natgillin/translations-raw huggingface dataset:
Valencia CF gør også gældende, at salget af de aktier, som Fundación Valencia havde erhvervet i 2009 til en pris, der var højere end købsprisen på 48,08 EUR pr. aktie, og den omstændighed, at disse aktier blev givet i pant af IVF for dennes garanti, viser, at IVF handlede i overensstemmelse med det markedsøkonomiske investorprincip, fordi værdien af aktierne ville dække IVF's risiko som garant.
In this context, Fundacion Valencia submits that the first interest payment due on 27 August 2010 was not possible to be made because of the delay in the sale of shares in Phase 1, causing the increase of the guaranteed loan by EUR 6 million on 10 November 2010 (measure 4, see recital 11 above).
Derfor mener Kommissionen, at denne betaling i februar 2013 ikke gav støttemodtageren en yderligere fordel og derfor ikke udgør statsstøtte.
Fundacion Valencia also submits that in February 2013 it made a payment of EUR 5221517,39 to Bankia for the prior partial exercise of the guarantee and the corresponding payment of the same amount by IVF (guarantor).
Med hensyn til identifikation af støttemodtagerne bemærker Kommissionen, at en enhed, som ejer kontrollerende aktieposter i en virksomhed, ifølge fast retspraksis skal anses for at deltage i sidstnævntes økonomiske aktivitet, hvis den reelt udøver denne kontrol ved at være direkte eller indirekte involveret i ledelsen deraf, hvis: a) medlemmer af bestyrelsen/bestyrelserne udnævnes til den kontrollerede virksomheds bestyrelse(r), og b) der er aftalt finansieringsordninger mellem de to enheder [19].
Fundacion Valencia finally submits that the 2009 guarantee was cancelled on 24 October 2014.
I denne sag gav kapitalindsprøjtningerne de tre fonde mulighed for at erhverve kontrollerende aktieposter i deres respektive fodboldklubber.
However, as a result of various legal proceedings launched in Spain, the guarantee was not always in force and there were some periods in which it did not exist due to the courts having declared it invalid ab initio, and other periods where it was suspended by a court order conceding protective measures.
Fundación Valencia overtog 72 % af aktierne (i forhold til de 1,6 %, den ejede før kapitalindsprøjtningen).
In this context, Fundacion Valencia claims that, should it be determined that the guarantee in question entails some element of State aid, these periods of suspension or invalidity should also be taken into account by the Commission in its assessment.
Hvad angår Fundación Hércules, erhvervede den 81,96 %, hvor den andenstørste aktionær ejede 16,99 % (Fundación Hércules ejede ikke nogen aktier før kapitalindsprøjtningen).
In its comments, LFP supports that an initial reading of the opening decision does not provide the clarity it should regarding the possible effect on competition that might arise from the potential aid, nor does it provide such clarity regarding the effect on trade between Member States.
Endelig erhvervede Fundación Elche 63,45 % og blev den eneste aktionær i Elche CF med mere end 10 % (den ejede ikke nogen aktier før kapitalindsprøjtningen).
Furthermore, LFP argues that the sports sector in general and the football sector in particular, especially due to its popularity among young people, should be subject to special treatment, as recognised by Article 165 TFEU.
Med hensyn til medlemmerne af fondenes og fodboldklubbernes bestyrelser bemærker Kommissionen: a) at alle medlemmer af Valencia CF's bestyrelse også var medlemmer af Fundación Valencias bestyrelse, b) at flertallet af medlemmerne af Elche CF's bestyrelse også var medlemmer af Fundación Elches bestyrelse, og c) at i henhold til Fundación Hércules' vedtægter er medlemmerne af Hércules CF's bestyrelse medlemmer af Fundación Hércules' styrende organ (»Patronato«).
Finally, LFP claims that the sporting activities undertaken by professional sport clubs perform an unquestionable public service function, which determines that in accordance with Article 106(2) TFEU, the application of rules on competition to these clubs must not obstruct the performance, ‘in law or in fact’, of the particular tasks assigned to them.
Endelig bemærker Kommissionen med hensyn til finansieringsordningerne mellem fondene og deres respektive fodboldklubber, at fondene var involveret i tilbagebetalingen af de lån, der havde finansieret klubberne, f.eks. gennem salget af de aktier, de havde erhvervet.
In that context, LFP argues that the exception laid down in Article 107(3)(c) TFEU that declares the compatibility with the internal market of ‘aid to facilitate the development of certain economic activities or […] where such aid does not adversely affect trading conditions to an extent contrary to the common interest’ clearly responds to this idea.
