natgillin/translations-raw huggingface dataset:
De franske myndigheder har præciseret, at CDC Entreprises endnu aldrig har fundet det på sin plads at udtale sig om investeringer mod udvalgenes udtalelser.
The French authorities specified that, to date, CDC Entreprises has never deemed it appropriate to take investment decisions contrary to the opinion of the committees.
Den første figur herunder viser de forbindelser, der er mellem den franske stat, CDC, CDC Entreprises, FSI, FMEA, PSA og Renault.
Figure 1 below summarises the links between the French State, the CDC, CDC Entreprises, the FSI, the FMEA, PSA and Renault.
Forbindelserne mellem den franske stat, CDC, CDC Entreprises, FSI, FMEA, PSA og Renault
Links between the French State, the CDC, CDC Entreprises, the FSI, the FMEA, PSA and Renault
20 mia. EUR
EUR 20 billion
Forvalter
Management
600 mio. EUR
EUR 600 million
Leverandører til bilindustrien, f.eks. Trèves
Automobile parts manufacturers such as Trèves
Virksomheden Trèves og de omhandlede foranstaltninger
The company Trèves and the measures taken in relation to it
Trèves er en virksomhed, der har specialiseret sig i at fremstille interiørdele til biler.
Trèves is a company specialising in car interior components.
Trèves beskæftigede ca. 6500 personer før iværksættelsen af den igangværende omstruktureringsplan (omstruktureringsplanen vedrører 1300 personer).
Trèves employed about 6500 persons before the current restructuring plan was implemented (the restructuring plan concerns 1300 persons).
Virksomheden er organiseret med fokus på tre aktiviteter, nemlig lyd [5], sæder og komponenter og tekstiler.
It is structured around three areas of activity: noise insulation [5], seats and components, and textiles.
Virksomheden havde ni fabrikker (to er i dag lukket) og har forretningsadresse i 14 lande (bl.a. Spanien, Det Forenede Kongerige, Portugal, Slovenien og Den Tjekkiske Republik).
The company owned 9 factories (2 have now been closed) and is established in 14 countries (including Spain, the United Kingdom, Portugal, Slovenia and the Czech Republic).
Den henter 40 % af omsætningen i Frankrig.
40 % of its turnover comes from France.
De primære kunder er Renault, Peugeot SA, Volkswagen, Nissan og Toyota.
Its main customers are Renault, Peugeot SA, Volkswagen, Nissan and Toyota.
Kort før krisens udbrud i 2008 begyndte Trèves at høste udbyttet af sin første omstruktureringsplan, der blev lanceret i 2005 med henblik på at reducere arbejdsstyrken og rationalisere produktionskapaciteten.
Shortly before the outbreak of the crisis in 2008, Trèves was starting to reap the benefits of a first restructuring plan launched in 2005 aiming to reduce the workforce and rationalise production capacity.
Da krisen kom, besluttede Trèves at ændre og udbygge sin omstruktureringsplan og udtrykte ønske om at forhandle med långiverne under en forligsprocedure [6].
When the crisis arose, Trèves decided to modify and extend its restructuring plan and expressed the wish to conduct discussions with its lenders under a conciliation procedure [6].
Der blev således indgået en forligsprotokol den 25. maj 2009 mellem aktionæren i Trèves (eneaktionæren holdingselskabet »Severt«), selskaberne i Trèves-koncernen, långiverne (dvs. bankerne) og FMEA.
A conciliation protocol was therefore concluded on 25 May 2009 between the Trèves shareholder (the holding company ‘Severt’, the sole shareholder), the companies of the Trèves group, the lenders (i.e. the banks) and the FMEA.
Protokollen bygger på gennemførelsen af en omstruktureringsplan (denne plan er beskrevet i afsnit V.l.l.).
This protocol is based on the implementation of a restructuring plan (this plan is described in Section V.1.1).
