natgillin/translations-raw huggingface dataset:
I marts 2004 havde den eksterne konsulent desuden allerede fremlagt supplerende analyser af det italienske marked for handelsoplysninger, det italienske marked for tilbagesøgning af kreditter og dets primære aktører og kreditforsikringsmarkedet i Central- og Østeuropa (supplementerne til forretningsplanen).
It would take as a constraint the existing regulatory framework, e.g. in the financial services sector.
SACE havde således allerede fået udarbejdet analysen af en anerkendt konsulent til støtte for en fremtidig udpegning af potentielle mål, selv om der ikke blev udarbejdet præcise finansielle prognoser, da den første foranstaltning blev ydet, for den forventede rentabilitet af ekspansion til andre tjenesteområder i Italien og på andre geografiske markeder gennem opkøb.
If the specific regulatory requirements on the minimum capital, liquidity and similar makes the investment not profitable, a market economy investor would not proceed with the investments, instead of proceeding with an investment which complies with the regulatory requirement but does not provide an adequate level of profitability.
Kommissionen anerkender, at yderligere konsolidering af de mindre markedsaktører og potentiel privatisering af kreditforsikringsselskaberne i Central- og Østeuropa med rimelighed kunne forventes.
A private investor is not content merely with the fact that an investment does not cause him a loss or that it produces only limited profits.
Den anerkender også SACE's vanskeligheder med — trods selskabets proces baseret på gentagelser — præcist at vurdere det beløb, der skulle investeres i forbindelse med disse fremtidige opkøb, og den forrentning, sådanne selskaber ville generere, inden ejeren af det potentielle opkøbsmål indvilligede i at sælge, og de forventede afkast blev evalueret for sådanne potentielle mål.
A market economy investor would attempt to maximise the return on his assets in accordance with the circumstances in his interests, even in the case of an investment in an undertaking in which he already had a shareholding [87].
På baggrund af SACE's overvejelser inden investeringen og den detaljerede analyse, der blev indhentet fra den anerkendte eksterne konsulent, som foreløbigt udpegede de potentielle mål, kan Kommissionen tilslutte sig Italiens og SACE's påstand om, at SACE tog opkøbsplanerne i betragtning, da det investerede i SACE BT, uden at kunne estimere deres rentabilitet eller forventede synergi, idet man ikke havde adgang til sådanne potentielle måls interne data og ikke havde kendskab til salgsprisen.
Even if the average return in the sector is only one of the elements the Commission may consider, a prudent market economy investor, when making estimations of the appropriate remuneration, would, in principle, require a minimum return for the investment being at least of the level of the average profitability in the respective sector [88].
I lyset af den omfattende opkøbsstrategi, som var almindelig for sektoren, og som forventedes af SACE, accepterer Kommissionen også Italiens og SACE's argument om, at kapital, der skal anvendes til fremtidige opkøb, kan sidestilles med investering i en investeringsforening.
According to the recent jurisprudence [89], a Member State that invokes the MEIP compliance must, where there is doubt, establish unequivocally and on the basis of objective and verifiable evidence that the measure implemented falls to be ascribed to the State acting as shareholder, i.e. that it acted on market terms.
I en investeringsforening kan den forventede forrentning faktisk kun defineres ud fra markedsbenchmarks (som i dette tilfælde svarer til den forrentning, der kræves af de tre største kreditforsikringsselskaber, som har ekspanderet betydeligt gennem opkøb), mens mere specifik evaluering foretages inden hver enkelt investering, når en sådan mulighed opstår.
In that regard, it may have to produce evidence showing that the decision was based on economic evaluations comparable to those which, in the circumstances, a rational private investor in a situation as close as possible to that of the Member State would have had carried out, before making the investment, in order to determine its future profitability.
Der kan også være en vis forsinkelse, inden hele kapitalen er investeret.
For the purposes of applying the private investor test, the only relevant evidence is the information which was available, and the developments which were foreseeable, at the time when the decision to make the investment was taken.
Med hensyn til rentabilitet af opkøb kan Kommissionen konstatere, at man konsekvent indhentede rådgivning fra en ekstern konsulent, inden opkøb blev foretaget.
