natgillin/translations-raw huggingface dataset:
I punkt 35 i rammebestemmelserne fra 2004 fastsættes det, at »omstruktureringsplanen, der skal strække sig over en så kort periode som muligt, skal inden for en rimelig tidshorisont og på grundlag af realistiske forventninger om de fremtidige betingelser for driften genoprette virksomhedens langsigtede rentabilitet.
Point 35 of the 2004 Guidelines 35 states that ‘the restructuring plan, the duration of which must be as short as possible, must restore the long-term viability of the firm within a reasonable timescale and on the basis of realistic assumptions as to future operating conditions.
Beslutningen af 23. november 2005 om indledning af undersøgelsesproceduren
Decision of 23 November 2005 initiating the formal investigation procedure
Det mest grundlæggende problem for HSW var virksomhedens store gæld.
The first crucial problem of HSW was its high indebtedness.
I sin første beslutning om indledning af den formelle undersøgelsesprocedure ytrede Kommissionen tvivl om, hvorvidt omstruktureringsstøtten hovedsagelig havde finansiel og ikke erhvervsmæssig karakter, og hvorvidt sidstnævnte aspekt ikke var tilgodeset tilstrækkeligt.
In the original decision initiating the formal investigation procedure, the Commission expressed doubts because the restructuring was mainly financial in nature and expressed concern that insufficient account was being taken of industrial aspects of the restructuring.
I sine bemærkninger har de polske myndigheder fremlagt fyldestgørende dokumentation for, at den utidssvarende organisatoriske struktur var et af virksomhedens væsentligste problemer.
In their comments, the Polish authorities have provided sufficient evidence that the obsolete organisational structure was actually one of the key problems that the company was facing.
Dette problem blev løst ved at udskille den del af virksomheden, der var direkte beskæftiget med fremstilling, fra de dele, der var bestemt til at blive solgt.
This problem was addressed by separating the part of the company directly linked to production from the parts to be sold.
Dette er baggrunden for HSW's midlertidige oprettelse af det uafhængige selskab HSW-Trading.
This was the reason for the temporary creation of the independent HSW-Trading by HSW.
Salget af aktier i datterselskaber og udskillelsen og salget af udvalgte enheder, der var beskæftiget med levering af tjenesteydelser, var planlagt som en af grundelementerne i omstruktureringen.
The sale of shares in subsidiaries and the spinning-off and sale of certain service departments was planned as one of the main elements of restructuring.
I sin beslutning om indledning af den formelle undersøgelsesprocedure ytrede Kommissionen tvivl om, hvorvidt salgsplanerne var realistiske.
In the decision initiating the formal investigation procedure, the Commission expressed doubts as to whether the sale plans were realistic.
Salget indbragte rent faktisk HSW indtægter, der var fire gange så store som forventet.
However, HSW has in fact realised more than four times the forecast revenue from the sales.
En anden nøglefaktor for den vellykkede omstrukturering var ejerforholdene i handelsvirksomheden Dressta.
Another key factor for the success of the restructuring was the situation regarding the ownership of the trading company Dressta.
Det var en hindring for adgangen til det vigtige nordamerikanske marked, at en af HSW's konkurrenter var indehaver af aktiemajoriteten i Dressta.
The controlling share in Dressta held by one of the competitors of HSW obstructed full access to the important North American market.
Dette problem er løst, idet HSW har vundet kontrol over virksomheden […].
The problem is now solved as HSW has gained control of the company […].
Personaleomstruktureringen, der har til formål at reducere arbejdsstyrken med mere end 1000 ansatte, udgør en reel og troværdig mulighed for at reducere omkostningerne.
The restructuring of employment to reduce the workforce by more than 1000 workers is a real and credible cost-cutting measure.
Ikke desto mindre forventes nettoresultatet forbedret fra 2007 og frem, og […] det forventes fordoblet i 2012 […].
However, from 2007 onwards, the net result is expected to improve and […] by 2012 […].
