natgillin/translations-raw huggingface dataset:
There is nothing in the explanations provided by the Polish authorities to suggest that the additional cash-flow was anything other than a one-off aid measure granted in 2007, following a rather sudden and substantial change in marketing practices by HSW’s competitors.
Poljski organi v svojih obrazložitvah niso navedli nobene informacije, na podlagi katere bi bilo mogoče sklepati, ali je dodatni denarni tok kaj drugega kot enkraten ukrep pomoči, odobren leta 2007, po nepričakovani in bistveni spremembi tržnih praks konkurentov družbe HSW.
The Polish authorities have demonstrated that in the future HSW will in all likelihood be able to generate sufficient cash-flow to offer competitive conditions to its clients and suppliers: the indicators for HSW’s financial results after the implementation of various cost-reduction measures are satisfactory.
Poljski organi so pojasnili, da bo družba HSW v prihodnosti zelo verjetno sposobna ustvariti zadosten denarni tok, s katerim bo lahko svojim strankam in dobaviteljem ponudila konkurenčne pogoje: kazalniki za finančne rezultate družbe HSW so po izvajanju različnih ukrepov za zmanjšanje stroškov zadovoljivi.
The Commission is therefore satisfied that coverage of those additional cash-flow needs was necessary to keep HSW afloat pending the completion of its restructuring and that the restructuring plan is aimed at ensuring that such financial gaps do not reoccur.
Komisija zato ne dvomi, da je bilo kritje teh dodatnih potreb po denarnem toku potrebno za preprečitev zadolževanja družbe HSW v zaključni fazi prestrukturiranja ter da je cilj načrta prestrukturiranja preprečevanje ponovnega pojava takšnih finančnih vrzeli.
Second, on the question of hedging policy, the Polish authorities provided sufficient evidence that the company is now tackling the exchange-rate risk in a more efficient way and hence that one of the principal causes of the company’s difficulties has been remedied.
Poleg tega so poljski organi glede vprašanja politike varovanja pred tveganjem zagotovili dovolj dokazov, da se zdaj družba spopada s tveganjem v zvezi z menjalnim tečajem bolj učinkovito in da je bil zato eden od glavnih vzrokov težav družbe odpravljen.
Focusing its sales on the more profitable markets of bulldozers and pipelayers has resulted in operating profits.
Rezultat usmerjanja prodaje na donosnejše trge z buldožerji in stroji za polaganje cevi je bil dobiček iz poslovanja.
By accounting for most of its sales in euro rather than US dollars, HSW has already decreased variations in the accounting currency and this strategy should bring further benefits in the future when the proportion of sales carried out in euro is set to increase further.
Z obračunavanjem večine svoje prodaje v eurih namesto v ameriških dolarjih je družba HSW že zmanjšala razlike v valuti obračunavanja, pri čemer naj bi se zaradi te strategija v prihodnosti dosegle dodatne prednosti, ko se bo delež prodaje, opravljene v eurih, še dodatno povečal.
Indeed, this strategy is crucial to the company’s return to profitability.
Ta strategija je dejansko bistvena za ponovno donosnost družbe.
If HSW continues to […] as is envisaged both in the February plan and in the November plan it should be able to increase its profits, even if all other factors remain equal.
Če bo družba HSW nadaljevala z […], kot je predvideno v februarskem in novembrskem načrtu, bo sposobna povečati svoj dobiček, tudi če se vsi ostali dejavniki ne spremenijo.
The credibility of HSW’s restructuring strategy has also been boosted by the confidence of market operators in the success of the restructuring.
Večja verodostojnost strategije družbe HSW za prestrukturiranje se je zagotovila tudi z večjim zaupanjem akterjev na trgu v uspešnost prestrukturiranja.
As regards the debt-to-equity swap, the Commission notes that the ARP swapped the nominal value of its loans for equity and thereby became a shareholder of HSW.
V zvezi s konverzijo dolga v lastniški delež Komisija ugotavlja, da je ARP zamenjala nominalno vrednost svojih dolgov za lastniški delež in tako postala delničarka družbe HSW.
