natgillin/translations-raw huggingface dataset:
Med andre ord skal Kommissionen vurdere, hvorvidt NRIC handlede med samme rettidige omhu som en markedsøkonomisk kreditor, inden NRIC valgte fremgangsmåde i form af enten at håndhæve sine krav på individuel og mindelig vis eller at indlede en kollektiv insolvensbehandling, der kunne medføre, at BDZ Holding og dets datterselskaber gik konkurs.
The amount is essentially needed for the outstanding payments towards the creditors — international financial institutions and NRIC.
Kommissionen bemærker, at en forudseende markedsøkonomisk kreditor — for at afgøre, hvilken af fremgangsmåderne der er mest fordelagtig — ville vurdere fordele og ulemper ved hver af dem under hensyntagen til bl.a. størrelsen af sine fordringer, sit tidligere økonomiske engagement i skyldneren samt inddrivelsesprocessens varighed og omkostninger [35].
BDZ Holding and its subsidiaries have still outstanding liabilities incurred before 1 January 2007 which, if not paid, would put the beneficiary at risk of liquidation.
Kommissionen bemærker indledningsvis, at gælden til NRIC opstod i forbindelse med et normalt og langvarigt forretningsforhold mellem (statsejede) virksomheder, idet BDZ Holding og dets datterselskaber var centrale kunder for NRIC og genererede over 70 % af NRIC's driftsindtægter.
The financial indicators show that the payments cannot be made from own resources at present and it would be unrealistic to expect that the company could increase significantly its tariffs or prices to generate increased revenues in the short term.
Oprindelsen til gælden på 46,5 mio. BGN, som NRIC havde akkumuleret til BDZ Holding fra 2008 til 2011 for diverse tjenesteydelser, som NRIC havde fået leveret (tabel 3), dokumenterer også yderligere, at der har været en løbende gensidig forretning og afhængighed mellem NRIC og BDZ Holding.
Furthermore, the Commission notes that during the period since accession, BDZ Holding has repaid BGN 166 million of liabilities incurred before 1 January 2007 from its own resources stemming mainly from sales of assets.
Hvis BDZ Holding og dets datterselskaber forsvandt fra markedet som følge af en kollektiv insolvensbehandling, ville det således have en alvorlig, umiddelbar, negativ virkning for NRIC's finansielle situation.
As those amounts were potentially eligible for cancellation, it is reasonable to consider that BDZ Holding could have used those resources for the development and the modernisation of the rolling stock and the services provided.
BDZ Holdings konkurs ville have medført et fald i NRIC's indtjening og en forringelse af dets evne til i tilstrækkelig grad at vedligeholde det nationale jernbanenet og dermed en risiko for yderligere fald i kommercielle indtægter fra andre kunder ud over BDZ Holdings datterselskaber.
The company was lagging behind the development of the railway sector as regards technical characteristics and information systems.
Det følger heraf, at en markedsøkonomisk kreditor, der havde et forretningsforhold til en eller flere af sine skyldnere svarende til det, som NRIC havde til BDZ Holding, ville have valgt en kritisk tilgang til enhver tænkelig form for håndhævelse, der kunne føre til, at vedkommendes største kunde forsvandt fra markedet, i modsætning til en kreditor, der havde enkeltstående fordringer og ikke var kommercielt eller finansielt afhængig af, at vedkommendes skyldner fortsat drev virksomhed på markedet efter håndhævelsen af kreditors krav.
Therefore, insofar as BDZ Holding has also relied on its own resources to repay part of the pre-accession debt, the debt cancellation cannot be considered as going beyond what is necessary even if it frees it from repayment obligations and allows financial room to invest in future modernisations or repair activities.
Dernæst kunne NRIC's fordringer mod BDZ Holding og dets datterselskaber ikke være blevet håndhævet som privilegerede krav i en kollektiv insolvensbehandling, idet NRIC's krav om betaling ikke kunne have fået en privilegeret placering foran de øvrige kreditorer i en sådan procedure (se betragtning 49).
