natgillin/translations-raw huggingface dataset:
The interest on the amount the Company has borrowed on the market thanks to the rescue aid guarantee, accrued by 3 June 2014, namely the start of the CS, amounts to EUR 1,2 million and must be repaid as part of the restructuring.
Energetika
Cimos will also have to repay the debt resulting from the New Money Facility, described in recital 41.
Strojegradnja
The associated restructuring cost, as notified by Slovenia, amounts to EUR 39 million.
Stranske dejavnosti skupaj
Sources of financing
Po navedenih odprodajah bo edina dejavnost, ki bo ostala družbi Cimos, avtomobilski steber, ki je njena osnovna dejavnost.
The notified sources of own contribution include the New Money Facility (see recital 41), Cimos- and customer-funded capex (see recital 45), proceeds from the sale of the subsidiary Litostroj Power (see recital 52), the benefits of financial restructuring measures described in Section 3.1 and Cimos's contribution to the suppliers' debt restructuring (see recital 42).
SKLEP O ZAČETKU POSTOPKA
The sources of own contribution are analysed in detail in Section 8.8.
Komisija je 9. aprila 2014 začela formalni postopek preiskave.
The notified State aid consists of the conversion of the State's claim against Cimos resulting from the rescue aid guarantee to equity for the amount of EUR 21,7 million.
V sklepu o začetku postopka je izrazila pomisleke glede obnove dolgoročne sposobnosti preživetja, izravnalnih ukrepov in lastnega prispevka.
RESTORATION OF LONG TERM VIABILITY
Obnova dolgoročne sposobnosti preživetja se je zdela vprašljiva.
The restructuring plan provides for a restoration of viability in 2015 under the realistic scenario and in 2017 under the pessimistic scenario, thanks to the implementation of the restructuring measures in 2014-2016.
V skladu s finančno napovedjo iz prvotno priglašenega načrta prestrukturiranja se je pričakovalo, da bo družba čiste izgube in negativne denarne tokove ustvarjala tudi po prestrukturiranju.
Selected projected financial data under the realistic scenario are presented in Table 5.
Poleg tega je uresničljivost prvotno priglašenega načrta prestrukturiranja za obnovo sposobnosti preživetja družbe Cimos v glavnem temeljila na sklenitvi dogovora o prostovoljnem prestrukturiranju dolga.
Table 5
Ker do objave sklepa o začetku postopka ni bil sklenjen noben dogovor, se je za to predpostavko štelo, da ni realistična.
Selected projected financial data under the realistic scenario
Prihodnji dogodki so to tudi potrdili.
Net sales
Stranke niso dosegle dogovora o prostovoljnem prestrukturiranju dolga in upniki so namesto tega začeli postopek prisilne poravnave.
Net profit/loss
Za predlagane izravnalne ukrepe, ki obsegajo prodajo kmetijskega stebra, stebra strojegradnje in energetskega stebra, se ni zdelo, da se nanašajo na glavni trg družbe, poleg tega ni bilo dokazov, da vse dejavnosti, ki bi se prenehale izvajati, pred prestrukturiranjem niso prinašale izgube, kot se zahteva v točki 40 smernic o pomoči za reševanje in prestrukturiranje [20] (v nadaljnjem besedilu: smernice).
Operating cash flow
Za dokapitalizacijo družbe Cimos, ki sta jo izvedla dva javna delničarja, in denarne koristi, pričakovane od prestrukturiranja bančnega dolga, ki je v glavnem vključeval dolg do bank v državni lasti, le-te pa so bile prvotno priglašene za vir lastnega prispevka, se je zdelo, da vključujejo državno pomoč.
Equity
Če bi bilo to res, ta ukrepa ne bi bila v skladu s smernicami, ki določajo, da lasten prispevek ne sme vključevati pomoči.
Return on capital
Edini sprejemljiv vir lastnega prispevka v času sklepa o začetku postopka, tj. prihodek od prodaje kmetijskega stebra, je predstavljal le 0,5 % stroškov prestrukturiranja, kar pomeni, da je bil precej pod zahtevanim pragom v višini 50 %.
