natgillin/translations-raw huggingface dataset:
Forsinkelsen mellem hensigtserklæringen og den formelle aftale mellem kapitalejerne skyldtes bl.a., at KD Kapital, Elans eneste private kapitalejer på daværende tidspunkt, som havde spærreminoritet, spærrede den formelle beslutning om kapitalforhøjelsen.
In 2006, Elan envisaged an ambitious investment programme for the group concerning investments into buildings, equipment and brand marketing, based on a strategic development plan for the period 2006-2010 (drawn up by Elan's supervisory board in December 2005).
KD Kapitals spærring skyldtes uenighed mellem KAD og KD Kapital om ændringer i Elans bestyrelse.
For the years 2006-2007 investments of EUR 20,2 million were planned.
I henhold til Slovenien ejede KD Kapital også halvdelen af en af Elans konkurrenter, Seaway Group d.o.o., og havde til hensigt at indsætte en repræsentant for KD Kapital i Elans bestyrelse.
In order to finance those investments, Elan proposed a capital increase of EUR 20,2 million to its shareholders.
KAD kunne ikke acceptere dette på grund af KD Kapitals andel i Seaway.
In the meantime, in the course of 2006, Elan started to purchase new production equipment, which was also foreseen by the strategic development plan.
For at løse dette problem tilbød KAD i begyndelsen af oktober 2007 KD Kapital en put-option på den betingelse, at KD Kapital stemte for KAD's forslag i forbindelse med uenigheden om bestyrelsesmedlemmer.
On 29 January 2007, Elan and Elan's shareholders signed a letter of intent, in which they agreed that the shareholders would inject EUR 10,225 million into Elan (about half of the EUR 20,2 million foreseen in the strategic development plan 2006-2010).
For at håndtere den vanskelige finansielle situation udpegede Elans kapitalejere en ny direktion i april 2008.
Prior to this, in May 2006, Elan had informed its shareholders that, although it was putting all free cash flows in investments foreseen in the Strategic development plan 2006-2010, additional capital would be needed to realise the necessary investments [8].
Direktionen indledte forhandlinger med bankerne for at nå til enighed om omlægning af bankernes tilgodehavender hos Elan og dermed undgå selskabets konkurs.
In the following, in November 2006, Elan prepared a more detailed analysis of the effects of a capital increase [9], according to which the investments would lead to a cumulative net profit for the winter sport division of EUR 15,4 million over the period 2006-2010, compared to cumulative net losses without the capital increase of EUR 4,8 million.
Bankerne ville kun acceptere dette, hvis Elans kapitalejere indskød yderligere kapital i selskabet.
Also the cumulative net profit of the marine division for the period 2006-2010 would be higher if the capital increase took place (EUR 14,9 million compared to EUR 8 million).
På den baggrund anmodede Elan i marts 2008 sine kapitalejere om yderligere ny kapital.
At the same time, Elan's majority shareholder KAD estimated the value of the group to be EUR 22,8 million.
Kapitalejerne anmodede også om en supplerende langsigtet plan for Elan [10].
The supervisory boards of the shareholders KAD, DSU, Zavarovalnica Triglav and Triglav Naložbe approved the capital injection already in December 2006 and January 2007 respectively.
Efter denne anmodning udarbejdede Elan en yderligere genopretningsplan dateret den 8. august 2008 (i det følgende benævnt »genopretningsplanen«).
Formally, the capital increase was confirmed in the shareholder assembly of 25 October 2007.
Elan kunne dog ikke nå til enighed med bankerne om gældsomlægningen.
The shareholder payments were carried out on 15 November 2007 in proportion to the respective shareholder's ownership share.
Tværtimod indledte en af Elans kreditorer, nemlig SKB banka d.d., en retssag for at håndhæve sine krav, og i august 2008 pålagde retten i Ljubljana Elan at betale dets gæld.
The EUR 10,225 million were injected into Elan, which gave in turn a shareholder loan of EUR 5,8 million to Elan Winter sport and a shareholder loan of EUR 4,425 million to Elan Marine.
