natgillin/translations-raw huggingface dataset:
a number of ‘acquirers’, that is institutions managing credit card transactions, especially in North America, have asked for an increase in the reserves set aside by Alitalia under the contracts in force to cover the customer risk in the event of insolvency.
nekaj „acquirerjev“, organov za upravljanje sistemov kreditnih kartic zlasti v Severni Ameriki, je v skladu s tekočimi pogodbami zahtevalo povečanje računov rezerv, ki jih je družba pripravila za primer tveganja povračila stranke v primeru neizpolnjevanja s strani Alitalie.
For instance, in April 2004 First Data asked for an increase of Alitalia's deposits from USD […] to […]million.
First Data je na primer aprila 2004 zahteval povečanje pologov družbe z […] na […] milijonov USD.
Overall, the amounts held by these firms vis-à-vis Alitalia now total approximately USD 25 million worldwide.
Zneski pri teh podjetjih bi tako skupaj znašali 25 milijonov USD po vsem svetu.
Finally, Italy mentions the legal proceedings instituted before the Court of Milan by the airport management company SEA which has led to the seizure of €28 million from 16 current bank accounts, which has effectively blocked Alitalia's cash position until the assets are released.
Italija je nazadnje opozorila na tožbo, ki jo je na sodišču v Milanu sprožil upravljavec letališča SEA, ki je privedla do zasega 28 milijonov EUR na 16 bančnih računih, zaradi česar je bilo denarno poslovanje družbe blokirano do preklica teh zasegov.
Other comments
Druge pripombe
Alitalia Express itself has had to use another slot for that destination, a slot which Italy regards as lawfully transferred under Council Regulation (EEC) No 95/93 of 18 January 1993 on common rules for the allocation of slots at Community airports [26].
Vendar opozarja, da BA ne more opravljati četrtega vsakodnevnega leta na letališče Milano Linate, ker za to nima slota; Alitalia Express je morala za to destinacijo uporabiti drugi slot, za katerega Italija meni, da je bil pravilno prenesen v skladu z Uredbo Sveta (EGS) št. 95/93 z dne 18. januarja 1993 o skupnih pravilih dodeljevanja slotov na letališčih Skupnosti [26].
On the other hand, Italy recalls that Alitalia has for more than ten years been fruitlessly seeking to obtain a new slot to London-Heathrow.
Nasprotno Italija opozarja, da si Alitalia že 10 let prizadeva pridobiti nov slot na letališču London Heathrow.
Similarly, Italy denies that it has practised sixth-freedom fares control, unlike other Member States, such as Germany and the United Kingdom. In fact, the reason why ENAC took fare control measures in summer 2004 on the basis of the bilateral agreements in force was to put an end to a discriminatory situation in which the Italian companies could not apply fares lower than those practised by the German and British airlines on their markets whereas the latter could do so on the Italian market.
Italija spodbija tudi trditev, da je v nasprotju z drugimi državami članicami, kot sta Nemčija ali Združeno kraljestvo, začela nadzirati tarife šeste svobode; ENAC je poleti 2004 začel nadzirati tarife na podlagi veljavnih dvostranskih sporazumov, ravno zato da bi končal diskriminatorni položaj, ko italijanske družbe niso mogle ponujati tarif, nižjih od tarif nemških ali britanskih družb na njihovih trgih, medtem ko so slednje to lahko počele na italijanskem trgu.
Following the Commission's intervention, the Italian authorities suspended this practice on a reciprocal basis with the other Member States.
Po posredovanju Komisije so ti sporazumi začasno prenehali veljati na podlagi vzajemnosti.
With regard to the comments submitted by ELFAA, Italy denies the existence of any advantage in the form of direct financial compensation to Alitalia.
Kar zadeva pripombe ELFAA, Italija zavrača vse ugodnosti neposredne finančne kompenzacije za Alitalio.
It notes that the company uses the airports in full conformity with national and Community rules.
Meni, da družba uporablja letališča v popolni skladnosti z nacionalnimi predpisi in predpisi Skupnosti.
