natgillin/translations-raw huggingface dataset:
De vælges dog som private enkeltpersoner, og ingen af dem har haft en stilling i den slovenske regering eller forvaltning.
In light of their difficulties, and in the absence of other strong companies in the group, Elan Ski and Elan Marine are in principle eligible for rescue and restructuring aid.
Triglav Naložbe ejes direkte af staten via Zavarovalnica Triglav.
As the measures granted took the form of a capital increase, they could not be considered as rescue aid.
Det har til formål at skabe indtjening.
As regards their compatibility as restructuring aid, it was unclear whether all the respective conditions were met.
Staten har ingen direkte indflydelse på Triglav Naložbes drift, og dets bestyrelse består af uafhængige private enkeltpersoner.
In particular, it was unclear whether the aid was limited to the minimum necessary and there was no indication of own contribution and compensatory measures.
Triglav Naložbe finansierede desuden rekapitaliseringen ved hjælp af et lån på markedsvilkår.
It was also preliminarily examined whether the measures could be compatible regional aid.
Forekomsten af en fordel
While both beneficiaries are located in a region eligible for aid under Article 107(3)(a) TFEU, it was unclear, whether they were eligible for such aid, as both beneficiaries were in difficulty at the time of granting.
I henhold til Slovenien udgjorde foranstaltning 1 ikke en fordel for Elan af følgende grunde: I december 2005 vedtog Elan en strategisk udviklingsplan for 2006-2010, der omfattede detaljerede udviklingsplaner for Elans daværende datterselskaber.
COMMENTS FROM SLOVENIA
Triglav Naložbe undersøgte også Elans prognoser og accepterede kapitaltilførslen på den baggrund.
In summary, according to Slovenia the measures do not involve state aid, as they do not stem from state resources and are not imputable to the State.
Elans kapitalejere krævede desuden en uafhængig værdiansættelse af koncernen, og […] blev valgt til at udarbejde denne (se betragtning (24)).
Even if they fulfilled these requirements, the measures would not give an advantage to the beneficiary, as Slovenia has acted in line with the market economy investor principle.
Denne værdiansættelse viste, at investeringer var nødvendige, og at investeringen under alle omstændigheder kunne blive dækket ved at sælge ejerandelene til dagsværdi til en strategisk partner.
Further, Slovenia puts forward that the measures did not affect trade nor distort competition given that, according to Slovenia, the winter sports hardgood market is highly consolidated with a trend of further consolidation. and that Elan was only a weak competitor to much larger players in that market.
På baggrund af ovennævnte overvejelser undertegnede Elan og dets kapitalejere en hensigtserklæring i januar 2007, hvor de enedes om, at kapitalejerne ville indskyde 10,225 mio. EUR i selskabet.
Slovenia brings no arguments forward as regards potential compatibility of Measure 1 with the Internal market, if the measure involved state aid.
KD Kapital, Elans eneste private kapitalejer, undertegnede også hensigtserklæringen uden forbehold.
In Slovenia's view, measure 2 could be considered compatible according to the Rescue and Restructuring Guidelines.
Slovenien mener, at denne beslutning blev truffet af kapitalejerne med det formål at opnå et rimeligt afkast af deres investerede kapital, og at de derfor handlede i overensstemmelse med det markedsøkonomiske investorprincip.
State resources and imputability
Hvad angår den kendsgerning, at generalforsamlingen formelt først accepterede at indskyde kapitalen i oktober 2007, forklarer Slovenien, at forsinkelsen skyldes uenighed mellem KD Kapital, den private ejer af en minoritetsandel i Elan, og KAD, Elans majoritetsejer.
Slovenia brings forward that it had no influence in the increase of share capital of Elan.
KD Kapital havde en andel på 50 % i en af Elans konkurrenter, Seaway group d.o.o.
It recalls that in order to be considered state aid, measures must be granted directly or indirectly through state resources and that the measures must be imputable to the State.
