natgillin/translations-raw huggingface dataset:
Moreover, according to the findings in, inter alia, the reports by the Court of Auditors, the mismanagement attributable to the French State, the de facto manager of SNCM, contributed to SNCM’s established shortfall in assets.
Osim toga, na osnovi činjenica, posebno onih utvrđenih izvješćima Revizorskog suda, proizlazi da su pogreške u upravljanju koje se mogu pripisati francuskoj državi, de facto direktoru SNCM-a, pridonijele utvrđenom manjku imovine SNCM-a.
The report severely criticises, inter alia, the following acts of mismanagement:
Među ostalim, u izvješću su naglašene sljedeće pogreške u upravljanju:
The loss caused by mismanagement amounted to […] [60] Confidential information.
Šteta koja je posljedica pogrešaka u upravljanju države iznosila bi […] [60] Dôverné informácie.
In that context, according to SNCM’s expert, there is no doubt that, under an action to make good a shortfall in assets, the State would be ordered to bear all or part of the shortfall, given the very heavy involvement of the State in the management of SNCM, its manifest acts of mismanagement and the scale of its financial resources.
U tom kontekstu, prema mišljenju stručnjaka SNCM-a, državi bi bez sumnje bila izrečena kazna da snosi cjelokupni ili dio manjka imovine u okviru tužbe za nadoknadu manjka imovine, s obzirom na vrlo snažnu uključenost države u upravljanje SNCM-om, na njezine očigledne pogreške u upravljanju i na opseg njezinih financijskih sredstava.
On the basis of the relevant case-law, SNCM’s expert concludes that, if SNCM had been liquidated, the State would certainly have been ordered to pay all of SNCM’s payroll and social security debts.
Na temelju relevantne sudske prakse, stručnjak SNCM-a zaključuje da bi državi, da je SNCM bio likvidiran, sigurno bila izrečena kazna da na snosi sve dugove SNCM-a za socijalno osiguranje.
That would have resulted in the State as shareholder being made liable for an estimated share of between 85 % and 100 % of the established shortfall in assets (i.e. between EUR 316,6 million and EUR 385,7 million).
To bi dovelo i do toga da bi država kao dioničar bila odgovorna za procijenjeni dio između 85 % i 100 % utvrđenog manjka imovine (odnosno između 316,6 i 385,7 milijuna EUR).
Consequently, by deciding to privatise SNCM while strengthening in advance its capital in the amount of EUR 158 million, the State acted like a prudent investor.
Slijedom navedenog, odlukom da privatizira SNCM i unaprijed ojača njegov kapital za iznos od 158 milijuna EUR, država se ponašala kao razuman ulagač.
V. OBSERVATIONS BY FRANCE ON THE COMMENTS BY THE INTERESTED PARTIES
V. OPASKE FRANCUSKIH TIJELA NA PRIMJEDBE ZAINTERESIRANIH STRANA
OBSERVATIONS BY FRANCE ON THE COMMENTS BY THE INTERESTED PARTIES CONCERNING THE DECISION TO INITIATE THE 2002 FORMAL INVESTIGATION PROCEDURE
OPASKE FRANCUSKIH TIJELA NA PRIMJEDBE ZAINTERESIRANIH STRANA KOJE SE ODNOSE NA ODLUKU O POKRETANJU SLUŽBENOG POSTUPKA ISPITIVANJA IZ 2002.
On the comments by CFF
Primjedbe CFF-a
The French authorities have indicated that some of the data submitted by CFF concerning SNCM’s services were inaccurate.
Francuska su tijela navela da određeni podatci koje je dostavio CFF i koji se odnose na ponudu SNCM-a nisu točni.
Contrary to what is maintained by CFF, the State is of the opinion that the restructuring plan was devised in such a way as to turn SNCM around as soon as possible and to create the right conditions to ensure its viability in the medium and long term.
Država smatra, suprotno onome što smatra CFF, da je plan restrukturiranja osmišljen tako da omogući obnovu SNCM-a u najkraćem mogućem roku i stvori uvjete za njegovu srednjoročnu i dugoročnu održivost.