In view of these considerations, the Commission finds that the implementation of the debt cancellation cannot be considered to place BDZ Holding in a situation more favourable than that of an average well-managed undertaking with the same activity profile.
Desuden var den gæld, der i indledningsafgørelsen blev identificeret som NRIC's tilgodehavende (45 mio. BGN), mindre end de øvrige kreditorers fordringer (se tabel 1).
The cancellation of its debts must not give an undertaking a competitive advantage such that it prevents the development of effective competition on the market, for example by deterring outside undertakings or new players from entering certain national or regional markets.
I øvrigt ville den bogførte værdi af BDZ Holdings aktiver skulle nedskrives med en vist nedslag ved et tvangssalg i forbindelse med den kollektive insolvensbehandling.
The proposed debt cancellation will only allow BDZ Holding to normalise financing of the company's operating activities and will not allow BDZ Holding or of its subsidiaries to expand or enter new markets.
Afhængigt af typen af aktiverne kan et nedslag ved tvangssalg nå op på 75 % af aktivets værdi.
In that sense, the aid will not prevent the development of effective competition on the market.
Det er derfor meget sandsynligt, at likvidationsværdien af BDZ Holdings aktiver ikke ville have været tilstrækkelig til at dække likvidationsomkostningerne, løn til de ansatte og samtlige udestående forpligtelser.
It will not affect the competitors' market position and they will be able to continue competing with BDZ Holding under the same conditions.
Hvis man tager 2011 som eksempel, beløb likvidationsomkostningerne, løn til ansatte og alle udestående forpligtelser sig til 778 mio. BGN, mens den bogførte værdi af BDZ Holdings aktiver var på 933 mio. BGN.
The Commission also considers that the cancellation of debts will not unduly distort competition and trade between Member States, because it will only allow BDZ Holding to stabilise its financial situation, which was hindered by liabilities incurred prior to liberalisation of the market.
Følgelig kunne NRIC realistisk set regne med kun at inddrive en mindre brøkdel af sine udestående fordringer, hvis der var blevet indledt kollektiv insolvensbehandling.
Furthermore, the Commission finds that the new market players are not deterred from entering the Bulgarian transport market.
Desuden finder Kommissionen i tråd med retspraksis, at omkostningerne sammen med varigheden af retssagen kan påvirke en kreditors beslutning om at skride til likvidation af et selskab [36].
As described in recitals 15 and 42, in addition to BDZ Cargo, eight cargo operators are currently active on the Bulgarian rail transport market.
I denne forbindelse er Kommissionen enig i, at NRIC havde en særlig interesse i at fortsætte samarbejdet med BDZ Holding og dets datterselskaber, ikke kun på grund af de fremtidige kommercielle indtægter fra BDZ Holding, men også med det formål at maksimere inddrivelsen af udestående ikkeprivilegerende fordringer, der var akkumuleret frem til november 2011, i stedet for at indlede likvidationen af selskabet.
There is no evidence that the debt cancellation measure will modify this competitive situation.
Kommissionen konkluderer, at indledningen af en langstrakt kollektiv insolvensbehandling, der ville føre til en tvangslikvidation af koncernen med en usikker og lav inddrivelsesgrad, ikke havde været en gyldig og realistisk fremgangsmåde for NRIC med henblik på at maksimere inddrivelsen af fordringerne.
In view of the foregoing, the Commission concludes that the State aid in the form of debt cancellation (Measure 2) amounting to BGN 223,45 million (EUR 114,25 million) which Bulgaria plans to implement satisfies the conditions for compatibility with the internal market set out in chapter IV of the Railway Guidelines.
Kommissionen bemærker da også, at BDZ Holding og dets datterselskaber regelmæssigt har afdraget deres gæld til NRIC, og at NRIC ikke er blevet behandlet anderledes end andre af koncernens private kreditorer.
