natgillin/translations-raw huggingface dataset:
Specifically, Zenon provides and distributes electronic information that allows travel agents to make air seat reservations and ticketing as well as hotel and car reservations.
Zenon zlasti zagotavlja in posreduje elektronske informacije, ki potovalnim agencijam omogočajo rezervacijo in izdajo letalskih vozovnic, rezervacijo hotelov in najem avtomobilov.
This company commenced its operations in 1996 when it took over the operation of the Duty Free Shops in Larnaca and Paphos airports.
Ta družba je začela delovati leta 1996, ko je prevzela upravljanje brezcarinskih trgovin na letališčih Larnaca in Paphos.
At the time of notification of the restructuring plan it was intended that the Duty Free Shops at Larnaca and Paphos airports will be taken over by the new airport concessionaire and no longer form part of the Group.
Ob predložitvi načrta za prestrukturiranje je bilo načrtovano, da bo novi letališki koncesionar prevzel brezcarinske trgovine na letališčih Larnaca in Phapos, tako da ne bodo več del skupine.
This happened in June 2006.
To se je zgodilo junija 2006.
THE OPENING OF PROCEDURE
ZAČETEK POSTOPKA
The decision of the Commission to open the procedure provided for under Article 88(2) was based on a number of issues arising from its examination of the restructuring plan.
Odločitev Komisije, da sproži postopek iz člena 88(2), je temeljila na številnih vprašanjih, na katere je naletela pri pregledu načrta za prestrukturiranje.
The Commission expressed doubts as to whether the plan was compatible with the applicable community framework, i.e. the Community guidelines for the State aid for the Rescue and Restructuring of Firms in Difficulty of 2004 (hereinafter the R & R guidelines).
Komisija je izrazila dvom glede tega, da je načrt v skladu z veljavnim zakonodajnim okvirom Skupnosti, tj. s smernicami Skupnosti o državni pomoči za reševanje in prestrukturiranje podjetij v težavah iz leta 2004 (v nadaljevanju „smernice za reševanje in prestrukturiranje“).
The long-term loan of CYP55 million (€96 million) and cost cutting measures
Dolgoročno posojilo 55 milijonov CYP (96 milijonov EUR) in ukrepi za zniževanje stroškov
The central plank of the restructuring plan is a loan on commercial terms with a guarantee from the Cyprus government for a ten year period, and will in the first case be used to repay the short-term loan of CYP 30 million (EUR 51 million) made following the rescue aid approval in May 2005.
Jedro načrta za prestrukturiranje je posojilo pod komercialnimi pogoji in z jamstvom ciprske vlade za deset let, ki se bo najprej uporabilo za vračilo kratkoročnega posojila 30 milijonov CYP (51 milijonov EUR), najetega v maju 2005 po odobritvi pomoči za reševanje.
Thereafter the balance will be used to restructure the airline.
Razlika se bo porabila za prestrukturiranje letalske družbe.
In the first 24 months of the restructuring plan the main focus was to be on cost cutting and selected revenue enhancement.
V prvih 24 mesecih izvajanja načrta za prestrukturiranje je bil poudarek na zniževanju stroškov in izbranem povečanju prihodkov.
The government and management estimated that total costs needed to be reduced by 13 %.
Vlada in vodstvo sta ocenila, da je treba skupne stroške znižati za 13 %.
This was to be achieved by cutting staff numbers by some 20 % and at the same time reducing salary levels by an average of 15 %.
To naj bi se doseglo z zmanjšanjem števila zaposlenih za 20 % in hkratnim znižanjem ravni plač za povprečno 15 %.
This means that of a staff of 1840 as of 1 September 2005, 385 were to be made redundant under the restructuring plan; these redundancies were to lead to annual savings of approximately CYP 7 million (EUR 12 million); further economies of some CYP 4,6 million (EUR 8 million) will be cut from ongoing staff costs.
To pomeni, da naj bi bilo v skladu z načrtom za prestrukturiranje število zaposlenih (1840) s prvim septembrom 2005 zmanjšano za 385. Z zmanjšanjem delovnih mest naj bi se na leto prihranilo približno 7 milijonov CYP (12 milijonov EUR); nadaljnjih 4,6 milijona CYP (8 milijonov EUR) se bo privarčevalo z znižanjem rednih stroškov za zaposlene.
