FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: According to the Deloitte audit report, the commonly earmarked funding of the GNA shareholders amounted to EUR […] out of the total pre-investments of EUR […].
German: Gemäß dem Prüfbericht von Deloitte betrugen die von den Teilhabern von GNA insgesamt vorgestreckten Kosten […] EUR, während sich der Gesamtbetrag der Vorinvestitionen auf […] EUR belief.
Portuguese: Segundo o relatório de auditoria da Deloitte, os montantes antecipados conjuntamente pelos accionistas da GNA elevavam-se a […] euros, num montante total de pré-investimentos de […] euros.
Swedish: Enligt revisorsrapporten från Deloitte uppgick den finansiering som gemensamt tillskjutits av GNA:s aktieägare till […] euro, av ett totalbelopp för förhandsinvesteringar på […] euro.
Finnish: Deloitten tilintarkastuskertomuksen mukaan GNA:n osakkaiden yhteenlaskettu osuus kaiken kaikkiaan […] euron suuruisista ennakkoinvestoinneista oli […] euroa. Jäljelle jäävän […] euron osuuden rahoitti alun perin kaupunki yksin.
Hungarian: A Deloitte könyvvizsgálati jelentése szerint a GNA részvényesei által közösen megelőlegezett költségek […] EUR-t, az előzetes beruházások teljes összege pedig […] EUR-t tett ki.
Estonian: Deloitte'i auditiaruande kohaselt rahastasid GNA osanikud eelinvesteeringut ühiselt […] euro ulatuses, kusjuures kogu eelinvesteeringu suurus kokku oli […] eurot. Ülejäänud […] eurot tasus linnavalitsus esialgu üksinda.
Latvian: Saskaņā ar Deloitte revīzijas ziņojumu GNA akcionāru finansējuma kopsumma ir EUR (…) no kopējiem iepriekšējiem ieguldījumiem EUR (…).
English: Based on the submissions by the Dutch authorities at the moment the formal investigation was initiated, the Commission was not in a position to calculate or verify the total amount of these ‘pre-investments’ which the Commission estimated to be in the magnitude of EUR 1,5 million.
German: Auf der Grundlage der Unterlagen, die die niederländischen Behörden bis zur Einleitung des förmlichen Prüfverfahrens übermittelt hatten, konnte die Kommission den Gesamtbetrag dieser Vorinvestitionen, die sie auf rund 1,5 Mio. EUR schätzte, nicht berechnen oder prüfen.
Portuguese: Com base nos documentos enviados pelas autoridades neerlandesas até ao início do procedimento formal de investigação, a Comissão não tinha meios para calcular ou controlar o montante total desses pré-investimentos, que estimava em cerca de 1,5 milhões de euros.
Dutch: Op grond van de documenten die de Nederlandse autoriteiten tot de inleiding van de formele onderzoekprocedure hadden verstrekt, kon de Commissie het totale bedrag van deze voorinvesteringen, die zij op ongeveer 1,5 miljoen EUR raamde, niet berekenen of controleren.
Swedish: Det gick på grundval av de handlingar som de nederländska myndigheterna hade tillhandahållit fram till det att ett formellt granskningsförfarande inleddes, inte att beräkna eller kontrollera det totala beloppet för dessa förhandsinvesteringar, som kommissionen uppskattade till ungefär 1,5 miljoner euro.
Finnish: Niiden asiakirjojen perusteella, jotka Alankomaiden viranomaiset olivat toimittaneet muodollisen tutkintamenettelyn aloittamiseen mennessä, komissio ei pystynyt laskemaan tai tarkistamaan ennakkoinvestointien kokonaismäärää, jonka se arvio 1,5 miljoonaksi euroksi.
Hungarian: Azon dokumentumok alapján, amelyeket a holland hatóságok a hivatalos vizsgálati eljárás megindítása előtt bocsátottak rendelkezésre, a Bizottság nem tudta kiszámítani vagy ellenőrizni az előzetes beruházások teljes összegét, amelyet mintegy 1,5 millió EUR-ra becsült.
