natgillin/translations-raw huggingface dataset:
As a preliminary point, the Commission examined whether the beneficiaries were companies in difficulty.
Slovenija trdi, da ni vplivala na povečanje osnovnega kapitala Elana.
COMPANY IN DIFFICULTY
Slovenija opozarja, da morajo biti ukrepi, da bi šteli za državno pomoč, izvedeni neposredno ali posredno z državnimi sredstvi in da jih mora biti mogoče pripisati državi.
Point 10 of the Rescue and Restructuring Guidelines lays down certain circumstances under which a company can be presumed to be in difficulties, such as a significant decrease in capital.
Strinja se, da je pogoj o „državnih sredstvih“ izpolnjen, če ima država članica nad podjetjem prevladujoč vpliv.
In the opening decision, it was considered that Elan Ski and Elan Marine did not meet the criteria of Point 10 of the Rescue and Restructuring Guidelines.
Vendar pa na podlagi dejstva, da država članica lahko izvaja prevladujoč vpliv nad podjetjem, še ni mogoče samodejno predpostavljati, da je v konkretnem primeru takšen vpliv tudi v resnici izvajala.
However, according to Point 11 of the Guidelines, a company may still be considered to be in difficulty where the usual signs of a company being in difficulty are present.
V zvezi s tem se Slovenija sklicuje na sodbo Stardust Marine [11], v kateri je določen niz indicev za ugotavljanje, ali je država v konkretnem primeru takšen vpliv dejansko izvajala.
In light of increasing losses, decreasing turnover and the difficult financial situation of the Elan group overall, the Commission considered that Elan Ski and Elan Marine could be seen as companies in difficulty at least in the years 2007 and 2008.
Ti indici zajemajo vključenost v strukture javne uprave, naravo dejavnosti podjetja in njihovo izvajanje na trgu ob normalnih konkurenčnih pogojih z drugimi zasebnimi gospodarskimi subjekti, pravni status podjetja ter intenzivnost nadzora, ki ga izvaja državna oblast nad upravljanjem podjetja.
EXISTENCE OF STATE AID
Slovenija poudarja, da je treba ustrezno upoštevati dejstvo, ali je podjetje ustanovljeno po zasebnem pravu.
First, the Commission assessed whether the measures stem from state resources and whether they are imputable to the state.
V zvezi s tem je Slovenija navedla naslednje argumente za vsak subjekt, vključen v dokapitalizaciji:
In light of the fact that KAD is 100 % owned by Slovenia, that Slovenia appoints all members of the assembly and the supervisory board, and that representatives of the Slovenian government take part in all assembly and supervisory board meetings, the Commission concluded preliminarily that the measures taken byKAD stem from state resources and are imputable to the State.
KAD je pravna oseba zasebnega prava, ki posluje na trgu pod konkurenčnimi pogoji.
Concerning the measures granted by the other owners of Elan, which are KAD-PPS, DSU, Triglav Naložbe and Triglav Insurance, the Commission concluded that it had to be verified during the formal investigation procedure whether they also stemmed from state resources and were imputable to the State.
Čeprav je pod nadzorom države, zgolj na podlagi tega ni mogoče sklepati, da je ocenjevani dokapitalizaciji mogoče pripisati državi.
Secondly, the Commission examined whether the measures conferred an advantage to the beneficiaries.
Vpletenost države v dokapitalizaciji ni dokazana, in sicer iz naslednjih razlogov: poslovanje KAD ureja slovenski zakon o gospodarskih družbah (ZGD-1), razpolaganja z njegovimi sredstvi ne omejuje noben zakon, KAD se financira izključno iz dividend, obresti in drugih prihodkov, ki izvirajo iz naložb in poslovanja, ter sklep o dokapitalizaciji Elana je sprejel nadzorni svet, ki je neodvisen pri svojem odločanju.
It was doubted that the measures would meet the market economy investor test.
Čeprav je res, da je država KAD poverila nalogi v javnem interesu, in sicer upravljanje pokojninskih skladov in dokončanje privatizacije podjetij, ta javni interes na ukrepe, ki jih sprejme KAD, ne more vplivati tako, da bi bilo treba za te ukrepe šteti, da jih je mogoče pripisati državi.
