natgillin/translations-raw huggingface dataset:
In that capacity, the Greek State has guaranteed eleven loans granted by five different banks between 2004 and 2011.
Komisija uzima u obzir i obrazloženje grčkih tijela o državnom jamstvu za zajam od 10 milijuna EUR koji je 2011. odobrila banka Tbank (jamstvo broj 11 iz prethodne tablice 2.) prema kojem zajam na temelju zaloga obveznica uopće nije isplaćen.
It cannot be ruled out that it may be in the interest of a controlling shareholder to provide guarantees on loans granted to its holding, insofar as less costly funding may provide higher remuneration (dividends) or increases in the value of its holding, at the cost of increasing its risk as guarantor.
Komisija primjećuje i da su državna jamstva odobrena za puni iznos od 40 milijuna EUR iako je HDS-u na raspolaganje stvarno stavljeno samo 7095858 EUR iz zajma 10., a nisu mu stavljena na raspolaganje ni sredstva iz zajma 11. iz prethodne tablice 2.
In the case of HDS, however, the State could not expect any such return, given the difficult financial situation of HDS during this period, as shown in the figures in Table 1, and in particular the continuous losses since 2004.
Međutim, u utvrđivanju iznosa potpore koji treba vratiti ulogu imaju samo iznosi zajmova koji su stvarno isplaćeni, kako je objašnjeno u uvodnoj izjavi 135. ove Odluke.
It follows that the rationale and potential remuneration associated to the State guarantees have to be assessed on a stand-alone basis, leaving aside any potential expectation of shareholder returns.
Datumi dodjele navedeni su u prethodnoj tablici 2.
In particular, by reducing the risk that banks having lent to HDS between 2004 and 2011 were taking, the eleven guarantees in question were liable to reduce the interest rate charged on the underlying loans.
Komisija usto napominje da su neka od jamstava u okviru 1. mjere aktivirana te je država time postala vjerovnik HDS-a (3. mjera).
Those interest rates were different but all, except two, below 5 % during that period.
Drugim riječima, gospodarska prednost državnog jamstva danog po cijeni nižoj od tržišnih uvjeta temelji se na razlici između jamstvene premije koju je naplatila država i premije koju bi naplatio tržišni jamac da on postoji.
In view of HDS' poor performance, even on a stand-alone basis, no prudent operator in a market economy would have granted funding to HDS in the period 2004-2011 at the conditions associated with the eleven loans granted between 2004 and 2011 without the guarantees of the State.
Stoga moguća prednost u jamstvenoj premiji može postojati neovisno o tome aktivira li se jamstvo te čak i ako se temeljni zajam uredno otplati i ulagač ne aktivira jamstvo.
In that respect, as regards the claim of the Greek authorities that HDS would have been able to have access to market funding without the State guarantee, a distinction must be made between: (i) the period from 2004 to 2006, and (ii) the period from 2007 to 2011.
Ipak, budući da je u trenutku davanja novih jamstava već došlo do neispunjenja, tržišni jamac uzeo bi u obzir ta prethodna neispunjenja obveza HDS-a te bi se povećani rizik barem odrazio u pristojbi za jamstvo koju HDS treba platiti za nove zajmove ili jamac ne bi dao nikakvo jamstvo ili zajam.
In the period from 2004 to 2006, based on HDS' financial data in Table 1, the Commission considers that HDS could have had access to funding from the market, albeit in terms less favourable than those resulting from the State guarantees.
Naposljetku, Komisija smatra da tvrdnja koju su iznijela grčka tijela o tome da HDS nije mogao dati kolateral za odgovarajuće zajmove iz sigurnosnih razloga nije relevantan za svrstavanje jamstava koja čine 1. mjeru u državne potpore.
In 2004-2006, although HDS had significant losses from previous years and negative EBT, it still had a relatively stable annual turnover of approximately EUR 91-97 million.
