natgillin/translations-raw huggingface dataset:
In other words, the economic advantage of a State guarantee priced below market conditions lies in the difference between the guarantee premium charged by the State and the premium that a market guarantor, if any, would have charged.
Znesek dolgoročnih in kratkoročnih terjatev, ki jih je leta 2011 imela družba HDS, kot je navedeno v bilanci stanja, je dejansko znašal 1008 milijonov EUR.
A possible advantage in the guarantee premium may exist, therefore, independently of whether the guarantee is called and even if the underlying loan is duly repaid and the guarantee is not called by the lender.
Glede na že negativen lastniški kapital v višini 537 milijonov EUR, ki je bil zabeležen istega leta, in nezmožnost prodaje vojaških sredstev družbe država v primeru likvidacije družbe ali nadaljevanja poslovanja brez možnosti vračila najverjetneje ne bi dobila vrnjenega nobenega dela povečanega lastniškega kapitala, ki je skupaj znašal 154,19 milijona EUR.
Nevertheless, to the extent the defaults had already occurred when new guarantees would be provided, a market guarantor would have taken into account those past defaults of HDS and would have at least reflected the increased risk in the guarantee fee to be paid by HDS on new loans, or would not have provided any guarantee or loan.
Tržni upnik bi torej ohranil dolžniške terjatve, saj je pri tem verjetnost za pozitivno donosnost, čeprav je majhna, še vedno večja kot pri konverziji v lastniški kapital.
Finally, the Commission considers that the argument put forth by the Greek authorities that HDS could not provide collateral for the relevant loans due to security reasons is irrelevant for the qualification as State aid of the guarantees constituting measure 1.
Dolžniške terjatve (tudi nezavarovane) so v smislu prednosti pri upnikih uvrščene pred terjatve delničarjev.
Since the notion of State aid is an objective notion, it is not relevant why HDS could not provide any collateral, but merely that HDS could not have obtained the loans described in Table 2 on the same terms without the guarantees.
Ista stališča se smiselno uporabljajo za injekcijo dodatnega svežega kapitala v višini 4 milijonov EUR.
In turn, non-collateralised loans are riskier for the lender than collateralised ones and, thus, attract a higher interest rate remunerating the risk taken.
Noben vlagatelj v tržnem gospodarstvu se ne bi odpovedal zneskom, vpisanim brez kakršne koli predhodne možnosti donosa.
This objective fact is captured by the interest rate calculated in accordance with the 2008 Communication, which is inversely proportional to the quality of the collateral provided.
To izhaja iz dejstva, da grški organi niso zagotovili predhodne ekonomske analize prihodnje donosnosti, ter tudi proučitve pretekle in sedanje finančne uspešnosti družbe HDS, kar zadeva dejanske ali možne donose za delničarja iz preglednice 1.
Consequently, the Commission concludes that measure 1 conferred an advantage on HDS corresponding to the amount calculated on the basis of the methodology explained, for the guarantees granted for loans obtained in the period 2004-2006, in recital 89 above and, for guarantees granted for loans obtained in the period 2007-2011, in recital 91 above.
Dejansko je iz finančne uspešnosti družbe HDS od leta 2004 razvidno, da družba ni imela donosa, kar zadeva dividende iz vloženega kapitala.
With respect to the arguments by the Greek authorities summarised in recitals 33 and 34 of the present decision, the Commission considers that the financial difficulties of a firm have to be assessed objectively on the basis of the financial and economic indicators of the specific firm in question.
Medtem se je lastniški kapital delničarjev do leta 2011 spremenil iz nekoliko pozitivnega (41 milijonov EUR) v precej negativnega (–537 milijonov EUR), pri čemer se je torej porabil ves kapital, ki so ga vložili delničarji, v odsotnosti verodostojnega načrta prestrukturiranja podjetja pa ni bilo več mogoče niti hipotetično pričakovati prihodnjega povečanja vrednosti imetništva.
