natgillin/translations-raw huggingface dataset:
The price applied in this transaction from 2006 corresponds to a multiple of own funds of the company which is practically identical to the multiple of own funds represented by the sale by FSIH of its stake in Duferco US (in both cases a multiple of almost 2).
Cijena po kojoj je provedena ta transakcija iz 2006. odgovara višekratniku vlasničkog kapitala društva, koji je gotovo identičan višekratniku vlasničkog kapitala koji je FSIH prodao u okviru svojeg udjela u društvu Duferco US (u oba je slučaja višekratnik približan broju 2).
As there was no indication that the transaction concerning SIF had not been agreed under market conditions, this comparison confirms that taking into account own funds would also result in the transaction being considered to have been made at a market price.
Budući da ništa ne upućuje na to da u tržišnim uvjetima ne bi došlo do transakcije koja se odnosi na društvo SIF, tom je usporedbom potvrđeno da uzimanje u obzir vlasničkog kapitala dovodi do zaključka da je transakcija provedena po tržišnoj cijeni.
Concerning the duration of the purchase option, […] considers that it falls within the context of the concurrent negotiation of a possible sale by Duferco of 50 % of the capital of SIF to NLMK.
U pogledu trajanja opcije kupnje, […] smatra da se ona uklapa u okolnosti istodobnih pregovora o eventualnoj prodaji grupi NLMK 50 % kapitala grupe Duferco u društvu SIF.
NLMK had to draw up a first draft of the share transfer agreement and a shareholders' agreement within 10 days of signing the letter of intent.
NLMK je u roku od deset dana od potpisivanja pisma namjere trebao izraditi prvi nacrt ugovora o kupoprodaji dionica i dioničarskog ugovora.
There was therefore no real reason for the parties having agreed that the option would run until 31 December 2015.
Stoga ne postoji stvarni razlog zbog kojeg su se strane dogovorile da će opcija trajati do 31. prosinca 2015.
KPMG takes the view that the fair value of the purchase option was USD […] million.
KPMG smatra da fer vrijednost opcije kupnje iznosi […] milijuna USD.
On the basis of the contractual duration, the fair value is USD […] million.
S obzirom na ugovoreno trajanje, fer vrijednost iznosila je […] milijuna USD.
If such an amount were taken into account, added to the fair value of FSIH's stake in Duferco US, the sale price would be USD […] million, which is significantly lower than the price paid by [the parent company of the Duferco Group at the time].
Da se uzeo u obzir taj iznos kojem je dodana fer vrijednost udjela društva FSIH u društvu Duferco US, prodajna bi cijena iznosila […] milijuna USD, što je znatno manji iznos od cijene koju je platilo [društvo koje je u tom trenutku bilo na čelu grupe Duferco].
According to […], FSIH's investment in DPH had two purposes: on the one hand, participation in the capital, representation on the board of directors, access to strategic information and documents and, on the other hand, attractive and secured financial returns (preferential dividend).
Prema mišljenju […], ulaganje društva FSIH u društvo DPH imalo je dva cilja: s jedne strane, udio u kapitalu, zastupništvo u upravnom odboru, pristup strateškim informacijama i dokumentima te, s druge strane, zanimljiv i siguran financijski prinos (povlaštena dividenda).
The main reason for FSIH exiting DPH is the sale of the Belgian production sites to NLMK.
Glavni razlog izlaska društva FSIH iz ulaganja u društvo DPH bila je prodaja belgijskih proizvodnih postrojenja društvu NLMK.
Duferco would lose its status as a strategic partner for the Walloon Region in Belgium and the production sites of Clabecq and La Louvière would no longer be directly affected by decisions by Duferco's Trading division.
Duferco je prestao biti strateški partner Valonske regije u Belgiji pa odjel Trading grupe Duferco više nije mogao izravno utjecati na proizvodna postrojenja u Clabecqu i La Louvièreu.
[…] asserts that DPH is a company whose functional currency the US dollar and therefore the return on any investment in such a company must be assessed in US dollars.
