natgillin/translations-raw huggingface dataset:
According to its managers, the FSI invests only in undertakings which offer good prospects of growth and competitiveness for the French economy.
Po besedah vodstva sklada FSI ta vlaga samo v podjetja, ki imajo dobre možnosti za rast in prispevek h konkurenčnosti francoskega gospodarstva.
The FSI is 49 % owned by the French Government and 51 % by the Caisse des Dépôts et Consignations (below: ‘CDC’).
Sklad FSI je v 49-odstotni lasti francoske države in 51-odstotni lasti Caisse des Dépôts et Consignations (francoska depozitna in konsignacijska družba, v nadaljnjem besedilu: CDC).
The CDC ‘and its subsidiaries constitute a public group serving the general interest and economic development’ of France [4]; its managers are appointed by decree.
CDC „in njene hčerinske družbe sestavljajo javno skupino, ki opravlja storitve splošnega pomena in gospodarskega razvoja“ Francije [4], njeno vodstvo pa je imenovano z odlokom.
The FSI Board of Directors is chaired by the Director-General of the CDC and, in addition to its Chairman, comprises six directors, of whom one represents the CDC, two represent the State (the Director-General for State Holdings and the Director-General for Enterprises) and three represent the interests of undertakings (the company directors of SCOR, Essilor and Artémis).
Upravnemu odboru sklada FSI predseduje generalni direktor družbe CDC, poleg predsednika pa ga sestavlja še šest članov upravnega odbora, od katerih eden zastopa družbo CDC, dva zastopata državo (generalni direktor za državne deleže in generalni direktor za podjetja), trije pa zastopajo interese podjetij (direktorji podjetij SCOR, Essilor in Artémis).
FMEA
Sklad FMEA
The FMEA is a venture capital mutual fund, the object of which is to promote the emergence of competitive automobile parts manufacturers capable of offering their customers research and development capacity and strong international support.
FMEA je skupni sklad tveganega kapitala, namenjen spodbujanju konkurenčnih proizvajalcev avtomobilske opreme, ki lahko svojim strankam ponudijo raziskovalne in razvojne zmogljivosti ter okrepljeno mednarodno podporo.
It makes investments of up to a maximum of EUR 60 million, for the exclusive benefit of its subscribers, alone or together with other private investors or other funds.
Sam ali z drugimi zasebnimi vlagatelji ali drugimi skladi izvaja naložbe v višini do 60 milijonov EUR, in sicer v izključno korist svojih vlagateljev.
The FMEA is managed by CDC Entreprises, a subsidiary of the CDC.
Sklad upravlja družba CDC Entreprises, ki je hčerinska družba družbe CDC.
Investment decisions are therefore taken by CDC Entreprises.
O naložbah tako odloča družba CDC Entreprises.
The FMEA has a selection committee and an investment committee, which are responsible for preparing files before investments are made by the management company CDC Entreprises.
V okviru sklada FMEA delujeta izbirni in naložbeni odbor, ki pripravita dokumentacijo, na podlagi katere družba za upravljanje CDC Entreprises nato izvede naložbo.
The three investors, PSA, Renault and the FSI, are represented equally on these committees.
V teh odborih so enakovredno zastopani vsi trije vlagatelji: PSA, Renault in sklad FSI.
According to the FMEA organisational rules, the selection committee must be consulted by the management company concerning the strategic nature of investment projects.
V skladu s temeljnim statutom sklada FMEA se mora družba za upravljanje o strateški naravi naložbenih projektov obvezno posvetovati z izbirnim odborom.
Its advisory opinions are not binding on the management company.
Njegova posvetovalna mnenja za družbo za upravljanje niso zavezujoča.
They are adopted by a two-thirds majority.
Sprejmejo se z dvotretjinsko večino.
The investment committee must be consulted prior to each investment or divestment carried out or concerning any derogation from the investment policy criteria and rules.
Z izbirnim odborom se je treba obvezno posvetovati pred vsako naložbo ali dezinvesticijo oziroma o vsakem odstopanju od meril in pravil naložbene politike.
