natgillin/translations-raw huggingface dataset:
%; secondly, the [70-80] [8] Business secret.
%; drugo, ciljni tržišni udjel od [70 – 80] [8] Poslovna tajna.
% target market share for 2017 would be sustainable in view of current competitive dynamics in the sector as well as of SEAH’s historical [70-80] [8] Business secret.
% za 2017. bio bi održiv s obzirom na trenutačnu dinamiku tržišnog natjecanja u sektoru te na povijesni tržišni udjel SEAH-a od [70 – 80] [8] Poslovna tajna. %.
BCG however could not assess expected revenues in the last year of the plan (2017), due to the assumed 2-year contract duration.
Međutim, BCG nije mogao ocijeniti očekivane prihode u posljednjoj godini plana (2017.) zbog preuzetog dvogodišnjeg ugovora.
Assumptions on average personnel unit cost increases of […] [8] Business secret.
Pretpostavke u pogledu povećanja prosječnog jediničnog troška osoblja od […] [8] Poslovna tajna.
% improvement in resource productivity would appear to be broadly sustainable firstly, because […] [8] Business secret.
% uglavnom biti održivo jer je, prvo, povećanje produktivnosti od […] [8] Poslovna tajna.
% productivity gain had already been achieved when the report was written and secondly, because the remaining […] [8] Business secret.
% već ostvareno u trenutku pisanja izvješća i, drugo, jer se preostalih […] [8] Poslovna tajna.
% seem reasonable in light of current organisational levers and technical stage of implementation.
% čini razumnim s obzirom na trenutačne organizacijske poluge i tehničku fazu provedbe.
BCG also found that the EUR […] [8] Business secret.
BCG je utvrdio i da se čini kako je proračun za ulaganja od […] [8] Poslovna tajna.
budget for investments appears broadly consistent with the purchase of a new fleet mainly consisting of new vehicles (95 %), as shown by the detailed purchase values indicated in the tenders received by Airport Handling at the date of March 2014.
EUR uvelike u skladu s nabavom nove flote koju uglavnom čine nova vozila (95 %), kako je vidljivo iz detaljnih nabavnih vrijednosti navedenih u ponudama koje je Airport Handling zaprimio u ožujku 2014.
BCG found that in summary, the profit margin foreseen in the business plan to 2017 ([…] [8] Business secret.
BCG je, ukratko, utvrdio da se čini kako je profitna marža predviđena u poslovnom planu do 2017. ([…] [8] Poslovna tajna.
%, EUR […] [8] Business secret.
%, […] [8] Poslovna tajna.
) would appear broadly in line with, or slightly below the average profitability of a significant sample of other European companies operating in the private and public sector (based on a comparison with Portway, Acciona, Aviapartner, Fraport and ATA-Handling).
EUR) uglavnom u skladu s prosječnom profitabilnosti značajnog uzorka drugih europskih društava koja posluju u privatnom i javnom sektoru ili nešto niža od nje (na temelju usporedbe s društvima Portway, Acciona, Aviapartner, Fraport i ATA-Handling).
BCG however pointed out that the actual evolution of the traffic mix as well as possible impacts of a new regulation concerning Linate (Decreto Linate) might lead to less traffic at Malpensa.
Međutim, BCG je istaknuo da bi stvaran razvoj kombinacije prometa te mogući utjecaji nove uredbe koja se odnosi na Linate (Decreto Linate) mogli dovesti do smanjenja prometa u zračnoj luci Malpensa.
The Brattle Report
Izvješće grupe Brattle
SEA commissioned Brattle Group to analyse SEA’s equity injection in Airport Handling, and in particular to analyse whether that investment complied with the market economy investor principle.
SEA je angažirala Brattle Group da analizira dokapitalizaciju društva Airport Handling koju je provela SEA, a posebno da analizira je li ulaganje u skladu načelom ulagača u tržišnom gospodarstvu.
Brattle delivered its report on 30 March 2015.
Brattle je svoje izvješće dostavio 30. ožujka 2015.