The French authorities note that a significant part of the cost reduction programme has already been implemented.
Francuska tijela navode da je jedan važan dio programa smanjivanja troškova već proveden.
The number of vessels has been reduced and the programme for the disposal of assets is going ahead in accordance with the industrial plan.
Smanjena su nautička sredstva, a program prodaje imovine odvija se u skladu s industrijskim projektom.
Services have been reorganised and the action plan to reduce intermediate consumption is beginning to bear fruit.
Usluge su preraspoređene, a plan smanjenja intermedijarne potrošnje daje prve rezultate.
Finally, the employment component of the industrial plan is gradually being implemented.
Na kraju, postupno se provodi aspekt zapošljavanja industrijskog projekta.
Furthermore, in 2001 SNCM earmarked EUR 21,3 million to finance restructuring measures, in particular the plan to safeguard jobs.
Nadalje, SNCM je 2001. namijenio 21,3 milijuna EUR za financiranje mjera restrukturiranja, a posebno plana za spašavanje radnih mjesta.
With regard to determining the amount of aid, the French authorities confirm that an own capital/debt ratio of 0,79 is quite typical for the balance sheets of most shipping companies, except in special situations.
Uzevši u obzir određivanje iznosa potpore, francuska tijela potvrđuju da je omjer vlastitog kapitala i zaduženja od 0,79 vrlo tipičan za bilance većine pomorskih društava, osim u posebnim situacijama.
According to the French authorities, the 0,497 ratio announced by CFF for CMN in 2001 is incorrect because it fails to take account of liquid assets on the balance sheet.
Što se tiče omjera od 0,497 koji je CFF objavio 2001. za CMN, on je prema francuskim tijelima netočan jer ne uzima u obzir likvidnu imovinu u bilanci.
With the appropriate correction, CMN’s ratio is 0,557.
Ispravljen za taj propust, omjer CMN-a je 0,557.
According to the French authorities, that level is in any event still insufficient for CMN, as illustrated by the cash-flow problems it encountered in 2002.
Prema francuskim tijelima, ta razina ostaje u svakom slučaju nedostatna za CMN, a problemi s novčanim tokom, s kojima se 2002. CMN susreo, to i pokazuju.
In fact CMN had to borrow up to EUR 8 million from STIM to finance a cash deficit not covered by its banks.
Naime, CMN je morao posuditi do 8 milijuna EUR od STIM-a za financiranje manjka novca koji nisu pokrile njegove banke.
On the comments by STIM
Primjedbe STIM-a
The French authorities maintain that SNCM’s stake in CMN’s capital cannot be construed as a purely financial asset, as STIM appears to allege.
Francuska tijela smatraju da se udio SNCM-a u kapitalu CMN-a ne može analizirati samo kao financijska imovina, kako tvrdi STIM.
France’s position is that SNCM’s shareholdings in CMN are highly strategic in nature.
Francuska brani stav da su udjeli SNCM-a u CMN-u izuzetno strateškog karaktera.
In its opinion, the sale of those shareholdings would not only make no sense commercially but would also be a major strategic error.
Prema mišljenju Francuske, njihova prodaja ne samo da nema smisla s industrijskog stajališta, već je i velika strateška pogreška.
On the comments by the representatives of the regional and local authorities
Primjedbe predstavnika lokalnih tijela
Although France agrees with the overall content of the letter from the president of the Provence-Alpes-Côte d’Azur region, it would none the less note that, contrary to what is asserted in point 2 of that letter [104], supply on the route between mainland France and Corsica is not ‘in excess of demand’ and SNCM’s fare policy complies with the commitments which it made not to start a price war and not to be a price leader.
Iako Francuska odobrava cjelokupan sadržaj dopisa predsjednika regije Provence-Alpes-Côte d’Azur, ipak smatra potrebnim napomenuti da, suprotno onome iz točke 2. navedenog dopisa [104], ponuda usluga između kontinentalne Francuske i Korzike nije „pretjerana s obzirom na potražnju” i da je cjenovna politika SNCM-a u skladu s obvezama koje je preuzeo da neće započeti rat cijena i da neće biti price leader.
