natgillin/translations-raw huggingface dataset:
PZL Wrocławs nettoindtægt ved udgangen af 2008 blev anslået til ca. 6 mio. PLN, med et salg på 50 mio. PLN.
PZL Wrocław's net profit at end-2008 was estimated at PLN 6 million approx., with sales of PLN 50 million.
De polske myndigheder tilføjede, at efter at der i fjerde kvartal af 2007 var opnået enighed om scenariet for private investorer, havde både PZL Hydral og PZL Wrocław indfriet deres løbende forpligtelser til det offentlige til tiden.
The Polish authorities added that since agreement was reached on the private creditor scenario in the fourth quarter of 2007, both PZL Hydral and PZL Wrocław had paid their current liabilities to public creditors on time.
V. BEMÆRKNINGER FRA TREDJEPART
V. THIRD PARTY COMMENTS
Kommissionen har ikke modtaget bemærkninger fra tredjepart.
The Commission did not receive any third party comments.
FORLØBET EFTER INDLEDNINGEN AF DEN FORMELLE UNDERSØGELSESPROCEDURE — DEN REVIDEREDE PLAN
EVENTS FOLLOWING THE OPENING OF THE FORMAL INVESTIGATION PROCEDURE - THE REVISED PLAN
Efter de polske myndigheders opfattelse svarer den af […] tilbudte pris for PZL Wrocławs aktier til virksomhedens markedsværdi.
The Polish authorities consider that the sale price for PZL Wrocław's shares offered by […] corresponds to the market value of this company.
Ifølge de polske myndigheder afspejler den tilbudte pris virksomhedens finansielle situation, som i 2009 forværredes som følge af finanskrisen og et fald i ordretilgangen fra det polske militær.
According to the Polish authorities, the price offered reflected the company's financial situation, which worsened in 2009 as a result of the financial crisis and a downturn in orders from the Polish armed forces.
De polske myndigheder påpegede også, at denne pris afspejlede de makroøkonomiske vilkår.
The Polish authorities also indicated that this price reflected macroeconomic conditions.
Alene på Warszawas børs faldt Warszawa-børsindekset (Warszawski Indeks Giełdowy — WIG) med 36 %.
On the Warsaw stock exchange alone the Warsaw Stock Exchange Index (WIG) fell by 36 %.
Mellem april 2008 (hvor virksomheden […] trak sig ud af forhandlingerne) og juni 2009, faldt markedsrangordningen for foretagender i luftfartøjssektoren med en produktionsprofil, der lignede PZL Wrocławs, dramatisk.
Between April 2008 (withdrawal of […] from negotiations) and June 2009, the market ranking of listed aviation sector companies with a similar production profile to PZL Wrocław dropped dramatically.
Aktierne i […], som […] tilhører, faldt med […] %, aktierne i […] med […] % og aktierne i […] med […] %.
Shares in […], to which […] belongs, fell by […] %, shares in […] by […] % and shares in […] by […] %.
[…] gennemførte en due diligence-undersøgelse (jf. betragtning 96).
[…] carried out a due diligence study (see point 96).
I undersøgelsen sammenlignedes tallene vedrørende […] for 32 virksomheder i luftfartøjssektoren.
The study compared the figures concerning […] of 32 aviation sector companies.
Dernæst beregnedes gennemsnitskoefficienter med henblik på at vise, hvordan disse […].
The study then calculated average coefficients which determined how these […].
Disse koefficienter blev derefter anvendt på […].
These coefficients were then applied to […].
Resultatet var […].
The result was […].
Af investors samtaler med ARP vedrørende investors vurdering af virksomheden fremgår det, at […] på dette stadie er meget afhængig af en enkelt kunde, det polske militær, hvorfra virksomheden forventede at hente […] % af sin forventede indtjening i 2010-2013 under moderniseringsprogrammet, hvis resultater er uvisse, og at der vil kunne indgives konkursbegæring, hvis PZL Wrocławs finansielle situation ikke forbedres i 2010.
