natgillin/translations-raw huggingface dataset:
The terms of the contracts are inseparably linked to one another, as is evidenced by BAVARIA’s original price calculation, submitted by NEUWOGES [50].
Põhjenduses 105 esitatud kaalutlused näitavad, et võttes arvesse kõnealuste lepingute ajalist järjekorda, eesmärki ja ettevõtja olukorda lepingute sõlmimise ajal, tuleb neid käsitada liidu riigiabi alaste õigusaktide seisukohast üheainsa tehinguna.
The amount of the upfront cash payment depended on the leasing payment to be paid on a monthly basis by NEUWOGES and BAVARIA’s investment in the modernisation of the buildings.
Müügi- ja tagasirenditehingu vormistamise taust
Indeed, in a sale-and-lease-back transaction, the leasing payment serves to repay the lessor’s original investment.
BAVARIA ja NEUWOGESi vaheline tehing põhineb BAVARIA kinnisvara rendimudelil.
This means that, if the provisions of the general management contract had been different, the figures in the land-lease and sale contract would have changed as well, and vice versa [51].
Mudeli kohaselt rahastab ostja (BAVARIA) oma esialgset investeeringut omandatud hoonete müüjale (NEUWOGES) tagasirentimise kaudu.
The minutes of NEUWOGES’ supervisory board meetings show that the two contracts were always considered by NEUWOGES as forming part of one single transaction [52].
Investeerimismahu ja vastavate rendimäärade kindlakstegemiseks kasutatakse rendimudeli puhul lihtsat valemit, kus investeerimismahu arvutamiseks jagatakse nominaalne iga-aastane rendimakse rendimääraga (%):
For instance, the submissions to the supervisory board meetings of 30 October 1997 and 16 December 1997 state that the financing of the purchase price by the buyer is based on a leasing model, showing that NEUWOGES was well aware of the connection between the land-lease and sale contract and the general management contract.
investeerimismaht …
Similarly, during the meeting on 16 December 1997, the management of NEUWOGES explained to the supervisory board that the payment negotiated with BAVARIA was the price that could be achieved for this ‘package’ and that the ‘package’ entailed some risks for the company, which were, however, bearable.
igakuine rendimakse …
The reference to the ‘package’ and the risk involved again demonstrates that both contracts were perceived as a single transaction.
rendimäär
NEUWOGES’ arguments relating to the failure to have one of the contracts in question notarised are unpersuasive.
Rendimäär omakorda tuleneb lepinguperioodi, rendi indekseerimise ja hoonete jääkväärtuse kombinatsioonist.
NEUWOGES’ main argument is that this failure to notarise demonstrates the intention of the parties to conclude two separate, mutually independent contracts.
Rendimäär (%)
The Commission points out that, as state interventions take various forms and must be assessed in relation to their effects, it cannot be excluded that several consecutive measures of state intervention must, for the purposes of Article 107(1) TFEU, be regarded as a single intervention.
Periood: 25 aastat
That could be the case in particular where consecutive interventions, especially having regard to their chronology, their purpose and the circumstances of the undertaking at the time of those interventions, are so closely linked to each other that they are inseparable from one another [53].
Jääkväärtus (%)
The notion of a single transaction for the purpose of EU state aid law is therefore broader than the notion of a single transaction under German contract law.
Indekseerimine
The considerations listed in recital 105 show that, based on the chronology, the purpose, and the circumstances of the undertaking at the time the contracts in question were concluded, those contracts have to be regarded as a single transaction for the purpose of EU state aid law.
Periood: 30 aastat
Background: how the sale-and-lease-back transaction works
Seega on selge, et investeerimismaht sõltub nii rendimäärast kui ka igakuistest rendimaksetest ja vastupidi.
The transaction between BAVARIA and NEUWOGES is based on BAVARIA’s real-estate leasing model (Leasingmodell Immobilien).
Niipea kui lepingupooled on kindlaks määranud põhinäitajad (periood, iga-aastane indekseerimine, jääkväärtus) ja eesmärgiks seatud investeeringute kogumahu või kavandatud igakuised rendimaksed, on võimalik välja arvutada puuduvad parameetrid.