KD Kapital ønskede at indsætte en repræsentant for sine interesser i Elans bestyrelse, hvilket de øvrige kapitalejere ikke kunne acceptere på grund af KD Kapitals interesse i en konkurrent.
It agrees that if a Member State has a dominant influence over an undertaking, the condition of ‘state resources’ is fulfilled.
Uenigheden blev løst, da KAD tilbød KD Kapital en put-option.
However, it cannot be automatically presumed if a Member State is in a position to exercise dominant influence over an undertaking, that it actually exercised such influence in a particular case.
Alle Elans kapitalejere, herunder KD Kapital, accepterede herefter formelt at indskyde 10,225 mio. EUR i Elan.
In this context, Slovenia refers to the Stardust Marine judgment [11] that set out a set of indicators to determine whether the State actually exercised such influence in a particular case.
I henhold til Slovenien var Elan i begyndelsen af 2008 tæt på insolvens.
These indicators include the integration into the structures of the public administration, the nature of a company's activities and the exercise of the latter on the market in normal conditions of competition with private operators, the legal status of the undertaking, the intensity of the supervision exercised by the public authorities over the management of the undertaking.
Bestyrelsen og kapitalejerne reagerede omgående ved at udpege en ny direktion i Elan, som indledte forhandlinger med Elans banker om gældsomlægning.
Slovenia points out that appropriate weight shall be given to the fact whether an undertaking was established under private law.
Bankerne ønskede dog, at kapitalejerne foretog en yderligere kapitaltilførsel.
In this context, Slovenia brings forward arguments for each entity involved in the capital injections, as follows:
Med bistand fra en ekstern rådgiver udarbejdede Elan følgelig en strategi for at vende udviklingen i maj 2008.
KAD is a private law entity that operates on the market under competitive conditions.
I juni 2008 fremlagte Elan sin langsigtede plan for 2008-2012, og i august 2008 vedtog Elans ledelse en genopretningsplan.
Although KAD is state controlled, it cannot be concluded on that basis alone that the recapitalisations under assessment are imputable to the State.
Den 11. juli 2008 accepterede kapitalejerne at forhøje kapitalen, såfremt bankerne først accepterede en gældsomlægning baseret på disse dokumenter.
State involvement in the recapitalisations has not been demonstrated for the following reasons: KAD's actions are regulated by the Slovenian Company Act (‘ZGD-1, Zakon o gospodarskih družbah’); disposal of its assets is not restricted by law; KAD is financed exclusively from dividends, interest and other revenues generated by investments and business operations; and the recapitalisation of Elan was decided by the supervisory board, which is independent in its decision making.
I henhold til Slovenien baserede kapitalejerne desuden deres beslutning på den selskabsværdi, som et uafhængigt revisionsfirma havde fastlagt ved en værdiansættelse af Elans egenkapital [12].
While it is true that KAD is entrusted by the State with managing pension funds and concluding privatisations of companies, the public interest lying in those tasks cannot influence measures taken by KAD in a way that those actions should be considered as imputable.
Den 28. august 2008 besluttede kapitalejerne endelig at indskyde kapitalen, uden at bankerne på forhånd havde accepteret en gældsomlægning.
Zavarovalnica Triglav is only indirectly owned by the State and its activities are exclusively market based.
Konkurrencefordrejning og indvirkning på samhandelen
The State has no direct influence on its operations.
I henhold til Slovenien kunne foranstaltningerne ikke fordreje konkurrencen, og de havde heller ingen indvirkning på samhandelen.
It is true that the supervisory board members of Zavarovalnica Triglav are elected by its shareholders; they are, however elected as private individuals and none of them had any position in the Slovenian government or administration.
Elan var for det første en svag konkurrent i forhold til de meget større aktører på skimarkedet, da kapitaltilførslerne blev foretaget.
Triglav Naložbe is indirectly owned by the State via Zavarovalnica Triglav.
For det andet havde Elans konkurrenter også brug for hjælp fra deres private aktionærer for at kunne overvinde de tab, de pådrog sig i 2007-2008.
Its purpose is to generate profit.
