natgillin/translations-raw huggingface dataset:
As regards whether the past measures provided ENVC with an undue selective advantage, the Commission observes that Portugal considers that this is not the case for most of the past measures since they would be in line with the MEO principle.
U pogledu toga jesu li prethodne mjere ENVC-u osigurale neopravdanu selektivnu prednost, Komisija napominje da Portugal smatra da to nije slučaj za većinu prethodnih mjera jer bi bile u skladu sa STG načelom.
In its opening decision, the Commission indicated that despite the limited information available at the time, it seemed unlikely that any rational private operator would have provided ENVC with the past measures.
U svojoj odluci o pokretanju postupka Komisija je navela da se, usprkos ograničenim informacijama dostupnim u tom trenutku, nije činilo vjerojatnim da bi razuman privatni subjekt ENVC-u dodijelio prethodne mjere.
Indeed, given the difficulties of ENVC at the time, the Commission was of the preliminary view that a rational market operator, operating under market conditions, would not have provided such financing to a company like ENVC.
S obzirom na teškoće ENVC-a u tom trenutku preliminarno mišljenje Komisije bilo je da razuman tržišni subjekt, koji posluje pod tržišnim uvjetima, ne bi osigurao takvo financiranje društvu poput ENVC-a.
The Commission also preliminarily concluded the advantage would be selective in nature given that its sole beneficiary was ENVC.
Komisija je preliminarno zaključila da bi i prednost po prirodi bila selektivna s obzirom na to da je ENVC bio njezin jedini korisnik.
As regards the 2006 capital increase, the Commission does not share the opinion of Portugal that a MEO would have opted for increasing the capital of ENVC — instead of liquidating it — in order to allow the company to continue operating in the shipbuilding market, in particular in view of the order book at the time of 15 construction projects for an amount of EUR 386 million (see recital 44 above).
U pogledu povećanja kapitala iz 2006. Komisija ne dijeli mišljenje Portugala da bi se STG odlučio za povećanje kapitala ENVC-a umjesto njegove likvidacije kako bi društvu omogućio nastavak poslovanja na tržištu brodogradnje, posebno u pogledu knjige narudžbi koja je u tom trenutku sadržavala 15 projekata izgradnje u iznosu od 386 milijuna EUR (vidi prethodnu uvodnu izjavu 44.).
In the first place, the Commission observes that a rational market operator would have taken into consideration whether it would be more economically rational to liquidate the company or to provide additional capital, bearing in mind the poor financial performance of ENVC between 2000 and 2006 and considering as well the measures already granted by the State to ENVC before the 2006 capital increase (i.e. one of the DGTF loans for an amount of EUR 30 million granted in January/February 2006, the shipbuilding subsidies in excess of EUR 27 million and the professional training subsidies).
Komisija u prvom redu napominje da bi razuman tržišni subjekt razmotrio bi li ekonomski racionalnije bilo likvidirati društvo ili osigurati dodatni kapital, imajući na umu loše financijske rezultate ENVC-a od 2000. do 2006. i uzimajući u obzir mjere koje je država već odobrila ENVC-u prije povećanja kapitala iz 2006. (tj. jedan od kredita DGTF-a u iznosu od 30 milijuna EUR odobren u siječnju/veljači 2006., subvencije u brodogradnji u vrijednosti većoj od 27 milijuna EUR i subvencije za profesionalnu izobrazbu).
Although the amount of the book order seemed to exceed the amount resulting from those past measures, the Commission is of the view that a rational market operator would have also taken into consideration the probability that ENVC would have been able to carry out the constructions at a profit and/or within the contractual deadlines so as to avoid the payment of penalties [32].
Premda se činilo da iznos knjige narudžbi premašuje iznos ostvaren od tih prethodnih mjera, mišljenje je Komisije da bi razuman tržišni subjekt uzeo u obzir i vjerojatnost da bi ENVC bio u mogućnosti izvršiti izgradnje uz dobit i/ili unutar ugovornih rokova kako bi izbjegao plaćanje kazni [32].
