natgillin/translations-raw huggingface dataset:
Godtgørelsen for privatiseringsopgaverne blev dog senere fratrukket salgsprisen og i stedet udbetalt i form af en separat betaling.
BAVARIA committed itself to paying a total of EUR […] to NEUWOGES, of which EUR […] constituted capitalised rent on the land for the period up to 31 December 2028 and EUR […] constituted the purchase price for the buildings [54].
Grunden hertil må have været, at det omtalte beløb havde været underlagt forpligtelsen til at indbetale til ETF'en, hvis den var forblevet en del af salgsprisen.
From 1 January 2029, for a period of 10 years, BAVARIA will also have to pay an annual rent of […]% of the current land value, which has been calculated at EUR […] per m2 or EUR […] per year [55].
NEUWOGES modtog præcis det samme beløb fra BAVARIA, som de ville have modtaget, hvis der ikke havde været aftalt nogen separat privatiseringsgodtgørelse.
To determine the purchase price to be paid by BAVARIA to NEUWOGES under the land-lease and sale contract, the parties assumed a monthly leasing payment of EUR […] per m2, an indexation of […]% per year, a residual value of the buildings of […]% (to be paid by NEUWOGES after the expiration of the 75-years ground lease contract and based on an expert evaluation at that time), and a duration of 30 years for the lease-back [57] The total investment volume resulting from these assumptions was EUR […] [58].
Faktisk regnede NEUWOGES selv privatiseringsbetalingerne sammen med de forventede indtægter fra salg og tilbagelejningshandelen [63].
After the deduction of modernisation costs of EUR […], privatisation costs of EUR […] and taxes/fees of EUR […], the resulting sale price was set at EUR […] [59].
Afregningen af disse betalinger som separat godtgørelse og ikke som del af salgsprisen var kun relevant for NEUWOGES på grundlag af AHG'en.
EUR …
Som allerede nævnt ovenfor (se betragtning 101), ville en markedsøkonomisk aktør have set bort fra AHG'en.
This final price was then separated into the price of the buildings ([…]% = EUR […]) and the capitalised rent for the land ([…]% = EUR […]) [60].
Den omstændighed, at NEUWOGES har udført privatiseringsopgaverne og brugt ressourcer herpå, er ikke af betydning for den foreliggende sag.
The amounts allocated to the land and the buildings were not calculated separately, but rather set as portions of the overall sale price.
En markedsøkonomisk aktør, som ikke havde handlet under AHG'en, ville ikke have udført nogen privatiseringsopgaver, hvorfor dette heller ikke kan anvendes i forbindelse med kriteriet om den markedsøkonomiske aktør.
The first benefits that NEUWOGES derived from the transaction were therefore the cash payment of EUR […] and, starting after 30 years, the income from the rent on the land to be paid by BAVARIA.
Tilsvarende skal den af BAVARIA betalte godtgørelse til NEUWOGES for privatiseringsopgaverne betragtes som en relevant fordel for NEUWOGES, som skal medregnes i salgsprisen for at bestemme de finansielle konsekvenser af salg og tilbagelejningshandelen i sin helhed for NEUWOGES.
Other factors
Den renovering, som blev gennemført i forbindelse med salg og tilbagelejningshandelen, havde yderligere finansielle konsekvenser for NEUWOGES.
Privatisation remuneration
Der mindes om, at renoveringsudgifterne umiddelbart havde forbindelse til betalingen fra BAVARIA til NEUWOGES i henhold til EBV'en, som var resultatet af beregningen af det samlende investeringsvolumen fratrukket udgifterne — inklusiv renoveringsudgifterne (se betragtning (109)).
Before proceeding, it must be observed that the cash payments of EUR […] made by BAVARIA to NEUWOGES as privatisation remuneration must in any case be taken into account.
Med andre ord ville højere renoveringsudgifterne medføre en lavere købspris.
As the buyer of the buildings and lessee of the land, BAVARIA had to undertake clearly prescribed efforts to sell a portion of the apartments to the tenants pursuant to the contracts at issue.
