natgillin/translations-raw huggingface dataset:
Derfor udgør indfrielsen af forpligtelser ved delvis eftergivelse af offentlige restancer ifølge Ernst & Young-undersøgelsen ikke statsstøtte i henhold til artikel 107, stk. 1, i TEUF.
Accordingly, the settlement of outstanding liabilities in the form of a partial write-off of public liabilities as per the Ernst&Young study does not constitute state aid within the meaning of Article 107(1) TFEU.
Anvendte foranstaltninger vedrørende PZL Wrocław
Measures with regard to PZL Wrocław
Lånet til PZL Wrocław i 2007
The 2007 loan granted to PZL Wrocław
Kommissionen skal vurdere, om lånet i 2007 udgjorde en fordel for PZL Wrocław.
The Commission needs to determine whether the 2007 loan conferred an advantage on PZL Wrocław.
I dette øjemed skal Kommissionen fastslå, om en privat investor ville have gennemført den pågældende transaktion på de samme vilkår (»det markedsøkonomiske investorprincip«), og i benægtende fald på hvilke vilkår investoren ville have gennemført transaktionen [43].
For that purpose, the Commission must establish whether a private investor (‘market economy investor principle’) would have concluded the transaction in question on the same terms and, if not, on which terms it would have done so [43].
Kommissionen bemærker, at det med henblik på at vurdere, om et lån ydet af et statsligt organ, som allerede er aktionær i virksomheden, er i overensstemmelse med princippet vedrørende private investorers adfærd, er nødvendigt at sammenligne denne investering med investeringer foretaget af et privat holdingselskab eller en privat koncern, der forfølger strukturpolitiske mål eller andre langsigtede mål [44].
The Commission notes that in order to ascertain whether a loan granted by a state body which is already a shareholder in the company complies with the market economy investor principle, its investment should be compared with investments by a private holding company or private group of companies pursuing structural policy and being guided by the longer-term prospects [44] .
Kommissionen mener ikke, at ARP er en ekstern investor, der investerer med henblik på indtægter fra afkast fra investeringen i form af renter, men er en aktionær, som er indehaver af mere end 90 % af aktierne i PZL Hydral, som igen er indehaver af 100 % af aktierne i PZL Wrocław.
The Commission takes the view that the IDA is not an external creditor which invests in order to obtain profits based on the return on its investment in the form of an interest rate, but that it is a shareholder with more than 90 % of shares in PZL Hydral, which in turn holds 100 % of shares in PZL Wrocław.
Det må derfor vurderes, om en privat investor ville have ydet 2007-lånet under de samme omstændigheder.
It must therefore be determined whether a private investor would have granted the 2007 loan in the same circumstances.
Med hensyn til 2007-lånet til PZL Wrocław bemærker Kommissionen først og fremmest, at lånet blev ydet til PZL Wrocław, en virksomhed, der på dette tidspunkt var rentabel og ikke kriseramt, jf. rammebestemmelserne for redning og omstrukturering (jf. betragtning 47 og 48).
As regards the 2007 loan to PZL Wrocław, the Commission notes first that it was granted to PZL Wrocław, a company which at that time was financially viable and not in financial difficulty within the meaning of the rescue and restructuring guidelines (see points 47 and 48).
Der var i stedet tale om en ny virksomhed uden gæld, som allerede havde et betydeligt antal ordrer, hovedsagelig i form af kontrakter med det polske forsvarsministerium, som virksomheden havde langvarige forretningsforbindelser med.
Instead it was a new company without debt which already had a significant number of orders on its books, mainly in the form of contracts with the Polish Ministry of Defence, with which it had a longstanding business relationship.
Kommissionen bemærker, at ARP forventede et afkast på […] % på sin investering i andele i egenkapitalen til gengæld for fordringer og efterfølgende på salget af PZL Wrocław til en privat investor (for en anslået pris på […]) i overensstemmelse med planen.
The Commission notes that the IDA anticipated securing a return on its investment by way of a debt-for-equity swap of […]% and the subsequent sale of this stake in PZL Wrocław to a private investor (for an estimated […]), as stated in the Plan.
I denne forbindelse tog ARP hensyn til de igangværende forhandlinger med […] (jf. punkt 74).
The IDA took into consideration the ongoing negotiations with […] (see point 74).
For at kunne slå fast, om ARP handlede i overensstemmelse med det markedsøkonomiske investorprincip, er det derfor nødvendigt at vurdere, hvilken pris ARP kunne forvente for sin andel, hvor højt risikoniveauet var, og om afkastet på investeringen ved dette salg stod i et rimeligt forhold til den risiko, ARP havde taget.
