natgillin/translations-raw huggingface dataset:
Desuden har Spanien ikke kommentereret på grundlaget for, at foranstaltning 2 og 3 betragtes som forenelige med det indre marked.
Furthermore, the Commission considered that the entities that ultimately benefitted from the State guaranteed loans were Valencia CF, Hercules CF and Elche CF as the loans and the guarantees were granted in order to buy the shares which were newly issued by the clubs in order to increase their own capital.
BEMÆRKNINGER FRA INTERESSEREDE PARTER
The Commission also came to the preliminary view that it could not be excluded that Fundacion Valencia, Fundacion Hercules and Fundacion Elche did also benefit from the identified measures rather than being pure intermediaries, between the State and the clubs, for the granting of the aid.
Under den formelle undersøgelsesprocedure modtog Kommissionen bemærkninger fra Valencia CF og Fundación Valencia, som i vid udstrækning falder sammen med Spaniens og IVF's bemærkninger (se betragtning 36-45 ovenfor).
The Commission also expressed doubts on the compatibility with the internal market of the four measures under assessment, in particular since the Spanish authorities did not provide any possible grounds for compatibility.
Ud over disse sammenfaldende argumenter gjorde disse interesserede parter følgende gældende:
In view of the nature of the measures at issue and of the fact that Valencia CF, Hercules CF and Elche CF could be considered firms in difficulty at the time of the granting of the measures, the Commission noted that the compatibility of the measures could only be assessed under Article 107(3)(c) TFEU, and in particular in the light of the 2004 Community guidelines on state aid for rescuing and restructuring firms in difficulty [7] (‘2004 R&R Guidelines’).
Valencia CF gør 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 (se betragtning 6 ovenfor), og den omstændighed, at disse aktier blev givet i pant til IVF for dennes garanti, viser, at IVF handlede i overensstemmelse med det markedsøkonomiske investorprincip som følge af værdien af de aktier, der ville dække IVF's risiko som garant.
The Commission first noted that the conditions for rescue aid laid down in Section 3.1 of the 2004 R&R Guidelines did not seem to be met.
Valencia CF anfører, at eftersom ejerskabet over Valencia CF blev overdraget i en åben og konkurrencepræget udbudsprocedure, blev støtteelementet afspejlet i markedsprisen og indgik i købsprisen.
In relation to restructuring aid as defined in Section 3.2 of the 2004 R&R Guidelines, the Commission highlighted that the measures identified had been granted in the absence of a credible restructuring plan satisfying the conditions laid down in the 2004 R&R Guidelines.
Derfor er det sælgeren af aktierne, der beholder fordelen af støtten.
Finally, the Commission noted that Valencia CF seemed to have benefitted from repeated measures in its favour while it was in difficulty, thus the ‘one time, last time’condition under Section 3.3 of the 2004 R&R Guidelines did not seem to be met.
Valencia CF har gjort gældende, at ovenstående er i overensstemmelse med retspraksis [9].
POSITION OF THE MEMBER STATE
Ifølge Valencia CF ville støttebeløbet i statsgarantien i lyset af ovenstående skulle inddrives fra sælgeren, dvs. Fundación Valencia.
Both the Spanish authorities and IVF (as an instrument of the Generalitat Valenciana and also granting authority of the measures in question) submitted comments during the formal investigation procedure.
Desuden gør Valencia CF gældende, at beregningen af et støtteelement bør tage højde for, at Valencia CF på tidspunktet for den undersøgte foranstaltning ikke var i »økonomiske vanskeligheder«, men at den snarere havde en »tilfredsstillende ratingkategori«, og at pantet i Valencia CF's aktier fra Fundación Valencia til IVF kunne betragtes som et »højt« eller i det mindste »normalt« niveau for sikkerhedsstillelse.
Those comments coincide to a great extent and thus will be presented together in the following recitals.
Valencia CF anfører også, at garantien fra 2009 ville være forenelig med de midlertidige EF-rammebestemmelser for statsstøtte, der ydes for at lette adgangen til finansiering under den nuværende finansielle og økonomiske krise [11], som blev vedtaget for at afhjælpe mangler som følge af den økonomiske og finansielle krise, som begyndte i oktober 2008.
They will be presented as comments of Spain since IVF constitutes an entity which belongs and falls under the control of the Generalitat Valenciana.
Fundación Valencia anfører, at dens administrative organer vedtog en betalingsplan, som blev forelagt Generalitat Valenciana og Bankia med henblik på sidstnævntes ydelse af garantien og lånet.
