natgillin/translations-raw huggingface dataset:
PwC have also carried out a third and final valuation of Eurocypria based on recent transactions, in their view this applies a reasonableness test to the two previously mentioned methodologies.
Podjetje PricewaterhouseCoopers je poleg tega pripravilo še tretjo in zadnjo oceno vrednosti Eurocyprie na podlagi nedavnih transakcij, ki je po njegovem mnenju preskus sprejemljivosti prejšnjih dveh metod.
The theory behind this approach is that the price achieved at arm's length between a willing buyer and a willing seller is a good indicator of value.
Po teoriji tega pristopa je cena, ki jo po pošteni tržni vrednosti določita voljni kupec in voljni prodajalec, dober pokazatelj vrednosti.
PwC have made use of data available to their global network and have come up with an indicate value using this method of approximately CYP 10,5 to CYP 13 million for Eurocypria.
PricewaterhouseCoopers je uporabil podatke, dostopne v njihovem globalnem omrežju, in s to metodo določil okvirno vrednost za Eurocyprio, to je približno 10,5 milijona do 13 milijonov CYP.
PwC point out that this result also converges towards the result of the DCF methodology.
Podjetje PwC poudarja, da se ta rezultat približno ujema z rezultatom, dobljenim z metodo diskontiranega denarnega toka.
Accordingly and on the basis of the analyses mentioned above, PwC reach the conclusion that the indicative value for Eurocypria in the range CYP 12,5 to CYP 15,5 million.
V skladu s tem in na podlagi zgoraj navedene analize je podjetje PwC prišlo do ugotovitve, da je okvirna vrednost Eurocyprie med 12,5 in 15,5 milijona CYP.
PwC also add that their valuation of the Eurocypria is based on financial projections for the company where Eurocypria would retain some type of affiliation with Cyprus Airways.
Podjetje PwC je ravno tako dodalo, da njegova ocena Eurocyprie temelji na finančnih načrtih, na podlagi katerih bi ostali družbi Eurocypria in Cyprus Airways povezani.
According to PwC, such an affiliation would give rise to certain hindrances to expansion most notably; restrictions on growth due to the fact that Eurocypria is a subsidiary of Cyprus Airways; Eurocypria's status as a subsidiary of Cyprus Airways limits its possibilities to achieve competitive pricing with respect to outsourcing of services.
Po mnenju podjetja PricewaterhouseCoopers bi takšna povezava povzročila nekatere ovire, zlasti pri širitvi; rast bi bila omejena zaradi dejstva, da je Eurocypria hčerinska družba Cyprus Airways; zaradi statusa Eurocyprie kot hčerinske družbe Cyprus Airways bi bile omejene možnosti za doseganje konkurenčnih cen glede zunanjega izvajanja storitev.
If Eurocypria were to stay part of the Group it is also likely that it could not compete on the same routes with Cyprus Airways.
Če bi Eurocypria ostala del skupine, bi se lahko zgodilo, da z družbo Cyprus Airways ne bi mogla tekmovati za iste poti.
On this basis PwC conclude that the price for Eurocypria as a separate entity free of these restraints could probably be higher.
Na podlagi tega podjetje PricewaterhouseCoopers ugotavlja, da bi bila cena Eurocyprie kot samostojne enote brez navedenih omejitev verjetno višja.
A second evaluation has been carried out by HSBC.
Drugo oceno vrednosti je pripravila banka HSBC.
HSBC have adopted a similar approach to that carried out by PwC.
Pri tem je zavzela podoben pristop kot podjetje PricewaterhouseCoopers.
Their initial conclusion is that Eurocypria has a total equity value of CYP13 million.
Najprej je ugotovila, da znaša skupni lastniški kapital Eurocyprie 13 milijonov CYP.
HSBC have then carried out a comparative value assessment looking at publicly quoted companies which are comparable to Eurocypria, in so doing they have arrived at a valuation of CYP 11,8 for Eurocypria.
