natgillin/translations-raw huggingface dataset:
As regards the role of captive banks, Toyota's perception is that, in general, they help to improve customer brand loyalty by around 15 %.
Ti stroški vključujejo vnaprejšnjo provizijo v višini 120 bazičnih točk in provizijo za prevzete obveznosti, ki znaša do 40 % marže, kar po mnenju družbe Fiat presega tržno prakso.
Penetration rates are, moreover, higher in small vehicle segments.
Pripombe družbe Fiat zato po mnenju francoskih organov potrjujejo, da je ta provizija precenjena v primerjavi s tržnim standardom.
On the compensatory measures, Toyota asks whether a measure to discontinue models for which sales are low can be legally characterised as such a measure.
Francoski organi menijo še, da bi bilo iz upoštevanja razumno izključiti vnaprejšnjo provizijo in provizijo za prevzete obveznosti, saj država nima oportunitetnih stroškov, tj. stroškov mobilizacije kapitala, ki bi bili v primeru banke plačani.
It considers that the cooperation between Toyota and PSA at the Sevelnord plant is not a prerequisite for the PSA Group's survival.
Francoski organi poudarjajo, da družba Fiat navaja, da bo imelo jamstvo zlasti pomembne učinke na trg, vendar pri tem ne navaja, za katere učinke gre.
The hybrid plug-in technology is not, in its view, mature enough yet because of the costs that it entails and the infrastructure that it requires.
Po mnenju Francije družba Fiat meni predvsem, da bo jamstvo omogočalo BPF prednost, ki je Komisija ni proučila in vključuje ohranjanje njenih stroškov financiranja na določeni ravni ne glede na tržne trende.
In Toyota's view, the full hybrid technology continues to be the only medium-term technological solution.
Francoske organe ta argument preseneča, saj je domnevni učinek jasno povezan s samim obstojem jamstva, katerega namen je prav stabilizacija stroškov refinanciranja banke do zgornje meje v višini 7 milijard EUR.
Lastly, Toyota considers that it is unable to assess the relevance of the compensatory measures proposed by the PSA Group.
Poleg tega bi bilo prednost BPF in skupine PSA seveda treba proučiti v trenutku, ko je bilo napovedano jamstvo.
COMMENTS FROM THE PSA GROUP
Francoski organi menijo, da so pripombe družbe Fiat v zvezi s to točko (povzete v uvodnih izjavah 198 do 200 oddelka 5.3.4 zgoraj) zlasti nezadostne in neutemeljene.
First, the PSA Group fully endorses the comments submitted by the French authorities.
V zvezi z zmanjšanji naložb v osnovna sredstva družba Fiat ni predložila nobenega stvarnega in podprtega dokaza, ki bi postavil pod vprašaj zlasti omejujočo naravno ukinitve vrhunskih vozil.
PSA then recalls its strategy to restore viability by adapting its production apparatus to new market conditions.
Ukrep v zvezi z obratom Sevelnord družba Fiat dojema zgolj kot dajanje zmogljivosti v zakup, ki pa bi jo PSA po želji kadar koli zlahka pridobila nazaj.
This adaptation will in particular be reflected by a significant reduction of the Group's market presence.
Francoski organi menijo, da je ta kritika popolnoma nebistvena, saj argument družbe Fiat ne upošteva zavezujoče narave ukrepov na podlagi sklepov Komisije.
PSA also points out that these restructuring measures will be almost exclusively financed by its own resources from disposals of assets.
Francija nasprotno meni, da je ta ukrep najverjetneje nepovraten, saj družbi Toyota omogoča dostop do trga po optimalnih pogojih.
These measures would, in its view, have been more than sufficient if BPF had not been unfairly penalised by the rating agencies' rules, the captive bank's difficulties arising only from its links with the PSA Group.
Družba Fiat ukinitev priključnih hibridov kritizira tudi na podlagi argumenta, da bi bila najustreznejša strategija razširitev različnih metod zmanjševanja emisij onesnaževal.
In PSA's view, therefore, State intervention was necessary solely because of these rating agency rules.
Francoski organi poudarjajo, da je bila to prvotna strategija PSA.
