natgillin/translations-raw huggingface dataset:
Immaterielt aktiv
Moreover, since the Commission is required to base its new analysis solely on information which was available to it in July 2008, information in respect of which both the French authorities and SNCM had already defined their position, it is unnecessary to consult them afresh [112].
Immaterielle anlægsaktiver
Finally, with the publication of the decision to open the procedure in the Official Journal, the third parties concerned were ensured the right to submit their comments [113] and there is no provision in Regulation (EC) No 659/1999 requiring that that opportunity be made available to them again where the original restructuring plan has been amended during the investigation procedure [114].
Ejet flåde
This decision is therefore based, in the main, solely on the information available on 8 July 2008.
Bygninger [131]
However, in the alternative, the Commission will demonstrate that it would not change its conclusions if account were taken of the note by the French authorities dated 16 May 2013 in relation to the facts referred to before 8 July 2008 and of the information submitted by SNCM on 27 August 2013.
Anlægsaktiver
In the present case, the Commission must examine whether the EUR 158 million capital contribution by the State prior to the sale of SNCM to private purchasers, that is, ultimately, the ‘negative sale price’ of the undertaking of exactly the same amount, does not contain elements of State aid.
Lager
An open, transparent and non-discriminatory public selection procedure at the end of which the State disposes of the undertaking after a prior recapitalisation (for an amount greater than the sale price) does not necessarily exclude the presence of aid, liable to benefit both the privatised undertaking and the purchaser of that undertaking [115].
Forudbetalinger
In order to determine whether an undertaking has obtained an economic advantage from a capital contribution by the State, the Commission generally applies the principle of a ‘private investor operating in a market economy’ (‘the private investor principle’), provided that the beneficiary is not liable for the reimbursement of other forms of State aid and that the contribution is subject to analysis with reference to the said principle.
Tilgodehavender hos kunder
The private investor principle is an expression of the principle of equal treatment of public and private sectors, pursuant to Article 345 TFEU.
Andre fordringer [133]
According to that principle, capital made available to an undertaking by the State, directly or indirectly, in circumstances which reflect normal market conditions, cannot be classified as State aid [116].
Nettolikviditet
To that end, the Commission may assess, inter alia, whether the provider of the resources has acted like a private investor pursuing structural policy — whether general or sectoral — and guided by the longer-term prospects of positive returns on the capital invested.
Periodeafgrænsningsposter
The validity of this approach has been acknowledged by the European Union Courts in a number of cases [117].
Andre aktiver
According to settled case-law, when injections of capital are made by a public investor without any prospect of profitability, even in the long term, the provision of such capital constitutes State aid [118].
Aktiver i alt
The European Union Courts have also held that a private investor pursuing a structural policy — whether general or sectoral — and guided by prospects of profitability in the long term could not reasonably allow itself, after years of continuous losses, to make a capital contribution which, in economic terms, proves not only costlier than selling the assets, but is, moreover, linked to the sale of the undertaking, which effectively removes any hope of profit, even in the longer term [119].
Ud fra ovenstående tabel kan Kommissionen konstatere, at flåden udgør hovedelementet i værdiansættelsen af virksomhedens aktiver.
Specifically, in its Gröditzer judgment, the Court of Justice held that, in order to establish whether the privatisation of an undertaking for a negative sale price involves elements of State aid:
I den forbindelse vurderede Kommissionens ekspert efter at have foretaget en sammenlignende analyse, når det var muligt, at dekorten på bruttohandelsværdien af skibene og beløbet til dækning af juridiske risici stemte overens.
‘it is necessary to assess whether, in similar circumstances, a private investor of a dimension comparable to that of the bodies managing the public sector could have been prevailed upon to make capital contributions of the same size in connection with the sale of that undertaking or whether it would instead have chosen to wind it up’ [120].
På dette grundlag konkluderede han, at der ikke var anledning til at afvise den franske stats værdiansættelse af flåden.
In the light of the foregoing, in order to determine whether the measure in question constitutes aid, the Commission must ‘assess whether the solution chosen by the State is, both in absolute terms and compared with any other solution, including that of non-intervention, the least costly, which would lead, if that were the case, to the conclusion that the State has acted like a private investor’ [121].
