natgillin/translations-raw huggingface dataset:
Therefore, during their negotiation of the price of the shares, the rational investor and the seller will treat with suspicion the price proposed within the framework of such a buy-back offer.
Zato bosta med pogajanji o ceni delnic razumen vlagatelj in prodajalec z nezaupanjem obravnavala ceno, predlagano v okviru take ponudbe za ponovni odkup.
They will only consider it as constituting a reflection of the market value if this price is underpinned by additional elements.
Tako ceno bodo obravnavali, kot da odraža tržno vrednost, le če je podprta z dodatnimi elementi.
For instance, if the buy-back offer is completed and has been a success among investors, meaning that a significant percentage of investors are ready to sell their shares at that price, the market economy investor will normally take this price into account.
Na primer, če je ponudba za ponovni odkup zaključena in je bila uspešna med vlagatelji, kar pomeni da je znaten odstotek vlagateljev pripravljenih prodati svoje delnice po tej ceni, bo vlagatelj pod pogoji tržnega gospodarstva to ceno običajno upošteval.
However, in the present case, the buy-back offer was still running at the time of the transaction and there was no information available indicating that it would be a success.
Vendar pa je bila v zadevnem primeru ponudba za ponovni odkup še vedno odprta v času transakcije in na voljo ni bilo nobenih informacij, ki bi kazale na uspešnost ponudbe.
As regards the second assertion of the Czech authorities, the Commission would emphasise that the specificities of the case need to be analysed.
Kar zadeva drugo trditev čeških organov, Komisija poudarja, da je treba proučiti specifičnosti primera.
First, there was no stock market price which could be used as a clear and indisputable basis for the market value of the company [9].
Prvič, ni bilo borzne vrednosti delnic, ki bi se lahko uporabila kot jasna in nesporna podlaga za tržno vrednost družbe [9].
Consequently, in order to value the company, it was necessary to make forecasts of future cash flows or dividends and then calculate their present value.
Zato je bilo treba, da bi se določila vrednost družbe, pripraviti napoved prihodnjih denarnih tokov ali dividend in nato izračunati njihovo sedanjo vrednost.
Second, the company to be valued was going through a deep reorganisation.
Drugič, družba, ki jo je bilo treba ovrednotiti, je prestajala korenito reorganizacijo.
The company had recently been sold by the State, which was controlling it until that day, to a large private steel group.
Družbo je država, ki jo je do tistega dne obvladovala, pred kratkim prodala velikemu zasebnemu jeklarskemu združenju.
The latter undertook to modernise the company and to make substantial investments.
To se je lotilo posodobitve družbe in znatnih naložb.
Considering this dramatic change in the company and in its management, past financial data could not be considered a reliable guide to future performance.
Glede na to izrazito spremembo v družbi in njenem upravljanju se pretekli finančni podatki ne morejo obravnavati kot zanesljive smernice za prihodnje poslovanje.
Forecasts about future cash flows or dividends could not be based on observable existing series.
Napovedi glede prihodnjih denarnih tokov ali dividend ne morejo temeljiti na obstoječem nizu številk, ki ga je mogoče opaziti.
In conclusion, the valuation of the company was dependant on forecasts, for which no indisputable base could be used.
Vrednotenje družbe je bilo torej odvisno od napovedi, za katere ni bilo mogoče uporabiti nobene nesporne podlage.
The Commission agrees that, in these particular circumstances, it cannot be concluded from the fact that the price proposed by INH was underpinned by an expert report and had been approved by the CSC that it represented the market value of the shares:
Komisija se strinja, da v teh posebnih okoliščinah iz dejstva, da je bila cena, ki jo je predlagal INH, podprta z izvedenskim poročilom in da jo je odobrila Češka komisija za vrednostne papirje, ni mogoče sklepati, da ta cena predstavlja tržno vrednost delnic:
the Commission accepts that, regarding the expert report, the market economy investor and the seller know that the expert is selected and paid by INH.
