natgillin/translations-raw huggingface dataset:
First, as clarified by the information provided by the Dutch authorities on the reimbursement of the pre-investment costs and by the submitted audit report, the total pre-investment costs amounted to EUR […], divided in two parts: EUR […] agreed and co-financed by all prospective shareholders of GNA in the ‘Letters of Intent’ proportionally to their stake, and EUR […] initially financed only by the Amsterdam municipality.
Prvič, kot je pojasnjeno z informacijami, ki so jih o povračilu stroškov predhodnih naložb zagotovili nizozemski organi, in s predloženim revizijskim poročilom, so skupni stroški predhodne naložbe znašali […] EUR in so bili razdeljeni na dva dela: […] EUR, o katerih so se v „pismu o nameri“ dogovorili in ga financirali vsi prihodnji delničarji podjetja GNA sorazmerno s svojim deležem, in […] EUR, ki jih je prvotno financirala samo mestna občina Amsterdam.
All these costs were properly charged to GNA, including interest [72] and no additional GNA project costs seem to have remained unaddressed.
Vsi ti stroški so se ustrezno zaračunali podjetju GNA, vključno z obrestmi [72], in videti je, da so bili zajeti vsi projektni stroški podjetja GNA.
Second, all costs related to the pre-investment were also initially included in the business plan of GNA, hence no new costs seem to have emerged after the signing of the GNA agreement that would have altered the terms and conditions for the other shareholders.
Drugič, vsi stroški, povezani s predhodno naložbo, so bili tudi prvotno vključeni v poslovni načrt podjetja GNA, zato ni videti, da bi po podpisu sporazuma o podjetju GNA nastali kakršni koli novi stroški, ki bi spremenili pogoje za druge delničarje.
This is in line with the finding that there was agreement among all shareholders that the municipality of Amsterdam would have to be reimbursed for the pre-investments carried out.
To je skladno z ugotovitvijo o obstoju dogovora vseh delničarjev, da bo treba mestni občini Amsterdam povrniti izvedene predhodne naložbe.
Third, although the municipality of Amsterdam took the lead and pre-financed part of the project costs, those initiatives and investments could not have reduced the risks involved in the project for the other shareholders.
Tretjič, čeprav je mestna občina Amsterdam prevzela pobudo in predhodno financirala del projektnih stroškov, te pobude in naložbe niso mogle zmanjšati tveganj, ki jih je projekt vključeval za druge delničarje.
Contrary to the preliminary doubts raised in the opening decision, the Commission comes to the conclusion that the investments initially financed by the municipality in undertaking limited civil works and purchasing software could not, in view of their nature and their limited financial significance, have altered the risk profile of the project.
V nasprotju s predhodnimi dvomi, predstavljenimi v odločitvi o sprožitvi postopka, Komisija ugotavlja, da naložbe, ki jih je prvotno financirala mestna občina pri izvajanju omejenih gradbenih del in nakupu programske opreme, glede na svojo naravo in omejen finančni pomen niso mogle spremeniti profila tveganja projekta.
The same is true for the pre-investments co-financed by all prospective shareholders in parallel to the signing of the ‘Letters of Intent’.
Enako velja za predhodne naložbe, ki so jih sofinancirali vsi prihodnji delničarji skupaj s podpisom „pisma o nameri“.
The analysis of the business plan clearly shows that the business risks of the investment in GNA is linked to the success of the project in the years to come, particularly in terms of market evolution, and not to the very first steps preparing the project.
Analiza poslovnega načrta jasno kaže, da je poslovno tveganje naložbe v podjetje GNA povezano z uspešnostjo projekta v prihodnjih letih, zlasti v smislu razvoja trga, ne pa s prvimi koraki priprave projekta.
Fourth, the Commission does not agree with the argument of UPC that the feasibility studies conducted by the Amsterdam municipality might have reduced some risk for the other GNA shareholders, which might have decided to invest in GNA only afterwards.
