natgillin/translations-raw huggingface dataset:
According to the General Court judgment [122], the making of additional redundancy payments may, in principle, constitute a legitimate and appropriate practice, depending on the circumstances of the case, the aim being to foster a calm social dialogue and preserve the brand image of a company or group of companies.
U skladu s presudom Općeg suda [122], plaćanje dodatnih naknada za otpremninu načelo je koje ovisno o okolnostima slučaja može biti opravdana i primjerena praksa čiji je cilj promicati pomirljiv socijalni dijalog i zadržati ugled društva ili skupine društava.
In accordance with the principle of equal treatment of private and public sectors, the option of making additional redundancy payments is also open to the Member States in the event that a public undertaking goes into liquidation, even though their obligations cannot, in principle, exceed the strict minimum under statutory and contractual obligations.
Uzevši u obzir načelo jednakosti tretmana privatnog i javnog sektora, mogućnost isplate dodatnih naknada za otpremninu stoga je jednako otvorena državama članicama u slučaju likvidacije javnog poduzeća, čak i ako njihove obveze ne mogu u načelu premašiti minimum strogo utvrđen zakonskim i ugovornim odredbama.
However, the Court states that ‘… the burden of those additional costs, because of legitimate concerns, cannot follow an exclusively social, even political, objective, as it would otherwise go beyond the framework of the private investor test … In the absence of any economic rationale, even in the long term, the assumption of the burden of costs which exceeds the strict statutory obligations and obligations under agreements must therefore be considered to be State aid within the meaning of Article 87(1) EC’ [123].
Međutim, Opći sud navodi da „[…] preuzimanje tih dodatnih troškova, zbog opravdane zabrinutosti, ne može slijediti isključivo socijalni, pa ni politički cilj, jer bi inače izašlo iz okvira testa privatnog ulagača […]. U nedostatku ekonomske opravdanosti, čak i dugoročne, preuzimanje troškova koji su viši od strogih zakonskih i ugovornih obveza mora se zato smatrati državnom potporom u smislu članka 87. stavka 1. UEZ-a.” [123]
The Commission notes that, following the launch of the procedure, the French authorities failed to define the economic activities of the French State, particularly at geographical and sectoral level. An assessment needs to be carried out of the long-term economic rationale of the measures in question, even though the French authorities eventually stated in their correspondence of 16 May 2013 that the State’s actions should be compared to those of a diversified holding company, seeking to maximise its profits and protect its brand image as a global business, particularly as regards the management of its staff.
Komisija tvrdi da francuska tijela nakon pokretanja postupka nisu uspjela utvrditi gospodarske aktivnosti francuske države, posebno na zemljopisnoj i sektorskoj razini, u pogledu koji treba ocijeniti dugoročnu ekonomsku opravdanost predmetnih mjera, čak i ako su na kraju u svojem dopisu od 16. svibnja 2013. navela da se ponašanje države mora usporediti s onim diversificiranog holdinga koji nastoji maksimizirati svoju dobit i zaštititi svoj ugled, posebno na razini upravljanja svojim zaposlenicima.
Regarding the brand image of CGMF, the Commission notes that it had no assets other than SNCM in the maritime transport sector.
U pogledu ugleda CGMF-a, Komisija napominje da CGMF u sektoru pomorskog prijevoza nije imao nikakve druge imovine osim SNCM-a.
This argument cannot therefore apply to it.
U skladu s tim, taj argument Komisiji nije važan.
Regarding the brand image of the State as shareholder, the French authorities asserted that there was a high risk of social unrest in State-controlled undertakings, liable to affect not only those undertakings located in close proximity to SNCM’s operations, but all sectors, and in particular the transport sector.
Što se tiče ugleda države dioničara, francuska su tijela utvrdila da postoji povišen rizik od sukoba u poduzećima koje kontrolira država, ne samo u zemljopisnoj blizini djelatnosti SNCM-a, nego i neovisno o sektoru, a posebno u sektoru prijevoza.