The Commission notes that the decision of 20 December 2006 considered the aid element of these two loans to be 100 % of the loan principal, i.e. a total of PLN 75 million, as indicated by the Polish authorities in the notification.
Po ugotovitvah Komisije je v odločbi z dne 20. decembra 2006 upoštevano, da je del pomoči teh dveh posojil znašal 100 % glavnice posojila, tj. skupno 75 milijonov PLN, kot so navedli poljski organi v priglasitvi.
This debt-to-equity swap changes the form of State aid, since instead of having to reimburse PLN 96,2 million [26] (original two loans totalling PLN 75 million plus PLN 21,2 million in interest) to the ARP and paying regular interest, HSW issued shares amounting to PLN 75 million which have been taken over by the ARP.
Ta konverzija dolga v lastniški delež spremeni obliko državne pomoči, saj je družba HSW namesto povrnitve 96,2 milijona PLN [26] (prvotno dve posojili, ki znašata skupno 75 milijonov PLN plus 21,2 milijona PLN obresti) ARP in plačila rednih obresti izdala delnice v znesku 75 milijonov PLN, ki jih je prevzela ARP.
The Commission notes that the ARP implemented the swap on 2 July 2007 without respecting the standstill clause.
Komisija ugotavlja, da je ARP konverzijo izvedla 2. julija 2007, pri čemer ni upoštevala klavzule o mirovanju.
Poland admits that the company was better off after the debt-to-equity swap.
Poljska priznava, da je bila družba po konverziji dolga v lastniški delež v boljšem položaju.
The Commission notes that the debt-to-equity swap will free assets which had served as security for the loans, thereby improving the cash flow of the beneficiary, enabling it to obtain new credit.
Komisija ugotavlja, da se bodo s konverzijo dolga v lastniški delež sprostila sredstva, ki so se uporabljala kot jamstvo za posojila, s čimer se bo izboljšal denarni tok upravičenke, tako da bo lahko dobila novo posojilo.
In accounting terms, the debt-to-equity swap will have the following impact on HSW’s balance sheet.
V smislu računovodstva bo imela konverzija dolga v lastniški delež naslednji učinek na bilanco stanja družbe HSW.
The beneficiary will see its assets increase, since it will not have to use available cash for the reimbursement of the loans.
Upravičenka bo povečala svoja sredstva, ker ji ne bo treba uporabljati denarnih sredstev, ki so na voljo za povračilo dolgov.
Furthermore, there will be no reduction on the debit side of the balance sheet caused by the repayment of loans.
Poleg tega se breme iz bilance stanja, ki je nastalo zaradi povračila dolgov, ne bo zmanjšalo.
This will also increase the share of equity on the balance sheet, improving both the relative level of indebtedness and HSW’s creditworthiness.
To je razlog, da se bo v bilanci stanja povečal tudi lastniški delež, s čimer se bo izboljšala relativna raven zadolženosti in kreditne sposobnosti družbe HSW.
Thanks to this operation, in the opinion of the Polish authorities HSW will be able to accumulate the resources needed for its proper functioning on the market and for future necessary investments [27].
Zaradi takega delovanja bo po mnenju poljskih organov družba HSW lahko zbrala sredstva, potrebna za njeno pravilno delovanje na trgu in prihodnje nujne naložbe [27].
In addition, as regards the profit and loss account, there will be no need to pay interest (a total of PLN 21,2 million) on the loans.
Poleg tega v zvezi z izkazom poslovnega izida ne bo potrebno plačati obresti (skupno 21,2 milijona PLN) od posojil.
Instead HSW would only have to pay potential dividends to the shareholders (including the ARP) in the event of distributable profits.
Namesto tega bo družba HSW v primeru bilančnega dobička morala delničarjem (vključno z ARP) plačati le morebitne dividende.
In view of the above, the Commission concludes that its doubts as to whether the November plan would lead to the restoration of viability have been allayed.
Na podlagi navedenega Komisija ugotavlja, da so dvomi, ali je novembrski načrt za ponovno vzpostavitev sposobnosti preživetja ustrezen, odpravljeni.
Under points 38 to 42 of the 2004 Guidelines, measures must be taken to mitigate as far as possible any adverse effects of the aid on competitors.