However, talks with the IDA on the investor's evaluation suggest that at this stage […] is highly dependent on one customer, the Polish armed forces, from which it is expected to derive […]% of its planned revenue in 2010-13 under the modernisation programme, the outcome of which is uncertain, and bankruptcy proceedings could be launched if PZL Wrocław's financial situation does not improve in 2010.
På denne baggrund fastholder investor, at han ved at tilbyde […] for PZL Wrocławs aktier, i realiteten køber dem til overpris.
On that basis the investor maintains that in offering […] for PZL Wrocław's shares, he will de facto pay a premium for them.
Betaling af offentlige kreditorers fordringer
Settlement of outstanding claims of public creditors
Efter at have bekendtgjort den pris, investoren havde tilbudt, indledte ARP forhandlinger med offentlige kreditorer om delvis betaling og delvis eftergivelse i henhold til planen, på basis af indtægterne fra salget af PZL Hydrals aktiver uden yderligere kapitaltilførsler.
Once the price offered by the investor was known, the IDA started negotiations with the public creditors on partial repayments and partial write-offs of their claims as specified in the Plan, on the basis of the proceeds of the sale of PZL Hydral's assets without any additional capital injections.
I dette øjemed bestilte ARP den 15. januar 2010 en undersøgelse hos Ernst & Young.
For that purpose, a study was commissioned by the IDA from Ernst&Young on 15 January 2010.
Ernst & Young blev anmodet om som uafhængig ekspert at udarbejde en sammenligning mellem følgende to scenarier:
Ernst&Young was instructed, as an independent expert, to produce a comparison between the following two scenarios:
konkursbehandling af PZL Hydral, inkl. datterselskabet PZL Wrocław
bankruptcy proceedings for PZL Hydral, including its subsidiary PZL Wrocław,
betaling af gæld ved hjælp af indtægterne fra salget af PZL Wrocław til […] for […] og indtægterne fra salget af PZL Hydrals andre aktiver.
settlement of liabilities on the basis of the proceeds of the sale of PZL Wrocław to […] for […] and the proceeds of the sale of PZL Hydral's other assets.
Ernst & Young bedømte situationen for hver enkelt offentlig kreditor: socialsikringsmyndigheden, skattekontoret i Dolny Śląsk, skattekontoret i Wrocław-Psie Pole, Wrocław by, den statslige fond til rehabilitering af funktionshæmmede, voivodskabet Dolny Śląsk og finansministeriet.
Ernst&Young assessed the situation for each individual public creditor: the Social Security Office, the Lower Silesia Region Tax Office, Wrocław Psie Pole Tax Office, Wrocław City Council, the State Fund for the Rehabilitation of the Disabled, the Lower Silesia Regional Office and the Ministry of Finance.
Analysen omfatter ikke ARP, der ikke var kreditor for PZL Hydral, men kun aktionær i virksomheden.
The analysis does not include the IDA as it was not a creditor of PZL Hydral but only a shareholder.
Derfor tog undersøgelsen ikke hensyn til alternative omkostninger [29], langsigtede indtjeningsprognoser og inflation.
Therefore the analysis did not take account of alternative costs [29], long-term profit forecasts and inflation.
Konkursscenariet med efterfølgende likvidation af virksomheden blev analyseret ved den antagelse, at afviklingen var rimeligt effektiv.
The bankruptcy scenario leading to liquidation was analysed on the assumption that liquidation would be reasonably effective.
Som grundlag for sin metode henviser undersøgelsen til kravet vedrørende en privat kreditors adfærd ud fra Domstolens praksis (Spanien mod Kommissionen og HAMSA mod Kommissionen), hvori en offentlig kreditors adfærd sammenlignes med adfærden hos en privat kreditor, der søger at inddrive gæld hos en debitor i finansielle vanskeligheder [30].
It refers, as the basis for its methodology, to the requirements of a proper private creditor test based on case-law (Spain v Commission and Hamsa v Commission) which analyses the behaviour of a public body from the point of view of a private creditor seeking to obtain payment by a debtor in financial difficulties [30].
Rapporten er baseret på en analyse af hver enkelt kreditor, særligt under hensyntagen til kreditors sikkerhed i debitors aktiver og det omfang, i hvilket et krav kan fuldbyrdes i tilfælde af debitors konkurs [31].
