natgillin/translations-raw huggingface dataset:
A rebate of 12 % in the framework of the valuation based on comparable transactions would have been equally relevant.
Prav tako naj bi za posojilo Rabobank pribitek znašal [45–85] točk za običajno zavarovanje.
KPMG feels it was appropriate to apply a control premium of 5 % in the event of a valuation on the basis of comparable companies, given that this kind of method generates a valuation corresponding to a minority shareholding while FSIH's stake allows significant influence over DPH.
Če torej upoštevamo, da je imel holding SIF oceno dobro, bi bil pribitek 75 točk (kar je manj od 100 točk) za desetletno posojilo v skladu z običajnim ravnanjem bank, ki so svoje pribitke v tistem obdobju bistveno omejile.
KPMG believes that a haircut of 20 % should be applied in the event of a valuation on the basis of comparable transactions, given that this method results in a valuation with a controlling interest.
Holding SIF na podlagi tega sklepa, da posojilo, ki mu ga je dodelil holding FSIH, ustreza tržnim pogojem in mu ne daje nikakršne prednosti.
With regard to the return on preference shares, KPMG notes that Ernst & Young was mistaken in its valuation of preferential dividends for 2006-2012 in basing its calculation on annual dividends of USD 4 million, whereas the amount was EUR 4 million.
Holding SIF kljub temu pojasnjuje, da če bi bilo treba posojilo opredeliti kot pomoč, bi bila lahko taka pomoč združljiva s skupnim trgom na podlagi sporočila Komisije o začasnem okviru Skupnosti za ukrepe državnih pomoči v podporo dostopu do financiranja ob trenutni finančni in gospodarski krizi (v nadaljnjem besedilu: sporočilo iz leta 2009) [14].
KPMG also takes the view that the discount Ernst & Young applied given the risk of default on payment (6,2 %) falls within the identified acceptable range, between 1,8 % and 16,4 %.
Za presojo združljivosti subvencioniranih obrestnih mer s pravili o državni pomoči je v sporočilu iz leta 2009 uvedena posebna obrestna mera za obdobje krize.
The discount of 14 % applied by the parties is also considered acceptable since it is in the value range.
Holding SIF navaja, da so izpolnjeni vsi pogoji iz sporočila iz leta 2009: pogodba je bila sklenjena 29. septembra 2009, holding SIF pa 1. julija 2008 ni bil v težavah.
These adjustments result in a valuation of the shareholding in DPH that fluctuates between USD […] million and USD […] million, or i.e. a median value of EUR […] million, which is in line with the sale price in June 2006 of EUR […] million.
Če bi bilo posojilo torej opredeljeno kot pomoč, bi bilo treba združljivost obrestne mere za posojilo, ki ga je holding FSIH dodelil holdingu SIF, presoditi glede na znižano obrestno mero.
[…] concludes that there can be no question of State aid to [the company that controlled DPH at the time].
STALIŠČA BELGIJE GLEDE PRIPOMB ZAINTERESIRANIH STRANI
DSIH confirms the arguments put forward by Belgium to defend the pari passu nature of FSIH's investment.
STALIŠČA BELGIJE GLEDE PRIPOMB […]
DSIH claims that the conditions of the transaction were identical for Duferco Développement and FSIH.
Belgija nima posebnih stališč glede pripomb […].
The two shareholders agreed jointly to take a new risk in investing in DSIH in order to carry out the diversification projects of Duferco Diversification.
Potrjujejo, da so bile odločitve sprejete v skladu s sektorsko logiko, ki ustreza tržnim pogojem.
The two shareholders benefit from proportional distribution based on their participation in the capital, potential dividends and the financial opportunities of projects developed by their joint subsidiaries.
STALIŠČA BELGIJE GLEDE PRIPOMB HOLDINGA SIF
According to DSIH, the private intervention of Duferco Développement is economically very substantial and the amount of the investment is identical to that of FSIH.
Belgija nima posebnega stališča glede pripomb holdinga SIF.
DSIH asserts that it did not belong to Duferco Développement before the simultaneous investments.