The Commission holds the view that the French authorities failed to demonstrate that there was a bona fide risk of contagion to all public undertakings and that they also failed to demonstrate that the payment of the additional compensation helped prevent further strike action.
Komisija, s jedne strane, napominje da francuska tijela nisu dokazala da bi taj rizik stvarno mogao zahvatiti sva javna poduzeća, a, s druge strane, smatra da nisu ni dokazala da bi plaćanje dodatnih naknada spriječilo pojavu novih štrajkova.
Finally, the Commission considers that the State’s assertion that the payment of the additional compensation was made on purely social grounds is not sufficient to rule out the presence of State aid.
Naposljetku, mišljenje je Komisije da isključivo društveno opravdanje za preuzimanje državne odgovornosti za te dodatne naknade nije dostatno da isključi prisutnost državne potpore.
Furthermore, the Commission considers that the French authorities have not adduced sufficient objective and verifiable data capable of showing that the making of additional redundancy payments, in similar circumstances, is an established practice among private entrepreneurs.
Nadalje, Komisija smatra da francuska tijela nisu iznijela dovoljno objektivne i provjerljive elemente kako bi mogla dokazati da bi plaćanje dodatnih naknada za otpremninu, u sličnim okolnostima, predstavljalo uobičajenu praksu među privatnim poduzetnicima iz istoga sektora.
The Commission notes that the mere reference to a limited number of social plans is not enough to demonstrate the existence of a sufficiently established practice in cases comparable to the one at hand, that the redundancy schemes referred to by the French authorities relate to restructuring rather than liquidation plans, and that a large number of these concern sectors which, on the face of it, have nothing in common with transport infrastructure (e.g. the cosmetics industry (Yves Saint-Laurent Haute couture), the agri-food industry (Danone) and the electronics industry (Hewlett Packard)).
Komisija zapravo tvrdi da se samim upućivanjem na ograničeni broj socijalnih planova ne može dokazati postojanje dovoljno utemeljene prakse u slučajevima koji su slični ovome, da se socijalni planovi koje su navela francuska tijela odnose na planove za restrukturiranje, a ne likvidaciju, te da se velik broj njih odnosi na sektore koji na prvi pogled nemaju ništa zajedničko sa sektorom prijevoza, primjerice kozmetički (Yves Saint-Laurent Haute Couture), poljoprivredno-prehrambeni (Danone) ili elektronički (Hewlett Packard).
Furthermore, the table prepared by the French authorities in the note of 16 May 2013, which sets out a list of social plans, details six plans launched after the privatisation of SNCM and which cannot, therefore, serve as grounds for taking into account the additional redundancy payments.
Osim toga, u tablici koju su dostavila francuska tijela u bilješci od 16. svibnja 2013., u kojoj je naveden popis socijalnih planova, navedeno je šest planova nakon privatizacije SNCM-a koji stoga ne mogu biti uzeti u obzir kako bi se opravdalo uzimanje u obzir dodatnih naknada za otpremninu.
The Commission notes that, of the five plans in question, two concern SNCM, one of which is the subject of the present decision.
Naime, Komisija prvo primjećuje da se od pet navedenih planova, dva odnose na SNCM, uključujući i onaj koji je predmet ove Oduke.
These two plans cannot therefore be used to make objective comparisons for two reasons:
Ta dva plana stoga ne mogu predstavljati objektivne elemente za usporedbu iz dva razloga:
first, SNCM’s former practices in this area do not constitute a sufficient basis to justify the established nature of the practice and, second, the 2002 social plan relates to a period when SNCM was still under public control, while the comparison criterion set by the General Court was private undertakings operating in the same field.
s jedne strane, SNCM se ne može osloniti na vlastite prijašnje prakse u tom području kako bi u dostatnoj mjeri opravdao utemeljenost te prakse, a s druge strane, socijalni plan iz 2002. odgovara razdoblju u kojem je SNCM još uvijek bio javno poduzeće dok je Opći sud kao kriterij za usporedbu odredio privatna poduzeća iz istoga sektora.
