natgillin/translations-raw huggingface dataset:
If the PSA Group's Net Debt (as defined above) is brought, in a given year (N), to a level below that forecast for that year by the MTP 2013 v1 dated 31 May 2013 as notified by the French authorities on 3 June 2013, the ceilings of EUR 100 million per annum laid down in this commitment will automatically be increased, for the following year (N + 1), in line with the difference, expressed in EUR million, between the level of the PSA Group's Net Debt achieved in year (N) and that forecast for that same year in the MTP 2013 v1 dated 31 May 2013 as notified by the French authorities on 3 June 2013.
Ob zmanjšanih stroških financiranja lahko BPF izboljša svoje ponudbe financiranja in s tem spodbudi prodajo vozil blagovne znamke Peugeot in Citroën.
COMMITMENT IN RELATION TO THE FINANCING MARGIN GRANTED TO DEALERS
Skupina PSA in tretje strani se strinjajo in poudarjajo pomembnost vloge internih bank pri spodbujanju in razvoju prodaje vozil.
The French authorities undertake, as regards the 50CO2Cars project, as defined in part 1.2 of the notification by the French authorities dated 12 March 2013, that the grant of EUR 24,5 million initially planned for the PSA Group will take the form of repayable advances, with repayment terms, conditions and methods similar, mutatis mutandis, to those of the EUR 61,4 million of repayable advances already planned for the 50CO2Cars project.
Skupina Fiat precej obširno opisuje učinek financiranja internih bank na prodajo avtomobilske skupine.
The repayment timetable initially planned will be retained.
Po njenem mnenju ima to financiranje tri glavne učinke: privabljanje novih strank, spodbujanje postopkov prodaje in povečevanje zvestobe strank.
The amounts to be repaid at each deadline will be increased pro rata to the increase in the amount of the advances.
Družba Fiat navaja interno izvedeno študijo o privlačnosti modela Punto, ki je odvisna predvsem od pogojev financiranja (kot so nizke obrestne mere).
IMPLEMENTATION AND INDEPENDENT EXPERT
Konkurenti, ki ne ponujajo privlačnih pogojev financiranja (na primer Peugeot), so bili manj prisotni med prednostnimi izbirami strank.
The French authorities undertake that the PSA Group will appoint an Independent Expert responsible for examining in detail the application of the commitments made in the letter of commitments of 23 July 2013 (‘the Independent Expert’) for the term of the restructuring plan, i.e. up to 31 December 2015, under the conditions set out in the Annex.
Po podatkih iz druge interne raziskave serije Eco je večina vprašanih strank povedala, da brez ponudbe ničodstotnega financiranja ne bi kupila njihovega avtomobila (ali bi se obotavljala pri nakupu).
ASSESSMENT OF AID
Družba Fiat iz tega sklepa, da imajo nepovratna sredstva, namenjena spodbujanju dejavnosti interne banke, „takojšen in neposreden“ učinek na prodajo vozil.
EXISTENCE OF AID WITHIN THE MEANING OF ARTICLE 107(1) TFEU
Po podatkih iz še ene interne raziskave, ki jo navaja družba Fiat, uporaba interne banke vpliva tudi na obstoječe stranke blagovne znamke, ki bi radi zamenjali svoje vozilo.
According to Article 107(1) TFEU, ‘any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the internal market’.
Delež strank, ki se odločijo kupiti avtomobil blagovne znamke Fiat, je višji med strankami, ki so za prejšnji nakup prejele financiranje interne banke.
On the basis of this provision, the Commission considers that the characterisation of a national measure as State aid requires the following cumulative conditions to be met, namely: (i) that the measure in question confers an economic advantage on its beneficiary, (ii) that this advantage originates from the State, (iii) that this advantage is selective and (iv) that the measure in question distorts or threatens to distort competition and is likely to affect trade between the Member States.
