natgillin/translations-raw huggingface dataset:
If the Communication accurately reflects the market, the conclusion would have to be that Duferco could claim an AAA rating.
Iz navedenega izhaja, da naložbe holdinga FSIH ni mogoče šteti za skladno z načelom zasebnega vlagatelja v tržnem gospodarstvu.
The Commission rejects this argument.
Komisija ugotavlja, da je družba DLP holdingu FSIH omogočila, da znova podpre jeklarsko dejavnost v Valoniji, ne da bi to upravičevala ekonomska analiza v skladu z načelom zasebnega vlagatelja v tržnem gospodarstvu.
The loans set out in the table provided by Belgium present a margin generally ranging from 70 to 150 basis points.
Iz navedenega izhaja, da naložbe ni mogoče šteti za enakovredno in skladno z načelom zasebnega vlagatelja v tržnem gospodarstvu.
A significant number of these loans were negotiated at 100 basis points.
Znesek pomoči, ki jo je prejela družba DLP, je torej enak znesku povečanja kapitala, tj. 100 milijonov EUR.
Since Belgium seems to claim that Duferco furnished its loans with high collateral, the 2008 Reference Rate Communication indicates that a margin of 100 basis points corresponds to a BB rating for this level of collateral.
Splošna ugotovitev glede merila gospodarske prednosti
Therefore, Belgium's reasoning results in [the parent company of the Duferco Group at the time] receiving a BB rating at most.
Komisija je na podlagi posamične ocene vsakega ukrepa menila, da je potrebna splošnejša analiza naložbene strategije holdinga FSIH od njegove ustanovitve.
This estimate of the financial rating of [the parent company of the Duferco Group at the time] is confirmed by a comparison with the ratings of the main steel groups worldwide in 2009.
Meni namreč, da so ti ukrepi med seboj neločljivo povezani in imajo en sam cilj: podpreti in trajno ohraniti dejavnosti skupine Duferco v Valoniji, in sicer s posrednimi naložbami v offshore hčerinske družbe skupine, da se obidejo pravila o prepovedi pomoči jeklarstvu v Uniji.
First, no global steel group, regardless of the rating agency, was rated AAA in 2009.
Upravičenke ukrepov holdinga FSIH so bile namreč matična družba Duferco ali hčerinske družbe skupine s sedežem v Združenih državah (ukrep št. 1), […] (ukrep št. 2), na Irskem (ukrep št. 3), […] (ukrep št. 4) in […] (ukrepa št. 5 in 6), da bi se financirali projekti, ki so se izvajali v Valoniji, v valonskih hčerinskih družbah skupine, dejavnih v sektorju jeklarstva in nato v sektorju sanacije obratov, ko je skupina postopoma opustila svoje jeklarske dejavnosti v Valoniji.
Belgium does not contest this finding.
To ugotovitev potrjuje sočasnost ali časovna bližina izvedbe nekaterih dejanj.
The Commission concludes that the Duferco Group would have found it difficult to justify a rating equivalent to AAA in 2009 and that the BB rating resulting from the approach proposed by Belgium seems to be in line with that of a number of other steel groups — it is even the most frequent rating in 2009.
Komisija opozarja, da je bila ta naložba izvedena po negativni odločbi Komisije v zvezi z železarno Clabecq [57]: poskus Belgije, da bi to železarno rešila, je bil kot nezdružljiv s skupnim trgom razglašen decembra 1996.
With regard to the value of the collateral, the Commission does not agree with Belgium that the collateral on the loan granted to [the parent company of the Duferco Group at the time] was very strong.
Zoper podjetje je bil nato januarja 1997 uveden stečajni postopek.
As a reminder, the collateral consists of a pledge on 15 % of the shares in DPH and an assurance that it will be repaid as a priority on maturity of a future, but almost certain, claim of USD […] million.
Temu je sledila vrsta prevzemov valonskih jeklarskih obratov s strani skupine Duferco, še vedno s finančno podporo regije Valonije prek družbe SOGEPA in nato od leta 2003 prek holdinga FSIH.
With regard to the pledge on 15 % of shares in DPH, the Commission notes that DPH, registered in […], is a unlisted company whose shares are, therefore, by definition not very liquid.
