natgillin/translations-raw huggingface dataset:
Firstly, according to the draft privatisation agreement between ARP and KPS (the current owners of SSN) and Mostostal, the abovementioned assets are supposed to be sold by Mostostal to an entity chosen by ARP and KPS for not less then PLN 118 million.
Prvič, kot je navedeno v osnutku privatizacijskega sporazuma med ARP in KPS (sedanjima lastnikoma SSN) ter Mostostalom, naj bi zgoraj omenjena sredstva Mostostal prodal subjektu, ki ga bosta izbrala ARP in KPS, za najmanj 118 milijonov PLN.
This assumption gives grounds for concern, as it seems to amount to a State guarantee regarding the minimum proceeds from the sale of these assets to a buyer chosen by the State.
Ta predpostavka vzbuja zaskrbljenost, saj se zdi, da gre za državno jamstvo v zvezi z minimalnimi prihodki od prodaje teh sredstev kupcu, ki ga izbere država.
The Commission therefore doubts that this potential sale is free of State aid.
Komisija zato dvomi, da ta potencialna prodaja ne vsebuje državne pomoči.
Secondly, the valuation of the land was based on a comparison with sales of real estate in attractive areas in the Szczecin region, to be used for building apartments and providing services, and not as an industrial area.
Drugič, cenitev zemljišča je temeljila na primerjavi s prodajo nepremičnin na privlačnih lokacijah v regiji Ščečin, ki se uporabljajo za gradnjo stanovanj in nudenje storitev in ne kot industrijsko območje.
It can be seen from this valuation that the prices of land sold for industrial purposes can be as much as 10 times lower than the amounts assumed in the valuation.
Iz cenitve je razvidno, da so lahko cene zemljišč za industrijske namene tudi do desetkrat nižje od cen, ki so predvidene v cenitvi.
In addition, the valuation assumes that, prior to the sale, all existing buildings and installations would be demolished and the land cleaned and prepared.
Poleg tega cenitev predvideva, da bodo pred prodajo zrušene vse zgradbe in naprave, zemljišče pa bo očiščeno in pripravljeno.
The valuation recognises that this preparation would represent a cost.
V cenitvi je ugotovljeno, da bo ta priprava zemljišča predstavljala stroške.
No estimate of these costs has been provided and the restructuring plan does not include any information in this respect [37].
Ocena teh stroškov ni predložena, načrt za prestrukturiranje pa tudi ne vključuje nobenih informacij v zvezi s tem [37].
Thirdly, the Commission doubts whether the value of these assets has been properly reflected in SSN’s balance sheet and consequently whether it was properly reflected in the price Mostostal would pay for SSN.
Tretjič, Komisija dvomi, da je bila vrednost teh sredstev ustrezno vključena v bilanco stanja SSN, in posledično, da se ta vrednost ustrezno odraža v ceni, ki bi jo Mostostal plačal za SSN.
The Commission notes that according to SSN’s balance sheet the total value of the yard’s fixed assets at the end of 2007 amounted to PLN […] million.
Komisija upošteva, da je, v skladu z bilanco stanja SSN, skupna vrednost osnovnih sredstev ladjedelnice ob koncu leta 2007 znašala […] milijonov PLN.
However, the plan envisages that the yard will sell its production assets to the new companies (SSN Ulstein, SSN Mostostal and SSN Wspólna) at their nominal value for PLN […] million and sell the redundant assets to third parties at an estimated market value of PLN […] million.
Vendar pa načrt predvideva, da bo ladjedelnica proizvodna sredstva prodala novim podjetjem (SSN Ulstein, SSN Mostostal in SSN Wspólna) po nominalni vrednosti za […] milijonov PLN, odvečna sredstva pa bo prodala tretjim strankam po ocenjeni tržni vrednosti […] milijonov PLN.
This shows that either the book value of the assets is underestimated or the projected revenue from their sale is overestimated.
To pomeni, da je bodisi podcenjena knjigovodska vrednost premoženja ali pa je precenjen načrtovani prihodek od prodaje.
Lastly, at the end of 2007 SSN’s net asset value was PLN […] million.
