natgillin/translations-raw huggingface dataset:
Since then the financial situation of Cimos has further deteriorated.
Kohustusliku lahendamisega seotud võlausaldajad ja muud sidusrühmad (kliendid, tarnijad, liisinguandja) on nõustunud võla restruktureerimisega, mis tagab, et ka rahalise ümberkorraldamise meetmed rakendatakse kavandatud viisil.
As of 31 December 2013, the Company reported a negative equity of EUR 103,3 million.
Muu kasu kõrval on samuti oodata ettevõtja finantskulude märkimisväärselt vähenemist.
According to preliminary (unaudited) results for the first 10 months of 2014, Cimos recorded a net loss of EUR 74,3 million, which means that its negative equity increased even more.
Seetõttu tundub, et ka kavandatud kulusääst on saavutatav.
In earlier cases [36], the Commission concluded that, where a company has negative equity, there is an a priori assumption that the criteria of point 10(a) of the Guidelines are met, which would be the case for Cimos.
Algatamisotsuses seadis komisjon kahtluse alla elujõulisuse taastamise põhjusel, et tol ajal ei olnud pangad nõustunud Cimose võla restruktureerimisega.
The General Court also concluded [37] that a company with negative equity is a company in difficulty.
See kahtlus on nüüd kõrvaldatud, kuna pangad nõustusid restruktureerima Cimose võla kohustusliku lahendamise protsessis.
In addition, since 3 June 2014, the court imposed the compulsory settlement procedure on Cimos under the Slovenian insolvency law at the request of its creditors.
Ümberkorralduskava kohaselt vajab Cimos tegevuse rahastamiseks 2018. ja 2019. aastal täiendavat rahastamist kokku 25 miljonit eurot.
Therefore it also fulfils the condition of point 10(c) of the Guidelines.
Komisjon märgib, et ümberkorraldamise graafiku alusel on ettevõtja selleks ajaks rakendanud põhilised ümberkorraldusmeetmed ja taastanud kasumlikkuse.
According to point 12 of the Guidelines, newly created firms are not eligible for rescue or restructuring aid.
Algne finantsvõimenduse vähendamine (võla omakapitali vastu vahetamise, mahakandmise ja osalise tagasimaksmise kaudu) parandab Cimose krediidireitingut ja vabastab osa praegu võlausaldajatele panditud varadest tulevikus tagatisena kasutamiseks.
A firm is in principle considered as newly created for the first three years following the start of operations in the relevant field of activities.
See peaks võimaldama Cimosel saada turul vajalikku rahastust nagu kavandatud.
Cimos started operations in 1972, was registered in its present form in 1975 and has been operating in the current field of activities ever since.
Ümberkorralduskavas on esitatud asjaolud, mis viisid Cimose raskusteni, nimelt ülelaenamine ja ebatõhus tegevus.
Therefore it cannot be considered as a newly created firm.
Komisjon märgib, et kavas on ette nähtud meetmed, mille eesmärk on just nende raskuste ületamine.
Point 13 of the Guidelines establishes that a firm belonging to or being taken over by a larger business group is not normally eligible for rescue or restructuring aid, except where it can be demonstrated that the firm's difficulties are intrinsic and are not the result of an arbitrary allocation of costs within the group, and that the difficulties are too serious to be dealt with by the group itself.
Suurte võlausaldajate teostatav võla omakapitali vastu vahetamine viib nende nõuete vähenemiseni 60 % võrra.
Therefore the criteria set out in point 13 of the Guidelines do not preclude it from being eligible for restructuring aid.
See vähendab veelgi praegust ja tulevast tagasimaksekoormust.
The Commission concludes that Cimos has been a firm in difficulty since 2012 and is eligible for restructuring aid.
EBITDA ja intressi suhe, mis mõõdab ettevõtja võimet võlga teenindada, suureneb prognooside kohaselt 1-lt 2013. aastal 5,4ni 2017. aastal.
THE ‘ONE TIME, LAST TIME’ PRINCIPLE
Lisaks nõustusid tarnijad oma nõudeid vähendama, mis vähendab veelgi üldvõlga ja tagab tegevuse jätkumise.
