FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: The Commission also noted that the form of the measure left the pension liabilities of Royal Mail intact and only allowed the company to address the deficit over a longer period, rather than lifting those liabilities entirely. The latter was the form of the measure in La Poste, meaning that the beneficiary was permanently relieved of liabilities which it would otherwise have had to bear and was as a consequence not required to account for them on its balance sheet.
Italian: La Commissione ha anche osservato che la forma scelta per la misura ha lasciato intatti gli obblighi pensionistici della RM e ha soltanto consentito alla società di recuperare il disavanzo in un lasso di tempo più lungo, anziché sopprimere completamente tali obblighi come nella misura relativa a La Poste, dove il beneficiario è stato esentato in via permanente dagli obblighi che altrimenti avrebbe dovuto sostenere e non è quindi più tenuto a iscriverli in bilancio.
English: The Commission finds to the extent that the pensions measure contains an aid element, this was unlawfully implemented by the United Kingdom in breach of Article 88(3) of the Treaty. However, the Commission finds that aid to be compatible.
Italian: Entro i limiti in cui il provvedimento per le pensioni comprende un elemento di aiuto, la Commissione ritiene che esso sia stato attuato illegittimamente dal Regno Unito, in violazione dell'articolo 88, paragrafo 3, del trattato, ma lo considera un aiuto compatibile.
English: The terminal value being in essence the value of cash flows from the […] year onwards discounted to the […] year, the private investor is asked to believe that even though its investment produces no returns in […] years, it is nevertheless a good investment on the basis of prospects following the […] year. Given that the forecasts on such a long period are exposed to many unforeseeable variables and are therefore by their very nature of limited reliability, the Commission finds that a private investor would not be willing to invest on such terms especially in the postal sector, the long-term prospects of which are uncertain.
Lithuanian: Kadangi galutinė vertė iš esmės yra grynųjų pinigų srautų, gautų nuo […] m. ir diskontuotų iki […] m., vertė, privataus investuotojo būtų prašoma patikėti, kad nors per […] metus jo investicija neuždirbs grąžos, tai vis tiek gera investicija, atsižvelgiant į perspektyvas, teikiamas nuo […] m. Kadangi tokios ilgos prognozės susijusios su daugybe neprognozuojamų veiksnių ir todėl iš esmės yra nelabai patikimos, Komisija mano, kad privatus investuotojas nenorėtų investuoti tokiomis sąlygomis, ypač į pašto sektorių, kurio ilgalaikės perspektyvos labai neaiškios.
English: On average, liabilities in respect of the members who joined the pension scheme before 1987 considerably exceed those of members who joined the scheme on the terms which obtained following the reform of 1987 until the further reform of 2008. The value of those additional liabilities has been quantified at GBP […] per employee.
Lithuanian: Apskritai įsipareigojimai nariams, kurie prie pensijų sistemos prisijungė iki 1987 m., yra gerokai didesni nei nariams, kurie prie sistemos prisijungė sąlygomis, nustatytomis po 1987 m. reformos ir taikytomis iki kitos reformos 2008 m. Šių papildomų įsipareigojimų vertė – […] GBP vienam darbuotojui.
English: Deloitte assessed RM’s credit risk as a function of business and financial risks, and using comparators and financial ratios, determined a credit rating of between AA and AA. Deloitte further recommended that the rate of interest charged to Royal Mail be determined by reference to rates for comparably rated issuers based on a screen pricing ‘index’ of spreads for the given credit rating against benchmark Government bonds.
Latvian: Deloitte novērtēja RM kredītrisku, ņemot vērā uzņēmējdarbības un finanšu riskus, un, izmantojot salīdzinošos rādītājus un finanšu koeficientus, kredītvērtējumu noteica starp AA un AA-.Deloitte ieteica procentu likmi Royal Mail noteikt atbilstoši likmēm, kas noteiktas līdzīgi novērtētiem emitentiem, pamatojoties uz cenas noteikšanas “indeksu” attiecīgā kredītvērtējuma attiecību pret valsts obligāciju etalonu.
English: The UK authorities have stated that they believe the use of the mails reserve for this purpose is in RM’s best commercial interests, and that by enabling RM to complete its strategic plan they will bring about an increase in the value of the UK authorities’ shareholding. Without the escrow account and the extended loan facilities, the UK authorities claim there is a possibility that shareholder value would be destroyed and not enhanced, and that they are therefore acting in a commercial manner.
Maltese: L-awtoritajiet tar-Renju Unit iddikjaraw li huma jemmnu li l-użu tar-riżerva tal-posta għal dan l-għan huwa fl-aħjar interessi kummerċjali ta’ RM, u li billi jippermettu lil RM jikkompleta l-pjan strateġiku tiegħu huma jġibu żieda fil-valur tas-sehem tal-awtoritajiet tar-Renju Unit. il-kont f′idejn terzi u l-estensjoni tal-faċilitajiet tas-self, l-awtoritajiet tar-Renju Unit jiddikjaraw li hemm possibbiltà li l-valur tal-azzjonist ikun imħassar u mhux imtejjeb, u li huma għalhekk qed jaġixxu b’mod kummerċjali.
