natgillin/translations-raw huggingface dataset:
The Commission observes in particular that SNCM’s shareholder, in collaboration with Ernst & Young, carried out a quantification of the cost of liquidation of the undertaking (the CGMF report cited above) on 30 September 2005 to which supplementary expert opinions were given by Oddo Corporate Finance and the firm Paul Hastings.
Komisija navaja zlasti, da je delničar družbe SNCM v sodelovanju s svetovalno družbo Ernst & Young opravil kvantifikacijo stroškov likvidacije podjetja (zgoraj navedeno poročilo CGMF) na dan 30. septembra 2005, o čemer sta drugo mnenje izdelali družba Oddo Corporate Finance in svetovalna družba Paul Hastings.
The Commission notes that the Oddo-Hastings report cited above valued SNCM’s assets at EUR […] million.
Komisija opozarja, da so bila v zgoraj navedenem poročilu Oddo-Hastings sredstva družbe SNCM valorizirana na […] milijonov EUR.
As regards the valuation of the fleet held in its name, the gross market value of SNCM’s vessels had been valued at EUR […] million on 30 September 2005 by the specialist broker BRS, but the Oddo report valued SNCM’s fleet at EUR […] million after discount, brokerage commission and legal uncertainty.
Kar zadeva valorizacijo ladjevja v lasti družbe, je bilo ladjevje družbe SNCM, ker je specializirani posrednik BRS prodajno vrednost ladij družbe SNCM ocenil na […] milijonov EUR na dan 30. septembra 2005, s poročilom družbe Oddo valorizirano na […] milijonov EUR po popustu, posredniški proviziji in upoštevanju pravne negotovosti.
Scenarios for valuation of the assets of SNCM on 30 September 2005
Scenariji valorizacije sredstev družbe SNCM na dan 30. septembra 2005
Sources: Oddo-Hastings report, report of the Commission expert.
Vira: poročilo Oddo-Hastings, poročilo strokovnjaka Komisije.
Value of asset
Vrednost sredstev
Oddo report
poročilo Oddo
Commission expert
strokovnjak Komisije
Intangible asset
Neopredmetena sredstva
Property, Plant and Equipment
Opredmetena sredstva
Fleet held in own name
Ladjevje v lasti družbe
Buildings [146]
Nepremičnine [146]
Investments [147]
Naložbe [147]
Advances and payments on account
Predujmi in predplačila
Debtors clients
Terjatve do kupcev
Other debtors [148]
Druge terjatve [148]
Net cash
Čisti finančni tok
Prepayments and accrued income
Aktivne časovne razmejitve
Total Assets
Sredstva skupaj
From the table above it is clear to the Commission that the fleet of vessels constitutes the main element in the valuation of the undertaking.
Komisija na podlagi zgornje tabele ugotavlja, da je ladjevje ladij glavni element valorizacije sredstev podjetja.
In that respect, the Commission expert considered, having carried out, where possible, a comparative analysis, that the discount applied to the gross market value of the vessels and the legal uncertainty were consistent.
V zvezi s tem je strokovnjak Komisije, potem ko je, če je bilo to mogoče, opravil primerjalno analizo, odločil, da sta bila popust, uporabljen za bruto prodajno vrednost ladij, in pravna negotovost skladna.
On that basis, it concluded that there were no arguments to reject the assessment of the value of the fleet drawn up by the French State.
Na tej podlagi je ugotovil, da ni razlogov za zavrnitev ocene vrednosti ladjevja, ki jo je izdelala francoska država.
As regards the discount, the Commission is of the opinion that its level is consistent with the discounts observed in sales of vessels in the event of compulsory liquidation.
V zvezi s popustom Komisija meni, da je njegova raven skladna s popusti, evidentiranimi pri prodajah ladij v primeru sodne likvidacije.
According to the Commission expert, the Régie des Transports Maritimes, a national Belgian company operating the Ostend-Ramsgate route, for example, sold two car ferries in 1997 with discounts estimated at 35 % to 45 %.
