natgillin/translations-raw huggingface dataset:
Fiat cites the example of its own captive bank, whose penetration rate increased from 23,3 % in 2012 to 39,6 % in 2013 following a change in its commercial strategy to offer customers more competitive financing terms.
Jamstvo zajema izdajo novih dolgoročnih obveznic BPF na trgu.
See in particular the judgment of the Court of Justice of 21 March 1991 in Case C-305/89 Italy v Commission [1991] ECR I-1603.
To bo pozitivno vplivalo na nezavarovane dolžniške instrumente, ki jih bo BPF izdala po tem, ko bo Komisija odobrila izvajanje jamstva, in sicer najpozneje do 31. decembra 2016.
See Morgan Stanley, 21 August 2012, ‘Volkswagen — It's Cheaper to Own a VW’.
Ti instrumenti bodo po pogodbi trajali največ 36 mesecev od datuma izdaje.
See Moody's, 5 February 2013, ‘Key rating drivers for European car financiers’.
Javno financiranje, ki ga Francija namerava dodeliti projektu Avtomobili 50 CO2, je del programa „prihodnjih naložb“ na podlagi zakona št. 2010-237 z dne 9. marca 2010 o spremembi finančnega zakona.
This finance was initially notified as taking the form of grants (of EUR 24,5 million) and repayable advances (of EUR 61,4 million).
Agencija za okolje in upravljanje z energijo (v nadaljnjem besedilu: agencija ADEME) je eden od upravljavcev [9], ki jih je država pooblastila za upravljanje sredstev, usmerjenih v prihodnje naložbe.
Bearing in mind the compensatory measure proposed by the French authorities (described in recital 256 above), it will ultimately take the form of repayable advances of EUR 85,9 million.
Poslovni načrt skupine PSA zajema obdobje 2013–2017.
OJ C 195, 19.8.2009, p. 9.
Francoski organi so opredelili, da bodo običajni poslovni prihodki skupine po povprečnem scenariju od leta 2014 pozitivni in bodo znašali [1200–2000]* milijonov EUR, tj. [1–5]* % prihodkov.
The report ‘For Global Automakers, The Road Ahead Varies From Region To Region’ of 24 April 2013, predicts that the European market will not return, in terms of volumes, to the 2011 level before 2018, while the IHS projections predict such a return from 2014.
Francoski organi so predložili poslovni načrt skupine PSA do leta 2017.
As noted in recital 39 above, the R&D&I Framework does not apply to firms in difficulty which are, moreover, excluded throughout the term of the restructuring plan, as specified in point 16 of the Rescue and Restructuring Guidelines: ‘Once a restructuring or liquidation plan for which aid has been requested has been established and is being implemented, all further aid will be considered as restructuring aid’.
Načrt temelji na predpostavkah v zvezi z velikostjo evropskega trga in tržnih deležih PSA.
Paragraph 234 of the comments.
V zvezi z velikostjo evropskega trga je po mnenju francoskih organov leta 2013 napovedan 2,2-odstoten upad, ki naj bi mu leta 2014 in 2015 sledila 6-odstotna letna rast, leta 2016 in 2017 pa 3-odstotna letna rast.
The G5 indicator, included in the G10 indicator, already accounts, as noted in recital 361 above, for […]* % of the financing granted by BPF.
Tržni deleži PSA bodo leta 2013 dosegli [12–15]* %, leta 2014 [13–16]* %, leta 2015, 2016 in 2017 pa [11–15]* %.
Memorandum from the French authorities of 7 December 2012: counterfactual scenario — preliminary impact on the PSA Group.
Po „ugodnem“ scenariju bi se prodaja znotraj skupine PSA v Evropi od leta 2013 povečala za približno 100000 vozil.
It should also be noted that this penetration rate of [26-29]* % is substantially below the rate initially proposed by the French authorities in the first version of the compensatory measure: namely 33,4 %, as shown in Table 7 in recital 102.
V skladu s priglašenim poslovnim načrtom bi bili običajni poslovni prihodki celotne skupine PSA od leta 2014 pozitivni, tudi po neugodnem scenariju, (približno [1–5]* % prihodkov skupine PSA) in bi leta 2017 dosegli [2–6]* %.
