natgillin/translations-raw huggingface dataset:
Overall, the Commission accepts that LBB incurs additional ‘liquidity costs’ to the extent of ‘refinancing costs minus corporation tax’.
V celoti gledano Komisija torej priznava, da ima LBB dodatne „likvidnostne stroške“ v višini „stroškov refinanciranja minus davek od dobička“.
In the negotiations on their understanding, the parties, as in the Hamburgische Landesbank case, in which the transfer took place at the same point in time, took as a basis the long-term risk-free rate of 7,23 %.
V pogajanjih o dogovoru so stranke, kot tudi pri dogovoru o Hamburgische Landesbank, pri kateri je prenos potekal sočasno, uporabili dolgoročno netvegano obrestno mero 7,23 %.
They also agreed to assume a flat 50 % tax rate.
Poleg tega so se dogovorile za sprejetje pavšalne davčne stopnje 50 %.
This produces a net refinancing rate of 3,62 % and thus a corresponding liquidity discount.
Na podlagi tega pridemo do neto obrestne mere refinanciranja 3,62 % in s tem do primernega odbitka zaradi nelikvidnosti.
This discount applies only to the special-purpose reserve.
Ta odbitek velja samo za rezervo za posebne namene.
Determination of a likely minimum remuneration for the special-purpose reserve and the nominal capital
Določitev pričakovanega najnižjega nadomestila za namensko rezervo in osnovni kapital
A market-economy investor bases his return expectations on historical average returns, which generally also give him an idea of what the company's future performance is likely to be, as well as on the conclusions he draws from an analysis of the company's business model for the period of the investment, the strategy and quality of its management and the prospects for the economic sector concerned.
Pričakovanja glede donosa, ki jih ima vlagatelj v tržnem gospodarstvu, temeljijo na preteklih povprečnih donosih, ki so na splošno orientacija tudi za storilnost podjetja v prihodnosti, ter zaključkih, ki jih lahko potegne še zlasti iz analize poslovnega modela podjetja, ki je veljal v času naložbe, strategije in kakovosti vodstva podjetja in relativnih izgledov zadevne gospodarske dejavnosti.
Companies in need of capital have to convince potential investors that, over the long term, they will be able to earn at least the average rate of return that can be expected of companies with a comparable level of risk and operating in the same economic sector.
Ko potrebuje kapital, mora podjetje morebitnega vlagatelja prepričati, da bo dolgoročno ustvarilo vsaj donose, ki se jih na trgu povprečno pričakuje od podjetij, ki so glede tveganosti in gospodarske dejavnosti primerljiva z njim.
If a company cannot fulfil these expectations of an at least average return, the investor will refrain from investing in it and will consider investing in another company which offers better prospects for the same risk.
Če podjetje glede vsaj povprečnega donosa ne ustreza tem pričakovanjem, bo vlagatelj pozabil na to investicijo in premislil, ali naj raje investira v drugo podjetje, kjer so pri enakem tveganju izgledi boljši.
There are various methods of determining an appropriate minimum return.
Obstajajo različne metode za določitev najmanjšega primernega nadomestila.
They range from differing variants of the financing approach to the Capital Asset Pricing Model (CAPM) method.
Te segajo od različnih variant pristopa financiranja pa do metode CAPM.
For the purposes of describing the various approaches, it is helpful to distinguish between two components, namely the risk-free return and a project-specific risk premium: the appropriate minimum return for a high-risk investment = the risk-free base rate + a risk premium for the high-risk investment.
Pri predstavitvi različnih pristopov je smiselno razlikovati med dvema komponentama, med netveganim donosom in premijo tveganja za določen projekt: primeren najmanjši donos na tvegano naložbo = netvegana osnovna stopnja + premija tveganja na tvegano naložbo.
The appropriate minimum return on a high-risk investment can therefore be described as the sum of the risk-free rate of return and the additional risk premium for assuming the specific investment risk.
