natgillin/translations-raw huggingface dataset:
Kommissionen bemærker desuden og mere grundlæggende, at Duferco-koncernens formuestilling efter den omhandlede foranstaltning og de underliggende risici næsten ikke havde ændret sig.
The Commission notes that such errors of assessment would not have been made if a complete and unified valuation of Carsid Développement had been carried out at the time.
Duferco ejer således gennem DLP i) 50,3 % af stålaktiverne, hvoraf selskabet allerede ejede 50 % gennem SIF, og ii) 50,3 % af diversificeringsaktiverne, hvoraf selskabet allerede ejede 50 % gennem DSIH.
The Commission therefore notes that FSIH did not, ex ante, undertake an economic evaluation of the type required by a private investor in a market economy.
FSIH's formuestilling ændrer sig derimod betydeligt efter den omhandlede foranstaltning.
In light of the above and of the EDF case-law already referred to in recital 248, the Commission concludes that FSIH did not behave as a private investor in a market economy and thereby conferred an economic advantage on DSIH under conditions that were not market conditions.
FSIH erhverver således 49,7 % af de vigtige stålaktiver i La Louvière og Trebos, som selskabet ikke ejede allerede.
Given that the sale by DSIH of its activities gave rise only to a claim, which has not been collected and is today held by Duferco Wallonie, the Commission considers the amount of aid granted to DSIH to be equal to the total amount of FSIH's acquisition of a stake, i.e. EUR […] million.
Med hensyn til finansielle forpligtelser påtager Duferco-koncernen sig således følgende forpligtelser:
Measures 4 and 5
betaling af […] mio. EUR i forbindelse med overtagelse af visse stålaktiver i SIF gennem DLP
The unsuitability of a comparative approach
lån på […] mio. EUR fra DSIH gennem DLP i forbindelse med køb af Duferco Diversification
To assess this, the Commission may adopt a comparative approach and evaluate the loans in question with reference to market transactions that it considers comparable.
fordring på […] mio. EUR på DLP gennem DSIH i forbindelse med salg af Duferco Diversification.
This is the framework in which the Commission asked Belgium to indicate whether [the parent company of the Duferco Group at the time] and SIF had obtained comparable loans in 2009 through financial institutions other than FSIH and, if so, under what conditions.
Dette beløb står ikke mål med de 99,7 mio. EUR [53], som FSIH har accepteret for at få en aktiepost på 49,7 % i DLP.
With regard to [the parent company of the Duferco Group at the time], Belgium pointed out that, as a non-operational holding company, [the parent company of the Duferco Group at the time] had never needed to resort to bank loans, so it is impossible to compare these two rates with the rates actually applied by banks to this particular company.
Under disse omstændigheder kan det ikke hævdes, at denne investering blev foretaget på pari passu-vilkår.
For [the parent company of the Duferco Group at the time], the comparators provided by Belgium therefore all concern subsidiaries of the company.
Kommissionen redegør her for de grunde, der ud over transaktionens manglende pari passu-karakter gør det muligt for Kommissionen at konkludere, at transaktionen ikke er forenelig med det markedsøkonomiske investorprincip.
For [the parent company of the Duferco Group at the time], as for SIF, the Commission had already noted in its opening decision [44] that the tables included loans which were not comparable with those in question here: different maturities (generally shorter than those of the two loans in question), different amounts (much lower than the two loans), different nature (the tables include, for example, renewable one year loans and overdraft facilities) and, lastly, the different nature of the collateral (mortgages on buildings or other tangible assets).
Disse grunde er knyttet til FSIH's metode til værdiansættelse af selskabets investering i DLP.
Belgium criticised the Commission for not having sufficiently justified its refusal to treat the loans presented as valid comparators.
Uden at gå i detaljer med disse evalueringer afviser Kommissionen en indsigelse rejst af […].
The analysis criteria used by the Commission were not admissible since, according to Belgium [45], the interest rate is not a function of (i) the maturity of the loan; or (ii) the nature of the loan; or (iii) the amount of the loan.
Af de grunde, der er anført i betragtning 329, var den pågældende transaktion næsten neutral for Duferco-koncernen.
The European Central Bank represented the relationship between the rate of remuneration of a loan and its maturity in a graph [46].
Duferco-koncernen var således på ingen måde tilskyndet til at udarbejde detaljerede rapporter og undersøgelser, idet prisen for de aktiver, der blev købt af DLP, kun havde begrænset indvirkning på selskabets likviditet.
The curve of this graph shows very clearly that remuneration increases with the maturity of the loan, in particular for the first 10 years.
Dette var ikke tilfældet for FSIH, der skulle betale 49,7 % af den fastsatte pris for disse aktiver.
