natgillin/translations-raw huggingface dataset:
Under alle omstændigheder kan det ud fra oplysningerne fra FIDES (statistikker over S-PVC-industrien) konstateres, at Kem Ones markedsandel på S-PVC-markedet i Vesteuropa ligger på [10-20] % i 2014, hvilket svarer til niveauet i 2011 og 2012 og er højere end niveauet i 2013 ([10-20] %).
FDES loan.
Derudover har Kem One gennem de seneste seks måneder oplevet en stigning i virksomhedens salg til det tyrkiske marked og den hermed forbundne fortjeneste, og Kem One mener, at virksomheden meget belejligt har vundet markedsandele fra nordamerikanske producenter i Tyrkiet i kraft af euroens voldsomme fald i forhold til den amerikanske dollar samt de faldende oliepriser.
France first stressed that it had already shown that the state had a sound guarantee, meaning that the actual rate of 3,5 % corresponded to a market rate.
De franske myndigheder bemærker ligeledes, at INEOS' påstande, ifølge hvilke Kem One skulle have et dårligt ry blandt forbrugerne på det nordvesteuropæiske marked for S-PVC, er i modstrid med INEOS' argumenter for at indføre kompenserende modydelser, bl.a.: »Kem One is a significant player in the S-PVC market« (»Kem One er en fremtrædende aktør på markedet for S-PVC«).
If aid was found to exist, it should be calculated as the difference between the actual rate and a reference rate.
Frankrig mener i øvrigt, at afsnittet i omstruktureringsplanen vedrørende reorientering af Kem Ones handelspolitik i retning af andre markeder end S-PVC-markedet bygger på forsigtige og realistiske antagelser og kun udgør en lille del af planen i forhold til planens afsnit om industrielle aspekter.
As regards the value of the collateral, which had been called into question by the interested third parties, France reasserted that its net book value was equal to its market value.
Ifølge Frankrig er virksomheden fuldt ud bevidst om, at den største stigning i fortjenesten ikke vil komme fra handelspolitikken, men fra genforhandlingen af kontrakterne for adgang til råvarer og platforme samt fra infrastrukturernes modernisering.
In support of this assertion, France had provided independent expert reports carried out at the time of the partial transfer of assets from Arkema to Kem One in July 2012.
størrelsen af Kem Ones markedsandel på markedet for S-PVC
Even supposing that the value of these assets had fallen on account of Kem One's financial difficulties, France pointed out that the assets had been estimated at EUR [130-140] million, while the value of the FDES loan was no higher than EUR 30 million: the value of the collateral would therefore still largely cover the value of the loan.
det kontrafaktiske scenaries troværdighed
As regards the loan repayment terms, France stated that the appropriate rate of repayment had to be calculated in accordance with the beneficiary undertaking's risk of insolvency and the quality of collateral offered.
tredjeparternes forslag til uforholdsmæssige kompenserende modydelser.
In accordance with the 2008 Reference Rate Communication, a reference rate could be calculated using a base rate of 0,53 % + 400 basis points, giving 4,53 % and not 6,53 % as cited by anonymous undertaking 1.
Det kan ikke benægtes, at der er tale om strukturel overkapacitet, men den overkapacitet, som INEOS nævner, skal efter fransk opfattelse nuanceres i flere henseender.
However, the reference rate served merely as a guide and the low risk of insolvency for Kem One coupled with the very high level of collateral justified a rate of 3,5 %.
For det første ligger den uudnyttede kapacitet generelt på mellem 8 og 10 %, idet der tages højde for den uregelmæssige fordeling af udbud og efterspørgsel.
Lastly, as indicated by the Commission in the opening decision, Kem One's restructuring plan was also being financed by [private operator 2] to the tune of EUR [55-65] million.
Markedsforholdene varierer i øvrigt også meget alt efter de geografiske områder, hvilket også Kommissionen nævnte i sin afgørelse vedrørende INEOS/Solvay/JV.
