natgillin/translations-raw huggingface dataset:
Denne værdi svarer til det aritmetiske gennemsnit af KPMG's efterfølgende evaluering af EBITDA 2006 og af den faktiske EBITDA i 2006.
In 1999, Duferco acquired Usines Gustave Boël in La Louvière from Hoogovens, with support from the Walloon Region (conversion of a claim of EUR 12,5 million into 25 % of the capital and a loan of EUR 25,3 million) [58].
Bilag til Belgiens svar af 25. september 2015, s. 2.
Then, following the announcement by the Chairman of the Usinor-Sacilor group in February 2001 that he intended to close down Cockerill Sambre's hot-rolling line in Charleroi, talks were entered into between Usinor-Cockerill Sambre, the Duferco Group and SOGEPA primarily with a view to setting up a joint venture to produce slabs using Cockerill Sambre's existing mill in Charleroi together with the plant owned by Duferco Clabecq.
[…] × 49,9 % (FSIH's andel).
In 2002, Duferco took over the hot-phase site in Charleroi, which became Carsid, in cooperation with Usinor, again with support from the Walloon Region (SOGEPA's stake in Carsid's capital was EUR 20 million, reduced to EUR 9 million after the decision to initiate the procedure provided for in Article 6(5) of Decision No 2496/96/ECSC).
Vekselkurs USD/EUR pr. 12. december 2006, dvs. 0,7550.
The Commission notes that FSIH was created in March 2003, i.e. during the Commission's investigations following the adoption of the decision to initiate the formal investigation procedure on 3 April 2002 on the financial participation by the Walloon Region in the company Carsid.
Bilag 4 til Belgiens svar af 8. april 2015, s. 6, planlagt transaktion.
This procedure was completed on 15 October 2003 [59] with a negative decision from the Commission on the grounds that an investment in a new company could not be considered pari passu where only the public shareholder bears a new risk, with the private shareholder only transferring a business activity or existing project to the new company.
Belgiens svar af 15. september 2015, s. 2.
The Commission also notes that, in many cases, the interventions by the Walloon Region in Duferco's favour made it possible to delay adjustments that were socially difficult but economically necessary in the steel sector in Wallonia.
Bilag 4 til Belgiens svar af 8. april 2015, s. 7, begrundelse for prisen.
This behaviour, motivated by regional and social considerations of safeguarding employment to the detriment of streamlining and modernising the steel industry, cannot be considered to be that of a private investor.
Anmodning om oplysninger af 15. september 2015.
Furthermore, the Commission observes that the investment behaviour of FSIH does not correspond to that of a prudent market investor.
Vekselkurs USD/EUR pr. 14. juni 2006, dvs. 0,7959.
In this case, FSIH's behaviour should be compared to the behaviour that an investment fund manager would adopt.
Bilag 20 til Belgiens svar af 5. januar 2012.
Taken as a whole, the investment policy followed by FSIH, as highlighted by this procedure, is not likely to be followed by such a market operator.
Jf. f.eks. Belgiens svar af 11. december 2013, punkt 86.
A non-speculative investment fund must diversify the risks in its investment portfolio in order to ensure its longevity.
Bilag 6 til Belgiens svar af 4. juni 2013, oversigt over udgifter og indtægter.
While taking into account the desired performance and profit horizon, the diversification of assets in the portfolio geographically and by sector reduces the volatility of the assets and therefore the investment risk of the portfolio as a whole.
Rettens dom af 30. april 1998 i sag T-16/96, Cityflyer Express mod Kommissionen, ECLI:EU:T:1998:78, præmis 51.
This diversification does not necessarily have to be extreme, but in this case FSIH concentrated all its investments in a single company.
Punkt 167.
Indeed, by investing exclusively in the Duferco Group, FSIH's exposure to risk was at its greatest since the return on investment for FSIH depended on the success or failure of a single company.
Belgiens svar af 11. december 2013, punkt 255-279.
It follows, overall, that the investment behaviour of FSIH is an additional indication that its operations do not satisfy the market economy investor test.
