natgillin/translations-raw huggingface dataset:
In the case in point, with the exception of the letter for ABX Germany which has already been assessed and a letter of intent in favour of ABX Spain for EUR 12,3 million, the Commission noted that none of the new letters of intent of which it is aware and which have been issued since 2000 (when ABX started arousing public interest) contains terms which are legally binding on SNCB.
Razen že analiziranega pisma v korist ABX Nemčija in priporočilnega pisma za ABX Španija za posojila v višini 12,3 milijona EUR je Komisija v tem primeru ugotovila, da nobeno od novih priporočilnih pisem, s katerimi se je seznanila in so bila izdana od leta 2000 naprej (v času, ko je ABX začela vzbujati zanimanje javnosti), ne vsebuje pogojev, ki pravno zavezujejo družbo SNCB.
The Commission deems that the letter of intent in favour of ABX Spain is equivalent to a bank guarantee, given that SNCB undertakes to grant ABX Spain the funds needed to repay its debts to the bank.
Komisija meni, da je priporočilno pismo v korist ABX Španija enakovredno bančni garanciji, ker se družba SNCB zavezuje, da bo podjetju ABX Španija dodelila potrebna sredstva, da bi le-to lahko odplačalo dolgove banki.
The Commission recalls that the aid element in question is made up of the cost of the guarantee which the company would have had to pay to obtain the loan and which is in addition to the cost of the loan itself; in any case this amount remains limited and corresponds to a few basis points.
Komisija opozarja, da je element pomoči v tej zadevi sestavljen iz stroškov garancije, ki bi jih podjetje moralo plačati, da bi dobilo to posojilo, in ki se prištejejo k stroškom samega posojila; ta element ostaja v vsakem primeru omejen in ustreza nekaj baznim točkam.
Therefore, even though the margin of [...] basis points paid by the ABX group to SNCB is adequate, the resulting aid element remains marginal (EUR 0,02 million per year).
Torej, če kot ustrezno upoštevamo maržo [...] baznih točk, ki jo je skupina ABX plačala družbi SNCB, element pomoči, ki izhaja iz tega, ostaja majhen (0,02 milijona EUR na leto).
Even if the cost of a guarantee should be considerably higher, for example double this amount, or [...] basis points, which seems high, the aid element itself would still be marginal (EUR 0,04 million per year) and would not alter the conclusions on the restructuring aid.
Čeprav bi morali biti stroški garancije občutno višji, na primer dvakratni, oziroma bi morali znašati [...] baznih točk, kar bi se zdelo veliko, bi element pomoči sam po sebi prav tako ostal majhen (0,04 milijona EUR na leto) in ne bi spremenil ugotovitev o pomoči za prestrukturiranje.
Disposal of the Road domestic France business
Prenos dejavnosti „road domestic France“
As the choice and the conditions of ABX France disposing of its Road domestic France business were clearly imputable to the Belgian State, the Commission must check the arguments put forward by the Belgian authorities to justify the choice of an MBO as being in line with what a private investor would have done under the same circumstances.
Ker je izbiro in pogoje prenosa dejavnosti „road domestic France“ s strani ABX Francija jasno mogoče pripisati državi Belgiji, mora Komisija preveriti argumente, ki so jih belgijski organi navedli za utemeljitev, da je izbira odkupa podjetja s strani zaposlenih skladna s tem, kar bi storil zasebni vlagatelj v istih okoliščinah.
Cost of the scenario chosen by SNCB. the total cost of the divestiture scenario chosen by SNCB is EUR 137,5 million, or EUR [...] million corresponding to the business' negative net assets at the time of disinvestment, and a negative selling price of EUR [...] million.
Stroški scenarija, ki ga je izbrala družba SNCB: skupni stroški scenarija umika, ki ga je izbrala družba SNCB, znašajo 137,5 milijona EUR oziroma [...] milijonov EUR, kar ustreza negativni neto vrednosti lastnega kapitala dejavnosti v času umika, in [...] milijonov EUR negativne prodajne cene.
