natgillin/translations-raw huggingface dataset:
KAD-PPS's deltagelse i kapitaltilførslen skal derfor ses i samme lys som KAD's deltagelse.
As regards Triglav Naložbe and Zavarovalnica Triglav, Slovenia considers that those companies are not controlled by the State and that in any event, their actions are not imputable to the State either.
Det samme gælder for den beslutning, der blevet truffet på det 135. møde i KAD's bestyrelse i august 2008.
As a preliminary remark, the Commission points out that the fact that a state owned company is incorporated under private law alone is not enough to exclude imputability of its actions to the State.
Det konkluderes derfor, at KAD-PPS's kapitaltilførsel til Elan i 2008 indebærer anvendelse af statsmidler og kan tilregnes Slovenien.
No distinction should be drawn between cases where aid is granted directly by the State and cases where it is granted by public or private bodies established or appointed by the State to administer the aid.
Kommissionen bemærker, at DSU fuldt ud var direkte statsejet, da foranstaltningen blev tildelt.
In addition, as described above, the Court has held that there are several indicators for imputability, of which the question of whether a company is subject to private law or public law is only one (see recital (97)).
Dets bestyrelse består af tre medlemmer, hvoraf to udnævnes af kapitalejeren, dvs. Slovenien (se betragtning (13)).
Therefore, it has to be examined whether there are other facts indicating that measure 2 is imputable to the State.
Da kapitaltilførslerne blev gennemført, var det tredje medlem også udnævnt af staten.
In this regard, the Commission notes that there are several indications that the state was actively involved in the shareholders' decision to inject additional capital in the beneficiary.
I henhold til selskabets vedtægter træffer bestyrelsen sine beslutninger ved flertalsafstemning, og den fører tilsyn med DSU's aktiviteter.
Although Slovenia has dismissed media reports pointing out the State's role in having to save Elan as ‘hearsay’ or ‘a result of an excessive simplification’, such reports demonstrate the public perception of the governments industrial policy approach at the time.
DSU's bestyrelse undersøgte og godkendte faktisk kapitaltilførslen til Elan på et ekstraordinært møde den 11. juli 2008 og ændrede delvist sin beslutning på to ekstraordinære møder den 26. august 2008 og 8. september 2008 [29].
As further explained below, the perception that the Slovenian government pursued an active industrial policy approach at the time in question is indeed supported by the OECD's review of corporate governance in Slovenia, which also highlights that an action plan for corporate governance reform in Slovenia was only adopted by the government. nearly one year after measure 2 was put into place, namely in mid-2009 [19].
Eftersom Slovenien ejer DSU, kan det antages, at staten kan udøve bestemmende indflydelse på selskabet, og at DSU's midler i princippet kan betragtes som statsmidler.
Thus, in June 2008 when Elan's precarious situation was apparent to the outside world the media reported about the potential State support to Elan.
Imod Sloveniens opfattelse ændres denne konklusion ikke af det forhold, at de midler, der blev anvendt til kapitaltilførslen, stammer fra udbytte, renter og andre indtægter, DSU har opnået, jf. betragtning (104).
A German sports magazine wrote on 6 June 2008 that according to rumours the government intended to inject EUR 5,7 million into Elan to compensate for the past bad winter season [20].
Med hensyn til spørgsmålet om, hvorvidt foranstaltning 2 kan tilregnes staten, skal det bemærkes, at alle tre medlemmer af bestyrelsen på tidspunktet for tildelingen af foranstaltningen var udnævnt af Slovenien, enekapitalejeren i DSU, og at bestyrelsen på daværende tidspunkt skulle godkende transaktionen.
Also the Slovenian media discussed Elan's situation, pointing out the significance of State support to save jobs.
I forbindelse med de øvrige generelle omstændigheder, der talte for, at de offentlige myndigheder var involveret i vedtagelsen af foranstaltningen, eller den manglende sandsynlighed for, at de ikke var involveret, ville DSU efter Kommissionens mening ikke have indskudt kapitalen, hvis de offentlige myndigheder ikke havde påvirket selskabets beslutningsproces.
For instance the biggest commercial (independent) television PopTV reported on their website on 26 June 2008 that the management and the supervisory board of Elan were looking for the solution to the company's financial difficulties to come from the State, pointing out that if the State didn't help with a financial injection, more than 700 jobs were in danger [21].
Kommissionen kan dog konstatere, at Slovenien indirekte ejer to tredjedele af Zavarovalnica Triglav (se betragtning (14)).
