natgillin/translations-raw huggingface dataset:
So far as concerns, thirdly, the requirement by both State and bank that the other participate in the capital increase, the Commission would point out that the requirement of both parties that the other participate in the exercise is an essential decisive element to guaranteeing the success of the capital increase.
Tretjič, kar zadeva zahtevo države in banke, da obe sodelujeta pri povečanju kapitala, želi Komisija poudariti, da je zahteva obeh strani po sodelovanju druge pri izvedbi bistven in odločilen element za uspešno povečanje kapitala.
The Commission notes the undertaking given by the Cypriot authorities to transmit the final contracts with the bank containing these formal and unconditional subscription obligations to the Commission immediately after conclusion and before subscription of the new capital increase by the public authorities.
Komisija ugotavlja, da so se ciprski organi obvezali, da bodo Komisiji poslali končne pogodbe, sklenjene z banko, ki vsebujejo formalne in brezpogojne obveznosti vpisa, takoj po njihovi sklenitvi in preden bodo javni organi vpisali novo povečanje kapitala.
A second undertaking given by the Cypriot authorities is to submit a report containing the actual subscription levels for this capital increase once the operation has been carried out.
Ciprski organi so se tudi obvezali, da bodo po izvedeni transakciji poslali poročilo o dejanskem vpisu povečanja kapitala.
In this connection, the Commission considers that it goes without saying that there cannot be collateral or implicit agreement whereby the State would exonerate the bank from their obligation if the recapitalisation offer was insufficiently subscribed.
Komisija v zvezi s tem izhaja iz načela, da ne sme biti stranskega ali implicitnega dogovora, po katerem bi država banko razbremenila obvez v primeru nezadostnega vpisa ponudbe za dokapitalizacijo.
The Commission will pay the utmost attention to strict compliance with these undertakings so as to ascertain that the terms of the present decision will be properly adhered to.
Komisija bo budno spremljala izpolnjevanje teh obvez, da bi ugotovila, ali se pogoji te odločbe pravilno izpolnjujejo.
This operation enables the private market to subscribe to a significant extent (30 %) in respect of the shares newly issued under the same conditions as the public shareholders given that the share prices will be identical and the rights attaching to each share will be the same for all shareholders.
Ta transakcija omogoča zasebnemu sektorju velik vpis delnic (30 %), ki bodo izdane na novo pod istimi pogoji, kot jih imajo javni delničarji, ker bo cena delnic enaka in bodo pravice, povezane z vsako delnico, enake za vse delničarje.
In summation, in view of this analysis and of the constant practice of the Commission and the case law of the Court as regards the qualification of State participation in capital increases together with private investors, looked at on its own merits and independent of the other restructuring measures, the capital increase planned for mid-2007 amounts to a concomitant participation of public and private shareholders and therefore the participation of the State would not amount to State aid if the conditions set out above, relating to the fact that the capital increase will be underwritten by a commercial investment bank in a way ensuring effective concomitance of public and private subscription and to the ratio of public to private ownership, are complied with.
Glede na to analizo, stalno prakso Komisije in sodno prakso Sodišča v zvezi s primernostjo udeležbe države pri povečanju kapitala skupaj z zasebnimi vlagatelji, obravnavane ločeno in neodvisno od drugih ukrepov za prestrukturiranje, povečanje kapitala, načrtovano za sredino leta 2007, na splošno ustreza sočasni udeležbi javnih in zasebnih delničarjev, zato udeležba države ni državna pomoč, če so izpolnjeni zgoraj določeni pogoji pomoči v zvezi z dejstvom, da bo povečanje kapitala jamčila komercialna investicijska banka tako, da bo zagotovila učinkovito sočasno javno in zasebno vpisovanje, ki bo sorazmerno z javno-zasebnim lastništvom.
