natgillin/translations-raw huggingface dataset:
Poland referred to growing demand for ship repairs associated with an increase in the total number of commercial ships.
Sklicevala se je na vse večje povpraševanje po popravilih ladij, ki je povezano s povečanjem skupnega števila trgovskih ladij.
An OECD forecast for ship repairs in 2007-2015 was invoked as evidence that the market was expected to grow by 110 %.
Kot dokaz, da se za trg napoveduje povečanje za 110 %, je predložila napoved OECD za popravila ladij v obdobju 2007–2015.
Poland also described Nauta’s market position and good commercial relationship with partners in Scandinavia.
Poljska je prav tako opisala tržni položaj družbe Nauta in dobro poslovno razmerje s partnerji v Skandinaviji.
According to Poland, Nauta’s services are of high quality and can successfully compete with the cheaper but lower quality services provided by shipyards in Russia.
Po navedbah Poljske so storitve družbe Nauta visoke kakovosti in lahko uspešno konkurirajo cenejšim, vendar manj kakovostnim storitvam, ki jih opravljajo ladjedelnice v Rusiji.
Optimistic assumptions regarding the future land sale
Optimistične predpostavke glede prodaje zemljišča v prihodnosti
Replying to the Commission’s concerns regarding the assumed value of the Nauta assets used as collateral for the transaction, the Polish authorities stressed that (i) the IDA relied on one pre-transaction valuation prepared by a certified independent surveyor, (ii) the post-transaction valuations of 2011 were based on different land use assumptions (industrial or commercial) and therefore gave different values, (iii) similar transactions concerning nearby plots of land with similar land use restrictions had taken place before and the values obtained were similar to the value of the pre-transaction valuation and were known to the surveyor.
Poljski organi so v odgovor na pomisleke Komisije glede domnevne vrednosti sredstev družbe Nauta, ki so bila uporabljena kot zavarovanje za transakcijo, poudarili, (i) da se je AIR zanesla na oceno pred transakcijo, ki jo je izvedel pooblaščeni neodvisni cenilec, (ii) da so ocene po transakciji iz leta 2011 temeljile na predpostavljeni drugačni rabi zemljišča (za industrijske ali komercialne namene) in se je zato ocenjena vrednost razlikovala (iii) ter da so bile podobne transakcije v zvezi z bližnjimi zemljišči s podobnimi omejitvami glede rabe že izvedene, dosežene vrednosti pa so bile podobne vrednosti, ki je bila ocenjena pred transakcijo, in znane cenilcu.
With regard to the risk associated with the land sale, according to the Polish authorities the fact that the development plan had not been adopted by the city of Gdynia was not a real obstacle for the land forming the object of the sale to be classified as commercial and not industrial land.
V zvezi s tveganjem, povezanim s prodajo zemljišča, so poljski organi navedli, da dejstvo, da mesto Gdynia ni sprejelo razvojnega načrta, ni dejanska ovira za to, da bi bilo zemljišče, ki se je prodajalo, opredeljeno kot komercialno in ne kot industrijsko zemljišče.
The Polish authorities explained the steps to be followed under Polish law prior to the adoption of the development plan, the town-planning study being part of that process.
Poljski organi so pojasnili postopek, ki ga je v skladu s poljsko zakonodajo potrebno izvesti pred sprejetjem razvojnega načrta, pri čemer je urbanistična študija del navedenega postopka.
They referred to a ruling of the Supreme Administrative Court of Poland dated 6 August 2009 which stated that in practice, the study adopted by Gdynia was virtually equivalent to a local development plan.
Sklicevali so se na sodbo poljskega vrhovnega upravnega sodišča z dne 6. avgusta 2009, v skladu s katero je bila študija, ki jo je Gdynia sprejela, praktično enakovredna lokalnemu razvojnemu načrtu.
The court stated that administrative decisions such as construction permits should not contradict a study established for a particular city area.
Sodišče je navedlo, da upravne odločitve, kot so gradbena dovoljenja, ne smejo biti v nasprotju s študijo, izvedeno za določeno mestno območje.
