natgillin/translations-raw huggingface dataset:
Following the amendment of the notification, the debts planned to be cancelled, including penalty interest, concern: (i) still outstanding pre-accession debt towards KfW IPEX Bank; and (ii) debts incurred towards bond holders related to bond issue ISIN BG2100032072 from 19 November 2007 and towards the Ministry of Finance in order refinance pre-accession debts towards KfW IPEX Bank, EBRD, IBRD NRIC and NEC AD.
MJERA 1.: POTPORA ZA RESTRUKTURIRANJE – POVLAČENJE PRIJAVE
Bulgaria provided the Commission with the outstanding amounts still due and explanations, as follows (see Table 2).
Dopisom od 22. travnja 2014.
Table 2
Bugarska je povukla prijavu potpore za restrukturiranje.
Liabilities of BDZ Holding on 31 December 2006 envisaged to be cancelled
Međutim, potpora za restrukturiranje navedena je u kasnijim podnescima te je konačno povučena dopisom od 7. studenoga 2016.
Source: Submission of Bulgaria dated 5 April 2017
Bugarska je navela da, umjesto dodjeljivanja potpore za restrukturiranje društvu BDZ Holding, namjerava refinancirati obveze društva BDZ Holding brisanjem dijela dugova nastalih i dospjelih prije pristupanja Bugarske Uniji.
Creditor category/Amounts in BGN as of 31 March 2017
Bugarska je objasnila da je 31. prosinca 2006., jedan dan prije dana njezina pristupanja Uniji, ukupni iznos obveza i rezervacija društva BDZ Holding iznosio 806,7 milijuna BGN (412 milijuna EUR) kao što je prikazano u tablici 1.
Amount of BDZ's debts in BGN outstanding on 31 December 2006 (pre-accession debts)
Uzimajući u obzir obveze koje je društvo BDZ Holding otplatilo te njegove financijske potrebe, Bugarska je predvidjela brisanje obveza društva BDZ Holding u iznosu od 601,9 milijuna BGN (307,1 milijun EUR).
Loan or other debt instrument through which the pre-accession debts was refinanced
Međutim, Bugarska je dopisom od 5. travnja 2017. izmijenila svoju prijavu i zatražila od Komisije da odobri brisanje dugova u iznosu od 223,45 milijuna BGN (114,25 milijuna EUR).
Outstanding pre-accession debts
Nakon izmjene prijave, dugovi koje se namjerava brisati, uključujući zatezne kamate, odnose se na i. još uvijek nepodmireni dug iz pretpristupnog razdoblja prema banci KfW IPEX-Bank i ii. dugove nastale prema imateljima obveznica povezanih s izdanjem obveznica s oznakom ISIN BG2100032072 od 19. studenoga 2007. te prema Ministarstvu financija radi refinanciranja dugova iz pretpristupnog razdoblja prema banci KfW IPEX-Bank, EBOR-u, IBRD-u, NRIC-u i društvu NEC AD.
Outstanding debts refinancing BDZ's pre-accession debts
Bugarska je Komisiji dostavila iznose dospjelih obveza koje još uvijek nisu podmirene i objašnjenja kako slijedi (vidjeti tablicu 2.).
Penalty interest
Tablica 2.
International financial creditors
Obveze društva BDZ Holding na dan 31. prosinca 2006. koje su predviđene za brisanje
EBRD
Kategorija vjerovnika/iznosi u BGN na dan 31. ožujka 2017.
0(b) Suppliers
Nepodmireni dugovi iz pretpristupnog razdoblja
NRIC
Nepodmireni dugovi kojima su refinancirani dugovi BDZ-a iz pretpristupnog razdoblja
NEC AD
Zatezne kamate
Total
međunarodni financijski vjerovnici
Regarding the liabilities towards IBRD and EBRD, Bulgaria explained that these loans contracted in 1995 were secured by a 100 % State guarantee.
Drugo izdanje obveznica s oznakom ISIN: BG2100032072, u skladu s ponudom za otkup potraživanja iz listopada 2007.
Since BDZ Holding defaulted on due payments, the State guarantee was activated and the Ministry of Finance had to service the debts.
EBOR
Consequently, pursuant to the Government debt Act [10], as from the date of payments under the State guarantee, the Government acceded to the creditor's rights vested in the loan agreements vis-à-vis BDZ Holding up to the amount of payments made.
