natgillin/translations-raw huggingface dataset:
The average staffing levels for the quarter (19075 members of staff) have fallen by 1617, two-thirds being ground staff, thus implementing the restructuring measures negotiated with the trade unions.
V tem četrtletju se je povprečno število zaposlenih, ki jih je bilo 19075, zmanjšalo za 1617, od tega je bilo 2/3 zaposlenih na zemlji, kar kaže na izvajanje ukrepov prestrukturiranja, o katerih se je družba dogovorila s sindikati.
More generally, the plan provides for an annual improvement of around €1 billion by 2008, including €200 million as a result of the load factor and some €770 million from other aspects of the plan; among the most significant improvements brought about by the latter are arise from savings on purchases, commercial expenses and staff expenses (€~ […] million per annum in each case).
Načrt na splošno predvideva, da se bodo poslovni izidi do leta 2008 letno izboljšali za približno milijardo EUR, od tega bi 200 milijonov EUR izhajalo iz stopnje zasedenosti in približno 770 milijonov EUR iz drugih ukrepov iz načrta, katerih glavni vzrok rasti bi bilo varčevanje pri nakupih, stroških poslovanja in odhodkih za osebje (~[…] milijonov EUR na leto za vsako posebej).
In terms of the outturn account, the data for 2004 and the following years are not comparable because of the spinning-off of AZ Servizi; nevertheless, after a small loss in 2005 in terms of pre-tax results and financial and exceptional factors (‘operating result’), a margin of […]% is expected for 2008.
Zaradi razdružitve AZ Servizi podatkov za leto 2004 in za prihodnja leta ni mogoče primerjati z vidika izkaza uspeha, vendar se po majhni izgubi v letu 2005 na ravni dobička pred obdavčitvijo ter izrednimi in finančnimi stroški za leto 2008 pričakuje […]-odstotni kosmati dobiček.
(In 2004, for the same sectors, the margin announced on 26 May 2005 represents a loss of 10,1 %).
(Gre omeniti, da je bil v letu 2004 za iste sektorje 26. maja 2005 objavljena 10,1-odstotna izguba).
The Commission would point out that, where a particularly qualified private investor is involved alongside the State, there is no call for the Commission to take a view as to the profitability of an operation.
Komisija opozarja, da ji ni treba izdati mnenja o dobičkonosnosti te transakcije, če sočasno z državo nastopi posebno usposobljen zasebni vlagatelj.
In the light of the undertaking given by the Italian authorities, it therefore concludes that the exercise by the shareholders of their preferential subscription right, together with the fact that the operation is underwritten by Deutsche Bank, is in accordance with banking practice in cases of recapitalisation in the Community, and can be treated as an operation by a private investor operating in a market economy, which moreover shows that the recapitalisation offers genuine market prospects.
Komisija torej z vidika obveznosti italijanskih organov ugotavlja, da je uveljavljanje predkupne pravice delničarjev z jamstvom Deutsche Bank za dobro izvedbo transakcije v skladu z bančno prakso pri dokapitalizacijah v Skupnosti, da jo je zato mogoče enačiti s transakcijo zasebnega vlagatelja v tržnem gospodarstvu in dokazuje, da dokapitalizacija ponuja resnične tržne možnosti.
Given all these conditions, the Commission has decided that the investment notified by the State of a maximum amount of around 46 % of €1,2 billion is tantamount to the conduct of an investor operating in a market economy and does not therefore constitute aid.
Glede na vse okoliščine Komisija ugotavlja, da naložba v višini največ 46 % oziroma 1,2 milijarde EUR, ki jo je država priglasila, ustreza ravnanju vlagatelja v tržnem gospodarstvu in zato ni državna pomoč.
The Commission must nevertheless lay down the conditions attached to this decision, that is to say first of all the signature of an unconditional formal commitment 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, following due diligence checks and an agreement on the price.