In order to establish whether the IDA had acted in accordance with the private investor principle, it is therefore necessary to determine what sales price IDA could expect for its stake, what the level of risk was, and whether the return on the investment resulting from that sale was adequate in relation to the risk taken by the IDA.
Forud for tildelingen af lånene havde ARP bestilt en undersøgelse hos en uafhængig ekspert med henblik på at få bestemt værdien af PZL Wrocław, efter at udskilningen fra PZL Hydral var gennemført (jf. betragtning 66).
Prior to granting the loan, the IDA had commissioned a study from an independent expert in order to establish the value of PZL Wrocław once the hive-off from PZL Hydral had been completed (see point 66).
Kommissionen vurderede denne undersøgelse kritisk og konkluderede, at det var rimeligt at forvente salgspriser på mindst […] (jf. betragtning 71 ff.).
The Commission critically assessed this study and concluded that it was reasonable to expect a sales price of at least […] (see point 71 et seq.).
Ved at sælge ca. […] % af aktierne kunne ARP derfor forvente et betragteligt afkast på mindst 48,5 mio. PLN i tilfælde af et vellykket salg.
By selling approximately […]% of the shares, the IDA could therefore expect a considerable return of at least PLN 48,5 million in the event of a successful sale.
Kommissionen erkender, at enhver privatisering er forbundet med stor risiko.
The Commission acknowledges that there are always considerable risks inherent in any privatisation.
I det foreliggende tilfælde var det første forsøg allerede slået fejl.
In the present case a first attempt had already failed.
Samtidig bemærker Kommissionen, at de generelle udsigter for en polsk virksomhed med aktiviteter inden for luftfartøjs- og forsvarsmateriel var relativt stabile i betragtning af den polske hærs nuværende udenlandske engagementer og Polens deltagelse i NATO med hensyn til forsvarskapacitet.
At the same time, the Commission notes that the overall prospects for a Polish aviation and defence company were relatively stable taking into account the Polish army's ongoing duties abroad and Poland's commitments to NATO regarding its defence capabilities.
Ydermere er der høje barrierer omkring det pågældende marked i form af krav om særlige koncessioner, hvilket gør de etablerede aktører på dette marked endnu mere attraktive.
Furthermore, in view of the need to hold special permits, barriers to entry to the relevant market segment are high, which in turn increases the attractiveness of the established players.
Kommissionen bemærker også, at det forventede afkast på investeringen var tilstrækkeligt højt til at retfærdiggøre en relativt høj risiko, og at ARP desuden havde indhentet sikkerhed i form af et registreret pant i maskiner for 5,5 mio. PLN og et ordinært pant på i […] % aktierne (jf. punkt 65).
The Commission also notes that the expected return on investment was sufficiently important to justify a relatively high risk, and that in addition the IDA had obtained collateral in the form of a registered pledge on machinery for PLN 5,5 million and an ordinary pledge on […]% of the shares (see point 65).
På denne baggrund finder Kommissionen, at 2007-lånet blev ydet i overensstemmelse med det markedsøkonomiske investorprincip, og det udgør derfor ikke statsstøtte, jf. artikel 107, stk. 1, i TEUF.
On this basis, the Commission is satisfied that the 2007 loan was granted in line with the private investor principle and therefore does not constitute state aid within the meaning of Article 107(1) of the TFEU.
Lånet til PZL Wrocław i 2008
The 2008 loan granted to PZL Wrocław
Kommissionen skal vurdere, om lånet i 2008 udgjorde en fordel for PZL Wrocław.
The Commission needs to determine whether the 2008 loan conferred an advantage on PZL Wrocław.
I dette øjemed vil Kommissionen anvende det markedsøkonomiske investorprincip i overensstemmelse med betragtning 212-214 og af de grunde, der her er beskrevet.
To that end the Commission will apply the private investor principle as set out in points 212 to 214 and for the reasons explained therein.
Med hensyn til 2008-lånet til PZL Wrocław bemærker Kommissionen først og fremmest, at lånet blev ydet til PZL Wrocław, en virksomhed, der på dette tidspunkt var rentabel og ikke kriseramt, jf. rammebestemmelserne for redning og omstrukturering.
As regards the 2008 loan to PZL Wrocław, the Commission notes first that it was granted to PZL Wrocław, a company which at that time was financially viable and not in financial difficulty within the meaning of the rescue and restructuring guidelines.
Der var i stedet tale om en ny virksomhed uden gæld, som allerede havde et betydeligt antal ordrer, hovedsagelig i form af kontrakter med det polske forsvarsministerium til en værdi af […] (jf. betragtning 48).