The report is based on an analysis of each individual creditor, taking into account, in particular, the creditor's collateral on the debtor's assets and the extent to which claims can be satisfied in the event of the debtor going bankrupt [31].
Med henblik på at bestemme aktivernes værdi ved en konkurs antog Ernst & Young i deres undersøgelse, at værdien af ejendommene solgt ved nødsalg var 50 % af deres »fair value«.
In order to establish the bankruptcy value of the assets, the Ernst&Young study assumed that the fire sale value of the immovable fixed assets was 50 % of their fair value.
Til bestemmelse af »fair value« anvendte Ernst & Young metoderne i »International Accounting Standard 16 on property, plant and equipment« samt enhver tilgængelig vurdering foretaget af uafhængige eksperter.
To establish the fair value, Ernst&Young relied on the methods defined in International Accounting Standard 16 on property, plant and equipment, and used any available assessments by independent experts.
Værdireduceringen på 50 % begrundes med den lave effektivitet i konkursprocedurerne i Polen, hvor indtægterne fra salget af aktiver gennemsnitligt udgør 26,86 % af deres »fair value«.
The 50 % reduction is justified by the low effectiveness of bankruptcy proceedings in Poland, where revenue from sales of assets constitutes on average 26,86 % of their fair value.
Ernst & Young gør også opmærksom på, at de indtægter, offentlige kreditorer kan forvente i et konkursscenarie, afhænger af den individuelle prioritetsorden for panterne i de aktiver, hypotekpanterne er knyttet til.
The Ernst&Young study also notes that the proceeds which public creditors can expect in a bankruptcy scenario depend on the respective ranking of their collateral on the assets to which the mortgages are attached.
I dette øjemed giver Ernst & Young en oversigt over hypotekpanternes tilknytning til hver enkelt komponent i PZL Hydral, værdien af hvert hypotekpant og kreditorernes prioritetsorden.
The Ernst&Young study provides for this purpose an overview of the mortgages attached to each asset component of PZL Hydral, the value of the respective mortgages and the ranking of the creditors.
På basis af de i de to foregående afsnit gennemgåede antagelser vurderer Ernst & Young, at det samlede beløb, der kan inddrives ved konkurs over de aktiver, der er stillet som sikkerhed, er 52,4 mio. PLN; tre af de offentlige kreditorer (den statslige fond til rehabilitering af funktionshæmmede, voivodskabet Dolnośląsk og finansministeriet) vil ikke kunne inddrive nogen tilgodehavender, og de resterende kreditorer vil kunne inddrive følgende beløb: socialsikringsmyndigheden — 44,8 mio. PLN, skattekontoret i Dolnośląsk — 2,3 mio. PLN, skattekontoret i Wrocław-Psie Pole — 0,457 mio. PLN og Wrocław by 4,9 mio. PLN.
On the basis of the assumptions set out in the previous two paragraphs, Ernst&Young estimates that the total amount recoverable in the event of bankruptcy from the assets secured by mortgages is PLN 52,4 million; three public creditors (the State Fund for the Rehabilitation of the Disabled, the Lower Silesian Regional Office and the Ministry of Finance) will not be able to recover anything and the remaining creditors will be able to recover the following amounts: the Social Security Office – PLN 44,8 million, the Lower Silesia Region Tax Office – PLN 2,3 million, Wrocław Psie Pole Tax Office – PLN 0,457 million and Wrocław City Council – PLN 4,9 million.
De faktiske indtægter ved konkursscenariet skal derefter korrigeres ved tillæg af beløb inddrevet fra de andre aktiver i PZL Hydral, dvs. 13,5 mio. PLN [32].
The actual amount of the proceeds under the bankruptcy scenario should then be corrected by adding the amount recovered from the other assets of PZL Hydral, i.e. PLN 13,5 million [32].
Indtægterne i tilfælde af konkurs beløber sig således til 66 mio. PLN som vist i tabel 26.
Accordingly, the bankruptcy proceeds amount to PLN 66 million, as shown in Table 26.
