natgillin/translations-raw huggingface dataset:
Greece asserted that the equity increase does not confer any undue economic advantage on TRAINOSE, because any private investor in a situation similar to the one of Greece would have chosen to further invest into the company in order to maintain its existing investment rather than to seek the liquidation of the company.
Splošno sprejeta standardna metodologija za določitev (letne) donosnosti naložb je izračun notranje stopnje donosa (IRR).
Greece expected that the equity increase leading to the restructuring of TRAINOSE and followed by its privatisation would allow it to recover a larger part of its investment and to avoid negative effects on OSE.
Odločitev za naložbo je mogoče oceniti tudi na podlagi neto sedanje vrednosti (NPV), ki v večini primerov da rezultat, enakovreden notranji stopnji donosa.
To determine whether Greece's investment confers an advantage on TRAINOSE, it is necessary to assess whether, in similar circumstances, a private investor of a comparable size operating in normal conditions of a market economy (market economy operator, ‘MEO’ principle) could have been prompted to make the investment in question.
Preden je medresorski odbor za javna podjetja in organizacije leta 2009 sprejel odločitev, da vloži 60 milijonov EUR, Grčija ni pripravila ocene donosnosti za pričakovani donos, tako da bi uporabila katero od splošno sprejetih standardnih metodologij za ocenjevanje ali katero koli drugo metodologijo.
Greece asserted that its decision to inject capital into TRAINOSE aimed at avoiding collapse of the sole rail operator in Greece and any negative spill-over effects on the Greek economy as such.
Grčija ni predložila nobenih dejanskih dokazov glede prihodnje donosnosti za delničarja, da bi podprla odločitev o vložitvi kapitala v družbo Trainose.
However, the MEO test should be applied leaving aside all considerations which relate exclusively to a Member State's role as a public authority (for example social, regional or sectorial policy considerations).
Na voljo ni nobenih dokumentov s prikazom ali izračunom plačila za lastni kapital za delničarja družbe Trainose ali prikazom povečanja vrednosti deleža Grčije v lastniškem kapitalu po kapitalski injekciji.
In other words, if a State intervention is driven by public policy reasons, for instance, for reasons of such as social or regional development which increase the losses or reduce the profits of the holding, the State's behaviour, while being rational from a public policy perspective, may at the same time include considerations which a MEO would normally not consider or would even reject, if they reduce the return expected on the holding.
Poleg tega Grčija ni ocenila pričakovanj v zvezi s privatizacijo družbe Trainose niti ni količinsko opredelila pričakovanih dohodkov iz privatizacije.
Therefore, the Commission considers that for the purposes of the MEO test of the equity increase it is necessary to leave aside the negative spill-over effects on the Greek economy or the fact that TRAINOSE is the sole rail operator in Greece.
Komisija ugotavlja, da so v času, ko je bila odločitev o povečanju lastniškega kapitala nepreklicno sprejeta (tj. leta 2009), morda obstajali le nejasni načrti za privatizacijo podjetja, vendar pooblastilo za privatizacijo še ni bilo objavljeno, zavezujoče ponudbe še niso bile podane in še vedno ni bilo jasno, ali bo privatizacija sploh uspešna.
Greece further stated that already in 2009 it was envisaged to restructure TRAINOSE with a view to privatising it, and therefore it could have expected an acceptable return on the injected capital within a reasonable period of time.
Družba Trainose je bila v grški privatizacijski program vključena šele leta 2010, Grčija pa se je šele leta 2013 dejansko odločila, da nadaljuje privatizacijo podjetja.
Greece further emphasised that ephemeral lower returns would be acceptable to an existing investor.
Vendar noben vlagatelj ni podal zavezujoče ponudbe in leta 2016 je bilo treba postopek privatizacije znova začeti, da bi lahko pričakovano privatizacijo izvedli leta 2017.
Whether a State intervention is in line with market conditions must be examined on an ex ante basis, having regard to the information available at the time the intervention was decided upon.
