natgillin/translations-raw huggingface dataset:
Therefore, in line with this, the Belgian authorities submitted to the Commission an independent assessment, carried out by the consultants KPMG Corporate Finance, of the conditions of the sale of ABX Logistics Worldwide.
V zvezi s tem so belgijski organi Komisiji – v skladu s temi načeli – poslali neodvisno oceno pogojev prodaje ABX Logistics Worldwide, ki jo jih pripravili svetovalci KPMG Corporate Finance.
COMMISSION'S ASSESSMENT
OCENA KOMISIJE
Presence of state aid
Obstoj državne pomoči
Under Article 87(1) of the Treaty, ‘any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, insofar as it affects trade between Member States, be incompatible with the common market’.
V skladu s členom 87(1) Pogodbe je „vsaka pomoč, ki jo dodeli država članica, ali kakršna koli vrsta pomoči iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem ali proizvodnji posameznega blaga, nezdružljiva s skupnim trgom, kolikor prizadene trgovino med državami članicami“.
Firstly the Commission notes that the above measures concerned a number of companies which had formed part of the ABX network since it was established and which had then been integrated into the ABX group when the holding company ABX-WW was founded.
Komisija uvodoma ugotavlja, da so zgoraj opisani ukrepi zadevali več družb, ki so bile del mreže ABX od njene ustanovitve naprej in so bile po ustanovitvi holdinga ABX-WW vključene v skupino ABX.
It considers that even before this holding company was legally established these companies formed, within the SNCB group, a distinct financial unit (‘the ABX group’) which should be seen as the relevant entity in the following assessment.
Meni, da so tudi pred pravno ustanovitvijo navedenega holdinga te družbe v skupini SNCB tvorile jasno ločeno gospodarsko enoto (v nadaljnjem besedilu „skupina ABX“), ki jo je treba obravnavati kot ustrezen subjekt za analizo, ki sledi.
The Commission notes straight away that three of the four criteria set out in Article 87(1) of the Treaty are met (‘favouring certain undertakings’‘threatening to distort competition’ and ‘affecting trade between Member States’).
Komisija takoj ugotavlja, da so izpolnjena tri od štirih meril iz člena 87(1) Pogodbe („dajanje prednosti posameznim podjetjem“, „bi lahko izkrivljala konkurenco“ in „prizadene trgovino med državami članicami“).
The funds which the SNCB made available to the ABX group favour that company over other companies operating on its markets.
Sredstva, ki jih je družba SNCB vložila v skupino ABX, namreč dajejo prednost tej družbi v primerjavi z drugimi podjetji, prisotnimi na njenih trgih.
By exclusively favouring the ABX group or its subsidiaries, these measures distort or threaten to distort competition in those activities which are subject to free competition.
Ti ukrepi s tem, ko koristijo izključno skupini ABX in njenim hčerinskim družbam, poleg tega izkrivljajo ali bi lahko izkrivljali konkurenco v delu teh dejavnosti, v katerem velja svobodna konkurenca.
Lastly, these measures affect trade between Member States as the investigated competitive activity is also carried out in several other Member States.
Ti ukrepi nazadnje vplivajo na trgovino med državami članicami, ker se obravnavana konkurenčna dejavnost izvaja tudi v več drugih državah članicah.
This conclusion also applies to measures favouring the group's companies operating outside the Community.
Ta sklep velja tudi za ukrepe v korist družb skupine, ki delujejo zunaj Skupnosti.
Firstly, in accordance with the ‘Tubemeuse’ decision and taking account of the interdependence between the markets on which Community undertakings operate, it is possible that aid might distort competition within the Community, even if the undertaking receiving it exports almost all its production outside the Community.
Na eni strani namreč ni izključeno, da pomoč v skladu s sodno prakso v zadevi „Tubemeuse“ ob upoštevanju medsebojne odvisnosti trgov, na katerih delujejo podjetja Skupnosti, lahko izkrivlja konkurenco v Skupnosti, čeprav podjetje, ki prejema pomoč, izvaža skoraj vso svojo proizvodnjo zunaj Skupnosti.
