natgillin/translations-raw huggingface dataset:
Kommissionens forordning (EF) nr. 800/2008 af 6. august 2008 om visse former for støttes forenelighed med fællesmarkedet i henhold til traktatens artikel 87 og 88 (Generel gruppefritagelsesforordning) (EUT L 214 af 9.8.2008, s. 3).
The strategy envisaged by PSA and its R&D efforts is precisely to find a hybridisation technology with a better cost/performance compromise than the solutions currently available: reducing CO2 emissions by [10-20]* % with respect to an equivalent non-hybrid vehicle for a cost [70-80]* % lower than the HY425 solution.
I denne forbindelse erindrer Kommissionen navnlig om, at offentlig finansiering af (ikkeøkonomiske) uafhængige forskningsaktiviteter, der udføres af forskningsorganisationer, ikke indeholder et statsstøtteelement.
In recital 216 of the opening decision, the Commission nevertheless complained that it was unable to assess the impact of the new mild hybridisation technologies on the PSA Group's sales and profitability, and said that it would like to be provided with the normal financial indicators that are used to analyse the pertinence of this type of investment in R&D and an analysis of the risks that could affect the profitability of this project.
EUT C 323 af 30.12.2006, s. 1.
According to recital 150 above, in the context of the restructuring plan, the lack of specific State aid for the 50CO2Cars project would force PSA to implement a ‘counterfactual’ project consisting in reducing its R&D investment to the minimum necessary to be able to comply with the changes in the regulations on CO2 emissions.
Se navnlig punkt 2.1, sidste led, i F&U&I-rammen: »Støtte til forskning, udvikling og innovation, der ydes til kriseramte virksomheder i henhold til Fællesskabets rammebestemmelser for statsstøtte til redning og omstrukturering af kriseramte virksomheder, er udelukket fra anvendelsesområdet for disse rammebestemmelser«.
The financial indicator provided by the French authorities in Table 15 of recital 155(b) above is a ‘differential’ net present value (‘NPV’) which, unlike the ‘standard’ NPV (which corresponds to the present value of the cash flows — positive and negative — generated by an investment), does not make it possible to assess the intrinsic profitability of the investment, but rather the profitability difference between two investments, in this case the 50CO2Cars project (with or without State aid) and the ‘counterfactual’ project.
I henhold til definitionerne i artikel 30, stk. 1, 2 og 3, i den generelle gruppefritagelsesforordning (der falder sammen med definitionerne i artikel 2.2. e), f) og g) i F&U&I-rammen).
In view of the fact that, whatever the discount rate used (respectively [10-13]* % or [13-15]* %), the counterfactual project always has a higher NPV than the 50CO2Cars project without aid (between EUR [60-100]* million for the eDCT, between EUR [20-70]* million for the accessory facade), the French authorities conclude that, in the absence of aid, the firm would naturally be ‘encouraged’ to run the alternative project rather than 50CO2Cars.
Omkostningerne ved projektet »50CO2Cars« er anbragt i de kategorier af F & U, der defineres i artikel 31, stk. 5, i den generelle gruppefritagelsesforordning (der svarer til kategorierne i punkt 5.1.4 i F & U & I-rammen).
The Commission is not, however, convinced by this reasoning, and points out that it would be no more than logical to consider that at a discount rate of [13-15]* %, inferred by the French authorities after including the current ‘bases’ of the firms' financing conditions in the best possible way, even though the rate of [10-13]* % appears to be the rate generally used to assess the profitability of its investments, PSA would also be more likely to opt for the counterfactual project rather than 50CO2Cars, as the relative profitability of two of its components would be higher: EUR [50-60]* million for the eDCT and EUR [20-30]* million for the accessory facade.
Segmenterne D og E udgør biler af typen »familiebiler«, »rejsevogne«, »MPV« og »terrængående«, hvor dimensionerne i Europa i gennemsnit ligger mellem 4,40 og 5 meter.
In short, the Commission considers:
Peugeot 508 sedan, 508 SW, 807, 4007 og Citroën C5 sedan, C5 stationcar, DS5, C8, C-Crosser og C6 indgår i dette segment.
first, that the conclusions that may be drawn from the proposed ‘differential’ indicator are overly dependent on ad hoc assumptions in relation to the discount rate used to calculate the ‘differential’ NPV;
Batteriet, selve elektromotoren og kontrolelektronikken samt omformeren gør det muligt at benytte et net med to forskellige spændinger.
second, that the structure of this indicator does not make it possible economically to assess the global impact of 50CO2Cars on the Group's sales and financial prospects, but only to compare, in an incremental way, the profit achieved (and the costs incurred) by carrying out 50CO2Cars with what could be achieved, for two components alone, by the counterfactual project.