Efter alt at dømme skulle likviditetsproblemet være løst ved udgangen af omstruktureringsperioden.
By the end of the restructuring period the liquidity problem should have been resolved.
Kommissionen nærede tvivl om, hvorvidt novemberplanen ville kunne genoprette HSW's langsigtede rentabilitet.
The Commission had doubts as to whether the November plan could restore the long-term viability of HSW.
For det første havde HSW tilsyneladende et konstant behov for yderligere likviditet, og omstruktureringsforanstaltningerne i februarplanen var tilsyneladende utilstrækkelige, hvilket har draget troværdigheden af begge omstruktureringsplaner i tvivl.
First, it seemed that HSW was in constant need of additional cash-flow and that the restructuring measures envisaged in the February plan were insufficient, which put into question the credibility of both restructuring plans.
Der er intet i redegørelserne fra de polske myndigheder, der antyder, at den ekstra likviditet var andet end en engangsstøtteforanstaltning tildelt i 2007 i forbindelse med en pludselig og temmelig omfattende ændring i markedsadfærden hos HSW's konkurrenter.
There is nothing in the explanations provided by the Polish authorities to suggest that the additional cash-flow was anything other than a one-off aid measure granted in 2007, following a rather sudden and substantial change in marketing practices by HSW’s competitors.
De polske myndigheder har påvist, at HSW i fremtiden sandsynligvis vil kunne skabe tilstrækkelig likviditet til at kunne byde sine kunder og leverandører attraktive vilkår; HSW's finansielle indikatorer efter gennemførelsen af forskellige omkostningsreducerende tiltag er tilfredsstillende.
The Polish authorities have demonstrated that in the future HSW will in all likelihood be able to generate sufficient cash-flow to offer competitive conditions to its clients and suppliers: the indicators for HSW’s financial results after the implementation of various cost-reduction measures are satisfactory.
Kommissionen anerkender derfor, at dækningen af yderligere finansielle behov hos HSW var nødvendig for at holde virksomheden gående, indtil omstruktureringen var gennemført, og at omstruktureringsplanen tilsigter at undgå, at sådanne finansieringsgab genopstår.
The Commission is therefore satisfied that coverage of those additional cash-flow needs was necessary to keep HSW afloat pending the completion of its restructuring and that the restructuring plan is aimed at ensuring that such financial gaps do not reoccur.
For det andet har de polske myndigheder leveret tilstrækkelige beviser for, at de med hensyn til hedging nu håndterer risikoen for kursændringer mere effektivt. Dermed er en af de vigtigste årsager til virksomhedens vanskelige situation ryddet af vejen.
Second, on the question of hedging policy, the Polish authorities provided sufficient evidence that the company is now tackling the exchange-rate risk in a more efficient way and hence that one of the principal causes of the company’s difficulties has been remedied.
Koncentreringen af indsatsen på de mere fortjenstgivende markeder for bulldozere og rørudlægningsmaskiner har resulteret i driftsoverskud for virksomheden.
Focusing its sales on the more profitable markets of bulldozers and pipelayers has resulted in operating profits.
Ved at bogføre størstedelen af sine salg i euro frem for US-dollar, har HSW allerede reduceret udsvingene i bogført valuta, og denne strategi burde i fremtiden give endnu større positive virkninger, efterhånden som andelen af salg gennemført i euro stiger.
By accounting for most of its sales in euro rather than US dollars, HSW has already decreased variations in the accounting currency and this strategy should bring further benefits in the future when the proportion of sales carried out in euro is set to increase further.
Denne strategi er af afgørende betydning for genoprettelse af virksomhedens rentabilitet.
Indeed, this strategy is crucial to the company’s return to profitability.
Hvis HSW fortsætter med at […] som forventet i både februar- og novemberplanen, skulle virksomheden kunne øge sin indtjening, selv om alle andre variabler forbliver uændrede.
If HSW continues to […] as is envisaged both in the February plan and in the November plan it should be able to increase its profits, even if all other factors remain equal.
