natgillin/translations-raw huggingface dataset:
According to Article 107(1) of the Treaty, save as otherwise provided in the Treaty, any aid granted by a Member State or through State resources in any form whatsoever, which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall be incompatible with the internal market, in so far as it affects trade between Member States.
V skladu s členom 107(1) Pogodbe, razen če Pogodba ne določa drugače, je vsaka pomoč, ki jo dodeli država članica, ali kakršna koli vrsta pomoči iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem ali proizvodnji posameznega blaga, nezdružljiva z notranjim trgom, kolikor prizadene trgovino med državami članicami.
Portugal’s aid to Petrogal will take the form of a tax credit.
Pomoč Portugalske Petrogalu se izvede v obliki odbitka davka.
The support can thus be considered as given by the Member State and through State resources within the meaning of Article 107(1) of the Treaty.
Zato se lahko pomoč obravnava kot pomoč, ki jo dodeli država članica in ki izhaja iz državnih sredstev v smislu člena 107(1) Pogodbe.
The aid is granted to a single company, Petrogal, and is therefore selective.
Pomoč se dodeli enemu podjetju, tj. Petrogalu, in je zato selektivna.
The aid is granted for an investment resulting in the increased production of diesel and heavy naphtha.
Pomoč se dodeli za naložbo, ki bo povečala proizvodnjo dizelskega goriva in težke nafte.
Since these products are the subject of trade between Member States, the measure is therefore likely to affect trade between Member States.
Ker sta navedena proizvoda predmet trgovine med državami članicami, bo ukrep verjetno vplival na trgovino med državami članicami.
The aid granted to Petrogal will relieve the company from costs which it normally would have had to bear itself.
Pomoč, dodeljena Petrogalu, bo podjetje razbremenila stroškov, ki bi jih običajno moralo nositi samo.
Consequently, Petrogal will benefit from an economic advantage over its competitors.
Posledično bo imel Petrogal korist od gospodarske prednosti v primerjavi s konkurenti.
By favouring Petrogal and its production in this way, the aid therefore distorts or threatens to distort competition.
Ker se na tak način daje prednost Petrogalu in njegovi proizvodnji, pomoč izkrivlja ali bi lahko izkrivljala konkurenco.
Consequently, the Commission considers that the aid constitutes State aid within the meaning of Article 107(1) of the Treaty.
Zato Komisija meni, da pomoč pomeni državno pomoč v smislu člena 107(1) Pogodbe.
Having established that the aid constitutes State aid within the meaning of Article 107(1) of the Treaty, it is necessary to consider whether the measure can be found to be compatible with the internal market.
Ob ugotovitvi, da pomoč pomeni državno pomoč v smislu člena 107(1) Pogodbe, je treba proučiti, ali je ukrep združljiv z notranjim trgom.
By notifying the aid before putting it into effect, Portugal respected the notification obligation resulting from Article 108(3) of the Treaty.
Portugalska je s priglasitvijo pomoči pred začetkom izvajanja spoštovala obveznost priglasitve iz člena 108(3) Pogodbe.
As the objective of the aid is to promote regional development, the basis for assessing the compatibility of the aid with the internal market are the RAG and, in particular, the provisions of Section 4.3 of the RAG relating to large investment projects, and the criteria for the in-depth assessment of regional aid to large investment projects laid out in the In-Depth Assessment Communication), unless the formal investigation leads to the result that the thresholds laid down in paragraph 68(a) (‘market share test’) and paragraph 68(b) (‘capacity increase and market performance tests’) of the RAG are not exceeded.
Ker je cilj pomoči spodbujanje regionalnega razvoja, so podlaga za ocenjevanje združljivosti pomoči z notranjim trgom Smernice in zlasti določbe iz oddelka 4.3 Smernic v zvezi z velikimi naložbenimi projekti ter merila za podrobno oceno regionalne pomoči za velike naložbene projekte, ki so določena v Sporočilu o podrobni oceni, razen če formalni postopek preiskave pokaže, da pragi, določeni v odstavku 68(a) (v nadaljnjem besedilu: test tržnega deleža) in odstavku 68(b) (v nadaljnjem besedilu: test povečanja zmogljivosti in test tržne učinkovitosti) Smernic, niso bili preseženi.