FORENELIGHED
The State has no direct influence on Triglav Naložbe's operations and its supervisory board consists of independent private individuals.
Slovenien fremlægger kun argumenter om foreneligheden af foranstaltning 2.
In addition, Triglav Naložbe financed the recapitalisation by way of a commercial loan.
Slovenien hævder, at denne foranstaltning var forenelig i henhold til rammebestemmelserne for redning og omstrukturering, da Elan udarbejdede en realistisk omstruktureringsplan, der omfattede forbedringer i koncernen primært via interne foranstaltninger.
Existence of advantage
Slovenien hævder faktisk, at Elan efter kapitalforhøjelsen i 2008 gennemførte sine planer og omlagde sine kortfristede lån på behørig vis.
According to Slovenia, Measure 1 did not give an advantage to Elan for the following reasons: In December 2005, Elan adopted a Strategic development plan 2006-2010, including detailed development plans for Elan's subsidiaries at that time.
I januar 2009 vedtog man afskedigelsesplaner, og i oktober 2009 solgte Elan sine datterselskaber Elan Yachting d.o.o. og Elan Marine Charter d.o.o.
The development plan 2006-2010 foresaw investments in both the winter sport and the marine division.
I april 2010 blev Elan Brod d.o.o., beliggende i Obrovac, Kroatien, solgt.
In order to implement those investments, in May 2006, Elan proposed to its shareholders to increase the capital of Elan in the years 2006-2009 by EUR 20,2 million.
Endelig blev Elan Winter Sport og Elan Marine fusioneret ind i moderselskabet Elan den 1. juni 2010.
The shareholders prudently assessed this proposal and Elan provided them with documents clearly showing that such a capital increase would be profitable for the shareholders.
Slovenien påkalder sig også en kompenserende virkning af ophøret af dets nordamerikanske joint venture inden for skidistribution med Dal Bello Sports.
KAD, Elan's majority shareholder made its own assessment of the proposed capital increase in November 2006, concluding that the capital increase would be a sound investment.
[…] parterne enedes den 14. december 2009 om at bringe deres joint venture-aftale til ophør.
Triglav Naložbe also reviewed Elan's forecasts and agreed to the capital injection on this basis.
Den canadiske distributionsaftale ophørte pr. 1. januar 2010, og den amerikanske distributionsaftale ophørte efterfølgende pr. 1. januar 2011.
In addition, Elan's shareholders required an independent valuation of the group, a task for which […] was selected (see recital (24)).
VURDERING
This valuation showed that investments were necessary, and that the investment could in any event be recovered by selling shares at a fair value to a strategic partner.
Kommissionen har undersøgt, om støttemodtageren modtog statsstøtte som defineret i artikel 107, stk. 1, i TEUF (se afsnit 5.2 nedenfor), og i så fald om denne støtte er forenelig med det indre marked (se afsnit 5.3 nedenfor).
Based on the above mentioned considerations, Elan and its shareholders concluded a letter of intent in January 2007, agreeing that the shareholders would inject EUR 10,225 million in the company.
Kommissionen må derfor fastlægge det tidspunkt, hvorfra den potentielle støttemodtager skal betragtes som et kriseramt selskab (se afsnit 5.1 nedenfor).
Also KD Kapital, Elan's only private shareholder, entered into the letter of intent without any conditions.
I henhold til punkt 10 i rammebestemmelserne for redning og omstrukturering er et selskab kriseramt, hvis over halvdelen af dets kapital er gået tabt i løbet af de sidste 12 måneder, eller når det efter de nationale regler opfylder betingelserne for konkursbehandling mv.
Slovenia considers that this decision was taken by the shareholders with a view to getting a reasonable return on their invested capital and that they hence acted in line with the market economy investor principle.
Som også konkluderet i indledningsafgørelsen opfyldt hverken datterselskaberne eller koncernen som helhed punkt 10 i rammebestemmelserne for redning og omstrukturering i 2007.