The study provided for the non-industrial use of Nauta's land.
V študiji je bilo zemljišče družbe Nauta predvideno za neindustrijsko rabo.
The Polish authorities also provided documents to substantiate their claim, which stated that a commercial price had been obtained in 2009 in two sales of land neighbouring the assets of Nauta.
Poljski organi so v podporo svoji trditvi tudi zagotovili dokumente, v katerih je bilo navedeno, da je bila tržna cena leta 2009 dosežena v dveh primerih prodaje zemljišč, ki sta mejili na sredstva družbe Nauta.
Rate at which the bonds were issued
Obrestna mera, po kateri so bile izdane obveznice
As regards the low interest rate at which the bonds were acquired by the IDA, the Polish authorities claimed that despite the lack of a formal credit rating, the interest rate properly reflected the risk involved.
V zvezi z nizko obrestno mero, po kateri je AIR kupila obveznice, so poljski organi trdili, da je obrestna mera kljub odsotnosti uradne bonitetne ocene ustrezno izražala povezano tveganje.
The IDA performed an analysis of the financial situation of Nauta prior to the transaction and concluded that the proposed interest rate guaranteed a sufficient risk-adjusted return.
AIR je pred transakcijo analizirala finančno stanje družbe Nauta in ugotovila, da je predlagana obrestna mera zagotavljala zadostno tveganju prilagojeno donosnost.
The Polish authorities drew the attention of the Commission to the following: (i) Nauta had made a profit in the 3 years prior to the transaction and had good financial perspectives, (ii) it had a large cash surplus and no interest-bearing debt, (iii) the value and quality of the collateral justified a low-risk premium, (iv) a higher interest rate would jeopardise the objective of maximising the return on the IDA’s capital investment in Nauta (shares).
Poljski organi so Komisijo opozorili na naslednje: (i) družba Nauta je v treh letih pred transakcijo ustvarila dobiček in imela dobre finančne možnosti, (ii) imela je velike denarne rezerve in ni imela dolgov z obrestmi, (iii) premija z nizkim tveganjem je bila utemeljena z vrednostjo in kakovostjo zavarovanja, (iv) višja obrestna mera bi ogrozila cilj, da se doseže čim večja donosnost kapitalske naložbe AIR v družbo Nauta (delnice).
The Polish authorities also referred to the rating of the Crist Shipyard prepared by the IDA, before a transaction that was assessed by the Commission in a no aid decision dated 25 July 2012 [11].
Poljski organi so se sklicevali tudi na bonitetno oceno ladjedelnice Crist, ki jo je AIR pripravila pred transakcijo, ki jo je Komisija obravnavala v sklepu z dne 25. julija 2012 in za katero je ugotovila, da ne pomeni državne pomoči [11].
The Polish authorities even claimed that Nauta represented a slightly lower risk than Crist and therefore deserved the same (BBB) rating.
Pri tem so celo trdili, da je družba Nauta predstavljala nekoliko nižje tveganje kot ladjedelnica Crist in da bi si zato zaslužila enako bonitetno oceno (BBB).
Poland stated that the IDA’s investment in Nauta bonds was an intra-group investment as the IDA was soon to become the majority shareholder in Nauta (see recital 7 above).
Poljska je navedla, da je bila naložba AIR v obveznice družbe Nauta naložba znotraj skupine, saj je AIR kmalu za tem postala večinski delničar v družbi Nauta (glej uvodno izjavo (7)).
To further support the claim that the IDA's investment in Nauta bonds was profitable, the Polish authorities provided an ex post study by […].
Da bi poljski organi dodatno podprli trditev, da je bila naložba AIR v obveznice družbe Nauta dobičkonosna, so predložili naknadno študijo, ki jo je izvedel […].
Based on pre-transaction data, the study concludes that the return on the investment, including interest income and an increase in the value of the company, amounts to [> 20 %].
