natgillin/translations-raw huggingface dataset:
Italy has provided the Commission with an analysis carried out by Deutsche Bank specifying the circumstances of AZ Fly's recapitalisation in comparison with similar operations carried out on various European markets since 2003:
Italija je Komisiji poslala analizo, ki jo je izdelala Deutsche Bank in v kateri je natančno navedla okoliščine dokapitalizacije AZ Fly v primerjavi s podobnimi transakcijami, izvedenimi na različnih evropskih trgih od leta 2003 naprej:
the bank explains first of all that the background to the recapitalisation is the past unfavourable results for the company whose management is currently focusing on reducing costs while also still facing a difficult competitive situation involving pressure from its competitors on the domestic market, and the sharp rise in fuel prices in recent months, which are factors that may adversely affect the company's accounts.
banka najprej natančno navaja, da okvir analize temelji na preteklih rezultatih, ki so bili neugodni za podjetje, katerega vodstvo se zdaj osredotoča na zmanjšanje stroškov, vendar se še naprej spoprijema s težkim konkurenčnim položajem, ko konkurenčne družbe pritiskajo na domači trg, in s sedanjim visokim zvišanjem cene goriva, kar bi lahko negativno vplivalo na poslovni izid.
The success of the industrial restructuring plan will therefore be particularly important to persuade the investors to subscribe to the capital increase, especially in view of a substantial reduction in the share of the current majority holding;
Uspeh industrijskega načrta bo torej posebno pomemben za to, da se vlagatelje prepriča, da vpišejo povečanje kapitala, zlasti ob znatnem zmanjšanju deleža sedanjega večinskega delničarja;
the current structure of Alitalia's capital, consisting of small private shareholders and not involving investment funds specialised in air transport, combined with the cyclical and volatile nature of the sector, therefore makes it necessary to involve specialised investors in the operation specifically oriented towards the added value generated.
sedanja struktura kapitala Alitalie, ki ga sestavljajo mali zasebni delničarji, ne vključuje investicijskih skladov za zračni promet, ob cikličnosti in negotovosti sektorja bo k transakciji treba pritegniti specializirane vlagatelje, ki bi si posebej prizadevali za kapitalski dobiček.
Attracting this demand means offering shares at a sufficiently attractive subscription price;
Za pridobitev tega povpraševanja bo treba ponuditi vrednostne papirje po dovolj privlačni ceni ob vpisu;
analysis of some thirty recapitalisations effected on most European stock markets since April 2003, with details provided, amounting on average to €1240 million, or 43,2 % of their previous capitalisation, shows that the difference between the subscription price and the theoretical ex right price (or TERP) [10] has on average been 22,8 % and 28,1 % for restructuring companies [11];
glede na približno trideset dokapitalizacij, izvedenih od aprila 2003 na večini evropskih borz, ki so podrobno prikazane v posredovanih informacijah, ter povprečni znesek 1240 milijonov EUR, ki pomeni 43,2 % prejšnje kapitalizacije, je razlika med ceno ob vpisu in teoretično ceno brez pravice do vpisa (ali TERP) [10] v povprečju znašala 22,8 %, za družbe v prestrukturiranju pa 28,1 % [11].
in the case of Alitalia, the planned capital increase represents 127 % of current capitalisation (approximately €943 million); it thus represents more than 1500 days of exchange of securities on the stock market in the recent period.
v primeru Alitalie predvideno povečanje kapitala pomeni 127 % sedanje kapitalizacije (približno 943 milijonov EUR); tako pomeni več kot 1500 dni trgovanja z vrednostnimi papirji na borzi v nedavnem obdobju.
The price difference in similar cases with regard to this latter criterion, for example for Heidelberg Cement, exceeded 38 %.
Razlika v primerih, ki so glede tega merila podobni, na primer za Heidelberg Cement, je presegla 38 %.
Italy points out that the […]% difference indicated above applies to all the new shares issued and that it has not received any other request from Deutsche Bank for specific conditions for the subscription of the shares to be underwritten by it; nor does an agreement of this type exist between Deutsche Bank and the Ministry of the Economy.
