natgillin/translations-raw huggingface dataset:
Med hensyn til selskabets rating vurderede Kommissionen kritisk de samtidige beviser, som Polen havde fremsendt, og som IDA havde til rådighed forud for beslutningen om at yde lånet.
On the company’s rating, the Commission critically assessed the contemporaneous evidence submitted by Poland, at the disposal of IDA prior to the decision to grant the loan.
Kommissionen bemærker, at IDA i forbindelse med sin interne ratinganalyse foretog den fulde nøgletalsanalyse af Crist med likviditetsgrad, aktivers omsætningshastighed, kapitalstruktur og rentabilitet.
The Commission observes that within its internal rating expert analysis IDA carried out the full ratio analysis of Crist covering the liquidity ratio, turnover, asset-to capital structure and profitability ratios.
Desuden omfattede IDA's vurdering elementer som pengestrømsanalyse, finansielle prognoser, investeringseffektivitet, nulpunkt og projektets sårbarhed over for ydre faktorer såsom rente eller valutakursen.
In addition, IDA’s assessment covered such elements as: cash flow analysis, financial forecasts, investment effectiveness, break-even point, vulnerability of the project to external factors such as interest rate or currency exchange rate.
Kommissionen noterer sig også rapporten fra […].
The Commission also takes note of the […] report.
Selv om den ligger efter transaktionen, indeholder den et detaljeret skøn over Crists rating og den tilbudte sikkerhedsstillelse på grundlag af samme information, som IDA havde til rådighed på tidspunktet for lånebevillingen.
Although it post-dates the transaction, that report contains a detailed estimate of Crist’s credit rating and the collateral on offer, on the basis of the same information that IDA had at its disposal at the time of the granting of the loan.
Ifølge rapporten ligger Crists rating en smule lavere end IDA's (i området BB til B).
The report estimates Crist’s rating to be slightly lower than applied by IDA (BB-B range).
Hvad angår sikkerhedsstillelsen, konkluderes det i rapporten, at […] aktivbaserede værdiansættelse er en væsentlig undervurdering af værdien af Crists egenkapital.
As regard the collateral, the report considers that […] assets based valuation significantly underestimates the value of Crist equity.
[…] mener, at APV-metoden er mere konsistent og udbredt.
[…] considers the APV method to be more consistent and commonly used.
[…] konkluderer på basis af sin analyse af Crists rating og værdien af den tilbudte sikkerhedsstillelse, at rentesatsen på IDA-lånet ikke var lavere end markedsrenten.
[…] concludes on the basis of its analysis of Crist's rating and the value of the collateral on offer that the interest rate on the IDA loan was not lower than a market rate.
Kommissionen analyserede også, om den af IDA fastsatte rentesats svarer til metoden til fastsættelse af referencesatser, som Kommissionen kan anvende som en erstatning for markedsrenten i henhold til referencesatsmeddelelsen.
The Commission also analysed whether the interest rate set by IDA corresponds to the methodology for setting reference rates, which the Commission can apply as a proxy for the market rate as contained in the Reference Rate Communication.
Ifølge referencesatsmeddelelsen er referencesatsen resultatet af et rentetillæg lagt til en basissats svarende til den etårige IBOR (den etårige pengemarkedsrente i den pågældende medlemsstat).
According to the Reference Rate Communication, the reference rate results from the addition of a margin to a base rate corresponding to the 1-year IBOR (the 1-year money market rate in the Member State concerned).
Tillægget, der skal anvendes, afhænger af den omhandlede virksomheds rating og sikkerhedsstillelsen (se tabel 6).
The margin to be applied depends on the rating of the undertaking concerned and the collateral (see table 6).
Da basissatsen for september 2010 i Polen var 4,49 % [15], ville IDA's lånerente (6,81 %) være højere end den gældende referencesats, såfremt følgende var opfyldt på tidspunktet for ydelsen af lånet:
Given that the base rate for September 2010 in Poland was 4,49 % [15], the rate of the IDA loan (6,81 %) would be higher than the applicable reference rate if, at the time of granting the loan:
ratingen af Crist var "svag" (B) og sikkerhedsstillelsen "høj"
the rating of Crist was ”weak” (B) and the collateral “high”,
ratingen af Crist var "tilfredsstillende" (BB) og sikkerhedsstillelsen mindst "normal", eller
the rating of Crist was "satisfactory" (BB) and the collateral at least "normal" or
sikkerhedsstillelsen var "lav" og ratingen af Crist mindst "god" (BBB).
the collateral was "low" and the rating of Crist at least "good" (BBB).