Repayable advances.
På markedet for S-PVC har transport- og logistikomkostningerne stor indflydelse på den regionale afgrænsning af det geografiske marked.
France pointed out that it had never argued that these advances contained no State aid.
Både priser og fortjeneste varierer fra region til region.
However, it took the view that they should be assessed as a loan repayable by Kem One.
Frankrig mener, at Kem Ones position på de for virksomheden vigtigste markeder er langt mindre fremtrædende end INEOS' og Solvays position.
Accordingly, the difference in the rates was the element that could constitute aid and not the entire value of the advances.
Til forskel fra Kem One er INEOS og Solvay derudover de eneste to virksomheder, der udøver en aktivitet, som er så intenst koncentreret omkring det nordvesteuropæiske marked.
Contrary to what was argued by Ineos and anonymous undertaking 1, it was not the entire amount in repayable advances that was likely to constitute aid but the grant equivalent estimated at EUR 29,4 million (including the grant of EUR 15 million).
INEOS og den anonyme virksomhed 1 sætter spørgsmålstegn ved troværdigheden af de franske myndigheders kontrafaktiske scenarie, ifølge hvilket en begrænsning af Kem Ones produktionskapacitet på markedet for PVC ville medføre en begrænsning af konkurrencepresset på de øvrige markedsaktører.
As regards the funding of the SAM project, France indicated that the project was an important element of the restructuring plan and that the funding measures accordingly formed part of the restructuring plan approved by Lyon Commercial Court.
Frankrig holder ellers fast ved, at markedet for S-PVC udviser de samme karakteristika som et oligopolistisk marked, hvilket også Kommissionen bemærkede i sin afgørelse vedrørende INEOS/Solvay/JV.
They should be analysed in the light of the 2004 Guidelines on the same terms as the other measures that were part of the restructuring plan.
Frankrig understreger, at INEOS, Solvay og Kem One i modsætning til det, de interesserede tredjeparter hævder, i dag er de eneste aktører, der har disponibel produktionskapacitet i Nordvesteuropa.
Write-off of tax and social security debts.
Frankrig mener derfor, at indførelsen af kompenserende modydelser ud over at true selve genetableringen af Kem Ones rentabilitet også ville påvirke konkurrencestrukturen på markedet, hvilket ville være til skade for kunderne.
France reiterated that the CCSF decision to waive […] % of remittable debts was unlikely to contain any State aid elements, as the remission rate was in line with the average rate of remission by the private creditors to allow the undertaking to recover (some creditors, in connection with the recovery plan by way of continuing the business adopted by Lyon Commercial Court, agreed to write off their entire claim, resulting in an average rate of remission by creditors of […] %).
Frankrig mener, at de kompenserende modydelser, som de interesserede parter har foreslået, er uforholdsmæssige.
EDF electricity tariffs.
For det første er de efter Frankrigs opfattelse uforenelige med den berørte omstruktureringsplan.
France stressed that the argument by the third parties regarding the existence of discounts was based on an erroneous reference to the opening decision (which made no mention of any such discounts) and on market rumours reported by anonymous undertaking 1: ‘It is indeed well known in the market that Kem One has been granted price reductions by EDF for its new electricity contracts.’
Fortsættelsen af Kem Ones aktiviteter og genetableringen af virksomhedens langsigtede rentabilitet er ifølge de franske myndigheder betinget af opretholdelsen af en vertikalt integreret produktionskæde, der, som det er tilfældet i dag, udviser en økonomisk balance mellem kapaciteten på de to chlor- og MVC-anlæg i forudgående led og på de fem PVC-produktionsanlæg i efterfølgende led.
France insisted that Kem One had not been granted any discounts by EDF.
Derfor ville en anlægslukning eller en reduktion af Kem Ones kapacitet bringe den industrielle ligevægt mellem virksomhedens aktiviteter i fare.
