natgillin/translations-raw huggingface dataset:
It also stated that the rate of cost of equity (Ke) taken into consideration, that is to say 10,2 %, is based on a no-risk rate taken from 4,25 % government bonds, a market premium of 4,50 %, a risk index (beta levered) of 0,88 derived from comparable quoted firms [37] and, finally, a premium of 2 % indicating the risk attached to the fact that AZ Servizi is not a quoted company.
Potrdil je tudi, da uporabljena stopnja cene kapitala (Ke: cost of equity), ki znaša 10,2 %, temelji na 4,25-odstotni stopnji brez tveganja, oblikovani na podlagi državnih obveznic, 4,50-odstotni tržni premiji, koeficientu tveganja (beta levered) 0,88 na podlagi primerljivih družb, ki kotirajo na borzi, [37] in 2-odstotni premiji za tveganje zaradi dejstva, da AZ Servizi ne kotira na borzi.
The expert then checked the calculations made by Citigroup for the same purpose.
Izvedenec je nato preveril izračune, ki jih za isti namen izdelal Citigroup. Pojasnil je, da ti izračuni temeljijo na istih osnovnih podatkih, vendar uporabljajo druge standarne metode ocenjevanja končne vrednosti, ki ne temelji na stalnem naraščanju denarnih tokov skupnega podjetja, temveč na uporabi tržnih večkratnikov za EBITDA za vsako dejavnost AZ Servizi (vzdrževanje, oskrbovanje letal na letališču, osebje in klicni center, informacijska tehnologija).
It concluded that they rely on the same basic data but use one of the other standard methods for assessing the final value based not on the perpetual cash flow growth of the company as a whole but on the application of market multiples calculated on the basis of the EBITDA in respect of each of AZ Servizi's activities (maintenance, groundhandling, shared services and information technology); these multiples are drawn from comparable firms operating in the same markets, at times with a 30 % reduction in view of the monopsony enjoyed by the relevant AZ activities.
Ti večkratniki izhajajo iz primerljivih družb, ki delujejo na istih trgih, in se včasih zmanjšajo za 30 % zaradi položaja, ko obstaja samo ena stranka za zadevne dejavnosti AZ.
Citigroup took account of four successful-outcome scenarios based on the AZ Servizi plan, ranging from full achievement of objectives as regards savings made and new turnover from third parties to only 60 % achievement of savings objectives and 85 % achievement of turnover objectives.
Citigroup je uporabil štiri scenarije za uspeh načrta AZ Servizi, ki segajo od celotne uresničitve ciljev z vidika varčevanja in novih prihodkov od prodaje tretjim stranem do uresničitve 60 % ciljev glede varčevanja in 85 % ciljev glede prihodkov od prodaje.
On the basis of the first scenario considered by Mediobanca, the IRR for Fintecna according to the market multiples applied is between 29 % and 38,3 %, that is higher than that of Mediobanca [38].
Na podlagi prvotnega scenarija, ki ga je upoštevala Mediobanca, bi IRR za holding Fintecna glede na upoštevane tržne večkratnike znašal od 29 do 38,3 %, kar pomeni, da bi bil višji od IRR, ki ga je izračunala Mediobanca [38].
On the basis of unofficial scenarios and therefore subject to further caveats, the average of the four scenarios would give an IRR of 18,7 % to 27,1 %, a range which includes the value calculated by Mediobanca.
Povprečje štirih scenarijev, ki temelji na neuradnih scenarijih in tako dodaja različna dodatna svarila, bi dalo IRR z razponom 18,7–27,1 %, znotraj katerega se nahaja vrednost, ki jo je izračunala Mediobanca.
Only the most unfavourable scenario would result in an appreciably lower IRR of between 9,1 % and 17,1 %, which would in any event be equivalent to or higher than the cost of capital.
Samo najneugodnejši scenarij bi dal občutno nižji IRR med 9,1 in 17,1 %, ki bi bil še vedno enak ali višji od cene kapitala.
The expert notes that in its calculations Citigroup failed to take account of the final cash liquidity of €29 million available to Fintecna, which ought to be included according to generally accepted practice and which would improve these figures.
