natgillin/translations-raw huggingface dataset:
According to point 45 of the Rescue and Restructuring Guidelines:
Võetud kohustuse põhimõte on järgmine: tagatise tagasimakseid suurendatakse juhul, kui BPFi turuosa ületab kehtestatud miinimumi, mille suurus G10 piirkonna jaoks on [26–29]* %.
‘None of the aid should go to finance new investment that is not essential for restoring the firm's viability’.
Komisjon märgib, et kõnealuse mehhanismi rakendamise piirkonda (Saksamaa, Austria, Belgia, Itaalia, Hispaania, Madalmaad, Portugal, Šveits, Prantsusmaa, Suurbritannia) tuleb pidada kõige sobivamaks kasutatavate näitajate seas Euroopa turul [54].
In order to assess whether (or not) the R&D effort represented by the 50CO2Cars project is an internal measure to improve the viability of the firm in difficulty which could, where appropriate, be included in the restructuring plan (point 35 of the Rescue and Restructuring Guidelines), the Commission's reasoning in recitals 168 to 217 of the opening decision is fully in line with point 36 of the Rescue and Restructuring Guidelines which clearly states that ‘the circumstances that led to the company's difficulties’ have to be the basis for assessing whether the proposed measures are appropriate.
Lisaks sellele tundub selline mehhanism olevat asjakohane seetõttu, et see vastab konkurentsi kahjustamist piiravate kompensatsioonimehhanismide suhtes kohaldatavatele põhimõtetele, tagades samas elujõulisuse taastamise.
In the opening decision, the Commission therefore successively examined:
Seostades turuosa suurenemise tagatisega seotud kulude tõusuga, piirab kõnealune mehhanism BPFi suutlikkust pakkuda tänu tagatise saamisele eriti soodsaid rahastamistingimusi vaid sellise tasemega, mis on vajalik elujõulisuse taastamiseks, piirates samaaegselt ka konkurentsi kahjustamist.
in recitals 168 to 192, whether the 50CO2Cars project was likely to make up for the PSA Group's backwardness in R&D, a factor which the French authorities had cited as one of the structural difficulties faced by the Group in recital 16;
Kontsern ei pea maksma suuremat tasu, kui tema kapitaliolukord võimaldab, sest tal on võimalik hoida oma turuosa teatud kindla tasuga seotud kindlal tasemel.
in recitals 193 and 194, whether the 50CO2Cars project was likely to help the PSA Group to rationalise its industrial base and its cost structure, in particular its labour costs, as these factors had been presented as further structural handicaps of the PSA Group in recital 15;
Tagatise eest makstav tasu suureneb koos turuosa suurenemisega kuni 491 baaspunktini (hinnanguline turutase).
in recitals 208 to 217, whether the new mild hybridisation technologies covered by the 50CO2Cars project were likely to offer PSA a solution to its difficulties, not just in the short term (contraction of the European market referred to in recital 11 of the opening decision) but also in the long term (‘scissor’ effect referred to in recital 14 of the opening decision).
Joonis 2 illustreerib seost tagatise eest makstava tasu ja PSA turuosa vahel (täpsed arvandmed vt põhjenduses 250 toodud tabelis 17).
The opening decision was therefore based on the factors cited by the French authorities during the preliminary investigation phase as circumstances leading to the firm's difficulties.
Joonis 2
The Commission has in no way presented a catalogue of cumulative and/or exclusive criteria making it possible to verify whether (or not) the 50CO2Cars project was ‘appropriate’ for the restructuring of the Group.
Seos tagatise eest makstava tasu suuruse (baaspunktides) ja turuosa suuruse vahel G10 piirkonnas (%)
The fact remains that during the preliminary investigation phase, the French authorities did not mention the trend in the market to replace sales of diesel vehicles by petrol vehicles (mentioned in recital 210 of the opening decision and reiterated in recital 147 above) as one of the obstacles in the way of the PSA Group's return to viability, but simply as a background factor, even though, according to recital 214 of the opening decision, there is ‘according to the market research carried out by PSA, … a market opening for economic diesel hybrid systems’.