In the first measure, the only private shareholder in Elan, KD Kapital, did not want to participate.
Podjetje DSU je v neposredni lasti države, vendar ga država ne financira in njegov namen je maksimiranje vrednosti lastnih naložb.
It appeared that the measure was not based on a business plan or other information on potential return on the investment in the future.
Čeprav je res, da je država DSU poverila nalogi v javnem interesu, in sicer upravljanje pokojninskih skladov in dokončanje privatizacije podjetij, ta javni interes na ukrepe, ki jih sprejme DSU, ne more vplivati tako, da bi bilo treba za te ukrepe šteti, da jih je mogoče pripisati državi.
At the time of the capital injection, the beneficiaries seemed to have been in financial difficulties.
Zavarovalnica Triglav je samo v posredni lasti države in njene dejavnosti so izključno tržno pogojene.
In the second measure, no private company participated.
Država nima neposrednega vpliva na njeno poslovanje.
While it was true that a long-term plan and a Rehabilitation plan were set up before the shareholders decided on the capital injection, there were indications that the shareholders of Elan considered those plans as inadequate.
Res je, da člane nadzornega sveta Zavarovalnice Triglav izvolijo delničarji, vendar so izvoljeni kot fizične osebe in nobeden od njih ni imel položaja v slovenski vladi ali upravi.
Thirdly, the Commission considered that the measures taken by Slovenia were likely to distort competition and affect trade between the Member States, as there is indeed trade between Member States in skiing equipment and marine oriented crafts.
Namen podjetja je ustvarjanje dobička.
COMPATIBILITY OF THE AID
Država nima neposrednega vpliva na poslovanje podjetja Triglav Naložbe in njegov nadzorni svet sestavljajo neodvisne fizične osebe.
The Commission preliminarily assessed whether the measures were compatible under the Rescue and Restructuring Guidelines.
Poleg tega je podjetje Triglav Naložbe dokapitalizacijo financiralo s posojilom, najetim po tržnih pogojih.
In light of their difficulties, and in the absence of other strong companies in the group, Elan Ski and Elan Marine are in principle eligible for rescue and restructuring aid.
Obstoj prednosti
As the measures granted took the form of a capital increase, they could not be considered as rescue aid.
Slovenija navaja, da ukrep 1 ni dal prednosti Elanu, in sicer iz naslednjih razlogov: decembra 2005 je Elan sprejel strateški razvojni načrt za obdobje 2006–2010, vključno s podrobnimi razvojnimi načrti za takratna hčerinska podjetja Elana.
As regards their compatibility as restructuring aid, it was unclear whether all the respective conditions were met.
V razvojnem načrtu 2006–2010 so bile predvidene naložbe v zimsko in morsko divizijo.
In particular, it was unclear whether the aid was limited to the minimum necessary and there was no indication of own contribution and compensatory measures.
KAD, večinski družbenik Elana, je novembra 2006 opravil lastno oceno predlagane dokapitalizacije in ugotovil, da bi bila dokapitalizacija dobra naložba.
It was also preliminarily examined whether the measures could be compatible regional aid.
Tudi podjetje Triglav Naložbe je preučilo napovedi Elana in se na podlagi tega strinjalo z dokapitalizacijo.
While both beneficiaries are located in a region eligible for aid under Article 107(3)(a) TFEU, it was unclear, whether they were eligible for such aid, as both beneficiaries were in difficulty at the time of granting.
Poleg tega so družbeniki Elana zahtevali neodvisno cenitev skupine, za to nalogo pa je bilo izbrano podjetje […] (glej uvodno izjavo (24)).
COMMENTS FROM SLOVENIA
Cenitev je pokazala, da so naložbe potrebne, da pa bi se lahko v vsakem primeru povrnile s prodajo deležev strateškim partnerjem po pošteni vrednosti.
Slovenia submitted its comments with letters dated 9, 10 and 16 June 2010.
