natgillin/translations-raw huggingface dataset:
Комисията отбелязва датата 30 септември 2005 г. като референтна дата за оценката на SNCM, която е датата, на която е направен реалният избор между приемане на предложението за възстановяване на дружеството или неговата ликвидация; решението за избора на BCP е взето на 27 септември 2005 г.
Account should also be taken of the fact that the State’s actions, assuming that it was indeed guilty of mismanagement, were intended to protect national industries and services, including SNCM and its employees, notably by avoiding imposing a situation on them which could have provoked social unrest.
Относно стойността на активите на SNCM
In reality, even if public bodies, including the State, can be considered in certain circumstances to be de facto managers of an undertaking, there is nothing to indicate that the measure to make good the shortfall can be used to gain insight into the State’s policy decisions, particularly in such circumstances.
Комисията отбелязва, че акционерът на SNCM със сътрудничеството на кантора Ernst & Young е пристъпил към определяне на разходите за ликвидацията на дружеството (горепосоченият доклад CGMF) на 30 септември 2005 г., който е бил повторно разгледан от Oddo Corporate Finance и кантората Paul Hastings.
This is a far cry from the circumstances of the Aspocomp case, which was in no way concerned with such matters.
Комисията припомня, че в горепосочения доклад Oddo—Hastings активите на SNCM са оценени на 190,3 млн.
The Commission considers in any event that the French authorities cannot now avail themselves of political choices made in the past to justify public intervention intended to remedy the effects of those earlier choices.
EUR.
On the contrary, both cases of intervention, i.e. the interference of the past and the more recent public intervention, should be regarded as cumulative distortions of competition.
Що се отнася до стойността на собствената флота [127], брутната продажна стойност на корабите на SNCM е била оценена от специализирания експерт BRS на 224 млн.
Accepting the State’s liability for making good the asset shortfall would be tantamount to allowing the State to admit to mismanagement of the undertaking so as to be able to make a financial contribution without its being classed as state aid, thereby engendering a fresh distortion of competition.
EUR на 30 септември 2005 г., а флотата на SNCM е била оценена в доклада Oddo на 150,7 млн.
The State would effectively be ‘using’ its own mismanagement as justification for granting an additional financial contribution in contradiction with the general principle of ‘nemo auditur propriam turpitudinem allegans’ [151].
EUR след отстъпки [128], комисиона за търговско посредничество [129] и несигурно събитие [130].
It would also be totally contrived to portray the State simultaneously as saint and sinner, i.e. as a ‘bad manager’ (assuming this were proven to be the case) stepping in to bail out the undertaking which it has mismanaged.
Таблица 3
Management errors do not constitute normal behaviour on the part of the prudent private investor in a market economy.
Сценарии за остойностяване на активите на SNCM към 30 септември 2005 г.
Accordingly, bail-out mechanisms to set right such errors are not normal behaviour either.
Източници:
Accepting the theory advanced by the French authorities and by SNCM would pave the way for the State to award guarantees to undertakings by knowingly ‘making management errors’.
Доклад Oddo—Hastings, доклад на експерт на Комисията.
This is hardly acceptable in terms of aid discipline.
Стойност на активите
In this case, the conduct that would incur the liability of the State according to the theory expounded by SNCM and the French authorities would in fact only apply to the State’s actions as a public authority, not as a shareholder.
в доклада Oddo
Given that a prudent private investor would not have taken decisions based on these political and public considerations, the risk of having to make good an asset shortfall resulting from such decisions does not come into play for a ‘prudent private investor in a market economy’ test [152].
според експерт на Комисията
The French authorities point out that in its ABX decision of 7 December 2005 the Commission was willing to take account of the fact that ‘in certain exceptional cases, some national legislation provides for the possibility of third parties to bring proceedings against the shareholders of a liquidated company, in particular if these shareholders may be considered [deleted in the text] and/or as being guilty of mismanagement.’ [153].
Нематериални активи
However, the Commission underlines that the concept of aid must be assessed objectively and notes that the decision to open proceedings in the same case stipulated that ‘even in the unlikely event that all of these conditions required by national law to hold them accountable … were fulfilled, this would still not rule out the presence of state aid in the measures for the benefit of the subsidiary.’ [154].
