natgillin/translations-raw huggingface dataset:
In addition, despite the fact that the Fundaciones were the borrowers-debtors of the loans and the entities covered by the guarantees, the risk for the triggering of the guarantees was linked to the performance of the clubs, since the guaranteed loans' repayment (capital and interest) was foreseen to take place through the sale of the acquired shares in the football clubs.
Poleg tega je tržna vrednost igralcev močno odvisna od naključnih dogodkov, kot so poškodbe itd., zaradi česar je ta tržna vrednost izredno nestanovitna.
This is true also for measure 4, since the latter was caused by the delay in Phase 1 of the sale of the acquired shares in Valencia CF, which was planned to fund the loan's amortisation.
Na podlagi navedenega Komisija meni, da je bil klub Valencia CF v času dodelitve ukrepov 1 in 4 v težavah.
On the basis of the above, the Commission considers that the beneficiaries of the aid measures in question are Valencia CF for measures 1 and 4, Hercules CF for measure 2, Elche CF for measure 3.
Komisija torej meni, da se zaradi dejstva, da so bili zadevni trije klubi v času pred izvedbo ukrepov v finančnih težavah, lahko šteje, da je bila njihova bonitetna ocena v kategoriji CCC [26].
As regards the financial difficulties of the beneficiaries, as already noted, the measures under scrutiny were intended to facilitate the funding of the football clubs' capital increases and the risk for the triggering of the guarantees was linked to the performance of the football clubs, since the guaranteed loans' repayment was foreseen to take place through the sale of the acquired shares in the football clubs.
V zvezi z elementom pomoči v ukrepih, ki vsi vključujejo državna poroštva, Komisija upošteva oddelka 2.2 in 3.2 obvestila o poroštvih iz leta 2008.
On the basis of the above, the analysis that follows is based on the financial data of Valencia CF, Hercules CF and Elche CF, taking into account the individual merits of each individual beneficiary.
Obvestilo o poroštvih iz leta 2008 določa, da je izpolnjevanje nekaterih pogojev (na primer, da posojilojemalec ni v finančnih težavah in da poroštvo ne zajema več kot 80 % neodplačanega posojila ali druge finančne obveznosti) lahko za Komisijo zadosten razlog, da izključi obstoj državne pomoči.
Spain did not provide information about the credit rating of the beneficiaries, which applied at the time the measures were granted.
Poleg tega finančne institucije posojilojemalcu, ki je podjetje v finančnih težavah, pod nobenimi pogoji ne bi bile pripravljene dati posojila brez državnega poroštva.
However, the Commission observes that, as set out in detail in Tables 1, 3 and 5 above Valencia CF, Hercules CF and Elche CF were in financial difficulty before the measures under scrutiny were implemented.
Glede na to se Komisija ne strinja z argumentom Španije, da so pogoji iz obvestila o poroštvih iz leta 2008 izpolnjeni.
The 2004 R&R Guidelines provide for the definition of undertakings in difficulty applied in the period the measures were granted.
Komisija je na podlagi teh meril v zadevnem primeru ugotovila naslednje:
Point 10(a) of the 2004 R&R Guidelines stipulates that a company is in difficulty when ‘more than half of its registered capital has disappeared and more than one quarter of that capital has been lost over the preceding 12 months’.
Klubi Valencia CF, Hercules CF in Elche CF so bili v času dodelitve ukrepov 1, 2, 3 in 4 v finančnih težavah (glej uvodne izjave 70 do 82).
Valencia CF
Glede na težave klubov Valencia CF, Hercules CF in Elche CF ter zlasti njihovo visoko razmerje med dolžniškim in lastniškim kapitalom ali dejstvo, da so imeli v času zadevnih ukrepov negativen lastniški kapital, se ne more šteti, da so letne poroštvene premije v višini 0,5–1 %, zaračunane za zadevna poroštva, izražale tveganje neplačila za posojila s poroštvom.
In the case of Valencia CF, as it appears in its financial statements, in the period June 2007-June 2009 its registered capital was not lost but remained stable.
