natgillin/translations-raw huggingface dataset:
EUR […]) and the value of Ilva's liquidation mass (EUR 1,8 billion if one considers the price offered by the highest bidder in the recent sale process), the Commission concludes that a market economy operator could have granted a loan or guarantee at an adequate rate to Ilva during the period of its difficulties.
Budući da su postrojenja za proizvodnju čelika kao što je pogon u Tarantu izrazito kapitalno intenzivna uz visoke fiksne troškove, moraju poslovati gotovo punim kapacitetom da bi bila profitabilna.
This conclusion is supported by the fact that Ilva kept access to private finance during the time of its insolvency proceedings.
Ograničenje proizvodnje nametnuto društvu Ilva zbog valjanih okolišnih razloga neizbježno je dovelo do pogoršanja njegove profitabilnosti.
At the time of granting of the State guarantee (end of April 2015), Ilva had at least three lines of credit opened with private banks: EUR […] with […], EUR […] with […] and EUR […] with […]).
No uz odgovarajuća ulaganja u zaštitu okoliša Ilva se može vratiti na optimalne razine proizvodnje.
Those credits were factoring lines, which have a different risk profile than the EUR 400 million loan guaranteed by the Italian State.
Tim se potencijalom objašnjava zašto je imovina društva Ilva ostala vrijedna u očima potencijalnih ulagača koji su spremni na odgovarajuća ulaganja;
Nevertheless, the existence of these credit lines constitutes an additional indicator that Ilva was not in a situation such that no creditor would at any rate have ever agreed to finance its operations.
Ilva je pod izvanrednom upravom pet godina, najprije zbog okolišnih razloga, a zatim zbog svojih financijskih poteškoća.
From the above evidence, it follows that the present case does not present circumstances in which access of the beneficiary to private finance can be ruled out so that the aid element in any public loan or guarantee should be considered State aid for the amount of the entire loan or guarantee.
Budući da se imovinom društva Ilva nekoliko godina ne upravlja u uobičajenim tržišnim uvjetima, društvo se suočilo s financijskim poteškoćama, no to ne znači da se tom imovinom ne bi moglo profitabilno upravljati u uobičajenim tržišnim uvjetima i uz odgovarajuću razinu privatnih ulaganja.
The Commission then assessed whether the financial terms of the public guarantee on the EUR 400 million granted to Ilva adequately remunerate the risk taken by the State.
Razlozi financijskih poteškoća društva Ilva poznati su dulje vrijeme.
In this respect, the Commission recalls the Guarantee Notice: ‘for companies in difficulty, a market guarantor, if any, would, at the time the guarantee is granted charge a high premium given the expected rate of default.’
Budući da nisu bili povezani s osnovnom vrijednosti imovine društva Ilva, nisu odvratili sudionike na tržištu od iskazivanja interesa za stjecanje imovine društva Ilva, ne samo tijekom nedavnog postupka prodaje, nego i znatno prije toga.
In the present case, the State guarantee was granted with an annual premium of 3,12 %.
Iz toga proizlazi da još u vrijeme odobravanja državnog jamstva u travnju 2015. od prodaje ili likvidacije imovine društva Ilva mogla očekivati opravdano visoka cijena.
This premium was set on the basis of the […] opinion.
Budući da u skladu s talijanskim zakonom o nesolventnosti za velike poduzetnike novi zajmovi imaju najviši prioritet naplate tijekom stečajnog postupka, prodajna cijena uključena u stečajnu masu najprije bi se upotrijebila za otplatu novih zajmova (ili jamstava za te zajmove, ako se aktiviraju).
Contrary to the Italian authorities, the Commission considers that the […] opinion does not estimate properly the remuneration that a prudent market economy operator would have asked in exchange for its guarantee, as the […] opinion does not provide an adequate estimate of the likelihood that the guarantee may be called, and repaid if called.
Na temelju informacija koje su dostavila talijanska tijela očekivalo se da će redoslijed otplate dugova društva Ilva u trenutku odobravanja mjere br. 3 biti sljedeći:
In fact, the […] opinion entirely relies on the flawed assumption that the EUR 400 million loan granted to Ilva would be transferred to a new company (‘NewCo’) operating Ilva's assets under better conditions.