Therefore, the reasons behind the financial difficulties should not, as such, alleviate the level of seriousness of those financial difficulties, as shown by the relevant financial and economic indicators.
Komisija zato meni, da razumni vlagatelj v tržnem gospodarstvu pod temi pogoji ne bi sodeloval pri povečanju delniškega kapitala družbe HDS, zlasti ne brez verodostojnega načrta prestrukturiranja podjetja, iz katerega bi bila razvidna predhodna možnost ponovne vzpostavitve sposobnosti preživetja družbe HDS in ustrezen donos naložbe za državo kot delničarko, ter kakršne koli predvidljive možnosti takšnega donosa, ki bi bila razvidna iz podatkov, ki jih je predložila Grčija.
Effect on competition and trade between Member States
Zato Komisija ugotavlja, da se je z udeležbo države v povečanjih kapitala leta 2011 upravičenki zagotovila prednost, ki ustreza skupnemu znesku povečanj kapitala.
The measures in question enabled HDS to finance both its military and its civil production below normal market rates.
Tranše ukrepa in datumi odobritve so navedeni v preglednici 4.
The measures in question are thus liable to distort competition, as other companies active in the same markets needed to finance their operations at market conditions and operate without similar State support.
Komisija meni, da bi lahko ukrep 3 zaradi razlogov, opisanih v uvodnih izjavah 99 in (100), prizadel konkurenco in trgovino med državami članicami.
Also, irrespective of the relevance of the military production of HDS for the essential security interests of Greece, HDS was active in a sector in which products for civil use are traded among Member States.
Sklep glede obstoja državne pomoči v smislu člena 107(1) PDEU za ukrep 3
Consequently, measure 1 was capable of affecting competition and trade between Member States.
Glede na navedeno Komisija ugotavlja, da povečanja kapitala, opredeljena kot ukrep 3, ki jih je družbi HDS zagotovila Grčija in so opisana v uvodnih izjavah 42 do 47, pomenijo državno pomoč v smislu člena 107(1) PDEU, kolikor so imela koristi za civilne dejavnosti družbe HDS.
Conclusion with regard to the existence of State aid within the meaning of Article 107(1) TFEU for measure 1
Sklepna ugotovitev glede obstoja državne pomoči
In light of the above, the Commission concludes that the guarantees defined as measure 1, granted to HDS by Greece and described in recitals 15 to 16, constitute, to the extent that they benefitted the civil activities of HDS, State aid within the meaning of Article 107(1) TFEU.
Glede na navedeno in kolikor sta imela ukrepa 1 in 3 koristi za civilno proizvodnjo družbe HDS, Komisija meni, da ukrepa pomenita državno pomoč v smislu člena 107(1) PDEU.
The Commission notes that the capital increases in question were provided by the Greek State.
Nezakonita pomoč
As such the granting of measure 3 is imputable to the Greek State and it is financed through State resources.
Ukrepa 1 in 3 pomenita državno pomoč in sta bila dodeljena ob kršenju obveznosti obveščanja in mirovanja iz člena 108(3) PDEU.
As to the amount of State resources involved, the Commission does not agree with the Greek authorities that a part of the capital increases should not be counted in measure 3, because it was the capitalisation of debts stemming from the calling of State guarantees (measure 1).
Zato sta ta ukrepa nezakonita državna pomoč.
That is because the capitalisation of debt stemming from the calling of a guarantee is not an automatic conversion, but rather an active decision by the State not to enforce that debt.
Združljivost pomoči
Such a conversion implies a potential loss of value, considering that the State exchanged its position as creditor to that of shareholder, thereby foregoing State resources in the form of debts it decided not to enforce.
Prepoved dodelitve državne pomoči iz člena 107(1) PDEU ni niti absolutna niti brezpogojna.
In addition, in case of a potential liquidation of the company, a shareholder would by definition be less likely to collect its capital than a creditor, so that the conversion of debt owed to the State into capital has the effect of foregoing potential State resources.
