natgillin/translations-raw huggingface dataset:
However, the Court has also ruled that, even if the State is in a position to control a public undertaking and to exercise a dominant influence over its operations, actual exercise of that control in a particular case cannot automatically be presumed.
zastavitvijo deležev družbe ANH GmbH v družbi FN GmbH; Nemčija ni zagotovila informacij o vrednosti teh deležev;
A public undertaking may act with more or less independence, according to the degree of autonomy left to it by the State.
Če se upošteva knjigovodska vrednost dolgoročnih sredstev letališča ([5–20] milijonov EUR) in odšteje prednostna terjatev […] ([1–6] milijonov EUR), ostane približno [5–15] milijonov EUR za kritje terjatev posojilodajalca ([5–15] milijonov EUR).
Therefore, the mere fact that a public undertaking is under State control is not sufficient for measures taken by that undertaking, such as the loans in question, to be imputable to the State.
Izguba ob neplačilu se zato ocenjuje na […] % [51].
The Court indicated that the imputability to the State of an aid measure taken by a public undertaking may be inferred from a set of indicators.
To je najverjetneje konservativna ocena izgube ob neplačilu, saj bi se lahko nekaj dodatne vrednosti pripisalo tudi osebnemu jamstvu in zastavljenim deležem, za katere manjkajo informacije.
Such indicators may include the integration of the undertaking into the structures of the public administration, the nature of its activities and the exercise of the latter on the market in normal conditions of competition with private operators, the legal status of the undertaking (in the sense of its being subject to public law or ordinary company law), the intensity of the supervision exercised by the public authorities over the management of the undertaking, or any other indicator showing, in the particular case, an involvement by the public authorities in the adoption of a measure or the unlikelihood of their not being involved, having regard also to the scope of the measure, its content or the conditions which it contains.
Ko je bilo odobreno drugo posojilo (17. junija 2004), je bilo zavarovano z naslednjim zavarovanjem:
It must first be noted that significant investment projects affecting an airport are of interest to local authorities, which are often involved to some degree in such projects.
zastavitvijo zemljišča in zgradb letališča.
This is because an airport can play a fundamental role in several policies: transport policy, regional or national economic development policy or town and country planning policy.
Knjigovodska vrednost dolgoročnih sredstev letališča je bila ob koncu leta 2003 približno [20–40] milijonov EUR (vključno z naložbami v zemljišče in zgradbe).
In the case at issue, the airport is actually operated by a private company.
Ko je bilo odobreno drugo posojilo, sta obstajali prednostna hipoteka v vrednosti [1–6] milijonov EUR v korist […] in prednostna hipoteka za prvo posojilo v vrednosti [11–20] milijonov EUR v korist družbe EEL GmbH (glej prvo posojilo zgoraj);
Nevertheless, the decision to convert the former military airport into a civil airport and to sell it to a private investor was a political decision.
zastavitvijo deležev družbe Airport Network (AV) B.V. v družbi Airport Niederrhein Holding (ANH) GmbH.
Moreover, the district of Kleve and the municipality of Weeze played a fundamental role in this conversion.
Nemčija ni zagotovila informacij o vrednosti teh deležev;
The Commission notes that EEL GmbH was founded by the two regional public bodies in order to prepare the airport real estate for further commercial use as civilian airport and to manage the real estate until the takeover by a private investor, as laid down in Article 2 of its founding act (Gesellschaftsvertrag) [42] of 16 December 1999.
zastavitvijo deležev družbe ANH GmbH v družbi FN GmbH.
Ever since, the nature of EEL GmbH's activities is limited to channelling new investments into the Niederrhein-Weeze airport, which is still consistent with its original mission.
V tem primeru je ocenjena stopnja izterjave približno […] %.
Moreover, between 1999 and 2001, the airport was operated by the district of Kleve and the municipality of Weeze (through the then publicly owned FN GmbH) and EEL GmbH was especially created in order to assure the future functioning of the civilian airport.
Izguba ob neplačilu se zato ocenjuje na […] %.
