natgillin/translations-raw huggingface dataset:
A total value of EUR […] million was therefore adopted for the Marcinelle Energy project.
Stoga je odlučeno da ukupna vrijednost projekta Marcinelle Energie iznosi […] milijuna EUR.
It is clear from the above that ultimately, the parties adopted a prudent valuation, much lower than the maximum profitability that the project was likely to generate.
Iz prethodno navedenog proizlazi da su strane konačno prihvatile razumnu procjenu vrijednosti, iako znatno nižu od najveće profitabilnosti koju je projekt mogao ostvariti.
It would therefore be fundamentally incorrect to criticise FSIH for having allegedly invested ‘an amount equivalent to the expected return on the project’ (paragraph 161 of the Commission's opening decision).
Stoga je u osnovi netočan prigovor društvu FSIH da je navodno uložio „iznos jednak očekivanom povratu od projekta” (točka 161. Odluke Komisije o pokretanju postupka).
However, the energy market suffered another strong downturn starting in 2010 and the profitability of CCGT power stations plummeted.
Međutim, stanje na tržištu električne energije naglo se promijenilo 2010. pa je drastično pala profitabilnost postrojenja s plinskim turbinama s kombiniranim ciklusom.
This did not prevent the power station from entering into service on 31 March 2012.
To nije spriječilo puštanje postrojenja u pogon 31. ožujka 2012.
Consequently, at the start of 2013, Duferco Diversification (which became Duferco Belgium) exercised its exit right for EUR […] million, increased by EUR […] million in repayment of losses recorded on the agreement to supply at cost price, EUR […] million by way of a rebate on the price of gas and EUR […] million in ‘revaluations and miscellaneous interest’ (without further details).
Prema tome, Duferco Diversification (koji je postao Duferco Belgium) iskoristio je početkom 2013. svoje pravo izlaska u zamjenu za iznos od […] milijuna EUR uvećan za […] milijuna EUR naknade za gubitke zabilježene na temelju ugovora o isporuci po proizvodnoj cijeni, za […] milijuna EUR na temelju popusta na cijenu plina i […] milijuna EUR na temelju „revalorizacije i raznih kamata” (bez dodatnih pojedinosti).
TOTAL OF THE FOUR FACTORS
SVE ČETIRI OKOLNOSTI
Belgium argues that this investment in DSIH should be considered an investment that is pari passu with Duferco Développement.
Belgija ističe da se to ulaganje u DSIH treba smatrati kao ulaganje pari passu s društvom Duferco Développement.
Given that FSIH and Duferco Développement provided the same amount, they would have the same interest and would be subject to the same risks.
Budući da su FSIH i Duferco Développement uložili isti iznos, snosili su iste kamate i isti rizik.
With regard to the loan to [the parent company of the Duferco Group at the time], Belgium disputes any elements of aid.
U pogledu zajma dodijeljenog [društvu koje je u tom trenutku bilo na čelu grupe Duferco], Belgija osporava svaki element potpore.
It points out that the average variable interest rate on bank loans held by the various subsidiaries of [the parent company of the Duferco Group at the time] in 2009 was [1,1-1,55] %, which is lower than the loans on the rates under investigation.
Podsjeća da je prosječna varijabilna kamatna stopa bankarskih zajmova dodijeljenih različitim društvima kćerima [društva koje je u tom trenutku bilo na čelu grupe Duferco] 2009. iznosila [1,1 – 1,55] %, odnosno manje od stopa zajmova koji se ispituju.
Belgium maintains that this point of comparison is valid because the loans taken into account to calculate it are comparable to those granted by FSIH.
Belgija tvrdi da je ta usporedba valjana jer su zajmovi koji su uzeti u obzir pri izračunu bili usporedivi sa zajmovima koje je dodijelilo društvo FSIH.
In this it disagrees with the Commission, which does not consider these loans relevant for a comparative analysis.
U tom se pogledu protivi mišljenju Komisije da ti zajmovi nisu relevantni za usporednu analizu.