Grafikon 1.
The […] opinion makes an in-depth assessment of the creditworthiness of this hypothetical NewCo and concludes, based on NewCo's estimated credit score, that the Italian State should apply a guarantee premium in the range of 1,53 % to 3,12 %.
Redoslijed otplate duga društva Ilva u travnju 2015.
However, at the time of granting of the guarantee, there was no reason to assume that the EUR 400 million loan would be automatically transferred to a hypothetical new owner of Ilva's assets.
Uzimajući u obzir razliku između visine iznosa predmetnog zajma za koji je dano jamstvo (400 milijuna EUR) s jedne strane i visine iznosa drugih dugova istog ili višeg prioriteta otplate (približno […] EUR) i vrijednosti stečajne mase društva Ilva (1,8 milijardi EUR ako se uzme u obzir najviša cijena ponuđena u nedavnom postupku prodaje) s druge strane, Komisija zaključuje da bi subjekt u tržišnom gospodarstvu društvu Ilva odobrio zajam ili jamstvo po odgovarajućoj stopi tijekom razdoblja njezinih poteškoća.
In this context, the Italian authorities should have assessed the creditworthiness of Ilva (not of a hypothetical acquirer) and estimated the loan LGD on that basis.
Taj je zaključak potkrijepljen činjenicom da je Ilva zadržala pristup privatnom financiranju tijekom postupka u slučaju nesolventnosti.
Since the […] opinion could not be used to assess whether the premium charged by the Italian State adequately remunerates the risk, the Commission had to look for benchmarks of rates applied to entities in a similar financial situation as Ilva.
U vrijeme odobravanja državnog jamstva (krajem travnja 2015.)
In line with established and recent decisional practice on firms undergoing insolvency proceedings and earmarked for sale, the Commission considers that, without any available alternative credit rating and in light of its qualification as undertaking in difficulty, Ilva's rating is at best CCC (see also recital 189).
Ilva je u privatnim bankama imala otvorene najmanje tri kreditne linije: […] EUR u […], […] EUR u […] i […] EUR u […].
Consequently, the Commission collected financial data from the database S&P Capital IQ Platform on credit default swaps (‘CDS’) spreads as well as bond yields for companies with a rating of CCC+, D or SD at the date of granting of measure 3.
Ti su krediti bili faktoring linije koje imaju drukčiji profil rizičnosti od zajma od 400 milijuna EUR za koji je jamstvo dala talijanska država.
The CDS is a financial swap agreement that the seller of the CDS will compensate the buyer (usually the creditor of the reference loan) in the event of a loan default (by the debtor).
Neovisno o tome, postojanje tih kreditnih linija dodatan je pokazatelj da društvo Ilva nije bilo u takvoj situaciji da nijedan vjerovnik nikad ne bi pristao financirati njezino poslovanje.
In other words, the seller of the CDS insures the buyer against some reference loan defaulting.
Iz prethodnih dokaza proizlazi da u ovom predmetu ne postoje okolnosti u kojima se može isključiti pristup korisnika privatnom financiranju te da bi se element potpore u svakom javnom zajmu ili jamstvu trebao smatrati državnom potporom u iznosu cjelokupnog zajma ili jamstva.
This instrument is as such very relevant to give an indication of what would be the risk premium/guarantee fee a market operator would require to ensure the risk of default of a loan.
Komisija je zatim ocijenila uključuju li financijski uvjeti javnog jamstva danog društvu Ilva za 400 milijuna EUR primjerenu naknadu za rizik koji je preuzela država.
The data collected on 11 observations available in May 2015 shows CDS spreads for maturities of 10 years varying from 6,3 % to 277,7 % with a median value of 17,6 %.
U tom pogledu Komisija podsjeća na Obavijest o jamstvima: „za društva u teškoćama tržišni davatelj jamstva, ako postoji, u vrijeme davanja jamstva zaračunao bi visoku premiju s obzirom na očekivanu stopu neizvršavanja ugovornih obveza.”
