natgillin/translations-raw huggingface dataset:
Given that at the time the capital injections were decided So.Ge.A.AL was in a precarious financial situation, it was the Commission's preliminary view in the 2012 Decision that a market economy investor would have required the implementation of a plan to restore the company's viability.
Budući da je u vrijeme kada su donesene odluke o injekcijama kapitala financijska situacija društva So.Ge.A.AL bila nestabilna, Komisija je u odluci iz 2012. zauzela preliminarni stav da bi ulagač u tržišnom gospodarstvu tražio provedbu plana za obnovu održivosti trgovačkog društva.
The Commission considered that a private investor would only inject fresh capital in a company whose capital had dropped below the level that is legally required, as was the case for So.Ge.A.AL, if he could expect the company to return to viability within reasonable timescales.
Komisija je smatrala da bi ulagač u tržišnom gospodarstvu uložio svježi kapital u ono trgovačko društvo čiji je kapital pao ispod zakonom propisane razine, kao što je bilo slučaj s društvom So.Ge.A.AL, samo ako je mogao očekivati da će trgovačko društvo ponovno postati održivo u razumnom vremenskom roku.
No such plan had at that time been provided to the Commission and, as explained in recitals 301 to 311, the various business plans prepared by or for So.Ge.A.AL over the period during which the capital injections were carried out did not form a sound basis which shareholders guided by profitability prospects would have found sufficient to expect a reasonable return.
Komisiji u tom trenutku nije dostavljen niti jedan takav plan i, kako je objašnjeno u uvodnim izjavama 301. do 311., različiti poslovni planovi koje je izradilo društvo So.Ge.A.AL, ili su izrađeni za njega, u razdoblju kada su provedene injekcije kapitala nisu činili čvrstu osnovu koju bi dioničari predvođeni izgledima profitabilnosti smatrali dovoljnom da bi mogli očekivati razumni povrat.
In the course of the investigation Italy provided the Commission with several documents it claimed should be considered as the business plans on which the decisions to recapitalise So.Ge.A.AL were based.
Tijekom istrage Italija je dostavila Komisiji nekoliko dokumenata za koje je tvrdila da se trebaju smatrati poslovnim planovima na kojima su utemeljene odluke o dokapitalizaciji društva So.Ge.A.AL.
Italy also claimed that from the perspective of a private investor, the compensation of So.Ge.A.AL's losses might be validly justified not only by the presence of a strategic restructuring programme with good long-term profit prospects, but also by considerations other than mere financial profitability, notably more general public interest objectives such as regional development.
Italija je također tvrdila da bi iz perspektive privatnog ulagača nadoknada gubitaka društva So.Ge.A.AL mogla biti valjano opravdana ne samo postojanjem strateškog programa restrukturiranja s dugoročnim izgledima ostvarivanja dobiti, već i razlozima koji ne uključuju čistu financijsku profitabilnost, posebno općenitijim ciljevima općeg interesa kao što je regionalni razvoj.
The business plans submitted by Italy are detailed in recitals 59-75.
Poslovni planovi koje je dostavila Italija detaljno su opisani u uvodnim izjavama 59. – 75.
In that regard the measures implemented by the State, RAS and SFIRS, are not in line with the behaviour of a market economy investor guided by profitability prospects.
U tom pogledu mjere koje su proveli država, RAS i SFIRS nisu u skladu s postupanjem ulagača u tržišnom gospodarstvu predvođenog izgledima profitabilnosti.
Throughout the period 2000 to 2010, the State, RAS and SFIRS constantly provided the financial support necessary to keep So.Ge.A.AL alive.
U razdoblju od 2000. do 2010., država, društvo RAS i SFIRS stalno su pružali financijsku potporu koja je bila potrebna za održavanje društva So.Ge.A.AL na životu.
The Commission considers that So.Ge.A.AL's financial situation was such that no private operator would have covered its losses over such a long duration, without a credible and realistic prior assessment showing that it would be more cost-effective to continue covering losses instead of restructuring the company.
Komisija smatra da je financijska situacija društva So.Ge.A.AL bila takva da niti jedan subjekt u tržišnom gospodarstvu ne bi pokrivao njegove gubitke u tako dugom razdoblju bez vjerodostojne i realistične prethodne procjene kojom se pokazuje da bi bilo učinkovitije nastaviti pokrivati gubitke nego restrukturirati trgovačko društvo.
The Commission cannot accept either Italy's argument that public interest objectives should be taken into account when assessing the business rationale of a public investor.
Komisija ne može prihvatiti tvrdnju Italije da bi se u ocjeni poslovne logičke osnove javnog ulagača trebali uzeti ciljevi od javnog interesa.
