natgillin/translations-raw huggingface dataset:
silent participations (stille Beteiligungen) (hereinafter IBG Fund silent participations) of up to EUR 5 million per enterprise, effected by the IBG Fund on its own, independently of private investors, and held for up to 10 years;
tihe udeležbe (stille Beteiligungen) (v nadaljnjem besedilu: tihe udeležbe v skladu IBG) do pet milijonov EUR na podjetje, ki jih izvede sam sklad IBG, neodvisno od zasebnih investitorjev, ter jih vzdržuje do 10 let;
conversion of existing IBG Fund silent participations into ordinary equity holdings effected pari passu with private investors.
pretvorba obstoječih tihih udeležb v skladu IBG v navadne deleže v lastniškem kapitalu, izvedene pari passu z zasebnimi vlagatelji.
In respect of the ordinary equity holdings and the conversion measures, the Commission concluded in the opening decision that there was no State aid within the meaning of Article 87(1) of the EC Treaty either to the investors [4] or to the IBG Fund management [5].
V zvezi z navadnimi deleži v lastniškem kapitalu in ukrepi za pretvorbo je Komisija v odločitvi o sprožitvi postopka sklenila, da država investitorjem [4] ali upravitelju sklada IBG [5] ni podelila nobene državne pomoči v smislu člena 87(1) Pogodbe ES.
There might be State aid within the meaning of Article 87(1) of the EC Treaty to the IBG Fund [6] or to the target enterprises.
Morda obstaja državna pomoč v smislu člena 87(1) Pogodbe ES za sklad IBG [6] ali za ciljna podjetja.
However, the Commission found the measure to be in line with the Community guidelines on State aid to promote risk capital investments in small and medium-sized enterprises [7] (hereinafter the guidelines) and compatible with the common market under Article 87(3)(c) of the EC Treaty.
Toda Komisija je ugotovila, da je ukrep v skladu s Smernicami Skupnosti o državnih pomočeh za spodbujanje naložb rizičnega kapitala v mala in srednje velika podjetja [7] (v nadaljnjem besedilu: Smernice) ter združljiv s skupnim trgom v skladu s členom 87(3)(c) Pogodbe ES.
In the opening decision, the IBG Fund silent participations were assessed separately, because the German authorities considered them to be debt instruments in line with market conditions, which thus did not constitute State aid within the meaning of Article 87(1) of the EC Treaty, while the Commission had doubts as to whether in economic terms they should be classified as debt instruments or as equity instruments.
V odločitvi o sprožitvi postopka so bile ločeno ocenjene tihe udeležbe v skladu IBG, ker so nemški organi menili, da so to dolžniški instrumenti v skladu s tržnimi pogoji, ki ne pomenijo državne pomoči v smislu člena 87(1) Pogodbe ES, medtem ko je imela Komisija pomisleke, ali jih je treba v gospodarskem smislu razvrstiti kot dolžniške instrumente ali kot lastniške instrumente.
The Commission initiated the formal investigation procedure on the issue of whether the IBG Fund silent participations should, in economic terms, be classified as debt instruments, as claimed by the German authorities, or as equity instruments.
Komisija je sprožila formalni postopek preiskave vprašanja, ali bi morale biti tihe udeležbe v skladu IBG v gospodarskem smislu razvrščene kot dolžniški instrumenti, kot trdijo nemški organi, ali kot lastniški instrumenti.
If the IBG Fund silent participations did qualify as debt instruments, the Commission notice on the method for setting the reference and discount rates [8] (hereinafter the 1997 notice), which is to be used as an indicator of the market rate, would have to be applied to determine whether they entailed State aid to the target enterprises within the meaning of Article 87(1) of the EC Treaty [9].
