natgillin/translations-raw huggingface dataset:
This company will retain the legal personality of Alitalia, will assume virtually all the debt and in particular the bonded debt secured on aircraft and the loan guaranteed by the rescue aid; the undertaking given in the context of the latter to ensure minority public participation within one year is therefore linked to this.
Ta družba bo ohranila pravni status Alitalie in prevzela skoraj celotni dolg in zlasti obligacijski dolg, ki ga bremenijo stvarna jamstva z letali in posojilom, ki ga zagotavlja pomoč za reševanje; s tem je torej povezana obveznost, sprejeta v okviru te pomoči, da bo državni delež v roku enega leta manjšinski.
The Commission notes that the operations notified are also intended to ensure compliance with this undertaking.
Komisija ugotavlja, da je namen priglašenih transakcij omogočiti upoštevanje te obveznosti.
Lastly, the Commission takes the view that recapitalisation of the airline AZ Fly and the further analysis of the company's financial prospects that potential investors will inevitably carry out should, together, prompt the company scrupulously to respect the industrial plan thus presented; the Commission would point out in this connection that the plan makes provision for a recovery phase in 2005-2006 entailing guaranteed continued operation and a rapid return to balance from 2006, rather than expansion which would run counter to these objectives by, for example, resulting in a price war.
Komisija nazadnje meni, da bi morali prihodnja dokapitalizacija letalske družbe AZ Fly in vsebinska analiza finančnih načrtov podjetja, ki jo bodo morebitni vlagatelji opravili, družbo spodbuditi k strogemu spoštovanju tako predstavljenega industrijskega načrta. Komisija v zvezi s tem opozarja, da načrt predvideva fazo oživljanja v obdobju 2005–2006, ki vključuje zagotovitev časovne neomejenosti poslovanja in hitro vrnitev k uravnoteženosti od leta 2006 naprej, ne pa razširitev, ki bi škodila tem ciljem, na primer s cenovno vojno.
ASSESSMENT OF THE EXISTENCE OF AID WITHIN THE MEANING OF ARTICLE 87(1) OF THE TREATY
VREDNOTENJE OBSTOJA POMOČI V SMISLU ČLENA 87(1) POGODBE
The Commission would point out that this final decision concerns the two recapitalisations notified by Italy in respect of which it initiated the formal investigation procedure on 19 January 2005, namely the State's participation in the recapitalisation of AZ Fly for a maximum total of €1,2 billion, and the increase in the capital of AZ Servizi envisaged by the State holding company Fintecna of €216 million.
Komisija opozarja, da se ta končna odločba nanaša na dve dokapitaliziciji, ki ju je Italija priglasila in v zvezi s katerima je Komisija 19. januarja 2005 začela uradni postopek preiskave, in sicer na eni strani udeležbo države pri dokapitalizaciji AZ Fly v predvidenem skupnem znesku največ 1,2 milijarde EUR ter na drugi strani načrtovano povečanje kapitala AZ Servizi s strani javnega holdinga Fintecna v višini 216 milijonov EUR.
Moreover, the Commission notes that the support measures referred to in paragraphs 18 and 19 of the decision initiating the procedure and referred to as ‘cassa integrazione’ and ‘trattamento di mobilità’ are instances of pre-existing measures in Italian law being applied to the air transport sector which should, if necessary, be assessed as such for all the sectors of activity concerned.
Komisija poleg tega ugotavlja, da so ukrepi podpore, omenjeni v odstavkih 18 in 19 odločitve o začetku postopka ter imenovani „dopolnilna blagajna“ in „odpustnina“ („trattamento di mobilità“), eden od primerov, ko se v sektorju zračnega prometa izvajajo ukrepi, ki že obstajajo v italijanskem pravu in jih je treba po potrebi obravnavati kot takšne v vseh zadevnih panogah dejavnosti.
Neither the notification nor the decision to initiate the procedure itself, in particular paragraphs 51 to 66 and 72 thereof, related to those instruments.
Niti priglasitev niti sama odločitev o začetku postopka, zlasti njeni odstavki 51 do 66 in 72, se niso nanašali na te instrumente.
This decision therefore does not prejudge the Commission's position with regard to the assessment of those measures in the light of State aid law.
Ta odločba torej ne vpliva na stališče Komisije glede ocene teh ukrepov z vidika zakonodaje o državnih pomočeh.
The Commission also notes that those measures fall within the framework of the obligations incumbent on the State as a public authority and with regard to the operation of the national social security system.