Estonian: Madalmaade ametiasutustelt ametliku uurimise ajal saadud teabe põhjal ei olnud komisjonil võimalik nimetatud eelinvesteeringute summat välja arvutada või seda kontrollida, tema enda hinnangul oli selle suurus 1,5 miljonit eurot.
Latvian: Pamatojoties uz informāciju, ko, sākot oficiālo izmeklēšanu, iesniedza Nīderlandes iestādes, Komisija nevarēja aprēķināt vai pārbaudīt šo “iepriekšējo ieguldījumu” kopējo summu, kas pēc Komisijas aplēsēm bija apmēram 1,5 miljoni euro.
English: Furthermore, it was not fully clear to the Commission how those costs were shared between the shareholders and included in the business plan of GNA.
German: Zudem war der Kommission nicht völlig klar, wie diese Kosten auf die Teilhaber verteilt und in den Geschäftsplan von GNA aufgenommen worden waren.
Portuguese: Além disso, a Comissão não tinha ideias claras acerca do modo de repartição destes custos entre os accionistas e da sua inclusão no plano empresarial da GNA.
Dutch: Verder was het de Commissie niet geheel duidelijk hoe deze kosten tussen de aandeelhouders waren verdeeld en in het businessplan van GNA waren opgenomen.
Swedish: Vidare var kommissionen inte helt klar över hur dessa kostnader fördelade sig mellan aktieägarna och hur de togs upp i GNA:s affärsplan.
Finnish: Komissiolle ei ollut myöskään täysin selvää, miten kyseiset kustannukset jakautuivat osakkaiden kesken ja miten ne oli esitetty GNA:n liiketoimintasuunnitelmassa.
Hungarian: Továbbá a Bizottság számára nem volt teljesen egyértelmű, hogyan oszlottak meg ezek a költségek a részvényesek között, és hogy szerepeltek-e a GNA üzleti tervében.
Estonian: Ka ei olnud komisjonil päris selget pilti sellest, kuidas nimetatud kulud olid aktsionäride vahel jaotatud ja kuidas need kajastusid GNA äriplaanis.
Latvian: Turklāt Komisijai nebija pilnīgi skaidrs, kā šīs izmaksas tika sadalītas starp akcionāriem un kā iekļautas GNA uzņēmējdarbības plānā.
English: GNA applies a different business plan methodology compared to the one applied in the ING report mentioned in footnote 98. In GNA’s methodology, a cost of capital indicator was not required.
Spanish: GNA aplica un método diferente al aplicado en el informe de ING mencionado en la nota 98 Según el método de GNA no era necesario un indicador del coste de capital.
English: The overall churn rates indicated all customers who left UPC to any other operator (for instance to KPN, GNA, moved to other districts, etc.). Therefore, UPC considers this figure as the maximum churn rate that the new GNA fibre network could have achieved at this stage.
Estonian: Üldine kliendivoolavuse määr näitab klientide koguarvu, kes vahetasid UPC mõne muu operaatori vastu (nt KPN, GNA) või kolisid teise piirkonda jne. Seega näitab kõnealune arv UPC hinnangul maksimaalset kliendivoolavuse määra, mis uuel GNA kiudoptilisel võrgul sel etapil oleks pidanud olema.
English: Communication from the Commission to the Council and the European Parliament. Common Actions for Growth and Employment: The Community Lisbon Programme, COM(2005) 330 of 20 July 2005.
French: Communication de la Commission au Conseil et au Parlement européen: actions communes pour la croissance et l’emploi: le programme communautaire de Lisbonne, COM(2005) 330 final du 20 juillet 2005.
Portuguese: Comunicação da Comissão ao Conselho e ao Parlamento Europeu — Acções Comuns para o Crescimento e o Emprego: o Programa Comunitário de Lisboa, COM(2005) 330 final de 20 de Julho de 2005.
Finnish: Komission tiedonanto neuvostolle ja Euroopan parlamentille, Yhteiset toimet kasvun ja työllisyyden hyväksi: yhteisön Lissabon-ohjelma (KOM(2005) 330 lopullinen, 20.7.2005).
Slovak: Oznámenie Komisie Rade a Európskemu parlamentu – Spoločné akcie pre rast a zamestnanosť: Lisabonský program Spoločenstva, KOM(2005) 330 z 20. júla 2005.
