natgillin/translations-raw huggingface dataset:
The Commission considers that the turnover projections have been updated from the opening decision partly because of its doubts about the credibility of the forecasts presented by France during the preliminary investigation phase.
Na področju menjalnikov se Komisija strinja s francoskimi organi, da bo notranji donos proizvodnje, ki jo trenutno izvajajo japonski dobavitelji, ob uspešnosti projekta Avtomobili 50 CO2 pomagal ponovno vzpostaviti uspešno poslovanje PSA z obnovitvijo njenih marž ter izničitvijo logističnih stroškov in valutnih tveganj.
Even though turnover is smaller, expenditure on capital investment has not been reduced in the updated projections, and that will not therefore have an adverse impact on future sales.
Na podlagi teh dejavnikov Komisija sklepa, da je prilagoditev industrijske baze PSA glede na posebnosti blage hibridizacije bistveni del pristopa za prestrukturiranje skupine in ponovno vzpostavitev njenega uspešnega poslovanja.
The possible differences in the median projections have to be analysed in terms of the consequences they could have on PSA's ability to pursue its activity in an unfavourable scenario.
Razširitev podjetja v smeri novih in donosnih dejavnosti
The Group's difficulties, which led to the State intervention, can be attributed to BPF's ability to refinance itself adequately on the markets in order to be able to finance the Group's vehicle sales.
Družba Fiat v svojih pripombah (povzetih v uvodni izjavi 189 zgoraj) na splošno ugotavlja, da je motor, ki je cilj projekta Avtomobili 50 CO2, tehnično mogoče oblikovati, vendar bi oblikovanje lahko povečalo stroške enote vozil, v katere bo nameščen, kar bi povzročilo, da bi bila množična distribucija razvite tehnologije ekonomsko nemogoča.
Even after recording a depreciation of the global value of the automotive division's assets, shown as EUR 3888 million in the accounts as at 31 December 2012, France did not inform the Commission that the Group's equity was inadequate.
V zvezi s tem Komisija ugotavlja, da je iz sedanje visoke cene popolnih hibridnih tehnologij razvidno, zakaj so bile razvite samo v vrhunskih segmentih trga („vrhunska“ vozila).
The Commission considers that the level of the Group's net industrial debt in the unfavourable scenarios should be the focus of its examination.
Strategija, ki jo načrtuje PSA ter je predvidena v njenih prizadevanjih R in R, je tako poiskati tehnologijo hibridizacije z boljšim razmerjem med stroški in delovanjem, kot ga omogočajo sedanje rešitve: zmanjšanje emisij CO2 za [10–20]* % glede na primerljivo nehibridno vozilo po [70–80]* % nižjih stroških v primerjavi z rešitvijo HY425.
The Commission's doubts as to the Group's viability have been resolved in the light of France's commitment, described in section 7.1 above, to require PSA to set in place adequate measures to offset any cash flow shortfall resulting from an unfavourable sales trend which might run the risk of deflecting PSA's Net Debt from its path.
Komisija se je v uvodni izjavi 216 sklepa o začetku postopka vseeno pritožila, da ne more oceniti učinka novih tehnologij blage hibridizacije na prodajo in donosnost skupine PSA, in je navedla, da bi rada, da se ji predložijo običajni finančni kazalniki, ki se uporabljajo za analizo primernosti te vrste naložb v R in R ter analizo tveganj, ki bi lahko prizadela donosnost tega projekta.
The debt level […]* will then be brought below EUR […]* billion, which is in line with the analysts' current projections.
V skladu z uvodno izjavo 150 zgoraj bi pomanjkanje posebne državne pomoči za projekt Avtomobili 50 CO2 v okviru načrta prestrukturiranja prisililo PSA k izvajanju „hipotetičnega“ projekta, ki vključuje zmanjšanje naložb v R in R na potrebni minimum zaradi skladnosti s spremembami predpisov o emisijah CO2.
This commitment leaves it to the Group to choose the most appropriate way of stabilising its Net Debt, for instance by reducing capacity or selling holdings.
