natgillin/translations-raw huggingface dataset:
Det må derfor konkluderes, at et privat moderselskab ikke ville have fortsat med at tildele den anden foranstaltning, som yderligere øger moderselskabets eksponering mod dets datterselskab.
The Commission acknowledges that further consolidation of the smaller players in the market could reasonably be expected as well as potential privatisation of the credit insurers in the CEE.
Med hensyn til spørgsmålet om, hvorvidt genforsikringen gav SACE BT en fordel, som anerkendt af SACE (se betragtning 70), gav foranstaltningen endelig SACE BT mulighed for at øge sin kreditforsikringskapacitet og gav det således mulighed for at tegne flere aftaler, end det ellers kunne have gjort.
It also understands the difficulties of SACE in spite of iterative process to precisely evaluate in money terms the amount of capital to be spent for these future acquisitions and the returns to be generated by such companies, before the owner of the potential target agrees to sell and the expected returns are evaluated for such potential acquisition targets.
Uden denne foranstaltning skulle SACE BT ellers have støttet disse risici på sin balance/eksponeret sin kapital for højere risiko eller have tilbudt en præmie for at opnå den pågældende genforsikring, der var mindst 10 % højere (se betragtning 128).
In light of the considerations of SACE done before the investment as well as the detailed analysis sought from the reputable external advisor, which preliminary identified the potential targets, the Commission can agree with the claim of Italy and SACE that the acquisition plans were considered by SACE, when investing the capital into SACE BT, without being able to estimate their profitability or expected synergies without having access to internal data of such potential targets and without knowing the sale price.
Foranstaltningen gjorde det derfor muligt for SACE BT at opnå genforsikring til en lavere pris, genforsikring, som gav selskabet mulighed for at tegne flere forsikringer, end det kunne have gjort uden SACE's genforsikring, og bære færre risici for egen regning.
In view of the extensive acquisition strategy, common to the sector and expected by SACE, the Commission can also agree with the argument of Italy and SACE that the capital to be used in the future acquisitions can be approximated to an investment into an equity fund.
Kommissionen konkluderer, at den anden foranstaltning gav SACE BT en fordel svarende til forskellen mellem den provision, som SACE BT faktisk betalte, og som et privat genforsikringsselskab ville have krævet (mindst 10 % højere) som følge af det højere risikoniveau, der blev accepteret.
Indeed, in an equity fund only expected rate of return may be defined in line with market benchmarks (in this case approximating the required rate of return by the three biggest credit insurance players having expanded significantly through acquisitions), whilst more specific evaluation is done before each investment, once such opportunity arises.
Tilstedeværelse af en fordel — tredje og fjerde foranstaltning
There may also be some delay before all the capital is invested.
I betragtning 107 i indledningsafgørelsen tilkendegav Kommissionen, at den tvivlede på, at en privat økonomisk operatør ville have investeret det beløb, der nu er genstand for vurdering, i SACE BT.
In terms of profitability from acquisitions, the Commission observes that an external consultant's advice was consistently sought before making acquisitions.
Som anerkendt af de italienske myndigheder dækker den tredje og fjerde foranstaltning SACE BT's kapitalbehov for at kunne imødegå virkningerne af finanskrisen [112].
As regards Assedile, the price offered was below (for the first acquisition of 70 % of the stake in Assedile) or within the valuation range (when considering combined acquisition of 100 % of Assedile) proposed by the external consultant [99].
I dokumentet til drøftelse (materiale per discussione) på mødet i SACE BT's bestyrelse den 31. marts 2009 anføres det, at SACE BT »har brug for en rekapitalisering (ricapitalizzazione) på op til 70 mio. EUR for at have de nødvendige aktiver til at dække reserverne ved udgangen af 2009« [113].
However, as regards investment in KUP in 2007 jointly with SA Ducroire, the price paid was above the valuation made by the consultant (Rothschild) by 5 %.
I det samme dokument anføres det, at aktiverne allerede ved udgangen af første halvår 2009 ikke kunne dække reserverne, dvs. at selskabet havde behov for et beløb på 23 mio. EUR ved udgangen af juni 2009 og 68 mio. EUR ved udgangen af 2009.
On the other hand, quite quickly after realising that KUP's profitability could not be restored, SACE BT sold this investment [100].
SACE BT kunne tilsyneladende ikke have rejst den kapital, der blev tilført selskabet, på markedet, da dets forventede rentabilitet var utilstrækkelig.
The Commission also notes that SACE, being a firm working on long-term export credit insurance, has some knowledge of the market for credit insurance risk.