Based on settled case law, if the public shareholders were acting as a private market investor, they would not be guided by public interest objectives and the investment would have to be profitable in itself.
Na temelju utvrđene sudske prakse, da su javni ulagači postupali kao ulagač u tržišnom gospodarstvu, oni se ne bi predvodili ciljevima javnog interesa i ulaganje bi moralo biti samo po sebi profitabilno.
Since in the course of the investigation So.Ge.A.AL claimed that the economic rationale of the measures should be assessed separately before and after the award of the comprehensive concession in 2007, the Commission assesses in turn the capital injections carried out in the period 2000-2007 and 2008-2010.
Budući da je tijekom istrage društvo So.Ge.A.AL tvrdilo da bi gospodarsku osnovu mjera trebalo ocjenjivati zasebno prije i nakon dodjele opće koncesije 2007., Komisija jedne za drugima ocjenjuje injekcije kapitala provedene u razdoblju 2000. – 2007. i 2008. – 2010.
Capital injections in the period 2000 - 2007
Injekcije kapitala u razdoblju 2000. – 2007.
So.Ge.A.AL stated that the recapitalisations undertaken prior to 2007 were guided by the need to safeguard the business of the company, in view notably of the imminent award of the comprehensive concession.
Društvo So.Ge.A.AL izjavilo je da su se dokapitalizacije provedene prije 2007. temeljile na potrebi zaštite poslovanja trgovačkog društva, posebno s obzirom na neposrednu dodjelu opće koncesije.
Based on information available at the time the decisions to inject capital into the company were taken, the perspective of the comprehensive concession being awarded was of crucial importance to So.Ge.A.AL's shareholders.
Na temelju informacija dostupnih u trenutku kada su donesene odluke o injekcijama kapitala u trgovačko društvo, izgledi da će biti dodijeljena opća koncesija bili su od ključne važnosti za dioničare društva So.Ge.A.AL.
In addition, they do not contain any indications that at the time the capital injections under investigation were decided, So.Ge.A.AL's public shareholders expected the company's return to viability and a return on their investment (in terms of dividends paid or increase in the value of the company's shares) which would outweigh the amount of the capital invested in the company.
Osim toga, u njima nema naznaka da su, u vrijeme kada se odlučivalo o predmetnim injekcijama kapitala, javni dioničari društva So.Ge.A.AL očekivali su da će trgovačko društvo ponovno postati profitabilno i da će oni ostvariti povrat na ulaganje (u smislu isplaćenih dividendi ili povećanja vrijednosti dionica trgovačkog društva) koji bi prevagnuo u odnosu na iznos kapitala uloženog u trgovačko društvo.
Nor do the plans contain an analysis of alternative scenarios that a diligent private investor would require before undertaking such substantial capital injections into the company.
Planovi ne sadržavaju analizu alternativnih scenarija koje bi tražio razuman ulagač u tržišnom gospodarstvu prije poduzimanja tako velikih injekcija kapitala u trgovačko društvo.
The Commission notes that only one of the documents referred to by Italy as business plans predates the date of the first capital injection decision.
Komisija napominje da samo jedan od dokumenata za koje Italija navodi da su poslovni planovi prethodi datumu prve odluke o injekciji kapitala.
Although the 1999 business plan mentions that So.Ge.A.AL would need to be recapitalised, it does not provide for an assessment showing that it would be more cost-effective for the company's shareholders to cover losses of the airport manager instead of adopting restructuring measures aimed at increasing the efficiency of the airport manager within a timeframe acceptable to a private investor.
Iako je u poslovnom planu iz 1999. navedeno je potrebna dokapitalizacija društva So.Ge.A.AL, u njemu nije predviđena procjena iz koje je razvidno da bi dioničarima trgovačkog društva bilo povoljnije pokriti gubitke upravitelja zračne luke umjesto donošenja mjera restrukturiranja usmjerenih na povećanje učinkovitosti upravitelja zračne luke u roku koji je prihvatljiv ulagaču u tržišnom gospodarstvu.
Moreover, the 1999 business plan does not indicate that So.Ge.A.AL would become profitable following the capital injections.
Osim toga, u poslovnom planu iz 1999. nije navedeno da će društvo So.Ge.A.AL postati profitabilno nakon injekcija kapitala.
In addition, the 1999 business plan was based on the assumption So.Ge.A.AL would be awarded the comprehensive concession that same year.
Osim toga, poslovni plan iz 1999. temelji se na pretpostavci da će društvu So.Ge.A.AL iste godine biti dodijeljena opća koncesija.