The bond yields give a good indication of the ‘all-in’ cost of borrowing for a company, that is interest rate and guarantee premium altogether in percentage.
U ovom predmetu državno jamstvo odobreno je uz godišnju premiju od 3,12 %.
The data collected on 8 observations available in May 2015 indicates rates between 5,3 % and 35,6 % with a median value of 17,0 % for 10-year maturity bonds.
Ta je premija određena na temelju mišljenja […].
Only two observations were available for 25-year maturity bonds: these observations present a rate of 14,2 %.
Suprotno mišljenju talijanskih tijela Komisija smatra da se u mišljenju […] ne procjenjuje primjereno naknada koju bi razuman subjekt u tržišnom gospodarstvu zatražio u zamjenu za svoje jamstvo jer mišljenje […] ne sadržava odgovarajuću procjenu vjerojatnosti aktiviranja jamstva i njegove otplate u slučaju aktiviranja.
As the analysed data shows, the cost of financing for companies rated CCC+, D or SD at the date of granting of measure 3 was substantially higher than what Ilva obtained thanks to the State guarantee.
De facto, mišljenje […] u cijelosti se oslanja na manjkavu pretpostavku da bi se zajam od 400 milijuna EUR odobren društvu Ilva prenio na novo društvo („NewCo”), koje će upravljati imovinom društva Ilva po boljim uvjetima.
Indeed, Ilva was able to get a loan at a total cost (interest rate of […] + guarantee premium of 3,12 %) of […] while the market indications show a total cost close to 17 % during the same period.
U mišljenju […] detaljno se procjenjuje kreditna sposobnost tog hipotetskog društva NewCo i zaključuje da bi, na temelju procijenjene kreditne ocjene društva NewCo, talijanska država trebala primijeniti jamstvenu premiju u rasponu od 1,53 % do 3,12 %.
This plausibility check demonstrates that the State guarantee defined as measure 3 confers an economic advantage on Ilva, which Ilva would not have obtained at market conditions.
No u vrijeme davanja jamstva nije bilo razloga pretpostavljati da će se zajam od 400 milijuna EUR automatski prenijeti na hipotetskog novog vlasnika imovine društva Ilva.
This finding is in line with the opinion of competitors (see recital 118).
U tom su kontekstu talijanska tijela trebala ocijeniti kreditnu sposobnost društva Ilva (a ne hipotetskog stjecatelja) i na temelju toga procijeniti LGD na osnovi zajma.
Having established the existence of an economic advantage not available at market conditions, comes the question of its quantification.
Budući da se mišljenje […] nije moglo upotrijebiti za ocjenu primjerenosti premije koju je talijanska država naplatila kao naknadu za rizik, Komisija je morala tražiti referentne stope primijenjene na subjekte u sličnoj financijskoj situaciji kao društvo Ilva.
As explained above, the Commission was able to collect some indications of market rates of guarantees for the given period.
U skladu s ustaljenom i nedavnom praksom odlučivanja o društvima nad kojima se provodi postupak u slučaju nesolventnosti i koja su namijenjena prodaji, Komisija smatra da je bez dostupnog alternativnog kreditnog rejtinga i s obzirom na to da se smatra poduzetnikom u teškoćama, rejting društva Ilva u najboljem slučaju CCC (vidjeti i uvodnu izjavu 189.).
However, these data have been retrieved from entities which are not fully comparable to Ilva and from financial instruments which are different from the loan and guarantee contracted by Ilva and can, therefore, not serve of themselves as a proper benchmark for establishing the exact market rate for the guarantee in question to requisite level of accuracy.
Stoga je Komisija prikupila financijske podatke iz baze podataka S&P Capital IQ Platform o kreditnoj marži na osnovi nastanka statusa neispunjavanja obveza na ugovore o razmjeni („CDS”) te o prinosima na obveznice za društva s kreditnim rejtingom CCC+, D ili SD na datum odobravanja mjere br. 3.
