FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: The assessment of this measure will be the subject of the final decision in Case SA.30908,
French: L’appréciation de cette mesure sera l’objet de la décision définitive dans l’affaire SA.30908,
German: Die Würdigung dieser Maßnahme ist dem abschließenden Beschluss in der Sache SA.30908 vorbehalten.
Spanish: La evaluación de esta medida será objeto de la decisión final en el asunto SA.30908.
Portuguese: A apreciação dessa medida será objeto de decisão final no processo SA.30908,
Dutch: De beoordeling van deze maatregel zal het voorwerp vormen van het definitieve besluit in zaak SA.30908,
Danish: Vurderingen af denne foranstaltning vil blive genstand for den endelige afgørelse i sag nr. SA.30908 —
Swedish: Bedömningen av denna åtgärd kommer att bli föremål för ett slutgiltigt beslut i ärendet SA.30908.
Finnish: Kyseisten toimenpiteiden arviointi tehdään asiasta SA.30908 tehtävässä päätöksessä,
Greek: Η αξιολόγηση αυτού του μέτρου θα αποτελέσει αντικείμενο της τελικής απόφασης στην υπόθεση SA.30908,
Czech: Posouzení tohoto opatření bude předmětem konečného rozhodnutí ve věci SA.30908,
Slovak: Posúdenie tohto opatrenia bude predmetom konečného rozhodnutia vo veci SA.30908,
Polish: Ocena tego środka będzie przedmiotem ostatecznej decyzji w sprawie SA.30908,
Hungarian: Ennek az intézkedésnek az értékelése az SA.30908 ügyben hozott végleges határozat tárgyát képezi majd,
Slovenian: Ocena tega ukrepa bo vključena v končno odločitev v zadevi SA.30908 –
Romanian: Evaluarea acestei măsuri va face obiectul deciziei finale în cazul SA.30908,
Estonian: Nimetatud meedet hinnatakse lõplikus otsuses juhtumi SA.30908 kohta,
Latvian: Šā pasākuma novērtējums tiks sniegts galīgajā lēmumā lietā SA.30908,
Lithuanian: Šios priemonės vertinimas atliekamas atsižvelgiant į galutinį sprendimą, priimtą byloje SA.30908,
Maltese: Il-valutazzjoni ta’ din il-miżura se tkun is-suġġett tad-deċiżjoni finali fil-Każ SA.30908,
English: (‘Osinek’) had agreed to grant a loan of CZK 2,5 billion (approximately EUR 100 million) to ČSA — Czech airlines, a. s. (‘ČSA’). The Commission requested information from the Czech Republic by letters dated 14 May 2009 and 24 September 2009. The Czech Republic provided the Commission with further information by letters dated 10 September 2009 and 25 November 2009.
Danish: (»Osinek«) havde accepteret at yde et lån på 2,5 mia. CZK (ca. 100 mio. EUR) til ČSA — Czech airlines, a.s. (»ČSA«). Kommissionen anmodede ved brev af 14. maj 2009 og 24. september 2009 Den Tjekkiske Republik om oplysninger. Den Tjekkiske Republik fremsendte yderligere oplysninger ved brev af 10. september 2009 og 25. november 2009.
English: Furthermore, the Commission questioned whether, if the loan did involve state aid, this aid could be found compatible under the applicable state aid rules, especially the Commission communication Temporary Community Framework for state aid measures to support access to finance in the current financial and economic crisis (‘the Temporary Framework’) [7]. If the Osinek loan was found to involve state aid, the measure would have detrimental effects on competition, i.e. to companies operating routes from Prague Ruzyně airport or competing with ČSA and its subsidiaries in other markets.
Danish: Kommissionen stillede endvidere spørgsmålstegn ved, om lånet omfattede statsstøtte, og om denne støtte så var forenelig med gældende statssstøtteregler, navnlig Kommissionens meddelelse »Midlertidige EF-rammebestemmelser for statsstøtte, der ydes for at lette adgangen til finansiering under den nuværende finansielle og økonomiske krise« (»de midlertidige rammebestemmelser«) [7]. Hvis det skønnes, at lånet fra Osinek omfatter statsstøtte, vil denne foranstaltning have skadelige virkninger for konkurrencen, f.eks. for virksomheder, der driver flyruter fra Prags lufthavn, Ruzyně Praha, eller som konkurrerer med ČSA og dets datterselskaber på andre markeder.
