natgillin/translations-raw huggingface dataset:
None of the suppliers involved in the voluntary restructuring of their debt towards Cimos is owned or controlled by the State, therefore their decisions to participate in Measure 5 are not imputable to the State and thus Measure 5 does not constitute State aid.
ne glede na vrsto zadevne družbe, ta po nacionalnem pravu izpolnjuje merila za uvedbo skupnih postopkov v primeru insolventnosti.
Measure 6
Komisija je v sklepu o začetku postopka ugotovila, da družba Cimos, ki je družba z omejeno odgovornostjo, izpolnjuje merila iz točke 10(a) smernic.
The lessor, Hypo Leasing d.o.o., belongs to Hypo Group Alpe Adria (‘HGAA Group’), which is owned by the Austrian State.
V skladu s konsolidiranimi računovodskimi izkazi na dan 31. decembra 2012 je izgubila več kot polovico svojega osnovnega kapitala (108 %), več kot eno četrtino tega kapitala pa v preteklih 12 mesecih (137 %) [35].
The Commission has not found any evidence indicating that the lessor pursued any interests other than commercial interests or that Austria influenced its decision on the restructuring of Cimos's lease obligations.
Komisija je zato menila, da družba Cimos izpolnjuje pogoje za podjetje v težavah na podlagi točke 10(a) smernic.
It would appear unlikely that Austria would exert pressure on the HGAA Group to grant State aid to a company in difficulty located in another Member State.
Od takrat se je finančni položaj družbe Cimos še poslabšal.
In addition, Austria undertook in that decision not to grant any further aid to companies in the HGAA Group.
Tudi Splošno sodišče je sklenilo [37], da je podjetje z negativnim lastniškim kapitalom podjetje v težavah.
Therefore, the Commission considers that the decision of the lessor to restructure its exposure towards Cimos is not imputable to the State and thus Measure 6 does not constitute State aid.
Poleg tega je sodišče 3. junija 2014 za družbo Cimos na podlagi slovenske zakonodaje o insolventnosti na zahtevo upnikov uvedlo postopek prisilne poravnave.
Measure 7
Torej izpolnjuje tudi pogoj iz točke 10(c) smernic.
The banks participating in the voluntary debt restructuring are not State-controlled and therefore their decisions to participate in Cimos's restructuring are not imputable to the State.
V skladu s točko 12 smernic novoustanovljena podjetja niso upravičena do pomoči za reševanje ali prestrukturiranje.
Thus Measure 7 does not involve State aid.
Podjetje načeloma velja za novoustanovljeno prva tri leta po začetku poslovanja na zadevnem področju.
Measure 8
Družba Cimos je s poslovanjem začela leta 1972, v svoji sedanji obliki je bila registrirana leta 1975, vse od takrat pa posluje na istem zadevnem področju.
None of the customers committing to provide funding in respect of capex is State-controlled, therefore their behaviour is not imputable to the State.
Zato je ni mogoče šteti za novoustanovljeno podjetje.
Thus Measure 8 does not constitute State aid.
V skladu s točko 13 smernic podjetje, ki pripada večji poslovni skupini ali ki ga je ta skupina prevzela, običajno ni upravičeno do pomoči za prestrukturiranje, razen če je mogoče dokazati, da je vzrok težav v podjetju samem in da te niso posledica samovoljnega prerazporejanja stroškov v skupini ter da so težave prehude, da bi jih lahko skupina odpravila sama.
Conclusion on the existence of State aid
Družba Cimos ne pripada večji poslovni skupini oziroma je ta ni prevzela.
The Commission concludes that Measures 1, 2 and part of Measures 3 and 4 (to the extent they were granted by SID) constitute State aid.
Zato na podlagi meril iz točke 13 smernic ni izključena iz upravičenosti do pomoči za prestrukturiranje.
The State aid amounts to EUR 80,3 million, corresponding to the debt for equity conversion by the State and the debt for equity conversion, the haircut and the contribution to the New Money Facility by SID [31].
Komisija ugotavlja, da je družba Cimos podjetje v težavah od leta 2012 in je upravičena do pomoči za prestrukturiranje.