Kõnealuse meetme mõju analüüsimisel tuleb muu hulgas arvesse võtta PSA teoreetilist turuosa, mis vastaks olukorrale, kui abi ei anta (edaspidi „võrdlusturuosa“).
In any case, the purpose of this formal procedure is to offer the Member State the opportunity to adduce all the evidence that it considers necessary to prove the validity of the aid being examined, and in particular to flesh out the circumstances that led to the firm's difficulties by adding details that it may have failed to include during the preliminary phase.
Komisjon meenutab, et riigi antava tagatise puudumisel tooks BPFi reitingu alandamine ja rahastamissuutlikkuse vähenemine kaasa ka väljastatavate laenude mahu vähenemise, mis viiks autode müügitegevuse mahu vähenemisele [5–20]* % võrra [55].
This is precisely what the French authorities have done in this case.
Seega ulatuks kontsernile kuuluva panga rahastatava PSA autotootmise haru käibe maht Prantsuse ametiasutuste väitel [6000–7000]* miljoni euroni abi puudumise korral ja [35000–40000] miljoni euroni abi andmise korral (võttes arvesse prognoositavat ligikaudu [10–20] % suurust müügimahu vähenemist.
Examination of the contribution of the 50CO2Cars project to the restructuring of the PSA Group
Neist arvudest ilmneb seega, et BPFi teoreetilise turuosa suurus võiks olla ligikaudu [15–20]* %.
According to the comments by the French authorities (summarised in recitals 147 to 151 above), the 50CO2Cars project is designed to get to grips with a technology to reduce the consumption and CO2 emissions of diesel engines at an ‘affordable’ cost.
Teisisõnu, kui BPF ei oleks saanud riigi tagatist, oleks tema rahastamissuutlikkus vähenenud nii palju, et see oleks kaasa toonud turuosa märkimisväärse vähenemise.
Contribution to resolving the structural handicaps of the PSA Group
Võttes arvesse kontsernidele kuuluvate pankade määravat rolli sõidukite müügimahule, oleks sellega täiendavalt kaasnenud ka müügimahu vähendamine.
Reversing the downward trend in sales of diesel engines: in the opening decision, the Commission asked in recital 211 whether an R&D investment in a diesel hybrid technology was consistent with the restructuring plan when the recent market trend (expected to continue in future years) was rather for sales of diesel engines to be replaced by petrol engines.
Prantsuse ametiasutuste väitel ei võimaldaks selline langus ettevõtja elujõulisust taastada ja viiks PSA kontserni ja BPFi järjestikuste reitingu alandamiste nõiaringi, mis tooks kontserni jaoks kaasa täiendava kahjumi.
On this point, it would appear from the justifications adduced by France in recital 148 above that, bearing in mind the current structure of PSA's production base (focusing chiefly on diesel vehicles which represented [60-80]* % of sales in Europe in 2012), a strategy of ‘reacting’ to the trend for diesel to be replaced by petrol might be less pertinent in the short/medium term than a ‘proactive’ strategy in terms of restoring the Group's viability.
Kõnealune võrdlusturuosa võimaldab ligikaudu määratleda alampiiri, mida saab kasutada tasakaalustusmeetme ulatuse määramisel.
The Commission notes in this respect that, in its comments in recital 203 above, Toyota acknowledges that there could be a market for diesel hybrids, but considers that it will be smaller than the market for petrol hybrids because of the additional cost of diesel technology.
Miinimumpiir peaks olema suurem kui nimetatud hinnanguline [15–20]* % suurune teoreetiline määr.
In this respect, the ‘affordable’ diesel hybrid solution targeted by the 50CO2Cars project could help, if the project succeeds, to counter the decline in diesel sales that the PSA Group is currently experiencing.
Minimaalne turuosa peaks samas olema madalam kui praegune turuosa ([29–31]* % G10 piirkonnas 2012. aastal).