Dejstvo, da je bila zadevna oseba javnega prava predhodno gospodarsko izpostavljena podjetju, je treba upoštevati pri ugotavljanju, ali je bila transakcija izvedena v skladu s tržnimi razmerami.
In fact, any prudent market economy operator would normally carry out its own ex ante assessment of the strategy and financial prospects of a project.
Predhodno izpostavljenost je treba obravnavati v okviru hipotetičnih scenarijev za namene preskusa udeleženca v tržnem gospodarstvu.
It is not enough to rely on ex post economic evaluations entailing a retrospective finding that the investment made by the Member State concerned was actually profitable.
V primeru posredovanja v obliki lastniškega ali dolžniškega kapitala v javnem podjetju v težavah bi bilo treba pričakovani donos take naložbe primerjati s pričakovanim donosom v hipotetičnem scenariju likvidacije družbe.
A widely accepted standard methodology to determine the (annual) return on investments is to calculate the internal rate of return (IRR).
Grčija pred povečanjem lastniškega kapitala ni ocenila obetov glede prihodkov iz hipotetične likvidacije družbe Trainose.
One can also evaluate the investment decision in terms of its net present value (NPV), which produces results equivalent to the IRR in most cases.
Komisija ugotavlja, da je na dan 31. decembra 2008 knjigovodska vrednost sredstev družbe Trainose znašala 104 milijone EUR, vrednost njenih dolgov pa 376 milijonov EUR.
Before the decision to inject equity of EUR 60 million was taken by the Interministerial Committee for Public Enterprises and Organisations in 2009, no profitability assessment of the expected return was conducted by Greece, using either any of the generally accepted standard assessment methodologies or any other methodology.
Zato Grčija kot delničarka družbe Trainose v hipotetičnem scenariju likvidacije verjetno ne bi imela koristi od donosa.
No factual evidence showing any future profitability for the shareholder was brought by Greece to support the decision to inject capital into TRAINOSE.
Posledično zato Grčija pravno ne bi imela nobene odgovornosti, razen izgube svojih deležev, brez nadaljnjih naložb v podjetje.
No document shows any illustration or calculation of the capital remuneration for the shareholder of TRAINOSE or an increase in the value of Greece's equity participation after the capital injection.
Ne glede na družbeni in politični pritisk, ki bi izhajal iz odločitve, da se družbi Trainose omogoči začetek likvidacijskega postopka, Komisija meni, da bi bili stroški za udeleženca v tržnem gospodarstvu v podobnih razmerah nični, saj je grška država edina delničarka družbe Trainose.
The Commission observes that TRAINOSE's profit and loss forecasts merely show that the company was expected to return to profitability as from 2011.
V takih okoliščinah bi lahko povečanje kapitala vključevalo le izgubo za grško državo, s katero se udeleženec v tržnem gospodarstvu ne bi strinjal.
And even the expected profitability cumulated until 2013 (EUR 14 million) is insufficient to offset the expected loss of TRAINOSE in 2011 (EUR -165 million).
Zato Komisija meni, da je bila z odločitvijo o povečanju lastniškega kapitala družbe Trainose za 60 milijonov EUR tej družbi dodeljena gospodarska prednost, ki je v običajnih tržnih razmerah ne bi prejela.
Furthermore, Greece neither assessed the prospects of the privatisation of TRAINOSE nor quantified the expected privatisation proceeds.
Povečanje lastniškega kapitala je koristilo le družbi Trainose in ni bilo del širšega ukrepa splošne gospodarske politike, ki bi bil na voljo grškim podjetjem.
The Commission notes that at the point in time when the equity increase was irrevocably decided (i.e. 2009), there may have been merely vague plans for privatisation of the company, but no privatisation mandate was yet published, no binding bids had been submitted and it was still unclear whether the privatisation would be successful at all.
Zato gre za selektiven ukrep v smislu člena 107(1) Pogodbe.
TRAINOSE became part of the Privatisation Programme of Greece only in 2010, and only in 2013 did Greece actually decide to proceed with the privatisation of the company.