According to point 73 of the Guidelines, if the firm concerned has already received rescue or restructuring aid in the past, including any un-notified aid, and where less than 10 years have elapsed since the rescue aid was granted or the restructuring period came to an end or implementation of the restructuring plan has been halted (whichever is the latest), the Commission will not allow further rescue or restructuring aid.
Kõik rahalise ümberkorraldamise meetmed, sealhulgas eelkõige klientide nõusolek makseperioodide lühendamiseks, suurendab täiendavalt likviidsust.
Slovenia informed the Commission that the Company has not received any rescue or restructuring aid in the last 10 years, apart from the notified rescue aid approved by the Commission, as described in recital 1 [38].
Rahavood, mis vabanesid selle tulemusena, et restruktureeritud võlga ei olnud vaja tagasi maksta või et klientidelt saadi maksed varem, on samuti kasutatavad tegevuse ümberkorraldamise meetmete rakendamise rahastamiseks, mille eesmärk on tegeleda raskuste teise põhjusega, milleks on ebatõhus tegevus.
RESTORATION OF LONG-TERM VIABILITY
Tegevuse ümberkorraldamise raames alustas Cimos mitme kulude kokkuhoiu meetmega, kaasa arvatud eelkõige töötajate arvu vähendamine, tegevuse konsolideerimine tehaste arvu vähendamise kaudu, üldkulude vähendamine ja protsessi juhtimise parandamine.
In order to consider a measure compatible under points 34-37 of the Guidelines, the restructuring plan must restore the long-term viability of the firm within a reasonable timescale and on the basis of realistic assumptions as to future operating conditions.
Ettevõtja tahab keskenduda tegevuses oma põhivaldkonnale – autotööstusele.
The plan should enable the company to cover all its costs after restructuring and the expected return on capital must be enough to enable the restructured firm to compete on the marketplace on its own merits.
Tegevuse ümberkorraldamise meetmed on kavandatud andma kulusäästu kokku 27 miljonit eurot aastas, mida on palju rohkem kui algselt teatatud ümberkorralduskavas.
The restructuring plan must describe the circumstances that led to the difficulties, thereby providing a basis for assessing whether the proposed restructuring measures are appropriate.
Kulude vähendamise kaudu suurendatakse kasumlikkust, mis pärast tööhõive ja kapitali taseme vähendamist avaldub suurema tegevustõhususena.
The restructuring plan provides for Cimos to return to long-term viability in 2015 under the realistic scenario of the financial projections and in 2017 under the pessimistic scenario (see Table 5).
Põhjendustes 152–154 esitatud tähelepanekuid silmas pidades on komisjon seisukohal, et esitatud ümberkorraldusmeetmed on ümberkorralduskavas kindlaks tehtud raskuse põhjustega tegelemisel asjakohased.
The Company is expected to generate net profits and positive operating cash flows, which means that it would be in a position to cover all its costs after completing the restructuring, including depreciation and financial charges.
Erasektori pankade, klientide ja tarnijate panus rahalisse ümberkorraldamisse on märk nende usaldusest Cimose vastu ja annab täiendava põhjuse arvata, et ümberkorralduskava suudab pikaajalise elujõulisuse taastada.
The expected return on capital is forecasted to be 7,6 % to 14,5 % in 2018 and 2019 respectively, i.e. in the post-restructuring period.
Rahalise ümberkorraldamise kava analüüsinud äritegevuse maksumuse sõltumatu hindaja tegi samuti järelduse, et ümberkorralduskava muudab Cimose tõenäoliselt lühikese ja pika aja jooksul likviidseks ja maksejõuliseks.
Given that the yield on the Slovenian 10-year government bonds, commonly seen as an approximation of a return on a risk-free investment, is approximately 1 %, the expected return on capital gives investors a reasonably adequate risk premium and can be considered enough to enable Cimos to compete in the marketplace on its own merits.
Komisjon märgib, et ajakohastatud ümberkorralduskava ei ole uus kava, vaid üksnes algselt teatatud kava edasiarendus kohustusliku lahendamise tulemuste alusel.
