natgillin/translations-raw huggingface dataset:
Fifthly, SACE argued that, when it created SACE BT in 2004 so as to enter the short-term export-credit market, the management expected a sufficient profitability to be achieved from the capital invested through a three pillars strategy [33] relying on organic growth in credit insurance business (of start-up character for which the initial business plan contains four years forecast) for the first pillar, on ancillary activities to the credit insurance (other types of insurance or services), potentially including acquisitions of other firms, in Italy (diversification in terms of business lines) for the second pillar and on geographical expansion through acquisitions of companies operating abroad (geographical diversification) for the third pillar.
Višina kapitala
According to SACE, the rationale for such strategy was underpinned by the external consultant's analysis [34].
(v mio.
According to SACE, it should be evident that the economic and financial projections elaborated in 2004 could not incorporate or anticipate the effects of future acquisitions which were carried out in the following years [35].
EUR)
In other words, the projections were based solely on the organic growth of SACE BT in the Italian credit insurance market (first pillar mentioned in recital 48) [36].
Dobiček po pričakovanih davkih v referenčnem letu
Further, Italy argued that even if the initial plan included solely the profitability for the first pillar of business, the other two pillars of business were mentioned/contemplated at the time.
„Vključena predhodna“ donosnost po prevzemu 70-odstotnega deleža družbe Assedile
They were mentioned as early as in the letter dated 17 December 2003 inviting a consultant to provide an offer to draw a business plan for the short-term activity of SACE [38].
Prevzem družbe Assedile [48]
In particular, in the invitation to tender to the external consultant, SACE requested the presentation of a limited number of scenarios (maximum 2), which should envisage an endogenous growth of SACE using its own resources and means and a collaboration with other entities, either Italian or foreign which might include various options 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.
Finančna moč po prevzemu družbe Assedile
As regards possible relations with third parties, the consultant was requested to underline the possible advantages deriving from putting in common technology and expertise, economies of scale and specialisation and upstream and downstream integration of activities.
„Vključena predhodna“ donosnost po prevzemu 100-odstotnega deleža družbe Assedile in 33-odstotnega deleža družbe KUP
SACE argued that the Board of Directors started discussing such opportunities around the same period when SACE BT was created.
Prevzem družbe Assedile (70 % + 30 %)
To further support that allegation, SACE provided a preliminary outline of cooperation with OND (Belgium) and CESCE (Spain) prepared on 5 March 2004, i.e. before granting the first measure [39].
Prevzem družbe KUP (33 %) [49]
To provide basis for future expansion into other markets and lines of business, in March 2004, the consultant provided SACE with detailed analysis of market players operating in other business segments in Italy (commercial information services and recovery of credits) and credit insurance in the Central and Eastern Europe [40] and benchmarking to the market practices (mainly major market players) in terms of costs (i.e. for provision of commercial information, for credit recovery), timing of business operations, multiple analysis of the pricing of recent acquisitions in the sector of provision of commercial information as well as benchmarking to the best market practices — so considered due to their leadership position in the respective market segment — in terms of operative business solutions.
Finančna moč po prevzemih družbe Assedile in KUP
Italy recalls that the acquisition strategy started to be put in place in less than one year of the start of operations by SACE BT (the first non-binding offer of SACE BT for 70 % of Assedile dates from 18 April 2005, while the whole process was initiated in March 2005, five months after the start of operations by SACE BT).
„Vključena predhodna“ donosnost po prevzemih in prihodkih od sinergij
Further, Italy submitted to the Commission various communications presented to the Board of Directors of SACE BT in the period 2006-2008 considering the subsequent opportunities for acquisitions [41] (all of them were underpinned by the valuations by the external advisors, due diligence exercise, etc., though a number of them were not successful for various reasons).
Sinergije SACE BT/SACE
Financial projections
Sinergije SACE BT/Assedile
In the invitation letter to tender for the consultancy services, SACE asked for financial projections for three years ahead, 2005-2007. inter alia, SACE asked for a quantification of the financial resources (i.e. capitalisation) necessary for the development of the short-term activity and the expected profitability (i.e. return on invested capital) [42].
Italija je stopnji donosa, ki jo je navedel pritožnik (11,5-odstotni donos iz lastniških instrumentov), nasprotovala in trdila, da bi zasebni vlagatelj v zvezi s stopnjo donosa zahteval podobno naložbo (v nadaljnjem besedilu: zahtevana stopnja donosa).