Četrtič, Komisija se ne strinja z utemeljitvijo družbe UPC, da so študije izvedljivosti, ki jih je opravila mestna občina Amsterdam, morda nekoliko zmanjšale tveganje za druge delničarje podjetja GNA, ki so se morda šele po tem odločili za naložbo v podjetje GNA.
The Commission notes that any prudent market investor would normally carry out its own assessment on the strategy and profitability prospects (feasibility study) of an investment project [73] without this being considered a means to reduce the risks involved for other investing parties.
Komisija ugotavlja, da bi vsak preudaren tržni vlagatelj običajno opravil lastno oceno strategije in obetov za dobičkonosnost (študijo izvedljivosti) naložbenega projekta [73], ne da bi to veljalo kot sredstvo za zmanjševanje vključenih tveganj za druge naložbene stranke.
In any case, if the project were to fail, all investing parties together would have to shoulder the losses resulting from an underperforming business or, in the worst case, the bankruptcy of GNA.
Vsekakor bi morale v primeru neuspešnosti projekta vse naložbene stranke skupaj nositi izgube, ki bi bile posledice poslovanja pod pričakovanji ali, v najslabšem primeru, stečaja podjetja GNA.
In view of this information, the Commission concludes that all shareholders in GNA have invested under the same terms and conditions.
Glede na zgoraj navedeno Komisija ugotavlja, da so vsi delničarji podjetja GNA vlagali pod enakimi pogoji.
Other relationships
Druge povezave
UPC argued that ING RE might have decided to invest in the GNA project not on the basis of economic considerations, but rather as part of their marketing strategy to maintain a good relationship with the municipality of Amsterdam, which is allegedly an important business partner of ING RE.
Družba UPC je trdila, da se družba ING RE za naložbo v projekt GNA morda ni odločila zaradi gospodarskih razlogov, temveč bolj zaradi svoje trženjske strategije, da ohrani dober odnos z mestno občino Amsterdam, ki je menda pomemben poslovni partner družbe ING RE.
It has to be assessed whether there are any other relationships outside the cooperation and investment agreement which are relevant for the assessment whether the investment meets the MEIP.
Presoditi je treba, ali zunaj sodelovanja in naložbenega sporazuma obstajajo še kakršne koli druge povezave, ki so pomembne za oceno, ali se v naložbi spoštuje načelo vlagatelja pod tržnimi pogoji.
In this respect, the opening decision [74] referred to the fact that the Dutch authorities have provided a statement in which they declare that there are no other relations between the parties concerned, i.e. relations outside the notified agreements, which are relevant for the assessment whether the investment is in line with the MEIP.
Glede tega se je odločitev za sprožitev postopka [74] nanašala na dejstvo, da so nizozemski organi predložili izjavo, v kateri izjavljajo, da med zadevnimi strankami ni drugih povezav, tj. odnosov zunaj priglašenih sporazumov, ki so pomembne za oceno, ali je naložba skladna z načelom vlagatelja pod tržnimi pogoji.
The Commission’s own investigation and the information submitted by interested parties have not brought forward any elements indicating that the statement of the Dutch authorities is incorrect.
Preiskava Komisije in informacije, ki so jih predložile tretje stranke, niso prinesle novih elementov, ki bi kazali, da je izjava nizozemskih organov netočna.
On this basis, the Commission concludes that the investment by the municipality of Amsterdam was made at the same time and in comparable circumstances as the significant capital contributions by the private investors.
Na tej podlagi Komisija ugotavlja, da je bila naložba mestne občine Amsterdam izvedena hkrati in v primerljivih okoliščinah kot precejšnji kapitalski vložki zasebnih vlagateljev.
Accordingly, the investment made by the municipality of Amsterdam is in line with the market investor principle and does not constitute State aid.
V skladu s tem je naložba mestne občine Amsterdam skladna z načelom vlagatelja pod tržnimi pogoji in ne pomeni državne pomoči.
