natgillin/translations-raw huggingface dataset:
In the period between 2004 and 2008, the company worked yearly on about 20 ships and other constructions.
Podjetje se je v obdobju 2004–2008 letno ukvarjalo s približno 20 ladjami in drugimi konstrukcijami.
The company's customers are mainly ship owners from Europe (Germany, the Netherlands, Scandinavia and Poland).
Stranke podjetja so predvsem lastniki ladij iz Evrope (Nemčije, Nizozemske, Skandinavije in Poljske).
According to the Polish authorities, the company is active mainly in the three following market segments:
Po navedbah poljskih organov je podjetje dejavno predvsem v naslednjih treh tržnih segmentih:
hydro-engineering construction market: steel constructions used as locks, barrages, caissons and other steel constructions for the construction of marine wharves and harbour jetties,
trg hidroinženirskega gradbeništva: jeklene konstrukcije, ki se uporabljajo kot splavnice, jezovi in kesoni, ter druge jeklene konstrukcije za gradnjo morskih nabrežij in pristaniških pomolov,
renewable energy market: arrangements and/or elements used in the construction of marine wind power farms,
trg obnovljivih virov energije: ureditve in/ali elementi v zvezi z gradnjo vetrnih elektrarn na morju,
offshore market: survey, exploration and processing installations operating off shore used to support drilling platforms and construction modules of the steel drilling platforms.
eksteritorialni trg: inštalacije za pregledovanje, raziskovanje in obdelovanje, ki delujejo na morju ter se uporabljajo kot podpora za vrtalne ploščadi in gradbene module jeklenih vrtalnih ploščadi.
The structure of Crist’s revenues broken down by market segment is illustrated in table 1 below.
Struktura prihodkov podjetja Crist po tržnih segmentih je prikazana v tabeli 1.
The Polish authorities informed the Commission that this revenue structure results from the implementation of the business plan according to which the focus of activities is to shift from traditional shipbuilding to the marine sector of renewable energy and hydro-engineering.
Poljski organi so obvestili Komisijo, da je ta struktura prihodkov posledica izvajanja poslovnega načrta, v skladu s katerim je cilj dejavnosti preusmeritev iz tradicionalnega ladjedelništva v pomorski sektor obnovljivih virov energije in hidroinženirstva.
Crist revenue structure by segment
Struktura prihodkov podjetja Crist po segmentih
Revenue category
Kategorija prihodkov
hydro-engineering
Hidroinženirstvo
renewable energy
Obnovljivi viri energije
offshore
Dejavnosti na morju
other (shipbuilding)
Drugo (ladjedelništvo)
According to the Polish authorities, Crist increased its revenues by a multiple of 10 over the period 2002-2009, reaching PLN 383 million in 2009 (EUR 95,75 million [6]. The revenue decreased in 2010 to PLN 236 million (EUR 59 million) but reached PLN 630 million (EUR 157,5 million) in 2011. The main financial results of Crist covering the period 2007-2009, that is prior the granting of the loan by IDA, and the period 2010-2011, that is after the granting of the loan, are summarised in table 2.
Po navedbah poljskih organov je podjetje Crist v obdobju 2002–2009 povečalo svoje prihodke za desetkrat, pri čemer so leta 2009 prihodki znašali 383 milijonov PLN (95,75 milijona EUR [6]). Prihodki so se leta 2010 zmanjšali na 236 milijonov PLN (59 milijonov EUR), vendar so se leta 2011 povečali na 630 milijonov PLN (157,5 milijona EUR). Glavni finančni izidi podjetja Crist v obdobju 2007–2009, tj. pred odobritvijo posojila IRA, in obdobju 2010–2011, tj. po odobritvi posojila, so povzeti v tabeli 2.
Main financial results of Crist 2007-2011 (in million PLN)
Glavni finančni izidi podjetja Crist v obdobju 2007–2011 (v milijonih PLN)
Sales revenue
Prihodki od prodaje
Sales profit
Dobiček od prodaje
Financial surplus
Finančni presežek
According to the Polish authorities, in 2011, the company had credits and exposure limits of about PLN […]* million (EUR […]million), including the IDA loan (see Section 3 "Description of the measure") and financial support in various forms granted by four private banks.
