natgillin/translations-raw huggingface dataset:
In light of the sale of the transmission network, which was more successful than estimated in the restructuring plan, Denmark sent the following amended figures on TV2’s financial situation (based on subscriptions to the main channel) [51].
Danska je glede na prodajo prenosnega omrežja, ki je bila uspešnejša, kot je bilo predvideno v načrtu prestrukturiranja, posredovala naslednje spremenjene številke o finančnih razmerah TV2 (na podlagi naročnin na glavni program) [51].
Realised
Realizirano
Estimate
Ocenjeno
Profit before tax, continuing activities
Dobiček pred obdavčitvijo, nadaljevanje dejavnosti
Profit before tax, discontinuing activities
Dobiček pred obdavčitvijo, prekinitev dejavnosti
Profit after tax
Dobiček po obdavčitvi
Equity end of year
Kapital ob koncu leta
Net interest-bearing debt end of year
Neto dolg z obrestmi ob koncu leta
On 13 October 2010, […] offered to provide TV2 with additional credit facilities worth DKK […] million.
[…] je 13. oktobra 2010 ponudila, da TV2 zagotovi dodatna kreditna sredstva v vrednosti […] milijonov DKK.
This would increase TV2’s long-term facilities at […] from […] million to DKK […] million [52].
To bi povečalo dolgoročna sredstva TV2 za […] z […] milijonov DKK na […] milijonov DKK [52].
The offer is however subject to the following two conditions:
Vendar je ponudba predmet naslednjih dveh pogojev:
On that basis, TV2 expects to have financial facilities in the range of around DKK […]-[…] million until the end of 2012.
na podlagi tega pričakuje, da bodo njena finančna sredstva do konca leta 2012 znašala okoli […]–[…] milijonov DKK.
This consists of DKK […]-[…] million and the additional external credit facilities of DKK […] million [53].
To predstavlja […]–[…] milijonov DKK in dodatna zunanja kreditna sredstva v višini […] milijonov DKK [53].
Denmark also provided data on TV2’s capital structure.
Danska je zagotovila tudi podatke o kapitalski strukturi TV2.
Due to problems in receiving external financing, in turn due to uncertainty surrounding the pending legal cases and TV2’s business model which is sensitive to advertising revenues, Denmark argued that TV2 should rely less on debt than on equity.
Trdila je, da bi se morala TV2 zaradi težav pri prejemanju zunanje pomoči, ki so bile posledica negotovosti glede nerešenih pravnih zadev in na prihodke iz oglaševanja občutljivega poslovnega modela TV2, manj zanašati na dolg kot na kapital.
The Commission also observes discrepancies between the degree of equity funding of TV2 compared with its peers.
Komisija opaža tudi razhajanja med stopnjo lastniškega financiranja TV2 v primerjavi z njenimi konkurenti.
More specifically, the capital structure can be assessed in terms of solvency ratio, i.e. the ratio of book equity to balance sheet total.
Podrobneje, kapitalska struktura se lahko oceni glede na stopnjo solventnosti, tj. stopnjo lastniških sredstev k skupni bilanci stanja.
PWC (Denmark’s financial consultancy firm) demonstrates that the average (median) solvency ratio of TV2’s peers is approximately […] % ([…] % at the end of 2009) [54].
Podjetje PWC (dansko podjetje za finančno svetovanje) ugotavlja, da je povprečna (mediana) stopnja solventnosti konkurentov TV2 približno […]-odstotna ([…] % konec leta 2009) [54].
The average solvency ratio of TV2’s peers is significantly lower than the solvency ratio that TV2 is expected to have at the end of the restructuring period.
Povprečna stopnja solventnosti konkurentov TV2 je bistveno nižja od stopnje solventnosti, ki naj bi jo imela TV2 ob koncu obdobja prestrukturiranja.
After the sale of the transmission network, the TV2 solvency ratio is […] % at the end of 2010.
Stopnja solventnosti TV2 je po prodaji prenosnega omrežja ob koncu leta 2010 znašala […] %.