That is especially so where, as in the present case, the Commission is seeking to determine whether there has been State aid in relation to an investment which was not notified to it and which, at the time when the Commission carries out its examination, has already been made by the Member State concerned.
For så vidt angår Assedile, var den tilbudte pris under (for det første opkøb af 70 % af aktierne i Assedile) eller inden for den eksterne konsulents vurderingsniveau (for det kombinerede opkøb af hele Assedile) [99].
The Commission, when making its own assessment regarding the compliance with the MEIP, has to carry out a global assessment, taking into account — in addition to the evidence provided by the Member State — all other relevant evidence enabling it to determine whether the Member State took the measure in question in its capacity as shareholder, i.e. as a market economy investor, or as a public authority.
SACE BT solgte på den anden side denne investering kort tid efter, at man indså, at KUP's rentabilitet ikke kunne genoprettes [100].
Presence of an advantage in the first measure
SACE BT solgte med tab sin andel i KUP til SA Ducroire den 25. februar 2009 for at minimere sine fremtidige tab [101].
In recitals 95 and 96 of the opening decision, the Commission expressed doubts on whether the first measure met the MEIP.
Kommissionen bemærker videre, at SACE, der driver virksomhed inden for langsigtet eksportkreditforsikring, har et vist kendskab til markedet for kreditforsikringsrisiko.
In the opening decision, the Commission provided that the parameter that needs to be ascertained is the expected profitability of the investment according to the business plan.
Det investerede derfor ikke uden kendskab til sektoren.
Indeed, according to the established case-law and practice [91] the parent company, SACE, as would a market investor in comparable circumstances, had the alternative not to allocate capital and to use it for its other activities or return it as dividends to the State.
Kommissionen bemærker altså, at forretningsplanen blev udarbejdet på forhånd og med hjælp fra en anerkendt ekstern konsulent, som undersøgte nye markedsmuligheder, som SACE fik præsenteret inden etableringen af SACE BT.
It is noteworthy that SACE used separate accounting for the marketable risks for the period between the date when the respective risks became automatically marketable (1 May 2004) and when SACE BT was established (27 May 2004) (see Table 1 under recital 19 of the opening decision).
Investeringen var desuden klart målrettet mod en nyetableret virksomhed og var understøttet af en plan, der var baseret på detaljeret benchmarking til markedspraksis, herunder med hensyn til omkostninger og priser, og som i tilstrækkelig grad identificerer forretningsmuligheder for vækst og udvikling.
However, no assets, liabilities or contracts were transferred from the established separate account to SACE BT (the contracts for marketable risks accounted in the separate accounting ended either as a result of natural expiration of insurance contracts, either through the termination of contracts in place; the marketable risks in question were gradually covered under new insurance contracts within SACE BT [92]).
Endelig har, som et sekundært argument, moderselskabet nøje overvåget det nyetablerede selskabs resultater, og det har foretaget rettidige justeringer i dets første driftsår.
The business activity of the latter was started anew.
På baggrund af alle de ovennævnte omstændigheder og navnlig det rentabilitetsniveau, der kan forventes af SACE BT's anden og tredje aktivitetssøjle, som blev undersøgt i detaljer på daværende tidspunkt, kan det konkluderes, at en forventning om at opnå en tilstrækkelig forrentning af den indledende kapitaltildeling, dvs. af den første foranstaltning, var realistisk og i overensstemmelse med markedspraksis.
Further, it has to be emphasised that SACE BT was established to focus on new business activities, which were not previously operated by SACE.
Det kan derfor konkluderes, at SACE krævede (som anført i referatet og noterne til bestyrelsen) og med rimelighed kunne forvente en tilstrækkelig forrentning af sin investering, da det indskød penge i SACE BT.
Before the establishment of SACE BT and granting the initial capital thereto, already at the end of 2003, SACE sought external expertise to confirm and further elaborate the business opportunities identified by SACE so as to enter into the segment of marketable risks.
Tilstedeværelse af en fordel — anden foranstaltning
In other words, it was not based on the existing track record of the business (or restructuring of the past business), but it was set up anew.
I indledningsafgørelsens betragtning 100 udtrykte Kommissionen tvivl om, hvorvidt genforsikring blev leveret af markedsoperatørerne og moderselskabet SACE på sammenlignelige vilkår.
