natgillin/translations-raw huggingface dataset:
The 2009 financial statement of Larco shows that the capital increase was decided on 14 May 2009, but does not clarify when the actual injection of the new capital took place.
Poleg tega so grški organi zatrjevali, da država nima vpliva na odločitev nacionalnih sodišč.
The Greek authorities explained that in the context of the 1998 agreement, Old Larco had been pursuing the repayment of Larco's debt in the Greek courts and there has been a series of court judgments and annulments, inter alia, regarding a debt of approximately EUR 10,5 million [13].
Grški organi so prav tako pojasnili, da je kljub začasnemu odlogu država v praksi izničila finančni učinek tega odloga, tako da je dodatni davek, ki ga je dolgovala družba Larco, odbila od zneskov, ki jih je država dolgovala družbi Larco, kot so davek na dohodek ali obračuni DDV.
In the context of an appeal by Larco and because of the danger of irreparable damage, the Greek Supreme Court suspended the payment of the debt of approximately EUR 10,5 million, until final judgment by the relevant court.
To je bilo mogoče na podlagi nove zakonodaje v zvezi s pospeševanjem izterjave davkov v Grčiji.
The suspension was granted on condition that Larco provided a letter of guarantee to Old Larco for the suspended amount.
Torej je očitno, da je država od dolgovanega zneska v zvezi s predplačilom dodatnega davka družbe Larco dejansko že izterjala vsaj 16,1 milijona EUR.
NBG provided the letter of guarantee for approximately EUR 10,8 million (EUR 10,5 million of the originally contested debt + EUR 0,3 million for legal fees and expenses) to Larco.
Grški organi so pojasnili, da nobeno od obeh posojil, za kateri sta bili dani poroštvi, ni zapadlo.
The letter of guarantee was in turn covered by a State guarantee for the entire amount with a premium of 2 % p.a. for an unlimited period.
ATE Bank je dala posojilo 20 milijonov EUR za refinanciranje starejšega posojila v višini 20 milijonov EUR, ki je zapadlo.
The Greek authorities explained that that measure was provided by the State as a shareholder with the intention of fulfilling the conditions of the suspension and protecting its investment from debts being declared overdue.
Grški organi so trdili, da obe državni poroštvi nista vključevali državnih sredstev, saj je država dolgovala družbi Larco 60 milijonov EUR iz naslova obračunov DDV.
Otherwise, the suspension would not have been applicable and Old Larco would have had the right to pursue the collection of the debt, possibly by seizing Larco's assets.
Torej bi se v primeru uveljavljanja poroštev lahko zneski odbili od neplačanega dolga države.
Larco could then have become insolvent.
Organi so tudi trdili, da če bi ukrep bil pomoč, bi ga bilo treba šteti za združljivega z notranjim trgom, saj je bil v skladu z Začasnim okvirom [15] in upoštevno grško začasno shemo za poroštva za posojila (v nadaljnjem besedilu: začasna poroštvena shema) [16].
According to the Greek authorities, NBG would not have granted the letter of guarantee without the State guarantee.
Zlasti so organi menili, da razen tega, da je bila družba Larco ob sprejetju ukrepa podjetje v težavah, so bili ostali pogoji iz sheme izpolnjeni:
The Greek authorities clarified that measure 4 was granted by virtue of the ministerial decision YA 2/923/0025 dated 10 May 2010 and covered the exact amount of EUR 10510824,95 and EUR 310000 for legal fees and expenses, thus in total EUR 10820824,95.
družba Larco je bila velika družba;
The Greek authorities clarified that the measure in question concerns an additional tax, rather than a tax fine.
posojilo v višini 30 milijonov EUR je bilo naložbeno posojilo, posojilo v višini 20 milijonov EUR pa je bilo posojilo za financiranje starejšega posojila, ki je bilo dano za naložbo;
The additional tax was imposed because the tax authorities did not agree that the losses resulting from hedging contracts should be deduced from Larco's net revenue, as Larco argued.
