natgillin/translations-raw huggingface dataset:
The financing needed to buy FagorBrandt's assets and to take over operations amounted to EUR 207,5 million and consisted of the following:
Posojilo iz sklada FDES.
a contribution from Cevital to Groupe Brandt [7] of EUR [20-60] million [8];
Za to posojilo je bila določena obrestna mera Eonia + [300–600] bazičnih točk.
a total contribution from Natixis and Société Générale of EUR [90-150] million in the form of short-term loans (factoring agreement for EUR [20-60] million and a credit of EUR [10-20] million secured by the stock of finished goods); and medium-term loans, each of EUR [10-20] million (see section 2.2);
Posojilo je razdeljeno na dva obroka:
an FDES loan of EUR 47,5 million to Groupe Brandt, in three tranches: EUR 11,2 million for tranche A, EUR 23,8 million for tranche B and EUR 12,5 million for tranche C (see section 2.3).
obrok A v višini 5 milijonov EUR, odplačljiv in zavarovan z enakimi poroštvi kot posojilo banke Thémis, in
By judgment of 15 April 2014, Nanterre Commercial Court ordered the transfer at a price of EUR 550000 of most of FagorBrandt's assets to Cevital and its subsidiary Exagon.
prvovrstna zastavitev zalog nadomestnih delov brez prepustitve posesti in prav tako prvovrstna zastavna pravica na povračilni terjatvi družbe Eurofactor iz naslova jamstvenega računa, in sicer pod enakimi pogoji, kot so veljali za obrok A in banko Thémis za njeno posojilo v višini 5 milijonov EUR,
The assets were pooled in Groupe Brandt.
drugovrstna zastavna pravica na prihodku od prodaje nepremičnine v Lyonu, za katero je bila sklenjena pogodba o prodaji za [10–20] milijonov EUR.
For the rest, the judgment also ordered the transfer at a price of EUR 150002 of the subcontracting activities in plastics processing, general maintenance, tools and metrology carried out at FagorBrandt's Aizenay site to Variance Technologies and the transfer of the activities and assets at FagorBrandt's Roche-sur-Yon site to Mr Pierre Jullien at a price of EUR 1,50, excluding stock.
Posojilo banke Thémis.
France granted a loan of EUR 10 million to FagorBrandt through the FDES.
mesečno linearno odplačilo z vračilom 1 milijona EUR konec decembra 2013, 1 milijona EUR konec januarja 2014, 1 milijona EUR konec februarja 2014 in 2 milijonov EUR konec marca 2014;
The loan was formally granted by an Order of 28 November 2013 of the Minister for Economic and Financial Affairs.
jamstvo na podlagi prednostne pravice iz člena L. 622-17 trgovinskega zakonika in na podlagi:
The rate on this loan was the Eonia rate + [300-600] basis points.
zastavitve minimalne zaloge končnih proizvodov s prepustitvijo posesti v višini 5 milijonov EUR do konca decembra 2013, 4 milijonov EUR do konca februarja 2014 in 3 milijonov EUR do konca marca 2014;
The loan was in two tranches:
zastavitve zaloge nadomestnih delov brez prepustitve posesti (bruto vrednost [10–20] milijonov EUR);
tranche A of EUR 5 million repayable in instalments and guaranteed by the same collateral as the bank loan from Thémis, and
prvovrstna zastavna pravica na jamstvenem računu Eurofactor.
tranche B of EUR 5 million repayable at term at the end of March 2014 and accompanied by:
Graf 1
a first-rank pledge without dispossession on the stock of spare parts, and a pledge on the claim for repayment held on Eurofactor in the form of the guarantee account, also first-rank, pari passu with tranche A and the bank Thémis for its loan of EUR 5 million;
Primerjava med posojilom iz sklada FDES v višini 10 milijonov EUR in posojilom banke Thémis FDES
a second-rank pledge on the proceeds of sale of immovable property in Lyon that was the subject of an undertaking to sell for EUR [10-20] million.
Thémis Skupni znesek posojil, ki jih je prejela družba Fagor Brandt
Thémis loan.
