FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: Furthermore, it is assumed that […].
French: Il suppose en outre que […].
Swedish: Dessutom utgår man från att […].
Finnish: Lisäksi perusoletuksena on, että […].
Hungarian: Ezenkívül abból indulunk ki, hogy […].
Estonian: Peale selle lähtutakse sellest, et […].
Latvian: Turklāt tiek ņemts vērā, ka […].
Maltese: Barra minn hekk, wieħed qed jaġixxi fuq is-suppożizzjoni li […].
English: Free Cash Flow (FCF) […] […] […] […] […] […] […]
Estonian: Vabad rahavood (FCF)
English: The accumulated NPV of the free cash flows for phases I, II [36] and III, the value of the loss carried forward and the market value of non-operating assets result in an entity value for Austrian Airlines amounting to EUR […].
French: La NPV cumulée du cash-flow disponible (Free Cashflow, «FCF») des phases I, II [36] et III, la valeur des reports de pertes et la valeur de marché des actifs non destinés à l’exploitation amènent à une valeur de marché du capital total (Entity Value) d’Austrian Airlines d’un montant de […] euros.
Swedish: Det kumulativa NPV för det fria kassaflödet i faserna I, II [36] och III, värdet på avdragen för förluster och marknadsvärdet på tillgångar som inte används i verksamheten leder till ett marknadsvärde på det sammanlagda kapitalet (Entity Value för Austrian Airlines på […] euro.
Finnish: Vaiheiden I, II [36] ja III vapaan kassavirran kumulatiivisen NPV:n, tappiontasauksen arvon ja liiketoimintaan kuulumattomien varojen markkina-arvon perusteella saadaan Austrian Airlinesin kokonaispääoman markkina-arvo (”Entity Value”), joka on […] euroa.
Polish: Kumulatywna wartość bieżąca netto (NPV) wolnych przepływów pieniężnych na etapach I, II [36] i III, wartość przeniesienia strat oraz wartość rynkowa aktywów wykorzystywanych w celach inne niż operacyjne dają łączną wartość rynkową całości kapitału (ang. entity value) Austrian Airlines na poziomie […].
Hungarian: A szabad cash flow kumulatív nettó jelenértéke az I., II.
Slovenian: Iz skupne NPV prostega denarnega toka I., II.
Estonian: I, II [36] ja III etapi vabade rahavoogude kumulatiivne NPV, ülekantud kahjumi väärtus ja mitteärilistel eesmärkidel ülekantud kahjumi turuväärtus ja mitteärilistel eesmärkidel kasutatavate varade turuväärtus annavad Austrian Airlinesi majandusüksuse turuväärtuseks […] eurot.
Latvian: Brīvās naudas plūsmas kumulatīvā NPV I, II [36] un III posmā, pārnesto zaudējumu vērtība un uzņēmuma mērķiem nekalpojošo aktīvu tirgus vērtība liek secināt, ka Austrian Airlines kopējā kapitāla tirgus vērtība (entity value) ir […] euro.
Maltese: L-NPV kumulattiv tad-dħul u l-ħruġ ħieles ta’ flus tal-fażijiet I, II [36] u III, il-valur tad-defiċit akkumulat u l-valur tas-suq tal-assi li mhumiex hemm għal skopijiet ta’ operat iwasslu għal valur tas-suq tal-kapital sħiħ (“Entity Value”) tal-Austrian Airlines ta’ EUR […].
English: The market value of liabilities as at 5 December 2008, which amounts to EUR […], must be deducted from the entity value in order to arrive at the negative equity value of EUR […].
French: La valeur de marché des dettes au 5 décembre 2008, s’élevant à […] euros, doit être soustraite de la valeur de marché du capital total, si bien que l’on aboutit à une valeur comptable négative d’un montant de […] euros.
Swedish: Marknadsvärdet på skulderna den 5 december 2008 på […] euro ska dras av från marknadsvärdet på det sammanlagda kapitalet, så att resultatet blir ett negativt värde för det egna kapitalet på […] euro.
Finnish: Kokonaispääoman markkina-arvosta vähennetään sitoumusten markkina-arvo 5 päivänä joulukuuta 2008 eli […] euroa, jolloin tulokseksi saadaan […] euron negatiivinen oman pääoman arvo.