Hvis dette pålæg var blevet håndhævet, var selskabet gået konkurs.
Those shareholder loans were later converted into equity in Elan Winter sport and Elan Marine.
KAD's bestyrelse godkendte kapitaltilførslen allerede inden kapitalejernes møde i august 2008.
As described above, Elan Winter sport and Elan Marine were merged into their parent company Elan in June 2010 (see recital (6)).
De øvrige kapitalejeres bestyrelser godkendte beslutningen om at indskyde 10 mio. EUR i Elan senest i begyndelsen af september 2008.
One of the reasons for the time lag between the letter of intent and the formal agreement of the shareholders was that KD Kapital, the only private shareholder at that time in Elan, which had a blocking minority, blocked the formal decision for the capital increase.
Kapitalejerne foretog deres betalinger den 8. september 2008 i forhold til deres ejerandele.
The reason for KD Kapital's blocking was a dispute between KAD and KD Kapital over changes in the supervisory board of Elan.
Beløbet på 10 mio. EUR blev tilført Elan, som derefter indskød 5,924 mio. EUR i Elan Winter Sport og 4,076 mio. EUR i Elan Marine.
KAD considered this not to be acceptable in light of KD Kapital's shareholding in Seaway.
Den langsigtede plan for 2008-2012
In order to solve this issue, in the beginning of October 2007, KAD offered KD Kapital a put option, under the condition that KD Kapital voted in favour of KAD's proposal related to the dispute over the supervisory board members.
Den langsigtede plan for 2008-2012, som Elan udarbejdede i 2008, beskrev først Elan-koncernens økonomiske og finansielle situation.
Following this offer, KD Kapital finally agreed to the capital increase, and as described above, the shareholders took the formal decision in October 2007.
Den foreslog en række omstruktureringsforanstaltninger vedrørende Elan Winter Sport (justering af investeringer i tilknyttede virksomheder, lagerjusteringer og fratrædelsesgodtgørelser) og vedrørende Elan Marine (lagerjusteringer, fratrædelsesgodtgørelser og nedskrivning af produktionsudstyr).
The capital injection in 2008 (‘Measure 2’)
Ud over disse omstruktureringsforanstaltninger planlagde man følgende tiltag i forbindelse med Elan Winter Sport:
Despite the capital increase of November 2007, the bad winter season of 2007/2008 (affected by the previous ‘green’ winter of 2006/2007) led to further difficulties of the group.
forbedringer af varesortimentet
KAD purchased the shares of KD Kapital and thus increased its share in Elan.
reorganisation af administrationen.
Since then, Elan has been an entirely state owned company (see recital (20)).
For Elan Marine omfattede den langsigtede plan for 2008-2012 følgende tiltag:
To cope with the difficult financial situation, Elan's shareholders appointed a new management board in April 2008.
investeringer i et nyt joint venture, kaldet Elan Yachts, med aktiviteter inden for salg og udvikling af sejlbåde
The management started talks with the banks to reach an agreement on rescheduling of the banks' claims against Elan and thus to avoid bankruptcy of the company.
salg af motor- og lystbådsaktiviteter (Elan PBO) for [9,5-11,2] mio. EUR for at reducere Elan Marines gæld.
The banks were only willing to do so on condition that Elan's shareholders provided additional capital to the company.
I henhold til disse prognoser ville Elan Winter Sport blive rentabelt fra og med 2010, og Elan Marine ville blive rentabelt fra og med 2011.
Based on a long-term plan for Elan for the period 2008-2012, drawn up by Elan in June 2008 (hereinafter ‘long-term plan 2008-2012’), Elan asked its shareholders more concretely for EUR 25 million in June/July 2008.
I planen konkluderedes det, at Elan havde brug for en kapitaltilførsel på [23-26] mio. EUR for at opfylde sine likviditetsbehov.
Elan's shareholders considered the long-term plan 2008-2012 as inadequate to inject EUR 25 million.