Nato je izvedla primerjalno oceno vrednosti, pri čemer se je osredotočila na družbe, ki kotirajo na borzi in se lahko primerjajo z Eurocyprio, tako je vrednost Eurocyprie ocenila na 11,8 milijona CYP.
HSBC refer to the sensitivity of the company in particular to variations in fuel pricing and arrive at a weighted average value of the company in the range of CYP 12,3 to CYP 13,8 million.
Banka HSBC je opozorila na občutljivost podjetja, zlasti na spreminjanje cen goriva, in določila tehtano povprečno vrednost podjetja v višini od 12,3 do 13,8 milijona CYP.
With regard to the capital increase, this would be designed to address the negative net worth arising from accumulated past losses which have eroded Cyprus Airway's equity.
S povečanjem kapitala naj bi se odpravila negativna neto vrednost, nastala zaradi kumulativne pretekle izgube, zaradi katere se je znižal lastniški kapital družbe Cyprus Airways.
The equity increase will be made by way of a rights issue which will be offered pro-rata to the shareholders with 70 % being offered to the State and 30 % to the private shareholders.
Lastniški kapital se bo povečal z novo izdajo delnic s pravico prednostnega nakupa za sedanje delničarje, ki bo ponujena delničarjem sorazmerno; 70 % bo ponujeno državi, ostalih 30 % pa zasebnim delničarjem.
In the opinion of the Cyprus government this equity increase will be an investment similar to that made by a market economy investor.
Po mnenju ciprske vlade bo povečanje lastniškega kapitala podobno naložbi vlagatelja v tržnem gospodarstvu.
On the issue of compensatory measures the Cypriot authorities reiterated their view that the airline has in effect been restructuring its operations since 2004.
Pri napovedanih izravnalnih ukrepih so ciprski organi znova poudarili svoje stališče, da letalska družba že od leta 2004 izvaja prestrukturiranje svojih dejavnosti.
In this respect at the end of 2004, the airline reduced its fleet by two aircraft and gave up a number of routes while at the same time reducing its frequency on other routes.
V zvezi s tem je konec leta 2004 letalska družba zmanjšala svojo floto za dve letali, se odpovedala nekaterim progam in obenem zmanjšala pogostnost letov na ostalih progah.
In the context of a 12 aircraft airline in 2004 this reduction was, in their view, very significant and a further reduction in size at this stage would have a negative impact on the airline's long-term viability.
Po njihovem mnenju je za letalsko družbo z 12 letali to zmanjšanje kar precejšnje, zato bi nadaljnje zmanjševanje na tej stopnji negativno vplivalo na dolgoročno sposobnost preživetja družbe.
The Cypriot authorities also contend that the decision to sell HellasJet and the decision not to renew HellasJet's leases on three leased aircraft constitutes a significant Group capacity reduction which should be seen as a compensatory measure.
Ciprski organi menijo, da odločitev, da se družba HellasJet proda in da se ne obnovi zakupnih pogodb za tri zakupljena letala družbe HellasJet, predstavlja veliko zmanjšanje zmogljivosti skupine, ki bi moralo veljati za izravnalni ukrep.
Similarly the sale of Eurocypria as the Group fleet will be reduced by 6 further aircraft, after the sale the two companies would be legally and financially independent.
Podobno velja za prodajo Eurocyprie, pri čemer bo flota skupine manjša za šest letal, po prodaji pa bosta družbi pravno in finančno neodvisni.
In the view of the Cypriot authorities there is no further scope in this restructuring for further compensatory measure which would not risk imperilling the object of the restructuring.
Glede prestrukturiranja ciprski organi menijo, da nadaljnji izravnalni ukrepi, s katerimi ne bi ogrozili predmeta prestrukturiranja, niso več mogoči.
The Cypriot authorities stress that Cyprus Airways is a very small player in the Community aviation market and its actions are unlikely to influence the competitive situation in this matter.
Ciprski organi poudarjajo, da ima družba Cyprus Airways zelo majhno vlogo na letalskem trgu Skupnosti in da je le malo verjetno, da bi njena dejanja vplivala na konkurenčen položaj na trgu.
