natgillin/translations-raw huggingface dataset:
The margin to be applied depends on the rating of the undertaking concerned and the collateral (see table 6).
Razlika, ki se uporablja, je odvisna od bonitetne ocene zadevnega podjetja in zavarovanja (glej tabelo 6).
Given that the base rate for September 2010 in Poland was 4,49 % [15], the rate of the IDA loan (6,81 %) would be higher than the applicable reference rate if, at the time of granting the loan:
Glede na to, da je osnovna obrestna mera na Poljskem za september 2010 znašala 4,49 % [15], bi bila obrestna mera posojila IRA (6,81 %) višja od referenčne obrestne mere, ki se uporablja, če bi bila v času odobritve posojila:
the rating of Crist was ”weak” (B) and the collateral “high”,
bonitetna ocena podjetja Crist „šibka“ (B), zavarovanje pa „visoko“,
the rating of Crist was "satisfactory" (BB) and the collateral at least "normal" or
če bi bila bonitetna ocena podjetja Crist „zadovoljiva“ (BB), zavarovanje pa vsaj „običajno“ ali
the collateral was "low" and the rating of Crist at least "good" (BBB).
če bi bilo zavarovanje „nizko“, bonitetna ocena podjetja Crist pa vsaj „dobra“ (BBB).
In all three scenarios, the reference rate would be 6,69 % (4,49 % and 2,20 %) i.e. lower than the interest rate of the IDA loan (6,81 %).
V vseh treh primerih bi referenčna obrestna mera znašala 6,69 % (4,49 % in 2,20 %), tj. manj kot obrestna mera posojila IRA (6,81 %).
On the basis of the analysis above, the Commission considers that Crist's rating at the time of granting the loan was at worst "weak" (B).
Komisija na podlagi navedene analize meni, da je bila bonitetna ocena podjetja Crist v času odobritve posojila v najslabšem primeru „šibka“ (B).
As regard the collateralisation, even the worst case scenario of collateral worth PLN […]million represents more than 100 % of the value of the loan and the Commission therefore considers that the expected loss resulting from default in the loan repayment (LGD) is in the range not exceeding 30 %, which corresponds to a high level of collateral as defined in the Reference Rate Communication.
V zvezi z zavarovanjem slednje tudi v najslabšem primeru, tj. v vrednosti […] milijonov PLN, predstavlja več kot 100 % vrednosti posojila, zaradi česar Komisija meni, da je pričakovana izguba ob neplačilu posojila v razponu, ki ne presega 30 %, kar ustreza visoki stopnji zavarovanja, kot je opredeljeno v sporočilu o referenčni obrestni meri.
Taking into account the high collateralisation of the loan, the interest rate for the loan, in the worst case scenario, at the time of the transaction should have been not lower than 6,69 % (i.e. the reference rate for Poland 4,49 % plus 2,20 %, see table 6).
Ob upoštevanju visokega zavarovanja posojila obrestna mera za posojilo v času transakcije v najslabšem primeru ne bi smela biti nižja od 6,69 % (tj. referenčne obrestne mere za Poljsko v višini 4,49 % in 2,20 %; glej tabelo 6).
The IDA loan was granted at a higher interest rate (6,81 %).
Posojilo IRA je bilo odobreno po višji obrestni meri (6,81 %).
In conclusion, the elements put before the Commission allow it to conclude that in deciding to grant the loan to Crist, IDA acted as a private creditor would have done on the basis of the information available and applied an interest rate that corresponded to a market rate.
Nenazadnje, Komisija lahko na podlagi elementov, ki so ji bili predloženi, sklene, da je IRA z odločitvijo o odobritvi posojila podjetju Crist ravnala enako, kot bi ravnal zasebni upnik na podlagi razpoložljivih informacij, in uporabila obrestno mero, ki je ustrezala tržni stopnji.
In the opening decision the Commission questioned the use of the […] Bank loan as a benchmark in this case.
Komisija je v odločitvi o začetku postopka podvomila v uporabo posojila banke […] kot referenčnega merila v tem primeru.