Finančni kazalnik iz tabele 15 v uvodni izjavi 155(b) zgoraj, ki so ga predložili francoski organi, je „razlika“ v neto sedanji vrednosti, ki v nasprotju s „standardno“ neto sedanjo vrednostjo (ki ustreza sedanji vrednosti pozitivnih in negativnih denarnih tokov v okviru naložbe) ne omogoča ocene resnične donosnosti naložbe, temveč donosnost razlike med dvema naložbama, v tem primeru med projektom Avtomobili 50 CO2 (ob državni pomoči ali brez nje) in „hipotetičnim“ projektom.
The Commission also notes that France has undertaken to re-notify the plan if the corrective measures fail or a Net Debt target is exceeded in two consecutive years.
Glede na to, da ima hipotetični projekt ne glede na uporabljeno ([10–13]*- oziroma [13–15]*-odstotno) diskontno stopnjo vedno višjo neto sedanjo vrednost kot projekt Avtomobili 50 CO2 brez pomoči (med [60–100]* milijoni EUR za eDCT, med [20–70]* milijoni EUR za motor/prosti tek), francoski organi sklepajo, da bi se podjetje brez pomoči samodejno „odločilo“ za izvajanje alternativnega projekta namesto projekta Avtomobili 50 CO2.
On the basis of these considerations, the Commission concludes that its doubts about a return to viability in the opening decision are resolved.
Vendar Komisije to razmišljanje ni prepričalo, zato izpostavlja, da bi bilo logično sklepati, da bi se PSA pri [13–15]*-odstotni diskontni stopnji, ki bi po mnenju francoskih organov najbolj spoštovala sedanje „baze“ pogojev financiranja podjetij, kljub temu da se zdi, da je za oceno donosnosti naložb PSA običajno uporabljena [10–13]*-odstotna stopnja, verjetneje odločila za hipotetični projekt in ne za projekt Avtomobili 50 CO2, saj bi bila relativna donosnost dveh njenih komponent višja: [50–60]* milijonov EUR za menjalnik eDCT in [20–30]* milijonov EUR za motor/prosti tek.
On the role played by the 50CO2Cars project in restoring the PSA Group's viability
Komisija skratka meni:
In recital 167 of the opening decision, the Commission questioned what role the 50CO2Cars project would play in the PSA Group's restructuring and return to viability.
prvič, da so sklepne ugotovitve na podlagi predlaganega kazalnika „razlike“ preveč odvisne od ad hoc predpostavk v zvezi z diskontirano stopnjo, ki se uporabi za izračun „razlike“ v neto sedanji vrednosti;
Preliminary comment on the analysis method proposed in the opening decision and challenged by France
drugič, da struktura tega kazalnika ekonomsko ne omogoča ocene globalnega učinka projekta Avtomobili 50 CO2 na prodajo in finančne napovedi skupine, temveč zgolj postopno primerjavo doseženega dobička (in ustvarjenih stroškov) pri izvajanju projekta Avtomobili 50 CO2 s tistim, ki bi ga bilo mogoče doseči za zgolj dve komponenti pri hipotetičnem projektu.
It emerges from recital 152 above that the French authorities challenge the method proposed by the Commission in the opening decision to verify whether, and where appropriate to what extent, the 50CO2Cars project has a role to play in restoring PSA's viability.
Finančni kazalniki, ki jih je predložila Francija, zato ne omogočajo ocene učinkov „sistema“ blage hibridizacije, ki je cilj projekta Avtomobili 50 CO2.
In France's view, following its preliminary investigation, the Commission's doubts were based on the premise that the 50CO2Cars project ‘could be necessary to restore the PSA Group's viability only in so far as it could enable it to make up for its backwardness in R&D in comparison with its competitors’.
Poleg tega postopne spremembe, ki so predvidene v okviru hipotetičnega projekta in katerih navedeni cilj je zgolj uskladitev s predpisi o emisijah CO2, najverjetneje niso dovolj učinkovite, da bi lahko reševale zmanjšano prodajo dizelskih vozil, s katero se trenutno spopada skupina.
The method used by the Commission is also based on a ‘legally new’ criterion, the need for which is challenged by the French authorities, as the other arguments adduced appear to them to be sufficient to prove that the 50CO2Cars project will play a positive role in restoring the Group's viability.
