natgillin/translations-raw huggingface dataset:
The bidders were treated differently in the tender process and that Capricorn was given better treatment in the process [132].
V obdobju 2008–2009 so imela podjetja NG, MSR in CMHN izgube in naraščajoče dolgove (povečanje za 537 % v obdobju 2002–2011 v primeru NG, 4052 % v obdobju 2007–2011 v primeru MSR in 443 % v obdobju 2008–2011 v primeru CMHN).
Complainant 4 also claims that Capricorn failed to pay the second instalment of the purchase price that was due at the end of July and that the EUR 25 million as well as the 8 % interest rate penalty for late payment were waived in favour of Capricorn, resulting in further State aid in favour of Capricorn.
Čeprav je bil projekt Nürburgring 2009 končan leta 2010, poznejši finančni rezultati podjetij NG, MSR in CMHN kažejo, da so se njihove težave nadaljevale.
According to complainant 4, the above also raise questions around the information provided by KPMG and the insolvency administrators to the Creditors Committee in the context of the tender procedure, and demonstrate that Capricorn's financial ability was not properly presented.
Ob upoštevanju navedenega Komisija ugotavlja, da so bila podjetja NG, MSR in CMHN ob zagotovitvi ukrepov od 1 do 19 podjetja v težavah v smislu smernic za reševanje in prestrukturiranje in da so bile njihove težave tako velike, da na trgu ne bi mogla najti financiranja.
Furthermore, complainant 4 supports that there was never a signed agreement between […] and Capricorn for the latter's financing, but only a term sheet, therefore at the time of the creditors' committee, Capricorn had no funding agreed.
OBSTOJ DRŽAVNE POMOČI
Finally, complainant 4 concludes that the information put forward by him makes it clear that an advantage was granted to Capricorn in the sale of the Nürburgring assets, that that advantage stems from a decision that is inconsistent with the manner in which a commercial seller would have run the process and have assessed the bids against the award criteria, that such a commercial seller could not have concluded that the Capricorn bid was overall more economically advantageous than [Bidder 2]'s bid and that a new process needs to be run in which a consistent set of criteria are applied in order to provide for an open, fair and unconditional tender, a clear timetable is set out and adhered to, and the identity of the bidders is shielded from the creditors' committee.
V skladu s členom 107(1) PDEU je vsaka pomoč, ki jo dodeli država članica, ali kakršna koli vrsta pomoči iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem ali proizvodnji posameznega blaga, nezdružljiva z notranjim trgom, kolikor prizadene trgovino med državami članicami.
The insolvency administrators state that complainant 4 as member of the [Bidder 2] consortium is affected only indirectly.
Državna sredstva in odgovornost
Moreover, they propose to refute the complaint, because the tender process was open, transparent and unconditional, and the assets were sold to the bidder submitting an offer that leads to the highest proceeds.
Del ukrepa 1 (povečanje lastnega kapitala), ki sta ga sprejela zvezna dežela in okrožje Ahrweiler, ter drugi del ukrepa 1 (prenosi v kapitalsko rezervo) in ukrepi 3, 9, 16 in 19, ki jih je sprejela zvezna dežela, pomenijo državna sredstva in jih je mogoče pripisati državi.
The insolvency administrators reject that the members of the creditors' committee agreed to the sale to Capricorn because the latter company is a German company and it is not a private equity led consortium.
V zvezi z ukrepi, ki jih je izvedlo podjetje NG (ukrepi 2, 4, 5, 6, 7, 10, 12, 13, 14, 15 v zvezi s prenosom delnic podjetja MSR na podjetje NG in 17), Nemčija izrecno priznava, da je mogoče sredstva pripisati državi.
According to the insolvency administrators, the bid from Capricorn leads to a substantially higher revenue from the sale in comparison to the bid from [Bidder 2], and there are no decisive differences in the transaction security of both bids that would justify the award to the substantially lower bid (for both bids the transaction security was satisfactory, but not the highest possible).
Opozoriti je treba tudi, da sta nadzorni svet podjetja NG sestavljala zvezna dežela in okrožje Ahrweiler kot delničarja podjetja NG.
[Bidder 2] was also not ready to provide a bank guarantee for the price amount, or transfer the price amount to an escrow account, required by the process letter of 17 October 2013.