The Cypriot market, which is mainly a destination market has been liberalised for some time and currently some 99 airlines operate scheduled and charter services in to and out of Cyprus.
Ciprski trg, ki je pretežno ciljni trg, je že nekaj časa liberaliziran in zdaj na njem deluje približno 99 letalskih družb, ki opravljajo redne in čarterske lete na Ciper in z njega.
On closer examination 80 % of traffic is intra-Community/EEA and therefore not subject to restrictions of any kind.
Natančneje poteka 80 % prometa v Skupnosti/EGS, zato ni predmet nobene omejitve.
A further 8-9 % is made up of charter services from third countries which are fully liberalised.
Nadaljnjih 8–9 % predstavljajo čarterske storitve iz tretjih držav, ki so popolnoma liberalizirane.
The remaining 10-11 % is made up of traffic from the Middle East and Gulf regions where the aero-political context is driven by bilateral arrangements between Cyprus and these countries.
Preostalih 10–11 % sestavlja promet z Bližnjega vzhoda in zalivske regije, pri katerem letalsko-politično ozadje določajo dvostranski sporazumi med Ciprom in zadevnimi državami.
In this context the Cypriot authorities feel that there is very limited scope for further liberalisation of the Cypriot aviation market on the basis of actions taken at the national level.
Ciprski organi zato menijo, da je za nadaljnjo liberalizacijo ciprskega letalskega trga na podlagi ukrepov, sprejetih na državni ravni, zelo malo možnosti.
In relation to the issue of own contribution the Cypriot authorities wished to clarify on a number of issues.
Ciprski organi so želeli pojasniti številna vprašanja glede njihovega lastnega prispevka.
In relation to the Cyprus Airways owned fleet, the company had not been able to place its aircraft as security against borrowing from commercial banks due to the relative age of the aircraft (the 7 A320 aircraft owned by Cyprus Airways were delivered to the company between 1989 and 1993).
Družba Cyprus Airways ni mogla zastaviti svoje flote kot jamstvo za posojilo komercialnih bank zaradi razmeroma starih letal (sedem letal A320, ki so v lasti družbe Cyprus Airways, je bilo dobavljenih med letoma 1989 in 1993).
Efforts had been made in this regard and the replies received from a number of commercial banks had been negative.
Družba si je za to prizadevala, a neuspešno, saj komercialne banke posojila niso odobrile.
In similar vein the government explained that the sale of part of the fleet was not considered as a real alternative as this would render the company incapable of continued operations.
Podobno je vlada razložila, da prodaja dela flote ni prava rešitev, saj bi to preprečilo nadaljnje delovanje.
The only real alternative therefore was the sale of Eurocypria and they argue that the sale of this subsidiary should be regarded as an own contribution.
Zato je edina prava rešitev prodaja Eurocyprie in ciprski organi menijo, da se prodaja hčerinske družbe mora upoštevati kot lastni prispevek.
In relation to HellasJet this company ceased operations as a scheduled airline in May 2005 and transformed its business from a scheduled carrier to an aircraft broker and charter operator by entering into an agreement with a Greek company called Trans World Aviation.
HellasJet je redne lete prenehal opravljati maja 2005 in je s podpisom sporazuma z grško družbo Trans World Aviation preusmeril svoj posel iz prevoznika, ki opravlja redne lete, v posrednika letal in čarterskega prevoznika.
51 % of the equity of the company had already been sold and the government were in negotiations to sell the rest of the company.
Do zdaj je bilo prodanih 51 % lastniškega kapitala družbe in vlada se je pogajala za prodajo preostalega dela.
The Cyprus authorities also consider that the capital increase planned for mid-2007 constitutes an own contribution to the restructuring.
Poleg tega ciprski organi menijo, da se povečanje kapitala, načrtovano za sredino leta 2007, šteje za lastni prispevek k prestrukturiranju.
In their opinion should be added the sale of an aircraft in 2005 (CYP 5 million), the sale of a spare A320 aircraft engine (CYP 1,7 million) and the sale of spare parts (CYP 0,7 million), leading to a further contribution of CYP 7,4 million.
