natgillin/translations-raw huggingface dataset:
The Independent Expert will be appointed within one week of approval by the Commission and pursuant to the draft mandate approved by the Commission.
Frankrikes offentliga finansiering av projektet 50CO2Cars ingår i det program för framtidsinvesteringar som infördes genom den ändrade finanslagen nr 2010-237 av den 9 mars 2010.
If all the proposals by the French authorities are rejected, the French authorities undertake that the PSA Group will propose at least two further persons or institutions in accordance with the conditions and the procedure set out in this commitment, within two weeks of notification by the European Commission of its rejection of the first proposal.
Detta bekräftar följaktligen denna åtgärds statliga ursprung.
If the European Commission rejects the French authorities' new proposals, the Commission will appoint an Independent Expert who must be appointed by the PSA Group under the draft mandate approved by the Commission.
En omorganisering av den industriella basen i Frankrike och en minskning av de strukturella kostnaderna med en uppskattad effekt på omkring 600 miljoner euro, som tillkännagavs den 12 juli 2012.
MISSIONS AND OBLIGATIONS OF THE INDEPENDENT EXPERT
Enligt detta projekt ska produktionen i Aulnay upphöra 2014, industriapparaten vid anläggningen i Rennes anpassas, moderniseringsåtgärder genomföras vid Aulnay- och Rennesanläggningarna och koncernens strukturer justeras.
The Independent Expert will (i) assist the European Commission in verifying that the PSA Group is complying with the obligations incumbent upon it under the letter of commitments of 23 July 2013; and (ii) carry out his tasks as defined in the letter of commitments of 23 July 2013.
Denna begränsning föreföll emellertid inbegripa den ökning som kunde förutses för 2013, då nivån låg på 29,8 % 2012.
The Independent Expert will perform his tasks pursuant to the work plan approved by the European Commission, which may be amended with the Commission's approval.
Dessutom föreslog de franska myndigheterna för åren 2014 och 2015 att penetrationsnivån ska läggas samman för G10-området för BPF med avseende på det föregående året, justerat utifrån penetrationsnivåns variation hos de jämförbara banker som PSA omnämnt (de koncernägda bankerna tillhörande Renault, Ford, BMW, VW och Daimler), varvid ett räntegolv föreskrivs.
The European Commission may, on its own initiative or at the request of the Independent Expert or the PSA Group, give instructions to the Independent Expert.
EUT C 155, 20.6.2008, s.
The PSA Group may not give instructions to the Independent Expert.
10.
The Independent Expert's mission is to ensure that all the obligations set out in the letter of commitments of 23 July 2013 are complied with and fully implemented and to ensure that the PSA Group implements the restructuring plan notified on 12 March 2013 to the European Commission.
De franska myndigheterna understryker att växelkursen mellan euro och yen utvecklades ogynnsamt med omkring 30 % mellan 2009 och 2012, för att återgå till 2009 års nivå mellan slutet av 2012 och maj 2013.
The Independent Expert:
Denna volatilitet gör att kostnaderna för att införskaffa delar till automatiska växellådor blir slumpmässiga.
will, in his first report, propose to the European Commission a detailed work plan describing the way in which he will verify compliance with the letter of commitments of 23 July 2013;
Den oberoende experten ska i) bistå kommissionen vid kontrollen av att PSA-koncernen uppfyller sina skyldigheter enligt åtagandebrevet av den 23 juli 2013 och ii) fullgöra sitt uppdrag i enlighet med definitionen i nämnda åtagandebrev av den 23 juli 2013.
will verify that the PSA Group is fully and properly implementing its restructuring plan and in particular:
Den oberoende experten ska genomföra sina uppdrag i enlighet med den arbetsplan som godkänts av kommissionen och eventuellt ändrats efter överenskommelse med kommissionen.
