natgillin/translations-raw huggingface dataset:
In the valuation report for the capital injection of 2009 (measure 2), the projected rates of revenue growth and profitability are lower than the observed past ones, because of: (a) the high economic growth in 2008 was mainly the result of the Slovenian EU Presidency; (b) the slow world economic growth; and (c) the strained situation of the financial markets.
Komisija v zvezi s tem tudi ni našla posrednega dokaza v smislu sodne prakse v zadevi Stardust Marine.
The rest of the assumptions used in the reports also seem realistic.
Iz navedenih razlogov Komisija meni, da se odločitev NLB o sodelovanju pri ukrepu 4 ne pripiše Sloveniji.
Moreover, the Commission notes that KAD was majority shareholder of Adria already before the capital increases [31] and that the capital increases aimed at financing an existing (and profitable) investment for KAD.
Po obrazložitvi, da se ukrepa AUKN in PDP pripišeta državi, mora Komisija oceniti, ali sta vsebovala selektivno neupravičeno prednost Adrii.
On the basis of the above, the Commission observes that 2007 and 2009 capital increases can be considered market-conform and did not entail an undue advantage to Adria.
Slovenija trdi, da je bila odločitev bank o naložbi v Adrio sprejeta istočasno z odločitvijo države, kar bi samo po sebi izključilo obstoj prednosti.
Therefore, the Commission concludes that measures 1 and 2 constituted investments that a market economy investor in comparable circumstances [32] would have undertaken and therefore excludes the presence of State aid, without it being necessary to assess further whether the rest of the cumulative conditions of Article 107(1) TFEU would be met.
Komisija najprej opozarja na svojo ugotovitev, da je bila Adria leta 2011 ob odobritvi ukrepa 4 podjetje v težavah (glej uvodno izjavo 66).
As noted in recital 73, one of the necessary conditions for State aid to be present is that the measure confers an undue selective advantage to the beneficiary.
Poleg tega Komisija ugotavlja, da je sodelovanje bank pri dokapitalizaciji leta 2011 potekalo v obliki pretvorbe dolga v lastniški delež v višini 26 % njihovih obstoječih terjatev do Adrie.
In what follows the Commission will assess whether this condition is met in relation to measure 3.
Po drugi strani sta država in PDP vložili denar.
In its opening decision, the Commission noted that although the price of EUR 12 per share that PDP and the private tourist agencies paid for the shares of Adria was below the price of EUR […] per share determined by a valuation report.
Slovenija trdi, da je od skupaj 19,7 milijona EUR, pretvorjenih v lastniški kapital, [10–20] milijona EUR enakovrednih dokapitalizaciji, ker je bil del posojil v celoti zavarovan.
As in measures 1 and 2, Commission expressed doubts on the reliability of this report, mainly because there was significant time gap of […] months between the moment of the capital increase (September 2010) and the moment for which the report valued the shares ([…]).
Po trditvah Slovenije bi banke pri pretvorbi prevzele novo tveganje, ki lahko velja za enakovredno vložku novega denarja v višini [10–20] milijona EUR.
The information submitted by the Slovenian authorities, has to some extent alleviated the doubts of the Commission in this respect.
Komisija je ocenila informacije Slovenije in sklenila, da je bilo od 19,7 milijona EUR, pretvorjenih v lastniški delež, [10–20] milijona EUR dejansko v celoti in ustrezno zavarovanih z zastavo predvsem letal v lasti Adrie.
However, irrespective of this, the Commission recalls that on the basis of the same information and valuation, two private tourist agencies (Kompas d.d. and Palma d.o.o.) participated in the 2010 capital increase in a proportion of 20 %, while PDP injected the remaining 80 % of the capital.
Za določitev vrednosti teh letal se je Adria zanašala na poročilo o vrednosti letal „Aircraft Value Reference“, ki ga je aprila 2011 objavila neodvisna družba za analize vrednosti letal Aircraft Value Analysis Company (v nadaljnjem besedilu: AVAC).
The private tourist agencies and PDP participated under the same conditions and subscribed the shares on the same date.
