natgillin/translations-raw huggingface dataset:
In 2003 it had about 800 employees and it is one of the bigger employers in the wood and furniture sector in Slovenia.
Leta 2003 je imela okoli 800 zaposlenih in je ena od družb, ki v slovenskem lesnem in pohištvenem sektorju zaposlujejo največ delavcev.
The company has holdings in two companies, Novoles-Primara, d.o.o. (100 %) and Pohištvo Brežice, d.d.
Družba ima deleže v dveh družbah, Novoles-Primara, d.o.o (100 %) in Pohištvo Brežice, d.d.
Slovenia submitted that both those companies were also in poor financial condition.
Slovenija je predložila, da sta tudi ti dve družbi v slabem finančnem stanju.
While the former generated a very small profit in 2003, the latter made a loss.
Čeprav je prva družba v letu 2003 ustvarila zelo majhen dobiček, pa je druga družba izkazovala izgubo.
The company is owned by a number of natural and legal persons.
Družba je v lasti več fizičnih in pravnih oseb.
However, ownership is so widely spread that none of them is able to exercise control over the company to the extent that it could be considered as part of a larger group.
Vendar so te tako široko razpršene, da nobena od oseb nima takega nadzora nad družbo, da bi lahko družbo šteli za del večje skupine.
In fact the biggest shareholders are employees and former employees, who are not linked by any kind of share agreement and who hold 22,3 %.
V resnici so največji delničarji zaposleni in bivši zaposleni, ki jih ne povezuje noben delničarski sporazum in ki imajo v lasti 22,3 %.
Besides that, a number of ‘PIDs’ hold a total of 33,4 %.
Poleg tega ima več PID-ov skupaj v lasti 33,4 %.
However, the Commission understands that these PID investment funds are merely administrative bodies managing the shares of private shareholders.
Vendar pa Komisija razume, da so ti investicijski skladi PID zgolj administrativni organi, ki upravljajo deleže zasebnih delničarjev.
These shareholdings are the result of the privatisation of ‘social capital’ in Slovenia, i.e. the concept that companies belonged to everybody.
To lastništvo delnic je posledica privatizacije „družbenega kapitala“ v Sloveniji, tj. koncepta, da so bila podjetja last vseh.
Ownership of this social capital was transformed by issuing ownership certificates to citizens, who could exchange them for shares.
Sprememba lastništva družbenega kapitala se je odvijala z izdajo lastninskih certifikatov državljanom, ki so jih lahko zamenjali za delnice.
PIDs were formed to enable citizens to participate in this transformation of ownership by exchanging the certificates into shares.
PID-i so bili oblikovani zato, da bi državljanom omogočili sodelovanje v tej spremembi lastništva z zamenjavo certifikatov za delnice.
The Slovenian authorities confirmed that the PIDs have no resources available to help the company overcome its difficulties.
Slovenski organi so potrdili, da PID nima na razpolago sredstev, ki bi družbi pomagala premostiti težave.
Financial situation of the beneficiary
Finančno stanje prejemnika
The company's poor financial situation stems from the fact that it lost a significant amount of its registered capital of SIT 1,262 billion (about EUR 5,3 million [4]), which had fallen to SIT 0,75 billion in April 2004.
Slabo finančno stanje družbe izhaja iz tega, da je družba izgubila velik znesek svojega registriranega osnovnega kapitala, ki je znašal 1,262 milijarde SIT (okoli 5,3 milijona EUR [4]), aprila 2004 pa le še 0,75 milijarde SIT.
The main financial and operating indicators taken from its balance sheet, income statement and cash flow statement are indicated in the following table:
Glavni finančni in poslovni kazalci, ki izhajajo iz bilance stanja, izkaza poslovnega izida in izkaza denarnih tokov, so navedeni v naslednji tabeli:
Financial indicators for Novoles Straža
Finančni kazalci za družbo Novoles Straža
Net sales revenue
Čisti prihodek iz prodaje
Claims
Terjatve
Profit (Loss)
Dobiček (Izguba)
Debt ratio
Stopnja zadolženosti
The Slovenian authorities explained that the company's losses stem mainly from the failure to meet its sales plan while on the other hand its financial costs increase.