When pronouncing on an investment or divestment project, its opinions too are adopted by a two-thirds majority and are not binding on the management company.
Tudi kadar presoja naložbeni projekt ali projekt dezinvestiranja, se njegova mnenja sprejmejo z dvotretjinsko večino, za družbo za upravljanje pa niso zavezujoča.
However, if one of the three investors votes against, the opinion given will be considered as a negative opinion.
Vendar se izdano mnenje šteje za negativno, če eden od treh vlagateljev glasuje proti.
In this case, the investment or divestment project is returned to the selection committee.
V tem primeru se naložbeni projekt ali projekt dezinvestiranja znova predloži izbirnemu odboru.
CDC Entreprises plays a key role in venture capital in France.
Družba CDC Entreprises je eden od večjih akterjev na področju kapitalskih naložb v Franciji.
It is required to comply with all the rules laid down by the Financial Markets Authority regarding third-party asset management and especially the rules relating to independence concerning choice of investments and prevention of conflicts of interests.
Zanjo veljajo vsa pravila, ki jih francoski organ za finančne trge (Autorité des Marchés Financiers) določi za upravljanje sredstev za tretje osebe, zlasti pravila o neodvisnosti pri odločanju za naložbe in preprečevanju navzkrižja interesov.
CDC Entreprises’ management activities include FSI’s investments in unlisted SMEs and investments on behalf of the CDC and other investors.
Družba CDC Entreprises med drugim upravlja naložbe sklada FSI v mala in srednja podjetja, ki ne kotirajo na borzi, ter naložbe v imenu družbe CDC in drugih vlagateljev.
CDC Entreprises is a full subsidiary of the CDC.
CDC Entreprises je hčerinska družba v 100-odstotni lasti družbe CDC.
The Chairman and Managing Director of CDC Entreprises are appointed by its Board of Directors, the members of which are appointed by the CDC.
Predsednika in generalnega direktorja družbe CDC Entreprises imenuje njen upravni odbor, katerega člane imenuje družba CDC.
CDC Entreprises has concluded an assistance and advice agreement with the FSI, under which a dedicated FSI team assists CDC Entreprises in preselection of investment projects (including feasibility and risk assessment studies, study and assistance in the implementation of these interventions) and monitoring the investments made.
Družba CDC Entreprises je s skladom FSI sklenila sporazum o pomoči in svetovanju, na podlagi katerega posebna skupina sklada FSI družbi CDC Entreprises pomaga pri predhodni izbiri naložbenih projektov (med drugim opravlja študije izvedljivosti in presojo tveganj, študijo in pomoč pri izvedbi teh ukrepov) in spremljanju uresničenih naložb.
The organisation and functioning of the FMEA committees mean that CDC Entreprises alone has the authority to commit the FMEA.
Zaradi organizacije in delovanja odborov sklada FMEA je samo družba CDC Entreprises pooblaščena za zastopanje sklada FMEA.
The decisions taken by the committees are not binding on the management company (apart from derogations from the investment policy criteria and rules and the management of conflicts of interests, which are not relevant in the present case).
Sklepi odborov za družbo za upravljanje niso zavezujoči (razen odstopanj od meril in pravil naložbene politike ter obvladovanja navzkrižij interesov, vendar to v tej zadevi ni pomembno).
The French authorities specified that, to date, CDC Entreprises has never deemed it appropriate to take investment decisions contrary to the opinion of the committees.
Francoski organi so pojasnili, da se družbi CDC Entreprises do zdaj še ni zdelo potrebno, da bi glede naložb nasprotovala mnenjem odbora.
Figure 1 below summarises the links between the French State, the CDC, CDC Entreprises, the FSI, the FMEA, PSA and Renault.
V spodnjem diagramu 1 so prikazane povezave med francosko državo, družbama CDC in CDC Entreprises, skladoma FSI in FMEA ter skupinama PSA in Renault.