V zvezi s tem je podpredsednik nadzornega sveta na sestanku nadzornega sveta 28. avgusta 2005 izjavil, da se lahko projekt dodeli zasebnim vlagateljem le, če je tveganje za zvezno deželo majhno [139].
In spite of several requests, […] ([Bidder 2] consortium's member that should have facilitated the provision of external capital) or any other member of [Bidder 2] had provided no legally binding declaration by which they would be obliged to provide the necessary funding.
Na delavnici nadzornega sveta 20. decembra 2005 navedel tudi, da je treba odločitev o naložbi podjetja NG sprejeti v novem kabinetu po volitvah v parlament zvezne dežele [140].
In contrast, Mr Robertino Wild, shareholder of Capricorn, has provided significant securities, and the Capricorn's external financing was demonstrated by a business-usual financing confirmation of Deutsche Bank.
Nemčija je v zvezi s posojilom banke ISB (ukrep 8) in odložitvijo plačila obresti (ukrep 18) priznala, da je zvezna dežela banki ISB naročila, da odobri posojilo.
That financial confirmation was verified by the insolvency administrators, and they reported to the creditors' committee about the result of that verification, namely that the financial confirmation contains no unusual disclaimers or conditions.
Komisija v zvezi s posojili, ki jih je podjetje RIM odobrilo podjetju MSR, pri čemer sta podjetji Mediinvest in PNG delovali kot posrednika (ukrep 11), ter prenosom delnic podjetja MSR na podjetje RIM (del ukrepa 15) ugotavlja, da je podjetje RIM javna ustanova, katere naloga je podpirati politiko zvezne dežele na področju gospodarskega in strukturnega razvoja [143].
The own financing of EUR [14-17] million as well as the external financing of EUR [41-49] million are secured by a contractual penalty in the amount of EUR [22-27] million, which the buyer must pay, if the sellers withdraw from the contract for outstanding payments.
Zato sta banka ISB in podjetje RIM za namene navedenih ukrepov organa države, ki sodelujeta pri izvajanju politik države, kar kaže, da je mogoče navedene ukrepe ISB in RIM pripisati državi.
That contractual penalty is also secured.
Zato vsi ukrepi vključujejo sredstva, ki jih je mogoče pripisati državi.
The creditors' committee followed the assessment of the insolvent administrators.
Gospodarska dejavnost
As regards the up-front payments, the insolvent administrators state that [Bidder 2]'s offer had advantages (by 31 March 2014, payment of EUR [30-33] million in case of [Bidder 2] against EUR [4,6-5,4] million in case of Capricorn) and disadvantages:
Po analogiji s sodbo v zadevi Leipzig/Halle [144] se lahko izgradnja infrastrukture šteje za gospodarsko dejavnost, če je neločljivo povezana z izkoriščanjem te infrastrukture v komercialne namene, kar velja za obravnavani primer.
apart from an amount of EUR [7,1-7,6] million, the money provided by [Bidde 2] would be kept in a blocked account and transferred to the sellers either upon the existence of a non-challengeable Commission decision or if the buyer did not withdraw from the contract despite there being no such enforceable Commission decision by 31 March 2015 (the possibility to extend the period for the withdrawal right was not excluded).
Upravljanje športnih objektov (vključno z dirkališči in parki za terensko vožnjo), zabaviščnih parkov [145], nastanitvenih objektov, restavracij, centrov varne vožnje, avtošol, večnamenskih dvoran in negotovinskih plačilnih sistemov ter njihovo oddajanje v najem strokovnim ali nestrokovnim uporabnikom [146] so gospodarske dejavnosti tako z vidika lastnika kot z vidika upravljavca.
In any case, if a non-challengeable Commission decision exists in 2014, the sellers would have access to EUR [30-33] million in case of [Bidder 2] or EUR [58-63] million (plus around EUR 6 million of cash flow of NBG) in case of Capricorn.
Zato je izgradnja ali obnova infrastrukture, ki je neločljivo povezana s temi dejavnostmi, prav tako gospodarska dejavnost.