Vendar bo Komisija natančno določila pogoje te odločbe, in sicer najprej, da bodo Deutsche Bank in po potrebi druge finančne institucije podpisale uradno obvezo brez zadržkov za dobro izvedbo transakcije, razen običajnih pogojev, povezanih s primeri višje sile, vojnih in terorističnih dejanj ter drugih podobnih primerov, in to po različnih fazah preverjanja zaradi potrebne skrbnosti in sklenitvi sporazuma o ceni.
The State must also undertake to subscribe the shares on the basis of the same rights and under the same conditions, at the same price and at the same rate as priority investors, without prejudice to the implementation timetable proposed by Deutsche Bank and any other guarantor banks.
Kot pogoj bo vključila obveznost države, da 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 za Deutsche Bank in po potrebi druge garantne banke za prevzem jamstva za dobro izvedbo.
Moreover, 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 specific discount on the issue price.
Poleg tega 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 kakršen koli posebni rabat na emisijski tečaj.
Assessment of the recapitalisation of AZ Servizi
Ocena dokapitalizacije AZ Servizi
So far as concerns the participation envisaged by the State holding company Fintecna of €216 million between 2005 and 2007 in AZ Servizi, the Commission would observe, first of all, that Fintecna is governed by ordinary law and that the State does not provide any specific or general guarantees in respect of it.
Kar zadeva pridobitev deleža v družbi AZ Servizi v višini 216 milijonov EUR, ki jo javni holding Fintecna načrtuje med letoma 2005 in 2007, Komisija najprej vzame na znanje status holdinga Fintecna po občem pravu in odsotnost posebnih ali splošnih jamstev, ki bi jih država odobrila v njegovo korist.
The Commission also notes that Fintecna's liquid assets situation, which is favourable, as already noted in point 33 of the decision to initiate the procedure, is unconnected with any specific favourable treatment by the Treasury since, on the contrary, the loan of €788 million made by the former IRI to the State in 2000 and confirmed by Fintecna in 2003 still has to be paid back to that company in the next few months.
Komisija tudi ugotavlja, da ugodno stanje denarnih sredstev Fintecna, kot je bilo ugotovljeno že v točki 33 odločitve o začetku postopka, ni povezano s posebno in naklonjeno obravnavo s strani državne blagajne, ker nasprotno v prihodnjih mesecih mora biti družbi izplačano posojilo v višini 788 milijonov EUR, ki ga je nekdanji IRI dal državi leta 2000 in Fintecna potrdil leta 2003.
These operations are in fact presented transparently in Fintecna's annual accounts.
Ti odnosi so sicer pregledno predstavljeni v letnih finančnih izkazih holdinga Fintecna.
The Commission has reviewed the various reports presented by the parties involved in the operation, that is to say Mediobanca for Alitalia and Citigroup for Fintecna, and in particular its own experts, Ernst & Young.
Komisija je pregledala različna poročila, ki so jih predložile strani, udeležene v transakciji, in sicer poročilo banke Mediobanca za Alitalio in poročilo Citigroup za holding Fintecna ter zlasti poročilo lastnega izvedenca Ernst & Young.
It notes that it did not have any reason to doubt the methodology of the evaluation carried out by Mediobanca which, on the basis of the investment of €216 million by Fintecna in the manner envisaged, leads to a final value, excluding cash flow, of €355 million in 2008, which produces an IRR of 25,3 %.
Ugotavlja, da slednji ni ugotovil elementov, zaradi katerih bi dvomili o vrednotenju, ki ga je opravila Mediobanca in ki na podlagi naložbe v višini 216 milijonov EUR s strani Fintecna v predvidenih oblikah v letu 2008 prinaša končno vrednost 355 milijonov EUR brez denarnih sredstev in s 25,3-odstotnim IRR.
Calculated otherwise, the net present value (NPV) of the investment to be made by Fintecna between 2005 and 2007, taking into account the same final value for 2008, and brought in line with the capital cost, that is to say 10,2 %, would be positive to the tune of €81 million; the operation therefore to a large extent creates value for Fintecna.