Po navedbah strokovnjaka Komisije je nacionalna belgijska družba Régie des Transports Maritimes, ki deluje na liniji Ostende–Ramsgate, leta 1997 prodala dva trajekta s popustoma, ocenjenima na 35 % in 45 %.
More recently, the company Festival Cruises disposed of three cruise vessels at an average discount of 20 %.
Nedavno je družba Festival Cruises prodala tri križarke s povprečnim popustom v višini 20 %.
The discounts observed in similar cases are therefore in the region of the discounts applied by the French authorities in this case.
Popusti, evidentirani v podobnih primerih, so torej na ravni popustov, ki so jih francoski organi uporabili v obravnavanem primeru.
Concerning the legal uncertainty, since no comparable transaction has taken place on the market, the Commission considers that the arguments justifying the application of legal uncertainty are consistent with the narrowness of the market for vessels of a certain type designed for a fairly specific use.
V zvezi s pravno negotovostjo Komisija meni, da ker ni bilo na trgu nobene primerljive transakcije, so trditve, ki upravičujejo uporabo pravne negotovosti, skladne z ozkostjo trga za tipske ladje, zasnovane za dokaj posebno uporabo.
The Commission notes, in addition, that its independent expert revised upwards the valuation of the investments, in particular that of the SNCM’s holding in CMN (of EUR […] million to EUR […] million).
Komisija poleg tega navaja, da je njen neodvisni strokovnjak navzgor popravil valorizacijo dolgoročnih finančnih naložb, zlasti valorizacijo deleža družbe SNCM v družbi CMN (z […] milijonov EUR na […] milijonov EUR).
In that respect, having regard to the offer to buy out that holding by Stef-TFE at EUR […] million sent to the Commission in the present investigation, the Commission considers that the valuation of SNCM’s holding in CMN of EUR […] million is reasonable in the context of a company liquidation.
Ob upoštevanju ponudbe skupine Stef-TFE, da odkupi ta delež za znesek v višini […] milijonov EUR, ki jo je poslala Komisiji na podlagi te preiskave, Komisija meni, da je valorizacija deleža družbe SNCM v družbi CMN na […] milijonov EUR razumna na podlagi likvidacije družbe.
As regards the valuation of the other items of assets, the Commission expert did not raise any specific objection.
Kar zadeva valorizacijo drugih postavk sredstev, strokovnjak Komisije ni imel posebnega ugovora.
It did not, however, accept the item ‘net cash’, since that item was in deficit.
Vendar pa ni sprejel postavke „čisti finančni tok“, ker je ta v primanjkljaju.
The Commission takes the view that in fact that item should be reclassified under SNCM’s liabilities.
Komisija meni, da je treba to postavko dejansko uvrstiti med obveznosti družbe SNCM.
Having regard to the adjustments made, the Commission values SNCM’s assets at EUR […] million on 30 September 2005.
Ob upoštevanju opravljenih prilagoditev je Komisija valorizirala sredstva družbe SNCM na […] milijonov EUR na dan 30. septembra 2005.
The valuation of SNCM’s liabilities
Ocena obveznosti družbe SNCM
The Commission notes that the French authorities quantify the amount owed as preferential debts at EUR […] million and at EUR […] million the amount owed under non-preferential debts (apart from additional redundancy payments).
Komisija ugotavlja, da francoski organi ocenjujejo znesek, dolgovan iz naslova privilegiranih terjatev, na […] milijonov EUR, znesek, dolgovan iz naslova neprivilegiranih terjatev (brez dodatnih odpravnin), pa na […] milijonov EUR.
That amount covers notice payments (EUR […] million), payments for leave taken with notice (EUR […] million), contractual redundancy payments (EUR […] million) and the Delalande contribution (EUR […] million).
Ta znesek pokriva nadomestila namesto odpovednega roka ([…] milijonov EUR), nadomestila za plačani dopust po odpovedi ([…] milijonov EUR), pogodbene odpravnine ([…] milijonov EUR) in prispevek Delalande ([…] milijonov EUR).