The Commission notes that two independent experts have confirmed that this sum of EUR [...] million corresponds to the negative value of the Road domestic France business sold to the employees.
Komisija ugotavlja, da sta dva neodvisna izvedenca potrdila, da ta znesek v višini [...] milijonov EUR ustreza negativni vrednosti dejavnosti „road domestic“, preneseni na zaposlene.
Deloitte Corporate Finance reviewed the business plan of the company in question and evaluated it using the discounted cash flows method.
Tako je „Deloitte Corporate Finance“ pregledal business plan (poslovni načrt) zadevne dejavnosti in ga ocenil po metodi „discounted cash flows“ (diskontirani denarni tokovi).
The business plan covers the years 2005 to 2008.
Ta poslovni načrt obsega obdobje 2005–2008.
The assessment concludes that the value of ABX-F domestics corresponds to the above negative price.
Pri vrednotenju so ugotovili vrednost ABX-F domestics, ki ustreza zgoraj navedeni negativni ceni.
This was confirmed by Ernst & Young Transaction Advisory Services who reviewed the estimates made by Deloitte.
Ta rezultat je potrdil Ernst & Young Transaction Advisory Services, ki je pregledal ocene Deloitte.
Given that these two independent experts used the standard and appropriate assessment methods, the Commission accepts that this price corresponds to the market price and that the buyer of the Road domestic France activity did not receive state aid when making this purchase.
Ker sta ta dva neodvisna izvedenca uporabila običajne in ustrezne metode vrednotenja, Komisija sprejema, da ta cena ustreza tržni ceni in da prevzemnik dejavnosti „Road domestic France“ ob tem odkupu ni prejel državne pomoči.
Cost of voluntary liquidation: according to the Belgian authorities, the cost of voluntary liquidation would be EUR 183 million, or EUR [...] million for the negative net assets when the disposal decision was taken, and EUR [...] million in other additional costs.
Stroški scenarija sporazumne likvidacije: po mnenju belgijskih organov bi stroški scenarija sporazumne likvidacije znašali 183 milijonov EUR oziroma [...] milijonov EUR iz naslova negativne neto vrednosti lastnega kapitala v času sprejetja odločitve o prenosu, in [...] milijonov EUR drugih dodatnih stroškov.
In the case of a voluntary liquidation plan, SNCB would have to pay off all the creditors of the liquidated company which were not covered by the liquidated assets.
V okviru načrta sporazumne likvidacije bi družba SNCB morala poravnati terjatve vsem upnikom družbe v likvidaciji, katerih terjatve niso bile pokrite z likvidiranimi sredstvi.
It is therefore legitimate to include the amount of EUR [...] million.
Torej je dejansko upravičeno upoštevati stroške v višini [...] milijonov EUR.
The other additional costs taken into account by the Belgian authorities comprise in particular EUR [...] million for the redundancy programme which should have been carried out by SNCB during the liquidation, and EUR [...] million incurred through losses which would have been made by the ABX group throughout the negotiations for this programme.
Drugi dodatni stroški, ki so jih upoštevali belgijski organi, vključujejo zlasti [...] milijonov EUR iz naslova socialnega načrta, ki bi ga družba SNCB morala izvršiti ob likvidaciji, in [...] milijonov EUR zaradi izgub, ki naj bi jih ustvarila skupina ABX v času pogajanj o tem načrtu.
Both these estimates seem reasonable.
Ti dve oceni se zdita razumni.
In terms of the redundancy programme, the amount breaks down into an acceptable redundancy cost of EUR [...] per employee; the expected amount of losses incurred while this programme was carried out is comparable to the level of losses for 2005 in the company's business plan at the time of disposal (between EUR [...] million and EUR [...] million).
