natgillin/translations-raw huggingface dataset:
In this respect, the ‘affordable’ diesel hybrid solution targeted by the 50CO2Cars project could help, if the project succeeds, to counter the decline in diesel sales that the PSA Group is currently experiencing.
Družba Toyota poudarja, da lahko interna banka izboljša zvestobo strank blagovni znamki za približno 15 % in da je stopnja prodora na trg višja v segmentih, ki vključujejo manjše modele.
In the longer term, if the underlying trends recorded up to now were to continue (with the result that sales of petrol hybrids continue to be higher than sales of diesel hybrids), as predicted by Toyota, the components of 50CO2Cars could be adapted to petrol engines (see recital 50 of the opening decision).
Družba Fiat meni, da so interne banke proizvajalcev izjemno učinkovit instrument za prodajo in trženje.
The Commission therefore agrees with the French authorities that PSA's strategy to develop a technology able to restore the environmental image of diesel engines and keep them economically attractive to consumers, especially in Europe, could improve the short/medium-term profitability of the PSA Group's industrial base, and therefore help to restore its viability as the restructuring plan is implemented.
Družba Fiat ponavlja pripombe družbe Toyota v zvezi z njihovo vlogo pri zvestobi strank in dodaja, da je pomembna tudi njihova vloga pri spodbujanju postopka prodaje zlasti z zamenjavo „tradicionalnih“ finančnih institucij, ki se umikajo iz tovrstne oblike posojil.
Making up for its backwardness in R&D: although the French authorities do not consider this criterion to be relevant, it would appear from recital 152(c) above that the 50CO2Cars project could make up for the Group's backwardness in R&D, especially from the point of view of the productivity of the technological innovation activities undertaken (pooling of resources in a research consortium sponsored by ADEME), the standardisation of certain automotive components (in particular the powertrain), technologies to reduce diesel engine consumption/emissions and DCT transmissions.
Družba Fiat meni, da bo javno jamstvo, ki je bilo dodeljeno BPF, zato neposredno, nemudoma in zelo negativno vplivalo na konkurente skupine PSA.
The purpose of these efforts is to make hybridisation systems more ‘affordable’ for consumers as the architecture of the hybrid powertrain will be largely standardised and optimised in terms of energy performance and production cost.
Ker se zainteresirane strani strinjajo, da imajo interne banke osrednjo vlogo pri financiranju prodaje avtomobilskih proizvajalcev in da bo dodelitev jamstva BPF neposredno in še posebej negativno vplivala na konkurenco, Komisija meni, da je ustrezen ukrep za omejitev zmožnosti BPF, da bi lahko neupravičeno izkoristila javno jamstvo za povečanje svoje sposobnosti financiranja v škodo internih bank svojih konkurentov, ki ne prejemajo javne podpore.
In recital 184 above, GM stresses that technological projects to reduce gas emissions are being widely implemented by manufacturers and, in recital 189 above, Fiat confirms that the CO2 emission standards set by European regulations are a challenge that every manufacturer will have to take up.
Francoski organi so se v pismu o zavezah z dne 23. julija 2013 zavezali, da bodo izvedli spremembe, opisane v oddelku 7.2 zgoraj, za izravnavo izkrivljanja konkurence na podlagi državnega jamstva BPF.
Toyota, for its part, is also of the view that the development of environmental technologies will be a key factor in manufacturers' sales (see recital 203 above).
Za omejitev učinkov izkrivljanja konkurence, ki jih povzroča jamstvo, in za zagotovitev delne prilagodljivosti BPF, na podlagi katere bi se lahko odzivala na morebitne tržne spremembe, je predlagana zaveza v obliki dodatnega plačila jamstva v skladu s stopnjo prodora BPF na trg.
Against such a backdrop of ‘technological proliferation’ in consumption/CO2 emission reduction, and bearing in mind how difficult it is to predict the future commercial outlets of the research currently taking place, the Commission nevertheless considers that a gauge of the success of a restructuring plan may well lie in an automotive manufacturer in difficulty maintaining a certain level of technological ambition.