Zajmovi bez kolaterala usto su rizičniji za zajmodavca od zajmova s kolateralom i stoga se vežu uz višu kamatnu stopu kojom se nadoknađuje preuzeti rizik.
Furthermore, HDS' own equity was still positive and it only turned negative in 2006 for the first time.
Ta objektivna činjenica odražava se u kamatnoj stopi koja je izračunana u skladu s Komunikacijom iz 2008. i obrnuto je proporcionalna kvaliteti kolaterala.
As regards the level of such funding, the CDS spreads and bond yields indicated in recitals 58 and 59 confirm that certain financially high risk companies had access to financial markets in the 2004-2006 period under consideration and provide an order of magnitude of the conditions at which such companies could obtain funding.
Kad je riječ o tvrdnjama grčkih tijela sažetima u uvodnim izjavama 33. i 34. ove Odluke, Komisija smatra da se financijske poteškoće poduzeća moraju ocijeniti objektivno na temelju financijskih i ekonomskih pokazatelja predmetnog poduzeća.
Such market data suggests that, absent the State guarantees, HDS would still have had access to funding from the market, but at a guarantee premium significantly higher than 1 %.
Stoga uzroci financijskih poteškoća kao takvi ne bi trebali smanjiti težinu tih financijskih poteškoća kako pokazuju relevantni financijski i ekonomski pokazatelji.
Yet such differences were not translated into higher guarantee fees.
Predmetnim mjerama HDS-u je omogućeno da financira i vojnu i civilnu proizvodnju po cijenama nižima do uobičajenih tržišnih cijena.
It follows that the fixed fee of 1 % provided by HDS to remunerate the State for the guarantees does not constitute a market based rate, as it does not reflect the increased risk of the guaranteed loans in case of default.
Predmetne mjere stoga mogu narušiti tržišno natjecanje jer su druga društva koja posluju na istim tržištima morala financirati svoj rad u tržišnim uvjetima i poslovati bez slične države potpore.
Therefore, the guarantees granted in 2004-2006 conferred an economic advantage on HDS, which it would not have obtained at market conditions.
Osim toga, neovisno o važnosti vojne proizvodnje HDS-a za osnovne sigurnosne interese Grčke, HDS je poslovao u sektoru u kojem države članice trguju proizvodima za civilnu upotrebu.
The amount of the advantage corresponds to the difference between the cost of funding that HDS would have obtained from the market without the State guarantees and the price (base rate plus premiums) actually paid for those State guarantees and the respective loans.
Stoga je 1. mjera mogla utjecati na tržišno natjecanje i trgovinu među državama članicama.
However, the investigation has not revealed specific contemporary quotes of interest rates for loans to HDS without the State guarantee or market quotes for the latter guarantee.
Zaključak o postojanju državne potpore u smislu članka 107. stavka 1.
The market data available (recitals 58 and 59) portrays financial instruments which are different from the loans and guarantees contracted by HDS, notably as to maturity and amount and has been retrieved from companies which did not have financial data similar to those shown for HDS in Table 1 above (for 2004-2006) and a history of default similar to that of HDS as shown in Table 3 above (for 2004-2006).
UFEU-a za 1. mjeru
Furthermore, in contrast to those companies, the nature of HDS' military production and the activity of its main client, namely the Greek Armed Forces, could have been seen by Greek banks as an additional commercial reason to provide funding to HDS.
S obzirom na prethodno navedeno Komisija zaključuje da jamstva koja su definirana kao 1. mjera, a koja je Grčka odobrila HDS-u i koja su opisana u uvodnim izjavama 15. i 16., čine državnu potporu u smislu članka 107. stavka 1.
It follows that the market data in this case does not provide of itself a robust indication and precise benchmark of the cost at which HDS could have obtained the same loans between 2004 and 2006 at market conditions.
UFEU-a jer su korist od njih ostvarile civilne aktivnosti HDS-a.
