natgillin/translations-raw huggingface dataset:
Elan's detailed analysis of the effects of a capital increase indicated that 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.
Kot je opisano v uvodni izjavi (12), KAD upravlja PPS in nadzira njegove lastniške deleže v drugih podjetjih.
Also the cumulative net profit of the marine division for the period 2006-2010 would be higher if the capital increase took place (see recital (23) to (24)).
Zato je sodelovanje KAD-PPS pri dokapitalizaciji treba obravnavati na enak način kot sodelovanje KAD.
In light of the above, it is considered that Elan's shareholders acted in line with the market economy investor principle when injecting money in the company and that Measure 1 hence does not confer an advantage to the beneficiary.
Dejansko je soglasje nadzornega sveta KAD k dokapitalizaciji z njegove 134. seje 10. julija 2008 vsebovalo tudi soglasje k dokapitalizaciji v imenu PPS [28].
As the presence of state aid can already be ruled out on that basis, it is not assessed whether Measure 1 is imputable to the State.
Enako velja za odločitve, sprejete na 135. seji nadzornega sveta KAD avgusta 2008.
The Commission concludes that Measure 1 does not involve state aid.
Zato se sklene, da je bila dokapitalizacija Elana iz leta 2008 s strani KAD-PPS opravljena z državnimi sredstvi in jo je mogoče pripisati Sloveniji.
The capital injection in 2008 (Measure 2)
Komisija ugotavlja, da je bilo podjetje DSU v času odobritve ukrepa v 100-odstotni neposredni državni lasti.
As for Measure 1, Slovenia mainly argues that Measure 2 was granted in line with the market economy investor principle and that there is hence no advantage for the beneficiary.
Njegov nadzorni svet sestavljajo trije člani, od katerih dva imenuje družbenik, tj. Slovenija (glej uvodno izjavo (13)).
Finally, it considers that the measure did not have any effect on trade and that there was no distortion of competition (see recital (64)).
V času dokapitalizacij je tudi tretjega člana imenovala država.
In order to be considered aid in the sense of Article 107(1) of the TFEU, a measure must be granted directly or indirectly from state resources and it must be imputable to the State.
Po statutu podjetja nadzorni svet odločitve sprejema z večino glasov in nadzoruje upravljanje poslov DSU.
According to case law, resources of an undertaking are to be considered state resources if the State is capable, by exercising its dominant influence over such undertakings, to direct the use of their resources [17].
Dejansko je nadzorni svet DSU preučil in odobril dokapitalizacijo Elana na izredni seji 11. julija 2008 in delno spremenil svojo odločitev na dveh izrednih sejah 26. avgusta 2008 in 8. septembra 2008 [29].
However, the ability of the State to control the entities involved in granting the measures does not justify automatically the presumption that the entities' actions are imputable to the State.
Glede na to, da je DSU v lasti Slovenije, se lahko predpostavi, da ima slednja nadzor nad podjetjem in da sredstva DSU načeloma lahko štejejo za državna sredstva.
The Court has further explained the notion of imputability in Stardust Marine [18].
V nasprotju s stališčem Slovenije dejstvo, da sredstva za dokapitalizacijo izhajajo iz dividend, obresti in drugih prihodkov DSU, ne spremeni te ugotovitve, kot je pojasnjeno v uvodni izjavi (104).
As described in recital (54), Slovenia refers to the Stardust Marine judgment and argues that its ownership of KAD and DSU does not automatically imply imputability of their actions to the State.
V povezavi z drugimi pomembnimi okoliščinami, ki nakazujejo vpletenost javnih organov v sprejetje ukrepa ali na težko verjetni neobstoj vpletenosti pri sprejetju ukrepa, Komisija meni, da podjetje DSU ne bi dokapitaliziralo podjetja, če javni organi ne bi imeli vpliva na njegovo odločanje.
As regards Triglav Naložbe and Zavarovalnica Triglav, Slovenia considers that those companies are not controlled by the State and that in any event, their actions are not imputable to the State either.