Načelo zaveze je naslednje: plačilo jamstva se bo povečalo, kadar BPF preseže mejno stopnjo prodora na trg v skupini G10 v višini [26–29]* %.
Backwardness in R&D could, moreover, weigh heavily on the prospects of an upturn in its sales in the short/medium term, and therefore on its chances of restoring viability.
Komisija ugotavlja, da se zdi obseg te skupine (Nemčija, Avstrija, Belgija, Italija, Španija, Nizozemska, Portugalska, Švica, Francija in Združeno kraljestvo) najbolj značilen za dostopne kazalnike evropskega trga [54].
In the light of the above comments, the Commission concludes that the 50CO2Cars project may well help to resolve some of the PSA Group's structural handicaps.
Poleg tega se zdi, da je ta mehanizem ustrezen za uskladitev z načelom izravnalnih ukrepov (ki so namenjeni minimaliziranju kakršnega koli izkrivljanja konkurence) in hkrati omogoča ponovno vzpostavitev uspešnega poslovanja.
Adapting the industrial base to the issues raised by mild hybridisation
S povezavo povečanja stopnje prodora na trg s povečanjem plačila jamstva bo zmožnost BPF, da lahko zaradi jamstva ponuja zlasti privlačne pogoje financiranja, omejena na potrebni minimum za zagotavljanje uspešnega poslovanja ob minimalizaciji izkrivljanj konkurence.
According to recital 154 above, the industrial investment required by the 50CO2Cars project, and in particular the adaptation of production capacity to the new diesel engines and hybrid systems, will account for a limited proportion of the total investment planned during the term of the restructuring plan.
Plačilo se bo povečevalo pri stopnji prodora na trg do 491 bazičnih točk (ocenjena tržna cena).
Its financial impact has also been included in the figures supplied by the French authorities.
V grafu 2 spodaj je prikazana povezava med plačilom jamstva, ki ga izvede PSA, in stopnjo prodora na trg (za podrobnejše vrednosti glej tabelo 17 v uvodni izjavi 250 zgoraj).
Lastly, in the field of transmissions, the Commission agrees with the French authorities that the return in-house of production which is currently outsourced to Japanese suppliers will help, if the 50CO2Cars project is successful, to restore PSA's viability by restoring its margins and freeing it from both logistical costs and exchange risks.
Graf 2
On the basis of these factors, the Commission concludes that adapting PSA's industrial base to the issues raised by mild hybridisation is part and parcel of the Group's restructuring approach and return to viability.
Povezava med plačilom jamstva (v bazičnih točkah) in stopnjo prodora na trg G10 ( %)
Shifting the firm towards new and viable activities
Kakršen koli pregled učinka tega ukrepa mora med drugim vključevati teoretično stopnjo prodora na trg, ki bi jo PSA lahko dosegla brez pomoči (v nadaljnjem besedilu: hipotetična stopnja prodora na trg).
In its comments (summarised in recital 189 above), Fiat notes in essence that the engine targeted by 50CO2Cars would appear to be technically ‘achievable’ but would run the risk of increasing the unit cost of the vehicles in which it is fitted, with the result that the mass distribution of the technology developed would be economically impossible.
Komisija meni, da bi zmanjšanje bonitetne ocene BPF in zmanjšanje njene sposobnosti financiranja brez državne pomoči posledično zmanjšala število posojil in prodajo avtomobilov za [5–20]* % [55].
On this point, the Commission notes that the current high price of full hybrid technologies explains why they have been rolled out only in the high-end segments of the market (‘premium’ vehicles).
Prihodki avtomobilskega oddelka PSA, ki izhajajo iz financiranja interne banke, po mnenju francoskih organov zato znašajo [6000–7000]* milijonov EUR brez pomoči in [35000–40000]* milijonov EUR ob pomoči (ob predpostavki, da bo prodaja padla za približno [10–20] %).
