FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: As a subsidiary argument, the Commission notes that if prolongations after 31 December 2001 were accepted, the restructuring period would be so long that the investments carried out after that date could not be considered as ‘linked’ — in the meaning of the Directive 90/684/EEC — to the restructuring that began as early as in 1996. The restructuring plan approved in 1997 was inadequate to tackle the difficult financial situation of the yard in the years from 2001. Moreover, significant restructuring measures were implemented in 2001–2002, which were new and not included in the restructuring plan described in decision N 401/97 (for instance, an additional reduction of the workforce).
Polish: Komisja dodatkowo podkreśla, że gdyby przedłużenie realizacji planu na okres po dniu 31 grudnia 2001 r. zostało zatwierdzone, czas restrukturyzacji byłby tak długi, że inwestycji wdrożonych po tym terminie nie można byłoby uznać za „związane” – w rozumieniu dyrektywy 90/684/EWG – z procesem restrukturyzacji, który rozpoczął się już w 1996 r. Plan restrukturyzacji, zatwierdzony w 1997 r., nie był odpowiedni, aby zaradzić trudnej sytuacji finansowej stoczni, z którą borykała się przez lata, począwszy od 2001 r. Ponadto w latach 2001–2002 zrealizowano zasadnicze działania restrukturyzacyjne, zupełnie nowe i nieuwzględnione w planie restrukturyzacji opisanym w decyzji N 401/97 (na przykład dodatkowe ograniczenie stanu zatrudnienia).
Lithuanian: Be to, Komisija pažymi, kad, jeigu būtų sutikta su pratęsimais po 2001 m. gruodžio 31 d., restruktūrizavimo laikotarpis būtų toks ilgas, kad po tos datos atliktų investicijų nebūtų galima laikyti „susijusiomis“, kaip apibrėžta Direktyvoje 90/684/EEB, su restruktūrizavimu, kuris pradėtas dar 1996 m. 1997 m. patvirtintas restruktūrizavimo planas netiko sudėtingoms finansinėms laivų statyklos problemoms spręsti po 2001 m. Be to, 2001–2002 m. įgyvendintos svarbios restruktūrizavimo priemonės, kurios buvo naujos ir nenumatytos Sprendime N 401/97 apibūdintame restruktūrizavimo plane (pvz., papildomas darbo jėgos sumažinimas).
English: Greece indicates that a first guarantee was granted on 4 March 1999 and a second on 17 June 1999. According to the first Deloitte report submitted by HSY, they respectively amounted to EUR 3,26 million and EUR 3,38 million.
Lithuanian: Graikija nurodo, kad pirmoji garantija suteikta 1999 m. kovo 4 d., o antroji – 1999 m. birželio 17 d. Remiantis HSY pateikta pirmąja Deloitte ataskaita, jų suma buvo atitinkamai 3,26 mln. EUR ir 3,38 mln. EUR. Graikija primena, kad 2002 m. nutraukus sutartį su Strintzis, ETVA pagal garantijas neišmokėjo jokių lėšų.
English: Greece recalls that ETVA did not pay out any amounts under the guarantees after the cancellation of the Strintzis contract in 2002. This proves that HSY was not a borrower whose default risk was high.
Lithuanian: Tai įrodo, kad HSY nebuvo paskolos gavėja, kurios įsipareigojimų nevykdymo rizika buvo didelė.
English: Whereas the loan contract was signed only on 13 January 2000, HSY demanded this financing to ETVA already in the weeks following the earthquake. According to the Greek authorities, the damage to the yard amounted first to the cost of repairing the physical installations and, second, to the costs generated by the delay in the execution of the contracts.
Lithuanian: HSY paprašė ETVA šio finansavimo jau pirmosiomis savaitėmis po žemės drebėjimo, bet paskolos sutartis nebuvo pasirašyta iki 2000 m. sausio 13 d. Graikijos valdžios institucijų teigimu, laivų statyklai padarytą žalą visų pirma sudarė fizinių įrenginių remonto išlaidos ir, antra, išlaidos, atsiradusios dėl vėlavimo vykdyti sutartis.
