natgillin/translations-raw huggingface dataset:
The assessment of the bids by NEUWOGES indicates that NEUWOGES perceived BAVARIA’s bid to be the best available on the market at the relevant time (1997/98).
Ocjena NEUWOGES-a u pogledu ponuda pokazuje da je NEUWOGES ponudu trgovačkog društva BAVARIA u mjerodavnom trenutku (1997./1998.) smatrao najboljom ponudom dostupnom na tržištu.
NEUWOGES’ argument that at least the Felske bid was actually better is unsustainable.
Argument NEUWOGES-a da je barem ponuda trgovačkog društva Felske bila povoljnija nije utemeljen.
While it is true that the price apparently offered by Felske (EUR […]) was higher than the upfront payment eventually made by BAVARIA (EUR […]), it must be pointed out that the sale-and-lease-back transaction has to be assessed as a whole and that its total value (EUR […]) was higher than the price offered by Felske.
Iako je cijena koju je trgovačko društvo Felske očigledno ponudilo ([…] EUR) bila viša od predujma koji je BAVARIA naposljetku platila ([…] EUR), potrebno je podsjetiti na činjenicu da se transakcija povratnog leasinga smatra cjelinom i da je njezina ukupna vrijednost ([…] EUR) viša od cijene koju je ponudio Felske.
In this light, it can be stated that, even though the bidding process carried out was not such as to constitute proof in itself that BAVARIA’s bid was the best available on the market, it points in this direction.
U pogledu tih obrazloženja potrebno je navesti da postupak podnošenja ponuda nije ispunjavao sve uvjete kako bi služio kao dokaz da je ponuda trgovačkog društva BAVARIA bila najbolja raspoloživa ponuda na tržištu, ali jasno upućuje na tu činjenicu.
In any event, the limited bidding process provides no substantiated indication that a better offer was available to NEUWOGES at the relevant time (1997/98).
U svakom slučaju, ograničeni postupak podnošenja ponuda ne služi kao potvrda da je NEUWOGES u relevantnom trenutku (1997./1998.) imao na raspolaganju bolju ponudu.
Other types of transactions available at the relevant time
Druge vrste transakcija u relevantnom trenutku
Assessment framework
Okvir za ocjenjivanje
It is helpful to assess the transaction in question against different, but generally similar, types of transactions offered on the market at the relevant time (1997/98).
Korisno je istražiti predmetnu transakciju s obzirom na druge, slične vrste transakcija koje su se u predmetnom trenutku (1997./1998.) nudile na tržištu.
The transaction in question is a typical sale-and-lease-back transaction.
Predmetna transakcija tipična je transakcija povratnog leasinga.
Sale-and-lease-back agreements are, by nature, financing transactions.
Sporazumi o povratnom leasingu po prirodi su transakcije financiranja.
By buying a property from the lessee, the lessor provides the lessee with liquidity and/or finances major investments, such as the modernisation of old buildings.
Kupnjom nekretnine od korisnika leasinga davatelj leasinga korisniku leasinga daje likvidna sredstva, odnosno financira veća ulaganja, poput sanacije starih zgrada.
In order to continue using the property, for commercial or other purposes, the lessee then leases the property back, thereby (fully or partly) paying back the lessor’s investment over the duration of the lease contract.
Kako bi se nekretnina mogla dalje upotrebljivati u poslovne ili druge svrhe, korisnik leasinga nekretninu daje u povratni leasing, čime se tijekom trajanja ugovora o leasingu (potpuno ili djelomično) amortizira ulaganje davatelja leasinga.
Being a financing transaction, a sale-and-lease-back agreement has a certain similarity with bank loans and mortgages.
Kao transakcija financiranja sporazum o povratnom leasingu ima određenu sličnost s bankovnim kreditima i hipotekama.
There are, however, some important differences that need to be kept in mind.
No postoje i neke važne razlike koje se moraju uzeti u obzir.
A sale-and-lease-back transaction enables the seller/lessee to finance major investments and gain instant liquidity without having to rely on own capital.