According to Belgium, the Commission is wrong to take into consideration such criteria as the maturity of the loan, the amount lent or the nature of the loan to decide whether private loans are comparable to those of FSIH.
Belgija smatra da je Komisija zapravo pogrešno uzela u obzir kriterije, poput dospijeća zajma, pozajmljenog iznosa ili naravi zajma pri odlučivanju jesu li privatni zajmovi usporedivi s onima dodijeljenima društvu FSIH.
This approach goes against the Communication from the Commission on the revision of the method for setting the reference and discount rates (the ‘2008 Reference Rate Communication’) [13], which explicitly states that ‘the margin is largely independent of the maturity of the loan’.
Takav je pristup bio u suprotnosti s odredbama Komunikacije Komisije o reviziji metode za utvrđivanje referentnih kamatnih i diskontnih stopa („Komunikacija o referentnim stopama iz 2008.”) [13], kojima se izričito zahtijeva da je „marža uvelike neovisna o dospijeću zajma”.
Belgium illustrates the lack of correlation between the maturity, amount and nature, on the one hand, and the margin, on the other, by analysing the loans granted to Duferco by commercial banks.
Belgija dokazuje to nepostojanje povezanosti između dospijeća, iznosa i naravi, s jedne strane, te marže, s druge strane, analizom zajmova koje su komercijalne banke dodijelile grupi Duferco.
The loans from banking institutions on the highest amounts have interest rates that vary between [0,9-1,35] % and [1,7-2,2] % and are often lower than the interest rates on loans for small amounts (up to [2,25-2,75] % for a loan of EUR […] million or even [2,3-2,75] % for a loan of EUR […] million).
Kamatne stope bankarskih institucija na zajmove najvećih iznosa kreću se od [0,9 – 1,35] % do [1,7 – 2,2] %, a te su stope često niže od stopa na zajmove nižih iznosa (do [2,25 – 2,75] % za zajam od […] milijuna EUR ili [2,3 – 2,75] % za zajam od […] milijuna EUR).
Rates on loans for working capital fluctuate between [0,75-1,15] % and [2,75-3,25] % while rates on loans for capital expenditure (CapEx) fluctuate between [1,5-2] % and [2,75-3,25] %.
Stope zajmova za potrebe obrtnog kapitala („working capital”) kreću se od [0,75 – 1,15] % do [2,75 – 3,25] %, dok se stope zajmova u svrhu troškova ulaganja („Capex”) kreću od [1,5 – 2] % do [2,75 – 3,25] %.
According to Belgium, in order to rule out any element of aid in the granting of a public loan, nothing imposes the obligation to establish the existence of an identical loan from a private bank.
Prema mišljenju Belgije, ničim se uostalom ne nalaže da je za isključenje elementa potpore iz dodjele javnog zajma potrebno dokazati postojanje istovjetnog zajma privatne banke.
Neither the EU State aid rules nor case-law require public loans to be identical to private loans in terms of maturity, amount and nature to rule out any element of aid.
Ni propisima Unije koji su na snazi za državne potpore ni sudskom praksom ne zahtijeva se da javni zajmovi moraju biti istovjetni privatnim zajmovima u pogledu dospijeća, iznosa i naravi kako bi se isključio svaki element potpore.
Belgium argues that the collateral associated with the FSIH loan is extremely high in relation to the 2008 Reference Rate Communication.
Naposljetku Belgija zagovara da su instrumenti osiguranja povezani sa zajmom društva FSIH iznimno visoki u odnosu na Komunikaciju o referentnim stopama iz 2008.
It follows from DPH's very solid finances that the pledge on 15 % of its shares is excellent collateral.
Iz izrazito velike financijske snage društva DPH proizlazi da je založno pravo na 15 % njegovih dionica izvrstan instrument osiguranja.
Furthermore, the quasi-certain nature of the claim of EUR […] million to be allocated as a priority to repay the loan in the event of a change of control of SIF makes this collateral very strong.
Osim toga, s obzirom na to da je bilo gotovo sigurno da potraživanje od […] milijuna EUR bude prioritetno raspoređeno za povrat zajma u slučaju promjene u kontroli grupe SIF, taj je instrument osiguranja vrlo snažan.