poroštvi sta bili dani pred koncem leta 2011;
The Greek authorities also clarified that Larco was asked by the court to provide letters of guarantee of a total value of EUR 4,7 million.
skupni znesek obeh posojil, zavarovanih s poroštvom, je presegal letno maso plač družbe Larco za samo 3 milijone EUR;
The Greek authorities provided evidence that Larco was authorised to replace he pre-payment of the additional tax by letters of guarantee on the basis of a general legal provision.
poroštva so krila 100 % posojila, vendar je bil tak ukrep edina možnost družbe Larco, da pridobi financiranje, zaradi posebnega položaja grškega gospodarstva;
The court judgment allowing Larco to replace the pre-payment of the additional tax by letters of guarantee, in accordance with the national law [14], applied a balancing test, taking into account the benefits of the creditor (the State) and the viability of the debtor (Larco) and thus decided on the temporary suspension of the obligation to pre-pay EUR 47 million (that is to say, 25 % of the additional tax), replacing it with letters of guarantee of EUR 4,7 million in total.
poroštvi sta vsebovali premijo v višini 1 % p.a., ki bi jo bilo treba šteti za tržno premijo.
That suspension was to apply until a final judgment was delivered, in respect of the litigation lodged by Larco against the State for the imposition of the additional tax.
Nazadnje so grški organi navedli, da je treba, če bi Komisija ugotovila, da je bil ukrep pomoč in da pogoji za začasno poroštveno shemo niso bili izpolnjeni, ukrepe šteti za pomoč za reševanje.
In addition, the Greek authorities argued that decisions of national courts cannot be imputable to the State.
Tako pomoč bi bilo treba šteti za priglašeno, saj je bila Komisija seznanjena z ukrepom v odgovoru z dne 16. marca 2012 na vprašalnik na stopnji predhodne preiskave po uradni dolžnosti.
The Greek authorities also explained that, despite the temporary suspension, the State had in practice overruled the financial effect of that suspension, by offsetting the additional tax due by Larco against amounts due by the State to Larco, such as income tax or VAT returns.
Po mnenju grških organov je bila pomoč skladna z zahtevami Smernic za reševanje in prestrukturiranje, saj:
This has been allowed by recent legislation for the acceleration of the collection of taxes in Greece.
je šlo za likvidnostno podporo v obliki poroštev za posojila;
Thus, the State appeared in effect to have already collected at least EUR 16,1 million of the amount due in respect of the pre-payment of Larco's additional tax.
je bila upravičena na podlagi resnih socialnih težav in ni imela škodljivih učinkov na druge države članice;
The Greek authorities clarified that neither of the two loans for which the guarantees were provided was overdue.
so grški organi pripravljali načrt prestrukturiranja v sodelovanju s Komisijo;
The loan of EUR 20 million was provided by ATE Bank as a refinancing of an older loan of EUR 20 million, which was overdue.
je bila omejena na znesek, ki je bil potreben za nadaljnje poslovanje podjetja za omejeno obdobje;
The Greek authorities argued that the two State guarantees did not involve State resources, as the State owed EUR 60 million to Larco from VAT returns.
je upoštevala pogoj „enkrat in zadnjič“, ker družba Larco v preteklosti ni prejela pomoči za reševanje ali prestrukturiranje;
Thus, if the guarantees were called, the amounts could offset the outstanding debt from the State.
je družba Larco predstavila poslovni načrt državi, s katerim je utemeljila potrebo po 30 milijonih EUR sredstev za naložbe.
The authorities also argued that, if the measure did constitute aid, it should be considered compatible with the internal market, as it complied with the Temporary Framework [15] and the relevant temporary Greek scheme for loan guarantees (‘temporary guarantee scheme’) [16].
Grški organi so pojasnili, da je bil ukrep št. 6 dodeljen na podlagi (i) ministrske odločbe YA 2/95156/0025 z dne 30. decembra 2011, pri čemer je pokril točen znesek 30000000 EUR, in (ii) ministrske odločbe YA 2/95161/0025 z dne 30. decembra 2011 za točen znesek 20000000 EUR.
