natgillin/translations-raw huggingface dataset:
According to the Swedish authorities, the reimbursement mechanism would ensure a return of 7,32 % on the loan, higher than the current reference rate for Sweden (5,49 % in 2007).
Po mnenju švedskih organov bi mehanizem vračila zagotovil vračilo 7,32 % posojila, kar je več od trenutnega referenčnega tečaja za Švedsko (5,49 % leta 2007).
The repayment is defined on the basis of the earnings of Volvo Aero from the project (in terms of payments from GE to Volvo Aero).
Vračilo je določeno na podlagi dobička, ki ga bo imel Volvo Aero od projekta (glede na plačilo, ki ga bo prejel od GE).
The forecast used by the Swedish authorities is SEK 23 billion [7], based on sales forecasts of 4937 engines up to 2028.
Švedski organi na podlagi napovedi prodaje 4937 motorjev do leta 2028 ocenjujejo, da bo plačilo znašalo 23 milijard SEK [7].
Until this volume has been attained, Volvo Aero is expected to pay […] [8] % of the payments from GE to the Government, including payments from other derivative engines from the GEnx.
Dokler to število ni doseženo, se pričakuje, da Volvo Aero vladi plača […] [8] % plačil, prejetih od GE, vključno s plačili od drugih izvedenk motorja GEnx.
When sales exceed SEK 23 billion, Volvo Aero will continue to pay a royalty corresponding to […] % of annual turnover from the GEnx (but excluding future derivative engines), with no limitation in time.
Ko bo prodaja presegla 23 milijard SEK, bo Volvo Aero še naprej plačeval delež od prihodka, […] % letnega prometa od projekta GEnx (razen prihodnjih izvedenk motorja), brez časovne omejitve.
Volvo Aero requested the aid in a letter to the Swedish Government on 7 December 2004, before the start of the project.
Volvo Aero je pred začetkom projekta v dopisu švedski vladi z dne 7. decembra 2004 zaprosil za pomoč.
The Swedish authorities gave an oral assurance to Volvo Aero in December 2004 that they would grant some aid for the R & D project (without however confirming the exact amount and form of aid).
Decembra 2004 je Volvo Aero od švedskih organov dobil ustno zagotovilo, da bodo dodelili nekaj pomoči za projekt R&R (vendar pa niso potrdili natančnega zneska in oblike pomoči).
Only informally, through a telephone call from the Ministry of Industry to Volvo Aero, did the Government express its positive stance on the aid.
Vlada je svoje pozitivno stališče glede pomoči izrazila samo neuradno, s telefonskim klicem z ministrstva za industrijo na podjetje Volvo Aero.
Volvo Aero claims that it relied on this assurance and signed the agreement with GE on 15 December 2004, even though it did not get any written confirmation by the Government about the aid.
Volvo Aero trdi, da se je zanašal na to zagotovilo in zato 15. decembra 2004 podpisal sporazum z GE, čeprav od vlade ni dobil pisnega potrdila v zvezi s pomočjo.
The aid was formally approved by the Swedish authorities only in 14 June 2007 when they gave the instruction to the National Debt Office to formalize the loan, after, according to the Swedish authorities, the scope of Volvo Aero’s part in the project had been clarified.
Švedski organi so pomoč uradno odobrili šele 14. junija 2007, ko so Uradu za javni dolg dali navodila, da formalizira posojilo, potem ko se je po navedbah švedskih organov razjasnil obseg sodelovanja podjetja Volvo Aero pri projektu.
By then, a large part of the R & D project had been completed.
Do takrat je bil končan velik del projekta R&R.
The Commission decided to open the formal investigation procedure because of a number of misgivings that are summarised below:
Komisija je sklenila, da sproži formalni postopek preiskave zaradi številnih pomislekov, ki so povzeti spodaj:
The Commission had misgivings about the market failure invoked by Sweden, i.e. the asymmetric information related to financing that applies to this type of project [9].