Zato se sklene, da je bila dokapitalizacija Elana iz leta 2008 s strani DSU opravljena z državnimi sredstvi in jo je mogoče pripisati Sloveniji.
As a preliminary remark, the Commission points out that the fact that a state owned company is incorporated under private law alone is not enough to exclude imputability of its actions to the State.
Komisija kljub temu ugotavlja, da ima Slovenija posredno v lasti dve tretjini Zavarovalnice Triglav (glej uvodno izjavo (14)).
No distinction should be drawn between cases where aid is granted directly by the State and cases where it is granted by public or private bodies established or appointed by the State to administer the aid.
Njena večinska delničarja sta ZIPZ, Zavod za pokojninsko in invalidsko zavarovanje, in SOD, Slovenska odškodninska družba.
In addition, as described above, the Court has held that there are several indicators for imputability, of which the question of whether a company is subject to private law or public law is only one (see recital (97)).
Oba sta v 100-odstotni lasti države.
Therefore, it has to be examined whether there are other facts indicating that measure 2 is imputable to the State.
Posamezni deleži drugih delničarjev Zavarovalnice Triglav ne presegajo 1,8 %.
In this regard, the Commission notes that there are several indications that the state was actively involved in the shareholders' decision to inject additional capital in the beneficiary.
Pet od osmih članov nadzornega sveta Zavarovalnice Triglav, vključno s predsednikom in podpredsednikom, zastopa delničarje, ki jih tudi imenujejo.
Although Slovenia has dismissed media reports pointing out the State's role in having to save Elan as ‘hearsay’ or ‘a result of an excessive simplification’, such reports demonstrate the public perception of the governments industrial policy approach at the time.
Kot je opisano v uvodni izjavi (14), sta večinska delničarja Zavarovalnice Triglav v 100-odstotni lasti države.
As further explained below, the perception that the Slovenian government pursued an active industrial policy approach at the time in question is indeed supported by the OECD's review of corporate governance in Slovenia, which also highlights that an action plan for corporate governance reform in Slovenia was only adopted by the government. nearly one year after measure 2 was put into place, namely in mid-2009 [19].
Zato je načeloma država tista, ki imenuje navedenih pet članov nadzornega sveta in člani nadzornega sveta zastopajo državne interese.
Thus, in June 2008 when Elan's precarious situation was apparent to the outside world the media reported about the potential State support to Elan.
Komisija ugotavlja, da je na generalni skupščini Elana28. avgusta 2008 za dokapitalizacijo glasovala uprava Zavarovalnice Triglav, vendar je to storila pod pogojem, da nadzorni svet da soglasje k transakciji.
A German sports magazine wrote on 6 June 2008 that according to rumours the government intended to inject EUR 5,7 million into Elan to compensate for the past bad winter season [20].
Dejansko je nadzorni svet 4. septembra 2008 dal soglasje k dokapitalizaciji [31].
Also the Slovenian media discussed Elan's situation, pointing out the significance of State support to save jobs.
Glede na to, da sta dve tretjini delnic Zavarovalnice Triglav v posredni lasti Slovenije, se lahko predpostavi, da ima slednja nadzor nad podjetjem in da sredstva Zavarovalnice Triglav načeloma lahko štejejo za državna sredstva.
For instance the biggest commercial (independent) television PopTV reported on their website on 26 June 2008 that the management and the supervisory board of Elan were looking for the solution to the company's financial difficulties to come from the State, pointing out that if the State didn't help with a financial injection, more than 700 jobs were in danger [21].
Upoštevati je treba dejstvo, da država imenuje večino članov nadzornega sveta Zavarovalnice Triglav, vključno s predsednikom in podpredsednikom, in da je nadzorni svet moral dati soglasje k dokapitalizaciji.
As discussed in more detail below, the public authorities' involvement or the unlikelihood of their not being involved is most obvious in the case of Elan's biggest shareholder KAD (that controlled 57,61 % of Elan's shares at the time of the capital injection) and of DSU (then accounting for 17,34 % of Elan's shares).