Aktivirano državno jamstvo za otplatu duga zbog kojeg je nastao dug BDZ-a prema Ministarstvu financija.
BDZ Holding is obliged to reimburse in full the amounts paid to IBRD and EBRD by the State, including penalty interest.
dobavljači
Regarding the other debts refinanced through the bond issue ISIN BG2100032072 from 19 November 2007, Bulgaria provided evidence of the debt payments made to KfW IPEX Bank, NRIC and NEC AD.
Ukupno
Bulgaria does not contest that the debt cancellation would involve State aid to the benefit of BDZ Holding.
U pogledu obveza prema IBRD-u i EBOR-u Bugarska je objasnila da su ti zajmovi, koji su ugovoreni 1995., bili osigurani 100-postotnim državnim jamstvom.
However, Bulgaria considers that the cancellation of debts would be compatible with the internal market, pursuant to points 56 to 60 of the Railway Guidelines, as follows.
Budući da društvo BDZ Holding nije izvršavalo obveze u pogledu dospjelih plaćanja, aktivirano je državno jamstvo i Ministarstvo financija moralo je otplatiti te dugove.
First, all the liabilities were clearly determined and individualised and were incurred prior to the accession of Bulgaria to the Union.
Kao posljedica toga, u skladu sa Zakonom o državnom dugu [10], računajući od dana plaćanja na temelju državnog jamstva, Vlada je preuzela vjerovnička prava dodijeljena ugovorima o zajmu s obzirom na društvo BDZ Holding u iznosu izvršenih plaćanja.
They were either recorded in the Consolidated Financial Statement of BDZ Holding before the accession date and/or stemmed from contracts irrevocably concluded before that date.
Društvo BDZ Holding obvezno je u potpunosti vratiti iznose koje je država platila IBRD-u i EBOR-u, uključujući zatezne kamate.
Secondly, all the liabilities, for which the cancellation is envisaged, were directly linked to the activity of passenger and freight rail transport and mainly incurred as loans for the purchase of diesel and electric multiple units and for the repair and modernisation of cargo wagons owned by the company and to cover outstanding obligations related to the provision of railway services, such as obligations towards NRIC.
S obzirom na ostale dugove koji su refinancirani s pomoću obveznica izdanih s oznakom ISIN BG2100032072 od 19. studenoga 2007., Bugarska je dostavila dokaze o otplatama duga izvršenima u korist banke KfW IPEX-Bank, NRIC-a i društva NEC AD.
Thirdly, in 2016, BDZ Holding was over-indebted and fulfilled all the criteria laid down in Bulgarian legislation to initiate insolvency proceedings against it.
Bugarska ne osporava da bi brisanje dugova uključivalo državnu potporu u korist društva BDZ Holding.
The excessive indebtedness has been preventing the company from operating on a stable financial basis.
Međutim, Bugarska smatra da bi brisanje dugova bilo spojivo s unutarnjim tržištem, u skladu s točkama 56. – 60.
The company has not been able to meet its capital needs from its own operations due to the accumulated overdue liabilities.
Smjernica za željeznice, kako slijedi.
The international creditors of the company refused to accept a rescheduling of the debts without a State guarantee, which according to Bulgaria, was likely to raise additional State aid concerns.
Kao prvo, sve su obveze bile jasno određene i individualizirane te su nastale prije pristupanja Bugarske Uniji.
BDZ Holding's business plan shows that the cancellation of the debts incurred prior to accession would be necessary to improve its financial indicators.
Bile su iskazane u konsolidiranom financijskom izvještaju društva BDZ Holding prije dana pristupanja i/ili su proizašle iz ugovora neopozivo sklopljenih prije tog datuma.
Fourthly, the sole objective of the debt cancellation is to relieve BDZ Holding from debts incurred prior to the accession of Bulgaria to the Union and to normalise the financial situation of the company.
Kao drugo, sve obveze za koje je predviđeno brisanje bile su izravno povezane s djelatnošću željezničkog prijevoza putnika i tereta te su uglavnom nastale kao zajmovi za nabavu dizelskih i električnih motornih vlakova i za popravak i modernizaciju teretnih vagona u vlasništvu društva te za pokrivanje nepodmirenih obveza povezanih s pružanjem željezničkih usluga, kao što su obveze prema NRIC-u.
