natgillin/translations-raw huggingface dataset:
Should such a situation arise, however, the PSA Group is willing to undertake not to acquire a licence from a third party during the implementation of the restructuring plan.
Kljub temu družba Fiat meni, da možnost prejemanja pomoči in posledičnega zmanjšanja končnih stroškov razvoja novih tehnologij v primerjavi s konkurenti nedvomno daje prednost prejemniku pomoči.
Lastly, the French authorities consider that the effects of this measure are not cancelled out by the 50CO2Cars project given that the latter relates to a market and customer base (high-end) other than those concerned by the compensatory measure and provides CO2 gains differing from those provided by the hybrid plug-in technology.
UČINEK JAMSTVA NA TRG
On setting a maximum penetration rate for BPF
Po mnenju družbe Fiat javno jamstvo BPF ustreza eni tretjini dolgov interne banke PSA.
The French authorities point out first that this measure is the most targeted compensatory measure and the best able to remedy any distortions of competition resulting directly from the award of aid in the form of a guarantee for BPF.
Transakcija poleg tega ne predvideva nobenega plačila provizije za prevzete obveznosti.
They contend that capping the penetration rate at the rate for the second half of 2012 with 1 % flexibility is necessary if BPF's penetration rate is to evolve in line with the Group's needs and if BPF is to be able to carry out its systemic role in relation to PSA's automotive activity.
Družba Fiat meni, da bi bilo treba dodati vsaj 100 bazičnih točk, da bi bili stroški jamstva v skladu s tržno prakso.
In so far as it is predicted that the upward trend in the penetration rate recorded between 2001 and 2012 will continue between 2012 and 2013, this cap will significantly limit BPF's competitive ability.
Poleg tega bo javno jamstvo izkrivljalo konkurenco, kar zadeva druge interne banke na trgih.
In the view of the French authorities, the planned flexibility will not dilute the effectiveness and binding nature of the proposed compensatory measure.
Jamstvo bo pomenilo, da bodo delnice, ki jih izda BPF, ocenjene tako kot francoske, in sicer kot Aa1/AA, namesto da bi bile ocenjene na podlagi lastnih prednosti.
In the light of the foreseeable market trend, BPF's penetration rate will systematically be behind by one year and thus lower than that of its most comparable competitors.
Družba Fiat iz tega sklepa, da bo bonitetna ocena BPF ostala enaka do leta 2016.
Moreover, in reply to a question from the Commission, the French authorities are willing to include the captive banks of the Fiat and Ford groups in the panel of banks chosen for the indexing of BPF's penetration rate.
Po mnenju družbe Fiat dodelitev tega jamstva jasno kaže razliko med stroški financiranja med skupino PSA in BPF, ki je ocenjena na 40 bazičnih točk.
COMMENTS FROM INTERESTED PARTIES
Čeprav so glavne bonitetne agencije njeno bonitetno oceno v začetku leta 2013 znižale, je BPF še vedno imela za eno stopnjo višjo bonitetno oceno, kot bi jo lahko imela brez jamstva.
Following the opening decision, the Commission received comments from five interested parties, namely the PSA Group, an enterprise which wished to remain anonymous (‘the anonymous third party’), Fiat, GM and Toyota.
Splošneje družba Fiat meni, da so interne banke avtomobilskih proizvajalcev izjemno učinkoviti instrumenti trženja in prodaje:
COMMENTS FROM THE ANONYMOUS THIRD PARTY
za iskanje novih strank, saj jim ponujajo zelo privlačne pogoje financiranja [45];
The anonymous third party informed the Commission of its concerns about certain of PSA's trading practices.
za spodbujanje prodaje, zlasti ker „konvencionalne“ finančne ustanove črpajo iz segmenta posojil strankam in trgovcem, ter
It considers that PSA gives priority to French component suppliers to the detriment of non-French suppliers.
za okrepitev zvestobe že obstoječih strank.
PSA's behaviour in relation to the component supplier Agrati France is revealing, according to the anonymous third party: PSA helped it to avoid its imminent winding up by the courts by purchasing products from it at prices well above the market price.
Družba Fiat meni, da bi povečanje stroškov financiranja BPF za 100 bazičnih točk neposredno, nemudoma in zelo negativno vplivalo na dobičke skupine PSA v evropskih državah.