Po navedbah poljskih organov je imelo podjetje leta 2011 kredite in omejitve izpostavljenosti v višini približno […]* milijonov PLN ([…] milijonov EUR), vključno s posojilom IRA (glej oddelek 3 „Opis ukrepa“) in različnimi oblikami finančne pomoči, ki so jo odobrile štiri zasebne banke.
The company is currently engaged in the execution of 10 contracts with an aggregate value of about PLN […] million (EUR […]million) and is negotiating further contracts worth in total approximately PLN […] million (EUR […] million).
Podjetje trenutno izvaja 10 pogodb v skupni vrednosti približno […] milijonov PLN ([…] milijonov EUR) in se pogaja o nadaljnjih pogodbah v skupni vrednosti približno […] milijonov PLN ([…] milijonov EUR).
Description of the Programme
Opis programa
On 27 May 2010, Crist applied for the IDA loan (see Section 3 "Description of the measure") under the "Programme of support by IDA of initiatives for the stimulation of the Polish economy" (hereinafter "the Programme") in the programme subcategory of "Support for undertakings in the most vulnerable regions affected by the economic crisis".
Podjetje Crist je 27. maja 2010 zaprosilo za posojilo IRA (glej oddelek 3 „Opis ukrepa“) po „Programu pomoči IRA za pobude za spodbujanje poljskega gospodarstva“ (v nadaljnjem besedilu: program) in programske podkategorije „Pomoč za podjetja v najbolj ranljivih regijah, ki jih je prizadela gospodarska kriza“.
The companies eligible for the Programme are medium and large enterprises implementing projects which aim at stimulating demand in the Polish economy and are active in the most vulnerable districts affected by the economic crisis or by severe floods.
Podjetja, ki so upravičena do programa, so srednja in velika podjetja, ki izvajajo projekte, katerih cilj je spodbujati povpraševanje v poljskem gospodarstvu, ter so dejavna v najbolj ranljivih okrožjih, ki so jih prizadele gospodarska kriza ali hude poplave.
Such districts are clearly defined by the Programme.
Takšna okrožja so v programu jasno opredeljena.
The district of Gdańsk is one of the vulnerable districts as defined by the Programme, while the district of Gdynia is not.
Okrožje Gdansk je eno od ranljivih okrožij, kot so opredeljena v programu, medtem ko to ne velja za okrožje Gdynia.
According to the Programme, IDA will participate in projects and ventures to stimulate economic demand and economic development.
IRA v skladu s programom sodeluje v projektih in prizadevanjih za spodbujanje gospodarskega povpraševanja in gospodarskega razvoja.
IDA should benefit from a reasonable return, i.e. participation should be on market terms.
IRA bi morala imeti koristi od primernega donosa, kar pomeni, da bi moralo sodelovanje potekati pod tržnimi pogoji.
The maximum intensity of the financing provided by IDA cannot exceed 80 % of the net value of the planned investment.
Največja intenzivnost financiranja, ki ga zagotavlja IRA, ne sme presegati 80 % neto vrednosti načrtovane naložbe.
According to the Polish authorities, IDA should not support projects that could contain elements of State aid, with the exception of projects related to national security and defence in line with Article 346 TFEU [7].
Po mnenju poljskih organov IRA ne bi smela podpirati projektov, ki bi lahko vsebovali elemente državne pomoči, z izjemo projektov, povezanih z nacionalno varnostjo in obrambo v skladu s členom 346 PDEU [7].
The Programme constitutes a part of IDA’s commercial activity aimed at profit making, and applies, according to the Polish authorities, standards relevant on the market for commercial financing services for enterprises.
Program je del komercialnih dejavnosti IRA, katerih cilj je ustvarjanje dobička, in po navedbah poljskih organov uporablja standarde, ki veljajo na trgu komercialnih finančnih storitev za podjetja.
As explained by Poland, such activity is separate from the granting of State aid by IDA to large enterprises in difficulty.