With regard to the loans granted to the SIF group, the comparison shows that, once again, there is only a limited correlation at most between the criteria put forward by the Commission (maturity, amount and nature) and the rate of remuneration on these loans.
Kada je riječ o zajmovima dodijeljenima grupi SIF, usporedbom je dokazano da između kriterija koje je iznijela Komisija (dospijeće, iznos i narav) te stopa naknade tih zajmova postoji tek iznimno ograničena povezanost.
The comparison also establishes that the remuneration on the FSIH loan is close to the remuneration on the different loans granted to SIF by private financial institutions.
Usporedbom je utvrđeno i da je naknada za zajam društva FSIH slična naknadi različitih zajmova koje su privatne financijske ustanove dodjeljivale društvu SIF.
With an interest rate of 1,99 %, its remuneration is slightly higher than the average rate on loans to the SIF Group, which is [1,65-2,15] %.
S kamatnom stopom od 1,99 %, njegova je naknada, naime, tek nešto veća od prosječne stope za zajmove dodijeljene grupi SIF koja iznosi [1,65 – 2,15] %.
Taking into account only the long-term loans contracted by SIF provides a range that is even lower than the average of [1,65-2,15] %, i.e. a range between [1-1,5] % and [1,65-2,15] %.
Ako bi se u obzir uzeli samo dugoročni zajmovi koje je ugovorio SIF, raspon bi bio još niži od tog prosjeka od [1,65 – 2,15] %, odnosno raspon od [1 – 1,5] % do [1,65 – 2,15] %.
Belgium believes that the lack of collateral for the loan awarded to SIF makes it necessary to add a margin of [20-60] basis points to this range.
Prema mišljenju Belgije, s obzirom na to da ne postoje instrumenti osiguranja za zajam dodijeljen društvu SIF tom je rasponu potrebno dodati maržu od [20 – 60] baznih bodova.
This is justified by the rating category ‘strong’, under the terms of the 2008 Reference Rate Communication, which SIF could claim.
To je opravdano kategorijom rejtinga „vrlo dobar”, na temelju Komunikacije o referentnim stopama iz 2008., koju je SIF mogao dobiti.
This increase leads to a range of [1,5-2] % to […] % which the loan granted by FSIH fits into easily.
To povećanje dovodi do raspona od [1,5 – 2] % do […] %, unutar kojeg se nalazi zajam dodijeljen društvu FSIH.
In the absence of a public rating, Belgium accounts for SIF's ‘strong’ rating by the fact that the interest rates applied by private financial institutions correspond to (or are less than) the interest rates laid down by the 2008 Reference Rate Communication for financially sound companies (AAA to A rating).
U nedostatku javnog kreditnog rejtinga, Belgija potkrijepljuje kategoriju „vrlo dobar” društva SIF činjenicom da su kamatne stope koje su primjenjivale privatne financijske ustanove bile jednake (ili niže) od kamatnih stopa koje su u Komunikaciji o referentnim stopama iz 2008. utvrđene za financijski snažne poduzetnike (ocjene od AAA do A).
According to Belgium, FSIH's investment in DLP was made pari passu with that of DII given that: (i) the amounts invested by the private partner and the public partner are practically identical; (ii) DLP did not belong to the Duferco Group before this investment but was established specifically to serve as a vehicle to house the respective investments of FSIH and DII, and (iii) the goal of the investments was not to buy back assets that already belonged to the Duferco Group (but to SIF).
Prema mišljenju Belgije, ulaganje društva FSIH u društvo DLP jest pari passu s ulaganjem društva DDI jer su i. iznosi koje su uložili privatni i javni partner gotovo jednaki, ii. jer DLP prije tog ulaganja nije bio u vlasništvu grupe Duferco, nego je osnovan upravo kako bi poslužio kao subjekt u koji će društva FSIH odnosno DII uložiti te iii. jer cilj ulaganja nije bio otkupiti imovinu koja je već bila u vlasništvu grupe Duferco (nego društva SIF).
