natgillin/translations-raw huggingface dataset:
Taking into account market risks, final return on investment is 15 % per annum for a total investment period of 15 years.
Zaradi tržnega tveganja je bil donos od naložb na koncu določen na 15 % letno za celotno petnajstletno naložben obdobje.
In case T-296/97 (Alitalia v Commission) [17], it was established that the conduct of a private investor in a market economy is guided by prospects of profitability.
V zadevi T-296/97, Alitalia [17], je bilo ugotovljeno, da je obnašanje zasebnih investitorjev v tržnem gospodarstvu odvisno od predvidenega donosa.
The Court of First Instance, in its ruling in case T-228/99 (Westdeutsche Landesbank Girozentrale v Commission of the European Communities) [18] held that the average rate of return cannot be an automatic criterion for determining the existence and amount of State aid.
V sodbi v zadevi T-228/99, Westdeutsche Landesbank [18], je Sodišče prve stopnje razsodilo, da povprečni donos ni avtomatično merilo pri presojevanju, ali gre za državno pomoč in kakšen je njen obseg.
The use of an average return must be consistent with the notion that an informed private investor, in other words, an investor wishing to maximise profits but without running excessive risks in comparison with other participants in the market, would, when calculating the appropriate return to be expected for the investment, in principle require a minimum return equivalent to the average return for the sector concerned.
Zato je pri uporabi povprečnega donosa treba upoštevati, da bi razumen zasebni investitor, torej investitor, ki bi rad imel čim večji donos, ne da bi pri tem v primerjavi z ostalimi preveč tvegal, pri izračunavanju ustreznega donosa svoje naložbe zahteval minimalni donos, ki je enak povprečnemu donosu v zadevnem sektorju.
In its ruling in case C-305/89 (Italian Republic v Commission of the European Communities) [19], the Court took the view that a private investor, whose involvement must be compared with that of a public investor pursuing economic policy aims, will not necessarily behave like an ordinary investor laying out capital with a view to seeing a return in the (more or less) short term, but must at least behave like a private holding company or a private group and undertakings pursuing a structural policy and is guided by the prospects of longer-term profitability.
V sodbi v zadevi C-305/89, Italija proti Komisiji [19], je Sodišče razsodilo, da se zasebni investitor, čigar udeležbo je treba primerjati z javnim investitorjem, ki sledi ciljem ekonomske politike, ne obnaša nujno kot običajni investitor, ki vlaga kapital, da bi si v dokaj kratkem času zagotovil donos, ampak najmanj kot zasebni holding ali skupina zasebnih podjetij, ki ima začrtano strukturno politiko in si prizadeva za dolgoročni donos.
Since the government has a share in a limited partnership, the State, as owner of (some of) the share capital will only be liable for the partnership’s debts up to the liquidation value of the assets.
Glede na to, da je država udeležena v komanditni družbi, jamči kot lastnik (dela) delničarskega kapitala izključno za dolgove družbe v višini likvidacijske vrednosti aktive.
The financial risk of the investment the government participates in would therefore be limited.
Tako je finančno tveganja naložbe, pri kateri sodeluje država, omejeno.
The business plan is well thought out and is based on moderate expectations.
Poslovni načrt je dobro premišljen in temelji na zmernih predvidevanjih.
The limited partnership and SGN are both working on the basis of a long-term vision with a moderate growth model.
Komanditna družba in SGN imata dolgoročno vizijo z zmernim modelom rasti.
The financial risks that depend on the economic cycle are therefore removed in order to enhance the possibility and the size of return on investment.
Finančna tveganja, ki so odvisna od gospodarskega cikla, so tako izključena, kar naj bi povečalo možnosti za donos in njegovo višino.
The plan contains policy objectives, expected rates of return and financial risk calculations.
Načrt vsebuje politične cilje, podatke o predvidenem donosu in izračun finančnega tveganja.
On the basis of the conclusions of the Deloitte & Touche feasibility report, the project can be regarded as being viable.
Na podlagi sklepnih ugotovitev, ki jih je v študiji izvedljivosti navedlo podjetje Deloitte & Touche, je projekt izvedljiv.
The reluctance within the private market to finance the project’s start-up phase was caused by unfamiliarity with the restructuring of land and the specific features of the agricultural and greenhouse cultivation market.