PSA concludes from this that the public guarantee will ultimately have only a limited impact, especially as no direct public subsidy will be granted to BPF.
Skupina PSA z ukinitvijo priključnih hibridov tudi znatno omejuje svojo zmožnost konkuriranja na trgu, na katerem lahko proizvajalci razširijo tehnologije za zmanjšanje emisij onesnaževal.
PSA also stresses that, in addition to the restructuring measures, its commercial policy is to be refocused.
Po mnenju Francije bi bilo treba kritike družbe Fiat v zvezi s „slabo izbiro tehnologije“ PSA pri naložbah v priključno hibridizacijo poleg tega obravnavati glede na izbiro tehnologije družbe Fiat.
There is to be a fresh focus on R&D projects intended to lower the costs of technological innovations for the end consumer and on an increasing internationalisation of the Group to make it less vulnerable to fluctuations in the European market and in particular in the countries of southern Europe.
V nasprotju z drugimi proizvajalci, vključno z najuspešnejšimi, ki so se odločili vlagati v to tehnologijo, je družba Fiat ena redkih, ki tega ni storila.
PSA notes that, if the European automotive market situation is worse than forecast, it will take all the measures needed to ensure its return to viability in the long term.
Francoski organi ugotavljajo še, da družba Fiat ne podaja neposrednih pripomb o izravnalnem ukrepu, ki omejuje stopnjo prodora BPF na trg.
On the compensatory measures, PSA considers that they represent extremely significant efforts which will greatly penalise its competitiveness in all segments.
Na podlagi tega predvidevajo, da je zelo težko oblikovati zavezo po državi in po segmentu.
In PSA's view, they appear to be very substantial in extent when compared with the amount of the aid and in particular the extent of the funds mobilised by PSA to finance its restructuring.
Po njihovem mnenju spremembe na trgu, ki jih navaja družba Fiat, potrjujejo, da se tradicionalne banke umikajo s trga, zaradi česar se povečujejo stopnje prodora internih bank na trg.
Moreover, as the structure of BPF's balance sheet makes it very unlikely that the guarantee will be drawn on, the effects of the aid on the PSA Group's competitors will ultimately be extremely limited.
Nova trgovinska politika, ki jo je družba Fiat vzpostavila v prvem četrtletju leta 2013 in ji pomaga dosegati 39,6-odstotno stopnjo prodora na trg, je po njihovem mnenju dober primer zlasti omejujoče narave predlaganega izravnalnega ukrepa.
The planned compensatory measures will have a very major impact.
Z omejitvijo kakršnega koli povečanja stopnje prodora BPF na trg se znatno zmanjša njena zmožnost ponujanja konkurenčnih pogojev, s tem pa tudi potencialni učinek jamstva na trg.
From an industrial point of view, discontinuing the hybrid plug-in technology will have a significant negative impact on the European market.
Po mnenju Francije se pripombe družbe Fiat (povzete v uvodnih izjavah 189 do 190 in oddelka 5.3.2 zgoraj) nanašajo na prispevek tega projekta k ponovni vzpostavitvi uspešnega poslovanja in na njegov učinek na trg.
Moreover, by transferring production capacity to one of its direct competitors at the Sevelnord plant, PSA considers that it will help it to gain a foothold in a market.
Francoski organi menijo, da so kritike družbe Fiat popolnoma nebistvene in kažejo nerazumevanje namena projekta, tj. povezati različne kompetence in tehnologije s podporo javnih organov, da bi lahko partnerji razvili nizkocenovno tehnologijo hibridizacije.
The reductions in investment will also have an impact on PSA's market image.
Po mnenju francoskih organov družba Fiat s potrditvijo, da vsi proizvajalci znatno vlagajo v projekte za zmanjšanje emisij onesnaževal, priznava odsotnost učinka zmanjšanja.
This is particularly true of the discontinuation of two models in the light commercial vehicle segment in which PSA has a large market share.
V zvezi z učinkom na trg francoski organi menijo, da so si pripombe družbe Fiat nasprotujoče.
Lastly, the non-renewal of high-end vehicles and powerful engines will make it less possible to go in for calls for tender from corporate customers and will have an impact on the Group's brand image which will go well beyond the restructuring period.