Belgium points out that the fact that FSIH's investment was, in the first instance, granted in the form of a convertible loan (and was quickly converted) is irrelevant.
Belgija navodi da nema utjecaja činjenica da je ulaganje društva FSIH najprije bilo dodijeljeno u obliku konvertibilnog zajma (koji je ubrzo konvertiran).
With regard to the purchase of DLLPL shares, the Commission is reminded that the Walloon Region had been a shareholder in DLL since 1999 through SOGEPA and in this respect was very familiar with its activities and financial situation.
U pogledu kupnje dionica društva DLLPL, Komisiju je potrebno podsjetiti da je Valonska regija od 1999. bila, posredstvom društva SOGEPA, dioničar društva DLL te je zbog toga bila temeljito upoznata s njegovim djelatnostima i financijskim stanjem.
This explains the fact that, in the context of DLP's investment in DLLPL, the parties did not deem it necessary to produce a business plan in due form.
Zato strane nisu smatrale potrebnim propisno izraditi poslovni plan u okviru ulaganja društva DLP u društvo DLLPL.
FSIH knew perfectly well what it was acquiring.
FSIH je savršeno dobro poznavao predmet svojeg stjecanja.
Belgium further believes that FSIH, when making its investment, could be reassured by the prudent nature of the business plan since the forecasts were perfectly in line with the actual figures that were already available.
Belgija je smatrala i da je FSIH u trenutku svojeg ulaganja mogao biti siguran u razumnost tog poslovnog plana jer su predviđanja bila savršeno u skladu s tada raspoloživim stvarnim brojkama.
The same applies to Duferco Trebos.
Isto vrijedi za Duferco Trebos.
With regard to the purchase of the stock from Duferco La Louvière Sales, Belgium argues that although it is correct that the investments by FSIH and DII in DLP allowed the latter to buy back a substantial stock of products with a value of EUR [50-70] million (sales contract of 30 June 2011), it should be noted that the seller of these products was by no means ‘another Duferco company’.
U pogledu kupnje zaliha društva Duferco La Louvière Sales, Belgija tvrdi da, ako je točno da je ulaganjima društava FSIH i DII u društvo DLP omogućeno da potonje društvo otkupi znatne zalihe proizvoda u vrijednosti od [50 – 70] milijuna EUR (kupoprodajni ugovor od 30. lipnja 2011.), važno je naglasiti da prodavač tih proizvoda nikako nije bio neko „drugo društvo grupe Duferco”.
Indeed, at the time, Duferco La Louvière Sales was, and still is, a company controlled by SIF.
Usto, Duferco La Louvière Sales bilo je društvo koje je u to vrijeme, kao i danas, pod kontrolom društva SIF.
After the negotiations, the stocks were bought at their book value although their actual value was much higher.
Nakon pregovora zalihe su bile preuzete po računovodstvenoj vrijednosti, dok je njihova stvarna vrijednost bila znatno veća.
As regards the investment of EUR [30-40] million in DLLPL, separate business plans had been drawn up for different projects or investment scenarios.
U pogledu ulaganja [30 – 40] milijuna EUR u društvo DLLPL, za različite prijedloge ili scenarije ulaganja sastavljali su se zasebni poslovni planovi.
The parties ultimately opted for an investment of EUR [30-40] million in DLLPL, which became Duferco Belgium.
Naposljetku, strane su se odlučile za ulaganje od [30 – 40] milijuna EUR u društvo DLLPL koje je postalo društvo Duferco Belgium.
This investment was the subject of only one business plan, which Belgium submitted to the Commission.
To je ulaganje bilo predmet samo jednog poslovnog plana, koji je Belgija podnijela Komisiji.
The other business plans to which Belgium refers became irrelevant, given that the projects or scenarios set out were not ultimately adopted by the parties.
Drugi poslovni planovi na koje Belgija upućuje postali su bespredmetni jer strane na kraju nisu provele predviđene prijedloge ili scenarije.