Finansieringen af omstruktureringsplanen blev vurderet til [110-140] [7] mio. EUR. På det grundlag påtog de forskellige parter sig de forpligtelser, der er beskrevet i protokollen af 25. maj 2009.
The financing of the restructuring plan was estimated at EUR [110-140] [7] million. Under this plan, the various parties entered into the commitments described in the protocol of 25 May 2009.
Bidragene fra virksomheden, dens banker og dens kunder
Contribution of the company, its banks and its customers
Fabrikanterne Peugeot og Renault forpligtede sig til at indskyde 33,3 mio. EUR i forbindelse med finansieringen […].
Manufacturers Peugeot and Renault committed to contributing EUR 33,3 million under the financing […].
Trèves-koncernen forpligtede sig til at gøre sit bedste for i løbet af 2009 at generere en sum svarende til [5-20] af likviditetsbehovet, nemlig [5-30] mio. EUR.
The Trèves group committed to doing its utmost to generate a sum during 2009 corresponding to [5-20] % of the cash resource requirements, i.e. EUR [5-30] million.
Bankerne ydede et nyt banklån på [10-30] mio. EUR. Endvidere bevilgede bankerne et konsolideringslån på [30-60] mio. EUR til dækning af de eksisterende kortsigtede lån ([0-20] mio. EUR) og mellemlangsigtede lån ([30-40] mio. EUR).
The banks granted a new bank loan of EUR [10-30] million. The banks also granted a consolidation loan amounting to EUR [30-60] million to repay the existing short-term loans (EUR [0-20] million) and medium-term loans (EUR [30-40] million).
Det nye lån og konsolideringslånet skal være fuldstændig betalt ud inden […] 2014.
The new loan and the consolidation loan must be repaid in full by […] 2014.
FMEA's og det offentliges bidrag
FMEA contribution and public contribution
FMEA har bidraget til virksomheden med 55 mio. EUR. Af denne sum blev [40-50] mio. EUR tilført i form af konvertible obligationer med variabel paritet (såkaldte »ORAPA« — obligations remboursables en action à parité ajustable), som giver en kuponrente på [> 8] %.
The FMEA invested EUR 55 million in the company. Of this sum, EUR [40-50] million was in the form of debt securities providing access to capital (i.e. convertible bonds with adjustable parity), bearing a fixed coupon of [> 8] %.
Parallelt hermed blev der indskudt [5-15] mio. EUR ved forhøjelse af kapitalen (tegning af nye stamaktier), hvilket gav FMEA en andel af egenkapitalen i Trèves på [< 50] %.
In parallel, EUR [5-15] million came from a capital increase (subscription of new ordinary shares), thereby providing the FMEA with a [< 50] % holding in Trèves’ capital.
De offentlige kreditorer godkendte en plan for omlægning af skatterestancer og sociale restancer til 18,4 mio. EUR […].
The public creditors authorised a tax and social security debt settlement plan amounting to EUR 18,4 million […].
Denne plan består i en omlægning af Trèves's betaling af skatterestancer og sociale restancer samt bøder og morarenter.
This plan consists in rescheduling the repayment of Trèves’ tax and social security debts, together with the payment of penalties and interest on arrears.
Begrundelse for indledningen af den formelle procedure
Reasons for initiating the procedure
Finansieringen af omstruktureringsplanen for Trèves bygger på indskud af ny kapital for i alt [100-200] mio. EUR (dertil kommer konsolideringslånet).
The financing of Trèves’ restructuring plan is based on the investment of new funds to a total of EUR [100-120] million (this amount does not include the consolidation loan).
For så vidt angår FMEA's investering, anfører Kommissionen, at flere elementer peger i retning af, at investeringen stammer fra staten.
As regards the FMEA investment, the Commission points out that several factors seem to indicate that this investment is of state origin.
Ved første øjekast forekommer investeringen at være foretaget for statslige midler og kunne tilskrives staten [8].
