natgillin/translations-raw huggingface dataset:
The procedure for the reduction of nominal share capital has already been undertaken and the company will reduce this value by writing off accumulated losses (as permitted by the Company's articles of association).
Postopek za zmanjšanje nominalnega delniškega kapitala se je že začel, družba bo to vrednost zmanjšala z odpisom kumulativne izgube (kot je to dovoljeno v členih družbe o združevanju).
The Board of Directors of Cyprus Airways in its meeting of 12 December 2006 began the procedure for the capital increase by organising the underwriting of the issue.
Uprava družbe Cyprus Airways je na seji dne 12. decembra 2006 začela postopek za povečanje kapitala z organiziranjem vpisa primarne izdaje delnic.
To guarantee its success a commercial investment bank Cisco (a subsidiary of the privately-owned Bank of Cyprus) has indicated its willingness to underwrite the proposed issue.
Za zagotovitev uspeha povečanja kapitala je komercialna investicijska banka Cisco (hčerinska družba banke Ciper v zasebni lasti) izrazila pripravljenost, da vpiše izdajo delnic.
Cisco will be paid a fee for underwriting the Cyprus Airways' capital increase and this fee will be at market price for such transactions.
Banka Cisco bo za to prejela provizijo, višina provizije pa bo določena glede na tržno ceno za takšno transakcijo.
A copy of the letter of intent of the investment bank has been furnished to the Commission services.
Službe Komisije so prejele kopijo pisma o nameri investicijske banke.
The next steps were that in mid-January 2007 a Special Resolution for the Reduction of the share capital was approved by a 75 % majority of the shareholders preset at an extraordinary general meeting.
Naslednji korak je bila odobritev posebne resolucije za znižanje delniškega kapitala sredi januarja 2007 s 75-odstotno večino delničarjev, prisotnih na izredni seji.
Such a resolution would then have to be ratified by the District Court in Cyprus and registered with the Registrar of Companies.
Takšno resolucijo bi nato moralo ratificirati okrožno sodišče na Cipru, potem pa bi jo bilo treba vpisati v register gospodarskih družb.
The whole of this procedure is expected to take 6-7 months (allowing a three month period for the Court).
Po pričakovanjih bo celoten postopek trajal od 6 do 7 mesecev (sodišče bo imelo na voljo 3 mesece).
V. APPRAISAL OF AID
V. PRESOJA POMOČI
By virtue of Article 87(1) of the EC Treaty, any aid granted by a Member State or through State resources in any form whatsoever, which distorts or threaten to distort competition by favouring certain undertakings or the production of certain goods, shall, in so far as it affects trade between the Member States, be incompatible with the common market.
V skladu s členom 87(1) Pogodbe ES je vsaka pomoč, ki jo dodeli država članica, ali kakršna koli vrsta pomoči iz državnih virov, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem ali proizvodnji posameznega blaga, nezdružljiva s skupnim trgom, če ovira trgovino med državami članicami.
The concept of State aid applies to any advantage granted directly or indirectly, financed out of State resources, granted by the State itself or by any intermediary body acting by virtue of powers conferred on it.
Koncept državne pomoči velja za vsako prednost, odobreno neposredno ali posredno, ki se financira iz državnih virov, ki jih odobri država sama ali prek posredniškega organa, ki deluje na podlagi dodeljenih pooblastil.
In the context of the opening of procedure the Commission identified three elements of the restructuring plan which could potentially amount to state aid, the Commission must therefore examine these elements to determine if these constitute State aid.
V okviru začetka postopka je Komisija ugotovila tri elemente načrta za prestrukturiranje, ki bi lahko veljali za državno pomoč, zato mora Komisija te elemente preveriti, da bi ugotovila, ali predstavljajo državno pomoč.
Loan Guarantee
Jamstvo za posojilo
The restructuring costs of Cyprus Airways will be partially and temporarily covered by a CYP 55 million (EUR 96 million) loan granted by a commercial bank at market conditions.