Spain considers that measures 1, 2, 3 and 4 did not entail State aid under Article 107(1) TFEU because 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 [8].
Ifølge denne betalingsplan var Fundación Valencia forpligtet til at sælge de erhvervede aktier i Valencia CF inden den 30. juni 2015 som følger: a) I fase 1, som skulle være afsluttet den 31. december 2010, skulle Fundación Valencia sælge mindst 47663 aktier til en pris på 53,5 EUR pr. aktie med et provenu på ca. 2,5 mio. EUR, og b) i fase 2, som skulle være afsluttet den 30. juni 2015, skulle Fundación Valencia sælge 852452 aktier til priser fra 53,5 EUR til 67,5 EUR pr. aktie.
Spain also notes that measures 1, 2, 3 and 4 did not entail an undue advantage to the recipients of the guarantees in question under Article 107(1) TFEU because the provisions of the 2008 Guarantee Notice were fulfilled, in particular:
Fundación Valencia angiver, at fristen den 30. juni 2015 falder nøjagtigt sammen med udløbsdatoen for det garanterede lån.
The underlying transactions were described and measurable.
Fundación Valencia var forpligtet til at bruge hele provenuet fra salget af aktierne til at tilbagebetale det garanterede lån.
IVF received counter-guarantees for the guarantees in question, in particular pledges on the shares acquired by the Fundaciones with the guaranteed loans.
Fundación Valencia gør gældende, at salgsprisen for aktierne skulle svare til deres pålydende værdi plus renter, der måtte blive tilskrevet det garanterede lån i løbet af den pågældende periode.
The recipients of the guarantees, i.e. the three Fundaciones, were not in difficulty at the time of the guarantees' granting.
Tilsvarende skulle salgsprisen stige, hvis den årlige rente på den låneaftale, der var indgået mellem Fundación Valencia og Bankia om køb af aktierne, steg (dvs. over de aftalte 6 %).
The guarantee fees and interest rates of the guaranteed loans were at market level.
Fundación Valencia tilføjer, at det garanterede lån også skulle tilbagebetales med økonomiske bidrag fra institutionelle trustees og tredjeparter (offentlige institutioner og private virksomheder) samt med tilbagevendende indtægter fra de almindelige aktiviteter.
Furthermore, Spain claims that the 2009 decision of Fundacion Valencia to invest in the Valencia CF's shareholding was in conformity with the market economy investor principle, and that therefore no undue advantage was granted under Article 107(1) TFEU, for the following reasons:
I denne forbindelse gør Fundación Valencia gældende, at det ikke var muligt at foretage den første rentebetaling, som havde frist den 27. august 2010, på grund af forsinkelsen i salget af aktier i fase 1, hvilket førte til forhøjelsen af det garanterede lån på 6 mio. EUR den 10. november 2010 (foranstaltning 4, se betragtning 11 ovenfor).
The decision of IVF to grant measure 1 was based on a viability plan of Valencia CF describing the club's good economic prospects, to come especially from the operations of the club's new stadium (see recital 20 above).
Fundación Valencia gør også gældende, at den i februar 2013 betalte 5221517,39 EUR til Bankia for den forudgående delvise udnyttelse af garantien og den tilsvarende betaling af samme beløb fra IVF (garant).
The loan received by Fundacion Valencia was agreed to be repaid with the proceeds coming from the sale of the shares that Fundacion Valencia acquired in Valencia CF in 2009.
I denne sammenhæng gør Fundación Valencia gældende, at hvis det konkluderes, at den pågældende garanti omfatter et vist støtteelement, bør Kommissionen i sin vurdering også tage højde for disse perioder, hvor garantien var suspenderet eller ugyldig.
There was significant participation in the 2014 sales process by important investors, which proves the market interest.
Kommissionen modtog også bemærkninger fra Liga Nacional de Fútbol Profesional (den professionelle fodboldliga »LFP«), dvs. sammenslutningen af alle sportsaktieselskaber og fodboldklubber i Spaniens første og anden division, som deltager i officielle professionelle turneringer på nationalt plan.
The winning price in the abovementioned 2014 sales process was higher than the price at which Fundacion Valencia acquired shares in Valencia CF in 2009 (EUR 67,5 per share vs EUR 48,08 per share, respectively).
LFP støtter i sine bemærkninger, at den første læsning af åbningsafgørelsen ikke giver den nødvendige klarhed over, hvilken indvirkning på konkurrencen, som den potentielle støtte kunne få, ligesom den ikke forklarer, hvordan den påvirker samhandelen mellem medlemsstaterne.