Af denne grund lå købsprisen ved en alternativ beregning af transaktionen, hvor der blev anvendt lavere lejer, en lavere indeksering og dermed betydelig lavere leasingafgifter alligevel stadig over den i EBV'en aftalte pris.
That condition had been included in the contract so that a sale could be accepted as ‘mediated privatisation’ for the purposes of the Inherited Debt Support Law.
Først og fremmest skyldes dette, at renoveringsudgifterne i denne alternative beregning var fastsat væsentlig lavere end de udgifter, der til sidst blev aftalt mellem BAVARIA og BRG [64].
Under that law, a commercial buyer had to attempt to sell as large as possible a portion — at least one third — of the apartments acquired in the transaction to the tenants [61].
På baggrund af dette skal det bemærkes, at det engangsbeløb, som BAVARIA betalte til BRG, et datterselskab, som ejes 100 % af NEUWOGES, for renoveringsopgaverne, lå betydeligt over de renoveringsudgifter, som NEUWOGES oprindeligt havde skønnet [65].
This obligation involved making efforts to inform the tenants of their options and gauge their interest in buying apartments.
Mens NEUWOGES havde vurderet udgifterne i deres oprindelige vurdering til i alt […] EUR el. […] EUR/m2, var det endelige engangsbeløb for den renovering, som blev aftalt mellem BAVARIA og NEUWOGES' datterselskab, BRG, […] EUR eller […] EUR/m2.
The task of making such efforts was effectively transferred back to NEUWOGES through the land-lease and sale contract (Part V Sections 1-3), and a remuneration for NEUWOGES of EUR […] per m2 was agreed, resulting in a total remuneration for the privatisation effort of EUR […].
Med andre ord var de aftalte udgifter […] EUR eller […] % højere end de oprindeligt vurderede udgifter.
Initially, it was not intended that NEUWOGES would receive any remuneration for the privatisation efforts, and the amounts later paid as a separate remuneration for the privatisation efforts were simply part of the originally envisaged sale price [62].
Den betydelig højere aftalte udgift sænkede den købspris, som BAVARIA i henhold til EBV'en betalte til NEUWOGES, betydeligt.
Indeed, it did not make sense for BAVARIA to remunerate NEUWOGES for performing activities in which BAVARIA had no commercial interest.
Der er ikke blevet nævnt nogen begrundelse for forskellen mellem den oprindelige vurdering af udgifterne og det aftalte engangsbeløb.
Obtaining the debt relief pursuant to the Inherited Debt Support Law, for which engaging in the privatisation efforts was necessary, was solely in NEUWOGES’ economic interest.
Som ejer og forvalter af bygningen havde NEUWOGES et præcist kendskab til renoveringsbehovet, og det er svært at følge, hvorfor dette blev undervurderet så drastisk.
However, the remuneration for the privatisation efforts was later deducted from the sale price and paid separately, presumably because maintaining it as part of the sale price would have meant its having to be transferred to the inherited debt relief fund.
Renoveringsudgifterne skal inddrages i vurderingen af de finansielle konsekvenser af EBV'en.
The sale price paid by BAVARIA to NEUWOGES was reduced by the corresponding amount.
Sidstnævnte overvejelse er baseret på det faktum, at den fortjeneste, som NEUWOGES' datterselskab opnåede ved renoveringen, ikke var omfattet af indbetalingspligten i henhold til AHG.
Indeed, NEUWOGES itself included the privatisation payments in the revenue to be derived from the sale-and-lease-back transaction [63].
Efter egne vurderinger var den af BRG (og dermed af NEUWOGES) indtjente økonomiske fortjeneste fra BAVARIA-renoveringerne på […] EUR [68].
The handling of these payments as a separate fee rather than as part of sale price was relevant for NEUWOGES only against the background of the Inherited Debt Support Law.
Denne fortjeneste giver NEUWOGES en umiddelbar fordel, som skal tages i betragtning.
However, as explained above (in recital 101), a MEO would not have taken the Inherited Debt Support Law into account.
Faktisk henviste NEUWOGES-ledelsen i forbindelse med retfærdiggørelse af salgsprisen også til den med BRG indgåede kontrakt om gennemførelse af renoveringsopgaverne [69].
