natgillin/translations-raw huggingface dataset:
All the public creditors will recover more than the private creditors (see point 134), except the Ministry of Finance, which, however, did not hold any collateral and thus cannot be compared with private creditors holding first-rank collateral (see points 32 and 34).
Vsi javni upniki bodo izterjali več kot zasebni upniki (glej točko 134), razen ministrstva za finance, ki pa ni imelo nobenega zavarovanja in ga zato ni mogoče primerjati z zasebnimi upniki, ki so imeli prvovrstno zavarovanje (glej točki 32 in 34).
It should also be noted that the Ernst&Young study commissioned by the IDA compared the amounts each public creditor could expect to receive in the event of bankruptcy and in the event of a sale (which took place in 2010) (see point 137).
Prav tako je treba poudariti, da so se v študiji družbe Ernst&Young, ki jo je naročila agencija IDA, primerjali zneski, ki bi jih lahko vsak javni upnik pričakoval v primeru stečaja in v primeru prodaje (ki je bila izvedena leta 2010) (glej točko 137).
The study concludes that each public creditor is better off in the event of a sale.
V študiji je bilo ugotovljeno, da so vsi javni upniki v primeru prodaje v boljšem položaju.
The Commission has critically assessed the Ernst&Young study in order to determine whether its findings withstand scrutiny and demonstrate that by agreeing to the settlement, each public creditor behaved like a private creditor in a comparable situation, relying on the case-law cited in points 188 and 189 above.
Komisija je kritično ocenila študijo družbe Ernst&Young, da bi ugotovila, ali ugotovitve iz študije vzdržijo preskus, in na podlagi sodne prakse, navedene v točkah 188 in 189 zgoraj, dokazala, da so javni upniki s tem, ko so pristali na poravnavo, ravnali kot zasebni upniki v primerljivih okoliščinah.
First, the Commission notes that the Ernst&Young study used as methodology the relevant case-law of the European courts to assess the private creditor rule and took into consideration the status of each public creditor, the collateral it held, its ranking and the amount it would recover in the event of liquidation.
Prvič, Komisija ugotavlja, da je v študiji družbe Ernst&Young kot metodologija za oceno merila zasebnega upnika uporabljena zadevna sodna praksa evropskih sodišč, pri čemer je upoštevan status vsakega javnega upnika, njegovo zavarovanje, razvrstitev in znesek, ki bi ga izterjal v primeru likvidacije.
Table 26 of the present decision shows that on the basis of this assessment, each public creditor (the Social Security Office, the Lower Silesia Region Tax Office, Wrocław Psie Pole Tax Office, Wrocław City Council, the State Fund for the Rehabilitation of the Disabled, the Lower Silesia Regional Office and the Ministry of Finance) is better off in the event of the sale of all PZL Hydral's assets, i.e. each recuperates a higher proportion of its outstanding liabilities, than in a bankruptcy scenario leading to liquidation, taking into consideration the ranking and the respective collateral of the public creditors (see point 134).
Preglednica 26 tega sklepa kaže, da je na podlagi te ocene vsak posamezni javni upnik (urad za socialno varnost, regionalni davčni urad Spodnje Šlezije, davčni urad okrožja Psie Pole v Vroclavu, mestni svet v Vroclavu, državni sklad za rehabilitacijo invalidov, regionalni urad Spodnje Šlezije in ministrstvo za finance) v primeru prodaje vseh sredstev podjetja PZL Hydral v boljšem položaju, tj. da vsak upnik pridobi večji delež neporavnanih obveznosti kot v scenariju stečaja in posledične likvidacije, pri čemer se upoštevata razvrstitev in zavarovanje javnih upnikov (glej točko 134).
The Commission then verified the plausibility of the bankruptcy scenario developed by Ernst&Young.
Nato je Komisija preverila verodostojnost scenarija stečaja, ki ga je razvila družba Ernst&Young.
The starting point of the assessment is that the value of PZL Hydral is nil, as its liabilities by far exceed the value of its assets and subsidiaries.
Izhodiščna točka ocene je, da je vrednost podjetja PZL Hydral ničelna, saj njegove obveznosti izrazito presegajo vrednost njegovih sredstev in podružnic.