Polish: Wartość rynkową zobowiązań na dzień 5 grudnia 2008 r., wynoszącą […], należy natomiast odjąć od wartości rynkowej całości kapitału, zatem ujemna wartość rynkowa przedsiębiorstwa wynosi w tym przypadku […] EUR.
Hungarian: és III. szakaszban, a termelt veszteség értéke és a nem üzemi célokat szolgáló aktívák piaci értéke az Austrian Airlines felhalmozott tőkéjének („entity value”) piaci értékéhez vezetnek, ami […] EUR. A kötelezettségek piaci értéke 2008. december 5-én […] EUR, amit a felhalmozott tőke piaci értékéből kell levonni, úgy, hogy […] EUR negatív sajáttőke-érték keletkezzen.
Slovenian: in III. faze, vrednosti prenesene izgube in tržne vrednosti sredstev, ki niso za poslovne namene, izhaja tržna vrednost skupnega kapitala („Entity Value“) Austrian Airlines v višini […] EUR. Tržno vrednost obveznosti z dne 5. decembra 2008 v višini […] EUR je treba odšteti od tržne vrednosti skupnega kapitala, tako da iz tega sledi negativna vrednost lastnega kapitala v višini […] EUR.
Estonian: Kohustuste turuväärtus 5. detsembril 2008 ([…] eurot) lahutatakse kogukapitali turuväärtusest, mille tulemuseks on omakapitali negatiivne väärtus […] eurot.
Latvian: Saistību vērtība 2008. gada 5. decembrī […] euro apmērā ir jāatskaita no kopējā kapitāla tirgus vērtības, līdz ar to tiek iegūta negatīva pašu kapitāla vērtība […] euro apmērā.
Maltese: Il-valur tas-suq tad-djun fil-5 ta’ Diċembru 2008 ta’ EUR […] għandu jitnaqqas mill-valur tas-suq tal-kapital sħiħ, b’tali mod li dan jirriżulta f’valur tal-assi netti negattiv ta’ EUR […].
English: This must be compared with a going-concern value for Austrian Airlines of between EUR […] and EUR […], with a mid-range value of EUR […].
French: Il doit être mis en regard avec la valeur de continuation d’Austrian Airlines, qui se situe dans une fourchette entre […] euros et […] euros, soit […] euros en moyenne.
Swedish: Detta ska jämföras med ett going-concern-värde för Austrian Airlines, som ligger mellan […] euro och […] euro, således i genomsnitt […] euro.
Finnish: Tätä summaa on verrattava Austrian Airlinesin toimivan yrityksen arvoon, joka on […] eurosta […] euroon ja siten keskimäärin […] euroa.
Estonian: See tuleb vastandada Austrian Airlinesi väärtusele tegutseva ettevõttena, mis jääb vahemikku […]–[…] eurot, moodustades seega keskmiselt […] eurot.
Latvian: Tā ir jāsalīdzina ar Austrian Airlines“going concern vērtību”, kas ir no […] euro līdz […] euro, līdz ar to vidēji […] euro.
Maltese: Dan jikkuntrasta mal-“valur tan-negozju avvjat” tal-Austrian Airlines, li jinsab fil-marġni bejn EUR […] u EUR […], għalhekk medja ta’ EUR […].
English: The price paid is therefore not lower than the going-concern value.
French: Le prix payé n’est donc pas plus bas que la valeur en cas de poursuite d’exploitation.
Portuguese: O preço pago não é, por conseguinte, inferior ao valor de continuidade.
Swedish: Det betalade priset är därför inte lägre än going-concern-värdet.
Finnish: Maksettu hinta ei siten ole toimivan yrityksen arvoa alhaisempi.
Estonian: Makstud hind ei ole seetõttu väiksem ettevõtte väärtusest tegutseva ettevõttena.
Latvian: No tā izriet, ka samaksātā cena nav zemāka par “going concern vērtību.”
Maltese: Għalhekk, il-prezz imħallas huwa aktar baxx mill-“valur tan-negozju avvjat”.
English: Austrian Airlines’ total net liabilities (without the rescue aid of EUR 200 million, which must be repaid after takeover has been completed) amount to approximately EUR […].