The basic formula underlying this model is that the buyer (BAVARIA) finances its original investment by leasing the purchased buildings back to the seller (NEUWOGES).
Valemi alusel annavad lühem periood, väiksem jääkväärtus, väiksem indekseerimine või pisemad nominaalsed igakuised rendimaksed tulemuseks väiksema investeeringute kogumahu.
To determine the investment volume and the corresponding leasing payments, the leasing model uses a simple formula, by which the investment volume is calculated by dividing the nominal yearly leasing payment by the leasing rate (expressed as a %):
Pärast investeeringute kogumahu kindlaksmääramist arvatakse maha renoveerimis- ja maksukulud ning muud võimalikud kulud.
Investment Volume
Järelejääv summa vastab ostuhinnale.
Monthly Leasing Payment
NEUWOGESi ja BAVARIA vahelise müügi- ja tagasirenditehingu juures ei eristata ostuhinna puhul (rahaline ettemakse) hoonete omandiõiguse eest makstud hinda ja renti.
Leasing Rate
BAVARIA ja NEUWOGESi vahelise tehingu kalkulatsioon
The leasing rate, in turn, results from a combination of the duration of the contract, the indexation of the leasing payment, and the residual value of the buildings:
Investeeringute kogumaht
Leasing Rate (%):
[…] eurot
Duration: 25 years
Maksud ja lõivud
Residual Value (%)
Erastamishüvitis
Indexation
Ostuhind
Duration: 30 years
Kõnealusel müügi- ja tagasirenditehingul on kaks osa, EBV ja GVV, mis on omakorda seotud GPVga.
It is, then, clear that that the investment volume depends on the leasing rate as well as on the monthly leasing payments and vice versa.
EBVst, GVVst ja GPVst tulenevaid finantstagajärgi NEUWOGESi jaoks on vaja hinnata sellel taustal.
Once the participants in the transaction have chosen the basic parameters (duration, yearly indexation, residual value) and either the target overall investment volume or the intended monthly leasing payments, the missing parameters can be calculated.
EBV oodatav finantsmõju NEUWOGESi jaoks
The formula is such that a shorter duration, a lower residual value, a lower indexation or lower nominal monthly leasing payments will all lead to a lower total investment volume.
EBV kesksed osad on hoonete müük ja hoonestusõiguse seadmine hoonetealustele kinnistutele 75 aastaks.
Once the overall investment volume has been determined, the costs for modernisation, taxes and other potential costs are deducted.
BAVARIA kohustus maksma NEUWOGESile kokku […] eurot, sellest […] eurot kapitaliseeritud rendina hoonetealuse maa kasutuse eest kuni 31. detsembrini 2028 ja […] eurot hoonete ostuhinnana [54].
The remaining amount represents the purchase price.
Lisaks peab BAVARIA tasuma alates 1. jaanuarist 2029 kümne aasta jooksul igal aastal renti, mis moodustab […] % kinnistu praegusest väärtusest, st […] eurot ruutmeetri kohta või […] eurot aastas [55].
In the NEUWOGES/BAVARIA sale-and-lease-back transaction, this purchase price (upfront cash payment) does not differentiate between the price paid for the ownership of the buildings and the rent for the land.
EBV ülejäänud perioodi eest – 2039. aastast kuni 2073. aasta lõpuni – on ette nähtud rendi kohandamine elukallidusindeksiga, kui see muutub rohkem kui […] % võrra [56].
Calculation underlying the BAVARIA — NEUWOGES transaction
Lisaks hoonete ostmisele ja asjaomaste kinnistute hoonestusõiguse omandamisele kohustus BAVARIA hooned renoveerima ja nõustus sõlmima ehitustööde teostamiseks lepingu NEUWOGESi tütarettevõtja BRGga.
Total Investment Volume
BAVARIA poolt NEUWOGESile EBV raames makstava ostuhinna suuruse määramisel lähtusid lepingupooled igakuisest rendimaksest summas […] eurot ruutmeetri kohta, indekseerimisest […] % aastas, hoonete jääkväärtusest […] % (mille NEUWOGES pidi pärast 75 aastaks sõlmitud hoonestusõiguse seadmise lepingu lõppemist asjaomasel ajahetkel koostatava eksperdiarvamuse alusel tasuma) ning 30aastasest tagasirentimise perioodist [57].