Therefore, SACE BT is not the continuation of an activity which existed within SACE, but the result of a decision to set up a start-up and develop an economic activity which was not carried out within SACE.
Den genforsikring, der indirekte blev leveret af staten (dvs. via det statsejede eksportkreditforsikringsselskab SACE), bevirker tilsyneladende, at der kunstigt skabes kapacitet, som ikke tilbydes af det private marked.
As a result, it can be concluded that the factual elements provided by Italy and SACE in the framework of the formal investigation procedure allow the Commission to conclude that SACE BT was created as a start-up and was not the mere continuation of activities carried out already within SACE.
I betragtning 103 i indledningsafgørelsen udelukkede Kommissionen endvidere ikke, at den anden foranstaltning tilførte SACE BT en fordel.
The Commission considers that the business plan prepared for a start-up should consist of a careful analysis of business opportunities into the market in which the start-up intends to operate in and the likely return to be generated, demonstrating thereby that the expected profitability is sufficient for the initial investment to be worthwhile.
Italien og SACE har ikke fremlagt nye oplysninger, der ændrer den foreløbige vurdering i indledningsafgørelsen.
However, there may be a degree of uncertainty and thus some scope for adjustment and refinement of the scope of operations and of the financial forecasts.
I punkt 4.2 i eksportkreditmeddelelsen blev det henstillet til medlemsstaterne, at de bragte visse typer statsstøtte til ophør inden for et år efter offentliggørelsen af meddelelsen, herunder genforsikring ydet af staten enten direkte eller indirekte via et offentligt eller offentligt støttet eksportkreditforsikringsselskab på vilkår, der er mere favorable end dem, som det private genforsikringsmarked kan tilbyde, hvilket medfører, at genforsikring kan tilbydes til lavere priser, eller at der kunstigt skabes kapacitet, som det private marked ikke kan leve op til (punkt 4.2, litra f)).
This may particularly be the case in the initial years of the company's operation.
I punkt 4.2 anførtes det endvidere, at eksisterende supplerende statslige genforsikringsarrangementer forblev tilladte i en overgangsperiode, hvis statens genforsikring bl.a. var et underordnet element i forsikringsselskabets globale genforsikringspakke, og statens genforsikring af markedsmæssige risici var åben for alle kreditforsikringsselskaber, som opfyldte de almindelige kriterier for at kunne deltage.
By definition, start-ups do not have a history of financial performance on which to base a valuation.
Det er meget tydeligt, at sidstnævnte bestemmelser ikke overholdes i den omhandlede sag, da staten tegnede størstedelen af genforsikringerne.
Therefore, the investor has to develop a process for valuing the company based on comparable businesses (benchmarking) and financial projections.
Den indførte desuden ikke en ordning, som var åben for alle kreditforsikringsselskaber.
Since young businesses may take time to become profitable, the key of valuing start-ups is to focus on the activities allowing generation of adequate profits in the future.
Når Kommissionen vurderer, om der foreligger en fordel, vil den først påvise, at foranstaltningen ikke kunne erhverves fra det øvrige marked.
There are sufficient factual elements confirming that, before deciding to create SACE BT and to allocate its initial capital, SACE has undertaken analysis of the market in which SACE BT would operate.
Den vil dernæst påvise, at SACE ikke handlede som et privat genforsikringsselskab.
Initial discussions and preliminary elements of the business plan for the development of SACE's activities for the years 2004-2006 have been presented in the meetings of SACE's [93] Board of Directors of 21 November and 3 December 2003 [94].
Den vil for det tredje påvise, at — selv om det tages i betragtning, at SACE var SACE BT's moderselskab — det ikke kan konkluderes, at SACE handlede, som et privat selskab ville have gjort i en sådan situation.
During the meeting of 21 November 2003, SACE's Board of Directors discussed the new directions for development and the possibility to operate in the short-term credit insurance in the OECD countries on the basis of a study prepared by an external consultant and SACE.
For det fjerde vil Kommissionen påvise, at den genforsikring, som SACE ydede, giver SACE BT en fordel.
The Board of Directors concluded that for the marketable risks, the resources, investments and objectives would be defined on the basis of a feasibility study (studio di fattibilità) [95].