In addition, Spain argues that the measures under scrutiny do not fulfil the criterion of distortion of competition and effect on trade between Member States under Article 107(1) TFEU because:
Endvidere gør LFP gældende, at sportssektoren generelt og fodboldsektoren i særdeleshed, især som følge af dens popularitet blandt unge, bør få særbehandling, jf. artikel 165 i TEUF.
In 2012, when comparing Valencia CF's situation with that of other actors in equivalent leagues, such as the Premier League, one sees that Valencia CF generated less broadcasting rights revenue even than Blackpool, the team with the lowest income in the Premier League.
Endvidere støtter LFP den vurdering, at det, at Kommissionen hidtil ikke har vedtaget retningslinjer for anvendelsen af reglerne om statsstøtte i traktaten på kommercielle sportsaktiviteter, er et problem for vurderingen af denne sag, fordi det ikke er muligt at nå frem til en passende løsning ved blot at anvende forskellige generiske, heterogene normer fra andre sektorer analogt, idet der er en klar og tydelig risiko for, at evalueringen af sagen ville være forudindtaget og ufuldstændig, samtidig med den retsusikkerhed, det medfører.
Also, in the 2011-2012 season Valencia CF had the front of the players' shirts left without any main sponsor, which shows the problem that the club is having in competing in the sponsorship market.
Endelig gør LFP gældende, at Kommissionen for at vurdere den påståede støtte og dens lovlighed i henhold til EU-lovgivningen bør tage højde for visse LFP-regler, og henviser især til godkendelsen af klubbens budgetter, begrænsningerne for klubbernes udgifter, klubbernes økonomiske og finansielle kapacitet, kreditorbeskyttelse, rationaliteten i klubbens økonomi, fremme af ansvarligt forbrug og beskyttelse af klubbernes langsigtede levedygtighed og bæredygtighed.
Finally, the club had to sell during the period under investigation its most valuable players, which mitigated the club's chances for success in sport competitions.
SPANIENS KOMMENTARER TIL BEMÆRKNINGERNE FRA DE INTERESSEREDE PARTER
Hercules CF was in the second division when it was given the loan.
I sine kommentarer til bemærkningerne fra de interesserede parter gentog Spanien sin holdning i brevet af 27. april 2015, som indeholdt de fleste af de argumenter, der er beskrevet i betragtning 36 til 45 ovenfor.
Therefore its geographical scope is, and has always been, local, and it has never taken part in European competitions.
VURDERING AF FORANSTALTNINGERNE
Elche CF has never qualified for a European competition and its economic influence rarely extends beyond the province of Alicante.
Forekomst af statsstøtte
Also, Elche is an entity, which, in itself, does not have the capacity to attract football players from other markets under financial conditions that would have altered competition.
For at konkludere, hvorvidt der er tale om statsstøtte, skal Kommissionen vurdere, hvorvidt alle kriterierne i artikel 107, stk. 1, i TEUF (dvs. overførsel af statsmidler, selektiv fordel, potentiel fordrejning af konkurrencevilkårene og påvirkning af samhandelen i EU) er opfyldt for hver af de fire undersøgte foranstaltninger.
Fundacion Valencia's obligation was to use the proceeds from the sale of the shares for the repayment of the guaranteed loan.
Statsmidler og tilregnelse til staten
Spain does not disagree with the Commission's preliminary findings (and even acknowledges) that IVF's decisions to grant the measures in question were imputable to the State, and that Valencia CF, Hercules CF and Elche CF were in difficulty at the time of the granting of the measures in question.
For at kunne betragtes som statsstøtte i henhold til artikel 107, stk. 1, i TEUF skal en foranstaltning gennemføres direkte eller indirekte ved hjælp af statsmidler, og den skal kunne tilregnes staten.
In addition, Spain acknowledges that the guarantees granted by IVF for the loans to Fundacion Valencia, Fundacion Hercules and Fundacion Elche covered in each case 100 % of the underlying loan capital, plus interest and costs of the guaranteed transaction.
Ifølge retspraksis skal en virksomheds midler betragtes som statslige midler, hvis staten ved at udøve sin dominerende indflydelse på sådanne virksomheder er i stand til at styre anvendelsen af deres midler [12].
Spain also advanced compatibility grounds for measures 1 and 4 (in favour of Valencia CF and Fundacion Valencia) under the 2004 R&R Guidelines, in case the Commission would conclude that they amount to State aid.
Overdragelsen af statsmidler kan ske på mange forskellige måder, herunder ved statsgarantier.
