natgillin/translations-raw huggingface dataset:
This will further reduce the current and future repayment burden.
Kar zadeva drugi izravnalni ukrep, so vsi obrati povezani z glavnim trgom družbe Cimos in so bili pred prestrukturiranjem donosni, kot je prikazano v preglednici 6.
The ratio of EBITDA to interest, which measures the ability of a company to service debt, is forecasted to increase from 1 in 2013 to 5,4 in 2017.
Predstavljajo zmanjšanje zmogljivosti za 15 % v smislu števila obratov ter jim je mogoče pripisati približno 4 % skupnega prihodka in 4,5 % prihodka iz avtomobilskega segmenta.
Moreover, the suppliers agreed to reduce their claims, which will further reduce the overall debt and ensure continuity of operations.
Z odprodajo teh obratov bo družba Cimos svojim konkurentom prepustila tržni delež, izgubila stranke in zmanjšala izbor izdelkov.
All of the financial restructuring measures, including notably the agreement by customers to shorten payment periods, will additionally improve liquidity.
Po odprodajah iz uvodne izjave 164 bo družbi Cimos ostal le avtomobilski steber, ki je njena osnovna in edina preostala dejavnost, zato je nujno potrebna za obnovo sposobnosti preživetja.
The cash flows eased by not having to repay the restructured debt or by receiving payments from customers earlier, will be also available to finance the implementation of the operational restructuring measures aimed at tackling the second reason for difficulty, namely the operational inefficiency.
Obseg avtomobilskega stebra se je že zmanjšal zaradi odprodaje obratov v okviru izravnalnih ukrepov ali ukrepov prestrukturiranja.
Under the operational restructuring Cimos embarked on a number of cost-saving measures, including most notably the reduction of workforce, consolidation of operations by decreasing the number of plants, reduction of overheads and improved process management.
Ob upoštevanju navedenega bi lahko morebitne dodatne odprodaje ogrozile cilj obnove dolgoročne sposobnosti preživetja.
The Company wants to refocus its operations on the core automotive business.
Izvajanje izravnalnih ukrepov skupaj z odprodajo sredstev, ki je predvidena v okviru načrta prestrukturiranja, bo znatno zmanjšalo zmogljivost družbe Cimos in ji preprečilo, da bi zaradi pomoči za prestrukturiranje pridobila neupravičeno konkurenčno prednost.
The operational restructuring measures are planned to generate total annual cost savings of EUR 27 million, much higher than under the originally notified restructuring plan.
Poleg tega so v skladu s točko 56 smernic pogoji za odobritev pomoči manj strogi glede izvajanja izravnalnih ukrepov na območjih, ki prejemajo pomoč.
By decreasing costs they will improve profitability, which at the reduced level of employment and capital, will translate into increased operational efficiency.
Komisija ugotavlja, da ima družba Cimos sedež na območju, ki prejema pomoč v skladu s členom 107(3)(c) Pogodbe.
In view of the findings in recitals 152-154 the Commission considers that the proposed restructuring measures are appropriate to tackle the reasons for difficulty identified in the restructuring plan.
Predlagani ukrepi zato pomenijo dejansko nadomestilo za izkrivljanje konkurence zaradi dodeljene pomoči in zadoščajo za zagotovitev, da bodo škodljivi učinki pomoči na pogoje poslovanja čim manjši.
The contribution of private banks, customers and suppliers to the financial restructuring is a sign of their confidence in Cimos and gives an additional reason to consider that the restructuring plan is capable of restoring long-term viability.
Za navedene izravnalne ukrepe se torej šteje, da so v skladu s točkami od 38 do 42 smernic.
The independent business appraiser of the PFR also concluded that the restructuring plan is likely to make Cimos liquid and solvent in the short and long term.
OMEJITEV POMOČI NA NAJNIŽJI MOŽNI ZNESEK, LASTNI PRISPEVEK
Furthermore, the Commission notes that the duration of the restructuring plan is limited to less than four years, running from February 2014 to 2017.
V skladu s točkami od 43 do 45 smernic mora biti pomoč omejena na najmanjši možni znesek, potreben za prestrukturiranje.
