natgillin/translations-raw huggingface dataset:
A private investor in a market economy would not accept such a low profitability during the first few years unless he could reasonably count on being compensated later by profits significantly higher than the average for the industry, so that the total return on investment (after applying an appropriate discount rate) would be sufficient [77].
V.1.5 Vpliv na trgovino med državami članicami
There was no serious study in 2004 that could lead one to consider that this low initial profitability would be compensated by an increased profitability in later years.
Družba Ducroire/Delcredere konkurira drugim družbam Evropske unije na trgu zavarovanja kreditov.
The Commission would also point out that the financial projections available at the time showed that performance remained at the same level between 2005 and 2007, or at least that there was only sluggish growth (see Table 4), therefore there was nothing to indicate that results would improve rapidly in the years beyond 2007.
Glede tržnih tveganj je to veljalo tudi za družbo ONDD pred prenosom njenih poslov zavarovanja kreditov za kratkoročna tveganja, vključno s tržnimi tveganji, na družbo Ducroire/Delcredere.
In this connection, it must be noted that the conversion of Ducroire/Delcredere into a subsidiary cannot be regarded as being the same thing as a start-up since it was envisaged at the time that it would continue with the activities previously carried on by the parent company, and the assets and liabilities were simply transferred from the ONDD to Ducroire/Delcredere for this purpose.
Poleg tega družbi ONDD in Ducroire/Delcredere delujeta v drugih državah članicah, predvsem zaradi prevzema družbe KUP, tj. poslovnega dela češke nacionalne agencije za zavarovanje izvoznih kreditov.
This conclusion is also based on the way in which financial projections were produced at the time.
V skladu s točko 3.2 sporočila o zavarovanju izvoznih kreditov v primeru, ko država za tržna tveganja dodeli jamstvo ali kapital zavarovalnici na področju zavarovanja kreditov in pri tem ne ravna kot zasebni vlagatelj v tržnem gospodarstvu, to jamstvo ali kapital pomeni pomoč, ki izkrivlja trgovino znotraj Skupnosti.
It emerges that the ONDD, making financial projections for the future Ducroire/Delcredere in 2004, based them on the past performance of the activity in question (short-term risks, including marketable risks) as carried on by the ONDD.
V skladu z ustaljeno sodno prakso je trgovina med državami članicami prizadeta, kadar podjetje, ki prejema pomoč, opravlja dejavnosti na področju, ki je odprto za konkurenco in je predmet trgovine med državami članicami [87].
Assumptions regarding premiums and costs were also based mainly on historical financial data from the previous five years, apart from a few adjustments linked to changes in market circumstances, such as a reduction applied to premiums for risks that became marketable in 2004 following the accession of ten new Member States to the European Union.
Dejstvo, da se je ob začetku tega postopka konkurent iz druge države članice pritožil zaradi izkrivljanja konkurence zaradi delovanja družbe Ducroire/Delcredere v tretji državi članici (Češki republiki), samo potrjuje, da je družba Ducroire/Delcredere dejavna na področju, ki je predmet trgovine med državami članicami.
Moreover, it is clear from internal memos that it was envisaged that the entire paid-up capital of EUR 100 million should be absorbed mainly through the gradual growth until the end of 2007 (see recital (61)) of the activities performed by the ONDD in the past, in other words organic growth of existing activities (no expansion into other, more profitable activities was planned in 2004).
Ukrep 3 torej v dovolj veliki meri vpliva na trgovino med državami članicami.
No plans were drawn up at the time for the use of the subscribed capital that had not been paid up (EUR 50 million), hence no projection was produced on the expected profitability of this capital.
V.2 NEZAKONITOST MOREBITNE POMOČI
Moreover, neither the acquisition of KUP nor a broader acquisition strategy was taken into account when transferring the capital to Ducroire/Delcredere.
Ob upoštevanju navedenega ukrep 3 pomeni pomoč.