V tem poročilu so navedene trenutne in prihodnje vrednosti in cene zakupa več vrst letal, pri čemer so navedene najvišje in najnižje vrednosti.
Moreover, the private participation and the contribution of PDP were both carried out by injecting cash.
Za oceno letal, zastavljenih kot jamstvo, so bile uporabljene vrednosti, ki so bile bistveno nižje od najvišje vrednosti AVAC.
In its opening decision, the Commission highlighted that a private participation of 20 % could in principle be seen as a sign that the investment in question was supported by the market, although the operation was to be seen in the broader context of the situation of Adria at the time and the fact that measure 3 was the third capital increase within a time spam of approximately 3,5 years.
Komisija meni, da je poročilo zanesljiva podlaga za določanje vrednosti letal, saj je AVAC neodvisna družba, poročilo pa se v sektorju zelo pogosto uporablja.
The Commission first observes that Slovenia has provided evidence showing that Kompas d.d. and Palma d.o.o. are fully private companies in which the State did not exercise any type of control or influence.
Vendar [0–10] milijona EUR dolgov, pretvorjenih v lastniški delež, ni bilo v celoti zavarovanih.
In addition, as indicated in recital 79, measures 1 and 2 did not amount to State aid.
Zato Komisija ne more sprejeti sklepa, da je bila njihova pretvorba enakovredna dokapitalizaciji in da so banke prevzele novo tveganje.
On this basis, it seems that investment decisions which a private investor would have taken cannot be seen as having an influence on the decisions of the private tourist agencies to invest into Adria.
Poleg tega so se pogoji preostalega dolga izboljšali, skupna stopnja tveganja pa se je bistveno zmanjšala glede na to, da je preostali (nepretvorjeni) del dolgov imel isto stopnjo zavarovanja kot pred pretvorbo.
The Commission also notes that the private tourist agencies subscribed the shares of Adria on the same date as PDP, they paid the same price, their investment was made under the same terms and conditions, and the increase from PDP and the private tourist agencies was done in cash.
To skupno tveganje je dodatno zmanjšalo dejstvo, da je bil eden od pogojev za pretvorbo dolga v lastniški delež to, da je Adria morala […].
In any event, even if the Commission were to conclude that PDP's participation would entail State resources and be imputable to the State (see in this sense recitals 89 to 91), a private participation of 20 % cannot be considered negligible by comparison to the public intervention in the sense of settled case-law [33].
Poleg tega so bili v nekaterih primerih pogoji za neodplačani dolg (obrestna mera, rok odplačila itn.) […].
Moreover, bearing in mind the above, the Commission cannot conclude that the decision of the private tourist agencies to invest into Adria was actually influenced by the conduct of PDP.
Na podlagi tega se zdi, da banke ob sprejetju odločitve o naložbi v Adrio niso bile v položaju, ki bi bil primerljiv s položajem države.
The fact that Adria was considered as being in difficulty in 2010 (see Section 7.1) does not alter this conclusion.
Prav tako ni mogoče izključiti, da je na odločitev bank o naložbi v Adrio vplivalo ravnanje države.
In addition, from the evidence submitted by Slovenia it does not appear that the private tourist agencies had motivations to invest in Adria other than profit-seeking.
Na podlagi navedenih argumentov Komisija izključuje trditve Slovenije, da so država in banke izvedle naložbe pod enakovrednimi pogoji.
In this respect, the Commission points out to a report provided by Slovenia on the strategic orientations of Adria for the period 2009-2014 — which apparently was at the disposal of the investors at the time of taking their investment decision — according to which Adria was expected to make profits between 2010 and 2104, on the basis a capital injection of approximately EUR 2,5 million and the implementation by Adria of certain measures, including higher average income on passenger and cost reductions.
Vendar mora Komisija proučiti, ali je bila naložba Slovenije v Adrio združljiva z notranjim trgom.
This report could be seen as an additional indication that the private tourist agencies were indeed convinced of the profitability of their investment.
Slovenija trdi, da je sprejela odločitev o sodelovanju pri ukrepu 4 na podlagi načrta prestrukturiranja iz septembra 2011, kar bi bilo treba šteti za skladno z načelom vlagatelja pod tržnimi pogoji.