Nevertheless, the Commission notes that the jurisprudence of the European Courts indicates that ‘the mere fact that a public undertaking has already made capital injections into a subsidiary which are classed as aid does not automatically mean that a further capital injection cannot be classed as an investment which satisfies the private market economy investor test.… Nevertheless, it is the Court's view that in a case such as this, which concerns three capital injections made by the same investor over a period of two years the first two of which brought no return, the Commission must determine whether the third injection could reasonably be severed from the first two and classed, for the purposes of the private investor test, as an independent investment.
Kljub temu Komisija ugotavlja, da sodna praksa evropskih sodišč kaže, da „zgolj dejstvo, da je javno podjetje hčerinski družbi že zagotovilo prilive kapitala, ki se štejejo za pomoč, samo po sebi ne pomeni, da prihodnjih prilivov kapitala ni mogoče šteti za naložbo, ki izpolnjuje preskus za zasebne vlagatelje v tržnem gospodarstvu. […] Kljub temu Sodišče meni, da mora Komisija v primeru, kot je ta, ki zadeva tri prilive kapitala istega vlagatelja v dveh letih, od katerih prva priliva nista imela nobenega donosa, ugotoviti, ali je mogoče tretji priliv smiselno ločiti od prvih dveh in ga za namene preskusa zasebnega vlagatelja šteti za neodvisno naložbo.
The Court considers the following considerations to be relevant in making such a determination: the chronology of the capital injections in question, their purpose, and the subsidiary's situation at the time when each decision to make an injection was made’.(101) In the present case, the Commission notes that while the State and the private shareholders will subscribe to the capital increase at the same price and all the new shares will have the same rights, the fact is that the State acts, at the same time, as the guarantor of a significant loan to the beneficiary and that this will extend far beyond the moment of the capital increase, and purchases a subsidiary of the company being restructured.
Sodišče meni, da so pri takšni ugotovitvi pomembni naslednji pomisleki: kronologija zadevnih prilivov kapitala, njihov namen in položaj hčerinske družbe med sprejetjem odločitve o prilivu kapitala“.(101) V tem primeru Komisija ugotavlja, da ostaja dejstvo, da je država hkrati porok precejšnjega posojila upravičencu, ki bo trajalo precej dlje kot obdobje povečanja kapitala, in da kupuje hčerinsko družbo družbe, ki je sredi prestrukturiranja, medtem ko bodo država in zasebni vlagatelji vpisali povečanje kapitala po enaki ceni in bodo imele vse delnice enake pravice.
However, it is not necessary to assess with precision whether, given the cumulation of the capital increase with these two measures, the State participation and the private shareholders’ participation in the capital increase actually happen on similar terms since at any rate, the Commission considers that, as is clear from the following analysis, even if the State participation in the capital increase were to be considered as State aid that this aid would be considered as compatible with the common market.
Kljub hkratnosti povečanja kapitala in navedenih dveh ukrepov ni treba natančno oceniti, ali udeležba države in udeležba zasebnih delničarjev pri povečanju kapitala dejansko potekata pod podobnimi pogoji, ker Komisija v vsakem primeru meni, kot je razvidno iz naslednje analize, da je, tudi če se udeležba države pri povečanju kapitala šteje za državno pomoč, ta pomoč združljiva s skupnim trgom.
Legal basis for appraisal
Pravna podlaga za presojo
Having concluded that the long term loan of CYP 55 million guaranteed by the state to finance part of the restructuring of Cyprus Airways constitutes State aid and that the State participation in the capital increase could contain elements of State aid, the Commission must examine its compatibility with the common market.
Na podlagi ugotovitve, da dolgoročno državno posojilo 55 milijonov CYP za financiranje dela prestrukturiranja družbe Cyprus Airways pomeni državno pomoč in da udeležba države pri povečanju kapitala lahko vključuje elemente državne pomoči, mora Komisija preveriti njeno združljivost s skupnim trgom.
It is therefore necessary to examine the compatibility of the aid in the light of Articles 87 (2) and (3) of the EC Treaty which provided for exemptions to the general rule of incompatibility set out in Article 87(1).
