FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: The adjusted net assets value method is a way of valuing a ‘going concern’ by adjusting the value of all assets and liabilities to the fair market value. The fair market value is defined in economic literature as the price at which a business or assets would change hands between a willing buyer and a willing seller, neither of whom are compelled to buy or sell and both of whom have a reasonable knowledge of all relevant facts at the time.
Italian: Il metodo del valore patrimoniale netto rettificato è un modo per valutare «un'impresa avviata» adeguando il valore di tutte le attività e passività al valore equo di mercato.
English: guidelines of the Minister for Economic Affairs of July 2000 on the central economic development plan for 2001-2006, Organisation of Work Implemented by Companies for the Purposes of National Defence Act of 23 August 2001 [4],
Lithuanian: 2001 m. rugpjūčio 23 d. Darbo, kurį atlieka įmonės įgyvendindamos nacionalinio saugumo įstatymą, organizavimo dokumente [4];
English: The due diligence study was performed in May 2003. In April 2005 […] extended the scope of the due diligence with a view to the potential purchase of PZL Wrocław, which had been incorporated in 2004.
Lithuanian: Išsamus patikrinimas atliktas 2003 m. gegužės mėn. 2005 m. balandžio mėn. […] išplėtė išsamaus patikrinimo mastą, atsižvelgdamas į galimą PZL Wrocław, kuri buvo prijungta 2004 m., pirkimą.
English: Under the Plan, the production assets were to have been transferred and the privatisation process was to have been launched as early as 2007. Initial offers by potential investors were to be submitted by the fourth quarter of 2007 and, following negotiations, a preliminary sales agreement was to be concluded in the first half of 2008.
Lithuanian: Pagal Planą gamybai skirtas turtas turėjo būti perduotas ir privatizavimo procesas pradėtas jau 2007 m. Pradiniai investuotojų pasiūlymai turėjo būti pateikti iki ketvirto 2007 m. ketvirčio ir, įvykus deryboms, 2008 m. pirmą pusmetį turėjo būti sudaryta preliminari pardavimo sutartis.
Maltese: L-offerti inizjali minn investituri potenzjali kellhom jiġu sottomessi sar-raba’ trimestru tal-2007 u, wara negozjati, kellu jiġi konkluż ftehim ta' bejgħ preliminari fl-ewwel nofs tal-2008.
English: For that purpose, a study was commissioned by the IDA from Ernst&Young on 15 January 2010. Ernst&Young was instructed, as an independent expert, to produce a comparison between the following two scenarios:
Lithuanian: Tam tikslui PVA 2010 m. sausio 15 d. pavedė Ernst&Young, kaip nepriklausomam ekspertui, atlikti tyrimą ir palyginti šiuos du scenarijus:
English: Negotiations with […] (73) Based on the new privatisation strategy and the 2007-2010 restructuring plan, […], a […] leading global supplier of systems and services to the aviation, space and defence industry which had revenue of […] in 2009 entered into negotiations for the sale of PZL Wrocław in the first quarter of 2007 and carried out a due diligence study for PZL Wrocław in July/August 2007 and February 2008. These negotiations were the result of existing industrial cooperation.
Polish: Negocjacje te były wynikiem istniejącej współpracy przemysłowej.
Maltese: Dawn in-negozjati kienu r-riżultat ta' kooperazzjoni industrijali eżistenti.
English: The study basically assesses the value of real estate such as buildings and land. The value of buildings was assessed on the basis of the following formula:
Maltese: L-istudju bażikament jagħti valutazzjoni tal-valur tal-proprjetà immobbli bħal bini u art. Il-valur tal-bini ġie vvalutat abbażi tal-formula li ġejja:
English: By the first quarter of 2009 PZL Hydral was already fully aware that the financial result would not meet the minimum threshold laid down in […]'s offer. In addition, the reduction of orders from the Ministry of Defence was confirmed at the beginning of 2009, with significant implications for the company's profitability in that year.
Maltese: Sal-ewwel trimestru tal-2009 PZL Hyrdal diġà kienet konxja li r-riżultat finanzjarju ma kienx se jilħaq il-limitu minimu stabbilit fl-offerta ta' […] Barra minn hekk, it-tnaqqis fl-ordinijiet mill-Ministeru tad-Difiża ġie kkonfermat fil-bidu tal-2009, b’implikazzjonijiet sinifikanti għall-profitt tal-kumpanija f’dik is-sena.
