natgillin/translations-raw huggingface dataset:
There is no limit on the size of the beneficiaries.
Velikost upravičencev ni omejena.
Suppliers in which an aircraft manufacturer holds more than a 25 % stake are not eligible.
Dobavitelji, v katerih ima izdelovalec letal več kot 25-odstotni delež, so izključeni.
Firms in difficulty do not have access to the measure at issue.
Podjetja v težavah niso upravičena do zadevnega ukrepa.
Suppliers operating in France, including those that have an establishment or their headquarters in France and supply aircraft manufacturers outside France, may be eligible for the measure.
Upravičenci ukrepa so lahko dobavitelji, ki delujejo v Franciji, vključno s tistimi, ki imajo v Franciji podružnico ali sedež ter dobavljajo izdelovalcem letal s sedežem zunaj Francije.
On the other hand, suppliers that do not have an establishment in France and supply an aircraft manufacturer established in a country other than France are not covered.
Ukrep pa ne zajema dobaviteljev, ki nimajo podružnice v Franciji in dobavljajo izdelovalcem letal s sedežem zunaj Francije.
According to information provided by France, the undertakings which have benefited from this provision to date are AD Industrie, Aerofonctions, Axon Cable and Exameca.
Do zdaj je bila po navedbah francoskih organov pomoč odobrena družbam AD Industrie, Aerofonctions, Axon Cable in Exameca.
These are aeronautic suppliers established in France to which Coface granted an exchange rate guarantee at the end of 2008.
Gre za dobavitelje v letalskem sektorju s sedežem v Franciji, ki jim je družba COFACE konec leta 2008 dodelila zavarovanje pred tečajnimi tveganji.
Economic background
Gospodarski okvir
According to France, aircraft manufacturers have increasingly required their suppliers to submit bids in dollars (USD).
Po trditvah Francije izdelovalci letal od svojih dobaviteljev vedno pogosteje zahtevajo, da svoje ponudbe predložijo v dolarjih (v nadaljnjem besedilu: dolar ali USD).
In the event of a weak dollar, medium-term or long-term supply contracts of this kind pose problems for both French and non-French suppliers who have their main cost base in the euro zone.
Če je dolar šibak, taka srednjeročna/dolgoročna dobavna pogodba v dolarjih predstavlja problem za francoske in druge dobavitelje, katerih stroškovna osnova je pretežno v euroobmočju.
France has explained that some aeronautic undertakings face difficulties in obtaining a EUR/USD exchange rate guarantee which meets their needs.
Francija navaja, da nekatere letalske družbe težko pridobijo potrebna zavarovanja pred tečajnimi tveganji za valutni par EUR/USD.
Although exchange rate hedging products are common on the financial markets, the specific characteristics of the guarantees offered are not always adapted to the specific needs of undertakings.
Čeprav je produktov za kritje tečajnih tveganj na finančnih trgih veliko, posebne značilnosti predlaganih zavarovanj niso vedno prilagojene posebnim potrebam nekaterih družb.
In particular, according to the French authorities, more often than not the banks offer hedging against fluctuations between EUR and USD for a maximum period of 2 years.
Po trditvah francoskih organov banke največkrat predlagajo zlasti kritje nihanja med eurom in dolarjem za obdobje največ dveh let.
The Aero 2008 guarantee is a hedging mechanism against the risk of fluctuation in the USD-EUR exchange rate.
Jamstvo „Aero 2008“ je mehanizem za kritje pred tveganjem nihanja menjalnega razmerja med dolarjem in eurom.
Aeronautic suppliers which have entered into supply contracts denominated in dollars gain if the dollar is strong but suffer loss if it is weak.
Dobavitelji v letalskem sektorju, ki so sklenili dobavne pogodbe v dolarjih, pridobijo, če je dolar močan, vendar imajo izgube, če je šibak.
The guarantee enables them to insure against loss suffered as a result of a weak dollar while, to a certain extent, making gains if the dollar is strong.
S tem jamstvom so zavarovani pred izgubami v primeru šibkega dolarja, hkrati pa do določene mere še vedno pridobijo, če je dolar močan.
The measure at issue is administered by Coface.