Zato je treba preveriti združljivost pomoči v smislu člena 87(2) in (3) Pogodbe ES, ki določa izjeme od splošnega pravila o nezdružljivosti iz člena 87(1).
The exemptions in Article 87(2) of the EC Treaty do not apply in the present case because the aid measure does not have a social character in that it is not granted to individual consumers, nor do they make good the damage caused by natural disasters or exceptional occurrences nor are they granted to the economy of certain areas of the Federal Republic of Germany affected by its division.
Izjeme iz člena 87(2) Pogodbe ES v tem primeru ne veljajo, ker ukrepi pomoči nimajo socialnega značaja in se pomoč ne dodeljuje posameznim potrošnikom, ukrepi pomoči tudi ne odpravljajo škode, ki jo povzročijo naravne nesreče ali izredne razmere, in pomoč se ne dodeljuje gospodarstvom nekaterih območij Zvezne republike Nemčije, na katere je vplivala njena delitev.
The exemptions in Articles 87(3)(a), 87(3)(b) and 87(3)(d) do not apply in this case because the aid does not promote the economic development of areas where the standard of living is abnormally low or where there is serious unemployment, it does not promote the execution of an important project of common European interest or remedy a serious disturbance in the economy of a Member State nor does not promote culture and heritage conservation.
Izjeme iz člena 87(3)(a), (b) in (d) v tem primeru ne veljajo, ker pomoč ne pospešuje gospodarskega razvoja območij, kjer je življenjska raven izjemno nizka ali kjer je podzaposlenost velika, prav tako pomoč ne pospešuje izvedbe pomembnega projekta skupnega evropskega interesa ali odpravlja resne motnje v gospodarstvu države članice niti ne pospešuje kulture in ohranjanja kulturne dediščine.
Therefore only the exemption provided for in Article 87(3)(c) may apply.
Zato lahko veljajo le izjeme iz člena 87(3)(c).
Article 87(3)(c) provides that state aid can be authorised where it is granted to promote the development of certain economic sectors and where this aid does not adversely affect trading conditions to an extent not contrary to the common interest.
Člen 87(3)(c) določa, da se državna pomoč lahko odobri za spodbujanje razvoja nekaterih gospodarskih sektorjev, kadar takšna pomoč ne spreminja trgovinskih pogojev v obsegu, ki bi bil v nasprotju s skupnimi interesi.
In this respect, the applicable community framework for deciding on compatibility are the R & R guidelines of 2004 as well as the previously mentioned 1994 guidelines.
Glede na to so zakonodajni okvir Skupnosti, ki se uporablja za presojo združljivosti, smernice za reševanje in prestrukturiranje iz leta 2004 ter že navedene smernice iz leta 1994.
Compatibility of the intended measures with the common market
Združljivost načrtovanih ukrepov s skupnim trgom
The Commission has therefore to assess whether the restructuring plan complies with the provisions of the applicable guidelines.
Komisija mora zato oceniti, ali je načrt za prestrukturiranje v skladu z določbami veljavnih smernic.
The basic principle (point 31 of the R & R guidelines) of which is to ‘allow the grant of restructuring aid only in circumstances in which it can be demonstrated that it does not run counter to the Community interest.
Osnovno načelo (točka 31 smernic za reševanje in prestrukturiranje) določa, „da se pomoč za prestrukturiranje odobri le v okoliščinah, v katerih je mogoče prikazati, da ne nasprotuje interesu Skupnosti.
This will only be possible if strict criteria are met, and if it is certain that any distortions of competition will be offset by the benefits flowing from the firm's survival…and that, in principle, there are adequate compensatory measures in favour of competitors.’
To bo mogoče le v primeru, da so izpolnjeni strogi kriteriji in da obstaja gotovost, da bodo kakršno koli izkrivljanje konkurence nadomestile koristi zaradi preživetja podjetja … in da načeloma obstajajo zadostni izravnalni ukrepi v korist konkurentov“.