Komisija tudi ugotavlja, da omenjeni ukrepi izhajajo iz obveznosti, ki jih ima država v okviru javnih pooblastil in glede delovanja nacionalnega sistema socialne varnosti.
Since they are completely different in nature from the capital contributions analysed in this decision they should not be included in the assessment of these contributions.
Ti ukrepi se ne smejo vključiti v oceno dokapitalizacij, analiziranih v tej odločbi, ker se od njih popolnoma razlikujejo.
Pursuant to Article 87(1) of the Treaty and Article 61(1) of the EEA Agreement, 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 is, insofar as it affects trade between Member States, incompatible with the Treaty and with the EEA Agreement.
V skladu s členom 87(1) Pogodbe in členom 61(1) Sporazuma EGP so pomoči, ki jih 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, nezdružljive s Pogodbo ali Sporazumom EGP, če to vpliva na trgovino med državami članicami in med pogodbenicami.
The Commission would refer to its analysis in point 63 of the decision to initiate the procedure with regard to the transfer of State resources to Alitalia.
Komisija se sklicuje na analizo, ki jo je opravila v točki 63 odločitve o začetku postopka, kar zadeva prenos državnih sredstev v korist Alitalie.
This analysis has not been called into question by the interested parties or by Italy.
Zainteresirane strani in Italija te analize niso spodbijale.
In particular, the Commission would observe that the details provided by Italy concerning the background to the relations between IRI and the State as well as their impact on Fintecna are simply intended as clarification and are in no way intended to dispute the designation of the funds to be provided by Fintecna as State resources or the fact that the operations in question are attributable to the State.
Komisija je posebej opozorila, da je Italija informacije o poteku odnosov med IRI in državo ter njunem vplivu na holding Fintecna poslala samo zaradi pojasnitve in nikakor ne zato, da bi z njimi spodbijala opredelitev sredstev, ki jih je vložil Fintecna, kot državnih sredstev, niti to, da se zadevne transakcije pripisujejo državi.
Effect on intra-Community trade and competition
Vpliv na trgovino znotraj skupnosti in konkurenco
The interested parties and Italy have not disputed the Commission's assessment in point 64 of the decision to initiate the procedure with regard to the effect on trade between Member States and the effect on competition, an assessment which the Commission maintains.
Zainteresirane strani in Italija niso spodbijale ocene v točki 64 odločitve o začetku postopka, kar zadeva vpliv na trgovino med državami članicami in na konkurenco, pri kateri Komisija vztraja.
The Commission would point out that the supply of air transport services is a sector in which there is keen competition in Europe since the entry into force of the third air transport liberalisation package (‘third package’) on 1 January 1993 [59].
Komisija opozarja, da je opravljanje storitev zračnega prometa panoga, v kateri vlada v Evropi močna konkurenca od začetka veljavnosti tretjega dela liberalizacije zračnega prometa („tretji paket“) 1. januarja 1993 [59].
As regards the complaints made by Italy concerning the time it took to adopt the final decision, the Commission would specify that, while it is perfectly aware of what is involved for Alitalia, the situation of keen competition on the air transport market requires it to make a particularly accurate investigation of the situation.
Komisija v zvezi z opomini Italije glede roka o končni odločitvi natančno pojasnjuje, da je zaradi močne konkurence na trgu zračnega prometa dolžna posebej natančno preučiti situacijo, čeprav se popolnoma zaveda tveganj za Alitalio.
The Commission does not consider that Italy has demonstrated that the continued operation of the airline would have been put at risk if its decision had not been taken before the end of May 2005.
Komisija meni, da Italija ni dokazala, da obstajajo tveganja za časovno neomejenost poslovanja družbe, če njena odločitev ne bi bila sprejeta pred koncem maja 2005.
Lastly, the Commission notes, by way of example, that the revised plan for 2005-2008 adopted by the airline's Board of Directors on 14 April 2005 was not forwarded to it until 22 April which did nothing to expedite the investigation.
Komisija nazadnje na primer ugotavlja, da je popravljeni načrt za obdobje 2005–2008, ki ga je 14. aprila 2005 sprejel upravni odbor družbe, prejela šele 22. aprila, kar ni moglo pospešiti poteka obravnave.
Specificity
Posebnosti
Pursuant to Article 87(1) of the Treaty, in order to be regarded as State aid, a measure has to favour ‘certain undertakings or the production of certain goods’.
Člen 87(1) Pogodbe določa državno pomoč kot pomoč, ki daje prednost „posameznim podjetjem ali proizvodnji posameznega blaga“.