»Harbour«-kapaciteten svarer til den standard, der anvendes inden for industrien.
The financial indicators supplied by France do not therefore make it possible to assess the effects of the mild hybridisation ‘system’ targeted by 50CO2Cars.
Den tager udgangspunkt i, at to hold arbejder otte timer om dagen 235 dage om året på hver fabrik.
The Commission observes that, unlike the counterfactual project, the 50CO2Cars project makes it possible for PSA to get to grips with several of its current structural handicaps: the project will help it to improve component standardisation and make up for the Group's backwardness in R&D.
Harbour-udnyttelsesgraden angiver antallet af biler, der i praksis fremstilles på hver enkelt fabrik i forhold til Harbour-kapaciteten.
The reduced scope of the counterfactual project cannot have such an ambition.
Planen på mellemlang sigt er det dokument, som PSA-koncernens finansafdeling anvender til at fremlægge prognoser for koncernens resultater i de kommende år.
Moreover, the incremental developments envisaged in the counterfactual project, whose stated aim is only to be able to comply with the regulations on CO2 emissions, are in all likelihood not enough effectively to combat the decline in sales of diesel vehicles that the Group is currently experiencing.
Akronym for »Light Commercial Vehicles« på engelsk.
Lastly, in order to assess the coherence of the resources needed for each of these projects with the rest of the restructuring plan, the Commission has compared the overall costs of the 50CO2Cars project (namely EUR [300-400]* million according to Table 4 in recital 41 above), with the additional costs and industrial risks that the counterfactual project would entail: the possible loss of margin from this development is non-negligible and is estimated to be EUR [500-700]* million in recital 148 above.
Den danske betegnelse er »lette erhvervskøretøjer«.
In short, the Commission considers that, in contrast to the incremental improvements envisaged in the counterfactual project, the technological advance represented by the 50CO2Cars project may, if successful, provide PSA with a reservoir for growth between now and 2020 as it will enable the PSA Group to ‘diversify in the direction of new and viable activities’.
Der er tale om en procentdel, der beregnes ved at sammenholde salget af biler, der finansieres med lån fra BPF-banken, med PSA-koncernens samlede salg.
The 50CO2Cars project is therefore likely to play more of a part in restoring the Group's viability than the counterfactual project.
RCI Banque SA er et datterselskab, der er 100 % ejet af Renault SAS.
Partial conclusion on the contribution of the 50CO2Cars project to the PSA Group's restructuring
RCI Banque står for finansieringen af salget af bilerne fra Renault-koncernen og Nissan-koncernen.
The preceding examination shows that, as a component of the restructuring plan, the 50CO2Cars project makes a positive contribution to restoring the PSA Group's viability: the adaptation of its industrial base needed for its implementation is in keeping with the restructuring strategy and the resources available and, if successful, the project will not just correct the effects of the firm's structural difficulties (major sensitivity to changes in diesel sales in Europe and backwardness in some R&D fields), but will also make it possible to diversify the Group's production in the direction of ‘new and viable’ activities able to offer it a reservoir for growth between now and 2020.
Tyskland, Østrig, Belgien, Italien, Spanien, Nederlandene, Portugal, Schweiz, Frankrig og Det Forenede Kongerige.
In the opening decision, the Commission observed that BPF's difficulties were due to its interdependence with the PSA Group, which led the bank's financial rating to be downgraded by S&P on 14 February 2013 to BB+ (non-investment grade), even though the rescue aid had been approved.
G5-aggregatet består af følgende lande: Frankrig, Tyskland, Italien, Spanien og Det Forenede Kongerige.
In their comments on the opening decision, the Commission considers that the French authorities have resolved its doubts as to the increase in BPF's balance sheet size and bad debt level.
M5-aggregatet består af følgende lande: Belgien, Nederlandene, Schweiz, Østrig og Portugal.
The Commission therefore reiterates the conclusion that it reached in the opening decision and that has not been contested by any of the interested parties, namely that the problem facing BPF is a problem of liquidity resulting solely from its link with the PSA Group.
G10-aggregatet omfatter de 10 lande i denne tabel.
Consequently, in so far as the doubts as to the restoration of the Group's viability have been resolved, the same is considered to apply to BPF's viability plan.
Nettoafhændelse af udgifter på 797 mio. EUR, hvortil kommer en ekstraordinær dividende på 100 mio. EUR, og hvorfra skal trækkes 19 mio. EUR svarende til annulleringen af cashflowet.