In addition, the State aid includes up to EUR 16,6 million embedded in the debt rescheduling.
NAČELO O ENKRATNI POMOČI
The aid element embedded in the debt rescheduling was determined as the difference between the nominal value of the State's claims and SID's loans as of the CS date and the NPV of these claims and loans calculated according to the repayment schedule, as accepted by the creditors under the CS, i.e. assuming a 10-year repayment period with a grace period of 2 years, an interest rate of EURIBOR + 2,5 %., discounted at an appropriate discount rate [32].
V skladu s točko 73 smernic Komisija ne dovoli nadaljnje pomoči za reševanje ali prestrukturiranje, če je zadevno podjetje v preteklosti že prejelo pomoč za reševanje ali prestrukturiranje, vključno s kakršno koli nepriglašeno pomočjo, in če je od dodelitve pomoči za reševanje ali od konca obdobja prestrukturiranja ali od prenehanja izvajanja načrta prestrukturiranja (upošteva se tisto, kar je nastopilo pozneje) preteklo manj kot deset let.
The precise amount of aid embedded in the debt rescheduling cannot be established as e.g. the future EURIBOR rate is not known.
Slovenija je Komisijo obvestila, da družba v preteklih desetih letih ni prejela nobene pomoči za reševanje ali prestrukturiranje, razen priglašene pomoči za reševanje, ki jo je Komisija odobrila, kot je opisano v uvodni izjavi 1 [38].
LEGALITY OF STATE AID
OBNOVA DOLGOROČNE SPOSOBNOSTI PREŽIVETJA
In accordance with Article 3 of Council Regulation (EC) No 659/1999 [33], aid shall not be put into effect before the Commission has taken, or is deemed to have taken, a decision authorising such aid (‘standstill obligation’).
Da bi se ukrep štel za združljivega na podlagi točk od 34 do 37 smernic, mora načrt prestrukturiranja omogočiti obnovo dolgoročne sposobnosti preživetja podjetja v razumnem časovnem okviru in na podlagi realističnih predpostavk v zvezi s prihodnjimi pogoji poslovanja.
Therefore, it appears that Slovenia has complied with the standstill obligation so far.
V skladu z načrtom prestrukturiranja je predvideno, da bo družba Cimos sposobnost preživetja obnovila leta 2015 na podlagi realističnega scenarija finančnih napovedi in leta 2017 na podlagi pesimističnega scenarija (glej preglednico 5).
COMPATIBILITY OF STATE AID
Družba naj bi ustvarila čisti dobiček in pozitiven denarni tok pri poslovanju, kar pomeni, da bi bila po koncu prestrukturiranja sposobna kriti vse svoje stroške, vključno z amortizacijo in finančnimi stroški.
Article 107(3)(c) of the Treaty provides that State aid can be authorised where it is granted to promote the development of certain economic sectors and where this aid does not adversely affect trading conditions to an extent contrary to the common interest.
Pričakovani donos kapitala naj bi leta 2018 oziroma leta 2019, tj. v obdobju po prestrukturiranju, znašal od 7,6 % do 14,5 %.
Slovenia has notified the measures as restructuring aid under the Guidelines.
Ker je donos na slovenske desetletne državne obveznice, ki se običajno šteje za približek donosa na naložbe brez tveganja, približno 1-odstoten, pričakovani donos kapitala za vlagatelje pomeni razmeroma ustrezno premijo za tveganja in ga je mogoče šteti za zadostnega, da družbi Cimos omogoča samostojno konkuriranje na trgu.
In view of the previous Commission decision concerning the rescue aid to Cimos and the financial difficulty of Cimos described below, the Commission agrees that the present case involves a restructuring aid which must be assessed in the light of the criteria under the Guidelines in order to establish whether it may be compatible with the internal market pursuant to Article 107(3)(c) of the Treaty.
Finančne napovedi temeljijo na preudarnih predpostavkah.
FIRM IN DIFFICULTY
Prodaja naj bi se po napovedih zaradi pričakovane izgube strank, ki bo posledica finančnih težav, povezanih s postopkom prisilne poravnave, najprej zmanjšala.
According to points 12(a) and 14 of the Guidelines [34] only firms in difficulty are eligible for restructuring aid.
