natgillin/translations-raw huggingface dataset:
I henhold til punkt 56 i rammebestemmelserne er betingelserne for godkendelse af støtte endvidere mindre restriktive med hensyn til gennemførelsen af kompenserende modydelser i støtteberettigede områder.
In the opening decision the Commission questioned the restoration of viability on the basis that at that time the banks had not agreed on Cimos's debt restructuring.
Kommissionen bemærker, at Cimos ligger i et område, der er støtteberettiget efter traktatens artikel 107, stk. 3, litra a).
This doubt has now been removed as the banks agreed to restructure Cimos's debt under the CS process.
Derfor udgør de foreslåede foranstaltninger en reel kompensation for den konkurrencefordrejning, der er forårsaget af ydelsen af støtten, og er tilstrækkelige til sikre, at de skadelige virkninger for samhandelen, der følger af støtten, minimeres.
According to the restructuring plan Cimos will need additional funding totalling EUR 25 million in 2018 and 2019 to finance operations.
Derfor anses ovennævnte kompensationsforanstaltninger for at opfylde punkt 38-42 i rammebestemmelserne.
The Commission notes that, on the basis of the restructuring schedule, by that time the Company will have implemented the core restructuring measures and will have returned to profitability.
I medfør af punkt 43-45 i rammebestemmelserne skal støtten være begrænset til det minimum, der er nødvendigt for at kunne gennemføre omstruktureringen.
This should enable Cimos to obtain the necessary financing on the market as planned.
Støttemodtageren forventes selv at yde et betydeligt bidrag til omstruktureringsplanen med egne midler, herunder ved afhændelse af aktiver, som ikke er nødvendige for virksomhedens overlevelse, eller ved ekstern finansiering på markedsvilkår.
The restructuring plan sets out the circumstances that led to Cimos's difficulties, namely over-indebtedness and operational inefficiency.
Et sådant bidrag skal være reelt, dvs. et faktisk bidrag, hvilket udelukker forventede fremtidige gevinster såsom pengestrømme, og er et udtryk for, at markederne har tillid til, at virksomheden igen kan blive rentabel.
The Commission notes that the plan provides for the measures aimed precisely to address these difficulties.
De må i sagens natur ikke omfatte yderligere statsstøtte.
The conversion of debt for equity by major creditors will lead to a reduction of their claims by 60 %.
For store virksomheder som Cimos skal egetbidraget være mindst 50 % af omstruktureringsomkostningerne.
As a result, the overall financial liabilities of Cimos will decrease from EUR 422 million in 2013 to EUR 184 million in 2017.
Ifølge Slovenien udgør det egetbidrag, som Cimos har foreslået, 94 % af de samlede omstruktureringsomkostninger og stammer fra de kilder, der er anført i tabel 7.
The debt to equity ratio will decrease from 17,7 in 2012 (last year when equity was positive) to 3 in 2017, a much more sustainable level.
Tabel 7
In addition, the remaining 40 % of debt held by CS creditors is to be repaid on more favourable terms, including an extended repayment period and a 2-year payment holiday.
Kilder til egetbidrag
This will further reduce the current and future repayment burden.
Kilde
The ratio of EBITDA to interest, which measures the ability of a company to service debt, is forecasted to increase from 1 in 2013 to 5,4 in 2017.
mio. EUR
Moreover, the suppliers agreed to reduce their claims, which will further reduce the overall debt and ensure continuity of operations.
Omstruktureringskreditfaciliteten
All of the financial restructuring measures, including notably the agreement by customers to shorten payment periods, will additionally improve liquidity.
Kapitaludgifter finansieret af Cimos
The cash flows eased by not having to repay the restructured debt or by receiving payments from customers earlier, will be also available to finance the implementation of the operational restructuring measures aimed at tackling the second reason for difficulty, namely the operational inefficiency.
Kundefinansierede kapitaludgifter
Under the operational restructuring Cimos embarked on a number of cost-saving measures, including most notably the reduction of workforce, consolidation of operations by decreasing the number of plants, reduction of overheads and improved process management.
Vederlag for salget af energiafdelingen (Litostroj Power)
The Company wants to refocus its operations on the core automotive business.
Konvertering af gæld til egenkapital og fritagelse for betaling af påløbne renter af bankgæld (ekskl. SID)
The operational restructuring measures are planned to generate total annual cost savings of EUR 27 million, much higher than under the originally notified restructuring plan.
Fritagelse for betaling af renter på lån
By decreasing costs they will improve profitability, which at the reduced level of employment and capital, will translate into increased operational efficiency.
Nedskrivning af gæld til leverandører
In view of the findings in recitals 152-154 the Commission considers that the proposed restructuring measures are appropriate to tackle the reasons for difficulty identified in the restructuring plan.