Transakcijom povratnog leasinga prodavatelju/korisniku leasinga omogućeno je financiranje većih ulaganja i neposredan pristup likvidnim sredstvima, a da pritom nije ograničen na vlastiti kapital.
This means that own capital and the additional liquidity obtained are available for other investments, or that the lessee can finance investments even where a traditional loan would not be available because of the lack of own capital or a high degree of indebtedness.
To znači da su vlastiti kapital i dodatno ostvarena likvidna sredstva raspoloživi za druga ulaganja ili da korisnik leasinga može poduzimati ulaganja za koja mu zbog nedostatka vlastitog kapitala ili velikog stupnja zaduženosti ne bi bio odobren običan kredit.
As the buyer/lessor has to re-finance its own initial investment and make a profit, the leasing rate is typically somewhat higher than the interest rate on a comparable bank loan (as explained in further detail in the following section).
Budući da kupac/davatelj leasinga mora refinancirati svoje prvo ulaganje i ostvariti dobit, rata leasinga u pravilu je nešto viša od kamatne stope za sličan bankovni kredit (kako je pobliže objašnjeno u sljedećem odjeljku).
At the end of the lease contract, the lessee either has to repurchase the property or it remains in the ownership of the lessor and is available for further use.
Poslije isteka ugovora o leasingu korisnik leasinga mora ponovno otkupiti nekretninu ili ona ostaje u vlasništvu davatelja leasinga i stoji na raspolaganju za daljnju uporabu.
This means that the leasing rate depends on the residual value of the property at the end of the lease contract concluded between the two parties.
To znači da rata leasinga ovisi o preostaloj vrijednosti nekretnine nakon isteka ugovora o leasingu koji su sklopile strane.
As the residual value is often difficult to predict, especially in the case of long-term leases, it represents a risk factor for the lessor that is reflected in the leasing rate.
Budući da je preostalu vrijednost u slučaju dugoročnih ugovora o leasingu često teško predvidjeti, ona za davatelja leasinga predstavlja čimbenik rizika koji se odražava u rati leasinga.
No such risk is involved in traditional bank loans, and only to a certain degree in mortgages.
Takav rizik ne postoji u slučaju običnih bankovnih kredita, a u slučaju hipoteka postoji samo u određenoj mjeri.
The consequence is that the leasing rates and the interest rates for loans/mortgages are not entirely comparable.
Posljedično, rate leasinga i kamatne stope za kredite/hipoteke nisu u potpunosti usporedive.
By comparing the leasing rate for the transaction in question with the average interest rates on loans/mortgages available at the relevant time (1997/98), it is not possible to determine precisely whether the leasing rate charged was in line with the market conditions at the relevant time (1997/98).
Ako se uspoređuje rata leasinga predmetne transakcije s prosječnim kamatnim stopama za kredite/hipoteke u predmetnom trenutku (1997./1998.), nije moguće jasno odrediti je li tražena rata leasinga u predmetnom trenutku (1997./1998.) bila usklađena s tržišnom praksom.
It is, however, possible to say whether the leasing rate was so high that it appears that no MEO would reasonably have engaged in the transaction.
Ipak, moguće je ocijeniti je li rata leasinga bila toliko visoka da vjerojatno nijedan gospodarski subjekt u tržišnom gospodarstvu ne bi zaključio tu transakciju.
In the transaction in question, the leasing rate was initially set at […]% p.a. of the total investment volume.
U predmetnom pravnom poslu rata leasinga izvorno je utvrđena na […] % godišnje ukupnog opsega ulaganja.
Due to the indexation of the amount owed by […]% p.a., the leasing rate will rise to […]% at the end of the contract, resulting in an average leasing rate of […]% p.a.
Indeksacijom iznosa koji će se naplatiti s […] % godišnje rata leasinga na kraju trajanja ugovora iznosit će […] %, što odgovara prosječnoj rati leasinga od […] % godišnje.
For the sake of comparison, if NEUWOGES had chosen not to index the leasing rate, it would have been set at […]% p.a. over the entire duration of 30 years.
Za usporedbu: da je NEUWOGES odlučio ne indeksirati ratu leasinga, ona bi tijekom ukupnog razdoblja od 30 godina bila određena na […] % godišnje.