According to the Brattle Report, the analysis is based on the information that was known to SEA at the time the decision to invest in Airport Handling was taken, as well as on public data concerning the competitive position of SEA.
U skladu s izvješćem grupe Brattle analiza se temelji na informacijama koje su društvu SEA bile poznate u trenutku donošenja odluke o ulaganju u Airport Handling te na javnim podatcima o konkurentskom položaju društva SEA.
According to the Brattle report, the assumptions in the business plan of November 2013 are the most relevant for the market economy investor test, since they represent the basis on which SEA carried out the investment.
U skladu s izvješćem grupe Brattle pretpostavke u poslovnom planu iz studenoga 2013. najrelevantnije su za test ulagača u tržišnom gospodarstvu jer one čine osnovu na temelju koje je SEA izvršila ulaganje.
According to the Brattle Report, the doubt spelt out by the Commission in the 2014 opening decision, namely that Airport Handling’s business plan was overly optimistic, can be dispelled, given that key assumptions of the business plan have been realised in practice.
U skladu s izvješćem grupe Brattle sumnja koju je Komisija izrazila u odluci o pokretanju postupka iz 2014., odnosno da je poslovni plan društva Airport Handling preoptimističan, može se otkloniti s obzirom na to da su ključne pretpostavke poslovnog plana ostvarene u praksi.
In particular, Airport Handling’s market share in 2014 exceeded the forecasts of the business plan of November 2013.
Konkretno, tržišni udjel društva Airport Handling u 2014. premašio je prognoze iz poslovnog plana iz studenoga 2013.
According to the Brattle Report, unit prices (prices charged by Airport Handling for each aircraft movement) shown in the Business Plan of August 2014 are based on contracts already signed with the airlines, on average being EUR […] [8] Business secret.
U skladu s izvješćem grupe Brattle jedinične cijene (cijene koje je Airport Handling naplatio za svako kretanje zrakoplova) prikazane u poslovnom planu iz kolovoza 2014. temelje se na ugovorima koji su već potpisani sa zračnim prijevoznicima te u prosjeku iznose […] [8] Poslovna tajna.
, which is higher than the price assumed in the Business Plan of November 2013, ranging from EUR […] [8] Business secret.
EUR, što je više od cijene pretpostavljene u poslovnom planu iz studenoga 2013., koja je iznosila od […] [8] Poslovna tajna.
in 2014 to EUR […] [8] Business secret.
EUR u 2014. do […] [8] Poslovna tajna.
in 2017.
EUR u 2017.
This led the experts to the following conclusions: First, market prices in the Business Plan of August 2014 are closer to the actual process achieved, because they were based on signed contracts.
To je stručnjake dovelo do sljedećih zaključaka. Prvo, tržišne cijene u poslovnom planu iz kolovoza 2014. bliže su stvarno ostvarenom procesu jer su se temeljile na potpisanim ugovorima.
Second, that the Business Plan of November 2013, on which SEA based its investment decision, actually underestimated the market price that Airport Handling could charge.
Drugo, u poslovnom planu iz studenoga 2013., na kojem je SEA temeljila svoju odluku o ulaganju, tržišna cijena koju bi Airport Handling mogao naplatiti zapravo je podcijenjena.
Third, this confirms that market prices in the Business Plan of November 2013 were not only reasonable but in fact were too low.
Treće, time se potvrđuje da tržišne cijene u poslovnom planu iz studenoga 2013. nisu samo razumne, nego su de facto preniske.
Lastly, the experts noted that market prices that Airport Handling negotiated with the airlines were lower than the prices that SEAH was actually charging.
Konačno, stručnjaci su napomenuli da su tržišne cijene koje je Airport Handling pregovorima dogovorio sa zračnim prijevoznicima bile niže od cijena koje je SEAH stvarno naplaćivao.
The experts agree that the initial market share for Airport Handling, as anticipated in the business plan of November 2013, may seem high for a new entrant.