Leta 1999 je skupina Duferco s podporo regije Valonije od skupine Hoogovens odkupila tovarne Gustave Boël v La Louvièru (sprememba terjatve v višini 12,5 milijona EUR v 25 % kapitala in posojilo v višini 25,3 milijona EUR) [58].
The value of collateral increases in relation to its liquidity in the event of a default of the lender, i.e. the possibility of selling it in the short term without losing value.
Ko je predsednik skupine Usinor-Sacilor februarja 2001 objavil namero o ukinitvi dejavnosti linije vročega valjanja v obratu Cockerill Sambre v Charleroiju, so se začeli pogovori med skupinami Usinor-Cockerill Sambre, Duferco in SOGEPA, katerih glavni cilj je bila ustanovitev skupne družbe za proizvodnjo plošč, v kateri bi se kot industrijsko orodje uporabile obstoječe naprave v obratu Cockerill Sambre v Charleroiju, dopolnjene z opremo iz družbe Duferco Clabecq.
Furthermore, as for all ordinary shares, the value of DPH shares remains variable, which is problematic for the purpose of guaranteeing a long-term loan to be repaid in full on maturity.
Leta 2002 je skupina Duferco tako prevzela linijo vročega valjanja v Charleroiju, ki je postala družba Carsid, v sodelovanju z družbo Usinor in znova s podporo regije Valonije (kapitalski vložek družbe SOGEPA v družbo Carsid v višini 20 milijonov EUR, ki se je znižal na 9 milijonov EUR po sklepu o začetku postopka iz člena 6(5) Odločbe št. 2496/96/ESPJ).
Lastly, Belgium argues that the Commission had signalled DPH's financial soundness in recital 148 of the opening decision (increase in own funds and net result).
Komisija ugotavlja, da je bil holding FSIH ustanovljen marca 2003, torej med preiskavo, ki jo je Komisija izvedla po sprejetju sklepa o začetku formalnega postopka preiskave v zvezi s finančno udeležbo regije Valonije v podjetju Carsid 3. aprila 2002.
The Commission points out that this finding applied to the period from 2003 to 2006, not to 2009.
Ta postopek je bil končan 15. oktobra 2003 [59] z negativno odločbo Komisije, z obrazložitvijo, da naložbe v novo družbo ni mogoče šteti za enakovredno, če novo tveganje prevzame samo javni delničar, zasebni delničar pa dejavnost ali obstoječi projekt zgolj prenese na novo družbo.
Duferco's annual report from 2009, on the contrary, underlines the drastic fall in sales, by almost half in relation to 2008, and a consolidated loss of around USD […] million.
Komisija tako ugotavlja, da je posredovanje regije Valonije v korist skupine Duferco večkrat omogočilo, da se je zavlačevalo s prilagoditvami jeklarstva v Valoniji, ki so bile s socialnega vidika težke, a z gospodarskega vidika nujne.
Consequently, the Commission does not consider this collateral can be classified as normal, but should rather be classified as low.
Takega ravnanja, ki so ga vodili regionalni in socialni preudarki ter skrb za ohranitev delovnih mest v škodo racionalizacije in modernizacije jeklarske industrije, ni mogoče šteti za ravnanje zasebnega vlagatelja.
With regard to the claim of USD […] million, the Commission points out that, under Article 3 of the loan agreement, [the parent company of the Duferco Group at the time] had to repay the loan on 31 December 2015, or earlier in the event of a change of control of SIF in accordance with the agreement of 1 September 2008 concluded between DII and NLMK.
Poleg tega Komisija opozarja, da naložbeno ravnanje holdinga FSIH ne ustreza ravnanju preudarnega vlagatelja na trgu.
In the latter case, Article 6.1 of the agreement specifies that [the parent company of the Duferco Group at the time] undertook to allocate as a priority, before any other payment or repayment of any debts, the amounts necessary for the repayment due under the loan agreement.
V obravnavanem primeru je treba ravnanje holdinga FSIH primerjati z ravnanjem upravitelja naložbenih skladov.
Article 6.2 also stipulates that [the parent company of the Duferco Group at the time] undertakes that DII will delay the exercise of its sale option until 18 December 2012 and/or until the investments mentioned in the annex are made.