Impact of the new financial parameters on the notified restructuring plan
Učinek novih finančnih parametrov na priglašeni načrt prestrukturiranja
Denmark confirmed that none of the originally proposed three aid measures in the restructuring plan has ever been put into place, but that Denmark awaited the Commission’s decision in accordance with the standstill obligation of Article 3 of Regulation (EC) No 659/1999 [56].
Danska je potrdila, da noben od prvotno predlaganih ukrepov pomoči v načrtu prestrukturiranja ni bil izveden in da je Danska v skladu z obveznostjo mirovanja iz člena 3 Uredbe (ES) št. 659/1999 čakala na odločitev Komisije [56].
In light of recent developments, however, only the loan and the credit facility under the restructuring plan as it currently stands are relevant [57].
Vendar so glede na nedavne dogodke pomembni samo posojilo in kreditna sredstva v okviru načrta prestrukturiranja v sedanji obliki [57].
The notified aid measure of a proposed guarantee in relation to the sale of the broadcasting network has become irrelevant and inoperable [58], since the sale has been carried out successfully without a guarantee in place [59].
Priglašeni ukrep pomoči predlaganega jamstva v zvezi s prodajo oddajnega omrežja ni pomemben in ni izvedljiv [58], ker je bila prodaja uspešno izvedena tudi brez jamstva [59].
In the meantime, only the temporary credit facility is in place.
Medtem se izvaja samo začasno posojilo.
In view of the improved financial position of TV2 after the sale of the broadcasting network, Denmark stated that all aid measures can be abolished on the sole condition that the restructuring plan is approved (including the possibility of implementing end-user charges) and that the Commission adopts a decision in the ‘old’ State aid cases that does not involve any additional repayment of State aid to the Danish Government [60].
Danska je glede na izboljšani finančni položaj TV2 po prodaji oddajnega omrežja trdila, da se lahko vsi ukrepi pomoči opustijo pod edinim pogojem, da je načrt prestrukturiranja odobren (vključno z možnostjo izvajanja nadomestil za končne uporabnike) in da Komisija sprejme odločitev v „starih“ zadevah o državni pomoči, ki ne vključuje nikakršnega dodatnega vračila državne pomoči danski vladi [60].
In such a scenario, TV2 says it will have sufficient financing until 2012, when the subscription payments on the main channel will be implemented [61].
trdi, da bo v takem primeru do leta 2012, ko se bodo začela izvajati plačila naročnin za glavni program, finančno dovolj sposobna [61].
The restructuring plan as such is not withdrawn.
Načrt prestrukturiranja kot tak ni bil umaknjen.
That commitment was later clarified to also cover radio channels, but the Danish authorities take the view that this compensatory measure should end when all aid measures are repealed, as they consider this to be the end of the restructuring period [63].
Pozneje je bilo pojasnjeno, da ta zaveza vključuje tudi radijske programe, vendar danske oblasti menijo, da bi se moral ta izravnalni ukrep ukiniti, ko so odpravljeni vsi ukrepi pomoči, saj to štejejo za zaključek obdobja prestrukturiranja [63].
During the Commission’s investigation, the Danish Government decided to put a public service radio channel out to tender [64].
Danska vlada se je med preiskavo, ki jo je izvedla Komisija, odločila, da bo objavila razpis za javni radijski program [64].
The objective of this new radio channel is to establish competition on the Danish radio market for public service programming which, presently, is dominated by the public broadcaster DR with an almost 80 % audience share.
Cilj tega novega radijskega programa je vzpostavitev konkurence na danskem radijskem trgu za izbor javnih programov, na katerem trenutno prevladuje javna radijska in televizijska postaja DR s skoraj 80-odstotnim deležem občinstva.
originally intended to participate in such a tender, in which a bid could be submitted only after aid measures had come to an end.
je sprva nameravala sodelovati na takem razpisu, na katerem bi lahko bila ponudba predložena šele po končanih ukrepih pomoči.
However, during the investigation Denmark confirmed that TV2 will not participate in this tender, due to the Commission’s ongoing investigation [65].