Slovenski organi so pojasnili, da so izgube družbe predvsem posledica neuresničitve njenega prodajnega načrta, ob tem, da se po drugi strani višajo njeni finančni stroški.
This is evidenced by the fact that the company's debt ratio was constantly increasing and by the increase in average inventories.
To dokazuje dejstvo, da se je stopnja zadolženosti družbe neprestano večala, prav tako pa tudi povprečne zaloge.
In response to the opening of the procedure, the Slovenian authorities explained that the volume of sales had also decreased from 2000 to 2001 and from 2002 to 2003, while the increase in 2002 was due to extraordinary events, i.e. construction work in Croatia (equipping large hotel complexes), the introduction of a new furniture range and the inclusion of revenues from two subsidiaries, which were integrated into Novoles on 1 January 2003.
Kot odgovor na sprožitev postopka so slovenski organi pojasnili, da se je tudi obseg prodaje dejansko manjšal od leta 2000 do 2001 in od leta 2002 do 2003, medtem ko je bilo povečanje v letu 2002 posledica izjemnih dogodkov, tj. nekaterih gradbenih del na Hrvaškem (opremljanje velikih hotelskih kompleksov), uvedbe novega pohištvenega programa in prikaza prihodkov dveh odvisnih družb, ki so se združile z Novolesom 1. januarja 2003.
Furthermore, the Slovenian authorities furnished the Commission with documentary evidence that the company was unable to obtain a sufficient amount of fresh capital from the capital markets.
Poleg tega so slovenski organi Komisiji predložili dokumentirano dokazilo, da družba ni mogla pridobiti zadostne količine svežega kapitala na kapitalskih trgih.
In particular, banks rejected Novoles Straža's application for new funds because it had a poor credit worthiness and insufficient security to make up for such a poor standing.
Zlasti banke so zavrnile prošnjo družbe Novoles Straža za nova sredstva zaradi njene slabe kreditne sposobnosti in nezadostnih jamstev, ki bi lahko nadomestila tako slabo boniteto.
Even a State guarantee covering 65 % of the amount requested was considered insufficient.
Celo državno poroštvo v višini 65 % želenega zneska ni zadostovalo.
Restructuring programme
Program prestrukturiranja
In order to overcome its difficulties, in April 2004 Novoles Straža presented the Ministry of Economy with a restructuring plan from March 2004 concerning a restructuring period from 2004 to 2008.
Da bi premostila svoje težave, je družba Novoles Straža aprila 2004 Ministrstvu za gospodarstvo predložila načrt prestrukturiranja iz marca 2004 za obdobje od leta 2004 do 2008.
The plan cites as the reason for the current situation the decline of economic growth in its main export markets (in particular Germany and USA), where it sold 60 % of its products.
V načrtu je kot razlog za zdajšnje stanje naveden padec gospodarske rasti na glavnih izvoznih trgih (zlasti v Nemčiji in ZDA), kjer je družba prodajala 60 % svoje proizvodnje.
Moreover, demand for intermediate products had fallen.
Poleg tega se je zmanjšalo povpraševanje po polizdelkih.
The fall in revenues in 2003 culminated in the company's inability to settle liabilities from its own resources and hence in an increase in debts and financial charges.
Upad prihodkov je v letu 2003 dosegel vrhunec, tako da družba ni bila sposobna poravnavati obveznosti iz lastnih sredstev, zaradi česar so se dolgovi in finančna bremena še povečali.
Moreover, the company's organisational structure did not enable it to tailor production to demand.
Poleg tega organizacijska struktura podjetja ni omogočila proizvodnje, ki bi bila skladna s povpraševanjem.
In order to overcome its difficulties, a financial restructuring operation was envisaged — and has since taken place — aiming at transformation of mortgage-backed short-term loans of SIT 1669940776 into long-term liabilities with the help of a State guarantee of SIT 1,1 billion for some loans which were 65 % mortgage-backed, while the remaining refinancing of SIT 569940776 was financed without state aid but with a mortgage ratio of more than 100 % of nominal value.