Za oceno usklajenosti sredstev, ki so potrebna za vsakega od teh projektov, s preostalim načrtom prestrukturiranja, je Komisija primerjala skupne stroške projekta Avtomobili 50 CO2 (ki glede na tabelo 4 v uvodni izjavi 41 zgoraj znašajo [300–400]* milijonov EUR) z dodatnimi stroški in industrijskimi tveganji pri hipotetičnem projektu: morebitna izguba marže na podlagi te spremembe ni zanemarljiva in je v uvodni izjavi 148 zgoraj ocenjena na [500–700]* milijonov EUR.
The Commission disputes that the method that it proposed in the opening decision can be summarised in such a way and wishes to make the following comments.
Komisija skratka meni, da bi lahko tehnološki napredek na podlagi uspešne izvedbe projekta Avtomobili 50 CO2 v nasprotju s postopnimi izboljšavami, ki so predvidene v hipotetičnem projektu, PSA zagotovil strateški prostor za rast med sedanjim trenutkom in letom 2020, saj bo skupini PSA omogočil „širitev dejavnosti v smeri novih in donosnih dejavnosti“.
Point 17 of the Rescue and Restructuring Guidelines states that ‘Restructuring … will be based on a feasible, coherent and far-reaching plan to restore a firm's long-term viability’.
Projekt Avtomobili 50 CO2 bi zato lahko imel večjo vlogo pri ponovni vzpostavitvi uspešnega poslovanja skupine kot hipotetični projekt.
Achieving this objective of ‘reorganisation and rationalisation of the firm's activities on to a more efficient basis’ may involve measures of several types:
Delna sklepna ugotovitev o prispevku projekta Avtomobili 50 CO2 k prestrukturiranju skupine PSA
‘withdrawal from loss-making activities’,
Iz predhodnega pregleda izhaja, da projekt Avtomobili 50 CO2 kot del načrta za prestrukturiranje pozitivno prispeva k ponovni vzpostavitvi uspešnega poslovanja skupine PSA: prilagoditev njene industrijske baze, ki je potrebna za izvajanje projekta, je v skladu s strategijo prestrukturiranja in sredstvi, ki so na voljo, in ob morebitni uspešnosti projekta ta ne bo zgolj odpravil učinkov strukturnih težav podjetja (velika občutljivost za spremembe pri prodaji dizelskih vozil v Evropi in zaostajanje na nekaterih področjih R in R), temveč bo omogočil tudi širitev proizvodnje skupine v smeri „novih in donosnih“ dejavnosti, ki mu bodo omogočale strateški prostor za rast med sedanjim trenutkom in letom 2020.
‘restructuring of those existing activities that can be made competitive again’,
Komisija je v sklepu o začetku postopka ugotovila, da težave BPF izhajajo iz njene odvisnosti od skupine PSA, kar je povzročilo znižanje bonitetne ocene banke, ki jo je družba Standard & Poor's izvedla 14. februarja 2013, na BB+ (stopnja nevlaganja), čeprav je bila pomoč za reševanje odobrena.
‘diversification in the direction of new and viable activities’.
Komisija na podlagi pripomb francoskih organov na sklep o začetku postopka meni, da so francoski organi razrešili dvome v zvezi s povečanjem bilance stanja BPF in ravnjo slabega dolga.
The Commission is of the view that this third pillar of ‘diversification’ is best able to justify the inclusion of R&D activities in a restructuring plan.
Komisija zato ponavlja sklepno ugotovitev iz sklepa o začetku postopka, ki je ni izpodbijala nobena od zainteresiranih strani, tj. da je težava BPF težava z likvidnostjo, ki izhaja zgolj iz njene povezave s skupino PSA.
The justification lies in the need to help the firm in difficulty to find new and viable outlets by using innovation to refocus its production.
Če ni več dvomov v zvezi s ponovno vzpostavitvijo uspešnega poslovanja skupine, se enako posledično uporablja tudi za načrt za uspešno poslovanje BPF.
