natgillin/translations-raw huggingface dataset:
PSA har ligeledes præsenteret prognoser for nettogælden i et mere stresset scenario, hvor PSA-koncernens omsætning faldt (i forhold til medianscenariet) med yderligere 200000 biler pr. år i Europa fra 2013.
OJ C 155, 20.6.
Niveauet for nettogælden i de forskellige scenarier præsenteres i tabel 14 nedenfor.
2008, p. 10.
Fiat vurderer, at BPF kunne skaffe finansiering på det sekundære marked til en »ny« forskel på 360/380 basispoint, idet man ved, at forskellen på en obligation fra PSA-koncernen vil være på omkring 400 basispoint med udløb i 2016.
The press reported the State's plans to implement the measure on 17 October 2012.
Ved emissionen på 1,2 mia. EUR, der var omfattet af statsgarantien, som BPF foretog i marts 2013, var de samlede finansieringsomkostninger på omkring 270 basispoint.
According to the termsheet examples provided by France on 7 January 2013: ‘Drawings to be subject to the favourable vote by the French Parliament of the French State supporting plan (adoption of the plan in the Finance Law)’.
Fiat tager især udgangspunkt i erklæringerne fra Standard and Poor's fra den 28. januar, den 14. februar og den 18. april 2013.
See the list of operators, as laid down by Article 8 of Law No 2010-237 mentioned above, and Decree No 2010-442 of 3 May 2010.
Fiat understreger i øvrigt, at det er almindeligt anerkendt, at et løfte om tildeling af en garanti eller en eller anden form for finansiering i sig selv forbedrer modtagerens økonomiske situation, uanset i hvilken udstrækning denne udnytter den finansiering, der stilles til rådighed.
OJ C 78, 11.3.2011, p. 33.
PSA-koncernen afholder sig fra enhver deltagelse i andre virksomheder og fra at erhverve nogen form for aktiver i andre virksomheder i omstruktureringsplanens løbetid, dvs. frem til den 31. december 2015.
Commission Regulation (EC) No 800/2008 of 6 August 2008 declaring certain categories of aid compatible with the common market in application of Articles 87 and 88 of the Treaty (General Block Exemption Regulation) (OJ L 214, 9.8.2008, p. 3).
Dette krav gælder ikke: i) køb af andele eller aktiver i virksomheder, når beløbet, som PSA-koncernen anvender til det planlagte opkøb, ikke overstiger 100 mio. EUR pr. år, og ii) køb af en andel i en virksomhed eller af en virksomheds aktiver efter godkendelse af Kommissionen, hvis dette køb er nødvendigt for at sikre PSA-koncernens rentabilitet og giver PSA mulighed for at nå målene i sin omstruktureringsplan.
In this respect, the Commission notes in particular that the public financing of (non-economic) research work outside research organisations does not contain a State aid element.
Dette bekræfter således, at der er tale om anvendelse af statsmidler.
OJ C 323, 30.12.2006, p. 1.
en omstrukturering af produktionsapparatet i Frankrig og en reduktion af strukturomkostningerne med i alt 600 mio. EUR, meddelt 12. juli 2012.
See in particular point 2.1, final paragraph of the R&D&I Framework: ‘Aid for research and development and innovation for undertakings in difficulty within the meaning of the Community Guidelines on State aid for rescue and restructuring undertakings in difficulty is excluded from the scope of this framework’.
Ifølge projektet skal produktionen i Aulnay indstilles i 2014, produktionsanlægget i Rennes tilpasses, der skal iværksættes moderniseringsforanstaltninger på produktionsanlæggene i Aulnay og Rennes, og koncernens strukturer skal tilpasses
Within the meaning of the definitions of Articles 30(1), 30(2) and 30(3) of the GBER (which coincide with the definitions of Articles 2(2)(e), (f) and (g) of the R&D&I Framework).
Men i denne grænse syntes den forventelige stigning i 2013 at være medregnet, idet satsen var 29,8 % i 2012.