I alle tre scenarier ville referencesatsen være 6,69 % (4,49 % og 2,20 %), dvs. lavere end renten på IDA-lånet (6,81 %).
In all three scenarios, the reference rate would be 6,69 % (4,49 % and 2,20 %) i.e. lower than the interest rate of the IDA loan (6,81 %).
På grundlag af denne analyse mener Kommissionen, at Crists rating på tidspunktet for ydelsen af lånet i værste fald var "svag" (B).
On the basis of the analysis above, the Commission considers that Crist's rating at the time of granting the loan was at worst "weak" (B).
For så vidt angår sikkerhedsstillelsen, repræsenterer selv det værste scenario med en sikkerhedsstillelse på […] mio. PLN over 100 % af værdien af lånet, og Kommissionen mener derfor, at det forventede tab i tilfælde af misligholdelse (LGD) ligger under 30 %, hvilket svarer til en høj grad af sikkerhed som defineret i referencesatsmeddelelsen.
As regard the collateralisation, even the worst case scenario of collateral worth PLN […]million represents more than 100 % of the value of the loan and the Commission therefore considers that the expected loss resulting from default in the loan repayment (LGD) is in the range not exceeding 30 %, which corresponds to a high level of collateral as defined in the Reference Rate Communication.
I betragtning af den høje sikkerhedsstillelse for lånet burde renten på lånet i værste scenario på tidspunktet for transaktionen ikke have været under 6,69 % (dvs. referencesatsen for Polen 4,49 % plus 2,20 %, se tabel 6).
Taking into account the high collateralisation of the loan, the interest rate for the loan, in the worst case scenario, at the time of the transaction should have been not lower than 6,69 % (i.e. the reference rate for Poland 4,49 % plus 2,20 %, see table 6).
IDA-lånet blev ydet til en højere rentesats (6,81 %).
The IDA loan was granted at a higher interest rate (6,81 %).
Kommissionen kan ud fra de foreliggende elementer konkludere, at IDA med sin beslutning om at yde Crist et lån handlede, som en privat investor ville have gjort på grundlag af de tilgængelige oplysninger, og fastsatte en rente, som svarede til markedsrenten.
In conclusion, the elements put before the Commission allow it to conclude that in deciding to grant the loan to Crist, IDA acted as a private creditor would have done on the basis of the information available and applied an interest rate that corresponded to a market rate.
I sin åbningsbeslutning satte Kommissionen spørgsmålstegn ved brugen af […] banklånet som benchmarking i dette tilfælde.
In the opening decision the Commission questioned the use of the […] Bank loan as a benchmark in this case.
Kommissionen bemærkede bl.a., at […] banklånet adskilte sig fra IDA-lånet med sin meget lavere værdi, og at […] bank kun refinansierede den transaktion, som Crist oprindelig havde finansieret med egne midler.
The Commission observed inter alia that the […] Bank loan was different from the IDA loan as it was for a much lower value and that […] Bank only refinanced the transaction which Crist had initially financed from its own funds.
Desuden var det Kommissionens foreløbige skøn, at IDA-lånet medførte en højere risiko end […] banklånet, da løbetiden var væsentlig længere end for lånet fra […] bank.
Moreover, The Commission's prima facie view was that the IDA loan entailed a higher risk compared to the […] Bank loan since its duration was substantially longer than the one provided by […] Bank.
Som beskrevet i betragtning 50-55 bekræftede de polske myndigheder deres holdning om, at det var passende at anvende […] banklånet som benchmarking for IDA-lånet.
As outlined in recitals 50 to 55 the Polish authorities reaffirmed their position that it was appropriate to use the […] Bank loan as a benchmark for the IDA loan.
Ikke desto mindre understregede Polen, at andre elementer også blev taget i betragtning forud for udlånsbeslutningen.
Nevertheless, Poland underlined that other elements were taken into consideration prior to the decision to grant the loan.
Kommissionen bemærker, at IDA's beslutning om at yde lånet til Crist byggede på en kompleks ekspertanalyse af selskabets finansielle og økonomiske situation, som afdækkede rentabiliteten af den planlagte investering, og at den beslutning, der tidligere var truffet af en uafhængig finansiel aktør, […] bank, dvs. den omhandlede benchmarking, udgjorde en yderligere reference for IDA.
The Commission notes that IDA’s decision to grant the loan to Crist was based on the complex expert analysis of the company’s financial and economic situation which revealed the profitability of the planned investment and that the earlier decision of an independent financing institution, […] Bank, i.e. the benchmark in question, was an additional reference for IDA.