According to this anonymous third party, despite the damage that a breakdown in supplies caused it, PSA also decided not to make any claim against Agrati France, so as not to increase the financial difficulties of this already ailing firm.
IZRAVNALNI UKREPI
In its comments, the anonymous third party alleges that the relations between PSA and the French Government, and the public support forming the subject matter of these proceedings, infringe the rules of the internal market, especially those concerning the free movement of goods in Article 34 TFEU.
Po mnenju družbe Fiat je bilo o zmanjšanju zmogljivosti odločeno v predhodnem načrtu, na podlagi katerega je bilo načrtovano zaprtje nedonosnih obratov.
In order to assist Agrati France, it considers that PSA used its participation in the Fonds de modernisation des équipementiers automobiles (‘FMEA’ [Modernisation Fund for Automotive Component Suppliers]), and thus indirectly granted it aid of EUR 17 million.
Načrtovana zaprtja zato niso ključna za ponovno vzpostavitev uspešnega poslovanja PSA (saj ravni uporabe ostajajo nespremenjene).
By way of compensatory measure, the anonymous third party lastly calls for PSA to withdraw from the FMEA and to give up any financial holding in suppliers or distributors of automotive components for as long as it continues to receive public aid, for the recovery of the sums that it granted to Agrati France and for the implementation of a transparent and non-discriminatory system for selecting its suppliers.
Njihov učinek zato ne bo presegal zmanjšanja režijskih stroškov.
As regards market forecasts, GM stresses that most automotive manufacturers use data from institutes such as Global Insight or POLK.
Načrtovana ukinitev motorjev s kompresijskim vžigom, večjih od dveh litrov, je najverjetneje povezana s sedanjim trendom zmanjševanja prostornine (v nadaljnjem besedilu: zmanjševanje) med proizvajalci.
As regards the 50CO2Cars R&D project, GM points out that all manufacturers are investing in technologies to reduce gas emissions.
V zvezi z obratom Sevelnord družba Fiat meni, da ta ukrep ne pomeni dejanskega zmanjšanja zmogljivosti, temveč zgolj začasno dajanje te zmogljivosti v zakup konkurentu, ki pa bi jo PSA po potrebi zlahka pridobila nazaj.
Generally speaking, it is difficult to predict how industrially successful this research will be in future.
V zvezi z zadnjim izravnalnim ukrepom družba Fiat poudarja, da je zaradi nezadostnosti predloženih informacij težko proučiti posledice ukinitve priključne hibridne tehnologije.
This is, moreover, a field in which manufacturers could well work together in order to achieve economies of scale.
Lahko pa bi bila tudi način za odpravo slabe tehnološke izbire.
In GM's view, the aid of EUR 85 million for the 50CO2Cars project is not a significant amount when compared with R&D expenditure in the sector; it is, however, a non-negligible amount for an R&D project intended to develop a mild hybridisation system.
Družba Fiat meni, da se ni mogoče osredotočiti na eno samo tehnologijo in doseči cilje zmanjšanja emisij, ki jih je določila Evropska unija.
GM considers that this measure would be unlikely to deter a rival manufacturer from developing its own R&D programme in the same field, bearing in mind the current technological uncertainties.
V zvezi z izravnalnim ukrepom, ki zadeva stopnjo prodora na trg, družba Fiat meni, da učinka izkrivljanj jamstva ne bi mogel omejiti noben izravnalni ukrep.
As regards the role of automotive manufacturers' captive banks, GM considers that they undoubtedly facilitate vehicle sales by offering their customers attractive financing solutions.
PRIPOMBE DRUŽBE TOYOTA
They offer manufacturers very flexible ways of provoking short-term reactions in the automotive market.
Družba Toyota meni, da ne more predložiti pripomb na načrt prestrukturiranja PSA, to pa poleg tega tudi ni njena naloga.
Lastly, GM considers that PSA has embarked upon a significant reduction of capacity which it considers to be difficult and complex.
Družba Toyota potrjuje, da so predpostavke, na katerih temelji načrt PSA, verjetne.
COMMENTS FROM FIAT
Na splošno napovedovanje omejujejo številni dejavniki, ki vplivajo na trg.