The guidelines then set out a number of conditions under which restructuring aid can be granted.
Smernice nato določajo številne pogoje, pod katerimi je mogoče odobriti pomoč za prestrukturiranje.
First, the Commission must determine if Cyprus Airways is eligible for restructuring under the terms of the R & R guidelines.
Prvič mora Komisija ugotoviti, ali družba Cyprus Airways izpolnjuje pogoje za prestrukturiranje iz smernic za reševanje in prestrukturiranje.
Point 9 of the guidelines states that there is not a Community definition of a company in difficulty, and add that ‘the Commission regards a firm as being in difficulty when it is unable, whether through its own resources or with the funds it is able to obtain from its owners/shareholders or creditors, to stem losses which without outside intervention by the public authorities, will almost certainly condemn it to going out of business in the short or medium term’.
Točka 9 smernic navaja, da Skupnost nima opredelitve podjetja v težavah, in dodaja, da „Komisija šteje za podjetje v težavah, ko ni zmožno z lastnimi sredstvi ali s sredstvi, ki jih lahko pridobi od svojih lastnikov/delničarjev ali upnikov, preprečiti izgube, ki bi brez zunanjega posredovanja državnih organov kratkoročno ali srednjeročno skoraj gotovo ogrozile obstoj družbe“.
Subsequently the guidelines (point 10) clarify that ‘a firm is, in principle and irrespective of its size, regarded as being in difficulty for the purposes of these Guidelines in the following circumstances (a) in the case of a limited liability company where more than half of its registered capital has disappeared and more than one quarter of that capital has been lost over the preceding 12 months’.
Nadalje smernice (točka 10) pojasnjujejo, da je „za namen teh smernic […] podjetje v težavah načeloma in ne glede na velikost, zlasti v naslednjih okoliščinah: (a) v primeru družbe z omejeno odgovornostjo, pri kateri je izgubljena več kot polovica njenega osnovnega kapitala, in je bila v preteklih 12 mesecih izgubljena več kot četrtina tega kapitala“.
In point 11 it is also stated that ‘Even when none of the circumstances set out in Point 10 are present a firm may still be considered to be in difficulty in particular where the usual signs of a firm in difficulty are present, such as increasing losses, diminishing turnover, growing stock inventories, excess capacity, declining cash flow, mounting debt, rising interest charges and falling or nil net asset value’.
V točki 11 je prav tako navedeno, da lahko „podjetje […] velja za podjetje v težavah, tudi če ni izpolnjena nobena od okoliščin določenih v točki 10, zlasti ob prisotnosti običajnih znakov podjetja v težavah, kot so naraščajoče izgube, upadanje prometa, kopičenje zalog, presežki prostih zmogljivosti, padanje denarnih tokov, naraščajoči dolgovi, naraščajoči stroški obresti ali zmanjševanje čiste vrednosti sredstev“.
The Commission has noted in the opening of procedure that Cyprus Airways is a company with limited liability which has already lost a significant part of its authorised capital.
Komisija je na začetku postopka ugotovila, da je družba Cyprus Airways družba z omejeno odgovornostjo, ki je že izgubila večji del svojega odobrenega kapitala.
At 31 December 2003, Cyprus Airways had an authorised capital of CYP 55,5 million (EUR 95 million) but by 31 December 2004 it had lost CYP 26,2 (EUR 44,8 million), close to 50 % of its share capital, in the previous 12 months.
Družba Cyprus Airways je imela 31. decembra 2003 odobren kapital v višini 55,5 milijona CYP (95 milijonov EUR), vendar je do 31. decembra 2004 izgubila 26,2 milijona CYP (44,8 milijona EUR), kar je skoraj 50 % njenega delniškega kapitala v preteklih 12 mesecih.
The Commission noted that losses of the Group (mainly caused by Cyprus Airways) went from CYP 20,9 million in 2003 to CYP 39,4 million by the end of 2004.