The Commission observed inter alia that the […] Bank loan was different from the IDA loan as it was for a much lower value and that […] Bank only refinanced the transaction which Crist had initially financed from its own funds.
Komisija je med drugim ugotovila, da se je posojilo banke […] razlikovalo od posojila IRA, saj je imelo veliko nižjo vrednost, in da je banka […] refinancirala samo transakcijo, ki jo je podjetje Crist prvotno krilo iz lastnih sredstev.
Moreover, The Commission's prima facie view was that the IDA loan entailed a higher risk compared to the […] Bank loan since its duration was substantially longer than the one provided by […] Bank.
Poleg tega je Komisija sprva menila, da je posojilo IRA pomenilo višje tveganje v primerjavi s posojilom banke […], saj je trajalo bistveno dlje kot posojilo, ki ga je zagotovila banka […].
As outlined in recitals 50 to 55 the Polish authorities reaffirmed their position that it was appropriate to use the […] Bank loan as a benchmark for the IDA loan.
Kot je navedeno v uvodnih izjavah (50) do (55), so poljski organi ponovno potrdili svoje stališče, da je bilo primerno uporabiti posojilo banke […] kot referenčno merilo za posojilo IRA.
Nevertheless, Poland underlined that other elements were taken into consideration prior to the decision to grant the loan.
Kljub temu je Poljska poudarila, da so bili pred odločitvijo o odobritvi posojila upoštevani tudi drugi elementi.
The Commission notes that IDA’s decision to grant the loan to Crist was based on the complex expert analysis of the company’s financial and economic situation which revealed the profitability of the planned investment and that the earlier decision of an independent financing institution, […] Bank, i.e. the benchmark in question, was an additional reference for IDA.
Komisija ugotavlja, da je odločitev agencije IRA o odobritvi posojila podjetju Crist temeljila na zapleteni strokovni analizi finančnega in gospodarskega stanja podjetja, med katero je bila odkrita dobičkonosnost načrtovane naložbe, in da je predhodna odločitev neodvisne finančne institucije, tj. banke […], ki predstavlja zadevno referenčno merilo, služila kot dodatna referenca za agencijo IRA.
The Commission also has regard to the fact that Crist’s purchase of the dry dock constituted the completion of a production line and can therefore be regarded as a less risky step in the realisation of the business strategy than that in relation to which the […] Bank loan was granted.
Komisija upošteva tudi dejstvo, da je nakup suhega doka s strani podjetja Crist pomenil zaključek proizvodne linije in da ga je zato mogoče obravnavati kot manj tvegan korak pri uresničitvi poslovne strategije kot tisti, v zvezi s katerim je bilo odobreno posojilo banke […].
When the […] Bank loan was approved it could not be taken for granted that Crist would be able to complete the last step in the planned investment, i.e. the purchase of the dry dock.
Ko je bilo posojilo banke […] odobreno, ni bilo samoumevno, da bo podjetje Crist lahko zaključilo zadnji korak v načrtovani naložbi, tj. nakup suhega doka.
In addition, the Commission notes that the signature, in the period between the two loans, of the biggest contract in Crist’s history (valued at EUR […] million) strengthens the position of the company as compared to the point in time at which the […] Bank loan was granted.
Poleg tega Komisija ugotavlja, da je bil v obdobju med obema posojiloma s podpisom največje pogodbe v zgodovini podjetja Crist (v vrednosti […] milijonov EUR) položaj podjetja okrepljen v primerjavi s časom, ko je bilo odobreno posojilo banke […].
Finally, the Commission notes that, as demonstrated by the numerous external sources of financing enjoyed by the company at the moment the IDA loan was granted, the financial sector had a positive perception of Crist’s financial potential and its capacity to generate income.
Komisija nazadnje ugotavlja, da je v finančnem sektorju vladalo pozitivno mnenje glede finančnega potenciala podjetja Crist in njegove zmogljivosti ustvarjanja prihodkov, kar dokazujejo tudi številni zunanji viri financiranja, od katerih je imelo podjetje koristi v času odobritve posojila IRA.