The financial projections are based on prudent assumptions.
See järgib täpselt samu ümberkorralduseesmärke nagu algselt teatatud kava, nimelt ülelaenamise vähendamine, likviidsuse taastamine, tegevustõhususe suurendamine ja tegevuse keskendamine põhisegmendile – autotööstusele.
The sales are initially forecasted to decrease due to expected loss of customers caused by financial distress associated with the CS process.
Kõige olulisem ümberkorraldusmeede finantsmõju, finantsvõla ümberkujundamise ja maksegraafiku muutmise tähenduses jääb samaks, kuigi kergelt muudetud tingimustel ja pigem kohustusliku kui vabatahtliku menetlusena.
This is significantly less than in the pre-restructuring period when revenue exceeded EUR 400 million.
Nii algselt teatatud kui ka ajakohastatud kava põhineb samal ärimudelil ja strateegial.
The current forecast is also much lower than the one contained in the originally notified plan where sales were predicted to remain stable at EUR 400 million in the period 2015-2017.
Komisjon on eelnevates otsustes sarnased teatatud ümberkorralduskavade ajakohastatud versioonid juba heaks kiitnud [39].
In view of that and taking into account that the business already booked accounts for more than 95 % of planned sales in 2015 and 2016 and for more than 80 % of planned sales in 2017, as well as considering the expected benefits of the implementation of the sales restructuring measures, it is reasonable to consider that the sales forecast contained in the updated restructuring plan is achievable.
Põhjenduses 91 kirjeldatud Olga Filakovici väidete kohta märgib komisjon, et Cimose finantsaruandeid uuris sõltumatu audiitor, kes väljastas nende kohta märkusteta arvamuse ja ei teatanud midagi väidetava pettuse ja rahapesu kohta.
The costs have been forecasted on the basis of historical results, taking into account the expected benefits of the implementation of the restructuring measures.
Seoses 35 miljoni euroga, mille Sloveenia andis Cimosele osana ümberkorraldusabist, märgib komisjon, et 2013. aasta juulis kiitis ta heaks 35 miljoni euro suuruse päästmisabi tagatise Cimose jaoks [40].
The Commission notes that significant cost savings are related to the measures over which the Company has relatively high influence, such as a workforce reduction or consolidation of production facilities, which increases the likelihood that they will be implemented as planned.
Tagatis, mis tuleb osana ümberkorraldusabist omakapitali vastu vahetada, ei sisalda Cimosele rahaliste vahendite ülekandmist, seetõttu ei ole võimalik rahastada teda rahapesu kaudu.
The workforce reduction in particular should lead to a decrease of variable costs, while the disposal of loss-makings plants should decrease depreciation and improve profitability.
Lõpuks, mis puudutab Olga Filakovici ettevõtte ja tema klientide väidetavaid nõudeid Cimose vastu, siis ei ole komisjon olemasoleva teabe alusel selliseid nõudeid kindlaks teinud.
The CS creditors and other stakeholders (customers, suppliers, the lessor) have agreed to a debt restructuring, which ensures that the financial restructuring measures will also be implemented as planned.
Komisjon on sellest lähtudes seisukohal, et väited on põhjendamatud ja ei mõjuta ümberkorraldusabi hindamist.
This, among other benefits, will significantly decrease the Company's finance costs.
Eeltoodut silmas pidades teeb komisjon järelduse, et esitatud ümberkorraldusmeetmetega on võimalik taastada ettevõtja pikaajaline elujõulisus mõistliku aja jooksul ning realistlike eelduste alusel.
Therefore, the planned cost savings also appear achievable.
PÕHJENDAMATUTE KONKURENTSIMOONUTUSTE VÄLTIMINE (KOMPENSATSIOONIMEETMED)
In the opening decision the Commission questioned the restoration of viability on the basis that at that time the banks had not agreed on Cimos's debt restructuring.
Suuniste punktide 38–42 kohaselt tuleb võtta kasutusele kompensatsioonimeetmed, et leevendada nii palju kui võimalik abi negatiivset mõju kaubandustingimustele.