Der er intet bevis for, at SACE BT havde en positiv værdi på daværende tidspunkt.
It was therefore not investing without any own knowledge of the sector.
I betragtning 108 i indledningsafgørelsen opfordrede Kommissionen Italien til at oplyse, hvorvidt den tredje foranstaltning var nødvendig, for at SACE BT kunne fortsætte sin virksomhed, og hvis det var tilfældet, oplyse de anslåede omkostninger SACE, hvis det skulle sælge eller likvidere SACE BT.
In summary, the Commission notes that the business plan was prepared ex ante and with the help of a reputable external consultant which looked into new market opportunities that were presented to SACE before the creation of SACE BT.
Kommissionen bemærkede, at et moderselskab ville have rekapitaliseret sit datterselskab, men kun hvis den støttede virksomhed med rimelighed kan antages igen at kunne blive rentabel [114].
Moreover, the investment was clearly targeted to a start-up company and was underpinned by a plan based on a detailed benchmarking to market practices, notably in terms of costs and pricing, and adequately identifying business opportunities for its growth and development.
I betragtning 111 og 117 i indledningsafgørelsen udtrykte Kommissionen tvivl om, hvorvidt den tredje og fjerde foranstaltning er i overensstemmelse MEIP.
Given all the circumstances listed above and notably the level of profitability that could be expected from the second and the third pillars of business of SACE BT, which was explored in detail at the time, it can be concluded that an expectation to reach an adequate return from the initial capital investment, i.e. from the first measure, was realistic and in line with market practices.
Kommissionen anførte videre, at de to foranstaltninger tilsyneladende har tilført SACE BT en fordel.
Therefore, it can be concluded that when SACE injected money in SACE BT, it required (as stipulates in the minutes and notes to the Board) and could have reasonably expected a sufficient return on its investment.
I henhold til indledningsafgørelsen (betragtning 109) spiller den plan, der forelå på daværende tidspunkt, en central rolle.
In conclusion, the first measure is deemed as not having conferred an advantage to SACE BT.
Planen har central betydning, fordi en privat investor ville kun have tilført frisk kapital til et selskab med indtjeningsunderskud, hvis han forventede, at tilstrækkelig rentabilitet ville blive genoprettet.
Hence, it did not constitute aid and the other criteria required to qualify as state aid do not have to be assessed.
Ellers ville den investerede kapital kun blive anvendt til tilbagebetaling af selskabets eksisterende gæld uden at sikre, at det igen ville begynde at opnå overskud i fremtiden [115].
Presence of an advantage in the second measure
Uden en overbevisende »omstruktureringsplan« ville en rationel privat investor ikke investere [116].
In recital 100 of the opening decision, the Commission expressed its doubts that the reinsurance by the market operators and parent company SACE was provided under comparable terms.
Kommissionen bemærkede, at SACE BT i forretningsplanen for perioden 2010-2011 primært planlagde tiltag, der havde til formål at øge markedsandelen og ekspandere selskabets aktiviteter, snarere end tiltag med fokus på genoprettelse af rentabilitet, f.eks. omkostningsreduktion eller omstrukturering af forretningsmodellen.
The reinsurance provided by the State indirectly (i.e. via a public export-credit insurer SACE) seems to lead to the artificial creation of capacity that would not be available from the private market.
Hvad angår SACE BT's distributionsnet, omfatter planen bl.a. en vurdering af mulighederne for yderligere opkøb.
Furthermore, in recital 103 of the opening decision the Commission did not exclude that the second measure conferred an advantage to SACE BT.
Forretningsplanen er endvidere i højere grad baseret på udefra kommende faktorer, som f.eks. forbedringen af det økonomiske og markedsmæssige scenario og en progressiv åbning af genforsikringsmarkedet fra og med 2011, end på interne ændringer.
Italy and SACE did not provide new factual elements that would change the preliminary assessment set out in the opening decision.
De oplysninger, som Italien og SACE indgav under den formelle undersøgelsesprocedure, har ikke ændret Kommissionens indledende vurdering, som den er anført i indledningsafgørelsen.
According to point 4.2 of the Export-credit Communication, the Member States were requested to end granting of certain types of State aid within one year of the publication of this Communication, including a reinsurance by the State, either directly, or indirectly via a public or publicly supported export-credit insurer, on terms more favourable than those available from the private reinsurance market, which leads either to under-pricing of the reinsurance cover or to the artificial creation of capacity that would not be forthcoming from the private market (point 4.2(f)).
