natgillin/translations-raw huggingface dataset:
Moreover, considering the excessive level of indebtedness of BDZ Holding, without the debt cancellation, the company would have serious difficulties in meeting its obligations and could eventually be liquidated.
Osim toga, uzimajući u obzir njegovu prekomjernu razinu zaduženosti, društvo BDZ Holding bi bez brisanja dugova imalo ozbiljnih poteškoća u ispunjavanju svojih obveza te bi u konačnici moglo biti likvidirano.
On the basis of the foregoing, the Commission considers that BDZ Holding is facing an excessive level of indebtedness which is hindering its sound financial management.
Na temelju navedenog, Komisija smatra da je razina zaduženosti društva BDZ Holding prekomjerna što onemogućuje dobro financijsko upravljanje njime.
Necessity of the aid
Potreba za potporom
In addition, the aid must be necessary to remedy the situation of excessive indebtedness, insofar as the likely development of competition on the market would not allow BDZ Holding and its subsidiaries to rectify their financial situation within a reasonable period.
Dodatno, potpora mora biti nužna za popravljanje stanja prekomjerne zaduženosti ako vjerojatan razvoj natjecanja na tržištu ne bi omogućio društvu BDZ Holding i njegovim društvima kćerima da saniraju svoje financijsko stanje u razumnom roku.
Due to its indebtedness, BDZ Holding has not been able to meet all its financial obligations and has a backlog in investments into modernisation of its rolling stock.
Zbog svoje zaduženosti društvo BDZ Holding nije moglo ispunjavati sve svoje financijske obveze te zaostaje s ulaganjima u modernizaciju svojih željezničkih vozila.
Due to the backlog in investments into the modernisation of the rolling stock and maintenance, the fleet of the company is over-aged and partially obsolete.
Zbog zaostajanja s ulaganjima u modernizaciju željezničkih vozila i njihovo održavanje, vozni park društva vrlo je star i djelomično zastario.
In this regard, the Commission observes that 82 % of BDZ Passenger's carriages are older than 20 years and 74 % of its locomotives are older than 25 years.
U tom pogledu Komisija primjećuje da je 82 % vagona društva BDZ Passenger starije od 20 godina, a 74 % njegovih lokomotiva starije je od 25 godina.
In 2015, approximately 50 % of BDZ Cargo's locomotives were either under repair or not operational.
Približno 50 % lokomotiva društva BDZ Cargo bilo je 2015. na popravku ili izvan pogona.
Similarly, approximately 51 % of the freight wagons of BDZ Cargo were not operational and required repair in 2015.
Slično tome, približno 51 % teretnih vagona društva BDZ Cargo bilo je 2015. izvan pogona te im je bio potreban popravak.
Without the aid, BDZ Holding would not be able to repay the still outstanding debts incurred prior to Bulgaria's accession to the Union, nor would it be able to use its own resources to invest into the modernisation of its rolling stock.
Bez potpore društvo BDZ Holding ne bi moglo otplatiti još uvijek nepodmirene dugove nastale prije pristupanja Bugarske Uniji niti bi moglo upotrebljavati vlastita sredstva za ulaganje u modernizaciju svojih željezničkih vozila.
By way of illustration, based on the company's reported earnings in 2016 (BGN 336,2 million), a one-off price and/or tariff increase of 66 % on average would be needed, other things being equal, to generate the BGN 223,45 million operating revenue in the short term which is necessary to repay the debt planned to be cancelled.
Radi ilustracije, na temelju prijavljene zarade društva 2016. (336,2 milijuna BGN), pod uvjetom da ostale okolnosti ostanu jednake, bilo bi potrebno jednokratno povećanje prosječnih cijena i/ili tarifa od 66 % kako bi se u kratkom roku ostvarili operativni prihodi u iznosu od 223,45 milijuna BGN koji su potrebni za otplatu duga koji se planira brisati.
However, in the meantime, BDZ Holding's subsidiaries only operate on a geographic area which is entirely eligible for regional aid pursuant to Article 107(3)(a) of the Treaty.
