natgillin/translations-raw huggingface dataset:
Over the period 2004-2009 the company’s annual turnover went down from EUR 28,4 million to EUR 19,2 million (a 32 % decrease).
V obdobju 2004–2009 se je letni promet družbe zmanjšal z 28,4 milijona EUR na 19,2 milijona EUR (32-odstotno zmanjšanje).
Varvaressos’s key financial data 2004-2009
Ključni finančni podatki družbe Varvaressos za obdobje 2004–2009
Source: Data from 2004-2009 financial statements
Vir: Podatki iz finančnih izkazov za obdobje 2004–2009.
EBT
Prihodki pred davki (EBT)
Accumulated losses
Bilančna izguba
Registered capital
Osnovni kapital
Own equity
Lastniški kapital
Debt/equity
Dolg/lastniški kapital
In the period 2007-2008, Varvaressos was granted two State measures, a non-notified State guarantee for the rescheduling of existing loans in May 2007 (measure 1) and a notified State guarantee for a new rescue loan which was approved by the Commission in July 2008 (measure 2).
V obdobju 2007–2008 sta bila družbi Varvaressos odobrena dva državna ukrepa, in sicer nepriglašeno državno poroštvo za reprogramiranje obstoječih posojil maja 2007 (ukrep 1) in priglašeno državno poroštvo za novo posojilo za reševanje, ki ga je Komisija odobrila julija 2008 (ukrep 2).
In January 2009, Greece notified a restructuring aid measure in the form of a direct grant (measure 3).
Januarja 2009 je Grčija priglasila ukrep pomoči za prestrukturiranje v obliki neposrednih nepovratnih sredstev (ukrep 3).
The recovery plan of 2006
Sanacijski načrt iz leta 2006
The plan provides for: (a) an increase in the proportion of special fibres in the overall production, from […] % in 2007 to […] % in 2011, in order to increase the company’s profit margin; (b) a reduction in total production capacity, from […] thousand tonnes in 2007 to […] thousand tonnes in 2008-2011; and (c) a reduction in the company’s personnel, from 237 in 2007 to 217 in 2011.
Načrt predvideva: (a) povečanje deleža posebnih tkanin v celotni proizvodnji z […] % v letu 2007 na […] % v letu 2011, da se poveča stopnja dobička družbe; (b) zmanjšanje skupne proizvodne zmogljivosti s […] tisoč ton v letu 2007 na […] tisoč ton v obdobju 2008–2011; in (c) zmanjšanje osebja družbe z 237 v letu 2007 na 217 v letu 2011.
The required State aid for 2007-2011 amounts to EUR 13,5 million, to make good unsuccessful investments in the period 2000-2005, which created the company’s difficulties.
Potrebna državna pomoč za obdobje 2007–2011 znaša 13,5 milijona EUR za odpravo posledic neuspešnih naložb v obdobju 2000–2005, zaradi katerih je družba v težavah.
The company is expected to achieve viability in 2010, with EBT of EUR 1 million and a profit margin of 3,5 % (in 2011, positive EBT of EUR 0,8 million with a 2,6 % profit margin).
Pričakuje se, da bo sposobnost preživetja družbe ponovno vzpostavljena leta 2010 s prihodki pred davki v višini 1 milijona EUR in 3,5-odstotno stopnjo dobička (pozitivni prihodki pred davki v višini 0,8 milijona EUR in 2,6-odstotna stopnja dobička v letu 2011).
Sales are expected to increase, from EUR 26,2 million in 2006 to EUR 29,3 million in 2011 (a 12 % increase).
Pričakuje se, da se bo prodaja povečala s 26,2 milijona EUR v letu 2006 na 29,3 milijona EUR v letu 2011 (12-odstotno povečanje).
Measure 1: The non-notified State guarantee of 2007
Ukrep 1: nepriglašeno državno poroštvo iz leta 2007
On 30 May 2007, Greece issued a ministerial decision providing Varvaressos with a State guarantee as security for the rescheduling of the company’s existing loans totalling EUR 22,7 million. The guarantee was supposed to cover 80 % of the loans, i.e. EUR 18,2 million; however, it actually exceeded the total amount of the underlying loan (see recital 16 below).
