natgillin/translations-raw huggingface dataset:
Belgium maintains that FSIH's investment in DSIH is pari passu with that of Duferco Développement, given that (i) the risks are the same for FSIH and Duferco Développement (as DSIH did not belong to either the Duferco Group or FSIH before their joint acquisition of a stake), (ii) the amounts contributed are identical and (iii) the interventions were concurrent.
Komisija kljub temu priznava, da je bil glede na tedanje razmere umik skupine Duferco iz holdinga SIF zelo verjeten.
[…] confirms the arguments put forward by Belgium.
Verjetnost njegove uresničitve in dejansko njegova vrednost sta se sčasoma povečali, sploh ker se je skupina Duferco zavezala, da bo terjatev, ki je postala gotova, prednostno uporabila za vračilo posojila, ki ga je dodelil holding FSIH.
The Commission does not dispute that the transactions were made at the same time.
Komisija zato meni, da je treba slediti stališču Belgije glede opredelitve običajne ravni zavarovanja.
However, it refutes Belgium's first two arguments and therefore does not consider FSIH's acquisition of a stake to be pari passu with that of Duferco Développement.
Komisija v zvezi z [družbo, ki je bila takrat na čelu skupine Duferco] ugotavlja, da je treba zanjo uporabiti bonitetno oceno BB, v zvezi z zadevnimi posojili pa raven zavarovanj, ki jih je v najboljšem primeru mogoče opredeliti kot običajna.
Although DSIH was formally established outside the Duferco Group, the Commission points out that DSIH served as a simple vehicle for Duferco to acquire, jointly with FSIH, a company, Carsid Développement in which it held all the capital within the framework of SIF.
Na podlagi sporočila o referenčnih obrestnih merah iz leta 2008 bi moral pribitek znašati 220 bazičnih točk – kar je precej več od 75 bazičnih točk, ki jih je odobril holding FSIH.
For the record, Duferco was the sole shareholder in SIF until 18 December 2012, when NLMK purchased 50 % of the Luxembourg holding company.
Gospodarska prednost je bila torej holdingu SIF dodeljena pod pogoji, ki niso tržni.
Consequently, the Duferco Group paid EUR […] million to acquire Carsid Développement through DSIH and received EUR […] million from the sale of Carsid Développement through its subsidiary SIF.
Drugič, Komisija je sporočilo o referenčnih obrestnih merah iz leta 2008 uporabila za posojilo, odobreno holdingu SIF.
This transaction, which in fact is a simple transfer of subsidiaries, is profitable for the Duferco Group while being a cash payment of EUR […] million for FSIH.
Komisija opozarja, da podobno kot skupina Duferco skupno podjetje SIF ni imelo javne bonitetne ocene.
The Commission concludes that, to acquire an equal stake, FSIH contributed EUR […] million in cash to a subsidiary of the Duferco Group, while the latter received EUR […] million net without taking on any new risk.
Ker Komisija ni imela bonitetne ocene ali drugih elementov, na podlagi katerih bi lahko približno določila bonitetno oceno holdinga SIF, ji ni preostalo drugega, kot da se previdno opre na bonitetno oceno matičnih družb.
Under these conditions, it cannot be argued that this investment was pari passu.
Tako ugotavlja, da je družba Standard and Poor's matični družbi NLMK dodelila bonitetno oceno BBB-, družba Moody's oceno Ba1 in družba Fitch ratings oceno BB+ (ocene so povzete iz letnega poročila skupine NLMK za leto 2009).
Beyond the non-pari passu nature of the transaction, the Commission sets out the reasons why it concluded unequivocally that the transaction did not comply with the market economy investor principle.
Te bonitetne ocene glede na sporočilo o referenčnih obrestnih merah iz leta 2008 ustrezajo kategoriji „ocene zadovoljivo“ (BB).
These reasons relate to the way in which FSIH evaluated its acquisition of a stake in DSIH, in particular (i) the assets and liabilities held by Carsid Développement and (ii) the valuation of the […] project.
Tudi druga matična družba, Duferco, je glede na oceno, ki jo je Komisija uporabila v uvodni izjavi (313), ocenjena z BB.
