we had were usually evenly distributed across the various geographies, nothing special to report. With respect to the color on the order intake from for the various models, I think it is confirmed that the Roma attracts more than any other Ferrari before its new customers, which is interesting and nice. It happens also that the SF90 attracts younger customers more probably than we expected. The order book for that car is very, very long. And it may already become pre-ordered in some months ago. That probably is the two most interesting elements that you should take into account. Thank you, all. Bye-bye.

That concludes the call for today. Thank you for participating. You may all disconnect.