natgillin/translations-raw huggingface dataset:
The logic underlying this two-fold hypothesis is as follows: if AZ Servizi achieves 100 % of its efficiency targets, as set in the plan, the valuation carried out by Fintecna will be correct and there will no longer be any need for the additional margin from 2005 to 2008, which will have to be reassigned to AZ Fly; this is the assumption made and reflected in financial terms in the plan.
Logika, ki podpira to dvojno domnevo, je tako naslednja: če AZ Servizi doseže 100 % svojih ciljev učinkovitosti, določenih v načrtu, bo vrednotenje, ki ga opravi Fintecna, pravilno in ne bo razlogov za dodatni dobiček, ugotovljen od leta 2005 do leta 2008, ki ga bo treba prenesti nazaj na AZ Fly. V načrtu se upošteva ta domneva, izražena v finančnih zneskih.
If, on the other hand, the improvement and economy measures which have been to a large extent defined and negotiated and which the current management, that is to say Alitalia's management, has begun to implement, and to a certain extent ‘sold’ as such to Fintecna, are not entirely successful, Fintecna will then incur an additional charge in AZ Servizi's accounts which it will have the option of offsetting by reducing the discount or the margin by […]%.
Če nasprotno ne uspejo v celoti razvojni in varčevalni ukrepi, ki so bili v veliki meri opredeljeni in dogovorjeni ter so se začeli izvajati pod upravo Alitalie in so bili torej v določeni meri kot taki „prodani“ holdingu Fintecna, bo Fintecna nosil dodatni strošek v finančnih izkazih Az Services, ki ga bo nadomestil z znižanjem rabata ali […]-odstotnim presežkom.
As far as the Commission is concerned, this arrangement, which does not artificially distort the valuation of AZ Servizi, is a normal arrangement between a former shareholder and a new shareholder called upon to co-participate in the capital of a company and also to manage a client-supplier relationship; it should give rise to a win-win situation on the part of the two stakeholders and should therefore be considered favourably.
Po mnenju Komisije je ta ureditev, ki ne povzroča umetnega izkrivljanja vrednotenja AZ Servizi, običajna ureditev med starim in novim delničarjem, ki morata ostati skupaj v kapitalu družbe in poleg tega imeti odnos stranka-dobavitelj; ta ureditev je taka, da pri akterjih spodbuja ravnanje v obojestransko korist in jo je torej treba obravnavati naklonjeno.
The Commission would specify in this connection that the analysis made of the business plan and the conclusion to which it has come on the basis of this analysis are based on strict compliance with the calculation and assumptions presented; accordingly, the rates, duration and procedures for, first, the efficiency premium to be paid to AZ Fly in the event of successful completion of the plan and in particular the maximum rate of […]% of incomings, and the reduction in the discount from […]% to […]% for maintenance and, secondly, the additional margin of […]% for handling must not affect the results of AZ Servizi's business plan and must therefore be kept in line with one another until 2008 or the complete withdrawal of Fintecna from the capital of AZ Servizi, whichever is the earlier.
Komisija je v zvezi s tem natančno pojasnila, da opravljena analiza poslovnega načrta in njene ugotovitve veljajo pod pogojem strogega spoštovanje predstavljenih računskih predpostavk; na eni strani stopnje, trajanja in podrobna pravila premije za uspešnost, ki se v primeru uspeha načrta nakaže družbi AZ Fly, in na drugi strani zlasti maksimalna stopnja prihodkov v višini […] % ter znižanje rabata z […] % na […] % za vzdrževanje in […]-odstotni dodatni dobiček za oskrbovanje letal na letališču ne bi smeli vplivati na izide industrijskega načrta AZ Servizi in bi morali torej ostati usklajeni med sabo in to do leta 2008 ali do popolnega izstopa holdinga Fintecna iz kapitala AZ Servizi, če bi se to zgodilo pred letom 2008.