[…] tvrdi da je DPH društvo čija je funkcionalna valuta američki dolar tako da je prinos od bilo kakvog ulaganja u to društvo potrebno procijeniti u američkim dolarima.
FSIH's investment in DPH thus generated a return of 8,81 % per year.
Stoga bi FSIH ulaganjem u društvo DPH godišnje ostvario prinos od 8,81 %.
[…] commissioned KPMG to analyse the valuation made by Ernst & Young in March 2006.
[…] je angažirao KPMG da analizira procjenu koju je u ožujku 2006. izradio Ernst & Young.
With regard to the valuation methods, KPMG notes that Ernst & Young does not specify the type of value for the valuation (market value, investment value or fair value).
U pogledu metode procjene, KPMG navodi da Ernst & Young nije pojasnio vrstu vrijednosti koja se vrednovala (tržišna vrijednosti, vrijednost ulaganja ili fer vrijednost).
Ernst & Young mainly applied the market approach by comparable companies.
Najprije, Ernst & Young primijenio je tržišni pristup usporedivih društava.
KPMG does not give any preference to the method based on comparable companies in relation to the method based on comparable transactions.
KPMG ne daje prednost metodi koja se temelji na usporedivim društvima u odnosu na metodu koja se zasniva na usporedivim transakcijama.
KPMG did not use the net asset value as a basis because that method ignores future gains and operational risks.
Ne bi se oslanjao na vrijednost neto imovine jer se tom metodom ne uzimaju u obzir budući dobitci ni operativni rizici.
KPMG concludes that, in light of its analysis of the cyclical nature of the steel industry, periods of between four and six years should be taken into account with equal weighting for each year to value DPH.
KPMG zaključuje da, s obzirom na njegovu analizu cikličnosti industrije čelika, valja razmotriti razdoblja od četiri do šest godina, pri čemu svaka godina u procjeni društva DPH ima istu težinu.
KPMG agrees with the parties' analysis, which takes into account the years 2001 and 2002 in the valuation of DPH in order to adequately reflect the cyclical nature of the steel industry and apply an equal weighting to each year.
Slaže se s analizom strana kojom su pri procjeni vrijednosti društva DPH u obzir uzete 2001. i 2002. godina, kako bi se primjereno odrazila cikličnost industrije čelika i primijenio isti ponder na svaku godinu.
KPMG confirms the relevance and level of the adjustments made by Ernst & Young for the valuation of DPH in light of non-recurring events.
KPMG potvrđuje relevantnost i opširnost prilagodbi koje je Ernst & Young unio u procjenu vrijednosti društva DPH u pogledu neučestalih događaja.
KPMG also made adjustments to the 2001 and 2002, which Ernst & Young did not take into account.
Unio je i prilagodbe u 2001. i 2002. godinu koje Ernst & Young nije uzeo u obzir.
KPMG examined the list of comparable companies selected by Ernst & Young.
Ispitao je popis usporedivih društava koje je odabrao Ernst & Young.
KPMG established its own list of comparable companies, which shows that the median price/earnings ratios for 2003 to 2006 are lower than those used by Ernst & Young.
KPMG je sastavio vlastiti popis usporedivih društava iz kojeg proizlazi da su srednji omjeri „price/earnings” za 2003. do 2006. niži od omjera koje je primijenio Ernst & Young.
KPMG was not able to observe a sufficient number of listed companies that are active only in the steel trade.
KPMG nije mogao naći dovoljan broj društava koja kotiraju na burzi, a koja djeluju samo u sektoru trgovine čelikom.
It is not possible to make a separate valuation of the Trading division.
Nije moguće zasebno vrednovanje odjela Trading.
Nevertheless, KPMG confirms that it would have been appropriate to make a separate valuation of the trade and production activities.
Ipak, KPMG potvrđuje da bi bilo primjereno zasebno procijeniti vrijednost trgovinske djelatnosti i proizvodne djelatnosti.
With a higher risk and more volatile results, the trade activities offer a higher return to investors, which results in a lower valuation of the activities.
