natgillin/translations-raw huggingface dataset:
Amount in EUR
S sklepom upravnega odbora z dne 26. maja 2014 so bili potrjeni načrt za razcepitev družbe, bilanca stanja ob prestrukturiranju in obrazložitveno poročilo upravnega odbora.
Comments
Pravni zastopniki družbe so istega dne podpisali načrt za razcepitev družbe, ki je bil nato predložen nadzornemu organu.
4 May 2011
7. julija 2014 je bilo predloženo uradno poročilo revizorja za oceno in določitev knjigovodske vrednosti sredstev v lasti obrambnega in vojaškega oddelka družbe.
Capitalisation of debts stemming from the calling of guarantees
Na skupščini 28. avgusta 2014 so bili potrjeni odločitev o razcepitvi družbe, bilanca stanja ob prestrukturiranju, obrazložitveno poročilo upravnega odbora, poročilo revizorja o knjigovodski vrednosti sredstev v lasti prvotne družbe in pristojnosti obeh družb naslednic.
19 October 2011
Imenovana sta bila tudi upravna odbora obeh družb naslednic.
16 December 2011
Grški organi so trdili, da so vsa ta sredstva povezana izključno s proizvodnjo obrambnih proizvodov, kot določa člen 346 PDEU.
Payment in cash
Vsa sredstva, izključno povezana s civilno proizvodnjo, so bila prenesena na civilno družbo HDS.
The Greek authorities argued that the capital increase of EUR 154,19 million resulting from the capitalisation of debts stemming from called guarantees should not be considered ‘new’ State support to HDS, because it was, in the reasoning of the Commission in the decision of 6 March 2013, already considered State support in the context of measure 1.
To je vključevalo zlasti:
Split of HDS
vsa zemljišča, ki so se uporabljala izključno za civilno proizvodnjo (vključno s proizvodnimi obrati, skladišči itd. na teh zemljiščih);
In the context of the regular review of its economic adjustment programme by the institutions representing the creditors of the country (European Commission, European Central Bank and the International Monetary Fund), in mid-2013 Greece undertook the commitment to adopt an irrevocable decision about the future of HDS by the end of August 2013.
vse stroje, opremo, prevozna sredstva itd., ki so se uporabljali izključno pri civilni proizvodnji;
On 27 August 2013, the Greek authorities submitted their proposal for the future of HDS.
gotove in polgotove proizvode za civilno uporabo, ustrezne surovine in terjatve prvotne družbe, ki so jih do nje imeli odjemalci civilnih proizvodov.
According to that proposal, HDS would be divided into two parts, civil and military.
Regija Atika je s sklepom št. 22153/2014/2.10.2014 odobrila razcepitev družbe, prenehanje prvotne družbe in ustanovitev dveh novih družb.
The civil part would be liquidated.
TRŽNE RAZMERE V ZVEZI Z DRŽAVNIMI POROŠTVI ZA DRUŽBO HDS (UKREP 1)
The military part would be restructured and its production would be limited to products that are necessary for the essential security interests of the country.
Grški organi so pojasnili, da družba HDS bančnih posojil ni poskušala zavarovati brez državnih poroštev, razlog za to pa ni bila njena nezmožnost pridobitve takšnih sredstev (uvodna izjava 36).
Following discussions with the Commission departments and those of the other institutions, the Greek authorities undertook, in a letter of 16 December 2013, the commitment to carry out the split and submitted an action plan.
Kar zadeva ukrep 1, uradna preiskava torej ne bi mogla razkriti takratnih ponudb obrestnih mer za posojila družbi HDS od leta 2004 brez državnega poroštva ali ponudb za to poroštvo, ki ga zagotovi tržni porok.
By Board Decision of 26 February 2014, the process of splitting the company began and 28 February 2014 was set as the date for restructuring (date of the ‘restructuring balance sheet’).