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).
Italija meni, da je bil vzorec družb, za katerega je bil izračunan donos iz lastniških instrumentov, nereprezentativen ter da je bilo obdobje, za katero je bil izračunan donos iz lastniških instrumentov, neustrezno.
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).
SACE je navedla, da bi bilo treba ustrezno stopnjo donosa poslovanja z zavarovanjem kreditov v Italiji ugotoviti na podlagi povprečne donosnosti družb, ki poslujejo v Italiji, tj. Coface Italy (Viscontea Coface) in Euler Hermes SIAC, v obdobju 1998–2003, ki bi na podlagi netehtanega povprečja znašala 10,25 %.
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.
SACE je pojasnila, da je bila družba Atradius (Italija) izvzeta iz izračunov, saj je v obravnavanem obdobju kazala nestanovitnost, ki je bistveno vplivala na rezultate v taki meri, da so kazali negativno referenčno merilo (– 2,4 % v primeru uporabe vzorca netehtanega povprečja) [50].
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.
Vendar je Italija zagovarjala zahtevano stopnjo donosa, ki temelji na stopnji tehtanega povprečja.
In particular, in the adjusted business plan, the different pillars of future development of the business were mentioned explicitly:
V predloženi dokumentaciji Italije je SACE tehtano povprečje stopnje donosa iz lastniških instrumentov v obdobju 1998–2003 družb Coface Italije in Euler Hermes SAIC izračunala s tehtanjem njunih povprečnih donosov iz lastniških instrumentov v tem obdobju s tehtanim odstotkom obračunanih bruto premij za njihovo poslovanje z zavarovanjem kreditov za isto obdobje.
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).
Tako izračunana stopnja donosa bi znašala 8,7 %.
Capital required for the first pillar was estimated at EUR 40,3 million.
Italija trdi, da razlika med ocenjeno stopnjo donosa pri uporabi netehtanih in tehtanih povprečij, tj. med 10,25 % in 8,7 %, ni dovolj velika, da bi bistveno vplivala na odločitev srednjeročnega ali dolgoročnega vlagatelja.
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.
Kljub temu je Italija menila, da je primernejše uporabiti tehtano povprečje donosa iz lastniških instrumentov, kot je opisano zgoraj, iz naslednjih dveh razlogov [51]:
Further, a more detailed analysis of expected profitability in function of capital allocated to the credit insurance and surety businesses was added:
izračun tehtanega povprečja je boljša metoda od izračuna netehtanega povprečja, saj bolje prikazuje zahtevano stopnjo donosa v sektorju z dvema udeležencema z bistvenimi razlikami v smislu donosa med udeleženci in med leti ter bistvene razlike v prometu med dvema udeležencema [52];
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].
kot osnovo za tehtanje je Italija uporabila obračunane bruto premije v poslovanju z zavarovanjem kreditov zato, da je izvedla primerjavo heterogenega vzorca z dejavnostjo nove družbe SACE BT iz leta 2004 (družba je začela poslovati z zavarovanjem kreditov in je svoje poslovanje šele pozneje razširila na druge dejavnosti).
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).
Poslovanje z zavarovanjem jamstev („ramo cauzioni“) je bilo izključeno iz osnove za izračun, saj je zanj značilna drugačna dinamika kot za poslovanje z zavarovanjem kreditov.
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.
Leta 2004 je z jamstvi poslovala le družba Coface [53].
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).
Italija je trdila tudi, da bi izračun zahtevane stopnje donosa na osnovi skupnih premij (tj. brez omejevanja le na premije za zavarovanje kreditov, kot je omenjeno zgoraj) znašal 9,5 %.
To construct such analysis, Italy took into consideration the ex ante valuations as available at different periods of time:
DRUGI UKREP
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 trdi, da je na ukrep vplivalo upoštevanje dobička ter da je v skladu s tržnimi praksami ustrezal dejavnosti pozavarovanja.
The expected synergies from acquisitions are presented separately at the bottom of the table.
Poudarja, da so bili glavni pogoji pozavarovalnega kritja, ki ga je SACE zagotovila SACE BT leta 2009, enaki pogojem, s katerimi so se nekaj mesecev pred tem strinjali zasebni pozavarovatelji (glej uvodno izjavo 31).
The initiated and evaluated, but not finalised acquisitions are not taken into account in such analysis.