Assessment of the business plan
Ocena poslovnega načrta
In addition, the Commission has also assessed the business plan of GNA, in particular in view of the doubts raised in its decision initiating the formal investigation and in view of the claims of the interested parties Liberty Global/UPC, ONO, FT, COM HEM and an anonymous party [75].
Komisija je ocenila tudi poslovni načrt podjetja GNA, predvsem glede na dvome, izražene v njeni odločitvi o sprožitvi formalne preiskave, ter trditve zainteresiranih strank Liberty Global/UPC, ONO, FT, COM HEM in ene anonimne stranke [75].
In the opening decision [76], following the preliminary analysis of GNA’s business plan and the critical remarks received from UPC in this respect, the Commission considered that not only the targeted performance indicators, but all assumptions underlying the GNA business plan seemed optimistic.
V odločitvi o sprožitvi formalnega postopka preiskave [76], ki je sledila predhodni analizi poslovnega načrta podjetja GNA in kritičnim pripombam operaterja UPC v zvezi z njim, je Komisija menila, da so v poslovnem načrtu optimistično zastavljeni ne le ciljni kazalniki uspešnosti, temveč kar vse predpostavke.
The Commission considered further that there was a high degree of sensitivity for the success of the project if the targets (such as the penetration rate) did not materialize, even more so if one of the underlying assumptions deviated from the targeted levels.
Komisija je tudi ugotovila, da gre pri uspešnosti projekta za visoko stopnjo občutljivosti, če cilji (kot je stopnja gostote) ne bodo uresničeni, sploh pa, če se bo ena od osnovnih predpostavk oddaljila od ciljnih stopenj.
The Commission received comments on the business plan analysis contained in the opening decision both from the Dutch authorities and from UPC which enabled it to deepen its assessment.
Komisija je pripombe o analizi poslovnega načrta iz odločitve o sprožitvi postopka prejela od nizozemskih organov, pa tudi od operaterja UPC, kar ji je omogočilo opraviti podrobnejšo oceno.
The Commission notes that the business plan of GNA relates to a newly formed undertaking with no track record, acting in a new and innovative business segment (FttH technology, ‘three-layer model’, where passive and active infrastructures are operated and managed separately, with an open and non-discriminatory access offered to all retail operators, see description part recitals 21-30).
Komisija ugotavlja, da se poslovni načrt podjetja GNA nanaša na novooblikovano podjetje, ki še nima nobenih referenc ter posluje v novem in inovativnem poslovnem segmentu (tehnologija omrežja FTTH, „triplastni model“, pri čemer se aktivna in pasivna struktura upravljata in vodita ločeno, z odprtim in nediskriminacijskim dostopom, ponujenim vsem maloprodajnim operaterjem, kot je opisano v uvodnih izjavah od 21 do 30).
Thus, in such a case, the assessment of a business plan of a newly formed undertaking is necessarily and inevitably based on future market projections and hypotheses regarding the likely evolution of demand and supply for FttH services.
Zato v takem primeru ocena poslovnega načrta novoustanovljenega podjetja nujno in neizogibno temelji na prihodnjih tržnih napovedih in hipotezah glede verjetnosti razvoja povpraševanja in ponudbe storitev omrežja FTTH.
Independent reviews conducted in relation to the business plan
Neodvisni pregledi, opravljeni v zvezi s poslovnim načrtom
The Commission notes that the methodology of the business plan was audited and accepted by PricewaterhouseCoopers [77], an independent audit company.
Komisija ugotavlja, da je metodologijo poslovnega načrta revidirala in odobrila neodvisna revizijska družba PricewaterhouseCoopers [77].
More specifically, after a first analysis of the first version of the GNA business plan, PricewaterhouseCoopers proposed some modifications to filter out certain preliminary inconsistencies.
Natančneje povedano, po začetni analizi prve različice poslovnega načrta podjetja GNA je družba PricewaterhouseCoopers predlagala nekaj sprememb, da bi se odpravile nekatere predhodne nedoslednosti.