Belgija poleg tega izjavlja, da je na voljo Komisiji, če bi se posojilo, dodeljeno holdingu SIF, štelo za element pomoči, da se preveri združljivost.
DSIH is a company that was established by a third party shortly before these investments (29 November 2006) and then acquired by the two partners to facilitate their investments.
OCENA UKREPOV
The Walloon Region was therefore a shareholder in […] and held several seats on the board of directors.
Ta določba opredeljuje pogoje, pod katerimi se bo lahko ukrep države članice štel za državno pomoč.
The Walloon Region was also involved in the […] project from the outset and had access to all the information available in the context of the project launch, in particular exactly the same information that was available to private investors.
Prvič, zadevni ukrepi morajo izvirati od države, kar pomeni, da morajo vključevati državna sredstva in biti pripisljivi državi.
DSIH relies on an ex post evaluation of the project which proved the validity of the valuation of the project as initially made and indicated very attractive profits.
Drugič, Komisija mora preveriti, ali državna sredstva zagotavljajo prednost.
On the Marcinelle project, DSIH states that the lower than expected profits were not due to the partners investing too much but to factors beyond the control of the parties.
Tretjič, ukrepi morajo biti selektivni (npr. namenjeni enemu podjetju, enemu gospodarskemu sektorju ali enemu geografskemu območju) v nasprotju s splošnim ukrepom.
First, in January 2008 the Commission announced a proposal to withdraw the free allocation of CO2 emission allowances, which had a great impact on the valuation of the project before the close of negotiations with ENEL.
Četrtič, ukrepi morajo biti taki, da bi lahko izkrivljali konkurenco in vplivali na trgovino med državami članicami.
Second, the electricity market experienced a complete and unforeseeable downturn in 2010, with a fall in the prices of electricity, gas and CO2.
Komisija bo najprej za šest obravnavnih ukrepov preučila merila državnega izvora, selektivnosti ter vpliva na konkurenco in trgovino v Skupnosti.
Duferco Diversification came out of this crisis well by selling Marcinelle Energie just before this happened.
Nato bo za vsakega od ukrepov analizirala merilo gospodarske prednosti.
The company sold 80 % of Marcinelle Energie at a reasonable price and was able to secure the remaining […] by a sale option negotiated with ENEL.
Komisija opozarja, da Belgija ni izpodbijala državnega izvora finančnih sredstev, njihove selektivnosti ter njihovega vpliva na konkurenco in trgovino med državami članicami.
[…] notes that in order to apply the market economy investor criterion, various factors should be examined, primarily the applicable interest rate and the collateral required to guarantee the loan.
Zato se bo Komisija pri teh merilih omejila na potrditev analize iz sklepa o začetku postopka.
With regard to the collateral, […] points out that Duferco had a very sound financial situation, as shown by the terms of the loans granted by banking institutions to the Duferco Group, with rates comparable to those offered to AAA-rated companies according to the Commission's reference rates.
Belgija izpodbija samo pogoj v zvezi z obstojem gospodarske prednosti.
Additionally, [the parent company of the Duferco Group at the time] was required to allocate the funds from the future sale of DII's stake in SIF to NLMK as a priority to the early repayment of the loan from FSIH.
MERILI DRŽAVNEGA IZVORA IN PRIPISLJIVOSTI
The existence of a future, but almost certain, claim of USD […] million on NLMK represented a liquid and easily payable guarantee.
Komisija opozarja, da je za to, „da bi bilo prednost mogoče opredeliti kot pomoč v smislu člena 87(1) ES, […] potrebno, da je neposredno ali posredno dodeljena iz državnih sredstev […] in da jo je mogoče pripisati državi […]“ [15].
This loan is similar to an advance on a future claim.
Subjekt, od katerega izvirajo obravnavani ukrepi, je finančni holding FSIH.
FSIH also benefited from a pledge on 15 % of the shares in DPH, a very financially sound company (no loss reported up to 2009), for an approximate value of USD […] million.
Holding FSIH, katerega dejavnost je posredovanje v jeklarskih družbah s sedežem v tujini, je hčerinska družba v 100-odstotni lasti družbe SOGEPA, ta pa je v 100-odstotni lasti regije Valonije.
