natgillin/translations-raw huggingface dataset:
Sizeable tariff increases in such geographic areas may have stronger negative social effects than in wealthier areas of the Union.
Dug koji odgovara toj razlici isključen je iz područja primjene ove Odluke.
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.
Stoga se zaključuje da se predmetnom mjerom namjerava brisati jasno utvrđene i individualizirane dugove u iznosu od 223,45 milijuna BGN koji su nastali prije pristupanja Bugarske Uniji.
Consequently, no other credible hypothetical policy measure than the planned debt cancellation would allow the company to continue its operation.
Predmetni dugovi moraju biti izravno povezani s djelatnošću željezničkog prijevoza ili djelatnostima upravljanja željezničkom infrastrukturom, njezinom izgradnjom ili upotrebom.
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.
Bugarska je navela da su svi dugovi nastali na teret društva BDZ Holding bili izravno povezani s djelatnošću željezničkog prijevoza putnika i tereta (vidjeti uvodnu izjavu 39.).
The aid must not go beyond what is necessary for the purpose
Komisija primjećuje da su dugovi koje treba brisati zaista nastali radi financiranja obnove i popravka željezničkih vozila, primjerice, nabavom dizelskih i električnih motornih vlakova ili modernizacijom teretnih vagona u vlasništvu društva.
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.
Isto tako, dugovima kao što su nepodmirene obveze prema NRIC-u društvo BDZ Holding financiralo je i pružanje svojih željezničkih usluga.
The amount is essentially needed for the outstanding payments towards the creditors — international financial institutions and NRIC.
Te su aktivnosti glavne djelatnosti društva BDZ Holding i njegovih društava kćeri te su izravno povezane s djelatnošću željezničkog prijevoza.
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.
Komisija stoga smatra da su predmetni dugovi izravno povezani s djelatnošću željezničkog prijevoza.
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.
Dugovi se moraju brisati u korist poduzeća koja su prekomjerno zadužena što onemogućuje dobro financijsko upravljanje njima.
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.
Prekomjerna zaduženost društva BDZ Holding koja onemogućuje dobro financijsko upravljanje njime
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.
Bugarska je tvrdila da se društvo BDZ Holding prema primjenjivom bugarskom zakonodavstvu smatralo nesolventnim i prezaduženim te je ispunjavalo sve uvjete utvrđene bugarskim zakonodavstvom za pokretanje stečajnog postupka protiv njega.
The company was lagging behind the development of the railway sector as regards technical characteristics and information systems.
To je valjani pokazatelj prekomjerne zaduženosti.
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.
Nadalje, Bugarska je navela da društvo nije moglo ispunjavati svoje financijske obveze zbog svoje zaduženosti.
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.
Ukupni dugovi društva BDZ Holding 31. prosinca 2006. iznosili su 806,7 milijuna BGN i činili su 78 % ukupnog kapitala (vlasnički kapital i dug) društva BDZ Holding, s omjerom knjigovodstvenog duga i kapitala od četiri.
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.
Financijsko stanje društva BDZ Holding znatno se pogoršalo od 2007. godine.
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.
Od 2011. omjer knjigovodstvenog duga i kapitala društva BDZ Holding narastao je na više od 7,5 (tj. na 9) te je 2012. iznosio 14, 2013.
In that sense, the aid will not prevent the development of effective competition on the market.
15, 2014. – 209, a u listopadu 2015.
It will not affect the competitors' market position and they will be able to continue competing with BDZ Holding under the same conditions.
33 [31].
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.
Štoviše, u listopadu 2015. iznos nepodmirenih obveza društva BDZ Holding, to jest 499,1 milijun BGN (255 milijuna EUR), činio je 86 % knjigovodstvene vrijednosti imovine koja je iznosila 582,4 milijuna BGN (298 milijuna EUR).
Furthermore, the Commission finds that the new market players are not deterred from entering the Bulgarian transport market.
Komisija nadalje primjećuje da društvo BDZ Holding, unatoč činjenici da je otplatilo 724 milijuna BGN (370 milijuna EUR) dospjelih dugova tijekom razdoblja od 1. siječnja 2007. do 28. rujna 2016., nije moglo u potpunosti ispunjavati svoje financijske obveze.
As described in recitals 15 and 42, in addition to BDZ Cargo, eight cargo operators are currently active on the Bulgarian rail transport market.
Zbog svojih nepodmirenih obveza prema međunarodnim vjerovnicima, Visoki sud (High Court of Justice) u Londonu naložio je 20. srpnja 2015. društvu BDZ Holding da plati 66,7 milijuna EUR (130,4 milijuna BGN) sa zateznim kamatama od 8 % godišnje [32].
There is no evidence that the debt cancellation measure will modify this competitive situation.
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.
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.
Na temelju navedenog, Komisija smatra da je razina zaduženosti društva BDZ Holding prekomjerna što onemogućuje dobro financijsko upravljanje njime.
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.
Potreba za potporom
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.
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.
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.
Zbog svoje zaduženosti društvo BDZ Holding nije moglo ispunjavati sve svoje financijske obveze te zaostaje s ulaganjima u modernizaciju svojih željezničkih vozila.
In other words, NRIC was paid.
Zbog zaostajanja s ulaganjima u modernizaciju željezničkih vozila i njihovo održavanje, vozni park društva vrlo je star i djelomično zastario.
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).
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.
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.
Približno 50 % lokomotiva društva BDZ Cargo bilo je 2015. na popravku ili izvan pogona.