According to the information provided by Portugal, nothing suggests that EMPORDEF made these considerations at the time of carrying out the 2006 capital increase.
U skladu s informacijama koje je dostavio Portugal, ništa ne ukazuje na to da je EMPORDEF proveo te analize u trenutku provedbe povećanja kapitala 2006.
In addition, Portugal notes that according to the restructuring plan prepared by BPI in August 2005, the costs associated to closing down ENVC were estimated at EUR 175 million. According to Portugal, in view of the fact that liquidation was more onerous than the capital increase, the former line of action was not retained.
Osim toga, Portugal napominje da su, u skladu s planom restrukturiranja koji je BPI izradio u kolovozu 2005., troškovi povezani sa zatvaranjem ENVC-a procijenjeni na 175 milijuna EUR. Prema navodima Portugala, s obzirom na to da bi likvidacija bila skuplja od povećanja kapitala, ta mogućnost nije zadržana.
In this regard, the Commission observes that the estimation made by BPI in the restructuring plan is not backed by evidence.
U tom pogledu Komisija napominje da procjena koju je izradio BPI u planu restrukturiranja nije potkrijepljena dokazima.
On this basis, the Commission is not able to assess the accuracy of this estimation and conclude whether indeed it was more economically rational for EMPORDEF to carry out the capital increase than to proceed to the liquidation of the company.
Na temelju toga Komisija ne može ocijeniti točnost te procjene i zaključiti je li za EMPORDEF uistinu bilo ekonomski racionalnije provesti povećanje kapitala umjesto likvidacije društva.
Moreover, the Commission observes that the restructuring plan prepared by BPI noted that ENVC on its own did not have the capacity to return to viability and that it needed external funds in an amount of EUR 45-50 million in a base case and EUR 70-80 million is a pessimistic case.
Osim toga, Komisija napominje da je u planu restrukturiranja koji je pripremio BPI navedeno kako ENVC nije samostalno sposoban za ponovnu uspostavu održivosti te da su mu potrebna vanjska sredstva u iznosu od 45-50 milijuna EUR u osnovnom scenariju i 70-80 milijuna EUR u pesimističnom scenariju.
The amount of the 2006 capital increase (EUR 24,875 million) remains significantly short from these estimations and would not have allowed ENVC to return to viability.
Iznos povećanja kapitala iz 2006. (24,875 milijuna EUR) i dalje je znatno manji od ovih procjena te ENVC-u ne bi omogućio ponovnu uspostavu održivosti.
Finally, the Commission takes notes that ENVC was in need of in-depth restructuring as acknowledged by the restructuring plan prepared by BPI.
Naposljetku, Komisija napominje da je ENVC-u bilo potrebno dubinsko restrukturiranje, kako se to navodi u planu restrukturiranja koji je pripremio BPI.
Although the restructuring plan is merely a draft, it already indicates the difficulties of ENVC and the need for additional external funds.
Premda je plan restrukturiranja tek nacrt, u njemu se već ukazuje na teškoće ENVC-a i na potrebu za dodatnim vanjskim sredstvima.
However, the restructuring plan makes clear that the return of ENVC to viability would significantly depend on the capacity of the management of the company to honour its contracts and the evolution of the shipbuilding markets.
Međutim, u planu restrukturiranja jasno se navodi da bi ponovna uspostava održivosti ENVC-a znatno ovisila o sposobnosti uprave društva da ispuni ugovore i o razvoju tržišta brodogradnje.
In this respect, the Commission observes that Portugal has provided no evidence that EMPORDEF took these elements into consideration when carrying out the 2006 capital increase, which — in any event — would fall short from the amounts estimated by the restructuring plan to allow the company to return to viability.
U tom pogledu Komisija napominje da Portugal nije dostavio dokaze da je EMPORDEF uzeo te elemente u obzir prilikom provedbe povećanja kapitala 2006., koje bi u svakom slučaju bilo manje od iznosa koji bi prema procjenama iz plana restrukturiranja društvu omogućili ponovnu uspostavu održivosti.
In view of the above, the Commission comes to the conclusion that a prudent market economy operator would not have provided the 2006 capital increase and therefore that it entailed an undue advantage to ENVC.