The Commission expressed doubts regarding whether the plan would restore the long-term viability of the company in the shortest possible time and without need for additional aid in the future.
Komisija je izrazila dvom, da se bo z načrtom v čim krajšem času in brez dodatne pomoči v prihodnosti obnovila dolgoročna sposobnost preživetja podjetja.
It also stated that it did not have enough information to be able to take a position on whether the amount of the aid element of the restructuring plan has been kept to a minimum.
Komisija je ravno tako dejala, da nima dovolj informacij, da bi lahko precenila, ali je znesek pomoči iz načrta za prestrukturiranje res najmanjši možni.
The Commission also questioned the need for the long-term loan to be paid off over 10 years.
Komisija je ravno tako izrazila dvom glede nujnosti, da se dolgoročno posojilo odplača v desetih letih.
The Commission said that it did not have enough information to be able to say if the financial projections are reasonable or if the assumptions on which these are based are valid and it would be particularly interested in having the opinion of Cyprus Airway's competitors on the plan.
Komisija je dejala, da nima dovolj podatkov, da bi lahko presodila, ali so finančni načrti smiselni in ali so predvidevanja, na katerih temeljijo, ustrezna, zato jo je zlasti zanimalo mnenje konkurentov družbe Cyprus Airways o načrtu.
Sale of Eurocypria
Prodaja Eurocyprie
The restructuring plan envisaged the sale of Eurocypria, the charter subsidiary of Cyprus Airways to the government at a price to be determined by an independent expert.
V načrtu za prestrukturiranje je bila predvidena prodaja Eurocyprie, čarterske hčerinske družbe Cyprus Airways, vladi po ceni, ki jo določi neodvisni strokovnjak.
The price was initially estimated at CYP 15 million (EUR 26 million).
Cena je bila prvotno ocenjena na 15 milijonov CYP (26 milijonov EUR).
Eurocypria would therefore be separated from the Cyprus Airways group and operated as a completely distinct entity.
Eurocypria bi se tako ločila od skupine Cyprus Airways in bi delovala kot popolnoma samostojna enota.
The proceeds of the sale (paid by the government to Cyprus Airways) would be used by the latter to fund its restructuring.
Prihodki od prodaje (plačilo vlade družbi Cyprus Airways) bi se uporabili za financiranje prestrukturiranja.
The Commission expressed doubts regarding the sale and how the sales price would be arrived at.
Komisija ima pomisleke glede prodaje in načina določitve cene.
If the price paid for Eurocypria were not to be a market price then it would be State aid.
Če cena, po kateri bi se Eurocypria prodala, ne bi bila tržna cena, bi se ta vsota obravnavala kot državna pomoč.
Capital increase
Povečanje kapitala
A further part of the restructuring plan, intended to take place 18 months after the plan has been initiated is a capital increase of CYP 14 million (EUR 24 million).
Drugi del načrta za prestrukturiranje, ki naj bi se izvedel 18 mesecev po uvedbi načrta, je povečanje kapitala za 14 milijonov CYP (24 milijonov EUR).
All shareholders (State and private shareholders) will participate in proportion to their shareholding.
Pri tem bodo vsi delničarji (država in zasebni delničarji) sodelovali sorazmerno s svojimi deleži.
The State will put up CYP 9,8 million (EUR 17 million) while the private shareholders' contribution in this capital increase will be around CYP 4,2 million (EUR 7,3 million).
Država bo prispevala 9,8 milijona CYP (17 milijonov EUR), medtem ko bodo zasebni delničarji pri povečanju kapitala prispevali okoli 4,2 milijona CYP (7,3 milijona EUR).
In opening the procedure the Commission indicated that it could not exclude that the State participation in this capital increase could amount to State aid.
Ko se je postopek začel, je Komisija dejala, da ne more izključiti tega, da bi lahko prispevek države pri povečanju kapitala predstavljal državno pomoč.