Therefore any creditor in a bankruptcy scenario would only be able to recoup the portion of its outstanding liabilities that was secured by collateral, in so far as its rank enabled it to benefit from the liquidation value of the secured assets.
Zato bi pri scenariju stečaja vsak upnik lahko izterjal samo del neporavnanih obveznosti, ki so bile zavarovane, če bi lahko imel zaradi svoje razvrstitve korist od likvidacijske vrednosti zavarovanih sredstev.
Tables 16 to 20 show the collateral for each public creditor.
V preglednicah od 16 od 20 so prikazana zavarovanja posameznih javnih upnikov.
The extent to which each public creditor is to be satisfied from its collateral, taking its ranking into account, in the event of PZL Hydral being declared bankrupt is shown in point 131.
Delež, ki ga bo vsak posamezni javni upnik ob upoštevanju svoje razvrstitve prejel na podlagi svojega zavarovanja v primeru stečaja podjetja PZL Hydral, je naveden v točki 131.
With a view to estimating the fire sale value of the real estate, Ernst&Young took the current fair value of assets forming part of the company in accordance with point 30 and international accounting standard (IAS) 16 on property, plant and equipment [42].
Družba Ernst&Young je za oceno vrednosti nepremičnin pri prisilni prodaji upoštevala trenutno pošteno vrednost sredstev, ki sestavljajo podjetje, v skladu s točko 30 in mednarodnim računovodskim standardom št. 16 o opredmetenih osnovnih sredstvih.
The Commission notes that the use of this IAS is mandatory in the EU and is therefore an appropriate starting point for assessing the liquidation value.
Komisija ugotavlja, da je uporaba tega mednarodnega računovodskega standarda v EU obvezna, zato je ustrezno izhodišče za ocenjevanje likvidacijske vrednosti.
The Commission regards it as reasonable that the bankruptcy value of these assets is reduced in the fire sale by 50 % due to the fact that these assets will be sold separately, that it will not be possible to apply the ‘going concern’ rule due to decreased demand for industrial assets in the economic crisis and that this value is above the average revenue from the sale of assets in bankruptcy in Poland, which is 26,86 % compared to their fair value.
Komisiji se zdi razumno, da se stečajna vrednost teh sredstev pri prisilni prodaji zmanjša za 50 %, ker se bodo ta sredstva prodala ločeno, ker ne bo mogoče uporabiti pravila „delujočega podjetja“ zaradi manjšega povpraševanja po industrijskih sredstvih v gospodarski krizi in ker je ta vrednost večja od povprečnih prihodkov od prodaje sredstev v stečajnem postopku na Poljskem, ki znaša 26,86 % njihove poštene vrednosti.
The Commission concludes that each public creditor is better off under the scenario of a sale to […] than under a bankruptcy scenario.
Komisija ugotavlja, da je vsak posamezni javni upnik pri scenariju prodaje […] v boljšem položaju kot pri scenariju stečaja.
It remains to be determined whether the offer from […] is the best offer the public creditors could expect.
Treba je še ugotoviti, ali je ponudba, ki jo je predložil […], najboljša ponudba, ki jo javni upniki lahko pričakujejo.
The Commission notes that when it became clear in the first of half of 2009 that the conditions contained in the offer from […] had not been met, […] was the only buyer interested in purchasing the PZL Wrocław shares.
Komisija opozarja, da je bil […] v prvi polovici leta 2009, ko je postalo jasno, da pogoji iz ponudbe […] niso bili izpolnjeni, edini kupec, zainteresiran za nakup delnic v podjetju PZL Wrocław.
Despite the publication of an invitation to express interest and an active search for possible investors as of May 2008 (see point 90 et seq.), no other investors came forward.
Kljub objavi poziva k predložitvi ponudb in dejavnemu iskanju mogočih vlagateljev maja 2008 (glej točko 90 in naslednje) se ni javil noben drug vlagatelj.
Therefore the public creditors did not have reasonable grounds to believe that any other investor would offer a better price in the future.
