natgillin/translations-raw huggingface dataset:
FFT leverer likviditets- og finansieringstjenester til Fiat-koncernens selskaber, der (primært) er etableret i Europa (undtagen Italien).
On 18 June 2015, Luxembourg provided a ruling concerning company E (ruling of 2011).
Selskabet forvalter endvidere flere centrale likviditetsstyringsstrukturer for Fiat-koncernens selskaber etableret i Det Forenede Kongerige, Danmark, Belgien, Nederlandene, Schweiz, Østrig, Tyskland og Spanien.
By letter of 10 July 2015, Luxembourg advanced a line of argumentation according to which the Commission, in case of a final negative decision, should be prevented from recovering any aid from the beneficiary retroactively, i.e. from the date of the tax ruling.
FFT opererer fra Luxembourg, hvor selskabet har sit hjemsted, og gennem to datterselskaber, det ene etableret i London (Det Forenede Kongerige) og det andet i Madrid (Spanien).
On 15 July 2015, a meeting took place between the Chief Financial Officer of Fiat Chrysler Automobiles NV, the successor of Fiat SpA, the Luxembourg authorities and the Commission.
Rapporten om koncerninterne afregningspriser, som Luxembourg fremsendte til Kommissionen den 15. januar 2014, indeholder oplysninger om FFT, der er sammenfattet i betragtning 38-51 [16].
DESCRIPTION OF THE AID MEASURE
Fiat har besluttet at centralisere finansierings- og likviditetsfunktionerne, således at alle aktiviteter vedrørende finansiering, finansielle tjenesteydelser til selskaberne, bankforbindelser, styring af kurs- og renterisici, central likviditetsstyring, operationer på pengemarkedet, likviditetsstyring og iværksættelse af opkrævning og betaling varetages af »likviditetsselskaberne«.
Description of the beneficiary
Likviditetsselskaberne er organiseret på følgende måde:
FFT is part of the Fiat group.
Fiat Finance S.p.A. (»FF«) er et likviditetsselskab etableret i Italien og er ansvarlig for koordineringen af finansieringsaktiviteterne for Fiat-koncernens selskaber etableret i Italien.
At the time of the contested tax ruling, the Fiat group was composed of Fiat SpA, incorporated in Italy with its head office in Turin, and all companies controlled by Fiat SpA (hereinafter collectively referred to as ‘Fiat’ or ‘Fiat group’).
FFT udøver likviditetsfunktioner for Fiat-koncernens selskaber etableret i Europa (undtagen Italien).
Following a merger of Fiat SpA with and into Fiat Investments NV on 12 October 2014, Fiat Chrysler Automobiles NV became the successor of Fiat SpA [15]
Fiat Finance North America, Inc. (»FFNA«) udøver likviditetsfunktioner for Fiat-koncernens selskaber etableret i USA.
Fiat carries out industrial and financial services activities in the automobile sector.
Fiat Finance Canada Ltd. (»FFC«) udøver likviditetsfunktioner for Fiat-koncernens selskaber etableret i Canada.
The Commission refers to recitals 20 and 21 of the Opening Decision for a more detailed description of Fiat's activities.
Fiat Finanças Brasil Ltda (»FFB«) udøver likviditetsfunktioner for Fiat-koncernens selskaber etableret i Brasilien.
FFT provides treasury services and financing to the Fiat group companies based (mainly) in Europe (excluding Italy) and also manages several cash pool structures for the Fiat group companies based in the United Kingdom, Denmark, Belgium, the Netherlands, Switzerland, Austria, Germany and Spain.
De koncerninterne grænseoverskridende transaktioner, som FFT deltager i, kan opdeles i to hovedkategorier:
FFT operates from Luxembourg, where its head-office is located, and through two branches, one based in London, United Kingdom and one in Madrid, Spain.
Transaktioner mellem likviditetsselskaber (inden for de forskellige sektorer)
The transfer pricing report provided by Luxembourg to the Commission on 15 January 2014 contains the information about FFT, summarised in recitals 38 to 51 [16].