ON THE COMMENTS BY THE INTERESTED PARTIES CONCERNING THE 2006 DECISION
PRIMJEDBE ZAINTERESIRANIH STRANA KOJE SE ODNOSE NA ODLUKU IZ 2006.
On the early implementation of the measures laid down in the first restructuring plan and its amendments
Rano provođenje mjera predviđenih prvim planom restrukturiranja i njegove izmjene
In response to the general remark concerning the early implementation by France of measures which may be classified as aid, the French authorities state that the implementation is justified by the specific features of the procedure, i.e. the annulment in 2005 of the Commission decision of 9 July 2003 authorising the aid, and not by an intention on the part of the French authorities to disregard their obligations under the EC Treaty.
Na općenitu opasku o ranoj provedbi mjera koje se mogu klasificirati kao potpora Francuske, francuska tijela odgovaraju da je predmetna provedba opravdana posebnim obilježjima postupka, odnosno poništenjem, 2005., Odluke Komisije o odobrenju od 9. srpnja 2003., a ne voljom francuskih tijela da zanemare svoje obveze iz Ugovora o EZ-u.
Indeed, France states that it has always kept the Commission informed of developments in the matter and of the different measures adopted since January 2005, in accordance with the principle of sincere cooperation between the Member States and the Commission.
Nadalje, Francuska navodi da je Komisiju uvijek obavješćivala o događajima povezanima s predmetom i o različitim mjerama donesenima od siječnja 2005., u skladu s načelom lojalne suradnje između država članica i Komisije.
Concerning those recent measures, the French authorities consider that, since none of them constitutes aid, Article 88(3) EC is not, ultimately, applicable to them and, accordingly, there is no obligation to suspend their implementation.
Što se tiče posljednjih mjera, francuska tijela smatraju da se, s obzirom na to da nijedna od njih nije potpora, na njih in fine primjenjuje članak 88. stavak 3. UEZ-a te stoga ne postoji obveza obustave njihove primjene.
As regards the sale process, France states that from the outset it provided for standard selection criteria based primarily on the price offered for the value of SNCM’s shares and, secondarily, on other criteria (industrial plan, company plan and so on), including the amount which the candidates were prepared to invest in the company by way of a recapitalisation.
Kada je riječ o postupku prodaje, Francuska navodi da je od njegova početka predvidjela klasične kriterije odabira koji se uglavnom zasnivaju na cijeni predloženoj za povećanje vrijednosti dionica SNCM-a i na drugim parametrima (industrijski projekt, društveni projekt itd.), uključujući iznos koji su kandidati bili spremni uložiti u društvo u okviru dokapitalizacije.
France strongly contests the argument put forward by third parties that the process of offering for sale was not transparent and notes that, in the present case, the State went beyond its statutory and regulatory obligations, substantial and restrictive as they were, provided for in the event of the sale of public shareholdings.
Francuska čvrsto osporava argument trećih osoba prema kojem postupak stavljanja u prodaju nije bio transparentan te podsjeća da je država, u ovom slučaju, čak i nadmašila svoje zakonske i regulatorne obveze, koje su same po sebi stroge i obvezujuće te koje su predviđene u slučaju prodaje javnih udjela.
France notes that the development following BCP’s offer to buy 100 % of SNCM’s shares occurred in a very difficult financial and company context and that VT’s joining BCP’s offer did not change the commercial and financial terms of the transaction (except for capital ownership).
Francuska podsjeća da su se događaji nakon ponude BCP-a za ponovno preuzimanje 100 % dionica SNCM-a odvijali u vrlo teškoj financijskoj i društvenoj situaciji te da pridruživanje VT-a ponudi BCP-a nije promijenilo komercijalne i financijske uvjete transakcije (osim vlasništva nad kapitalom).
As regards the negative price of EUR 158 million, the French authorities note that, having regard to SNCM’s financial situation on 30 September 2005, the undertaking was sold at market price and that sale was economically more advantageous than liquidation of the undertaking.