V zvezi z učinkom spremembe stroškov financiranja interne banke je družba Fiat dodala nekaj količinskih informacij in navedla, da bi povečanje stroškov financiranja za 100 bazičnih točk lahko zmanjšalo stopnjo prodora na trg za 5–10 %.
The Commission considers that the State guarantee to BPF and the repayable advances to the PSA Group for the conduct of the 50CO2Cars R&D project constitutes State aid within the meaning of Article 107(1) TFEU, for the following reasons.
Videti je, da izkušnje družbe Fiat na evropskem trgu prek skupnega podjetja FGA Capital tako potrjujejo neposredno in negativno povezavo med stroški financiranja interne banke in njeno stopnjo prodora na trg.
STATE GUARANTEE TO THE BANKING SUBSIDIARY OF THE PSA GROUP
Zaradi zmanjšanja stroškov financiranja BPF na podlagi državnega jamstva se bo zato verjetno povečala njena stopnja prodora na trg.
The Commission notes first that in its decision of 11 February 2013 temporarily approving a first tranche of the guarantee as rescue aid, it concluded that the measure constituted aid within the meaning of Article 107(1) TFEU.
Družba Toyota tudi sama potrjuje, da imajo interne banke pomembno vlogo pri krepitvi zvestobe strank blagovni znamki in spodbujanju prodaje: družba Toyota meni, da interne banke povečujejo zvestobo za 15 %, vendar hkrati navaja, da ne more opredeliti učinka povečanja stroškov financiranja za 100 bazičnih točk (čeprav pravi, da bi tak učinek obstajal).
France has not contested that decision and has notified the present measure as restructuring aid.
Iz pripomb zainteresiranih tretjih strani sledi, da bi interna banka ob zmanjšanju svojih stroškov financiranja potencialnim strankam lahko ponudila privlačnejše pogoje financiranja.
On the use of State resources
Te konkurenčne ponudbe posojil bi neposredno vplivale na prodajo vozil in so trenutno eden poglavitnih dejavnikov za rast te prodaje.
On the transfer of State resources, it should be noted that the guarantee is to be granted by France pursuant to Article 85 of the Amending Finance Law No 2012-1510 of 29 December 2012.
Podobno je v publikaciji družbe Morgan Stanley z dne 21. avgusta 2012 navedeno, da bi lahko blagovna znamka ponujala vozila, katerih celotni stroški lastništva so nižji kot pri konkurentih, če bi finančna podružnica avtomobilskega proizvajalca prejemala nižje stroške financiranja.
This fact is enough on its own to prove that the measure originates from the State.
Na splošno ta študija kaže, da so glavni dejavnik pri določanju celotnih stroškov lastništva vozila stroški financiranja interne banke avtomobilskega proizvajalca [47].
On the existence of an economic advantage
Interna banka prek privlačnih ponudb financiranja tako neposredno pomaga zmanjševati celotne stroške lastništva vozil blagovne znamke.
As regards the existence of an advantage, it is settled case-law that, in order to assess whether a State measure constitutes aid, it is necessary to determine whether the beneficiary undertaking receives an economic advantage which it would not have obtained under normal market conditions.
Potrebe po financiranju so zlasti visoke v segmentih B in C, v katerih poteka večina prodaje skupine PSA.
The Commission has therefore to assess the extent to which the guarantee granted to BPF entails market remuneration.
Nedavna študija, ki jo je 5. februarja 2013 izvedla bonitetna agencija Moody's [48], potrjuje pomembno vlogo internih bank, ki so opredeljene kot „ključni del strategije avtomobilske skupine“.
In the notification of 12 March 2013, the French authorities quantified the aid element at between EUR 453 and 480 million for a maximum guarantee amount of EUR 7 billion in principal.
Študija poudarja tudi, da so avtomobilske skupine glede na recesijo in zniževanje prodaje bolj naklonjene uporabi internih bank za spodbujanje svoje prodaje.
These figures were based on an interpolation of BPF's bond yields for a three-year maturity.
