natgillin/translations-raw huggingface dataset:
Presence of an advantage
Zlasti je družba SACE pred odločitvijo o naložbi pri zunanjemu svetovalcu naročila študijo izvedljivosti ter pred naložbo previdno ocenila in opredelila pomembne priložnosti na trgu za rast na trgu zavarovanja kreditov v Italiji ter nadaljnjo širitev na trge Srednje in Vzhodne Evrope ali druge storitve, povezane z zavarovanjem kreditov.
General principles for the assessment of the presence of an advantage
V zvezi z omejenim časovnim obdobjem finančnih napovedi iz začetnega poslovnega načrta (tj. le za štiri leta, in sicer za obdobje 2005–2008) in omejeno donosnostjo, doseženo ob koncu navedenega obdobja, Komisija opaža, da je bilo to posledica dejstva, da je bilo treba nekatere ključne elemente še podrobneje opredeliti, zato je načrt vseboval le finančne napovedi za del predvidenih dejavnosti (prvi steber, glej uvodno izjavo 48).
As provided in recitals 80-82 of the opening decision, in accordance with settled case-law, in order to establish whether a capital injection is granting a competitive advantage it is necessary to assess whether, in similar circumstances, a private investor in a market economy would have made capital contributions of the same size [85], having regarded in particular to the information available and foreseeable developments at the date of those contributions [86].
Priložen dopis upravi jasno določa širitev poslovanja na trg jamstev in opis scenarija razvoja v zvezi z možnostmi zunanje rasti v sektorjih, ki pomenijo možnosti za sinergije z dejavnostjo zavarovanja kreditov družbe SACE BT, da se uskladi donosnost vseh kapitalskih naložb v SACE BT s tržnimi referenčnimi merili.
The MEIP is a test that should be applied ex ante, i.e. one should determine whether at the time of planning the investment a private investor in a market economy would have prevailed upon making such a capital contribution.
V dokumentu je bilo navedeno, da bo analiza dopolnjena po pripravi ponovnega poslovnega načrta za regulativne namene (po pričakovanjih februarja/marca 2005).
A market investor would duly take into account the risks associated with the investment — so as to require higher profitability from more risky investments.
Italija in družba SACE sta tudi predložili dokumente, ki so kazali, da se je načrt nenehno preverjal.
It would take as a constraint the existing regulatory framework, e.g. in the financial services sector.
To kaže, da je uprava načrt res upoštevala in uporabljala ter redno posodabljala na podlagi novih informacij.
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.
Ta praksa se zdi primerljiva s prakso, ki naj bi se izvajala v primeru zagonskega podjetja, ko je ocena donosnosti v prihodnosti negotova in ko jo je treba po začetku poslovanja zagonskega podjetja prilagoditi.
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.
V zvezi z drugimi stebri poslovanja, tj. širitvijo poslovanja družbe SACE BT s prevzemi („strategija zunanje rasti“), Komisija opaža, da je družba s pomočjo uglednega zunanjega svetovalca (glej uvodno izjavo 113) že na začetku opredelila priložnosti na trgu v drugih tržnih segmentih, ki pomenijo pomembne sinergije za njeno osrednjo dejavnost zavarovanja kreditov (vključno z morebitnimi ciljnimi družbami za prevzem).
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].
Zaradi zgoščene strukture trga v Zahodni Evropi je SACE raziskala priložnosti za širitev na trge Srednje in Vzhodne Evrope, na katerih trije veliki udeleženci na trgu zavarovanja kreditov takrat še niso bili tako prisotni kot v Zahodni Evropi.
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].
Komisija opaža, da, čeprav je SACE BT prejela več kapitala, kot ga je potrebovala za notranjo rast poslovanja z zavarovanjem kreditov (prvi steber), sta Italija in SACE predložili dokumente, ki kažejo, da je SACE obravnavala in analizirala nacionalno in mednarodno širitev družbe SACE BT (drugi oziroma tretji steber) že pred ustanovitvijo družbe SACE BT 27. maja 2004.
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.
Komisija priznava, da bi se lahko razumno pričakovala dodatna konsolidacija majhnih udeležencev na trgu in potencialna privatizacija zavarovateljev kreditov v Srednji in Vzhodni Evropi.
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.
Razume tudi težave, ki jih je družba SACE imela kljub ponavljajočem se procesu natančnega ocenjevanja višine kapitala za te prihodnje prevzeme in donosov v smislu denarja, ki jih ustvarijo taka podjetja, preden se lastnik morebitne ciljne družbe strinja s prodajo in se za take potencialne ciljne družbe za prevzem ocenijo pričakovani donosi.
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.
Ob upoštevanju pomislekov SACE pred naložbo in podrobne analize uglednega zunanjega svetovalca, ki je predhodno določil morebitne ciljne družbe, se Komisija lahko strinja s trditvijo Italije in družbe SACE, da je SACE obravnavala načrte za prevzem, ko je v družbo SACE BT vložila kapital, pri čemer ni mogla oceniti njihove donosnosti ali pričakovanih sinergij brez dostopa do notranjih podatkov takih morebitnih ciljnih družb ali brez podatkov o prodajni ceni.