As regards return to viability, Spain considers that the 2009 viability plan ensures the long-term viability of Valencia CF.
Disse bringer statens midler i fare, da deres indfrielse sker over statens budget.
Furthermore, Spain is of the view that the sale of Valencia CF's most valuable players is an appropriate and proportionate compensatory measure.
Endvidere indebærer en garanti, for hvilken der ikke betales en passende modydelse, et tab af finansielle midler for staten.
Furthermore, in relation to aid limited to the minimum (own contribution), Spain claims that the participation of private buyers in the 2009 capital increase, amounting to EUR 18,8 million, should be accepted as own contribution.
Skabelsen af en konkret risiko for at pålægge staten en supplerende byrde i fremtiden i form af en garanti, er endvidere tilstrækkeligt efter artikel 107, stk. 1 [13].
Finally, as regards the ‘one time, last time’ principle, Spain is of the view that it was respected, since measure 4 only includes the increase of 10 November 2010 of the existing guarantee by EUR 6 million, which cannot therefore be considered as a new guarantee and thus new State aid to Valencia CF.
Kommissionen bemærker først, at IVF stod for alle de undersøgte foranstaltninger.
According to Spain, measure 4 does not include any other State guarantee, since in February 2013 IVF only paid EUR 4,9 million in order to cover Bankia's partial invocation of the State guarantee due the non-payment of the interest instalment of 26 August 2012.
Ifølge IVF's oplysninger på sit websted [14] blev instituttet oprettet ved lov nr. 7/1990 (28. december 1990) som et offentligretligt institut underlagt Valencias regering og har til formål at fungere som hovedinstrument i den offentlige lånepolitik og bidrage til udøvelsen af Valencias regerings beføjelser på det finansielle system.
Finally, the Commission notes that Spain has not provided a plan on the financial prospects of Hercules CF and Elche CF at the time when the State guarantees in their favour (2010 and 2011) were granted.
Ud fra overstående bemærker Kommissionen, at selve formålet med IVF er tæt forbundet med den offentlige administration og gennemførelsen af den offentlige myndigheds beslutninger.
In addition, Spain has not provided comments on the compatibility of measures 2 and 3 with the internal market on any grounds.
Spanien har ikke fremsendt nogen argumenter vedrørende denne indikator.
During the formal investigation procedure, the Commission received comments from Valencia CF and Fundacion Valencia, which coincide to a great extent with the comments made by Spain and IVF (see recitals 36-45 above).
Endvidere bemærkes det, at repræsentanter for Generalitat Valenciana deltager i IVF's bestyrelse (se betragtning 6 ovenfor).
In addition to those coinciding arguments, those interested parties argued the following:
På grundlag af ovenstående konkluderer Kommissionen, at staten havde en klar og direkte indflydelse på IVF.
Valencia CF argues that the sale of the shares that Fundacion Valencia had acquired in 2009 for a price above the acquisition price of EUR 48,08 per share (see recital 6 above), and the fact that those shares were pledged by IVF for its guarantee, show that IVF acted following the market economy investor principle because of the value of those shares which would cover IVF's risk as a guarantor.
Dette er ikke blevet bestredet af Spanien.
Valencia CF argues that, since the ownership of Valencia CF was transferred in the context of an open and competitive tendering procedure, the aid element was reflected in the market price and included in the purchase price.
Selektiv fordel
According to Valencia CF, in light of the above, the aid amount of the State guarantee would need to be recovered from the seller, i.e. Fundacion Valencia.
De undersøgte statslige foranstaltninger giver en selektiv fordel, fordi de giver enkelte virksomheder en fordel.
Valencia CF furthermore supports that the aggregated market value of its players [10] together with the fact that its registered capital in the period 2007-2009 was not lost but remained stable and the club returned to profits in 2011 and 2012 could be sufficient to rebut the presumption that Valencia CF was in financial difficulties because it had a negative equity during the 2007-2009 period.
I denne sag gav de pågældende statslige foranstaltninger mulighed for at finansiere de tre fondes køb af aktier i de tre undersøgte klubber ved hjælp af kapitalindsprøjtninger.
In addition, 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.
Rentabilitetsplanen indeholder ikke en følsomhedsanalyse af de risici, der kunne have en indvirkning på Valencia CF's økonomiske resultater.
In addition, Valencia CF submits that the calculation of any aid element should take into account the fact that at the time of the measure under scrutiny Valencia CF was not in ‘bad/financial difficulties’ but rather had a ‘satisfactory rating category’ and that the pledge over Valencia CF's shares granted by Fundacion Valencia to IVF should be considered as a ‘high’ or, at least, a ‘normal’ level of collateralisation.