For instance, if the penetration rate is [30-40]* % (in comparison with the current [29-31]* %), the increase in the cost of the guarantee will be [70-80]* basis points.
Vseeno bi bilo treba upoštevati, da napovedi za skupino PSA kažejo znatno povečanje prihodkov zunaj Evrope, tj. na hitro rastočih trgih.
For instance, if the penetration rate is [20-30]* % (in comparison with the current [29-31]* %), the increase in the cost of the guarantee will be no more than [20-30]* basis points.
Načrtovana so nadaljnja zmanjšanja naložb v osnovna sredstva (ki presegajo prvotne vrednosti iz srednjeročnega načrta iz leta 2012): 300 milijonov EUR za leto 2013 ter 500 milijonov EUR na leto za leto 2014 in 2015.
ANNEX
Načrt za obdobje 2013–2015 (naložbe v osnovna sredstva ter R in R) je bil torej popravljen navzdol z 9,9 milijarde EUR na 8,6 milijarde EUR, kar pomeni 13-odstotno zmanjšanje med obema načrtoma.
APPOINTMENT OF AN INDEPENDENT EXPERT
Neobnovitev zaveze v zvezi z modeloma Citroën C6 in Peugeot 607 zajema obdobje 2016–2018.
The French authorities undertake that the PSA Group will appoint an Independent Expert responsible for detailed monitoring of the implementation of the commitments made in the letter of commitments of 23 July 2013 (‘the Independent Expert’) for the term of the restructuring plan, namely until 31 December 2015.
Skupina PSA ocenjuje, da bo učinek tega dela ukrepa vključeval 40500 vozil, tj. prihodke v višini 1,05 milijarde EUR.
The Independent Expert is to be independent of the PSA Group.
Neobnovitev teh modelov bo PSA omogočila tudi ukinitev podobnih naložb od leta 2013 (običajno obdobje za razvoj novega vozila je tri leta).
The French authorities will submit the names of at least two persons or institutions for appointment as Independent Expert for prior approval by the European Commission, no later than four weeks after the date of notification to the French authorities of the Commission's future decision in Case SA.35611.
Načrt, ki so ga predložili francoski organi, vključuje finančne projekcije in finančni načrt za BPF do konca 2015.
The proposals by the French authorities must be detailed enough for the European Commission to verify that the Independent Expert satisfies the conditions set out in this commitment.
Po mnenju francoskih organov bo donos BPF iz lastniških instrumentov od leta 2014 [5–10]*-odstoten, leta 2016 pa [10–20]*-odstoten.
The proposals should contain the following information in particular:
Poudarjajo, da v skladu s prakso odločanja Komisije donos iz lastniških instrumentov, ki kaže uspešnost poslovanja banke, znaša med 8 in 12 %.
a draft mandate, detailing all the terms under which the Independent Expert is to perform his tasks;
BPF načrtuje povečanje dolgoročnega bančnega financiranja za [0–5]* milijard EUR do konca leta 2012 na [5–10]* milijard EUR do konca leta 2015.
a draft work plan detailing the way in which the Independent Expert proposes to carry out his tasks.
Banka je poleg tega začela ponujati depozitni produkt za posameznike, ki bo leta 2015 v skladu s finančnimi projekcijami zagotovil financiranje v višini [800–900]* milijonov EUR (v primerjavi z ničlo konec leta 2012).
The European Commission may approve or reject the proposed Independent Expert(s) and may approve the draft mandate subject to any changes that it considers necessary for the Independent Expert to be able to perform his tasks.
Strošek tveganja banke se je z […]* leta 2011 povečal na […]* leta 2012.
If the European Commission approves only one of the PSA Group's proposals, the Group will appoint that person or institution as Independent Expert or will take the necessary steps for that person or institution to be appointed pursuant to the draft mandate approved by the European Commission.
Problematične terjatve so se postopno povečevale s 3 % konec leta 2008 na 4,2 % konec leta 2012.