The costs of the 50CO2Cars project have been allocated to the R&D categories defined in Article 31(5) of the GBER (corresponding to the categories of point 5.1.4 of the R&D&I Framework).
For årene 2014 og 2015 foreslog de franske myndigheder i øvrigt, at penetrationsgraden skulle aftales for G10 for BPF i det foregående år justeret med variationen i penetrationsgrad for de sammenlignelige banker, der nævnes af PSA (Renaults, Fords, BMW's, VW's og Daimlers captive-banker), idet man indførte en »bundsats«.
Segments D and E include vehicles of the ‘family’, ‘road’, ‘monospace’ and ‘all-terrain’ types whose dimensions vary on average in Europe from 4,40 to 5 metres.
EUT C 155 af 20.6.2008, s. 10.
The Peugeot 508 Saloon, 508 SW, 807, 4007 and the Citroën C5 Saloon, C5 Estate, DS5, C8, C-Crosser and C6 are part of this segment.
De franske myndigheder understreger, at vekselkursen mellem euro og yen har udviklet sig i negativ retning med omkring 30 % mellem 2009 og 2012 for at vende tilbage til sin paritet fra 2009 mellem slutningen af 2012 og maj 2013.
The storage unit, the electrical power machinery and its control electronics and the voltage converter enabling a dual-voltage network.
Denne volatilitet gør omkostningerne til anskaffelse af automatgearkasser meget vilkårlige.
The ‘Harbour’ capacity is the industry standard.
Den uafhængige sagkyndige skal i) bistå Kommissionen med at kontrollere, at PSA-koncernen overholder de forpligtelser, som påhviler den i henhold til tilsagnserklæringen af 23. juli 2013, og ii) udføre sin opgave som fastlagt i denne tilsagnserklæring af 23. juli 2013.
It assumes that, for each plant, two shifts work eight hours a day, 235 days a year.
Den uafhængige sagkyndige skal udføre sine opgaver i henhold til den arbejdsplan, som Kommissionen har godkendt, eventuelt ændret med dennes tilladelse.
The Harbour usage rate shows the volume of vehicles actually produced in each plant in comparison with the Harbour capacity.
Han skal give Kommissionen mulighed for at kontrollere, at PSA-koncernen forvaltes i henhold til forpligtelserne i tilsagnserklæringen af 23. juli 2013.
The medium-term plan is the document used by the PSA Group's financial management to present forecasts of the Group's results in future years.
Om nødvendigt kan Kommissionen fremsætte en mere detaljeret præcisering af, hvad den ønsker medtaget i rapporten.
LCV: light commercial vehicle.
PSA-koncernen havde en omsætning på 55,4 mia. EUR i 2012.
This is the ratio calculated by relating sales of vehicles financed by loans from the BPF bank to total PSA Group sales.
Udviklingen i koncernens omsætning i løbet af de seneste fem år fremgår af nedenstående tabel 1.
RCI Banque SA is a wholly-owned subsidiary of Renault SAS.
Koncernens løbende driftsresultat endte med et tab på 576 mio. EUR imod et overskud på 1,093 mia. EUR i 2011.
RCI Banque finances sales of Renault Group and Nissan Group brands.
For automobildivisionen alene blev tabet på driften 1,5 mia. EUR i 2012 imod et tab på 92 mio. EUR i 2011.
Germany, Austria, Belgium, Italy, Spain, Netherlands, Portugal, Switzerland, France, United Kingdom.
I et »ugunstigt« scenario vil PSA-koncernens omsætning falde yderligere (i forhold til medianscenariet) med 100000 biler pr. år i Europa fra 2013.
The G5 aggregate includes the following countries: France, Germany, Italy, Spain and the United Kingdom.
I et »gunstigt« scenario vil PSA-koncernens omsætning i Europa stige med 100000 biler pr. år fra 2013.
The M5 aggregate includes the following countries: Belgium, Netherlands, Switzerland, Austria and Portugal.