Nedskrivning af gæld til leasingvirksomheden
The contribution of private banks, customers and suppliers to the financial restructuring is a sign of their confidence in Cimos and gives an additional reason to consider that the restructuring plan is capable of restoring long-term viability.
Nedskrivning af bankgæld
The independent business appraiser of the PFR also concluded that the restructuring plan is likely to make Cimos liquid and solvent in the short and long term.
Konvertering af gæld til egenkapital og nedskrivning af SID's gæld
Furthermore, the Commission notes that the duration of the restructuring plan is limited to less than four years, running from February 2014 to 2017.
Konvertering af statsgarantier til egenkapital
Such a restructuring period appears appropriate given the scope of the planned restructuring measures, their implementation schedule and the expected date for the restoration of viability.
Fritagelse for betaling af renter af redningsstøtte
The Commission observes that the updated restructuring plan is not a new plan but only a development of the originally notified plan on the basis of the outcome of the CS.
Cimos' bidrag til finansiering af forlig med leverandører
It pursues exactly the same restructuring goals as the originally notified plan, namely reduction of over-indebtedness, restoration of liquidity, improvement of operating efficiency and refocusing operations on the core automotive segment.
Oplyst egetbidrag i alt
The most significant restructuring measure in terms of financial impact, the conversion and rescheduling of the financial debt, remains the same, albeit on slightly modified terms and through a compulsory rather than voluntary procedure.
Omstruktureringskreditfaciliteten er bekræftet ved finansieringsaftalen, på grundlag af hvilken de banker og kunder, der yder omstruktureringskreditter, blev enige om at stille i alt 38,4 mio. EUR (19,2 mio. EUR hver) til rådighed for Cimos på de betingelser, der er beskrevet i betragtning 25.
The other restructuring measures are not substantially different than under the originally notified plan but have been strengthened to achieve greater cost-savings.
Slovenien meddelte Kommissionen, at forskellen sammenlignet med det anmeldte beløb for dets egetbidrag fra denne kilde, der svarer til 39 mio. EUR, vedrører kunden Eaton, der betalte midlerne i begyndelsen af januar 2015 og vil henvende sig til bankerne for at stille den yderligere finansiering til rådighed (ifølge aftalen skal forbrugerne og bankerne varetage finansieringen på lige vilkår).
Both the originally notified and the updated plans are based on the same business model and strategy.
Kommissionen har ikke dokumentation for, at Eaton reelt har betalt midlerne, og at bankerne ydede en tilsvarende finansiering.
The Commission has already approved similar updates of notified restructuring plans in previous decisions [39].
Som konkluderet i afsnit 8.1 udgør SID's deltagelse i omstruktureringskreditfaciliteten med et beløb på 6,7 mio. EUR endvidere statsstøtte og kan således ikke betragtes som en kilde til egetbidraget.
Concerning the allegations of Ms Filakovic, described in recital 91, the Commission notes that the financial statements of Cimos were examined by an independent auditor who issued an unqualified opinion about them and did not report anything on the alleged fraud and money laundering.
Kommissionen konkluderer, at omstruktureringskreditfaciliteten for et beløb på 31,7 mio. EUR udgør en relevant kilde til egetbidraget.
Concerning the granting by Slovenia of EUR 35 million to Cimos as part of the restructuring aid, the Commission notes that in July 2013 it approved a EUR 35 million rescue aid guarantee for Cimos [40].
Mellem januar og september 2014 brugte Cimos 17,6 mio. EUR af sine egne midler på kapitaludgifter.
The guarantee, which is to be converted to equity as part of the restructuring aid, does not entail any transfer of monetary resources to Cimos, therefore it cannot be financed from money laundering.
Derfor kan det samlede beløb på 8,5 mio. EUR, som Cimos har foreslået, ikke accepteres som dets egetbidrag.
Finally, as regards the alleged claims of Ms Filakovic's company and her clients against Cimos, on the basis of available information, the Commission has not identified any such claims.
Cimos har underskrevet bilaterale aftaler med sine kunder, på grundlag af hvilke de vil yde Cimos et lån til finansiering af kapitaludgifterne.
In view of that, the Commission considers that the allegations are unsubstantiated and do not affect the assessment of the restructuring aid.
Da ingen af de berørte kunder er statsejede, er dette bidrag reelt og fri for statsstøtte og kan accepteres.
In view of the foregoing, the Commission concludes that the proposed restructuring measures are capable of restoring long-term viability of the Company within a reasonable timescale and on the basis of realistic assumptions.
Bidraget er reelt og fri for statsstøtte og kan derfor accepteres.
AVOIDANCE OF UNDUE DISTORTIONS OF COMPETITION (COMPENSATORY MEASURES)