natgillin/translations-raw huggingface dataset:
In the alternative, the Commission would point out that this argument by the Belgian authorities is tantamount to confirming that no serious separate analysis had been carried out of the expected profitability of marketable risks and that, therefore, in order to correctly apply the private investor test, the profitability of the entire capital granted to Ducroire/Delcredere should be examined.
Uue ekspordikrediidikindlustust käsitleva teatise sätted ei muuda komisjoni antud hinnangut.
The Commission observes, purely in the alternative, that, even if account were taken of the projections for the result of the marketable risk activity as reviewed and submitted by the Belgian authorities in 2011 [81] — which the Commission does not accept since they did not exist at the time of the investment — and if this result were divided by the capital relating to marketable risks as estimated by the Commission (in other words EUR [45-65] million), the estimated ROC for 2005-07 would still be below the risk-free rate.
Sellest tulenevalt ei saa kõnealust meedet pidada siseturuga kooskõlas olevaks Euroopa Liidu toimimise lepingu artikli 107 lõike 3 tähenduses.
Contrary to the ONDD's calculations of profitability, the estimation of expected profitability, as indicated in the previous recital, is based on the entire estimated capital for marketable risks, including the non-paid-up part of the capital.
ERALDI HALDAMISE JA ERALDI RAAMATUPIDAMISARVESTUSE PIDAMISE KOHUSTUS
The Belgian authorities' argument (see recital (79)) whereby the part of the capital subscribed in 2004 but paid up in 2009 should not be taken into account in the estimated profitability calculations before 2009, cannot be accepted.
Ekspordikrediidikindlustust käsitleva teatise punkti 4.3 kohaselt peavad turukõlbmatute riskidega seotud tegevuse jaoks riigi toetust saavad ettevõtjad vähemalt eraldi haldama turukõlblike riskide ja turukõlbmatute riskide kindlustamist ning pidama nende kohta eraldi raamatupidamisarvestust, et tagada, et turukõlbmatute riskidega seotud tegevuse jaoks eraldatud kapitali ei kasutataks turukõlblike riskidega seotud tegevuse jaoks, mis kahjustaks konkurentsi.
While this capital was not paid up in 2004, it could in fact be called upon at any time since it had been subscribed when Ducroire/Delcredere was set up.
Belgia ametiasutuste väitel teostati lühiajaliste riskidega seotud tegevust alates 1. jaanuarist 2005 seoses tegevuse üleandmisega ettevõtjas SA Ducroire olemasoleva kapitaliga (ilma täiendava kapitali eraldamiseta).
A private investor in a market economy would demand remuneration for the risks incurred in relation to this investment, since he could lose part or all of his investment in the event of bankruptcy.
Lisaks sellele on Belgia seisukohal, et kapital eraldati erainvestori jaoks vastuvõetavatel tingimustel.
Thus the calculations produced by the Belgian authorities cannot be accepted.
Belgia ametiasutused väidavad, et kuivõrd ettevõtja SA Ducroire ei saa riigi toetust, seejuures isegi mitte oma turukõlbmatute riskidega seotud tegevuse eest, ei ole vajadust sisse seada eraldi raamatupidamisarvestust.
However, it must be recognised that this investor can invest the amount of the non-paid-up capital corresponding to his investment, so long as this capital is not called in, in risk-free investments that can be cashed-in in the short or medium term, thereby benefiting from the profitability rate applicable to this type of investment.
Jaotises V.1.1.2 jõuti järeldusele, et üleantud tegevusega seotud kapitali suurus oli [45–75] miljonit eurot ning et seetõttu oli tegemist [75–100] miljoni euro suuruse lisakapitaliga, millest [35–65] miljoni euro suurust summat kasutati tegelikult turukõlbmatute riskidega seotud tegevuse jaoks.
As a result, such an investor would be able to rely on remuneration for a non-paid-up capital investment corresponding only to the risk premium of the company in which he is investing (in other words, the difference between the expected profitability rate of a capital investment in a similar undertaking and the profitability rate of risk-free investments that can be cashed-in in the short or medium term) [82].