Fra den 31. december 2013 vil forpligtelsen vedrørende den maksimale penetrationsgrad i G10 for BPF for år »n« være lig med satsen for BPF i den samme perimeter for år »n–1« justeret med variationen i penetrationsgrad for sammenlignelige institutter i år »n–1«, idet det præciseres, at denne justering ikke kan medføre, at BPF's penetrationsgrad falder til under en vis minimumsværdi.
The G10 aggregate includes the ten countries included in this table.
De sammenlignelige institutter, som foreslås her, er segmentet »Vesteuropa« for RCI Banque SA og segmentet »Europa« for Volkswagen Financial Services (VWFS).
Disposal net of costs of EUR 797 million, to which an exceptional dividend of EUR 100 million is added, and from which EUR 19 million, corresponding to the cancellation of the gross self-financing margin, is deducted.
Disse omkostninger vurderes til [400-500]* mio. EUR i perioden 2012-2017.
The ‘Core Tier 1’ ratio is a solvency ratio from which the solvency of banks can be assessed.
Omkostningerne til tilpasning af produktionsanlægget på fabrikken i Rennes, som vil medføre flytning af 1400 arbejdspladser ud af i alt 5600 ansatte, vurderes til [100-200]* mio. EUR i perioden 2012-2017.
It relates equity to assets held (risk-weighted).
Tilpasningen af PSA-koncernens struktur med bistand fra GPEC 1 og 2 (»Gestion prévisionnelle de l'Emploi et des Compétences« — prognosebaseret arbejdsmarkedsstyring) vil medføre samlede omkostninger på skønsmæssigt [500-600]* mio. EUR for 2012 og 2013.
Moody's has currently set this difference at three notches as a result of the guarantee from which BPF is benefiting.
Det skal bemærkes, at der ikke er tale om overlapning mellem GPEC 1- og 2-planerne og omstruktureringsomkostningerne vedrørende Aulnay og Rennes.
Union nationale interprofessionnelle pour l'emploi dans l'industrie et le commerce [National Professional Union for Employment in Industry and Trade].
[6-8]*
World Economic Outlook, Chapters 1 and 2, April 2013.
[8-10]*
The aim is to reduce CO2 emissions by limiting the size of engines and providing an appropriate supercharger.
[10-12]*
Commission Decision of 1 December 2004, Case C-504/03, Bull, recital 51, Commission Decision of 18 February 2004, Case C-28/02, Bankgesellschaft Berlin AG, recital 236, Decision of 3 July 2001, Case C-33/98, Babcock Wilcox Espana SA, recital 98.
[28-33]*
At the most recent congress in Vienna the VAG Group presented its hybrid technology ‘assembly kit’ by means of which a hybridisation system can be adapted to all the various shapes of the Group's vehicles at minimal cost.
[31,6-36,6]*
Cited source: VAG Group presentation report at the 34th Vienna Symposium, 26 April 2013, p. 28.
[33,1-38,1]*
‘Micro-hybridisation’ corresponding to powers of 2 to 4 kW; ‘mild-hybridisation’ to powers of 8 to 15 kW; ‘full-hybridisation’ to powers of more than 20 kW.
[26,5-31,5]*
The French authorities confirm that, as long as it can be industrialised in an economically acceptable way, the PSA Group has already mastered the plug-in technology.
[29-34]*
The word ‘modify’ is underlined in the original text notified by the French authorities.
[34,4-39,4]*
The French authorities point out that this in-house production may well be no more than partial and will depend on the results of the 50CO2Cars project'.
[20,4-25,4]*
The French authorities stress that there was an adverse change of 30 % in the exchange rate between the euro and the yen between 2009 and 2012, which returned to its 2009 parity between late 2012 and May 2013.
[21,6-26,6]*
This volatility makes the procurement costs of automatic gearboxes very uncertain.
[22,7-27,7]*
On top of this, there are also customs duties which France considers to be high.
[18,9-23,9]*
The main components of the 50CO2Cars system are specific to diesel.
[25,5-30,5]*
In the view of the French authorities, however, adapting this technology to petrol engines of equivalent power would involve only ‘moderate R&D investment over a very short period’.