Therefore, in order to determine that hypothetical cost of funding from the market for the six loans granted during the years 2004-2006 (i.e. loans 2, 3, 4, 7, 8 and 9 shown in Table 2), the Commission has taken into account also the indications in the Communication on the reference and discount rates (‘the 2008 Communication’).
Komisija napominje da je predmetna povećanja kapitala uplatila grčka država.
Given HDS' financial situation in 2004-2006 as portrayed in HDS' financial data in Table 1 and the fact that the Greek authorities were unable to provide the Commission with any plan credibly showing positive developments for the future of the company, HDS' creditworthiness (rating) must be considered the lowest of the five possible ratings provided for in the 2008 Communication, namely ‘Bad/Financial difficulties (CCC and below)’.
Stoga se dodjela 3. mjere može pripisati grčkoj državi i financira se iz državnih sredstava.
Furthermore, the loans in question had no collateral and have therefore to be qualified as ‘low collateral’ in the three step scale provided for in the 2008 Communication.
Kad je riječ o iznosu uključenih državnih sredstava, Komisija se ne slaže s grčkim tijelima da se dio povećanja kapitala ne bi trebao smatrati 3. mjerom jer je riječ o kapitalizaciji dugova koji proizlaze iz aktivacije državnih jamstava (1. mjera).
Therefore, the amount of the advantage linked to the guarantees granted by the State for the loans obtained by HDS during the years 2004-2006 (as identified in recital 87 above) must be calculated separately for each loan according to the following methodology: the difference between: (i) the market interest rate based on the 2008 Communication calculated as explained in recital 87 applied to the loan principal, and (ii) the actual financing cost due by HDS taking into account the interest rate applied by the banks to the loan principal and the 1 % guarantee premium applied by the State (see Table 2), calculated and charged for the period during which the different amounts were made available to HDS.
Usto je u slučaju moguće likvidacije društva po samoj definiciji manje vjerojatno da će dioničar povući svoj kapital nego vjerovnik, pa pretvaranje duga prema državi u kapital dovodi zapravo do odricanja od mogućih državnih sredstava.
On the other hand, HDS' financial situation was substantially different in the period from 2007 to 2011.
Komisija zaključuje da je mjera bila selektivna jer je dodijeljena pojedinačnom poduzetniku, točnije HDS-u.
According to Table 1, in 2007, HDS lost a third of its turnover as compared to previous years, had losses (negative earnings before tax ‘EBT’) double its turnover, a negative equity more than quadruple its turnover and losses of previous years almost 9-fold its turnover.
Kako je prethodno navedeno, prednost u smislu članka 107. stavka 1.
HDS' negative own equity in 2007 became almost four times higher than in 2006, thus not only stabilising that negative development but also largely increasing its intensity.
UFEU-a svaka je gospodarska korist koju poduzetnik ne bi mogao ostvariti u uobičajenima tržišnim uvjetima.
After 2007, the financial data only further significantly deteriorated.
Komisija u tom pogledu od grčkih tijela nije primila nikakve uvjerljive dokaze koji bi potkrijepili njezinu tvrdnju da su predmetna povećanja kapitala dobivena u uobičajenim tržišnim uvjetima jer je država postupila kao razuman ulagač u tržišnom gospodarstvu te da ona stoga nisu mogla činiti prednost.
HDS' turnover gradually shrank to EUR 39 million in 2011 from EUR 95 million in 2006, while losses of previous years accumulated to EUR 1131 million in 2011, as compared to EUR 443 million in 2006.
Komisija primjećuje da različita povećanja kapitala koja je grčka država kao dioničar upisala tijekom 2011., od svibnja 2011. do prosinca 2011., nisu potkrijepljena nikakvom analizom mogućnosti povrata na navodno ulaganje koju bi razuman ulagač ispitao i uzeo u obzir prije donošenja odluke o ulaganju.
In 2011 HDS had a negative equity almost 14-fold its turnover and losses of previous years almost 29-fold its turnover.