RESTORING VIABILITY
V zvezi s projektom Avtomobili 50 CO2 družba Toyota meni, da bo razvoj kakršne koli okoljske tehnologije ključni dejavnik pri prodaji proizvajalcev.
From the point of view of restoring viability, Fiat refers to the comments by certain analysts, especially the forecasts of Global Insight, which predict a downturn in sales and then a possible upturn, albeit small and very gradual, in 2015/2016.
Po njenem mnenju bo prodaja bencinskih hibridnih vozil v prihodnosti večja od prodaje dizelskih hibridnih vozil, hkrati pa se strinja o morebitnem obstoju trga dizelskih hibridov.
In its view, the reasons for the current crisis in the automotive market are:
Njihova prodaja pa bo zaradi višjih stroškov te tehnologije še vedno manjša od prodaje bencinskih hibridov.
the strong competitive pressure in the market, especially in the mass segments, generated by the arrival of new Korean, and possibly Japanese and Indian, competitors;
Družba Toyota ne pričakuje, da bo ta projekt R in R preprečil vstop konkurentov PSA na trg blagih hibridov.
the bipolarisation of the market, in which only premium vehicles offer potential profits;
V zvezi z vlogo internih bank se družbi Toyota zdi, da bodo na splošno pomagale izboljšati zvestobo strank blagovni znamki za približno 15 %.
the tendency for consumers to go increasingly for low-end products;
Poleg tega so stopnje prodora na trg pri segmentih malih vozil višje.
the lack of any clear prospects of a return to pre-crisis sales levels, and lastly;
V zvezi z izravnalnimi ukrepi se družba Toyota sprašuje, ali je ukrep ukinitve modelov z nizko prodajo mogoče zakonsko opredelitvi kot tak ukrep.
the structural overcapacity of European manufacturers.
Meni, da sodelovanje med družbo Toyota in PSA v obratu Sevelnord ni predpogoj za preživetje skupine PSA.
THE 50CO2CARS PROJECT
Priključna hibridna tehnologija po njenem mnenju še ni dovolj razvita zaradi stroškov, ki jih povzroča, in infrastrukture, ki jo zahteva.
On the 50CO2Cars project, Fiat considers, despite the little information available, that the objective seems achievable.
Po mnenju družbe Toyota je popolna hibridna tehnologija še vedno edina srednjeročna tehnološka rešitev.
Fiat stresses, however that the unit cost per vehicle of this type of technology might limit its market penetration, both because sale prices would be high and because it would be difficult for the manufacturer to make any profits from sales.
Družba Toyota meni še, da ne more oceniti primernosti izravnalnih ukrepov, ki jih predlaga skupina PSA.
In Fiat's view, the CO2 emission targets set by the European Commission for 2020 are a real challenge for all manufacturers.
PRIPOMBE SKUPINE PSA
If they are to be met, a multiple R&D approach has to be pursued, and not just one that focuses on a single R&D project to develop a single technology, which the 50CO2Cars project seems to be doing (in Fiat's view of it).
Skupina PSA v polnosti podpira pripombe, ki so jih predložili francoski organi.
Fiat does not know whether other manufacturers are receiving public aid to support R&D projects.
PSA se nato sklicuje na svojo strategijo za ponovno vzpostavitev uspešnega poslovanja s prilagoditvijo proizvodnega aparata novim tržnim razmeram.
In its view, the only barriers to exit from innovation processes are costs, the necessary investment and the time needed to correct technological choices.
Ta prilagoditev bo zlasti vidna v znatnem zmanjšanju prisotnosti skupine na trgu.
Nor is the technological advance made by the 50CO2Cars project a barrier to entry.
PSA poudarja tudi, da bodo ti ukrepi prestrukturiranja skoraj izključno financirani iz lastnih sredstev na podlagi prodaje dobičkonosnih sredstev.
Fiat considers, however, that the possibility of receiving aid and therefore of reducing the final cost of the development of new technologies in comparison with competitors undoubtedly confers an advantage on the aid beneficiary.
Ti ukrepi bi po njenem mnenju zadostovali, če BPF zaradi pravil bonitetnih agencij ne bi bila po krivem kaznovana, saj težave interne banke izhajajo zgolj iz njenih povezav s skupino PSA.