Kar zadeva socialni načrt, ta znesek namreč ustreza stroškom socialnega načrta v višini [...] EUR na zaposlenega, kar je sprejemljivo; kar zadeva izgube, ki nastanejo med uresničevanjem tega načrta, je predvideni znesek primerljiv z ravnjo izgube za leto 2005, ocenjeno v poslovnem načrtu družbe v času prenosa (med [...] in [...] milijoni EUR).
Further, the Belgian authorities take account in their assessment of an additional amount of EUR 15 million for losses incurred in the first four months of 2006.
Belgijski organi poleg tega v svoji oceni upoštevajo dodatni znesek 15 milijonov EUR iz naslova izgub v prvem četrtletju 2006.
As a result, as ABX France would also have had to pay various penalties for breach of contracts (at a cost estimated by the Belgian authorities of EUR 14 million) and cope with the consequences for the group's other businesses of loss of access to the French market, it is reasonable to consider that amicable liquidation would have led SNCB to bear a higher cost than that of the employees purchasing Road domestic France.
Ker bi poleg tega ABX Francija morala plačati različne odškodnine zaradi prekinitve pogodb (po oceni belgijskih organov v višini 14 milijonov EUR) in se soočiti s posledicami izgube dostopa do francoskega trga za druge dejavnosti skupine, je zato razumljivo sklepati, da bi družba SNCB zaradi sporazumne likvidacije nosila stroške, ki bi bili višji od stroškov odkupa dejavnosti „road domestic France“ s strani zaposlenih.
In the Commission's view, given the difference between the options of disposal and voluntary liquidation, it is unjustified to consider that, in the case of obligatory liquidation, SNCB would have had to bear all the EUR [...] million amounting to the net negative assets at the time the disposal decision was taken, as by definition it would not have sought to pay off the creditors of its subsidiary.
Po mnenju Komisije ni utemeljeno sklepati, da bi SNCB v primeru scenarija prisilne likvidacije za razliko od scenarijev prenosa ali sporazumne likvidacije morala nositi vseh [...] milijonov EUR, ki ustrezajo negativni neto vrednosti lastnega kapitala v času sprejetja odločitve o prenosu, ker naj po definiciji ne bi poskušala poravnati dolgov svoje hčerinske družbe do njenih upnikov.
Among the other additional costs, the Belgian authorities consider that, in this case, SNCB should have been able to bear a risk [...] of EUR 58 million.
Belgijski organi menijo, da bi morala družba SNCB po tem scenariju med drugimi dodatnimi stroški nositi tveganje [...] v višini 58 milijonov EUR.
The Belgian authorities provided the Commission with several points to back up this theory, in particular an opinion from the experts Linklaters and Grand Auzas et Associés stating that the option of court-ordered liquidation would expose SNCB to a real and non-negligible risk [...] calling its liability into question.
Belgijski organi so v podporo tej trditvi Komisiji poslali več elementov in zlasti mnenje izvedencev Linklaters in Grand Auzas et Associés, po katerem bi bila SNCB zaradi tega scenarija sodne likvidacije izpostavljena resničnemu in nezanemarljivemu tveganju [...], ki bi potegnilo za seboj njeno odgovornost.
The Commission does not deny that, in certain exceptional cases, some national legislation provides for the possibility of third parties to bring proceedings against the shareholders of a liquidated company, in particular if these shareholders may be considered [...] and/or as being guilty of mismanagement.
Komisija ne zanika, da v nekaterih izjemnih primerih nekatere nacionalne zakonodaje predvidevajo možnost, da se tretje osebe obrnejo proti delničarjem likvidirane družbe, zlasti če se lahko te delničarje šteje kot [...] in/ali da so zagrešili napake pri upravljanju.
However, in the case in point, although French law does provide for this possibility and the Belgian authorities have provided some indications of such a risk, they have not sufficiently erased the doubts expressed regarding this case when the procedure was extended in April 2005.
Vendar pa v tem primeru belgijski organi niso v zadostni meri odpravili dvomov, izraženih v tem primeru ob razširitvi postopka glede te zadeve aprila 2005, čeprav takšna možnost obstaja v francoskem pravu in so belgijski organi poslali nekaj podatkov v zvezi s takšnim tveganjem.
