natgillin/translations-raw huggingface dataset:
[…] understreger for det første, at selskabet er helt enig i Belgiens bemærkninger.
This sale came with a sale option enabling Duferco Diversification to re-sell its remaining shares ([…]) to ENEL one year after the power station began operating at a price of EUR […] million, increased by repayment of possible losses resulting from an agreement to supply at cost price (off-take right).
[…] vender senere tilbage til FSIH's grunde til at investere i Duferco US.
However, the energy market suffered another strong downturn starting in 2010 and the profitability of CCGT power stations plummeted.
Erhvervelsen af aktier i Farrell var knyttet til FSIH's ønske om at kontrollere anlægget, således at Duferco ikke opgav det belgiske anlæg til fordel for det amerikanske anlæg.
This did not prevent the power station from entering into service on 31 March 2012.
Regionen Vallonien ønskede at beskytte sig mod risikoen for eventuelle potentielt modstridende interesser i Duferco til skade for regionen.
Consequently, at the start of 2013, Duferco Diversification (which became Duferco Belgium) exercised its exit right for EUR […] million, increased by EUR […] million in repayment of losses recorded on the agreement to supply at cost price, EUR […] million by way of a rebate on the price of gas and EUR […] million in ‘revaluations and miscellaneous interest’ (without further details).
FSIH's investering i Farrell havde desuden til formål at fremme et tættere samarbejde mellem de belgiske og amerikanske produktionsanlæg for at optimere informationsudvekslingen og eventuelle synergier mellem disse anlæg.
Ultimately, the Marcinelle Energie project was therefore sold for a total of EUR [70-78] million.
[…] mener, at det er vigtigt at understrege, at Duferco tog initiativ til FSIH's udtræden.
Nevertheless, as Belgium points out, investments (EUR […] million) and losses (approximately EUR […] million) made between 2006 and 2013 should be deducted from this amount, resulting in a non-discounted net profit of approximately EUR [40-46] million.
I februar 2006 underskrev Duferco en hensigtserklæring sammen med NLMK om NLMK's overdragelse af en andel på 50 % i SIF.
These results are less than the forecasts outlined in 2006.
En af forhåndsbetingelserne var, at alle aktierne i Duferco US var ejet af SIF, hvilket således indebar køb af aktierne ejet af FSIH.
Belgium justifies this by the complete turnaround of the gas market from 2010, noting that the ENEL group also lost money on this project.
Duferco havde således foreslået FSIH en købsoption for at få mulighed for at opfylde NLMK's krav og samtidig bevare den nødvendige fleksibilitet i lyset af den usikkerhed, der på daværende tidspunkt var forbundet med gennemførelsen af transaktionen.
TOTAL OF THE FOUR FACTORS
Dufercos købstilbud var samtidig interessant i lyset af det forventede ophør af stålproduktionen ultimo 2006, der gjorde investeringen mindre attraktiv.
On the basis of the above four factors, in 2006 FSIH and the Duferco Group concluded that the value of Duferco Diversification was between EUR […] million and EUR […] million.
[…] bekræfter Belgiens bemærkninger om, at muligheden for en forudgående udbudsprocedure rettet mod eventuelle potentielle købere ikke var relevant på grund af formålet med overdragelsen, nemlig salg af en mindretalsaktiepost i et privat selskab i et ikke-integreret produktionsanlæg.
Ultimately, the value of EUR […] million was to be adopted, half of which was to be provided by FSIH.
Selv om situationen ikke nødvendiggjorde en forudgående udbudsprocedure, fastholder […], at overdragelsen ikke desto mindre fandt sted til markedspris.
Belgium argues that this investment in DSIH should be considered an investment that is pari passu with Duferco Développement.
[…] minder om, at Duferco US' funktionelle valuta er den amerikanske dollar.
Given that FSIH and Duferco Développement provided the same amount, they would have the same interest and would be subject to the same risks.
Det er således kun relevant af hensyn til FSIH's interne behov, at købsprisen er blevet betalt i euro.
In this regard, Belgium points out that the DSIH did not belong to the Duferco Group before the investment by FSIH, given that it was established on 29 November 2006 by a third party (under the name […]) before being transferred to FSIH and Duferco Développement as an ad hoc vehicle for their joint investments in December 2006.
Med henblik på at supplere regionen Valloniens værdiansættelser anmodede […] KPMG om at værdiansætte FSIH's andel på 49,9 % i Duferco US pr. 14. juni 2006, datoen for tildeling af købsoptionen, på grundlag af dagsværdien.
For these reasons, FSIH's intervention complies with the market-economy investor principle.