It follows from their comments (summarised in recital 149 above) that the French authorities would appear to share this view and consider that ongoing investment in R&D may help a firm in difficulty to ‘restore its viability in the long term’.
PREPREČEVANJE NEUPRAVIČENEGA IZKRIVLJANJA KONKURENCE
The Commission considers, however, that the precedents cited by France in footnote 30 to recital 149 above are not relevant.
PREGLED POTREBE PO IZRAVNALNIH UKREPIH
They do not in practice concern cases in which, as in the case at issue, the implementation of an R&D project as part of a restructuring plan is likely to play a positive role in restoring the viability of a firm in difficulty, but are cases in which the Commission considered that viability could be restored by launching new products deriving from ‘existing’ knowledge (and not knowledge obtained from R&D).
V odstavku 38 smernic za reševanje in prestrukturiranje je določeno, da lahko Komisija odobri pomoč za prestrukturiranje samo, če se sprejmejo izravnalni ukrepi za zmanjšanje škodljivih učinkov pomoči na pogoje poslovanja.
It follows therefore from recital 51 of the Commission Decision of 1 December 2004 (State aid — France — Société Bull, Case C-504/03) that the new line of servers, whose role was deemed to be ‘very important’ in terms of turnover and operating margin, relied on a technology owned by Intel and not developed by the aid beneficiary.
V nasprotnem primeru se bo štelo, da je pomoč „v nasprotju s skupnimi interesi“ in je zato nezdružljiva z notranjim trgom.
Similarly, recital 98 of the Commission Decision of 3 July 2001 (State aid — Spain — Babcock Wilcox Espana SA, Case C-33/98) states that the technology enabling NewCo to cover a new Spanish market segment already existed.
Za izpolnjevanje tega pogoja je prisotnost, ki jo lahko podjetje ohrani na svojih trgih ob koncu obdobja prestrukturiranja, pogosto omejena.
Lastly, the Commission does not see the relevance of recital 236 of its Decision of 18 February 2004 (State aid — Germany — Bankgesellschaft Berlin AG, Case C-28/02), from which it emerges that the Commission was unable conclusively to assess the role of ‘new products and new marketing channels’ in the context of restoring the viability of the bank in difficulty.
Kot že omenjeno, so francoski organi sprva predlagali naslednje izravnalne ukrepe: nadaljnja zmanjšanja naložb v osnovna sredstva, prenos zmogljivosti v obratu Sevelnord konkurentu, ukinitev razvoja in proizvodnje priključne hibridne tehnologije in ukrep, ki določa najvišjo stopnjo prodora na trg za BPF.
The Commission also wishes to stress that this objective should not be confused with the very different objective of promoting R&D and innovation [52] pursued by other types of public funding for firms which are not in difficulty.
Komisija je v sklepu o začetku postopka izrazila dvome o opredelitvi nekaterih od teh ukrepov kot izravnalnih ukrepov ter njihovi ustreznosti glede na pogoje njihovega izvajanja.
In this respect, point 20 of the Rescue and Restructuring Guidelines very clearly states:
Ob zaključku tega uradnega postopka preiskave Komisija meni, da, vsaj v zvezi z navedenimi ukrepi, ki jih je PSA sprejela in začela izvajati pred priglasitvijo načrta prestrukturiranja, ukrepov, ki so opisani v oddelku 2.4.5 zgoraj, ni mogoče opredeliti kot „izravnalne“ v smislu točk 38 et seq. smernic za reševanje in prestrukturiranje, temveč kot strateško izbiro, ki bi bila „v vsakem primeru potrebna za ponovno vzpostavitev uspešnega poslovanja“ skupine.
‘Given that its very existence is in danger, a firm in difficulty cannot be considered an appropriate vehicle for promoting other public policy objectives until such time as its viability is assured.
Francoski organi pa so se v svojem memorandumu z dne 23. julija 2013 odločili umakniti vse izravnalne ukrepe, ki so jih priglasili 12. marca 2013, razen ukrepa, ki določa najvišjo stopnjo prodora na trg za BPF in je spremenjen v skladu z oddelkom 8.5.2 spodaj.