COMPENSATORY MEASURES
PRIPOMBE SLOVENIJE
As a compensatory measure Cimos proposes to divest three business units within the automotive segment, its core business, namely the plants in […].
Slovenija je v odgovoru na sklep o začetku postopka Komisijo obvestila, da bo vsebina priglašenega načrta prestrukturiranja posodobljena ob upoštevanju izida postopka prisilne poravnave, ki se je začel 3. junija 2014.
The plants were profitable and accounted for around 4 % of Cimos's total revenue prior to restructuring.
Ker so bila pogajanja o prisilni poravnavi v teku, Slovenija ni zagotovila podrobnosti o spremembah, je pa potrdila, da dokapitalizacija družbe Cimos, ki bi jo izvedla dva javna delničarja, ni več možnost, ki bi se upoštevala.
In addition, the Company has divested three non-core business units, namely its Agriculture, Energy and Machine Divisions, which accounted for around 20 % of Cimos's total revenue in the pre-restructuring period and were profitable.
Glede drugih prvotno priglašenih ukrepov je Slovenija navedla, da jih ni mogoče oceniti, dokler se ustrezno ne opredelijo v okviru prisilne poravnave.
Table 6
Kljub temu je predložila pripombe o nekaterih vprašanjih iz sklepa o začetku postopka.
Financial performance of the divested businesses prior to restructuring
Na pomisleke Komisije glede pripisa ukrepov bank v državni lasti državi je Slovenija odgovorila, da vse te banke poslujejo na trgu v skladu s poslovnimi načeli.
Reply to the request for information from 30 January 2015.
Njihove odločitve glede družbe Cimos so temeljile le na gospodarskih interesih, nanje vladni organi niso vplivali, sprejete pa so bile hkrati z odločitvami zasebnih upnikov, ki so prav tako začeli postopek prisilne poravnave.
Share in Cimos's revenue
Glede DUTB je Slovenija trdila, da njeno sodelovanje pri prestrukturiranju družbe Cimos ni bilo pod političnim vplivom.
Gross profit, EUR m
Štirje člani uprave od sedmih niso Slovenci, so priznani mednarodni strokovnjaki in so verodostojni.
Total core business
Odločitve glede upravljanja kreditov in sredstev se sprejemajo v okviru strukture operativnega odbora, katerega mandati in pristojnosti so jasno opredeljeni.
Agriculture
Sodelovanje SID banke pri prestrukturiranju družbe Cimos bi bilo neodvisno od slovenske vlade.
Energy
Posle, ki presegajo določene omejitve, mora odobriti nadzorni svet; njegove člane sicer imenuje vlada, vendar so od vlade neodvisni.
Machine
Slovenija je priznala, da je naloga SID banke kot razvojne banke drugačna od ciljev komercialnih bank (npr. čim večji dobiček), vendar je trdila, da za njeno upravljanje veljajo enaka pravila kot v zasebnih bankah.
Total non-core business
Slovenija je upoštevala pomisleke Komisije glede obnove dolgoročne sposobnosti preživetja in izjavila, da bo zagotovila, da se ti pomisleki odpravijo v posodobljenem načrtu prestrukturiranja.
After the above divestments, Cimos's only remaining business will be the Automotive Division, its core activity.
Kar zadeva izravnalne ukrepe, je Slovenija navedla, da bi se lahko pomoč za prestrukturiranje za družbo Cimos odobrila brez izravnalnih ukrepov, saj je tržni delež družbe Cimos majhen do zanemarljiv, družba pa je na območju, ki prejema pomoč.
THE OPENING DECISION
Trdila je tudi, da ni niti v sodni praksi niti v smernicah navedeno, da se lahko izravnalni ukrepi izvedejo le na trgih, ki bodo po prestrukturiranju glavni trgi družbe.
On 9 April 2014, the Commission opened the formal investigation procedure.
Nazadnje je trdila, da bo odprodaja kmetijskega stebra, stebra strojegradnje in energetskega stebra precej vplivala na konkurenčni položaj družbe Cimos v avtomobilskem segmentu, saj bo ta imela manj sredstev, kot jih je imela prej na voljo zaradi dobička, ki so ga ustvarile odprodane dejavnosti.