Links between the French State, the CDC, CDC Entreprises, the FSI, the FMEA, PSA and Renault
Povezave med francosko državo, družbama CDC in CDC Entreprises, skladoma FSI in FMEA ter skupinama PSA in Renault
EUR 20 billion
20 milijard EUR
EUR 600 million
600 milijonov EUR
Automobile parts manufacturers such as Trèves
Proizvajalci avtomobilske opreme, kot je podjetje Trèves
The company Trèves and the measures taken in relation to it
Podjetje Trèves in ukrepi v zvezi z njim
Trèves is a company specialising in car interior components.
Podjetje Trèves je specializirano za proizvodnjo notranje opreme motornih vozil.
Trèves employed about 6500 persons before the current restructuring plan was implemented (the restructuring plan concerns 1300 persons).
Pred začetkom izvajanja sedanjega načrta prestrukturiranja je podjetje zaposlovalo približno 6500 oseb (načrt prestrukturiranja zadeva 1300 oseb).
It is structured around three areas of activity: noise insulation [5], seats and components, and textiles.
Ukvarja se s tremi področji dejavnosti: zvočno izolacijo [5], sedeži in deli sedežev ter tekstilom.
The company owned 9 factories (2 have now been closed) and is established in 14 countries (including Spain, the United Kingdom, Portugal, Slovenia and the Czech Republic).
Podjetje je nekdaj sestavljalo devet tovarn (dve sta zdaj zaprti) v 14 državah (med drugim v Španiji, Združenem kraljestvu, Portugalski, Sloveniji in Češki republiki).
40 % of its turnover comes from France.
V Franciji ustvari 40 % prometa.
Its main customers are Renault, Peugeot SA, Volkswagen, Nissan and Toyota.
Njegovi najpomembnejši kupci so Renault, Peugeot SA, Volkswagen, Nissan in Toyota.
Shortly before the outbreak of the crisis in 2008, Trèves was starting to reap the benefits of a first restructuring plan launched in 2005 aiming to reduce the workforce and rationalise production capacity.
Podjetje Trèves je tik pred izbruhom krize v letu 2008 začelo uživati koristi prvega načrta prestrukturiranja, ki je bil uveden leta 2005 ter namenjen zmanjšanju števila zaposlenih in racionalizaciji proizvodnih zmogljivosti.
When the crisis arose, Trèves decided to modify and extend its restructuring plan and expressed the wish to conduct discussions with its lenders under a conciliation procedure [6].
Ob nastopu krize se je odločilo spremeniti in poglobiti načrt prestrukturiranja, zato se je želelo s posojilodajalci posvetovati v okviru poravnalnega postopka [6].
A conciliation protocol was therefore concluded on 25 May 2009 between the Trèves shareholder (the holding company ‘Severt’, the sole shareholder), the companies of the Trèves group, the lenders (i.e. the banks) and the FMEA.
Med delničarjem podjetja Trèves (holding „Severt“, edini delničar), družbami skupine Trèves, posojilodajalci (to je bankami) in skladom FMEA je bil tako 25. maja 2009 sklenjen protokol o poravnavi.
This protocol is based on the implementation of a restructuring plan (this plan is described in Section V.1.1).
Ta temelji na izvedbi načrta prestrukturiranja (ta načrt je opisan v razdelku V.1.1).
The financing of the restructuring plan was estimated at EUR [110-140] [7] million. Under this plan, the various parties entered into the commitments described in the protocol of 25 May 2009.
Finančna sredstva za načrt prestrukturiranja so bila ocenjena na [110–140] [7] milijonov EUR. V okviru tega so različne strani sprejele zaveze, opisane v protokolu z dne 25. maja 2009.
Contribution of the company, its banks and its customers
Prispevek podjetja, njegovih bank in strank
Manufacturers Peugeot and Renault committed to contributing EUR 33,3 million under the financing […].
Proizvajalca vozil Peugeot in Renault sta se zavezala, da bosta v okviru financiranja […] prispevala 33,3 milijona EUR.
The Trèves group committed to doing its utmost to generate a sum during 2009 corresponding to [5-20] % of the cash resource requirements, i.e. EUR [5-30] million.
