natgillin/translations-raw huggingface dataset:
It follows from that table that for credits over PLN 4 million with an interest rate variability not exceeding 3 months (as in the case of Crist), the average interest rate equalled 5,4 %, i.e. lower than the rate IDA charged Crist.
Iz navedene preglednice izhaja, da je bila povprečna obrestna mera za kredite, višje od 4 milijonov PLN in s spremenljivostjo obrestne mere, ki ne presega 3 mesecev (kot v primeru podjetja Crist), enaka 5,4 %, tj. manjša kot obrestna mera, ki jo je IRA zaračunala podjetju Crist.
The Business Plan
Poslovni načrt
The Polish authorities provided the Commission with Crist's business plan ("the business plan").
Poljski organi so Komisiji predložili poslovni načrt podjetja Crist (v nadaljnjem besedilu: poslovni načrt).
Poland informed the Commission that prior to granting the loan to Crist, IDA had consulted the commercial partners of the company ([…] and […]) as well as private banks, and received answers confirming the financial stability of Crist.
Poljska je obvestila Komisijo, da se je IRA pred odobritvijo posojila podjetju Crist posvetovala s trgovinskima partnerjema podjetja ([…] in […]) in zasebnimi bankami, pri čemer je prejela odgovore, ki so potrdili finančno stabilnost podjetja Crist.
The Polish authorities provided the Commission with these confirmation letters from private banks and also an analysis by […] of the implementation of the business strategy by Crist covering the period prior to IDA's decision to grant the loan.
Poljski organi so Komisiji predložili te potrditvene dopise zasebnih bank, vključno z analizo izvajanja poslovne strategije podjetja Crist, ki jo je izvedel […] in je zajemala obdobje pred odločitvijo IRA o odobritvi posojila.
The business plan assumed that the net present value of the investment project would amount to PLN […] million (EUR […]million) and the internal rate of return would be […] %.
V poslovnem načrtu je bilo predvideno, da bo neto sedanja vrednost naložbenega projekta znašala […] milijonov PLN ([…] milijonov EUR), notranja stopnja donosa pa […] %.
These estimations took as an assumption that the company would pay PLN 150 million for the dry dock.
Te ocene so temeljile na predpostavki, da bo podjetje za suhi dok plačalo 150 milijonov PLN.
In response to the observation of the Commission in the opening decision that in the end the actual price paid was PLN 175 million, Poland submitted an analysis by […].
Poljska je v odgovor na ugotovitev Komisije iz odločitve o začetku postopka, da je na koncu dejanska cena, ki je bila plačana, znašala 175 milijonov PLN, predložila analizo, ki jo je izvedel […].
It shows that the NPV and IRR of the investment amounts to PLN […]million and […] % respectively on the basis of knowledge available at the time of transaction.
Iz nje je na podlagi informacij, ki so bile na voljo v času transakcije, razvidno, da neto sedanja vrednost naložbe znaša […] milijonov PLN, notranja stopnja donosa pa […] %.
[…] adds that with the current knowledge, the NPV and IRR correspond to PLN […]million and […] % respectively.
[…] še dodaja, da na podlagi sedanjega znanja neto sedanja vrednost ustreza […] milijonom PLN, notranja stopnja donosa pa […] %.
The same report contains an overview of the market situation and the development prospects of Crist.
Isto poročilo vsebuje pregled stanja podjetja Crist na trgu in njegovih možnosti razvoja.
The report notes that Crist changed its production profile from traditional shipbuilding to tailor-made vessels, platforms and construction elements at sea.
V poročilu je navedeno, da je podjetje Crist spremenilo svoj proizvodni profil iz tradicionalnega ladjedelništva v prilagojena plovila, ploščadi in gradbene elemente na morju.
This business strategy gives Crist a niche position from which to participate in planned offshore projects in the North Sea and which provides ample opportunities for dynamic growth.
S to poslovno strategijo je podjetje Crist zavzelo nišni položaj, v katerem lahko sodeluje v načrtovanih projektih v Severnem morju in ki mu zagotavlja številne priložnosti za dinamično rast.
