natgillin/translations-raw huggingface dataset:
In the opening decision, the Commission raised doubts about both the classification of the measures in question as State aid and their possible compatibility with the internal market under the rules on State aid granted to firms in difficulty.
Glede združljivosti ukrepov s pravili o državni pomoči je Komisija menila, da je uporabljena pravna podlaga skladna s smernicami Skupnosti o državni pomoči za reševanje in prestrukturiranje podjetij v težavah iz leta 2004 (v nadaljnjem besedilu: smernice iz leta 2004) [14].
CLASSIFICATION AS STATE AID
S tem je Komisija izrazila dvome glede (i) ponovne vzpostavitve dolgoročne sposobnosti preživetja družbe Kem One, (ii) preprečevanja vsakršnega izkrivljanja konkurence ter (iii) omejitve pomoči na najmanjšo potrebno.
In relation to the three notified measures, i.e. (i) the FDES loan; (ii) the grant and the repayable advances; and (iii) the write-off of claims, the Commission had concerns about the existence of an economic advantage and, if there were one, its amount.
Povratek k dolgoročni sposobnosti preživetja družbe Kem One
Value of collateral
Predvsem je Komisija imela pomisleke glede točnega trajanja načrta prestrukturiranja, saj Francija tega ni natančno določila.
The Commission had doubts, firstly, about the terms of the FDES loan.
Poleg tega je Komisija imela pomisleke glede verodostojnosti nekaterih elementov scenarija povratka k dolgoročni sposobnosti preživetja, ki ga je predložila Francija.
The Commission voiced several reservations on the estimate of the value of the collateral.
Ponovna vzpostavitev likvidnosti se ji je zdela negotova, tako v osnovnem kot v pesimističnem scenariju.
Firstly, the French authorities did not indicate which plant and equipment was pledged.
Zato je izvedljivost teh treh scenarijev negotova.
The Commission also noted that the French authorities presented the dated and under-performing, or even obsolete, state of certain production facilities as one of Kem One's major difficulties; that was the case in particular of the mercury cell and diaphragm cell units.
Preprečevanje vsakršnega izkrivljanja konkurence
The Commission therefore had doubts about the real value of the pledged plant and equipment and doubted that the net book value used to estimate the collateral was the most relevant value, in particular in comparison with the alternative solution, which would be to estimate the value of the pledges on the basis of the net income that can be achieved by operating them.
Ker Francija ni predložila nobenega izravnalnega ukrepa, je Komisija opozorila, da ti ukrepi predstavljajo enega od meril za združljivost pomoči za prestrukturiranje.
Level of remuneration of the loan
Zato je pozvala francoske organe, naj ji predlagajo izravnalne ukrepe, ki bi upoštevali vse njihove trditve.
In the light of these doubts, increasing the reference rate for France at the time the loan was granted (0,53 %) by 400 basis points in order to calculate the remuneration of the loan was insufficient.
Omejitev pomoči na najmanjšo potrebno
The Commission also had concerns about the conditions of remuneration of the loan.
Komisija je imela pomisleke glede podatkov, ki so jih francoskih organi upoštevali pri izračunu lastnega prispevka družbe Kem One in zato tudi glede skladnosti s pravilom, da mora lastni prispevek družbe za stroške prestrukturiranja predstavljati 50 % celotnega zneska.
Indeed, the French authorities, by applying the communication from the Commission on the revision of the method for setting the reference and discount rates (‘the 2008 Reference Rate Communication’) [12], arrive at a remuneration of 4,53 %, but set a rate of 3,5 %.
ODZIV FRANCIJE NA SKLEP O ZAČETKU POSTOPKA
The Commission considered on the contrary that the increase in relation to the quality of the collateral was insufficient and that the rate should instead be in the range between 6,53 % and 10,53 % [13].
Z dopisom z dne 3. novembra 2014 je Francija predložila pripombe na sklep o začetku postopka.