Compatibility of the measures with the internal market
De franske myndigheder bekræfter til gengæld, at den i sidste ende foreslåede forpligtelse til ikke at øge den nominelle produktionskapacitet for chlor og natriumcarbonat i Fos-sur-Mer og Lavéra i […] er en hensigtsmæssig kompenserende modydelse.
Return to long-term viability.
Denne forpligtelse har den fordel, at den opretholder konkurrenceintensiteten på PVC-markedet og udsigterne til genetablering af Kem Ones rentabilitet, og samtidig bevarer de arbejdspladser, der er blevet reddet takket være omstruktureringsplanen.
France stressed that the industrial restructuring measures provided an appropriate response to the various factors giving rise to Kem One's financial difficulties and would therefore allow the undertaking to return to long-term viability.
Endelig er det Frankrig magtpåliggende at bemærke, at Kem Ones beslutning om at trække sig ud af ECVM var fuldstændig berettiget i lyset af virksomhedens forvaltning og driftsudgifter, hvilket på ingen måde forhindrer Kem One i at føre en målrettet miljøpolitik.
First, in response to the argument by Ineos to the effect that Kem One's structural overcapacity problem could not be resolved in a competitive environment suffering in its turn from overcapacity and low demand forecasts, France pointed out that the nominal overcapacity in the S-PVC market in western Europe needed to be qualified.
Begrænsning af støtten til et minimum gennem egetbidraget.
Practical capacity should be cut by 10 % in view of the inevitable irregularity of production (seasonal nature of sales, major shutdowns).
Frankrig minder om, at det har sat de private bidrag til et beløb på 356,3 mio. EUR, dvs. 68,6 % af de samlede bidrag.
France considered real overcapacity in the global market to be no higher than 14 %.
Frankrig svarer på de interesserede parters indsigelser vedrørende banklånet på [55-65] mio. EUR, de private partneres gældseftergivelse og SAM-projektets nødvendighed.
The concept of overcapacity used by Ineos was not that of spare capacity but that of the sum of spare capacity (ignoring the need for a reserve of 8 %) and quantities sold outside Europe.
Frankrig understreger, at tredjeparternes kommentarer til banklånet er irrelevante, eftersom Frankrig ikke har indført lånebeløbet i virksomhedens egetbidrag.
This concept presupposed both that plants were operating permanently at 100 % of their technical capacity and that the European market was the only profitable outlet (something that was contradicted by export trends), and it ignored geographical reality (very dispersed European locations).
Lånet er ikke nødvendigt for at finansiere de investeringer, der skal foretages i forbindelse med SAM-projektet.
Kem One estimated available capacity in the PVC market in north-western Europe at […] kt and maximum production at […] kt (- [5-15] % for seasonal effects and maintenance).
Også uden banklånet udgør Kem Ones egetbidrag over 50 % af de samlede bidrag, der anvendes til virksomhedens omstrukturering.
Operating rates for the S-PVC market therefore stood at [85-95] % of the realistic maximum and [80-90] % of operational capacity.
Frankrig vil gerne minde om, at Kommissionen allerede tidligere i sine afgørelser har skullet taget højde for gældseftergivelse ved beregning af støttemodtagerens bidrag.
For paste PVC (E-PVC), the figures were almost identical: [85-95] % of the realistic maximum and [80-90] % of operational capacity.
Ligesom Arkema bemærker Frankrig også, at gældseftergivelsen er en indikator for de private partneres tillid til virksomhedens videreførelse.
The real figures showed that the situations of the S-PVC market and Kem One were better than described by Ineos in its comments.
Under alle omstændigheder er egetbidraget på over 50 % af omstruktureringsomkostningerne, også selv om de private kreditorers gældseftergivelse ikke tages i betragtning ved beregning af egetbidraget.