Stručnjaci se slažu da se početni tržišni udjel društva Airport Handling, kako je predviđen u poslovnom planu iz studenoga 2013., može činiti visokim za novog sudionika na tržištu.
They however assume that a market economy investor would have known that the demise of SEAH would create an unusual situation, whereby a large number of the handling contracts at the SEA airports were ‘up for grabs’.
Međutim, pretpostavljaju da bi ulagač u tržišnom gospodarstvu znao da bi gašenje SEAH-a dovelo do neobične situacije u kojoj bi velik broj ugovora o pružanju zemaljskih usluga u zračnim lukama društva SEA bio „svima na raspolaganju”.
The experts conclude that Airport Handling would have therefore taken advantage of this situation in the same way the other operators at the Milan airports could have done.
Stručnjaci zaključuju da bi, stoga, Airport Handling iskoristio tu situaciju jednako kao što bi to učinili i ostali subjekti koji posluju u milanskim zračnim lukama.
In addition, according to the report, Airport Handling’s anticipated market share would be typical for large Italian airports, where the largest handler normally holds a share of around 70 % of the market.
Uz to, u skladu s tim izvješćem očekivani tržišni udjel društva Airport Handling bio bi uobičajen za velike talijanske zračne luke u kojima najveći pružatelj zemaljskih usluga obično drži tržišni udjel od oko 70 %.
In addition, the experts had established that Airport Handling is the only handler with sufficient assets and equipment to guarantee 24-hour full service, which would be a key advantage with respect to competitors.
Uz to, stručnjaci su utvrdili da je Airport Handling jedini pružatelj zemaljskih usluga s dovoljno imovine i opreme da bi jamčio punu uslugu 24 sata, što bi bila ključna prednost u odnosu na konkurente.
The experts also found that lower personnel costs was one of the key reasons why Airport Handling expected to be profitable although SEAH had been loss making.
Stručnjaci su utvrdili i da su niži troškovi osoblja jedan od ključnih razloga zbog kojeg se očekuje da će Airport Handling biti profitabilan iako je SEAH bilježio gubitke.
The experts considered such assumption as reasonable, since Airport Handling was negotiating new labour contracts where workers agreed to work 20 additional days per year relative to the previous SEAH contracts.
Stručnjaci su smatrali da je ta pretpostavka razumna jer je Airport Handling pregovarao o novim ugovorima o radu, pri čemu su zaposlenici pristali raditi dodatnih 20 dana godišnje u odnosu na prethodne ugovore sa SEAH-om.
Moreover, according to the Brattle report, although the business plan of November 2013 slightly underestimated labour costs, the business plan of August 2014 showed FTE costs of EUR […] [8] Business secret.
Nadalje, u skladu s izvješćem grupe Brattle, iako su u poslovnom planu iz studenoga 2013. troškovi rada neznatno podcijenjeni, u poslovnom planu iz kolovoza 2014. prikazani su troškovi od […] [8] Poslovna tajna.
/hour, […] [8] Business secret.
EUR/sat izraženi u EPRV-u, […] [8] Poslovna tajna.
In the experts’ view, when investing in Airport Handling, a market economy investor would have expected to earn a rate of return (Internal Rate of Return — IRR) equal to or greater than the Weighted Average Cost of Capital (WACC) according to standard financial theory.
Prema mišljenju stručnjaka pri ulaganju u Airport Handling ulagač u tržišnom gospodarstvu očekivao bi stopu povrata (unutarnju stopu povrata – IRR) koja je jednaka ponderiranom prosječnom trošku kapitala (WACC) ili veća od njega, u skladu sa standardnom financijskom teorijom.
In this case the calculations confirmed that in all scenarios the expected IRR of the project exceeds the WACC and therefore a private investor would have expected to earn profit from its investment in Airport Handling.
U tom je slučaju na temelju izračuna potvrđeno da je u svim scenarijima očekivani IRR projekta viši od WACC-a i da bi, stoga, privatni ulagač očekivao da će ostvariti dobit od svojeg ulaganja u Airport Handling.