Материални активи
In the present case, the Commission considers that the French authorities have not adequately dispelled its doubts surrounding the assertion that SNCM’s shareholder was at risk, with a sufficient degree of certainty, of being held to account.
Собствена флота
In these circumstances, and having refused to take into account the additional redundancy payments (see recitals 225 et seq.), the Commission concludes that liquidating SNCM would have cost the State nothing.
Недвижими имоти [131]
The Commission considers that the State, as shareholder, cannot be obliged to bear the costs of the liquidation because shareholders’ exposure is linked to their capital contribution to the undertaking.
Финансови активи [132]
Conclusion
Нематериални активи
The Commission considers that a private investor would have favoured the less costly solution, i.e. the liquidation of SNCM.
Стокова наличност
It concludes, therefore, that the negative price of EUR 158 million constitutes State aid.
Аванси и предплати
EUR 8,75 million capital contribution by CGMF
Вземания от клиенти
In their observations following the decision to open the procedure, the French authorities note that the recapitalisation by the State to the tune of EUR 8,75 million occurred concurrently with capital injections by private investors and that the State took a minority stake while the majority of the funds were provided by the market.
Други вземания [133]
Furthermore, they consider that the rate of return on the State’s contribution, i.e. […] [60] Confidential information.
Нетни парични потоци
% per annum, constitutes adequate long-term profitability for capital invested by a private investor.
Сметки от изравняване
In their note of 16 May 2013, they also state that the risks connected with the cancellation clause are offset by the repurchase option available to the private shareholders.
Други активи
The State’s contribution must now be compared with that of the private investors, i.e. EUR 26,25 million.
Общо активи
The State’s contribution amounts to EUR 158 million (see section 6.1.2) plus an additional EUR 38,5 million in individual aid and EUR 15,81 million paid under the 2002 plan (see sections 6.1.4 and 6.1.5).
При прочита на горната таблица Комисията констатира, че флотата от кораби съставлява основният елемент от оценката на активите на дружеството.
All of the 2006 measures are set out in the memorandum of understanding in which each of the parties (CGMF, BCP and VT) agreed to the EUR 158 million capital contribution, the EUR 38,5 million current account advance and the EUR 8,75 million capital increase.
В тази връзка експертът на Комисията е преценил след извършване на сравнителен анализ в подходящото време, че намалението, приложено към брутната продажна цена на корабите и несигурното събитие, са били съвместими.
These three measures constitute a single operation aimed at privatising SNCM.
На тази база той е направил заключения, че няма аргументи за отхвърляне на оценката на стойността на флотата, изготвена от държавата.
As the General Court itself observes in paragraph 125 of the judgment of 11 September 2012, ‘That capital contribution [of EUR 8,75 million] takes place in the context of a global sale agreement, resulting from a single set of negotiations, in which the purchasers’ capital constitutes the counterpart to significant commitments, in various forms, made by the French State’.
По отношение на намалението Комисията смята, че неговото ниво е съвместимо с намаленията, наблюдавани при продажбите на кораби при съдебна ликвидация.
The three measures in question are therefore to be considered a package and this capital injection into SNCM by the State must be compared with the contribution by private investors for the purposes of assessing the significance of the intervention.
Според експерта на Комисията Управлението за морски транспорт, национално белгийско дружество, обслужващо линията Остенде—Рамсгате, е продало например два ферибота за автомобили през 1997 г. с намаления, оценени на 35 % и 45 %.
In the light of the foregoing, the Commission concludes that the private shareholder contribution, i.e. 10,6 % of the total, cannot be considered significant.
Неотдавна дружеството Festival Cruises е продало три туристически кораба със средна отстъпка от 20 %.
As already established in recital 311, the three measures in question constitute a single privatisation operation.
Намаленията, прилагани в сходни случаи, са от порядъка на тези, приложени от френските органи в настоящия случай.
The Commission therefore considers that the public and private capital contributions are to be deemed concurrent.
Що се отнася до несигурното събитие, такъв пример не е бил отбелязан на пазара и Комисията смята, че аргументите, оправдаващи прилагането на несигурното събитие са съвместими с ограничения пазар на специализирани кораби, изработени за изключително специфична употреба.