English: The Polish authorities argued that both the 2007 and 2008 loans had been awarded on market terms. They also withdrew from the debt-for-equity swap for the 2007 loan described above but proposed a partial swap for both the 2007 and 2008 loans prior to the sale, arguing that this complied with the private creditor rule.
Maltese: Huma rtiraw ukoll mit-tpartit ta' dejn ma' ekwità għas-self tal-2007 deskritt hawn fuq iżda pproponew tpartit parzjali kemm għas-self tal-2007 u tal-2008 qabel il-bejgħ, filwaqt li argumentaw li dan kien konformi mar-regola tal-kreditur privat.
English: the 2007 loan, the 2008 loan,
Polish: W odniesieniu do PZL Wrocław Komisja wyróżni następujące środki:
Maltese: it-tpartit ta' dejn ma' ekwità li jikkonċerna s-self tal-2007 u l-2008.
English: the debt-for-equity swap concerning the 2007 and 2008 loans. (166) The Commission notes that the Polish authorities contested the classification of the above-mentioned measures as state aid, claiming that the measures passed the private creditor test (in the case of the measures for PZL Hydral and the 2010 debt-for-equity swap for PZL Wrocław) and the market investor test (in the case of the 2007 and the 2008 loans to PZL Wrocław).
Maltese: Il-Kummissjoni tosserva li l-awtoritajiet Pollakki kkontestaw il-klassifikazzjoni tal-miżuri msemmija hawn fuq bħala għajnuna mill-Istat, filwaqt li sostnew li l-miżuri għaddew mit-test tal-kreditur privat (fil-każ tal-miżuri għal PZL Hydral u t-tpartit ta' dejn ma' ekwità tal-2010 għal PZL Wroclaw) u t-test tal-investitur tas-suq (fil-każ tas-self tal-2007 u tal-2008 lil PZL Wroclaw).
English: In particular, the bank secured its credit by establishing collateral of PLN 13,7 million on real estate, assigning all licence and commercial rights under the licence agreement concluded with […] regarding the production of air conditioning equipment to a value of USD 1,2 million (PLN 3968000 approx.)
Dutch: De bank heeft haar lening met name gedekt door een zakelijk zekerheidsrecht van 13,7 miljoen PLN op onroerende zaken, en door een cessie aan haar van alle licentie- en exploitatierechten uit hoofde van de licentieovereenkomst met […] inzake de productie van apparatuur voor airconditioning ten bedrage van 1,2 miljoen USD (circa 3968000 PLN) [10].
English: [10], transferring machines and equipment supplied by […] under the licence agreement to a value of USD 2,4 million (PLN 7938000 approx.) and assigning receivables from the sale of air conditioners to a value of at least USD 8 million annually (PLN 26,5 million approx.) [11].
Dutch: Daarnaast werden uit hoofde van de licentieovereenkomst machines en apparatuur die geleverd waren door […] ten bedrage van 2,4 miljoen USD (circa 7938000 PLN), aan de bank overgedragen en is de opbrengst van de verkoop van airconditioners voor een bedrag van minimaal 8 miljoen USD per jaar (circa 26,5 miljoen PLN) aan de bank gecedeerd [11].
English: As a result, sales of military goods decreased by […]% compared with 2008. Consequently, PZL Wrocław recorded a net loss of PLN 8,3 million in 2009. Its turnover decreased from PLN 60 million in 2008 to PLN 41 million in 2009.
Dutch: Daardoor nam het aandeel van de verkochte militaire goederen ten opzichte van 2008 met […] % af en heeft PZL Wrocław in 2009 een nettoverlies geleden van 8,3 miljoen PLN, terwijl de omzet daalde van 60 miljoen PLN in 2008 tot 41 miljoen PLN in 2009.
English: The Polish authorities also pointed out that the 2007 loan had not therefore been granted to PZL Hydral as stated in the opening decision. Negotiations with […]
Dutch: Op basis van de nieuwe privatiseringsstrategie en het herstructureringsplan 2007-2010 is […] (een […] toonaangevende internationale leverancier van systemen en diensten aan de luchtvaart-, ruimtevaart- en defensiesector met een omzet in 2009 van […]) in het eerste kwartaal van 2007 onderhandelingen begonnen met het oog op de overname van PZL Wrocław.