Kada je riječ o negativnoj cijeni od 158 milijuna EUR, francuska tijela podsjećaju da je, s obzirom na financijsko stanje SNCM-a 30. rujna 2005., poduzeće prodano po tržišnoj cijeni i da je prodaja bila ekonomski povoljnija od likvidacije poduzeća.
In that respect, the French authorities state that application of the private investor criterion in the event of sale of an undertaking close to liquidation must be regarded not as a search for ‘profitability of public action’ but as the prevention of higher losses which the shareholder would have to suffer through a more costly liquidation.
U tom pogledu, francuska tijela navode da se primjena kriterija privatnog ulagača na slučaj prodaje poduzeća sličnog likvidaciji ne smije smatrati potragom za „profitabilnošću javne intervencije”, već sprečavanjem znatnih gubitaka koje bi dioničar snosio kroz skuplju likvidaciju.
In respect of the price paid, France contests the argument that SNCM was sold at a price which did not reflect its actual value.
Kada je riječ o plaćenoj cijeni, Francuska osporava argument prema kojem je prodaja SNCM-a provedena po cijeni koja nije odgovarala njegovoj stvarnoj vrijednosti.
In particular, it refutes STIM’s estimated value of the undertaking of nearly EUR 350 million, which takes into account only the balance-sheet items which increase the value using book equity (excess tax depreciation, residual gains on vessels, etc.) without taking account of liabilities which reduce it.
Posebno, Francuska odbacuje procjenu vrijednosti poduzeća na gotovo 350 milijuna EUR koju je proveo STIM, a kojom se uzimaju u obzir samo elementi bilance koji povećavaju vrijednost na temelju računovodstvenog kapitala (ubrzana amortizacija, preostali dobici od brodova itd.), a ne i elementi obveza koji bi je smanjili.
That method of calculation of a purely accounting nature does not reflect the economic reality of a shipping company, such as SNCM, with assets of value on the balance sheet but also limited profitability and considerable off-balance-sheet liabilities.
Ta metoda izračuna čisto računovodstvene prirode ne odražava ekonomsku stvarnost brodarskog društva kakvo je SNCM, koje u svojoj bilanci ima vrijednu imovinu, ali i ograničenu profitabilnost te znatne izvanbilančne obveze.
In response to CFF’s argument calling into question the application of the Gröditzer case-law by referring to the fact that the State’s capital contribution to SNCM was linked to the sale of 75 % of its shareholding, reducing in proportion the prospects of profit in return, the French authorities note that the negative sale price of EUR 158 million does correspond to the sale of the entirety of SNCM’s capital, followed by a new investment by the State of 25 %, giving a return of […] [60] Confidential information.
U odgovoru na argument CFF-a kojim se u pitanje dovodi primjena stalne sudske prakse u predmetu Gröditzer upućivanjem na činjenicu da je kapitalni ulog države u SNCM-u bio povezan s prodajom 75 % njezina udjela, čime su zauzvrat smanjeni izgledi za ostvarivanje dobiti, francuska tijela podsjećaju da negativna prodajna cijena od 158 milijuna EUR odgovara prodaji ukupnog kapitala SNCM-a, nakon čega je uslijedilo novo ulaganje države u visini od 25 % s povratom od […] [60] Dôverné informácie.
% per year.
% na godinu.
Accordingly, France takes the view that the return on investment remains guaranteed by virtue of its 25 % shareholding in the company because that stake enjoys a guarantee of a very high return.
Stoga Francuska smatra da povrat od ulaganja ostaje zajamčen na temelju njezina udjela od 25 % u mjeri u kojoj taj udio ima jamstvo vrlo visokog povrata.
France also contests the argument put forward by CFF on the non-applicability to the present case of the ABX approach, taking as a basis in particular the analysis of the actual liquidation costs of SNCM and the risk that the State could be held liable for the liabilities of the undertaking in an action to make good a shortfall in assets as provided for by French insolvency procedures and confirmed by national case-law (judgment of 22 March 2005 by the Rouen Court of Appeal).