Stroški za prestrukturiranje družbe Cyprus Airways se bodo delno in začasno krili s posojilom 55 milijonov CYP (96 milijonov EUR), ki ga je odobrila komercialna banka po tržnih pogojih.
As explained in the decision to open the investigative procedure, the Cypriot authorities intend to grant to Cyprus Airways a State guarantee covering this loan.
Kot je razloženo v odločbi o začetku preiskovalnega postopka, nameravajo ciprski organi družbi Cyprus Airways odobriti državno jamstvo za kritje tega posojila.
The Commission Notice on the application of Articles 87 and 88 of the EC Treaty to State aid in the form of guarantees sets out criteria which ensure that a guarantee does not constitute State aid (see paragraph 4.2).
Obvestilo Komisije o uporabi členov 87 in 88 Pogodbe ES za državno pomoč v obliki jamstev določa merila, ki zagotavljajo, da jamstvo ne pomeni državne pomoči (glej odstavek 4.2).
Two essential cumulative conditions are:
Dva bistvena kumulativna pogoja sta:
The guarantee could in principle be obtained at market conditions from the financial markets.
Jamstvo je načeloma mogoče dobiti po tržnih pogojih na finančnih trgih.
The market premium for the guarantee is paid.
Za jamstvo se plača tržna premija.
In the present case neither of these criteria is fulfilled, Cyprus Airways does not pay the state any premium for the guarantee it benefits from and, given its parlous economic situation and the fact that it had already received rescue aid, it is very unlikely that the company would have received such a guarantee on its own.
V tem primeru ni izpolnjen noben od teh pogojev; družba Cyprus Airways državi ne plača nobene premije za jamstvo, od katerega ima koristi, glede na njen nevarni gospodarski položaj in dejstvo, da je že prejela pomoč za reševanje, pa tudi ni verjetno, da bi družba sama lahko dobila takšno jamstvo.
Furthermore, the guarantee is one of State resources as it is granted directly by the State.
Poleg tega je jamstvo eden od državnih virov, ker ga neposredno odobri država.
It is directed at one company (Cyprus Airways) which is in competition with other Community airlines in particular since the entry into force of the third stage of liberalisation of air transport (‘third package’) on 1 January 1993.
Namenjeno je družbi (Cyprus Airways), ki je konkurent drugim letalskim družbam Skupnosti, zlasti od uvedbe tretje faze liberalizacije zračnega prometa („tretji paket“) 1. januarja 1993.
It will affect inter-state trade since it concerns a company involved in the activity of transport between Member States and covers the Common Market and as it may distort or threaten to distort competition inside this market.
Vplivalo bo na meddržavno trgovino, ker zadeva družbo, ki deluje na področju prometa med državami članicami in pokriva skupni trg, ter lahko izkrivlja konkurenco znotraj trga ali bi lahko predstavljalo grožnjo za izkrivljanje konkurence.
The State guarantee therefore falls to be considered a State aid within the meaning of Article 87(1) of the EC Treaty.
Državno jamstvo se zato šteje za državno pomoč v smislu člena 87(1) Pogodbe ES.
Moreover, this conclusion is accepted by the Cypriot authorities as in relation to the guarantee they have sought to fulfil the conditions established in the R & R guidelines.
To ugotovitev so sprejeli tudi ciprski organi, saj so si z jamstvom prizadevali za izpolnitev pogojev iz smernic za reševanje in prestrukturiranje.
While the initial plan provided that the Cypriot authorities would guarantee the CYP 55 million loan in full, in the course of the procedure, in order to limit aid to the minimum and to ensure a sufficient contribution of the company to cover its own restructuring costs, the authorities decided to reduce the part of the restructuring loan covered by the guarantee to a maximum of CYP 45 million.