Rettens dom af 12. maj 2011 i forenede sager T-267/08 og T-79/08, Région Nord-Pas-de-Calais mod Kommissionen, ECLI:EU:T:2011:209, præmis 161.
In light of the above, the Commission concludes that none of the examined measures complies with the market economy investor principle.
Bilag 13 til Belgiens svar af 4. juni 2013.
The conditions of the interventions in each case conferred an advantage on the different entities concerned in the Duferco Group.
ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation, Tata Steel Limited, Nucor Corporation, United States Steel Corp., ThyssenKrupp AG, PAO Severstal, NLMK, Kobe Steel Ltd (kreditvurderingsselskab Standard & Poors).
They therefore constitute State aid within the meaning of Article 107(1) TFEU.
Punkt 28 i SIF's bemærkninger.
The total amount of aid is therefore EUR 211,43 million, in principle.
Vurderingen er foretaget ved at beregne de renter, der skulle have været betalt ved anvendelse af rentesatsen i 2008-meddelelsen om referencesatsen, og ved at fratrække de anslåede renter på grundlag af den faktiske rentesats og aktualisere alle beløb til den angivne sats i den pågældende meddelelse.
COMPATIBILITY OF THE AID WITH THE INTERNAL MARKET
Renteberegningen og aktualiseringen er imidlertid begge tilnærmelsesvise i forhold til simulerede forfaldstidspunkter (navnlig varighed i år i stedet for den præcise dato for tilbagebetalingen uden hensyntagen til delvise tilbagebetalinger af renter), hvor der således ikke tages højde for den faktiske finansielle profil og tidsplan for tilbagebetaling.
The prohibition on State aid is neither absolute nor unconditional.
Jf. navnlig betragtning 49 i denne afgørelse.
In particular, paragraphs 2 and 3 of Article 107 TFEU constitute legal bases allowing some aid measures to be considered compatible with the internal market.
Kommissionen har fratrukket nettovirkningen for FSIH af overdragelsen af Duferco Diversification til DLP (– 0,3 mio. EUR) i kapitalforøgelsen på 100 mio. EUR.
In its response to the Opening Decision, Belgium did not put forward any reason relating to the compatibility of the measures under investigation.
Bilag 21 til Belgiens svar på indledningsafgørelsen.
The Commission observes that the derogations in Article 107(2) TFEU are clearly inapplicable.
Bilag 23 til Belgiens svar på indledningsafgørelsen.
Of the derogations in paragraph 3 of this Article, only points (a) and (c) could prove useful.
Kommissionens beslutning af 18. december 1996 i sag 97/271/EKSF, Belgien — Forges de Clabecq (EKSF-stål).
Point (a) stipulates that aid to promote the economic development of areas where the standard of living is abnormally low or where there is serious underemployment may be considered to be compatible with the internal market.
Beslutning 2005/137/EF.
Point (c) states that aid to facilitate the development of certain economic activities or of certain economic areas, where such aid does not adversely affect trading conditions to an extent contrary to the common interest may also be considered to be compatible with the internal market.
EUT C 54 af 4.3.2006, s. 13.
However, no framework or guidelines from the Commission concerning the compatibility criteria relating to State aid seem to be applicable.
EFT C 70 af 19.3.2002, s. 21.
Since the ECSC Treaty expired on 23 July 2002, the Commission has adopted various guidelines and communications to maintain the prohibition on regional aid for investment and rescue and restructuring aid to the steel industry.
EUT C 244 af 1.10.2004, s. 2.
Thus, paragraph 8 of the Guidelines on National Regional Aid for 2007-2013 [60], the period during which FSIH granted the aid under investigation, explicitly excludes regional aid to the steel industry from their scope and confirms that it is not compatible with the common market.
Domstolens dom af 12. juli 1973 i sag C-70/72, Kommissionen mod Tyskland, ECLI:EU:C:1973:87, præmis 13.
Likewise, the Communication on aid for the steel sector [61], which was in force until 31 December 2009, states that rescue and restructuring aid for firms in difficulty in the steel sector is not compatible with the common market.