Italija je natančno pojasnila, da zgoraj navedena […]-odstotna razlika velja za vse delnice, ki jih je treba izdati, in da od Deutsche Bank ni prejela nobene zahteve po posebnih pogojih za vpis delnic, za katere bo banka jamčila; tudi med Deutsche Bank in ministrstvom za gospodarstvo ne obstaja noben tovrstni sporazum;
The guarantee and management fees have been fixed at […]% of the value underwritten by Deutsche Bank or the consortium; to this must be added a […]% commitment fee.
Premije za jamstvo in upravljanje so bile določene v skupnem znesku v višini […] % vrednosti, za katero jamči Deutsche Bank ali konzorcij; k temu se dodajo še stroški za nečrpani del posojila v višini […] %.
Also on this point, Italy has transmitted an analysis carried out by Deutsche Bank showing that this total fee [amounting to 5 %] [12] of the guaranteed value is in conformity with normal practice for similar operations effected since the end of 2002:
Italija je tudi v zvezi s tem vprašanjem poslala analizo, ki jo je opravila Deutsche Bank in ki dokazuje, da je takšna skupna provizija v višini [5 %] [12]* zajamčene vrednosti v skladu s prakso za podobne transakcije, izvedene od konca leta 2002 dalje;
the bank reiterates the observations already made with regard to the sector, the tightness of Alitalia's securities market and the need to maximise demand through measures which are an incentive for banks to subscribe to the capital;
banka opozarja na že izražene pripombe, ki se nanašajo na sektor, na majhnost borznega trga Alitalie in nujnost povečanja povpraševanja s spodbujevalnimi ukrepi bank;
on the basis of some thirty recapitalisation operations effected since November 2002 on most European stock markets, which are detailed in the information supplied and which largely coincide with the first list referred to, the average fee was 3,44 %.
glede na okoli trideset dokapitalizacij, izvedenih od novembra 2002 dalje na večini evropskih borz, ki so podrobno predstavljene v poslanih informacijah in ki večinoma potrjujejo prejšnji seznam, je povprečna provizija znašala 3,44 %.
For operations [13] comparable to that of Alitalia in terms of the size of the market capitalisation and the number of days of stock market trading, the average was 4,96 %;
Za transakcije [13], ki so glede na obseg tržne kapitalizacije in število dni trgovanja na borzi primerljive s transakcijami Alitalie, znaša povprečje 4,96 %;
for instance, in the case of the €800 million capital increase of Fastweb SpA in February 2005, with a better risk profile, the fee was 5,38 %; in the case of Rhodia, a company comparable to Alitalia in terms of number of days on the stock exchange, impact on the capitalisation and difference with the TERP, it was 5,60 %.
tako je provizija za povečanje kapitala Fastweb S.p.A za 800 milijonov EUR februarja 2005 z boljšim profilom tveganj znašala 5,38 %, provizija v primeru družbe Rhodia, ki je primerljiva z Alitalio glede na število dni na borzi, učinek na kapitalizacijo in razlike na TERP, pa je znašala 5,60 %.
In order to fully guarantee that their subscription will in fact be on private-sector conditions, the Italian authorities sent the following formal undertaking to the Commission on 22 April 2005:
Da bi v celoti zagotovili sočasni vpis zasebnega sektorja, so italijanski organi 22. aprila 2005 Komisiji poslali naslednjo uradno obvezo:
‘The Italian authorities undertake to effect the subscription of their part of the planned increase in Alitalia's capital on the same market conditions as those that will be offered to private investors, in particular with regard to the issue price and the rights connected with the new shares issued, and at a level bringing its own share in the company's capital to 49,9 % at the end of the operation.
„Italijanski organi se zavezujejo, da bodo vpisali svoj delež pri predvidenem povečanju kapitala Alitalie pod istimi tržnimi pogoji, ki bodo veljali za zasebne vlagatelje, zlasti v zvezi z emisijskim tečajem in pravicami, ki izhajajo iz na novo izdanih delnic, in za takšen delež, da bo lahko svoj delež v kapitalu družbe ob koncu transakcije zmanjšala na 49,9 %.