Secondly, as this is a case of an international transport group operating globally in competition with other Community operators, the aid granted to one of the group's companies operating in third countries strengthens the group as a whole and therefore affects trade between Member States and distorts, or threatens to distort, intra-Community competition.(170) In addition, as the measures in question mobilise SNCB's resources, they must be regarded as implementing State resources (public funds).
Na drugi strani, ko gre za skupino, ki opravlja dejavnost mednarodnega prevoza na svetovni ravni v konkurenci z drugimi gospodarskimi subjekti Skupnosti, pomoč, odobrena družbi v skupini, ki deluje v tretjih državah, krepi skupino v celoti in zaradi tega vpliva na trgovino med državami članicami in izkrivlja ali utegne izkrivljati konkurenco v Skupnosti.(170) Nato je treba ukrepe, za katere se šteje, da mobilizirajo sredstva SNCB, obravnavati, kot da uporabljajo državna sredstva (javna sredstva).
Due to the fact that SNCB is state-owned and its specific status as a public undertaking, the SNCB's resources remain constantly under public control.
Zaradi državnega lastništva družbe SNCB in njenega posebnega statusa javnega podjetja se namreč sklepa, da sredstva SNCB ostajajo ves čas pod javnim nadzorom.
This conclusion is backed up by the observation that SNCB is subject to the Law of 21 March 1991 under which it is granted specific protection against the risk of bankruptcy, comparable to a guarantee from the State.
Ta sklep še krepi ugotovitev, da za družbo SNCB veljajo določbe zakona z dne 21. marca 1991, ki ji zagotavlja posebno zaščito pred nevarnostjo stečaja, ki se lahko obravnava kot poroštvo, ki ga zagotavlja država.
In addition, also in Stardust Marine, at paragraph 52, the Court states that: ‘…the mere fact that a public undertaking is under State control is not sufficient for measures taken by that undertaking, such as the financial support measures in question here, to be imputed to the State.
Sodišče prav tako v točki 52 sodbe v zadevi Stardust Marine navaja tudi: „... samo to, da je javno podjetje pod državnim nadzorom, ni dovolj, da se ukrepe, ki jih je sprejelo podjetje, kot so zadevni ukrepi finančne pomoči, pripiše državi.
It is also necessary to examine whether the public authorities must be regarded as having been involved, in one way or another, in the adoption of those measures’.
Treba je še preučiti, ali je treba organe oblasti obravnavati, kot da so na en ali drug način vpleteni v sprejemanje teh ukrepov“.
Another condition needed for measures taken by a public undertaking to constitute State aid is that the measures are not the same as those which would be taken by a private investor in a similar situation.
Drugi potrebni pogoj, da bi bili ukrepi, ki jih je sprejelo javno podjetje, državna pomoč, je, da ti ukrepi niso v skladu z ravnanjem, ki bi ga sprejel zasebni vlagatelj v primerljivem položaju.
As a result, the Commission will assess each of the measures taken by the SNCB in favour of the ABX group to check whether each one is both imputable to the State and not the likely behaviour of a private investor in this situation.
Zato Komisija za vsak ukrep, ki ga je družba SNCB sprejela v korist skupine ABX, v nadaljevanju preuči, ali se ga lahko pripiše državi in ali se razlikuje od verjetnega ravnanja takšnega zasebnega vlagatelja.
If both these conditions are fulfilled, the measures are deemed to constitute State aid and the Commission will analyse the subject and amount of this.
Če sta ta dva pogoja izpolnjena, so ukrepi državna pomoč in Komisija analizira njen cilj in znesek.
Investments made in 2001 and parallel contributions
Naložbe v letu 2001 in vzporedni prispevki
The Belgian authorities pointed out that the reinvestments made in 2001 by SNCB in the ABX group's German, Dutch and French operations were based on positive financial forecasts and the advice of business development experts.