French: Le total des dettes nettes d’Austrian Airlines (sans l’aide de sauvetage de 200 millions d’euros, qui doit être remboursée une fois la vente conclue) s’élève à environ […] euros.
Swedish: Austrian Airlines sammanlagda nettoskulder (utan undsättningsstödet på 200 milj. euro som ska återbetalas efter slutfört övertagande) uppgår till omkring […] euro.
Finnish: Austrian Airlinesin nettovelkojen kokonaismäärä (ilman 200 miljoonan euron pelastustukea, joka maksetaan haltuunoton jälkeen) nousee noin […] euroon.
Estonian: Austrian Airlinesi netokohustused (ilma 200 miljoni euro suuruse päästmisabita, mis tuleb maksta tagasi pärast ülevõtmise lõppemist) on kokku ligikaudu […] eurot.
Latvian: Austrian Airlines kopējās neto saistības (bez glābšanas atbalsta 200 miljonu euro apmērā, kas ir jāatmaksā pēc pārņemšanas pabeigšanas) ir […] euro.
Maltese: L-ammont sħiħ nett tal-obbligi tal-Austrian Airlines (mingħajr l-għajnuna għas-salvataġġ ta’ EUR 200 miljun, li għandha titħallas lura wara l-konklużjoni tal-akkwist) jammonta għal madwar EUR […].
English: After partial repayment, with the help of the EUR 500 million grant, net liabilities of EUR […] million remain.
French: Après un recouvrement partiel grâce à l’injection de ressources de 500 millions d’euros, il reste […] millions d’euros de dettes nettes.
Swedish: Efter att dessa delvis återbetalats med hjälp av tillskottet av medel på 500 milj. euro återstår nettoskulder på […] milj. euro.
Finnish: Sen jälkeen, kun osa veloista on maksettu 500 miljoonan euron avustuksen turvin, nettovelkojen määräksi jää […] miljoonaa euroa.
Estonian: Pärast osaliste tagasimaksete tegemist 500 miljoni suuruse toetuse abil moodustavad netokohustused […] eurot.
Latvian: Pēc daļējas atmaksāšanas ar līdzekļu ieguldījuma 500 miljonu euro apmērā palīdzību neto saistības paliek […] miljonu euro apmērā.
Maltese: Wara l-ħlas parzjali bl-għajnuna tas-sussidju ta’ EUR 500 miljun jkun jifdal ammont nett ta’ obbligi ta’ EUR […] miljun.
English: This new estimate shows the social costs for (1) the Austrian Airlines Group and (2) Austrian Airlines AG and Tyrolean Airways. […].
Finnish: Tähän uuteen arvioon sisältyvät 1) Austrian Airlines -konsernin ja 2) Austrian Airlines AG:n ja Tyrolean Airwaysin sosiaalikustannukset.[…]
Hungarian: Ez az újabb becslés tartalmazza 1. az Austrian Airlines vállalatcsoport; és 2. az Austrian Airlines AG és a Tyrolean Airways szociális költségeit […]
English: As a result, […]. This would result in one-off write-downs of EUR […].
French: Il en résulterait des coûts d’amortissement exceptionnels d’un montant de […] euros.
English: The negative sales price is made up of State resources, as it is granted directly by an entity (ÖIAG) which is wholly owned and controlled by the State. It is the result of the privatisation mandate by means of which the Austrian Government authorised ÖIAG to sell all of its shares in Austrian Airlines and is therefore imputable to the State.
French: Le prix négatif comprend des ressources publiques car il est accordé par une institution (ÖIAG) appartenant entièrement à l’État et contrôlée par lui résulte du mandat de privatisation par lequel le gouvernement autrichien a chargé ÖIAG de vendre toutes ses parts dans Austrian Airlines, et est donc imputable à l’État.
English: Flight revenues will […] in 2009. Afterwards, the plan anticipates […] per year, as Austrian Airlines’ markets recover and revenue synergies are harvested.
French: En 2009, les revenus du trafic aérien sont […].Le plan prévoit ensuite un […] annuel, variable en fonction de la pause que marqueront les marchés d’Austrian Airlines et des résultats des synergies de revenus.
English: In the opinion of the Austrian authorities, the sum of EUR 500 million represents the minimum amount needed to restore the long-term profitability of Austrian Airlines. Without the grant, which will be used to reduce Austrian Airlines’ liabilities, […].