Grčija je 30. maja 2007 sprejela ministrski sklep, s katerim je družbi Varvaressos zagotovila državno poroštvo kot zavarovanje za reprogramiranje obstoječih posojil družbe v skupni višini 22,7 milijona EUR. To poroštvo naj bi krilo 80 % posojil, tj. 18,2 milijona EUR, vendar je dejansko preseglo skupni znesek zadevnega posojila (glej uvodno izjavo 16 spodaj).
Before the 2007 rescheduling, only part of the company’s real estate assets were mortgaged to cover its loans.
Pred reprogramiranjem leta 2007 je bil le del nepremičninskih sredstev družbe pod hipoteko za kritje njenih posojil.
In the context of the 2007 rescheduling, the rest of the company’s real estate assets were additionally mortgaged.
V okviru reprogramiranja leta 2007 so bila pod hipoteko dana še preostala nepremičninska sredstva družbe.
This mortgage was set up in favour of the company’s lending banks and not the State.
Ta hipoteka je bila sklenjena v korist bank upnic družbe in ne v korist države.
However, under Greek law [5], before paying the call of a guarantee, the State first has to receive the securities for the guaranteed loans.
Vendar mora v skladu z grško zakonodajo [5] država pred plačilom unovčenih poroštev prejeti zavarovanja za posojila s poroštvom.
This measure was never notified to the Commission; instead Greece specified in the notification of the rescue aid of 5 November 2007 that the company had not received rescue or restructuring aid before.
Ukrep ni bil nikoli priglašen Komisiji. Grčija pa je v priglasitvi pomoči za reševanje z dne 5. novembra 2007 navedla, da družba prej ni prejela nobene pomoči za reševanje ali prestrukturiranje.
The relevant loans were granted to industrial, mining, livestock farming and hotel companies established and operating in the district of Imathia, Northern Greece, for investments in fixed assets and working capital.
Zadevna posojila so bila odobrena družbam na področjih industrije, rudarstva, živinoreje in hotelirstva, ki so bile ustanovljene in poslujejo v okrožju Imathia v severni Grčiji, za naložbe v osnovna sredstva in gibljiva sredstva.
The scheme did not provide for a premium for the State guarantee.
V okviru sheme ni bila zagotovljena premija za državno poroštvo.
On the basis of one of its provisions, the guarantee eventually covered a maximum amount of EUR 30 million plus interest, therefore an amount higher than that of the underlying loans (EUR 22,7 million) [6].
Na podlagi ene od njenih določb je poroštvo na koncu krilo največji možni znesek 30 milijonov EUR in obresti, kar presega znesek zadevnih posojil (22,7 milijona EUR) [6].
Measure 2: The notified State guarantee of 2008
Ukrep 2: priglašeno državno poroštvo iz leta 2008
On 16 July 2008 the Commission approved a notified rescue aid for Varvaressos, in the form of a State guarantee for a EUR 2,4 million loan [7].
Komisija je 16. julija 2008 odobrila priglašeno pomoč za reševanje za družbo Varvaressos v obliki državnega poroštva za posojilo v višini 2,4 milijona EUR [7].
The decision was adopted based on the information that the company had not been granted rescue or restructuring aid before [8], and was therefore eligible for rescue aid.
Odločitev je bila sprejeta na podlagi informacij, da družbi pred tem ni bila odobrena pomoč za reševanje ali prestrukturiranje [8] ter da je zato upravičena do pomoči za reševanje.
The guarantee was granted without a premium for the guarantor (the State) and covered the entire amount of the loan, i.e. EUR 2,4 million.
Poroštvo je bilo odobreno brez premije za izdajatelja poroštva (državo) in je krilo celotni znesek posojila, tj. 2,4 milijona EUR.
Measure 3: The notified direct grant of 2009
Ukrep 3: priglašena neposredna nepovratna sredstva iz leta 2009
On 15 January 2009, Greece notified a direct grant of EUR 14 million to finance the company’s restructuring plan.
Grčija je 15. januarja 2009 priglasila neposredna nepovratna sredstva v višini 14 milijonov EUR za financiranje načrta za prestrukturiranje družbe.