Moreover, the Italian authorities, having taken cognisance of the letter sent by Deutsche Bank to Alitalia on 19 April 2005 and forwarded to the Representation, undertake to intervene in the capital increase operation only once the suspensive conditions of the commitment made by Deutsche Bank in the aforementioned letter have been met and the banks responsible for the subscription have given a formal commitment without reservations — except with regard to the usual conditions connected with force majeure, acts of war, terrorism and similar — to guarantee the “successful outcome” of the recapitalisation operation.
Poleg tega se italijanski organi, ki so seznanjeni s pismom, ki ga je Deutsche Bank 19. aprila 2005 poslala Alitalii in nato Stalnemu predstavništvu [14], zavezujejo, da se bodo v zadevno povečanje kapitala vključili šele, ko bodo izpolnjeni suspenzivni pogoji obveznosti, ki jo je Deutsche Bank prevzela v teh pismih, in se bodo banke, zadolžene za vpis, uradno in brez zadržkov, razen ob običajnih pogojih, povezanih s primeri višje sile, vojnih in terorističnih dejanj ter drugimi podobnimi primeri, zavezale, da bodo jamčile ali dale jamčiti za ‚dobro izvedbo‘ transakcije.
Moreover, Italy disputes the view that the privatisation [15] of AZ Fly alone is contrary to the undertakings contained in the decision to approve rescue aid.
Italija poleg tega spodbija trditev, da bi bila samo privatizacija [15] AZ Fly v nasprotju z obveznostmi iz odločitve o odobritvi pomoči za reševanje; pri tem se opira na odločitev o začetku postopka [16] in na logiko zasebnega upravljanja transakcije AZ Servizi.
In this regard, Italy refers to the text of the decision to initiate the procedure [16] and to the private management approach to the AZ Servizi operation; this applies both to Fintecna's acquisition of the holding in AZ Servizi and to the final objective of the transfer of the relevant activities to third parties.
To velja za pridobitev večinskega deleža s strani holdinga Fintecna in tudi za končni cilj, tj. prenos teh dejavnosti na tretje osebe.
With regard to the impact which unforeseeable and unfavourable market conditions may have on the operation, Italy contests the reference which the interested parties have made to the Iberia case; in that case, the Commission had to exclude any possibility of new aid as the company was not in that position.
Kar zadeva učinek nepredvidljivih in neugodnih tržnih razmer, Italija spodbija oceno tretjih oseb o navedenem primeru Iberie, v katerem je Komisija morala izključiti možnost nove pomoči, ker na družbo niso vplivale takšne okoliščine.
Italy argues that the Commission has always considered the undertaking to privatise as subject to market conditions that are not unfavourable and unforeseeable [17].
Italija nasprotno trdi, da je Komisija obveznost privatizacije vedno obravnavala v povezavi s tržnimi razmerami, ki niso neugodne niti nepredvidljive [17].
On 22 April 2004 Italy also transmitted to the Commission the update to Alitalia's industrial plan adopted by its board of directors on 14 April 2004.
Italija je 22. aprila 2004 Komisiji poslala tudi posodobljeno različico industrijskega načrta Alitalie, ki jo je upravni odbor sprejel 14. aprila 2004.
The revised plan is based on the same approach as the initial plan and still distinguishes two stages, the improvement stage in 2005 and 2006 and the relaunching stage in 2007-2008. While the second stage involves increasing the company's services through the introduction of new aircraft, the initial stage is aimed at guaranteeing continuity of operation, maximising existing capacity and restoring productivity.
Popravljeni načrt sledi istemu pristopu kot prvotni načrt in še naprej razlikuje med dvema fazama, fazo sanacije v letih 2005 in 2006 ter fazo oživitve v letih 2007 in 2008; medtem ko druga faza predvideva razvoj ponudbe zaradi novih letal, se začetna faza osredotoča na zagotavljanje časovne neomejenosti poslovanja, povečanje obstoječe ponujene zmogljivosti in povečanje produktivnosti.