Komisija se strinja, da se v zvezi z izvedenskim poročilom vlagatelj pod pogoji tržnega gospodarstva in prodajalec zavedata, da je izvedenca izbral in plačal INH.
Given the fact that the valuation of the company INH could only be derived from hypotheses about future developments, which given the recent privatisation were difficult to verify, and not from observable indicators, the hired consultant can make a conservative hypothesis about the future developments in order to arrive at the price expected by the ordering company without committing any formal mistake and endangering its reputation.
Glede na dejstvo, da je bilo pri vrednotenju družbe mogoče izhajati le iz domnev o prihodnjem dogajanju, ki ga je bilo zaradi nedavne privatizacije težko dokazati, in iz kazalcev, ki jih je mogoče opaziti, je najeti svetovalec lahko previdno domneval razvoj prihodnjih dogodkov, da bi oblikoval ceno, ki jo je pričakoval naročnik, ne da bi pri tem zgrešil kakšno formalno napako ali ogrozil svoj ugled.
The Commission observes that the forecasts made by the expert selected by INH were indeed conservative (see below);
Komisija ugotavlja, da so bile napovedi izvedenca, ki ga je izbral INH, resnično previdne (glej spodaj).
on the basis of the information submitted by the Czech authorities, the Commission observes that the CSC did not produce its own expert report on the value of the shares, which would replace the expert valuation report presented by INH.
Komisija je na podlagi informacij, ki so jih predložili češki organi, ugotovila, da Češka Komisija za vrednostne papirje ni izdelala svojega izvedenskega poročila o vrednosti delnic, ki bi zamenjalo izvedensko poročilo o vrednotenju, ki ga je predložil INH.
In the present case the Commission would observe that the valuation had to be derived from hypotheses on the development of a company undergoing dramatic changes, and not from factors such as the stock market price or past financial data which can be formally verified by the CSC.
V zadevnem primeru Komisija ugotavlja, da je vrednotenje moralo izhajati iz domnev o razvoju družbe, ki je prestajala korenite spremembe, in ne iz dejstev, kot je borzna vrednost delnic ali pretekli finančni podatki, ki jih lahko Češka komisija za vrednostne papirje uradno preveri.
The Commission would note that it follows from the information provided by the Czech authorities that, if the expert valuation contains no deficiencies and incoherencies, the CSC cannot reject it simply because it is based on ‘conservative’ hypotheses and consequently arrives at a low price for the valued shares.
Komisija ugotavlja, da iz informacij, ki so jih predložili češki organi, izhaja, da Češka komisija za vrednostne papirje ne more zavrniti izvedenskega vrednotenja, ki ne vsebuje pomanjkljivosti in neskladnosti, zgolj zato, ker temelji na „previdnih“ domnevah in je zaradi tega oblikovana nizka cena delnic, ki so predmet vrednotenja.
The Commission accepts the third element put forward by the Czech authorities, namely that a market economy investor would have interpreted the prior double rejection by the CSC as confirming its expectation that INH and LNM (the majority shareholder of INH, which is the driving force behind this operation since it will buy from INH the shares that the company has bought back) were trying to undervalue the company in order to pay the lowest possible price for the shares they wished to buy back.
Komisija se strinja s tretjim elementom, ki so ga predstavili češki organi, in sicer, da bi vlagatelj pod pogoji tržnega gospodarstva razumel predhodno dvojno zavrnitev s strani češke Komisije za vrednostne papirje kot potrditev njegovih pričakovanj, da sta INH in LNM (večinski delničar v INH, ki je gonilna sila te transakcije, saj bo od INH kupil delnice, ki jih je družba ponovno odkupila) poskušala prenizko oceniti družbo, da bi plačala najnižjo možno ceno za delnice, ki sta jih želela ponovno odkupiti.
As regard the fourth assertion of the Czech authorities, the Commission would observe that, at the time of preparation of the valuation reports respectively ordered by INH and the State in the first quarter of 2004, INH's profit for the full year 2003 was not yet known but could be estimated on the basis of the figures of the first quarters which were already known.
