natgillin/translations-raw huggingface dataset:
On the contrary, and in accordance with the legal and economic situation of the undertaking, virtually all the debt, that is to say the bonded debt and the loans secured by aircraft, as well as the loan which is the subject of the rescue aid, will remain within Alitalia, renamed AZ Fly, which will continue the vast majority of the current activities of the company.
Nasprotno, v skladu s pravnim in ekonomskim položajem podjetja bo skoraj celotni dolg, in sicer obligacijski dolg in posojila s stvarnim jamstvom z letali ter posojilo iz pomoči za reševanje, ostal v Alitalii, preimenovani v AZ Fly, ki bo nadaljeval večji del sedanjih dejavnosti družbe.
The Commission notes, in this respect, Italy's undertaking with regard to the advance repayment of this loan within eight working days following the recapitalisation of AZ Fly, that is to say the transfer of the corresponding funds to the undertaking, and in any event before 31 December 2005.
Komisija v zvezi s tem vzame na znanje obveznost Italije glede predčasnega odplačila posojila v 8 delovnih dneh po izvedbi dokapitalizacije AZ Fly, se pravi izplačilu ustreznih sredstev podjetju, in v vsakem primeru pred 31. decembrom 2005.
With regard to the recapitalisation of AZ Fly notified by Italy, the Commission finds that private shareholders are participating in it in fact more than proportionally to the number of shares currently held by those shareholders (38 %) and under the same conditions as the State as shareholder.
Komisija ugotavlja v zvezi z dokapitalizacijo AZ Fly, ki jo je priglasila Italija, da bo udeležba zasebnih delničarjev v podjetju več kot sorazmerna sedanjemu številu delnic v njihovi lasti (38 %) in pod istimi pogoji, kot veljajo za javnega delničarja.
The implementation of the undertaking by the Italian State to reduce its participation to 49,9 % of the company capital has resulted in Deutsche Bank agreeing, possibly in collaboration with another financial institution, to underwrite private investors to the extent of a maximum of €650 million, or approximately 54 % of the maximum proposed recapitalisation.
Deutsche Bank se je namreč zaradi obveznosti, ki jo je sprejela italijanska država, da svoj delež zmanjša na 49,9 % delniškega kapitala, strinjala, da bo po potrebi v sodelovanju z drugo finančno institucijo jamčila za obveznost zasebnih vlagateljev v višini največ 650 milijonov EUR oziroma približno 54 % predvidene maksimalne dokapitalizacije.
Their shareholding in the capital increase will therefore be a majority one, in order to reduce the public participation to below 50 %.
Ti vlagatelji bodo torej imeli pri povečanju kapitala večinski delež, tako da se bo javni delež zmanjšal na manj kot 50 %.
It is also specified in the letter of intent from Italy that the State will purchase the shares at the same value, to be determined jointly by AZ Fly and Deutsche Bank, and under the same market conditions as the private investors.
V pismu o nameri Italije je tudi natančno določeno, da bo država kupila delnice po isti vrednosti, ki jo morata AZ Fly in Deutsche Bank še skupaj določiti, in pod istimi tržnimi pogoji kot zasebni vlagatelji.
The successful completion of the operation is therefore guaranteed by Deutsche Bank, a technically competent professional operator, which has assessed the risk inherent in the partial non-subscription of the shares.
Za dobro izvedbo transakcije torej jamči Deutsche Bank, tehnično sposoben gospodarski subjekt, ki je ocenil tveganje delnega nevpisa delnic.
In this connection, the Commission has received a copy of the letter of intent dated 19 April 2005 sent to Alitalia by Deutsche Bank accepts to conclude a contract to underwrite or have underwritten the success of the recapitalisation operation.
Komisija je 19. aprila 2005 v zvezi s tem prejela kopijo pisma o nameri, ki ga je Deutsche Bank naslovila na Alitalio in v katerem se je strinjala s sklenitvijo pogodbe, s katero bo jamčila ali dala jamčiti za dobro izvedbo dokapitalizacije.
This practice is in accordance with what the Commission had agreed to in 2002 on the occasion of the previous market recapitalisation of Alitalia.
Ta praksa je v skladu s tem, kar je Komisija sprejela leta 2002 ob prejšnji tržni dokapitalizaciji Alitalie.
The final guarantee contract will be signed once the conditions set out in paragraphs 195 and 196 have been verified and will constitute the final concrete undertaking by Deutsche Bank to supply the financial resources for the operation and to subscribe the shares issued or have them subscribed.