Kot je pojasnila Poljska, takšna dejavnost ni povezana z odobritvijo državne pomoči IRA za velika podjetja v težavah.
The measure under investigation is a loan of PLN 150 million (EUR 33,4 million) granted by IDA to Crist on 14 September 2010 (hereinafter "the IDA loan") for the purchase of an asset bundle including a dry dock, so called Crist Shipyard Area 2.
Ukrep v preiskavi je posojilo v višini 150 milijonov PLN (33,4 milijona EUR), ki ga je IRA 14. septembra 2010 odobrila podjetju Crist (v nadaljnjem besedilu: posojilo IRA) za nakup dela premoženja, vključno s suhim dokom, tj. območjem 2 ladjedelnice Crist.
According to the Polish authorities, at the time of granting, the loan represented less than […] % of the total amount of the company's credits and exposure limits.
Po navedbah poljskih organov je posojilo v času odobritve predstavljalo manj kot […] % skupnega zneska kreditov in omejitev izpostavljenosti podjetja.
Pursuant to the Programme, the interest rate for the IDA loan should amount to the applicable base rate, increased by a net interest margin of 0,9 - 4 % per annum (hereinafter "the interest margin") according to the risk of the financing and the quality of the collateral provided by the beneficiary, as presented in table 3.
Po programu bi morala biti obrestna mera za posojilo IRA enaka izhodiščni obrestni meri, ki se uporablja, povečani za neto obrestno maržo v višini 0,9–4 % letno (v nadaljnjem besedilu: obrestna marža) v skladu s tveganjem financiranja in kakovostjo zavarovanja, ki ga zagotavlja upravičenec, kot je predstavljeno v tabeli 3.
Interest margin applicable to the measure according to the Programme
Obrestna marža, ki se uporablja za ukrep v skladu s programom
financial risk
Finančno tveganje
strong collateral
Zelo dobro zavarovanje
moderate collateral
Zmerno zavarovanje
weak collateral
Slabo zavarovanje
low
Nizko
moderate
Zmerno
high
Visoko
The interest margin for the IDA loan to Crist was set at 1,8 %.
Obrestna marža, določena za posojilo IRA podjetju Crist, je bila 1,8 %.
The overall interest rate of the loan received by Crist was 6,81 % [8].
Skupna obrestna mera posojila, ki ga je prejelo podjetje Crist, je znašala 6,81 % [8].
The interest rate was set at the level of the base rate defined as the 3-month WIBOR [9] (equal to 3,81 % when the loan was granted) plus 1,2 % to which an interest margin of 1,8 % was added.
Obrestna mera je bila izračunana kot vsota izhodiščne obrestne mere, sestavljene iz 3-mesečne obrestne mere WIBOR [9] (kar ustreza 3,81 % v času odobritve posojila) in 1,2 %, ter obrestne marže v višini 1,8 %.
The interest margin was set by IDA at 1,8 % as both the financial risk of this transaction and the collateral were estimated as moderate, which, as shown in table 3, should result in a margin of between 1,5 % and 1,8 %.
IRA je določila obrestno maržo 1,8 %, saj sta bila finančno tveganje te transakcije in zavarovanje ocenjena kot zmerna, za kar bi morala, kot je prikazano v tabeli 3, veljati razlika med 1,5 % in 1,8 %.
The maturity of the IDA loan is on 31 December 2015, i.e. a duration of approximately 5 years and 3 months since the measure was granted on 14 September 2010.
Posojilo IRA bo zapadlo 31. decembra 2015, kar pomeni, da traja približno 5 let in 3 mesece, saj je bil ukrep odobren 14. septembra 2010.
The collateral for the IDA loan consists of:
Zavarovanje posojila IRA je sestavljeno iz:
a registered pledge over 100 % of Crist shares,
registrirane zastavne pravice na 100 % delnic podjetja Crist,
mortgage on real estate (part of Shipyard Area 2),
hipoteke na nepremičnino (del območja 2 ladjedelnice),
a registered pledge on a number of movables forming part of Shipyard Area 2,
registrirane zastavne pravice na številnih premičninah, ki so del območja 2 ladjedelnice,
a blank bill signed by Crist,
neizpolnjenega računa, ki ga je podpisalo podjetje Crist,
a statement by Crist on its voluntary submission to execution and
izjave podjetja Crist o prostovoljni privolitvi v izvrševanje ter
statements of each shareholder of Crist on their voluntary submission to execution,
izjav vseh delničarjev podjetja Crist o njihovi prostovoljni privolitvi v izvrševanje.