This doubt has now been removed as the banks agreed to restructure Cimos's debt under the CS process.
Abi ei tohi põhjendamatult konkurentsi moonutada.
According to the restructuring plan Cimos will need additional funding totalling EUR 25 million in 2018 and 2019 to finance operations.
See tähendab tavaliselt seda, et piiratakse äriühingu võimalikku turuosa pärast ümberkorraldusperioodi.
The Commission notes that, on the basis of the restructuring schedule, by that time the Company will have implemented the core restructuring measures and will have returned to profitability.
Kompensatsioonimeetmed peavad olema proportsionaalsed abi moonutava mõjuga ja eriti äriühingu suuruse ning suhtelise tähtsusega turul või turgudel.
This should enable Cimos to obtain the necessary financing on the market as planned.
Kompensatsioonimeetmete ulatus tuleb määrata iga juhtumi puhul eraldi ning silmas pidades äriühingu pikaajalise elujõulisuse taastamise eesmärki.
The restructuring plan sets out the circumstances that led to Cimos's difficulties, namely over-indebtedness and operational inefficiency.
Lisaks peab komisjon suuniste punkti 7 kohaselt nõudma kompensatsioonimeetmeid, mis vähendavad mõju konkurentidele.
The Commission notes that the plan provides for the measures aimed precisely to address these difficulties.
Kompensatsioonimeetmed ei tohi kahjustada ettevõtja suutlikkust taastada pärast ümberkorralduskava rakendamist pikaajaline elujõulisus, nagu sätestatud suuniste punktis 38.
The conversion of debt for equity by major creditors will lead to a reduction of their claims by 60 %.
Cimos on esitanud kaks kompensatsioonimeedet:
As a result, the overall financial liabilities of Cimos will decrease from EUR 422 million in 2013 to EUR 184 million in 2017.
põllumajandus-, masina- ja energeetikaüksuse võõrandamine;
The debt to equity ratio will decrease from 17,7 in 2012 (last year when equity was positive) to 3 in 2017, a much more sustainable level.
kolme tehase võõrandamine autotööstuse segmendis […].
In addition, the remaining 40 % of debt held by CS creditors is to be repaid on more favourable terms, including an extended repayment period and a 2-year payment holiday.
Mis puudutab esimest kompensatsioonimeedet, siis on Cimos kolm asjaomast üksust juba müünud.
This will further reduce the current and future repayment burden.
Nende arvele langes kokku ligikaudu 20 % ettevõtja tulust ja nad olid kasumlikud enne ümberkorraldamist.
The ratio of EBITDA to interest, which measures the ability of a company to service debt, is forecasted to increase from 1 in 2013 to 5,4 in 2017.
Komisjon märgib, et piisavaks saab lugeda ainult kompensatsioonimeetmeid, mis mõjutavad abi saaja kohalolekut tema põhiturul [41].
Moreover, the suppliers agreed to reduce their claims, which will further reduce the overall debt and ensure continuity of operations.
Seetõttu ei saa nimetatud üksuste müüki kui sellist kompensatsioonimeetmena vastuvõetavaks tunnistada.
All of the financial restructuring measures, including notably the agreement by customers to shorten payment periods, will additionally improve liquidity.
Sellele vaatamata on Cimos mittepõhitegevusega tegelevate üksuste võõrandamisega mitte üksnes kaotanud oma turuosa teisestes segmentides, vaid nõrgestanud märkimisväärselt ka oma konkurentsiolukorda ja kokkuvõttes oma kohalolekut põhilisel autotööstuse turul.
The cash flows eased by not having to repay the restructured debt or by receiving payments from customers earlier, will be also available to finance the implementation of the operational restructuring measures aimed at tackling the second reason for difficulty, namely the operational inefficiency.
Põhjuseks on see, et kasumit, mida Cimos oleks teeninud võõrandatud üksustelt, mis olid kasumlikud enne ümberkorraldamist (ligikaudu 90 miljonit eurot aastatel 2011–2013), oleks saanud vastasel juhul kasutada põhiturul laienemise rahastamiseks.