JOINT COMMENTS BY […], DSIH AND DLP AND THEIR AFFILIATES
5.1. ZAJEDNIČKE PRIMJEDBE DRUŠTAVA […], DSIH I DLP TE POVEZANIH DRUŠTAVA
By way of introduction, it is worth pointing out that […], the holding company of the Duferco Group, was the successor to […] and to the companies […] and […], the former parent companies of DPH.
Najprije, potrebno je pojasniti da je […], holding društvo grupe Duferco, sljednik […] te društava […] i […], bivših društava majki društva DPH.
[…] stresses first that it agrees completely with Belgium's observations.
[…] najprije ističe da se u potpunosti slaže s primjedbama Belgije.
[…] then recalls the motives leading FSIH to invest in Duferco US.
Zatim se […] osvrće na razloge koji su društvo FSIH naveli na ulaganje u društvo Duferco US.
The acquisition of a stake in Farrell was related to the desire of FSIH to control the site so that Duferco did not abandon the Belgian site in favour of the American site.
Stjecanje udjela u društvu Farrell povezano je sa željom društva FSIH da nadzire postrojenje, kako Duferco ne bi zanemario belgijsko postrojenje u korist američkog postrojenja.
The Walloon Region wanted to protect itself against the risk of potentially diverging interests within Duferco being used against it.
Valonska se regija željela zaštititi od rizika da se potencijalno oprečni interesi unutar grupe Duferco ne upotrijebe protiv nje.
Additionally, FSIH's investment in Farrell was also intended to improve cooperation between the Belgian and American production sites in order to optimise exchanges of information and possible synergies between these sites.
Osim toga, i ulaganje društva FSIH u društvo Farrell bilo je namijenjeno kako bi se pojednostavnilo približavanje belgijskog i američkog proizvodnog postrojenja u svrhu optimiranja razmjene informacija i moguće sinergije između tih postrojenja.
[…] considers it important to emphasise that the initiative behind the withdrawal of FSIH lies with Duferco.
[…] smatra važnim istaknuti da je Duferco iznio inicijativu za raskid obveza društva FSIH.
In February 2006, Duferco had signed a letter of intent with NLMK with a view to selling a stake of 50 % in SIF to NLMK.
Duferco je u veljači 2006. potpisao s društvom NLMK pismo namjere kako bi potonjem društvu ustupio 50-postotni udio u društvu SIF.
However, one of the preconditions was that all the shares in Duferco US should be held by SIF, which therefore implied a buyback of the shares held by FSIH.
Međutim, jedan je od preduvjeta bio da SIF mora posjedovati sve dionice društva Duferco US, što je podrazumijevalo otkup dionica koje je posjedovao FSIH.
Duferco then suggested to FSIH a purchase option to be able to meet the demands of NLMK while still maintaining the necessary flexibility, given the uncertainty at that time concerning the implementation of the transaction.
Stoga je Duferco društvu FSIH iznio ideju o opciji kupnje kako bi mogao ispuniti zahtjeve grupe NLMK i istodobno zadržati potrebnu fleksibilnost, s obzirom na neizvjesnost koja je u to doba postojala u pogledu provedbe transakcije.
At the same, the buyback offer by Duferco was interesting in the context of the end of the steel cycle expected for the end of 2006, which made the investment less attractive.
Ponuda grupe Duferco za otkup bila je zanimljiva i u kontekstu okončanja ciklusa čelika koji se očekivao potkraj 2006., zbog čega je ulaganje bilo manje privlačno.
[…] confirms Belgium's observations to the effect that the opportunity to have a prior competitive tender procedure for potential buyers was not relevant in light of the purpose of the sale: to sell of a minority shareholding in a private company with a non-integrated production site as target.
[…] potvrđuje primjedbe Belgije prema kojima mogućnost otvaranja prethodnog natječajnog postupka za moguće kupce nije bila relevantna s obzirom na predmet kupnje: prodaju manjinskog udjela u privatnom društvu u pogledu neintegriranog proizvodnog postrojenja.
Although the situation did not necessitate a prior competitive tender procedure, […] maintains that the sale was still made at a market price.