Under such circumstances, the Guarantee Notice declares that the potential advantage linked to the granting of a guarantee (corresponding to the potential aid element) should be calculated as the difference between the specific market interest rate that the beneficiary would have borne without the guarantee and the interest rate obtained by means of the State guarantee after any premiums paid have been taken into account.
Drugim riječima, prodavatelj CDS-a osigurava kupca od neispunjenja obveza u pogledu nekog referentnog zajma.
The Commission considers it prudent to take also into account the 2008 Communication on the reference and discount rates for the purposes of estimating a proxy of the market-conform interest rate for the loan in question.
Taj je instrument kao takav vrlo važan kako bi se dobio pokazatelj premije za rizik/naknade za jamstvo koju bi subjekt u tržišnom gospodarstvu trebao za osiguranje od rizika neispunjenja obveza iz zajma.
In that respect, Ilva's creditworthiness (rating) appears to be at the lowest of the five possible ratings provided for in the 2008 Communication, namely ‘Bad/Financial difficulties (CCC and below)’.
Podaci prikupljeni iz 11 analiza dostupnih u svibnju 2015. pokazuju da su se marže CDS-a za rokove dospijeća od deset godina kretale u rasponu od 6,3 % do 277,7 %, uz vrijednost medijana od 17,6 %.
Moreover, no collateral was attached to the loan, providing the lenders (or the guarantor) a sufficiently liquid, possibly transferable and immediately actionable right over Ilva's assets in case of default.
Prinosi na obveznice dobar su pokazatelj ukupnih troškova pozajmljivanja za društvo, odnosno kamatne stope i jamstvene premije koje su zajedno izražene u postotku.
On that basis, the Commission takes the view that the market interest rate of the loan plus guarantee constituting measure 3 must be calculated for the loan as the result of the sum of an appropriate base rate plus 1000 basis points as defined in the 2008 Communication.
Podaci prikupljeni iz 8 analiza dostupnih u svibnju 2015. pokazuju stope od 5,3 % do 35,6 %, uz vrijednost medijana od 17,0 % za obveznice s rokom dospijeća od deset godina.
As regards the appropriate base rate, the 2008 Communication recommends to use 1-year money market rates (i.e. in the case of Italy: the Euribor 1-year rate), the Commission reserving the right to use shorter or longer maturities adapted to certain cases.
Samo su dvije analize bile dostupne za obveznice s rokom dospijeća od 25 godina.
In the present case, the Commission considers that the very long maturity of the EUR 400 million loan object of the State guarantee justifies choosing a base rate in adequacy with this long maturity.
U tim je analizama zabilježena stopa od 14,2 %.
The Commission therefore decides to apply a swap rate corresponding to the weighted average life of the guaranteed loan.
Kako je vidljivo iz analiziranih podataka, trošak financiranja društava s rejtingom CCC+, D ili SD na datum odobravanja mjere br. 3 bio je znatno viši od troška koji je društvo Ilva zabilježilo zahvaljujući državnom jamstvu.
As the repayment profile of the EUR 400 million loan gives a weighted average life of 14,86 years, the appropriate base rate should be the 15-year swap rate.
Društvo Ilva uspjelo je dobiti zajam uz ukupan trošak od […] (kamatna stopa od […] + jamstvena premija od 3,12 %), dok je iz tržišnih pokazatelja vidljiv ukupan trošak od gotovo 17 % tijekom istog razdoblja.
On 27 May 2015, i.e. at the time of granting by the three private lenders of the EUR 400 million loan, the swap rate for 15-year maturities was 1,18 %.
Tom provjerom vjerodostojnosti dokazuje se da se državnim jamstvom definiranim kao mjera br. 3 društvu Ilva dodjeljuje gospodarska prednost koju ono ne bi dobilo po tržišnim uvjetima.
On that basis, the market interest rate given by the 2008 Communication is 1,18 % + 1000 bps, i.e. 11,18 %.
Taj je nalaz u skladu s mišljenjem konkurenata (vidjeti uvodnu izjavu 118.).