Za premostitev težav je bilo predvideno finančno prestrukturiranje, ki se je medtem že zgodilo, s ciljem preoblikovanja hipotekarno zavarovanih kratkoročnih posojil v višini 1669940776 SIT v dolgoročne obveznosti s pomočjo državnega jamstva v višini 1,1 milijarde SIT za nekatera posojila, ki so bila 65 % hipotekarno zavarovana, preostalo refinanciranje v višini 569940776 SIT pa je bilo financirano brez državne pomoči, pri čemer je hipotekarni delež znašal več kot 100 % nominalne vrednosti.
Moreover, Novoles Straža aims to redirect its activities as follows:
Poleg tega namerava družba Novoles Straža preusmeriti svoje dejavnosti, in sicer:
A change in its marketing strategy, consisting of a partial switch from the EU and North American markets towards the markets of Eastern Europe and Russia.
Spremenila bo prodajno strategijo tako, da se bo delno preusmerila s trgov EU in severnoameriških trgov zlasti na vzhodnoevropski in ruski trg.
The Slovenian authorities have provided evidence of several sales projects commencing inter alia in Russia, Slovakia and Serbia.
Slovenski organi so posredovali dokaze o več prodajnih projektih, ki se začenjajo med drugim v Rusiji, na Slovaškem in v Srbiji.
Sales to foreign markets will increase to 77 % in 2008 compared with 70 % in 2004, with sales to Eastern European markets accounting for 8 % (compared with 0 %).
Prodaja na tuje trge se bo v letu 2008 povečala na 77 %, medtem ko je leta 2004 znašala 70 %, prodaja na vzhodnoevropske trge pa bo znašala 8 % (prej 0).
A reduction in the proportion of intermediate products in favour of final products.
Znižala bo delež polizdelkov v korist končnih izdelkov.
Finished products will account for 33 % in 2008 (compared with 26 % in 2003) and own brand products will account for 26 % in 2008 (compared with 20 % in 2003) while intermediate products will decline from 41 % to 31 % in 2008.
Končni izdelki bodo v letu 2008 predstavljali 33 % proizvodnje (v letu 2003 26 %), izdelki pod lastno blagovno znamko bodo v letu 2008 predstavljali 26 % proizvodnje (v letu 2003 20 %), delež polizdelkov pa se bo v letu 2008 znižal z 41 % na 31 %.
Intermediate products will, nevertheless, remain an important part of production, but will not consist solely of plywood, thereby increasing the value added.
Kljub temu bodo polizdelki ostali pomemben del proizvodnje, ne bodo pa jih predstavljale le vezane plošče, s čimer se bo povečala dodana vrednost.
The company's advantage here lies in its production of smaller quantities for a known producer.
Prednost družbe na tem področju je v njeni proizvodnji manjših količin za znanega proizvajalca.
In addition, the redirection is accompanied by technological restructuring aimed at more cost-efficient production and the adaptation of technological equipment to demand-driven production which also meets ecological standards.
Preusmeritev bo poleg tega spremljalo tehnološko prestrukturiranje s ciljem, da se doseže stroškovno učinkovitejša proizvodnja in prilagoditev tehnološke opreme proizvodnji na podlagi povpraševanja, ki poleg tega izpolnjuje tudi okoljske standarde.
Investments amounting to SIT 1455 million (EUR 6,06 million) are envisaged, focusing in particular on measures to increase productivity, improve working conditions, improve the use of materials, save energy and meet ecological standards.
Predvidene so naložbe v višini 1455 milijonov SIT (6,06 milijona EUR), ki bodo namenjene zlasti ukrepom za povečanje produktivnosti, izboljšanje delovnih pogojev, izboljšanje uporabe materiala, varčevanje z energijo in izpolnjevanje okoljskih standardov.
The Slovenian authorities have provided the Commission with a table of investments, which comprise measures such as modernising the plywood profit centre, introducing a computer-controlled drying process, modernising production at the new product range profit centre, overhauling the energy system and introducing a new information system.
Slovenski organi so Komisiji predložili spisek naložb, ki ga sestavljajo ukrepi, kot je posodobitev profitnega centra vezanih plošč, uvedba računalniško vodenega procesa sušenja, posodobitev proizvodnje v profitnem centru novih proizvodov, remont energetskega sistema in uvedba novega informacijskega sistema.