These proposals were taken into account in the updated GNA business plan.
Ti predlogi so bili upoštevani v posodobljenem poslovnem načrtu podjetja GNA.
After those modifications, PricewaterhouseCoopers stated that the model does not ‘contain technical or economic integrity issues’, and the GNA business plan was submitted to the Commission afterwards.
Po navedenih spremembah je družba PricewaterhouseCoopers izjavila, da model ni „vseboval tehničnih ali gospodarskih neoporečnosti“, in poslovni načrt podjetja GNA je bil nato predložen Komisiji.
Following the Commission’s decision to open the formal investigation procedure, the Dutch authorities submitted a report prepared by Stratix Consulting/Delft Technical University [78], reviewing and endorsing the feasibility of the GNA business plan, with a special focus on the assumptions which were highlighted by the Commission as ‘optimistic’ in the opening decision.
Po odločitvi Komisije o sprožitvi formalnega postopka preiskave so nizozemski organi predložili poročilo družbe Stratix Consulting/Delft Technical University [78], v katerem je bila pregledana in potrjena izvedljivost poslovnega načrta podjetja GNA, posebna pozornost pa je bila posvečena predpostavkam, ki jih je Komisija v odločitvi o sprožitvi postopka izpostavila kot „optimistične“.
The report came to the conclusion that the GNA business plan is realistic and that the underlying assumptions are correctly based on current market trends and should be considered as ‘conservative’ estimates.
V poročilu je bilo ugotovljeno, da je bil poslovni načrt podjetja GNA realen, da so bile osnovne predpostavke pravilno utemeljene na trenutnih tržnih gibanjih in bi jih bilo treba obravnavati kot „konservativne“ ocene.
Financial indicators
Finančni kazalniki
GNA applied three main financial performance indicators to measure the success of the project being the cash-flow generation, the return on equity and the internal rate of return (IRR).
Podjetje GNA je za merjenje uspešnosti projekta uporabilo tri glavne kazalnike finančne uspešnosti, in sicer ustvarjanje denarnega toka, donosnost lastniškega kapitala in notranjo donosnost projekta.
The underlying IRR of GNA’s business plan is […] %.
Osnovna notranja donosnost projekta v poslovnem načrtu podjetja GNA je […] %.
Given the novelty of the project and the dynamic nature of the broadband telecommunication markets, it is difficult to carry out a benchmarking exercise.
Glede na novost projekta in dinamično naravo širokopasovnih telekomunikacijskih trgov je primerjavo težko narediti.
The public availability of IRR figures from similar projects is limited, not least because these figures are rarely made public as they are considered business secrets.
Javna razpoložljivost podatkov o notranji donosnosti podobnih projektov je omejena tudi zato, ker so ti podatki redko javno objavljeni, saj veljajo za poslovne skrivnosti.
The most relevant publicly available comparative data is that on the weighted average cost of capital (‘WACC’) of other companies in the same industry.
Najpomembnejši javno razpoložljiv primerjalni podatek je podatek o tehtanem povprečju stroškov kapitala (v nadaljnjem besedilu „TPSK“) drugih družb v isti panogi.
WACC data can be a useful benchmark because a project is considered worth undertaking if the IRR exceeds the WACC.
Podatek o tehtanem povprečju stroškov kapitala je lahko koristna primerjava, saj velja, da se je projekta vredno lotiti, če notranja donosnost projekta presega tehtano povprečje stroškov kapitala.
Based on information in the possession of the Commission, industry figures fluctuate in the range between 8,1 % and 10,6 % [79].
Na podlagi podatkov, ki jih je imela Komisija, se podatki za panogo gibljejo v razponu od 8,1 % do 10,6 % [79].
Based on these figures, the IRR in GNA’s business plan appears to be within the acceptable range.
Na podlagi teh podatkov se zdi, da je notranja donosnost projekta v poslovnem načrtu podjetja GNA v sprejemljivem razponu.