S većim rizikom i nestalnijim poslovnim rezultatima, trgovinske djelatnosti nude ulagačima viši prinos, što dovodi do njihova nižeg vrednovanja.
A lower multiple should therefore be used for the trading activity.
Stoga se na trgovinske djelatnosti treba primijeniti manji višekratnik.
[…] believes it is relevant to refer to the sale of 50 % of […] in September 2003, for which the agreed price was close to the value of own funds.
[…] smatra relevantnim uputiti na prodaju 50 % društva […] u rujnu 2003., čija je dogovorena cijena bila približna vrijednosti vlasničkog kapitala.
With regard to off-balance-sheet items, KPMG confirms that the amount of a company's own funds should be adjusted to take into account off-balance-sheet liabilities if these are non-recurring.
U pogledu izvanbilančnih elemenata, KPMG potvrđuje da se iznos vlasničkog kapitala određenog društva mora prilagoditi kako bi se u obzir uzeli izvanbilančni elementi pasive ako nisu učestali.
Unlike Ernst & Young, KPMG believes that only these items should be deducted from the estimated value of the company's own funds, regardless of the valuation method.
Za razliku od društva Ernst & Young, KPMG smatra da se samo ti elementi trebaju odbiti od procijenjene vrijednosti vlasničkog kapitala društva, neovisno o metodi procjene vrijednosti.
For two of the off-balance-sheet items, KPMG deemed it appropriate to reconsider the amount of the adjustment applied by Ernst & Young.
U pogledu dva izvanbilančna elementa, KPMG je smatrao prikladnim osvrnuti se na iznos prilagodbe koji je primijenio Ernst & Young.
This concerned the 'French and Belgian guarantees' that Ernst & Young had evaluated at USD […] million in 2006, whereas according to KPMG they amounted to USD […] million.
Riječ je o „francuskim i belgijskim jamstvima” koje je Ernst & Young procijenio na […] milijuna USD 2006., dok ih je KPMG procijenio na […] milijuna USD.
These guarantees were adjusted on the basis of the risk they contained.
Ta su jamstva prilagođena prema riziku koji donose.
This resulted in a total amount of USD […] million compared with USD […] million used by Ernst & Young.
Iz toga proizlazi ukupan iznos od […] milijuna USD u odnosu na […] milijuna USD koji je prihvatio Ernst & Young.
KPMG confirms the relevance and the level of the illiquidity haircut (30 %) applied by Ernst & Young.
KPMG potvrđuje relevantnost i visinu korektivnog faktora zbog nelikvidnosti (30 %) koji je primijenio Ernst & Young.
A rebate of 12 % in the framework of the valuation based on comparable transactions would have been equally relevant.
U okviru procjene vrijednosti na temelju usporedivih transakcija bio bi relevantan i popust od 12 %.
KPMG feels it was appropriate to apply a control premium of 5 % in the event of a valuation on the basis of comparable companies, given that this kind of method generates a valuation corresponding to a minority shareholding while FSIH's stake allows significant influence over DPH.
KPMG je smatrao da je prikladno primijeniti kontrolnu premiju od 5 % ako se vrijednost procjenjuje na temelju usporedivih društava jer se takvom metodom dobiva procijenjena vrijednost koja odgovara manjinskom udjelu, dok je udio društva FSIH omogućavao znatan utjecaj na društvo DPH.
KPMG believes that a haircut of 20 % should be applied in the event of a valuation on the basis of comparable transactions, given that this method results in a valuation with a controlling interest.
Smatra da se u slučaju procjene vrijednosti na temelju usporedivih transakcija trebao primijeniti korektivni faktor od 20 % jer se tom metodom procjenjuje vrijednost kontrolnog udjela.
The discount of 14 % applied by the parties is also considered acceptable since it is in the value range.
Stopa popusta od 14 % koju su primijenile strane jednako se tako smatra prihvatljivom jer je unutar raspona vrijednosti.
DSIH confirms the arguments put forward by Belgium to defend the pari passu nature of FSIH's investment.