Carsid Développement was established in 2006 out of the split-off from its parent company, Carsid, which contributed a number of assets in kind to the newly established company.
Komisija meni, da je mogoče holdingu SIF kot hčerinski družbi dveh družb (NLMK in Duferco), ki imata po ocenah Komisije bonitetno oceno BB, in ob upoštevanju makroekonomskih razmer v letu 2009, ki so bile v sektorju jekla še posebej težke, previdno in razumno dodeliti bonitetno oceno BB.
This contribution was evaluated by KPMG on 14 November 2006 [39].
Komisija dalje ugotavlja, da je bilo posojilo dodeljeno brez zavarovanja.
The KPMG report (KPMG Report 2006) describes a contribution of assets of EUR […] million, over 99 % of which was made up of trade receivables towards Duferco La Louvière Sales, and a contribution of liabilities of a similar amount (EUR […] million) corresponding to a provision for environmental risks intended to cover the costs of cleaning up the Carsid site that had not yet been incurred.
Holding SIF ugovarja, da je bil sposoben zagotoviti svojo varščino ali celo varščino skupine NLMK ali Duferco: „Če holding FSIH od njega ni zahteval nobenega poroštva, je to zato, ker so njegov takratni finančni položaj, njegova pripadnost skupinama NLMK/Duferco in poroštvo, ki ga je skupina NLMK ponujala v primeru spremembe nadzora, holdingu FSIH lahko dajali zagotovila glede njegove sposobnosti za vračilo posojila“ [50].
FSIH had taken the EUR […] million of trade receivables into account in its valuation of Carsid Développement (and therefore of DSIH) [40].
Holding SIF poudarja trdnost svojega finančnega položaja v letu 2008.
However, and despite a request from the Commission to this end [41], Belgium did not provide convincing proof that the liabilities of Carsid Développement had been taken into account in FSIH's valuation of DSIH.
Vendar je holding FSIH posojilo dodelil za [7–12] let z enkratnim vračilom ob zapadlosti.
Belgium claims that these liabilities did not actually correspond to any legal obligation, given that the regulations on contaminated soil applicable in the Walloon Region only date from 2008.
Komisija na podlagi teh dveh značilnosti meni, da bi zasebni posojilodajalec zahteval zadostna in sorazmerna poroštva za tveganje, ki bi ga prevzel za [7–12] let, in se za odpoved vsakršnemu zavarovanju ne bi zadovoljil samo s finančnimi rezultati holdinga SIF v poslovnem letu 2008.
A clean-up project would have had to be undertaken only with a view to a subsequent valuation of the land.
Na podlagi tega sklepa, da je raven zavarovanj, povezanih s posojilom, nizka.
In this last scenario, the clean-up costs would have been fully compensated by the value of the cleaned-up land, which the parties allegedly established as EUR […] million.
Komisija na podlagi ocene bonitetne ocene holdinga SIF (BB) in ravni zavarovanj (nizka), povezanih s posojilom holdinga FSIH, ugotavlja, da bi se v skladu s sporočilom o referenčnih obrestnih merah iz leta 2008 zahtevalo plačilo v višini 400 bazičnih točk.
There was therefore no reason to quantify the environmental provision that was none the less included in the accounts.
To plačilo je precej višje od 75 bazičnih točk, o katerih sta se dogovorila holdinga SIF in FSIH.
The Commission notes that Belgium did not provide it with any proof of these discussions or any report confirming the value of the cleaned-up land.
Ker je bila holdingu SIF dodeljena gospodarska prednost pod pogoji, ki niso tržni, Komisija sklepa, da gre za pomoč.
It therefore concludes that this liability was not sufficiently taken into account in FSIH's valuation of Carsid Développement.
Komisija glede na navedeno meni, da noben zasebni posojilodajalec ne bi privolil v dodelitev 100 oziroma 75 milijonov EUR [družbi, ki je bila takrat na čelu skupine Duferco] in holdingu SIF pod pogoji, s katerimi se je strinjal holding FSIH.
With regard to the […] project, the region claims that FSIH had based its analysis on objective cost items set out in an independent study commissioned by Duferco in 2006 from a company specialising in the redevelopment of brownfield and landfill sites (SPAQuE) and on evaluations of the market value of decontaminated land.