The only ex ante financial projections produced by the ONDD were confined to a three-year period (the first three years of operation of the future Ducroire/Delcredere, namely 2005, 2006 and 2007), a relatively short period from the point of view of a private investor.
Družba ONDD je zadevni kapital vpisala septembra 2004, dejavnost na področju kratkoročnih tveganj (vključno s tržnimi tveganji) pa je bila na družbo Ducroire/Delcredere prenesena 1. januarja 2005.
The Commission concludes that the expected profitability of the capital was insufficient, and that therefore the EUR 36,6 million constitutes an advantage for Ducroire/Delcredere's marketable risk activity.
Ta ukrep:
In the alternative, the Commission will analyse the expected profitability of the marketable risk activity in the recitals that follow.
je bil torej izveden po 17. septembru 1998, po katerem Belgija zaradi sprejetja sporočila o zavarovanju izvoznih kreditov ne sme več dodeljevati nove pomoči, in
The Commission would point out that, according to Annex 9 to the strategy paper of 28 September 2004, the financial projections drawn up by the ONDD envisaged a negative result for the marketable risk activity (in other words, for the marketable risk countries according to the Communication on export-credit insurance) [78] for the entire period projected from 2005 to 2007, so that the non-marketable risk activity was subsidising the marketable risk activity.
ne izpolnjuje pogojev za zastaralni rok iz člena 15 Uredbe Sveta (ES) št. 659/1999 z dne 22. marca 1999 o določitvi podrobnih pravil za uporabo člena 93 Pogodbe ES, saj je bil sprejet pred manj kot desetimi leti.
It can be deduced, therefore, that the estimated profitability of marketable risks was lower than the estimation for all activities, which in itself was insufficient for a private investor.
Del kapitala, ki ga je družba ONDD dodelila družbi Ducroire/Delcredere (36,6 milijona EUR) in ki ni bil predhodno priglašen Komisiji, zato že od začetka pomeni nezakonito novo pomoč.
The Commission therefore concludes that, even if the expected profitability of the marketable risk activity is analysed separately on the basis of the financial projections existing in 2004 [79], the conclusion would still be that the expected profitability was negative, and thus obviously insufficient to convince a private investor to proceed with such an investment.
Novo sporočilo državam članicam o uporabi členov 107 in 108 Pogodbe o delovanju Evropske unije za kratkoročno zavarovanje izvoznih kreditov (v nadaljnjem besedilu: novo sporočilo o zavarovanju izvoznih kreditov), ki je bilo objavljeno 19. decembra 2012, velja od 1. januarja 2013.
The Belgian authorities point out, for the reasons stated in recital (74), that the September 2004 projections must not be taken into account when analysing the profitability of marketable and non-marketable activities because ‘they produce absurd results’.
Načeloma v skladu s točkama 3.2 in 4.1 sporočila o zavarovanju izvoznih kreditov izjeme iz določb Pogodbe ne veljajo za pomoč, odobreno za zavarovanje tržnih tveganj.
The Belgian authorities say that the method developed in 2011 to separate marketable and non-marketable risks is a better reflection of the reasoning that a private investor might have followed when taking a decision in 2004.
Ta pomoč očitno izkrivlja konkurenco med zavarovatelji, zlasti pa povzroča „razlike v razpoložljivih zavarovalnih kritjih za tržna tveganja v različnih državah članicah in s tem izkrivlja konkurenco med podjetji v državah članicah ter vpliva na trgovino znotraj Skupnosti, ne glede na to, ali gre za uvoz znotraj ali izven Skupnosti.
They seem to be saying, therefore, retroactively, that the 2004 projections for marketable risks [80] were based on wrong assumptions.
Izjeme iz člena 92 Pogodbe se ne uporabljajo pri pomoči za zavarovanje tržnih tveganj.
In fact, the forecast claims experience was high but constant, whereas the forecast level of premiums (intended to remunerate the risks incurred) was very low.