Glede četrte trditve čeških organov Komisija ugotavlja, da v času priprave poročil o vrednotenju, ki sta ju naročila INH in država v prvem četrtletju leta 2004, dobiček družbe INH za celo leto 2003 še ni bil znan, vendar bi se lahko ocenil na podlagi številk za prva četrtletja, ki so že bile znane.
Accordingly, the forecast net profits for the full year 2003 included in both valuation reports are of similar magnitude.
Skladno s tem je višina napovedi čistega dobička za celo leto 2003 v obeh poročilih o vrednotenju podobna.
On the basis of the net profit they forecast for 2003, a price per share of CZK 550 gives a P/E equal to around 1,5.
Na podlagi čistega dobička, ki so ga predvideli za leto 2003, cena delnice v višini 550 CZK pomeni razmerje T/D v višini približno 1,25.
(The Czech authorities calculated the P/E ratio of 1,25 on the basis of the effective profit, which was not known at that time and which turned out to be better than forecast by both experts, hence the lower P/E ratio.)
(Češki organi so izračunali razmerje T/D v višini 1,25 na podlagi dejanskega dobička, ki takrat še ni bil znan in za katerega se je kasneje izkazalo, da je boljši od predvidevanj obeh izvedencev, zato je razmerje T/D nižje.)
The latter figure is very low.
Ta številka je zelo nizka.
A market economy investor will value a company at such a depressed price only if he has exceptionally negative expectations for the growth of the net income in the future.
Vlagatelj pod pogoji tržnega gospodarstva bi družbo ocenil s tako nizko ceno le, če bi imel izredno negativna pričakovanja glede rasti čistega dobička v prihodnosti.
The Commission would observe that the expert hired by INH indeed considers that the net profit achieved in 2003 is very exceptional and anticipates that profits will decrease by two thirds over the coming years.
Komisija ugotavlja, da izvedenec, ki ga je najel INH, resnično meni, da je neto dobiček, dosežen v letu 2003, izjemen. in pričakuje, da se bodo dobički v prihodnjih letih zmanjšali za dve tretjini.
In other words, this expert anticipates for the years after 2003 a nearly complete return to the 2002 profit level (CZK 0,9 billion), a period when INH was still suffering from weak management and a lack of investment following from State ownership.
Z drugimi besedami, navedeni izvedenec pričakuje, da se bo dobiček v letih po letu 2003 vrnil skoraj na raven dobička iz leta 2002 (0,9 milijarde CZK), ko je družba INH še vedno trpela zaradi slabega poslovodenja in pomanjkanja naložb kot posledic državnega lastništva.
The expert forecasts low sales growth and limited cost reductions.
Izvedenec predvideva nizko rast prodaje in omejena znižanja stroškov.
The Commission would observe that the valuation report does not clearly explain why LNM, which took control of INH at the beginning of 2003, would be inefficient at restructuring the company, at reducing the operating and input costs, and at developing more profitable products and business relations.
Komisija ugotavlja, da v poročilu o vrednotenju ni jasno razloženo, zakaj naj bi bil LNM, ki je v začetku leta 2003 prevzel vodilno vlogo v INH, neuspešen pri prestrukturiranju družbe, zmanjšanju stroškov poslovanja in stroškov vložkov ter razvoju donosnejših proizvodov in poslovnih odnosov.
In comparison, the price of CZK 1250 calculated by the expert hired by the State, KPMG, gives a P/E between 3 and 3,5.
Po drugi strani pa cena v višini 1250 CZK, ki jo je izračunal izvedenec KPMG, ki ga je najela država, pomeni razmerje T/D od 3 do 3,5.
This is at the bottom of the P/E range observed on the financial markets at that time for steel producers.
To je spodnja meja za razmerje T/D, ki ga je bilo mogoče ugotoviti v tistem času na finančnih trgih za proizvajalce jekla.
This low ratio reflects a prudent forecast for the growth of profit.