Te posebne razmere je treba upoštevati tudi pri proučevanju tveganja izkrivljanja na podlagi državne pomoči.
In the comments by France on the opening decision, summarised in recital 128 above, the French authorities consider that the amount of aid resulting from the guarantee is EUR 396 million, with a risk premium of 40 basis points and a reference period of three months.
Glede na načrt za uspešno poslovanje BPF, ki so ga priglasili francoski organi, naj bi se vloga internih bank v prihodnosti okrepila zaradi štirih glavnih razlogov (glej uvodno izjavo 116).
If the risk premium were to be 24 basis points (as recorded for the issues made pursuant to the rescue aid), the amount of the aid would then be EUR 429 million.
Državno jamstvo bo zato neposredno vplivalo na konkurenčno ravnanje BPF, katere že tako pomembna vloga se bo verjetno še okrepila zaradi tržnih trendov, ki so opisani v načrtu za uspešno poslovanje iz uvodne izjave 285 zgoraj.
The French authorities have also stressed that the issues made by BPF on 25 March 2013 took place in particularly favourable market conditions; the spreads with respect to fungible Treasury bonds recorded would appear to be at very low levels (24 basis points).
V zvezi s tem Komisija ugotavlja, da obstaja na območju Unije veliko finančnih hiš in da se kapital pretaka med državami članicami.
They therefore consider that a potential surcharge for BPF of some 40 basis points is fully founded.
Komisija na podlagi tega sklepa, da bo zadevni ukrep verjetno okrepil položaj BPF v primerjavi s položajem njenih konkurentov pri trgovanju med državami članicami.
Lastly, the French authorities' reference period runs from 12 July to 16 October 2013 as, in their view, this period makes it possible to take account of the disclosure of the Group's difficulties on 12 July with the announcement of the reorganisation plan, and to smooth the effects of the initial rumours of the grant of the guarantee on 16 October 2012.
Komisija zato sklepa, da to državno jamstvo pomeni državno pomoč z bruto ekvivalentom nepovratnih sredstev v višini 486 milijonov EUR.
First, the Commission points out that, on the basis of the facts presented in recital 30, the amount of aid contained in the guarantee of EUR 1,2 billion temporarily approved on 11 February 2013 had been initially estimated in the rescue decision, according to which the aid element was between EUR 91,8 million and the nominal amount of the guarantee, namely EUR 1,2 billion.
Medtem ko je neposredni upravičenec tega jamstva BPF, bo koristilo tudi skupini kot celoti, če se bo z dejavnostjo BPF financirala prodaja glavne dejavnosti skupine, tj. prodaja vozil.
Applying the same estimation method to the lower level of the aid (spread of 24 basis points and reference period of one month), the aid element contained in the guarantee of EUR 7 billion notified by France is therefore EUR 486 million, as shown in Table 18 below:
JAVNA PODPORA SKUPINI PSA ZA IZVAJANJE PROJEKTA R IN R AVTOMOBILI 50 CO2
Table 18
Javno financiranje [49] skupine PSA za izvajanje projekta R in R Avtomobili 50 CO2 ustreza opredelitvi državne pomoči v smislu člena 107 PDEU.
As regards the assumptions on which these figures are based, the Commission would like to add the following details.
Francoski organi so ta ukrep priglasili kot pomoč za prestrukturiranje.
In recital 51 of the rescue decision, the Commission quantified the aid element for the issue amounts of EUR 1,2 billion as being at least EUR 91,8 million.
To javno financiranje izhaja iz proračunskih sredstev, ki jih je država plačala agenciji ADEME v okviru dela programa prihodnjih naložb „Vozila prihodnosti“.
For the issue amount of EUR 7 billion, the corresponding amount is EUR 535 million.
O obstoju gospodarske prednosti
As described in recital 26 of the opening decision, a yield difference of 24 basis points in comparison with fungible Treasury bonds was recorded when the bonds of EUR 1,2 billion were issued.