The Commission would also refer to point 36 of the decision to initiate the procedure which describes AZ Servizi's plan for 2005-2008 on which this valuation is based. This did not entail a particularly large increase in sales, which would only rise from €956 million in 2004 to €1076 million in 2008, that is to say a 12,5 % increase in five years which, while suggesting that there will not be very high immediate returns, nonetheless means that, following a reduction in the EBITDA in 2005, the figure will once again be positive in 2006 and a clearly positive net result will not be achieved until 2008.
Komisija opozarja tudi na točko 36 odločitve o začetku postopka, ki opisuje načrt AZ Servizi za obdobje 2005–2008, na katerem temelji to vrednotenje, načrt ni vključeval zelo velike rasti fakturiranja, ki bi se z 956 milijonov EUR leta 2004 povečala na 1076 milijonov EUR leta 2008, kar je 12,5-odstotna rast v 5 letih, in ne predvideva takojšnjih visokih donosov z vrnitvijo na pozitivno številko v letu 2006 po znižanju EBITDA leta 2005 in neto izidom, ki bo jasno pozitiven šele leta 2008.
The Commission therefore considers that the industrial plan as presented is serious, albeit described as demanding by the two parties, particularly by their advisors Mediobanca and Citigroup; it entails the continuation of the activity of AZ Fly, its main client, the success of the measures to make savings on purchase and staff costs, as negotiated with the trade union organisations, and which amount to €600 million over the lifetime of the plan and form the basis for the premium due to AZ Fly in the event of success.
Komisija torej meni, da gre za resen industrijski načrt, ki ga obe strani in zlasti njuna svetovalca Mediobanca in Citigroup opisujejo kot zahtevnega, saj namreč poleg nadaljevanja dejavnosti AZ Fly, njene glavne stranke, vključuje tudi uspeh ukrepov varčevanja pri stroških nakupa in odhodkih za zaposlene, pri slednjih v dogovoru s sindikalnimi organizacijami, katerih skupni znesek znaša 600 milijonov EUR v celotnem obdobju trajanja načrta in so podlaga za izračun premije, ki jo dobi AZ Fly v primeru uspeha.
In conclusion, the Commission's analysis leads it to consider that the plan is sound and has been carefully examined by the parties, their consultants and its own expert.
Komisije zaradi analize skratka meni, da gre za trden načrt, ki so ga strani, njuna svetovalca in izvedenec Komisije podrobno preučili.
The €216 million investment by Fintecna in AZ Servizi is therefore tantamount to the action of an informed investor operating in a market economy and so does not constitute State aid.
Naložba holdinga Fintecna v AZ Servizi v višini 216 milijonov EUR je torej ukrep previdnega vlagatelja v tržnem gospodarstvu in zato ni državna pomoč.
Nevertheless, the Commission will lay down the conditions to which this decision shall be subject.
Komisija bo vseeno natančno določila pogoje te odločbe.
These conditions entail compliance with the following calculation parameters: the contractually agreed added value to be reassigned to AZ Fly shall not be transmitted unless all the proposed transfers have taken place, or on 31 December 2008 and according to the valuation carried out, and in either case only in respect of the part exceeding the forecast internal rate of return on Fintecna's investment, that is to say 25 %.
Ti pogoji zahtevajo, da se upoštevajo naslednji parametri izračuna: kapitalski dobiček, katerega prenos nazaj na AZ Fly je predviden v pogodbi, se lahko prenese samo po izvedbi vseh predvidenih prenosov oziroma 31. decembra 2008 v skladu z opravljenim vrednotenjem ter v obeh primerih samo za del, ki presega predvideno notranjo stopnjo donosa naložbe Fintecna, ki je 25 %.
The Commission would also point out that the proposed conditions for Fintecna's investment are acceptable for an informed investor in AZ Fly since the commitment by Deutsche Bank to underwrite the successful completion of the recapitalisation of AZ Fly has been entered into in full knowledge of the general business plan of the two undertakings, AZ Fly and AZ Servizi, and in particular Fintecna's abovementioned investment conditions.
Komisija tudi opozarja, da so predvideni pogoji za investicijo holdinga Fintecna sprejemljivi za previdnega vlagatelja v AZ Fly, ker je Deutsche Bank sprejela obveznost, da bo jamčila za dobro izvedbo dokapitalizacije AZ Fly ob poznavanju splošnega poslovnega načrta obeh podjetij, AZ Fly in AZ Servizi, in zlasti pogojev naložbe holdinga.