Consequently, the Commission considers that aid to firms in difficulty may contribute to the development of economic activities without adversely affecting trade to an extent contrary to the Community interest only if the conditions set out in these Guidelines are met …’.
Komisija zato upošteva ta umik in meni, da ji naslednjih ukrepov ni treba proučiti:
The Commission is of the view that the same aid cannot effectively pursue two different objectives and therefore that the objective of any aid paid by a Member State as part of a restructuring plan, even if that State says that it is likely to have a positive effect in terms of promoting R&D, must be to restore the beneficiary's viability.
nadaljnjih zmanjšanj naložb v osnovna sredstva, zlasti ukinitve proizvodnje modelov Citroën 6 in Peugeot 607, ukinitve in neobnovitve modela Bipper/Nemo in ukinitve proizvodnje motorjev s kompresijskim vžigom, večjih od dveh litrov;
Its compatibility has to be examined in the light of that priority objective.
prenosa zmogljivosti obrata Sevelnord konkurentu ter
‘None of the aid should go to finance new investment that is not essential for restoring the firm's viability’.
MEHANIZEM ZA POVEČANJE STROŠKOV JAMSTVA GLEDE NA STOPNJO PRODORA BPF NA TRG
In order to assess whether (or not) the R&D effort represented by the 50CO2Cars project is an internal measure to improve the viability of the firm in difficulty which could, where appropriate, be included in the restructuring plan (point 35 of the Rescue and Restructuring Guidelines), the Commission's reasoning in recitals 168 to 217 of the opening decision is fully in line with point 36 of the Rescue and Restructuring Guidelines which clearly states that ‘the circumstances that led to the company's difficulties’ have to be the basis for assessing whether the proposed measures are appropriate.
Komisija je v sklepu o začetku postopka ugotovila, da se zdi omejevanje stopnje prodora na trg ustrezen način omejevanja učinka prodaje vozil PSA na podporo za financiranje BPF.
In the opening decision, the Commission therefore successively examined:
Vendar je Komisija dvomila o resničnem učinku tega ukrepa glede na njegove pogoje izvajanja.
in recitals 168 to 192, whether the 50CO2Cars project was likely to make up for the PSA Group's backwardness in R&D, a factor which the French authorities had cited as one of the structural difficulties faced by the Group in recital 16;
PSA je v praksi predlagala, da zaveza ne bi presegala stopnje H2 iz leta 2012 z razponom spreminjanja +1, tj. največ 33,4-odstotna stopnja iz leta 2013 za posamezno evropsko državo.
in recitals 193 and 194, whether the 50CO2Cars project was likely to help the PSA Group to rationalise its industrial base and its cost structure, in particular its labour costs, as these factors had been presented as further structural handicaps of the PSA Group in recital 15;
Prilagodljivost, ki bi jo ta sprememba omogočila PSA, bi zmanjšala omejujočo naravo in posledično učinkovitost tega ukrepa.
in recitals 208 to 217, whether the new mild hybridisation technologies covered by the 50CO2Cars project were likely to offer PSA a solution to its difficulties, not just in the short term (contraction of the European market referred to in recital 11 of the opening decision) but also in the long term (‘scissor’ effect referred to in recital 14 of the opening decision).
Vprašanja o primerljivih bankah, ki jih je predlagala PSA, so ostala nerešena (upoštevane so bile samo stopnje prodora internih bank družb Renault in Volkswagen na trg, čeprav so bili njeni ožji konkurenti tudi druge družbe, kot sta Ford ali Fiat).
The opening decision was therefore based on the factors cited by the French authorities during the preliminary investigation phase as circumstances leading to the firm's difficulties.
Ker se stopnje prodora na trg močno razlikujejo glede na državo, bi BPF lahko osredotočila svojo zmogljivost na področju posojil v tistih segmentih, v katerih je najbolj prisotna, s čimer bi razvila agresivno poslovno strategijo proti svojim konkurentom.
The Commission has in no way presented a catalogue of cumulative and/or exclusive criteria making it possible to verify whether (or not) the 50CO2Cars project was ‘appropriate’ for the restructuring of the Group.