Polish: Komunikat Komisji do Rady i Parlamentu Europejskiego – Wspólne działania na rzecz wzrostu i zatrudnienia: Wspólnotowy program lizboński, COM(2005) 330 wersja ostateczna, 20 lipca 2005 r.
Slovenian: Sporočilo Komisije Svetu in Evropskemu parlamentu – Skupni ukrepi za rast in zaposlovanje: Lizbonski program Skupnosti, COM(2005) 330 konč., 20.7.2005.
Estonian: Komisjoni teatis nõukogule ja Euroopa Parlamendile – Ühismeetmed majanduskasvu kiirendamiseks ja tööhõive tõstmiseks: ühenduse Lissaboni kava, KOM(2005) 330 lõplik, 20. juuli 2005.
Latvian: Komisijas paziņojums Padomei un Eiropas Parlamentam – Kopīgi pasākumi izaugsmei un nodarbinātībai: Kopienas Lisabonas programma, COM(2005) 330, galīgā redakcija, 2005. gada 20. jūlijs.
Lithuanian: Komisijos pranešimas Tarybai ir Europos Parlamentui „Bendri veiksmai augimui ir užimtumui skatinti: Bendrijos Lisabonos programa“, 2005 m. liepos 20 d., COM(2005) 330 galutinis.
English: The Dutch authorities sent further information in May and June 2006 [5]. The Commission sent an additional request for information to the Dutch authorities on 24 July 2006, in answer to which the Dutch authorities submitted several batches of information [6].
French: D’autres informations ont été fournies par les autorités néerlandaises en mai et en juin 2006 [5], puis suivies de l’envoi de plusieurs autres plis [6] pour répondre à une nouvelle demande de renseignements de la Commission datée du 24 juillet 2006.
English: The municipality of Amsterdam invests EUR 6 million, ING RE and Reggefiber invest each EUR 3 million, three social housing corporations invest each EUR 1,5 million and two housing corporations invest each EUR 750000 [23]. The total equity investment amounts to EUR 18 million.
French: L’investissement s’élève à un montant total de 18 millions EUR répartis comme suit: 6 millions EUR apportés par la commune d’Amsterdam, 3 millions EUR investis respectivement par ING RE et Reggefiber, un apport de 1,5 million EUR par trois sociétés de logement social et un apport de 750000 EUR par chacune des deux autres sociétés de logement social [23].
English: More particularly, regarding the financial indicators in the business plan, in the opening decision the Commission compared the targeted financial indicators with relevant publicly available comparative data, namely the weighted average cost of capital (‘WACC’) [47] of peer companies [48]. The Commission came to the preliminary conclusion that overall, GNA’s targeted financial indicators do not seem unrealistic, but are highly dependent on the achievement of key success factors.
Hungarian: Elsősorban az üzleti terv gazdasági mutatóira vonatkozóan a Bizottság az eljárást megindító határozatában a célként kitűzött gazdasági mutatókat a nyilvánosan elérhető, hasonló adatokkal vetette össze, azaz a hasonló jellegű vállalkozások [47] súlyozott átlagos tőkeköltségeivel („weighted average cost of capital” – (a továbbiakban: WACC)) [48].A Bizottság arra az előzetes következtetésre jutott, hogy a GNA gazdasági célkitűzései egészében véve nem tűnnek irreálisnak, de nagymértékben függnek a kulcsszerepet játszó sikertényezők teljesülésétől.
English: The weighted average cost of capital (WACC) expresses the relative cost of equity and debt capital of a business. WACC is a widely accepted financial indicator to measure for any particular business or project the rate of return required by the providers of capital (both debt and equity) having regard to the risk characteristics inherent in the project. Businesses or projects which are able to earn returns (measured e.g. using the internal rate of return) greater than the cost of capital add value for investors. Conversely, businesses or projects which, while they may still be profitable, produce returns less than the cost of capital ‘destroy’ investor value.
Hungarian: A Bizottság összehasonlító elemzésében a GNA üzleti tervében szereplő hipotéziseket veti össze a hasonló jellegű vállalatok, elsősorban európai telekom-vállalatok rendelkezésre álló információival.