Zato javni upniki niso mogli upravičeno pričakovati, da bo kateri koli drug vlagatelj v prihodnosti ponudil boljšo ceno.
On this basis, the Commission considers that by agreeing in 2010 to the settlement structure shown in Table 26, the public creditors behaved like a private creditor seeking to recover amounts owed to it by a debtor in financial difficulty.
Na podlagi tega Komisija meni, da so javni upniki s tem, ko so leta 2010 pristali na strukturo poravnave iz preglednice 26, ravnali kot zasebni upnik, ki si prizadeva za izterjavo zneskov, ki mu jih dolguje dolžnik v finančnih težavah.
Therefore the public creditors did not confer an advantage on PZL Hydral.
Zato javni upniki niso zagotovili prednosti podjetju PZL Hydral.
Accordingly, the settlement of outstanding liabilities in the form of a partial write-off of public liabilities as per the Ernst&Young study does not constitute state aid within the meaning of Article 107(1) TFEU.
V skladu s tem poravnava neporavnanih obveznosti v obliki delnega odpisa javnopravnih obveznosti v skladu s študijo družbe Ernst&Young ne pomeni državne pomoči v smislu člena 107(1) PDEU.
Measures with regard to PZL Wrocław
Ukrepi v zvezi s podjetjem PZL Wrocław
The 2007 loan granted to PZL Wrocław
Posojilo iz leta 2007, dodeljeno podjetju PZL Wrocław
The Commission needs to determine whether the 2007 loan conferred an advantage on PZL Wrocław.
Komisija mora ugotoviti, ali je posojilo iz leta 2007 podjetju PZL Wrocław zagotovilo prednost.
For that purpose, the Commission must establish whether a private investor (‘market economy investor principle’) would have concluded the transaction in question on the same terms and, if not, on which terms it would have done so [43].
V ta namen mora ugotoviti, ali bi zasebni vlagatelj („načelo vlagatelja pod tržnimi pogoji“) zadevno transakcijo izvedel pod enakimi pogoji in, v nasprotnem primeru, pod kakšnimi pogoji [43].
The Commission notes that in order to ascertain whether a loan granted by a state body which is already a shareholder in the company complies with the market economy investor principle, its investment should be compared with investments by a private holding company or private group of companies pursuing structural policy and being guided by the longer-term prospects [44] .
Komisija ugotavlja, da je treba za ugotovitev, ali je posojilo državnega organa, ki je že delničar v podjetju, v skladu z načelom vlagatelja pod tržnimi pogoji, njegovo naložbo primerjati z naložbami zasebnega holdinga ali zasebne skupine podjetij, v katerih se upošteva strukturno politiko in ki jih vodijo dolgoročnejša pričakovanja [44].
The Commission takes the view that the IDA is not an external creditor which invests in order to obtain profits based on the return on its investment in the form of an interest rate, but that it is a shareholder with more than 90 % of shares in PZL Hydral, which in turn holds 100 % of shares in PZL Wrocław.
Komisija meni, da agencija IDA ni zunanji upnik, ki vlaga za doseganje dobička v obliki obrestne mere na podlagi donosnosti svoje naložbe, ampak delničar z več kot 90-odstotnim poslovnim deležem v podjetju PZL Hydral, ki ima v lasti 100-odstotni poslovni delež v podjetju PZL Wrocław.
It must therefore be determined whether a private investor would have granted the 2007 loan in the same circumstances.
Zato je treba ugotoviti, ali bi zasebni vlagatelj v enakih okoliščinah odobril posojilo iz leta 2007.
As regards the 2007 loan to PZL Wrocław, the Commission notes first that it was granted to PZL Wrocław, a company which at that time was financially viable and not in financial difficulty within the meaning of the rescue and restructuring guidelines (see points 47 and 48).
Kar zadeva posojilo iz leta 2007 za podjetje PZL Wrocław, Komisija najprej ugotavlja, da je bilo odobreno podjetju PZL Wrocław, ki je bilo takrat finančno uspešno in ni bilo v finančnih težavah v smislu smernic za reševanje in prestrukturiranje (glej točki 47 in 48).