If more than one name is approved, the PSA Group will be free to decide which of the persons or institutions it wishes to appoint as Independent Expert.
Poudarjajo, da je v načrtu napovedi predvideno nadaljnje rahlo povečevanje stopnje prodora na trg med letoma 2011 in 2017.
The Independent Expert will be appointed within one week of approval by the Commission and pursuant to the draft mandate approved by the Commission.
To povečevanje temelji na številnih dejavnikih:
If all the proposals by the French authorities are rejected, the French authorities undertake that the PSA Group will propose at least two further persons or institutions in accordance with the conditions and the procedure set out in this commitment, within two weeks of notification by the European Commission of its rejection of the first proposal.
[10–14] %
If the European Commission rejects the French authorities' new proposals, the Commission will appoint an Independent Expert who must be appointed by the PSA Group under the draft mandate approved by the Commission.
[9–13] %
MISSIONS AND OBLIGATIONS OF THE INDEPENDENT EXPERT
PSA je predložila tudi projekcije neto zadolženosti po scenariju bolj izjemnih situacij, glede na katere bi se prodaja skupine PSA (v primerjavi s povprečnim scenarijem) v Evropi od leta 2013 zmanjšala za nadaljnjih 200000 vozil na leto.
The Independent Expert will (i) assist the European Commission in verifying that the PSA Group is complying with the obligations incumbent upon it under the letter of commitments of 23 July 2013; and (ii) carry out his tasks as defined in the letter of commitments of 23 July 2013.
Ravni neto zadolženosti po različnih scenarijih so predstavljene v spodnji tabeli 14.
The Independent Expert will perform his tasks pursuant to the work plan approved by the European Commission, which may be amended with the Commission's approval.
Če bi bil načrt industrializacije dokončno uspešen, bi projekt Avtomobili 50 CO2 omogočil veliko strateškega prostora za rast na nastajajočem trgu do leta 2020.
The European Commission may, on its own initiative or at the request of the Independent Expert or the PSA Group, give instructions to the Independent Expert.
Izkoriščanje možnosti kapitalizacije na potencialnih trgih za blago hibridizirane motorje s kompresijskim vžigom ob zaključku načrta prestrukturiranja bi omogočilo zagotovitev prihodkov z diverzifikacijo v obetavni segment, ki je bistveni del glavne dejavnosti skupine (vozila množične proizvodnje).
The PSA Group may not give instructions to the Independent Expert.
Družba Fiat meni, da bi BPF lahko financirala samo sebe na sekundarnem trgu z „novo“ razliko v višini 360/380 bazičnih točk, saj bi se zavedala, da bi bila razlika pri obveznici skupine PSA z dospelostjo leta 2016 približno 400 bazičnih točk.
The Independent Expert's mission is to ensure that all the obligations set out in the letter of commitments of 23 July 2013 are complied with and fully implemented and to ensure that the PSA Group implements the restructuring plan notified on 12 March 2013 to the European Commission.
Ob izdaji v vrednosti 1,2 milijarde EUR, zajeti v državno jamstvo, ki jo je BPF izvedla marca 2013, so skupni stroški financiranja znašali približno 270 bazičnih točk.
The Independent Expert:
Družba Fiat se zlasti sklicuje na izjave družbe Standard & Poor's z dne 28. januarja, 14. februarja februarja in 18. aprila 2013.
will, in his first report, propose to the European Commission a detailed work plan describing the way in which he will verify compliance with the letter of commitments of 23 July 2013;
Družba Fiat poleg tega poudarja, da je splošno sprejeto, da zaveza za dodelitev jamstva ali kakršnega koli potrebnega financiranja izboljšuje finančni položaj upravičenca ne glede na raven črpanja finančnih sredstev, ki so na voljo.
will verify that the PSA Group is fully and properly implementing its restructuring plan and in particular:
Skupina PSA se bo vzdržala pridobitve kakršnega koli deleža v drugih podjetjih ali nakupa kakršnega koli poslovnega premoženja med izvajanjem svojega načrta prestrukturiranja, tj. do 31. decembra 2015.