Scenariet med salg af aktiver omfatter salget af alle PZL Hydrals aktiver, der ifølge planen beløber sig til 122323202,31 PLN. Zakład Ciepłowniczy »Term-Hydral« Sp. z o.o. for […], ejendommen BBCenter for […], parkeringspladsen for […]; Zakład Ciepłowniczy »Term-Hydral« Sp. z o.o. for […], kraftværket (GSZ) for […], PZL Wrocław for […], støberiet for […], mindretalsaktier for […] betaling af PZL Hydrals udestående […].
The sale of assets scenario provides for the sale of all PZL Hydral's assets referred to in the Plan for PLN 122323202,31: Zakład Produkcji Hydrauliki ‘Hydral’ Sp. z o.o. for […], BBCenter's real estate for […], car park for […], Zakład Cieplowniczy ‘Term-Hydral’ Sp. z o.o. for […], power station (GSZ) for […], PZL Wrocław for […], the casting plant for PLN […], minority shareholdings for […] and repayment of PZL Hydral's receivables in an amount of […].
Sammenligning af salgsscenariet med konkursscenariet for PZL Hydral i 2010 (PLN) ifølge Ernst & Youngs undersøgelse
Comparison of the sale scenario and bankruptcy scenario from the perspective of PZL Hydral in 2010 (in PLN) in the Ernst&Young study
Offentlig kreditor
Public creditor
Samlet gæld [33]
Total amount of liabilities [33]
Konkursscenarie — indtægter
Proceeds in bankruptcy scenario
Scenarie med salg af aktiver — indtægter
Proceeds in sale of assets scenario
Socialsikringsmyndigheden
Social Insurance Fund
Skattekontoret i Dolnośląsk
Lower Silesia Region Tax Office
Skattekontoret i Wrocław-Psie Pole
Wrocław – Psie Pole Tax Office
Wrocław by
Wrocław City Council
Den statslige fond til rehabilitering af funktionshæmmede
State Fund for the Rehabilitation of the Disabled
Voivodskabet Dolnośląsk
Lower Silesian Regional Office
Som det kan ses af tabel 26, vil ifølge Ernst & Young-undersøgelsen socialsikringsmyndigheden kunne inddrive 47,7 % af sine krav, skattekontoret i Dolnośląsk 30,6 %, skattekontoret i Wrocław-Psie Pole 85,8 % og Wrocław by 18,2 % voivodskabet Dolnośląsk vil kunne inddrive alle sine krav, den statslige fond til rehabilitering af funktionshæmmede vil kunne inddrive 38,9 %, og finansministeriet vil kunne inddrive 2,1 %.
Table 26 indicates that under the Ernst&Young study the Social Security Office would recover 47,7 % of its claims, Lower Silesia Region Tax Office would recover 30,6 %, Wrocław Psie Pole Tax Office 85,8 %, Wrocław City Council 18,2 %, the Lower Silesian Regional Office would recover the entirety of its claims, the State Fund for the Rehabilitation of the Disabled would recover 38,9 % and the Ministry of Finance 2,1 %.
I henhold til polsk lovgivning påløber der, når offentlige kreditorer samtykker i delvis eftergivelse af deres krav, ikke længere renter på disse krav, medmindre aftalen ikke gennemføres, hvilket ville være tilfældet ved et konkursscenarie.
Under Polish law, once the public creditors agree to the settlement of their claims by partial write-offs, interest ceases to accrue on these claims and is charged only if settlement is not implemented, which would be the case in a bankruptcy scenario.
Derfor omfatter forpligtelserne i tabel 26 ikke retroaktivt påløbne renter tilbage til datoen for 2007-aftalen for alle offentlige kreditorer med undtagelse af skattekontoret i Dolnośląsk (til fordel for hvem der stadig påløber renter for visse skatteudeståender) og voivodskabet Dolnośląsk (til fordel for hvem der stadig påløber renter) på grund af den særlige retlige karakter af deres krav.
Therefore the liabilities shown in Table 26 include appropriate interest backdated to the date of the 2007 agreement for all public creditors apart from the Lower Silesia Region Tax Office (to which interest is still being charged on some tax liabilities) and the Lower Silesian Regional Office (to which interest is still being charged) due to the special legal nature of their claim.