The fact that NEUWOGES engaged in the privatisation efforts and expended resources on them is not relevant in this context.
Leje af jorden
A MEO not acting against the backdrop of the Inherited Debt Support Law would not have engaged in privatisation efforts, which is why they cannot be taken into account in applying the MEO test.
Med hensyn til lejen skal argumentet fra NEUWOGES, om at BAVARIA de facto ikke skulle betale noget for de første 30 år, her uddybes, da den kapitaliserede leje var indeholdt i salgsprisen.
Accordingly, the remuneration for privatisation efforts paid by BAVARIA to NEUWOGES has to be considered a relevant benefit for NEUWOGES and one that has to be added to the sale price in order to determine the total financial impact of the sale-and-lease-back transaction on NEUWOGES.
Spørgsmålet om, hvorvidt lejen betales årligt eller forud som kapitaliseret leje, er dog næsten ikke af betydning for den vurdering, der skal foretages.
The modernisation carried out in the context of the sale-and-lease-back transaction had further financial implications for NEUWOGES.
Der er ingen tegn på, at en sådan aftale var dårlig.
It must be pointed out that the modernisation costs were directly related to the payment by BAVARIA to NEUWOGES under the land-lease and sale contract.
Den var kun udtryk for NEUWOGES' præference for forhåndslikviditet.
This payment resulted from a calculation of the total investment volume minus the costs, including modernisation costs (see recital 109 above).
Endelig må det ikke glemmes, at BAVARIA også efter GVV'ens udløb er forpligtet til at betale leje af jorden.
In other words: the higher the modernisation costs, the lower the purchase price.
Går man for nemheds skyld ud fra, at indekset for leveomkostninger ikke svinger, skulle de fremtidige betalinger anslås til en nominel værdi på […] EUR.
It is for this reason that in an alternative calculation of the transaction, in which lower rent levels, a lower indexation and thus significantly lower leasing payments were assumed, the purchase price was still above that of the actual land-lease and sale contract, mostly because the modernisation costs in this alternative calculation were assumed to be much lower than eventually agreed between BAVARIA and BRG [64].
Ved en samlet vurdering skal den til år 1998 diskonterede værdi af disse fremtidige betalinger også betragtes som en fordel, som NEUWOGES har opnået.
Against this background, it should be noted that the lump-sum modernisation payment made by BAVARIA to NEUWOGES’ wholly owned subsidiary BRG under the global lump-sum contract was much higher than the modernisation costs originally estimated by NEUWOGES [65].
Konklusioner
While NEUWOGES’ original estimate assumed total costs of EUR […] or EUR […] per m2, the lump-sum modernisation costs finally agreed between BAVARIA and NEUWOGES’ subsidiary BRG amounted to EUR […] or EUR […] per m2.
den af BAVARIA betalte kontantpris ([…] EUR)
No explanation was provided for this divergence between the originally estimated costs and the agreed lump-sum payment.
den for privatiseringsopgaverne betalte godtgørelse ([…] EUR)
This is particularly surprising in view of NEUWOGES’ original assertion that the estimated modernisation costs averaging EUR […] per m2 were ‘common’ or ‘usual’ costs[…] [66].
den indtjente fortjeneste for renoveringen ([…] EUR)
The study ‘Between Modernisation and Demolition: Prefabricated Apartment Blocks in East Germany’ (hereinafter: the ‘Pestel study’), submitted by NEUWOGES, also estimated the costs of a modernisation similar to that carried out by BRG at between EUR […] per m2 and EUR […] per m2 [67].
nutidsværdien for lejen for tiden fra 2029 (diskonteret […] EUR).
As the owner and administrator of the buildings, NEUWOGES had intimate knowledge of the modernisation needs, and it is hard to see why it would have originally underestimated these so drastically.
Bestemmelse af de forventelige finansielle konsekvenser af GVV'en for NEUWOGES
The modernisation costs must be taken into account in determining the financial impact of the land-lease and sale contract.