Ob drugačnem izračunu bi bila sedanja neto vrednost (SNV) naložbe, ki jo bo med letoma 2005 in 2007 izvedel Fintecna, ob upoštevanju iste končne vrednosti v letu 2008 in diskontirana po ceni kapitala, to je 10,2 %, pozitivna v znesku 81 milijonov EUR, tako da transakcija ustvarja veliko vrednost za Fintecno.
Since such returns are highly dependent on use (€118 million of the €261 million capital brought in) of preferential shares held by Fintecna, the Commission observes, on the basis of the expert's findings, that recourse to this instrument would be subject to the limits set by Italian law.
Ker je ta dobičkonosnost močno povezana z uporabo delnic s prednostnimi dividendami za holding Fintecna v vrednosti 118 od vloženih 216 milijonov EUR, Komisija na podlagi sklepnih ugotovitev izvedenca ugotavlja, da bi se ta instrument uporabljal v mejah, ki jih določa italijanski zakon.
It would point out that the existence of a preferential right with regard to profitability offsets the limited voting rights at general meetings.
Komisija opaža, da obstoj prednostne pravice do dobičkonosnosti nadomešča omejene pravice do glasovanja na skupščinah.
Accordingly, with 69.7 % of the shares, Fintecna will have only 51 % of the ordinary voting rights.
Fintecna bo imel tako samo 51 % navadnih glasovalnih pravic kljub 69,7-odstotnemu lastništvu delnic.
The Commission also notes the information provided both by the expert with regard to private Italian groups and by Italy in the case of other European companies to show that the use of shares of this type is widespread, including for significant parts of the capital of these companies, and does not give rise to any specific objections.
Komisija se je seznanila tudi s podatki o italijanskih zasebnih združenjih, ki jih je sporočil izvedenec, in o drugih evropskih družbah, ki jih je sporočila Italija, ki naj bi dokazali, da je uporaba tovrstnih delnic zelo razširjena, in to tudi za velike deleže kapitala teh družb, in je ni treba posebej komentirati.
Lastly, the Commission observes that only one investor, the State holding company Fintecna, will participate in AZ Servizi's capital increase so that the question of concomitance does not arise.
Komisija nazadnje ugotavlja, da je zdaj za udeležbo pri povečanju kapitala AZ Servizi predviden samo en vlagatelj, v tem primeru javni holding Fintecna, in da zato ni treba opraviti ocene sočasnosti.
The Commission also notes that the expert has compared the method and the results of the current valuations conducted by Mediobanca and Citigroup.
Komisija tudi ugotavlja, da je izvedenec primerjal metodo in izide konkurenčnih vrednotenj, ki sta jih opravila Mediobanca in Citigroup.
These two bodies have used different approaches: Mediobanca has followed a global approach based on the capitalisation of the 2008 cash flow while Citigroup has approached valuation by sector of activity and the market multiples of EBITDA 2008, applying reducing coefficients where necessary; this also makes it possible to have a complementary validation of the value of the undertaking.
Ti dve ustanovi sta imeli različna pristopa: metoda banke Mediobanca je bila globalna in je temeljila na kapitalizaciji denarnih tokov v letu 2008, medtem ko je Citigroup vrednotenje opravil glede na dejavnosti in s tržnimi večkratniki EBITDA za leto 2008 in morebitno uporabo koeficienotev zmanjšanja; to omogoča tudi dodatno potrditev vrednosti podjetja.
The potential result normally expected by Citigroup, the investor's advisor, using this method has proved to be higher than that anticipated by Alitalia's Board used for this study [66].
Morebitni izid, ki ga je v skladu s to metodo normalno pričakoval svetovalec vlagatelja Citigroup, je višji od izida, ki ga je napovedal svetovalec, ki ga je Alitalia uporabila za pripravo te študije [66].
