natgillin/translations-raw huggingface dataset:
Italien vurderede dog, at det var mere hensigtsmæssigt at bruge den vægtede gennemsnitlige egenkapitalforrentning som beskrevet ovenfor af følgende to grunde [51]:
SACE argued that, as the acquisition opportunities were not yet clear and their valuation not yet available, the initial business plan was conservatively solely based on the first pillar of business (organic growth in credit insurance business).
Det er bedre at anvende en metode, hvor beregningen er baseret på et vægtet gennemsnit, end en metode baseret på et ikke-vægtet gennemsnit, da den bedre afspejler den krævede forrentning i en sektor med to aktører med betydelige forskelle, hvad angår forrentning mellem aktørerne og de enkelte år, og med betydelige forskelle i de to aktørers omsætning [52].
The projected profitability, even if limited since not including acquisition strategies, was still positive starting from 2007 (third full year of business) [43] and, if synergies with the parent company (i.e. SACE) were to be included, from 2006 (second full year of business).
Som grundlag for vægtningen anvendte Italien bruttopræmier, der var tegnet inden for kreditforsikring, for at opnå et ensartet udsnit, som kunne sammenlignes med aktiviteterne i det nye SACE BT tilbage i 2004 (det startede med kreditforsikring og udvidede først senere sin virksomhed til andre beslægtede aktiviteter).
Further, already in November 2004, after only one month after the start of operations by SACE BT, an adjustment to the business plan for 2005-2009 [44] was discussed by the Board [45] (‘the adjusted business plan’), containing an analysis of SACE BT's operations at the start of its business, new assumptions for its development, economic-financial simulations and scenarios for development.
Området for sikkerhedsstillelse (»ramo cauzioni«) blev udelukket fra beregningsgrundlaget, da det var kendetegnet ved en anden dynamik end området for kreditforsikring.
The accompanying note to the Board clearly specifies the extension of the business into the surety market and the delineation of the evolutionary scenario regarding other opportunities of the external growth into the sectors presenting opportunities for synergies with the activity of SACE BT, so as to realign the return on the entire capital investment into SACE BT with the market benchmarks.
Kun Coface var aktiv inden for sikkerhedsstillelse i 2004 [53].
In particular, in the adjusted business plan, the different pillars of future development of the business were mentioned explicitly:
Italien oplyste også, at en beregning af den krævede forrentning baseret på de samlede præmier (dvs. uden at begrænse beregningen til kreditforsikringspræmier som forklaret ovenfor) ville give resultatet 9,5 %.
organic growth in credit insurance business (first pillar, see recital 48), expansion into other business segments in Italy (second pillar, see recital 48) and external growth, with a mention ‘to be developed further’ (second and third pillars, see recital 48), depending on the activities of a target firm).
DEN ANDEN FORANSTALTNING
Capital required for the first pillar was estimated at EUR 40,3 million.
SACE hævder, at foranstaltningen var styret af rentabilitetshensyn og derved svarede til genforsikring i overensstemmelse med markedspraksis.
As regards the second pillar, only endogenous expansion into surety business (‘cauzioni’) was specified in detail including separate financial projections for that line of business and estimated capital at EUR 3,7 million.
Selskabet understreger, at de vigtigste vilkår i den genforsikringsdækning, som SACE ydede til SACE BT i 2009, var de samme som de vilkår, private genforsikringsselskaber havde accepteret få måneder før (se betragtning 31).
Further, a more detailed analysis of expected profitability in function of capital allocated to the credit insurance and surety businesses was added:
Det kan efterfølgende konkluderes, at den kun var til fordel for moderselskabet, SACE, som modtog 1,56 mio. EUR [54] i præmieindtægter, da SACE BT ikke udnyttede genforsikringen til at dække den på forhånd angivne skadesexcedent.
ROAE for the first two types of products (credit insurance and surety — cauzioni) on the required capital of EUR 44 million was estimated at 12,5 % (with respectively EUR 40,3 million and 12,1 % for solely credit insurance business) [46].
Italien hævder endvidere, at den anden foranstaltning ikke reducerede SACE BT's kapitalkrav på det kapitalkravsniveau (»requisito patrimoniale«), beregnet i henhold til Solvens II-forslaget, der var gældende på daværende tidspunkt i 2009 (tekniske QIS4-specifikationer).
The document stated that the analysis was preliminary and to be further elaborated upon preparation of the restated business plan for the regulatory purposes (expected in February/March 2005).
Dækningen af skadesexcedent gav ingen fordele, da den ikke medregnes i den standardformel, som SACE BT anvender ved beregningen af kapitalkravene.