Po mnenju Slovenije so družbeniki to odločitev sprejeli, da bi si zagotovili primeren donos na vloženi kapital, in so torej ravnali v skladu z načelom vlagatelja v tržnem gospodarstvu.
Additional information was sent on 10 October 2011 and by letters dated 6 March, 30 March, 13 April, 16 April, 23 April, 10 May, 15 May and 30 May 2012 (see recital (4)).
Kar zadeva dejstvo, da se je skupščina družbenikov uradno strinjala z dokapitalizacijo šele oktobra 2007, Slovenija pojasnjuje, da je zamudo povzročil spor med KD Kapital, zasebnim manjšinskim družbenikom Elana, in KAD, večinskim družbenikom Elana.
In summary, according to Slovenia the measures do not involve state aid, as they do not stem from state resources and are not imputable to the State.
KD Kapital je bil 50-odstotni družbenik enega od Elanovih konkurentov, Seaway Group d.o.o.
Even if they fulfilled these requirements, the measures would not give an advantage to the beneficiary, as Slovenia has acted in line with the market economy investor principle.
Hkrati si je prizadeval, da bi imel zastopnika svojih interesov v nadzornem svetu Elana, česar drugi družbeniki niso želeli sprejeti glede na njegovo udeležbo v konkurenčnem podjetju.
Further, Slovenia puts forward that the measures did not affect trade nor distort competition given that, according to Slovenia, the winter sports hardgood market is highly consolidated with a trend of further consolidation. and that Elan was only a weak competitor to much larger players in that market.
Spor se je razrešil, ko je KAD ponudil KD Kapital prodajno opcijo.
Slovenia brings no arguments forward as regards potential compatibility of Measure 1 with the Internal market, if the measure involved state aid.
Po taki razrešitvi spora so vsi družbeniki Elana, vključno s KD Kapital, uradno soglašali z dokapitalizacijo Elana v višini 10,225 milijona EUR.
In Slovenia's view, measure 2 could be considered compatible according to the Rescue and Restructuring Guidelines.
Slovenija navaja, da je Elanu v začetku leta 2008 grozila plačilna nesposobnost.
State resources and imputability
Nadzorni svet in družbeniki so se takoj odzvali in imenovali nove člane uprave Elana, ki se je začela pogajati z bankami upnicami Elana o reprogramiranju dolgov.
Slovenia brings forward that it had no influence in the increase of share capital of Elan.
Vendar so banke zahtevale, naj družbeniki podjetje dodatno dokapitalizirajo.
It recalls that in order to be considered state aid, measures must be granted directly or indirectly through state resources and that the measures must be imputable to the State.
Glede na to je Elan maja 2008 s pomočjo zunanjega svetovalca pripravil strategijo zasuka, junija 2008 je sestavil dolgoročni načrt 2008–2012, avgusta 2008 pa je uprava Elana sprejela sanacijski načrt.
It agrees that if a Member State has a dominant influence over an undertaking, the condition of ‘state resources’ is fulfilled.
Družbeniki so se 11. julija 2008 strinjali z dokapitalizacijo, vendar pod pogojem, da banke najprej pristanejo na reprogramiranje dolgov na podlagi navedenih dokumentov.
However, it cannot be automatically presumed if a Member State is in a position to exercise dominant influence over an undertaking, that it actually exercised such influence in a particular case.
Poleg tega Slovenija navaja, da so družbeniki pri tem upoštevali vrednost podjetja, kot jo je določila neodvisna revizijska družba [12] pri ocenjevanju vrednosti lastniškega kapitala Elana.
In this context, Slovenia refers to the Stardust Marine judgment [11] that set out a set of indicators to determine whether the State actually exercised such influence in a particular case.
V skladu s to oceno je tržna vrednost Elana na dan 31. decembra 2007 znašala 38059000 EUR.
These indicators include the integration into the structures of the public administration, the nature of a company's activities and the exercise of the latter on the market in normal conditions of competition with private operators, the legal status of the undertaking, the intensity of the supervision exercised by the public authorities over the management of the undertaking.