Therefore, the Commission is of the view that the decision of the private tourist agencies to invest in Adria was made pari passu with that of PDP and that their investment was significant.
Komisija je predhodno ugotovila, da je dokapitalizacija leta 2011 v nasprotju s predhodnimi dokapitalizacijami potekala brez poročila o vrednotenju.
In addition, the Commission has no reasons to doubt that the private tourist agencies decided to invest in Adria for profit-seeking motives.
Poleg tega bi zasebni vlagatelj, ki se odloča za dokapitalizacijo družbe s precejšnjimi dolgovi, v skladu s sodno prakso zahteval načrt prestrukturiranja, ki bi družbi omogočil ponovno doseganje rentabilnosti [42].
On this basis, the Commission concludes that measure 3 did not entail an undue advantage to Adria and therefore excludes the presence of State aid, without it being necessary to assess further whether the rest of the cumulative conditions of Article 107(1) TFEU would be met.
V tem primeru slovenski organi trdijo, da so sprejeli odločitev o sodelovanju pri dokapitalizaciji leta 2011 na podlagi načrta prestrukturiranja iz septembra 2011.
On 30 September 2011, Slovenia subscribed in cash 70 % (EUR 49,5 million) of the 2011 capital increase of Adria.
Vendar je Komisija že sklenila, da je bila Adria leta 2011 podjetje v težavah (glej uvodno izjavo 66).
Slovenia invested the money through the Capital Assets Management Agency of Slovenia (AUKN).
Samo po sebi to pomeni, da ni verjetno, da bi država od Adrie lahko pričakovala normalno donosnost vloženega kapitala v razumnem času.
In addition, PDP subscribed in cash an additional 1 % (EUR 0,5 million).
Poleg tega Komisija vztraja pri svojem mnenju iz sklepa o začetku postopka, da načrt prestrukturiranja ne zadostuje, da se dokapitalizacija leta 2011 upraviči kot skladna z načelom vlagatelja pod tržnimi pogoji.
The rest of the increase (i.e. EUR 19,7 million) took the form of debt-to-equity swap by several banks: 20 % by NLB, 5 % by Abanka Vipa d.d., 2 % by Unicredit Bank of Slovenia d.d. and 2 % by Hypo Alpe-Adria Bank d.d.
Načrt prestrukturiranja (v svoji prvotni različici iz septembra 2011) je predvideval rentabilnost leta 2013 z zelo majhno stopnjo dobička (EBT) (realistični scenarij je predvideval stopnje dobička v višini […] % leta 2013, […] % leta 2014 in […] % leta 2015).
The AUKN was established by the Law on Corporate Governance of Capital Investments of the Republic of Slovenia [34], its Management Board was appointed by the National Assembly, it was a direct user of the budget of the Republic of Slovenia and it was staffed with public employees.
Slovenija je predložila številna vmesna poročila, ki sta jih pripravila Airconomy in Adria med aprilom in septembrom 2011 (tj. pred načrtom prestrukturiranja iz septembra 2011), ki naj bi vključevala količinske opredelitve, ki niso bile vključene v načrt prestrukturiranja, in ki so bila očitno predložena vsem delničarjem Adrie in tudi državi.
It is thus clear that AUKN's actions were imputable to the State and that they entailed State resources, which moreover is not contested by Slovenia.
Vendar Komisija ugotavlja, da se vmesna poročila nanašajo na obdobje 2011–2012, načrt prestrukturiranja pa je vključeval napovedi do leta 2015, […].
As an additional element, the Commission highlights a press release of 23 June 2011 of the Office of the Prime Minister of Slovenia: ‘At today's session, the Government […] decided that [AUKN] would contribute EUR 49,5 million to the equity of Adria Airways, d. d., and the joint stock company [PDP] would pay EUR 500000 […].
Na podlagi tega Komisija meni, da vmesna poročila niso vsebovala potrebnih manjkajočih informacij, s katerimi bi načrt prestrukturiranja izpolnil načelo vlagatelja pod tržnimi pogoji.
