natgillin/translations-raw huggingface dataset:
annually, approximately […] pallets of cargo are picked up or dropped off at MMD, having started or ended their journey on a vessel calling at the adjacent ferry port.
MMD müük.
The additional value to the international ferry port due to this cargo is approximately GBP […] per annum and the port would most likely not be able to earn this income without being adjacent to MMD's stevedoring and handling services.
Ühendkuningriik tõendas, et MMD kui tegutseva ettevõtte müümine kolmandale isikule ei oleks kuigi tõenäoliselt olnud majanduslikult kasulik.
In addition, MMD is only able to secure its own handling fees for these volumes precisely because it is located adjacent to the ferry port;
Portsmouth omandas ettevõtte 2008. aastal just sellepärast, et loodeti sünergiat teiste sadamateenustega ja MMD-lt saadava tulu jätkumist ning et sadama maa on strateegilise väärtusega (vt ka 1. meetme analüüs algatamisotsuses).
PCC has been able to secure additional commercial ferry traffic because of its ownership of MMD.
Ent ükski teine MMD ostmist kaaluv isik nende kaalutlustega arvestanud ei oleks.
For example, the operator Transfennica was attracted to the port in 2015 because of the container handling facilities and stevedoring operation of MMD.
Sellele vaatamata kinnitavad esitatud tõendid, et Portsmouth […] 2011. aastal ja […] 2015/2016. aastal (vt põhjendus 57).
This resulted in additional revenue for the ferry port of approximately GBP 107000;
MMD tegevuse muutmine/mitmekesistamine.
discussions with some operators are underway as to the possibility to take further advantage of MMD's facilities being located adjacent to the ferry port.
Ühendkuningriik andis mõista, et pärast 2008. aastat kaaluti erinevaid MMD tegevuse muutmise või mitmekesistamise võimalusi (nt täiteained, puit, autod, konteinerveod, raskeveod, teras).
For example, the roll-on roll-off ferry route at the port can be used to bring in or dispatch lorries with cargo handled by MMD.
Kui neid võrrelda aga MMD olemasoleva tegevusega (värskete aedviljade käitlemine), ei olnud ükski neist alternatiividest atraktiivne ega suutnuks pakkuda suuremat tulu.
MMD is also in advanced confidential discussions with […] who proposes to […].
MMD likvideerimine ja maa-ala muuks otstarbeks kasutamine.
This could derive a combined income for the ferry port as well as for MMD of around GBP […] per annum;
MMD peamine vara on ala rendiomandiõigus liisingulepingu alusel, mille Portsmouth võib MMD pankrotistumise korral lõpetada.
the port sometimes uses MMD's berths for cruise ships which again provides support to flex its available capacity, providing further financial benefits to the port.
Seetõttu saaks Portsmouth MMD pankroti korral maad muuks otstarbeks kasutada.
Having regard to the purely commercial character of these synergies, the Commission considers that a hypothetical market economy investor would take such synergies with its other business activities into account when assessing ex ante the economic merits of any support measures for MMD.
Ent Ühendkuningriik on põhjalike argumentidega tõendanud, et alternatiive on väga vähe.
In addition, a market economy investor would indeed have taken into account in its considerations the expected future revenue stream to PCC in the form of rents, pilotage and port dues paid by MMD, and the likelihood that they would be lost or reduced in case of alternative options.
Ühendkuningriik esitas mõjuvad tõendid ja argumendid, mis näitavad MMD tegevuskohaga seotud juriidiliste ja planeeringust tingitud piirangute mõju alternatiivide võimalikkusele ja ärilisele elujõulisusele.
Such future revenues are pertinent for assessing economic rationale of measures to be taken by a market economy parent company to support its subsidiary.
Portsmouth analüüsis sisedokumentides võimalust kasutada ala parvlaevasadama laiendamiseks, hoiustamiseks, tuulepargi jaoks ja elamute/ärihoonete ehitamiseks.