[…] concludes that the company is operating in a sector with significant growth potential.
[…] ugotavlja, da podjetje deluje v sektorju z znatnim potencialom za rast.
Poland submitted that as a result of the expert analysis of the business plan IDA concluded that: despite the economic crisis in progress since 2008 the company had recorded positive financial results for the last three years, the value of the signed and negotiated contracts indicated a quick development of the company, the financial forecasts were assessed positively and showed the company’s ability to repay the loan.
Poljska je navedla, da je IRA na podlagi strokovne analize poslovnega načrta ugotovila: da je podjetje kljub gospodarski krizi, ki poteka od leta 2008, v zadnjih treh letih zabeležilo pozitivne finančne izide, da vrednost podpisanih in izpogajanih pogodb kaže na hiter razvoj podjetja ter da so ocene finančnih napovedi pozitivne in kažejo na sposobnost podjetja, da odplača posojilo.
Finally, the Polish authorities observed that, with a net profit of PLN 12,6 million (EUR 2,8 million) in 2010 and PLN 31,6 million (EUR 7,03 million) in 2011, the company generated a net result which exceeded […]times the figures foreseen in the business plan.
Nazadnje so poljski organi ugotovili, da je podjetje s čistim dobičkom v višini 12,6 milijona PLN (2,8 milijona EUR) leta 2010 in 31,6 milijona PLN (7,03 milijona EUR) leta 2011 ustvarilo neto poslovni izid, ki je […]krat presegel vrednosti, predvidene v poslovnem načrtu.
Similarly, it was noted that the company’s total balance sheet at the end of 2011 was higher than planned by around […] %.
Podobno je bilo ugotovljeno tudi, da je bila bilančna vsota podjetja konec leta 2011 za približno […] % višja od načrtovane.
Preferential treatment of the company
Prednostna obravnava podjetja
As regards the alleged preferential treatment of Crist by IDA, the Polish authorities explained first that the company was eligible for Programme funds as Crist's headquarters and two of its centres of business are located in Gdańsk.
V zvezi z domnevno prednostno obravnavo podjetja Crist s strani IRA so poljski organi najprej pojasnili, da je bilo podjetje upravičeno do sredstev iz programa, saj so sedež in dve poslovni središči podjetja Crist v Gdansku.
The investment in Gdynia, which otherwise does not qualify for such funds, did not result in the company’s reallocation of activity but rather in a geographical extension of Crist's activity.
Naložba v Gdynio, ki sicer ne izpolnjuje pogojev za takšna sredstva, ni vplivala na prerazporeditev dejavnosti podjetja, temveč na geografsko širitev dejavnosti podjetja Crist.
With regard to the level of funding, Poland reaffirmed that the level of financing of Crist’s investment from the IDA fund did not exceed the 80 % cap foreseen in the Programme.
V zvezi s stopnjo financiranja je Poljska ponovno potrdila, da stopnja financiranja naložbe podjetja Crist iz sklada IRA ni presegala 80-odstotne mejne vrednosti, predvidene v programu.
Poland stated that the total outlay of the investment programme planned by the company was PLN 188,2 million and encompassed Crist’s purchase of not only the dry dock (Shipyard Area 2) but also the hull assemble area (Shipyard Area 1).
Poljska je izjavila, da so načrtovani skupni stroški naložbenega programa podjetja Crist znašali 188,2 milijona PLN ter so obsegali njegov nakup suhega doka (območje 2 ladjedelnice) in območja za sestavljanje ladijskih trupov (območje 1 ladjedelnice).
Poland explained that both investments together belong to the same production line which allowed Crist to target effectively the renewable energy and off-shore construction markets.
Poljska je pojasnila, da obe naložbi spadata pod isto proizvodno linijo, ki je podjetju Crist omogočila učinkovito usmeritev v trg obnovljivih virov energije in trg gradbeništva na morju.