Zasebni trg je financiranju začetne faze projekta nasprotoval zaradi neprepoznavnosti prestrukturiranja zemlje in posebnih značilnosti kmetijskega trga in kmetijske pridelave v rastlinjakih.
The capital injections were in this case based on reasonable anticipated rates of return in the medium to long term.
Kapitalna vlaganja so temeljila na ustreznem predvidenem srednje- do dolgoročnem donosu.
The different parties required a return on their investment of 15 % per annum over a period of 15 years.
Različne strani so zahtevale 15-odstotni letni donos od naložb v petnajstletnem obdobju.
This return was in line with average rates of return in the sector concerned [20].
Ta donos je ustrezal povprečnemu donosu v zadevnem sektorju [20].
The investors used the same criteria as providers of capital under normal market conditions.
Investitorji so upoštevali ista merila kot vlagatelji kapitala pod običajnimi tržnimi pogoji.
The Commission does not see why a market economy investor should not provide capital, if it can be expected that these initial investments would help the company become profitable in the future.
Komisija ne vidi razloga, zakaj investitor v tržnem gospodarstvu ne bi smel vlagati kapitala, če se predpostavlja, da naj bi te prvotne naložbe podjetju pomagale pri donosnosti.
It can therefore be considered that, by providing the start-up capital of EUR 15123000 the Dutch authorities did not confer an advantage on SGN and acted like a market economy investor and lender.
Na podlagi tega dejstva se lahko sklepa, da nizozemski organi SGN s tem, da so mu zagotovili začetni kapital v višini 15123000 EUR, niso dali prednosti ter so tako ravnali kot investitor in ponudnik kredita v tržnem gospodarstvu.
The benefit for SGN, the other partners in the limited partnership and any future interested parties
Prednosti za SGN, ostale komanditiste komanditne družbe in morebitni prihodnji zainteresirani
According to the information provided by the Dutch authorities, the purchase, management and re-sale of the land and premises took place at market price.
Iz informacij, ki so jih predložili nizozemski organi, je razvidno, da se parcele in gospodarstva kupujejo, upravljajo in ponovna prodajajo po tržnih cenah.
The decision to participate in a partnership was based on the essential need for flexibility within the venture and the possibility of working on a project basis.
Odločitev o udeležbi v družbi je temeljila na nujni fleksibilnosti podjetja in možnosti sodelovanja v projektih.
This working method enables private investors to participate in individual projects, which reduces financial risk and ensures a return on the initial investment [21].
Zaradi projektnega koncepta lahko zasebni investitorji sodelujejo v različnih projektih, kar zmanjšuje finančno tveganje in zagotavlja donos od prvotne naložbe [21].
The regulations establishing the limited partnership and SGN ensure that the market position of the limited partnership itself and SGN (acting on its behalf), does not differ from that of other investors and that they are only involved in the activities referred to above (with investing in the development of the sites concerned being expressly excluded).
Predpisi o ustanovitvi komanditne družbe in SGN zagotavljajo, da se tržni položaj same komanditne družbe in v njenem imenu tudi SGN ne razlikuje od položaja drugih investitorjev in da ti dve družbi opravljata zgolj dejavnosti za dosego zgoraj navedenih ciljev (pri čemer so naložbe v razvoj zadevnih lokacij jasno izključene).
Furthermore, the market price for the land and property that the limited partnership and SGN (acting on its behalf) wish to purchase is that established with the help of independent appraisers appointed by the selling and buying parties.
Poleg tega za zemljo in nepremičnine, ki jih komanditna družba in v njenem imenu tudi SGN nameravata kupiti, velja tržna cena zemlje in nepremičnin, ki jo določijo neodvisni cenilci, ki jih najamejo kupci in prodajalci.
SGN, as the managing partner, can be held liable for all the shortcomings of the limited partnership.
Kot komplementar lahko SGN jamči za primanjkljaj komanditne družbe.
According to the information provided by the Dutch authorities only the start-up capital was provided using State resources and no other aid or State resources were made available to the limited partnership or its managing partner SGN.
Po informacijah, ki so jih predložili nizozemski organi, je bil samo začetni kapital zagotovljen z državnimi sredstvi, drugih pomoči in državnih sredstev pa komanditna družba in njen komplementar SGN ne prejemata.
