natgillin/translations-raw huggingface dataset:
In the case at hand, in order to achieve an economically viable operation of the acquired assets, Capricorn assessed its needs, in order to achieve viability of its operations, and chose not to receive the entirety of the employees of the sellers but 85 % of them, i.e. 253 of the total 297 employees, on 1 January 2015 (date when Capricorn will start operating the acquired assets).
U predmetnom slučaju Capricorn je ispitao svoju potrebu s obzirom na održivo upravljanje preuzetom imovinom i odlučio je da 1. siječnja 2015. (datum početka upravljanja preuzetom imovinom) neće preuzeti sve zaposlenike prenositelja, nego 85 % njih (tj. 253 od ukupno 297 zaposlenika).
It is maintained however, that since Capricorn could take an independent decision to engage or not existing personnel, the confirmed hiring of existing personnel does not lead to continuity of operations.
Budući da je Capricorn mogao neovisno odlučivati o preuzimanju zaposlenika, potvrđeno zapošljavanje postojećeg osoblja ne dovodi do nastavka poslovne djelatnosti.
In addition, the management structure and staff is planned to be completely reorganised in 2014.
Usto se uprava i osoblje trebaju potpuno restrukturirati 2014.
In this respect, also new contractual partners will be approached.
Pritom će se stupiti u kontakt i s novim ugovornim partnerima.
Capricorn itself plans to organise a number of events instead of renting out the race ring to external organisers.
Capricorn namjerava sam organizirati niz događanja umjesto da trkaću stazu iznajmljuje vanjskim organizatorima.
Finally, the Commission notes that the scope of activities to be carried out by Capricorn will be to a considerable extent different in comparison with the activities of the Nürburgring group, as demonstrated below (see in particular point 6.1.5).
Komisija smatra da će se predmet budućih djelatnosti grupe Capricorn znatno razlikovati od djelatnosti grupe Nürburgring (vidjeti u nastavku, posebno odjeljak 6.1.5.).
The sale price
Kupovna cijena
In order to avoid economic continuity, the assets under the tender process have to be sold at their market price.
Kako bi se izbjegao gospodarski kontinuitet imovinu je potrebno prodati po njezinoj tržišnoj vrijednosti u okviru natječajnog postupka.
The market price is the price, which could be set by a private investor acting under market conditions [177].
Tržišna je vrijednost cijena koju bi mogao odrediti privatni ulagatelj u tržišnim uvjetima [177].
Germany has sold the assets through an open, transparent, non-discriminatory and non-conditional tender process to the bidder submitting the highest bid with secured financing.
Njemačka je imovinu prodala ponuditelju koji je dostavio najvišu ponudu uz osigurano financiranje u okviru otvorenog, transparentnog, nediskriminirajućeg i bezuvjetnog natječajnog postupka.
Firstly, the invitation to submit an expression of interest for the Nürburgring assets did not present any limitation as to the parties that could submit offers, therefore any entity could submit an offer in the tender process.
Prvo, poziv na iskaz interesa u pogledu imovine Nürburgringa nije sadržavao ograničenje u pogledu ponuditelja tako da je svatko mogao dostaviti ponudu u okviru natječajnog postupka.
Secondly, as regards the principle of transparency, the sellers provided all bidders with enough time and all the necessary and detailed information, in order to allow them to carry out a proper valuation of the assets.
Drugo, u pogledu načela transparentnosti potrebno je utvrditi da su prenositelji svim ponuditeljima dali dovoljno vremena za odgovarajuću analizu imovine i osigurali im sve potrebne detaljne informacije.
According to the letter of KPMG titled ‘Project RING — procedures for the submission of a final offer’, sent to the interested investors on 17 October 2013, the tenderers providing proof of secured financing for the price included in their indicative offers would be granted full access to an electronic data room, they could participate in a meeting with the management of NBG, and they would receive the opportunity to participate in a structured question and answers process.
