natgillin/translations-raw huggingface dataset:
Efter flere brevvekslinger [7] meddelte Tilsynsmyndigheden ved brev af 21. december 2004 de islandske myndigheder, at den havde besluttet at indlede proceduren efter artikel 1, stk. 2, i del I i protokol 3 til aftalen om Tilsynsmyndigheden og Domstolen med hensyn til salget af den islandske stats aktier i Sementsverksmiðjan hf. (registreringsnr.
After various exchanges of correspondence [7], by letter dated 21 December 2004 the Authority informed the Icelandic authorities that it had decided to initiate the procedure laid down in Article 1(2) of Part I of Protocol 3 to the Surveillance and Court Agreement in respect of the sale by the Icelandic State of its shares in Sementsverksmiðjan hf.
Tilsynsmyndighedens beslutning nr. 421/04/KOL om at indlede proceduren blev offentliggjort i Den Europæiske Unions Tidende og EØS-tillægget [8].
The Authority’s Decision No 421/04/COL to initiate the procedure was published in the Official Journal of the European Union and the EEA Supplement thereto [8].
De islandske myndigheder fremsendte deres kommentarer til denne beslutning ved brev af 24. februar 2005 (registreringsnr. 311243).
The Icelandic authorities submitted comments on this Decision by letter dated 24 February 2005 (Event No 311243).
Den 20. juni 2005 modtog Tilsynsmyndigheden bemærkninger fra Íslenskt sement ehf., køberen af Sementsverksmiðjan hf. (registreringsnr.
On 20 June 2005, the Authority received comments from Íslenskt sement ehf., the purchaser of Sementsverksmiðjan hf.
Den 2. september 2005 fremsendte Aalbort Portland Íslandi ehf. yderligere bemærkninger (registreringsnr.
On 2 September 2005, Aalborg Portland Íslandi ehf. submitted further comments (Event No 333018).
Tilsynsmyndigheden bad om bistand fra en uafhængig ekspert, Erlend Kvaal, docent ved den norske forvaltningsskole BI i Oslo, for at fastslå, om salget af statens aktier i Sementsverksmiðjan hf. var sket i overensstemmelse med det markedsøkonomiske investorprincip.
The Authority requested the assistance of an independent expert, Mr Erlend Kvaal, Associate Professor at the Norwegian School of Management BI in Oslo, to determine whether the sale of the State’s shares in Sementsverksmiðjan hf. was done in accordance with the market investor principle.
På grundlag af den uafhængige eksperts første vurdering af oplysningerne om salget, som Tilsynsmyndigheden havde adgang til, blev der sendt en anmodning om oplysninger til de islandske myndigheder den 12. juli 2005 (registreringsnr. 326295).
Based on the independent expert’s first assessment of the information on the sale available to the Authority, an information request was sent to the Icelandic authorities on 12 July 2005 (Event No 326295).
Der blev sendt en ny anmodning om oplysninger til de islandske myndigheder inden for rammerne af den formelle undersøgelsesprocedure den 28. oktober 2005 (registreringsnr. 347691).
A second information request was sent to the Icelandic authorities in the framework of the formal investigation procedure on 28 October 2005 (Event No 347691).
Denne anmodning blev fulgt op af et møde i Bruxelles den 23. november 2005 mellem repræsentanter for Tilsynsmyndigheden, de islandske myndigheder, Sementsverksmiðjan hf. og en af de investorer, der deltager i det konsortium, der opkøbte statens aktier.
This request was followed by a meeting in Brussels on 23 November 2005 between representatives of the Authority, the Icelandic authorities, Sementsverksmiðjan hf. and one of the investors participating in the consortium which acquired the State’s shares.
Den uafhængige ekspert, som Tilsynsmyndigheden havde brugt, deltog ligeledes i dette møde.
The independent expert engaged by the Authority attended this meeting as well.