THE IMPACT OF THE GUARANTEE ON THE MARKET
Po mnenju PSA je bila državna intervencija zato potrebna zgolj zaradi teh pravil bonitetnih agencij.
In Fiat's view, the public guarantee to BPF corresponds to one third of the debts of PSA's captive bank.
PSA iz navedenega sklepa, da bo javno jamstvo imelo zgolj omejen učinek, zlasti ker BPF ne bo odobrena nobena neposredna javna subvencija.
The transaction does not, moreover, make any provision for the payment of a commitment fee.
PSA poudarja tudi, da mora poleg ukrepov prestrukturiranja preusmeriti tudi svojo trgovinsko politiko.
Fiat is of the view that at least 100 basis points should be added if the cost of the guarantee is to be in line with market practice.
Usmerila naj bi se na projekte R in R, katerih cilj je znižati stroške tehnoloških inovacij za končne potrošnike, in na večjo internacionalizacijo skupine, s čimer bi bila manj izpostavljena nihanjem na evropskem trgu, zlasti v državah južne Evrope.
Lastly, the public guarantee will distort competition as regards the other captive banks in the markets.
PSA ugotavlja, da bo, če bo položaj evropskega avtomobilskega trga slabši od predvidenega, sprejela vse potrebne ukrepe, da bo zagotovila ponovno vzpostavitev dolgoročnega uspešnega poslovanja.
The guarantee will mean that the shares issued by BPF are rated in the same way as the French State, namely Aa1/AA, rather than being rated on their own merits.
V zvezi z izravnalnimi ukrepi PSA meni, da predstavljajo znatna pomembna prizadevanja, ki bodo v veliki meri prizadela konkurenčnost v vseh segmentih.
Fiat concludes from this that BPF's rating will remain the same up to 2016.
Po mnenju PSA se zdijo zelo obsežni v primerjavi z zneskom pomoči in zlasti z obsegom finančnih sredstev, ki jih je PSA namenila za financiranje svojega prestrukturiranja.
In Fiat's view, the grant of this guarantee clearly explains the financing cost differential between the PSA Group and BPF, estimated at 40 basis points.
Ker se iz jamstva zaradi strukture bilance stanja BPF najverjetneje ne bo črpalo, bodo učinki pomoči na konkurente skupine PSA poleg tega zelo omejeni.
Fiat considers that BPF could finance itself in the secondary market with a ‘new’ differential of 360/380 basis points as it would be aware that the differential of a PSA Group bond would be some 400 basis points for a 2016 maturity.
Učinek načrtovanih izravnalnih ukrepov bo zelo velik.
At the time of the EUR 1,2 billion issue covered by the State guarantee that BPF made in March 2013, the total financing cost was approximately 270 basis points.
Z industrijskega vidika bo ukinitev priključne hibridne tehnologije znatno negativno vplivala na evropski trg.
Fiat also considers that the public guarantee helped BPF to renegotiate the terms of its loans with financial institutions and to align them with the terms demanded by the French State.
Poleg tega PSA meni, da ji bo prenos proizvodne zmogljivosti enemu svojih neposrednih konkurentov v obratu Sevelnord omogočil dostop do trga.
Lastly, the public guarantee will have a positive impact on BPF's rating.
Na tržno podobo PSA bodo vplivala tudi zmanjšanja naložb.
Although its rating was downgraded in early 2013 by the main rating agencies, BPF continued to benefit from a higher rating, equivalent to one notch, than it might have expected without the guarantee.
To velja še posebej za ukinitev dveh modelov v segmentu lahkih gospodarskih vozil, v katerem ima PSA velik tržni delež.
Fiat refers in particular to the statements made by Standard and Poor's on 28 January, 14 February and 18 April 2013.
Neobnovitev vrhunskih vozil in zmogljivih motorjev bo poleg tega otežila njeno sodelovanje pri oddaji ponudb za podjetniške stranke ter bo vplivala na podobo blagovne znamke skupine še dolgo po obdobju prestrukturiranja.