that it is implementing the commitments set out in the letter of 23 July 2013 and the compensatory measures described in the letter of commitments of 23 July 2013;
Den bör göra det möjligt för kommissionen kontrollera att PSA-koncernen styrs i enlighet med skyldigheterna enligt åtagandebrevet av den 23 juli 2013.
that it is implementing the viability measures described in point 6 of the letter of commitments of 23 July 2013;
Vid behov ska kommissionen ange i närmare detalj vad den önskar att rapporten ska innehålla.
will ensure compliance with all the other commitments set out in the letter of 23 July 2013;
PSA-koncernens omsättning uppgick till 55,4 miljarder euro under 2012.
will perform all the other functions assigned to him in the letter of commitments of 23 July 2013;
Utvecklingen vad gäller koncernens omsättning under de fem senaste åren framgår av tabell 1.
will furnish the European Commission, the French authorities and the PSA Group with a draft report within 30 days of each six-month period.
Kostnaderna uppskattas till [400–500]* miljoner euro under perioden 2012–2017.
The European Commission, the French authorities and the PSA Group may propose amendments within five working days.
Kostnaderna för anpassning av industriapparaten vid anläggningen i Rennes, som kommer att innebära en personalomställning med 1400 tjänster bland de sammanlagt 5600 anställda, uppskattas till [100–200]* miljoner euro under perioden 2012–2017.
The Independent Expert will then send his report to the European Commission and the French authorities.
Det bör framhållas att planerna GPEC 1 och 2 inte sammanfaller med kostnaderna för omstruktureringen vid anläggningarna i Aulnay och Rennes.
He may then send his report to the PSA Group.
[4–6]
In no case may he send his report to the French authorities or to the PSA Group before sending it to the European Commission.
[6–8]
If the Independent Expert's final report contains confidential information on the PSA Group, the Independent Expert may send it a non-confidential version.
[8–10]
The report will in particular describe the steps taken by the Independent Expert to carry out his mission and the PSA Group's compliance with the obligations incumbent upon it under the letter of commitments.
[10–12]
It will enable the European Commission to verify that the PSA Group is being managed in accordance with the obligations set out in the letter of commitments of 23 July 2013.
[28–33]
If necessary, the European Commission may specify in further detail what it wishes to be included in the report.
[31,6–36,6]
In addition to these reports, the Independent Expert will inform the European Commission with due diligence of any failure to comply with the commitments set out in the letter of 23 July 2013 that he may have cause to suspect, at the same time sending a non-confidential version of his letter to the PSA Group.
[33,1–38,1]
OBLIGATIONS INCUMBENT UPON THE PSA GROUP
[26,5–31,5]
The PSA Group will provide, and ensure that its directors provide, subject to the rules of professional confidentiality, any cooperation, assistance and information that the Independent Expert may reasonably require from them in order to carry out his tasks under his mandate.
[29–34]
The Independent Expert will have unrestricted access to all information, documents and archives and to all directors or employees of the PSA Group necessary for the performance of his tasks.
[34,4–39,4]
The PSA Group will provide an office at its premises for the Independent Expert and any PSA Group employee must be willing to meet the Independent Expert and provide him with the information that he needs to carry out his tasks.
[20,4–25,4]
Subject to agreement by the PSA Group (which may not be refused or delayed without cause) and at its cost, the Independent Expert may call on any consultants that he wishes, especially for legal or business financing advice, if he considers this necessary for the performance of his tasks pursuant to the letter of commitments of 23 July 2013 and provided that the costs and other fees resulting therefrom are reasonable.
[21,6–26,6]
If the PSA Group refuses to allow the Independent Expert to call on such consultants, the Commission may approve their appointment after hearing the PSA Group.
[22,7–27,7]
Only the Independent Expert may issue instructions to these consultants.