The doubts expressed in the opening decision having been addressed, the Commission considers that the conditions of the […] Bank loan, as well as the fact that Crist had access to other sources of external financing, support the conclusion that a private creditor would have provided Crist with a loan on similar conditions to the IDA loan.
Ker so bili dvomi, izraženi v odločitvi o začetku postopka, obravnavani, Komisija meni, da pogoji posojila banke […] in dejstvo, da je imelo podjetje Crist dostop do drugih virov zunanjega financiranja, podpirajo ugotovitev, da bi zasebni upnik zagotovil podjetju Crist posojilo pod podobnimi pogoji kot pri posojilu IRA.
The opening decision noted that although Crist was overall in a sound financial state when the IDA loan was granted, the accounts showed a three year trend of decreasing net results and the market was characterised by overcapacity.
V odločitvi o začetku postopka je bilo navedeno, da so računovodski izkazi kljub na splošno stabilnemu finančnemu stanju podjetja Crist v času odobritve posojila IRA kazali trileten trend slabšanja neto poslovnih izidov, pri čemer je bila na trgu značilna presežna zmogljivost.
The Commission had prima facie doubts as to whether a private investor would have provided financing given the market risks involved and the fact that the financial crisis was far from over when the measure was taken.
Komisija je sprva dvomila, da bi zasebni vlagatelj zagotovil financiranje glede na zadevna tržna tveganja in dejstvo, da finančne krize v času sprejetja ukrepa še zdaleč ni bilo konec.
As outlined in recitals 56 to 60, Poland put forward additional explanations on the elements which led IDA to take the credit decision.
Kot je navedeno v uvodnih izjavah (56) do (60), je Poljska predložila dodatna pojasnila o elementih, ki so prispevali k odločitvi agencije IRA o kreditu.
This included inter alia a three-stage analysis of the financial condition of the company, which revealed a sound creditworthiness and an independent analysis by […].
Ti so med drugim vključevali trifazno analizo finančnega stanja podjetja, ki je pokazala dobro kreditno sposobnost, in neodvisno analizo, ki jo je izvedel […].
Poland underlined that the return on investment based on NPV and IRR was high.
Poljska je poudarila, da je bila donosnost naložbe na podlagi čiste sedanje vrednosti in notranje stopnje donosa visoka.
The Commission has examined the assessment provided by Poland of the profitability of Crist's investment which demonstrates that even although in the end Crist had to pay a higher price than originally assumed for the dry dock (i.e. PLN 175 million), the relevant financial values remain high (NPV and IRR of the investment amount to PLN […]million and […] % respectively on the basis of knowledge at the time of transaction).
Komisija je pregledala oceno, ki jo je Poljska zagotovila o dobičkonosnosti naložbe podjetja Crist in ki kaže, da zadevne finančne vrednosti kljub temu, da je podjetje Crist na koncu moralo plačati višjo ceno za suhi dok, kot je bilo prvotno predvideno (tj. 175 milijonov PLN), ostajajo visoke (neto sedanja vrednost naložbe na podlagi informacij, ki so bile na voljo v času transakcije, znaša […] milijonov PLN, notranja stopnja donosa pa […] %).
From the perspective of a private investor these results indicate that Crist had a sound business plan and that thanks to its investment Crist gained a possibility to gain new contracts in the hydro-engineering sector.
Z vidika zasebnega vlagatelja ti izidi kažejo na to, da je imelo podjetje Crist stabilen poslovni načrt in da je na podlagi svoje naložbe imelo možnost skleniti nove pogodbe v hidroinženirskem sektorju.
In fact, the value of signed contracts indicated a quick development of the company.
Vrednost podpisanih pogodb je dejansko kazala na hiter razvoj podjetja.
The Commission notes that the company’s sales and operational activities indicated a strong positive dynamic.
Komisija ugotavlja, da so prodaja in operativne dejavnosti podjetja kazale močno pozitivno dinamiko.
In addition, the Polish authorities have explained that the fall in net results, which concerned only two years (2008 and 2009, see table 4) was linked to the new business strategy of Crist.