It follows from the above that EEL GmbH ought to be regarded as a vehicle set up already defined at Recital 109 by the district of Kleve and the municipality of Weeze to achieve their public policy objectives vis-à-vis the Niederrhein-Weeze airport and in particular, its conversion from a military into a civil use, which the measures at issue were intended to finance and accompany.
Ko je bilo odobreno tretje posojilo (28. julija 2004), je bilo zavarovano z naslednjim zavarovanjem:
Those are strong indication that the measures at issue are imputable to the district of Kleve and the municipality of Weeze.
Knjigovodska vrednost dolgoročnih sredstev letališča je bila ob koncu leta 2003 približno [20–40] milijonov EUR (vključno z naložbami v zemljišče in zgradbe).
Moreover, the decision to grant loans and extensions of these loans to FN GmbH via EEL GmbH was taken by the shareholders of EEL GmbH, which represent the public authorities.
Ko je bilo odobreno tretje posojilo, sta obstajali prednostna hipoteka v vrednosti [1–6] milijonov EUR v korist […] in prednostna hipoteka v korist posojilodajalca za prvo in drugo posojilo v skupni vrednosti [10–20] milijonov EUR;
The Commission also notes that the two public shareholders have determined the scope, the content and the conditions for each of loans granted by EEL GmbH in favour of FN GmbH, as highlighted in the minutes of EEL GmbH's general assembly.
zastavitvijo podjetja družbe FN GmbH.
Besides, all the loans granted from EEL GmbH to the airport operating company FN GmbH were refinanced by the district of Kleve [43].
Informacije o vrednosti tega zavarovanja niso na voljo.
This is a further indication that the decisions to grant loans and rollovers to FN GmbH originated in fact from the public authorities.
Če se upošteva knjigovodska vrednost dolgoročnih sredstev letališča ([20–40] milijonov EUR) in odštejeta prednostni terjatvi […] in družbe EEL GmbH ([1–6] milijonov EUR in [10–20] milijonov EUR), ostane približno [10–20] milijonov EUR za kritje terjatev posojilodajalca za tretje posojilo ([2–5] milijonov EUR).
Furthermore, EEL GmbH has no board of directors.
V tem primeru je stopnja izterjave približno […] %.
Both managing directors are representatives of the public shareholders.
Ko je bilo odobreno četrto posojilo (1. julija 2005), so bila podaljšana vsa prejšnja posojila skupaj z neporavnanimi in dolgovanimi obrestmi v višini približno [0,5–3] milijone EUR, pri čemer je bil za vse določen isti datum zapadlosti (31. december 2010).
One managing director of the company is the Landrat, that is the head of the district of Kleve and the other managing director is the mayor of the municipality of Weeze.
Celotni znesek posojil je bil [20–30] milijonov EUR in [0,5–3] milijoni EUR za neporavnane obresti.
Moreover, EEL GmbH has no permanent staff and is managed by a single public official from the district of Kleve.
Te terjatve družbe EEL GmbH so bile zavarovane z naslednjim:
It is apparent from these elements that any decision taken by EEL GmbH is in fact adopted by representatives from the public shareholders, who run it on a day-to-day basis in addition to sitting in its governing bodies.
zastavitvijo zemljišča in zgradb letališča.
This confirms that the measures at issue are imputable to the public shareholders.
Knjigovodska vrednost dolgoročnih sredstev letališča je bila ob koncu leta 2004 približno [20–40] milijonov EUR (vključno z naložbami v zemljišče in zgradbe).
In addition, despite having the legal form of a private company, EEL GmbH is subject to public accounting rules [44].
Ko je bilo odobreno četrto posojilo, je obstajala prednostna terjatev v korist posojilodajalca za prvo, drugo in tretje posojilo v skupni vrednosti [10–25] milijonov EUR.
Finally, it is planned to dissolve EEL GmbH once FN GmbH has repaid all loans and interests due to it.