The Commission also noted that, in the absence of a loan granted to Kem One by a private bank on the same terms, in the context of the undertaking's difficulties and restructuring, the entire loan could be considered aid.
OPREDELITEV DRŽAVNE POMOČI
Grant and repayable advances
Francija poudarja, da knjigovodska vrednost zastavljenega premoženja odraža njihovo tržno vrednost.
The Commission was of the opinion that a subsidy constitutes an economic advantage that the beneficiary would not obtain under market conditions.
Dejansko je čista knjigovodska vrednost enaka bruto knjigovodski vrednosti brez amortizacije.
A grant is a financial instrument whose capital is not repayable and which does not generate interest to be paid by the beneficiary.
Vendar je bruto vrednost enaka bodisi nakupni vrednosti premoženja bodisi njegovi vrednosti ob prenosu.
A private lender, who has a cost of financing and has to remunerate its capital, would not have agreed to finance a company by grants.
Pri delnem prenosu sredstev družbe Arkema na družbo Kem One 2. julija 2012 so neodvisni strokovnjaki ocenili ta vložek na [110 – 120] milijonov EUR.
With regard to the repayable advances, the Commission noted the presence of certain conditions relating to the granting of the advances that a private lender would probably not have required.
Poleg tega Francija opozarja, da sta nedavno bili opravljeni dve transakciji v sektorju PVC, ki sta zadevali manjša podjetja, kot je družba Kem One, vendar je šlo za bistveno višja zneska, kot je knjigovodska vrednost sredstev družbe Kem One.
These included in particular the condition relating to the maintenance of activity and jobs at the Lavéra site for five years after project completion, the sustainability of Kem One permitting, and with the prior agreement of the state.
Francija torej ugotavlja, da se šteje, da ima država trdno jamstvo, ki je zelo visoko glede na znesek posojila FDES.
Furthermore, in the absence of the demonstration by the French authorities that private lenders would have been willing to lend such a sum on the same terms to an undertaking in difficulty, the Commission considered that the full amount of the repayable advances could be classified as aid.
Raven plačil
Possible write-off of social security and tax debts
Francija predvsem meni, da metodologija za izračun obrestne mere temelji na vzorcu podjetij, za katere se sklepajo pogodbe kreditne zamenjave (credit default swap) za obdobje štirih let, in ki imajo bonitetno oceno CCC.
The Commission observed first that the percentages of debt write-off were not the same for the private creditors (70 %) as for the public creditors ([…] %), even though it was not certain that the state was in the same position as the private creditors which had long-standing relationships with Kem One.
Ta metodologija je opisana v točki 92 sklepa o začetku postopka in daje obrestno mero 20,95 %, ki pa ni primerljiva z realnimi tržnimi obrestnimi merami.
Moreover, with regard to the principle of the private creditor in a market economy, a write-off of debts a priori constitutes aid since it provides an advantage to an undertaking over its competitors by reducing its costs.
Dejansko se te pogodbe ne morejo primerjati s posojilom, ki ga družba Kem One prejme od FDES, saj ne obstaja nobena opredelitev jamstva ali stopnja zavarovanja, ki bi bila povezana s transakcijami, ki se uporabljajo kot referenčno merilo za določitev obrestne mere 20,95 %.
This is all the more true when the undertaking is in difficulty and subject to collective proceedings.
Glede na finančni položaj družbe Kem One in raven zavarovanja s premoženjem bi uporaba obvestila o referenčnih obrestnih merah iz leta 2008 pomenila plačilo 4,53 % (referenčna obrestna mera Francije 0,53 % + 400 baznih točk), in ne 6,53 %, kot trdi Komisija v sklepu o začetku postopka.
In the case at hand, the Commission had doubts about the motives behind the write-off of tax and social security debts, which gave precedence to the offer from one buyer.
V vsakem primeru obrestna mera, izračuna na podlagi obvestila o referenčnih obrestnih merah iz leta 2008, služi le kot kazalnik.
