natgillin/translations-raw huggingface dataset:
In the opening decision, the Commission raised doubts about both the classification of the measures in question as State aid and their possible compatibility with the internal market under the rules on State aid granted to firms in difficulty.
Võimalik loobumine sotsiaal- ja maksuvõlgade sissenõudmisest
CLASSIFICATION AS STATE AID
Komisjon märgib esmalt, et võlgade sissenõudmisest loobumise protsendimäär ei ole erasektori võlausaldajate (70 %) ja avalik-õiguslike võlausaldajate ([…] %) puhul sama ega saa pidada kindlaks, et riik oleks panustanud samadel tingimustel kui ettevõttega Kem One pikaajalisi suhteid omavad erasektori võlausaldajad.
In relation to the three notified measures, i.e. (i) the FDES loan; (ii) the grant and the repayable advances; and (iii) the write-off of claims, the Commission had concerns about the existence of an economic advantage and, if there were one, its amount.
Lisaks sellele tuleb turumajanduse tingimustes tegutseva eraõigusliku võlausaldaja põhimõtet silmas pidades eeldada, et võlgade sissenõudmisest loobumist tuleb igal juhul käsitada abina, kuivõrd sellega antakse ettevõttel lasuva koormuse leevendamisega talle eelis.
Value of collateral
Eriti tuleb seejuures silmas pidada, et tegemist on raskustes oleva ettevõttega, mille suhtes rakendatakse maksejõuetusmenetlust.
The Commission had doubts, firstly, about the terms of the FDES loan.
Antud juhul tõstatab komisjon küsimuse kõnealuse võlgade sissenõudmisest loobumise põhjustest, kuivõrd see võib olla seotud ühe ülevõtja pakkumuse eelistamisega.
The Commission voiced several reservations on the estimate of the value of the collateral.
Komisjon ei välista võimalust, et antud abisumma võrdub kavandatava võlgade sissenõudmisest loobumise kogusummaga.
Firstly, the French authorities did not indicate which plant and equipment was pledged.
KOKKUSOBIVUSE HINDAMINE
The Commission also noted that the French authorities presented the dated and under-performing, or even obsolete, state of certain production facilities as one of Kem One's major difficulties; that was the case in particular of the mercury cell and diaphragm cell units.
Vaadeldes kõnealuste meetmete kokkusobivust riigiabi valdkonnas kohaldatavate eeskirjadega, märgib komisjon, et kohaldatav õiguslik alus on ühenduse 2004. aasta suunised raskustes olevate äriühingute päästmiseks ja restruktureerimiseks antava riigiabi kohta (edaspidi „2004. aasta suunised”) [14].
The Commission therefore had doubts about the real value of the pledged plant and equipment and doubted that the net book value used to estimate the collateral was the most relevant value, in particular in comparison with the alternative solution, which would be to estimate the value of the pledges on the basis of the net income that can be achieved by operating them.
Sellega seoses väljendas komisjon kahtlusi järgmiste asjaolude suhtes: i) Kem One pikaajalise jätkusuutlikkuse taastamine, ii) konkurentsi moonutamise vältimine ja iii) abi piiramine minimaalselt vajalikuga.
Level of remuneration of the loan
Kem One pikaajalise elujõulisuse taastamine
In the light of these doubts, increasing the reference rate for France at the time the loan was granted (0,53 %) by 400 basis points in order to calculate the remuneration of the loan was insufficient.
Esmalt tundis komisjon huvi restruktureerimiskava täpse kestuse vastu, kuivõrd Prantsusmaa teave selle kohta ei olnud kuigi täpne.
The Commission also had concerns about the conditions of remuneration of the loan.
Komisjoni märkus, et Prantsuse ametiasutused arvasid restruktureerimisega seotud kulude hulka üksnes tootmisvahendite kaasajastamise kulud [Lavéra elektrolüüsiseadmete kaasajastamine ([150–210] miljonit eurot) ning kahe puuraugu puurimine Vauverti soolakaevanduses ([15–30] miljonit eurot)].