According to the adjusted plan, the projected profits were of EUR 4,8 million in 2008 and the estimated ROAE on the entire amount of capital was projected to reach 4,4 % in 2009.
Hvad angår indvirkningen på kapitalabsorptionen (»assorbimento di capitale«), forklarede Italien, at alle former for genforsikring pr. definition påvirker kapitalniveauet, herunder genforsikring i form af skadesexcedent-dækning [55].
Further, in its submissions dated 15 September 2011 and 5 March 2012, Italy provided SACE's calculation of an ‘implied ex ante’ profitability which includes the synergies and the acquisitions of KUP and Assedile (see Table 4).
Kommissionen har specifikt den 4. januar 2012 anmodet Italien om at oplyse beløbet for kapitalfritagelse på SACE BT's niveau efter skadesexcedent-genforsikring tegnet i 2009 med SACE.
To construct such analysis, Italy took into consideration the ex ante valuations as available at different periods of time:
Italien har ikke indgivet de ønskede oplysninger, men gentog, at skadesexcedent-genforsikring ikke genererer fritagelse i forhold til de fastlagte kapitalkrav (»requisiti patrimoniali di vigilanza«) [56].
when the initial business plan was prepared, when the acquisition of 70 % of Assedile was contemplated and evaluated, when the acquisition of 100 % of Assedile and 33 % of KUP was contemplated and evaluated.
SACE oplyste [57] dog, at et af hovedformålene med genforsikring er at forøge det afgivende forsikringsselskabs kapacitet til at tegne yderligere forsikringsaftaler.
The expected synergies from acquisitions are presented separately at the bottom of the table.
Med hensyn til den undtagelsesklausul, der er fastlagt i eksportkreditmeddelelsen [58], oplyste Italien, at det ikke fandt det hensigtsmæssigt at yde offentlig støtte til denne sektor, og derfor besluttede ikke at udnytte undtagelsesklausulen [59].
The initiated and evaluated, but not finalised acquisitions are not taken into account in such analysis.
SACE vurderede ikke, at det var relevant at imødekomme Kommissionens anmodning om at indgive oplysninger, der kunne dokumentere manglende dækning på markedet for eksportører [60].
Any excess capital not needed for the acquisitions mentioned in recital 56, before they are identified and evaluated, is allocated to the standalone credit insurance business (the first pillar).
TREDJE OG FJERDE FORANSTALTNING
Table 4
SACE hævder, at SACE med vedtagelsen af den tredje og fjerde foranstaltning ønskede at skabe »finansiel balance« for SACE BT med henblik på at garantere selskabets solvens i overensstemmelse med de lovgivningsmæssige begrænsninger.
SACE's calculation of ‘implied ex ante’ profitability
Når SACE BT's solvens var blevet garanteret, ville det have været muligt at nå et tilstrækkeligt rentabilitetsniveau [61].
Reference year
SACE understreger videre, at mange af SACE BT's private italienske konkurrenter led tab i 2008 og 2009.
Amount of capital
Dette udløste indgrebet fra aktionærerne, som bidrog med vigtige kapitaltilførsler (på internationalt plan rekapitaliserede Natixis også Coface to gange i 2009 og begyndelsen af 2010, mens Coface led et tab på 163 mio. EUR i 2009).
(EUR million)
SACE bemærker endvidere, at den økonomiske krise har haft en særlig alvorlig indvirkning på SACE BT, selv om krisen grundlæggende ramte alle markedsoperatører.
Profit, after taxes expected in the reference year
I den henseende hævder SACE, at SACE BT stadig er i etableringsfasen.
Situation as of 18 May 2004
SACE BT kunne derfor ikke anvende »udjævningshensættelserne« (»riserva di perequazione«) [62] til at imødegå de økonomiske og finansielle nødsituationer, da denne reserve endnu ikke var blevet etableret.
Standalone credit insurance business as per the May 2004 initial business plan
Alle SACE BT's øvrige større konkurrenter — herunder også Coface — har haft gavn af denne reserve under den nuværende økonomiske krise.
‘Implied ex ante’ after the acquisition of 70 % of Assedile
Som svar på Kommissionens anmodning i indledningsafgørelsen om at fremlægge de anslåede omkostninger for SACE, hvis det skulle sælge eller likvidere SACE BT, oplyste SACE, at likvidationen af SACE BT var en rent teoretisk mulighed, der ikke kunne gennemføres på det pågældende tidspunkt.