Izvedenec je opozoril, da Citigroup v svojih ocenah ni upošteval končnih denarnih sredstev v znesku 29 milijonov EUR, ki so na razpolago holdingu Fintecna in bi jih bilo treba v skladu s splošno sprejeto prakso upoštevati, ker bi izboljšala številke.
The expert concludes that the Citigroup study confirms Mediobanca's results.
Izvedenec nazadnje meni, da delo, ki ga je opravil Citigroup, potrjuje ugotovitve banke Mediobanca.
Apart from validating the studies carried out by Mediobanca and Citigroup, the expert made its own analyses, in particular, first, a study of the sensitivity of the IRR in relation to the final value of AZ Servizi and in relation to the cost of capital and the inflation rate, and, second, a fresh calculation of the final value of AZ Servizi.
Izvedenec je poleg tega, da je odobril analize, ki sta jih opravila Mediobanca in Citigroup, opravil svoje analize; v tem primeru gre na eni strani za analizo občutljivosti IRR glede na končno vrednost AZ Servizi ter glede na ceno kapitala in stopnjo inflacije ter na drugi strani nov izračun končne vrednosti AZ Servizi.
So far as concerns the capital increase by Fintecna of €216 million provided for in the revised plan, giving a final value (non-available) in Fintecna's favour of €354,5 million with an IRR of 25,3 %, the expert concluded that a final value of less than 10 % (€320 million), attributable for example to results below 10 % ascribable to Fintecna [39], would give an IRR of 20,7 %.
Na podlagi v popravljenem načrtu predvidenega povečanja kapitala za 216 milijonov EUR s strani holdinga Fintecna, katerih končna vrednost brez razpoložljivih sredstev bi bila 354,5 milijonov EUR pri 25,3-odstotnem IRR za holding, je izvedenec zaključil, da bi pri 10 % nižji končni vrednosti (320 milijonov EUR) zaradi na primer 10 % nižjih rezultatov, ki bi jih dosegel Fintecna [39], IRR znašal 20,7 %.
A final value 20 % lower than the plan (€284 million) would give an IRR of 15,8 %, while a final value 20 % higher than the plan (€426 million) would produce an IRR of 33,8 %.
Pri končni vrednosti, za 20 % manjši od načrtovane (284 milijonov EUR), bi bil IRR 15,8 %; nasprotno bi končna vrednost, za 20 % večja od načrtovane (426 milijonov EUR), ustvarila IRR, ki bi znašal 33,8 %.
Various risk scenarios, generating a different beta risk index and a different cost of capital (Ke), were postulated; these scenarios are summarised in the following table, which shows the final value resulting for Fintecna (excluding €29 million available cash), the internal rate of return (IRR) and the net present value (NPV) of the flows updated to the same cost of capital of each scenario.
Izračunani so bili različni scenariji tveganja z različnim beta koeficientom in ceno kapitala (Ke), ki so povzeti v spodnji razpredelnici, ki prikazuje dobljeno končno vrednost za holding Fintecna brez 29 milijonov EUR razpoložljivih sredstev, notranjo stopnjo donosa (IRR) in sedanjo neto vrednost tokov (SNV), diskontirano na isto ceno kapitala za vsak scenarij.
It is to be borne in mind that the NPV updates the various disbursement flows, corresponding to the capital increases underwritten by Fintecna, and revenue flows, corresponding in this case to the estimated final value and to the portion available at the end of the period; a positive NPV indicates value created for the investor.
Gre omeniti, da SNV diskontira različne tokove plačil, ki se ujemajo s povečanji kapitala, ki jih je Fintecna vpisal, ter tokove prejemkov, ki se tu ujemajo z ocenjeno končno vrednostjo in razpoložljivimi sredstvi ob koncu obdobja; pozitivna SNV pomeni ustvarjanje vrednosti za vlagatelja.
Scenario
Scernarij
Liquidity risk premium
Premija za nelikvidnos t
Cost of capital Ke
Cena kapitala Ke
Final value for Fintecna
Končna vrednost Fintecna
Equilibrium NPV
NPV ravnotežja
The base scenario is that taken into consideration by Alitalia, Fintecna and their consultants.