A comparison of the offers from Capricorn and [Bidder 2] shows that the offer from Capricorn is the highest nominal purchase price and it leads to the best economic result:
Nasprotno pa negospodarske dejavnosti vključujejo uporabo športnih objektov na ravni nestrokovnih uporabnikov [147] in usposabljanje mladih s strani poklicnih športnih klubov, če so njihovi računi ločeni od računov za gospodarske dejavnosti [148].
Table 10
Ob upoštevanju neločljive povezave med infrastrukturo in gospodarsko dejavnostjo, za katero se uporablja, so izgradnja, posodobitev in upravljanje športne in turistične infrastrukture Nürburgringa gospodarske dejavnosti z vidika vlagateljev in z vidika upravljavcev, tudi če prihodki od upravljanja infrastrukture ne pokrijejo stroškov njene izgradnje in če več kot 90 % športnih dejavnosti na dirkališču Nürburgring velja za amaterski šport.
Comparison of offers from Capricorn and [Bidder 2]
Zadnje dejstvo je pomembno samo na ravni uporabnikov:
Offer Capricorn
nestrokovni uporabniki niso podjetja.
Offer [Bidder 2]
Športna in turistična infrastruktura Nürburgringa nista splošna infrastruktura, kot je javna cesta, ki je na voljo javnosti.
Amounts in million EUR
Za financiranje izgradnje obravnavane infrastrukture (prek posojil iz združene likvidnosti in delničarskih posojil ali pozneje prek posojila banke ISB) zato veljajo pravila o državni pomoči.
1st sales price instalment 31.3.2014
Organizacija formule 1 ali drugih moto športnih dirk je zagotavljanje storitev na trgu poklicnega športa, ki ima velike koristi od televizijskega prenosa.
[4,6-5,1]
Financiranja dogodkov formule 1 ali drugih moto športnih dogodkov ni mogoče izključiti iz obsega uporabe zakonodaje o državni pomoči zgolj zaradi dejstva, da ti dogodki ustvarjajo strukturni primanjkljaj ali uresničujejo cilje regionalne politike.
[7,1-7,6]
Komisija zato meni, da je organizacija dirk formule 1 in drugih moto športnih dirk gospodarska dejavnost.
2nd sales price instalment 31.7.2014
Spodbujanje turizma, razvoj projektov, gradnja nepremičnin, vodenje podjetij in trgovina z avtomobili ali motornimi kolesi prav tako spadajo med gospodarske dejavnosti.
2nd sales price instalment 31.3.2014
Selektivnost
[22-27]
Komisija meni, da so ukrepi selektivni na ravni upravljavca (podjetje NG za ukrepe 1, 3, 8, 9, 13, 14, 16, 18 in 19, podjetja EWN, FSZ, MAN, TTI, BWN, BWNB in Camp4Fun za ukrep 2, podjetje MSR za ukrepe 4, 5, 8, 9, 11, 12, 18 in 19; podjetje CST za ukrep 5, podjetje MIB za ukrep 7, podjetje CMHN za ukrepe 8, 9, 18 in 19, podjetje NAG za ukrepa 10 in 17 ter podjetja Mediinvest, Geisler & Trimmel in Weber za ukrep 15), saj zadevnemu upravljavcu zagotavljajo ugodno obravnavo.
3rd sales price instalment 20.12.2014
Poleg tega oddaja naročila za izgradnjo in upravljanje infrastrukture ni bila pregledna, nediskriminatorna in v skladu s pravili o javnih naročilih.
3rd sales price instalment in 2016
Vendar ukrepi niso selektivni na ravni uporabnika, saj je amaterskim športnim klubom in javnosti zagotovljen pregleden in nediskriminatoren dostop.
[2,3-2,6]
Izkrivljanje konkurence in vpliv na trgovino
Cash flow NBG 2014 [133]
V zvezi z ukrepi od 1 do 19 obstaja izkrivljanje konkurence na trgih upravljanja dirkališč, parkov za terensko vožnjo, zabaviščnih parkov, nastanitvenih objektov, restavracij, centrov varne vožnje, avtošol, večnamenskih dvoran, negotovinskih plačilnih sistemov ter na trgih spodbujanja turizma, razvoja projektov, gradnje nepremičnin, vodenja podjetij in trgovine z avtomobili ali motornimi kolesi, saj pomoč za infrastrukturo Nürburgringa in dejavnosti v zvezi s formulo 1 spodbuja uporabo te infrastrukture.
