Competition Law in Italy the First 20 Years of Law and Practice

Total Page:16

File Type:pdf, Size:1020Kb

Competition Law in Italy the First 20 Years of Law and Practice Mario Siragusa – Matteo Beretta – Matteo Bay Competition Law in Italy The first 20 years of law and practice CONTENTS I. INTRODUCTION A. General Comparison of Italy’s Competition Laws, Enforcement, Procedures with Those of the United States B. Overview of Applicable Statutes 1. Main Legislative Reforms (a) Interim Measures (b) Commitments (c) Leniency Program 2. Relationship between EU and National Competition Rules C. Overview of Structure, Independence and Jurisdiction of Enforcement Agencies D. Overview of Structure, Independence, and Jurisdiction of Judicial Authorities E. Additional Policy & Practical Considerations 1. Costs and Time Considerations in Litigation 2. Costs and Time Considerations in Administrative Proceedings 3. Intervention of Agencies and Political Bodies in Litigation II. OVERVIEW A. General Policies Underlying Italy’s Competition Laws 1. Consumer Welfare 2. Protection of Smaller Enterprises Against Larger Enterprises 3. Protection of Domestic Enterprises Against Foreign Competition B. Role of Economic Doctrines and Analysis 1. Generally 2. Use of Specific Economic Analysis 3. Extent to Which Courts Have Embraced Economic Analysis III. SUBSTANTIVE LAW A. Horizontal Agreements and Practices 1. General Principles (a) Introduction (b) The Notion of “Undertaking” (c) Agreements, Decisions, and Concerted Practices (d) Restrictive Object or Effect (e) Appreciability of the Restriction (f) The Burden of Proof (g) Reliability of Documentary Evidence (h) Relevance of Criminal Findings in the Context of the Competition Authority’s Investigations (i) Successor’s Liability 2. Cartel Enforcement (a) Agreements Covered (ii) Fixing of Prices or Other Contractual Obligations (iii) Market Allocation (iv) Boycotts (v) Covenants Not to Compete (vi) Refusal to Grant Access to Services (vii) Other Horizontal Practices - Information Exchanges (viii) Complex Cartels (b) Exemption from Prohibition 2 (c) Cooperation with Other Competition Authorities (i) Cooperation within the European Competition Network (ii) Cooperation between National Competition Authorities (iii) Cooperation between the European Commission and National Authorities. (d) Amnesty/Leniency Program (i) The New Leniency Program (ii) General Application of the New Leniency Program (iii) The First Leniency Case (e) Penalties (i) General (ii) The Criteria Used to Determine the Amount of the Fines - Excessive or Disproportionate Fines (iii) Aggravating and Attenuating Circumstances (iv) Fines Imposed on Associations of Undertakings (v) The “Relevant Turnover” for the Calculation of the Fine - Sales of Joint Ventures (f) Treatment of Intra-Group Conspiracy or Acts by Related Companies (g) Remedies/Sanctions (i) Structural Remedies B. Mergers and Acquisitions 1. Transactions Covered (a) Mergers (b) Acquisition of Control (i) The Notion of Control (ii) Acquisition of Sole Control (iii) Acquisition of de Facto Control (iv) Acquisition of Control by Means of Contractual Arrangements (v) Call Options 2. Transactions That Do Not Constitute a Concentration (a) Acquisitions of Purely Financial Interest (b) The Creation of a Cooperative Joint Venture (c) Transactions between Undertakings That Are Not Independent (d) Transactions Involving Companies Not Engaged in Economic Activities 3. Concentrations That Must Be Reported 4. Concentrations That Do Not Need to Be Reported 5. Appraisal of Concentrations (a) Market Definition (b) The Test of Dominance (c) The Appreciable and Long-Lasting Elimination or Restriction of Competition 6. Joint Ventures (a) Joint control (b) Full-functionality. (c) No Risks of Coordination 7. Notification and Procedure (a) Filing Procedures (b) Filing Fees (c) Initial Information Requirements (d) Subsequent Investigatory Stages and Information Requirements (i) Phase I (ii) Phase II (e) Final Orders/Sanctions by the Competition Authority 3 (i) Coercitive Powers of the Competition Authority (ii) Fining Power of the Competition Authority (f) Special Provisions for Unsolicited Takeover Bids (g) Confidentiality (h) Exemptions (i) Sanctions for Failure to Notify 8. Substantive Test: Principal Evaluative Criteria (a) Single-Firm Dominance (i) Horizontal Mergers (ii) Vertical Mergers (iii) Conglomerate Mergers (b) Collective Dominance 9. Treatment of Efficiencies 10. Jurisdictional Issues 11. Remedies (a) Revocation/Amendments of Remedies 12. Third-Party Rights (a) Phase I (b) Phase II 13. Post-Closing Review 14. Provisions Applicable to Special Sectors (a) Banking Sector (b) Insurance Sector (c) Communications Sector (d) Film Distribution (e) General Economic Interest Services and Legal Monopolies C. Abuse of Dominant Position 1. Definition of Dominance (a) The Notion of Dominance (b) Collective Dominance 2. Abuse Behavior - General Notions (a) Exclusive Dealing/Single Branding (b) Tied Selling & Bundling (c) Rebates (i) Quantity Rebates (ii) Loyalty Rebates (iii) Target Rebates (d) Refusal to Deal/Essential Facilities (i) Refusal to Supply (ii) Refusal to Grant Access to Essential Facility (iii) Other Types of Refusal (e) Predatory Pricing (f) Exploitative Conduct (i) Excessive Pricing (ii) Price Discrimination (g) Other (i) Unfair Terms and Conditions (ii) Discrimination Other Than Price Discrimination (iii) Other Exclusionary Practices (h) Remedies/Sanctions 4 D. Unfair Practices and Other Prohibited/Reviewable Practices 1. Deceptive Marketing Practices (a) Unfair Competition (b) Consumer Deception (i) Unfair Commercial Practices (ii) Misleading and Comparative Advertising (iii) The Competition Authority’s Powers E. Vertical Agreements and Practices 1. Overview: Standards of Evaluation 2. Resale Price Maintenance 3. Exclusive Dealing F. Intellectual Property G. Agency Enforcement 1. National Enforcement (a) Responsible Agencies & Structure (b) Formal & Informal Consultation and Guidance (c) Investigative Powers and Procedures (d) The Rights of the Parties in the Proceedings (e) The Competition Authority’s Powers of Investigation (f) Procedural Steps (i) The Decision to Open Proceedings and Access to the File (ii) The Statement of Objections (iii) The Final Decision (g) Interim Measures (h) Commitments (i) Consistency between Statement of Objections and Final Decision (j) Penalties (k) Rights of Third Parties H. Judicial & Administrative Procedures 1. Relevant Courts 2. Independence of the Judiciary 3. Mechanics for Initiating Proceedings and Appeals (a) Timing of the Appeal Proceeding and Scope of the Review (b) Standing to Appeal Decisions of the Competition Authority I. Private Actions 1. Types of Private Actions Available in the Italian Legal System (a) Actions for Damages (i) Ground and Standing (ii) Burden and Standard of Proof (iii) Calculation of Damages (iv) Passing on Defense (v) Joint Liability (vi) Statutes of Limitation (b) Actions for Nullity (c) Actions for Injunctive Relief 2. Contingency Fees 3. Class Action 5 J. Jurisdiction 1. Extraterritorial Application of Law 2. International Agreements & Cooperation 6 I. INTRODUCTION A. General Comparison of Italy’s Competition Laws, Enforcement, Procedures with Those of the United States Law No. 287 of October 19901 introduced the first competition rules in Italy. Before 1990, the protection of competition was guaranteed through the application of European Community (EC) competition law and the Civil Code provisions on unfair competition. The Competition Law addresses restrictive agreements, abuse of dominant position, and the creation and/or reinforcement of a dominant position through merger. The crucial interpretative challenge posed by the Competition Law is to define the forms of collective and unilateral conduct that pose unacceptable competitive dangers. The Competition Law proscribes rather than prescribes conduct, and it does not authorize positive administrative regulation of business conduct. For example, the Competition Authority cannot set the price for goods or services. In the past few years, however, independent administrative agencies have been established to monitor prices and contractual conditions in sensitive sectors such as communications and energy. On its face, this legal framework is similar to U.S. competition law. There are, however, significant differences between the Italian and U.S. systems with respect to both the substantive assessment and the applicable procedures. In Italy, the enforcement of the Competition Law is generally entrusted to the Competition Authority (Autorità garante della concorrenza e del mercato). In the banking and insurance sectors, the Competition Authority is responsible for the enforcement of