The revised plan notes that there has been a 30 % rise in the price of fuel compared with the previous plan, that is to say an annual cost increase of €75 million, and sets out more cautious expectations on standard revenue from short- and medium-haul flights because of the arrival of competing low-cost airlines on the domestic market.
Popravljeni načrt upošteva 30-odstotno zvišanje cene goriva v primerjavi s prejšnjim načrtom oziroma letno povečanje stroškov v višini 75 milijonov EUR in izhaja iz previdnejših domnev o prihodku na enoto od posameznih kratkih in srednje dolgih letov zaradi vstopa nizkocenovnih konkurenčnih družb na domači trg.
Comments on the recapitalisation of AZ Servizi by Fintecna
Pripombe k dokapitalizaciji AZ Servizi s strani holdinga Fintecna
In this regard, Italy recalls that the Commission decided to seek the assistance of Ernst & Young Italia to ascertain whether such operations are compatible; it submits no additional comments but confirms that negotiations between Alitalia and Fintecna are still in progress.
Italija v zvezi s tem opozarja, da se je Komisija odločila, da se po pomoč obrne na Ernst and Young Italia, da bi se prepričala o združljivosti te transakcije, in ne daje dodatnih pripomb, ampak potrjuje, da se pogajanja med Alitalio in holdingom Fintecna nadaljujejo.
The transfer of groundhandling activities from Alitalia to AZ Servizi, which is preliminary to the recapitalisation, had been planned for the end of April 2005 and has now been implemented [19].
Prenos oskrbovalnih storitev z Alitalie na AZ Servizi pred to transakcijo je bil načrtovan za konec aprila 2005 in dejansko izveden [19].
With regard to the use of preference shares, Italy notes that this is widely practised in Europe and it gives the example of the articles of association of Volkswagen AG and Unilever; it also points to the importance of this type of capital in companies such as Hugo Boss, Henkel and Porsche, where it accounts for 40 to 50 % of the shares and, although to a lesser extent, in certain other companies such as Abertis, BMW, MAN and RWE.
Italija v zvezi z uporabo prednostnih delnic opozarja na pogostost te uporabe v Evropi in dodaja primere statutov družb Volkswagen AG in Unilever; omenja tudi pomen tovrstnega kapitala v družbah, kot so Hugo Boss, Henkel in Porsche, v katerih zajemajo od 40 do 50 % delnic, in tudi v drugih družbah, v katerih je njegov delež manjši (Abertis, BMW, MAN, RWE).
In the opinion of the Italian authorities, AZ Fly's shares in AZ Servizi should not be included in the calculation of the hurdle rate; the company does not take part in the increase in AZ Servizi's capital but, on the contrary, will be gradually reducing its share.
Italijanski organi menijo, da se delež AZ Fly v AZ Servizi ne sme vključiti v izračun minimalne stopnje donosa; AZ Fly namreč ni vključen v povečanje kapitala, temveč bo nasprotno postopoma zmanjšal svoj delež.
In response to the allegation that Alitalia will transfer debts to AZ Servizi, the Italian authorities recall that these financial liabilities, amounting to €1,7 billion, consist of convertible bonds or debts secured on the fleet; they should therefore fully remain with AZ Fly.
Italija v zvezi s trditvijo o prenosu dolgov Alitalie na AZ Servizi opozarja, da te dolgove v višini 1,7 milijarde EUR sestavljajo zamenljivi dolžniški vrednostni papirji ali dolgovi, zavarovani s stvarnim jamstvom s floto, zato celota finančnih dolgov ostaja v AZ Fly.
Italy has also specified the arrangements made between Fintecna and Alitalia on the future distribution of the return on the investment in AZ Servizi as provided for in the letter of intent of 13 October 2004 signed between the parties [20].
Italija je tudi natančno pojasnila podrobna pravila, o katerih sta se dogovorila Fintecna in Alitalia ter se nanašajo na prihodnjo razdelitev prihodka iz naložb v AZ Servizi, načrtovano v pismu o nameri z dne 13. oktobra 2004, ki sta ga podpisali obe strani [20].