In particular, the authorities considered that, apart from the fact that Larco was a firm in difficulty at the time the measure was granted, the other conditions of the scheme were met:
OCENA
a.
Ta sklep najprej obravnava vprašanje, ali je družba Larco podjetje v težavah v smislu Smernic za reševanje in prestrukturiranje.
Larco was a large company;
Nato se bo v sklepu presojalo, ali so ukrepi, ki so predmet preiskave, državna pomoč, dodeljena družbi Larco, v smislu člena 107(1) Pogodbe in, končno, ali bi taka pomoč lahko bila združljiva z notranjim trgom.
b. the EUR 30 million loan was an investment loan, whereas the EUR 20 million was a loan refinancing an older loan, which was granted for investment purposes;
Težave družbe Larco
c. the guarantees were granted before the end of 2011;
V sklepu z dne 6. marca 2013 in zlasti v uvodnih izjavah 18 do 25 tega sklepa je Komisija predhodno menila, da je bila družba Larco podjetje v težavah, ko je bilo sprejetih zadevnih 6 ukrepov.
d. the total amount of the two guaranteed loans exceeded the annual wage bill of Larco only by EUR 3 million;
Ključni finančni podatki družbe Larco za obdobje od 2007 do 2011 so navedeni v preglednici:
e. the guarantees covered 100 % of the loan, but such a measure was the only possibility for Larco to access financing, due to the particular situation of the Greek economy.
Ključni finančni podatki družbe Larco za obdobje 2007-6/2012 (v milijonih EUR)
f. the guarantees included a 1 % p.a. premium, which should be considered as a market premium.
Prva polovica leta 2012 [17]
Finally, the Greek authorities argued that if the Commission concluded that the measure constituted aid and that the conditions of the temporary guarantee scheme were not met, the measures should be considered as rescue aid.
Promet
Such aid should have been considered notified, as the Commission was made aware of the measure in the reply of 16 March 2012 to the questionnaire, when it was at the stage of the ex-officio preliminary investigation.
Dohodki pred obdavčitvijo
According to the Greek authorities, the aid complied with the requirements of the Rescue and Restructuring Guidelines, since:
Delniški kapital
a. it was liquidity support in the form of loan guarantees;
Lastniški kapital
b. it was warranted on the grounds of serious social difficulties and had no unduly adverse spill over effects on other Member States;
Skupaj dolg
c. the Greek authorities were preparing a restructuring plan in cooperation with the Commission;
Dolg/lastniški kapital (razmerje)
d. it was restricted to the amount needed to keep the firm in business for a limited period;
Dalje, v točki 10(a) Smernic za reševanje in prestrukturiranje je navedeno, da je družba z omejeno odgovornostjo v težavah tedaj, ko „je izginila več kot polovica njenega delniškega kapitala, od česar je več kot četrtino kapitala izgubila v zadnjih 12 mesecih“.
e. it respected the ‘one time, last time’ condition, as Larco had not been subject to rescue or restructuring aid in the past;
To odraža domnevo, da družba, ki se sooča z visokimi izgubami svojega delniškega kapitala, ne bo sposobna poravnati izgub, kar bi v kratko- ali srednjeročnem obdobju skoraj gotovo ogrozilo obstoj družbe (kot je določeno v točki 9 istih smernic).
f.
Glede na računovodske izkaze družbe Larco za obdobje 2007-(prva polovica leta) 2012, se delniški kapital družbe ni zmanjšal za več kot polovico.
The Greek authorities clarified that measure 6 was granted by virtue of (i) the ministerial decision YA 2/95156/0025 dated 30 December 2011 covering the exact amount of EUR 30000000 and (ii) the ministerial decision YA 2/95161/0025 dated 30 December 2011 for the exact amount of EUR 20000000.
V prejšnjih primerih je Komisija menila, da če ima družba negativen lastniški kapital, to pomeni, da je bil celoten delniški kapital te družbe izgubljen in obstaja a priori domneva, da so merila iz točke 10(a) Smernic za reševanje in prestrukturiranje izpolnjena [19].