V povezavi z drugimi zgoraj obravnavanimi pomembnimi okoliščinami, ki jasno nakazujejo vpletenost javnih organov v sprejetje ukrepa ali na težko verjetni neobstoj vpletenosti pri sprejetju ukrepa, se šteje, da je ukrep mogoče pripisati Sloveniji,
In the context of an analysis of a possible privatisation of Elan (at the time known as Skimar d.o.o.), […] concluded that two of its owners, KAD and DSU, were 100 % government controlled and that consequently there was a probability that their decision to sell would be politically as well as economically motivated.
Komisija kljub temu ugotavlja, da ima Slovenija posredno v lasti večino delnic podjetja Triglav Naložbe.
The Commission verifies on the level of each shareholder whether it was controlled by the State and whether the funds used for the capital injection can be considered state resources.
V času odobritve ukrepa je imela Zavarovalnica Triglav efektivno v lasti 80 % delnic podjetja Triglav Naložbe.
In addition, the Commission determines whether the decision to inject capital into Elan is imputable to the State.
Zavarovalnica Triglav pa je posredno v večinski lasti Slovenije (glej uvodno izjavo (14)).
In this context, the Commission pays particular attention to the composition of the supervisory board of each shareholder and whether the supervisory board had to agree to the capital injection into Elan in 2008.
To pomeni, da ima Slovenija posredno v lasti več kot 51 % delnic podjetja Triglav Naložbe.
The Commission then examines additional elements indicating an involvement by the public authorities in the adoption of the measure or the unlikelihood of their not being involved
Posamezni deleži drugih delničarjev ne presegajo 0,67 %.
The Commission notes that Slovenia held 100 % of the shares in KAD, the majority shareholder of Elan at the time of granting.
Tričlanski nadzorni svet zastopa interese delničarjev, ki jih tudi volijo.
The Slovenian government appointed all the members of the assembly of KAD as well as the supervisory board (see recital (11)).
Glede na to, da je država posredno večinski delničar podjetja Triglav Naložbe, je treba upoštevati, da država lahko odloča, kdo je imenovan v nadzorni svet, da v njem zastopa interese Slovenije.
According to KAD's articles of association, the latter has to consent to the conclusion of a transaction whose value exceeds 1 % of the share capital of KAD.
Nadzorni svet podjetja Triglav Naložbe je moral dati soglasje k dokapitalizaciji Elana, kar je storil na svoji 7. izredni seji 3. septembra 2008 [32].
The capital injection under assessment was qualified as such a transaction, and in fact, KAD's supervisory board discussed and agreed to the capital injection into Elan in its 134th meeting on 10 July 2008 and its 135th meeting in August 2008 [23].
Glede na to, da je bilo podjetje Triglav Naložbe v posredni večinski lasti Slovenije, se lahko predpostavi, da je imela slednja nadzor nad podjetjem in da sredstva podjetja Triglav Naložbe načeloma lahko štejejo za državna sredstva.
As Slovenia owns KAD, it can be assumed that it is in a position to control the company and that in principle, KAD's resources can be considered state resources.
V nasprotju s stališčem Slovenije dejstvo, da sredstva za dokapitalizacijo izhajajo iz posojila, ne spremeni te ugotovitve, kot je pojasnjeno v uvodni izjavi (104).
Contrary to Slovenia's view, the fact that the funds used for the capital injection stem from dividends, interests and other revenues of KAD, does not change this conclusion.
Ob upoštevanju, da država imenuje vse člane nadzornega sveta podjetja Triglav Naložbe in da je nadzorni svet moral dati soglasje k dokapitalizaciji, ter v povezavi z drugimi zgoraj obravnavanimi pomembnimi okoliščinami, ki jasno nakazujejo vpletenost javnih organov v sprejetje ukrepa ali na težko verjetni neobstoj vpletenosti pri sprejetju ukrepa, se šteje, da je ukrep mogoče pripisati Sloveniji.
