natgillin/translations-raw huggingface dataset:
NB: The Commission notes that the expert's valuation of the activity of maintenance on the basis of fixed assets for 2008 entails its being considered equal to 3,8 times the EBITDA for 2008; this value is lower than the multiples applied by Citigroup for that activity (from 4,5 to 5,5).
Opomba: Komisija ugotavlja, da je vrednotenje vzdrževanja, ki ga je izvedenec opravil na podlagi stalnih sredstev v letu 2008, dejansko enako 3,8-kratni vrednosti EBITDA za leto 2008; ta vrednost je nižja od večkratnikov, ki jih je za to dejavnost upošteval Citigroup, in sicer 4,5 do 5,5.
Points 35 and 59 of the decision to initiate the procedure.
Točki 35 in 59 odločitve z dne 19.1.2005.
As already indicated in point 38 of the decision to initiate the procedure, preference shares in the present case will represent at most 38 % of the share capital in 2008.
Kot je bilo navedeno že v točki 38 odločitve o začetku postopka, bodo prednostne delnice pomenile največ 38 % delniškega kapitala v letu 2008.
Preference shares carry voting rights only in extraordinary general meetings and in ordinary general meetings concerning the distribution of dividends.
Popolno glasovalno pravico bodo imele samo na izrednih skupščinah in pri razpravah o razdelitvi dobička na rednih skupščinah.
For information technology and shared services, the turnover excludes the internal services of AZ Servizi, that is €[…] and €[…] million respectively, which ought nonetheless to be taken into account in the case of transfer to a third party.
V primeru IKT in skupnih storitvah se pri prometu ne upošteva storitev za notranjo rabo AZ Servizi v višini […] in […] milijonov EUR, ki bi jih bilo treba obravnavati pri prenosu na tretjo osebo.
MRO Market Forecast initiative — Component Maintenance Forecast 2003-2013 of 16 December 2003.
MRO Market Forecast initiative – Component Maintenance Forecast 2003–2013 z dne 16. decembra 2003.
For example at Bologna for Palermo, Catania and Cagliari; at Malpensa for Fiumicino; at Geneva for London; at Düsseldorf for Brussels, Frankfurt and Athens.
Na primer v Bologni za Palermo, Catanio in Cagliari, na Malpensi za Fiumicino, v Ženevi za London, v Düsseldorfu za Bruselj, Frankfurt in Atene.
For example at Naples.
Na primer v Neaplju.
This value of €[…] million was calculated disregarding Alitalia's claim of possible improved performances in winter 2004.
Ta vrednost znaša […] milijonov EUR pred morebitnim vplivom najboljših rezultatov zime 2004, kot domneva Alitalia.
The Commissione Nazionale per le Società e la Borsa, the Italian securities market regulatory authority.
Commissione Nazionale per le Società e la Borsa, italijanski organ za nadzor trga vrednostnih papirjev.
Cash flow of -€60 million compared to the -€140 million forecast.
Denarni tok –60 milijonov EUR v primerjavi s predvidenimi –140 milijoni EUR.
Source: Law No 488/1992, approved by the Commission as a regional State aid scheme on 2 August 2000 under number N 715/99.
Vir: Zakon 488/92, ki ga je Komisija 2. avgusta 2000 pod številko N 715/99 odobrila kot shemo državne pomoči za regionalne potrebe.
This scheme, which expires on 31 December 2006, excludes the transport sector, but Atitech, a subsidiary of Alitalia, is a company whose object is aeronautical maintenance; the company requested State aid in December 2000 and approved in 2001; the work was completed in December 2003 and payment of the aid was requested, on this basis, in September 2004.
Ta shema, ki se izteče 31. decembra 2006, izključuje prevozni sektor, vendar je hčerinska družba Alitalie Atitech družba, katere predmet poslovanja je vzdrževanje letal. Družba je decembra 2000 zaprosila za pomoč, ki je bila odobrena leta 2001, dela so se končala decembra 2003 in zahteva za nakazilo pomoči je bila na tej podlagi vložena septembra 2004.
Cash flow of +€6 million compared to the -€47 million forecast.
Denarni tok + 6 milijonov EUR v primerjavi s predvidenimi –47 milijoni EUR.
With an annual fuel cost rising from €469 million to €711 million.