The Commission concludes that it is not legitimate in this case to include among the costs of this scenario the EUR 58 million which, according to the Belgian authorities, are linked to the risk of [...].
Komisija iz tega sklepa, da v tem primeru v stroških tega scenarija ni upravičeno upoštevati 58 milijonov EUR, ki so po mnenju belgijskih organov povezani s tveganjem [...].
Similarly, the Commission considers that, in view of the special status of SNCB, it is unlikely that SNCB's financing cost would have been significantly affected by the court-ordered liquidation of Road domestic France, contrary to the view taken by the Belgian authorities.
Komisija tudi meni, da je ob upoštevanju zlasti posebnega statusa družbe SNCB malo verjetno, da bi na stroške financiranja SNCB občutno vplivala morebitna sodna likvidacija dejavnosti „road domestic France“, kar je v nasprotju s predvidevanji belgijskih organov.
However, it is possible to accept that this liquidation could have entailed an additional cost to paying the ABX group's bank debts, estimated by the Belgian authorities at no more than EUR 7 million.
Nasprotno pa je mogoče sprejeti, da bi takšna likvidacija povečala stroške financiranja bančnega dolga skupine ABX in to v znesku največ 7 milijonov EUR po oceni belgijskih organov.
The Belgian authorities' simulation also takes account of an impact on the group's need for working capital, as the creditors of the entire group could, once Road domestic France was put into liquidation, demand a drastic reduction in their repayment schedules.
V simulaciji belgijskih organov je upoštevan tudi učinek na potrebe skupine po gibljivih sredstvih, ker naj bi upniki celotne skupine po likvidaciji dejavnosti „road domestic France“ lahko zahtevali občutno skrajšanje plačilnih rokov.
The estimated impact of this at EUR 45 million, based on the average deadline for repayment given by suppliers being reduced by one week, or around 15 %, seems acceptable.
Ocena učinka tega pojava na 45 milijonov EUR, ki temelji na predpostavki skrajšanja povprečnega roka plačila, ki ga odobravajo dobavitelji, za en teden oziroma 15 %, se zdi sprejemljiva.
Even if the impact could have been reduced for the clients of the group's subsidiaries which were in good financial health, it could have been considerably more than one week in the case of the clients of the other subsidiaries in financial difficulties when the business went into liquidation in France.
Čeprav bi bil učinek pri strankah hčerinskih družb skupine, ki so v dobrem finančnem stanju, morda zmeren, pa bi bil lahko občutno večji od skrajšanja za en teden pri strankah drugih hčerinskih družb, ki bi bile v času likvidacije dejavnosti v Franciji v finančnih težavah.
Lastly, the Belgian authorities consider that liquidating Road domestic France would also have resulted in the group's other activities losing between 5 and 30 % of clients in the year of liquidation.
Nazadnje belgijski organi menijo, da bi likvidacija dejavnosti „road domestic France“ ustvarila tudi 5- do 30-odstotno izgubo strank v letu likvidacije v drugih dejavnostih skupine.
As the group offers integrated services in Europe, and its different operations are highly interdependent, it is reasonable to expect that a court-ordered liquidation could have tarnished the image of the other activities in the group and caused business to drop off, especially since the activity and/or the country in question are close to the activity and country of the company which would have been liquidated, as is reflected in the assessments made by the Belgian authorities.
Ker gre za skupino, ki ponuja integrirane storitve v Evropi in katere različne dejavnosti so zelo medsebojno odvisne, je razumno predvideti, da bi sodna likvidacija lahko povzročila poslabšanje podobe in izgubo dejavnosti za druge dejavnosti skupine in to toliko bolj, če sta zadevna dejavnost in/ali država blizu dejavnosti in državi družbe, ki naj bi bila likvidirana, kot to ocenjujejo belgijski organi.