Using dividends, interests or other revenues, which could instead have been paid to the State as controlling shareholder of the company, is a decrease of state resources and can therefore be considered the use of state resources [24].
Sklepna ugotovitev
Concerning the imputability of Measure 2, the Commission considers that KAD would not have injected the capital in the absence of the public authorities' influence on its decision making.
Že sestava nadzornih svetov Elanovih družbenikov in dejstvo, da so se nadzorni sveti morali strinjati z dokapitalizacijo leta 2008, nakazujeta, da je zadevni ukrep mogoče pripisati državi [33].
The strong State influence cannot only be derived from the fact that Slovenia was the sole shareholder of KAD at the time, that all members of KAD's supervisory board were appointed by Slovenia, and that the supervisory board actually had to agree to the transaction.
Poleg tega ima – kot je navedeno zgoraj – Komisija močne indice o tesni vpletenosti države v odločanje KAD, ki je bil v času dokapitalizacije Elanov daleč najpomembnejši družbenik s 57,61-odstotnim deležem kapitala, in DSU.
An additional indicator of the State's close involvement in KAD's decision-making is the fact that representatives of the Slovenian government take part in all assembly and supervisory board meetings (see recital (45)).
Ti indici izhajajo iz poročila OECD, poročila podjetja […], dokumentov, ki jih je objavila slovenska vlada, in medijskih poročil.
The government's influence on the decision making of KAD (and of another state-controlled fund, the restitution fund SOD) for the purpose of pursuing industrial policy objectives is also highlighted in the OECD's review of Corporate Governance in Slovenia: ‘The two funds have provided the Government with a strong mechanism to influence the boards and management of privatised firms and, ultimately, to play an active role in determining ownership changes.
Poleg tega vzporedno ravnanje Elanovih petih družbenikov, ki so bili vsi pod nadzorom države, kaže na vpletenost države v odločanje družbenikov, saj se zdi malo verjetno, da bi se pet zasebnih in neodvisnih subjektov strinjalo o dokapitalizaciji podjetja v težavah istočasno in pod enakimi pogoji.
In part this appears (at least initially) to have been motivated by a desire to manage the extent to which foreign firms gained control over important domestic firms and industries.
Glede na zgoraj navedeno se sklene, da je bil ukrep 2 izveden z državnimi sredstvi in ga je mogoče pripisati Sloveniji.
The extent of direct and indirect ownership has allowed past governments to exercise a very significant, and sometimes opaque, role in influencing the operation of large sectors of Slovenia's commercial enterprises and in the market for corporate control [25].’
Za upravičenca dokapitalizacije iz leta 2008 je treba šteti celotno skupino Elan, in sicer zaradi enakih razlogov kot pri ukrepu 1 (glej uvodne izjave od (80) do (83)).
The Slovenian government's document ‘Structural Adjustments 2010 and 2011’ [26] further highlights the role that KAD and the state-controlled restitution fund SOD had played in serving Slovenia's industrial policy purposes, for instance in providing assistance to Elan.
Kot je opisano zgoraj, bi zasebni vlagatelj na trgu poskusil povečati donos iz svojih sredstev (glej uvodno izjavo (72)).
Under Heading 2.1.1.
Komisija v zvezi s tem najprej ugotavlja, da je bil v času odobritve ukrepa 2 Elan podjetje v težavah v smislu smernic za reševanje in prestrukturiranje (glej uvodno izjavo (74)).
‘Establishment of a public agency for governance of state-owned enterprises and the transformation of KAD and SOD’ the document states: ‘Restructuring means that KAD and SOD must be relieved of all strategic investments: … — bad investments that have become strategic because the state wishes to provide assistance to them in overcoming their difficulties (Mura, Elan).’
Poleg tega Slovenija navaja, da je Elanu v začetku leta 2008 grozila plačilna nesposobnost in je imel likvidnostno vrzel v višini [12,6-15] milijonov EUR.