The consultant also noted that when SEA made its decision to set up Airport Handling in 2013, the private equity fund F2i owned 44,31 % of the company.
Konzultant je napomenuo i da je, kad je SEA donijela odluku o osnivanju društva Airport Handling 2013., fond s privatnom ponudom F2i bio vlasnik 44,31 % društva.
F2i appoints two members to SEA’s Board of Directors and according to the Brattle report neither Board member had voted against the proposal for SEA to invest in Airport Handling, which would evidence that the investment was expected to be profitable and was therefore consistent with the market economy investor principle.
F2i imenuje dva člana Upravnog odbora društva SEA te, u skladu s izvješćem grupe Brattle, nijedan član Odbora nije glasovao protiv prijedloga društva SEA za ulaganje u Airport Handling, čime se dokazuje da se očekivalo da će ulaganje biti profitabilno i da je, stoga, u skladu s načelom ulagača u tržišnom gospodarstvu.
Further according to the Brattle report, a market economy investor would have considered the probability that the Commission finds economic continuity between SEAH and Airport Handling, and therefore requires the latter to repay the aid found incompatible in the recovery decision, to be relatively low.
Nadalje, u skladu s izvješćem grupe Brattle ulagač u tržišnom gospodarstvu smatrao bi da je relativno mala vjerojatnost da će Komisija utvrditi gospodarski kontinuitet između SEAH-a i društva Airport Handling te da će, stoga, od potonjeg zatražiti da vrati potporu koja je u odluci o povratu utvrđena kao nespojiva.
This is because SEA undertook measures to ring-fence Airport Handling and to prevent economic continuity, such as the setting up of the Trust.
Razlog je tome činjenica da je SEA osnivanjem Trusta poduzela mjere kako bi zaštitila Airport Handling i spriječila gospodarski kontinuitet.
% (assuming the cost of capital estimate proposed by Brattle), then SEA’s investment with AH was consistent with the market economy investor principle.
% (uzimajući u obzir procjenu troška kapitala koju je predložio Brattle), tada je ulaganje društva SEA u AH u skladu s načelom ulagača u tržišnom gospodarstvu.
Brattle found it reasonable to assume that given the context and in particular the notification to the Commission, a market economy investor would judge such probability to be less than […] [8] Business secret.
Brattle je smatrao razumnim pretpostavku da bi, uzimajući u obzir kontekst i posebno prijavu Komisiji, ulagač u tržišnom gospodarstvu smatrao da je ta vjerojatnost manja od […] [8] Poslovna tajna.
%, and would therefore invest in Airport Handling on purely economic terms.
% i da bi, stoga, uložio u Airport Handling isključivo iz ekonomskih razloga.
Announced reduction of the scope of Airport Handling’s economic activities
Najavljeno smanjenje opsega gospodarskih djelatnosti društva Airport Handling
Italy proposed to further reduce the scope of the activities currently carried out by Airport Handling in comparison with those carried out in the past by SEAH.
Italija je predložila dodatno smanjenje opsega djelatnosti koje Airport Handling trenutačno obavlja u usporedbi s onima koje je prije obavljao SEAH.
In particular relating to […] [8] Business secret.
Posebno u pogledu […] [8] Poslovna tajna.
SEA declared that it was willing to terminate, by 31 December 2016 at the very latest, the agreement relating to […] [8] Business secret.
SEA je izjavila da je spremna, najkasnije do 31. prosinca 2016., raskinuti sporazum o […] [8] Poslovna tajna.
, thereby taking it away from Airport Handling, and also to hire around […] [8] Business secret.
, čime će ga oduzeti društvu Airport Handling, te da će zaposliti i oko […] [8] Poslovna tajna.
Airport Handling employees currently […] [8] Business secret.
zaposlenika društva Airport Handling koji trenutačno […] [8] Poslovna tajna.
As a result of this change, the turnover of Airport Handling, being in the order of EUR […] [8] Business secret.
Kao rezultat te promjene promet društva Airport Handling, koji u prvoj godini poslovanja iznosi […] [8] Poslovna tajna.