Acquisition of Assedile [48]
SACE angiver følgende hovedårsager til dette:
Stand alone after the acquisition of Assedile
den manglende umiddelbare fordel for SACE som aktionær, da likvidationen ville have krystalliseret de negative resultater som følge af den særligt ugunstige markedssituation på det pågældende tidspunkt og ville have medført betydelig skade på SACE's omdømme;
‘Implied ex ante’ after the acquisition of 100 % of Assedile and 33 % of KUP
muligheden for, at markederne ville fortolke en sådan handling som en likviditetskrise inden for SACE;
Acquisition of Assedile (70 % + 30 %)
den sandsynlige situation, at salgsprisen ikke ville være tilstrækkelig [63].
Acquisition of KUP (33 %) [49]
Som svar på Kommissionens separate anmodning vedrørende SACE's eksponering i forbindelse med SACE BT, inden den anden, tredje og fjerde foranstaltning blev indrømmet, oplyste Italien, at SACE i teorien risikerede passiver på i alt 2,09 mio. EUR, hvis SACE BT's aktiviteter blev standset, og selskabet blev likvideret i løbet af 2009.
Stand alone after the acquisition of Assedile + KUP
Italien oplyste, at nettobalancen mellem aktiver og passiver over for SACE havde været positiv for 2008 (8,43 mio. EUR) [64], hvilket betød, at SACE i nettotal skyldte penge til SACE BT.
‘Implied ex ante’ after acquisitions and the revenues from synergies
SACE oplyste, at man ved anvendelsen af MEIP-testen også tog de lovgivningsmæssige begrænsninger i betragtning.
Synergies SACE BT/SACE
[…] [65] SACE hævder endvidere, at en investor ikke kun tager en investerings rentabilitet i betragtning, men også andre hensyn, som f.eks. beskyttelse af koncernens offentlige omdømme eller ændring af fokus for selskabets virksomhed [66].
Synergies SACE BT/Assedile
oplyste, at beløbet på 70 mio. EUR (tredje og fjerde foranstaltning) var en del af det kapitalbehov, som afdelingen for risikostyring [67] i maj 2009 anførte som nødvendigt for at opfylde de fremtidige krav i henhold til Solvens II-direktivet [68] [69].
As to the rate of return, a private investor would have requested to make a similar investment (‘requested rate of return’), Italy contested the ratio provided by the complainant (ROE of 11,5 %).
Denne simulering var baseret på det reviderede budget for 2009.
Italy considers that the sample of companies on which the ROE was calculated was not representative and the time period over which that ROE was calculated was not adequate.
I henhold til SACE blev beslutningerne om at rekapitalisere SACE BT truffet, fordi man forventede, at selskabets rentabilitet ville blive genoprettet, og at det ville opnå breakeven i 2011 [70].
SACE provided that the adequate rate of return for the credit insurance business in Italy should be established on the basis of average profitability of companies operating in Italy, i.e. Coface Italy (Viscontea Coface) and Euler Hermes SIAC, in the years 1998 to 2003 and would equal 10,25 % based on non-weighted average.
Tabel 5
SACE explained that Atradius (Italy) was excluded from the calculations as during the period considered it showed a volatility that significantly influenced the results to such an extent that the results showed a negative benchmark (– 2,4 % in case of using simple non-weighted average) [50].
SACE BT's finansielle nøgletal anført i forretningsplanen for 2010-2011 og den justerede plan for 2011-2013
However, Italy argued in favour of the required rate of return being based on the weighted average rate.
Faktisk
In Italy's submission, SACE calculated the weighted average ROE rate for the period 1998-2003 of Coface Italy and Euler Hermes SIAC by weighting their ROE averages of the period with the weight percentage share of gross premiums written for the same period for their credit insurance business.
Anslået i forretningsplanen for 2010-2011 godkendt af bestyrelsen den 4. august 2009 [72]
Thus calculated, the rate of return would equal 8,7 %.
Anslået i den justerede forretningsplan for 2011-2013 godkendt af bestyrelsen den 24. november 2011 [73]
Italy argues that the difference between the estimated rate of return using non-weighted and weighted averages, i.e. between 10,25 % and 8,7 %, is not significant enough so as to substantially impact the decision of an investor with a time horizon of medium to long-term.
mio. EUR
Nonetheless, Italy considered more appropriate to use the weighted average ROE, as provided above, for the following two reasons [51]:
Revideret budget
a weighted average calculation is a better method compared with a non-weighted average, because it reflects better the required rate of return in a sector with 2 players with significant differences in terms of return among the players and among the years and significant differences in turnover between the two players [52];
Forretningsplan
as the basis for weighting, Italy used gross premiums written in the credit insurance business with the goal of having a homogeneous sample comparison with the activity of the new SACE BT back in 2004 (it started with credit insurance business and only later expanded into other related activities).