Vendar je Danska med potekom preiskave potrdila, da TV2 zaradi tekoče preiskave, ki jo je izvajala Komisija, ne bo sodelovala na tem razpisu [65].
states that as long as legal cases are pending, only earning ratios are an adequate benchmark for assessing TV2’s financial position in relation to its competitors.
navaja, da so samo razmerja zaslužkov zadostno merilo za ocenjevanje finančnega položaja TV2 v zvezi z njenimi konkurenti, dokler pravne zadeve niso rešene.
However, TV2 acknowledges that capital ratios (like the solvency ratio) will become meaningful only when the uncertainties of business model and the legal disputes have been resolved [66].
Vendar TV2 priznava, da bodo deleži kapitala (kot stopnja solventnosti) smiselni šele takrat, ko bodo pojasnjene negotovosti glede poslovnega modela in razrešeni pravni spori [66].
To that end, Denmark has committed to instructing an independent financial expert at the end of 2012 or early 2013 to conduct an analysis of TV2’s capital structure, comparing it with the capital structure of other relevant media companies.
Danska se je v zvezi s tem zavezala, da bo konec leta 2012 ali v začetku leta 2013 neodvisnega finančnega strokovnjaka zadolžila za izvedbo analize kapitalske strukture TV2, ki jo bo primerjal s kapitalskimi strukturami drugih ustreznih medijskih podjetij.
If TV2’s capital structure deviates markedly from the median or average of the relevant peer group, the Danish Government has made a commitment to adjust the capital structure at the meeting of the General Assembly in April 2013, to rectify the situation.
Danska vlada se je zavezala, da bo v primeru, če bo kapitalska struktura TV2 izrazito odstopala od središčne vrednosti ali povprečja ustrezne skupine konkurentov, na zasedanju Generalne skupščine, ki bo potekal aprila 2013, prilagodila kapitalsko strukturo, s čimer bo popravila razmere.
If there are substantial reasons not to adjust the capital structure, the Danish Government will notify the Commission of an amendment to the restructuring plan.
Če bodo obstajali tehtni razlogi, da se kapitalska struktura ne prilagodi, bo danska vlada Komisijo obvestila o spremembi načrta prestrukturiranja.
The Danish Government undertakes to achieve restructuring of the capital base by dividend payments to be adopted at the General Assembly in April 2013, and not by increasing TV2’s debt, thereby expanding the balance sheet.
Cilj danske vlade je prestrukturiranje lastniškega kapitala s sprejetjem plačil obresti na Generalni skupščini aprila 2013 in ne s povečanjem dolga TV2, pri čemer bi se razširila bilanca stanja.
Denmark has also undertaken to submit the analysis to the Commission, along with the Government’s plans for acting in accordance with the analysis, in good time before the April 2013 meeting.
Danska vlada se je tudi zavezala, da bo Komisiji pravočasno pred sestankom, ki bo potekal aprila 2013, predložila analizo skupaj z načrti vlade za ukrepanje v skladu z analizo.
V. SUMMARY OF THE COMMISSION’S OPENING DECISION OF 2 JULY 2009
V. POVZETEK ODLOČITVE KOMISIJE O ZAČETKU POSTOPKA Z DNE 2. JULIJA 2009
In the decision to initiate the formal investigation, the Commission found that the notified loans and guarantee in the restructuring plan constituted State aid within the meaning of Article 87(1) EC, now 107(1) TFEU, and examined the compatibility of the restructuring plan under Article 87(3)(c) EC, now 107(3)(c) TFEU, in conjunction with the Commission’s restructuring Guidelines [67].
Komisija je v odločitvi o uvedbi formalnega postopka preiskave ugotovila, da priglašena posojila in jamstvo iz načrta prestrukturiranja predstavljajo državno pomoč v smislu člena 87(1) Pogodbe ES, zdaj člena 107(1) PDEU, združljivost načrta prestrukturiranja pa je raziskala glede na člen 87(3)(c) Pogodbe ES, zdaj člen 107(3)(c) PDEU, v povezavi s Smernicami Komisije o prestrukturiranju [67].
The Commission, however, invited comments on whether the application of Article 87 of the EC Treaty (107 TFEU) would obstruct the performance of the public service broadcasting task entrusted to TV2.
Vendar je Komisija pozvala k predložitvi pripomb v zvezi s tem, ali bi izvajanje člena 87 Pogodbe ES (člena 107 PDEU) oviralo izvajanje naloge javnega radijskega in televizijskega oddajanja, za katero je zadolžena TV2.
The Commission raised doubts about the compatibility of the notified restructuring plan in the following respects:
Komisija je izrazila naslednje pomisleke o združljivosti priglašenega načrta prestrukturiranja:
While accepting for the time being that TV2 Danmark A/S was a firm in difficulty within the meaning of the Guidelines, the Commission invited comments given that competitors of TV 2 had pointed out that the cash flow problems were self-inflicted, easily solved and without bearing on the fundamental viability of the company.
čeprav Komisija trenutno priznava, da je bilo podjetje TV2 Danmark A/S v smislu Smernic podjetje v težavah, je pozvala k predložitvi pripomb glede na to, da so konkurenti TV2 poudarili, da so bile težave v zvezi z denarnim tokom samopovzročene, lahko rešljive in niso vplivale na temeljno sposobnost preživetja družbe.
Competitors also claimed that TV2 was profitable in 2008.
Konkurenti so prav tako trdili, da je bila TV2 leta 2008 dobičkonosna;
In addition, taking into account that a restructuring plan must involve the abandonment of activities which would remain structurally loss-making even after restructuring [68], the Commission questioned whether the measures in the restructuring plan were able to render TV2 profitable on a stand-alone basis.
poleg tega je Komisija ob upoštevanju dejstva, da mora načrt prestrukturiranja vključevati opustitev dejavnosti, ki bi iz strukturnega vidika tudi po prestrukturiranju še vedno ustvarjale izgubo [68], dvomila, ali bodo ukrepi iz načrta prestrukturiranja pripomogli k temu, da bo program TV2 sam po sebi dobičkonosen.
Nor was the Commission in a position to corroborate the validity of the general market assumptions underlying the plan (e.g. developments in the advertising market, GDP growth, TV2’s maintenance of audience shares).
Komisija prav tako ne more potrditi veljavnosti splošnih tržnih predpostavk, na katerih temelji načrt (npr. razvoja oglaševalskega trga, rasti BDP, vzdrževanja deleža občinstva TV2);
Given the economic situation in which the restructuring plan is launched, its long duration was questioned.
glede na gospodarske razmere ob uvedbi načrta prestrukturiranja bi lahko bilo njegovo dolgo trajanje vprašljivo;
Moreover, since a successful implementation of the financial and operational restructuring measures included in the restructuring plan by 2010-2011 could render the introduction of user charges on the TV2 channel unnecessary for ensuring the long-term viability of TV2 Danmark A/S, and because there was no assessment of the effects of these charges on competition, the question was raised as to whether the automatic phasing-in of these charges by 2012, which has already been decided, is appropriate.
ker bi bila morda zaradi uspešne izvedbe finančnih in operativnih ukrepov prestrukturiranja za obdobje 2010–2011 iz načrta prestrukturiranja uvedba uporabniških nadomestil za program TV2 nepotrebna, da bi se zagotovila dolgoročna sposobnost preživetja podjetja TV2 Danmark A/S, in ker ni bila opravljena ocena učinkov teh nadomestil na konkurenco, se je poleg tega pojavilo vprašanje, ali je samodejna postopna uvedba teh nadomestil do leta 2012, o kateri je že bila sprejeta odločitev, primerna;
The Commission raised concerns as to whether the sole compensatory measure of a stand-still on launching new TV channels is proportionate to the aid, size and relative importance of TV2 Danmark A/S on the markets on which it is active [69].
Komisija je izrazila pomisleke glede tega, ali je edini izravnalni ukrep v obliki zamrznitve uvedbe novih televizijskih programov sorazmeren s pomočjo, obsegom in relativnim pomenom podjetja TV2 Danmark A/S na trgih, kjer je dejavno [69];
The Commission raised the issue of whether the aid, beyond the contribution to restructuring costs, could be used to finance aggressive market behaviour.