Francuska osporava i argument CFF-a o neprimjenjivosti pristupa ABX na ovaj slučaj oslanjajući se na analizu stvarnih troškova likvidacije SNCM-a i rizik da bi se država mogla smatrati odgovornom za obveze poduzeća u okviru tužbe za nadoknadu manjka imovine predviđenog francuskim postupcima za insolventnost i potvrđenog nacionalnom sudskom praksom (presuda Prizivnog suda u Rouenu od 22. ožujka 2005.).
Although the French authorities consider that their conduct as manager of SNCM could not be described as ‘mismanagement’ in such an action, they insist that there is a very high risk that a national court would make an order against the State for the shortfall in SNCM’s assets owing to flexible criteria for the existence of mismanagement within the meaning of Article L-651-2 of the Commercial Code and pursuant to the case-law cited above, which can be applied to the present case.
Iako francuska tijela smatraju da se njihovo postupanje kao upravitelja SNCM-a ne može ocijeniti kao „nezakonito” u smislu tog postupka, naglašavaju da postoji povišen rizik da bi nacionalni sud mogao državi izreći kaznu zbog manjka imovine SNCM-a, primjenjujući fleksibilne kriterije za kategorizaciju pogrešaka u upravljanju u smislu članka L. 651-2 Trgovačkog zakonik i na temelju prethodno navedene sudske prakse koja bi se mogla prenijeti na ovaj slučaj.
In respect of the recapitalisation of EUR 8,75 million, France notes that, contrary to the contentions of CFF and STIM, the capital contribution does not constitute State aid on account of the concurrence of that investment, the similarity of its subscription conditions and the higher-than-average return obtained by the State via CGMF.
Kada je riječ o dokapitalizaciji od 8,75 milijuna EUR, Francuska podsjeća da, suprotno tvrdnjama CFF-a i STIM-a, taj kapitalni ulog nije državna potpora zbog istodobnosti tog ulaganja, sličnosti uvjeta upisa i više nego prosječne naknade koju je država ostvarila putem CGMF-a.
In particular, the French authorities submit that the principle of equal treatment of investors is not called into question by the existence of the cancellation clauses since the latter were laid down in connection with the 100 % sale of SNCM and not with the EUR 35 million recapitalisation which followed it.
Posebno, francuska tijela tvrde da postojanje klauzula o raskidu ne bi dovelo u pitanje načelo jednakosti ulagača dok god su te klauzule predviđene u okviru prodaje 100 % SNCM-a, a ne u okviru dokapitalizacije od 35 milijuna EUR koja je uslijedila.
Furthermore, France submits that its investment is much lower than that of the buyers, since it is only the amount of EUR 8,75 million which must be compared with the investment made by the buyers (EUR 26,25 million).
Osim toga, Francuska podsjeća da je njezino ulaganje dosta niže od onog kupaca jer se samo iznos od 8,75 milijuna EUR mora usporediti s ulaganjem kupaca (26,25 milijuna EUR).
The first recapitalisation of EUR 142,5 million should be examined only as part of the comparison with the liquidation price.
Naime, prva dokapitalizacija od 142,5 milijuna EUR trebala bi biti ispitana samo u okviru usporedbe s cijenom likvidacije.
Finally, France contests STIM’s argument that that contribution is a guarantee given to the private buyers that SNCM has indeed been awarded the public service delegation to operate services to Corsica.
Naposljetku, Francuska osporava argument STIM-a o činjenici da je taj kapitalni ulog jamstvo dano privatnim kupcima da je SNCM uistinu dobio ugovor o prijenosu ovlasti za obavljanje javnih usluga prema Korzici.
The French authorities submit that the capital increase is prudent and independent of the undertaking’s performance and that the award of the public service delegation to SNCM does not serve to improve the return expected on that investment.
Francuska tijela tvrde da je to povećanje kapitala promišljeno i neovisno o poslovanju poduzeća i da prijenos ovlasti SNCM-u za obavljanje javnih usluga ne bi omogućio poboljšanje očekivanog povrata od tog ulaganja.