Derfor spillede fondene en aktiv og vedvarende rolle i finansieringen af klubberne.
Moreover, LFP supports that the fact that to date the Commission has not adopted guidelines on application of the rules on State aid in the Treaty to commercial sporting activities represents a burden when evaluating the present case, with the mere analogous application of various generic, heterogeneous norms from outside the sector under scrutiny being unable to provide an appropriate solution, as there is a clear and evident risk of conducting a biased and partial evaluation of the case, in addition to the legal uncertainty this entails.
Det var ikke kun dem, der havde finansieret klubbernes kapitalforhøjelser, men også dem, der havde betalt afdrag på de lån, som udgjorde klubbernes kapital.
Finally, LFP submits that to evaluate the alleged aid and its legality under Union law, the Commission should take certain LFP rules into consideration, referring in particular to the acceptance of the clubs' budgets, the limits in clubs' spending, the economic and financial capacity of the clubs, the protection of creditors, the rationality in the clubs' finances, the promotion of responsible spending and the protection of the clubs' long-term viability and sustainability.
Ovenstående viser, at de tre fonde, som moder- eller holdingenheder, var involveret i ledelsen af deres respektive fodboldklubber.
OBSERVATIONS FROM SPAIN ON THE COMMENTS OF INTERESTED THIRD PARTIES
I denne forbindelse bemærker Kommissionen også, at fondenes finansielle situation på det tidspunktet, hvor foranstaltningerne blev givet (se tabel 2, 4 og 6), viser, at fondenes situation ikke blev forbedret af de pågældende garantier, men forblev uændret, og at de stadig var kendetegnet ved lave indtægter, tab eller nulresultat, aktiver af lav værdi og relativt større gæld.
In its observations on the comments submitted by interested parties, Spain reiterated its position as submitted with its letter of 27 April 2015, which contained most of the arguments described in recitals 36 to 45 above.
På trods af at fondene var låntagere/debitorer for lånene, og at det var dem, der var dækket af garantierne, var risikoen for, at garantierne ville blive udløst, endvidere knyttet til klubbernes resultater, eftersom tilbagebetalingen af de garanterede lån (hovedstol og renter) skulle ske gennem et salg af de aktier i fodboldklubberne, som fondene havde købt.
ASSESSMENT OF THE MEASURES
Det gælder også for foranstaltning 4, eftersom sidstnævnte var forårsaget af forsinkelsen i fase 1 af salget af aktierne i Valencia CF, som efter planen skulle finansiere afdragene på lånet.
Existence of State aid
På grundlag af ovenstående mener Kommissionen, at modtagerne af de pågældende støtteforanstaltninger er Valencia CF for foranstaltning 1 og 4, Hércules CF for foranstaltning 2 og Elche CF for foranstaltning 3.
By virtue of Article 107(1) TFEU, any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the internal market.
På grundlag af ovenstående er følgende analyse baseret på finansielle data for Valencia CF, Hércules CF og Elche CF, under hensyntagen til de særlige forhold, der gælder for de enkelte modtagere.
State resources and imputability to the State
For at fastlægge et benchmark for den pris for de gennemførte statslige foranstaltninger, der er i overensstemmelse med markedsvilkårene (og dermed vurdere, hvorvidt statsgarantierne udgjorde en fordel for klubberne), skal Kommissionen fastlægge modtagernes kreditrating.
In order to be considered aid in the sense of Article 107(1) TFEU, a measure must be granted directly or indirectly from State resources and it must be imputable to the State.
Spanien fremsendte ikke nogen oplysninger om modtagernes kreditrating på tidspunktet for foranstaltningerne.
According to case-law, resources of an undertaking are to be considered state resources if the State is capable, by exercising its dominant influence over such undertakings, to direct the use of their resources [12].
Kommissionen bemærker imidlertid, at Valencia CF, Hércules CF og Elche CF, som angivet i tabel 1, 3 og 5 ovenfor, var kriseramte, før de undersøgte foranstaltninger blev gennemført.
The transfer of State resources may take many forms, including State guarantees.
Retten konkluderede også i en nylig dom [21], at en virksomhed med negativ egenkapital kan betragtes som en kriseramt virksomhed i rammebestemmelsernes forstand: »en negativ egenkapital, der […] kan betragtes som en vigtig indikator for, at en virksomhed befinder sig i en økonomisk vanskelig situation«.
The latter put State resources at risk, as their call is paid through the State budget.
Kommissionen mener, at Valencia CF's registrerede kapital i perioden juni 2007 — juni 2009 synes at være stabil, fordi klubben i den periode ikke traf nogen passende foranstaltninger til at vende sin egenkapital fra negativ til positiv og samtidig øge den til et passende niveau.