On economic continuity and transfer of the recovery obligation
Gospodarski kontinuitet i prijenos obveze povrata
In the 2014 opening decision, the Commission took the preliminary view that in this case, the criteria identified by the Court of Justice to establish if a company other than the initial aid beneficiary can be held responsible to pay back the aid were largely fulfilled.
U odluci o pokretanju postupka iz 2014. Komisija je zauzela preliminarno stajalište da su ovom predmetu kriteriji koje je Sud odredio kako bi utvrdio može li za povrat potpore biti odgovoran poduzetnik koji nije prvotni korisnik potpore uglavnom ispunjeni.
even if the staff would be re-employed by Airport Handling, according to the agreement signed by SEA, SEAH and the trade unions on 4 November 2013, it appeared that former employees of SEAH were being guaranteed the rights acquired under the previous contracts with SEAH,
čak i ako, u skladu sa sporazumom potpisanim s društvom SEA, SEAH-om i sindikatima 4. studenoga 2013., Airport Handling ponovno zaposli osoblje, čini se da su bivšim zaposlenicima SEAH-a zajamčena prava stečena u okviru prethodnih ugovora sa SEAH-om,
according to information available to the Commission at that stage, SEA and Airport Handling, even before the expiry of the main contracts with the airlines, had engaged in joint marketing efforts aiming to reassure airlines operating at the airport that SEA would continue the ground handling business through its new subsidiary Airport Handling after SEAH’s liquidation has been completed,
u skladu s informacijama koje su Komisiji bile dostupne u toj fazi SEA i Airport Handling, čak i prije isteka glavnih ugovora sa zračnim prijevoznicima, pokrenuli su zajedničke marketinške napore kako bi zračne prijevoznike koji posluju u zračnoj luci uvjerili da će SEA nastaviti pružati zemaljske usluge preko svojeg novog društva kćeri Airport Handling nakon što se dovrši likvidacija SEAH-a,
the equipment required to provide ground handling services would be leased by Airport Handling from SEAH, pending the (possible) sale of such assets to third parties in the open tender.
opremu potrebnu za pružanje zemaljskih usluga Airport Handling unajmio bi od SEAH-a, do (moguće) prodaje te imovine trećim stranama u okviru otvorenog natječaja.
The Commission considered that Italy’s argument that such assets would be leased by Airport Handling at the market price could be accepted, to the extent the value of the assets in question was assessed by an expert appointed by the parent company SEA and the eventual sale of those assets was not certain,
Komisija je smatrala da se argument Italije da bi Airport Handling unajmio tu opremu po tržišnoj cijeni može prihvatiti s obzirom na to da vrijednost predmetne imovine utvrđuje stručnjak kojeg imenuje matično društvo SEA i da moguća prodaja te imovine nije sigurna,
the new ground handling business would have the same owner as SEAH, namely SEA.
poslovna djelatnost pružanja zemaljskih sluga ostala bi u vlasništvu istog vlasnika kao SEAH, odnosno društva SEA.
The Commission considered Italy’s proposal to tender out 20 % of the capital of the new ground handling provider insufficient to guarantee discontinuity from SEAH since first, the proposal was only limited to a minority shareholding and second, no guarantees were provided that that would actually happen.
Komisija je smatrala da prijedlog Italije da se 20 % kapitala novog pružatelja zemaljskih usluga pribavi javnim natječajem nije dostatan da bi se zajamčio diskontinuitet u odnosu na SEAH zato što, prvo, prijedlog je ograničen na manjinski udjel i, drugo, zato što nisu osigurana nikakva jamstva da će se to stvarno dogoditi.
Moreover, this opening of the capital would only occur after the entry of Airport Handling on the market,
Osim toga, to otvaranje kapitalne strukture dogodilo bi se tek nakon što Airport Handling uđe na tržište,
the timing — after adoption of the recovery decision — and economic logic of the creation of the new ground handling provider suggested that the plan pre-notified by Italy constitutes a mechanism to circumvent recovery.
trenutak – nakon donošenja odluke o povratu – i ekonomska logika stvaranja novog pružatelja zemaljskih usluga upućuju na to da je plan koji je Italija prethodno dostavila zapravo mehanizam za izbjegavanje povrata.