As regards the EUR 38,5 million of social measures, France repeats the argument that those measures are aid to individuals and that their payment by the State cannot be regarded as providing an indirect advantage to the undertaking since they are in addition to SNCM’s statutory and contractual obligations.
Kada je riječ o 38,5 milijuna socijalnih mjera, Francuska ponavlja argument prema kojem su te mjere potpore pojedincima te da se činjenica da ih je na svoj teret preuzela država ne može smatrati osiguravanjem neizravne pogodnosti za poduzeće dok god one predstavljaju dopunu zakonskim i ugovornim obvezama SNCM-a.
Moreover, France points out that those measures do not permit the departure of staff who, without the measures, would remain the responsibility of SNCM.
Osim toga, Francuska podsjeća da te mjere ne bi omogućile odlazak zaposlenika koji bi, u njihovu odsustvu, ostali odgovornost SNCM-a.
Contrary to CFF’s argument, the French authorities point out that the EUR 38,5 million does not correspond to the implementation of the staff reductions provided for in the 2003 social plan because those reductions have, despite the delay, already been implemented.
Suprotno argumentu CFF-a, francuska tijela navode da iznos od 38,5 milijuna EUR ne odgovara provedbi smanjenja broja zaposlenih predviđenog u okviru socijalnog plana iz 2003. jer su ta smanjenja, usprkos kašnjenju, već provedena.
The new social plan is therefore in addition to the first social measures of 2003.
Novi socijalni plan stoga je dodatak prvim socijalnim mjerama iz 2003.
On compatibility with the guidelines
Spojivost sa smjernicama
France considers that, in the light of the foregoing, the amount of aid to be assessed is EUR 15,81 million.
U svjetlu prethodno iznesenog, Francuska smatra da je potrebno analizirati iznos potpore od 15,81 milijuna EUR.
Contrary to the contentions of CFF, the French authorities consider that, having regard to point 11 of the 2004 guidelines, the first recapitalisation, while enabling SNCM to reconstitute its capital, did not remove its status as an undertaking in difficulty in so far as that recapitalisation was intended to ensure the continuation of the company’s activities.
Suprotno tvrdnjama CFF-a, francuska tijela, s obzirom na točku 11. smjernica iz 2004., smatraju da SNCM, iako je prvom dokapitalizacijom obnovio svoj kapital, ipak nije izgubio status poduzeća u teškoćama u mjeri u kojoj je cilj dokapitalizacije bio osigurati daljnje poslovanje društva.
France refutes CFF’s contentions that it should not have had to re-inject money into the undertaking, given that SNCM could have had recourse to bank credit.
Francuska odbacuje tvrdnje CFF-a prema kojima nije morala osigurati nove financijske injekcije za poduzeće jer je SNCM mogao uzeti bankovni kredit.
In that regard, the French authorities note that, on 24 August 2005, the banks had refused to grant new cash lines to SNCM and that the only conceivable alternatives were therefore privatisation or liquidation of the undertaking.
U tom pogledu, francuska tijela navode da su banke 24. kolovoza 2005. odbile dodijeliti nove kreditne linije SNCM-u i da su stoga jedine moguće alternative bile privatizacija ili likvidacija poduzeća.
France takes the view that SNCM has good prospects for recovery and that the measures contemplated by the new shareholders, in particular the implementation of the social plan, the reinstatement of routes and the renewal of certain vessels, will enable the undertaking to return to viability.
Francuska procjenjuje da SNCM ima dobre izglede za oporavak i da će se mjerama koje su predvidjeli novi dioničari, posebno provedbom socijalnog plana, oporavkom usluga i obnovom određenih brodova, omogućiti ponovna uspostava održivosti poduzeća.
In that regard, France observes that, on account of the revenues deriving from the public service delegation (approximately [50-70] [60] Confidential information.
U tom pogledu, Francuska primjećuje da zbog prihoda ostvarenih prijenosom ovlasti za obavljanje javnih usluga (oko [50 – 70] [60] Dôverné informácie.