natgillin/translations-raw huggingface dataset:
On 20 December 2005 the Greek authorities submitted to the Commission updated calculations based on the definitive number of employees who had applied for the VRS.
Grški organi so 20. decembra 2005 Komisiji predložili posodobljene izračune na podlagi točnega števila zaposlenih, ki so oddali vlogo za SPU.
In updating its calculations, the Greek authorities asked the Commission also to take into account certain extra costs that had arisen due to unavoidable time delays in the initially planned launch of the implementation of the VRS (deferral costs) [14].
Pri posodobitvi izračunov so grški organi pozvali Komisijo, naj upošteva nekatere dodatne stroške, ki so nastali zaradi neizogibnih časovnih zamud pri prvotno načrtovanem začetku izvajanja SPU (odloženi stroški) [14].
DECISION TO INITIATE PROCEEDINGS UNDER ARTICLE 88(2) OF THE TREATY
ODLOČITEV O SPROŽITVI POSTOPKA NA PODLAGI ČLENA 88(2) POGODBE ES
In its decision to initiate the formal investigation, the Commission expressed doubts as to the validity of the abovementioned arguments of the Greek authorities, for the following reasons.
V svoji odločitvi o sprožitvi uradne preiskave je Komisija izrazila pomisleke o veljavnosti zgoraj navedenih dokazov, ki so jih predložili grški organi, zaradi naslednjih razlogov.
The financial contribution by the Greek State
Finančni prispevek grške države
First, the Commission questioned whether the financial contribution was provided in line with the market economy investor principle since no other investor in the company contributed financially to the early retirement scheme.
Prvič, Komisija je imela pomisleke, da je bil finančni prispevek v skladu z načelom tržno usmerjenega vlagatelja, kajti noben drug vlagatelj v družbi ni finančno prispeval k shemi predčasnega upokojevanja.
Moreover, all investors would benefit equally from the expected increase in the company’s value, without the Greek State receiving a return proportionate to its contribution.
Nadalje bi imeli vsi vlagatelji enake ugodnosti od pričakovanega povečanja vrednosti družbe, ne da bi grška država dobila sorazmerno povračilo za svoj prispevek.
Furthermore, the Greek authorities have not shown that they could expect a reasonable return from their contribution.
Grški organi tudi niso dokazali, da lahko pričakujejo razumno povračilo za svoj prispevek.
The costs of similar VRSs in the private sector
Stroški podobnih SPU v zasebnem sektorju
Second, the Commission questioned whether the Greek Government’s financial contribution was actually limited to relieving OTE of alleged extra costs compared to other operators offering redundancy/early retirement schemes to their employees.
Drugič, Komisija je imela pomisleke, da je bil finančni prispevek grške vlade dejansko omejen na oprostitev domnevnih dodatnih stroškov družbe OTE v primerjavi z drugimi podjetji, ki svojim zaposlenim ponujajo sheme za presežke delovne sile/predčasno upokojevanje.
In particular, the Commission doubted that the only example put forward by the Greek authorities, according to which a normal company would, in the context of voluntary redundancy plans, offer around twice the redundancy compensation required by law for dismissals, could be regarded as an appropriate benchmark for determining the normal costs of a company offering an early retirement scheme for around 5000 to 6000 employees who did not enjoy the special permanent employment status.
Komisija je imela zlasti pomisleke, da se lahko edini primer, ki so ga navedli grški organi, na podlagi katerega naj bi običajna družba v okviru načrtov za prostovoljno upokojitev ponudila okoli dvakrat višje nadomestilo za upokojitev zaradi presežka delovne sile, kot ga zahteva zakon ob odpustu, upošteva kot ustrezno merilo za določitev normalnih stroškov podjetja, ki ponuja shemo za predčasno upokojevanje za okoli 5000 do 6000 zaposlenih, ki nimajo posebnega statusa stalno zaposlenih.