At first sight, this investment appears to have been made from state resources and to be imputable to the State [8].
Kommissionens tvivl hidrører navnlig fra iagttagelsen af, hvordan FSI, FMEA og CDC Entreprises fungerer som beskrevet ovenfor.
The Commission’s doubts are based in particular on observation of the functioning of the FSI, the FMEA and CDC Entreprises described above.
Dernæst angiver Kommissionen sin tvivl om, hvorvidt den pågældende investering overholder det markedsøkonomiske investorprincip.
The Commission then expresses its doubts about compliance with the criterion of the private investor operating in a market economy through this investment.
Især kunne Kommissionen i betragtning af bilindustriens situation og virksomhedens finansielle vanskeligheder [9] ikke med sikkerhed fastslå, at omstruktureringsplanens hypoteser for det første var troværdige, realistiske og forsigtige, for det andet at værdiansættelsen af Trèves før investeringen var konservativ, og for det tredje at udsigten til en intern rente (herefter »TRI«) på [> 12 %] [10] skulle betragtes som tilstrækkelig i lyset af den risiko, som FMEA løb ved sin investering.
In particular, the Commission was unable to establish with certainty, in the light of the situation in both the motor vehicle sector and the company which was experiencing certain financial difficulties [9], firstly, that the assumptions of the restructuring plan were credible, realistic and prudent, secondly, that the valuation of Trèves prior to the investment was prudent and, thirdly, that the prospect of an internal rate of return (below: ‘IRR’) of [> 12 %] [10] was to be considered sufficient in view of the risk assumed by the FMEA.
Med hensyn til planen for omlægning af skatterestancer og sociale restancer overvejer Kommissionen, om den franske stats fremgangsmåde kan sammenlignes med en privat kreditor, der er underlagt de samme betingelser, og som forsøger at inddrive de beløb, vedkommende har til gode.
As regards the tax and social security debt settlement plan, the Commission wonders whether the French authorities acted like a private creditor placed in the same conditions and seeking to recover sums due to it.
Kommissionen var ikke i besiddelse af alle de elementer, den skulle bruge for at konkludere, at de offentlige kreditorer i medfør af forligsprotokollen af 25. maj 2009 var i en situation, der var mindst lige så gunstig som Trèves's private kreditorer (dvs. bankerne), som ligeledes havde givet tilsagn om at omlægge deres fordringer ved at yde et konsolideringslån.
The Commission was not in possession of all the information enabling it to conclude that the public creditors, by virtue of the conciliation protocol of 25 May 2009, were in a position at least as favourable as Trèves’ private creditors (i.e. the banks) which also agreed to reschedule their claims by granting a consolidation loan.
Kommissionen udtrykker således tvivl om, hvorvidt planen for omlægning af skatterestancer og sociale restancer overholder princippet om den private investor, der arbejder under sædvanlige markedsøkonomiske vilkår.
The Commission therefore expresses doubts about compliance with the principle of the private creditor operating in a market economy through the tax and social security debt settlement plan.
Endelig angiver Kommissionen i sin undersøgelsesbeslutning, at hvis de to ovennævnte foranstaltninger skulle betegnes som statsstøtte, kunne deres forenelighed undersøges på baggrund af Kommissionens retningslinjer for støtte til redning og omstrukturering af kriseramte virksomheder [11] (herunder »retningslinjerne«).
Finally, if the two measures mentioned above were to be categorised as State aid, the Commission points out in its decision to initiate the procedure that their compatibility could be examined on the basis of the Commission guidelines on State aid for rescuing and restructuring firms in difficulty [11] (below: ‘the guidelines’).
Kommissionen hævder dog, at den på dette stadium ikke med sikkerhed kan fastslå, at alle betingelser, der kræves i de pågældende retningslinjer, er opfyldt.
However, the Commission asserts that, at this stage, it is unable to establish with certainty that all the conditions provided for by the guidelines are met.
