natgillin/translations-raw huggingface dataset:
Pursuant to Article 108(3) of the Treaty, Member States must notify any plans to grant or alter aid, and must not put the proposed measures into effect until the notification procedure has resulted in a final decision.
Pomoč mora biti nujna, da bi se to stanje odpravilo, ker predvidljivi razvoj konkurence na trgu podjetju ne bi omogočil saniranja finančnega položaja v predvidljivem času.
Since the debt cancellation in favour of BDZ Holding and its subsidiaries has not yet been implemented, the Commission considers that Bulgaria has respected the obligations flowing from Article 108(3) of the Treaty [29].
Četrtič, pomoč mora ostati v mejah nujnega za dosego tega namena.
COMPATIBILITY OF THE AID
Petič, plačilo dolgov ne sme dati podjetju take konkurenčne prednosti, da bi onemogočila razvoj dejanske konkurence na trgu, npr. da bi z določenih nacionalnih ali regionalnih trgov odvrnila podjetja, ki niso na teh trgih, ali nove udeležence.
Since the debt cancellation constitutes State aid within the meaning of Article 107(1) of the Treaty, the Commission must assess whether that aid can be found compatible with the internal market.
Pomoč mora biti namenjena povračilu jasno določenih posameznih dolgov, nastalih pred pristopom Bolgarije k Uniji
Article 107(3) of the Treaty provides for certain exemptions to the general rule set out in Article 107(1) of the Treaty that State aid is not compatible with the internal market.
Smernice za železniški promet zahtevajo, da mora(jo) biti dolg(ovi), ki naj bi se plačal(i), jasno določen(i) posamezen(-ni) in, v primeru Bolgarije, nastal(i) pred njenim pristopom k EU.
Article 107(3)(c) of the Treaty stipulates that: ‘aid to facilitate the development of certain economic activities or of certain economic areas, where such aid does not adversely affect trading conditions to an extent contrary to the common interest’, may be considered to be compatible with the internal market.
Iz smernic za železniški promet izhaja, da združenih dolgov ali neopredeljenega dolga ni mogoče povrniti.
In this regard, Section 4 of the Railway guidelines provides a framework for assessing whether the Commission should declare aid to railway undertakings for the cancellation of debts compatible with the internal market pursuant to Article 107(3)(c) of the Treaty.
Na primer, povračilo ne bi bilo dovoljeno, če bi se načrtovalo plačilo splošnih postavk dolga, npr. „dolg do vseh dobaviteljev“.
The Commission agrees with Bulgaria as regards the applicability of Section 4 of the Railway Guidelines for assessing the compatibility of the debt cancellation.
Prav tako povračilo ne bi bilo dovoljeno, če bi bilo načrtovano celotno plačilo združenih postavk dolga do enega upnika brez razlikovanja, npr. „skupne obveznosti do določene banke“, ki izhajajo iz raznih sestavin, kot so prekoračitve stanj na računih, garancije ali dolgoročna posojila.
Indeed, according to point 54 of the Railway Guidelines, ‘In the light of Article 9 of [Council] Directive 91/440/EEC [30], the Commission also considers that, under certain circumstances, it should be possible to authorise [State] aid without financial restructuring if the cancellation concerns old debts incurred prior to the entry into force of Directive 2001/12/EC, which lays down the conditions for opening up the sector to competition.’
Bolgarija predvideva plačilo 223,45 milijona BGN (114,25 milijona EUR) dolga družbe BDZ Holding.
According to point 56 of the Railway Guidelines, in the case of Member States which acceded to the Union after the entry into force of Directive 2001/12/EC, the date of accession should be considered as the date from which that Directive applies to those Member States.
Kot je opisano v uvodni izjavi 35 in preglednici 2, znesek 223,45 milijona BGN, ki naj bi bil plačan, izhaja iz finančnih obveznosti, nastalih pred pristopom Bolgarije k Uniji, ki so bile neporavnane na dan pristopa, ali naknadnega dolga, ki je nastal družbi BDZ Holding in je nadomestil ali refinanciral dolg, nastal pred pristopom Bolgarije k Uniji, kar je zabeleženo v konsolidiranem računovodskem izkazu družbe BDZ Holding za leto 2006 in/ali podatkih o plačilih zadevnih posojil.
