natgillin/translations-raw huggingface dataset:
The study by Associés en Finance (October 1999), which had been commissioned by BdB, arrived on the basis of the Securities Market Line Model at a minimum return of 10 %-11 % for an investment akin to a share capital investment in WestLB at the relevant time.
Mnenje Associés en Finance (oktober 1999) izdelano po naročilu WestLB, je na podlagi tako imenovane metode Securities Market Line Model določilo najmanjše nadomestilo od 10 do 11 % za naložbo, ki je podobna osnovnemu kapitalu, v WestLB v zadevnem času prenosa.
BdB study of 14 January 1999: In line with the financing approach, BdB determined, using the compound annual growth rate and the data pool of Ernst&Young, the geometric mean values of the capital costs of the four leading German commercial banks (Deutsche Bank, Dresdner Bank, Commerzbank and Bayerische Vereinsbank) for all conceivable investment periods between 1982 and 1992.
Mnenje BdB z dne 14. januarja 1999: BdB je v skladu s pristopom financiranja s sestavljeno letno rastjo „Compound Annual Growth Rate“ in bazo podatkov Ersnt&Young za vsa možna investicijska obdobja med 1982 in 1992 izračunal geometrijske srednje vrednosti stroškov lastnega kapitala za štiri velike nemške poslovne banke Deutsche Bank, Dresdner Bank, Commerzbank in Bayerische Vereinsbank.
The average capital costs of these banks (12,54 %) correspond to the investor's expected return.
Povprečni stroški lastnega kapitala teh primerljivih bank 12,54 % ustrezajo pričakovanemu donosu vlagatelja.
Lehman Brothers study of 8 July 1997 commissioned by WestLB, expert opinion of Professor Schulte-Mattler of 14 January 1999 commissioned by BdB, and First Consulting study of 18 June 1999 carried out on behalf of the Commission: These consultants, who all apply the CAPM, first determined a general market-risk premium for the German share market at the end of 1991.
Izvedensko mnenje podjetja Lehman Brothers z dne 8. julija 1997 po naročilu WestLB, mnenje profesorja Schulte-Mattlerja z dne 14. januarja 1999 po naročilu BdB, mnenje podjetja First Consulting z dne 18. junija 1999 po naročilu Komisije: Ti izvedenci, ki vsi uporabljajo metodo CAPM, so najprej izračunali splošno tržno premijo tveganja za nemški delniški trg v času ob koncu leta 1991.
They arrived on average at a premium of 4 %-5 % (Lehman Brothers 4 %, Professor Schulte-Mattler 5 % and First Consulting 4 %-5 %).
V povprečju so prišli do premije 4-5 % (Lehman Brothers 4 %, profesor Schulte-Mattler 5 % in First Consulting 4-5 %).
For this reason, the consultants assumed that WestLB's beta value was the same as that for comparable listed banks.
S to vrednostjo je bila splošna tržna premija tveganja prilagojena WestLB.
Professor Schulte-Mattler determined, using Deutsche Bundesbank data, a beta factor for commercial banks in Germany at the end of 1991 of 1,25 (on the basis of annual data) and of 1,1 (on the basis of monthly data).
Ker WestLB ob koncu leta 1991 ni bila delniška družba, ki bi kotirala na borzi, se njena beta vrednost ni mogla statistično oceniti. Zato so izvedenci domnevali, da je beta vrednost WestLB enako velika kot beta vrednost primerljivih bank, ki kotirajo na borzi. Profesor Schulte-Mattler je z uporabo podatkov nemške zvezne banke Deutsche Bundesbank določil beta faktor za kreditne institucije v Nemčiji ob koncu leta 1991 v višini 1,25 (na osnovi letnih podatkov) in 1,1 (na osnovi mesečnih podatkov).
By contrast, the consultant commissioned by WestLB, Lehman Brothers, took as a basis the betas not of all German credit institutions but of IKB Deutsche Industriebank and BHF-Bank, which was 0,765.