As regards the fact that the shareholder assembly only agreed formally to inject the capital in October 2007, Slovenia explains that the delay was due to a dispute between KD Kapital, the private minority shareholder in Elan, and KAD, the majority shareholder in Elan.
I den sammenhæng skal det bemærkes, at koncernens omsætning steg fra 109,2 mio. EUR til 122,4 mio. EUR i perioden 2003-2006.
KD Kapital intended to install a representative of its interests in the supervisory board of Elan, which the other shareholders did not want to accept in light of KD Kapital's shareholding in a competitor.
Med undtagelse af 2004 opnåede Elan-koncernen desuden nettooverskud i denne periode.
The dispute was resolved when KAD offered KD Kapital a put option.
Samtidig blev Elan-koncernens resultat negativt i 2007, idet det faldt fra 0,6 mio. EUR i 2006 til et tab på 8,4 mio. EUR i 2007 og et tab på 12,7 mio. EUR i 2008.
Following this solution, all of Elan's shareholders, including KD Kapital, agreed formally to inject EUR 10,225 million in Elan.
Tabel 2
According to Slovenia, in the beginning of 2008, Elan was close to insolvency.
Nøgletal for Elan-koncernen
The supervisory board and the shareholders reacted immediately by appointing new members to the management board of Elan, who started negotiations with Elan's banks on debt rescheduling.
I 1000 EUR
The banks, however, asked for an additional capital injection by the shareholders.
Nettoomsætning
In light of this, Elan, together with the assistance of an external adviser, prepared a turnaround strategy in May 2008; in June 2008, the long-term plan 2008-2012 was set up by Elan and in August 2008, Elan's management adopted a Rehabilitation plan.
Driftsomkostninger
On 11 July 2008, the shareholders agreed to increase the capital under the condition that the banks first agreed to a debt rescheduling in light of these documents.
Nettoresultat
In addition, according to Slovenia, the shareholders took the value of the company into account, as determined by an equity valuation of Elan by an independent audit company [12].
Dette kan delvist forklares ved den milde vinter 2006-2007 (den »grønne« vinter), der ramte vintersportsdivisionens salg.
According to that valuation, Elan's market value as at 31 December 2007 was EUR 38059000.
Tabel 4
In light of the above, Slovenia considers that Elan's shareholders acted in line with the market economy investor principle.
De finansielle tal i tabel 2 til 4 viser tydeligt, at Elan ikke var kriseramt ved begyndelsen af 2007, da foranstaltning 1 blev ydet (se betragtning (78)-(85)).
Distortion of competition and effect on trade
Som det fremgår af ovennævnte finansielle oplysninger blev Elans finansielle situation forværret fra 2007 og blev meget alvorlig i 2008.
According to Slovenia, the measures could not distort competition and they had no effect on trade either.
Selskabets omsætning faldt, mens dets tab steg, og det stod over for insolvens i begyndelsen af 2008 (se betragtning (29)-(34) og betragtning (63)).
First, Elan was a weak competitor for much larger players in the ski market at the time when the capital injections were granted.
Det kan konkluderes, at Elan skal betragtes som en kriseramt virksomhed i henhold til rammebestemmelserne for redning og omstrukturering, da foranstaltning 2 blev ydet.
Second, also Elan's competitors needed action by their private shareholders to recover from losses in the years 2007-2008.
Faktisk var den beslutning, som Elans kapitalejere traf om at fortsætte med kapitaltilførslen, motiveret af, at Elan ellers måtte erklære sig konkurs (se betragtning (31)-(33)).
COMPATIBILITY
I artikel 107, stk. 1, i TEUF fastsættes det, at statsstøtte eller støtte, som ydes ved hjælp af statsmidler under enhver tænkelig form, og som fordrejer eller truer med at fordreje konkurrencevilkårene ved at begunstige visse virksomheder eller visse produktioner, er uforenelig med det indre marked i det omfang, den påvirker samhandelen mellem medlemsstaterne.
Slovenia only brings forward compatibility arguments as regards Measure 2.