In the context of an analysis of a possible privatisation of Elan (at the time known as Skimar d.o.o.), […] concluded that two of its owners, KAD and DSU, were 100 % government controlled and that consequently there was a probability that their decision to sell would be politically as well as economically motivated.
Dets majoritetskapitalejere er ZIPZ, instituttet for pensions- og uarbejdsdygtighedsforsikring, og SOD, det slovenske skadeserstatningsselskab.
The Commission verifies on the level of each shareholder whether it was controlled by the State and whether the funds used for the capital injection can be considered state resources.
Begge er 100 % statsejede.
In addition, the Commission determines whether the decision to inject capital into Elan is imputable to the State.
Ingen af de øvrige kapitalejere har en andel, der overstiger 1,8 %, i Zavarovalnica Triglav.
In this context, the Commission pays particular attention to the composition of the supervisory board of each shareholder and whether the supervisory board had to agree to the capital injection into Elan in 2008.
Fem af de otte medlemmer af Zavarovalnica Triglavs bestyrelse, herunder dens formand og næstformand, repræsenterer kapitalejerne og udnævnes af dem.
The Commission then examines additional elements indicating an involvement by the public authorities in the adoption of the measure or the unlikelihood of their not being involved
Som beskrevet i betragtning (14) er Zavarovalnica Triglavs majoritetsejere alle 100 % statsejede selskaber.
The Commission notes that Slovenia held 100 % of the shares in KAD, the majority shareholder of Elan at the time of granting.
Det er derfor grundlæggende staten, der udnævner disse fem medlemmer af bestyrelsen, og bestyrelsen repræsenterer statens interesser.
The Slovenian government appointed all the members of the assembly of KAD as well as the supervisory board (see recital (11)).
Kommissionen noterer sig, at det var direktionen i Zavarovalnica Triglav, som stemte for kapitalforhøjelsen på Elans generalforsamling den 28. august 2008, men at den gjorde det på den betingelse, at bestyrelsen ville godkende transaktionen.
According to KAD's articles of association, the latter has to consent to the conclusion of a transaction whose value exceeds 1 % of the share capital of KAD.
Bestyrelsen godkendte faktisk kapitaltilførslen den 4. september 2008 [31].
The capital injection under assessment was qualified as such a transaction, and in fact, KAD's supervisory board discussed and agreed to the capital injection into Elan in its 134th meeting on 10 July 2008 and its 135th meeting in August 2008 [23].
Eftersom Slovenien indirekte ejede to tredjedele af andelene i Zavarovalnica Triglav, kan det antages, at staten kan udøve bestemmende indflydelse på selskabet, og at Zavarovalnica Triglavs midler i princippet kan betragtes som statsmidler.
As Slovenia owns KAD, it can be assumed that it is in a position to control the company and that in principle, KAD's resources can be considered state resources.
Det skal bemærkes, at staten udnævner de fleste medlemmer af Zavarovalnica Triglavs bestyrelse, herunder dens formand og næstformand, og at bestyrelsen skal godkende kapitaltilførslen.
Contrary to Slovenia's view, the fact that the funds used for the capital injection stem from dividends, interests and other revenues of KAD, does not change this conclusion.
På baggrund af de øvrige generelle omstændigheder omhandlet ovenfor, som klart taler for, at de offentlige myndigheder var involveret i vedtagelsen af foranstaltningen, eller den manglende sandsynlighed for, at de ikke var involveret, vurderes det, at foranstaltningen kan tilregnes Slovenien.
Using dividends, interests or other revenues, which could instead have been paid to the State as controlling shareholder of the company, is a decrease of state resources and can therefore be considered the use of state resources [24].
Triglav Naložbe ejes ikke direkte af Slovenien.
Concerning the imputability of Measure 2, the Commission considers that KAD would not have injected the capital in the absence of the public authorities' influence on its decision making.
Kommissionen kan dog konstatere, at Slovenien indirekte ejer majoriteten af kapitalandelene i Triglav Naložbe.
The strong State influence cannot only be derived from the fact that Slovenia was the sole shareholder of KAD at the time, that all members of KAD's supervisory board were appointed by Slovenia, and that the supervisory board actually had to agree to the transaction.
Da foranstaltningen blev tildelt, ejede Zavarovalnica Triglav reelt 80 % af andelene i Triglav Naložbe.
An additional indicator of the State's close involvement in KAD's decision-making is the fact that representatives of the Slovenian government take part in all assembly and supervisory board meetings (see recital (45)).
Zavarovalnica Triglav ejes igen indirekte hovedsagelig af Slovenien (se betragtning (14)).