Der manglede vigtige dele af denne vurdering, herunder indvirkningen af klubbens forskellige mulige placeringer i den endelige tabel, prisændringer på ejendomsmarkedet, sponsormarkedet eller tv-markedet, potentielle risici knyttet til fansenes mulighed for at betale for sæson- eller kampbilletter, spillernes risiko for skader, ændringer på transfermarkedet osv.
Valencia CF also argues that the 2009 guarantee would be compatible with the 2009 Temporary Community framework for State aid measures to support access to finance in the current financial and economic crisis [11] which was adopted to address deficiencies stemming from the economic and financial crisis which began in October 2008.
Endvidere var de finansielle resultater, der blev forudsagt i rentabilitetsplanen, under et niveau, der kan betragtes som værende tilstrækkeligt til at genoprette Valencia CF's langsigtede rentabilitet.
Fundacion Valencia submits that its administrative bodies adopted a payment plan which was submitted to Generalitat Valenciana and to Bankia in order for the latter to grant the guarantee and loan in question.
Som illustreret i tabel 4 ovenfor, indeholdt rentabilitetsplanen fra 2009 driftstab frem til det regnskabsår, der sluttede i juni 2013, dvs. de fire år efter foranstaltning 1.
According to that payment plan, Fundacion Valencia had the obligation to sell all the acquired shares in Valencia CF by 30 June 2015, as follows: (a) in Phase 1, to be concluded on 31 December 2010, Fundacion Valencia would sell at least 47663 shares at the price of EUR 53,5 per share, with proceeds of approximately EUR 2,5 million; and (b) in Phase 2, to be concluded on 30 June 2015, Fundacion Valencia would sell 852452 shares at prices ranging from EUR 53,5 to EUR 67,5 per share.
Endvidere var det driftsresultat, der blev forudsat for de regnskabsår, der sluttede i juni 2014 og juni 2015, forbundet med meget lave overskudsgrader, hhv. 1 % og 4 %.
Fundacion Valencia marks the deadline of 30 June 2015 as coinciding exactly with the maturity date of the guaranteed loan.
Endelig med hensyn til klubbens forventede indtjening før skat frem til det regnskabsår, der sluttede i juni 2015, gælder der samme analyse som for driftsresultatet ovenfor, hvorimod det væsentligt højere resultat på 50,5 mio. EUR i det regnskabsår, der sluttede i juni 2011, og 154,8 mio. EUR i juni 2012, ikke er repræsentative for klubbens økonomiske resultater, men er helt ekstraordinære resultater, som skyldes salg af grunde.
Fundacion Valencia's obligation was to use all proceeds from the sale of the shares to amortise the guaranteed loan.
På grundlag af ovenstående mener Kommissionen ikke, at rentabilitetsplanen fra 2009 viser, at Valencia CF ville få mulighed for at tilbagebetale det garanterede lån fra 2009, eftersom den ikke indeholdt nogen oplysninger om, at Valencia CF ville overvinde sine årlige tab eller væsentligt højere gæld, og den manglede troværdige og udførlige finansielle prognoser, som en rimelig og troværdig rentabilitetsplan bør indeholde.
Fundacion Valencia indicates that the sale price of the shares was to be equivalent to their nominal value plus any interest that might accrue on the guaranteed loan over the period in question.
Endvidere gør Valencia CF gældende, at den åbne udbudsproces iværksat at Fundación Valencia, det store antal tilbudsgivere og den købspris, som Meriton Holdings Limited betalte, bekræftede, at den reelle økonomiske værdi af Valencia CF var højere end den nettoværdi, der fremgik af Valencia CF's årsregnskab og omfatter markedsværdien af spillerne, klubbens varemærke og dens internationale dimension.
Similarly, the sale amount was to be increased if the annual interest on the loan agreement concluded between Fundacion Valencia and Bankia for the acquisition of the shares were to increase (i.e. exceed the agreed 6 %).
Kommissionen kan ikke godtage dette argument, eftersom salget af klubbens aktier til Meriton Holdings Limited fandt sted i 2014, dvs. fem år efter 2009, hvor foranstaltning 1 blev ydet, og mere end tre år efter foranstaltning 4, hvorfor det ikke er relevant for vurderingen af Valencia CF's økonomiske situation i 2009.
Fundacion Valencia adds that the guaranteed loan was to be repaid also with the use of monetary contributions by institutional trustees and third parties (public institutions and private companies) and by recurring income obtained from its regular activities.