In the opening decision the Commission expressed doubts in respect of the restoration of long-term viability, compensatory measures and own contribution.
Kar zadeva lastni prispevek, je Slovenija navedla, da prestrukturiranje dolga, če ne vključuje državne pomoči, šteje za lastni prispevek.
The restoration of long-term viability seemed questionable.
PRIPOMBE ZAINTERESIRANE STRANI
According to the financial projection contained in the originally notified restructuring plan, the Company was expected to generate net losses and negative cash flows even after the restructuring.
Komisija je prejela pripombe od ene zainteresirane strani, družbe Cimos.
In addition, the capability of the originally notified restructuring plan to restore Cimos's viability relied largely on the conclusion of the voluntary debt restructuring agreement.
Družba Cimos je popolnoma podprla pripombe, ki jih je predložila Slovenija v odgovoru na sklep o začetku postopka.
As no agreement had been reached by the time of the opening decision, this assumption was considered not realistic.
Poudarila je tudi socialno-ekonomski pomen družbe za državo in regijo ter izrazila prepričanje, da bo družba uspešno obnovila sposobnost preživetja.
This was confirmed by subsequent events.
DRUGE PRIPOMBE
The parties failed to reach agreement on the voluntary debt restructuring and the creditors initiated instead the CS procedure.
Komisija je med septembrom 2014 in marcem 2015 prejela več dopisov posameznice, Olge Filakovic, ki je predstavljala kanadsko podjetje Hormess International Limited.
The proposed compensatory measures, consisting of the sale of Agriculture, Machine and Energy Divisions, did not seem to concern the Company's main market and there was no evidence that all the activities to be discontinued were not loss-making prior to the restructuring, as required in point 40 of the Rescue and Restructuring Aid Guidelines [20] (‘the Guidelines’).
V svojih dopisih ga.
Finally, the recapitalisation of Cimos by two public shareholders and the expected cash benefits from the restructuring of bank debt, including largely debt held by State-owned banks, which were originally notified as sources of own contribution, seemed to involve State aid.
Filakovic trdi, da je bila bilanca stanja goljufivo povečana z vsaj 20 milijoni EUR opranega denarja, kar (skupaj z obračunanimi obrestmi) znaša 35 milijonov EUR, ki jih je Slovenija dodelila v okviru pomoči za reševanje;
If proved true, they would not comply with the Guidelines, which provide that own contribution must be free of aid.
Navedbe so ocenjene v uvodni izjavi 160 v nadaljevanju.
The only acceptable source of own contribution at the time of the opening decision, namely the proceeds from the sale of Agriculture Division, accounted for only 0,5 % of the restructuring costs, which means that it was well below the required 50 % threshold.
PRIPOMBE SLOVENIJE NA PRIPOMBE ZAINTERESIRANIH STRANI IN DRUGE PRIPOMBE
COMMENTS FROM SLOVENIA
Slovenija na pripombe družbe Cimos ni odgovorila.
In the reply to the opening decision Slovenia informed the Commission that the content of the notified restructuring plan would be updated in light of the outcome of the CS procedure initiated on 3 June 2014.
Kar zadeva pripombe ge.
As the negotiations on the CS were ongoing, Slovenia did not provide details on the modifications, however it confirmed that the recapitalisation of Cimos by two public shareholders was no longer being considered.
Filakovic, je Slovenija v odgovoru na zahtevo Komisije po informacijah z dne 18. decembra 2014 zavrnila vse navedbe in razglasila, da so popolnoma napačne in nerazumljive ter niso podprte z nobenimi dokazi.
As regards the other originally notified measures, Slovenia submitted that they could not be assessed until they are sufficiently well defined under the CS.
Slovenija je zlasti pojasnila, da je računovodske izkaze družbe Cimos revidiral neodvisen revizor, kar je bila tudi ena od obveznih zahtev v okviru postopka prisilne poravnave, ki je izdal revizijsko mnenje brez pridržka.
Nevertheless, Slovenia provided comments on some of the issues raised in the opening decision.
V zvezi z domnevno odškodnino v višini 60 milijonov EUR je Slovenija zagotovila, da družba Cimos nima nobene obveznosti do družbe Hormess International.