[29,1-34,1]*
Cited source: http://www.pikeresearch.com/research/clean-diesel-vehicles
[20-25]*
In a memorandum dated 11 July 2013, the French authorities explained that, while the development costs and the manufacturing cost price of the vehicle components can be calculated in proportional terms, the proportion of the sale price of a vehicle represented by the engine cannot be calculated as an absolute value.
[17,8-22,8]*
They therefore proposed a ‘margin-based’ approach in which scenarios A and C (and B and C) were compared from the point of view of the differences in outgoing flows for the different projects (R & D costs and industrial investment) and the differences in incoming flows (revenue generated by sales of vehicles or the development of additional services).
[18,5-23,5]*
The indicator provided makes it possible to compare the relative profitability of the scenarios for the components in question.
[20,6-25,6]*
Fiat cites the example of its own captive bank, whose penetration rate increased from 23,3 % in 2012 to 39,6 % in 2013 following a change in its commercial strategy to offer customers more competitive financing terms.
[20,9-25,9]*
See in particular the judgment of the Court of Justice of 21 March 1991 in Case C-305/89 Italy v Commission [1991] ECR I-1603.
[12,4-17,4]*
See Moody's, 5 February 2013, ‘Key rating drivers for European car financiers’.
[28,6-33,6]*
This finance was initially notified as taking the form of grants (of EUR 24,5 million) and repayable advances (of EUR 61,4 million).
[0,0-2,5]*
Bearing in mind the compensatory measure proposed by the French authorities (described in recital 256 above), it will ultimately take the form of repayable advances of EUR 85,9 million.
[20,7-25,1]*
OJ C 195, 19.8.2009, p. 9.
[19,2-24]*
The report ‘For Global Automakers, The Road Ahead Varies From Region To Region’ of 24 April 2013, predicts that the European market will not return, in terms of volumes, to the 2011 level before 2018, while the IHS projections predict such a return from 2014.
[14,6-19,6]*
As noted in recital 39 above, the R&D&I Framework does not apply to firms in difficulty which are, moreover, excluded throughout the term of the restructuring plan, as specified in point 16 of the Rescue and Restructuring Guidelines: ‘Once a restructuring or liquidation plan for which aid has been requested has been established and is being implemented, all further aid will be considered as restructuring aid’.
[24,6-29,6]*
Paragraph 234 of the comments.
[25,9-30,9]*
The G5 indicator, included in the G10 indicator, already accounts, as noted in recital 361 above, for […]* % of the financing granted by BPF.
[24,9-29,9]*
Memorandum from the French authorities of 7 December 2012: counterfactual scenario — preliminary impact on the PSA Group.
[26,7-31,7]*
It should also be noted that this penetration rate of [26-29]* % is substantially below the rate initially proposed by the French authorities in the first version of the compensatory measure: namely 33,4 %, as shown in Table 7 in recital 102.
[29,6-34,6]*
For instance, if the penetration rate is [30-40]* % (in comparison with the current [29-31]* %), the increase in the cost of the guarantee will be [70-80]* basis points.
[25,1-30,1]*
For instance, if the penetration rate is [20-30]* % (in comparison with the current [29-31]* %), the increase in the cost of the guarantee will be no more than [20-30]* basis points.
[25,4-30,4]*
ANNEX
[26,8-31,8]*
APPOINTMENT OF AN INDEPENDENT EXPERT
[30,6-35,6]*
The French authorities undertake that the PSA Group will appoint an Independent Expert responsible for detailed monitoring of the implementation of the commitments made in the letter of commitments of 23 July 2013 (‘the Independent Expert’) for the term of the restructuring plan, namely until 31 December 2015.
Den kontrafaktiske strategi med erstatning af diesel med benzin medfører ekstraomkostninger og skulle gennemføres med risiko for en betydelig industriel risiko: at give afkald på en ekspertise inden for diesel, manglende omsætning i overgangsperioden, brug af ressourcer til at tilpasse og omlægge koncernens produktionsapparat til benzinmotorer, ressourcer, som ellers ville have været nødvendige for at genoprette rentabiliteten.
The Independent Expert is to be independent of the PSA Group.