Ob koncu leta 2007 je bila čista vrednost sredstev SSN […] milijonov PLN.
Since then ARP and KPS have performed a debt-for-equity swap in the amount of PLN 131,5 million and a new capital injection of PLN 434 million is planned.
Od takrat sta ARP in KPS izvedla zamenjavo dolga za kapital v višini 131,5 milijona PLN, načrtovana pa je nova dokapitalizacija v višini 434 milijonov PLN.
On the other hand, the projected loss on existing contracts is PLN 465 million.
Na drugi strani pa pričakovana izguba iz obstoječih pogodb znaša 465 milijonov PLN.
On balance, it appears that, assuming all other factors remain unchanged, in acquiring SSN, Mostostal would be taking over assets of net value of PLN […] million practically free of charge.
Zdi se torej, da bi, ob predpostavki, da vsi drugi dejavniki ostanejo nespremenjeni, Mostostal pri nakupu SSN prevzel premoženje v neto vrednosti […] milijonov PLN, in sicer skoraj brezplačno.
All the revenues from the sale of assets are supposed to be used by the shipyard (i.e. SSN Nowa) for restructuring purposes (e.g. for employment restructuring) and as working capital for completion of the vessels in its current order book.
Vse prihodke od prodaje premoženja naj bi porabila ladjedelnica (tj. SSN Nowa) za namene prestrukturiranja (npr. za prestrukturiranje zaposlovanja) in kot obratna sredstva za dokončanje plovil iz trenutne knjige naročil.
The Commission thus concludes that it appears that additional State support is being granted to the yard in the context of its privatisation in the form of a transfer of assets at below their market value [38].
Komisija zato sklepa, da se zdi, da se ladjedelnici v okviru njene privatizacije dodatna državna pomoč dodeljuje v obliki prenosa sredstev po vrednosti, ki je nižja od tržne [38].
By reducing the sales price of the shares in return for the buyer’s commitment to implement restructuring measures, the State indirectly finances such measures.
Ko država zniža prodajno ceno delnic v zameno za zavezo kupca, za bo izvedel ukrepe za prestrukturiranje, država posredno financira takšne ukrepe.
Consequently, the Commission cannot accept that the sale of the assets, acquired by the investor at below their market value, can be considered an own contribution [39].
Zato Komisija ne more sprejeti, da je mogoče prodajo sredstev, ki jih vlagatelj pridobi po vrednosti, ki je nižja od tržne, obravnavati kot lastni prispevek [39].
For the above reasons the Commission considers that it has not been demonstrated that the planned revenue from the sale of redundant assets in the amount of PLN 118 million can be considered an actual and real source of financing of the restructuring costs.
Iz zgornjih razlogov Komisija meni, da ni bilo dokazano, da je mogoče načrtovane prihodke od prodaje odvečnih sredstev v znesku 118 milijonov PLN obravnavati kot dejanski in resnični vir financiranja stroškov za prestrukturiranje.
Capital injections by investors
Dokapitalizacije s strani vlagateljev
As regards the planned capital injections by private investors, the Commission considers that it has not been demonstrated that they can in their entirety be considered actual and real.
V zvezi z načrtovanimi dokapitalizacijami s strani zasebnih vlagateljev Komisija meni, da ni bilo dokazano, da jih je mogoče v celoti obravnavati kot dejanske in resnične.
Firstly, the restructuring plan envisages that the total financial contribution from Ulstein will be PLN 114,9 million.
Prvič, načrt za prestrukturiranje predvideva, da bo Ulstein skupaj prispeval 114,9 milijona PLN.
However, under the preliminary cooperation agreement between Mostostal and Ulstein, which was submitted to the Commission — unsigned — on 5 September, Ulstein undertook to increase the capital in SSN Ulstein by up to PLN 52,5 million (and not PLN 67,3 million, as envisaged in the plan), in SSN Wspólna by up to PLN 44,65 million (while the plan envisages the participation of Ulstein in the amount of PLN 47,5 million) and in SSN Biuro Projektowe by up to PLN 0,85 million (the plan envisages PLN 0,1 million).