The final cost of the VRS
Končni stroški SPU
Furthermore, the Commission expressed fears that there was a risk that the financial contribution by the Greek State, which is not fixed but will depend on the value of OTE shares at the date of the actual transfer, would exceed the thus calculated alleged extra costs to OTE.
Nadalje je Komisija izrazila skrb, da bi lahko finančni prispevek grške države, ki ni fiksen, ampak bo odvisen od vrednosti delnic družbe OTE na dan dejanskega prenosa, presegel na ta način izračunane domnevne dodatne stroške družbe OTE.
Labour-related and other advantages resulting from the legacy of the past
Z delom povezane ugodnosti in druge ugodnosti iz preteklosti
The Commission also considered that even if one were to accept that OTE bears additional costs due to the special employment status of its employees, this would not necessarily justify the State’s contribution, given that OTE might have benefited, and may continue to benefit, from other advantages which could neutralise any possible structural disadvantages.
Komisija je tudi menila, da, tudi če sprejmemo dejstvo, da OTE krije dodatne stroške zaradi posebnega zaposlitvenega statusa svojih zaposlenih, to neizogibno ne opravičuje prispevka države, ob upoštevanju, da bi lahko OTE imela (ali še naprej ima) koristi od drugih ugodnosti, kar izniči vsako morebitno strukturno težavo.
Such advantages could result from the specific employment status of OTE employees, the specific legal framework applicable to OTE or specific interventions, reducing OTE’s labour costs below the labour costs of companies subject to the generally applicable labour laws.
Take ugodnosti bi lahko izhajale iz posebnega zaposlitvenega statusa zaposlenih pri OTE, posebnega pravnega okvira, ki se uporablja za družbo OTE, ali določenih intervencij, ki vodijo k zmanjšanju stroškov dela družbe OTE pod raven stroškov dela družb, za katere se uporablja splošno veljavno delovno pravo.
References were made to a possible exemption of OTE from unemployment contributions and a relief in the past from its pension obligations.
Vloženi so bili predlogi, da bi družba lahko imela ugodnosti zaradi možne oprostitve plačila pokojninskih prispevkov in oprostitve obveznosti plačila pokojnin v preteklosti.
Finally, the Commission also questioned whether OTE derives benefits from its former monopoly position compensating for the disadvantages resulting from the extra costs of the VRS, in particular as regards its fixed telecom network.
Končno je Komisija preučila tudi, ali ima OTE ugodnosti, ki izhajajo iz njenega nekdanjega monopolnega položaja in s katerimi bi nadomestila izgubo, ki je posledica dodatnih stroškov SPU, še posebej glede njenega fiksnega telekomunikacijskega omrežja.
Comments were submitted by a law firm which has also asked for anonymity since it is involved in litigation against OTE on behalf of other operators.
Pripombe je predložila odvetniška pisarna, ki je zaprosila za anonimnost, ker je v pravdnem sporu z družbo OTE v imenu drugih podjetij.
The law firm’s main arguments can be summarised as follows.
Glavne utemeljitve odvetniške pisarne so povzete, kot je navedeno spodaj.
First, the Greek State’s contribution does not fulfil the requirements of the private investor principle since the VRS was never submitted to OTE shareholders for approval.
Prvič, prispevek grške države ne izpolnjuje zahtev načela zasebnega vlagatelja, ker SPU ni bila nikoli predložena v odobritev delničarjem OTE.
The Greek authorities had also failed to show that they could expect a reasonable return from the contribution at issue.
Grški organi tudi niso dokazali, da lahko pričakujejo razumno povračilo za svoj prispevek.
Second, it appears that every year the State covers part of the deficit of OTE’s social security fund, TAP-OTE.
Drugič, zdi se, da država vsako leto pokrije del primanjkljaja sklada za socialno varnost družbe OTE – TAP-OTE.
Third, with regard to OTE’s former monopoly advantages, the law firm takes the view that the independence of the national regulatory authority is undermined since its board is appointed by the Greek authorities, i.e. the majority shareholder of OTE.