English: Therefore, the Commission concludes that the decision to grant the Osinek loan is imputable to the Czech State. The Osinek loan must, therefore, be regarded as being financed from state resources.
Danish: Kommissionen konkluderer derfor, at beslutningen om at lade Osinek yde lånet kan tillægges den tjekkiske stat. Lånet fra Osinek skal derfor anses som værende finansieret med statsmidler.
English: On 17 December 2008 the Commission addressed this crisis by adopting the Temporary Framework. In it the Commission acknowledged the ‘seriousness of the current financial crisis and its impact on the overall economy of the Member States’.
Italian: Il 17 dicembre 2008 la Commissione ha reagito alla crisi adottando il quadro di riferimento temporaneo in cui ha riconosciuto la gravità dell’attuale crisi finanziaria e le sue ripercussioni sulle economie complessive degli Stati membri.
Danish: Den 17. december 2008 tog Kommissionen fat på at løse denne krise ved at vedtage de midlertidige rammebestemmelser.
English: Interest was due on a quarterly basis on the last business day of a calendar quarter (interest period). Interest was calculated daily from the day preceding the repayment of the Osinek loan.
German: Die Zinsen waren vierteljährlich am letzten Geschäftstag eines Kalenderquartals (Zinsperiode) fällig und wurden auf täglicher Basis ab dem Tag berechnet, der der Tilgung des Osinek-Darlehens vorausging.
Italian: Gli interessi erano dovuti, su una base trimestrale, l’ultimo giorno lavorativo del trimestre civile (periodo d’interesse) ed erano calcolati quotidianamente a partire del giorno precedente il rimborso del prestito concesso da Osinek.
English: Pavel Štrbík.
German: Pavel Štrbík in Auftrag.
Polish: Pavel Štrbík – przeprowadzenie jej analizy prawnej.
Hungarian: Pavel Štrbík ügyvédi irodától.
Slovenian: Pavel Štrbík pa izvedbo pravne analize.
Lithuanian: Pavel Štrbík – teisinę analizę.
English: PROSCON — s.r.o., Expert opinion of 30 November 2009 from 9 December 2009 (3rd Addendum)
Greek: από τις 9 Δεκεμβρίου 2009 (3η προσθήκη)
English: from 9 December 2009 (3rd Addendum) ČSA's share in ČSA Support, s.r.o.
Greek: Μερίδιο της ČSA στη ČSA Support, s.r.o.
English: The credit risk premium corresponding to the risk profile of the recipient was 220 basis points. This premium is based on a B rating (see recital 57) and a high level of collateralisation given the collateral offered (see recitals 64 and 65).
Greek: Το ασφάλιστρο πιστωτικού κινδύνου που αντιστοιχεί στο προφίλ κινδύνου του αποδέκτη ανήλθε σε 220 μονάδες βάσης Το ασφάλιστρο αυτό βασίζεται σε αξιολόγηση κατηγορίας Β (βλέπε αιτιολογική σκέψη 57) και υψηλό επίπεδο ασφαλίσεων λαμβανομένης υπόψη της ασφάλειας που παρέχεται (βλέπε αιτιολογικές σκέψεις 64 και 65).