English: Therefore, the yard ran the risks of not receiving the investment aid promised by the Greek authorities, which set the date of 31 December 1999 to complete the programme. According to the Greek law, in order to obtain a prolongation of this period, at least 50 % of the expenses had to be incurred.
Polish: Dlatego też stocznia podjęła ryzyko polegające na nieskorzystaniu z pomocy inwestycyjnej przyrzeczonej przez władze greckie, której warunki określały termin zakończenia programu na dzień 31 grudnia 1999 r. Zgodnie z greckim prawem, w celu uzyskania zgody na przedłużenie tego terminu należy ponieść co najmniej 50 % kosztów.
Lithuanian: Taigi, laivų statyklai grėsė pavojus negauti investicinės pagalbos, kurią žadėjo suteikti Graikijos valdžios institucijos, nustačiusios, kad programa turi būti užbaigta iki 1999 m. gruodžio 31 d. Remiantis Graikijos teisės aktais, siekiant, kad šis laikotarpis būtų pratęstas, turi būti patirta mažiausiai 50 % išlaidų.
English: In summary, the Commission considers that the first Deloitte report does not take into account that the negative financial results of the years 1999 and 2000 were already foreseeable before the start of the respective year. Fifthly and lastly, as already explained, any potential lender would have seen the circumstances and reasons why HSY’s existing management was ousted as a negative factor.
Swedish: Sammanfattningsvis anser kommissionen att Deloitte i den första Deloitterapporten inte tar hänsyn till att man redan före respektive års början kunde förutspå att företaget skulle redovisa ett negativt finansiellt resultat för 1999 och 2000.För det femte och sista skulle en potentiell långivare som sagt ha betraktat omständigheterna och orsakerna bakom avsättandet av HSY:s ledning som en negativ faktor.
Latvian: Kopumā Komisija uzskata, ka pirmajā Deloitte ziņojumā nav ņemts vērā, ka negatīvie finanšu rezultāti 1999. un 2000. gadā jau bija paredzami pirms attiecīgo gadu sākuma.Visbeidzot, piektkārt, kā jau skaidrots, jebkurš potenciālais aizdevējs būtu uzskatījis HSY toreizējās vadības nomaiņas apstākļus un iemeslus par negatīvu faktoru.
Lithuanian: Apibendrinant, Komisija mano, kad pirmojoje Deloitte ataskaitoje neatsižvelgiama į tai, kad neigiami finansiniai 1999 ir 2000 m. rezultatai jau buvo numatomi prieš atitinkamų metų pradžią.Penkta, kaip jau paaiškinta, bet kuris galimas skolintojas laikytų aplinkybes ir priežastis, dėl kurių nušalinta esama HSY vadovybė, neigiamu veiksniu.
English: The timetable provided for completion of the work in January 2004. The board decided unanimously in decision No 578/4/4-9-2002 to extend the delivery time to 19.5.2004, in view of the fact that the consortium was not to blame for the delay. The work was finally completed on 4.6.2004.
Lithuanian: Pagal tvarkaraštį darbas turėjo būti užbaigtas 2004 m. sausio mėn. Atsižvelgusi į tai, kad konsorciumas nebuvo vėlavimo kaltininkas, Sprendimu Nr. 578/4/4–9-2002 valdyba vienbalsiai nusprendė pratęsti pristatymo terminą iki 2004 m. gegužės 19 d.2004 m. birželio 4 d. darbas galiausiai užbaigtas.
English: Page 7 of this due diligence report analyses the receivables of HSY and indicates that trade debt due by Strintzis Lines ‘is only collectible upon delivery of the vessels in 2002’. This confirms that, except for the limited advance payments which anyway had already been paid at the time and were therefore not collectible anymore, the rest of the purchase price was not collectible before the delivery of the vessels.
Lithuanian: Šios išsamaus patikrinimo ataskaitos 7 puslapyje analizuojamos gautinos HSY sumos ir nurodoma, kad Strintzis Lines mokėtina prekybinė skola „yra gautina tik pristačius laivus 2002 m.“ Tai patvirtina, kad, išskyrus riboto dydžio išankstinius mokėjimus, kurie tuo metu bet kuriuo atveju jau buvo sumokėti, todėl nebebuvo gautini, likusi pirkimo kainos dalis nebuvo gautina, kol bus pristatyti laivai.