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.
Zaradi obsežne strategije za prevzem, ki je običajna za sektor in ki jo je SACE pričakovala, se Komisija lahko strinja tudi s trditvijo Italije in SACE, da se kapital, uporabljen pri prevzemih v prihodnosti, lahko obravnava približno tako kot naložba v kapitalski sklad.
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.
V kapitalskem skladu se lahko v skladu s tržnimi referenčnimi merili določi le pričakovana stopnja donosa (v tem primeru približevanje zahtevane stopnje donosa s tremi največjimi udeleženci na trgu zavarovanja kreditov, ki so se zelo razširili s prevzemi), bolj specifično ocenjevanje pa se izvede pred vsako naložbo, ko se pojavi taka priložnost.
Presence of an advantage in the first measure
Glede donosnosti zaradi prevzemov Komisija opaža, da je družba pred prevzemi dosledno zahtevala nasvet zunanjega svetovalca.
In recitals 95 and 96 of the opening decision, the Commission expressed doubts on whether the first measure met the MEIP.
V zvezi z Assedile je bila ponujena cena manjša (za prvi prevzem 70-odstotnega deleža družbe Assedile) oziroma v okviru vrednotenja (za skupni prevzem 100-odstotnega deleža družbe Assedile), ki ga je predlagal zunanji svetovalec [99].
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.
Vendar je bila pri naložbi v KUP leta 2007 skupaj s SA Ducroire plačana cena za 5 % višja od vrednotenja svetovalca (Rothschild).
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.
Toda SACE BT je dokaj hitro po tem, ko je spoznala, da se donosnosti KUP ne more obnoviti, to naložbo prodala [100].
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).
SACE BT je 25. februarja 2009 prodala svoj delež v družbi KUP družbi SA Ducroire, da bi čim bolj zmanjšala izgubo v prihodnosti [101].
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]).
Komisija opaža tudi, da družba SACE razpolaga z znanjem o trgu za tveganja zavarovanja kreditov, saj je družba, ki posluje z dolgoročnim zavarovanjem izvoznih kreditov.
The business activity of the latter was started anew.
Zato ni izvajala naložb brez predhodnega poznavanja sektorja.
Further, it has to be emphasised that SACE BT was established to focus on new business activities, which were not previously operated by SACE.
Če povzamemo, Komisija opaža, da je bil poslovni načrt pripravljen predhodno in s pomočjo uglednega zunanjega svetovalca, ki je proučil priložnosti na trgu, ki so bile družbi SACE predstavljene pred ustanovitvijo družbe 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.
Poleg tega je bila naložba jasno namenjena zagonskemu podjetju in je bila podprta z načrtom, ki je temeljil na podrobnih referenčnih merilih tržnih praks, zlasti v smislu stroškov in oblikovanja cen, ter je ustrezno določil poslovne priložnosti za rast in razvoj družbe.
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.
Zato se lahko sklene, da je družba SACE ob naložbi denarja v SACE BT zahtevala (kot je določeno v zapisnikih in dopisih uprave) in utemeljeno pričakovala zadosten donos na svojo naložbo.
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.
Sklene se, da se prvi ukrep ne šteje za ukrep, ki je pomenil prednost za SACE BT.
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.
Zato ni pomoč, drugih meril za uvrščanje ukrepa kot državne pomoči pa ni treba oceniti.
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.
Obstoj prednosti pri drugem ukrepu
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.
V uvodni izjavi 100 sklepa o začetku postopka je Komisija izrazila svoje pomisleke, da je bilo pozavarovanje udeležencev na trgu in matične družbe SACE zagotovljeno po primerljivih pogojih.
This may particularly be the case in the initial years of the company's operation.
Pozavarovanje, ki ga je država zagotovila neposredno (tj. prek javnega zavarovatelja izvoznih kreditov SACE), naj bi vodilo do umetnega oblikovanja zmogljivosti, ki na zasebnem trgu ne bi bila razpoložljiva.
By definition, start-ups do not have a history of financial performance on which to base a valuation.
Poleg tega Komisija v uvodni izjavi 103 sklepa o začetku postopka ni izključila možnosti, da je drugi ukrep pomenil prednost za SACE BT.
Therefore, the investor has to develop a process for valuing the company based on comparable businesses (benchmarking) and financial projections.
Italija in SACE nista predložili novih podatkov, ki bi spremenili predhodno oceno iz sklepa o začetku postopka.
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.
Poleg tega shema ni bila dostopna vsem zavarovateljem kreditov.
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].
Pri oceni obstoja prednosti bo Komisija najprej pokazala, da se ukrepa ne bi dalo pridobiti od preostalega trga.
Consequently, a business plan was sought from a reputable external consultant.