EUR […]
Nendest eeldustest tulenev investeeringute kogumaht oli […] miljonit eurot [58].
Taxes and Fees
Pärast […] euro suuruse renoveerimiskulude summa, […] euro suuruse erastamiskulude summa ning […] euro suuruse maksude/lõivude summa mahaarvamist oli müügihind […] eurot [59].
Privatisation Remuneration
eurot
Purchase Price
See lõpphind jagati seejärel hoonete hinnaks ([…] % = […] eurot) ja kapitaliseeritud rendiks hoonetealuse maa kasutuse eest ([…] % = […] eurot) [60].
The sale-and-lease-back transaction in question consists of two elements, the land-lease and sale contract and the general management contract, which are in turn related to the global lump-sum contract.
Hoonetealuse maa kasutuse ja hoonete eest tasutavaid summasid ei arvutatud eraldi välja, vaid need määrati kindlaks protsendina kogu müügihinnast.
The financial implications of the land-lease and sale contract, the general management contract, and the global lump-sum contract for NEUWOGES have to be evaluated in this light.
Esimesed eelised, mille NEUWOGES tehingust sai, olid seega rahaline makse […] eurot ja tulu 30 aasta möödumisel BAVARIA makstavast hoonestusõiguse tasust.
Determining the likely financial impact of the land-lease and sale contract on NEUWOGES
Muud tegurid
The central components of the land-lease and sale contract are the sale of the buildings and the creation of a 75-year ground lease on the land on which they stand.
Erastamishüvitis
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].
Esmalt tuleb märkida, et BAVARIA poolt NEUWOGESile erastamishüvitisena tasutud rahalisi makseid summas […] eurot tuleb igal juhul arvesse võtta.
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].
Hoonete ostja ja kinnistute hoonestusõiguse valdajana oli BAVARIA kõnealuste lepingute kohaselt kohustatud tegema selgesõnaliselt ette nähtud jõupingutusi osa korterite võõrandamiseks üürnikele.
From 2039 onward, and until the land-lease and sale contract expires at the end of 2073, an adaptation of the rent to the total cost-of-living index is provided for, insofar as the latter fluctuates by more than […]% [56].
See kohustus oli lepingus kindlaks määratud, nii et võõrandamist vahendajast ostjale erastamise kaudu oli võimalik AHG eesmärgil tunnustada.
In addition to purchasing the buildings and acquiring a ground lease on the underlying land, BAVARIA accepted the obligation to modernise the buildings, agreeing to enter into a contract with NEUWOGES’ subsidiary, BRG, for the construction works.
Selle seaduse kohaselt oli ettevõtjast ostja kohustatud pingutama selle nimel, et võõrandada võimalikult suur osa, vähemalt aga kolmandik tehinguga ülevõetud korteritest üürnikele [61].
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].
Selle kohustuse raames tuli teha ka jõupingutusi, et teavitada üürnikke nende võimalustest ja selgitada välja nende huvi korteriostu vastu.
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].
Nende jõupingutuste tegemise ülesanne anti EBV (V osa paragrahvid 1–3) alusel üle NEUWOGESile.
EUR …
Lisaks lepiti kokku, et NEUWOGES saab selle eest hüvitist […] eurot ruutmeetri kohta, nii et koguhüvitis erastamispingutuste eest moodustas […] eurot.
This final price was then separated into the price of the buildings ([…]% = EUR […]) and the capitalised rent for the land ([…]% = EUR […]) [60].
Esialgu ei plaanitud, et NEUWOGES saab erastamispingutuste eest hüvitist; hiljem erastamispingutuste eest eraldi makstud hüvitis oli algul lihtsalt osa kavandatud müügihinnast [62].
The amounts allocated to the land and the buildings were not calculated separately, but rather set as portions of the overall sale price.
Tegelikult ei olnud BAVARIA jaoks mingit mõtet maksta NEUWOGESile hüvitist tegevuse eest, mille vastu BAVARIA-l puudus igasugune majanduslik huvi.
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.
AHGst tuleneva võlakergenduse andmine, mis oli seotud erastamispingutuste tegemise kohustusega, oli ainult NEUWOGESi majanduslikes huvides.