Škodljivi vplivi takšne pomoči v Skupnosti odtehtajo vse morebitne interese posameznih držav ali Skupnosti, ki jih imajo pri podpiranju izvoza“ [88].
The result was a loss ratio of 94 %.
Torej ta pomoč načeloma ni upravičena do nobene izjeme iz člena 107(3) PDEU, zlasti ne tiste iz člena 107(3)(c), ker preveč izkrivlja konkurenco na notranjem trgu.
The Commission cannot accept a retrospective modification of the projected profitability of a business activity (see recital (150)).
Poleg tega zadevna pomoč ne izpolnjuje pogojev za upravičenost do vsaj ene izjeme iz člena 107(3) PDEU.
In the alternative, the Commission would point out that this argument by the Belgian authorities is tantamount to confirming that no serious separate analysis had been carried out of the expected profitability of marketable risks and that, therefore, in order to correctly apply the private investor test, the profitability of the entire capital granted to Ducroire/Delcredere should be examined.
Kot je navedeno v sklepu o začetku postopka, zadevna pomoč ne more biti pomoč za reševanje ali prestrukturiranje v skladu s Smernicami skupnosti o državni pomoči za reševanje in prestrukturiranje podjetij v težavah [89], zlasti zaradi naslednjih razlogov:
The Commission observes, purely in the alternative, that, even if account were taken of the projections for the result of the marketable risk activity as reviewed and submitted by the Belgian authorities in 2011 [81] — which the Commission does not accept since they did not exist at the time of the investment — and if this result were divided by the capital relating to marketable risks as estimated by the Commission (in other words EUR [45-65] million), the estimated ROC for 2005-07 would still be below the risk-free rate.
belgijski organi niso dokazali, da je bila družba Ducroire/Delcredere upravičena do takšne pomoči, na primer ker bi bila v težavah v smislu smernic o državni pomoči za reševanje in prestrukturiranje podjetij v težavah.
Contrary to the ONDD's calculations of profitability, the estimation of expected profitability, as indicated in the previous recital, is based on the entire estimated capital for marketable risks, including the non-paid-up part of the capital.
Opozoriti je treba tudi, da v skladu s točko 12 teh smernic na novo ustanovljeno podjetje ni upravičeno do pomoči za reševanje in prestrukturiranje;
The Belgian authorities' argument (see recital (79)) whereby the part of the capital subscribed in 2004 but paid up in 2009 should not be taken into account in the estimated profitability calculations before 2009, cannot be accepted.
pomoč ni bila omejena na najnižjo potrebno.
While this capital was not paid up in 2004, it could in fact be called upon at any time since it had been subscribed when Ducroire/Delcredere was set up.
Znesek kapitala, ki je bil dodeljen družbi Ducroire/Delcredere, je bil dovolj visok, da je družba lahko izvajala prevzeme.
A private investor in a market economy would demand remuneration for the risks incurred in relation to this investment, since he could lose part or all of his investment in the event of bankruptcy.
Poslovni načrt, ki je bil leta 2004 predložen v obliki internih dopisov, ni predvideval nobenega lastnega prispevka upravičenca;
Thus the calculations produced by the Belgian authorities cannot be accepted.
poslovni načrt za družbo Ducroire/Delcredere ni vključeval nobenih ukrepov za omejevanje izkrivljanja konkurence.
However, it must be recognised that this investor can invest the amount of the non-paid-up capital corresponding to his investment, so long as this capital is not called in, in risk-free investments that can be cashed-in in the short or medium term, thereby benefiting from the profitability rate applicable to this type of investment.
V novem sporočilu o zavarovanju izvoznih kreditov ni nobene določbe, na podlagi katere bi Komisija spremenila svojo oceno.
As a result, such an investor would be able to rely on remuneration for a non-paid-up capital investment corresponding only to the risk premium of the company in which he is investing (in other words, the difference between the expected profitability rate of a capital investment in a similar undertaking and the profitability rate of risk-free investments that can be cashed-in in the short or medium term) [82].