With its active engagement in this process, the Republic of Slovenia would also in the future like to meet its interests in the field of scheduled air services provided by a carrier with the seat in Slovenia’ [36].
Komisija je zato sklenila, da je dokapitalizacija leta 2011 dodelila neupravičeno prednost Adrii.
In relation to PDP, the Commission considers that there are a number of indicators in the sense of the Stardust Marine case-law [37] which allows it to conclude that PDP was set up to carry out policies decided by the Slovenian public authorities and that its decision to invest in measure 4 is imputable to the State and entails State resources.
Ta prednost je bila selektivna, saj je bila dodeljena le enemu upravičencu, torej Adrii.
In the first place, the Commission notes that the Slovenian State indirectly owns 100 % of PDP (through KAD, SOD and DSU).
Komisija mora tudi proučiti, ali bi ukrep 4 lahko izkrivljal konkurenco in vplival na trgovino med državami članicami, tako da bi Adria imela prednost pred konkurenti, ki ne prejemajo javne podpore.
In this sense, the Commission reminds its decision in the ELAN case [38] in which it concluded that the actions of KAD and DSU, two of the owners of PDP, were imputable to the State.
Ukrep 4 je tako omogočil Adrii, da nadaljuje s poslovanjem in da se ji v nasprotju s konkurenti ni treba soočiti s posledicami slabih finančnih rezultatov.
In addition, the State has the totality of votes in the shareholders' committee, which in turn appoints the Board of Directors of the company.
Na podlagi navedenih argumentov Komisija ugotavlja, da je ukrep 4 vključeval državno pomoč v korist Adrii v smislu člena 107(1) PDEU.
Following Article 19 of the Articles of Association of PDP, the Board of Directors must authorise the purchase of securities when the value of the transaction exceeds EUR 500000.
Ukrep 5: prodaja AAT v obdobju 2010–2011
The Commission also reminds, in line with its opening decision, the statement of former Slovenian Minister of Finance at the end of his term on 28 October 2011 (i.e. after measure 4 had taken place): ‘With the establishment of the special restructuring company (PDP) we provided Slovenian firms with new sources of finance, knowhow and expertise based on cases of good practice for the restructuring of firms.
V sklepu o začetku postopka je Komisija iz razlogov iz uvodnih izjav 41 in 42 sprejela predhoden sklep, da je odkup delnic AAT, ki sta ga izvedla PDP in Aerodrom Ljubljana, dodelil neupravičeno prednost Adrii.
Adria Airways and Unior are definitely the most resounding successes’ [39].
Zaradi drugačne narave prispevkov PDP in Aerodroma Ljubljana (denar oziroma pretvorba dolga v lastniški delež) ter ob upoštevanju ugotovitev v zvezi z ukrepom 4 (glej uvodne izjave 94 do 101) je Komisija sklenila, da se trditve glede enakovredne narave prispevkov lahko smiselno izključijo za ukrep 5.
This statement can be considered indirect evidence of imputability to the State in the sense of the Stardust Marine case-law.
Komisija mora vseeno oceniti, ali sta bili odločitvi PDP in Aerodroma Ljubljana ekonomsko smotrni, in sicer na podlagi tega, ali bi preudaren udeleženec v tržnem gospodarstvu v primerljivih okoliščinah ravnal enako.
The arguments provided by Slovenia that this statement should be seen in the political context of the end of term of the Minister of Finance as a ‘bold and simple enough [statement] to be successfully communicated through the media’ do not appear convincing.
V zvezi s tem Komisija ugotavlja, da je bila skupna cena v višini 14,7 milijona EUR, ki sta jo plačala Aerodrom Ljubljana in PDP, znotraj razpona vrednosti iz poročila o vrednotenju AAT.
Finally, the Commission adds as an additional indirect evidence the press release of 23 June 2011 of the Office of the Prime Minister of Slovenia (see recital 88), which shows that the Slovenian Government had decided that PDP would contribute EUR 0,5 million to the 2011 capital increase.