U skladu s procesnim pismom „Project RING – procedures for the submission of a final offer” koje je KPMG 17. listopada 2013. poslao zainteresiranim ulagateljima ponuditelji koji su mogli dokazati osigurano financiranje cijene sadržane u njihovim indikativnim ponudama trebali su dobiti sveobuhvatan pristup elektroničkoj sobi s podatcima i moći sudjelovati na sastanku s upravom NBG-a i strukturiranom postupku pitanja i odgovora.
On the other hand, tenderers who would not submit the above assurance and proof of necessary financing would only be granted limited access to the electronic data room and to the financial fact book of the sellers, and would be able to meet with the members of the team that prepared the financial fact book, take part in a site visit and meet for the pre-discussion of the draft purchase agreement for the assets.
Nasuprot tome, ponuditelji koji nisu mogli dostaviti navedeno osiguranje i dokaz o raspoloživosti potrebnog financiranja dobili bi samo ograničen pristup elektroničkoj sobi s podatcima i pregledu financija (eng. financial fact book) prenositelja. Trebali su se moći sastati s članovima tima koji je sastavio pregled financija, posjetiti lokaciju i sudjelovati na sastanku u pogledu prethodne rasprave o nacrtu kupoprodajnog ugovora.
Furthermore, there was constant communication throughout the tender process between the sellers (KPMG) and all bidders who qualified for the respective step of the tender process, for the purpose of providing those bidders with all relevant information and clarifications, with letters and e-mails exchanged in the period July 2013-April 2014.
Osim toga su prenositelji (KMPG) i svi ponuditelji koji su ispunili uvjete za predmetnu fazu natječajnog postupka od srpnja 2013. do travnja 2014. neprestano bili u kontaktu dopisima i porukama e-pošte kako bi se tim ponuditeljima dostavile sve relevantne informacije i pojašnjenja.
In this context, those bidders were provided with the answers to their questions or allegations, and with all information regarding the tender's further steps.
U tom se okviru odgovaralo na pitanja tih ponuditelja ili reagiralo na njihove tvrdnje i prenesene su im sve informacije o daljnjim koracima natječajnog postupka.
For example, in the above context, the following letters and e-mails were sent by KPMG to the bidders:
Tako je KPMG, na primjer, ponuditeljima poslao sljedeće dopise i poruke e-pošte:
letter of 19 July 2013 informing the bidders of the procedures for the submission of an indicative offer;
dopis od 19. srpnja 2013. kojim su ponuditelji obaviješteni o postupku dostavljanja indikativne ponude;
letter of 12 September 2013 informing the bidders of the extension of the deadline for the submission of indicative offers;
dopis od 12. rujna 2013. kojim su ponuditelji obaviješteni o produljenju roka za dostavljanje indikativne ponude;
e-mail of 19 September 2013 providing one of the bidders (ADAC) with an update on the financial performance of the Nürburgring;
poruka e-pošte od 19. rujna 2013. kojom je jedan ponuditelj ([peti ponuditelj]) dobio novije informacije o financijskim mogućnostima Nürburgringa;
letter of 17 October 2013 informing one of the bidders ([Bidder 3]) of the procedures for the submission of a final offer;
dopis od 17. listopada 2013. kojim je jedan ponuditelj ([treći ponuditelj]) obaviješten o postupku dostavljanja konačne ponude;
e-mail of 28 October 2013 informing one of the bidders ([Bidder 2]) of the preliminary timings for the meetings with stakeholders;
poruka e-pošte od 28. listopada 2013. kojom je jedan od ponuditelja ([drugi ponuditelj]) obaviješten o privremenim terminima za sastanke sa zainteresiranim stranama;
letter of 3 December 2013 informing one of the bidders ([…]) that its Indicative Offer was no longer considered due to the fact that parties who supported that offer had withdrawn and there had been no presentation of alternative financing partners, therefore the offer's financing was considered as not secured and its closing probability was evaluated as insufficient;