Prihodek naj bi se s 358,1 milijona EUR leta 2015 zmanjšal na 316 milijonov EUR leta 2018, nato pa se leta 2019 začel povečevati.
In order to qualify as a firm in difficulty the company must fulfil the criteria listed in point 10 or point 11 of the Guidelines.
Stroški so napovedani na podlagi preteklih rezultatov ob upoštevanju pričakovanih koristi od izvajanja ukrepov prestrukturiranja.
Under point 10, a firm is considered to be in difficulty when:
Komisija ugotavlja, da so precejšnji prihranki pri stroških povezani z ukrepi, na katere lahko družba razmeroma veliko vpliva, kot je zmanjšanje števila zaposlenih ali združitev proizvodnih zmogljivosti, kar poveča verjetnost, da se bodo izvedli v skladu z načrti.
in the case of a limited liability company, more than half of its registered capital has disappeared and more than one quarter of that capital has been lost over the preceding 12 months;
Zlasti zmanjšanje števila zaposlenih bi moralo vplivati na zmanjšanje variabilnih stroškov, s prodajo obratov, ki prinašajo izgubo, pa bi se morala zmanjšati amortizacija in izboljšati donosnost.
in the case of a company where at least some members have unlimited liability for the debt of the company, more than half of its capital as shown in the company accounts has disappeared and more than one quarter of that capital has been lost over the preceding 12 months;
Upniki v prisilni poravnavi in druge zainteresirane strani (stranke, dobavitelji in zakupodajalec) so se strinjali s prestrukturiranjem dolga, kar zagotavlja, da bodo ukrepi finančnega prestrukturiranja prav tako izvedeni v skladu z načrti.
whatever type of company concerned, it fulfils the criteria under its domestic law for being the subject of collective insolvency proceedings.
S tem se bodo znatno zmanjšali finančni stroški družbe, poleg drugih koristi, ki bodo dosežene.
In the opening decision, the Commission observed that Cimos, being a limited liability company, fulfilled the criteria listed in point 10(a) of the Guidelines.
Načrtovani prihranki pri stroških se zato prav tako zdijo uresničljivi.
According to the consolidated financial statements as of 31 December 2012, it had lost more than half of its registered capital (108 %) and more than one quarter thereof over the preceding 12 months (137 %) [35].
Komisija je imela v sklepu o začetku postopka pomisleke glede obnove sposobnosti preživetja, saj se takrat banke niso strinjale s prestrukturiranjem dolga družbe Cimos.
Therefore the Commission considered that Cimos qualified as a firm in difficulty based on point 10(a) of the Guidelines.
Teh pomislekov ni več, saj so se banke strinjale s prestrukturiranjem dolga družbe Cimos v okviru postopka prisilne poravnave.
Since then the financial situation of Cimos has further deteriorated.
S prvotnim zmanjšanjem finančnega vzvoda (s pretvorbo dolga v lastniški delež, odpisom in delnim odplačevanjem) se bo izboljšala bonitetna ocena družbe Cimos in sprostil del sredstev, ki so trenutno zastavljena pri upnikih in se bodo lahko uporabila za prihodnje zavarovanje s premoženjem.
As of 31 December 2013, the Company reported a negative equity of EUR 103,3 million.
To bi moralo družbi Cimos omogočiti, da na trgu pridobi potrebno financiranje, kot je bilo načrtovano.
According to preliminary (unaudited) results for the first 10 months of 2014, Cimos recorded a net loss of EUR 74,3 million, which means that its negative equity increased even more.
V načrtu prestrukturiranja so navedene okoliščine, ki so vzrok težav družbe Cimos, tj. prezadolženost in neučinkovito poslovanje.
In earlier cases [36], the Commission concluded that, where a company has negative equity, there is an a priori assumption that the criteria of point 10(a) of the Guidelines are met, which would be the case for Cimos.
Komisija ugotavlja, da so v načrtu predvideni ukrepi, ki so namenjeni reševanju prav teh težav.
The General Court also concluded [37] that a company with negative equity is a company in difficulty.
S pretvorbo dolga v lastniški delež, ki jo bodo izvedli večji upniki, se bodo njihove terjatve zmanjšale za 60 %.