Belgijski organi so navedli, da so ponovne naložbe, ki jih je družba SNCB v letu 2001 izvedla v nemško, nizozemsko in francosko dejavnost skupine ABX, temeljile na pozitivnih gospodarskih napovedih in nasvetih izvedencev na področju razvoja podjetij.
The profitability calculations set out above appear to be based on acceptable business development forecasts, as far as SNCB was able to predict in 2001.
Za zgoraj predstavljene izračune donosnosti se zdi, da temeljijo na sprejemljivih predpostavkah razvoja dejavnosti, kot jih je družba SNCB lahko oblikovala leta 2001.
The investments in Germany are based on an expert opinion which calculated that by successfully turning around ABX-D the ABX strategy could be continued, potentially creating EUR 300 million compared with the injection of EUR 50 million, and based on an adequate intrinsic return.
Naložbe v Nemčiji temeljijo na izvedenskem mnenju, v katerem je bilo ocenjeno, da bi uspešna sanacija ABX-D omogočila nadaljnje izvajanje strategije ABX z možnostjo ustvariti 300 milijonov EUR v primerjavi z vložkom 50 milijonov EUR, in na zadovoljivem notranjem donosu.
Regarding the investment of EUR 30 million in France, the profitability calculations indicate that the SNCB could achieve an internal rate of return of between 8 and 14 %.
Kar zadeva naložbo 30 milijonov EUR v Franciji, je na podlagi izračuna donosnosti mogoče oceniti, da bi SNCB lahko dosegla notranjo stopnjo donosa med 8 in 14 %.
Moreover, this investment has made it possible to start a programme to securitise receivables so the company can get a bank credit line of EUR 70 million.
Poleg tega je ta naložba omogočila začetek programa sekuritizacije terjatev, kar je družbi omogočilo pridobiti bančno kreditno linijo v višini 70 milijonov EUR.
The Commission considers that there is insufficient justification, in the case of the investment made in 2001 in ABX-NL, for basing the calculation of the IRR on the capital gain after deducting the costs of acquiring Wegtransport, as is proposed by the Belgian authorities.
Komisija glede naložbe v ABX-NL v letu 2001 meni, da ni, kot predlagajo belgijski organi, dovolj utemeljeno opreti izračun notranje stopnje donosa na znesek povečanja kapitala po odbitku stroškov nakupa Wegtransport.
However, considering that the SNCB's total investment includes this acquisition cost and as a result is EUR 19,2 million rather than EUR 12,2 million, the IRR of the investment is between 8,9 % and 10,2 %, and therefore remains acceptable, in particular in the light of the fact that when the investment was made, the entire ABX-NL was expected to become profitable again within the very short period of two years.
Vendar ob upoštevanju, da skupne naložbe družbe SNCB vključujejo ta strošek nakupa in torej znašajo 19,2 milijona EUR namesto 12,2 milijona EUR, je notranja stopnja donosa naložbe med 8,9 in 10,2 % in torej ostaja sprejemljiva, zlasti v povezavi z dejstvom, da se je v času naložbe ponovno doseganje donosnosti celotnega ABX-NL pričakovalo v kratkem dvoletnem roku.
Likewise, the estimation of rates of profitability of the ‘parallel contributions’ to the capital of the companies in the ABX group in Ireland, Belgium, Portugal and Singapore (which were not in financial difficulty) gave an expected IRR of between 9,6 % and 12,7 %, and appears acceptable.
Prav tako ocena stopnje donosnosti „vzporednih prispevkov“ v kapital družb skupine ABX na Irskem, v Belgiji, na Portugalskem in v Singapurju (ki niso bile v finančnih težavah) kaže pričakovano notranjo stopnjo donosa med 9,6 in 12,7 % in se zdi sprejemljiva.