Only the complete investment programme enabled Crist to change its business model from traditional shipbuilding to tailor-made vessels, platforms and construction elements for off-shore wind farms.
Podjetje Crist je lahko le s pomočjo celotnega naložbenega programa spremenilo svoj poslovni model iz tradicionalnega ladjedelništva v prilagojena plovila, ploščadi in gradbene elemente za vetrne elektrarne na morju.
Therefore the intensity ratio of the whole investment of Crist (PLN 213,2 million [14] to the IDA loan (PLN 150 million) corresponds to 70 % and is well below the 80 % cap established by the Programme.
Zato razmerje intenzivnosti med celotno naložbo podjetja Crist (213,2 milijona PLN [14]) in posojilom IRA (150 milijonov PLN) ustreza 70 %, tj. precej pod 80-odstotno mejno vrednostjo, določeno v programu.
Finally, Poland claimed that the Programme from which the loan for Crist was financed was a commercial programme and not of an aid nature.
Nenazadnje je Poljska trdila, da je program, iz katerega je bilo financirano posojilo za podjetje Crist, komercialne narave in ne pomeni pomoči.
Poland noted that IDA’s decisions to finance certain projects are assessed on a commercial basis by experts having experience from the largest financial institutions in Poland.
Poljska je navedla, da odločitve IRA o financiranju nekaterih projektov ocenjujejo na komercialni ravni strokovnjaki, ki imajo izkušnje iz največjih finančnih institucij na Poljskem.
Existence of State aid within the meaning of Article 107(1) TFEU
Obstoj državne pomoči v smislu člena 107(1) PDEU
Under Article 107(1) TFEU, 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, in so far as it affects trade between Member States, be incompatible with the internal market.
V skladu s členom 107(1) PDEU je vsaka pomoč, ki jo dodeli država članica, ali kakršna koli oblika pomoči iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem ali proizvodnji posameznega blaga, nezdružljiva z notranjim trgom, če vpliva na trgovino med državami članicami.
The classification of a national measure as State aid presupposes that the following cumulative conditions are met: (1) the measure confers an advantage through State resources; (2) the advantage is selective; and (3) the measure distorts or threatens to distort competition and is capable of affecting trade between Member States.
Opis nacionalnega ukrepa kot državne pomoči predpostavlja, da so izpolnjeni naslednji kumulativni pogoji: (1) ukrep zagotavlja prednost iz državnih sredstev; (2) prednost je izbirna; ter (3) ukrep izkrivlja ali bi lahko izkrivljal konkurenco in lahko vpliva na trgovino med državami članicami.
In order to determine whether the measure under investigation constitutes aid, it is necessary to establish whether Crist received an economic advantage which it would not have obtained under normal market conditions, that is conditions on which a private investor would provide financing to Crist
Da bi se ugotovilo, ali ukrep v preiskavi pomeni pomoč, je treba določiti, ali je podjetje Crist pridobilo gospodarsko prednost, ki je ne bi pridobilo pod normalnimi tržnimi pogoji, tj. pogoji, pod katerimi bi zasebni vlagatelj zagotovil financiranje podjetju Crist.
In order to determine whether the measure under examination is compatible with the private investor test, the Commission assessed whether, on the basis of the information available to IDA at the time the decision was taken, a private creditor would have granted Crist a similar credit.
Da bi Komisija ugotovila, ali je ukrep v preiskavi združljiv s preizkusom zasebnega vlagatelja, je ocenila, ali bi na podlagi informacij, ki so bile na voljo IRA v času sprejetja odločitve, zasebni upnik podjetju Crist odobril podoben kredit.
As outlined in recital 33 and following, Poland informed the Commission that prior to the granting of the loan, Crist was subject to a detailed assessment of its economic and financial situation performed by IDA in cooperation with external experts, which led to the determination of Crist’s rating.