Poleg tega so poljski organi pojasnili, da je bilo poslabšanje neto poslovnih izidov, ki je zadevalo le dve leti (2008 in 2009; glej tabelo 4), povezano z novo poslovno strategijo podjetja Crist.
The doubts in relation to the overall positive assessment of Crist’s financial results are thereby alleviated.
S tem so dvomi v zvezi s splošno pozitivno oceno finančnih izidov podjetja Crist ublaženi.
Concerning the doubts raised as a result of market overcapacity, the Commission observes that while the traditional shipbuilding industry may face overcapacity, Crist, in line with its new strategy laid out in the business plan made available to IDA for the purposes of granting the loan, generated between […] % in 2009 and […] % in 2011 of its revenues on the markets other than traditional shipbuilding (see table 1).
V zvezi z dvomi, izraženimi zaradi presežne zmogljivosti na trgu, Komisija ugotavlja, da je tradicionalna ladjedelniška industrija morda res soočena s presežno zmogljivostjo, vendar je podjetje Crist v skladu s svojo novo strategijo, določeno v poslovnem načrtu, ki je bil na voljo agenciji IRA za namene odobritve posojila, med […] % prihodkov leta 2009 in […] % prihodkov leta 2011 ustvarilo na trgih, ki ne zadevajo tradicionalnega ladjedelništva (glej tabelo 1).
The structure of revenues of Crist and the information on the prospects of the development of marine wind power engineering where the company is primarily active indicate the potential for development and the relatively low risk associated for private investors.
Struktura prihodkov podjetja Crist in informacije o možnostih razvoja inženirstva na področju vetrnih elektrarn na morju, na katerem je podjetje večinoma dejavno, kažejo na potencial za razvoj in sorazmerno nizko tveganje za zasebne vlagatelje.
On the basis of the above, the Commission concludes that the business information available at the time of the transaction contained sufficient elements to allow a private investor to come to the same decision as IDA.
Komisija na podlagi navedenega ugotavlja, da so poslovne informacije, ki so bile na voljo v času transakcije, vsebovale zadostne elemente, da bi lahko zasebni vlagatelj sprejel enako odločitev kot IRA.
This assessment is corroborated by Crist's financial results for 2010-2011, which as an integral part of the business plan can be now assessed from an ex post perspective.
To oceno podpirajo finančni izidi podjetja Crist za obdobje 2010–2011, ki jih je kot sestavni del poslovnega načrta zdaj mogoče naknadno oceniti.
Although in 2010 the company fulfilled only […] % of its sales forecasts, the planned return on sales and net profit margins were exceeded and the net profit generated by Crist amounted to PLN 12,6 million and was […]times higher than the net profit planned for that year.
Čeprav je podjetje leta 2010 uresničilo le […] % svojih napovedi prodaje, so bili načrtovani donos prodaje in stopnje čistega dobička preseženi, pri čemer je čisti dobiček, ki ga je ustvarilo podjetje Crist, znašal 12,6 milijona PLN in je bil […]krat višji od čistega dobička, načrtovanega za navedeno leto.
In 2011 the company’s results further improved with the sales level higher by […] % than planned while the generated net profit exceeded the forecast by […] %.
Leta 2011 so se poslovni izidi podjetja dodatno izboljšali, saj je bila stopnja prodaje za […] % višja od načrtovane, medtem ko je ustvarjeni čisti dobiček presegel napoved za […] %.
The company’s total balance sheets at the end of 2010 and 2011 were higher than planned by […] % and […] % respectively.
Bilančna vsota podjetja je bila konec leta 2010 za […] % višja od načrtovane, konec leta 2011 pa za […] %.
In the opening decision the Commission expressed doubts as to whether certain conditions set out in the Programme had been respected, and in particular whether Crist was eligible under the Programme and whether the loan respected the cap on intensity laid down in the Programme (see recital 15).
Komisija je v odločitvi o začetku postopka izrazila dvome glede tega, ali so bili nekateri pogoji iz programa upoštevani, ter zlasti, ali je bilo podjetje Crist upravičeno po programu in ali je bila pri posojilu upoštevana mejna vrednost intenzivnosti, določena v programu (glej uvodno izjavo (15)).