Točke 38–42 smernic iz leta 2004 navajajo, da je treba sprejeti ukrepe za čim boljšo ublažitev kakršnih koli škodljivih učinkov pomoči na konkurente.
This usually means limiting the company’s presence on given markets at the end of the restructuring period.
To običajno pomeni omejevanje prisotnosti družbe na posameznih trgih na koncu obdobja prestrukturiranja.
The compulsory limitation or reduction of the company’s presence on a given market represents a compensatory factor in favour of its competitors.
Obvezno omejevanje ali zmanjševanje prisotnosti družbe na posameznem trgu je izravnalni dejavnik v korist njenih konkurentov.
It should be in proportion to the distortive effects of the aid and, in particular, to the relative importance of the firm on its market or markets.
Ta mora biti v sorazmerju z izkrivljajočimi učinki pomoči in zlasti pomembnostjo podjetja na trgu ali trgih.
According to point 56 of the Guidelines, the conditions for authorising aid are less stringent where compensatory measures are carried out in assisted areas.
V skladu s točko 56 smernic so pogoji za odobritev pomoči manj strogi, kadar se izravnalni ukrepi izvedejo na območjih, ki prejemajo pomoč.
For the purposes of analysing the impact of the restructuring aid on the market and HSW’s competitors, the Commission is taking account of the fact that HSW is located in an Article 87(3)(a) EC Treaty assisted area.
Za namene analiziranja učinka pomoči za prestrukturiranje na trg in konkurente družbe HSW upošteva Komisija dejstvo, da je družba HSW v skladu s členom 87(3)(a) Pogodbe ES na območju, ki prejema pomoč.
Compensatory measures implemented under the February plan
Izravnalni ukrepi, ki se izvajajo v okviru februarskega načrta
According to the Polish authorities, HSW plans to reduce production capacity from 1500 construction machines p.a. to 1200, i.e. by 20 %.
Kot trdijo poljski organi, načrtuje družba HSW zmanjšati letno proizvodno zmogljivost s 1500 na 1200 gradbenih strojev, tj. za 20 %.
Furthermore, the Polish authorities claim that the beneficiary has sold a number of profitable production companies, thereby limiting its activities and production capacity.
Poleg tega poljski organi trdijo, da je upravičenka prodala več donosnih proizvodnih družb, s čimer je omejila svojo dejavnost in proizvodne zmogljivosti.
At least two of the major subsidiaries sold (HSW-Walcownia Blach Sp. z o.o. and HSW-Huta Stali Jakosciowych) were profitable and sold at a profit.
Vsaj dve veliki hčerinski podjetji (HSW-Walcownia Blach Sp. z o.o. in HSW-Huta Stali Jakościowych) sta bili donosni in sta se prodali z dobičkom.
In 2005 the combined turnover of these subsidiaries was PLN 460 million (EUR 109 million), with 1000 employees, whereas turnover from the core activities of the HSW group (HSW and HSW-Trading) was PLN 430 million (EUR 101,9 million), with 2400 employees.
Skupni prihodek od teh dveh hčerinskih podjetij s 1000 zaposlenimi je leta 2005 znašal 460 milijonov PLN (109 milijonov EUR), medtem ko je prihodek osnovne dejavnosti skupine HSW (HSW in HSW Trading) z 2400 zaposlenimi znašal 430 milijonov PLN (101,9 milijona EUR).
The two subsidiaries sold were active in the production of final steel products.
Prodani hčerinski podjetji sta proizvajali končne jeklene izdelke.
According to an assessment submitted to the Commission, at the time of their sale these subsidiaries were profitable with a forecast return on sales was about 6 %.
Kot kaže ocena, ki je bila predložena Komisiji, sta bili ti hčerinski podjetji v času njune prodaje donosni, z možnostjo dobička iz prodaje 6 %.
These two subsidiaries constituted a very significant part of the HSW group, with profitable activities and good prospects on the market.
Ti hčerinski podjetji sta bili pomemben del skupine HSW z donosnimi dejavnostmi in dobrimi tržnimi možnostmi.
Compensatory measures under the November plan
Izravnalni ukrepi v okviru novembrskega načrta
The 2004 Guidelines recognise that different forms of aid can have different effects on competition.