Other factors
Erastamispingutuste hüvitis arvati hiljem siiski müügihinnast maha ja maksti selle asemel välja eraldi maksena.
Privatisation remuneration
Põhjus võis olla selles, et kui kõnealune summa oleks jäänud müügihinna osaks, oleks sellele laienenud ETFile ülekandmise kohustus.
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.
BAVARIA-lt NEUWOGESile makstud müügihinda vähendati vastava summa võrra.
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.
BAVARIA seisukohast ei olnud siin majanduslikult võttes mingit vahet.
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.
NEUWOGES sai BAVARIA-lt täpselt sama summa, mille ta oleks saanud, kui eraldi erastamishüvitist ei oleks kokku lepitud.
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].
Tegelikult arvestas NEUWOGES erastamismaksed ise müügi- ja tagasirenditehingust oodatava tulu hulka [63].
This obligation involved making efforts to inform the tenants of their options and gauge their interest in buying apartments.
Nende maksete arvestamine eraldi hüvitisena, mitte müügihinna osana oli NEUWOGESi jaoks oluline ainult AHG tõttu.
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 […].
Nagu on juba eespool (vt põhjendus 101) selgitatud, oleks turumajanduse tingimustes tegutsev ettevõtja jätnud AHG tähelepanuta.
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].
Asjaolu, et NEUWOGES tegi erastamiseks jõupingutusi ja kulutas selleks ressursse, ei ole käesoleval juhul oluline.
Indeed, it did not make sense for BAVARIA to remunerate NEUWOGES for performing activities in which BAVARIA had no commercial interest.
Turumajanduse tingimustes tegutsev ettevõtja, kes ei toimi AHG kontekstis, ei oleks erastamispingutusi teinud, mistõttu ei ole võimalik neid ka turumajanduse tingimustes tegutseva ettevõtja kriteeriumi kohaldamisel arvesse võtta.
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.
Seega tuleb BAVARIA-lt NEUWOGESile erastamispingutuste eest makstud hüvitist käsitleda NEUWOGESi olulise eelisena, mis tuleb müügihinna hulka arvestada, et määratleda müügi- ja tagasirenditehingust NEUWOGESi jaoks tulenev finantsmõju tervikuna.
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.
Müügi- ja tagasirenditehingu kohaselt tehtud renoveerimisel oli NEUWOGESi jaoks lisanduv finantsmõju.
The sale price paid by BAVARIA to NEUWOGES was reduced by the corresponding amount.
Tuleb meenutada, et renoveerimiskulud olid otseselt seotud BAVARIA maksega NEUWOGESile vastavalt EBV-le, mis tulenes investeeringute kogumahu arvestusest, millest on maha arvatud kulud, sealhulgas renoveerimiskulud (vt põhjendus 109).
From BAVARIA’s perspective, this change made no economic difference.
Teiste sõnadega: mida suuremad renoveerimiskulud, seda kõrgem ostuhind.
NEUWOGES received exactly the same amount of funds from BAVARIA as it would have received if no separate privatisation remuneration had been agreed.
Alternatiivse tehinguarvestuse korral, mille puhul lähtuti väiksemast üürist, madalamast indekseerimisest ja seega tunduvalt madalamatest rendimääradest, oli ostuhind sel põhjusel ikkagi EBVs kokku lepitud hinnast kõrgem; esmajoones oli selle taga asjaolu, et aluseks võetud renoveerimiskulud olid alternatiivses arvestuses palju väiksemad, kui lõpuks BAVARIA ja BRG vahel kokku lepiti [64].
Indeed, NEUWOGES itself included the privatisation payments in the revenue to be derived from the sale-and-lease-back transaction [63].
Selle taustal tuleb märkida, et BAVARIA poolt NEUWOGESile 100 %-liselt kuuluvale tütarettevõtjale BRG-le GPV alusel renoveerimistööde eest tasutud ühekordne makse oli NEUWOGESi esialgsetest hinnangulistest renoveerimiskuludest tuntavalt suurem [65].
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.