Lastly, the 12-month Euribor reference rate guaranteed a stable rate for a period of 12 months, which is an attractive feature in a time of crisis and falling rates.
Sredstva, ki jih ima na voljo holding FSIH, torej nadzoruje regija Valonija in so tako državna sredstva.
Therefore, given these guarantees, the risk for FSIH was minimal.
Opis družbe SOGEPA in holdinga FSIH dokazuje, da je vloga javnih organov odločilnega pomena pri posredovanju družbe SOGEPA in holdinga FSIH.
The rates applied to the Duferco Group by private banks varied between [0,65-1,15] % and [2,75-3,25] % with an average of [1,1-1,55] %, i.e. rates which are in line with those of FSIH.
Družba SOGEPA ukrepa na zahtevo valonske vlade.
[…] does not think that loans that do not have exactly the same maturity, the same amount, the same nature or that have different base rates can be excluded from the comparison.
Člen 3(1) njenega statuta določa, da je „[c]ilj družbe […] opravljanje vseh nalog, ki ji jih dodeli valonska vlada, […].
Only the collateral and the interest rates applied should be taken into account.
V okviru tega zagotavlja zlasti izvajanje odločitev valonske vlade o intervencijah v gospodarskih družbah in upravljanje deležev v kapitalu, obveznic, predujmov ali obresti, ki bi jih regija Valonija ali ona sama imeli v teh družbah.“ Na jeklarskem področju morata vsako odločitev družbe SOGEPA, ki presega zgolj upravljanje portfelja, odobriti valonska ministra za gospodarstvo in proračun.
The amounts of the loans presented by Belgium are generally lower than those of the FSIH loan since Belgium only presented loans taken out in euros, which represent only a small part of the total amount.
V zvezi s tem so iz časopisnih člankov, objavljenih v dnevniku Le Soir z dne 21. novembra 2011, razvidni odzivi valonskih ministrov, pristojnih za gospodarstvo v zadevnem obdobju.
[…] was interested in multi-currency loans covering significantly higher amounts.
Te osebe jasno prevzemajo odgovornost valonske vlade za posredovanja holdinga FSIH.
These data show that Duferco had access to credit lines of a very high amount and that certain lending was in the form of long-term loans (10 years).
Skratka, Komisija meni, da obravnavani ukrepi izpolnjujejo merilo državnega izvora in jih je mogoče pripisati regiji Valoniji.
The rates on these loans varied between [0,5-1] % and [2,2-2,65] % with a weighted average of [1,6-2,05] %.
MERILO SELEKTIVNOSTI
[…] thus concludes that, in light of the strong collateral enjoyed by FSIH, the interest rates are perfectly in line with market rates.
Obravnavani ukrepi se nanašajo samo na družbe in hčerinske družbe skupine Duferco.
According to DLP, since the outset the parties had anticipated that the loan of EUR 30 million would be likely to be converted at short notice, which was the case in September 2011.
Zato so selektivni.
FSIH's initial intention was to make a capital investment of EUR 100 million.
Merila vpliva na konkurenco in trgovino med državami članicami
DLP believes the convertible loan should be analysed together with the capital injection and be treated as such.
Skupina Duferco je dejavna na trgu jeklarstva.
DLP argues that the interventions by DII and FSIH are concurrent, since DII participated in a capital injection in DLP on 7 July 2011, i.e. several days before the capital injection by FSIH and after the convertible loan was granted.
Posredovanje holdinga FSIH je skupini Duferco omogočilo boljši konkurenčni položaj, kot bi ga imela brez tega posredovanja.
It also argues that the conditions of the operation are identical, with the two partners having invested almost identical amounts.
Poleg tega je na jeklarskem trgu v Uniji dejavnih še več drugih subjektov in z jeklarskimi proizvodi se trguje med več državami članicami.
The investments were therefore made under the same conditions since FSIH and DII bear the same risk and enjoy proportional distribution of dividends and increase in the value of their subsidiary.
Prednost, dodeljena zaradi posredovanja holdinga FSIH na trgu, odprtem za konkurenco, je vplivala na to trgovino.