T1 — virksomhedsinterne lån fra FFT til FF: FFT's finansieringskilder er baseret på obligationer, bankkreditlinjer og virksomhedsinterne indskud.
Fiat decided to centralise its financial and treasury functions, where all funding, corporate finance, bank relationship, foreign exchange and interest rate risk management, cash pooling, money market operations, cash balances management, collection and payment initiation are performed by ‘the treasury companies’.
T2 — virksomhedsinterne lån fra FFNA til FFT: FFNA's finansieringskilder er primært baseret på garanterede obligationer.
The treasury companies are organised as follows:
Transaktioner mellem likviditetsselskaberne og Fiat-koncernens selskaber (koncerninterne)
Fiat Finance SpA (hereinafter ‘FF’) is the Italian-based treasury company in charge of the coordination of the financing operation for the Fiat group companies based in Italy,
T3 — transaktioner (lån/indskud) mellem FFT og koncernens selskaber etableret i andre lande (primært europæiske)
FFT performs treasury functions for the Fiat group companies based in Europe (excluding Italy),
T4 — garantier stillet af Fiat S.p.A.
Fiat Finance North America, Inc. (hereinafter ‘FFNA’) performs treasury functions for the US-based Fiat group companies,
for obligationer udstedt af FFT og FFNA, bilaterale kreditlinjer og ad hoc-finansieringsprogrammer (dvs. obligationer i Frankrig til FFT).(41) I figuren beskrives finansieringsaktiviteterne (T1-T3):
Fiat Finance Canada Ltd. (hereinafter ‘FFC’) performs treasury functions for the Canada-based Fiat group companies,
De vigtigste koncerninterne grænseoverskridende transaktioner
Fiat Finanças Brasil Ltda (hereinafter ‘FFB’) performs treasury functions for the Brazilian-based Fiat group companies.
For så vidt angår de udøvede funktioner, er FFT aktiv inden for markedsfinansiering og likviditetsinvesteringer, forbindelserne med aktørerne på finansmarkedet, koordinering og finansiel rådgivning til koncernens selskaber, likviditetsstyringstjenester til koncernens selskaber, virksomhedsintern kortfristet finansiering (»C/T«), mellemfristet finansiering (»M/T«) og koordinering med de andre finansieringsselskaber.
Cross-border intra-group transactions in which FFT is involved may be grouped into two main categories:
For så vidt angår den markedsbaserede finansiering og likviditetsinvesteringerne, mobiliserer FFT midler til støtte for koncernselskabernes aktiviteter og vækst gennem investeringer.
Transactions between treasury companies (Intra-Sector)
For så vidt angår styringen af finansielle risici, følger FFT de relevante retningslinjer, der er opstillet i koncernens politikker (valutarisiko og renterisiko).
T1 — intercompany loans from FFT to FF: FFT sources of funding rely on bonds, banks credit lines and intercompany deposits,
For så vidt angår forbindelserne med aktørerne på finansmarkedet, har FFT i samordning med FF kontakt til markederne og finansieringsinstitutterne med henblik på at give dem oplysninger og data om koncernen, der understøtter koncernens solvens og finansielle stilling.
The figure below illustrates the financing operations (from T1 to T3)
For så vidt angår koordinering og finansiel rådgivning til koncernens selskaber, har FFT til opgave at yde finansiel bistand til disse selskaber, at undersøge deres finansieringsbehov, at identificere de bedste finansielle løsninger, at etablere finansieringskontrakter og at kontrollere, om de finansielle produkter dækker koncernselskabernes behov.
Main cross-border Intra-group transactions
Cashflowet og koncernselskabernes finansieringsbehov og likviditet overvåges af FFT for at optimere effektiviteten af forvaltningen af koncernens egenkapital.