BEMÆRKNINGER FRA DE INTERESSEREDE PARTER
COMMENTS FROM THIRD PARTIES
Trèves-koncernen
The Trèves group
Ved brev af 2. juli 2010 sendte Trèves-koncernen sine bemærkninger til Kommissionen.
The Trèves group communicated its comments to the Commission by letter dated 2 July 2010.
Ifølge Trèves falder de nærmere bestemmelser og betingelser for FMEA's investering i Trèves-koncernen og gennemførelsen af planen for omlægning af skatterestancer og sociale restancer ikke ind under EUF-traktatens artikel 107, stk. 1.
In its opinion, the terms and conditions of the FMEA investment in the Trèves group and the implementation of the tax and social security debt rescheduling plan are not covered by Article 107(1) TFEU.
For det første gør Trèves-koncernen gældende, at tesen om, at støtten kan tilskrives staten, er ugrundet, fordi Trèves-koncernen via FMEA har valgt at forpligte sig over for to bilfabrikanter af international størrelse, som tegner sig for [> 50] % af Trèves's omsætning.
Firstly, the Trèves group points out that the argument of the imputability of the aid to the State is unfounded because, through the FMEA, the Trèves group opted for a commitment with two motor vehicle manufacturers of international dimension which account for [> 50] % of its turnover.
Desuden anfægter Trèves-koncernen Kommissionens analyse, ifølge hvilken selskabet har måttet ty til statslige midler, idet Trèves hævder, at FMEA's midler hidrører fra private aktører, og at det forhold, at der var andre private aktører, der investerede i selskabet (dvs. bankerne), beviser, at dette selv var i stand til at finde finansiering på markedet.
Furthermore, it contests the Commission’s analysis that the company had to call on state resources as, on the one hand, the FMEA resources, in its view, come from private operators and, on the other hand, the participation of other private investors in the financing of the company (the banks), proves that it was capable of financing itself on the market.
I øvrigt bestrider Trèves-koncernen den betydning, som Kommissionen tillægger den franske industriministers erklæringer om, at Trèves ville være gået konkurs, hvis ikke staten var trådt til.
Furthermore, the Trèves group challenges the importance which the Commission attributes to the declarations by the French Minister for Industry that if the State had not intervened, Trèves would have filed a petition in bankruptcy.
En sådan subjektiv politisk erklæring, der fremsættes i en for samfundet anspændt situation, er ikke relevant for en vurdering af en virksomheds reelle økonomiske og finansielle situation.
A subjective political declaration pronounced in a tense social climate has no relevance to the assessment of the real economic and financial situation of an undertaking.
Derfor skulle FMEA's investering i selskabet Trèves være ubestrideligt fornuftig, både i finansiel og erhvervsmæssig henseende.
Consequently, the FMEA investment in the company Trèves was undeniably prudent, both financially and industrially.
Selskabet minder om, at FMEA ikke var den eneste investor, men at flere andre potentielle investorer meldte sig, og at flere private partnere investerede parallelt med FMEA.
The company recalls that the FMEA was not the only investor, but that several other potential investors came forward and private partners entered into commitments alongside the FMEA.
I modsætning til, hvad Kommissionen synes at formode, er der ingen modsætning mellem den finansielle logik og den erhvervsmæssige logik i FMEA's investering.
Contrary to what the Commission seems to assume, there is no contradiction between the financial logic and the industrial logic of the FMEA investment.
Ifølge Trèves-koncernen er det almindelig praksis i bilindustrien, at en bilfabrikant ejer andele i en af sine leverandører med det formål at styrke de erhvervsmæssige bånd og få et finansielt udbytte af den pågældende leverandørs vækst.
According to the Trèves group, the fact that a manufacturer holds a participating interest in one of its suppliers for the purpose of strengthening their industrial ties and obtaining a financial benefit from its growth is current practice in the motor vehicle sector.