Such a restructuring period appears appropriate given the scope of the planned restructuring measures, their implementation schedule and the expected date for the restoration of viability.
Upravičenec naj bi pomemben delež k načrtu prestrukturiranja prispeval iz lastnih virov, tudi s prodajo sredstev, ki niso bistvenega pomena za preživetje družbe, ali iz zunanjega financiranja pod tržnimi pogoji.
The Commission observes that the updated restructuring plan is not a new plan but only a development of the originally notified plan on the basis of the outcome of the CS.
Takšen prispevek mora biti realen, tj. dejanski, izključevati mora vse prihodnje dobičke, kot je denarni tok, in je znak, da trgi verjamejo v izvedljivost obnove sposobnosti preživetja družbe.
It pursues exactly the same restructuring goals as the originally notified plan, namely reduction of over-indebtedness, restoration of liquidity, improvement of operating efficiency and refocusing operations on the core automotive segment.
Ne sme vključevati nobene dodatne državne pomoči.
The most significant restructuring measure in terms of financial impact, the conversion and rescheduling of the financial debt, remains the same, albeit on slightly modified terms and through a compulsory rather than voluntary procedure.
Pri velikih podjetjih, kot je družba Cimos, mora biti delež lastnega prispevka vsaj 50 % stroškov prestrukturiranja.
The other restructuring measures are not substantially different than under the originally notified plan but have been strengthened to achieve greater cost-savings.
Po navedbah Slovenije lastni prispevek, ki ga je predlagala družba Cimos, predstavlja 94 % vseh stroškov prestrukturiranja in obsega vire iz preglednice 7.
Both the originally notified and the updated plans are based on the same business model and strategy.
Preglednica 7
The Commission has already approved similar updates of notified restructuring plans in previous decisions [39].
Viri lastnega prispevka
Concerning the allegations of Ms Filakovic, described in recital 91, the Commission notes that the financial statements of Cimos were examined by an independent auditor who issued an unqualified opinion about them and did not report anything on the alleged fraud and money laundering.
Vir
Concerning the granting by Slovenia of EUR 35 million to Cimos as part of the restructuring aid, the Commission notes that in July 2013 it approved a EUR 35 million rescue aid guarantee for Cimos [40].
V mio.
The guarantee, which is to be converted to equity as part of the restructuring aid, does not entail any transfer of monetary resources to Cimos, therefore it cannot be financed from money laundering.
EUR
Finally, as regards the alleged claims of Ms Filakovic's company and her clients against Cimos, on the basis of available information, the Commission has not identified any such claims.
Shema svežega kapitala
In view of that, the Commission considers that the allegations are unsubstantiated and do not affect the assessment of the restructuring aid.
Naložbe v osnovna sredstva, ki jih financira družba Cimos
In view of the foregoing, the Commission concludes that the proposed restructuring measures are capable of restoring long-term viability of the Company within a reasonable timescale and on the basis of realistic assumptions.
Naložbe v osnovna sredstva, ki jih financirajo stranke
AVOIDANCE OF UNDUE DISTORTIONS OF COMPETITION (COMPENSATORY MEASURES)
Plačilo za prodajo energetskega stebra (Litostroj Power)
Pursuant to points 38-42 of the Guidelines, compensatory measures must be taken to ensure that the aid's adverse effects on trading conditions are mitigated as far as possible.
Pretvorba dolga v lastniški delež in neobračunane obresti na bančni dolg (brez SID banke)
The aid shall not unduly distort competition.
Neobračunane obresti na posojila
This usually means a limitation of the presence which the company can enjoy on its markets at the end of the restructuring period.
Odpis dobaviteljev
The compensatory measures should be in proportion to the distortive effects of the aid and, in particular, to the size and relative importance of the firm on its market or markets.
Odpis zakupodajalca
The closure of loss-making activities cannot be considered as valid compensatory measures.
Odpis bančnega dolga
The degree of compensatory measures must be established on a case-by-case basis and with regard to the objective of restoring the long-term-viability of the firm.