Vendar tak udeleženec na trgu ne more slediti celotni naložbeni politiki holdinga FSIH, kot je razvidna iz tega postopka.
The Commission points out that the value of collateral increases in line with its capacity to be realised.
Nešpekulativni naložbeni sklad mora za zagotovitev svoje trajnosti razpršiti tveganja v svojem portfelju naložb.
In this instance, Duferco's claim cannot be considered certain at the time the loan agreement was signed since DII had undertaken not to exercise its option before 18 December 2012.
Glede na želeno učinkovitost in obete donosnosti se z razpršitvijo sredstev v portfelju na geografski in sektorski ravni zmanjšuje nestanovitnost sredstev in torej naložbeno tveganje portfelja na splošno.
Until that date, in the event of the default of [the parent company of the Duferco Group at the time], the collateral had no value.
Ni nujno, da je ta razpršitev ekstremna, vendar je holding FSIH v obravnavanem primeru vse svoje naložbe zbral v eni sami družbi.
Nevertheless, the Commission recognises that given the context of the time, it was highly probable that Duferco would withdraw from SIF.
Ker je vložil izključno v skupino Duferco, je bila njegova izpostavljenost tveganju maksimalna, saj je bila donosnost naložbe za holding FSIH odvisna od uspešnosti ali neuspešnosti enega samega podjetja.
Its probability of realisation and thereby its quality increased over time, all the more so because Duferco had undertaken to prioritise the claim which became certain on the repayment of the loan granted by FSIH.
To pomeni, da je naložbeno ravnanje holdinga FSIH na splošno dodaten kazalnik, da njegove transakcije ne izpolnjujejo merila zasebnega vlagatelja v tržnem gospodarstvu.
Consequently, the Commission is minded to agree with Belgium's position on classifying the level of collateral as normal.
Glede na navedeno Komisija ugotavlja, da noben od preučenih ukrepov ni v skladu z načelom zasebnega vlagatelja v tržnem gospodarstvu.
The Commission concludes that a rating of BB should be applied to [the parent company of the Duferco Group at the time] and that the level of collateral on the loans in question should be classified as normal at best.
Pogoji posredovanja so v vseh primerih omogočili prednost različnim zadevnim subjektom skupine Duferco.
On the basis of the 2008 Reference Rate Communication, the margin should have been 220 basis points — a much higher level than the 75 basis points agreed by FSIH.
Torej pomenijo pomoč v smislu člena 107(1) PDEU.
An economic advantage was therefore conferred on SIF under conditions that were not market conditions.
Skupni znesek pomoči tako načeloma znaša 211,43 milijona EUR.
Second, the Commission applies the 2008 Reference Rate Communication to the loan granted to SIF.
ZDRUŽLJIVOST POMOČI Z NOTRANJIM TRGOM
The Commission observes that, like Duferco, the joint venture SIF did not have a public rating.
Prepoved državne pomoči ni niti absolutna niti brezpogojna.
In the absence of a rating or other information enabling approximation of the financial rating of SIF, the Commission had no other choice than to use the financial rating of the parent companies as a prudent basis.
Zlasti odstavka 2 in 3 člena 107 PDEU sta pravni podlagi, ki omogočata, da se nekatere vrste pomoči štejejo za združljive z notranjim trgom.
It therefore notes that NLMK's parent company was rated BBB- by Standard & Poor's, Ba1 by Moody's and BB+ by Fitch Ratings (ratings taken from NLMK's annual report 2009).
Belgija v odgovoru na sklep o začetku postopka ni navedla nobenega razloga v zvezi z združljivostjo obravnavanih ukrepov.
According to the 2008 Reference Rate Communication, these ratings correspond to the ‘satisfactory rating’ (BB).
Komisija ugotravlja, da odstopanja iz odstavka 2 člena 107 PDEU očitno niso upoštevna.
The second parent company, Duferco, was also rated BB by the estimate adopted by the Commission in recital 313.
Med odstopanji iz odstavka 3 navedenega člena bi bili lahko koristni samo točki (a) in (c).
As a subsidiary of the two companies (NLMK and Duferco) rated BB according to the Commission's estimates, and taking into account the particularly difficult macroeconomic context of 2009 in the steel sector, the Commission takes the view that SIF's rating could prudently and reasonably be classified as BB.