Komisija je imela pomisleke glede nedelovanja trga, na katerega se je sklicevala Švedska, in sicer zaradi nasprotujočih si informacij v zvezi s financiranjem, ki se uporablja za to vrsto projekta [9].
Given that Volvo Aero is not financially independent of the Volvo Group and the project costs have de facto been covered from Volvo Aero’s operating cash flow and the intra-group cash pool, this raised the question whether Volvo Aero really lacks the resources to participate in the GEnx project.
Glede na domnevo, da Volvo Aero ni finančno neodvisen od skupine Volvo Group ter da so se stroški projekta dejansko krili iz denarnega toka poslovanja podjetja Volvo Aero in združenih denarnih sredstev (cash pool) znotraj skupine, se je postavilo vprašanje, ali podjetju Volvo Aero v resnici primanjkuje sredstev za sodelovanje pri projektu GEnx.
The Commission had doubts as to the incentive effect of the aid, and the need for it, and questioned the extent to which the aid had been a determining factor in Volvo Aero’s decision to start the project, given that it was only formally approved when almost half of the project had been completed.
Komisija je dvomila o spodbujevalnem učinku pomoči in potrebi po njem ter si zastavila vprašanje, v kolikšni meri je bila pomoč odločilni dejavnik pri odločitvi podjetja Volvo Aero, da začne projekt, glede na to, da je bila uradno odobrena šele, ko je bila končana že skoraj polovica projekta.
The Commission was of the opinion that the oral discussion that took place between the Government and the Company was no substitute for the formal procedure for the granting of aid.
Komisija je bila mnenja, da ustna razprava med vlado in podjetjem ni bila nadomestilo za uradni postopek dodelitve pomoč.
The Commission questioned the proportionality of the aid in respect of the repayment terms of the repayable advance.
Komisija se je spraševala o sorazmernosti pomoči glede na pogoje odplačevanja vračljivega predujma.
The Commission was concerned that the foreign exchange risks were being borne by the Government instead of Volvo Aero.
Komisija je bila zaskrbljena, da valutno tveganje namesto podjetja Volvo Aero nosi vlada.
The Commission in the opening decision considered that the impact of the aid on competition was limited, given the very small market share of the beneficiary (2 % share of the market for large civil aircraft engines).
Komisija je bila v odločbi o sprožitvi postopka mnenja, da je vpliv pomoči na konkurenco omejen, glede na to, da je tržni delež upravičenca zelo majhen (2-odstotni delež na trgu motorjev za velika civilna letala).
However, the Commission invited competitors or other third parties to submit any observations as concerns effects on competition.
Vseeno pa je Komisija pozvala konkurente oz. tretje osebe, da predložijo morebitne pripombe v zvezi z vplivom na konkurenco.
COMMENTS FROM SWEDEN AND INTERESTED PARTIES
PRIPOMBE ŠVEDSKE IN ZAINTERESIRANIH STRANI
Pursuant to Article 20(2) of Council Regulation (EC) No 659/1999 of 22 March 1999 laying down detailed rules for the application of Article 93 of the EC Treaty [10], and in response to the public notice in the Official Journal of the European Union [11], the Commission received comments from the Swedish authorities, from the former President and CEO of Volvo Aero, from GE Aviation, and from the IF Metalworkers union of Volvo Aero.
Komisija je v skladu s členom 20(2) Uredbe Sveta (ES) 659/1999 z dne 22. marca 1999 o določitvi podrobnih pravil za uporabo člena 93 Pogodbe ES [10] in kot odgovor na javno objavo v Uradnem listu Evropske unije [11] prejela pripombe od švedskih organov, bivšega predsednika in generalnega direktorja podjetja Volvo Aero, GE Aviation in sindikata kovinske industrije IF Metall podjetja Volvo Aero.
Comments from Sweden
Pripombe Švedske
Market failure
Nedelovanje trga
The Swedish authorities provided information to address the Commission’s doubts with regard to the market failure issue and to explain the existence of a market failure in the case at hand, focusing on the availability of appropriate internal and external financing as well as the Volvo Group’s financial policies towards the use of external funding sources, including public support.