Na podlagi navedenega Komisija ugotavlja, da ukrepi 1, 2, 3 in 4 ne izpolnjujejo pogojev iz obvestila o poroštvih iz leta 2008, ter zato meni, da upravičenci ukrepov na trgu ne bi prejeli pod enakimi pogoji in da so jim torej ti ukrepi zagotovili neupravičeno prednost.
However, the financial statements of Valencia CF for the 3 fiscal years preceding the granting of the State guarantee (fiscal years ending June 2007, June 2008 and June 2009) show that the company had negative total equity in June 2007 and in June 2009 due to substantial losses in the respective years.
Zato Komisija glede na navedeno meni, da so ukrepi 1, 2, 3 in 4, ki jih je zagotovila država v letih 2009, 2010 in 2011, za upravičence pomenili neupravičeno prednost.
For this reason the Commission considers that point 10(a) of the 2004 R&R Guidelines applies, because all of the capital has disappeared and more than one quarter of it had been lost in the fiscal year ending June 2009.
Izkrivljanje konkurence in učinek na trgovino med državami članicami
In earlier cases [20], the Commission concluded that, where a company has negative equity, there is an a priori assumption that the criteria of point 10(a) are met.
Prednost za profesionalni klub, ki igra v prvi ali drugi državni ligi, lahko vpliva na konkurenco in trgovino med državami članicami.
The General Court also concluded in a recent judgment [21] that a company with negative equity can be considered as a company in difficulty in the sense of the 2004 R&R Guidelines: ‘the existence of negative own capital which […] may be considered to be an important indicator that an undertaking is in a difficult financial situation’.
Profesionalni klubi iz prvih in drugih lig tekmujejo za uvrstitev v evropska tekmovanja, v Španiji prek španskega pokala (Copa del Rey), v katerem tekmujejo moštva iz lig La Liga, Segunda A in Segunda B, zmagovalec pa igra v Evropski ligi UEFA (razen če se kvalificira za Ligo prvakov UEFA).
The Commission considers that in the period June 2007-June 2009 the registered capital of Valencia CF appears to be stable because during that period the club did not adopt any appropriate measures aiming at turning its own equity from negative to positive and, at the same time, at increasing it to an adequate level.
V času ukrepov, ki so predmet preiskave, je klub Valencia CF sodeloval na mednarodnih tekmovanjih (v Evropski ligi v sezonah 2008–09 in 2009–10), klub Hercules CF se je kot drugouvrščeni v španski drugi ligi (Segunda División) ravno kvalificiral za igranje v prvi ligi (La Liga), klub Elche CF pa je igral v drugi ligi (Segunda División) (v sezoni 2013–14 je igral v prvi ligi (La Liga)).
Such appropriate measures could be either the capitalisation of losses or a capital increase or both.
V času ukrepov 2 in 3 sta kluba Hercules CF in Elche CF sodelovala tudi v španskem pokalu Copa del Rey.
For this reason the Commission considers that the criteria in point 10(a) of the Rescue and R&R Guidelines have been met in this case.
Televizijske pravice, maloprodajno trženje in sponzorstva so viri prihodka, za katere klubi konkurirajo med seboj v domači državi in zunaj nje.
In addition, as regards the criteria in point 11 of the R&R Guidelines, the Commission notes that Valencia CF incurred significant losses in the financial years ending in June 2007 and June 2009, with losses of EUR 26,1 million and EUR 59,2 million, respectively.
Več sredstev ko je na voljo klubom, da bi pritegnili čim boljše igralce, uspešnejši so lahko na športnih tekmovanjih, kar zagotavlja večji prihodek iz navedenih dejavnosti.
Furthermore, Valencia CF's turnover decreased more than 20 % from EUR 107,6 million in fiscal year ending June 2007 to EUR 99,4 million in June 2008 down to EUR 82,4 million in June 2009.
Zato Komisija meni, da obravnavani ukrepi lahko izkrivljajo ali bi lahko izkrivljali konkurenco in vplivali na trgovino med državami članicami.
In addition, Valencia CF had significant levels of debt, as can be seen by its debt-to-equity ratio which was 73,5 in June 2008 and negative in 2007 and 2009.