[18,9–23,9]
REPLACEMENT, DISCHARGE AND APPOINTMENT OF A NEW INDEPENDENT EXPERT
[25,5–30,5]
If the Independent Expert terminates his functions as described in the commitments set out in the letter of 23 July 2013 or for any other reason, for instance a conflict of interest concerning the Independent Expert:
[29,1–34,1]
the Commission may, after hearing the Independent Expert, require the PSA Group to replace him;
[20–25]
the PSA Group may, with the Commission's approval, replace the Independent Expert.
[17,8–22,8]
The new Independent Expert will be appointed in accordance with the procedure described in section 1 of this Annex.
[20,6–25,6]
Subject to point (13) of this Annex, the Independent Expert may end his duties only after he has been discharged from them by the Commission, once he has fulfilled all the obligations incumbent upon him.
[20,9–25,9]
In that context, the French authorities undertook to notify a restructuring plan for the PSA Peugeot Citroën SA Group (‘PSA’ or ‘the Group’ or ‘the PSA Group’) and a viability plan for BPF in the six months following the rescue decision.
[28,6–33,6]
The Commission's decision to open the procedure (‘the opening decision’) was published in the Official Journal of the European Union on 16 May 2013 [2].
[0,0–2,5]
The Commission invited interested parties to submit their comments on the aid at issue.
[20,7–25,1]
There were two further meetings between the same parties on 11 and 12 July 2013, and a telephone conference on 15 July 2013.
[19,2–24]
Following these meetings, the French authorities furnished information by letter dated 16 July 2013, amended by letter dated 23 July 2013.
[14,6–19,6]
Faurecia is an automotive equipment supplier in which PSA had a 57,18 % holding on 31 December 2012.
[24,6–29,6]
In essence, it produces vehicle seats, interior systems, emission control technologies and vehicle exteriors.
[25,9–30,9]
Under Article 85 of the 2012 Amending Finance Law No 2012-1510 of 29 December 2012, the Minister for the Economy may authorise, against remuneration, a State guarantee for the securities issued by BPF between 1 January 2013 and 31 December 2016.
[24,9–29,9]
The guarantee covers BPF's new long-term bond market issues.
[26,7–31,7]
It will therefore benefit the unsecured debt instruments issued by BPF after the date on which the Commission approves the implementation of the guarantee and at the latest on 31 December 2016.
[29,6–34,6]
These instruments will have a contractual term of a maximum of 36 months from their issue date.
[25,1–30,1]
The public finance that France is planning to grant for the 50CO2Cars project is part of the ‘future investment’ programme established by the Amending Finance Law No 2010-237 of 9 March 2010.
[25,4–30,4]
The Environment and Energy Management Agency (‘ADEME’) is one of the operators [9] commissioned by the State to manage the appropriations channelled into future investment.
[26,8–31,8]
The PSA Group business plan covers the period 2013-17.
[30,6–35,6]
The French authorities have specified that the Group's ordinary operating income, in the median scenario, will be positive from 2014, at EUR [1200-2000]* million, i.e. [1-5]* % of turnover.
[150–180]
The French authorities have submitted the PSA Group business plan to 2017.
[180–210]
The plan is based on assumptions of the size of the European market and PSA's market shares.
Att hämta in den ackumulerade eftersläpningen i fråga om FoU: Även om de franska myndigheterna ifrågasätter kriteriets relevans framgår det av skäl 152 c att projektet 50CO2Cars skulle möjliggöra en inhämtning av den eftersläpning som koncernen skulle ha drabbats av i fråga om FoU, i synnerhet vad gäller produktiviteten hos den genomförda teknikinnovationsverksamheten (sammanslagning av medel i ett forskningskonsortium under ledning av byrån för miljön och för energikontroll), standardisering av vissa bilkomponenter (framför allt vad gäller framdrivningen), tekniker för minskning av dieselmotorernas bränsleförbrukning/utsläpp, DCT-växellådor etc. Dessa insatser syftar till att göra hybridiseringssystemen mer överkomliga för konsumenterna genom att den hybridiserade framdrivningens uppbyggnad i hög grad skulle standardiseras och optimeras i fråga om energieffektivitet och produktionskostnad.
