natgillin/translations-raw huggingface dataset:
Assessment in the light of the 1997 and 2007 valuations
Tuleb märkida, et 1997. aasta eksperdiarvamuses jäeti kõnealuste hoonete hindamisel tähelepanuta väärtust vähendavad tegurid (seevastu 2007. aasta eksperdiarvamuses võeti need arvesse).
The two valuations, from 1997 and 2007, have a certain role to play in this context.
Üldjuhul on selle tagajärjeks väärtuse vähenemine.
NEUWOGES commissioned the two studies for the purpose of estimating the 1997 value of the property (buildings and land) in question.
Kinnistute omanikuna pidid need tegurid NEUWOGESile teada olema.
One study was carried out by an in-house expert in 1997, and the other retrospectively by an independent expert in 2007.
Järelikult pidi ta ka teadma, et 1997. aasta eksperdiarvamuses oli kinnistute väärtus hinnatud liiga suureks.
Both studies included separate valuations of the buildings (1997: EUR […]; 2007: EUR […]) and the land (1997: EUR […]; 2007: EUR […]).
Komisjon teeb seega järelduse, et 1997. aasta eksperdiarvamus ei anna usaldusväärseid andmeid objektide 1997. aasta väärtuse kohta vastavalt NEUWOGESi tolleaegsetele teadmistele.
Both studies are based on essentially the same methodology, the gross rental method (Ertragswertverfahren).
Peale selle oleks turumajanduse tingimustes tegutsev ettevõtja NEUWOGESi olukorras võtnud kavandatud renoveerimistööde ja võrdlusandmete valguses (nagu tehti ka 2007. aasta hinnangus) hoolikalt vaatluse alla järelejääva kasutusaja, nii et võib mõistlikult eeldada, et turumajanduse tingimustes tegutsev ettevõtja oleks NEUWOGESi olukorras lähtunud järelejääva kasutusaja kohta hinnangu andmisel näitajatest, mis on 2007. aasta tagasiulatuvas eksperdiarvamuses antud hinnangutele lähemal.
The Commission considers that, since the 2007 valuation was prepared only after the sale-and-lease-back transaction took place, it cannot be relied upon for determining the value of the property in 1997, as known to NEUWOGES at the time.
Komisjon on seega seisukohal, et turumajanduse tingimustes tegutsev ettevõtja oleks NEUWOGESi olukorras arvestanud objektide väärtuseks enne müügi- ja tagasirenditehingu sõlmimist mõistlikult ligikaudu […] eurot (nagu seda tehti ka 2007. aasta eksperdiarvamuses).
NEUWOGES could not, then, have based its decision on whether or not to engage in the sale-and-lease-back transaction with BAVARIA on the retrospective 2007 valuation.
Otsemüügi ning müügi ja tagasirentimise valikuvõimaluste võrdlus
At the same time, the Commission considers that the 1997 valuation is not a reliable indicator either of the value of the property in 1997, as known to NEUWOGES at that time, since the formal investigation procedure has revealed that NEUWOGES’ management was well aware that the 1997 valuation was unreliable at the time at which it entered into the contracts under investigation.
See väike erinevus ei tähenda siiski, et turumajanduse tingimustes tegutsev ettevõtja oleks vältimatult valinud otsemüügi.
The following observations are instructive:
Esiteks ei tohi tähelepanuta jätta, et kõnealune otsemüügi võimalus puudutas hoonete ning vastavate kinnistute müüki, ent BAVARIA ostis üksnes hooned ja omandas 75 aastaks ainult hoonestusõiguse hoonetealuse maa kasutuse eest.
Rent The 1997 valuation assumes rent levels of between EUR […] and EUR […] per m2.
Kinnistud kui sellised jäid NEUWOGESi omandiks.
At the same time, the first rent table for the City of Neubrandenburg, valid from 1 January 1998 onward and based on 1997 data, indicated average rent levels for modernised apartments of between EUR 3,90 and EUR 4,38 per m2.
Ainult kinnistute väärtuseks oleks NEUWOGES arvestanud […] eurot (nagu ka 2007. aasta eksperdiarvamuses).