Na podlagi podatkov pred transakcijo je bilo v študiji ugotovljeno, da je donosnost naložbe, vključno s prihodki od obresti in povečanjem vrednosti družbe, znašala [> 20 %].
In addition, […] underlines that intra-group investors would be ready to accept a lower risk-adjusted return than a third party.
Poleg tega je […] poudaril, da bi bili vlagatelji znotraj skupine pripravljeni sprejeti nižjo tveganju prilagojeno donosnost kot tretja oseba.
Overall, […] confirmed that the transaction passed the private investor test.
[…] je na splošno potrdil, da je transakcija prestala preskus zasebnega vlagatelja.
THE SECOND MEASURE
DRUGI UKREP
Concerning the Commission’s doubts as regards the economic rationale behind the 2-year extension of the bond redemption by Nauta in 2011, Poland also supplied new information.
V zvezi z dvomi Komisije glede gospodarske logike za dveletno podaljšanje izplačila obveznic s strani družbe Nauta leta 2011 je Poljska zagotovila nove informacije.
It stated that in agreeing to postpone the redemption date the IDA took into account the following factors:
Navedla je, da je AIR, ko je privolila v podaljšanje roka za izplačilo, upoštevala naslednje dejavnike:
the IDA's investment strategy for Nauta as the owner of the company;
svojo naložbeno strategijo za družbo Nauta kot lastnik družbe,
the positive financial situation of Nauta when the decision was taken to extend the maturity and the favourable forecast for the future;
pozitivno finančno stanje družbe Nauta ob sprejetju odločitve o podaljšanju zapadlosti in ugodno napoved za prihodnost,
the improvement in the quality of the collateral following the addition of new property; the total value as appraised by a certified surveyor thus reached an estimated PLN [> 190] million;
izboljšanje kakovosti zavarovanja ob vključitvi nove nepremičnine, s čimer je skupna vrednost, kot jo je ocenil pooblaščeni cenilec, dosegla približno [> 190] milijonov PLN,
the fact that seven buyers expressed an interest in purchasing the land from Nauta even though Gdynia’s development plan for the shipyard area was not yet complete;
dejstvo, da je sedem kupcev izrazilo interes, da bi odkupilo zemljišče od družbe Nauta, čeprav razvojni načrt Gdynie za ladjedelniško območje še ni bil končan,
the likelihood that the Gdynia city authority would agree to adopt the development plan for the shipyard area before 2013.
verjetnost, da bo mestni organ Gdynie privolil v sprejetje razvojnega načrta za ladjedelniško območje pred letom 2013.
EXISTENCE OF STATE AID WITHIN THE MEANING OF ARTICLE 107 (1) OF THE TREATY
OBSTOJ DRŽAVNE POMOČI V SMISLU ČLENA 107(1) POGODBE
Under Article 107(1) of 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, in so far as it affects trade between Member States, be incompatible with the internal market.
V skladu s členom 107(1) Pogodbe 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.
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.
Da bi nacionalni ukrep veljal za državno pomoč, morajo biti izpolnjeni naslednji kumulativni pogoji: (1) ukrep zagotavlja prednost iz državnih sredstev; (2) prednost je izbirna; (3) ukrep izkrivlja ali bi lahko izkrivljal konkurenco in lahko vpliva na trgovino med državami članicami.
EXISTENCE OF AN ADVANTAGE
OBSTOJ PREDNOSTI
In order to determine whether the measure under investigation constitutes aid, it is necessary to establish whether Nauta received an economic advantage which it would not have obtained under normal market conditions, i.e. the conditions in which a private investor or operator would have provided financing to Nauta (the market economy investor principle or ‘MEIP’).
Da bi ugotovili, ali preiskovani ukrep pomeni pomoč, je treba določiti, ali je družba Nauta pridobila gospodarsko prednost, ki je ne bi pridobila pod normalnimi tržnimi pogoji, tj. pogoji, pod katerimi bi zasebni vlagatelj ali akter družbi Nauta zagotovil financiranje (načelo vlagatelja pod tržnimi pogoji).