Sklepna ugotovitev v zvezi z obstojem pomoči
On the same topic, the Commission notes that Valencia CF's debt/equity ratio turned positive in June 2010 and further, whereas in the previous fiscal years it was negative: however, that development was only due to the capital injection that took place in 2009 thanks to the State guarantee in question and not as a result of the club's operations.
Iz zgoraj navedenih razlogov Komisija ugotavlja, da so ukrepi 1, 2, 3 in 4 vključevali državno pomoč, dodeljeno klubom Valencia CF (ukrepa 1 in 4), Hercules CF (ukrep 2) in Elche CF (ukrep 3).
In addition, the Commission notes that despite Valencia CF's debt/equity ratio turning positive in the year ending in June 2010, it remained at high level in the same year, thus demonstrating the club's high debt level.
Količinska opredelitev zneska pomoči
Furthermore, in the year ending in June 2011 (the year when measure 4 was granted) Valencia CF had increased turnover and presented earnings.
Komisija je v obvestilu o poroštvih iz leta 2008 določila splošna načela za izračun elementa pomoči v poroštvih.
However, the club's level of profits remained close to zero, whereas its debt remained at significant levels.
Komisija ugotavlja, da je bilo z ukrepi, ki so predmet preiskave, njihovim upravičencem omogočeno nadaljevanje delovanja, tako da tem upravičencem v nasprotju z drugimi konkurenti s finančnimi težavami ni bilo treba sprejeti negativnih posledic, ki bi jih običajno prinesli njihovi finančni rezultati.
The elements above demonstrate that already since June 2007 and at the time when measures 1 and 4 were granted, Valencia CF was in difficulty in the sense of point 11 of the 2004 R&R Guidelines, which states that a firm may be considered to be in difficulty ‘where the usual signs […] are present, such as increasing losses, diminishing turnover, growing stock inventories, excess capacity, declining cash flow, mounting debt, rising interest charges and falling or nil net asset value’.
V skladu z oddelkom 4.2 obvestila o poroštvih iz leta 2008 Komisija meni, da je za vsako poroštvo znesek pomoči enak subvencijskemu elementu poroštva, tj. znesku, ki izhaja iz razlike med obrestno mero posojila, ki je bila dejansko uporabljena zaradi državnega poroštva, skupaj s provizijo za poroštvo na eni strani in obrestno mero, ki bi se uporabila za posojilo brez državnega poroštva na drugi strani.
Hercules CF
Komisija ugotavlja, da zaradi omejenega števila opaženih podobnih transakcij na trgu tako referenčno merilo ne bi zagotovilo smiselne primerjave.
As regards Hercules CF, according to its financial data (see Table 3 above), in the financial years ending in June 2008, 2009 and 2010 it had increasing losses (from EUR 5,7 million in the year ending in June 2008 to EUR 17,6 million in the year ending in June 2010).
Zato je Komisija uporabila ustrezno referenčno obrestno mero [27], ki je 1000 bazičnih točk glede na težave zadevnih treh nogometnih klubov in zelo nizko vrednost vrednostnih papirjev posojila plus 124–149 bazičnih točk kot izhodiščne obrestne mere za Španijo v času ukrepov pomoči.
Those losses led to negative equity in the same years (of EUR 22,6 million, EUR 29,6 million and EUR 29,4 million, respectively).
Dejansko so bila vsa tri posojila listinjena z zastavitvijo delnic, pridobljenih v klubih.
This demonstrates that Hercules CF was in financial difficulty in the sense of point 10(a) (in the same vein as for Valencia CF, see recitals 74-75 above) and 11 of the 2004 R&R Guidelines at the time before measure 2 was implemented.
Toda klubi so bili v težavah, kar pomeni, da so izvajali dejavnosti, ki so povzročale izgube, in niso imeli pripravljenih verodostojnih načrtov za sposobnost preživetja, v katerih bi prikazali, da bodo te dejavnosti delničarjem začele prinašati dobiček.
Elche CF
Zato so bile izgube teh klubov zajete v vrednost delnic posameznih klubov, tako da je bila vrednost teh delnic kot zavarovanje posojila skoraj nič.