the Competition Law. However, before adopting a final decision concerning undertakings active in these sectors, it must request the non-binding opinion of the Bank of Italy (Banca d’Italia) and of the Insurance Authority (Istituto per la Vigilanza sulle Assicurazioni Private e d’Interesse Collettivo), respectively. Similarly, in the communications field, the Competition Authority must request the non- The Authors would like to thank their colleagues Alessandro Bardanzellu, Luigi Nascimbene, Patrick Marco Ferrari, Luca Crocco, and Gianni De Stefano for their contribution to the drafting of the present publication. A previous version of this publication has been published within “Competition Laws Outside the United States”, 2nd edition, ABA Section of Antitrust Law, January 2011. 1 Law No. 287/1990 of October 10, 1990 [hereinafter Competition Law]. The Competition Law (Norme per la tutela della concorrenza e del mercato) introduced Italy’s first competition
Recommended publications
  • Erg S.P.A. Annual Report As at 31 December 2018 2 Annual Report 2018
    ERG S.P.A. ANNUAL REPORT AS AT 31 DECEMBER 2018 2 ANNUAL REPORT 2018 CONTENTS 1 DIRECTOR’S REPORT Statement of Financial position ............................... 103 Introduction ................................................................... 5 Alternative performance indicators ........................ 109 Corporate bodies ......................................................... 8 Financial Statements of ERG S.p.A. ........................ 115 Business description .................................................. 9 Treasury shares ........................................................... 125 Organisational model ................................................. 14 Branch offices .............................................................. 125 Strategy .......................................................................... 16 Transactions with related parties ............................ 125 Change in business scope in 2018 .......................... 19 Significant events after the balance ERG’s stock market performance ........................... 24 sheet date ...................................................................... 127 Significant events during the year ........................... 26 Business outlook ......................................................... 128 Performance highlights ............................................. 29 Performance by sector .............................................. 30 REPORT ON CORPORATE GOVERNANCE Comments on the year’s performance .................. 31 AND OWNERSHIP ...............................................
    [Show full text]
  • Competition Law and Policy & Intellectual Property
    UNCTAD ’s work in the fields of Competition Law and Policy & Intellectual Property 1 Agenda • Part 1: Presentation of UNCTAD ’s work in the field of Competition Law and Policy • Part 2: Presentation of UNCTAD ’s work in the field of Intellectual Property 2 Rationale for UNCTAD ’s work in the field of Competition Law and Policy (1/2) Competition Law and Policy considered as: • important pillar for a thriving market economy , – wherein competitive pressure hones productive efficiency and – stimulates product and process innovation fundamental to international competitiveness and economic growth; • tool for consumer access to a wider range of cheaper and better products ; • means to ensure that benefits from trade liberalisation are passed on to the consumers. 3 Rationale for UNCTAD ’s work in the field of Competition Law and Policy (2/2) Global dimension of conviction of benefits of competition: • In 1980, less than 20 countries had a competition law; • Today, more than 100 countries and regional organisations have adopted a competition law regime; • Competition law and policy have become a matter of interest for many developing countries; • Large number of developing countries have adopted competition laws and policies or are currently in the process of doing so. 4 Basis for UNCTAD's work in the field of Competition Law and Policy Adopted in 1980, the “Set ”: • sets out equitable rules for the control of anti - competitive practices addressed to companies and states; • recognizes the development dimension of competition law and policy;
    [Show full text]
  • Advanced Eu Competition Law, Brussels 2019 What’S New for 2019?