DLP states that the company did not belong to the Duferco Group at the time of FSIH's investment but was a company that was newly established specifically to house the joint investments of the two partners.
Namreč, „kadar finančna pomoč države okrepi položaj podjetja v primerjavi z drugimi konkurenčnimi podjetji v trgovini znotraj Skupnosti, se šteje, da pomoč vpliva na ta podjetja“ [16].
The fact that these investments were used in part to buy the assets of SIF is irrelevant given that the sale price was based on expert reports.
Zato bi v skladu s sodno prakso Sodišča Evropske unije [17] ukrepi lahko vplivali na konkurenco in trgovino med državami članicami.
Consequently, DLP concludes that the investment made by FSIH in DLP is pari passu with DII.
MERILO GOSPODARSKE PREDNOSTI
DLP also points out that SOGEPA had been a shareholder in DLL since 1999 and was therefore very familiar with the activities and financial situation of the company as regards the long products sector.
Gospodarske in finančne transakcije javnih organov nasprotni strani ne dajejo prednosti in zato ne pomenijo pomoči, če so izvedene pod običajnimi tržnimi pogoji [18].
Through SOGEPA, the Walloon Region had sound knowledge of the market conditions, the operating sites and their environment.
Povedano drugače, treba je presoditi, ali bi v podobnih okoliščinah zasebni vlagatelj, ki deluje pod običajnimi tržnimi pogoji, izvedel enak ukrep.
DLL also indicates that there is only one business plan for each of the companies Duferco Trebos and DLLPL.
Če ni tako, je upravičeno podjetje dobilo gospodarsko prednost, ki je pod običajnimi tržnimi pogoji ne bi pridobilo, zaradi česar je v ugodnejšem položaju kot njegovi konkurenti [19].
FSIH was therefore able to make a fully informed decision and had a level of information identical to what a private investor would have required in an identical situation.
Komisija bo glede na to merilo zaporedoma preučila vseh šest ukrepov, dodeljenih skupini Duferco.
According to DLP, the financial results show that the EBITDA achieved after three months was in line with the EBITDA forecast in the business plan for a period of six months.
Ukrep št. 1
When it made its investment, FSIH could therefore be reassured as to the prudent nature of the business plan.
Utemeljitve v zvezi z dezinvestiranjem holdinga FSIH
COMMENTS BY SIF
Komisija meni, da zgolj z analizo razlogov za dezinvestiranje holdinga FSIH sicer ni mogoče dokazati nepreudarnosti naložbe, vendar vseeno koristno osvetljuje obravnavani ukrep.
The Commission points out that the comments by SIF refer only to the measure it benefits from, namely Measure 5.
Belgija utemeljuje dezinvestiranje holdinga FSIH v družbi Duferco US z: (i) občutkom, ki naj bi ga imel holding FSIH, o skorajšnji vrnitvi konjunkture v jeklarstvo; (ii) sklenitvijo pogodbe o dobavi plošč z […], zaradi katere so se rezultati sicer ustalili, vendar bi lahko omejila potencialni dobiček družbe Duferco US; (iii) obstojem izdatnih likvidnih sredstev v skupini Duferco, kar naj bi ustvarilo priložnost za to, da holding FSIH proda svoje deleže v družbi Duferco US; (iv) pogajanji za prodajo 50-odstotnega deleža holdinga SIF skupini NLMK, s katerimi je bila predvidena vključitev družbe Duferco US v okvir partnerstva z navedeno skupino.
SIF considers that its financial situation was sound when the loan was granted and that the guarantees at the time of the loan agreement were more than enough to repay the entire loan from FSIH.
Kar zadeva prvi razlog, Komisija opozarja, da mu je Belgija v odgovoru z dne 8. aprila 2015 pripisala manjši pomen.
Moreover, SIF also believes that FSIH had no doubts about the profitability of the loan transaction given SIF's investment and development policies.
Komisija je namreč Belgijo prosila, naj predloži kakršno koli študijo, izvedeno pred ukrepom, v zvezi z obeti na trgu jekla v naslednjih petih letih.