Emprunts à LT
FFT styrer de centrale likviditetsstyringsstrukturer i Det Forenede Kongerige, Danmark, Belgien, Nederlandene, Schweiz, Østrig, Tyskland og Spanien.
Emprunts à CT
Saldiene for de enkelte lande centraliseres dagligt på en central konto hos FFT med henblik på styring af den samlede finansielle stilling.
Dépôts
I løbet af dagen indsættes eller hæves beløb på koncernselskabernes konti (i bankerne) som led i deres normale aktiviteter.
Marché
Ved dagens afslutning er saldiene på koncernselskabernes konti positive eller negative.
As regards functions performed, FFT is involved in market funding and liquidity investments; relations with financial market actors; financial coordination and consultancy services to the group companies; cash management services to the group companies; short-term (‘S/T’) and medium-term (‘M/T’) inter-company funding; and coordination with the other treasury companies.
I begge tilfælde er de automatisk inddækket af FFT's centrale konto i de enkelte lande.
As regards market funding and liquidity investments, FFT raises funds to make them available to support the operations and growth of the group companies and invest them accordingly.
Ved hjælp af manuelle overførsler omdirigeres beløbene på de forskellige nationale centrale konti (indsætning eller hævning) til en samlet central konto.
In relation to the management of financial risks, FFT follows the guidelines established by the relevant internal group policies (foreign exchange risk and interest rate risk).
Koncernselskabernes løbende konto tømmes således hver dag.
FFT funding comes from instruments such as bond issuance (via a ‘Global Medium-Term Note’ or the ‘GMTN’ programme in which FFT, together with FFNA and FFC, is an issuer), bank term loans, committed and uncommitted credit lines, etc.
Afhængigt af den daglige saldo på selskabernes løbende konti vil de koncernselskaber, der deltager i cash pooling-ordninger, vil blive krediteret eller debiteret renter beregnet på grundlag af virksomhedsinterne rentesatser.
For liquidity management, FFT invests surplus cash with top-ranked banking institutions or highly-rated liquidity funds.
Renten på de koncerninterne lån fastsættes som summen af koncernens vægtede gennemsnitlige kapitalomkostning med tillæg af en margen.
With regard to the exposure to currency risk, FFT manages foreign exchange exposure mainly by using forward foreign exchange contracts and currency swaps.
Indlånsrenten fastsættes til den risikofri rente plus en margen på kortfristede bankindskud i overensstemmelse med koncernens likviditetspolitik.
Interest rate exposure is substantially linked to the different duration of liabilities and assets and management.
For så vidt angår den virksomhedsinterne finansiering C/T og M/T og koordinering med de andre finansieringsselskaber, har FFT følgende tilgang: Ved C/T stiller FFT midler til rådighed for selskaberne, rejst i store mængder på engrosvilkår på de regulerede markeder (obligationsmarkedet) eller forhandlet med finansieringsinstitutter.
FFT mainly employs Interest Rate Swaps (hereinafter: ‘IRS’) and Forward Rate Agreements (hereinafter: ‘FRA’).
Ved M/T overføres midler mellem finansieringsselskaberne for at dække koncernselskabernes finansieringsbehov uden om markedet, når koncernens samlede finansielle stilling er positiv.
With regard to relations with financial market actors, FFT, in coordination with FF, deals with the financial markets and institutions to provide them with group information and data which supports the group's creditworthiness and financial position.
Likviditetsselskabernes største risici er som understreget i rapporten om koncerninterne afregningspriser følgende:
Within financial coordination and consultancy services to the group companies, FFT is responsible for providing financial assistance to the group companies, examining their financial needs, identifying the best financial solution, setting up the financial contracts and monitoring the performance of the financial products with respect to the needs of the group companies.
Markedsrisiko: FFT evaluerer regelmæssigt sin rente- og valutarisikoeksponering (for at være helt inddækket) og sikrer sig mod disse risici gennem afledte finansieringsinstrumenter i overensstemmelse med koncernens risikostyringspolitikker.