Kommissionen har ikke skiftet mening med hensyn til, om tredje og fjerde foranstaltning udgør en kapitaltilførsel (»aumenti di capitale«).
Point 4.2 further states that existing complementary reinsurance arrangements remained permissible for an interim period, provided that, inter alia, the State reinsurance is a minority element in the insurer's overall reinsurance package and the State reinsurance for marketable risks is open to all credit insurers who are able to satisfy the common eligibility criteria.
Selv om foranstaltningen i henhold til Italien ikke forøgede selve aktiekapitalen (»capitale sociale«), bemærker Kommissionen, at den havde positiv indvirkning på egenkapitalen (»patrimonio netto«), som er et bredere begreb end aktiekapitalen (»capitale sociale«), via overførslen fra moderselskabet SACE til SACE BT's kapital [117].
It is very clear that the latter provisions are not complied with in the case at hand since the State took the majority of the reinsurance.
I henhold til SACE blev beslutningerne om at rekapitalisere SACE BT truffet, fordi man forventede, at selskabets rentabilitet ville blive genoprettet i 2011.
In addition, it did not open a scheme open to all credit insurers.
Kommissionen minder dog om, at SACE ikke rådede over ajourførte finansielle prognoser eller en forretningsplan, der tog højde for kapitaltilførslen og de seneste finansielle data, da det tildelte den tredje foranstaltning.
In the assessment of the existence of an advantage, the Commission will first demonstrate that the measure could not be obtained from the rest of the market.
SACE havde derfor intet grundlag for at antage, at SACE BT's rentabilitet ville blive genoprettet.
Secondly, it will demonstrate that SACE did not act as a private reinsurer.
I den sammenhæng forventedes der i planen en betydelig forbedring af SACE BT's kreditforsikringsgrader, så man opnåede breakeven 2011 (se tabel 5).
Third, it will demonstrate that even when one takes into account the fact that SACE was the parent company of SACE BT, this does not allow to conclude that SACE acted as a private company in such a situation would have done.
Den beskrev dog ikke ændringer af prisfastsættelsen, eller hvordan omkostningsreduktionen ville blive opnået i den henseende.
Fourth, the Commission will demonstrate that the reinsurance provided by SACE provides an advantage to SACE BT.
Det skal understreges, at forretningsplanen for 2010-2011 kun omfattede en forventning om breakeven i 2011, mens den ikke indeholdt oplysninger om, at situationen ville blive bedre efter 2011, ligesom den ikke anførte estimater for SACE BT's rentabilitet efter denne dato (muligheden for, at selskabet ville generere overskud efter 2011, blev end ikke nævnt).
The Commission observes that, in order to renew its reinsurance contracts for 2009, on 30 January 2009, SACE BT succeeded in raising 25,85 % of the Excess of loss reinsurance from the market for the marketable credit risk of 2009 [102].
Det udtrykkelige mål i planen var desuden begrænset til, at selskabet skulle ophøre med at generere tab og yderligere udvide sin markedstilstedeværelse, uden at fremtidigt overskud nævnes.
A number of market operators were approached and declined to provide reinsurance for the remaining part in spite of its alleged profitability (16 operators decided not to participate).
I den henseende mener Kommissionen, at en forsigtig markedsøkonomisk investor ville have krævet et pålideligt estimat for den fremtidige genoprettelse af rentabilitet på et hensigtsmæssigt niveau.
Consequently, ‘after numerous attempts to reach an agreement with the market participants’ [103], SACE BT decided to seek the remaining part of the excess of loss reinsurance from SACE.
Det fremgår også af referatet af det møde i SACE's bestyrelse, hvor man godkendte den tredje og fjerde foranstaltning, at bestyrelsen accepterede kapitaliseringsforanstaltningerne med det formål at dække tabene og opfylde lovgivningskravene, således at selskabet kunne fortsætte sin virksomhed.
SACE subscribed 74,15 % of the excess of loss reinsurance on 5 June 2009 on the same terms of priority, capacity and premium as the private reinsurers.
I referatet nævnes det ikke, at bestyrelsen drøftede selskabets fremtidige rentabilitet.
It is therefore clear that the provision by SACE of 74,15 % excess of loss reinsurance could not have been received from the rest of the market [104].
Bestyrelsen overvejede ikke en eventuel likvidation af SACE BT, hvor man sammenlignede et likvidationsscenario med den valgte løsning, hvor der blev tilført yderligere kapital til det kriseramte selskab.
To ascertain whether such measure constitutes an advantage, one has also to verify that, by granting this measure, SACE did not act as a private insurer would have done in similar circumstances.