The relevant date for the purposes of determining which pre-accession debt can be cancelled in compliance with the Railway Guidelines is, therefore, 1 January 2007.
Vsak dolg, ki naj bi se plačal, se lahko določi posamezno, kot izhaja iz posojilnih pogodb (finančni upniki KfW IPEX Bank, EBRD, IBRD) ali rednih pogodbenih odnosov z določenimi dobavitelji železniških infrastrukturnih storitev (NŽID) ali elektroenergetskih storitev (NEC AD) pred pristopom.
Bulgaria claims that the planned debt cancellation complies with all the compatibility conditions laid down in the Railway Guidelines.
Enako velja za posamezno določene obveznosti iz dolgov družbe BDZ Holding do imetnikov obveznic izdaje ISIN BG2100032072 z dne 19. novembra 2007 in Ministrstva za finance, ko je slednje postalo upnik družbe BDZ Holding (glej uvodni izjavi 35 in 36 ter preglednico 2).
Consequently, the Commission has to assess this claim.
Oba dolgova sta natančno posamezno določena, iztržek pa se je uporabil za refinanciranje natančno opredeljenega dolga iz predpristopnega obdobja, ki ga družba BDZ Holding ni mogla poravnati in odplačati z lastnimi sredstvi.
Indeed, according to points 55 to 61 of the Railway Guidelines, aid to cancel debts incurred prior to Bulgaria's accession to the Union can be regarded as compatible with the internal market pursuant to Article 107(3)(c) of the Treaty if the following five cumulative conditions are met:
Iz tega izhaja, da so trenutno neporavnani zneski zgolj preneseni podedovani dolg iz preteklosti.
Firstly, the aid must serve to offset clearly determined and individualised debts incurred prior to 15 March 2001, the date on which Directive 2001/12/EC entered into force.
Nazadnje, ker znesek 223,45 milijona BGN dolga, ki naj bi se plačal, izhaja iz jasno določenih posameznih dolgov, nastalih pred pristopom Bolgarije k EU, ni treba sprejeti stališča o tem, ali bi lahko bili po smernicah za železniški promet zakonito plačani tudi drugi dolgovi, vključno z rezervacijami in trgovinskimi obveznostmi družbe BDZ Holding, ki jih je Bolgarija tudi opredelila kot dolg iz predpristopnega obdobja (preglednica 1 in uvodni izjavi 35 in 20) in ki znašajo toliko, kolikor znaša razlika med 806,7 milijona BGN in 223,45 milijona BGN.
Under no circumstances may the aid exceed the amount of these debts.
Dolg v višini te razlike je izključen iz področja uporabe tega sklepa.
In cases where the Member States joined the Union after 15 March 2001, the relevant date is that of accession to the Union.
Zato se sklene, da je cilj zadevnega ukrepa plačilo 223,45 milijona BGN jasno določenih posameznih dolgov, nastalih pred pristopom Bolgarije k Uniji.
The logic of Article 9 of Directive 91/440/EEC, repeated in subsequent Directives, was to address a level of debt accumulated at a time when a decision to open the market at Community level had yet to be taken.
Dolgovi morajo biti neposredno povezani z dejavnostjo železniškega prometa ali z dejavnostmi upravljanja, izgradnje ali uporabe železniške infrastrukture.
Secondly, the debts concerned must be directly linked to the activity of rail transport or the activities of management, construction or use of railway infrastructure.
Bolgarija je navedla, da so bili vsi dolgovi, ki so nastali družbi BDZ Holding, neposredno povezani z dejavnostjo potniškega in tovornega železniškega prometa (glej uvodno izjavo 39).
Thirdly, the cancellation of debts must be in favour of undertakings facing an excessive level of indebtedness which is hindering their sound financial management.
Komisija ugotavlja, da so dolgovi, ki naj bi bili plačani, dejansko nastali v zvezi s financiranjem obnove in popravila voznega parka, na primer v zvezi z nakupom dizelskih in električnih motornih vlakov ali posodabljanjem tovornih vagonov v lasti družbe.