Holding FSIH je torej obema prejemnikoma posojil dodelil prednost, ker ni ravnal kot zasebni posojilodajalec, s čimer ju je postavil v ugodnejši položaj kot njune konkurente.
On the other hand, it notes that no independent ex-ante study examined the market value of the decontaminated land.
Znesek pomoči je razlika med dejansko uporabljenimi obrestnimi merami (1,99 %) in obrestnimi merami na podlagi sporočila o referenčnih obrestnih merah iz leta 2008, tj. 3,502 % (12-mesečni Euribor + 220 bazičnih točk) za [družbo, ki je bila takrat na čelu skupine Duferco] in 4,302 % (12-mesečni Euribor + 400 bazičnih točk) za holding SIF, uporabljenimi za obdobje od dneva odobritve posojil do dneva njunega predčasnega vračila.
Belgium justifies the figure of EUR […] million by a study by the expert Galtier from 2010, i.e. four years after the measure under examination.
Posojilo [družbi, ki je bila takrat na čelu skupine Duferco] je bilo tako podpisano 4. septembra 2009 za znesek 30 milijonov EUR, praviloma za obdobje šestih let in z efektivno obrestno mero 2,04 % ob izplačilu, nato je bil ta znesek povečan za 70 milijonov EUR z efektivno obrestno mero 1,99 % ob izplačilu.
The Commission notes that the independent study by SPAQuE in 2006 did propose an evaluation of the revenue that could be generated from the sale of the decontaminated land [42].
Predčasna vračila so bila dogovorjena v obrokih glavnice in obresti junija 2011 ter nato v letih 2012 in 2013.
The revenue did not exceed EUR […] million in any of the scenarios envisaged by SPAQuE.
Na podlagi izračuna poenostavljenega diskontiranja, na primer, znesek pomoči torej znaša približno 2,08 milijona EUR za posojilo [družbi, ki je bila takrat na čelu skupine Duferco] in 10,41 milijona EUR za posojilo holdingu SIF [51].
On the basis of the data from this time, it therefore seems impossible to justify the value of EUR […] million paid by FSIH.
Ukrep št. 6
Lastly, and even if one were to accept the projection of EUR […] million defended by Belgium, the Commission notes that it is not usual, for a private investor in a market economy, to value a project using the undiscounted total of the costs and expected profits.
Šteje se, da je transakcija v skladu z načelom zasebnega vlagatelja v tržnem gospodarstvu, če se lahko dokaže, da je bila izvedena enakovredno med javnimi in zasebnimi vlagatelji.
A private investor in a market economy does not attach value in the same way to profits that will not materialise until the distant future and expenditure that must be incurred soon.
Belgija trdi, da je kapitalska naložba holdinga FSIH enakovredna kapitalski naložbi družbe DII, ker sta vložena zneska praktično enaka, ker družba DLP ob naložbi holdinga FSIH ni bila del skupine Duferco in ker je bil cilj teh naložb odkupiti sredstva, ki so pripadala holdingu SIF in ne skupini Duferco.
The Commission notes that such errors of assessment would not have been made if a complete and unified valuation of Carsid Développement had been carried out at the time.
[…] potrjuje te pripombe in dodaja, da družba DII ni imela drugih finančnih dokumentov poleg tistih, ki jih je predložila Belgija, da bi preučila primernost naložb.
The Commission therefore notes that FSIH did not, ex ante, undertake an economic evaluation of the type required by a private investor in a market economy.
Komisija meni, da je tako kot družba DSIH (ukrep št. 3) tudi družba DLP zgolj nosilec, ki sta ga zainteresirani strani, holding FSIH in družba DII, uporabili, da bi prevzemu sredstev s strani skupine Duferco, ki so bila deloma že v njeni lasti, dali videz enakovrednosti.
In light of the above and of the EDF case-law already referred to in recital 248, the Commission concludes that FSIH did not behave as a private investor in a market economy and thereby conferred an economic advantage on DSIH under conditions that were not market conditions.