Under the operational restructuring Cimos embarked on a number of cost-saving measures, including most notably the reduction of workforce, consolidation of operations by decreasing the number of plants, reduction of overheads and improved process management.
Teise kompensatsioonimeetmega seoses olid kõik tehased seotud Cimose põhituruga ja kasumlikud enne ümberkorraldamist, nagu on näidatud tabelis 6.
The Company wants to refocus its operations on the core automotive business.
Nad kajastavad 15 % võimsuse vähenemist tehaste arvu tähenduses ja nende arvele langeb ligikaudu 4 % kogutulust ja 4,5 % autotööstuse segmendi turust.
The operational restructuring measures are planned to generate total annual cost savings of EUR 27 million, much higher than under the originally notified restructuring plan.
Nende tehaste võõrandamisel annab Cimos ära turuosa oma konkurentide kasuks, kaotab kliente ja kitsendab oma tootesortimenti.
By decreasing costs they will improve profitability, which at the reduced level of employment and capital, will translate into increased operational efficiency.
Pärast põhjenduses 164 nimetatud võõrandamisi on Cimose ainuke alles jääv ärivaldkond autotööstuse üksus, mis on ettevõtja põhiline ja ainuke säilinud tegevus ja seega elujõulisuse taastamise jaoks vältimatu.
In view of the findings in recitals 152-154 the Commission considers that the proposed restructuring measures are appropriate to tackle the reasons for difficulty identified in the restructuring plan.
Autotööstuse üksuse suurust on tehaste võõrandamise kaudu kompensatsiooni- või ümberkorraldusmeetmeid kasutades juba vähendatud.
The contribution of private banks, customers and suppliers to the financial restructuring is a sign of their confidence in Cimos and gives an additional reason to consider that the restructuring plan is capable of restoring long-term viability.
Sellest lähtudes ohustaksid mis tahes edasised võõrandamised tõepoolest pikaajalise elujõulisuse taastamise eesmärki.
The independent business appraiser of the PFR also concluded that the restructuring plan is likely to make Cimos liquid and solvent in the short and long term.
Kompensatsioonimeetmete rakendamine koos varade võõrandamisega, mida osana ümberkorralduskavast teha kavatsetakse, vähendab märkimisväärselt Cimose võimsust ja takistab tal saada ümberkorraldusabi kaudu põhjendamatut konkurentsieelist.
Furthermore, the Commission notes that the duration of the restructuring plan is limited to less than four years, running from February 2014 to 2017.
Lisaks on suuniste punkti 56 kohaselt kompensatsioonimeetmete rakendamisega seotud abi andmise tingimused leebemad abi saavates piirkondades.
Such a restructuring period appears appropriate given the scope of the planned restructuring measures, their implementation schedule and the expected date for the restoration of viability.
Komisjon märgib, et Cimos paikneb abi saavas piirkonnas vastavalt aluslepingu artikli 107 lõike 3 punktile c.
The Commission observes that the updated restructuring plan is not a new plan but only a development of the originally notified plan on the basis of the outcome of the CS.
Seetõttu on tegemist tõeliste abi andmisest põhjustatud konkurentsimoonutusi kompenseerivate meetmetega ja need on piisavad, et tagada kaubandustingimustele avalduva abi negatiivse mõju vähendamine.
It pursues exactly the same restructuring goals as the originally notified plan, namely reduction of over-indebtedness, restoration of liquidity, improvement of operating efficiency and refocusing operations on the core automotive segment.
Sellest tulenevalt loetakse eespool nimetatud kompensatsioonimeetmed suuniste punktidega 38–42 kokkusobivaks.
The most significant restructuring measure in terms of financial impact, the conversion and rescheduling of the financial debt, remains the same, albeit on slightly modified terms and through a compulsory rather than voluntary procedure.
MIINIMUMIGA PIIRDUV ABI, OMAPANUS
The other restructuring measures are not substantially different than under the originally notified plan but have been strengthened to achieve greater cost-savings.
Suuniste punktide 43–45 kohaselt peab abi piirduma rangelt ümberkorraldamiseks vajamineva miinimumiga.