Troværdigheden af HSW's omstruktureringsstrategi er også blevet styrket af markedsoperatørernes tillid til omstruktureringen.
The credibility of HSW’s restructuring strategy has also been boosted by the confidence of market operators in the success of the restructuring.
Hvad angår gæld-for-aktier-byttet, minder Kommissionen om, at ARP byttede den nominelle værdi af sine udlån til aktier og dermed blev aktionær i HSW.
As regards the debt-to-equity swap, the Commission notes that the ARP swapped the nominal value of its loans for equity and thereby became a shareholder of HSW.
Kommissionen bemærker, at støtteelementet i disse to lån ifølge beslutningen af 20. december 2006 udgjorde 100 % af lånebeløbet, dvs. i alt 75 mio. PLN som meddelt af de polske myndigheder.
The Commission notes that the decision of 20 December 2006 considered the aid element of these two loans to be 100 % of the loan principal, i.e. a total of PLN 75 million, as indicated by the Polish authorities in the notification.
Dette gæld-for-aktier-bytte ændrer statsstøttens form, idet HSW — i stedet for at betale 96,2 mio. PLN [26] (det samlede lånebeløb for de to lån på i alt 75 mio. PLN plus 21,2 mio. PLN i renter) til ARP plus faste renter — udstedte aktier for 75 mio. PLN, som blev overtaget af ARP.
This debt-to-equity swap changes the form of State aid, since instead of having to reimburse PLN 96,2 million [26] (original two loans totalling PLN 75 million plus PLN 21,2 million in interest) to the ARP and paying regular interest, HSW issued shares amounting to PLN 75 million which have been taken over by the ARP.
Kommissionen bemærker, at ARP gennemførte byttet den 2. juli 2007 i strid med standstill-klausulen.
The Commission notes that the ARP implemented the swap on 2 July 2007 without respecting the standstill clause.
Polen indrømmer, at virksomhedens situation forbedredes efter gennemførelsen af gæld-for-aktier-byttet.
Poland admits that the company was better off after the debt-to-equity swap.
Kommissionen mener, at gæld-for-aktier-byttet vil frigøre aktiver, der har tjent til sikring af lånene. Derved forbedres støttemodtagerens likviditet, hvilket gør det muligt at opnå ny kredit.
The Commission notes that the debt-to-equity swap will free assets which had served as security for the loans, thereby improving the cash flow of the beneficiary, enabling it to obtain new credit.
I regnskabet får gæld-for-aktier-byttet følgende indvirkning på HSW's balance.
In accounting terms, the debt-to-equity swap will have the following impact on HSW’s balance sheet.
Støttemodtageren vil råde over større aktiver, da man ikke vil være nødt til at afsætte tilgængelige midler til betaling af lån.
The beneficiary will see its assets increase, since it will not have to use available cash for the reimbursement of the loans.
Desuden vil virksomhedens passiver ikke formindskes som følge af tilbagebetalingen af lånene.
Furthermore, there will be no reduction on the debit side of the balance sheet caused by the repayment of loans.
En anden konsekvens af dette skridt er, at egenkapitalens andel af balancen vil forøges, hvilket vil have en positiv indvirkning på såvel gældsniveauet og HSW's kreditværdighed.
This will also increase the share of equity on the balance sheet, improving both the relative level of indebtedness and HSW’s creditworthiness.
Ifølge Polen vil gæld-for-aktier-byttet gøre det muligt for HSW at samle de ressourcer, der er nødvendige for at kunne fungere tilfredsstillende på markedet og med henblik på fremtidige investeringer [27].
Thanks to this operation, in the opinion of the Polish authorities HSW will be able to accumulate the resources needed for its proper functioning on the market and for future necessary investments [27].
Desuden vil det ikke, hvad angår resultatopgørelsen, være nødvendigt at betale renter (i alt 21,2 mio. PLN) af lånene.