Therefore, while these revenues streams alone cannot justify the continued support to MMD, their inclusion into the overall economic model is in line with what a hypothetical market economy investor would have done.
Ent ükski neist võimalustest ei olnud majanduslikult tulusam, seda kas turuolukorra ja/või planeeringu seatud ja muude õiguslike piirangute tõttu.
Taking into account the above synergies and revenue streams within the group of companies controlled by PCC, the United Kingdom provided copies of an economic model analysing various options available and calculating their economic merits.
Ühendkuningriik selgitas, et Portsmouth ei saa esitada majandusmudeli iga aasta versioone, sest see oli ühes Exceli failis, mida iga kord eelmisi versioone arhiveerimata muudeti.
This model was developed with the purpose of analysing the economic rationale of the continued investment in MMD and was regularly updated.
Ent see oli kinnitus sellele, et kui otsustati, kas MMDsse investeerimise jätkamine on majanduslikult mõistlik või tuleks valida mõni teine alternatiiv, oli mudeli kasutamine tavapärane.
The economic rationale of providing further support to MMD in the form of both the revenue grants and the various financing measures was thus regularly checked on an ex ante basis against other alternative options.
Ühendkuningriik esitas kaks 2013. aasta mais ja juunis koostatud versiooni, mis olid tehtud ühe MMD tulevikuga seotud arutelu jaoks (vt põhjendus 51).
The alternative options considered by PCC in various stages of its involvement in MMD included:
Mudel sarnaneb tavapäraste turul kasutatavate abivahenditega, millega arvutatakse erinevate kaalumisel olevate alternatiivide pakutavate tulevaste rahavoogude nüüdispuhasväärtust.
sale of MMD — the United Kingdom demonstrated that it was extremely unlikely that the sale of MMD as a going concern to a third party would have been a commercially advantageous alternative.
Kõnealuses mudelis vaadeldi kolme peamist valikuvarianti: 1) MMD säilitamine, 2) MMD müümine tegevettevõttena, mille vara puhasväärtus on 2,4 miljonit naela, 3) MMD likvideerimine ja maa-ala hoiustamiseks kasutamine (võimalikest alternatiividest kõige kasulikum kasutusviis).
The compelling case for acquisition by PCC in 2008 took into account the expected synergies with PCC's other port operations, the strategic value of the land for that port and the continuation of income streams from MMD (see also the analysis of Measure 1 in the Opening Decision).
Iga alternatiivi jaoks arvutab mudel oodatavate rahavoogude nüüdispuhasväärtuse, kasutades diskontomäärana Portsmouthi kapitali kaalutud keskmist hinda (4,23 %).
However, these considerations would not be taken into account by any third party potentially considering the purchase of MMD.
Majanduslikus mudelis hinnatakse igat valikuvarianti korraga eri meetoditega.
Notwithstanding that, the evidence provided confirms that PCC […] in 2011[…] and […] in 2015/2016 (see Recital 57 above);
Panus muutumatutesse üldkuludesse.
change/diversification of MMD's business — the United Kingdom indicated that since 2008 various options of changing or diversifying MMD's operations have been considered (such as aggregates, timber, cars, container traffic, heavy cargos, steel).
Selle meetodi kohaselt hinnatakse, mil määral katab tegevuskohast saadav raha selle muutuvad tegevuskulud (st muutuvkulud, sest tegevus varieerub) ja seejärel kohaga seotud muutumatud üldkulud.
However, when compared with the prospects of MMD's current business handling of fresh produce, none of these alternative products or services were commercially attractive and would be able to potentially generate higher returns;
Hindamisel arvestatakse kõiki rahalisi laekumisi Portsmouthile (sh MMD makstav lisatasu ehk siinsel juhul eeldatavalt dividendid), aga samuti on neist lahutatud Portsmouthi makstud tulutoetus.
liquidation of MMD and alternative use of the site — the principal asset within MMD is its leasehold interest in the site based on a lease contract which entitles PCC to terminate the lease in case of MMD's bankruptcy.