As regards Elche CF, as it appears in its financial statements (see Table 5 above), the club has diminishing turnover (from 2008 to 2010) in the financial year ending in June 2009, negative EBT in the financial years ending in June 2007, 2008, 2009 and 2010, and negative own equity in the years ending in June 2009 and 2010 (EUR – 10,2 million in both financial years).
Na podlagi izračunov Komisije bi bil znesek pomoči v obravnavanih ukrepih 20,381 milijona EUR v primeru kluba Valencia CF (19,193 milijona EUR za ukrep 1 plus 1,188 milijona EUR za ukrep 4), 6,143 milijona EUR v primeru kluba Hercules CF in 3,688 milijona EUR v primeru kluba Elche CF.
The club's financial data improved during the financial year ending in June 2011, when it presented profits for the first time since June 2007 and its own equity turned from negative to positive (EUR 4,3 million) for the first time since June 2009.
Komisija je zneske izračunala na naslednji način:
However that improvement was due to the capital injection that took place in the same financial year thanks to the State guarantee in question (measure 3).
Za ukrep 1: uporabljena 6,5-odstotna obrestna mera se odšteje od veljavne 11,45-odstotne tržne obrestne mere, tj. 1000 bazičnih točk za klub Valencia CF plus 145 bazičnih točk kot izhodiščna obrestna mera za Španijo novembra 2009 [28].
These elements demonstrate that Elche CF was in financial difficulty in the sense of points 10(a) and 11 of the 2004 R&R Guidelines at the time of measure 3.
Rezultat se pomnoži z zneskom posojila (75 milijonov EUR) in z dejanskim trajanjem posojila (5,17 leta).
At the same time, the Commission notes that Valencia CF, Hercules CF and Elche CF were not in an extreme difficult situation, in the sense of point 2.2 and point 4.1 letter (a) of the 2008 Guarantee Notice, in the years preceding the time when the measures under scrutiny were granted.
Končni rezultat je 19,193 milijona EUR.
One cannot ignore that Valencia CF had profits of EUR 12,4 million in the financial year ending in June 2008 and held intangible assets of significant value in the form of football players' contracts.
Za ukrep 2: uporabljena 4,41-odstotna obrestna mera se odšteje od veljavne 11,24-odstotne tržne obrestne mere, tj. 1000 bazičnih točk za klub Hercules CF plus 124 bazičnih točk kot izhodiščna obrestna mera za Španijo julija 2010 [29].
In particular: (a) the aggregated book value (purchase cost minus annual amortisation) of Valencia CF's players' contracts, as reflected in its 2008/09 annual accounts, was EUR 95,7 million; (b) the estimated overall market value of Valencia CF's players' contracts in June 2009 was approximately EUR 235,7 million; and (c) in the financial year ending in June 2010 players' contracts were sold for EUR 78,7 million (whereas spending on new signings totalled EUR 14,5 million).
Rezultat se pomnoži z zneskom posojila (18 milijonov EUR) in s trajanjem posojila (5 let).
As regards Hercules CF, the club showed a 35 % increase of its annual turnover, from EUR 4 million in the year ending in June 2008 to EUR 5,4 million in the year ending in June 2010.
Končni rezultat je 6,143 milijona EUR.
Finally, Elche CF had a 82 % reduction of losses, from EUR 6,2 million in the year ending in June 2007 to EUR 1,1 million in the year ending in June 2010.
Za ukrep 3: uporabljena 6,22-odstotna obrestna mera se odšteje od veljavne 11,49-odstotne tržne obrestne mere, tj. 1000 bazičnih točk za klub Elche CF plus 149 bazičnih točk kot izhodiščna obrestna mera za Španijo februarja 2011 [29] Glej opombo 27.
In addition, the Commission notes that the standard methodology of rating agencies is to consider debtors which are in default to fall below the CCC rating (or any rating of the C category).
Rezultat se pomnoži z zneskom posojila (14 milijonov EUR) in s trajanjem posojila (5 let).
For example, the Standard & Poor's definition [22] for the C rating for short-term issuers of debt concerns ‘vulnerable’ debtors [23], whereas its definition for the immediately lower ratings of R and SD-D concern, respectively, debtors ‘under regulatory supervision’ [24] or in selective default or default [25].