Skupina Trèves se je zavezala, da bo po najboljših močeh v letu 2009 zagotovila znesek v višini [5–20] % likvidnostnih potreb, to je [5–30] milijonov EUR.
The banks granted a new bank loan of EUR [10-30] million. The banks also granted a consolidation loan amounting to EUR [30-60] million to repay the existing short-term loans (EUR [0-20] million) and medium-term loans (EUR [30-40] million).
Banke so dodelile novo bančno posojilo v višini [10–30] milijonov EUR. Prav tako so odobrile konsolidacijsko posojilo v znesku [30–60] milijonov EUR za poplačilo obstoječih kratkoročnih ([0–20] milijonov EUR) in srednjeročnih ([30–40] milijonov EUR) posojil.
The new loan and the consolidation loan must be repaid in full by […] 2014.
Novo in konsolidacijsko posojilo je treba v celoti vrniti do […] 2014.
FMEA contribution and public contribution
Prispevek sklada FMEA in javni prispevek
The FMEA invested EUR 55 million in the company. Of this sum, EUR [40-50] million was in the form of debt securities providing access to capital (i.e. convertible bonds with adjustable parity), bearing a fixed coupon of [> 8] %.
Sklad FMEA je v podjetje prispeval 55 milijonov EUR. Od tega je bilo [40–50] milijonov EUR dodeljenih v obliki dolžniških instrumentov, ki zagotavljajo dostop do kapitala (obveznice, izplačljive v delnicah po sistemu prilagodljive vezave) in so izplačljivi z [več kot 8]-odstotnim fiksnim kuponom.
In parallel, EUR [5-15] million came from a capital increase (subscription of new ordinary shares), thereby providing the FMEA with a [< 50] % holding in Trèves’ capital.
Hkrati s tem je bilo [5–15] milijonov EUR dodeljenih v obliki dokapitalizacije (vpis novih rednih delnic), s čimer je sklad FMEA pridobil [manj kot 50]-odstotni delež v podjetju Trèves.
The public creditors authorised a tax and social security debt settlement plan amounting to EUR 18,4 million […].
Javni upniki so odobrili načrt poravnave davčnih obveznosti in socialnih prispevkov v višini 18,4 milijona EUR […].
This plan consists in rescheduling the repayment of Trèves’ tax and social security debts, together with the payment of penalties and interest on arrears.
V načrtu sta predvidena odlog plačila davčnih obveznosti in socialnih prispevkov podjetja Trèves ter plačilo kazni zaradi zamude in zamudnih obresti.
Reasons for initiating the procedure
Razlogi za začetek postopka
The financing of Trèves’ restructuring plan is based on the investment of new funds to a total of EUR [100-120] million (this amount does not include the consolidation loan).
Financiranje načrta prestrukturiranja podjetja Trèves temelji na vložku novega kapitala v skupni vrednosti [100–120] milijonov EUR (ta znesek ne vključuje konsolidacijskega posojila).
Of this amount, EUR 55 million is contributed by the FMEA.
Od tega 55 milijonov EUR zagotovi sklad FMEA.
To this is added the tax and social security debt settlement plan amounting to EUR 18,4 million. In its decision to initiate the formal investigation procedure, the Commission expresses its doubts as to whether these latter two measures should not be categorised as State aid within the meaning of Article 107(1) TFEU.
K temu je treba dodati načrt poravnave davčnih obveznosti in socialnih prispevkov v znesku 18,4 milijona EUR. Komisija je v odločitvi o začetku formalnega postopka preiskave dvomila, da bi bilo ta ukrepa mogoče opredeliti kot državno pomoč v smislu člena 107(1) PDEU.
As regards the FMEA investment, the Commission points out that several factors seem to indicate that this investment is of state origin.
Kar zadeva naložbo sklada FMEA, Komisija navaja, da je iz več elementov razvidno, da ta naložba izvira iz državnih sredstev.
At first sight, this investment appears to have been made from state resources and to be imputable to the State [8].