The Commission considers that a prudent private investor would have reassessed the strategy and considered restructuring options when it became evident that award of the concession would be delayed and the objective of a return to profitability was not going to be achieved.
Komisija smatra da bi razumni ulagač u tržišnom gospodarstvu ponovno ocijenio strategiju i razmotrio mogućnosti restrukturiranja kada je postalo očito da će dodjela koncesije biti odgođena i da neće biti ostvaren cilj ponove profitabilnosti.
No measures were proposed to restructure So.Ge.A.AL in the Roland Berger plan either, the only business plan assessing So.Ge.A.AL's financial situation under two scenarios — ‘comprehensive’ versus ‘temporary’ concession.
Ni u Roland Bergerovom planu nisu predložene mjere za restrukturiranje društva So.Ge.A.AL, a to je bio jedini poslovni plan u kojem je ocijenjena financijska situacija društva So.Ge.A.AL u dva scenarija – „opće” i „privremene” koncesije.
The Roland Berger plan concluded that So.Ge.A.AL would continue to record losses in a temporary concession scenario without however proposing any remedial measures.
U Roland Bergerovom planu zaključeno je da će društvo So.Ge.A.AL nastaviti bilježiti gubitke u scenariju privremene koncesije, ali nisu predložene korektivne mjere.
Such lack of information would have dissuaded any private investor from pursuing the strategy in question, in particular giving the lack of any certainty in respect of the actual date of award of the comprehensive concession to So.Ge.A.AL.
Takav manjak informacija obeshrabrio bi svakog ulagača u tržišnom gospodarstvu od provedbe predmetne strategije, posebno s obzirom na to da nije bio siguran stvarni datum dodjele opće koncesije društvu So.Ge.A.AL.
The Commission also notes that the Roland Berger plan was considered to be insufficiently reliable by So.Ge.A.AL itself (see recital 57).
Komisija također napominje da je samo društvo So.Ge.A.AL smatralo da je Roland Bergerov plan bio dovoljno pouzdan (vidjeti uvodnu izjavu 57.).
The 2005 business plan was drawn up in view of the award of the comprehensive concession.
Poslovni plan iz 2005. izrađen je s obzirom na dodjelu opće koncesije.
While it provided for a forecast of revenues and costs for the forty-year duration of the concession for the management of the airport, on the assumption that the concession is granted to So.Ge.A.AL in 2006, the plan did not propose measures to address the weaknesses of the underperforming handling business, which was considered in the 2004 Roland Berger plan as below sector average and was expected to continue generating losses on the medium term.
Iako su u njemu predviđeni prihodi i troškovi četrdesetogodišnje koncesije za upravljanje zračnom lukom, pod pretpostavkom da će koncesija biti dodijeljena društvu So.Ge.A.AL 2006., u planu nisu predložene mjere za uklanjanje nedostataka neuspješne djelatnosti zemaljskih usluga, za koje se smatralo u Roland Bergerovom planu iz 2004. da su ispod prosjeka sektora i očekivalo se da će srednjoročno nastaviti ostvarivati gubitke.
On this basis, the Commission considers that none of the above-mentioned plans forms what a prudent market economy operator would have considered as a reliable basis to carry out the investments in question.
S obzirom na to, Komisija smatra da razumni ulagač u tržišnom gospodarstvu ne bi smatrao niti jedan od navedenih planova pouzdanom osnovom za provođenje predmetnih ulaganja.
Capital injections in the period 2008-2010
Injekcije kapitala u razdoblju 2008. – 2010.
The shareholders' decision to continue covering So.Ge.A.AL's losses with no restructuring programme in place even when economic performance following the award of the comprehensive concession showed that an upturn in profitability within the timelines imposed by the Convention was unlikely, cannot be equated to the conduct of a private investor.
Odluka dioničara da nastave pokrivati gubitke društva So.Ge.A.AL bez programa restrukturiranja, čak i kada su gospodarski rezultati nakon dodjele opće koncesije pokazali da nije vjerojatno da će se profitabilnost povećati unutar rokova određenih Konvencijom, ne može se smatrati postupanjem ulagača u tržišnom gospodarstvu.
Furthermore, So.Ge.A.AL stated that unforeseen events had a negative impact on its results after 2007 and referred in particular to the effects on its turnover of the economic downturn as a consequence of which the company would have recorded a 1,8 % fall in passenger traffic.
Nadalje, društvo So.Ge.A.AL izjavilo je da su na njegove rezultate nakon 2007. utjecali nepredviđeni događaji i posebno je spomenulo učinak gospodarske krize na njegov promet zbog čega je trgovačko društvo zabilježilo smanjenje putničkog prometa za 1,8 %.