The Slovenian authorities have indicated some delays in the implementation of some of the key investments, such as production at the new product range profit centre or the overhaul of the energy system, due to lack of funds (these investments were mainly to be financed by own resources).
Slovenski organi so navedli nekaj zamud pri izvajanju nekaterih ključnih naložb, kot je proizvodnja v profitnem centru novih proizvodov ali remont energetskega sistema, zaradi pomanjkanja sredstev (te naložbe naj bi se v glavnem financirale z lastnimi sredstvi).
Finally, personnel restructuring will aim at reducing the workforce by 96 employees and providing special and general training for the remaining employees.
Končno, cilj prestrukturiranja zaposlenih bo zmanjšanje števila zaposlenih za 96 delavcev, za preostale zaposlene pa bo družba izvedla posebno in splošno usposabljanje.
The costs of SIT 537 million will be covered partly by a subsidy of SIT 283 million (EUR 1,2 million).
Stroške v višini 537 milijonov SIT bo deloma krila s subvencijo v znesku 283 milijonov SIT (1,2 milijona EUR).
Slovenia presented five-year business projections indicating that the restructuring plan would enable Novoles Straža to restore viability.
Slovenija je predstavila petletne projekcije poslovanja, ki kažejo, da bi načrt prestrukturiranja družbi Novoles Straža omogočil ponovno vzpostavitev rentabilnosti.
The Slovenian authorities have provided the Commission with data in support of the sales forecasts.
Slovenski organi so Komisiji posredovali podatke, s katerimi utemeljujejo napovedi prodaje.
First, the projections took into account growth from 2005 to 2007 of around 10 % in the Western European markets and around 20 % in the Eastern European markets [5].
V projekcijah je najprej upoštevana okoli 10-odstotna rast prodaje na zahodnoevropske trge od leta 2005 do 2007 in okoli 20-odstotna rast prodaje na vzhodnoevropske trge [5].
Second, they factored in the shift of production from intermediate products to finished products (59 % finished products rather than 46 %).
Drugič, upoštevana je preusmeritev s proizvodnje polizdelkov na končne izdelke (59 % končnih izdelkov namesto 46 %).
On the basis of these assumptions, together with sales executives’ forecasts based on information obtained at trade fairs, through agents and directly from buyers, Novoles Straža has produced a sales plan for the period 2004 to 2008.
Na podlagi teh predvidevanj in skupaj z napovedmi vodilnih delavcev na področju trženja, ki temeljijo na informacijah, pridobljenih na trgovinskih sejmih, od zastopnikov in neposredno od kupcev, je družba Novoles Straža oblikovala prodajni načrt za obdobje 2004 do 2008.
On the basis of realistic forecasts, it is projected that, over the period 2003-08, annual growth will be between 3,6 % and 5,7 % in domestic sales and 6,5 % to 8,4 % in foreign sales.
Na podlagi realističnih predvidevanj se v obdobju 2003–2008 predpostavlja od 3,6- do 5,7-odstotna letna rast domače prodaje in 6,5- do 8,4-odstotna letna rast prodaje v tujini.
Consequently, the restructuring will result in an operating margin of 11,7 % in 2008.
Prestrukturiranje naj bi tako v letu 2008 doseglo 11,7-odstotni presežek iz poslovanja.
The operating profit in relation to equity capital will increase to 12,6 % in 2008.
Dobiček iz poslovanja v primerjavi z lastniškim kapitalom se bo v letu 2008 povečal na 12,6 %.
Costs and financing of restructuring
Stroški prestrukturiranja in financiranje
The table below gives an overview of the financing of the restructuring costs:
Pregled financiranja stroškov prestrukturiranja je podan v spodnji tabeli:
Financing required (in SIT 000)
Potrebna sredstva (v 000 SIT)
Guarantee
Jamstva
Marketing and development restructuring
Tržno in razvojno prestrukturiranje
Technological restructuring
Tehnološko prestrukturiranje
Personnel restructuring
Kadrovsko prestrukturiranje
The company received state aid totalling SIT 1583 million (EUR 6,6 million), however apparently only at the end of 2004 and not as planned in mid-2004.