Instead it was a new company without debt which already had a significant number of orders on its books, mainly in the form of contracts for an amount of […] with the Ministry of Defence (see point 48).
Kommissionen mener, at dette lån blev ydet med det specifikke formål for øje at øge antallet af ordrer fra forsvarsministeriet.
The Commission takes the view that this loan was granted specifically for the purpose of processing the increasing number of orders from the Ministry of Defence.
Desuden indhentede virksomheden i 2008 privat finansiering i form af operationel leasing (jf. betragtning 87).
Moreover, in 2008 the company obtained private funding in the form of an operating lease (see point 87).
Kommissionen bemærker, at ARP ydede 2008-lånet kort før den forventede afslutning af forhandlingerne med […] om salget af PZL Wrocław (jf. betragtning 74).
The Commission notes that the IDA granted the 2008 loan shortly before the expected end of negotiations with […] regarding the sale of PZL Wrocław (see point 74).
ARP gjorde dette for at tilvejebringe overgangskapital i perioden forud for indgåelsen af handelen i en periode, hvor PZL Wrocław var nødt til at udvide sin kapacitet hurtigt for at kunne håndtere et stigende antal ordrer fra forsvarsministeriet.
It did so in order to provide a bridging loan for the period prior to closing the deal, when PZL Wrocław had to expand its capacity rapidly in order to cope with increasing orders from the Ministry of Defence.
ARP's vigtigste grund til at yde lånet var at gøre det muligt for virksomheden at udnytte forretningsmulighederne før indgåelsen af handelen med […] og at sikre, at aftalen blev hurtigt underskrevet.
The IDA's main motivation for granting the loan was therefore to ensure that the company could take advantage of business opportunities before the deal with […] was closed and to ensure that the deal would be concluded swiftly.
Kommissionen bemærker, at lånet er begrænset til 4 mio. PLN - det beløb, der er nødvendigt for at erhverve de anlægsaktiver, der er nødvendige for at kunne tilfredsstille den øgede efterspørgsel hos forsvarsministeriet.
The Commission notes that the loan is limited to PLN 4 million, the amount necessary to acquire the assets needed to meet the additional demand from the Ministry of Defence.
Desuden bemærker Kommissionen, at lånet blev sikret ved et registreret pant i maskiner til en værdi af 2,8 mio. PLN og ved et ordinært pant i udeståender fra kommercielle kontrakter til en værdi af 5,2 mio. PLN, samt at lånet havde en variabel rente, som var identisk med referencerenten som offentliggjort af Kommissionen (jf. betragtning 83).
Furthermore, the Commission observes that the loan was secured by a registered pledge on machinery to a value of PLN 2,8 million and by an ordinary pledge on receivables from commercial contracts to a value of PLN 5,2 million, and that it had a variable interest rate which was identical to the applicable reference rate published by the Commission (see point 83).
Ikke desto mindre undersøgte ARP, før det tildelte 2008-lånet, PZL Wrocławs finansielle situation og kunne konstatere, at virksomheden kørte med fortjeneste.
Nevertheless, before granting the 2008 loan, the IDA examined PZL Wrocław's financial situation and found it to be profit-making.
På denne baggrund kunne ARP forvente, at PZL Wrocław ville tilvejebringe tilstrækkelig likviditet, til at virksomheden kunne betale sit lån, og ARP få et afkast på sin investering.
On that basis the IDA could expect PZL Wrocław to generate sufficient cash flow for it to repay the loan and for the IDA to receive a return on its investment.
Kommissionen bemærker, at det er normal forretningspraksis, at en flertalsaktionær, der er i færd med at sælge en virksomhed, yder et overgangslån, hvis dette er nødvendigt med henblik på udnyttelse af forretningsmuligheder og sikring af et effektivt salg.
The Commission observes that it is normal business behaviour for a majority shareholder that is in the process of selling a company to grant a small bridging loan, if that loan is necessary to take advantage of business opportunities and ensures that the sale is concluded smoothly.
Kommissionen er af den opfattelse, at 2008-lånet, som der desuden var stillet tilstrækkelig sikkerhed for, og som kunne forventes at give renter, der var på niveau med referencerenten, blev ydet af ARP ud fra sådanne overvejelser.
The Commission takes the view that the 2008 loan, which, furthermore, was adequately secured and provided for interest at the reference rate, was granted by the IDA in line with that logic.
På denne baggrund finder Kommissionen, at 2008-lånet blev ydet i overensstemmelse med det markedsøkonomiske investorprincip, og det udgør derfor ikke statsstøtte, jf. artikel 107, stk. 1, i TEUF.