The strategy envisaged by PSA and its R&D efforts is precisely to find a hybridisation technology with a better cost/performance compromise than the solutions currently available: reducing CO2 emissions by [10-20]* % with respect to an equivalent non-hybrid vehicle for a cost [70-80]* % lower than the HY425 solution.
Te vrednosti zato pomenijo, da je teoretična stopnja prodora BPF na trg približno [15–20]*-odstotna.
In recital 216 of the opening decision, the Commission nevertheless complained that it was unable to assess the impact of the new mild hybridisation technologies on the PSA Group's sales and profitability, and said that it would like to be provided with the normal financial indicators that are used to analyse the pertinence of this type of investment in R&D and an analysis of the risks that could affect the profitability of this project.
Z drugimi besedami, sposobnost financiranja brez državne pomoči bi se zmanjšala na raven, ki bi znatno zmanjšala njeno stopnjo prodora na trg.
According to recital 150 above, in the context of the restructuring plan, the lack of specific State aid for the 50CO2Cars project would force PSA to implement a ‘counterfactual’ project consisting in reducing its R&D investment to the minimum necessary to be able to comply with the changes in the regulations on CO2 emissions.
Poleg tega bi se, če upoštevamo osrednjo vlogo internih bank pri prodaji vozil, hkrati zmanjšal tudi obseg prodaje.
The financial indicator provided by the French authorities in Table 15 of recital 155(b) above is a ‘differential’ net present value (‘NPV’) which, unlike the ‘standard’ NPV (which corresponds to the present value of the cash flows — positive and negative — generated by an investment), does not make it possible to assess the intrinsic profitability of the investment, but rather the profitability difference between two investments, in this case the 50CO2Cars project (with or without State aid) and the ‘counterfactual’ project.
Po mnenju francoskih organov bi tako zmanjšanje onemogočilo ponovno vzpostavitev uspešnega poslovanja ter bi PSA potegnil v začarani krog z nenehnim zmanjševanjem bonitetnih ocen PSA in BPF, kar bi povzročilo nadaljnje izgube za skupino.
In view of the fact that, whatever the discount rate used (respectively [10-13]* % or [13-15]* %), the counterfactual project always has a higher NPV than the 50CO2Cars project without aid (between EUR [60-100]* million for the eDCT, between EUR [20-70]* million for the accessory facade), the French authorities conclude that, in the absence of aid, the firm would naturally be ‘encouraged’ to run the alternative project rather than 50CO2Cars.
Ta hipotetična stopnja prodora na trg omogoča okvirno opredelitev nižje ravni, ki se uporabi pri prilagoditvi izravnalnega ukrepa.
The Commission is not, however, convinced by this reasoning, and points out that it would be no more than logical to consider that at a discount rate of [13-15]* %, inferred by the French authorities after including the current ‘bases’ of the firms' financing conditions in the best possible way, even though the rate of [10-13]* % appears to be the rate generally used to assess the profitability of its investments, PSA would also be more likely to opt for the counterfactual project rather than 50CO2Cars, as the relative profitability of two of its components would be higher: EUR [50-60]* million for the eDCT and EUR [20-30]* million for the accessory facade.
Ta najnižja raven mora biti višja od teoretične stopnje, ocenjene na [15–20]* %.
In short, the Commission considers:
Spodnja stopnja prodora na trg mora biti poleg tega nižja od sedanje stopnje prodora na trg ([29–31]* % za G10 leta 2012).
first, that the conclusions that may be drawn from the proposed ‘differential’ indicator are overly dependent on ad hoc assumptions in relation to the discount rate used to calculate the ‘differential’ NPV;
V praksi je vsak izravnalni ukrep namenjen minimizaciji učinkov državne pomoči na konkurente upravičenega podjetja.
second, that the structure of this indicator does not make it possible economically to assess the global impact of 50CO2Cars on the Group's sales and financial prospects, but only to compare, in an incremental way, the profit achieved (and the costs incurred) by carrying out 50CO2Cars with what could be achieved, for two components alone, by the counterfactual project.
Državno jamstvo že omogoča BPF, da ohranja sedanjo stopnjo prodora na trg (saj temelji na hipotetični stopnji prodora na trg).