ASSESSMENT
V primeru družbe Larco Komisija meni, da se samo zdi, da se njen delniški kapital ni zmanjšal za več kot polovico, ker družba ni sprejela ustreznih ukrepov, kot je običajno v skladu z grško zakonodajo [20].
This Decision addresses as a preliminary point the issue of whether Larco is a firm in difficulty within the meaning of the Rescue and Restructuring Guidelines.
Cilj takih ustreznih ukrepov je, da spremenijo lastniški kapital družbe iz negativnega v pozitivnega in da ga hkrati povečajo na ustrezno raven.
Subsequently, the Decision will assess whether the measures under scrutiny constitute State aid to Larco within the meaning of Article 107(1) of the Treaty and, finally, whether such aid might be compatible with the internal market.
Taki ustrezni ukrepi bi lahko bili bodisi kapitalizacija izgub ali dokapitalizacija ali oboje.
Difficulties of Larco
V tem pogledu Komisija meni, da bi kapitalizacija izgub povzročila izgubo celotnega delniškega kapitala družbe, saj so bile nakopičene izgube višje od delniškega kapitala.
In the Decision of 6 March 2013 and in particular recitals 18-25 thereof, the Commission concluded on a preliminary basis that Larco was a firm in difficulty at the time the 6 measures in question were provided.
Zato Komisija meni, da so bila merila iz točke 10(a) Smernic za reševanje in prestrukturiranje v tem primeru izpolnjena od leta 2008.
Larco's key financial data during the period 2007-2011 are set out in the table:
V istem obdobju je njen lastniški kapital ostal negativen in njen dolg je še naprej naraščal.
Larco's key financial data 2007-6/2012 (EUR million)
Poleg tega je družba Larco v prvi polovici leta 2012 zopet poslovala z izgubo.
EBT
Zdravo podjetje bi moralo prilagoditi svoje stroške takim spremembam v cenah, da bi se izognilo izgubam.
Registered capital
Drugič, v letih 2008 in 2009 je imela družba negativen lastniški kapital, dolg pa se je povečeval (63-odstotno povečanje v letih 2007 in 2008).
Own equity
Čeprav sta cena feroniklja in promet znatno narasla po letu 2010, poznejši finančni rezultati družbe Larco kažejo na to, da so težave obstajale še naprej.
Total Debt
Torej ni mogoče skleniti, da so bile izgube iz let 2008 in 2009 zgolj posledica nizkih cen feroniklja.
Debt/Equity (ratio)
Glede na zgoraj navedeno se ugotovi, da je bila družba Larco podjetje v težavah v smislu Smernic za reševanje in prestrukturiranje, ko je bilo odobrenih zadevnih 6 ukrepov.
Point 10(a) of the Rescue and Restructuring Guidelines states that a limited liability company is considered to be in difficult when ‘more than half of registered capital has disappeared and more than one quarter of that capital has been lost over the preceding 12 months’.
Obstoj državne pomoči
This reflects the assumption that a company experiencing a massive loss in its registered capital will be unable to stem losses that will almost certainly condemn it to go out of business in the short or medium term (as set out in point 9 of the Rescue and Restructuring Guidelines).
Člen 107(1) Pogodbe določa, 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, nezdružljiva z notranjim trgom, kolikor prizadene trgovino med državami članicami.
Furthermore, according to point 11 of the Rescue and Restructuring Guidelines, a firm may be considered to be in difficulty ‘where the usual signs of a firm being in difficulty are present, such as increasing losses, diminishing turnover, growing stock inventories, excess capacity, declining cash flow, mounting debt, rising interest charges and falling or nil net asset value’.
V skladu z ustaljeno prakso Komisije in kot potrjuje sodna praksa, merilo za presojo, ali gre pri transakciji med javnim organom in podjetjem za državno pomoč, je načelo vlagatelja ali upnika v tržnem gospodarstvu (v nadaljnjem besedilu: NVTG ali NUTG) [21].