Osnovni scenarij ustreza scenariju, ki so ga upoštevali Alitalia, Fintecna in njuni svetovalci.
The ‘equity beta’ scenario takes account of the fact that AZ Servizi's low forecast indebtedness leads mathematically to an undervaluation of the beta coefficient; an equity beta of 1 corresponds to the beta coefficient of firms operating in the same market, without applying the reduction linked to AZ Servizi's indebtedness; this generates about half a percentage point increase in the cost of capital.
Scenarij, imenovan equity beta, upošteva, da se zaradi predvidene nizke zadolženosti AZ Servizi koeficient beta matematično zmanjšuje; equity beta 1 ustreza koeficientu družb, ki delujejo na istem trgu, in ni bil popravljen z zmanjšanjem zaradi zadolženosti AZ Servizi; ustvarja povečanje cene kapitala za približno pol točke.
The ‘Ke + 2 %’ scenario corresponds to a beta coefficient fixed at 1,32, that is the average of the highest equity beta coefficients of the sample considered, in every case disregarding the reduction associated with AZ Servizi's low level of indebtedness; this generates an increase in the cost of capital by 2 percentage points.
Scenarij, imenovan Ke + 2 %, ustreza beta koeficientu, določenem pri 1,32, ki je povprečje najvišjih equity beta v upoštevanem vzorcu in brez upoštevanja zmanjšanja zaradi nizke zadolženosti AZ Servizi; ustvarja povečanje cene kapitala za 2 točki.
The ‘equilibrium NPV’ scenario sets the NPV at zero, in other words the threshold of profitability of the operation; it corresponds to a cost of capital of 13,27 %, that is a beta of 1,56.
Scenarij, imenovan NPV ravnotežja, ustreza scenariju, ki zagotavlja, da je sedanja neto vrednost tokov enaka nič oziroma pragu dobičkonosnosti transakcije; ustreza ceni kapitala v višini 13,27 %, se pravi, beta koeficientu 1,56.
In contrast, the ‘Ke — 2 %’ scenario corresponds to a 2 percentage point reduction in the cost of capital, due to the disappearance of the liquidity risk premium or a significant drop in the beta coefficient, or a combination of the two.
Scenarij, imenovan Ke –2 %, nasprotno ustreza znižanju cene kapitala za 2 točki zaradi izgina premije za nelikvidnost ali občutnega znižanja beta koeficienta ali mešanice obojega.
Finally, the expert carried out a full re-evaluation of AZ Servizi using a method similar to that applied by Citigroup whereby the value of the firm is regarded as the sum of the values of all its activities.
Izvedenec je nazadnje opravil novo popolno vrednotenje AZ Servizi, za kar je uporabil podobno metodo kot Citigroup, pri čemer je vrednost podjetja obravnaval kot vsoto vrednosti vseh dejavnosti.
These values were calculated on the basis of a market multiple of the EBITDA for groundhandling and staff and call centre, and of the EBITDA less investments for information technology; the same 30 % reductions were taken into consideration for the latter two activities.
Te vrednosti je izračunal na podlagi tržnega večkratnika EBITDA za oskrbovanje letal na letališču ter osebje in klicni center in EBITDA minus naložbe za informacijsko tehnologijo; ista 30-odstotna znižanja je upošteval za zadnji dve dejavnosti.
The expert explained that this method of market multiples becomes more reliable as the financial markets evolve and that both academic writers and international practice attach growing importance to it.
Izvedenec je natančno pojasnil, da se zanesljivost te metode tržnih večkratnikov povečuje z razvojem finančnih trgov ter da ji doktrina in mednarodne prakse pripisujejo vedno večji pomen.
As regards maintenance, the particular structure of the activity, with the majority of services continuing to be provided by branches of airline companies and with contracts under negotiation being of limited duration, led the expert to adopt an assets-based approach, based on assets for 2008, also described by the expert as one of the methods generally used for company valuations [40].