Domstolens dom af 14. september 1994 i sag C-278/92, C-279/92 og C-280/92, Spanien mod Kommissionen, ECLI:EU:C:1994:325, præmis 75.
Only aid to cover payments payable by steel firms to workers made redundant or accepting early retirement and aid to steel firms which permanently cease production of steel products is authorised, under certain conditions.
Domstolens dom af 17. juni 1999 i sag C-75/97, Belgien mod Kommissionen, ECLI:EU:C:1999:311, præmis 64 og 65.
The purpose of the aid granted by FSIH does not correspond to the two aforementioned aid categories.
Rådets forordning (EU) 2015/1589 af 13. juli 2015 om fastlæggelse af regler for anvendelsen af artikel 108 i traktaten om Den Europæiske Unions funktionsmåde (EUT L 248 af 24.9.2015, s. 9).
On the contrary, it was used to finance investments.
Kommissionens forordning (EF) nr. 794/2004 af 21. april 2004 om gennemførelse af Rådets forordning (EF) nr. 659/1999 om fastlæggelse af regler for anvendelsen af EF-traktatens artikel 93 (EUT L 140 af 30.4.2004, s. 1).
With regard to possible compatibility of the aid granted to SIF under the 2009 Communication, the Commission takes the view that the Communication does not apply to SIF.
Ved brev af 14. december 2011 anmodede Belgien om en yderligere svarfrist, som blev givet den 16. december 2011.
Point 4.4.2 of the 2009 Communication covers companies having difficulties in finding finance in the market circumstances between December 2008 and December 2010.
Belgien imødekom Kommissionens anmodning om oplysninger den 4. januar 2012.
It does not seem from SIF's comments that it had this type of difficulty.
Ved brev af 29. juni 2012 anmodede Kommissionen om supplerende oplysninger.
The Commission therefore considers that SIF did not meet the eligibility conditions laid down by the 2009 Communication and that the aid cannot be deemed compatible with the internal market.
Den 15. september 2015 fremsendte Kommissionen en sidste anmodning til Belgien.
Finally, point 18 of the Community Guidelines on State aid for rescuing and restructuring firms in difficulty [62], which were in force until 30 July 2014, confirms that the steel sector is excluded from their scope.
Belgien anmodede om en yderligere svarfrist på en måned, som blev givet den 28. september 2015.
In light of the above, the Commission concludes that the six aid measures under investigation are not compatible with the internal market.
Ved brev af 23. oktober 2015 fremsendte Belgien sit svar til Kommissionen.
RECOVERY OF AID INCOMPATIBLE WITH THE INTERNAL MARKET
Selskabet overtog ligeledes det amerikanske datterselskab Duferco Farrell Corporation ved udgangen af 2006.
In accordance with the TFEU and the settled case-law of the Court of Justice, the Commission is competent, when it has found that aid is incompatible with the internal market, to decide that the State concerned must abolish or alter it [63].
Den 18. december 2006 blev aftalen mellem Duferco og NLMK godkendt.
The Court has also held on a number of occasions that the obligation to abolish aid incompatible with the internal market which a Commission decision imposes on a Member State has as its purpose to re-establish the previously existing situation [64].
FSIH erhvervede samme dag en købsoption for 5 mio. EUR, der gav FSIH mulighed for at erhverve de to aktier i det pågældende SPV-selskab og således opnå kontrol over Duferco US.
In this context, the Court has established that this aim is achieved once the recipient has repaid the amounts granted by way of unlawful aid, thus forfeiting the advantage which it had enjoyed over its competitors on the market, and the situation prior to payment of the aid is restored [65].
Denne option er imidlertid aldrig blevet udnyttet.
Article 16(1) of Council Regulation (EU) 2015/1589 [66] lays down: ‘Where negative decisions are taken in cases of unlawful aid, the Commission shall decide that the Member State concerned shall take all necessary measures to recover the aid from the beneficiary …’.
FSIH fik en dividende på 2,5 mio. USD i 2005 for regnskabsåret afsluttet den 30. september 2004.