The Commission therefore preliminarily concluded that the object and effect of the creation of the new company appeared to be the circumvention of the obligation to repay the aid and that Airport Handling was the successor of SEAH.
Komisija je, stoga, preliminarno zaključila da se osnivanjem novog društva očito želi postići i potaknuti izbjegavanje obveze povrata potpore te da je Airport Handling sljednik SEAH-a.
On this basis the Commission took the preliminary view that Airport Handling could be held liable to pay back the aid granted to SEAH in the past and found incompatible in the 2012 recovery decision.
Na temelju toga Komisija je zauzela preliminarno stajalište da se Airport Handling može smatrati odgovornim za povrat potpore koja je ranije odobrena SEAH-u i koja je u odluci o povratu iz 2012. utvrđena kao nespojiva.
On the capital injection
Dokapitalizacija
The Commission took the preliminary view that SEA’s decisions to set up Airport Handling and to inject equity into it was imputable to the State: Firstly, the Commission noted that the Municipality of Milan held a majority stake of 54,81 % in SEA and that therefore the State should be regarded as having an influence on SEA’s decision-making processes and being involved in the decisions taken by the company.
Komisija je zauzela preliminarno stajalište da se odluke društva SEA o osnivanju društva Airport Handling i njegovoj dokapitalizaciji mogu pripisati državi. Prvo, Komisija je primijetila da općina Milano drži većinski udjel od 54,81 % u društvu SEA i da bi, stoga, trebalo smatrati da država ima utjecaj na postupke donošenja odluka u društvu SEA te da je uključena u odluke koje donosi to društvo.
Secondly, the Commission referred to certain statements made by representatives of Italian authorities in relation to the issue, which seemed to indicate that the creation of Airport Handling was orchestrated by the Italian authorities, notably in order to protect employment at Milan airports.
Drugo, Komisija je uputila na određene izjave predstavnika talijanskih tijela o tom pitanju zbog kojih se čini da su osnivanje društva Airport Handling organizirala ta talijanska tijela, posebno kako bi zaštitila zaposlenike u milanskim zračnim lukama.
In addition, since SEA appeared to be controlled by the Italian authorities, the Commission reached the preliminary conclusion that the capital injection, which was financed by SEA, involved State resources.
Uz to, s obzirom na to da se činilo da je SEA pod kontrolom talijanskih tijela, Komisija je donijela preliminarni zaključak da je dokapitalizacija, koju je financirala SEA, uključivala državna sredstva.
The Commission also took the preliminary view that SEA did not act as a market economy investor when performing the injection in Airport Handling’s capital.
Komisija je zauzela i preliminarno stajalište da SEA nije djelovala kao ulagač u tržišnom gospodarstvu kad je dokapitalizirala Airport Handling.
Firstly, the Commission expressed doubts that a private investor would have provided capital to Airport Handling at the time when SEA did, since the Commission’s services had already informed the Italian authorities that the intended setting-up of a new ground handling provider would likely lead to economic continuity and thus liability of the new company to reimburse the aid found incompatible in the 2012 recovery decision.
Prvo, Komisija je izrazila sumnju da bi privatni ulagač osigurao kapital društvu Airport Handling u trenutku u kojem je to učinila SEA jer su službe Komisije talijanska tijela već obavijestile da bi namjeravano osnivanje novog pružatelja zemaljskih usluga vjerojatno dovelo do gospodarskog kontinuiteta i time obveze novog društva da vrati potporu za koju je u odluci o povratu iz 2012. utvrđeno da je nespojiva.
The business plan of November 2013 however did not take the risk of a transfer of the recovery liability from SEAH to Airport Handling into account.
Međutim, u poslovnom planu iz studenoga 2013. u obzir nije uzet rizik prijenosa obveze povrata sa SEAH-a na Airport Handling.