In its submission, UPC argued that due to the novelty and the high risk involved in the project, the targeted IRR for GNA, which is basically a start-up firm, must be higher than the WACC figures of a well-established company with significant customer base and cash flow generation, such as KPN or UPC.
V predloženih dokumentih je družba UPC trdila, da mora biti zaradi novosti in visokega tveganja, vključenega v projekt, ciljna notranja donosnost projekta za podjetje GNA, ki je v bistvu podjetje v začetni fazi poslovanja, višja od podatkov o tehtanem povprečju stroškov kapitala dobro uveljavljene družbe, ki že ima precejšnjo bazo strank in ustvarja denarni tok, kot sta KPN ali UPC.
The Dutch authorities question the Commission’s assessment regarding the benchmarks used for the assessment of the IRR in the opening decision.
Nizozemski organi dvomijo o oceni Komisije glede primerjalnih vrednosti, uporabljenih za oceno notranje donosnosti projekta v odločitvi o sprožitvi postopka.
They claim that the WACC figures are related to vertically integrated operators, while GNA is only investing into a passive network, which is more similar to an infrastructure investment for which lower rates of returns are generally required by investors.
Trdijo, da se podatki o tehtanem povprečju stroškov kapitala nanašajo na vertikalno integrirane operaterje, medtem ko GNA vlaga le v pasivno omrežje, ki je bolj podobno infrastrukturni naložbi, od katere vlagatelji na splošno pričakujejo nižje stopnje donosnosti.
The Commission finds that the targeted IRR in GNA’s business plan appears to be within the market expectations for companies active in the telecommunications market.
Komisija ugotavlja, da je ciljna notranja donosnost projekta v poslovnem načrtu podjetja GNA videti v okviru tržnih pričakovanj za družbe, dejavne na telekomunikacijskem trgu.
In addition, the Commission recognises that the investment project under scrutiny is different from that of a vertically integrated operator and it presents characteristics of an infrastructure type investment, for which a lower IRR is required.
Poleg tega Komisija priznava, da je obravnavani naložbeni projekt drugačen od projektov vertikalno integriranih operaterjev in ima značilnosti naložbe infrastrukturnega tipa, za katero se zahteva nižja notranja donosnost projekta.
The Commission also assessed the alternative financial indicators used in the business plan, such as the positive cash flow generation and the return on equity.
Komisija je ocenila tudi alternativne finančne kazalnike, uporabljene v poslovnem načrtu, kot sta pozitivno ustvarjanje denarnega toka in donosnost lastniškega kapitala.
The Commission could not carry out a thorough benchmarking exercise for these indicators due to the lack of publicly available data [80], and therefore assessed them from the point of view of the adequacy and internal consistence within the business plan.
Komisija zaradi pomanjkanja javno razpoložljivih podatkov ni mogla opraviti temeljite primerjave za te kazalnike [80], zato jih je ocenila z vidika ustreznosti in notranje usklajenosti znotraj poslovnega načrta.
Based on this analysis, the Commission concludes that the figures provided in the business plan appear to be acceptable to a market economy investor.
Na podlagi te analize Komisija ugotavlja, da so podatki iz poslovnega načrta videti sprejemljivi za vlagatelja pod tržnimi pogoji.
Penetration rate
Stopnja gostote priključkov
One of the most important factors for the business plan is the targeted penetration rate.
Eden najpomembnejših dejavnikov v poslovnem načrtu je ciljna stopnja gostote.
As revenues for GNA will depend to a large extent on the achieved penetration rate, i.e. the percentage of connected households, the feasibility of achieving the targeted penetration rate is of crucial importance for the success of GNA’s business.
Ker bodo prihodki podjetja GNA v veliki meri odvisni od dosežene stopnje gostote, tj. odstotka priključenih gospodinjstev, je izvedljivost doseganja ciljne stopnje gostote bistvenega pomena za uspešnost poslovanja podjetja GNA.