Točka (a) namreč določa, da se lahko za združljivo z notranjim trgom šteje pomoč za pospeševanje gospodarskega razvoja območij, kjer je življenjska raven izjemno nizka ali kjer je podzaposlenost velika.
The Commission also notes that the loan was granted without collateral.
V točki (c) pa je navedeno, da se lahko za združljivo z notranjim trgom šteje pomoč za pospeševanje razvoja določenih gospodarskih dejavnosti ali določenih gospodarskih območij, kadar takšna pomoč ne spreminja trgovinskih pogojev v obsegu, ki bi bil v nasprotju s skupnimi interesi.
SIF objects that it had the capacity to provide its own guarantee, even that of NLMK or Duferco: ‘If FSIH did not ask for any guarantee from it, that is because its financial situation at the time, the fact that it belonged to the NLMK/Duferco Groups and the guarantee offered by NLMK in the event of a change of control were such as to reassure FSIH as to its capacity to repay the loan [50].’
Vendar se zdi, da ni mogoče uporabiti nobenega okvirnega besedila ali smernic Komisije o merilih združljivosti na področju državne pomoči.
SIF insists that it was financially sound in 2008.
Komisija je namreč od prenehanja veljavnosti Pogodbe ESPJ 23. julija 2002 sprejela različne smernice ali sporočila, da bi ohranila prepoved regionalne pomoči za naložbe ter pomoči za reševanje in prestrukturiranje jeklarske industrije.
However, the loan granted by FSIH was for [7-12] years with repayment on maturity.
Tako je s Smernicami o regionalni državni pomoči za obdobje 2007–2013 [60], tj. obdobje, v katerem je holding FSIH dodelil obravnavane pomoči, v točki 8 iz njihovega področja uporabe izrecno izključena regionalna pomoč za jeklarstvo in potrjena njena nezdružljivost s skupnim trgom.
Given these two characteristics, the Commission considers that a private lender would have required sufficient and proportional guarantees to remunerate its risk over [7-12] years and would not have been satisfied with only the financial results of SIF for the 2008 financial year to waive any collateral.
Tudi v sporočilu o pomoči v jeklarski industriji [61], ki je bilo veljavno do 31. decembra 2009, je navedeno, da pomoč za reševanje in prestrukturiranje podjetij v težavah v jeklarskem sektorju ni združljiva s skupnim trgom.
The Commission concludes that the level of collateral on the loan is weak.
Pod določenimi pogoji sta dovoljeni samo pomoč za kritje nadomestil, ki jih jeklarska podjetja plačajo odpuščenim ali predčasno upokojenim delavcem, in pomoč podjetjem, ki dokončno prenehajo z jeklarsko dejavnostjo.
The estimate of SIF's financial rating (BB) and of the level of collateral (weak) attached to the loan from FSIH lead the Commission to take the view that a remuneration of 400 basis points would have been required under the 2008 Reference Rate Communication.
Namen pomoči, ki jo je dodelil holding FSIH, ne ustreza navedenima kategorijama pomoči.
This remuneration is much higher than the 75 basis points negotiated between SIF and FSIH.
Nasprotno, uporabila se je za financiranje naložb.
Since SIF received an economic advantage under conditions that were not market conditions, the Commission finds that there is aid.
Kar zadeva morebitno združljivost pomoči, dodeljene holdingu SIF, glede na sporočilo iz leta 2009, Komisija meni, da se to sporočilo ne uporablja za holding SIF.
In light of the above, the Commission takes the view that no private lender would have agreed to grant EUR 100 million and EUR 75 million respectively to [the parent company of the Duferco Group at the time] and to SIF under the conditions agreed to by FSIH.
Komisija zato meni, da holding SIF ni izpolnil pogojev združljivosti iz sporočila iz leta 2009 in da pomoči ni mogoče šteti za združljivo z notranjim trgom.
FSIH therefore conferred an economic advantage on the two beneficiaries of the loans by not acting as a private lender, which places the beneficiaries in a more favourable situation than their competitors.