Po njihovem mnenju se mora dodati še prodaja letala leta 2005 (5 milijonov CYP), prodaja rezervnega motorja letala A320 (1,7 milijona CYP) in prodaja rezervnih delov (0,7 milijona CYP), kar skupaj znaša 7,4 milijona CYP.
Finally, in relation to the level of own contribution to the restructuring the Cypriot authorities draw the attention of the Commission to point 56 of the R & R guidelines which provide
Kar zadeva delež lastnega prispevka pri prestrukturiranju, ciprski organi Komisijo opozarjajo na točko 56 iz smernic za reševanje in prestrukturiranje:
‘In assisted areas, however, and unless otherwise stipulated in rules on state aid in a particular sector, the conditions for authorising aid may be less stringent as regards the implementation of compensatory measures and the size of the beneficiary's contribution’
„Na območjih, ki prejemajo podporo, so lahko pogoji za odobritev pomoči manj strogi glede izvajanja izravnalnih ukrepov in višine prispevka upravičenca, razen če pravila o državni pomoči v določenem sektorju določajo drugače.“
They go on to point out that for the period 2000-2006 that the whole of Cyprus is considered as one region falling under Article 87(3)(a) of the EC Treaty, and that Cyprus Airways is particularly valuable to the tourism-based economy of Cyprus and further capacity reduction in the airline either through further compensatory measures or through an extremely high proportion of own contribution is bound to have far reaching repercussions on the tourism sector and on regional development generally.
Nadalje poudarjajo, da se za obdobje 2000–2006 celoten Ciper šteje za eno regijo iz člena 87(3)(a) Pogodbe ES in da je družba Cyprus Airways zelo pomembna za gospodarstvo Cipra, ki temelji na turizmu, ter da bo imelo dodatno zmanjšanje zmogljivosti družbe z nadaljnjimi izravnalnimi ukrepi ali zelo visokim deležem lastnega prispevka hude posledice za turistični sektor in splošni razvoj regije.
Third party comments
Pripombe tretje strani
Following the publication of the letter addressed to the Cypriot authorities in the Official Journal comments were received from one interested party within the time allowed.
Po objavi pisma, naslovljenega na ciprske organe, v Uradnem listu, je v dovoljenem času ena zainteresirana stran poslala pripombe.
The Commission notes that no competitor submitted comments within the context of the opening of procedure.
Komisija ugotavlja, da nobena konkurenčna družba ni predložila pripomb v zvezi z začetkom postopka.
The Comment was received from the Pancyprian Airline Pilots Union (PASYPI), who wished to give their opinion on the restructuring plan for Cyprus Airways and on the proper and efficient management of the company.
Pripombe je poslal sindikat pilotov ciprskih letalskih družb (PASYPI), ki je želel izraziti svoje mnenje o načrtu za prestrukturiranje družbe Cyprus Airways ter o ustreznem in učinkovitem vodenju družbe.
They expressed the opinion that if the current restructuring plan was to be approved under the ‘prevailing management thinking’ that this might be ‘very disastrous’ for the company.
Menil je, da bi se odobritev sedanjega načrta za prestrukturiranje na podlagi „prevladujoče miselnosti vodstva“ lahko izkazala kot „katastrofalna“ za družbo.
In the opinion of PASYPI Cyprus Airways had not presented a proper and viable business plan to its employees since the Commission had authorised rescue aid for the company.
Po mnenju PASYPI družba Cyprus Airways svojim zaposlenim ni predstavila ustreznega in izvedljivega poslovnega načrta, odkar je Komisija podjetju odobrila pomoč za reševanje.
No restructuring of either the management or the operations of the company had taken place and this was due to political interests and interference.
Zaradi političnih interesov in vmešavanja ni bilo izvedeno nikakršno prestrukturiranje vodstva ali poslovanja družbe.
The union assert that the airline is overstaffed and that plans put in place by the company management had failed to reduce the number of staff to staffing levels consistent with international standards and benchmarking, political pressure and considerations were cited as reasons for this failure.