As such, the Commission notes that the Port of Marseille social plan cannot be taken into account because in 2004 the port was in public, not private hands.
Stoga Komisija napominje da socijalni plan luke Marseille ne može biti prihvaćen jer je luka 2004. bila javna ustanova, a ne privatno poduzeće.
Moreover, as regards the last two social plans referred to, i.e. Air Lib and Eurostar, the Commission observes that these are restructuring, not liquidation plans.
Naposljetku, kada je riječ o dva posljednja navedena plana, onaj Air Liba i onaj Eurostara, Komisija primjećuje da se radi o planovima za restrukturiranje, a ne za likvidaciju.
Lastly, the Commission observes that the average additional compensation of these two plans is more than 50 % below the average additional compensation paid by SNCM.
Štoviše, Komisija primjećuje da je prosječna dodatna naknada tih dvaju plana niža za više od polovine prosječnih dodatnih naknada u SNCM-u.
Finally, the Commission notes that the French authorities have not established that the French State’s actions were motivated by a reasonable probability of obtaining an indirect material profit, even in the long term, by avoiding increased social unrest within the undertaking, given that the latter would have folded in the event of liquidation.
Nadalje, Komisija napominje da francuska tijela nisu utvrdila da je ponašanje francuske države bilo potaknutom razumnom vjerojatnošću da će iz njega pribaviti neizravnu materijalnu prednost, pa čak ni dugoročnu, time što će izbjeći dodatno pogoršanje društvene klime u poduzeću jer bi se upravo u slučaju likvidacije poduzeće trebalo ugasiti.
There is insufficient evidence to support the hypothesis that larger payouts were made to employees of other public undertakings.
Što se tiče pretpostavke o većoj koristi koju su ostvarili zaposlenici drugih javnih poduzeća, ona nije dostatno potkrijepljena.
This standpoint is lent even more credence by the fact that, even from the point of view of a global investor as hypothesised by the French authorities, the granting of very high severance payments to employees of a company is likely to complicate any future restructuring of other companies belonging to the same investor.
To je tim više slučaj što, u okviru teorije o globalnom ulagaču, primjerice one francuskih tijela, dodjela vrlo visokih naknada za odlazak zaposlenicima može zakomplicirati moguće restrukturiranje drugih društava koja pripadaju istom ulagaču.
Furthermore, the French authorities have not quantified the significant nature of the potential social costs which they cite as justification for the granting of additional redundancy payments.
Osim toga, francuska tijela nisu kvantificirala značajan karakter mogućih društvenih troškova na koja se pozivaju kako bi opravdali isplatu dodatnih naknada za otpremninu.
The French authorities have also argued that a liquidation procedure would have been longer and potentially riskier for the State as shareholder than the sale of SNCM at a negative price.
Francuska su tijela utvrdila i da bi postupak likvidacije bio duži te potencijalno riskantniji za državu kao dioničara u odnosu na prodaju SNCM-a po negativnoj cijeni.
The Commission notes that the French authorities have failed to provide proof of this risk and have not explained why the length of the liquidation procedure would have been taken into account by a private shareholder.
Komisija napominje da francuska tijela nisu navela nijedan dokaz o tom riziku kao ni objasnila zašto bi privatni dioničar uzeo u obzir trajanje postupka likvidacije.
The Frucona Kosice [125] case referred to by the French authorities has no bearing on the present case because it concerns the private creditor test.
Predmet Frucona Kosice [125] koji spominju francuska tijela nije relevantan u ovom slučaju jer se odnosi na test privatnog kreditora.
The length of a liquidation procedure is relevant for analysing whether the State, as creditor of Frucona Kosice, maximised recovery of its debts by accepting immediate partial repayment or if it would have been better to wait for the outcome of the liquidation of the undertaking.