Med hensyn til transmission havde PSA-koncernen opbygget et efterslæb med hensyn til transmissioner med dobbeltkobling, de såkaldte DCT (»dual clutch transmissions«), især fordi man havde en præference for automatiske eller robotstyrede gearkasser, de såkaldte »BVMP«, selv om denne teknologi har vist sig at være mindre kommercielt fordelagtig end sin rival.
The French authorities will submit the names of at least two persons or institutions for appointment as Independent Expert for prior approval by the European Commission, no later than four weeks after the date of notification to the French authorities of the Commission's future decision in Case SA.35611.
Projektet »50CO2Cars« giver således virksomheden mulighed for at afhjælpe et dobbelt efterslæb inden for DCT- og eDCT-transmissioner.
The proposals by the French authorities must be detailed enough for the European Commission to verify that the Independent Expert satisfies the conditions set out in this commitment.
I denne forbindelse bekræfter de franske myndigheder Kommissionens foreløbige analyse (som fremsættes i betragtning 187 i åbningsskrivelsen), ifølge hvilken den nuværende mikrohybridteknologi [37] Stop & Start er utilstrækkelig til at nå »den teknologiske grænse med hensyn til CO2-gevinster«, som kræver, at man mestrer en »mild–« og/eller »full–hybrid«-teknologi.
The proposals should contain the following information in particular:
Ambitionerne med projektet »50CO2Cars« er derfor at indhente et teknologisk efterslæb inden for hybridsystemer.
a draft mandate, detailing all the terms under which the Independent Expert is to perform his tasks;
Endelig omtaler de franske myndigheder den eventuelle strategiske omlægning, som betyder, at projektet »50CO2Cars« gennemføres, samtidig med at man opgiver »plug-in«-hybridteknologien.
a draft work plan detailing the way in which the Independent Expert proposes to carry out his tasks.
I denne forbindelse understreger de, at de to teknologier (»mild-hybrid« og »plug-in«) hverken har den samme rækkevidde eller de samme kommercielle konsekvenser.
The European Commission may approve or reject the proposed Independent Expert(s) and may approve the draft mandate subject to any changes that it considers necessary for the Independent Expert to be able to perform his tasks.
Mens prisen betyder, at sidstnævnte [38] er begrænset til »luksusbiler« (med betydelige følgevirkninger med hensyn til mærkets image, navnlig over for virksomhedskunder), vil adgangen til førstnævnte give mulighed for at sigte mod en bred vifte af sociale kategorier (lav- til mellemindtægter) og dermed tilfredsstille en større del af koncernens kunder.
If the European Commission approves only one of the PSA Group's proposals, the Group will appoint that person or institution as Independent Expert or will take the necessary steps for that person or institution to be appointed pursuant to the draft mandate approved by the European Commission.
De franske myndigheder understreger, at disse to teknologiske løsninger ikke gensidigt udelukker hinanden, og at PSA-koncernen oprindeligt ønskede at føre dem begge frem i front med henblik på at samle salget af hybride luksusbiler med »plug-in«-teknologi og lettere tilgængelige hybridbiler i segment B og C. Derfor udgør opgivelsen af »plug-in«-hybridteknologien som en kompensationsforanstaltning ikke nogen »strategisk vending«, men indstillingen af en kommercielt levedygtig teknologi, der ikke bringer koncernens genetablering af virksomhedens rentabilitet i fare.
If more than one name is approved, the PSA Group will be free to decide which of the persons or institutions it wishes to appoint as Independent Expert.
Projektet »50CO2Cars« udgør en integrerende del af omstruktureringsplanen, således at de franske myndigheder anser den foreslåede hybridteknologi for at være i fuld overensstemmelse med hybridteknologien i omstruktureringsplanen.
The Independent Expert will be appointed within one week of approval by the Commission and pursuant to the draft mandate approved by the Commission.
EUR i investeringer i omstruktureringsplanens varighed, en andel som de franske myndigheder betegner som »særdeles beskeden om ikke ubetydelig«.