Da bi Komisija pridobila dejansko podlago za oceno, ali so državna poroštva za posojila, odobrena družbi HDS, za slednjo pomenila prednost, ki je pod tržnimi pogoji in glede na svoj finančni položaj v obdobju 2004–2006 (preglednica 1) ne bi imela, je proučila, pod kakšnimi tržnimi pogoji bi lahko družbe z bonitetno oceno CCC+ (družba v težavah z velikim tveganjem), D (družba, ki ne izpolnjuje obveznosti) ali SD (družba, ki ne izpolnjuje nekaterih obveznosti) pridobile sredstva na finančnih trgih.
By Board decision of 21 May 2014 it was established that the successor public limited company which would in the future exclusively engage in the production of and trade in arms, munitions and war material necessary for the essential security interests of Greece will be called Hellenic Defence Systems Industrial Commercial Ltd (‘HDS military’).
Komisija je zato zbrala finančne podatke iz podatkovne zbirke S&P Capital IQ Platform ter zlasti razmike kreditne zamenjave in donose obveznic med letoma 2004 in 2006.
By the same decision it was established that the successor public limited company which would take over the original company's purely civilian activities will be called Hellenic Civilian Production Systems Industrial Commercial Ltd (‘HDS civil’).
Posel kreditne zamenjave je pogodba o finančni zamenjavi, na podlagi katere bo prodajalec v poslu kreditne zamenjave v primeru neodplačevanja posojila (s strani dolžnika) kril kupca (običajno upnik referenčnega posojila).
The Board decision of 26 May 2014 approved the plan to split the company, the restructuring balance sheet and the Board's explanatory report.
To pomeni, da prodajalec v poslu kreditne zamenjave kupca zavaruje pred neizpolnjevanjem nekaterih obveznosti v zvezi z referenčnim posojilom.
The company's authorised representatives signed the plan to split the company on the same day and the plan was submitted to the supervisory authority.
Ta instrument je pomemben za prikaz, kakšna bi bila premija za tveganje/provizija za poroštvo, ki bi jo udeleženec na trgu zahteval za zavarovanje tveganja neplačila posojila.
On 7 July 2014 an official auditor's report was submitted for the purpose of assessing and determining the book value of the assets held by the company's defence and military divisions.
Iz zbranih podatkov je razvidno, da so se med letoma 2004 in 2006 razmiki kreditne zamenjave za rok zapadlosti pet let za družbe z velikim finančnim tveganjem gibali od 4,4 do 33,5 %.
The general assembly of 28 August 2014 approved the decision to split the company, the restructuring balance sheet, the Board's explanatory report, the auditors' report on the book value of the assets held by the original company and the terms of reference of both successor companies.
Donos obveznic je znesek donosnosti, ki jo vlagatelj realizira na obveznico in dobro prikaže skupne stroške izposoje (predstavljajo stroške posojila skupaj s stroški vseh s tem povezanih poroštev) za družbo.
In addition, the Boards of the two successor companies were appointed.
Zbrani podatki kažejo, da so se v obdobju 2004–2006 stopnje gibale od 12,9 do 43,2 % za obveznice z zapadlostjo enega leta, ki so jih izdale družbe z velikim finančnim tveganjem.
The assets and production capacity of the original company were split based on the restructuring balance sheet of 28 February 2014.
OCENA
All assets related to the military production of the original company were transferred to HDS military.
V tem sklepu je najprej obravnavano vprašanje uporabe člena 346(1)(b) PDEU, nato obstoj državne pomoči v smislu člena 107(1) PDEU pri dejavnostih ali ukrepih, ki jih izjema iz navedenega člena ne zajema, in nazadnje, ali bi lahko bila takšna pomoč združljiva z notranjim trgom.
The Greek authorities submitted that all those assets are exclusively related to production of defence products as defined in Article 346 TFEU.
Uporaba člena 346(1)(b) PDEU
All assets exclusively related to civil production were transferred to HDS civil.