Zaradi razlogov iz oddelka 7.1.2.4 je povečanje lastniškega kapitala izkrivilo ali bi lahko izkrivilo konkurenco na notranjem trgu in je lahko prizadelo tudi trgovino med državami članicami.
Nevertheless no investor submitted a binding bid and the privatisation process had to be re-launched in 2016 leading to an expected privatisation in 2017.
Glede na navedeno Komisija meni, da povečanje lastniškega kapitala za 60 milijonov EUR, ki je bilo izvedeno leta 2009, pomeni državno pomoč v smislu člena 107(1) Pogodbe.
The fact that the public body concerned has prior economic exposure to an undertaking should be taken into consideration when examining whether a transaction is in line with market conditions.
Letna nepovratna sredstva za družbo Trainose v obdobju 2011–2013 so bila dodeljena neposredno iz proračuna grške države, torej ukrep vključuje uporabo državnih sredstev, o katerih je tudi odločala grška država in jo je njej tudi mogoče pripisati.
Prior exposure must be considered in the framework of counterfactual scenarios for the purpose of the MEO test.
Grčija je trdila, da letna nepovratna sredstva za družbo Trainose v obdobju 2011–2013 vključujejo nadomestilo za izpolnjevanje obveznosti javne službe.
For instance, in the case of an equity or debt intervention in a public undertaking in difficulty, the expected return on such an investment should be compared with the expected return in the counterfactual scenario of the liquidation of the company.
Komisija na podlagi smernic Sodišča v sodbi v zadevi Altmark ugotavlja, da sporazum o obveznosti javne službe za obdobje 2011–2013 ni bil dodeljen na podlagi javnega razpisa.
In the event that liquidation provides higher gains or lower losses, a prudent market economy operator would choose that option.
Kadar obveznost javne službe ni vzpostavljena s postopkom za oddajo javnega naročila, je treba znesek potrebnega nadomestila določiti z analizo stroškov, ki bi jih imelo povprečno, dobro vodeno podjetje, ki razpolaga z ustreznimi sredstvi za izpolnjevanje zahtev za opravljanje javne storitve, pri izpolnjevanju navedenih obveznosti, pri čemer se upoštevajo ustrezni prejemki in zmerni dobiček za izpolnjevanje obveznosti.
Greece had not assessed prior to the equity increase any prospects for proceeds from a hypothetical liquidation of TRAINOSE.
Komisija ugotavlja, da je imela družba Trainose leta 2011, ko je bil podpisan sporazum o obveznosti javne službe, finančne težave in njenih stroškov ne bi bilo mogoče šteti za stroške povprečnega, dobro vodenega podjetja, ki razpolaga z ustreznimi sredstvi za izpolnjevanje zahtev za opravljanje javne storitve.
The Commission observes that on 31 December 2008 TRAINOSE's asset book value amounted to EUR 104 million whereas the value of its debts amounted to EUR 376 million.
Nadomestilo za obveznost javne službe za obdobje 2011–2013 je temeljilo na ocenah načrta za prestrukturiranje družbe Trainose brez kakršne koli hipotetične ocene stroškov povprečnega, dobro vodenega podjetja, ki razpolaga z ustreznimi sredstvi za dejansko izpolnjevanje zahtev za opravljanje javne storitve.
Therefore, Greece as TRAINOSE's shareholder in a hypothetical liquidation scenario would be unlikely to benefit from any return.
Zato Komisija meni, da to merilo ni bilo izpolnjeno.
As a corollary therefore Greece would legally have no liability other than the loss of its shareholdings, without any further investment into the company.
Glede na kumulativno naravo pogojev iz sodbe v zadevi Altmark Komisiji ni treba proučiti, ali so v tem primeru izpolnjeni preostali trije pogoji iz navedene sodbe.
Notwithstanding the social and political pressure that would result from a decision to allow TRAINOSE to enter the liquidation procedure, the Commission maintains the view that the costs for a MEO in a similar situation would be nil, as the Greek State is the sole shareholder of TRAINOSE.