Končni rezultat je 3,688 milijona EUR.
Therefore, since none of Valencia CF, Hercules CF or Elche CF was in insolvency proceedings or default at the time when the measures in question were granted, the Commission considers that their rating at that time did not fall below the CCC category.
Za ukrep 4: uporabljena 6,5-odstotna obrestna mera se odšteje od veljavne 11,45-odstotne tržne obrestne mere, tj. 1000 bazičnih točk za klub Valencia CF plus 145 bazičnih točk kot izhodiščna obrestna mera za Španijo novembra 2010 [29] Glej opombo 27.
Finally, the Commission notes that the relatively high book value of Valencia's football players (assets) cannot mean that the club was not in financial difficulty.
Rezultat se pomnoži z zneskom posojila (6 milijonov EUR) in s preostankom dejanskega trajanja posojila (4 leta).
Whilst the book value of the players of Valencia CF was considerable, as depicted in its financial statements, a ‘fire sale’ value of the same players would be relatively low because buyers would use the known fact of the seller's (Valencia CF) difficulties in order to push for low prices.
Končni rezultat je 1,188 milijona EUR.
In addition, players' market value depends largely on random events like injuries etc., which makes such market value considerably volatile.
Na podlagi navedenega skupni element pomoči v ukrepih 1, 2, 3 in 4 znaša 30,212 milijona EUR.
On the basis of the above, the Commission maintains that Valencia CF was in difficulty at the time when measures 1 and 4 were granted.
Fundacija Fundacion Valencia trdi, da bi morala Komisija, če bi se določilo, da zadevno poroštvo vključuje elemente državne pomoči, v svoji oceni upoštevati tudi obdobja prekinitve veljavnosti ali neveljavnosti poroštva zaradi različnih sodnih postopkov, sproženih v Španiji (glej uvodno izjavo 46(h)).
In conclusion the Commission considers that due to the fact that the three clubs were in financial difficulty at the time before the measures were implemented they can be considered to have a rating in the category of CCC [26].
Komisija te trditve ne more sprejeti, saj pred prodajo delnic kluba Valencia CF ni bilo dokončnega preklica poroštva in naknadnega odplačila osnovnega posojila, zato je prednost, zagotovljena s poroštvom, še naprej obstajala v celotnem obdobju od dodelitve poroštva do njegovega preklica po prodaji delnic kluba Valencia CF.
Valencia CF supports that the aggregated market value of its players together with the fact that its registered capital in the period 2007-2009 was not lost but remained stable and the club returned to profits in 2011 and 2012 could be sufficient to rebut the presumption that Valencia CF was in financial difficulties because it had a negative equity during the 2007-2009 period.
Zakonitost pomoči
The Commission cannot accept the above arguments, for the reasons already explained in recitals 70-83.
Člen 108(3) PDEU določa, da država članica ne sme izvajati ukrepa pomoči, dokler Komisija ne sprejme sklepa, s katerim odobri ta ukrep.
As regards the aid element in the measures, all of which involve State guarantees, the Commission takes account of the 2008 Guarantee Notice, Sections 2.2 and 3.2.
Komisija ugotavlja, da so bili opredeljeni ukrepi dodeljeni ob kršenju obveznosti obveščanja in mirovanja iz člena 108(3) PDEU.
The 2008 Guarantee Notice stipulates that the fulfilment of certain conditions could be sufficient for the Commission to rule out the presence of State aid, such as that the borrower is not in financial difficulty and that the guarantee does not cover more than 80 % of the outstanding loan or other financial obligation.
Zato Komisija meni, da ukrepi 1, 2, 3 in 4 izpolnjujejo pogoje za nezakonito državno pomoč.
However, when the borrower does not pay a risk-carrying price for the guarantee, it obtains an advantage.
Združljivost pomoči
Moreover, where the borrower is a firm in financial difficulty, it would not find a financial institution prepared to lend on any terms, without a State guarantee.
Komisija mora oceniti, ali se lahko zgoraj opredeljeni ukrepi pomoči štejejo za združljive z notranjim trgom.
In this respect, the Commission disagrees with the argument of Spain that the conditions of the 2008 Guarantee Notice are fulfilled.