    Comp Delivered by Law Comp 28th Annual Law ADVANCED EU COMPETITION LAW, 25 November 2019 Digital Era Focus Day Or Mergers & Verticals Workshops BRUSSELS 2019 26 & 27 November 2019 Main Conference Days Connect with Europe’s largest competition law Le Plaza Hotel, Brussels community. Get your definitive annual update Knowledge Partner Media Partners and then dig deeper into what matters most to you Supporting Networking Reception Host Networking Lunch Host Sponsor Sponsors Associate Sponsors +44 (0)20 3377 3279 • [email protected] • law.knect365.com/advanced-eu-competition-law-brussels/CMS_LawTax_CMYK_from101.eps ADVANCED EU COMPETITION LAW, BRUSSELS 2019 WHAT’S NEW FOR 2019? 50+ In-house Counsel Speakers From a Variety of Sectors Bringing unique practical insights to the programme Michael Kefi Marceline Tournier Celine Fang Senior Antitrust Counsel EMEA Associate General Counsel EMENA & Global Principal Counsel Antitrust, Uber Head of Antitrust Ethics & Compliance Nestlé Legal Arm Comp Miriam Van Heyningen Catherine Higgs Thomas Gorham Senior Legal Counsel Law Global Head of Competition Law Director & Associate General Counsel Shell International GSK Procter & Gamble Oliver Bethell Romanie Dendooven Saar Dierckens Head of Competition, EMEA Legal & Corporate Affairs Director Senior Counsel Competition Google Anheuser-Busch InBev Siemens 6 Break Out Focus Streams Tailor your experience and dig deeper into what matters most to you Main Conference Day 1, 14:00 - 15:20 Main Conference Day 2, 14:30 - 15:50 Stream 1 Stream 2 Stream 3 Stream 1 Stream 2 Stream 3 VERTICALS & INFO STATE AID & BIG MERGER CARTELS DOMINANCE EXCHANGE ENFORCEMENT DATA CHALLENGES CONTROL & CO-OPERATION & COMPLIANCE 100+ Leading Experts on 40+ Sessions The Commision, NCAs, in-house and external counsel all in one room! This year’s programme is creating more opportunities than ever before for industry experts from all sides to get involved as a speaker.
    [Show full text]
  • The More Economic Approach to European Competition Law
    Conferences on New Political Economy 24 The More Economic Approach to European Competition Law Edited by Dieter Schmidtchen,Max Albert, and Stefan Voigt Mohr Siebeck Manuscripts are to be sent to the editors (see addresses on page 357). We assume that the manuscripts we receive are originals which have not been submitted elsewhere for publication. The editors and the publisher are not liable for loss of or damage to manuscripts which have been submitted. For bibliographical references please use the style found in this volume. ISBN 978-3-16-149414-7 eISBN 978-3-16-156553-3 ISSN 1861-8340 (Conferences on New Political Economy) The Deutsche Nationalbibliothek lists this publication in the Deutsche National- bibliographie; detailed bibliographic data is available in the Internet at http://dnb.d- nb.de. 2007 by Mohr Siebeck,P. O. Box 2040,D-72010 Tübingen. This book may not be reproduced,in whole or in part,in any form (beyond that permitted by copyright law) without the publishers written permission. This applies particularly to reproductions,translations,microfilms and storage and processing in electronic systems. The book was typeset and printed by Konrad Triltsch in Ochsenfurt-Hohestadt on non- aging paper and bound by Großbuchbinderei Spinner in Ottersweier. Contents Dieter Schmidtchen: Introduction ................................. 1 Christian Kirchner: Goals of Antitrust and Competition Law Revisited ........................................................ 7 RogerVan den Bergh: The More Economic Approach and the Pluralist Tradition of European Competition Law (Comment) ..... 27 Wulf-Henning Roth: The “More Economic Approach” and the Rule of Law ................................................. 37 Roland Kirstein: “More” and “Even more Economic Approach” (Comment) ...................................................... 59 Clifford A.