According to the submitted restructuring plan, the company’s difficulties were caused by the high financial cost of an investment programme carried out in 2000-2005, high operating costs and managerial shortcomings.
V skladu s predloženim načrtom za prestrukturiranje so težave družbe povzročili visoki finančni stroški programa naložb, izvedenega v obdobju 2000–2005, visoki stroški poslovanja in slabo vodenje.
The core idea of the restructuring process envisages full payment of most of the company’s bank loans (including the one for which rescue aid was approved in July 2008), a reduction in production and employment [9], the re-direction of production to more profitable products (the proportion of special yarn production in total production to be increased to […] % by 2012) and the reorganisation and modernisation of the company’s management.
Ključni elementi načrta za prestrukturiranje so celotno odplačilo večine bančnih posojil družbe (vključno s posojilom, za katerega je bila julija 2008 odobrena pomoč za reševanje), zmanjšanje proizvodnje in števila zaposlenih [9], preusmeritev proizvodnje v dobičkonosnejše izdelke (delež proizvodnje posebnih prej v celotni proizvodnji naj bi se do leta 2012 povečal na […] %) ter reorganizacija in posodobitev vodenja družbe.
Under the restructuring plan’s three scenarios (intermediate, best-case and worst-case), the company will restore its long-term viability by the end of 2011.
V okviru treh potekov dogodkov iz načrta za prestrukturiranje (vmesni, najboljši možni in najslabši možni) bo družba do konca leta 2011 ponovno vzpostavila dolgoročno sposobnost preživetja.
Under all three scenarios, the company’s sales are expected to increase and costs and expenses (without depreciation) to decrease.
Pričakuje se, da se bo prodaja družbe v okviru vseh treh potekov dogodkov povečala, stroški in odhodki (brez amortizacije) pa se bodo zmanjšali.
Consequently, the company’s EBT + D [10] are expected to be negative in 2010 and positive in 2011, at the end of the restructuring period.
Posledično se pričakuje, da bo na koncu obdobja prestrukturiranja EBT + A [10] v letu 2010 negativen, v letu 2011 pa pozitiven.
At the same time, in 2011 the company’s ROE [11] will be higher than its borrowing cost [12] (under the intermediate and best-case scenarios) or equal to it (under the worst-case scenario).
Hkrati bo leta 2011 ROE družbe [11] višja od stroškov izposojanja [12] (v okviru vmesnega in najboljšega možnega poteka dogodkov) ali enaka stroškom izposojanja (v okviru najslabšega možnega poteka dogodkov).
In its decision to initiate the procedure, the Commission indicated that the compatibility of the aid measures would be assessed on the basis of the Community Guidelines on state aid for rescuing and restructuring firms in difficulty (‘the R&R Guidelines’) [13].
Komisija je v svoji odločitvi o začetku postopka navedla, da se bo združljivost ukrepov pomoči ocenila na podlagi Smernic Skupnosti o državni pomoči za reševanje in prestrukturiranje podjetij v težavah (v nadaljnjem besedilu: smernice za reševanje in prestrukturiranje) [13].
The Commission therefore made an initial assessment of the aid measures on the basis of the criteria laid down in the R&R guidelines.
Zato je Komisija izvedla začetno oceno ukrepov pomoči na podlagi meril iz smernic za reševanje in prestrukturiranje.
Subsequently, the Commission doubted whether it would have considered the company eligible for rescue aid in its decision of July 2008, had Greece not submitted incorrect information regarding the 2007 guarantee.
Zato je Komisija podvomila, da bi v svoji odločitvi iz julija 2008 družbo štela za upravičeno do pomoči za reševanje, če Grčija ne bi predložila napačnih informacij v zvezi s poroštvom iz leta 2007.
Secondly, in the light of the 2007 guarantee the Commission also questioned the company’s eligibility for the notified restructuring aid, i.e. whether the ‘one time, last time’ principle is complied with.
Drugič, ob upoštevanju poroštva iz leta 2007 je Komisija tudi podvomila v upravičenost družbe do priglašene pomoči za prestrukturiranje, tj. ali je upoštevano načelo enkratnosti pomoči.
Regarding the beneficiary’s status as a firm in difficulty, the Commission noted that Varvaressos, given the losses and the decline in sales it suffered in previous years, could qualify as a firm in difficulties.