NEUWOGES, as a large real-estate company active in Neubrandenburg, would necessarily have been aware of the average rent levels in the city, and ought therefore to have based its evaluation of the property on this data.
Küll on aga keeruline täpselt hinnata seda väärtust, mis jäi NEUWOGESile seetõttu, et ta ei müünud kinnistuid, vaid seadis neile ainult hoonestusõiguse.
Indeed, the sale-and-lease-back contract envisaged average rent levels of EUR […] per m2 for the period after modernisation (i.e. from 1999 onwards and thus two years later than the data underlying the first rent table).
Lähtuda tuleb siiski sellest, et kinnistute omandiõiguse jäämine NEUWOGESile õigustas veidi väiksemat tehinguhinda.
This figure was in line with the rent table.
Teiseks tuleb märkida, et on teatud kahtlusi, kas hinda, mida turumajanduse tingimustes tegutsev ettevõtja NEUWOGESiga samas olukorras eeldanud oleks, oleks ka tegelikult olnud võimalik saada.
Modernisation costs While the 1997 valuation was carried out in the spring of 1997 and assumed total modernisation costs of EUR […], NEUWOGES’ management indicated in a letter to BAVARIA written at the same time (March 1997) that it estimated the modernisation costs at EUR […].
Ainuke konkreetne ostupakkumine, mille kohta NEUWOGES teabe esitas, tuli ettevõttelt Felske-Immobilien, kes pakkus hinnaks ilmselt […] eurot ruutmeetri kohta, mis oleks teinud ostuhinnaks kokku […] eurot [108].
It is thus clear that NEUWOGES was well aware that the 1997 valuation severely underestimated the necessary modernisation costs.
See pakkumine oli enam kui 1 miljon eurot madalam hinnast, mida turumajanduse tingimustes tegutsev ettevõtja NEUWOGESi olukorras eeldanud oleks.
The lump sum agreed between BAVARIA and NEUWOGES’ subsidiary, BRG, for the modernisation of the property was significantly higher still (EUR […]), demonstrating that, when NEUWOGES concluded the contracts with BAVARIA, it knew that the 1997 valuation had underestimated the modernisation costs by almost EUR 10 million.
Kolmandaks arvestas NEUWOGES GVV raames oodatava kasumi hindamisel ekslikult kasumiga ainult kuni 2027. aastani (k.a).
Remaining useful life
Kuna GVV periood oli aga 30 aastat alates renoveerimistööde lõpetamisest (st 30 aastat alates 1999. aasta algusest), oleks arvutusse tulnud lisada kasum kuni 2028. aastani (k.a).
With the envisaged modernisation in view, the 1997 valuation estimated the remaining useful life to be between 55 and 70 years.
Hinnangu sellekohasel korrigeerimisel suureneks müügi- ja tagasirenditehingu väärtus.
It must be noted in this context that the low estimated modernisation costs in the 1997 valuation do not fit easily with the assumption that the modernisation would significantly extend the economic lifespan of the buildings.
BAVARIA poolt tulevikus NEUWOGESile makstava rendi nüüdisväärtuse arvutamisel eeldati lihtsuse huvides, et elukallidus ei muutu ja makseid ei ole vaja seega kohandada.
Land value
Realistlikum on siiski lähtuda elukalliduse üldisest kasvust, nii et tulevikus tasutavad maksed kujunevad tõenäoliselt eeldatust suuremaks.
It must be noted that, in evaluating the land in question, the 1997 valuation did not take into account value-reducing factors (in contrast, they were taken into account in the 2007 valuation).
Ka see tooks kaasa lepingu väärtuse suurenemise.
Such factors include existing infrastructure that cannot be moved or removed (sewage systems, pipes) and the fact that the plot of land was of an inconvenient shape.
Nende kaalutluste valguses tuleb järeldada, et majanduslikult oli mõistlik eelistada otsemüügikatsele müügi- ja tagasirenditehingut.
These factors typically lead to a reduction in the value of the land.