The ‘premium’ is then the cost of choosing lower leasing rates at the beginning, and higher leasing rates towards the end, of the contract, rather than stable rates throughout.
Ta je „nadoplata” cijena odluke da se na početku plaćaju niže, a pri kraju trajanja ugovora više rate leasinga, umjesto plaćanja stabilnih stopa tijekom cijelog trajanja ugovora.
It must first be pointed out that Rostock Regional Court assessed the leasing rate against interest rates for other transactions.
Potrebno je najprije podsjetiti na činjenicu da je pokrajinski sud Landgericht Rostock ratu leasinga ocjenjivao s obzirom na kamatne stope drugih transakcija.
It observed that the development of the interest rates on mortgages over a time span of 30 years was difficult to predict, but that interest rates of over 10 % could be expected in periods of high interest rates.
Utvrdio je da se, iako je teško procijeniti razvoj kamatnih stopa za hipoteke tijekom razdoblja od 30 godina, u razdobljima viših kamata može računati na kamate više od 10 %.
It observed that the average leasing rate charged to NEUWOGES could not, then, be seen as being out of line with market terms.
Prosječna rata leasinga koju je NEUWOGES zahtijevao stoga nije bila neusklađena s tržišnom praksom.
Only fairly general data is available for comparison.
Za usporedbu su dostupni samo prilično općeniti podatci.
Of all the data gathered by the German Bundesbank for January 1998 (when the transaction in question was concluded), two types of interest rates can be considered relevant.
Od svih podataka koje je njemačka savezna banka Deutsche Bundesbank prikupila za siječanj 1998. (trenutak u kojem je provedena predmetna transakcija) relevantnima se mogu smatrati dvije vrste kamatnih stopa.
First, the interest rates for ‘mortgage loans secured by residential real estate with interest rates fixed for 10 years’ are of interest, since NEUWOGES too would use residential real estate as collateral for a loan (regardless of whether or not such a loan would meet all the formal conditions of a mortgage).
S jedne su strane zanimljive kamatne stope za „hipotekarne kredite na stambene nekretnine po fiksnoj kamatnoj stopi na deset godina” jer bi i NEUWOGES upotrebljavao stambene objekte za osiguranje kredita (neovisno o tome bi li se takvim kreditom ispunili svi službeni preduvjeti za hipoteku).
Second, the interest rates for ‘long-term fixed-rate loans to enterprises and self-employed persons, EUR 500000 and over but less than EUR 5 million’ could also be suitable for a comparison, since NEUWOGES can be considered as an enterprise (while mortgages are usually taken out by private individuals who actually live in the property themselves rather than renting it out).
S druge strane, i kamatne stope za „dugoročne kredite s fiksnom kamatnom stopom za poduzeća i samostalne poduzetnike od 500000 do 5 milijuna EUR” mogle bi biti prikladne za usporedbu jer se NEUWOGES može smatrati poduzetnikom (hipoteke u pravilu podižu fizičke osobe koje same žive u nekretnini i ne daju je u podnajam).
According to the Bundesbank, in January 1998 German mortgage loans with a 10-year fixed interest rate had an average interest rate of 6,40 % p.a.
Prema banci Bundesbank prosječna kamatna stopa za njemačke hipotekarne kredite s fiksnim kamatama na deset godina u siječnju 1998. iznosila je 6,40 % godišnje.
At that time, interest rates for this type of loan normally spanned a range of 6,17 % p.a. to 6,97 % p.a.
Tada su se kamatne stope za tu vrstu kredita obično kretale unutar raspona od 6,17 % godišnje (donja granica raspona) do 6,97 % godišnje (gornja granica raspona).
For long-term fixed-rate loans, the average interest rate in January 1998 was 6,35 % p.a. and spanned a range of 5,55 % p.a. to 7,73 % p.a.
U slučaju dugoročnih kredita s fiksnom kamatom prosječna kamatna stopa u siječnju 1998. iznosila je 6,35 % godišnje i kretala se u rasponu od 5,55 % (donja granica raspona) do 7,73 % godišnje (gornja granica raspona).