Končna jamstvena pogodba, ki bo podpisana po preverjanju pogojev iz odstavkov 195 in 196, bo dokončna konkretna obveza Deutsche Bank, da priskrbi finančna sredstva za transakcijo ali vpiše oziroma da vpisati izdane delnice.
The Commission takes note in this connection of the details given by the Italian authorities indicating that this preliminary contract is legally fully valid in this respect for the parties subject to compliance with the suspensive conditions.
Komisija v zvezi s tem sprejme na znanje navedbe italijanskih organov, ki so opozorili, da je ta predhodna pogodba pravno v celoti veljavna za strani, če se uresničijo predvideni pogoji.
In the abovementioned letter it is proposed that the final guarantee contract will be concluded close to the beginning of the offer period and will contain the standard provisions and undertakings in force in this type of contract and in accordance with best national and international practices.
V zgoraj omenjenem pismu je določeno, da se končna jamstvena pogodba sklene tik pred začetkom obdobja ponudbe in bo vsebovala tipske določbe in obveznosti, ki veljajo v tovrstnih pogodbah in sledijo najboljšim nacionalnim in mednarodnim praksam.
Deutsche Bank and another bank will also take responsibility for involving other financial institutions in the guarantee, thus making it possible to establish a genuine guarantee consortium.
Deutsche Bank, po potrebi s katero drugo banko, se obvezuje, da bo v jamstvo vključila druge finančne institucije ter tako omogočila oblikovanje resničnega jamstvenega konzorcija.
The involvement of the banks is decisive for the success of the operation as a result of Alitalia's shareholding structure.
Sodelovanje teh bank je zaradi strukture lastništva kapitala Alitalie odločilna za uspeh transakcije.
The capital held by private shareholders is very fragmented; as a result, at present there is no private institutional shareholder in the company that could carry out an economic analysis of the operation and give its prior undertaking to participate, as the State has done.
Delež kapitala zasebnih delničarjev je namreč zelo razdrobljen; tako da zdaj v družbi ni nobenega zasebnega institucionalnega delničarja, ki bi lahko opravil ekonomsko analizo transakcije in po zgledu države napovedal svojo predhodno obvezo, da se bo temu pridružil.
The Commission acknowledges that, in the case of companies with a very fragmented shareholding structure, recourse to one or more banks responsible for guaranteeing the operation is necessary so as to ensure the successful completion of a capital increase operation on the capital market.
Komisija priznava, da je za družbe z zelo razdrobljenim lastništvom delnic uporaba ene ali več bank, ki zagotavljajo dobro izvedbo transakcije, nujna za uspešno dokončanje povečanja kapitala na trgu.
Only qualified financial intermediaries are in a position, on the basis of their detailed knowledge of the financial markets and the type of investments sought and in the light of a detailed study that they have carried out of the operation in question, to commit themselves in respect of the investment vis-à-vis private investors where newly issued shares are concerned, to the extent that they consider the operation reasonable and attractive for certain providers of funds.
Zaradi svojega dobrega poznavanja finančnih trgov in potrebnih vrst prodaje delnic ter na podlagi poglobljene študije zadevne transakcije se namreč lahko samo pooblaščeni finančni posredniki zavežejo, da prodajo novoizdane delnic zasebnim vlagateljem, če menijo, da je transakcija razumna in privlačna za nekatere posojilodajalce.
Alitalia clearly has a fragmented shareholding structure since no private shareholder holds 3 % of the shares; the only remotely significant participation is that of Air France with nearly 2 % of the capital.
Ta razdrobljenost delničarjev je očitna v Alitalii, v kateri noben zasebni delničar ne doseže 3 % delnic, edini nekoliko večji delež ima Air France, in sicer nekaj manj kot 2 % kapitala.
In order to present its offer, Deutsche Bank carried out an assessment of the company's strategy and profitability prospects.
Da bi predstavila svojo ponudbo, je Deutsche Bank ovrednotila strategijo in možnosti prihodnjega donosa družbe.
In addition, before concluding the final contract, it proposes to carry out a due diligence operation which any investor should carry out before initiating the operation.
Pred sklenitvijo dokončne pogodbe namerava še izvesti preverjanje zaradi potrebne skrbnosti, ki ga morajo opraviti vsi vlagatelji in s čimer bo lahko začela transakcijo.
In this way the bank surrounds itself with all the guarantees and securities enabling it to adjust its offer to the risks taken.
Banka tako poskrbi za vsa jamstva in zagotovila, ki ji omogočajo, da svojo ponudbo prilagodi sprejetim tveganjem.
It should be noted that this bank has neither a management link nor a shareholding link with the Italian economic sector, and that it is not controlled, directly or indirectly, by the Member State concerned.