Trajanje postupka likvidacije relevantno je za analizu, ako je država, u poziciji kreditora Frucona Kosice, maksimizirala povrat svojih potraživanja prihvaćajući djelomični, ali trenutni povrat, ili ako bi morala čekati rezultat likvidacije poduzeća.
The circumstances of the present case are different since the State is a shareholder in SNCM, not a private creditor.
Situacija je u ovom slučaju drukčija jer je država u poziciji dioničara SNCM-a, a ne u onoj privatnog vjerovnika.
Given that, in the event of liquidation of SNCM, the assets would clearly not be sufficient to cover the liabilities, the State would be unable to recover its contribution.
Budući da bi u slučaju likvidacije SNCM-a imovina bila očigledno nedostatna za pokrivanje obveza, država ne bi mogla povratiti svoj kapitalni ulog.
Consequently, the length of the liquidation procedure has no bearing on this case.
Zato pozivanje na trajanje postupka likvidacije nije relevantno u ovom slučaju.
The French authorities have therefore failed to justify the shouldering of the cost of these additional payments by the State acting as a private investor in the context of a liquidation.
Francuska tijela nisu dokazala da je preuzimanje troška tih dodatnih naknada od strane države, kao privatnog ulagača u scenariju likvidacije, bilo opravdano.
At this stage in the analysis, the Commission must determine the value of the liquidation of SNCM excluding the additional redundancy payments.
U toj fazi analize Komisija mora utvrditi vrijednost likvidacije SNCM-a, bez dodatnih naknada za otpremninu.
On the liquidation value of SNCM
Vrijednost likvidacije SNCM-a
According to the revalued net asset method, an asset shortfall is determined when the economic value of the actual assets (generally higher than the net book value) does not cover the economic value of the actual debts.
Metodom ponovno procijenjene neto imovine utvrđena je nedostatna imovina jer ekonomska vrijednost realne imovine (općenito veća od računovodstvene neto vrijednosti) ne pokriva ekonomsku vrijednost realnih dugova.
In order to determine an asset shortfall in the present case, the Commission, with the assistance of its expert [126], verified as explained above that on 30 September 2005 the value of SNCM’s assets was insufficient to pay off preferential and non-preferential creditors.
Kako bi utvrdila nedostatak imovine u ovom slučaju Komisija je, s pomoću svojeg stručnjaka [126], provjerila, kako je objašnjeno dalje u tekstu, je li 30. rujna 2005. vrijednost imovine SNCM-a bila nedostatna da se isplate povlašteni i nepovlašteni vjerovnici.
The Commission takes the view that the valuation of net assets is a method commonly used to value companies in the maritime transport sector.
Komisija procjenjuje da je revalorizacija neto imovine metoda koja se trenutačno rabi za valorizaciju društava u sektoru pomorskog prijevoza.
It considers, furthermore, that the method in question is particularly appropriate in SNCM’s case since the reference shareholder’s only alternative to the sale is to put the company into liquidation.
Smatra i da je ta metoda posebno primjerena slučaju SNCM-a, ako likvidacija njegovu glavnom dioničaru predstavlja jedinu alternativu prodaji.
As regards other valuation methods, in particular that of ‘present value of operating free cash flows’, the Commission considers that, since this method appraises the company as a going concern, which would not be the case if SNCM were to go into liquidation, it is inapplicable in the present case.
U pogledu drugih metoda revalorizacije, posebno metode ažuriranih slobodnih operativnih novčanih tokova, Komisija procjenjuje da, uzevši u obzir činjenicu da se tom metodom pretpostavlja daljnje poslovanje društva, što ne bi bio slučaj pod predviđenom pretpostavkom likvidacije SNCM-a, nije relevantna za ovaj slučaj.
The Commission chose 30 September 2005 as the reference date for the valuation of SNCM since that was the date on which the choice between the acceptance of the takeover bid or the liquidation of the company was actually made, the selection of BCP having been decided upon on 27 September 2005.