Nasprotno pa izvedenec WestLB, podjetje Lehman Brothers, ni uporabilo beta vrednosti vseh nemških kreditnih institucij, temveč samo nemške industrijske banke IKB Deutsche Industriebank in banke BHF, ki znaša 0,765.
Lehman Brothers thus arrived at altogether lower risk premium for WestLB.
Podjetje Lehman Brothers je tako prišlo do splošno nižje premije tveganja za WestLB.
The complainant too accepted in the understanding submitted on 13 October 2004 a beta value of 0,76 as still appropriate and thus arrived at a minimum remuneration of 10,19 %, which differed from the figure given in its statement of 14 January 1999.
Tudi pritožnik BdB je v dogovoru, predloženem dne 13. oktobra 2004, sprejel beta faktor 0,76 kot še primernega in tako, drugače kot v svojem mnenju z dne 14, januarja 1999, pristal na minimalni donos 10,19 %.
The following table summarises the findings of these studies.
V naslednjem grafu so povzeti rezultati teh izvedenskih mnenj.
If the methods mentioned above for deriving the expected return on a risky investment are applied, the following minimum returns on an investment in the share capital of WestLB are obtained:
Z uporabo navedenih metod za izračun pričakovanega donosa tvegane naložbe tako dobimo naslednje vrednosti minimalnega donosa za naložbo v osnovni kapital WestLB:
The studies and opinions submitted come to the conclusion that a minimum return for a (hypothetical) investment in the share capital of WestLB at the relevant time ranges from 10 % to 13 %.
Vsa predložena izvedenska mnenja so prišla do zaključka, da leži minimalni donos za (hipotetično) naložbo v osnovni kapital WestLB v zadevnem času prenosa med 10 % in 13 %.
Only two studies arrive at a much higher figure.
Zgolj dve izvedenski mnenji izhajata iz občutno višjega minimalnega donosa.
In the discussions between the complainant BdB, the Land of North Rhine-Westphalia and WestLB in July 2004, the parties agreed on a rate of 10,19 % as the appropriate remuneration.
V pogovorih med pritožnikom BdB, deželo Severno Porenje-Vestfalija in WestLB AG julija 2004, je bila kot primerno nadomestilo navedena stopnja 10,19 %.
This figure falls within the market range just identified.
Ta vrednost se nahaja v pravkar določenem tržnem razponu.
Deviating from its first WestLB decision in 1999, which set a minimum of 12 %, the Commission has therefore decided to use the rate of 10,19 % per annum as the appropriate market remuneration for an investment in the share capital of WestLB at 31 December 1991.
Komisija se je tako, z odstopanjem od svoje prvotne Odločbe glede WestLB iz leta 1999, v kateri je uporabila najmanjše nadomestilo 12 % letno, odločila za s strani strank predlagano vrednost 10,19 % letno kot običajno tržno nadomestilo za naložbo v WestLB, ki je podobna osnovnemu kapitalu.
As a result, the Commission determines a rate of 10,19 % per annum (after corporation tax and before investor tax) as the appropriate minimum remuneration for the transfer of Wfa's capital.
Zato je Komisija kot primerno najmanjše nadomestilo za prenos sredstev Wfa določila vrednost 10,19 % letno (po obdavčitvi dobička in pred obdavčitvijo naložbe).
Return discount on account of lack of liquidity
Zmanjšanje donosa zaradi manjkajoče likvidnosti
During the proceedings, WestLB first claimed that its refinancing costs on the basis of its financial structure at the time of the transfer were 9,2 %.
WestLB je v postopku najprej navedla, da naj bi njeni stroški refinanciranja v času prenosa sredstev zaradi njene finančne strukture znašali 9,2 %.
Subsequently, refinancing rates of 7,0 % and 7,5 % were suggested in several documents and at several meetings by WestLB and Germany.
V teku postopka so bile v številnih spisih in pogovorih s strani WestLB in Nemčije navedene stopnje refinanciranja 7,0 % in 7,5 %.
In the understanding, the parties agreed, on the basis of the long-term risk-free basic interest rate at 31 December 1991 determined by them, to use a rate of 7,15 %.