Zato se sklene, da je bila z nepovratnimi sredstvi, zagotovljenimi družbi Trainose v obdobju 2011–2013, navedeni družbi dodeljena gospodarska prednost v smislu člena 107(1) Pogodbe.
Under those circumstances, the capital increase could only involve a loss for the Greek State, which a MEO would not have consented to.
Letna nepovratna sredstva v obdobju 2011–2013 so bila na voljo le družbi Trainose in so koristila le njej, zato so bila selektivna v smislu člena 107(1) Pogodbe.
Therefore, the Commission considers that the decision to increase equity of TRAINOSE by EUR 60 million conferred an economic advantage on TRAINOSE which it would not have obtained under normal market conditions.
Zaradi razlogov iz oddelka 7.1.2.4 so nepovratna sredstva izkrivila ali bi lahko izkrivila konkurenco na notranjem trgu in so lahko prizadela tudi trgovino med državami članicami.
The equity increase benefitted TRAINOSE only and was not part of a broader measure of general economic policy available to Greek undertakings.
Glede na navedeno Komisija meni, da letna nepovratna sredstva, ki jih je zagotovila Grčija v obdobju 2011–2013, pomenijo državno pomoč v smislu člena 107(1) Pogodbe.
It is, therefore, selective within the meaning of Article 107(1) of the Treaty.
Shema za premestitev zaposlenih družbe Trainose izhaja iz grškega zakona 3891/2010.
For the reasons outlined in Section 7.1.2.4, the equity increase had distorted or had threatened to distort competition in the internal market and was also liable to affect trade between Member States.
Shema predvideva premestitev zaposlenih družbe Trainose k drugim delodajalcem v javnem sektorju, kot so ministrstva ali občine, ki jih bodo plačevali s svojimi javnimi sredstvi.
In the light of the foregoing, the Commission considers that the equity increase of EUR 60 million implemented in 2009 constitutes State aid within the meaning of Article 107(1) of the Treaty.
Torej ukrep vključuje uporabo državnih sredstev, pri čemer je o njem odločala grška država in ga je njej tudi mogoče pripisati.
The annual grants to TRAINOSE for the period 2011-2013 were granted directly from the Greek State budget, hence the measure involves the use of State resources, which was also decided by the State and is therefore imputable to it.
Po navedbah Grčije zmanjšanje delovne sile s premestitvijo zaposlenih ne zagotavlja prednosti družbi Trainose, saj je treba to šteti kot enkratno nadomestilo za strukturno prikrajšanje, s katerim se družba Trainose še naprej srečuje v povezavi s preostalimi zaposlenimi.
Greece asserted that the annual grants to TRAINOSE for the period 2011-2013 involve a compensation for discharging a PSO.
Da bi količinsko opredelila prednost, ki izhaja iz premestitve zaposlenih, je Grčija alternativno predložila študijo, ki jo je pripravil svetovalec.
Following the guidance provided by the Court of Justice in its Altmark judgement, the Commission observes that the PSO Agreement for the period from 2011 to 2013 was not awarded following a public tender.
Glede na študijo je prednost enaka razliki med „običajnimi stroški“ hipotetične sheme prostovoljnega upokojevanja, ki jih krije zasebna družba, in stroški hipotetične sheme prostovoljnega upokojevanja za zaposlene v družbi Trainose.
When the PSO is not established on the basis of a tendering procedure, the level of compensation needed must be determined on the basis of an analysis of the costs which a typical undertaking, well-run and adequately provided with means to meet the public service requirements, would have incurred in discharging those obligations, taking into account the relevant receipts and a reasonable profit for discharging the obligations.
Zadnjenavedeni bi znašali 120 milijonov EUR.
The Commission notes that when the PSO Agreement was concluded in 2011, TRAINOSE was facing financial difficulties and its costs could not have been considered costs of a typical undertaking, well-run and adequately provided with means to meet the public service requirements.