Since Bulgaria did not clarify the origin and evolution of BDZ Holding's outstanding liabilities towards NRIC before the Opening Decision, the non-enforcement of those overdue liabilities has been considered to potentially involve State aid according to Article 107(1) of the Treaty.
Når der opstod forsinkelser i betalingerne, fik BDZ Holding ikke nogen fordel af udsættelsen af betalingen, idet der blev lagt en betydelig margen på 1000 basispoint til den bulgarske nationalbanks basissats for de renter, der påløb de forsinkede betalinger til NRIC (se betragtning 48).
According to the information provided by Bulgaria (see Section 4.3), part of BDZ Holding's outstanding liabilities towards NRIC constituted liabilities incurred by the company prior to Bulgaria's accession to the Union.
Til illustration heraf finder Kommissionen, at 1000 basispoint kan benyttes som erstatning for den markedsrensesats, som et selskab i finansielle vanskeligheder, som f.eks. BDZ Holding, ville kunne opnå i markedet på et lån med ringe sikkerhedsstillelse [37].
A portion of this pre-accession debt (up to BGN 26,3 million) was subsequently refinanced with proceeds from a bond issue of 19 November 2007, which is still outstanding debt and, therefore, subject to assessment under ‘Measure 2: Cancellation of the debts incurred prior to 2007’ in Section 6.1.
Forfaldne forpligtelser blev betalt ved regelmæssige direkte bankoverførsler til modregning af NRIC's forpligtelser over for BDZ Holding og dets datterselskaber og ved konvertering af gæld til aktiver.
In other words, NRIC was paid.
Således betalte BDZ Holding og dets datterselskaber i perioden 2011-2016 503 mio. BGN (257 mio. EUR) for tjenesteydelser leveret af NRIC.
In addition, and with a view to explaining the situation in relation to the remaining outstanding liabilities, Bulgaria provided further information on the enforcement arrangements and steps undertaken by NRIC (see Section 4.3).
Det beløb, som NRIC har modtaget som tilbagebetaling på gælden siden 2011, bekræfter efterfølgende, at NRIC's fravalg af håndhævelsen af sine krav var det mest rationelle sammenlignet med en ringe sandsynlighed for, at NRIC kunne inddrive en blot beskeden del — om overhovedet nogen — af sine fordringer, hvis BDZ Holding var blevet opløst ved likvidation.
According to Bulgaria, NRIC had undertaken all the necessary steps to collect the overdue obligations from BDZ Holding and its subsidiaries to maximise the recovery of the amounts due, but without initiating legal proceedings.
Om end oplysningerne ikke er specifikke for gælden fra før tiltrædelsen, der nævnes i indledningsafgørelsen, bemærker Kommissionen endvidere, f.eks. med hensyn til betalingen af forpligtelserne ved konvertering af gæld til aktiver, som blev iværksat efter indledningsafgørelsen, at NRIC indgik aftaler med BDZ Holding og dets datterselskaber efter armslængdeprincippet som beskrevet i betragtning 51, 52 og 53 om anerkendelse af forfalden gæld og befordrede derved afdragene herpå.
In order to verify whether NRIC unduly favoured BDZ Holding as regards the delay and the arrangements for the payment of overdue liabilities, the Commission has to assess whether it could have benefited from such arrangements under normal market conditions [33].
På baggrund af den supplerende information og dokumentation fra Bulgarien og i lyset af ovenstående finder Kommissionen, at NRIC har handlet som en markedsøkonomisk kreditor, og at udsættelsen af tilbagebetalingen af gælden og ordningerne, der blev aftalt mellem NRIC og BDZ Holding og dets datterselskaber, derfor ikke har givet sidstnævnte en uberettiget økonomisk fordel, som de ikke ville have kunnet opnå på normale markedsvilkår.