S povečanjem letnih stroškov za gorivo s 469 na 711 milijonov EUR.
Point 48 of the rescue aid decision.
Točka 48 odločitve.
Point 37 of the rescue aid decision.
Točka 37 odločitve z dne 20. julija 2004.
Situation presented to the Consob on 29 October 2004, or €83 million minus the €22-25 million of unavailable funds identified by the expert.
Stanje, predstavljeno Consob 29. oktobra 2004, v višini 83 milijonov EUR, zmanjšano za 22–25 milijonov EUR nerazpoložljivih sredstev, kar je ugotovil izvedenec.
The situation presented to Consob on 31 January 2005 concerning 31 December 2004 indicated short-term financial loan availabilities of €91 million, i.e. after deducting around €25 million of unavailable funds and as presented by the expert (see paragraph 144), and a cash flow of €66 million after utilisation of a first tranche of €100 million of the bridging loan; otherwise the liquid assets would have been negative.
Stanje na dan 31. decembra 2004, predstavljeno Consob 31. januarja 2005, je prikazalo „prosta finančna sredstva in kratkoročna posojila“ v višini 91 milijonov EUR oziroma, kot je izvedenec prikazal v odstavku 144, po zmanjšanju za približno 25 milijonov EUR iz naslova nerazpoložljivih sredstev, stanje denarnih sredstev v višini 66 milijonov EUR po uporabi prve tranše premostitvenega posojila v višini 100 milijonov EUR, brez katerega bi bilo stanje denarnih sredstev negativno.
Point 16 of the decision of 20 July 2004.
Točka 16 odločitve z dne 20. julija 2004.
Council Regulation (EEC) No 2407/92 of 23 July 1992 on licensing of air carriers (OJ L 240, 24.8.1992, p. 1), Regulation (EEC) No 2408/92 (see footnote 6) and Regulation (EEC) No 2409/92 of the Council of 23 July 1992 on fares and rates for air services (OJ L 240, 24.8.1992, p. 15).
Uredba Sveta (EGS) št. 2407/92 z dne 23. julija 1992 o licenciranju letalskih prevoznikov (UL L 240, 24.8.1992, str. 1), Uredba (EGS) št. 2408/92 (glej opombo 6) in Uredba Sveta (EGS) št. 2409/92 z dne 23. julija 1992 o prevozninah in tarifah za zračni prevoz (UL L 240, 24.8.1992, str. 15).
For example, in recent years, BMI British Midland has transferred its groundhandling activities to Go-Ahead to create Aviance, TAP has transferred its activities to Globalia, and Lufthansa has transferred its Globeground subsidiary to Penauille Polyservices.
Tako je v zadnjih letih BMI British Midland dejavnosti oskrbovanja letal na letališču prenesel na Go-Ahead za ustanovitev Aviance, TAP je te dejavnosti prenesel na podjetje Globalia, Lufthansa je hčerinsko družbo Globeground prenesla na Penauille Polyservices
Cf. Case C-482/99 France v Commission (Stardust) [2002] ECR I-4397.
Glej sodbo z dne 16. maja 2002 v zadevi Francija proti Commission ali Stardust (C-482/99, Recueil 2002, str. I-4397).
See also the Opinion of Advocate-General Geelhoed in Joined Cases C-328/99 and C-399/00 Italian Republic and Sim 2 Multimedia SpA v Commission [2003] ECR I-4035.
Glej tudi sklepne predloge generalnega pravobranilca Geelhoeda z dne 27. septembra 2001 v združenih zadevah C-328/99 in C-399/00, Italijanska republika proti Komisiji ter SIM 2 Multimedia SpA proti Komisiji, Recueil 2003, str. I-04035.
Commission communication on the application of Article 92 and 93 of the Treaty to public shareholdings, Bulletin of the European Communities No 9-1984; Court of Justice of the European Communities, Joined Cases 296 and 318/82, Netherlands and Leeuwarder Papierwarenfabriek Bv v Commission [1985] ECR 809, paragraph 17; application of Articles 92 and 93 of the EC Treaty and Article 61 of the EEA Agreement to State aid in the aviation sector, op. cit. points 25 and 26.