Betingelserne i artikel 107, stk. 1, i TEUF er kumulative, og alle betingelserne skal derfor være opfyldt samtidig, for at en foranstaltning kan blive betegnet som statsstøtte.
It argues that this Measure was compatible according to the Rescue and Restructuring Guidelines, as Elan prepared a viable restructuring plan, including improvements in the group mainly from internal measures.
Kapitaltilførslen i 2007 (»foranstaltning 1«)
Indeed, Slovenia argues that following the capital increase in 2008, Elan duly exercised its plans and managed to reschedule its short term loans.
Slovenien hævder primært, at foranstaltning 1 blev ydet i overensstemmelse med det markedsøkonomiske investorprincip, og at der dermed ikke er nogen fordel for støttemodtageren.
In January 2009, redundancy plans were adopted and in October 2009, Elan sold its subsidiary Elan Yachting d.o.o. and Elan Marine Charter d.o.o.
Slovenien hævder endvidere, at kapitaltilførslen under ingen omstændigheder kunne tilregnes staten (se betragtning (53)-(63)).
In April 2010, Elan Brod d.o.o., located in Obrovac, Croatia, was sold.
Dato for tildeling
Overall, the proceeds from these divestitures amounted to EUR [3,1-3,6] million.
En statslig foranstaltning betragtes generelt som ydet, så snart medlemsstaten har forpligtet sig til den, dvs. når medlemsstaten er juridisk forpligtet til at yde foranstaltningen.
The new loan was used to reimburse old loans.
I den sammenhæng bemærker Kommissionen, at slovensk lovgivning i henhold til juridiske oplysninger fremlagt af Slovenien [13] ikke specifikt omhandler karakteren af en hensigtserklæring.
Finally, on 1 June 2010, Elan Winter sport and Elan Marine were merged into the parent company Elan.
En sådan hensigtserklæring kan enten være en ikkebindende protokol over igangværende forhandlinger, en prækontraktuel aftale eller en aftale.
Slovenia has also alleged a compensatory effect of the termination of its North American ski distribution joint venture with Dal Bello Sports.
Den juridiske karakter af en hensigtserklæring fastlægges i hvert enkelt tilfælde på baggrund af hensigtserklæringens ordlyd, de omstændigheder, hvorunder den blev undertegnet, og almindelige fortolkningsregler efter slovensk lovgivning.
[…] the parties agreed on 14 December 2009 to terminate their joint venture agreement.
I henhold til artikel 15 i den slovenske aftalelov [14] er en aftale bindende, når parterne er enige om aftalens væsentlige elementer.
The Canadian Distribution Agreement was terminated as of 1 January 2010, the US Distribution Agreement was subsequently terminated as of 1 January 2011.
Aftalens parter skal angives, og hver aftale skal have en »causa«.
ASSESSMENT
I den forbindelse bemærker Kommissionen, at aftalens parter i henhold til hensigtserklæringens ordlyd tydeligt er angivet; det samlede beløb for kapitalforhøjelsen var allerede fastlagt i hensigtserklæringen (10,225 mio. EUR); den maksimale nominelle værdi af den nyudstedte kapital og minimumskursen pr. ny kapitalandel var fastsat; hver kapitalejer, som undertegnede hensigtserklæringen, accepterede at deltage i forhold til sin kapitalandel på daværende tidspunkt; formålet med kapitaltilførslen var angivet (primært investeringer i Elan Winter Sport og Elan Marine), og en ordning for overvågningen af kapitalanvendelsen var fastlagt.
The Commission examines whether the beneficiary received state aid in the meaning of Article 107(1) of the TFEU (see below point 5.2), and if so, whether such aid might be compatible with the internal market (see below point 5.3).
Det skal desuden bemærkes, at hensigtserklæringen ikke kun blev indgået mellem Elans kapitalejere, men mellem kapitalejerne og Elan.
To do so, it is necessary to define since when the potential beneficiary has to be considered a company in difficulty (see below point 5.1).