Projekt se v praksi ne sklada s pripombami družbe Fiat: glavni predvideni tehnološki napredek bo omogočil znatno zmanjšanje stroškov hibridnih tehnologij, ki jih bo mogoče zadostno razširjati, da bodo donosne.
In PSA's view, the cap on BPF's penetration rates and their indexing to trends among the captive banks of its main competitors will largely offset the assumed effect of the aid on the market.
Po njihovem mnenju so kritike družbe Fiat v zvezi z omejeno možnostjo tržnega uspeha projekta Avtomobili 50 CO2 zato nebistvene.
Lastly, PSA points out that the approval of the aid by the Commission will be of paramount importance for the French economy, because of the scale of the automotive sector in France (over two million direct and indirect jobs).
Francoski organi menijo še, da družba Fiat ne razloži, kako bi pomoč v višini 86 milijonov EUR lahko vplivala na končno ceno razvitih vozil, saj meni tudi, da proizvajalci namenjajo ogromne naložbe doseganju ciljev zmanjševanja emisij onesnaževal iz evropskih predpisov.
PSA's recovery will also play a key role in the vitality and competitiveness of the automotive industry in Europe.
PRIPOMBE V ZVEZI S PRIPOMBAMI DRUŽBE TOYOTA
In this respect, PSA notes that some competitors have received (or are still receiving) massive support from their respective governments through the maintenance of exchange rates particularly favourable to their exports or temporary nationalisations of their captive banks.
Pripombe družbe Toyota (povzete v uvodnih izjavah 202 do 206 oddelka 5.4 zgoraj) po mnenju Francije na splošno potrjujejo verodostojnost predpostavk in ustreznost izbir, na katerih temelji načrt prestrukturiranja PSA.
Other manufacturers outside the European Union are benefiting from free-trade agreements concluded to their advantage, enabling them to develop an aggressive commercial policy in the European market.
V zvezi s projektom Avtomobili 50 CO2 družba Toyota potrjuje, da so okolju prijazne tehnologije glavni dejavnik na trgu prihodnosti.
COMMENTS BY FRANCE ON THE INTERESTED PARTIES' COMMENTS
Po mnenju francoskih organov pripombe družbe Toyota kažejo, da državna pomoč za projekt Avtomobili 50 CO2 ne bo vplivala na zmožnost konkuriranja ali konkurenčnost konkurentov v segmentu blagih hibridov.
COMMENTS ON THE ANONYMOUS THIRD PARTY'S COMMENTS
V zvezi z izravnalnimi ukrepi in zlasti z odgovorom na vprašanja družbe Toyota o resnični izravnalni naravi ukrepa za zaključek proizvodnje vozil, katerih obseg prodaje je postal zelo majhen, francoski organi ponavljajo, da ima trženje vrhunskih modelov učinek odstopanja za vsa vozila, ki se tržijo pod isto znamko.
First, the French authorities point out that the grant of aid for the PSA Group's restructuring does not seem to be a matter of any great interest to operators in the European automotive market: only four interested parties have come forward (despite the publicity surrounding the opening decision).
V zvezi z obratom Sevelnord je družba Toyota navedla, da ji bo njen sporazum s PSA omogočil ohranitev prisotnosti v segmentu lahkih gospodarskih vozil.
On the comments from the anonymous third party (summarised in recitals 179 to 182 of section 5.1 above), the French authorities stress that they are not in any way related to the present procedure to examine the aid for the PSA Group's restructuring, but concern the complaint that this anonymous third party has lodged with the European Commission.
Francoski organi ponavljajo, da bo njena prisotnost v obratu Sevelnord znatno vplivala na zmožnost konkuriranja družbe Toyota, saj ji bo omogočila, da bo razvila pristno in znatno prisotnost v tem segmentu.
As an entirely secondary point, the French authorities consider that these comments provide no tangible proof of PSA's alleged stratagems with Agrati France and that PSA, as a private enterprise, is free to conduct commercial relations with its suppliers in any way that it wishes.
Po mnenju francoskih organov pripombe družbe Toyota nasprotujejo njenemu tržnemu ravnanju.
In this respect, as part of its alliance with GM, PSA has been implementing a policy to rationalise its purchasing since 25 February 2013, in particular through systematic calls for tender to obtain the best market prices.