Kõik laenude ja tulutoetuste summad jäetakse kõrvale, sest nende aastane tarbimine (amortisatsioon) kajastub MMD netoülejäägis/-puudujäägis.
Therefore, in case of bankruptcy, PCC would be able to recover the land and exploit it for alternative purposes.
Koguülejääk/-puudujääk miinus mitterahalised kulud.
However, the United Kingdom has demonstrated with detailed arguments that the available alternatives for the site are extremely limited.
Selle meetodi aluseks on meetod „panus muutumatutesse üldkuludesse“ (vt punkt a), aga selles arvestatakse ka Portsmouthi (investori) muutumatute üldkuludega, mis on seotud kõigi ettevõttesse tehtud investeeringutega.
The United Kingdom provided compelling evidence and arguments demonstrating the impact of the legal and planning limitations related to MMD's site on the availability and commercial viability of possible alternative options.
Need on seotud ainult selle laenu finantseerimiskuludega, mille Portsmouth võttis MMDsse kapitaliinvesteeringute tegemiseks.
PCC analysed in its internal documents the possibilities to use the site for expansion of its ferry port, storage, wind farms and residential/commercial use.
Investeeringutasuvus.
However, none of the possible usages considered offered any economically more advantageous options due either to the market situation and/or planning and other regulatory and legal constraints.
Seda näitab koguülejääk/-puudujääk (vt punkt b) kui perioodi koguinvesteeringu suhe.
The United Kingdom explained that PCC cannot provide all past versions of this economic model for individual years since it was developed as a single Excel file which was continuously updated without systematically archiving previous results.
Kuna investeeringut finantseeritakse võla abil, arvestatakse võlaintress koguülejäägi/-puudujäägi sisse.
However, it confirmed that the economic model was the standard basis for deciding whether it makes economic sense to continue investing in MMD or whether to choose another alternative.
Väärtuse kasv perioodi lõpuks.
The United Kingdom provided two versions of the economic model prepared in May/June 2013 when one of the discussions about the future of PCC involvement in MMD was taking place (see also Recital 51 above).
See näitab dividende koos vara kapitaliväärtuse muutusega.
The model corresponds to standard market tools based on a calculation of a net present value of expected future cash flows for different alternatives considered.
Kogutulu.
This specific model considered three basic options: (1) retaining MMD, (2) selling MMD as a going concern for its net assets value of GBP 2,4 million, (3) liquidation of MMD and alternative use of the site as a storage facility (as the most beneficial of the available alternative uses of the site).
See hõlmab koguülejääki/-puudujääki (vt punkt b) koos investeeringu kapitaliväärtuse muutusega (vt punkt d).
For each of these alternatives the model calculates the net present value of expected cash flows using as a discounting rate the weighted average costs of capital of PCC of 4,23 %.
Koguinvesteeringutasuvus.
The economic model evaluates the individual options based on a combination of methodologies:
See näitab kogutulu (vt punkt e) suhtena koguinvesteeringusse.
Contribution to fixed overheads — this method evaluates the extent to which the cash generated by the site covers its variable costs of operation (in other words the costs that vary as activity varies) and then makes a contribution towards the fixed overheads associated with the site itself.
Komisjoni arvates on majandusmudelis kasutatud eeldused mõistlikud ja selles võetakse arvesse ainult majanduslikke tegureid ega pöörata tähelepanu poliitilistele kaalutlustele.
The evaluation describes all of the revenue cash income flows to PCC including any surplus made by MMD (which in this analysis is assumed to be paid as a dividend to PCC) but equally deducts any revenue grant support paid by PCC.
Majandusmudeli 2013. aasta juuni versioon andis alternatiividega seoses viie- ja kümneaastase investeerimisperioodi lõpuks järgmised tulemused.
Any capital flows of loans and capital grants are excluded since their annualised consumption (amortisation) is reflected in the net surplus/deficit made by MMD;
Investeeringud MMD-sse – valikuvariandid
Total surplus/deficit excluding any costs ‘in kind’ — This method incrementally builds on the ‘Contribution to fixed overheads’ method described at (a) to also include fixed overheads of PCC (Investor) associated with all investments made into the company.