Nepovratna sredstva s svojim prispevkom k stroškom R in R zagotavljajo gospodarsko prednost skupini PSA.
The Commission confirms, in accordance with recitals 119 and 120 of the opening decision, that this recorded difference which is due, in France's view, to a lower liquidity of the guaranteed bonds in comparison with fungible Treasury bonds, has to be taken into account in calculating the aid element and to lower it.
Ukrep je posebej namenjen nosilcem projekta R in R Avtomobili 50 CO2, katerega del je tudi skupina PSA, zato ni mogoče trditi, da je njegovo področje uporabe splošno.
As regards the reference period, the Commission considers that the period of one month (16 September-16 October) adopted is long enough to smooth any volatility brought about by the announcement.
O pogojih, ki prizadenejo trgovino med državami članicami in izkrivljajo konkurenco
In order accurately to estimate the aid element, the reference period has in practice to be close to the time of the announcement so that the information on the Group's difficulties is reflected as well as possible in the market yields.
Ker skupina PSA deluje v sektorju izdelave avtomobilov, ki je odprt za trgovanje znotraj Evrope, lahko ukrep prizadene trgovino med državami članicami, spremeni položaj skupine PSA na zadevnih trgih glede na njene konkurente in izkrivlja konkurenco na notranjem trgu.
The secondary market adopted is, lastly, a liquid market and it cannot be concluded that a longer period is necessary as the market was fully aware of the announcement of the PSA restructuring plan in July 2012 and the latest information on vehicle sales.
Komisija zato sklene, da je finančna podpora, ki jo Francija v obliki vračljivih predplačil dodeli skupini PSA za izvajanje projekta Avtomobili 50 CO2, državna pomoč v smislu člena 107(1) PDEU.
Moreover, the Commission considers that on this basis the aid element is correctly quantified and does not have to be recalculated on the basis of the bank's bond yield levels in the secondary market at the time of the individual drawdowns.
Poleg tega Komisija priznava posebno naravo vračljivih predplačil kot instrumenta državne pomoči.
This is the case because France considers that the aid is limited to the minimum necessary to restore viability and therefore that the guarantee will be drawn down in full, and because the representative market price is the level of the secondary bonds prior to the announcement of the aid measure.
Na podlagi najbolj negativne napovedi, po kateri se predplačila ne povrnejo, Komisija zato meni, da bi bilo celotno vračljivo predplačilo dobro šteti kot zgornjo raven zneska zadevne državne pomoči.
This aid gives PSA the option to draw down the guarantee at any time after it has been set up.
PRAVNA PODLAGA ZA OCENO
In recital 51 of the rescue decision, the Commission considered that the amount of aid could be as much as the nominal amount of the bond issues.
V členih 107(2) in 107(3) PDEU so določena odstopanja od splošne nezdružljivosti iz člena 107(1).
In the light of the facts presented in recitals 105 and 106 of the opening decision as to the existence of a liquidity surplus ranging from EUR [1-3]* billion to EUR [2-4]* billion in a stressed scenario in run-off management, the Commission considers that the amount of aid does not exceed the advantage in terms of bond issue price quantified as EUR 486 million in the State guarantee of EUR 7 billion in principal in recital 33.
Odstopanja iz člena 107(2) PDEU se očitno ne uporabljajo za zadevni primer.
This is the advantage that the Group receives if its activity is continued.
Komisija je v svojem sklepu o reševanju začasno odločila, da je pomoč združljiva na podlagi člena 107(3)(b) PDEU.
If the aid had not been granted and the bank had been placed in run-off management, no further advantage would have been obtained by creditors or shareholders (the PSA Group).
Komisija kljub temu meni, da je javno jamstvo, katerega neposredni namen je rešiti likvidnostne težave BPF, poleg tega prineslo prednost skupini PSA.