Sel põhjusel jäeti kõnealune [35–65] miljoni euro suurune summa meetme abina kvalifitseerimisel välja.
Consequently, the expected profitability of a partly paid-up capital investment must be estimated by taking account of the entire capital subscribed, adjusting the result of the expected return rate for the capital that is not paid up.
Belgia ametiasutuste väide, mille kohaselt turukõlbmatute riskidega seotud tegevusele ei antud riigi toetust, tuleb seega tagasi lükata, sest tõendamist leidis lisakapitali olemasolu, millest toetati osaliselt turukõlbmatute riskidega seotud tegevust.
The Commission has simulated various scenarios, including the most favourable case for expected profitability, namely that which consists in accepting that, of the EUR [45-65] million supporting the marketable risk activity, only EUR [10-25] million was paid up in 2004 (in other words, the capital already supporting marketable risks in the ONDD), and regarding the remaining EUR 36,6 million as capital that was not paid-up, which therefore required only a risk premium.
Lisaks sellele nähti ettevõtja SA Ducroire kogu tegevuse 2004. aasta finantsprognoosides ette eeldatav tootlus, mis oli väiksem sama ajajärgu riskivabade investeeringute omast [90].
In carrying out this simulation, the income corresponding to the return on a risk-free medium-term investment of EUR 36,6 million was added to the expected profitability of marketable activities.
Eeldatav tootlus oli seega väiksem tootlusest, mis oleks rahuldanud turutingimustes tegutsevat erainvestorit.
More precisely, the part of the capital not paid up multiplied by the expected profitability rate at the time for risk-free medium-term liquid investments [83] was added to the provisional result for marketable activities [84].
Sellest võib järeldada, et turukõlbmatute riskidega seotud tegevus sai jätkuvalt riigi toetust.
Next, this sum is divided by the average capital supporting the marketable risk activity.
Kuivõrd turukõlbmatute riskidega seotud tegevus sai vaadeldaval ajajärgul ja saab jätkuvalt riigi toetust, oleks ettevõtja SA Ducroire kui turukõlblike riskidega seotud tegevust hõlmav ettevõtja pidanud asutamisest alates täitma ekspordikrediidikindlustust käsitleva teatise punktis 4.3 sätestatud nõudeid ning seadma sisse turukõlblike riskide ja turukõlbmatute riskide eraldi haldamise, samuti pidama nende kohta eraldi raamatupidamisarvestust.
The result is the expected return on average equity (ROAE), which is estimated at approximately 4 % for the investment in 2005-07.
Uues ekspordikrediidikindlustust käsitlevas teatises on kõnealune kohustus säilinud (vt uue ekspordikrediidikindlustust käsitleva teatise punkt 15).
The expected profitability calculated in this way is scarcely equal to the average rate for long-term Belgian government bonds in 2004 (see recital (155)).
Kõnealune kohustus on ettevõtja SA Ducroire jaoks endiselt siduv.
Even using an investment rate of 3,5 %, as suggested by the Belgian authorities (see recital (80)), the expected profitability would not change significantly and would not achieve the estimated capital cost calculated by Belgium itself.
Turukõlbmatute riskidega seotud tegevuse ja turukõlblike riskidega seotud tegevuse eraldi haldamine ja eraldi raamatupidamisarvestus tuleb sisse seada viivitamata.
The estimated profitability (as referred to in recital (168)) takes account of contributions to the equalisation provision, contrary to what is advocated by the Belgian authorities.
Sellise eraldi haldamise ja eraldi raamatupidamisarvestuse pidamise puudumise tõttu ei saa turukõlbmatute riskidega seotud tegevuse jaoks antud [35–65] miljoni euro suuruse toetust jätta meetme abiks kvalifitseerimise puhul arvesse võtmata.
Since the constitution of this provision, required by the Belgian prudential authorities, is intended to ensure a balance in results over time and to cover future potential losses resulting from future activities, it is more appropriate to take account of it when calculating profitability.