The aid must be necessary to remedy this situation, insofar as the likely development of competition on the market would not allow them to rectify their financial situation within a foreseeable future.
Z dolgovi, kot so neporavnane obveznosti do NŽID, se je financiralo tudi zagotavljanje železniških storitev družbe BDZ Holding.
Fourthly, the aid must not go beyond what is necessary for the purpose.
Te dejavnosti so glavna poslovna dejavnost družbe BDZ Holding in njenih odvisnih družb ter so neposredno povezane z dejavnostjo železniškega prometa.
Fifthly, cancellation of its debts must not give an undertaking a competitive advantage such that it prevents the development of effective competition on the market, for example by deterring outside undertakings or new players from entering certain national or regional markets.
Zato Komisija meni, da so zadevni dolgovi neposredno povezani z dejavnostjo železniškega prometa.
The aid must serve to offset clearly determined and individualised debts incurred prior to the accession of Bulgaria to the Union
Plačilo dolgov mora biti namenjeno podjetjem, ki so pretirano zadolžena, kar ovira njihovo zdravo finančno upravljanje.
The Railway Guidelines require that the debt(s) to be cancelled be clearly determined, individualised and, in the case of Bulgaria, incurred before its accession to the EU.
Pretirana zadolženost družbe BDZ Holding, ki ovira njeno zdravo finančno upravljanje
It follows from the Railway Guidelines that aggregate or undetermined debt cannot be offset.
Bolgarija je trdila, da se je v skladu z veljavno bolgarsko zakonodajo družba BDZ Holding lahko potrdila kot insolventna in pretirano zadolžena ter da je izpolnjevala vsa merila, določena v bolgarski zakonodaji, da se proti njej sproži postopek zaradi insolventnosti.
Offsetting would not be permitted, for instance, if generic items of debt, e.g. ‘debt to all suppliers’ were planned to be cancelled.
To je veljaven pokazatelj pretirane zadolženosti.
Likewise, offsetting would not be permitted either if aggregate items of debt towards a single creditor, e.g. ‘total liabilities vis-à-vis a particular bank’ stemming from various components such as overdrafts, guarantees or long term loans were planned to be cancelled altogether without distinction.
Poleg tega je Bolgarija navedla, da družba zaradi svoje zadolženosti ni mogla izpolnjevati svojih finančnih obveznosti.
Bulgaria envisages cancelling BGN 223,45 million (EUR 114,25 million) of BDZ Holding's debt.
Skupna vrednost dolgov družbe BDZ Holding je 31. decembra 2006 znašala 806,7 milijona BGN in je predstavljala 78 % celotnega kapitala (lastniškega kapitala in dolga) družbe, razmerje med dolgom in lastniškim kapitalom pa je bilo štiri.
As described in recital 35 and Table 2, the amount of BGN 223,45 million subject to cancellation stems from financial obligations incurred prior to the accession of Bulgaria to the Union and which were outstanding at the date of accession or from subsequent debt incurred by BDZ Holding which substituted or refinanced debt incurred prior to the accession of Bulgaria to the Union, as documented by the Consolidated financial Statement of BDZ Holding for 2006, and/or information on the relevant loan payments.
Finančno stanje družbe BDZ Holding se je znatno poslabšalo od leta 2007.
Each of the debts which are planned to be cancelled can be individualised as stemming from loan contracts (financial creditors KfW IPEX Bank, EBRD, IBRD) or from regular contractual relations with specific suppliers of rail infrastructure services (NRIC) or electricity services (NEC AD) prior to accession.
Od leta 2011 se je razmerje med dolgom in lastniškim kapitalom družbe BDZ Holding povzpelo nad 7,5 (9), in sicer je znašalo 14 leta 2012, 15 leta 2013, – 209 leta 2014 in – 33 oktobra 2015 [31].
The same is true as regards BDZ Holding's individualised debt obligations towards bond holders of the bond issue ISIN BG2100032072 from 19 November 2007 and the Ministry of Finance, when the latter became creditor of BDZ Holding (see recitals 35 and 36 and Table 2).