English: According to the supplement to the Ernst&Young study, the value of these claims would exceed the book value of the unsecured/non-encumbered assets. At the same time, the book value of these assets should be considered in the light of their market value as they are receivables, cash and other monetary assets.
Dutch: Tegelijkertijd moet de boekwaarde van deze activa afgezet worden tegen hun marktwaarde aangezien het uitstaande vorderingen, liquide middelen en andere monetaire activa betreft.
English: Measures with regard to PZL Wrocław The 2007 loan granted to PZL Wrocław
Dutch: Maatregelen met betrekking tot PZL Wrocław
English: The Commission takes the view that the IDA is not an external creditor which invests in order to obtain profits based on the return on its investment in the form of an interest rate, but that it is a shareholder with more than 90 % of shares in PZL Hydral, which in turn holds 100 % of shares in PZL Wrocław. It must therefore be determined whether a private investor would have granted the 2007 loan in the same circumstances.
Dutch: De Commissie stelt zich op het standpunt dat ARP geen externe schuldeiser is die investeert met het oog om winst te maken op basis van het rendement op zijn investeringen in de vorm van een rentepercentage, maar dat ARP een aandeelhouder is die meer dan 90 % van de aandelen-PZL Hydral houdt, welke onderneming op haar beurt alle aandelen-PZL Wrocław houdt.
English: As a result, the Commission considers that the value of the ordinary pledge on receivables which secures the 2008 loan is without any value in a liquidation scenario. Furthermore, the pledge on […]% of the shares is without any value in the liquidation scenario, as the value of the shares themselves is nil.
Dutch: Dientengevolge is de Commissie van mening dat de waarde van de gewone pandrechten op vorderingen die als zekerheid voor de lening van 2008 dienen, in een liquidatiescenario nihil is aangezien de waarde van de aandelen zelf nihil is.
English: Proceedings under Article 108(2) of the Treaty on the Functioning of the European Union (the formal investigation procedure) were opened on 10 September 2008. The formal investigation procedure was subsequently extended by a decision adopted on 12 November 2008.
Polish: Postępowanie na mocy art. 108 ust. 2 Traktatu o funkcjonowaniu Unii Europejskiej („TFUE”) – formalne postępowanie wyjaśniające – zostało wszczęte w dniu 10 września 2008 r. Formalne postępowanie wyjaśniające zostało następnie rozszerzone decyzją z dnia 12 listopada 2008 r.
English: In 2002, as a result of industrial cooperation, talks on the sale of PZL Hydral commenced with […], a global producer of aviation components with annual turnover in 2009 of […]. On 25 November 2002 […] and PZL Hydral concluded an agreement regarding non-disclosure of information.
Polish: W 2002 r., w wyniku współpracy przemysłowej, rozpoczęto rozmowy na temat sprzedaży PZL Hydral ze spółką […], globalnym producentem komponentów lotniczych, którego roczne obroty sięgały w 2009 r. […] Dnia 25 listopada 2002 r. […] i PZL Hydral zawarły porozumienie o nieujawnianiu informacji.
English: In the course of 2007 it acquired more assets, machinery, equipment and know-how. This acquisition was financed by a loan of PLN 12,5 million, which the IDA granted to PZL Wrocław on 24 May 2007 (‘the 2007 loan’), and through an in-kind contribution to the capital of PZL Wrocław by the parent company, PZL Hydral, in the form of an asset transfer in December 2007.
Polish: Transakcja ta została sfinansowana przez pożyczkę w kwocie 12,5 mln PLN, udzieloną PZL Wrocław przez ARP w dniu 24 maja 2007 r. (zwaną dalej „pożyczką z 2007 r.”) oraz przez wniesiony przez spółkę macierzystą, PZL Hydral, wkład niepieniężny do kapitału PZL Wrocław w postaci przeniesienia aktywów w grudniu 2007 r.
English: The adjustment is essentially made by computing the fair market value of all the assets on the basis of a study prepared on 29 March 2007 and submitted to the Commission by an independent expert, Realizacja Inwestycji Techniczno-ekonomicznych. The study basically assesses the value of real estate such as buildings and land.
