natgillin/translations-raw huggingface dataset:
They also state that ‘since the operating and investment costs of SNCB in regard to its public service tasks are not even covered by the state support, SNCB has resorted to borrowing for the balance of its needs’.
Navajajo tudi, da „se je družba SNCB glede na to, da njene naloge poslovanja in naložb v zvezi z njenimi nalogami javne službe prav tako niso bile pokrite z državnimi intervencijami, zatekla k posojilu za preostanek svojih potreb“.
This is also valid, therefore, for the SNCB resources used for investments in ABX, which were ‘not financed by specific borrowings, ... but from its general cash resources’.
To zato velja tudi za sredstva družbe SNCB, ki so se uporabila za naložbe v ABX, ki pa se sicer „niso financirale s posebnimi posojili, (…) ampak s splošnimi denarnimi sredstvi“.
Lastly, the Belgian authorities explain that, following these acquisitions, SNCB addressed a number of comfort letters to the creditors of several ABX subsidiaries, in particular to creditors of ABX-D and ABX Spain.
Nazadnje belgijski organi navajajo, da je družba SNCB po teh nakupih dodelila določeno število priporočilnih pisem za odobritev posojila upnikom več hčerinskih družb ABX in zlasti v prid upnikom podjetij ABX-D in ABX Španija.
The Belgian authorities consider that these comfort letters are part of the usual relations between a parent company and its subsidiaries in a market economy.
Belgijski organi menijo, da so ta priporočilna pisma del običajnih odnosov med matično družbo in njenimi hčerinskimi družbami v zasebnem gospodarstvu.
Reinvestments made by SNCB in 2001
Ponovne naložbe, ki jih je družba SNCB opravila leta 2001
Capital increase in Germany. At the end of 2000 and in 2001, SNCB increased the capital of its German subsidiary (ex-Bahntrans) with a cash contribution of EUR 17,5 million and by converting short-term loans from SNCB amounting to EUR 55 million into capital. The decision was based on recommendations and analyses made by the Boston Consulting Group (‘BCG’).
Povečanje kapitala v Nemčiji: Družba SNCB je konec leta 2000 in v letu 2001 povečala kapital svoje nemške hčerinske družbe (nekdanji Bahntrans) z denarnim vložkom v višini 17,5 milijona EUR in pretvorbo kratkoročnih predujmov družbe SNCB v kapital v višini 55 milijonov EUR. Ta odločitev je bila sprejeta na podlagi priporočil in analiz, opravljenih s pomočjo Boston Consulting Group („BCG“).
The BCG documents put forward the following arguments and recommendations:
V teh dokumentih podjetja BCG so predstavljeni naslednji argumenti in priporočila:
the ABX Group presented an opportunity to create significant value and a strategic interest for SNCB;
Skupina ABX je predstavljala možnost ustvarjanja velike vrednosti in strateškega interesa za SNCB.
financial investment and strengthened management were needed to capture this potential;
Finančna naložba in okrepitev upravljanja sta bila nujna, da se izkoristi ta potencial.
the self-financing by SNCB of this financial investment was considered at the time to be the best option;
Takrat se je menilo, da je najboljša možnost samofinanciranje te finančne naložbe s strani SNCB.
in the implementation of this strategy of creating value through ABX Logistics, a priority matter for SNCB was to turn around Bahntrans;
Pri izvajanju strategije ustvarjanja vrednosti prek ABX LOGISTICS je bila prednostna naloga za SNCB sanacija podjetja Bahntrans.
in conclusion, BCG's experts concluded that the recovery plan should be implemented for two reasons:
Na koncu so strokovnjaki podjetja BCG menili, da bi bilo treba sanacijski načrt izvesti iz treh razlogov:
if successful, the turnaround would make it possible to continue the ABX Logistics strategy, ‘which has a value creation potential of more than EUR 300 million’;
V primeru uspeha bi sanacija omogočila nadaljevanje strategije ABX LOGISTICS, „ki ima potencial za ustvarjanje vrednosti v višini več kot 300 milijonov EUR“.
even if only partly successful, the turnaround would make it possible to put a higher price on the resale value of Bahntrans.
Tudi v primeru delnega uspeha bi sanacija morala omogočiti, da se doseže višja cena z vrednostjo nadaljnje prodaje podjetja Bahntrans.