The cancellation of those debts does not exceed what is reasonably needed to restore the financial viability of the company.
Kao treće, društvo BDZ Holding bilo je 2016. prezaduženo i ispunjavalo je sve uvjete propisane bugarskim zakonodavstvom za pokretanje stečajnog postupka protiv njega.
Fifthly, the cancellation of the liabilities would not give BDZ Holding a competitive advantage preventing the development of effective competition on the market.
Prekomjerna zaduženost sprječavala je društvo da posluje na stabilnim financijskim temeljima.
It would neither increase the capacity of BDZ Holding nor change its market position or enable it to enter new markets in other Member States.
Društvo na temelju vlastitog poslovanja nije moglo zadovoljavati svoje potrebe za kapitalom zbog akumuliranih nepodmirenih obveza.
In addition, new operators were not deterred from entering the market since eight operators, in addition to BDZ Cargo, are currently active on the Bulgarian rail transport market [11].
Međunarodni vjerovnici društva odbili su prihvatiti reprogramiranje dugova bez državnog jamstva zbog čega je, prema navodima Bugarske, bila vjerojatna pojava dodatnih zabrinutosti u pogledu državne potpore.
Furthermore, Bulgaria explained that the difficult financial situation of the company limited its possibilities for investment.
U poslovnom planu društva BDZ Holding vidjeti se da je brisanje dugova nastalih prije pristupanja nužno radi poboljšanja financijskih pokazatelja društva.
Due to the lack of resources, only essential (either routine or emergency) repairs have been carried out and major repairs have been postponed.
Kao četvrto, jedini je cilj brisanja dugova osloboditi društvo BDZ Holding od dugova nastalih prije pristupanja Bugarske Uniji i normalizirati financijsko stanje društva.
94 % of passenger coaches are older than 15 years and 90 % of freight wagons are older than 29 years.
Brisanjem tih dugova ne prelazi se ono što je opravdano potrebno kako bi se obnovila financijska održivost društva.
90 % of diesel multiple units and 45 % of electric multiple units are older than 30 years.
Kao peto, brisanjem obveza ne bi se društvu BDZ Holding dala konkurentska prednost kojom bi se sprječavao razvoj učinkovitog natjecanja na tržištu.
The productivity of the rolling stock and the locomotives that belong to the company are considerably lower than the Union average.
Brisanjem dugova ne bi se povećao kapacitet društva BDZ Holding, ne bi se promijenio njegov položaj na tržištu niti bi mu se omogućio ulazak na nova tržišta u drugim državama članicama.
The limited repairs have resulted in a steady deterioration of rail services and the cancellation of trains.
Osim toga, nove subjekte nije se odvratilo od ulaska na tržište s obzirom na to da na bugarskom tržištu željezničkog prijevoza, osim društva BDZ Cargo, trenutačno posluje osmero subjekata [11].
Bulgaria also pointed out that BDZ Holding was threatened by coercive recovery action such as the sale of its assets or suspension of its bank accounts by the international creditors after the High Court of Justice in London ordered the payment of their claims.
Nadalje, Bugarska je objasnila da je teško financijsko stanje društva ograničavalo njegove mogućnosti ulaganja.
Overview of BDZ Holding's debts to NRIC
Zbog nedostatka sredstava izvršavaju su se samo osnovni (rutinski ili hitni) popravci, a veliki su popravci odgođeni.
In response to the invitation in the Opening Decision to provide information as to whether and how NRIC had enforced past debts and intended to recover or enforce outstanding debts, Bulgaria asserted that BDZ Holding and its subsidiaries had been and were still serving their debts towards NRIC on a regular basis.
Približno 94 % putničkih vagona starije je od 15 godina, a 90 % teretnih vagona starije je od 29 godina.
To support its contention, Bulgaria provided information on the development of the amounts due by BDZ Holding and its subsidiaries to NRIC for infrastructure charges, electricity supply and other accompanying services, as calculated on the basis of NRIC's schedule of charges which was applied to all railway operators.
Približno 90 % dizelskih motornih vlakova i 45 % električnih motornih vlakova starije je od 30 godina.