To that effect, the Commission has to assess whether a hypothetical market economy creditor in a situation similar to NRIC, seeking to obtain the maximum payment of the amounts owned to it, would have accepted the delay and entered into the renegotiation of the payment of overdue liabilities on similar terms and conditions [34].
Derfor konkluderer Kommissionen, at den måde, hvorpå BDZ Holding og dets datterselskaber forvaltede deres forfaldne gæld over for infrastrukturforvalteren (NRIC) før november 2011, ikke udgør statsstøtte efter traktatens artikel 107, stk. 1.
In other words, the Commission has to assess whether NRIC acted with the same due diligence as a market economy creditor, before choosing between an individual and amicable enforcement of its claims or the initiation of a collective recovery procedure leading eventually to the bankruptcy of BDZ Holding and its subsidiaries.
Eftersom de nødvendige betingelser til bestemmelse af, om der forekommer statsstøtte efter traktatens artikel 107, stk. 1, er kumulative, finder betingelserne ikke anvendelse, hvis en af dem ikke er opfyldt.
The Commission notes that in order to identify the most advantageous alternative a diligent market economy creditor would assess the advantages and the disadvantages of each of the alternatives, taking into account, inter alia, the recoverable amounts, its prior economic exposure, the duration of the recovery process and the costs [35].
Det er derfor ikke nødvendigt at vurdere, om BDZ Holdings og dets datterselskabers tidligere misligholdelse af forfalden gæld til NRIC opfylder de øvrige betingelser i traktatens artikel 107, stk. 1.
The Commission first observes that the debts towards NRIC arose in the context of a regular and long-term commercial relationship between (State-owned) undertakings: BDZ Holding and its subsidiaries were key customers of NRIC and generated more than 70 % of its operating revenue.
FORANSTALTNING 4: STATENS UDBETALING AF MOMSREFUSION TIL BDZ HOLDING EAD
The origin of BGN 46,5 million of debt owed by NRIC to BDZ Holding accumulated between 2008 and 2011 for various services provided to NRIC (Table 3) also provides additional evidence that there is continuous interaction and interdependence between NRIC and BDZ Holding.
Kommissionen indledte undersøgelsen af foranstaltning 4, fordi Bulgarien ikke gjorde rede for årsagerne til momsrefusionen og for, hvorvidt den overholdt direktiv 2006/112/EF.
A possible market exit of BDZ Holding and its subsidiaries resulting from collective insolvency proceedings would therefore have had a serious immediate negative impact on NRIC's financial situation.
Kommissionen fandt således, at momsrefusionen potentielt kunne indebære statsstøtte efter traktatens artikel 107, stk. 1.
In turn, the bankruptcy of BDZ Holding would have reduced NRIC's profits and its ability to adequately maintain the national rail network, thus risking further decreases of commercial revenues accruing from other clients, in addition to BDZ Holding's subsidiaries.
Derfor opfordrede Kommissionen Bulgarien til at fremsende yderligere oplysninger om årsagerne til momsrefusionen til BDZ Holding.
It follows that a market creditor engaged like NRIC in a similar commercial relationship with its debtor(s) like BDZ Holding would thus have approached with circumspection any hypothetical enforcement action leading to its main client disappearing from the market, unlike a creditor having one-off debt claims and not commercially and financially dependent on its debtor remaining active on the market after enforcement of its claims.
Efter indledningsafgørelsen præciserede Bulgarien, at foranstaltning 4 vedrørte refusion af fejlagtigt opkrævet og betalt moms for i alt 72 mio. BGN (36,7 mio. EUR) af PSO-kompensation modtaget fra transportministeriet i perioden 1. december 2004 til 29. februar 2008 (se betragtning 55-59).
Second, NRIC's claims towards BDZ Holding and its subsidiaries could not have been enforced as preferential claims under hypothetical collective insolvency proceedings, in which no particular preference for repayment of NRIC among other creditors could have been implemented (see recital 49).