Nazadnje, v točki 18 Smernic Skupnosti o državni pomoči za reševanje in prestrukturiranje podjetij v težavah [62], ki so bile veljavne do 30. julija 2014, je potrjeno, da je jeklarstvo izključeno iz njihovega področja uporabe.
Estimate of the amount of aid
Komisija na podlagi zgornjih ugotovitev sklepa, da šest obravnavanih ukrepov pomoči ni združljivih z notranjim trgom.
The amount of aid results from the difference between the rates actually applied (1,99 %) and the rates under application of the 2008 Reference Rate Communication, i.e. 3,502 % (12-month Euribor + 220 basis points) for [the parent company of the Duferco Group at the time] and 4,302 % (12-month Euribor + 400 basis points) for SIF, applied to the period from the day the loans were granted to the day they were repaid early.
VRAČILO POMOČI, KI SO NEZDRUŽLJIVE Z NOTRANJIM TRGOM
Thus, the loan to [the parent company of the Duferco Group at the time] was signed on 4 September 2009 for an amount of EUR 30 million, a duration of six years in principle and effective rate of 2,04 % at the time of disbursement.
Komisija je v skladu z določbami PDEU in ustaljeno sodno prakso Sodišča pristojna za odločanje, ali mora zadevna država članica ukiniti ali spremeniti pomoč, če ugotovi, da ta ni združljiva z notranjim trgom [63].
The amount was then increased by EUR 70 million with an effective rate of 1,99 % at the time of disbursement.
Sodišče je tudi večkrat razsodilo, da je namen obveznosti države članice, da ukine pomoč, za katero Komisija meni, da ni združljiva z notranjim trgom, ponovna vzpostavitev prejšnjega stanja [64].
The early repayment was made in July 2011.
Sodišče je v teh okoliščinah odločilo, da je ta cilj dosežen, če upravičenec vrne zneske, dodeljene z nezakonito pomočjo, in se tako odpove prednosti, ki jo je imel v primerjavi s konkurenti na trgu, ter če se ponovno vzpostavi stanje pred izplačilom pomoči [65].
The amount of the loan to SIF was EUR 75 million, released in tranches of EUR 20 million (September 2009) and EUR 55 million (December 2009) with an effective interest rate of 1,99 % for both tranches.
Člen 16(1) Uredbe Sveta (EU) 2015/1589 [66] določa: „Če se v primerih nezakonite pomoči sprejmejo negativni sklepi, Komisija odloči, da mora zadevna država članica sprejeti vse potrebne ukrepe, da upravičenec vrne pomoč […]“.
Early repayment was agreed by tranches of principal and interest to be paid in June 2011, then in 2012 and 2013.
Ker so bili zadevni ukrepi izvedeni v nasprotju s členom 108 PDEU in jih je treba šteti za nezakonito pomoč, ki ni združljiva z notranjim trgom, je torej treba zadevno pomoč vrniti, da se ponovno vzpostavi stanje na trgu, kot je bilo pred njeno dodelitvijo.
On the basis of a simplified discounting calculation, by way of illustration, the amount of aid is therefore approximately EUR 2,08 million for the loan to [the parent company of the Duferco Group at the time] and EUR 10,41 million for the loan to SIF [51].
V obravnavanem primeru je bila pomoč dodeljena naslednjim podjetjem: DII (ukrep št. 1), [družbi, ki je takrat obvladovala družbo DPH] (ukrep št. 2), DSIH (ukrep št. 3), [družbi, ki je bila takrat na čelu skupine Duferco] – postala […] – (ukrep št. 4), SIF (ukrep št. 5) in DLP (št. 6), ki so vse hčerinske družbe skupine Duferco v različnih državah.
Measure 6
Od teh podjetij ali njihovih morebitnih pravnih naslednikov je treba zahtevati vračilo nezakonito prejete pomoči.
A transaction is deemed to have complied with the market economy investor principle if it can be proven that was made pari passu between public and private investors.
Vračilo mora poleg tega zajemati obdobje, v katerem je bila upravičencem dodeljena prednost, tj. od datuma, ko jim je bila pomoč dana na razpolago, do datuma njenega dejanskega vračila, glede na merila za opredelitev gospodarske prednosti in načela za izračun iz oddelkov 7.1.4.1 do 7.1.4.5.
