natgillin/translations-raw huggingface dataset:
Minority interests (share of PBT)
Manjšinska kapitalska udeležba (delež PBT)
before tax (and HMG indemnity)
0Dobiček pred obdavčitvijo (in jamstvo HMG)
Movement in HMG indemnity
Promet v jamstvu HMG
Profit before tax (and exceptionals)
Dobiček pred obdavčitvijo (in izjeme)
Exceptionals
Izjeme
before tax (post exceptionals)
0Dobiček pred obdavčitvijo (po izjemah)
Tax
Davek
Profit after tax and exceptionals (before tax on exceptionals)
Dobiček po obdavčitvi in izjemah (pred obdavčitvijo izjem)
This estimate shows that profit before tax, minority interests, the UK Government’s undertakings and exceptional items improves from GBP 17 million in 2005 to between GBP 171 million and GBP 355 million in subsequent years.
Ta ocena kaže, da se dobiček pred obdavčitvijo, manjšinsko kapitalsko udeležbo, obveznostmi vlade Združenega kraljestva in izjemami povečuje s 17 milijonov GBP v letu 2005 do približno 171 milijonov in 355 milijonov GBP v naslednjih letih.
In 2005 the exceptional item relates to accounting inclusion of the UK Government’s undertaking to fund nuclear liabilities referred to in Measure A.
Leta 2005 veljajo izjeme za vključitev sredstev financiranja vlade Združenega kraljestva za jedrske obveznosti iz ukrepa A.
Profit before tax is substantially reduced by contributions to the NLF from 2005.
Dobiček pred obdavčitvijo je znatno zmanjšan zaradi prispevkov v sklad za jedrske obveznosti za leto 2005.
However, these contributions are 65 % of cash flows available after debt service and are not payable when cash flows are negative or transfers to maintain target Cash Reserve levels are required.
Vseeno so ti prispevki 65 % denarnih tokov, ki so na voljo po dolžniških obveznostih, in se ne izplačujejo, ko so denarni tokovi negativni ali se zahtevajo prenosi za vzdrževanje ciljnih ravni denarnih rezerv.
An analysis of BE’s financial projections demonstrates that under the Re-listing Case, the restructured business is expected to generate profits and cash flows to service the various stakeholders and that significant contributions are expected to be made towards the discharge of uncontracted liabilities and decommissioning liabilities before any return to shareholders.
Analiza finančne napovedi družbe BE ugotavlja, da v primeru ponovnega vpisa pričakujejo, da bo prestrukturirano podjetje ustvarjalo dobiček in bodo denarni tokovi služili različnim delničarjem, ter da pričakujejo večje prispevke za razrešitev obveznosti brez pogodbe in obveznosti razgradnje pred kakršnim koli vračanjem sredstev delničarjem.
Grounds for initiating the proceedings
Razlogi za začetek postopkov
In its decision to initiate proceedings, the Commission noted that the restructuring plan conferred a selective competitive advantage on BE in a sector where there is intra-Community trade.
Z odločitvijo o začetku postopkov je Komisija ugotovila, da je načrt rekonstruiranja prinesel selektivno konkurenčno prednost družbi BE v sektorju trgovanja znotraj Skupnosti.
Measures A and G directly involve the United Kingdom central or local authorities’ budgets, hence State resources.
Ukrepa A in G neposredno vključujeta proračun centralnih ali lokalnih organov v Združenem kraljestvu, zato so to državna sredstva.
They are State aid within the meaning of Article 87(1) of the Treaty.
Sta državna pomoč v smislu člena 87(1) Pogodbe.
It is also possible that Measure B, and, at least partly, Measure C, involve State resources to the extent that the publicly owned company BNFL would not have acted following the private investor in a market economy principle.
Mogoče je tudi, da ukrep B in, vsaj delno, ukrep C vključujeta državna sredstva, če družba BNFL v javni lasti ne bi delovala po merilih zasebnega vlagatelja v skladu z načelom tržnega gospodarstva.
It therefore appears that these measures also constitute State aid within the meaning of Article 87(1) of the Treaty.