Najmanjši primeren donos na tvegano naložbo se lahko torej opiše kot vsota netvegane stopnje donosa in dodatne premije tveganja za prevzem tveganja določene naložbe.
Accordingly, the basis for any return determination is the existence of a default-risk-free form of investment with an assumed risk-free return.
V skladu s tem je osnova za vsako določitev donosa obstoj oblike vloge, pri kateri ni tveganja neizplačila, z domnevno netveganim donosom.
The expected return on fixed-rate securities issued by state issuers (or an index based on such securities) is usually taken to determine the risk-free base rate since such securities represent a form of investment with comparatively little risk.
Ponavadi se za določitev netvegane osnovne stopnje uporabi pričakovan donos fiksno obrestovanih vrednostnih papirjev, ki jih izdaja država (oziroma indeks, ki temelji na takšnih vrednostnih papirjih), ker predstavljajo obliko vloge s primerljivo nizkim tveganjem.
The various methods differ, however, when it comes to determining the risk premium:
Razlike med posameznimi metodami pa vendarle obstajajo pri določanju premije tveganja:
Financing approach: an investor's expected return on capital represents, from the point of view of the bank using the capital, future financing costs.
Pristop financiranja: Pričakovan vlagateljev donos na lastni kapital predstavlja s stališča banke, ki kapital uporablja, prihodnje stroške financiranja.
Under this approach, the historic capital costs incurred by comparable banks are first of all determined.
Pri tem pristopu se najprej določijo pretekli stroški kapitala, nastali pri bankah, ki so primerljive z zadevno banko.
The arithmetic average of the historical capital costs is then compared with the future expected equity capital costs and hence with the investor's expected return requirement.
Aritmetično povprečje preteklih stroškov kapitala se nato primerja s stroški lastnega kapitala, pričakovanimi v prihodnosti, in s tem s pričakovano vlagateljevo zahtevo za donos.
Financing approach with Compound Annual Growth Rate: at the heart of this approach stands the use of the geometric rather than the arithmetic mean value.
Pristop financiranja s skupno letno stopnjo rasti: Pri tem pristopu se namesto aritmetičnega povprečja uporabi geometrično povprečje.
CAPM: the CAPM is the best-known and most frequently tested model of modern financial economics, by which the return expected by an investor can be determined using the following formula: expected return = risk-free interest rate + (market risk premium x beta).
CAPM: CAPM je najbolj znan in najpogosteje preskušen model modernega denarnega gospodarstva, s pomočjo katerega se lahko določi pričakovan vlagateljev donos z naslednjo enačbo: pričakovan donos = netvegana obrestna mera + premija tveganja trga × Beta.
The beta factor is used to quantify the risk of a company relative to the overall risk of all companies.
Z beta faktorjem se opredeli stopnja tveganja podjetja glede na skupno tveganje vseh podjetij.
The risk premium for the specific investment is obtained by multiplying the risk premium of the market by the beta factor.
Premijo tveganja za določeno naložbo izračunamo tako, da premijo tveganja trga pomnožimo z beta faktorjem.
The CAPM is the predominant method of calculating investment returns in the case of large listed companies.
CAPM je prevladujoča metoda za izračun donosov na naložbe v velika podjetja, ki kotirajo na borzi.
However, since LBB is not a listed company, it is not possible directly to infer its beta value.
Ker LBB ni podjetje, ki bi kotiralo na borzi, njegove beta vrednosti ni mogoče izpeljati neposredno.
The CAPM can be used only on the basis of an estimate of the beta factor.
CAPM se torej lahko uporabi le na podlagi ocene beta faktorja.
(12 1) Germany generally takes a critical view of the use of the CAPM.
Nemčija je do uporabe metode CAPM na splošno kritična.
In the end, the parties none the less used it as a basis in their understanding, obtaining an appropriate rate of remuneration for the transfer of the nominal capital and the special-purpose reserve to LBB of 10,19 %.
Končno so se stranke vendarle dogovorile za uporabo metode CAPM in so prišle do primerne stopnje nadomestila za prenos osnovnega kapitala in rezerve za posebne namene na LBB v višini 10,19 %.