Pretvorba dolga v lastniški delež in odpis dolga s strani SID banke
Moreover, according to point 7 of the Guidelines the Commission will request compensatory measures which minimise the effect on competitors.
Pretvorba dolga iz naslova državnih jamstev v lastniški delež
The compensatory measures should not compromise the ability of the company to return to long-term viability after the implementation of the restructuring plan, as provided in point 38 of the Guidelines.
Neobračunane obresti na pomoč za reševanje
Cimos has proposed two compensatory measures:
Prispevek družbe Cimos k financiranju kompromisa z dobavitelji
divestment of its Agriculture, Machine and Energy Divisions;
Lastni napovedani prispevek skupaj
divestment of three plants in the automotive segment, in […].
Shema svežega kapitala je potrjena s sporazumom o financiranju, na podlagi katerega so se banke s svežim kapitalom in stranke s svežim kapitalom dogovorile, da bodo družbi Cimos pod pogoji iz uvodne izjave 25 zagotovile skupaj 38,4 milijona EUR (19,2 milijona EUR banke s svežim kapitalom in enak znesek stranke s svežim kapitalom).
Regarding the first compensatory measure, Cimos has already sold the three divisions concerned.
Slovenija je Komisijo obvestila, da je razlika v primerjavi s priglašenim zneskom lastnega prispevka iz tega vira, ki je enaka 39 milijonov EUR, povezana s stranko Eaton, ki je sredstva plačala v začetku januarja 2015 in se bo z bankami dogovorila za dodatna sredstva (v skladu z dogovorom stranke in banke zagotovijo enakovredno financiranje).
They accounted in total for around 20 % of the Company's revenue and were profitable prior to restructuring.
Komisija nima dokazov, da je družba Eaton dejansko plačala sredstva in da so banke zagotovile enakovredno financiranje.
The Commission notes that only compensatory measures which affect the beneficiary's presence on its main market can be considered sufficient [41].
Poleg tega udeležba SID banke v shemi svežega kapitala v višini 6,7 milijona EUR, kot je bilo ugotovljeno v oddelku 8.1, pomeni državno pomoč in je zato ni mogoče šteti za vir lastnega prispevka.
Therefore, in principle the sale of these divisions cannot be accepted as a compensatory measure as such.
Komisija ugotavlja, da shema svežega kapitala v višini 31,7 milijona EUR pomeni ustrezen vir lastnega prispevka.
Nevertheless, by divesting the non-core divisions Cimos has not only lost its market share in secondary segments but also has significantly weakened its competitive position and ultimately its market presence on the core automotive market.
Družba Cimos je med januarjem in septembrom 2014 za naložbe v osnovna sredstva porabila 17,6 milijona EUR iz lastnih virov.
This is because the profits that Cimos would have earned from the divested divisions (approximately EUR 90 million in the period 2011-2013), which were profitable prior to restructuring, could have been otherwise used to finance the expansion on the core market.
Zato se lahko skupni znesek v višini 8,5 milijona EUR, kot ga je predlagala družba Cimos, sprejme za lastni prispevek.
Regarding the second compensatory measure, all plants concern Cimos's main market and were profitable prior to restructuring, as shown in Table 6.
Družba Cimos je s svojimi strankami podpisala dvostranske sporazume, na podlagi katerih bodo te družbi Cimos zagotovile posojilo za financiranje naložb v osnovna sredstva.
They represent a reduction of capacity by 15 % in terms of the number of plants and account for around 4 % of the total revenue and 4,5 % of the automotive segment revenue.
Ker nobena od zadevnih strank ni v državni lasti, je ta prispevek dejanski in brez državne pomoči, zato se lahko sprejme.
By divesting these plants Cimos will give up market share to its competitors, lose customers and narrow its product range.
Za lastni prispevek v obliki pretvorbe dolga v lastniški delež, ki ga bodo izvedle banke, v kolikor je bilo ocenjeno, da ne vsebuje državne pomoči, se je ugotovilo, da za družbo Cimos predstavlja finančno korist, saj ji ni treba odplačati posojil, katerih sedanja vrednost znaša 121 milijonov EUR [42].