Ved brev af 6. december 2005, der indgik og blev registreret af Tilsynsmyndigheden den 7. december 2005 (registreringsnr. 353483), fremsendte Islands mission ved Den Europæiske Union et brev fra finansministeriet af 2. december 2005 som svar på ovennævnte anmodning om oplysninger og på visse udestående spørgsmål, der opstod under mødet.
By letter dated 6 December 2005, received and registered by the Authority on 7 December 2005 (Event No 353483), the Icelandic Mission to the EU forwarded a letter from the Ministry of Finance dated 2 December 2005, replying to the abovementioned information request as well as to some pending issues raised during the meeting.
Den 31. januar 2006 forelagde den uafhængige ekspert Tilsynsmyndigheden en endelig rapport om, hvorvidt salget af den islandske stats aktier i Sementsverksmiðjan hf. var gennemført på markedsvilkår (registreringsnr. 360438).
On 31 January 2006, the independent expert presented to the Authority his final report on whether the sale by the Icelandic State of its shares in Sementsverksmiðjan hf. had been accomplished on market terms (Event No 360438).
Den 16. februar, 9. marts og 4. august 2006 sendte Tilsynsmyndigheden brev til de islandske myndigheder med en anmodning om yderligere oplysninger og en afklaring af stadig udestående spørgsmål (registreringsnr. 363213, 365145 og 383227).
On 16 February, 9 March and 4 August 2006, the Authority sent letters to the Icelandic authorities requesting further information and clarifications on still unclear points (Event Nos 363213, 365145 and 383227).
De islandske myndigheder svarede ved brev af henholdsvis 20. februar, 19. april og 25. september (registreringsnr. 363608, 370425 og 390092).
The Icelandic authorities replied with letters dated 20 February, 19 April and 25 September respectively (Event Nos 363608, 370425 and 390092).
Den 12. oktober 2006 blev sagen drøftet på det årlige statsstøttemøde i Reykjavik.
On 12 October 2006 at the annual State Aid Package Meeting in Reykjavik, this case was discussed.
Som en opfølgning på disse drøftelser sendte de islandske myndigheder et brev til Tilsynsmyndigheden den 2. november 2006 (registreringsnr. 396476).
As a follow-up to this discussion, the Icelandic authorities sent a letter to the Authority on 2 November 2006 (Event No 396476).
Den 29. november 2006 vedtog Tilsynsmyndigheden beslutning nr. 367/06/KOL om en udvidelse af den formelle undersøgelsesprocedure, der blev indledt ved Tilsynsmyndighedens beslutning nr. 421/04/KOL.
On 29 November 2006, the Authority adopted Decision No 367/06/COL to extend the formal investigation procedure opened with the Authority’s Decision No 421/04/COL.
Udvidelsen vedrører statens overtagelse af Sementsverksmiðjan hf.'s pensionsforpligtelser som led i selskabets forberedelse til salg.
The extension relates to the taking over by the State of pension related liabilities of Sementsverksmiðjan hf. in the process of preparing the company for sale.
Med denne beslutning afslutter Tilsynsmyndigheden den formelle undersøgelse vedrørende salget af den islandske stats aktier i Sementsverksmiðjan hf. til investeringskoncernen Íslenskt sement ehf. til en pris af 68 mio. ISK.
With the current Decision, the Authority closes the formal investigation opened on the sale of the Icelandic State’s shares in Sementsverksmiðjan hf. to the investors group Íslenskt sement ehf. for the price of ISK 68 million.
De øvrige aspekter i den formelle undersøgelsesprocedure indgår fortsat i undersøgelsen.
The other elements of the formal investigation procedure remain under investigation.
Beskrivelse af støtteforanstaltningerne i denne beslutning
Description of the measures assessed in the current decision
Det statsejede selskab Sementsverksmiðjan hf. havde et de facto monopol på markedet for cement i Island indtil 2000, hvor en cementimportør fra Danmark kom ind på markedet.