Hungarian: Az osztrák hatóságok álláspontja szerint a minimális összeg, amely az Austrian Airlines hosszú távú életképességének visszaállításához szükséges, 500 millió EUR. Az Austrian Airlines kötelezettségeinek csökkentéséhez szükséges támogatás hiányában […].
English: The Commission received comments from interested parties. It transmitted the comments to Austria by electronic mail on 15 April 2009. Austria was given the opportunity to respond to those comments.
Italian: La Commissione ha ricevuto le osservazioni degli interessati e ha provveduto a inoltrarle all’Austria a mezzo posta elettronica in data 15 aprile 2009, offrendo contestualmente alla medesima l’opportunità di prendere posizione al riguardo.
Portuguese: A Comissão recebeu observações de diversas partes interessadas e transmitiu-as à Áustria por correio electrónico de 15 de Abril de 2009, dando-lhe a oportunidade de se pronunciar sobre estas observações.
English: ÖIAG published announcements in the Austrian and international press [4] on 13 August 2008 inviting potential investors to express their interest in acquiring ÖIAG’s shareholding in Austrian Airlines. Bidders had until 24 August 2008 to express their interest.
Italian: Il 13 agosto 2008 l’ÖIAG ha pubblicato un annuncio sulla stampa austriaca e internazionale [4], invitando i potenziali investitori a manifestare interesse, entro il 24 agosto 2008, all’acquisto della quota di partecipazione dell’ÖIAG nell’Austrian Airlines.
English: It did not have enough information at its disposal, either regarding the liquidation costs that would have had to be borne in the event of a winding-up of the company or regarding the costs and losses that ÖIAG would have incurred in the event of insolvency. Nor did it have sufficient information to be able to evaluate the stand-alone option.
Italian: La Commissione peraltro non disponeva di informazioni sufficienti, né sui costi da sostenere in caso di liquidazione dell’impresa, né sui costi e sulle perdite di cui l’ÖIAG sarebbe stata chiamata a rispondere in caso di dichiarazione di fallimento e non disponeva nemmeno di informazioni sufficienti per valutare i costi in caso di mantenimento dell’autonomia dell’impresa.
English: In the opinion of the Austrian authorities, the takeover price in the takeover offer is distorted. It does not reflect the true economic value of Austrian Airlines but results from the provisions of the Takeover Act [21]. This is apparent from the price development of Austrian Airlines shares since the beginning of 2008.
Italian: A detta delle autorità austriache il prezzo di acquisto indicato nell’offerta pubblica è falsato e non rispecchia il reale valore commerciale dell’Austrian Airlines, ma è frutto invece dell’applicazione delle disposizioni di legge austriache in materia di offerta pubblica di acquisto [21], come emerge dell’esame dell’andamento dei titoli dell’Austrian Airlines dall’inizio del 2008.
Maltese: Fl-opinjoni tal-awtoritajiet Awstrijaċi, il-prezz tal-akkwist għall-offerta għall-akkwist iwassal għal distorsjoni u ma jirriflettix il-valur kummerċjali propju tal-Austrian Airlines, iżda huwa riżultat tar-regolamenti tal-Liġi Awstrijaka dwar l-Akkwist ta’ Intrapriżi [21].
English: The Government’s decisions regarding the grant and the agreements signed between ÖIAG and Lufthansa stipulate that Austrian Airlines and not Lufthansa is the beneficiary of the grant. Consequently, the grant is made to Austrian Airlines.
Italian: In virtù delle decisioni assunte dal governo in merito alla sovvenzione e degli accordi conclusi tra l’ÖIAG e la Lufthansa, si è stabilito che l’intervento andrà a vantaggio dell’Austrian Airlines e non della Lufthansa, tant’è che detto contributo viene erogato all’Austrian Airlines.
Portuguese: As decisões do Governo relativas à concessão do subsídio e os acordos firmados entre a ÖIAG e a Lufthansa estabelecem que o subsídio se destina a beneficiar a Austrian Airlines e não a Lufthansa, motivo pelo qual é concedido à Austrian Airlines.
English: In the opinion of the Austrian authorities, the transaction would not result in an appreciable impairment of competition. This is apparent primarily from the fact that Lufthansa and Austrian Airlines already cooperate to a significant extent.