Švedski organi so predložili informacije, da bi odgovorili na dvome Komisije v zvezi z vprašanjem nedelovanja trga ter pojasnili nedelovanje trga v obravnavanem primeru, s poudarkom na razpoložljivosti sredstev za ustrezno notranje ali zunanje financiranje ter na finančni politiki podjetja Volvo Group v zvezi z uporabo zunanjih virov financiranja, vključno s sredstvi javne pomoči.
Sweden provided further information on the Volvo Group’s financial policy, including the terms and conditions of the intra-group loan to Volvo Aero.
Švedska je predložila dodatne informacije o finančni politiki podjetja Volvo Group, vključno s pogoji posojila znotraj skupine podjetju Volvo Aero.
The information provided shows that the intra-group cash pool rather represented an emergency temporary measure in order to enable Volvo Aero to meet the contractual obligations against GE, in anticipation of the agreed Government support.
Predložene informacije kažejo, da je bila združitev denarnih sredstev znotraj skupine glede na dogovorjeno vladno podporo verjetno začasen nujen ukrep, ki bi podjetju Volvo Aero omogočil izpolnjevanje pogodbenih obveznosti do GE.
The continuation of such loan, however, would threaten to unbalance the funding of other Group operations and is therefore not a sustainable option.
Vendar pa bi nadaljevanje takega posojila lahko povzročilo neuravnoteženost sredstev za druge dejavnosti skupine in zato ni trajna možnost.
As to the availability of external funding, Sweden explained why external financing was not available for the project.
V zvezi z razpoložljivostjo sredstev za zunanje financiranje je Švedska pojasnila, zakaj sredstva za zunanje financiranje projekta niso bila na voljo.
The Volvo Group has never obtained from any commercial bank or financial institution a conditional loan comparable to the repayable advance.
Volvo Group ni od nobene komercialne banke ali finančne institucije nikoli prejel pogojnega posojila, primerljivega z vračljivim predujmom.
The Volvo Group does not normally obtain commercial loans where the term exceeds 10 years, while the requested repayable advance is for 20 years.
Skupina Volvo Group običajno ne prejme komercialnih posojil, če posojilo presega plačilni rok desetih let, medtem ko je rok za zaprošeni vračljivi predujem 20 let.
Nordea, the preferred bank of the Volvo Group, was not prepared to provide conditional loans or loans for 20-30 year term to the Volvo Group.
Nordea, preferenčna banka skupine Volvo Group, podjetju Volvo Group ni bila pripravljena dati pogojnih posojil ali posojil s plačilnim rokom 20–30 let.
The Swedish authorities explained the reasons underlying the time lag between the initial assurances by the Government to grant the aid, the start of the R & D project and the formal approval of the aid.
Švedski organi so pojasnili razloge za časovni zamik med začetnimi zagotovili vlade za dodelitev pomoči, začetkom projekta R&R in uradno odobritvijo pomoči.
According to Sweden, the Government confirmed to Volvo Aero in 2004 that it would grant the aid.
Po navedbah Švedske je vlada podjetju Volvo Aero leta 2004 potrdila, da bo dodelila pomoč.
However, for a number of objective reasons, such as the scope of the project that had been clarified only by the autumn of 2006, and the elections in 2006, the approval of the aid was formalised only in 2007.
Vendar pa je bila odobritev pomoči zaradi številnih objektivnih razlogov, kot so obseg projekta, ki se je razjasnil šele jeseni leta 2006, in volitve leta 2006, formalizirana šele leta 2007.
Sweden provided information to demonstrate that the clear and positive assurances given to Volvo Aero in 2004 with regard to the aid had an incentive effect, as they enabled the Company to engage in the GEnx project.
Švedska je predložila informacije, s katerimi je želela dokazati, da so imela jasna in pozitivna zagotovila v zvezi s pomočjo, ki jih je Volvo Aero dobil leta 2004, spodbujevalni učinek, saj so podjetju omogočila sodelovanje pri projektu GEnx.