S obzirom na navedeno Komisija zaključuje da razuman subjekt u tržišnom gospodarstvu ne bi proveo povećanje kapitala 2006. te da ono stoga predstavlja neopravdanu prednost za ENVC.
As regards the 2012 and 2013 loans provided by EMPORDEF for a global amount of EUR 101118066,03, it results on the basis of the information provided by Portugal that in the course of 2012 EMPORDEF signed 70 contracts with ENVC, normally short-term with 90-day maturity.
U pogledu kredita iz 2012. i 2013. koje je dodijelio EMPORDEF u ukupnom iznosu od 101118066,03 EUR, iz informacija dobivenih od Portugala proizlazi da je EMPORDEF tijekom 2012. potpisao 70 ugovora s ENVC-om, obično kratkoročnih s dospijećem od 90 dana.
The loans were granted for several different amounts and had different interest rates, mainly 3-month EURIBOR plus a margin.
Krediti su odobreni na nekoliko različitih iznosa i imali su različite kamatne stope, uglavnom 3-mjesečni EURIBOR uvećan za maržu.
However, some contracts had a fixed interest rate, in particular the contracts signed from October 2012 onwards (see for example the contracts signed on 30 March 2012 for EUR 16,7 million with an interest rate of 2 %, on 2 November 2012 for EUR 10,570 million with an interest rate of 5,871 % or on 1 December 2012 for EUR 1 million with the same interest rate of 5,871 %).
Međutim, neki ugovori imali su nepromjenjivu kamatnu stopu, posebno ugovori potpisani u razdoblju od listopada 2012. i kasnije (vidi, na primjer, ugovore potpisane 30. ožujka 2012. u iznosu od 16,7 milijuna EUR uz kamatnu stopu od 2 %, 2. studenoga 2012. u iznosu od 10,570 milijuna EUR uz kamatnu stopu od 5,871 % ili 1. prosinca 2012. u iznosu od 1 milijun EUR uz istu kamatnu stopu od 5,871 %).
It also appears that the loan contracts were not collateralised.
Čini se da ugovori o kreditima nisu bili osigurani jamstvom.
Portugal argues the absence of aid in the DGTF loans given that EMPORDEF applied to ENVC the same interest rates it received from the market.
Portugal tvrdi da u kreditima DGTF-a nema potpore jer je EMPORDEF primijenio iste kamatne stope na ENVC koje je dobio na tržištu.
Since in any event EMPORDEF would be considered liable for the debts and liabilities of ENVC, given that it was its sole shareholder, Portugal claims that EMPORDEF did not increase its risk by exposing it further to ENVC.
S obzirom na to da bi se EMPORDEF u svakom slučaju smatrao odgovornim za dugove i obveze ENVC-a jer je njegov jedini dioničar, Portugal tvrdi da EMPORDEF nije povećao svoj rizik dodatno se izlažući ENVC-u.
In the first place, it does not appear that EMPORDEF would be liable for all the debts and liabilities of ENVC, given that EMPORDEF and ENVC are limited liability companies (‘sociedade anónima’).
U prvom redu, ne čini se da bi EMPORDEF bio odgovoran za sve dugove i obveze ENVC-a jer su EMPORDEF i ENVC društva s ograničenom odgovornošću („sociedade anónimar”).
As a general rule, in limited liability companies the liability of the members (participation holders) is limited to the face value of their shares according to Article 271 of Portuguese Companies Code [33].
Kao općenito pravilo, kod društava s ograničenom odgovornošću odgovornost članova (imatelja udjela) ograničena je na nominalnu vrijednost njihovih udjela prema članku 271. portugalskog Zakona o trgovačkim društvima [33].
On this basis, by providing the 2012 and 2013 loans to ENVC, EMPORDEF would have incurred additional risks going beyond its shares in the company.
Na temelju toga dodjelom kredita ENVC-u 2012. i 2013. EMPORDEF bi snosio dodatne rizike koji bi premašili njegove udjele u tom društvu.