The Belgian authorities state that the IRR of the total investment of EUR 72,5 million which could be expected at the time of the investment was 8 % to 10 %, depending on the profit forecasts selected.
Belgijski organi navajajo, da notranja stopnja donosa (IRR) skupne naložbe v višini 72,5 milijona EUR, ki bi se lahko pričakovala v času naložbe, znaša 8 %–10 % glede na izbrane napovedi poslovnega izida.
This internal rate of return is comparable to the cost of capital for SNCB at the time.
Ta notranja stopnja donosa je primerljiva s stroškom kapitala družbe SNCB v tistem času.
Calculation of the IRR for SNCB's reinvestments in ABX Germany in 2001 of EUR [...]million
Izračun notranje stopnje donosa (IRR) za ponovne naložbe družbe SNCB v podjetje ABX Nemčija leta 2001 za […] milijonov)
Pre-tax operating profit
Poslovni izid pred davki
Use of the surplus EUR [...]million at the acquisition price
Uporaba […] mio EUR nad nakupno ceno
Investment of EUR [...]million in 2001
Naložba v višini […] mio EUR leta 2001
Capital increase of EUR 12,2 million in the Netherlands. the strategic plan for the ‘Dutch stage’ (ex-Kerstin Hunik group, acquired in February 1999 and also comprising the holdings in Ireland) consisted in:
Povečanje kapitala v višini 12,2 milijona EUR na Nizozemskem: Strateški načrt v zvezi z „nizozemsko fazo“ (nekdanja skupina Kersten Hunik, ki je bila kupljena februarja 1999 in združuje tudi kapitalske deleže na Irskem) je bil sestavljen iz:
strengthening domestic activities through the acquisition of a company operating in national distribution in the Netherlands; the company's volume of business was 2000 consignments a day, and SNCB's management considered that a volume of 6000 consignments would be necessary to work profitably in national distribution;
okrepitve domačih dejavnosti z nakupom družbe, dejavne v nacionalni distribuciji na Nizozemskem; obseg dejavnosti družbe je bil okoli 2000 pošiljk na dan in vodstvo družbe SNCB je ocenilo, da bi bilo potrebnih 6000 pošiljk za donosno poslovanje v nacionalni distribuciji;
continuing the restructuring of Kersten Hunik Holding (renamed ABX Logistics Holding BV), acquired in 1999;
nadaljevanja prestrukturiranja podjetja Kersten Hunik Holding (preimenovanega v ABX LOGISTICS Holding BV), kupljenega leta 1999;
selling the maritime transport activities (‘rederijen’) Kersten Hunik Scheepvaartmaatschappij BV and Link Line Europa BV, thereby generating EUR 1 million in cash;
preprodaje dejavnosti pomorskega prometa („rederijen“) podjetij Kersten Hunik Scheepvaartmaatschappij BV in Link Line Europa BV, kar bi prineslo 1 milijon EUR v gotovini;
in practice, the financing needs were supplied as follows:
v praksi so bile finančne potrebe pokrite na naslednji način:
EUR 9,2 million in short-term credit from SNCB was converted into capital in March 2001;
9,2 milijona EUR kratkoročnih terjatev družbe SNCB se je preoblikovalo v kapital marca 2001;
in September 2001 SNCB increased the capital of ABX Logistics Holding by EUR 10 million. This sum was intended to finance the acquisition of Wegtransport BV by ABX Logistics Holding.
septembra 2001 je družba SNCB povečala kapital ABX LOGISTICS Holding BV za 10 milijonov EUR. Teh 10 milijonov EUR je bilo namenjenih financiranju nakupa podjetja Wegtransport BV s strani ABX LOGISTICS Holding BV.