V skladu s členom 346(1)(b) lahko „vsaka država članica […] v zvezi s proizvodnjo orožja, streliva in vojaških sredstev ali trgovino z njimi sprejme ukrepe, za katere meni, da so potrebni za zaščito bistvenih interesov njene varnosti; takšni ukrepi ne smejo negativno vplivati na pogoje konkurence na notranjem trgu glede proizvodov, ki niso izrecno predvideni v vojaške namene“.
This included, in particular,
Sklep Sveta iz leta 1958, ki določa seznam proizvodov, za katere se uporablja člen 346(1)(b) PDEU (v nadaljnjem besedilu: sklep Sveta iz leta 1958), med drugim zajema prenosno in avtomatsko orožje, artilerijo, strelivo za takšno orožje, bombe, torpede, rakete, smodnik in eksploziva (točke 1, 2, 3, 4, 8 in 13 na seznamu).
all land exclusively used for civil production (including production facilities, warehouses, etc. on that land);
To pomeni, da se za namene te zadeve člena 107 in 108 PDEU ne uporabljata za ukrepe v zvezi s proizvodi, vključenimi na seznam iz sklepa Sveta iz leta 1958, če se takšni ukrepi štejejo za potrebne za zaščito bistvenih varnostnih interesov zadevne države članice.
all machinery, equipment, means of transport, etc. involved exclusively in civil production;
V skladu s sodno prakso mora država članica, ki se želi sklicevati na izjemo iz člena 346(1)(b) PDEU, predložiti dokaze, da ukrepi ne presegajo tega, kar je potrebno za njene bistvene varnostne interese.
finished and semi-finished products for civilian use, relevant raw materials and the original company's claims from clients of civilian products.
Grški organi so trdili, da spada vojaška proizvodnja družbe HDS na področje uporabe sklepa Sveta iz leta 1958, zlasti točk 1, 2, 3, 4, 8 in 13, ter je potrebna za bistvene varnostne interese Grčije, saj družba HDS grškim oboroženim silam zagotavlja specializirane vojaške proizvode.
By Decision No 22153/2014/2.10.2014 the Attica Region approved the split of the company, the dissolution of the original company and the set-up of the two new companies.
Kar zadeva ukrep 2, so grški organi dokazali, da je bila posodobitev industrijskega obrata v Aeghionu potrebna za izpolnitev posebnega naročila grških oboroženih sil v zvezi s posebno izdelavo vojaških proizvodov s seznama iz leta 1958, zlasti točke 1.
This decision was registered in the General Trade Register and following this the two successor companies and their statutes were also entered in the General Trade Register.
Grški organi so trdili tudi, da so bile civilne proizvodne linije družbe HDS ločene od vojaških proizvodnih linij in da so ukrepi, ki so predmet preiskave, koristili zgolj vojaški proizvodnji, ki se je prodajala zlasti grškim oboroženim silam.
MARKET CONDITIONS REGARDING STATE GUARANTEES TO HDS (MEASURE 1)
Komisija se ob upoštevanju trditev Grčije strinja, da se lahko za del proizvodnje družbe HDS, ki zadeva vojaška sredstva, šteje, da spada na področje uporabe člena 346(1)(b) PDEU.
The Greek authorities explained that HDS did not attempt to secure bank loans without State guarantees but that the reason was not its inability to obtain such funds (recital 36).
Komisija tudi ne izpodbija fizične ločitve civilne in vojaške proizvodne linije.
Therefore, as regards measure 1, the formal investigation could not reveal contemporary quotes of interest rates for loans to HDS as from 2004 without the State guarantee or quotes for the latter guarantee provided by a market guarantor.
Vendar podatki, ki so jih predložili grški organi, niso podprli trditve, da je imela družba HDS v zadevnem obdobju ločena računa za civilno in vojaško proizvodnjo.
In order to have a factual basis to assess whether the State guarantees on loans granted to HDS provided the latter with an advantage which it would not have obtained at market conditions and given HDS's financial situation in 2004-2006 (Table 1), the Commission investigated at what market conditions companies with a rating of CCC+ (high risk company in difficulty), D (company having defaulted) or SD (selective default) could have obtained funding from financial markets.