Indeed, the French authorities, by applying the communication from the Commission on the revision of the method for setting the reference and discount rates (‘the 2008 Reference Rate Communication’) [12], arrive at a remuneration of 4,53 %, but set a rate of 3,5 %.
Komisjon oli seisukohal, et Kem One sisemine restruktureerimine peab igal juhul hõlmama täiendavaid kulusid, mis on seotud struktuurikuludega ja kaubanduspoliitika ümberorienteerimisega.
The Commission considered on the contrary that the increase in relation to the quality of the collateral was insufficient and that the rate should instead be in the range between 6,53 % and 10,53 % [13].
Lisaks sellele ei olnud komisjonil kindlustunnet Prantsusmaa esitatud pikaajalise elujõulisuse taastamise stsenaariumide teatud elementide suhtes.
The Commission also noted that, in the absence of a loan granted to Kem One by a private bank on the same terms, in the context of the undertaking's difficulties and restructuring, the entire loan could be considered aid.
Näiteks tekitas ebakindlust ettevõtte likviidsuspositsiooni taastamine nii baas- kui ka pessimistliku stsenaariumi korral.
Grant and repayable advances
Prantsusmaa teatises esitatud kolm stsenaariumi hõlmasid erasektori finantsasutustelt 2016. aastal [60–70] miljoni euro suuruse pangalaenu saamist.
The Commission was of the opinion that a subsidy constitutes an economic advantage that the beneficiary would not obtain under market conditions.
Kuid asjaajamise praeguses etapis ei pakkunud Prantsuse ametiasutused mingit tagatist sellise laenu saamisele.
A grant is a financial instrument whose capital is not repayable and which does not generate interest to be paid by the beneficiary.
Selline ebakindlus murendas kõnealuse kolme stsenaariumi usaldusväärsust.
A private lender, who has a cost of financing and has to remunerate its capital, would not have agreed to finance a company by grants.
Mis tahes konkurentsi moonutamise vältimine
With regard to the repayable advances, the Commission noted the presence of certain conditions relating to the granting of the advances that a private lender would probably not have required.
Kuna Prantsusmaa ei toonud välja mingeid kavandatavaid tasakaalustusmeetmeid, meenutas komisjon, et tasakaalustusmeetmete võtmine on restruktureerimisabi siseturuga kokkusobivuse üks kriteeriume.
These included in particular the condition relating to the maintenance of activity and jobs at the Lavéra site for five years after project completion, the sustainability of Kem One permitting, and with the prior agreement of the state.
Seetõttu palus komisjon Prantsuse ametiasutustel teha ettepanekud tasakaalustusmeetmete kohta, mille puhul võetaks arvesse kõiki nende esitatud väiteid.
Furthermore, in the absence of the demonstration by the French authorities that private lenders would have been willing to lend such a sum on the same terms to an undertaking in difficulty, the Commission considered that the full amount of the repayable advances could be classified as aid.
Miinimumiga piirduv abi
Possible write-off of social security and tax debts
Komisjon väljendas kahtlusi seoses andmetega, mida Prantsusmaa võttis arvesse Kem One omaosaluse suuruse arvestamisel, ning ka seoses sellega, kas on järgitud eeskirja, mille kohaselt suure ettevõtte omaosaluse määr ettevõtte restruktureerimisega seotud kuludes peab moodustama 50 % kogusummast.
The Commission observed first that the percentages of debt write-off were not the same for the private creditors (70 %) as for the public creditors ([…] %), even though it was not certain that the state was in the same position as the private creditors which had long-standing relationships with Kem One.
PRANTSUSMAA VASTUS MENETLUSE ALGATAMISE OTSUSE KOHTA
Moreover, with regard to the principle of the private creditor in a market economy, a write-off of debts a priori constitutes aid since it provides an advantage to an undertaking over its competitors by reducing its costs.
Prantsusmaa esitas oma märkused menetluse algatamise otsuse kohta 3. novembri 2014. aasta kirjaga.
This is all the more true when the undertaking is in difficulty and subject to collective proceedings.
