natgillin/translations-raw huggingface dataset:
These assets are identified in Annex 7 to the protocol.
Ta sredstva so opredeljena v Prilogi 7 k Protokolu.
At 31 December 2008, their net accounting value was EUR [25-35] million. The volume of the collateral established in favour of the public creditors therefore covers over 140 % of the amount of their claim, which comprises the principal (EUR 18,4 million), penalties for late payment and interest on arrears (see recital 117).
Na dan 31. decembra 2008 je njihova neto računovodska vrednost znašala [25–35] milijonov EUR. Znesek zavarovanj v korist javnih upnikov torej obsega 140 % zneska njihove terjatve, sestavljene iz glavnice (18,4 milijona EUR), kazni zaradi zamud in zamudnih obresti (glej uvodno izjavo 117).
Moreover, Trèves’ public creditors will receive interest.
Poleg tega bodo javni upniki podjetja Trèves prejeli obresti.
In fact, the amount of EUR 18,4 million was supplemented by penalties for late payment of EUR [1-2] million and interest on arrears of EUR [1-2] million, with the sum being repayable in full between […] and […] in monthly instalments of EUR […]. The addition of penalties and interest on arrears amounts to EUR [2-4] million, i.e. [10-20] % of the principal, which represents annual interest of about [0-10] % over the weighted average duration of the rescheduling plan.
Znesku v višini 18,4 milijona EUR so se namreč prištele kazni zaradi zamud v višini [1–2] milijona EUR in zamudne obresti v višini [1–2] milijona EUR, pri čemer je treba celoto vrniti med […] in […] v mesečnih obrokih po […] EUR. Prištete kazni zaradi zamud in zamudne obresti znašajo [2–4] milijone EUR, to je [10–20] % glavnice, kar glede na tehtano povprečno trajanje načrta odloga plačila prinaša približno [0–10]-odstotne letne obresti.
This rate was from the start higher than the rates granted by the financial institutions for the loans granted to Trèves under the conciliation protocol of 25 May 2009, for both the new credit and the consolidation loan [26].
Ta obrestna mera je bila že prvotno višja od obrestnih mer, ki so jih finančne ustanove odobrile za posojila, dodeljena podjetju Trèves v okviru protokola o poravnavi z dne 25. maja 2009, in sicer za nova posojila in konsolidacijska posojila [26].
In this respect, it should also be emphasised that the commitment of the public creditors occurred at the same time as a major commitment by the banks (consolidation loan of EUR [30-60] million and new credit facility of EUR [10-30] million).
V zvezi s tem je treba še poudariti, da je bil vložek javnih upnikov enak znatnemu vložku bank (konsolidacijsko posojilo v višini [30–60] milijonov EUR in novo posojilo v višini [10–30] milijonov EUR).
Moreover, the conciliation protocol explicitly indicates that the securities granted to the banks are second-ranking […], which means that these creditors cannot call upon any security until the first-ranking public creditors have all been repaid in full.
Poleg tega je v protokolu o poravnavi izrecno navedeno, da so zavarovanja, dodeljena bankam, drugorazredna […], kar pomeni, da ti upniki do popolnega poplačila javnih upnikov ne morejo uveljaviti nobenega jamstva.
In addition, no tax and social security debt remission was granted to the Trèves group.
Poleg tega podjetju Trèves ni bil odobren odpis davčnih obveznosti in socialnih prispevkov.
Finally, the French authorities confirmed that the current rescheduling plan did not constitute an extension or modification of a previous plan.
Ne nazadnje so francoski organi potrdili, da sedanji načrt odloga plačila ne vključuje podaljšanja ali spremembe predhodnega načrta.
Consequently, it results from the above that Trèves’ tax and social security debt rescheduling plan was authorised by the French authorities on the basis of the assumptions, deemed to be credible, which underlie the restructuring plan (see Section V) and subject to terms and conditions which are acceptable to a private creditor operating in a market economy under the same circumstances.
Iz navedenega izhaja, da je načrt odloga plačila davčnih obveznosti in socialnih prispevkov, odobren podjetju Trèves, francoska uprava odobrila na podlagi predpostavk, ki so se štele za zanesljive in na katerih temelji načrt prestrukturiranja (glej razdelek V), vključeval pa je pogoje, sprejemljive za zasebnega upnika v tržnem gospodarstvu, ki se znajde v enakem položaju.