Nato bo pokazala, da SACE ni delovala kot zasebni pozavarovatelj.
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.
Poleg tega bo pokazala, da tudi ob upoštevanju dejstva, da je SACE matična družba družbe SACE BT, to ne omogoča sklepa, da je SACE ravnala tako, kot bi v takem položaju ravnalo zasebno podjetje.
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].
Nato bo Komisija pokazala, da pozavarovanje, ki ga je zagotovila družba SACE, pomeni prednost za SACE BT.
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.
Posledično se je „po številnih poskusih doseganja sporazuma z udeleženci na trgu“ [103] SACE BT odločila, da bo preostali del škodnega presežkovnega pozavarovanja poiskala pri družbi SACE.
This could serve as a solid basis for a start-up company to make its operations conform to market practices.
SACE je 5. junija 2009 prevzela 74,15 % škodnega presežkovnega pozavarovanja pod enakimi pogoji v smislu prednostnih nalog, zmogljivosti in premij kot zasebni pozavarovatelji.
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.
Zato je jasno, da 74,15 % škodnega presežkovnega pozavarovanja, ki ga je zagotovila SACE, SACE BT ne bi prejela od preostalega trga [104].
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.
Da se določi, ali tak ukrep pomeni prednost, je treba preveriti, da SACE z odobritvijo tega ukrepa ni ravnala tako, kot bi v podobnih okoliščinah ravnal zasebni zavarovatelj.
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).
Poleg tega je neuspeh družbe SACE BT, da najde pozavarovanje na trgu, tudi posledica njenega težavnega finančnega položaja in številni zasebni pozavarovatelji, ki so sodelovali v razpravah o obnovi pozavarovanja družbe SACE BT, so izrazili pomisleke o položaju družbe.
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.
SACE BT je leta 2008 zabeležila velike izgube (v višini približno 29,5 milijona EUR).
The projected return upon this capital for 2009 was EUR 4,8 million and the expected ROAE was 12,1 %).
Zaradi tega slabega položaja je bilo tveganje pozavarovanja višje [105].
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.
Ravnanje pozavarovateljev, ki so sodelovali v pozavarovanju, kaže, da bi zasebni pozavarovatelj le deloma sodeloval pri tako tveganem pozavarovanju, če provizije ne bi bile bistveno višje.
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).
Nikoli ne bi sprejel kritja tako visokega odstotka, kot je 74 %, in pod istimi pogoji, kot to zahtevajo pozavarovatelji za bistveno manjše odstotke pozavarovanja.
Italy and SACE also provided documents showing that the plan was constantly kept under review.
Razumen vlagatelj bi zahteval provizijo, ki upošteva višjo raven prevzetih tveganj [106].
This demonstrates that the plan was really followed and used by the management and updated regularly on the basis of new information.
Zato bi morala biti provizija, ki jo je zaračunala SACE, dejansko višja od provizije, ki jo je zaračunalo pet zasebnih pozavarovateljev za bistveno manjši odstotek pozavarovanja [107].
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.
Zato je Komisija znesek pomoči v drugem ukrepu izračunala kot razliko med provizijo pozavarovanja, ki bi jo zasebni pozavarovatelj zaračunal za tako velik delež pozavarovanja, in provizijo, ki je bila zaračunana družbi SACE BT.
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).
Komisija v skladu s svojo prakso [108] meni, da bi morala biti provizija za tako velik delež pozavarovanja in tveganja vsaj 10 % višja od provizije, ki so jo zaračunali zasebni pozavarovatelji za manjši delež pozavarovanja in tveganja.
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.
Za znesek v višini 1,56 milijona EUR, ki ga je SACE BT plačala SACE, pomoč znaša 156000 EUR.
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.
Nazadnje Komisija opaža, da dodelitev tako velikega deleža pozavarovanja enem podjetju morda ni v skladu s splošnimi načeli podjetja o pozavarovanju, tj „število sodelujočih pozavarovateljev pri pogodbah je tako, da se zagotovi ustrezna razporeditev tveganja“ [109].
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).
Zaradi zgoraj navedenih razlogov je Komisija sklenila, da SACE ni ravnala kot zasebni pozavarovatelj.
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).
V zvezi z vprašanjem, ali bi matična družba zagotovila tako velik delež pozavarovanja v razmerah, ko njena odvisna družba ne bi mogla pridobiti zadostnega deleža pozavarovanja po predlagani ceni na trgu, je treba omeniti, da taka pozavarovalna pogodba poveča izpostavljenost matične družbe poslovanju odvisne družbe.
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.
V tej zadevi je bila SACE leta 2009 v položaju, ko je potrebovala veliko dokapitalizacijo in pozavarovanje.
The Commission acknowledges that further consolidation of the smaller players in the market could reasonably be expected as well as potential privatisation of the credit insurers in the CEE.
Odločitev o odobritvi tega ukrepa bi bilo zato treba analizirati vzporedno z odobritvijo tretjega in četrtega ukrepa.