Međutim, u međuvremenu, društva kćeri društva BDZ Holding posluju isključivo na zemljopisnom području koje je u cijelosti prihvatljivo za regionalnu potporu u skladu s člankom 107. stavkom 3. točkom (a) Ugovora.
Sizeable tariff increases in such geographic areas may have stronger negative social effects than in wealthier areas of the Union.
Znatna povećanja tarife u takvim zemljopisnim područjima mogla bi imati jače negative socijalne učinke nego u bogatijim područjima Unije.
Accordingly, hypothetical tariff increases aimed at boosting BDZ Holding's revenues and alleviating its debt to the extent needed, if at all legally possible as concerns passenger services subject to PSO and commercially sustainable in a competitive environment as concerns freight services, could have disproportionate social impacts on Bulgarian rail passengers or companies using BDZ's cargo services.
U skladu s time, hipotetsko povećanje tarifa radi povećanja prihoda društva BDZ Holding i smanjenja njegovih dugova u mjeri koja je potrebna, čak i ako je zakonski moguće u pogledu usluga na koje se odnosi PSO te čak i ako bi bilo komercijalno održivo u okruženju tržišnog natjecanja u pogledu usluga prijevoza tereta, moglo bi imati nerazmjerne socijalne učinke na bugarske putnike u željezničkom prometu ili poduzeća koja se koriste uslugama prijevoza tereta koje pruža BDZ.
Consequently, no other credible hypothetical policy measure than the planned debt cancellation would allow the company to continue its operation.
Stoga se ni jednom drugom vjerodostojnom hipotetskom mjerom politike osim planiranog brisanja duga društvu ne bi omogućilo da nastavi sa svojim poslovanjem.
It follows that the measure at stake is necessary to remedy BDZ Holdings' indebtedness, insofar as the likely development of competition on the market would not allow BDZ Holding and its subsidiaries to rectify their financial situation within a foreseeable future.
Iz toga slijedi da je predmetna mjera nužna za popravljanje stanja prekomjerne zaduženosti društva BDZ Holding jer vjerojatan razvoj natjecanja na tržištu ne bi omogućio društvu BDZ Holding i njegovim društvima kćerima da saniraju svoje financijsko stanje u doglednoj budućnosti.
The aid must not go beyond what is necessary for the purpose
Potpora ne smije prelaziti granice onoga što je nužno za postizanje njezine svrhe
The Commission notes that in view of the financial situation of BDZ Holding, the amount of the debt cancellation is the minimum necessary to ensure the survival of the company and is a pre-condition for its financial sustainability.
Komisija napominje da, u pogledu financijskog stanja društva BDZ Holding, iznos dugova za koje je predviđeno brisanje čini najmanji iznos koji je nužan kako bi se osigurao opstanak društva te je preduvjet za njegovu financijsku održivost.
The amount is essentially needed for the outstanding payments towards the creditors — international financial institutions and NRIC.
Taj iznos u biti je potreban za plaćanje nepodmirenih obveza prema vjerovnicima – međunarodnim financijskim institucijama i NRIC-u.
BDZ Holding and its subsidiaries have still outstanding liabilities incurred before 1 January 2007 which, if not paid, would put the beneficiary at risk of liquidation.
Društvo BDZ Holding i njegova društva kćeri imaju još uvijek nepodmirene obveze nastale prije 1. siječnja 2007. koje će korisnika, ako ih se ne plati, izložiti opasnosti od likvidacije.
The financial indicators show that the payments cannot be made from own resources at present and it would be unrealistic to expect that the company could increase significantly its tariffs or prices to generate increased revenues in the short term.
Financijskim pokazateljima pokazuje se da se plaćanja trenutačno ne mogu izvršiti iz vlastitih sredstava te bi bilo nerealno očekivati da bi društvo moglo znatno povećati svoje tarife ili cijene kako bi ostvarilo povećane prihode u kratkom roku.
Furthermore, the Commission notes that during the period since accession, BDZ Holding has repaid BGN 166 million of liabilities incurred before 1 January 2007 from its own resources stemming mainly from sales of assets.