Both the originally notified and the updated plans are based on the same business model and strategy.
Abisaajalt oodatakse omavahenditest tehtavat olulist makset ümberkorralduskava heaks, sealhulgas äriühingu säilimiseks ebaolulise vara müügi või turutingimustes toimuva välisfinantseerimise kaudu.
The Commission has already approved similar updates of notified restructuring plans in previous decisions [39].
Makse peab olema tegelik ja ajakohane, välistades tulevase oodatava kasumi (nt rahavood), ning see on märk, et turg usub äriühingu elujõulisuse taastamist.
Concerning the allegations of Ms Filakovic, described in recital 91, the Commission notes that the financial statements of Cimos were examined by an independent auditor who issued an unqualified opinion about them and did not report anything on the alleged fraud and money laundering.
See ei tohi sisaldada edasist riigiabi.
Concerning the granting by Slovenia of EUR 35 million to Cimos as part of the restructuring aid, the Commission notes that in July 2013 it approved a EUR 35 million rescue aid guarantee for Cimos [40].
Suurettevõtjate puhul nagu Cimos peab omapanuse osakaal olema vähemalt 50 % ümberkorraldamise kuludest.
The guarantee, which is to be converted to equity as part of the restructuring aid, does not entail any transfer of monetary resources to Cimos, therefore it cannot be financed from money laundering.
Sloveenia väitel moodustab Cimose esitatud omapanus 94 % ümberkorraldamise kogukuludest ja koosneb tabelis 7 loetletud allikatest.
Finally, as regards the alleged claims of Ms Filakovic's company and her clients against Cimos, on the basis of available information, the Commission has not identified any such claims.
Tabel 7
In view of that, the Commission considers that the allegations are unsubstantiated and do not affect the assessment of the restructuring aid.
Omapanuse allikad
In view of the foregoing, the Commission concludes that the proposed restructuring measures are capable of restoring long-term viability of the Company within a reasonable timescale and on the basis of realistic assumptions.
Allikas
AVOIDANCE OF UNDUE DISTORTIONS OF COMPETITION (COMPENSATORY MEASURES)
Miljonites eurodes
Pursuant to points 38-42 of the Guidelines, compensatory measures must be taken to ensure that the aid's adverse effects on trading conditions are mitigated as far as possible.
Uus rahastamisvahend
The aid shall not unduly distort competition.
Cimose rahastatud kapitalikulud
This usually means a limitation of the presence which the company can enjoy on its markets at the end of the restructuring period.
Klientide rahastatud kapitalikulud
The compensatory measures should be in proportion to the distortive effects of the aid and, in particular, to the size and relative importance of the firm on its market or markets.
Tasu energeetikaüksuse (Litostroj Power) müügi eest
The closure of loss-making activities cannot be considered as valid compensatory measures.
Võla vahetamine omakapitali vastu ja pangavõlalt intressi mittearvestamine (ilma SIDita)
The degree of compensatory measures must be established on a case-by-case basis and with regard to the objective of restoring the long-term-viability of the firm.
Laenudelt intressi mittearvestamine
Moreover, according to point 7 of the Guidelines the Commission will request compensatory measures which minimise the effect on competitors.
Tarnijate nõuete väärtuskärbe
The compensatory measures should not compromise the ability of the company to return to long-term viability after the implementation of the restructuring plan, as provided in point 38 of the Guidelines.
Liisinguandja nõuete väärtuskärbe
Cimos has proposed two compensatory measures:
Pangavõla väärtuskärbe
divestment of its Agriculture, Machine and Energy Divisions;
Võla vahetamine omakapitali vastu ja SIDi võla väärtuskärbe
divestment of three plants in the automotive segment, in […].
Riigi tagatistest tuleneva võla omakapitali vastu vahetamine
Regarding the first compensatory measure, Cimos has already sold the three divisions concerned.
Päästmisabilt intressi mittearvestamine
They accounted in total for around 20 % of the Company's revenue and were profitable prior to restructuring.
Cimose panus tarnijate kompromissi rahastamisse