Bulgaria noted that, after the Opening Decision, between November 2011 and August 2016, BDZ Holding has paid a total amount of BGN 503,2 million (EUR 257 million) to NRIC.
Produktivnost željezničkih vozila i lokomotiva u vlasništvu društva znatno je niža od prosjeka Unije.
The payment was made by bank transfers, offsetting of NRIC's debts towards BDZ Holding and debt-to-asset swaps.
Posljedica ograničenih popravaka stalno je pogoršavanje željezničkih usluga i otkazivanje vlakova.
Actions taken by NRIC to enforce and/or recover debts from BDZ Holding
Bugarska je istaknula i da su međunarodni vjerovnici zaprijetili društvu BDZ Holding prisilnom naplatom potraživanja, primjerice, prodajom njegove imovine ili blokadom njegovih bankovnih računa, nakon što je Visoki sud (High Court of Justice) u Londonu naložio plaćanje njihovih potraživanja.
Bulgaria notes that meetings between NRIC and BDZ Holding had been regularly held to discuss the payment of the outstanding obligations.
Odgovarajući na poziv iz Odluke o pokretanju postupka na dostavljanje informacija o tome je li i kako je NRIC provodio prisilnu naplatu prijašnjih dugova te je li i kako je namjeravao naplatiti ili prisilno naplatiti nepodmirene dugove, Bugarska je tvrdila da su društvo BDZ Holding i njegova društva kćeri redovito otplaćivali i još uvijek redovito otplaćuju svoje dugove prema NRIC-u.
Likewise, NRIC has regularly sent letters, including a notarised notice [12], to BDZ Holding requesting the payment of the outstanding obligations and requesting the payment of interest for the overdue obligations [13].
Kako bi potkrijepila svoje navode, Bugarska je dostavila informacije o kretanju dospjelih iznosa koje su društvo BDZ Holding i njegova društva kćeri dugovali NRIC-u za pristojbe za infrastrukturu, opskrbu električnom energijom i ostale prateće usluge, a ti iznosi izračunani su na temelju NRIC-ova pravilnika o pristojbama koji se primjenjivao na sve željezničke prijevoznike.
NRIC has charged late payment interest on the overdue liabilities in accordance with Decree No 100 on the calculation of statutory interest for late payments in national and foreign currency [14] (‘Decree No 100’) of the Council of Ministers of 29 September 2012.
Bugarska je napomenula da je nakon Odluke o pokretanju postupka, između studenoga 2011. i kolovoza 2016., društvo BDZ Holding isplatilo NRIC-u ukupni iznos od 503,2 milijuna BGN (257 milijuna EUR).
Bulgaria stated that according to Decree No 100, the annual statutory interest rate for late payment of liabilities in BGN consists of the basis interest rate of the Bulgarian National Bank in force since 1 January or 1 July of the respective year plus a risk premium of 10 %.
To plaćanje izvršeno je bankovnim prijenosima, prijebojem dugova NRIC-a prema društvu BDZ Holding i zamjenama duga za imovinu.
As of September 2016, the interest charges due amount to BGN 23,3 million (EUR 12 million).
Mjere koje je NRIC poduzeo radi prisilne naplate i/ili naplate dugova od društva BDZ Holding
Bulgaria alleges that NRIC acted as a market economy creditor, since it was more economically sensible to collect outstanding liabilities recognised by both parties instead of initiating a bankruptcy procedure and risking the activity of the debtor ceasing.
Bugarska tvrdi da je NRIC poduzeo sve potrebne korake kako bi od društva BDZ Holding i njegovih društava kćeri naplatio svoja dospjela potraživanja, no nije pokretao sudske postupke.
Bulgaria stated that NRIC would have to bear the costs of legal proceedings amounting to 4 % of the claimed amount in stamp duty.
Bugarska napominje da su NRIC i društvo BDZ Holding redovito održavali sastanke na kojima se raspravljalo o plaćanju nepodmirenih obveza.
Moreover, if legal proceedings had been initiated, NRIC would have been unable to fully enforce its claim, because BDZ Holding and its subsidiaries would have had to repay all its liabilities without preference for a particular creditor.
Isto tako, NRIC je društvu BDZ Holding redovito slao dopise, uključujući opomene ovjerene kod javnog bilježnika [12], u kojima je zahtijevao plaćanje nepodmirenih obveza i kamata za nepodmirene obveze [13].