Nadalje, Komisija napominje da je društvo BDZ Holding tijekom razdoblja nakon pristupanja otplatilo obveze nastale prije 1. siječnja 2007. u iznosu od 166 milijuna BGN iz vlastitih sredstava uglavnom proizašlih iz prodaje imovine.
As those amounts were potentially eligible for cancellation, it is reasonable to consider that BDZ Holding could have used those resources for the development and the modernisation of the rolling stock and the services provided.
Budući da su ti iznosi potencijalno bili prihvatljivi za brisanje, razumno je smatrati da je društvo BDZ Holding moglo upotrijebiti ta sredstva za razvoj i modernizaciju željezničkih vozila te pruženih usluga.
The company was lagging behind the development of the railway sector as regards technical characteristics and information systems.
Društvo je kasnilo s razvojem u željezničkom sektoru u pogledu tehničkih značajki i informacijskih sustava.
Therefore, insofar as BDZ Holding has also relied on its own resources to repay part of the pre-accession debt, the debt cancellation cannot be considered as going beyond what is necessary even if it frees it from repayment obligations and allows financial room to invest in future modernisations or repair activities.
Stoga, u mjeri u kojoj se društvo BDZ Holding oslanjalo i na vlastita sredstva za otplatu dijela duga iz pretpristupnog razdoblja, za brisanje duga ne može se smatrati da prelazi granice onoga što je potrebno čak i ako oslobađa društvo od obveza otplaćivanja duga i financijski mu omogućuje ulaganje u buduće modernizacije ili popravke.
In view of these considerations, the Commission finds that the implementation of the debt cancellation cannot be considered to place BDZ Holding in a situation more favourable than that of an average well-managed undertaking with the same activity profile.
Imajući u vidu ta razmatranja, Komisija utvrđuje da se ne može smatrati da se provedbom brisanja duga društvo BDZ Holding stavlja u povoljniji položaj od onog u kojem se nalazi prosječno poduzeće kojim se dobro upravlja i koje ima isti profil djelatnosti.
The cancellation of its debts must not give an undertaking a competitive advantage such that it prevents the development of effective competition on the market, for example by deterring outside undertakings or new players from entering certain national or regional markets.
Brisanjem njegovih dugova poduzeću se ne smije dati konkurentska prednost kojom se sprječava razvoj učinkovitog tržišnog natjecanja, primjerice, odvraćanjem vanjskih poduzeća i novih subjekata od ulaska na određena nacionalna ili regionalna tržišta.
The proposed debt cancellation will only allow BDZ Holding to normalise financing of the company's operating activities and will not allow BDZ Holding or of its subsidiaries to expand or enter new markets.
Predloženim brisanjem duga društvu BDZ Holding omogućit će se samo da normalizira financiranje poslovnih aktivnosti društva te se njime društvu BDZ Holding ili njegovim društvima kćerima neće omogućiti širenje poslovanja ili ulazak na nova tržišta.
In that sense, the aid will not prevent the development of effective competition on the market.
U tom smislu, potporom se neće sprječavati razvoj učinkovitog tržišnog natjecanja.
It will not affect the competitors' market position and they will be able to continue competing with BDZ Holding under the same conditions.
Njome se neće utjecati na položaj konkurenata na tržištu i oni će moći nastaviti tržišno natjecanje s društvom BDZ Holding pod jednakim uvjetima.
The Commission also considers that the cancellation of debts will not unduly distort competition and trade between Member States, because it will only allow BDZ Holding to stabilise its financial situation, which was hindered by liabilities incurred prior to liberalisation of the market.
Komisija smatra i da se brisanjem dugova neće nepotrebno narušavati tržišno natjecanje i trgovina među državama članicama jer će se njime samo omogućiti društvu BDZ Holding da stabilizira svoj financijski položaj koji je bio otežan zbog obveza nastalih prije liberalizacije tržišta.
Furthermore, the Commission finds that the new market players are not deterred from entering the Bulgarian transport market.