Using the CAPM, the parties applied a risk-free base rate of 7,23 % at 31 December 1992 for LBB, on the assumption that WBK's assets were to be made available to LBB on a permanent basis.
Stranke so za svoje izračune uporabile metodo CAPM in netvegano temeljno obrestno mero za LBB v višini 7,23 % z dne 31. decembra 1992. Določitev te obrestne mere je temeljila na domnevi, da ima LBB sredstva WBK na razpolago vseskozi.
The parties thus decided not to use a risk-free rate obtaining on the market on a given reference date for a fixed investment period at the time of the transfer (e.g. 10-year return on government bonds) since such an approach would disregard the reinvestment risk, i.e. the risk that it would not be possible to invest again at the level of the risk-free rate once the investment period had expired.
Stranke torej niso upoštevale časovno omejenega netveganega donosa, razvidnega na trgu v času prenosa za točno določeno obdobje naložbe (na primer 10-letni donosi na državne obveznice), saj takšna obravnava ne bi upoštevala tveganja ponovne naložbe, tj. tveganja, da bi po izteku obdobja naložbe prišlo do ponovne naložbe s takšno netvegano obrestno mero.
In the view of the parties, a total return index was the best way of taking the investment risk into account.
Stranke so mnenja, da se tveganju naložbe najbolje sledi na podlagi „indeksa skupnega donosa“.
They opted, therefore, for the REX10 Performance Index of Deutsche Börse AG, which tracks the performance of an investment in 10-year Federal bonds.
Zato so uporabile indeks donosnosti REX10 nemške borze Deutsche Börse AG, ki izraža donosnost na naložbo obveznic Zvezne republike Nemčije za obdobje 10 let.
The index series used in the present case contains the relevant year-end levels of the REX10 Performance Index after 1970.
Ta uporabljena indeksna vrsta vsebuje posamezna letna stanja indeksa donosnosti REX10 po letu 1970.
The parties then calculated the rate of return per annum, which reflects the trend tracked by the REX10 Performance Index in the period 1970 to 1992 and, in this way, arrived at the risk-free base rate of 7,23 % (at 31 December 1992).
Stranke so nato izračunale letni donos, ki zrcali trend, izražen v temeljnem indeksu donosnosti REX10 v obdobju med 1970 in 1992, in tako prišle do navedene netvegane temeljne obrestne mere v višini 7,23 % (31.12.1992).
Since the contribution was to be made available to LBB on a permanent basis, the method of determining the risk-free base rate seems appropriate in this specific case.
Ker naj bi imela LBB vlogo dejansko na razpolago vseskozi, se zdi postopek za izračun netvegane temeljne obrestne mere v tem primeru ustrezen.
Moreover, the REX10 Performance Index is a generally recognised data source.
Hkrati pa indeks donosnosti REX10 predstavlja vsesplošno priznan vir podatkov.
The risk-free base rate calculated by the parties thus appears appropriate here.
Izračunana netvegana temeljna obrestna mera je torej primerna.
The beta factor of 0,74 was estimated on the basis of a KPMG report, of which the Commission has a copy, on adjusted beta factors for all listed credit institutions in Germany.
Ocena beta faktorja 0,74 temelji na strokovnem poročilu KPMG o tako imenovanih prilagojenih beta faktorjih vseh kreditnih institucij, ki v Nemčiji kotirajo na borzi, predloženem Komisiji.
In the light of the report and of LBB's business profile, this beta factor may be regarded as appropriate.
Ta beta faktor se mora na podlagi tega izvedenskega mnenja in glede na poslovni profil LBB upoštevati za primernega.
The Commission also regards the market-risk premium of 4,0 % as acceptable.
Po mnenju Komisije je sprejemljiva tudi premija tržnega tveganja v višini 4,0 %.
The so-called general long-term market-risk premium, i.e. the difference between the long-term average return on a normal share portfolio and the return on government bonds, was applied on several occasions in the proceedings leading to Decision 2000/392/EC.