‘earn-out’ for 2015 in 2016 [133]
Organizacija dirk formule 1 in drugih moto športnih dogodkov stranke spodbuja k obisku teh dogodkov.
[41-49]
To izkrivlja konkurenco, saj morajo druga podjetja, dejavna na istih trgih, poslovati brez take državne podpore.
Remaining sales price
Spomniti je treba, da je upravljavec konkurenčnega zabaviščnega parka Eifelpark poslal pritožbo (glej uvodno izjavo 2).
[10,5-11,5]
Poleg tega ni mogoče izključiti, da obstaja vpliv na trgovino med državami članicami v zvezi z upravljanjem parkov za terensko vožnjo, nastanitvenih objektov, restavracij, centrov varne vožnje, avtošol, večnamenskih dvoran in negotovinskih plačilnih sistemov ter v zvezi s spodbujanjem turizma, razvojem projektov, gradnjo nepremičnin, vodenjem podjetij in trgovino z avtomobili ali motornimi kolesi.
‘earn-out’ for 2017 in 2018 [133]
Prednost
Total sales price
V skladu z ustaljeno prakso Komisije, ki jo potrjuje sodna praksa, je merilo za presojo, ali transakcija med javnim organom in podjetjem pomeni državno pomoč, načelo vlagatelja v tržnem gospodarstvu [149].
[47-52]
Iz tega načela sledi, da mora država, ko na trgu deluje kot gospodarski subjekt, na trgu delovati na način, primerljiv z načinom delovanja zasebnega subjekta.
Decrease of personnel/Restructuring
Če država tega ne stori, bi lahko šlo za državno pomoč.
Termination of management contracts Lindner
Z drugimi besedami, ko se uporablja načelo vlagatelja v tržnem gospodarstvu, je merilo za presojo, ali transakcija vključuje državno pomoč, vprašanje, ali bi zasebni subjekt v podobnem položaju ravnal enako.
neg. cash flow NBG 1st Q 2014
Pri uporabi tega načela se negospodarski premisleki ne smejo upoštevati kot razlog za dodelitev ukrepov pomoči.
[70-77]
Ukrepi od 1 do 19 niso pari passu transakcije [151], saj Nemčija ni našla zasebnega vlagatelja, ki bi vlagal pod primerljivimi pogoji (na primer v I. del projekta „Nürburgring 2009“).
[41-45]
Zasebni subjekti so zagotovili dve posojili, katerih zneska sta bila majhna v primerjavi z zneski javnih naložb, ti posojili pa sta bili zagotovljeni samo za II. del projekta „Nürburgring 2009“ (tj. predvsem za hotele) [152] in sta bili odobreni samo podjetjema CMHN in MSR, ne pa podjetju NG ali drugemu upravičencu do pomoči:
The good track record of the [Bidder 2] members and their larger experience with transactions in the field of mergers and acquisitions could not justify an award to an offer for a substantially lower sales price.
Preglednica 14
The competence of the [Bidder 2] members was not disputed by the sellers, but it was not an award criterion.
Posojili, ki sta ju podjetji CMHN in MSR prejeli od zasebnih finančnih institucij
The amount of investments into the Nürburgring after the sale was not an award criterion, either.
Finančna institucija
The insolvency administrators claim that they had not discriminated any bidder, and that it is not clear from the complaint which of their actions would lead to a price offer by [Bidder 2] lower than the price offer by Capricorn.
Leto
The insolvency administrators refute the complainant 4's arguments about the unavailability of the persons involved and the protraction of the sale process in order to allow Capricorn the submission of a bid.
Znesek (v milijonih EUR)
[Bidder 2] was explicitly informed that further negotiations with other bidders would take place until the meeting of the creditors' committee on 11 March 2014.
Zavarovanja
Furthermore, the insolvency administrators point out that their measures or the agreement of the creditors' committee cannot be imputable to the State, and that there is no advantage in the sale process, because it corresponds to the market-based behaviour.