The cash flows, funding requirements and liquidity of the group companies are monitored by FFT to optimise the efficiency and effectiveness of the management of the group's capital resources.
De instrumenter, der anvendes til denne inddækning, er fortrinsvis almindelige valutaswaps, valutaterminsforretninger og renteswaps.
FFT manages cash pooling structures in the United Kingdom, Denmark, Belgium, the Netherlands, Switzerland, Austria, Germany, and Spain.
Kreditrisikoen forbundet med bankindskud eller andre lignende kortfristede investeringer: Det bekræftes i rapporten om koncerninterne afregningspriser, at denne risiko er begrænset, da FFT kun handler med store finansieringsinstitutter og spreder de likvide midler.
On a daily basis, balances by country are centralised into a central FFT master account to manage the whole financial position.
Koncernens aktiver er ikke eksponeret for denne risiko, da koncernen har interesse i at understøtte alle koncernens selskaber finansielt [18].
More specifically, during the day group companies accounts (held with banks) collect and pay as per normal activity.
Der har gennem årene ikke været tilfælde af insolvens i koncernen, og koncernens selskaber har ikke foretaget hensættelser til tab på debitorer for koncernens gæld.
At the end of the day, account balances of the group companies have a positive or negative position.
Modpartsrisiko forbundet med derivataktiver på tredjemand (banker): Denne risiko er begrænset, da FFT kun handler med store finansieringsinstitutter, og da derivattransaktionerne er fordelt på en række institutter.
In both cases, account balances are automatically covered by the FFT master account open in every country.
Koncernens aktiver er ikke eksponeret for denne risiko af nedenstående grunde.
Then, through manual transfers, the amounts of different country master accounts are redirected (in or out) in a single master account.
Operationel risiko: FFT foretager sine finansielle transaktioner i overensstemmelse med de retningslinjer og procedurer, som Fiat S.p.A. har fastlagt.
Therefore, on a daily basis, the group companies' current accounts are reset to zero.
De finansielle transaktioner overvåges løbende og omfattes af risikostyringsprocedurer for at undgå enhver risiko for svigt i den daglige procedure.
Depending on the daily current account position, group companies' participants in the cash pooling schemes will be credited or debited for interest calculated following an intercompany pricing grid.
FFT forvalter en stor portefølje af finansielle aktiver, der primært er knyttet til koncerninterne lån, til koncernselskabernes fordringer og i mindre grad til bankindskud.
The interest rate on intra-group loans is set as the sum of the group's weighted average cost of capital (‘WACC’) and a margin.
FFT anvender de computersystemer, der er nødvendige for at foretage de daglige transaktioner og overvåge resultaterne på de finansielle markeder.
The deposit interest rate is set at the risk-free rate increased by a margin on short-term deposits with banks as defined by the group liquidity policy.
Den anfægtede skatteafgørelse
Regarding S/T and M/T inter-company funding and coordination with the other treasury companies, FFT proceeds as follows: for the former, FFT makes available to the group companies funds which have been sourced in large volumes at wholesale conditions on regulated markets (bonds market) or through negotiation with financial institutions; for the latter, transfers of funds are recurrent between the treasury companies to meet the financial requests of the group companies without recurring to the market, when the overall financial position of the group is positive.
FFT's APA
The main risks generally faced by the treasury companies outlined in the transfer pricing report are as follows:
De dokumenter, som Luxembourg har forelagt Kommissionen, skulle omfatte alle de væsentlige elementer til støtte for den anfægtede skatteafgørelse og består af to breve og rapporten om koncerninterne afregningspriser omhandlet i betragtning 9.
Market risk: FFT regularly assesses its exposure to interest rate and foreign exchange risk (to be fully hedged) and hedges those risks through the use of derivative financial instruments in accordance with the group risk management policies.
Det anføres desuden i brevet, at skattemyndighedernes afgørelse er bindende i fem år (dvs. i regnskabsårene 2012-2016) [19].