Zato se zdi, da so ti ukrepi tudi državna pomoč v smislu člena 87(1) Pogodbe.
The Commission analysed the aid in the light of the Community guidelines on State aid for rescuing and restructuring firms in difficulty [16] (hereafter the guidelines).
Komisija je to pomoč preučila glede na Smernice o državni pomoči za reševanje in prestrukturiranje podjetij v težavah [16] (v nadaljevanju „Smernice“).
This analyse raised the following doubts as regards the compatibility of the aid with the common market:
Z analizo so se pojavili naslednji dvomi o skladnosti pomoči s skupnim trgom.
The Commission had doubts as to whether the plan would result in a restoration of BE’s viability in a reasonable timeframe.
Komisija je dvomila, ali bo načrt zagotovil ponovno vzpostavitev sposobnosti preživetja BE v razumnem roku.
Indeed, some of the measures have a very long time span (until at least 2086).
Nekateri ukrepi imajo res dolg časovni razpon (vsaj do leta 2086).
Furthermore, the improvement of BE’s position would seem to be only due to external support conceded by the Government and major creditors, rather than physical internal restructuring.
Ob tem bi bilo videti, da izhaja izboljšanje položaja družbe BE le iz zunanje podpore vlade in glavnih upnikov, ne pa tudi iz fizičnega notranjega prestrukturiranja.
Furthermore, should it be State aid, the renegotiation of fuel supply and spent fuel management prices with BNFL could be viewed as a life long operating aid for nuclear stations, which would be incompatible with the requirement that BE must face the market with its own forces alone after the restructuring is over, and with the polluter pays principle.
Ob tem bi pri državni podpori ponovno pogajanje o dobavi goriva in pogodbe o ravnanju z izrabljenim gorivom z družbo BNFL lahko obravnavali kot vseživljenjsko operativno pomoč jedrskim elektrarnam, kar bi bilo nezdružljivo z zahtevo, da se mora družba BE po prestrukturiranju soočiti s tržiščem z lastnimi silami, in z načelom onesnaževalec plača.
The Commission had doubts as to whether the aid could be authorised without any compensatory measure being offered in order to offset the impact of the aid on competitors.
Komisija je dvomila, ali se pomoč lahko odobri brez vsakršnih izravnalnih ukrepov, ki naj bi izravnali vpliv pomoči na tekmece.
In this respect, the Commission acknowledged that it is likely that there was no or very little structural overcapacity on the relevant market.
V zvezi s tem je Komisija potrdila, da na ustreznem tržišču ni bilo strukturnih presežkov zmogljivosti oziroma jih je bilo zelo malo.
However, the Commission considered that, in view of the highly competitive nature of this market and of the high amount of the aid, it was likely that some sort of compensatory measure would be necessary for the aid to be compatible, even if this compensatory measure did not consist in irreversibly closing power plants.
Vseeno je Komisija upoštevala, da bi bila, glede na zelo konkurenčno naravo tega tržišča in veliko količino pomoči, verjetno potrebna neka vrsta izravnalnega ukrepa, da bi pomoč postala skladna, tudi če ta izravnalni ukrep ni bil sestavljen iz nepovratnega zaprtja elektrarn.
The Commission had doubts as to whether the aid was restricted to the minimum necessary.
Komisija je dvomila, ali je pomoč omejena na najnižji potrebni znesek.
In this respect, the Commission noted that the plan provided for a mechanism by which BE would participate in the restructuring costs via a percentage of its free cash flow.
V zvezi s tem je ugotovila, da je načrt zagotovil mehanizem, po katerem bi družba BE sodelovala v stroških prestrukturiranja prek odstotka svojega prostega denarnega toka.
However, in view in particular of the great uncertainty as to the amounts of aid to be granted, the Commission was not then in a position to assess whether this aid was limited to the minimum.
Vseeno Komisija, še zlasti glede na veliko negotovost v zvezi s količino dodeljene pomoči, takrat ni mogla oceniti, ali je bila pomoč omejena na najnižji možni znesek.
Taking into account the foregoing considerations, the Commission concluded that there were doubts as to whether the restructuring plan complied with the criteria laid down in the guidelines and whether the aid awarded and to be awarded by the UK Government to BE could be considered as compatible with the common market.