V zvezi s posojilom, ki ga je odobril […], prednostna terjatev ni več obstajala [52];
Therefore, as argued by Germany, EEL GmbH should be seen as a vehicle created by its two public shareholders, the sole function of which is to pool resources to be channelled out to FN GmbH for investments purposes.
poleg tega je […] 1. julija 2005 zagotovil osebno jamstvo, da bi se zavarovale vse terjatve družbe EEL GmbH za vsa posojila.
This also confirms that the measures can be imputed to these public shareholders.
S tem osebnim jamstvom se je podaljšalo prejšnje jamstvo, ki ga je […] 8. junija 2003 zagotovil v zvezi s prvim posojilom.
Therefore, the Commission takes the view that the decisions by EEL GmbH to grant the loans and repayment deadline extensions that form Measure 1 to FN GmbH constitute a transfer of State resources and are imputable to the State.
Nemčija je predložila oceno vrednosti osebnega premoženja […], pri čemer ni upoštevala vrednosti njegovih deležev v družbah ANH GmbH in FN GmbH, da bi se izognila dvojnemu štetju zavarovanja.
Selective economic advantage — Market economy investor/creditor principle
Vrednost osebnega premoženja izdajatelja osebnega jamstva ob koncu leta 2004 je bila ocenjena na približno [20–40] milijonov EUR [53].
In order to verify whether an undertaking has benefited from an economic advantage induced by granting of a loan at privileged terms, the Commission applies the criterion of the ‘market economy operator principle’.
Knjigovodska vrednost dolgoročnih sredstev letališča ([20–40] milijonov EUR) in osebno jamstvo, ki ga je zagotovil […] ([20–40] milijonov EUR), krijeta več kot 100 % celotnega zneska posojil in dolgovanih obresti ([20–30] milijonov EUR in [0,5–3] milijoni EUR).
According to this principle, capital put at the disposal of a company by the State, directly or indirectly, in circumstances, which correspond to the normal conditions of the market, should not be qualified as State aid [45].
Glede na to je stopnja izterjave […] %, izguba ob neplačilu pa […].
Therefore, the Commission has to assess first whether the conditions of the four loans and the two loan extensions provided by EEL GmbH to FN GmbH confer an economic advantage to the latter, which would not have obtained under normal market conditions.
Komisija ni seznanjena s knjigovodsko vrednostjo dolgoročnih sredstev letališča ob koncu leta 2009 (vključno z naložbami v zemljišče in zgradbe).
In the present case, Germany explained, concerning the four loans that loan commitments in favour of FN GmbH from commercial banks were very unlikely at that time (2003-2005), as explained above.
Ta vrednost se lahko upošteva kot vrednost razpoložljivega zavarovanja, saj je bila v poslovnih knjigah izkazana kmalu po podaljšanju drugega posojila.
The determination of the aid element of the measures refers to the concept of State aid and, as the Court of Justice has consistently held, ‘the concept of State aid must be applied to an objective situation, which falls to be appraised on the date on which the Commission takes its decision’.
Takrat je obstajala nadrejena hipoteka na zemljišču in zgradbah v vrednosti [0,5–3] milijone EUR, s katero so bile zavarovane terjatve [banke];
The Commission proposes to examine the measures at issue in the light of that communication [47].
zastavitvijo deležev družbe FN GmbH v družbah FN Gewerbe GmbH in FN Grundbesitzgesellschaft; Nemčija ni zagotovila informacij o vrednosti teh deležev ob drugem podaljšanju;
According to the 2008 Reference Rate communication, the interest rate margin of a loan is dependent on the level of collateralisation and the credit rating of the borrower.
osebnim jamstvom, ki ga je zagotovil […] in katerega vrednost je bila ocenjena na približno [30–70] milijonov EUR [55].
Consequently, in order to determine the appropriate market conform interest rate, the Commission needs to take into account the credit rating of FN GmbH and the value of the collateral with which the loan was secured.