Kot je navedeno v uvodni izjavi (33) in nadaljnjih uvodnih izjavah, je Poljska obvestila Komisijo, da je IRA pred odobritvijo posojila v sodelovanju z zunanjimi strokovnjaki izvedla podrobno oceno gospodarskega in finančnega stanja podjetja Crist, na podlagi katere je bila določena bonitetna ocena podjetja Crist.
According to its internal system, IDA qualified Crist’s rating as moderate, which, according to Poland, corresponds at least to the category BB (satisfactory) for the purposes of applying the Reference Rate Communication.
IRA je na podlagi svojega notranjega sistema določila bonitetno oceno podjetja Crist kot zmerno, kar po navedbah Poljske za namene uporabe sporočila o referenčni obrestni meri ustreza vsaj kategoriji BB (zadovoljiva).
With regard to the collateral, Poland submitted all expert valuations and provided detailed explanations concerning each of the elements constituting the loan’s collateral (see recitals 39 to 45).
V zvezi z zavarovanjem je Poljska predložila vse strokovne ocene in podrobna pojasnila glede vsakega elementa, ki predstavlja del zavarovanja posojila (glej uvodne izjave (39) do (45)).
On the basis of those valuations, which indicated that PLN […]million should be retained as the value of the pledge on the shares and an amount in excess of PLN […] million could be attributed to the mortgage over the dry dock, and bearing in mind the Programme condition that collateral should represent at least 150 % of the funding, the value of Crist’s collateral was qualified by IDA as moderate, providing good cover for the credit risk.
Na podlagi navedenih ocen, ki so pokazale, da bi bilo treba kot vrednost zastavne pravice na delnice obdržati […] milijonov PLN in da bi bilo znesek v presežku […] milijonov PLN mogoče pripisati hipoteki na suhi dok, ter ob upoštevanju pogoja iz programa, da mora zavarovanje predstavljati vsaj 150 % financiranja, je IRA zavarovanje podjetja Crist določila kot zmerno, kar je zagotavljalo dobro kritje za kreditno tveganje.
Poland nevertheless submitted that this constituted a prudent approach and that the independent expert collateral valuations indicate the high value of the collateral.
Kljub temu je Poljska navedla, da je bil ta pristop preudaren in da ocene zavarovanja, ki so jih izvedli neodvisni strokovnjaki, kažejo na visoko vrednost zavarovanja.
Finally, on the basis of the moderate level of risk and collateral, the loan by IDA was granted at an interest rate of 6,81 %, calculated as a sum of the base rate (three month WIBOR plus 1,2 %) and an interest margin of 1,8 % (see table 3).
Nenazadnje, na podlagi zmerne stopnje tveganja in zavarovanja je bilo posojilo IRA odobreno po obrestni meri 6,81 %, izračunani kot vsota izhodiščne obrestne mere (trimesečne obrestne mere WIBOR in 1,2 %) in obrestne marže v višini 1,8 % (glej tabelo 3).
Poland submitted that this rate exceeded the minimum interest rate as it would be calculated according to the Reference Rate Communication (see table 6 and recitals 46 to 49).
Poljska je navedla, da je ta obrestna mera presegala minimalno obrestno mero, kot bi bila izračunana v skladu s sporočilom o referenčni obresti meri (glej tabelo 6 in uvodne izjave (46) do (49)).
The Commission notes that while Poland uses 'high collateralisation' for its calculations, the statement holds true even if IDAs assessment of 'moderate' (or normal) collateralisation is applied: base rate plus 220 basis points or 6,69 %.
Komisija ugotavlja, da Poljska za svoje izračune sicer uporablja „visoko zavarovanje“, vendar izjava drži tudi, če se uporabi „zmerno“ (ali običajno) zavarovanje, kot ga je ocenila IRA, in sicer izhodiščna obrestna mera in 220 bazičnih točk oziroma 6,69 %.
As a general remark, the Commission recalls that its preliminary doubts with regard to the interest rate level, contained in the opening decision, were primarily due to the lack of evidence on the company’s rating and the level of collateral.