The Commission did not discount the possibility that the amount of aid was equal to the total amount of the planned write-off.
V obravnavanem primeru je bila zaradi majhnega tveganja plačilne nesposobnosti družbe Kem One, zlasti ob upoštevanju učinkovitega izvajanja načrta sanacije, ki omogoča povratek k sposobnosti preživetja podjetja že leta 2017, ter ob upoštevanju dobrega finančnega poslovodenja, pa tudi visoke stopnje zavarovanja, upravičena tržno usklajena obrestna mera 3,5 %.
By that yardstick, the Commission raised doubts about: (i) the restoration of Kem One's long-term viability; (ii) the avoidance of any distortion of competition; and (iii) the limitation of aid to the minimum necessary.
Znesek pomoči
Restoration of Kem One's long-term viability
Kot je navedeno v priglasitvi, Francija meni, da bi moral biti znesek morebitne pomoči enak razliki med obrestno mero, izračunano na podlagi obvestila o referenčnih obrestnih merah iz leta 2008, in uporabljeno obrestno mero, tj. 4,53 % oziroma 3,5 %, in ne celotni znesek posojila.
The Commission considered that Kem One's internal restructuring necessarily had to create additional costs linked to the reduction in structural costs and the reorientation of the commercial policy.
Glede vračljivi predplačil Francija meni, da jih ni mogoče v celoti obravnavati kot državno pomoč.
Moreover, the Commission had doubts about the credibility of certain aspects of the scenarios for the restoration of long-term viability presented by France.
Povračilo predplačil je zagotovljeno, saj postane samodejno dve leti po zaključku pogodbenih del za posodobitev.
Thus, the restoration of the cash position seemed uncertain, whether under the base-case scenario or the pessimistic scenario.
Predplačila bi bilo zato treba enačiti s posojili,tako da je znesek pomoči enak ekvivalentu nepovratnih sredstev, tj. 14,4 milijona EUR.
The three scenarios proposed by France in the notification included the obtaining of a bank loan of EUR [60-70] million in 2016 from private financial institutions.
Francija zlasti navaja, da je v nasprotju s tem, kar je navedeno v priglasitvi, znesek davčnih in socialnih terjatev v višini […] EUR in ne 42 milijonov EUR.
However, at this stage, the French authorities did not appear to have any guarantee that the loan would be granted.
Znesek […] EUR je razdeljen, kot sledi: […] EUR dolgov, ki so nastali pred začetkom stečajnega postopka, in […] EUR dolgov, ki so nastali po začetku tega postopka.
This uncertainty therefore undermined the realistic nature of the three scenarios.
Pristojni organi nameravajo odobriti odpis […] % dolgov, ki se lahko odpišejo in so nastali pred začetkom postopka [15], tj. […] EUR od celotnih javnih obveznosti v višini […] EUR (kar je […] % celotnih javnih obveznosti).
Prevention of distortion of competition
Francija tudi opozarja, da je večina dolga do zasebnih upnikov bila odpisana v višini 100 % ali 70 %.
In the absence of any compensatory measures proposed by France, the Commission pointed out that the presence of compensatory measures is one of the criteria for the compatibility of restructuring aid.
Poleg tega se je Francija odpovedala deležu davčnih in socialnih terjatev do družbe Kem One, kar je omogočilo pravilno izvedbo načrta za oživitev in sanacijo podjetja.
Accordingly, it called on the French authorities to propose compensatory measures taking into account all of their arguments.
Namreč, če bi družba Kem One propadla, bi Francija lahko izgubila dodatnih […] milijonov EUR [16], če ne bi odobrila popusta, katerega skupni znesek ne bi presegel […] milijonov EUR.
Aid limited to the minimum
Glede na te elemente se Francija obnaša kot preudaren upnik.