Nadalje, Komisija utvrđuje da se nove sudionike na tržištu ne odvraća od ulaska na bugarsko tržište prijevoznih usluga.
As described in recitals 15 and 42, in addition to BDZ Cargo, eight cargo operators are currently active on the Bulgarian rail transport market.
Kako je opisano u uvodnim izjavama 15. i 42., osim društva BDZ Cargo, na bugarskom tržištu željezničkog prijevoza trenutačno je aktivno osam prijevoznika tereta.
There is no evidence that the debt cancellation measure will modify this competitive situation.
Nema dokaza da će se mjerom brisanja duga izmijeniti to stanje tržišnog natjecanja.
In view of the foregoing, the Commission concludes that the State aid in the form of debt cancellation (Measure 2) amounting to BGN 223,45 million (EUR 114,25 million) which Bulgaria plans to implement satisfies the conditions for compatibility with the internal market set out in chapter IV of the Railway Guidelines.
S obzirom na navedeno, Komisija zaključuje da državna potpora u obliku brisanja duga (mjera 2.) u iznosu od 223,45 milijuna BGN (114,25 milijuna EUR) koju Bugarska namjerava provesti ispunjava uvjete spojivosti s unutarnjim tržištem utvrđene poglavljem IV. Smjernica za željeznice.
Since Bulgaria did not clarify the origin and evolution of BDZ Holding's outstanding liabilities towards NRIC before the Opening Decision, the non-enforcement of those overdue liabilities has been considered to potentially involve State aid according to Article 107(1) of the Treaty.
Budući da Bugarska nije pojasnila nastanak i razvoj nepodmirenih obveza društva BDZ Holding prema NRIC-u prije Odluke o pokretanju postupka, smatralo se da neprovođenje prisilne naplate tih nepodmirenih obveza potencijalno uključuje državnu potporu u skladu s člankom 107. stavkom 1.
According to the information provided by Bulgaria (see Section 4.3), part of BDZ Holding's outstanding liabilities towards NRIC constituted liabilities incurred by the company prior to Bulgaria's accession to the Union.
Ugovora. (120) Prema informacijama koje je dostavila Bugarska (vidjeti odjeljak 4.3.), dio nepodmirenih obveza društva BDZ Holding prema NRIC-u činile su obveze nastale na teret društva prije pristupanja Bugarske Uniji.
A portion of this pre-accession debt (up to BGN 26,3 million) was subsequently refinanced with proceeds from a bond issue of 19 November 2007, which is still outstanding debt and, therefore, subject to assessment under ‘Measure 2: Cancellation of the debts incurred prior to 2007’ in Section 6.1.
Dio tog duga nastalog prije pristupanja (do 26,3 milijuna BGN) kasnije je refinanciran prihodom od izdanja obveznica od 19. studenoga 2007. koje još uvijek čini nepodmireni dug te stoga podliježe ocjeni u okviru naslova „Mjera 2.: brisanje dugova nastalih prije 2007. godine” iz odjeljka 6.1.
In other words, NRIC was paid.
Drugim riječima, plaćene su obveze prema NRIC-u.
In addition, and with a view to explaining the situation in relation to the remaining outstanding liabilities, Bulgaria provided further information on the enforcement arrangements and steps undertaken by NRIC (see Section 4.3).
Osim toga, kako bi se objasnilo stanje u odnosu na preostale nepodmirene obveze, Bugarska je dostavila dodatne informacije o aranžmanima prisilne naplate i koracima koje je poduzeo NRIC (vidjeti odjeljak 4.3.).
According to Bulgaria, NRIC had undertaken all the necessary steps to collect the overdue obligations from BDZ Holding and its subsidiaries to maximise the recovery of the amounts due, but without initiating legal proceedings.
Prema navodima Bugarske, NRIC je poduzeo sve potrebne korake kako bi od društva BDZ Holding i njegovih društava kćeri u najvećoj mogućoj mjeri naplatio svoja dospjela potraživanja, ali nije pokretao sudske postupke.