Med hensyn til dekorten skønner Kommissionen, at niveauet er på linje med den dekort, der har været givet ved salg af skibe i forbindelse med likvidationer.
In other words, the Commission must verify that the decision to make such a major capital contribution is indeed less costly than a liquidation.
Ifølge Kommissionens ekspert afhændede det nationale belgiske rederi, Régie des Transports Maritimes, der driver ruten Ostende-Ramsgate, f.eks. to bilfærger i 1997 med en anslået dekort på henholdsvis 35 og 45 %.
On assessing the costs of liquidation
For nylig afhændede rederiet Festival Cruises tre krydstogtfartøjer med en dekort på gennemsnitligt 20 %.
On taking account of the impact of the additional redundancy payments
Den dekort, der er ydet i lignende tilfælde, svarer således meget godt til den dekort, de franske myndigheder regnede med i den foreliggende sag.
When quantifying the cost to the shareholder of liquidation, the French authorities hold the view that, in this day and age, large groups of undertakings cannot disregard the social consequences of their decisions to close sites or wind up subsidiaries.
Med hensyn til beløbet til dækning af juridiske risici har der ikke været gennemført en tilsvarende transaktion på markedet, hvorfor Kommissionen skønner, at begrundelserne for at afsætte et beløb til dækning af juridiske risici er rimelige i betragtning af det begrænsede marked for disse specielle skibe, der er bygget til en ganske bestemt anvendelse.
Accordingly, they usually implement social plans which may include measures to retrain staff, help them find new jobs, redundancy payments, and possibly even local development measures, which go beyond the requirements of statutory provisions and collective agreements.
Kommissionen gør i øvrigt opmærksom på, at dens uafhængige ekspert reviderede værdien af de finansielle aktiver i opadgående retning, især værdien af SNCM's aktier i CMN (fra 21,8 mio. EUR til 28 mio. EUR).
In that respect, the French authorities consider that, on the basis of the 2005 social plan, itself based on the 2002 plan, the range should be from EUR [90000-100000] [60] Confidential information.
Kommissionen mener, at i betragtning af Stef-TFE's bud på 35,2 mio. EUR for tilbagekøb af denne aktiepost, der blev fremsendt til Kommissionen i forbindelse med den foreliggende undersøgelse, er værdiansættelsen af SNCM's aktiepost i CMN til 28 mio. EUR rimelig i relation til en likvidation af rederiet.
to [120000-130000] per employee, i.e. a total amount of between EUR [200-210] [60] Confidential information.
Med hensyn til værdiansættelsen af de øvrige aktivposter havde Kommissionens ekspert ingen indvendinger.
million and [250-260] [60] Confidential information.
Han var dog ikke enig i posten »nettolikviditet« for aktiverne, eftersom de var negative.
million.
Kommissionen mener, at denne post i realiteten bør figurere blandt SNCM's passiver.
The French authorities point out that the lower limits of the abovementioned range take account of the fact that the costs of the reference social plan have been inflated due to the very large proportion of employees approaching retirement age, who leave under particularly advantageous conditions.
Under hensyn til de foretagne justeringer sætter Kommissionen værdien af SNCM's aktiver til 211,4 mio. EUR pr. 30. september 2005.
Account is also taken of the context (liquidation of the undertaking and wholesale redundancies), which is in no way comparable to a cut in staff numbers allowing the company to stay in business, which is the premise for the reference social plan.
Vedrørende værdiansættelsen af SNCM's passiver
Ultimately, the French authorities consider that, even when using the analysis grid established by the General Court in its judgment of 15 September 2012, the transfer of control of SNCM for the negative sale price of EUR 158 million did not include elements of State aid.
Kommissionen konstaterer, at de franske myndigheder kvantificerer de privilegerede kreditorers fordringer til 153,8 mio. EUR og de efterstående fordringer (ekskl. supplerende fratrædelsesgodtgørelser) til 170,9 mio. EUR.
They maintain that the Commission has all the information necessary to respond to the Court’s criticisms.
Specielt med hensyn til de sociale fordringer vurderer de franske myndigheder omkostningerne ved den normale socialplan til [70-80] [60] Fortrolige oplysninger.
The Commission does not share this analysis.
mio. EUR.