Medtem ko je začetni načrt določal, da bodo ciprski organi v celoti jamčili za posojilo 55 milijonov CYP, so se ti med postopkom odločili za zmanjšanje dela posojila za prestrukturiranje, ki ga krije jamstvo, na največ 45 milijonov CYP, da bi omejili pomoč na najmanjšo možno in zagotovili zadosten prispevek družbe h kritju lastnih stroškov za prestrukturiranje.
In addition, the Cypriot authorities specified that the guaranteed and the non guaranteed part of the loan will be independent and in particular that there will be no subordination of the latter to the former.
Ciprski organi so tudi določili, da bosta zajamčeni in nezajamčeni del posojila med seboj neodvisna, zlasti da slednji ne bo podrejen prvemu.
This means that at least CYP 10 million of the CYP 55 million commercial loan will be obtained by the airline without any guarantee or other State intervention.
To pomeni, da bo letalska družba prejela vsaj 10 milijonov CYP od 55 milijonov CYP komercialnega posojila brez kakršnega koli jamstva ali drugega državnega posredovanja.
The Cypriot authorities have indicated that the sale of Eurocypria has been completed in August 2006 and that the company has been sold to the State for CYP 13,425 million.
Ciprski organi so navedli, da je bila prodaja Eurocyprie končana avgusta 2006 in da je bila družba prodana državi za 13,425 milijona CYP.
The Commission must therefore examine how this price has been arrived at to verify its validity and to determine if there was any State aid involved in the transaction.
Komisija mora zato preveriti, kako je bila ta cena določena, da bi potrdila njeno veljavnost in ugotovila, ali je bila v transakcijo vključena kakršna koli državna pomoč.
Paragraph 59 and following of the decision to open the investigative procedure recalls that this might be the case, in particular, if the price paid is too high in comparison to the market price of the company.
Na podlagi odstavka 59 odločbe o začetku preiskovalnega postopka bi to lahko veljalo zlasti v primeru, da je plačani znesek previsok v primerjavi s tržno ceno družbe.
In this regard, the Commission notes that this figure has been arrived at following two expert assessments carried out on behalf of both vendor and purchaser.
V zvezi s tem Komisija navaja, da je bila cena določena na podlagi dveh strokovnih ocen, opravljenih v imenu prodajalca in kupca.
Having carried out a detailed analysis of the expert valuations the Commission can conclude this price corresponds to fair market price; it also notes that the final sales price is, in any event, lower than the CYP 15 million foreseen in the restructuring plan and in the opening of the investigative procedure.
Po opravljeni natančni analizi strokovnih ocen Komisija ugotavlja, da cena ustreza pošteni tržni ceni; prav tako ugotavlja, da je končna prodajna cena v vsakem primeru nižja od 15 milijonov CYP, predvidenih v načrtu za prestrukturiranje in na začetku preiskovalnega postopka.
The Commission therefore concludes that Eurocypria's sale does not amount to State aid to Cyprus Airways because the company has not been sold at more than its true value.
Komisija zato meni, da prodaja Eurocyprie ne predstavlja državne pomoči družbi Cyprus Airways, ker družba ni bila prodana po ceni, višji od njene dejanske vrednosti.
The Commission also notes the Cypriot authorities' stated intention that that Eurocypria will be operated as a completely independent company outside of the Cyprus Airways group; the Commission considers that as Eurocypria remains government owned the risk arises that it may not be operated truly independently of its former mother company.
Komisija nadalje ugotavlja, da so ciprski organi navedli, da bo Eurocypria delovala kot popolnoma neodvisna družba zunaj skupine Cyprus Airways; Komisija meni, da obstaja nevarnost, da Eurocypria ne bo delovala povsem neodvisno od svoje nekdanje matične družbe, ker bo ostala v lasti države.
Accordingly and to address these concerns the Commission intends to impose conditions on Cyprus to ensure that the two companies are and remain separate for a sufficient period of time and that they conduct any business between them at arm's length.