In addition, since 3 June 2014, the court imposed the compulsory settlement procedure on Cimos under the Slovenian insolvency law at the request of its creditors.
Poleg tega se bo preostalih 40 % dolga do upnikov v prisilni poravnavi odplačalo po ugodnejših pogojih, vključno s podaljšanim obdobjem odplačevanja in dveletnim odlogom odplačevanja.
Therefore it also fulfils the condition of point 10(c) of the Guidelines.
S tem se bo trenutno in prihodnje breme odplačevanja še bolj zmanjšalo.
According to point 12 of the Guidelines, newly created firms are not eligible for rescue or restructuring aid.
Razmerje med dobičkom pred obrestmi, davki in amortizacijo in obrestmi, s katerim se meri zmožnost podjetja, da servisira dolg, naj bi se z 1 leta 2013 povečalo na 5,4 leta 2017.
A firm is in principle considered as newly created for the first three years following the start of operations in the relevant field of activities.
Poleg tega so se dobavitelji strinjali z zmanjšanjem svojih terjatev, s čimer se bo skupni dolg še zmanjšal in zagotovilo nadaljnje poslovanje.
Cimos started operations in 1972, was registered in its present form in 1975 and has been operating in the current field of activities ever since.
Vsi ukrepi finančnega prestrukturiranja, zlasti dogovor s strankami glede skrajšanja rokov plačila, bodo dodatno izboljšali likvidnost.
Therefore it cannot be considered as a newly created firm.
Z denarnimi tokovi, ki ne bodo obremenjeni z odplačilom prestrukturiranega dolga oziroma bodo razbremenjeni zaradi zgodnejšega prejemanja plačil strank, se bo lahko financiralo tudi izvajanje ukrepov poslovnega prestrukturiranja, ki so namenjeni odpravi drugega razloga za težave, tj. neučinkovitega poslovanja.
Therefore the criteria set out in point 13 of the Guidelines do not preclude it from being eligible for restructuring aid.
Z ukrepi poslovnega prestrukturiranja naj bi se skupaj letno prihranilo 27 milijonov EUR, kar je precej več, kot je bilo načrtovano v prvotno priglašenem načrtu prestrukturiranja.
The Commission concludes that Cimos has been a firm in difficulty since 2012 and is eligible for restructuring aid.
Z zmanjšanjem stroškov bodo ti ukrepi pripomogli k izboljšanju donosnosti, kar bo z zmanjšanjem ravni zaposlenih in kapitala privedlo do večje poslovne učinkovitosti.
THE ‘ONE TIME, LAST TIME’ PRINCIPLE
Komisija ob upoštevanju ugotovitev iz uvodnih izjav 152–154 meni, da so predlagani ukrepi prestrukturiranja primerni za odpravo vzrokov za težave, ki so opredeljene v načrtu prestrukturiranja.
According to point 73 of the Guidelines, if the firm concerned has already received rescue or restructuring aid in the past, including any un-notified aid, and where less than 10 years have elapsed since the rescue aid was granted or the restructuring period came to an end or implementation of the restructuring plan has been halted (whichever is the latest), the Commission will not allow further rescue or restructuring aid.
Prispevek zasebnih bank, strank in dobaviteljev k finančnemu prestrukturiranju je znak njihovega zaupanja v družbo Cimos in dodaten razlog za ugotovitev, da bo na podlagi načrta prestrukturiranja mogoče obnoviti dolgoročno sposobnost preživetja.
Slovenia informed the Commission that the Company has not received any rescue or restructuring aid in the last 10 years, apart from the notified rescue aid approved by the Commission, as described in recital 1 [38].
Tudi neodvisen cenilec, ki je proučil načrt finančnega prestrukturiranja, je ugotovil, da bo družba Cimos na podlagi načrta prestrukturiranja verjetno postala kratkoročno in dolgoročno likvidna in plačilno sposobna.
RESTORATION OF LONG-TERM VIABILITY
Komisija ugotavlja, da posodobljeni načrt prestrukturiranja ni nov načrt, ampak le različica prvotno priglašenega načrta, ki je bila dopolnjena na podlagi izida prisilne poravnave.