Smernice iz leta 2004 priznavajo, da lahko imajo različne oblike pomoči različne učinke na konkurenco.
Furthermore, in order to limit the distortive effect, point 45 stipulates that the amount of the aid or the form in which it is granted must be such as to avoid providing the company with surplus cash which could be used for aggressive, market-distorting activities not linked to the restructuring process.
Poleg tega točka 45 za omejevanje izkrivljajočega učinka določa, da mora biti znesek pomoči ali oblika, v kateri se dodeli, takšna, da družba ne dobi presežka denarnih sredstev, ki bi se lahko uporabil za agresivne, tržno izkrivljajoče ukrepe, ki niso povezani s postopkom prestrukturiranja.
The Commission doubted whether the compensatory measures under the November plan were sufficient.
Komisija je dvomila, da so izravnalni ukrepi v okviru novembrskega načrta zadostni.
The Polish authorities admit that the effect of swapping HSW’s debt for equity is advantageous for HSW, as it significantly improves the company’s cash-flow situation.
Poljski organi priznavajo, da je učinek konverzije dolga družbe HSW v lastniške dele za družbo HSW koristen, saj bistveno izboljšuje njen položaj v zvezi z denarnim tokom družbe.
HSW is better off thanks to this change in the form of State aid.
Družba HSW je zaradi te spremembe v obliki državne pomoči v boljšem položaju.
Moreover, HSW plans to use a major part of the free cash-flow to offer its customers competitive conditions.
Poleg tega namerava družba HSW uporabiti velik del prostega denarnega toka, da bo svojim strankam ponudila konkurenčne pogoje.
The Commission therefore considers that the compensatory measures implemented under the February plan would, on their own, be insufficient, as the swap has an additional distorting effect on competition.
Komisija zato meni, da bi bili sami izravnalni ukrepi, izvedeni v okviru februarskega načrta, nezadostni, ker je imela konverzija dodaten izkrivljajoč učinek na konkurenco.
As a result, the compensatory measures had to be increased, as they have to be in proportion to the distorting effects of the aid [28].
Zato je treba izravnalne ukrepe povečati, saj morajo biti sorazmerni z izkrivljajočimi učinki pomoči [28].
The Polish authorities informed the Commission by letter dated 22 December 2008 that additional divestments of assets within the meaning of the first sentence of paragraph 39 of the 2004 Guidelines had been implemented.
Poljski organi so v dopisu z dne 22. decembra 2008 obvestili Komisijo, da so se izvedli dodatni prenosi sredstev v smislu prvega stavka odstavka 39 smernic iz leta 2004.
The Polish authorities informed the Commission that the beneficiary had sold an additional number of production companies, thereby limiting its activities and production capacity.
Poljski organi so Komisijo obvestili, da je upravičenka prodala dodatno število proizvodnih družb, s čimer je omejila svojo dejavnost in proizvodne zmogljivosti.
Six of the subsidiaries sold (HSW-Zakład Kuźnia Matrycowa Sp. z o.o., HSW-Tlenownia Sp. z o.o., HSW-Sprężynownia z o.o., HSW-Lasowiak Sp. z o.o., HSW-Zakład Metalurgiczny Sp. z o.o. and Informatyka Sp. z o.o.) were profitable.
Donosnih je bilo šest prodanih hčerinskih podjetij (HSW-Zakład Kuźnia Matrycowa Sp. z o.o., HSW-Tlenownia Sp. z o.o., HSW-Sprężynownia z o.o., HSW-Lasowiak Sp. z o.o., HSW-Zakład Metalurgiczny Sp. z o.o. in Informatyka Sp. z o.o.).
The total revenue generated by these companies in the year prior to their sale amounted to PLN 185 million (EUR 43,8 million) and they employed 1100 workers.
Skupni prihodek, ki so ga ustvarila ta podjetja eno leto pred njihovo prodajo, je znašal 185 milijonov PLN (43,8 milijona EUR), zaposlovala pa so 1100 delavcev.