The government's influence on the decision making of KAD (and of another state-controlled fund, the restitution fund SOD) for the purpose of pursuing industrial policy objectives is also highlighted in the OECD's review of Corporate Governance in Slovenia: ‘The two funds have provided the Government with a strong mechanism to influence the boards and management of privatised firms and, ultimately, to play an active role in determining ownership changes.
Slovenien besidder derfor indirekte mere end 51 % af andelene i Triglav Naložbe.
In part this appears (at least initially) to have been motivated by a desire to manage the extent to which foreign firms gained control over important domestic firms and industries.
Ingen af de øvrige kapitalejere har en andel, der overstiger 0,67 %, i selskabet.
The extent of direct and indirect ownership has allowed past governments to exercise a very significant, and sometimes opaque, role in influencing the operation of large sectors of Slovenia's commercial enterprises and in the market for corporate control [25].’
De tre bestyrelsesmedlemmer repræsenterer kapitalejernes interesser og vælges af dem.
The Slovenian government's document ‘Structural Adjustments 2010 and 2011’ [26] further highlights the role that KAD and the state-controlled restitution fund SOD had played in serving Slovenia's industrial policy purposes, for instance in providing assistance to Elan.
Da staten indirekte er majoritetskapitalejer i Triglav Naložbe, vurderes det, at staten kan afgøre, hvem der udpeges til bestyrelsen med henblik på at repræsentere Sloveniens interesser.
Under Heading 2.1.1.
Triglav Naložbes bestyrelse skulle godkende kapitaltilførslen til Elan, og det gjorde den på sit syvende ekstraordinære møde den 3. september 2008 [32].
‘Establishment of a public agency for governance of state-owned enterprises and the transformation of KAD and SOD’ the document states: ‘Restructuring means that KAD and SOD must be relieved of all strategic investments: … — bad investments that have become strategic because the state wishes to provide assistance to them in overcoming their difficulties (Mura, Elan).’
Eftersom Slovenien indirekte ejede majoriteten i Triglav Naložbe, kan det antages, at staten kan udøve bestemmende indflydelse på selskabet, og at Triglav Naložbes midler i princippet kan betragtes som statsmidler.
The characterisation that KAD's investment in Elan had become strategic ‘because the state wishes to provide assistance’ to Elan is in sharp contrast with Slovenia's assertion that KAD was independent in its decision making (see recital (56)).
Imod Sloveniens opfattelse ændres denne konklusion ikke af det forhold, at de midler, der blev anvendt til kapitaltilførslen, stammer fra et lån, jf. betragtning (104).
The government document goes on explaining that the transfer of bad strategic investments from the parastate directly to the state was a personnel-related task above all and that the PDP restructuring company, established by KAD and SOD, had been transferred directly to state ownership as the team could no longer be part of KAD and SOD [27].
Eftersom staten udnævner alle medlemmer af Triglav Naložbes bestyrelse, og bestyrelsen havde godkendt kapitaltilførslen, og på baggrund af de øvrige generelle omstændigheder omhandlet ovenfor, som klart taler for, at de offentlige myndigheder var involveret i vedtagelsen af foranstaltningen, eller den manglende sandsynlighed for, at de ikke var involveret, vurderes det, at foranstaltningen kan tilregnes Slovenien.
The Commission invited Slovenia to provide comments on the documents cited above.
Konklusion
Slovenia affirmed that there was no government decision regarding Elan's recapitalisation.
Det forhold, at bestyrelserne var sammensat af Elans kapitalejere, og at de skulle godkende kapitaltilførslen i 2008, viser, at den omhandlede foranstaltning kan tilregnes staten [33].
Slovenia pointed out that the OECD review, which describes how KAD and SOD have provided the government with a strong mechanism to influence the boards and management of privatised firms, did not mention DSU, Zavarovalnica Triglav and Triglav Naložbe and that the Slovenian government's document did not mention any direct or indirect state influence with respect to the assets held by Zavarovalnica Triglav or Triglav Naložbe.
Som anført ovenfor er der desuden tydelige tegn på statens tætte involvering i beslutningsprocessen i KAD — langt den vigtigste kapitalejer i Elan — som kontrollerede 57,61 % af kapitalen, da kapitaltilførslen fandt sted — og DSU.
Furthermore, Slovenia draws attention to a passage in the OECD review mentioning that ‘the lack of central coordination has created difficulties for effective management of the Government's ownership interests’.
Den parallelle adfærd hos Elans fem kapitalejere, som alle var kontrolleret af staten, er desuden et tegn på statens involvering i kapitalejernes beslutning, da det er usandsynligt, at fem private og uafhængige operatører ville have accepteret at indskyde kapital i et kriseramt selskab samtidig og på samme betingelser.