Kun hvis denne likviditet blev tilført, kunne Elan levere et passende afkast til sine kapitalejere.
In fact, the shareholders were only willing to inject EUR 10 million, and made this capital increase conditional on a prior agreement between Elan and its banks to reschedule Elan's debts.
Genopretningsplanen
The shareholders also asked for a supplemented long-term plan for Elan [10].
Genopretningsplanen, som Elan udarbejdede i august 2008, præsenterede først Elan-koncernens organisation og den finansielle og økonomiske situation for Elan Winter Sport og Elan Marine, herunder en detaljeret analyse af passiver, omkostninger og indtjening.
Following this request, Elan prepared an additional Rehabilitation plan, dated 8 August 2008 (hereinafter ‘Rehabilitation plan’).
I henhold til planen kunne de tiltag, der blev foreslået i denne del, kun gennemføres, hvis ny kapital blev tilført Elan, og hvis bankgælden blev omlagt.
Elan was, however, not able to reach an agreement with its banks on the debt rescheduling.
De beløb, der krævedes, var dog ikke nævnt i genopretningsplanen.
On the contrary, one of Elan's creditors, namely SKB banka d.d., started court proceedings to enforce its claims and in August 2008, the Court of Ljubljana served Elan a court order to pay its outstanding debts.
For Elan Winter Sport omfattede genopretningsplanen følgende foranstaltninger:
The enforcement of this order would have led to bankruptcy of the company.
For Elan Marine omfattede genopretningsplanen følgende foranstaltninger:
In light of this, Elan called for an urgent meeting of the shareholders which took place on 28 August 2008.
Genopretningsplanen indeholdt derefter prognoser for 2008-2012, som viste, at Elan Winter Sport ville blive rentabelt fra og med 2010, og at Elan Marine ville blive rentabelt fra og med 2011.
During this meeting, following a proposal from KAD, Elan's shareholders decided to inject EUR 10 million into Elan, although the condition that Elan reached an agreement with its banks on rescheduling the loans was not met.
BEGRUNDELSE FOR INDLEDNING AF PROCEDUREN
The supervisory board of KAD approved the capital injection already before the shareholders' meeting in August 2008; the supervisory board of the other shareholders approved the decision to inject EUR 10 million in Elan the latest in early September 2008.
Som beskrevet i betragtning (2)-(3) ovenfor traf Kommissionen den 12. maj 2010 afgørelse om at indlede en formel undersøgelsesprocedure (»indledningsafgørelsen«).
The shareholders' payments were carried out on 8 September 2008 in proportion to the respective shareholder's ownership share.
I denne indledningsafgørelse vurderede Kommissionen foreløbig, at de to kapitaltilførsler udgjorde statsstøtte til fordel for Elan Ski og Elan Marine.
As described in recital (6), Elan's winter sport and marine activities were organised in two subsidiaries at the time of granting, namely Elan Winter sport and Elan Marine.
Den udtrykte tvivl om, hvorvidt sådan statsstøtte kunne betragtes som forenelig med det indre marked.
The EUR 10 million were injected into Elan, which then put EUR 5,924 million in Elan Winter sport and EUR 4,076 million in Elan Marine.
Kommissionen undersøgte indledningsvis, om støttemodtagerne var kriseramte.
The long-term plan 2008-2012
KRISERAMT VIRKSOMHED
The long-term plan 2008-2012, drawn up in June 2008 by Elan, described first the economic and financial situation of Elan group.
I punkt 10 i rammebestemmelserne for statsstøtte til redning og omstrukturering af kriseramte virksomheder (rammebestemmelserne for redning og omstrukturering) fastlægges de omstændigheder, hvorunder et selskab kan antages at være kriseramt, f.eks. en betydelig reduktion af kapitalen.
It proposed several restructuring measures on the level of Elan Winter sport (adjustment of investments in affiliated companies, inventory adjustments and termination benefits) and on the level of Elan Marine (inventory adjustments, termination benefits, write down of marine moulds).