I henhold til GVV'en er NEUWOGES ansvarlig for forvaltningen af den omtalte bygning.
First of all, it is clear that it was irrelevant to BAVARIA itself what modernisation costs NEUWOGES’ subsidiary, BRG, would charge it, simply because all additional modernisation costs would simply be set off against the purchase price.
NEUWOGES har krav på samtlige indtægter fra udlejning af boliger og erhvervslejemål.
NEUWOGES, on the other hand, had a manifest economic interest both in having BAVARIA contract with BRG to undertake the modernisation works and in shifting part of the sale price onto the modernisation costs.
Til gengæld skal ejeren (BAVARIA) betale en fast månedlig leasingafgift, som er fastsat til […] EUR, indtil færdiggørelsen af renoveringsopgaverne, og til […] EUR for tiden derefter (§ 3 GVV).
The reason for the latter consideration is that profits made from the modernisation by NEUWOGES’ subsidiary were not subject to the transfer obligations under the Inherited Debt Support Law.
Kontrakten har en løbetid på 30 år regnet fra færdiggørelsen af renoveringsopgaverne (§ 2, stk. 1).
According to its own estimates, the profits earned by BRG (and hence NEUWOGES) from the BAVARIA modernisations amounted to EUR […] [68].
Den månedlige leasingafgift er indekseret til […] % pr. år (§ 4, stk. 2).
These profits constitute a direct benefit for NEUWOGES that must be taken into account.
Formålet med nedenstående analyse er at bestemme de finansielle konsekvenser af GVV'en for NEUWOGES.
In justifying the sale price, NEUWOGES’ management too stressed that BRG was contracted to carry out the modernisation works [69].
Baggrund (beregninger)
Ground rent
Den månedlige leasingafgift udregnes ved multiplikation af den forventede nettoleje pr. m2 og måned — fratrukket forvaltningsudgifter, vedligeholdelsesudgifter og risiko for manglende lejeindtægter — med antallet af tilgængelige kvadratmeter [70].
Moving on to the ground rent, it is important to address NEUWOGES’ argument that BAVARIA did not effectively have to pay any rent for the first 30 years, since the capitalised rent for the land was included in the sale price.
De centrale antagelser gælder dermed den forventede nettoleje pr. m2 og måned samt de forventede udgifter.
However, whether the ground rent is paid on a yearly basis or upfront as capitalised rent is hardly decisive for this assessment.
I GVV'en gik parterne ud fra en nettoleje på […] EUR/m2 efter renovering og udgifter på […] EUR/m2.
There is no indication that such an arrangement was irrational; it merely expressed a preference for upfront liquidity on the part of NEUWOGES.
Den månedlige leasingafgift blev tilsvarende fastsat til […] EUR/m2 [71].
Finally, it must not be forgotten that BAVARIA is under the obligation to pay the ground rent even after the general management contract expires.
Gennemsnitlig leje
From 1 January 2029, for a period of 10 years, BAVARIA will have to pay an annual rent of […]% of the current land value, which has been set at EUR […] per m2.
forvaltningsudgifter
For the subsequent remaining term, an adaptation of the ground rent to the total cost-of-living index is provided for, as long as the latter fluctuates by more than […]%.
vedligeholdelsesudgifter
Assuming for the sake of simplicity that the cost-of-living index will not fluctuate, these future payments will have a nominal value of EUR […].
risiko for manglende lejeindtægter
For an overall evaluation, the discounted value in 1998 of these future payments must also be considered as part of the benefit received by NEUWOGES.
samlet antal kvadratmeter
Conclusions
NEUWOGES havde mulighed for at vælge ved fastlæggelsen af de konkrete parametre, som blev overtaget i GVV'en [72].
It must be pointed out that it was the purpose of the foregoing analysis to determine the financial impact of the land-lease and sale contract on NEUWOGES as accurately as possible.
De havde mulighed for præcis at bestemme de månedlige betalinger i løbet af kontraktens løbetid samt salgsindtægten ved fastsættelse af en forskellig leje eller en højere indeksering [73].