V zvezi z opredelitvijo upravičenke kot podjetja v težavah je Komisija ugotovila, da bi bilo glede na izgube in zmanjšanje prodaje v preteklih letih družbo Varvaressos mogoče opredeliti kot podjetje v težavah.
However, the Commission expressed doubts that Varvaressos was indeed in difficulty when the 2007 guarantee was granted, because the company could allegedly have achieved the rescheduling of its existing loans with the same banks without the public intervention.
Vendar je Komisija izrazila dvome, da je bila družba Varvaressos resnično v težavah, ko je bilo odobreno poroštvo iz leta 2007, ker naj bi bila družba sposobna izvesti reprogramiranje obstoječih posojil pri istih bankah brez posredovanja države.
Therefore the Commission required a new set of data and projections and more recent market surveys.
Zato je Komisija zahtevala nove podatke in napovedi ter novejše tržne raziskave.
Regarding the avoidance of undue distortion of competition, the Commission expressed doubts about the proposed two compensatory measures.
V zvezi s preprečevanjem neupravičenega izkrivljanja konkurence je Komisija izrazila dvome glede dveh predlaganih izravnalnih ukrepov.
These were: (a) the closure of one of the company’s three plants, the one in Naoussa; and (b) the sale of the shareholding in the subsidiary ‘Thiva Ginning Mills SA’.
Ta ukrepa sta bila: (a) zaprtje enega od treh obratov družbe, in sicer v mestu Naoussa; in (b) prodaja lastniškega deleža podružnice Thiva Ginning Mills SA.
Both of those measures were first of all considered necessary to achieve the long-term viability of the beneficiary and thus did not compensate the company’s competitors for the distortion of competition.
Oba ukrepa sta se štela za potrebna za vzpostavitev dolgoročne sposobnosti preživetja upravičenke, zato konkurenčnim družbam ni bila povrnjena škoda zaradi izkrivljanja konkurence.
Finally, regarding the limitation of the aid to the minimum necessary, the Commission considered Varvaressos to be a large company for the purposes of the assessment (in 2006 it had an annual turnover of EUR 28 million) and indicated that it was located in an area eligible for aid under Article 107(3)(a) TFEU.
Nazadnje, v zvezi z omejitvijo pomoči na nujno potrebno je Komisija družbo Varvaressos za namene ocene štela za veliko podjetje (leta 2006 je ustvarila letni promet v višini 28 milijonov EUR) in navedla, da je imela sedež na območju, upravičenem do pomoči v skladu s členom 107(3)(a) PDEU.
On the basis of the above, the Commission set the company’s own contribution to be in principle at least 40 % of the plan’s total cost.
Na podlagi navedenega je Komisija določila, da mora biti lastni prispevek družbe vsaj 40 % vseh stroškov načrta.
COMMENTS OF GREECE
PRIPOMBE GRČIJE
The information submitted by the Greek authorities on the alleged State aid measures may be summarised as follows:
Informacije, ki so jih grški organi predložili v zvezi z domnevnimi ukrepi državne pomoči, se lahko povzamejo na naslednje.
The 2007 guarantee as State aid
Poroštvo iz leta 2007 kot državna pomoč
In particular, Greece argues that: (a) lending banks would have agreed to the rescheduling even without the State guarantee, (b) there was no need for a State guarantee, because the loans were sufficiently covered in the rescheduling by assets of a value higher than the outstanding amount and (c) the 2007 State guarantee did not improve the company’s ability to raise funds in the capital market, because Varvaressos was still able to raise funds on its own.
Grčija zlasti trdi, (a) da bi banke upnice privolile v reprogramiranje tudi brez državnega poroštva, (b) da ni bilo potrebe po državnem poroštvu, ker so bila v okviru reprogramiranja posojila zadostno krita s sredstvi, katerih vrednost je bila višja od neporavnanega zneska, ter (c) da državno poroštvo iz leta 2007 ni izboljšalo zmožnosti družbe, da zbere sredstva na kapitalskem trgu, ker je bila družba Varvaressos sredstva še vedno zmožna zbrati sama.