After the divestments mentioned in recital 164 Cimos's only remaining business will be the Automotive Division, which is the Company's core and the only activity left and thus it is indispensable for the restoration of viability.
Družba Cimos bo ta posojila, namesto da bi jih odplačala, pretvorila v lastniški delež, kar ne vključuje morebitnih prihodnjih denarnih odlivov v zvezi s temi posojili.
The Automotive Division has already been downsized through divestment of plants by way of compensatory or restructuring measures.
Z likvidnostjo, ki se je sprostila s pretvorbo, lahko družba Cimos financira stroške prestrukturiranja.
In view of that, any further divestments could indeed jeopardise the objective of restoring the long-term viability.
Upniki v prisilni poravnavi so s sprejetjem pretvorbe sprejeli tveganje izgube kapitala, če lastniški kapital družbe Cimos po pretvorbi izgubi vrednost, kar je znak njihovega zaupanja v obnovo sposobnosti preživetja.
The implementation of the compensatory measures coupled with the divestment of assets envisaged as part of the restructuring plan will significantly reduce Cimos's capacity and prevent it from gaining an undue competitive advantage thanks to the restructuring aid.
V skladu s pogoji prisilne poravnave se na posojila bank iz prejšnje uvodne izjave od 3. junija 2014 (datuma začetka prisilne poravnave) do sklepa sodišča o potrditvi prisilne poravnave obresti ne bodo obračunavale, kar predstavlja dodatno korist za družbo Cimos v višini 5,3 milijona EUR.
Moreover, according to point 56 of the Guidelines, the conditions for authorising aid are less stringent as regards the implementation of compensatory measures in assisted areas.
Odpis, ki so ga odobrili dobavitelji in zakupodajalec, je potrjen z dogovori, kot je opisano v uvodnih izjavah 42 in 43, torej je dejanski.
The Commission notes that Cimos is located in an assisted area according to Article 107(3)(c) of the Treaty.
Z njim se bo sprostila likvidnost, ki bo na voljo za financiranje stroškov prestrukturiranja in bi jo bilo v nasprotnem primeru treba porabiti za odplačilo povezanih obveznosti.
Therefore the proposed measures constitute a genuine compensation for the distortion of competition caused by the granting of the aid and are adequate to ensure that the adverse effects on trading conditions resulting from the aid are minimised.
Odpis bančnega dolga v višini 8,3 milijona EUR ustreza pričakovanemu prispevku upnikov, ki ne podpirajo prisilne poravnave in se z njenimi pogoji niso strinjali, vendar jih bo preglasovala večina upnikov, ki so prisilno obravnavo podprli.
Consequently, the aforementioned compensatory measures are considered to comply with points 38-42 of the Guidelines.
Dogovor z zadevnimi bankami ni bil sklenjen, zato Komisija tega prispevka ne šteje za dejanski prispevek ali za znak njihovega zaupanja v obnovo spodobnosti preživetja družbe Cimos.
AID LIMITED TO THE MINIMUM, OWN CONTRIBUTION
Kot je bilo ugotovljeno v oddelku 8.1, pomenita pretvorba in odpis dolga s strani SID banke državno pomoč.
According to points 43-45 of the Guidelines, the aid must be limited to the strict minimum, necessary to enable the restructuring to take place.
Zato ju ni mogoče šteti za vir lastnega prispevka.
The beneficiary is expected to make a significant contribution to the restructuring plan from its own resources, including the sale of assets not essential to the company's survival, or from external financing at market conditions.
Podobno je bilo za pretvorbo terjatve države v lastniški delež iz naslova jamstvenih shem in neobračunavanje obresti na terjatev države iz naslova jamstva za pomoč za reševanje (po 3. juniju 2014) ocenjeno, da vključujeta državno pomoč, zato ju kot takšna ni mogoče šteti za lasten prispevek.
Such contribution must be real, i.e. actual, excluding all future profits such as cash flow and is a sign that the markets believe in the feasibility of the return to viability of the company.