In its own verification of the valuation which, on the basis of the methods generally used in this connection, combines the activity-based approach and Citigroup's EBITDA multiples and an asset evaluation on the basis of fixed assets only for maintenance, the expert arrives, for the investment value notified, at a minimum value of 28,2 % above that calculated by Mediobanca.
Izvedenec je pri lastnem preverjanju vrednotenja na podlagi splošno rabljenih metod na tem področju mešal pristop po dejavnostih in po večkratnikih EBITDA, ki ga je uporabil Citigroup, ter vrednotenje premoženja samo na podlagi stalnih sredstev za vzdrževanje ter za priglašeno vrednost naložbe izračunal minimalno vrednost v višini 28,2 %, ki je še vedno višja od vrednosti, ki jo je izračunala Mediobanca.
The expert also carried out a sensitivity analysis which shows that the key factor is the capital cost, regarded as correct in the cases considered.
Izvedenec je poleg tega opravil analizo občutljivosti, ki kaže, da je ključni element cena kapitala, ki jo je pregledanih domnevah ocenil kot pravilno.
The Commission found that the abovementioned 10,2 % capital cost corresponds to a beta levered of 0,88 %, which is comparable to that of the reference quoted companies.
Komisija je ugotovila, da zgoraj podrobno razložena cena kapitala v višini 10,2 % ustreza beta levered 0,88, ki je primerljiv z beta levered referenčnih družb, ki kotirajo na borzi.
AZ Servizi's debt, forecast at only 16 % of its financial needs, the balance being covered by its own funds, is on the low side; the Commission therefore wished to verify the impact of a beta of 1, which corresponds to that of the reference companies themselves, without reduction to take account of AZ Servizi's low level of indebtness; the capital cost would then be 10,75 % and the NPV for Fintecna still clearly positive at €52 million.
Zadolženost AZ Servizi, načrtovana za samo 16 % njenih finančnih potreb, je nizka, ker je lastniški kapital pokrival saldo, zato je Komisija želela preveriti tudi učinek beta koeficienta 1, ki ustreza koeficientu istih referenčnih družb in ki ne izhaja iz nizke zadolženosti AZ Servizi. Cena kapitala bi torej znašala 10,75 % in sedanja neto vrednost tokov (SNV) za holding Fintecna bi bila še vedno pozitivna, in sicer + 52 milijonov EUR.
If the higher beta applied to comparable companies, that is to say 1,32, is taken, without reducing it to take account of AZ Servizi's low debt, the capital cost would be 12,2 % and the final value for Fintecna, discounted to the capital cost itself, would still generate an increase in NPV of €19 million for Fintecna.
Če se upošteva najvišjo raven beta koeficienta primerljivih družb oziroma 1,32, ki se kljub nizki zadolženosti AZ Servizi še vedno ne zmanjšuje, bi cena kapitala znašala 12,2 % in končna vrednost za holding Fintecna, diskontirana na to isto ceno kapitala, bi še vedno povzročila povečanje vrednosti v SNV za 19 milijonov EUR za Fintecno.
Finally, on the most rigorous assumption, the capital cost would need to be 13,27 % to achieve the equilibrium NPV (stress test), that is to say the point where the forecast outgoing and incoming payments cancel each other out, or in other words the limit of profitability of the investment.
Nazadnje bi bilo treba v primeru najstrožje domneve uporabiti ceno kapitala v višini 13,27 %, da bi dobili NPV ravnotežja (stress test), se pravi ceno, ko se predvidena plačila in prejemki izničijo, oziroma z drugimi besedami mejo dobičkonosnosti naložbe.
This cost corresponds to an equity beta of 1,56 and a beta levered of 1,73 used for such valuations taking account of AZ Servizi's low rate of debt.
Ta cena ustreza beta koeficientu 1,56 in celo beta levered1,73, ki se uporablja za takšna vrednotenja in ob upoštevanju nizke stopnje zadolženosti AZ Servizi.