Trženje priključne hibridne različice modela Prius, ki je po mnenju družbe Toyota „na čelu“ njenih hibridnih modelov, nasprotuje njeni negativni oceni tržnih napovedi za to vrsto vozil.
The French authorities stress the fact that only a measure imputable to a Member State may infringe Article 34 TFEU; that does not apply to the decisions made by private enterprises such as PSA.
PRIPOMBE V ZVEZI S PRIPOMBAMI PSA
Lastly, the alleged behaviour of the FMEA is unrelated to these proceedings.
Francoski organi niso predložili pripomb v zvezi s pripombami skupine PSA (povzetimi v uvodnih izjavah 207 do 214 oddelka 5.5 zgoraj).
The French authorities conclude that the examination of the aid at issue should not be delayed by an unsupported allegation of infringement of Article 34 TFEU, which concerns, moreover, facts that have no connection with the aid at issue or with the restructuring of the PSA Group.
SPREMEMBE PRIGLASITVE FRANCOSKIH ORGANOV
COMMENTS ON THE GM GROUP'S COMMENTS
V memorandumu z dne 16. julija 2013, kakor je bil spremenjen z dopisom z dne 23. julija 2013 (v nadaljnjem besedilu: „pismo o zavezah z dne 23. julija 2013“ ali „dopis z dne 23. julija 2013“), so francoski organi spremenili priglasitev načrta prestrukturiranja z dne 12. marca 2013 in navedli naslednje svoje zaveze.
The French authorities have not commented on the comments from the GM Group (summarised in recitals 183 to 186 in section 5.2 above).
Te zaveze nadomeščajo izravnalne ukrepe, ki so jih prvotno predlagali francoski organi.
COMMENTS ON FIAT'S COMMENTS
Francoski organi ugotavljajo, da se bodo zaveze iz tega oddelka 7 uporabljale, če ni drugače določeno, dokler se ne bo načrt prestrukturiranja skupine PSA v celoti izvedel, tj. do 31. decembra 2015.
RESTORING THE PSA GROUP'S VIABILITY
ZAVEZA ZA PONOVNO VZPOSTAVITEV RAVNI ZADOLŽENOSTI SKUPINE PSA
According to the French authorities, Fiat's comments on this point (summarised in recitals 187 to 188(e) in section 5.3.1 above) contain a forecast of market trends that is more optimistic than those forecast by the PSA Group, thereby confirming that the PSA Group's scenario is credible and conservative enough.
V posameznem letu izvajanja načrta prestrukturiranja konsolidirani neto dolg industrijskih in poslovnih dejavnosti skupine PSA iz letnih računovodskih izkazov, ki se revidirajo v skladu s stalnimi računovodskimi standardi, 31. decembra vsako leto (v nadaljnjem besedilu: neto dolg) ne sme preseči zgornje meje „A“ iz spodnje tabele 16.
They also note that Fiat (as well as Opel) agrees that data from IHS Global are relevant in assessing market development prospects.
Tabela 16
Lastly, Fiat considers that it is unable to comment on the return to viability on the basis of the information available.
Zgornje meje neto dolga skupine PSA
For that reason, the French authorities feel that there is little point in contesting each of the points raised by the analysts cited by Fiat.
(v milijonih EUR)
THE AID ELEMENT IN THE GUARANTEE AND ITS IMPACT ON THE MARKET
Največji neto dolg A
The French authorities stress that, in its comments on this point (summarised in recitals 191 to 196(c) in section 5.3.3 above), Fiat assesses the State aid element at some 100 to 110 basis points, i.e. an amount of aid of EUR 231 million which is well below the lower end of the range cited by the Commission in the opening decision.
Največji neto dolg B
In the view of the French authorities, Fiat's assessment proves that the amount of aid according to the Commission is in all likelihood over-estimated.
Če neto dolg konec določenega leta (N) presega zgornjo mejo „A“, mora skupina PSA sprejeti vse finančne ukrepe in/ali ukrepe industrijskega prestrukturiranja, ki so potrebni za zagotovitev, da neto dolg skupine PSA konec naslednjega leta (N+1) ne bo presegal zgornje meje „A“, brez stroškov, ki jih ima PSA z izvajanjem teh ukrepov (v nadaljnjem besedilu: popravni ukrepi).