This observation is also found in the case-law of the General Court of the European Union.
FSIH var i modsætning til Duferco derfor nødt til at gøre sit yderste for at evaluere disse aktiver til dagsværdien.
In the Arbel Fauvet case [47], the General Court confirmed the Commission's analysis that the conditions of remuneration of a short term credit and a long term credit cannot be similar:
Det forhold, at Duferco ikke har haft adgang til andre dokumenter end dokumenterne fra Belgien, beviser overhovedet ikke, at FSIH har handlet på samme måde som en privat, markedsøkonomisk investor.
‘A current account overdraft granted by a private bank is a very short-term credit facility, unlike the repayable advances at issue, which have a maturity of three years, and the overdraft is not, therefore, subject to the same risk analyses by creditors.
Med hensyn til indholdet af disse evalueringer minder Kommissionen om, at fire elementer skulle værdiansættes: i) aktierne i DLLPL, ii) aktierne i Duferco Trebos, iii) lagerbeholdningerne overtaget fra Duferco La Louvière Sales, og iv) projektet, der begrunder en investering på [30-40] mio. EUR i DLLPL.
The fact that a debtor can obtain short-term credit is therefore not sufficient to assess whether it could obtain a longer-term loan, the repayment of which will depend on the debtor's ability to survive.’
Kommissionen mener ikke, at Galtier-rapporten fra maj 2011 fremlagt af Belgien kan betegnes som en konsekvent værdiansættelse af DLLPL.
The Commission considers that the nature of the loan also influences its remuneration.
Der angives kun en vurdering af dagsværdien (»fair value«) af de materielle aktiver i La Louvière-anlægget, og der tages hverken højde for passiver eller forretningsplaner.
The risk of relating to the financing project for working capital requirements cannot be remunerated in the same way as the risk of a capital investment project.
Den syntetiske udgave af denne forvaltningsplan forelagt af Belgien [54] er et kort dokument uden angivelse dato eller forudsætninger.
For these reasons, the Commission does not accept Belgium's objection and confirms its refusal to apply a comparative approach on the basis of the loans provided by Belgium.
Kommissionen har ikke modtaget den ikke-syntetiske version af forretningsplanen, hvis denne har eksisteret.
After the Commission refused to examine the loans provided by Belgium, […] and SIF wished to bring other loans to the Commission's attention.
Belgien har fremført det samme argument vedrørende købsprisen for aktierne i Duferco Trebos, nemlig at dokumentet »Valeur d'utilité des actifs corporels et incorporels de Trebos« fra maj 2011 rent faktisk indeholder en række undersøgelser og rapporter og en foreløbig forretningsplan på to sider udarbejdet af Duferco [55].
[…] therefore produced a table setting out 19 multi-currency loans for amounts higher than those listed by Belgium.
Datoen for udarbejdelse af sidstnævnte dokument er ikke angivet.
Of these 19 loans, the Commission notes that only one was granted in 2009.
Formålet med rapporten fra 2011 var at evaluere aktivernes nytteværdi og værdien af kundekredsen i den generelle forretning.
In this instance, it concerns a payment facility that could be mobilised for durations of the order of one month (the FSIH loan was concluded for six years).
Der er ikke blevet forelagt en syntetisk værdiansættelse af Duferco Trebos som helhed.
Given these substantial differences, the Commission takes the view that the 19 loans presented by […] are not good comparators for the FSIH loan.
Med hensyn til disse to erhvervelser anerkender Belgien i øvrigt, at »parterne ikke fandt det nødvendigt at udarbejde en behørig forretningsplan.
With regard to SIF, the Commission does not consider the two loans brought to its attention to be relevant.
FSIH havde fuldt kendskab til investeringsobjektet«.
Admittedly they are two long-term loans.
Kommissionen mener imidlertid, at det er nyttigt at have kendskab til et selskab, men ikke tilstrækkeligt for en investor, hvis investeringsbeslutning afhænger af det forventede fremtidige afkast.
However, both these loans had significant collateral: (i) collateral from DPH and NLMK; (ii) for the Rabobank loan: […]; (iii) for the Sumitomo loan: a guarantee from […].
Med hensyn til evalueringen af lagerbeholdningerne i Duferco La Louvière Sales, selskab kontrolleret af SIF, har Belgien forelagt et dokument, der ifølge Belgien begrunder, at lagerbeholdningernes markedsværdi var højere end den bogførte værdi, hvilket var den værdi, der blev lagt til grund for fastsættelsen af salgsprisen.
The loan granted by FSIH does not have any guarantee.