Obrok B
The Thémis bank loan of EUR 5 million was granted on the following terms:
Vir: Komisija.
the rate was the Eonia rate + [300-600] basis points;
Posojilo iz sklada FDES družbi FagorBrandt je banka Natixis za račun Francije dodelila v okviru pogodbe z dne 28. novembra 2013.
a monthly and linear repayment with payment of EUR 1 million at the end of December 2013, EUR 1 million at the end of January 2014, EUR 1 million at the end of February 2014 and EUR 2 million at the end of March 2014;
Obrok A posojila je bil v celoti vrnjen v skladu z roki zapadlosti, določenimi s posojilno pogodbo, in sicer 31. decembra 2013, 31. januarja 2014, 28. februarja 2014 in preostanek 31. marca 2014.
a guarantee consisting of the privilege laid down by Article L. 622-17 of the Commercial Code and by:
Opis posojil, ki jih je prejela družba Groupe Brandt
a charge on the stock of finished goods with dispossession for a minimum stock level of EUR 5 million until the end of December 2013, EUR 4 million until the end of February 2014 and EUR 3 million until the end of March 2014;
Francija je dodelila posojilo v višini 47,5 milijona EUR družbi Groupe Brandt prek sklada FDES.
a charge on the stock of spare parts (gross value EUR [10-20] million) without dispossession;
To posojilo je sestavljeno iz treh obrokov v znesku 11,2 milijona EUR (obrok A), 23,8 milijona EUR (obrok B) in 12,5 milijona EUR (obrok C).
a first-rank pledge on the Eurofactor guarantee account.
Posojilo je treba vrniti pod naslednjimi pogoji: obrok A 31. oktobra 2015; obrok B v 14 enakih četrtletnih plačilih, pri čemer naj bi bilo prvo izvedeno 31. januarja 2015 in zadnje 30. aprila 2018, ter obrok C v treh enakih plačilih, in sicer 30. aprila 2015, 30. aprila 2016 in 30. aprila 2017.
Graph 1
Uporabljena obrestna mera je EURIBOR, povišana za 3 % na leto za obrok A, za 3,5 % na leto za obrok B in za 4,25 % na leto za obrok C.
FDES
Tudi za posojilo iz sklada FDES veljajo naslednja jamstvena poroštva: zastavna pravica na blagovnih znamkah in patentih, zastavna pravica na licenčni pogodbi za […], zastavna pravica na prihodnjih dividendah, ki jih bo […] izplačala od leta 2017, in hipoteke na nepremičninah v Cergyju, Orléansu in Vendômu.
Tranche A
Vsa poroštva zagotavljajo pomoč bank Société Générale in Natixis.
Tranche B
Poroštva so prvovrstna – pod enakimi pogoji kot za zasebne vlagatelje – za obroka A in B treh srednjeročnih pomoči in drugovrstna za obrok C posojila iz sklada FDES.
Source: Commission
Nasprotno pa je za obrok C obdobje vračila krajše, plačilo višje in prva zapadlost prednostna v primeru predčasnega vračila.
By letter dated 27 March 2014, the official receiver requested deferral of the payment of tranche B until 30 April 2014 because payment would have resulted in negative cash flow of EUR [0-5] million at the end of March 2014.
Francija je v zvezi s posojili iz sklada FDES menila, da je bilo prvo posojilo iz sklada FDES odobreno v skladu s tržnimi pogoji, pri čemer ga je primerjala s posojilom, ki ga odobri zasebna kreditna institucija.
According to the official receiver, this situation would have led to the company being wound up by decision of the court.
Oprla se je zlasti na soobstoj in pogoje posojila banke Thémis.
France has confirmed that the balance on the loan, i.e. EUR 3,5 million, had been repaid on 25 April 2014.
Francija je menila, da se možnost odpisa 3 milijonov EUR davčnih in socialnih obveznosti nanaša na družbo FagorBrandt in njene hčerinske družbe.
Description of the loans to Groupe Brandt
Ta znesek je predstavljal dolg, ki je nastal med kolektivnim postopkom in ki ga bi bilo treba v okviru likvidacije obravnavati enako kot druge dolgove skupine, ne glede na dejavnost prevzemnikov.
France granted a loan of EUR 47,5 million to Groupe Brandt through the FDES.