English: The 1997 reference rate notice, which was in force in 2007 set rates by reference to observed rates of a specific duration, namely five years. The measure under assessment, however, would last as long as the escrow account, estimated at 17 years.
Maltese: L-avviż tar-rata ta’ referenza tal-1997, li kien fis-seħħ fl-2007, stabbilixxa rati b’referenza għal rati ta’ dewmien speċifiku, jiġifieri ħames snin, li ġew osservati, Il-miżura valutata, madankollu, isservi daqs il-kont f′idejn terzi, stmat għal 17-il sena.
English: As noted above, the security taken over RM’s assets in respect of the loan facilities was in conformity with market practice. The three criteria established by the court (chronology, purpose, and the situation at the time the measure was taken) all plead in favour of the aid character of the loan facilities being assessed separately.
Maltese: Kif osservat hawn fuq, is-sigurtà meħuda fuq l-assi ta’ RM fir-rigward tal-faċilitajiet tas-self kien b’mod konformi mal-prattika tas-suq, It-tliet kriterji stabbiliti mill-qorti (kronoloġija, skop u s-sitwazzjoni fiż-żmien meta kienet meħudha l-miżura) kollha huma favur li l-karatteristika ta’ għajnuna tal-faċilitajiet ta’ self tkun evalwata separatament.
English: On 10 August 2006, DP sent a letter which invited the Commission to take a position on its complaint of 2002 within the period of two months, on the basis of Article 232 of the Treaty. The same letter contained information concerning a series of alleged new State aid measures.
Dutch: Op 10 augustus 2006 heeft DP een brief verstuurd waarin zij de Commissie verzocht binnen een termijn van twee maanden een standpunt in te nemen ten aanzien van haar klacht van 2002 op grond van artikel 232 van het Verdrag.
English: With respect to the pensions measure, TNT questioned whether, at the incorporation of Royal Mail in March 2001, the transfer of the non-business assets and related equity known as the ‘mails reserves’ was commercial. According to TNT, a commercial shareholder would very probably not have established a company which included a loan asset (where the debtor was the shareholder) and then provide a similar contribution in equity.
Polish: W odniesieniu do środka dotyczącego emerytur TNT kwestionowało rynkowy charakter przeniesienia aktywów niezwiązanych z działalnością i związanego z tym kapitału własnego znanego jako „rezerwy pocztowe” przy utworzeniu Royal Mail w marcu 2001 r. Według TNT prywatny udziałowiec najprawdopodobniej nie założyłby spółki, w której aktywa byłyby pożyczką (przy czym dłużnik jest udziałowcem), aby następnie dokonać podobnego wkładu w formie kapitału własnego.
English: Given the pattern of returns to the shareholder (practically all of it resulting from the terminal value and practically nothing from dividends) the Commission believes that a private investor would expect some returns in cash in the […] years after the investment and would be uneasy that the whole or the predominant share of the return from the investment comes from the terminal value in the […] year. The terminal value being in essence the value of cash flows from the […] year onwards discounted to the […] year, the private investor is asked to believe that even though its investment produces no returns in […] years, it is nevertheless a good investment on the basis of prospects following the […] year. Given that the forecasts on such a long period are exposed to many unforeseeable variables and are therefore by their very nature of limited reliability, the Commission finds that a private investor would not be willing to invest on such terms especially in the postal sector, the long-term prospects of which are uncertain.
Polish: Biorąc pod uwagę strukturę zwrotów dla udziałowców (praktycznie wszystkie zwroty wynikają z wartości końcowej, a praktycznie żadne z dywidend), Komisja uważa, że inwestor prywatny spodziewałby się zwrotów w gotówce po upływie […] lat od rozpoczęcia inwestycji i byłby zaniepokojony faktem, że całość przeważającej części zysku z inwestycji wynika z wartości końcowej w […] r. Ponieważ wartość końcowa jest zasadniczo wartością przepływów pieniężnych, począwszy od […] r. dyskontowanych do […] r., prywatny inwestor ma przyjąć, że nawet jeżeli inwestycja nie przynosi żadnych zysków w latach […], jest to dobra inwestycja na podstawie oczekiwań na […] r. Biorąc pod uwagę, że w przypadku prognoz obejmujących tak długi okres może wystąpić wiele nieprzewidywalnych zmiennych i że ze swej natury mają one ograniczoną wiarygodność, Komisja uważa, że prywatny inwestor nie byłby skłonny do inwestowania na takich warunkach, szczególnie w sektorze pocztowym, którego długoterminowe perspektywy są niepewne.
English: The shareholder loan is not secured and its collateralisation must therefore be regarded as below what would normally be required by banks. In such cases, the 1997 reference rate notice sets a margin over the relevant benchmark of 400 basis points or more if no private bank would have agreed to grant the relevant loan.
