natgillin/translations-raw huggingface dataset:
Først skal det gøres klart, at begge handler til sammenligning adskiller sig fra den omtalte handel med hensyn til løbetid, indeksering af den faste leasingafgift og renovering.
As happened with the retrospective 2007 valuation, a MEO in the position of NEUWOGES would have based its ex ante expectations regarding achievable rent on the relevant rent table, would have estimated the modernisation costs as being closer to those agreed between BAVARIA and BRG, and would have adjusted the land value by taking into account value-reducing factors of which it was aware.
NEUWOGES påpeger især forskellen i indekseringen ([…]: 1,5 % pr. år, […]: tilpasning til udviklingen i leveomkostninger) for at bevise, at GVV'en indeholder bestemmelser, som ikke er i overensstemmelse med praksis på markedet på det relevante tidspunkt (1997/1998).
In addition, a MEO in the position of NEUWOGES would have carefully evaluated the remaining useful life in the light of the envisaged modernisation and of comparison data (as was done in the 2007 evaluation), so that it is reasonable to conclude that a MEO in the position of NEUWOGES would have based its valuation on estimates of the remaining useful life similar to those contained in the retrospective 2007 valuation.
BAVARIA fremhæver […]- og […]-handlerne som eksempler på anvendelsen af deres »Leasingmodells Immobilien« [109], hvilket lader formode, at bestemmelserne i disse kontrakter blev fastlagt på grundlag af beregninger, som ligner de beregninger, som NEUWOGES' og BAVARIAs salg og tilbagelejningshandel er baseret på.
The Commission thus considers that a MEO in the position of NEUWOGES would reasonably have estimated the value of the property, before concluding the sale-and-lease-back transaction, to have been approximately EUR […] (as was the case in the 2007 valuation).
Som allerede nævnt ovenfor (se betragtning 131) kunne NEUWOGES frit vælge kontraktparametrene inden for rammerne af den af BAVARIA tilbudte leasingmodel.
Comparison of outright sale and sale-and-lease-back
Dermed havde NEUWOGES mulighed for at vælge en lavere indeksering eller fratrække højere udgifter.
To recap: the total value of the sale-and-lease-back transaction for NEUWOGES was EUR […].
Konsekvensen havde naturligvis været en lavere forudbetaling.
In contrast, the above analysis revealed that NEUWOGOES would realistically have had to assume a value for the property of EUR […], which was a mere […]% higher than the value of the sale-and-lease-back transaction.
Man må formode, at dette også gjaldt for […] og […].
This small difference does not, however, mean that a MEO would have necessarily chosen the outright sale alternative:
Da kontraktparterne åbenbart frit kunne vælge handelens præcise parametre inden for rammerne af den af BAVARIA tilbudte model, synes det ikke at have central betydning for vurderingen af NEUWOGES' og BAVARIAs salg og tilbagelejningshandels overensstemmelse med praksis på markedet, om de af NEUWOGES valgte parametre var identiske med de parametre, som blev valgt af parterne som var del af […]- og […]-handelen.
First, it must not be overlooked that the outright sale alternative at issue related to an outright sale of the buildings and attached land, whereas BAVARIA bought only the buildings, while merely acquiring the rights to lease the land for 75 years.
Valget af parametre var kun konsekvensen af strategiske forretningsbeslutninger foretaget af de involverede parter.
The land as such remained in the ownership of NEUWOGES.
Det er vigtigere, at alle disse handler var baseret på den samme transaktionsmodel.
The land alone was estimated by NEUWOGES to have a value of EUR […] (as in the 2007 valuation).
Såfremt […]-kontrakten og […]-kontrakten var baseret på den samme beregningsmodel, hvad der er nogen grund til at betvivle i lyset af de tilgængelige oplysninger, kan der drages den konklusion, at den transaktionsmodel, som også var grundlag for NEUWOGES-transaktionen, er i overensstemmelse med praksis på markedet.
While it is difficult to put a precise figure on the value that NEUWOGES maintained by merely leasing the land rather than selling it, it must be concluded that NEUWOGES’ retaining ownership of the land justified a somewhat lower transaction price.
Betydningsfuldt i denne sammenhængt er det, at »Leasingmodell Immobilien« åbenbart lige så ofte blev valgt af offentlige virksomheder([…]) som af private virksomheder ([…]), og dette både af virksomheder, som ville drage fordel af støtte i henhold til AHG'en, og af parter, som ikke hørte ind under denne lov.
Second, it must be observed that there is some doubt as to whether the price that a MEO in the position of NEUWOGES would have estimated could actually have been achieved.