On this basis, the Commission is satisfied that the 2008 loan was granted in line with the market economy investor principle and therefore does not constitute state aid within the meaning of Article 107(1) of the TFEU.
Konverteringen af fordringer hidrørende fra 2007- og 2008-lånene til andele i egenkapitalen.
The debt-for-equity swap in connection with the 2007 and 2008 loans
Ved først at indvillige i at konvertere sine fordringer til andele i egenkapitalen og derefter videregive alle sine indtægter fra salget af virksomhedens aktier til PZL Hydral med henblik på dennes indfrielse af sin gæld til offentlige myndigheder i henhold til planen, eftergav ARP i realiteten gæld for 17,2 mio. PLN og fik kun inddrevet fordringer for [> 1053196,36 PLN]
By agreeing to first swap its debt for equity and then passing on the entire proceeds of the sale of the equity to PZL Hydral to enable it to settle its outstanding liabilities to public bodies as provided for in the Plan, the IDA effectively waived debts of PLN 17,2 million, recovering only [> PLN 1053196,36].
Det er nødvendigt at fastslå, om konverteringen af fordringer til andele i egenkapitalen udgør en fordel, som ARP har givet PZL Wrocław.
It is necessary to establish whether the debt-for-equity swap involves an advantage granted by the IDA to PZL Wrocław.
I dette øjemed skal Kommissionen vurdere, om ARP's adfærd i forbindelse med denne transaktion var i overensstemmelse med princippet vedrørende private investorers adfærd som defineret i betragtning 188 og 189.
To that end, the Commission must determine whether, in performing this transaction, the IDA complied with the private creditor rule as defined in points 188 and 189.
Kommissionen finder også, at ARP ikke havde grundlag for at forvente at finde en anden køber end […] til de aktier, ARP havde erhvervet fra PZL Wrocław ved konvertering af fordringer til andele i egenkapitalen (jf. punkt 210).
The Commission also notes that the IDA had no expectation of finding a buyer other than […] for the shares it had obtained in PZL Wrocław as a result of the debt-for-equity swap (see point 210).
Med henblik på at sikre en vellykket handel var ARP nødt til at sikre sig, at forpligtelserne over for de offentlige kreditorer kunne indfries, i det omfang disse havde sikkerhed i hypotekpanter i PZL Wrocławs aktiver, idet det ellers ikke ville have været muligt at overholde forpligtelsen til at overføre alle selskabets aktiver ubehæftede.
In order to ensure that the deal was successful, the IDA had to ensure that it could settle the liabilities of the public creditors, in so far as they had mortgages on the assets of PZL Wrocław, as otherwise it would not have been in a position to honour the commitment to transfer all assets free from collateral.
Hvis salget af PZL Wrocław — som var den begivenhed, der var grundlaget for omstrukturering af offentligretlige forpligtelser ved delvis betaling — ydermere ikke blev gennemført, ville skattemyndighederne fuldbyrde deres krav i henhold til skatteloven (jf. betragtning 144).
Moreover, if the sale of PZL Wrocław - which was the event on which restructuring of public liabilities by way of partial repayments was based - did not proceed, the tax authorities would enforce their claims pursuant to the Tax Code (see point 144).
Hvis det ikke lykkedes at indgå aftale om salg af PZL Wrocław, ville virksomheden desuden i betragtning af dens finansielle situation gå konkurs (jf. betragtning 52).
In addition, in view the financial situation of PZL Wrocław, the failure of the sale agreement would lead to PZL Wrocław's bankruptcy (see point 52).
Kommissionen mener derfor, at det eneste alternativ til at acceptere en de facto eftergivelse af 17,2 mio. PLN var at likvidere PZL Wrocław og PZL Hydral.
Therefore the Commission concludes that the only alternative to accepting the de facto waiver of PLN 17,2 million was to put PZL Wrocław and PZL Hydral into liquidation.
Det fremgik af undersøgelsen, at kreditorerne i tilfælde af konkurs ikke ville modtage nogen penge, da mange af aktiverne er behæftede med panter og hypotekpanter, og desuden ville skattemyndighederne kunne fuldbyrde deres krav over for PZL Wrocław (jf. betragtning 143 ff.).
In the event of bankruptcy, the study concludes that ordinary creditors will not receive anything, as many of the assets are encumbered by pledges and mortgages and, in addition, the tax authorities will be able to enforce their claims against PZL Wrocław (see points 143 et seq.).
Kommissionen har verificeret disse oplysninger ved undersøgelse af PZL Wrocławs regnskaber og analyse af polsk retspraksis og er nået til den konklusion, at Ernst & Youngs vurdering er velbegrundet.