Da bi Komisija rešila navedena vprašanja, namerava Cipru postaviti pogoje za zagotovitev, da sta obe družbi ločeni in tudi ostaneta ločeni dovolj dolgo ter da vsako poslovanje med njima poteka na čisto poslovni podlagi.
Capital Increase
Povečanje kapitala
A further aspect of the restructuring plan is that in mid 2007 some 18 months after the start of restructuring the capital of Cyprus Airways will be increased by some CYP 14 million.
Nadaljnji vidik načrta za prestrukturiranje je, da se sredi leta 2007, približno 18 mesecev po začetku prestrukturiranja, poveča kapital družbe Cyprus Airways za okoli 14 milijonov CYP.
It is the intention of the Cypriot authorities that this capital increase will take place in proportion to the current shareholding and that the public/private ownership ration will be maintained.
Namen ciprskih organov je povečati kapital sorazmerno s sedanjimi poslovnimi deleži ter ohraniti razmerje med javnim in zasebnim lastništvom.
This will mean that the State will contribute CYP 9,8 million (EUR 17 million or 70 %) while the other shareholders' will add CYP 4,2 million (EUR 7,3 million or 30 %).
To pomeni, da bo država prispevala 9,8 milijona CYP (17 milijonov EUR ali 70 %), drugi delničarji pa 4,2 milijona CYP (7,3 milijona EUR ali 30 %).
The Commission has therefore to determine if in this situation the public part of this proposed capital increase constitutes State aid.
Komisija mora zato ugotoviti, ali javni del predlaganega povečanja kapitala v tem primeru pomeni državno pomoč.
In doing so it bases its judgement on the ‘market economy investor principle’ an approach which has been confirmed by the jurisprudence of the Court.
Njena presoja pri tem temelji na „načelu vlagatelja v tržnem gospodarstvu“, pristopu, ki je bil potrjen s sodno prakso Sodišča.
According to the case law of the Court, to examine whether a public capital injection constitutes State aid, it is appropriate to take account of the real possibilities that the beneficiary company has to obtain equivalent financial resources in resorting to the normal capital markets.
V skladu s sodno prakso Sodišča je pri ugotavljanju, ali priliv javnega kapitala pomeni državno pomoč, primerno upoštevati dejanske možnosti, ki jih ima upravičena družba, da na običajnih kapitalskih trgih dobi enakovredna finančna sredstva.
There is no State aid when new public capital is contributed under conditions which would be acceptable for a private investor operating under normal conditions of the market economy.
Državna pomoč ne obstaja, kadar se prispeva nov javni kapital pod pogoji, sprejemljivimi za zasebnega vlagatelja, ki deluje v običajnih razmerah tržnega gospodarstva.
The behaviour of the public investor has therefore to be compared with the supposed behaviour of a private investor, such as a private holding or of a private group of companies pursuing a structural, overall or sectoral policy, and guided by prospects of long-term profitability.
Vedenje javnega vlagatelja je zato treba primerjati s predvidenim vedenjem zasebnega vlagatelja, kot je zasebno podjetje ali zasebna skupina podjetij, ki si prizadeva za strukturno, celovito ali sektorsko politiko, usmerjati pa ga morajo možnosti za dolgoročno donosnost.
Accordingly, the Commission considers that capital contributions from public funds are not State aid when private shareholders take part in the operation firstly at least proportionally to the number of their actions, secondly under conditions identical to those of the public investor and finally if the proportion of shares subscribed to by the private investors has a real economic significance; the Commission considers that parity for the participation of public and private investors is guaranteed when a commercial bank or investor has agreed to guarantee in advance and at market conditions the participation of the private investors in the capital increase, at the same conditions as those offered to the public investor.