Ob upoštevanju navedenega je Komisija zaključila, da so obstajali dvomi, ali je bil načrt prestrukturiranja v skladu z merili, določenimi v Smernicah, in ali bo dodeljena pomoč ali pomoč, ki jo bo dodelila vlada Združenega kraljestva, združljiva s skupnim trgom.
The Commission therefore decided to initiate the procedure laid down in Article 88(2) of the Treaty.
Komisija se je zato odločila začeti postopek, določen v členu 88(2) Pogodbe.
In the same decision, the Commission also added that the decision to open proceedings was without prejudice to the application of the Euratom Treaty.
V istem sklepu je Komisija tudi dodala, da odločitev za začetek postopka ne posega v uporabo Pogodbe Euratom.
Some measures, notably Measures A and B, have to be assessed in view of the objectives of the Euratom Treaty.
Nekatere ukrepe, predvsem ukrepa A in B, je treba ocenjevati z vidika ciljev Pogodbe Euratom.
Therefore, the Commission requested the United Kingdom to provide all such information as might help it to assess the measures, in particular Measures A and B, in the light of the objectives of the Euratom Treaty.
Zato je Komisija zahtevala, da Združeno kraljestvo priskrbi vse takšne podatke, ki bi ji lahko pomagali oceniti ukrepe, še zlasti ukrepa A in B, glede na cilje Pogodbe Euratom.
COMMENTS FROM INTERESTED PARTIES
KOMENTARJI ZAINTERESIRANIH STRANK
Following the publication of the decision to initiate proceedings and within the deadline foreseen by that publication, the Commission received comments from 20 third parties including from BE itself.
Po objavi odločitve o začetku postopka in v roku, ki ga predvideva objava, je Komisija prejela komentarje 20 tretjih strani, vključno s komentarji družbe BE.
They can be summarised as follows:
Strnejo se lahko v naslednjih točkah:
British Energy plc (BE)
British Energy plc (družba BE)
BE stresses that the case is unusual due to the way the electricity market operates and due to the economic structure of nuclear plants.
BE poudarja, da je primer nenavaden zaradi načina delovanja trga električne energije in zaradi gospodarske strukture jedrskih elektrarn.
BE’s contribution to the restructuring plan
Prispevek družbe BE k načrtu prestrukturiranja
BE stresses the fact that the costs of the past represented by BE’s nuclear liabilities could no longer be met by BE with the substantial fall in electricity prices that has taken place in the United Kingdom.
Družba BE poudarja, da zaradi znatnega padca cen električne energije v Združenem kraljestvu sama ne more več kriti stroškov iz preteklosti, ki so jedrske obveznosti družbe BE.
Under the restructuring plan, BE is also required to make large contributions towards costs of the past.
V skladu z načrtom prestrukturiranja mora družba BE veliko prispevati za stroške iz preteklosti.
With regard to the costs of decommissioning and the other nuclear liabilities not covered by the new contracts with BNFL, a contribution will be made through the NDF/NLF.
Stroški razgradnje in druge jedrske obveznosti, ki jih ne pokrivajo nove pogodbe z družbo BNFL, bodo plačani prek sklada za jedrske obveznosti/sklada za financiranje razgradnje.
Other measures affecting BE and its investors include the sale of BE’s North American assets, the loss by the pre-existing equity shareholders of the whole of their investment, and the settlement by the pre-existing investors as well as the issue of new bonds.
Drugi ukrepi, ki zadevajo družbo BE in njene vlagatelje, vključujejo prodajo sredstev družbe BE v Severni Ameriki, izgubo celotne naložbe, ki so jo imeli obstoječi delničarji, ter poravnavo obstoječih upnikov in nove obveznice.
Duration of the plan
Trajanje načrta
BE stresses that a lump sum payment to the recipient would not be practicable, in particular because certain of these costs will be incurred at dates in the very distant future.
Družba BE poudarja, da pavšalno plačilo za prejemnika ne bi bilo praktično zato, ker bodo nekateri od teh stroškov nastali šele v daljni prihodnosti.