Tretjič, glede preteklih ugodnosti družbe OTE zaradi monopolnega položaja odvetniška pisarna meni, da je neodvisnost državnega regulativnega organa ogrožena, ker upravo imenujejo grški organi, tj. večinski lastnik družbe OTE.
According to the law firm, the regulatory authority has yet to issue decisions in cases involving alleged infringements by OTE for fear of undermining the company’s financial position.
Po mnenju odvetniške pisarne mora regulativni organ še izdati odločitve v zadevah o domnevnih kršitvah družbe OTE zaradi strahu pred ogrožanjem finančnega položaja družbe.
OTE is not subject to advertisement tax (the aggeliosimo), which amounts to 20 % of the advertisement’s placement fee and which all other companies pay for advertising on any medium.
Za OTE ne velja davek na oglaševanje („aggeliosimo“), ki znaša 20 % plačila za objavo oglasa in ki ga vse druge družbe plačajo za oglaševanje v katerem koli sredstvu javnega obveščanja.
The value of this subsidy is estimated at EUR 20 million per year.
Vrednost te subvencije se ocenjuje na 20 milijonov EUR na leto.
Finally, through control of the public fixed line network, OTE has engaged in a series of anticompetitive and abusive practices in the electronic communications markets that have not always been remedied by the regulatory authority.
Končno, v okviru nadzora javnega fiksnega linijskega omrežja je družba OTE sodelovala v nekaterih nekonkurenčnih in protipravnih praksah na trgih elektronskih komunikacij, ki jih regulativni organ ni vedno odpravil.
The law firm accordingly requests that the aid be subject to conditions that address the above issues.
Skladno s tem odvetniška pisarna zahteva, da je pomoč predmet pogojev, ki obravnavajo zgoraj navedena vprašanja.
V. THE REPLY BY THE GREEK AUTHORITIES
V. ODGOVOR GRŠKIH ORGANOV
The Greek authorities reiterated their main argument that, in line with the Combus judgment, the contribution of the Greek State to the costs of the VRS does not confer any economic advantage on OTE, first because the contribution does not mitigate the normal employment-related budgetary burdens of OTE, and second because it covers solely the removal of a structural disadvantage of a former public undertaking.
Grški organi so ponovno navedli glavno utemeljitev, da v skladu s sodbo Combus prispevek grške države k stroškom SPU ne dodeljuje gospodarskih ugodnosti družbi OTE, prvič, ker prispevek ne ublaži običajnih proračunskih obremenitev za zaposlovanje družbe OTE in drugič, ker zajema samo odpravo strukturnih težav nekdaj javne družbe.
The Greek authorities consider in particular that the permanent status of OTE employees constitutes a major burden for the company and a structural obstacle for its further privatisation [15].
Grški organi menijo, da status stalno zaposlenih pri OTE pomeni še posebej veliko obremenitev za družbo in strukturno oviro za njeno nadaljnjo privatizacijo [15].
Where the State’s contribution cannot be justified as compensation for a structural disadvantage or be considered to fulfil the requirements of the private investor principle, the contribution could still be deemed compatible under Article 87(3)(c) of the Treaty on the basis of the principles derived from the EDF decision [16] and those applicable to the stranded costs in the energy field [17].
Kadar se prispevek države ne more upravičiti kot nadomestilo za strukturne težave ali kadar se ne more upoštevati, da ta prispevek izpolnjuje zahteve načela zasebnega vlagatelja, se ta prispevek še vedno šteje kot združljiv s členom 87(3)(a) Pogodbe ES na podlagi načela iz Odločbe EDF [16] in odločb, ki se uporabljajo za nasedle naložbe na področju energetike [17].
In their reply the Greek authorities submitted a number of reports drawn up by independent experts that have been used to (a) calculate and certify the overall cost of the VRS (KPMG has audited OTE’s 2005 financial results and certified the total cost of the VRS), (b) calculate the cost of permanency and the cost of higher salaries for OTE’s employees by using the appropriate benchmark in Greece (CRA International and the Hay Group undertook the relevant studies), and (c) describe the labour regulatory framework in Greece applicable to private undertakings in general and to OTE in particular (study by Mr Levantis, professor of labour law at the University of Athens).