that it is implementing the commitments set out in the letter of 23 July 2013 and the compensatory measures described in the letter of commitments of 23 July 2013;
Ta zaveza ne zajema: (i) pridobitve deleža v podjetju ali nakupa poslovnega premoženja, kadar je denarni znesek, ki ga je skupina PSA plačala za načrtovani nakup, nižji od 100 milijonov EUR na leto; ter (ii) pridobitve deleža v podjetju ali nakupa poslovnega premoženja po odobritvi Evropske komisije, če je tak nakup potreben, da se zagotovi uspešno poslovanje skupine PSA in njeno doseganje ciljev načrta prestrukturiranja.
that it is implementing the viability measures described in point 6 of the letter of commitments of 23 July 2013;
Francoski organi so v priglasitvi z dne 12. marca 2013 opredelili element pomoči med 453 in 480 milijonov EUR za največji znesek jamstva v glavnici v višini 7 milijard EUR.
will ensure compliance with all the other commitments set out in the letter of 23 July 2013;
Te vrednosti so temeljile na interpolaciji donosa obveznic BPF za triletno dospelost.
will perform all the other functions assigned to him in the letter of commitments of 23 July 2013;
Glede na dejstva iz uvodnih izjav 105 in 106 sklepa o začetku postopka v zvezi z obstojem presežka likvidnosti med [1–3]* milijardami EUR in [2–4]* milijardami EUR po scenariju izjemnih situacij pri upravljanju z zmanjšanim portfeljem Komisija meni, da znesek pomoči ne presega prednosti glede cene izdaje obveznic, ki je bila v uvodni izjavi 33 opredeljena na 486 milijonov EUR v glavnici državnega jamstva v višini 7 milijard EUR.
will propose to the PSA Group any measures that he considers useful for compliance with the commitments set out in the letter of 23 July 2013;
To je prednost, ki jo skupina prejema, če še naprej izvaja svojo dejavnost.
will furnish the European Commission, the French authorities and the PSA Group with a draft report within 30 days of each six-month period.
To dokazuje, da ta ukrep črpa iz državnih sredstev.
The European Commission, the French authorities and the PSA Group may propose amendments within five working days.
Ta omejitev je očitno že vključevala povečanje, ki ga je bilo mogoče predvideti za leto 2013, saj je bila stopnja leta 2012 29,8-odstotna.
The Independent Expert will then send his report to the European Commission and the French authorities.
UL C 155, 20.6.2008, str. 10.
He may then send his report to the PSA Group.
Francoski organi izpostavljajo, da je bila v menjalnem tečaju med eurom in jenom med letoma 2009 in 2012 neugodna 30-odstotna sprememba, medtem ko se je tečaj konec leta 2012 in maja 2013 vrnil na vrednost iz leta 2009.
In no case may he send his report to the French authorities or to the PSA Group before sending it to the European Commission.
Zaradi te nestanovitnosti so stroški javnega naročanja avtomatskih menjalnikov zelo negotovi.
If the Independent Expert's final report contains confidential information on the PSA Group, the Independent Expert may send it a non-confidential version.
Neodvisni strokovnjak bo (i) pomagal Evropski komisiji pri preverjanju, ali skupina PSA izvaja obveznosti, za katere se je zavezala v pismu o zavezah z dne 23. julija 2013, in (ii) izvajal naloge, kakor so opredeljene v pismu o zavezah z dne 23. julija 2013.
The report will in particular describe the steps taken by the Independent Expert to carry out his mission and the PSA Group's compliance with the obligations incumbent upon it under the letter of commitments.
Neodvisni strokovnjak bo izvajal naloge v skladu z delovnim načrtom, ki ga je odobrila Evropska komisija in ki se ga lahko z dovoljenjem Komisije spremeni.
It will enable the European Commission to verify that the PSA Group is being managed in accordance with the obligations set out in the letter of commitments of 23 July 2013.
[4–6]
If necessary, the European Commission may specify in further detail what it wishes to be included in the report.