Grčka je objasnila da su povećanja kapitala provedena kako bi se osigurala održivost HDS-a s obzirom na njegovu presudnu ulogu u nacionalnoj obrani i sigurnosti.
In addition, Table 3 shows that the amounts on which HDS defaulted reached double-digit EUR million amounts as of 2007, consistently rising from EUR 15 million in 2007 to EUR 90 million in 2011.
Iznos povećanja kapitala u svakom slučaju nije bio dovoljan za pokriće negativnog kapitala HDS-a i stoga se ne može protumačiti kao mjera kojom se štiti vrijednost društva i podupire njegovo restrukturiranje.
In light of this evidence, the Commission considers that as of 2007, HDS' risk of default on loans which were not collateralised was so high that, absent the State guarantees, it could not have obtained such a loan from the market at any rate.
Stoga iz informacija koje je dostavila Grčka proizlazi da ne postoje dokazi o bilo kakvoj ex ante ekonomskoj analizi koju je provela država kako bi utvrdila je li pretvorba potraživanja koja proizlaze iz aktivacije jamstava u kapital ekonomski isplativija od zadržavanja ili naplate tih potraživanja.
Indeed, no market lender presented with HDS' financial data in the period 2007-2011 and its history of default would have agreed to provide any funding without a solid guarantee or collateral to HDS, since every market lender would anticipate that such funding would eventually be lost.
Tržišni vjerovnik obično bi prije donošenja odluke ispitao koji je postupak ekonomski isplativiji.
In turn, no market guarantor would have provided to the lenders any guarantee on the loans to HDS after 2007 without upfront one-off premiums of 100 % of the loan principals, which would be fully securing the loss that the guarantor would face with certainty when HDS would default on the loans, sooner or later.
Kako bi se ocijenilo je li država pružila prednost HDS-u kada mu je dala predmetna povećanja kapitala, mora se utvrditi je li postupila na isti način na koji bi u sličnoj situaciji postupio i subjekt u tržišnom gospodarstvu.
Therefore, the aid element in the State guarantees granted to HDS in the period 2007-2011 is equivalent to a one-off guarantee premium equal to the full amount of the principal of the guaranteed loans and charged upfront when each guarantee was granted, minus the guarantee premium actually paid by HDS on each loan.
Taj subjekt u tržišnom gospodarstvu ne bi uzeo u obzir razmatranja povezana s javnom politikom.
The Commission takes note of the clarification of the Greek authorities with regard to the amount that was actually made available to HDS in relation to the loan of EUR 30 million by the National Bank of Greece, Alpha Bank and EFG Eurobank in 2011 (guarantee number 10 in Table 2 above) which was EUR 7095858, instead of EUR 30000000 originally mentioned in the decision of 6 March 2013.
Stoga se u tom smislu tvrdnja grčkih tijela o očuvanju društva koje je važno za osnovne sigurnosne interese zemlje ne može smatrati činjenicom koju bi ulagač u tržišnom gospodarstvu uzeo u obzir, pa ona kao takva nije važna za ocjenu predmetnih povećanja kapitala.
The Commission also takes note of the clarification of the Greek authorities with regard to the State guarantee for the loan of EUR 10 million by Tbank in 2011 (guarantee number 11 in Table 2 above), according to which the bond loan was never issued.
Čak i bez važećih dokaza da su grčka tijela provela analizu iz uvodne izjave 108., iz dostupnih podataka očigledno je da je pretvorba bila manje isplativa od statusa quo koji podrazumijeva zadržavanje duga.
The Commission also observes that, even if only EUR 7095858 of loan 10 and EUR zero of loan 11 in Table 2 above have been actually made available to HDS, the State guarantees were granted for the full amount of EUR 40 million.
Naime, u bilanci iskazane dugoročne i kratkoročne obveze HDS-a iz 2011. iznosile su 1008 milijuna EUR.