As the limited partnership has to pay a normal rate of return to its investors, does not enjoy a beneficial or privileged market position and operates on the basis of freely-established market prices, the Commission is unable to establish the existence of a competitive advantage which the limited partnership could not have had under normal market conditions.
Glede na to, da mora komanditna družba svojim investitorjem izplačati običajni donos in da družba na trgu nima prednosti ali ugodnosti ter svoje dejavnosti opravlja glede na prosto določene tržne cene, Komisija ne more sklepati, da gre za konkurenčne prednosti, ki jih komanditna družba v običajnih tržnih okoliščinah ne bi imela.
The Commission takes the view that no advantage was conferred upon the limited partnership itself or its partners (LTO-Nederland) or any future interested parties.
Komisija zato meni, da sama komanditna družba in njeni komanditisti (LTO-Nederland) ali morebitni prihodnji zainteresirani zato nimajo kakršnih koli prednosti.
Advantage for third parties
Prednosti za tretje
According to the information provided by the Dutch authorities, the purchase, management and re-sale of the land and the glasshouses on it take place at market rates.
Iz informacij, ki so jih predložili nizozemski organi, je razvidno, da se zemlja in rastlinjaki kupujejo, upravljajo in ponovno prodajajo po tržnih cenah.
The market rates for land and property apply to land and property purchased by the limited partnership and are established with the help of independent assessors appointed by the various parties.
Za zemljo in nepremičnine, ki jih kupi komanditna družba, velja tržna cena zemlje in nepremičnin, ki jo določijo neodvisni cenilci, ki jih najamejo različni udeleženci.
The regulations establishing the limited partnership and its managing partner SGN ensure that no other activities can be engaged in and that the limited partnership must strive towards a maximum return.
Predpisi o ustanovitvi komanditne družbe in njenega komplementarja SGN zagotavljajo, da družbi ne opravljata drugih dejavnosti in da si komanditna družba prizadeva za čim večji donos.
The conferring of advantage to certain third parties is not in keeping with the objective laid down in these provisions.
Zagotavljanje prednosti določenim tretjim ni v skladu s cilji, določenimi v predpisih o ustanovitvi komanditne družbe.
The possibility of the limited partnership purchasing, selling and managing property obtained at prices other than market price is excluded, which ensures that no help is given to companies in difficulty.
Glede na to, da je izključeno, da komanditna družba ne kupuje, prodaja in upravlja nepremičnin po tržnih cenah, je zagotovljeno, da se podjetjem v težavah ne dodeljuje pomoči.
In order to establish the price of the land, certified appraisers are appointed.
Ceno zemlje določijo priznani cenilci.
By using these and other services, the provisions of Directive 2004/18/EC are adhered to.
Pri uporabi teh in drugih storitev se upoštevajo predpisi Direktive 2004/18/ES.
According to the information provided by the Dutch authorities, the limited partnership and SGN (acting on its behalf) behave like any other market player towards its clients (the individuals from whom the property or land is purchased, who maintain this property or land or who buy the property or land). It can therefore be concluded that the third parties involved in the activities of the limited partnership and its managing partner SGN do not have an advantage and therefore do not receive any form of aid.
Glede na to, da se komanditna družba in v njenem imenu tudi SGN po informacijah, ki so jih predložili nizozemski organi, do svojih strank (oseb, katerih nepremičnine in zemljo kupujeta, ali oseb, ki upravljajo ali kupujejo nepremičnine in zemljo) obnašata kot vsi ostali tržni udeleženci, se lahko sklepa, da tretji, ki sodelujejo pri dejavnostih komanditne družbe in njenega komanditista, zaradi tega nimajo kakršnih koli prednosti in jim zato tudi ni dodeljena kakršna koli pomoč.
On the basis of the above, the Commission’s doubts, which prompted it to initiate the procedure and led to the provisional conclusions found in the decision initiating the procedure, have now been removed.
Glede na zgoraj navedeno dvom, na podlagi katerega je Komisija sprožila postopek in v sklepu navedla predhodne ugotovitve, ni potrjen.