In order to verify whether NRIC unduly favoured BDZ Holding as regards the delay and the arrangements for the payment of overdue liabilities, the Commission has to assess whether it could have benefited from such arrangements under normal market conditions [33].
Kako bi provjerila je li NRIC neopravdano davao prednost društvu BDZ Holding u pogledu odgode plaćanja i aranžmana za plaćanje dospjelih obveza, Komisija mora ocijeniti je li NRIC mogao imati koristi od takvih aranžmana pod uobičajenim tržišnim uvjetima [33].
To that effect, the Commission has to assess whether a hypothetical market economy creditor in a situation similar to NRIC, seeking to obtain the maximum payment of the amounts owned to it, would have accepted the delay and entered into the renegotiation of the payment of overdue liabilities on similar terms and conditions [34].
U tom smislu, Komisija mora ocijeniti bi li hipotetski vjerovnik u tržišnom gospodarstvu u situaciji sličnoj NRIC-ovoj, koji nastoji dobiti najveći mogući iznos svojih potraživanja, prihvatio odgodu plaćanja i ušao u ponovne pregovore o plaćanju nepodmirenih obveza pod sličnim uvjetima [34].
In other words, the Commission has to assess whether NRIC acted with the same due diligence as a market economy creditor, before choosing between an individual and amicable enforcement of its claims or the initiation of a collective recovery procedure leading eventually to the bankruptcy of BDZ Holding and its subsidiaries.
Drugim riječima, Komisija mora ocijeniti je li NRIC postupao s istom dužnom pažnjom kao i vjerovnik u tržišnom gospodarstvu prije nego što je odabrao između individualne i sporazumne naplate svojih potraživanja te kolektivnog postupka naplate koji u konačnici dovodi do stečaja društva BDZ Holding i njegovih društava kćeri.
The Commission notes that in order to identify the most advantageous alternative a diligent market economy creditor would assess the advantages and the disadvantages of each of the alternatives, taking into account, inter alia, the recoverable amounts, its prior economic exposure, the duration of the recovery process and the costs [35].
Komisija napominje da bi pažljiv vjerovnik u tržišnom gospodarstvu radi utvrđivanja najpovoljnije alternative ocijenio prednosti i nedostatke svake alternative, uzimajući u obzir, među ostalim, naplative iznose, svoju prethodnu gospodarsku izloženost, trajanje postupka naplate i troškove [35].
The Commission first observes that the debts towards NRIC arose in the context of a regular and long-term commercial relationship between (State-owned) undertakings: BDZ Holding and its subsidiaries were key customers of NRIC and generated more than 70 % of its operating revenue.
Komisija prvo primjećuje da su dugovi prema NRIC-u nastali u kontekstu redovitih i dugoročnih poslovnih odnosa između poduzeća (u državnom vlasništvu): Društvo BDZ Holding i njegova društva kćeri bili su ključni korisnici usluga NRIC-a te su stvarali više od 70 % njegovih operativnih prihoda.
The origin of BGN 46,5 million of debt owed by NRIC to BDZ Holding accumulated between 2008 and 2011 for various services provided to NRIC (Table 3) also provides additional evidence that there is continuous interaction and interdependence between NRIC and BDZ Holding.
Nastanak duga u iznosu od 46,5 milijuna BGN koji je NRIC dugovao društvu BDZ Holding, a koji je akumuliran između 2008. i 2011. na temelju raznih usluga pružanih NRIC-u (tablica 3.), pruža dodatne dokaze o postojanju neprekidne suradnje i međuovisnosti između NRIC-a i društva BDZ Holding.
A possible market exit of BDZ Holding and its subsidiaries resulting from collective insolvency proceedings would therefore have had a serious immediate negative impact on NRIC's financial situation.
Mogući izlazak s tržišta društva BDZ Holding i njegovih društava kćeri koji bi bio posljedicom kolektivnog stečajnog postupka imao bi stoga ozbiljan neposredni negativan učinak na financijsko stanje NRIC-a.
In turn, the bankruptcy of BDZ Holding would have reduced NRIC's profits and its ability to adequately maintain the national rail network, thus risking further decreases of commercial revenues accruing from other clients, in addition to BDZ Holding's subsidiaries.