In the present case, the Commission finds that the measures in question, namely the State holding in the recapitalisation of AZ Fly or AZ Servizi by the State holding company Fintecna are intended only for those two undertakings.
Komisija v tem primeru ugotavlja, da so zadevni ukrepi, naj gre za državno udeležbo pri dokapitalizaciji AZ Fly ali dokapitalizacijo AZ Servizi s strani javnega holdinga Fintecna, namenjeni samo tema dvema podjetjema.
Existence of an advantage for the beneficiary undertaking
Obstoj ugodnosti za podjetje
As indicated in the decision to initiate the procedure, the assessment relates to the two separate operations described above, which concern two separate companies which operate on different markets.
Kot je navedeno v odločitvi o začetku postopka, se ocena nanaša na dve različni zgoraj opisani transakciji, ki zadevata dve različni družbi, ki delujeta na različnih trgih.
In this respect, the Commission finds that the separation between the air transport activities, AZ Fly, and the ground activities, AZ Servizi, of Alitalia is not specific to that particular undertaking [60].
Komisija v zvezi s tem ugotavlja, da ločitev dejavnosti zračnega prometa (AZ Fly) in oskrbovalnih dejavnosti (AZ Servizi) v družbi Alitalia ni posebnost tega podjetja [60].
In the present case, Alitalia's consultant bank, Mediobanca, has in fact noted that in the case of AZ Fly this demerger could make it possible to focus on investors interested in the aviation sector on account of its current economic problems and growth potential; it will also make it possible for the undertaking, as already indicated in the decision to initiate the procedure, to vary part of its operating costs, which had hitherto been fixed, by concluding contracts for maintenance, handling, etc., a possibility which is particularly attractive in an economic downturn.
V tem primeru je Mediobanca, banka, ki svetuje Alitalii, dejansko ugotovila, da bo dekonsolidacija družbi AZ Fly omogočila, da se osredotoči na vlagatelje, ki jih letalski sektor zanima zaradi sedanjega padca in možnosti prihodnjih kapitalskih dobičkov. Podjetju bo tudi omogočila, kot je bilo ugotovljeno že v odločitvi o začetku postopka, da do tedaj fiksne stroške poslovanja spremeni v variabilne s pogodbami o vzdrževanju, oskrbovanju itn., kar je posebej pomembno v primeru neugodnega gospodarskega položaja.
Similarly, in the case of AZ Servizi, demerger should make it possible, according to Mediobanca, to create new business and growth opportunities which will be difficult to achieve by a company wholly owned by an air carrier.
Po mnenju banke Mediobanca bo ločitev dejavnosti tudi AZ Servizi omogočila, da ustvari nove priložnosti dejavnosti in rasti, ki jih družba, ki v celoti pripada letalskemu sektorju, težko uresniči.
It should also be of interest to industrial or financial operators in a given activity which wish to continue to develop that activity but do not wish to find themselves exposed outside their reference area of activity.
Spodbuditi mora tudi zanimanje za zadevno panogo pri tistih industrijskih ali finančnih akterjih, ki bi radi razvijali dejavnost v tej panogi, vendar se ne želijo podati v nekaj, kar je zunaj njihovega referenčnega področja dejavnosti.
The Commission would also point out that this separation of activities and the accounting and financial implications are transparent.
Komisija tudi opozarja, da je bila ta ločitev dejavnosti izvedena pregledno kot tudi njene posledice na področju računovodstva in financ.
Accordingly, the business plan submitted to the investors concerns both aspects of the plan which specifies that Alitalia's debt, including the repayment of the loan which is the subject of the rescue aid, should be taken over virtually entirely by AZ Fly, and sets out the separation of the activities of AZ Servizi, the evaluation of the initial contribution of AZ Fly recently presented on Alitalia's website, Fintecna's proposed participation in the capital and the procedures for this, including recourse in part to preference shares.
Tako se poslovni načrt, ki so ga prejeli vlagatelji, nanaša na dva vidika načrta: načrt v zvezi z AZ Fly natančno pojasnjuje, da bo navedena družba skoraj v celoti prevzela dolg Alitalie, vključno s povračilom posojila iz pomoči za reševanje; v zvezi z AZ Servizi podrobno prikazuje razdružitev dejavnosti, vrednotenje začetnega vložka s strani AZ Fly, ki je bil nedavno predstavljen na spletni strani Alitalie, ter predviden vstop holdinga Fintecna v kapital in podrobna pravila zanj, ki vključujejo delno uporabo prednostnih delnic.
The Commission therefore considers that investors were able to make an informed opinion about the activities in which they are likely to invest, the foreseeable profitability of each of them and their future relations.