    [Show full text]
  • Competition: Antitrust Procedures in Abuse of Dominance Article 102 TFEU Cases
    Competition: Antitrust procedures in abuse of dominance Article 102 TFEU cases Article 102 of the Treaty on the Functioning of the whether there are any barriers to this; the existence European Union (TFEU) prohibits abusive conduct by of countervailing buyer power; the overall size and companies that have a dominant position on a strength of the company and its resources and the particular market. extent to which it is present at several levels of the supply chain (vertical integration). An Article 102 case dealt with by the European Commission or a national competition authority can What is an abuse? originate either upon receipt of a complaint or through To be in a dominant position is not in itself illegal. A the opening of an own–initiative investigation. dominant company is entitled to compete on the Assessing dominance merits as any other company. However, a dominant company has a special responsibility to ensure that its The Commission's first step in an Article 102 conduct does not distort competition. Examples of investigation is to assess whether the undertaking behaviour that may amount to an abuse include: concerned is dominant or not. requiring that buyers purchase all units of a particular product only from the dominant company (exclusive Defining the relevant market is essential for purchasing); setting prices at a loss-making level assessing dominance, because a dominant position (predation); refusing to supply input indispensable for can only exist on a particular market. Before competition in an ancillary market; charging excessive assessing dominance, the Commission defines the prices. product market and the geographic market.
    [Show full text]
  • Risultati 2013 E Business Plan 2014-2018
    ACEA GROUP 2013 Results Business Plan 2014-2018 Agenda Acea Group description 3 2014-2018 Business Plan highlights • Environment 5 • Energy 10 • Water 15 • Grids 22 • Corporate 29 • Acea Group 31 Business Plan Key Takeaways 35 Closing remarks 37 APPENDIX 2013 Results 40 9M2013 Results 50 1H2013 Results 52 2012 Results 54 Acea Group description: an Integrated Multi-Utility ACEA Group Acea is one of the leading Italian multi-utilities. The company engages in the development of grids and services in the water, energy and environmental sectors. Founded in 1909, ACEA has been listed on the Italian Stock Exchange since 1999. The City of Rome is the largest shareholder. Group Structure Shareholder Structure ENVIRONMENT ENERGY WATER 18.15% 100% Acea Risorse e 100% Acea Energia Holding 96% Acea Ato2 Impianti per 100% Acea Energia l’Ambiente 100% Acea Produzione 94% Acea Ato5 2.02% 99% Sarnese Vesuviano 37% Gori 88% Acquaser 100% Crea Gestioni 51.00% 100% Acea8cento 50% Ecomed 40% Umbra Acque 16.35% 85% Ombrone 40% Acquedotto del Fiora GRIDS OTHER SERVICES 69% Acque Blu Arno Basso 100% Acea Reti e Servizi 45% Acque 12.48% Energetici 100% Laboratori 69% Acque Blu Fiorentine 50% Acea Distribuzione 40% Publiacqua City of Rome 51% Ecogena 49% Acea illuminazione Suez Environnement Company SA (held through Ondeo Italia) Pubblica 35% Intesa Aretina Caltagirone Group 46% Nuove Acque 50% Acea Illuminazione Norges Bank Pubblica 1% Ingegnerie Toscane Other 50% Acea Distribuzione 25% Consorcio Agua Azul Source: CONSOB (March 2014) 51% Aguazul Bogotà 100% Acea Domenicana 3 Acea Group description: Main Business Units ACEA Group A leading player in the Italian market ENVIRONMENT Acea ranks fifth in Italy for waste treated, with over 700,000 tons in 2013.