RIIGIABI OLEMASOLU
In the case at hand, the Commission had doubts about the motives behind the write-off of tax and social security debts, which gave precedence to the offer from one buyer.
Prantsusmaa rõhutab, et laenu tagatiseks ette nähtud varade arvestuslik väärtus vastab nende varade turuväärtusele.
The Commission did not discount the possibility that the amount of aid was equal to the total amount of the planned write-off.
Arvestuslik netoväärtus võrdub arvestusliku brutoväärtusega, millest on lahutatud amortisatsioon.
COMPATIBILITY ASSESSMENT
Brutoväärtus võrdub aga varade soetusmaksumusega või nende varade abil tehtud mitterahalise sissemakse väärtusega.
With regard to the compatibility of the measures with the applicable State aid rules, the Commission considered that the applicable legal basis was the 2004 Community guidelines on State aid for rescuing and restructuring firms in difficulty (‘the 2004 Guidelines’) [14].
Prantsusmaa väitel tuleb seega järeldada, et riigil on tugev ja väga suur laenutagatis võrreldes FDESi laenu summaga.
By that yardstick, the Commission raised doubts about: (i) the restoration of Kem One's long-term viability; (ii) the avoidance of any distortion of competition; and (iii) the limitation of aid to the minimum necessary.
Tasude määr
Restoration of Kem One's long-term viability
Esmalt leiab Prantsusmaa, et menetluse algatamise otsuse punktis 92 toodud intressimäära arvestamise metoodika, mis põhineb CCC-reitinguga ettevõtete valimil, kelle puhul sõlmitakse nelja aasta pikkuse tähtajaga CDS lepingud (Credit Default Swap, krediidiriski vahetustehingud), mille alusel määratakse intressimääraks 20,95 %, ei pruugi iseenesest tähendada tegelikele turuhindadele lähenemist.
First, the Commission questioned the precise duration of the restructuring plan, given the lack of clarity on this point by France.
Tegemist ei saa olla laenutehingutega, mis on võrreldavad FDESi laenuga ettevõttele Kem One, kuna võrdlusaluseks võetud tehingute puhul, mille alusel määrati intressimääraks 20,95 %, ei ole esitatud mingeid kindlaksmääratud tagatisi või nende tehingutega seotud laenutagatisi.
The Commission then noted that the French authorities had included in the restructuring costs only the costs of modernising the production facilities [project to convert the electrolysis units in Lavéra (EUR [150-210] million) and sinking two doublets at the Vauvert saltworks (EUR [15-30] million)].
Lisaks sellele, võttes arvesse Kem One finantsolukorda ja laenutagatiste suurust, tuleb 2008. aasta viitemäärade teatise kohaldamisel määrata tasumääraks 4,53 % (Prantsusmaa viitemäär 0,53 % + 400 baaspunkti) ja mitte 6,53 %, nagu väidab komisjon menetluse algatamise otsuses.
The Commission considered that Kem One's internal restructuring necessarily had to create additional costs linked to the reduction in structural costs and the reorientation of the commercial policy.
Igal juhul tuleb 2008. aasta viitemäärade teatise alusel arvestatud määra käsitada vaid ligikaudsena.
Moreover, the Commission had doubts about the credibility of certain aspects of the scenarios for the restoration of long-term viability presented by France.
Võttes arvesse Kem One maksejõuetuse väikest riski, mis on eeskätt tingitud tõhusa finantsseisundi taastamise kava rakendamisest, mille tulemusena ettevõtte elujõulisus taastatakse 2017. aastaks, arvestades ettevõtte tõhusat finantsjuhtimist ning laenutagatiste kõrget taset, tuleb vaadeldaval juhul lugeda 3,5 % suurust taset turutingimustele vastavaks.
Thus, the restoration of the cash position seemed uncertain, whether under the base-case scenario or the pessimistic scenario.
Ja lõpuks on [eraettevõtjaga 2] sõlmitud rahastamislepingus nähtud ette rahastamise määrana kolme kuu Euribor + […] %, kuid mitte vähem kui […] %.