Komisija je ugotovila, da so izgube skupine (večinoma zaradi družbe Cyprus Airways) z 20,9 milijona CYP leta 2003 narasle na 39,4 milijona CYP do konca leta 2004.
The shareholder equity of Cyprus Airways had therefore declined from CYP 55,6 million (EUR 95 million) in 2003 to CYP 14,4 million (EUR 25 million) in 2004.
Lastniški delež delničarjev družbe Cyprus Airways se je zato zmanjšal s 55,6 milijona CYP (95 milijonov EUR) leta 2003 na 14,4 milijona CYP (25 milijonov EUR) leta 2004.
It is therefore highly unlikely given its parlous financial state that the company would be able to secure any source of commercial finance.
Zaradi slabega finančnega stanja ni verjetno, da bi si družba lahko zagotovila finančna sredstva na prostem trgu.
In its decision of 3 May 2005 on ‘Cyprus Airways (Rescue aid)’ the Commission concluded therefore that Cyprus Airways is well and truly a company in difficulty within the meaning of the R & R guidelines.
V odločbi z dne 3. maja 2005 o „Cyprus Airways (pomoč za reševanje)“ je Komisija zato sklenila, da je družba Cyprus Airways resnično podjetje v težavah v smislu smernic za reševanje in prestrukturiranje.
This was also the conclusion reached by the Commission in opening the procedure.
To je bila tudi ugotovitev Komisije ob začetku postopka.
Cyprus Airways is therefore eligible for restructuring under the terms of the R & R guidelines.
Družba Cyprus Airways je zato upravičena do pomoči za prestrukturiranje v skladu s pogoji iz smernic za reševanje in prestrukturiranje.
Restoration of long-term viability
Obnova dolgoročne sposobnosti preživetja
The second condition (as set out in point 35 of the R & R guidelines) to be complied with is that the “restructuring plan, the duration of which must be as short as possible, must restore the long-term viability of the firm within a reasonable timescale and on the basis of realistic assumptions as to future operating conditions.
Drugi pogoj (iz točke 35 smernic za reševanje in prestrukturiranje), ki ga je treba izpolnjevati je, da mora „načrt za prestrukturiranje, katerega trajanje mora biti čim krajše, […] obnoviti dolgoročno sposobnost preživetja podjetja v smiselnem časovnem okviru in na podlagi realističnih predvidevanj prihodnjih pogojev poslovanja“.
The same guidelines (point 37) go on to provide that ‘The plan must provide for a turnaround that will enable the company, after completing its restructuring, to cover all its costs including depreciation and financial charges.
Iste smernice (točka 37) nadalje določajo, da mora „načrt […] zagotavljati preobrat, ki bo podjetju omogočil, da bo po zaključku prestrukturiranja vse svoje stroške krilo samo, vključno z amortizacijo in finančnimi dajatvami.
The expected return on capital must be enough to enable the restructured firm to compete in the marketplace on its own merits.’
Pričakovan donos kapitala mora biti dovolj velik, da prestrukturiranemu podjetju omogoča samostojno konkuriranje na trgu“.
Thus far in the restructuring the company has reduced its costs by CYP 19,5 million and has shed more staff than were foreseen by the restructuring plan.
Na tej stopnji prestrukturiranja je družba znižala svoje stroške za 19,5 milijona CYP in izgubila več osebja, kot je bilo predvideno v načrtu za prestrukturiranje.
The plan foresaw a reduction of 385 staff (out of 1800) and eventually 414 persons availed of the possibility to leave the company.
V načrtu je bilo predvideno zmanjšanje delovne sile za 385 zaposlenih (od 1800), dejansko pa je 414 zaposlenih izkoristilo možnost, da zapustijo družbo.
This significant downsizing in the cost base together with the negotiated decreases in salary for remaining staff as well as increases in productivity and work practices will provide major savings and should give the company the necessary flexibility and the adaptability going forward to achieve its objectives.