The characterisation that KAD's investment in Elan had become strategic ‘because the state wishes to provide assistance’ to Elan is in sharp contrast with Slovenia's assertion that KAD was independent in its decision making (see recital (56)).
Slovenija navaja, da so Elanovi družbeniki odločitev o dokapitalizaciji sprejeli na podlagi več dokumentov, ki so jih je sestavili Elan in zunanji svetovalci, kar dokazuje upravičenost odločitve.
The government document goes on explaining that the transfer of bad strategic investments from the parastate directly to the state was a personnel-related task above all and that the PDP restructuring company, established by KAD and SOD, had been transferred directly to state ownership as the team could no longer be part of KAD and SOD [27].
Čeprav drži, da je Elan za skupino pripravil dolgoročni načrt 2008–2012, je treba upoštevati, da je načrt predvideval dokapitalizacijo v višini 25 milijonov EUR kot podlago za dosego ustreznih donosov v prihodnosti in da po mnenju družbenikov ta dolgoročni načrt ni bil ustrezen za izvedbo dokapitalizacije v tolikšni višini.
The Commission invited Slovenia to provide comments on the documents cited above.
Sanacijski načrt iz avgusta 2008 je v glavnem temeljil na napovedih in ni zajemal informacij o načrtovani dokapitalizaciji.
Slovenia affirmed that there was no government decision regarding Elan's recapitalisation.
Tako dolgoročni načrt 2008–2012 kot sanacijski načrt je Elan sestavil sam, brez sodelovanja zunanjega svetovalca.
Slovenia pointed out that the OECD review, which describes how KAD and SOD have provided the government with a strong mechanism to influence the boards and management of privatised firms, did not mention DSU, Zavarovalnica Triglav and Triglav Naložbe and that the Slovenian government's document did not mention any direct or indirect state influence with respect to the assets held by Zavarovalnica Triglav or Triglav Naložbe.
Slovenija je predložila tudi oceno vrednosti Elana po metodi diskontiranih denarnih tokov.
Furthermore, Slovenia draws attention to a passage in the OECD review mentioning that ‘the lack of central coordination has created difficulties for effective management of the Government's ownership interests’.
Glede na tak razvoj dogodkov je treba šteti, da je bila zgoraj navedena ocena vrednosti podjetja 28. avgusta 2008, ko so Elanovi družbeniki odločali o dokapitalizaciji, zastarela, in ni zanesljiva kot dokaz, da so Elanovi družbeniki ravnali kot skrbni tržni vlagatelji, zlasti ne ob upoštevanju okoliščin v času druge dokapitalizacije.
With regard to the Slovenian government's document referring to bad investments that had become strategic, Slovenia points out that Mura, the second example of such investments cited in the document besides Elan, had been left to bankruptcy procedures in October 2009.
Čeprav takšnega dogovora ni bilo mogoče doseči pred dokapitalizacijo, so jo Elanovi družbeniki izvedli, ker bi Elan sicer moral v stečaj.
The comments provided by Slovenia do not disprove the arguments set out above indicating the involvement by the public authorities in the adoption of the measure or the unlikelihood of their not being involved.
Če bi banke pristale na reprogramiranje posojil pred dokapitalizacijo, bi bil to znak, da so bile prepričane v Elanovo ponovno doseganje rentabilnosti.
The statement that the government was not involved in the recapitalisation decision is a mere affirmation.
Vendar pa temu ni bilo tako.
The fact that the OECD review does not specifically mention DSU, Zavarovalnica Triglav and Triglav Naložbe and that it speaks of a lack of central coordination does not alter the overall picture painted in the OECD review, namely that the Slovenian government was actively intervening in the economy and pursuing industrial policy purposes.
Nasprotno, ena od bank je celo zahtevala sklep sodišča o izvršbi za izterjavo Elanovih neporavnanih dolgov.