Regarding the criterion of contributions made under comparable conditions, the Commission notes, firstly, that the interested parties CCF and STIM have called into question the significant nature of the private intervention, and in particular the existence of comparable conditions between the public investment and the private investors, given the presence of a cancellation clause.
От друга страна Комисията отбелязва, че нейният независим експерт е ревизирал покачването на стойността на финансовите активи, по-специално стойността на участието на SNCM в CMN (от 21,8 млн.
The Commission considers that the circumstances of this capital increase alone demonstrate that the risks run by the private and public investors are not identical.
EUR до 28 млн.
The existence of the cancellation clause and the conditions attached thereto suffice to show that the respective outcome for the private investors and the public investor in terms of risk is not the same should the conditions set out in the clause be fulfilled.
EUR).
In accordance with the memorandum of understanding, private investors have the option of withdrawing and recovering their investment in the event of a negative decision by the Commission, the General Court or the Court of Justice, or of non-renewal of the public service delegation.
В тази връзка, предвид предложението за закупуване на това участие от Stef-TFE за 35,2 млн.
This latter part of the cancellation clause is all the more penalising for the State as it concerns SNCM’s core activity.
EUR, предадено на Комисията в рамките на настоящото разследване, Комисията счита, че оценката на участието на SNCM в CMN в размер на 28 млн.
Broadly speaking, two thirds of its activities are carried on between Marseille and Corsica under the public service delegation.
EUR е разумна в контекста на ликвидация на дружеството.
Private investors are therefore protected by the cancellation clause against the commercial risk in respect of the majority of SNCM’s activities.
Относно остойностяването на другите компоненти на активите експертът на Комисията не е изразил конкретно възражение.
This risk is actually borne by the State alone.
Той не е отбелязал рубриката „нетни парични потоци“ в активите, тъй като тя е в дефицит.
Invoking the aforementioned cancellation clause would generate an obligation to reimburse all of the capital contributions of the buyers by SNCM for the benefit of these private investors.
Комисията смята, че тази рубрика трябва да премине към пасивите на дружеството SNCM.
This would leave CGMF once more holding 100 % of SNCM’s capital, at a time when the risk of liquidation and hence of the loss of a significant portion of the public investment will have increased substantially.
Като взема предвид извършените промени, Комисията оценява активите на SNCM на 211,4 млн.
As for the promise to purchase by the private shareholders, this cannot be invoked by CGMF in the event of the receivership or liquidation of SNCM.
EUR към 30 септември 2005 г.
This confirms that, in the event of difficulties, this option cannot be invoked, and the risks are borne essentially by CGMF and hence the State.
Относно оценката на пасивите на SNCM
The Commission considers, therefore, that this promise to purchase cannot be regarded as the counterpart to the cancellation clause.
Комисията установява, че френските органи оценяват дължимата сума за привилегировани вземания на 153,8 млн.
Furthermore, the Commission cannot accept the French authorities’ argument that the memorandum of understanding contained a series of guarantees intended to protect the State’s investment.
EUR, а на 170,9 млн.
The obligations imposed on the buyers do not constitute additional risks or constraints placed on the buyers that would leave them in a situation comparable to that of CGMF.
EUR — дължимата сума за непривилегировани вземания (без допълнителните обезщетения за уволнение).
They are solely intended to ensure that, during the period in which the cancellation clause may be invoked by the private buyers, the latter do not make any legal modification to SNCM and carry out only those actions which are necessary in order to implement the business plan and the social pact.
Що се касае по-специално до пасивите на дружеството, френските органи изчисляват цената на социалния план по колективния трудов договор на [70—80] [60] Поверителна информация.
Furthermore, as underlined by the General Court in its judgment of 11 September 2012, an analysis of the expected return is not in itself enough to enable the conclusion to be drawn that the investment was made by the State on market conditions, given the fact that the risks are not shared equitably between the public and the private shareholders.
млн.
Even if the condition of ‘investments made on equal terms’ (‘pari passu’) is not fulfilled, the measure can still be compliant with the principle of the private investor in a market economy.