In view of the difficulties of ENVC, the Commission considers that a market economy investor would have assessed the financial situation of ENVC and analysed the ability of the company to pay back the loans and the interests.
S obzirom na teškoće ENVC-a Komisija smatra da bi ulagač u tržišnom gospodarstvu procijenio financijsku situaciju ENVC-a i analizirao sposobnost društva da otplati kredite i kamate.
In this respect, the Commission observes that several financial institutions — in relation to which the Commission has no reason to suspect that they did not operate as market investors — had refused to provide loans directly to ENVC.
U tom pogledu Komisija napominje da je nekoliko financijskih institucija – u vezi s kojima Komisija nema razloga sumnjati da nisu poslovale kao tržišni ulagači – odbilo ENVC-u izravno dodijeliti kredite.
This in itself indicates that the markets no longer believed that ENVC would be able to repay the loans.
To samo po sebi ukazuje na to da tržišta nisu više vjerovala da bi ENVC mogao otplatiti kredite.
By merely replicating the interests it obtained for the loans in the market, EMPORDEF provided an undue advantage to ENVC, since the latter would not have been able to obtain those conditions — as a matter of fact, ENVC did not get any of the loans from the market.
Samo primjenjivanjem istih kamata koje je za kredite dobio na tržištu, EMPORDEF je ENVC-u osigurao neopravdanu prednost jer potonji ne bi mogao dobiti te uvjete – ENVC zapravo nijedan kredit nije dobio na tržištu.
Although some of the interest rates applied by EMPORDEF to ENVC could appear relatively high (e.g. 3-month EURIBOR plus 8,431 % for the contract signed on 30 May 2012), the Commission considers that no private financial institution would have provided such a loan with no collateralisation to a firm clearly in difficulty.
Premda bi se moglo činiti da su neke kamatne stope koje je EMPORDEF primijenio na ENVC relativno visoke (npr. 3-mjesečni EURIBOR uvećan za 8,431 % za ugovor potpisan 30. svibnja 2012.), Komisija smatra da nijedna privatna financijska institucija ne bi dodijelila takav kredit bez osiguranih jamstava društvu koje je nedvojbeno u teškoćama.
The Commission also notes that once the first contracts had reached their 90-day maturity, EMPORDEF would have been able to observe that ENVC had neither repaid the principal nor paid any interest (see recital 51 above).
Komisija navodi i da jednom kada su prvi ugovori stigli na naplatu u roku od 90 dana, EMPORDEF je mogao primijetiti da ENVC nije otplatio glavnicu niti platio kamate (vidi prethodnu uvodnu izjavu 51.).
On this basis, the Commission considers that a rational market operator would not have provided additional loans to ENVC.
Na temelju toga Komisija smatra da razuman tržišni subjekt ne bi ENVC-u dodijelio dodatne kredite.
The Commission therefore concludes that the 2012 and 2013 loans entailed an undue advantage to ENVC.
Komisija stoga zaključuje da krediti iz 2012. i 2013. predstavljaju neopravdanu prednost za ENVC.
The Commission will now assess whether the DGTF loans for an amount of EUR 56 million provided ENVC with an undue advantage.
Komisija će sada procijeniti jesu li krediti DGTF-a u iznosu od 56 milijuna EUR ENVC-u osigurali neopravdanu prednost.
Portugal indicates that these loans had an interest rate of 6-month EURIBOR plus a variable spread depending on each contract.
Portugal navodi da je za te kredite kamatna stopa bila 6-mjesečnog EURIBUR-a uvećan za promjenjivi raspon ovisno o svakom ugovoru.
According to Portugal, this remuneration would be satisfactory for an investor, thereby excluding the presence of an undue advantage and this of State aid.
Prema navodima Portugala ta naknada bila bi zadovoljavajuća za ulagača, čime se isključuje postojanje neopravdane prednosti i državne potpore.
Portugal also notes that the DGTF loans were provided bearing in mind the order book of ENVC.
Portugal navodi i da su krediti DGTF-a dodijeljeni imajući na umu knjigu narudžbi ENVC-a.