PREVENTION OF ANY UNDUE DISTORTION OF COMPETITION
»Core tier one« er en solvensprocent, der giver mulighed for at måle bankers solvens.
EXAMINATION OF THE NEED FOR COMPENSATORY MEASURES
Den er udtryk for forholdet mellem egenkapital og aktiver (vægtet i henhold til risiko).
Point 38 of the Rescue and Restructuring Guidelines states that, if restructuring aid is to be approved by the Commission, compensatory measures must be taken to minimise the adverse effects of the aid on trading conditions.
Forskellen ligger i øjeblikket på tre notches for Moody's, hvilket afspejler fordelen ved garantien for BPF.
Failing that, the aid is to be regarded as ‘contrary to the common interest’ and therefore incompatible with the internal market.
Union nationale interprofessionnelle pour l'emploi dans l'industrie et le commerce (landsdækkende organisation for beskæftigelse inden for industri og handel).
To meet this criterion, the presence that a firm may retain in its market(s) at the end of the restructuring period is often limited.
Caisse d'amortissement de la dette sociale (kasse til forvaltning af afbetaling af offentlig gæld).
By way of reminder, the French authorities initially proposed the following compensatory measures: further reductions of CAPEX (‘capital expenditures’), transferring capacity at the Sevelnord plant to a competitor, discontinuing the development and production of the hybrid plug-in technology and a measure setting a maximum penetration rate for BPF.
Udsigter for verdensøkonomien, kapitel 1 og 2, april 2013.
In the opening decision, the Commission was doubtful as to the characterisation of some of these measures as compensatory measures and their adequate nature in the light of their implementation conditions.
Det drejer sig om at begrænse CO2-emissionerne og samtidig også begrænse motorernes størrelse ved at montere en hensigtsmæssig turboladning.
At the end of this formal investigation procedure, the Commission takes the view that, at least as regards those measures already decided and implemented by PSA prior to the notification of the restructuring plan, the measures described in section 2.4.5 above cannot be characterised as ‘compensatory’ within the meaning of points 38 et seq. of the Rescue and Restructuring Guidelines, but are rather strategic choices ‘necessary in any case to restore the viability’ of the Group.
Kommissionens afgørelse af 1. december 2004, sag C-504/03, Bull, betragtning 51, Kommissionens afgørelse af 18. februar 2004, sag C-28/02, Bankgesellschaft Berlin AG, betragtning 236, afgørelse af 3. juli 2001, sag C-33/98, Babcock Wilcox Espana SA, betragtning 98.
In their memorandum of 23 July 2013, however, the French authorities decided to withdraw all the compensatory measures notified on 12 March 2013, apart from the measure setting a maximum penetration rate for BPF, which is amended in the manner described in section 8.5.2 below.
VAG-koncernen har angiveligt på sin seneste kongres præsenteret en modulopbygget udgave (»assembly kit«) af sin hybridteknologi, der gør det muligt at tilpasse et hybridsystem til alle koncernens forskellige bilmodeller til en meget lav pris.
The Commission therefore takes note of this withdrawal and considers that it does not have to examine the following measures:
Kilde: Præsentation på VAG-koncernens 34. symposium i Wien, den 26. april 2013, s. 28.
further reductions of CAPEX (‘capital expenditures’), in particular the discontinuation of production of the Citroën 6 — Peugeot 607 models, the discontinuation and non-renewal of the Bipper/Nemo model and the discontinuation of production of diesel engines of more than two litres;
»Micro hybridation«-teknologien svarer til effekter mellem 2 og 4 kW, »mild hybridation« mellem 8 og 15 kW, og »full hybridation« over 20 kW.
the transfer of capacity at the Sevelnord plant to a competitor; and
De franske myndigheder bekræfter, at hvis PSA-koncernen havde industrialiseret »plug-in«-teknologien under økonomisk acceptable forhold, vil den allerede have behersket denne teknologi.
the discontinuation of the development and production of the hybrid plug-in technology.
Ordet »ændre« er understreget i den originale franske tekst, som de franske myndigheder har fremsendt.
By way of ‘compensatory measures’, the Commission will therefore examine only the proposal by the French authorities to establish, from a threshold of [26-29]* %, a mechanism for increasing the cost of the guarantee in line with BPF's penetration rate.
De franske myndigheder præciserer, at denne internalisering måske kun vil blive delvis afhængig af resultaterne af projektet »50CO2Cars«.
MECHANISM FOR INCREASING THE COST OF THE GUARANTEE IN LINE WITH BPF'S PENETRATION RATE
Hertil kommer desuden toldafgifter, som Frankrig vurderer som høje.