Poleg tega so grški organi priznali, da so se civilne proizvodne linije občasno uporabljale za vojaško proizvodnjo brez ustreznega plačila, ki bi bilo potrebno, če bi bila računa ustrezno ločena, ter da so se tako za vojaško kot za civilno proizvodno linijo občasno uporabljale upravne in distribucijske storitve družbe HDS.
To that effect, the Commission collected financial data from the database S&P Capital IQ Platform and in particular credit default swaps (CDS) spreads as well as bond yields between 2004 and 2006.
Glede na navedeno in glede na to, da ni ločenih računov za civilne in vojaške dejavnosti, Komisija ne more izključiti, da bi lahko imeli ukrepi, namenjeni vojaški proizvodnji, koristi tudi za civilno proizvodnjo družbe HDS ter bi torej lahko izkrivljali konkurenco na zadevnem trgu.
The CDS is a financial swap agreement that the seller of the CDS will compensate the buyer (usually the creditor of the reference loan) in the event of a loan default (by the debtor).
To velja za ukrepa 1 in 3, ki sta ne glede na svoj namen bistveno koristila družbi HDS kot celoti, torej tudi njeni civilni proizvodnji, ki ni bila finančno ločena od vojaške proizvodnje.
In other words, the seller of the CDS insures the buyer against some reference loan defaulting.
Komisija zato meni, da je treba ukrepa 1 in 3, kolikor bi lahko koristila civilni proizvodnji družbe HDS, oceniti glede na določbe Pogodbe o državni pomoči.
This instrument is relevant to give an indication of what would be the risk premium/guarantee fee a market operator would require to ensure the risk of default of a loan.
Če pa sta navedena ukrepa koristila proizvodnji vojaških proizvodov in njihovi dobavi grškim oboroženim silam, se Komisija strinja, da sta v skladu s členom 346(1)(b) Pogodbe izvzeta iz ocene na podlagi njenih določb o državni pomoči.
The collected data show that CDS spreads for maturities of 5 years to financially high risk companies varied from 4,4 % to 33,5 % between 2004 and 2006.
V zvezi z ukrepom 2 Komisija ugotavlja, da je iz dokazov, ki jih je predložila Grčija, razvidno, da zadevna nepovratna sredstva […] niso imela nikakršnih koristi za civilno proizvodnjo.
A bond yield is the amount of return an investor realises on a bond which gives a good indication of the ‘all-in’ cost of borrowing (representing the cost of the loan combined with the cost of any associated guarantee) for a company.
Zato sprejema, da je ukrep 2 koristil samo proizvodnji vojaških proizvodov iz sklepa Sveta iz leta 1958 ter da je bil potreben za dobavo teh proizvodov grški vojski.
The collected data indicate that in 2004-2006 the rates varied between 12,9 % and 43,2 % for 1-year maturity bonds issued by financially high risk companies.
Komisija se torej strinja, da je ukrep 2 v skladu s členom 346(1)(b) Pogodbe izvzet iz ocene na podlagi njenih določb o državni pomoči.
ASSESSMENT
Ocena obstoja pomoči v smislu člena 107(1) PDEU
This decision addresses as a preliminary point the issue of the application of Article 346(1)(b) TFEU, and, subsequently, with regard to activities or measures not covered by the exception of that Article, the existence of State aid within the meaning of Article 107(1) TFEU and, finally, whether such aid might be compatible with the internal market.
Člen 107(1) PDEU določa, da „je vsaka pomoč, ki jo dodeli država članica, ali kakršna koli vrsta pomoči iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem ali proizvodnji posameznega blaga, nezdružljiva z notranjim trgom, kolikor prizadene trgovino med državami članicami“.
Application of Article 346(1)(b) TFEU
Na podlagi te določbe mora ukrep, da se šteje za državno pomoč, izpolnjevati naslednje kumulativne pogoje: (i) ukrep je mogoče pripisati državi in se financira z državnimi sredstvi; (ii) ukrep je selektiven; (iii) ukrep daje podjetju gospodarsko prednost in (iv) ukrep izkrivlja ali bi lahko izkrivljal konkurenco in verjetno vpliva na trgovino med državami članicami.