English: At a point in time, these funds must have been necessary to cover the costs generated by the execution of the military contracts concerned. At that point in time, the funds were not available anymore to finance other activities of HSY.
Lithuanian: Tam tikru metu šių lėšų būtinai būtų prireikę išlaidoms, patirtoms vykdant susijusias karines sutartis, padengti Tuo metu lėšų nebebuvo įmanoma skirti kitai HSY veiklai finansuoti.
English: The fundamental point, however, is — and this is emphatically stressed — that the condition on the guarantee is included in the entire procedure of denationalisation and is not stipulated for the first time after the conclusion of the contract. It does not, therefore, constitute a last-minute “invention”, as the complainant desires to show, whose aim is circumventing the Community Rules on the legality of State aid. The Greek State as a seller of the shares of ETVA ought to, not only at the time of the contract of 18.10.2001, but also according to law, to transfer to Bank Piraeus its shares in ETVA free from any obligation. Given that Bank of Piraeus had no involvement in the procedure of the denationalisation of HSY, it should be, according to law and transaction customs, secured against any obligation emanating from the contract of transferring HSY to which it was not participating.
Lithuanian: Atsižvelgiant į tai, kad Bank Piraeus nedalyvavo HSY denacionalizavimo procedūroje, jis pagal įstatymus ir sandorių papročius turėtų būti apdraustas nuo bet kokių įsipareigojimų, kylančių iš sutarties dėl HSY perdavimo, kuriame jis nedalyvavo.
English: By granting large and repetitive aids, the government clearly signalled that it considered the survival of HSY as politically very important. Finally, the Commission observes that the State awarded strategic defence contracts to HSY during these years, like for instance the construction of the submarines.
Latvian: Piešķirot liela apjoma atkārtotu atbalstu, valdība skaidri lika saprast, ka tā uzskata HSY pastāvēšanu par politiski ļoti nozīmīgu.Visbeidzot, Komisija norāda, ka valsts šajos gados piešķīra HSY tiesības slēgt stratēģiskus līgumus aizsardzības jomā, piemēram, par zemūdeņu būvniecību.
English: In their letter of 20 October 2004, the Greek authorities indicate that, according to the Ministerial decision of December 2007 granting the subsidy, the investment programme had to be completed by 31 December 1999. However, this date does not appear in decision N 401/97.
Polish: W swoim piśmie z dnia 20 października 2004 r. władze greckie podkreślają, że zgodnie z decyzją ministerialną z grudnia 2007 r. przyznającą dotację program inwestycyjny musiał być zakończony do dnia 31 grudnia 1999 r.. O tym terminie nie ma jednak mowy w decyzji N 401/97.
Maltese: Fl-ittra tagħhom tal-20 ta’ Ottubru 2004, l-awtoritajiet Griegi jindikaw li, skont id-deċiżjoni Ministerjali ta’ Diċembru 2007 li jingħata s-sussidju, il-programm ta’ investiment kellu jitlesta sal-31 ta’ Diċembru 1999.
English: The Commission recalls that the aid was authorised by decision C 10/94. Therefore, the conditions laid down in the latter decision have to be respected. If Greece considered that the conditions laid down in decision C 10/94 did not comply with the conditions laid down in Regulation (EC) No 1013/97, it should have contested decision C 10/94.
Maltese: Kieku l-Greċja ħasset li l-kundizzjonijiet stipulati fid-Deċiżjoni C 10/1994 ma kinux jaqblu mal-kundizzjonijiet stipulati fir-Regolament (KE) Nru 1013/97, hija kien imissha kkontestat id-Deċiżjoni C 10/1994.
English: The Commission considers that this objective is reached if any additional operating aid granted after the adoption of decision C 10/94 is recovered. Indeed, by the recovery of the additional aid, the initial situation is restored and accumulation of aid above the level set in decision C 10/94 is avoided. The Commission therefore concludes that the grant of additional operating aid for restructuring purpose after the adoption of decision C 10/94 does not trigger the obligation to recover the aid approved by decision C 10/94, as long as the additional aid is actually recovered.