In this respect, according to the General Court, ‘the existence of negative own capital which […] may be considered to be an important indicator that an undertaking is in a difficult financial situation’ [18].
Iz tega načela izhaja, da če država ravna na trgu kot gospodarski subjekt, mora to storiti na način, ki je primerljiv z zasebnim subjektom.
According to the financial statements of Larco for the period 2007-H1 2012, the registered capital of the company did not decrease by more than half.
Če država tega ne stori tako, potem bi lahko šlo za državno pomoč.
However, over the same period the company's own equity turned negative.
Drugače povedano, merilo za presojo, ali gre pri transakciji za državno pomoč, je, ali bi zasebni subjekt, ki je v podobnem položaju, ravnal enako.
In previous cases the Commission has considered that where a company has negative equity, this implies that the entire registered capital of that company has been lost and there is an a priori assumption that the criteria of point 10(a) of the Rescue and Restructuring Guidelines are met [19].
Pri uporabi tega načela ni mogoče upoštevati negospodarske dejavnike kot razloge za dodelitev podpornih ukrepov.
In the case of Larco, the Commission considers that its registered capital only appears not to have been decreased by more than half, because the company did not adopt appropriate measures, as normally foreseen by Greek legislation [20].
Na podlagi razpoložljivih informacij se Komisija ne more strinjati s trditvijo grških organov, da je bilo posojilo od organizacije OER zasebno posojilo.
Such appropriate measures aim at turning a company's own equity from negative to positive and, at the same time, at increasing it to an adequate level.
V skladu z grškim zakonom 1386/1983 (člen 1) [22], s katerim je bila ustanovljena organizacija OER, „OER deluje v korist socialnih interesov in pod nadzorom države“.
Such appropriate measures could be either the capitalisation of losses or a capital increase or both.
V skladu s členom 3 istega zakona je bila država edina delničarka organizacije OER.
In this respect, the Commission considers that a capitalisation of losses would have resulted in the loss of the entire registered capital of the company, since the accumulated losses were higher than the registered capital.
Poleg tega je imela država možnost, da neposredno imenuje predsednika in 2 od 8 članov upravnega odbora ter posredno še 4 člane.
For this reason the Commission considers that the criteria in point 10(a) of the Rescue and Restructuring Guidelines have been met in this case since 2008.
Iz zgoraj navedenega sledi, da so sredstva organizacije OER državna sredstva in torej se zdi, da je mogoče vsako posojilo organizacije OER pripisati državi.
In addition, as regards the criteria in point 11 of the Rescue and Restructuring Guidelines, Larco incurred a significant decrease of turnover from 2007 until 2009 and significant losses in 2008 and 2009, with a total amount of EUR 221 million (EUR 116 million and EUR 105 million respectively).
Družba Larco je v tem obdobju izvedla naložbe, kar je znižalo vračila, vendar so se s temi naložbami strinjali vsi upniki.
In 2010 and 2011 the company had increased turnover and earnings, but those increases were not sufficient to allow Larco's financial recovery.
V skladu z dogovorom upniki niso bili upravičeni do prisilne izterjave neplačanega dolga.
During the same period its equity remained negative and its debt continued to grow.
Glede na zgoraj navedeno se ugotovi, da je bil ukrep št. 1 v skladu z NUTG, saj je država kot upnik ravnala tako, kot bi ravnal zasebni upnik, saj je uporabila vsa sredstva, ki jih je imela na voljo in v pogodbeno dogovorjenem okviru, da bi izterjala svoj dolg.
Furthermore, Larco's operations again became loss-making in H1 2012.
Državna poroštva ogrožajo državna sredstva, ker se unovčujejo iz državnega proračuna.
First, the fact that a decrease in the price of ferronickel led to losses and contributed to Larco's difficulties does not in itself mitigate the finding that Larco showed the usual signs of a firm being in difficulty.
Zato je merilo državnih sredstev in vpletenosti države izpolnjeno za ta ukrep, česar grški organi ne izpodbijajo.
A healthy firm would need to adapt its costs to such price changes in order to avoid losses.