DSIH potvrđuje argumente koje je Belgija iznijela u obranu naravi pari passu ulaganja društva FSIH.
DSIH claims that the conditions of the transaction were identical for Duferco Développement and FSIH.
DSIH tvrdi da su Duferco Développement i FSIH imali jednake uvjete transakcije.
The two shareholders agreed jointly to take a new risk in investing in DSIH in order to carry out the diversification projects of Duferco Diversification.
Oba su dioničara zajedno pristala na preuzimanje novog rizika kada su uložili u društvo DSIH kako bi ostvarili projekte diversifikacije društva Duferco Diversification.
The two shareholders benefit from proportional distribution based on their participation in the capital, potential dividends and the financial opportunities of projects developed by their joint subsidiaries.
Na oba su dioničara, na temelju njihova udjela u kapitalu, bile proporcionalno raspodijeljene eventualne dividende i financijski učinci projekata koje su razvila njihova zajednička društva kćeri.
According to DSIH, the private intervention of Duferco Développement is economically very substantial and the amount of the investment is identical to that of FSIH.
Prema mišljenju društva DSIH, privatna intervencija društva Duferco Développement imala je stvarnu gospodarsku važnost, a iznos ulaganja bio je jednak onom društva FSIH.
DSIH asserts that it did not belong to Duferco Développement before the simultaneous investments.
DSIH tvrdi da prije istodobnih transakcija nije bio u vlasništvu društva Duferco Développement.
DSIH is a company that was established by a third party shortly before these investments (29 November 2006) and then acquired by the two partners to facilitate their investments.
DSIH je društvo koje je netom prije tih ulaganja (29. studenoga 2006.) osnovala treća osoba, a zatim su ga kupila oba partnera kako bi omogućila svoja ulaganja.
DSIH further maintains that the projects acquired by DSIH did not belong to the Duferco Group either before the investment by FSIH, although they were housed by SIF in draft form.
Smatra da ni projekti koje je otkupio DSIH nisu prije ulaganja društva FSIH bili u vlasništvu grupe Duferco, iako su u fazi nastajanja bili pod okriljem društva SIF.
With regard to the […] project, DSIH points out that the Walloon Region, through SOGEPA, was perfectly familiar with the situation of the […] site, given that it had intervened with the Duferco Group in the takeover of […], which was then bankrupt.
U pogledu projekta […] društvo DSIH pojašnjava da je Valonska regija posredstvom društva SOGEPA bila vrlo dobro upoznata sa stanjem postrojenja […] jer je u okviru preuzimanja društava […], koja su tada bili u stečaju, intervenirala u prilog grupe Duferco.
The Walloon Region was therefore a shareholder in […] and held several seats on the board of directors.
Tako je Valonska regija bila dioničar društva […] te je imala nekoliko članova u njegovu upravnom odboru.
The Walloon Region was also involved in the […] project from the outset and had access to all the information available in the context of the project launch, in particular exactly the same information that was available to private investors.
Valonska je regija od samog početka bila uključena u projekt te je imala pristup svim informacijama raspoloživima u okviru pokretanja tog projekta, osobito istim onima koje su bile na raspolaganju privatnim ulagačima.
DSIH relies on an ex post evaluation of the project which proved the validity of the valuation of the project as initially made and indicated very attractive profits.
DSIH se oslanja na ex post procjenu projekta, kojom je bila dokazana osnovanost prvotno provedene procjene vrijednosti projekta i koja je dala naslutiti vrlo zanimljivu profitabilnost.
On the Marcinelle project, DSIH states that the lower than expected profits were not due to the partners investing too much but to factors beyond the control of the parties.
U pogledu projekta Marcinelle DSIH tvrdi da uzrok slabije profitabilnosti od očekivane nisu bili previsoki iznosi ulaganja partnera, nego elementi koji nisu ovisili o volji strana.
First, in January 2008 the Commission announced a proposal to withdraw the free allocation of CO2 emission allowances, which had a great impact on the valuation of the project before the close of negotiations with ENEL.
