#684614
toradh ar chaipiteal arna úsáid,
return on capital employed,
toradh ar chaipiteal arna úsáid,
return on capital employed,
toradh ar chaipiteal arna úsáid,
return on capital employed,
toradh ar chaipiteal arna úsáid,
return on capital employed,
+ Toradh ar chaipiteal (6,9 %)
+ Return on capital (6,9 %)
Toradh ar chaipiteal infheistithe Laziomar le haghaidh 2011–2019
ROCI of Laziomar for 2011–2019
Toradh ar chaipiteal (6,5 %)
Return on capital (6,5 %)
+ Toradh ar chaipiteal (6,5 %)
+ Return on capital (6,5 %)
Deonaíodh na hairleacain in-aisíoctha sin gan aon cheanglas maidir le toradh ar chaipiteal.
These repayable advances were granted with no return-on-capital requirement.
gurb ionann (VA(CA)) agus luach lascainithe na gcostas oibriúcháin, aisíocaíocht fiachais agus an toradh ar chaipiteal.
(VA(CA)) is the discounted value of the admissible operating costs, debt repayment and return on invested capital.
Mar a luaitear thuas in aithrisí (46) go (50), foráiltear i dTreoir CIPE go n-úsáidfí préimh riosca de 6,5 % chun an toradh ar chaipiteal a ríomh ag úsáid foirmle WACC.
As mentioned above in recitals (46) to (50), the CIPE Directive provides that a risk premium of 6,5 % would be used to determine the return on capital using the WACC formula.
Léirítear san anailís go raibh an toradh ar chaipiteal a ghin Moby/Toremar beagán faoin meántoradh a ghin an grúpa tagarmhairc.
The analysis shows that the return on capital realised by Moby/Toremar is just below the median return generated by the benchmark group.
Go sonrach, sonraítear i dTreoir CIPE sonraí na ngnéithe costais a cuireadh san áireamh agus an toradh ar chaipiteal a infheistíodh.
More specifically, the CIPE Directive details the cost elements taken into account and the return on invested capital.
Chuirfeadh préimh riosca de 6,5 % i bhfeidhm chun an toradh ar chaipiteal a ríomh ag úsáid foirmle WACC.
The risk premium of 6,5 % would have been applied to determine the return on capital using the WACC formula.
I bhfianaise an mhéid thuas, measann an Coimisiún go bhfanann toradh ar chaipiteal ar chaipiteal ag 6,9 % le bheith ar leibhéal réasúnach.
In view of the above, the Commission considers that the submitted 6,9 % return on capital remains at a reasonable level.
Go háirithe, chomhfhreagair an cúiteamh do ghlanchaillteanas carntha maidir leis na seirbhísí a oibríodh faoi chóras na seirbhíse poiblí, ar cuireadh méid athraitheach leis a chomhfhreagair don toradh ar chaipiteal infheistithe.
In particular, the compensation corresponded to the accumulated net loss on the services operated under the public service regime, to which a variable amount corresponding to the return on invested capital was added.
Bíonn dímheas ar chaipiteal seasta agus an toradh ar chaipiteal seasta san áireamh le costais chaipitil rialála.
Regulatory capital costs comprise depreciation of and return on fixed capital.
Dhéanfaí ráta an toraidh ar chaipiteal (“toradh ar chaipiteal” nó “ROIC”) a ríomh ar bhonn meánchostas ualaithe an chaipitil (“WACC”).
The rate of return on capital (‘return on capital’ or ‘ROIC’) would be calculated on the basis of the weighted average cost of capital (‘WACC’).
gurb ionann (VA(CA)) agus luach lascainithe na gcostas oibriúcháin, aisíocaíocht fiachais agus an toradh ar chaipiteal.
(VA(CA)) is the discounted value of the admissible operating costs, debt repayment and return on capital.
Léirigh an anailís go raibh an toradh ar chaipiteal a ghin CdI agus SNS ina dhiaidh sin beagán faoi bhun an mheántoraidh a ghin an grúpa tagarmhairc.
The analysis showed that the return on capital realised by CdI and later SNS is just below the median return generated by the benchmark group.
Go háirithe, bhí an cúiteamh ag comhfhreagairt do ghlanchaillteanas carntha maidir leis na seirbhísí a oibríodh faoi chóras na seirbhíse poiblí, ar cuireadh méid athraitheach leis, ag comhfhreagairt don toradh ar chaipiteal.
In particular, the compensation corresponded to the accumulated net loss on the services operated under the public service regime, to which a variable amount was added, corresponding to the return on capital.
Is é atá in ROIC (toradh ar chaipiteal infheistithe) an cóimheas idir NOPAT (glanbhrabús oibriúcháin iarchánach) agus an caipiteal infheistithe.