This analysis leads to the conclusion that the relevant benefits received by NEUWOGES include:
Der var en direkte sammenhæng mellem overtagelsen af en højere eller lavere risiko ved fastlæggelsen af en bestemt leasingafgift (ved fastsættelse af forskellige lejer, en anden indeksering eller forskellige omkostninger) og den likviditet, der kunne modtages i form af salgsprisen modtagne likviditet.
the cash price paid by BAVARIA (EUR […]);
Således ville en alternativ beregning opstillet af BAVARIA med en indeksering på 2,0 %, en leje på […] EUR og en leasingpris på […] EUR, resultere i et månedlig leasingbeløb på […] EUR i stedet for […] EUR [74].
the fee paid for the privatisation efforts (EUR […]);
Følgelig ville salgsprisen så også have været lavere.
the profits earned from the modernisation (EUR […]);
Analyse af de finansielle konsekvenser
the cash value of the ground rent after 2029 (EUR […], after discounting).
Generelle betragtninger
Determining the likely financial impact of the general management contract on NEUWOGES
I overensstemmelse med sin oprindelige vurdering og de af NEUWOGES fremlagte cashflow-analyser går Kommissionen ud fra en diskonteringssats på 5 % pr. år [75].
Under the general management contract, NEUWOGES is responsible for managing the buildings in question.
Pålideligheden af NEUWOGES' cashflow-analyser
In return for the right to keep all income generated from renting the apartments and commercial space, NEUWOGES has to pay the owner (BAVARIA) a fixed monthly leasing payment, set at EUR […] until the completion of the modernisation works, and EUR […] thereafter (Section 3 of the general management contract).
I denne forbindelse skal det bemærkes, at NEUWOGES tager udgangspunkt i antagelser om udgifterne, som ikke er særligt overbevisende (udgangsniveauet for udgifterne er identisk i alle NEUWOGES fremlagte analyser).
The monthly leasing payment is the result of multiplying the likely net rent per m2 and per month — reduced by the costs of administration and maintenance and taking account of the risk of loss of rent — by the number of m2 available [70].
De beregninger, som den indgåede GVV er baseret på, anslår de samlede udgifter (forvaltning, vedligeholdelse, risiko for manglende lejeindtægter) til ca. […] % af lejen, derimod anslår cashflow-analyserne fra NEUWOGES udgiftsniveauerne (efter renoveringen) til mindst […] % ([…] % risiko for manglende lejeindtægter, […] % til forvaltning og vedligeholdelse).
The central assumptions are, then, the likely net rent per m2 and per month, and the likely costs.
Selv hvis man ser bort fra den dramatiske stigning i manglende lejeindtægter (fra […] % til […] %), mangler der ved de øvrige udgifter alligevel en begrundelse for stigningen fra […] % til […] %.
In the general management contract, the parties assumed net rent levels of EUR […] per m2 after modernisation and costs of EUR […] per m2, leading to the monthly leasing payment being set at EUR […] per m2 [71].
En tilstrækkelig begrundelse for denne stigning er ikke at finde i bemærkningerne fra NEUWOGES.
Average rent
NEUWOGES konstaterer derimod, at […] % ([…] EUR/m2) er en plausibel værdi for tiden umiddelbart efter moderniseringen, men at denne værdi også som følge heraf skal forhøjes med […] % om året [78].
Administration Costs
Vurderingen af handelsværdien, som NEUWOGES havde bestilt inden salget, anslog også et samlet udgiftsniveau (inklusiv risikoen for manglende lejeindtægter [79]) på mellem […] % og […] % (vurdering fra 1997).
Maintenance Costs
Da det ikke er præcist angivet i vurderingen, med hvilken procentsats de forventede manglende lejeindtægter blev anslået til, kan det ikke undersøges, hvorvidt grundlaget for antagelser vedrørende andre udgifter afviger fra NEUWOGES' antagelser.
Risk of loss of Rent
I hvert fald er de øvrige udgifter, som NEUWOGES nu anslog, højere, selv under antagelse af at risikoen for manglende lejeindtægter i vurderingen fra 1997 havde været fastsat til […] %.