The Swedish authorities claimed that the Government intended that Volvo Aero would rely on the said assurances and on that basis would enter into the agreement with GE.
Švedski organi so zatrdili, da je vlada predvidela, da se bo Volvo Aero zanesel na ustna zagotovila in na podlagi tega sklenil sporazum z GE.
Internal documents were provided to the Commission to demonstrate that such assurances accurately reflect the intention of the Swedish authorities at the time.
Komisiji so bili predloženi notranji dokumenti, da bi dokazali, da so ta zagotovila natančno odražala namen švedskih organov v tistem času.
Given the assurances by the Government in 2004 which triggered the change in the Company’s behaviour, according to the Swedish authorities, a formal agreement to grant the aid in 2007 was just a formalisation of the de facto offer of the aid in 2004.
Glede na zagotovila vlade leta 2004, ki so bila povod za spremembo v poslovanju podjetja, je bilo, po navedbah švedskih organov, uradno soglasje o dodelitvi pomoči leta 2007 zgolj formalizacija dejanske ponudbe pomoči leta 2004.
The time lag between the assurances and their formalisation does not, according to Sweden, reflect any uncertainty that the aid has actually been paid out.
Po navedbah Švedske časovni zamik med zagotovili in njihovo formalizacijo ne odraža negotovosti, da je bila pomoč dejansko že izplačana.
Besides, the Swedish authorities emphasised that the formal decision to grant the aid was taken when a large part of R & D work was still ongoing.
Poleg tega so švedski organi poudarili, da je bila uradna odločitev za odobritev pomoči sprejeta, ko je bil velik del projekta R&R še vedno izvajal.
The Swedish authorities reiterated further that given the exceptional nature of the GEnx project, including its size and scope and the technological and commercial risks involved, the conditional loan was crucial for Volvo Aero to engage in the GE agreement.
Nadalje so švedski organi ponovno poudarili, da je bilo glede na izredno naravo projekta GEnx, vključno z njegovo velikostjo in obsegom ter prisotnimi tehnološkimi in poslovnimi tveganji, za podjetje Volvo Aero pogojno posojilo ključno za sklenitev sporazuma z GE.
They presented detailed information concerning commercial and technological risks related to the project, both at the project start, as well as at the time the repayable advance was formalised in mid 2007 and beyond.
Predložili so podrobne informacije v zvezi s poslovnimi in tehnološkimi tveganji, povezanimi s projektom, tako na začetku projekta kot tudi v času formalizacije vračljivega predujma sredi leta 2007 in pozneje.
Considering the technical and financial risks, GE initially had serious reservations about involving Volvo Aero in the GEnx project given its limited experience in engine component development.
Ob upoštevanju tehničnih in finančnih tveganj je imel GE na začetku resne pomisleke glede vključitve podjetja Volvo Aero v projekt GEnx, in sicer zaradi njegovih omejenih izkušenj v razvijanju komponent za motorje.
Considerable technical and commercial risks remained in mid 2007 and beyond due to ongoing R & D work and fewer sales of GEnx powered aircraft than originally expected.
Precejšnja tehnična in poslovna tveganja so bila zaradi tekočega dela R&R in manjše prodaje letal z motorji GEnx, kot je bila prvotno pričakovana, prisotna do sredine leta 2007 in pozneje.
According to the Swedish authorities, the de facto situation of Volvo Aero (that the R & D project was executed with internal and the Group resources) does not mean the long-term or risk-sharing financing was available to the Group operating companies.
Po navedbah švedskih organov dejansko stanje podjetja Volvo Aero (ker je bil projekt R&R izpeljan z notranjimi sredstvi in sredstvi skupine) ne pomeni, da so bila sredstva za dolgoročno financiranje ali financiranje z deljenim tveganjem na voljo podjetjem, ki poslujejo znotraj skupine.
Having signed the GE agreement, Volvo Aero had contractual commitments to continue with the project.