Polish: Korekta dokonywana jest głównie poprzez wprowadzenie rzeczywistej wartości rynkowej wszystkich aktywów w oparciu o przedstawioną Komisji wycenę niezależnego rzeczoznawcy, Realizacja Inwestycji Techniczno-ekonomicznych, zrealizowaną dnia 29 marca 2007 r. W analizie oceniono głównie wartość nieruchomości takich jak budynki i grunty.
English: In addition, the reduction of orders from the Ministry of Defence was confirmed at the beginning of 2009, with significant implications for the company's profitability in that year. There have been no subsequent contacts with […].
Polish: Ponadto redukcja zamówień z Ministerstwa Obrony Narodowej została potwierdzona na początku 2009 r., co oznaczało, że będzie to miało istotny wpływ na rentowność firmy w 2009 r. Dalszych kontaktów z […] nie było.
English: As mentioned above, PZL Wrocław was set up at end-2004. Under the Plan, the production assets were to have been transferred and the privatisation process was to have been launched as early as 2007.
Polish: Jak wspomniano powyżej, PZL Wrocław założono już pod koniec 2004 r. Zgodnie z planem zakończenie przenoszenia aktywów produkcyjnych oraz rozpoczęcie procesu prywatyzacji miały nastąpić już w 2007 r. W czwartym kwartale 2007 r. potencjalni inwestorzy mieli złożyć oferty wstępne, a w pierwszej połowie 2008 r., po przeprowadzeniu negocjacji, miały zostać zawarte wstępne umowy sprzedaży.
English: Initial offers by potential investors were to be submitted by the fourth quarter of 2007 and, following negotiations, a preliminary sales agreement was to be concluded in the first half of 2008. However, at the time when the opening decision was adopted, the Commission had not been informed of any interest on the part of potential investors in acquiring PZL Wrocław.
Polish: Jednakże do chwili podjęcia decyzji o wszczęciu postępowania Komisja nie otrzymała żadnych informacji o jakimkolwiek zainteresowaniu nabyciem PZL Wrocław ze strony potencjalnych inwestorów.
English: The claims of PZL Wrocław's unsecured private creditors could not have been satisfied from PZL Wrocław's assets. In the light of the fact that not all creditors’ claims would be satisfied from the bankruptcy estate, PZL Wrocław shares would have zero value in the event of bankruptcy.
Polish: Podobnie żaden z wierzycieli prywatnych PZL Wrocław nieposiadających zabezpieczenia nie miałby możliwości zaspokojenia z aktywów PZL Wrocław. z powyższego wynika, że ponieważ nie wszyscy wierzyciele uzyskają zaspokojenie z masy upadłości, udziały PZL Wrocław będą miały w przypadku upadłości wartość zerową.
English: They also indicated that the sale of PZL Wrocław had been open, transparent and unconditional and that the price offered by the investor could be regarded as a market price. The Polish authorities argued that both the 2007 and 2008 loans had been awarded on market terms.
Polish: Ponadto podkreśliły one, iż proces sprzedaży PZL Wrocław był otwarty, przejrzysty i bezwarunkowy, a cenę zaproponowaną przez inwestora można uznać za cenę rynkową.
English: Aid measures that were put into effect before accession and are not applicable after accession cannot be examined by the Commission, either under the interim mechanism procedure or under the procedure laid down in Article 108(2) of the TFEU. On the other hand, measures that were not put into effect until after accession will be assessed by the Commission as notified aid or as unlawful aid pursuant to the procedure laid down in Article 108(2) of the TFEU.
Polish: Środki pomocy wprowadzone w życie przed przystąpieniem i nie mające zastosowania po przystąpieniu nie mogą być badane przez Komisję ani w ramach procedury mechanizmu przejściowego, ani zgodnie z procedurą ustanowioną w art. 108 ust. 2 TFUE. z drugiej strony, środki, które nie weszły w życie przed przystąpieniem, będą badane przez Komisję jako pomoc zgłoszona lub jako pomoc niezgodna z prawem zgodnie z procedurą określoną w art. 108 ust. 2 TFUE.
English: the enforcement of public liabilities against PZL Hydral (1998-2007), the settlement with the public creditors of PZL Hydral (2007-10).
Polish: egzekucję zobowiązań publicznoprawnych PZL Hydral (1998-2007);
English: The study compared the figures concerning […] of 32 aviation sector companies. The study then calculated average coefficients which determined how these […].