As for the comments regarding public services, Italy has since January 2004 operated the Rome-Cagliari route without any financial compensation from the State even though such compensation was initially provided for in the call for tenders.
Kar zadeva pripombe javnih služb, je Alitalia od januarja 2004 opravljala povezavo Rim–Cagliari brez finančne kompenzacije, čeprav je bila ta glede na javni razpis možna.
The company complained to the Commission about the new imposition of 18 public service obligations on routes between the Italian mainland and Sardinia, and the matter is currently being investigated by the Commission.
Družba je Komisiji prijavila naložitev 18 novih obveznosti javnih storitev med celino in Sardinijo, ki jo Komisija zdaj preiskuje.
Finally, Alitalia has benefited from public service compensation, as provided for in the call for tenders and in Regulation (EEC) No 2408/92 [27], only for the Rome- and Milan-Crotone routes; both of these routes have however been given up by Alitalia and will cease operating on 30 April 2005.
Alitalia je nazadnje v skladu z javnim razpisom in Uredbo 2408/92 [27] prejela nadomestilo za opravljanje javne službe samo za povezavi Rim–Crotone in Milano–Crotone, med drugim je družba ukinila obe povezavi in dejavnosti se bodo nehale 30. aprila 2005.
With regard to the financing of redundancies, Italy maintains that the extension of the social schemes to the aviation sector is a general measure of economic and social policy which makes use of instruments already used in other sectors such as the metal and mechanical industry.
Italija v zvezi s financiranjem odpustitve zaposlenih trdi, da je razširitev socialnih mehanizmov na sektor zračnega prometa ukrep splošne gospodarske in socialne politike, ki uporablja instrumente, ki jih že uporabljajo drugi sektorji, kot je kovinsko predelovalni sektor.
The Italian authorities have explained that the recourse to the Cassa Integrazione for the aviation sector is in compliance with the procedures used in the past for other sectors of the economy and did not benefit from any particular advantages.
Italijanski organi so pojasnili, da je bila dopolnilna blagajna za zračni promet vzpostavljena v skladu z istimi podrobnimi pravili, ki so se v preteklosti uporabila za druge gospodarske panoge, in da za to vzpostavitev ni prejela posebnih ugodnosti.
The extension of the application of the Cassa Integrazione to industrial workers, on the basis of a law of 5 November 1968, or to the cleaning sector, on the basis of a decree law of 19 July 1994, followed similar procedures and had immediate effect, or a retrospective effect in the latter case.
Dopolnilna blagajna se je razširila na delavce v industriji na podlagi zakona z dne 5. novembra 1968 ali na čistilna podjetja na podlagi zakonskega odloka z dne 19. julija 1994 in to na podoben način ter s takojšnjim začetkom veljavnosti in celo za nazaj v drugem primeru.
In the aviation sector, other Italian airlines (Meridiana, Volare and Azzurra Air) and foreign airlines (Swiss and British Airways) have lodged or are about to lodge requests for compensation for their personnel.
V zvezi s samim zračnim prometom so druge italijanske letalske družbe, kot so Meridiana, Volare ali Azzurra Air, ali tuje družbe, kot sta Swiss in British Airways, vložile odškodninske zahtevke za svoje zaposlene.
Moreover, Italy has asked for the rectification of a number of what it considers to be inaccuracies and material errors contained in the text of the decision to initiate the procedure [28].
Italija je poleg tega zahtevala spremembo nekaterih netočnosti in vsebinskih napak, ki jih po njenem mnenju vsebuje odločitev o začetku postopka [28].
V. RESULTS OF THE INDEPENDENT EXPERT'S OPINION REQUESTED BY THE COMMISSION
V. REZULTATI ZUNANJEGA IZVEDENSKEGA MNENJA, KI GA JE ZAHTEVALA KOMISIJA
As already announced in its decision to initiate the procedure, the Commission decided to appoint an expert to examine a number of matters raised therein.
Komisija je, kot je napovedala v odločitvi o začetku postopka, želela pridobiti mnenje izvedenca, ki ga sama izbere, da analizira določeno število vprašanj iz odločitve o začetku postopka.