The Commission expressed doubts as to whether the compensatory measures proposed in the restructuring plan would be sufficient to remedy the market distortion caused by the aid.
Komisija dvomi, da bi izravnalni ukrepi, predlagani v načrtu za prestrukturiranje, zadostovali za odpravo izkrivljanja trga, ki ga povzroča pomoč.
The plan included relatively small reductions in the fleet and route network for Cyprus Airways.
Načrt je vključeval razmeroma majhno zmanjšanje flote in mreže prog za družbo Cyprus Airways.
The charter arm Eurocypria was to be sold off and another subsidiary HellasJet was to be closed down and its three aircraft released.
Čarterska hčerinska družba Eurocypria naj bi se prodala in druga hčerinska družba HellasJet zaprla, njena tri letala pa oddala.
The Commission expressed doubts in particular as Eurocypria was to be sold to Cyprus Airway's principal shareholder.
Komisija je izrazila dvom zlasti glede tega, da naj bi se Eurocypria prodala glavnemu delničarju družbe Cyprus Airways.
The Commission invited comment from Cyprus Airway's competitors in this regard.
V zvezi s tem je Komisija želela slišati mnenje konkurentov družbe Cyprus Airways.
Normally with a company of the size of Cyprus Airways the level of own contribution to the restructuring costs should be in the order of 50 %.
Pri družbi, ki je tako velika, kot je družba Cyprus Airways, mora biti delež lastne udeležbe pri stroških prestrukturiranja 50 %.
The Commission expressed doubts regarding the level of own contribution and as to what should be considered as constituting an own contribution.
Komisija je izrazila dvom glede deleža lastnega prispevka in tega, kaj naj bi se štelo zanj.
COMMENTS RECEIVED DURING THE PROCEDURE
PRIPOMBE, PREJETE MED POSTOPKOM
Initial comments of the Cypriot authorities
Začetne pripombe ciprskih organov
The Cypriot authorities replied to the opening of procedure by seeking to clarify certain issues raised by the Commission.
Ciprski organi so v svojem odgovoru na obvestilo o začetku postopka skušali pojasniti nekatera vprašanja, ki jih je zastavila Komisija.
In relation to the issues concerning the restoration of long-term viability of Cyprus Airways, the restructuring plan provided that the restructuring costs (financed by the long term loan of CYP 55 million as well as the proceeds of the sale of Eurocypria were to be spent as follows
V zvezi z vprašanji o obnovitvi dolgoročne sposobnosti preživetja družbe Cyprus Airways je v načrtu za prestrukturiranje predvideno, da bodo stroški prestrukturiranja, ki bodo kriti z dolgoročnim posojilom 55 milijonov CPY, in prihodki od prodaje Eurocyprie porabljeni na naslednji način:
(CYP million)
(v milijonih CYP)
Repayment of rescue aid
vračilo pomoči za reševanje
Redundancy payments
odpravnine za presežek delovne sile
Other redundancy costs
drugi stroški v zvezi s presežkom delovne sile
Working capital for Cyprus Airways
gibljiva sredstva družbe Cyprus Airways
Predicted capital expenditure
predvideni investicijski izdatki
Cash flow deficits
primanjkljaj denarnega toka
In relation to the future operation of the company, both the Cypriot authorities and the airline have acknowledged that the strategic and operational model that served Cyprus Airways in the past is not sustainable in the competitive environment where the company operates today.
V zvezi s prihodnjim delovanjem družbe so ciprski organi in letalska družba potrdili, da strateški in operativni model, ki ju je družba uporabljala v preteklosti, nista uspešna v konkurenčnem okolju, v katerem družba deluje danes.
The basic misalignment lies in the fact that Cyprus Airways operates at a cost level of a fully fledged network carrier while the reality of the liberalized leisure-dominated Cyprus market only allows for revenue levels which are at par with those of charter and/or low cost airlines, which are in fact Cyprus Airways' real competitors.