Polish: Pożyczka od udziałowca nie jest zabezpieczona, dlatego należy uznać, że jej zabezpieczenie dodatkowe jest na niższym poziomie niż poziom normalnie wymagany przez banki W takich przypadkach w zawiadomieniu w sprawie stóp referencyjnych z 1997 r. określa się granicę dla danego poziomu odniesienia wynoszącą co najmniej 400 punktów bazowych, jeśli żaden prywatny bank nie zgodziłby się przyznać odpowiedniej pożyczki.
English: The Commission also noted that, at least in 2001, Royal Mail’s financial performance was beginning to decline. This would normally be reflected in the terms of any loan.
Portuguese: A Comissão assinalou igualmente que, pelo menos em 2001, os resultados financeiros do Royal Mail tinham começado a deteriorar-se, o que se reflectiria normalmente nas condições de qualquer empréstimo.
English: In respect of the 2001 loan, DP observed that in January 1999 Royal Mail acquired the German parcel service provider German Parcel GmbH (‘German Parcel’) for EUR 424 million. In the autumn of 1999 German Parcel GmbH became part of newly founded General Logistics System (‘GLS’). GLS went on to make numerous purchases in the European market.
Portuguese: Relativamente ao empréstimo de 2001, a DP observou que, em Janeiro de 1999, o Royal Mail adquiriu o prestador alemão de serviços de encomendas German Parcel GmbH («German Parcel») por 424 milhões de EUR. No Outono de 1999, a German Parcel GmbH passou a fazer parte da recém-criada General Logistics Systems («GLS»), a qual faria, subsequentemente, uma série de aquisições no mercado europeu.
English: In normal market conditions, if a company needs funds, it can borrow from the debt market or raise additional capital in the equity markets. In Royal Mail’s case, it appeared there was third possibility, namely, agreeing to a more lenient price cap in its price control with the regulator.
Slovak: Zdá sa, že v prípade spoločnosti Royal Mail existovala tretia možnosť, a to odsúhlasenie zhovievavejšieho cenového stropu s regulačným orgánom pri regulácii jej cien.
English: The terms of the subordinated loan were negotiated as part of the total package as opposed to a stand-alone facility. The UK stated that the condition under which repayment could take place only after release of the pension escrow was a consequence of the subordinated nature of the loan.
Slovenian: Pogoji podrejenega posojila so bili dogovorjeni kot del celotnega paketa in ne kot samostojno sredstvo.. Združeno kraljestvo je navedlo, da je bil pogoj, pod katerim se lahko izplačilo izvede šele po sprostitvi pokojninskega depozita, posledica podrejene narave posojila.
English: However, Deloitte’s assessment of this case was that while the pension problem would be effectively addressed in the short term […]. It should be noted that the Commission cannot be sure that this alternative is the ‘best available’ non-invest case, which would of course form the basis of a market economy investor’s assessment.
Slovenian: Vendar pa je pri tem primeru družba Deloitte ocenila, da bo pokojninska težava učinkovito odpravljena kratkoročno […] Opozoriti je treba, da Komisija ne more biti prepričana, da je ta alternativna možnost „najboljši mogoči“ primer brez naložbe, ki bi vsekakor pomenil osnovo ocene vlagatelja v tržnem gospodarstvu.
English: This is because the inclusion of RM’s pension deficit on the balance sheet (following new accounting rules) results in a negative worth of the company on an accounting basis, placing severe constraints on any extraction of cash in the form of dividends even from […]. In the original Deloitte report submitted by the UK, […].
Slovenian: Vzrok za to je dejstvo, da vključitev pokojninskega primanjkljaja družbe RM v njeno bilančno stanje (v skladu z novimi računovodskimi pravili) vodi do negativne računovodske vrednosti podjetja, zaradi česar začnejo veljati stroge omejitve v zvezi z izplačevanjem denarja v obliki dividend celo iz […] V izvirnem poročilu družbe Deloitte, ki ga je predložilo Združeno kraljestvo, […].
English: Under these terms, the final pension was determined as function of years of service and final salary. It was thus a ‘defined benefit’ scheme in that the pension level was set by the rules of the scheme.
Slovenian: Pod temi pogoji je bila končna pokojnina določena glede na delovno dobo in končni osebni dohodek Tako je bila to shema z „določenimi pravicami“, saj je bila višina pokojnine določena s pravili sheme.
English: On 27 May 2003, the Commission approved a series of measures in favour of Post Office Limited (‘POL’) which is a subsidiary of RM (case N 784/02) [2]. Under these measures, compensation was granted to POL, financed through a reserve (‘the mails reserve’) constituted from surplus cash generated by RM.
Swedish: Den 27 maj 2003 godkände kommissionen en rad åtgärder till förmån för Post Office Limited (nedan kallat POL), som är ett dotterbolag till RM (ärende N 784/02) [2].Inom ramen för dessa åtgärder beviljades POL ersättning, som finansierades genom en reserv (reserverna för brevtjänster) bestående av ett överskott av likvida medel som genererats av RM.