Portuguese: No âmbito da auditoria, foram comparados os dados relativos a […] de 32 empresas do sector da aeronáutica e calculados coeficientes médios, que determinavam de que forma estas empresas […].
English: Consequently, PZL Wrocław recorded a net loss of PLN 8,3 million in 2009. Its turnover decreased from PLN 60 million in 2008 to PLN 41 million in 2009.
Romanian: Astfel, PZL Wrocław a înregistrat o pierdere netă de 8,3 milioane PLN în 2009, iar cifra sa de afaceri a scăzut de la 60 de milioane PLN în 2008 la 41 de milioane PLN în 2009.
English: The provisions of Annex 2 to the Framework Agreement were negotiated in close correlation with the results of the supplement to the Ernst&Young study. This supplement was prepared on 24 February 2010.
Romanian: Prevederile anexei 2 din acordul cadru au fost negociate în strânsă legătură cu rezultatele completărilor aduse studiului Ernst&Young, care au fost elaborate la 24 februarie 2010.
English: They also stated that the public creditors’ conduct in the past (1998-2007) was in line with the private creditor rule. They also indicated that the sale of PZL Wrocław had been open, transparent and unconditional and that the price offered by the investor could be regarded as a market price.
Romanian: De asemenea, acestea au afirmat că acțiunile creditorilor publici din trecut (1998-2007) respectau principiul creditorului privat, dovedind și faptul că vânzarea PZL Wrocław a fost deschisă, transparentă și necondiționată, iar prețul oferit de investitor putea fi considerat ca reprezentând prețul de piață.
English: First, the Commission notes that the public creditors had only limited collateral, and that their collateral was of an inferior quality to that of the private banks (see Tables 16 to 20 above). They were therefore in a weaker negotiating position.
Romanian: În primul rând, Comisia remarcă faptul că creditorii publici dețineau doar garanții limitate, de calitate inferioară celor deținute de băncile private (a se vedea tabelele 16 și 20 de mai sus), aflându-se, în consecință, într-o poziție de negociere inferioară.
English: The Commission notes that the IDA granted the 2008 loan shortly before the expected end of negotiations with […] regarding the sale of PZL Wrocław (see point 74). It did so in order to provide a bridging loan for the period prior to closing the deal, when PZL Wrocław had to expand its capacity rapidly in order to cope with increasing orders from the Ministry of Defence.
Romanian: Comisia observă că ADI a acordat împrumutul din 2008 cu puțin timp înainte de sfârșitul negocierilor cu […] pentru vânzarea PZL Wrocław (a se vedea considerent 74), pentru a furniza un împrumut-punte pentru perioada anterioară încheierii acordului, când PZL Wrocław a fost nevoită să își extindă capacitățile cu rapiditate pentru a putea gestiona numărul ridicat de comenzi ale Ministerului Apărării.
English: The Commission considers that the 50 % discount is justified for the reasons stated by Ernst&Young, and described in point 147 above. It considers in particular that the evaluation of their hypothetical value in the event of bankruptcy was done using a methodology which can be considered appropriate for the purpose of determining the realisable value of claims vis-à-vis borrowers under threat of bankruptcy, taking account of the specific type of machinery to be sold, the contingency of sales on a specific customer (the Ministry of Defence) which is cutting its spending in the light of the need to adapt to the downturn in tax revenue resulting from the crisis.
Romanian: Comisia consideră că reducerea de 50 % este justificată de motivele prezentate de Ernst&Young și descrise la considerentul 147 de mai sus și, în special, că valoarea lor ipotetică în caz de faliment a fost evaluată printr-o metodologie care poate fi considerată adecvată în scopul determinării valorii recuperabile a creanțelor de la debitori amenințați de faliment, având în vedere tipul specific de utilaje care urmează a fi vândute și posibilitatea vânzării către un anumit client (Ministerul Apărării), care își reduce cheltuielile în lumina necesității adaptării scăderii veniturilor din taxe ca urmare a crizei economice.
English: The Plan was notified as a restructuring scenario under the rescue and restructuring guidelines. The Commission therefore based its preliminary assessment on the information at its disposal at that stage.
Slovak: Plán bol oznámený ako scenár na reštrukturalizáciu podľa usmernení na záchranu a reštrukturalizáciu, Komisia preto založila svoje predbežné hodnotenie na informáciách, ktoré mala v danom štádiu k dispozícii.