KPMG mente, at FSIH's andel i Duferco US burde værdiansættes som en andel, der ikke giver kontrol og ikke kan omsættes, og at der samtidig skulle anvendes en bonus for erhvervelse af kontrol, da aktionæroverenskomsten af 9. april 2003 gav FSIH en betydelig indflydelse på Duferco US ud over den indflydelse, som en minoritetsaktionær har.
As a reminder, on 8 July 2011 DSIH sold its stake in Duferco Diversification to DLP for the same amount, i.e. EUR […] million.
KPMG anfører, at de industrielle cyklusser i jernindustrien generelt varierer mellem tre og syv år.
However, DLP did not pay this amount; Duferco Diversification kept a claim of EUR […] million in its balance in relation to this.
KPMG konstaterer, at selv om det gik godt i stålindustrien i 2006, var der klare tegn på alvorlige risici på grund af den svage nationale bilindustri og risikoen for en korrektion inden for erhvervsbyggeri.
With regard to the loan to [the parent company of the Duferco Group at the time], Belgium disputes any elements of aid.
Med primært udgangspunkt i cyklusser på tre og fem år og en værdiansættelse baseret på en multipel af sammenlignelige virksomheders EBITDA ansatte KPMG dagsværdien af andelen på 49,9 % i Duferco US til […] mio. USD pr. 14. juni 2006.
It points out that the average variable interest rate on bank loans held by the various subsidiaries of [the parent company of the Duferco Group at the time] in 2009 was [1,1-1,55] %, which is lower than the loans on the rates under investigation.
[…] redegør herefter for sin holdning til drøftelserne om, hvorvidt der bør tages højde for egenkapitalens værdi ved værdiansættelsen af Duferco US.
Belgium maintains that this point of comparison is valid because the loans taken into account to calculate it are comparable to those granted by FSIH.
For at dokumentere dette gør selskabet Kommissionen opmærksom på en transaktion, som den finder sammenlignelig, nemlig overdragelsen til NLMK af en andel på 50 % i SIF (ledsaget af en ubetinget købsoption på mindst en aktie i SIF).
This approach goes against the Communication from the Commission on the revision of the method for setting the reference and discount rates (the ‘2008 Reference Rate Communication’) [13], which explicitly states that ‘the margin is largely independent of the maturity of the loan’.
Den anvendte pris i denne transaktion fra 2006 svarede til en multipel af egenkapitalen i selskabet, der var næsten identisk med multiplen af den egenkapital, der repræsenterer FSIH's overdragelse af sin andel i Duferco US (i begge tilfælde en multipel tæt på 2).
Belgium illustrates the lack of correlation between the maturity, amount and nature, on the one hand, and the margin, on the other, by analysing the loans granted to Duferco by commercial banks.
Da der ikke var nogen tegn på, at SIF-transaktionen ikke blev gennemført til markedspris, bekræftede denne sammenligning, at det, selv om der blev taget højde for egenkapitalen, i sidste ende ligeledes ville blive konkluderet, at transaktionen var blevet gennemført til markedspris.
The loans from banking institutions on the highest amounts have interest rates that vary between [0,9-1,35] % and [1,7-2,2] % and are often lower than the interest rates on loans for small amounts (up to [2,25-2,75] % for a loan of EUR […] million or even [2,3-2,75] % for a loan of EUR […] million).
Med hensyn til købsoptionens løbetid vurderer […], at der er taget højde herfor i de samtidige forhandlinger om Dufercos eventuelle overdragelse af 50 % af kapitalen i SIF til NLMK.
Rates on loans for working capital fluctuate between [0,75-1,15] % and [2,75-3,25] % while rates on loans for capital expenditure (CapEx) fluctuate between [1,5-2] % and [2,75-3,25] %.
NLMK skulle udarbejde et første udkast til aftale om overdragelse af aktier og aktionæroverenskomst senest ti dage efter undertegnelsen af hensigtserklæringen.
According to Belgium, in order to rule out any element of aid in the granting of a public loan, nothing imposes the obligation to establish the existence of an identical loan from a private bank.
Der var således ingen reel grund til, at parterne aftalte, at optionen var gældende indtil den 31. december 2015.
Neither the EU State aid rules nor case-law require public loans to be identical to private loans in terms of maturity, amount and nature to rule out any element of aid.
KPMG anslår, at købsoptionens dagsværdi udgør […] mio. USD.
Concerning the rating of [the parent company of the Duferco Group at the time], Belgium infers from the rates charged for the different loans granted to Duferco by banking institutions that it could claim an AAA rating.
Baseret på aftalens løbetid vil dagsværdien udgøre […] mio. USD.