The Commission needs to conduct its assessment in three steps:
Komisija mora izvesti svojo oceno v treh korakih:
first, it has to assess the compatibility with the general provisions of the RAG;
prvič, oceniti mora združljivost s splošnimi določbami Smernic,
second, it has to verify whether the market share test and capacity increase and market performance tests under paragraph 68(a) and (b) (the ‘paragraph 68(a) and (b) tests’) are definitively not met;
drugič, preveriti mora, ali test tržnega deleža ter test povečanja zmogljivosti in test tržne učinkovitosti v skladu z odstavkom 68(a) in (b) (v nadaljnjem besedilu: testi iz odstavka 68(a) in (b)) dejansko niso opravljeni,
third, depending on the outcome of the assessment in the second step, it may proceed to an in-depth assessment.
tretjič, glede na rezultat ocene iz drugega koraka lahko preide na izvajanje podrobne ocene.
Compatibility with the general provisions of the RAG — verification of the doubts expressed in the opening decision
Združljivost s splošnimi določbami Smernic – preverjanje pomislekov, izraženih v sklepu o začetku postopka
The Commission verified whether the granted aid was in conformity with the general provisions of the RAG.
Komisija je preverila, ali je bila dodeljena pomoč skladna s splošnimi določbami Smernic.
This assessment led to the following observations:
Ta ocena je privedla do naslednjih ugotovitev:
Initial investment project
Začetni naložbeni projekt
In the opening decision, the Commission expressed doubts as to whether the investment project constitutes an initial investment or could be considered as replacement investment.
Komisija je v sklepu o začetku postopka izrazila pomisleke glede tega, ali naložbeni projekt pomeni začetno naložbo ali se lahko obravnava kot nadomestna naložba.
The Commission took account of the comments of Portugal presented in recitals 130 and 131 that the investments lead to an extension of an existing establishment and a fundamental change in the overall production process of an existing establishment and that therefore, the investment can be considered as an initial investment as defined in paragraph 34 of the RAG.
Komisija je upoštevala pripombe Portugalske, predstavljene v uvodnih izjavah 130 in 131, da naložbe vodijo do širitve obstoječe ustanove in bistvene spremembe v celotnem proizvodnem procesu obstoječe ustanove ter da se lahko naložba zato obravnava kot začetna naložba, kot je določeno v odstavku 34 Smernic.
Indeed, the new vacuum distillation unit and the visbreaker in Matosinhos, and the new hydrocracker unit in Sines will be functioning simultaneously with the original pre-existing refining units; therefore, the investment project does not constitute a replacement but an extension of the production system.
Nova enota za vakuumsko destilacijo in enota za viskoredukcijo v Matosinhosu ter nova enota za hidrokreking v Sinesu bodo delovale sočasno s prvotnimi, že obstoječimi enotami za rafiniranje; zato naložbeni projekt ne predstavlja nadomestitve, ampak širitev proizvodnega sistema.
Besides, the investment project will transform the refineries providing them with new technologic infrastructures for the conversion of heavier fractions of crude into gasoline and diesel.
Poleg tega bo naložbeni projekt preoblikoval rafineriji, s čimer jima bo zagotovil nove tehnološke infrastrukture za predelavo težjih frakcij surove nafte v bencin in dizelsko gorivo.
Competitor No 1 does not object to the initial investment character of the investment; but it considers that the investment constitutes the mere extension of an existing establishment.
Konkurent št. 1 ne ugovarja opredelitvi naložbe kot začetne naložbe, vendar meni, da naložba predstavlja zgolj širitev obstoječe ustanove.
Consequently, the Commission finds that, the investment project constitutes as an initial investment within the meaning of paragraph 34 of the RAG, and therefore, the doubts as regards the initial investment character of the investment project are removed.