Komisija torej meni, da so si morebitni vlagatelji lahko oblikovali argumentirano mnenje o dejavnostih, v katere bi lahko vlagali, predvideni dobičkonosnosti vsake dejavnosti in njihovih prihodnjih odnosih.
Lastly, the Commission would point out, as indicated in its decision to initiate the procedure, that applying the principle of a private investor in a market economy is the only way to assess the absence of advantage derived from the two recapitalisation operations.
Komisija nazadnje opozarja, kot je navedla v odločitvi o začetku postopka, da je samo z uporabo načela zasebnega vlagatelja v tržnem gospodarstvu mogoče preveriti odsotnosti koristi, nastale pri dokapitalizacijah.
It notes that this is a matter separate from the assessment of the rescue aid.
Ugotavlja, da se to vprašanje razlikuje od ocene pomoči za reševanje.
The latter was intended exclusively, through a very short-term cash loan of a very limited amount (in particular in relation to the undertaking's short-term due dates, the usual level of liquid assets of comparable airlines, and the undertaking's balance sheet total) and moreover comprising a bank loan provided by Dresdner Bank and simply backed by a State guarantee, to overcome a short-term cash crisis which could, in itself, cause the undertaking to become insolvent.
Izključni namen te pomoči je bil namreč premagati težave s kratkoročnimi prostimi finančnimi sredstvi, zaradi katerih bi podjetje lahko začasno postalo plačilno nesposobno, in sicer z zelo kratkoročnim gotovinskim kreditom v zelo omejenem znesku (zlasti v primerjavi s kratkimi roki zapadlosti za podjetje, običajno ravnjo denarnih sredstev primerljivih letalskih družb ali skupno bilanco stanja podjetja), ki ga poleg tega sestavlja bančno posojilo Dresdner Bank, podprto z državnim jamstvom.
Conversely, the judgment of the investors (and of the banks guaranteeing the operation) during recapitalisations operations, which generate permanent resources for the undertakings concerned, is based on an economic assessment of the medium and long-term viability and intrinsic profitability of the company's activity; their objective is the future viability of the undertaking, through the results achieved, which depends on the credibility of its business plan, the industrial and commercial activities for which it provides and the management thereof.
Mnenje vlagateljev (in bank, ki jamčijo za tržno transakcijo) ob dokapitalizacijah, ki ustvarjajo stalna sredstva za zadevna podjetja, nasprotno temelji na ekonomski oceni srednje- in dolgoročne dobičkonosnosti ter dobičkonosnosti dejavnosti družbe kot takih; njihov cilj je prihodnja dobičkonosnost podjetja s poslovnimi izidi ali kapitalskimi dobički, ki je odvisna od verodostojnosti, pripisani poslovnemu načrtu, industrijskim in trgovskim ukrepom, ki jih podjetje predvideva, ter njegovi upravi.
The Commission also notes that the undertaking given by the Italian authorities that Alitalia should repay the rescue aid immediately following recapitalisation will entail the early disbursement from the undertaking's assets of the €400 million liquid assets in question.
Komisija tudi ugotavlja, da bo zaradi obveze, ki so jo italijanski organi sprejeli, da Alitalia povrne pomoč za reševanje takoj po dokapitalizaciji, 400 milijonov EUR ustreznih denarnih sredstev predčasno izključenih iz sredstev podjetja.
Assessment of the recapitalisation of AZ Fly
Ocena dokapitalizacije AZ Fly
First and foremost, there is no doubt that the injection of capital which the recapitalisation operation, including the State's participation in conjunction with private investors, amounts to does in fact constitute a State resource within the meaning of the Treaty since the funds concerned derive from the Italian Treasury.
Kar zadeva dokapitalizacijo s sočasno udeležbo države in zasebnih vlagateljev, ni najprej nobenega dvoma, da je ta dokapitalizacija državna pomoč v smislu Pogodbe, ker zadevna sredstva izhajajo iz italijanske državne blagajne.
Similarly, the decision to participate in the recapitalisation and to undertake to exercise, at least in part, its preferential subscription right has been taken up by the Italian Ministry for Economic and Financial Affairs.
Odločitev o udeležbi pri dokapitalizaciji in vsaj delnem uveljavljanju predkupne pravice je sprejelo italijansko ministrstvo za gospodarstvo in finance.
The Treaty enshrines the principle of neutrality with regard to the system of property ownership in the Member States (Article 295 of the Treaty and 125 of the EEA Agreement) and the principle of equality between public and private undertakings.
