Recapital is a procedure allowing the associates of enterprises operating in real economy to receive an allocation of the capitals necessary to the enterprise development by playing on its economic potential and also to improve its rating according to the analysis provided by the New Basilea Agreement (Basilea II) in force beginning from 2007.

The Recapital procedure provides two contextual operations: an investment by the enterprise financed on normal market conditions and an unrepeatable allocation to the associates, higher than the actual cost of the investment carried out by the enterprise.

The investment of the enterprise must concern capital goods useful to its activity and can be financed by loan, leasing, long-term rent or other financing techniques. The allocation to the associates can be carried out as a payment for personal goods, as way of advance for the purchase of shares, or for several other reasons.

The associates receive the allocation just after the payment of the invoice regarding the goods, by the enterprise or the leasing or rental company.

The procedure has no risk for the enterprise or for the associates and features maximum transparency and absolute legitimacy.

With the Recapital procedure you will be able to obtain economic and financial benefits.

The economic benefit is equal to the difference between net associates allocation and enterprise investment effective cost.

Being the cost of the investment fiscally deductible, the actual financing cost to the enterprise is considered the difference between goods purchasing price plus interests (or total amount of the leasing installments or renting freight rates) minus the relative fiscal saving.

As an example, if the financing cost to the enterprise was equal to 100 in goods price plus 15 in interests, the actual cost would be 115 minus 45 in saved taxes, therefore 70. And if the net associate allocation was 90, the economic benefit would be 20, that?s without considering the interests the same allocation bears.

The financial benefit is immediate and also overall.

The immediate financial benefit is the same allocation minus the eventual leasing advanced installment. Substantially, according to the above stated example, the associates would receive 90 while the enterprise wouldn?t have to pay anything or 10 or 15 worth in advanced leasing instalment.

The total financial benefit is equal to the economic benefit. In fact, totally, the enterprise should pay 115 minus 45, that is 70, while the associates would receive 90.

Regarding Basilea II, the operation affects the quantitative analysis of the financial-economic data. In fact, as caused by the procedure, the enterprise capability to produce income resources increases; the ratio between own means and indebtedness improves, which also represents a qualitative improvement, by representing an increase of the associates trust towards the enterprise. In all, the operation improves considerably the rating of the enterprise.