Ker je Volvo Aero podpisal sporazum z GE, je po pogodbenih obveznostih moral nadaljevati s projektom.
Failure to do so would have had dramatic consequences, such as breach of contract and delay in its work, loss of reputation and the risk of being perceived as an unreliable partner.
Če tega ne bi storil, bi to imelo dramatične posledice, kot so kršitev pogodbe in zamujanje pri njegovem izvajanju, izguba ugleda ter tveganje, da bi veljal za nezanesljivega partnerja.
Therefore, temporary reliance on the intra-group cash pool was crucial but no substitute for long-term funding.
Zato je bila začasna odvisnost od združenih denarnih sredstev znotraj skupine ključna, vendar to ni bilo nadomestilo za dolgoročno financiranje.
The Swedish authorities stressed that the Company, due to delay in the expected State aid, is confronted with the most dramatic cash flow position in its history.
Švedski organi so poudarili, da se podjetje zaradi zakasnitve pričakovane državne pomoči sooča z najbolj dramatičnim stanjem v zvezi z denarnim tokom v svoji zgodovini.
The Swedish authorities presented arguments showing why Volvo Aero and not the Government would bear the foreign exchange risk.
Švedski organi so predložili argumente, ki kažejo, zakaj bi valutno tveganje nosilo podjetje Volvo Aero in ne vlada.
They also argued that since the repayment of the advance is based on revenues from sales (regardless of currency) and not units sold, the instrument is more proportionate, as it also includes the sale of spare parts.
Trdili so tudi, da je instrument bolj sorazmeren, saj vključuje tudi prodajo rezervnih delov in ker vračilo predujma temelji na prihodkih od prodaje (ne glede na valuto) in ne na prodanih enotah.
The Swedish authorities further claimed that the aid was proportionate mainly because of the repayment terms of the repayable advance.
Poleg tega so švedski organi zatrdili, da je bila pomoč sorazmerna zlasti zaradi pogojev odplačevanja vračljivega predujma.
The Swedish authorities agreed that the distortion of competition and trade was limited.
Švedski organi so se strinjali, da je bilo izkrivljanje konkurence in trgovine omejeno. Poudarili so, da je bilo tveganje za izrinjanje omejeno, saj je vsak projekt v zvezi z motorji nova priložnost za več proizvajalcev komponent, da se vključijo v nove projekte R&R.
They emphasised that the risk of crowding out was limited because each engine project presents a fresh opportunity for several component producers to engage in new R & D. According to the Swedish authorities, the aid would only marginally increase the market share of the Company, as the GEnx project will replace the previous CF6-80 programme.
Po navedbah švedskih organov bi pomoč le neznatno povečala tržni delež podjetja, saj bo projekt GEnx nadomestil prejšnji program CF6-80.
Finally, the aid would enable the Company to engage in the development and production of components for civil aircraft engines.
Nenazadnje bi pomoč podjetju omogočila, da se vključi v razvijanje in proizvodnjo komponent motorjev za civilna letala.
Comments from interested parties
Pripombe zainteresiranih strani
Fred Bodin, the former President and CEO of Volvo Aero, provided the details of the negotiation process with GE and the Government.
Fred Bodin, bivši predsednik in generalni direktor podjetja Volvo Aero, je predložil podrobnosti pogajalskega procesa z GE in vlado.
Given the cash flow implications of the GEnx project, the board’s decision to enter into the GE agreement was taken on the understanding that Volvo Aero would receive the aid, as documented in the GE RRSP agreement dated 15 December 2004.
Glede na posledice denarnega toka pri projektu GEnx je bila odločitev odbora za sklenitev sporazuma z GE sprejeta ob upoštevanju predpostavke, da bo Volvo Aero prejel pomoč, kot je določeno v sporazumu med GE in partnerji pri delitvi tveganja in prihodkov z dne 15. decembra 2004.
Mr Bodin emphasised that the Government had clearly confirmed it would grant the aid and he would not have authorised the agreement with GE without a clear commitment from the Government.