Käesolevas otsuses tehtud järeldus, mille kohaselt kõnealust [35–65] miljoni euro suurust summat kasutati turukõlbmatute riskidega seotud tegevuse rahastamiseks, põhineb teatavatel osaliselt mittekontrollitavatel eeldustel, mis on seotud asjaomaste kontode tagasiulatuva eraldamisega (ettevõtjas SA Ducroire ei olnud reaalselt ametlikult mingeid eraldatud kontosid).
Even if the provision was not taken into account (as a cost when estimating profit), the expected profitability would not equal the capital cost estimated by the Belgian authorities themselves (in this Decision, the Commission does not comment on the validity of the Belgian authorities' estimate of the capital cost since the reasoning in this Decision is not based on that figure).
Eraldi haldamise ja eraldi raamatupidamisarvestuse pidamise nõude eesmärk on nimelt vältida sellist tagasivaatavat tööd, mis põhineb paratamatult teatavatel osaliselt mittekontrollitavatel eeldustel.
It seems, therefore, that, even when the elements put forward by the Belgian authorities are applied (elements which the Commission regards as wrong), the expected profitability of the marketable risk activity was insufficient to convince a private investor in a market economy to proceed with such an investment.
Eeskätt ei pea komisjon võimalikuks eraldada turukõlbmatute riskidega seotud tegevuse jaoks vähem kapitali — ja seega turukõlblike riskide jaoks rohkem kapitali — kui nende summade ulatuses, mis on esitatud 31. detsembri 2011. aasta seisuga koostatud eraldatud bilansis, mille Belgia ametiasutused edastasid 2012. aasta mais.
In the alternative, as regards the method advocated by the Belgian authorities in their reply to the Commission's request for information in December 2007, in order to estimate profitability or the ROC ratio, the Commission would point out that this ratio was not used in the ONDD's ex ante financial projections (business plan).
Lisaks sellele rõhutab komisjon asjaolu, et eraldatud raamatupidamisarvestuse puudumine alates ettevõtja SA Ducroire asutamise hetkest muutis meetme 3 analüüsi märgatavalt keerulisemaks ja sundis komisjoni oma analüüsi teostama teatud oletuste alusel.
Moreover, such a ratio highlights the technical income on turnover, does not take account of the capital invested and does not state the profitability in relation to it.
Kuivõrd eraldi raamatupidamisarvestuse pidamine oli ettevõtja SA Ducroire kohustus, ei saa kõnealune ettevõtja heita komisjonile ette lähtumist teatud oletustest või analüüsi käigus teatud üldise lähenemisviisi väljatöötamist.
Nor does it take account of the result of purely financial activities, which, however, forms part of the accounting profit that can be distributed to shareholders.
Sellise üldise lähenemisviisi puudumisel oleks komisjon võinud lihtsalt käsitada kogu [75–100] miljoni euro suurust summat eelisena Euroopa Liidu toimimise lepingu artikli 107 lõikes 1 esitatud tähenduses.
A private equity investor (such as a shareholder) would not therefore have used this rate only (which does not indicate the return on equity or on invested amounts) in order to assess the profitability of the investment he was considering.
KOHUSTUS MITTE KASUTADA ABI TAGASIMAKSMISEKS TURUKÕLBMATUTE RISKIDEGA SEOTUD TEGEVUSE VAHENDEID
In conclusion, the EUR 36,6 million constitutes an advantage which the ONDD granted to Ducroire/Delcredere in the form of capital which it could not have obtained on the market on the same conditions.
Käesolevas otsuses jättis komisjon meetme abiks kvalifitseerimise puhul kõrvale kapitali osa, mida tegelikult kasutati turukõlbmatute riskidega seotud tegevuse jaoks, vaatamata sellele, et kapitali selle osa näol oli tegemist toetusega, mis ei olnud kooskõlas erainvestori kriteeriumiga.
Imputability and state resources
Siseturuga kokkusobimatu abi summa ei hõlma seega turukõlbmatute riskidega seotud tegevusele antud toetusi.