The beneficiary as a ‘firm in difficulty’ in 2007
Upravičenka kot „podjetje v težavah“ leta 2007
Greece argues that Varvaressos was indeed in difficulty in 2007 and that it was only thanks to unencumbered assets of considerable value that it could have access to the financial market without a State guarantee.
Grčija trdi, da je bila družba Varvaressos leta 2007 resnično v težavah in da je imela dostop do finančnega trga brez državnega poroštva samo zaradi znatnih neobremenjenih sredstev.
Greece also argues that the 2007 loan rescheduling was not sufficient for the company to finance its restructuring.
Grčija tudi trdi, da reprogramiranje posojil iz leta 2007 ni zadoščalo za financiranje prestrukturiranja družbe.
It was used only to reorganise the existing heavy debt.
Zadoščalo je le za reorganizacijo velikega obstoječega dolga.
Thus, Varvaressos meets the criterion of point 9 of the R&R Guidelines.
Tako družba Varvaressos izpolnjuje merilo iz točke 9 smernic za reševanje in prestrukturiranje.
Against this background, Greece argues that if the 2007 measure is deemed to be State aid, the company was eligible to receive rescue and restructuring aid.
Če se ukrep iz leta 2007 šteje za državno pomoč, je bila na podlagi tega po trditvah Grčije družba upravičena do pomoči za reševanje in prestrukturiranje.
The ‘one time, last time’ principle
Načelo enkratnosti pomoči
According to Greece, all three measures under scrutiny (the 2007 State guarantee, the 2008 State guarantee and the notified direct grant) were granted in order to facilitate the implementation of a single restructuring plan.
Po trditvah Grčije so bili vsi trije ukrepi, ki so predmet preiskave (državno poroštvo iz leta 2007, državno poroštvo iz leta 2008 in priglašena neposredna nepovratna sredstva), odobreni, da se omogoči izvajanje enega načrta za prestrukturiranje.
Also, the 2007 guarantee (measure 1) was intended to address the company’s financial problems in the short run, by giving it a breathing space through the 2-year freeze on loan instalments.
Državno poroštvo iz leta 2007 (ukrep 1) je bilo namenjeno kratkoročnemu reševanju finančnih težav družbe, tako da bi z zamrznitvijo obročnih posojil za dve leti družba pridobila nekaj časa.
The other measures were intended to eliminate the company’s financial problems in the long run.
Drugi ukrepi so bili namenjeni dolgoročni odpravi finančnih težav.
At the same time, all three measures were of a common nature, as they all addressed the problem of the company’s bank loans.
Hkrati so bili vsi trije ukrepi iste vrste, ker so se z vsemi tremi reševale težave bančnih posojil družbe.
Greece finally argues that all three measures are parts of the same restructuring process and thus the ‘one time, last time’ principle is not infringed.
Grčija tudi trdi, da so vsi trije ukrepi del istega postopka prestrukturiranja, zato načelo enkratnosti pomoči ni kršeno.
Restructuring costs and own contribution
Stroški prestrukturiranja in lastni prispevek
Restructuring costs consist of restructuring of long-term bank loans (EUR 23 million), restructuring of employment (EUR 1 million), investments (EUR 3 million) and restructuring of assets (EUR 1 million).
Stroški prestrukturiranja zajemajo prestrukturiranje dolgoročnih bančnih posojil (23 milijonov EUR), prestrukturiranje zaposlovanja (1 milijon EUR), naložbe (3 milijoni EUR) in prestrukturiranje sredstev (1 milijon EUR).
These costs add up to EUR 28 million [14].
Ti stroški skupaj znašajo 28 milijonov EUR [14].
Greece claims that the total costs of the restructuring will be funded by EUR 14 million as State aid and EUR 14 million as an own contribution.
Grčija trdi, da bodo skupni stroški prestrukturiranja financirani s 14 milijoni EUR državne pomoči in 14 milijoni EUR lastnega prispevka.
The own contribution comprises revenues of […] and EUR 1 million from the sale of a shareholding in a subsidiary in 2007.
Lastni prispevek zajema prihodke v višini […] in 1 milijon EUR od prodaje lastniškega deleža podružnice v letu 2007.