Den krævede eller overvejede derfor ikke et estimat af likvidationsomkostningerne og kunne derfor ikke konkludere, at tilførslen af kapital ville have sikret et bedre økonomisk resultat end likvidation af selskabet.
The Commission observes that Italy and SACE themselves acknowledged that the global financial crisis influenced significantly the world reinsurance market and triggered restrictive reinsurance conditions in 2009.
Kommissionen konkluderer derfor, at SACE ikke vurderede, om tilførslen af yderligere kapital var et økonomisk gunstigere scenario for det som aktionær end likvidation af datterselskabet, da det vedtog disse foranstaltninger.
As a result, a number of private reinsurers have significantly reduced their credit insurance capacity by decreasing their activity in this sector and were refocusing on more profitable areas which had an impact on the availability of such credit insurance and reinsurance on the market.
På baggrund af markedssituationen, og eftersom der ikke forelå rentabilitetsprognoser for SACE BT på daværende tidspunkt, ville en forsigtig privat markedsoperatør ikke have fortsat med investeringen uden sådanne overvejelser.
Secondly, the failure of SACE BT to find reinsurance on the market was also caused by its difficult financial situation and various private reinsurers involved in the discussions on the renewal of SACE BT's reinsurance have raised concerns about the situation of the company.
Alene af den grund kan det konkluderes, at SACE ikke optrådte som en forsigtig privat markedsoperatør, og at de kapitaltildelinger, der blev foretaget med tredje og fjerde foranstaltning derfor bør betegnes som statsstøtte.
SACE BT had registered significant losses in 2008 (around EUR 29,5 million).
Af hensyn til udførligheden tilføjer Kommissionen endvidere, at den ikke kan tilslutte sig SACE's argument om, at overholdelse af de lovpligtige kapitalkrav ville have været nok til at få en forsigtig privat markedsøkonomisk operatør til at indskyde yderligere kapital i et selskab.
This weak situation entails that the risk on the reinsurance was higher [105].
SACE hævder med rette, at private investorer skal tage andre hensyn, som f.eks. offentligt omdømme [120], i betragtning.
The behaviour of the reinsurers which participated in the reinsurance demonstrates that a private reinsurer would only take a limited part of such a risky reinsurance in the absence of a significantly higher fee.
Domstolen afgjorde i ENI/Lanerossi, at et moderselskabs indskud i et begrænset tidsrum til dækning af tab i et datterselskab, der er kommet i forbigående vanskeligheder, men som kan overleve, når det eventuelt efter omstrukturering på ny kan blive rentabelt, ikke kan begrundes alene ved udsigten til en indirekte væsentlig fordel, men også andre hensyn, f.eks. beskyttelse af koncernens offentlige omdømme og omstrukturering af dens virksomhed [121].
It would never accept to cover such a high percentage as 74 % and under same conditions as were required by reinsurers for much smaller percentage of reinsurance.
Domstolen afgjorde dog, at kapitalindskud skulle betragtes som statsstøtte, hvis der end ikke på lang sigt er udsigt til rentabilitet [122].
A rational investor would have asked for a fee that takes into account the higher level of risk assumed [106].
Som følge deraf har argumenterne, som det også bekræftes af retspraksis, begrænset betydning i forbindelse med anvendelsen af MEIP-testen, eftersom der på tidspunktet for kapitaltilførslerne ikke forelå prognoser for, at SACE BT kunne blive rentabelt efter 2011 eller på længere sigt.
Thus, the fee charged by SACE should have been in fact higher than the fee charged by the five private reinsurers for the much smaller percentage of reinsurance [107].
Italien og SACE har desuden ikke fremlagt oplysninger, der påviser og sætter tal på de negative økonomiske virkninger, som den påståede forværring af SACE's offentlige omdømme ville medføre for dette selskab.
Therefore, the Commission calculates the aid amount in the second measure as the difference between the reinsurance fee that a private reinsurer would have charged for such a high portion of reinsurance and the one that was charged from SACE BT.
Kommissionen bemærker også, at SACE's forsikringer leveres med statsgaranti.
In line with the Commission's case practice [108], the Commission considers that the fee for such a high portion of reinsurance and risk should have been at least 10 % higher than the fee charged by the private reinsurers for the smaller part of reinsurance and risk.
Det betyder, at de forsikrede parter ved, at staten vil sikre, at de får betalt eventuel erstatning, som de har ret til i henhold til disse forsikringer.
For an amount of EUR 1,56 million paid by SACE BT to SACE, the aid amounts to EUR 156000.