Zadevni ukrep upravlja družba COFACE.
Coface is one of the principal French export credit insurance companies.
COFACE je ena od glavnih francoskih družb na področju zavarovanja izvoznih kreditov.
It has belonged to the Natixis Group since 2002.
Od leta 2002 pripada skupini Natixis.
Natixis is a subsidiary of the BPCE Group which arose from the 2009 merger of the Banque Populaire and the Caisse d’Epargne.
Natixis je hčerinska družba skupine BPCE, ki je nastala z združitvijo bank Banque Populaire in Caisse d’Épargne leta 2009.
The undertakings concerned may apply for the guarantee until 15 December 2012.
Zainteresirane družbe lahko zaprosijo za jamstvo do 15. decembra 2012.
Any aeronautic supplier interested in the Aero 2008 guarantee must apply for the exchange rate guarantee and prove that it relates to supplies invoiced in dollars.
Dobavitelji v letalskem sektorju, ki bi radi pridobili jamstvo „Aero 2008“, morajo zaprositi za zavarovanje pred tečajnimi tveganji in dokazati, da zavarovanje zadeva dobave, za katere so računi izstavljeni v dolarjih.
It will then receive an offer from Coface covering an amount of turnover in dollars and a ‘guaranteed’ exchange rate in relation to the dollar. The Commission des garanties determines those two conditions, taking into account the initial application lodged by the supplier.
Nato dobijo ponudbo družbe COFACE, ki zajema znesek prometa v dolarjih in „zajamčeno“ menjalno razmerje med euri in dolarji, pri čemer ta parametra določi odbor za jamstva ob upoštevanju prvotne prošnje, ki jo je oddal dobavitelj.
The amounts covered are limited to a proportion of all the dollar contracts entered into by the insured undertaking.
Zajeti zneski so omejeni na del skupnih pogodb, ki jih je zavarovanec sklenil v dolarjih.
The offer covers a maximum period of 5 years.
Ponudba se nanaša na obdobje do pet let.
The supplier may accept or refuse Coface’s offer.
Dobavitelj lahko ponudbo družbe COFACE sprejme ali zavrne.
The amount of turnover guaranteed cannot be amended after Coface gives its approval formalising the issue of the guarantee.
Zajamčenega zneska prometa ni mogoče spremeniti po izdaji odobritve, s katero družba COFACE uradno sprejme kritje jamstva.
If the dollar is weak in relation to the guaranteed rate, the undertakings which have taken out the guarantee will be refunded 100 % of the exchange rate loss.
Če je dolar šibkejši od zajamčenega tečaja, družbe, ki so pridobile jamstvo, od družbe COFACE dobijo nadomestilo v višini 100 % zneska izgube, ki je nastala zaradi nihanja menjalnega razmerja.
If the dollar is strong, the undertakings must repay a share of the gain to Coface.
Pri močnem dolarju morajo na družbo COFACE prenesti del dobička.
The insured undertaking can choose to receive 25 % or 50 % of the rise in the dollar when the rate is adjusted.
Zavarovanec lahko ob popravku menjalnega tečaja izbere in dobi 25 % oziroma 50 % zneska zvišanja vrednosti dolarja.
The compensation which the undertaking must pay to Coface is then calculated using the adjusted rate.
Nadomestilo, ki ga mora družba nakazati družbi COFACE se nato izračuna na podlagi tega spremenjenega tečaja.
There are two variants of this profit-sharing payment:
Obstajata dva načina udeležbe pri dobičku:
Variant 1: the adjusted rate is equal to the initial guaranteed rate less the difference between that initial rate and the exchange rate on the day the payment is booked (as given by the daily reference rate fixed by the ECB) subject to the guaranteed sharing percentage.
Možnost 1: Spremenjeni tečaj je enak prvotnemu zajamčenemu tečaju po odbitku razlike med prvotnim zajamčenim tečajem in menjalnim razmerjem na dan odbitka (določeno z referenčnim menjalnim tečajem („fixing“) ECB na dan izračuna) v višini deleža zajamčene udeležbe pri dobičku.