The cost of termination of the principal operating contracts concerns, essentially, the calling of the bank guarantee of EUR […] million given to guarantee the proper performance by SNCM of its public service obligations, to which is added the penalty provided for by that agreement, equal to […] % of the reference financial compensation of EUR […] million for 2005, that is approximately EUR […] million in the event of fault of the delegatee.
Stroški odpovedi glavnih pogodb o poslovanju se nanašajo predvsem na unovčenje bančne varščine v znesku […] milijonov EUR, položene kot jamstvo, da bo družba SNCM dobro izvajala svoje obveznosti javne službe, varščini pa bi se prištela kazen, določena v navedeni pogodbi, v višini […] % referenčnega finančnega nadomestila v znesku […] milijonov EUR za leto 2005, kar je približno […] milijonov EUR v primeru neizpolnitve obveznosti pooblaščenca.
So far as concerns the net liabilities related to the sale of the leased vessels, the French authorities state that, on the basis of certain assumptions, the net sale proceeds are valued, by the specialist broker BRS, at EUR […] million on 30 September 2005 after discount, brokerage commission and financial cost of porterage.
Kar zadeva neto obveznosti, povezane s prodajo ladij v zakupu, francoski organi poudarjajo, da na podlagi nekaterih predpostavk specializirani posrednik podjetja BRS ocenjuje neto prihodek od prodaje na […] milijonov EUR na dan 30. septembra po popustu, posredniški proviziji in finančnem strošku prevoza.
Since the savings on tax and bank debts amount to EUR […] million, there remains a balance of bank debts relating to the leased vessels to be reimbursed of EUR […] million.
Ker davčni prihranki in bančni dolgovi znašajo […] milijonov EUR, ostanek bančnih dolgov v zvezi z ladjami v zakupu, ki ga je treba povrniti, znaša […] milijonov EUR.
Scenarios for valuation of the liabilities of SNCM on 30 September 2005
Scenariji valorizacije obveznosti družbe SNCM na dan 30. septembra 2005
Value of liabilities
Vrednost obveznosti
Preferential debts including:
Privilegirani dolgovi, od česar:
Social and tax debts
dolgovi za socialno varnost in davčni dolgovi
Financial debts guaranteed by assets [154]
finančni dolgovi, zajamčeni s sredstvi [154]
Cost of social plan under a collective agreement
Stroški pogodbenega socialnega načrta
Cost of retired employees mutual benefit society [155]
Stroški zdravstvenega zavarovanja upokojencev [155]
Cost of liquidation process
Stroški postopka likvidacije
Interim operating losses [156]
Vmesne izgube iz poslovanja [156]
Paying off of preferential creditors
Izplačilo privilegiranim upnikom
Unsecured debts [157]
Nezavarovani dolgovi [157]
Cost of social plan not covered by a collective agreement
Stroški zunajpogodbenega socialnega načrta
Cost of termination of principal operating contracts
Stroški odpovedi glavnih pogodb o poslovanju
Additional cost related to disposal of leased vessels
Dodatni stroški, povezani s prodajo ladij v zakupu
Paying off of non-preferential creditors
Izplačilo neprivilegiranim upnikom
The Commission notes that social liabilities constitute the main element of SNCM’s liabilities.
Komisija navaja, da so dolgovi za socialne prispevke glavni element obveznosti družbe SNCM.
As regards the preferential social liabilities, that is to say the cost of the social plan, the Commission expert verified the formulae for calculating all the components of the plan on the basis of surveys and did not find any anomolies or errors.
Kar zadeva privilegirane dolgove za socialne prispevke, to je stroške pogodbenega socialnega načrta, je strokovnjak Komisije na podlagi vzorčenja preveril formule izračuna vseh sestavnih delov načrta in ni ugotovil niti anomalije niti napake.
Having regard to that verification, the Commission considers the amount of EUR […] million put forward by the French authorities for the social plan under a collective agreement to be reasonable.
Ob upoštevanju te preveritve Komisija meni, da je znesek […] milijonov EUR, ki so ga navedli francoski organi na podlagi pogodbenega socialnega načrta, razumen.