Komisija na splošno opozarja, da so bili njeni predhodni dvomi glede stopnje obrestne mere iz odločitve o začetku postopka predvsem posledica pomanjkanja dokazov o bonitetni oceni podjetja in stopnji zavarovanja.
In that regard, the Commission notes that in the reply to the opening decision Poland provided the relevant information, which IDA had at its disposal prior to the granting of the loan.
V zvezi s tem Komisija ugotavlja, da je Poljska v odgovoru na odločitev o začetku postopka zagotovila ustrezne informacije, ki jih je imela IRA na voljo pred odobritvijo posojila.
In addition, Poland submitted an ex post valuation of the mortgaged real estate and a report drawn up by […] after the fact but based on the information available at the time the decision to grant the loan was taken.
Poleg tega je Poljska predložila tudi naknadno oceno nepremičnine pod hipoteko in naknadno poročilo, ki ga je pripravil […] in je temeljilo na informacijah, ki so bile na voljo v času sprejetja odločitve o odobritvi posojila.
As regards the collateral, the Commission’s assessment focused on whether the expert valuations were done in a conservative manner such that a private investor would have accepted the collateral on offer.
V zvezi z zavarovanjem se je Komisija pri oceni osredotočila na to, ali so bile strokovne ocene izvedene na konservativen način, tako da bi zasebni vlagatelj sprejel ponujeno zavarovanje.
In this respect, the Commission observes that, depending on the method used, the valuations of Crist’s shares differ significantly (see recital 40).
V zvezi s tem Komisija ugotavlja, da se ocene delnic podjetja Crist znatno razlikujejo glede na uporabljeno metodo (glej uvodno izjavo (40)).
The Commission also notes the criticism by […] as regards the net asset value valuation of PLN […] million, which omits a number of important factors (see recital 45), which in turn result in the underestimation of the value of Crist equity.
Poleg tega Komisija poudarja kritiko […] glede ocene čiste vrednosti premoženja v višini […] milijonov PLN, ki ne upošteva številnih pomembnih dejavnikov (glej uvodno izjavo (45)), kar posledično vpliva na prenizko ocenjeno vrednost kapitala podjetja Crist.
Finally, the Commission observes that the valuations of both […] and […] using the APV method arrive at the same conclusion (i.e. valuation of ca. PLN […]million) and that both independent experts are of the opinion that that method should be considered as more representative.
Komisija nazadnje ugotavlja, da sta […] in […] v svoji oceni na podlagi metode prilagojene sedanje vrednosti oba prišla do enake ugotovitve (tj. da je bila ocenjena vrednost v višini približno […] milijonov PLN) in da oba neodvisna strokovnjaka menita, da bi bilo treba navedeno metodo obravnavati kot bolj reprezentativno.
In addition to providing these valuations to the Commission, Poland proposed to take as a proxy for the value of the collateral on the dry dock, the value of the counter offer by Patia of PLN 166 million, made at the time of the third tender.
Poljska je poleg predložitve teh ocen Komisiji predlagala, da se kot približek za vrednost zavarovanja za suhi dok uporabi vrednost protiponudbe v višini 166 milijonov PLN, ki jo je podjetje Patia oddalo v času tretjega razpisnega kroga.
The Commission notes that such a proxy does appear to represents the value which a competitor of Crist was ready to pay for the dry dock in a situation of the forced sale of that asset.
Komisija ugotavlja, da takšen približek dejansko predstavlja vrednost, ki jo je bil tekmec podjetja Crist pripravljen plačati za suhi dok v primeru prisilne prodaje navedenega premoženja.
Without taking a position on which of the various reports should be retained, the Commission notes that IDA had a range of valuations as to the quality of the collateral on offer, only the most pessimistic of which represented less than 150 % of the loan to be granted, and expert recommendations indicating that the collateralwas sufficient to cover the credit risk.