Desuden bemærker Kommissionen, at underskrivelsen i perioden mellem de to lån af den største kontrakt i Crists historie (værdi […] mio. EUR) styrker selskabets stilling sammenlignet med det tidspunkt, hvor […] banklånet blev ydet.
In addition, the Commission notes that the signature, in the period between the two loans, of the biggest contract in Crist’s history (valued at EUR […] million) strengthens the position of the company as compared to the point in time at which the […] Bank loan was granted.
Endelig bemærker Kommissionen, at den finansielle sektor, som det er påvist af utallige eksterne finansieringskilder, som selskabet benyttede på samme tidspunkt, som IDA-lånet blev bevilget, havde en positiv opfattelse af Crists finansielle potentiale og selskabets kapacitet til at generere indtægt.
Finally, the Commission notes that, as demonstrated by the numerous external sources of financing enjoyed by the company at the moment the IDA loan was granted, the financial sector had a positive perception of Crist’s financial potential and its capacity to generate income.
Idet den tvivl, som Kommissionen udtrykte i åbningsbeslutningen, er blevet fjernet, mener Kommissionen, at betingelserne for […] banklånet og det forhold, at Crist havde adgang til andre eksterne finansieringskilder, støtter konklusionen om, at en privat kreditor ville have ydet Crist et lån på lignende vilkår som IDA-lånet.
The doubts expressed in the opening decision having been addressed, the Commission considers that the conditions of the […] Bank loan, as well as the fact that Crist had access to other sources of external financing, support the conclusion that a private creditor would have provided Crist with a loan on similar conditions to the IDA loan.
I åbningsbeslutningen hed det, at selv om Crist overordnet set var et finansielt sundt selskab, da IDA-lånet blev ydet, viste regnskaberne en treårig tendens til faldende nettoresultat, og markedet var kendetegnet ved overkapacitet.
The opening decision noted that although Crist was overall in a sound financial state when the IDA loan was granted, the accounts showed a three year trend of decreasing net results and the market was characterised by overcapacity.
Kommissionen var først i tvivl om, hvorvidt en privat investor ville have tilvejebragt den pågældende finansiering, på grund af de involverede markedsrisici og det forhold, at finanskrisen langt fra var overstået, da foranstaltningen blev truffet.
The Commission had prima facie doubts as to whether a private investor would have provided financing given the market risks involved and the fact that the financial crisis was far from over when the measure was taken.
Som beskrevet i betragtning 56-60 fremførte Polen yderligere forklaringer på de elementer, som IDA støttede sin udlånsbeslutning på.
As outlined in recitals 56 to 60, Poland put forward additional explanations on the elements which led IDA to take the credit decision.
Det var bl.a. en tretrinsanalyse af selskabets finansielle situation, som viste en sund kreditværdighed, og en uafhængig analyse foretaget af […].
This included inter alia a three-stage analysis of the financial condition of the company, which revealed a sound creditworthiness and an independent analysis by […].
Polen understregede, at afkastet baseret på NPV og IRR var højt.
Poland underlined that the return on investment based on NPV and IRR was high.
Kommissionen har undersøgt den vurdering, som Polen fremsendte, af rentabiliteten af Crists investering, som viser, at selv om Crist endte med at betale en højere pris end oprindelig antaget for tørdokken (dvs. 175 mio. PLN), er de relevante finansielle værdier fortsat høje (NPV og IRR af investeringen er henholdsvis […] mio. PLN og […] %) set på baggrund af den viden, der forelå på transaktionstidspunktet.
The Commission has examined the assessment provided by Poland of the profitability of Crist's investment which demonstrates that even although in the end Crist had to pay a higher price than originally assumed for the dry dock (i.e. PLN 175 million), the relevant financial values remain high (NPV and IRR of the investment amount to PLN […]million and […] % respectively on the basis of knowledge at the time of transaction).
Set fra en privat investors perspektiv indikerer disse resultater, at Crist havde en sund forretningsplan, og at selskabet takket være sin investering fik mulighed for at vinde nye kontrakter i den hydrotekniske sektor.
From the perspective of a private investor these results indicate that Crist had a sound business plan and that thanks to its investment Crist gained a possibility to gain new contracts in the hydro-engineering sector.
Faktisk viste værdien af de indgåede kontrakter en hurtig udvikling i selskabet.
In fact, the value of signed contracts indicated a quick development of the company.
Kommissionen bemærker, at selskabets salgs- og driftsaktiviteter afspejlede en stærk og positiv dynamik.
The Commission notes that the company’s sales and operational activities indicated a strong positive dynamic.
Desuden har de polske myndigheder forklaret, at faldet i nettoresultatet, som kun forekom to år (2008 og 2009, se tabel 4), hang sammen med Crists nye forretningsstrategi.