Zato zadevnega ukrepa ni mogoče razglasiti za združljivega z notranjim trgom v skladu s členom 107(3) PDEU.
Consequently, the expected profitability of a partly paid-up capital investment must be estimated by taking account of the entire capital subscribed, adjusting the result of the expected return rate for the capital that is not paid up.
V.4 OBVEZNOST USTANOVITVE TER VODENJA LOČENE UPRAVE IN LOČENIH RAČUNOV
The Commission has simulated various scenarios, including the most favourable case for expected profitability, namely that which consists in accepting that, of the EUR [45-65] million supporting the marketable risk activity, only EUR [10-25] million was paid up in 2004 (in other words, the capital already supporting marketable risks in the ONDD), and regarding the remaining EUR 36,6 million as capital that was not paid-up, which therefore required only a risk premium.
V skladu s točko 4.3 sporočila o zavarovanju izvoznih kreditov mora družba v primeru, da prejme državno podporo za dejavnost na področju netržnih tveganj, voditi ločeno upravo in ločene računovodske izkaze za zavarovanja tržnih tveganj in netržnih tveganj, da dejavnost na področju tržnih tveganj nima koristi od kapitala, dodeljenega dejavnosti na področju netržnih tveganj, in tako ne more izkrivljati konkurence.
In carrying out this simulation, the income corresponding to the return on a risk-free medium-term investment of EUR 36,6 million was added to the expected profitability of marketable activities.
Po navedbah belgijskih organov se je družba Ducroire/Delcredere s kratkoročnimi tveganji ukvarjala od 1. januarja 2005 na podlagi prenosa obstoječe dejavnosti skupaj z obstoječim kapitalom (brez dodatnega dodeljenega kapitala).
More precisely, the part of the capital not paid up multiplied by the expected profitability rate at the time for risk-free medium-term liquid investments [83] was added to the provisional result for marketable activities [84].
Podredno Belgija meni, da je bil kapital odobren pod pogoji, sprejemljivimi za zasebnega vlagatelja.
Next, this sum is divided by the average capital supporting the marketable risk activity.
Ker po navedbah belgijskih organov družba Ducroire/Delcredere ne prejema državne podpore – niti za njeno dejavnost na področju netržnih tveganj – po mnenju teh organov ločeni računi niso potrebni.
The result is the expected return on average equity (ROAE), which is estimated at approximately 4 % for the investment in 2005-07.
V oddelku V.1.1.2 je bil podan sklep, da je kapital, dodeljen preneseni dejavnosti, znašal [45–75] milijonov EUR in da je zato obstajal dodatni kapital v višini [75–100] milijonov EUR, od katerega je [35–65] milijonov EUR dejansko koristilo dejavnosti na področju netržnih tveganj.
The expected profitability calculated in this way is scarcely equal to the average rate for long-term Belgian government bonds in 2004 (see recital (155)).
Zato je bil ta znesek v višini [35–65] milijonov EUR izključen iz opredelitve kot pomoči.
Even using an investment rate of 3,5 %, as suggested by the Belgian authorities (see recital (80)), the expected profitability would not change significantly and would not achieve the estimated capital cost calculated by Belgium itself.
Trditev belgijskih organov, da dejavnost na področju netržnih tveganj ne prejema državne podpore, je zato treba zavrniti, saj je bil dokazan obstoj dodatnega kapitala, ki je delno koristil dejavnosti na področju netržnega tveganja.
The estimated profitability (as referred to in recital (168)) takes account of contributions to the equalisation provision, contrary to what is advocated by the Belgian authorities.
Poleg tega so finančne napovedi iz leta 2004 za celotno poslovanje družbe Ducroire/Delcredere predvidele pričakovano donosnost, nižjo od takratne obrestne mere brez tveganja [90].
Since the constitution of this provision, required by the Belgian prudential authorities, is intended to ensure a balance in results over time and to cover future potential losses resulting from future activities, it is more appropriate to take account of it when calculating profitability.