Som følge deraf besluttede SACE BT »efter adskillige forsøg på at indgå aftale med markedsdeltagerne« [103] at tegne den resterende del af skadesexcedent-genforsikringen hos SACE.
Consequently, a business plan was sought from a reputable external consultant.
SACE tegnede 74,15 % af skadesexcedent-genforsikringen den 5. juni 2009 på de samme vilkår med hensyn til prioritet, kapacitet og præmie som de private genforsikringsselskaber.
The tasks of the consultant were, amongst others, to identify the opportunities related especially to the short-term risks in OECD countries (where SACE evaluated the size of the market to EUR 2,5-5 billion [96]) and set out the operational terms for a new undertaking.
Det er derfor klart, at man ikke kunne have tegnet de 74,15 % af skadesexcedent-genforsikringen, som SACE tegnede, hos resten af markedet [104].
In the tender letter of 17 December 2003, it was clearly stated that the start-up will not be able to rely on any State support, either directly (financial support) or indirectly (using the resources allocated to the non-marketable risks) [97].
For at afgøre, om en sådan foranstaltning repræsenterer en fordel, skal det bekræftes, at SACE ved at yde en sådan foranstaltning ikke handlede, som en privat investor ville have gjort i en lignende situation.
The initial business plan drawn on 18 May 2004 contained benchmarking [98] to the market practices (mainly major market players) in terms of expected pricing, claims expenses and other costs ratios and other details on how to set up and operate the business in line with market practices.
Da SACE BT ikke kunne finde genforsikring på markedet, skyldtes det for det andet også selskabets vanskelige finansielle situation, og forskellige private genforsikringsselskaber, der deltog i drøftelserne vedrørende fornyelse af SACE BT's genforsikring, har udtrykt betænkeligheder ved selskabets situation.
This could serve as a solid basis for a start-up company to make its operations conform to market practices.
SACE BT led betydelige tab i 2008 (omkring 29,5 mio. EUR).
In light of the foregoing, the Commission concludes that the process and steps followed by SACE before taking the decision to invest the initial capital into SACE BT were comparable to market practices in similar circumstances.
Denne svage situation betød, at risikoen ved genforsikring var højere [105].
Notably, before deciding on the investment, SACE sought a feasibility study from an external advisor and before proceeding with the investment it carefully assessed and identified significant market opportunities for growth in the credit insurance market in Italy as well as to further expansion into the CEE markets or into other services related to the credit insurance.
Den adfærd, der udvises af de genforsikringsselskaber, der deltog i genforsikringen, viser, at et privat genforsikringsselskab kun ville have påtaget sig en begrænset del af en så risikobehæftet genforsikring, hvis der ikke skulle betales en betydelig højere provision.
As regards the limited time period of the financial projections contained in the initial business plan (i.e. only the four years 2005-2008) and limited profitability to be achieved at the end of that period, the Commission observes that it was due to the fact that some of key elements still had to be refined and the plan therefore only contained financial projections only for part of the envisaged activities (first pillar, see recital 48).
Det ville aldrig acceptere at dække en så høj andel som 74 % og på de vilkår, der også krævedes for genforsikringsselskaber i forbindelse med langt mindre genforsikringsandele.
In that context, the Commission notes that the adjusted business plan — formally adopted by SACE's Board of Directors only one month after the start of operations of SACE BT, changed some of the initial assumptions, extended the financial projections with one year, up to 2009, and presented estimations of the required capital and its return separately for the endogenously developed credit insurance business (first pillar) for which the required capital in relation to the projected premiums was estimated at EUR 40,3 million.
En rationel investor ville have krævet en provision, der tog højde for det højere risikoniveau [106].
The projected return upon this capital for 2009 was EUR 4,8 million and the expected ROAE was 12,1 %).
Den provision, som SACE opkrævede, burde derfor have været højere end den provision, som de fem private genforsikringsselskaber krævede for den langt mindre genforsikringsandel [107].
The accompanying note to the Board clearly specified the extension of the business into 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 credit insurance activity of SACE BT, so as to align the return on the entire capital investment into SACE BT with the market benchmarks.