Variant 2: as for Variant 1, but with a ceiling of 15 cents on the sharing payment (that is to say, the difference between the initial guaranteed rate and the exchange rate on the day the payment is booked),
Možnost 2: Enako kot pri možnosti 1, le da je udeležba pri dobičku (tj. razlika med prvotnim zajamčenim tečajem in menjalnim razmerjem na dan odbitka) omejena na 15 centov.
The amount which suppliers with an exchange rate guarantee have to pay will be less in the case of a strong dollar than the amount they receive if the dollar is comparably weak.
Znesek, ki ga plačajo dobavitelji, ki so se zavarovali pred tečajnimi tveganji, je v primeru močnega dolarja manjši od zneska, ki ga prejmejo ob primerljivo šibkejšem dolarju.
Sharing the gain gives suppliers the opportunity to take advantage of a strong dollar to a certain extent.
Plačilo dela dobička omogoča dobaviteljem, da do določene mere izkoristijo močni dolar.
Waiving a part of the gain from a strong dollar allows in return a reduction in the cost of the premium necessary to cover them if the dollar is weak.
Prenos dela dobička, ki ga prinese močni dolar, omogoča zmanjšanje zneska premije, potrebne za kritje v primeru šibkega dolarja.
The premiums which suppliers must pay in order to obtain the Aero 2008 guarantee are determined and invoiced upon subscription.
Premije, ki jih morajo plačati dobavitelji za jamstvo „Aero 2008“, se določijo in zaračunajo ob sklenitvi zavarovanja.
Insured undertakings may opt for immediate payment or staggered payments.
Zavarovanci se lahko odločijo za takojšnje plačilo ali za plačilo na obroke.
Suppliers who choose the latter option must pay 25 % of the premium when concluding the contract and the balance in respect of each year covered on 31 January of the year in question.
Dobavitelji, ki se odločijo za zadnjo možnost, morajo plačati 25 % vrednosti premije ob sklenitvi pogodbe, ostanek pa 31. januarja vsako leto, za katero se sklene jamstvo.
In this case, a rate equivalent to the EURIBOR 12-month rate plus 60 base points is invoiced to cover the credit risk on the payment of the premium [4].
V tem primeru se za kritje kreditnega tveganja pri plačilu premije zaračuna obrestna mera, enakovredna 12-mesečni obrestni meri EURIBOR, zvišani za 60 bazičnih točk [4].
Two of the four undertakings which took out the guarantee chose staggered payments: AD Industrie and Exameca.
Od štirih družb, ki so pridobile jamstvo, sta se dve odločili za obročno odplačevanje, tj. družbi AD Industrie in Exameca.
The suppliers must provide invoices as proof of the amounts paid in dollars.
Dobavitelji morajo kot dokazila predložiti račune, iz katerih so razvidni zneski, plačani v USD.
According to the French authorities, all the transactions carried out by Coface under Aero 2008 are on behalf of the French State.
Po navedbah francoskih organov se vse transakcije, ki jih izvaja družba COFACE v okviru jamstva „Aero 2008“, izvajajo v imenu Francije.
For those transactions, Coface uses a special bank account of the French State.
Družba COFACE za te transakcije uporablja posebni bančni račun države.
Although the French State is the holder of the account, Coface has access to it for financial transactions such as the purchase of options.
Čeprav je Francija imetnik tega računa, ima družba COFACE dostop do njega, da lahko izvršuje finančne transakcije, kot na primer nakupe opcij.
The premiums paid by the beneficiaries are transferred directly to this account.
Premije, ki jih nakažejo upravičenci, se neposredno prenesejo na ta račun.
This means that Coface as such does not bear any risk since it administers the measure on behalf of the French State.
To pomeni, da sama družba COFACE ne prevzema nobenega tveganja, saj upravlja ukrep v imenu države.
It is the French State which, in this case, bears the financial risk of the measure.
Torej finančno tveganje ukrepa v tem primeru prevzema država.
The premiums Coface charges are calculated on a case-by-case basis.
Premije, ki jih zahteva družba COFACE, se izračunajo za vsak primer posebej.
According to France, they reflect the market prices for the underlying exchange rate risk instruments.