In order to determine whether the measure under examination is compatible with the MEIP, the Commission assessed whether, on the basis of the information available to the IDA at the time the decision was taken, a private operator would have bought Nauta’s bonds under similar conditions.
Da bi Komisija ugotovila, ali je preiskovani ukrep združljiv z načelom vlagatelja pod tržnimi pogoji, je na podlagi informacij, ki jih je AIR imela na voljo ob sprejetju odločitve, ocenila, ali bi zasebni vlagatelj pod podobnimi pogoji kupil obveznice družbe Nauta.
Analysis of the financial standing of Nauta
Analiza finančnega stanja družbe Nauta
The Commission notes that before a decision to acquire Nauta's bonds was taken the IDA performed an analysis of the financial standing of the company and concluded that the proposed interest rate guaranteed a sufficient risk-adjusted return.
Komisija ugotavlja, da je AIR pred sprejetjem odločitve o nakupu obveznic družbe Nauta analizirala finančno stanje družbe in ugotovila, da je predlagana obrestna mera zagotavljala zadostno tveganju prilagojeno donosnost.
The scope of the analysis included: the business strategy of Nauta, the historical and forecast financial data as well as the risk assessment.
Analiza je zajemala poslovno strategijo družbe Nauta, zgodovinske in napovedane finančne podatke ter oceno tveganja.
The Commission analysed the soundness of the assumptions underlying this analysis.
Komisija je proučila zanesljivost predpostavk, na katerih temelji ta analiza.
First, on the basis of the OECD’s external publications of 2007, the Commission observes that the ship repair market on which Nauta conducts its main business activities had good prospects for growth.
Prvič, Komisija na podlagi zunanjih publikacij OECD iz leta 2007 ugotavlja, da je imel trg popravila ladij, na katerem družba Nauta opravlja svoje glavne poslovne dejavnosti, dobre možnosti za rast.
An OECD forecast for ship repairs showed that in 2007-2015 the market would grow by 110 %.
Napoved OECD za popravila ladij je pokazala, da se bo trg v obdobju 2007–2015 povečal za 110 %.
The company was well-positioned to benefit from this market growth thanks to well-established commercial relationships with customers in Scandinavia and high-quality services that could successfully compete with the services provided by the cheaper but lower-quality shipyards in Russia.
Družba je bila v dobrem položaju, da bi imela koristi od te rasti trga, saj je imela dobre poslovne odnose s strankami v Skandinaviji in je ponujala visokokakovostne storitve, ki so lahko uspešno konkurirale cenejšim, vendar manj kakovostnim storitvam, ki jih opravljajo ladjedelnice v Rusiji.
In this context, Nauta’s investment in the assets of Gdynia Shipyard appeared to be justified by a reasonable expectation of expansion.
Glede na to se zdi, da je bila naložba družbe Nauta v sredstva ladjedelnice Gdynia upravičena zaradi utemeljenega pričakovanja širitve.
The company exceeded its sales revenue forecast in 2011 and again reported a much bigger sales profit than expected, PLN 25 million instead of the forecast PLN 10 million.
Družba je leta 2011 presegla napoved o prihodkih od prodaje in spet poročala o veliko večjem dobičku od prodaje, kot je bilo pričakovano, in sicer v višini 25 milijonov PLN v primerjavi z napovedanimi 10 milijoni PLN.
These results confirm that the financial forecasts were not overly optimistic and that Nauta was able to compete successfully on the market despite an unfavourable overall economic situation.
Ti izidi potrjujejo, da finančne napovedi niso bile preveč optimistične in da je lahko družba Nauta uspešno konkurirala na trgu kljub na splošno neugodnim gospodarskim razmeram.
Secondly, on the basis of the financial statements of the company, Nauta’s business activity was profitable in the pre-transaction period of 2006-2008 as well as in 2009 – the year of the transaction (see Table 1 above).
Drugič, iz računovodskih izkazov družbe Nauta je razvidno, da je bila poslovna dejavnost družbe v obdobju pred transakcijo, tj. v obdobju 2006–2008, in leta 2009, ko je bila transakcija izvedena, dobičkonosna (glej tabelo 1).