Kommissionen konstaterer også her, at datoen for udarbejdelse af dette dokument ikke er anført.
Furthermore, the loans presented by SIF were […], while the loan granted by FSIH is […].
Med hensyn til investeringen på [30-40] mio. EUR i DLLPL havde Kommissionen endelig i sin indledningsafgørelse anmodet Belgien om at fremlægge alle undersøgelser og forretningsplaner vedrørende denne investering.
It follows from this information that the loan granted by FSIH was riskier than those mentioned by SIF.
Belgien har bekræftet, at der i sidste ende kun var en forretningsplan, som underbyggede investeringen på [30-40] mio. EUR, idet de øvrige nævnte planer ikke blev udarbejdet, da de vedrørte andre projekter, som blev opgivet.
Therefore these loans cannot be used as comparators.
Belgien har således forelagt Kommissionen en udateret plan på en enkelt side med en tabel over EBITDA frem til 2016 uden forklaring eller forudsætninger, der begrunder de anførte tal.
In light of the above, the Commission concludes that the examples of loans supplied by Belgium […] and SIF are not comparable with the two loans under investigation.
Efter Kommissionens opfattelse kompenserer de øvrige dokumenter, som Belgien henviser til, ikke for dette dokuments utilstrækkelighed.
The comparative method is therefore not conclusive in this instance.
Det fremgår af ovenstående, at FSIH's investering ikke kan betragtes som forenelig med det markedsøkonomiske investorprincip.
Analysis of the loans using the 2008 Reference Rate Communication
Kommissionen konstaterer, at DLP har givet FSIH tilladelse til endnu engang at støtte stålindustrien i Vallonien, uden at dette er begrundet i en økonomisk analyse i overensstemmelse med det markedsøkonomiske investorprincip.
In cases where it is difficult or impossible to identify comparable transactions on the market, the Commission has drawn up indicators that serve to determine whether loans contain any aid.
Det følger af ovenstående, at investeringen ikke kan betragtes som en investering på pari passu-vilkår og som forenelig med det markedsøkonomiske investorprincip.
For loans, the methodology for calculating a reference rate that would serve as the market price is described in the 2008 Reference Rate Communication.
Det støttebeløb, som DLP har modtaget, beløber sig således til kapitalforhøjelsen, dvs. 100 mio. EUR.
This methodology is based on two basic parameters: the interest margin and the level of collateral.
Samlet konklusion om kriteriet om den økonomiske fordel
The Commission would first apply this methodology to the loan granted to [the parent company of the Duferco Group at the time].
Efter den særskilte analyse af de enkelte foranstaltninger mener Kommissionen, at det er nødvendigt at fortage en mere generel analyse af FSIH's investeringsstrategi siden oprettelsen.
Belgium argues that [the parent company of the Duferco Group at the time] could justify an AAA rating at the time the loan was granted by FSIH.
Kommissionen mener således, at disse foranstaltninger er indbyrdes afhængige, og at de har det samme formål, nemlig at understøtte Duferco-koncernens aktiviteter i Vallonien og sikre deres bæredygtighed gennem indirekte investeringer i koncernens offshore-datterselskaber for at omgå reglerne om forbud mod støtte til stålindustrien i EU.
On the basis of the table setting out some forty loans in euros held by Duferco in 2009 [48], Belgium argues that the margins applied by commercial banks to Duferco reflect an AAA rating with high collateral, according to the 2008 Reference Rate Communication.
FSIH's interventioner har betydet, at støttemodtagerne, Dufercos moderselskab eller koncernens datterselskaber etableret i USA, (foranstaltning 1), […] (foranstaltning 2), i Irland (foranstaltning 3), […] (foranstaltning 4) og […] (foranstaltning 5 og 6), har fået mulighed for at finansiere projekter gennemført i Vallonien i koncernens aktive vallonske datterselskaber i stålindustrien og inden for rensning af grunde i takt med den gradvise afvikling af selskabets stålaktiviteter i Vallonien.
If the Communication accurately reflects the market, the conclusion would have to be that Duferco could claim an AAA rating.
Denne analyse er begrundet i sammenfaldet mellem eller den sammenlignelige gennemførelse af bestemte projekter.
The Commission rejects this argument.
Duferco har således været etableret i Belgien siden 1997, hvor koncernen overtog smedeværkstederne i Clabecq, der havde store økonomiske problemer, med støtte fra regionen Vallonien og garantistillelse fra Kommissionen (erhvervelse af aktier for 8,75 mio. EUR og lån på 13,75 mio. EUR) [56].
The loans set out in the table provided by Belgium present a margin generally ranging from 70 to 150 basis points.