In a ‘favourable’ scenario, PSA Group sales in Europe increase by some 100000 vehicles per annum from 2013.
De franska myndigheterna anger, på grundval av den metod som använts i undsättningsbeslutet, att de resultat som erhållits beträffande det stödinslag som ingår i åtgärden är följande:
According to the business plan notified, the ordinary operating income of the PSA Group overall, in the unfavourable scenario as well, is positive from 2014 (some [1-5]* % of the PSA Group's turnover), and reaches [2-6]* % in 2017.
[260–330]*
It should nevertheless be borne in mind that the PSA Group forecasts show a high growth of turnover outside Europe, i.e. in growth markets.
[50–110]*
Further reductions (over and above the initial 2012 MTP) in CAPEX are planned: EUR 300 million in 2013 and EUR 500 million per year in 2014 and 2015.
[300–400]*
The 2013-2015 (CAPEX and R&D) plan has therefore been revised down from EUR 9,9 billion to EUR 8,6 billion, i.e. a reduction of 13 % from one plan to the other.
På grundval av den sistnämnda Peugeotmodellen (607) uppgick de potentiella volymerna till omkring 20000 fordon per år, dvs. en förlorad omsättning på omkring 500 miljoner euro.
The non-renewal commitment in relation to the Citroën C6/Peugeot 607 models covers the period 2016-18.
På grundval av den sistnämnda Citroënmodellen (C6) uppgick de potentiella produktionsvolymerna till omkring 7000 fordon per år, dvs. en förlorad omsättning på omkring 200 miljoner euro.
The PSA Group estimates the impact of this strand of the measure at 40500 vehicles, i.e. a turnover of EUR 1,05 billion.
Omstruktureringskostnaderna uppgår uppskattningsvis till 1708,9 miljoner euro.
The non-renewal of these models will also enable PSA to discontinue its allied investment from 2013 (the normal period for the development of a new vehicle is generally three years).
De omfattar följande planerade åtgärder: Produktionsstoppet 2014 i Aulnay där 3000 personer är anställda, omläggningen av produktionen i Parisregionen till Poissy och moderniseringen av anläggningen i Aulnay.
According to the French authorities, the PSA Group has the industrial resources to produce such engines, especially the EURO 6 version of the DW12 engine.
Kostnaderna för andra åtgärder, i synnerhet omstruktureringen av handeln i Europa och personalnedskärningarna vid PCR (Peugeot Citroën Retail) motsvarar PSA:s del i nätet av återförsäljare, huvudsakligen i Sydeuropa, och uppskattas till [100–200]* miljoner euro.
In contrast to its competitors, it does not have petrol engines of more than two litres (its petrol engines are limited to 1,6 litre turbo).
Slutligen uppgår kostnaderna för PSA:s verksamhet inom ramen för projektet 50CO2Cars till [300–400]* miljoner euro.
According to the French authorities, by ending the JV, the PSA Group will permanently withdraw from a segment considered to be promising and will lose access to around 6 % of the market by 2016.
PSA anser att marginalförlusterna med anknytning till att försäljningen av dieselfordon ersätts med försäljningen av bensinfordon på den europeiska marknaden skulle komma att uppgå till omkring [500–700]* miljoner euro.
The PSA Group will also lose an agreement that is valuable in terms of the brand image that its status as a partner of BMW gives it.
Mot bakgrund av hushållens minskade köpkraft och med hänsyn till konsumenternas växande miljömedvetande skulle målet om att bevara konkurrenskraften hos och anseendet för dieselmotorer (jämfört med bensinmotorer) ha en avgörande betydelse för PSA-koncernen.
Proposed maximum rate* Germany […] + 1,0 […]
De franska myndigheterna häpnar inför detta argument, eftersom den påstådda effekten uppenbarligen skulle ha anknytning till själva garantin, vars syfte skulle vara att just stabilisera bankens återfinansieringskostnader inom gränsen för ett tak på 7 miljarder euro.