Po trditvah Francije ustrezajo tržnim premijam, ki jih družba COFACE plačuje za osnovne instrumente za kritje tečajnih tveganj.
The financial instruments bought by Coface in the name and on behalf of the French State cover all of its own exchange rate risk for the whole duration of the guarantee at the time the guarantee is offered to the supplier.
Finančne instrumente kupuje družba COFACE v imenu države, krijejo pa celotno tečajno tveganje družbe za celotno trajanje jamstva v trenutku, ko je to jamstvo ponujeno dobavitelju.
If the dollar is strong, the supplier must reimburse Coface the amount resulting from the difference between the guaranteed rate and the reference rate on the date of payment.
Če je dolar močan, mora dobavitelj družbi COFACE prenesti znesek razlike med zajamčenim tečajem in referenčnim menjalnim tečajem na dan zapadlosti.
If the insured undertaking defaults, Coface will be required to fulfil its contractual obligation to honour the guarantee on behalf of the State.
Če zavarovanec ne izpolnjuje svojih obveznosti, je družba COFACE zavezana, da v imenu države izpolni svoje pogodbene obveznosti, kar zadeva kritje jamstva.
A third party who has bought the promise of payment in the event of a strong dollar will receive a payment from the bank account of the French State, which runs the risk of not being reimbursed at all or of not being reimbursed in full by the defaulting supplier.
Tretja oseba, ki kupi zavezo za plačilo v primeru močnega dolarja, bo prejela plačilo z bančnega računa Francije. Vendar Francija tvega, da dobavitelj ne bo oziroma ne bo v celoti izpolnil svojih obveznosti.
If the suppliers stagger a part of the payment of the premium, the French State also runs the risk of suffering a loss if the outstanding amount of premiums is not paid during the year covered.
Če se dobavitelji odločijo, da bodo del premije plačali v obrokih, lahko država prav tako utrpi izgubo, če zapadli znesek premij ni plačan v letu kritja jamstva.
The measure was launched in the autumn of 2008.
Ukrep obstaja od jeseni 2008.
Eleven undertakings applied to Coface for a formal offer, which four of them accepted; two of them then revised downwards the amount initially requested.
Enajst družb je družbo COFACE zaprosilo za formalno ponudbo, štiri med njimi so ponudbo sprejele, dve od teh pa sta znižali začetni znesek.
Two of the four guarantees apply until the end of 2013 (that is, for 5 years), one expired in 2010 (after 2 years) and one expired in 2009 (after 1 year).
Dve od štirih jamstev veljata do konca leta 2013 (tj. pet let), tretje se je izteklo leta 2010 (tj. po dveh letih), četrto pa leta 2009 (tj. po enem letu).
The guarantees which last until 2013 relate to annual batches of deliveries.
Jamstvi, ki veljata do leta 2013, se nanašata na letno dobavo.
The total value of supplies concerned is close to USD 19 million.
To se lahko nanaša na dobavo v skupni vrednosti približno 19 milijonov USD.
Since some suppliers chose to cover only a part of their deliveries, the guarantees relate to some USD 12 million.
Nekateri dobavitelji so se odločili za kritje samo enega dela svoje dobave in jamstva se v njihovem primeru nanašajo na okoli 12 milijonov USD.
Three of the four suppliers obtained cover for supplies of less than USD 2,8 million each.
Trije od štirih dobaviteljev so pridobili kritje za posamezne dobavne količine v vrednosti manj kot 2,8 milijona USD.
Axon Cable retains a 25 % ‘share’ of the gain if the dollar is strong, while the other suppliers retain 50 % of the gain.
Družba Axon Cable se je odločila za 25-odstotno udeležbo pri dobičku v primeru močnega dolarja, medtem ko so ostali dobavitelji izbrali 50-odstotno udeležbo pri dobičku.
AD Industrie and Axon Cable did not accept the total amount offered by Coface.
Družbi AD Industrie in Axon Cable nista sprejeli celotnega zneska, ki ga je ponudila družba COFACE.