The Commission had doubts about the data used by the French authorities to calculate the amount of Kem One's own contribution, and therefore about compliance with the rule that the own contribution by a large firm to the costs of its restructuring must be 50 % of the total amount.
V vsakem primeru, tudi če bi se ukrep moral obravnavati kot državna pomoč, bi bil znesek pomoči enak razliki med stopnjo odpisa, s katero se je Francija na koncu strinjala, in najnižjo stopnjo odpisa, ki jo je sprejela večina zasebnih upnikov.
RESPONSE BY FRANCE TO THE OPENING DECISION
ZDRUŽLJIVOST
By letter dated 3 November 2014, France presented its observations on the opening decision.
Povratek k sposobnosti preživetja
France stresses that the book value of the pledged assets corresponds to their market value.
V svojih navedbah Francija poudarja, da je zmanjšanje strukturnih stroškov povzročilo le trinajst presežnih delavcev, kar je povzročilo finančno breme v višini […] milijonov EUR.
The net book value is the gross book value less depreciation.
To breme ni bilo opredeljeno ločeno v poslovnem načrtu in načrtu likvidnosti, priloženem načrtu priglasitve, vendar je bilo vseeno odšteto od začetnega stanja denarnega toka.
The gross book value is the acquisition cost of the assets or their transfer value.
Poleg tega druga notranja prizadevanja za zmanjšanje glavnih stroškov niso privedla do posebnih finančnih bremen.
Thus, at the time of the partial transfer of assets from Arkema to Kem One on 2 July 2012, the transfer was valued by independent experts at EUR [110-120] million.
Glede preusmeritve trgovinske politike ni prišlo do nobenih neposredno povezanih stroškov.
Furthermore, France pointed out that two transactions that had recently taken place in the PVC sector involving companies smaller than Kem One had been concluded at much higher amounts than the book value of Kem One's assets.
Poleg tega več pozitivnih elementov potrjuje, da gre za realistične scenarije ponovne vzpostavitve sposobnosti preživetja, ki jih je predložila družba.
In addition, although Kem One's activities were valued using the net present value method, their amount would be EUR [80-90] million in 2014, EUR [110-130] million in 2015 and EUR [330-340] million in 2016.
Po začetnem scenariju naj bi se konec leta 2017 likvidnost povečala za [30 – 40] milijonov EUR, in sicer zaradi zmanjšanja potrebnih naložb in ponovne vzpostavitve dejavnosti pred predvidenim rokom, medtem ko je bil pričakovani letni poslovni dobiček popravljen na [35 – 45] milijonov EUR namesto na [25 – 35] milijonov EUR.
Finally, France noted that the collateral was first-rank, ensuring that the state would be satisfied before all other creditors.
Poleg tega vključitev več zasebnih družb, kot so [zasebni subjekt 1], [zasebni subjekt 3], [zasebni subjekt 4] in [zasebni subjekt 5], ki so sprejele odpis vseh svojih terjatev do družbe Kem One in tudi [zasebnega subjekta 2], ki se je strinjal, da poveča zmogljivost faktoringa družbe Kem One, kaže na to, da ti subjekti verjamejo v ponovno dolgoročno sposobnost preživetja te družbe.
France concluded therefore that it should be considered that the state had a sound guarantee that was very high in relation to the amount of the FDES loan.
Bančno posojilo v višini [60 – 70] milijonov EUR ostaja hipotetično in na dan predložitve odgovora Francije zanj še ni bila vložena prošnja.
Level of remuneration
Francija glede na te okoliščine meni, da dejstvo, da ni jamstva za bančno posojilo, ne more oslabiti treh scenarijev za ponovno vzpostavitev sposobnosti preživetja družbe, to pa velja tudi za znesek lastnega prispevka družbe.
First of all, France takes the view that the methodology for calculating the interest rate on the basis of a sample of companies for which four-year credit default swap (CDS) contracts are negotiated and with a CCC rating, as set out in paragraph 92 of the opening decision, resulting in a rate of 20,95 %, is not able to provide an approximation of actual market rates.