Knjigovodska vrednost dolgoročnih sredstev letališča ([30–70] milijonov EUR) in osebno jamstvo z ocenjeno vrednostjo približno [30–70] milijonov EUR, zmanjšana za nadrejeno zastavitev v korist [banke] ([0,5–3] milijoni EUR), krijeta približno […] % celotnega zneska posojil in dolgovanih obresti ([20–30] milijonov EUR in [5–10] milijonov EUR), kar pomeni, da je izguba ob neplačilu […].
The credit rating of FN GmbH
V preglednici v nadaljevanju so povzete informacije o bonitetni oceni in zavarovanju za vsako posojilo:
During the period when the first four loans were granted FN GmbH has not been rated by a credit rating agency and a bank internal rating was also not available.
Preglednica 6
For that reason Germany have commissioned the consultant company […] (‘the Consultant’) to estimate a rating of FN GmbH for each of the years in which loans 1 to 4 were granted.
Bonitetna ocena in zavarovanje za vsako posojilo
The Consultant provided an estimation of the one-year probability of default (PD) and the rating.
Posojilo
These estimations were then verified and confirmed by the audit company […].
Datum
The estimations of the Consultant are made on the basis of the Solvability Regulation of 2006 [48] which implements the rules of Basel II in Germany.
Znesek v mio.
According to the Solvability Regulation the banks are supposed to calculate the one-year probability of default in the frame of the so called Internal Ratings Based Approach (IRBA).
EUR (posojilo + dolgovane obresti)
However, some types of financing, called Spezialfinanzierungen, are excluded from the obligation to calculate a PD.
Bonitetna ocena izdajatelja
For such types of financing the Solvability Regulation foresees a simple risk weighing instead.
Vrednost zavarovanja (zemljišče in zgradbe ter osebno jamstvo)
The Consultant based its estimation of the PD and the rating on this simplified method of assessment.
Prednostna terjatev […]
According to that method, the following five factors are assessed: financial strength of the Borrower; political and legal environment; characteristics of the business; strength of the owner; collateralisation.
Prednostna terjatev [banke]
The PD for each of the loans is assessed to be between [0,5-3] % and [1-5] %.
Stopnja izterjave
According to the Consultant this PD corresponds to a rating of […].
Prvo posojilo
It has to be noted that this rating evaluation includes an estimation of the level of collateral and hence the loss given default (LGD) associated with each of the loans.
Drugo posojilo
This means that the rating provided by the Consultant already includes a potential notch up for the provision of collateral and represents the issue rating (as opposed to an issuer rating).
Tretje posojilo
However the report of the Consultant does not include information about the value of the provided collateral for the loans in question and does not provide information about the actual level of LGD associated with each loan.
Četrto posojilo in prvo podaljšanje
If only the first four factors, which the Consultant assessed, are taken into consideration (and the last one ‘Collateralisation’ is excluded) then the estimations of the Consultant should provide a rating close to the issuer rating.
Drugo podaljšanje
For example the average of the scores of the first four factors is [1-5] which could be interpreted as close to a rating of […].
V skladu s sporočilom o referenčnih obrestnih merah iz leta 2008 se referenčne obrestne mere določijo tako, da se izhodiščni enoletni obrestni meri doda ustrezna premija za tveganje.
This issuer rating applies to loans 1, 2 and 3.
Ustrezne premije za tveganje so navedene v preglednici iz sporočila o referenčnih obrestnih merah iz leta 2008, v njih pa se upoštevata kreditna sposobnost posojilojemalca in stopnja zavarovanja posojila.
For Loan 4 the issuer rating estimated according to this approach is […].
Na primer, drugo podaljšanje posojila je bilo odobreno z velikim zavarovanjem, bonitetna ocena družbe FN GmbH pa je med […] in […].
The Commission notes that the report made by the Consultant leaves some doubts as regards the quality of the rating assessment.
Da bi bila Komisija konservativna, upošteva bonitetno oceno […].
Furthermore, this rating estimation has to be taken with some caution given the fact that the Consultant has no credit relation with the Borrower.
Ko je bilo odobreno podaljšanje posojila (29. novembra 2010), je bila veljavna izhodiščna obrestna mera 1,24 % [57].