The purpose of initiating the procedure was to obtain an independent assessment of the AZ Servizi recapitalisation plan and, in particular, of the profitability expected by Fintecna from taking part in the operation [29].
V okviru začetka postopka je bilo treba pridobiti neodvisno oceno načrta prestrukturiranja AZ Servizi in zlasti dobičkonosnosti, ki jo Fintecna pričakuje od svoje udeležbe v transakciji [29].
Also, following the comments already made by the interested parties before the initiation of the procedure and in line with its duty to monitor authorised aid, the Commission had announced its intention to verify, possibly with the assistance of an expert, that Italy was honouring the business commitments it had made on routes and prices at the time of the decision to approve rescue aid and that the loan guaranteed by this aid was being used in accordance with the rescue aid decision [30].
Poleg tega je Komisija zaradi pripomb, ki so jih tretje strani že izrazile pred začetkom postopka, in v okviru nadzora odobrenih pomoči napovedala morebitno namero, da tudi s pomočjo izvedenca preveri spoštovanje trgovskih obveznosti glede letalskih prog in cen, ki jih je Italija potrdila ob sprejetju odločitve o odobritvi pomoči za reševanje, ter ali se posojilo, zajamčeno z navedeno pomočjo, uporablja v skladu z navedeno odločitvijo [30].
On 4 February 2005 the Commission entrusted the task of carrying out these checks to Ernst & Young Italia, the expert consultants it had already used in a number of cases involving restructuring aid given to Alitalia and who were therefore well acquainted with the dossier.
Komisija je to nalogo 4. februarja 2004 zaupala podjetju Ernst & Young Italia, ki ga je kot izvedenca uporabila že pri prejšnjih nalogah v zvezi s pomočjo za prestrukturiranje, ki jo prejela Alitalia, in je torej že dobro poznal zadevo.
The Commission did not avail itself of the option open to it under the decision to initiate the procedure [31] whereby it could, if it saw fit, make use of an expert appointed jointly with the Italian authorities.
Komisija je natančno pojasnila, da se ni odločila za opcijo, ki si jo je pridržala v odločitvi o začetku postopka [31] in po kateri bi lahko, če bi se ji zdelo boljše, uporabila izvedenca, ki bi ga izbrala skupaj z italijanskimi organi.
Ernst & Young Italia (hereinafter referred to as ‘the expert’) performed its tasks under the sole supervision of the Commission.
Ernst & Young Italia (v nadaljnjem besedilu „izvedenec“) je nalogo opravil samo pod nadzorstvom služb Komisije.
The expert submitted its final report to the Commission on 13 April 2005; the main findings are set out in points 93 to 148 below.
Izvedenec je 13. aprila 2005 Komisiji oddal končno poročilo, katerega glavne ugotovitve so predstavljene v nadaljevanju.
It should be borne in mind that the report does not constitute a certification of Alitalia's or AZ Servizi's accounts or forecasts, in the sense of a full audit, but represents what is generally called a ‘fairness opinion’ on the information which follows provided by Alitalia, Fintecna and their respective consultants, Mediobanca and Citigroup.
Treba je opozoriti, da ne gre za potrjevanje finančnih izkazov ali napovedi Alitalie ali AZ Servizi v smislu popolne revizije, temveč za tisto, čemur se običajno reče „parere pro veritate“ (fairness opinion) o v nadaljevanju navedenih informacijah, ki so jih posredovali Alitalia in Fintecna ter njuna svetovalca Mediobanca in Citigroup.
On 20 April 2005, following the adoption on 14 April 2005 of the plan as revised by Alitalia, including the part concerning AZ Servizi, the Commission asked the expert to verify whether its earlier findings remained valid in the light of the revised plan.
Komisija je potem, ko je bil 14. aprila 2005 sprejet načrt, ki ga je Alitalia popravila, in sicer tudi v delu o AZ Servizi, 20. aprila 2005 izvedencu zaupala nalogo, da preveri, ali predhodne ugotovitve veljajo tudi v okviru spremenjenega načrta.
The expert's report thereon was submitted on 22 April 2005.
Komisija je njegovo poročilo prejela 22. aprila 2005.