According to Bulgaria, since BDZ Holding and its subsidiaries are NRIC's major clients as evidenced by the fact that 77 % of NRIC's revenue could be attributed to BDZ Holding and its subsidiaries in 2015, the bankruptcy of BDZ Holding would have had a negative impact on NRIC's profitability and its ability to adequately maintain the national rail network.
Prema stanju iz rujna 2016. dospjele kamate iznose 23,3 milijuna BGN (12 milijuna EUR).
Debts owed by NRIC to BDZ Holding
Bugarska navodi da je NRIC postupao poput vjerovnika u tržišnom gospodarstvu jer je bilo gospodarski razboritije naplatiti obveze koje priznaju obje strane, nego pokretati stečajni postupak i riskirati da dužnik prestane poslovati.
NRIC owed monies to BDZ Holding for services provided relating, inter alia, to free and reduced travel passes and tickets for NRIC's employees and their families, the rental of outdoor and indoor facilities and premises that were the property of BDZ Holding, supply of traction power, transport of goods by rail, transhipment and servicing of work trains.
Bugarska je navela da bi NRIC morao snositi troškove sudskog postupka koji se naplaćuju u obliku pristojbi u iznosu od 4 % od iznosa potraživanja.
Bulgaria stated that, during the period 2008 to 2011, NRIC had incurred debts towards BDZ Holding and its subsidiaries for services provided amounting in total to BGN 45532415 (EUR 23,8 million) as summarised in Table 3.
Osim toga, da je pokrenut sudski postupak NRIC ne bi mogao u potpunosti naplatiti svoje potraživanje jer bi društvo BDZ Holding i njegova društva kćeri morali otplatiti sve svoje obveze pri čemu pojedini vjerovnici ne bi imali prednost pred drugima.
Table 3
Dugovi NRIC-a društvu BDZ Holding
Debts owed by NRIC to BDZ Holding 2008-2011
NRIC je imao novčani dug prema društvu BDZ Holding za pružene usluge koje su se, među ostalim, odnosile na besplatne ili snižene pokaze i karte za zaposlenike NRIC-a i njihove obitelji, najam vanjskih i unutarnjih objekata i poslovnih prostora koji su bili u vlasništvu društva BDZ Holding, nabavu električne energije za vuču vlakova, prijevoz robe željeznicom, pretovar i servisiranje radnih vlakova.
Receivables from NRIC in BGN
Bugarska je navela da su u razdoblju od 2008. do 2011. na temelju pruženih usluga nastali dugovi NRIC-a društvu BDZ Holding i njegovim društvima kćerima u ukupnom iznosu od 45532415 BGN (23,8 milijuna EUR) kao što je sažeto prikazano u tablici 3.
BDZ Holding
Prema stanju iz kolovoza 2016., nepodmirena potraživanja NRIC-a prema društvu BDZ Holding iznosila su 1094367 BGN (0,6 milijuna EUR).
Debt-to-asset swaps
Tablica 3.
In response to the invitation in the opening decision to provide information as to whether and how NRIC intended to recover or enforce outstanding debts, Bulgaria stated NRIC and BDZ Holding entered into agreements on 1 December 2012 and 31 May 2013 according to which NRIC and BDZ Holding recognised certain reciprocal claims and decided to partially repay outstanding liabilities through a debt-to-asset swap transaction.
Dugovi NRIC-a društvu BDZ Holding u razdoblju 2008.–2011.
The objective of the debt-to-asset swap was to extinguish recognised obligations of BDZ Holding and its subsidiaries towards NRIC through the provision of assets that would be useful for NRIC and which had a good level of liquidity.
Potraživanja od NRIC-a u BGN
That operation was allowed under the national legislation, in particular Article 65, paragraph 2 of the Contracts and Obligations Act and its legal basis were the decisions of the Council of Ministers.
Zamjene duga za imovinu
Bulgaria stressed in its submission dated 7 November 2016 that, in the period 2013-2016, the total amount of swapped assets, including VAT, was BGN 25,9 million (EUR 13,3 million).