Komisija je odabrala 30. rujna 2005. kao referentni datum za ocjenu SNCM-a jer se radi o datumu na koji je izvršen odabir između prihvaćanja ponude za preuzimanje ili likvidaciju društva, dok je odluka o odabiru BCP-a donesena 27. rujna 2005.
On the value of SNCM’s assets
i. Vrijednost imovine SNCM-a
The Commission observes in particular that SNCM’s shareholder, in collaboration with Ernst & Young, calculated the cost of liquidating the undertaking (see the abovementioned CGMF report) on 30 September 2005, and supplementary expert opinions were provided by Oddo Corporate Finance and the Paul Hastings law firm.
Komisija posebno primjećuje da je dioničar SNCM-a, u suradnji s poduzećem Ernst & Young, 30. rujna 2005. kvantificirao troškove likvidacije poduzeća (prethodno navedeno izvješće CGMF), a Oddo Corporate Finance i odvjetničko društvo Paul Hastings tome su dodali svoja dodatna stručna izvješća.
The Commission notes that the Oddo-Hastings report referred to above valued SNCM’s assets at EUR 190,3 million.
Komisija podsjeća da je u prethodno navedenom izvješću Oddo-Hastings imovina SNCM-a procijenjena na 190,3 milijuna EUR.
As regards the valuation of the fleet held in its name [127], the gross market value of SNCM’s vessels had been assessed at EUR 224 million on 30 September 2005 by the specialist broker BRS, while the Oddo report valued the fleet at EUR 150,7 million after discount [128], brokerage commission [129] and legal uncertainty [130].
Kada je riječ o revalorizaciji flote u njegovu vlasništvu [127], specijalizirani broker BRS procijenio je 30. rujna 2005. tržišnu vrijednost brodova SNCM-a na 224 milijuna EUR, a u izvješću Oddo vrijednost flote SNCM-a je nakon rabata [128], brokerske provizije [129] i pravne nesigurnosti [130] procijenjena je na 150,7 milijuna EUR.
Scenarios for the valuation of SNCM’s assets on 30 September 2005
Scenariji revalorizacije imovine SNCM-a 30. rujna 2005.
Oddo-Hastings report, Commission expert’s report.
Izvješće Oddo-Hastings, izvješće stručnjaka Komisije.
Value of asset
Vrijednost imovine
Oddo report
izvješće Oddo
Commission expert
stručnjak Komisije
Intangible asset
Nematerijalna imovina
Fleet held in own name
Flota u vlasništvu društva
Buildings [131]
Zgrade [131]
Investments [132]
Ulaganja [132]
Fixed assets
Nepokretna imovina
Advances and payments on account
Predujmovi
Accounts receivable
Potraživanja od kupaca
Other receivables [133]
Ostala potraživanja [133]
Net cash
Neto novac
Prepayments and accrued income
Prilagodbe obveza
From the table above, it is clear to the Commission that the fleet of vessels constitutes the main element in the valuation of the undertaking.
Na temelju prethodno navedene tablice Komisija utvrđuje da je flota brodova glavni element revalorizacije imovine poduzeća.
In that respect, the Commission expert, after carrying out a comparative analysis wherever possible, concluded that the discount applied to the gross market value of the vessels and the precautions for legal uncertainty were logical.
U tom pogledu, stručnjak iz Komisije procijenio je, nakon što je, kada je to bilo moguće, proveo komparativnu analizu, da su popust primijenjen na bruto tržišnu vrijednost brodova i pravna nesigurnost dosljedni.
On that basis, it concluded that there was no justification for rejecting the value of the fleet as estimated by the French Government.
Na temelju toga zaključio je da nema argumenata za odbacivanje procjene vrijednosti flote, koju je izradila država.
As regards the discount, the Commission is of the opinion that its level is consistent with the discounts observed in sales of vessels in the event of compulsory liquidation.