Five of these companies (HSW-Zakład Kuźnia Matrycowa Sp. z o.o., HSW-Tlenownia Sp. z o.o., HSW-Sprężynownia z o.o., HSW-Zakład Metalurgiczny Sp. z o.o. and Informatyka Sp. z o.o.) supplied materials and services to one another within the HSW group as well as to external customers.
Pet od navedenih podjetij (HSW-Zakład Kuźnia Matrycowa Sp. z o.o., HSW-Tlenownia Sp. z o.o., HSW-Sprężynownia z o.o., HSW-Zakład Metalurgiczny Sp. z o.o. in Informatyka Sp. z o.o.) si je medsebojno zagotavljalo material in storitve v okviru skupine HSW, pri čemer je material in storitve zagotavljalo tudi zunanjim strankam.
They supply spare parts such as forged shapes and hot-coiled springs, as well as providing services to other branches of industry, including the rail, machine building, power and mining sectors.
Zagotavljajo rezervne dele, kot so kovani kalupi in vroče navite vzmeti, ter storitve za druge veje industrije, vključno z železniškim, strojnim, gradbenim, energetskim in rudarskim sektorjem.
Lastly, the Polish authorities pledged that the ARP would sell its HSW shares by the end of 2009.
Nazadnje so se poljski organi zavezali, da bo ARP prodala svoje deleže družbe HSW do konca leta 2009.
As five of the subsidiaries sold by HSW were profitable and were contributing to the production potential of HSW, the Commission is of the opinion that this sale can be considered as a compensatory measure limiting the distortion of competition created by the aid.
Ker je bilo pet hčerinskih podjetij, ki jih je prodala družba HSW, donosnih in so prispevala k proizvodnemu potencialu družbe HSW, Komisija meni, da se ta prodaja lahko obravnava kot izravnalni ukrep, ki omejuje izkrivljanje konkurence zaradi pomoči.
Taking account of this and the plans to privatise HSW, the Commission considers that the proposed compensatory measures sufficiently limit the distortion of competition created by the aid.
Ob upoštevanju navedenega in načrtov za privatizacijo družbe HSW Komisija meni, da predlagani izravnalni ukrepi zadostno omejujejo izkrivljanje konkurence zaradi pomoči.
Pursuant to points 43 to 45 of the 2004 Guidelines, the aid must be limited to the strict minimum necessary to enable the restructuring of the firm.
V skladu s točkami 43–45 smernic iz leta 2004 mora biti pomoč strogo omejena na najmanjši potrebni znesek za prestrukturiranje podjetja.
The form in which the aid is granted must be such as to avoid providing the company with surplus cash which could be used for aggressive, market-distorting activities not necessary for the restructuring process.
Oblika, v kateri se pomoč dodeli, mora biti takšna, da podjetje ne dobi presežka denarnih sredstev, ki bi se lahko porabil za agresivne, tržno izkrivljajoče ukrepe, ki niso potrebni postopek prestrukturiranja.
In particular, the aid beneficiary is expected to make a significant contribution to the restructuring from its own resources or from external financing on market conditions.
Od upravičenke pomoči se zlasti pričakuje, da bo k prestrukturiranju znatno prispevala iz lastnih sredstev ali iz zunanjih finančnih sredstev po tržnih pogojih.
The Polish authorities have provided various details on the amounts considered to be own contributions of the beneficiary to the restructuring costs.
Poljski organi so predložili več različnih podatkov o zneskih, ki so se šteli za lastni prispevek upravičenke k stroškom prestrukturiranja.
First, the company plans to obtain bank loans totalling PLN 46,9 million (EUR 11,1 million).
Družba načrtuje najeti bančna posojila v znesku 46,9 milijona PLN (11,1 milijona EUR).
Furthermore, in the February plan HSW had included income from the sale of subsidiaries amounting to PLN 112,2 million (EUR 26,6 million).
Poleg tega je družba HSW v februarski načrt vključila prihodek od prodaje hčerinskih podjetij v znesku 112,2 milijona PLN (26,6 milijona EUR).
Under the November plan, the total income from the sale of subsidiaries had increased to PLN 126 million (EUR 29,8 million).
V okviru novembrskega načrta se je skupni prihodek od prodaje hčerinskih podjetij povečal na 126 milijonov PLN (29,8 milijona EUR).