The instruments used for those hedges are mainly plain vanilla currency swaps, forward contracts and interest rate swaps.
Rapporten om koncerninterne afregningspriser
Credit risk relative to bank deposits or other similar short-term investments: the transfer pricing report asserts that this risk is mitigated as FFT deals only with major financial institutions and diversifies the allocation of cash.
Ifølge rapporten om koncerninterne afregningspriser anses den mest hensigtsmæssige metode til at fastsætte FFT's skattepligtige fortjeneste i Fiat-koncernen at være den transaktionsbestemte nettoavancemetode (transactional net margin method, TNMM).
Group assets are not exposed to this risk, since the group has interest to financially support all the group companies [18]; over time, there would not have been any insolvency cases within the group; group companies do not register allowances for doubtful accounts for group debt.
Da FFT ifølge skatterådgiveren kun leverer finansielle tjenesteydelser, anses denne metode for at være den mest hensigtsmæssige metode til at fastsætte armslængdepriser i overensstemmelse med OECD's retningslinjer for koncerninterne afregningspriser.
Group assets are not exposed to this risk for the reasons mentioned above.
Da FFT kun udøver funktioner for Fiat-koncernens selskaber, der ikke modtager tilsvarende tjenesteydelser fra tredjeparter, er det desuden ikke muligt at foretage en intern sammenligning.
Operational risk: FFT performs its financial operations in line with the guidelines and procedures set by Fiat SpA.
Med hensyn til fase i) vurderer skatterådgiveren på grundlag af den funktionelle analyse i rapporten om koncerninterne afregningspriser, at FFT bærer følgende risici: operationel risiko, kreditrisiko og modpartsrisiko, hvorimod skatterådgiveren er af den opfattelse, at FFT ikke har nogen valutarisiko.
The contested tax ruling
Skatterådgiveren har ved analog anvendelse [23] af Basel II-regelsættet [24] anslået minimumskapitalkravene til FFT til dækning af følgende risici: operationel risiko, modpartsrisiko, valutarisiko og kreditrisiko, som følger:
This Decision concerns the FFT APA, a tax ruling on transfer pricing granted by Luxembourg to FFT by letter of 3 September 2012.
operationel risiko: 15 %*(påløbne renter på bankindskud — påløbne renter på banklån)
The contested tax ruling endorses a method for arriving at a profit allocation to FFT within the Fiat group, as proposed by the latter's tax advisor, and enables FFT to determine its corporate income tax liability to Luxembourg on a yearly basis.
modpartsrisiko: 20 %*6 %*(fremtidig eksponering + positiv dagsværdi af derivater)
The FFT APA
kreditrisiko: 20 %*6 %*fordringer på tredjemand (årligt gennemsnit).
The documents provided by Luxembourg to the Commission as constituting all the essential elements to support the contested tax ruling consist of the two letters and the transfer pricing report referred to in recital 9.
Disse beregninger resulterer i en kapital, som skatterådgiveren kalder FFT's »risikoeksponerede egenkapital«, der svarer til FFT's hypotetiske lovbestemte egenkapital i henhold til Basel II-regelsættet anvendt af FFT's skatterådgiver.
By letter of 3 September 2012, the Luxembourg tax administration confirmed that ‘the transfer pricing analysis hereafter has been realised in accordance with the Circular 164/2 of the 28 January 2011 and respects the arm's length principle’ (sic).
Se sammenfatning i tabel 1.
In other words, the Luxembourg tax administration accepted that the tax advisor's transfer pricing analysis in the transfer pricing report resulted in an arm's length remuneration for the functions performed and the risk borne by FFT.
Tabel 1
The ‘arm's length remuneration’ of FFT, as established in the transfer pricing report and accepted by the contested tax ruling, is as follows: ‘the transfer pricing study determines an appropriate remuneration on the capital at risk and the capital aimed at remunerating the functions performed by the company of EUR 2,542 million on which a range of +/– 10 % is envisaged.’