To precejšnje zmanjšanje osnove za stroške bo skupaj z dogovorjenim znižanjem plače za preostale zaposlene ter izboljšanjem produktivnosti in delovnih praks zagotovilo večje prihranke in dalo družbi potrebno prožnost in prilagodljivost na poti k uresničevanju njenih ciljev.
The Commission considers that Cyprus Airways should be capable of making a success of its restructuring within the prescribed time limit.
Komisija meni, da mora biti družba Cyprus Airways sposobna uspešno prestrukturiranje izvesti v določenem časovnem roku.
Indeed, although only 18 months has elapsed since the grant of rescue aid (May 2005) the results for the company are already slightly better than anticipated.
Čeprav je preteklo šele 18 mesecev od odobritve pomoči za reševanje (maj 2005), so rezultati družbe že nekoliko boljši od predvidenih.
For further improvement attention should be paid to employees' opinions on how to manage the necessary restructuring.
Za nadaljnje izboljšanje je treba pozornost nameniti predlogom zaposlenih za vodenje potrebnega prestrukturiranja.
In cases of this type the management of the restructuring is very important and the third party comment received shows that this may be especially so in this case.
V takšnih primerih je način vodenja prestrukturiranja zelo pomemben, pripombe tretje strani pa kažejo, da v tem primeru to zlasti velja.
In relation to the long-term loan of CYP 55 million (EUR 96 million) partially guaranteed by the State, the Cypriot authorities have demonstrated that this sum will be used (along with the sales proceeds for the sale of Eurocypria) to repay the rescue aid to restructure the airline over the coming years.
V zvezi z dolgoročnim posojilom 55 milijonov CYP (96 milijonov EUR), za katero delno jamči država, so ciprski organi pokazali, da se bo ta vsota porabila (skupaj s prihodki od prodaje Eurocyprie) za poplačilo pomoči za reševanje za prestrukturiranje letalske družbe v prihodnjih letih.
The capital increase of CYP 14 million planned for mid-2007 will be used to reduce the outstanding amount of the loan.
Povečanje kapitala za 14 milijonov CYP, načrtovano za sredino leta 2007, se bo porabilo za zmanjšanje še neodplačanega posojila.
The restructuring plan is closely linked with a cost cutting plan so as to maximise revenue.
Načrt za prestrukturiranje je tesno povezan z načrtom za znižanje stroškov, da se poveča prihodek.
Over time it is intended to grow the revenue of the company and to thereby repay the remaining amount of the loan to the bank from revenue.
Načrtuje se, da bo prihodek družbe sčasoma rasel, s čimer se bo banki odplačal preostali znesek posojila.
The Commission must also evaluate if the assumptions on which the restructuring has been based are reasonable in the circumstances and if the predictions and forecasts correspond with what is required in the guidelines.
Komisija mora prav tako oceniti, ali so domneve, na katerih temelji prestrukturiranje, razumne glede na okoliščine in ali predvidevanja in napovedi ustrezajo zahtevam iz smernic.
The R & R guidelines provide (point 35) that ‘The plan must be submitted in all relevant detail to the Commission and include, in particular, a market survey.
Smernice za reševanje in prestrukturiranje (točka 35) določajo, da mora biti „načrt […] z vsemi potrebnimi podrobnostmi preložen Komisiji in mora vsebovati tudi tržno raziskavo.
The improvement in viability must derive mainly from internal measures contained in the restructuring plan; it may be based on external factors such as variations in prices and demand over which the company has no great influence, but only if the market assumptions made are generally acknowledged.’
Izboljšanje sposobnosti preživetja mora biti v glavnem posledica notranjih ukrepov v načrtu za prestrukturiranje; lahko temelji na zunanjih dejavnikih, kot so spremembe cen in povpraševanja, na katere podjetje nima velikega vpliva, vendar samo, če so tržna predvidevanja splošno potrjena“.