Italian: Secondo la valutazione delle autorità austriache, l’operazione non comporterebbe una restrizione sensibile della concorrenza, circostanza questa attestata prima di tutto dal fatto che la Lufthansa e l’Austrian Airlines collaborano già strettamente.
English: Austrian Airlines also explains that a specific form of social partnership (Sozialpartnerschaft) between employers and employees’ representatives is typical in Austria. This social partnership obliges an employer to pay for social plans and provide for further voluntary compensation of social costs even where it is not legally bound to do so.
Italian: Secondo l’Austrian Airlines, in Austria sarebbe tipica una particolare forma di partenariato sociale tra datori di lavoro e rappresentanti dei lavoratori, che impone al datore di lavoro di finanziare piani sociali e farsi carico di altri costi sociali anche in assenza di un obbligo di legge in tal senso.
English: NIKI also argued that, as a ‘minority shareholder’, ÖIAG would not bear the costs of liquidation or insolvency alone. According to the Austrian authorities, this is incorrect.
Italian: La NIKI ha inoltre dedotto che l’ÖIAG, quale «azionista di minoranza», non si troverebbe a sostenere da sola i costi di una liquidazione o di un’insolvenza, affermazione questa contestata dalle autorità austriache.
English: ÖIAG is Austrian Airlines’ controlling and largest shareholder, and it alone is affected by the economic risks to its other investments, which would be associated with a winding-up without social plans. Small shareholders and institutional investors that are not ‘visible’ to the outside world are not exposed to risks of this nature.
Italian: L’ÖIAG è l’azionista principale e controllante dell’Austrian Airlines ed è l’unico che vedrebbe esposte le proprie altre partecipazioni ai rischi economici di una liquidazione senza un piano sociale, in quanto i piccoli azionisti o gli investitori istituzionali, non «visibili» per il mondo esterno, non sarebbero esposti a simili rischi.
English: As regards the statement that Austrian Airlines has introduced short-time work and that the difference between the normal working hours and the reduced working hours is paid by the State, this is a generally applicable measure. Equally, any protection afforded under Austrian labour law to staff working reduced hours would be generally applicable.
Italian: Quanto all’introduzione di contratti di solidarietà da parte dell’Austrian Airlines e al conseguente accollo da parte dello Stato della differenza tra l’orario normale e l’orario ridotto, le autorità austriache osservano che si tratterebbe di una misura di applicazione generale, così per qualsiasi altra tutela riconosciuta dal diritto del lavoro austriaco a favore delle forze lavoro con orario ridotto.
English: Contracting States grant airlines the right to use corresponding traffic rights under bilateral air service agreements. This does not therefore involve any costs to the contracting State.
Italian: Gli Stati firmatari hanno poi riconosciuto ai vettori il diritto di esercitare i relativi diritti di traffico nell’ambito di accordi bilaterali.
English: The Commission notes that the WACC used as a discount rate for calculating the NPV of the free cash flows assumed a debt risk premium of […] basis points for Austrian Airlines’ debts. This resulted from the risk premium applied by the banks for the rescue loan granted at the beginning of 2009.
Italian: La Commissione prende atto che, per i debiti dell’Austrian Airlines, è stato applicato al tasso di WACC, che viene utilizzato come tasso di sconto per il calcolo dell’NPV dei flussi di cassa liberi, un premio di rischio sul debito di […] punti base, come emerge dal premio di rischio applicato dalle banche al prestito di salvataggio concesso ad inizio agosto 2009.
Portuguese: A Comissão toma nota de que o WACC utilizado como taxa de actualização para o cálculo do NPV dos cash-flows disponíveis inclui um prémio de risco de endividamento de […] pontos base para as dívidas da Austrian Airlines, que resulta do prémio de risco aplicado pelos bancos ao empréstimo de emergência concedido no início de 2009.
English: However, under Section 22(2) of the Austrian Takeover Act, a direct controlling interest is a direct interest held in a company which gives the holder more than 30 % of the shares with permanent voting rights. Thus, in the present case, ÖIAG can be regarded as the controlling shareholder.
