Traduction de «Capitale d'esercizio » (Italien → Anglais) :

any distribution to shareholders made when on the closing date of the last financial year the net assets as set out in the company’s annual accounts are, or following such a distribution would become, lower than the amount of the subscribed capital plus those reserves which may be not distributed under the law or the statutes, on the understanding that where the uncalled part of the subscribed capital is not included in the assets shown in the balance sheet, this amount shall be deducted from the amount of subscribed capital;

(ii) for any issues of non-equity securities whose denomination per unit amounts to at least EUR 1000, and for any issues of non-equity securities giving the right to acquire any transferable securities or to receive a cash amount, as a consequence of their being converted or the rights conferred by them being exercised, provided that the issuer of the non-equity securities is not the issuer of the underlying securities or an entity belonging to the group of the latter issuer, the Member State where the issuer has its registered office, or where the securities were or are to be admitted to trading on a regulated market or where the secur ...[+++]ities are offered to the public, at the choice of the issuer, the offeror or the person asking for admission, as the case may be. The same regime shall be applicable to non-equity securities in a currency other than euro, provided that the value of such minimum denomination is nearly equivalent to EUR 1000;

In the case of microcredit projects co-financed with European NGOs which provide that the local partner in developing countries fully or partly constitute and administer working capital, the amount of mini-loans reimbursed by the final beneficiaries to the working capital may be used again for further mini-loans to other final beneficiaries.

(e.g. how much related to laying off administrative staff and how much is a capital injection, what restriction is there on the use of capital and how do the sums compare with CGM's operating losses).

However, a cut in staffing levels of some 4,000 employees has enabled the company to record operating profits for 1994 and 1995 but the company nonetheless faces persistent problems: its operating costs are still some 12 per cent higher than the European average; its market share is declining (a loss of 2.4 per cent in the Italian market alone last year); and the combination of losses and heavy investments has pushed net losses to 3420 billion lire for 1995 with worrying implications for the long-term debt-to-equity ratio.

Under the Seventh Directive on Aid to Shipbuilding, the Commission has approved an extension to a Danish aid scheme, previously authorised by the Commission on 20 June 1991, providing for a 75 % guarantee on the amount of working capital needed to complete the last vessel to be built by a yard before abandoning shipbuilding altogether.