Poleg tega so družbeniki upoštevali še hitro oceno vrednosti Elana z dne 1. julija 2008.
Slovenia points out that appropriate weight shall be given to the fact whether an undertaking was established under private law.
Nazadnje so 28. avgusta 2008 sklenili, da dokapitalizirajo podjetje brez predhodnega dogovora z bankami o reprogramiranju dolga.
In this context, Slovenia brings forward arguments for each entity involved in the capital injections, as follows:
Izkrivljanje konkurence in vpliv na trgovino
KAD is a private law entity that operates on the market under competitive conditions.
Slovenija navaja, da ukrepi niso mogli izkrivljati konkurence in da tudi niso prizadeli trgovine.
Although KAD is state controlled, it cannot be concluded on that basis alone that the recapitalisations under assessment are imputable to the State.
Po eni strani je bil Elan v času, ko sta bili dokapitalizaciji odobreni, šibak konkurent veliko večjim udeležencem na trgu smuči.
State involvement in the recapitalisations has not been demonstrated for the following reasons: KAD's actions are regulated by the Slovenian Company Act (‘ZGD-1, Zakon o gospodarskih družbah’); disposal of its assets is not restricted by law; KAD is financed exclusively from dividends, interest and other revenues generated by investments and business operations; and the recapitalisation of Elan was decided by the supervisory board, which is independent in its decision making.
Po drugi strani so tudi konkurenti Elana potrebovali ukrepe svojih zasebnih družbenikov ali delničarjev, da so pokrili izgube v letih 2007–2008.
While it is true that KAD is entrusted by the State with managing pension funds and concluding privatisations of companies, the public interest lying in those tasks cannot influence measures taken by KAD in a way that those actions should be considered as imputable.
ZDRUŽLJIVOST
Zavarovalnica Triglav is only indirectly owned by the State and its activities are exclusively market based.
Dejansko Slovenija trdi, da je Elan po dokapitalizaciji leta 2008 neoporečno izvedel svoje načrte in uspel reprogramirati svoja kratkoročna posojila.
The State has no direct influence on its operations.
Januarja 2009 je bil sprejet program presežnih delavcev in oktobra 2009 je Elan prodal hčerinski podjetji Elan Yachting d.o.o. in Elan Marine Charter d.o.o.
It is true that the supervisory board members of Zavarovalnica Triglav are elected by its shareholders; they are, however elected as private individuals and none of them had any position in the Slovenian government or administration.
Aprila 2010 je bil prodan Elan Brod d.o.o. s sedežem v Obrovcu na Hrvaškem.
Triglav Naložbe is indirectly owned by the State via Zavarovalnica Triglav.
Nazadnje sta bili podjetji Elan Winter sport in Elan Marine1. junija 2010 združeni z matičnim podjetjem Elan.
In addition, Triglav Naložbe financed the recapitalisation by way of a commercial loan.
Sporazum o distribuciji v Kanadi je prenehal veljati 1. januarja 2010, sporazum o distribuciji v ZDA pa 1. januarja 2011.
Existence of advantage
OCENA
According to Slovenia, Measure 1 did not give an advantage to Elan for the following reasons: In December 2005, Elan adopted a Strategic development plan 2006-2010, including detailed development plans for Elan's subsidiaries at that time.
Komisija preuči, ali je upravičenec prejel državno pomoč v smislu člena 107(1) PDEU (glej točko 5.2 v nadaljevanju), in če jo je, ali bi bila taka pomoč lahko združljiva z notranjim trgom (glej točko 5.3 v nadaljevanju).
The development plan 2006-2010 foresaw investments in both the winter sport and the marine division.
V ta namen je treba določiti, od kdaj je morebitnega upravičenca treba šteti za podjetje v težavah (glej točko 5.1 v nadaljevanju).
In order to implement those investments, in May 2006, Elan proposed to its shareholders to increase the capital of Elan in the years 2006-2009 by EUR 20,2 million.
V skladu s točko 10 smernic za reševanje in prestrukturiranje je podjetje v težavah, če je bila v preteklih 12 mesecih izgubljena več kot polovica njegovega kapitala ali če izpolnjuje merila za uvedbo kolektivnih postopkov insolventnosti po nacionalni zakonodaji.