The price paid for the shares was EUR [...] million, the balance of EUR [...] million remaining available to cover any price adjustments resulting from due diligence;
Cena, plačana za delnice, je bila [...] milijonov EUR, pri čemer je preostali znesek dodatnih [...] milijonov EUR ostal na voljo za pokritje morebitnih prilagoditev cen zaradi primerne skrbnosti;
altogether, the Belgian authorities consider that the amount of financing granted by SNCB to the Dutch subsidiary (excluding the acquisition price of EUR [...] million for Wegtransport) was therefore EUR 9,2 million in March 2001 plus EUR 3 million in September 2001, i.e. a total of EUR 12,2 million;
belgijski organi menijo, da torej znesek financiranja, ki ga je družba SNCB dodelila nizozemski hčerinski družbi (poleg cene za nakup podjetja Wegtransport za [...] milijonov EUR), znaša 9,2 milijona EUR marca 2001, k čemer je treba dodati 3 milijone EUR septembra 2001, kar je skupaj 12,2 milijona EUR;
in their view, this recapitalisation was justified by the prospect of a return to profitability in 2002 for the Dutch activities, as reflected in the positive profit trend forecast at the end of 2000:
po njihovih podatkih je bila ta dokapitalizacija upravičena na podlagi obetov za obnovo donosnosti nizozemskih dejavnosti leta 2002, ki so se odražali s pozitivnim razvojem rezultatov, kot so bili predvideni konec leta 2000:
Budget 2001 (drawn up at end 2000)
Proračun za leto 2001 (določen konec leta 2000)
Budget 2002 (drawn up at end 2001) [19]
Proračun za leto 2002 (določen konec leta 2001) [19]
Operating profit (EBIT)
Izid iz rednega poslovanja (EBIT)
The Belgian authorities consider that, on the basis of the profit forecasts available at the time, the internal rate of return for this investment of EUR 12,2 million is about 11 %.
Belgijski organi menijo, da znaša notranja stopnja donosa te naložbe na podlagi napovedi poslovnega izida, ki so bile takrat na voljo, 11 % za to naložbo, vredno 12,2 milijona EUR.
Calculation of the internal rate of return (IRR) for SNCB's reinvestments of EUR 12,2 million in ABX Netherlands in 2001 (EUR million)
Izračun notranje stopnje donosa (IRR) za ponovne naložbe družbe SNCB v ABX Nizozemska leta 2001 za 12,2 milijona EUR (številke v milijon EUR)
Budget 2001 drawn up at end 2000
Proracu n za leto 2001, dolocen konec leta 2000
Budget 2002 drawn up at end 2001 [20]
Proracu n za leto 2002, dolocen konec leta 2001 [20]
Plan 2003 [21]
Nacrt za leto 2003 [21]
Plan 2004 [21]
Nacrt za leto 2004 [21]
Plan 2005 [21]
Nacrt za leto 2005 [21]
Recapitalisation of EUR 12,2 million in 2001
Dokapitalizacija v višini 12,2 mio EUR leta 2001
Capital increase of EUR 30 million in France. In December 2001 SNCB increased the capital of the French company acquired in 1999-2000 in order to start a debt securitisation programme that would make it possible to obtain a line of bank credit of EUR 70 million. The capital increase had been imposed by Société Générale, the provider of credit for ABX Logistics (France) SA, as an essential precondition for the securitisation of that company's commercial debt portfolio.
Povečanje kapitala v višini 30 milijonov EUR v Franciji: Decembra 2001 je družba SNCB povečala kapital francoske družbe, kupljene v letu 1999–2000, da bi omogočila začetek programa sekuritizacije terjatev, ki bi omogočal pridobitev bančne kreditne linije v višini 70 milijonov EUR. To povečanje kapitala je Société Générale, razdeljevalec posojila ABX LOGISTICS (Francija) SA, naložila kot nujni predpogoj za sekuritizacijo portfelja komercialnih terjatev ABX LOGISTICS (Francija) SA.
According to the Belgian authorities, the ABX Logistics (France) financial forecasts available at that time revealed the prospect of a return to profitability within the framework of a recovery plan.
Po navedbah belgijskih organov so finančne napovedi ABX LOGISTICS (Francija) SA, ki so bile takrat na voljo, pokazale možnost za povrnitev donosnosti v okviru sanacijskega načrta.
As a result of measures to improve operations (IT, audit of distribution processes, closures and disposals, harmonisation of working conditions, integration of activities), the plan forecast an improvement in operating profit (EBIT) from — EUR 19,6 million in 2001 to EUR 4,6 million in 2003.
Ta načrt je po nizu ukrepov za operativne izboljšave (računalništvo, revizija distribucijskih postopkov, zaprtja in prenosi dejavnosti, uskladitev pogojev zaposlovanja, povezovanje dejavnosti) predvideval izboljšanje izida iz rednega poslovanja (EBIT) z -19,6 milijona EUR leta 2001 na 4,6 milijona EUR leta 2003.