Udbudsprocedure
The only concrete purchase offer that NEUWOGES has submitted information on came from Felske Immobilien, which apparently offered a price of EUR […] per m2, resulting in a total purchase price of EUR […] [108].
Baggrund
This offer was well over EUR 1 million lower than the price that a MEO in the position of NEUWOGES would have estimated.
Som allerede nævnt har NEUWOGES med hensyn til privatiseringen af de senere til BAVARIA solgte bygninger ikke gennemført en i fuldt omfang åben, gennemsigtig, betingelses- og diskrimineringsfri udbudsprocedure.
Third, NEUWOGES, in estimating the profits that it expected to make from the general management contract, erroneously calculated profits only up to and including 2027.
Alligevel opfordrede NEUWOGES oprindeligt 72 potentielle købere til at afgive et tilbud.
However, as the duration of the general management contract was 30 years from the end of the modernisation works (i.e. 30 years from the beginning of 1999), the calculation should have included profits up to and including 2028.
NEUWOGES hævder, at disse købere blev udvalgt mere eller mindre tilfældigt, og at udvalget ikke kunne anses for at være repræsentativt for det samlede marked.
Correcting the estimate in this way would add to the value of the sale-and-lease-back transaction.
Efter afsendelse af disse første opfordringer til interesse tilkendegivelser opstod der flere kontakter, blandt andet med BAVARIA, som der ikke var skrevet til oprindeligt.
In calculating the cash value of the future ground rent payments by BAVARIA to NEUWOGES, it was assumed, for the sake of simplicity, that the cost of living would not change and that the payments would therefore not need to be adjusted.
Resultat af udbudsproceduren
It is more realistic, however, to assume that the cost of living will generally rise, so that the payments due in the future will probably turn out to be higher than assumed.
Af de indsendte tilbud, hvis antal er ukendt, blev fem betragtet som »brugbare« [110].
This would again lead to an increase in the value of the contract.
To af dem blev dog afvist, fordi de potentielle købere af tidsmæssige årsager ikke så sig i stand til at fremlægge et fuldstændigt tilbud.
In light of these considerations, it must be concluded that preferring the sale-and-lease-back transaction to attempting an outright sale was economically reasonable.
Derudover blev to tilbud afvist af økonomiske grunde.
After comparing the value of the sale-and-lease-back transaction for NEUWOGES with the value of possible alternative actions, it must be concluded that the transaction was such that a MEO would also have entered into it.
Det femte tilbud — fremlagt af Felske-Immobilien — blev afvist, fordi den tilbudte pris blev anset for at være for lav (Felske havde tilbudt en pris på […] EUR/m2, hvilket svarer til en samlet pris på […] EUR).
BENCHMARKING
Ud over de fem nævnte tilbud blev der også fremsendt tre yderligere tilbud — et fra BAVARIA og to fra andre tilbudsgivere, som ikke var blevet opfordret til at byde.
After having determined that choosing the sale-and-lease-back transaction over other alternatives was behaviour that a MEO would reasonably have engaged in, the Commission also examined, as a precautionary measure, whether the transaction corresponded to other contracts in evidence at the relevant time in the relevant market and whether there were other indications to undermine the Commission’s conclusion that the sale-and-lease-back transaction was in keeping with the principle of conduct by a MEO.
Der blev også indledt forhandlinger med en af de to andre tilbudsgivere, som have forelagt et tilbud.
The available information on comparable transactions relates to sale-and-lease-back agreements concluded by BAVARIA around the same time as the adoption of the measure.
Dog blev også dette tilbud til sidst afvist af ikke nærmere bestemte økonomiske grunde [111].
These contracts can indicate whether the sale-and-lease-back transaction in question was of a type that was also chosen by other market participants, including private undertakings, thereby pointing towards market conformity (section 7.4.1).
Efter afslutning af forhandlingerne skulle kontrakterne godkendes af NEUWOGES-bestyrelsen.
In addition, the limited bidding process carried out by NEUWOGES and a comparison with other financing transactions can shed some light on the market conformity of the transaction in question (sections 7.4.2 and 7.4.3).
Ved fremlæggelse af kontrakterne for bestyrelsen argumenterede ledelsen for, at der ikke kunne opnås en højere salgspris, da kontrakterne kun omhandlede muligheden for udlejning af grundene (og ikke et direkte salg), at BRG ville få til opgave at udføre renoveringsopgaverne, og at NEUWOGES ville drive bygningerne i yderligere 30 år [112].
Contracts related to three comparable transactions ([…]) were submitted for the purpose of comparison.