The company had a positive return on equity (ROE), return on sales (ROS) and return on assets (ROA).
Družba je imela pozitivno donosnost lastniškega kapitala, donosnost prodaje in donosnost (celotnih) sredstev.
Financial projections suggested that the company would increase its sales revenue and sales profit.
Po finančnih napovedih naj bi družba povečala svoje prihodke in dobiček od prodaje.
In view of the market prospects and the business strategy of the company this forecast appeared reasonable.
Glede na tržne možnosti in poslovno strategijo družbe se zdi, da je bila ta napoved razumna.
Thirdly, the risk associated with the investment was limited since prior to the transaction Nauta had a large cash surplus (more than PLN 34 million at the end of 2008) and no interest-bearing debt.
Tretjič, tveganje v zvezi z naložbo je bilo omejeno, ker je družba Nauta pred transakcijo imela velike denarne rezerve (več kot 34 milijonov PLN na koncu leta 2008) in ni imela dolgov z obrestmi.
For the above reasons, the Commission concludes that the ex ante analysis performed by the IDA was based on reasonable assumptions and that the IDA behaved in the same way as a private investor.
Iz navedenih razlogov Komisija ugotavlja, da je predhodna analiza, ki jo je izvedla AIR, temeljila na razumnih predpostavkah in da je AIR ravnala enako kot zasebni vlagatelj.
Apart from assessing the analysis performed by the IDA prior to the investment, the Commission has also analysed whether the interest rate on the bonds was in line with the applicable reference rate.
Komisija je poleg ocene analize, ki jo je AIR izvedla pred naložbo, proučila tudi, ali je bila obrestna mera za obveznice v skladu z veljavno referenčno obrestno mero.
The interest rate at which Nauta’s bonds were acquired by the IDA amounted to 5,15 % in the first year and 5,42 % in the second year, i.e. effectively 5,28 % p.a.
Obrestna mera, po kateri je AIR kupila obveznice družbe Nauta, je v prvem letu znašala 5,15 %, v drugem pa 5,42 %, kar pomeni, da je letna obrestna mera znašala 5,28 %.
Given that the base rate for Poland in November 2009 amounted to 4,53 %, the rate accepted by the IDA for the investment in Nauta's bonds would be higher than the applicable reference rate (composed of the base rate and relevant margin) provided that the rating of Nauta when the measure was applied was at least ‘good’ (BBB) and the collateral ‘high’.
Glede na to, da je osnovna obrestna mera za Poljsko novembra 2009 znašala 4,53 %, je bila obrestna mera, ki jo je AIR sprejela za naložbo v obveznice družbe Nauta, večja od veljavne referenčne obrestne mere (sestavljene iz osnovne obrestne mere in ustrezne razlike), če je bila bonitetna ocena družbe Nauta v času uporabe ukrepa vsaj „dobra“ (BBB), zavarovanje pa „visoko“.
Nauta's rating
Bonitetna ocena družbe Nauta
The Polish authorities could not communicate to the Commission Nauta’s contemporaneous credit rating as the company did not have any interest-bearing debt when the bonds were issued.
Poljski organi Komisiji niso mogli sporočiti aktualne bonitetne ocene družbe Nauta, saj družba v času izdaje obveznic ni imela nobenih dolgov z obrestmi.
Therefore, the Commission compared the rating Nauta could have obtained with the rating attributed by the IDA to another Polish shipyard (Crist) prior to a transaction in 2010, which had been previously assessed by the Commission [12].
Zato je Komisija primerjala bonitetno oceno, ki bi jo družba Nauta lahko prejela, z bonitetno oceno, ki jo je AIR pred transakcijo leta 2010 dala drugi poljski ladjedelnici (Crist) in ki jo je Komisija pred tem že obravnavala [12].
The Polish authorities argued that the situation of Nauta was similar to the situation of Crist and therefore Nauta could have received the same rating.