The Commission finds that the proposed recapitalisation of AZ Fly, the new designation of Alitalia and Fintecna's proposed investment in AZ Servizi in accordance with the precise procedures notified by the Italian authorities and analysed in this decision do not constitute State aid.
Komisija ugotavlja, da načrtovana dokapitalizacija AZ Fly, ki je novo ime Alitalie, in načrtovane naložbe holdinga Fintecna v AZ Servizi po natančnih postopkih, ki so jih priglasili italijanski organi in ki jih preučuje ta odločba, niso državne pomoči.
The Commission can therefore authorise the procedures for the recapitalisation subject to the conditions set out below,
Komisija torej lahko odobri podrobna pravila teh dokapitalizacij, za katere še naprej veljajo spodaj našteti pogoji,
HAS ADOPTED THIS DECISION:
SPREJELA NASLEDNJO ODLOČBO –
The share of the recapitalisation of Alitalia (AZ Fly) notified by the Italian State and amounting to a maximum of approximately 46 % of €1,2 billion, that is to say approximately €550 million, does not constitute State aid.
Delež v dokapitalizaciji Alitalie (AZ Fly), ki ga je priglasila italijanska država in znaša največ približno 46 % od 1,2 milijarde EUR oziroma približno 550 milijonov EUR, ni državna pomoč.
In accordance with the principle of a private investor operating in a market economy, the operation described in paragraph 1 must take place in compliance with the following conditions:
Z uporabo načela zasebnega vlagatelja v tržnem gospodarstvu se lahko transakcija iz odstavka 1 izvede samo, če so izpolnjeni naslednji pogoji:
recapitalisation will not take place until a formal unconditional commitment to underwrite the successful outcome of the operation has been signed by Deutsche Bank and any other financial institutions with the exception of the usual conditions concerning cases of force majeure, acts of war, terrorism and other similar cases;
dokapitalizacija se izvede šele, ko Deutsche Bank in po potrebi druge finančne institucije podpišejo uradno jamstvo brez zadržkov za dobro izvedbo transakcije, razen ob običajnih pogojih glede primerov višje sile, vojnih in terorističnih dejanj ter drugih podobnih primerov;
the State's participation is authorised subject to the condition that it subscribes the new shares issued on the basis of the same rights and under the same conditions, at the same price and at the same rate as private investors, without prejudice to the proposed timetable for the underwriting by Deutsche Bank and any other guarantor banks of the successful completion;
udeležba države bo možna samo, če vpiše delnice z istimi pravicami, pod istimi pogoji, po isti ceni in v istem ritmu kot zasebni vlagatelji, ne da bi to vplivalo na predvideni časovni načrt prevzema jamstva za dobro izvedbo s strani Deutsche Bank in po potrebi drugih garantnih bank;
the operation must not be accompanied by any collateral agreement or implicit agreement whereby the Italian State would exonerate the banks from their obligation if the recapitalisation offer was insufficiently subscribed or granted the banks any special discount on the issue price.
transakcije ne sme spremljati noben stranski ali implicitni dogovor, po katerem bi italijanska država banke razbremenila njihove obveznosti v primeru nezadostnega vpisa ponudbe za dokapitalizacijo ali bi tem bankam odobrila kakršne koli posebne rabate na emisijski tečaj.
The investment of €216 million by the public company Fintecna in the company AZ Servizi notified by the Italian State does not constitute State aid.
Naložba javnega holdinga Fintecna v višini 216 milijonov EUR v družbo AZ Servizi, ki jo je priglasila italijanska država, ni državna pomoč.
In accordance with the principle of a private investor operating in a market economy, based on the analysis of the viability of the business plan submitted to the Commission, the investment can be made only if the conditions referred to in paragraph 2 are complied with.
Z uporabo načela zasebnega vlagatelja v tržnem gospodarstvu, ki temelji na analizi dobičkonosnosti poslovnega načrta, predloženega Komisiji, se naložba lahko izvede samo, če je izpolnjen pogoj iz odstavka 2.