Maltese: Il-Kummissjoni għalhekk tikkonkludi li l-għoti ta’ għajnuna operattiva addizzjonali għall-iskop ta’ ristrutturazzjoni wara l-adozzjoni tad-Deċiżjoni C10/1994 ma joħloqx l-obbligu li tiġi rkuprata l-għajnuna approvata bid-Deċiżjoni C 10/1994, sakemm l-għajnuna addizzjonali fil-fatt tiġi rkuprata.
English: In several State guarantees schemes targeted at the shipbuilding sector and approved by the Commission as free of aid, the annual guarantee premium for the borrower with the lowest credit risk was set at 0,8 %, or 80 basis points. In the absence of other reliable indicators, the Commission will use this rate as an estimation of the minimum annual guarantee premium paid by healthy shipbuilding firms in Greece at the time. Even if the contracts with OSE and ISAP do not concern shipbuilding but the construction of rolling stock, the Commission will use 0,8 % as benchmark since the construction of rolling stock remained a marginal activity for HSY and most of the activities of HSY, and therefore most of the risk of HSY, concerned ship building and ship repair.
Maltese: Anki jekk il-kuntratti mal-OSE u l-ISAP ma jikkonċernawx bini ta’ bastimenti iżda l-kostruzzjoni ta’ materjal tal-ferrovija, il-Kummissjoni se tuża 0,8 % bħala punt ta’ referenza billi l-kostruzzjoni ta’ materjal tal-ferroviji baqgħet attività marġinali għal HSY, filwaqt li l-biċċa l-kbira tal-attivitajiet ta’ HSY, u għalhekk ħafna mir-riskju ta’ HSY, kien jikkonċerna l-bini u t-tiswija tal-bastimenti.
English: According to the documents quoted in the opening decision, during at least several quarters these advance payments were not used for the purpose of executing the military contract concerned. Neither Greece nor HSY has denied the quotes made in the opening decision.
Maltese: Skont id-dokumenti kkwotati fid-deċiżjoni tal-ftuħ, għal mill-anqas diversi kwarti dawn il-ħlasijiet bil-quddiem ma ntużawx għall-iskop li jitwettaq il-kuntratt militari kkonċernat.
English: These guarantees, which, as it has already been stressed, are included with absolute transparency and clarity in all the contractual texts of the denationalisation and mainly in the promissory contract of 11.10.2001, pertain to the character of the transaction (sale of a definite asset), are valid for all candidate bidders and do not confer any additional benefit to anyone. On the basis of the abovementioned, the true nature of this guarantee is proven (as a condition necessary to the transaction and common under market rules), as well as its binding character, on the basis of all the procedures preceding privatisation but also of the Sale-Purchase Agreement of the shares of HSY of 11.10.2001 itself, which was subsequently followed by the Sale-Purchase Agreement of the shares of ETVA of 18.10.2001 and the First Amending Act of 18.3.2002 between ETVA and the Greek State.
Maltese: Fuq il-bażi ta’ dak li ntqal hawn fuq, hija ppruvata n-natura vera ta’ din il-garanzija (bħala kundizzjoni meħtieġa għat-transazzjoni u komuni taħt ir-regoli tas-suq), kif ukoll il-karattru vinkolanti tagħha, fuq il-bażi tal-proċeduri kollha li jippreċedu l-privatizzazzjoni iżda wkoll tal-Ftehim dwar il-Bejgħ-Xiri tal-ishma ta’ HSY tal-11.10.2001 innifsu, li suċċessivament kien segwit mill-Ftehim dwar il-Bejgħ-Xiri tal-ishma ta’ ETVA tat-18.10.2001 u l-Ewwel Att ta’ Emenda tat-18.3.2002 bejn ETVA u l-Istat Grieg.
English: the yard could have concluded a similar loan with any other bank by offering other types of securities than a State guarantee. In particular, the company could have offered as securities some claims related to large contracts or some mortgages on its assets,
Dutch: De werf zou bij elke andere bank een vergelijkbare lening hebben kunnen afsluiten door andere soorten zekerheden aan te bieden, zoals, in het bijzonder, enkele aan grote contracten gerelateerde vorderingen en enkele hypotheken op activa.