Tako nizko razmerje odraža previdnost pri napovedovanju rasti dobička.
KPMG indeed foresees a (limited) decline in profit after 2003.
KPMG resnično predvideva (omejeno) zmanjšanje dobička po letu 2003.
KPMG therefore acknowledges, like the expert hired by INH, the favourable situation on the steel market in 2003 and its cyclical nature.
KPMG zato tako kot izvedenec, ki ga je najela družba INH, priznava ugoden položaj na trgu jekla v letu 2003 in njegovo ciklično naravo.
However, KPMG also anticipates that, under the control of LNM, the operational restructuring of the formerly State-owned company will continue, cheaper sources of inputs will be found thanks to the integration in a large steel group, and production will be reoriented towards higher-added-value products.
Vendar pa KPMG pričakuje tudi, da se bo pod nadzorom LNM nadaljevalo operativno prestrukturiranje družbe, ki je bila prej v državni lasti, da bodo viri vložkov cenejši zaradi povezovanja v veliko jeklarsko združenje in da se bo proizvodnja preusmerila v proizvode višje dodane vrednosti.
In conclusion, the Commission agrees that a market economy investor would have considered the price of CZK 550 as underestimated given the fact that it corresponds to an exceptionally low P/E, which is difficult to justify on the basis of the expected improvement in the financial performance of the company which could reasonably be expected following its privatisation and the investment and restructuring programme launched by its new private shareholder.
Skratka, Komisija se strinja, da bi se vlagatelj pod pogoji tržnega gospodarstva zavedal, da je cena 550 CZK prenizko ocenjena, saj ustreza izredno nizkemu razmerju T/D, ki ga je težko upravičiti glede na pričakovano izboljšanje finančne uspešnosti družbe, ki bi ga bilo razumno pričakovati po privatizaciji družbe ter programu naložb in prestrukturiranja, ki ga je začel izvajati njen novi zasebni delničar.
The Commission concludes that the combination of the four foregoing elements helps to explain why, at the time of the Government purchase, the price of CZK 550 proposed by INH within the framework of the buy-back operation and endorsed by the CSC would not have been seriously taken into account by a market economy investor and could not constitute a serious bargaining tool to force the seller to decrease its price.
Komisija sklepa, da je na podlagi zgoraj navedenih štirih elementov mogoče razložiti, zakaj v času vladnega odkupa vlagatelj pod pogoji tržnega gospodarstva ne bi jemal resno cene 550 CZK, ki jo je predlagal INH v okviru postopka ponovnega odkupa in ki jo je odobrila Češka komisija za vrednostne papirje, in zakaj ta cena ne bi mogla predstavljati resnega pogajalskega orodja, ki bi prisililo prodajalca, da zniža svojo ceno.
In the absence of any other available reference price, a market economy investor would therefore have negotiated with the seller on the basis of the price calculated by its expert [10].
V odsotnosti druge razpoložljive referenčne cene bi se zato moral vlagatelj pod pogoji tržnega gospodarstva pogajati s prodajalcem na podlagi cene, ki jo izračuna njegov izvedenec [10].
As the price paid by the Czech Government is in the price range calculated by KPMG, these State resources have been invested in a way acceptable to a market economy investor.
Ker je cena, ki jo je plačala češka vlada, v cenovnem razponu, ki ga je izračunal KPMG, so bila ta državna sredstva investirana na način, ki je sprejemljiv za vlagatelja pod pogoji tržnega gospodarstva.
Accordingly, the Commission considers that the shares purchase does not constitute State aid within the meaning of Article 87(1).
Komisija skladno s tem meni, da nakup delnic ne pomeni državne pomoči v smislu člena 87(1).
The Commission wishes to stress that this conclusion is totally dependent on the particular circumstances of the present case.
Komisija želi poudariti, da je ta sklep v celoti odvisen od posebnih okoliščin v zadevnem primeru.