Conclusion regarding the assessment of the presence of State aid within the meaning of Article 107(1) TFEU
Ugotovitev glede ocene obstoja državne pomoči v smislu člena 107(1) PDEU
In the light of the factors set out in Section V.1., it appears that neither the FMEA investment amounting to EUR 55 million or the tax and social security debt rescheduling plan amounting to EUR 18,4 million confer a benefit on the Trèves group.
Glede na navedbe iz razdelka V.1 se zdi, da niti naložba sklada FMEA v višini 55 milijonov EUR niti načrt odloga plačila davčnih obveznosti in socialnih prispevkov v višini 18,4 milijona EUR za skupino Trèves nista pomenila ugodnosti.
Consequently, these measures do not constitute State aid within the meaning of Article 107(1) TFEU.
Ta ukrepa zato nista državni pomoči v smislu člena 107(1) PDEU.
GENERAL CONCLUSION
SPLOŠNA UGOTOVITEV
After having carried out a detailed investigation of the measures in question, the Commission finds that they do not constitute State aid within the meaning of Article 107(1) TFEU,
Komisija na podlagi poglobljene preučitve zadevnih ukrepov ugotavlja, da ti ne pomenijo državne pomoči v smislu člena 107(1) PDEU –
The two measures taken in relation to the company Trèves, consisting of an investment by the Fonds de Modernisation des Equipementiers Automobiles (Fund for the Modernisation of Automobile Parts Manufacturers) (FMEA) amounting to EUR 55 million and a tax and social security debt rescheduling plan amounting to EUR 18,4 million authorised by the French Republic, do not constitute aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union.
Ukrepa v korist podjetja Trèves v obliki naložbe sklada za posodobitev podjetij, ki proizvajajo avtomobilsko opremo (FMEA), v višini 55 milijonov EUR ter načrta odloga plačila davčnih obveznosti in socialnih prispevkov v višini 18,4 milijona EUR, ki ga je odobrila Francoska republika, nista pomoč v smislu člena 107(1) Pogodbe o delovanju Evropske unije.
OJ C 133, 22.5.2010, p. 12.
UL C 133, 22.5.2010, str. 12.
The comments of interested parties are summarised in Section III.
Pripombe zainteresiranih strani so povzete v razdelku III.
Article L518-2 of the French Monetary and Financial Code.
Člen L518-2 francoskega denarnega in finančnega zakonika.
Car Interiors and Acoustics, Carpets and Soundproofing (HAPP).
Potniški prostor in zvočnost, oblazinjenje in zvočna izolacija (Habitacle et Acoustique, Tapis et Insonorisation (HAPP)).
The purpose of the conciliation procedure is to conclude an amicable agreement between a business manager and his creditors (public and private) with a view to establishing payment deadlines and/or debt remission (Article 611-7 of the French Commercial Code).
Cilj poravnalnega postopka je sklenitev vzajemnega sporazuma med podjetnikom in njegovimi upniki (javnimi in zasebnimi), s katerim se določijo plačilni roki in/ali odpisi dolgov (člen 611-7 francoskega gospodarskega zakonika).
Covered by business secrecy.
Podatek je poslovna skrivnost.
Trèves’ financial difficulties at the end of 2008 were primarily a fall in turnover (EUR [650-700] million, i.e. [20-25] % compared with 2007) and a loss of EUR [40-50] million at the end of the financial year.
Finančni težavi, s katerima se je podjetje Trèves spopadalo ob koncu leta 2008, sta bili predvsem padec prometa ([650–700] milijonov EUR, to je za [20–25] % v primerjavi z letom 2007) in izguba v višini [40–50] milijonov EUR ob koncu poslovnega leta.
In the decision to initiate the procedure, the IRR mentioned is [> 15 %].
V odločitvi o začetku postopka je navedena [več kot 15-odstotna] notranja stopnja donosa.
This is explained as follows: the expected IRR from the FMEA investment is [> 15 %].