The shareholders prudently assessed this proposal and Elan provided them with documents clearly showing that such a capital increase would be profitable for the shareholders.
Kakor je bilo ugotovljeno tudi v odločitvi o sprožitvi postopka, niti hčerinska podjetja niti skupina kot celota leta 2007 niso izpolnjevali meril iz točke 10 smernic za reševanje in prestrukturiranje.
KAD, Elan's majority shareholder made its own assessment of the proposed capital increase in November 2006, concluding that the capital increase would be a sound investment.
V skladu s točko 11 smernic za reševanje in prestrukturiranje lahko podjetje še vedno velja za podjetje v težavah, zlasti če so prisotni običajni znaki podjetja v težavah, kot so naraščajoče izgube, upadanje prometa, kopičenje zalog, presežki prostih zmogljivosti, padanje denarnih tokov, naraščajoči dolgovi, naraščajoči stroški obresti in zmanjševanje ali izguba čiste vrednosti sredstev.
Triglav Naložbe also reviewed Elan's forecasts and agreed to the capital injection on this basis.
Razpredelnica 2
In addition, Elan's shareholders required an independent valuation of the group, a task for which […] was selected (see recital (24)).
Ključni finančni kazalniki za skupino Elan
This valuation showed that investments were necessary, and that the investment could in any event be recovered by selling shares at a fair value to a strategic partner.
Zneski v tisoč EUR
Based on the above mentioned considerations, Elan and its shareholders concluded a letter of intent in January 2007, agreeing that the shareholders would inject EUR 10,225 million in the company.
Čisti prihodki od prodaje
Also KD Kapital, Elan's only private shareholder, entered into the letter of intent without any conditions.
Materialni stroški
Slovenia considers that this decision was taken by the shareholders with a view to getting a reasonable return on their invested capital and that they hence acted in line with the market economy investor principle.
Čisti poslovni izid
As regards the fact that the shareholder assembly only agreed formally to inject the capital in October 2007, Slovenia explains that the delay was due to a dispute between KD Kapital, the private minority shareholder in Elan, and KAD, the majority shareholder in Elan.
To je deloma mogoče razložiti kot posledico blage zime v sezoni 2006–2007 („zelena“ zima), ki je prizadela prodajo v zimski diviziji.
KD Kapital intended to install a representative of its interests in the supervisory board of Elan, which the other shareholders did not want to accept in light of KD Kapital's shareholding in a competitor.
Hkrati se je poslovni izid Elan Ski poslabšal z –0,5 milijona EUR leta 2006 na –6,7 milijona EUR leta 2007 in –13,0 milijona EUR leta 2008.
The dispute was resolved when KAD offered KD Kapital a put option.
Razpredelnica 3
Following this solution, all of Elan's shareholders, including KD Kapital, agreed formally to inject EUR 10,225 million in Elan.
Razpredelnica 4
According to Slovenia, in the beginning of 2008, Elan was close to insolvency.
Glede na finančne podatke, predstavljene v razpredelnicah 2 do 4, je jasno, da Elan v začetku leta 2007, ko je bil odobren ukrep 1 (glej uvodne izjave (79) do (86)), ni bil v težavah.
The supervisory board and the shareholders reacted immediately by appointing new members to the management board of Elan, who started negotiations with Elan's banks on debt rescheduling.
Vendar se je, kot je razvidno iz zgoraj navedenih finančnih informacij, finančno stanje Elana med letom 2007 začelo slabšati in leta 2008 postalo zelo resno.
The banks, however, asked for an additional capital injection by the shareholders.
Podjetju je v začetku leta 2008 zaradi upadanja prometa in naraščajočih izgub grozila plačilna nesposobnost (glej uvodne izjave (29) do (34) in uvodno izjavo (63)).
In light of this, Elan, together with the assistance of an external adviser, prepared a turnaround strategy in May 2008; in June 2008, the long-term plan 2008-2012 was set up by Elan and in August 2008, Elan's management adopted a Rehabilitation plan.