Lithuanian: Komisijos atliktoje lyginamojoje analizėje GNA verslo plano hipotezės buvo palygintos su turima informacija apie panašios rūšies įmones, visų pirma Europos telekomunikacijų bendroves.
English: In GNA’s methodology, a cost of capital indicator was not required. However, in its analysis, the Commission also used the cost of capital figures to benchmark the IRR rate of GNA’s business plan.
Hungarian: A Bizottság saját elemzésében ugyan szintén alkalmazott a vagyonköltségre vonatkozó számadatokat, és szintén abból a célból, hogy ezeket a GNA üzleti tervében szereplő IRR-rel összevesse.
English: The municipality of Amsterdam [8] informed the Commission in November 2006 that the Court of Appeal proposed to UPC and the municipality of Amsterdam to await the Commission’s decision before a judgement by the Court would be rendered. Both parties accepted this proposal [9].
Italian: Nel novembre 2006 l’UPC e il comune di Amsterdam avevano informato la Commissione del fatto che la Corte di appello aveva proposto loro di aspettare la decisione della Commissione per pronunciarsi e che entrambe le parti avevano accettato questa proposta [9].
English: By letter registered on 30 July 2007, the Commission forwarded the third party comments to the Dutch authorities. The authorities submitted their observations by letter dated on 17 September 2007.
Italian: Con lettera protocollata il 30 luglio 2007, la Commissione ha inviato le osservazioni di queste parti interessate alle autorità dei Paesi Bassi, le quali hanno reagito con lettera del 17 settembre 2007.
English: UPC also highlights the alleged precedent character of the measure. In case the Commission were to find that the measure does not constitute State aid, other municipalities might follow the example of Amsterdam in deploying FttH networks.
Italian: L’UPC sottolinea inoltre che la misura potrebbe costituire un precedente: qualora la Commissione decidesse che essa non costituisce un aiuto di Stato, altri comuni potrebbero seguire l’esempio del comune di Amsterdam per l’istallazione di reti FttH.
English: By letter registered on 16 March 2007, the Dutch authorities submitted their comments in connection with the Commission’s decision to initiate the formal investigation procedure. Furthermore, the Dutch authorities also provided comments on non-confidential versions of the studies prepared for UPC by RBB.
Italian: Con lettera protocollata il 16 marzo 2007, le autorità dei Paesi Bassi hanno presentato osservazioni in relazione alla decisione della Commissione di avviare il procedimento di indagine formale; hanno inoltre presentato osservazioni sulle versioni non riservate degli studi elaborati per l’UCP da RBB.
Polish: Władze niderlandzkie przedstawiły swoje uwagi w związku z decyzją Komisji w sprawie wszczęcia formalnego postępowania wyjaśniającego pismem zarejestrowanym w dniu 16 marca 2007 r. Przedstawiły również swoje uwagi w sprawie wersji badań opracowanych dla UPC przez RBB nieopatrzonych klauzulą poufności.
English: The presence of private investors should guarantee that the project is done on market terms. Therefore, they argue that it was not strictly necessary for the Commission to analyse GNA’s business plan.
Italian: La presenza di investitori privati dovrebbe garantire che il progetto sia svolto a condizioni di mercato per cui, secondo le autorità olandesi, non era strettamente necessario che la Commissione esaminasse il piano aziendale della GNA.
English: In this respect, the Dutch authorities had the feasibility of the assumptions reviewed and endorsed by a report by Stratix Consulting/Delft Technical University [51]. The submitted report also assessed the feasibility of the planned GNA penetration rate.
Italian: Su richiesta delle autorità dei Paesi Bassi, la sostenibilità delle ipotesi è stata riesaminata e confermata in un rapporto di Stratix Consulting/Technische Universiteit Delft [51], nel quale è stata esaminata anche la fattibilità del grado di penetrazione previsto.
Portuguese: A viabilidade dos pressupostos foi analisada e confirmada, a pedido das autoridades neerlandesas, num relatório da Stratix Consulting/Universidade Técnica de Delft [51], que avaliou igualmente a viabilidade da taxa de penetração prevista.
English: In the context of this project, this stake — while not giving the two companies outright control of GNA — is a significant portion of the overall investment. To this end, the Commission observes that both ING RE and Reggefiber are major shareholders of GNA.