Vendar pa se je v predhodnem sporazumu o sodelovanju med Mostostalom in Ulsteinom, ki je bil Komisiji nepodpisan predložen 5. septembra, Ulstein zavezal, da bo v SSN Ulstein vložil do 52,5 milijona PLN (medtem ko je v načrtu predvideno 67,3 milijona), v SSN Wspólna do 44,65 milijona PLN (načrt pa predvideva udeležbo Ulsteina v višini 47,5 milijona PLN) in v SSN Biuro Projektowe do 0,85 milijona PLN (načrt predvideva 0,1 milijona PLN).
Thus the total contribution which Ulstein undertook to make in the agreement amounts to PLN 98 million, i.e. PLN 16,9 million less than envisaged in the restructuring plan.
Skupni prispevek, ki ga je Ulstein navedel v dogovoru, torej znaša 98 milijonov PLN, tj. 16,9 milijona PLN manj, kot je predvideno v načrtu za prestrukturiranje.
Secondly, although the restructuring plan assumes that investors will contribute their own capital to the yard, it also recognises the possibility that Ulstein may need to obtain financing on the market.
Drugič, čeprav načrt za prestrukturiranje predvideva, da bodo vlagatelji v ladjedelnico prispevali lastni kapital, hkrati tudi priznava, da bo moral Ulstein financiranje morda iskati na trgu.
No evidence has been submitted to show that Ulstein will be able to secure such financing, which cannot therefore be considered actual and real.
Predložen ni bil noben dokaz, da bo Ulstein takšno financiranje uspel zagotoviti, in zato ga ni mogoče obravnavati kot dejanskega in resničnega.
Furthermore, at the meeting on 10 September 2008 representatives of Ulstein explained that Ulstein planned to provide capital totalling PLN 98 million (i.e. in line with the cooperation agreement described above), out of which only PLN 30 million would be a capital injection.
Na sestanku 10. septembra 2008 so predstavniki Ulsteina pojasnili, da namerava Ulstein zagotoviti kapital v skupni vrednosti 98 milijonov PLN (tj. v skladu z zgornjim dogovorom o sodelovanju), od tega pa naj bi bilo za dokapitalizacijo na voljo samo 30 milijonov PLN.
The remaining part would have to be obtained on the market.
Preostali znesek bi bilo treba pridobiti na trgu.
Ulstein explained that if it was not able to obtain such financing on the market it would not inject capital [40].
Ulstein je pojasnil, da če mu tolikšnega zneska ne uspe pridobiti na trgu, kapitala ne bo povečal [40].
None of this is reflected in the plan, which states only that whether Ulstein finances the project from its own resources or from an external loan ‘does not change the principles and results of the company’s operational activity nor the level of investors’ own contributions’.
Tega načrt ne odraža. Načrt samo navaja, da ne glede na to, ali Ulstein projekt financira iz lastnih sredstev ali z zunanjim posojilom, „to ne spremeni načel in rezultatov operativnih dejavnosti podjetja niti ravni lastnega prispevka vlagateljev“.
On the basis of the foregoing, the Commission concludes that it has not received sufficient assurances about the amount that Ulstein is willing to invest and about its willingness to invest from its own resources in the case of failure to obtain external financing.
Na podlagi zgoraj navedenega Komisija sklepa, da ni prejela dovolj trdnih zagotovil glede zneska, ki ga je Ulstein pripravljen vložiti, in glede pripravljenosti Ulsteina, da uporabi lastna sredstva, če mu na trgu ne uspe pridobiti zunanjega financiranja.
The Commission therefore concludes that of the planned capital increase of PLN 242 million, only PLN 157,2 million can be considered actual and real.
Komisija zato sklepa, da je od načrtovane dokapitalizacije v višini 242 milijonov PLN samo znesek v višini 157,2 milijona PLN mogoče obravnavati kot dejanskega in resničnega.
Moreover, the withdrawal of Ulstein from the privatisation process, announced in its letter of 22 September, and the information that Mostostal might implement the restructuring plan of 12 September alone make the financing envisaged in the plan even more insecure.