Tako imenovana splošna dolgoročna premija tržnega tveganja, torej razlika med dolgoročnim povprečnim donosom na delniški portfelj in donosom na državne obveznice, je bila večkrat obravnavana že v postopku, ki je imel za posledico Odločbo 2000/392/ES.
The expert reports relating to that case applied margins of around 3 % to 5 %, depending on the method used, the reference period and the underlying data.
V strokovnih poročilih glede tega primera so se določile stopnje v razponu 3 % do 5 %, odvisno od uporabljene metode, obdobja obravnave in osnovnih podatkov.
For example, one report commissioned by the BdB calculated alternative figures of 3,16 % and 5 %, while another, commissioned by WestLB in the same case, arrived at calculations of 4,5 % and 5 %, and Lehman Brothers, which was also working for WestLB, calculated a rate of 4 %.
V enem izmed strokovnih poročil, sestavljenem za BdB, sta izračunani možni vrednosti 3,16 % in 5 %, v drugem strokovnem poročilu, sestavljenem za WestLB v istem primeru, sta izračunani možni vrednosti 4,5 % in 5 % in Lehman Brothers, ki je tudi delal za WestLB, je izračunal stopnjo 4 %.
Against this background, the Commission here sees no reason to depart from the market-risk premium used in the understanding.
Ob upoštevanju tega Komisija v zadevnem primeru ne namerava odstopiti od tržne premije tveganja, ki je bila uporabljena v dogovoru.
On the basis of the CAPM, the Commission has no doubt that the minimum remuneration determined by the parties can be regarded as appropriate.
Na podlagi metode CAPM ne dvomi v primernost najmanjšega nadomestila, ki so ga določile stranke.
Accordingly, it sets the minimum remuneration at 10,19 % per annum (after corporation tax and before investor tax).
Komisija zato za primerno najmanjše nadomestilo določa vrednost 10,19 % na leto (po odbitku davka na dobiček pravnih oseb in pred odbitkom davka na naložbe).
No return premium on account of the 100 % ownership
Izpustitev dodatka na donos zaradi 100 % lastništva
It must be examined whether there are grounds for adjusting the minimum remuneration calculated.
Preveriti je treba, ali obstajajo razlogi za prilagoditev določenega najmanjšega nadomestila.
Based on the approach used in the other Landesbank cases, the following three particularities of the transaction may justify such a premium: first, the non-issuance of new shares in the company with the associated voting rights; second, the exceptional volume of the asset transfer; and third, the lack of fungibility of the assets.
V skladu s postopanjem v drugih postopkih v zvezi z deželnimi bankami takšen dodatek kot posebnost transakcije lahko upravičijo naslednje tri značilnosti. Kot prvo neizdaja novih delnic v podjetju in s tem povezanih glasovalnih pravic, kot drugo izredno velik obseg prenesenih sredstev in kot tretje nezadostna tržnost vloge.
As in the other proceedings, the Commission does not consider a premium to be justified in relation to the last two aspects.
Tako kot tudi v drugih postopkih se Komisiji dodatki v zvezi z obema vidikoma, ki sta imenovana na koncu, ne zdijo upravičeni.
Nor is it possible to apply a premium in relation to the failure to issue new shares with voting rights given that the Land of Berlin owned 100 % of the voting shares.
Tudi za glasovalne pravice, ki z neizdajo novih delnic v podjetju niso bile dane, dodatek ni možen, ker je imela dežela Berlin glasovalne pravice že v 100 % lasti.
No reduction in the remuneration to take account of the agreement of a fixed amount
Nespremenjeno nadomestilo zaradi dogovora o pavšalnem nadomestilu
In the case of shares, the remuneration depends directly on the performance of the company and is expressed mainly in the form of dividends and a share in the increased value of the company (e.g. expressed in share price increases).
Pri delnicah je nadomestilo neposredno odvisno od uspešnosti poslovanja podjetja in se izraža predvsem v obliki dividend in udeležbi pri povečani vrednosti podjetja (na primer s povečanjem cen delnic).