They have agreed that Alitalia's present and future participation in the negotiations on the possible transfer of AZ Servizi's activities and its willingness to facilitate these, including through contractual arrangements, to the extent that they do not entail a worsening of its contractual position with regard to services or prices, should be offset by compensation going beyond a purely mathematical share in AZ Servizi's profits.
Strani sta se dogovorili, da bi morala biti sedanja in prihodnja udeležba Alitalie pri pogajanjih o morebitnem prenosu dejavnosti AZ Servizi in tudi to, da bo pogajanja olajšala tudi s pogodbenimi spremembami, če ne bodo poslabšale njenega pogodbenega položaja na področju storitev ali cen, deležna kompenzacije, ki bi bila višja od matematično izračunane udeležbe pri dobičku AZ Servizi.
Accordingly, Fintecna and Alitalia have agreed that the share in the profits obtained by Fintecna exceeding 25 % of the internal rate of return (IRR) [21] as provided for in the industrial plan will be paid back to Alitalia at the rate of […]% of the amount above this sum.
Fintecna in Alitalia sta se torej dogovorila, da se bo del donosa holdinga Fintecna, ki bo presegel 25 % notranje stopnje donosa (IRR) [21], načrtovanih v poslovnem načrtu, nakazal Alitalii v višini […] % deleža, ki presega ta znesek.
This evaluation will be carried out either on the basis of the transfer, where completed or, on 31 December 2008, on the basis of the flows obtained by Fintecna and the evaluation of the economic capital of AZ Servizi held by Fintecna.
Ta ocena bo narejena ali na podlagi izvedenih prenosov, če bodo dokončani, ali 31. decembra 2008 na podlagi denarnih tokov v holdingu Fintecna in vrednotenja ekonomskega kapitala AZ Servizi, ki je v lasti holdinga Fintecna.
This evaluation will be carried out according to the same method as that adopted in the current industrial plan submitted to the Commission and on the basis of a report by an independent expert.
To vrednotenje bo opravljeno po isti metodi, kakršna je bila uporabljena v sedanjem poslovnem načrtu, predloženem Komisiji, in se bo izvedlo na podlagi poročila neodvisnega izvedenca.
With regard to the future contractual relations between AZ Fly and AZ Servizi, Italy specifies that the fares charged for the various services will remain within a market range, even if negotiations lead to fares that are higher than those initially proposed by Alitalia.
Italija v zvezi s prihodnjimi pogodbenimi odnosi med AZ Fly in AZ Servizi pojasnjuje, da tarife za različne storitve ostajajo v skladu s tržnimi praksami, tudi če se zaradi pogajanj izkaže, da so višje od tistih, ki jih predlaga Alitalia.
This has led to a reduction of the discount for maintenance services from […] to […]% to AZ Fly's benefit as the maximum discount is normally obtained on the market by a company which entrusts maintenance of its fleet to a single service provider for a period of seven years.
To se je pokazalo v zmanjšanju popusta za vzdrževanje z […] na […] % v korist AZ Fly, pri čemer ponavadi dobi največji popust na trgu družba, ki zaupa vzdrževanje svoje flote enemu samemu ponudniku za obdobje 7 let.
Similarly, the […]% bonus negotiated with Fintecna for invoicing groundhandling services keeps the tariffs within the market range.
[…]-odstotna premija za fakturiranje oskrbovanja letal na letališču, dogovorjena s holdingom Fintecna, na isti način ohranja cene v tržnem okviru.
On 1 June 2005, following the meeting of Alitalia's board of directors of 26 May 2005, Italy also transmitted to the Commission the final contract signed between Alitalia and Fintecna which is intended to govern the way in which Fintecna takes up its participation in AZ Servizi.
Italija je po seji upravnega odbora Alitalie 26. maja 2005 Komisiji 1. junija 2005 poslala končno pogodbo, ki sta jo podpisala Alitalia in Fintecna in ki naj bi urejala podrobna pravila vstopa holdinga v AZ Servizi.