However, the rating estimation is fairly low on the rating scale used by credit rating agencies and does not appear inconsistent with the credit rating estimation made by [bank] for a later period.
V spodnji preglednici so povzete informacije o dejanskih obrestnih merah posojil in referenčnih obrestnih merah, ki so veljale, ko so bila odobrena posojila, v skladu s sporočilom o referenčnih obrestnih merah iz leta 2008:
In addition, Germany provided the estimation of the one-year probability of default (PD) of FN GmbH used by [bank] for 2009 and 2010. [bank] has provided a two-year loan of EUR [4-10] million to FN GmbH in 2009.
Preglednica 7
[bank] estimated the one-year PD to be [1-5] % in 2009 as well as in 2010.
referenčne obrestne mere v primerjavi z zaračunanimi obrestnimi merami
According to estimations of the average probabilities of default published by rating agencies [49], a one-year PD of [1-5] % corresponds to a rating between […] and […].
Trajanje
Collateral and Loss Given Default (LGD) [50]
Enoletna obrestna mera EURIBOR (trimesečno povprečje) %
The first loan is secured by the following collateral at the time when the loan was granted (11 April 2003):
Dodatek za tveganje po SROM
Charge on the land and the buildings of the airport (about 6,2 million sq.m.).
Skupna referenčna obrestna mera
FN GmbH bought the land from the German state in 2002 for the price of EUR [5-20] M. A report of an independent evaluator made in September 2002 indicates that the market value of the land is about EUR [5-20] M. The book value of the long-term assets of the Airport at the end of 2002 (including the investments in the land and the buildings) was about EUR [5-20] M. At the time Loan 1 was granted a priority mortgage in favour of […] for the amount of EUR [1-6] M existed on the land.
Zaračunana obrestna mera
Personal guarantee of Mr […]; Germany did not provide information about the value of the personal property of the guarantor.
Glede na zgornje ocene so bile obrestne mere za prvo, drugo in tretje posojilo bistveno višje od veljavnih referenčnih obrestnih mer.
Pledge of the shares of Airport Network (AV) B.V. in Airport Niederrhein Holding (ANH) GmbH; Germany did not provide information on the value of these shares.
Zato Komisija meni, da družba FN GmbH z navedenimi ukrepi ni pridobila gospodarske prednosti.
Pledge of the shares of ANH GmbH in FN GmbH; Germany did not provide information on the value of these shares.
Kar zadeva drugo podaljšanje, zgornji podatki kažejo tudi, da je bilo odobreno pod tržnimi pogoji, saj je obrestna mera pri tem podaljšanju višja od ocenjene referenčne obrestne mere.
If the book value of the long-term assets of the Airport is taken into account (EUR [5-20] M) and the priority claim of […] is subtracted (EUR [1-6] M) about EUR [5-15] M are left to cover the claims of the Lender (EUR [5-15] M).
Vseeno obstajajo dvomi o neobstoju državne pomoči pri drugem podaljšanju zaradi različnih elementov, kot so dejstvo, da upravičenec pred tem še ni odplačal prejšnjih posojil, obstoj pomoči pri četrtem posojilu in prvem podaljšanju ter kratko obdobje med odobritvijo drugega podaljšanja in predhodnim sporazumom, sklenjenim med javnimi organi in družbo FN GmbH, o zamenjavi terjatev v lastniške deleže iz uvodne izjave 45.
This is most probably a conservative estimation of the LGD as some additional value could be also attributed to the personal guarantee and the pledge of shares for which the information is missing.
Obrestna mera pri četrtem posojilu in prvem podaljšanju je nižja od referenčne obrestne mere, pri čemer je razlika […] bazičnih točk.
Pledge on the land and the buildings of the airport.
Selektivnost
The book value of the long-term assets of the Airport at the end of 2003 (including the investments in the land and the buildings) was about EUR [20-40] million.