Italian: Nel quadro del progetto in esame, questa partecipazione, pur non offrendo alle due società la completa capacità decisionale sulla GNA, costituisce comunque una parte consistente dell’investimento totale, per cui la Commissione ritiene che ING RE e Reggefiber siano azionisti di primaria importanza della GNA.
English: The Commission noted that the municipality commissioned several studies in 2003 and 2004 to prepare the project. Furthermore, the municipality took initiatives which seem to go beyond these preliminary steps.
Italian: Come osservava la Commissione, nel 2003 e 2004 il comune aveva commissionato diversi studi per preparare il progetto e aveva anche preso iniziative che sembravano andare al di là di questi passi preliminari.
English: More specifically, after a first analysis of the first version of the GNA business plan, PricewaterhouseCoopers proposed some modifications to filter out certain preliminary inconsistencies. These proposals were taken into account in the updated GNA business plan.
Italian: Dopo una prima analisi della versione iniziale del piano aziendale della GNA, PricewaterhouseCoopers ha proposto alcune modifiche volte ad eliminare alcune incongruenze, che sono state apportate al piano aziendale modificato della GNA.
English: Based on information in the possession of the Commission, industry figures fluctuate in the range between 8,1 % and 10,6 % [79]. Based on these figures, the IRR in GNA’s business plan appears to be within the acceptable range.
Italian: In base ai dati a disposizione della Commissione, le cifre industriali oscillano tra l’8,1 % e il 10,6 % [79]; sulla base di queste cifre, l’IRR del piano aziendale della GNA si colloca entro un margine accettabile.
English: The Commission has assessed the arguments of the various parties in this respect. The Commission notes that GNA, in order to determine the penetration rate curve, […].
Italian: La Commissione ha valutato le argomentazioni delle diverse parti e ha osservato che la GNA, al fine di determinare la curva del tasso di penetrazione, […].
English: More specifically on the churn rates submitted by UPC to show that the project is failing to reach any meaningful penetration rates, the Commission notes that the submitted figures cover the period between 1 January 2006 and 1 June 2007, while retail operators using the GNA network started offering the services to customers in limited areas of Amsterdam only in March 2007. Given the very limited amount of time elapsed since services are provided over the GNA network, the Commission is not convinced that meaningful information could be elicited from the churn rates at this stage.
Italian: Più in particolare, per quanto riguarda i tassi di rinuncia evidenziati dall’UPC per dimostrare che il progetto non è in grado di raggiungere un tasso di penetrazione significativo, la Commissione osserva che le cifre presentate riguardano il periodo tra il 1o gennaio 2006 e il 1o giugno 2007, mentre gli operatori al dettaglio che utilizzano la rete della GNA hanno iniziato ad offrire i loro servizi ai clienti in zone limitate di Amsterdam solo nel marzo 2007, per cui, alla luce del breve lasso di tempo in cui sono stati offerti i servizi tramite la rete della GNA, la Commissione non è convinta che i tassi di rinuncia possano fornire sin d’ora informazioni importanti.
Polish: Odnosząc się konkretnie do współczynników rezygnacji przedstawionych przez UPC w celu udowodnienia, że projekt nie osiągnie żadnego znaczącego stopnia penetracji, Komisja zauważa, że przedstawione dane obejmują okres od dnia 1 stycznia 2006 r. do dnia 1 czerwca 2007 r., natomiast operatorzy detaliczni korzystający z sieci GNA zaczęli oferować klientom swoje usługi w ograniczonych rejonach Amsterdamu dopiero w marcu 2007 r. Ponieważ od chwili rozpoczęcia świadczenia usług przez sieć GNA upłynęło bardzo mało czasu, Komisja nie jest przekonana, czy na tym etapie ze współczynników rezygnacji można uzyskać jakiekolwiek sensowne informacje.