Iako situacija nije zahtijevala prethodno otvaranje natječajnog postupka, […] smatra da je prodaja ipak provedena po tržišnoj cijeni.
[…] points out that the functional currency of Duferco US is the US dollar.
[…] podsjeća da je funkcionalna valuta društva Duferco US američki dolar.
Consequently, except for the internal needs of FSIH, it is not relevant that the purchase price was paid in euros.
Prema tome, osim za interne potrebe društva FSIH, nije relevantno što je kupovna cijena plaćena u eurima.
To supplement the valuation exercises carried out by the Walloon Region, […] hired KPMG to value FSIH's 49,9 % stake in Duferco US on 14 June 2006, the day the purchase option was granted, using the fair value method.
Kako bi upotpunio procjene vrijednosti koje je provela Valonska regija, […] angažirao je KPMG da vrednuje 49,9-postotni udio društva FSIH u društvu Duferco US na dan 14. lipnja 2006., kada je dodijeljena opcija kupnje na temelju fer vrijednosti.
KPMG considered that FSIH's stake in Duferco US should be valued as a stake which does not confer control and which is non-negotiable, while applying a control premium, given that the shareholders' agreement of 9 April 2003 gave FSIH a significant influence over Duferco US beyond the influence held by a minority shareholder.
KPMG je smatrao da je udio društva FSIH u društvu Duferco US potrebno ocijeniti kao udio kojim se ne ostvaruje kontrola i o kojem nije moguće pregovarati, pri čemu je primijenio kontrolnu premiju jer je FSIH na temelju dioničarskog ugovora od 9. travnja 2003. stekao znatan utjecaj na društvo Duferco US, veći od utjecaja koji ima manjinski dioničar.
KPMG indicated that industrial cycles in the steel industry generally last between three and seven years.
Navodi da industrijski ciklusi u sektoru čelika traju u načelu od tri do sedam godina.
KPMG noted that even though the steel industry was in good shape in 2006, the indicators clearly showed major risks, given the weakness of the domestic automotive industry and the possibility of a correction in the market for non-residential construction.
KPMG tvrdi da, iako je stanje u industriji čelika 2006. bilo dobro, podatci su očito ukazivali na velike rizike s obzirom na slabost nacionalne automobilske industrije i na mogućnost tržišnog zaokreta u sektoru nestambene gradnje.
Essentially assuming cycles of three and five years as well as a valuation on an EBITDA multiple from comparable companies, KPMG estimated the fair value of the 49,9 % stake in Duferco US at USD […] million on 14 June 2006.
Budući da je uzeo u obzir cikluse od tri i pet godina te da je vrednovanje proveo na temelju višekratnika EBITDA-e usporedivih društava, KPMG je procijenio da je fer vrijednost 49,9-postotnog udjela u društvu Duferco US 14. lipnja 2006. iznosila […] milijuna USD.
[…] then expresses its opinion on the discussion on whether or not to take into account the value of own funds to value Duferco US.
[…] zatim iznosi svoje mišljenje o tome treba li se pri vrednovanju društva Duferco US uzeti u obzir vrijednost vlasničkog kapitala.
It confirms that a valuation based on own funds, as envisaged by the Commission in its opening decision, is not the most appropriate.
Potvrđuje da nije bilo najprikladnije vrednovanje na temelju vlasničkog kapitala, koje je Komisija predvidjela u svojoj odluci o pokretanju postupka.
However, it notes that even if own funds were taken into account, the conclusion would be that the transaction was carried out at a market price.
No, ističe da, čak kada bi se željelo uzeti u obzir vlasnički kapital, došlo bi se do zaključka da je transakcija provedena po tržišnoj cijeni.
To prove this, it draws the Commission's attention to what it considers to be a comparable transaction: the sale to NLMK of a 50 % stake in SIF (accompanied by an unconditional sale option on a least one SIF share).
Kako bi to dokazao, pozornost Komisije skreće na transakciju koju smatra usporedivom: prodaja grupi NLMK 50-postotnog udjela društva SIF (zajedno s bezuvjetnom opcijom kupnje najmanje jedne dionice društva SIF).