Francoski organi so se na argumente Komisije odzvali v svojih pripombah na sklep o začetku postopka (glej odstavek (173)).
The fact remains that during the preliminary investigation phase, the French authorities did not mention the trend in the market to replace sales of diesel vehicles by petrol vehicles (mentioned in recital 210 of the opening decision and reiterated in recital 147 above) as one of the obstacles in the way of the PSA Group's return to viability, but simply as a background factor, even though, according to recital 214 of the opening decision, there is ‘according to the market research carried out by PSA, … a market opening for economic diesel hybrid systems’.
Zlasti so se strinjali, da bodo razširili obseg primerljivih bank in vanje vključili tudi interni banki družb Fiat in Ford.
In any case, the purpose of this formal procedure is to offer the Member State the opportunity to adduce all the evidence that it considers necessary to prove the validity of the aid being examined, and in particular to flesh out the circumstances that led to the firm's difficulties by adding details that it may have failed to include during the preliminary phase.
Kljub temu so še vedno podpirali načela mehanizma, ki je bil predlagan v priglasitvi.
This is precisely what the French authorities have done in this case.
Po njihovem mnenju v zvezi z ravnjo podrobnosti glede stopenj prodora na trg noben proizvajalec ne daje podrobnosti o svoji stopnji prodora na trg glede na segment.
Examination of the contribution of the 50CO2Cars project to the restructuring of the PSA Group
Menijo, da bi moral biti mehanizem prilagodljiv, da bi se lahko BPF prilagodila tržnim trendom, ter da ne zmanjšuje učinkovitosti in omejujoče narave tega ukrepa.
According to the comments by the French authorities (summarised in recitals 147 to 151 above), the 50CO2Cars project is designed to get to grips with a technology to reduce the consumption and CO2 emissions of diesel engines at an ‘affordable’ cost.
Komisija upošteva pripombo francoskih organov v zvezi s potencialno prilagodljivostjo, ki jo uvaja uporaba globalne stopnje prodora na trg za izravnalni ukrep, ki ga je uvedla BPF: kakor je razvidno iz uvodne izjave 177 zgoraj, […]* % financiranja, ki ga je dodelila BPF, zadeva segmenta B in C v naslednjih petih državah: Franciji, Združenem kraljestvu, Nemčiji, Španiji in Italiji.
Contribution to resolving the structural handicaps of the PSA Group
Na podlagi te statistike Komisija meni, da izravnalni ukrep najverjetneje ne bo neučinkovit, ker bi uporaba globalne stopnje prodora na trg omogočala preveč prilagodljivosti.
Reversing the downward trend in sales of diesel engines: in the opening decision, the Commission asked in recital 211 whether an R&D investment in a diesel hybrid technology was consistent with the restructuring plan when the recent market trend (expected to continue in future years) was rather for sales of diesel engines to be replaced by petrol engines.
Komisija ugotavlja, da je izravnalni ukrep v zvezi s stopnjo prodora na trg po mnenju francoskih organov „največji ciljni izravnalni ukrep in najboljši ukrep za odpravljanje potencialnih izkrivljanj konkurence, ki so neposredno povezana z dodelitvijo pomoči v obliki jamstva za banko Banque PSA.
On this point, it would appear from the justifications adduced by France in recital 148 above that, bearing in mind the current structure of PSA's production base (focusing chiefly on diesel vehicles which represented [60-80]* % of sales in Europe in 2012), a strategy of ‘reacting’ to the trend for diesel to be replaced by petrol might be less pertinent in the short/medium term than a ‘proactive’ strategy in terms of restoring the Group's viability.
Tak ukrep v praksi onemogoča ustrezno upoštevanje povezave med posledicami dodelitve državnega jamstva na dejavnost banke Banque PSA in prodajo vozil.“ [53]
The Commission notes in this respect that, in its comments in recital 203 above, Toyota acknowledges that there could be a market for diesel hybrids, but considers that it will be smaller than the market for petrol hybrids because of the additional cost of diesel technology.
Komisija tudi ugotavlja, da vsi proizvajalci v svojih pripombah potrjujejo pomembno vlogo internih bank v financiranju prodaje vozil.