Pričakovana donosnost torej ni bila dovolj visoka, da bi zadostila zahtevam zasebnega vlagatelja v tržnem gospodarstvu.
Even if the provision was not taken into account (as a cost when estimating profit), the expected profitability would not equal the capital cost estimated by the Belgian authorities themselves (in this Decision, the Commission does not comment on the validity of the Belgian authorities' estimate of the capital cost since the reasoning in this Decision is not based on that figure).
Ker je dejavnost na področju netržnih tveganj prejemala in še prejema državno podporo, bi morala družba Ducroire/Delcredere od svoje ustanovitve upoštevati točko 4.3 sporočila o zavarovanju izvoznih kreditov, ki določa ločeno upravo in ločene račune, kar omogoča razlikovanje med dejavnostmi, povezanimi z netržnimi tveganji in dejavnostmi, povezanimi s tržnimi tveganji, in sicer tako dolgo, dokler izvaja dejavnost, povezano s tržnimi tveganji.
It seems, therefore, that, even when the elements put forward by the Belgian authorities are applied (elements which the Commission regards as wrong), the expected profitability of the marketable risk activity was insufficient to convince a private investor in a market economy to proceed with such an investment.
Ta obveznost je ohranjena v določbah novega sporočila o zavarovanju izvoznih kreditov (glej točko 15 novega sporočila o zavarovanju izvoznih kreditov).
In the alternative, as regards the method advocated by the Belgian authorities in their reply to the Commission's request for information in December 2007, in order to estimate profitability or the ROC ratio, the Commission would point out that this ratio was not used in the ONDD's ex ante financial projections (business plan).
Ta obveznost je veljala in še vedno velja za družbo Ducroire/Delcredere.
Moreover, such a ratio highlights the technical income on turnover, does not take account of the capital invested and does not state the profitability in relation to it.
Zato je treba nemudoma uvesti ločeno upravo in ločene račune za dejavnosti na področju netržnih in tržnih tveganj.
Nor does it take account of the result of purely financial activities, which, however, forms part of the accounting profit that can be distributed to shareholders.
V nasprotnem primeru bo podpora, ki znaša [35–65] milijonov EUR in je bila dodeljena za dejavnost na področju netržnih tveganj, opredeljena kot pomoč.
A private equity investor (such as a shareholder) would not therefore have used this rate only (which does not indicate the return on equity or on invested amounts) in order to assess the profitability of the investment he was considering.
Sklepna ugotovitev tega sklepa, da ta znesek v višini [35–65] milijonov EUR podpira dejavnost na področju netržnih tveganj, temelji na določenih predpostavkah, ki jih v nekaterih primerih zaradi oblikovanja ločenih računov za nazaj ni mogoče preveriti (družba Ducroire/Delcredere ni uradno ločevala računov).
In conclusion, the EUR 36,6 million constitutes an advantage which the ONDD granted to Ducroire/Delcredere in the form of capital which it could not have obtained on the market on the same conditions.
Komisija takšnega preoblikovanja za nazaj ne bo več upoštevala, če bo morala v prihodnosti ponovno preveriti kapital družbe Ducroire/Delcredere.
Imputability and state resources
Namen obveznosti glede ločene uprave in ločenih računov je ravno izogibanje takšnemu preoblikovanju za nazaj, saj mora temeljiti na številnih predpostavkah, ki jih ni mogoče v celoti preveriti.
The granting of capital to Ducroire/Delcredere is a decision of the ONDD imputable to the Belgian State since the ONDD is an ‘autonomous public institution’ under Belgian public law, incorporated by an Organic Law of 31 August 1939.
Zlasti ne bi bila sprejemljiva dodelitev nižjega zneska kapitala za dejavnost na področju netržnih tveganj (torej višjega zneska kapitala za dejavnost na področju tržnih tveganj), kot je določeno v ločeni bilanci stanja dne 31. decembra 2011, ki so jo belgijski organi predložili maja 2012.