For det tredje står Trèves-koncernen fast på princippet om en fornuftig investors handlemåde under markedsøkonomiske vilkår.
Thirdly, the Trèves group pays particular attention to compliance with the principle of the prudent investor operating in a market economy.
Faktisk er investeringsbetingelserne ikke blot meget strenge, men også fordelagtige for FMEA.
The terms of the investment are not only very strict, but also advantageous for the FMEA.
I øvrigt havde selskabet Trèves i 2008-2009 en række væsentlige trumfer på hånden, der kunne sikre en hurtig tilbagevenden til rentabilitet (etablering og vækst i vækstlande, diversificering af fabrikantkundeporteføljen og markant orientering mod forskning og udvikling).
Furthermore, in 2008-09, the company Trèves had key strengths at its disposal to ensure its rapid return to profitability (establishment and growth in emerging countries, diversification of its portfolio of manufacturer customers, marked focus on research and development).
Med disse trumfer in mente blev planen for omlægning af skatterestancer og sociale restancer for Trèves udarbejdet på baggrund af forsigtige og fornuftige prognoser efter en tilbundsgående revision af virksomhedens situation.
Taking account of these strengths, Trèves’ industrial and financial restructuring plan was drawn up on the basis of prudent and reasonable forecasts after a detailed audit of the company’s situation.
Sluttelig viser selskabet Trèves's gode resultater i 2009-2010, at investeringen var fornuftig.
Finally, the good results recorded by Trèves in 2009-10 demonstrate the prudent nature of the investment.
Endelig mener Trèves-koncernen, at hvis FMEA's investering faldt ind under EUF-traktatens artikel 107, stk. 1, ville denne støtte være forenelig med retningslinjerne, fordi selskabets overlevelse på lang sigt er sikret, og fordi omstruktureringen af Trèves ikke medfører konkurrenceforvridning og er ledsaget af kompenserende foranstaltninger, der allerede delvis er iværksat ([…], produktionskapaciteten er indskrænket, arbejdsstyrken er reduceret, og den del af finansieringen af omstruktureringen af Trèves, som formodes at stamme fra staten, er fortsat begrænset til den mindst mulige andel af omstruktureringsomkostningerne).
Finally, the Trèves group considers that, if the FMEA investment were to come under Article 107(1) TFEU, this aid would be compatible with the guidelines, as the company’s long-term return to viability is ensured and the restructuring of Trèves does not give rise to any distortion of competition and is accompanied by compensatory measures already implemented in part ([…], reduction in production capacity, reduction in workforce and finally the share in funding the restructuring of Trèves allegedly of state origin remains confined to the strict minimum of the restructuring costs).
Med hensyn til planen for omlægning af skatterestancer og sociale restancer mener Trèves-koncernen først og fremmest, at den overholder princippet om en privat kreditors adfærd under markedsøkonomiske forhold. Dernæst, at Kommissionen ikke kan forudsætte, at det i praksis udelukker muligheden for en fornuftig omlægningsplan fra de finansielle myndigheders side, hvis Kommissionen skulle fastslå, at der var tale om støtte.
As regards the tax and social security debt rescheduling plan, the Trèves group considers firstly that it respects the principles of the private creditor operating in a market economy and that the Commission cannot presuppose that any categorisation as aid adopted would in fact preclude the possibility of a prudent rescheduling plan on the part of the financial authorities.
Omlægningsplanen indeholder nemlig bestemmelser om bøder og morarenter, en højere rente end den lovbestemte rente, som en privat kreditor kan kræve, panterettigheder i fast ejendom […], foruden at de offentlige myndigheder trådte til samtidig med private kreditorer.
The rescheduling plan provides for penalties and surcharges for late payment, an interest rate higher than the statutory rate which a private creditor could expect, first-ranking mortgages […] and the co-existence of the intervention by the public authorities with that of private creditors.