Anslået
The surety insurance business (‘ramo cauzioni’) was excluded from the basis of the calculation, as being characterised by a different dynamics than the credit insurance business.
Bruttoværdi af tegnede præmier [74]
Only Coface operated in surety business in 2004 [53].
Forsikringsmæssige udgifter afholdt af SACE (»Sinistri di competenza«)
Italy also provided that a calculation of the required rate of return based on total premiums (i.e. without limiting solely to credit insurance premiums as explained above) would amount to 9,5 %.
Generalomkostninger
THE SECOND MEASURE
Forsikringsmæssigt resultat inden genforsikring
SACE argues that the measure was driven by profit consideration and thus corresponded to reinsurance activity in line with market practices.
Forsikringsmæssigt resultat efter genforsikring
It stresses that the main terms of the reinsurance cover provided by SACE to SACE BT in 2009 were the same as those agreed to by the private reinsurers a few months earlier (see recital 31).
Overskud før skat
Ex post, it can be concluded that it only benefited the parent company, SACE, which received EUR 1,56 million [54] of premium income, as SACE BT did not make use of the reinsurance to cover the pre-specified excess of loss.
Nettooverskud
Furthermore, Italy asserts that at the level of capital requirements (‘requisito patrimoniale’) calculated according to the Solvency 2 proposal at that time in 2009 (QIS4 technical specifications), the second measure did not reduce the capital requirements of SACE BT.
Egenkapitalforrentning før skat (%) [75]
In particular, the coverage of excess of loss did not produce any benefits because it is not recognised within the standard formula used by SACE BT as a method for quantifying the capital requirements.
Egenkapitalforrentning efter skat (%) [76]
As regards the impact on the capital absorption (‘assorbimento di capitale’), Italy explained that per definition all forms of reinsurance produce effects on the level of capital, including reinsurance in the form of excess of loss cover [55].
Skadeskvote (%)
The Commission has specifically requested Italy on 4 January 2012 to provide the amount of capital relief at SACE BT's level following the excess of loss reinsurance concluded in 2009 with SACE.
Omkostningskvote (%)
Italy did not provide the requested information, but repeated that the excess of loss reinsurance does not generate any relief in terms of supervisory capital requirements (‘requisiti patrimoniali di vigilanza’) [56].
I sin sidste indgivelse dateret den 30. marts 2012 gentog Italien, at foranstaltningerne ikke kunne tilregnes staten, og at de opfyldte MEIP-testen.
However, SACE submitted [57] that one of the main purposes of reinsurance is to increase the capacity of the ceding insurer to subscribe further contracts.
Italien forklarede for det første, at det drejede sig om koncerninterne beslutninger, der havde til formål at beskytte koncernens omdømme.
As regards the application of the escape clause laid down in the Export-credit Communication [58], Italy submitted that it did not find appropriate to grant public support to this sector and decided not to make use of the escape clause [59].
Italien hævdede for det andet, at SACE driver virksomhed som en markedsoperatør og investerer sine ressourcer i udviklingen af den virksomhed, det driver, uden nogen form for offentlig støtte.
SACE did not find relevant the request of the Commission to submit information that might prove lack of coverage on the market for exporters [60].
Under krisen forblev moderselskabet, SACE, overskudgivende og udloddede udbytte til staten.
THIRD AND FOURTH MEASURES
Italien oplyste, at SACE derfor ikke på noget tidspunkt vurderede, at det var nødvendigt at opstille en omstruktureringsplan og forelægge denne for Kommissionen, jf. meddelelse fra Kommissionen om genoprettelse af rentabiliteten i finanssektoren under den nuværende krise og vurdering af omstruktureringsforanstaltninger på grundlag af statsstøttereglerne (»omstruktureringsmeddelelsen«) [77].
SACE argues that by the adoption of the third and the fourth measure, SACE wanted to bring SACE BT in a status of ‘financial equilibrium’ with the objective to guarantee the solvency of the enterprise, according to the constraints imposed by the legislative framework.
Italien hævder, at SACE BT's krise ikke skyldtes interne processer, ændringer i efterspørgslen eller andre faktorer, der kunne give anledning til en grundlæggende ændring af forretningsmodellen og efterfølgende omstrukturering, men i stedet skyldtes den betydelige stigning i antallet af erstatningskrav, der blev udløst af krisen.
This triggered the intervention of their shareholders, which contributed with important capital injections (internationally also Natixis recapitalised Coface twice in 2009 and beginning of 2010, whilst Coface recorded losses of EUR 163 million in 2009).