Osnovno neskladje je v tem, da družba Cyprus Airways posluje na stroškovni ravni v celoti razvitega omrežnega prevoznika, medtem ko dejansko stanje ciprskega liberaliziranega trga, na katerem prevladujejo dejavnosti za prosti čas, omogoča dohodke, ki so enaki ravni dohodkov čarterskih ali nizkocenovnih letalskih prevoznikov, ki so pravi konkurenti družbi Cyprus Airways.
In the current business environment and given the full liberalisation of the air transport market in Cyprus, Cyprus Airways has only limited options for further growth or revenue enhancement.
V sedanjem poslovnem okolju in ob upoštevanju popolne liberalizacije trga zračnega prometa na Cipru ima družba Cyprus Airways le omejene možnosti za nadaljnji razvoj ali povečanje prihodkov.
Even the predicted growth in the aviation market of over 4 % would not allow Cyprus Airways to get out of its current difficult situation without additional action.
Celo predvidena štiriodstotna rast na letalskem trgu ne bi bila dovolj, da bi se družba Cyprus Airways rešila iz težavnega položaja brez dodatne pomoči.
Therefore the company has undertaken a hard restructuring in which drastic cost cutting is unavoidable.
Zato se je podjetje odločilo za temeljito prestrukturiranje, pri katerem je veliko znižanje stroškov neizbežno.
In the restructuring plan the company had estimated that total costs need to be reduced by 13 %.
Podjetje je v načrtu za prestrukturiranje ocenilo, da je treba skupne stroške znižati za 13 %.
This was to be achieved by cutting staff costs by around 20 % and at the same time reducing salary levels on average by 15 %.
To naj bi se doseglo z znižanjem stroškov za zaposlene za približno 20 % in hkratnim znižanjem ravni plač za povprečno 15 %.
In addition to this cost cutting the company has to undertake other elements of the restructuring plan which is ongoing and which argues at this early stage for the long term viability of the company.
Poleg zniževanja stroškov mora podjetje upoštevati tudi druge elemente iz načrta za prestrukturiranje, ki že poteka in že na začetni stopnji predvideva dolgoročno sposobnost preživetja družbe.
It is now intended that the company will be in a position to successfully reposition itself in a manner that would allow the airline to survive and create an acceptable Return on Investment (ROI) in the medium term, without any further subsidy or aid.
Načrtovano je, da se bo lahko družba ponovno uspešno uveljavila na način, s katerim bo lahko brez dodatnih subvencij ali pomoči preživela in zagotovila primerno rentabilnost naložb v srednjeročnem obdobju.
It is intended that during 2007 that a second round of cost cutting will be undertaken, focusing on outsourcing and industry best practice.
Predvideno je, da bo leta 2007 potekal drugi krog zniževanja stroškov, ki bo usmerjen na zunanje izvajanje in najboljšo prakso industrije.
Profit and loss evolution Cyprus Airways (forecast) [4]
Razvoj izkaza uspeha družbe Cyprus Airways (napoved) [4]
CYP 000s
V tisočih CYP
Total revenues
Skupni prihodki
Operating Result
Izid iz rednega poslovanja
Profit (loss) before tax
Dobiček (izguba) pred obdavčitvijo
The future turnaround of the airline is based on consolidating the benefits accruing from these reduced costs and steadily growing the airline.
Prihodnji preobrat letalske družbe temelji na konsolidiranju koristi zaradi znižanih stroškov in stalni rasti družbe.
In this respect the restructuring plan foresees passenger traffic evolution for the period 2004-2010 as follows
V zvezi s tem je v načrtu za prestrukturiranje predviden razvoj potniškega prometa za obdobje 2004–2010:
Cyprus Airways Passenger Traffic evolution (forecast) [4]
Razvoj potniškega prometa družbe Cyprus Airways (napoved) [4]
Overall Cyprus traffic (millions)
Skupni promet družbe Cyprus Airways (v milijonih)
CY traffic (millions)
Promet na Cipru (v milijonih)
CY market shares
Tržni delež Cipra
In relation to the sale of Eurocypria, the government clarified that in addition to the evaluation previously carried out by PricewaterhouseCoopers on behalf of Cyprus Airways to establish a market price for Eurocypria a second valuation on behalf of the government had been commissioned from HSBC to determine a sales price under well established and accepted methodology.