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].
Slično tome, približno 51 % teretnih vagona društva BDZ Cargo bilo je 2015. izvan pogona te im je bio potreban popravak.
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].
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.
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.
Radi ilustracije, na temelju prijavljene zarade društva 2016.
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].
(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.
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.
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.
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.
Znatna povećanja tarife u takvim zemljopisnim područjima mogla bi imati jače negative socijalne učinke nego u bogatijim područjima Unije.
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.
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.
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.
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 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 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.
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).
Potpora ne smije prelaziti granice onoga što je nužno za postizanje njezine svrhe
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).
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.
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.
Taj iznos u biti je potreban za plaćanje nepodmirenih obveza prema vjerovnicima – međunarodnim financijskim institucijama i NRIC-u.
Depending on the type of the assets, the liquidation discount can amount to up to 75 % of the asset value.
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.
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.
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.
Consequently, NRIC could realistically expect to recover only a minor fraction of its outstanding claims, if collective insolvency proceedings had been initiated.
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.
Furthermore, the Commission considers, in line with settled case-law, that the costs, together with the length of court proceedings, may influence a creditor's decision whether to proceed with the liquidation of a company [36].
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.
In this context, the Commission agrees that NRIC had a particular interest in continuing its cooperation with BDZ Holding and its subsidiaries, not only on account of future commercial revenues generated by BDZ Holding but also with the aim of maximising the recovery of the outstanding non-preferential liabilities accumulated until November 2011 instead of initiating the liquidation of the company.
Društvo je kasnilo s razvojem u željezničkom sektoru u pogledu tehničkih značajki i informacijskih sustava.
The Commission concludes that the initiation of lengthy collective insolvency proceedings leading to a forced liquidation of the group with an uncertain and low recovery rate would not have been a valid and realistic option for NRIC with a view to maximising the recovery of its debt claims.
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.
Indeed, the Commission observes that BDZ Holding and its subsidiaries have been regularly serving their debts towards NRIC and NRIC has not been treated differently from other private creditors of the group.
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.
Where late payments occurred, BDZ Holding has not been advantaged by the postponement of repayment since late payments to NRIC have attracted a sizeable margin of 1000 basis points on top of the basis interest rate of the Bulgarian National Bank (see recital 48).
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.
By way of illustration, the Commission considers that 1000 basis points is a proxy of market-conform interest margin on a loan with low quality collateral to a company in financial difficulties, such as BDZ Holding [37].
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.
Overdue liabilities were repaid through regular direct bank transfers, offsetting of liabilities of NRIC towards BDZ Holding and its subsidiaries and debt-to-asset swaps.
U tom smislu, potporom se neće sprječavati razvoj učinkovitog tržišnog natjecanja.
For example, between 2011 and 2016 BDZ Holding and its subsidiaries paid an amount of BGN 503 million (EUR 257 million) for services provided by NRIC.
Njome se neće utjecati na položaj konkurenata na tržištu i oni će moći nastaviti tržišno natjecanje s društvom BDZ Holding pod jednakim uvjetima.
Compared with a low likelihood of recuperating a proportion, minor if at all, of NRIC's claims if BDZ Holding had been liquidated, the amount of debt repaid to NRIC since 2011 confirms a posteriori that the choice made by NRIC not to enforce its claims was the most rational one.
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.
Moreover, although information is not specific to the pre-accession debt mentioned in the Opening Decision, the Commission notes, for example, with regard to the payment of the liabilities through the debt-to-asset swaps implemented after the Opening Decision, NRIC entered into agreements with BDZ Holding and its subsidiaries on an arm's length basis, as described in recitals 51, 52 and 53, which recognised the overdue debts and thus facilitated their reimbursement.
Nadalje, Komisija utvrđuje da se nove sudionike na tržištu ne odvraća od ulaska na bugarsko tržište prijevoznih usluga.
On the basis of the additional information and supporting evidence provided by Bulgaria and in view of the foregoing, the Commission considers that NRIC has acted as a market economy creditor, and therefore, the postponement of repayment of debts and the arrangements agreed between NRIC and BDZ Holding and its subsidiaries, have not provided the latter with any undue economic advantage, from which they would not have benefited under normal market conditions.
Kako je opisano u uvodnim izjavama 15. i 42., osim društva BDZ Cargo, na bugarskom tržištu željezničkog prijevoza trenutačno je aktivno osam prijevoznika tereta.
Consequently, the Commission concludes that the manner in which BDZ Holding and its subsidiaries dealt with their overdue debts towards the infrastructure manager (NRIC) before November 2011 did not constitute State aid within the meaning of Article 107(1) of the Treaty.
Nema dokaza da će se mjerom brisanja duga izmijeniti to stanje tržišnog natjecanja.
Since the necessary conditions determining the existence of State aid within the meaning of Article 107(1) of the Treaty are cumulative, its provisions do not apply if one of them is not met.
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.
There is therefore no need to assess whether the non-payment by BDZ Holding and its subsidiaries of overdue debts towards NRIC in the past meets the other conditions of Article 107(1) of the Treaty.
Smjernica za željeznice.
MEASURE 4: REIMBURSEMENT OF VAT BY THE STATE TO BDZ HOLDING EAD
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.
The Commission initiated the investigation into Measure 4 because Bulgaria did not clarify the reasons for the reimbursement of VAT and whether it complied with Directive 2006/112/EC.
Ugovora.