This beta is well above those of all the competitors in the analysis carried out by the Commission's expert.
Takšen koeficient je veliko višji od vseh koeficientov pri konkurenčnih družbah, ki jih je v analizi prikazal izvedenec Komisije.
It therefore considers that the threshold at which Fintecna's investment would become unprofitable is at a level such that it renders this risk highly improbable.
Komisija torej meni, da je prag, pri katerem bi naložba holdinga Fintecna postala nedonosna, takšen, da je to tveganje zelo malo verjetno.
The Commission notes, with regard to the matters still to be negotiated between Alitalia and Fintecna in respect of which it specifically asked its expert to carry out an impact assessment, that the coverage of any additional costs of the restructuring of AZ Servizi by AZ Fly, and the possibility of a premium for AZ Fly if the plan is fully successful with regard to AZ Servizi, are properly taken into account for the purposes of the valuation and are not such as to generate a reduction in IRR for Fintecna.
Kar zadeva domneve, o katerih se morata Alitalia in Fintecna še dogovoriti in za katere je od izvedenca posebej zahtevala, da preveri njihov učinek, Komisija ugotavlja, da sta prevzem morebitnih presežnih stroškov prestrukturiranja AZ Servizi s strani AZ Fly in upoštevanje morebitne premije za AZ Fly v primeru v celoti uspele izvedbe načrta v AZ Servizi pravilno razumljena s stališča vrednotenja in ne znižujeta IRR za Fintecno.
The same applies to the possible payment of added value generated by the transfers by AZ Servizi to AZ Fly, provided that this only concerns added value which would not reduce the return on Fintecna's investment in AZ Servizi, excluding liquid assets, to below an internal rate of return (IRR) of 25 %.
Isto velja za morebitni primer, če bi AZ Servizi kapitalski dobiček od prenosa prenesel nazaj na AZ Fly, kolikor se ta prenos nanaša samo na ustvarjanje kapitalskega dobička, zaradi katerega se dobičkonosnost naložbe Fintecna v AZ Servizi brez denarnih sredstev ne bi zmanjšala pod 25-odstotno notranjo stopnjo donosa ali IRR.
In this connection, the Commission takes note of the distribution that has now been agreed between the parties whereby a return for Fintecna in excess of the 25 % IRR envisaged in the business plan would be transferred to the extent of […]% of the part exceeding this figure.
Komisija je v zvezi s tem seznanjena z razdelitvijo, o kateri sta se strani dogovorili in v skladu s katero se bo na Alitalii prenesel del donosa holdinga Fintecna nad 25-odstotno notranjo stopnjo donosa (IRR) iz poslovnega načrta v višini […] % presežka.
The Commission considers that, since this distribution only concerns the part of the return exceeding the target which is the subject of this decision, it will not affect its analysis.
Komisija meni, da ta razdelitev, ki zadeva samo delež donosa, ki presega cilj te odločbe, ni takšna, da bi vplivala na njeno analizo.
It considers that, in its capacity as a risk capital investor, Fintecna's objective of making a profit therefore falls within a well established range:
Meni, da cilj dobičkonosnosti holdinga Fintecna kot vlagatelja tveganega kapitala tako sodi v dobro določen koridor dobičkonosnosti:
where the return for 2008 turns out to be lower than expected, the presence of preference dividend shares gives Fintecna a guaranteed minimum return; thus, the first €15,5 million of the net annual result will be assigned to it;
če bi se izkazalo, da je dobičkonosnost v letu 2008 nižja od predvidene, delnice s prednostno dividendo holdingu Fintecna zagotavljajo minimalno dobičkonosnost; v takem primeru bi mu pripisali prvih 15,5 milijona EUR neto izida na leto;
if, on the contrary, this return is very high, with an IRR in excess of 25 %, it will in any event exceed the target which Fintecna has set itself as investor and the partial redistribution is unlikely to reduce its return to below that figure.