V skladu s tem Komisija meni, da kapitalski vložki iz javnih skladov niso državna pomoč, kadar so zasebni delničarji udeleženi pri dejavnosti, prvič vsaj sorazmerno z njihovim deležem delnic, drugič pod pogoji, ki so enaki pogojem za javnega vlagatelja, in nazadnje, kadar je delež delnic zasebnih vlagateljev resnično gospodarsko pomemben; Komisija meni, da je enakopravna udeležba javnih in zasebnih vlagateljev zagotovljena, kadar se komercialna banka ali vlagatelj strinja, da vnaprej in po tržnih pogojih jamči za udeležbo zasebnih vlagateljev pri povečanju kapitala pod enakimi pogoji, kot so bili ponujeni javnemu vlagatelju.
This approach, based on the concomitance of contributions, has been regularly upheld by the Court of First instance and the ECJ .
Ta pristop, ki temelji na sočasnosti vložkov, popolnoma podpirata Sodišče prve stopnje in Sodišče Evropskih Skupnosti .
In the present case, a commercial investment bank, Cisco has agreed at market conditions to underwrite the private investors to the extent of 30 % of the proposed recapitalisation.
V tem primeru se je komercialna investicijska banka Cisco strinjala, da po tržnih pogojih vpiše 30 % delnic v okviru predlagane dokapitalizacije.
It is also specified by the Cypriot authorities that all shareholders will purchase the shares at the same value, to be determined jointly by Cyprus Airways and Cisco, and under the same market conditions as the private investors.
Ciprske oblasti so prav tako določile, da bodo vsi delničarji kupovali delnice po enaki vrednosti, ki jo skupaj določita družba Cyprus Airways in banka Cisco, ter po enakih tržnih pogojih kot zasebni vlagatelji.
In this connection, the Commission has received a copy of the letter of intent dated 14 December 2006 sent to Cyprus Airways by Cisco where the bank accepts to conclude a contract to underwrite or have underwritten the success of the recapitalisation operation.
V zvezi s tem je Komisija prejela kopijo pisma o nameri z dne 14. decembra 2006, ki ga je banka Cisco poslala družbi Cyprus Airways in v katerem je banka izrazila pripravljenost, da jamči ali je jamčila za uspešnost dokapitalizacije.
In addition, before committing itself in respect of the investment vis-à-vis private investors, Cisco has carried out a detailed study of the restructuring plan and of the operation.
Poleg tega je banka Cisco, preden se je obvezala v zvezi z naložbami zasebnih vlagateljev, izvedla natančno študijo načrta za prestrukturiranje in transakcij.
Furthermore, before concluding the final contract, as is usual market practice, it will carry out (or have carried out on its behalf) a due diligence operation which any investor should carry out before initiating the operation.
Nadalje bo pred sklenitvijo končne pogodbe, kot je običajna tržna praksa, izvedla (ali bo koga najela, da to izvede v njenem imenu) preverjanje zaradi primerne skrbnosti, ki ga morajo opraviti vsi vlagatelji, preden začnejo transakcijo.
In this way the bank surrounds itself with all the guarantees and securities enabling it to adjust its offer to the risks taken.
Na ta način banka dobi vsa jamstva in poroštva, ki ji omogočajo, da svojo ponudbo prilagodi prevzetemu tveganju.
It should be noted that this bank is not controlled, directly or indirectly, by the Member State concerned.
Pri tem je treba omeniti, da zadevna država članica te banke niti posredno niti neposredno ne nadzoruje.
The final guarantee contract with Cisco will be concluded close to the beginning of the offer period and will contain the standard provisions and undertakings in force in this type of contract and in accordance with best national and international practices.
Končna jamstvena pogodba z banko Cisco bo sklenjena tik pred začetkom obdobja ponudbe ter bo vsebovala standardne določbe in obveznosti, ki veljajo v tovrstnih pogodbah ter upoštevajo najboljše nacionalne in mednarodne prakse.
The conditions to which the conclusion of the final guarantee contract are subject may be grouped together in two blocks; the first concerns relatively standard elements with no direct influence on the Commission's assessment but only on its actual implementation.