Na podlagi tega je mogoče sklepati, da je treba Elan v času odobritve ukrepa 2 obravnavati kot podjetje v težavah v smislu smernic za reševanje in prestrukturiranje.
On 11 July 2008, the shareholders agreed to increase the capital under the condition that the banks first agreed to a debt rescheduling in light of these documents.
Dejansko so družbeniki Elana pristali na dokapitalizacijo, ker bi Elan sicer moral v stečaj (glej uvodne izjave (31) do (33)).
In addition, according to Slovenia, the shareholders took the value of the company into account, as determined by an equity valuation of Elan by an independent audit company [12].
V členu 107(1) PDEU je določeno, da 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 in prizadene trgovino med državami članicami, nezdružljiva z notranjim trgom.
According to that valuation, Elan's market value as at 31 December 2007 was EUR 38059000.
Pogoji iz člena 107(1) PDEU so kumulativni, zato morajo biti izpolnjeni vsi hkrati, da ukrep šteje za državno pomoč.
In light of the above, Slovenia considers that Elan's shareholders acted in line with the market economy investor principle.
Datum odobritve ukrepa
Distortion of competition and effect on trade
Najprej je treba določiti natančen datum odobritve ukrepa 1 v korist Elana.
According to Slovenia, the measures could not distort competition and they had no effect on trade either.
Načeloma se državni ukrep v vsakem primeru šteje za odobrenega takoj, ko se država članica zaveže, tj. ko je država članica pravno zavezana k izvedbi ukrepa.
First, Elan was a weak competitor for much larger players in the ski market at the time when the capital injections were granted.
Komisija v zvezi s tem ugotavlja, da v skladu s strokovnim pravnim mnenjem, ki ga je predložila Slovenija [13], slovenska zakonodaja narave pisma o nameri ne ureja izrecno.
Second, also Elan's competitors needed action by their private shareholders to recover from losses in the years 2007-2008.
Takšno pismo o nameri bi lahko bilo le nezavezujoč zapis o potekajočih pogajanjih, predpogodba ali pogodba.
COMPATIBILITY
Pravno naravo pisma o nameri je treba presoditi za vsak primer posebej, ob upoštevanju besedila pisma o nameri, okoliščin, v katerih je bilo podpisano, in splošnih pravil tolmačenja v skladu s slovensko zakonodajo.
Slovenia only brings forward compatibility arguments as regards Measure 2.
V skladu s 15. členom slovenskega Obligacijskega zakonika [14] je pogodba sklenjena, ko se pogodbeni stranki sporazumeta o njenih bistvenih sestavinah.
It argues that this Measure was compatible according to the Rescue and Restructuring Guidelines, as Elan prepared a viable restructuring plan, including improvements in the group mainly from internal measures.
Zlasti morajo biti opredeljene pogodbene stranke in vsaka pogodba mora imeti „kavzo“.
Indeed, Slovenia argues that following the capital increase in 2008, Elan duly exercised its plans and managed to reschedule its short term loans.
Komisija v zvezi s tem ugotavlja, da so bile glede na besedilo pisma o nameri pogodbene stranke jasno opredeljene; v pismu o nameri je bil že določen skupni znesek dokapitalizacije (10,225 milijona EUR); določeni sta bili najvišja nominalna vrednost novega kapitala in najnižja emisijska cena za nov poslovni delež; vsi družbeniki, ki so podpisali pismo o nameri, so se takrat strinjali, da bodo sredstva zagotovili sorazmerno glede na višino svojega poslovnega deleža; opredeljen je bil namen dokapitalizacije (v glavnem naložbe v podjetji Elan Winter sport in Elan Marine) in določen je bil nadzorni mehanizem za spremljanje uporabe kapitala.
In January 2009, redundancy plans were adopted and in October 2009, Elan sold its subsidiary Elan Yachting d.o.o. and Elan Marine Charter d.o.o.
Poleg tega je treba upoštevati, da pisma o nameri niso sklenili samo družbeniki Elana med seboj, temveč družbeniki in Elan.