The Land receives a fixed remuneration the level of which should reflect these two aspects of remuneration for ‘normal’ equity injections.
Dežela prejema pavšalno nadomestilo, ki bi moralo odražati ta dva vidika povračila za „običajno“ vlogo kapitala.
It could be argued that the fact that the Land receives a fixed remuneration instead of one directly linked to LBB's performance constitutes an advantage which justifies a reduction in the rate of the remuneration.
Lahko bi se trdilo, da fiksno nadomestilo, ki ga dežela prejema namesto nadomestila, neposredno povezanega z uspešnostjo poslovanja LBB, predstavlja prednost, ki upravičuje zmanjšanje stopnje povračila.
Whether such a fixed rate actually constitutes an advantage as compared with a variable, profit-linked rate depends on the company's performance in the future.
Če je tako fiksno nadomestilo dejansko ugodnejše od spremenljivega, od dobička odvisnega nadomestila, je odvisno od uspešnosti poslovanja podjetja v bodoče.
If the performance declines, a fixed rate benefits the investor, but if it improves it places him at a disadvantage.
Če se ta zmanjša, je pavšalna stopnja za vlagatelja prednost, če pa se poveča, je zanj neugodna.
However, actual performance cannot be used retrospectively to assess the investment decision.
Vendar pa se dejanski razvoj ne more upoštevati naknadno pri vrednotenju odločitve za vlogo.
Taking all these factors into consideration, the Commission believes that the rate of remuneration should not be reduced for this reason.
Komisija je ob upoštevanju vsega navedenega mnenja, da stopnje povračila ni potrebno zmanjšati.
Overall remuneration for the nominal capital and the special-purpose reserve
Skupno nadomestilo za osnovni kapital in rezervo za posebne namene
In view of all of the above observations, the Commission comes to the conclusion that a normal market minimum remuneration for the capital and the special-purpose reserve would have been 10,19 % per annum.
Na osnovi vseh teh premislekov je Komisija prišla do zaključka, da bi tržno običajen najmanjši donos za kapital in rezervo za posebne namene znašal 10,19 % letno (po davkih, ki jih mora plačati podjetje).
On account of the lack of liquidity in the special-purpose reserve, 3,62 % should be deducted from this figure for net refinancing costs.
Ker rezerva za posebne namene ni likvidna, se od tega odšteje 3,62 % zaradi neto stroškov refinanciranja.
Appropriate remuneration for the amounts needed for the promotion-related business
Primerno nadomestilo za zneske, ki so potrebni za pospeševalno dejavnost
The amounts needed for the promotion-related business were also of material value to LBB and their economic function may be compared to that of a guarantee.
Tudi zneski, ki jih LBB potrebuje za dejavnost pospeševanja, so zanjo materialna vrednost in je njihovo ekonomsko funkcijo mogoče primerjati s funkcijo poroštva ali jamstva.
A market-economy investor would demand an appropriate remuneration in return for exposing himself to a risk of this sort.
Vlagatelj v tržnem gospodarstvu bi zahteval primerno nadomestilo za svojo izpostavitev tovrstnemu tveganju.
This question is not addressed in the understanding between the BdB, the Land and LBB.
V dogovoru BdB, dežele Berlin in LBB to vprašanje ni obravnavano.
In WestLB, Germany considered a rate of 0,3 % per annum before tax to be an appropriate starting rate.
Nemčiji se je v primeru WestLB kot izhodiščna stopnja zdelo primerno nadomestilo 0,3 % na leto (pred plačilom davkov).
Since WestLB and LBB are fundamentally comparable and for want of any other points of reference, the Commission assumes that this rate corresponds to the remuneration which LBB would have had to pay on the market in the early 1990s for a bank guarantee in its favour.
Zaradi splošne primerljivost WestLB in LBB in odsotnosti drugih meril je Komisija mnenja, da ta stopnja ustreza nadomestilu, ki bi ga LBB tudi v začetku devetdesetih let morala na trgu plačati za prevzem bančnega jamstva v njeno korist.