English: YBN Consult — Znalecký ústav s.r.o., Expert opinion of 1 June 2009 from 11 May 2009 (1st tranche)
Finnish: YBN Consult – Znalecký ústav s.r.o., asiantuntijalausunto 1.6.2009
English: from 30 July 2009 (2nd tranche) until 9 December 2009 (cancelled by 3rd Addendum) Spare parts (rotating spare parts and/or replacement engines) [150 - 165] Valuation based on net book value at 30 September 2009 from 24 September 2009 (3rd tranche) Spare parts (rotating, type A310 (all) and Boeing [520 - 575] Valuation based on net book value at 30 September 2009 from 24 September 2009 (3rd tranche) until 25 January 2010 (4th Addendum) Land around the ‘APC’ administrative building [60 - 65] YBN Consult — Znalecký ústav s.r.o., Expert opinion of 5 July 2009 from 23 July 2009 (1st Addendum) until 25 January 2010 Land around and adjacent to Hangar F [105 - 115] YBN Consult — Znalecký ústav s.r.o., Expert opinion of 5 July 2009 from 23 July 2009 (1st Addendum) Spare parts, type: A319/320 [265 - 290] Based on net book value from 23 July 2009 (1st Addendum) Spare parts, type: A310, ATR and Boeing [440 - 485] Based on net book value from 22 September 2009 (2nd Addendum) Flight simulator [155 - 170] YBN Consult — Znalecký ústav s.r.o., Expert opinion of 10 September 2009 from 22 September 2009 (2nd Addendum) 1 Boeing 737-55s, registration mark: OK CGK [140 - 155]
Finnish: YBN Consult – Znalecký ústav s.r.o., asiantuntijalausunto 5.7.2009
English: The loan was supposed to be paid back in one single payment on 30 November 2010. The loan contract therefore fulfils the first condition.
Finnish: Laina oli määrä maksaa yhdessä erässä 30 päivänä marraskuuta 2010.
English: from 9 December 2009 (3rd Addendum) until 25 January 2010 (4th Addendum) IT
French: du 9.12.2009 (troisième avenant) au 25.1.2010 (quatrième avenant) Matériel informatique
Slovenian: od 9. decembra 2009 (3. dodatek) do 25. januarja 2010 (4. dodatek) Informacijska tehnologija
English: In addition, the Commission observes that, as already indicated in the opening decision and based on the information provided by the Czech Republic, UniCreditBank provided a working capital, medium-term loan (4 years) of CZK 200 million to ČSA in September 2008, secured by a flight simulator. On 25 June 2009, due to the deviation from the financial indicators agreed in the loan agreement, UniCreditBank increased the risk margin for the ČSA loan from 160 basis points (agreed in September 2008) to 325 basis points above the one-month PRIBOR (i.e. an interest rate of 5,10 % p.a. on 25 June 2009).
French: Par ailleurs, la Commission note que, comme elle l’avait déjà indiqué dans la décision d’ouvrir la procédure et sur la base d’informations transmises par la République tchèque, la banque UniCredit a accordé à ČSA, en septembre 2008, un crédit-fonds de roulement à moyen terme (quatre ans) d’un montant de 200 millions de CZK, garanti par un simulateur de vol. Le 25 juin 2009, en raison de l’écart par rapport aux indicateurs financiers fixés dans la convention de prêt, la banque UniCredit a fait passer la marge de risque, pour le prêt accordé à ČSA, de 160 points de base (conformément à la convention de 2008) à 325 points de base au-dessus du taux PRIBOR à 1 mois (soit un taux d’intérêt de 5,10 % par an au 25 juin 2009).
English: Jiří Rybář & JUDr.
Hungarian: Jiří Rybář és JUDr.
English: However, the situation changed in late 2008 and early 2009 and continued to deteriorate throughout the year due to the global economic recession, which had a severe impact on the world transport markets [8]. This, combined with destabilised oil markets and currency fluctuations, contributed to the deterioration of ČSA's financial condition.
Italian: Esse sostengono che, nonostante i problemi sempre più gravi, ČSA è sempre stata in grado di essere redditizia.
English: The interested third parties further claim that due to the negative operating cash flow, the plurality of creditors and the existence of financial obligations due and payable within 30 days, it may be assumed that the company suffered from impending insolvency from the end of the year 2007 and should, therefore, qualify as a firm in difficulty since 2007 (pursuant to point 10(c) of the R&R Guidelines). 5. COMMENTS FROM THE CZECH REPUBLIC ON THE OBSERVATIONS OF INTERESTED PARTIES
Italian: Le parti interessate hanno poi sostenuto che a causa del flusso di cassa operativo negativo, della grande quantità di creditori e dell’esistenza di obblighi finanziari per pagamenti entro 30 giorni, si può presupporre che la compagnia sia stata insolvente dalla fine del 2007 e che quindi possa essere considerata un’impresa in difficoltà dal 2007 [conformemente al punto 10, lettera c) degli orientamenti al salvataggio e alla ristrutturazione].