English: In other words, they are based on the hypothesis that the employees will pay the purchase price in accordance with the conditions laid down in the September 1995 contract. They are not based on the fact that the shares have been ‘transferred’ or ‘given’ to the employees.
Dutch: Met andere woorden: ze waren gebaseerd op de hypothese dat de werknemers de aankoopprijs zouden betalen in overeenstemming met de in de overeenkomst van september 1995 vastgelegde voorwaarden, en niet op het feit dat de aandelen aan de werknemers waren „overgedragen” of „gegeven”.
English: Finally, as regards Greece’s claims that ‘The employees […] participated in the share capital increase, pro rata to their stake in the share capital, therefore private capital was invested in the shipyards’, the Commission does not contest that the employees participated to the capital increase (this will be described in the description and assessment of measure E10). However, the Commission recalls that, according to the September 1995 contract, the participation to the capital increase did not entitle the employees to any new shares of HSY.
Dutch: Tot slot, met betrekking tot de bewering van Griekenland dat de werknemers […] deel[namen] in de toename van het aandelenkapitaal, naar rato van hun aandeel in het aandelenkapitaal; er werd derhalve particulier kapitaal in de scheepswerven geïnvesteerd, betwist de Commissie niet dat de werknemers deelnamen aan de toename van het aandelenkapitaal (dit zal nader aan de orde komen in het kader van de beschrijving en beoordeling van maatregel E10).
English: It was therefore evident to Greece that the Commission would not be satisfied by a mere transfer of ownership to the employees and it finally accepted the September 1995 contract only because it was a real sale, i.e. the employees would pay a significant purchase price and would thus have a real financial interest in restoration of competitiveness. The Commission also recalls that Regulation (EC) No 1013/97 amended Directive 90/684/EEC only in respect of the amount of operating aid for restructuring that can be granted to HSY.
Dutch: Het was voor Griekenland derhalve evident dat de Commissie zich niet tevreden zou stellen met alleen een overdracht van de eigendom aan de werknemers en dat ze de overeenkomst van september 1995 uiteindelijk alleen aanvaardde omdat het om een echte verkoop ging, aangezien de werknemers een forse prijs moesten betalen en daarmee een wezenlijk financieel belang bij het weer concurrerend maken van de werf zouden hebben.
English: The ship-owner selects them and discusses the price directly with them. The contractors of third parties pay a fee to HSY to use the yard’s facilities.
Dutch: De onderaannemers van derden betalen aan HSY een vergoeding voor het gebruik van de faciliteiten van de werf.
English: This reduction of the workforce was also reported in the two decisions adopted on 15 July 1997 (Decisions C 10/94 and N 401/97) because it constituted one pillar of the restructuring plan. Decision N 401/97 authorises investment aid, which, according to Directive 90/684/EEC, can be found compatible only if it is ‘linked to a restructuring plan which results in a reduction in the overall ship repair capacity’ and ‘which does not involve any increase in the shipbuilding capacity’.
Dutch: Deze vermindering van het personeelsbestand wordt ook vermeld in de twee beschikkingen die op 15 juli 1997 zijn vastgesteld (beschikkingen C 10/94 en N 401/97) aangezien dit een van de pijlers van het herstructureringsplan was.
English: Whereas the employees had to pay the first instalment of the purchase price to ETVA before 31 December 1998, no payment occurred. The State did not seek to obtain the payment.
Dutch: De werknemers waren verplicht om de eerste termijn van de koopprijs uiterlijk 31 december 1998 aan ETVA te voldoen, maar die betaling heeft niet plaatsgevonden.
English: They therefore convey a selective advantage to HSY. One could argue that if the State purchases products in a way which would be acceptable for a private firm, the purchase contract — including its terms like the advance payments — can not convey a selective advantage to the producer.
