Gautam Narayan: Tom Narayan, RBC. My first 1 has to do with electrification. I was curious if there was any updates post the June Capital Markets Day especially related to the new e-building development. And with electrification, we get this question a lot, but just wondering how you would respond to what is Ferrari’s kind of method of distinguishing itself with electrification. And obviously, you can enhance the product, but just love some color on that. we’ve heard that it ultimately has to do with exclusivity, too, as a luxury retailer. If Hermès was forced to not sell leather bags and then other substrate people would still buy Hermès bags regardless. But I’d just love to hear more on how Ferrari can use electrification to enhance its product offering. And then the second question is just a quick one. Capital return. How do you think about capital return specifically as it relates to share buybacks?
Benedetto Vigna: Okay. Thank you, Tom. I’ll take the first 2 and the last one, Antonio will comment. So the electrification, you may remember that in June last year, we said that we will unveil our electric — Ferrari electric cars in 2025. And what I can tell you that we are fully on track with our — with the project. The team did a lot of progress in the second half of the year. And we work a lot here on many dimensions when it comes to efficiency and the supportiveness of the car that are going to use this, let’s say, engine and axle. We also said that we will do internally, manufacturing internally, strategic component. What does it mean? We will do internally in our e-building. By the way, if you come here, you will see it growing pretty fast.
I was there this morning with the responsible of the infrastructure, and it’s growing like a mushroom. This you can see, in this building, we will do the axle, will do the inverter. And we will also assemble the cell to make our own battery. So the building as the product is proceeding as planned. And I have to say that this is, let’s say, the result, as I said also in my part of all the work of all the team that is fully dedicated to this important project. Now, when you talk about any technology, what is important is not the technology, but the way you use the technology. And here, in Ferrari, when we’ve developed the cars, we always make them unique, distinctive looking at 3 dimension, the design, the performance and the driving trails. What we are doing constantly, when we develop these electric cars, we keep in mind that we have to start from the client, the client is the center, and we have to start from the driving trails.
So when it comes to acceleration, braking, gearbox, sound, all these are dimensions that we are developing. And keep in mind during the — for electric car. So the product strategy as well as the use of technology as well as all the infrastructure that we need to produce. Well, this is according to the plan, and there is no surprise. And we are, to say, satisfied where we are and we keep pushing. Antonio?
Antonio Piccon: With respect to the strategy and capital return. For that, we should get back to what I explained at the Capital Market Day, meaning over the planned period, we thought our cash generation has been largely deployed for return to shareholders, 50% in the form of larger dividends and 50% approximately in terms of share buyback. We also mentioned that depending on the evolution of the plan, we could have adjusted or confirmed the plan, but this is what we outlined in terms of target for the next 4 years. .
Operator: And your next question comes from the line of Anthony Dick from ODDO BHF. Apologies, Anthony, your line is very quiet. Can you please speak up?
Anthony Dick: Yes, can you hear me?
Operator: Your line is still very quiet.
Anthony Dick: Is it better now?
Operator: Perfect.