Consequently, since the measures in question were implemented in breach of Article 108 TFEU and must be considered aid that is unlawful and incompatible with the internal market, it must be recovered in order to re-establish the situation that existed on the market before the aid was granted.
Belgien har i sine bemærkninger præciseret, at dividenden blev udbetalt den 23. juni 2005.
In this case, the aid was granted to the following companies: DII (Measure 1), [the company that controlled DPH at the time] (Measure 2), DSIH (Measure 3), [the parent company of the Duferco Group at the time] — which became […] — (Measure 4), SIF (Measure 5) and DLP (Measure 6), all subsidiaries of the Duferco Group in different countries.
Beregnet på grundlag af den årlige gennemsnitlige valutakurs USD-EUR i 2005 svarer denne dividende til omkring 2,01 mio. EUR.
These companies or their possible legal successors must be required to repay the aid that was unduly received.
Den 14. juni 2006 aftalte DII og FSIH således, at Duferco Industrial Investment fik en købsoption på alle aktierne ejet af FSIH for 95 mio. EUR.
Recovery must also cover the period during which the beneficiaries received an advantage, i.e. between the time when the aid was made available to each beneficiary and when it was actually recovered, having regard to the criteria for defining an economic advantage and the calculation principles defined in Sections 7.1.4.1 to 7.1.4.5.
Denne option blev tilsyneladende tildelt uden betaling.
In the context of Belgium's obligation of loyal cooperation within the framework of the recovery procedure, the amount of aid granted to [the parent company of the Duferco Group at the time] — which became […] — and to SIF will have to be established more precisely during the procedure, on the basis of information to be supplied by Belgium and taking into account, in particular, for the aid in the form of loans, the actual dates of payments or repayments as well as all other relevant circumstance reported by Belgium.
Parterne anvendte ikke værdiansættelsen i Ernst & Young-rapporten 2006.
In each case, the amounts to be recovered should include interest due until recovery takes place.
Den 14. juni 2006 solgte FSIH således sine aktier for […] mio. USD, dvs. […] mio. EUR, til [det selskab, som kontrollerede DPH på daværende tidspunkt].
CONCLUSION
Disse midler anvendes til at købe alle aktierne i Carsid Développement den 14. december 2006 for […] mio. EUR.
The Commission finds that Belgium has unlawfully implemented the aid measures in question in breach of Article 108(3) of the TFEU.
Carsid Développement skiftede navn til Duferco Diversification.
The Commission considers all the measures under investigation to be State aid incompatible with the internal market,
I henhold til en aftale undertegnet den 4. september 2009 ydede FSIH indledningsvis et lån på [30-40] mio. EUR.
HAS ADOPTED THIS DECISION:
Lånerenten blev fastsat til den 1-årige Euriborrente (1,302 %) plus 75 basispoint, dvs. til 2,052 % på tidspunktet for indgåelsen af aftalen.
Article 1
Bestemmelserne om tilbagebetaling i tilfælde af kapitalændringer i SIF i artikel 1, stk. 1, i låneaftalen er blevet indført for at tage højde for de gensidige bestemmelser om købsoptionen, som Duferco og NLMK har forhandlet på plads vedrørende SIF i en aftale af 1. februar 2008.
The following measures, unlawfully implemented by Belgium in breach of Article 108(3) of the Treaty on the Functioning of the European Union, constitute State aid incompatible with the internal market:
I henhold til aftalen fra 2008 kunne en sådan købsoption således udnyttes til enhver tid fra december 2010 for […] mio. USD.
sale of a stake in Duferco US Investment Corporation to Duferco Industrial Investment for EUR 11581700;
FSIH [det selskab, der kontrollerede Duferco-koncernen på daværende tidspunkt] ydede et nyt lån på [60-70] mio. EUR.
sale of a stake in Duferco Participations Holding Limited to [the company that controlled DPH at the time] for EUR 20362464;
Lånerenten blev ligeledes fastsat til den 1-årige Euriborrente (1,302 %) plus 75 basispoint, dvs. til 2,052 % på tidspunktet for indgåelsen af aftalen.
purchase of a stake in Duferco Salvage Investments Holding, the beneficiary, for EUR [65-72 million].