Bulgarien præciserede yderligere, at den administrative fejl blev opdaget under en revision foretaget af de kompetente nationale skattemyndigheder i overensstemmelse med de gældende bestemmelser i national lov.
Moreover, the debt identified in the Opening Decision as owing to NRIC (BGN 45 million) was smaller than the debt owed to other creditors (see Table 1).
Fejlen blev rettet ved skatterefusionsafgørelse nr. 2900180 af 14. januar 2009, 290900153 af 8. juli 2009, 100337 af 12. august 2010 og 290100380 af februar 2011.
What is more, the book value of BDZ Holding's assets would need to be reduced by a liquidation discount in a forced sale under the collective insolvency proceedings.
Det skal derfor undersøges, om refusion af moms på PSO-kompensation modtaget fra transportministeriet gav BDZ Holding en økonomisk fordel ved at lette byrder, der normalt indgår i en virksomheds budget, [38] eller om momsen på PSO-kompensationen faktisk blev opkrævet ved en fejl.
Depending on the type of the assets, the liquidation discount can amount to up to 75 % of the asset value.
Der gives ingen fordel, hvis der er tale om refusion af ulovligt opkrævede afgifter [39].
Therefore, it is very likely that the liquidation value of BDZ Holding's assets would not have been sufficient to cover the liquidation costs, the salaries of its employees and all its outstanding liabilities Taking 2011 as an example, liquidation costs, salaries of employees and all outstanding liabilities amounted to BGN 778 million whereas the book value of BDZ Holding's assets was BGN 933 million.
Ifølge artikel 73 i direktiv 2006/112/EF er levering af tjenesteydelser, herunder passagerbefordring, momspligtig, og afgiftsgrundlaget omfatter den samlede modværdi, som leverandøren modtager eller vil modtage af kunden eller tredjemand for de pågældende ydelser, herunder kompensation eller tilskud, der er direkte forbundet med ydelsernes pris.
Consequently, NRIC could realistically expect to recover only a minor fraction of its outstanding claims, if collective insolvency proceedings had been initiated.
Desuden er virksomheder, der har fået overdraget en PSO, ifølge dette direktivs artikel 132 ikke fritaget for moms.
Furthermore, the Commission considers, in line with settled case-law, that the costs, together with the length of court proceedings, may influence a creditor's decision whether to proceed with the liquidation of a company [36].
Derfor skal det vurderes, om PSO-kompensationen, som BDZ Holding modtog, var direkte forbundet med de leverede ydelsers pris.
In this context, the Commission agrees that NRIC had a particular interest in continuing its cooperation with BDZ Holding and its subsidiaries, not only on account of future commercial revenues generated by BDZ Holding but also with the aim of maximising the recovery of the outstanding non-preferential liabilities accumulated until November 2011 instead of initiating the liquidation of the company.
PSO-kompensationen var beregnet til at kompensere for tab, der hidrørte fra leveringen af passagerbefordring, på specifikke betingelser, f.eks. tilbagelagte strækninger, antal sæder, hyppigheder og andre kvalitative kriterier.
The Commission concludes that the initiation of lengthy collective insolvency proceedings leading to a forced liquidation of the group with an uncertain and low recovery rate would not have been a valid and realistic option for NRIC with a view to maximising the recovery of its debt claims.
Navnlig ville PSO-kompensationen blive reduceret i tilfælde af afvigelser i bl.a. antal kilometer, sæder og afgange og andre kvalitative kriterier, som blev fastsat for de leverede ydelser.
Indeed, the Commission observes that BDZ Holding and its subsidiaries have been regularly serving their debts towards NRIC and NRIC has not been treated differently from other private creditors of the group.
Derfor kan PSO-kompensationen ikke anses for at være direkte knyttet til prisen for levering af transportydelserne, men snarere for at skulle dække tab ved varetagelsen af en PSO.