Komisija v zadevnem primeru ugotavlja, da je ukrep 1 (četrto posojilo, prvo podaljšanje in po možnosti drugo podaljšanje) posamezni ukrep pomoči, ki je bil odobren samo družbi FN GmbH, in ni splošni ukrep.
At the time Loan 2 was granted a priority mortgage in favour of […] for the amount of EUR [1-6] million and a priority mortgage in favour of EEL GmbH for the first loan of EUR [11-20] M (see Loan 1 above) existed.
Zato je prednost, ki jo je družba FN GmbH pridobila z ukrepom 1 (četrto posojilo, prvo podaljšanje in po možnosti drugo podaljšanje), selektivna.
Pledge of the shares of Airport Network (AV) B.V. in Airport Niederrhein Holding (ANH) GmbH.
Izkrivljanje konkurence in vpliv na trgovino
Germany did not provide information on the value of these shares.
V skladu s sodno prakso Sodišča Evropske unije finančna podpora izkrivlja konkurenco, če okrepi položaj podjetja v primerjavi z drugimi podjetji [59].
Pledge of the shares of ANH GmbH in FN GmbH.
Na splošno velja, da kadar prednost, ki jo dodeli država članica, okrepi položaj podjetja v primerjavi z drugimi podjetji, ki konkurirajo na danem trgu Unije, je treba to prednost obravnavati kot vpliv na trgovino med državami članicami [60].
If the book value of the long-term assets of the airport is taken into account (EUR [20-40] million) and the two priority claims of […] and EEL GmbH are subtracted (EUR [1-6] M and EUR [11-20] M) about EUR [10-25] M are left to cover the claims of EEL GmbH from Loan 2 (EUR [1-5] million).
Upravljavci letališč konkurirajo na evropski ravni, da bi pritegnili letalske prevoznike, ki bi odprli nove proge z njihovih letališč ali povečali pogostost letov na takšnih progah.
The estimated recovery rate in this case is close to […] %.
Letalski prevozniki pri izbiranju letališč, s katerih odpirajo proge ali povečajo pogostost letov na obstoječih progah, primerjajo letališča na podlagi dejavnikov, kot so vrsta ponujenih letaliških storitev in zadevne stranke, prebivalstvo ali gospodarska dejavnost, preobremenjenost, možnost dostopa po kopnem, kot tudi višina pristojbin ter splošni trgovinski pogoji za uporabo letališke infrastrukture in storitev [61].
The LGD is thus estimated to be […].
Ko je Nemčija družbi FN GmbH zagotovila financiranje pod ugodnejšimi pogoji, kot so bili običajni tržni pogoji, ji je omogočila, da je agresivneje konkurirala drugim upravljavcem letališč, da bi pritegnila letalske prevoznike, kot bi lahko, če bi morala plačati stroške kapitala v skladu z običajnimi tržnimi pogoji.
The third loan is secured by the following collateral at the time when the loan was granted (28 July 2004).
Zato bi lahko ukrep 1 (četrto posojilo, prvo podaljšanje in po možnosti drugo podaljšanje) izkrivljal konkurenco in prizadel trgovino znotraj EU.
The book value of the long-term assets of the Airport at the end of 2003 (including the investments in the land and the buildings) was about EUR [20-40] M. At the time Loan 3 was granted a priority mortgage in favour of […] for the amount of EUR [1-6] M and a priority mortgage in favour of the Lender for the first and the second loans of the total amount of EUR [10-20] M existed on the land.
Sklepna ugotovitev
Pledge of the enterprise of FN GmbH.
Primerjava dejanskih obrestnih mer posojil in referenčnih obrestnih mer, določenih na podlagi sporočila o referenčnih obrestnih merah iz leta 2008, je pokazala, da so bila razen četrtega posojila in prvega podaljšanja vsa posojila in podaljšanja posojil odobrena z obrestnimi merami, ki so bile višje od referenčnih.
There is no information about the value of this collateral.
Komisija lahko na podlagi tega sklepa, da je bilo prvo, drugo in tretje posojilo odobreno v skladu s tržnimi pogoji, četrto posojilo in prvo podaljšanje pa ne.