Sindikat PASYPI je trdil, da ima letalska družba preveč zaposlenih in da načrti, ki jih je sestavilo vodstvo družbe, niso bili uspešni pri zmanjšanju števila zaposlenih na število, ki je v skladu z mednarodnimi standardi in merili, kot razlog za ta neuspeh pa navaja politične pritiske in pomisleke.
PASYPI point out that the private shareholders of the company do not contribute to its survival and that the only stakeholders who contribute to the reduction in costs are the employees.
Sindikat PASYPI je poudaril, da zasebni delničarji družbe ne prispevajo k njenemu preživetju in da so zaposleni edina zainteresirana stran, ki prispeva k zniževanju stroškov.
The pilots' union also criticises the company management in relation to the treatment of two subsidiaries Eurocypria and HellasJet.
Sindikat pilotov je poleg tega kritiziral vodstvo družbe v zvezi z obravnavo dveh hčerinskih družb Eurocypria in HellasJet.
In relation to Eurocypria they question whether the sale of this company will have adverse effects and limitations on the future of and expansion of Cyprus Airways.
V zvezi z družbo Eurocypria se je sindikat spraševal, ali bo imela njena prodaja negativne posledice ter ali bo ovirala preživetje in širjenje družbe Cyprus Airways.
With respect to HellasJet the union takes issue with the fact that the management has never revealed to the staff the losses incurred by HellasJet and whether this company is still operating.
V zvezi z družbo HellasJet je sindikat kritiziral dejstvo, da vodstvo zaposlenim ni nikoli razkrilo izgub družbe in tega, ali družba še vedno deluje.
In conclusion the pilots' union states that there is a need for a new business plan for the airline and that the airline needs to be privatised.
Sindikat pilotov je kot sklep navedel, da je za letalsko družbo potreben nov poslovni načrt in da je treba letalsko družbo privatizirati.
Reply of the Cypriot authorities to the Third Party Comment
Odgovor ciprskih organov na pripombe tretje strani
The Cypriot authorities reply to the comments received from the pilots' union was firstly to assert that the statements made were neither substantiated nor based on any solid business rationale or background.
Ciprski organi so v odgovoru na pripombe sindikata pilotov najprej navedli, da njegove trditve niso utemeljene in da nimajo nobene trdne poslovne utemeljitve ali podlage.
In relation to the restructuring plan the government states that this was being implemented and that change within the company was already visible.
V zvezi z načrtom za prestrukturiranje je vlada navedla, da se ta izvaja in da so spremembe v družbi že vidne.
Savings on an annual basis were in line with those foreseen by the plan at CYP 19,5 million.
Letni prihranki so v skladu s prihranki, predvidenimi v načrtu, to je 19,5 milijona CYP.
The core of the plan is to reduce costs so as to give the airline the ability to restructure its operations more competitively.
Bistvo načrta je znižanje stroškov, da bi lahko letalska družba bolj konkurenčno prestrukturirala svoje delovanje.
As labour costs were a significant factor this has meant that the staff had been unavoidably affected either through redundancy or through reduced earnings.
Ker so stroški dela pomemben dejavnik, se ni bilo mogoče izogniti temu, da se prizadene osebje, ali z odpuščanjem presežka delovne sile ali nižjimi dohodki.
With regard to the issue of overstaffing the government rejects the allegations made by PASYPI and states that the number of staff to be made redundant due to leave the company by the end of 2006 is approximately 414 rather than the 385 persons envisaged in the restructuring plan.
V zvezi z vprašanjem presežka delovne sile je vlada zavrnila obtožbe sindikata PASYPI in navedla, da je število zaposlenih, ki so do konca leta 2006 morali zapustiti družbo, približno 414 in ne 385, kot je bilo predvideno v načrtu za prestrukturiranje.
Concerning the increase in capital, the government explain that this will take place in mid-2007 when tangible results from the implementation of the restructuring plan are evident.