Poleg tega so oktobra 2015 neporavnane obveznosti družbe BDZ Holding v višini 499,1 milijona BGN (255 milijonov EUR) predstavljale 86 % knjigovodske vrednosti sredstev v višini 582,4 milijona BGN (298 milijonov EUR).
Both debts are well individualised and also the proceeds were used to refinance well specified pre-accession debt which BDZ Holding could not meet and settle with its own resources.
Komisija nadalje ugotavlja, da družba BDZ Holding ni bila zmožna v celoti poravnati svojih finančnih obveznosti, čeprav je odplačala 724 milijonov BGN (370 milijonov EUR) neporavnanih dolgov v obdobju od 1. januarja 2007 do 28. septembra 2016.
It follows that the amounts currently outstanding constitute, in economic terms, a mere carry-over of the past legacy debt.
Zaradi zapadlih obveznosti do mednarodnih upnikov je High Court of Justice v Londonu 20. julija 2015 odredil družbi BDZ, da mora plačati 66,7 milijona EUR (130,4 milijona BGN) z zamudnimi obrestmi po 8-odstotni letni obrestni meri [32].
Finally, since the amount of BGN 223,45 million debt planned to be cancelled stems from clearly determined and individualised debts incurred prior to the accession of Bulgaria to the EU, it is not necessary to take position on whether other debts including provisions and trade obligations of BDZ Holding also identified by Bulgaria as pre-accession debt (Table 1 and recitals 35 and 20), and which amount to the difference between BGN 806,7 million and BGN 223,45 million, could also be lawfully cancelled under the Railway Guidelines.
Poleg tega bi glede na pretirano zadolženost družba BDZ Holding imela resne težave pri izpolnjevanju svojih obveznosti in bi lahko bila sčasoma likvidirana, če se dolg ne bi plačal.
The debt amounting to that difference is excluded from the scope of the present decision.
Na podlagi zgoraj navedenega Komisija meni, da se družba BDZ Holding sooča s pretirano zadolženostjo, kar ovira njeno zdravo finančno upravljanje.
It is therefore concluded that the measure at stake aims at cancelling BGN 223,45 million of clearly determined and individualised debts incurred prior to the accession of Bulgaria to the Union.
Nujnost pomoči
The debts concerned must be directly linked to the activity of rail transport or the activities of management, construction or use of railway infrastructure.
Poleg tega mora biti pomoč nujna, da bi se odpravilo stanje pretirane zadolženosti, ker predvidljivi razvoj konkurence na trgu družbi BDZ Holding in njenim odvisnim družbam ne bi omogočil saniranja finančnega položaja v razumnem času.
Bulgaria stated that all the debts incurred by BDZ Holding were directly linked to the activity of passenger and freight rail transport (see recital 39).
Zaradi svoje zadolženosti družba BDZ Holding ni mogla izpolniti vseh svojih finančnih obveznosti in je v zaostanku pri naložbah v posodobitev voznega parka.
The Commission observes that the debts to be cancelled were indeed incurred to finance the renewal and repair of rolling stock, such as the purchase of diesel and electric multiple units or modernisation of cargo wagons owned by the company.
Zaradi zaostanka pri naložbah v posodobitev voznega parka in vzdrževanje je vozni park družbe prestar in delno zastarel.
Alternatively, the debts such as the outstanding obligations towards NRIC also financed the provision of BDZ Holding's railway services.
V zvezi s tem Komisija ugotavlja, da je 82 % potniških vagonov družbe BDZ Passenger starejših od 20 let in da je 74 % njenih lokomotiv starejših od 25 let.
Those activities are the core business of BDZ Holding and its subsidiaries and are directly linked to the activity of rail transport.
Leta 2015 je bilo približno 50 % lokomotiv družbe BDZ Cargo v popravilu ali v nedelujočem stanju.
Therefore, the Commission considers that the debts concerned are directly linked to the activity of rail transport.
Podobno leta 2015 približno 51 % tovornih vagonov družbe BDZ Cargo ni delovalo in so bili potrebni popravila.
The cancellation of debts must be in favour of undertakings facing an excessive level of indebtedness which is hindering their sound financial management.
Brez pomoči družba BDZ Holding ne bi mogla odplačati še vedno neporavnanih dolgov, nastalih pred pristopom Bolgarije k Uniji, prav tako pa ne bi mogla uporabiti svojih sredstev za naložbe v posodobitev voznega parka.