Where late payments occurred, BDZ Holding has not been advantaged by the postponement of repayment since late payments to NRIC have attracted a sizeable margin of 1000 basis points on top of the basis interest rate of the Bulgarian National Bank (see recital 48).
Endvidere er PSO-kompensation til dækning af tab ifølge bulgarsk momslovgivning fritaget for moms.
By way of illustration, the Commission considers that 1000 basis points is a proxy of market-conform interest margin on a loan with low quality collateral to a company in financial difficulties, such as BDZ Holding [37].
Fejlen blev opdaget af de relevante skattemyndigheder i kølvandet på en inspektion og kulminerede i flere afgørelser truffet af skattemyndighederne (se betragtning 59) i overensstemmelse med den bulgarske retsplejelov på beskatnings- og forsikringsområdet.
Overdue liabilities were repaid through regular direct bank transfers, offsetting of liabilities of NRIC towards BDZ Holding and its subsidiaries and debt-to-asset swaps.
Da de nødvendige betingelser til bestemmelse af, om der forekommer statsstøtte efter traktatens artikel 107, stk. 1, er kumulative, er fraværet af en hvilken som helst af disse afgørende.
For example, between 2011 and 2016 BDZ Holding and its subsidiaries paid an amount of BGN 503 million (EUR 257 million) for services provided by NRIC.
Det er derfor ikke nødvendigt at vurdere, om foranstaltning 4 opfylder de øvrige betingelser i traktatens artikel 107, stk. 1.
Compared with a low likelihood of recuperating a proportion, minor if at all, of NRIC's claims if BDZ Holding had been liquidated, the amount of debt repaid to NRIC since 2011 confirms a posteriori that the choice made by NRIC not to enforce its claims was the most rational one.
Derfor konkluderer Kommissionen, at foranstaltning 4 ikke udgør statsstøtte efter traktatens artikel 107, stk. 1.
Moreover, although information is not specific to the pre-accession debt mentioned in the Opening Decision, the Commission notes, for example, with regard to the payment of the liabilities through the debt-to-asset swaps implemented after the Opening Decision, NRIC entered into agreements with BDZ Holding and its subsidiaries on an arm's length basis, as described in recitals 51, 52 and 53, which recognised the overdue debts and thus facilitated their reimbursement.
KONKLUSION
On the basis of the additional information and supporting evidence provided by Bulgaria and in view of the foregoing, the Commission considers that NRIC has acted as a market economy creditor, and therefore, the postponement of repayment of debts and the arrangements agreed between NRIC and BDZ Holding and its subsidiaries, have not provided the latter with any undue economic advantage, from which they would not have benefited under normal market conditions.
Eftersom anmeldelsen af omstruktureringsstøtten til BDZ Holding er blevet trukket tilbage (se foranstaltning 1, afsnit 5), bør den formelle undersøgelsesprocedure i henhold til traktatens artikel 108, stk. 2, afsluttes, for så vidt angår den anmeldte omstruktureringsstøtte.
Consequently, the Commission concludes that the manner in which BDZ Holding and its subsidiaries dealt with their overdue debts towards the infrastructure manager (NRIC) before November 2011 did not constitute State aid within the meaning of Article 107(1) of the Treaty.
Med hensyn til eftergivelsen af BDZ Holdings og dets datterselskabers gæld for i alt 223,45 mio. BGN (114,25 mio. EUR) udgør foranstaltning 2, afsnit 6.1, statsstøtte efter traktatens artikel 107, stk. 1, og opfylder kriterierne for forenelighed i retningslinjerne for statsstøtte til jernbaneselskaber.
Since the necessary conditions determining the existence of State aid within the meaning of Article 107(1) of the Treaty are cumulative, its provisions do not apply if one of them is not met.
Foranstaltning 3 udgør derfor ikke statsstøtte.
The Commission initiated the investigation into Measure 4 because Bulgaria did not clarify the reasons for the reimbursement of VAT and whether it complied with Directive 2006/112/EC.