Vendar je Komisija izrazila pomisleke o poročilu o vrednotenju, saj bi bilo treba oceniti vrednost AAT (ki je bila takrat še služba za vzdrževanje Adrie, znana kot SVL) kot samostojnega subjekta, pri čemer se ne bi smele upoštevati sinergije znotraj skupine.
In light of the above, the Commission is of the view that the participation of PDP to the 2010 capital increase entailed State resources and that PDP's actions are imputable to the State.
Komisija tudi ugotavlja, da je obstajala precejšna časovna vrzel med vrednotenjem AAT/SVL ([…]) in prodajo AAT (od novembra 2010 do marca 2011).
With regard to the banks, the Commission observes, in line with its opening decision, that Abanka Vipa d.d., Unicredit Bank of Slovenia d.d. and Hypo Alpe-Adria Bank d.d. are purely private entities.
Komisija mora najprej opozoriti, da je poročilo o vrednotenju pripravil neodvisni strokovnjak (družba KPMG) ter da ni razloga za dvome, da strokovnjak svoje naloge ni opravil popolnoma neodvisno.
In relation to NLB, at the time when measure 4 took place, it was majority-owned by the State, either directly (45,62 % of the shares) or indirectly through SOD (4,07 %) and KAD (4,03 %) [40], with KBC Bank as the only other significant shareholder (25 %).
V zvezi s časovno vrzeljo med vrednotenjem in prodajo delnic je Slovenija pojasnila, da je poročilo o vrednotenju temeljilo na finančnem položaju Adrie dne 31. decembra 2009, tj. na zadnjih zunanje revidiranih podatkih.
The State's majority ownership of NLB, which translates into majority of votes in the Management Board and Supervisory Board, is an indication of the imputability of the measures to the State.
Komisija ugotavlja, da je bil ukrep 5 najprej izveden novembra 2010, tj. manj kot leto po datumu vrednotenja AAT v skladu s poročilom o vrednotenju.
However, from the Articles of Association of NLB the Commission cannot conclude with certainty that its decision to invest in Adria was imputable to the State.
Čeprav poročilo o vrednotenju AAT upošteva negativne napovedi Adrie, so v njem podrobno ocenjeni poslovni segmenti storitev vzdrževanja, popravil in obnov ter podana je ugotovitev, da se negativni trend družbe ni nanašal na AAT ter da je bila ATT donosna enota.
Also, the Commission has not identified from the management structure of NLB any interference on the side of the public authorities.
Poleg tega podrobna ocena poročila o vrednotenju kaže, da je bila AAT/SVL ocenjena kot ločena poslovna enota, pri čemer se dejansko niso upoštevale potencialne sinergije z Adrio.
The Commission did not find either any indirect evidence in this respect in the sense of the Stardust Marine case-law.
Glede na to se zdi, da je bilo poročilo o vrednotenju pripravljeno v času, ko je bilo znano, da bo AAT začela opravljati storitve vzdrževanja, popravil in obnove za druge zunanje stranke, zlasti Spanair, ki bi sčasoma kot glavna stranka AAT zamenjal Adrio.
For the reasons above, the Commission considers that NLB's decision to participate in measure 4 is not imputable to Slovenia.
Na podlagi zgoraj navedenega in glede na to, da je poročilo uporabilo najnovejše razpoložljive revidirane finančne podatke o AAT, da ga je pripravil neodvisen strokovnjak in da je bilo verodostojno iz vseh zadevnih poslovnih vidikov, je njegova uporaba kot referenčnega dokumenta pri ukrepu sprejemljiva.
Once clarified that the actions of AUKN and PDP are imputable to the State, the Commission must assess whether they entailed a selective undue advantage to Adria.
Čeprav je res, da se kriza še ni končala, je bilo leta 2009 slovensko gospodarstvo v najbolj prizadeto.
Slovenia first claims that the decision of the banks to invest into Adria was concomitant to the decision of the State, which per se would exclude the presence of advantage.
Novembra 2010, ko sta se družbi PDP in Aerodrom Ljubljana odločili kupiti AAT, so napovedi za rast BDP za Slovenijo za leta 2010, 2011 in 2012 ponovno dosegale pozitivne vrednosti (1,1 %, 1,9 % oziroma 2,6 %) [43].