DVOMI, IZRAŽENI V SKLEPU O ZAČETKU POSTOPKA
Tranches B and C of the loan, totalling EUR 36,3 million, were paid on 28 April 2014.
Komisija je v zvezi z odobritvijo prvega posojila iz sklada FDES opozorila, da je bil samo obrok A tega posojila zavarovan z enakimi poroštvi kot posojilo, ki ga je odobrila banka Thémis.
Tranche A, of EUR 11,2 million, was paid on 4 July 2014.
Ugotovila je torej, da za obrok B kljub enaki obrestni meri niso veljala enaka poroštva.
These two loans each comprised two tranches: tranche A of EUR [1-5] million and tranche B of EUR [3-6] million.
Komisija je zato v tej fazi ugotovila, da je obrok B posojila iz sklada FDES pomenil prednost, ki je preudaren zasebni posojilodajalec ne bi odobril.
The terms of this financing are identical to those applied to tranches A and B of the FDES loan.
Posojilo iz sklada FDES v višini 47,5 milijona EUR
Graph 2
Komisija je imela pomisleke glede skladnosti dodelitve tega novega posojila družbi Groupe Brandt z načelom zasebnega upnika.
Composition of the three loans granted by the FDES, Société Générale and Natixis
Vrednost poroštev.
France has collateral provided by the borrowing company, Groupe Brandt (pledge on the securities accounts of Brandt France, pledge on the advances of Groupe Brandt), and collateral provided by Exagon (guarantee deposit by Exagon, pledge on the securities accounts of Groupe Brandt, pledge on the advances of Exagon).
Vendar je Komisija opozorila, da Francija ni predložila nobene informacije o oceni vrednosti poroštev.
The FDES loan also has the following guarantee undertakings: pledge on trademarks and patents, pledge on the licence contract of […], pledge on future dividends paid by […] from 2017 and mortgages on the buildings in Cergy, Orléans and Vendôme.
Komisija ob sprejetju sklepa o začetku postopka ni bila seznanjena z metodo, ki se je uporabila za njihovo oceno (neto knjigovodska vrednost, tržna vrednost ali drugo).
All of the collateral guarantees the loans from Société Générale and Natixis.
Poleg tega je opozorila, da sta banki Société Générale in Natixis ta poroštva uporabili samo za svoje srednjeročno financiranje v višini [5–10] milijonov EUR vsaka, tj. skupaj [10–20] milijonov EUR, medtem ko je posojilo iz sklada FDES znašalo 47,5 milijona EUR.
The collateral is first-rank, pari passu with the private investors, for tranches A and B of the three medium-term loans, and second-rank for tranche C of the FDES loan.
Višina plačila posojila.
In return, for tranche C, the repayment period is shorter, the remuneration is higher and the first due date has priority in the event of early repayment.
Posojilo se plača po različnih obrestnih merah glede na obrok.
The instalment on tranche A must be repaid on 31 October 2015.
Komisija je okvirno menila, da bi se na podlagi Sporočila Komisije o spremembi metode določanja referenčnih obrestnih mer in diskontnih stopenj (v nadaljnjem besedilu: sporočilo iz leta 2008) [10] morala uporabiti vsaj 0,53-odstotna obrestna mera (osnovna obrestna mera Francije med januarjem in julijem 2014), ki bi se ji glede na vrednost poroštev prištelo med 650 in 1000 bazičnih točk (podjetje z bonitetno oceno CCC), torej bi najnižja obrestna mera znašala med 7,03 % in 10,53 %.
Tranche B must be repaid by 30 April 2018.
Komisija je predvidela še drug pristop, ki temelji na podatkih družb Bloomberg in Capital IQ ter po katerem so obrestne mere višje kot na podlagi sporočila iz leta 2008.
Finally, tranche C will be repaid in three instalments in 2015, 2016 and 2017.
Izkazalo se je torej, da je bila obrestna mera za posojilo iz sklada FDES ne glede na uporabljeno metodo izračuna nižja od tržnih pogojev.
Write-off of social security and tax debts
Zato je Komisija ob sprejetju sklepa o začetku postopka ugotovila, da bi lahko pogoji posojila iz sklada FDES pomenili prednost za družbo Groupe Brandt.
In the memo dated 28 April 2014, France briefly refers to the possible write-off of social security and tax claims on FagorBrandt amounting to EUR 3 million.