Poleg tega je zaradi umika Ulsteina iz postopka privatizacije, najavljenega v dopisu z dne 22. septembra, in zaradi informacij, da bo Mostostal načrt za prestrukturiranje z 12. septembra izvedel sam, financiranje iz načrta še bolj negotovo.
To conclude, even considering only the restructuring costs that the investor will have to incur (PLN 1,354 billion), the own contribution which is actual and real and free of State aid (PLN 157,1 million) is only 12 %.
Če sklenemo, celo ob upoštevanju samo stroškov za prestrukturiranje, ki jih bo moral kriti vlagatelj (1,354 milijarde PLN), je lastni prispevek, ki je dejanski in resničen ter ne vsebuje državne pomoči (157,1 milijona PLN), zgolj 12 %.
It is therefore obvious that the own contribution does not even remotely approach the threshold of 50 % of restructuring costs required by the Guidelines.
Zato je jasno, da lastni prispevek niti približno ne dosega praga 50 % stroškov za prestrukturiranje, ki ga zahtevajo Smernice.
The Commission notes that following Ulstein’s withdrawal from the privatisation and restructuring of SSN, Mostostal, in its submission of 25 September 2008, attached a letter from a leading Kazakhstan bank, BTA, concerning the bank’s potential interest in the SSN project.
Komisija upošteva, da je Mostostal po umiku Ulsteina iz postopka privatizacije in prestrukturiranja SSN k dopisu z dne 25. septembra 2008 priložil dopis vodilne kazahstanske banke BTA v zvezi z njenim potencialnim zanimanjem za projekt SSN.
In this letter, the bank stated that it would be ready to provide financing of USD 100 million for the SSN project and asked Mostostal to send it the restructuring plan once it was approved by the European Commission.
V tem dopisu je banka navedla, da je za projekt SSN pripravljena zagotoviti 100 milijonov USD, in prosila Mostostal, naj ji predloži načrt za prestrukturiranje, ko ga odobri Evropska komisija.
The Commission notes that the letter is dated 26 June 2008 and cannot therefore refer to the restructuring plan of September 2008 but must rather refer to the June plan which is no longer valid.
Komisija upošteva, da dopis nosi datum 26. junij 2008 in se zato ne nanaša na načrt za prestrukturiranje iz septembra 2008, temveč na junijski načrt, ki pa ni več veljaven.
On the basis of the foregoing, the Commission notes that in reality the yard has obtained practically no own contribution within the meaning of the Guidelines, and in any case that the own contribution is not significant.
Na podlagi zgoraj navedenega Komisija ugotavlja, da ladjedelnici ni uspelo pridobiti skoraj nikakršnega lastnega prispevka v smislu Smernic, v vsakem primeru pa je lastni prispevek zelo majhen.
In addition, the restructuring plan submitted by Mostostal does not ensure a sufficient level of own contribution.
Poleg tega načrt za prestrukturiranje, ki ga je predložil Mostostal, ne zagotavlja dovolj visoke ravni lastnega prispevka.
As the own contribution should have the effect of keeping the level of State aid to the minimum, in the absence of such an own contribution the Commission has to conclude that the requirement that the aid is limited to the minimum necessary is not met.
Ker je lastni prispevek namenjen ohranjanju zneska državne pomoči na najnižji vsoti, v odsotnosti takšnega lastnega prispevka Komisija sklepa, da zahteva po omejenosti pomoči na najnižjo vsoto ni izpolnjena.
On the contrary, Mostostal’s restructuring plan is based on the assumption that additional State aid will be granted and itself states that its implementation depends on this additional State aid.
Nasprotno, načrt za prestrukturiranje Mostostala temelji na predpostavki, da bo dodeljena dodatna državna pomoč, in sklene, da je izvajanje načrta odvisno od te dodatne državne pomoči.
On the basis of the foregoing the Commission concludes that the requirement that aid is limited to the minimum and accompanied by a real contribution free of State aid is not met.