In order to consider a measure compatible under points 34-37 of the Guidelines, the restructuring plan must restore the long-term viability of the firm within a reasonable timescale and on the basis of realistic assumptions as to future operating conditions.
Njegovi cilji glede prestrukturiranja so popolnoma enaki tistim iz prvotno priglašenega načrta, tj. zmanjšanje prezadolženosti, ponovna vzpostavitev likvidnosti, izboljšanje poslovne učinkovitosti in ponovna osredotočenost dejavnosti na osnovni avtomobilski segment.
The plan should enable the company to cover all its costs after restructuring and the expected return on capital must be enough to enable the restructured firm to compete on the marketplace on its own merits.
Najpomembnejši ukrep prestrukturiranja v smislu finančnega učinka, tj. pretvorba in reprogramiranje finančnega dolga, ostaja enak, čeprav pod nekoliko spremenjenimi pogoji in v okviru prisilnega namesto prostovoljnega postopka.
The Company is expected to generate net profits and positive operating cash flows, which means that it would be in a position to cover all its costs after completing the restructuring, including depreciation and financial charges.
Komisija je podobne posodobitve priglašenih načrtov prestrukturiranja že odobrila v preteklih sklepih [39].
The expected return on capital is forecasted to be 7,6 % to 14,5 % in 2018 and 2019 respectively, i.e. in the post-restructuring period.
Glede navedb ge.
Given that the yield on the Slovenian 10-year government bonds, commonly seen as an approximation of a return on a risk-free investment, is approximately 1 %, the expected return on capital gives investors a reasonably adequate risk premium and can be considered enough to enable Cimos to compete in the marketplace on its own merits.
Filakovic, opisanih v uvodni izjavi 91, Komisija ugotavlja, da je računovodske izkaze družbe Cimos proučil neodvisen revizor, ki je glede teh izkazov izdal mnenje brez pridržka in ni poročal o nobenem domnevnem goljufanju in pranju denarja.
The financial projections are based on prudent assumptions.
Glede 35 milijonov EUR, ki jih je Slovenija družbi Cimos dodelila v okviru pomoči za prestrukturiranje, Komisija ugotavlja, da je julija 2013 za družbo Cimos odobrila jamstvo za pomoč za reševanje v višini 35 milijonov EUR [40].
The sales are initially forecasted to decrease due to expected loss of customers caused by financial distress associated with the CS process.
Jamstvo, ki bo pretvorjeno v lastniški kapital v okviru pomoči za prestrukturiranje, ne vključuje nobenega prenosa denarnih sredstev družbi Cimos, zato ni mogoče, da bi se financiralo s pranjem denarja.
This is significantly less than in the pre-restructuring period when revenue exceeded EUR 400 million.
Filakovic, in njenih strank do družbe Cimos Komisija na podlagi razpoložljivih informacij ni ugotovila, da bi takšne terjatve obstajale.
The current forecast is also much lower than the one contained in the originally notified plan where sales were predicted to remain stable at EUR 400 million in the period 2015-2017.
Komisija ob upoštevanju navedenega meni, da navedbe niso utemeljene in ne vplivajo na oceno pomoči za prestrukturiranje.
In view of that and taking into account that the business already booked accounts for more than 95 % of planned sales in 2015 and 2016 and for more than 80 % of planned sales in 2017, as well as considering the expected benefits of the implementation of the sales restructuring measures, it is reasonable to consider that the sales forecast contained in the updated restructuring plan is achievable.
Komisija ob upoštevanju navedenega ugotavlja, da so predlagani ukrepi prestrukturiranja primerni za obnovo dolgoročne sposobnosti preživetja družbe v razumnem časovnem okviru in na podlagi realističnih predpostavk.
The costs have been forecasted on the basis of historical results, taking into account the expected benefits of the implementation of the restructuring measures.
PREPREČEVANJE NEUPRAVIČENEGA IZKRIVLJANJA KONKURENCE (IZRAVNALNI UKREPI)
The Commission notes that significant cost savings are related to the measures over which the Company has relatively high influence, such as a workforce reduction or consolidation of production facilities, which increases the likelihood that they will be implemented as planned.