Komisija je v nasprotju s stališčem Francije menila, da bi se lahko odpis davčnih in socialnih obveznosti štel za odpis javnih terjatev ter bi pomenil prednost za družbo FagorBrandt, saj bi ta lahko zmanjšala svoje obveznosti.
ASSESSMENT BY FRANCE BEFORE THE OPENING DECISION
Ocena združljivosti
With regard to the FDES loans, France took the view that the first FDES loan had been granted under market conditions using a loan granted by a private credit institution as a benchmark.
Glede združljivosti ukrepov s pravili o državni pomoči je Komisija menila, da je uporabljena pravna podlaga skladna s smernicami Skupnosti o državni pomoči za reševanje in prestrukturiranje podjetij v težavah iz leta 2004 (v nadaljnjem besedilu: smernice iz leta 2004) [11].
This view was based on the simultaneous presence of the Thémis bank loan and its terms.
Na podlagi tega je izrazila dvome glede (i) upravičenosti do uporabe smernic iz leta 2004 in (ii) upoštevanja načela enkratnosti pomoči.
France considered that the second FDES loan had been granted under market conditions, particularly given the reliability of the Cevital business plan, the scale of the investments made by all the private-market participants, the rates applied and the value of the collateral used as security.
Poleg tega je Komisija ugotovila, da Francija ni predložila nobene analize združljivosti obravnavanih ukrepov: sicer je predložila poslovni načrt za poslovna leta 2014–2016, ki bi lahko nakazoval ponovno vzpostavitev sposobnosti preživetja, vendar to ni bil načrt prestrukturiranja.
France was of the opinion that the possible cancellation of EUR 3 million in social security and tax debts concerned FagorBrandt and its subsidiaries.
Zlasti ni vključeval elementov, ki se zahtevajo v točkah 35 in 36 smernic iz leta 2004 (tržna raziskava, opis okoliščin, zaradi katerih se je podjetje znašlo v težavah, najbolj optimistični in najbolj pesimistični scenarij ter osnovni scenarij).
This amount constituted a debt incurred during the collective proceedings and it was to be treated during the liquidation on the same basis as the other group debts, regardless of the activity of the buyers.
Upravičenost: podjetje v težavah v smislu smernic iz leta 2004
In the opening decision, the Commission expressed doubts in relation to both the classification of the measures under investigation and their possible compatibility with the rules applicable to State aid to firms in difficulty [9].
Nazadnje, točka 12 smernic iz leta 2004 določa: „[N]a novo ustanovljeno podjetje ni upravičeno do pomoči za reševanje in prestrukturiranje […].
Classification as State aid
Primer takšnega podjetja je, ko po likvidaciji podjetja nastane novo podjetje, ki le prevzame premoženje starega podjetja“.
With regard to the two FDES loans, the Commission had concerns about the presence of an economic advantage and, if there were one, about its amount.
V zvezi z družbo Groupe Brandt, ustanovljeno 15. januarja 2014, je imela Komisija pomisleke glede opredelitve družbe, ki je odkupila razmeroma velik obseg sredstev podjetja v težavah, da bi očitno izvajala isto dejavnost, kot novo ustanovljenega podjetja.
The FDES loan of EUR 10 million
Upoštevanje načela enkratnosti pomoči
With regard to the granting of the first FDES loan, the Commission noted that only tranche A of that loan was guaranteed by the same collateral as the bank loan granted by Thémis.
Gospodarska kontinuiteta
The Commission therefore noted that tranche B did not have the same collateral, even though the interest rate was the same.
Nazadnje, Komisija je opozorila na ustaljeno sodno prakso Sodišča Evropske unije, v skladu s katero je namen obveznosti, ki je državi članici naložena s sklepom Komisije, da ukine pomoč, ki ni združljiva z notranjim trgom, ponovna vzpostavitev prejšnjega stanja.
Moreover, it emerged from the information provided by France that the private lender agreed to commit itself only up to EUR 5 million.
Ta cilj je dosežen, ko upravičenec vrne navedeno pomoč in tako izgubi prednost, ki jo je imel na trgu v primerjavi s svojimi konkurenti [13].