dopis od 3. prosinca 2013. kojim je jedan ponuditelj ([šesti ponuditelj]) obaviješten o tome da se njegova indikativna ponuda više ne uzima u obzir jer su se njegovi financijski partneri povukli i nisu imenovani novi, zbog čega se financiranje ponude nije moglo smatrati osiguranim te je vjerojatnost sklapanja ugovora ocijenjena nedovoljnom;
letter of 11 December 2013 providing one of the bidders ([Bidder 3]) with comprehensive and clear explanations to the concerns and allegations that that bidder had raised in a letter of 9 December 2013 (two days earlier);
dopis od 11. prosinca 2013. s opsežnim i jasnim pojašnjenjima u pogledu problema i tvrdnji koje je jedan ponuditelj ([treći ponuditelj]) iznio u dopisu od 9. prosinca 2013. (dva dana ranije);
letter of 18 December 2013 providing one of the bidders ([Bidder 3]) with comprehensive and clear explanations to concerns and allegations that that bidder had raised in a letter of 11 December 2013 (seven days earlier);
dopis od 18. prosinca 2013. s opsežnim i jasnim pojašnjenjima u pogledu problema i tvrdnji koje je jedan ponuditelj ([treći ponuditelj]) iznio u dopisu od 11. prosinca 2013. (sedam dana ranije);
e-mail of 18 February 2014 requesting one of the bidders ([Bidder 3]) for specific clarifications and confirmations regarding the latter's final offer as provided with an e-mail of 17 February 2014 (one day earlier), in particular requesting that bidder, among other things, to submit proof and evidence of its binding financing commitment e.g. in the form of a binding financing commitment letter, to provide more detail on the specific timing envisaged by that bidder for obtaining the outstanding financing commitments, and to submit an estimation on the time required to finalise the submitted offer with regard to its commercial terms;
poruka e-pošte od 18. veljače 2014. u kojoj se jednog ponuditelja ([trećeg ponuditelja]) moli da dostavi određene detaljnije informacije i potvrde u pogledu svoje konačne ponude koju je dostavio porukom e-pošte od 17. veljače 2014. (jedan dan ranije) te se od njega zahtijevalo da, među ostalim, dokaže svoju obvezujuću suglasnost o financiranju, na primjer, u obliku obvezujuće pisane potvrde, i da pobliže objasni kad očekuje suglasnosti o financiranju koje nedostaju te kad namjerava konačno utvrditi uvjete poslovanja iz ponude;
and j) e-mail of 9 April 2014 informing one of the bidders ([Bidder 3]) that KPMG had not yet received details on that bidder's envisaged financing structure or written confirmation from third party financing sources to support that bidder's offer, as an answer to that bidder's e-mail of 2 April 2014 (seven days earlier).
poruka e-pošte od 9. travnja 2014. kojom je jedan ponuditelj ([treći ponuditelj]) kao odgovor na poruku e-pošte koju je poslao 2. travnja 2014. (sedam dana ranije) obaviješten da KPMG još nije primio detaljnije informacije o planiranoj strukturi financiranja tog ponuditelja ili pisanu potvrdu trećih strana da će podržati njegovu ponudu.
Thirdly, the evidence submitted by Germany shows that there was no discrimination between the tenderers at any stage of the tender process.
Treće, iz dokumenata koje je dostavila Njemačka proizlazi da ponuditelji nisu diskriminirani ni u kojoj fazi natječajnog postupka.
Indeed, as is also obvious from the above in recital 235, all bidders received information and clarifications on the tender's selection criteria, rules and procedures, on the deadlines for the submission of indicative and final offers, on the extension of such deadlines, on the financial situation of the Nürburgring, on elements missing from the bidders' indicative or final offers, and on possible queries of the bidders.