Lastly, the beneficiary sold assets amounting to PLN 52,1 million (EUR 12,3 million) under the February plan.
Upravičenka je poleg tega v okviru februarskega načrta prodala sredstva v znesku 52,1 milijona PLN (12,3 milijona EUR).
Under the November plan this amount increased to PLN 61,4 million (EUR 14,5 million) owing to a further sale of assets.
V okviru novembrskega načrta se je ta znesek zaradi nadaljnje prodaje sredstev povečal na 61,4 milijona PLN (14,5 milijona EUR).
The Commission’s doubts as to whether the own contribution of the beneficiary is significant and reaches the threshold of the 2004 Guidelines have been allayed.
Dvomi Komisije, da je lastni prispevek upravičenke velik in dosega mejno vrednost iz smernic iz leta 2004, so odpravljeni.
The restructuring costs amount to PLN 456,9 million (the financial restructuring costs constitute almost half of the total restructuring costs, the remainder being mainly expenses related to the modernisation of the company’s infrastructure and organisational restructuring).
Stroški prestrukturiranja znašajo 456,9 milijona PLN (stroški finančnega prestrukturiranja znašajo skoraj polovico vseh stroškov prestrukturiranja, preostali stroški pa zajemajo predvsem izdatke v zvezi s posodobitvijo infrastrukture in organizacijskim prestrukturiranjem družbe).
As regards the sources of financing of the restructuring, PLN 252,9 million can be considered an own contribution to the restructuring.
Kar zadeva vire financiranja prestrukturiranja, se lahko kot lastni prispevek k prestrukturiranju šteje 252,9 milijona PLN.
This total includes financing from private banks (PLN 61,6 million), revenue from the completed sale or lease of assets (PLN 61,4 million) and revenue from the sale of subsidiaries (PLN 126,4 million) [29].
Ta skupni znesek vključuje dodeljena finančna sredstva iz zasebnih bank (61,6 milijona PLN), prihodek iz končane prodaje ali najema premoženja (61,4 milijona PLN) in prihodek od prodaje hčerinskih podjetij (126,4 milijona PLN) [29].
HSW’s own contribution to the overall restructuring is therefore 53,9 %, whereas point 44 of the 2004 Guidelines fixes a 50 % minimum level for large enterprises.
Zato je lastni prispevek družbe HSW k celotnemu prestrukturiranju 53,9 %, pri čemer je v točki 44 smernic iz leta 2004 za najnižjo raven za velika podjetja določeno 50 %.
In the decision of 10 October 2007, the Commission not only raised doubts about the own contribution to the costs of the overall restructuring but expressed the view that the Polish authorities’ explanation of the need for the additional cash-flow generated by the debt-to-equity swap had failed to satisfy the Commission that no surplus cash had been provided to HSW.
V odločbi z dne 10. oktobra 2007 je Komisija izrazila dvome glede lastnega prispevka k stroškom celotnega prestrukturiranja in tudi stališče, da pojasnilo poljskih organov v zvezi s potrebo po dodatnem denarnem toku zaradi konverzije dolga v lastniški delež ni prepričalo Komisije, da presežek ni bil zagotovljen družbi HSW.
In this respect, the Commission doubted whether the marketing measures designed to enable HSW to compete on the market represented genuine restructuring measures and whether the aid was therefore limited to the minimum necessary.
V zvezi s tem je Komisija dvomila, da so ukrepi za trženje, ki so oblikovani tako, da družbi HSW omogočijo konkurenčnost na trgu, resnični ukrepi prestrukturiranja ter da je zato pomoč omejena na najmanjšo potrebno.
The Polish authorities have allayed these doubts by demonstrating that these measures were necessary for the restoration of viability because HSW needed them in order to stay on the market.
Poljski organi so te dvome odpravili z dokazi, da so bili ti ukrepi potrebni za ponovno vzpostavitev sposobnosti preživetja, ker jih je družba HSW potrebovala zaradi obstanka na trgu.
It has also been underlined that the additional cash-flow will not be used for the purchase of additional production capacities.
Prav tako so poudarili, da se dodatni denarni tok ne bo uporabil za nakup dodatnih proizvodnih zmogljivosti.