Accordingly, tranche B of the FDES loan and the corresponding risks run by France seemed to confer an advantage on FagorBrandt, since a number of private creditors, which were none the less specialised in the financing of firms in collective procedures, had refused to grant FagorBrandt financing of more than EUR 5 million on the given terms and had considered that the corresponding guarantees were insufficient in relation to the risks.
Prav tako v skladu s sodno prakso je mogoče obveznost vračila razširiti na novo podjetje, na katero je zadevno podjetje preneslo del svojih sredstev, če ta prenos kaže na gospodarsko kontinuiteto med podjetjema [14].
Since tranche B of the loan had lower collateral, it involved a higher risk for the FDES.
Ni namreč mogoče izključiti, da se obveznost vračila razširi na drug subjekt, če se ugotovi, da ima ta dejansko korist od zadevnih pomoči zaradi gospodarske kontinuitete med subjektoma.
Under normal market conditions, the FDES should therefore have asked for a higher interest rate.
V obravnavani zadevi se zdi, da se je s pomočjo, dodeljeno družbi FagorBrandt v obliki posojila v višini 10 milijonov EUR ter odpisa davčnih in socialnih obveznosti, dajala prednost družbi Groupe Brandt, ki je nadaljevala gospodarsko dejavnost družbe FagorBrandt.
The Commission therefore concluded at this stage that tranche B of the FDES loan involved an advantage that a prudent private creditor would not have agreed to.
Različni indici so namreč kazali na obstoj gospodarske kontinuitete med družbama FagorBrandt in Groupe Brandt [15]: zlasti prevzem skoraj vseh opredmetenih in neopredmetenih sredstev več družb, ki so bile del skupine Fagor v Franciji, prevzem več kot dveh tretjin zaposlenih, nadaljevanje iste proizvodne dejavnosti z istimi blagovnimi znamkami in isto ekonomsko logiko poslovanja.
The FDES loan of EUR 47,5 million
Poleg tega je imela Komisija pomisleke o tem, da sta lahko imeli koristi od te pomoči, tako kot od pomoči, ki je bila družbi Groupe Brandt neposredno dodeljena s posojilom v višini 47,5 milijona EUR, skupina Cevital in družba Exagon, ki sta navedena sredstva družbe FagorBrandt prevzeli prek hčerinske družbe Groupe Brandt.
The Commission had doubts about whether the granting of this new loan to Groupe Brandt complied with the principle of the prudent private creditor.
ODGOVOR FRANCIJE NA SKLEP O ZAČETKU POSTOPKA
Value of collateral.
V nasprotju s tem, kar je Komisija navedla v sklepu o začetku postopka, Francija meni, da poroštva za obrok B posojila niso šibkejša od poroštev za obrok A in da so vsaj tako trdna kot slednja.
According to France, collateral of EUR 150 million covered tranches A and B of the loan in the same way as the bank loans from Société Générale and Natixis.
Kot je namreč opisano v členu 10 posojilne pogodbe z dne 28. novembra 2013, so za obrok A pod enakimi pogoji kot za posojilo v višini 5 milijonov EUR, ki ga je dodelila banka Thémis, veljala naslednja poroštva:
However, the Commission noted that France had not provided any information on the estimate of the value of the collateral.
zastavitev minimalne zaloge končnih proizvodov s prepustitvijo posesti v višini 5 milijonov EUR do konca decembra 2013, 4 milijonov EUR do konca februarja 2014 in 3 milijonov EUR do konca marca 2014;
At the stage of the opening decision, the Commission was not aware of the method used to value the collateral (net book value, market value or another method).
zastavitev zaloge nadomestnih delov brez prepustitve posesti (bruto vrednost [10–20] milijonov EUR) in
Furthermore, the Commission noted that the banks Société Générale and Natixis used the collateral only for their medium-term financing of EUR [5-10] million each, i.e. EUR [10-20] million in total, whereas the FDES loan amounted to EUR 47,5 million.
Za obrok B so veljala naslednja poroštva:
Level of remuneration of the loan.
zaveza za povračilo v višini zneska obroka iz prihodkov od prodaje nepremičnine v Lyonu, za katero je bila sklenjena pogodba o prodaji za [10–20] milijonov EUR oziroma naj bi bila na njej ustanovljena prvovrstna hipoteka;
The loan is remunerated at different rates, depending on the tranches.