Naknadno se lahko sklene, da je bil ugoden le za matično družbo SACE, ki je prejela 1,56 milijona EUR [54] prihodka od premij, saj SACE BT ni uporabila pozavarovanja za kritje predhodno določenega škodnega presežka.
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).
Poleg tega Italija zatrjuje, da na ravni kapitalskih zahtev („requisito patrimoniale“), ki so bile takrat izračunane v skladu s predlogom o Solventnosti 2 leta 2009 (tehnične specifikacije četrte faze količinske študije učinka (QIS4)), drugi ukrep ni zmanjšal kapitalskih zahtev družbe SACE BT.
Table 4
Zlasti kritje škodnega presežka ni prinašalo ugodnosti, saj ni priznano v okviru standardne enačbe, ki jo SACE BT uporablja kot metodo za količinsko opredeljevanje kapitalskih zahtev.
SACE's calculation of ‘implied ex ante’ profitability
V zvezi z učinkom na absorpcijo kapitala („assorbimento di capitale“) je Italija pojasnila, da po opredelitvi vse oblike pozavarovanja vplivajo na raven kapitala, vključno s pozavarovanjem v obliki kritja škodnega presežka [55].
Reference year
Komisija je 4. januarja 2012 od Italije posebej zahtevala, da navede vrednost kapitalske olajšave na ravni SACE BT po pozavarovanju škodnega presežka, ki je bilo leta 2009 sklenjeno s SACE.
Amount of capital
Italija zahtevanih informacij ni predložila, temveč ponovila, da pozavarovanje škodnega presežka ne ustvarja olajšave v smislu nadzornih kapitalskih zahtev („requisiti patrimoniali di vigilanza“) [56].
(EUR million)
Vendar je SACE trdila [57], da je eden od glavnih namenov pozavarovanja povečati zmogljivost cedenta za podpisovanje nadaljnjih pogodb.
Profit, after taxes expected in the reference year
V zvezi z uporabo odstopne klavzule, določene v sporočilu o izvoznih kreditih [58], je Italija trdila, da je menila, da je dodeljevanje javne podpore temu sektorju neprimerno, in se odločila, da ne bo uporabila odstopne klavzule [59].
Situation as of 18 May 2004
SACE je menila, da je zahteva Komisije po predložitvi informacij, ki bi lahko dokazale pomanjkanje kritja na trgu za izvoznike, nerelevantna [60].
Standalone credit insurance business as per the May 2004 initial business plan
TRETJI IN ČETRTI UKREP
‘Implied ex ante’ after the acquisition of 70 % of Assedile
SACE trdi, da je s sprejetjem tretjega in četrtega ukrepa želela SACE BT zagotoviti položaj „finančnega ravnovesja“, da se zagotovi solventnost podjetja v skladu z omejitvami, ki jih določa zakonodajni okvir.
Acquisition of Assedile [48]
Ko bi bila solventnost družbe SACE BT zagotovljena, bi se lahko dosegla zadostna raven donosnosti [61].
Stand alone after the acquisition of Assedile
Poleg tega SACE izpostavlja, da so v letih 2008 in 2009 mnogi zasebni italijanski konkurenti SACE BT zabeležili izgube.
‘Implied ex ante’ after the acquisition of 100 % of Assedile and 33 % of KUP
To je sprožilo posredovanje njihovih delničarjev, ki so prispevali s pomembnimi kapitalskimi injekcijami (na mednarodni ravni je Natixis dvakrat dokapitaliziral družbo Coface, in sicer leta 2009 in na začetku leta 2010, Coface pa je leta 2009 zabeležila izgubo v višini 163 milijonov EUR).
Acquisition of Assedile (70 % + 30 %)
Čeprav je gospodarska kriza vplivala na pravzaprav vse udeležence na trgu, SACE opozarja tudi, da je kriza zelo slabo vplivala zlasti na SACE BT.
Acquisition of KUP (33 %) [49]
V zvezi s tem SACE trdi, da je bila družba SACE BT še vedno v zagonski fazi.
Stand alone after the acquisition of Assedile + KUP
Zato SACE BT ni mogla uporabiti „sredstev, dodeljenih izravnalnim rezervacijam“ („riserva di perequazione“) [62] za soočanje z gospodarskimi in finančnimi izrednimi razmerami, saj ta rezerva še ni bila vzpostavljena.