The amount of the advantage linked to the guarantee granted by the State must be calculated separately for the loan according to the following methodology: the difference between (i) the interest rate calculated as explained in recital 190 applied to the loan principal; and (ii) the total financial cost of the guaranteed loan calculated as the sum of the interest rate applied by the banks to the loan principal and the guarantee premium applied by the State, calculated and charged for the period during which the amounts were made available to Ilva.
Nakon što je utvrđeno postojanje gospodarske prednosti koja nije dostupna po tržišnim uvjetima, postavlja se pitanje njezine kvantifikacije.
The State guarantee defined as measure 3 is an ad hoc support measure granted in favour of one single undertaking: Ilva.
Kako je prethodno objašnjeno, Komisija je uspjela prikupiti neke pokazatelje tržišnih stopa jamstava za konkretno razdoblje.
As such, measure 3 is selective.
No ti su podaci dobiveni od subjekata koji se ne mogu u potpunosti usporediti s društvom Ilva i iz financijskih instrumenata koji se razlikuju od zajma i jamstva koje je ugovorilo društvo Ilva te stoga ne mogu poslužiti kao primjerena referentna vrijednost za utvrđivanje točne tržišne stope za predmetno jamstvo na potrebnoj razini točnosti.
Conclusion on measure 3
Isto tako, u istražnom postupku nisu utvrđene trenutačne razine kamatnih stopa za zajmove slične zajmovima odobrenima društvu Ilva, s državnim jamstvom ili bez njega, ili tržišne stope za potonje jamstvo.
Since measure 3 meets all the criteria laid down in Article 107(1) TFEU, the Commission concludes that it constitutes State aid, the amount of which can be determined based on the methodology described in recital 191.
U tim se okolnostima u Obavijesti o jamstvima navodi da se potencijalna prednost povezana s davanjem jamstva (koja odgovara potencijalnom elementu potpore) treba izračunati kao razlika između određene tržišne kamatne stope koju bi korisnik snosio bez jamstva i kamatne stope ostvarene zahvaljujući državnom jamstvu nakon što se uzmu u obzir sve uplaćene premije.
In the Opening Decision the Commission took the preliminary view that the dispute settlement agreed between Fintecna and Ilva is imputable to the Italian State and involves State resources.
Komisija smatra da je razumno uzeti u obzir i Komunikaciju iz 2008. o referentnim i diskontnim stopama za potrebe utvrđivanja zamjenske kamatne stope u skladu s tržištem za predmetni zajam.
The Commission also raised doubts as to whether by accepting to settle a long dispute in March 2015, just after Ilva was declared insolvent, Fintecna took a rational decision that a market economy operator would have taken in a similar situation.
U tom se pogledu čini da je kreditna sposobnost (rejting) društva Ilva najniža od pet mogućih rejtinga predviđenih u Komunikaciji iz 2008., odnosno „Loša/Financijske poteškoće (CCC i niže)”.
Based on the observations received during the formal proceedings, the Commission first assessed whether the decision to settle the dispute was indeed rational from a market operator point of view, i.e. whether this decision confers an economic advantage on Ilva.
Nadalje, uz zajam nije priloženo nikakvo osiguranje kojim bi se zajmodavcima (ili davatelju jamstva) pružilo dovoljno likvidno, potencijalno prenosivo i odmah izvršivo pravo nad imovinom društva Ilva u slučaju neispunjavanja obveza.
As already stated in recital 163, an intervention by a public authority does not necessarily confer an advantage on the beneficiary, and as such does not constitute aid, if it is carried out under normal market conditions, in other words, if the public authority acted as a prudent operator in a market economy would have done in similar circumstances.
Na temelju toga Komisija zauzima stajalište da se tržišna kamatna stopa na zajam i jamstvena premija koja čini mjeru br. 3 izračunavaju za zajam kao zbroj odgovarajuće referentne stope i 1000 baznih bodova, kako je definirano u Komunikaciji iz 2008.
First of all, in the in-depth assessment the Commission evaluated the circumstances under which Fintecna made a decision to settle the dispute with Ilva after long period of time by paying EUR 156 million.