Razlogi za to so: pričakovana notranja stopnja donosa naložbe sklada FMEA znaša [več kot 15 %].
The IRR of [> 15 %] mentioned in the decision to initiate the procedure was an average rate: between the rate of [> 15 %] without discount and the rate of [> 12 %] with discount.
[Več kot 15-odstotna] notranja stopnja donosa iz odločitve o začetku postopka je bila povprečna stopnja: med [več kot 15-odstotno] stopnjo brez odbitka in [več kot 12-odstotno] stopnjo z odbitkom.
Abbreviation for ‘earnings before interest, taxes, depreciation, and amortisation’.
Kratica za „Earnings before interest, taxes, depreciation, and amortization“: dobiček pred obrestmi, davki, amortizacijo in rezervacijami.
It should be recalled here that the FMEA was legally established only on 25 March 2009, the date of signature of the rules governing the Fund by the subscribers and the date of the subscription of the first tranche by these investors.
Tu je treba opozoriti, da je bil sklad FMEA pravno ustanovljen šele 25. marca 2009, ko so vlagatelji podpisali statut sklada in vplačali prvo tranšo.
In fact, however, the Fund started work at the end of January while its establishment was still in progress.
Dejansko pa je sklad v ustanavljanju začel delovati že konec januarja.
It should be recalled here that, in its decision to initiate the procedure, the Commission confines itself to expressing doubts.
Tu je treba opozoriti, da je Komisija v odločitvi o začetku postopka zgolj izrazila dvome.
Court of Justice judgment in Case C-482/99 French Republic v Commission [2002]ECR I-4397.
Sodba Sodišča z dne 16. maja 2002 v zadevi C-482-99, Francoska republika proti Komisiji (Recueil 2002, str. I-4397).
Court of Justice judgment of 15 June 2006 in Joined Cases C-393/04 and C-41/05 Air Liquide Industries Belgium [2006] ECR I-5293, paragraph 28.
Sodba Sodišča z dne 15. junija 2006 v združenih zadevah C-393/04 in C-41/05, Air Liquide Industries Belgium (ZOdl., str. I-5293, točka 28).
According to the General Court, ‘it is necessary to determine whether, in similar circumstances, a private investor of a dimension comparable to that of the bodies managing the public sector could have been prevailed upon to make capital contributions of the same size, having regard in particular to the information available and foreseeable developments at the date of those contributions. In addition, although the conduct of a private investor with which the intervention of the public investor pursuing economic policy aims must be compared need not be the conduct of an ordinary investor laying out capital with a view to realising a profit in the relatively short term, it must at least be the conduct of a private holding company or a private group of undertakings pursuing a structural policy – whether general or sectoral – and guided by prospects of profitability in the longer term’, General Court judgment of 21 May 2010 in Joined Cases T-425/04, T-444/04, T-450/04 and T-456/04 France and others v Commission, not yet reported paragraph 216.
Tako je po navedbah Splošnega sodišča „[v] zvezi s tem […] treba presoditi, ali bi v podobnih okoliščinah zasebni vlagatelj v velikosti, ki je primerljiva z velikostjo subjektov iz javnega sektorja, lahko izvedel tolikšne finančne vložke, zlasti ob upoštevanju razpoložljivih podatkov in predvidenega razvoja v času teh vložkov. Poleg tega, čeprav ravnanje zasebnega vlagatelja, s katerim je treba primerjati posredovanje javnega vlagatelja, ki sledi ciljem ekonomske politike, ni nujno ravnanje običajnega vlagatelja, ki vloži sredstva zaradi njihove donosnosti v bolj ali manj kratkem roku, pa mora biti vsaj ravnanje zasebnega holdinga ali skupine zasebnih podjetij, ki sledijo strukturni politiki, globalni ali sektorski, ter jih vodijo dolgoročne perspektive donosnosti“, sodba Splošnega sodišča z dne 21. maja 2010 v združenih zadevah T-425/04, T-444/04, T-450/04 in T-456/04, Francija in drugi proti Komisiji (točka 216).
See also the following Commission communications: Application of Articles 87 and 88 of the EC Treaty to public authorities’ holdings, EC Bulletin No 9-1984; Commission Communication to the Member States.