Moreover, any guarantee that is not properly remunerated implies a loss of financial resources for the State.
Sådanne passende foranstaltninger kunne enten være aktivering af tab eller en kapitalforhøjelse eller begge.
In addition, the creation of a concrete risk of imposing an additional burden on the State in the future, by a guarantee, is sufficient for the purposes of Article 107(1) [13].
I denne forbindelse mener Kommissionen, at aktivering af tab ville have medført tab af hele klubbens registrerede kapital, fordi de samlede tab var større end den registrerede kapital.
The Commission first notes that all measures under scrutiny were subscribed in their entirety by IVF.
Derfor mener Kommissionen, at kriterierne i rammebestemmelsernes punkt 10, litra a), er opfyldt i denne sag.
According to the institutional information provided in IVF's website [14], IVF was created by Law 7/1990 (28 December 1990), as a public law entity subject to the Government of Valencia, and is intended to act as the main instrument of public credit policy and contribute to the exercise of the powers of the Government of Valencia on the financial system.
Klubbens overskud var imidlertid næsten nul, hvorimod gælden fortsat var stor.
The public nature of the undertaking's activities is an essential indicator of the imputability of an undertaking's conduct to the State [16], in particular in so far as the undertaking is used by the State as a vehicle for the implementation of a policy [17] rather than for the pursuit of a purely commercial purpose [18].
Ovenstående viser, at Valencia CF allerede i juni 2007, og da foranstaltning 1 og 4 blev ydet, var kriseramt som anført i rammebestemmelsernes punkt 11, hvor det anføres, at en virksomhed alligevel kan anses for kriseramt, »især hvis de sædvanlige tegn […] er til stede, såsom voksende underskud, faldende omsætning, voksende lagerbeholdninger, overskudskapacitet, faldende cash flow, stigende gældsætning, stigende finansieringsudgifter og faldende eller opbrugt nettoformue«.
Spain has not presented any arguments with regard to this indicator.
Hércules CF
Moreover, it is noted that representatives of the Generalitat Valenciana participate in IVF's General Council (see recital 6 above).
Hvad angår Hércules CF, havde den ifølge de finansielle data (se tabel 3 ovenfor) i de regnskabsår, der sluttede i juni 2008, 2009 og 2010, stigende tab (fra 5,7 mio. EUR i juni 2008 til 17,6 mio. EUR i juni 2010).
On the basis of the above considerations, the Commission considers that the State had a clear and direct influence on IVF.
Disse tab førte til negativ egenkapital i de samme år (på henholdsvis 22,6 mio. EUR, 29,6 mio. EUR og 29,4 mio. EUR).
This is not disputed by Spain.
Dette viser, at Hércules CF var kriseramt som anført i rammebestemmelsernes punkt 10, litra a), (på samme måde som for Valencia CF, se betragtning 74-75 ovenfor) og punkt 11 på tidspunktet før foranstaltning 2 blev gennemført.
The latter furthermore submits that the granting of the guarantees in question and also their terms and conditions were in line with the budgets approved by the provisions and limits foreseen by Spanish legislation, referring in particular to IVF (see recital 37), which demonstrates that the measures in question entailed State resources.
Hvad angår Elche CF, fremgår det af årsregnskaberne (se tabel 5 ovenfor), at klubben havde en faldende omsætning (fra 2008 til 2010) i det regnskabsår, der sluttede i juni 2009, negativt driftsresultat før skat (EBT) i de regnskabsår, der sluttede i juni 2007, 2008, 2009 og 2010, og negativ egenkapital i de år, der sluttede i juni 2009 og 2010 (-10,2 mio. EUR i begge regnskabsår).
In the light of the above, the Commission is of the view that the measures granted by IVF constitute State resources and are imputable to Spain.
Ovenstående viser, at Elche CF var kriseramt som anført i rammebestemmelsernes punkt 10, litra a), og 11 på tidspunktet for foranstaltning 3.
Selective advantage
Samtidig bemærker Kommissionen, at Valencia CF, Hércules CF og Elche CF ikke var i en meget vanskelig situation som anført i punkt 2.2 og punkt 4.1, litra a), i garantimeddelelsen fra 2008 i de år, der gik forud for de undersøgte foranstaltninger.
The State measures under scrutiny provide for a selective advantage as they are for the benefit of individual undertakings.
Man kan ikke ignorere, at Valencia CF havde et overskud på 12,4 mio. EUR i det regnskabsår, der sluttede i juni 2008, og immaterielle aktiver af betydelig værdi i form af spillerkontrakter.