Družba je prejela državno pomoč v skupnem znesku 1583 milijonov SIT (6,6 milijona EUR), vendar kot kaže, šele konec leta 2004 in ne sredi leta 2004, kot je bilo načrtovano.
The main support consists of a State guarantee for four loans totalling SIT 1,3 billion, which enable Novoles Straža to reschedule its existing debt.
Glavna pomoč je dana v obliki državnega jamstva za štiri posojila v skupnem znesku 1,3 milijarde SIT, ki družbi Novoles Straža omogočajo reprogramiranje obstoječega dolga.
The deadline for repayment is seven years, including a two year moratorium.
Rok odplačila je sedem let, vključno z dvoletnim moratorijem.
Thereafter the interest rate is 4,5 %, including a lumpsum payment amounting to 0,1 % for concluding and managing the credit transaction.
Obrestna mera torej znaša 4,5 %, vključno s plačilom v enkratnem znesku za sklenitev in vodenje kreditne transakcije v višini 0,1 %.
The guarantee will cover 100 % of the loans and will be additionally secured by a mortgage of at least 65 %.
Jamstvo bo pokrivalo 100 % posojil in bo dodatno zavarovano s hipoteko v višini najmanj 65 %.
Slovenia submits that SIT 2385 million of the restructuring costs is financed from the company's own funds.
Slovenija je predložila, da se 2385 milijonov SIT stroškov prestrukturiranja financira iz lastnih sredstev družbe.
However, the Commission considers it appropriate to add another SIT 569 million from the private financing of the loans (amounting to 8,5 %).
Vendar pa Komisija meni, da bi bilo primerno dodati dodatnih 569 milijonov SIT iz zasebnega financiranja posojil (v višini 8,5 %).
Some of the own funds were to be generated by disinvestments (SIT 1323 million, i.e. 30,5 %) and by amortisation and depreciation (29,76 %).
Nekaj lastnih sredstev naj bi se ustvarilo z dezinvesticijami (1323 milijonov SIT, tj. 30,5 %) in z amortizacijo (29,76 %).
The Slovenian authorities have provided the Commission with a detailed list of the disinvestments.
Kar zadeva odprodajo sredstev, so slovenski organi Komisiji posredovali podroben seznam dezinvesticij.
While around SIT 300 million was already disinvested in 2005, further divestments were planned (and have been partly realised) for 2006 (around SIT 600 million) and for 2007 and 2008 (SIT 450 million).
Okoli 300 milijonov SIT je že bilo realiziranih v letu 2005, za leto 2006 so bile načrtovane (in delno uresničene) dodatne dezinvesticije za okoli 600 milijonov, za leti 2007 in 2008 pa za 450 milijonov.
Market situation and compensatory measures
Razmere na trgu in izravnalni ukrepi
Novoles Straža produces the following products, for which its market shares in the EU-25 are as follows:
Novoles Straža proizvaja naslednje proizvode, za katere njen tržni delež na ravni EU-25 znaša:
2003 market share
Tržni delež 2003
2005 market share
Tržni delež 2005
Plywood [7]
Vezane plošče [7]
Chairs and parts [8]
Stoli in njihovi deli [8]
Furniture and parts [9]
Pohištvo in njegovi deli [9]
Other aid
Druga pomoč
Correcting the figures quoted in the decision opening the procedure, the Slovenian authorities stated that Novoles Straža did indeed benefit from favourable loans in 2004, but that these loans, granted from public and private sources for environmental purposes, amounted to only SIT 115,2 million (EUR 0,48 million) and had a net grant equivalent of SIT 14,9 million (EUR 62000).
Slovenski organi so popravili številke, omenjene v odločitvi o sprožitvi postopka, in izjavljajo, da je družba Novoles Straža v letu 2004 sicer res prejela ugodna posojila, vendar le posojila iz javnih in zasebnih virov za okoljske namene v znesku 115,2 milijona SIT (0,48 milijona EUR), katerih neto protivrednost nepovratnih sredstev naj bi znašala 14,9 milijona SIT (62000 EUR).
This aid was given under the ‘Environmental Investment Cofinancing’ scheme and approved in February 2004.