Če tihe udeležbe v skladu IBG izpolnjujejo pogoje za opredelitev kot dolžniški instrumenti, bi bilo treba uporabiti Obvestilo Komisije o načinu določanja referenčnih obrestnih mer in diskontnih stopenj [8] (v nadaljnjem besedilu: Obvestilo iz leta 1997), ki se uporablja kot kazalnik tržne stopnje, za določitev, ali te udeležbe vključujejo državno pomoč za ciljna podjetja v smislu člena 87(1) Pogodbe ES [9].
In its opening decision, the Commission considered that, if the IBG Fund silent participations were classifiable as debt instruments, they would not constitute an advantage to the recipient companies within the meaning of Article 87(1) of the EC Treaty as they would be in line with market conditions according to the 1997 notice.
V svoji odločitvi o sprožitvi postopka je Komisija menila, da tihe udeležbe v skladu IBG, če bi se lahko razvrstile kot dolžniški instrumenti, ne bi pomenile prednosti za podjetja prejemnike v smislu člena 87(1) Pogodbe ES, ker bi bile v skladu s tržnimi pogoji iz Obvestila iz leta 1997.
On the other hand, if the IBG Fund silent participations were classifiable as equity, State aid to the target enterprises could not be ruled out, as the measure might be addressing a market failure in the venture capital market.
Če pa bi se tihe udeležbe v skladu IBG lahko razvrstile kot lastniški instrumenti, ni mogoče izključiti državne pomoči za ciljna podjetja, ker bi lahko ukrep odpravljal pomanjkljivosti trga tveganega kapitala.
To establish whether the IBG Fund silent participations should be classified as debt instruments or equity instruments, the opening decision examined the economic substance of the instruments in line with point 4.3.3 of the guidelines, taking into account the degree of risk and potential losses borne by the investor, whether profit-dependant remuneration or fixed remuneration was predominant, the level of subordination in the event of bankruptcy and the treatment of the investment instrument under the applicable domestic legal, regulatory, financial, and accounting rules.
Za določitev, ali je treba tihe udeležbe v skladu IBG razvrstiti kot dolžniške instrumente ali lastniške instrumente, je odločitev o sprožitvi postopka preverila gospodarsko vsebino instrumentov v skladu s točko 4.3.3 Smernic ob upoštevanju stopnje tveganja in potencialnih izgub, ki jih ima investitor, pri čemer so prevladovali izplačilo na podlagi dobička ali fiksno izplačilo, stopnja podrejenosti v primeru stečaja in obravnava naložbenega instrumenta v skladu z veljavnimi nacionalnimi pravnimi, regulativnimi, finančnimi in računovodskimi pravili.
Having examined the economic nature of the IBG Fund silent participations, the Commission identified the following possible differences between standard debt instruments and the IBG Fund silent participations:
Potem ko je preverila gospodarsko naravo tihih udeležb v skladu IBG, je Komisija določila naslednje mogoče razlike med standardnimi dolžniškimi instrumenti in tihimi udeležbami v skladu IBG:
Subordination In the case of bankruptcy of a target enterprise, the IBG Fund silent participations are senior to equity but subordinated to loans and other liabilities.
podrejenost v primeru stečaja ciljnega podjetja so tihe udeležbe v skladu IBG nadrejene lastniškim deležem, vendar so podrejene posojilom in drugim obveznostim;
Security The IBG Fund silent participations are partly secured (minimum 10 %), although this security is far from the level which would be required for debt financing.
varnost tihe udeležbe v skladu IBG so delno zavarovane (najmanj 10 %), čeprav je ta varnost zelo oddaljena od ravni, ki bi bila potrebna za financiranje dolga;
Repayment The IBG Fund silent participations are repaid twice a year, while on standard debt instruments the principal and the interest are normally repaid on a monthly basis.
odplačilo tihe udeležbe v skladu IBG se odplačujejo dvakrat na leto, medtem ko se pri standardnih dolžniških instrumentih glavnica in obresti navadno odplačujejo vsak mesec;
Information and control rights There appeared to be differences between the IBG Fund silent participations and standard debt instruments in terms of information and control rights, although ownership and change-of-control clauses are sometimes included in standard credit contracts.