The State-owned undertaking Sementsverksmiðjan hf. had enjoyed a de facto monopoly in the market for cement in Iceland until the entry in 2000 of an importer of cement from Denmark. It seems that as a result of the new competitive situation, Sementsverksmiðjan hf. experienced economic difficulties and started cumulating losses.
Det ser ud til, at Sementsverksmiðjan hf. som følge af denne nye konkurrencesituation oplevede økonomiske vanskeligheder og begyndte at operere med tab. I den situation besluttede staten i 2003 at sælge sine aktier i selskabet [9].
Under these circumstances, in 2003, the State decided to sell its shares in the company [9].
Det hedder i statens erklæring om aktiesalget: »Eksekutivkomitéen vedrørende privatisering og industriministeren har til hensigt at sælge alle de aktier, staten på nuværende tidspunkt ejer i Sementsverksmiðjan hf. til et nominelt beløb på 450000000 ISK til en individuel investor eller en investeringskoncern.
According to the State’s announcement on the selling of the shares: ‘The Executive Committee on Privatisation and the Minister of Industry intend to sell all shares currently owned by the State in Sementsverksmiðjan hf. of the nominal amount of 450000000 kr. to an individual or group of investors.
Dette vedrører 100 % af de aktier, selskabet har udstedt.
This regards 100 % of issued stock in the company.
Det forventes, at købsprisen betales kontant.
It is expected that the purchase price will be paid with cash.
Der søges en investor, der er interesseret i at fortsætte selskabets drift, styrke det og bidrage til sund konkurrence på det islandske marked for byggeri.«
An investor is sought who is interested in continuing the operations of the company, strengthening it and contributing to healthy competition in the Icelandic construction market.’
Den 2. oktober 2003 underskrev industriministeren på vegne af Islands regering en aftale om aktieopkøb med investeringskoncernen Íslenskt sement ehf.
On 2 October 2003, the Ministry of Industry, on behalf of the Government of Iceland, signed a Share Purchase Agreement with the investors group Íslenskt sement ehf.
Denne aftale betød, at staten, der ejede 100 % af aktierne i Sementsverksmiðjan hf., solgte dem til Íslenskt sement ehf. til en pris af 68 mio. ISK.
On the basis of this Agreement, the State, owner of 100 % of the shares in Sementsverksmiðjan hf., sold them to Íslenskt sement ehf. for a price of ISK 68 million.
Samtidig blev der indgået en separat aftale mellem Sementsverksmiðjan hf. og finansministeriet.
Simultaneously, a separate agreement was made between Sementsverksmiðjan hf. and the National Treasury.
Ifølge denne aftale købte den islandske stat visse anlægsaktiver og finansielle aktiver af Sementsverksmiðjan hf., der ikke var nødvendige for cementproduktion, til en pris af 450 mio. ISK.
According to this agreement, the Icelandic State bought certain fixed and financial assets from Sementsverksmiðjan hf., which were redundant for cement production, for the price of ISK 450 million.
Overskuddet blev brugt til at betale selskabets udestående gæld.
Proceeds were used to pay outstanding debts of the company.
Ifølge artikel 4 i aftalen om aktieopkøb mellem Islands regering og Íslenskt sement ehf. overtog den islandske stat endvidere Sementsverksmiðjan hf.'s pensionsforpligtelser gennem en aftale mellem finansministeriet og pensionsfonden for statsansatte.
In addition, following Article 4 of the Share Purchase Agreement between the Government of Iceland and Íslenskt sement ehf., the Icelandic State took over pension liabilities encumbered on Sementsverksmiðjan hf. by means of an agreement between the Ministry of Finance and the Pension Fund of State Employees.
Med andre ord blev det selskab, hvis aktier Íslenskt sement ehf. købte, frataget disse aktiver og forpligtelser.