    [Show full text]
  • Italian Competition Law Newsletter, October 2019
    October 2019 Italian Competition Law Newsletter — Highlights — The TAR Lazio rules on Enel’s and Acea’s appeals against ICA decisions that the incumbents abused their dominant position in local markets for retail electricity supply. — The Court of Salerno rules on the invalidity of a guarantee agreement containing clauses from an anticompetitive form. The TAR Lazio reviews ICA decisions on alleged abuses of dominant position in the retail supply of electricity On October 17, 2019, the Regional Administrative on procedural reasons, such as the fact that both Tribunal for Latium (the “TAR Lazio”) ruled decisions were adopted by a board composed of on appeals by companies belonging to the Enel only two members (which did not include the and Acea groups, two major energy firms active, President of the ICA). among others, in the distribution and sale of electricity in Italy, against Italian Competition Background Authority (“ICA”)’s decisions finding that the two On December 20, 2018, in parallel proceedings incumbents had abused their dominant position in against Enel and Acea, the ICA found that the local markets for retail electricity supply.1 two incumbents had infringed Article 102 TFEU The TAR Lazio upheld Acea’s appeals and annulled by carrying out an abusive strategy based on their the Acea Decision.2 Conversely, Enel’s appeals position as companies active in both the enhanced against the Enel Decision were upheld only with protection service (“EPS”) and the retail supply of respect to the fine calculation.3 As a consequence, electricity at market prices. the TAR Lazio ordered the ICA to recalculate The EPS is a regulated regime, reserved to domestic the fine imposed on Enel on the basis of the clients and small businesses that do not opt for parameters indicated in the TAR Lazio’s Enel offers at market prices.
    [Show full text]
  • Chapter 8: Italy
    COMPETITION LAWS OUTSIDE THE UNITED STATES FIRST SUPPLEMENT CHAPTER 8: ITALY Mario Siragusa Matteo Berretta Saverio Valentino Principal Co-authors Matteo Bay Principal Reviewer Reprinted by permission of the American Bar Association. © 2005 ABA. ISBN: 1-59031-325-9 This volume should be officially cited as: ABA Section of Antitrust Law, Competition Laws Outside the United States, First Supplement (2005) Italy-3 CONTENTS I. INTRODUCTION ..............................................................................................5 A. Overview of Applicable Statutes and Landmark Cases ........................5 B. Overview of Enforcement Agencies and Their Jurisdiction..................6 C. Existence and Practical Availability of Private Rights of Action....................................................................................................8 II. OVERVIEW .....................................................................................................9 A. Application of Relevant Economic Doctrines.......................................9 1. Use of Specific Economic Analyses..............................................9 III. SUBSTANTIVE LAW ......................................................................................10 A. Horizontal Agreements and Practices .................................................10 1. Concept of Undertaking ..............................................................10 2. Agreements, Decisions, and Concerted Practices .......................11 (a) Concerted Practices ...........................................................11