Det bør bemærkes, at med hensyn til Wrocław by, den statslige fond til rehabilitering af funktionshæmmede og skattekontoret i Dolnośląsk skulle der i henhold til den reviderede plan bevilges delvis henstand af betalinger til offentlige kreditorer og betaling i rater af en del af denne gæld, indtil salget af PZL Hydrals aktiver fandt sted, dvs. at gælden blev delvist indfriet.
It should be noted that as regards Wrocław City Council, the State Fund for the Rehabilitation of the Disabled and the Lower Silesia Region Tax Office, the revised Plan provided for the partial deferral of repayment to public creditors and on the repayment in instalments of part of these liabilities until the sale of PZL Hydral's assets took place, i.e. the liabilities would be repaid in part.
Især er det i aftalen fastsat, at:
In particular, the agreement makes detailed provision for:
der ydes henstand med betalingen af gælden på 4,9 mio. PLN til Wrocław by
repayment of the amount of PLN 4,9 million owed to Wrocław City Council is deferred;
der ydes henstand med betalingen af gælden på 5 mio. PLN til den statslige fond til rehabilitering af funktionshæmmede
repayment of the amount of PLN 5 million owed to the State Fund for the Rehabilitation of the Disabled is deferred;
der afsættes 18,25 mio. PLN til delvis betaling af gælden til skattekontoret i Dolnośląsk; der ydes henstand med en del af denne betaling, en del betales i rater [34], og en del betales med renter beregnet på betalingsdatoen.
PLN 18,25 million will be used to partially repay the amount owed to the Lower Silesia Region Tax Office; part of this repayment is deferred, part will be repaid into instalments [34] and part will be repaid with interest calculated on the payment date.
På denne baggrund modtager kreditorerne ifølge Ernst & Young-undersøgelsen (jf. tabel 26) i alt 122 mio. PLN ved salget af PZL Wrocław og de andre aktiver i PZL Hydral, mens kreditorerne i forbindelse med likvidation af PZL Hydral som følge af konkurs kun modtager 66 mio. PLN, og tre af kreditorerne (finansministeriet, voivodskabet Dolnośląsk og den statslige fond til rehabilitering af funktionshæmmede) intet modtager.
On this basis, according to the Ernst&Young study (see Table 26) the creditors would receive PLN 122 million in total in the event of the sale of PZL Wrocław and the other assets of PZL Hydral, while in the event of bankruptcy resulting in the liquidation of PZL Hydral the creditors would receive only PLN 66 million, and three of them (the Ministry of Finance, Lower Silesian Regional Office and the State Fund for the Rehabilitation of the Disabled) would not receive anything.
I forbindelse med salgsscenariet eftergiver de offentlige kreditorer i alt 195 mio. PLN i offentligretlig gæld.
In the sale scenario, the public creditors will write off PLN 195 million of public liabilities in total.
Til trods for dette er salgsscenariet mere fordelagtigt end konkursscenariet for hver eneste af de offentlige kreditorer.
Despite this, each public creditor is better off in the sale scenario than in the bankruptcy scenario.
Samlet set ville de offentlige kreditorer få inddrevet 38,5 % af deres udeståender.
In total, the public creditors would recover 38,5 % of the amount owed to them.
De polske myndigheder har meddelt Kommissionen, at de offentligretlige kreditorer på baggrund af konklusionerne i Ernst & Young-undersøgelsen ville få deres fordringer delvist indfriet i 2010.
The Polish authorities informed the Commission that on the basis of the findings of the Ernst&Young study, the public creditors agreed to the partial repayment of their claims in 2010.
Konvertering af fordringer i form af ubetalte lån ydet af ARP til andele i egenkapitalen
Debt-for-equity swap for the outstanding loans awarded by the IDA
Ved drøftelserne med […], indvilligede ARP i delvis konvertering, delvis betaling og delvis eftergivelse af sine fordringer.
In the framework of the talks with […], the IDA agreed that its credits would be partially swapped, partially repaid and partially waived.