The Bundesbank does not specify the average duration of a ‘long-term’ loan.
Banka Bundesbank, međutim, ne navodi prosječno trajanje „dugoročnog” kredita.
However, it can be assumed that it would not be more than 10 years and would probably be shorter than that [114].
Ipak, može se pretpostaviti da bi prosječno trajanje iznosilo najviše deset godina, a vjerojatno i manje [114].
A comparison of the leasing rate paid by NEUWOGES with the available interest rates from the Bundesbank for loans that were concluded in the same time period (i.e. January 1998) must take the following elements into account:
Pri usporedbi rate leasinga koju plaća NEUWOGES s kamatnim stopama koje je banka Bundesbank navela za kredite dodijeljene u istom razdoblju (tj. u siječnju 1998.) potrebno je uzeti u obzir sljedeće aspekte:
The average yearly leasing rate over the 30-year contract period is […]%.
Prosječna godišnja rata leasinga tijekom trajanja ugovora od 30 godina iznosi […] %.
However, as discussed above, this rate is the result of NEUWOGES’ choosing to pay a lower leasing rate at the beginning of the contract period, offset by a higher leasing rate later on.
Kako je već navedeno, NEUWOGES je sam odlučio na početku trajanja ugovora plaćati nižu ratu leasinga koja će se kasnije nadoknaditi višom ratom leasinga.
This choice comes at a cost, because if NEUWOGES had opted for a flat leasing rate from the start it would have had to pay a rate of only […]% per year [115].
Ta odluka ima svoju cijenu: da se NEUWOGES odmah odlučio za fiksnu stopu leasinga, morao bi plaćati stopu od samo […] % godišnje.
The figures from the Bundesbank are for fixed-rate loans, meaning that the interest rate is equal in each of the years.
Podatci banke Bundesbank odnose se na kredite s fiksnim kamatama, tj. kamatna stopa svake je godine jednaka.
If it is assumed that NEUWOGES would have been in a position to negotiate a loan with similar payment conditions (i.e. lower interest payments at the start and higher payments towards the end), this would also have come at a cost (for the same reasons as for BAVARIA) [116].
Ako se pretpostavi da bi NEUWOGES bio u stanju dogovoriti kredit sa sličnim uvjetima plaćanja (tj. niža plaćanja kamata na početku i viša plaćanja prema kraju), i to bi imalo svoju cijenu (iz jednakih razloga kao u slučaju trgovačkog društva BAVARIA) [116]. Kamatne stope banke Bundesbank stoga bi trebalo uspoređivati sa stalnom ratom leasinga od […] %.
The Bundesbank interest rates should therefore be compared with the flat leasing rate of […]%.The leasing rate has been fixed for a period of 30 years.
Rata leasinga određena je na razdoblje od 30 godina.
Although it is indexed each year, it was perfectly possible, as early as at the start of the contract, to calculate the average leasing rate for the duration of the contract.
Unatoč godišnjoj indeksaciji bilo je moguće već na početku trajanja ugovora izračunati prosječnu ratu leasinga za cjelokupno trajanje ugovora.
The Bundesbank interest rates for mortgages are fixed for only 10 years (as explained above, it is not known for which period the interest rates for enterprises are fixed, but it can be assumed that the period is of no more than 10 years).
Kamatne stope za hipotekarne kredite koje je navela banka Bundesbank određene su na samo deset godina (kako je ranije navedeno, nije poznato na koje su razdoblje određene kamate za poduzeća; ipak, može se pretpostaviti da razdoblje ne iznosi više od deset godina).
The most suitable benchmark would be interest rates fixed for 30 years, but these figures are not published by the Bundesbank.
Najprimjerenija usporedna vrijednost bile bi kamatne stope određene na 30 godina. Međutim, banka Bundesbank ne objavljuje takve podatke.
In general, fixed-interest rate loans become more expensive the longer their duration.
Općenito, krediti s fiksnom kamatom postaju skuplji s duljim trajanjem.