The granting of capital to Ducroire/Delcredere is a decision of the ONDD imputable to the Belgian State since the ONDD is an ‘autonomous public institution’ under Belgian public law, incorporated by an Organic Law of 31 August 1939.
Seetõttu on käesoleva otsuse mõttega kooskõlas see, et siseturuga kokkusobimatu abi tagasimaksmine tugineks rangelt üksnes turukõlblike riskidega seotud tegevusele ja sellega seotud kapitalile, sest ainult sel juhul on võimalik taastada enne kokkusobimatu abi andmist olnud normaalne konkurentsiolukord turukõlblike riskide turul.
The members of its Board of Directors are appointed (by decree decided by the Belgian Council of Ministers) and can be dismissed by the King of the Belgians (who also sets their salaries and allowances) on a proposal, in most cases, from the supervising Federal Ministers and Regional Ministers from the three regions of Belgium [85].
Nagu eespool osutatud, peab mainitud abi tagasimaksmine toimuma eraldatud raamatupidamisarvestuse alusel ja vastavalt Belgia ametiasutuste 2012. aasta mais esitatud märkustele.
Known as ‘ministerial delegates’, the members of the Board of Directors appointed on a proposal from the supervising ministers can, during the deliberations of the Board, suspend decisions they deem contrary to the interests of the State.
KOKKUVÕTE
In this case, the ministerial delegate who suspended the decision must report to the minister who entrusted him with his mandate as Board member.
Komisjon nendib, et kolmest meetmest, mille suhtes ametlikku uurimismenetlust kohaldati, ei ole meetme 1 ja meetme 2 (riigi antud tagatis ja turukõlblike riskide rahastamiseks tehtud võimalik vahendite ümberpaigutamine ONDD raames) puhul tegemist riigiabiga Euroopa Liidu toimimise lepingu artikli 107 lõike 1 tähenduses.
Lastly, the ONDD benefits from a Belgian State guarantee and can act on behalf of the Belgian State.
Kõnealuse abi tagasimaksmine peab toimuma ettevõtja SA Ducroire turukõlblike riskidega seotud tegevuse vahenditest,
The Belgian State, represented on the Board of Directors of the ONDD and informed of the decisions taken by it, was therefore directly involved in the ONDD's allocation of capital to Ducroire/Delcredere.
ON VASTU VÕTNUD JÄRGMISE OTSUSE:
The Belgian authorities have not contested the imputability to the Belgian State of the capital allocation measure.
Artikkel 1
The allocation of capital to Ducroire/Delcredere by the ONDD, a public body whose conduct is imputable to the Belgian State, therefore constitutes a state resource within the meaning of Article 107 of the TFEU.
Tagatise näol, mille Belgia andis avalik-õiguslikule ettevõtjale ONDD ning mida ei kasutatud ettevõtja ONDD turukõlblike riskidega seotud tegevuse jaoks, ei ole tegemist abiga.
Selectivity
Artikkel 2
The capital allocation made in 2004 is selective inasmuch as it benefits Ducroire/Delcredere directly and exclusively.
Ettevõtja ONDD sisene vahendite võimalik ümberpaigutamine turukõlblike riskidega seotud tegevuse edendamiseks, mille olemasolu ei leidnud tõestamist, ei kujuta endast abi.
Distortion of competition
Artikkel 3
Once the ONDD made the capital allocation in question without expecting sufficient profitability, Ducroire/Delcredere benefited from a competitive advantage compared with private credit insurance organisations whose shareholders expect a return on their investment of the same level as the return they could obtain from comparable investments.
113,4 miljoni euro suurune algkapital, mille ONDD eraldas ettevõtjale SA Ducroire, ei kujuta endast abi.
In particular, Ducroire/Delcredere would have been unable to obtain such capital on the market since the return on the investment was insufficient.
Artikkel 4
This means that without the capital provided by the State via the ONDD, Ducroire/Delcredere would have been unable to extend its activities on the market as it did.