Finally, regarding the fifth element put forward by the Czech authorities, namely the fact that the public offer by INH to buy back its shares at a price of CZK 550 met with very little response, the Commission acknowledges that it was not known at the time of the transaction analysed and therefore concludes that this fact cannot justify why the proposed price was not taken into account by the State.
Glede petega elementa, ki so ga predstavili češki organi, in sicer dejstva, da je bil odziv na javno ponudbo s strani INH za ponovni odkup njegovih delnic po ceni 550 CZK zelo majhen, Komisija priznava, da to ni bilo znano v času analize transakcije in zato sklepa, da to dejstvo ne more razložiti, zakaj država ni upoštevala predlagane cene.
As explained in recitals 42 and 43, the Commission has to assess the potential compatibility with the applicable regulations of the measure found to be State aid, in order to ensure that it does not constitute restructuring aid, which is forbidden under the Protocol 2.
Kot je razloženo v uvodnih izjavah 42 in 43, mora Komisija oceniti morebitno združljivost ukrepa, za katerega je ugotovljeno, da je državna pomoč, z veljavnimi predpisi, da se zagotovi, da ne gre za pomoč za prestrukturiranje, ki je prepovedana v skladu s Protokolom št. 2.
Training aid is assessed on the basis of Commission Regulation (EC) No 68/2001 of 12 January 2001 on the application of Articles 87 and 88 of the EC Treaty to training aid [11].
Pomoč za usposabljanje je ocenjena na podlagi Uredbe Komisije (ES) št. 68/2001 z dne 12. januarja 2001 o uporabi členov 87 in 88 Pogodbe ES pri pomoči za usposabljanje [11].
The distinction between specific training and general training actions is drawn under Article 2 of the Regulation.
Razlika med ukrepi posebnega in splošnega usposabljanja je opisana v členu 2 Uredbe.
Specific training is defined in Article 2(d) of the Regulation as training involving tuition directly and principally applicable to the employee's present or future position in the assisted firm and providing qualifications which are not, or only to a limited extent, transferable to other firms or fields of work.
Posebno usposabljanje je v členu 2(d) Uredbe opredeljeno kot usposabljanje, ki ga delojemalec neposredno in v pretežni meri uporablja na trenutnem ali prihodnjem delovnem mestu delojemalca v družbi, ki prejema pomoč, in ki mu daje znanja, ki niso ali pa so zgolj v omejenem obsegu prenosljiva na druge družbe ali delovna področja.
General training is defined in Article 2(e) of Regulation (EC) No 68/2001 as training involving tuition which is not applicable only or principally to the employee’s present or future position in the assisted firm, but which provides qualifications that are largely transferable to other firms or fields of work and thereby substantially improve the employability of the employee.
Splošno usposabljanje je v členu 2(e) Uredbe (ES) št. 68/2001 opredeljeno kot usposabljanje, ki ga delojemalec ne uporablja samo ali v pretežni meri na trenutnem ali prihodnjem delovnem mestu delojemalca v družbi, ki prejema pomoč, temveč delojemalcu daje znanja, ki so v veliki meri prenosljiva na druge družbe ali delovna področja in s tem bistveno izboljšajo zaposljivost delojemalca.
The Czech Republic has provided detailed information on the proposed training courses.
Češka je zagotovila podrobne informacije o predlaganih programih usposabljanja.
On the basis of this information, the Commission was able to verify that the distinction between general and specific training applied by the Czech Republic was in conformity with Article 2 of Regulation (EC) No 68/2001.
Na podlagi teh informacij je Komisija lahko preverila in potrdila, da je razlika med splošnim in posebnim usposabljanjem, ki jo je uporabila Češka, skladna s členom 2 Uredbe (ES) št. 68/2001.
Thus, the courses described as general training relate to qualifications, such as management, personal development, communication, marketing and auditing skills, that are largely transferable to other firms or fields of work.
Tako se programi, ki so opisani kot splošno usposabljanje, nanašajo na znanja, kot so poslovodenje, osebni razvoj, komuniciranje, trženje in revidiranje, ki so v veliki meri prenosljiva na druge družbe ali delovna področja.