The three scenarios proposed by France in the notification included the obtaining of a bank loan of EUR [60-70] million in 2016 from private financial institutions.
Kuigi sel puhul ei ole tegemist panga kehtestatud määraga, vastavad rahastamise tingimused FDESi laenu turutingimustele.
However, at this stage, the French authorities did not appear to have any guarantee that the loan would be granted.
Abisumma
This uncertainty therefore undermined the realistic nature of the three scenarios.
Nagu on märgitud esitatud teatises, leiab Prantsusmaa, et abisumma, sedavõrd, kuivõrd on tegemist abiga, ei peaks võrduma laenu kogusummaga, vaid üksnes 2008. aasta viitemäärade teatise alusel arvestatud määra ja tegelikult kasutatud määra vahega, mis on vastavalt 4,53 % ja 3,5 %.
Prevention of distortion of competition
Prantsusmaa rõhutab, et komisjon on varem mitmel korral kasutanud sellist lähenemisviisi.
In the absence of any compensatory measures proposed by France, the Commission pointed out that the presence of compensatory measures is one of the criteria for the compatibility of restructuring aid.
Nagu eespool märgitud, nõustub Prantsusmaa sellega, et toetuse näol on täies ulatuses tegemist riigiabiga.
Accordingly, it called on the French authorities to propose compensatory measures taking into account all of their arguments.
Tagasimakstavate avansside puhul leiab Prantsusmaa, et neid ei saa täies ulatuses käsitada riigiabina.
Aid limited to the minimum
Avansside tagasimaksmist tuleb lugeda kindlaks, sest see käivitub automaatselt kaks aastat pärast ettevõetud ajakohastamistöid.
The Commission had doubts about the data used by the French authorities to calculate the amount of Kem One's own contribution, and therefore about compliance with the rule that the own contribution by a large firm to the costs of its restructuring must be 50 % of the total amount.
Seega tuleks avansid arvestada laenude hulka ja seetõttu tuleks abisummana arvestada üksnes toetusekvivalenti, st summat 14,4 miljonit eurot.
RESPONSE BY FRANCE TO THE OPENING DECISION
Pädevad asutused kavatsevad kustutada […] % enne menetluse algust tekkinud tühistatavatest võlgadest [15] kokku […] euro ulatuses, riiklike võlakohustuste […] euro kohta ([…] % riiklikest võlakohustustest).
France stresses that the book value of the pledged assets corresponds to their market value.
Kui Prantsusmaa ei nõustu võlgade kustutamisega kogusummas, mis ei ületa […] miljonit eurot, võib ta Kem One tegevuse lõpetamisel kanda täiendavat kahju […] miljoni euro ulatuses [16].
The net book value is the gross book value less depreciation.
Neid asjaolusid arvestades käitub Prantsusmaa aruka võlausaldajana.
The gross book value is the acquisition cost of the assets or their transfer value.
Igal juhul, kui meedet käsitatakse riigiabina, võrdub selle summa järgmiste võlgade summade vahega: võlad, mille sissenõudmisest on Prantsusmaa lõplikult loobunud, ning kõikide võlgade minimaalne summa, mille sissenõudmisest loobumisega on nõustunud erasektori võlausaldajad.
Thus, at the time of the partial transfer of assets from Arkema to Kem One on 2 July 2012, the transfer was valued by independent experts at EUR [110-120] million.
KOKKUSOBIVUS SISETURUGA
Furthermore, France pointed out that two transactions that had recently taken place in the PVC sector involving companies smaller than Kem One had been concluded at much higher amounts than the book value of Kem One's assets.
Elujõulisuse taastamine
In addition, although Kem One's activities were valued using the net present value method, their amount would be EUR [80-90] million in 2014, EUR [110-130] million in 2015 and EUR [330-340] million in 2016.
Menetluse algatamise otsuses palus komisjon Prantsusmaal kommenteerida kinnitust, mille kohaselt esitatud restruktureerimiskulud hõlmasid vaid töövahendite kaasajastamise kulusid, samal ajal kui Kem One restruktureerimine peab paratamatult hõlmama ka täiendavaid kulusid, mis on seotud iga üksiku restruktureerimismeetmega (juhtimiskulude vähendamine ja äripoliitika ümberorienteerimine).
