natgillin/translations-raw huggingface dataset:
The communication distinguishes four types of situation in which public authorities may have occasion to acquire a holding in the capital of companies:
Sporočilo razlikuje štiri vrste položajev, v katerih imajo državni organi priložnost, da pridobijo delež v kapitalu družbe:
the setting-up of a company,
ustanovitev družbe;
partial or total transfer of ownership from the private to the public sector,
delni ali popolni prenos lastništva iz zasebnega v javni sektor;
in an existing public enterprise, injection of fresh capital or conversion of endowment funds into capital,
v obstoječem javnem podjetju dotok novega kapitala ali preusmeritev dodatnih sredstev v kapital;
in an existing private sector company, participation in an increase in share capital.
v obstoječi družbi v zasebnem sektorju sodelovanje pri povečanju osnovnega kapitala.
Straightforward partial or total acquisition of a holding in the capital of an existing company, without any injection of fresh capital, does not constitute aid to the company.
Jasen delni ali celoten nakup deleža v kapitalu obstoječe družbe brez dotoka novega kapitala ne pomeni pomoči za družbo.
According to the information provided by the Italian authorities, Finagra's interventions in existing private sector companies took the form of an increase in the share capital of the company's concerned and it cannot therefore be immediately excluded that they constituted State aid according to Article 87(1) of the EC Treaty.
Glede na informacije, ki so jih navedli italijanski organi, so bili ukrepi Finagre v obstoječih družbah v zasebnem sektorju v obliki povečanja osnovnega kapitala zadevne družbe, zato se ne more takoj izključiti, da so bili del državne pomoči v skladu s členom 87(1) Pogodbe ES.
The injection of fresh capital in a private company cannot however be taken as clearly constituting State aid when the capital is contributed by the public authority in circumstances that would be acceptable to a private investor operating under normal market conditions.
Dotok novega kapitala v podjetje v zasebni lasti se ne more šteti kot del državne pomoči, kadar prispevajo kapital državni organi v okoliščinah, sprejemljivih za zasebnega vlagatelja, ki deluje pod običajnimi tržnimi pogoji.
On the other hand, there is State aid when the ‘private investor’ principle is not respected and the injection of fresh capital is contributed in circumstances which would not be acceptable to a private investor operating under normal market economy conditions.
Vendar državna pomoč obstaja, kadar se načelo „zasebnega vlagatelja“ ne spoštuje in se dotok novega kapitala prispeva v okoliščinah, nesprejemljivih za zasebnega vlagatelja, ki deluje pod običajnimi pogoji tržnega gospodarstva.
Point 3.2 of the communication lists six situations where this may be the case.
Točka 3.2 Sporočila navaja šest položajev, v katerih se lahko to zgodi.
In their letter of 13 October 2000, the Italian authorities stated that the holdings were always taken on a temporary basis for a period not longer than five years.
Italijanski organi so v dopisu z dne 13. oktobra 2000 navedli, da so bili deleži vedno kupljeni začasno za obdobje, ki ni daljše od petih let.
Upon a preliminary analysis therefore, the holdings might seem to fall within the scope of point 3.3(iii) of the communication, where it is stated that there is State aid whenever the holding is a short-term one, with duration and selling price fixed in advance, so that the return to the provider of capital is considerably less than he could have expected from a capital market investment for a similar period.
Na podlagi predhodne analize spadajo deleži zato na področje uporabe točke 3.3(iii) Sporočila, kadar je navedeno, da državna pomoč obstaja, če gre za kratkoročni delež, ki ima vnaprej določeno veljavnost in prodajno ceno, tako da je dobiček za ponudnika kapitala znatno manjši, kot bi lahko pričakoval od naložbe na kapitalskem trgu za podobno obdobje.
The information provided by the Italian authorities, however, proved that the similarity with the possibility provided for in point 3.3(iii) on the existence of State aid is confined to this element.
Vendar so informacije, ki so jih navedli italijanski organi, dokazale, da je podobnost z možnostjo iz točke 3.3(iii) glede obstoja državne pomoči omejena na ta dejavnik.
Indeed, the time limited acquisition was never provided for in any legal document and was decided at the discretion of the board of directors, where the other 13 members were also represented.
Časovno omejen nakup dejansko ni bil nikoli predviden v nobenem pravnem dokumentu, o njem pa je presodil upravni odbor, v katerem je bilo tudi drugih 13 članov.
As specified later (see point 120), Finagra acquired shares in cooperatives in its capacity as financing member (socio sovventore), which enabled it to obtain higher benefits compared to a regular investor.