In addition, So.Ge.A.AL claimed that traffic did not develop as it had been forecasted due to the delay in the execution of infrastructure works at the airport and the lack of a revision by ENAC of the level of airport charges.
Osim toga, društvo So.Ge.A.AL tvrdilo je da promet nije rastao kako je predviđeno zbog kašnjenja u provođenju infrastrukturnih radova u zračnoj luci i zbog toga što ENAC nije revidirao pristojbe zračne luke.
In that respect the Commission notes that Italy did not provide any means of evaluating the effects of the unforeseen events in question.
U tom pogledu Komisija napominje da Italija nije osigurala ocjenjivanje učinaka predmetnih nepredviđenih događaja.
There is no evidence that the 1,8 % drop in traffic could be imputed to the economic crisis.
Nema dokaza da bi se pad prometa od 1,8 % pomogao pripisati gospodarskoj krizi.
On that basis, the decisions to recapitalise So.Ge.A.AL do not appear to have been based on economic evaluations comparable to those which, in the relevant circumstances, a rational private market investor in a similar situation would have carried out, before making such investments, in order to determine their future profitability.
S obzirom na to, čini se da odluke o dokapitalizaciji društva So.Ge.A.AL nisu bile utemeljene na gospodarskim ocjenama koje su usporedive s kojima koje bi, u odgovarajućim okolnostima, ulagač u tržišnom gospodarstvu provodio u sličnoj situaciji, prije ulaganja, kako bi utvrdio njihovu buduću profitabilnost.
The Commission also notes that both Italy and So.Ge.A.AL confirmed that the capital injections were primarily agreed so as to satisfy regulatory requirements.
Komisija također napominje da su Italija i društvo So.Ge.A.AL potvrdili da su injekcije kapitala u prvom redu dogovorene kako bi se zadovoljili regulatorni zahtjevi.
However, the Commission considers that compliance with regulatory capital requirements cannot by itself justify that a private market investor injects further capital into the company.
Međutim, Komisija smatra da se ulaganje dodatnog kapitala u trgovačko društvo ne može opravdati usklađivanjem sa zakonskim zahtjevima u pogledu kapitala.
Investors are often obliged by law to contribute additional equity to firms whose capital base has been eroded by continuous losses to below a predetermined level.
Ulagači često imaju zakonsku obvezu pridonijeti dodatni vlasnički kapital u trgovačka društva čija je baza kapitala nagrižena trajnim gubicima do unaprijed utvrđene razine.
Private investors faced with such a situation would also consider all other options — including the liquidation or run-down [81] — and choose the one which is financially the most advantageous.
Ulagači u tržišnom gospodarstvu koji se nalaze u takvoj situaciji razmotrili bi sve druge mogućnosti – uključujući likvidaciju ili zatvaranje [81] – i izabrali onu koja je financijski najpovoljnija.
Consequently, the Commission concludes that the capital injection decisions So.Ge.A.AL did not comply with the MEOP and therefore provided So.Ge.A.AL with an economic advantage.
Komisija stoga zaključuje da odluke o injekcijama kapitala u društvo So.Ge.A.AL nisu bile u skladu s načelom ulagača u tržišno gospodarstvo i stoga je njima društvu So.Ge.A.AL osigurana gospodarska prednost.
In order to fall within the scope of Article 107(1) of the TFEU, a State measure must favour ‘certain undertakings or the production of certain goods’.
Na mjeru državne potpore primjenjuje se članak 107. stavka 1. UFEU-a ako se njome „određene poduzetnike ili proizvodnju određene robe” stavlja u povoljniji položaj.
Hence, only those measures favouring undertakings which grant an advantage in a selective way may qualify as State aid.
Stoga se državnim potporama mogu smatrati samo one mjere kojima se poduzetnici na selektivan način stavljaju u povoljniji položaj.
In the case at hand, the Commission notes that Measures 1, 2 and 3 have only been provided to So.Ge.A.AL and are therefore selective within the meaning of Article 107(1) of the TFEU.
U predmetnom slučaju Komisija napominje da su mjere 1., 2. i 3. pružene samo društvu So.Ge.A.AL i stoga su selektivne u smislu članka 107. stavka 1. UFEU-a.
Affectation of trade and distortion of competition
Utjecaj na trgovinu i narušavanje tržišnog natjecanja
In order to be qualified as State aid, a financial measure must affect trade between Member States and distort or threaten to distort competition.
Da bi se mogla smatrati državnom potporom, financijska mjera mora utjecati na trgovinu između država članica i narušavati ili prijetiti da će narušiti tržišno natjecanje.