Glej tudi naslednji sporočili Komisije: uporaba členov 87 in 88 Pogodbe ES za kapitalske deleže organov javne uprave, Bilten ES, št. 9-1984; Sporočilo Komisije državam članicam.
Application of Articles 87 and 88 of the EC Treaty and Article 5 of Commission Directive 80/723/EEC to public undertakings in the manufacturing sector (OJ C 307, 13.11.1993, p. 3).
Uporaba členov 87 in 88 Pogodbe ES in člena 5 Direktive Komisije 80/723/EGS za javna podjetja v proizvodnem sektorju (UL C 307, 13.11.1993, str. 3).
In fact, following a fall of [6-8] % between 2005 (EUR [900-950] million) and 2006 (EUR [800-850] million), Trèves’ turnover recovered by [4-7] % from 2007 (EUR [850-900] million).
Dejansko se je promet podjetja Trèves po [6–8]-odstotnem padcu med letoma 2005 ([900–950] milijonov EUR) in 2006 ([800–850] milijonov EUR) že leta 2007 spet povečal za [4–7] % ([850–900] milijonov EUR).
Its profitability also recovered significantly since its EBITDA rose to EUR [50-60] million in 2007, or by […] % compared with 2006 (EUR [30-40] million) and by […] % compared with 2005 (EUR [40-50] million).
Tudi njegova donosnost se je izrazito popravila, saj je njegov dobiček pred davki, obrestmi in amortizacijo leta 2007 znašal [50–60] milijonov EUR, kar je […]-odstotno povečanje v primerjavi z letom 2006 ([30–40] milijonov EUR) ter […]-odstotno povečanje dobička pred davki, obrestmi in amortizacijo v primerjavi z letom 2005 ([40–50] milijonov EUR).
By definition, the value of the equity of an undertaking is equal to the value of the undertaking minus the net debt.
Po definiciji je vrednost lastnih sredstev podjetja enaka vrednosti podjetja, od katere se odšteje neto dolg.
[…] Furthermore, be that as it may, the sharing of the capital gain in the event of possible disposal of the company is favourable to the FMEA (see recitals 110 and 111 of this Decision).
[…] Poleg tega je delitev kapitalskega dobička od morebitne prodaje družbe za sklad FMEA vsekakor ugodna (glej uvodni izjavi 110 in 111 tega sklepa).
This measure is undertaken on the basis of a significant stock market price index of the main automobile parts manufacturers.
Ta ukrep temelji na visokem indeksu borznih tečajev največjih proizvajalcev avtomobilske opreme.
If the crisis is included, the average IRR for the 5 years preceding 1 December 2009 slumps to 4,7 %.
Če k temu dodamo še krizo, povprečna notranja stopnja donosa v petih letih pred 1. decembrom 2009 pade na 4,7 %.
Capital asset pricing model.
Model za določanje cen dolgoročnih naložb.
The WACC calculated is based on the debt costing [0-10] % and equity [10-20] %.
Izračunano tehtano povprečje stroškov kapitala temelji na stroških dolga v višini [0–10] % in stroških lastnega kapitala v višini [10–20] %.
In view of the composite structure of the FMEA investment (capital contribution and convertible bond contribution), it is inappropriate to assess this investment by giving priority to either the cost of the debt or the cost of the equity.
Glede na mešano strukturo sklada FMEA (vložek kapitala in vložek zamenljivih obveznic) ni primerno, da bi se ta naložba ocenila z dajanjem prednosti stroškom dolga ali stroškom lastnih sredstev.
It is observed, for example, that the FMEA claim from the debt securities is preferential (preference of new money).
Opaziti je mogoče na primer, da je terjatev sklada FMEA iz naslova dolžniških instrumentov, ki zagotavljajo dostop do kapitala, prednostna (prednost „svežega kapitala“).
In addition, in relation to the new credit facility amounting to EUR [10-30] million granted by the banks, the FMEA negotiated a ‘pari passu’ position for a significant proportion of the debt securities, i.e. covering a tranche of EUR [10-20] million. The level of the WACC therefore seems the best indicator.