V odgovor so grški organi posredovali številna poročila neodvisnih strokovnjakov, ki so se uporabila za (a) izračun in potrditev celotnih stroškov SPU (KPMG je za družbo OTE revidirala finančne rezultate za leto 2005 in potrdila celotne stroške SPU), (b) izračun stroškov za status stalno zaposlenih in stroškov višjih plač za zaposlene pri OTE z uporabo ustrezne primerjalne analize v Grčiji (ustrezne raziskave sta opravili CRA International in Hay Group) in (c) opis regulativnega okvira za delovno pravo v Grčiji, ki velja za zasebna podjetja na splošno in posebno za OTE (raziskava g. Levantisa, profesorja delovnega prava na atenski univerzi).
The Greek authorities’ main line of argument can be summarised as follows.
Glavne utemeljitve grških organov so povzete, kot je navedeno spodaj.
The necessity for a VRS
Potreba po SPU
In response to the Commission’s reservations as to whether other means could have been used to restructure OTE, the Greek authorities underlined that the Greek Constitution provides explicitly for the protection of labour rights deriving from collective employment agreements in force.
Grški organi v odgovor na pomisleke Komisije glede tega, ali bi lahko bila za prestrukturiranje OTE uporabljena druga sredstva, poudarjajo, da grška ustava izrecno predvideva varstvo delovnih pravic iz veljavnih kolektivnih sporazumov o zaposlitvi.
Thus, a mandatory redundancy scheme that might have been imposed by law in order to put an end to the permanent status of OTE employees could not be implemented, for it would inevitably result in numerous lawsuits on constitutional, labour and social security law grounds, thus defeating the whole objective of the restructuring of OTE personnel [18].
Tako obvezne sheme za presežke delovne sile, ki bi lahko bila uvedena po zakonu, s katero bi se ukinil status stalno zaposlenih pri OTE, ni bilo možno uporabiti, ker bi neizogibno povzročila številne tožbe na podlagi ustavnega in delovnega prava ter prava socialne varnosti in na ta način ne bi dosegla cilja prestrukturiranja zaposlenih pri OTE [18].
The costs of the VRS
Stroški SPU
In their reply, the Greek authorities confirmed that out of 6070 eligible employees, OTE finally received applications from 5494 employees (91 % take-up).
V odgovoru so grški organi potrdili, da je družba OTE prejela 5494 vlog zaposlenih od 6070 upravičencev (91-odstotno sodelovanje).
The beneficiaries of the VRS are further divided in two sub-groups: (a) 4859 who will qualify for the recognition of ‘notional’ years — this group is covered by the present VRS — and (b) 635 employees who are close to retirement (i.e. who are entitled to full pension rights but who have not reached the mandatory retirement age) who will receive supplementary retirement incentives to leave [19] — this group is covered by the ‘regular’ VRS.
Upravičenci SPU se nadalje delijo na dve podskupini: (a) 4859 zaposlenih izpolnjuje pogoje za „hipotetična leta“ – to skupino krije trenutna SPU – in (b) 635 zaposlenih, ki so pred upokojitvijo (tj. zaposleni so upravičeni do celotnih pokojninskih pravic, ampak še niso dopolnili zahtevane starosti) in bodo prejeli dodatno spodbudo za upokojitev [19] – to skupino krije „splošna“ SPU.
The overall nominal costs of the VRS have been audited and verified by KPMG, the auditors of OTE.
KPMG, revizorji družbe OTE, so revidirali in potrdili splošne nominalne stroške SPU.
These are the costs audited in OTE’s 2005 International Financial Reporting Standards (IFRS) Statements [20].
Stroški so revidirani v Računovodskih izkazih v skladu z mednarodnimi standardi računovodskega poročanja (MSRP) [20] za leto 2005 družbe OTE.