Forecast profit trend for ABX Logistics France (at September 2001)
Pričakovan razvoj poslovanja ABX Logistics Francija (septembra 2001)
Source: Recovery plan, page 43; conversion rate: EUR 1 = FRF 6,55957
Vir: Sanacijski načrt, stran 43; menjalni tečaj 1 EUR = 6,55957 FRF
2000 actual
Dejansko stanje leta 2000
2001 budget
Proračun za leto 2001
2002 forecast
Napoved za leto 2002
2003 forecast
Napoved za leto 2003
Operating profit (EBT)
„Izid iz rednega poslovanja“ (EBT)
SNCB thought that this securitisation transaction would make it possible to substitute external financing for short-term financing by SNCB.
Družba SNCB je ocenila, da bi ta sekuritizacija omogočila, da se nadomesti zunanje financiranje s kratkoročnim financiranjem s strani družbe SNCB.
In the short term, it was possible to inject a large proportion of the excess cash released by the securitisation into the ABX cash pool, thus enabling the companies which were members of it to partly reimburse their own exposures to SNCB.
Kratkoročno bi se lahko namreč večji del presežka denarnih sredstev, pridobljenega s to sekuritizacijo, vložil v združitev denarnih sredstev (cash pool) ABX, kar bi družbam, ki so bile članice te skupine, omogočilo, da bi delno povrnile svoja neporavnana posojila do družbe SNCB.
The Belgian authorities consider that the profit forecasts available at the time indicate an IRR of 14 % for this investment of EUR 30 million.
Belgijski organi menijo, da so napovedi poslovnega izida, ki so bile takrat na voljo, kazale na 14-odstotno notranjo stopnjo donosa (IRR) za to naložbo, vredno 30 milijonov EUR.
Calculation of the internal rate of return (IRR) for SNCB's reinvestments of EUR 30 million in ABX France in 2001 (EUR million)
Izračun notranje stopnje donosa (IRR) za ponovno vlaganje družbe SNCB v ABX Francija leta 2001 za 30 milijonov EUR (številke v milijon EUR)
Plan 2004 [22]
Načrt za leto 2004 [22]
Plan 2005 [22]
Načrt za leto 2005 [22]
Recapitalisation of EUR 30 million in 2001
Rekapitalizacija v višini 30 mio EUR leta 2001
‘Parallel contributions’ from SNCB to ABX
„Vzporedni prispevki“ družbe SNCB v ABX
The Belgian authorities specified that, when it acquired the companies in Ireland and Portugal and the Air&Sea activities in Belgium, SNCB took over all or part these companies' debts of and then converted them into capital.
Belgijski organi so navedli, da je družba SNCB ob nakupu družb na Irskem in Portugalskem ter dejavnosti Air&Sea v Belgiji prevzela vse ali del dolgov teh družb ter jih nato preoblikovala v kapital.
According to the authorities, these capital conversions, which they describe as ‘parallel contributions’, were aimed:
Po njihovih navedbah je bil namen teh pretvorb v kapital, ki jih imenujejo „vzporedni prispevki“:
either at making it possible for certain companies to merge and achieving the objective of simplifying the group in legal terms (Ireland, Portugal),
omogočiti združitev nekaterih družb in izpolniti cilj pravne poenostavitve skupine (Irska, Portugalska),
or at maintaining transport licences (Ireland),
ali omogočiti ohranitev prevoznih dovoljenj (Irska),
or at enabling the companies to continue their Air&Sea activities with a minimum level of equity so as to obtain external means of financing (Air&Sea Belgium).
ali družbam omogočiti, da nadaljujejo svoje dejavnosti zračnega in pomorskega prevoza z minimalno stopnjo lastnega kapitala za pridobitev zunanjih sredstev financiranja (Air&Sea Belgija).
According to Belgium, the rebuilding of the equity and the rapid return to profitability were ensured by virtue of: (1) the ratio of their losses to their turnover, (2) the total amount of the conversions, and (3) by the financial projections (2003 budget) made by management at the end of 2002, which forecast a return to equilibrium towards the end of 2003.