Izvedenec je za vzdrževanje zaradi posebne strukture dejavnosti, pri kateri večino storitev še najprej zagotavljajo hčerinske družbe letalskih družb, in omejenega trajanja pogodb, o katerih potekajo pogajanja, upošteval lastniški pristop, izračunan na podlagi sredstev leta 2008, ki ga je opredelil kot eno od metod, ki se ponavadi uporabljajo za vrednotenje podjetja [40].
Accordingly, and taking into account the financial position in 2008, the global final value for Fintecna would be between €408 and €430 million, that is giving an IRR of around 28,2 % to 30,9 %, thus confirming Mediobanca's and Citigroup's calculations.
Skupna končna vrednost za holding Fintecna bi na podlagi tega in ob upoštevanju finančnega položaja leta 2008 znašala 408–430 milijonov EUR oziroma imela IRR v višini 28,2–30,9 %, kar so številke, ki potrjujejo izračune banke Mediobanca in družbe Citigroup.
The expert concluded that the favourable discrepancy in terms of IRR compared with the same calculations carried out for the first plan of October 2004 is primarily due to the deferral of part of Fintecna's investment to 2006 instead of 2005.
Izvedenec je opozoril, da je ugodna razlika, ugotovljena glede stopnje IRR v primerjavi z istimi izračuni, opravljenimi ob prvem načrtu oktobra 2004, povezana predvsem z zakasnitvijo, ker bo Fintecna del naložb izvedel leta 2006 namesto 2005.
Findings regarding the assumptions made in the letters of intent signed by Alitalia and Fintecna
Ugotovitve glede domnev v pismih o nameri, ki sta jih podpisala Alitalia in Fintecna
In its decision to initiate the procedure the Commission claimed [41] that three points, which according to the letter of intent signed on 13 October 2004 between Alitalia and Fintecna still remained to be negotiated, could have a significant influence on the profitability of the operation.
Komisija je v odločitvi o začetku postopka menila [41], da bi lahko na dobičkonosnost transakcije pomembno vplivale tri točke, ki jih pismo o nameri z dne 13. oktobra 2004, ki sta ga podpisala Alitalia in Fintecna, opisuje kot točke, o katerih se je treba še dogovoriti.
The Commission therefore asked for them to be specifically examined by the expert.
Komisija je zato zahtevala, da jih izvedenec posebej preuči.
Treatment of restructuring costs
Obravnava stroškov prestrukturiranja
The expert confirmed that the letter of intent provides that the restructuring costs calculated by Alitalia would continue to be borne by Alitalia if they were to exceed the provision created and transferred to AZ Servizi.
Izvedenec je potrdil, da pismo o nameri določa, da Alitalia še naprej nosi stroške prestrukturiranja, ki jih je ocenila, če presežejo oblikovano rezervacijo, ki je bila prenesena na AZ Servizi.
That provision amounted to €88,8 million in the initial plan and according to the detailed checks made, tallied fully with the estimated share of those costs that have to be covered in addition to the staff costs already considered in the annual liabilities for 2005.
Ta rezervacija je v prvotnem načrtu znašala 88,8 milijona EUR in glede na sestavljene podrobne izkaze ustrezala predvidenemu deležu stroškov, ki jih je še treba plačati poleg odhodkov za zaposlene, ki so bili že upoštevani v letnih stroških za leto 2005.
In the revised plan for April 2005, this provision was reduced to €75 million at the end of 2004 due to the costs of around €15 million already entered in the accounts for 2004.
Ta rezervacija ob koncu leta 2004 se je v popravljenem načrtu iz aprila 2005 zmanjšala na 75 milijonov EUR zaradi stroškov v višini približno 15 milijonov EUR, ki so bili že vključeni v finančne izkaze za leto 2004.
The expert confirmed that Alitalia's undertaking means that there is unlikely to be any impact on Fintecna's IRR.
Izvedenec je potrdil, da obveza Alitalie pomeni, da ni pričakovati učinka na IRR holdinga Fintecna.