The members of its Board of Directors are appointed (by decree decided by the Belgian Council of Ministers) and can be dismissed by the King of the Belgians (who also sets their salaries and allowances) on a proposal, in most cases, from the supervising Federal Ministers and Regional Ministers from the three regions of Belgium [85].
Komisija podredno poudarja, da je bilo preverjanje ukrepa 3 zaradi vodenja skupnega računa od ustanovitve družbe Ducroire/Delcredere precej zahtevnejše, Komisija pa je morala svojo analizo izvesti na podlagi določenih predpostavk.
Known as ‘ministerial delegates’, the members of the Board of Directors appointed on a proposal from the supervising ministers can, during the deliberations of the Board, suspend decisions they deem contrary to the interests of the State.
Glede na to, da za družbo Ducroire/Delcredere velja obveznost vodenja ločenih računov, družba ne more oporekati Komisiji zaradi določenih predpostavk ali celovitega pristopa, ki ga je razvila v okviru svoje analize.
In this case, the ministerial delegate who suspended the decision must report to the minister who entrusted him with his mandate as Board member.
Če Komisija ne bi razvila takšnega celovitega pristopa, bi lahko preprosto menila, da je celotni znesek v višini [75–100] milijonov EUR pomenil prednost v smislu člena 107(1) PDEU.
Lastly, the ONDD benefits from a Belgian State guarantee and can act on behalf of the Belgian State.
V.5 OBVEZNOST, DA DEJAVNOST NA PODROČJU NETRŽNIH TVEGANJ NE SME PRISPEVATI K POVRAČILU POMOČI
The Belgian State, represented on the Board of Directors of the ONDD and informed of the decisions taken by it, was therefore directly involved in the ONDD's allocation of capital to Ducroire/Delcredere.
V tem sklepu je Komisija iz opredelitve kot pomoči izključila tisti del kapitala, ki dejansko koristi dejavnosti na področju netržnih tveganj, čeprav je ta del kapitala pomenil pomoč, ki ni izpolnila zahtev zasebnega vlagatelja.
The Belgian authorities have not contested the imputability to the Belgian State of the capital allocation measure.
Znesek nezdružljive pomoči torej ne vključuje podpore za netržne dejavnosti.
The allocation of capital to Ducroire/Delcredere by the ONDD, a public body whose conduct is imputable to the Belgian State, therefore constitutes a state resource within the meaning of Article 107 of the TFEU.
V skladu z logiko tega sklepa se mora povračilo nezdružljive pomoči torej financirati izključno s tržno dejavnostjo in z njo povezanim kapitalom, saj je to edini način, da se ponovno vzpostavi konkurenčnost na trgu tržnih tveganj, ki je obstajala pred dodelitvijo nezdružljive pomoči.
Selectivity
Kot je bilo navedeno, mora biti to vračilo izvedeno na podlagi ločenih računov in na način, skladen s pripombami belgijskih organov iz maja 2012.
The capital allocation made in 2004 is selective inasmuch as it benefits Ducroire/Delcredere directly and exclusively.
SKLEPNE UGOTOVITVE
Distortion of competition
Komisija ugotavlja, da od treh ukrepov, ki so bili predmet formalnega postopka preiskave, ukrepa 1 in 2 (državno jamstvo in morebitni notranji prenosi sredstev na tržna tveganja v družbi ONDD) ne pomenita državne pomoči v smislu člena 107(1) PDEU.
Once the ONDD made the capital allocation in question without expecting sufficient profitability, Ducroire/Delcredere benefited from a competitive advantage compared with private credit insurance organisations whose shareholders expect a return on their investment of the same level as the return they could obtain from comparable investments.
Analiza ukrepa 3 dopušča sklep o obstoju državne pomoči v smislu člena 107(1) PDEU v višini 36,6 milijona EUR.