In the longer term, if the underlying trends recorded up to now were to continue (with the result that sales of petrol hybrids continue to be higher than sales of diesel hybrids), as predicted by Toyota, the components of 50CO2Cars could be adapted to petrol engines (see recital 50 of the opening decision).
Kõigi tasakaalustusmeetmete eesmärk on muuta riigiabi andmise mõju abi saava ettevõtja konkurentide jaoks minimaalseks.
The Commission therefore agrees with the French authorities that PSA's strategy to develop a technology able to restore the environmental image of diesel engines and keep them economically attractive to consumers, especially in Europe, could improve the short/medium-term profitability of the PSA Group's industrial base, and therefore help to restore its viability as the restructuring plan is implemented.
Seejuures, nagu näitab võrdlusturuosa määr, võimaldab riigi tagatis BPFil hoida oma praegust turuosa.
Making up for its backwardness in R&D: although the French authorities do not consider this criterion to be relevant, it would appear from recital 152(c) above that the 50CO2Cars project could make up for the Group's backwardness in R&D, especially from the point of view of the productivity of the technological innovation activities undertaken (pooling of resources in a research consortium sponsored by ADEME), the standardisation of certain automotive components (in particular the powertrain), technologies to reduce diesel engine consumption/emissions and DCT transmissions.
Seega tuleb tasakaalustusmeedet, mida rakendatakse täiendavate tasude kujul, kohaldada praeguse turuosa suhtes.
The purpose of these efforts is to make hybridisation systems more ‘affordable’ for consumers as the architecture of the hybrid powertrain will be largely standardised and optimised in terms of energy performance and production cost.
Võttes arvesse [29–31]* % suurust turuosa, ülalkirjeldatud [15–20]* % suurust minimaalset taset, Prantsuse ametiasutuse kirjeldatud võimalikke arenguid tõusu suunas ja kontsernile kuuluvate pankade olulist mõju autode müügitulemustele, tuleb kohustust suurendada riigi tagatise eest makstavat tasu alates [26–29]* % suurusest turuosast [56] vaadelda asjakohase meetmena, mis piirab konkurentsi kahjustamist.
In recital 184 above, GM stresses that technological projects to reduce gas emissions are being widely implemented by manufacturers and, in recital 189 above, Fiat confirms that the CO2 emission standards set by European regulations are a challenge that every manufacturer will have to take up.
Võttes arvesse praeguse turuosa suurust, tähendab võetud kohustus, et BPF peaks juba suurendama tagatise eest makstavat tasu ligikaudu [40–50]* baaspunkti võrra (see tähendab, et riigi tagatise eest makstav tasu ulatub ligikaudu [300–310] baaspunktini 260 baaspunkti asemel, mis fikseeriti riigiga sõlmitud esialgses protokollis).
Toyota, for its part, is also of the view that the development of environmental technologies will be a key factor in manufacturers' sales (see recital 203 above).
Kui BPF soovib kõnealust turuosa suurendada, suureneb makstav tasu vastavalt põhjenduse 250 tabelis 17 toodud proportsioonidele [57].
Against such a backdrop of ‘technological proliferation’ in consumption/CO2 emission reduction, and bearing in mind how difficult it is to predict the future commercial outlets of the research currently taking place, the Commission nevertheless considers that a gauge of the success of a restructuring plan may well lie in an automotive manufacturer in difficulty maintaining a certain level of technological ambition.
Kui turuosa suurus väheneb, väheneb samalaadselt ka täiendav makstav tasu [58].
Backwardness in R&D could, moreover, weigh heavily on the prospects of an upturn in its sales in the short/medium term, and therefore on its chances of restoring viability.
Seega toob võetud kohustus BPFi jaoks kaasa tagatise eest makstava tasu kohese suurenemise ning see tasu suureneb vastavalt sellele, kuidas PSA suurendab BPFi rahastatavate müükide mahtu oma müükide kogumahus.
In the light of the above comments, the Commission concludes that the 50CO2Cars project may well help to resolve some of the PSA Group's structural handicaps.