Lånerenten blev fastsat til den 1-årige Euriborrente (1,302 %) plus 75 basispoint, dvs. til 2,052 % på tidspunktet for indgåelsen af aftalen.
loan to [the parent company of the Duferco Group at the time] for EUR 2082723 in principle, in so far as the interest rate applied to the loan is below than 3,502 %;
Den 30. juni 2011 tilbagebetalte SIF en del af hovedstolen, dvs. [15-25] mio. EUR, samt de forfaldne renter pr. denne dato, dvs. [1-2] mio. EUR.
loan to Steel Invest & Finance for EUR 10413639 in principle, in so far as the interest rate applied to the loan is below 4,302 %;
I henhold til det sidste tillæg af 30. september 2013 skal restgælden, dvs. [55-65] mio. EUR i hovedstol og [1-2] mio. EUR i renter, tilbagebetales før tid.
purchase of a stake in Duferco Long Products, the beneficiary, for EUR 100000000 million.
For at udbygge sin værdiansættelse påpeger Belgien herefter konsekvenserne af de forsyningsaftaler, som Farrell, Duferco og […] indgik i september 2005 og januar 2006.
Article 2
Belgien påpeger, at stabiliseringen af Farrells EBITDA som følge af disse aftaler, der mindskede forholdet mellem investeringens risiko/afkast, begrundede en overdragelsespris for FSIH's aktier i Duferco US på mellem […] mio. USD og […] mio. USD.
Belgium shall recover the incompatible aid granted referred to in Article 1 from the direct beneficiaries or their legal successors.
Nedslag nr. 5 handler i realiteten om at undlade at basere sig på den alt for høje værdiansættelse, der anbefales i Ernst & Young-rapporten 2006.
The amounts to be recovered shall bear interest from the date on which they were placed at the disposal of the beneficiary until the date of their recovery.
I denne rapport konstaterer Ernst & Young således, at FSIH i henhold til aktionæroverenskomsten er indehaver af særlige rettigheder, der giver selskabet mulighed for at få indflydelse på en række af koncernens strategiske beslutninger.
The interest shall be calculated on a compound basis in accordance with Chapter V of Commission Regulation (EC) No 794/2004 [67].
Denne aftale fra 2009 er således blot formaliseringen af en eksisterende aftale mellem Duferco Développement og Carsid Développement indgået i 2006.
Article 3
Inddragelsen af dette projekt i værdiansættelsen af Carsid Développement var således udelukkende begrundet i FSIH's investering i DSIH.
Recovery of the aid referred to in Article 1 shall be immediate and effective.
I forbindelse med den interne reorganisering i Duferco blev projektet […] overført til Duferco Wallonie den 19. december 2012, og værdien blev ansat til […] mio. EUR.
Belgium shall ensure that this Decision is implemented within four months following the date of its notification.
Dette beløb svarede til den forventede merværdi af projektet, der blev revurderet i 2012 i forbindelse med nye ekspertvurderinger.
Article 4
I sidste ende blev værdien af 80 % af projektet anslået til […] mio. EUR.
Within two months of notification of this Decision, Belgium shall communicate the following information to the Commission:
Med hensyn til de resterende 20 % af projektet aftalte FSIH og Duferco at værdiansætte denne del til 20 % af projektets middelværdi i henhold til Bains ekspertvurdering, dvs. til […] mio. EUR (20 % af […] mio. EUR).
the total amount (principal and interest) to be recovered from each beneficiary;
Belgien understreger således, at da FSIH i 2006 besluttede at erhverve kapital i DSIH sammen med Duferco Développement, havde der været drøftelser om værdien af projektet vedrørende opførelse af Marcinelle Énergie, der mundede ud i, at parterne anslog projektets værdi til klart under middelværdien på […] mio. EUR anslået i Bains rapport, og at parterne i sidste ende anslog værdien til […] mio. EUR.
a detailed description of the measures already taken and planned to comply with this Decision;
FSIH havde således sikret, at der blev anvendt en meget forsigtig beregningsmetode.
the documents proving that the beneficiaries have been ordered to repay the aid.