[6–8]
In addition to these reports, the Independent Expert will inform the European Commission with due diligence of any failure to comply with the commitments set out in the letter of 23 July 2013 that he may have cause to suspect, at the same time sending a non-confidential version of his letter to the PSA Group.
[8–10]
OBLIGATIONS INCUMBENT UPON THE PSA GROUP
[10–12]
The PSA Group will provide, and ensure that its directors provide, subject to the rules of professional confidentiality, any cooperation, assistance and information that the Independent Expert may reasonably require from them in order to carry out his tasks under his mandate.
[28–33]
The Independent Expert will have unrestricted access to all information, documents and archives and to all directors or employees of the PSA Group necessary for the performance of his tasks.
[31,6–36,6]
The PSA Group will provide an office at its premises for the Independent Expert and any PSA Group employee must be willing to meet the Independent Expert and provide him with the information that he needs to carry out his tasks.
[33,1–38,1]
Subject to agreement by the PSA Group (which may not be refused or delayed without cause) and at its cost, the Independent Expert may call on any consultants that he wishes, especially for legal or business financing advice, if he considers this necessary for the performance of his tasks pursuant to the letter of commitments of 23 July 2013 and provided that the costs and other fees resulting therefrom are reasonable.
[26,5–31,5]
If the PSA Group refuses to allow the Independent Expert to call on such consultants, the Commission may approve their appointment after hearing the PSA Group.
[29–34]
Only the Independent Expert may issue instructions to these consultants.
[34,4–39,4]
REPLACEMENT, DISCHARGE AND APPOINTMENT OF A NEW INDEPENDENT EXPERT
[20,4–25,4]
If the Independent Expert terminates his functions as described in the commitments set out in the letter of 23 July 2013 or for any other reason, for instance a conflict of interest concerning the Independent Expert:
[21,6–26,6]
the Commission may, after hearing the Independent Expert, require the PSA Group to replace him;
[22,7–27,7]
the PSA Group may, with the Commission's approval, replace the Independent Expert.
[18,9–23,9]
The new Independent Expert will be appointed in accordance with the procedure described in section 1 of this Annex.
[29,1–34,1]
Subject to point (13) of this Annex, the Independent Expert may end his duties only after he has been discharged from them by the Commission, once he has fulfilled all the obligations incumbent upon him.
[20–25]
However, the Commission may at any time require a new Independent Expert to be appointed if it were subsequently to emerge that the commitments set out in the letter of 23 July 2013 have not been fully and properly complied with.
[17,8–22,8]
By decision of 11 February 2013 (‘the rescue decision’), the Commission temporarily approved, for reasons of financial stability, the guarantee by France of bond issues by Banque PSA Finance SA (‘BPF’) of a nominal amount of EUR 1,2 billion.
[18,5–23,5]
In that context, the French authorities undertook to notify a restructuring plan for the PSA Peugeot Citroën SA Group (‘PSA’ or ‘the Group’ or ‘the PSA Group’) and a viability plan for BPF in the six months following the rescue decision.
[20,6–25,6]
The Commission's decision to open the procedure (‘the opening decision’) was published in the Official Journal of the European Union on 16 May 2013 [2].
[20,9–25,9]
Following these meetings, the French authorities furnished information by letter dated 16 July 2013, amended by letter dated 23 July 2013.
[28,6–33,6]
Faurecia is an automotive equipment supplier in which PSA had a 57,18 % holding on 31 December 2012.
[0,0–2,5]
In essence, it produces vehicle seats, interior systems, emission control technologies and vehicle exteriors.
[20,7–25,1]
Under Article 85 of the 2012 Amending Finance Law No 2012-1510 of 29 December 2012, the Minister for the Economy may authorise, against remuneration, a State guarantee for the securities issued by BPF between 1 January 2013 and 31 December 2016.
[19,2–24]
The guarantee covers BPF's new long-term bond market issues.
[14,6–19,6]
It will therefore benefit the unsecured debt instruments issued by BPF after the date on which the Commission approves the implementation of the guarantee and at the latest on 31 December 2016.
[24,6–29,6]
These instruments will have a contractual term of a maximum of 36 months from their issue date.