As regards the inclusion of a commitment fee, the French authorities point out that the guarantee premium paid by the PSA Group to the State has been calculated on the basis of the ‘all-in’ cost of the banks taking part in the New Club Deal (440 basis points) less their liquidity cost (estimated to be 180 basis points by reference to the five-year iTraxx Senior Financial on a median one-month basis).
Posamezne pravne ukrepe in njihove pričakovane finančne učinke je treba podrobno opisati in opredeliti, k njim pa priložiti natančen in zavezujoč časovni razpored izvajanja.
This cost includes an upfront fee of 120 basis points, and a commitment fee of up to 40 % of the margin, i.e. above what Fiat considers to be market practice.
Ukrepi, ki se izvajajo vnaprej, so lahko v celoti ali delno vključeni v ukrepe po 31. juliju 2013, če so posebej opredeljeni in opisani ter so našteti njihovi pričakovani finančni učinki za preostanek načrta prestrukturiranja.
Fiat's comments confirm therefore, in the view of the French authorities, that this fee is overestimated in comparison with the market standard.
Popravni ukrepi, vključno s posodobljenimi denarnimi tokovi za skupino PSA, se morajo priglasiti Evropski komisiji skupaj z mnenjem neodvisnega strokovnjaka, kakor je opredeljeno v oddelku 7.6 spodaj, v enem mesecu od objave revidiranih konsolidiranih letnih računovodskih izkazov, iz katerih je razvidno, da neto dolg skupine PSA v ustreznem letu presega zgornjo mejo „A“.
Lastly, the French authorities consider that it would be logical not to take account of the upfront fee and the commitment fee as the State has no opportunity cost, i.e. the cost of mobilising capital, which would, in the case of a bank, be remunerated.
Naloga Komisije je, da preveri, ali so bili predvideni finančni učinki teh popravnih ukrepov ustrezno navedeni in ne ogrožajo uspešnega delovanja skupine PSA.
The French authorities stress that Fiat comments that the guarantee will have particularly significant effects on the market without explaining what these effects are.
V nasprotnem primeru mora popravne ukrepe predlagati in odobriti Komisija.
In France's view, Fiat considers in particular that the guarantee will give BPF an advantage not analysed by the Commission, consisting in maintaining its financing cost at a given level irrespective of market trends.
Da bi se štelo, da se načrt prestrukturiranja izvaja pravilno in da so bile zaveze francoskih organov izpolnjene, morajo imeti popravni ukrepi ali kakršen koli drug finančni ukrep in/ali ukrep industrijskega prestrukturiranja, ki ga je skupina PSA sprejela po 31. juliju 2013, na koncu leta N+1 pričakovane finančne učinke na neto dolg ali neto dolg leta N+1 ne sme presegati zgornje meje „A“.
The French authorities are surprised by this argument as the alleged effect is obviously connected to the very existence of the guarantee, whose purpose is precisely to stabilise the bank's refinancing costs up to a ceiling of EUR 7 billion.
V nasprotnem primeru morajo francoski organi po potrebi Komisiji priglasiti spremenjeni načrt prestrukturiranja za skupino PSA v okviru načela enkratne pomoči, da lahko Komisija spremeni sklep, v katerem je državna pomoč za prestrukturiranje skupine PSA razglašena za združljivo z notranjim trgom.
Moreover, the advantage obtained by BPF and the PSA Group obviously needs to be examined at the moment at which the guarantee was announced.
Enako velja, če neto dolg skupine PSA med izvajanjem načrta prestrukturiranja dve leti zapored presega zgornjo mejo „B“.
First, the French authorities feel that Fiat's comments on this point (summarised in recitals 198 to 200 of section 5.3.4 above) are particularly insubstantial and unfounded.
Tudi v tem primeru francoski organi na enak način po potrebi priglasijo spremenjeni načrt prestrukturiranja Evropski komisiji, da lahko še enkrat prouči združljivost državne pomoči za prestrukturiranje skupine PSA.