Lastni prispevek družbe
These cannot be borrowing operations comparable to those of Kem One in relation to FDES, since there is no identification of the guarantees or the level of collateral attached to the operations taken as a benchmark for determining the rate of 20,95 %.
Francija v svojih pripombah ne izpodbija odločitve, da se bančno posojilo v višini [60 – 70] milijonov EUR ne vključi v lastni kapital družbe Kem One, saj gre za hipotetični element, kateremu se ni nobena finančna ustanova trdo zavezala.
Furthermore, given Kem One's financial situation and the level of collateral, application of the 2008 Reference Rate Communication results in a remuneration of 4,53 % (reference rate of France of 0,53 % + 400 basis points), and not 6,53 % as stated by the Commission in the opening decision.
Po drugi strani pa bi bilo treba odpise, ki so jih sprejeli [zasebni subjekt 3], [zasebni subjekt 1], [zasebni subjekt 4] in [zasebni subjekt 5], obravnavati kot prave denarne tokove v korist družbe Kem One in jih je zato treba upoštevati kot lastni prispevek.
In any event, the rate calculated on the basis of the 2008 Reference Rate Communication serves only as an indication.
Sicer pa so ti subjekti stari trgovinski partnerji družbe Kem One, katerih interesi so povezani z uspehom družbe Kem One.
In the case at hand, Kem One's low risk of insolvency, taking account in particular of the effective implementation of the recovery plan enabling the company's viability to be restored by 2017 and sound financial management, and the high level of collateral, justified a rate of 3,5 % consistent with the market.
Zato odpis terjatev v višini 180,5 milijona EUR pomeni preudarno odločitev v tej dejavnosti, ki neposredno podpira uspeh načrta sanacije, kateremu so se zavezali družba Kem One in njeni kupci.
Lastly, the financing contract with [private operator 2] provides for a financing rate of Euribor 3 months + […] % with a minimum of […] %.
Drugi odpisi terjatev, pri katerih gre za manjše zneske, so tudi v skladu s to razlago.
Although this is not a bank rate, the conditions for granting the financing are such that they confirm that the FDES loan is consistent with market conditions.
Zasebni prispevki skupaj znašajo 282,5 milijona EUR, razdeljeni pa so na naslednji način:
Amount of aid
Razpredelnica 3
As stated in the notification, France considers that the amount of aid, if any, should be equal to the difference between the rate calculated on the basis of the 2008 Reference Rate Communication and the rate applied, i.e. 4,53 % and 3,5 %, and not the total amount of the loan.
Viri zasebnih prispevkov, predvidenih v načrtu prestrukturiranja, po mnenju Francije
France highlights the fact that, in the past, the Commission has applied this approach on several occasions.
Vir: Odziv Francije na sklep o začetku postopka
As already pointed out, France acknowledges that the entire grant constitutes State aid.
Vir prispevka
With regard to the repayable advances, France takes the view that they cannot be considered State aid in their entirety.
Znesek (v milijonih EUR)
The repayment of the advances is certain since it becomes automatic two years after the end of the modernisation work.
Lastno financiranje družbe Kem One
Therefore, the advances should be equated to loans and, consequently, the amount of aid is the grant equivalent, i.e. EUR 14,4 million.
Financiranje [zasebni subjekt 1]
First of all, France notes that, contrary to what was stated in the notification, the amount of the tax and social security debts is EUR […] and not EUR 42 million.
Financiranje [zasebni subjekt 2]
The EUR […] is broken down as follows: EUR […] million in debts contracted before the opening of the court-supervised administration procedure and EUR […] in debts contracted after the opening of the procedure.
[55 – 65]
The relevant authorities intend to grant a write-off of […] % of the remissible debts contracted before the opening of the procedure [15], i.e. EUR […] out of a total public liability of EUR […] ([…] % of the total public liability).