The plan submitted by the French authorities contains financial projections and a financing plan for BPF to the end of 2015.
Dessutom borde den fördel som beviljats BPF och PSA-koncernen uppenbarligen analyseras vid den tidpunkt då garantin tillkännagavs.
According to the French authorities, BPF's return on equity will be [5-10]* % from 2014 and [10-20]* % in 2016.
Först och främst påminner kommissionen, på grundval av de fakta som läggs fram i skäl 30, om att det stödbelopp som ingår i garantin på 1,2 miljarder euro och som godkändes tillfälligt den 11 februari 2013 varit föremål för en första bedömning i undsättningsbeslutet, enligt vilket stödinslaget hade kunnat ligga på mellan 91,8 miljoner euro och garantins nominella värde, dvs. 1,2 miljarder euro.
They point out that, according to the Commission's decision-making practice, the return on equity considered acceptable to demonstrate the viability of a bank is in the range of 8 to 12 %.
Genom tillämpning av samma bedömningsmetod för att reducera stödet (en spread på 24 räntepunkter och en referensperiod på en månad) skulle följaktligen stödinslaget i den garanti på 7 miljarder euro som Frankrike anmält uppgå till 486 miljoner euro, i enlighet med vad som läggs fram i tabell 18.
BPF plans to increase its long-term bank financing by EUR [0-5]* billion by the end of 2012 to EUR [5-10]* billion by the end of 2015.
I skäl 51 i undsättningsbeslutet beräknade kommissionen stödinslaget i emissionsbeloppet på 1,2 miljarder euro till minst 91,8 miljoner euro.
The bank has also launched a deposit product for individuals, which will provide financing of EUR [800-900]* million in 2015 according to the financial projections (in comparison with zero at the end of 2012).
När det gäller emissionsbeloppet på 7 miljarder euro skulle motsvarande belopp vara 535 miljoner euro.
The bank's risk cost increased from […]* in 2011 to […]* in 2012.
Följaktligen drar kommissionen slutsatsen att denna statliga garanti utgör ett statligt stöd vars bidragsekvivalent uppgår till 486 miljoner euro brutto.
Bad debts rose progressively from 3 % at the end of 2008 to 4,2 % at the end of 2012.
BPF är den direkta mottagaren av denna garanti, men i förlängningen är hela koncernen mottagare eftersom BPF:s verksamhet går ut på att finansiera försäljningen av koncernens huvudverksamhet, biltillverkningen.
They point out that the forecast plan assumes that the penetration rate will continue to increase slightly from 2011 up to 2017.
Bankernas totala åtagande uppgår följaktligen till 11,6 miljarder euro.
This increase is based on a number of factors:
Enligt de uppgifter som Frankrike tillhandahållit skulle en förutsättning för utnyttjandet av kreditfaciliteterna inom New Club Deal vara att det statliga stödet genomförs [8].(32) Den 25 mars 2013 genomförde BPF en obligationsemission som täcks av en statlig garanti till ett belopp av 1,2 miljarder euro.
[10-14] %
[55000–60000]
[9-13] %
[60000–65000]
PSA has also submitted projections of net indebtedness in a more stressed scenario in which PSA Group sales fall (in comparison with the median scenario) by a further 200000 vehicles per annum in Europe from 2013.
[65000–70000]
The net indebtedness levels in the various scenarios are presented in Table 14 below.
[57000–62000]
If the industrialisation plan were ultimately to be successful, the 50CO2Cars project technology would offer a major reservoir for growth in an emerging market by 2020.
[40000–45000]
Grasping the opportunity to capitalise on the potential outlets for diesel mild-hybrid engines at the end of the restructuring plan would make it possible to secure turnover by diversifying into a promising segment which is part and parcel of the Group's core business (mass produced vehicles).