Second, France took the view that the assertions by Ineos and anonymous undertaking 1 to the effect that Kem One's production sites suffered from overcapacity of 40 % were groundless.
Frankrig præciserer imidlertid, at flere af Kem Ones konkurrenter allerede har modtaget statsstøtte, som Kommissionen har godkendt, til iværksættelse af teknologiske omlægningstiltag i lighed med dem, Kem One har iværksat.
Even with a fall in production volumes at Kem One's plants in the 2011-2013 period due to technical incidents, the average utilisation rate of the S-PVC plants over five years was [70-80] %, according to France.
Dette er berettiget i lyset af det lave investeringsafkast, sådanne omlægningsprojekter giver.
So, contrary to what was argued by Ineos and anonymous undertaking 1, Kem One's difficulties were not linked to overly low production levels.
Frankrig besvarer den anonyme virksomhed 1's indsigelser om, at Kem One under alle omstændigheder bliver nødt til at foretage de arbejder, der er omfattet af SAM-projektet, i medfør af Europa-Parlamentets og Rådets direktiv 2010/75/EU [18], med, at investeringen allerede er i gang, og at arbejderne forventes afsluttet inden udgangen af 2016, dvs. et år inden den frist, der opstilles i direktivet.
The real reasons behind Kem One's filing for insolvency at the end of March 2013 were an accumulation of structural problems (high costs of raw materials, insufficiently competitive chlorine and caustic soda production plant at Lavéra) and cyclical difficulties (scheduled long-term shutdown and technical problem affecting ethylene supplies).
SAM-projektet vedrører i øvrigt ikke kun elektrolyseenheden eller -enhederne med kviksølvceller.
To provide an effective response to these various handicaps, the restructuring plan included:
Det vedrører ligeledes moderniseringen af elektrolyseenheden med diaphragmaceller i Lavéra, hvilket berettiger dennes plads i omstruktureringsdossieret og giver virksomheden mulighed for at bevare ligevægten mellem produktionskapaciteten i forudgående (chlor) og efterfølgende (vinyl) led og samtidig sænke omkostningerne markant.
major investment to convert the electrolysis facilities at Lavéra and carry out drilling at the Vauvert saltworks,
VURDERING AF STØTTEFORANSTALTNINGERNE
renegotiation of Kem One's main contracts for the supply of key raw materials,
Frankrig har anmeldt følgende tre foranstaltninger: i) et FDES-lån (på 30 mio. EUR), ii) et tilskud (på 15 mio. EUR) og tilbagebetalingspligtige forskud (på 80 mio. EUR) samt iii) eventuel eftergivelse af skat og sociale forpligtelser (til et beløb på 42 mio. EUR, som i sidste ende blev ændret til […] EUR).
internal restructuring accompanied by a performance and productivity plan, and
EVALUERING AF STØTTEN EFTER ARTIKEL 107, STK.
a review of commercial policy.
1, I TEUF
In the base-case scenario, the restructuring plan would allow Kem One to return to a level of gross margin of [25-35] % of turnover from 2017 and an EBITDA of [5-15] % from 2018, in line with average profitability in the commodity chemicals sector.
Kommissionen skal vurdere, om de anmeldte foranstaltninger eventuelt udgør statsstøtte i henhold til artikel 107, stk. 1, i TEUF.
Moreover, the hypotheses in the restructuring plan and the business plan were based on relatively stable turnover figures (and not necessarily a significant increase in S-PVC sales) and production figures close to historic levels for the undertaking.
Statsmidler og kriteriet for tilregnelse
The French authorities also pointed out that the assertions by Ineos to the effect that Kem One had a poor reputation among consumers on the S-PVC market in north-western Europe contradicted the argument made elsewhere to justify the requirement for compensatory measures, namely: ‘Kem One is a significant player in the S-PVC market’.
FDES-lånet blev ydet ved økonomi- og finansministeriets bekendtgørelse, og det blev pålagt finansministeriets generaldirektør at gennemføre lånet.