Kao prvo, Komisija je u siječnju 2008. iznijela prijedlog za ukidanje besplatne dodjele emisijskih jedinica CO2, što je znatno utjecalo na procjenu vrijednosti projekta prije završetka pregovora s grupom ENEL.
Second, the electricity market experienced a complete and unforeseeable downturn in 2010, with a fall in the prices of electricity, gas and CO2.
Kao drugo, tržište električne energije doživjelo je 2010. potpun i neočekivan zaokret, uz nepovoljno kretanje cijena električne energije, plina i CO2.
Duferco Diversification came out of this crisis well by selling Marcinelle Energie just before this happened.
Duferco Diversification se iz te krize izvukao tako što je prodao Marcinelle Energie neposredno prije nego što je došlo do krize.
The company sold 80 % of Marcinelle Energie at a reasonable price and was able to secure the remaining […] by a sale option negotiated with ENEL.
Poduzetnik je prodao 80 % društva Marcinelle Energie po razumnoj cijeni te je uspio osigurati preostalih […] opcijom kupnje o kojoj je pregovarao s grupom ENEL.
[…] notes that in order to apply the market economy investor criterion, various factors should be examined, primarily the applicable interest rate and the collateral required to guarantee the loan.
[…] navodi da je za primjenu kriterija privatnog ulagača u tržišnom gospodarstvu potrebno ispitati različite elemente, najprije, primjenjivu kamatnu stopu i instrumente osiguranja koji su bili potrebni za osiguravanje zajma.
With regard to the collateral, […] points out that Duferco had a very sound financial situation, as shown by the terms of the loans granted by banking institutions to the Duferco Group, with rates comparable to those offered to AAA-rated companies according to the Commission's reference rates.
U pogledu instrumenata osiguranja, […] podsjeća da je financijsko stanje grupe Duferco bilo vrlo solidno, kao što su na to ukazivali uvjeti zajma koje su bankarske ustanove odobrile grupi Duferco, sa stopama poput onih koje su se nudile poduzetnicima s ocjenom AAA na temelju referentnih stopa Komisije.
Additionally, [the parent company of the Duferco Group at the time] was required to allocate the funds from the future sale of DII's stake in SIF to NLMK as a priority to the early repayment of the loan from FSIH.
Osim toga, [društvo koje je u tom trenutku bilo na čelu grupe Duferco] trebalo je sredstva od buduće prodaje udjela koji je DII imao u društvu SIF društvu NLMK prioritetno namijeniti prijevremenom povratu zajma društva FSIH.
The existence of a future, but almost certain, claim of USD […] million on NLMK represented a liquid and easily payable guarantee.
Postojanje budućeg, ali gotovo sigurnog potraživanja od […] milijuna USD prema društvu NLMK predstavljalo je lako naplativu novčanu garanciju.
This loan is similar to an advance on a future claim.
Taj je zajam bio sličan predujmu na buduće potraživanje.
FSIH also benefited from a pledge on 15 % of the shares in DPH, a very financially sound company (no loss reported up to 2009), for an approximate value of USD […] million.
FSIH je imao i založno pravo na 15 % dionica društva DPH, koje je bilo financijski vrlo solidno (do 2009. nije zabilježen nikakav gubitak), u vrijednosti od oko […] milijuna USD.
Lastly, the 12-month Euribor reference rate guaranteed a stable rate for a period of 12 months, which is an attractive feature in a time of crisis and falling rates.
Naposljetku, 12-mjesečna referentna stopa Euribor jamčila je stabilnu stopu tijekom 12 mjeseci, što je bilo privlačno za vrijeme krize i pada stopa.
Therefore, given these guarantees, the risk for FSIH was minimal.
S obzirom na ta jamstva FSIH je snosio izrazito mali rizik.
The rates applied to the Duferco Group by private banks varied between [0,65-1,15] % and [2,75-3,25] % with an average of [1,1-1,55] %, i.e. rates which are in line with those of FSIH.