With regard to the Slovenian government's document referring to bad investments that had become strategic, Slovenia points out that Mura, the second example of such investments cited in the document besides Elan, had been left to bankruptcy procedures in October 2009.
På baggrund af ovennævnte konkluderes det, at foranstaltning 2 indebærer anvendelse af statsmidler og kan tilregnes Slovenien.
The comments provided by Slovenia do not disprove the arguments set out above indicating the involvement by the public authorities in the adoption of the measure or the unlikelihood of their not being involved.
Det vurderes, at hele Elan-koncernen skal betragtes som støttemodtager, for så vidt angår kapitalforhøjelsen i 2008, af samme grunde som for foranstaltning 1 (se betragtning (87)-(90)).
The statement that the government was not involved in the recapitalisation decision is a mere affirmation.
Som beskrevet ovenfor ville en markedsinvestor forsøge at maksimere forrentningen af sin formue (se betragtning (91)).
The fact that the OECD review does not specifically mention DSU, Zavarovalnica Triglav and Triglav Naložbe and that it speaks of a lack of central coordination does not alter the overall picture painted in the OECD review, namely that the Slovenian government was actively intervening in the economy and pursuing industrial policy purposes.
I den sammenhæng bemærker Kommissionen først, at Elan var kriseramt, jf. definitionen i rammebestemmelserne for redning og omstrukturering, da foranstaltning 2 blev tildelt (se betragtning (74)).
With regard to the companies not specifically mentioned in the OECD review and in the Slovenian government's document, Zavarovalnica Triglav and Triglav Naložbe, details of the control exercised by the State are provided below.
I henhold til Slovenien stod Elan desuden over for insolvens i begyndelsen af 2008 og havde en likviditetsmangel på [12,6-15 mio.]
At the same time it has to be kept in mind that these companies were minority shareholders that held only 25 % of Elan shares.
EUR.
Finally, with regard to the government's document, the fact that another company in difficulties considered a ‘strategic investment’ went into bankruptcy is irrelevant for the assessment of the present case.
Slovenien hævder, at Elans kapitalejere baserede deres beslutning om at tilføre yderligere kapital på en række dokumenter udarbejdet af Elan og eksterne rådgivere, og at beslutningen således var velbegrundet.
In the light of the above, it is concluded that KAD's capital injection in 2008 into Elan consists of state resources and is imputable to Slovenia.
Elan udarbejdede ganske rigtigt en langsigtet plan for 2008-2012 for koncernen, men det skal bemærkes, at der i denne plan nævnes en kapitalforhøjelse på 25 mio. EUR som forudsætning for at opnå tilstrækkeligt afkast i fremtiden, og at Elans kapitalejere vurderede, at denne langsigtede plan var utilstrækkelig til at udgøre et grundlag for en sådan kapitaltilførsel.
As described in recital (12), KAD is managing PPS and controls its shareholdings.
Genopretningsplanen fra august 2008 bestod primært af prognoser og gav ingen oplysninger om den planlagte kapitalforhøjelse.
Therefore, the participation of KAD-PPS in the capital injection should be considered in the same light as KAD's participation.
Både den langsigtede plan for 2008-2012 og genopretningsplanen blev udarbejdet af Elan uden inddragelse af eksterne rådgivere.
In fact, the consent of the supervisory board of KAD to the capital injection in its 134th meeting on 10 July 2008 also included the consent to inject capital on the behalf of PPS [28].
Slovenien fremlagde også en værdiansættelse af Elans egenkapital beregnet efter discounted cash flow-metoden.
The same is true for the decision taken during the 135th meeting of KAD's supervisory board in August 2008.
I lyset af denne udvikling må ovennævnte værdiansættelse af egenkapitalen betragtes som forældet den 28. august 2008, da Elans kapitalejere traf beslutning om kapitaltilførslen, og den kan derfor ikke anvendes til at påvise, at Elans kapitalejere handlede som forsigtige markedsinvestorer, navnlig i betragtning af omstændighederne i forbindelse med den anden kapitaltilførsel.
Therefore, it is concluded that KAD-PPS capital injection into Elan in 2008 consists of state resources and is imputable to Slovenia.
For at godkende kapitalforhøjelsen krævede kapitalejerne, jf. betragtning (32), at bankerne først accepterede at omlægge Elans eksisterende lån.
The Commission notes that DSU was 100 % directly state owned at the time of granting.
Selv om bankerne ikke accepterede dette inden kapitalforhøjelsen, gik Elans kapitalejere videre med kapitaltilførslen, da Elan ellers ville være gået konkurs.