V dogovoru so stranke v skladu z dolgoročno netvegano temeljno obrestno mero, ki so jo same določile, za čas 31. december 1994 uporabile stopnjo 7,15 %.
They also agreed to apply an overall tax rate of 50 %.
Poleg tega so se stranke dogovorile o pavšalni davčni stopnji 50 %.
Accordingly, the parties arrived at a net refinancing rate of 3,57 % for the part of Wfa's capital available to underpin commercial business, resulting in a liquidity discount.
V skladu s tem so stranke prišle do neto obrestne mere refinanciranja 3,75 % za kapital Wfa, ki je na razpolago za kritje konkurenčnih dejavnosti in s tem do ustreznega odbitka zaradi manjkajoče likvidnosti.
Since the figures mentioned are still within the range indicated by Germany, the Commission does not see any grounds for not regarding them as appropriate and therefore bases its calculation of the aid element on them.
Na podlagi dejstva, da navedeni zneski sovpadajo z okvirom, ki ga je Nemčija že navedla poprej, Komisija nima razloga, da teh zneskov ne bi upoštevala kot upravičenih in jih uporabila pri določitvi elementov pomoči.
Although the Commission had, in its first WestLB decision, accepted as the minimum gross refinancing costs the long-term, risk-free interest rate for 10-year Federal Government bonds, which stood at 8,26 % at the end of 1991, this rate is a balance-sheet date that ignores the fact that Wfa's assets were to be at the disposal of WestLB on a long-term basis.
Komisija je sicer v svoji prvotni Odločbi glede WestLB dolgoročno netvegano stopnjo za nemške desetletne obveznosti, ki je ob konec leta 1991 znašala 8,26 %, sprejela kot najmanjše bruto stroške refinanciranja. Vendar pa gre pri tej obrestni meri za način obravnavanja, ki ne upošteva, da so bila sredstva Wfa WestLB na razpolago na dolgi rok.
In their discussions about the long-term, risk-free basic interest rate, the parties thus abandoned the use of a risk-free return observable on the market at the time of the investment in favour of a fixed investment period, the reasoning being that such an approach would take no account of the reinvestment risk, i.e. the risk of not being able to invest at the same risk-free interest rate after the investment period had expired.
V okviru njihovih razprav o dolgoročni netvegani temeljni obrestni meri stranke torej za fiksno investicijsko obdobje niso uporabile netveganega donosa, ki smo ga na trgu lahko opazovali v času prenosa, ker takšno opazovanje ne bi upoštevalo tveganja reinvestiranja, t.j. tveganje po koncu investicijskega obdobja, da kapitala ni mogoče ponovno investirati na ravni netvegane obrestne mere.
The parties consider that the investment risk is best taken into account using a total return index.
Po mnenju strank se naložbeno tveganje najbolje upošteva z uporabo indeksa skupnega donosa „Total Return Index“.
They have therefore used the REX10 Performance Index of Deutsche Börse AG, which shows the performance of an investment in 10-year Federal Government bonds.
Zato so stranke uporabile indeks uspešnosti REX10 Performance Index nemške borze (Deutsche Börse AG), ki kaže uspešnost naložbe v obveznice Zvezne republike Nemčije za dobo natanko desetih let.
The index series used contains the year-end value of the REX 10 Performance Index as of 1970.
V tem primeru uporabljena indeksna vrsta vsebuje vsakokratne letne končne vrednosti indeksa uspešnosti REX10 od leta 1970.
The parties have then determined the per annum return reflecting the trend as it is depicted in the period 1970-91 and, in this way, arrived at the aforementioned risk-free basic interest rates of 7,15 % (31 December 1991).
Stranke so nato določile letne donose, ki odražajo trend, prikazan v uporabljenem indeksu REX10 v obdobju med 1970 in 1991, ter tako prišli do zgoraj navedene netvegane temeljne obrestne mere 7,15 % (31. december 1991).
Since the investment in WestLB was indeed to be made available on a permanent basis, it seems fitting in this special case to apply this method of determining the risk-free basic interest rates.