Kommissionen bemærker, at denne overtagelse er sket efter Kommissionens negative beslutning vedrørende smedeværkstederne i Clabecq [57].
A significant number of these loans were negotiated at 100 basis points.
Den belgiske stats forsøg på at redde disse smedeværksteder blev anset for at være uforeneligt med fællesmarkedet i december 1996.
Since Belgium seems to claim that Duferco furnished its loans with high collateral, the 2008 Reference Rate Communication indicates that a margin of 100 basis points corresponds to a BB rating for this level of collateral.
Selskabet blev derfor erklæret konkurs i januar 1997.
Therefore, Belgium's reasoning results in [the parent company of the Duferco Group at the time] receiving a BB rating at most.
Duferco-koncernen overtog efterfølgende en række vallonske stålværker, fortsat med finansiel støtte fra regionen Vallonien via Sogepa og herefter via FSIH fra 2003.
This estimate of the financial rating of [the parent company of the Duferco Group at the time] is confirmed by a comparison with the ratings of the main steel groups worldwide in 2009.
I 1999 køber Duferco virksomheden Gustave Boël i La Louvière fra Hoogovens Staal med støtte fra regionen Vallonien (konvertering af en fordring på 12,5 mio. EUR til 25 % af kapitalen og lån på 25,3 mio. EUR) [58].
First, no global steel group, regardless of the rating agency, was rated AAA in 2009.
Kommissionen bemærker, at FSIH blev stiftet i marts 2003, dvs. under Kommissionens undersøgelse på baggrund af vedtagelsen af beslutningen om at indlede den formelle undersøgelsesprocedure den 3. april 2002 om regionen Valloniens finansielle deltagelse i selskabet Carsid.
The Commission concludes that the Duferco Group would have found it difficult to justify a rating equivalent to AAA in 2009 and that the BB rating resulting from the approach proposed by Belgium seems to be in line with that of a number of other steel groups — it is even the most frequent rating in 2009.
Denne procedure blev afsluttet den 15. oktober 2003 [59] med en negativ beslutning fra Kommissionen begrundet i, at man ikke kunne betragte en investering i en ny virksomhed som en investering på pari passu-vilkår, når det kun er den offentlige aktionær, der påtager sig en ny risiko, og den private aktionær kun overfører en eksisterende aktivitet eller et eksisterende projekt i den nye virksomhed.
With regard to the value of the collateral, the Commission does not agree with Belgium that the collateral on the loan granted to [the parent company of the Duferco Group at the time] was very strong.
Kommissionen bemærker således, at regionen Valloniens interventioner til fordel for Duferco flere gange har gjort det muligt at udsætte vanskelige, men økonomisk nødvendige, samfundsmæssige justeringer i stålindustrien i Vallonien.
As a reminder, the collateral consists of a pledge on 15 % of the shares in DPH and an assurance that it will be repaid as a priority on maturity of a future, but almost certain, claim of USD […] million.
Denne adfærd, der var begrundet i regionale og sociale hensyn og hensynet til at bevare arbejdspladser på bekostning af rationalisering og modernisering af stålindustrien, kan ikke betragtes som en privat investors adfærd.
With regard to the pledge on 15 % of shares in DPH, the Commission notes that DPH, registered in […], is a unlisted company whose shares are, therefore, by definition not very liquid.
Kommissionen bemærker desuden, at FSIH's investeringsadfærd ikke er i overensstemmelse med en oplyst markedsinvestors adfærd.
The value of collateral increases in relation to its liquidity in the event of a default of the lender, i.e. the possibility of selling it in the short term without losing value.
I denne sag bør FSIH's adfærd sammenlignes med den adfærd, en investeringsfondsforvalter ville udvise.
Furthermore, as for all ordinary shares, the value of DPH shares remains variable, which is problematic for the purpose of guaranteeing a long-term loan to be repaid in full on maturity.
Det er imidlertid usandsynligt, at en sådan markedsoperatør ville følge den generelle investeringspolitik afdækket i forbindelse med denne procedure, som FSIH har fulgt.
Lastly, Belgium argues that the Commission had signalled DPH's financial soundness in recital 148 of the opening decision (increase in own funds and net result).
En ikke-spekulativ investeringsfond bør diversificere risiciene i sin investeringsportefølje for at sikre sin overlevelse.
The Commission points out that this finding applied to the period from 2003 to 2006, not to 2009.
Den geografiske og sektorspecifikke diversificering af aktiverne i porteføljen, der foretages under hensyntagen til de ønskede resultater og den ønskede rentabilitetshorisont, mindsker aktivernes volatilitet og således investeringsrisikoen forbundet med porteføljen som helhed.