GNA aims at achieving a penetration rate of […] % of all households within […] months (and penetration levels are expected to be saturated approximately at this level).
GNA načrtuje doseči stopnjo gostote […] % vseh gospodinjstev v […] mesecih (na približno enaki ravni pa je tudi pričakovana zasičenost stopenj gostote).
In addition […] [81].
Poleg […] [81].
In its submissions, UPC expressed strong doubts whether any significant market share (such as the 40 % target rate mentioned in an investment report [82]) can be achieved by the project.
V predloženih dokumentih je operater UPC izrazil precejšnje dvome o tem, ali projekt sploh lahko doseže omembe vreden tržni delež (kot je 40-odstotna ciljna stopnja, navedena v naložbenem poročilu [82].
UPC, relying on the report by RBB and figures concerning the overall churn rates for the areas where GNA is already providing triple play services, argues that the current overall broadband penetration in the areas planned to be covered by GNA has already reached 65 %.
UPC, ki se naslanja na poročilo RBB in podatke o splošnih stopnjah osipa na območjih, na katerih GNA že ponuja storitve trojčka, trdi, da je sedanja splošna gostota širokopasovnih priključkov na območjih, ki naj bi jih pokrilo podjetje GNA, že dosegla 65 %.
More particularly, according to UPC, the relatively strong competition in the area and the limited new offers available on GNA’s fibre network further supports the view that the retail operators using the GNA network via BBned will fail to attract enough customers.
Po mnenju operaterja UPC relativno močna konkurenca na tem območju in omejene nove ponudbe, ki so na voljo na optičnem omrežju podjetja GNA, podpirajo tudi mnenje, da maloprodajnim operaterjem, ki uporabljajo omrežje podjetja GNA prek družbe BBned, ne bo uspelo pritegniti dovolj strank.
UPC also stresses that it does not see any competitive advantage of the new fibre network compared to the existing offers of current broadband operators other than the provision of symmetrical bandwidth to retail customers, for which service demand is however inexistent.
UPC tudi poudarja, da v primerjavi s sedanjimi ponudbami sedanjih širokopasovnih operaterjev ne vidi nobene konkurenčne prednosti novega optičnega omrežja, razen zagotavljanja simetrične pasovne širine uporabnikom na drobno, kar pa je storitev, po kateri ni nobenega povpraševanja.
Moreover, UPC argues that their most advanced broadband product in terms of available bandwidth [83] has not been very successful so far and that customers have a tendency of opting for cheaper and less-sophisticated products whenever more advanced products are offered in the market.
Poleg tega UPC trdi, da njegov najnaprednejši širokopasovni proizvod v smislu razpoložljive pasovne širine [83] doslej ni bil prav uspešen in da so stranke nagnjene k izbiri cenejših in manj visoko razvitih proizvodov, kadar je na trgu ponujenih več naprednih proizvodov.
In contrast, the Dutch authorities argue that new services can be provided over the symmetrical fibre broadband connection (such as file sharing and other ‘peer-to-peer applications’, HDTV), which belong to a different market than the current asymmetrical connections.
Nizozemski organi nasprotno trdijo, da je prek simetričnega optičnega širokopasovnega priključka mogoče ponuditi nove storitve (kot so izmenjava datotek in druge aplikacije za izmenjavo „P2P“, HDTV in digitalna TV), ki spadaj na drug trg in ne na sedanje asimetrične priključke.
Furthermore, the Dutch authorities relying on the already mentioned study prepared by Stratix Consulting and Delft Technical University stress that several successful examples not only from the Netherlands, but also from the US and Japan indicate that the targeted penetration rate is realistic.
Nizozemski organi na podlagi študije, ki sta jo izvedli družba Stratix Consulting in Delft Technical University, tudi poudarjajo, da številni uspešni primeri na Nizozemskem, pa tudi v ZDA in na Japonskem kažejo, da je ciljna stopnja gostote realna.