Treatment of the objectives of the restructuring plan
Obravnava ciljev načrta prestrukturiranja
The expert was able to confirm that the costs included in AZ Servizi's plan used for calculating the IRR were in line with the efficiency objectives laid down therein; the plan provides for a maximum annual percentage of […]% of the invoiced amounts to be repaid to AZ Fly if the objectives are attained; this corresponds to about €[…] million per year or, in the period 2005-2008, €[…] million in the revised plan.
Izvedenec je lahko preveril, da so bili stroški, vključeni v načrt AZ Servizi, uporabljen za izračun IRR, v skladu z ravno tako upoštevanimi cilji učinkovitosti. Načrt tako predvideva maksimalni letni strošek v vrednosti […] % fakturiranja, ki ga je treba nakazati AZ Fly, če bodo cilji doseženi; to ustreza približno […] milijonom EUR na leto oziroma […] milijonom EUR v obdobju 2005–2008 v popravljenem načrtu.
The expert stated that, according to Alitalia's management, such an estimate can be considered to be confirmed by the various players involved in drawing up the plan, including the consultants, who included it in their calculations.
Izvedenec je pojasnil, da so to oceno po mnenju uprave Alitalie potrdili različni akterji načrta, tudi svetovalci, ki so jo vključili v svoje izračune.
Treatment of the capital gains from the transfer of assets or areas of activity
Obravnava kapitalskih dobičkov od prenosa nekaterih sredstev ali dejavnosti
The expert confirmed that the treatment of any such capital gains, still subject to negotiation at the time of the expert's study, would have no impact on profitability for Fintecna if their partial retrocession to AZ Fly took place only after all transfers planned up to 31 December 2008, and if it concerned only that part of the IRR greater than the 25,3 % calculated by Mediobanca as Fintecna's estimated profitability.
Izvedenec je potrdil, da obravnava morebitnega kapitalskega dobička, o katerem so v času, ko je opravljal analizo, še potekala pogajanja, ne bo vplivala na dobičkonosnost za holding Fintecna, če bi do delnega prenosa tega dobička nazaj na AZ Fly prišlo šele po izvedbi vseh predvidenih prenosov do 31. decembra 2008 in če se ne bi nanašala samo na delež IRR, ki presega 25,3 %, ki jih je Mediobanca izračunala kot predvideno dobičkonosnost za holding.
The parties confirmed to the consultant that that was the approach they wished to adopt for negotiating the clause.
Strani so svetovalcu potrdile, da so pri pogajanjih o klavzuli želele uporabiti ta pristop.
Findings regarding use of the preference shares for Fintecna's benefit
Ugotovitve glede uporabe prednostnih delnic v korist holdinga Fintecna
The expert first pointed out the many different types of shares existing under Italian law; in particular, since the company law reform of 1 January 2004, the right to priority payment of a dividend, as in the present case, no longer imposes any particular restrictions as regards associated voting rights.
Izvedenec je naprej opozoril na številne vrste delnic, ki lahko obstajajo v italijanskem pravu. Zlasti po reformi prava družb 1. januarja 2004 uvedba privilegija glede plačila dividend, za kar gre v tem primeru, ne nalaga več posebnih omejitev glede povezanih glasovalnih pravic.
The only restriction which does apply lies in the fact that shares with a limited or conditional voting right, as in the case of preference shares, cannot account for more than half of the share capital [42].
Edina prava omejitev je, da delnice z omejeno ali pogojno glasovalno pravico, kakršne so delnice s prednostnimi dividendami, ne smejo znašati več kot polovico delniškega kapitala [42].
The expert put forward three examples of private quoted companies (Fiat SpA, Unipol Assicurazioni SpA and Istituto Finanziario Industriale SpA) which issue preference shares according, amongst other things, a priority in the distribution of profits that is associated with a fixed amount per share or corresponds to a percentage of the nominal value.
Izvedenec je predstavil tri primere zasebnih družb, ki kotirajo na borzi (FIAT S.p.A, Unipol Assicurazioni S.p.A. in Istituto Finanziario Industriale S.p.A) ter uporabljajo prednostne delnice in dodeljujejo med drugim prednostne dividende, ki so povezane z določenim zneskom za delnico ali ustrezajo odstotnemu deležu nominalnega kapitala.