Poleg tega si je sklad FMEA v zvezi z novim posojilom v višini [10–30] milijonov EUR, ki so ga dodelile banke, v okviru dolžniških instrumentov, ki zagotavljajo dostop do kapitala, izboril položaj „pari passu“ za precejšen del tega posojila, in sicer v višini tranše [10–20] milijonov EUR. Raven tehtanega povprečja stroškov kapitala se zdi torej najboljši kazalnik.
Be that as it may, it should be pointed out that the cost of equity amounting to [10-20] %, which in any case cannot be adopted as such for the reasons mentioned above, is lower than the IRR of [ > 15 %] expected in the base scenario which constitutes the return required by the FMEA.
Vsekakor pa je treba navesti, da so stroški lastnih sredstev v višini [10–20] %, ki jih kot takih nikakor ni mogoče uporabiti zaradi razlogov, navedenih zgoraj, nižji od [več kot 15-odstotne] pričakovane notranje stopnje donosnosti po osnovnem scenariju, to je donosnosti, ki jo zahteva sklad FMEA.
Court of Justice judgment of 29 April 1999 in Case C-342/96 Spain v Commission, known as ‘Tubacex’, [1999] ECR I-2459.
Sodba Sodišča z dne 29. aprila 1999 v zadevi C-342/96, Španija proti Komisiji, imenovana „Tubacex“ (Recueil 1999, str. I-2459).
However, these rates are established by adding a margin based on the EURIBOR rates, which are floating rates.
Vendar so te obrestne mere določene s pribitkom na podlagi obrestnih mer EURIBOR, ki so spremenljive obrestne mere.
Consequently, comparison with the fixed rate of [0-10] % is not entirely relevant, even though since 25 May 2009 the rates granted by the banks have never exceeded [0-10] %.
Primerjava z [0–10]-odstotno nespremenljivo obrestno mero zato ni popolnoma upoštevna, čeprav niso od 25. maja 2009 obrestne mere, ki so jih dodelile banke, nikoli presegle [0–10] %.
The Commission forwarded these comments to France, giving it the opportunity to comment on them, and received its comments by letter dated 5 October 2010.
Te pripombe je posredovala Franciji, da bi ta lahko nanje odgovorila; pripombe Francije je prejela z dopisom z dne 5. oktobra 2010.
A meeting was also held with the French authorities on 18 November 2010.
S francoskimi organi je bil 18. novembra 2010 organiziran tudi sestanek.
The FMEA was established (on 25 March 2009) under the plan to support the motor vehicle industry, announced by the President of the French Republic on 4 December 2008.
Sklad FMEA je bil ustanovljen (25. marca 2009) v okviru načrta pomoči avtomobilski industriji, ki ga je predsednik Francoske republike napovedal 4. decembra 2008.
Its capital of EUR 600 million is funded by the FSI (EUR 200 million), PSA (EUR 200 million) and Renault (EUR 200 million).
Razpolaga s 600 milijoni EUR, ki so jih prispevali sklad FSI (200 milijonov EUR) ter skupini PSA (200 milijonov EUR) in Renault (200 milijonov EUR).
Secondly, the Trèves group categorically refutes the Commission’s analysis of the economic situation of the company Trèves between 2005 and 2008.
Drugič, skupina Trèves odločno zavrača ugotovitev Komisije glede gospodarskega položaja družbe Trèves v obdobju 2005–2008.
In its opinion, the Commission confuses the general crisis in the motor vehicle sector in 2008 with the individual situation of the company, which recorded an uninterrupted, substantial increase in its turnover between 1999 (EUR [500-700] million) and 2004 (EUR [900-1100] million).
Po njenem mnenju je Komisija splošno krizo v avtomobilski industriji v letu 2008 pomešala s posamičnim položajem družbe, katere promet se je med letoma 1999 ([500–700] milijonov EUR) in 2004 ([900–1100] milijonov EUR) nenehno in znatno povečeval.
This rise was in fact checked by the crisis which hit the motor vehicle sector in the second half of 2008.
To povečevanje je res upočasnila kriza, ki je avtomobilsko industrijo prizadela v drugi polovici leta 2008.