V zvezi s povečanjem kapitala je vlada pojasnila, da bo to potekalo v sredini leta 2007, ko bodo vidni oprijemljivi rezultati izvajanja načrta za prestrukturiranje.
It is intended that the ratio of private/public shareholding in the company will be maintained.
V skladu z načrtom se bo razmerje med zasebnim in javnim poslovnim deležem v družbi ohranilo.
The government explained that the sale of Eurocypria was taken to enable Cyprus Airways to meet the own contribution requirements of the Community R & R guidelines.
Vlada je razložila, da je bila odločitev za prodajo družbe Eurocypria sprejeta zato, da bi družba Cyprus Airways izpolnjevala zahteve glede lastnega prispevka iz smernic Skupnosti za reševanje in prestrukturiranje.
They stated that that the sale of Eurocypria at an independently evaluated price of CYP 13,425 million was to take place in early August 2006.
Navedla je, da se bo družba Eurocypria prodala po neodvisno postavljeni ceni 13,425 milijona CYP na začetku avgusta 2006.
In relation to HellasJet the government explained that following a tripartite agreement between Cyprus Airways, HellasJet and Trans World Aviation SA (trading in Greece as Air Miles) Cyprus Airways had arranged for the sale of HellasJet to Trans World for EUR 2 million (CYP 1,16 million).
V zvezi z družbo HellasJet je vlada razložila, da je družba Cyprus Airways z družbama HellasJet in Trans World Aviation SA (ki v Grčiji deluje kot Air Miles) sklenila tristranski sporazum, po kateri bi družbo HellasJet prodala družbi Trans World po ceni 2 milijona EUR (1,16 milijona CYP).
They stated that Cyprus Airways's intention had been to mitigate as far as possible the operating losses of HellasJet and to extract itself from this venture once the corporate guarantees previously provided by Cyprus Airways in connection with HellasJet's fleet had expired and argued that this sum should be considered as an own contribution.
Navedla je, da je bil namen družbe Cyprus Airways ublažiti izgubo iz poslovanja družbe HellasJet, kolikor je to mogoče, in se umakniti iz podjetja, ko potečejo jamstva, ki jih je družba Cyprus Airways zagotovila v zvezi s floto družbe HellasJet; na podlagi tega se je zavzela zato, da je treba ta znesek šteti kot lasten prispevek.
The government rejected the pilots' union call for a new restructuring plan and affirm that the current business plan does not require any revision.
Vlada je zavrnila poziv sindikata pilotov k oblikovanju novega načrta za prestrukturiranje in zatrdila, da sedanji poslovni načrt ne potrebuje nobene spremembe.
The government do not exclude the possibility of privatising the company should an attractive offer be made.
Vlada ni izključila možnosti za privatizacijo družbe v primeru privlačne ponudbe.
In relation to the capital increased planned for mid-2007 and at the request of the Commission, the Cypriot authorities provided further information by letter dated 19 December 2006.
V zvezi s povečanjem kapitala, načrtovanim za sredino leta 2007, in na zahtevo Komisije so ciprski organi v pismu z dne 19. decembra 2006 predložili dodatne informacije.
They explained that according to the provisions of Cypriot company law a public company may not issue shares below nominal value.
Razložili so, da v skladu z določbami ciprskega prava družb javna družba ne sme izdajati delnic pod nominalno vrednostjo.
As Cyprus Airways shares were at that time being traded on the Cyprus Stock Exchange at a value in the range of CYP 0,15-0,16 while they had a nominal value of CYP 0,50 per share.
V tistem času se je z delnicami družbe Cyprus Airways na ciprski borzi trgovalo po ceni od 0,15 do 0,16 CYP, medtem ko je bila njihova nominalna vrednost 0,50 CYP na delnico.
As it was felt that any issue at or above par value would be successful it would be necessary to reduce the nominal value of the share capital.
Ker je prevladovalo mnenje, da bi bila izdaja delnice po nominalni vrednosti ali vrednosti, višji od nominalne, neuspešna, bi bilo treba zmanjšati nominalno vrednost delniškega kapitala.