Ob upoštevanju, da je bila vloga WestLB dana na razpolago na trajni osnovi, se zdi v tem posebnem primeru takšno postopanje za določitev netveganih temeljnih obrestnih mer primerno.
In addition, the REX 10 Performance Index used is a generally recognised data source.
Tudi uporabljen indeks REX10 velja za splošno priznan vir podatkov.
The risk-free basic interest rates determined thus seem appropriate.
Določene netvegane temeljne obrestne mere se zato v tem primeru zdijo primerne.
The Commission has therefore decided in this case to take as a basis the long-term, risk-free interest rate of 7,15 % at 31 December 1991 determined by the parties as the minimum gross refinancing costs.
Tudi zato se je Komisija v zadevnem primeru odločila, da uporabi kot najmanjše bruto stroške refinanciranja uporabi s strani strank določeno dolgoročno netvegano obrestno mero 7,15 % z dne 31. decembra 1991.
Assuming an overall tax rate of 50 % at the time of the investment, it arrives at a net refinancing rate and thus at a liquidity discount of 3,75 % per annum for Wfa's capital that was available for underpinning commercial business.
Pri pavšalni davčni stopnji 50 % v takratnem času prenosa, pride tako tudi Komisija do neto obrestne mere refinanciranja in odbitku zaradi manjkajoče likvidnosti 3,75 % letno za kapital Wfa, ki je na razpolago za kritje konkurenčnih dejavnosti.
Return premium on account of the particularities of Wfa's transfer
Povečanje donosa zaradi posebnosti prenosa Wfa
In practice, when remuneration is determined, atypical circumstances which depart from a normal investment in the share capital of the company concerned generally give rise to discounts or premiums.
V praksi se pri določitvi nadomestila atipične okoliščine, ki predstavljajo odstopanje od običajne naložbe v osnovni kapital v zadevno podjetje, na splošno upoštevajo z ustreznimi pribitki in odbitki.
It must therefore be examined whether the particularities, and especially the specific risk profile of the transfer of Wfa's capital, constitute grounds for adjusting the minimum remuneration of 10,19 % — determined above — which a private investor would expect for a (hypothetical) investment in the capital of WestLB and whether the Commission can produce a methodically robust quantification of that adjustment.
Zato je treba preveriti, ali skladno s posebnostmi, zlasti konkretnim profilom tveganja prenosa Wfa, obstajajo razlogi za prilagoditev pravkar določenega najmanjšega nadomestila 10,19 %, ki bi ga zasebni vlagatelj pričakoval za (hipotetično) naložbo v osnovni kapital WestLB, in ali bi Komisija lahko izvedla metodično dovolj robustno količinsko opredelitev.
In this connection, three aspects should be considered: 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 non-marketability of the assets.
V zvezi s tem je treba preveriti tri vidike: prvič, neizdaja novih delnic podjetja in s tem povezanih glasovalnih pravic, drugič, izreden obseg prenesenih sredstev in tretjič, nezadostna tržnost vloge.
The Land did not obtain any additional voting rights through the transfer.
Dežela s prenosom ni pridobila dodatnih glasovalnih pravic.
By forgoing voting rights, an investor renounces a say in decisions taken by the bank's board.
Z odpovedjo glasovalnim pravicam se vlagatelj odpove možnosti vpliva na odločitve in poslovanje banke.
If the Land's voting rights had been increased, it would have possessed more than 70 % of those rights, moving from being a minority (with 42 % of shares) to a majority shareholder.
Če bi se povečale glasovalne pravice dežele, bi slednja posedovala več kot 70 % glasovalnih pravic. To pomeni, da bi dežela iz manjšinskega lastnika (z 42-odstotnim lastniškim deležem) postala večinski lastnik.
To compensate for this acceptance of a higher risk of loss without a corresponding increase in influence over the company, a market-economy investor would demand a higher remuneration (even if the potential risk were cushioned by internal agreements with the other shareholders).