V načrtu prestrukturiranja je predvideno, da bo prispevek družbe Cimos k financiranju kompromisa z dobavitelji (odplačilo reprogramiranega dolga) financiran iz „prihodnjega dobička“.
It must not include any further State aid.
Slovenija je Komisijo obvestila, da ta dolg znaša 34,2 milijona EUR, saj je bilo preostalih 4,8 milijona EUR dobaviteljem že odplačanih.
For large enterprises, such as Cimos, the share of own contribution must be at least 50 % of restructuring cost.
V skladu s točko 43 smernic lastni prispevek ne sme vključevati prihodnjega dobička.
According to Slovenia the own contribution proposed by Cimos accounts for 94 % of the total restructuring cost and consists of the sources listed in Table 7.
Komisija zato meni, da iz tega vira le 4,8 milijona EUR predstavlja utemeljen lastni prispevek.
Table 7
Na podlagi teh preudarkov Komisija ugotavlja, da lastni prispevek v višini 226,1 milijona EUR izpolnjuje merila smernic.
Sources of own contribution
Ta znesek predstavlja 64,5 % skupnih stroškov prestrukturiranja in presega prag 50 %, ki se zahteva za velika podjetja.
Source
Sklepna ugotovitev o združljivosti pomoči za prestrukturiranje
EUR million
Komisija ugotavlja, da pomoč za prestrukturiranje izpolnjuje merila združljivosti iz smernic.
New Money Facility
SKLEPNA UGOTOVITEV
Cimos funded capex
Komisija ugotavlja, da ukrepa 1 in 2 ter del ukrepov 3 in 4 (ki ga je dodelila SID banka) pomenijo državno pomoč v smislu člena 107(1) Pogodbe, ki je združljiva z notranjim trgom na podlagi člena 107(3)(c) Pogodbe v povezavi s smernicami –
Non-accrual of interest on loans
Izvajanje pomoči v višini 96,9 milijona EUR se zato pod pogojem iz člena 2 odobri.
Haircut of suppliers
Člen 2
Haircut of lessor
Naslednja poročila se Komisiji pošljejo vsaj enkrat letno do konca leta 2017.
Haircut of bank debt
Člen 3
Debt for equity conversion and haircut of SID's debt
Ta sklep je naslovljen na Republiko Slovenijo.
Debt for equity conversion of State guarantees
V Bruslju, 8. junija 2015
Non-accrual of interest on the rescue aid
Za Komisijo
Cimos contribution to funding of supplier compromise
Članica Komisije
Total declared own contribution
Z učinkom od 1. decembra 2009 sta člena 87 in 88 Pogodbe ES postala člena 107 in 108 Pogodbe o delovanju Evropske unije (v nadaljnjem besedilu: PDEU).
The New Money Facility is confirmed by the funding agreement, on the basis of which the New Money Banks and New Money Customers agreed to provide Cimos in total with EUR 38,4 million (EUR 19,2 million each) on the terms described in recital 25.
Oba para členov sta vsebinsko identična.
Slovenia informed the Commission that the difference as compared to the notified amount of its own contribution from this source equalling to EUR 39 million relates to the customer Eaton who paid in the funds in early January 2015 and will approach the banks to provide the additional funding (the agreement provides for equal funding by the customers and the banks).
V tem sklepu je treba sklicevanje na člena 107 in 108 PDEU razumeti kot sklicevanje na člena 87 in 88 Pogodbe ES, kadar je to primerno.
The Commission does not have evidence that Eaton indeed paid the funds and that the banks provided the equivalent funding.
S PDEU so bile uvedene tudi nekatere spremembe terminologije, na primer besedo „Skupnost“ je zamenjala beseda „Unija“, besedno zvezo „skupni trg“ pa „notranji trg“.
In addition, as concluded in Section 8.1, the participation by SID in the New Money Facility amounting to EUR 6,7 million constitutes State aid and thus cannot be considered as a source of own contribution.
V tem sklepu se uporablja terminologija iz PDEU.
The Commission concludes that the New Money Facility for the amount of EUR 31,7 million constitutes a valid source of own contribution.