Excessive indebtedness of BDZ Holding, which is hindering its sound financial management
Za ponazoritev, na podlagi izkazanega dohodka družbe v letu 2016 (336,2 milijona BGN) bi bilo potrebno, če je vse ostalo nespremenjeno, enkratno povečanje cene in/ali tarif za povprečno 66 %, da bi se v kratkem času ustvarilo 223,45 milijona BGN prihodkov iz poslovanja, ki so potrebni za poplačilo dolga, ki naj bi se plačal.
Bulgaria asserted that BDZ Holding qualified as insolvent and over-indebted according to the applicable Bulgarian legislation and fulfilled all the criteria laid down in Bulgarian legislation to initiate insolvency proceedings against it.
Vendar v tem času odvisni družbi BDZ Holding delujeta samo na geografskem območju, ki je v celoti upravičeno do regionalne pomoči v skladu s členom 107(3)(a) Pogodbe.
This is a valid indication of excessive indebtedness.
Precejšnje povečanje tarif na takšnih geografskih območjih ima lahko večje negativne socialne učinke kot na bogatejših območjih Unije.
Furthermore, Bulgaria stated that the company had not been able to meet its financial obligations because of its indebtedness.
Zato bi lahko imelo hipotetično zvišanje tarif družbe BDZ Holding, s čimer naj bi se, kolikor je to potrebno, povečali prihodki in zmanjšal dolg, če je to sploh pravno mogoče v zvezi s potniškimi storitvami, za katere velja OJS, in komercialno trajnostno v konkurenčnem okolju, kar zadeva tovorni promet, nesorazmerne socialne učinke na bolgarske potnike v železniškem prometu ali družbe, ki uporabljajo storitve prevoza tovora družbe BDZ.
The total debts of BDZ Holding amounted to BGN 806,7 million on 31 December 2006 and accounted for 78 % of BDZ Holding's total capital (equity and debts), with a Debt-to-Equity Ratio of 4.
Zato noben drug verodostojen hipotetičen ukrep politike razen načrtovanega plačila dolga ne bi družbi omogočil nadaljevanja poslovanja.
The financial situation of BDZ Holding deteriorated considerably since 2007.
Iz tega izhaja, da mora biti zadevni ukrep nujen, da bi se odpravila zadolženost družbe BDZ Holding, ker predvidljivi razvoj konkurence na trgu družbi BDZ Holding in njenim odvisnim družbam ne bi omogočil saniranja finančnega položaja v predvidljivem času.
As from 2011, BDZ Holding's Debt-to-Equity Ratio increased above 7,5 (9), to reach 14 in 2012, 15 in 2013, – 209 in 2014 and – 33 in October 2015 [31].
Pomoč mora ostati v mejah nujnega za dosego tega namena
Moreover, in October 2015, BDZ Holding's outstanding obligations, namely BGN 499,1 million (EUR 255 million) represented 86 % of the book value of the assets amounting to BGN 582,4 million (EUR 298 million).
Komisija ugotavlja, da je glede na finančni položaj družbe BDZ Holding znesek plačila dolga najmanj, kar je potrebno za zagotovitev preživetja družbe in predpogoj za finančno vzdržnost.
The Commission further observes that despite the fact that BDZ Holding repaid BGN 724 million (EUR 370 million) of outstanding debts during the period from 1 January 2007 until 28 September 2016, the company has not been able to fully meet its financial obligations.
Znesek je nujno potreben za neporavnana plačila mednarodnim upnikom – mednarodnim finančnim institucijam in NŽID.
Due to its overdue obligations towards international creditors, on 20 July 2015, the High Court of Justice in London ordered BDZ to pay EUR 66,7 million (BGN 30,4 million) with 8 % per annum in late payment interest [32].
Družba BDZ Holding in njeni odvisni družbi imajo še vedno neporavnane obveznosti, ki so nastale pred 1. januarjem 2007 in ki za upravičenca predstavljajo tveganje likvidacije, če ne bodo plačane.