Rejecting BE’s restructuring plan because it relieved BE once-and-for-all of certain defined, albeit presently unquantifiable, liabilities, would create a precedent against the approval of restructuring aid that was necessitated by the existence of costs of the past.
Zavrnitev BE-jevega načrta prestrukturiranja, ker bi za vedno razbremenil družbo nekaterih definiranih, vendar za enkrat nedoločljivih obveznosti, bi ustvarila precedenčni primer zoper odobritev pomoči prestrukturiranja, ki je bila potrebna zaradi obstoja stroškov iz preteklosti.
The standstill agreements with BNFL and other significant creditors
Dogovori o odlogu plačil z družbo BNFL in drugimi pomembnimi upniki
BE is of the opinion that no inferences can be drawn from a comparison of the arrangements with the privately owned creditors.
Družba BE meni, da iz primerjave dogovorov z zasebnimi upniki ni mogoče delati sklepov.
In particular, in the case of BNFL, an important part of its core business would be threatened and perhaps rendered unviable if operations of BE’s stations were unviable.
Še zlasti, v primeru družbe BNFL, bi bil ogrožen ali celo nedostopen del njenih ključnih poslovnih dejavnosti, če operacije elektrarn družbe BE ne bi delovale.
The new contracts with BNFL
Nove pogodbe z družbo BNFL
BE stresses that BNFL adopted an extremely tough stance and may have been eventually constrained only by a concern that BE would otherwise face insolvency.
Družba BE poudarja, da je družba BNFL sprejela skrajno nepopustljivo stališče in bi jo sčasoma lahko ovirala le skrb, da bi drugače družba BE postala plačilno nesposobna.
The terms that were renegotiated were the least that BE believed could be commercially obtained while being robust following restructuring.
Pogoji ponovnih pogajanj so bili najmanj, kar je družba BE menila, da je komercialno mogoče dobiti ob trdnosti po prestrukturiranju.
According to BE, the Commission may have misunderstood the commercial nature of the new BNFL Contracts as a result of misunderstanding the facts and in particular their chronology.
Družba BE meni, da je Komisija morda narobe razumela komercialno naravo novih pogodb BNFL, ker je narobe razumela dejstva in njihovo časovno zaporedje.
BE provides an annex to its submission that shows why it believes that the prices under the new contracts are not particularly favourable to it.
Družba BE k svoji vlogi dodaja prilogo, ki pojasnjuje, zakaj menijo, da cene iz novih pogodb niso ugodne zanje.
The return to viability
Vrnitev k sposobnosti preživetja
BE recalls that the problem to be addressed by the Restructuring Plan was essentially that in the new environment of much lower wholesale electricity prices, BE could no longer sustain the ‘costs of the past’.
Družba BE opozarja, da je bila bistvena težava, ki bi jo moral odpraviti načrt prestrukturiranja, da družba BE v novem okolju, v katerem so bile veleprodajne cene električne energije nižje, ni mogla več nositi „stroškov preteklosti“.
According to BE, the restructuring plan successfully addresses that problem.
Družba BE meni, da načrt prestrukturiranja uspešno rešuje omenjeno težavo.
The effect of the aid on competition
Učinek pomoči na tekmece
Concerning the effect of the aid package on competition, BE argues that because the SRMCs of BE’s nuclear plants are so much lower than those of any other baseload supplier, BE’s nuclear plants are always bound to run.
V zvezi z učinkom, ki bi ga paket pomoči imel na tekmece, dokazuje družba BE, da bodo jedrske elektrarne družbe BE vedno delovale, ker so kratkoročni mejni stroški jedrskih elektrarn družbe BE toliko nižji, kot pri drugih dobaviteljih z osnovno obremenitvijo.
But the precise level of BE’s SRMCs is irrelevant for the determination of electricity prices, which reflect the higher SRMC of the marginal supplier.
Toda natančna raven KMS družbe BE ni pomembna za določanje cen električne energije, ki kažejo višje KMS mejnega dobavitelja.
BE explains that nuclear stations are technically and economically inflexible and that the operation of such plants other than as baseload plant is uneconomic.