Komisija se ne strinja s trditvijo grških organov, da so pogoji iz oddelka 3.2 Obvestila o poroštvih izpolnjeni.
Secondly, in the years 2008 and 2009 the company had negative equity and increasing debt (63 % increase between 2007-2008).
Komisija meni, da razumni upnik v tržnem gospodarstvu družbi Larco v takih okoliščinah ne bi dal poroštva.
Although the price of ferronickel and turnover increased significantly after 2010, the subsequent financial results of Larco indicate that its difficulties persisted.
Ker je bil ukrep sprejet selektivno za družbo Larco, Komisija meni, da je bila z državnim poroštvom 2008 prejemniku dana selektivna prednost.
Thus, it cannot be concluded that the losses of 2008 and 2009 were only the result of low ferronickel prices.
Družba Larco deluje v sektorju, v katerem se z izdelki trguje med državami članicami, in sama izvozi večino svoje proizvodnje v druge države članice.
In the light of the above, it is concluded that Larco was a firm in difficulty within the meaning of the Rescue and Restructuring Guidelines at the time the 6 measures in question were granted.
Poleg tega obstaja pridobivanje, taljenje in rafiniranje niklja v 6 državah članicah poleg Grčije, in sicer v Avstriji, na Finskem, v Franciji (Nova Kaledonija), Španiji, na Švedskem in v Združenem kraljestvu [23].
Existence of State aid
Z nikljem se trguje v skoraj vseh državah članicah [24].
According to the settled practice of the Commission and as confirmed by the case law, the criterion for assessing whether a transaction between a public body and an undertaking amounts to State aid is the market economy investor or creditor principle (‘MEIP’ or ‘MECP’) [21].
To izkrivlja konkurenco, saj morajo druge družbe, ki so dejavne na istih trgih, poslovati brez take državne podpore.
It follows from that principle that, when the State acts in a market as a commercial operator, it must do so in a way comparable to a private operator.
Torej se ugotovi, da ukrep št. 2 pomeni državno pomoč v smislu člena 107(1) Pogodbe.
If the State does not do so, State aid could be involved.
Komisija meni, da je pomoč enaka znesku posojila, zavarovanega s poroštvom, saj je dvomljivo, da bi družba Larco glede na svoje ekonomske težave našla kakršno koli financiranje na trgu ne glede na okoliščine.
In other words, the benchmark for appreciating whether a transaction involves State aid is whether a private operator placed in a similar situation would have behaved in the same way.
Z drugimi besedami, Komisija meni, da je družba Larco dobila ugodnost, enako znesku posojila, zavarovanega s poroštvom, saj brez državnega poroštva na trgu ne bi mogla pridobiti tega financiranja.
In applying this principle, non-economic considerations cannot be taken into account as reasons for granting support measures.
Komisija nima nobene informacije, ki bi kazala na to, da se je poroštvo uveljavljalo.
Based on the information available, the Commission cannot agree with the argument of the Greek authorities that the credit from OER was a private credit.
Udeležba države v dokapitalizaciji družbe Larco leta 2009 vključuje državna sredstva in jo je mogoče pripisati državi.
According to Greek law 1386/1983 (Article 1) [22] establishing OER, ‘OER will operate to the benefit of the social interest and under the supervision of the State’.
Torej je to merilo izpolnjeno, grški organi pa tega niso izpodbijali.
According to Article 3 of the same law, the State was the only shareholder of OER.
Komisija ni prejela nobenega prepričljivega dokaza od grških organov, ki bi podprl njihovo trditev, da je država ravnala kot razumen vlagatelj v tržnem gospodarstvu.
In addition, the State had the possibility to directly appoint the chairman along with 2 out of 8 members of the Board of Directors and, indirectly, another 4 members.
Zapisnik skupščine delničarjev, ki je bil predložen kot dokaz, vsekakor kaže na to, da delničarjem ni bil predložen načrt prestrukturiranja pred dokapitalizacijo, kljub temu da je bila družba Larco podjetje v težavah.