In respect of the interim operating losses, the Commission considers that the estimate is cautious in the light of the legislation, in particular Articles L.622-10 of the Commerce Code and 119-2 of Decree No 85-1388 of 27 December 1985 pursuant to which SNCM may be obliged by the Commercial Court having jurisdiction to continue its operations for a term of two months, renewable at the request of the prosecuting authority on account of its public service obligations.
Kar zadeva vmesne izgube iz poslovanja, Komisija meni, da je ocena previdna z vidika zakonodaje, zlasti člena L 622-10 trgovinskega zakonika in člena 119-2 odloka št. 85-1388 z dne 27. decembra 1985, na podlagi katerih bi lahko pristojno trgovinsko sodišče SNCM obvezalo, da nadaljuje poslovanje še dva meseca, ki se lahko na zahtevo podaljšata javnega ministrstva zaradi obveznosti javne službe.
So far as concerns the unsecured debts, the Commission expert did not raise any particular objection.
Kar zadeva nezavarovane dolgove, strokovnjak Komisije ni imel posebnega ugovora.
However, it adjusted the amount of EUR […] million from the amount of EUR […] million resulting from a recalculation of the assets item ‘net cash’.
Vseeno je popravil znesek […] milijonov EUR za znesek […] milijonov EUR, ki izhaja iz preračuna postavke sredstev „čisti finančni tok“.
The Commission considers that to be in line with the changes made to the valuation of SNCM’s assets.
Komisija meni, da je ta preračun v skladu s spremembami, opravljenimi pri valorizaciji sredstev družbe SNCM.
In respect of the cost of the social plan not covered by a collective agreement (apart from additional redundancy payments), the Commission expert considers that the assessment of the cost of the legal proceedings should be reduced to EUR […] million instead of the EUR […] million given by he French authorities.
Glede stroškov zunajpogodbenega socialnega načrta (razen dodatnih odpravnin) strokovnjak Komisije meni, da bi bilo treba stroške sodnih sporov povečati na […] milijonov EUR namesto […] milijonov EUR, kot navajajo francoski organi.
On that point, although the Commission is of the view that it is certain that trades union organisations asked for the fixed-term contracts to be reclassified as contracts for an indefinite term, it considers, on the other hand, that the figure must relate only to employees with a fixed-term contract for whom that risk is almost definite (namely, […] fixed-term contracts).
V zvezi s tem po mnenju Komisije ni dvoma, da bi sindikalne organizacije zahtevale spremembo pogodb za določen čas v pogodbe za nedoločen čas, vendar nasprotno še meni, da se mora ocenitev nanašati samo na zaposlene s pogodbami za določen čas, za katere je to tveganje skoraj zanesljivo (kar je […] PDČ).
Given a gross monthly salary of EUR […] with an allowance of 9 months’ salary for the first […] fixed-term contracts and 6 months for the next […] contracts, the amount comes to EUR […] million.
Glede na bruto mesečno plačo v višini […] EUR z 9-mesečnim nadomestilom plače za […] prvih PDČ in 6-mesečnim za […] naslednjih, je ta znesek […] milijonov EUR.
So far as concerns the net liabilities related to the disposal of the leased vessels, the Commission considers that the assumptions underpinning that calculation are justified in particular because of GIE’s excessive regard for contractual formalities, which restricts any substitution of SNCM by third parties and makes tax relief subject to the operation of vessels under the French flag.
Glede neto obveznosti, povezanih s prodajo ladij v zakupu, Komisija meni, da so predpostavke, na katerih sloni izračun, upravičene, zlasti zaradi pogodbenega formalizma gospodarskih interesnih skupin (GIS), ki omejuje kakršno koli nadomestitev družbe SNCM s tretjo stranko in davčne ugodnosti pogojuje z upravljanjem ladij pod francosko zastavo.
In addition, it is also justified not to apply legal uncertainty to vessels operated under leasing agreements because those vessels were disposed of by the GIE’s creditor banks.
Poleg tega je upravičeno, da se pravna negotovost ne uporablja pri ladjah v zakupu, saj jih prodajajo banke upnice GIS.