Družba BE pojasnjuje, da so jedrske elektrarne tehnično in ekonomsko neprilagodljive ter da je delovanje takšne elektrarne, ki je drugačna od elektrarne z osnovno obremenitvijo, negospodarno.
As far as its trading strategy is concerned, BE explains that the economics of nuclear generation tend to lead BE to focus on selling its output forward in longer-term markets.
V zvezi s strategijo trgovanja družba BE pojasnjuje, da gospodarnost jedrske proizvodnje sili družbo BE, da se osredotoča na vnaprejšnjo prodajo na dolgoročne trge.
In the view of BE, there is no overcapacity in the generation of electricity in Great Britain.
S stališča družbe BE v Veliki Britaniji ni presežkov proizvodnje električne energije.
As far as compensatory measures are concerned, BE argues that requiring premature closure of any of BE’s nuclear plant would be economically inefficient since the purpose of the aid package is to preserve BE’s nuclear capacity which, in terms of production of electricity, with the minimum avoidable expenditure of resources is the most cost-effective capacity in the British market.
Kar zadeva izravnalne ukrepe, dokazuje družba BE, da bi bila zahteva po prezgodnjem zaprtju katere koli jedrske elektrarne družbe BE ekonomsko neučinkovita, ker je namen paketa pomoči ohranjanje jedrske zmogljivosti družbe BE, ki je, v smislu proizvodnje električne energije, z najmanjšo izogibno porabo sredstev stroškovno najbolj učinkovita kapaciteta na britanskem trgu.
In addition it would encroach on the exercise by the UK Government of its competence in relation to sources of energy supply to the United Kingdom and would increase the emission of environmentally harmful gases into the atmosphere
Razen tega bi posegla v izvajanje pristojnosti vlade Združenega kraljestva v zvezi z dobavo energetskih virov Združenemu kraljestvu in povečala emisije okolju škodljivih plinov v atmosfero.
BNFL is a publicly owned company operating in the nuclear sector.
Družba BNFL je podjetje v javni lasti, ki deluje na jedrskem področju.
It supplies and reprocesses or stores BE's AGR nuclear fuel.
Dobavlja in predeluje oziroma shranjuje jedrsko gorivo iz plinsko hlajenih reaktorjev družbe BE.
Apart from its activities in the fuel cycle, BNFL also operates a few Magnox nuclear plants, and has activities as a nuclear plants designer.
Razen dejavnosti v gorivnem ciklu upravlja družba BNFL tudi nekaj jedrskih elektrarn Magnox in pripravlja načrte za izgradnjo jedrskih elektrarn.
The BNFL submission concentrates on the questions of the existence of aid to BE in Measure B and C. BNFL submits that all BNFL interventions in BE's restructuring plan followed the private investor in a market economy principle, and therefore contain no aid elements.
Vloga družbe BNFL se osredotoča na vprašanja pomoči družbi BE z ukrepoma B in C. Družba BNFL trdi, da se vsa njihova posredovanja v načrtu prestrukturiranja družbe BE zgledujejo po merilih zasebnega vlagatelja v skladu z načelom tržnega gospodarstva, in zato ne vsebuje elementov pomoči.
The negotiations that led to the revised agreements (Measure B)
Pogajanja, ki so vodila k revidiranim sporazumom (ukrep B)
BNFL explains that following the advice of their financial advisers’ (NM Rothschild & Sons Limited – Rothschild), BNFL already concluded in April 2002 that an ‘orderly rescue package’ with value for BNFL was preferable to allowing BE to become insolvent given the very vulnerable position of BNFL as BE’s largest creditor, its lack of security and the weaknesses of its legal position.
Družba BNFL pojasnjuje, da je po nasvetu svojih finančnih svetovalcev (NM Rothschild & Sons Limited – „Rothschild“) že aprila 2002 odločila, da je „urejen paket pomoči“, ki ima vrednost tudi za družbi BNFL, boljši, kot da dovoli, da družba BE postane plačilno nesposobna, ob upoštevanju, da je družba BNFL eden od največjih upnikov družbe BE, da nima zaščite in ima slab pravni položaj.