Družbo DLP sta namreč holding FSIH in družba DII marca 2011 ustanovila kot nosilec s posebnim namenom, da bi nanjo prenesla belgijska sredstva skupine Duferco.
Given that the sale by DSIH of its activities gave rise only to a claim, which has not been collected and is today held by Duferco Wallonie, the Commission considers the amount of aid granted to DSIH to be equal to the total amount of FSIH's acquisition of a stake, i.e. EUR […] million.
Gre zlasti za sredstva, ki so izhajala iz razpustitve holdinga SIF (ki je bil takrat v 50-odstotni lasti skupine Duferco), in sredstva, ki so bila prek družbe DSIH v skupni lasti s holdingom FSIH.
Measures 4 and 5
Čeprav je bila lupina družbe DLP uradno ustanovljena zunaj skupine Duferco, Komisija meni, da sočasnost in zaporedje prodaje deležev med različnimi hčerinskimi družbami skupine Duferco med junijem in julijem 2011 [52] kažeta, da je bila družba DLP že od svoje ustanovitve odvisna od skupine Duferco.
The unsuitability of a comparative approach
Poleg tega in kar je še pomembneje, Komisija ugotavlja, da se po izvedbi obravnavanega ukrepa finančno stanje skupine Duferco in z njim povezana tveganja skoraj niso spremenili.
To assess this, the Commission may adopt a comparative approach and evaluate the loans in question with reference to market transactions that it considers comparable.
Nasprotno pa se je po izvedbi obravnavanega ukrepa bistveno spremenilo finančno stanje holdinga FSIH.
This is the framework in which the Commission asked Belgium to indicate whether [the parent company of the Duferco Group at the time] and SIF had obtained comparable loans in 2009 through financial institutions other than FSIH and, if so, under what conditions.
Holding FSIH je namreč pridobil 49,7 % pomembnih jeklarskih sredstev v obratih La Louvière in Trebos, ki jih prej ni imel.
With regard to [the parent company of the Duferco Group at the time], Belgium pointed out that, as a non-operational holding company, [the parent company of the Duferco Group at the time] had never needed to resort to bank loans, so it is impossible to compare these two rates with the rates actually applied by banks to this particular company.
[…] milijonov EUR izdatkov za odkup nekaterih jeklarskih sredstev holdinga SIF prek družbe DLP;
For [the parent company of the Duferco Group at the time], the comparators provided by Belgium therefore all concern subsidiaries of the company.
[…] milijonov EUR prihodkov iz naslova prodaje teh istih sredstev s strani holdinga SIF, ki je bil takrat hčerinska družba v 50-odstotni lasti skupine Duferco;
For [the parent company of the Duferco Group at the time], as for SIF, the Commission had already noted in its opening decision [44] that the tables included loans which were not comparable with those in question here: different maturities (generally shorter than those of the two loans in question), different amounts (much lower than the two loans), different nature (the tables include, for example, renewable one year loans and overdraft facilities) and, lastly, the different nature of the collateral (mortgages on buildings or other tangible assets).
[…] milijonov EUR dolga do družbe DSIH prek družbe DLP za nakup družbe Duferco Diversification;
Belgium criticised the Commission for not having sufficiently justified its refusal to treat the loans presented as valid comparators.
[…] milijonov EUR terjatve do družbe DLP prek družbe DSIH za prodajo družbe Duferco Diversification.
The analysis criteria used by the Commission were not admissible since, according to Belgium [45], the interest rate is not a function of (i) the maturity of the loan; or (ii) the nature of the loan; or (iii) the amount of the loan.
To pomeni neto finančni prispevek skupine Duferco v višini […] milijonov EUR za njeno kapitalsko naložbo v družbo DLP za njen 50,3-odstotni delež.
The European Central Bank represented the relationship between the rate of remuneration of a loan and its maturity in a graph [46].
V teh okoliščinah ni mogoče trditi, da je bila ta naložba enakovredna.
The curve of this graph shows very clearly that remuneration increases with the maturity of the loan, in particular for the first 10 years.
Komisija navaja razloge, na podlagi katerih lahko poleg neenakovrednosti transakcije sklepa tudi o neskladnosti z načelom zasebnega vlagatelja v tržnem gospodarstvu.