Treba je opozoriti, da ta banka nima upravljalnih ali lastniških zvez v italijanskem gospodarstvu in da ni neposredno ali posredno v lasti zadevne države članice.
The conditions to which the conclusion of the final guarantee contract are subject may be grouped together in two blocks, the first concerns relatively standard elements with no direct influence on the Commission's assessment but only on its actual implementation.
Pogoje za sklenitev dokončne poroštvene pogodbe je mogoče razdeliti v dve skupini. Prva skupina se nanaša na razmeroma standardne elemente, ki ne vplivajo neposredno na oceno Komisije, temveč samo na njeno dejansko uresničitev.
They include:
Med drugim gre za:
the absence of extraordinary events which could be detrimental to the successful completion of the operation,
odsotnost izrednih dogodkov, ki bi lahko negativno vplivali na dobro izvedbo transakcije;
the transmission to the bank of complete information on the economic and financial situation and on the management of Alitalia, including the audited 2004 accounts and the updating of the 2005-2008 industrial plan,
sporočilo banki popolnih informacij o ekonomskem in finančnem položaju ter upravljanju Alitalie, vključno s finančnimi izkazi za leto 2004, mnenjem revizijske družbe in posodobitvijo industrijskega načrta za obdobje 2005–2008;
the involvement of the bank in determining the procedures for the operation,
vključitev banke v pripravo podrobnih pravil za izvedbo transakcije;
the demerger of AZ Servizi thanks to duly authorised capital injections by one or more undertakings.
dekonsolidacijo AZ Servizi, ki je mogoča zaradi odobrenega vstopa enega ali več podjetij v njegov kapital.
the difference in the share issue price relative to the stock market quotation,
razliko v emisijskem tečaju delnic v primerjavi z borznim tečajem;
the commissions to be charged by the bank for the operation,
provizije, ki jih banka prejme za izvedbo transakcije;
the exercise by the Italian Ministry for Economic and Financial Affairs of its preferential subscription right so as to enable it to reduce its participation in the capital to 49,9 %.
izvajanje predkupne pravice italijanskega ministrstva za gospodarstvo in finance v mejah, ki mu omogočajo znižanje deleža na 49,9 % kapitala.
The letter of intent specifies that this guarantee will obviously not cover the proportion of the shares which are the subject of the Ministry for Economic and Financial Affairs' preferential option right which must be subscribed by it so as to enable it to reduce its share of the capital of AZ Fly to 49,9 %.
Pismo o nameri glede tega natančno navaja, da to jamstvo ne velja za del delnic, do katerih ima ministrstvo za gospodarstvo in finance predkupno pravico in ki jih mora vpisati v mejah, ki mu omogočajo, da zmanjša svoj delež na 49,9 % kapitala AZ Fly.
So far as concerns, first, the subscription price for the new shares, Deutsche Bank and AZ Fly have agreed that the price or price range for the issue of the new shares will be defined jointly in accordance with market practices in the light of the stock market conditions prevailing at the time of the launch of the operation.
Kar zadeva najprej ceno vpisa novih delnic, sta se Deutsche Bank in AZ Fly dogovorila, da bosta v skladu s tržnimi praksami skupaj določila ceno ali cenovni razpon izdaje delnic glede na borzne razmere ob začetku izvajanja transakcije.
The difference between this price and the theoretical price taking account of the subscription right will be at least […]%.
Razlika med to ceno in teoretično ceno po umiku pravice do vpisa bo znašala najmanj […] %.
The Italian authorities have provided reference material drawn up by the bank enabling the Commission to ascertain that this difference is in accordance with market practices since 2003 for various European companies (in particular those undergoing restructuring) which have carried out recapitalisation in respect of a significant proportion of their share capital or of their value in terms of the daily stock market volume traded.
Italijanski organi so sporočili referenčne podatke, ki jih je pripravila banka, in tako omogočili, da se Komisija prepriča, da je takšna razlika v skladu s tržnimi praksami, ki so bile od leta 2003 ugotovljene v različnih evropskih družbah (zlasti tistih v prestrukturiranju), ki so izvedle dokapitalizacijo visokega deleža svoje tržne kapitalizacije ali deleža, ocenjenega z vidika dnevnega obsega prodaje na borzi.
The Commission therefore takes the view that this particular aspect does not present any particular difficulties.
Komisija torej meni, da ta vidik ne kaže posebnih težav.
This of course is true only provided that all the shares issued are in fact subscribed at the same price by the various investors, that is to say the State, Deutsche Bank or other potential investors.
To seveda velja samo, če so različni vlagatelji, naj gre za državo, Deutsche Bank ali druge morebitne vlagatelje, dejansko vpisali vse izdane delnice po isti ceni.