Italian: In base all’articolo 22, paragrafo 2, della legge austriaca in materia di offerta pubblica, un azionista detiene il controllo diretto di un’impresa quando la sua quota di partecipazione gli attribuisce più del 30 % dei diritti di voto calcolati sulla base delle sole azioni con diritto di voto.
English: With regard to the goal of ‘preserving as many secure jobs as possible’, the Commission is of the opinion that this requirement is merely a ‘best efforts’ aim. The Commission notes that this condition was formulated in such a manner that it did not impose any onerous or binding obligations on potential buyers.
Italian: Quanto alla «migliore salvaguardia possibile dei posti di lavoro», la Commissione ritiene che si tratti meramente di una clausola di diligenza («best effort»); infatti è stato accertato che la condizione è formulata in modo tale da non prevedere in capo ai potenziali acquirenti alcun obbligo gravoso o vincolante.
English: Point 43 of the 2004 Guidelines stipulates that the ‘amount and intensity of the aid must be limited to the strict minimum of the restructuring costs necessary to enable restructuring to be undertaken in the light of the existing financial resources of the company, its shareholders or the business group to which it belongs. Such assessment will take account of any rescue aid granted beforehand’.
Italian: Il punto 43 degli orientamenti del 2004 prevede che «l’importo e l’intensità dell’aiuto devono essere limitati ai costi minimi indispensabili per la ristrutturazione, in funzione delle disponibilità finanziarie dell’impresa, dei suoi azionisti o del gruppo di cui fa parte, Tale valutazione terrà conto di ogni eventuale aiuto per il salvataggio concesso in precedenza».
English: At Austria’s request, meetings took place on 7 May 2009 and 18 May 2009. Those meetings were followed by the dispatch of additional information, as requested by the Commission, on 22 May 2009 and 18 June 2009.
Lithuanian: Austrijos prašymu 2009 m. gegužės 7 d. ir 2009 m. gegužės 18 d. įvyko posėdžiai, po kurių 2009 m. gegužės 22 d. ir 2009 m. birželio 18 d. buvo pateikta papildoma informacija, kurios prašė Komisija.
English: On 28 August 2008, the potential investors were notified that an acquisition concept should be submitted by 12 September 2008. The acquisition concept had to include information on the bidder, a strategic concept for the future of Austrian Airlines, a proposal for the transaction structure, information on the planned financing and certain additional information relating to the subject matter of the contract (warranties, guarantees).
Lithuanian: 2008 m. rugpjūčio 28 d. galimiems investuotojams buvo pranešta, kad iki 2008 m. rugsėjo 12 d. jie turi pateikti perėmimo koncepciją, kurioje būtų informacija apie pasiūlymo teikėją, strateginė Austrian Airlines ateities koncepcija, pasiūlymas dėl sandorio struktūros, informacija apie planuojamą finansavimą ir kita papildoma informacija dėl sutarties turinio (laidavimas, garantijos).
English: There can be no influence on the purchase price, as the body in question has only an advisory character and has no de jure or de facto influence on the company. In particular, the body has no veto or codetermination rights.
Lithuanian: Tokia įstaiga negalinti daryti poveikio pirkimo kainai, nes ji esanti tik patariamojo pobūdžio ir nedaranti jokio teisinio ar faktinio poveikio įmonei, tuo labiau, kad ji neturinti teisės vetuoti ar dalyvauti priimant sprendimus.
English: In the opinion of the Austrian authorities, the price offered by Lufthansa is the maximum achievable market price. It should also be remembered that both Lufthansa and Austrian Airlines are members of the Star Alliance.
Lithuanian: Austrijos valdžios institucijos tvirtina, kad Lufthansa pasiūlyta kaina yra didžiausia galima rinkos kaina, ir taip pat pažymi, kad ir Lufthansa, ir Austrian Airlines yra Star Alliance narės.
English: Bidders that are not part of the Star Alliance (Air France/KLM and S7) would therefore have had to factor the additional cost of changing alliance into their offer. The Austrian authorities submit that these costs could amount to EUR […].
Lithuanian: Star Alliance nepriklausantys pasiūlymo teikėjai (Air France/KLM ir S7) į savo pasiūlymą turėję įskaičiuoti papildomas perėjimo į kitą susivienijimą išlaidas, kurios, Austrijos valdžios institucijų vertinimu, galėjusios būti […] EUR.