The Commission cannot share the views of Portugal that setting an interest rate corresponding to 6-month EURIBOR plus a variable spread would make the DGTF loans market-conform.
Komisija ne može dijeliti mišljenje Portugala da bi uz kamatnu stopu koja odgovara 6-mjesečnom EURIBOR-u uvećanom za promjenjivi raspon krediti DGTF-a bili spojivi s tržištem.
Table 4 below summarises the total interest rate applicable to the DGTF loans at the time of their signature:
Tablica 4. u nastavku sadržava sažeti prikaz ukupne kamatne stope primjenjive na DGTF kredite u trenutku njihova potpisivanja.
Total interest rate applicable to the DGTF loans
Ukupna kamatna stopa primjenjiva na kredite DGTF-a
Date of signature of the contract
Datum potpisivanja ugovora
Amount in EUR
Iznos u EUR-ima
onth EURIBOR (a) (%)
jesečni EURIBOR (a) (%)
Spread [34] (b)
Raspon [34] (b)
Total interest rate (a)+(b) (%)
Ukupna kamatna stopa (a)+(b) (%)
(paid out in two instalments in April 2011 and in June 2011)
(isplaćeno u dva obroka u travnju 2011. i u lipnju 2011.)
3,907 % (April 2011)
3,907 % (travanj 2011.)
3,580 % (June 2011)
3,580 % (travanj 2011.)
5,568 (April 2011)
5,568 (travanj 2011.)
5,241 (June 2011)
5,241 (travanj 2011.)
In order to ascertain the market-conformity of the interest rates applied to the DGTF loans, the Commission will use as the best available proxy the reference rates resulting from the applicable rules at the time.
Kako bi utvrdila spojivost kamatnih stopa koje su se primjenjivale na kredite DGTF-a s tržištem, Komisija će koristiti najbolje dostupne zamjenske referentne stope koje proizlaze iz važećih pravila u tom trenutku.
First, as indicated in section 6.1 above, the Commission considers that in 2006 and 2008 ENVC would qualify as a firm in difficulty.
Prvo, kako je navedeno u prethodnom odjeljku 6.1, Komisija smatra da se ENVC u 2006. i 2008. mogao smatrati poduzećem u teškoćama.
In particular, concerning the 2006 DGTF loan, the Commission notice on the method for setting the reference and discount rates of 1997 [36], applicable at the time, established that the base rate (3,70 % in Portugal in January 2006) [37] was to be increased by a premium amounting to 400bp or more in situations involving a particular risk.
Osobito u vezi s kreditom DGTF-a iz 2006. u obavijesti Komisije o metodi utvrđivanja referentnih i diskontnih stopa iz 1997. [36], važećih u tom trenutku, utvrđeno je da je osnovna stopa (3,70 % u Portugalu u siječnju 2006.) [37] trebala biti povećana za premiju koja je iznosila 400 baznih bodova ili više u situacijama koje su uključivale poseban rizik.
In this respect, the Commission highlights the difficulties of ENVC at the time and the fact that it was in a situation of technical bankruptcy.
U tom pogledu Komisija naglašava teškoće ENVC-a u tom trenutku i činjenicu da je bio u tehničkom stečaju.
Also, according to the 2006 DGTF loan contract, ENVC agreed to have as collateral the revenues resulting from the construction of certain vessels for the Portuguese Navy.
Nadalje, prema ugovoru o kreditu DGTF-a iz 2006. ENVC je pristao da prihodi od izgradnje određenih brodova za portugalsku mornaricu služe kao jamstvo.
However, it is unclear whether a market-oriented lender would have accepted such collateral in view of ENVC's problems to carry out the constructions at a profit and/or within the contractual deadlines (see in this respect recital 80 and footnote 28 above).
Međutim, nejasno je bi li tržišno usmjeren zajmodavac prihvatio takvo jamstvo s obzirom na probleme ENVC-a u izvršavanju izgradnji uz dobit i/ili unutar ugovornih rokova (u vezi s time vidi prethodnu uvodnu izjavu 80. i bilješku 28.).
In any event, the Commission has not been provided with evidence allowing it to examine those construction contracts.