Kommissionen beregner derfor støttebeløbet under den anden foranstaltning som forskellen mellem den genforsikringsprovision, som et privat genforsikringsselskab ville have opkrævet for en så høj genforsikringsandel, og den provision, som SACE BT blev opkrævet.
The document stated that the analysis had to be further elaborated upon preparation of the restated business plan for the regulatory purposes (expected in February/March 2005).
På baggrund af Kommissionens sagspraksis [108] mener Kommissionen, at provisionen for en så høj genforsikringsandel og risiko burde have været mindst 10 % højere end den provision, som de private genforsikringsselskaber opkrævede for den mindre andel af genforsikringen og risikoen.
Italy and SACE also provided documents showing that the plan was constantly kept under review.
For et beløb på 1,56 mio. EUR betalt af SACE BT til SACE beløber støtten sig til 156000 EUR.
This demonstrates that the plan was really followed and used by the management and updated regularly on the basis of new information.
Endelig bemærker Kommissionen, at tildelingen af en så høj andel af genforsikringen til ét selskab muligvis ikke er i overensstemmelse med selskabets generelle genforsikringsprincipper, nemlig at »antallet af genforsikringsselskaber, der deltager i aftalerne, skal sikre en hensigtsmæssig risikofordeling« [109].
This practice appears to be comparable to that expected to be done in the case of a start-up, where evaluation of future profitability is uncertain and needs to be adjusted after the start of operations of the start-up.
Af ovennævnte grunde konkluderer Kommissionen, at SACE ikke handlede som et privat genforsikringsselskab.
As regards other pillars of business, i.e. expansion of SACE BT operations through acquisitions (‘external growth strategy’), the Commission observes that the company identified at an early stage, with the help of a reputable external advisor (see recital 113), market opportunities in other market segments, which present significant synergies to its core credit insurance activity (including the potential targets for acquisitions).
Hvad angår spørgsmålet om, hvorvidt et moderselskab ville have ydet en så stor andel af genforsikringen i en situation, hvor dets datterselskab ikke kunne skaffe tilstrækkelig genforsikring på markedet til den foreslåede pris, skal det bemærkes, at en sådan genforsikringsaftale øger moderselskabets eksponering mod datterselskabets aktiviteter.
Given the concentrated structure of the market in Western Europe, SACE explored opportunities to expand in the CEE markets, where, at the time, the three big credit insurance players were significantly less present than in Western Europe.
I denne sag befandt SACE sig i 2009 i en situation, hvor det havde behov for betydelig rekapitalisering og genforsikring.
The Commission observes that, while SACE BT received a capital larger than the one needed for the organic growth of its credit insurance business (first pillar), Italy and SACE have provided documents showing that SACE had already considered and analysed the national and international expansion of SACE BT (respectively second and third pillar) before establishing SACE BT on 27 May 2004.
Beslutningen om at yde denne foranstaltning skal derfor analyseres parallelt med tildelingen af den tredje og fjerde foranstaltning.
Notably, the second and the third pillars were considered in the letter dated 17 December 2003 (see recitals 52 and 53) where the external consultant, apart from being requested to look at the endogenous growth of SACE, it had been requested to analyse a collaboration with other entities, either Italian or foreign (such as a collaboration with one of the biggest market players, a collaboration with a secondary player (e.g. CESCE — Spain, OND — Belgium) and a collaboration with an Italian player operating in another market segment or in another financial sector).
Faktisk overvejede SACE's bestyrelse den anden, tredje og fjerde foranstaltning allerede den 26. maj 2009 [110] med det formål at støtte SACE BT [111].
Moreover, in March 2004, the external consultant had already provided supplementary analyses regarding the Italian market of the commercial information, the Italian market of the recovery of credits and its principal actors on the credit insurance in the Central and Eastern Europe (the supplements to the business plan).
Som det konkluderes under vurderingen af disse foranstaltninger, ville en privat investor ikke have fortsat med disse rekapitaliseringer, men ville have ladet selskabet gå konkurs.
Consequently, even though at the time when the first measure was granted no exact financial projections were made regarding the expected profitability from expansion into other services in Italy and other geographical markets by means of acquisitions, SACE had already had the analysis prepared by a reputable external consultant to support such prospective identification of potential targets.