Investeerimistulu
Those overheads relate entirely to the financing costs of debt taken out by PCC in order to provide capital investment into MMD;
Variant 1
Return on investment — This is represented by the total surplus/deficit (described in (b)) as a ratio of the total investment over the period.
Variant 2
Since the investment is financed by debt, debt interest is included as part of the total surplus/deficit;
Variant 3
Increase in value at end of the period — This represents the dividend plus change in the capital value of the asset;
MMD alleshoidmine
Total return — This includes both the total surpluses/deficits (as set out at (b)) plus any change in the capital value of the investment (as set out at (d));
MMD müümine
Total return on investment — This represents the total return (see (e)) as a ratio of the total investment.
Alternatiivne kasutus
The Commission considers that the assumptions made in the economic model are reasonable and confirms that they do not take into account factors other than economic factors, thus ignoring public policy considerations.
Järgmised 5 aastat
The June 2013 version of the economic model provided the following results of the individual alternative options over two considered investment periods of 5 and 10 years.
Järgmised 10 aastat
Investment in MMD — Options
mln naela
Investment Returns
Panus muutumatutesse üldkuludesse
Option 1
Koguülejääk/-puudujääk miinus mitterahalised kulud
Option 2
Investeeringutasuvus
Option 3
Väärtuse kasv perioodi lõpuks (netoväärtus)
Retain MMD
Koguinvesteeringutasuvus
Sell MMD
2013. aasta juuni majandusmudeli tulemused näitavad, et kõigist variantidest majanduslikult kasulikem oli MMD allesjätmine.
Alternative Use
Komisjoni mitmele palvele vaatamata ei suutnud Ühendkuningriik esitada mudeli muul ajal koostatud versioone.
Next 5 Years
Ent paljudest teistest dokumentaalsetest tõenditest on näha, et Portsmouth hindas kõnealusel perioodil MMD omamise majanduslikku ratsionaalsust regulaarselt.
Next 10 Years
Samuti kinnitavad kõik esitatud tõendid, et hindamisel võeti arvesse vaid majanduslikke ja ärilisi kaalutlusi, jättes kõrvale poliitilised kaalutlused, nagu oleks teinud ka hüpoteetiline turumajanduslik investor.
mGBP
Peale selle tegi Portsmouth MMDsse tehtud investeeringute üle hoolega finantsjärelevalvet, määrates selleks MMD nõukokku oma kõige kõrgema tasandi vanemrahandusametniku, kes jälgiks ettevõtte finantstulemuslikkust.
Contribution/(Addition) to Fixed Overheads
Ühendkuningriik esitas palju MMD äri- ja rahalise olukorra ning tulevikuväljavaadete aruandeid, millega Portsmouth oli regulaarselt tutvunud.
Total Surplus/Deficit excluding any costs ‘in kind’
MMD äriplaani ajakohastati pidevalt, et selles oleks arvestatud turul toimunud muutustega, ja Portsmouthi ametnikud tegelesid MMDga pidevalt.
Return on Investment
Samuti tõendas Ühendkuningriik, et Portsmouth hindas põhjalikult MMD kauplemispositsiooni võrrelduna selle finantstulemustega, restruktureerimise edenemist, klientide lisandumist/lahkumist ja juhtkonna tegevusprognoose ning seda tehti nii MMD järelevalvega tegelevates erikomisjonides kui ka Portsmouthi vanemrahandusametniku finantsjärelevalve käigus.
Increase in Value at end of Period (Net Worth)
Ka nägi komisjon, et Portsmouthile esitatud aruanded ja äriplaani kokkuvõtted andsid ettevõtte (sh selle probleemküsimuste ja riskide) kohta objektiivse ja tasakaalus hinnangu.