In other words, the company, the shares of which Íslenskt sement ehf. bought, was accordingly stripped for these assets and liabilities.
Det er denne transaktion, nemlig salget af Sementsverksmiðjan hf. til Íslenskt sement ehf., der behandles i denne beslutning.
It is this transaction, the sale of Sementsverksmiðjan hf. to Íslenskt sement ehf., which is addressed in the current decision.
Den formelle undersøgelsesprocedure vedrørende de øvrige påståede statsstøtteforanstaltninger til fordel for Sementsverksmiðjan hf., der blev indledt med beslutning nr. 421/04/KOL, er blevet udvidet til at omfatte statens overtagelse af selskabets pensionsforpligtelser med beslutning nr. 367/06/KOL og vil blive behandlet i en anden beslutning.
The formal investigation procedure regarding the other alleged State aid measures in favour of Sementsverksmiðjan hf. initiated with Decision No 421/04/COL has been extended to cover the taking over by the State of pension-related liabilities of the company with Decision No 367/06/COL, and will be addressed in another decision.
Begrundelse for at indlede den officielle undersøgelsesprocedure
Grounds for initiating the formal investigation procedure
Hvad angår statens salg af 100 % af dens aktier i Sementsverksmiðjan hf., var Tilsynsmyndigheden i beslutning nr. 421/04/KOL om at indlede den formelle undersøgelsesprocedure i tvivl om, hvorvidt kapitel 18B i retningslinjerne for statsstøtte ved offentlige myndigheders salg af jord og bygninger kunne anvendes.
Regarding the sale by the State of 100 % of its shares in Sementsverksmiðjan hf., in Decision No 421/04/COL to open the formal investigation procedure, the Authority questioned the applicability to the case at hand of Chapter 18B of the State Aid Guidelines on the sale by public authorities of land and buildings.
Tilsynsmyndigheden mente ikke, at staten blot solgte jord og bygninger, som den ejede, men sine aktier i et 100 % ejet selskab.
The Authority considered that the State was not merely selling land and buildings which it owned but its shares in a 100 % owned undertaking.
Endvidere tvivlede Tilsynsmyndigheden på, at salget var sket i overensstemmelse med det markedsøkonomiske investorprincip.
Furthermore, the Authority had doubts whether the sale had taken place in accordance with the market investor principle.
Det var usikkert, i hvilket omfang staten i forhandlingsprocessen havde taget højde for andre overvejelser end den rent økonomiske gevinst ved transaktionen, og om salgsprisen derfor svarede til selskabets markedsværdi.
It was uncertain to what extent the State took into account other considerations beyond the mere economic return of the transaction during the negotiation process and whether, accordingly, the price obtained in the sale corresponded to the market value of the company.
Ved anmeldelsen af transaktionen fremlagde de islandske myndigheder en værdiansættelse af Sementsverksmiðjan hf. udført af en uafhængig ekspert på basis af likvidationsværdien.
With the notification of the transaction, the Icelandic authorities had presented a valuation of Sementsverksmiðjan hf. carried out by an independent expert on the basis of the liquidation value.
I beslutningen om at indlede den formelle undersøgelsesprocedure rejste Tilsynsmyndigheden tvivl om, hvorvidt værdien af et selskab i drift kunne antages at svare til likvidationsværdien, der er baseret på den antagelse, at transaktionerne ophører.
In the decision to open the formal investigation procedure, the Authority questioned whether the value of a company in operation could be assumed to be equivalent to its liquidation value, which is based on the supposition that operations would cease.
Tilsynsmyndigheden argumenterede, at hvis markedsværdien for 100 % af statens aktier i Sementsverksmiðjan hf. var højere end 68 mio. ISK, som Íslenskt sement ehf. betalte, ville staten have solgt selskabet under markedspris.
The Authority reasoned that had the market value of 100 % of the State’s shares in Sementsverksmiðjan hf. been higher than the price of ISK 68 million paid by Íslenskt sement ehf., the State would have sold the company below its market price.