SIF's business plan for the Belgian sites, particularly for 2007-2010, contained plans for major investments promising significant growth potential of the group in Belgium.
Ta je predložila kratek pregled stanja ameriškega gospodarstva, povzet iz The National Economic Review, o prvih dveh štirimesečnih obdobjih leta 2006 in raziskavo o sektorju jekla z dne 10. aprila 2006, ki jo je opravila družba Crédit suisse.
SIF also considers that its ownership by two major players in the steel sector was taken into account in the risk analysis linked to the loan transaction by FSIH.
Prvi dve študiji sta splošna pregleda ameriške rasti v prvih dveh štirimesečnih obdobjih; v obeh je ugotovljena upočasnitev rasti BDP zaradi nazadovanja stanovanjskega sektorja, vendar kratkoročno ne predvidevata recesije.
NLMK granted a guarantee to FSIH in the event of a change of control.
Druga študija, ki se neposredno nanaša na trg jekla, ostaja previdna glede razvoja tega trga v Združenih državah:
In granting a loan of EUR 75 million to SIF at a rate of 2,05 % (margin of 75 basis points) while the National Bank of Belgium rate for new loans was 1,63 %, FSIH did not take an unnecessary risk in relation to a private operator.
Zaloge jekla v Združenih državah ostajajo nizke, kar ohranja povpraševanje.
SIF points out that applying the market economy investor criterion does not require any comparison with loans that are identical in all aspects to the loan granted by FSIH.
[…] Tako imamo pred seboj še (vsaj) nekaj mesecev, preden bi nas morala začeti skrbeti presežna ponudba na ameriškem trgu.
SIF also points out that the Commission states that the type of operator involved, the nature of the transaction and the relevant markets should be taken into account.
Zaloge ustvarja uvoz (ali proizvodnja) in ta povezava se nam zdi ključna iz sledečega razloga.
In light of this clarification, two private loans granted to Duferco Clabecq, a subsidiary of SIF, should be taken into account for the comparison with the loan granted by FSIH.
Čeprav ameriški trg ostaja močan, menimo, da bi se lahko zaradi tveganja pritiska na ponudbo (uvoz in povečana proizvodnja) v letu 2006 oblikovale zaloge, kar bi pripeljalo do sprostitve ameriškega trga konec leta 2006, kakor hitro bo ponudba zopet presegla povpraševanje.“
The analysis of these loans shows that, during the period when FSIH granted the loan, SIF was able to obtain credits from private financial institutions and that the conditions of the loan granted by FSIH do not differ substantially from the market.
Komisija na podlagi teh študij ugotavlja, da je Belgija upravičeno zmanjšala pomen, ki naj bi ga imelo dojemanje trga jekla pri odločitvi holdinga FSIH, da zmanjša svoje naložbe.
The interest rates applied by credit institutions for these two loans [1-1,5] % (Sumitomo loan) and [1,2-1,7] % (Rabobank loan) are lower than that granted by FSIH (2,05 %).
Zdi se namreč, da zgolj na podlagi gospodarskih obetov, ki so bili na voljo v obdobju dezinvestiranja holdinga FSIH, to dezinvestiranje ni moglo veljati za dejansko priložnost.
It follows that the subjective risk inherent in the loan granted by FSIH is reflected in the applied interest rate, the 12-month Euribor rate, which makes the loan more secure for the lender in that it guarantees a stable rate for 12 months.
Ker se je poslovno leto 2006 končalo 30. septembra, holding FSIH junija 2006 ni mogel spregledati njunega izboljšanja.
Moreover, SIF takes the view that the lack of collateral can in no way constitute an advantage.
Ker holding FSIH ni hedge sklad, Komisija ni prepričana, da sta povečanje in stabilizacija prihodkov na zadovoljivi in predvidljivi ravni veljavna razloga za dezinvestiranje.
If no collateral was required, this is because its financial strength, its affiliation with the NLMK and Duferco Groups and […] were enough to reassure FSIH that SIF was able to repay the loan.
Komisija ne ugovarja tretjemu razlogu, vendar meni, da je treba zmanjšati njegov pomen glede na dejanski razlog za dezinvestiranje holdinga FSIH: zbliževanje med skupinama Duferco in NLMK.