The expert confirmed that it had found nothing to indicate that the granting of preference shares to a single shareholder, whether public or private, was contrary to Italian law.
Izvedenec je potrdil, da ni odkril ničesar, kar bi kazalo, da dodelitev prednostnih delnic edinemu delničarju javnega ali zasebnega prava ni v skladu z italijanskim pravom.
The only advantage observed is precisely the priority interest-bearing access to the profit dividend.
Edina opažena korist je ravno prednostni in povečani dostop do dividend.
Findings regarding advance billing for services provided by AZ Servizi to AZ Fly at market conditions
Ugotovitve glede predvidenega fakturiranja storitev AZ Servizi za AZ Fly po tržnih pogojih
The expert dedicated a large part of its report to a presentation of the detailed work carried out on this, describing the billing practices applied in AZ Servizi's plan; the plan had been drawn up by Alitalia with the assistance of McKinsey, which supplied it with the analysis elements direct.
Izvedenec v velikem delu svojega poročila predstavlja podrobno delo, ki ga je opravil in ki prikazuje predvidena pravila fakturiranja, upoštevana v načrtu AZ Servizi, tega je Alitalia pripravila ob pomoči McKinseya, ki ji je neposredno priskrbel elemente analize.
The work focused on each of the firm's activities (maintenance, groundhandling services, information technology and shared services (staff and call centre)) and its findings are set out below.
Delo se nanaša na vse dejavnosti podjetja (vzdrževanje, oskrbovanje letal na letališču, informacijsko tehnologijo in skupne storitve (osebje in klicni center)), ugotovitve so predstavljene v nadaljevanju.
The expert concluded generally that it had found no indications that the methodology used for setting prices reflecting market conditions in AZ Servizi's plan might be flawed.
Izvedenec je na splošno ugotovil, da ni našel ničesar, zaradi česar bi menil, da metodologija za oblikovanje cen v skladu s tržnimi merili v načrtu AZ Servizi ni pravilna.
It should be noted that Fintecna consultant Citigroup's report says that AZ Servizi's total forecast turnover of €[…] million for 2008 breaks down by activity as follows: maintenance €[…] million; groundhandling services €[…] million; information technology €[…] million; shared services (staff and call centre) €[…] million [43].
Gre omeniti, da bi bila razdelitev po dejavnostih, vzeta iz poročila svetovalca holdinga Fintecna Citigroup, pri načrtovanem skupnem prometu v višini […] milijonov EUR za AZ Servizi v letu 2008, naslednja: […] milijonov EUR za vzdrževanje, […] milijonov EUR za oskrbovanje letal na letališču, […] milijonov EUR za IKT (informacijsko in komunikacijsko tehnologijo) ter […] milijonov EUR za osebje in klicni center (ali skupne storitve) [43].
Advance billing for maintenance services
Ugotovitve glede predvidenega fakturiranja storitev vzdrževanja
The price construction method is essentially based on sector price comparisons taken from the independent study carried out by Aero Strategy [44].
Pri metodi oblikovanja cen so se uporabile predvsem primerjave cen v sektorju iz neodvisne študije družbe Aero Strategy [44].
The expert described in detail the calculation method adopted for some aspects (for example ‘heavy’ maintenance and components of the A320 family, CFM56-5B jet engine maintenance) to verify the bases (frequency, hourly cost, number of hours, parts, etc).
Izvedenec je podrobno pojasnil uporabljeni način izračuna za nekatere podatke (na primer velika vzdrževalna dela in sestavni deli letal vrste A320, vzdrževanje reaktivnega motorja CFM56-5B), da bi preveril njihove osnove (periodičnost, stroške dela na uro, število ur, dokumentacijo...).
It also detailed the following two assumptions made for the purposes of this price construction:
Ravno tako je natančno opisal dve domnevi, ki sta se upoštevali pri tem oblikovanju cen, in sicer:
application of a margin conforming to that currently used by Alitalia for services to third parties,
uporabo marže, podobne marži, ki jo Alitalia zdaj uporablja za storitve tretjih strani;