Kui võrrelda müügi- ja tagasirenditehingu väärtust NEUWOGESi jaoks teiste valikuvõimaluste väärtusega, tuleb järeldada, et tehing oli kujundatud nii, et ka turumajanduse tingimustes tegutsev ettevõtja oleks sellega nõustunud.
As the owner of the land, NEUWOGES must have been aware of these factors and must therefore have known that the 1997 valuation overestimated the land value.
VÕRDLUSUURING
In conclusion, NEUWOGES was demonstrably aware that some of the key assumptions underlying the 1997 valuation, especially regarding the modernisation costs, were unreliable.
Kuna nüüd on võimalik kindlalt väita, et müügi- ja tagasirenditehingu poolt ja alternatiivsete lahenduste vastu tehtud otsus vastas igati turumajanduse tingimustes tegutseva ettevõtja käitumisele, uuris komisjon ettevaatuse mõttes ka seda, kas tehing vastab teistele lepingutele, mida võis tol ajal asjaomasel turul täheldada, ja kas on muid märke, mis kinnitavad komisjoni järeldust, et müügi- ja tagasirenditehing vastab turumajanduse tingimustes tegutseva ettevõtja põhimõttele.
The Commission therefore concludes that the 1997 valuation is not a reliable indication of the value of the property in 1997, as known to NEUWOGES at the time.
Võrreldavate tehingute kohta olemasolev teave hõlmab müügi ja tagasirentimise kokkuleppeid, mille BAVARIA sõlmis kõnealuse meetmega umbes samal ajal.
At the same time, the Commission is of the opinion that, on the basis of the information available to NEUWOGES at the relevant time, the ex-ante estimate of the property value that a MEO in the position of NEUWOGES might reasonably have obtained would probably have been very similar to that contained in the retrospective 2007 valuation.
Need lepingud võivad anda tunnistust selle kohta, kas ka teised turuosalised, kaasa arvatud eraettevõtjad, oleksid otsustanud seda liiki müügi- ja tagasirenditehingu kasuks, mida saab võtta kaudse tõendina selle tavapärasuse kohta turul (punkt 7.4.1).
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.
Peale selle võivad ka NEUWOGESi korraldatud piiratud pakkumismenetlus ja võrdlus teiste rahastamistehingutega anda teavet kõnealuse tehingu tavapärasuse kohta turul (punktid 7.4.2 ja 7.4.3).
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.
Võrdlemiseks kasutati lepinguid kolme võrreldava õigustoimingu kohta ([…]).
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).
Arvesse saab siiski võtta ainult […]- ja […]-lepingut, sest vaid need sõlmiti ligikaudu samal ajal kui BAVARIA ja NEUWOGESi vaheline müügi- ja tagasirenditehing.
Comparison of outright sale and sale-and-lease-back
Esmalt tuleb märkida, et mõlemad võrdlustehingud erinevad kõnealusest tehingust lepinguperioodi, fikseeritud rendi indekseerimise ja renoveerimise poolest.
To recap: the total value of the sale-and-lease-back transaction for NEUWOGES was EUR […].
NEUWOGES rõhub eelkõige erinevale indekseerimisele ([…]: 1,5 % aastas; […]: kohandamine elukalliduse kasvuga) tõestamaks, et GVV sisaldas sätteid, mis ei vastanud tollal (1997/1998) tavapärastele turutavadele.
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.
BAVARIA toob oma kinnisvara rendimudeli kasutamise [109] näideteks […]- ja […]-tehingu, mis lubab järeldada, et nende lepingute tingimused määrati kindlaks arvutuste alusel, mis sarnanesid NEUWOGESi ja BAVARIA müügi- ja tagasirenditehingu aluseks olevatele arvutustega.
This small difference does not, however, mean that a MEO would have necessarily chosen the outright sale alternative:
Nagu on juba eespool kirjeldatud (vt põhjendus 131), oli NEUWOGESil võimalik lepingu parameetreid BAVARIA pakutud rendimudeli raames vabalt valida.
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.