‘Implied ex ante’ after acquisitions and the revenues from synergies
Vsi drugi glavni konkurenti družbe SACE BT, vključno z družbo Coface, so lahko v tej gospodarski krizi izkoristili to rezervo.
Synergies SACE BT/SACE
V odgovoru na zahtevo Komisije v sklepu o začetku postopka, da se zagotovijo ocenjeni stroški za SACE, če bi prodala ali likvidirala SACE BT, je SACE trdila, da je likvidacija SACE BT zgolj teoretična možnost, ki je trenutno ni mogoče izvesti.
Synergies SACE BT/Assedile
Glavni razlogi, na katere se je SACE sklicevala, so:
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 %).
pomanjkanje takojšnih ugodnosti za SACE kot delničarko, saj bi likvidacija le jasneje opredelila negativne rezultate v okviru takratnih zelo neželenih okoliščin na trgu in bi bistveno škodovala ugledu SACE;
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.
možnost, da bi si trgi naveden ukrep razlagali kot likvidnostno krizo znotraj SACE;
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.
visoka verjetnost, da prodajna cena ne bi bila ustrezna [63].
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].
V odgovoru na ločeno zahtevo Komisije glede izpostavljenosti SACE v zvezi s SACE BT v času pred odobritvijo drugega, tretjega in četrtega ukrepa je Italija navedla, da so bile obveznosti do družbe SACE v višini 2,09 milijona EUR teoretično v nevarnosti, če bi SACE BT leta 2009 prenehala poslovati in če bi se njena sredstva likvidirala.
However, Italy argued in favour of the required rate of return being based on the weighted average rate.
Italija je nakazala, da je bilo čisto stanje med sredstvi in obveznostmi do SACE za leto 2008 pozitivno in je znašalo 8,43 milijona EUR [64], kar pomeni, da bi v smislu čiste vrednosti družba SACE dolgovala denar družbi SACE BT.
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.
SACE je navedla, da mora uporaba načela vlagatelja pod tržnimi pogoji upoštevati tudi zakonodajne omejitve.
Thus calculated, the rate of return would equal 8,7 %.
[…] [65] Poleg tega SACE trdi, da se vlagatelj ne osredotoča le na donosnost naložbe, temveč upošteva tudi druge vidike, kot sta zaščita javnega ugleda skupine ali preusmeritev svojih poslovnih dejavnosti [66].
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.
Italija je trdila, da je bil znesek v višini 70 milijonov EUR (tretji in četrti ukrep) del kapitalskih potreb, ki jih je maja 2009 ugotovil oddelek za obvladovanje tveganja [67] in ki so potrebne za izpolnjevanje bodočih zahtev Solventnosti 2 [68] [69].
Nonetheless, Italy considered more appropriate to use the weighted average ROE, as provided above, for the following two reasons [51]:
Ta simulacija je temeljila na revidiranem proračunu za leto 2009.
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];
Po trditvah družbe SACE so bile odločitve za dokapitalizacijo SACE BT sprejete ob upoštevanju pričakovane ponovne donosnosti in finančne rentabilnosti leta 2011 [70].
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).
Preglednica 5
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.
Finančni cilji SACE BT iz poslovnega načrta za obdobje 2010–2011 in prilagojenega načrta za obdobje 2011–2013
Only Coface operated in surety business in 2004 [53].
Dejanski
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 %.
Načrtovani v poslovnem načrtu za obdobje 2010–2011, ki ga je uprava odobrila 4. avgusta 2009 [72]
THE SECOND MEASURE
Načrtovani v prilagojenem poslovnem načrtu za obdobje 2011–2013, ki ga je uprava odobrila 24. novembra 2011 [73]
SACE argues that the measure was driven by profit consideration and thus corresponded to reinsurance activity in line with market practices.
v mio.
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).
EUR
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.
Revidirani proračun
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.
Poslovni načrt
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.
Načrtovani
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].
Obračunane bruto premije [74]
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.
Tehnični stroški zavarovanj za SACE („Sinistri di competenza“)
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].
Splošni odhodki
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.
Tehnični rezultat pred pozavarovanjem
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].
Tehnični rezultat po pozavarovanju
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].
Prihodki pred davkom
THIRD AND FOURTH MEASURES
Čisti prihodek
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.
Donos iz lastniških instrumentov pred davkom (v %) [75]