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Maurizio Arrivabene insists Ferrari are not out of the 2016 championship despite a poor weekend in Monaco.
Having finished on the podium in each of the first five races of the season, Ferrari missed out on a top three finish in Monaco as Kimi Raikkonen was forced to retire with front wing damage before Sebastian Vettel finished fourth behind Sergio Perez.
The result leaves Ferrari 67 points behind Mercedes in the constructors' championship with Red Bull just nine points adrift in third, but Arrivabene insists they can still challenge for the title.
"No way, because you saw the result from here is quite good, (Lewis) Hamilton is coming back and what we have to do is keep our concentration, keep focus on the races and to look forward. I think this championship is going to be quite interesting," Arrivabene said.
"The only podium that we were missing is today. At the beginning of the season I won't tell you the story again, you know what's happened, but I don't want to find any excuses. We were not good enough in Barcelona - only in Q3 - and the same also here and then we paid the fee during the race.
"I take the lessons and we need to really understand what the problem is because if you recall in Q1 not only in Barcelona because it's another story but here in Q1 we did a 1:40.1 and we are slower in Q3. So that is the problem that we have to look for."