    [Show full text]
  • Annual Report 2018
    Annual Report 2018 @UPetrolifera unionepetrolifera.it 2018 06.542.3651 Piazzale Luigi Sturzo, 31 00144 Roma - Fax 06 596.029.25 [email protected] REPOT ANNUAL D D A A A A I I 7 L 7 L 0 A 0 A A IT A IT N Lʼ N Lʼ N E N E I F ER I F ER AC OV AC OV CIAMO MU CIAMO MU Annual Report 2018 D A A I 7 L 0 A A IT N Lʼ N E I F ER AC OV CIAMO MU ANNUAL REPORT 2018 ORGANIZATIONAL STRUCTURE (May 30, 2018) President Guido OTTOLENGHI Claudio SPINACI Giorgio PROFUMO Dario SCAFFARDI Vice Presidents Gian Luigi TRIBOLDI Daniele BANDIERA Alessandro GILOTTI Board of Auditors Paolo GROSSI Antonio PALUMBIERI (President) Gianni MURANO Giuseppe CEMBROLA Fabrizio GRANDINETTI General Council Orazio DRISALDI (Substitute) Italo BELLOTTO Emanuele MURIANNI (Substitute) Ugo BRACHETTI PERETTI Giuseppe BUONERBA Arbitrators Claudio COVINI Carlo CITTADINI Nello D’ALESIO Getulio CURZI Oleg DUROV Alessandro GARRONE Pio MIRGONE Antonio LAZZARINETTI Massimo QUADRELLI Luca LUTEROTTI Carlo RANESI Maurizio MIGLIAROTTI Piero NERI General Manager Alessandro ORSINI Marina BARBANTI ° D 70 A 7 0 A N IA N L I TA FA ʼI C L CI RE AMO MUOVE ANNUAL REPORT 2018 MEMBER COMPANIES (May 30, 2018) ALMA PETROLI LA PETROLIFERA ITALO-RUMENA API - ANONIMA PETROLI ITALIANA LUKOIL ITALIA API RAFFINERIA DI ANCONA NERI DEPOSITI COSTIERI ATTILIO CARMAGNANI “AC” PETRA BP ITALIA PETRONAS LUBRICANTS ITALY CARBOIL PETROVEN COSTIERI D’ALESIO RAFFINERIA DI GELA DECAL RAFFINERIA DI MILAZZO DEPOSITI COSTIERI DEL TIRRENO RAFFINERIA DI ROMA DISMA SARAS ENI REFINING & MARKETING S.A.R.P.O.M.
    [Show full text]
  • Cs Moby-Tirrenia-Toremar Raddoppio
    ______________________________ MOBY, RADDOPPIANO LE CORSE PER LA SARDEGNA DA LIVORNO PRENOTAZIONI PIU’ 80% PER MOBY, TIRRENIA E TOREMAR Milano, 10 giugno 2021 – Moby, Tirrenia e Toremar si confermano sempre più i vettori ufficiali dell’estate della ripartenza. Le tre Compagnie, che sono la maggiore infrastruttura sul mare del Paese, stanno registrando l’80% in più di prenotazioni. E il trend di coloro che vogliono raggiungere le mete servite – Sardegna, Sicilia, Corsica, Isola d’Elba, Arcipelago Toscano, collegate con Genova, Livorno, Piombino, Civitavecchia e Napoli – è ulteriormente in crescita. Da oggi arriva un’altra notizia attesissima dai viaggiatori: le corse fra Livorno e Olbia, in entrambe le direzioni, raddoppiano con quattro partenze al giorno, diurne e notturne, con anche un’ulteriore opportunità appositamente studiata per i viaggiatori: le corse diurne da Livorno partono alle 9.00, quelle da Olbia alle 11.00, per permettere ai turisti di godersi la vacanza fino all’ultimo raggio di sole e di arrivare nel porto dell’Isola Bianca in tutta tranquillità. Moby e Tirrenia sono sempre più il ponte fra la Sardegna e il resto dell’Italia, d’estate e d’inverno, tanto da aver già aperto le prenotazioni fino a maggio 2022 sulla Genova-Porto Torres e sulla Civitavecchia-Olbia, senza alcuna sovvenzione pubblica. Ancora una volta Moby, Tirrenia e Toremar si confermano la prima infrastruttura italiana sul mare, con più comodità, più corse, più mete, più comfort a bordo e anche assoluta sicurezza sanitaria: il care manager, un ufficiale dedicato al controllo delle misure anti-Covid, appositi zainetti sanificatori di cabine e spazi comuni e possibilità di mangiare anche in cabina con il room service.