Vlagatelj v tržnem gospodarstvu bi v zameno za prevzem večjega tveganja izgube brez ustreznega povečanja vpliva na podjetje (tudi pri zmanjšanju tveganja z internimi dogovori z ostalimi delničarji) zahteval višje nadomestilo.
On the basis of the higher remuneration for preference shares compared with ordinary shares and in agreement with the complainant BdB, the Land of North Rhine-Westphalia and WestLB, which, after their discussions in July 2004, consider a rate of 0,3 % per annum (after tax) as appropriate remuneration, the Commission considers a premium of at least 0,3 % per annum (after corporation tax) to be appropriate.
Na osnovi višjega nadomestila za prednostne delnice v primerjavi z navadnimi delnicami in v soglasju s pritožnikom BdB, deželo Severno Porenje-Vestfalija in WestLB AG, ki so kot rezultat njihovih pogovorov julija 2004 v ta namen kot primerno določili stopnjo 0,3 % letno (po obdavčitvi), Komisija zato meni, da je pribitek 0,3 % letno (po obdavčitvi dobička) upravičen.
The size of the amount transferred and its effect on WestLB from the point of view of the Solvency Directive have already been mentioned.
Obseg prenesenih sredstev in njegov vpliv na WestLB z vidika Direktive o solventnosti, je že bil omenjen zgoraj.
Through the transfer of Wfa's capital, WestLB's core capital doubled without any acquisition or administration costs.
S prenosom Wfa se je temeljni kapital WestLB podvojil, in sicer brez stroškov pridobivanja in upravnih stroškov.
In the present case, however, the large volume of Wfa's capital was viewed as an indication — albeit not sufficient on its own — that the transfer was akin to an injection of share capital.
V zadevnem primeru pa velik obseg sredstev Wfa po mnenju Komisije lahko ovrednotimo kot – čeprav sam po sebi nezadosten – indic za podobnost transakcije osnovnemu kapitalu.
To that extent, applying a top-up (premium) in respect of the volume of Wfa's transfer would inadmissibly allow for this aspect twice over.
V tem smislu bi vnovično upoštevanje obsega prenosa Wfa v okviru pribitka ta vidik vrednotilo „dvojno“, kar pa ni dopustno.
Thus, in the present case and departing from its position as expressed in the first WestLB decision, the Commission rejects the idea of a premium for the volume of Wfa's capital.
Komisija se zato v zadevnem primeru z vidika obsega, in ob odstopanju od svoje prvotne Odločbe glede WestLB, vzdržuje pribitka.
Lastly, attention must be drawn to the non-marketability of the assets, i.e. the impossibility of withdrawing the invested capital at any time from the company.
Nazadnje je treba opozoriti na nezadostno tržnost vloge, t.j. nemožnost, da bi se vložen kapital kadar koli dvignil iz podjetja.
Normally, an investor can sell an equity instrument on the market to third parties, thereby terminating his investment.
Običajno lahko vlagatelj instrument lastnega kapitala na trgu proda tretjemu in s tem konča svojo naložbo.
To be more precise, a normal transfer of capital takes place as follows: The investor brings in assets (either in cash or in kind) which are entered on the assets side of the balance sheet.
Običajen prenos v osnovni kapital poteka kakor sledi: Vlagatelj vloži sredstva (bodisi v denarju ali v naravi), ki se v bilanci stanja izkazujejo na strani sredstev.
As a rule, these are matched on the liabilities side by a tradable interest registered in the name of the investor and taking the form, in the case of a limited company for example, of shares.
Temu praviloma na strani obveznosti ustreza tržni delež v korist vlagatelja, npr. pri delniških družbah so to delnice. Te delnice lahko proda tretjemu.
The investor can sell these shares to a third party.
Sicer pa s tem ne more ponovno prenesti svoje prvotno vložene vrednosti sredstev.
He cannot withdraw the assets he originally brought in as these now form part of the net worth of the company and are no longer at his disposal.
Saj slednja sedaj sestavlja del rizičnega lastnega kapitala družbe in njemu ni več na razpolago.
Because of the special circumstances surrounding the transfer of Wfa's assets, this option was not available to the Land.