UL C 156, 23.5.2014, str.
Between January and September 2014, Cimos spent EUR 17,6 million on capex from its own resources.
63.
Therefore, the total amount of EUR 8,5 million, as proposed by Cimos, can be accepted as its own contribution.
Glej opombo 2.
Cimos has signed bilateral agreements with its customers, on the basis of which they will provide a loan for Cimos to finance the capex.
Ker je bila pomoč za reševanje namenjena skupini Cimos in ker je treba pomoč za prestrukturiranje oceniti na enaki ravni, je Slovenija pojasnila, da je po njenem mnenju upravičenka do pomoči za prestrukturiranje skupina Cimos.
As none of the customers concerned is State-owned, this contribution is real and free of State aid and can be accepted.
Zato je treba vsako sklicevanje na „družbo Cimos“ ali „družbo“ razumeti kot sklicevanje na skupino Cimos.
On 12 May 2014, Cimos sold its subsidiary, Litostroj Power, to a private company from the Czech Republic for EUR 21,4 million.
Sklep Komisije z dne 2. julija 2013 v zadevi SA.36548 (2013/N) – Pomoč za reševanje družbe Cimos (UL C 287, 3.10.2013, str. 1) (v nadaljnjem besedilu: sklep o pomoči za reševanje).
Cimos has proposed EUR 18 million as its own contribution from this source.
Uredba št. 1 o določitvi jezikov, ki se uporabljajo v Evropski gospodarski skupnosti (UL 17, 6.10.1958, str. 385/58).
The contribution is real and free of State aid, therefore it can be accepted.
Na dan 31. maja 2014, vključno z začasno zaposlenimi.
The own contribution in the form of the debt for equity conversion by the banks, to the extent it was assessed as not involving State aid, has been determined as a financial benefit for Cimos resulting from not having to repay the loans which have the present value of EUR 121 million [42].
Upniki v prisilni poravnavi so:
Instead of repaying these loans Cimos will have them converted to equity, which does not entail any future cash outflows with respect to these loans.
(v nadaljnjem besedilu: DUTB), Gorenjska banka d.d., Nova Ljubljanska banka d.d., SID – Slovenska izvozna in razvojna banka d.d.
The liquidity released by the conversion is available for Cimos to finance the restructuring costs.
Če ni navedeno drugače, vsa sklicevanja na načrt prestrukturiranja v preostalem delu tega sklepa pomenijo sklicevanje na posodobljeni načrt prestrukturiranja.
By accepting the conversion the CS creditors have assumed a risk of capital loss if Cimos's equity loses value after the conversion, which is a sign of their confidence in the restoration of viability.
Država je ta jamstva dodelila v okviru shem „Jamstvena shema“ in „Nedelničarska posojila“.
According to the CS terms no interest will accrue on the bank loans mentioned in the previous recital from 3 June 2014 (the date of the initiation of the CS) until the court's decision confirming the CS, which represents an additional benefit for Cimos for the amount of EUR 5,3 million.
„Jamstvena shema“ je bila odobrena s sklepom Komisije z dne 12. junija 2009, državna pomoč NN 34/2009 (ex N 321/2009) – Slovenija „Začasna okvirna shema – Jamstva“, in sklepom Komisije z dne 16. aprila 2010, državna pomoč N 105/2010 – Slovenija Sprememba „Začasna okvirna shema – Jamstva“ (NN 34/2009).
The haircut granted by the suppliers and the lessor is confirmed by agreements, as described in recitals 42 and 43 respectively, therefore it is real.
Shema „Nedelničarska posojila“ je obstajala pred pristopom Slovenije k EU.
The haircut of bank debt for the amount of EUR 8,3 million corresponds to the expected contribution from ‘non-supportive’ creditors, who have not agreed to the terms of CS, but will be outvoted by the majority of supportive creditors.
Banke s svežim kapitalom so:
In the absence of agreement by the banks concerned, the Commission does not consider this contribution as real, nor as a sign of their confidence in the restoration of Cimos's viability.
Stranke s svežim kapitalom so: