natgillin/translations-raw huggingface dataset:
67,7 % of its shares are held by companies who are in turn directly or indirectly majority owned by the State.
Triglav Naložbe ima nadzorni svet in upravo.
At the time of granting, Zavarovalnica Triglav's main shareholders were: Zavod za pokojninsko in invalidsko zavarovanje (hereinafter referred to as ‘ZIPZ’, the Pension and Disability Insurance Institute), 100 % state owned, holding a share of 34,5 % in Zavarovalnica Triglav; Slovenska odškodninska družba, d.d.
Nadzorni svet je sestavljen iz treh članov, ki jih imenuje skupščina podjetja.
(hereinafter referred to as ‘SOD’, the Slovenian indemnity incorporation), 100 % state owned, holding a share of 28,1 % in Zavarovalnica Triglav; NLB, d.d., 50 % state owned, holding a 3,1 % share in Zavarovalnica Triglav and HIT d.d., 100 % state owned, holding a 1,1 % share in Zavarovalnica Triglav.
PDP lahko po pogodbi prevzame upravljanje podjetij v državni lasti, ki so v težavah, uveljavlja vse glasovalne pravice, imenuje nadzorni svet in upravo ter za državo izvaja sanacijske ukrepe [4].
None of the other shareholders of Zavarovalnica Triglav had a share that was higher than 1,8 % in the company.
PDP ima deleže v več slovenskih podjetjih, ki so bili prej v lasti paradržavnih skladov [5], in za nekatere od njih išče strateške vlagatelje.
Zavarovalnica Triglav has a supervisory board consisting of 8 members and a management board.
(v nadaljevanju besedila: KD Kapital) je podjetje, dejavno na področju kapitalskih naložb.
Five members of the supervisory board represent the interest of the shareholders and are elected by the general meeting of Zavarovalnica Triglav.
Pripada skupini KD Group [6] in je v zasebni lasti.
The other three members are representing employees' interest.
Deleži v Elanu v različnih obdobjih
Triglav Naložbe is a financial company.
Leta 2007, ko je bil odobren prvi ukrep, so imela delež v Elanu naslednja podjetja: KAD (30,48 %), KAD-PPS (10,3 %), DSU (17,34 %), Triglav Naložbe (13,16 %), Zavarovalnica Triglav (11,89 %) in KD Kapital (16,83 %).
The latter is in turn majority state owned (see recital (14)).
Po tej transakciji so tako v času druge dokapitalizacije imela delež v Elanu naslednja podjetja: KAD (47,31 %), KAD-PPS (10,3 %), DSU (17,34 %), Triglav Naložbe (13,16 %) in Zavarovalnica Triglav (11,89 %).
The remaining capital of Triglav Naložbe is very dispersed among individual investors, none holding a share higher than 0,67 %.
Leta 2010 sta podjetji KAD in DSU prenesli svoja deleža Elana v finančni holding PDP.
Triglav Naložbe has a supervisory board and a management board.
Danes ima PDP 66,4-odstotni delež v Elanu.
The supervisory board consists of three members and is appointed by the general meeting of Triglav Naložbe.
KAD-PPS ima 8,6-odstotni delež, Triglav Naložbe pa 25-odstotni delež.
PDP is a financial holding company, which was established in June 2009.
V razpredelnici 1 je prikazan pregled deležev posameznih družbenikov v času ukrepa 1, ukrepa 2 in maja 2012:
It is owned by three state owned funds, namely KAD, DSU and SOD and acts as a restructuring company on behalf of the Slovenian state.
Razpredelnica 1
PDP may, under contract, take over the management of state owned enterprises in difficulty, exercise all voting rights, install a supervisory board and management board and carry out rehabilitation measures for the state [4].
Subjekt
PDP holds shares in several Slovenian companies previously owned by para-state funds [5] and is searching strategic investors for some of them.
Ukrep 1
(hereinafter referred to as ‘KD Kapital’), a company active in capital investment.
(januar 2007)
KD Kapital belongs to Skupina KD group [6] and is in private ownership.
Ukrep 2
Shares held in Elan at different points in time
(avgust 2008)
In 2007, when the first measure was granted, the following companies held a share in Elan: KAD (30,48 %), KAD-PPS (10,3 %), DSU (17,34 %), Triglav Naložbe (13,16 %), Zavarovalnica Triglav (11,89 %) and KD Kapital (16,83 %).
Maj 2012
In April 2008, KD Kapital sold its share to KAD.
PDP (v lasti KAD, DSU in SOD, ki so v lasti države)
Following this transaction, and at the time of the second capital injection, the following companies held a share in Elan: KAD (47,31 %), KAD-PPS (10,3 %), DSU (17,34 %), Triglav Naložbe (13,16 %) and Zavarovalnica Triglav (11,89 %).
KAD (100 % v lasti države)
In 2010, KAD and DSU vested their Elan shares in the financial holding company PDP.
DSU (100 % v lasti države)
Today, PDP holds 66,4 % of the shares in Elan.
Naložbe(80 % v lasti Zavarovalnice Triglav)
KAD-PPS holds 8,6 % and Triglav Naložbe 25 %.
Zavarovalnica Triglav (v lasti ZIPZ in SOD, ki sta v lasti države)
Table 1 provides an overview of the shares held by each respective shareholder at the time of Measure 1, Measure 2 and in May 2012:
Kapital(zasebno podjetje)
Table 1
Skupaj v lasti države
Entity
OPIS UKREPOV
Measure 1
Dokapitalizacija leta 2007 (ukrep 1)
Measure 2
Elan in njegovi družbeniki so 29. januarja 2007 podpisali pismo o nameri, v katerem so soglašali, da bodo družbeniki dokapitalizirali Elan z 10,225 milijona EUR (približno polovico od 20,2 milijona EUR, predvidenega v strateškem razvojnem načrtu za obdobje 2006–2010).
(August 2008)
Vsi družbeniki so se strinjali, da k dokapitalizaciji prispevajo znesek, sorazmeren z njihovim deležem v Elanu.
May 2012
Odločitev je bila sprejeta na podlagi vrednotenja podjetja, ki ga je pripravilo neodvisno svetovalno podjetje […] [7], in več drugih dokumentov, ki sta jih sestavila sam Elan in njegov večinski družbenik KAD.
PDP (owned by KAD, DSU and SOD, which are in turn owned by the State)
[…] izračun poštene vrednosti podjetja je temeljil na povprečju izračuna (za vsako divizijo) (i) tehtanega povprečja primerljivih razmerij med ceno in prihodki od prodaje nedavno sklenjenih poslov, (ii) razmerij med ceno in dobičkom zadevnih podjetij v letu 2005 in (iii) sedemkratnika vrednosti EBITDA, vključno s 25 odstotki ocenjenega možnega prihranka stroškov.
KAD (100 % state owned)
Od tega povprečja so bili odšteti kratkoročni obrestovani dolgovi in polovica opredeljenih naložb, ki jih ne bi bilo mogoče financirati s predvidenim denarnim tokom podjetja.
PPS (100 % state owned)
KAD je pripravil hitro oceno vrednosti Elana, in sicer po metodi diskontiranih denarnih tokov na podlagi projekcije poslovanja, ki jo je Elan predložil svojemu nadzornemu svetu.
DSU (100 % state owned)
Pred tem, in sicer maja 2006, je Elan družbenike obvestil, da bo kljub usmerjanju vseh prostih denarnih tokov v naložbe, predvidene v strateškem razvojnem načrtu za obdobje 2006–2010, za izvedbo potrebnih naložb potrebna dokapitalizacija [8].
Naložbe(80 % owned by Zavarovalnica Triglav)
Tako je bil Elan dokapitaliziran z 10,225 milijona EUR, od tega je zagotovil posojilo družbenika v višini 5,8 milijona EUR za Elan Winter sport in posojilo družbenika v višini 4,425 milijona EUR za Elan Marine.
DESCRIPTION OF THE MEASURES
Razlog za nasprotovanje KD Kapital je bil spor med KAD in KD Kapital zaradi sprememb v nadzornem svetu Elana.
The capital injection in 2007 (‘Measure 1’)
Kot je pojasnila Slovenija, je bil KD Kapital 50-odstotni družbenik enega od Elanovih konkurentov, Seaway Group d.o.o., hkrati pa si je prizadeval, da bi imel predstavnika v nadzornem svetu Elana.
In 2006, Elan envisaged an ambitious investment programme for the group concerning investments into buildings, equipment and brand marketing, based on a strategic development plan for the period 2006-2010 (drawn up by Elan's supervisory board in December 2005).
KAD je menil, da to ni sprejemljivo glede na udeležbo KD Kapital v podjetju Seaway.
For the years 2006-2007 investments of EUR 20,2 million were planned.
Za rešitev tega vprašanja je v začetku oktobra 2007 KAD ponudil KD Kapital prodajno opcijo, pod pogojem, da KD Kapital glasuje v korist predloga KAD v zvezi s sporom glede članov nadzornega sveta.
In order to finance those investments, Elan proposed a capital increase of EUR 20,2 million to its shareholders.
Po tej ponudbi se je KD Kapital končno strinjal z dokapitalizacijo in, kot je opisano zgoraj, so družbeniki sprejeli uradni sklep o tem oktobra 2007.
In the meantime, in the course of 2006, Elan started to purchase new production equipment, which was also foreseen by the strategic development plan.
Dokapitalizacija leta 2008 (ukrep 2)
On 29 January 2007, Elan and Elan's shareholders signed a letter of intent, in which they agreed that the shareholders would inject EUR 10,225 million into Elan (about half of the EUR 20,2 million foreseen in the strategic development plan 2006-2010).
Kljub dokapitalizaciji novembra 2007 je slaba zimska sezona 2007/2008 (na kar je vplivala predhodna „zelena“ zima 2006/2007) privedla do nadaljnjih težav skupine.
Prior to this, in May 2006, Elan had informed its shareholders that, although it was putting all free cash flows in investments foreseen in the Strategic development plan 2006-2010, additional capital would be needed to realise the necessary investments [8].
Glede na to ozadje je Elan marca 2008 družbenike pozval k novi dokapitalizaciji.
In the following, in November 2006, Elan prepared a more detailed analysis of the effects of a capital increase [9], according to which the investments would lead to a cumulative net profit for the winter sport division of EUR 15,4 million over the period 2006-2010, compared to cumulative net losses without the capital increase of EUR 4,8 million.
V skladu s to zahtevo je Elan pripravil dodatni načrt za sanacijo z dne 8. avgusta 2008 (v nadaljevanju: sanacijski načrt).
Also the cumulative net profit of the marine division for the period 2006-2010 would be higher if the capital increase took place (EUR 14,9 million compared to EUR 8 million).
Vendar se z bankami upnicami ni mogel dogovoriti o reprogramiranju dolga.
At the same time, Elan's majority shareholder KAD estimated the value of the group to be EUR 22,8 million.
Na skupščini so družbeniki Elana na predlog podjetja KAD sklenili, da dokapitalizirajo Elan z 10 milijoni EUR, čeprav pogoj, da naj bi se Elan dogovoril z bankami upnicami o reprogramiranju posojil, ni bil izpolnjen.
The supervisory boards of the shareholders KAD, DSU, Zavarovalnica Triglav and Triglav Naložbe approved the capital injection already in December 2006 and January 2007 respectively.
(34) Nadzorni svet KAD je odobril dokapitalizacijo že pred skupščino družbenikov avgusta 2008; nadzorni sveti drugih družbenikov so sklep o dokapitalizaciji Elana v višini 10 milijonov EUR odobrili najpozneje v začetku septembra 2008.
Formally, the capital increase was confirmed in the shareholder assembly of 25 October 2007.
Družbeniki so svoje prispevke plačali 8. septembra 2008, in sicer v sorazmerju s svojim lastniškim deležem.
The shareholder payments were carried out on 15 November 2007 in proportion to the respective shareholder's ownership share.
Kot je opisno v uvodni izjavi (6), sta se v času odobritve dokapitalizacije z zimskimi dejavnostmi in morskimi dejavnostmi Elana ukvarjali dve hčerinski podjetji, in sicer Elan Winter sport in Elan Marine.
The EUR 10,225 million were injected into Elan, which gave in turn a shareholder loan of EUR 5,8 million to Elan Winter sport and a shareholder loan of EUR 4,425 million to Elan Marine.
Elan je bil dokapitaliziran z 10 milijoni EUR, od tega je vložil 5,924 milijona EUR v Elan Winter sport in 4,076 milijona EUR v Elan Marine.
Those shareholder loans were later converted into equity in Elan Winter sport and Elan Marine.
Dolgoročni načrt 2008–2012
As described above, Elan Winter sport and Elan Marine were merged into their parent company Elan in June 2010 (see recital (6)).
V dolgoročnem načrtu 2008–2012, ki ga je pripravil Elan junija 2008, je bilo najprej opisano ekonomsko-finančno stanje skupine Elan.
One of the reasons for the time lag between the letter of intent and the formal agreement of the shareholders was that KD Kapital, the only private shareholder at that time in Elan, which had a blocking minority, blocked the formal decision for the capital increase.
Predlaganih je bilo več ukrepov za prestrukturiranje na ravni Elan Winter sport (popravki naložb v povezana podjetja, popravki zalog in odpravnine) ter na ravni Elan Marine (popravki zalog, odpravnine, odpis kalupov).
The reason for KD Kapital's blocking was a dispute between KAD and KD Kapital over changes in the supervisory board of Elan.
Poleg teh ukrepov za prestrukturiranje je bilo za Elan Winter sport predvideno naslednje:
KAD considered this not to be acceptable in light of KD Kapital's shareholding in Seaway.
zmanjšanje števila blagovnih znamk,
In order to solve this issue, in the beginning of October 2007, KAD offered KD Kapital a put option, under the condition that KD Kapital voted in favour of KAD's proposal related to the dispute over the supervisory board members.
izboljšave sestave ponudbe izdelkov,
Following this offer, KD Kapital finally agreed to the capital increase, and as described above, the shareholders took the formal decision in October 2007.
reorganizacija režijskih služb.
The capital injection in 2008 (‘Measure 2’)
Za Elan Marine je bilo v dolgoročnem načrtu 2008–2012 predvideno naslednje:
Despite the capital increase of November 2007, the bad winter season of 2007/2008 (affected by the previous ‘green’ winter of 2006/2007) led to further difficulties of the group.
naložbe v novo skupno podjetje, imenovano Elan Yachts, ki naj bi bilo dejavno na področju prodaje in razvoja jadrnic,
The management started talks with the banks to reach an agreement on rescheduling of the banks' claims against Elan and thus to avoid bankruptcy of the company.
Sanacijski načrt
The banks were only willing to do so on condition that Elan's shareholders provided additional capital to the company.
V sanacijskem načrtu, ki ga je pripravil Elan avgusta 2008, je bila najprej predstavljena struktura podjetij v skupini Elan ter finančno-ekonomsko stanje Elan Winter sport in Elan Marine, vključno s podrobno analizo obveznosti in stroškov, pa tudi prihodkov.
Based on a long-term plan for Elan for the period 2008-2012, drawn up by Elan in June 2008 (hereinafter ‘long-term plan 2008-2012’), Elan asked its shareholders more concretely for EUR 25 million in June/July 2008.
Vendar v sanacijskem načrtu niso določeni potrebni zneski.
Elan's shareholders considered the long-term plan 2008-2012 as inadequate to inject EUR 25 million.
Za Elan Winter sport so bili v sanacijskem načrtu predvideni naslednji ukrepi:
In fact, the shareholders were only willing to inject EUR 10 million, and made this capital increase conditional on a prior agreement between Elan and its banks to reschedule Elan's debts.
Za Elan Marine so bili predvideni naslednji ukrepi:
The shareholders also asked for a supplemented long-term plan for Elan [10].
V sanacijskem načrtu je bila nato predstavljena projekcija poslovanja za leta 2008–2012, v skladu s katero naj bi imel Elan Winter sport dobiček od leta 2010 dalje, Elan Marine pa od leta 2011 dalje.
Following this request, Elan prepared an additional Rehabilitation plan, dated 8 August 2008 (hereinafter ‘Rehabilitation plan’).
RAZLOGI ZA SPROŽITEV POSTOPKA
Elan was, however, not able to reach an agreement with its banks on the debt rescheduling.
Kot je opisano zgoraj v uvodnih izjavah (2) in (3), je Komisija 12. maja 2010 odločila, da sproži formalni postopek preiskave („odločitev o sprožitvi postopka“).
On the contrary, one of Elan's creditors, namely SKB banka d.d., started court proceedings to enforce its claims and in August 2008, the Court of Ljubljana served Elan a court order to pay its outstanding debts.
V odločitvi o sprožitvi postopka je predhodno menila, da obe dokapitalizaciji vsebujeta državno pomoč v korist Elan Ski in Elan Marine.
The enforcement of this order would have led to bankruptcy of the company.
Izrazila je dvome, da bi lahko taka državna pomoč štela za združljivo z notranjim trgom.
In light of this, Elan called for an urgent meeting of the shareholders which took place on 28 August 2008.