In addition, the Polish authorities have explained that the fall in net results, which concerned only two years (2008 and 2009, see table 4) was linked to the new business strategy of Crist.
Tvivlen om den samlede positive vurdering af Crists finansielle resultater er dermed bortvejret.
The doubts in relation to the overall positive assessment of Crist’s financial results are thereby alleviated.
Med hensyn til den tvivl, som Kommissionen udtrykte vedrørende markedets overkapacitet, bemærker den, at selv om den traditionelle værftsindustri måske har overkapacitet, så genererede Crist i overensstemmelse med sin nye strategi i forretningsplanen, som IDA fik forelagt med henblik på lånebevillingen, mellem […] % i 2009 og […] % i 2011 af sin indtjening på andre markeder end traditionelt skibsbyggeri (se tabel 1).
Concerning the doubts raised as a result of market overcapacity, the Commission observes that while the traditional shipbuilding industry may face overcapacity, Crist, in line with its new strategy laid out in the business plan made available to IDA for the purposes of granting the loan, generated between […] % in 2009 and […] % in 2011 of its revenues on the markets other than traditional shipbuilding (see table 1).
Crists indtjeningsstruktur og informationen om udviklingsperspektiverne inden for havvindmøller, hvor selskabet primært opererer, afslører udviklingspotentialet og den dermed forbundne forholdsvis lave risiko for private investorer.
The structure of revenues of Crist and the information on the prospects of the development of marine wind power engineering where the company is primarily active indicate the potential for development and the relatively low risk associated for private investors.
På basis af ovenstående konkluderer Kommissionen, at forretningsoplysningerne, der forelå på tidspunktet for transaktionen, var tilstrækkelige til at sætte en privat investor i stand til at træffe samme beslutning som IDA.
On the basis of the above, the Commission concludes that the business information available at the time of the transaction contained sufficient elements to allow a private investor to come to the same decision as IDA.
Denne vurdering understøttes af Crists resultater for 2010-2011, der som en integreret del af forretningsplanen nu kan vurderes fra et efterfølgende perspektiv.
This assessment is corroborated by Crist's financial results for 2010-2011, which as an integral part of the business plan can be now assessed from an ex post perspective.
Selv om selskabet i 2010 kun nåede […] % af sine salgsprognoser, blev det planlagte afkast på salget og nettoindtjeningsgraden overgået, og Crists nettoindtjening blev 12,6 mio. PLN og var […] gange højere end den planlagte nettoindtjening for 2010.
Although in 2010 the company fulfilled only […] % of its sales forecasts, the planned return on sales and net profit margins were exceeded and the net profit generated by Crist amounted to PLN 12,6 million and was […]times higher than the net profit planned for that year.
I 2011 forbedrede selskabet sine resultater yderligere med en stigning i salget på […] % mere end det budgetterede, mens nettoindtjeningen oversteg forventningerne med […] %.
In 2011 the company’s results further improved with the sales level higher by […] % than planned while the generated net profit exceeded the forecast by […] %.
Selskabets samlede balance ved udgangen af 2010 og 2011 var henholdsvis […] % og […] % højere end budgetteret.
The company’s total balance sheets at the end of 2010 and 2011 were higher than planned by […] % and […] % respectively.
I åbningsbeslutningen udtrykte Kommissionen tvivl om, hvorvidt visse betingelser i programmet var opfyldt, og navnlig om Crist var berettiget til støtte fra programmet, og om lånet overholdt den grænse for finansieringsintensitet, som var fastlagt i programmet (se betragtning 15).
In the opening decision the Commission expressed doubts as to whether certain conditions set out in the Programme had been respected, and in particular whether Crist was eligible under the Programme and whether the loan respected the cap on intensity laid down in the Programme (see recital 15).
Kommissionen tager de polske myndigheders forklaring til efterretning om, at selskabet var berettiget til finansiering i henhold til programmet, og at intensiteten af IDA's finansiering af Crists investering ikke oversteg programmets grænse på 80 % (se betragtning 61-64).
The Commission notes the explanation of the Polish authorities to the effect that the company was entitled to financing under the Programme and the level of financing of Crist's investment from the IDA fund did not exceed the 80 % programme cap (see recitals 61 to 64).
I forbindelse med det andet punkt har Kommissionen kontrolleret, at grænsen som beskrevet af de polske myndigheder også blev overholdt set ud fra de oplysninger, der var tilgængelige for IDA på tidspunktet for udlånsbeslutningen, nemlig at en finansiering på 150 mio. PLN i forhold til en samlet investering på 188,2 mio. PLN [16] giver en finansieringsintensitet på 79,7 %.