U pogledu odgovarajuće referentne stope u Komunikaciji iz 2008. preporučuje se primjena jednogodišnjih stopa na tržištu novca (tj. u slučaju Italije: jednogodišnje stope Euribora), pri čemu Komisija pridržava pravo na primjenu kraćih ili duljih rokova dospijeća prilagođenih određenim slučajevima.
While making its decision to settle Fintecna must have taken into account the economic situation at the time at which it decided to settle, the level of risk and future expectations.
U ovom predmetu Komisija smatra da vrlo dug rok dospijeća zajma od 400 milijuna EUR koji je predmet državnog jamstva opravdava odabir referentne stope koja odgovara tom dugom roku dospijeća.
In this respect, the Commission takes note that the liability incurred and assumed by the State as seller before the privatisation took place is not contestable on its principle and that, as regards the settlement amount i.e. EUR 156 million, Fintecna, as a prudent creditor, undertook the estimations of its exposure towards Ilva in 2011 and adjusted those in 2014.
Komisija je stoga odlučila primijeniti stopu na ugovor o razmjeni koja odgovara ponderiranom prosječnom trajanju zajma za koji je dano jamstvo.
The calculations revealed the exposure of EUR […], i.e. the adjusted amount of EUR […] in 2014.
Budući da iz profila otplate zajma od 400 milijuna EUR proizlazi ponderirano prosječno trajanje od 14,86 godina, odgovarajuća referentna stopa trebala bi biti petnaestogodišnja stopa na ugovor o razmjeni.
In order to properly assess the legal risks, Fintecna ordered two legal opinions both of which independently confirmed that EUR 156 million was an acceptable amount, within the maximum cap agreed in the privatisation contract (EUR […], excluding interests, or EUR […], including interests) and the estimated potential exposure (EUR […] in 2014).
Stopa na ugovor o razmjeni za petnaestogodišnje rokove dospijeća 27. svibnja 2015., tj. u vrijeme kad su tri privatna zajmodavca odobrila 400 milijuna EUR, iznosila je 1,18 %.
Fintecna made the decision to settle in the context of Law Decree No 1/2015 which prompted the agreement between the two parties.
Na temelju toga tržišna kamatna stopa određena u skladu s Komunikacijom iz 2008. iznosi 1,18 % + 1000 baznih bodova, tj.
Given the sensible estimation of the risks which occur in case of Ilva's insolvency provided by independent legal advisors, the mere fact that Fintecna decided to settle only then and not before the above Law Decree was adopted, does not change the qualification of the decision to settle as a rational decision that a market economy operator would have taken in a similar situation.
11,18 %.
Indeed, a prudent loss-averse operator may prefer to settle a dispute amicably rather than resorting to a judge or arbitrator after continued litigation in circumstances where its liability is not questionable as such and its exposure could lead to amounts between […] and […] higher than the immediately settled amount.
Iznos prednosti povezane s jamstvom koje je dala država mora se izračunati odvojeno za zajam u skladu sa sljedećom metodologijom: razlika između i. kamatne stope izračunane kako je objašnjeno u uvodnoj izjavi 190. i primijenjene na glavnicu zajma te ii. ukupnog troška financiranja zajma za koji je dano jamstvo izračunanog kao zbroj kamatne stope koju su banke primijenile na glavnicu zajma i jamstvene premije koju je primijenila država, pri čemu je oboje izračunano i naplaćeno za razdoblje tijekom kojeg su iznosi stavljeni na raspolaganje društvu Ilva.
Considering the fact that steps undertaken by Fintecna correspond to the behaviour of a rational market economy participant and that the process preceding the decision reflects the prudent approach Fintecna took towards the amount of a possible settlement to be reached with Ilva, the Commission concludes that paying less than its own estimates is in principle a reasonable decision of a private market operator in settlement and as such is not liable to confer an advantage on Ilva.
Kao takva, mjera br. 3 je selektivna.
Conclusion on measure 4
Zaključak o mjeri br. 3