In the case at stake, the State measures in question allowed the financing of the acquisition of shares by the respective Fundaciones in the three clubs under scrutiny, through capital injections.
Herunder er især følgende vigtigt: a) Den samlede bogførte værdi (købspris minus årlige afskrivninger) af Valencia CF's spillerkontrakter ifølge årsregnskabet 2008/2009 var 95,7 mio. EUR, b) den anslåede samlede markedsværdi af Valencia CF's spillerkontrakter i juni 2009 var ca. 235,7 mio. EUR, og c) i det regnskabsår, der sluttede i juni 2010, blev der solgt spillerkontrakter for 78,7 mio. EUR (mens der blev brugt 14,5 mio. EUR på at købe nye spillere).
As regards the existence of an advantage, Spain claims that the decision to grant measure 1 was in conformity with the market economy investor principle due to the 2009 viability plan.
Eftersom hverken Valencia CF, Hércules CF eller Elche CV var under konkursbehandling eller havde misligholdt på tidspunktet for foranstaltningerne, mener Kommissionen ikke, at deres rating på daværende tidspunkt var under CCC-kategorien.
Key aspects of that assessment were missing, like for instance the effect of the club's different possible placements in the championships final ranking, changes in the prices in the real estate market, in the sponsoring market or in the broadcasting market, potential risks regarding the ability of fans to pay season or single-match tickets, injury risks of players, changes in the market of players' transfers etc.
Endelig bemærker Kommissionen, at den relativt høje bogførte værdi af Valencias fodboldspillere (aktiver) ikke kan betyde, at klubben ikke var kriseramt.
Moreover, the financial results forecasted by the viability plan were below a level, which could be considered as adequate for the restoration of Valencia CF's long-term viability.
Samtidig med at den bogførte værdi af Valencia CF's spillere var betydelig, som angivet i dens årsregnskab, ville værdien af de samme spillere i et brandudsalg være relativt lav, fordi køberne ville udnytte det velkendte faktum, at sælger (Valencia CF) havde økonomiske vanskeligheder, til at presse prisen.
Indeed, as demonstrated in Table 4 above, the 2009 viability plan presented operating losses until the economic year ending in June 2013, i.e. in the 4 years following the granting of measure 1.
Endvidere afhænger spillernes markedsværdi i høj grad af tilfældigheder som skader osv., hvilket gør markedsværdien meget ustabil.
In addition, the operating profits forecasted for the economic years ending in June 2014 and June 2015 were at very low operating margins, of 1 % and 4 % respectively.
På grundlag af ovenstående fastholder Kommissionen, at Valencia CF var kriseramt på tidspunktet for foranstaltning 1 og 4.
Finally, as regards the club's forecasted earnings before taxes until the economic year ending in June 2015, the same analysis stands as for the operating results above, whereas the significantly high results of EUR 50,5 million in the year ending in June 2011 and EUR 154,8 million in June 2012 are not representative of the club's financial performance but constitute extraordinary results stemming from the sale of land plots.
Endelig finder Kommissionen, at fordi de tre klubber var kriseramte, før foranstaltningerne blev gennemført, kan de anses for at have en rating i kategorien CCC [26].
On the basis of the above, the Commission considers that the 2009 viability plan did not demonstrate any prospect of Valencia CF for the repayment of the 2009 guaranteed loan, since it did not include any elements of recovery of Valencia CF from its annual losses or significantly high levels of debt and lacked credible and elaborated financial forecasts that a sound and credible viability plan should include.
Hvad angår støtteelementet i foranstaltningerne, som alle omfatter statsgarantier, henviser Kommissionen til afsnit 2.2 og 3.2 i garantimeddelelsen fra 2008.
In addition, Valencia CF argues that the open bidding process launched by Fundacion Valencia, the high number of bidders and the purchase price paid by Meriton Holdings Limited confirmed that the real economic value of Valencia CF goes beyond the net value reflected in Valencia CF's annual accounts and includes the market value of its players, the club's brand name and its international projection.
Det fastsættes i garantimeddelelsen fra 2008, at opfyldelsen af visse betingelser kunne være tilstrækkeligt til, at Kommissionen kunne udelukke eksistensen af statsstøtte, såsom at låntageren ikke er en kriseramt virksomhed, og at garantien ikke dækker mere end 80 % af det udestående lån eller anden finansiel forpligtelse.
The Commission cannot accept this argument since the sale of the club's shares to Meriton Holdings Limited took place in 2014, i.e. 5 years after 2009, the time at which measure 1 was granted, and more than 3 years after measure 4 was granted, therefore it is not relevant for the assessment of the financial situation of Valencia CF in 2009.