This observation is also found in the case-law of the General Court of the European Union.
Ti razlogi so povezani s tem, kako je holding FSIH ocenil svojo kapitalsko naložbo v družbo DLP.
In the Arbel Fauvet case [47], the General Court confirmed the Commission's analysis that the conditions of remuneration of a short term credit and a long term credit cannot be similar:
Pred podrobno razčlenitvijo teh ocen Komisija najprej zavrača ugovor, ki ga je navedla […].
‘A current account overdraft granted by a private bank is a very short-term credit facility, unlike the repayable advances at issue, which have a maturity of three years, and the overdraft is not, therefore, subject to the same risk analyses by creditors.
Po navedbah […] naj bi dejstvo, da holding FSIH v zadevnem obdobju ni imel dostopa do drugih dokumentov kot družba DII (zasebni vlagatelj), zadoščalo kot dokaz o preudarnosti naložbe holdinga FSIH.
The fact that a debtor can obtain short-term credit is therefore not sufficient to assess whether it could obtain a longer-term loan, the repayment of which will depend on the debtor's ability to survive.’
Iz razlogov, pojasnjenih v uvodni izjavi (329), je bila obravnavana transakcija za skupino Duferco tako rekoč nevtralna.
The Commission considers that the nature of the loan also influences its remuneration.
Zato ta ni imela nikakršne spodbude za to, da bi predložila podrobna poročila in študije: cena sredstev, ki jih je odkupila družba DLP, je le malo vplivala na njena denarna sredstva.
The risk of relating to the financing project for working capital requirements cannot be remunerated in the same way as the risk of a capital investment project.
To pa ne velja za holding FSIH, ki je moral plačati 49,7 % cene, določene za ta sredstva.
For these reasons, the Commission does not accept Belgium's objection and confirms its refusal to apply a comparative approach on the basis of the loans provided by Belgium.
Dejstvo, da skupina Duferco ni imela drugih dokumentov poleg tistih, ki jih je predložila Belgija, nikakor ne dokazuje, da je holding FSIH ravnal kot zasebni vlagatelj v tržnem gospodarstvu.
After the Commission refused to examine the loans provided by Belgium, […] and SIF wished to bring other loans to the Commission's attention.
V zvezi z vsebino teh ocen Komisija opozarja, da je bilo treba oceniti vrednost štirih elementov: (i) delnic družbe DLLPL, (ii) delnic družbe Duferco Trebos, (iii) odkupljenih zalog družbe Duferco La Louvière Sales in (iv) projekta, ki je upravičeval naložbo v višini [30–40] milijonov EUR v družbo DLLPL.
[…] therefore produced a table setting out 19 multi-currency loans for amounts higher than those listed by Belgium.
Komisija meni, da poročilo Galtier iz maja 2011, ki ga je poslala Belgija, ne zagotavlja stroge ocene vrednosti družbe DLLPL.
Of these 19 loans, the Commission notes that only one was granted in 2009.
V njem je omenjena samo poštena vrednost („fair value“) opredmetenih sredstev obrata La Louvière, ne obravnava pa niti nobene obveznosti niti nobenega poslovnega načrta.
In this instance, it concerns a payment facility that could be mobilised for durations of the order of one month (the FSIH loan was concluded for six years).
Je pa izvedenska družba Galtier Komisijo prek Belgije obvestila, da je njena ocena temeljila na verodostojnem poslovnem načrtu.
Given these substantial differences, the Commission takes the view that the 19 loans presented by […] are not good comparators for the FSIH loan.
Neskrajšana različica poslovnega načrta, če je obstajala, Komisiji ni bila poslana.
With regard to SIF, the Commission does not consider the two loans brought to its attention to be relevant.
Belgija je isto trdila v zvezi z nakupno ceno delnic družbe Duferco Trebos, in sicer da je dokument z naslovom „Vrednost pri uporabi opredmetenih in neopredmetenih sredstev družbe Trebos“ iz maja 2011 dejansko zbir študij in poročil, ki naj bi vključeval dve strani dolg predhodni poslovni načrt, ki ga je pripravila skupina Duferco [55].