On the reductions of CAPEX, Fiat provides no concrete and substantiated evidence calling into question the particularly constraining nature of the discontinuation of high-end vehicles.
V obeh primerih se bo ta zaveza štela za izpolnjeno za celotno obdobje prestrukturiranja, ko bodo popravni ukrepi, ki jih izvaja skupina PSA, kakor so bili priglašeni Komisiji tako, kot je opredeljeno v uvodni izjavi 243 zgoraj, imeli kumulativne finančne učinke na neto dolg v višini [0–5] milijard EUR.
As regards the measure concerning Sevelnord, Fiat perceives this as no more than a leasing of capacity that PSA could at its own discretion take back at any time.
ZAVEZA, POVEZANA S STOPNJO PRODORA BPF NA TRG
The French authorities consider this criticism to be entirely irrelevant as Fiat's argument disregards the binding nature of the measures imposed by the Commission's decisions.
Francoski organi se zavezujejo, da bodo, kot je opisano v uvodnih izjavah 248 do 250 spodaj, spremenili premijo za jamstvo iz člena 3.3 protokola, ki je bil 5. marca 2013 sklenjen med družbo Peugeot SA, banko Banque PSA in državo (v nadaljnjem besedilu: protokol), za plačilo prve sheme za jamstvo povpraševanja (v nadaljnjem besedilu: jamstvo), ki se sklene med državo in banko Banque PSA v prisotnosti družbe Peugeot SA in banke Banque de France (v nadaljnjem besedilu: premija za jamstvo).
France takes the opposite view that this measure is likely to be irreversible as it enables Toyota to gain a foothold in a market in optimum conditions.
Dokler obstajajo neporavnani „zajamčeni vrednostni papirji“ (kot so opredeljeni v protokolu), ki so bili izdani na podlagi jamstva in izkoriščajo jamstvo, se bo premija za jamstvo v višini 260 bazičnih točk iz člena 3.3 protokola povečala, kakor je opisano v uvodnih izjavah 249 in 250 spodaj, kadar stopnja prodora banke Banque PSA na trg v skupini G10 (Nemčija, Avstrija, Belgija, Italija, Španija, Nizozemska, Portugalska, Švica, Francija in Združeno kraljestvo) presega [26–29]* %.
Fiat also criticises the discontinuation of the hybrid plug-in on the ground that the most pertinent strategy would be to extend the various methods of reducing pollutant emissions.
Zvišanje premije za jamstvo bo:
The French authorities point out that this was precisely PSA's initial strategy.
odvisno od stopnje prodora banke Banque PSA na trg v skupini G10, kakor je prikazano v tabeli 17 v uvodni izjavi 250 spodaj; če stopnja prodora na trg za določeno obdobje vključuje eno ali več decimalk po decimalni vejici, se zvišanje premije za jamstvo izračuna z linearno interpolacijo med premijo za jamstvo, ki se plača za spodnjo stopnjo prodora na trg brez decimalk, in premijo za jamstvo, ki se plača za višjo stopnjo prodora na trg brez decimalk, kakor je prikazano v tabeli 17 v uvodni izjavi 250 spodaj;
By discontinuing the hybrid plug-in, the PSA Group is also significantly cutting its capacity to compete on the market with manufacturers able to extend pollutant emission reduction technologies.
znašalo največ 231 bazičnih točk, da premija za jamstvo ne bo presegala 491 bazičnih točk, kar ustreza tržni vrednosti jamstva, kot jo je ocenila Evropska komisija.
Fiat's criticisms as to PSA's ‘poor choice of technology’ in its investment in the hybrid plug-in should, moreover, in France's view, be seen in the light of Fiat's own choices of technology.
Stopnja prodora na trg bo izmerjena letno, in sicer 30. junija.
Unlike all the manufacturers, including those performing best, which have decided to invest in this technology, Fiat is one of the few not to have done so.
Zvišanje premije za jamstvo se bo 30. junija vsako leto izračunalo na podlagi preteklih 12 mesecev glede na vsoto povprečnih zneskov v glavnici za različne linije neporavnanih „zajamčenih vrednostnih papirjev“ v tem obdobju (kakor so opredeljeni v protokolu), ki so bili izdani na podlagi jamstva in izkoriščajo jamstvo.