France also took the view that the part of the restructuring plan involving the reorientation of Kem One's commercial policy towards markets other than S-PVC was based on prudent and realistic hypotheses and was merely a minor component of the plan compared with the industrial part.
I finansloven for 2014 tildeles FDES et budget på 300 mio. EUR.
According to France, the undertaking was well aware that the biggest margins would be gained not from the commercial policy side but from the renegotiation of the contracts for access to raw materials and platforms, and from infrastructure modernisation.
Det bør nævnes, at FDES, der ikke er den samme juridiske person som staten, ikke kan sidestilles med en fond, der er underlagt en forpligtelse til finansiel ligevægt mellem den tilbagebetalte kapital og dennes anvendelse til nye interventioner.
Prevention of any excessive distortion of competition.
FDES-lån ydes via en særlig konto i finansministeriet og udgør udbetalingerne fra denne konto.
France commented on the following points:
Renterne fra disse lån indbetales til statens almindelige budget.
the structural overcapacity in the S-PVC market,
Politikken for anvendelse af FDES tager altid udgangspunkt i cirkulære af 26. november 2004, som er nævnt under betragtning 28.
the size of Kem One's share of the S-PVC market,
Tildelingen af lån fra FDES sker altid efter en gennemgang af hver enkelt sag.
the credibility of the counterfactual scenario, and
Der er ikke tale om automatisk tildeling ud fra en række opstillede kriterier.
the proposal of disproportionate compensatory measures by the third parties.
Det er fastlagt, at tilskuddet og de tilbagebetalingspligtige forskud tildeles som støtte til reindustrialiseringsprojekter inden for rammerne af en aftale indgået med Bpifrance på statens vegne.
While it could not be denied that there was structural overcapacity, its portrayal by Ineos, in France's view, needed to be significantly qualified in a number of respects.
Beslutninger om eftergivelse af skat og sociale forpligtelser træffes i CCSF.
First, producers' unused capacity generally ranged between 8 % and 10 % to take account of the irregular distribution of supply and demand.
Formanden for dette udvalg er departementets direktør for de offentlige finanser.
In addition, the market situation, as pointed out by the Commission in its decision in Ineos/Solvay/JV, varied considerably from one geographic area to another.
FDES-lånet, tilskuddet, de tilbagebetalingspligtige forskud og eftergivelsen af skat og sociale forpligtelser stammer således fra offentlige midler og tildeles ved beslutninger truffet af staten.
In the S-PVC market, transport and logistics costs played a significant part in defining the regional limits of the geographic market.
Selektivitet
Prices and margins varied across regions.
De gennemgåede foranstaltninger er ad hoc-foranstaltninger, som udelukkende er tildelt Kem One med henblik på virksomhedens genopretning.
France took the view that Kem One's positions in the main markets in which it operated were far weaker than those of Ineos and Solvay.
Økonomisk fordel
It pointed out in this connection that the Commission had found in its decision in Ineos/Solvay/JV that ‘Ineos [was] the largest supplier of commodity S-PVC in NWE with merchant market shares in 2012 of [30-40] %’ and ‘Solvay [was] the second largest player in the NWE market for commodity S-PVC’.
Der foreligger en økonomisk fordel, når en virksomheds økonomiske situation forbedres i kraft af et statsligt indgreb.
As for Kem One, the Commission had stated that ‘Kem One [was] currently the number five player by sales volume and number three by capacity in NWE ([5-10]* % and [10-20]* % market shares, respectively)’.
En offentlig myndigheds indgreb udgør imidlertid ikke en fordel for modtageren og kan derfor ikke opfattes som støtte, hvis det udføres under normale markedsvilkår, dvs. hvis den offentlige myndighed handler, som en markedsøkonomisk operatør ville have gjort under samme forhold.
Moreover, Ineos and Solvay were the only two undertakings to concentrate their business so intensely on the north-western European market, unlike Kem One.
