natgillin/translations-raw huggingface dataset:
En sådan mekanisme virker i øvrigt hensigtsmæssig som en reaktion på princippet om kompensationsforanstaltninger (der har til formål at begrænse enhver konkurrencefordrejning), idet man samtidig sikrer en genetablering af virksomhedens rentabilitet.
optimise production costs by EUR 350 million, in particular through the alliance with GM, half of these gains coming from the initial synergies provided by the alliance's purchasing system and the other half from action plans in respect of unit design and production costs.
Ved at knytte en stigende penetrationsgrad sammen med en forhøjelse af prisen på garantien bliver BPF's muligheder for at tilbyde særligt attraktive finansieringsbetingelser takket være garantien begrænset til det, der er påkrævet for at sikre rentabiliteten, idet man samtidig begrænser fordrejningen af konkurrencesituationen.
In its opening decision, the Commission had doubts of two kinds about the return to viability.
Koncernen vil ikke betale en pris, der ligger over det, som dens kapitalsituation kan finansiere, eftersom koncernen får mulighed for at fastholde penetrationsgraden på et niveau, der svarer til et bestemt prisniveau.
First, the Commission considered that the assumptions about market growth could prove to be overly optimistic.
Prisen stiger med penetrationsgraden, indtil den når 491 basispoint (skønnet markedssats).
Second, the Commission wished to verify to what extent the 50CO2Cars project could help to restore viability.
Graf 2 herunder viser sammenhængen mellem prisen på garantien og PSA's penetrationsgrad (de nøjagtige tal findes i tabel 17 i betragtning 250 ovenfor).
On the assumptions of market growth
Graf 2
The interested third parties agree in their comments that it is relevant to use the market trend projections of IHS Global Insight.
Forholdet mellem prisen på garantien (i basispoint) og penetrationsgraden i G10 ( %)
Fiat's comments in particular confirm that it is the main source of financial projections for automotive manufacturers.
Ved analysen af denne foranstaltnings virkninger skal der bl.a. tages hensyn til den teoretiske penetrationsgrad, som PSA kunne have opnået uden støtten (i det følgende betegnet »den kontrafaktiske penetrationsgrad«).
The Commission observes, however, that these projections are more optimistic than those of other market sources, such as Standard & Poor's' projections [51].
Kommissionen erindrer om, at uden statsgarantien ville nedskrivningen af BPF's rating og reduktionen af dens finansieringskapacitet have medført en tilsvarende reduktion i låneproduktionen, som ville have ført til et fald i bilsalget på [5-20]* % [55].
The Commission considers that the turnover projections have been updated from the opening decision partly because of its doubts about the credibility of the forecasts presented by France during the preliminary investigation phase.
Omsætningen i PSA's automobildivision, der sikres takket være finansiering fra captive-banken, udgør ifølge de franske myndigheder [6000-7000]* mio. EUR uden støtten og [35000-40000]* mio. EUR med støtten (under hensyntagen til et forventeligt fald i salget på omkring [10-20] %).
Even though turnover is smaller, expenditure on capital investment has not been reduced in the updated projections, and that will not therefore have an adverse impact on future sales.
Disse tal viser således, at BPF's teoretiske penetrationsgrad ville være omkring [15-20]* %.
The possible differences in the median projections have to be analysed in terms of the consequences they could have on PSA's ability to pursue its activity in an unfavourable scenario.
Det gælder med andre ord, at hvis BPF ikke havde fået ydet statsgarantien, ville dens finansieringskapacitet være blevet forringet i en sådan grad, at det ville have ført til en betydeligt lavere penetrationsgrad.
The Group's difficulties, which led to the State intervention, can be attributed to BPF's ability to refinance itself adequately on the markets in order to be able to finance the Group's vehicle sales.
Der ville i øvrigt være opstået et tilsvarende fald i salgsmængderne som følge af captive-bankernes centrale rolle for bilsalget.
Even after recording a depreciation of the global value of the automotive division's assets, shown as EUR 3888 million in the accounts as at 31 December 2012, France did not inform the Commission that the Group's equity was inadequate.
Ifølge de franske myndigheder ville et sådant fald ikke gøre det muligt at genoprette rentabiliteten og ville have trukket PSA ind i en ond cirkel med gentagne nedskrivninger af ratingen, hvilket igen ville have medført yderligere tab for koncernen.
The Commission considers that the level of the Group's net industrial debt in the unfavourable scenarios should be the focus of its examination.