Poljski organi so trdili, da je bil primer družbe Nauta podoben primeru ladjedelnice Crist in da bi zato lahko družba Nauta prejela enako bonitetno oceno.
The Commission first notes that Nauta's main market, the ship repair market, had good growth prospects.
Prvič, Komisija ugotavlja, da je imel glavni trg družbe Nauta, tj. trg popravila ladij, dobre možnosti za rast.
Like Crist, Nauta had been present on the market for a long time and had an established customer network and competitive position.
Družba Nauta je bila tako kot ladjedelnica Crist že dolgo prisotna na trgu ter je imela vzpostavljeno mrežo strank in konkurenčni položaj.
Secondly, although Crist reported higher net profits in the 3-year period prior to the transaction, Nauta recorded better profitability than Crist, as measured by ROA and ROS, during that period.
Drugič, čeprav je ladjedelnica Crist v triletnem obdobju pred transakcijo poročala o večjih neto dobičkih, je družba Nauta glede na donosnost (celotnih) sredstev in donosnost prodaje v navedenem obdobju zabeležila večjo dobičkonosnost kot ladjedelnica Crist.
Thirdly, Crist was highly indebted while Nauta did not have any interest-bearing debt, therefore the risk of default of the latter was lower.
Tretjič, ladjedelnica Crist je bila zelo zadolžena, medtem ko družba Nauta ni imela nobenih dolgov z obrestmi, zato je bilo tveganje neplačila pri slednji nižje.
In addition Nauta had at the time of the transaction a significant cash surplus of more than PLN 34 million whereas Crist's cash surplus was less than PLN 9 million.
Poleg tega je imela družba Nauta v času transakcije velike denarne rezerve v višini več kot 34 milijonov PLN, medtem ko so denarne rezerve ladjedelnice Crist znašale manj kot 9 milijonov PLN.
Fourthly, as discussed below, in both cases the value of the collateral covered the risk of the financing with a Loss Given Default (LGD) of between 0 and 30 %.
Četrtič, kot je obravnavano v nadaljevanju, je vrednost zavarovanja krila tveganje financiranja z izgubo ob neplačilu med 0 % in 30 %.
In the light of the above, the Commission considers that it was not unreasonable for the IDA to consider that Nauta’s rating in 2009 could be assessed as similar to the rating of Crist, which was assessed by the IDA as BBB.
Glede na navedeno Komisija meni, da ni bilo nerazumno, da je bila AIR mnenja, da bi bilo bonitetno oceno družbe Nauta leta 2009 mogoče obravnavati podobno kot bonitetno oceno ladjedelnice Crist, ki jo je AIR ocenila kot BBB.
As regards the value of the collateral, Poland claimed that it should be assessed as ‘high’.
V zvezi z vrednostjo zavarovanja je Poljska trdila, da bi jo bilo treba oceniti kot „visoko“.
A high value of collateral should represent a LGD value of between 0 and 30 %.
Visoka vrednost zavarovanja bi morala predstavljati vrednost izgube ob neplačilu med 0 % in 30 %.
As the transaction’s nominal value was PLN 120 million, the collateralisation would be high if the value of the collateral provided corresponded to a range between PLN 84 million and PLN 120 million.
Ker je nominalna vrednost transakcije znašala 120 milijonov PLN, bi bilo zavarovanje visoko, če bi vrednost zagotovljenega zavarovanja ustrezala razponu med 84 milijoni PLN in 120 milijoni PLN.
The only ex ante appraisal of Nauta’s land available to the IDA indicated a price of PLN [> 168] million on the basis of the assumption that the land could be used for commercial purposes, as envisaged by the city of Gdynia in its approved urban development study.
V edini predhodni oceni zemljišča družbe Nauta, ki jo je imela AIR na voljo, je bila navedena cena v višini [> 168] milijonov PLN, in sicer ob predpostavki, da bi bilo zemljišče mogoče uporabljati za komercialne namene, kot je mesto Gdynia predvidelo v odobreni urbanistični študiji.