Stope koje su privatne banke primjenjivale na grupu Duferco kretale su se od [0,65 – 1,15] % do [2,75 – 3,25] %, s prosjekom od [1,1 – 1,55] %, što su stope koje su u potpunosti bile u skladu sa stopama društva FSIH.
[…] does not think that loans that do not have exactly the same maturity, the same amount, the same nature or that have different base rates can be excluded from the comparison.
[…] smatra da se iz usporedbe ne mogu isključiti zajmovi koji nemaju sasvim jednak rok dospijeća, isti iznos, istu narav ili čija je osnovna stopa različita.
Only the collateral and the interest rates applied should be taken into account.
U obzir se trebaju uzeti samo instrumenti osiguranja i primijenjena kamatna stopa.
The amounts of the loans presented by Belgium are generally lower than those of the FSIH loan since Belgium only presented loans taken out in euros, which represent only a small part of the total amount.
Iznosi zajmova koje je navela Belgija uglavnom su niži od iznosa zajma društva FSIH jer je Belgija navela samo zajmove u eurima, koji su predstavljali tek mali dio ukupnog iznosa.
[…] was interested in multi-currency loans covering significantly higher amounts.
[…] se zanimao za viševalutne zajmove koji se odnose na znatno veće iznose.
These data show that Duferco had access to credit lines of a very high amount and that certain lending was in the form of long-term loans (10 years).
Ti su podatci pokazali da je Duferco imao pristup kreditnim linijama vrlo visokih iznosa te da su se određeni zajmovi odnosili na dugoročne zajmove (deset godina).
The rates on these loans varied between [0,5-1] % and [2,2-2,65] % with a weighted average of [1,6-2,05] %.
Stope tih zajmova kreću se od [0,5 – 1] % do [2,2 – 2,65] %, s ponderiranim prosjekom od [1,6 – 2,05] %.
[…] thus concludes that, in light of the strong collateral enjoyed by FSIH, the interest rates are perfectly in line with market rates.
Stoga […] zaključuje da su, s obzirom na solidne instrumente osiguranja kojima je raspolagao FSIH, primjenjive kamatne stope bile u potpunosti u skladu s tržišnim stopama.
DLP believes the convertible loan should be analysed together with the capital injection and be treated as such.
DLP smatra da je konvertibilni zajam potrebno analizirati zajedno s dokapitalizacijom te ga je tako potrebno tretirati.
DLP argues that the interventions by DII and FSIH are concurrent, since DII participated in a capital injection in DLP on 7 July 2011, i.e. several days before the capital injection by FSIH and after the convertible loan was granted.
DLP tvrdi da su intervencije društava DII i FSIH bile istodobne, s obzirom na to da je DII sudjelovao u povećanju kapitala društva DLP 7. srpnja 2011., odnosno nekoliko dana prije nego što ga je FSIH povećao te nakon dodjele konvertibilnog zajma.
It also argues that the conditions of the operation are identical, with the two partners having invested almost identical amounts.
Tvrdi i da su uvjeti transakcije jednaki jer su oba partnera uložila gotovo jednake iznose.
The investments were therefore made under the same conditions since FSIH and DII bear the same risk and enjoy proportional distribution of dividends and increase in the value of their subsidiary.
Stoga je bila riječ o ulaganjima provedenima pod istim uvjetima jer su FSIH i DII snosili isti rizik te su na njih proporcionalno raspodijeljene dividende i povećanje vrijednosti njihovog društva kćeri.
DLP states that the company did not belong to the Duferco Group at the time of FSIH's investment but was a company that was newly established specifically to house the joint investments of the two partners.
DLP tvrdi da društvo u trenutku ulaganja društva FSIH nije bilo u vlasništvu grupe Duferco, nego da je bilo novoosnovano društvo upravo za potrebe primanja zajedničkih ulaganja obaju partnera.
The fact that these investments were used in part to buy the assets of SIF is irrelevant given that the sale price was based on expert reports.
Činjenica da su ta ulaganja djelomično poslužila za kupnju imovine društva SIF nije relevantna jer se prodajna cijena temeljila na izvješćima stručnjaka.