Komisjoni hinnangul võimaldab kõnealune meede kompenseerida ülemäärast konkurentsi kahjustamist ülalnimetatud päästmise ja ümberkorraldamise suuniste punktide 38–40 tähenduses.
Adapting the industrial base to the issues raised by mild hybridisation
Ja lõpuks, vaatamata struktuursele ülevõimsusele, mille all Euroopa autotööstus tundub kannatavat, on komisjon seisukohal, et PSA kontserni tootmisvõimsuse täiendav piiramine ei ole antud konkreetsel juhul kõige asjakohasem lahendus järgmistel põhjustel:
According to recital 154 above, the industrial investment required by the 50CO2Cars project, and in particular the adaptation of production capacity to the new diesel engines and hybrid systems, will account for a limited proportion of the total investment planned during the term of the restructuring plan.
teiselt poolt, nagu on selgitatud põhjenduses 315, kui tulevikus tuleb teha täiendavaid struktuurseid ümberkorraldusi, tundub olevat õigem jätta PSA kontsernile teatav strateegiline manööverdamisruum majandusolukorra stabiliseerimise vahendite valikul, sest tootmisvõimsuse täiendav piiramine on vaid üks võimalikke meetodeid selle saavutamiseks.
Its financial impact has also been included in the figures supplied by the French authorities.
KOHUSTUS, MIS ON SEOTUD VAHENDAJATE RAHASTAMISEL KASUTATAVA MARGINAALIGA
Lastly, in the field of transmissions, the Commission agrees with the French authorities that the return in-house of production which is currently outsourced to Japanese suppliers will help, if the 50CO2Cars project is successful, to restore PSA's viability by restoring its margins and freeing it from both logistical costs and exchange risks.
Komisjon märgib samuti, et Prantsuse ametiasutused võtsid kohustuse, mille kohaselt PSA kontsern ei vähenda kogu ümberkorralduskava ellurakendamise perioodi kestel oma võrgustiku vahendajatele pakutava rahastamise keskmist kaubanduslikku aastamarginaali alla 12 viimase kuu keskmise kaubandusliku aastamarginaali väärtuse 30. juuni 2013. aasta seisuga.
On the basis of these factors, the Commission concludes that adapting PSA's industrial base to the issues raised by mild hybridisation is part and parcel of the Group's restructuring approach and return to viability.
Komisjon leiab, et see kohustus võimaldab mitte vähendada BPFi turuosa piiramise siduvat laadi.
Shifting the firm towards new and viable activities
Vahendajate suhtes kohaldatava keskmise kaubandusliku aastamarginaali hoidmisel sellisel tasemel, nagu see oli enne abi andmist, ei saa BPF tagatist kasutada selleks, et rakendada oma vahendajate suhtes agressiivset kaubanduspoliitikat.
In its comments (summarised in recital 189 above), Fiat notes in essence that the engine targeted by 50CO2Cars would appear to be technically ‘achievable’ but would run the risk of increasing the unit cost of the vehicles in which it is fitted, with the result that the mass distribution of the technology developed would be economically impossible.
ALGSELT „50CO2CARS“ PROJEKTI ELLUVIIMISEKS KAVANDATUD TOETUSTE ÜMBERKUJUNDAMINE TAGASTATAVATEKS AVANSSIDEKS
On this point, the Commission notes that the current high price of full hybrid technologies explains why they have been rolled out only in the high-end segments of the market (‘premium’ vehicles).
Komisjoni arvates tuleb selleks, et riiklike ametiasutuste eraldatud vahendid raskustes oleva autotootja tehnoloogilise pädevuse säilitamiseks oleksid proportsionaalsed, veenduda, et on tagatud järgmised tingimused:
The strategy envisaged by PSA and its R&D efforts is precisely to find a hybridisation technology with a better cost/performance compromise than the solutions currently available: reducing CO2 emissions by [10-20]* % with respect to an equivalent non-hybrid vehicle for a cost [70-80]* % lower than the HY425 solution.