Posledično Komisija ugotavlja, da naložbeni projekt predstavlja začetno naložbo v smislu odstavka 34 Smernic, zato so pomisleki glede obravnavanja naložbenega projekta kot začetne naložbe odpravljeni.
Formal Incentive effect
Formalni spodbujevalni učinek
In the opening decision, the Commission doubted that the formal incentive effect requirements applicable to ad hoc aid, as laid down in paragraph 38 of the RAG were fulfilled.
Komisija je v sklepu o začetku postopka dvomila, da so bile izpolnjene zahteve po formalnem spodbujevalnem učinku, ki veljajo za ad hoc pomoč, iz odstavka 38 Smernic.
In particular, the Commission expressed doubts as to whether Portugal’s written confirmation that, subject to detailed verification, the investment project met the conditions of eligibility laid down in the scheme [45] could replace the required letter of intent.
Komisija je izrazila pomisleke zlasti glede tega, ali bi lahko pisno potrdilo Portugalske, da je naložbeni projekt, pod pridržkom natančne preveritve, izpolnil pogoje upravičenosti, določene v shemi [45], nadomestilo zahtevano pismo o nameri.
Paragraph 38 of the RAG reads as follows: ‘It is important to ensure that regional aid produces a real incentive effect to undertake investments which would not otherwise be made in the assisted areas. Therefore aid may only be granted under aid schemes if the beneficiary has submitted an application for aid and the authority responsible for administering the scheme has subsequently confirmed in writing that, subject to detailed verification, the project in principle meets the conditions of eligibility laid down by the scheme before the start of work on the project. (…). In the case of ad hoc aid, the competent authority must have issued a letter of intent, conditional on Commission approval of the measure, to award aid before work starts on the project. If work begins before the conditions laid down in this paragraph are fulfilled, the whole project will not be eligible for aid.’
Odstavek 38 Smernic določa: „Treba je zagotoviti, da ima regionalna pomoč resničen spodbujevalni učinek za naložbe, ki drugače ne bi bile izvedene v območjih, ki prejemajo pomoč. Zato je lahko pomoč dodeljena v okviru shem pomoči samo, če je upravičenec predložil vlogo za pomoč in je nato organ, odgovoren za upravljanje sheme, pred začetkom dela na projektu pisno potrdil, da projekt, pod pridržkom natančne preveritve, načeloma izpolnjuje pogoje upravičenosti, določene v shemi. […] V primeru ad hoc pomoči mora pristojni organ pred začetkom dela na projektu izdati pismo o nameri dodelitve pomoči, pogojeno z odobritvijo pomoči s strani Komisije. Če se delo začne, preden so izpolnjeni pogoji iz tega odstavka, celoten projekt ne bo upravičen do pomoči.“
The ‘start of works’ is defined by footnote 40 of the RAG either as start of construction works, or first binding order of equipment.
„Začetek dela“ je v opombi 40 Smernic opredeljen kot začetek gradbenih del ali prvo zavezujoče naročilo opreme.
The Commission took into account the following factual information submitted by Portugal:
Komisija je upoštevala naslednje dejanske informacije, ki jih je predložila Portugalska:
Petrogal applied for the aid on 22 January 2007;
Petrogal je 22. januarja 2007 zaprosil za pomoč,
Portugal confirmed the eligibility in principle of the aid project on 23 January 2007.
Portugalska je 23. januarja 2007 načeloma potrdila upravičenost projekta pomoči,
The aid was approved by the Portuguese Council of Ministers on 6 March 2008 but the granting of the aid is subject to Commission approval and Petrogal will not benefit from the aid before 2011 (once the investment is completed).
portugalski svet ministrov je 6. marca 2008 odobril pomoč, vendar mora pomoč odobriti Komisija in Petrogal pred letom 2011 (ko bo naložba končana) ne bo upravičen do pomoči,
Petrogal’s Board of Directors authorised to proceed to orders of equipment on 8 March 2008.
Petrogalov upravni odbor je 8. marca 2008 odobril prehod na naročila opreme,
Therefore, the Commission finds that the doubts as regards the formal incentive effect are removed.
Zato Komisija ugotavlja, da so pomisleki glede formalnega spodbujevalnega učinka odpravljeni.
Contribution to regional development and necessity of aid
Prispevek k regionalnemu razvoju in nujnost pomoči
In the opening decision, the Commission expressed doubts as to the contribution of the investment to regional development.
Komisija je v sklepu o začetku postopka izrazila pomisleke v zvezi s prispevkom naložbe k regionalnemu razvoju.
In this context, the Commission also raised doubts as to the necessity of the aid and emphasised that an ‘unnecessary aid is unlikely to contribute to regional development and might result in unacceptable distortions of competition’ [47].
Komisija je v zvezi s tem dvomila tudi o nujnosti pomoči ter poudarila, da „nepotrebna pomoč verjetno ne bo prispevala k regionalnemu razvoju in bo morda povzročila nesprejemljivo izkrivljanje konkurence“ [47].
Competitors No 1 and No 2 indicated that Petrogal would have gone ahead with the investment project even without aid.
Konkurenta št. 1 in št. 2 sta navedla, da bi Petrogal nadaljeval z izvajanjem naložbenega projekta tudi brez pomoči.
In their view, it is a productive investment economically driven by the imbalance between diesel supply and demand and the opportunity to have access to heavier and cheaper crude.
Po njunem mnenju gre za produktivno naložbo, ki jo iz gospodarskega vidika narekuje neravnovesje med ponudbo in povpraševanjem po dizelskem gorivu ter priložnostjo dostopa do težje in cenejše surove nafte.
All operators across Europe are carrying out similar investments in their refineries without State aid.
Vsi udeleženci na trgu v Evropi v svojih rafinerijah izvajajo podobne naložbe brez državne pomoči.
Therefore, it has to be assessed whether the aid is necessary to produce a real incentive effect to undertake an investment which otherwise would not take place in these two assisted regions or whether the investment project would, in any event, have been undertaken.
Zato je treba oceniti, ali mora imeti pomoč resničen spodbujevalni učinek na izvajanje naložbe, ki se v nasprotnem primeru v teh dveh regijah prejemnicah pomoči ne bi izvedla, in ali bi se naložbeni projekt izvedel v vsakem primeru.
In this respect, the Commission needs to establish whether the aid changed Petrogal’s behaviour, so that it would have undertaken additional investment in the regions concerned.
Komisija mora v zvezi s tem ugotoviti, ali je pomoč spremenila Petrogalovo obnašanje tako, da bi v zadevnih regijah izvedel dodatno naložbo.
The Board of Directors took the operational decision to order the first equipment related to the investment project on 14 March 2008.
Upravni odbor je 14. marca 2008 sprejel operativno odločitev za naročilo prve opreme, povezane z naložbenim projektom.
Portugal stated that Petrogal had not undertaken the investment until 2008 due to its insufficient financial viability and that Galp’s Board of Directors finally decided to proceed with orders of equipment and constructions only after the Portuguese government adopted the relevant Resolution of the Council of Ministers.
Portugalska je trdila, da Petrogal pred letom 2008 zaradi svoje nezadostne finančne donosnosti ni začel z izvajanjem naložbe ter da je upravni odbor družbe Galp sprejel končno odločitev, da bo nadaljeval z izvajanjem naročil opreme in gradbenih del šele po tem, ko bo portugalska vlada sprejela ustrezno resolucijo Sveta ministrov.
Portugal claims that the availability of State aid was decisive for Petrogal’s decision to invest.
Portugalska trdi, da je bila razpoložljivost državne pomoči odločilnega pomena pri Petrogalovi odločitvi za naložbo.
Without the aid, the investment project would have been abandoned.
Naložbeni projekt bi bil brez pomoči opuščen.
Petrogal would have implemented an alternative restructuring plan to adjust its refining activities to changed market and crude oil supply conditions.