Against that background, the Commission takes the view that it is reasonable to take into account the financial costs of porterage between 30 September 2005 and the date of actual disposal of the vessel.
V teh okoliščinah je po mnenju Komisije upravičeno, da se finančni strošek prevoza upošteva med 30. septembrom 2005 in datumom prodaje ladje.
In the light of the foregoing, the Commission is of the opinion that on 30 September 2005 SNCM’s preferential liabilities were EUR […] million and SNCM’s non-preferential liabilities EUR […] million.
Glede na zgoraj navedeno Komisija meni, da privilegirane obveznosti družbe SNCM na dan 30. septembra 2005 znašajo […] milijonov EUR, neprivilegirane obveznosti družbe SNCM pa […] milijonov EUR.
The finding of a shortfall in assets
Ugotovitev nezadostnosti sredstev
In the light of the foregoing, the Commission considers that on 30 September 2005 the value of SNCM’s assets (namely, EUR […] million) was insufficient to pay off preferential creditors (EUR […] million) and non-preferential creditors (EUR […] million).
Glede na zgoraj navedeno Komisija meni, da na dan 30. septembra 2005 vrednost sredstev družbe SNCM (to je […] milijonov EUR) ni zadostovala za poplačilo privilegiranih (to je […] milijonov EUR) in neprivilegiranih upnikov (to je […] milijonov EUR).
In the circumstances, in the absence of an action ‘en comblement de passif’ (see below), and having regard to recital 273 of this decision and the shortfall in assets, the cost of a liquidation of SNCM by CGMF is limited to the costs of additional redundancy payments, that is, EUR […] million.
V takih okoliščinah in ob neobstoju tožbe za plačilo dolgov (glej spodaj) ter ob upoštevanju točke 273 te odločbe in nezadostnosti sredstev bi bil strošek likvidacije družbe SNCM, ki bi jo izvedla družba CGMF, omejen na stroške dodatnih odpravnin, to je […] milijonov EUR.
It follows that the choice made by the French authorities to dispose of SNCM at the negative price of EUR 158 million compared to the minimum liquidation cost of EUR […] million may be considered to be consistent with the choice which a private group of undertakings in a market economy would have made.
Iz tega sledi, da se lahko odločitev francoskih organov, da se družba SNCM proda po negativni ceni 158 milijonov EUR, ki jo je treba primerjati z minimalnim stroškom likvidacije […] milijonov EUR, šteje za skladno z odločitvijo, ki bi jo sprejela zasebna skupina podjetij v tržnem gospodarstvu.
Consequences of a compulsory liquidation of SNCM
Posledice sodne likvidacije družbe SNCM
The Commission also examined the argument of the French authorities that the State, as the majority shareholder, could be called upon ‘en comblement de passif’ in the event of the liquidation of the undertaking (see below).
Komisija je preučila tudi trditev francoskih organov, da bi bila v primeru likvidacije podjetja država kot večinski delničar lahko pozvana k plačilu dolgov (glej spodaj).
In that case, according to the French authorities, the calculation of the liquidation cost for the State shareholder must take into account national law, as accepted by the Commission in its ABX Logisitics decision, and must be determined on a case-by-case basis, taking account of the special features of the sector and the circumstances of the case.
V tem primeru mora po mnenju francoskih organov izračun stroška likvidacije za državo delničarko upoštevati nacionalno pravo, kot je Komisija priznala v Odločbi ABX Logistics, in se mora presojati od primera do primera ob upoštevanju posebnosti sektorja in okoliščin primera.
In the present case, the Commission notes that on 28 March 2006 the French authorities delivered to it documents attesting that SNCM’s shareholder had carried out research into the least costly solution for it by examining in parallel and from the outset two possibilities, namely the liquidation of the undertaking and its sale at a negative price.
V obravnavanem primeru Komisija ugotavlja, da so ji francoski organi 28. marca 2006 predložili dokumente, ki dokazujejo, da je delničarka družbe SNCM iskala zanjo najcenejšo rešitev, pri čemer je vzporedno in od začetka preučevala dve možnosti, to je likvidacijo podjetja in njegovo prodajo po negativni ceni.