Sporočilo Komisije o uporabi členov 92 in 93 Pogodbe za deleže organov oblasti, Bilten Evropskih skupnosti št. 9-1984; Sodišče Evropskih skupnosti, združeni zadevi 296 in 318/82, Nizozemska in Leeuwarder Papierwarenfabriek BV proti Komisiji, Recueil 1985, str. 809, točka 17, uporaba členov 92 in 93 PES in člena 61 Sporazuma EGP za državne pomoči v letalskem sektorju, nav. d., točki 25 in 26.
Judgment of the Court of Justice in Case C-305/89 Italy v Commission (‘Alfa Romeo’) [1991] ECR I-1603, paragraph 20.
Sodba z dne 21. marca 1991, Italija proti Komisiji („Alfa Romeo“) (C-305/89, Recueil, str. I-1603, točka 20).
See the judgment of the Court of First Instance in Case T-296/97 Alitalia v Commission [2000] ECR II-3871, paragraph 81.
Glej sodbo Sodišča prve stopnje z dne 12. decembra 2000, zadeva T-296/97, Alitalia proti Komisiji, Recueil 2000, str. II-3871, točka 81.
See footnote 59.
Glej opombo 59.
In addition, the Commission notes that Fintecna's consultant, Citigroup, has analysed various scenarios corresponding to lesser degrees of achievement of the plan's objectives involving, depending on the method used, an upward adjustment in Fintecna's investment beyond the amount notified, and measuring the impact of this on profitability for Fintecna; the median value of these four scenarios, three of which are more unfavourable than the base scenario, still generates an IRR between 18,7 % and 27,1 % depending on the EBITDA multiple, notwithstanding the larger amount of capital invested.
Komisija poleg tega ugotavlja, da je svetovalec holdinga Fintecna Citigroup analiziral različne scenarije, ki ustrezajo manjšim stopnjam doseganja ciljev načrta, v skladu z uporabljeno metodo upoštevajo prilagoditev povečanju naložbe holdinga prek priglašenega zneska in merijo vpliv tega položaja na dobičkonosnost za holding. Srednja vrednost teh štirih scenarijev, od katerih so trije bolj neugodni kot osnovni scenarij, ima še vedno IRR med 18,7 in 27,1 % v skladu z razponom večkratnika EBITDA in kljub višjemu znesku vloženega kapitala.
Account should be taken only of the worst case scenario, which forecasts the attainment of only 60 % of the efficiency targets and 85 % of the targets for increasing turnover from third-party customers, and associated with the lowest EBITDA multiples in the range for each activity, resulting in profitability of 9,1 % corresponding more or less to AZ Servizi's capital cost, Fintecna's being estimated at around one percentage point lower.
Upoštevati je treba samo najbolj negativen scenarij, ki ocenjuje, da se doseže samo 60 % ciljev učinkovitosti in 85 % ciljev rasti prometa do tretjih oseb v povezavi z najnižjimi večkratniki EBITDA razpona za vsako dejavnost, da se doseže 9,1-odstotno dobičkonosnost, ki približno ustreza ceni kapitala AZ Servizi, ker je poleg tega ocenjena cena kapitala Fintecna za to vrednotenje za eno točko nižja.
Furthermore, the Commission's expert noted that, logically, Citigroup should have included the end-of-period liquid assets in its calculations, thereby improving the outturn.
Izvedenec Komisije je poleg tega ugotovil, da bo moral Citigroup v svoj izračun vključiti stanje denarnih sredstev ob koncu obdobja, s čimer bo izboljšal izid.
The Italian authorities have also sent the Commission a note stressing the need for a swift and positive decision by the Commission.
Italijanski organi so Komisiji poslali tudi noto, v kateri so vztrajali pri nujnosti njene hitre pozitivne odločitve.
In the absence of a Commission authorisation of the recapitalisation, or at least an indication in this regard, Alitalia does not rule out the possibility that, in view of the accumulated losses, the balance sheet may have to be drawn up with a view to the possible liquidation rather than continuity of the company.
Ker takrat Komisija še ni odobrila dokapitalizacije ali vsaj dala kakšno informacijo o tem, Alitalia ne izključuje tveganja, da bo treba ob kopičenju izgub bilanco sestaviti na domnevi o likvidaciji in ne na podlagi časovne neomejenosti poslovanja.