Referring to the Commission's doubts on the imputability of the actions of State-owned banks to the State, Slovenia replied that all of them operate on the market in accordance with commercial principles.
Družba Hormess International in slovenska družba SOG ING d.d. sta decembra 2014 v okviru postopka prisilne poravnave na sodišču prijavili terjatev v višini približno 61 milijonov EUR, vendar terjatev ni bila vključena v pregled terjatev, ki ga je opravil upravitelj prisilne poravnave, zato ni registrirana na okrožnem sodišču v Kopru v okviru postopka prisilne poravnave.
Their decisions on Cimos were based on purely economic interests, were not influenced by governmental bodies and were taken in parallel with private creditors who also initiated the CS.
Glede prodaje poslovne stavbe je Slovenija potrdila, da je bila družba Cimos lastnica stavbe, ki jo je leta 2001 prodala družbi Berny Commerce d.o.o., ta pa se je v zemljiško knjigo kot lastnica vpisala leta 2002, in da v zvezi s tem ne obstaja nobena terjatev do družbe Cimos.
As regards DUTB, Slovenia argued that its involvement in the restructuring of Cimos was free from political interference.
OCENA POMOČI
Four out of seven of its board members are non-Slovenian and have strong international expertise and credibility.
OBSTOJ DRŽAVNE POMOČI
Credit and asset management decisions are made in an operational committee structure with clearly defined mandates and competencies.
Člen 107(1) Pogodbe določa, da je vsaka pomoč, ki jo dodeli država članica, ali kakršna koli vrsta pomoči iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem ali proizvodnji posameznega blaga, nezdružljiva z notranjim trgom, kolikor prizadene trgovino med državami članicami.
The participation of SID Banka (‘SID’) in the restructuring of Cimos would be independent from the Slovenian government.
Iz tega sledi, da se ukrep lahko šteje za državno pomoč v smislu člena 107(1) Pogodbe, če so izpolnjena naslednja kumulativna merila:
Slovenia took note of the Commission's doubts regarding the restoration of long-term viability and declared that it would ensure that these doubts would be addressed in the updated restructuring plan.
Ukrep bo veljal za le eno določeno podjetje, tj. družbo Cimos.
As regards the compensatory measures, Slovenia submitted that the restructuring aid for Cimos may be approved without compensatory measures as Cimos's market share is small to negligible and the Company is located in an assisted area.
Ukrep obsega pretvorbo dolga v lastniški delež v višini 21,7 milijona EUR in reprogramiranje terjatve države do družbe Cimos v višini 14,5 milijona EUR iz naslova jamstva za pomoč za reševanje [22].
It also argued that neither the case law nor the Guidelines suggest that compensatory measures must take place exclusively on the company's main markets post restructuring.
Komisija je v sklepu o začetku postopka ugotovila, da pretvorba dolga iz naslova terjatve države v lastniški delež pomeni državno pomoč.
Finally, Slovenia submitted that the divestment of Agriculture, Machine and Energy Divisions would significantly affect Cimos's competitive position on the automotive segment by limiting resources that had been previously available thanks to profits generated by the divested businesses.
Ta ugotovitev še vedno velja, Slovenija pa ji ne nasprotuje.
Concerning the own contribution, Slovenia submitted that the debt restructuring, to the extent that it does not involve State aid, qualifies as an own contribution.
Slovenija trdi, da reprogramiranje terjatve države ne pomeni pomoči, ker se bo izvedlo v skladu z dolgom, ki ga družba Cimos dolguje drugim upnikom v prisilni poravnavi.
COMMENTS FROM INTERESTED PARTY
Komisija meni, da sta jamstvo za pomoč za reševanje in reprogramiranje terjatve države, ki je nastala na tej podlagi, del enega samega posla, čeprav vključujeta različna finančna instrumenta.
The Commission received comments from one interested party, Cimos.
V tem smislu reprogramiranje le podaljšuje prednost, ki je bila družbi Cimos dodeljena s pomočjo za reševanje.
Cimos fully endorsed the observations submitted by Slovenia in the reply to the opening decision.