Sikkerhedsstillelsens værdi.
Ineos and anonymous undertaking 1 had questioned the credibility of the counterfactual scenario proposed by the French authorities, according to which a reduction in Kem One's production capacity in the PVC market would result in a reduction in the competitive pressure on the other market players.
Frankrig har forelagt en vurderingsrapport for disse genstande udarbejdet af uafhængige eksperter.
Contrary to what was argued by the interested third parties, France stressed that Ineos, Solvay and Kem One were currently the only market players with spare production capacity in north-western Europe.
Denne rapport kræver tre typer bemærkninger.
France therefore took the view that imposing compensatory measures would not only threaten Kem One's return to viability but would also affect the structure of competition in the market, to the detriment of customers.
For det første bemærker Kommissionen, at rapporten vedrører en vurdering af Kem Ones faste ejendom og altså ikke det pantsatte materiel og udstyr.
France regarded the compensatory measures proposed by the interested third parties as disproportionate.
Derudover bør det bemærkes, at eksperterne har anslået genstandenes værdi til [110-120] mio. EUR, altså [20-30] mio. EUR mindre end den bogførte nettoværdi, som Frankrig har fremført, hvilket bestyrker Kommissionens mistanke om, at den bogførte nettoværdi ikke svarer til genstandenes reelle værdi.
First, they were incompatible with the proposed restructuring plan.
Når en kriseramt virksomhed er tvunget til at sælge sine aktiver, betyder dens svage position og den nødsituation, den befinder sig i, generelt, at dens genstande sælges til en pris, der ligger under markedsprisen.
In France's view, for Kem One to remain in business and return to viability in the long term, a vertically integrated production chain had to be maintained, with, as at present, an economic balance between the capacity of the two upstream sites for chlorine and VCM on the one hand and the five downstream PVC production sites on the other.
I sit svar henviser Frankrig i øvrigt til beløb for transaktioner, der fandt sted inden for PVC-sektoren i 2014.
Closing a site or reducing Kem One's capacity would threaten the industrial balance of its business.
Denne type sammenligning er ganske vist ikke helt uden værdi, men til forskel fra Kem One var hverken Vestolit eller Vinnolit kriseramte virksomheder, da de blev opkøbt.
By contrast, the French authorities confirmed that the commitment finally proposed to the effect that the nominal chlorine and caustic soda production capacity at Fos-sur-Mer and Lavéra would not be increased for […] constituted an appropriate compensatory measure.
Derudover vedrørte disse transaktioner hele virksomheder og ikke kun udstyr og materiel.
This commitment had the advantage of keeping competition in the PVC market at the same intensity and ensuring that Kem One could return to viability, while also safeguarding the jobs that could be maintained under the restructuring plan.
Derfor er denne sammenligning ikke brugbar i nærværende sag.
Lastly, France pointed out that Kem One's decision to withdraw from the ECVM was quite justified for reasons connected with its governance and operating costs, and this in no way prevented Kem One from conducting a pro-active environmental policy.
Endelig havde Kommissionen bedt Frankrig om at forelægge en vurdering af værdien af de pantsatte genstande med udgangspunkt i den nettoindtægt, de ville kunne generere.
Aid limited to the minimum (own contribution).
Men Frankrig har forelagt en vurdering af virksomheden som helhed og ikke af de pantsatte genstande.
France pointed out that it had valued the amount of private contributions at EUR 356,3 million, or 68,6 % of all contributions.
Desuden tager Frankrig ved fastsættelsen af virksomhedens fremtidige værdi i 2014, 2015 og 2016 højde for investeringerne til omlægning af elektrolyseanlæggene i Lavéra, som FDES-lånet jo netop skal være med til at finansiere.
France responded to the objections raised by the interested third parties in respect of the bank loan of EUR [55-65], the debt write-off by private partners and the necessity of the SAM project.