The Commission also points out that until the end of 2001 SNCB's financial structure allowed it to finance its commercial development without placing an excessive burden on its financial structure (debt/equity ratio rising from 0,6 to 0,9 between 1997 and 2001), which was not the case from 2002.
Komisija poleg tega opozarja, da je imela družba SNCB do konca leta 2001 na voljo finančno strukturo, ki ji je omogočala financiranje njenega trgovskega razvoja brez pretirane obremenitve njene finančne strukture (razmerje med dolgovi in lastnim kapitalom se je z 0,6 leta 1997 povečalo na 0,9 leta 2001), kar ne velja za obdobje od leta 2002 naprej.
Lastly, it should be noted that all these investment decisions are part of a group strategy.
Nazadnje je treba poudariti, da so vse te odločitve o naložbah del strategije skupine.
In these circumstances SNCB was justified in taking account not only of the expected intrinsic return on each of these operations, but also the positive effects expected at group level.
V teh okoliščinah je bilo upravičeno, da je družba SNCB upoštevala ne samo pričakovani notranji donos vsake od teh transakcij, ampak tudi pričakovane pozitivne učinke na ravni skupine.
The Commission therefore concludes that, in the light of the prospects at the time, SNCB acted as a private investor would have done by making reinvestments in 2001 and making ‘parallel contributions’, and that these measures do not constitute state aid.
Komisija iz tega sklepa, da se je družba SNCB s tem, ko je na podlagi pričakovanj v tistem obdobju leta 2001 izvedla ponovne naložbe in „vzporedne prispevke“, obnašala, kot bi se lahko zasebni vlagatelj, in da ti ukrepi niso državna pomoč.
However, the Commission notes that SNCB gave a guarantee to ABX Singapore without requiring payment, which is not what a private investor would have done.
Nasprotno pa Komisija ugotavlja, da je družba SNCB dala jamstvo ABX Singapur, ne da bi od njega zahtevala plačilo, kar je v nasprotju s tem, kar bi storil zasebni vlagatelj.
Given that this guarantee was granted in June 2000 when ABX started arousing public interest and the public authorities intervened with regard to SNCB, and taking account in its analysis of all potential forms of aid, the Commission feels that granting this guarantee without payment may involve state aid.
Ker je bilo to jamstvo odobreno junija 2000, ko je ABX začel vzbujati zanimanje javnosti in spodbudil tudi nekatere intervencije organov oblasti v zvezi s SNCB, in da bi v svoji analizi upoštevala vse morebitne elemente pomoči, Komisija meni, da lahko dodelitev takšnega jamstva brez protiplačila vsebuje državno pomoč.
As this guarantee was awarded to a company in the ABX group at a time when the decision to reorganise and restructure the network had already been taken and this was underway, the Commission will investigate this aid together with the other restructuring measures taken by the ABX group, which has incorporated ABX Singapore.
Ker je bilo to jamstvo dodeljeno družbi skupine ABX v času, ko je bila odločitev o reorganizaciji in prestrukturiranju že sprejeta in se je že izvajala, bo Komisija to pomoč preučila skupaj z drugimi ukrepi za prestrukturiranje skupine ABX, ki je vključila ABX Singapur.
Recapitalisation measures
Ukrepi za dokapitalizacijo
The meeting of the Belgian Council of Ministers in February 2002 constitutes irrefutable proof of the Belgian Government's involvement, from that day on, in SNCB's management of the ABX case.
Zasedanje belgijskega Sveta ministrov februarja 2002 je neovrgljiv dokaz, da se je belgijska vlada od tega dne naprej vključila v upravljanje zadeve ABX prek družbe SNCB.
The measures taken to recapitalise ABX Germany (for a sum of EUR 157,4 million) and ABX Netherlands (for a sum of EUR 10,6 million) were notified by Belgium after this date, and have not yet been implemented.
Ukrepe za dokapitalizacijo ABX Nemčija (v znesku 157,4 milijona EUR) in ABX Nizozemska (v znesku 10,6 milijona EUR) je Belgija priglasila po tem datumu in se še niso izvedli.