The financial indicators supplied by France do not therefore make it possible to assess the effects of the mild hybridisation ‘system’ targeted by 50CO2Cars.
Vsak izravnalni ukrep v obliki dodatnega plačila bi zato moral že uporabljati sedanjo stopnjo prodora na trg.
The Commission observes that, unlike the counterfactual project, the 50CO2Cars project makes it possible for PSA to get to grips with several of its current structural handicaps: the project will help it to improve component standardisation and make up for the Group's backwardness in R&D.
Ob upoštevanju [29–31]*-odstotne stopnje prodora na trg, opisanega spodnjega [15–20]*-odstotnega praga, verjetnih trendov povečevanja, ki jih opisujejo francoski organi, in pomembne vloge interne banke pri financiranju prodaje vozil se zaveza za povečanje plačila državnega jamstva s [26–29]* % [56] tako šteje za ustrezen ukrep za minimizacijo izkrivljanj konkurence.
The reduced scope of the counterfactual project cannot have such an ambition.
Ob upoštevanju sedanje stopnje prodora na trg zaveza pomeni, da bo BPF že morala povečati plačilo jamstva za približno [40–50]* bazičnih točk (zaradi česar bo povračilo državnega jamstva znašalo približno [300–310]* bazičnih točk in ne 260 bazičnih točk, kakor je bilo določeno v prvotnem protokolu, ki je bil sklenjen z državo).
Moreover, the incremental developments envisaged in the counterfactual project, whose stated aim is only to be able to comply with the regulations on CO2 emissions, are in all likelihood not enough effectively to combat the decline in sales of diesel vehicles that the Group is currently experiencing.
Če bi BPF rada povečala svojo stopnjo prodora na trg, se bo plačilo zvišalo v obsegu, določenem v tabeli 17 v uvodni izjavi 250 zgoraj [57].
Lastly, in order to assess the coherence of the resources needed for each of these projects with the rest of the restructuring plan, the Commission has compared the overall costs of the 50CO2Cars project (namely EUR [300-400]* million according to Table 4 in recital 41 above), with the additional costs and industrial risks that the counterfactual project would entail: the possible loss of margin from this development is non-negligible and is estimated to be EUR [500-700]* million in recital 148 above.
Če se bo stopnja prodora na trg zmanjšala, se bo znižalo tudi dodatno plačilo [58].
In short, the Commission considers that, in contrast to the incremental improvements envisaged in the counterfactual project, the technological advance represented by the 50CO2Cars project may, if successful, provide PSA with a reservoir for growth between now and 2020 as it will enable the PSA Group to ‘diversify in the direction of new and viable activities’.
Zaveza tako vključuje takojšnje povečanje stroškov jamstva za BPF, ki se bodo povečali, če PSA poveča delež vozil, ki jih financira BPF, v skupni prodaji.
The 50CO2Cars project is therefore likely to play more of a part in restoring the Group's viability than the counterfactual project.
Komisija zato meni, da ta ukrep omogoča izravnavo neupravičenih izkrivljanj konkurence v smislu točk 38 do 40 smernic za reševanje in prestrukturiranje.
Partial conclusion on the contribution of the 50CO2Cars project to the PSA Group's restructuring
Čeprav se zdi, da ima evropski avtomobilski sektor presežno strukturno zmogljivost, Komisija meni, da nadaljnje zmanjšanje proizvodne zmogljivosti skupine PSA v tem primeru ni najustreznejša rešitev:
The preceding examination shows that, as a component of the restructuring plan, the 50CO2Cars project makes a positive contribution to restoring the PSA Group's viability: the adaptation of its industrial base needed for its implementation is in keeping with the restructuring strategy and the resources available and, if successful, the project will not just correct the effects of the firm's structural difficulties (major sensitivity to changes in diesel sales in Europe and backwardness in some R&D fields), but will also make it possible to diversify the Group's production in the direction of ‘new and viable’ activities able to offer it a reservoir for growth between now and 2020.