USD 0,264 million/[…] [5]
0,264 milijona USD/[…] [5]
USD 0,256 million/[…]
0,256 milijona USD/[…]
USD 2 million/[…]
2 milijona USD/[…]
USD 0,384 million/[…]
0,384 milijona USD/[…]
USD 2,712 million/[…]
2,712 milijona USD/[…]
USD 0,205 million/[…]
0,205 milijona USD/[…]
USD 0,511 million/[…]
0,511 milijona USD/[…]
USD 8 million
8 milijonov USD
USD 0,264 million
0,264 milijona USD
USD 1,866 million
1,866 milijona USD
USD 2,712 million
2,712 milijona USD
Maximum amount offered by Coface
Največji znesek, ki ga je ponudila družba COFACE
USD 12,7 million
12,7 milijona USD
USD 3,74 million
3,74 milijona USD
Interest
Udeležba pri dobičku
Summary of concerns which led to the opening of the formal investigation procedure
Povzetek pomislekov, zaradi katerih je Komisija začela formalni postopek preiskave
The reasons for the decision to initiate the procedure laid down in Article 108(2) TFEU was that there was uncertainty as to whether State aid was absent and as to whether or not the aid examined was compatible with the rules on State aid.
Odločitev o začetku postopka na podlagi člena 108(2) PDEU je bila sprejeta zaradi nekaterih pomislekov v zvezi z vpletenostjo državne pomoči in morebitno nezdružljivostjo obravnavane pomoči s pravili o državni pomoči.
First, the Commission had concerns as to whether the premiums paid by the beneficiary undertakings are consistent with market prices.
Komisija je imela pomisleke glede tržne cene premij, ki so jih vplačale upravičene družbe.
Specifically, the Commission took the view that the French authorities had not shown that the premiums paid covered the following factors: the administrative costs of Coface for administering the guarantee, the risk of default by suppliers, the credit risk in respect of staggered payment of premiums and a profit margin.
Zlasti je Komisija menila, da francoski organi niso dokazali, da so vplačane premije zajemale naslednje elemente: upravne stroške družbe COFACE za upravljanje jamstva, tveganje v zvezi neplačevanjem dobavitelja, kreditno tveganje v primeru plačila premij na obroke in profitno maržo.
The possibility therefore remained that there was a selective economic advantage for suppliers which took out the guarantee.
Zato ni bilo mogoče izključiti, da so bili dobavitelji, ki so sklenili jamstvo, deležni selektivne gospodarske prednosti.
Given that the French State could be considered to be responsible for the Aero 2008 guarantee, it was possible that the measure may constitute State aid within the meaning of Article 107(1) TFEU.
Ker se lahko ukrep „Aero 2008“ obravnava kot državni ukrep, ni mogoče izključiti možnosti, da bi lahko pomenil državno pomoč v smislu člena 107(1) PDEU.
Secondly, the Commission was uncertain as to whether there was market failure in respect of hedging instruments against short-term and longer-term EUR/USD exchange rate fluctuations as regards SMES and large enterprises.
Komisija je tudi dvomila o nedelovanju trga instrumentov zavarovanja pred kratko- in dolgoročnimi nihanji menjalnega tečaja za valutni par EUR/USD, kar zadeva mala, srednja ter velika podjetja.
Thirdly, the Commission was uncertain as to whether the measure had an incentive effect, since the suppliers were able to obtain the exchange rate guarantee even if their application was made after the date when the contract was signed.
Poleg tega je imela Komisija pomisleke, da ima ukrep spodbujevalni učinek, saj lahko dobavitelji pridobijo zavarovanje pred tečajnimi tveganji tudi, če vložijo vlogo po podpisu dobavne pogodbe.
Fourthly, the Commission was uncertain as regards the proportionality of the measure, which is not limited to undertakings that are known to have difficulties in obtaining exchange rate guarantees from their banks.
Komisija je tudi dvomila glede sorazmernosti ukrepa, saj ni omejen na družbe, ki so dokazale, da težko pridobijo zavarovanje pred tečajnimi tveganji pri svojih bankah.
Fifthly, the Commission had concerns as to whether the potential positive impact of that aid could outweigh its negative impact, so as not to distort trading conditions to an extent contrary to the common interest.