Kommissionen kan derfor ikke se, hvorfor det skulle bekymre SACE's forsikringskunder, at et datterselskab tilhørende SACE, som ikke nyder godt af en statsgaranti, og som er etableret som et aktieselskab, likvideres.
Finally, the Commission notes that the allocation of such a high portion of reinsurance to one single company might have not been in compliance with the company's general principles on reinsurance, i.e. ‘the number of participating reinsurers to the treaties shall be such as to ensure an appropriate allocation of risk’ [109].
Italien og SACE har ikke begrundet, hvorfor disse SACE-aktiviteter, der leveres med statsgaranti, berøres.
For the above reasons the Commission concludes that SACE did not act as a private reinsurer.
Kommissionen finder endvidere, at SACE's forsikringsaktiviteter — eftersom de leveres med statsgaranti — ikke udgør markedsaktiviteter, som en privat operatør kunne udføre (garantien for SACE's forsikringsaktiviteter udgør netop ikke statsstøtte, fordi det vurderes, at disse aktiviteter ikke tilbydes af markedet, og at konkurrencen derfor ikke fordrejes).
As regards the question whether a parent company would have provided such a large share of reinsurance in a situation where its subsidiary would not be able to find on the market enough reinsurance at the proposed price, one has to note that such reinsurance contract increases the exposure of the parent company towards the operations of the subsidiary.
Når det vurderes, om en privat investor i SACE's position ville have ladet et datterselskab som SACE BT gå konkurs eller ville have rekapitaliseret det, mener Kommissionen ikke, at man kan tage hensyn til de eventuelle negative virkninger af likvidationen af SACE BT på ikke-markedsrelaterede aktiviteter, som SACE udfører, da en privat investor aldrig ville være i stand til at udføre sådanne aktiviteter.
In the present case, SACE was in 2009 in a situation where it needed a large recapitalisation and reinsurance.
Af hensyn til udførligheden vil Kommissionen under alle omstændigheder i afsnittene nedenfor påvise, at SACE — hvis det havde gennemført en sådan sammenligning — ville have erkendt, at det ville være mere hensigtsmæssigt at likvidere SACE BT end at tilføre endnu 70 mio. EUR i kapital til SACE BT trods selskabets vanskeligheder.
Indeed, the second, third and fourth measures were all contemplated by SACE's Board of Directors already on 26 May 2009 [110] in order to support SACE BT [111].
For at afgøre, om det var bedre for SACE i sin egenskab af eneaktionær i SACE BT at investere yderligere 70 mio. EUR end at likvidere SACE BT (afvikle dets aktiviteter), skal de eventuelt forventede pengestrømme til SACE som aktionær under likvidationsscenariet (afvikling) sammenlignes med de pengestrømme, der forventes i scenariet med kapitaltilførsel.
As it will be concluded in the assessment of those measures, a private investor would not have proceeded with these recapitalisations but would have let the company go bankrupt.
I henhold til de indgivne oplysninger vurderede Italien og SACE på daværende tidspunkt (eller efterfølgende) ikke værdien af aktieposten i SACE BT i scenarier før kapitaltilførsel eller scenarier efter kapitaltilførsel.
It has therefore to be concluded that a private parent company would not have proceeded with providing the second measure, which increases even more the exposure of the parent company to its subsidiary.
I et scenario efter kapitaltilførsel forventes det, at regnskabsværdien af egenkapitalen ville blive forøget med rekapitaliseringsbeløbet (70 mio. EUR) og beløbe sig til 94,2 mio. EUR.
Finally, as regards the question whether the reinsurance provided an advantage to SACE BT, as acknowledged by SACE (see recital 70), the measure allowed SACE BT to increase its credit insurance provision capacity and hence allowed it to subscribe more contracts than it would have been able to do otherwise.
I den sammenhæng skal det bemærkes, at aktionærer i likvidationsscenariet kun har ret til det provenu, der måtte være tilbage, når alle selskabets forpligtelser er dækket, og alle likvidationsomkostninger er afholdt.
Alternatively, without this measure SACE BT would have had to support these risks on its balance sheet/putting its own capital more at risk or offer a higher premium to obtain that reinsurance, at least 10 % higher (see recital 128).
Resultatet af likvidationen afhænger af værdien af selskabets aktiver og mulighederne for at afhænde dem.
Therefore, the measure allowed SACE BT to obtain reinsurance at a lower price, reinsurance which allowed it to subscribe more insurance than what it could have done without SACE's reinsurance or to bear less of risks on its own account.