U pogledu popusta, Komisija smatra da je njegova razina dosljedna s popustima uzetima u obzir pri prodaji brodova u slučaju prisilne likvidacije.
The Commission expert referred, by way of example, to the Régie des Transports Maritimes (a state-owned Belgian company operating the Ostend-Ramsgate route) which sold two car ferries in 1997 with discounts estimated at 35 % to 45 %.
Prema mišljenju stručnjaka Komisije, Régie des Transports Maritimes, nacionalno belgijsko društvo koje posluje na liniji Ostende – Ramsgate, prodalo je primjerice 1997. dva trajekta uz procijenjeni popust od 35 %, odnosno 45 %.
More recently, Festival Cruises disposed of three cruise vessels at an average discount of 20 %.
Nedavno je društvo Festival Cruises prodalo tri kruzera, uz prosječni popust od 20 %.
The discounts observed in similar cases are therefore of the same order of magnitude as the discounts applied by the French authorities in this case.
Popusti uzeti u obzir u sličnim slučajevima stoga su u rasponu popusta koje su francuska tijela primijenila u ovom slučaju.
As for the legal uncertainty, since no comparable transaction has taken place in the market, the Commission considers that the arguments justifying the application of legal uncertainty are warranted given the limited market for vessels of a certain type designed for a fairly specific use.
Što se tiče pravne nesigurnosti, s obzirom na to da nije bilo slične transakcije na tržištu, Komisija smatra da su argumenti koji opravdavaju primjenu pravne nesigurnosti dosljedni s ograničenom veličinom tržišta brodova određene vrste, osmišljenih za prilično specifičnu primjenu.
The Commission also notes that its independent expert revised upwards the valuation of the investments, in particular that of SNCM’s holding in CMN (from EUR 21,8 million to EUR 28 million).
Komisija nadalje napominje da je njezin nezavisni stručnjak povećao revalorizaciju ulaganja, posebno onu udjela SNCM-a u CMN-u (od 21,8 milijuna EUR do 28 milijuna EUR).
In that respect, in view of Stef-TFE’s offer to buy out the holding for EUR 35,2 million, as revealed to the Commission during the present investigation, the Commission considers that the valuation of SNCM’s holding in CMN at EUR 28 million is reasonable in the context of a company liquidation.
Uzevši u obzir ponudu grupe Stef-TFE za otkup tog udjela po cijeni od 35,2 milijuna EUR proslijeđenu Komisiji u okviru ovog ispitivanja, Komisija smatra da je revalorizacija udjela SNCM-a u CMN-u od 28 milijuna EUR objektivna s obzirom na likvidaciju društva.
The Commission expert did not raise any specific objections to the valuation of the other assets.
Kada se radi o revalorizaciji drugih stavki imovine, stručnjak iz Komisije nije imao posebnih primjedaba.
It did not, however, accept the item ‘net cash’, because it was in deficit.
Nije, međutim, prihvatio stavku „neto novac” u imovini jer je ta stavka bila u deficitu.
The Commission considers therefore that this item should be reclassified under SNCM’s liabilities.
Komisija smatra da je tu stavku, u stvari, potrebno reklasificirati u obveze SNCM-a.
Taking account of the various adjustments, the Commission values SNCM’s assets at EUR 211,4 million on 30 September 2005.
Uzevši u obzir provedene prilagodbe, Komisija procjenjuje da imovina SNCM-a 30. rujna 2005. iznosi 211,4 milijuna EUR.
On the valuation of SNCM’s liabilities
Procjena obveza SNCM-a
The Commission notes that the French authorities quantify the amount owed as preferential debts at EUR 153,8 million and the amount owed as non-preferential debts at EUR 170,9 million (excluding additional redundancy payments).
Komisija utvrđuje da, prema ocjeni francuskih tijela, povlašteni dug iznosi 153,8 milijuna EUR, a nepovlašteni dug 170,9 milijuna EUR (bez dodatnih naknada za otpremninu).