ümberkorralduskava raames elluviidav teadus- ja arendustegevus ei või olla sellise mahuga, et võib tekkida komisjoni menetluse algatamise otsuse põhjenduses 243 kirjeldatud „väljasuretamise“ oht;
In recital 216 of the opening decision, the Commission nevertheless complained that it was unable to assess the impact of the new mild hybridisation technologies on the PSA Group's sales and profitability, and said that it would like to be provided with the normal financial indicators that are used to analyse the pertinence of this type of investment in R&D and an analysis of the risks that could affect the profitability of this project.
kui ettevõtja majandusolukord paraneb, tuleb oluline osa riiklikest vahenditest, mis anti autotootjale selleks, et ta saaks oma tehnoloogilist pädevust hoida „tehnoloogia eesliinil“, teadus- ja arendusprojekti edukuse ja ettevõtja elujõulisuse taastumisel abi andjale tagastada.
According to recital 150 above, in the context of the restructuring plan, the lack of specific State aid for the 50CO2Cars project would force PSA to implement a ‘counterfactual’ project consisting in reducing its R&D investment to the minimum necessary to be able to comply with the changes in the regulations on CO2 emissions.
Ülatoodud tingimustest esimese puhul peab komisjon kontrollima, kas „50CO2Cars“ projekti elluviimise korral vähenevad märkimisväärselt (või täielikult) teiste autotootjate võimalused oma teadus- ja arendusprojektide elluviimiseks hübriidsüsteemide valdkonnas.
The financial indicator provided by the French authorities in Table 15 of recital 155(b) above is a ‘differential’ net present value (‘NPV’) which, unlike the ‘standard’ NPV (which corresponds to the present value of the cash flows — positive and negative — generated by an investment), does not make it possible to assess the intrinsic profitability of the investment, but rather the profitability difference between two investments, in this case the 50CO2Cars project (with or without State aid) and the ‘counterfactual’ project.
GM-i märkustest ilmneb, et kuigi „50CO2Cars“ projekti elluviimiseks eraldatud riiklikud summad on „mild-hybridation“ süsteemi väljaarendamise teadus- ja arendusprojekti jaoks „arvestatava suurusega“, ei ole need summad samas kogu sektori teadus- ja arendustegevuse kulutustega võrreldes „märkimisväärsed“ ja on igal juhul ebapiisavad selleks, et takistada „konkureerival ettevõtjal samas valdkonnas oma teadus- ja arendusprogrammi ellu viia“ (vt põhjendus 184).
In view of the fact that, whatever the discount rate used (respectively [10-13]* % or [13-15]* %), the counterfactual project always has a higher NPV than the 50CO2Cars project without aid (between EUR [60-100]* million for the eDCT, between EUR [20-70]* million for the accessory facade), the French authorities conclude that, in the absence of aid, the firm would naturally be ‘encouraged’ to run the alternative project rather than 50CO2Cars.
Fiat kinnitab omalt poolt, et „50CO2Cars“ projekt ei kujuta endast turule juurdepääsu takistust, mis võiks sundida teisi autotootjaid samalaadsetest projektidest loobuma (vt märkused 190 ja 232).
The Commission is not, however, convinced by this reasoning, and points out that it would be no more than logical to consider that at a discount rate of [13-15]* %, inferred by the French authorities after including the current ‘bases’ of the firms' financing conditions in the best possible way, even though the rate of [10-13]* % appears to be the rate generally used to assess the profitability of its investments, PSA would also be more likely to opt for the counterfactual project rather than 50CO2Cars, as the relative profitability of two of its components would be higher: EUR [50-60]* million for the eDCT and EUR [20-30]* million for the accessory facade.
Nende kolmandate isikute märkuste alusel saab komisjon järeldada, et „50CO2Cars“ projekti elluviimisega kaasneva „väljasuretamise“ ohu võib antud konkreetsel juhul lugeda hajutatuks.