I indledningsafgørelsen vurderedes det, at Elan Ski og Elan Marine ikke opfyldt kriterierne i punkt 10 i rammebestemmelserne for redning og omstrukturering.
In addition to these restructuring measures, the following actions were foreseen for Elan Winter sport:
I henhold til punkt 11 i rammebestemmelserne kan en virksomhed alligevel anses for kriseramt, hvis de sædvanlige tegn på, at en virksomhed er kriseramt, er til stede.
Increase of the productivity of the employees; reduction of workforce from 340 to 230 employees;
I lyset af Elan-koncernens voksende underskud, faldende omsætning og vanskelige finansielle situation fandt Kommissionen, at Elan Ski og Elan Marine kunne anses som kriseramte, i hvert tilfælde i 2007 og 2008.
Reduction of number of trademarks;
FOREKOMST AF STATSSTØTTE
Improvements in product mix;
Eftersom KAD er 100 % ejet af Slovenien, eftersom Slovenien udnævner alle medlemmer af forretningsudvalget og bestyrelsen, og eftersom den slovenske regering deltager i alle møder i forretningsudvalget og bestyrelsen, konkluderede Kommissionen foreløbig, at de foranstaltninger, som KAD gennemførte, indebærer anvendelse af statsmidler og kan tilregnes staten.
For Elan Marine, the long-term plan 2008-2012 foresaw the following actions:
Med hensyn til de foranstaltninger, der blev ydet af de andre ejere afElan, dvs. KAD-PPS, DSU, Triglav Naložbe og Triglav Insurance, konkluderede Kommissionen, at det under den formelle undersøgelsesprocedure skulle bekræftes, om de også indebar anvendelse af statsmidler og kunne tilregnes staten.
Investments in a new joint venture, called Elan Yachts, which should be active in sales and development of sailing boats;
Dernæst undersøgte Kommissionen, om foranstaltningerne tilførte støttemodtagerne en fordel.
Sales of the power and yachting programmes (Elan PBO) for EUR [9,5-11,2] million in order to reduce Elan Marine's debts.
Den tvivlede på, at foranstaltningerne ville opfylde den markedsøkonomiske investortest.
The long-term plan 2008-2012 then provided forecasts for the group and its subsidiaries, based on the assumption that the above described restructuring measures and actions were implemented.
Den eneste private kapitalejer i Elan, KD Kapital, ønskede ikke at deltage i den første foranstaltning.
According to these forecasts, Elan Winter sport would be profit making from 2010 onwards, and Elan Marine would be profit making from 2011 onwards.
Foranstaltningen var tilsyneladende ikke baseret på en forretningsplan eller andre oplysninger om det potentielle fremtidige investeringsafkast.
The plan concluded that Elan needed additional capital of EUR [23-26] million in order to meet its liquidity needs.
På tidspunktet for kapitaltilførslen var støttemodtagerne tilsyneladende i finansielle vanskeligheder.
Only if such capital was provided, Elan could deliver adequate returns to its shareholders.
Der deltog ingen private virksomheder i den anden foranstaltning.
The Rehabilitation plan
En langsigtet plan og en genopretningsplan blev ganske vist udarbejdet, inden kapitalejerne traf beslutning om kapitaltilførslen, men disse planer var ifølge kapitalejerne af Elan øjensynligt ikke tilfredsstillende.
The Rehabilitation plan, drawn up in August 2008 by Elan, first presented the company structure of Elan group and the financial and economic situation of Elan Winter sport and Elan Marine, including a detailed analysis of liabilities, costs but also revenues.
Da den anden foranstaltning blev ydet, befandt Elan Ski og Elan Marine sig stadig i finansielle vanskeligheder.
It then analysed the operations of Elan Winter sport and Elan Marine from January 2008-June 2008.
Kommissionen fandt for det tredje, at de foranstaltninger, som Slovenien havde truffet, sandsynligvis ville fordreje konkurrencen og påvirke samhandelen mellem medlemsstaterne, da der er samhandel mellem medlemsstaterne med skiudstyr og marine fartøjer.