Fiat stresses, moreover, that it is widely accepted that a commitment to grant a guarantee or any financing necessarily improves the beneficiary's financial situation whatever the level of drawdown of the financing made available.
Po mnenju PSA bo omejitev stopenj prodora BPF na trg in njihova indeksacija na trende med internimi bankami glavnih konkurentov v veliki meri izravnalo domnevni učinek pomoči na trg.
More generally, Fiat is of the view that the captive banks of automotive manufacturers are extremely efficient marketing and sales instruments:
PSA poudarja še, da bo pomoč, ki jo dodeli Komisija, poglavitno vplivala na francosko gospodarstvo glede na obseg avtomobilskega sektorja v Franciji (več kot dva milijona neposrednih in posrednih delovnih mest).
for attracting new customers by offering very attractive financing terms [45];
Oživitev PSA bo imela poleg tega ključno vlogo pri vitalnosti in konkurenčnosti avtomobilske industrije v Evropi.
for supporting sales, especially as ‘conventional’ financial establishments are withdrawing from the segment of loans to customers and dealers; and
V zvezi s tem PSA ugotavlja, da so nekateri konkurenti prejeli (ali še vedno prejemajo) znatno podporo svojih vlad prek ohranjanja menjalnih tečajev, ki zlasti koristijo njihovemu izvozu, ali začasne nacionalizacije njihovih internih bank.
for stepping up the loyalty of consumers who are already customers.
Drugim proizvajalcem zunaj Evropske unije koristijo sklenjeni prostotrgovinski sporazumi, ki jim omogočajo razvoj agresivne trgovinske politike na evropskem trgu.
Fiat considers that an increase of 100 basis points in BPF's financing cost would have a direct, immediate and highly adverse effect on the profits of the PSA Group in European countries.
PRIPOMBE FRANCIJE V ZVEZI S PRIPOMBAMI ZAINTERESIRANIH STRANI
THE COMPENSATORY MEASURES
PRIPOMBE V ZVEZI S PRIPOMBAMI ANONIMNE TRETJE STRANI
In Fiat's view, the capacity reduction had been decided in a previous plan under which it was planned to close unprofitable plants.
Francoski organi poudarjajo, da dodelitev pomoči za prestrukturiranje skupine PSA trgovcev na evropskem avtomobilskem trgu očitno ne zanima zelo: pripombe so predložile le štiri zainteresirane strani (kljub obveščanju javnosti v zvezi s sklepom o začetku postopka).
The planned closures are not therefore fundamental from the point of view of restoring PSA's viability (as the usage levels remain unchanged).
V zvezi s pripombami anonimne tretje strani (povzetimi v uvodnih izjavah 179 do 182 oddelka 5.1 zgoraj) francoski organi poudarjajo, da niso nikakor povezane s sedanjim postopkom proučitve pomoči za prestrukturiranje skupine PSA, temveč zadevajo pritožbo, ki jo je ta anonimna tretja stran vložila pri Evropski komisiji.
Their impact will be no more than a reduction of overheads.
Kot popolnoma drugotno francoski organi menijo, da v teh pripombah niso predloženi oprijemljivi dokazi za domnevne poteze PSA z družbo Agrati France in da ima lahko PSA kot zasebno podjetje kakršne koli poslovne odnose s svojimi dobavitelji.
On the CAPEX reductions, Fiat considers that PSA will use its restructuring plan opportunistically to justify its strategic decisions to reposition in segments B and C, and to conceal other less effective measures taken beforehand.
V zvezi s tem PSA v okviru sodelovanja s skupino GM od 25. februarja 2013 izvaja politiko za racionalizacijo nabave, zlasti prek sistematičnih povabil k oddaji ponudb, s katerimi želi doseči najboljše tržne cene.
The planned discontinuation of diesel engines of more than two litres is probably connected with the current trend among manufacturers to reduce their cubic capacities (‘downsizing’).
Francoski organi poudarjajo, da lahko člen 34 PDEU krši samo ukrep, za katerega je odgovorna državna članica, ne uporablja pa se pri odločitvah zasebnih podjetij, kot je PSA.
On Sevelnord, Fiat is of the view that this measure is not a real reduction of capacity but merely the temporary leasing of this capacity to a competitor which PSA could fairly easily recover if it needed to do so.