In the opening decision, the Commission observed that limiting the penetration rate appeared to be an appropriate way of limiting the impact on PSA's vehicle sales of financing support from BPF.
Kilde: http://www.pikeresearch.com/research/clean-diesel-vehicles.
The Commission was doubtful, however, as to the real impact of this measure in the light of its implementation conditions.
I et notat af 11. juli 2013 forklarede de franske myndigheder, at det var muligt at beregne andelen af udviklingsomkostningerne og kostprisen på fremstilling af de forskellige dele af bilen, men at det derimod ikke var muligt at måle den absolutte andel af motorens værdi af salgsprisen på en bil.
PSA was in practice proposing a commitment not to exceed the 2012 H2 rate with a flexibility of + 1, i.e. a maximum rate of 33,4 %, in 2013 in each European country.
Derfor foreslog de en »marginalmetode«, der består i at sammenligne scenario A og C (henholdsvis B og C) med hensyn til forskellene i strømmene fra de forskellige projekter (med omkostninger til F & U og industrielle investeringer) og forskellene i de indkommende strømme (indtægter fra salg af biler eller valorisering af supplerende ydelser).
This cap already appeared to include the rise that could be predicted for 2013, as the rate was 29,8 % in 2012.
Den foreslåede indikator gør det muligt at sammenligne den relative rentabilitet af scenarierne for de undersøgte organisationer.
In 2014 and 2015, moreover, the French authorities were proposing that the penetration rate be aggregated for BPF's G10 perimeter in the previous year, adjusted by the change in the penetration rate of the comparable banks cited by PSA (captive banks of Renault, Ford, BMW, VW and Daimler) while making provision for a ‘threshold’ rate.
Fiat nævner som eksempel sin egen captive-bank, hvis penetrationsgrad er gået fra 23,3 % i 2012 til 39,6 % i 2013 som følge af en ændret salgsstrategi, der skal tilbyde kunderne mere konkurrencedygtige finansieringsvilkår.
The flexibility that this change would give PSA could lessen the constraining nature and therefore the effectiveness of this measure.
Domstolens dom af 21. marts 1991, Italien mod Kommissionen, sag C-305/89, Sml. 1991 I, s. 1603.
Questions remained as to the comparable banks proposed by PSA (as matters stood only the penetration rates of the captive banks of Renault and Volkswagen, whereas other producers such as Ford or Fiat were also close competitors).
Jf. Morgan Stanley, 21. august 2012, »Volkswagen — It's Cheaper to Own a VW«.
As penetration rates vary greatly among countries, BPF could concentrate its loan capacity in those segments in which it had the largest presence and thus develop an aggressive commercial strategy vis-à-vis its competitors.
Jf. Moody's, 5. februar 2013, »Key rating drivers for European car financiers«.
The French authorities replied to the Commission's arguments in their comments on the opening decision (see recital 173).
Denne finansiering udgøres ifølge anmeldelsen af støtte (24,5 mio. EUR) og tilbagebetalingspligtige forskud (61,4 mio. EUR).
They agreed in particular to broaden the scope of the comparable banks to include the captive banks of Fiat and Ford.
Under hensyntagen til den udligningsforanstaltning, som de franske myndigheder har foreslået (beskrevet i ovenstående betragtning 256), tager finansieringen i sidste instans form af tilbagebetalingspligtige forskud, i alt 85,9 mio. EUR.
However, they stood by the principles of the mechanism proposed in the notification.
EUT C 195 af 19.8.2009, s. 9.
In their view, as regards the level of detail of penetration rates, no manufacturer gives details of its penetration rate by segment.
I henhold til rapporten »For Global Automakers, The Road Ahead Varies From Region To Region« fra 24. april 2013 regner man ikke med, at volumenerne på det europæiske marked vil være tilbage på 2011-niveau før i 2018, mens man i prognoserne fra IHS regner med en tilbagevenden allerede i 2014.
They considered that the mechanism had to be flexible if BPF was to be able to adapt to market trends and did not entail any lessening of the effectiveness and constraining nature of this measure.
Som det præciseres i betragtning 39 ovenfor finder F&U&I-rammen ikke anvendelse for kriseramte virksomheder, og denne undtagelse gælder i øvrigt i hele omstruktureringsplanens gennemførelsesperiode, således som det præciseres i betragtning 16 i ovennævnte rammebestemmelser for redning og omstrukturering: »Når først den omstrukturerings- eller likvidationsplan, for hvilken der er blevet anmodet om støtte, er blevet udarbejdet og er i færd med at blive gennemført, vil al yderligere støtte blive betragtet som omstruktureringsstøtte.«
The Commission takes note of the comment by the French authorities as to the potential flexibility introduced by the use of a global penetration rate for the compensatory measure imposed on BPF: as recital 177 above shows, […]* % of the financing granted by BPF concerns segments B and C and the following five countries: France, the United Kingdom, Germany, Spain and Italy.