Kako je navedeno u uvodnoj izjavi 235., svi su ponuditelji dobili informacije i detaljnija pojašnjenja u pogledu kriterija odabira, pravila i postupaka na kojima se temelji natječajni postupak, rokova za dostavljanje indikativnih i konačnih ponuda, produljenja tih rokova, financijskog položaja Nürburgringa, podataka koji nedostaju u indikativnim ili konačnim ponudama ponuditelja te mogućih pitanja ponuditelja.
At the same time, bidders who fulfilled the tender's selection criteria, in particular the submission of confirmation of the financing of their offers from third party financial partners, were not excluded from the negotiations.
Istodobno ponuditelji koji su ispunjivali kriterije odabira iz natječajnog postupka (posebno u pogledu dostavljanja potvrde financijskih partnera o financiranju ponuda) nisu isključeni iz pregovora.
The Commission also notes that no bidders were offered exclusivity in the negotiations, but the latter were kept, to the reasonable extent in time, also with bidders who had not submitted the above financial confirmation in their final offers, in view of future submission of such financial confirmation.
Komisija je usto utvrdila da se ni s jednim ponuditeljem nisu vodili ekskluzivni pregovori te da se i s ponuditeljima čije konačne ponude nisu sadržavale navedenu potvrdu o financiranju pregovaralo u primjerenom vremenskom okviru kojim je omogućeno naknadno dostavljanje te potvrde.
Furthermore, as described in recital 54 above, the sales contract includes a clause according to which its parties are obliged to implement it only if:
Kako je opisano u uvodnoj izjavi 54., kupoprodajni ugovor sadržava članak prema kojem su strane obvezne izvršiti ugovor tek kad su ispunjeni sljedeći uvjeti:
Germany has explained that this clause was the result of the bidders' unwillingness to take the risk of being liable for a claw-back of State aid, that the sellers accepted that clause in order to be able to sell the assets, and that from the beginning of the tender process, as also stated in the first asset purchase agreement, the sellers advised the bidders that they were willing to discuss the implications of the State aid procedure with the bidders [178].
Njemačka je obrazložila da je povod za taj članak nedovoljna spremnost ponuditelja da preuzmu rizik od odgovornosti za povrat državnih potpora, da su prenositelji prihvatili taj članak kako bi mogli prodati imovinu i da su prenositelji, kako je objašnjeno u prvom nacrtu kupoprodajnog ugovora, od početka natječajnog postupka ponuditelje obavijestili da su spremni s ponuditeljima razgovarati o posljedicama postupka dobivanja potpore [178].
In addition, Germany has stated that a Commission decision on the State aid to the Nürburgring was a condition in the asset purchase agreements mark ups provided by Capricorn, [Bidder 2] and [Bidder 3].
Njemačka je nadalje pojasnila da je odluka Komisije o državnoj potpori za Nürburgring postala uvjet u komentarima društva Capricorn, [drugog ponuditelja] i [trećeg ponuditelja] na kupoprodajni ugovor.
Fourthly, apart from limitations stemming from the legal framework, no conditions were set upon the tenderers, as clearly demonstrated in the tender's invitation to submit an expression of interest and the various letters sent to the bidders by KPMG.
Četvrto, za ponuditelje, osim ograničenja uvjetovanih zakonskim okvirom, nisu utvrđeni nikakvi uvjeti, što se jasno može iščitati iz poziva za iskaz interesa i dopisa koje je KPMG uputio ponuditeljima.
It results that this selection process as such is sufficient for safeguarding that the price of the assets sold to the buyer corresponds to the market price.
Iz toga proizlazi da je samim postupkom odabira u dovoljnoj mjeri zajamčeno da cijena imovine prodane preuzimatelju odgovara tržišnoj vrijednosti.
Thus, the Commission concludes that the sale of the assets through an open, transparent, non-discriminatory and non-conditional tender process to the bidder submitting the highest bid including a guaranteed financing leads to the market price.
Stoga Komisija zaključuje da je imovina otuđena po tržišnoj cijeni jer je u okviru otvorenog, transparentnog, nediskriminirajućeg i bezuvjetnog natječajnog postupka prenesena na onog ponuditelja koji je dostavio najvišu ponudu s osiguranim financiranjem.