Kot je navedeno v nadaljevanju (glej točko 120), je lahko Finagra kupila delnice zadrug, ker je bila financerka, zaradi česar je imela večje koristi kot običajni vlagatelji.
One obligation upon every financing member was to keep the shares for a minimum period of time, but without any obligation to sell them at the end of the minimum period.
Obveznost vsakega financerja je bila, da hrani delnice minimalen čas, vendar po preteku tega časa prodaja ni bila nujna.
As specified further in this document, Finagra was one of the many financing members (including banks) and was subject to exactly the same rules/requirements as any other private investor.
Kot je navedeno v tem dokumentu, je bila Finagra ena od več financerk (vključno z bankami), za katero so veljala enaka pravila/zahteve kot za vsakega drugega zasebnega vlagatelja.
In case of other companies, the average holding time of Finagra was 3 to 3.5 years and the sale was carried out at market value.
V primeru drugih družb je povprečna doba lastništva deležev Finagre trajala 3–3,5 leta, prodaja pa se je izvedla po tržni vrednosti.
The Italian authorities reiterated on several occasions that the selling price of the shares was never pre-determined, but it was fixed at market rates.
Italijanski organi so večkrat ponovili, da prodajna cena delnic ni bila nikoli določena vnaprej, ampak je bila določena po tržni stopnji.
They denied the existence of any evidence (legal document, written or oral agreement or implicit understanding of any type) pointing towards an a priori definition of the front selling price of the holding, which was defined on the basis of the market value at the moment of the sale (see letter of 27 February 2003).
Zanikali so obstoj kakršnega koli dokaza (pravni dokument, pisni ali ustni dogovor ali impliciten sporazum kakršne koli vrste), ki bi kazal na vnaprejšnjo določitev začetne prodajne cene deleža, določene na podlagi tržne vrednosti v trenutku prodaje (glej dopis z dne 27. februarja 2003).
According to the Italian authorities, evidence of this is that in all but one cases Finagra obtained a positive return from the sales of the shares.
Po navedbah italijanskih organov je dokaz za to dejstvo, da je imela Finagra vedno dobiček pri prodaji delnic, razen v enem primeru.
The only exception was the acquisition of shares of one cooperative (ARA) that went into voluntary receivership, with a loss of ITL 500 million (about EUR 250000).
Edina izjema je bil nakup delnic ene od zadrug (ARA), ki je šla prostovoljno v stečaj z izgubo 500 milijonov ITL (okoli 250000 EUR).
The loss in one acquisition of shares could not be considered per se as an indication that Finagra did not operate as any other private investor, when the decision to buy shares in the company was sound and based on viable financial and economic perspectives and all the means to recover the invested money had been used.
Izgube zaradi enega nakupa delnic samo po sebi ni mogoče šteti kot znak, da Finagra ni delovala kot kateri koli drug zasebni vlagatelj, kadar je bila odločitev o nakupu delnic družbe preudarna in je temeljila na donosnih finančnih in gospodarskih načrtih ter ko so bila uporabljena vsa sredstva za povrnitev vloženega denarja.
In this specific case, when such acquisition was decided, the cooperative was undertaking a process of restructuring and modernisation in order to increase production and rationalise its industrial processes.
V tem posebnem primeru je bila zadruga v času odločitve o nakupu v postopku prestrukturiranja in posodobitve za izboljšanje proizvodnje ter racionalizacijo industrijskih postopkov.
The cooperative had a high potential for growth, since it was well-rooted in the economic reality of the geographical context in which it operated.
Zadruga je imela veliko možnosti za rast, ker je bila pomemben člen za gospodarstvo na območju, na katerem je delovala.
Its revenue rose constantly from 1990 to 1994 and its economic performance improved.
Njeni prihodki so se med letoma 1990 in 1994 stalno povečevali, izboljšala pa se je tudi njena gospodarska učinkovitost.
The cooperative, however, found itself in difficulty when facing the high costs of modernisation and the decreasing prices of meat.
Kljub temu je imela zadruga zaradi visokih stroškov posodobitve in nižjih cen mesa težave.
In 1996, therefore, the cooperative went into receivership.
Zato je šla leta 1996 v stečaj.
The cooperative, which was also part of an integrated project financed under Law No 252/92, completed the part of the project under its responsibility.
Zadruga, ki je bila tudi del integriranega projekta, financiranega v skladu z Zakonom št. 252/92, je končala del projekta, za katerega je bila odgovorna.
After its receivership, the State recovered the entire money allocated for the financed investments.
Po stečaju je bil državi povrnjen celoten znesek, dodeljen za financirane naložbe.