Odgovarajući na poziv iz Odluke o pokretanju postupka na dostavljanje informacija o tome je li i kako je NRIC namjeravao naplatiti ili prisilno naplatiti nepodmirene dugove, Bugarska je navela da su NRIC i BDZ Holding 1. prosinca 2012. i 31. svibnja 2013. sklopili sporazume kojima su NRIC i BDZ Holding priznali određena uzajamna potraživanja i odlučili djelomično otplatiti nepodmirene obveze s pomoću transakcije zamjene duga za imovinu.
The first stage of the swap, amounting to BGN 23 million (EUR 11,8 million), was implemented in December 2013 on the basis of decision No 481/12.08.2013 of the Council of Ministers.
Cilj zamjene duga za imovinu bilo je podmiriti priznate obveze društva BDZ Holding i njegovih društava kćeri prema NRIC-u davanjem imovine koja bi bila od koristi NRIC-u i koja je imala dobru razinu likvidnosti.
In addition, in December 2015 and August 2016, on the basis of decisions No 965/10.12.2015 and No 626/29.07.2016 of the Council of Ministers, properties for the amounts of BGN 1,1 million (EUR 0,58 million) and BGN 1,8 million (EUR 0,9 million) respectively were swapped.
Taj je postupak bio dozvoljen na temelju nacionalnog zakonodavstva, osobito na temelju članka 65. stavka 2.
The specific assets subject to the swaps had been specified in advance depending on the needs of the parties for their subsequent use.
Zakona o ugovorima i obvezama, a njegova pravna osnova bile su odluke Vijeća ministara.
Bulgaria stated that on this basis NRIC had acquired 16 properties, among which were facilities at Varna Ferry Boat Complex and the office building in Stara Zagora.
Bugarska je u svojem podnesku od 7. studenoga 2016. naglasila da je u razdoblju 2013. – 2016. ukupni iznos zamijenjene imovine, uključujući PDV, bio 25,9 milijuna BGN (13,3 milijuna EUR).
Bulgaria also stated that NRIC independently decided on the assets which had commercial interest for it.
Prva faza zamjene, u iznosu od 23 milijuna BGN (11,8 milijuna EUR), provedena je u prosincu 2013. na temelju odluke Vijeća ministara br. 481/12.08.2013.
To support this claim, Bulgaria noted that in August 2016 NRIC rejected a proposed debt-to-equity swap in relation to certain assets, and therefore BDZ swapped assets of BGN 1,8 million (EUR 0,9 million) instead of BGN 10 million (EUR 5,1 million).
Osim toga, u prosincu 2015. i kolovozu 2016., na temelju odluka Vijeća ministara br. 965/10.12.2015. i br. 626/29.07.2016., zamijenjene su nekretnine u vrijednosti od 1,1 milijun BGN (0,58 milijuna EUR) s obzirom na prvu odluku, odnosno 1,8 milijuna BGN (0,9 milijuna EUR) s obzirom na drugu odluku.
The process was transparent.
Točno određeni dio imovine na koju su se odnosile zamjene određen je unaprijed ovisno o potrebama strana s obzirom na njihovu daljnju upotrebu te imovine.
The swapped assets were subject to evaluation by independent evaluators holding certificates issued by the Chamber of Independent Appraisers in Bulgaria.
Bugarska je navela da je na toj osnovi NRIC stekao 16 nekretnina, među kojima su bili objekti u trajektnoj luci u Varni i uredska zgrada u Staroj Zagori.
The determination of the value of the assets was based on market principles and methods in accordance with international and European valuation standards laid down in Bulgarian legislation.
Bugarska je navela i da je NRIC samostalno odlučio za koji dio imovine postoji poslovni interes na njegovoj strani.
The final prices agreed by BDZ Holding and NRIC were of a similar magnitude to those in the evaluations.
NRIC odbio predloženu zamjenu duga za vlasnički udio u pogledu određenog dijela imovine pa je BDZ stoga zamijenio imovinu u vrijednosti od 1,8 milijuna BGN (0,9 milijuna EUR) umjesto 10 milijuna BGN (5,1 milijun EUR).
MEASURE 4: REIMBURSEMENT OF ERRONEOUSLY CHARGED VAT BY THE STATE TO BDZ HOLDING
Provedena je procjena vrijednosti zamijenjene imovine koju su proveli neovisni procjenitelji koji posjeduju certifikate koje je izdala bugarska Komora neovisnih procjenitelja.