The Commission notes that, among the interested parties, only Fiat has commented on the quantification of the aid, estimating, in recital 191 above, that at least 100 basis points should be added to the cost of the guarantee if it is to be in line with market conditions.
Tega mnenja francoski organi ne izpodbijajo.
One of Fiat's comments relates to the payment of a commitment fee.
Komisija je poudarila tudi, da so bile likvidnostne težave hčerinske bančne družbe posledica strukturnih težav skupine.
Moreover, the aid element estimated by the Commission is greater than the aid element estimated by Fiat, even when a commitment fee is taken into account, since the Commission estimates that the price paid is 231 basis points lower than the market price and Fiat estimates that the price is 100 basis points lower than the market price.
V skladu s svojo zavezo so francoski organi priglasili načrt za uspešno poslovanje BPF in načrt prestrukturiranja skupine PSA.
On the basis of the above, the Commission may therefore conclude that the aid element contained in the State guarantee of EUR 7 billion in principal is EUR 486 million.
Načrt za uspešno poslovanje BPF je treba oceniti glede na oddelek 2 Sporočila Komisije o ponovni vzpostavitvi uspešnega poslovanja in oceni ukrepov prestrukturiranja v finančnem sektorju v sedanji krizi na podlagi pravil o državni pomoči [50].
On the selective nature of the advantage
Komisija je v uvodni izjavi 84 svojega sklepa o reševanju že izrazila mnenje, da je treba načrt prestrukturiranja proučiti glede na člen 107(3)(c) PDEU in zlasti glede na smernice za reševanje in prestrukturiranje.
The fact that BPF, and therefore the PSA Group, are the sole beneficiaries of the guarantee proves the selective nature of the advantage.
Skupno stališče je, da je bila pomoč dodeljena za ponovno vzpostavitev dolgoročnega uspešnega poslovanja podjetja ter mora biti zato v skladu s smernicami za reševanje in prestrukturiranje, ki so pravna podlaga za oceno.
On the conditions under which trade between Member States is affected and competition is distorted
Poleg tega v skladu s točko 21 smernic za reševanje in prestrukturiranje pogoji za združljivost javne podpore za prizadevanja podjetja v težavah na področju R in R ne bi smeli zaobiti načel občega prava za finančno zdravo podjetje.
As regards the effect on competition and trade, it should be borne in mind that, in accordance with settled case-law, when an undertaking operates in a sector in which producers from various Member States compete, any aid which it may receive from the public authorities is liable to affect trade between the Member States and impair competition, inasmuch as its continuing presence on the market prevents competitors from increasing their market share and reduces their chances of increasing their exports [46].
Komisija ugotavlja, da nobena od zainteresiranih strani ni kritizirala izbire pravne podlage.
In practice, the mechanism by which competition will be distorted has been confirmed by the Commission's analysis, the comments from third parties and the publications of analysts.
UPRAVIČENOST PODJETJA DO POMOČI ZA PRESTRUKTURIRANJE
The PSA Group and the third parties unanimously acknowledge and stress the important role that captive banks play in supporting and developing vehicle sales.
V zadevnem primeru so bili očitni običajni znaki podjetja v težavah, zlasti: vse večje izgube, vse manjši prihodki, presežna zmogljivost, zmanjšanje bruto marže sofinanciranja in zmanjšanje tržnih deležev.
In their comments, the interested third parties stress the direct relationship between the captive bank's activity and vehicle sales.
Poleg tega je dejstvo, da BPF ni mogla zaključiti svojega načrta financiranja za obdobje 2013–2016 brez državnega jamstva, zadosten dokaz, da skupina ni mogla ponovno vzpostaviti uspešnega poslovanja z uporabo lastnih sredstev ali sredstev, ki jih je prejela od lastnikov/delničarjev, ali tržnih virov.
For instance, GM states that financing by captive banks is ‘vital’ and gives automotive manufacturers the ‘flexibility’ to react in the short term to market conditions.