The Commission notes the explanation of the Polish authorities to the effect that the company was entitled to financing under the Programme and the level of financing of Crist's investment from the IDA fund did not exceed the 80 % programme cap (see recitals 61 to 64).
Komisija upošteva pojasnilo poljskih organov, da je bilo podjetje upravičeno do financiranja po programu in da stopnja financiranja naložbe podjetja Crist iz sklada IRA ni preseglo 80-odstotne mejne vrednosti iz programa (glej uvodne izjave (61) do (64)).
In relation to the second point, the Commission has checked that the cap, as described by the Polish authorities, was respected also on the basis of the information available to IDA at the time it took the decision to grant the loan: financing of PLN 150 million for a total investment of PLN 188,2 million [16] results in an aid intensity of 79,7 %.
V zvezi z drugo točko je Komisija preverila, da je bila mejna vrednost, kot je opisana s strani poljskih organov, upoštevana tudi na podlagi informacij, ki so bile na voljo agenciji IRA v času sprejetja odločitve o odobritvi posojila: financiranje v višini 150 milijonov PLN za celotno naložbo v vrednosti 188,2 milijona PLN [16] pomeni intenzivnost pomoči v višini 79,7 %.
On the basis of these explanations the Commission considers that the doubts as to whether a private investor would have granted the loan have been alleviated.
Komisija na podlagi teh pojasnil meni, da so bili dvomi glede tega, ali bi zasebni vlagatelj odobril posojilo, ublaženi.
Conclusion on the advantage
Sklepna ugotovitev o prednosti
On the basis of the above findings the Commission concludes that the company did not derive any undue advantage from the conditions under which the IDA loan was granted.
Komisija je na podlagi navedenih ugotovitev sklenila, da podjetje glede na pogoje, pod katerimi je bilo odobreno posojilo IRA, ni pridobilo nobene neupravičene prednosti.
In particular the Commission considers that (i) the information in the possession of IDA was such that a private investor would have come to the same decision and that (ii) the interest rate on the IDA loan to Crist corresponds to a market rate.
Komisija zlasti meni, da (i) so bile informacije, ki so bile na voljo agenciji IRA, takšne, da bi zasebni vlagatelj sprejel enako odločitev, in da (ii) obrestna mera posojila IRA podjetju Crist ustreza tržni stopnji.
In view of the fact that the elements indicating the existence of State aid within the meaning of Article 107(1) TFEU are cumulative, the absence of any one of them is decisive.
Ker so elementi, ki kažejo na obstoj državne pomoči v smislu člena 107(1) PDEU, kumulativni, je odsotnost katerega koli od njih odločilna.
There is therefore no need to analyse the other elements identified in recital 66 above.
Zato ni treba analizirati drugih elementov iz uvodne izjave (66) –
The measure, which the Republic of Poland has implemented in favour of Crist S.A., in the form of a loan PLN 150 million at an interest rate of 6,81 %, does not constitute State aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union.
Ukrep, ki ga je Republika Poljska izvedla v korist podjetja Crist S.A. v obliki posojila v višini 150 milijonov PLN in po obrestni meri v višini 6,81 %, ne pomeni državne pomoči v smislu člena 107(1) Pogodbe o delovanju Evropske unije.
OJ C 129 of 4.5.2012, p. 9.
UL C 129, 4.5.2012, str. 9.
Commission Decision of 6 November 2008 on State aid C 19/05 (ex N 203/05) granted by Poland to Stocznia Szczecińska, OJ L 5, 8.1.2010, p. 1, and Commission Decision of 6 November 2008 on State aid C 17/05 (ex N 194/05 and PL 34/04) granted by Poland to Stocznia Gdynia, OJ L 33, 4.2.2010, p. 1.
Odločba Komisije z dne 6. novembra 2008 o državni pomoči C 19/05 (ex N 203/05) Poljske za Stocznia Szczecińska, UL L 5, 8.1.2010, str. 1, in Odločba Komisije z dne 6. novembra 2008 o državni pomoči C 17/05 (ex N 194/05 in PL 34/04) Poljske za Stocznia Gdynia, UL L 33, 4.2.2010, str. 1.