Its supervisory council consists of three members, two of which are appointed by the shareholder, i.e. Slovenia (see recital (13)).
Hvis bankerne havde accepteret at omlægge lånene inden kapitalforhøjelsen, kunne dette have været et tegn på, at de troede, at Elan igen kunne blive rentabelt.
At the time of the capital injections, also the third member had been appointed by the State.
Det var dog ikke tilfældet; tværtimod anmodede en af bankerne om en domstolsafgørelse mod Elan med henblik på at håndhæve bankens udestående.
According to the Articles of Association, the supervisory council adopts decisions by a majority of votes and it is supervising the management of DSU's business.
Bankens skridt kan betragtes som et tegn på, at markedet ikke troede på, at Elan igen kunne blive rentabelt.
In fact, DSU's supervisory council studied and approved the capital injection into Elan at an extraordinary session on 11 July 2008 and partially amended its decision at two extraordinary sessions on 26 August 2008 and 8 September 2008 [29].
Det skal endvidere erindres, at kapitalejerne allerede i 2007 havde indskudt 10,225 mio. EUR i Elan uden succes.
As Slovenia owns DSU, it can be assumed that it is in a position to control the company and that in principle, DSU's resources can be considered state resources.
Selv om kapitaltilførslen i 2007 var baseret på en såkaldt strategisk udviklingsplan, hvorunder Elan oprindeligt anmodede om investeringer på 20,2 mio. EUR, bør det præciseres, at kapitaltilførslen i 2008 på 10 mio. EUR ikke kan betragtes som en anden investeringstranche i henhold til den oprindelige strategiske udviklingsplan.
Contrary to Slovenia's view, the fact that the funds used for the capital injection stem from dividends, interests and other revenues of DSU, does not change this conclusion, as explained in recital (104).
Kapitaltilførslen i 2008 var nødvendig for at undgå insolvens, idet den dækkede Elans likviditetsmangel og tab og ikke var afsat til de formål, der var beskrevet i den strategiske udviklingsplan (se betragtning (23)).
Concerning the imputability of Measure 2, it has to be taken into account that all three members of the supervisory council at the time of granting were appointed by Slovenia, the sole shareholder of DSU, and that the supervisory council actually had to agree to the transaction.
Endelig bemærker Kommissionen, at alle kapitalejere var statsejede, da foranstaltningen blev tildelt.
As set out above, the influence of political considerations on DSU's decision making is acknowledged in […] valuation report of 22 December 2006 [30].
Der var altså ingen private kapitalejere, der deltog i kapitalforhøjelsen.
Also the fact that together with KAD in 2010 DSU transferred its Elan shares to the PDP holding company has to be seen in the light of the explanations provided above concerning the question of how the Slovenian government decided to deal with parastate investments that had become strategic because the state wished to provide assistance to them in overcoming their difficulties.
På baggrund af ovennævnte konkluderer Kommissionen, at foranstaltning 2 ikke blev tildelt i overensstemmelse med det markedsøkonomiske investorprincip og tilførte Elan en fordel.
In connection with the other over-arching circumstances speaking in favour of the public authorities' involvement in the adoption of the measure or the unlikelihood of their not being involved, the Commission considers that DSU would not have injected the capital in the absence of the public authorities' influence on its decision making.
Kommissionen kan konstatere, at støttemodtageren er aktiv på markeder, der er åbne over for konkurrence.
Therefore, it is concluded that the DSU capital injection in 2008 into Elan consists of state resources and is imputable to Slovenia.
Statsstøtte, der ydes til en sådan virksomhed, kan tilføre den en fordel i forhold andre konkurrenter, der ikke modtager sådan støtte.
Zavarovalnica Triglav is not directly owned by Slovenia.
Imod Sloveniens opfattelse er det i den sammenhæng ikke relevant, om Elans konkurrenter havde en større markedsandel end Elan, eller om disse konkurrenter også modtog midler fra deres kapitalejere.
The Commission observes, however, that Slovenia indirectly owns two third of Zavarovalnica Triglav (see recital (14)).
Når støtte, som ydes af en medlemsstat, styrker en virksomheds position i forhold til andre virksomheder, som den konkurrerer med i samhandelen inden for Unionen, må det antages, at denne samhandel påvirkes af støtten [34].
Its majority shareholders are ZIPZ, the Pension and Disability Insurance Institute and SOD, the Slovenian indemnity corporation.
Der er netop samhandel mellem medlemsstaterne med skiudstyr og marine fartøjer, som er de varer, støttemodtageren producerer og sælger.
Both are 100 % state owned.