On the basis of the expert’s reports cited above sent to the Commission, the French authorities submit that the total actual costs which the French Republic would have to bear as shareholder, through CGMF, amount to EUR […] and […] million on 30 September 2005. That estimate takes account, in particular, of the risk that the French State would be called upon ‘en comblement de passif’ if the court had had to consider it to be de facto managing SNCM.
Na podlagi zgoraj navedenih strokovnih mnenj, predloženih Komisiji, francoski organi menijo, da bi vsi realni stroški, ki bi jih morala kot delničarka nositi Francoska republika prek družbe CGMF, na dan 30. septembra 2005 znašali med […] in […] milijonov EUR. Ta analiza upošteva zlasti tveganji, da bi bila francoska država pozvana k „plačilu dolgov“, če bi jo sodišče štelo za dejanskega upravitelja družbe SNCM, in da bi bilo državi naloženo izplačilo dodatnih odpravnin za odpuščeno osebje.
The French authorities consider that those risks must be taken into account in the calculation of the actual cost of a possible liquidation of SNCM.
Francoski organi menijo, da je ta tveganja treba uporabiti v izračunu dejanskega stroška morebitne likvidacije družbe SNCM.
Accordingly the question arises as to the assessment of the actual costs as a whole which France would probably have to bear as shareholder in the event of a liquidation of SNCM by the court in order to determine if, in the light of the possibility of being ordered to bear those costs and the extent of such an order, a well-informed private investor would have preferred to sell its subsidiary directly at a negative price of EUR 158 million rather than run that risk.
Zato se postavlja vprašanje ocene vseh realnih stroškov, ki bi jih morala kot delničarka verjetno nositi Francija v primeru sodne likvidacije družbe SNCM, da bi ugotovili, ali bi se preudaren zasebni delničar glede na možnosti, da mu bo naloženo plačilo teh stroškov in glede na njihov obseg, raje odločil za takojšnjo prodajo svoje hčerinske družbe po negativni ceni 158 milijonov EUR kot za sprejetje tega tveganja.
A possible order against the State ‘en comblement de passif’
Možna obsodba države na plačilo dolgov
In French law, the authorised liquidator of a company in compulsory liquidation has the power to initiate an action for damages against the former directors of the company, known as an ‘action en comblement de passif’ where there is cancellation of a safeguard plan or receivership or compulsory liquidation.
V francoskem pravu ima likvidacijski upravitelj družbe v sodni likvidaciji možnost, da vloži tožbo na podlagi odgovornosti zoper nekdanje upravitelje družbe, imenovano „tožba za plačilo dolgov“, in to v primeru sklepa o načrtu za ohranitev ali prisilno upravo in v primeru sodne likvidacije.
The reason for the bringing of an action ‘en comblement de passif’ against the former directors of the insolvent company is the need to build up the company’s assets, which is one of the tasks entrusted to the authorised liquidator.
Uvedba tožbe za plačilo dolgov zoper nekdanje upravitelje družbe v stečaju je obrazložena s potrebo obnoviti premoženje družbe, ki je ena od nalog, zaupanih likvidacijskemu upravitelju.
In several letters to the Commission, the French authorities submitted that a situation in which the State is ordered by a national court to make good the liabilities of the undertaking which it manages is a highly plaisible scenario and that it must be taken into account in the calculation of the actual cost of a possible liquidation of SNCM.
Francoski organi so v več dopisih Komisiji trdili, da je predpostavka, da bi nacionalno sodišče državi naložilo plačati dolgove podjetja, ki ga upravlja, več kot verjetna in da jo je treba uporabiti pri izračunu dejanskih stroškov morebitne likvidacije družbe SNCM.
In its records of 28 February 2008, SNCM provided an expert’s report evaluating the consequences of an action ‘en comblement de passif’ against the French State.
Družba SNCM je v svojih spisih z dne 28. februarja 2008 predložila poročilo strokovnjakov, v katerem so ocenjene pravne posledice tožbe za plačilo dolgov zoper francosko državo.