To potrjuje tudi dejstvo, da se 3. novembra 2013, ko je Slovenija priglasila pretvorbo celotne terjatve iz naslova pomoči za reševanje v lastniški delež, drugi trenutni upniki v prisilni poravnavi niso strinjali s prestrukturiranjem dolga družbe Cimos.
It also emphasized the Company's socioeconomic importance for the country and the region and expressed confidence in the restoration of viability.
Komisija ob upoštevanju navedenega meni, da reprogramiranje terjatve države družbi Cimos zagotavlja selektivno prednost.
OTHER COMMENTS
Poleg tega Komisija brez poseganja v ugotovitev iz prejšnje uvodne izjave ugotavlja, da pretvorba in reprogramiranje terjatve države ne bi bila v skladu z načelom udeleženca v tržnem gospodarstvu, kot je pojasnjeno v uvodnih izjavah 104–107 v nadaljevanju.
Between September 2014 and March 2015, the Commission received several letters from a private citizen, Ms Olga Filakovic, representing a Canadian company, Hormess International Limited.
Ukrep bi lahko izboljšal konkurenčni položaj družbe Cimos na trgu avtomobilske industrije, ki je odprt za konkurenco iz drugih držav članic.
In her letters Ms Filakovic alleges that Cimos's balance sheet was fraudulently increased by at least EUR 20 million of laundered money, which (with interest accrued) adds up to EUR 35 million granted by Slovenia as part of the restructuring aid;
Zato izkrivlja ali bi lahko izkrivljal konkurenco in vpliva na trgovino med državami članicami.
that her company is entitled to be paid damages and — as a creditor — is seeking from Cimos and Slovenia EUR 60 million, a receivable which is allegedly registered at the District Court of Koper; and that Cimos falsified financial documentation in order to hide debts owed to her clients in relation to an office building that Cimos did not own but sold for EUR 9,75 million.
Komisija ob upoštevanju ocene iz uvodnih izjav 97–101 meni, da ukrep 1 pomeni državno pomoč.
The Commission notes that interested third parties were invited to submit comments by means of a notice published together with the opening decision in the Official Journal of the EU on 23 May 2014 [21].
Ukrep bo dodelila Republika Slovenija, zato očitno vključuje državna sredstva in se ga lahko pripiše državi.
The deadline for submission of comments expired on 23 June 2014.
V skladu s sodno prakso gospodarski posli, ki jih izvede javni organ ali javno podjetje, nasprotni strani ne prinesejo prednosti in torej ne pomenijo pomoči, če se izvedejo v skladu z običajnimi tržnimi pogoji [23] (načelo udeleženca v tržnem gospodarstvu).
Nevertheless, in response to Ms Filakovic's request, the Commission has taken into account the information she has provided in the present investigation.
To načelo je bilo oblikovano ob upoštevanju različnih gospodarskih poslov.
The allegations are assessed in recital 160 below.
Da bi se zlasti ugotovila prisotnost državne pomoči v poslih, povezanih s terjatvami dolgov, je treba primerjati ravnanje javnih upnikov z ravnanjem hipotetičnih zasebnih upnikov, ki se znajdejo v podobnem položaju (v nadaljnjem besedilu: preskus načela udeleženca v tržnem gospodarstvu).
COMMENTS FROM SLOVENIA ON THE OBSERVATIONS OF INTERESTED PARTIES AND OTHER COMMENTS
Vsak preudaren upnik v tržnem gospodarstvu bi običajno izvedel lastno predhodno analizo finančnega rezultata prestrukturiranja dolga, na primer s primerjavo pričakovanega zneska vračila v scenariju prestrukturiranja dolga in pričakovanega zneska vračila v nadomestnem scenariju, ki v tem primeru pomeni stečaj družbe Cimos.
Slovenia has not replied to the comments from Cimos.
Če torej država članica trdi, da je gospodarski posel v skladu s preskusom načela udeleženca v tržnem gospodarstvu, mora predložiti dokaze, ki kažejo, da je bila odločitev o izvedbi posla sprejeta na podlagi ocene, ki bi jo opravil razumen zasebni upnik, da bi ugotovil donosnost posla.