Duferco's annual report from 2009, on the contrary, underlines the drastic fall in sales, by almost half in relation to 2008, and a consolidated loss of around USD […] million.
Denne diversificering skal ikke nødvendigvis være ekstrem, men i denne sag har FSIH kun investeret i et enkelt selskab.
Consequently, the Commission does not consider this collateral can be classified as normal, but should rather be classified as low.
Ved udelukkende at investere i Duferco-koncernen var FSIH's risikoeksponering imidlertid maksimal, da FSIH's investeringsafkast afhang af et enkelt selskabs succes eller fiasko.
With regard to the claim of USD […] million, the Commission points out that, under Article 3 of the loan agreement, [the parent company of the Duferco Group at the time] had to repay the loan on 31 December 2015, or earlier in the event of a change of control of SIF in accordance with the agreement of 1 September 2008 concluded between DII and NLMK.
FSIH's generelle investeringsadfærd er således et yderligere tegn på, at FSIH's transaktioner ikke opfylder kriteriet om en privat investor under markedsøkonomiske vilkår.
In the latter case, Article 6.1 of the agreement specifies that [the parent company of the Duferco Group at the time] undertook to allocate as a priority, before any other payment or repayment of any debts, the amounts necessary for the repayment due under the loan agreement.
På baggrund af ovenstående konkluderer Kommissionen, at de omhandlede foranstaltninger ikke er i overensstemmelse med det markedsøkonomiske investorprincip.
Article 6.2 also stipulates that [the parent company of the Duferco Group at the time] undertakes that DII will delay the exercise of its sale option until 18 December 2012 and/or until the investments mentioned in the annex are made.
Interventionsbetingelserne har i hvert enkelt tilfælde givet de pågældende forskellige enheder i Duferco-koncernen en fordel.
The Commission points out that the value of collateral increases in line with its capacity to be realised.
Disse udgør derfor støtte efter artikel 107, stk. 1, TEUF.
In this instance, Duferco's claim cannot be considered certain at the time the loan agreement was signed since DII had undertaken not to exercise its option before 18 December 2012.
Det samlede støttebeløb beløber sig således i princippet til 211,43 mio. EUR.
Until that date, in the event of the default of [the parent company of the Duferco Group at the time], the collateral had no value.
STØTTENS FORENELIGHED MED DET INDRE MARKED
Nevertheless, the Commission recognises that given the context of the time, it was highly probable that Duferco would withdraw from SIF.
Forbuddet mod statsstøtte er hverken absolut eller ubetinget.
Its probability of realisation and thereby its quality increased over time, all the more so because Duferco had undertaken to prioritise the claim which became certain on the repayment of the loan granted by FSIH.
I henhold til artikel 107, stk. 2 og 3, i TEUF er det således muligt at betragte nogle former for støtte som forenelige med det indre marked.
Consequently, the Commission is minded to agree with Belgium's position on classifying the level of collateral as normal.
Belgien har i sit svar på indledningsafgørelsen ikke begrundet foreneligheden af de omhandlede foranstaltninger.
The Commission concludes that a rating of BB should be applied to [the parent company of the Duferco Group at the time] and that the level of collateral on the loans in question should be classified as normal at best.
Kommissionen bemærker, at undtagelserne i artikel 107, stk. 2, i TEUF tydeligvis ikke synes at finde anvendelse.
On the basis of the 2008 Reference Rate Communication, the margin should have been 220 basis points — a much higher level than the 75 basis points agreed by FSIH.
De eneste undtagelser i stk. 3 i den pågældende artikel, som kan være relevante, er litra a) og c).
An economic advantage was therefore conferred on SIF under conditions that were not market conditions.
Det fastslås således i litra a), at støtte til fremme af den økonomiske udvikling i områder, hvor levestandarden er usædvanlig lav, eller hvor der hersker en alvorlig underbeskæftigelse, kan betragtes som forenelig med det indre marked.
Second, the Commission applies the 2008 Reference Rate Communication to the loan granted to SIF.
Det bekræftes i litra c), at støtte til fremme af udviklingen af visse erhvervsgrene eller økonomiske regioner betragtes som forenelig med det indre marked, når den ikke ændrer samhandelsvilkårene på en måde, der strider mod den fælles interesse.
The Commission observes that, like Duferco, the joint venture SIF did not have a public rating.
Der er tilsyneladende ikke nogen rammebestemmelser eller retningslinjer fra Kommissionen vedrørende kriterier for foreneligheden af statsstøtte, som kan anvendes.
In the absence of a rating or other information enabling approximation of the financial rating of SIF, the Commission had no other choice than to use the financial rating of the parent companies as a prudent basis.