According to Article 346(1)(b) TFEU, ‘any Member State may take such measures as it considers necessary for the protection of the essential interests of its security which are connected with the production of or trade in arms, munitions and war material; such measures shall not adversely affect the conditions of competition in the internal market regarding products which are not intended for specifically military purposes.’
Državna sredstva in pripisljivost
The 1958 Council Decision drawing up a list of products to which Article 346(1)(b) TFEU applies (‘1958 Council Decision’), includes, among others, portable and automatic firearms, artillery, ammunition for such weapons, bombs, torpedoes, rockets, powders and explosives (points 1, 2, 3, 4, 8 and 13 of the list).
Državna poroštva je odobrila neposredno grška država, zato je ukrep 1 mogoče pripisati državi.
This implies that, for the purpose of this case, Articles 107 and 108 TFEU do not apply for measures related to products included in the 1958 Council Decision, provided that those measures are considered necessary for the protection of the essential security interests of the Member State in question.
Z državnimi poroštvi postanejo državna sredstva že po definiciji ogrožena, saj vsako javno poroštvo vključuje morebitno izgubo sredstev države.
In accordance with the case law a Member State which seeks to rely on the exception of Article 346(1)(b) TFEU must provide evidence that the measures do not go beyond what is necessary for their essential security interests.
Poleg tega vsako poroštvo, ki ni ustrezno povrnjeno, za državo pomeni neposredno izgubo finančnih sredstev.
The Greek authorities have argued that the military production of HDS falls within the scope of the 1958 Council Decision, in particular points 1, 2, 3, 4, 8 and 13, and is necessary for essential security interests of Greece, because HDS provides specialised military products to the Greek Armed Forces.
Provizija v višini 1 %, ki jo je država zaračunala družbi HDS, se glede na finančni položaj družbe in možnost neplačila ne more šteti za zadostno.
As regards measure 2, the Greek authorities demonstrated that the modernisation of the Aeghion industrial facility was necessary for the fulfilment of a specific contract by the Greek Armed Forces for the specific production of military products included in the 1958 Council list, in particular point 1.
Poleg tega družba HDS že leta 2004 ni vrnila več posojil, pri čemer je bila večina poroštev odobrena po tem letu.
The Greek authorities have also argued that the civil production lines of HDS were separated from the military production lines and that the measures under investigation had only benefited the military production, mainly sold to the Greek Armed Forces.
Poroštva so kot takšna vključevala državna sredstva tako v smislu možnih neplačanih provizij za poroštvo kot v smislu izpostavljenosti javnega proračuna v primeru neplačila družbe HDS.
In the light of the arguments submitted by Greece, the Commission accepts that the part of HDS' production which concerns military material can be considered to fall within the scope of application of Article 346(1)(b) TFEU.
Za ukrep 1 je torej merilo državnih sredstev in pripisljivosti državi izpolnjeno.
The Commission also does not contest the physical separation of the civil and military production lines.
Grški organi tega tudi niso izpodbijali.
However, the data provided by the Greek authorities did not support the argument that HDS had separate accounts for the civil and military production for the relevant period.
Selektivnost
In addition, the Greek authorities admitted that the civil production lines were occasionally used also for military production without adequate remuneration, as should have been the case if there was proper separation of accounts, and that the military and civil production lines were at times both using the administrative and distribution services of HDS.
Ker so bila poroštva posameznemu upravičencu, tj. družbi HDS, zagotovljena priložnostno in ne kot del ukrepa splošne gospodarske politike, ki bi lahko bil na voljo vsem grškim družbam in gospodarskim sektorjem, je ukrep selektiven.
In the light of the above, and in the absence of separate accounts for civil and military activities, the Commission cannot exclude that measures aimed at the military production may have also benefitted HDS' civil production and thereby created a distortion of competition in the relevant market.