Komisija, ne da bi zavzela stališče glede tega, katero od poročil bi bilo treba obdržati, ugotavlja, da je IRA imela na voljo različne ocene kakovosti ponujenega zavarovanja, pri čemer so le najbolj pesimistične ocene predstavljale manj kot 150 % odobrenega posojila, in strokovna priporočila, ki so kazala na to, da je zavarovanje zadostovalo za kritje kreditnega tveganja.
On the company’s rating, the Commission critically assessed the contemporaneous evidence submitted by Poland, at the disposal of IDA prior to the decision to grant the loan.
V zvezi z bonitetno oceno podjetja je Komisija kritično ocenila aktualne dokaze, ki jih je predložila Poljska in ki so bili na voljo agenciji IRA pred odločitvijo o odobritvi posojila.
The Commission observes that within its internal rating expert analysis IDA carried out the full ratio analysis of Crist covering the liquidity ratio, turnover, asset-to capital structure and profitability ratios.
Komisija ugotavlja, da je IRA v svoji notranji strokovni analizi bonitetne ocene izvedla celovito analizo razmerij v zvezi s podjetjem Crist, ki so vključevala likvidnost, promet, strukturo premoženja in kapitala ter dobičkonosnost.
In addition, IDA’s assessment covered such elements as: cash flow analysis, financial forecasts, investment effectiveness, break-even point, vulnerability of the project to external factors such as interest rate or currency exchange rate.
Poleg tega je ocena IRA zajemala tudi elemente, kot so analiza denarnega toka, finančne napovedi, učinkovitost naložbe, prag dobička in ranljivost projekta zaradi zunanjih dejavnikov, kot sta obrestna mera ali menjalni tečaj.
The Commission also takes note of the […] report.
Komisija upošteva tudi poročilo […].
Although it post-dates the transaction, that report contains a detailed estimate of Crist’s credit rating and the collateral on offer, on the basis of the same information that IDA had at its disposal at the time of the granting of the loan.
Čeprav je bilo navedeno poročilo pripravljeno po transakciji, vsebuje podrobno oceno bonitetne stopnje podjetja Crist in ponujenega zavarovanja ter temelji na istih informacijah, ki jih je imela IRA na voljo v času odobritve posojila.
The report estimates Crist’s rating to be slightly lower than applied by IDA (BB-B range).
V poročilu je bonitetna ocena podjetja Crist ocenjena kot nekoliko nižja od ocene, ki jo je določila IRA (razpon BB-B).
As regard the collateral, the report considers that […] assets based valuation significantly underestimates the value of Crist equity.
V zvezi z zavarovanjem je v poročilu navedeno, da je v oceni na podlagi premoženja, ki jo je opravil […], vrednost kapitala podjetja Crist znatno prenizko ocenjena.
[…] considers the APV method to be more consistent and commonly used.
[…] meni, da je metoda prilagojene sedanje vrednosti doslednejša in pogosteje uporabljena.
[…] concludes on the basis of its analysis of Crist's rating and the value of the collateral on offer that the interest rate on the IDA loan was not lower than a market rate.
[…] na podlagi svoje analize bonitetne ocene podjetja Crist in vrednosti ponujenega zavarovanja ugotavlja, da obrestna mera posojila IRA ni bila nižja od tržne stopnje.
The Commission also analysed whether the interest rate set by IDA corresponds to the methodology for setting reference rates, which the Commission can apply as a proxy for the market rate as contained in the Reference Rate Communication.
Komisija je analizirala tudi, ali obrestna mera, ki jo je določila IRA; ustreza metodologiji za določanje referenčnih obrestnih mer, ki jih lahko Komisija uporabi kot približek za tržno stopnjo, kot je navedeno v sporočilu o referenčni obrestni meri.
According to the Reference Rate Communication, the reference rate results from the addition of a margin to a base rate corresponding to the 1-year IBOR (the 1-year money market rate in the Member State concerned).
V skladu s sporočilom o referenčni obrestni meri je referenčna obrestna mera vsota razlike in osnovne obrestne mere, ki ustreza enoletni obrestni meri IBOR (tj. enoletni obrestni meri na denarnem trgu v zadevni državi članici).