Minimumskapitalkrav til FFT
On the net profits earned by FFT on the basis of this remuneration, the standard corporate tax rate in Luxembourg of 28,80 % is applied.
(1000 EUR)
The letter further states that the decision of the tax administration is binding for 5 years (i.e. from tax year 2012 to tax year 2016) [19].
Minimumskapitalkrav
The transfer pricing report
Operationel risiko
According to the transfer pricing report, the method considered as most appropriate to determine the taxable profit of FFT within the Fiat group is the transactional net margin method (hereinafter: ‘TNMM’).
Modpartsrisiko
According to the tax advisor, the TNMM is particularly adequate when, within the transaction, there is one party not making valuable and unique contributions and since, according to the tax advisor, FFT performs only financial services, this method is the most appropriate to determine arm's length pricing in line with the OECD TP Guidelines.
Valutarisiko
Moreover, since FFT performs its functions to the Fiat group companies only, which do not receive any similar type of services by third parties, an internal comparison is not possible.
0Kreditrisiko
Consequently, the tax advisor considers an external comparison more appropriate by identifying the net margins that would have been earned in comparable transactions by independent enterprises [20].
Minimumskapitalkrav i henhold til Basel II-regelsættet
In the transfer pricing report, the tax advisor determines the remuneration due to FFT, which constitutes the taxable profit, by reference to the capital needed by FFT to perform its functions and to bear its risks, in relation to the assets in use [21].
For så vidt angår fase ii), anslås den »egenkapital, der anvendes til at udøve funktionerne« [25], jf. rapporten om koncerninterne afregningspriser, ved at trække den del af minimumskapitalkravene til FFT i henhold til Basel II-regelsættet som anslået af skatterådgiveren og den del af FFT's kapital, der anvendes til at støtte de finansielle investeringer i FFNA og FFC, fra FFT's samlede egenkapital.
That remuneration is determined as follows: (i) estimate of FFT's ‘capital at risk’; (ii) identification of FFT's capital used to perform the functions and to support the financial investments; (iii) estimate of the expected remuneration of FFT's ‘capital at risk’ by using the Capital Asset Pricing Model (hereinafter: ‘CAPM’) [22] and identification of the return to reward the capital used to perform the functions; and (iv) calculate the overall profitability to be left to FFT to remunerate the risks borne and the functions performed by combining the results of steps (i) to (iii).
Ifølge FFT's skatterådgiver beløb FFT's egenkapital sig til 287,5 mio. EUR ved udgangen af 2011:
As regards step (i), on the basis of the functional analysis contained in the transfer pricing report, the tax advisor considers FFT to bear the following risks: operational, credit and counterparty risks, while the tax advisor considers the exchange rate risk FFT bears to be nil.
De 28,5 mio. EUR er minimumskapitalkravene i henhold til Basel II til dækning af FFT's risici (»risikoeksponeret minimumskapital« [26]).165,2 mio. EUR anvendes som betaling for FFT's kapitalandele i FFNA og FFC [27] (»egenkapital til dækning af finansielle investeringer i FFNA og FFC«).
Applying the Basel II framework [23] by analogy [24], the tax advisor estimated the minimum capital required for FFT to cover the following risks: operational, counterparty, exchange rate and credit risk, as follows:
93,7 mio. EUR er den egenkapital, der anvendes til at udøve funktionerne (»egenkapital til dækning af udøvede funktioner« [28]).(62) I tabel 2 angives fordelingen af hele FFT's egenkapital som fremlagt af skatterådgiveren i rapporten om koncerninterne afregningspriser.
Operational risk: 15 % * (creditor interests accrued on bank deposits – debtor interest accrued on bank loans)
Tabel 2
Counterpart risk: 20 % * 6 % * (future exposure + positive fair value of derivatives)
Fordeling af FFT's egenkapital
Credit risk: 20 % * 6 % * third party account receivables (year average)