The contractually agreed added value which will have to be returned to AZ Fly may be transferred to that company only for the part exceeding the forecast internal rate of return on Fintecna's investment, that is to say 25 %:
Kapitalski dobiček, za katerega je v pogodbi predvideno, da se v AZ Fly prenese samo tisti del, ki presega predvideno notranjo stopnjo donosa naložbe holdinga Fintecna, ki je 25 %, se bo lahko prenesel na to družbo:
once all the proposed transfers have been made, or,
ko bodo izvedeni vsi predvideni prenosi ali
in any event on 31 December 2008 and in accordance with the valuation of the rate of return.
v vsakem primeru 31. decembra 2008 v skladu z opravljenim vrednotenjem stopnje donosa.
Italy shall provide the Commission with any reports and documents enabling it to verify:
Italija pošlje Komisiji vsa poročila in dokumente, ki ji omogočijo, da preveri:
compliance with the conditions referred to in Article 1 and 2, concerning both the participation of the Italian State and of Fintecna and third parties and particularly the final contracts with the banks and the reports justifying the subscriptions carried out in the context of these capital increases;
izpolnjevanje pogojev iz členov 1 in 2 v zvezi z udeležbo italijanske države, holdinga Fintecna in tretjih oseb ter zlasti dokončne pogodbe z bankami in obrazložitvena poročila o vpisih v okviru povečanja kapitala;
compliance with the commitment to repay the bridging loan within eight days of the recapitalisation of AZ Fly, and in any event by 31 December 2005.
izpolnjevanje obveznosti povračila premostitvenega posojila v osmih delovnih dneh po izvedbi dokapitalizacije AZ Fly in v vsakem primeru pred 31. decembrom 2005.
The Italian State shall inform the Commission within two months of the date of notification of this Decision of the measures taken to comply with it.
Italija obvesti Komisijo o ukrepih, ki jih je sprejela za uskladitev s to odločbo, v dveh mesecih od datuma uradnega obvestila o tej odločbi.
Done at Brussels, 7 June 2005
V Bruslju, 7. junija 2005
OJ C 44, 19.2.2005, p. 10.
UL C 44, 19.2.2005, str. 10.
The European Low Fares Airline Association (ELFAA) submitted its comments on 22 March 2005.
ELFAA, združenje poceni letalskih družb, je svoje pripombe poslal 22. marca 2005.
OJ C 125, 24.5.2005, p. 7.
UL C 125, 24.5.2005, str. 7.
Commission Decision 96/278/EC of 31 January 1996 concerning the recapitalisation of the Iberia company (OJ L 104, 27.4.1996, p. 25).
Odločba Komisije 96/278/ES z dne 31. januarja 1996 o dokapitalizaciji družbe Iberia (UL L 104, 27. 4.1996, str. 25)
OJ L 75, 22.3.2005, p. 53.
UL L 75, 22.3.2005, str. 53.
The date for the meeting of the management board has been postponed to 26 May 2005.
Datum seje upravnega odbora je bil dejansko preložen na 26. maj 2005.
The part of the text in brackets refer to business secrets or confidential information that have been left out.
Deli besedila v oklepajih se nanašajo na poslovne skrivnosti ali zaupne informacije, ki so bile odstranjene.
TERP (theoretical ex right price) is a weighted average between the reference quoted market price and the subscription price of the new shares.
TERP (Theorical ex right price) je tehtano povprečje med referenčnim borznim tečajem in ceno ob vpisu novih delnic.
Every shareholder receives a pre-emptive right whose theoretical value is the difference between the reference quoted market price and the TERP which assures the asset balance of the operation for the old shareholders.
Vsak imetnik obstoječe delnice ima predkupno pravico, katere teoretična vrednost ob umiku je razlika med referenčnim borznim tečajem in TERP, ki zagotavlja uravnoteženost premoženja starih delničarjev po izvedeni transakciji.
The exact data have been left out and replaced by this indication.
Točne številke so bile odstranjene in nadomeščene s to oznako.
Letter sent to the Commission via Italy's Permanent Representation to the EU.