pravice do informacij in nadzora zdi se, da obstajajo razlike med tihimi udeležbami v skladu IBG in standardnimi dolžniškimi instrumenti v smislu pravic do informacij in nadzora, čeprav so klavzule o lastništvu in spremembi nadzora včasih vključene v standardne pogodbe o kreditu;
Termination of contract There appeared to be differences between the IBG Fund silent participations and standard debt instruments as concerns the termination of contracts.
odpoved pogodbe zdi se, da obstajajo razlike med tihimi udeležbami v skladu IBG in standardnimi dolžniškimi instrumenti, kar zadeva odpoved pogodb;
Remuneration In view of the profit-linked one-off exit remuneration (Exitvergütung) component, it could not be established with 100 % certainty that the fixed remuneration was the predominant remuneration component.
izplačilo v zvezi s komponento z dobičkom povezanega enkratnega izstopnega izplačila (Exitvergütung) ni bilo mogoče s 100-odstotno zanesljivostjo ugotoviti, da je bilo fiksno izplačilo prevladujoča komponenta izplačila.
The Commission therefore had doubts as to whether the IBG Fund silent participations should be classified as debt instruments, and asked interested parties to provide comments on these points.
Zato je imela Komisija pomisleke, ali je mogoče tihe udeležbe v skladu IBG razvrstiti kot dolžniške instrumente, in je zainteresirane strani zaprosila, naj predložijo pripombe o teh točkah.
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 notice published in the Official Journal [11], the Commission received comments from one interested party, namely the IBG Fund, which provided detailed arguments to demonstrate that the IBG Fund silent participations should be classified as debt instruments.
V skladu s členom 20(2) Uredbe Sveta (ES) št. 659/1999 z dne 22. marca 1999 o določitvi podrobnih pravil za uporabo člena 93 Pogodbe ES [10] ter v odgovor na Obvestilo, objavljeno v Uradnem listu [11], je Komisija prejela pripombe ene zainteresirane strani, in sicer sklada IBG, ki navaja natančne utemeljitve v dokaz, da je mogoče tihe udeležbe v skladu IBG razvrstiti kot dolžniške instrumente.
Subordination
Podrejenost
The IBG Fund explained the subordinated status of the silent participations.
Sklad IBG je razložil podrejen položaj tihih udeležb.
It said that subordination is agreed on a voluntary basis and is not legally required.
Po njegovih navedbah je podrejenost dogovorjena na prostovoljni ravni in ni pravno potrebna.
It is not unusual to place debt instruments in different rankings.
Dolžniški instrumenti se pogosto razporedijo v različne razrede.
In the field of acquisition financing for example, it is virtually always the case that debts are grouped into senior debts and junior debts.
Na primer na področju financiranja nakupov podjetij je dolgove skoraj vedno treba razdeliti na dolgove, ki se plačujejo prednostno, in dolgove, ki se ne plačujejo prednostno.
In its comments, the IBG Fund emphasised that while the silent participations may be subordinated to other loans and liabilities, they are always senior to equity and never participate in the losses of the target enterprises.
V svojih pripombah je sklad IBG poudaril, da so tihe udeležbe, medtem ko jih je mogoče podrediti drugim posojilom in obveznostim, vedno nadrejene lastniškim deležem in niso nikoli vključene v izgube ciljnega podjetja.
The IBG Fund explained that between 10 % and 30 % of the value of the silent participations is secured by guarantees given by the shareholders of the target enterprises.
Sklad IBG je razložil, da je približno med 10 % in 30 % vrednosti tihih udeležb zavarovanih z jamstvi, ki jih zagotovijo delničarji ciljnih podjetij.
The precise amount of collateral depends on the individual case, and in particular on the assets the shareholders have previously transferred to the enterprise, e.g. in the form of equity or intellectual property rights.