De polske myndigheder påpegede, at forværringen af PZL Wrocławs finansielle situation først indtrådte i 2009 og var forårsaget af den økonomiske nedgang i konjunkturerne, hvilket kun vanskeligt kunne forudses, og som resulterede i et fald i ordrerne fra det polske militær på næsten […] %.
The Polish authorities pointed out that the deterioration in PZL Wrocław's financial situation only occurred in 2009 and was caused by the economic downturn, which could not have been predicted and which resulted in a decline in orders from the Polish armed forces of almost […]%.
Dermed forværredes ARP's situation som kreditor betragteligt, hvilket også var tilfældet med udsigterne til fuld inddrivelse af ARP's fordringer.
Consequently, the IDA's situation as a creditor worsened considerably, as did the prospects for recovering its claims in full.
Bestemmelserne i bilag 2 til rammekontrakten blev forhandlet i tæt korrelation med resultaterne i tillægget til Ernst & Young-undersøgelsen.
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.
I analysen undersøges det især, hvilke indtægter ARP ville få i kraft af sin sikkerhed i tilfælde af konkursscenariet, og der sammenlignes med de indtægter, der ville kunne forventes, hvis PZL Wrocław blev solgt til investor.
In particular, it focuses on what the IDA would obtain from its collateral in the bankruptcy scenario and compares this with the amounts it could expect if PZL Wrocław were sold to the investor.
I tillægget til Ernst & Young-undersøgelsen understreges det, at aktiverne i PZL Wrocław var behæftede med panter og hypoteklån.
The supplement to the Ernst&Young study points out that the assets of PZL Wrocław were encumbered by pledges and mortgages.
Den bogførte værdi af alle PZL Wrocławs aktiver var den 31. december 2009 på 52,5 mio. PLN, hvoraf aktiver anvendt som sikkerhed udgjorde 21,3 mio. PLN, og aktiver, der ikke var anvendt som sikkerhed/ubehæftede aktiver udgjorde 31,2 mio. PLN.
The book value of all PZL Wrocław's assets on 31 December 2009 was PLN 52,5 million, of which secured assets accounted for PLN 21,3 million and unsecured/non-encumbered assets PLN 31,2 million.
Da PZL Wrocław ejer PZL Hydrals produktionsaktiver (købt mellem 2004 og 2007), ville en sådan afgørelse få indvirkning på noget af PZL Hydrals gæld til det offentlige.
As PZL Wrocław owns PZL Hydral's production assets (which it purchased between 2004 and 2007), this decision would impact on some of PZL Hydral's public liabilities.
Værdien af de krav, der ville blive omfattet af en sådan procedure, ville svare til de af PZL Hydral indgåede offentligretlige forpligtelser i årene 2006-2007, og ville beløbe sig til mindst 64,4 mio. PLN [36].
The value of the claims that would be affected by such proceedings would correspond to PZL Hydral's public liabilities generated in 2006–07 and would amount to a minimum of PLN 64,4 million [36].
Ifølge tillægget til Ernst & Young-undersøgelsen ville værdien af disse krav overstige den bogførte værdi af aktiver ikke anvendt til sikkerhed/ikke-behæftede aktiver.
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.
Samtidig bør den bogførte værdi af disse aktiver anskues ud fra deres markedsværdi, da det drejer sig om udeståender, kontanter og andre pengeaktiver.
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.
I tilfælde af PZL Wrocławs konkurs vil derfor kun aktiver sikret ved hypotekpant og registreret pant have højere prioritet end skattemyndighedernes krav.
In the event of PZL Wrocław going bankrupt, only assets secured by mortgages and registered pledges would therefore take priority over the claims of the tax authorities.
I lighed hermed ville ingen af PZL Wrocławs private kreditorer uden sikkerhed have haft mulighed for fuldbyrdelse i PZL Wrocławs aktiver.
The claims of PZL Wrocław's unsecured private creditors could not have been satisfied from PZL Wrocław's assets.
I lyset af den omstændighed at ikke alle kreditorers krav ville blive fuldbyrdet i konkursboet, ville PZL Wrocławs aktier have værdien nul i tilfælde af en konkurs.
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.