BNFL adds that its Board, however, agreed with a restructuring of the existing contracts with BE on the conditions that BE should not be kept solvent at any cost and that any package proposed to BE would need to establish the commercial advantage to BNFL, given its own balance sheet deficit.
Družba BNFL dodaja, da je njihov upravni odbor, vseeno, soglašal s prestrukturiranjem obstoječih pogodb z družbo BE pod pogojem, da se plačilna sposobnost družbe BE ne sme ohranjati za vsako ceno in da bi moral vsak predlagani paket, ki ga prejme BE, imeti komercialno korist za družbo BNFL, ob upoštevanju lastnega primanjkljaja bilance stanja.
BNFL gives details of each of the successive proposals and counterproposals from each side, together with Rothschild’s view on them.
Družba BNFL navaja podrobnosti vseh zaporednih predlogov in nasprotnih predlogov obeh strani, skupaj z mnenjem podjetja Rothschild. Družba BNFL tudi podrobno navaja časovno zaporedje in vsebino razgovorov med družbama BE in BNFL, iz katerih je razvidno, da je družba BNFL izrazila pripravljenost pomagati družbi BE, še preden je ta za pomoč prosila vlado Združenega kraljestva, vendar je ugotovila, da to ne bi bilo mogoče brez globalnega načrta prestrukturiranja.
BNFL also sets out in great detail the chronology and content of the discussions that took place between BE and BNFL, which shows that BNFL already expressed itself willing to help BE before BE turned to the UK Government for assistance but realised that this would not be possible without a global restructuring plan.. The discussions already started in May 2000 when BE first requested, without success, the application of the hardship clause contained in the contracts.
Pogovori so se začeli že maja 2000, ko je družba BE prvič – neuspešno – zaprosila za uporabo klavzule o finančnih težavah, zapisane v pogodbah.
New discussions were initiated during 2002.
Leta 2002 so se začeli novi pogovori.
BNFL also stresses that it had no involvement in the discussions between BE and the UK Government.
Družba BNFL tudi poudarja, da ni bila vpletena v pogovore med BE in vlado Združenega kraljestva.
On the basis of the analysis of its independent legal and financial advisers, BNFL concluded that proceeding with a solvent restructuring was in its best commercial interest and came to an agreement with BE on the Final Term Sheet on 28 November 2002.
Na podlagi analize neodvisnih pravnih in finančnih svetovalcev je družba BNFL zaključila, da je bil postopek za prestrukturiranje plačilne sposobnosti družbe BE v njenem najboljšem poslovnem interesu, in 28. novembra 2002 z družbo BE sprejela končni nezavezujoči dogovor.
It is only after it had agreed on its Final Term Sheet with BE that it was aware of precise details of the UK involvement.
Šele po sprejetju končnega nezavezujočega dogovora z družbo BE je izvedela za podrobnosti vpletenosti vlade Združenega kraljestva.
BNFL’s comparison of the 3 September term sheet and the final term sheet concludes that there are considerable similarities between the two term sheets and that the final outcome was significantly closer to BNFL’s opening position than to that of BE.
Ob primerjavi nezavezujočega dogovora z dne 3. septembra in končnega nezavezujočega dogovora je družba BNFL ugotovila, da sta si oba dogovora precej podobna in da je bila končna oblika znatno bližje začetnemu položaju družbe BNFL kot položaju družbe BE.
Comparison of the implications for BNFL of a solvent restructuring of BE versus BE’s insolvency
Primerjava posledic, ki jih ima za družbo BNFL prestrukturiranje plačilne sposobnosti družbe BE v primerjavi s plačilno nesposobnostjo družbe BE
BNFL gives details of its assessment of the commercial benefits to it of the solvent restructuring as compared to a BE insolvency based on the analysis by financial and legal advisers.
Družba BNFL daje na podlagi analize finančnih in pravnih svetovalcev podrobno oceno poslovnih koristi, ki jih ima zaradi prestrukturiranja plačilne sposobnosti v primerjavi s plačilno nesposobnostjo družbe BE.