Finally, France noted that the collateral was first-rank, ensuring that the state would be satisfied before all other creditors.
Muud tsentraalsete kulude vähendamisega seotud ettevõttesisesed menetlused ei toonud kaasa eraldi finantskulusid.
France concluded therefore that it should be considered that the state had a sound guarantee that was very high in relation to the amount of the FDES loan.
Äripoliitika ümberorienteerimine ei toonud kaasa mingeid selle toiminguga otseselt seotud kulusid.
Level of remuneration
Seega kinnitab mitu positiivset elementi ettevõtte esitatud elujõulisuse taastamise stsenaariumide realistlikku laadi.
First of all, France takes the view that the methodology for calculating the interest rate on the basis of a sample of companies for which four-year credit default swap (CDS) contracts are negotiated and with a CCC rating, as set out in paragraph 92 of the opening decision, resulting in a rate of 20,95 %, is not able to provide an approximation of actual market rates.
[60–70] miljoni euro suuruse pangalaenu saamine ei ole kindel ning seda ei ole Prantsusmaa vastuse koostamise ajal veel antud.
These cannot be borrowing operations comparable to those of Kem One in relation to FDES, since there is no identification of the guarantees or the level of collateral attached to the operations taken as a benchmark for determining the rate of 20,95 %.
Selles olukorras leiab Prantsusmaa, et asjaolu, et pangalaenu andmine ei ole tagatud, ei saa nõrgendada kolme stsenaariumi ettevõtte elujõulisuse taastamiseks, samuti ei saa selliseks teguriks olla ettevõtte omaosaluse suurus.
Furthermore, given Kem One's financial situation and the level of collateral, application of the 2008 Reference Rate Communication results in a remuneration of 4,53 % (reference rate of France of 0,53 % + 400 basis points), and not 6,53 % as stated by the Commission in the opening decision.
Ettevõtte omaosalus
In any event, the rate calculated on the basis of the 2008 Reference Rate Communication serves only as an indication.
Esitatud märkustes ei vaidlusta Prantsusmaa otsust mitte arvestada [60–70] miljoni euro suurust pangalaenu Kem One omavahendite hulka, sest kuivõrd puudub finantsasutuse kindel kohustus, on tegemist ebakindla elemendiga.
In the case at hand, Kem One's low risk of insolvency, taking account in particular of the effective implementation of the recovery plan enabling the company's viability to be restored by 2017 and sound financial management, and the high level of collateral, justified a rate of 3,5 % consistent with the market.
Seevastu võlgade sissenõudmisest loobumist [eraettevõtja 3], [eraettevõtja 1], [eraettevõtja 4] ja [eraettevõtja 5] poolt tuleb käsitada Kem One jaoks reaalseid rahavoogusid tekitava asjaoluna ning seda tuleb seetõttu omaosaluse arvestamisel arvesse võtta.
Lastly, the financing contract with [private operator 2] provides for a financing rate of Euribor 3 months + […] % with a minimum of […] %.
Need ettevõtted on Kem One pikaajalised äripartnerid ning nende huvides on, et Kem One ümberkorraldamine õnnestuks.
Although this is not a bank rate, the conditions for granting the financing are such that they confirm that the FDES loan is consistent with market conditions.
Võlgade sissenõudmisest (180,5 miljoni euro ulatuses) loobumise näol on tegemist sellise kaalutleva tööstusettevõtja otsusega, kes on otseselt huvitatud Kem One ja tema ülevõtjate finantsseisundi taastamise kava edukast elluviimisest.
As stated in the notification, France considers that the amount of aid, if any, should be equal to the difference between the rate calculated on the basis of the 2008 Reference Rate Communication and the rate applied, i.e. 4,53 % and 3,5 %, and not the total amount of the loan.