V skladu s sodno prakso sodišč Unije so države članice tiste, ki morajo uveljavljati morebitne razloge za združljivost in dokazati, da so pogoji za tako združljivost izpolnjeni [30].
Applying these criteria to the case at hand, the Commission finds that:
Komisija ugotavlja, da Španija (ali katera koli zainteresirana stran) ni predložila pripomb o združljivosti ukrepov 2, 3 in 4 z notranjim trgom na podlagi člena 107(3)(c) PDEU ali na kakršni koli drugi podlagi.
Valencia CF, Hercules CF and Elche CF were in financial difficulty (see recitals 70-82 above) at the time of granting of measures 1, 2, 3 and 4.
Dejansko točka (i) oddelka 4.3.2 začasnega okvira določa, da se „pomoč […] odobri za podjetja, ki 1. julija 2008 niso bila v težavah […]; lahko se uporablja za podjetja, ki na ta dan niso bila v težavah, vendar so pozneje zašla v težave zaradi svetovne finančne in gospodarske krize.“ Ker je bil klub Valencia CF v težavah že od junija 2007, Komisija meni, da se začasni okvir iz leta 2009 ne uporablja za ukrepe v korist kluba Valencia CF.
As demonstrated in recitals 7-9 above, the guarantees covered more than 100 % of the underlying loans.
Komisija je ocenila, ali se za ukrepe pomoči lahko šteje, da so združljivi v skladu s členom 107(3)(c) PDEU, ki dovoljuje pomoč za pospeševanje razvoja določenih gospodarskih dejavnosti ali določenih gospodarskih območij, kadar takšna pomoč ne spreminja trgovinskih pogojev v obsegu, ki bi bil v nasprotju s skupnimi interesi.
The annual guarantee premiums of 0,5 %-1 % charged for the guarantees in question cannot be considered as reflecting the risk of default for the guaranteed loans, given the difficulties of Valencia CF, Hercules CF and Elche CF and in particular their high debt-to-equity ratio or the fact that they had negative equity at the time of the measures in question.
Komisija pri svoji oceni „razvoja gospodarskih dejavnosti“ v sektorju športa ustrezno upošteva člen 165(1) PDEU, ki določa, da Unija prispeva k spodbujanju evropske razsežnosti v športu ob upoštevanju njegove posebne narave, na prostovoljstvu temelječih struktur in njegove družbene in vzgojne vloge, in zadnjo alineo člena 165(2) PDEU.
On the basis of the above, the Commission concludes that measures 1, 2, 3 and 4 do not respect the conditions set out in the 2008 Guarantee Notice and therefore comes to the view that the beneficiaries would not have obtained the measures under the same terms on the market and hence that these measures conferred an undue advantage to the beneficiaries.
Profesionalna nogometna liga v svojih pripombah, predloženih med formalnim postopkom preiskave, trdi, da se s športnimi dejavnostmi, ki jih izvajajo profesionalni športni klubi, opravlja funkcija javnih storitev, kar pomeni, da v skladu s členom 106(2) PDEU uporaba pravil o konkurenci za te klube ne sme ovirati izvajanja posebnih nalog, ki so jim dodeljene.
Thus, in view of the above, the Commission considers that measures 1, 2, 3 and 4, provided by the State in 2009, 2010 and 2011 conferred an undue advantage to the beneficiaries.
Komisija ugotavlja, da so zadevni ukrepi podpirali profesionalne nogometne dejavnosti in ne ljubiteljskega športa.
Distortion of competition and effect on trade between Member States
Storitve profesionalnega nogometa se opravljajo glede na delovanje tržnih sil, zato ni treba, da država opravljanju takih storitev pripisuje obveznosti javne storitve.
The advantage for a professional club playing in the national first or second league may have an effect on competition and trade between Member States.
Hkrati ugotavlja, da ni bilo dokazano, da bi storitve kluba Valencia CF slednjemu španski organi dodelili na način, ki bi bil združljiv s členom 106(2) PDEU, tj. z aktom, ki bi jasno opredeljeval javno storitev, njeno trajanje ali ustrezno nadomestilo in njegov izračun.