Pogodba določa načelo nevtralnosti glede lastninskih razmerij v državah članicah (člen 295 Pogodbe in člen 125 Sporazuma EGS) in načelo enakosti med javnimi in zasebnimi podjetji.
Pursuant to those principles, action by the Commission must be neither prejudicial nor advantageous to States or public establishments which provide capital for undertakings.
V skladu s tema načeloma ukrep Komisije ne sme biti niti škodljiv niti koristen za države ali javna podjetja, ki vlagajo kapital v podjetja.
The Commission must therefore investigate these capital contributions to undertakings in order to ensure that the Member States do not infringe the Treaty's rules on State aid.
Komisija mora torej raziskati te kapitalske vložke v podjetja, da bi državam preprečila kršenje določb Pogodbe o državnih pomočeh.
In order to determine whether State aid is involved, the Commission is authorised by the Court to base its judgment on the principle of an investor in a market economy, as confirmed in recent case-law [61].
Sodišče je Komisijo za ugotovitev, ali gre za državno pomoč, pooblastilo, da pripravi svoje mnenje o načelu tako imenovanega „vlagatelja v tržnem gospodarstvu“, kot je bilo potrjeno v nedavni sodni praksi [61].
According to the case-law, in order to examine whether a capital injection constitutes State aid, account should be taken of the genuine possibilities for a beneficiary undertaking to obtain equivalent financial resources by having recourse to the normal capital market.
Da bi preučili, ali je dokapitalizacija državna pomoč, je treba v skladu s sodno prakso upoštevati resnične možnosti, ki jih ima podjetje prejemnik, da na običajnem kapitalskem trgu pridobi enaka finančna sredstva.
State aid is not involved where it is a question of new capital being contributed in conditions which would be acceptable for a private investor operating under the normal conditions of a market economy [62].
Ne gre za državno pomoč, kadar novi kapitalski vložek nastopi s pogoji, sprejemljivi za zasebnega vlagatelja, ki deluje v običajnih razmerah tržnega gospodarstva [62].
The conduct of the public investor should therefore be compared with the hypothetical conduct of a private investor, such as a private holding company or a private group of undertakings pursuing a structural, global or sectoral policy and attracted by prospects of longer-term profitability [63].
Ravnanje javnega vlagatelja je torej treba primerjati s „preračunanim“ vedenjem zasebnega vlagatelja, kot je zasebni holding ali zasebno združenje podjetij, ki vodi strukturno, globalno ali sektorsko politiko in išče možnosti dolgoročnejše dobičkonosnosti [63].
A capital contribution necessary in order to ensure the survival of an undertaking experiencing temporary difficulties but which, where appropriate, following the implementation of the necessary measures would be in a position to return to profitability does not necessarily constitute aid if a private investor would have made the same analysis.
Potrebni kapitalski vložek za zagotavljanje preživetja podjetja s prehodnimi težavami, ki bi morda lahko znova postalo donosno, če bi izvedlo potrebne ukrepe, ni nujno pomoč, če bi zasebni vlagatelj ravnal enako.
Consequently, the Commission takes the view that a capital contribution from public funds does not constitute State aid where private shareholders take part in the operation first of all at least in proportion to their shares, secondly in conditions identical to those of a public investor and finally if the proportion subscribed by private investors is of real economic significance.
Komisija zato meni, da kapitalski vložek iz državnih sredstev ni državna pomoč, če so zasebni delničarji udeleženi pri transakciji vsaj sorazmerno s številom svojih delnic, pod enakimi pogoji kot javni vlagatelj in nazadnje in če ima delež, ki so ga vpisali zasebni vlagatelji, resničen gospodarski pomen.
This approach, based on the principle that contributions should be, has been consistently applied by the Court of Justice and the Court of First Instance [64].
Sodišče Evropskih skupnosti in Sodišče prve stopnje [64] sta redno upoštevali to ozadje kapitalskih vložkov.
Application in the present case
Izvajanje v tem primeru
The Commission takes the view, first of all, that contrary to other cases that it has criticised, it is not a question here, in the case of the separation of AZ Fly and AZ Servizi, of a dismemberment aimed at leaving the accumulated debt in a public cocoon, while the economic activity itself is transferred to the private sector.
Komisija v tem primeru v nasprotju z drugimi primeri, pri katerih je izrazila pomisleke, najprej meni, da ločitev AZ Fly in AZ Servizi ni razdružitev, ki bi pustila nakopičene dolgove v javnem sektorju, medtem ko se je gospodarska dejavnost prenesla v zasebni sektor.