For example, the Bundesbank figures for January 1998 show that a mortgage with a 5-year fixed rate had an average interest rate of 5,85 %, compared to 6,40 % for a loan with a 10-year fixed rate.
Primjerice, podatci banke Bundesbank za siječanj 1998. pokazuju da je prosječna kamatna stopa za hipotekarne kredite s mogućnošću fiksne kamatne stope uz fiksne kamate na pet godina iznosila 5,85 %, dok je fiksna kamatna stopa za kredite s fiksnom kamatom u trajanju od deset godina iznosila 6,40 %.
Therefore, it can be safely assumed that the interest on a fixed-interest loan of 30 years’ duration would have been considerably higher than the Bundesbank averages of 6,35 % and 6,40 %.
Na temelju toga, opravdano je pretpostaviti da bi kamate na kredit s fiksnom kamatom u trajanju od 30 godina bile znatno više od prosječnih kamatnih stopa od 6,35 % odnosno 6,40 % koje je navela banka Bundesbank.
The Bundesbank figures provide both an average rate and a range of interest rates based on a large number of German loan contracts concluded in January 1998.
Banka Bundesbank navodi i prosječnu stopu i raspon koji se temelje na velikom broju ugovora o kreditu koji su sklopljeni u siječnju 1998. u Njemačkoj.
The leasing rate that applied to NEUWOGES implicitly reflects the inherent risk of the transaction for BAVARIA.
U rati leasinga određenoj za NEUWOGES implicitno se odražava rizik za trgovačko društvo BAVARIA povezan s transakcijom.
BAVARIA’s greatest exposure was to credit risk, i.e. the risk that NEUWOGES would go bankrupt or otherwise not fulfil the obligation to make the required leasing payments.
BAVARIA je najviše bila izložena kreditnom riziku, tj. riziku da će NEUWOGES postati nelikvidan ili da iz nekog drugog razloga neće moći ispunjivati svoju obvezu plaćanja potrebnih rata leasinga.
Similarly, a bank would have made an assessment of NEUWOGES’ creditworthiness before granting a loan.
Jednako bi tako banka prije odobrenja kredita ocijenila kreditnu sposobnost NEUWOGES-a.
Clients with a lower creditworthiness (or a higher credit risk for the bank) are usually charged a higher interest rate to compensate for the additional risk [117].
Klijenti sa slabijom kreditnom sposobnošću (ili većim kreditnim rizikom za banku) u pravilu kao nadoknadu za veći rizik moraju plaćati veću kamatnu stopu [117].
As discussed above (see section 7.3.1), NEUWOGES had a limited ability to obtain new loans because of its relatively high degree of indebtedness and the fact that its own capital was tied up in other investment projects.
Kako je navedeno u odjeljku 7.3.1., NEUWOGES je, s obzirom na svoju prilično veliku zaduženost i činjenicu da je njegov vlastiti kapital bio uključen u druge projekte ulaganja, imao samo ograničene mogućnosti za sklapanje novih ugovora o kreditu.
If, however, a bank had been prepared to grant a loan to NEUWOGES, it would have taken these elements into account when setting the interest rate.
Međutim, da je neka banka bila spremna NEUWOGES-u odobriti kredit, ona bi poštovala te aspekte pri utvrđivanju kamatne stope.
Loans to companies with a relatively high level of debt and a low own-capital contribution to the investment have higher interest rates.
Kamatne stope više su za kredite relativno visoko zaduženim poduzećima koja u svoje ulaganje mogu unijeti samo mali iznos vlastitog kapitala.
Because of this, any comparison of the leasing rate paid by NEUWOGES and the interest rates on loans available on the market should focus on the higher end of the Bundesbank interest-rate range [118].
Stoga bi u središtu svake usporedbe rate leasinga koju plaća NEUWOGES s kamatnim stopama za kredite dostupne na tržištu trebale biti veće stope raspona banke Bundesbank [118].
As mentioned above, a leasing company has to refinance its initial investment (in this case mainly the purchase price for the apartment blocks and the costs of modernisation).
Kako je već navedeno, leasing-društvo mora refinancirati svoje prvo ulaganje (u ovom slučaju prije svega kupovnu cijenu za zgrade i troškove sanacije).