Total Return on Investment
Peale selle leidis komisjon, et Portsmouth jätkas eri restruktureerimismeetmeid, mille eesmärk oli vähendada MMD kulusid, suurendada kasumlikkust ja parandada konkurentsivõimet.
The results of the June 2013 economic model show that from all methodologies considered, the option to retain MMD was economically the most beneficial of the available options.
Õigupoolest oli Portsmouth nõus investeeringuid jätkama ainult siis, kui toimub restruktureerimine ja restruktureerimiskava pidevalt ajakohastatakse.
Despite several requests from the Commission, the United Kingdom was not able to provide additional copies of the economic model for other periods.
Näiteks pärast kolm aastat kestnud läbirääkimisi sõlmiti 2016. aastal MMD töötajatega uued töölepingud, millega loodeti tööjõukulude pealt kokku hoida umbes 250000 naela aastas.
However, the numerous other available pieces of documentary evidence show that the economic rationality of PCC's involvement in MMD was kept under regular review throughout the analysed period.
Restruktureerimiskava sisaldas ka mitut investeerimisprojekti, mille eesmärk oli suurendada MMD konkurentsivõimet (täpsemalt investeerimine kvaliteedisertimisse, külmhoidlate täiustamisse, uutesse konteinerite käitlemise seadmetesse, konteinerite lisahoiuala rajamisse ja taristu pidevasse täiustamisse, et tegevus oleks tõhusam).
All the available evidence also confirms that the assessment was based on purely economic and commercial considerations, leaving aside any public policy considerations that a hypothetical market economy investor would not have taken into account.
Peale selle otsustas MMD 2014. aastal lõpetada ettevõttesse saabunud kaupade veo teenuse pakkumise ja hakata seda sisse ostma, et keskenduda oma põhitegevusele.
In addition, PCC has exercised close financial scrutiny of its investment in MMD by appointing its most senior financial officer as a director of MMD in order to oversee the business' financial performance.
Samuti on Portsmouth teinud pärast MMD omandamist mitu muudatust selle juhtimises, mitte ainult rahalise aruandekohusluse parandamise, vaid ka Portsmouthi sadamateenustega seotud sünergia suurendamise eesmärgil.
The United Kingdom provided copies of numerous reports on the commercial and financial situation of MMD and its outlook for the future which were regularly reviewed by PCC.
Viimasena on MMD investeerinud ka olulisimate kliendisuhete täiustamisse ja laiendamisse.
MMD's business plan was regularly updated to reflect market developments and there was close engagement by PCC officials in MMD's progress.
Niisiis tõendas Ühendkuningriik, et MMD finantstulemuslikkus oli pideva järelevalve all ja sellest tingitult muudeti ka restruktureerimiskava.
The United Kingdom also demonstrated that PCC carried out a detailed assessment of MMD's trading position by reference to its financial results, the progress of restructuring measures, customer gains/losses, and management's forecast for the business, both via specialist committees that oversaw MMD, as well as through the financial oversight of the PCC's most senior financial officer.
See viiski selleni, et MMD jõudis 2016/2017. majandusaastal Portsmouthi tulutoetuseta kasumisse.
The Commission also considered that the reports and business plan summaries presented to PCC provided an objective and balanced appraisal of the business, including the challenges and risks faced by MMD.
Niisiis konkreetselt tulutoetusega (2. meede) seoses on Ühendkuningriik esitanud komisjonile piisavalt tõendeid, et hajutada algatamisotsuses tõstatatud kahtlused.
Further, the Commission found that PCC continued with various restructuring measures in order to reduce costs, boost profitability and enhance the competitiveness of MMD.
Ühendkuningriik tõendas, et kuigi Portsmouth jätkas MMD toetamist tulutoetustega, mis olid suuremad ja pikemaajalised, kui algses investeerimiskavas ette nähtud, oli selline käitumine alati majanduslikult ratsionaalne ja Portsmouthi jaoks kasulikum kui kõik teised võimalikud variandid.
In fact, PCC was only prepared to approve continued investment on the basis of an ongoing and regularly updated restructuring plan.