In short, the Commission considers:
Teise tingimuse puhul osutab komisjon Prantsuse ametiasutuste 7.5. jaos esitatud tasakaalustusmeetmele, mis näeb ette muuta esialgsed toetused 24,5 miljoni euro ulatuses ADEME tagasimakstavateks avanssideks, nii et juhul kui PSA majanduslik olukord paraneb, tagastatakse kogu riigi poolne teadus- ja arendustegevuseks eraldatud summa riigile.
first, that the conclusions that may be drawn from the proposed ‘differential’ indicator are overly dependent on ad hoc assumptions in relation to the discount rate used to calculate the ‘differential’ NPV;
Kokkuvõttes on komisjon seisukohal, et „50CO2Cars“ projekti elluviimiseks ümberkorralduskava raames antud riiklik toetus ei tekita olulist ohtu teiste autotootjate kavatsustele teadus- ja arendustegevuse projektide elluviimiseks („väljasuretamise“ efekt puudub) ja on samas PSA kontserni elujõulisuse taastamise eesmärgiga proportsionaalne, kuivõrd Prantsuse ametiasutused võtavad kohustuse, mille kohaselt kontserni majandusolukorra paranemisel tagastatakse kõnealuse teadus- ja arendusprojekti elluviimiseks kasutatud riikliku ametiasutuse eraldatud summad abi andnud ametiasutusele (vt põhjendus 256).
second, that the structure of this indicator does not make it possible economically to assess the global impact of 50CO2Cars on the Group's sales and financial prospects, but only to compare, in an incremental way, the profit achieved (and the costs incurred) by carrying out 50CO2Cars with what could be achieved, for two components alone, by the counterfactual project.
Komisjon märgib lõpuks, et Prantsuse ametiasutused on võtnud kohustuse, mille kohaselt PSA loobub ümberkorralduskava elluviimise perioodil omandamast osalusi teistes ettevõtetes või teiste ettevõtjate varasid põhjenduses 251 ja sellele järgnevates põhjendustes toodud tingimustel summade puhul, mis ületavad 100 miljoni euro suurust summat aastas.
The financial indicators supplied by France do not therefore make it possible to assess the effects of the mild hybridisation ‘system’ targeted by 50CO2Cars.
Erandina põhjendustes 251 ja 252 toodud üldpõhimõttest võivad Faurecia ja tema tütarettevõtjad osalusi ja varasid omandada põhjenduses 253 toodud tingimustel.
The Commission observes that, unlike the counterfactual project, the 50CO2Cars project makes it possible for PSA to get to grips with several of its current structural handicaps: the project will help it to improve component standardisation and make up for the Group's backwardness in R&D.
Hinnangu andmisel võtab komisjon positiivsena arvesse omandamisi, mis i) toetavad otseselt või kaudselt PSA kontserni elujõulisuse taastamist ja suurendavad PSA kontserni prognoositavat tasuvust ja ii) ei ole käsitletavad PSA kontserni ümberkorralduskavas seatud eesmärkide täitmiseks miinimumiga piirduva abi nõude kohustuse rikkumisena.
The reduced scope of the counterfactual project cannot have such an ambition.
Komisjon leiab, et kõnealuse meetme näol on tegemist vajaliku meetmega, mis võib kompenseerida abi andmisega põhjustatud konkurentsi kahjustamist.
Moreover, the incremental developments envisaged in the counterfactual project, whose stated aim is only to be able to comply with the regulations on CO2 emissions, are in all likelihood not enough effectively to combat the decline in sales of diesel vehicles that the Group is currently experiencing.
VAJADUS FMEAD HÕLMAVA TASAKAALUSTUSMEETME JÄRELE
Lastly, in order to assess the coherence of the resources needed for each of these projects with the rest of the restructuring plan, the Commission has compared the overall costs of the 50CO2Cars project (namely EUR [300-400]* million according to Table 4 in recital 41 above), with the additional costs and industrial risks that the counterfactual project would entail: the possible loss of margin from this development is non-negligible and is estimated to be EUR [500-700]* million in recital 148 above.
Anonüümne kolmas isik leiab, et PSA peaks müüma oma osaluse FMEAs.