kakor je omenjeno v uvodni izjavi 49 zgoraj, je podjetje že pokazalo znatna strukturna prizadevanja pri obratih Aulnay in Rennes;
In the opening decision, the Commission observed that BPF's difficulties were due to its interdependence with the PSA Group, which led the bank's financial rating to be downgraded by S&P on 14 February 2013 to BB+ (non-investment grade), even though the rescue aid had been approved.
kakor je pojasnjeno v uvodni izjavi 315 zgoraj, bi bilo, če bi bila v prihodnosti potrebna nadaljnja prizadevanja za prestrukturiranje, PSA morda bolje prepustiti strateški prostor pri izbiri sredstev, ki bi jih uporabila za utrditev svojega gospodarskega položaja, pri čemer je nadaljnje zmanjšanje zmogljivosti le eden od možnih načinov za doseganje tega cilja.
In their comments on the opening decision, the Commission considers that the French authorities have resolved its doubts as to the increase in BPF's balance sheet size and bad debt level.
ZAVEZA, POVEZANA Z MARŽO FINANCIRANJA, KI JE DODELJENA TRGOVCEM
The Commission therefore reiterates the conclusion that it reached in the opening decision and that has not been contested by any of the interested parties, namely that the problem facing BPF is a problem of liquidity resulting solely from its link with the PSA Group.
Komisija ugotavlja tudi, da so se francoski organi zavezali, da PSA ne bo zmanjšala povprečne letne trgovske marže financiranja, ki jo je dodelila trgovcem v svoji mreži, pod povprečno letno trgovsko maržo v dvanajstih mesecih pred 30. junijem 2013 za celotno obdobje izvajanja načrta prestrukturiranja.
Consequently, in so far as the doubts as to the restoration of the Group's viability have been resolved, the same is considered to apply to BPF's viability plan.
Komisija meni, da ta zaveza omogoča, da se ne bo zmanjšal omejujoči učinek omejitve stopnje prodora BPF na trg.
PREVENTION OF ANY UNDUE DISTORTION OF COMPETITION
V praksi BPF ob ohranjanju povprečne tržne marže za trgovce na ravni brez pomoči ne bo mogla izkoristiti jamstva, da bi izvajala agresivno poslovno politiko do svojih trgovcev.
EXAMINATION OF THE NEED FOR COMPENSATORY MEASURES
SPREMEMBA NEPOVRATNIH SREDSTEV, KI SO BILA PRVOTNO NAČRTOVANA ZA PROJEKT AVTOMOBILI 50 CO2, V VRAČLJIVA PREDPLAČILA
Point 38 of the Rescue and Restructuring Guidelines states that, if restructuring aid is to be approved by the Commission, compensatory measures must be taken to minimise the adverse effects of the aid on trading conditions.
Da bi sredstva, ki so jih javni organi dali na voljo za ohranitev tehnoloških kompetenc proizvajalca v težavah, lahko ostala sorazmerna, Komisija meni, da:
Failing that, the aid is to be regarded as ‘contrary to the common interest’ and therefore incompatible with the internal market.
se dejavnosti R in R, ki se izvajajo kot del načrta prestrukturiranja, ne smejo izvajati v obsegu, ki bi povzročal tveganje „zmanjšanja“, kakor Komisija omenja v uvodni izjavi 243 sklepa o začetku postopka;
To meet this criterion, the presence that a firm may retain in its market(s) at the end of the restructuring period is often limited.
je treba ob izboljšanju razmer znaten del javnega financiranja, namenjenega proizvajalcu za ohranitev njegove ravni kompetenc v skladu z najvišjo ravnjo tehnologije, ob uspešnosti projekta R in R in ponovni vzpostavitvi uspešnega poslovanja povrniti organu, ki je dodelil pomoč.
By way of reminder, the French authorities initially proposed the following compensatory measures: further reductions of CAPEX (‘capital expenditures’), transferring capacity at the Sevelnord plant to a competitor, discontinuing the development and production of the hybrid plug-in technology and a measure setting a maximum penetration rate for BPF.