The interest rate it has to pay for its own refinancing will depend on several factors, such as its size, its level of debt, the property in its portfolio, etc. In any event, this interest rate is just the starting point, as the leasing company (BAVARIA) also needs to be compensated for the risks it bears.
Kamatna stopa koju mora platiti za vlastito refinanciranje ovisi o različitim aspektima kao što su njegova veličina, njegovo stanje u pogledu dugova i nekretnine koje posjeduje. Ta je kamatna stopa, međutim, samo polazište, jer leasing-društvu (BAVARIA) moraju biti nadoknađeni rizici koje snosi.
These can include interest-rate risk (the risk that it will have to refinance its investment on the basis of a variable interest rate, while the lease payments have a fixed rate), credit risk (the possibility, as discussed above, that NEUWOGES will go bankrupt and that BAVARIA will not be able to recover the lease payments still due), and residual value risk (the uncertainty about the value of the property after the lease contract has expired).
Time su obuhvaćeni kamatni rizik (rizik povezan s tim da svoja ulaganja mora refinancirati po promjenjivoj kamatnoj stopi dok plaćanja leasinga imaju fiksnu kamatnu stopu), kreditni rizik (već spomenuta mogućnost da NEUWOGES postane nelikvidan i BAVARIA ne primi neplaćene iznose za leasing) te rizik preostale vrijednosti (nesigurnost u pogledu vrijednosti nekretnine nakon isteka ugovora o leasingu).
The leasing company is also likely to have certain overhead costs which would also be reflected in the leasing rate [119].
Leasing-društvo vjerojatno snosi i određene opće troškove koji se isto tako odražavaju u rati leasinga [119].
Finally, the leasing company also intends to make a profit and will take account of this factor in setting the leasing rate [120].
Osim toga, leasing-društvo želi ostvariti dobit i to uzima u obzir pri utvrđivanju rate leasinga [120].
Even if BAVARIA had been in a position to refinance its investment at an interest rate lower than that which NEUWOGES would have been charged for a bank loan, the refinancing interest rate would have had to be increased in the light of these different elements (risk premium, costs and profit) in order to obtain the applicable leasing rate, which could have ended up being higher than the interest rate on a traditional loan.
Čak i da je BAVARIA bila u stanju refinancirati svoja ulaganja po nižoj kamatnoj stopi od one koju bi NEUWOGES platio za bankovni kredit, kamatna stopa za refinanciranje morala bi se povisiti s obzirom na te različite elemente (nadoknadu za rizik, troškove i dobit) kako bi se dobila tražena rata leasinga koja je naposljetku mogla biti viša od kamatne stope za običan kredit.
Taking into account all of the above elements, a leasing rate of […]% p.a. for a fixed leasing payment (or even of […]% for a leasing payment indexed at […]%, although this figure appears less suitable for comparison purposes) appears rather reasonable when compared to the Bundesbank figures for loans.
S obzirom na sve navedene čimbenike rata leasinga od […] % godišnje u slučaju fiksne rate leasinga (ili čak od […] % z slučaju rate leasinga s indeksacijom od […] % koja je, međutim, manje primjerena za usporedbu) u usporedbi s kamatnim stopama koje banka Bundesbank navodi za kredite čini se prilično razboritom.
The Bundesbank figures should be adjusted to reflect, for example, a fixed-rate duration of 30 years.
Napominjemo da bi podatke banke Bundesbank trebalo prilagoditi, primjerice, razdoblju od 30 godina uz fiksnu kamatnu stopu.
While the correction required to arrive at a suitable benchmark cannot be precisely quantified, the difference between the average interest rates for loans and mortgages and the leasing rate seems sufficient to conclude that there are no indications that the BAVARIA leasing rate was too high.
Iako se ispravak potreban za postizanje prikladne usporedne analize ne može točno kvantificirati, razlika između prosječnih kamatnih stopa za kredite/hipoteke i rate leasinga čini se dovoljno opravdanom za donošenje zaključka da ne postoje pokazatelji da je BAVARIA tražila previsoku ratu leasinga.