Erasektoripoolne rahastamine ulatub seega 282,5 miljoni euroni, mis jaguneb järgmiselt:
France highlights the fact that, in the past, the Commission has applied this approach on several occasions.
Tabel 3
As already pointed out, France acknowledges that the entire grant constitutes State aid.
Prantsusmaa esitatud restruktureerimiskavas toodud erasektorist pärit rahastamisallikad
With regard to the repayable advances, France takes the view that they cannot be considered State aid in their entirety.
Allikas: Prantsusmaa vastus menetluse algatamise otsuse kohta
The repayment of the advances is certain since it becomes automatic two years after the end of the modernisation work.
Rahastamisallikas
Therefore, the advances should be equated to loans and, consequently, the amount of aid is the grant equivalent, i.e. EUR 14,4 million.
Summa (miljonites eurodes)
First of all, France notes that, contrary to what was stated in the notification, the amount of the tax and social security debts is EUR […] and not EUR 42 million.
Kem One isefinantseerimine
The EUR […] is broken down as follows: EUR […] million in debts contracted before the opening of the court-supervised administration procedure and EUR […] in debts contracted after the opening of the procedure.
Rahastamine [eraettevõtja 1]
The relevant authorities intend to grant a write-off of […] % of the remissible debts contracted before the opening of the procedure [15], i.e. EUR […] out of a total public liability of EUR […] ([…] % of the total public liability).
Rahastamine [eraettevõtja 2]
Moreover, the waiver by France of part of its tax and social security claims against Kem One is such as to enable the company's recovery plan to be implemented smoothly.
Kapitali suurendamine ülevõtjate poolt
If Kem One were to disappear, France could lose an additional EUR […] million [16] if it does not grant a total write-off not exceeding EUR […] million.
[5–15]
In the light of this information, France is therefore behaving like a prudent creditor.
Võlgade tühistamine [eraettevõtja 6]
COMPATIBILITY
[90–100]
Restoration of viability
Võlgade sissenõudmisest loobumine [eraettevõtja 3]
In the opening decision, the Commission called on France to comment on the statement that it had included in the restructuring costs only the costs of modernising the production facilities, whereas Kem One's restructuring necessarily had to generate additional costs linked to each restructuring measure (reduction in structural costs and reorientation of the commercial policy).
[25–35]
In its observations, France stresses that the reduction in structural costs resulted in only 13 redundancies, with an associated financial cost of EUR […] million.
Võlgade sissenõudmisest loobumine [eraettevõtja 4]
This cost was not identified separately in the business plan or the cash flow plan attached to the notification, but was none the less deducted from the opening cash position.
Võlgade sissenõudmisest loobumine [eraettevõtja 5]
Furthermore, the other intense efforts associated with the reduction in central costs did not result in specific financial charges.
HUVITATUD KOLMANDATE ISIKUTE MÄRKUSED JA PRANTSUSMAA KOMMENTAARID
The reorientation of the commercial policy did not result in any directly associated cost.
HUVITATUD KOLMANDATE ISIKUTE MÄRKUSED
In addition, a number of positive aspects confirm the realistic nature of the restoration of viability scenarios presented by the company.
Ettevõtte Ineos märkused
Thus, in the base-case scenario, the cash position was increased by EUR [30-40] million at the end of 2017, because of a reduction in the investments needed and an earlier than expected restart in activity, while the projected operating income has been revised to EUR [35-45] million per year instead of EUR [25-35] million.
Riigiabi summa ja Kem One omaosalus
Furthermore, the involvement of a number of private companies, such as [private operator 1], [private operator 3], [private operator 4] and [private operator 5], which have agreed to write off all of their claims against Kem One, and of [private operator 2], which has agreed to increase Kem One's factoring capacity, demonstrate these companies' belief in the undertaking's return to long-term viability.
Ettevõtte Ineos väitel on Prantsusmaa riigiabi suurust olulisel määral alahinnanud ning ettevõte ei pea Kem One ja tema aktsionäride panustamist piisavaks.
The bank loan of EUR [60-70] million remains hypothetical and had not yet been applied for when France submitted its response.
Riigiabi summa.