According to the General Court judgment [122], the making of additional redundancy payments may, in principle, constitute a legitimate and appropriate practice, depending on the circumstances of the case, the aim being to foster a calm social dialogue and preserve the brand image of a company or group of companies.
Omkostningerne er beregnet på et individuelt grundlag afhængigt af den enkeltes ansættelseskontrakt (tidsubestemt eller tidsbegrænset kontrakt), relevante vedtægter og kollektive overenskomster (besætningsmedlemmer, administrativt personale eller stabsfunktioner), anciennitet, indplacering og løn.
In accordance with the principle of equal treatment of private and public sectors, the option of making additional redundancy payments is also open to the Member States in the event that a public undertaking goes into liquidation, even though their obligations cannot, in principle, exceed the strict minimum under statutory and contractual obligations.
Beløbet dækker godtgørelse for manglende opsigelsesvarsel ([20-30] [60] Fortrolige oplysninger.
However, the Court states that ‘… the burden of those additional costs, because of legitimate concerns, cannot follow an exclusively social, even political, objective, as it would otherwise go beyond the framework of the private investor test … In the absence of any economic rationale, even in the long term, the assumption of the burden of costs which exceeds the strict statutory obligations and obligations under agreements must therefore be considered to be State aid within the meaning of Article 87(1) EC’ [123].
mio. EUR), feriepenge for varselsperioden ([0-10] [60] Fortrolige oplysninger.
Regarding the argument put forward by the French authorities on protecting the State’s brand image, the Court considers that ‘… the protection of the brand image of a Member State as a global investor in the market economy cannot constitute, other than under specific circumstances and without a particularly cogent reason, sufficient justification to demonstrate the long-term economic rationale of the assumption of additional costs such as additional redundancy payments’ [124].
mio. EUR), overenskomstmæssig fratrædelsesgodtgørelse ([30-40] [60] Fortrolige oplysninger.
There are no such specific circumstances in this case.
mio. EUR) samt »Delalande-bidrag« ([0-10] mio. EUR) [134].
The Commission notes that, following the launch of the procedure, the French authorities failed to define the economic activities of the French State, particularly at geographical and sectoral level.
Omkostningerne ved den ekstraordinære socialplan blev af de franske myndigheder vurderet til [30-40] [60] Fortrolige oplysninger.
An assessment needs to be carried out of the long-term economic rationale of the measures in question, even though the French authorities eventually stated in their correspondence of 16 May 2013 that the State’s actions should be compared to those of a diversified holding company, seeking to maximise its profits and protect its brand image as a global business, particularly as regards the management of its staff.
mio. EUR.
Regarding the brand image of CGMF, the Commission notes that it had no assets other than SNCM in the maritime transport sector.
Denne socialplan omfatter samtlige ledsageforanstaltninger i forbindelse med SNCM's lovfæstede og vedtægtsbestemte forpligtelser ved afskedigelser [135] samt de indirekte omkostninger ved den normale socialplan [136].
This argument cannot therefore apply to it.
Omkostningerne ved ophævelse af de vigtigste driftsaftaler vedrører primært realiseringen af den bankgaranti på 7,4 mio. EUR, der blev stillet for SNCM's tilfredsstillende opfyldelse af public service-forpligtelserne, hvortil skal lægges den bod, der er fastsat i public service-kontrakten, på 2 % af den finansielle referencekompensation på 63 mio. EUR for 2005, dvs. ca. 1,2 mio. EUR i tilfælde af misligholdelse af forpligtelserne.
Regarding the brand image of the State as shareholder, the French authorities asserted that there was a high risk of social unrest in State-controlled undertakings, liable to affect not only those undertakings located in close proximity to SNCM’s operations, but all sectors, and in particular the transport sector.
Med hensyn til nettoomkostningerne ved afståelse af leasede fartøjer [137] understregede de franske myndigheder, at skibsmæglerfirmaet BRS ud fra bestemte forudsætninger [138] vurderede nettoprovenuet ved afståelse til 144,8 mio. EUR pr. 30. september 2005 efter dekort, mæglergebyr og finansielle omkostninger ved salget.
The Commission holds the view that the French authorities failed to demonstrate that there was a bona fide risk of contagion to all public undertakings and that they also failed to demonstrate that the payment of the additional compensation helped prevent further strike action.
