Benedetto Vigna: No, no, we told you maybe we were not clear in the past. In September, we started to get the first equipment. In December, we started already to assemble some component for our cars. So now we’ll see how to manage it the best to the lease it, but it’s not an empty shell. We don’t do this inauguration with empty shell, Thomas. We, I mean, there is — there are people working over there are components made already over there.
Thomas Besson: I would have been prepared to come for a religious visit as well if I need to. Last question, on Forex, please. The headwind was a bit larger than I thought in Q1. Can you give us an indication of what we should expect for the full-year?
Antonio Picca Piccon: Well, we have said we expect the dollar to stay in the area of Euro 110. Then let’s see what happens. It is rather unpredictable. For example, the impact of Chinese Yuan and the Japanese Yen both last year and the current year is negative and larger than we would have bet on. As you know, we hedged our currency exposure on a 12-month rolling basis. So this smoothened a bit the impact, but overall, I would expect this to be negative for the rest of the year.
Thomas Besson: Okay. Thank you very much.
Benedetto Vigna: Welcome.
Antonio Picca Piccon: Thank you, Thomas.
Operator: Thank you. We will now take the next question from the line of Gabriele Gambarova from Banca Akros. Please go ahead.
Gabriele Gambarova: Yes, thanks for taking my questions. Just a couple left for me. Is it possible to know the precise number of SP3 Daytona delivered in Q1?
Benedetto Vigna: Yeah. Approximately 80.
Gabriele Gambarova: 80, wow.
Benedetto Vigna: Yes.
Gabriele Gambarova: And another question again on price and mix, very strong in Q1. The balance between this 80 and 123, am I right assuming that is made of, let’s say, bigger deliveries of Purosangue?
Benedetto Vigna: Can you please repeat the question?
Gabriele Gambarova: Yes. Just wondering — was wondering if the Purosangue had, let’s say, an important role in the improvement of price in mix in Q1 of [indiscernible] SP3?
Benedetto Vigna: Okay, sorry. Okay. We do not give the details of the overall product mix impact. I told you that overall, the product mix impact is positive and this is because of the Daytona. The other significant contributor remains personalization. And the third one is country mix.
Gabriele Gambarova: Okay. Thank you very much. The last question, just to check Antonio, if I understood well?
Antonio Picca Piccon: Just for the sake of clarity, Purosangue, in terms of contribution is average compared to the rest of the range percentage wise.
Gabriele Gambarova: Very last question. I understood right, you said you expect the price and mix to give higher than 10% contribution across the rest of the year?
Antonio Picca Piccon: I said that the contributor — the increase of price and mix as you can measure it as the ratio of the average selling price compared to last year is expected to be above 10% on the full-year basis.
Gabriele Gambarova: Okay, perfect. Thank you very much.
Benedetto Vigna: Welcome.
Operator: Thank you. We will now take the next question from the line of Henning Cosman from Barclays. Please go ahead.
Henning Cosman: Yes. Thank you so much for squeezing me in. I have also one more clarification, I’m afraid. But I’m still trying to reconcile your comments with respect to high number of Daytona’s, I think very strong personalization mix on the first Purosangue to be delivered, perhaps only a modest geographical mix effect in the course of the year, perhaps a little bit less in Q1. So, I would have thought these comments all sort of add to thinking that the Q1 margin is more towards the top-end of the range that we can perhaps expect across the quarters for 2024. But then again, you know, similar to the previous point that the colleague made, if the revenue per unit stays at above 10% or price mix stays above 10%, I’m struggling to reconcile that, how that would be consistent with the full-year margin of below 28%.
I mean, perhaps you can help us one more time to reconcile that? And then on another topic that hasn’t come up, second question is residual values, if I’m not mistaken, you had made comments around the degree of residual value normalization in the context of better availability of new cars. I don’t know if you wanted to share anything there. I just wanted to give you an opportunity if you wanted to share something on residual values? Thank you very much.
Benedetto Vigna: Well, I think the first one, maybe Antonio can add some more color and I will comment about the second. So, I start from the second also for business of this question. The residual value, there are, let me say, the residual value keep pretty well. There is — there has been one country that has been suffering a little bit for specific — for one specific model, but the situation is coming basically to is recovering. So, we don’t see any, any strange pattern over there. Coming to the first question, Antonio will elaborate more, but what I would like to underline is that we are not changing the guidance.
Antonio Picca Piccon: Absolutely. Absolutely. I mean, we are asked about color for the development of product — of price and mix over the rest of the year. And I try and simplify what I said before, meaning price and mix has been particularly strong in Q1. This has been supported by the number of deliveries of the Daytona, which is higher compared to the average for the rest of the year. And it — the other element that contributed positively was personalizations. And obviously, as I said, the other information that I put is that we expect on average price and mix to be growing 10% or above that in the course of 2024 compared to last year. So this means that over the course of the quarter is in terms of contribution margin, depending on the cadence, the actual cadence of Daytona will probably be slightly lower compared to the first part of the — first quarter of the year. Does it help?
Henning Cosman: I might follow-up with the team afterwards, but thank you.
Antonio Picca Piccon: Okay. Thank you.
Operator: Thank you. I would now like to turn the conference back to Benedetto Vigna for closing remarks.
Benedetto Vigna: Thank you. Thanks for your time. Thanks also for all your questions. The strong Q1 results and also the strong brand desirability are fueling our confidence for the development of the year and also forward. This is the key message that we wanted to pass to you. And I wish you a good afternoon and thank you again for your attention.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