Zlasti odstavka 2 in 3 člena 107 PDEU sta pravni podlagi, ki omogočata, da se nekatere vrste pomoči štejejo za združljive z notranjim trgom.
Since the measure was provided to an individual undertaking, namely HDS, the Commission concludes that it was selective.
V skladu s sodno prakso Sodišča so države članice tiste, ki morajo uveljavljati morebitne razloge za združljivost in dokazati, da so pogoji za takšno združljivost izpolnjeni.
As stated above, an advantage within the meaning of Article 107(1) TFEU is any economic benefit which an undertaking could not have obtained under normal market conditions.
Grški organi niso uveljavili morebitnih razlogov za združljivost.
In this regard, the Commission has not received any convincing evidence from the Greek authorities which would justify their argument that since the State acted as a reasonable market investor, the capital increases in question were obtained under normal market conditions and could, therefore, not constitute an advantage.
Vztrajali so, da sta bila ukrepa 1 in 3 namenjena izključno podpori vojaške proizvodnje, pomembne za bistvene varnostne interese Grčije, in da ukrep 3 v nobenem primeru ni pomenil državne pomoči v smislu člena 107(1) PDEU, saj družbi HDS ni zagotovil nobene prednosti, ampak je bil izveden v skladu z vedenjem vlagatelja v tržnem gospodarstvu.
The Commission observes that the various capital increases subscribed in the course of 2011 between May 2011 and December 2011 by the Greek State as a shareholder were not supported by any prospective analysis of returns on the purported investment that a rational investor would have examined and taken into account before deciding on the investment.
Ker pa ukrepi pomenijo državno pomoč, je Komisija menila, da je kljub temu ustrezno izvesti presojo njihove združljivosti na podlagi člena 107(3)(c) PDEU, ki določa, da se lahko „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,“ šteje za združljivo z notranjim trgom.
The capital increases were conducted, as explained by Greece, with a view to ensuring HDS viability given its decisive role in national defence and security.
Da bi bila pomoč na podlagi navedenega člena združljiva z notranjim trgom, mora izpolnjevati jasno opredeljen cilj skupnega interesa, biti potrebna in sorazmerna s tem ciljem, imeti spodbujevalni učinek, ne sme prizadeti konkurence in trgovine znotraj EU v obsegu, ki bi bil v nasprotju s skupnimi interesi, in mora biti skladna z načeli preglednosti.
In any event, the amount of the capital increases were insufficient to cover the negative equity of HDS and could, therefore, not be seen as a measure protecting the company's value and supporting its restructuring.
Vendar Komisija ugotavlja, da ne more opredeliti cilja skupnega interesa, ki bi se poskušal doseči s pomočjo, česar, kot je navedeno zgoraj, grški organi tudi niso trdili.
In that respect, it follows from the information transmitted by Greece that there is no evidence of any ex ante economic analysis carried out by the State as to whether the conversion of the claims stemming from the calling of the guarantees into capital was economically more advantageous than keeping or enforcing those claims.
Tudi če bi se družba HDS štela za podjetje v težavah, zaradi česar bi bilo treba o združljivosti pomoči presojati na podlagi smernic o reševanju in prestrukturiranju iz leta 2004, Komisija ugotavlja, da pogoji za združljivost na podlagi navedenih smernic za ukrep 1 (državna poroštva) in ukrep 3 (povečanja kapitala) nedvomno niso izpolnjeni.
A market creditor would normally examine which course of action is economically more advantageous before deciding it.
Pomoč ni prenehala po šestih mesecih, grški organi pa niso priglasili niti pripravili načrta za prestrukturiranje, s katerim naj bi se obnovila sposobnost preživetja družbe, pri čemer niso bili izvedeni nobeni izravnalni ukrepi, da bi ublažili izkrivljanje konkurence, ki ga je povzročila pomoč.
For the assessment of whether the State granted an advantage to HDS when providing the capital increases in question, it must be established whether it acted in the same way as a market economy operator in a similar situation.