če je ta dobičkonosnost nasprotno zelo visoka, z IRR nad 25 %, v vsakem primeru presega cilj, ki ga je določil Fintecna kot vlagatelj, in delna prerazporeditev ne more zmanjšati njegove dobičkonosnosti pod ta znesek.
Fintecna's conduct is in this case indeed that of an informed risk capital investor seeking to limit its risk and having a precise profitability target informing its investment decision.
Fintecna tu torej ravna kot previden vlagatelj v tvegani kapital, ki si prizadeva omejiti tveganje in ima natančen cilj dobičkonosnosti, ki utemeljuje njegovo odločitev o naložbi.
At the request of the Commission, the expert also checked whether the future contractual relations between AZ Fly, as client, and AZ Servizi, as supplier, affect the future valuation of the latter.
Izvedenec je na zahtevo služb Komisije tudi preveril, ali prihodnji pogodbeni odnosi med AZ Fly kot stranko in AZ Servizi kot dobaviteljem ne vplivajo na prihodnje vrednotenje AZ Servizi.
The Commission would refer to the extensive description of the analyses that it has carried out which conclude that, on the basis of the verifications carried out, there is no reason to doubt that such relationships will henceforth be based on market prices.
Komisija se sklicuje na dolg opis analiz, ki jih je opravil in v katerih na podlagi opravljenih preverjanj sklepa, da ne obstaja razlog za dvom o tem, ali bodo prihodnji odnosi temeljili na tržni ceni.
However, the Commission wishes to clarify its analysis in respect of the findings of its expert on a number of points: the market references used in the plan to estimate the invoicing of maintenance and groundhandling activities have been corrected by a discount limited to […]% instead of […]% for the former, and an additional margin of […]% for the latter.
Komisija želi vseeno pojasniti svojo analizo v zvezi z ugotovitvami izvedenca glede nekaterih točkah: tržne reference, ki so se v načrtu uporabile za oceno fakturiranja dejavnosti vzdrževanja in oskrbovanja letal na letališču, so bile za prvo dejavnost dejansko popravljene z rabatom, omejenim na […] % namesto na […] %, ter z […]-odstotnim dodatnim dobičkom za drugo.
In certain cases, these corrections are attributable to special circumstances, such as the absence of a long-term volume commitment.
V nekaterih primerih se ti popravki pojasnjujejo s posebnimi razmerami, na primer z odsotnostjo obveznosti o obsegu sredstev, ki jih je treba dolgoročno porabiti.
However, given the close link which exists and will continue to exist between the two undertakings, this explanation might not be sufficient.
Vendar to pojasnilo lahko ne bo zadostovalo zaradi tesne povezave, ki obstaja in bo obstajala med podjetjema.
For 2008 these differences in margin generate a gain, in terms of EBITDA, of […] and […] € million, that is a total of some €[…] million, which amounts to a significant gain for AZ Servizi.
Te razlike v dobičku namreč do leta 2008 ustvarjajo velik dohodek, ki na ravni EBITDA znaša […] in […] milijonov EUR oziroma skupaj približno […] milijonov EUR za AZ Servizi.
However, the Commission also notes the findings of the expert and Italy in this connection that this additional margin is cancelled out, de facto, and is even negative in terms of owing to AZ Servizi's results owing to the provision relating to the premium to be paid to AZ Fly if the plan's objectives are achieved in full.
Vendar Komisija sprejme na znanje tudi ugotovitve izvedenca in Italije o tem vprašanju, ki poudarjajo, da je ta dodatni dobiček v poslovnih izidih AZ Servizi dejansko izničen in je že negativen zaradi rezervacije za premije, ki se jih nakaže AZ Fly v primeru uresničitve ciljev načrta.
This provision amounts to €[…] million of which €[…] million is chargeable in 2008, the year used for the valuation.
Ta rezervacija znaša skupaj […] milijonov EUR, od tega bo […] milijonov EUR mogoče šteti za leto 2008, tj. leto za vrednotenje.