Belgium argues that FSIH's stake in the capital is pari passu with that of DII because the invested amounts are practically identical, DLP did not belong to the Duferco Group at the time of FSIH's investment and the purpose of these investments was to buy shares belonging to SIF and not to the Duferco Group.
Pri izvajanju obveznosti lojalnega sodelovanja, ki jo ima Belgija v okviru postopka izterjave, bo treba znesek pomoči, dodeljene [družbi, ki je bila takrat na čelu skupine Duferco] – postala […] – in holdingu SIF, med drugim natančneje določiti med postopkom, in sicer na podlagi elementov, ki jih bo predložila Belgija, in ob upoštevanju – zlasti za pomoči v obliki posojil – dejanskih datumov izplačil ali vračil ter vseh drugih upoštevnih okoliščin, ki jih bo navedla Belgija.
[…] confirms these observations and adds that DII did not possess any financial document other than those presented by Belgium with a view to examining the business case for the investments.
V vseh primerih se zneskom, ki jih je treba vrniti, prištejejo obresti do datuma dejanskega vračila.
The Commission takes the view that, like DSIH (Measure 3), DLP is merely a vehicle used by the interested parties, FSIH and DII, to give a pari passu appearance to Duferco's takeover of assets that already belonged to it in part.
SKLEPNA UGOTOVITEV
DLP was set up in March 2011 by FSIH and DII as an ad hoc vehicle to accommodate Duferco's Belgian assets.
Komisija ugotavlja, da je Belgija nezakonito izvajala zadevne ukrepe pomoči in s tem kršila člen 108(3) PDEU.
This concerns mainly assets resulting from the dismantling of SIF (of which Duferco held 50 % at the time) and the assets held jointly with FSIH through DSIH.
Komisija meni, da vsi obravnavani ukrepi pomenijo državno pomoč, ki ni združljiva z notranjim trgom –
Although the shell company DLP was formally set up outside the Duferco Group, the Commission takes the view that the simultaneity and the series of transfers of stakes between the different subsidiaries of the Duferco Group between June and July 2011 [52] show that DLP had depended on Duferco since it was established.
SPREJELA NASLEDNJI SKLEP:
Moreover, and more fundamentally, the Commission notes that the asset situation of the Duferco Group and the underlying risks hardly changed at all following the measure under investigation.
Člen 1
Duferco holds through DLP (i) 50,3 % of the steel assets it already held previously at 50 % through SIF and (ii) 50,3 % of the diversification assets it already held previously at 50 % through DSIH.
Naslednji ukrepi, ki jih je Belgija izvedla v nasprotju s členom 108(3) Pogodbe o delovanju Evropske unije, pomenijo državno pomoč, ki ni združljiva z notranjim trgom:
Conversely, the asset situation of FSIH evolved significantly following the measure under investigation.
prodaja deleža v družbi Duferco US Investment Corporation družbi Duferco Industrial Investment za znesek 11581700 EUR;
FSIH acquired 49,7 % of substantial steel-industry assets located in La Louvière and Trebos which had not previously belonged to it.
prodaja deleža v družbi Duferco Participations Holding Limited [družbi, ki je takrat obvladovala družbo DPH] za znesek 20362464 EUR;
In terms of financial commitments, this situation for the Duferco Group can be reflected as follows:
kapitalska naložba v družbo Duferco Salvage Investments Holding v znesku [65–72 milijonov] EUR;
EUR […] million paid out to buy out certain steel-industry assets from SIF via DLP,
posojilo za [družbo, ki je bila takrat na čelu skupine Duferco] načeloma v znesku 2082723 EUR, kolikor je obrestna mera za posojilo nižja od 3,502 %;
EUR […] million received for the sale of the same assets by SIF, which was then a 50 % subsidiary of Duferco,
posojilo za družbo Steel Invest & Finance načeloma v znesku 10413639 EUR, kolikor je obrestna mera za posojilo nižja od 4,302 %;
EUR […] million of debt towards DSIH through DLP for the purchase of Duferco Diversification,
kapitalska naložba v družbo Duferco Long Products v znesku 100000000 EUR.
EUR […] million in claims on DLP through DSIH for the sale of Duferco Diversification.
Člen 2