In relation to the second point, the Commission has checked that the cap, as described by the Polish authorities, was respected also on the basis of the information available to IDA at the time it took the decision to grant the loan: financing of PLN 150 million for a total investment of PLN 188,2 million [16] results in an aid intensity of 79,7 %.
På baggrund af disse forklaringer mener Kommissionen, at dens tvivl om, hvorvidt en privat investor ville have bevilget lånet, er fjernet.
On the basis of these explanations the Commission considers that the doubts as to whether a private investor would have granted the loan have been alleviated.
Konklusion vedrørende fordelen
Conclusion on the advantage
Kommissionen konkluderer på grundlag af ovenstående redegørelse, at selskabet ikke fik en uretmæssig fordel på grund af de betingelser, som IDA-lånet blev givet på.
On the basis of the above findings the Commission concludes that the company did not derive any undue advantage from the conditions under which the IDA loan was granted.
Navnlig mener Kommissionen, i) at de oplysninger, der var til rådighed for IDA, var af en sådan karakter, at en privat investor ville have truffet samme beslutning, og ii) at rentesatsen på IDA-lånet til Crist svarer til markedsrenten.
In particular the Commission considers that (i) the information in the possession of IDA was such that a private investor would have come to the same decision and that (ii) the interest rate on the IDA loan to Crist corresponds to a market rate.
Da de elementer, der indikerer, at der foreligger statsstøtte efter EUF-traktatens artikel 107, stk. 1, er kumulative, er fraværet af et af dem afgørende.
In view of the fact that the elements indicating the existence of State aid within the meaning of Article 107(1) TFEU are cumulative, the absence of any one of them is decisive.
Der er derfor ingen grund til at analysere de øvrige elementer, der er nævnt i betragtning 66 ovenfor —
There is therefore no need to analyse the other elements identified in recital 66 above.
Foranstaltningen, som Republikken Polen har truffet til fordel for Crist S.A. i form af et lån på 150 mio. PLN til en rente på 6,81 %, udgør ikke statsstøtte efter EUF-traktatens artikel 107, stk. 1.
The measure, which the Republic of Poland has implemented in favour of Crist S.A., in the form of a loan PLN 150 million at an interest rate of 6,81 %, does not constitute State aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union.
EUT C 129 af 4.5.2012, s. 9.
OJ C 129 of 4.5.2012, p. 9.
Kommissionens beslutning af 6. november 2008 om Polens statsstøtte C 19/05 (ex N 203/05) til Stocznia Szczecińska, EUT L 5 af 8.1.2010, s. 1, og Kommissionens beslutning af 6. november 2008 om Polens statsstøtte C 17/05 (ex N 194/05 og PL 34/04) til Gdynia skibsværft, EUT L 33 af 4.2.2010, s. 1.
Commission Decision of 6 November 2008 on State aid C 19/05 (ex N 203/05) granted by Poland to Stocznia Szczecińska, OJ L 5, 8.1.2010, p. 1, and Commission Decision of 6 November 2008 on State aid C 17/05 (ex N 194/05 and PL 34/04) granted by Poland to Stocznia Gdynia, OJ L 33, 4.2.2010, p. 1.
Kommissionen bemærker, at summen af procentandelene, som opgivet af Polen i kolonnen for 2010, ikke er 100.
The Commission notes that the sum of the figures provided by Poland in the column for 2010 does not equal 100.
Kommissionen mener, at denne mindre uoverensstemmelse skyldes afrunding til to decimaler.
The Commission believes this minor discrepancy to be the result of rounding the figures to two decimal places.
Tallene i EUR i denne afgørelse er tilnærmelser, som kun angives vejledende, med undtagelse af tallet […] mio. EUR, som repræsenterer værdien af kontrakten mellem Beluga Hochtief Offshore og Crist, som er indgået i euro. Alle tal i PLN er omregnet til EUR til kursen 1 EUR = 4 PLN.
Figures in EUR in this Decision are approximations provided only as indications with the exception of the EUR […]million figure, representing the value of the contract between Beluga Hochtief Offshore and Crist, which is denominated in EUR. All figures in PLN are converted into EUR by using the exchange rate EUR 1 = PLN 4.
I denne artikel hedder det: "Traktaternes bestemmelser er ikke til hinder for følgende regler: […] b) hver medlemsstat kan træffe de foranstaltninger, som den anser for nødvendige til beskyttelse af sine væsentlige sikkerhedsinteresser …".
According to this Article: "The provisions of the Treaties shall not preclude the application of the following rules […] b) any Member State may take such measures as it considers necessary for the protection of the essential interests of its security …".