Men statsgarantien giver allerede BPF mulighed for at opretholde sin nuværende penetrationsgrad (som det fremgår af den kontrafaktiske penetrationsgrad).
On the basis of these considerations, the Commission concludes that its doubts about a return to viability in the opening decision are resolved.
I lyset af den nuværende penetrationsgrad betyder forpligtelsen, at BPF allerede burde kunne hæve prisen på garantien med omkring [40-50]* basispoint (hvilket svarer til, at statsgarantien koster omkring [300-310]* basispoint i stedet for de 260 basispoint, der er angivet i den oprindelige protokol, som blev aftalt med staten).
Preliminary comment on the analysis method proposed in the opening decision and challenged by France
Hvis BPF ønsker at øge denne penetrationsgrad, stiger prisen i de forhold, der anføres i tabel 17 i betragtning 250 ovenfor [57].
It emerges from recital 152 above that the French authorities challenge the method proposed by the Commission in the opening decision to verify whether, and where appropriate to what extent, the 50CO2Cars project has a role to play in restoring PSA's viability.
Hvis denne penetrationsgrad falder, falder ekstraprisen tilsvarende [58].
In France's view, following its preliminary investigation, the Commission's doubts were based on the premise that the 50CO2Cars project ‘could be necessary to restore the PSA Group's viability only in so far as it could enable it to make up for its backwardness in R&D in comparison with its competitors’.
Dermed indebærer forpligtelsen en umiddelbar forhøjelse af prisen på garantien for BPF, en omkostning, som stiger, når PSA øger andelen af biler, der finansieres af BPF, af det samlede salg.
The method used by the Commission is also based on a ‘legally new’ criterion, the need for which is challenged by the French authorities, as the other arguments adduced appear to them to be sufficient to prove that the 50CO2Cars project will play a positive role in restoring the Group's viability.
Dermed mener Kommissionen, at denne foranstaltning gør det muligt at kompensere for uforholdsmæssigt store fordrejninger af konkurrencesituationen i henhold til punkt 38-40 i ovennævnte rammebestemmelser for redning og omstrukturering.
The Commission disputes that the method that it proposed in the opening decision can be summarised in such a way and wishes to make the following comments.
Endelig gælder det, at på trods af den overkapacitet, som den europæiske automobilsektor tilsyneladende er ramt af, mener Kommissionen, at en yderligere reduktion af PSA-koncernens produktionskapacitet ikke vil være den bedst egnede løsning i denne sag:
Point 17 of the Rescue and Restructuring Guidelines states that ‘Restructuring … will be based on a feasible, coherent and far-reaching plan to restore a firm's long-term viability’.
på den ene side har virksomheden som anført i betragtning 49 ovenfor allerede gennemført betydelige strukturændringer på anlæggene i Aulnay og Rennes
Achieving this objective of ‘reorganisation and rationalisation of the firm's activities on to a more efficient basis’ may involve measures of several types:
Kommissionen mener ikke, at denne forpligtelse gør det muligt at gøre begrænsningen af BPF's penetrationsgrad mindre bindende.
The Commission is of the view that this third pillar of ‘diversification’ is best able to justify the inclusion of R&D activities in a restructuring plan.
Ved at opretholde det gennemsnitlige dækningsbidrag for forhandlerne på samme niveau, som ville være gældende uden støtte, kan BPF ikke udnytte garantien til at føre en aggressiv salgspolitik over for disse forhandlere.
The justification lies in the need to help the firm in difficulty to find new and viable outlets by using innovation to refocus its production.
ÆNDRING AF DEN OPRINDELIGT PLANLAGTE STØTTE TIL GENNEMFØRELSEN AF PROJEKTET »50CO2CARS« TIL TILBAGEBETALINGSPLIGTIGE FORSKUD
It follows from their comments (summarised in recital 149 above) that the French authorities would appear to share this view and consider that ongoing investment in R&D may help a firm in difficulty to ‘restore its viability in the long term’.
For at sikre, at de midler, som det offentlige stiller til rådighed for at bevare den kriseramte producents teknologiske kompetencer, er forholdsmæssige, mener Kommissionen, at følgende skal være opfyldt:
The Commission considers, however, that the precedents cited by France in footnote 30 to recital 149 above are not relevant.
F&U-aktiviteterne inden for omstruktureringsplanens rammer må ikke have et omfang, der betyder, at der kan opstå risiko for »udtørring«, som Kommissionen nævner i betragtning 243 i åbningsskrivelsen.