This reasoning cannot be applied to the chosen MBO option.
Takšnega sklepanja ni mogoče uporabiti za izbrani scenarij odkupa podjetja s strani zaposlenih.
On one hand this solution actually protects the group's image; on the other, the disposal contract for Road domestic France contains a cooperation agreement between the company consolidating the activities sold by MBO and the international operations of ABX-F remaining within the ABX group, meaning that the ABX group's clients will still have access to a service in France.
Ta rešitev namreč po eni strani ohranja podobo skupine, po drugi strani pa pogodba o prenosu dejavnosti „road domestic“ vsebuje sporazum o sodelovanju med družbo, ki združuje dejavnosti, prenesene z odkupom podjetja s strani zaposlenih, in mednarodne dejavnosti ABX-F, ki ostajajo znotraj skupine ABX, zaradi česar bodo stranke te skupine ohranile dostop do storitve v Franciji.
The Commission notes that it is difficult to confirm client losses of up to 30 %.
Komisija pripominja, da je težko potrditi do 30-odstotno izgubo strank.
Thus, bearing in mind the fact that the group's various subsidiaries share several joint major clients, and given the importance of France in the group's international activities in France, Germany and the Netherlands (which is between 14 and 36 %), rather than the additional cost of EUR 112 million expected by the Belgian authorities, the Commission considers that, when assessing the impact this will have, it is wise to work with estimated costs of a maximum loss of 20 % of clients in the first year in the worst affected activities, totalling around EUR 75 million.
Ob upoštevanju dejstva, da si različne hčerinske družbe skupine delijo več pomembnih skupnih strank, in glede na pomen Francije v mednarodnih dejavnostih skupine v Franciji, Nemčiji in na Nizozemskem (med 14 in 36 %) namesto dodatnih stroškov v višini 112 milijonov EUR, ki jih predvidevajo belgijski organi, Komisija tudi meni, da bi bilo pri oceni učinka tega pojava pametno upoštevati ocenjeno vrednost stroškov, ki ustrezajo izgubi največ 20 % strank v prvem letu v najbolj prizadetih dejavnostih, oziroma približno 75 milijonov EUR.
It is also reasonable to accept the possibility that this drop in business would have led the group to make staff cutbacks, as the company could have been forced to lay off more staff in order to avoid losing too great a gross margin.
Prav tako je razumno sprejeti predpostavko, da bi skupina zaradi zmanjšanja dejavnosti zmanjšala število zaposlenih, saj bi podjetje lahko moralo odpustiti dodatno osebje, da bi preprečilo preveliko izgubo bruto marže.
The Belgian authorities estimated this additional cost at EUR 35 million. As the scale and therefore the cost of these redundancies should correspond to the amount of business lost, the same cautious hypothesis as above results in an estimated value of two thirds of additional costs, or EUR 24 million.
Belgijski organi so te dodatne stroške ocenili na 35 milijonov EUR. Ker bi moral obseg in torej strošek teh odpustitev slediti obsegu izgube dejavnosti, bi se ob previdni predpostavki, enaki prejšnji, upoštevalo ocenjeno vrednost dveh tretjin teh dodatnih stroškov oziroma 24 milijonov EUR.
Overall, the Commission considers that, rather than the sum of EUR 346 million cited by the Belgian authorities, the court-ordered liquidation of Road domestic France could have resulted in SNCB bearing a cost of at least 7 + 45 + 75 + 24, or EUR 151 million (excluding the possible risk of [...]) which is higher than the cost of the scenario put forward by SNCB.
Komisija na podlagi vsega tega meni, da je mogoče oceniti, da bi družba SNCB po scenariju sodne likvidacije dejavnosti „road domestic France“ namesto 346 milijonov EUR, ki so jih upoštevali belgijski organi, nosila stroške v višini najmanj 7 + 45 + 75 + 24 oziroma 151 milijonov EUR (brez morebitnega tveganja [...]), ki so višji od stroškov scenarija, ki ga je upoštevala družba SNCB.