Part of the VRS cost, i.e. the cost of the one-off VRS payments, has been calculated by Prudential, an independent employee benefits consulting firm.
Del stroškov SPU, tj. stroške enkratnih plačil SPU, je izračunalo neodvisno svetovalno podjetje za ugodnosti zaposlenih Prudential.
Prudential carried out an actuarial study pursuant to Article 74 of Law No 3371/2005.
Prudential je opravilo zavarovalno-tehnično študijo v skladu s členom 74 Zakona št. 3371/2005.
The Greek authorities further commissioned a report by a global management consultancy, the Hay Group, which confirmed that the legal redundancy compensation package factor of 1,5 times was a reasonable benchmark for calculating the compensation package that an undertaking would under normal circumstances offer its employees to leave the company.
Grški organi so tudi naročili poročilo pri svetovalnem podjetju za globalno vodenje Hay Group, ki je potrdilo, da je 1,5-kratni faktor paketa za nadomestilo za upokojitev zaradi presežka delovne sile ustrezno merilo za izračun nadomestila, ki bi ga podjetje ponudilo svojim zaposlenim za odhod iz podjetja v običajnih okoliščinah.
Based on the above Hay Group report, another international economics and antitrust consultancy, Charles River Associates International (CRA International), compiled a final report in which it calculated the extra costs incurred by OTE as compared to its private sector competitors, i.e. the cost of permanency and the cost of higher salaries.
Na podlagi zgoraj omenjenega poročila podjetja Hay Group je končno poročilo izdelala še eno svetovalna družba za mednarodno gospodarstvo in antitrust, Charles River Associates International (CRA International), v katerem je izračunala dodatne stroške, ki jih ima OTE v primerjavi s tekmeci iz zasebnega sektorja, tj. stroške stalnega statusa in stroške višjih plač.
The main findings of the individual reports can be summarised as follows.
Glavne ugotovitve posameznih poročil so povzete, kot je navedeno spodaj.
The KMPG 2005 IRFS Certificate: the nominal value of the VRS
Certifikat MSRP za leto 2005 KMPG: nominalna vrednost SPU
According to OTE’s certified accounts for 2005, the estimated total cost of the VRS in terms of payments amounts to EUR 1161827920. The net present value (NPV) of the VRS is estimated at EUR 939607196 [21].
V skladu s potrjenim obračunom družbe OTE za leto 2005 znašajo ocenjeni celotni stroški SPU v smislu plačil 1161827920 EUR. Čista sedanja vrednost (NPV – net present value) SPU je ocenjena na 939607196 EUR [21].
This sum is the result of reducing the nominal value of the VRS using a discount rate of 3 %, which reduces the nominal amount by EUR 67,7 million [22], and excluding the sum of EUR 154,4 million which relates to indemnities that have already been provisioned for in the 2004 financial accounts of OTE (1161,8 – 67,7 – 154,4 = 939,6).
Znesek je posledica znižanja nominalne vrednosti SPU zaradi uporabe 3-odstotne diskontne stopnje, ki nominalni znesek zniža za 67,7 milijona EUR [22], in izvzetja zneska 154,4 milijona EUR, ki se nanaša na odškodnine, že prikazane v finančnih izkazih družbe OTE za leto 2004 (1161,8 – 67,7 – 154,4 = 939,6).
The certified NPV of the VRS (EUR 939,6 million) does not, however, take account of the tax benefits accruing to OTE under the corporate tax law (see below the CRA report).
Potrjena čista sedanja vrednost SPU (939,6 milijonov EUR) ne upošteva davčnih ugodnosti za OTE v okviru zakona o davku od dohodka pravnih oseb (glej spodaj Poročilo družbe CRA).
The Hay Group report: comparisons with other VRSs in Greece and the EU
Poročilo svetovalnega podjetja Hay Group: primerjava z drugimi SPU v Grčiji in EU
The Hay Group report collected data from various companies in Greece and in the rest of Europe that had experienced a downsizing process over the past years.