ROIC (return on invested capital) is the ratio of NOPAT (net operating profit after tax) and invested capital.
Anuas air sin, féadfar toradh ar chaipiteal agus/nó corrlach brabúis atá bunaithe ar dhálaí margaidh a áireamh sa mheánmhuirear ualaithe bonneagair.
The weighted average infrastructure charge may also include a return on capital and/or a profit margin based on market conditions.
gurb ionann (VA(CA)) agus luach lascainithe na gcostas oibriúcháin, aisíocaíocht fiachais agus an toradh ar chaipiteal.
(VA(CA)) is the discounted value of the admissible operating costs, debt repayment and return on invested capital.
Mar a luaitear thuas in aithrisí 48 go 52, beartaítear le Treoir CIPE go n-úsáidfí préimh riosca 6,5 % chun an toradh ar chaipiteal a ríomh ag úsáid foirmle WACC.
As mentioned in recitals 48 to 52, the CIPE Directive foresees that a risk premium of 6,5 % would be used to determine the return on capital using the WACC formula.
Léirítear san anailís go raibh an toradh ar chaipiteal a cuireadh i bhfeidhm maidir le Laziomar comhchosúil leis an meántoradh a ghin na cuideachtaí sa grúpa tagarmhairc.
The analysis shows that the return on capital applied to Laziomar is similar to the median return generated by the companies in the benchmark group.
Go sonrach, sonraítear i dTreoir CIPE sonraí na ngnéithe costais a cuireadh san áireamh agus an toradh ar chaipiteal a infheistíodh.
More specifically, the CIPE Directive details the cost elements taken into account and the return on invested capital.
Chuirfeadh préimh riosca de 6,5 % i bhfeidhm chun an toradh ar chaipiteal a ríomh ag úsáid foirmle WACC.
The risk premium of 6,5 % would have been applied to determine the return on capital using the WACC formula.
Fíoraíonn an Coimisiún freisin na ríomhanna a sholáthair an Iodáil maidir leis an toradh ar chaipiteal infheistithe bunaithe ar an ráta comhréidh 6,5 %.
The Commission also verified the calculations provided by Italy regarding the return on capital invested based on the 6,5 % flat rate.
Ina theannta sin, athdhearbhaíonn an Coimisiún gur úsáid an Iodáil ráta comhréidh i ndáil le toradh ar chaipiteal chun an ríomh a shimpliú.
In addition, the Commission reiterates that Italy has used a flat rate return on capital for calculation simplification purposes.
I bhfianaise an mhéid thuas, measann an Coimisiún go bhfanann toradh ar chaipiteal ag 6.5 % le bheith ar leibhéal réasúnach.
In view of the above, the Commission considers that the 6,5 % return on capital remains at a reasonable level.
Sroichfidh an toradh ar chaipiteal a úsáidtear […] % in 2026.
The return on capital employed will reach […]% in 2026.
Tá dhá pháirt sa rialachán maidir le toradh ar chaipiteal i gcomhaontú díolachán 1996: (i) ráta úis; agus (ii) bonn caipitil ar a gcuirtear an ráta i bhfeidhm.
The regulation of return on capital in the 1996 sales agreement is composed of two elements: (i) an interest rate; and (ii) a capital base on which to apply the rate.
Mura sonraítear i dtéarmaí an chonartha an chaoi a sainaithnítear na chéad trí ítim díobh, ba cheart go bhfreagródh aisíoc na príomhshuime don laghdú ar luach na sócmhainne (ídiú an chaipitil sheasta), ní mór go bhfreagróidh an t-ús iníoctha don toradh ar chaipiteal ar an tsócmhainn, agus an muirear seirbhíse don difríocht idir an tsuim iomlán iníoctha agus an dá ítim sin.
If the terms of the agreement do not specify how the first three elements are identified, the repayment of principal must correspond to the decline in the value of the asset (the consumption of fixed capital), the interest payable must correspond to the return to capital on the asset and the service charge to the difference between the total amount payable and those two elements.
Is iad na costais neamh-incháilithe na costais sin nach gcomhlíonann coinníollacha mhír 1 lena n-áirítear, go háirithe forálacha maidir le cailliúintí nó muirir a d'fhéadfadh a bheith ann amach anseo, costais aistrithe, costais a bhaineann le toradh ar chaipiteal, costais a aisíoctar i ndáil le gníomhaíocht eile nó clár eile Aontais, fiach agus muirir féich agus róchaiteachas nó caiteachas doscaí.