The Commission therefore concludes that the involvement of the Dutch authorities in the limited partnership and SGN through the supply of capital and junior loans is in keeping with the market economy investor principle and does not therefore constitute State aid within the meaning of Article 87(1) of the EC Treaty,
Zato Komisija sklepa, da udeležba nizozemskih organov v komanditni družbi in SGN, ki je obsegala vlaganje kapitala in podrejena posojila, temelji na načelu zasebnega investitorja v tržnem gospodarstvu in zato ne pomeni državne pomoči v smislu člena 87(1) Pogodbe ES –
The involvement of the Dutch authorities in the limited partnership in order to promote and facilitate the restructuring of the horticultural sector, amounting to a capital and junior loans of EUR 15123000, does not constitute aid within the meaning of Article 87(1) of the Treaty.
Udeležba nizozemskih organov v komanditni družbi ter spodbujanje in poenostavitev prestrukturiranja vrtnarskega sektorja s kapitalom in podrejenimi posojili v višini 15123000 EUR ne pomeni državne pomoči v smislu člena 87(1) Pogodbe.
OJ C 15, 21.1.2004, p. 24.
UL C 15, 21.1.2004, str. 24.
C(2003) 4477 final.
C(2003) 4477 konč.
LTO-Nederland is a private business organisation in the agricultural sector.
LTO Nederland je zasebnopravna poslovna organizacija v kmetijskem sektorju.
Dutch agriculture and agro-industry have a series of ‘product boards’, organisations which provide a form of representation additional to non-governmental organisations, and which consist of one vertical public law organisation per sector.
V nizozemskem kmetijstvu in kmetijski industriji obstaja poleg nevladnih organizacij, ki so pravne osebe, še druga oblika zastopniške družbe, tj. tržno združenje (productschap) (vertikalna javnopravna sektorska organizacija).
These product boards are mainly active in the areas of food safety, animal welfare, quality, promotion and working conditions.
Tržna združenja so aktivna zlasti na področjih, kot so varnost živil, dobrobit živali, kakovost, spodbujanje trženja in delovni pogoji.
Their activities include the implementation of European legislation.
Del njihovih dejavnosti obsega izvajanje pravnega reda Skupnosti.
The regulations issued by the Product Board for Poultry and Eggs that impose levies on producers and undertakings to achieve a specific goal mentioned in these regulations, need to be approved by the Minister for Agriculture, Nature and Food Quality.
Uredbe tržnega združenja za perutnino in jajca (Productschap Pluimvee en Eieren), ki predvidevajo obdavčitev proizvajalcev in podjetij, katere namen je financirati uresničitev cilja, navedenega v uredbah, mora potrditi minister za kmetijstvo, naravo in kakovost živil.
The Product Board for Horticulture’s involvement will be financed exclusively using its own resources; no parafiscal charges will be levied on the production, processing or marketing of horticultural products.
PT bo svojo udeležbo financiral izključno z lastnimi sredstvi, proizvodnja, predelava in trženje vrtnarskih proizvodov pa ne bodo posebej obdavčeni.
The resources in the form of capital and junior loans provided by the Product Board for Horticulture, Ontwikkelings- en Participatiebedrijf Publieke Sector b.v. (OPP) and the Dutch Ministry of Agriculture, Nature and Food Quality can be regarded as State resources.
Sredstva v obliki kapitala in podrejenih posojil, ki jih zagotovijo Productschap Tuinbouw, Ontwikkelings- en Participatiebedrijf Publieke Sector b.v. in ministrstvo za kmetijstvo, naravo in kakovost živil, se štejejo za državna sredstva.
The Product Board for Horticulture is a public body.
Productschap Tuinbouw je javno-zasebni organ.
OPP is a subsidiary of a bank which is wholly owned by the government.
OPP je hčerinska družba banke, ki je v 100-odstotni državni lasti.
The private partners had never been actively involved in restructuring activities before and were not aware that they would only be able to purchase, sell and manage land and not permitted to be involved in other (investment) activities.
Zasebni partnerji pred tem niso aktivno sodelovali pri prestrukturiranju. Zato tudi niso vedeli, da so te omejene na nakup, prodajo in upravljanje zemlje in da so ostale (naložbene) dejavnosti izključene.
They also preferred junior loans over the investment of capital.
Poleg tega so podrejena posojila imela prednost pred vlaganjem kapitala.
Capital was also required in order to set up the limited partnership.
Vendar je bil za ustanovitev komanditne družbe potreben tudi kapital.
The public partners involved had sufficient experience in the reconstruction of land and premises and were familiar with the markets involved.