Obstoj gospodarske prednosti
This is the case regarding measures 1 and 3 which, regardless of their aim, have essentially benefitted HDS as a whole and thus its civil production as well, which was not financially separated from its military production.
V skladu z ustaljeno sodno prakso je treba za določitev, ali državni ukrep pomeni pomoč v smislu člena 107(1) PDEU, ugotoviti, ali je podjetje, upravičeno do ukrepa, dobilo gospodarsko prednost, ki je pod običajnimi tržnimi pogoji ne bi.
The Commission therefore considers that, measures 1 and 3, in so far as they may have benefitted the civil production of HDS, must be assessed in light of the State aid provisions of the Treaty.
Za gospodarsko prednost gre, če se zaradi posredovanja države izboljša finančni položaj podjetja.
However, insofar as those measures have benefitted the production and supply of military products to the Greek Armed Forces, the Commission accepts that they are exempt from an assessment under the State aid provisions of the Treaty on the basis of Article 346(1)(b) thereof.
Vendar posredovanje javnega organa ne pomeni nujno prednosti za upravičenca in zato ne pomeni državne pomoči, če je pomoč izvedena pod običajnimi tržnimi pogoji, tj. če je javni organ ravnal, kot bi v podobnih razmerah ravnal preudaren udeleženec v tržnem gospodarstvu.
As regards measure 2, the Commission observes that the evidence provided by Greece shows that the grant in question […] did not benefit in any way the civil production.
V tem smislu je bila grška država v času dejstev obvladujoča delničarka družbe HDS in je to še danes.
Consequently, the Commission accepts that measure 2 only benefitted the production of military products covered by the 1958 Council Decision and that it was necessary for the provision of those products to the Greek army.
Z zmanjšanjem tveganja, ki so ga prevzele banke, ki so med letoma 2004 in 2011 posojale družbi HDS, je moralo 11 zadevnih poroštev zmanjšati obrestno mero, zaračunano za osnovna posojila.
The Commission, therefore, accepts that measure 2 is exempt from an assessment under the State aid provisions of the Treaty on the basis of Article 346(1)(b) thereof.
Te obrestne mere so bile sicer različne, vendar v tem obdobju vse, z izjemo dveh, manj kot 5-odstotne.
Assessment of the existence of aid within the meaning of Article 107(1) TFEU
Glede na slabo poslovanje družbe HDS, tudi na samostojni osnovi, noben preudaren udeleženec v tržnem gospodarstvu v obdobju 2004–2011 družbi HDS brez poroštev države ne bi odobril financiranja pod pogoji, pod kakršnimi je bilo odobrenih 11 posojil med letoma 2004 in 2011.
Article 107(1) TFEU lays down that ‘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’.
Po drugi strani precej slabši finančni podatki družbe HDS iz preglednice 1 kažejo, da družba brez državnih poroštev v obdobju 2007–2011 nikakor ne bi imela dostopa do financiranja na trgu.
On the basis of this provision, the qualification of a measure as State aid requires the following cumulative conditions to be met: (i) the measure is imputable to the State and is financed through State resources; (ii) the measure is selective; (iii) the measure confers an economic advantage on an undertaking; and (iv) the measure distorts or threatens to distort competition and is likely to affect trade between Member States.
Čeprav je imela družba HDS v prejšnjih letih precejšnje izgube in negativen dobiček pred davki, je v obdobju 2004–2006 še vedno imela razmeroma stabilen letni promet, ki je znašal približno 91–97 milijonov EUR.
State resources and imputability
V zvezi s stopnjo takšnega financiranja razmiki kreditnih zamenjav in donosi obveznic iz uvodnih izjav 58 in 59 potrjujejo, da so nekatere družbe z velikim finančnim tveganjem v obdobju 2004–2006, ki je predmet preiskave, imele dostop do finančnih trgov, ter kažejo približen obseg pogojev, pod katerimi bi takšne družbe pridobile sredstva.