Når låntageren ikke betaler en markedspris for garantien, får denne imidlertid en fordel.
Valencia CF also claims that the sale of the shares that Fundacion Valencia had acquired in 2009 — which were sold at a price above the acquisition price of EUR 48,08 per share — and the fact that those shares were pledged by IVF for its guarantee, show that IVF as a guarantor acted following the market economy investor principle because the value of those shares would cover IVF's risk as a guarantor.
I lyset af ovenstående mener Kommissionen derfor, at foranstaltning 1, 2, 3 og 4, som staten ydede i 2009, 2010 og 2011, gav støttemodtagerne en uberettiget fordel.
In particular, Fundacion Valencia became the shareholder of 72 % (against 1,6 % that it controlled before the capital injection).
Konkurrencefordrejning og påvirkning af samhandelen mellem medlemsstaterne
Also, the annual report of Valencia CF (June 2012) states that Valencia CF belongs to a group of companies whose parent or holding company is Fundacion Valencia.
Fordelen for en professionel klub, der spiller i en af de to første rækker, kan påvirke konkurrencevilkårene og samhandelen mellem medlemsstaterne.
As regards Fundacion Hercules, it acquired 81,96 %, with the second-ranked shareholder owning 16,99 % (before the capital injection Fundacion Hercules did not hold shares).
Professionelle klubber i de to første rækker konkurrerer om at deltage i de europæiske turneringer, i Spanien i Copa del Rey, hvor hold fra La Liga og Segunda A og Segunda B konkurrerer, og hvor vinderen deltager i UEFA Europa League (medmindre de kvalificerer sig til UEFA Champions League).
Finally, Fundacion Elche acquired 63,45 % and became the only shareholder of Elche CF with more than 10 % (before the capital injection it did not hold shares).
På tidspunktet for de undersøgte foranstaltninger deltog Valencia CF i internationale turneringer (i Europa League i sæson 2008/09 og 2009/10), mens Hércules CF lige havde kvalificeret sig til La Liga som nummer to i Segunda División, og Elche CF spillede i Segunda División (den spillede i La Liga i sæson 2013/14).
As regards members of the boards of the Fundaciones and the football clubs, the Commission notes that: (a) all members of the Board of Directors of Valencia CF were also members of the Board of Fundacion Valencia; (b) the majority of the members of Elche CF's Board of Directors were also members of the Board of Fundacion Elche; and (c) as foreseen by the statutes and by-laws of Fundacion Hercules, the members of the Board of Directors of Hercules CF are legally members of the governing body of Fundacion Hercules (‘Patronato’).
Endvidere er professionelle klubber i de to første rækker også aktive på markedet for merchandising og senderettigheder.
Therefore the Fundaciones had an active and ongoing role in funding the clubs, not only as the parties that had funded the clubs' capital increases but also as the parties that serviced the loans through which those capitals were obtained by the clubs.
Senderettigheder, merchandising og sponsorater er indtægtskilder, som sådanne klubber konkurrerer om med andre klubber i og uden for deres hjemland.
The above indicates that the three Fundaciones, as parent or holding entities, were involved in the management of their respective football clubs.
Jo flere penge klubberne har til rådighed til at tiltrække de bedst mulige spillere, jo større er sandsynligheden for succes i sportskonkurrencer, hvilket stiller flere indtægter i udsigt fra de nævnte aktiviteter.
At the same time, the Commission notes that, as stated in the loan and guarantee contracts, the guarantees for the loans of EUR 75 million to Fundacion Valencia, EUR 18 million to Fundacion Hercules and EUR 14 million to Fundacion Elche were granted by IVF with the sole purpose of the acquisition by the Fundaciones of shares in Valencia CF, Hercules CF and Elche CF, respectively.
Derfor mener Kommissionen, at de undersøgte foranstaltninger kan fordreje eller true med at fordreje konkurrencevilkårene og påvirke samhandelen mellem medlemsstaterne.
The Commission notes that this financial construction aimed at facilitating the funding of the football clubs' capital increases by using the Fundaciones as financial vehicles, therefore the purpose of the measures was not to benefit the Fundaciones, but rather the respective clubs.
Konklusion med hensyn til, om der er tale om støtte
In this respect, the Commission also notes that the financial situation of the Fundaciones at the time when the measures in question were granted (see Tables 2, 4 and 6) show that the Fundaciones' position was not improved thanks to the guarantees in question but remained as before, and kept being characterised by low income, losses or zero results, low value of assets and relatively increased debt.