Na podlagi zgoraj navedenega Komisija sklene, da zahteva po omejitvi pomoči na najnižjo vsoto in po prisotnosti resničnega prispevka, ki ne vsebuje državne pomoči, ni izpolnjena.
AVOIDANCE OF UNDUE DISTORTION OF COMPETITION
IZOGIBANJE NEUPRAVIČENEMU IZKRIVLJANJU KONKURENCE
The Commission recalls its preliminary agreement with Poland on the closure of the Wulkan 1 slipway.
Komisija se sklicuje na predhoden dogovor s Poljsko glede zaprtja operativne površine Wulkan 1.
However, in the light of further developments following this agreement, and in the light of the above conclusions on the first two conditions of the Guidelines, assessing whether the compensatory measures proposed by Poland were sufficient is not necessary at this stage.
Vendar pa glede na nadaljnje razvojne dogodke po tem dogovoru in zgornje sklepne ugotovitve glede prvih dveh pogojev Smernic ni potrebe po oceni, ali so bili izravnalni ukrepi, ki jih je predlagala Poljska, zadostni.
The Commission concludes that the notified State aid in favour of SSN cannot be declared compatible with the common market and must be recovered.
Komisija sklene, da priglašene državne pomoči za SSN ni mogoče označiti kot združljive s skupnim trgom in jo je treba izterjati.
The aid element contained in the measures granted to SSN, presented in recitals 187-201 of this Decision, must be recovered.
Element pomoči ukrepov, dodeljenih SSN in predstavljenih v uvodnih izjavah 187 do 201 te odločbe, je treba izterjati.
In general the aid element to be recovered, i.e. the advantage received by the beneficiary of the aid, is equal to the difference between the terms that would be obtainable for the beneficiary on the market and the terms on which the measure was granted.
Na splošno je element pomoči, ki ga je treba izterjati, tj. prednost, ki jo je upravičenec dobil, enak razliki med pogoji, ki bi jih upravičenec lahko dobil na trgu, in pogoji, pod katerimi so bili ukrepi dodeljeni.
The reference and discount rates announced by the Commission are applied as a proxy for the market rate to measure the aid element, in particular when it is disbursed in several instalments, and to calculate the aid element resulting from interest subsidy schemes [42].
Referenčne in diskontne stopnje, ki jih je naznanila Komisija, se uporabljajo kot približek za tržno stopnjo za merjenje elementa pomoči, zlasti kadar je pomoč izplačana v več obrokih, in za izračun elementa pomoči, ki izhaja iz shem subvencioniranja obresti [42].
In the case of companies in difficulty, such as SSN, the Commission considers that the reference rate should be increased by at least 400 basis points in order to reflect the high risk involved in the transaction and by an additional 200 basis points because of the lack of collateral or poor collateral offered by the beneficiary.
V primeru podjetij v težavah, kakršno je SSN, Komisija meni, da je treba referenčno stopnjo zvišati za najmanj 400 bazičnih točk, da bi ta odražala veliko tveganje v transakciji, in še za dodatnih 200 bazičnih točk, da bi odražala pomanjkanje zavarovanja oziroma slabo zavarovanje, ki ga je ponudil upravičenec.
As explained above, the value of the collateral provided by the yard is questionable in view of the company’s liabilities/assets ratio.
Kot je pojasnjeno zgoraj, je vrednost zavarovanja ladjedelnice vprašljiva zaradi razmerja med dolgovi in sredstvi podjetja.
In the case of companies in difficulty, when the company cannot obtain any financing on the market, the aid element may amount to up to 100 % of the nominal value of the funds received [43].
Ko podjetje v težavah na trgu ne more pridobiti nobenega financiranja, je lahko element pomoči največ 100 % nominalne vrednosti prejetih sredstev [43].
The Commission considers that in the period analysed, when SSN was receiving the aid described in recitals 187-201, it was in serious financial difficulty (as described in recitals 45-57) and was not able to acquire any financing on the market.
Po mnenju Komisije je bila SSN v analiziranem obdobju, ko je prejela pomoč iz uvodnih izjav 187 do 201, v hudih finančnih težavah (kot je opisano v uvodnih izjavah 45 do 57) in na trgu ni uspela pridobiti financiranja.