The Italian authorities also undertake to transmit to the Commission, immediately upon their conclusion and prior to the subscription by the Ministry of the Economy and Finance of the new capital increase, the final contracts concluded with the banks containing the above-mentioned formal and unconditional subscription commitments.
Italijanski organi so se tudi zavezali, da bodo Komisiji poslali dokončne pogodbe, sklenjene z bankami in ki vsebujejo formalne in brezpogojne obveznosti vpisa, takoj po njihovi sklenitvi in preden bodo javni organi vpisali novo povečanje kapitala.
The Italian authorities will also transmit a report explaining the levels of actual subscription to the aforementioned capital increase once the operation has been completed.’ [14]
Italijanski organi bodo po izvršeni transakciji poslali tudi obrazložitveno poročilo o obsegu dejanskega vpisa tega povečanja kapitala.“
However, the revised plan maintains the envisaged level of profitability through more assertive cost control which should lead to additional annual savings of approximately €160 million in 2006 through better know-how within the company thanks to its new management and the sound development of initiatives already taken.
Kljub temu ohranja predvideno raven dobičkonosnosti zaradi odločnejšega ukrepanja na področju stroškov oziroma dodatnega letnega prihranka v višini okrog 160 milijonov EUR v letu 2006, ker bo nova uprava bolje poznala družbo in se bodo že začeti ukrepi dobro izvajali.
Consequently, the break-even point will be reached by the end of 2006 and operating costs measured in CATK (unit cost per available tonne kilometre) would diminish, as envisaged in October 2004, by approximately […]% over the period covered by the plan with a slightly more favourable 2004 base; the margin, calculated as EBITDAR [18], would rise from […] % in 2005 to 14 % in 2008 (in the initial plan the envisaged values were […] and 14 % respectively).
Prag dobičkonosnosti bi bil tako dosežen do konca leta 2006, in kot je bilo predvideno oktobra 2004, bi se stroški poslovanja, merjeni v SRTK (strošek na enoto za razpoložljivi tonski kilometer), zmanjšali za približno [...] % za celotno trajanje načrta z nekoliko ugodnejšo začetno osnovo leta 2004; dobiček, izračunan kot EBITDAR [18], bi se z [...] % leta 2005 zvišal na 14 % leta 2008 (oziroma [...] in 14 %, predvidenih v prvotnem načrtu).
The second case concerns the Timisoara — Malpensa link, for which the difference compared with Austrian Airlines at the time of opening was €128. The expert notes that from 15 October to 30 November 2004, Alitalia was offering a fare of €149, that is a difference of €229 (SC included) compared with Austrian Airlines.
Drugi primer zadeva progo Temišvar–Malpensa, pri kateri je ob odprtju proge zgoraj omenjena razlika med tarifama Alitalie in Austrian Airlines (OS) znašala 128 EUR. Izvedenec vseeno meni, da je Alitalia od 15. oktobra do 30. novembra 2004 ponujala tarifo v višini 149 EUR oziroma razliko od tarife OS v višini 229 EUR po upoštevanju stroškov doplačil.
He points out, however, the existence since September 2004 (and confirmed in February 2005) of a return fare equivalent to €140 offered by Carpatair on the Timisoara — Orio al Serio route.
Kljub temu opozarja, da je bila februarja 2005 potrjena tarifa za povratno vozovnico, ki je veljala od septembra 2004 na progi Temišvar–Orio al Serio in je bila enaka tarifi 140 EUR, ki jo je ponujal Carpatair.
The lower negative balance (€53 million thereof [51]) is also due mainly to the reduced need for investment; for example, in addition to unrealised planned investments, in November 2004 Alitalia carried out one of the five planned sale and lease-back transactions of MD-11 aircraft for €17 million.
Izboljšanje za 53 milijonov EUR [51] je tudi posledica manjših potreb po majhnih naložbah; poleg neizvedenih predvidenih naložb je Alitalia v novembru 2004 izvedla tudi pet predvidenih prodaj in ponovnih zakupov letal vrste MD 11 v znesku 11 milijonov USD.
After repayment of due debts amounting to €49 million, the cash needs of €103 million for the quarter were met by means of a withdrawal of €100 million from the bridging loan after 15 December 2004.