Pogoje za sklenitev končne jamstvene pogodbe je mogoče razdeliti v dve skupini. Prva skupina se nanaša na razmeroma standardne elemente, ki ne vplivajo neposredno na oceno Komisije, ampak samo na njeno dejansko izvajanje.
They include:
Med drugim vključuje:
the absence of extraordinary events which could be detrimental to the successful completion of the operation,
odsotnost izrednih dogodkov, ki bi lahko negativno vplivali na uspešno izvedbo transakcije;
the transmission to the bank of complete information on the economic and financial situation and on the management of Cyprus Airways,
sporočilo banki s popolnimi informacijami o gospodarskem in finančnem stanju ter vodenju družbe Cyprus Airways;
the involvement of the bank in determining the procedures for the operation,
vključitev banke v pripravo postopkov za izvedbo transakcije.
On the other hand, the second block of conditions set out in the bank's letter of intent are liable to affect the assessment of the operation by the Commission; they should be analysed in detail, these mainly concern:
Druga skupina pogojev, postavljenih v pismu banke o nameri, lahko vpliva na oceno transakcije, ki jo opravi Komisija; te pogoje je treba natančno analizirati, zadevajo pa večinoma:
the fees/commissions to be charged by the bank for the operation,
provizije/pristojbine, ki jih banka prejme za izvedbo transakcije;
the agreement by both the bank and the State (Cyprus Airways ‘s principal shareholder) that they will both participate in the capital increase.
sporazum banke in države (ki je glavni delničar družbe Cyprus Airways), da bosta sodelovali pri povečanju kapitala.
So far as concerns the subscription price for the new shares, Cisco and Cyprus Airways have agreed that the price or price range for the issue of the new shares will be defined jointly in accordance with market practices in the light of the stock market conditions prevailing at the time of the launch of the operation.
Kar zadeva ceno novih delnic ob vpisu, sta se banka Cisco in družba Cyprus Airways sporazumeli, da bosta skupaj določili ceno ali okvirno ceno za izdajo novih delnic v skladu s tržnimi praksami na podlagi pogojev borznega trga, ki prevladujejo na začetku transakcije.
Cyprus has confirmed to the Commission that a single price will be charged for all the subscribers involved and that no specific discount will be granted to the guarantor.
Ciper je Komisiji potrdil, da bo za vse vlagatelje veljala enotna cena, prav tako se poroku ne bo odobril noben poseben popust.
So far as concerns, secondly, the remuneration of the banks through commissions, the latter are based on the value of the proportion of the operation (30 %) to be subscribed by the market.
Drugič, kar zadeva plačevanje banke s provizijo, temelji provizija na vrednosti deleža transakcije (30 %), vpisanega na trgu.
The Cypriot authorities have indicated that the fee to be paid to Cisco is in accordance with market principles on the main European stock markets so as to guarantee the successful completion of a comparable share placement operation.
Ciprski organi so izjavili, da je provizija, ki se plača banki Cisco, v skladu s tržnimi načeli, ki veljajo na glavnih evropskih borznih trgih, kar zagotavlja uspešno izvedbo primerljive prodaje delnic.
The Commission can conclude therefore that the transaction between Cyprus Airways and Cisco is in accordance with market conditions for this type of operation and that it does not amount to a discount on the price paid by the bank for the shares that it may be called upon to subscribe.
Komisija zato ugotavlja, da je transakcija med družbo Cyprus Airways in banko Cisco v skladu s tržnimi pogoji za tovrstne transakcije in da banka ne bi imela popusta pri ceni delnic, ki bi jih po potrebi morala vpisati.
Consequently, the fee paid to the bank does not have the effect of enabling it to participate in the operation on more favourable conditions than the State or the other shareholders.
Iz tega sledi, da provizija, ki se plača banki, tej ne omogoča, da bi sodelovala pri transakciji pod ugodnejšimi pogoji, kot veljajo za državo ali druge delničarje.