V zvezi s prvo točko mora Komisija določiti, ali bi se ob izvajanju projekta Avtomobili 50 CO2 dinamične spodbude za druge avtomobilske proizvajalce, naj nadaljujejo svoja prizadevanja R in R na področju hibridizacije, znatno zmanjšale ali prenehale.
In the opening decision, the Commission was doubtful as to the characterisation of some of these measures as compensatory measures and their adequate nature in the light of their implementation conditions.
Iz pripomb skupine GM je razvidno, da medtem ko zneski javnega financiranja projekta Avtomobili 50 CO2 za projekt R in R, ki vključuje razvoj sistema blage hibridizacije, niso „zanemarljivi“, v primerjavi z odhodki R in R v celotnem sektorju niso „znatni“ in nikakor ne zadostujejo, da bi se „konkurentom preprečil razvoj lastnega programa R in R na istem področju“ (glej uvodno izjavo 184 zgoraj).
At the end of this formal investigation procedure, the Commission takes the view that, at least as regards those measures already decided and implemented by PSA prior to the notification of the restructuring plan, the measures described in section 2.4.5 above cannot be characterised as ‘compensatory’ within the meaning of points 38 et seq. of the Rescue and Restructuring Guidelines, but are rather strategic choices ‘necessary in any case to restore the viability’ of the Group.
Družba Fiat potrjuje tudi, da tehnološki napredek, ki je cilj projekta Avtomobili 50 CO2, ne ovira vstopa drugih proizvajalcev (glej uvodni izjavi 190 in 232 zgoraj).
In their memorandum of 23 July 2013, however, the French authorities decided to withdraw all the compensatory measures notified on 12 March 2013, apart from the measure setting a maximum penetration rate for BPF, which is amended in the manner described in section 8.5.2 below.
Na podlagi teh pripomb tretjih strani lahko Komisija zato sklene, da ne obstaja tveganje za učinek zmanjšanja na podlagi projekta Avtomobili 50 CO2.
The Commission therefore takes note of this withdrawal and considers that it does not have to examine the following measures:
V zvezi z drugo točko se Komisija sklicuje na izravnalni ukrep, ki so ga predlagali francoski organi v oddelku 7.5 zgoraj in na podlagi katerega se nepovratna sredstva v višini 24,5 milijona EUR, ki so bila prvotno načrtovana, spremenijo v vračljiva predplačila, ki se povrnejo agenciji ADEME, da se v primeru uspešnega poslovanja skupine PSA vsi zneski, ki jih je plačala država, da bi se lahko izvajale dejavnosti R in R, povrnejo agenciji ADEME.
further reductions of CAPEX (‘capital expenditures’), in particular the discontinuation of production of the Citroën 6 — Peugeot 607 models, the discontinuation and non-renewal of the Bipper/Nemo model and the discontinuation of production of diesel engines of more than two litres;
Komisija skratka meni, da javna podpora projektu Avtomobili 50 CO2 na podlagi načrta prestrukturiranja najverjetneje ne bo zelo ogrožala spodbujanja drugih proizvajalcev k nadaljnjim prizadevanjem na področju R in R (odsotnost tveganja za učinek), poleg tega pa je tudi sorazmerna s ciljem ponovne vzpostavitve uspešnega poslovanja skupine PSA ob zavezi francoskih organov, da se bodo, če bo skupina uspešna, vsi diskontirani zneski, ki so jih javni organi plačali za izvajanje tega projekta R in R, povrnili organu, ki je dodelil pomoč (glej uvodno izjavo 256 zgoraj).
the transfer of capacity at the Sevelnord plant to a competitor; and
Komisija ugotavlja še, da so se francoski organi zavezali, da se bo PSA vzdržala pridobitve deležev v drugih podjetjih ali nakupa kakršnega koli poslovnega premoženja med izvajanjem svojega načrta prestrukturiranja pod pogoji, opisanimi v uvodni izjavi 251 et seq. za zneske, ki presegajo 100 milijonov EUR na leto.