Po povračilu zapadlih finančnih dolgov v višini 49 milijonov EUR so finančne potrebe četrtletja v višini 103 milijonov EUR pokrili s črpanjem 100 milijonov EUR iz premostitvenega posojila po 15. decembru 2004.
This shows that Alitalia's current cash flow forecast is highly exposed to this volatility, all the more so since, when these forecasts were being put together in autumn 2004, Alitalia was prevented by its financial situation from taking any steps to cover exchange rate and oil price risk, so that any deterioration would therefore be fully reflected in its accounts.
Volatilnost je toliko večja, ker se Alitalia jeseni 2004 ob pripravi napovedi in zaradi svojega finančnega položaja ni mogla zaščititi pred tečajnimi tveganji in tveganjem cene goriva, zaradi česar se bo vsako poslabšanje v celoti pokazalo v njenih finančnih izkazih.
At present, the coverage operation merely seeks to stabilise the price at $55 and thus put a definite value on the loss.
Trenutno zaščita pred tveganji zagotavlja samo ohranjanje cene pri 55 USD in torej ustvarjanje te izgube.
Accordingly, the increase of nearly 15 % reported by the Italian authorities corresponds to the order of magnitude noted by its competitors.
Skoraj 15-odstotno povečanje ponudbe, ki so jo italijanski organi podrobno prikazali v svoji shemi, tako ustreza povečanju, ki so ga ugotovile konkurenčne družbe.
The ability to implement this capacity in practical terms is itself improved as a result of the significant increase in the aircraft utilisation rate.
Možnost izvajanja te zmogljivosti se je izboljšala zaradi občutnega povečevanja uporabe letal.
The Commission also notes that, all other things being equal, that is to say taking into account the financial efforts made in recent months by Alitalia but without the rescue aid, the company would, as at 31 March be in deficit to the extent of €262-400 million or approximately €140 million, rising to €190 million at the end of May.
Komisija tudi ugotavlja ceteris paribus, se pravi ob upoštevanju finančnih prizadevanj Alitalie v zadnjih mesecih, vendar brez pomoči za reševanje, da bi bilo stanje denarnih sredstev podjetja dne 31. marca negativno, in sicer, ko bi od 262 milijonov EUR odšteli 400 milijonov EUR, za približno –140 milijonov EUR oziroma za –190 milijonov EUR konec maja.
The Commission must therefore conclude that, but for the aid, the company would have had negative liquid assets and would therefore have been insolvent at the end of December 2004 [56].
Komisija zato ugotavlja, da bi družba brez pomoči za reševanje imela negativno stanje denarnih sredstev in bi torej od konca decembra 2004 začasno ustavila izplačila [56].
On the other hand, a second series of conditions set out in Deutsche Bank's letter of intent are liable to affect the assessment of the operation by the Commission; they should be analysed in detail.
Pogoji iz pisma o nameri Deutsche Bank, ki sestavljajo drugo skupino, lahko vpliva na oceno transakcije, ki jo opravi Komisija, zato jih je treba podrobno analizirati.
It is a question of:
Gre za:
Note: SC: surcharge cost
Opomba: SD: stroški doplačila
Earnings before interests and taxes.
Dobiček pred odbitkom obresti in davkov.
http://europa.eu.int/comm/economy_finance/publications/european_economy/2005/ee205en.pdf
http://europa.eu.int/comm/economy_finance/publications/european_economy/2005/ee205en.pdf.
After IRI was wound up on 27 June 2000, the State reorganised and transferred its holdings. 53 % of the Alitalia shares held by IRI was transferred to the Treasury by decree of 21 December 2000 at a provisional value of ITL 1797128641402, approximately €654,5 million.
Potem ko je IRI šel v likvidacijo 27. junija 2000, je država začela z reorganizacijo in prenosom deležev v njegovi lasti; tako je 53 % delnic Alitalie, ki jih je imel, z uredbo z dne 21. decembra 2000 prenesel v državno blagajno in to v začasni vrednosti 1797128641402 ITL oziroma približno 654,5 milijona EUR. To vrednost bi bilo treba popraviti takoj ob prenosu, celo delnem, vrednostnih papirjev v njegovi lasti ali po oceni dveh svetovalcev, če bi se državni blagajni to zdelo potrebno.