[25,9–30,9]
The 2013-2015 (CAPEX and R&D) plan has therefore been revised down from EUR 9,9 billion to EUR 8,6 billion, i.e. a reduction of 13 % from one plan to the other.
[300–400]*
The non-renewal commitment in relation to the Citroën C6/Peugeot 607 models covers the period 2016-18.
Poleg tega menijo, da načrtovani izravnalni ukrepi v nasprotju z razmišljanjem iz sklepa o začetku postopka zajemajo segmenta B in C. To velja za ukrep, katerega cilj je omejiti stopnjo razširjenosti financiranja BPF, ki zadeva predvsem ta dva segmenta.
The PSA Group estimates the impact of this strand of the measure at 40500 vehicles, i.e. a turnover of EUR 1,05 billion.
V točki 17 smernic za reševanje in prestrukturiranje je navedeno, da „prestrukturiranje […] temelji na izvedljivem, skladnem in daljnosežnem načrtu za obnovo dolgoročne sposobnosti preživetja podjetja“.
The non-renewal of these models will also enable PSA to discontinue its allied investment from 2013 (the normal period for the development of a new vehicle is generally three years).
Doseganje tega cilja „reorganizacij[e] in racionalizacij[e] dejavnosti podjetja na učinkovitejšem temelju“ lahko vključuje več vrst ukrepov:
According to the French authorities, the PSA Group has the industrial resources to produce such engines, especially the EURO 6 version of the DW12 engine.
[55000–60000]
In contrast to its competitors, it does not have petrol engines of more than two litres (its petrol engines are limited to 1,6 litre turbo).
[60000–65000]
According to the French authorities, by ending the JV, the PSA Group will permanently withdraw from a segment considered to be promising and will lose access to around 6 % of the market by 2016.
[65000–70000]
The PSA Group will also lose an agreement that is valuable in terms of the brand image that its status as a partner of BMW gives it.
[57000–62000]
Proposed maximum rate* Germany […] + 1,0 […]
[40000–45000]
The plan submitted by the French authorities contains financial projections and a financing plan for BPF to the end of 2015.
[59000–64000]
According to the French authorities, BPF's return on equity will be [5-10]* % from 2014 and [10-20]* % in 2016.
[60000–70000]
They point out that, according to the Commission's decision-making practice, the return on equity considered acceptable to demonstrate the viability of a bank is in the range of 8 to 12 %.
[45000–50000]
BPF plans to increase its long-term bank financing by EUR [0-5]* billion by the end of 2012 to EUR [5-10]* billion by the end of 2015.
[35000–40000]
The bank has also launched a deposit product for individuals, which will provide financing of EUR [800-900]* million in 2015 according to the financial projections (in comparison with zero at the end of 2012).
[10–20]
The bank's risk cost increased from […]* in 2011 to […]* in 2012.
[20–30]
Bad debts rose progressively from 3 % at the end of 2008 to 4,2 % at the end of 2012.
[40–50]
They point out that the forecast plan assumes that the penetration rate will continue to increase slightly from 2011 up to 2017.
[70–80]
This increase is based on a number of factors:
[90–120]
[10-14] %
[120–150]
[9-13] %
Zgolj pri prvem vidiku skupina PSA ocenjuje, da bo izgubila 3000 vozil (tj. 1000 vozil na leto), kar bo v obdobju treh let pomenilo izgubo prihodkov v višini 90 milijonov EUR.
PSA has also submitted projections of net indebtedness in a more stressed scenario in which PSA Group sales fall (in comparison with the median scenario) by a further 200000 vehicles per annum in Europe from 2013.
Model C6 je del segmenta E, tj. segmenta „vrhunskih“ avtomobilov.
The net indebtedness levels in the various scenarios are presented in Table 14 below.
Družba Fiat ne ve, ali drugi proizvajalci prejemajo javno pomoč za podporo projektov R in R. Po njenem mnenju so edine prepreke, ki bi lahko povzročile izhod iz postopkov inovacij, stroški, potrebne naložbe in čas, ki je potreben za sanacijo tehnoloških izbir.