According to the Programme, the collateral must correspond to at least 150 % of the funding provided by IDA.
Zavarovanje mora po programu ustrezati vsaj 150 % financiranja, ki ga zagotovi IRA.
The third tendering round for the sale of the Gdynia Shipyard's assets took place on 15 September 2010.
Tretji razpisni krog za prodajo premoženja ladjedelnice Gdynia je potekal 15. septembra 2010.
According to the press, Crist was, as a result of the financing received from IDA, able to outbid another competitor, Patia (a company registered in Cyprus, connected with the Ukrainian company ISD – the owner of the Gdańsk Shipyard).
Po navedbah v tisku je podjetje Crist zaradi financiranja, ki ga je prejelo od agencije IRA, lahko oddalo boljšo ponudbo kot drugi tekmec, tj. podjetje Patia (podjetje, ki je registrirano na Cipru in povezano z ukrajinskim podjetjem ISD, tj. lastnikom ladjedelnice Gdansk).
Crist bid PLN 175 million (EUR 43,75 million) to purchase the asset bundle on offer (hereinafter referred to as the "dry dock").
Podjetje Crist je ponudilo 175 milijonov PLN (43,75 milijona EUR) za nakup razpisanega dela premoženja (v nadaljnjem besedilu: suhi dok).
The floor price of the dry dock had been set at PLN 96,7 million (EUR 24,17 million).
Najnižja cena suhega doka je bila določena v višini 96,7 milijona PLN (24,17 milijona EUR).
REASONS FOR OPENING THE FORMAL INVESTIGATION PROCEDURE
RAZLOGI ZA ZAČETEK FORMALNEGA POSTOPKA PREISKAVE
In the opening decision, the Commission expressed its doubts as to whether Crist would have been able to obtain the necessary financing on similar terms on the market on the basis of the information available to IDA at the moment of the decision granting the loan.
Komisija je v odločitvi o začetku postopka izrazila svoje dvome glede tega, ali bi podjetje Crist lahko pridobilo potrebno financiranje pod podobnimi pogoji na trgu na podlagi informacij, ki so bile na voljo IRA ob odobritvi posojila.
According to the preliminary analysis of the measure on the basis of the information available to the Commission the IDA loan might have conferred an advantage on Crist through state resources.
Po podatkih iz predhodne analize ukrepa na podlagi informacij, ki so bile na voljo Komisiji, je podjetje Crist zaradi posojila IRA iz državnih sredstev morda pridobilo prednost.
The Commission expressed its concerns as to: (i) the rate at which the credit was granted, (ii) the collateral that IDA accepted, (iii) the benchmark used by IDA, (iv) the business plan submitted by Crist and (v) a possible preferential treatment of Crist by IDA.
Komisija je izrazila svojo zaskrbljenost glede: (i) obrestne mere odobrenega kredita, (ii) zavarovanja, ki ga je sprejela IRA, (iii) referenčnega merila, ki ga je uporabila IRA, (iv) poslovnega načrta, ki ga je predložilo podjetje Crist, in (v) morebitne prednostne obravnave podjetja Crist s strani agencije IRA.
As regards the rate, the Commission was not in a position to determine whether the interest rate of the IDA loan (assumed to be 7,02 % at the time of the opening decision) was in line with the market economy investor principle as the Polish authorities had not provided evidence on the company's rating and the level of collateral.
V zvezi z obrestno mero Komisija ni mogla oceniti, ali je obrestna mera posojila IRA (ki naj bi v času odločitve o začetku postopka znašala 7,02 %) v skladu z načelom vlagatelja pod tržnimi pogoji, saj poljski organi niso zagotovili dokazov o bonitetni oceni podjetja in stopnji zavarovanja.
With regard to the collateral, the underlying contract between IDA and Crist for the IDA loan and the expert evaluations of Crist's shares and of the dry dock given as collateral for the loan were not provided to the Commission.
V zvezi z zavarovanjem Komisija ni prejela pogodbe med agencijo IRA in podjetjem Crist o posojilu IRA ter strokovnih ocen delnic podjetja Crist in suhega doka, ki so bili zastavljeni kot zavarovanje za posojilo.
The Commission therefore considered that Poland had not demonstrated prima facie that the expert evaluations were done in a conservative manner and that a private investor would have accepted such collateral.
Zato je Komisija menila, da Poljska na prvi pogled ni dokazala, da so bile strokovne ocene opravljene na konservativen način in da bi zasebni vlagatelj sprejel takšno zavarovanje.
In relation to the benchmark, the Commission had doubts as to whether the […] Bank loan could be used as a benchmark to assess whether the IDA loan complies with the private market investor principle.
V zvezi z referenčnim merilom je Komisija dvomila, da bi bilo posojilo banke […] mogoče uporabiti kot referenčno merilo za oceno, ali je posojilo IRA v skladu z načelom zasebnega vlagatelja v tržno gospodarstvo.
The Commission considered that the […] Bank loan was different from the IDA loan as: (i) it refinanced the transaction which Crist had initially financed from its own funds, (ii) the amount of the […] Bank loan was significantly lower, and (iii) the IDA loan entailed a higher risk compared to the […] Bank loan since its amount exceeded Crist's own funds and its duration was substantially longer (five years and three months compared to three years and eight months).
Komisija je menila, da se posojilo banke […] razlikuje od posojila IRA: (i) ker je refinanciralo transakcijo, ki jo je podjetje Crist sprva financiralo z lastnimi sredstvi, (ii) ker je bil znesek bančnega posojila […] bistveno nižji ter (iii) ker je posojilo IRA pomenilo višje tveganje v primerjavi s posojilom banke […], saj je znesek posojila IRA presegal lastna sredstva podjetja Crist in trajal bistveno dlje (pet let in tri mesece v primerjavi s tremi leti in osmimi meseci).
On the business plan, the Commission noted that at the time the loan was granted, despite the company's overall sound financial condition, Crist was facing a three year trend of decreasing net results.
V zvezi s poslovnim načrtom je Komisija ugotovila, da je v času odobritve posojila za podjetje Crist kljub na splošno stabilnemu finančnemu stanju veljal trileten trend negativnih neto poslovnih izidov.
Given the market risks involved, possible market overcapacity, and the fact that the financial crisis was far from over when the measure was taken the Commission had doubts as to whether a private investor would have provided the financing in question.
Glede na povezana tržna tveganja, morebitno presežno zmogljivostjo na trgu in dejstvo, da v času sprejetja ukrepa finančne krize še zdaleč ni bilo konec, je Komisija dvomila, da bi zasebni vlagatelj zagotovil zadevno financiranje.
Finally, without prejudice to the question of whether the Programme as such constitutes State aid within the meaning of Article 107(1) TFEU, the Commission raised doubts as to whether Crist was eligible for the support provided by IDA pursuant to the Programme as the loan was granted for an investment in Gdynia, which not being a vulnerable district could not benefit from the Programme.
Nazadnje je Komisija brez poseganja v vprašanje, ali program kot takšen pomeni državno pomoč v smislu člena 107(1) PDEU, izrazila dvome glede tega, ali je bilo podjetje Crist upravičeno do pomoči, ki jo je IRA zagotovila po programu, saj je bilo posojilo odobreno za naložbo v Gdynio, ki ni mogla imeti koristi od programa, saj ni ranljivo okrožje.
The Commission also queried whether the intensity of IDA financing to Crist complied with the maximum intensity threshold defined by the Programme (see recital 15).
Komisijo je zanimalo tudi, ali je bila intenzivnost financiranja podjetja Crist s strani agencije IRA v skladu z najvišjim pragom intenzivnosti, opredeljenim v programu (glej uvodno izjavo (15)).