Ineligible costs are those not complying with the conditions of paragraph 1, including, in particular, provisions for possible future losses or charges, exchange losses, costs related to return on capital, costs reimbursed in respect of another Union action or programme, debt and debt service charges and excessive or reckless expenditure.
an tionchar iarmhartach ar an tionscal de chuid an Aontais agus mar atá léirithe le treochtaí roinnt fachtóirí eacnamaíocha amhail: táirgeadh, úsáid acmhainne, stoic, díolacháin, sciar den mhargadh, praghsanna (is é sin le rá, ísliú praghsanna nó cosc ar mhéadú praghsanna a tharlódh de ghnáth), brabúis, toradh ar chaipiteal, infheistíocht, fostaíocht.
the consequent impact on the Union industry and as indicated by trends in certain economic factors such as: production, capacity utilisation, stocks, sales, market share, prices (that is to say depression of prices or prevention of price increases which would normally have occurred), profits, return on capital, investment, employment.
an tionchar a imreofar dá droim ar thionscal an Aontais mar atá léirithe ag treochtaí i gcúinsí eacnamaíocha áirithe amhail táirgeacht, úsáid acmhainne, stoic, díolacháin, sciar den mhargadh, ísliú ar phraghsanna nó cosc ar na méaduithe praghsanna ba dhual tarlú, brabúis, toradh ar chaipiteal arna úsáid, sreabhadh airgid thirim, agus fostaíocht;
the consequent impact on Union industry as indicated by trends in certain economic factors such as production, capacity utilisation, stocks, sales, market share, the depression of prices or prevention of price increases which would normally have occurred, profits, return on capital employed, cash flow and employment;
staid na n-aeriompróirí de chuid an Aontais lena mbaineann, go háirithe ó thaobh gnéithe amhail minicíocht na seirbhísí, úsáid acmhainne, éifeacht an líonra, díolacháin, sciar margaidh, brabúis, toradh ar chaipiteal, infheistíocht, agus fostaíocht;
the situation of the Union air carriers concerned, notably in terms of aspects such as frequency of services, utilisation of capacity, network effect, sales, market share, profits, return on capital, investment and employment;
éabhlóid intuartha staid na n-aeriompróirí de chuid an Aontais lena mbaineann, go háirithe maidir le minicíocht na seirbhísí, úsáid acmhainne, éifeacht an líonra, díolacháin, sciar margaidh, brabúis, toradh ar chaipiteal, infheistíocht, agus fostaíocht;
the foreseeable evolution of the situation of the Union air carriers concerned, in particular in terms of frequency of services, utilisation of capacity, network effect, sales, market share, profits, return on capital, investment and employment;
Iarradh ar an Iodáil údar a thabhairt dó sin i bhfianaise go bhforáiltear i dTreoir CIPE go n-úsáidfí préimh riosca 6,5 % chun an toradh ar chaipiteal a chinneadh ag úsáid foirmle mheánchostas ualaithe an chaipitil (féach aithris (46)).
Italy was asked to justify this given that the CIPE Directive provides that the risk premium of 6,5 % would be used to determine the return on capital using the WACC formula (see recital (46)).
Míníonn an Iodáil freisin go mb’fhéidir go mbeadh toradh ar chaipiteal níos mó ná 6,5 % mar thoradh ar chur i bhfeidhm na modheolaíochta iomláine mar a leagtar síos i dTreoir CIPE í.
Italy also explains that applying the full methodology as laid down in the CIPE Directive might have resulted in a return on capital that could have exceeded 6,5 %.
Le linn an imscrúdaithe fhoirmiúil (féach aithris (133)), shoiléirigh an Iodáil gur glacadh le cinneadh an ríomh a shimpliú trí 6,5 % a chur i bhfeidhm mar ráta comhréidh i ndáil le toradh ar chaipiteal mar gheall gur chuir Dlí 2009 uasteorainn le méid tairisceana an chúitimh.
In the course of the formal investigation (see recital (133)), Italy has clarified that, because the tender amount of compensation was capped by the 2009 Law, the decision was taken to simplify the calculation by applying the 6,5 % as a flat rate return on capital.
In aghaidh an chúlra sin, rinne an Coimisiún comparáid idir an toradh ar chaipiteal de 6,5 % arna chur i bhfeidhm ar Moby/Toremar agus an meánthoradh caipiteal a ghin grúpa tagarmhairc in 2011 (an bhliain sular cuireadh oibleagáidí ar iontaoibh Moby/Toremar).
Against this background, the Commission has compared the return on capital employed of 6,5 % % that has been applied to Moby/Toremar with the median return on capital generated by a benchmark group in 2011 (the year before Moby/Toremar’s entrustment).
Go háirithe, maidir leis an mbliain 2009, tá liosta praghais uileghabhálach agus beacht de na gnéithe costais atá le cur san áireamh chomh maith leis an modheolaíocht chun an toradh ar chaipiteal a infheistíonn an t-oibreoir a ríomh, le fáil sa Choinbhinsiún tosaigh (féach aithris (42) agus aithris (44)).