PSA-koncernen beräknar att denna del av åtgärden berör 40500 fordon, dvs. en omsättning på 1,05 miljarder euro.
Fiat considers that BPF could finance itself in the secondary market with a ‘new’ differential of 360/380 basis points as it would be aware that the differential of a PSA Group bond would be some 400 basis points for a 2016 maturity.
Dessutom skulle den uteblivna uppdateringen av dessa modeller göra det möjligt för PSA att avstå från de tillhörande investeringarna från och med 2013 (då den normala utvecklingstiden för ett nytt fordon i allmänhet är tre år).
At the time of the EUR 1,2 billion issue covered by the State guarantee that BPF made in March 2013, the total financing cost was approximately 270 basis points.
[59000–64000]
Fiat refers in particular to the statements made by Standard and Poor's on 28 January, 14 February and 18 April 2013.
[60000–70000]
Fiat stresses, moreover, that it is widely accepted that a commitment to grant a guarantee or any financing necessarily improves the beneficiary's financial situation whatever the level of drawdown of the financing made available.
[45000–50000]
The Corrective Measures, including updated cash flows for the PSA Group, are to be notified to the European Commission together with the opinion of an Independent Expert, as defined in section 7.6 below, within one month of publication of the audited consolidated annual accounts, showing that the Net Debt of the PSA Group has exceeded ceiling ‘A’ for the corresponding year.
[35000–40000]
It is the Commission's task to check that the anticipated financial effects of these Corrective Measures have been appropriately quantified and do not jeopardise the PSA Group's viability.
Omstruktureringens kostnader, i enlighet med vad som uppges i de franska myndigheternas anmälan, uppgår till [1,3–1,8]* miljarder euro.
The PSA Group will refrain from acquiring any holding in other enterprises or acquiring any business assets throughout the term of its restructuring plan, i.e. up to 31 December 2015.
För att finansiera sin omstrukturering genomförde PSA-koncernen ett program för avyttring av tillgångar från vilket koncernen har kunnat inkassera 1,956 miljarder euro i fria likvida medel (2,050 miljarder euro i fråga om finansiell nettoställning).
This commitment does not cover: (i) the acquisition of holdings or business assets when the monetary amount paid by the PSA Group for the planned acquisition is less than EUR 100 million per annum; and (ii) the acquisition of a holding in an enterprise or business assets, following approval by the European Commission, if such acquisition is necessary to ensure the PSA Group's viability and to enable it to achieve the objectives of its restructuring plan.
[10–20]
In the notification of 12 March 2013, the French authorities quantified the aid element at between EUR 453 and 480 million for a maximum guarantee amount of EUR 7 billion in principal.
[20–30]
These figures were based on an interpolation of BPF's bond yields for a three-year maturity.
[40–50]
In the light of the facts presented in recitals 105 and 106 of the opening decision as to the existence of a liquidity surplus ranging from EUR [1-3]* billion to EUR [2-4]* billion in a stressed scenario in run-off management, the Commission considers that the amount of aid does not exceed the advantage in terms of bond issue price quantified as EUR 486 million in the State guarantee of EUR 7 billion in principal in recital 33.
[70–80]
This is the advantage that the Group receives if its activity is continued.
[90–120]
In practice, the public financing granted by France to the 50CO2Cars project is part of the ‘future investment’ programme established by the Amending Finance Law No 2010-237 of 9 March 2010.
[120–150]
Commission Decision (EU) 2016/2069
Kommissionens Beslut (EU) 2016/2069
concerning measures SA.14093 (C76/2002) implemented by Belgium in favour of Brussels South Charleroi Airport and Ryanair
om de åtgärder SA.14093 (C 76/2002) som Belgien har genomfört till förmån för Brussels South Charleroi Airport och Ryanair
(notified under document C(2014) 6849)
[delgivet med nr C(2014) 6849]