It based this on the rates that the 2008 Reference Rate Communication associated with companies rated A to AAA for a high level of collateral in 2009: 2,37 % in September 2009 and 2,05 % in December 2009.
Hvis der blev taget højde for dette beløb, tillagt dagsværdien af FSIH's aktier i Duferco US, vil overdragelsesprisen udgøre […] mio. USD, et klart lavere beløb end den pris, der blev betalt af [det selskab, der kontrollerede Duferco-koncernen på daværende tidspunkt].
Belgium argues that the collateral associated with the FSIH loan is extremely high in relation to the 2008 Reference Rate Communication.
I henhold til […] havde FSIH's investering i DPH to formål, dels selskabets deltagelse i kapitalen, repræsentation i bestyrelsen og adgang til oplysninger og strategiske dokumenter og dels et godt og sikkert økonomisk afkast (præferenceudbytte).
It follows from DPH's very solid finances that the pledge on 15 % of its shares is excellent collateral.
Hovedårsagen til FSIH's udtræden af DPH var overdragelsen af de belgiske produktionsanlæg til NLMK.
Furthermore, the quasi-certain nature of the claim of EUR […] million to be allocated as a priority to repay the loan in the event of a change of control of SIF makes this collateral very strong.
Duferco ville ikke længere være en strategisk partner for regionen Vallonien i Belgien, og produktionsanlæggene i Clabecq og La Louvière ville ikke længere blive direkte berørt af beslutninger truffet af Dufercos tradingafdeling.
With regard to the loans granted to the SIF group, the comparison shows that, once again, there is only a limited correlation at most between the criteria put forward by the Commission (maturity, amount and nature) and the rate of remuneration on these loans.
[…] bekræfter, at DPH's funktionelle valuta er den amerikanske dollar, og at afkastet af enhver investering i et sådant selskab derfor skal værdiansættes i amerikanske dollar.
The comparison also establishes that the remuneration on the FSIH loan is close to the remuneration on the different loans granted to SIF by private financial institutions.
FSIH's investering i DPH har således givet et afkast på 8,81 % p.a.
With an interest rate of 1,99 %, its remuneration is slightly higher than the average rate on loans to the SIF Group, which is [1,65-2,15] %.
[…] har anmodet KPMG om at analysere Ernst & Youngs evaluering fra 2006.
Taking into account only the long-term loans contracted by SIF provides a range that is even lower than the average of [1,65-2,15] %, i.e. a range between [1-1,5] % and [1,65-2,15] %.
Med hensyn til værdiansættelsesmetoderne bemærker KPMG, at Ernst & Young ikke præciserer den type værdi, der ligger til grund for værdiansættelsen (markedsværdi, investeringsværdi eller dagsværdi).
Belgium believes that the lack of collateral for the loan awarded to SIF makes it necessary to add a margin of [20-60] basis points to this range.
Ernst & Young har primært anvendt markedsmetoden baseret på sammenlignelige virksomheder.
This is justified by the rating category ‘strong’, under the terms of the 2008 Reference Rate Communication, which SIF could claim.
KPMG foretrækker ikke metoden baseret på sammenlignelige virksomheder frem for metoden baseret på sammenlignelige transaktioner.
This increase leads to a range of [1,5-2] % to […] % which the loan granted by FSIH fits into easily.
KPMG baserede sig ikke på nettoaktivernes værdi, da der ved denne metode ikke tages højde for fremtidige gevinster og driftsrisici.
In the absence of a public rating, Belgium accounts for SIF's ‘strong’ rating by the fact that the interest rates applied by private financial institutions correspond to (or are less than) the interest rates laid down by the 2008 Reference Rate Communication for financially sound companies (AAA to A rating).
KPMG konkluderer, at der på baggrund af KPMG's analyse af stålindustriens cyklikalitet bør tages udgangspunkt i perioder på 4-6 år med lige vægt af hvert år ved evalueringen af DPH.
According to Belgium, FSIH's investment in DLP was made pari passu with that of DII given that: (i) the amounts invested by the private partner and the public partner are practically identical; (ii) DLP did not belong to the Duferco Group before this investment but was established specifically to serve as a vehicle to house the respective investments of FSIH and DII, and (iii) the goal of the investments was not to buy back assets that already belonged to the Duferco Group (but to SIF).
KPMG er enig i parterne analyse, hvor der tages højde for 2001 og 2002 ved værdiansættelsen af DPH for at afspejle stålindustriens cyklikalitet på passende vis, og hvor hvert år tillægges samme vægt.
Belgium points out that the fact that FSIH's investment was, in the first instance, granted in the form of a convertible loan (and was quickly converted) is irrelevant.