In addition, as regards the profit and loss account, there will be no need to pay interest (a total of PLN 21,2 million) on the loans.
I stedet vil HSW kun skulle udbetale eventuelt udbytte til aktionærerne (herunder ARP) i tilfælde af overskud, som kan fordeles.
Instead HSW would only have to pay potential dividends to the shareholders (including the ARP) in the event of distributable profits.
På denne baggrund finder Kommissionen, at dens tvivl om, hvorvidt iværksættelsen af novemberplanen ville føre til genoprettelsen af virksomhedens rentabilitet, er bortvejret.
In view of the above, the Commission concludes that its doubts as to whether the November plan would lead to the restoration of viability have been allayed.
I overensstemmelse med punkt 38-42 i rammebestemmelserne fra 2004 skal der træffes bestemmelse om foranstaltninger, der kan afbøde uønskede konsekvenser for konkurrenterne.
Under points 38 to 42 of the 2004 Guidelines, measures must be taken to mitigate as far as possible any adverse effects of the aid on competitors.
Dette er normalt ensbetydende med en begrænsning af virksomhedens markedsandel ved udgangen af omstruktureringsperioden.
This usually means limiting the company’s presence on given markets at the end of the restructuring period.
Den tvungne begrænsning eller reducering af en virksomheds andel af et bestemt marked udgør et kompenserende middel til støtte for dens konkurrenter.
The compulsory limitation or reduction of the company’s presence on a given market represents a compensatory factor in favour of its competitors.
Midlet skal stå i et rimeligt forhold til støttens konkurrenceforvridende virkninger og navnlig til virksomhedens relative vægt på dens marked(er).
It should be in proportion to the distortive effects of the aid and, in particular, to the relative importance of the firm on its market or markets.
I henhold til punkt 56 i rammebestemmelserne kan betingelserne for godkendelse af støtte i støtteberettigede områder være mindre strenge med hensyn til modydelser.
According to point 56 of the Guidelines, the conditions for authorising aid are less stringent where compensatory measures are carried out in assisted areas.
Med henblik på analysen af omstruktureringsstøttens konsekvenser for markedet og for HSW's konkurrenter tager Kommissionen i betragtning, at virksomheden er beliggende i et område, der er støtteberettiget i henhold til EF-traktatens artikel 87, stk. 3, litra a).
For the purposes of analysing the impact of the restructuring aid on the market and HSW’s competitors, the Commission is taking account of the fact that HSW is located in an Article 87(3)(a) EC Treaty assisted area.
Kompenserende modydelser i forbindelse med februarplanen
Compensatory measures implemented under the February plan
Ifølge de polske myndigheder planlægger HSW at reducere produktionskapaciteten fra 1500 til 1200 entreprenørmaskiner, dvs. med 20 %.
According to the Polish authorities, HSW plans to reduce production capacity from 1500 construction machines p.a. to 1200, i.e. by 20 %.
De polske myndigheder fastholder ydermere, at støttemodtageren har solgt et antal levedygtige fremstillingsvirksomheder og derved begrænset sine aktiviteter og sin produktionskapacitet.
Furthermore, the Polish authorities claim that the beneficiary has sold a number of profitable production companies, thereby limiting its activities and production capacity.
Mindst to store datterselskaber (HSW-Walcownia Blach Sp. z o.o. og HSW-Huta Stali Jakościowych) var fortjenstgivende og blev solgt med fortjeneste.
At least two of the major subsidiaries sold (HSW-Walcownia Blach Sp. z o.o. and HSW-Huta Stali Jakosciowych) were profitable and sold at a profit.
I 2005 var den samlede omsætning i disse to datterselskaber 460 mio. PLN (109 mio. EUR), og deres arbejdsstyrke var på 1000 ansatte, mens omsætningen på grundlag af HSW-gruppens hovedaktiviteter (HSW og HSW-Trading) var på 430 mio. PLN (101,9 mio. EUR), og deres arbejdsstyrke var på 2400 ansatte.