Petrogal bi izvedel nadomestni načrt prestrukturiranja, da bi svoje dejavnosti rafinerij prilagodil spremenjenemu trgu in pogojem za oskrbo s surovo nafto.
Furthermore, the available financial resources would have been used to invest into alternative projects outside the refining activity.
Poleg tega bi se razpoložljiva finančna sredstva porabila za naložbo v nadomestne projekte, ki ne sodijo v okvir dejavnosti rafinerij.
Portugal submitted documents belonging to Petrogal which contain an analysis of the investment project’s expected IRR, the cost of capital (WACC), as well as a list of possible alternative investments that Galp Energia could have undertaken with the available capital.
Portugalska je predložila Petrogalove dokumente, ki vsebujejo analizo pričakovane IRR naložbenega projekta, stroške kapitala (tehtane povprečne stroške kapitala) in seznam možnih nadomestnih naložb, ki bi jih lahko družba Galp Energia izvedla z razpoložljivim kapitalom.
The Commission considers that the documents submitted to Galp’s Board of Directors on 23 January 2007 and 5 March 2008 were decisive for the assessment of the necessity of the aid, as the Board’s decision was based on those documents.
Komisija meni, da so bili dokumenti, ki so bili 23. januarja 2007 in 5. marca 2008 predloženi upravnemu odboru družbe Galp, odločilnega pomena pri oceni nujnosti pomoči, saj je odločitev odbora temeljila na teh dokumentih.
According to Portugal, the calculations submitted to the Galp’s Board of Directors in 2008 showed an IRR of the investment project, in the absence of the aid, of [8-10] %.
Po navedbah Portugalske je bila po izračunih, ki so bili leta 2008 predloženi upravnemu odboru družbe Galp, IRR naložbenega projekta brez pomoči [8–10]-odstotna.
This IRR is well above Petrogal’s WACC of [7-9] %.
Navedena IRR bistveno presega Petrogalove [7–9]-odstotne tehtane povprečne stroške kapitala.
Other expressions used for ‘hurdle rate’ are ‘cut-off rate’ or ‘benchmark rate’.
Druga izraza, ki se uporabljata za „minimalno stopnjo donosa“, sta „presečna stopnja“ in „referenčna stopnja“.
As from 2006, for the refinery activities, the internal hurdle rate was set at [110-150] % of the WACC, namely at [10-12] %.
Od leta 2006 je bila minimalna notranja stopnja donosa za dejavnosti rafinerij določena na [110–150] % tehtanih povprečnih stroškov kapitala, tj. na [10–12] %.
Normally, no investment decision would be taken if the calculated IRR did not exceed this threshold.
Običajno ne bi bila sprejeta odločitev, da se naložba izvede, če izračunana IRR ne bi presegla tega praga.
The hurdle rate is an instrument used by companies in decisional situations involving major levels of risk and it may therefore vary depending on the risk associated with projects.
Minimalna stopnja donosa je instrument, ki ga podjetja uporabljajo v primerih odločanja, ki vključujejo visoke ravni tveganja, zato se lahko razlikuje glede na tveganje, povezano s projektom.
The hurdle rate may also be influenced by the currency in which it is calculated: in currency areas with high levels of inflation, the hurdle rate is higher than in areas with price stability.
Na minimalno stopnjo donosa lahko vpliva tudi valuta, v kateri se ta izračunava: na valutnih območjih z visokimi stopnjami inflacije je minimalna stopnja donosa višja kot na območjih, kjer so cene stabilne.
So far, State aid decisions in the area of regional aid did not use the ‘hurdle rate’ concept to decide on issues of necessity and incentive effect of aid.
Pri odločitvah o državni pomoči na področju regionalne pomoči se doslej ni uporabljal pojem „minimalne stopnje donosa“ pri odločanju o vprašanjih glede nujnosti in spodbujevalnega učinka pomoči.
Neither is the concept of ‘hurdle rate’ mentioned in the In-Depth Assessment Communication.
Prav tako pojem „minimalne stopnje donosa“ ni omenjen v Sporočilu o podrobni oceni.