Ved brev af 22. juni 2010 sendte FMEA sine bemærkninger til Kommissionen.
The FMEA forwarded its comments to the Commission by letter dated 22 June 2010.
FMEA afviser betegnelsen af sin investering i selskabet Trèves som statsstøtte på grund af den selvbestemmelse, som fonden har, primært til at vælge sine investeringer og dernæst i måden at nå sine mål på.
The FMEA rejects the categorisation of its investment in the company Trèves as State aid, on account of its autonomy firstly in the choice of its investments and secondly in the approach adopted to achieve its objectives.
FMEA holder fast i, at den er helt uafhængig i sit valg af investeringer.
The FMEA emphasises the fact that its intervention decisions are entirely independent.
Denne selvbestemmelse hidrører ikke blot fra dens vedtægter, men også forvaltningen af den.
This autonomy results not only from its status, but also from its governance.
FMEA har som investeringsselskab et forvaltningsselskab, der selv er underlagt regler for kapitalforvaltning for tredjemand.
The FMEA, as a venture capital mutual fund, has a management company which in turn is subject to the rules of third-party asset management.
Forvaltningsselskabets vedtægtsbestemte uafhængighed i valget af investeringer, idet det handler i investorernes formueinteresse, bidrager til at sikre FMEA's selvbestemmelse i investeringsbeslutninger.
The statutory independence of the management company in the choice of its investments, as it acts in accordance with the proprietary interest of the subscribers, contributes to ensuring the autonomy of the FMEA at the investment decision stage.
Med hensyn til FMEA's to rådgivende udvalg, udvælgelsesudvalget og investeringsudvalget, kan deres udtalelser kun besluttes med en af de to fabrikanters godkendelse.
As regards the FMEA advisory committees, the opinions of the selection committee and the investment committee can be adopted only with the approval of one of the two manufacturers.
Hidtil er forvaltningsselskabet CDC Entreprises aldrig afveget fra udvalgenes udtalelser.
The management company, CDC Entreprises, has so far never departed from the opinions given by the committees.
Derfor har de private investorer Renault og Peugeot den største indflydelse på udvælgelsen og definitionen af investeringsprojekterne.
Consequently, the influence of the private investors, i.e. Renault and Peugeot, is predominant in the selection and definition of the investment projects.
I øvrigt illustrerer FMEA's investering i selskabet Trèves FMEA's investeringspolitik, som begunstiger virksomheder med stor innovationskapacitet og stort vækst- og rentabilitetspotentiale blandt leverandørerne til bilindustrien.
Moreover, the FMEA investment in Trèves illustrates the FMEA investment policy, which gives preference to undertakings with strong innovative capacity and strong potential for growth and profitability in the automobile parts manufacturers sector.
Og selskabet Trèves er en førende europæisk leverandør, som i øvrigt […] var interessant for andre private investeringsfonde.
Trèves is a leading European parts manufacturer which for that matter was of interest to […] other private funds.
Den klare forbedring af selskabets resultat allerede i 2010 beviser, at Trèves's omstruktureringsplan var realistisk og relevant.
The distinct improvement in the company’s results from 2010 shows the reality and relevance of the restructuring plan presented by Trèves.
Selskabets forbigående vanskeligheder som følge af den økonomiske og finansielle krise gjorde det ligeledes muligt for FMEA at forhandle en investering på plads på meget beskyttende vilkår.
The temporary difficulties experienced by the company on account of the economic and financial crisis also enabled the FMEA to negotiate an investment on terms providing a very high level of protection.
FMEA mener derfor, at dens investering ikke kan betegnes som statsstøtte.
The FMEA consequently considers that its investment cannot be categorised as State aid.
Renault-koncernen
The Renault group
Ved brev af 6. juli 2010 sendte Renault sine bemærkninger til Kommissionen.
Renault forwarded its comments to the Commission by letter dated 6 July 2010.