In its assessment of those two conditions, the Commission is not required to establish that the aid has a real effect on trade between Member States and that competition is actually being distorted, but only to examine whether that aid is liable given the circumstances to affect such trade and distort competition [82].
Kada ocjenjuje navedena dva uvjeta, Komisije ne mora utvrditi da potpora ima stvarni učinak na trgovinu između država članica i da se stvarno narušava tržišno natjecanje, već samo ispitati može li potpora, s obzirom na okolnosti, utjecati na trgovinu i narušavati tržišno natjecanje [82].
When aid granted by a Member State strengthens the position of an undertaking compared with other undertakings competing in intra-Union trade, the latter must be regarded as affected by that aid.
Kada se potporom koju dodjeljuje država članica jača položaj poduzetnika u usporedbi s ostalim poduzetnicima koji se natječu u trgovini unutar EU-a, mora se smatrati da potpora na potonje utječe.
As assessed in recitals 253-257, the operation of an airport is an economic activity.
U skladu s ocjenom u uvodnim izjavama 253. – 257., upravljanje zračnom lukom gospodarska je djelatnost.
Competition takes place, on the one hand, between airports to attract airlines and the corresponding air traffic (passengers and freight), and, on the other hand, between airport managers, which may compete between themselves to be entrusted with the management of a given airport.
S jedne strane natječu se zračne luke kako bi privukle zračne prijevoznike i s njima povezani zračni prijevoz (putnički i teretni), a s druge strane, natječu se i upravitelji zračnih luka kako bi im se povjerilo upravljanje određenom zračnom lukom.
In this respect, the Commission underlines that notably with respect to low-cost carriers and charter operators, airports that are not located in the same catchment areas and in different Member States may also be in competition with each other to attract those airlines.
Komisija ističe da se zračne luke koje se ne nalaze u istom prihvatnom području i pa čak u različitim državama članicama također mogu natjecati u cilju privlačenja niskobudžetnih zračnih i čarter prijevoznika.
As mentioned in point 40 of the 2005 Aviation Guidelines and reaffirmed in point 45 of the 2014 Aviation Guidelines, it is not possible to exclude even small airports from the scope of application of Article 107(1) of the Treaty on the grounds that their financing by public authorities could not distort competition or affect trade between Member States.
Kako je navedeno u točki 40. Smjernica za zračni prijevoz iz 2005. i ponovno potvrđeno u točki 45. Smjernica za zračni prijevoz iz 2014., nije moguće isključiti čak ni manje zračne luke iz područja primjene članka 107. stavka 1. Ugovora na osnovu toga da javna tijela njihovim financiranjem ne bi mogla narušiti tržišno natjecanje ili utjecati na trgovinu između država članica.
Furthermore, point 45 of the 2014 Aviation Guidelines explicitly states that ‘the relatively small size of the undertaking which receives public funding does not, as such, exclude the possibility that trade between Member States might be affected.’
Nadalje, u točki 45. Smjernica o zračnom prijevozu iz 2014. izričito je navedeno da „relativno malo poduzeće koje dobiva javna sredstva kao takvo ne isključuje mogućnost utjecaja na trgovinu između država članica”.
Alghero airport currently serves ca. 1,5 million passengers per year.
Zračna luka Alghero opslužuje otprilike 1,5 milijuna putnika godišnje.
In light of these facts, it must be considered that the economic advantage conferred on So.Ge.A.AL through the various measures at issue distorted or threatened to distort competition and were at least liable to affect trade between Member States.
S obzirom na te činjenice, mora se smatrati da se gospodarskom prednošću koja je pružena društvu So.Ge.A.AL različitim predmetnim mjerama narušilo ili prijetilo da će se narušiti tržišno natjecanje i da su one, u najmanju ruku, mogle utjecati na trgovinu između država članica.
Therefore, the Commission considers that the capital injections and the public financing for infrastructure, including ‘fittings and works’, and equipment constitute aid to So.Ge.A.AL.
Komisija stoga smatra da injekcije kapitala i javno financiranje infrastrukture, uključujući „dijelova i radova” i opreme čini državnu potporu društvu So.Ge.A.AL.
Pursuant to Article 108(3) of the Treaty, Member States must notify any plans to grant or alter aid, and must not put the proposed measures into effect until the notification procedure has resulted in a final decision.
U skladu s člankom 108. stavkom 3. Ugovora, države članice moraju prijaviti planove za dodjelu ili izmjenu potpora i ne smiju primjenjivati predložene mjere dok postupak prijave ne okonča konačnom odlukom.
The measures at issue have all been put into effect without being authorised by the Commission.
Sve su predmetne mjere provedene bez odobrenja Komisije.