However, the grounds cited for increasing the starting rate in Decision 2000/392/EC do not apply here.
Vendar pa razlogi, navedeni v Odločbi 2000/392/ES za zvišanje izhodiščne stopnje, v tem primeru niso ustrezni.
In that Decision, a premium of a further 0,3 % per annum was added to the above-mentioned rate of 0,3 % per annum (before tax) because first, bank guarantees are normally associated with certain transactions and limited in time (which was not the case in WestLB) and second, the amount of DEM 3,4 billion made available to WestLB exceeded what was normally covered by such bank guarantees.
Odločba 2000/392/ES določa dodatek 0,3 % na leto na imenovano stopnjo 0,3 % na leto (pred plačilom davkov), ker so bančna jamstva po eni strani običajno povezana z določenimi transakcijami in so omejena (kar v primeru WestLB ni veljalo) in je po drugi strani znesek, ki je bil dan na razpolago WestLB v višini 3,4 milijarde DEM, višji od zneskov, ki jih običajno krijejo takšna bančna poroštva.
An increase in the rate of 0,3 % to take account of the particularly extensive scope of the ‘guarantee’ seems unnecessary for an annual amount of some DEM 170 to 350 million.
Povečanje nadomestila 0,3 % zaradi posebej velikega obsega „jamstva“ se za znesek v višini približno 170 do 350 milijonov DEM na leto ne zdi primerno.
Raising the rate on account of the fact that WBK's assets were in principle available to LBB without restriction is also of doubtful value for the same reasons as those for which no premium was applied to the remuneration for the capital available for competitive business since the Land was entitled to withdraw the assets from LBB and indeed did so at the end of August 2004.
Zvišanje te stopnje zaradi tega, ker so bila sredstva WBK LBB načeloma neomejeno na voljo, je poleg tega dvomljivo iz enakih razlogov, zaradi katerih tudi ni bil določen dodatek pri nadomestilu za kapital, ki je na razpolago za konkurenčno dejavnost, saj je imela dežela možnost, da LBB dejansko spet odvzame sredstva, kar je konec avgusta 2004 tudi storila.
The guarantee premium counts as an operating expense for LBB and therefore reduces taxable profit.
Premija jamstva za LBB predstavlja stroške poslovanja in torej zmanjšuje obdavčljiv dobiček.
The remuneration for WBK's assets is paid out of profits after tax.
Nadomestilo za sredstva WBK se plača iz dobička po plačilu davkov.
The rate of 0,3 % must therefore be adjusted for the tax rate.
Zato je stopnjo 0,3 % treba načeloma prilagoditi zaradi davčne stopnje.
As in relation to the refinancing costs, the Commission, here in LBB's favour, assumes a uniform overall tax rate of 50 %.
Komisija pri stroških refinanciranja – v tem primeru v prid LBB – dopušča enotno skupno davčno stopnjo v višini 50 %.
Consequently, it sets a rate of 0,15 % per annum after tax.
Na podlagi tega določa letno stopnjo 0,15 % po obdavčitvi.
Aid element
Element pomoči
The Commission accordingly regards 10,19 % per annum after tax as an appropriate market remuneration for the nominal capital, 6,57 % per annum after tax for the part of the special-purpose reserve which could be used by LBB to underpin its commercial activities and 0,15 % after tax for the amounts needed for the promotion-related business but still shown as equity capital in the balance sheet.
Po teh izračunih je Komisija mnenja, da so nadomestilo 10,19 % na leto po obdavčitvi za osnovni kapital, 6,57 % na leto po obdavčitvi za del namenske rezerve, ki ga je LBB lahko uporabljala za kritje svojega poslovanja, in nadomestilo 0,15 % po obdavčitvi za zneske, ki so bili potrebni za pospeševalno dejavnost, a so bili v bilanci prikazani kot lastni kapital, v skladu s trgom.