V zvezi s prodajo Eurocyprie je vlada pojasnila, da je poleg ocene, ki jo je pred tem pripravilo podjetje PricewaterhouseCoopers v imenu družbe Cyprus Airways za določitev tržne cene Eurocyprie, banki HSBC naročila, naj pripravi drugo oceno v imenu vlade in določi prodajno ceno v skladu z uveljavljeno in sprejeto metodologijo.
The sale of Eurocypria to the State would therefore be carried out at arms length.
Prodaja Eurocyprie državi bi tako potekala na čisto poslovni podlagi.
PwC have carried out a valuation of the company using the Discounted Cash Flow (DCF) methodology and comparing the implied valuation multiples to the market approach they have also taken into consideration transactions involving the purchase and sale of comparable companies in the industry.
Podjetje PricewaterhouseCoopers je pripravilo oceno družbe, pri čemer je uporabilo metodo diskontiranega denarnega toka; s primerjavo danih kazalnikov ocene s tržnim pristopom pa je tudi upoštevalo transakcije, ki so povezane z nakupom in prodajo primerljivih družb v panogi.
PwC report that the revenue of the company is derived from the sale of aircraft seats to tour operators, the total of passengers carried in 2005 amounted to 662561 and this is expected to increase to 829092 during 2006, it should be noted that the forecasted revenue for 2006 has already been contracted.
Poročilo podjetja PricewaterhouseCoopers navaja, da prihodki podjetja izhajajo iz prodaje letalskih vozovnic organizatorjem potovanj; skupno število potnikov je leta 2005 znašalo 662561, leta 2006 pa naj bi se povečalo na 829092, pri čemer je treba opozoriti, da so za predvideni prihodek za leto 2006 že sklenjene pogodbe.
The major components of operating costs for 2005 were aviation fuel (30 %) aircraft lease rentals (22 %) airport and en-route costs (15 %) crew costs (11,5 %) and maintenance/engineering costs (9,5 %).
Glavni elementi stroškov poslovanja za leto 2005 so bili letalsko gorivo (30 %), zakup letal (22 %), letališke pristojbine in pristojbine na zračnih poteh (15 %), stroški za posadko (11,5 %) ter stroški vzdrževanja/popravil (9,5 %).
Key performance indicators
Ključni kazalniki uspešnosti
Total flights operated
Skupno število opravljenih letov
Passengers carried
Prepeljani potniki
Total income (CYP 000s)
Skupni prihodek (v tisočih CYP)
Gross profit (CYP 000s)
Bruto dobiček (v tisočih CYP)
Operating profit (loss) (CYP 000s)
Dobiček (izguba) iz poslovanja (v tisočih CYP)
Profit (loss) before taxation (CYP 000s)
Dobiček (izguba) pred obdavčitvijo (v tisočih CYP)
For the financial year 2005 Eurocypria anticipated a profit in the region of CYP 440,000 this amounts to a drop in performance compared to previous years and to the projected figures due to a steep increase in fuel prices experienced in 2005 which could not be passed on to passengers due to the nature of the agreements with tour operators.
Eurocypria je za poslovno leto 2005 predvidela dobiček približno 440000 CYP, kar je manj kot prejšnja leta in kot napovedane vrednosti zaradi visoke rasti cen goriva leta 2005, ki se ne more porazdeliti med potnike zaradi narave sporazuma z organizatorji potovanj.
The DCF method gives an indication of the value of a business based on the value of the free cash flows that the business can be expected to generate in the future, it is designed to find the present day value of future cash flows arising to investors, the resulting cash flows must be discounted at the required rate of return to arrive at an estimate for the present value of the business.
Z metodo diskontiranega denarnega toka je mogoče oceniti vrednost družbe na podlagi vrednosti prostih denarnih tokov, za katere se pričakuje, da jih bo družba ustvarila v prihodnosti, namenjena pa je ugotavljanju sedanje vrednosti prihodnjih denarnih tokov, pridobljenih od vlagateljev, zato se morajo nastali denarni tokovi diskontirati s potrebnim donosom, da se lahko oceni sedanja vrednost družbe.