Conclusion. Upon completing this assessment the Commission feels that the choice made by SNCB to sell its Road domestic France business to the employees, and the arrangements it adopted for this, can be considered in line with the choice which a private investor, guided solely by financial considerations, would have made and therefore that this operation contains no elements of state aid.
Sklep: Komisija ob koncu te analize meni, da se za odločitev družbe SNCB, da dejavnost „road domestic France“ prenese na zaposlene, in podrobna pravila, ki jih je določila za to, lahko šteje, da so v skladu z odločitvijo, ki bi jo sprejel zasebni vlagatelj, ki bi ga vodili samo ekonomski razlogi, in da ta posel torej ne vsebuje elementa državne pomoči.
The Commission based the above analysis only on the assumptions which it considered reasonable and sufficiently motivated.
Komisija je zgornjo analizo oprla samo na predpostavke, ki so se ji zdele razumne in dovolj utemeljene.
These estimates lead one to consider that the discrepancy between the scenario chosen by SNCB and the alternatives to liquidation would be at least EUR 13 million, which should more than cover any margin of error in the estimates selected following the assessment.
Na podlagi teh ocen je mogoče sklepati, da bi razlika med scenarijem, ki ga je izbrala družba SNCB, in alternativnimi likvidacijami znašala najmanj 13 milijonov EUR, kar bi moralo v veliki meri pokriti morebitno dovoljeno odstopanje od ocen, upoštevanih po analizi.
Sale of ABX-WW
Prodaja ABX-WW
The Commission notes that the SNCB went to great lengths to find a buyer for ABX-WW, in particular by using a specialised company.
Komisija ugotavlja, da je SNCB temeljito iskala kupca za ABX-WW, zlasti prek specializirane družbe.
Regarding the sale price and conditions of ABX-Worldwide, the Commission takes account of the report by KPMG who were asked to check, from a financial (‘fairness’) point of view, the offer for sale of all ABX-WW's remaining assets, as described above.
V zvezi s ceno in pogoji prodaje ABX-Worldwide Komisija upošteva poročilo KPMG, ki je moral s finančnega vidika („fairness“) preveriti ponudbo za prodajo vsega preostalega premoženja ABX-WW, kot je opisana zgoraj.
KPMG's report is based essentially on a comparison between two methods of evaluation: the discounted cash flow method (DCF) which involves calculating the current net value of expected future revenue; and the capitalised earnings method (CEA) which consists of comparing several levels of a company's expected revenue (turnover, EBITDA, EBIT, etc.) in relation to others in the same sector by applying the multiplier coefficients of the market in question.
KPMG se je v poročilu oprl predvsem na primerjavo dveh metod vrednotenja: metode „discounted cash flow“ (DCF, diskontirani denarni tok), po kateri se izračuna neto sedanja vrednost pričakovanih prihodnjih dohodkov, in metode „capitalised earnings“ (CEA, kapitalizirani dohodki), po kateri se primerja različne ravni pričakovanih dohodkov (promet, EBITDA, EBIT …) podjetja glede na druga podjetja v istem sektorju, pri čemer se zanje uporabijo multiplikacijski koeficienti zadevnega trga.
Given that the expert carried out a detailed assessment of the disposal and used recognised calculation methods for this type of fairness option, the Commission considers that KPMG's final conclusion that ‘the term of the proposed sale to Yvan is fair and reasonable and represents fair market value’ is acceptable.
Ob upoštevanju dejstva, da je izvedenec opravil temeljito analizo primera prenosa in uporabil metode izračuna, priznane za to vrsto „fairness opinion“ (nepristranskega mnenja), Komisija ocenjuje, da je končna ugotovitev KPMG, po kateri „the term of the proposed sale to Yvan is fair and reasonable and represents fair market value“ („so pogoji prodaje, predlagane Yvanu, pošteni in razumni ter predstavljajo pošteno tržno vrednost“), sprejemljiva.