Komisija je v uvodni izjavi 151 sklepa o začetku postopka zato ugotovila, da je bila skupina PSA, posredno in posledično pa tudi BPF, podjetje v težavah v smislu odstavka 2.1 smernic za reševanje in prestrukturiranje.
The Fiat Group describes the impact of captive bank financing of automotive group sales at some length.
Komisija je v uvodni izjavi 152 navedenega sklepa ugotovila tudi, da niti skupina PSA niti BPF nista bili novo ustanovljeni podjetji in da se, ker je bil upravičenec skupina, ni moglo šteti, da so bile težave podjetja posledica samovoljnega prerazporejanja stroškov v skupini.
In its view, this financing has three main effects: attracting new customers, supporting the sales process and making customers more loyal.
Kot so poudarili francoski organi, so bili glavni razlogi za težave skupine posebej povezani s skupino in upadom prodaje na avtomobilskem trgu v Evropi.
Fiat cites a study that it carried out in-house on the attractiveness of its ‘Punto’ model, which is shaped chiefly by financing conditions (such as low rates of interest).
Komisija zato meni, da ji ni treba pregledati svoje ocene v sklepu o začetku postopka v zvezi z upravičenostjo podjetja na podlagi točk 11 in 13 smernic za reševanje in prestrukturiranje.
Competitors not offering attractive financing conditions (Peugeot for instance) were less represented in customer preferences.
Komisija ugotavlja, da te točke ni izpodbijala nobena zainteresirana stran.
According to another in-house survey of the ‘Eco’ series, most of the customers contacted said that they would not have bought their car (or would have delayed doing so) without a 0 % financing offer.
Komisija meni še, da so izpolnjeni pogoji iz oddelka 2.1 smernic za reševanje in prestrukturiranje.
Fiat concludes from this that a grant intended to support the activity of a captive bank has an ‘immediate and direct’ effect on vehicle sales performance.
PONOVNA VZPOSTAVITEV DOLGOROČNO USPEŠNEGA POSLOVANJA
According to a further in-house survey cited by Fiat, the use of a captive bank also has an impact on existing customers of the brand wishing to replace their vehicle.
Ker se je položaj skupine PSA še vedno slabšal, je leta 2012 začela sprejemati ukrepe za ponovno vzpostavitev dolgoročnega uspešnega poslovanja skupine v okviru načrta Okrepitev 2015.
The proportion of customers deciding to buy a car of Fiat brand is higher among customers who obtained financing from the captive bank when making their previous purchase.
Ti zlasti vključujejo ukrepe za zmanjšanje presežne zmogljivosti skupine v segmentu B in načrtovane varčevalne ukrepe.
On the impact of a change to the financing cost of a captive bank, Fiat added some quantitative information by stating that an increase of 100 basis points in the financing cost could reduce the penetration rate by 5 % to 10 %.
V okviru načrta Okrepitev 2015 so predvideni:
Fiat's experience in the European market, through FGA Capital, would thus appear to confirm a direct and negative relationship between the financing cost of the captive bank and its penetration rate.
reorganizacija industrijske baze v Franciji in zmanjšanje strukturnih stroškov z ocenjenim učinkom v višini 600 milijonov EUR, kakor je bilo napovedano 12. julija 2012; načrtovani so prekinitev proizvodnje v obratu Aulnay leta 2014, prilagoditev industrijske baze v obratu Rennes, sprejetje ukrepov za obnovo obratov Aulnay in Rennes ter sprememba struktur skupine;
It follows from the comments by the interested third parties that if a captive bank's financing costs are reduced, it can offer its potential customers more attractive financing conditions.
Komisija v sklepu o začetku postopka izrazi dve vrsti dvoma o ponovni vzpostavitvi uspešnega poslovanja.
These competitive loan offers have a direct impact on vehicle sales and are at present one of the main factors in the growth of these sales.
Prvič, Komisija meni, da so predpostavke o tržni rasti morda preveč optimistične.