EN
L 97/12
(55)
Official Journal of the European Union
24.3.2022
In particular, according to the CIPE Directive, the scope of the services, the maximum fares and the compensation must be defined to grant the service provider full coverage of all the admissible costs, according to the following equation: VA(RSP) + VA(AI(X)) = VA(CA) where: — VA(RSP) is the discounted value of the compensation for the discharge of the public service obligations; — VA(AI(X)) is the discounted value of other revenue (fare receipts and other); — (VA(CA)) is the discounted value of the admissible operating costs, debt repayment and return on capital.
(56)
In case the above equation does not hold, the scope of the subsidised activities could be reduced, alternatively the service organisation (e.g. type of ships) could be reviewed, or the fare ceilings could be modified.
(57)
Furthermore, the fare ceiling applicable to each service, net of taxes and port dues, is adjusted every year on the basis of a price-cap formula as follows: ΔΤ = ΔΡ – Χ where: — ΔΤ is the annual percentage change in the fare ceiling; — ΔΡ is the rate of inflation for the year of reference; — Χ is a real annual rate of adjustment of the fare ceiling, laid down in the Convention or Public Service Contracts, which remains constant over the duration of the Convention or Public Service Contracts.
(58)
The CIPE Directive also specifies that the fare ceiling may be adjusted to reflect variations in fuel costs, taking standard publicly available prices as reference.
2.3.2.
Illegal prolongation of rescue aid to Siremar
(59)
On 16 November 2010, the Commission approved rescue aid to Tirrenia and Siremar (‘the 2010 Decision’) (31).
The aid consisted of a guarantee on credit lines provided by private banks for an amount of up to EUR 95 000 000.
Italy undertook to communicate to the Commission, no later than 6 months after the author­ isation of the rescue aid measure, a restructuring plan or proof that the loan had been reimbursed in full and/or that the guarantee had been terminated.
(60)
Subsequently, the private banks, Banca Infrastrutture Innovazione e Sviluppo (‘BIIS’) and Unicredit, authorised a credit line of EUR 40 000 000 to Tirrenia and Siremar (i.e.
EUR 25 000 000 for Tirrenia and EUR 15 000 000 for Siremar), with the maturity date set at 30 June 2011.
The State guaranteed that credit line on 15 February 2011.
(61)
The financing was then disbursed as follows: (a) the first instalment on 28 February 2011 (EUR 20 000 000 for Tirrenia and EUR 12 000 000 for Siremar); (b) the second instalment on 23 March 2011 (EUR 5 000 000 for Tirrenia and EUR 3 000 000 for Siremar).
(62)
Italy informed the Commission that, as the first instalment of the guaranteed loan was disbursed only on 28 February 2011, the 6-month period for its reimbursement according to paragraph 25(a) of the Community guidelines on State aid for rescuing and restructuring firms in difficulty (‘the 2004 Rescue and Restructuring Guidelines’) (32) and to recitals (32) and (47) of the 2010 Decision, would elapse on 28 August 2011.
(63)
Before that date, Tirrenia and Siremar defaulted on the loan and, as a result, on 11 July 2011 BIIS called the State guarantee.
On this date, therefore, Siremar held a debt towards the State of EUR 15 121 838,33.
This includes both the principal amount of the respective loans and outstanding interest owed to the bank.
(31) OJ C 102, 2.4.2011, p. 1. (32) OJ C 244, 1.10.2004, p. 2.