Na prvi pogled se zdi, da je bila dodeljena iz državnih sredstev in da jo je dodelila država [8].
The Commission’s doubts are based in particular on observation of the functioning of the FSI, the FMEA and CDC Entreprises described above.
Pomisleki Komisije temeljijo zlasti na zgornji ugotovitvi o delovanju skladov FSI in FMEA ter družbe CDC Entreprises.
The Commission then expresses its doubts about compliance with the criterion of the private investor operating in a market economy through this investment.
Komisija tudi dvomi, da je bilo pri navedeni naložbi izpolnjeno merilo zasebnega vlagatelja v tržnem gospodarstvu.
In particular, the Commission was unable to establish with certainty, in the light of the situation in both the motor vehicle sector and the company which was experiencing certain financial difficulties [9], firstly, that the assumptions of the restructuring plan were credible, realistic and prudent, secondly, that the valuation of Trèves prior to the investment was prudent and, thirdly, that the prospect of an internal rate of return (below: ‘IRR’) of [> 12 %] [10] was to be considered sufficient in view of the risk assumed by the FMEA.
Komisija zaradi razmer v avtomobilski industriji in v podjetju, ki se je spopadalo z nekaterimi finančnimi težavami [9], zlasti ni mogla z gotovostjo ugotoviti, prvič, da so predpostavke iz načrta prestrukturiranja verodostojne, stvarne in razumne, drugič, da je bila ocena vrednosti podjetja Trèves pred naložbo razumna, in, tretjič, da je pričakovana [več kot 12-odstotna] [10] notranja stopnja donosa zadostna glede na tveganje, ki ga je prevzel sklad FMEA.
As regards the tax and social security debt settlement plan, the Commission wonders whether the French authorities acted like a private creditor placed in the same conditions and seeking to recover sums due to it.
Kar zadeva načrt poravnave davčnih obveznosti in socialnih prispevkov, se Komisija sprašuje, ali je ravnanje francoske uprave primerljivo z ravnanjem zasebnega upnika, ki bi v enakih okoliščinah poskušal izterjati dolgovane zneske.
The Commission was not in possession of all the information enabling it to conclude that the public creditors, by virtue of the conciliation protocol of 25 May 2009, were in a position at least as favourable as Trèves’ private creditors (i.e. the banks) which also agreed to reschedule their claims by granting a consolidation loan.
Komisija ni imela na voljo vseh elementov, na podlagi katerih bi lahko ugotovila, da so bili javni upniki na podlagi protokola o poravnavi z dne 25. maja 2009 v vsaj tako ugodnem položaju kot zasebni upniki podjetja Trèves (torej banke), ki so z dodelitvijo konsolidacijskega posojila prav tako privolili v odlog svojih terjatev.
The Commission therefore expresses doubts about compliance with the principle of the private creditor operating in a market economy through the tax and social security debt settlement plan.
Komisija zato dvomi, da se je v načrtu poravnave davčnih obveznosti in socialnih prispevkov upoštevalo načelo zasebnega upnika v tržnem gospodarstvu.
Finally, if the two measures mentioned above were to be categorised as State aid, the Commission points out in its decision to initiate the procedure that their compatibility could be examined on the basis of the Commission guidelines on State aid for rescuing and restructuring firms in difficulty [11] (below: ‘the guidelines’).
Skratka, tudi če bi bilo treba oba ukrepa opredeliti kot državno pomoč, Komisija v odločitvi o začetku postopka navaja, da bi bilo mogoče njuno združljivost preučiti na podlagi Smernic Komisije o državni pomoči za reševanje in prestrukturiranje podjetij v težavah [11] (v nadaljnjem besedilu: Smernice).
However, the Commission asserts that, at this stage, it is unable to establish with certainty that all the conditions provided for by the guidelines are met.
Kljub vsemu trdi, da na tej stopnji ne more z gotovostjo ugotoviti, da so izpolnjeni vsi pogoji iz navedenih smernic.
The Trèves group communicated its comments to the Commission by letter dated 2 July 2010.