KPMG er enig i relevansen og omfanget af Ernst & Youngs justeringer i forbindelse med værdiansættelsen af DPH for ikke-tilbagevendende begivenheder.
On the date the convertible loan was granted, FSIH and DII had at the same time concluded a shareholders' agreement through which they undertook to increase the capital of DLP by EUR 70 million and EUR 101 million respectively.
KPMG har ligeledes foretaget justeringer for 2001 og 2002, som Ernst & Young ikke har taget højde for.
The loan of EUR 30 million should therefore be investigated as an element of the capital increase of EUR 201 million decided pari passu by FSIH and DII.
KPMG har gennemgået listen over sammenlignelige virksomheder udvalgt af Ernst & Young.
With regard to the purchase of DLLPL shares, the Commission is reminded that the Walloon Region had been a shareholder in DLL since 1999 through SOGEPA and in this respect was very familiar with its activities and financial situation.
KPMG har udarbejdet sin egen liste over sammenlignelige virksomheder, hvoraf det fremgår, at medianerne for price/earnings-ratioerne for perioden 2003-2006 er lavere end Ernst & Youngs medianer.
This explains the fact that, in the context of DLP's investment in DLLPL, the parties did not deem it necessary to produce a business plan in due form.
KPMG har ikke været i stand til at observere et tilstrækkeligt antal børsnoterede selskaber, der udelukkende er aktive inden for handel med stål.
FSIH knew perfectly well what it was acquiring.
Det er ikke muligt at foretage en særskilt værdiansættelse af tradingafdelingen.
Belgium further believes that FSIH, when making its investment, could be reassured by the prudent nature of the business plan since the forecasts were perfectly in line with the actual figures that were already available.
KPMG bekræfter imidlertid, at det ville have været hensigtsmæssigt at foretage en særskilt værdiansættelse af handels- og produktionsaktiviteterne.
The same applies to Duferco Trebos.
Handelsaktiviteterne, der er forbundet med en større risiko og mere svingende resultater, giver investorerne et større afkast, hvilket ville resultere i en lavere værdiansættelse af aktiviteterne.
With regard to the purchase of the stock from Duferco La Louvière Sales, Belgium argues that although it is correct that the investments by FSIH and DII in DLP allowed the latter to buy back a substantial stock of products with a value of EUR [50-70] million (sales contract of 30 June 2011), it should be noted that the seller of these products was by no means ‘another Duferco company’.
Der burde således anvendes en lavere multipel for handelsaktiviteterne.
Indeed, at the time, Duferco La Louvière Sales was, and still is, a company controlled by SIF.
[…] vurderer, at det er relevant at henvise til overdragelsen i september 2003 af 50 % af […], hvis aftalte pris lå tæt på egenkapitals værdi.
After the negotiations, the stocks were bought at their book value although their actual value was much higher.
Med hensyn til ikke-balanceførte poster bekræfter KPMG, at størrelsen af et selskabs egenkapital bør justeres for ikke-balanceførte passiver, hvis de ikke er tilbagevendende.
As regards the investment of EUR [30-40] million in DLLPL, separate business plans had been drawn up for different projects or investment scenarios.
I modsætning til Ernst & Young mener KPMG, at det kun er disse poster der skal fratrækkes den anslåede værdi af selskabets egenkapital, uanset værdiansættelsesmetoden.
The parties ultimately opted for an investment of EUR [30-40] million in DLLPL, which became Duferco Belgium.
For to af de ikke-balanceførte poster har KPMG skønnet det hensigtsmæssigt at ændre det beløb, som Ernst & Young har justeret.
This investment was the subject of only one business plan, which Belgium submitted to the Commission.
Der er tale om »franske og belgiske garantier«, som Ernst & Young har værdiansat til […] mio. USD i 2006, om end de beløb sig til […] mio. USD ifølge KPMG.
The other business plans to which Belgium refers became irrelevant, given that the projects or scenarios set out were not ultimately adopted by the parties.
Disse garantier er blevet justeret for den hermed forbundne risiko.
COMMENTS BY INTERESTED PARTIES
Det giver et samlet beløb på […] mio. USD mod […] mio. USD beregnet af Ernst & Young.
JOINT COMMENTS BY […], DSIH AND DLP AND THEIR AFFILIATES
KPMG bekræfter, at nedslaget for manglende likviditet (30 %) foretaget af Ernst & Young er relevant og passende.
By way of introduction, it is worth pointing out that […], the holding company of the Duferco Group, was the successor to […] and to the companies […] and […], the former parent companies of DPH.
Det havde ligeledes været relevant at beregne en godtgørelse på 12 % ved værdiansættelsen baseret på sammenlignelige transaktioner.