(v milijonih EUR)
As regards complainant 4's allegation that there was never an agreement between […] and Capricorn for the latter's agreement, the German authorities submitted that […] guaranteed its financing after an extensive legal and financial due diligence and never cancelled its financing guarantee.
+ […]-odstotna provizija
Finally, regarding complainant 4's claims on Capricorn's alleged failure to pay the second instalment of the purchase price, the German authorities argue the same as presented in paragraph (134) above.
[…] (hipoteka)
ASSESSMENT OF THE MEASURES
zastavna pravica na delnice MSR
This decision addresses as a preliminary point the issue of whether NG and its subsidiaries MSR and CMHN were firms in difficulty in the sense of the Community guidelines on State aid for rescuing and restructuring firms in difficulty [134] (‘R&R Guidelines’) at the time of granting measures 1 to 19.
V vsakem primeru Nemčija priznava, da ni bilo nobenega dolgoročnega zasebnega vlagatelja, ki bi vlagal v II. del.
Subsequently, the Commission will assess whether the measures under scrutiny constitute State aid to the beneficiaries in the meaning of Article 107(1) TFEU and finally whether such aid might be compatible with the TFEU.
Poleg tega je Komisija prejela poslovne načrte za projekt „Nürburgring 2009“ in za podjetje NG za obdobje 2006–2010:
DIFFICULTIES OF NG, MSR AND CMHN
Preglednica 15
If measures 1 to 19 constitute State aid and if NG, MSR and CMHN were firms in difficulty at the time of aid granting, these measures should be assessed with regard to their compatibility under Article 107(3)(c) TFEU and in particular under the R&R Guidelines.
Poslovni načrti za projekt Nürburgring 2009 (v milijonih EUR)
One of the main questions is therefore whether NG, MSR and CMHN were firms in difficulty.
Zadevni subjekt/dejavnost
The Commission's conclusion is that they were in economic difficulties at the time of aid granting and so would have not been able to have access to the private credit market.
Datum
The following assessment is based on points 9-11 of the R&R Guidelines.
Stroški
The Commission recalls its assessment in recitals 202-206 of the decision of 21 March 2012, where it was not excluded on a preliminary basis that NG could be considered a firm in difficulty within the meaning of the R&R Guidelines on 1 July 2008 (see also recitals 46-47 of the decision of 7 August 2012).
Promet (2009–2020)
In addition, in recitals 6-13 of the decision of 7 August 2012, the Commission found that NG, MSR, and CMHN are undertakings in difficulty.
Rezultat EBT (2009–2020)
The Commission considers that it must assess each company as a whole, without leaving out any part of its business.
17 [154]
It is not acceptable that Germany eliminates the loss making Formula 1 activities or the ‘Nürburgring 2009’ project from the assessment of financial data.
35 [154]
It is also clear that the companies did not have access to external financing.
NG, MSR in CHMN skupaj [155]
NG's key financial data during the period 2001-2011 were as follows:
769 [156]
Table 11
269 [156]
Turnover
deli ukrepov 1, 2 in 3 so bili izvedeni pred prvim načrtom iz decembra 2005.
40,1 [136]
Zato za navedene ukrepe ni mogoče šteti, da so bili sprejeti na podlagi zadevnih poslovnih načrtov;
Registered capital
dela ukrepov 2 in 3 sta bila dodeljena v času, ko je bil pripravljen prvi poslovni načrt (december 2005).
Own equity
V zvezi s tem Komisija ugotavlja, da sta bila navedena ukrepa dodeljena v okviru neprekinjene javne podpore, ki se je začela že prej (leta 2002 ali prej), brez zasebne podpore in v korist podjetja, katerega finančni položaj se je slabšal.
Total Debt
Zato zadevnih delov ukrepov 2 in 3 ni mogoče obravnavati ločeno od delov ukrepov, ki so bili dodeljeni pred njima (deli ukrepov 1, 2 in 3), saj predstavljata nadaljevanje slednjih, zato je treba zadevna dela ukrepov 2 in 3 obravnavati kot zagotovitev nadaljnje prednosti;
Debt/Equity (ratio) (%)
poslovni načrti, pripravljeni od marca 2009 do decembra 2009, so vključevali tudi napovedi za dejavnosti v zvezi s formulo 1.