Finally, the plan included a part on the rehabilitation of the company.
STØTTENS FORENELIGHED
According to the plan, the actions proposed in this part could only be realised if fresh capital was injected into Elan and the bank loans were rescheduled.
Kommissionen vurderede foreløbig, om foranstaltningerne var forenelige i henhold til rammebestemmelserne for redning og omstrukturering.
The Rehabilitation plan did, however, not specify the amounts needed.
I medfør af deres vanskeligheder og den manglende tilstedeværelse af andre stærke selskaber i koncernen er Elan Ski og Elan Marine i princippet berettigede til rednings- og omstruktureringsstøtte.
The Rehabilitation plan foresaw the following measures for Elan Winter sport:
Da foranstaltningerne blev ydet i form af en kapitalforhøjelse, kan de ikke betragtes som redningsstøtte.
The following measures were foreseen for Elan Marine:
Med hensyn til deres forenelighed som omstruktureringsstøtte, fremgik det ikke klart, om alle de krævede betingelser var opfyldt.
The Rehabilitation plan then provided business projections for the years 2008-2012, according to which Elan Winter sport would be profit making as from 2010 and Elan Marine would be profit making as from 2011 onwards.
Det var navnlig uklart, om støtten var begrænset til et minimum, og der forelå ikke oplysninger om eget bidrag og kompenserende modydelser.
GROUNDS FOR INITIATING THE PROCEDURE
Kommissionen undersøgte også foreløbig, om foranstaltningerne kunne betegnes som forenelig regionalstøtte.
As described above in recitals (2)-(3), the Commission decided on 12 May 2010 to open a formal investigation procedure (‘the opening decision’).
Begge støttemodtagere er beliggende i en region, der er berettiget til støtte i henhold til artikel 107, stk. 3, litra a), i TEUF, men det var ikke klart, om de var berettigede til sådan støtte, da begge støttemodtagere var kriseramte, da foranstaltningerne blev ydet.
In this opening decision, the Commission preliminarily considered that the two capital injections involved state aid in favour of Elan Ski and Elan Marine.
BEMÆRKNINGER FRA SLOVENIEN
It expressed doubts whether such state aid could be considered compatible with the Internal Market.
I henhold til Slovenien udgør foranstaltningerne ikke statsstøtte, da de ikke indebærer anvendelse af statsmidler og ikke kan tilregnes staten.
As a preliminary point, the Commission examined whether the beneficiaries were companies in difficulty.
Selv hvis de opfyldt disse krav, ville foranstaltningerne ikke tilføre støttemodtageren en fordel, da Slovenien handlede i overensstemmelse med det markedsøkonomiske investorprincip.
COMPANY IN DIFFICULTY
Slovenien oplyser endvidere, at foranstaltningerne ikke påvirker handelen eller fordrejer konkurrencen, eftersom markedet for vintersportsudstyr i henhold til Slovenien er særdeles konsolideret med tendens til yderligere konsolidering, og eftersom Elan kun var en svag konkurrent til de meget større aktører på markedet.
Point 10 of the Rescue and Restructuring Guidelines lays down certain circumstances under which a company can be presumed to be in difficulties, such as a significant decrease in capital.
Slovenien fremlægger ingen argumenter med hensyn til den potentielle forenelighed af foranstaltning 1 med det indre marked, hvis foranstaltningen udgjorde statsstøtte.
In the opening decision, it was considered that Elan Ski and Elan Marine did not meet the criteria of Point 10 of the Rescue and Restructuring Guidelines.
Slovenien hævder, at foranstaltning 2 kan betragtes som forenelig i medfør af rammebestemmelserne for redning og omstrukturering.
However, according to Point 11 of the Guidelines, a company may still be considered to be in difficulty where the usual signs of a company being in difficulty are present.
Statsmidler og tilregnelse til staten
In light of increasing losses, decreasing turnover and the difficult financial situation of the Elan group overall, the Commission considered that Elan Ski and Elan Marine could be seen as companies in difficulty at least in the years 2007 and 2008.