36,6 miljoni suurune algkapital, mille ONDD eraldas ettevõtja SA Ducroire kasuks 23. septembril 2004, rikkudes Euroopa Liidu toimimise lepingu artikli 108 lõike 3 sätteid, kujutab endast ebaseaduslikku abi, mis on siseturuga kokkusobimatu nimetatud lepingus esitatud tähenduses.
In this respect, point 3.2 of the Communication on export-credit insurance states that the provision of capital by the State to certain undertakings, which constitutes state aid if the State is not acting in accordance with the market economy investor principle, distorts competition.
Artikkel 5
According to the case law of the Court of Justice, an improvement in the competitive position of an undertaking as a result of state aid generally constitutes proof that competition with other undertakings which have not received similar aid is being distorted [86].
Belgial tuleb ONDD vahendusel nõuda artiklis 4 osutatud abi ettevõtjalt SA Ducroire tagasi.
The support given by the State to the ONDD in the form of a capital contribution for marketable risks distorts or threatens to distort competition.
Belgia on kohustatud esitama üksikasjalikud andmed, sealhulgas raamatupidamisarvestust kontrolliva sõltumatu auditeerimisasutuse tõendi selle kohta, et abi tagastamine toimub üksnes SA Ducroire turukõlblike riskidega seotud tegevuse vahenditest.
Effect on trade between Member States
Tagasinõutavalt summalt arvestatakse intressi alates hetkest, millal kõnealune summa anti ettevõtja SA Ducroire käsutusse (1. jaanuar 2005) kuni summa tegeliku tagasimaksmiseni.
Ducroire/Delcredere is in competition with other European Union undertakings in the credit insurance market.
Intress arvutatakse liitintressina vastavalt komisjoni määruse (EÜ) nr 794/2004 V peatükile [91].
The same applied to the ONDD as far as marketable risks were concerned before it transferred its credit insurance business for short-term risks, including marketable risks, to Ducroire/Delcredere.
Abi nõutakse tagasi viivitamata ja tõhusalt.
Moreover, the ONDD and Ducroire/Delcredere operate in the other Member States, mainly as a result of the acquisition of KUP, the commercial arm of the Czech national export-credit insurance agency.
Artikkel 6
Point 3.2 of the Communication on export-credit insurance states that, when the State gives a guarantee or capital to an export credit insurance organisation, in relation to marketable risks, without behaving as a private investor would in a market economy, that guarantee or capital constitutes aid which distorts intra-Community trade.
Turukõlbmatute riskidega ja turukõlblike riskidega seotud tegevuse eraldi haldamine ning eraldi raamatupidamisarvestuse pidamine tuleb kehtestada viivitamata ning need peavad jääma eraldatuks, sest turukõlbmatute riskidega seotud tegevusele antakse riigi toetust.
According to settled case law, there is an effect on trade between Member States where the undertaking in receipt of aid carries on its activities in a sector which is open to competition and in which there is trade between Member States [87].
Artikkel 7
The fact that, at the start of this procedure, a competitor from a Member State other than Belgium complained about the distortion of competition as a result of Ducroire/Delcredere's actions in a third Member State (the Czech Republic) simply confirms that Ducroire/Delcredere is active in a sector subject to trade between Member States.
Belgia esitab kahe kuu jooksul pärast käesoleva otsuse teatavakstegemist komisjonile järgmise teabe:
Trade between Member States is therefore sufficiently affected by Measure 3.
abisaajalt tagasi nõutav kogusumma, mis hõlmab ettevõtjalt SA Ducroire sissenõutava abi põhiosa ja kogunenud laenuintresse;
In the light of the above, Measure 3 constitutes aid.
dokumendid, mis tõendavad, et ettevõtjale SA Ducroire on antud korraldus abi tagasi maksta.
The Commission considers that this aid is new aid which was not notified to it beforehand and is, therefore, illegal.
Belgia teavitab komisjoni käesoleva otsuse täitmiseks võetud riiklike meetmete edenemisest, kuni artiklis 4 viidatud abi on täies ulatuses tagasi makstud.