Debt/Turnover (ratio) (%)
Vendar je bilo za celo obdobje 2009–2020 napovedano, da bodo te dejavnosti ustvarjale izgube, prodaja pa naj bi ostala stabilna in na enaki ravni kot pred letom 2009, zato se zdi, da prestrukturiranje dejavnosti v zvezi s formulo 1 ni bilo predvideno.
Point 10(a) of the R&R Guidelines stipulates that a company is in difficulty in the case of a limited liability company when ‘more than half of registered capital has disappeared and more than one quarter of that capital has been lost over the preceding 12 months’.
Poleg tega Komisija ugotavlja, da so navedeni načrti napovedovali dobičke, ki so bili bistveno manjši od tistih, predvidenih v prejšnjih poslovnih načrtih (7–9 milijonov EUR v primerjavi z 22–40 milijonov EUR).
This provision reflects the assumption that a company experiencing a massive loss in its registered capital will be unable to stem losses that will almost certainly condemn it to go out of business in the short or medium term (as stipulated in point 9 of the R&R Guidelines).
Navedena dejstva bi zmanjšala ustreznost poslovnega modela, predstavljenega v načrtih iz obdobja od marca 2009 do decembra 2009;
The Commission also notes that in accordance with point 11 of the R&R Guidelines, a firm may be considered to be in difficulty ‘where the usual signs of a firm being in difficulty are present, such as increasing losses, diminishing turnover, growing stock inventories, excess capacity, declining cash flow, mounting debt, rising interest charges and falling or nil net asset value’.
poslovna načrta iz julija 2010 in septembra 2010 sta v najslabšem scenariju predvidela izgube do leta 2030, torej je bilo predvideno, da dejavnost ne bo rentabilna, ter
In this respect, according to the General Court, ‘the existence of negative own capital […] may be considered to be an important indicator that an undertaking is in a difficult financial situation […]’ [137].
načrt iz septembra 2010 je predvideval dobiček v obdobju 2016–2030, vendar ta načrt ni vključeval analize občutljivosti (tj. rezultatov za najslabši scenarij).
According to the financial statements of NG for the years 2001-2011, the registered capital of the company was not lost by more than half.
V vsakem primeru napovedi navedenega načrta ne upoštevajo bistvenega poslabšanja dejanskih rezultatov podjetja NG v istem obdobju (negativen lastni kapital, bistveno povečanje dolgov, zmanjšanje prodaje in letne izgube).
However, in the period 2006-2011 the company's own equity was negative.
Zato za zadevni poslovni načrt ni mogoče šteti, da je realen in sprejemljiv, saj ni upošteval slabih rezultatov podjetja v nedavni preteklosti.
In previous cases the Commission has considered that where a company has negative equity, this implies in fact that the entire registered capital of that company has been lost and there is an a priori assumption that the criteria of point 10(a) of the R&R Guidelines are met [138].
Na podlagi navedenega Komisija ne more sklepati, da bi se kakršna koli javna pomoč podjetju NG kot podjetju v težavah (glej oddelek 5.1), katere cilj je bil financirati takratne dejavnosti (upravljanje dirkališča) ali prihodnje dejavnosti (upravljanje dirkališča in novih hotelov) podjetja, štela za skladno s tržnimi pravili na podlagi zadevnih poslovnih načrtov.
In the case of NG, the Commission considers that the only reason why the registered capital does not appear to have been lost by more than half is that the company did not adopt appropriate measures.
V zvezi z načelom vlagatelja v tržnem gospodarstvu se lahko za posamezne ukrepe sprejmejo naslednje ugotovitve.
Such appropriate measures would aim at turning the company's own equity from negative to positive and, at the same time, at increasing it to an adequate level.
Komisija ugotavlja, da je za presojo ukrepa 1 (zagotovitev kapitala podjetju NG s strani zvezne dežele in okrožja Ahrweiler v obliki plačil v kapitalsko rezervo in povečanj kapitala) pomembna zgoraj navedena analiza predloženih poslovnih načrtov.
Such appropriate measures could be either the capitalisation of losses or a capital increase or both.
Ni zasebnega vlagatelja, ki bi podjetju NG leta 2004 in v naslednjih letih zagotovil kapital.