In 2005 the combined turnover of these subsidiaries was PLN 460 million (EUR 109 million), with 1000 employees, whereas turnover from the core activities of the HSW group (HSW and HSW-Trading) was PLN 430 million (EUR 101,9 million), with 2400 employees.
Begge de solgte datterselskaber fremstillede færdige stålprodukter.
The two subsidiaries sold were active in the production of final steel products.
Ifølge et skøn forelagt for Kommissionen var disse datterselskaber på tidspunktet for deres salg fortjenstgivende med en forventet fortjeneste ved salg på 6 %.
According to an assessment submitted to the Commission, at the time of their sale these subsidiaries were profitable with a forecast return on sales was about 6 %.
Med deres fortjenstgivende aktiviteter og gode markedsmuligheder udgjorde disse selskaber en meget vigtig del af HSW-gruppen.
These two subsidiaries constituted a very significant part of the HSW group, with profitable activities and good prospects on the market.
Kompenserende modydelser i forbindelse med novemberplanen
Compensatory measures under the November plan
I rammebestemmelserne fra 2004 erkendes det, at forskellige former for støtte kan have forskellig indvirkning på konkurrencen.
The 2004 Guidelines recognise that different forms of aid can have different effects on competition.
I punkt 45 fastsættes det desuden, at for at begrænse støttens konkurrenceforvridende virkninger må den ikke ydes i en form eller være af en størrelse, som giver virksomheden et likviditetsoverskud, der kan anvendes til aggressive, markedsforvridende aktiviteter uden tilknytning til omstruktureringsprocessen.
Furthermore, in order to limit the distortive effect, point 45 stipulates that the amount of the aid or the form in which it is granted must be such as to avoid providing the company with surplus cash which could be used for aggressive, market-distorting activities not linked to the restructuring process.
Kommissionen var i tvivl om, hvorvidt de kompenserende modydelser i novemberplanen var tilstrækkelige.
The Commission doubted whether the compensatory measures under the November plan were sufficient.
De polske myndigheder indrømmer, at gæld-for-atkier-byttet var fordelagtigt for virksomheden, da det forbedrede virksomhedens likviditet betragteligt.
The Polish authorities admit that the effect of swapping HSW’s debt for equity is advantageous for HSW, as it significantly improves the company’s cash-flow situation.
Takket være denne ændring i statsstøttens form er HSW's situation forbedret.
HSW is better off thanks to this change in the form of State aid.
Desuden har HSW planer om at bruge størstedelen af sine likvide midler til at tilbyde sine kunder mere konkurrencedygtige vilkår.
Moreover, HSW plans to use a major part of the free cash-flow to offer its customers competitive conditions.
Kommissionen fandt derfor ikke, at de kompenserende modydelser, der er præsteret i henhold til februarplanen i sig ville være tilstrækkelige, da gæld-for-aktier-byttet havde en supplerende konkurrenceforvridende virkning.
The Commission therefore considers that the compensatory measures implemented under the February plan would, on their own, be insufficient, as the swap has an additional distorting effect on competition.
Derfor måtte de kompenserende modydelser udvides, således at de stod i forhold til støttens konkurrenceforvridende virkninger [28].
As a result, the compensatory measures had to be increased, as they have to be in proportion to the distorting effects of the aid [28].
Ved brev af 22. december 2008 meddelte de polske myndigheder Kommissionen, at der var afhændet yderligere aktiver, jf. punkt 39 i rammebestemmelserne fra 2004.
The Polish authorities informed the Commission by letter dated 22 December 2008 that additional divestments of assets within the meaning of the first sentence of paragraph 39 of the 2004 Guidelines had been implemented.
De polske myndigheder underrettede Kommissionen om, at støttemodtageren havde solgt yderligere et antal fremstillingsvirksomheder og derved begrænset sine aktiviteter og sin produktionskapacitet.
The Polish authorities informed the Commission that the beneficiary had sold an additional number of production companies, thereby limiting its activities and production capacity.