Moreover, considering the excessive level of indebtedness of BDZ Holding, without the debt cancellation, the company would have serious difficulties in meeting its obligations and could eventually be liquidated.
Finančni kazalniki kažejo, da jih trenutno ni mogoče poravnati iz lastnih sredstev in nerealno bi bilo pričakovati, da bo družba lahko znatno povečala svoje tarife ali cene, da bi ustvarila višje prihodke v kratkoročnem obdobju.
On the basis of the foregoing, the Commission considers that BDZ Holding is facing an excessive level of indebtedness which is hindering its sound financial management.
Poleg tega Komisija ugotavlja, da je od pristopa k EU družba BDZ Holding iz lastnih sredstev, ki večinoma izhajajo iz prodaje sredstev, poplačala 166 milijonov BGN obveznosti, ki so nastale pred 1. januarjem 2007.
Necessity of the aid
Ker bi ti zneski lahko izpolnjevali pogoje za plačilo, je smiselno upoštevati, da bi družba BDZ Holding lahko uporabila ta sredstva za razvoj in posodobitev voznega parka in opravljenih storitev.
In addition, the aid must be necessary to remedy the situation of excessive indebtedness, insofar as the likely development of competition on the market would not allow BDZ Holding and its subsidiaries to rectify their financial situation within a reasonable period.
Družba je zaostajala za razvojem železniškega sektorja z vidika tehničnih značilnosti in informacijskih sistemov.
Due to its indebtedness, BDZ Holding has not been able to meet all its financial obligations and has a backlog in investments into modernisation of its rolling stock.
Če se je torej družba BDZ Holding zanašala tudi na lastna sredstva za odplačilo dela dolga iz predpristopnega obdobja, plačila dolga ni mogoče obravnavati kot ukrepa, ki presega meje nujnega, tudi če je družba s tem oproščena obveznosti vračila in ima finančni manevrski prostor za naložbe v prihodnje posodobitve ali dejavnosti popravila.
Due to the backlog in investments into the modernisation of the rolling stock and maintenance, the fleet of the company is over-aged and partially obsolete.
Ob upoštevanju teh vidikov Komisija ugotavlja, da ni mogoče šteti, da je zaradi izvajanja plačila dolga družba BDZ Holding v ugodnejšem položaju kot dobro vodeno povprečno podjetje z isto vrsto dejavnosti.
In this regard, the Commission observes that 82 % of BDZ Passenger's carriages are older than 20 years and 74 % of its locomotives are older than 25 years.
Plačilo dolgov ne sme dati podjetju take konkurenčne prednosti, da bi onemogočila razvoj dejanske konkurence na trgu, npr. da bi z določenih nacionalnih ali regionalnih trgov odvrnila podjetja, ki niso na teh trgih, ali nove udeležence.
In 2015, approximately 50 % of BDZ Cargo's locomotives were either under repair or not operational.
Predlagano plačilo dolga bo družbi BDZ Holding omogočilo samo, da normalizira financiranje svojih poslovnih dejavnosti in ne njej ne njenim odvisnim družbam ne bo omogočilo širitve ali vstopa na nove trge.
Similarly, approximately 51 % of the freight wagons of BDZ Cargo were not operational and required repair in 2015.
V tem smislu pomoč ne bo ovirala razvoja dejanske konkurence na trgu.
Without the aid, BDZ Holding would not be able to repay the still outstanding debts incurred prior to Bulgaria's accession to the Union, nor would it be able to use its own resources to invest into the modernisation of its rolling stock.
Ne bo vplivala na položaj konkurentov na trgu, ki bodo lahko še naprej konkurirali družbi BDZ Holding pod enakimi pogoji.
By way of illustration, based on the company's reported earnings in 2016 (BGN 336,2 million), a one-off price and/or tariff increase of 66 % on average would be needed, other things being equal, to generate the BGN 223,45 million operating revenue in the short term which is necessary to repay the debt planned to be cancelled.
Komisija tudi meni, da plačilo dolgov ne bo neupravičeno izkrivljalo konkurence in trgovine med državami članicami, saj bo družbi BDZ Holding omogočalo samo stabilizacijo njenega finančnega položaja, kar so ovirale obveznosti, nastale pred liberalizacijo trga.