Førstnævnte skulle indskyde kapital i Elan, mens sidstnævnte skulle registrere de nye andele og anvende kapitaltilførslen som anført i hensigtserklæringen.
According to point 10 of the R&R guidelines, a company is in difficulty if more than half of its capital has been lost over the 12 preceding months, or if it meets the criteria for being subject to collective insolvency proceedings under national law.
På den baggrund finder Kommissionen, at parterne accepterede alle væsentlige elementer, der kræves for at indgå en bindende aftale.
As also concluded by the opening decision, neither the subsidiaries nor the group as a whole fulfilled point 10 of the R&R guidelines in 2007.
Også hensigtserklæringens ordlyd viser, at parterne indgik en bindende aftale: Kapitalejerne og Elan»bekræftede, at de havde til hensigt at forhøje kapitalen«; kapitalejerne »vil støtte kapitaltilførslen«; de nye andele »betales kontant«.
According to point 11 of the R&R guidelines, a firm may still be considered to be in difficulties, in particular where the usual signs of a firm being in difficulty are present, such as increasing losses, diminishing turnover, growing stock inventories, excess capacity, declining cash flow, mounting debt, rising interest charges and falling or nil net asset value.
I henhold til disse oplysninger har de slovenske domstole endnu ikke taget stilling til, om forpligtelsen til at stemme for kapitalforhøjelsen kan håndhæves.
Elan's financial situation began to deteriorate in the course of the year 2007.
En part, der bryder en sådan aftale, ville dog normalt være erstatningspligtig.
The group's turnover decreased in 2007 by EUR 5 million to EUR 117,5 million and dropped to EUR 100 million in 2008.
På baggrund af ovennævnte argumenter konkluderer Kommissionen, at datoen for undertegnelsen, dvs. den 29. januar 2007, kan betragtes som datoen for tildeling af foranstaltning 1.
At the same time Elan group's result turned negative in 2007, dropping from EUR 0,6 million in 2006 to EUR – 8,4 million in 2007 and EUR – 12,7 million in 2008.
Selektiv fordel for støttemodtageren
Table 2
For at blive betragtet som statsstøtte skal en foranstaltning være specifik eller selektiv, forstået således, at den begunstiger visse virksomheder eller visse produktioner.
Key financial indicators for Elan group
Støttemodtageren
Figures in thousand EUR
I artikel 107, stk. 1, i TEUF henvises der til begrebet virksomhed i definitionen af støttemodtager.
Net sales revenue
Som bekræftet af Unionens retsinstanser forstås der ved en virksomhed i denne artikels betydning ikke blot en enkelt juridisk person, men også en gruppe af selskaber [15].
Operating costs
Afgørende for, om der er tale om en virksomhed som omhandlet i nævnte artikel, er, om den er en »økonomisk enhed«.
Net profit/losses
En økonomisk enhed kan bestå af flere juridiske personer.
This can partly be explained by the mild winter season of 2006-2007 (the ‘green’ winter) which hit sales of the winter sport division.
I det foreliggende tilfælde var Elan den juridiske person, der fik tilført kapital.
In fact, sales of Elan Ski dropped from EUR 48,1 million in 2006 to EUR 40,8 million in 2007 and further declined to EUR 37,7 million in 2008.
Da foranstaltningen blev tildelt, havde Elan fire datterselskaber: Elan Winter Sport, Elan Marine, Elan Inventa d.o.o. og Marine Nova d.o.o.
At the same time Elan Ski's result deteriorated from EUR – 0,5 million in 2006 to EUR – 6,7 million in 2007 and EUR – 13,0 million in 2008.
(se betragtning (6)).
Table 3
Efter kapitaltilførslen ydede Elan kapitalejerlån til Elan Winter Sport og Elan Marine.
Elan's marine division increased its sales revenue considerably in 2007 from EUR 31,8 million to EUR 38,6 million, but recorded a slight loss of EUR 0,3 million.
Det skal derfor undersøges, om koncernen som sådan eller kun Elan Winter Sport og Elan Marine havde fordel af kapitaltilførslen.
Table 4