The yard continued to make losses and in the period analysed it obtained virtually no financing from the market.
Ladjedelnica je še naprej ustvarjala izgube in v analiziranem obdobju na trgu ni uspela pridobiti praktično nobenega financiranja.
In such circumstances a market economy operator would not be willing to provide the yard with any financing, given the high risk involved.
V takšnih okoliščinah udeleženec v tržnem gospodarstvu ladjedelnici nikakor ne bi zagotovil financiranja, in sicer zaradi povezanega visokega tveganja.
Consequently, the Commission considers that no bank would have agreed to lend to the yard, even at high interest rates, and no bank would have agreed to provide a guarantee, even in exchange for a high guarantee premium.
Zato Komisija meni, da ladjedelnici nobena banka ne bi posodila denarja, niti po visokih obrestnih merah, in nobena banka ne bi dala jamstva, niti za visoko premijo jamstva.
Calculation of the aid element for particular categories of measures
Izračun elementa pomoči za posamezne kategorije ukrepov
Since SSN would not have received a loan or guarantee from the market, any loan or guarantee granted to the yard in the period analysed automatically constitutes aid.
Ker SSN na trgu ne bi uspela pridobiti posojila ali jamstva, vsako posojilo ali jamstvo, dodeljeno ladjedelnici v analiziranem obdobju, samodejno predstavlja pomoč.
Thus any guarantees still in effect must be stopped immediately and any loans must be immediately reimbursed.
Zato je treba vsako še vedno veljavno jamstvo takoj prekiniti, vsa posojila pa je treba takoj izterjati.
Reimbursement of any loans granted to the yard is not however sufficient to restore the initial situation since until the date of reimbursement the yard has had at its disposal financing that it would not normally have obtained from the market.
Izterjava posojil, dodeljenih ladjedelnici, pa ne zadostuje za obnovo prvotnega stanja, saj je imela ladjedelnica do datuma izterjave na razpolago financiranje, ki pa ga na trgu ne bi mogla pridobiti.
In order to restore the initial situation, this advantage, of which the size can only be approximated by using the interest rate for a very risky loan, should therefore also be recovered.
Da se obnovi prvotno stanje, je treba izterjati to prednost, obseg pa je mogoče približno določiti samo na podlagi obrestne mere, ki se zaračuna za zelo tvegana posojila.
Therefore, for the period running from the date on which the loan was granted to the yard to the date on which the yard reimburses it, the Commission must order the recovery of the difference between the interest rate actually paid by SSN and an interest rate theoretically adequate for a loan presenting a very high risk.
Zato mora Komisija odrediti izterjavo razlike med obrestno mero, ki jo je SSN dejansko plačala, in teoretično ustrezno obrestno mero za zelo tvegano posojilo, in sicer za obdobje od datuma, ko je bilo posojilo dodeljeno ladjedelnici, pa do datuma, ko ladjedelnica posojilo vrne.
In order to determine the latter interest rate, the Commission notes that the Commission notice on the method for setting the reference and discount rates indicates that the risk premium may be more than 400 basis points above the reference rate ‘if no private bank would have agreed to grant the relevant loan’, which is the situation in this case.
Za določitev obrestne mere za zelo tvegana posojila Komisija upošteva, da Obvestilo Komisije o metodi določanja referenčnih in diskontnih stopenj navaja, da lahko premija za tveganje znaša več kot 400 bazičnih točk nad referenčno stopnjo, „če nobena zasebna banka ne bi odobrila ustreznega posojila“, kar velja za ta primer.
In several decisions the Commission has found that a premium of 600 basis points above the reference rate was an adequate minimum to reflect a high-risk situation [44].
V več odločbah je Komisija ugotovila, da je premija 600 bazičnih točk nad referenčno stopnjo ustrezen minimum, ki odraža zelo tvegano stanje [44].
The Commission considers that this constitutes the minimum for the loans in the present case.
Komisija meni, da je to minimum za posojila v zadevnem primeru.
Advance payment guarantees
Garancije za predplačila