Total m2
På baggrund af dette kan cashflow-analyserne fra NEUWOGES ikke accepteres og skal korrigeres på grundlag af et udgangsudgiftsniveau på […] % — uden risiko for manglende lejeindtægter [80].
In setting the particular parameters that were eventually included in the general management contract, NEUWOGES had a choice [72].
Desuden kan det i denne sammenhæng konstateres, at NEUWOGES' påstand om, at der skulle gennemføres lejestigninger på […] % alene for at kompensere for stigningen i leasingafgiften, er forkert.
By setting a different rent level or a higher indexation, it could precisely determine its monthly payments over the duration of the contract and the price it would obtain from the sale [73].
Da leasingafgiften beregnes som en procentdel af den oprindelige samlede leje (i dette tilfælde […] %) ville en lejestigning på […] % gøre det muligt, både at dække leasingafgiftens stigning og en stigning i udgifter på […] %.
There was, then, a direct correlation between assuming a higher or lower risk in setting a particular leasing payment (e.g. by setting different rent levels, indexation, and costs) and the liquidity received in the form of the sale price.
Ved stabile udgifter ville en lavere stigning i leje være tilstrækkelig til at kompensere for leasingafgiftens stigning.
For example, in an alternative calculation provided by BAVARIA, which assumes an indexation of 2,0 %, rent levels of EUR […] and hence a leasing payment of EUR […], the monthly leasing payment would have amounted to EUR […] instead of EUR […] [74].
Faktisk ville det være tilstrækkeligt med en risiko for manglende lejeindtægter på […] % og ellers stabile udgifter til at udligne leasingafgiftens stigning med en lejestigning på […] %.
Of course, the sale price would have been lower as well.
Enhver stigning derover kunne NEUWOGES anvende til udligning af stigende udgifter eller til at skabe en fortjeneste.
Financial impact analysis
Ved kontraktens indgåelse foretog NEUWOGES selv en analyse af det nominelle cashflow [81].
General considerations
I denne analyse antog de, at deres egne udgifter (forvaltning, vedligeholdelse) ville stige med […] % pr. år, at lejen kunne forhøjes med […] % hvert tredje år, at antallet af tomme lejemål på […] % kunne holdes, og at […] % af lejlighederne ville blive solgt til lejerne.
In determining the financial impact of the general management contract on NEUWOGES, it is important to note two considerations.
På grundlag heraf forventede NEUWOGES med GVV'en et genereret nominelt cashflow på […] EUR i løbet af de 30 år.
First, the leasing payment is calculated on a per m2 basis.
I forbindelse med den formelle undersøgelsesprocedure blev der ikke fundet frem til nogen oplysninger, som lod formode, at de nævnte beregninger bevidst blev foretaget på grundlag af forventningerne, som var for optimistiske.
Since a number of apartments were sold by BAVARIA after the conclusion of the contract, the relevant amount changed from, initially, […] m2 to […] m2 in 1999, […] m2 in 2000, and […] m2 in 2001.
Der er ingen formodninger om, at repræsentanter fra NEUWOGES, som har forelagt disse tal for NEUWOGES' bestyrelse, havde gjort dette vel vidende, at der var tale om ukorrekte tal.
After 2001, the relevant amount remained stable at […] m2.
Faktisk synes NEUWOGES heller ikke at hævde, at deres ledelse bevidst havde indladt sig på en handel med ulemper af politiske grunde, men derimod nærmere, at man foretog en fejlvurdering ved vurderingen af de økonomiske konsekvenser (hvilket efter NEUWOGES opfattelse ikke ville være sket for en markedsøkonomisk aktør) [82].
In its submissions, NEUWOGES used these progressively decreasing amounts of m2 to calculate projected financial flows.
Ikke desto mindre er det nødvendigt at undersøge, om forventningerne virkelig var sådan, at ingen markedsøkonomisk aktør ville have truffet sin beslutning på det grundlag.
As only the ex-ante perspective is important, NEUWOGES should not have reduced the overall amount of m2 underlying its calculations by the amount actually sold thereafter, but by the amount it expected, in early 1998, to be sold thereafter.