They do not in practice concern cases in which, as in the case at issue, the implementation of an R&D project as part of a restructuring plan is likely to play a positive role in restoring the viability of a firm in difficulty, but are cases in which the Commission considered that viability could be restored by launching new products deriving from ‘existing’ knowledge (and not knowledge obtained from R&D).
Når situationen bedres, skal en betydelig del af de offentlige midler, som er stillet til rådighed for producenten for at opretholde dens kompetenceniveau på den »teknologiske frontlinje«, tilbagebetales til den støtteudbetalende myndighed, hvis F&U-projektet bliver en succes, og der sker en genetablering af virksomhedens rentabilitet.
It follows therefore from recital 51 of the Commission Decision of 1 December 2004 (State aid — France — Société Bull, Case C-504/03) that the new line of servers, whose role was deemed to be ‘very important’ in terms of turnover and operating margin, relied on a technology owned by Intel and not developed by the aid beneficiary.
I sin vurdering vil Kommissionen tage positivt hensyn til opkøb, i) som enten direkte eller indirekte bidrager til genetablering af PSA-koncernens rentabilitet, idet de har en positiv indvirkning på PSA-koncernens forventede rentabilitet, og ii) ikke er en omgåelse af forpligtelsen til at begrænse støttens virkninger til det strengt nødvendige for at nå målene med PSA-koncernens omstruktureringsplan.
‘Given that its very existence is in danger, a firm in difficulty cannot be considered an appropriate vehicle for promoting other public policy objectives until such time as its viability is assured.
Kommissionen betragter denne foranstaltning som nødvendig og mener, at den udligner den fordrejning af konkurrencesituationen, som tildelingen af støtten har givet anledning til.
Consequently, the Commission considers that aid to firms in difficulty may contribute to the development of economic activities without adversely affecting trade to an extent contrary to the Community interest only if the conditions set out in these Guidelines are met …’.
NØDVENDIGHEDEN AF EN KOMPENSATIONSFORANSTALTNING VEDRØRENDE FMEA
The Commission is of the view that the same aid cannot effectively pursue two different objectives and therefore that the objective of any aid paid by a Member State as part of a restructuring plan, even if that State says that it is likely to have a positive effect in terms of promoting R&D, must be to restore the beneficiary's viability.
For at støtten kan godkendes, kræves det i henhold til punkt 43-45 i ovennævnte rammebestemmelser for redning og omstrukturering, at støttebeløbet og -intensiteten er begrænset til det strengt nødvendige for at give mulighed for omstruktureringen i henhold til de økonomiske muligheder for virksomheden, aktionærerne eller den koncern, som den er en del af.
In order to assess whether (or not) the R&D effort represented by the 50CO2Cars project is an internal measure to improve the viability of the firm in difficulty which could, where appropriate, be included in the restructuring plan (point 35 of the Rescue and Restructuring Guidelines), the Commission's reasoning in recitals 168 to 217 of the opening decision is fully in line with point 36 of the Rescue and Restructuring Guidelines which clearly states that ‘the circumstances that led to the company's difficulties’ have to be the basis for assessing whether the proposed measures are appropriate.
Omkostningerne ved omstruktureringen som beskrevet i de franske myndigheders anmeldelse udgør [1,3-1,8]* mia. EUR.
in recitals 193 and 194, whether the 50CO2Cars project was likely to help the PSA Group to rationalise its industrial base and its cost structure, in particular its labour costs, as these factors had been presented as further structural handicaps of the PSA Group in recital 15;
Med henblik på at finansiere sin omstrukturering har PSA-koncernen gennemført et program for afhændelse af aktiver, der har tilført koncernen 1,956 mia. EUR i fri likviditet (2,050 mia. i finansiel nettostilling).
in recitals 208 to 217, whether the new mild hybridisation technologies covered by the 50CO2Cars project were likely to offer PSA a solution to its difficulties, not just in the short term (contraction of the European market referred to in recital 11 of the opening decision) but also in the long term (‘scissor’ effect referred to in recital 14 of the opening decision).
Der erindres om, at støttebeløbet er på 571,9 mio. EUR.
The opening decision was therefore based on the factors cited by the French authorities during the preliminary investigation phase as circumstances leading to the firm's difficulties.
Kommissionen mener i øvrigt, at kravet om begrænsning af støttebeløbet til det absolut nødvendige minimum til at sikre gennemførelsen af omstruktureringen ligeledes sikres af de franske myndigheders forpligtelse til at afstå fra opkøb på de betingelser, der beskrives i betragtning 251 ff.