På den baggrund oplyser Italien, at SACE besluttede at tildele den yderligere kapital og gennemføre de nødvendige organisatoriske og ledelsesmæssige ændringer fuldstændigt selvstændigt og fra en markedsoperatørs perspektiv.
SACE also notes that, while basically all market operators have been affected by the economic crisis, the effects of the crisis have had a particularly severe impact on SACE BT.
STØTTENS FORENELIGHED
In this respect, SACE argues that SACE BT is still in the start-up phase.
I størstedelen af deres bemærkninger til indledningsafgørelsen hævder Italien og SACE, at foranstaltningerne er i overensstemmelse med MEIP og ikke kan tilregnes staten, og at de således ikke udgør statsstøtte.
For this reason, SACE BT could not make use of the ‘equalisation provision’ (‘riserva di perequazione’) [62] to cope with the economic and financial contingencies as this reserve has not yet been established.
Hvis Kommissionen alligevel vurderer, at disse foranstaltninger udgør statsstøtte som defineret i traktatens artikel 107, stk. 1, mener SACE, at foranstaltningerne bør anerkendes og erklæres for forenelige med det indre marked [78].
All other major competitors of SACE BT — including also Coface — have benefited from this reserve during the present economic crisis.
Hvad angår den anden foranstaltning, betragter SACE Kommissionens tvivl med hensyn til foranstaltningens forenelighed som rent spekulativ [79].
In reply to the Commission's request in the opening decision to provide the estimated costs that could be incurred by SACE, if it were to sell or liquidate SACE BT, SACE submitted that the liquidation of SACE BT is a purely theoretical option which cannot be put in place at this moment.
V. VURDERING AF FORANSTALTNINGERNE
the lack of an immediate benefit to SACE as a shareholder, since the liquidation would have rather crystallised the negative results in the context of particularly adverse circumstances of the market at the time and would have caused significant reputational damage for SACE;
EKSISTENS AF STØTTE SOM DEFINERET I TRAKTATENS ARTIKEL 107, STK.
the possibility that such action could be interpreted by the markets as a crisis of liquidity within SACE;
1
the likely event that the price of sale would not be adequate [63].
I henhold til artikel 107, stk. 1, i traktaten er støtte, som ydes ved hjælp af statsmidler under enhver tænkelig form, og som fordrejer eller truer med at fordreje konkurrencevilkårene ved at begunstige visse virksomheder eller visse produktioner, uforenelig med det indre marked, i det omfang den påvirker samhandelen mellem medlemsstaterne, medmindre andet er fastsat.
Italy indicated that the net balance between assets and liabilities towards SACE for the year 2008 had been positive at EUR 8,43 million [64], meaning that in net terms SACE would owe money to SACE BT.
En foranstaltning udgør derfor kun statsstøtte, hvis følgende betingelser er opfyldt:
SACE stated that the application of the MEIP has to take also into consideration the legislative constraints.
Den skal kunne tilregnes staten og være finansieret af en medlemsstat eller ved hjælp af statsmidler, den skal indrømme en selektiv fordel til visse virksomheder eller visse produktioner, og den skal fordreje eller true med at fordreje konkurrencevilkårene og kunne påvirke samhandelen mellem medlemsstaterne.
[…] [65] Moreover, SACE argues that an investor is not only focused on the profitability of an investment, but also on other considerations, such as safeguarding the group's public image or a reorientation of its business operations [66].
Disse betingelser er kumulative og skal alle være opfyldt, inden en foranstaltning kan betegnes som statsstøtte.
Italy provided that the amount of EUR 70 million (third and fourth measures) was part of the capital needs identified in May 2009 by the Risk Management department [67] necessary to comply with the future Solvency 2 requirements [68] [69].
Hvis en af betingelserne ikke er opfyldt, kan den pågældende foranstaltning derfor ikke betragtes som statsstøtte.
This simulation was based on the revised budget for 2009.
I indledningsafgørelsens betragtning 61 tilkendegav Kommissionen, at den del af foranstaltningerne, der opfyldte en af følgende to betingelser, ikke ville udgøre statsstøtte:
According to SACE, the decisions to recapitalise SACE BT were taken in view of the expected return to profitability, with the break-even in 2011 [70].
kapital/genforsikring, som begunstiger ikke-markedsmæssige risici (i modsætning til markedsmæssige risici) (det første udelukkelseskriterium);
According to Italy, starting with 2009, SACE BT was subject to deep transformations in the organisation, management and business processes, which have restored the long-term viability of the company, allowing it to return to profit in 2011, ahead of the forecasts made in the business plan for 2011-2013.