Italy has in fact confirmed to the Commission that a single price will be charged for all the subscribers involved and that no specific discount will be granted to the guarantor.
Italija je Komisiji dejansko potrdila, da bo za vse vpletene vpisnike veljala enotna cena in da jamčevalec, v tem primeru Deutsche Bank, ne bo imel nobenega posebnega rabata.
So far as concerns, secondly, the remuneration of the banks through commissions, the latter are based on the value of the proportion of the operation to be subscribed by the market, and amount to […]% for the commitment commission and […]% for the management and guarantee commissions, or [of the order of 5 %] of the total amount guaranteed.
Kar potem zadeva plačevanje bank s provizijami, te provizije temeljijo na vrednosti deleža transakcije, ki jo je trg vpisal, in znašajo […] % za stroške za nečrpani del posojila in […] % za provizije za upravljanje in jamstvo oziroma skupaj [v višini 5 %] zajamčenega zneska.
The Commission has been able to ascertain that this remuneration is in accordance with market principles on the main European stock markets so as to guarantee the successful completion of a comparable share placement operation.
Komisija je lahko preverila, da je takšna raven provizije v skladu s tržnimi praksami na glavnih evropskih borzah za zagotavljanje dobre izvedbe primerljive prodaje delnic.
It notes that it is higher than the recapitalisation in 2002, although consistent with the normal level of remuneration, but acknowledges that this is attributable to the different nature of the operation, since only shares were involved in 2004 whereas both shares and bonds, presenting a lower risk, were involved in 2002, and to the fact that the proportion to be guaranteed is a majority one whereas in 2002 it represented 38 % of the operation.
Ugotavlja, da je mogoče višjo raven provizije v primerjavi z dokapitalizacijo leta 2002, ki ostaja v skladu z običajnimi ravnmi, pojasniti z razliko v naravi transakcije, ki je bila za leto 2004 načrtovana samo v delnicah, medtem ko je šlo leta 2002 za povezavo delnic in obveznic, ki pomenijo manjše tveganje, ter z dejstvom, da je zdaj zajamčeni delež večinski, medtem ko je leta 2002 znašal 38 % transakcije.
The Commission concludes from this that the transaction between Alitalia and Deutsche Bank is in accordance with market conditions for this type of operation and that it does not amount to a discount on the price paid by the bank for the shares that it will be called upon to subscribe.
Komisija iz tega sklepa, da je transakcija med Alitalio in Deutsche Bank v skladu s tržnimi pogoji za tovrstne transakcije in da ne znižuje cene, ki jo mora banka plačati za delnice, ki bi jih po potrebi morala vpisati.
Consequently, the commissions paid to the banks do not have the effect of enabling them to participate in the operation on more favourable conditions than the State or the other shareholders.
Iz tega sledi, da provizije, ki se plačajo bankam, tem ne omogočajo, da bi sodelovale pri transakciji pod ugodnejšimi pogoji, kot jih imajo država ali drugi delničarji.
So far as concerns, thirdly, the State participation, the Commission would point out that the formal undertaking by the Italian authorities not to subscribe their share in Alitalia's capital increase until Deutsche Bank and any other participating banks have formally committed themselves is an essential decisive element guaranteeing the existence of a concomitant participation of public and private shareholders.
Kar zadeva udeležbo države, Komisija poudarja, da je uradna obveza italijanskih organov, da ne bodo vpisali svojega deleža pri povečanju kapitala Alitalie, dokler Deutsche Bank in po potrebi druge udeležene banke ne bodo uradno prevzele obveznosti, glavni in odločujoči element, ki zagotavlja sočasno udeležbo javnih in zasebnih delničarjev.
The State will participate in the capital increase only if there is a formal commitment by a private investor to make a capital contribution of real economic significance [65].
Država bo pri povečanju kapitala sodelovala samo v primeru „uradne obveze zasebnega vlagatelja o kapitalskem vložku resničnega gospodarskega pomena“ [65].
This operation enables the private market to subscribe to a significant extent and even represent a majority holding (54 %) in respect of the shares newly issued by Alitalia under the same conditions as the public shareholders given that the share prices will be identical and the rights attaching to each share will be the same for all shareholders.
Ta transakcija omogoča zasebnemu sektorju velik in celo večinski vpis delnic (54 %), ki jih bo Alitalia izdala na novo, in to pod istimi pogoji, kot jih ima javni delničar, ker bo cena delnic enaka in bodo pravice, povezane z vsako delnico, enake za vse delničarje.