English: The Czech Republic disagreed with the comments of the interested third parties and agreed with the comments of ČSA. The Czech Republic maintained its argument that the Osinek loan was granted on market terms and in accordance with the Reference Rate Communication.
Italian: RISPOSTA DELLA REPUBBLICA CECA ALLE OSSERVAZIONI DELLE PARTI INTERESSATE
English: The small difference between two basis points is due to the different method of adjustment. PRIBOR is adjusted on a daily basis; the reference rate is adjusted only every few months.
Italian: La lieve differenza tra i punti base si spiega con i diversi metodi applicati per l’adeguamento: il tasso PRIBOR viene adeguato ogni giorno e il tasso di riferimento una volta ogni due mesi.
English: The Osinek loan agreement was concluded on 30 April 2009. The loan was supposed to be paid back in one single payment on 30 November 2010.
Italian: La convenzione di prestito di Osinek è stata conclusa il 30 aprile 2009 e il prestito doveva essere pagato in unica volta il 30 novembre 2010.
English: However, the situation improved by the end of the second quarter, i.e. by 30 June 2008. A similar trend can be observed in the cash-flow situation.
Italian: La situazione è tuttavia migliorata nel secondo trimestre, fino al 30 giugno 2008.
Polish: Sytuacja uległa jednak poprawie pod koniec drugiego kwartału, tj. do dnia 30 czerwca 2008 r. Podobną tendencję można zaobserwować w przypadku przepływów środków pieniężnych.
English: With effect from 1 December 2009, Articles 87 and 88 of the EC Treaty have become Articles 107 and 108 respectively of the Treaty on the Functioning of the European Union (‘TFEU’). The two sets of provisions are, in substance, identical.
Italian: A partire dal 1o dicembre 2009, gli articoli 87 e 88 del trattato CE sono divenuti rispettivamente gli articoli 107 e 108 del trattato sul funzionamento dell’Unione europea («TFUE»). ma non cambiano nella sostanza.
English: Flight simulator [155 - 170]
Lithuanian: „YBN Consult – Znalecký ústav s.r.o.“, 2009 m. rugsėjo 30 d. eksperto išvada
English: YBN Consult — Znalecký ústav s.r.o., Expert opinion of 10 September 2009 from 22 September 2009 (2nd Addendum)
Lithuanian: nuo 2009 m. rugsėjo 22 d. (2 priedas)
English: However, the decollateralisation of the loan and its capitalisation (the debt-for-equity swap) was notified to the Commission on 12 May 2010 (SA.30908 ČSA — Czech Airlines — Restructuring plan) and implemented in June 2010. Therefore, this decision deals only with the Osinek loan of CZK 2,5 billion itself on the basis of the loan agreement concluded on 30 April 2009.
Lithuanian: Tačiau apie turto, įkeisto paskolai užtikrinti, grąžinimą ir paskolos kapitalizavimą (skolos ir nuosavo kapitalo apkeitimo sandorį) Komisijai buvo pranešta 2010 m. gegužės 12 d. (SA.30908 ČSA – „Czech Airlines“ – Restruktūrizavimo planas), o turtas grąžintas ir paskola kapitalizuota 2010 m. birželio mėn. Todėl šis sprendimas yra skirtas tik 2,5 mlrd. CZK „Osinek“ paskolai, suteiktai pagal 2009 m. balandžio 30 d. paskolos sutartį.
English: ČSA is a state-owned company with 95,69 % of its shares owned by the Czech Republic through the Ministry of Finance. The minority shareholders are Česká pojišťovna, a.s.
Lithuanian: ČSA yra valstybės įmonė, kurios 95,69 % akcijų per Finansų ministeriją priklauso Čekijai.