Pismo je bilo poslano Komisiji po Stalnem predstavništvu Italije pri EU.
The Commission points out that this concerns a reduction of the part of Alitalia's capital held by the State to below 50 % and that the term ‘privatisation’ used by the Italian authorities does not prejudge a possible classification of the undertaking in accordance with Article 2 of Commission Directive 80/723/EEC of 25 June 1980 on the transparency of financial relations between Member States and public undertakings (OJ L 195, 29.7.1980, p. 35).
Komisija opozarja, da gre tu za znižanje državnega deleža pod 50 % kapitala Alitalie in da opredelitev „privatizacija“, ki so jo tako upoštevali italijanski organi, ne vpliva na morebitno opredelitev podjetja z vidika člena 2 Direktive Komisije 80/723/EGS z dne 25. junija 1980 o preglednosti finančnih odnosov med državami članicami in javnimi podjetji.
Points 28 and 59.
Točki 28 in 59.
See Commission Decision 94/662/EC of 27 July 1994 on the increase of Air France's capital (OJ L 258, 6.10.1994, p. 26).
Odločba Komisije 94/662/ES z dne 27. julija 1994 o povečanju kapitala družbe Air France (UL L 258, 6.10.1994, str. 26).
Earning Before Interest Taxes Depreciation Amortization and Rentals.
Dobiček pred odbitkom obresti, davkov, amortizacije in najemnin.
The transfer was announced on 29 April 2005 on Alitalia's website which also provides details of the net balance sheet regarding the transfer; the transfer takes effect on 1 May 2005.
Prenos je bil 29. aprila 2005 napovedan na spletišču Alitalie, tam je prikazana tudi bilanca vložka. Veljati je začel 1. maja 2005.
Last indent of point 35 of the decision to initiate the procedure.
Zadnja alinea točke 35 odločitve o začetku postopka.
Internal rate of return (IRR).
Notranja stopnja donosa ali IRR.
In the revised plan, this value is €[…]; see point 109.
V popravljenem načrtu ta vrednost znaša […] milijonov EUR; glej točko 109.
From […] to […] for short- and medium-haul aircraft; from […] to […] for long-haul aircraft.
Z […] na […] za kratke in srednje dolge lete; z […] na […] za dolge lete.
N.B.: For Fiumicino-Stockholm, Italy provides a feeder value of €[…] million above that indicated by Ernst & Young, making the route a positive one; this difference is justified (see the expert's conclusions) by the strong increase in connecting flights traffic during the winter season of 2004-05.
Opomba: Italija je za progo Fiumicino–Stockholm prikazala feeder value v višini […] milijonov EUR, ki je višji od tiste, ki jo je predstavil Ernst & Young, in zaradi katere bi bila proga pozitivna; to razliko (glej sklepne ugotovitve izvedenca v nadaljevanju) utemeljuje z močnim porastom prometa v naslednjih letih v zimski sezoni 2004–2005.
Italy cites the example of Austrian Airlines (OS) which opened its Vienna-Varna route in winter 2004 with a promotional fare of €299 in Austria, without an indication of the period of validity, as against €399 for its competitor Bulgarian; the date of validity was fixed only on 29 March 2005.
Italija navaja primer Austrian Airlines (OS), ki je pozimi 2004 odprl letalsko progo Dunaj–Varna s promocijsko ceno 299 EUR v Avstriji brez začetnega obdobja veljavnosti v primerjavi s 399 EUR, kolikor je za let zaračunavala konkurenčna družba Bulgarian; datum veljavnosti je bil določen šele 29. marca 2005.
Moreover, OS launched its Vienna-Turin route on 9 April 2005 at a fare of €249 compared with Alitalia's €299.
Poleg tega je OS 9. aprila 2005 odprl progo Dunaj–Torino po ceni 249 EUR v primerjavi s ceno 299 EUR pri družbi Alitalia.
OJ L 14, 22.1.1993 p. 1.
UL L 14, 22.1.1993, str. 1.
Regulation as last amended by Regulation (EC) No 793/2004 of the European Parliament and of the Council (OJ L 138, 30.4.2004, p. 50).