[…] stresses first that it agrees completely with Belgium's observations.
KPMG vurderede, at det var passende at anvende en bonus for erhvervelse af kontrol på 5 % i forbindelse med en evaluering baseret på sammenlignelige virksomheder, da en sådan metode genererer en værdiansættelse, der svarer til en mindretalsaktiepost, hvorimod FSIH's andel gjorde det muligt at få en betydelig indflydelse på DPH.
[…] then recalls the motives leading FSIH to invest in Duferco US.
Ifølge KPMG bør der foretages et nedslag på 20 % ved en værdiansættelse baseret på sammenlignelige transaktioner, da denne metode indebærer en værdiansættelse med en kontrolgivende andel.
The acquisition of a stake in Farrell was related to the desire of FSIH to control the site so that Duferco did not abandon the Belgian site in favour of the American site.
Godtgørelsessatsen på 14 % anvendt af parterne anses ligeledes for at være acceptabel, da den ligger inden for værdiintervallet.
The Walloon Region wanted to protect itself against the risk of potentially diverging interests within Duferco being used against it.
DSIH bekræfter, at Duferco Développement og FSIH havde samme investeringsvilkår.
[…] considers it important to emphasise that the initiative behind the withdrawal of FSIH lies with Duferco.
De to aktionærer modtager en forholdsmæssig andel på grundlag af deres deltagelse i kapitalen af eventuelt udbytte og finansielle fordele knyttet til projekter udviklet af deres fælles datterselskaber.
However, one of the preconditions was that all the shares in Duferco US should be held by SIF, which therefore implied a buyback of the shares held by FSIH.
Ifølge DSIH havde Duferco Développements private intervention reel økonomisk betydning, og investeringsbeløbet er identisk med det beløb, som FSIH investerede.
Duferco then suggested to FSIH a purchase option to be able to meet the demands of NLMK while still maintaining the necessary flexibility, given the uncertainty at that time concerning the implementation of the transaction.
DSIH bekræfter, at selskabet ikke indgik i Duferco Développement før de samtidige investeringer.
At the same, the buyback offer by Duferco was interesting in the context of the end of the steel cycle expected for the end of 2006, which made the investment less attractive.
DSIH blev stiftet af tredjemand kort tid inden investeringerne (den 29. november 2006) og herefter overtaget af de to partnere i investeringsøjemed.
[…] confirms Belgium's observations to the effect that the opportunity to have a prior competitive tender procedure for potential buyers was not relevant in light of the purpose of the sale: to sell of a minority shareholding in a private company with a non-integrated production site as target.
Ifølge DSIH ejede Duferco-koncernen desuden heller ikke projekterne overtaget af DSIH før FSIH's investering, selv om SIF forvaltede projekterne i udkastfasen.
Although the situation did not necessitate a prior competitive tender procedure, […] maintains that the sale was still made at a market price.
Med hensyn til projektet […] præciserer DSIH, at regionen Vallonien havde fuldt kendskab til forholdene omkring anlægget […] gennem Sogepa, da selskabet havde interveneret sammen med Duferco-koncernen i forbindelse med overtagelsen af […], der på daværende tidspunkt var under konkurs.
[…] points out that the functional currency of Duferco US is the US dollar.
Regionen Vallonien var således aktionær i […] og havde flere poster i selskabets bestyrelse.
Consequently, except for the internal needs of FSIH, it is not relevant that the purchase price was paid in euros.
Regionen Vallonien var ligeledes involveret i projektet […] fra starten og har haft adgang til alle tilgængelige oplysninger i forbindelse med lanceringen af dette projekt, navnlig præcis de samme oplysninger som de private investorer.
To supplement the valuation exercises carried out by the Walloon Region, […] hired KPMG to value FSIH's 49,9 % stake in Duferco US on 14 June 2006, the day the purchase option was granted, using the fair value method.
DSIH baserer sig på en efterfølgende evaluering af projektet, der dokumenterede, at værdiansættelsen af projektet som indledningsvis gennemført var velbegrundet og tilsyneladende ville give et meget højt afkast.
KPMG considered that FSIH's stake in Duferco US should be valued as a stake which does not confer control and which is non-negotiable, while applying a control premium, given that the shareholders' agreement of 9 April 2003 gave FSIH a significant influence over Duferco US beyond the influence held by a minority shareholder.
Med hensyn til Marcinelle-projektet bekræfter DSIH, at det lavere afkast end forventet ikke skyldes, at parterne investerede for store beløb, men forhold, som parterne ikke havde nogen indflydelse på.
KPMG indicated that industrial cycles in the steel industry generally last between three and seven years.