Kui vaadelda pikaajalise korduvkasutusega laenulimiiti, mille Portsmouth MMD-le 2010. aastal andis (3. meede), märgib komisjon esiteks, et selle olemasolu ja Portsmouthile avalduvate majanduslike tagajärgedega arvestati täiel määral, kui analüüsiti, kas MMD toetamist jätkata, ja need olid lisatud ka eespool kirjeldatud majandusmudelisse.
For example, following three years of difficult negotiations, new labour contracts were signed with MMD's staff in 2016, projected to save around GBP 250000 in annual labour costs.
Peale selle esitas Ühendkuningriik tõendid, mis kinnitavad, et enne laenu andmist hinnati MMD finantsseisundit ning esitatud äri- ja finantsprognooside kohaselt olid laenu tagasimaksmise väljavaated lähiaastatel, kui kavandatud restruktureerimine on läbi, head.
The restructuring plan also included a number of investment projects aimed at increasing the competitiveness of MMD (namely investment in quality certification, improvements to temperature-controlled storage, new equipment for container handling, installation of additional space for containers and further continual iterative improvements to infrastructure to enhance efficient operation).
Samuti esitas Ühendkuningriik iga laenuga rahastatud projekti põhjaliku hindamise materjalid, kus oli analüüsitud projektist oodatavat majanduslikku kasu ja võrreldud seda teiste valikuvariantidega.
Further, in 2014, MMD took the decision to cease offering its own service for the onward transport of goods arriving at MMD and rather outsourced this service in order to be able to focus on its core business.
Seega kinnitavad esitatud tõendid, et enne iga laenuosa väljamaksmist analüüsiti korralikult sellise investeeringu majanduslikku põhjendatust.
In addition, since its acquisition of MMD, PCC has made a number of changes to the management of the business, not only to improve financial accountability, but also to maximise the synergies with PCC's port operations.
Peale selle kasutati kõiki laenuosi ainult selleks, et teha kapitalimahutusi, mis sisuliselt suurendasid ettevõtte ja Portsmouthi investeeringu väärtust.
Finally, MMD has also invested in improving and extending its relationships with key customers.
Lisaks väitis Ühendkuningriik, et võrdlusaluseks ei ole mitte sõltumatu eralaenuandja, vaid sarnases olukorras eraomandis emaettevõte.
The United Kingdom thus demonstrated that the financial performance of MMD was under constant review and led to adaptations to its restructuring plan.
Ühendkuningriigi sõnul on emaettevõtte jaoks majanduslikult mõistlik anda tütarettevõttele laenu emaettevõtte laenukulude hinnaga, kui see investeeritakse tütarettevõtte konkurentsivõime suurendamisse ja seega lõppkokkuvõttes tütarettevõtte väärtuse suurendamisse emaettevõtte jaoks.
This actually led to a return to profitability of MMD without any revenue grant from PCC in the financial year 2016/2017.
Komisjon möönab, et korduvkasutusega laenulimiidi hindamisel tuleb arvestada sellega, et MMD oli (ja on siiani) täielikult Portsmouthi omandis.
Therefore, as regards the revenue grants (Measure 2) specifically, the United Kingdom provided substantial evidence for the Commission to be able to remove the concerns raised in the Opening Decision.
Portsmouthi eeldatav kasum laenust ei piirdu vaid intressiga (nagu kommertspankade puhul), vaid kindlasti tuleb arvestada sellega, et laen parandaks MMD võimet jõuda tulevikus kasumisse ja nii suurendada Portsmouthi osaluse väärtust.
The United Kingdom demonstrated that, even though PCC's continued support to MMD by means of the revenue grants went beyond the initial investment plan, both as regards the amount and the duration, it at all material times constituted an economically rational behaviour that was more advantageous for PCC than all other available options.
On ju laenulimiidi kasutamine tihedalt seotud restruktureerimismeetmetega, mille eesmärk on lahendada MMD rahalised raskused ja saavutada pikaajaline kasumlikkus.