Instead it was a new company without debt which already had a significant number of orders on its books, mainly in the form of contracts with the Polish Ministry of Defence, with which it had a longstanding business relationship.
Nasprotno, bilo je novo podjetje brez dolgov, ki je prejelo že veliko naročil, večinoma v obliki pogodb s poljskim ministrstvom za obrambo, s katerim je imelo dolgoleten poslovni odnos.
The Commission notes that the IDA anticipated securing a return on its investment by way of a debt-for-equity swap of […]% and the subsequent sale of this stake in PZL Wrocław to a private investor (for an estimated […]), as stated in the Plan.
Komisija ugotavlja, da je agencija IDA pričakovala, da bo donosnost naložb zagotovila z zamenjavo terjatev v lastniške deleže, ki bi znašali […] %, in poznejšo prodajo tega poslovnega deleža v podjetju PZL Wrocław zasebnemu vlagatelju (za ocenjeni znesek […]), kot je navedeno v načrtu prestrukturiranja.
The IDA took into consideration the ongoing negotiations with […] (see point 74).
Agencija IDA je upoštevala pogajanja, ki so potekala z […] (glej točko 74).
In order to establish whether the IDA had acted in accordance with the private investor principle, it is therefore necessary to determine what sales price IDA could expect for its stake, what the level of risk was, and whether the return on the investment resulting from that sale was adequate in relation to the risk taken by the IDA.
Za ugotovitev, ali je agencija IDA ravnala v skladu z načelom zasebnega vlagatelja, je zato nujno ugotoviti, kakšno prodajno ceno je lahko pričakovala glede na svoj poslovni delež, kakšna je bila stopnja tveganja in ali je bila donosnost naložbe na podlagi te prodaje dovolj visoka glede na prevzeto tveganje.
Prior to granting the loan, the IDA had commissioned a study from an independent expert in order to establish the value of PZL Wrocław once the hive-off from PZL Hydral had been completed (see point 66).
Agencija IDA je pred odobritvijo posojila pri neodvisnem strokovnjaku naročila študijo za določitev vrednosti podjetja PZL Wrocław ob koncu odcepitve od podjetja PZL Hydral (glej točko 66).
The Commission critically assessed this study and concluded that it was reasonable to expect a sales price of at least […] (see point 71 et seq.).
Komisija je to študijo kritično ocenila in ugotovila, da je razumno pričakovati prodajno ceno v višini vsaj […] (glej točko 71 in naslednje).
By selling approximately […]% of the shares, the IDA could therefore expect a considerable return of at least PLN 48,5 million in the event of a successful sale.
Agencija IDA bi pri prodaji približno […] % delnic lahko torej pričakovala znaten donos v višini vsaj 48,5 milijona PLN, če bi bila prodaja uspešna.
The Commission acknowledges that there are always considerable risks inherent in any privatisation.
Komisija priznava, da je z vsako privatizacijo vedno povezano veliko tveganje.
In the present case a first attempt had already failed.
V obravnavanem primeru je bil prvi poskus že neuspešen.
At the same time, the Commission notes that the overall prospects for a Polish aviation and defence company were relatively stable taking into account the Polish army's ongoing duties abroad and Poland's commitments to NATO regarding its defence capabilities.
Komisija hkrati ugotavlja, da so bile splošne možnosti za poljsko podjetje, ki deluje na področju letalstva in obrambe, sorazmerno dobre, ob upoštevanju tedanjih operacij poljske vojske v tujini in zavezanosti Poljske organizaciji NATO, kar zadeva njene obrambne zmogljivosti.
Furthermore, in view of the need to hold special permits, barriers to entry to the relevant market segment are high, which in turn increases the attractiveness of the established players.
Poleg tega so ob upoštevanju potrebe po posedovanju posebnih dovoljenj ovire za vstop v zadevni tržni segment visoke, kar po drugi strani povečuje privlačnost uveljavljenih udeležencev.
The Commission also notes that the expected return on investment was sufficiently important to justify a relatively high risk, and that in addition the IDA had obtained collateral in the form of a registered pledge on machinery for PLN 5,5 million and an ordinary pledge on […]% of the shares (see point 65).