The ONDD subscribed the capital in question in September 2004 and the short-term risk activity (including marketable risks) was transferred to Ducroire/Delcredere on 1 January 2005.
Belgia esitab komisjoni taotlusel viivitamata teabe käesoleva otsuse täitmiseks juba võetud ja kavandatud meetmete kohta.
This measure:
Ta esitab ka üksikasjaliku teabe ettevõtjalt SA Ducroire juba tagasi saadud abisummade ja intresside kohta.
is therefore later than the date of 17 September 1998, after which Belgium is required not to grant new aid as a result of its acceptance of the Communication on export-credit insurance, and
Artikkel 8
does not qualify for the limitation period set out in Article 15 of Council Regulation (EC) No 659/1999 of 22 March 1999 laying down detailed rules for the application of Article 93 of the EC Treaty since it was adopted less than ten years ago.
Belgia võtab käesoleva otsuse täitmiseks vajalikud meetmed nelja kuu jooksul pärast otsuse teatavakstegemise kuupäeva.
The part of the capital granted by the ONDD to Ducroire/Delcredere (EUR 36,6 million) which was not notified to the Commission beforehand, thus constitutes illegal new aid from the beginning.
Artikkel 9
ASSESSMENT OF THE COMPATIBILITY OF THE POTENTIAL AID WITH THE INTERNAL MARKET (194) The Commission has verified the compatibility of Measure 3 in accordance with the provisions in the Communication on export-credit insurance applicable at the time.
Käesolev otsus on adresseeritud Belgia Kuningriigile.
The new Communication to Member States concerning the application of Articles 107 and 108 of the Treaty on the Functioning of the European Union to short-term export-credit insurance (hereinafter: ‘the new Communication on export-credit insurance’), published on 19 December 2012, applies from 1 January 2013.
Brüssel, 20. märts 2013
In principle, according to points 3.2 and 4.1 of the Communication on export-credit insurance, the exemptions set out in the Treaty provisions on state aid do not apply to aid granted for the insurance of marketable risks.
Komisjoni nimel
This aid clearly distorts competition between insurers, but above all leads to ‘variations in the insurance cover available for marketable risks in different Member States, thereby distorting competition between companies in Member States and having secondary effects on intra-Community trade regardless of whether intra-Community exports outside the Community are concerned.
Joaquín Almunia
The distorting effects of such aid in the Community outweigh any possible national or Community interest in supporting exports’ [88].
Mõlemal juhul on artiklid sisuliselt identsed.
In other words, this aid is not in principle eligible for any of the exemptions set out in Article 107(3) of the TFEU, in particular that provided for in Article 107(3)(c), because it constitutes too great a distortion of competition in the internal market.
Käesoleva otsuse puhul võib viitamist Euroopa Liidu toimimise lepingu artiklitele 107 ja 108 käsitleda samasena viitamisele vastavalt Euroopa Ühenduse asutamislepingu artiklitele 87 ja 88.
Moreover, the aid in question does not meet the conditions of eligibility for one or more of the exemptions provided for in Article 107(3) of the TFEU.
Euroopa Liidu toimimise lepinguga tehti terminoloogiasse teatavaid muudatusi: „ühendus” asendati „liiduga”, „ühisturg”„siseturuga” ja „Esimese astme kohus”„Üldkohtuga”.
In particular, as stated in the opening decision, the aid in question cannot constitute rescue or restructuring aid according to the Community guidelines on state aid for rescuing and restructuring firms in difficulty [89], essentially for the following reasons:
Käesolevas otsuses kasutatakse Euroopa Liidu toimimise lepingu terminoloogiat.
The Belgian authorities have not proved that Ducroire/Delcredere was eligible for such aid, for instance that it was in difficulty within the meaning of the guidelines on state aid for rescuing and restructuring firms in difficulty.
ELT C 163, 1.6.2011, lk 1.
It should also be noted that, according to point 12 of those guidelines, a newly created firm is not eligible for rescue or restructuring aid.
Konfidentsiaalne teave.
The aid was not confined to the minimum necessary.
EÜT C 281, 17.9.1997, lk 4.