However, only the amounts of the loans actually disbursed play a role for the determination of the amount of aid to be recovered, as explained in recital 135 of the present decision.
S obzirom na to da je te godine već zabilježen negativni kapital od 537 milijuna EUR i da nije bilo moguće prodati vojnu imovinu društva, država u slučaju likvidacije društva ili nastavka poslovanja bez mogućnosti povrata najvjerojatnije ne bi uspjela vratiti nijedan dio povećanog kapitala od ukupno 154,19 milijuna EUR.
As regards the granting dates, they are provided in Table 2 above.
Tržišni vjerovnik stoga bi zadržao dugove, koji su u svakom slučaju imali veću vjerojatnost, koliko god ona bila mala, da dovedu do pozitivnog povrata nego pretvorba u kapital.
The Commission in addition notes that some of the guarantees under measure 1 were called and thus the State became creditor of HDS (measure 3).
Dugovi (čak i oni koji nisu osigurani) bolje su rangirani na ljestvici prioriteta vjerovnika od potraživanja dionika.
However, to the extent those defaults occurred after the relevant guarantee had been provided, this is irrelevant for the State aid qualification of the measure and for the total amount of economic advantage.
Ista su razmatranja primjenjiva mutatis mutandis na ulaganje dodatnog svježeg kapitala ukupne vrijednosti od 4 milijuna EUR.
This is because the calling of a guarantee is a natural consequence of the provision of such a guarantee by a guarantor.
Nijedan ulagač u tržišnom gospodarstvu ne bi se odrekao upisanih iznosa ako iz ex ante perspektive ne postoji mogućnost povrata.
In other words, the economic advantage of a State guarantee priced below market conditions lies in the difference between the guarantee premium charged by the State and the premium that a market guarantor, if any, would have charged.
To proizlazi iz činjenice da grčka tijela nisu dostavila nikakvu ex ante ekonomsku analizu buduće profitabilnosti te iz ispitivanja prošlih i trenutačnih financijskih rezultata HDS-a u smislu stvarnih ili mogućih povrata za dioničara koji su prikazani u tablici 1.
A possible advantage in the guarantee premium may exist, therefore, independently of whether the guarantee is called and even if the underlying loan is duly repaid and the guarantee is not called by the lender.
Iz financijskih rezultata HDS-a od 2004. zaista je očigledno da društvo nije pružilo nikakav povrat u smislu dividendi od uloženog kapitala.
Nevertheless, to the extent the defaults had already occurred when new guarantees would be provided, a market guarantor would have taken into account those past defaults of HDS and would have at least reflected the increased risk in the guarantee fee to be paid by HDS on new loans, or would not have provided any guarantee or loan.
U međuvremenu je do 2011. dionički kapital prešao iz blago pozitivnog (41 milijun EUR) u znatno negativan (minus od 537 milijuna EUR), čime je potrošen sav kapital koji su uložili dionici, a zbog nepostojanja vjerodostojnog plana restrukturiranja poslovanja nestala su sva hipotetska očekivanja budućeg povećanja vrijednosti holdinga.
Finally, the Commission considers that the argument put forth by the Greek authorities that HDS could not provide collateral for the relevant loans due to security reasons is irrelevant for the qualification as State aid of the guarantees constituting measure 1.
Komisija stoga smatra da razuman ulagač u tržišnom gospodarstvu u tim uvjetima ne bi sudjelovao u povećanju dioničkog kapitala HDS-a, osobito bez vjerodostojnog plana restrukturiranja poslovanja kojim se prikazuje ex ante mogućnost obnove održivosti HDS-a i primjeren povrat na ulaganje za državu kao dioničara te bez predvidive mogućnosti tog povrata vidljive iz podataka koje je dostavila Grčka.
Since the notion of State aid is an objective notion, it is not relevant why HDS could not provide any collateral, but merely that HDS could not have obtained the loans described in Table 2 on the same terms without the guarantees.