Po mnenju Belgije sta bili obnova lastnega kapitala in hitra povrnitev donosnosti zagotovljeni zaradi: (1) razmerja med njihovimi izgubami in njihovim prometom, (2) absolutnega zneska pretvorb in (3) s finančnimi napovedmi (proračun 2003), ki jih je vodstvo določilo konec leta 2002 in so predvidevale obnovo ravnotežja proti konca leta 2003.
The subsidiaries were not to be regarded as firms ‘in difficulty’, and their situation is not comparable therefore to the three undertakings in difficulty identified in the original restructuring plan.
Te hčerinske družbe se ne smejo obravnavati kot podjetja „v težavah“ in njihov položaj torej ni primerljiv s tremi gospodarskimi subjekti v težavah, opredeljenimi v prvotnem načrtu za prestrukturiranje.
According to the Belgian authorities, the specific, one-off assistance given by SNCB to these subsidiaries is a normal financing transaction between certain subsidiaries and a parent company in the course of business and is therefore entirely compatible with the market-economy private investor principle.
Po navedbah belgijskih organov enkratna in edinstvena intervencija družbe SNCB v zvezi s temi hčerinskimi družbami pomeni običajno financiranje nekaterih hčerinskih družb s strani matične družbe v teku poslovanja in tako popolnoma primerljiva z načelom zasebnega vlagatelja v tržnem gospodarstvu.
The 2003 budget for the three companies concerned, drawn up at the end of 2002, indicated there was a prospect of a return to equilibrium, or quasi-equilibrium (losses of less than EUR 1 million), within 12 months from the introduction of the plan.
Proračun za leto 2003, določen konec leta 2002, za tri zadevne družbe je poleg tega navedel možnost za obnovo ravnotežja ali skorajšnjega ravnotežja (izgube, nižje od 1 milijona EUR) v 12 mesecih po uvedbi načrta.
Net profit 2002
Čisti poslovni izid v letu 2002
Net profit budgeted for 2003 [24]
Proračunski čisti poslovni izid za leto 2003 [24]
Key financial data for 2002 of the companies in Ireland and Portugal and Air&Sea Belgium (EUR million)
Ključni finančni podatki leta 2002 družb na Irskem in Portugalskem ter Air&Sea Belgija (Milijon EUR)
Turnover 2002 (actual)
Promet leta 2002 (dejanski)
Operating profit (EBIT) 2002 (actual)
Izid iz rednega poslovanja (EBIT) v letu 2002 (dejanski)
Net profit 2002 (actual)
Čisti poslovni izid za leto Čiste izgube v letu 2002 v % prometa2002 (dejanski)
Net losses 2002 as % of turnover
Čiste izgube v letu 2002 v % prometa
Total amount of conversions
Absolutni znesek pretvorb
Acc. to original plan [25]
Po prvotnem načrtu [25]
Actually carried out
Dejansko izvedene
The Belgian authorities provided calculations of the internal rate of return (IRR) for each transaction.
Belgijski organi so predložili izračune notranje stopnje donosa (IRR) za vsako od teh transakcij.
The calculations, which are not presented here in detail, are comparable in method to those for the reinvestments in 2001 (which are presented).
Pri teh izračunih, ki tukaj niso podrobno predstavljeni, je uporabljena metodologija, ki jo je mogoče primerjati s tisto za izračune, predstavljene za ponovne naložbe v letu 2001.
In each case they give an IRR of between 9,6 % and 12,7 %.
Vsakič kažejo, da znaša notranja stopnja donosa med 9,6 in 12,7 %.
SNCB also made an investment of EUR 3,8 million in ABX Singapore.
Družba SNCB je prav tako izvedla naložbo v višini 3,8 milijona EUR v ABX Singapur.
According to the Belgian authorities, the assistance concerning ABX Singapore definitely does not fall within the scope of Article 87 of the Treaty.
Po podatkih belgijskih organov intervencije v zvezi s podjetjem ABX Singapur ne spadajo na področje uporabe člena 87 Pogodbe.
Nevertheless, at the Commission's request, the Belgian authorities provided an estimate of the internal rate of return for this investment, which was 10,9 %.
Kljub temu so na zahtevo Komisije predložili notranjo oceno donosa, ki je pokazala, da naj bi za to naložbo znašala 10,9 %.
SNCB also issued, in 2000, a guarantee of EUR 3 million for the construction of a building in Singapore.