The identity of the buyer
Identitet preuzimatelja
The Commission has to establish that the new owner of the assets will not have any link with NG, MSR and CMHN, in order to avoid that the new owner will be liable for any recovery of incompatible State aid.
Komisija mora utvrditi da između novog vlasnika imovine i NG-a, MSR-a i CMHN-a ne postoje poveznice kako bi se mogla isključiti odgovornost novog vlasnika u slučaju mogućeg povrata državnih potpora koje nisu spojive s unutarnjim tržištem.
Capricorn is not an entity having a corporate law or personal direct or indirect link with NG, MSR, CMHN or their shareholders, or the previous lessees of the Nürburgring.
Između grupe Capricorn te NG-a, MSR-a i CMHN-a ili vlasnika njihovih udjela ili prethodnih zakupnika Nürburgringa ne postoje ni poslovne ni osobne izravne ili neizravne poveznice.
There is therefore no link between the Nürburgring group and its shareholders on the one hand and the new owner and its shareholders on the other hand.
Prema tome, ne postoje poveznice između grupe Nürburgring i vlasnika njezinih udjela, s jedne strane, i novog vlasnika i vlasnika njegovih udjela, s druge strane.
Thus, the Commission concludes that the buyer is an independent entity from NG, MSR and CMHN.
Stoga Komisija zaključuje da je kupac poduzetnik neovisan o NG-u, MSR-u i CMHN-u.
The moment of the sale
Trenutak otuđenja
The Commission needs to assess whether the moment of the tender process may lead to a circumvention of a decision by the Commission to recover incompatible State aid.
Komisija mora ispitati može li trenutak natječajnog postupka dovesti do izbjegavanja odluke Komisije o povratu potpora koje nisu spojive s unutarnjim tržištem.
As the buyer insists on its transfer being made only once a final Commission decision cannot be challenged in court, the sales contract will enter into effect and the insolvency procedure will be closed only after the adoption of the present decision ordering recovery.
Budući da preuzimatelj inzistira na tome da do prijenosa dođe tek kad se konačna odluka Komisije više ne može pobijati na sudu, kupoprodajni ugovor stupa na snagu tek nakon donošenja ove odluke o povratu potpore, a i stečajni postupak bit će dovršen tek nakon toga.
The payment of the first instalment of the price took place before the adoption of the present decision.
Prva rata kupovne cijene plaćena je prije donošenja ove odluke.
Pursuant to the sales contract, the transfer of the assets is effective as of the date on which the present decision becomes non-challengeable.
U skladu s kupoprodajnim ugovorom prijenos imovine bit će valjan na dan kad ova odluka postane pravomoćna.
In the present case, the Commission considers that the fact that the sale was launched by the insolvency administrators appointed by the competent local court and that the decision about the transfer of the assets has taken place before the adoption of the present decision is less conclusive in terms of economic continuity than a situation where the decision to sell would be taken by the aid beneficiaries themselves or where the sale process would be launched only after the adoption of the present decision.
Komisija smatra da je u predmetnom slučaju činjenica da su otuđenje pokrenuli stečajni upravitelji koje je imenovao nadležni prvostupanjski sud i da je odluka o prijenosu imovine donesena prije ove odluke Komisije ne upućuje toliko nedvojbeno na gospodarski kontinuitet koliko bi to bio slučaj da su korisnici potpore sami donijeli odluku o otuđenju ili da je postupak otuđenja pokrenut tek nakon donošenja ove odluke.
The economic logic of the operation
Ekonomski razlozi za transakciju
The criterion of economic logic aims at assessing whether the buyer of the assets will employ them in the same way as the previous owner or whether it will use them to establish a different activity or strategy.