Natančen znesek zavarovanja je odvisen od posameznega primera ter zlasti od sredstev, ki jih je delničar predhodno nakazal podjetju, npr. v obliki lastniškega deleža ali pravic intelektualne lastnine.
According to the IBG Fund, debt instruments can take different forms, depending on the individual case.
Po navedbah sklada IBG lahko imajo dolžniški instrumenti različne oblike, odvisno od posameznega primera.
In practice, there is even 0 % collateral, and the loan is unsecured; and this does not automatically turn a debt instrument into an equity instrument.
V praksi obstaja celo 0 % zavarovanja, poleg tega je posojilo nezavarovano; to dolžniškega instrumenta ne pretvori samodejno v lastniški instrument.
Repayment
Odplačilo
According to the IBG Fund, the repayment procedures for its silent participations are similar to those of debt instruments.
Po navedbah sklada IBG so postopki odplačila za njegove tihe udeležbe podobni postopkom dolžniških instrumentov.
In the case of standard loans, depending on a company’s liquidity position, the principal and interest are not necessarily (re)paid on a monthly basis.
V primeru standardnih posojil, odvisno od likvidnostnega položaja podjetja, ni nujno, da se glavnica in obresti odplačujejo mesečno.
Repayments on a six-monthly or three-monthly basis are just as common as monthly payments.
Odplačila, plačana na šest mesecev ali na tri mesece, so prav tako običajna kot mesečna plačila.
The German Civil Code provides for an interest payment at the end of each year, but other arrangements can be agreed.
Nemški civilni zakonik določa plačilo obresti ob koncu vsakega leta, vendar se je mogoče dogovoriti tudi za druge ureditve.
As regards the repayment of the principal, the IBG Fund points out that the German Civil Code stipulates that the principal becomes due when the loan contract is terminated unless the contract provides otherwise.
V zvezi odplačilom glavnice sklad IBG poudarja, da nemški civilni zakonik določa, da glavnica zapade, kadar je pogodba o posojilu odpovedana, razen če je v pogodbi določeno drugače.
According to the IBG Fund, its silent participations are compatible with the provisions of the German Civil Code without the need for any contractual provision departing from the general rule.
Po navedbah sklada IBG so njegove tihe udeležbe združljive z določbami nemškega civilnega zakonika, ne da bi pri tem katera koli pogodbena določba morala odstopati od splošnega pravila.
Information and control rights
Pravice do informacij in nadzora
The IBG Fund presents further arguments to demonstrate similarities between the information and ownership and change-of-control clauses of the IBG Fund silent participations and those of debt instruments.
Sklad IBG je predložil dodatne utemeljitve za dokaz podobnosti med klavzulami o informacijah in lastništvu ter spremembi nadzora za tihe udeležbe v skladu IBG in za dolžniške instrumente.
According to the IBG Fund, it is usual to agree on ownership and change-of-control clauses for debt instruments.
Po navedbah sklada IBG se je navadno mogoče dogovoriti o klavzulah o lastništvu in spremembi nadzora za dolžniške instrumente.
Creditors insist on them particularly in the case of commercial loans and project and acquisition financing.
Upniki vztrajajo pri tem zlasti v primeru komercialnih posojil in projektov ter financiranja nakupov podjetij.
These types of credit have in common with the IBG Fund silent participations that they are often long-term loans which become repayable only upon their termination.
Te vrste kredita imajo s tihimi udeležbami v skladu IBG skupno to, da so pogosto dolgoročna posojila, ki se začnejo odplačevati ob njihovem izteku.
In return, the creditors request extensive covenants which entitle them to terminate the credit contract earlier in the case of breach of the covenant by the debtor.
V zameno upniki zahtevajo obsežne obveznosti, ki jim zagotavljajo pravico, da predhodno prekinejo pogodbo o kreditu, če dolžnik krši obveznost.
As regards commercial loans, the umbrella organisation of German private banks, the Bundesverband Deutscher Banken, has designed a special model contract which contains an extensive ownership and change-of-control clause.