Hvis penetrationsgraden f.eks. når [30-40]* % (imod [29-31]* % i dag), bliver forhøjelsen af prisen på garantien på [70-80]* basispoint.
Toyota stresses that a captive bank may improve customer brand loyalty by some 15 % and that the penetration rate is higher in the segments involving smaller models.
Hvis penetrationsgraden f.eks. når [20-30]* % (imod [29-31]* % i dag ), bliver forhøjelsen af prisen på garantien på [20-30]* basispoint.
Fiat considers that manufacturers' captive banks are extremely effective sales and marketing tools.
BILAG
Fiat reiterates Toyota's comments as to their role in customer loyalty and adds that they also play an important role in supporting the sales process in particular by replacing the ‘traditional’ financing institutions which are withdrawing from this kind of loan.
UDNÆVNELSE AF EN UAFHÆNGIG SAGKYNDIG
Fiat considers that the public guarantee granted to BPF will therefore have a direct, immediate and extremely negative impact on the PSA Group's competitors.
De franske myndigheder forpligter sig til at sørge for, at PSA-koncernen pålægger en uafhængig sagkyndig at foretage en detaljeret kontrol af anvendelsen af de indgåede forpligtelser i tilsagnserklæringen af 23. juli 2013 (»den uafhængige sagkyndige«) i omstruktureringsplanens varighed, dvs. frem til den 31. december 2015.
As the interested parties unanimously agree that captive banks play a central role in the financing of automotive manufacturers' sales and that the grant of the guarantee to BPF will have a particularly adverse direct effect on competition, the Commission considers that the measure to limit BPF's ability to use the public guarantee in order unduly to increase its financing capacity to the detriment of its competitors' captive banks not in receipt of public support is appropriate.
Den uafhængige sagkyndige skal være uafhængig af PSA-koncernen.
In the letter of commitments of 23 July 2013, the French authorities undertook to make the changes, described in section 7.2 above, to compensate for the distortion of competition created by the State guarantee to BPF.
I sine funktioner som f.eks. investeringsbank, konsulent eller revisor skal den uafhængige sagkyndige have den nødvendige viden og de nødvendige kvalifikationer til at udøve sit mandat og må på intet tidspunkt være genstand for en interessekonflikt.
In order to limit the distortive effects on competition that the guarantee entails, and in order to provide BPF with a degree of flexibility allowing it react to potential market changes, the proposed commitment takes the form of additional remuneration of the guarantee in line with BPF's penetration rate.
Den uafhængige sagkyndige modtager vederlag af PSA-koncernen på en måde, der på ingen måde hindrer en effektiv og uafhængig udførelse af vedkommendes opgave.
The principle of the commitment is as follows: the remuneration of the guarantee will be increased when BPF exceeds a threshold penetration rate of [26-29]* % in the G10 aggregate.
De franske myndigheder forelægger senest fire uger efter datoen for meddelelsen af Kommissionens kommende beslutning i sagen SA.35611 et forslag om udpegelse af mindst to personer eller institutioner som uafhængige sagkyndige til forudgående godkendelse i Kommissionen.
The Commission notes that the perimeter of this aggregate (Germany, Austria, Belgium, Italy, Spain, the Netherlands, Portugal, Switzerland, France and the United Kingdom) appears to be the most representative of the European market indicators available [54].
De franske myndigheders forslag skal være tilstrækkelig detaljerede til, at Kommissionen kan forvisse sig om, at den uafhængige sagkyndige opfylder kravene i disse forpligtelser.
Moreover, this mechanism seems to be an appropriate way of complying with the principle of compensatory measures (which are intended to minimise any distortion of competition) while ensuring that viability can be restored.
Forslagene skal navnlig omfatte følgende oplysninger:
By combining an increase in the penetration rate with an increase in the guarantee remuneration, BPF's ability to offer particularly attractive financing terms as a result of the guarantee will be limited to what is needed to ensure its viability, while minimising distortions of competition.
et udkast til mandat med en detaljeret beskrivelse af alle bestemmelser, der vil give den uafhængige sagkyndige mulighed for at udføre sin opgave
The Group will not pay remuneration above what its capital situation allows it to finance, since it will be able to keep the penetration rate at a level corresponding to a certain level of remuneration.