Ni dokazov, da je bila pomoč omejena na najnižji potrebni znesek, zlasti prek znatnega lastnega prispevka upravičenca do pomoči.
Such a market economy operator would not take public policy considerations into account.
Nazadnje, organi niso predložili niti načrta za likvidacijo.
In this regard, the argument presented by the Greek authorities regarding the preservation of a company which is relevant for the essential security interests of the country can, therefore, not be taken into account as a consideration a market economy investor would take into account and is, as such, not relevant for the assessment of the capital increases in question.
Komisija ni našla nobenih drugih morebitnih razlogov za združljivost ukrepov 1 in 3.
Even in the absence of contemporary evidence that the Greek authorities carried out the analysis mentioned in recital 108, it is manifest from the figures available that the conversion was less advantageous than the status quo of keeping the debt claims.
Komisija glede na navedeno ugotavlja, da državna pomoč, ki je bila družbi HDS dodeljena z ukrepoma 1 in 3, ni združljiva z notranjim trgom.
Indeed, as a matter of fact, the amount of long-term and short-term liabilities owed in 2011 by HDS as reported in its balance sheet was EUR 1008 million.
Znesek pomoči, ki ga je treba vrniti
Given the already negative equity of EUR 537 million recorded the same year and the inability to sell the company's military assets, the State would most likely not have recovered any portion of the increased equity totalling EUR 154,19 million in case of liquidation of the company or continuation without prospects of return.
V skladu s Pogodbo in ustaljeno sodno prakso je Komisija pristojna za odločanje, ali mora zadevna država članica ukiniti ali spremeniti pomoč, ko ugotovi, da ni združljiva z notranjim trgom.
A market creditor would have thus maintained the debt claims which had a necessarily higher probability, however low, of producing a positive return than the conversion into equity.
Tudi Sodišče dosledno meni, da je namen obveznosti države članice, da odpravi pomoč, za katero Komisija meni, da je nezdružljiva z notranjim trgom, ponovna vzpostavitev prejšnjih razmer.
Debt claims (even unsecured ones) are ranked higher, in terms of priority of creditors, than shareholders' claims.
V zvezi s tem je Sodišče odločilo, da je ta cilj dosežen, ko prejemnik vrne znesek, ki mu je bil dodeljen v okviru nezdružljive pomoči, s čimer izgubi prednost, ki jo je imel glede na konkurenčne družbe na trgu, ter ko je ponovno vzpostavljeno stanje pred plačilom pomoči.
The same considerations are applicable mutatis mutandis to the injection of additional fresh capital totalling EUR 4 million.
V skladu s sodno prakso člen 16(1) Uredbe Sveta (EU) 2015/1589 določa, da „[č]e se v primerih nezakonite pomoči sprejmejo negativni sklepi, Komisija odloči, da mora zadevna država članica sprejeti vse potrebne ukrepe, da upravičenec vrne pomoč […]“.
No market investor would forego the amounts subscribed in the absence of any ex ante perspective of returns.
Ker sta bila ukrep 1 in ukrep 3 izvedena ob kršenju člena 108 PDEU in ju je treba šteti za pomoč, ki je nezakonita in nezdružljiva z notranjim trgom, je torej treba znesek neupravičene prednosti, izplačan na podlagi teh ukrepov, vrniti, da se ponovno vzpostavijo razmere, ki so bile na trgu pred dodelitvijo pomoči.
This stems from the fact that the Greek authorities have failed to provide any ex ante economic analysis of future profitability and also from the examination of the past and present financial performance of HDS in terms of actual or potential returns for the shareholder portrayed in Table 1.
Vračilo mora zajemati obdobje, v katerem je bila upravičenki zagotovljena prednost, tj. od datuma, ko je bila pomoč upravičenki dana na voljo, do datuma dejanskega vračila.
Indeed, it is manifest from the financial performance of HDS since 2004 that the company did not provide any return in terms of dividends from the capital invested.