EUR.
In such cases, it has to be shown that the State acted in the same way as a prudent private investor in a similar situation, for example by carrying out ex ante analyses of the profitability of the investment.
Разходите по социалния план са определени на индивидуална база и предвид вида на договора (безсрочен договор — CDI и срочен договор — CDD), устава и колективните трудови договори (морски персонал, стационарен персонал и управление), трудовия стаж, позицията и възнаграждението на всеки отделен служител.
However the French authorities have not provided proof of any such ex ante analysis.
Този размер покрива неустойките по предизвестия ([20—30] [60] Поверителна информация.
They only considered in their observations ex post that the fixed rate of return of […] [60] Confidential information.
млн.
% would be adequate for a private investor, by comparing it with the rates of return on an OAT (Obligation Assimilable du Trésor) issued by the State, and on which the return at the time was between 3,72 % and 3,95 %.
EUR), неустойките по платен отпуск по предизвестие ([0—10] [60] Поверителна информация.
They did not, however, provide any analyses to show that the rate of 10 % would have been acceptable for a private investor, given the risks borne by the State, e.g. the risks relating to the termination clause and those linked to the situation of the undertaking.
млн.
Above all, the rate of […] [60] Confidential information.
EUR), конвенционални обезщетения за уволнение ([30—40] [60] Поверителна информация.
% applies only to the capital contribution of EUR 8,75 million, but any analysis should have taken into account the total state contribution accepted in the memorandum.
млн.
Given that there is no return associated with the negative sale price of EUR 158 million or with the current account advance of EUR 38,5 million, the rate of return on the State’s entire investment in SNCM at the time of privatisation in 2006 would have been significantly lower than the rate of return on an OAT.
EUR) и контрибуция Delalande ([0—10] [60] Поверителна информация. млн.
Given the risks involved, this rate would not have been accepted by a private investor in a market economy.
EUR) [134].
In the light of the foregoing, the Commission considers that the criteria laid down by case-law to exclude outright the aid nature of the measure in question are not fulfilled.
Цената на социалния план извън колективните трудови договори е оценен от френските органи на [30—40] [60] Поверителна информация.
The Commission considers, therefore, that the State’s capital contribution of EUR 8,75 million confers an economic advantage on SNCM inasmuch as that contribution was made in parallel with a contribution of private capital under conditions which are not comparable within the meaning of Union case law.
млн.
Consequently, the measure in question constitutes State aid within the meaning of Article 107(1) TFEU.
EUR.
Measures involving aid to individuals (EUR 38,5 million)
Този социален план обхваща всички придружаващи мерки, свързани със законовите и регулаторни задължения на SNCM в областта на уволнението [135] и косвените разходи, свързани с социалния план по колективния трудов договор [136].
The French authorities consider that this funding constitutes aid to individuals which does not benefit the undertaking and therefore is not State aid.
Разходите по прекратяване на основните договори за експлоатация засяга основно и включването на банкова гаранция в размер на 7,4 млн.
The interested parties CCF and STIM contested the categorisation of this measure as aid to individuals because they consider that the measure could generate indirect positive effects for SNCM.
EUR, дадена като гаранция за доброто изпълнение от страна на SNCM на неговите задължения за извършване на обществена услуга, към която се прибавя наказателна санкция, предвидена в договора, в размер на 2 % от референтната финансова компенсация в размер на 63 млн.
The Commission considers that the fact that the direct beneficiaries of the aid to individuals are employees is not sufficient to demonstrate the absence of aid for the benefit of their employer.
EUR за 2005 г., или около 1,2 млн.
The General Court held that:
EUR.
‘the fact that the direct beneficiaries of the aid to individuals are employees is not sufficient to demonstrate that no aid had been provided to their employer.’ [155].
По отношение на нетния пасив, свързан с цесията на кораби на лизинг, [137] френските органи подчертават, че на базата на определени хипотези [138] нетният продукт от цесията е оценен от специализирания експерт BRS на 144,8 млн.