The Commission notes that the sum of the figures provided by Poland in the column for 2010 does not equal 100.
Komisija ugotavlja, da vsota vrednosti, ki jih je predložila Poljska, v stolpcu za leto 2010 ni enaka 100.
The Commission believes this minor discrepancy to be the result of rounding the figures to two decimal places.
Komisija meni, da je to manjše odstopanje posledica zaokroževanja vrednosti na dve decimalni mesti.
Figures in EUR in this Decision are approximations provided only as indications with the exception of the EUR […]million figure, representing the value of the contract between Beluga Hochtief Offshore and Crist, which is denominated in EUR. All figures in PLN are converted into EUR by using the exchange rate EUR 1 = PLN 4.
Vrednosti v EUR v tem sklepu so le okvirni približki z izjemo vrednosti […] milijonov EUR, ki predstavlja vrednost pogodbe med podjetjema Beluga Hochtief Offshore in Crist ter je izražena v EUR. Vse vrednosti v PLN so pretvorjene v EUR na podlagi menjalnega tečaja 1 EUR = 4 PLN.
According to this Article: "The provisions of the Treaties shall not preclude the application of the following rules […] b) any Member State may take such measures as it considers necessary for the protection of the essential interests of its security …".
V tem členu je določeno: „Določbe Pogodb ne izključujejo uporabe naslednjih pravil: […] b) vsaka država članica lahko […] sprejme ukrepe, za katere meni, da so potrebni za zaščito bistvenih interesov njene varnosti […].“
In the letter of 25 November 2010 Poland mistakenly informed the Commission that the interest rate was set at the level of the base rate defined as the 6 month WIBOR (instead of 3 month WIBOR) and that the overall interest rate of the loan received by Crist was 7,02 % (instead of 6,81 %).
V dopisu z dne 25. novembra 2010 je Poljska napačno obvestila Komisijo, da je obrestna mera določena na enaki višini kot izhodiščna obrestna mera, sestavljena iz 6-mesečne obrestne mere WIBOR (namesto 3-mesečne obrestne mere WIBOR), in da je skupna obrestna mera posojila, ki ga je prejelo podjetje Crist, znašala 7,02 % (namesto 6,81 %).
Poland corrected that information by a letter of 27 February 2012.
Poljska je popravila navedene informacije z dopisom z dne 27. februarja 2012.
Warsaw interbank reference rate.
Referenčna obrestna mera WIBOR.
OJ C 14 of 19.1.2008, p. 6.
UL C 14, 19.1.2008, str. 6.
Crist shares income-based valuation method (recommended by an expert) at PLN […] million and mortgage on the real estate (part of Shipyard Area 2) estimated by an expert at PLN 169,5 million.
Delnice podjetja Crist po metodi vrednotenja na podlagi prihodkov, ocenjene (s strani strokovnjaka) na […] milijonov PLN, in hipoteka na nepremičnino (del območja 2 ladjedelnice), ocenjena s strani strokovnjaka na 169,5 milijona PLN.
The value of the contracts concluded at the moment of signing the financing contract.
Vrednost sklenjenih pogodb v času podpisa finančne pogodbe.
Crist had been benefiting from a number of other external private sources of financing.
Podjetje Crist je imelo koristi od številnih drugih zunanjih zasebnih virov financiranja.
They include credits and guarantees from […], […][…], […], […], […]and […] for over PLN […] million in 2010 and amounting to over PLN […] in 2011.
Ti vključujejo kredite in jamstva […], […][…], […], […], […] in […] v višini več kot […] milijonov PLN leta 2010 ter v višini več kot […] milijonov PLN leta 2011.
This includes PLN 38,2 million for the Shipyard Area 1 and PLN 175 million for the Shipyard Area 2.
To vključuje 38,2 milijona PLN za območje 1 ladjedelnice in 175 milijonov PLN za območje 2 ladjedelnice.