In this connection, the Commission considers that it goes without saying that there cannot be collateral or implicit agreement whereby the Italian State would exonerate the banks from their obligation if the recapitalisation offer was insufficiently subscribed.
Komisija v zvezi s tem izhaja iz načela, da ne more obstajati vzporedni ali implicitni dogovor, po katerem bi italijanska država banke razbremenila njihovih obveznosti v primeru nezadostnega vpisa ponudbe za dokapitalizacijo.
The Commission also notes the undertaking given by the Italian authorities to transmit the final contracts with the banks (containing these formal and unconditional subscription obligations) to the Commission immediately after conclusion and before subscription of the new capital increase by the public authorities.
Komisija sprejme na znanje tudi obvezo italijanskih organov, da bodo Komisiji poslali dokončne pogodbe, ki so sklenjene z bankami in ki vsebujejo formalne in brezpogojne obveznosti vpisa, takoj po njihovi sklenitvi in preden bodo javni organi vpisali novo povečanje kapitala.
A second undertaking given by the Italian authorities is to submit a report containing the actual subscription levels for this capital increase once the operation has been carried out.
Italijanski organi so sprejeli še drugo obvezo, da po izvršeni transakciji pošljejo obrazložitveno poročilo o ravneh dejanskega vpisa tega povečanja kapitala.
The Commission will pay the utmost attention to strict compliance with these undertakings by Italy so as to ascertain that the terms of the present decision will be properly adhered to.
Komisija bo najbolj pozorna na to, ali Italija strogo izpolnjuje te obveznosti, ki ji morajo omogočiti, da preverja pravilno izpolnjevanje pogojev te odločbe.
In this context, the Commission would stress the importance of Alitalia's industrial plan for 2005-2008 (including the revised version of April 2005) presented to the investors, which bases the future of the company on an initial ‘recovery’ phase in 2005-2006 prior to further development.
Komisija je v tem okviru poudarila pomen industrijskega načrta Alitalie za obdobje 2005–2008, vključno s popravljeno različico iz aprila 2005, ki je bil predstavljen vlagateljem in ki osredotoča prihodnost družbe na prvo fazo oživljanja v letih 2005–2006, ki ji sledi dodaten razvoj družbe.
Deutsche Bank has undertaken to guarantee the participation of a majority of private investors in the recapitalisation provided for in the plan on the basis of an analysis of this plan.
Deutsche Bank se je na podlagi analize tega načrta zavezala, da bo jamčila za udeležbo večine zasebnih vlagateljev pri dokapitalizaciji iz načrta.
The Commission would refer in this connection to the information already presented in the decision to initiate a procedure regarding this plan.
Komisija v zvezi s tem opozarja na informacije o tem načrtu, ki so bile predstavljene že v odločitvi o začetku postopka.
The measures provided for in AZ Fly's restructuring plan should result, from 2005, in an increase of […]% of TKO (tonne-kilometres offered) together with an increase of […] percentage points in the load factor and […]% in the yield.
Ukrepi iz načrta prestrukturiranja AZ Fly bi morali od leta 2005 naprej povzročiti […]-odstotni porast RTK (razpoložljivih tonskih kilometrov) ter povečanje stopnje zasedenosti (load factor) za […] točke in […]-odstotno povečanje stopnje dobička na enoto.
In fact, over the first quarter of 2005, the accounts for which were submitted on 12 May, the TKO increased by 13,9 % and the load factor already showed a 0,2 % increase.
Število RTK se je namreč v prvem četrtletju 2005, za katerega so bili finančni izkazi predstavljeni 12. marca, povečalo za 13,9 % z že 0,2-odstotnim povečanjem zasedenosti.
The turnover for the quarter shows an increase of 9 %, or €77 million compared with 2004, with an increase in costs of only €36 million, or 5 %; even operating costs have fallen if fuel costs, which have risen by €45 million, are excluded; the operating loss is therefore only €120 million compared with €190 million in 2004.
Skupaj se je promet v četrtletju povečal za 9 % oziroma 77 milijonov EUR v primerjavi z letom 2004 pri povečanju stroškov za samo 36 milijonov EUR oziroma 5 %; obratovalni stroški so se celo zmanjšali, razen stroškov za gorivo, ki so se povečali za 45 milijonov EUR; operativna izguba je torej znašala 120 milijonov EUR v primerjavi s 190 milijoni EUR leta 2004.
The operating loss estimated for the whole of 2005 is €100 million, that is to say that a profit is expected over the next nine months.
To bi za celotno leto 2005 znašalo 100 milijonov EUR, kar pomeni, da se v prihodnjih 9 mesecih pričakuje dobiček.