The object of the restructuring plans of 2005 and 2009 was not to remedy liquidity problems, but consisted in rationalising the company’s production capacity in order to relaunch the company in a difficult economic climate and not to ensure its survival, as evidenced by the rising trend in Trèves’ EBITDA [12] between 2005 and 2007 and the recovery in its results from 2009.
Načrta prestrukturiranja iz let 2005 in 2009 nista bila namenjena odpravi likvidnostnih težav, temveč racionalizaciji proizvodnih zmogljivosti družbe za nov zagon podjetja v težkih gospodarskih razmerah in ne za zagotovitev njegovega preživetja, kot dokazujeta naraščanje dobička pred obrestmi, davki in amortizacijo (EBITDA) [12] podjetja Trèves v obdobju 2005–2007 ter izboljšanje njegovih rezultatov od leta 2009.
First of all, it challenges the Commission’s assertions that its subscription to the FMEA is linked to the loan granted to it by the State in April 2009.
Najprej nasprotuje trditvam Komisije, da je njena vključitev v sklad FMEA povezana s posojilom, ki ji ga je država dodelila aprila 2009.
The company recalls that when the Fund was set up on 20 January 2009 [13], it had no information about a possible future loan granted by the State to manufacturers.
Družba opozarja, da ob ustanovitvi sklada 20. januarja 2009 [13] ni imela nobenih informacij o morebitnem prihodnjem posojilu, ki bi ga država dodelila proizvajalcem.
This competitor endorses the Commission analyses described in the decision to initiate the procedure of 29 January 2010.
Strinja se z ugotovitvami, ki jih je Komisija navedla v odločitvi o začetku postopka z dne 29. januarja 2010.
It considers in fact that Trèves was experiencing economic difficulties before the start of the economic crisis and therefore is not eligible to benefit from measures under the temporary Community framework.
Meni namreč, da se je družba Trèves z gospodarskimi težavami spopadala že pred začetkom gospodarske krize in da zato ne more biti deležna ukrepov na podlagi začasnega okvira Skupnosti.
For example, the volumes expected for 2009 are [15-25] % below their 2008 level.
Pričakovani obseg za leto 2009 je na primer za [15–25] % manjši kot v letu 2008.
On the other hand, the forecasts are consistent with those drawn up at the same time by motor vehicle sector analysts (the company JD Power, for example) concerning the expected recovery of the sector and its configuration by the year 2011.
Po drugi strani se napovedi ujemajo s takratnimi napovedmi analitikov avtomobilske industrije (na primer družbe JD Power) glede ponovne oživitve sektorja in njegove sestave do leta 2011.
Trèves therefore estimated its future turnover on the basis of a prudent, sound estimate of volumes.
Družba Trèves je torej svoj prihodnji promet ocenila na podlagi previdne in natančne ocene obsega.
The long-term value of the undertaking (known as the terminal value) is calculated on the basis of the 2011 results.
Dolgoročna vrednost podjetja (tako imenovana končna vrednost) je izračunana na podlagi rezultatov v letu 2011.
The FMEA therefore established the value of the equity of the Trèves group at EUR [15-40] million.
Sklad FMEA je tako lastna sredstva v skupini Trèves ovrednotil na [15–40] milijonov EUR.
Furthermore, by calculating the expected return on the basis of the EBITDA, the FMEA takes as a basis a pertinent measure for the recovery of the undertaking which must be achieved between its investment (25 May 2009) and the end of 2011.
Sicer pa se je sklad FMEA pri izračunu pričakovane donosnosti na podlagi dobička pred davki, obrestmi in amortizacijo oprl na primeren ukrep sanacije podjetja, ki naj bi bila izvedena od njegove naložbe (25. maja 2009) do konca leta 2011.
In addition, by adopting the EBITDA forecasted for 2011 and not the – higher – EBITDA forecasted for 2012, the FMEA adopts a prudent approach consisting of verifying that the undertaking is making a satisfactory recovery in a reasonably short period (just over 2½ years).
Poleg tega je sklad z upoštevanjem dobička pred davki, obrestmi in amortizacijo, predvidenega za leto 2011, in ne – večjega – dobička, predvidenega za leto 2012, uporabil previdni pristop, s katerim je preveril, ali bo sanacija podjetja dovolj hitro zadovoljiva (v nekaj več kot dveh letih in pol).