Domnevno ravnanje sklada FMEA poleg tega ni povezano s temi postopki.
Lastly, on the final compensatory measure, Fiat points out that the scant information provided makes it difficult to analyse the consequences of discontinuing the hybrid plug-in technology.
Francoski organi sklepajo, da pregleda zadevne pomoči ne bi smela ovirati neutemeljena obtožba kršenja člena 34 PDEU, ki poleg tega zadeva dejstva, ki niso povezana z zadevno pomočjo ali prestrukturiranjem skupine PSA.
This discontinuation is in line, in its view, with PSA's repositioning on the market.
PRIPOMBE V ZVEZI S PRIPOMBAMI SKUPINE GM
It can also be seen as way of remedying a poor technological choice.
Francoski organi niso predložili pripomb v zvezi s pripombami skupine GM (povzetimi v uvodnih izjavah 183 do 186 oddelka 5.2 zgoraj).
Fiat considers that it is not possible to concentrate on a single technology to achieve the emission reduction targets set by the European Union.
PRIPOMBE V ZVEZI S PRIPOMBAMI DRUŽBE FIAT
As regards the compensatory measure concerning the penetration rate, Fiat considers that no compensatory measure would be able to limit the impact of the distortions caused by the guarantee.
PONOVNA VZPOSTAVITEV USPEŠNEGA POSLOVANJA SKUPINE PSA
COMMENTS FROM TOYOTA
Po mnenju francoskih organov pripombe družbe Fiat o tej točki (povzete v uvodnih izjavah 187 do 188(e) oddelka 5.3.1 zgoraj) vključujejo napoved tržnih trendov, ki je bolj optimistična od napovedi skupine PSA, kar potrjuje, da je scenarij skupine PSA dovolj verjeten in previden.
Toyota considers that it is unable to comment on PSA's restructuring plan and that it is, in any case, not its place to do so.
Ugotavljajo tudi, da se družba Fiat (ob družbi Opel) strinja, da podatki inštituta IHS Global ustrezno ocenjujejo napovedi sprememb na trgu.
Toyota confirms that the assumptions on which the PSA plan is based are credible.
Družba Fiat meni, da na podlagi informacij, ki so na voljo, ne more predložiti pripomb v zvezi s ponovno vzpostavitvijo uspešnega poslovanja.
In general, the many factors influencing the market make any forecasting exercise very difficult.
Zato francoski organi menijo, da ni smiselno izpodbijati posameznih točk, ki so jih izpostavili analitiki, ki jih navaja družba Fiat.
On the 50CO2Cars project, Toyota considers that the development of any environmental technology will be a key factor in manufacturers' sales.
ELEMENT POMOČI V JAMSTVU IN NJEGOV UČINEK NA TRG
In its view, sales of petrol hybrid vehicles will be higher in future than sales of diesel hybrid vehicles, although it agrees that there could be a market for diesel hybrids.
Francoski organi poudarjajo, da družba Fiat v svojih pripombah v zvezi s to točko (povzetih v uvodnih izjavah 191 do 196(c) oddelka 5.3.3 zgoraj) ocenjuje višino elementa državne pomoči okoli 100 do 110 bazičnih točk, tj. znesek pomoči v višini 231 milijonov EUR, kar je veliko pod spodnjim delom razpona, ki ga Komisija navaja v sklepu o začetku postopka.
Sales will remain, however, below those of petrol hybrids because of the higher cost of this technology.
Po mnenju francoskih organov ocena družbe Fiat dokazuje, da je znesek pomoči, ki ga navaja Komisija, najverjetneje ocenjen previsoko.
Toyota does not expect this R&D project to prevent PSA's competitors from penetrating the mild hybrid market.
V zvezi z vključitvijo provizije za prevzete obveznosti francoski organi poudarjajo, da je bila premija za jamstvo, ki jo je skupina PSA plačala državi, izračunana na podlagi skupnih stroškov bank, ki sodelujejo v novem bančnem konzorciju za odobravanje dolgoročnih posojil (440 bazičnih točk), razen če njihovi stroški likvidnosti (ki so ocenjeni na 180 bazičnih točk glede na enomesečno povprečje petletnega indeksa iTraxx Senior Financial).