Komisija še ugotavlja, da je bila pričakovana donosnost naložbe dovolj velika, da je upravičila sorazmerno veliko tveganje, ter da je poleg tega agencija IDA pridobila zavarovanje v obliki registrirane zastavne pravice na strojih v vrednosti 5,5 milijona PLN in običajne zastavne pravice na […] % delnic (glej točko 65).
On this basis, the Commission is satisfied that the 2007 loan was granted in line with the private investor principle and therefore does not constitute state aid within the meaning of Article 107(1) of the TFEU.
Na podlagi tega je Komisija prepričana, da je bilo posojilo iz leta 2007 odobreno v skladu z načelom zasebnega vlagatelja, zato ne pomeni državne pomoči v smislu člena 107(1) PDEU.
The 2008 loan granted to PZL Wrocław
Posojilo iz leta 2008, dodeljeno podjetju PZL Wrocław
The Commission needs to determine whether the 2008 loan conferred an advantage on PZL Wrocław.
Komisija mora ugotoviti, ali je bila s posojilom iz leta 2008 podjetju PZL Wrocław zagotovljena prednost.
To that end the Commission will apply the private investor principle as set out in points 212 to 214 and for the reasons explained therein.
V ta namen bo uporabila načelo zasebnega vlagatelja, kot je določeno v točkah od 212 do 214, v katerih so navedeni tudi razlogi za to.
As regards the 2008 loan to PZL Wrocław, the Commission notes first that it was granted to PZL Wrocław, a company which at that time was financially viable and not in financial difficulty within the meaning of the rescue and restructuring guidelines.
Kar zadeva posojilo iz leta 2008 za podjetje PZL Wrocław, Komisija najprej ugotavlja, da je bilo odobreno podjetju PZL Wrocław, ki je bilo takrat finančno uspešno in ni bilo v finančnih težavah v smislu smernic za reševanje in prestrukturiranje.
Instead it was a new company without debt which already had a significant number of orders on its books, mainly in the form of contracts for an amount of […] with the Ministry of Defence (see point 48).
Nasprotno, bilo je novo podjetje brez dolgov, ki je imelo že veliko naročil, večinoma v obliki pogodb s poljskim ministrstvom za obrambo v vrednosti […] (glej točko 48).
The Commission takes the view that this loan was granted specifically for the purpose of processing the increasing number of orders from the Ministry of Defence.
Komisija meni, da je bilo to posojilo odobreno namensko, in sicer za izpolnitev vse večjega števila naročil ministrstva za obrambo.
Moreover, in 2008 the company obtained private funding in the form of an operating lease (see point 87).
Poleg tega je podjetje leta 2008 pridobilo zasebna finančna sredstva v obliki poslovnega najema (glej točko 87).
The Commission notes that the IDA granted the 2008 loan shortly before the expected end of negotiations with […] regarding the sale of PZL Wrocław (see point 74).
Komisija ugotavlja, da je agencija IDA posojilo iz leta 2008 dodelila tik pred pričakovanim koncem pogajanj z […] v zvezi s prodajo podjetja PZL Wrocław (glej točko 74).
It did so in order to provide a bridging loan for the period prior to closing the deal, when PZL Wrocław had to expand its capacity rapidly in order to cope with increasing orders from the Ministry of Defence.
Razlog za to je bil zagotovitev premostitvenega posojila za obdobje pred sklenitvijo posla, ko je moralo podjetje PZL Wrocław hitro povečati svoje zmogljivosti za izpolnitev vse večjega števila naročil ministrstva za obrambo.
The IDA's main motivation for granting the loan was therefore to ensure that the company could take advantage of business opportunities before the deal with […] was closed and to ensure that the deal would be concluded swiftly.
Glavna spodbuda agencije IDA za dodelitev posojila je bila torej zagotovitev, da bo podjetje lahko izkoristilo poslovne priložnosti pred sklenitvijo posla z […] in da bo posel sklenjen čim prej.
The Commission notes that the loan is limited to PLN 4 million, the amount necessary to acquire the assets needed to meet the additional demand from the Ministry of Defence.