On the same basis, courses which relate particularly to products, new technologies, engineering, technical projects, environmental management, quality improvement, and thus had limited applicability to other functions, were described as specific training, in line with Article 2(d) of the Regulation.
Na enaki podlagi so bili programi, ki se nanašajo posebej na proizvode, nove tehnologije, inženiring, tehnične projekte, okoljsko upravljanje in izboljšanje kakovosti ter so zato omejeno uporabni za druge namene, opisani kot posebno usposabljanje, kar je v skladu s členom 2(d) Uredbe.
According to the information submitted to the Commission, the training aid was necessary to achieve the envisaged objectives.
Skladno z informacijami, ki so bile predložene Komisiji, je bila pomoč za usposabljanje potrebna za dosego načrtovanih ciljev.
Article 4(7) of Regulation (EC) No 68/2001 defines the eligible costs of a training project and requires the information on costs to be transparent and itemised.
Člen 4(7) Uredbe (ES) št. 68/2001 določa upravičene stroške projekta usposabljanja in zahteva, da morajo biti informacije o stroških jasne in razčlenjene po postavkah.
The Czech Republic has supplied to the Commission detailed information on the costs related to the project, itemised in such a way that it was possible to identify these costs with those set out in Article 4(7) of the Regulation.
Češka je Komisiji predložila podrobne informacije o stroških, povezanih s projektom, razčlenjene po postavkah tako, da je bilo mogoče te stroške povezati s stroški, določenimi v členu 4(7) Uredbe.
This information was found to be in conformity with the requirements of Article 4(7) of the Regulation.
Ugotovljeno je bilo, da so te informacije skladne z zahtevami iz člena 4(7) Uredbe.
Further, the aid intensities applied by the Czech Republic were found to be in conformity with the maximum aid intensities allowed under Article 4(2) and (3) of Regulation (EC) No 68/2001.
Poleg tega je bilo ugotovljeno, da sta intenzivnosti pomoči, ki ju je uporabila Češka, skladni z največjima intenzivnostima pomoči, ki sta dovoljeni v skladu s členom 4(2) in (3) Uredbe (ES) št. 68/2001.
Thus, the aid intensities proposed correspond to those allowed under the Regulation for specific and general training, respectively, with regard to a large enterprise located in areas which qualify for regional aid under Articles 87(3)(a) of the EC Treaty.
Tako sta predlagani intenzivnosti pomoči skladni z intenzivnostima pomoči, dovoljenima v Uredbi za posebno in splošno usposabljanje za veliko družbo, ki se nahaja na območjih, ki izpolnjujejo pogoje za regionalno pomoč na podlagi člena 87(3)(a) Pogodbe ES.
In conclusion, the aid is in line with the requirements laid down in Regulation (EC) No 68/2001.
Pomoč je torej skladna z zahtevami, določenimi v Uredbi (ES) št. 68/2001.
The Commission concludes that the training aid of CZK 44088300 (EUR 1,55 million) in favour of TŽ complies with Regulation (EC) No 68/2001.
Komisija ugotavlja, da je pomoč za usposabljanje v višini 44088300 CZK (1,55 milijona EUR) v korist TŽ skladna z Uredbo (ES) št. 68/2001.
The closure aid of CZK 4152500 (EUR 0,14 million) will not be paid to TŽ as TŽ has changed its business plan.
Pomoč za zaprtje v višini 4152500 CZK (0,14 milijona EUR) ne bo izplačana TŽ, ker je ta spremenil svoj poslovni načrt.
The purchase of the INH shares held by TŽ does not constitute State aid.
Nakup delnic INH, ki so v lasti TŽ, ne pomeni državne pomoči.
Accordingly, these three measures do not constitute disguised restructuring aid to TŽ, which would have been in contradiction with Protocol 2,
Skladno s tem navedeni trije ukrepi ne pomenijo prikrite pomoči za prestrukturiranje v korist TŽ, ki bi bila v nasprotju s Protokolom št. 2 –