Belgien indrømmer imidlertid, at medregningen af værdien af CO2-emissionskvoterne forudsatte, at kraftværket blev meget hurtigt operationelt, under alle omstændigheder i løbet af 2009.
Belgium shall keep the Commission informed of the progress of the national measures taken to implement this Decision until the recovery of the aid referred to in Article 1 has been completed.
Hvis projektet blev forsinket, ville der ikke længere være mulighed for at få tildelt tilgængelige CO2-emissionskvoter.
It shall immediately submit, on simple request by the Commission, information on the measures already taken and planned to comply with this Decision.
To år efter disse drøftelser — i juni 2008 — solgte Duferco Diversification 80 % af projektet Marcinelle Énergie til det italienske elselskab ENEL for [30-37] mio. EUR.
It shall also provide detailed information concerning the amounts of aid and interest already recovered from the beneficiaries.
Dette salg omfattede en salgsoption, der gav Duferco Diversification mulighed for at afhænde sine resterende andele ([…]) til ENEL et år efter idriftsættelsen af kraftværket til […] mio. EUR forhøjet med dækningen af eventuelle tab som følge af en aftale om levering til kostpris (»off-take right«).
Article 5
Marcinelle Énergie-projektet blev i sidste ende overdraget for i alt [70-78] mio. EUR.
This Decision is addressed to the Kingdom of Belgium.
Som understreget af Belgien skal de gennemførte investeringer ([…] mio. EUR) og konstaterede tab (ca. […] mio. EUR) i perioden 2006-2013 fratrækkes dette beløb, og den ikke-aktualiserede nettofortjeneste bliver således ca. [40-46] mio. EUR.
Done at Brussels, 20 January 2016.
Disse resultater er dårligere end forventet i 2006.
For the Commission
Belgien forklarer disse resultater med den fuldstændige vending af konjunkturerne på gasmarkedet i 2010 og bemærker, at ENEL-koncernen ligeledes har tabt penge på dette projekt.
Member of the Commission
På grundlag af de fire nævnte elementer konkluderede FSIH og Duferco-koncernen i 2006, at værdien af Duferco Diversification lå på mellem […] mio. EUR og […] mio. EUR.
With effect from 1 December 2009, Articles 87 and 88 of the EC Treaty have become Articles 107 and 108, respectively of the Treaty on the Functioning of the European Union (‘TFEU’).
Værdien anslås i sidste ende til […] mio. EUR, hvoraf halvdelen indskydes af FSIH.
The two sets of provisions are, in substance, identical.
Belgien minder i denne forbindelse om, at DSIH ikke indgik i Duferco-koncernen forud for FSIH's investering, da selskabet var blevet stiftet den 29. november 2006 af tredjemand (under navnet [»…«]), før det blev overdraget til FSIH og Duferco Développement som et SPV-selskab for deres fælles investeringer i december 2006.
For the purposes of this Decision, references to Articles 107 and 108 of the TFEU should be understood as references to Articles 87 and 88, respectively, of the EC Treaty, where appropriate.
Af disse forskellige årsager var FSIH's intervention forenelig med det markedsøkonomiske investorprincip.
The TFEU also introduced certain changes in terminology, such as the replacement of ‘Community’ by ‘Union’, ‘common market’ by ‘internal market’ and ‘Court of First Instance’ by ‘General Court’.
Det skal erindres, at DSIH den 8. juli 2011 solgte sine aktier i Duferco Diversification til DLP for samme beløb, dvs. […] mio. EUR.
The terminology of the TFEU is used in this Decision.
DLP har imidlertid ikke betalt dette beløb, og Duferco Diversification har således en fordring på […] mio. EUR på DLP i sit regnskab.
OJ C 120, 23.4.2014, p. 51.