Seega oleks NEUWOGES saanud eelistada madalamat indekseerimist või arvata maha suuremad kulud.
The land as such remained in the ownership of NEUWOGES.
Tagajärjeks oleks loomulikult olnud väiksem ettemaksesumma.
The land alone was estimated by NEUWOGES to have a value of EUR […] (as in the 2007 valuation).
Võib oletada, et see kehtis ka […] ja […] suhtes.
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.
Kuna lepingupooltel oli võimalik tehingu täpseid parameetreid BAVARIA pakutud mudeli raames ilmselt vabalt valida, ei tundu see, kas NEUWOGESi valitud parameetrid olid identsed parameetritega, mille valisid […]- ja […]-tehingus osalevad pooled, olevat NEUWOGESi ja BAVARIA müügi- ja tagasirenditehingu tavapärasuse hindamiseks turul kõige tähtsam.
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.
Parameetrite valik oli üksnes osalevate poolte strateegiliste äriliste otsuste tagajärg.
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].
Olulisem on asjaolu, et kõik need tehingud põhinesid ühel ja samal tehingumudelil.
This offer was well over EUR 1 million lower than the price that a MEO in the position of NEUWOGES would have estimated.
Kuivõrd […]-lepingu ja […]-lepingu aluseks oli sama arvutusmudel, milles olemasolevat teavet silmas pidades ei ole põhjust kahelda, võimaldab see teha järelduse, et tehingumudel, mis oli ka NEUWOGESi tehingu aluseks, oli turul tavapärane.
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.
Seejuures on oluline, et kinnisvara rendimudeli valisid ilmselt ühteviisi nii avalik-õiguslikud ([…]) kui ka eraettevõtted ([…]) ja et seda pakkusid nii ettevõtjad, kes tahtsid AHG võlakergendusest kasu saada, kui ka pooled, kellele see seadus ei laienenud.
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.
Pakkumismenetlus
Correcting the estimate in this way would add to the value of the sale-and-lease-back transaction.
Taust
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.
Nagu on juba selgitatud, ei korraldanud NEUWOGES seoses lõpuks BAVARIA-le müüdud hoone erastamisega igakülgselt avatud, läbipaistvat, tingimusteta ja diskrimineerimiseta pakkumismenetlust.
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.
NEUWOGES kutsus algul 72 võimalikku ostjat pakkumust esitama.
This would again lead to an increase in the value of the contract.
NEUWOGES väidab, et valis kutse saajad välja enam-vähem juhuslikult ja et seda valikut ei saa pidada turu jaoks tervikuna esinduslikuks.
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.
Pärast nende esimeste osalemiskutsete laialisaatmist tekkis edasisi kontakte, sealhulgas BAVARIAga, kellele algul ei kirjutatud.
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.
Pakkumismenetluse tulemus
BENCHMARKING
Saabunud pakkumustest, mille arv ei ole teada, peeti vastuvõetavaks viit [110].
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.
Kaks nendest lükati siiski tagasi, sest potentsiaalsed ostjad ei näinud ajapuudusel võimalust täieliku pakkumuse esitamiseks.
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.
Lisaks lükati kaks pakkumust tagasi majanduslikel põhjustel.
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).
Viies, Felske-Immobilieni esitatud pakkumus lükati tagasi, kuna pakutud hinda peeti liiga madalaks (Felske pakkus hinnaks […] eurot ruutmeetri kohta, mis vastas ostuhinnale kokku […] eurot).
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).
Peale viie nimetatu esitati veel kolm pakkumust: üks BAVARIA-lt ja kaks teistelt pakkujatelt, kellele ei olnud pakkumiskutset saadetud.
Contracts related to three comparable transactions ([…]) were submitted for the purpose of comparison.
Alustati ka läbirääkimisi ühega kahest teisest pakkujast, kes olid omal algatusel pakkumuse esitanud, kuid ka see pakkumus lükati lõpuks täpsemalt määratlemata majanduslikel põhjustel tagasi [111].
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.
Pärast läbirääkimiste lõppu pidi lepingud heaks kiitma NEUWOGESi nõukogu.