With regard to the companies not specifically mentioned in the OECD review and in the Slovenian government's document, Zavarovalnica Triglav and Triglav Naložbe, details of the control exercised by the State are provided below.
Stališče banke se lahko šteje za znak, da trg ni verjel v Elanovo ponovno doseganje rentabilnosti.
At the same time it has to be kept in mind that these companies were minority shareholders that held only 25 % of Elan shares.
Poleg tega je treba upoštevati, da so družbeniki že v letu 2007 Elan dokapitalizirali z 10,225 milijona EUR, kar ni obrodilo uspeha.
Finally, with regard to the government's document, the fact that another company in difficulties considered a ‘strategic investment’ went into bankruptcy is irrelevant for the assessment of the present case.
Pojasniti je treba, da kljub temu, da je dokapitalizacija iz leta 2007 temeljila na tako imenovanem strateškem razvojnem načrtu, na podlagi katerega je Elan sprva zaprosil za naložbe v višini 20,2 milijona EUR, dokapitalizacije iz leta 2008 v višini 10 milijonov EUR ni mogoče šteti za drugi obrok naložbe v skladu s prvotnim strateškim razvojnim načrtom.
In the light of the above, it is concluded that KAD's capital injection in 2008 into Elan consists of state resources and is imputable to Slovenia.
Dokapitalizacija iz leta 2008 je bila potrebna za preprečitev plačilne nesposobnosti s pokritjem likvidnostne vrzeli in utrpljenih izgub Elana – kapital ni bil posvečen namenom, določenim v strateškem razvojnem načrtu (glej uvodno izjavo (23)).
As described in recital (12), KAD is managing PPS and controls its shareholdings.
Komisija ugotavlja tudi, da so bili v času odobritve ukrepa vsi družbeniki v lasti države, kar pomeni, da pri dokapitalizaciji ni sodeloval noben zaseben družbenik.
Therefore, the participation of KAD-PPS in the capital injection should be considered in the same light as KAD's participation.
Glede na zgoraj navedeno Komisija ugotavlja, da ukrep 2 ni bil odobren v skladu z načelom zasebnega vlagatelja v tržnem gospodarstvu in je dal prednost podjetju Elan.
In fact, the consent of the supervisory board of KAD to the capital injection in its 134th meeting on 10 July 2008 also included the consent to inject capital on the behalf of PPS [28].
Komisija ugotavlja, da je upravičenec dejaven na trgih, odprtih za konkurenco.
The same is true for the decision taken during the 135th meeting of KAD's supervisory board in August 2008.
Vsaka državna pomoč takemu podjetju lahko zagotovi prednost pred konkurenti, ki ne prejmejo pomoči.
Therefore, it is concluded that KAD-PPS capital injection into Elan in 2008 consists of state resources and is imputable to Slovenia.
V nasprotju s stališčem Slovenije v tem okviru ni pomembno, ali so imeli Elanovi konkurenti večje tržne deleže kot Elan in ali so tudi ti konkurenti prejeli sredstva svojih družbenikov oziroma delničarjev.
The Commission notes that DSU was 100 % directly state owned at the time of granting.
Če pomoč, ki jo dodeli država članica, okrepi položaj podjetja v razmerju do drugih konkurenčnih podjetij v trgovini znotraj Unije, je treba konkurenco označiti kot izkrivljeno zaradi pomoči [34].
Its supervisory council consists of three members, two of which are appointed by the shareholder, i.e. Slovenia (see recital (13)).
Vsekakor države članice med seboj trgujejo na področjih smučarske opreme in morskih plovil, torej blaga, ki ga proizvaja in trži upravičenec.
At the time of the capital injections, also the third member had been appointed by the State.
Ob upoštevanju zgoraj navedenega Komisija ugotavlja, da bi ukrep 2 lahko izkrivil konkurenco in da bi lahko prizadel trgovino.
According to the Articles of Association, the supervisory council adopts decisions by a majority of votes and it is supervising the management of DSU's business.
Sklepna ugotovitev glede obstoja državne pomoči