Italy has specified that the other provision negotiated between the parties, in other words the return to AZ Fly of a part of the profit up to a maximum value of […]% of the amount invoiced, that is to say €[…] million over four years in the plan notified [22], corresponds exactly to the compensation for these values; the current business plans of AZ Fly and AZ Servizi are consistent with regard to the prices of services invoiced/paid and to future potential fares (for AZ Servizi) and returns (for AZ Fly).
Italija je pojasnila, da druga določba, o kateri sta se strani dogovorili, in sicer prenos nazaj na AZ Fly dela prihodka od povečanja produktivnosti v najvišji vrednosti […] % fakturiranja oziroma […] milijonov EUR v 4 letih v priglašenem načrtu [22], ustreza ravno kompenzaciji teh vrednotenj. Sedanja poslovna načrta AZ Fly in AZ Servizi ohranjata smiselne domneve glede cen za fakturirane/plačane storitve ter morebitnih prihodnjih stroškov za AZ Servizi in morebitnih prihodnjih prihodkov za AZ Fly.
Following the updating of the 2005-2008 industrial plan approved on 14 April 2005, Italy assured the Commission that the plan had no material impact on AZ Servizi and therefore did not affect the valorisation of the company and the yield on the investment planned by Fintecna.
Italija je po posodobitvi industrijskega načrta za obdobje 2005–2008, sprejeti 14. aprila 2005, Komisiji zagotovila, da načrt nima materialnih posledic na del AZ Servizi in torej ne vpliva na vrednotenje podjetja in dobičkonosnost naložb, ki jih je načrtoval Fintecna.
Relying on documents drawn up by Mediobanca, Italy stated that the final value remains that envisaged, the initial value of AZ Servizi will be €94 million, rather than the expected €97 million, Fintecna's contribution will be €216 million rather than the expected €221 million, and its internal rate of return (IRR) will remain at 25,3 %.
V zvezi s tem je na podlagi dokumentov, ki jih je pripravila Mediobanca, pojasnila, da bo končna vrednost ostala enaka predvideni, začetna vrednost AZ Servizi bo znašala 94 milijonov EUR v primerjavi s predvidenimi 97 milijoni EUR, vložek holdinga Fintecna bo znašal 216 milijonov EUR v primerjavi s predvidenimi 221 milijoni EUR, stopnja donosa (IRR) pa bo ostala pri 25,3 %.
As regards the status and nature of the independent Fintecna company, Italy has confirmed, in addition to the information provided in point 33 of the decision to initiate the procedure, that Fintecna does not benefit from any derogation: its board of directors, while appointed by the shareholder — that is to say the State –, is answerable for its management choices to the company and third parties; in the framework of the law on bankruptcy, the company has the same status as companies under private law; there is no longer any general or specific statutory guarantee by the Italian State for Fintecna, and the company has met all the publication requirements obviating the single shareholder's liability provided for in Article 2362 of the Italian Civil Code.
Italija je v zvezi s statusom in značajem neodvisnega podjetja Fintecna poleg tega, kar je bilo omenjeno že v točki 33 odločitve o začetku postopka, potrdila, da Fintecna ne uživa nobenega posebnega statusa: njegov upravni odbor, čeprav ga imenuje delničar, v tem primeru država, odgovarja družbi in tretjim osebam za svoje poslovne odločitve; status družbe je z vidika stečajnega prava v skladu s statusom družb zasebnega prava; zakonsko, splošno ali posebno poroštvo italijanske države v korist holdinga Fintecna ne obstaja več in družba je izpolnila vse obveznosti oglaševanja, s čimer je lahko odpravila odgovornost edinega delničarja iz člena 2362 italijanskega civilnega zakonika.
At the Commission's request, Italy also explained the nature of the link between Fintecna and the former IRI S.p.A.
Italija je na zahtevo Komisije pojasnila tudi povezavo med holdingom Fintecna in nekdanjim I.R.I. S.p.A („IRI“).