After the opening of the formal investigation procedure, Greece proposed the following alternative compensatory measures:
Po začetku formalnega postopka preiskave je Grčija predlagala naslednja nadomestna izravnalna ukrepa:
The withdrawal of the company from the Greek market by at least 10 %, compared with 2009 sales in Greece, for the period until the end of 2013, i.e. 2 years after the end of the restructuring,
zmanjšanje prodaje družbe na grškem trgu za vsaj 10 % v primerjavi s prodajo v Grčiji leta 2009 v obdobju do konca leta 2013, tj. dve leti po koncu prestrukturiranja,
The ban on any kind of State aid to the company for the period until the end of 2013, i.e. 2 years after the end of the restructuring.
prepoved kakršne koli državne pomoči za družbo v obdobju do konca leta 2013, tj. dve leti po koncu prestrukturiranja.
Greece argues that there are reasons that justify less stringent compensatory measures and lower the own contribution in the case of Varvaressos.
Grčija trdi, da obstajajo razlogi, ki v primeru družbe Varvaressos upravičujejo manj strožje izravnalne ukrepe in nižji lastni prispevek.
In particular, Greece states that Varvaressos is located in the area of Imathia, an assisted area for regional aid.
Grčija zlasti trdi, da ima družba Varvaressos sedež na območju Imathie, tj. območju, ki prejema regionalno pomoč.
The unemployment rate in Imathia is twice the national average and its GDP is 70 % of the national average.
Stopnja brezposelnosti v Imathii je dvakrat višja od nacionalnega povprečja, njen BDP pa znaša 70 % nacionalnega povprečja.
At the same time, the number of textile/clothing companies in Imathia has declined from 296 to 181 in 2008 (a 39 % decrease).
Hkrati se je število tekstilnih družb/družb z oblačili v Imathii v letu 2008 zmanjšalo z 296 na 181 (39-odstotno zmanjšanje).
Finally, 56 % of the jobs in companies with more than ten employees have been lost over the last few years.
Poleg tega je bilo v zadnjih nekaj letih izgubljenih 56 % delovnih mest v družbah z več kot desetimi zaposlenimi.
Greece also states that Varvaressos’ size has reduced significantly since 2006, through the closure of one of its three plants and the sale of its subsidiary.
Grčija tudi trdi, da se je od leta 2006 velikost družbe Varvaressos znatno zmanjšala zaradi zaprtja enega od njenih treh obratov in prodaje njene podružnice.
The plant’s closure caused a manpower reduction of […] man-hours and a production capacity reduction of 30 %, which in addition is irreversible (through scrap or sale of equipment).
Zaradi zaprtja obrata se je delovna sila zmanjšala za […] delovnih ur, proizvodna zmogljivost pa za 30 %, česar se poleg tega ne da spremeniti (zaradi odpisa ali prodaje opreme).
The sale of the subsidiary caused an annual turnover reduction of EUR 6,7 million. Overall, the company’s market share was reduced by 27 % in terms of sales value and 30 % in terms of sales volume.
Zaradi prodaje podružnice se je letni promet zmanjšal za 6,7 milijona EUR. Na splošno se je tržni delež zmanjšal za 27 %, kar zadeva vrednost prodaje, in za 30 %, kar zadeva obseg prodaje.
Also, the company withdrew completely from Estonia, Hungary and Romania, and partially from Austria, Germany, France, the UK, Bulgaria, the Czech Republic, Italy and Poland (withdrawal range between […] % and […] %).
Družba se je prav tako popolnoma umaknila iz Estonije, Madžarske in Romunije ter delno iz Avstrije, Nemčije, Francije, Združenega kraljestva, Bolgarije, Češke, Italije in Poljske (umik je predstavljal med […] % in […] %).
The Commission received comments from Varvaressos.
Komisija je prejela pripombe družbe Varvaressos.
Its arguments coincided to a large extent with those submitted by the Greek authorities.
Večji del njenih trditev se je ujemal s trditvami, ki so jih predložili grški organi.
The Commission also received comments from other third parties, either related to the operations of Varvaressos or affected by them.
Komisija je prejela tudi pripombe drugih tretjih oseb, ki so povezane s poslovanjem družbe Varvaressos ali pa poslovanje družbe Varvaressos nanje vpliva.