U svakom slučaju Komisiji nisu dostavljeni dokazi koji bi omogućili ispitivanje tih ugovora o izgradnji.
The Commission therefore considers that applying a margin of at least 400bp would be reasonable.
Komisija stoga smatra da bi bilo razumno primijeniti maržu od najmanje 400 baznih bodova.
As a result, the applicable reference rate would be at least 7,70 %, which is well above the interest rate of 4,198 % actually applied by the DGTF.
Zbog toga bi primjenjiva referentna stopa bila najmanje 7,70 %, što je dosta iznad kamatne stope od 4,198 % koju je DGTF stvarno i primijenio.
As regards the 2008 DGTF loan, the Communication from the Commission on the revision of the method for setting the reference and discount rates of 2008 [38], applicable at the time, established that to the base rate (2,05 % in Portugal in December 2008) [39] a margin was to be applied depending on the rating of the undertaking concerned and the level of collateralisation offered.
U pogledu kredita DGTF-a iz 2008. u Komunikaciji Komisije o reviziji metode utvrđivanja referentnih i diskontnih stopa iz 2008. [38], važećih u to vrijeme, utvrđeno je da se na osnovnu stopu (2,05 % u Portugalu u prosincu 2008.) [39] trebala primijeniti marža ovisno o rejtingu predmetnog poduzetnika i razini ponuđenog jamstva.
In view of the difficulties of ENVC at the time and the low level of collateralisation (see recital 97 above, which applies mutatis mutandis), the applicable margin would be at least 1000bp.
U pogledu teškoća ENVC-a u tom trenutku i niske razine jamstva (vidi prethodnu uvodnu izjavu 97., koja se primjenjuje mutatis mutandis), primjenjiva marža bila bi najmanje 1000 baznih bodova.
As a result, the applicable reference rate would be at the very least 12,05 %, also above the interest rate of 4,417 % actually applied by the DGTF.
Zbog toga bi primjenjiva referentna stopa bila najmanje 12,05 %, također iznad kamatne stope od 4,417 % koju je DGTF stvarno i primijenio.
In relation to the 2010 and 2011 DGTF loans, the Commission reiterates its views that ENVC qualifies as a firm in difficulty at the moment the loans were granted (see section 6.1 above).
U vezi s kreditima DGTF-a iz 2010. i 2011. Komisija naglašava svoja stajališta da se ENVC smatra poduzećem u teškoćama u trenutku kada su krediti odobreni (vidi prethodni odjeljak 6.1).
According to the Communication from the Commission on the revision of the method for setting the reference and discount rates of 2008, applicable at the time, the base rate applicable for Portugal was 1,24 % in April 2008 and 1,49 % in April 2011.
U skladu s Komunikacijom Komisije o reviziji metode utvrđivanja referentnih i diskontnih stopa iz 2008., važećih u to vrijeme, osnovna stopa primjenjiva za Portugal iznosila je 1,24 % u travnju 2008. i 1,49 % u travnju 2011.
As regards the 2010 DGTF loan, the Commission observes that there is no strict collateralisation but merely a promise by ENVC to use the revenues resulting from a given framework-contract with the Ministry of National Defence to repay the loan.
U pogledu kredita DGTF-a iz 2010. Komisija napominje da ne postoji strogo osiguranje jamstva, već samo obećanje ENVC-a da će za otplatu kredita koristiti prihode od predmetnog okvirnog ugovora s Ministarstvom nacionalne obrane.
On this basis, and bearing in mind the difficulties of ENVC at the time, the Commission is of the view that the applicable margin should be at least 1000bp.
Na temelju toga i imajući na umu teškoće ENVC-a u tom trenutku Komisija smatra da bi primjenjiva marža trebala biti najmanje 1000 baznih bodova.
Therefore, the applicable reference rate would be at least 11,24 %, compared to the much lower 1,964 % charged by the DGTF.
Stoga bi primjenjiva referentna stopa trebala iznositi najmanje 11,24 % u usporedbi sa znatno nižom stopom od 1,964 %, koju je naplatio DGTF.