Najprej je preučila, ali sta podjetji upravičenca v težavah.
During this meeting, following a proposal from KAD, Elan's shareholders decided to inject EUR 10 million into Elan, although the condition that Elan reached an agreement with its banks on rescheduling the loans was not met.
PODJETJE V TEŽAVAH
The supervisory board of KAD approved the capital injection already before the shareholders' meeting in August 2008; the supervisory board of the other shareholders approved the decision to inject EUR 10 million in Elan the latest in early September 2008.
Točka 10 smernic za reševanje in prestrukturiranje določa posebne okoliščine, v katerih se lahko za podjetje šteje, da je v težavah, kot je znatno zmanjšanje kapitala.
The shareholders' payments were carried out on 8 September 2008 in proportion to the respective shareholder's ownership share.
V odločitvi o sprožitvi postopka je veljalo, da Elan Ski in Elan Marine ne izpolnjujeta meril točke 10 smernic za reševanje in prestrukturiranje.
As described in recital (6), Elan's winter sport and marine activities were organised in two subsidiaries at the time of granting, namely Elan Winter sport and Elan Marine.
Vendar lahko v skladu s točko 11 smernic podjetje še vedno velja za podjetje v težavah, če so prisotni običajni znaki podjetja v težavah.
The EUR 10 million were injected into Elan, which then put EUR 5,924 million in Elan Winter sport and EUR 4,076 million in Elan Marine.
Glede na naraščajoče izgube, upadanje prometa in finančne težave skupine Elan na splošno je Komisija menila, da bi se Elan Ski in Elan Marine lahko obravnavala kot podjetji v težavah vsaj v letih 2007 in 2008.
The long-term plan 2008-2012
OBSTOJ DRŽAVNE POMOČI
The long-term plan 2008-2012, drawn up in June 2008 by Elan, described first the economic and financial situation of Elan group.
Najprej je Komisija ocenila, ali sta bila ukrepa opravljena z državnimi sredstvi in ali ju je mogoče pripisati državi.
It proposed several restructuring measures on the level of Elan Winter sport (adjustment of investments in affiliated companies, inventory adjustments and termination benefits) and on the level of Elan Marine (inventory adjustments, termination benefits, write down of marine moulds).
Glede na to, da je KAD v 100-odstotni lasti Slovenije, da Slovenija imenuje vse člane skupščine in nadzornega sveta ter da se predstavniki slovenske vlade udeležujejo vseh sej skupščine in nadzornega sveta, je Komisija predhodno sklenila, da sta bila ukrepa, ki ju je sprejel KAD, opravljena z državnimi sredstvi in ju je mogoče pripisati državi.
In addition to these restructuring measures, the following actions were foreseen for Elan Winter sport:
V zvezi z ukrepi, ki so jih odobrili drugi družbeniki Elana, tj. KAD-PPS, DSU, Triglav Naložbe in Zavarovalnica Triglav, je Komisija sklenila, da je treba v formalnem postopku preiskave preveriti, ali so bili prav tako izvedeni z državnimi sredstvi in ali jih je prav tako mogoče pripisati državi.
Increase of the productivity of the employees; reduction of workforce from 340 to 230 employees;
Nato je Komisija preučila, ali sta ukrepa dala prednost upravičencema.
Reduction of number of trademarks;
Dvomila je, da bi ukrepa prestala preskus načela vlagatelja v tržnem gospodarstvu.
Improvements in product mix;
Pri prvem ukrepu edini zasebni družbenik Elana, KD Kapital, ni želel sodelovati.
For Elan Marine, the long-term plan 2008-2012 foresaw the following actions:
Za upravičenca se je v času dokapitalizacije zdelo, da sta v finančnih težavah.
Investments in a new joint venture, called Elan Yachts, which should be active in sales and development of sailing boats;
Pri drugem ukrepu ni sodelovalo nobeno zasebno podjetje.
Sales of the power and yachting programmes (Elan PBO) for EUR [9,5-11,2] million in order to reduce Elan Marine's debts.
Čeprav sta bila pred odločitvijo družbenikov Elana o dokapitalizaciji pripravljena dolgoročni načrt in sanacijski načrt, so obstajali indici, da sta bila po mnenju družbenikov načrta neustrezna.
The long-term plan 2008-2012 then provided forecasts for the group and its subsidiaries, based on the assumption that the above described restructuring measures and actions were implemented.