In particular, for the year 2009 the initial Convention (see recitals (42) and (44)) contains an exhaustive and precise list of the cost elements to be taken into account as well as the methodology of calculation of the return on invested capital for the operator.
Sholáthair an Iodáil an ríomh don mhéid cúitimh le haghaidh 2009 (i.e. EUR 13572035) a cinneadh ar bhonn an mhodheolaíocht a leagtar síos sa Choinbhinsiún tosaigh agus chomhfhreagair sé do ghlanchaillteanas carntha maidir leis na seirbhísí a oibríodh faoi chóras na seirbhíse poiblí, ar cuireadh méid athraitheach leis a chomhfhreagair don toradh ar chaipiteal infheistithe (i.e. EUR 301000).
Italy has provided the calculation of the compensation amount for 2009 (i.e. EUR 13572035) which was determined on the basis of the methodology laid down in the initial Convention and corresponded to the accumulated net loss on the services operated under the public service regime, to which a variable amount corresponding to the return on invested capital was added (i.e. EUR 301000).
Mar sin féin, mar a míníodh cheana in aithris (133)), shoiléirigh an Iodáil gur cinneadh an ríomh a shimpliú trí 6,9 % a chur i bhfeidhm mar ráta comhréidh i ndáil le toradh ar chaipiteal le haghaidh na blianta 2010 agus 2011 mar gheall gur chuir Dlí 2009 uasteorainn le méid tairisceana an chúitimh.
However, as already explained in recital (133), Italy has clarified that, because the tender amount of compensation was capped by the 2009 Law, it was decided to simplify the calculation by applying the 6,9 % as a flat rate return on capital for the years 2010 and 2011.
Anuas air sin, athdhearbhaíonn an Coimisiún gur úsáid an Iodáil ráta comhréidh i ndáil le toradh ar chaipiteal (a bhí socraithe ag 6,9 % le haghaidh na blianta 2010-2011) chun críoch an ríomh a shimpliú.
In addition, the Commission reiterates that Italy has used a flat rate return on capital (which was set at 6,9 % for the years 2010-2011) for calculation simplification purposes.
Go deimhin, ina Chinneadh ó 2011, ghlac an Coimisiún gur socraíodh an ráta i ndáil le toradh ar chaipiteal le haghaidh 2010 9,95 % roimh cháin, ach mhínigh an Iodáil gurbh luach measta é sin chun críoch na nósanna imeachta tairisceana oscailte a bhí ar na bacáin i ndiaidh príobháidithe iar-ghrúpa Tirrenia, lena n-áirítear Toremar (féach aithris (132)).
In fact, in the 2011 Decision, the Commission assumed that the rate of return on invested capital for 2010 was set at 9,95 % before taxes, but Italy explained that this was an estimated value for the purpose of the then forthcoming open tender procedures following the privatisation of the former Tirrenia Group, including Toremar (see recital (132)).
Agus aird á tabhairt air sin, bhí an toradh ar chaipiteal a bhféadfadh Toremar a bheith ag súil leis ó pheirspictíocht ex ante i gcomhréir leis na riosca a ghlac sé agus na seirbhísí poiblí á bhfeidhmiú aige faoin gconradh seirbhíse poiblí.
With this in mind, the return on capital that Toremar could expect from an ex ante perspective was in line with the risks it ran when operating the public services under the public service contract.
Dá réir sin, comhfhreagraíonn an mhír sin do shuim dhímheas an bhoinn sócmhainní rialáilte (“RAB”), an toradh ar chaipiteal seasta arna ríomh ar bhonn mheánchostas ualaithe an chaipitil (“WACC”) do RAB a cuireadh i bhfeidhm cheana féin agus costas an fhéich le haghaidh sócmhainní atá á dtógáil (“AUC”).
This item thus corresponds to the sum of the depreciation of the regulated asset base (‘RAB’), the return on fixed capital calculated on the basis of the weighted average cost of capital (‘WACC’) for the RAB already put into service and the cost of the debt for assets under construction (‘AUC’).
Ina theannta sin, maidir leis an mbuntáiste a tugadh, tugann an Fhrainc dá haire, go gcuirtear san áireamh agus costas an chaipitil á chinneadh go nochtar gníomhaíochtaí rialáilte do riosca níos ísle, ós rud é go bhfuil an toradh ar chaipiteal infheistithe níos ísle i gcomparáid le gníomhaíochtaí neamhrialáilte.
Furthermore, with regard to the advantage conferred, France notes that, first, the lower risk to which regulated activities are exposed is taken into account when determining the cost of capital since the return on invested capital is lower compared with non-regulated activities.