Findings regarding the notified AZ Servizi operation
Ugotovitve o priglašeni transakciji AZ Servizi
These findings relate to that part of the decision to initiate the procedure which concerns the planned takeover of AZ Servizi by Fintecna, the expected profitability of this operation for Fintecna and the nature of future business relations between AZ Fly and AZ Servizi.
Te ugotovitve ustrezajo tistemu delu odločitve o začetku postopka, ki govori o načrtovanem prevzemu AZ Servizi s strani holdinga Fintecna, predvideni dobičkonosnosti transakcije za holding in naravi prihodnjih trgovinskih odnosov med AZ Fly in AZ Servizi.
The Commission would state that the other part of the initiating decision (the recapitalisation of AZ Fly) was not covered by the expert study.
Komisija je opozorila, da ta analiza ni obravnavala drugega dela odločitve o začetku postopka, tj. dokapitalizacije AZ Fly.
It should be mentioned that unless otherwise specified all the figures quoted below have been taken from the revised version of 14 April 2005 of AZ Servizi's industrial restructuring plan for 2005-2008 and from the analyses carried out by Mediobanca and Citigroup for this purpose, which were reviewed in the expert's report of 22 April 2005.
Jasno je opredeljeno, da spodaj navedene številke, razen če je navedeno drugače, izhajajo iz različice industrijskega načrta za AZ Servizi za obdobje 2005–2008, popravljene 14. aprila 2005, in analiz, ki sta jih za to opravila Mediobanca in Citigroup, kar je izvedenec preučil v poročilu z dne 22. aprila.
Additional information was supplied on 25 May 2005.
Dodatne informacije so bile poslane 25. maja 2005.
Comments regarding the discrepancies between the initial plan of October 2004 and the revised plan of 2005
Pripombe k razlikam med prvotnim načrtom iz oktobra 2004 in popravljenim načrtom iz aprila 2005
The expert detailed the main points of difference between the initial plan as presented in October and its April 2005 update.
Izvedenec je natančno navedel glavne razlike med prvotnim načrtom, predloženim oktobra, in njegovo posodobljeno različico iz aprila 2005.
The main purpose of the revised plan is to realign the 2005 figures with the budget presented after the initial plan, so the activity forecast for 2005 has been revised, the €/$ exchange rate has been adapted to the present situation, and the rate of implementation of the economic measures has been readjusted in line with what has been achieved.
Glavni namen popravljenega načrta je uskladiti leto 2005 s proračunom, ki je bil predstavljen po prvotnem načrtu: tako so bile vnesene spremembe napovedi dejavnosti za leto 2005, prilagoditev deviznega tečaja EUR/USD sedanjim pogojem in posodobitev ritma izvajanja gospodarskih ukrepov glede na uresničevanje.
AZ Servizi's scope of operations has been slightly changed, for example removing groundhandling at Cairo airport, which cannot for legal reasons be transferred to a third party that is not an air carrier.
Območje delovanja AZ Servizi se je nekoliko spremenilo na primer z umikom oskrbovanja letal z letališča v Kairu, ki ga zaradi pravnih razlogov ni mogoče prenesti na tretjo osebo, ki ni letalska družba.
Although there are quite substantial differences between the two plans from one activity to another or costs may be offset against and revenue, ultimately the general effect is slight, except for 2005 when, with slightly higher activity and lower costs, the effect is of a reduction in losses, as EBIT [32], from €[…] to €[…] million. In 2008, the year used for the evaluation, EBIT are up by €[…] million, from €[…] to €[…] million. However, if EBIT and EBITDA [33] are rising, which should push up the final figure, their distribution by activity and increasing investments, which has an impact on cash flow available to shareholders, can have the opposite effect.