V zvezi s komercialnimi posojili je krovna organizacija nemških zasebnih bank, Bundesverband Deutscher Banken, pripravila posebno vzorčno pogodbo, ki vsebuje obsežno klavzulo o lastništvu in spremembi nadzora.
As regards project and acquisition financing, the IBG Fund refers to several relevant German commentaries which discuss and acknowledge extensive control clauses for the benefit of the creditor.
Kar zadeva financiranje projekta in nakupa podjetja, se sklad IBG sklicuje na več zadevnih nemških opomb, ki razpravljajo o obsežnih klavzulah o nadzoru v korist upnika in jih priznavajo.
Termination of contract
Odpoved pogodbe
The IBG Fund provides further arguments to demonstrate similarities between its silent participations and loans as regards the conditions for terminating the contract.
Sklad IBG zagotavlja dodatne utemeljitve za prikaz podobnosti med svojimi tihimi udeležbami in posojili glede pogojev za odpoved pogodbe.
In the case of breach of contract, non-compliance with agreed conditions, incorrect information or change of control, both the target enterprise and the IBG Fund are entitled to terminate the contract.
V primeru kršitve pogodbe, neskladnosti z dogovorjenimi pogoji, nepravilnih informacij ali spremembe nadzora sta ciljno podjetje in sklad IBG upravičena do odpovedi pogodbe.
Where the specific contract termination terminology of the IBG Fund silent participations is different from that for standard loans, it only reflects the specific nature of the instrument as compared to a standard loan.
Kadar se posebna terminologija o prekinitvi pogodbe za tihe udeležbe v skladu IBG razlikuje od terminologije za standardna posojila, izraža le posebno naravo instrumenta v primerjavi s standardnim posojilom.
Remuneration
Izplačilo
The IBG Fund explains the remuneration structure of its silent participations, in order to demonstrate that fixed remuneration is the dominant component of the total annual remuneration of 13 %.
Sklad IBG razloži strukturo izplačila svojih tihih udeležb, da pokaže, da so fiksna izplačila prevladujoča komponenta skupnega letnega izplačila v višini 13 %.
The total remuneration is composed of the fixed interest rate component, determined on the basis of the credit-risk rating of each target enterprise and payable irrespective of the profitability of the investment, and the profit-linked component, payable if certain profitability benchmarks are exceeded.
Skupno izplačilo je sestavljeno iz stalne obrestne mere, določene na podlagi stopnje kreditnega tveganja vsakega ciljnega podjetja in plačljive ne glede na donosnost naložbe, ter na dobiček vezane komponente, ki se plača, če se presežejo nekateri pragi dobičkonosnosti.
According to the IBG Fund, the profit-linked component is always at least 250 basis points lower than the fixed interest rate.
V skladu s skladom IBG je na dobiček vezana komponenta vedno vsaj 250 osnovnih točk nižja od stalne obrestne mere.
Accounting and tax treatment
Računovodska in davčna obravnava
The IBG Fund provides detailed information to demonstrate that under German law (civil law, accounting law and tax law) and international accounting rules (IFRS and IAS) its silent participations are considered to be typical silent participations and thus debt instruments.
Sklad IBG zagotavlja natančne informacije, s katerimi dokaže, da se na podlagi nemške zakonodaje (civilno pravo, računovodsko pravo in davčno pravo) ter mednarodnih računovodskih pravil (IFRS in IAS) njegove tihe udeležbe obravnavajo kot običajne tihe udeležbe in zato dolžniški instrumenti.
Comments on the opening decision
Pripombe v zvezi z odločitvijo o sprožitvi postopka
Pursuant to Article 20(2) of Regulation (EC) No 659/1999 and in response to the notice published in the Official Journal [12], the Commission received comments from the German authorities.
V skladu s členom 20(2) Uredbe (ES) št. 659/1999 in kot odgovor na Obvestilo, objavljeno v Uradnem listu [12], je Komisija prejela pripombe nemških organov.