As also indicated by the General Court in paragraph 138 of the judgment of 11 September 2012, ‘In order to examine whether that aid to individuals constitutes aid within the meaning of Article 87(1) EC, it is therefore necessary to determine whether SNCM obtains an indirect economic advantage which enables it to avoid having to bear costs which would normally have had to be met out of its own financial resources and therefore prevents market forces from having their normal effect.’
EUR към 30 септември 2005 г. след отстъпки, комисиона за търговско посредничество и финансови разходи за пристанище.
Furthermore, the Commission notes that, according to the memorandum of understanding, this measure is a commitment by the State towards the private partners to finance ‘the proportion of the cost of possible voluntary departures or breach of employment contracts (whatever their nature) which is in addition to sums of all kinds which must be paid by the employer …’ As the General Court states in paragraph 145 of the judgment of 11 September 2012, the inclusion of this aid to individuals in the sale agreement tends to show that it creates an advantage.
Спестяванията от данъци и банкови задължения възлизат на 193,5 млн.
The parties had recourse to it because they could derive a certain advantage from it.
EUR, като съществува оставаща сума от банкови задължения за корабите, закупени на лизинг, която трябва да бъде възстановена, на стойност 48,7 млн.
This aid is therefore liable to confer an economic advantage on SNCM by releasing it from the obligation to bear all the costs connected with the potential future departure of certain employees.
EUR.
If an undertaking is relieved of these costs by the State, it effectively receives an advantage.
Таблица 4
The Commission stresses that these supplementary social measures are intended to facilitate the implementation of the redundancy plans necessary to attain the objectives of the undertaking, and that they are not a statutory requirement.
Сценарии за остойностяване на пасивите на SNCM към 30 септември 2005 г.
In this case, the frequency of industrial action within SNCM shows that the implementation of a social plan in the undertaking as much as guarantees the outbreak of strikes and other industrial action.
Стойност на пасивите
There is absolutely no doubt that these additional social measures constitute an advantage for SNCM.
Привилегировани задължения, от които:
The Commission considers, therefore, that this measure constitutes aid within the meaning of Article 107(1) TFEU.
Социални и данъчни задължения
The balance of EUR 15,81 million awarded as restructuring aid in 2002
[20—30]*
The 2006 measures increase substantially the EUR 69,29 million in restructuring aid examined under the 2002 plan and can be regarded as a modification to the restructuring plan and its cost.
Финансови задължения, гарантирани с активи [139]
When privatisation was envisaged, the restructuring plan was still under way.
Разходи по социалния план по колективния трудов договор
However, the intended aim of restoring viability had not been achieved by SNCM.
[70—80]*
The General Court highlighted that ‘[i]n that regard, it must be noted that the 2006 Decision is explicit on the fact that, as there are elements of aid for restructuring in the 2006 Plan, those elements ought to be analysed in conjunction with the aid for restructuring in the 2002 Plan …’ [156].
Разходи по пенсионни осигурителни каси [140]
The General Court underlines that this analysis was carried out ‘on a sound basis’.
Разходи по процеса на ликвидация
The sum of EUR 69,29 million comprises the EUR 66 million granted in 2002 as the first instalment of the restructuring plan and the EUR 3,29 million in aid granted in 2005 as the second instalment.
Добавени загуби от дейността [141]
Of this amount of aid granted under the 2002 restructuring plan, EUR 53,4 million concerns in reality the public service delegation.
Удовлетворяване на привилегировани кредитори
Since the General Court judgment of 11 September 2012 confirmed the legality of this aid, the Commission must examine jointly the compatibility of the restructuring aid proper, i.e. the EUR 15,81 million granted during the 2002 restructuring operation, and the compatibility of all of the 2006 measures in the light of the 2004 guidelines.
Необезпечени задължения [142]
EXAMINATION OF THE COMPATIBILITY OF THE RESTRUCTURING AID PAID IN 2002 AND 2006
Разходи по социалния план, извън колективния трудов договор
Guidelines to consider
[30—40]*
The Commission notes that the 2002 restructuring plan was examined under the 1999 guidelines.
Разходи по прекратяване на основните договори за експлоатация
It also notes that the new 2006 measures integrating the 2002 plan post-date the entry into force of the new 2004 guidelines and were implemented before the Commission had authorised them.