Ko je bil drugi ukrep odobren, sta bila Elan Ski in Elan Marine še vedno v finančnih težavah.
According to these forecasts, Elan Winter sport would be profit making from 2010 onwards, and Elan Marine would be profit making from 2011 onwards.
Nazadnje je Komisija menila, da bi ukrepa, ki ju je sprejela Slovenija, lahko izkrivljala konkurenco in prizadela trgovino med državami članicami, saj države članice med seboj vsekakor trgujejo na področjih smučarske opreme in morskih plovil.
The plan concluded that Elan needed additional capital of EUR [23-26] million in order to meet its liquidity needs.
ZDRUŽLJIVOST POMOČI
Only if such capital was provided, Elan could deliver adequate returns to its shareholders.
Komisija je predhodno ocenila, ali sta ukrepa združljiva z notranjim trgom na podlagi smernic za reševanje in prestrukturiranje.
The Rehabilitation plan
Glede na svoje težave in ker v skupini ni drugih močnih podjetij, sta Elan Ski in Elan Marine načeloma upravičena do pomoči za reševanje in prestrukturiranje.
The Rehabilitation plan, drawn up in August 2008 by Elan, first presented the company structure of Elan group and the financial and economic situation of Elan Winter sport and Elan Marine, including a detailed analysis of liabilities, costs but also revenues.
Pri odobrenih ukrepih je šlo za dokapitalizacijo, zato ju ni mogoče obravnavati kot pomoč za reševanje.
It then analysed the operations of Elan Winter sport and Elan Marine from January 2008-June 2008.
Kar zadeva njuno združljivost z notranjim trgom kot pomoč za prestrukturiranje, ni jasno, ali so izpolnjeni vsi ustrezni pogoji za to.
Finally, the plan included a part on the rehabilitation of the company.
Zlasti ni bilo jasno, ali je bila pomoč omejena na najnižjo potrebno vsoto, in nič ni kazalo, da bi upravičenca prispevala lastna sredstva in da bi bili sprejeti izravnalni ukrepi.
According to the plan, the actions proposed in this part could only be realised if fresh capital was injected into Elan and the bank loans were rescheduled.
Prav tako je bilo predhodno preučeno, ali bi bila ukrepa lahko z notranjim trgom združljiva regionalna pomoč.
The Rehabilitation plan did, however, not specify the amounts needed.
Čeprav imata oba upravičenca sedež v regiji, ki je upravičena do pomoči v skladu s členom 107(3)(a) PDEU, ni bilo jasno, ali sta upravičena do take pomoči, ker sta bila v času njene odobritve oba v težavah.
The Rehabilitation plan foresaw the following measures for Elan Winter sport:
PRIPOMBE SLOVENIJE
The following measures were foreseen for Elan Marine:
Na kratko po mnenju Slovenije ukrepa ne pomenita državne pomoči, saj nista bila izvedena z državnimi sredstvi in ju ni mogoče pripisati državi.
The Rehabilitation plan then provided business projections for the years 2008-2012, according to which Elan Winter sport would be profit making as from 2010 and Elan Marine would be profit making as from 2011 onwards.
Tudi če bi izpolnjevala ta pogoja, naj ne bi dajala prednosti upravičencu, ker je Slovenija ravnala v skladu z načelom vlagatelja v tržnem gospodarstvu.
GROUNDS FOR INITIATING THE PROCEDURE
Nadalje Slovenija trdi, da ukrepa nista prizadela trgovine, niti nista izkrivljala konkurence, saj je po mnenju Slovenije trg opreme za zimske športe močno konsolidiran in kaže trend še nadaljnje konsolidacije, Elan pa je bil le šibak konkurent bistveno večjim udeležencem na zadevnem trgu.
As described above in recitals (2)-(3), the Commission decided on 12 May 2010 to open a formal investigation procedure (‘the opening decision’).
Slovenija ni navedla nobenih argumentov glede morebitne združljivosti ukrepa 1 z notranjim trgom, če bi ukrep vključeval državno pomoč.
In this opening decision, the Commission preliminarily considered that the two capital injections involved state aid in favour of Elan Ski and Elan Marine.
Ukrep 2 bi po mnenju Slovenije lahko štel za združljivega z notranjim trgom v skladu s smernicami za reševanje in prestrukturiranje.
It expressed doubts whether such state aid could be considered compatible with the Internal Market.
Državna sredstva in pripisljivost državi