Kui NEUWOGES oli oma esialgses hinnangus märkinud kuludeks kokku […] eurot või […] eurot ruutmeetri kohta, siis BAVARIA ja NEUWOGESi tütarettevõtja BRG vahel lõpuks renoveerimise eest kokku lepitud ühekordne makse moodustas […] eurot või […] eurot ruutmeetri kohta.
However, as explained above (in recital 101), a MEO would not have taken the Inherited Debt Support Law into account.
Teisisõnu ületasid kokkulepitud kulud esialgseid hinnangulisi kulusid […] euro või […] % võrra.
The fact that NEUWOGES engaged in the privatisation efforts and expended resources on them is not relevant in this context.
Silmatorkavalt suurem kokkulepitud kulude üldsumma alandas märkimisväärselt BAVARIA-lt EBV alusel NEUWOGESile makstud ostuhinda.
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.
Põhjendust esialgse kuluhinnangu ja kokkulepitud ühekordse makse erinevuse kohta ei esitatud.
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.
See on seda üllatavam, et NEUWOGES oli hinnangulisi renoveerimiskulusid keskmiselt […] eurot ruutmeetri kohta nimetanud esialgu üldiselt tavalisteks […] [66].
The modernisation carried out in the context of the sale-and-lease-back transaction had further financial implications for NEUWOGES.
Ka NEUWOGESi esitatud eksperdiarvamuses „Renoveerimine või lammutamine: paneelmajad uutes liidumaades” (edaspidi „Pesteli eksperdiarvamus”) hinnati BRG tehtud renoveerimisega sarnase renoveerimise kuludeks […]–[…] eurot ruutmeetri kohta [67].
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.
Hoonete omaniku ja haldajana olid NEUWOGESil renoveerimisvajaduse kohta täpsed teadmised ja on raske mõista, miks seda nii ootamatult alahinnati.
This payment resulted from a calculation of the total investment volume minus the costs, including modernisation costs (see recital 109 above).
Renoveerimiskulusid tuleb EBV finantsmõju määramisel arvesse võtta.
In other words: the higher the modernisation costs, the lower the purchase price.
Esiteks on päevselge, et BAVARIA jaoks ei olnud oluline, millise renoveerimiskulude summa kohta NEUWOGESi tütarettevõtja BRG talle arve esitab, sest kõikide uute renoveerimiskulude kohta tehakse lihtsalt ostuhinnaga tasaarvestus.
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].
NEUWOGESil seevastu oli ilmne majanduslik huvi selle suhtes, et BAVARIA sõlmiks BRGga renoveerimistööde lepingu ja et osa müügihinnast arvestataks renoveerimiskulude alla.
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].
Viimane kaalutlus põhines asjaolul, et NEUWOGESi tütarettevõtja poolt renoveerimisega teenitud kasumile AHGst tulenev ülekandmiskohustus ei laienenud.
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.
Enda hinnangute kohaselt oli BRG (ja järelikult NEUWOGESi) BAVARIAga seotud renoveerimistöödega teenitud kasum […] eurot [68].
The significantly higher agreed lump-sum costs significantly reduced the payment by BAVARIA to NEUWOGES under the land-lease and sale contract.
Ka NEUWOGESi juhatus viitas tegelikult müügihinna põhjendamiseks BRGga sõlmitud renoveerimistööde lepingule [69].
No explanation was provided for this divergence between the originally estimated costs and the agreed lump-sum payment.
Rent hoonetealuse maa kasutuse eest
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].
Rendiga seoses tuleb siinkohal lähemalt vaadelda NEUWOGESi väidet, et esimese 30 aasta jooksul ei pea BAVARIA de facto makseid tegema, sest kapitaliseeritud rent sisaldus müügihinnas.
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].
Küsimus, kas renti makstakse igal aastal või kapitaliseeritud ettemaksena, ei ole käesoleva hindamise seisukohast kuigi oluline.
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.
Ei ole mingeid märke sellest, et niisugune kokkulepe oli ebamõistlik; see väljendas lihtsalt NEUWOGESi eelistust saada likviidsus eelnevalt kätte.
The modernisation costs must be taken into account in determining the financial impact of the land-lease and sale contract.
Lõpuks ei tasu unustada, et BAVARIA on ka pärast GVV lõppemist kohustatud maksma renti hoonetealuse maa kasutuse eest.