Čeprav je bila zastavna pravica, ki je veljala za obrok B v višini 5 milijonov EUR posojila iz sklada FDES, drugovrstna, je večinoma zadostovala za zavarovanje tega obroka glede na to, da je bil prvovrstni upnik upravičen do tega poroštva izključno za znesek 5 milijonov EUR.
By way of illustration, the Commission estimated that, if one applied the Communication from the Commission on the revision of the method for setting the reference and discount rates [10] (‘the 2008 Communication’), the rate used should have been at least 0,53 % (base rate in France from January to July 2014), to which would be added between 650 and 1000 basis points (undertaking rated CCC), depending on the level of collateral, i.e. a minimum rate of between 7,03 % and 10,53 %.
Čeprav se je torej del poroštev, odobrenih v okviru obroka B, razlikoval od poroštev, odobrenih v okviru dela A, pa zato niso bila nič manjša zaradi zastavne pravice na premoženju, katerega vrednost je bila precej višja od vrednosti posojila.
The Commission also considered another approach, based on data from Bloomberg and Capital IQ, which resulted in rates higher than those obtained using the 2008 Communication.
Poleg tega Francija poudarja, da je bilo to posojilo v celoti vrnjeno aprila 2014.
It seemed, therefore, that the rate on the FDES loan was lower than market rates, whatever the calculation method used.
Poroštva.
The Commission therefore considered, at the stage of the opening decision, that the terms of the FDES loan could have constituted an advantage for Groupe Brandt.
Obrestna mera.
Unlike France, the Commission took the view that the write-off of social security and tax debts could be considered a cancellation of public claims and involve the granting of an advantage to FagorBrandt by enabling it to reduce its costs.
Francija meni, da je izračun Komisije napačen in da so napačni tudi sklepi, ki jih iz njega izpelje.
Compatibility assessment
Prvič, Komisija izhaja iz dejstva, da naj bi imela družba Electrom, zdaj Groupe Brandt, bonitetno oceno CCC.
With regard to the compatibility of the measures with the State aid rules, the Commission considered that the applicable legal basis was the 2004 Community guidelines on State aid for rescuing and restructuring firms in difficulty [11] (‘the 2004 Guidelines’).
Francija meni, da taka bonitetna ocena ni upravičena.
Admittedly it had produced a business plan for the 2014-2016 financial years that was likely to provide indications on the return to viability, but it did not constitute a restructuring plan.
Kakor koli že, po mnenju Francije sporočilo iz leta 2008 jasno dokazuje, da obrestna mera, uporabljena v okviru posojila v višini 47,5 milijona EUR, ustreza kategoriji podjetja, katerega finančni položaj se giblje med šibkim (B) in zadovoljivim (BB).
In particular, it did not include the information required under points 35 and 36 of the 2004 Guidelines (market survey, description of the circumstances that led to the company's difficulties, scenarios reflecting best-case, worst-case and intermediate assumptions).
Neizpodbitno je, da finančni položaj skupine Cevital nikakor ni primerljiv s finančnim položajem podjetja z oceno CCC.
Eligibility: firm in difficulty within the meaning of the 2004 Guidelines
Drugič, Francija opozarja, da sta pri financiranju družbe Groupe Brandt sodelovala tudi zasebna posojilodajalca.
In the opening decision, the Commission did not contest the fact that FagorBrandt fulfilled the criteria for a firm in difficulty set out under point 10 of the 2004 Guidelines.
Ta zasebna posojilodajalca, banki Société Générale in Natixis, sta pristala na to, da družbi Groupe Brandt dodelita posojilo z [0–5]- in [0–5]-odstotnim pribitkom.
However, the Commission took the view that it was unable to verify whether FagorBrandt's difficulties were intrinsic, despite its belonging to the Fagor group, and consequently whether the conditions set out under point 13 of the 2004 Guidelines were met.
To je samo po sebi zadosten dokaz, da je izračun „tržne“ obrestne mere, kot je opisana v sklepu o začetku postopka (med 7,03 % v točki (49) in 17,77 % v točki (50) sklepa o začetku postopka), napačen.