Zauzvrat, stečajem društva BDZ Holding smanjila bi se dobit NRIC-a i njegova sposobnost da primjereno održava nacionalnu željezničku mrežu čime bi riskirao daljnje smanjenje komercijalnih prihoda koje ostvaruje od drugih klijenata, osim od društava kćeri društva BDZ Holding.
It follows that a market creditor engaged like NRIC in a similar commercial relationship with its debtor(s) like BDZ Holding would thus have approached with circumspection any hypothetical enforcement action leading to its main client disappearing from the market, unlike a creditor having one-off debt claims and not commercially and financially dependent on its debtor remaining active on the market after enforcement of its claims.
Iz toga slijedi da bi vjerovnik na tržištu koji je poput NRIC-a uključen u sličan poslovni odnos sa svojim dužnikom (dužnicima) pristupio vrlo oprezno bilo kakvoj hipotetskoj mjeri prisilne naplate koja dovodi do nestanka njegova glavnog klijenta s tržišta, za razliku od vjerovnika koji ima jednokratna potraživanja i poslovno i financijski ne ovisi o tome da njegov dužnik nastaviti poslovati na tržištu nakon prisilne naplate njegovih potraživanja.
Second, NRIC's claims towards BDZ Holding and its subsidiaries could not have been enforced as preferential claims under hypothetical collective insolvency proceedings, in which no particular preference for repayment of NRIC among other creditors could have been implemented (see recital 49).
Drugo, potraživanja NRIC-a prema društvu BDZ Holding i njegovim društvima kćerima ne bi se mogla prisilno naplatiti kao povlaštena potraživanja u okviru hipotetskog kolektivnog stečajnog postupka, u kojem ne bi bilo moguće ostvariti nikakvu posebnu prednost u redoslijedu otplate NRIC-ovih potraživanja u odnosu na ostale vjerovnike (vidjeti uvodnu izjavu 49.).
Moreover, the debt identified in the Opening Decision as owing to NRIC (BGN 45 million) was smaller than the debt owed to other creditors (see Table 1).
Osim toga, dug prema NRIC-u utvrđen u Odluci o pokretanju postupka (45 milijuna BGN) bio je manji od dugova prema drugim vjerovnicima (vidjeti tablicu 1.).
What is more, the book value of BDZ Holding's assets would need to be reduced by a liquidation discount in a forced sale under the collective insolvency proceedings.
Štoviše, knjigovodstvenu vrijednost imovine društva BDZ Holding trebalo bi smanjiti likvidacijskim popustom na prisilnoj prodaji u okviru kolektivnog stečajnog postupka.
Depending on the type of the assets, the liquidation discount can amount to up to 75 % of the asset value.
Ovisno o vrsti imovine, likvidacijski popust može iznositi do 75 % vrijednosti imovine.
Therefore, it is very likely that the liquidation value of BDZ Holding's assets would not have been sufficient to cover the liquidation costs, the salaries of its employees and all its outstanding liabilities Taking 2011 as an example, liquidation costs, salaries of employees and all outstanding liabilities amounted to BGN 778 million whereas the book value of BDZ Holding's assets was BGN 933 million.
Stoga je vrlo vjerojatno da likvidacijska vrijednost imovine društva BDZ Holding ne bi bila dostatna za pokrivanje likvidacijskih troškova, plaća njegovih zaposlenika i svih njegovih nepodmirenih obveza. Uzimajući 2011. godinu kao primjer, likvidacijski troškovi, plaće zaposlenika i sve nepodmirene obveze iznosili su 778 milijuna BGN dok je knjigovodstvena vrijednost imovine društva BDZ Holding bila 933 milijuna BGN.
Consequently, NRIC could realistically expect to recover only a minor fraction of its outstanding claims, if collective insolvency proceedings had been initiated.
Stoga bi, u slučaju pokretanja kolektivnog stečajnog postupka, NRIC realno mogao očekivati da će naplatiti samo manji dio svojih nepodmirenih potraživanja.