SIF also notes that a margin of 75 points is consistent with the banking practice at the time.
Zdi se namreč, da je bila pobudnica dezinvestiranja skupina Duferco.
The Sumitomo loan shows that, for a normal level of collateral, the margin was [10-50] points, i.e. less than that indicated in the 2008 Reference Rates Communication, for a good rating (100 points) or even a strong rating (75 points).
Kot je […] navedla v pripombah Komisiji [20], je bila odprodaja deležev holdinga FSIH v družbi Duferco US bistveni pogoj za kapitalski vstop skupine NLMK v holding SIF.
Likewise, for the Rabobank loan the margin is [45-85] points for a normal level of collateral.
„Skupina NLMK je kot predhodni pogoj za izvedbo celotne transakcije zahtevala, da vse delnice družbe Duferco US obvladuje holding SIF, kar je torej vključevalo odkup delnic, ki so bile v lasti holdinga FSIH.“
It follows that if one considers that SIF had a good rating, a margin of 75 points (below 100 points) for a 10-year loan is in line with the practices of banks, which considerably tightened their margins at the time.
Glede na navedeno je imel holding FSIH nedvomno močno pogajalsko izhodišče pri prodaji svojih deležev skupini Duferco.
SIF concludes that the loan granted to it by FSIH corresponds to market conditions and did not give it any advantage.
V okviru tega dejstvo, da si kljub temu ni prizadeval iztržiti več, kot je znašal njegov začetni vložek 95 milijonov EUR, kaže, da ni ravnal kot preudaren vlagatelj.
However, SIF points out that if the loan were to constitute aid, such aid could be compatible with the common market under the Commission's Communication on the Temporary Community framework for State aid measures to support access to finance in the current financial and economic crisis (‘the 2009 Communication’) [14].
Belgija je zoper tako domnevo v pripombah navedla, da je treba naložbo holdinga FSIH analizirati v funkcijski valuti družbe Duferco US (dolar) in ne v funkcijski valuti holdinga FSIH (euro).
To assess the compatibility of subsidised interest rates with the rules on State aid, the 2009 Communication establishes a reduced rate specific to the crisis period.
V dolarjih naj bi prodajna cena, ki jo je dosegel holding FSIH ([…] milijonov USD), temu zagotovila spodobno 6,81-odstotno letno donosnost.
SIF notes that all the conditions laid down by the 2009 Communication are met: the contract was concluded on 29 September 2009 and SIF was not in difficulty on 1 July 2008.
Komisija se s tem ne strinja iz dveh razlogov.
Therefore, if the loan did constitute aid, the compatibility of the interest rate on the loan granted to SIF by FSIH should be assessed in light of the reduced rate.
Prvič, meni, da je edina valuta, ki je za holding FSIH kot upravitelja sredstev v eurih smiselna, euro.
COMMENTS BY BELGIUM ON THE OBSERVATIONS BY INTERESTED PARTIES
Drugič in kar je še pomembneje, pojasnjuje, da ta razprava nikakor ne vpliva na edino pomembno vprašanje, ki je, ali ta cena v višini […] milijonov USD (kar znaša […] milijonov EUR) ustreza tržni ceni, ki bi jo lahko zasebni vlagatelj dosegel v podobnih okoliščinah.
COMMENTS BY BELGIUM ON THE OBSERVATIONS BY […]
Komisija bo na podlagi te umestitve v kontekst poskusila odgovoriti na to vprašanje.
[…]'s observations require no specific comments by Belgium.
Ravnanje holdinga FSIH kot zasebnega vlagatelja
They confirm that the decisions were made in accordance with an industrial strategy that corresponded to market conditions.
Komisija najprej ugotavlja, da holding FSIH ob pogajanjih o prodaji njegovega deleža v skupini Duferco US ni izvedel odprtega, preglednega in brezpogojnega postopka javnega razpisa, ker si je bilo po njegovem mnenju „težko predstavljati, da bi se za prodajo manjšinskega deleža v zasebni družbi (ki ne kotira na borzi) obrnili na zunanjega kupca“ [21].