The shares owned by Finagra, however, were lost with the receivership of the company, despite all the recovery procedures being activated.
Vendar so bile delnice, ki jih je imela Finagra, s stečajem družbe izgubljene kljub vsem začetim postopkom izterjave.
In their letter of 24 November 2004, the Italian authorities clarified that the guarantee for a total of ITL 125 million had been called in and that the remaining ITL 375 million were therefore a credit in favour of Finagra.
V dopisu z dne 24. novembra 2004 so italijanski organi pojasnili, da je bila predložena garancija za skupaj 125 milijonov ITL, ostalih 375 milijonov ITL pa je bil zato kredit v korist Finagre.
At the moment, the recovery procedure is still pending and Finagra will recover (following normal recovery procedures) at least 40 % of the outstanding credit.
Postopek izterjave v tem trenutku še čaka na obravnavo, Finagri pa bo povrnjeno (v skladu z običajnimi postopki izterjave) vsaj 40 % neporavnanega kredita.
In view of the above, Finagra's short-term shareholding cannot in itself be regarded as State aid within the meaning of Article 87(1).
Ob upoštevanju navedenih ugotovitev se sam kratkoročni delež Finagre ne more šteti za državno pomoč v smislu člena 87(1).
Other elements of the shareholding should be taken into account.
Upoštevati je treba druge dejavnike lastništva delnic.
In particular, in their letter of 12 July 2001, the Italian authorities provided an in-depth study to prove that their interventions in the form of shareholding acquisitions were undertaken according to market principles, after a thorough assessment of the company's financial position, especially the structure and volume of its debt.
V dopisu z dne 12. julija 2001 so italijanski organi predložili poglobljeno študijo kot dokaz, da so bili njihovi ukrepi v obliki pridobitve deleža izvedeni v skladu s tržnimi načeli, po temeljiti oceni finančnega položaja družbe, zlasti strukture in obsega njenega dolga.
No investment was made when the financial position of the company was not such that a normal return from the capital invested could be expected within a reasonable time.
Kadar finančni položaj družbe ni omogočal običajnega dobička iz vloženega kapitala v razumnem času, ni bilo nobenih naložb.
As clearly stated by the Italian authorities, in all the cases at issue, Finagra's interventions were based on an in-depth analysis of the company's financial situation (analysis of the financial statements at the moment of the operation) centreing on the possibility of normal returns on the investments.
Kot so jasno navedli italijanski organi, so ukrepi Finagre v vseh zadevnih primerih temeljili na poglobljeni analizi finančnega položaja družbe (analiza finančnih izkazov v času delovanja), ki se je ukvarjala z možnostjo običajnega dobička iz naložb.
The financial position of the company was always sound.
Finančni položaj družbe je bil vedno dober.
The criteria used to assess the viability of a company before deciding the acquisition of shares were the following:
Merila za oceno finančne sposobnosti družbe pred nakupom delnic so bila:
position of the company in the market (geographical context, level of diversification, percentage of sales on the global and local market),
položaj družbe na trgu (geografski kontekst, stopnja diverzifikacije, odstotek prodaje na globalnem in lokalnem trgu),
the trend of company's profit/revenue and a critical analysis of the reasons determining such profit,
trend dobička/prihodka družbe in kritična analiza razlogov za takšen dobiček,
the gross operating margin, the marginal profit and the net assets,
bruto dobiček iz poslovanja, marginalni dobiček in neto sredstva,
the effectiveness of financial management in the use of total resources.
učinkovitost finančnega upravljanja pri uporabi skupnih sredstev.
These criteria were detailed and set down in Finagra's internal rules.
Ta merila so bila natančno opredeljena in določena v poslovniku Finagre.
The Italian authorities have provided the details of the acquisitions of shares in five companies/cooperatives, specifying the situation of the companies against each of the previously mentioned parameters (see letters of 5 February 2001 and 26 November 2004).
Italijanski organi so predložili natančne podatke o nakupu delnic petih družb/zadrug in tako natančneje opredelili položaj družb v zvezi z vsakim izmed navedenih parametrov (glej dopisa z dne 5. februarja 2001 in 26. novembra 2004).
Finagra's shareholding in a company generally never accounted for over 30 % of the net worth of the company acquired and never exceeded 10 % of Finagra's capital at the time when the decision to buy the shareholding was taken, as shown in the following table:
Lastništvo delnic Finagre v družbi običajno nikoli ni preseglo 30 % neto vrednosti pridobljene družbe in 10 % kapitala, ki ga je imela Finagra ob sprejetju odločitve o nakupu delnic, kot prikazuje spodnja tabela:
Shares owned by Finagra on total net worth of the companies [33]
Delnice Finagre v primerjavi s celotno neto vrednostjo družb [33]
Net worth
Neto vrednost (ITL)
The companies always presented normal investment prospects and a sufficient margin of self-financing.