However, the ‘hurdle rate’ concept was already used in a limited number of State aid decisions (such in the Commission Decision of 23 February 2011 on State aid case N 204/10 — Sweden — R&D aid to Volvo Aero for Trent XWB ICC, yet to be published in the OJ), mainly adopted under the Community framework for State aid for research and development and innovation [50], for projects involving high levels of risk.
Vendar se je pojem „minimalne stopnje donosa“ že uporabljal v omejenem številu odločitev o državni pomoči (kot npr. v Sklepu Komisije z dne 23. februarja 2011 o državni pomoči N 204/10 – Švedska – Pomoč za raziskave in razvoj hčerinskemu podjetju Volvo Aero za Trent XWB ICC, ki še ni objavljen v UL), ki so bile večinoma sprejete na podlagi Okvira Skupnosti za državno pomoč za raziskave in razvoj ter inovacije [50] za projekte z visokimi ravnmi tveganja.
Portugal underlines that the investment project is characterised by multiple risks that justify the use of the hurdle rate approach.
Portugalska poudarja, da je za naložbeni projekt značilnih več tveganj, ki upravičujejo uporabo pristopa minimalne stopnje donosa.
The investment project is the largest productive investment ever carried out in Portugal.
Naložbeni projekt je največja produktivna naložba na Portugalskem doslej.
The implementation of the investment project will take several years.
Izvajanje naložbenega projekta bo trajala več let.
Cost estimates for the investment project are extremely difficult: in fact, Portugal submitted figures showing that the initial cost estimates were very seriously overrun in reality.
Stroške za naložbeni projekt je izjemno težko oceniti: Portugalska je predložila številke, ki kažejo, da so bile prvotne ocene stroškov dejansko močno presežene.
As the investment project has a long-term orientation, long-term forecasts of refinery margins are extremely difficult, in particular in situations where, in the long-term, traditional combustion cars may be replaced by electric and other cars.
Ker je naložbeni projekt zastavljen na daljši rok, je zelo težko izvesti dolgoročne napovedi rafinerijskih marž, zlasti v razmerah, v katerih naj bi tradicionalne avtomobile z motorjem z notranjim izgorevanjem dolgoročno nadomestili električni in drugi avtomobili.
An empirical study [51] of 2006, analysing more than 100 self-reported hurdle rates (mainly for North American companies), report an average hurdle rate of 14,1 %, and an absolute difference between WACC and hurdle rate of 5 % points, namely about 155 % of WACC.
Empirična študija [51] iz leta 2006, v kateri je bilo analiziranih več kot 100 samoovrednotenih minimalnih stopenj donosa (večinoma za severnoameriška podjetja), poroča o 14,1-odstotni povprečni minimalni stopnji donosa ter o absolutni razliki med tehtanimi povprečnimi stroški kapitala in minimalno stopnjo donosa za 5 odstotnih točk, tj. približno 155 % tehtanih povprečnih stroškov kapitala.
Taking account of this information, the hurdle rate applied by Petrogal and Galp Energia for the refinery sector does not appear prima facie excessive.
Ob upoštevanju navedenih informacij minimalna stopnja donosa, ki sta jo uporabila Petrogal in družba Galp Energia za sektor rafinerij, na prvi pogled ni previsoka.
In view of these elements, and in particular taking into account the specific characteristics of the sector and of the case (namely the importance of the risks involved given the magnitude of the investment project and its long-term exploitation period), the Commission considers that the hurdle rate can be taken into account to decide whether the aid was necessary as an incentive to carry out the investment project or not.
Komisija glede na te elemente ter zlasti ob upoštevanju posebnih značilnosti sektorja in tega primera (in sicer pomembnosti vključenih tveganj glede na razsežnost naložbenega projekta in njegovo dolgoročno obdobje koriščenja) meni, da se minimalna stopnja donosa lahko upošteva pri sprejemanju odločitve o tem, ali je bila pomoč kot spodbuda za izvajanje naložbenega projekta potrebna ali ne.