Seks af de solgte datterselskaber (HSW-Zakład Kuźnia Matrycowa Sp. z o.o., HSW-Tlenownia Sp. z o.o., HSW-Sprężynownia z o.o., HSW-Lasowiak Sp. z o.o., HSW-Zakład Metalurgiczny Sp. z o.o. og Informatyka Sp. z o.o.) var fortjenstgivende.
Six of the subsidiaries sold (HSW-Zakład Kuźnia Matrycowa Sp. z o.o., HSW-Tlenownia Sp. z o.o., HSW-Sprężynownia z o.o., HSW-Lasowiak Sp. z o.o., HSW-Zakład Metalurgiczny Sp. z o.o. and Informatyka Sp. z o.o.) were profitable.
De samlede indtægter fra disse selskaber i året forud for deres salg var på 185 mio. PLN (43,8 mio. EUR), og de beskæftigede 1100 medarbejdere.
The total revenue generated by these companies in the year prior to their sale amounted to PLN 185 million (EUR 43,8 million) and they employed 1100 workers.
Fem af disse selskaber (HSW-Zakład Kuźnia Matrycowa Sp. z o.o., HSW-Tlenownia Sp. z o.o., HSW-Sprężynownia z o.o., HSW-Zakład Metalurgiczny Sp. z o.o. og Informatyka Sp. z o.o.) leverede materialer og tjenesteydelser til hinanden inden for HSW-gruppen samt til eksterne kunder.
Five of these companies (HSW-Zakład Kuźnia Matrycowa Sp. z o.o., HSW-Tlenownia Sp. z o.o., HSW-Sprężynownia z o.o., HSW-Zakład Metalurgiczny Sp. z o.o. and Informatyka Sp. z o.o.) supplied materials and services to one another within the HSW group as well as to external customers.
De leverer reservedele såsom formstøbt smederåjern og varmvalsede fjedre samt tjenesteydelser til andre industrigrene såsom jernbane-, maskinbygnings-, energi- og minesektoren.
They supply spare parts such as forged shapes and hot-coiled springs, as well as providing services to other branches of industry, including the rail, machine building, power and mining sectors.
Endelig erklærede de polske myndigheder, at ARP ville sælge sine HSW-aktier ved udgangen af 2009.
Lastly, the Polish authorities pledged that the ARP would sell its HSW shares by the end of 2009.
Da fem af de datterselskaber, HSW havde solgt, var fortjenstgivende og bidrog til HSW's produktionspotentiale, er det Kommissionens opfattelse, at salget af disse selskaber kan betragtes som en kompenserende modydelse, der begrænser den konkurrenceforvridning, støtten har forårsaget.
As five of the subsidiaries sold by HSW were profitable and were contributing to the production potential of HSW, the Commission is of the opinion that this sale can be considered as a compensatory measure limiting the distortion of competition created by the aid.
På denne baggrund og i betragtning af planerne om at privatisere HSW finder Kommissionen, at de foreslåede kompenserende modydelser i tilstrækkeligt omfang begrænser den konkurrenceforvridning, støtten har forårsaget.
Taking account of this and the plans to privatise HSW, the Commission considers that the proposed compensatory measures sufficiently limit the distortion of competition created by the aid.
I medfør af punkt 43-45 i rammebestemmelserne fra 2004 skal støtten være begrænset til et minimum af de omstruktureringsomkostninger, der er nødvendige for at kunne gennemføre omstruktureringen af virksomheden.
Pursuant to points 43 to 45 of the 2004 Guidelines, the aid must be limited to the strict minimum necessary to enable the restructuring of the firm.
Desuden må støtten ikke ydes i en form, som giver virksomheden et likviditetsoverskud, der kan anvendes til aggressive, markedsforvridende aktiviteter uden tilknytning til omstruktureringsprocessen.
The form in which the aid is granted must be such as to avoid providing the company with surplus cash which could be used for aggressive, market-distorting activities not necessary for the restructuring process.