Družbe so bile vedno običajno naložbeno perspektivne in so se vedno zadostno samofinancirale.
In the operations undertaken, Finagra defined the criteria for the transfer of the investments undertaken and obtained guarantees from the counterparts in compliance with the principles contained in the abovementioned Communication.
Finagra je v izvedenih postopkih opredelila merila za prenos izvedenih naložb in v skladu z načeli iz navedenega sporočila pridobila garancije sodelujočih strani.
As shown by Finagra's articles of association, the board consisted of five members, also representing the minority shareholders (banks, credit institutes and private companies).
Iz statuta Finagre je razvidno, da je imel odbor pet članov, ki so predstavljali tudi male delničarje (banke, kreditne ustanove in podjetja v zasebni lasti).
All the decisions of the board were taken by majority and in a manner completely independent of the Government.
Vse odločitve odbora so bile sprejete z večino in popolnoma neodvisno od vlade.
These decisions were not subject to any ratification or control by the public administration.
Te odločitve niso bile predmet nobene ratifikacije ali nadzora javne uprave.
All its interventions were freely assessed by the administrative board, exercising its activity in compliance with the rules applicable to any merchant bank (Legislative Decree No 385/93).
Vse ukrepe je neodvisno ocenil upravni odbor, ki je svoje dejavnosti izvajal v skladu s pravili vseh komercialnih bank (Zakonska uredba št. 385/93).
The board carried out Finagra's financial and credit activities fully independently from the State, basing its decisions on three elements: the risk, the expected return and the company's viability.
Odbor je izvajal finančne in kreditne dejavnosti Finagre popolnoma neodvisno od države in svoje odločitve utemeljil na treh elementih: tveganju, pričakovanem dobičku in finančni sposobnosti družbe.
These procedures are laid down in Finagra's internal rules.
Ti postopki so določeni v poslovniku Finagre.
Furthermore, when the holding concerned cooperatives, Finagra participated as financing member.
Poleg tega je Finagra sodelovala kot financerka, kadar je lastniški delež zadeval zadrugo.
This means that, according to Italian Law, it had a special position compared to normal members of the cooperatives, namely:
To pomeni, da je imela v skladu z italijansko zakonodajo poseben položaj v primerjavi z običajnimi člani zadrug, in sicer:
it obtained a higher profit than normal members (on average 2 % more),
prejemala je večji dobiček kot običajni člani (v povprečju za 2 % večji),
it could appoint one member to the board of directors and one member to the board of statutory auditors,
v upravni odbor in odbor zakonitih revizorjev je lahko imenovala po enega člana,
when acquiring the participation of a cooperative as financing member, Finagra obtained guarantees on 50 % of the invested capital, constituted as a security.
za udeležbo zadruge kot financerke je Finagra predložila garancije za 50 % vloženega kapitala, ki so bile jamstvo.
This guarantee was not requested by other members and was an extra security conditional upon the participation of Finagra.
Drugi člani niso zahtevali te garancije, zato je bila dodatno jamstvo, pogojeno z udeležbo Finagre.
By buying shares in cooperatives as financing member, Finagra acted as any other private member, mostly banks and credit institutions, under the same conditions.
Ob nakupu delnic zadrug je Finagra kot financerka delovala kot vsak drug zasebni član, večinoma banke in kreditne ustanove, ter pod enakimi pogoji.
The Italian authorities provided evidence of this by listing all the credit institutes and private individuals/companies participating as financing members in the cooperatives where Finagra also held shares (see Table 5 in point 136).
Italijanski organi so to dokazali s seznamom vseh kreditnih ustanov in zasebnikov/podjetij v zasebni lasti, ki so kot financerji sodelovali v zadrugah, v katerih je imela delnice tudi Finagra (glej tabelo 5 v točki 136).
They also provided the documentation concerning a bank's intervention in one of those cooperatives, MCLC, to prove that Finagra acted under the same conditions as any other private financing member, the only difference being that Finagra requested greater guarantees before deciding whether to finance a cooperative as financing member.
Predložili so tudi dokumentacijo v zvezi z ukrepi banke v eni od teh zadrug, tj. MCLC, ki je bila dokaz, da je Finagra delovala pod enakimi pogoji kot vsak drug zasebni financer, pri čemer je bila edina razlika, da je Finagra zahtevala večje garancije, preden se je odločila, da bo zadrugo financirala kot financerka.