The Commission has in no way presented a catalogue of cumulative and/or exclusive criteria making it possible to verify whether (or not) the 50CO2Cars project was ‘appropriate’ for the restructuring of the Group.
Kommissionen mener faktisk, at denne forpligtelse giver PSA-koncernen mulighed for at undgå at anvende økonomiske ressourcer, der eventuelt måtte være tilgængelige, til andre formål end genetablering af rentabiliteten på lang sigt.
The fact remains that during the preliminary investigation phase, the French authorities did not mention the trend in the market to replace sales of diesel vehicles by petrol vehicles (mentioned in recital 210 of the opening decision and reiterated in recital 147 above) as one of the obstacles in the way of the PSA Group's return to viability, but simply as a background factor, even though, according to recital 214 of the opening decision, there is ‘according to the market research carried out by PSA, … a market opening for economic diesel hybrid systems’.
Derfor mener Kommissionen ikke, at der er grund til at ændre vurderingen i åbningsskrivelsen vedrørende overholdelsen af kriterierne i punkt 43-45 i ovennævnte rammebestemmelser for redning og omstrukturering.
In any case, the purpose of this formal procedure is to offer the Member State the opportunity to adduce all the evidence that it considers necessary to prove the validity of the aid being examined, and in particular to flesh out the circumstances that led to the firm's difficulties by adding details that it may have failed to include during the preliminary phase.
PRINCIPPET OM ENGANGSSTØTTE
This is precisely what the French authorities have done in this case.
I henhold til punkt 72 ff. i ovennævnte rammebestemmelser for redning og omstrukturering må der kun ydes omstruktureringsstøtte en enkelt gang inden for en 10-årig periode.
Examination of the contribution of the 50CO2Cars project to the restructuring of the PSA Group
De franske myndigheder præciserede i anmeldelsen af 12. marts 2013, at PSA-koncernen ikke har modtaget omstruktureringsstøtte inden for de forgangne 10 år.
According to the comments by the French authorities (summarised in recitals 147 to 151 above), the 50CO2Cars project is designed to get to grips with a technology to reduce the consumption and CO2 emissions of diesel engines at an ‘affordable’ cost.
Dermed er princippet om engangsstøtte i ovennævnte rammebestemmelser for redning og omstrukturering overholdt.
Contribution to resolving the structural handicaps of the PSA Group
KONKLUSION
Reversing the downward trend in sales of diesel engines: in the opening decision, the Commission asked in recital 211 whether an R&D investment in a diesel hybrid technology was consistent with the restructuring plan when the recent market trend (expected to continue in future years) was rather for sales of diesel engines to be replaced by petrol engines.
I lyset af de franske myndigheders forpligtelser kan støtten erklæres for forenelig med det indre marked —
On this point, it would appear from the justifications adduced by France in recital 148 above that, bearing in mind the current structure of PSA's production base (focusing chiefly on diesel vehicles which represented [60-80]* % of sales in Europe in 2012), a strategy of ‘reacting’ to the trend for diesel to be replaced by petrol might be less pertinent in the short/medium term than a ‘proactive’ strategy in terms of restoring the Group's viability.
VEDTAGET DENNE AFGØRELSE:
The Commission notes in this respect that, in its comments in recital 203 above, Toyota acknowledges that there could be a market for diesel hybrids, but considers that it will be smaller than the market for petrol hybrids because of the additional cost of diesel technology.
Artikel 1
In this respect, the ‘affordable’ diesel hybrid solution targeted by the 50CO2Cars project could help, if the project succeeds, to counter the decline in diesel sales that the PSA Group is currently experiencing.
Statsstøtten, som Frankrig planlægger at yde til fordel for PSA-koncernen Peugeot Citroën SA i form af en statsgaranti, der dækker Banque PSA Finances' udstedelse af obligationer frem til den 31. december 2016 for højst 7 mia. EUR (med en bruttostøtteækvivalent på 486 mio. EUR) på den ene side og i form af tilbagebetalingspligtige forskud på 85,9 mio. EUR til gennemførelse af F&U-projektet »50CO2Cars« på den anden side svarende til et samlet støttebeløb på 571,9 mio. EUR, er forenelig med det indre marked.
In the longer term, if the underlying trends recorded up to now were to continue (with the result that sales of petrol hybrids continue to be higher than sales of diesel hybrids), as predicted by Toyota, the components of 50CO2Cars could be adapted to petrol engines (see recital 50 of the opening decision).