Ta pomoč je bila dodeljena v okviru sheme „Sofinanciranje okoljskih naložb“ in je bila odobrena februarja 2004.
Slovenia also reported that the aid received in 1999 consisted only of SIT 18,1 million (EUR 75000) in interest rate subsidies, SIT 11,5 million (EUR 48000) in employment aid, SIT 3,6 million (EUR 15000) in aid for research and development and SIT 1,1 million (EUR 4600) in export aid.
Slovenija tudi poroča, da je družba v letu 1999 prejela le 18,1 milijona SIT (75000 EUR) pomoči za subvencioniranje obrestne mere, 11,5 milijona SIT (48000 EUR) pomoči za zaposlovanje, 3,6 milijona SIT (15000 EUR) pomoči za raziskave in razvoj ter 1,1 milijona SIT (4600 EUR) izvozne pomoči.
The first aid mentioned in the previous paragraph, which was originally assumed to be restructuring aid, was merely an interest rate subsidy granted because interest rates in Slovenia were relatively high compared to foreign interest rates.
Prva pomoč, omenjena v prejšnjem odstavku, za katero se je prvotno domnevalo, da gre za prestrukturiranje, je bila le ukrep subvencioniranja obrestne mere, glede na to, da so bile obrestne mere v Sloveniji razmeroma visoke v primerjavi s tujimi obrestnimi merami.
In fact, one of the conditions for benefiting from the programme was that the companies had to have an A, B, C or D credit rating and were not allowed to be in bankruptcy proceedings.
Pravzaprav je bil eden od pogojev, da so podjetja lahko koristila program, uvrstitev podjetja v bonitetni razred A, B, C ali D in da niso v stečajnem postopku.
The company furnished proof that it had an A/B rating at that time.
Družba je predložila dokazilo, da je bila v tistem obdobju uvrščena v bonitetni razred A/B.
REASONS FOR OPENING THE PROCEDURE UNDER ARTICLE 88(2) OF THE EC TREATY
RAZLOGI ZA SPROŽITEV POSTOPKA V SKLADU S ČLENOM 88(2) POGODBE ES
In its letter of 16 May 2006, the Commission held that the measures in question constituted new aid and should thus be notified on the basis of Article 88 EC and assessed under Article 87 EC.
Komisija je v svojem dopisu z dne 16. maja 2006 menila, da zadevni ukrepi pomenijo novo pomoč, ki bi jo bilo treba priglasiti na podlagi člena 88 Pogodbe ES in presojati na podlagi člena 87 Pogodbe ES.
To this end, the Commission reiterated that the relevant criterion is the legally binding act by which the competent national authority undertakes to grant state aid, which was adopted in May 2004.
V ta namen je Komisija vnovič poudarila, da je ustrezno merilo pravni akt, s katero se pristojni nacionalni organ zaveže, da bo odobril pomoč, kar se je zgodilo maja 2004.
In addition, the Commission expressed doubts on the compatibility of the measure with the common market, and in particular with the 1999 Community Guidelines on aid for rescuing and restructuring firms in difficulty [10], on the following grounds:
Komisija je poleg tega podvomila v združljivost ukrepa s skupnim trgom in zlasti s Smernicami Skupnosti o pomoči za reševanje in prestrukturiranje podjetij v težavah iz leta 1999 [10] na podlagi naslednjega.
It was not sure whether the company showed the usual signs of a company in difficulty, given that its sales increased in 2003 and inventories decreased in 2002.
Ni bilo jasno, ali je družba kazala običajne znake podjetja v težavah, glede na to, da se je njena prodaja povečala tudi v letu 2003, zaloge pa so se v letu 2002 zmanjšale.
Moreover, it was not clear whether the company was part of a larger group.
Poleg tega ni bilo jasno, ali je bila družba del večje skupine.
It was not clear how the company was to restore its long-term viability, in particular as data underlying the financial projections for the future was missing.
Ni bilo jasno, kako naj bi družba ponovno vzpostavila svojo dolgoročno rentabilnost, še posebej ker ni bilo podatkov, ki bi bili osnova za finančna predvidevanja za prihodnost.