Zaradi posebnih okoliščin prenosa Wfa dežela te možnosti nima.
Nevertheless, departing from the first WestLB decision, the Commission does not see any grounds for a further top-up.
Kljub temu in v nasprotju z njeno prvotno Odločbo glede WestLB, Komisija v tem primeru ne vidi nobenega razloga za dodatni pribitek.
Although the Land did not have the possibility of trading the assets freely and receiving the economic countervalue, it always had the possibility, at least in principle, of withdrawing Wfa's capital from WestLB by law and reinvesting in other institutions offering higher returns.
Kajti dežela sicer ni imela možnosti realizirati gospodarske protivrednosti s prosto tržnostjo naložbe, vendar pa je vsaj načeloma obstajala možnost, da se sredstva Wfa z zakonom izvzamejo iz WestLB in s tem po potrebi z vnovično naložbo v druge institucije dosežejo višji donosi.
Overall, the Commission considers a premium of at least 0,3 % per annum (after tax) to be appropriate for forgoing additional voting rights.
Na splošno Komisija meni, da je povečanje donosa za pribitek najmanj 0,3 % letno (po obdavčitvi) primerno za odpoved dodatnim glasovalnim pravicam.
No reduction in the remuneration on 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 by share price increases).
Pri delnicah je nadomestilo odvisno neposredno od rezultatov podjetja in se izraža predvsem v obliki dividend in udeležbi pri povečanju vrednosti podjetja (npr. izraženo s povečanjem tečaja delnic).
The Land receives a fixed remuneration the level of which should reflect these two aspects of remuneration for ‘normal’ equity injections.
Dežela prejme pavšalno nadomestilo, katerega višina bi morala odražati ta dva vidika nadomestila za „običajni“ kapitalski vložek.
It could be argued that the fact that the Land receives a fixed remuneration instead of one directly linked to WestLB's performance constitutes an advantage which justifies a reduction in the rate of the remuneration.
Lahko bi trdili, da fiksno nadomestilo, ki ga dežela prejme namesto neposrednega povračila, povezanega z rezultati WestLB, 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.
Ali je takšno fiksno nadomestilo dejansko ugodnejše od spremenljive, na dobiček vezane stopnje, je odvisno od rezultatov podjetja v prihodnosti.
If the performance deteriorates, a fixed rate benefits the investor but, if it improves, it places him at a disadvantage.
Če se slednji poslabšajo, je pavšalna stopnja vlagatelju v korist, če pa se izboljšajo, je on postavljen v slabši položaj.
However, actual developments cannot subsequently be used to assess the investment decision.
Vendar pa dejanski razvoj dogodkov ne more biti naknadno uporabljen za odločitev o naložbi.
It should also be borne in mind that, in the event of losses, no remuneration is paid at all and a decision on cumulative recovery payments is a matter for WestLB.
V zadevnem primeru je treba upoštevati tudi to, da se pri izgubah ne plača nikakršno nadomestilo in da je odločitev o kumulativnih doplačilih v rokah WestLB.
The fixed nature of the rate accordingly does not benefit the investor in such a way that he would have agreed to a reduction in the remuneration.
Pavšalni značaj nadomestila tako vlagatelju ne koristi na tak način, da bi se slednji zato strinjal z zmanjšanjem nadomestila.
In aggregate, the Commission believes that the rate of remuneration should not be reduced for this reason.
Ob upoštevanju vsega tega Komisija meni, da stopnje nadomestila iz tega razloga ne gre zmanjšati.
It should also be mentioned that the remuneration of equity injected is normally a matter to be agreed between the company and the investor.
Omeniti je treba tudi, da se nadomestilo, ki se mora plačati za vloženi kapital, običajno dogovori med podjetjem in vlagateljem.
However, in the case at hand, the level of the remuneration to be paid by WestLB was obviously agreed on between the shareholders of WestLB, which seems unusual.
V zadevnem primeru pa je bila višina nadomestila, ki ga mora plačati WestLB, očitno dogovorjena med delničarjem in WestLB, kar ni običajno.