Povečanje kapitala s strani kupcev
Second, France points out that the write-off applicable to most of the debts owed to private creditors was 100 % or 70 %.
[5 – 15]
Moreover, the waiver by France of part of its tax and social security claims against Kem One is such as to enable the company's recovery plan to be implemented smoothly.
Poplačilo terjatev [zasebnega subjekta 6]
If Kem One were to disappear, France could lose an additional EUR […] million [16] if it does not grant a total write-off not exceeding EUR […] million.
Odpis terjatev [zasebni subjekt 1]
In the light of this information, France is therefore behaving like a prudent creditor.
[90 – 100]
In any event, if the measure were to be considered State aid, the amount of aid would be the difference between the level of the write-off finally agreed to by France and the level of the minimum write-off accepted by all the private creditors.
Odpis terjatev [zasebni subjekt 3]
COMPATIBILITY
[25 – 35]
Restoration of viability
Odpis terjatev [zasebni subjekt 4]
In the opening decision, the Commission called on France to comment on the statement that it had included in the restructuring costs only the costs of modernising the production facilities, whereas Kem One's restructuring necessarily had to generate additional costs linked to each restructuring measure (reduction in structural costs and reorientation of the commercial policy).
Odpis terjatev [zasebni subjekt 5]
In its observations, France stresses that the reduction in structural costs resulted in only 13 redundancies, with an associated financial cost of EUR […] million.
PRIPOMBE ZAINTERESIRANIH TRETJIH STRANI IN FRANCIJE
This cost was not identified separately in the business plan or the cash flow plan attached to the notification, but was none the less deducted from the opening cash position.
PRIPOMBE ZAINTERESIRANIH TRETJIH STRANI
Furthermore, the other intense efforts associated with the reduction in central costs did not result in specific financial charges.
Pripombe družbe Ineos
The reorientation of the commercial policy did not result in any directly associated cost.
Znesek državne pomoči in lastni prispevek družbe Kem One
In addition, a number of positive aspects confirm the realistic nature of the restoration of viability scenarios presented by the company.
Po mnenju družbe Ineos zahtevek Francije močno podcenjuje znesek državne pomoči ter ne predvideva zadostnega prispevka družbe Kem One in njenih delničarjev.
Thus, in the base-case scenario, the cash position was increased by EUR [30-40] million at the end of 2017, because of a reduction in the investments needed and an earlier than expected restart in activity, while the projected operating income has been revised to EUR [35-45] million per year instead of EUR [25-35] million.
Če bi bile trditve Francije točne, bi morala biti družba Kem One sposobna pridobiti posojilo od zasebnega upnika pod enakimi pogoji, česar pa ta družba nikakor ni bila sposobna storiti.
Furthermore, the involvement of a number of private companies, such as [private operator 1], [private operator 3], [private operator 4] and [private operator 5], which have agreed to write off all of their claims against Kem One, and of [private operator 2], which has agreed to increase Kem One's factoring capacity, demonstrate these companies' belief in the undertaking's return to long-term viability.
Poleg tega je bila vrednost zavarovanja s premoženjem občutno precenjena.
The bank loan of EUR [60-70] million remains hypothetical and had not yet been applied for when France submitted its response.
Knjigovodska vrednost sredstev se ne more enačiti s tržno vrednostjo v primeru hudih gospodarskih in finančnih težav, zlasti ker ima to zavarovanje s premoženjem vrednost le, če so sredstva vključena v proizvodnjo, ki se je izkazala za šibko.
Under these conditions, France considers that the fact that there is no guarantee about the bank loan does not undermine the three scenarios relating to the undertaking's return to viability, nor does the amount of the undertaking's own contribution.
Družba Ineos torej meni, da bi se moralo celotno posojilo FDES obravnavati kot pomoč.
The company's own contribution
Kar zadeva neposredna nepovratna sredstva in vračljiva predplačila, družba Ineos meni, da gre v celoti za državno pomoč.