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.
Lepingute esitamisel nõukogule väitis juhatus, et kõrgemat müügihinda ei ole võimalik saada, sest lepingud puudutavad ainult hoonestusõiguse seadmist kinnistutele (mitte otsemüüki), renoveerimistööde tegemine tellitakse BRG-lt ja NEUWOGES jätkab hoonete majandamist veel 30 aastat [112].
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).
Vastuseks küsimusele erinevuse kohta 1997. aasta eksperdiarvamusega võrreldes selgitas juhatus taas, et tehingu eest ei ole võimalik kõrgemat hinda saada [113].
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.
Pakkumismenetlust ei saa küll nimetada avatuks, läbipaistvaks, tingimusteta ja diskrimineerimiseta menetluseks, aga see lubab teha teatud järeldusi turul esitatud pakkumiste kohta.
As discussed above (see recital 131), NEUWOGES could apparently choose the contract parameters freely within the framework of the leasing model offered by BAVARIA.
Sellega seoses on kõnekas ka asjaolu, et ilmselt laekus terve hulk pakkumusi ilma kutseta.
This means that NEUWOGES could have chosen a lower indexation or a higher deduction for costs.
See tõestab, et ka need võimalikud ostjad, kes ei kuulunud 72 ettevõtja hulka, kellega algul ühendust võeti, said pakkumismenetlusest teada ja sellest osa võtta.
The consequence would, of course, have been a lower upfront cash payment.
NEUWOGESi hinnang pakkumustele näitab, et BAVARIA pakkumust pidas NEUWOGES tol ajal (1997/1998) parimaks pakkumuseks turul.
It can be assumed that the same was true for […] and […].
NEUWOGESi väide, et vähemalt Felske pakkumus oli soodsam, ei pea paika.
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.
Felske pakutud hind ([…] eurot) oli küll lõpuks BAVARIA tehtud ettemaksest ([…] eurot) kõrgem, kuid meeles tuleb pidada, et müügi- ja tagasirenditehingut tuleb hinnata tervikuna ja selle koguväärtus ([…] eurot) oli Felske pakutud hinnast suurem.
These choices simply reflected strategic business decisions by the parties involved.
Nende kaalutluste valguses tuleb märkida, et pakkumismenetlus ei olnud küll piisavalt kvalifitseeritud, et seda saaks iseenesest võtta tõendina selle kohta, et BAVARIA pakkumus oli parim turul saadaolev pakkumus, kuid see osutab siiski selgelt sellele.
What is more relevant is the fact that all these transaction were based on the same transaction model.
Igal juhul ei anna piiratud pakkumismenetlus põhjendatud viidet sellele, et NEUWOGESile oleks tol ajal (1997/1998) esitatud parem pakkumus.
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.
Teised tolleaegsed tehinguliigid
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.
Hindamisraamistik
Bidding process
Abi on sellest, kui uurida kõnealust tehingut teiste sarnast liiki tehingute taustal, mida küsimuse all oleval ajal (1997/1998) turul pakuti.
Background
Kõnealuse tehingu puhul on tegemist tüüpilise müügi- ja tagasirenditehinguga.
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.
Müügi ja tagasirentimise kokkulepped on olemuselt rahastamistehingud.
However, NEUWOGES did initially solicit offers from 72 potential buyers.
Rendilevõtjalt kinnisvara ostmisega varustab rendileandja rendilevõtjat likviidsete vahenditega või rahastab suuremaid investeeringuid, näiteks vanade hoonete renoveerimist.
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.
Et kinnisvara oleks võimalik ettevõtluse või muudel eesmärkidel edasi kasutada, rendib rendilevõtja kinnisvara tagasi, mille kaudu amortiseerub rendileandja investeering rendilepingu perioodi jooksul (osaliselt või täielikult).
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.
Rahastamistehinguna on müügi ja tagasirentimise kokkuleppel teatud sarnasus pangalaenude ja hüpoteekidega.
Result of the bidding process
On aga ka mõningaid olulisi erinevusi, mida ei tohi tähelepanuta jätta.