Lithuanian: Dėl nutrauktų sutarčių skaičių, kuriuos UPC pateikė norėdama parodyti, kad projektas nepasieks reikšmingo skvarbos lygio, Komisija pastebi, jog pateikti rodikliai atspindi situaciją nuo 2006 m. sausio 1 d. iki 2007 m. birželio 1 d., o mažmeninių paslaugų operatoriai, kurie naudojasi GNA tinklu, pradėjo teikti paslaugas klientams tam tikrose Amsterdamo dalyse tik nuo 2007 m. kovo mėn. Kadangi nuo tada, kai buvo pradėtos teikti paslaugos GNA tinklu, prabėgo labai mažai laiko, Komisija nėra įsitikinusi, kad pateikti rodikliai apie nutrauktas sutartis gali būti informatyvūs.
English: In its submissions, UPC criticised further assumptions of GNA’s business plan not explicitly mentioned in the assessment of the business plan outlined in recitals 121 and following, concluding that the plan would not be commercially feasible. The Commission would like to reiterate that neither UPC nor RBB, the consultancy which carried out several reports for UPC in the framework of the investigation of this case, had access to the actual business plan of GNA.
Italian: Nei documenti presentati, l’UPC criticava inoltre alcune ipotesi del piano aziendale della GNA che non erano esplicitamente state menzionate nella valutazione del piano aziendale di cui ai considerando 121 e segg. ed era giunta alla conclusione che il piano non era commercialmente sostenibile.
English: The assumptions underlying the plan are realistic if seen against the main forecast on the evolution of the telecommunications and media markets. They also appear realistic when benchmarked against comparable projects.
Italian: Le ipotesi di base del piano sono realistiche, se valutate alla luce della principale previsione circa l’evoluzione del mercato delle telecomunicazioni e dei mass media e anche se confrontate a progetti simili.
English: France Telecom has recently sold its subsidiaries, Orange Netherlands and Nederland Breedband to Deutsche Telekom. The transaction was approved by the Commission on 20 August 2007.
Italian: France Telecom ha di recente venduto le proprie affiliate Orange Netherlands e Nederland Breedband alla Deutsche Telekom, la transazione è stata approvata dalla Commissione il 20 agosto 2007.
English: See for instance JPMorgan (2006) study: The fibre battle — Changing Dynamics in European Wirelines, 4 October 2006. JPMorgan also calculates that the payback time of a fibre to the home infrastructure — providing open access in an average metropolitan market — starts looking attractive from a market share of 25 %.
Italian: Come dimostra lo studio della JPMorgan (2006) «The fibre battle — Changing Dynamics in European Wirelines», 4 ottobre 2006, il periodo di ammortamento dell’infrastruttura FttH, con accesso aperto e in un mercato cittadino medio, diventa interessante a partire da una quota di mercato del 25 %.
Polish: Zob. na przykład badanie przeprowadzone w 2006 r. przez JPMorgan: „The fibre battle – Changing Dynamics in European Wirelines” ( „Wojna światłowodowa – zmiana dynamiki europejskich sieci telekomunikacyjnych”), 4 października 2006 r. JPMorgan oblicza również, że okres zwrotu dla infrastruktury FTTH – zapewniającej powszechny dostęp na średniej wielkości rynku miejskim – zaczyna wyglądać atrakcyjnie przy udziale w rynku wynoszącym 25 %.
Lithuanian: Pagal „JPMorgan“ tyrimą (2006 m.): „The fibre battle – Changing Dynamics in European Wirelines“, 2006 m. spalio 4 d.„JPMorgan“ taip pat apskaičiavo, kad kai nevaržomas dalyvavimas vidutinėje miesto rinkoje, į FttH infrastruktūrą investuotos lėšos sugrįžtų, kai rinkos dalis pasiektų 25 %.
English: Small risky investments can also be explained by real option theory, according to which risky investments can entail a two-stage process. In the first stage, only a small investment is made (i.e. the company is purchasing an option).
Italian: I piccoli investimenti ad alto rischio possono essere spiegati anche tramite la teoria dell’«opzione reale» in base alla quale gli investimenti rischiosi comportano un processo in due fasi: nella prima fase, viene effettuato solo un investimento ridotto (il che significa che l’impresa acquista un’opzione); qualche tempo dopo, quando sono disponibili più informazioni, l’impresa può effettuare un investimento maggiore (ossia esercitare questa opzione) oppure abbandonare i propri piani, limitando così le perdite all’investimento iniziale (ossia il costo dell’opzione).