Komisija ugotavlja, da je posojilo omejeno na 4 milijone PLN, tj. znesek, ki je potreben za pridobitev sredstev, nujnih za zadovoljitev dodatnega povpraševanja ministrstva za obrambo.
Furthermore, the Commission observes that the loan was secured by a registered pledge on machinery to a value of PLN 2,8 million and by an ordinary pledge on receivables from commercial contracts to a value of PLN 5,2 million, and that it had a variable interest rate which was identical to the applicable reference rate published by the Commission (see point 83).
Komisija še ugotavlja, da je bilo posojilo zavarovano z registrirano zastavno pravico na strojih v vrednosti 2,8 milijona PLN in običajno zastavno pravico na denarnih terjatvah iz komercialnih pogodb v vrednosti 5,2 milijona PLN ter da je bila njegova spremenljiva obrestna mera enaka veljavni referenčni obrestni meri, ki jo je objavila Komisija (glej točko 83).
Nevertheless, before granting the 2008 loan, the IDA examined PZL Wrocław's financial situation and found it to be profit-making.
Agencija IDA je pred odobritvijo posojila iz leta 2008 vseeno preučila finančno stanje podjetja PZL Wrocław in ugotovila, da je podjetje dobičkonosno.
On that basis the IDA could expect PZL Wrocław to generate sufficient cash flow for it to repay the loan and for the IDA to receive a return on its investment.
Na podlagi tega je agencija IDA lahko pričakovala, da bo podjetje Wrocław ustvarjalo zadosten denarni tok, da bo poplačalo dolg in da bo agencija lahko dosegla donosnost naložbe.
The Commission observes that it is normal business behaviour for a majority shareholder that is in the process of selling a company to grant a small bridging loan, if that loan is necessary to take advantage of business opportunities and ensures that the sale is concluded smoothly.
Komisija ugotavlja, da je običajno poslovno ravnanje večinskega delničarja, ki prodaja podjetje, da odobri manjše premostitveno posojilo, če je to nujno za izkoriščanje poslovnih priložnosti in omogoča nemoteno dokončanje prodaje.
The Commission takes the view that the 2008 loan, which, furthermore, was adequately secured and provided for interest at the reference rate, was granted by the IDA in line with that logic.
Komisija meni, da je agencija IDA posojilo iz leta 2008, ki je bilo poleg tega ustrezno zavarovano in je zagotovilo obresti po referenčni obrestni meri, odobrila v skladu s to logiko.
On this basis, the Commission is satisfied that the 2008 loan was granted in line with the market economy investor principle and therefore does not constitute state aid within the meaning of Article 107(1) of the TFEU.
Na podlagi tega je Komisija prepričana, da je bilo posojilo iz leta 2008 odobreno v skladu z načelom zasebnega vlagatelja, zato ne pomeni državne pomoči v smislu člena 107(1) PDEU.
The debt-for-equity swap in connection with the 2007 and 2008 loans
Zamenjava terjatev v lastniške deleže v zvezi s posojiloma iz let 2007 in 2008
By agreeing to first swap its debt for equity and then passing on the entire proceeds of the sale of the equity to PZL Hydral to enable it to settle its outstanding liabilities to public bodies as provided for in the Plan, the IDA effectively waived debts of PLN 17,2 million, recovering only [> PLN 1053196,36].
Agencija IDA se je najprej dogovorila za zamenjavo svojih terjatev v lastniške deleže in nato celotne prihodke od prodaje lastniških deležev dala na voljo podjetju PZL Hydral, da bi lahko poravnalo svoje neporavnane obveznosti do javnih organov, kot je bilo določeno v načrtu prestrukturiranja; agencija je s tem dejansko odpisala dolg v vrednosti 17,2 milijona PLN in izterjala le [> 1053196,36 PLN].
It is necessary to establish whether the debt-for-equity swap involves an advantage granted by the IDA to PZL Wrocław.
Treba je ugotoviti, ali zamenjava terjatev v lastniške deleže vključuje prednost, ki bi jo agencija IDA zagotovila podjetju PZL Wrocław.