Der ville have været involveret statsmidler ifølge artikel 61, stk. 1, i EØS-aftalen i form af mistede indtægter, da staten ville have fået en lavere pris, end en privat markedsøkonomisk investor ville have fået for de samme aktiver.
State resources within the meaning of Article 61(1) of the EEA Agreement would have been involved, in form of foregone revenue, because the State would have obtained a lower price than a private operator, acting on market terms, would have got for the same assets.
Bemærkninger fra de islandske myndigheder
Comments from the Icelandic authorities
Ved brev af 23. februar 2005 fremsendte de islandske myndigheder deres kommentarer til Tilsynsmyndighedens beslutning om at indlede den formelle undersøgelsesprocedure vedrørende salg af statens aktier i Sementsverksmiðjan hf.
In a letter dated 23 February 2005, the Icelandic authorities submitted their comments on the Authority’s decision to open the formal investigation procedure regarding the sale of the State’s shares in Sementsverksmiðjan hf.
De islandske myndigheder understregede, at en af de vigtigste begrundelser for betingelsen om, at cementproduktionen skulle fortsætte, var at øge værdien af Sementsverksmiðjan hf. med henblik på salg til tredjemand.
The Icelandic authorities stressed that one of the most important reasons for the existence of the condition that cement production should continue was to raise the value of Sementsverksmiðjan hf. when selling the company to a third party.
De islandske myndigheder anførte, at: »Hvis der ikke fandtes en sådan betingelse, ville omkostningerne ved at rydde produktionsstedet være umiddelbare for køberen.
The Icelandic authorities stated that: ‘If no such condition would be applicable the costs for clearing the site would be immediate for the buyer.
Ved at pålægge en betingelse om, at cementproduktionen skulle fortsætte, forblev denne omkostning latent.
By imposing a condition that cement production would continue this cost remained latent.
Endvidere bør det bemærkes, at betingelsen blev forhandlet med køberne og indsat i aftalen om aktieopkøb som en hensigt fra købernes side om at fortsætte driften af Sementsverksmiðjan hf., så længe det var økonomisk forsvarligt.
Furthermore, it should be noted that the condition was negotiated with the buyers and incorporated in the Share Purchase Agreement as solely an intention from the buyers to continue the operation of Sementsverksmiðjan hf. as long as it is economically viable.
Staten kan ikke pålægge køberne at drive selskabet videre, hvis det ikke er økonomisk forsvarligt.
The State cannot impose the buyers to run the company if not economically viable.
Det kan ikke betragtes som bevis på, at staten tog højde for andre overvejelser end de rent økonomiske«.
This cannot be seen as evidence that the State took considerations beyond the economic return into account.’
De islandske myndigheder mener, som også nævnt i Tilsynsmyndighedens retningslinjer, at der kun er tale om statsstøtte i de tilfælde, hvor der ikke er objektive grunde til med rimelighed at forvente, at en investering giver et passende afkast, som vil være acceptabelt for en privat investor i en tilsvarende privat virksomhed, der drives på normale markedsvilkår.
In the opinion of the Icelandic authorities, as also stated in the authority’s guidelines, it is only where there are no objective grounds to reasonably expect that an investment gives an adequate rate of return that would be acceptable to a private investor in a comparable private enterprise operating under normal market conditions, that State aid can be involved.
De islandske myndigheder anførte, at: »I betragtning af ovenstående kan man ikke sige, at staten ikke havde objektive grunde til at tro, at salget af Sementsverksmiðjan ikke ville give staten et passende afkast.
The Icelandic authorities submitted that: ‘In consideration of the above it cannot be held that there were no objective grounds for the State to believe that the sale of Sementsverksmiðjan would not give the State an adequate rate of return.
Tværtimod kunne staten efter forhandlinger med køberne forvente en købspris for selskabet, der lå noget over markedsværdien.