Furthermore, they provided the decisions concerning the issue of shares for Unicarni's financing members and the requests (and acceptance) of many private credit institutions seeking to become financing members.
Poleg tega so predložili odločitve v zvezi z izdajanjem delnic za financerje zadruge Unicarni in zahteve (ter sprejetje) več zasebnih kreditnih ustanov, ki so želele postati financerji.
The additional guarantee requested by Finagra consisted in a security in favour of Finagra on 50 % of the shares.
Dodatna garancija, ki jo je zahtevala Finagra, je vključevala jamstvo za 50 % delnic v korist Finagre.
As an example, in the case of MCLC, the security in national bonds was worth ITL 1240 million (of the total shares held by Finagra and worth ITL 2479,8 million) and in the case of Unicarni, it was worth 1674 million (of the total shares held by Finagra and worth ITL 2825,9 million).
V primeru zadruge MCLC je imelo jamstvo v državnih obveznicah vrednost 1240 milijonov ITL (vseh delnic Finagre z vrednostjo 2479,8 milijona ITL), medtem ko je imelo v primeru zadruge Unicarni vrednost 1674 milijonov ITL (vseh delnic Finagre s skupno vrednostjo 2825,9 milijona ITL).
The Italian authorities underlined that such an additional guarantee (which is substantial compared to the company's shares held by Finagra) was not requested by other private financing members and it is, according to them, an additional proof that Finagra applied the same (and even tougher) criteria than private investors.
Italijanski organi so poudarili, da takšne dodatne garancije (ki so znatne glede na delnice družbe, ki jih ima Finagra) ni zahteval noben drug zasebni financer in da je to po njihovem mnenju dodaten dokaz, da je Finagra uporabljala enaka (in celo strožja) merila kot zasebni vlagatelji.
As an additional element, the Italian authorities also indicated that Finagra's balance sheet had always shown a positive return on capital.
Prav tako so italijanski organi kot dodatni dejavnik navedli, da je bilanca stanja Finagre vedno kazala dobiček iz kapitala.
In the light of the foregoing, the Commission may conclude that, in buying shares, Finagra acted as any other private operator, under market conditions.
Ob upoštevanju navedenih dejstev Komisija zaključuje, da je Finagra pri nakupu delnic delovala kot vsako drugo podjetje v zasebni lasti in v skladu s tržnimi pogoji.
There was therefore no element of State aid, within the meaning of Article 87(1) of the Treaty, involved in such acquisition.
Zato v takšen nakup delnic ni bil vključen noben element državne pomoči v smislu člena 87(1) Pogodbe.
VI.3.1.(b) Granting of loans
1 (b) Odobritev posojil
As stated in point 106 above, Finagra's operations also included the granting of loans to companies operating in the agriculture sector.
Kot je navedeno v točki 106, so postopki Finagre vključevali tudi odobritev posojil družbam, ki delujejo v kmetijskem sektorju.
According to the information submitted by the Italian authorities, Finagra had granted loans for a total amount of ITL 17800 million.
Glede na informacije, ki so jih predložili italijanski organi, je Finagra odobrila posojila v skupni vrednosti 17800 milijonov ITL.
In their letter dated 13 October 2000, the Italian authorities stated that the loans had always been granted at market conditions by applying an interest rate which reflected the risk connected to the loan granted and was never lower that the one in force at the time the loans were granted.
V dopisu z dne 13. oktobra 2000 so italijanski organi navedli, da so bila posojila vedno odobrena pod tržnimi pogoji, z uporabo obrestne mere, ki je odražala tveganje, povezano z odobrenim posojilom, in ni bila nikoli nižja od obrestne mere, ki je veljala ob odobritvi posojil.
The loans were granted at an interest rate equivalent to that on government bonds (Rendistato) for operations lasting more than 18 months, minus 5 points.
Posojila so bila odobrena z obrestno mero, ki ustreza obrestni meri državnih obveznic za postopke, ki trajajo več kot 18 mesecev, minus 5 točk.
The minimum interest rate to be paid is however set at 3 %.
Vendar je določena najnižja obrestna mera, ki jo je treba plačati, 3 %.
In general, the interest rate on government bonds is considered as a benchmark to establish the economic viability of financial investments.
Obrestna mera za državne obveznice se na splošno šteje kot merilo za ugotavljanje gospodarske uspešnosti finančnih naložb.
An investment is considered viable if its prospective yield is deemed to be at least equal to that which can be obtained with the same amount of money if invested on government bonds.
Naložba je uspešna, če je predviden donos enak vsaj donosu, ki se lahko doseže z enako količino denarja, naloženo v državne obveznice.