Til spørgsmålet om forskellen i sammenligningen med vurderingen fra 1997 forklarede ledelsen igen, at der ikke ville kunne opnås en højere pris for handelen [113].
However, only the […] and […] contracts date from around the same time as the conclusion of the sale-and-lease-back transaction between BAVARIA and NEUWOGES and can thus be taken into account.
Udbudsproceduren kan godt nok ikke betegnes som åben, gennemsigtig, betingelses- og diskrimineringsfri, men den giver mulighed for at drage visse konklusioner om tilbudssituationen på markedet.
It must first be noted that both of these transactions differ from the transaction in question with respect to duration, indexation of the fixed leasing payment, and modernisation.
Det er i den forbindelse også relevant, at der blev indsendt en række uopfordrede tilbud.
NEUWOGES refers in particular to the difference in the indexation rate ([…]: 1,5 % per year; […]: adjustment to changes in the cost of living) to prove that the general management contract contained provisions that were not common market practice at the relevant time (1997/98).
Det beviser, at også potentielle købere, som ikke var blandt de oprindelige 72 virksomheder, som blev kontaktet, fik kendskab til proceduren og kunne deltage i denne.
BAVARIA indicates that the […] and […] transactions were examples of the implementation of its ‘real-estate leasing model’ [109], which suggests that the provisions of these contracts were established on the basis of calculations similar to those underlying the NEUWOGES/BAVARIA sale-and-lease-back transaction.
NEUWOGES' vurdering af tilbuddene viser, at tilbuddet fra BAVARIA på det relevante tidspunkt (1997/1998) af NEUWOGES blev anset for at være det bedste af de på markedet tilgængelige tilbud.
As discussed above (see recital 131), NEUWOGES could apparently choose the contract parameters freely within the framework of the leasing model offered by BAVARIA.
NEUWOGES' argument om, at Felske-tilbuddet som minimum var mere fordelagtigt, holder ikke.
This means that NEUWOGES could have chosen a lower indexation or a higher deduction for costs.
Godt nok lå den af Felske tilbudte pris ([…] EUR) over forudbetalingen fra BAVARIA ([…] EUR), men der skal huskes på, at salg og tilbagelejningshandelen skal ses som en samlet handel, og at dens samlede værdi ([…] EUR) lå over den pris, som Felske tilbød.
The consequence would, of course, have been a lower upfront cash payment.
I lyset af disse forklaringer kan det konstateres, at udbudsproceduren godt nok ikke var tilstrækkelig til alene at kunne gælde som bevis for, at BAVARIA-tilbuddet var det bedste af de tilgængelige tilbud på markedet, men det tyder dog stærkt herpå.
It can be assumed that the same was true for […] and […].
I hvert fald giver den begrænsede udbudsprocedure ingen begrundede henvisninger til, at NEUWOGES på det relevante tidspunkt (1997/1998) havde modtaget et bedre tilbud.
Since the contract partners were apparently free to choose the precise parameters of their transaction within the framework of the model offered by BAVARIA, it does not seem central to the market conformity of the NEUWOGES/BAVARIA sale-and-lease-back transaction whether the parameters chosen by NEUWOGES were the same as those chosen by the parties to the […] and […] transactions.
Andre typer af handler på det relevante tidspunkt
These choices simply reflected strategic business decisions by the parties involved.
Vurderingsramme
What is more relevant is the fact that all these transaction were based on the same transaction model.
Det er en hjælp at undersøge den omtalte handel på grundlag af andre lignende handler, som blev udbudt på markedet på det pågældende tidspunkt (1997/1998).
To the extent that the […] and […] contracts are based on the same underlying calculation model — which in the light of the available information there is no reason to doubt — they point towards the market conformity of the transaction model underlying the NEUWOGES transaction as well.
Ved den omtalte handel er der tale om en typisk salg og tilbagelejningshandel.
In this context it is significant that the ‘real-estate leasing model’ was apparently chosen by both public ([…]) and private ([…]) undertakings, and was offered both to undertakings wishing to qualify for debt relief under the Inherited Debt Support Law and to parties that did not come within the provisions of that law.
Salg og tilbagelejningsaftaler er i deres natur finansieringstransaktioner.
Bidding process
Med købet af en ejendom fra leasingtageren forsyner leasinggiveren leasingtageren med likvide midler eller finansierer større investeringer så som renovering af gamle bygninger.
Background
For fortsat at kunne anvende ejendommen til erhvervsmæssige eller andre formål, leaser leasingtageren ejendommen tilbage, hvorved leasinggiverens investering tjener sig (helt eller delvist) ind i løbet af leasingkontraktens løbetid.