The Commission has confirmed this information by examining the financial reports of PZL Wrocław and by analysing implementation of Polish law, and has reached the conclusion that Ernst&Young's assessment is justified.
På denne baggrund finder Kommissionen, at værdien af det ordinære pant i udeståender, som ligger til grund for sikkerhedsstillelsen for 2008-lånet er lig nul i forbindelse med likvidationsscenariet.
As a result, the Commission considers that the value of the ordinary pledge on receivables which secures the 2008 loan is without any value in a liquidation scenario.
Desuden er værdien af pantet i […] % af aktierne lig nul i forbindelse med likvidationsscenariet, da aktiernes værdi er lig nul.
Furthermore, the pledge on […]% of the shares is without any value in the liquidation scenario, as the value of the shares themselves is nil.
Med henblik på at fastslå, hvor meget ARP ville kunne opnå ved et likvidationsscenarie, er det nødvendigt at vurdere, hvilke indtægter ARP ville kunne få ved salg af de genstande, hvori ARP har registreret pant.
Therefore, in order to establish what the IDA would obtain in a liquidation scenario, it is necessary to estimate the profits it could expect from selling the items on which it has registered pledges.
I tillægget til Ernst & Young-undersøgelsen understreges det, at de maskiner, hvori ARP havde pant i forbindelse med 2007-lånet, havde en bogført værdi på 5,5 mio. PLN i 2007, mens de maskiner, hvori ARP havde pant i forbindelse med 2008-lånet, havde en bogført værdi på 2,8 mio. PLN i 2008.
The supplement to the Ernst&Young study notes that the machinery on which the IDA had pledges for the 2007 loan had a book value in 2007 of PLN 5,5 million, whereas the machinery on which it had pledges for the 2008 loan had a book value of PLN 2,8 million in 2008.
I tillægget til Ernst & Young-undersøgelsen var vurderingen af likvidationsværdien af de registrerede panter til fordel for ARP baseret på den bogførte værdi af aktiver i PZL Wrocławs reviderede regnskaber (jf. betragtning 151 og 152) pr. 31. januar 2010, dvs. 2,1 mio. PLN.
In the supplement to the Ernst&Young study the assessment of the liquidation value of the pledges registered in favour of the IDA was based on the book value of the assets entered in PZL Wrocław's audited financial reports (see points 151 and 152) as at 31 January 2010, i.e. PLN 2,1 million.
Kommissionen finder, at den bogførte værdi af de flytbare anlægsaktiver (der fungerede som pant for 2007- og 2008-lånene) som opført i de reviderede regnskaber er et godt udgangspunkt for vurderingen af deres likvidationsværdi.
The Commission considers that the book value of the fixed movable assets (serving as a pledge for the 2007 and 2008 loans), as entered in the audited financial report, is an appropriate starting point for assessing their liquidation value.
Derfor bemærker Kommissionen først og fremmest, at den store forskel mellem den bogførte værdi og nettoaktivværdien, som var konstateret i 2008-undersøgelsen af PZL Wrocław, skyldtes den betragtelige stigning i ejendomsværdien.
The Commission notes first that the large difference between the book value and the net asset value which the 2008 study evaluating PZL Wrocław had found was due to a significant increase in the value of real estate.
Værdien af maskinerne blev ikke korrigeret.
No correction was made for the value of machinery.
For det andet bemærker Kommissionen, at der i den korte periode mellem udtagningen af pantet og vurderingen, ikke er andre indikationer for, at den bogførte værdi ikke afspejler den konservativt anslåede værdi for maskinerne.
Second, the Commission notes that, in view of the short period of time between the establishment of the pledge and the assessment, there are no other indications that the book value does not reflect the conservatively estimated value of the machinery.
I tillægget til Ernst & Young-undersøgelsen hævdes det, at disse aktiver i tilfælde af likvidation ville skulle sælges ved nødsalg med 50 % prisreduktion, og at den forventede værdi derfor var 1053196,36 PLN.
The supplement to the Ernst&Young study argues that in the event of liquidation, these assets would have to be sold in a fire sale at a 50 % reduction, and that therefore the expected value is PLN 1053196,36.
Kommissionen erkender, at aktiver såsom maskiner, der sælges i forbindelse med likvidation, normalt sælges til priser, der er lavere end den bogførte værdi.
The Commission acknowledges that assets such as machinery that are put up for sale in the context of liquidation are usually sold below their book value.
Kommissionen finder, at reduceringen på 50 % er velbegrundet af de årsager, der er anført af Ernst & Young og beskrevet i punkt 147 ovenfor.
The Commission considers that the 50 % discount is justified for the reasons stated by Ernst&Young, and described in point 147 above.