Dutch: Er zou geredeneerd kunnen worden dat indien de staat producten koopt op een wijze die ook voor particuliere ondernemingen aanvaardbaar is, het koopcontract — inclusief de daarin opgenomen voorwaarden, zoals de aanbetalingen — geen selectief voordeel voor de producent kan opleveren.
English: On the one hand, ETVA granted a guarantee to the purchaser of HSY (i.e. HDW/Ferrostaal). According to this indemnification guarantee, ETVA would indemnify HDW/Ferrostaal for any aid recovered from HSY.
Dutch: Enerzijds heeft ETVA de koper van HSY (i.c. HDW/Ferrostaal) een compensatiegarantie gegeven op grond waarvan ETVA HDW/Ferrostaal vrijwaart voor alle teruggevorderde steun van HSY.
English: In order to avoid being exposed to any risks from past or present aid, HDW/Ferrostaal insisted that approval or a comfort letter/negative clearance should be obtained from the Commission for past aid measures. Should this not be possible, the buyer would suggest an acceptable form of guarantee to the seller.
Dutch: Om niet blootgesteld te worden aan risico’s als gevolg van vroegere of huidige steun, heeft HDW/Ferrostaal erop aangedrongen dat er hetzij voor steunmaatregelen in het verleden goedkeuring van de Commissie wordt gevraagd hetzij om een administratieve brief waarmee de procedure wordt afgesloten (een „comfort letter”) c.q. een negatieve verklaring wordt verzocht.
English: Therefore, no market economy investor would have found itself in the situation of ETVA. No market economy investor would have found itself in the situation of selling these shares of HSY.
Dutch: Dat betekent dat geen enkele particuliere investeerder ooit in vergelijkbare omstandigheden had kunnen verkeren of in een situatie terecht zou zijn gekomen waarin hij de aandelen HSY had moeten verkopen.
English: TKMS/GNSH supports its claim by means of the second Deloitte report. This report compares the net costs in the two scenarios.
Dutch: TKMS/GNSH onderbouwen deze stelling met het tweede rapport van Deloitte waarin de nettokosten van de twee scenario’s met elkaar worden vergeleken.
English: If the test is nevertheless applied at the level of ETVA, one has to compare the net proceeds (i.e. revenues minus costs) for ETVA in case of liquidation of HSY and in case of sale of HSY. In the case of liquidation of HSY, it has to be established what would be the costs incurred by ETVA.
Dutch: Als die toets desondanks op het niveau van ETVA wordt toegepast, dient ten aanzien van de netto-opbrengst (d.w.z. de opbrengst minus de kosten) voor ETVA vergeleken te worden tussen een liquidatie van HSY en een eventuele verkoop van HSY.
English: After having requested and received extensions of the deadline to submit comments, HSY made comments on the opening decision by letter of 18 October 2004. These comments are the same as the ones submitted by Greece on 20 October 2004. Elefsis, a Greek competitor of HSY, submitted comments by letter of 10 September 2004. These comments were sent to Greece by letters of 16 December 2004 and 23 December 2004, which replied respectively by letters of 20 January 2005 and 26 January 2005. By letter of 29 March 2005, the Commission sent additional comments of Elefsis to Greece, which replied by letter of 23 May 2005.
Polish: Po złożeniu wniosku o przedłużenie terminu przewidzianego na zgłoszenie uwag i uzyskaniu takiego przedłużenia stocznia HSY przedstawiła swoje uwagi dotyczące decyzji o wszczęciu postępowania pismem z dnia 18 października 2004 r. Uwagi stoczni są takie same jak uwagi przestawione przez władze greckie w dniu 20 października 2004 r. Elefsis, grecka spółka konkurująca z HSY, przedstawiła swoje uwagi pismem z dnia 10 września 2004 r. Te uwagi zostały przesłane władzom greckim pismami z dnia 16 grudnia 2004 r. i dnia 23 grudnia 2004 r.; władze greckie odpowiedziały odpowiednio pismami z dnia 20 stycznia 2005 r. i z dnia 26 stycznia 2005 r. Pismem z dnia 29 marca 2005 r. Komisja przesłała dodatkowe uwagi spółki Elefsis władzom greckim, które odpowiedziały pismem z dnia 23 maja 2005 r.