Družba SNCB je prav tako leta 2000 dodelila jamstvo v višini 3 milijonov EUR za gradnjo stavbe v Singapurju.
The Belgian authorities consider that this transaction is also outside the scope of the Treaty.
Belgijski organi menijo, da tudi ta transakcija ne spada na področje uporabe Pogodbe.
They subsequently stated that the debt guaranteed is covered primarily by the building, which is regarded as a property situated in a dynamic, booming market.
V nadaljevanju so navedli, da je zavarovani dolg najprej pokrit s stavbo, ki se obravnava kot dobrina, umeščena v trgu, ki je dinamičen in v polni rasti.
The building was sold in 2005.
Ta stavba je bila leta 2005 prodana.
Role of the state in SNCB's decisions concerning ABX
Vloga države v odločitvah družbe SNCB glede ABX
Further to the information provided on this subject in the initiation of the procedure, the Commission here summarises certain aspects concerning SNCB and the potential influence of the state on its decisions.
Z dopolnitvijo informacij, navedenih ob sprožitvi postopka, Komisija v nadaljevanju povzema nekatere vidike v zvezi z družbo SNCB in morebitnim vplivom države na njene odločitve.
SNCB's board of directors and activities
Upravni odbor in dejavnosti družbe SNCB
SNCB is an autonomous public undertaking.
Družba SNCB je samostojno javno podjetje.
As such it is not subject to bankruptcy law under the Law of 21 March 1991 reforming certain economic public undertakings.
Ker je samostojno javno podjetje, za družbo SNCB ne velja zakon o stečajih na podlagi zakona z dne 21. marca 1991 o reformi nekaterih javnih gospodarskih podjetij.
Its object is to carry passengers and goods, but it can carry on any commercial activity directly or indirectly associated with that object.
Poslovna dejavnost družbe je prevoz potnikov in blaga, lahko pa razvija vse druge trgovske dejavnosti, ki so neposredno ali posredno povezane s to poslovno dejavnostjo.
Its organs are the board of directors (BoD), the management board (MB) and the managing director (MD).
Njeni organi so Upravni odbor (UO), Izvršni odbor (IO) in generalni direktor (GD).
The BoD has ten members, including the MD.
Upravni odbor sestavlja deset članov, vključno z generalnim direktorjem.
The directors are appointed by the King and chosen according to the complementarity of their qualifications.
Člane Upravnega odbora imenuje kralj in jih izbere glede na dopolnjevanje njihovih sposobnosti.
Although SNCB is free to carry on any activities compatible with its object, the Belgian legislator has introduced certain limited mechanisms for checking whether an autonomous public undertaking is infringing the law, its statutes or the management contract.
Čeprav lahko družba SNCB razvije vse dejavnosti, ki so združljive z njenim predmetom poslovanja, je belgijski zakonodajalec uvedel nekatere omejene mehanizme, da bi preverjal, ali neodvisno javno podjetje ne krši zakona, svojega temeljnega statuta ali pogodbe o upravljanju.
The main mechanism is the presence in the management bodies, particularly the board of directors and the management board, of a government commissioner, who ensures that the law, the statutes of SNCB and the management contract are observed.
Glavni mehanizem je prisotnost vladnega predstavnika v upravnih organih, zlasti v Upravnem odboru in Izvršnem odboru, ki skrbi za upoštevanje zakonov, temeljnega statuta družbe SNCB in pogodbe o upravljanju.
Conclusions of the Court of Auditors
Sklepi Računskega sodišča
In May 2001 the Belgian Court of Auditors issued a report on SNCB which provides several important clues about clarifying the influence of the state on the decisions taken by SNCB with regard to its commercial activities.
Belgijsko Računsko sodišče je maja 2001 pripravilo poročilo o družbi SNCB, ki vsebuje več pomembnejših navedb za pojasnitev vprašanja vpliva države na odločitve, ki jih sprejema družba SNCB glede svojih trgovskih dejavnosti.
The report states, firstly, that ‘the object of SNCB is defined as follows: “The object of the company is the carriage of passengers and goods by rail.
To poročilo na eni strani navaja, da „je predmet poslovanja družbe SNCB opredeljen na naslednji način: Cilj družbe je prevoz potnikov in blaga po železnici.