Med obema načrtoma lahko obstajajo precejšnje razlike med eno in drugo dejavnostjo, lahko pa se te razlike izenačijo med podatki o stroških in prihodkih, vendar je nazadnje splošni učinek majhen, razen za leto 2005, ko je učinek pri nekoliko večji dejavnosti in nižjih stroških zmanjšanje izgube, kar na ravni EBIT [32] pomeni zmanjšanje z […] na […] milijonov EUR. EBIT se bo leta 2008, ki se bo uporabilo za vrednotenje, povečal za […], in sicer z […] na […] milijonov EUR. Vendar če se EBIT in EBITDA [33] povečujeta, kar bi moralo spodbuditi končno vrednost, bodo lahko imele njuna razdelitev po dejavnostih ter povečane naložbe, ki vplivajo na denarni tok, ki ga ima delničar na razpolago, nasprotne učinke.
Findings regarding the calculation of profitability for Fintecna
Ugotovitve glede izračuna dobičkonosnosti za holding Fintecna
In this connection, the expert checked the methodology used by Mediobanca, Alitalia's financial adviser, when calculating the IRR [34] of 25,3 % expected by Fintecna when it invested in AZ Servizi.
Izvedenec je v tem okviru preveril metodologijo, ki jo Mediobanca, svetovalec po izboru Alitalie, uporablja za določitev IRR [34], ki ga Fintecna pričakuje od naložb v AZ Servizi in je ocenjen na 25,3 %. Izvedenec se je lahko prepričal, da so uporabljene metode izračuna v skladu s tistimi, ki jih določata doktrina in strokovna praksa.
The expert found these methods to be in line with established theory and professional practice.
Izvedenec je ravno tako analiziral delo, ki ga je opravil Citigroup, svetovalec po izbiri holdinga Fintecna, in opravil svojo analizo občutljivosti.
The expert also analysed the work done by Citigroup, the adviser chosen by Fintecna, and carried out its own sensitivity analyses, concluding that ‘we have not found any indication that the methodology used when determining an IRR of 25,3 % for Fintecna's investment in AZ Servizi is not correct.’
Ugotovil je naslednje: „nismo odkrili elementov, zaradi katerih bi morali sklepati, da metodologija za določitev IRR v višini 25,3 % za naložbe Fintecna v AZ Servizi ne bi bila pravilna“.
The expert re-examined in greater detail the new investment flows envisaged by Fintecna, totalling €216 million, described in point 37 of the decision to initiate the procedure, and their breakdown into preference and ordinary shares, as well as the calculation carried out by Mediobanca and described in point 38 of the decision.
Izvedenec je podrobneje ponovno preučil nove naložbe, ki jih načrtuje Fintecna, in to v skupnem znesku 216 milijonov EUR, in ki so bile opisane v točki 37 odločitve o začetku postopka, ter tudi njihovo razdelitev na prednostne in navadne delnice in izračun, ki ga je opravila Mediobanca in je opisan v točki 38 iste odločitve o začetku postopka.
Fintecna's investments will now be made as follows:
Naložbe, ki jih načrtuje Fintecna, so zdaj predvidene tako:
in 2005, a total contribution of €130 million comprising: €98 million by subscription to ordinary shares with which Fintecna will acquire 51 % of the share capital of AZ Servizi and €32 million in preference shares [35].
leta 2005 skupni vložek v višini 130 milijonov EUR, ki je sestavljen iz 98 milijonov EUR vrednega vpisa navadnih delnic, s katerimi bo Fintecna pridobil 51 % navadnega kapitala AZ Servizi, in prednostnih delnic v znesku 32 milijonov EUR [35].
Fintecna will therefore hold 58 % of the total share capital and Alitalia 42 %;
Skupni delniški kapital bo tako v 58-odstotni lasti holdinga Fintecna in 42-odstotni lasti Alitalie;
in 2006, a capital increase of €64 million by way of preference shares;
leta 2006 vložek v višini 64 milijonov EUR s prednostnimi delnicami;
in 2007, a final contribution of €22 million by subscription to preference shares with which Fintecna will ultimately have acquired 69,7 % of AZ Servizi's share capital and will continue to hold 51 % of the ordinary capital.
nazadnje leta 2007 zadnji vložek v višini 22 milijonov EUR s prednostnimi delnicami, s katerimi bo Fintecna imel skupaj 69,7 % delniškega kapitala AZ Servizi in še vedno 51 % navadnega kapitala.