As already indicated, NEUWOGES did not undertake a fully-fledged, open, transparent, unconditional and non-discriminatory tender with a view to privatising the buildings eventually sold to BAVARIA.
Som finansieringstransaktion har en salg og tilbagelejningsaftale en vis lighed med banklån og realkreditlån.
However, NEUWOGES did initially solicit offers from 72 potential buyers.
Der er dog også et par vigtige forskelle, som ikke må glemmes.
NEUWOGES claims that it chose the recipients more or less at random and that the selection could not be considered as representative of the entire market.
En salg og tilbagelejningshandel gør det muligt for sælgeren/leasingtageren at finansiere større investeringer og omgående have likvide midler til rådighed uden at skulle bruge egenkapital.
Further contacts resulted after these initial calls for expression of interest were sent out, inter alia, with BAVARIA, which had not been among the recipients of the initial letter.
Det betyder, at egenkapitalen og de yderligere erhvervede likvide midler står til rådighed for andre investeringer, eller at leasingtageren kan foretage andre investeringer, der ikke ville blive ydet et almindeligt lån til på grund af manglende egenkapital eller en høj gæld.
Result of the bidding process
Da køberen/leasinggiveren genfinansierer sin oprindelige investering og skal skabe en fortjeneste, er leasingafgiften som regel noget højere end rentesatsen for et sammenligneligt banklån (forklares yderligere nedenfor).
Of the unknown number of offers received, five were considered ‘useable’ [110].
Efter indgåelse af leasingkontrakten skal leasingtageren enten købe ejendommen tilbage eller lade den forblive i leasinggiverens eje, hvor den står til rådighed for videre anvendelse.
Of these, two were nevertheless rejected because the potential buyers could not present a full offer ‘because of time constraints’.
Det betyder, at leasingafgiften afhænger af ejendommens restværdi efter udløbet af den mellem de to parter indgåede leasingkontrakt.
Two were furthermore rejected for economic reasons.
Da det særligt i tilfælde af langsigtede leasingkontrakter ofte er svært at fastsætte restværdien på forhånd, er dette for leasinggiveren en risikofaktor, som afspejles i leasingafgiften.
The fifth offer, from Felske Immobilien was rejected because the price offered was considered too low (Felske had offered EUR […] per m2, resulting in a total buying price of EUR […]).
En sådan risiko findes ikke ved almindelige banklån og er begrænset ved realkreditlån.
In addition to these five offers, three further bids were made, coming from BAVARIA and two other unsolicited bidders.
I det følgende er leasingafgifter og rentesatserne for lån/realkreditlån ikke fuldstændig sammenlignelige.
While negotiations were also initiated with one of the other two unsolicited bidders, this bid was eventually also rejected for unspecified economic reasons [111].
Hvis man sammenligner leasingafgiften for den omtalte handel med de gennemsnitlige rentesatser for lån/realkreditlån på det pågældende tidspunkt (1997/1998), er det ikke muligt entydigt at konstatere, om den forlangte leasingafgift var i overensstemmelse med praksis på markedet på det pågældende tidspunkt (1997/1998).
Once the final negotiations had been concluded, NEUWOGES’ board had to approve the contracts.
Det er ikke muligt at vurdere, om leasingafgiften var så høj, at ingen markedsøkonomisk aktør ville have indgået handelen.
When presenting the contracts to the board, the management argued that a higher sale price could not be obtained because the contracts concerned only a lease of the land (as opposed to an outright sale), BRG would be hired to carry out the modernisation works, and NEUWOGES would continue to manage the buildings for a further 30 years [112].
For den omtalte handel blev leasingafgiften oprindeligt fastlagt til […] % pr. år af det samlede investeringsvolumen.
When asked about the difference from the 1997 valuation, the management again stated that a higher price could not be achieved for this transaction [113].
Med en indeksering af beløbet, som skulle betales med […] % pr. år, ville leasingafgiften ved slutningen af kontraktens løbetid ligge på […] %, hvilket svarer til en gennemsnitlig leasingafgift på […] % pr. år.
While this bidding process cannot be classified as an open, transparent, non-discriminatory and unconditional tender, it nevertheless provides some indication of what offers were available on the market.
Hvis NEUWOGES havde besluttet sig for ikke at indeksere leasingafgiften, ville den til sammenligning i løbet af den samlede løbetid på 30 år have været fastsat til […] % pr. år.
In this regard it is also significant that apparently a number of unsolicited bids were received, showing that potential buyers not among the 72 originally contacted companies also had an opportunity to learn of the process and participate.