Vendar Grčija trdi, da bi bilo treba od stroškov hipotetične sheme prostovoljnega upokojevanja odšteti „neobičajne stroške“, ki jih družba nosi zaradi navideznega statusa javnega uslužbenca, ki ga imajo zaposleni v družbi Trainose, in sicer tako premeščeni zaposleni kot preostali 904 zaposleni.
The PSO compensation for years 2011 to 2013 were based on estimates of TRAINOSE's restructuring plan without any counterfactual assessment of costs of a typical and well-run undertaking adequately provided with means to actually meet the public service requirements.
Po navedbah Grčije dejanska prednost zaradi premestitve zaposlenih znaša 37 milijonov EUR.
Therefore, the Commission considers that this criterion has not been complied with.
Komisija ugotavlja, da gre za prednost takrat, kadar se finančni položaj podjetja izboljša zaradi posredovanja države, in sicer pod pogoji, ki so drugačni od običajnih tržnih razmer.
Considering the cumulative nature of the Altmark conditions, there is no need to examine whether the other three Altmark conditions have been met in the present case.
Glede na to se pojem državne pomoči ne nanaša le na dodelitev pozitivne gospodarske prednosti, temveč lahko tudi oprostitev gospodarskega bremena pomeni prednost.
Therefore, it is concluded that the grants to TRAINOSE in the period from 2011 to 2013 confers an economic advantage on TRAINOSE within the meaning of Article 107(1) of the Treaty.
To zajema vsakršno ublažitev dajatev, ki običajno bremenijo proračun podjetja.
The annual grants in the period 2011-2013 were made available to and benefited only TRAINOSE and were, therefore, selective within the meaning of Article 107(1) of the Treaty.
Proučiti je treba, ali se je finančni položaj podjetja na podlagi ukrepa države izboljšal v primerjavi s finančnim položajem, v katerem bi bil subjekt, če ukrep ne bi bil sprejet.
For the reasons set out in Section 7.1.2.4, the grants distorted or threatened to distort competition in the internal market and were also liable to affect trade between Member States.
Zato bi bilo treba oceniti, ali premestitev zaposlenih družbe Trainose ustreza razbremenitvi zaradi strukturnega prikrajšanja, s katerim bi se družba Trainose še naprej srečevala, če zadevni ukrep ne bi bil sprejet.
In the light of the foregoing, the Commission considers that the annual grants implemented by Greece in the period 2011-2013 constitute State aid within the meaning of Article 107(1) of the Treaty.
Komisija ugotavlja, da je imela družba Trainose preveč zaposlenih.
The scheme for the transfer of TRAINOSE's employees originates from the Greek Law 3891/2010.
V običajnih tržnih razmerah bi moralo podjetje uvesti shemo prostovoljnega upokojevanja, da bi svoje osebje spodbudilo k upokojitvi.
It provides for the transfer of TRAINOSE's employees to other public sector employers such as Ministries or municipalities, which remunerate them with their public resources.
Vendar po trditvah Grčije družba Trainose ni imela sredstev za tako shemo, zato je shemo za premestitev zaposlenih k drugim delodajalcem v javnem sektorju vzpostavila grška država.
Therefore, the measure involves the use of State resources and is also decided by and imputable to the Greek State.
Podobno ni mogoče sprejeti argumenta, da ukrep družbi Trainose ne dodeljuje prednosti, ker gre za nadomestilo za določeno prikrajšanje, ki ga je to podjetje podedovalo iz obveznosti v skladu s preteklimi kolektivnimi pogodbami o zaposlitvi.
According to Greece, the reduction of workforce through the transfer of employees does not provide any advantage to TRAINOSE, since it is to be considered as a one-off compensation for the structural disadvantage that TRAINOSE continues to bear in relation to the remaining employees.
Zaradi premestitve zaposlenih družbe Trainose so se zmanjšali stroški osebja, ki bi jih družba Trainose morala plačati in so običajni stroški podjetja, tudi če so taki stroški nastali zaradi posebnega statusa zaposlenih družbe Trainose in so bili višji kot stroški zaposlenih, ki niso imeli podobnega statusa.