Ultimately, Fintecna's contribution will be €216 million and AZ Servizi's total share capital €310 million.
Fintecna bo skupaj vložil 216 milijonov EUR, s čimer bo skupni delniški kapital AZ Servizi znašal 310 milijonov EUR.
The estimated return from the operation as calculated by Mediobanca is based on year 2008 flows: forecast free cash flow, less any foreseeable maintenance investments, exceptional operations (especially restructuring costs), and fiscal adjustments — that is the residual cash flow available to the shareholder — is estimated at around €35,6 million. After updating, the final value [36] is calculated as €442,7 million. How this amount is shared between the two shareholders, Fintecna and AZ Fly, is largely determined by the capital structure:
Pri izračunu dobičkonosnosti, ki ga je opravila Mediobanca, ocenjena dobičkonosnost transakcije temelji na izhodni vrednosti, izračunani na podlagi denarnih tokov za leto 2008: predvideni prosti denarni tok za leto 2008 po popravkih, povezanih s predvidljivimi nadomestnimi naložbami in izrednimi transakcijami v letu 2008, zlasti na področju stroškov prestrukturiranja, ter davčnimi popravki, kar sestavlja razpoložljiv denarni tok za delničarja, je zdaj ocenjen na približno 35,6 milijona EUR. Po diskontiranju bo končna vrednost [36] znašala 442,7 milijona EUR. Na razdelitev končne vrednosti med dva delničarja, Fintecna in AZ Fly, močno vpliva struktura kapitala:
in 2008 the preference shares, held only by Fintecna, will represent 38 % of the total share capital, but benefit from a preferred dividend equal to 5 % of the total share capital, or €15,5 million in 2008.
prednostne delnice v izključni lasti Fintecne bodo leta 2008 pomenile 38 % skupnega delniškega kapitala, vendar bodo deležne prednostnih dividend v višini 5 % skupnega delniškega kapitala oziroma 15,5 milijona EUR leta 2008.
It was made clear that the possibility of a preferred dividend had existed from the outset but can only be achieved from 2008 since there has not been a sufficient net result beforehand.
Natančno je navedeno, da ta možnost prednostnih dividend obstaja od vsega začetka, vendar jo bo zaradi dotlej nezadostnega neto izida mogoče izvajati šele od leta 2008 naprej.
The updated value of this dividend is €151,8 million;
Diskontirana vrednost teh dividend tako znaša 151,8 milijona EUR;
the remainder of the final value, or €442,7 — €151,8 = €290,9 million, will be shared out in accordance with the total stock held by the two shareholders, that is to say 69,7 % (€202,7 million) for Fintecna, and the balance of 30,3 % (€88,2 million) will go to AZ Fly;
preostali del končne vrednosti oziroma 442,7–151,8=290,9 milijona EUR se bo dodelil glede na skupni kapital, ki ga imata v lasti oba delničarja, se pravi 69,7 % ali 202,7 milijona EUR za holding Fintecna ter 30,3 % ali 88,2 milijona EUR za AZ Fly;
the final value estimated for Fintecna is therefore €151,8 + €202,7 = €354,5 million; in relation to its investment of €216 million (€130 million in 2005, €64 million in 2006 and €22 million in 2007) and considering the amount of cash liquidity available (€29 million) at the end of the period, the IRR for Fintecna is 25,3 %.
ocenjena končna vrednost za holding Fintecna bi bila torej 151,8+202,7=354,5 milijona EUR; skupaj z naložbami v višini 216 milijonov EUR (130 milijonov EUR leta 2005, 64 leta 2006 in 22 leta 2007) in ob upoštevanju razpoložljivih denarnih sredstev v znesku 29 milijonov EUR bo notranja stopnja donosa (IRR) za holding znašala 25,3 %.
The expert confirmed that the calculation method used, that is perpetual capitalisation of normalised flows, is one of the methods adopted for the matter in hand.
Izvedenec je natančno pojasnil, da je uporabljeni način izračuna, in sicer izračun stalne kapitalizacije normiranih tokov, ena od metod, sprejetih v tej zadevi.