V poročilu podjetja Hay Group so zbrani podatki o različnih podjetjih v Grčiji in Evropi, ki so v preteklih letih imela izkušnje z racionalizacijo.
It surveyed more than 40 different organizations that are Greek-owned or local operations of multinational companies.
Podjetje je preiskalo več kot 40 različnih organizacij, ki so v grški lasti, ali lokalne izpostave večnacionalnih podjetij.
The Hay report confirms the assumptions made by the Greek authorities in its earlier submissions, namely that: (a) there is no early retirement scheme in Greece or elsewhere in Europe that is comparable to OTE’s (that is, a VRS that accommodates ‘structural’ costs like those of OTE, such as permanency and fixed high salaries), and (b) the average severance packages in the case of a normal VRS undertaken by a private company are indeed 1,5 times the indemnity provided by law, in particular as regards the age group of 51 years [23].
Poročilo podjetja Hay Group potrjuje predpostavke grških organov iz njihovih predhodnih predložitev, da (a) v Grčiji ali drugod po Evropi ni sheme za predčasno upokojevanje, ki bi bila skladna s shemo družbe OTE (to je SPU, ki izravnava „strukturne“ stroške, kot so stroški OTE – stroški zaradi statusa stalno zaposlenih in fiksno visokih plač) in (b) povprečna odpravnina v primeru običajne SPU v zasebnem podjetju je dejansko 1,5-krat večja kot odpravnina, ki jo zagotavlja zakon, še posebno pri starostni skupini 51 let [23].
The CRA report: calculating OTE’s extra costs
Poročilo CRA: izračun dodatnih stroškov družbe OTE
On the basis of the above studies, CRA International has calculated the NPV of the costs that OTE will incur for a total of 5494 employees as a result of implementing the VRS.
Na podlagi zgoraj omenjenih študij je CRA International izračunala NPV stroškov, ki jih bo OTE imela za 5494 zaposlenih zaradi uvedbe SPU.
In computing the NPV of the VRS a key issue was the use of an appropriate discount rate.
Uporaba diskontne stopnje je bila ključnega pomena pri izračunu čiste sedanje vrednosti SPU.
CRA International acknowledges that a fundamental principle of modern finance is that the discount rate applied to any stream of cash flow should reflect the level of systematic risk inherent in the cash flow stream.
CRA International potrjuje, da je temeljno načelo sodobnih financ, da mora diskontna stopnja, ki jo uporabimo za katerokoli smer denarnega toka, odražati stopnjo sistematičnega tveganja, ki je del smeri denarnega toka.
According to CRA International, it is appropriate to use the company’s weighted average cost of capital (WACC), which is used by economists in most cases [24].
Po CRA International je ustrezno uporabiti tehtano povprečje stroškov kapitala, ki ga ekonomisti uporabljajo v večini primerov [24].
However, CRA International takes the view that in the present case, the contribution of systematic costs to the costs arising from the VRS is small to insignificant.
Vendar pa CRA International meni, da je v zadevnem primeru prispevek sistematičnih stroškov k stroškom, ki izhajajo iz SPU, majhen ali nepomemben.
This is because (a) the evolution of salaries of OTE employees follow a strict scale that significantly reduces the uncertainties about salary variations over time, and (b) any uncertainty that may persist is not correlated to OTE’s performance (the annual increase in the salary grid is not correlated to OTE’s overall economic performance).
Vzrok temu je, da (a) razvoj plač zaposlenih pri OTE sledi strogi lestvici, ki sčasoma zmanjša negotovosti glede variacij plač in (b) kakršna koli trajna negotovost ni povezana z uspešnostjo družbe OTE (letni dvig plač ni povezan s celotno gospodarsko uspešnostjo podjetja OTE).
Thus, according to CRA International, the appropriate discount rate should reflect the available return on risk-free securities.
Po mnenju CRA International naj bi ustrezna diskontna stopnja odražala razpoložljiv donos od netveganih vrednostnih papirjev.