Bodin je poudaril, da je vlada jasno potrdila dodelitev pomoči in da sporazuma z GE brez jasne zaveze vlade ne bi odobril.
The observations from GE Aviation contained information explaining the negotiation process with GE, showing that GE had concerns regarding Volvo Aero’s resources, both technical and financial, to participate in the GEnx project, the largest R & D project ever undertaken by Volvo Aero.
Pripombe družbe GE Aviation so vključevale informacije, ki so pojasnjevale pogajalski proces z GE in pokazale, da je imel GE pomisleke glede tehničnih in finančnih sredstev podjetja Volvo Aero za sodelovanje pri projektu GEnx, največjem projektu R&R, ki se ga je Volvo Aero kdaj lotil.
The Company conveyed to GE on several occasions that receiving the Government support for the project was critical to their decision to become a risk-sharing partner in the GEnx project, and that Volvo Aero entered into the GE agreement on the understanding that it would entitled to the loan.
Predstavniki podjetja so GE večkrat povedali, da je bil prejem vladne podpore za projekt kritično dejstvo pri njihovi odločitvi, da postanejo partner pri delitvi tveganja pri projektu GEnx, in da je Volvo Aero sklenil sporazum z GE ob upoštevanju predpostavke, da je upravičen do posojila.
GE also pointed out that there are still risks associated with the GEnx programme.
GE je tudi poudaril, da še vedno obstajajo tveganja v zvezi s programom GEnx.
In their observations, the workers unions stress that the GEnx programme is new and unique both for Sweden and for Volvo Aero.
Sindikati delavcev v svojih pripombah poudarjajo, da je program GEnx nov in edinstven tako za Švedsko kot za Volvo Aero.
The previous work of Volvo Aero in the civil sector has been based on the production of engine components, while a significant part of the new project will involve the development of new engine components.
Prejšnje delo podjetja Volvo Aero v civilnem sektorju je temeljilo na proizvodnji komponent za motorje, medtem ko bo pomemben del novega projekta vključeval razvoj novih komponent za motorje.
The GEnx programme is much larger than previous cooperation projects with Rolls Royce.
Program GEnx je veliko obširnejši od prejšnjih projektov sodelovanja z Rolls Roycem.
The workers unions expressed their concern over the difficulties of the aircraft market for such a small player as Volvo Aero, for which this kind of programme is essential to stay on a global market.
Sindikati delavcev so izrazili zaskrbljenost glede težav na letalskem trgu za tako majhne akterje, kot je Volvo Aero, za katerega je tovrstni program bistvenega pomena za obstanek na svetovnem trgu.
They are aware of the financial implications and the constraints that the programme represented for Volvo but also understand the possibilities offered by the state loan.
Zavedajo se finančnih posledic in omejitev, ki jih je predstavljal program za podjetje Volvo, hkrati pa razumejo možnosti, ki jih ponuja državno posojilo.
Without State aid the participation to such a large programme would have been impossible for Volvo Aero.
Brez državne pomoči sodelovanje pri tako obširnem programu za podjetje Volvo Aero ne bi bilo mogoče.
According to them, the development work is not yet complete and so there are still significant technical risks.
Po njihovih navedbah razvojno delo še ni končano in še vedno obstajajo precejšnja tehnična tveganja.
Commercial risks are also still significant, as orders do not always mature into sales, particularly given the economic and financial downturn.
Tudi poslovna tveganja so še vedno precejšnja, saj se naročila, zlasti zaradi gospodarske in finančne krize, ne končajo vedno s prodajo.
The negative consequences of not getting State support on the cash flow situation of Volvo Aero, which is worse than ever, worry the workers unions.
Delavske sindikate v primeru nedodeljene državne podpore skrbijo negativne posledice na stanje v zvezi z denarnim tokom podjetja Volvo Aero, ki je slabše kot kdaj prej.
Observations by Sweden on the third party comments
Pripombe Švedske k pripombam tretje osebe