English: The interested third parties argue that ČSA was in severe difficulties already before 1 July 2008. Furthermore, they argue that the Osinek loan was provided at a substantially lower interest rate than what a bank would require under similar circumstances, considering the financial situation of ČSA, the length of repayment, the quality of the collateral and the low probability of actual repayment. In such circumstances, the Osinek loan would constitute illegal state aid incompatible with EU rules. One competitor who provided comments claims that ČSA fulfilled the condition that more than half of its registered capital had disappeared in 2007, 2008 and 2009. Moreover, in the years 2008 and 2009, more than one quarter of the registered capital of ČSA had disappeared over the preceding 12 months. The same competitor explains that it may be assumed from the decrease of registered capital of ČSA in 2008 that already on 1 July 2008 the company met both conditions for a firm in difficulty within the meaning of point 10(a) of the R&R Guidelines.
Lithuanian: Suinteresuotosios trečiosios šalys teigia, kad ČSA patyrė didelių sunkumų jau iki 2008 m. liepos 1 d. Be to, jų teigimu, „Osinek paskola buvo suteikta gerokai mažesne palūkanų norma nei esant panašioms aplinkybėms reikalautų bankas, atsižvelgdamas į ČSA finansinę padėtį, paskolos grąžinimo laikotarpį, įkaito kokybę ir mažą faktinio paskolos grąžinimo tikimybę. Tokiomis aplinkybėmis „Osinek“ paskola yra neteisėta valstybės pagalba, nesuderinama su ES taisyklėmis. Vienas pastabas pateikęs konkurentas teigia, kad daugiau nei pusė ČSA registruoto kapitalo 2007, 2008 ir 2009 m. dingo, todėl bendrovė įvykdė sąlygą būti pripažinta sunkumus patiriančia įmone. Be to, 2008 ir 2009 m. daugiau nei ketvirtadalis ČSA registruoto kapitalo per ankstesnius 12 mėnesių buvo dingęs. Tas pats konkurentas paaiškina, kad, atsižvelgiant į ČSA registruoto kapitalo sumažėjimą 2008 m., galima daryti prielaidą, jog jau 2008 m. liepos 1 d. bendrovė įvykdė abi Sanavimo ir restruktūrizacijos gairių 10 dalies a punkte nurodytas sąlygas, kad būtų pripažinta sunkumus patiriančia įmone.
English: Jiří Rybář & JUDr. Pavel Štrbík.
Dutch: Pavel Štrbík opdracht tot een juridische analyse.
English: CZEONIA (Czech Over Night Index Average) is defined as the weighted average of the interest rates of all unsecured O/N deposits placed by reference banks on the interbank market. It is calculated and published by the Czech National Bank (http://www.cnb.cz/en/financial_markets/money_market/czeonia/daily.jsp).
Dutch: De CZEONIA (Czech Over Night Index Average (de gemiddelde Tsjechische daggeldrente) is het gewogen gemiddelde van de rentepercentages van alle door de referentiebanken op de interbancaire markt geplaatste niet-gegarandeerde O/N deposito's. Dit wordt berekend en gepubliceerd door de Tsjechische nationale bank (http://www.cnb.cz/en/financial_markets/money_market/czeonia/daily.jsp).
English: The Osinek loan agreement was concluded and signed on 30 April 2009 on behalf of Osinek by its liquidator. In order to identify potential risks associated with the loan, Osinek commissioned an economic analysis of ČSA from an independent expert, European Business Consulting spol. s.r.o.
Polish: Umowę pożyczki ze spółką Osinek zawarł i podpisał w imieniu spółki jej likwidator w dniu 30 kwietnia 2009 r. Aby określić potencjalne ryzyko związane z pożyczką, spółka Osinek zleciła niezależnemu ekspertowi, European Business Consulting spol. s.r.o.
English: ČSA has been the national air carrier of the Czech Republic since 1923. It is headquartered in Prague and operates from Prague Ruzyně airport.
Polish: Spółka ČSA jest narodowym przewoźnikiem lotniczym Republiki Czeskiej od 1923 r. Siedziba główna spółki znajduje się w Pradze, a jej bazą jest port lotniczy Praga-Ruzyně.
English: ČSA is using CAS because of its obligation under Czech tax laws. However, ČSA's activities are not limited to the Czech Republic but are global, which is why ČSA has been using IFRS as well.
Swedish: ČSA:s verksamhet begränsar sig givetvis inte enbart till Tjeckien, utan är världsomspännande, och därför använder sig ČSA också av internationell redovisningsstandard.