Alternatively, to quantify the possible advantage stemming from the transfer of employees, Greece provided a study prepared by a consultant.
Poleg tega finančnih prednosti družbe Trainose, ki so posledica nižjih stroškov osebja zaradi premestitve nekaterih njenih zaposlenih k drugim delodajalcem v javnem sektorju, ni mogoče primerjati z domnevnimi prednostmi, ki so posledica navideznega statusa javnega uslužbenca za zaposlene v družbi Trainose v skladu s kolektivnimi pogodbami.
According to the study, the advantage amounts to the difference between ‘normal costs’ of a hypothetical VRS borne by a private company and the costs a hypothetical VRS for TRAINOSE's employees.
Na argumente, ki jih je Grčija navedla v zvezi z domnevnim prikrajšanjem zaradi navideznega statusa javnega uslužbenca za zaposlene v družbi Trainose, je mogoče odgovoriti s tremi premisleki.
The latter would amount to EUR 120 million.
Prvič, družba Trainose je po popolnem odprtju grškega železniškega trga za konkurenco imela in še naprej ohranja usposobljeno in sposobno osebje, brez katerega svojega tržnega položaja ne bi mogla vzdrževati.
However, Greece argues that one should deduct from the costs of the hypothetical VRS the ‘abnormal costs’ which the company incurs by reason of the quasi-civil servant status of the TRAINOSE employees, both the transferred ones and the remaining 904 employees.
Drugič, kot je poudarila Grčija, so bile v skladu z novo kolektivno pogodbo o zaposlitvi ukinjene številne ugodnosti za zaposlene družbe Trainose in sprejeti so bili ukrepi za znižanje stroškov obstoječega osebja družbe Trainose.
According to Greece, the ‘true’ advantage from the transfer of employees amounts to EUR 37 million.
Tretjič, trenutno v Grčiji ne deluje noben drug železniški prevoznik, zato splošne primerjave z drugimi zaposlenimi v zasebnem sektorju s podobnimi delovnimi izkušnjami, ki jo je izvedla Grčija, ni mogoče šteti kot veljavno merilo, ki upošteva specifičnost osebja družbe Trainose.
The Commission notes that whenever the financial situation of an undertaking is improved as a result of State intervention on terms differing from normal market conditions, an advantage is present.
Glede na navedeno se zdi, da so stroški, povezani z ugodnostmi, ki izhajajo iz pretekle zakonodaje, običajni stroški, ki jih ima vsako podjetje.
In this respect, not only is the granting of positive economic advantages relevant for the notion of State aid, but relief from economic burdens can also constitute an advantage.
Zato razbremenitev takih stroškov s premestitvijo zaposlenih daje prednost družbi Trainose v smislu člena 107(1) Pogodbe.
This covers any mitigation of charges normally included in the budget of an undertaking.
Premestitev zaposlenih je koristila le družbi Trainose, zato gre za selektiven ukrep v smislu člena 107(1) Pogodbe.
It has to be examined whether the financial situation of the undertaking, following the State measure, has improved, as compared with the financial situation that the entity would have been into, if the measure had not been taken.
Zaradi razlogov iz oddelka 7.1.2.4 je premestitev zaposlenih izkrivila ali bi lahko izkrivila konkurenco na notranjem trgu in je lahko prizadela tudi trgovino med državami članicami.
It therefore needs to be assessed whether the transfer of TRAINOSE employees corresponds to a relief from a structural disadvantage that TRAINOSE would continue to face, in the absence of the particular measure.
Glede na navedeno Komisija meni, da premestitev zaposlenih družbe Trainose k drugim delodajalcem v javnem sektorju v obdobju 2011–2013 pomeni državno pomoč v smislu člena 107(1) Pogodbe.
The Commission notes that TRAINOSE was facing a situation of overstaffing.
Kot je navedeno v oddelku 3.5.5 sklepa o začetku postopka, je Komisija izrazila pomislek, ali so bili sporazumi o ravni storitve med družbama Trainose in OSE sklenjeni pod tržnimi pogoji.