Zneskom, ki jih je treba vrniti, se prištejejo obresti do datuma dejanskega vračila.
Meanwhile, until 2011, the shareholder equity went from slightly positive (EUR 41 million) to significantly negative (minus EUR 537 million), thus consuming all the capital invested by the shareholders and cancelling out, in the absence of a credible business restructuring plan, any hypothetical expectation of future increase of the value of the holding.
V skladu z zadevno sodno prakso se obrestna mera za vračilo obračuna od datuma, ko je bila pomoč upravičencu dejansko dana na voljo.
Consequently, the Commission considers that a reasonable market investor would not have participated in HDS' share capital increases under those conditions, in particular without a credible business restructuring plan showing an ex ante prospect of restoring HDS' viability and an adequate return on the investment for the State as a shareholder and any foreseeable prospect of such return from the figures provided by Greece.
Vendar je Komisija ugotovila, da se lahko za del proizvodnje družbe HDS, ki je zadeval vojaška sredstva, šteje, da spada na področje uporabe člena 346(1)(b) PDEU.
As such, the Commission concludes that the State's participation in the 2011 capital increases provided the beneficiary with an advantage, corresponding to the full amount of the capital increases.
Ukrepa 1 in 3 sta, kolikor sta bila namenjena temu delu proizvodnje, izvzeta iz ocene na podlagi določb Pogodbe o državni pomoči.
The tranches of the measure and the granting dates are provided in Table 4.
Zato je treba javno financiranje razdeliti med dva dela proizvodnje, in sicer vojaškega in civilnega, da se lahko določi znesek nezdružljive pomoči, ki ga mora vrniti civilni del.
The Commission considers that for the reasons set out in recitals 99 and 100, measure 3 was capable of affecting competition and trade between Member States.
Da bi Komisija ob neobstoju ločenih računov določila, v kakšnem obsegu je državna pomoč, opredeljena v ukrepih 1 in 3, koristila civilni proizvodnji, bo v skladu z ustrezno sodno prakso uporabila približek in upoštevala ločevanje med prodajo vojaških in civilnih proizvodov družbe HDS ter na podlagi tega razporedila prednost, ki izhaja iz ukrepov 1 in 3.
Conclusion with regard to the existence of State aid within the meaning of Article 107(1) TFEU for measure 3
Komisija meni, da je primerno uporabiti delež prodaje vojaških in civilnih proizvodov v obdobju 2004–2011, kot so ga navedli grški organi (glej uvodno izjavo 24 zgoraj), saj zajema obdobje, v katerem so bili ukrepi dodeljeni.
In light of the above, the Commission concludes that the capital increases defined as measure 3, granted to HDS by Greece and described in recitals 42 to 47, constitute, to the extent that they benefitted the civil activities of HDS, State aid within the meaning of Article 107(1) TFEU.
V tem obdobju je vojaška proizvodnja znašala 94,34 % prodaje, civilna proizvodnja pa 5,66 %.
Conclusion on existence of State aid
Zato Komisija meni, da je bila pomoč upravičenki dana na voljo na datum, ko bi morala prvotna družba HDS (tj. pred razcepitvijo na civilno družbo HDS in vojaško družbo HDS) plačati provizije za poroštva.
In the light of the above and to the extent to which measures 1 and 3 benefitted the civil production of HDS, the Commission considers that they constitute State aid within the meaning of Article 107(1) TFEU.
Kar zadeva dele posojil iz leta 2011, zavarovana s poroštvi, ki niso bili porabljeni, Komisija v zvezi z zneskom glavnice posojila, ki bi ga bilo treba uporabiti v metodologiji, opisani v uvodni izjavi (91), ugotavlja naslednje.
Unlawful aid
Ker se je grška država zavezala, da bo odobrila poroštva za celoten znesek 40 milijonov EUR, je treba šteti, da je bilo poroštvo odobreno za 40 milijonov EUR.