Komisija stoga zaključuje da je sudjelovanjem države u povećanjima kapitala iz 2011. korisniku dodijeljena prednost koja odgovara punom iznosu povećanja kapitala.
In turn, non-collateralised loans are riskier for the lender than collateralised ones and, thus, attract a higher interest rate remunerating the risk taken.
Tranše mjere i datumi dodjele navedeni su u tablici 4.
This objective fact is captured by the interest rate calculated in accordance with the 2008 Communication, which is inversely proportional to the quality of the collateral provided.
Komisija smatra da je 3. mjera mogla utjecati na tržišno natjecanje i trgovinu među državama članicama iz razloga navedenih u uvodnim izjavama 99. i 100.
Consequently, the Commission concludes that measure 1 conferred an advantage on HDS corresponding to the amount calculated on the basis of the methodology explained, for the guarantees granted for loans obtained in the period 2004-2006, in recital 89 above and, for guarantees granted for loans obtained in the period 2007-2011, in recital 91 above.
Zaključak o postojanju državne potpore u smislu članka 107. stavka 1.
With respect to the arguments by the Greek authorities summarised in recitals 33 and 34 of the present decision, the Commission considers that the financial difficulties of a firm have to be assessed objectively on the basis of the financial and economic indicators of the specific firm in question.
UFEU-a za 3. mjeru
Therefore, the reasons behind the financial difficulties should not, as such, alleviate the level of seriousness of those financial difficulties, as shown by the relevant financial and economic indicators.
S obzirom na prethodno navedeno Komisija zaključuje da povećanja kapitala koja su definirana kao 3. mjera, koja je Grčka odobrila HDS-u i koja su opisana u uvodnim izjavama od 42. do 47. čine državnu potporu u smislu članka 107. stavka 1.
Effect on competition and trade between Member States
UFEU-a u mjeri u kojoj su korist od njih ostvarile civilne aktivnosti HDS-a.
The measures in question enabled HDS to finance both its military and its civil production below normal market rates.
Zaključak o postojanju državne potpore
The measures in question are thus liable to distort competition, as other companies active in the same markets needed to finance their operations at market conditions and operate without similar State support.
S obzirom na prethodno navedeno i u mjeri u kojoj je civilna proizvodnja HDS-a ostvarila korist od 1. i 3. mjere Komisija smatra da te mjere čine državnu potporu u smislu članka 107. stavka 1.
Also, irrespective of the relevance of the military production of HDS for the essential security interests of Greece, HDS was active in a sector in which products for civil use are traded among Member States.
UFEU-a.
Consequently, measure 1 was capable of affecting competition and trade between Member States.
Nezakonite potpore
Conclusion with regard to the existence of State aid within the meaning of Article 107(1) TFEU for measure 1
Prva i treća mjera čine državnu potporu i dodijeljene su protivno obvezama obavješćivanja i mirovanja koje su utvrđene člankom 108. stavkom 3.
In light of the above, the Commission concludes that the guarantees defined as measure 1, granted to HDS by Greece and described in recitals 15 to 16, constitute, to the extent that they benefitted the civil activities of HDS, State aid within the meaning of Article 107(1) TFEU.
UFEU-a.
The Commission notes that the capital increases in question were provided by the Greek State.
Stoga te mjere čine nezakonitu državnu potporu.
As such the granting of measure 3 is imputable to the Greek State and it is financed through State resources.
Spojivost potpore
As to the amount of State resources involved, the Commission does not agree with the Greek authorities that a part of the capital increases should not be counted in measure 3, because it was the capitalisation of debts stemming from the calling of State guarantees (measure 1).
Zabrana državnih potpora utvrđena člankom 107. stavkom 1.
That is because the capitalisation of debt stemming from the calling of a guarantee is not an automatic conversion, but rather an active decision by the State not to enforce that debt.
UFEU-a nije apsolutna ni bezuvjetna.