V skladu s točkami od 38 do 42 smernic je treba sprejeti izravnalne ukrepe, ki bodo čim bolj zmanjšali škodljive učinke pomoči na pogoje poslovanja.
The workforce reduction in particular should lead to a decrease of variable costs, while the disposal of loss-makings plants should decrease depreciation and improve profitability.
Pomoč ne sme neupravičeno izkrivljati konkurence.
The CS creditors and other stakeholders (customers, suppliers, the lessor) have agreed to a debt restructuring, which ensures that the financial restructuring measures will also be implemented as planned.
To običajno pomeni omejitev prisotnosti, ki jo lahko družba uživa na svojih trgih ob koncu obdobja prestrukturiranja.
This, among other benefits, will significantly decrease the Company's finance costs.
Izravnalni ukrepi morajo biti sorazmerni z izkrivljajočimi učinki pomoči ter zlasti z velikostjo in relativno pomembnostjo podjetja na njenem trgu ali trgih.
Therefore, the planned cost savings also appear achievable.
Opustitve dejavnosti, ki ustvarjajo izgubo, ni mogoče šteti za veljaven izravnalni ukrep.
In the opening decision the Commission questioned the restoration of viability on the basis that at that time the banks had not agreed on Cimos's debt restructuring.
Obseg izravnalnih ukrepov je treba določiti za vsak primer posebej in ob upoštevanju cilja obnove dolgoročne sposobnosti preživetja podjetja.
This doubt has now been removed as the banks agreed to restructure Cimos's debt under the CS process.
Poleg tega bo Komisija v skladu s točko 7 smernic zahtevala izravnalne ukrepe, s katerimi se čim bolj zmanjša učinek na konkurente.
According to the restructuring plan Cimos will need additional funding totalling EUR 25 million in 2018 and 2019 to finance operations.
Izravnalni ukrepi ne bi smeli ogroziti zmožnosti družbe, da po izvedbi načrta prestrukturiranja obnovi dolgoročno sposobnost preživetja, kot je določeno v točki 38 smernic.
The Commission notes that, on the basis of the restructuring schedule, by that time the Company will have implemented the core restructuring measures and will have returned to profitability.
Družba Cimos je predlagala dva izravnalna ukrepa:
This should enable Cimos to obtain the necessary financing on the market as planned.
odprodajo treh obratov v avtomobilskem segmentu, v […].
The restructuring plan sets out the circumstances that led to Cimos's difficulties, namely over-indebtedness and operational inefficiency.
Kar zadeva prvi izravnalni ukrep, je družba Cimos že prodala zadevne tri stebre.
The Commission notes that the plan provides for the measures aimed precisely to address these difficulties.
Ti stebri so skupaj predstavljali približno 20 % prihodkov družbe, pred prestrukturiranjem pa so bili donosni.
The conversion of debt for equity by major creditors will lead to a reduction of their claims by 60 %.
Komisija ugotavlja, da se lahko za zadostne štejejo le izravnalni ukrepi, ki vplivajo na prisotnost upravičenca na njegovem glavnem trgu [41].
As a result, the overall financial liabilities of Cimos will decrease from EUR 422 million in 2013 to EUR 184 million in 2017.
Zato načeloma prodaje teh stebrov ni mogoče sprejeti za izravnalni ukrep kot tak.
The debt to equity ratio will decrease from 17,7 in 2012 (last year when equity was positive) to 3 in 2017, a much more sustainable level.
Kljub temu je družba Cimos z odprodajo stranskih stebrov ne le izgubila svoj tržni delež v drugotnih segmentih, ampak tudi znatno oslabila svoj konkurenčni položaj in s tem tržno prisotnost na glavnem trgu avtomobilske industrije.
In addition, the remaining 40 % of debt held by CS creditors is to be repaid on more favourable terms, including an extended repayment period and a 2-year payment holiday.
Dobiček, ki bi ga družba Cimos prejela od prodanih stebrov (približno 90 milijonov EUR v obdobju 2011–2013), ki so bili pred prestrukturiranjem donosni, bi namreč lahko porabila za financiranje širitve na glavnem trgu.