Na temelju kriterija ekonomskih razloga odlučuje se hoće li preuzimatelj imovinu upotrebljavati na isti način kao prethodni vlasnik ili za neku drugu djelatnost ili strategiju.
The Commission considers that the new owner will have the possibility to manage its activities under different operating conditions than NG, MSR and CMHN's and will apply its own business model.
Komisija smatra da će novi vlasnik moći baviti se svojim djelatnostima pod drukčijim uvjetima od NG-a, MSR-a i CMHN-a te provesti svoj vlastiti poslovni model.
The business concept of the sellers will not be taken over by the acquirer.
Preuzimatelj neće preuzeti poslovni koncept prenositelja.
The two existing race tracks (Grand-Prix track, Northern track) shall be used […] in the future, allowing […].
Dvije postojeće trkaće staze (staza za Veliku nagradu i staza Nordschleife) ubuduće će se upotrebljavati […], čime će se omogućiti […].
To this end, Capricorn intends to construct additional facilities and to equip the […].
U tu svrhu Capricorn namjerava izgraditi dodatne objekte i opremiti […].
Part of facilities build under Part II of the Nürburgring 2009 project will be turned down (e.g. […]).
Dio objekata izgrađenih u okviru dijela II. projekta „Nürburgring 2009.” prestat će s radom (npr. […]).
The ring racer will be sold. The ring card as payment system will be dropped.
Vožnja ring racer otuđit će se, a ring card ukinuti kao sustav plaćanja.
In the ring boulevard, the […].
U trgovačkom će se centru ringoboulevard […].
Furthermore, according to the plans of the acquirer, Nürburgring will be transformed from a touristic attraction to a technology cluster and industry pool.
Osim toga preuzimatelj namjerava Nürburgring iz turističke atrakcije pretvoriti u tehnološki klaster i centar industrije.
The buyer of the assets will thus not use the assets in the same way as the insolvent companies.
Prema tome, preuzimatelj neće upotrebljavati imovinu na isti način kao društva u stečaju.
On the contrary, Capricorn will integrate the acquired assets in its own business strategy, realising synergies, which justify its interest in buying the assets.
Štoviše, Capricorn preuzetu imovinu namjerava integrirati u vlastiti poslovni koncept i stvoriti sinergije, zbog čega je opravdan njegov interes za kupnju imovine.
In comparison with the current operation model, Capricorn has developed a new concept of the exploitation of the assets.
U odnosu na sadašnji poslovni model Capricorn je razvio novi koncept korištenja imovine.
Moreover, the operation of some of the assets has been structurally deficit making and it could therefore require further restructuring and optimisation.
Osim toga, upravljanje nekim dijelovima imovine bilježilo je strukturni deficit, zbog čega bi mogle biti potrebne dodatne mjere restrukturiranja i optimizacije.
The afore-mentioned elements demonstrate that the economic logic of the Capricorn's offer does not consist in a continuation of an economic activity of the Nürburgring group, but in an integration of certain assets and a part of the workforce of the Nürburgring group in a group which pursuits its own economic logic.
Navedeni aspekti pokazuju da ekonomski razlozi ponude grupe Capricorn nemaju veze s nastavkom gospodarske djelatnosti grupe Nürburgring, nego s integracijom određenih dijelova imovine i dijela zaposlenika grupe Nürburgring u koncern koji slijedi vlastitu gospodarsku logiku.
Thus, the Commission concludes that the economic logic of the operation is to allow the new owner to use the assets of NG, MSR and CMHN under different conditions and not to continue the strategy of these companies.
Stoga Komisija zaključuje da se ekonomski razlozi upravljanja temelje na tome da se novom vlasniku omogući korištenje imovine NG-a, MSR-a i CMHN-a pod drukčijim uvjetima, a ne na nastavku strategije tih poduzetnika.
Conclusion on the economic continuity of NG, MSR and CMHN through the sale of assets
Zaključak o gospodarskom kontinuitetu NG-a, MSR-a i CMHN-a u pogledu otuđenja imovine