    [Show full text]
  • Acea Spa Financial Statements
    2016 ACEA SPA FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS ACEA GROUP ACEA SPPA FINANCIAL STTATEMENTS CONSOLIDAATED FINANCIAL STTATEMENTS ACEA GROUP CONTENTS 6 ACEA AT A GLANCE 17 REPORT ON OPERATIONS 18 Corporate bodies 19 Summary of results 21 Summary of operations and income, equity and financial performance of the Group 28 Reference context 43 Trends of operating segments 43 Economic results by segments 46 Environment Operating Segment 49 Energy Operating Segment 49 Water Operating Segment 55 Networks Operating Segment 58 Corporate 59 Significant events during and after the period 61 Main risks and uncertainties 65 Operating outlook 66 Resolutions on profit for the year and distribution to Shareholders 69 ACEA S.P.A. FINANCIAL STATEMENTS 70 Form and structure 71 Measurement criteria and accounting standards 76 Accounting standards, amendments, interpretations and improvements applied from 1 January 2016 78 Accounting standards, amendments and interpretations applicable after the end of the year and not adopted in advance 81 Income Statement 81 Statement of Comprehensive Income 82 Statement of Financial Position 83 Statement of changes in shareholders’ equity at 31 December 2015 83 Statement of changes in shareholders’ equity at 31 December 2016 84 Statement of Cash Flows 85 Notes to the Income Statement 91 Notes to the Statement of Financial Position - Assets 99 Notes to the Statement of Financial Position - Liabilities 106 Related Party Transactions 109 List of related party transactions 110 Updates on major disputes and litigation 113 Additional disclosures on financial instruments and risk management policies 116 Commitments and contingencies 117 Annexes 4 ACEA GROUP • 2016 FINANCIAL STATEMENTS 124 Report of the board of the statutory auditors 135 Independent auditors’ report 138 Certification of separate financial statements in accordance with art.
    [Show full text]
  • Obligationsliste Eng.Pdf
    Corporate, financial and foreign government bonds, end-June 2021 Market value, million ISIN Issuer Security Description Country Sector EUR IE00BD6G9P01 BLK HY S COR-A USD FOUND Blackstone High Yield Systemat Multinational Funds 127.0 LU0772946512 NORDEA 1-EUROP FIN DEBT-XEUR Nordea 1 - European Financial Multinational Funds 69.5 XS1217882171 KOMMUNAL LANDSPENSJONSKA KOMLAN 4 1/4 06/10/45 Norway Financial 24.9 XS1117286580 DANICA PENSION DANPEN 4 3/8 09/29/45 Denmark Financial 24.1 DK0030386610 DANSKE BANK A/S DANBNK Float PERP Denmark Financial 16.0 DK0030352471 NYKREDIT REALKREDIT AS NYKRE 4 1/8 PERP Denmark Financial 15.2 CH0271428309 UBS GROUP AG UBS 5 3/4 PERP Switzerland Financial 14.7 XS1886605333 BENWB FINANCE SA BENWBF 2.092 11/19/30 Luxembourg Financial 14.4 BRSTNCLTN7S1 LETRA TESOURO NACIONAL BLTN 0 01/01/24 Brazil Sovereign 12.3 DK0030420492 VELLIV PENSION & LIV NLPNDK Float 06/08/28 Denmark Financial 12.3 XS1299724911 KUNTARAHOITUS OYJ KUNTA 4 1/2 PERP Finland Regional Agencies 11.7 BRSTNCNTF170 NOTA DO TESOURO NACIONAL BNTNF 10 01/01/25 Brazil Sovereign 11.6 BRSTNCNTF1P8 NOTA DO TESOURO NACIONAL BNTNF 10 01/01/27 Brazil Sovereign 11.3 ZAG000106998 REPUBLIC OF SOUTH AFRICA SAGB 8 01/31/30 South Africa Sovereign 10.4 DK0030487996 NYKREDIT REALKREDIT AS NYKRE 0 7/8 07/28/31 Denmark Financial 10.0 MX0MGO0000D8 MEX BONOS DESARR FIX RT MBONO 7 1/2 06/03/27 Mexico Sovereign 9.9 XS1591694481 TENNET HOLDING BV TENN 2.995 PERP Netherlands Utilities 9.8 XS1190987427 DANSKE BANK A/S DANBNK 5 7/8 PERP Denmark Financial 8.9 IDG000010802
    [Show full text]