As regards comments from Ms Filakovic, in response to the Commission's request for information from 18 December 2014, Slovenia has rejected all allegations and declared them as completely false, not understandable and not supported by any evidence.
V tem primeru Slovenija ni predložila dokazov, ki bi pokazali, da je država s sprejetjem pogojev za prestrukturiranje dolga ravnala kot razumen upnik v tržnem gospodarstvu.
In particular, Slovenia clarified that the financial statements of Cimos have been audited by an independent auditor, as part of the mandatory requirements of the CS procedure, who has issued an unqualified audit opinion.
Slovenija navaja poročilo neodvisnega cenilca načrta finančnega prestrukturiranja, ki je ugotovil, da bi vsi upniki skupaj dobili povrnjeno več v prisilni poravnavi kot stečaju družbe Cimos [24].
Concerning the alleged damages of EUR 60 million, Slovenia assured that Cimos does not have any obligation whatsoever against Hormess International.
Vendar v poročilu ni navedeno, koliko bi dobila povrnjeno država sama, če bi se odločila za nadomestni scenarij.
In December 2014, Hormess International and a Slovenian company SOF ING d.d. lodged a claim of approximately EUR 61 million with the court in the CS proceedings over Cimos, however the claim has not been included in the examination of claims performed by the administrator of the CS and therefore is not registered at the District Court in Koper as part of the CS proceedings.
Ni mogoče izključiti, da bi bilo za upnike kot celoto morda bolje, če bi sprejeli prisilno poravnavo, država pa bi lahko dobila povrnjeno več na podlagi svojih posameznih terjatev, če bi se odločila za nadomestni scenarij.
Finally, in relation to the sale of an office building, Slovenia confirmed that Cimos was the owner of the building, which was sold to the company Berny Commerce d.o.o. in 2001, which duly registered itself in the land register as owner in 2002, and that no associated claim against Cimos exists.
Vsekakor analiza na ravni vseh upnikov posameznemu zasebnemu upniku ne bi zadoščala za odločitev o načinu ukrepanja, saj bi lahko obstajale razlike glede danega zavarovanja s premoženjem, razvrstitve terjatev itd. Komisija zato meni, da je zadevni ukrep družbi Cimos dodelil selektivno gospodarsko prednost.
ASSESSMENT OF THE AID
Ocena učinka ukrepa 1 na konkurenco in trgovino, opisana v uvodni izjavi 101 velja tudi za ukrep 2.
EXISTENCE OF STATE AID
Komisija ob upoštevanju ocene iz uvodnih izjav 103–108 meni, da ukrep 2 pomeni državno pomoč.
Article 107(1) of the Treaty stipulates that any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the internal market.
Komisija ugotavlja, da je Gorenjska banka zasebni subjekt, Mednarodna finančna korporacija pa je del Skupine Svetovne banke, torej ukrepov teh dveh subjektov ni mogoče pripisati državi.
It follows that, for a measure to be qualified as State aid within the meaning of Article 107(1) of the Treaty, the following cumulative criteria must be met:
Druge banke, ki sodelujejo v ukrepu 3, tj. NLB, Abanka, Banka Celje in NKBM, so v večinski lasti države, ki ima večino glasov v upravnih odborih in nadzornih svetih.
use of State resources imputable to the State, selective advantage to the beneficiary, and distorting effects (or threat thereof) on competition and trade between Member States.
To kaže na možnost pripisa državi.
The measure is to be granted by the Ministry of Finance, therefore it clearly involves State resources and is imputable to the State.
Vendar Komisija na podlagi statutov, strukture upravljanja ali katerega drugega vira ni našla nobenega dokaza, iz katerega bi bilo razvidno, da je država vplivala na odločitve zadevnih bank pri sprejetju zadevnega ukrepa v smislu sodne prakse iz sodbe v zadevi Stardust Marine [25].
The measure is to be provided to one specific undertaking only, namely Cimos.
Nasprotno, Slovenija je predložila interne dokumente, ki dokazujejo, da je vsaka od bank predlagane pogoje prestrukturiranja ocenila na podlagi gospodarskih premislekov in v skladu s svojimi običajnimi internimi postopki odločanja.