If all the proposals by the French authorities are rejected, the French authorities undertake that the PSA Group will propose at least two further persons or institutions in accordance with the conditions and the procedure set out in this commitment, within two weeks of notification by the European Commission of its rejection of the first proposal.
Produktionskapaciteten øges ikke, da den vurderes til at være tilstrækkelig til de forventede [ 100000-200000] på dette stadie af projektet »50CO2Cars«, men en del af produktionsapparatet ændres fra et segment med overkapacitet til et segment med potentiel underkapacitet, fordi dette er i udvikling (intern vurdering til fordel for attraktive produkter).
The Independent Expert will (i) assist the European Commission in verifying that the PSA Group is complying with the obligations incumbent upon it under the letter of commitments of 23 July 2013; and (ii) carry out his tasks as defined in the letter of commitments of 23 July 2013.
I forbindelse med F&U-projektet »50CO2Cars« erindrer GM om, at alle producenter investerer i teknologier, der har til formål at nedbringe udstødningsemissionerne.
The Independent Expert will perform his tasks pursuant to the work plan approved by the European Commission, which may be amended with the Commission's approval.
Generelt vil det være vanskeligt at forudse, hvorvidt disse forskningsprojekter vil føre til fordele på det industrielle plan.
The European Commission may, on its own initiative or at the request of the Independent Expert or the PSA Group, give instructions to the Independent Expert.
Man kan forestille sig mange forskellige tekniske løsninger, også inden for hybridteknologi.
The PSA Group may not give instructions to the Independent Expert.
Der er i øvrigt tale om et område, hvor man kan forvente, at producenterne samarbejder for at opnå stordriftsfordele.
The Independent Expert's mission is to ensure that all the obligations set out in the letter of commitments of 23 July 2013 are complied with and fully implemented and to ensure that the PSA Group implements the restructuring plan notified on 12 March 2013 to the European Commission.
Stadig ifølge GM udgør støtten på 85 mio. EUR til projektet »50CO2Cars« ikke noget stort beløb i forhold til F&U-udgifterne inden for sektoren.
The Independent Expert:
GM mener ikke, at denne foranstaltning vil kunne forhindre en konkurrerende producent i at udvikle sit eget F&U-program inden for samme område i lyset af den nuværende teknologiske usikkerhed på dette område.
will verify that the PSA Group is fully and properly implementing its restructuring plan and in particular:
Med hensyn til projektet »50CO2Cars« mener Fiat, at målet virker opnåeligt, selv om der kun foreligger få oplysninger.
that it is implementing the commitments set out in the letter of 23 July 2013 and the compensatory measures described in the letter of commitments of 23 July 2013;
Fiat understreger imidlertid, at enhedsomkostningen pr. bil for denne type teknologi kan begrænse dens penetration af markedet, enten på grund af en høj salgspris, eller fordi producenten får svært ved at få overskud i forbindelse med salget.
that it is implementing the viability measures described in point 6 of the letter of commitments of 23 July 2013;
Fiat mener, at grænserne for CO2-emissioner, som Kommissionen har fastsat for 2020, udgør en stor udfordring for alle producenter.
will ensure compliance with all the other commitments set out in the letter of 23 July 2013;
For at kunne tage denne udfordring op må man følge en flerstrenget F&U-strategi, hvor man ikke koncentrerer sig om ét enkelt F&U-projekt, der sigter mod udvikling af én enkelt teknologi, hvilket synes at være tilfældet for projektet »50CO2Cars« (efter Fiats opfattelse).
will perform all the other functions assigned to him in the letter of commitments of 23 July 2013;
For så vidt angår projektet »50CO2Cars« mener Toyota, at udviklingen af enhver miljøteknologi vil være en nøglefaktor for producenternes afsætningsmuligheder.
will propose to the PSA Group any measures that he considers useful for compliance with the commitments set out in the letter of 23 July 2013;
Men salget vil ligge under salget af benzinhybridbiler, fordi omkostningerne ved denne teknologi er højere.
will furnish the European Commission, the French authorities and the PSA Group with a draft report within 30 days of each six-month period.