The IDA loan amounts to PLN 150 million (EUR 37,5 million).
Posojilo IRA znaša 150 milijonov PLN (37,5 milijona EUR).
Crist purchased the dry dock for a price of PLN 175 million (EUR 43,75 million).
Podjetje Crist je kupilo suhi dok za ceno 175 milijonov PLN (43,75 milijona EUR).
On the basis of those figures, the aid intensity of the IDA loan was 86 %, i.e. above the limit set out in the Programme.
Na podlagi navedenih vrednosti je intenzivnost posojila IRA znašala 86 %, kar je nad mejno vrednostjo iz programa.
The Commission therefore considered that Crist might have received preferential treatment by being granted the IDA loan under the Programme.
Zato je Komisija menila, da je bilo podjetje Crist z odobritvijo posojila IRA po programu morda deležno prednostne obravnave.
In light of the above, the Commission had doubts as to whether a private investor would have provided Crist with the relevant financing and decided to open the formal investigation procedure.
Glede na navedeno je Komisija dvomila, da bi zasebni vlagatelj zagotovil zadevno financiranje podjetju Crist, in se odločila začeti formalni postopek preiskave.
The Polish authorities submitted that a comprehensive assessment of the economic and financial situation of the company, of its business plan and of possible market references preceded the decision to grant the loan to Crist and that it follows from the unambiguous results of this analysis that the loan in question corresponds to normal market conditions, understood as the conditions under which a private market operator would agree to finance a particular investment.
Poljski organi so navedli, da je bila pred sprejetjem odločitve o odobritvi posojila podjetju Crist opravljena obsežna ocena gospodarskega in finančnega stanja podjetja, njegovega finančnega načrta ter morebitnih tržnih referenc ter da iz nedvoumnih izidov te analize izhaja, da zadevno posojilo ustreza normalnim tržnim pogojem, ki predstavljajo pogoje, pod katerimi bi akter na trgu privolil v financiranje določene naložbe.
Therefore, according to Poland, the IDA loan to Crist does not constitute Sate aid.
Zato po mnenju Poljske posojilo IRA podjetju Crist ne pomeni državne pomoči.
The interest rate
Obrestna mera
Poland explained that the granting of the IDA loan was preceded by a three stage assessment of the company’s economic and financial situation carried out according to standards relevant on the market of commercial financial services offered for enterprises.
Poljska je pojasnila, da je bila pred odobritvijo posojila IRA opravljena trifazna ocena gospodarskega in finančnega stanja podjetja v skladu s standardi, ki veljajo na trgu komercialnih finančnih storitev za podjetja.
It included, at the first stage, an initial credit scoring by an independent external adviser, on the basis of which the company was marked for the purposes of qualifying for the next stage, i.e. a more detailed assessment.
Prva faza ocene je vključevala uvodno točkovanje kreditne zanesljivosti s strani neodvisnega zunanjega svetovalca, na podlagi česar je bilo ocenjeno, ali podjetje izpolnjuje pogoje za naslednjo fazo, tj. podrobnejšo oceno.
During the second stage, the last three accounting years were assessed together with the forecasted results, ratio analysis, quantitative measures such as liquidity ratio, asset turnover, capital structure, profitability and development as well as qualitative measures such as the quality of management, level of dependence on the market and quality of the proposed collaterals.
V drugi fazi so bila ocenjena zadnja tri računovodska leta, vključno z napovedanimi poslovnimi izidi, analizo razmerij, količinskimi ukrepi, kot so razmerje likvidnosti, prihodki od premoženja, struktura kapitala, dobičkonosnost in razvoj, ter kakovostnimi ukrepi, kot so kakovost vodenja, stopnja odvisnosti na trgu in kakovost predlaganega zavarovanja.
At the last stage, the level of margin was set by applying a matrix taking into account the risks and the proposed level of collaterals established as a result of the expert analysis.
V zadnji fazi je bila določena stopnja razlike z uporabo matrike ter ob upoštevanju tveganj in predlagane stopnje zavarovanja, določenih na podlagi strokovne analize.
The rating of Crist
Bonitetna ocena podjetja Crist