Komisija je nazadnje dvomila, da lahko morebitni pozitivni učinek pomoči prevlada nad negativnim učinkom, tako da se pogoji poslovanja ne bi spremenili v obsegu, ki bi bil v nasprotju s skupnim interesom.
COMMENTS OF THE FRENCH REPUBLIC
PRIPOMBE FRANCOSKE REPUBLIKE
France considers that the premiums invoiced under Aero 2008 reflect the market value of the exchange rate insurance granted and that the measure in question does not therefore constitute State aid within the meaning of Article 107(1) TFEU.
Francija meni, da premije, zaračunane v okviru jamstva „Aero 2008“, odražajo tržno vrednost odobrenega zavarovanja pred tečajnimi tveganji in da zato zadevni ukrep ne pomeni državne pomoči v smislu člena 107(1) PDEU.
The French authorities sent the Commission a detailed description of the methodology used to determine the amounts of the premiums invoiced under Aero 2008.
Francoski organi so Komisiji poslali podroben opis metodologije, na podlagi katere se določajo zneski zaračunanih premij v okviru jamstva „Aero 2008“.
France submitted information proving the exact market value of the financial products required to set up the guarantee.
Francija je predložila informacije, na podlagi katerih se lahko izračuna natančna tržna vrednost finančnih instrumentov, ki so potrebni za izvajanje jamstva.
The guarantee is subdivided into financial instruments which in combination show its payment profile: forward purchases in EUR/USD, purchases and sales of options in EUR/USD.
To jamstvo je sestavljeno iz finančnih instrumentov v razmerju, ki odraža profil plačevanja jamstva, in sicer iz terminskih nakupov EUR/USD ter nakupov in prodaje opcij na EUR/USD.
The market value of those financial instruments is calculated on the basis of data from Bloomberg software, one of the market leaders in financial information.
Tržna vrednost teh finančnih instrumentov se izračuna na podlagi podatkov iz programske opreme Bloomberg, ki je ena od vodilnih storitev zagotavljanja finančnih informacij na svetu.
France provided extracts from the Bloomberg software for all of the financial instruments making up the guarantees granted to the four suppliers which took out the Aero 2008 guarantee.
Francija je poslala izpiske iz programske opreme Bloomberg za vse finančne instrumente, ki sestavljajo jamstva, odobrena štirim dobaviteljem, ki so sklenili jamstvo „Aero 2008“.
The market values thus established include a profit margin for the financial institutions from which Coface buys those instruments.
Tako opredeljene tržne vrednosti vključujejo profitno maržo v korist finančnih institucij, pri katerih družba COFACE kupuje te instrumente.
According to information provided by France, the exchange rate risk products offered by the banks do not in general include the payment of a premium since the banking sector earns money on the guaranteed rates and the option prices.
Po navedbah Francije pri produktih za kritje tečajnih tveganj, ki jih ponujajo banke, na splošno ni treba plačati premije, saj ima bančni sektor prihodke od zajamčenih tečajev in cene opcij.
The margins in question are in incorporated by design in the prices of the financial products making up the guarantee offered to the suppliers and are therefore covered by the premiums invoiced by Coface.
Zadevne marže so strukturno vključene v ceno finančnih instrumentov, ki sestavljajo jamstvo, predlagano dobaviteljem, in se tako krijejo z zaračunanimi premijami družbe COFACE.
Moreover, the guaranteed forward rate chosen is always higher than the forward rate for the year in which the rate is fixed by Coface.
Poleg tega je zajamčeni terminski tečaj, ko ga družba COFACE določi, vedno višji od najvišjih tečajev na terminskem trgu.
In order to cover the additional administrative costs related to the handling of the measure by Coface, a margin of 40 base points is included in the amount of the premium.
Da bi se pokrili dodatni upravni stroški, ki jih ima družba COFACE z upravljanjem ukrepa, je v znesek premije vključena marža 40 bazičnih točk.
That margin represents between 17 % and 32 % [6] of the total value of the premiums invoiced to the four undertakings which took out the Aero 2008 guarantee.
Ta marža pomeni med 17 % in 32 % [6] skupne vrednosti premij, zaračunanih štirim družbam, ki so sklenile jamstvo „Aero 2008“.