Admittedly they are two long-term loans.
Datum priprave tega dokumenta ni naveden.
However, both these loans had significant collateral: (i) collateral from DPH and NLMK; (ii) for the Rabobank loan: […]; (iii) for the Sumitomo loan: a guarantee from […].
Cilj poročila iz leta 2011 je bil oceniti vrednost sredstev pri uporabi in ugotoviti vrednost strank v splošnih poslovnih sredstvih.
The loan granted by FSIH does not have any guarantee.
Izvedeni nista bili niti revizija računov niti revizija podjetja.
Furthermore, the loans presented by SIF were […], while the loan granted by FSIH is […].
Predložena ni bila nobena splošna ocena vrednosti celotne družbe Duferco Trebos.
It follows from this information that the loan granted by FSIH was riskier than those mentioned by SIF.
V zvezi s tema dvema pridobitvama Belgija sicer priznava, da „se strankam ni zdelo potrebno predložiti verodostojnega poslovnega načrta.
Therefore these loans cannot be used as comparators.
Holding FSIH je zelo dobro poznal predmet svoje pridobitve.“ Komisija meni, da je poznavanje podjetja koristno, vendar vlagatelju, katerega odločitev za naložbo je odvisna od prihodnje pričakovane donosnosti, ne zadošča.
In light of the above, the Commission concludes that the examples of loans supplied by Belgium […] and SIF are not comparable with the two loans under investigation.
Kar zadeva oceno zalog družbe Duferco La Louvière Sales, ki jo obvladuje družba SIF, je Belgija predložila dokument, ki po njenem mnenju potrjuje, da je bila tržna cena zalog višja od njihove knjigovodske vrednosti, na podlagi katere se je določila prodajna cena.
The comparative method is therefore not conclusive in this instance.
Komisija znova ugotavlja, da datum priprave tega dokumenta ni naveden.
Analysis of the loans using the 2008 Reference Rate Communication
Nazadnje, v zvezi z naložbo v višini [30–40] milijonov EUR v družbo DLLPL je Komisija Belgijo v sklepu o začetku postopka prosila, naj predloži vse študije in poslovne načrte v zvezi s to naložbo.
In cases where it is difficult or impossible to identify comparable transactions on the market, the Commission has drawn up indicators that serve to determine whether loans contain any aid.
Belgija je potrdila, da je na koncu en sam poslovni načrt upravičeval naložbo v višini [30–40] milijonov EUR, drugi navedeni načrti pa so postali brezpredmetni, ker so zadevali druge projekte, ki so bili zavrnjeni.
For loans, the methodology for calculating a reference rate that would serve as the market price is described in the 2008 Reference Rate Communication.
Belgija je tako Komisiji predložila eno stran dolg načrt brez datuma, ki je vključeval preglednico z dobičkom pred obrestmi, davki in amortizacijo do leta 2016, brez kakršnega koli pojasnila ali domneve, na kateri bi temeljile navedene številke.
This methodology is based on two basic parameters: the interest margin and the level of collateral.
Po mnenju Komisije pomanjkljivosti tega dokumenta ne odtehtajo drugi dokumenti, na katere se sklicuje Belgija.
The Commission would first apply this methodology to the loan granted to [the parent company of the Duferco Group at the time].
V dokumentu z naslovom „Projekt za prihodnost jeklarstva v La Louvièru“ iz februarja 2011 je podrobno pojasnjena strategija ohranitve dejavnosti proizvodnje podolgovatih in ploščatih izdelkov.
Belgium argues that [the parent company of the Duferco Group at the time] could justify an AAA rating at the time the loan was granted by FSIH.
Ena stran je namenjena zgodovinskemu razvoju družbe DLLPL v zadnjih petih letih.
On the basis of the table setting out some forty loans in euros held by Duferco in 2009 [48], Belgium argues that the margins applied by commercial banks to Duferco reflect an AAA rating with high collateral, according to the 2008 Reference Rate Communication.
Dokument z naslovom „Načrt trženja podolgovatih izdelkov v obdobju 2011–2013“ je omejen na študijo zadevnega sektorja.