COMMISSION DECISION
of 6 October 2004
on State aid which Italy plans to grant to the agricultural undertaking
Cooperativa Agricola Moderna
Scrl
(notified under document number C(2004) 3639)
(Only the Italian version is authentic)
(2006/224/EC)
I. PROCEDURE
II. DETAILED DESCRIPTION OF THE AID
A. Description of the undertaking
B. Market study
C. Source of Cooperativa Agricola Moderna Scrl’s difficulties
Difference in economic performance 1995–2000(7) |
ITL 776 432 609 (€ 400 994) |
Difference in public aid for investments |
ITL 179 363 240 (€ 92 633) |
Loss of gross production due to weather conditions 1998/1999 |
ITL 165 120 000 (€ 85 277) |
Loss of gross production due to weather conditions 1999/2000 |
ITL 194 599 000 (€ 100 502) |
Total losses |
ITL 1 315 514 849 (€ 679 406) |
D. Rescue aid
Indices |
Index |
Value |
Viability indices |
Operating losses |
Losses during the last three-year period |
Operating income/operational capital |
Less than 3% in the last 5 financial years or a reduction in the last 5 financial years to a value of less than 3% in the last financial year (1,5% for cooperative societies) |
|
Operating income/value of production |
Reduction of 50% in the last 5 financial years with an annual rate of reduction of at least 5% and no more than 20% in the last financial year |
|
Turnover/stocks |
Reduction between 20 and 40% in the last 5 financial years with a rate of reduction of no more than 15% in the last financial year |
|
Financial charges/turnover |
Between 4 and 15% in the last 5 financial years |
|
Financial and structural indices |
Time to pay suppliers |
Increase of 70% in the last 5 financial years with a rate of growth of at least 10% and no more than 30% in the last financial year |
Operating income/financial costs |
Reduction of 25-30% in the last 5 financial years with an annual rate of reduction of at least 3-4% and no more than 15% in the last financial year |
|
Working capital-Stocks/Current liabilities |
Less than 0,6 in the last 3 financial years or reduction in the last 5 financial years up to a value of less than 0,6 in the last financial year |
|
Working capital/Current liabilities |
Less than 0,8 in the last 3 financial years or reduction in the last 5 financial years up to a value of less than 0,8 in the last financial year |
|
Permanent capital /tangible assets |
Less than 0,6 in the last 3 financial years or reduction in the last 5 financial years up to a value of less than 0,6 in the last financial year |
|
Short term bank debt/current liabilities |
Not less than 0,35 and not more than 0,6 in the last 5 financial years, with an absolute increase in the last financial year of no more than 0,2 |
E. Restructuring
Description |
Amount (in ITL) |
Vineyard (10 hectares x ITL 45 million) |
450 000 000 |
[Eligible investment (10 hectares x ITL 40 million)] |
[400 000 000] |
Investment aid (40% of ITL 400 million) |
– 160 000 000 |
Remainder to be financed |
290 000 000 (€ 149 773) |
|
ITL –1 315 514 849 |
||
|
534 233 484 |
||
Net debt (A-B) |
– 781 281 365 |
||
50% contribution to the purchase of equipment |
– 193 450 000 |
||
Plan accompaniment costs |
– 120 000 000 |
||
Total |
–1 094 731 365 |
F. Use of the rescue aid
G. Reasons for initiating proceedings
III. COMMENTS FROM ITALY
IV. ASSESSMENT OF THE AID
Grape |
ha |
t/ha |
Production capacity Max/t |
Price €/100 kg |
Total value |
Verdicchio Castelli Jesi |
0,62 |
14,00 |
8,7 |
42,09 |
3 653,52 |
Verdicchio Castelli Jesi |
99,00 |
14,00 |
1 386,0 |
46,48 |
644 228,34 |
Verdicchio Superiore |
0,00 |
11,00 |
0,0 |
50,61 |
0,00 |
Verdicchio Riserva |
0,00 |
11,00 |
0,0 |
61,97 |
0,00 |
Verdicchio Passito |
0,00 |
11,00 |
0,0 |
103,29 |
0,0 |
Rosso Conero DOC riserva |
2,22 |
14,00 |
31,1 |
87,80 |
27 287,52 |
Esino rosso |
8,96 |
15,00 |
134,4 |
33,31 |
44 770,62 |
Marche IGT bianco |
4,89 |
18,00 |
88,0 |
20,66 |
18 183,41 |
Marche IGT rosso |
1,44 |
18,00 |
25,9 |
22,21 |
5 756,22 |
TOTAL |
117,13 |
14,29 |
1 674,1 |
|
743 879,62 |
Total ITL |
|
|
|
|
1 440 351 800 |
Grape |
ha |
t/ha |
Production capacity Max/t |
Price €/100 kg |
Total value |
Verdicchio Castelli Jesi |
0,62 |
12,32 |
7,6 |
42,09 |
3 215,10 |
Verdicchio Castelli Jesi |
59,00 |
12,60 |
743,4 |
46,48 |
345 540,65 |
Verdicchio Superiore |
20,00 |
10,45 |
209,0 |
50,61 |
105 780,70 |
Verdicchio Riserva |
15,00 |
10,45 |
156,8 |
61,97 |
97 145,54 |
Verdicchio Passito |
5,00 |
9,22 |
46,1 |
103,29 |
47 607,00 |
Rosso Conero DOC riserva |
9,18 |
12,60 |
115,7 |
87,80 |
101 553,81 |
Esino rosso |
2,00 |
12,60 |
25,2 |
33,31 |
8 394,49 |
Marche IGT bianco |
4,89 |
16,20 |
79,2 |
20,66 |
16 365,07 |
Marche IGT rosso |
1,44 |
16,20 |
23,3 |
22,21 |
5 180,60 |
TOTAL |
117,13 |
12,01 |
1 406,3 |
|
730 782,97 |
Difference |
|
|
|
|
–1,76% |