Gennemførelsen af denne statsstøtte godkendes derfor.
The Commission therefore agrees with the French authorities that PSA's strategy to develop a technology able to restore the environmental image of diesel engines and keep them economically attractive to consumers, especially in Europe, could improve the short/medium-term profitability of the PSA Group's industrial base, and therefore help to restore its viability as the restructuring plan is implemented.
Artikel 2
Making up for its backwardness in R&D: although the French authorities do not consider this criterion to be relevant, it would appear from recital 152(c) above that the 50CO2Cars project could make up for the Group's backwardness in R&D, especially from the point of view of the productivity of the technological innovation activities undertaken (pooling of resources in a research consortium sponsored by ADEME), the standardisation of certain automotive components (in particular the powertrain), technologies to reduce diesel engine consumption/emissions and DCT transmissions.
Denne beslutning er rettet til Republikken Frankrig.
The purpose of these efforts is to make hybridisation systems more ‘affordable’ for consumers as the architecture of the hybrid powertrain will be largely standardised and optimised in terms of energy performance and production cost.
Udfærdiget i Bruxelles, den 29. juli 2013.
In recital 184 above, GM stresses that technological projects to reduce gas emissions are being widely implemented by manufacturers and, in recital 189 above, Fiat confirms that the CO2 emission standards set by European regulations are a challenge that every manufacturer will have to take up.
På Kommissionens vegne
Toyota, for its part, is also of the view that the development of environmental technologies will be a key factor in manufacturers' sales (see recital 203 above).
Næstformand
Against such a backdrop of ‘technological proliferation’ in consumption/CO2 emission reduction, and bearing in mind how difficult it is to predict the future commercial outlets of the research currently taking place, the Commission nevertheless considers that a gauge of the success of a restructuring plan may well lie in an automotive manufacturer in difficulty maintaining a certain level of technological ambition.
EUT C 275 af 16.11.2007, s. 18.
Backwardness in R&D could, moreover, weigh heavily on the prospects of an upturn in its sales in the short/medium term, and therefore on its chances of restoring viability.
EUT C 137 af 16.5.2013, s. 10.
In the light of the above comments, the Commission concludes that the 50CO2Cars project may well help to resolve some of the PSA Group's structural handicaps.
Den gennemsnitlige penetrationsgrad på 29,8 % dækker over forskelle i penetrationsgraden i de forskellige segmenter.
Adapting the industrial base to the issues raised by mild hybridisation
Finansieringen af bilkøb er derfor tilsyneladende af central betydning for disse segmenter.
According to recital 154 above, the industrial investment required by the 50CO2Cars project, and in particular the adaptation of production capacity to the new diesel engines and hybrid systems, will account for a limited proportion of the total investment planned during the term of the restructuring plan.
Fortrolige oplysninger.
Its financial impact has also been included in the figures supplied by the French authorities.
EUT C 244 af 1.10.2004, s. 2.
Lastly, in the field of transmissions, the Commission agrees with the French authorities that the return in-house of production which is currently outsourced to Japanese suppliers will help, if the 50CO2Cars project is successful, to restore PSA's viability by restoring its margins and freeing it from both logistical costs and exchange risks.
Pressen berettede om, at staten havde til hensigt at træffe denne foranstaltning, den 17. oktober 2012.
On the basis of these factors, the Commission concludes that adapting PSA's industrial base to the issues raised by mild hybridisation is part and parcel of the Group's restructuring approach and return to viability.
Ifølge eksemplerne i det Term sheet, som Frankrig indsendte den 7. januar 2013: »Drawings to be subject to the favourable vote by the French parliament of the French State supporting plan (vedtagelse af planen i finansloven)«.
Shifting the firm towards new and viable activities
Se listen over aktører, som er fastlagt i artikel 8 i ovennævnte lov nr. 2010-237 og dekret nr. 2010-442 af 3. maj 2010.
In its comments (summarised in recital 189 above), Fiat notes in essence that the engine targeted by 50CO2Cars would appear to be technically ‘achievable’ but would run the risk of increasing the unit cost of the vehicles in which it is fitted, with the result that the mass distribution of the technology developed would be economically impossible.
EUT C 78 af 11.3.2011, s. 33.
On this point, the Commission notes that the current high price of full hybrid technologies explains why they have been rolled out only in the high-end segments of the market (‘premium’ vehicles).