Komisija je izpostavila vprašanje, ali je mogoče, da se pomoč ne bi uporabila zgolj za prispevanje k stroškom prestrukturiranja, temveč tudi za financiranje agresivnega tržnega obnašanja.
SUMMARY OF THE VIEWS OF THE DANISH AUTHORITIES
POVZETEK STALIŠČ DANSKIH ORGANOV
It should be noted that in the following summary of the comments of Denmark and third parties, no comments have been reproduced which relate to the operation of the TV2 Alene card system, as this part of the restructuring plan will not be implemented.
Opozoriti je treba, da v nadaljnjem povzetku pripomb Danske in tretjih strani ni pripomb, ki bi se nanašale na delovanje sistema kartice TV2 Alene, ker ta del načrta prestrukturiranja ne bo izveden.
is a firm in difficulty
je podjetje v težavah
The Danish authorities claim that TV2 is a firm in difficulty, as shown by a PWC report [70], which was later updated [71].
Danski organi trdijo, da je TV2 podjetje v težavah, kot je pokazalo poročilo podjetja PWC [70], ki je bilo pozneje posodobljeno [71].
That view was also maintained in reaction to third-party comments [72].
To stališče je bilo ohranjeno tudi v odzivu na pripombe tretje strani [72].
According to a PWC report carried out shortly before the restructuring notification, TV2 cannot recover through its own resources or by market financing.
Glede na poročilo podjetja PWC, ki je bilo izvedeno tik pred priglasitvijo načrta prestrukturiranja, si TV2 ne more opomoči prek lastnih sredstev ali s tržnim financiranjem.
Denmark also claims that the restructuring plan submitted to the Commission is based on realistic assumptions and scenarios, while showing that the company’s long-term viability will be restored.
Danska prav tako trdi, da načrt prestrukturiranja, ki je bil predložen Komisiji, temelji na realističnih predpostavkah in scenarijih, pri čemer kaže, da bo dolgoročna sposobnost preživetja družbe obnovljena.
The advertising market has deteriorated, however, relative to the base scenario of the restructuring plan.
Vendar pa se je oglaševalski trg glede na osnovni scenarij načrta prestrukturiranja poslabšal.
The operational and financial restructuring measures are analysed as being the maximum that can be undertaken without compromising the quality of programming in the public service channel TV2.
Operativni in finančni ukrepi prestrukturiranja so analizirani kot maksimum, ki se lahko izvaja, ne da bi bila pri tem ogrožena kakovost izbora programov na javnem televizijskem programu TV2.
The measures will force TV2 to better exploit its assets, thus reducing the aid to the minimum necessary.
Ukrepi bodo TV2 prisilili, da bo bolje izkoriščala svoja sredstva, pri čemer se bo pomoč zmanjšala na najmanjšo potrebno.
Since the sale of the broadcasting network had proven to be more successful than anticipated, the Government later gave assurances that all aid measures could be repealed and not implemented once the Commission approved the restructuring plan and the pending State aid case of 19 May 2004 has been settled without higher repayments [74].
Ker je bila prodaja oddajnega omrežja uspešnejša od pričakovane, je vlada pozneje izdala zagotovila, da bi se lahko vsi ukrepi pomoči odpravili in se ne bi izvedli, ko bi Komisija odobrila načrt prestrukturiranja, nerešena zadeva o državni pomoči z dne 19. maja 2004 pa bi se zaključila brez višjih povračil [74].
End-user charges
Nadomestila za končne uporabnike
User charges, which do not qualify as State aid, provide a more stable operating income and will reassure banks as to TV2’s business model.
Uporabniška nadomestila, ki niso državna pomoč, zagotavljajo stabilnejši operativni dohodek in bodo odpravila dvome, ki jih imajo banke v zvezi s poslovnim modelom TV2.
As a result of the restructuring, the EBIT margin of the company as a whole would allegedly be between […] and […] %, which would allow it to manage on its own funds.
Zaradi prestrukturiranja bi bilo kritje dobička družbe kot celote pred obrestmi in davki domnevno […]- do […]-odstotno, kar bi ji omogočilo upravljanje na podlagi lastnih sredstev.