Slovenien fremfører, at staten ikke havde indflydelse på forhøjelsen af Elans kapital.
EXISTENCE OF STATE AID
Slovenien minder om, at foranstaltninger skal ydes direkte eller indirekte ved hjælp af statsmidler, og at foranstaltningerne skal kunne tilregnes staten, for at de kan betegnes som statsstøtte.
First, the Commission assessed whether the measures stem from state resources and whether they are imputable to the state.
Slovenien er enig i, at betingelsen om »statsmidler« er opfyldt, hvis en medlemsstat har bestemmende indflydelse på en virksomhed.
In light of the fact that KAD is 100 % owned by Slovenia, that Slovenia appoints all members of the assembly and the supervisory board, and that representatives of the Slovenian government take part in all assembly and supervisory board meetings, the Commission concluded preliminarily that the measures taken byKAD stem from state resources and are imputable to the State.
Hvis en medlemsstat har mulighed for at udøve bestemmende indflydelse på en virksomhed, kan det dog ikke automatisk antages, at den faktisk har udøvet en sådan indflydelse i et konkret tilfælde.
Concerning the measures granted by the other owners of Elan, which are KAD-PPS, DSU, Triglav Naložbe and Triglav Insurance, the Commission concluded that it had to be verified during the formal investigation procedure whether they also stemmed from state resources and were imputable to the State.
Slovenien påpeger, at det skal tages i betragtning, om en virksomhed er et privatretligt organ.
Secondly, the Commission examined whether the measures conferred an advantage to the beneficiaries.
I den sammenhæng anfører Slovenien følgende argumenter for hver enhed, der deltog i kapitaltilførslerne:
It was doubted that the measures would meet the market economy investor test.
KAD er et privatretligt organ, der driver virksomhed på markedsvilkår.
In the first measure, the only private shareholder in Elan, KD Kapital, did not want to participate.
Selv om KAD er statsligt styret, kan det ikke på den grund alene konkluderes, at de omhandlede rekapitaliseringer kan tilregnes staten.
It appeared that the measure was not based on a business plan or other information on potential return on the investment in the future.
Statens deltagelse i rekapitaliseringerne er ikke blevet påvist af følgende grunde: KAD's aktiviteter er reguleret af den slovenske selskabslov (ZGD-1, Zakon o gospodarskih družbah); afhændelse af dets aktiver er ikke begrænset ved lov; KAD er alene finansieret ved udbytte, rente og anden indtjening, der genereres af investeringer og forretningsaktiviteter; beslutningen om rekapitalisering af Elan blev truffet af bestyrelsen, som træffer sine beslutninger uafhængigt.
At the time of the capital injection, the beneficiaries seemed to have been in financial difficulties.
Staten har ganske vist overdraget forvaltningen af pensionsfonde og gennemførelsen af privatisering af virksomheder til KAD, men den offentlige interesse, der er knyttet til disse opgaver, kan ikke påvirke de foranstaltninger, som KAD træffer, på en sådan måde, at disse foranstaltninger kan tilregnes staten.
In the second measure, no private company participated.
DSU ejes direkte af staten, men er ikke finansieret af staten, og det har til formål at maksimere værdien af sine investeringer.
While it was true that a long-term plan and a Rehabilitation plan were set up before the shareholders decided on the capital injection, there were indications that the shareholders of Elan considered those plans as inadequate.
Zavarovalnica Triglav ejes kun indirekte af staten, og det driver virksomhed på markedsvilkår.
Thirdly, the Commission considered that the measures taken by Slovenia were likely to distort competition and affect trade between the Member States, as there is indeed trade between Member States in skiing equipment and marine oriented crafts.
Staten har ingen direkte indflydelse på dets aktiviteter.
COMPATIBILITY OF THE AID
Medlemmerne af Zavarovalnica Triglavs bestyrelse vælges ganske rigtigt af dets aktionærer.
The Commission preliminarily assessed whether the measures were compatible under the Rescue and Restructuring Guidelines.