Skupina Trèves je pripombe Komisiji poslala z dopisom z dne 2. julija 2010.
In its opinion, the terms and conditions of the FMEA investment in the Trèves group and the implementation of the tax and social security debt rescheduling plan are not covered by Article 107(1) TFEU.
Po njenem mnenju pravila in pogoji naložbe sklada FMEA v skupino Trèves ter uporaba načrta odloga plačila njenih davčnih obveznosti in socialnih prispevkov ne spadajo na področje uporabe člena 107(1) PDEU.
Firstly, the Trèves group points out that the argument of the imputability of the aid to the State is unfounded because, through the FMEA, the Trèves group opted for a commitment with two motor vehicle manufacturers of international dimension which account for [> 50] % of its turnover.
Prvič, po navedbah skupine Trèves je trditev, da je pomoč dodelila država, brez podlage, ker se je skupina Trèves prek sklada FMEA povezala z dvema svetovnima avtomobilskima proizvajalcema, s katerima ustvari [več kot 50] % prometa.
Furthermore, it contests the Commission’s analysis that the company had to call on state resources as, on the one hand, the FMEA resources, in its view, come from private operators and, on the other hand, the participation of other private investors in the financing of the company (the banks), proves that it was capable of financing itself on the market.
Nasprotuje tudi ugotovitvi Komisije, da je družba prejela državna sredstva, saj meni, da po eni strani sredstva sklada FMEA prispevajo zasebni subjekti, po drugi strani pa sodelovanje drugih zasebnih vlagateljev (bank) pri financiranju skupine dokazuje, da se je bila ta zmožna financirati na trgu.
Furthermore, the Trèves group challenges the importance which the Commission attributes to the declarations by the French Minister for Industry that if the State had not intervened, Trèves would have filed a petition in bankruptcy.
Skupina Trèves prav tako zanika pomen, ki ga je Komisija pripisala izjavam francoskega ministra za industrijo, da bi družba Trèves brez pomoči države razglasila stečaj.
A subjective political declaration pronounced in a tense social climate has no relevance to the assessment of the real economic and financial situation of an undertaking.
Subjektivna politična izjava, izrečena v napetih družbenih razmerah, je brezpredmetna za presojo dejanskega gospodarskega in finančnega položaja podjetja.
Consequently, the FMEA investment in the company Trèves was undeniably prudent, both financially and industrially.
Smotrnost naložbe sklada FMEA v družbo Trèves naj bi bila zato nesporna s finančnega in sektorskega vidika.
The company recalls that the FMEA was not the only investor, but that several other potential investors came forward and private partners entered into commitments alongside the FMEA.
Družba opozarja, da sklad FMEA ni bil edini vlagatelj, temveč so se pojavili tudi številni drugi morebitni vlagatelji, sklad FMEA pa je sodeloval z zasebnimi partnerji.
Contrary to what the Commission seems to assume, there is no contradiction between the financial logic and the industrial logic of the FMEA investment.
V nasprotju s tem, kar naj bi domnevala Komisija, ni nikakršnega protislovja med finančnimi in sektorskimi razlogi za naložbo sklada FMEA.
According to the Trèves group, the fact that a manufacturer holds a participating interest in one of its suppliers for the purpose of strengthening their industrial ties and obtaining a financial benefit from its growth is current practice in the motor vehicle sector.
Po mnenju skupine Trèves je v avtomobilski industriji pogosta praksa, da ima proizvajalec delež v enem od svojih dobaviteljev, da krepi industrijske vezi z njim in ima finančne koristi od njegove rasti.
Thirdly, the Trèves group pays particular attention to compliance with the principle of the prudent investor operating in a market economy.
Tretjič, skupina Trèves poudarja pomen upoštevanja načela preudarnega vlagatelja v tržnem gospodarstvu.
The terms of the investment are not only very strict, but also advantageous for the FMEA.
Naložbeni pogoji namreč niso samo zelo strogi, ampak so za sklad FMEA tudi ugodni.