Skattebesparelser og bankgæld udgør 193,5 mio. EUR, hvilket giver en restbankgæld vedrørende de leasede fartøjer på 48,7 mio. EUR.
Finally, the Commission considers that the State’s assertion that the payment of the additional compensation was made on purely social grounds is not sufficient to rule out the presence of State aid.
Tabel 4
Furthermore, the Commission considers that the French authorities have not adduced sufficient objective and verifiable data capable of showing that the making of additional redundancy payments, in similar circumstances, is an established practice among private entrepreneurs.
Scenarier for værdiansættelse af SNCM's passiver pr. 30. september 2005
The Commission notes that the mere reference to a limited number of social plans is not enough to demonstrate the existence of a sufficiently established practice in cases comparable to the one at hand, that the redundancy schemes referred to by the French authorities relate to restructuring rather than liquidation plans, and that a large number of these concern sectors which, on the face of it, have nothing in common with transport infrastructure (e.g. the cosmetics industry (Yves Saint-Laurent Haute couture), the agri-food industry (Danone) and the electronics industry (Hewlett Packard)).
Passivernes værdi
Furthermore, the table prepared by the French authorities in the note of 16 May 2013, which sets out a list of social plans, details six plans launched after the privatisation of SNCM and which cannot, therefore, serve as grounds for taking into account the additional redundancy payments.
Privilegerede forpligtelser, heraf:
SNCM produced a new list of five social plans in the note of 27 August 2013.
sociale og fiskale forpligtelser
The Commission considers that this list does not prove that the making of additional redundancy payments, in similar circumstances, is an established practice among private entrepreneurs.
finansielle forpligtelser med sikkerhed i aktiver [139]
The Commission notes that, of the five plans in question, two concern SNCM, one of which is the subject of the present decision.
Omkostn. ved den normale socialplan
These two plans cannot therefore be used to make objective comparisons for two reasons:
Omkostninger ved likvidationsprocessen
first, SNCM’s former practices in this area do not constitute a sufficient basis to justify the established nature of the practice and, second, the 2002 social plan relates to a period when SNCM was still under public control, while the comparison criterion set by the General Court was private undertakings operating in the same field.
Mellemliggende driftsunderskud [141]
As such, the Commission notes that the Port of Marseille social plan cannot be taken into account because in 2004 the port was in public, not private hands.
Fyldestgørelse af privilegerede kreditorer
Moreover, as regards the last two social plans referred to, i.e. Air Lib and Eurostar, the Commission observes that these are restructuring, not liquidation plans.
Efterstående gældsforpligtelser [142]
Lastly, the Commission observes that the average additional compensation of these two plans is more than 50 % below the average additional compensation paid by SNCM.
Omkostn. ved den ekstraordinære socialplan
Finally, the Commission notes that the French authorities have not established that the French State’s actions were motivated by a reasonable probability of obtaining an indirect material profit, even in the long term, by avoiding increased social unrest within the undertaking, given that the latter would have folded in the event of liquidation.
Omkostn. ved afbrydelse af de vigtigste driftsaftaler
There is insufficient evidence to support the hypothesis that larger payouts were made to employees of other public undertakings.
Ekstraomkostn. ved afståelse af leasede fartøjer
This standpoint is lent even more credence by the fact that, even from the point of view of a global investor as hypothesised by the French authorities, the granting of very high severance payments to employees of a company is likely to complicate any future restructuring of other companies belonging to the same investor.
Fyldestgørelse af efterstillede kreditorer
Furthermore, the French authorities have not quantified the significant nature of the potential social costs which they cite as justification for the granting of additional redundancy payments.
Kommissionen bemærker, at de sociale gældsforpligtelser er det største element i SNCM's passiver.
The French authorities have also argued that a liquidation procedure would have been longer and potentially riskier for the State as shareholder than the sale of SNCM at a negative price.
Hvad angår udgifterne til den normale socialplan, har Kommissionens ekspert foretaget stikprøvekontrol af beregningerne af alle elementer i planen og har hverken konstateret uregelmæssigheder eller fejl.
The Commission notes that the French authorities have failed to provide proof of this risk and have not explained why the length of the liquidation procedure would have been taken into account by a private shareholder.
Ud fra denne kontrol anser Kommissionen det beløb på [70-80] [60] Fortrolige oplysninger.