On the contrary, the State could, after negotiations with the buyers, expect a purchase price for the company well above the market value.
Det må derfor konkluderes, at staten ikke fik et lavere afkast end en privat markedsøkonomisk investor ville have fået for de samme aktiver.
Hence, it must be concluded that the State did not obtain lower revenue than a private operator, acting on market terms, would have got for the same assets.
Staten handlede derfor i overensstemmelse med det markedsøkonomiske investorprincip.
The State therefore acted in accordance with the market economy investor principle.
Tilsynsmyndigheden skal derfor påvise, at staten ikke kunne forvente et passende afkast.
It is for the Authority to show that the State could not expect an adequate rate of return.
Da dette ikke er sket og ifølge statens synspunkt ikke kan ske, må det konkluderes, at staten har handlet i overensstemmelse med det markedsøkonomiske investorprincip«.
Since this has not been shown, and in the State’s opinion cannot be shown, it must be concluded that the State has acted according to the market economy principle.’
Ved anmeldelsen af transaktionen anførte de islandske myndigheder, at værdien af selskabet svarede til dets likvidationsværdi.
In the notification of the transaction, the Icelandic authorities argued that the value of the company corresponded to its liquidation value.
Likvidationsværdien for Sementsverksmiðjan hf. var blevet vurderet til – 46,5 mio. ISK under hensyntagen til omkostningerne ved at rydde anlægget i Akranes.
The liquidation value of Sementsverksmiðjan hf. had been estimated to correspond to ISK – 46,5 million without taking into account the costs of clearing the plant in Akranes.
I beslutningen om at indlede den formelle undersøgelse rejste Tilsynsmyndigheden tvivl om, hvorvidt markedsværdien for et selskab, der sælges som en virksomhed i drift, skulle fastsættes på grundlag af likvidationsværdien.
In the decision to open the formal investigation procedure, the Authority expressed doubts as to whether the market value of a company which was sold as going concern should be determined by using the liquidation value.
I de islandske myndigheders bemærkninger til Tilsynsmyndighedens beslutning om at indlede den formelle undersøgelsesprocedure henviste de endvidere til de værdiansættelser efter cash flow-metoden, de havde fremsendt til Tilsynsmyndigheden.
In their comments to the Authority’s decision to open the formal investigation procedure, the Icelandic authorities furthermore referred to the cash-flow valuations submitted to the Authority.
Ifølge værdiansættelsen efter cash flow-metoden i bilaget til deres brev af 23. februar 2005 beløb markedsværdien af Sementsverksmiðjan hf. sig bl.a. til – 1,5 mia. ISK.
In particular, according to the cash-flow valuation provided in the annex to their letter of 23 February 2005, the market value of Sementsverksmiðjan hf. amounted to an amount of ISK – 1,5 billion.
På dette grundlag mente de islandske myndigheder, at markedsværdien af Sementsverksmiðjan hf. som en virksomhed i drift var betydelig lavere end likvidationsværdien.
On this basis, the Icelandic authorities considered that the market value of Sementsverksmiðjan hf. as a going concern was considerably lower than its liquidation value.
De islandske myndigheder anførte endvidere, at da markedsværdien af Sementsverksmiðjan hf., uanset om man anvendte en værdiansættelse efter cash flow-metoden eller efter likvidationsmetoden, var lavere end salgsprisen på 68 mio. ISK, havde hverken Sementsverksmiðjan hf. eller Íslenskt sement ehf. opnået økonomiske fordele ifølge EØS-aftalens artikel 61, stk. 1.
The Icelandic authorities further contended that since the market value of Sementsverksmiðjan hf., whether applying a cash-flow valuation or a liquidation valuation was lower than the sales price of ISK 68 million, neither Sementsverksmiðjan hf. nor Íslenskt sement ehf., had obtained any economic advantage within the meaning of Article 61(1) of the EEA Agreement.