Uredba, kakor je bila nazadnje spremenjena z Uredbo Evropskega parlamenta in Sveta (ES) št. 793/2004 (UL L 138, 30.4.2004, str. 50).
See footnote 6.
Glej opombo 6.
Italy's comments have been included as far as necessary in the present text.
Te pripombe so bile vključene v to besedilo, kolikor je bilo potrebno.
Point 61 of the decision to initiate the procedure.
Točka 61 odločitve z dne 19.1.2005.
Points 49 and 65 of the decision to initiate the procedure.
Točki 49 in 65 odločitve z dne 19.1.2005.
Point 72 of the decision to initiate the procedure.
Točka 72 odločitve z dne 19.1.2005.
Earnings before interests, taxes, depreciation and amortisation.
Dobiček pred odbitkom obresti, davkov, amortizacije in najemnin.
See footnote 19.
Glej opombo 19.
Preference shares, provided for under Article 2348 of the Italian Civil Code, are a type of share which accords only limited voting rights in extraordinary general meetings and in meetings to decide on the distribution of annual dividends but gives the holder priority over holders of ordinary shares as regards reimbursement in the event of winding up, and as regards the distribution of dividends.
Prednostne delnice iz člena 2348 italijanskega civilnega zakonika so delnice, ki dajejo glasovalno pravico samo na izrednih skupščinah in pri razpravah o dodelitvi dobička od navadnih delnic. Vendar dajejo po drugi strani v primerjavi z navadnimi delnicami prednost pri povračilu v primeru stečaja in imajo kot tu prednost dividende.
The final value was calculated on the basis of the estimated financial flow for 2008 for the company in question; the value was updated applying a constant growth rate of 2 % p.a. — in line with the expected medium-term inflation rate — which is regarded as consistent with the possibilities of improvement of efficiency by Fintecna and of a cost of equity of 10,2 % p.a., judged to be in line with the market average.
Ta končna vrednost se je izračunala na podlagi predvidenega finančnega toka podjetja za leto 2008; diskontira se z 2-odstotno stopnjo stalne rasti na leto, ki ostaja v skladu s predvideno srednjeročno stopnjo inflacije in je ocenjena kot skladna z možnostmi izboljšanja učinkovitosti, ki ga dosega Fintecna, ter s ceno lastniškega kapitala v višini 10,2 % na leto, ki je ocenjena kot skladna s povprečjem na trgu.
These are firms operating in the maintenance field, like BBA Group plc, Goodrich Corp, Singapore Technologies Engineering, Hong Kong Aircraft Engineering; in groundhandling services, such as Fraport AG; and in information technology and shared services, such as Electronic Data Systems Corp, Computer Sciences Corp, Cap Gemini SA, Indras Sistemas SA, Atos Origin, TietoEnator OYJ.
Gre za družbe, ki delujejo na področju vzdrževanja, kot so BBA Group plc, Goodrich Corp, Singapore Technologies Engineering, Hong Kong Aircraft Engineering, oskrbovanja letal na letališču, kot je Fraport AG, informacijske tehnologije in skupnih storitev, kot so Electronic Data Systems Corp, Computer Sciences Corp, Cap Gemini SA, Indras Sistemas SA, Atos Origin, TietoEnator OYJ.
It should be noted that the final values, almost always higher than those calculated by Mediobanca, are not directly comparable because the model used by Citigroup includes growing increases in capital: thus, if the same IRR is to be obtained, the final value has to be higher.
Opomba: končne vrednosti, ki so skoraj vedno višje od vrednosti, ki jih je izračunala Mediobanca, niso neposredno primerljive, saj model, ki ga je uporabil Citigroup, vključuje vedno večja povečanja kapitala: tako je za dosego enakega IRR potrebna višja končna vrednost.
In relation to the estimated annual flow of €35,6 million, a standardised flow of €32,6 million in 2008, for example, would generate a final value for Fintecna of €329 million.
V primerjavi s predvidenim letnim tokom 35,6 milijona EUR bi normirani tok 32,6 milijona EUR leta 2008 na primer za Fintecna ustvaril končno vrednost v višini 329 milijonov EUR.