Four year (2006-2009) financial projections were prepared by the management of Eurocypria, these provided for a ‘terminal value’ of the company representing the amount that an investor would pay today for the rights to the cash flows of the business for years subsequent to the four year projection.
Vodstvo Eurocyprie je pripravilo štiriletni finančni načrt (2006–2009), da bi dobilo „končno vrednost“ podjetja; ta predstavlja znesek, ki bi ga vlagatelj danes plačal za pravice denarnega toka podjetja za vsako leto iz štiriletnega načrta.
A terminal value of CYP 14,54 million was arrived at; this was then discounted by a ‘weighted average cost of capital’ of 9,35 % to arrive at a ‘net present value’ of the company of CYP 14,21 million.
Končna vrednost je bila ocenjena na 14,54 milijona CYP, od te vrednosti se je odštelo „tehtano povprečje stroškov kapitala“ v višini 9,35 % in tako je bila dobljena „neto sedanja vrednost“ družbe, ki znaša 14,21 milijona CYP.
This net present value was then subject to a number of sensitivity analyses to take account of possible varying parameters such as differing USD/CYP exchange rates, (many of the company's costs are in US dollars while its earnings are in other currencies) differing growth prognostics and differing fuel prices.
Neto sedanja vrednost je bila predmet številnih analiz občutljivosti, da so se upoštevali mogoči spreminjajoči se parametri, kot so različni menjalni tečaji USD/CYP (veliko stroškov podjetja je izraženih v ameriških dolarjih, medtem ko je dobiček v drugih valutah), različne napovedi rasti in različne cene goriva.
The sensitivity analyses highlighted the high sensitivity of Eurocypria (in common with most Community airlines) to fluctuations in exchange rates and fuel prices.
V analizi občutljivosti je bila poudarjena visoka občutljivost Eurocyprie (kar je skupno večini letalskih družb v Skupnosti) na nihanja menjalnih tečajev in cen goriva.
On the basis of the analysis described above PwC arrived at an indicative range of values for Eurocypria of between CYP 12,5 million to CYP 16 million.
Na podlagi opisane analize je podjetje PricewaterhouseCoopers določilo okvirni razpon vrednosti Eurocyprie od 12,5 milijona CYP do 16 milijonov CYP.
PwC have also carried out a market comparable analysis of the value comparing Eurocypria with other companies in similar lines or similar types of business.
Podjetje PricewaterhouseCoopers je ravno tako izvedelo primerjalno tržno analizo vrednosti, pri čemer je Eurocyprio primerjalo z drugimi družbami, ki delujejo v podobnih segmentih trga.
This is considered as a valid additional comparison method as the conditions and prospects of similar businesses depend on common factors such as overall demand for their products and services as well as cost structure and operating environments.
Ta analiza se šteje za veljavno dodatno primerjalno metodo, saj so pogoji in napovedi podobnih podjetij odvisni od skupnih dejavnikov, kot so skupno povpraševanje po njihovih izdelkih in storitvah ter struktura stroškov in delovno okolje.
Owing to the lack of publicly quoted charter airline companies PwC used a mix of low cost carriers and mixed scheduled and charter carriers.
Zaradi pomanjkanja čarterskih letalskih družb, ki kotirajo na borzi, je podjetje PricewaterhouseCoopers uporabilo mešanico med nizkocenovnimi prevozniki ter prevozniki, ki opravljajo redne in čarterske lete.
A calculation made on the basis of the current and projected earnings before interest, tax, depreciation and amortization (EBITDA) led to an indicative value of the company's equity of between CYP 12,5 and CYP 13,5 million.
Na podlagi izračuna, izvedenega na podlagi sedanjih in načrtovanih dobičkov pred obrestmi, davki in amortizacijo (EBITDA), je bila ugotovljena okvirna vrednost lastniškega kapitala družbe, ki znaša od 12,5 do 13,5 milijona CYP.
PwC note that this result converges towards the result of the DCF methodology.
Podjetje PricewaterhouseCoopers je poudarilo, da se ta rezultat približno ujema z rezultatom, dobljenim z metodo diskontiranega denarnega toka.