The Frucona Kosice [125] case referred to by the French authorities has no bearing on the present case because it concerns the private creditor test.
mio. EUR, som de franske myndigheder har opgivet for omkostningerne til den normale socialplan, for rimeligt.
The length of a liquidation procedure is relevant for analysing whether the State, as creditor of Frucona Kosice, maximised recovery of its debts by accepting immediate partial repayment or if it would have been better to wait for the outcome of the liquidation of the undertaking.
Med hensyn til de mellemliggende driftsunderskud skønner Kommissionen, at overslaget er forsigtigt, når man betænker lovgivningen, særlig artikel L.622-10 i handelsloven og artikel 119-2 i dekret nr. 85-1388 af 27. december 1985, hvorefter SNCM efter krav fra anklagemyndigheden med henvisning til rederiets public service-forpligtelser ville kunne dømmes af den kompetente handelsret til at fortsætte driften i to måneder med mulighed for forlængelse.
The circumstances of the present case are different since the State is a shareholder in SNCM, not a private creditor.
Hvad angår de efterstillede gældsforpligtelser, har Kommissionens ekspert ingen særlige indvendinger.
Given that, in the event of liquidation of SNCM, the assets would clearly not be sufficient to cover the liabilities, the State would be unable to recover its contribution.
Han har dog korrigeret beløbet på 69,7 mio. EUR med 14,5 mio. EUR efter overførslen af posten »nettolikviditet« fra aktivsiden til passivsiden.
Consequently, the length of the liquidation procedure has no bearing on this case.
Kommissionen finder dette i overensstemmelse med de ændringer, der er foretaget i værdiansættelsen af SNCM's aktiver.
The French authorities have therefore failed to justify the shouldering of the cost of these additional payments by the State acting as a private investor in the context of a liquidation.
Med hensyn til den ekstraordinære socialplan (ekskl. supplerende fratrædelsesgodtgørelser) anslår Kommissionens ekspert, at tallene for udgifter til retstvister bør nedsættes til [0-5] [60] Fortrolige oplysninger.
At this stage in the analysis, the Commission must determine the value of the liquidation of SNCM excluding the additional redundancy payments.
mio. EUR i stedet for [0-10] [60] Fortrolige oplysninger.
On the liquidation value of SNCM
mio. EUR som påstået af de franske myndigheder.
According to the revalued net asset method, an asset shortfall is determined when the economic value of the actual assets (generally higher than the net book value) does not cover the economic value of the actual debts.
Kommissionen er ganske vist overbevist om, at fagforeningerne vil forlange de tidsbegrænsede kontrakter ændret til tidsubegrænsede kontrakter [143], men den mener til gengæld, at de dermed forbundne udgifter kun kan omfatte de medarbejdere med tidsbegrænsede kontrakter, hvor det vil være oplagt (dvs. [150] tidsbegrænsede kontrakter).
In order to determine an asset shortfall in the present case, the Commission, with the assistance of its expert [126], verified as explained above that on 30 September 2005 the value of SNCM’s assets was insufficient to pay off preferential and non-preferential creditors.
Regner man med en bruttomånedsløn på [2000-2500] [60] Fortrolige oplysninger.
The Commission takes the view that the valuation of net assets is a method commonly used to value companies in the maritime transport sector.
EUR med en godtgørelse på ni måneders løn for de [100-120] [60] Fortrolige oplysninger.
It considers, furthermore, that the method in question is particularly appropriate in SNCM’s case since the reference shareholder’s only alternative to the sale is to put the company into liquidation.
første tidsbegrænsede kontrakter og seks måneders løn for de resterende [50-70] [60] Fortrolige oplysninger.
As regards other valuation methods, in particular that of ‘present value of operating free cash flows’, the Commission considers that, since this method appraises the company as a going concern, which would not be the case if SNCM were to go into liquidation, it is inapplicable in the present case.
, bliver beløbet [0-10] [60] Fortrolige oplysninger.
The Commission chose 30 September 2005 as the reference date for the valuation of SNCM since that was the date on which the choice between the acceptance of the takeover bid or the liquidation of the company was actually made, the selection of BCP having been decided upon on 27 September 2005.
mio. EUR.
On the value of SNCM’s assets