Competitor
Konkurenca
Moreover, a meeting with the Italian authorities was held on 8 April 2005. This meeting was followed by the dispatch in the same letters of 18 and 20 April of additional information requested by the Commission.
Poleg tega se je 8. aprila 2005 sestala z italijanskimi organi, ki so ji v istih pismih z dne 18. in 20. aprila poslali dodatne informacije, ki jih je zahtevala.
As a result, Alitalia's suppliers have adopted an extremely ‘cautious’ attitude towards it. In this connection, Italy has transmitted letters from a number of its suppliers which confirm this trend.
Dobavitelji so se do Alitalie vedli še posebej „previdno“; v zvezi s tem je Italija posredovala nekaj njihovih pisem, ki ponazarjajo to težnjo.
It notes first of all that at the end of the year, and in particular in October, revenue per available tonne-km (RATK) had been particularly low, with a drop of 14,2 % compared with October 2003 as a result of the concern caused by Alitalia's precarious financial situation. Moreover, the difference in advance bookings diminished progressively in September-October 2004 compared with the same period in 2003, becoming negative at the beginning of October for bookings for December.
Najprej je poudarila, da so bili prihodki od razpoložljivih tonskih kilometrov (PRTK) konec leta in predvsem oktobra posebno nizki in to za 14,2 % v primerjavi z oktobrom 2003 zaradi zaskrbljenosti glede finančnega položaja družbe, poleg tega se je razlika v številu rezervacij v portfelju v obdobju september–oktober 2004 postopno zmanjševala v primerjavi s podobnim obdobjem leta 2003, dokler ni postala negativna v začetku oktobra za decembrske rezervacije.
With regard to the comments from the interested parties that concern neither the recapitalisations nor the verification of the rescue aid, in particular BA's comments on the situation in Milan, Italy considers that these are unconnected with the procedure and are therefore inadmissible. Nevertheless, it points out that the fact, complained of by BA, that it is not possible to operate a fourth daily flight at Milan-Linate is simply due to the fact that there are no more slots available.
Italija v zvezi s pripombami, ki se ne nanašajo niti na dokapitalizacije niti na nadzor pomoči za reševanje, in sicer v zvezi z mnenjem BA o položaju v Milanu, meni, da to mnenje ni povezano s postopkom in ga torej ni mogoče sprejeti.
Its balance sheet for 2003 showed further losses (before tax and financial and exceptional charges) totalling €379,5 million compared with a loss of €118,5 million in 2002. In 2004 its turnover dropped by 6 % compared with 2003, however with a strong impact of the way in which airport taxes were entered into the accounts. All in all, the net result for 2004 as a whole is expected to be a loss of €850 million. However, the result of the fourth quarter of 2004 (-€104 million before tax and exceptional charges) is better than that of 2003 (-€151 million).
Njena bilanca za leto 2003 je pokazala povečanje izgube pred obdavčitvijo ter finančnimi in izrednimi stroški v višini 379,5 milijona EUR leta 2003, medtem ko je leta 2002 izguba znašala 118,5 milijona EUR. Leta 2004 se je promet zmanjšal za 6 % v primerjavi z letom 2003, vendar je na to močno vplival način knjiženja letaliških taks; nazadnje naj bi bil pričakovani neto izid za celotno leto 2004 izguba v višini 850 milijonov EUR. Izid četrtega četrtletja 2004, tj. izguba v višini 104 milijonov EUR pred obdavčitvijo in izrednimi stroški, je kljub temu boljši kot leta 2003 (–151 milijonov EUR).
They point out that the general meeting of Alitalia's shareholders which has to approve the accounts for 2004 is planned for 27 and 28 June 2005, that is to say on the deadline of 180 days required by law following the closure of the financial year. They also point out that the meeting of the board of directors that has to approve the draft balance sheet is set for 20 May 2005 [8].
Opozarjajo, da je skupščina delničarjev Alitalie, na kateri naj bi potrdili finančne izkaze za leto 2004, sklicana za 27. in 28. junij 2005 oziroma ob poteku 180 zakonskih dni po zaključku poslovnega leta, in da je seja upravnega odbora, na kateri bo odobril osnutek bilance, sklicana za 20. maj 2005 [8].