»Tillægget« er dermed prisen for beslutningen om at have en lavere leasingafgift i starten af kontraktløbetiden og en højere til sidst i stedet for at betale stabile rater i løbet af den samlede kontraktløbetid.
The assessment of the bids by NEUWOGES indicates that NEUWOGES perceived BAVARIA’s bid to be the best available on the market at the relevant time (1997/98).
Der mindes her om, at LG Rostock vurderede leasingafgiften i forhold til rentesatserne i andre handler.
NEUWOGES’ argument that at least the Felske bid was actually better is unsustainable.
Der er kun meget generelle data tilgængelige til sammenligning.
In any event, the limited bidding process provides no substantiated indication that a better offer was available to NEUWOGES at the relevant time (1997/98).
Især blandt data indsamlet af Deutsche Bundesbank for januar 1998 (tidspunktet, hvor den omtalte handel blev gennemført) kan to typer rentesatser ses som relevante.
Other types of transactions available at the relevant time
Ifølge Deutsche Bundesbank lå den gennemsnitlige rentesats for tyske realkreditlån til fast rente på 10 år i januar 1998 på 6,40 % pr. år.
Assessment framework
Dengang bevægede rentesatserne for denne type lån sig normalt mellem 6,17 % pr. år (undergrænsen) og 6,97 % pr. år (overgrænsen).
It is helpful to assess the transaction in question against different, but generally similar, types of transactions offered on the market at the relevant time (1997/98).
Ved de langfristede fastforrentede lån lå den gennemsnitlige rentesats i januar 1998 på 6,35 % pr. år, og den bevægede sig inden for en spændvidde på mellem 5,55 % (undergrænsen) og 7,73 % pr. år (overgrænsen).
The transaction in question is a typical sale-and-lease-back transaction.
Deutsche Bundesbank giver dog ingen oplysninger om den gennemsnitlige løbetid for et »langfristet« lån.
Sale-and-lease-back agreements are, by nature, financing transactions.
Det kan dog formodes, at den gennemsnitlige løbetid ville ligge på maksimalt 10 år og sandsynligvis derunder [114].
By buying a property from the lessee, the lessor provides the lessee with liquidity and/or finances major investments, such as the modernisation of old buildings.
Ved sammenligning af den af NEUWOGES betalte leasingafgift med den af Deutsche Bundesbank oplyste rentesats for lån, som blev givet i det samme tidsrum (dvs. i januar 1998), skal der tages hensyn til de følgende aspekter:
In order to continue using the property, for commercial or other purposes, the lessee then leases the property back, thereby (fully or partly) paying back the lessor’s investment over the duration of the lease contract.
Den gennemsnitlige årlige leasingafgift med en 30-års løbetid for kontrakten er på […] %.
Being a financing transaction, a sale-and-lease-back agreement has a certain similarity with bank loans and mortgages.
Som det allerede er påvist, har NEUWOGES dog frit valgt at betale en lavere leasingafgift, som på et senere tidspunkt udlignes af en højere leasingafgift.
There are, however, some important differences that need to be kept in mind.
Denne beslutning har en pris: For havde NEUWOGES fra starten valgt en fast leasingafgift, så ville de kun skulle have betalt […] %. pr. år [115].
A sale-and-lease-back transaction enables the seller/lessee to finance major investments and gain instant liquidity without having to rely on own capital.
Tallene fra Deutsche Bundesbank er for fastforrentede lån, dvs. rentesatsen er lige høj hvert år.
This means that own capital and the additional liquidity obtained are available for other investments, or that the lessee can finance investments even where a traditional loan would not be available because of the lack of own capital or a high degree of indebtedness.
Hvis man antager, at NEUWOGES havde været i stand til at forhandle sig frem til et lån med lignende betalingsbetingelser (dvs. lavere rentebetalinger i starten og højere betalinger til sidst), ville dette også have haft sin pris (af de samme grunde som i tilfældet med BAVARIA) [116].
As the buyer/lessor has to re-finance its own initial investment and make a profit, the leasing rate is typically somewhat higher than the interest rate on a comparable bank loan (as explained in further detail in the following section).
Rentesatserne fra Deutsche Bundesbank skal derfor sammenlignes med en konstant leasingafgift på […] %.Leasingafgiften er fastsat til et tidsrum på 30 år.
At the end of the lease contract, the lessee either has to repurchase the property or it remains in the ownership of the lessor and is available for further use.
På trods af den årlige indeksering var det helt sikkert muligt at beregne den gennemsnitlige leasingafgift for hele kontraktens løbetid allerede ved starten af kontraktens løbetid.
This means that the leasing rate depends on the residual value of the property at the end of the lease contract concluded between the two parties.