The German authorities argued that the IBG Fund silent participations are typical silent participations and thus should be classified as debt instruments, for the following reasons:
Nemški organi so trdili, da so tihe udeležbe sklada IBG običajne tihe udeležbe in jih je zato treba obravnavati kot dolžniške instrumente iz naslednjih razlogov:
Under civil law, accounting law and tax law, these investment instruments are treated as borrowed capital (Fremdkapital).
v skladu s civilnim pravom, računovodskim pravom in davčnim pravom se ti naložbeni instrumenti obravnavajo kot sposojen kapital (Fremdkapital);
The information and control rights, as well as the provisions on termination of investments, are similar to those for debt instruments.
pravice do informacij in nadzora ter določbe o prekinitvi naložb so podobne tistim za dolžniške instrumente;
As in the case of debt instruments, full repayment of principal and interest is required at the end of the holding.
kot v primeru dolžniških instrumentov je ob izteku holdinga potrebno polno odplačilo glavnice in obresti;
The fixed interest component is the predominant component of remuneration, which indicates that the IBG Fund silent participations should be treated as debt instruments.
komponenta stalnih obresti je prevladujoča komponenta izplačila, ki kaže, da je treba tihe udeležbe v skladu IBG obravnavati kot dolžniške instrumente;
The subordination of the IBG Fund silent participations to other loans and liabilities is necessary to avoid immediate accounting insolvency because of the weak credit position of the borrower.
podrejeni položaj tihih udeležb v skladu IBG glede na druga posojila in obveznosti je potreben, da se prepreči takojšnja računovodska plačilna nesposobnost zaradi šibkega kreditnega stanja posojilojemalca;
Banks and credit institutions typically treat mezzanine capital as a debt instrument, even when it is unsecured.
banke in kreditne institucije navadno obravnavajo dolžniško-lastniški kapital kot dolžniški instrument, tudi kadar ni zavarovan.
Observations on the interested party’s comments
Ugotovitve o pripombah zainteresiranih strani
In their observations on the interested party’s comments, the German authorities expressed their agreement, and reiterated the conclusions presented in their own original comments on the opening decision.
V svojih ugotovitvah na pripombe zainteresiranih strani so nemški organi izrazili svoje soglasje in poudarili sklepe, ki so bili predstavljeni v njihovih izvirnih pripombah na odločitev o sprožitvi postopka.
Moreover, the German authorities emphasised that the IBG Fund silent participations are granted on market terms and do not entail State aid as they are in compliance with the communication from the Commission on the revision of the method for setting the reference and discount rates [13] (hereinafter the 2008 communication).
Razen tega so nemški organi poudarili, da so tihe udeležbe v skladu IBG podeljene pod tržnimi pogoji in ne vsebujejo državne pomoči, ker so v skladu s Sporočilom Komisije o spremembi metode določanja referenčnih obrestnih mer in diskontnih stopenj [13] (v nadaljnjem besedilu: Sporočilo iz leta 2008).
In further correspondence with the Commission, the German authorities explained the IBG Fund credit rating system, which has been examined by Price Waterhouse Coopers and classifies the target enterprises between ‘very good’ (AAA) and ‘bad/financial difficulties’ (CCC)’; CCC companies are excluded from receiving financing.
V nadaljnji korespondenci s Komisijo so nemški organi razložili sistem za ocenjevanje kreditne sposobnosti sklada IBG, ki ga je preučil Price Waterhouse Coopers in uvrstil ciljna podjetja od oznake „zelo uspešna“ (AAA) do oznake „slaba/finančne težave“ (CCC); podjetja, ocenjena z oznako CCC, niso upravičena do financiranja.
The low collateralisation and the ranking of the IBG Fund silent participations is taken into account when assessing the credit risk of the target enterprises.
Nizko zavarovanje s premoženjem in nizke ocene tihe udeležbe v skladu IBG se upoštevajo pri ocenjevanju kreditnega tveganja ciljnih podjetij.