Although changes in the pricing and structure of the distributor packages are impossible to predict, the introduction of user charges for TV2 should not lead to indirect financing from, or capacity reduction for, TV2’s competitors.
Čeprav sprememb pri določanju cen in v strukturi paketov distributerjev ni mogoče predvideti, uvedba uporabniških nadomestil za TV2 ne bi smela voditi v posredno financiranje s strani konkurentov TV2 ali v zmanjšanje njihove zmogljivosti.
This new financing is regarded as a change in TV2’s baseline long-term financing conditions which will put TV2 on equal footing with its private competitors [75].
Ta nov način financiranja se obravnava kot sprememba izhodiščnih dolgoročnih finančnih pogojev TV2, ki bodo TV2 postavili v enakopraven položaj z njenimi zasebnimi konkurenti [75].
Finally, the Danish authorities claim that the proposed compensatory measure of a standstill on launching new TV broadcasting channels (now also radio channels) constitutes a real sacrifice for TV2 Danmark A/S, owing to its interest in a diversification strategy to maintain its overall market share, the loss of revenue incurred and the first-mover advantage that it will confer on competitors, which are currently launching new channels and will continue to do so.
Nenazadnje Danski organi trdijo, da predlagani izravnalni ukrep v obliki zamrznitve uvedbe novih televizijskih programov (zdaj tudi radijskih programov) predstavlja veliko izgubo za TV2 Danmark A/S v zvezi z njenim interesom za strategijo diverzifikacije, da bi ohranila svoj skupni tržni delež, izgubo nastalega prihodka ter prednostjo prvega na trgu, ki jo bodo pridobili konkurenti, ki trenutno uvajajo nove programe in jih bodo uvajali še naprej.
Denmark later took the view that the measure should end when all aid measures have been repealed, i.e. as of the date of this Decision.
Danska je pozneje zavzela stališče, da se mora ukrep zaključiti, ko se odpravijo vsi ukrepi pomoči, tj. z datumom tega sklepa.
As to the idea suggested in the opening decision — of amending TV2’s capacity to broadcast premium content — Denmark points out that TV2’s public service obligation covers sports, including major sporting events, and aid to film production.
Danska v zvezi z idejo, predlagano v odločitvi o začetku postopka, tj. o spremembi zmogljivosti TV2 za oddajanje posebne vsebine, poudarja, da obveznost javnih storitev TV2 obsega šport, vključno z večjimi športnimi dogodki, in pomoč za filmsko produkcijo.
In addition, Denmark argues that the standard contracts preclude TV2 from assigning rights to third parties, which stands in the way of auctioning.
Poleg tega Danska trdi, da tipske pogodbe družbi TV2 preprečujejo dodeljevanje pravic tretjim stranem, kar ovira prodajo na dražbi.
Denmark considers that the restructuring process complies with the provisions of Article 107(3)(c) TFEU.
Danska meni, da je postopek prestrukturiranja v skladu z določbami člena 107(3)(c) PDEU.
However, Denmark acknowledges that according to the PWC income projections, the main channel would still be loss-making after the end of the restructuring period [76].
Vendar priznava, da bi glavni program po končnih napovedih podjetja PWC prinašal izgubo tudi po zaključku obdobja prestrukturiranja [76].
Denmark points out that TV2 is obliged to fulfil a public service mission, which it cannot fail to discharge.
Danska poudarja, da je TV2 zavezana k izpolnitvi naloge opravljanja javne storitve, ki je ne more opustiti.
This special situation of TV2, due to its public service mission, should be taken into account when assessing the case under the rescue and restructuring Guidelines or Article 106(2) TFEU.
Ta poseben položaj TV2, ki je nastal zaradi njene naloge opravljanja javne storitve, se mora upoštevati pri ocenjevanju zadeve v okviru Smernic o pomoči in prestrukturiranju ali člena 106(2) PDEU.
It would be commercially pointless to close the public service channel, as it provides for significant synergies between the main and the niche channels.
Iz komercialnega vidika bi bilo nesmiselno ukiniti javni televizijski program, ker zagotavlja pomembne sinergije med glavnimi in nišnimi programi.