Belgium has presented these measures not as wise investments, but as restructuring aid.
Belgija teh ukrepov ni predstavila kot previdne naložbe, temveč kot pomoč za prestrukturiranje.
There is therefore no doubt that these measures must be classed as state aid and investigated as restructuring aid.
Zato ni dvoma, da je treba te ukrepe opredeliti kot državno pomoč in jih preučiti kot pomoč za prestrukturiranje.
The letter of intent which SNCB had to issue for its German subsidiary because the latter's equity was negative from the month in which it was bought, was re-issued annually until 2005 by SNCB, including during a period when there is no doubt that SNCB's decisions regarding ABX can be imputed to the State.
Priporočilno pismo za odobritev posojila, ki ga je družba SNCB morala izdati za svojo nemško hčerinsko družbo, ker je le-ta v mesecih, potem ko je bila kupljena, imela negativno stanje lastnega kapitala, je SNCB ponovno izdala vsako leto do leta 2005, tudi za obdobje, ko je mogoče državi nedvomno pripisati odločitve družbe SNCB glede ABX.
As this letter contains commitments comparable to a guarantee and SNCB received no payment for this, the Commission considers that there are elements of state aid.
Ker to pismo vsebuje obveznosti, primerljive z obveznostmi jamstva, in družba SNCB za to ni dobila plačila, Komisija meni, da gre za elemente državne pomoči.
However, since the recapitalisation of ABX Germany by SNCB, which is the subject of this Decision, effectively and definitively gives the company's creditors the security which they sought through the letter of intent, which then becomes inapplicable, there will be no need to conduct a separate, redundant investigation relating to the recapitalisation measures themselves.
Vendar če daje dokapitalizacija ABX Nemčija s strani družbe SNCB, ki je predmet te odločbe, upnikom te družbe dejansko in dokončno varnost, ki so jo pričakovali od tega priporočilnega pisma, ki zato postane brezpredmetno, ga ni treba posebej preučiti, ker bi bilo to glede na preučitev samih ukrepov za dokapitalizacijo odveč.
Loans in 2002
Posojila v letu 2002
SNCB granted loans to ABX Logistics NV and to ABX-D, -NL and -F from April and May 2002, i.e. during a period in which there is no doubt that SNCB's decisions regarding ABX can be imputed to the State.
Družba SNCB je odobrila posojila ABX Logistics NV ter ABX-D, -NL in -F od aprila in maja 2002 naprej, torej v obdobju, ko je pri odločitvah družbe SNCB glede ABX nedvomno sodelovala država.
As indicated in the descriptive section, these loans resulted in remuneration of between [...] and [...] %.
Kot je navedeno v opisnem delu, obrestna mera za ta posojila znaša med [...] in [...] %.
The Commission considers that this level of remuneration is inadequate in view of the situation of the companies concerned.
Komisija meni, da ta raven obrestne mere ni primerna glede na položaj zadevnih podjetij.
It uses the Commission's reference rate, set at 5,06 %, as an indicator of an appropriate level, which was also used for setting the rate of the rescue aid granted in January 2003 to ABX Germany.
Kot kazalnik ustrezne ravni obrestne mere upošteva referenčno obrestno mero Komisije, ki je bila poleg tega uporabljena za določanje pomoči za reševanje, dodeljene januarja 2003 ABX Nemčija, oziroma 5,06 %.
The Commission concludes that these loans contain an element of state aid.
Komisija iz tega sklepa, da ta posojila vsebujejo element državne pomoči.
On the basis of the above reference rate increased by 400 basis points for a firm in difficulty, but also undergoing restructuring, the Commission estimates the sum of the aid element corresponding to this loan at around EUR 8 million.
Na podlagi zgoraj navedene referenčne obrestne mere, povečane za 400 baznih točk za podjetje, ki je v težavah, vendar tudi v postopku prestrukturiranja, Komisija ocenjuje, da znesek elementa pomoči, ki ustreza temu posojilu, znaša 8 milijonov EUR.