The Commission first reminds its conclusion that Adria was a firm in difficulty in 2011, at the time when measure 4 was granted (see recital 66).
V teh okoliščinah zasebni vlagatelj ne bi nujno izvedel novega vrednotenja, ker bi lahko domneval, da poročilo o vrednotenju, ki temelji na številkah iz leta 2009, kaže točno sliko poslovanja.
In addition, the Commission notes that the participation of the banks to the 2011 capital injection took the form of a conversion into equity of 26 % of their existing claims against Adria.
Bolj pomembno je, da je Slovenija predložila dokaze, ki kažejo, da je bila AAT ob izvedbi ukrepa 5 donosna, ni imela zapadlega dolga, njen dolg pa bi se lahko odplačal z njenimi dobički.
On the other hand, the State and PDP injected cash.
Poleg tega je Slovenija predložila napovedi AAT do leta 2014, ki kažejo, da bi AAT v letu 2010 imela dobiček po odbitku davka v višini […] EUR, ostala pa bi dobičkonosna tudi po tem datumu, pri čemer bi imela leta 2014 dobiček v višini približno […] EUR.
According to Slovenia, the banks would have assumed new risk with the conversion, which could be seen as equivalent to an injection of fresh money of EUR [10-20] million.
Slovenija je predložila tudi dokaze, da je Aerodrom Ljubljana svojo odločitev o naložbi v AAT sprejel iz gospodarskih razlogov.
The Commission has assessed the information provided by Slovenia and concludes that indeed EUR [10-20] million out of the EUR 19,7 million converted into equity were fully and adequately collateralised with pledges mainly on aircrafts owned by Adria.
Upravni odbor in nadzorni svet Aerodroma Ljubljana sta avgusta in septembra 2010 ocenila možnost odkupa delnic AAT.
In order to assess the aircraft pledged as security, values considerably below the AVAC high value were used.
V zvezi z drugo fazo prodaje AAT je iz zapisnika sestanka nadzornega sveta Aerodroma Ljubljana z dne 21. januarja 2011 razvidno, da so potekale razprave o prednostih in slabostih različnih cen delnic in opustitvi prodajnih opcij Aerodroma Ljubljana.
The Commission is of the opinion that the report constitutes a reliable basis for determining the value of the aircraft, given the independent character of AVAC and its widespread use in the sector.
Ob prevzemu navadnih delnic v začetku leta 2011 so bile odvzete zlasti prodajne opcije, vendar je nadzorni svet Aerodroma Ljubljana vseeno sklenil, da je to ekonomsko smotrna odločitev, saj je Aerodrom Ljubljana v zameno za odpoved prodajnim opcijam pridobil pravico enakopravnega soupravljanja AAT, čeprav je imel v lasti manj delnic kot PDP.
However, EUR [0-10] million of debts converted into equity were not fully collateralised.
Poleg tega je nadzorni svet ugotovil, da bi nakup AAT pozitivno vplival na Aerodrom Ljubljana, saj bi se ocenjeni prihodek leta 2011 zmanjšal za […] %, če bi Adria prenehala poslovati.
For this part, the Commission cannot conclude that it was equivalent to a cash injection and that the banks assumed new risk.
Slovenija je predložila tudi dokaze, da je uprava PDP sprejela odločitev o odkupu prednostnih delnic in navadnih delnic AAT iz ekonomsko smotrnih razlogov.
Moreover, the terms of the remaining debt improved and the overall level of risk significantly decreased, given that the outstanding (unconverted) part of the debts remained with the same level of collateral as before the conversion.
Zapisniki sestankov PDP kažejo, da je že izvedla svojo oceno AAT, v kateri je bila priporočena cena med […] EUR in […] EUR, tj. v razponu iz poročila o vrednotenju iz uvodne izjave 34.
This overall risk is further reduced by the fact that as a pre-condition for the debt-to-equity conversion, Adria had to […].
Čeprav bi notranja stopnja donosnosti naložbe PDP znašala […] %, je PDP uspelo izposlovati boljše pogoje od AAT, vključno z 8-odstotnimi fiksnimi dividendami.