Measures 1 and 3 constitute State aid and were granted in breach of the notification and stand-still obligations established in Article 108(3) TFEU.
Ko je grška država sprejela to zavezo, je družba HDS dejansko dobila zakonito pravico do prejetja pomoči na podlagi 40 milijonov EUR, ki naj bi si jih izposodila.
Consequently, those measures constitute unlawful State aid.
Ker pa družba HDS za posojila ni porabila vseh 40 milijonov EUR, bi bilo treba šteti, da je bila pomoč izplačana le za znesek, ki je bil v okviru posojil, zavarovanih s poroštvi, dejansko izposojen, tj. 7095858 EUR za posojilo št. 10 in 0 EUR za posojilo št. 11.
Compatibility of the aid
Zato je treba v prihodnje celotni znesek dodeljene pomoči (tudi če ni izplačana) odpraviti, kot glavnico posojila za izračun zneska, ki ga je treba vrniti, po metodologiji, opisani v uvodni izjavi 91, pa je treba uporabiti le znesek, ki je bil na podlagi teh posojil, zavarovanih s poroštvi, do takrat dejansko izplačan.
The prohibition of State aid laid down in Article 107(1) TFEU is neither absolute nor unconditional.
Za ukrep 3 znaša ustrezna državna pomoč, ki jo je treba vrniti, 8953593,86 EUR.
In particular, paragraph 2 and 3 of Article 107 TFEU constitute legal bases allowing some aid measures to be considered compatible with the internal market.
V zvezi z obrestno mero za vračilo Komisija meni, da jo je treba izračunati na podlagi datumov, na katere je bila pomoč za posamezen ukrep (poroštvo ali povečanje kapitala) dejansko dana na voljo oziroma uresničena.
According to the case-law of the Court of Justice, it is up to the Member State to invoke possible grounds of compatibility and to demonstrate that the conditions for such compatibility are met.
Poleg tega je Komisija v podobni zadevi menila, da mora nezdružljivo pomoč vrniti le civilni del družbe, ki je prejela pomoč, za zagotovitev, da se vračilo ne krije s sredstvi, ki bi sicer koristila vojaški dejavnosti.
The Greek authorities did not invoke any possible grounds of compatibility.
V tej zadevi Komisija upošteva razcepitev družbe HDS na dve družbi naslednici, in sicer vojaško družbo HDS in civilno družbo HDS.
They insisted that measures 1 and 3 aimed exclusively at supporting the military production relevant for the essential security interests of Greece and, as regards measure 3, that it did not in any event constitute State aid within the meaning of Article 107(1) TFEU since it did not grant any advantage to HDS but was carried out in line with the behaviour of a market economy investor.
Glede na razdelitev sredstev in proizvodne zmogljivosti (glej uvodni izjavi 54 in 55) je civilna družba HDS naslednica civilne proizvodnje družbe HDS.
However, given that the measures constitute State aid, the Commission has considered it appropriate to, nevertheless, assess them with regards to their compatibility under Article 107(3)(c) TFEU, according to which ‘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 compatible with the internal market.
Navedeno temelji zlasti na dejstvu, da so bila vsa sredstva, povezana s civilno proizvodnjo prvotne družbe HDS, v celoti prenesena na civilno družbo HDS, vključno z vsemi zemljišči in proizvodnimi obrati, stroji, opremo, prevoznimi sredstvi, končnimi in nedokončanimi proizvodi, surovinami in terjatvami strank v zvezi s civilnimi proizvodi prvotne družbe HDS.
In order to be found compatible with the internal market under that Article, aid must meet a clearly-defined objective of common interest, be necessary and proportional to this objective, have an incentive effect, must not affect competition and intra-EU trade to an extent contrary to the common interest and comply with the transparency principles.
Poleg tega se zdi, da so bile terjatve dodeljene v skladu z razdelitvijo sredstev med vojaško družbo HDS in civilno družbo HDS.