As the loans were given to several companies in the ABX group at a time when the decision to reorganise and restructure the network had already been taken and was being implemented, the Commission will investigate this aid together with the other measures to restructure the ABX group, which has incorporated the retained activities of the companies which benefited from these loans.
Ker so bila posojila dodeljena različnim družbam skupine ABX v času, ko je bila odločitev o reorganizaciji in prestrukturiranju mreže že sprejeta in se je že izvajala, bo Komisija preučila to pomoč skupaj z drugimi ukrepi za prestrukturiranje skupine ABX, ki je vključila dejavnosti, ki so jih ohranile družbe, ki so prejele ta posojila.
Guarantee granted for setting up a cash pool
Jamstvo, odobreno za oblikovanje cash pool (združevanje denarnih sredstev)
As stated in the description of the restructuring measures, the Belgian authorities pointed out that the overdraft facility of EUR [...] million opened by the ABX group with a financial establishment results in commercial remuneration, and that the guarantee set up in January 2001 by SNCB for this credit line is subject to a remuneration of [...] basis points.
Kot je bilo navedeno v opisu ukrepov za prestrukturiranje, so belgijski organi navedli, da je bila denarna linija v višini [...] milijonov EUR, ki jo je skupina ABX odprla pri finančni instituciji, plačana in da je jamstvo, ki ga je SNCB januarja 2001 izdala za to kreditno linijo, predmet plačila v višini [...] baznih točk.
This rate is permitted in view of the usual bank rates given in similar situations.
Ta obrestna mera se zdi sprejemljiva glede na običajne bančne obrestne mere, odobrene v primerljivih primerih.
The Commission concludes that this guarantee has not given the ABX group an advantage constituting state aid.
Komisija iz tega sklepa, da to jamstvo skupini ABX ni dalo prednosti, ki jo daje državna pomoč.
Besides, even if it were considered that the rate demanded by a private investor would have been a few basis points higher or even double, it would have resulted in a negligible advantage in view of the other aid measures (EUR 0,07 million per year) and would not have changed the following assessment of the compatibility of all the restructuring aid measures.
Poleg tega, čeprav bi bilo treba šteti, da bi bila obrestna mera, ki bi jo zahteval zasebni vlagatelj, višja za nekaj baznih točk ali celo dvojna, bi bila posledica tega zanemarljiva prednost glede na druge ukrepe pomoči (0,07 milijona EUR na leto), ki ne bi spremenila analize o združljivosti vseh ukrepov pomoči za prestrukturiranje v nadaljevanju.
Other SNCB off-balance sheet commitments
Druge zunajbilančne obveznosti SNCB
The Belgian authorities maintained that in addition to the guarantees taken out at the time of the original acquisition of some companies in the network, the only new guarantees issued by SNCB in favour of the ABX group are the two above guarantees in favour of ABX Singapore, taken out at the end of 2005, and the approval of the overdraft facility for the cash pool.
Belgijski organi so zatrdili, da sta poleg jamstev, prevzetih med prvotnim nakupom nekaterih družb mreže, edini novi jamstvi, ki ju je družba SNCB izdala v korist skupine ABX, zgoraj navedeni jamstvi v korist ABX Singapur, ki sta se iztekli leta 2005, in v korist institucije, ki je odobrila denarno linijo za cash pool.
However, SNCB did issue a number of letters of intent.
Vendar je SNCB izdala nekaj priporočilnih pisem.
The Belgian authorities are of the view that these letters of intent, which do not involve any remuneration, are standard practice in a market economy in dealings between a parent company and its subsidiaries.
Belgijski organi menijo, da so ta priporočilna pisma, za katera se ne prejeme plačilo, običajna praksa v tržnem gospodarstvu v odnosih med matično družbo in njenimi hčerinskimi družbami.