Javni partnerji so imeli na področju prestrukturiranja območij in parcel dovolj izkušenj ter so zadevne trge dobro poznali.
Strategic areas are those where all conditions for greenhouse cultivation (e.g. possibility of reconstruction, water and road infrastructure) are met.
Strateška območja so območja, ki izpolnjujejo vse pogoje za pridelavo v rastlinjakih, npr. možnosti za obnovitev ter vodno in prometno infrastrukturo.
This would be achieved due to third parties, since the limited partnership and its managing partner SGN cannot be involved in such activities.
Za zagotovitev teh pogojev naj bi skrbeli tretji, saj komanditna družba in njen komplementar SGN takih dejavnosti ne smeta opravljati.
Furthermore, changes in market price can usually be beneficial.
Poleg tega razvoj tržnih cen ponavadi zagotovi prednosti.
See in particular the Court’s ruling of 13 July 1988 in case C-102/87, French Republic v Commission of the European Communities [1988] ECR I-4067.
Glej zlasti sodbo Sodišča z dne 13. julija 1988 v zadevi C-102/87, Francija proti Komisiji, Recueil 1998, str. 4067.
Land is a tradable asset; the high value of land and the possibilities to invest and develop land makes its sale attractive for investors operating in a Europe-wide or international scale.
Zemlja je blago, s katero se trguje. Zaradi visoke vrednosti zemlje in njenih možnosti investiranja in izkoriščanja je njena prodaja zanimiva za investitorje, ki so aktivni na evropskih ali mednarodnih trgih. Z vrtnarskimi proizvodi se v Skupnosti veliko trguje.
There is a high level of intra-Community trade in horticultural products: in 2005, intra-EU trade in fruit and vegetables amounted to EUR 7099 million for vegetables and EUR 5899 million for fruits (Source: Eurostat).
Trgovanje z zelenjavo in sadjem je v Skupnosti leta 2005 pri zelenjavi doseglo 7099 milijonov EUR, pri sadju pa 5899 milijonov EUR (vir: EUROSTAT).
Commission Communication — Application of Articles 92 and 93 of the EC Treaty and of Article 5 of Commission Directive 80/723/EEC to public undertakings in the manufacturing sector (OJ C 307, 13.11.1993, p. 3).
Sporočilo Komisije z naslovom Uporaba členov 92 in 93 Pogodbe ES in člena 5 Direktive 80/723/EGS pri javnih podjetij v predelovalni industriji (UL C 307, 13.11.1993, str. 3).
See the 1993 Communication.
Glej sporočilo iz leta 1993.
Participants are individuals from whom property or land is bought and who manage or purchase this property or land.
Udeleženci so osebe, katerih zemlja ali nepremičnine se kupijo, in osebe, ki s to zemljo upravljajo ali jo kupijo.
Case T-296/97, Alitalia v Commission [2000] ECR II-3871, paragraph 84.
Zadeva T-296/97, Alitalia proti Komisiji, Recueil 2000, str. II-3871, točka 84.
Case T-228/99, Westdeutsche Landesbank Girozentrale v Commission [2003] ECR II-435, see in particular paragraphs 251 and 255.
Zadeva T-228/99, Westdeutsche Landesbank Girozentrale proti Komisiji, Recueil 2003, str. II-435, glej zlasti točki 251 in 255.
Case C-305/89, Italy v Commission [1991] ECR I-1603.
Zadeva C-305/89, Italija proti Komisiji, Recueil 1991, str. I-1603.
Investments in land; the different private investors (NBM Amstelland, Arcadis, Grontmij, Groenfonds, ING, Fortis, Nationale Investerings Bank, Locatie Ontwikkelingsbedrijf, ABN AMRO, Rabobank) that were approached to participate in the project stated that investment in land would generally take place in the medium term (10 to 20 years) and that a profit of 15 % should be available for the investors when compared to generally comparable or similar investments in land.
Naložbe v zemljo: različni zasebni investitorji (NBM Amstelland, Arcadis, Grontmij, Groenfonds, ING, Fortis, Nationale Investerings Bank, Locatie Ontwikkelingsbedrijf, ABN AMRO, Rabobank), ki so bili pozvani, da sodelujejo pri tem projektu, so menili, da so naložbe v zemljo ponavadi srednjeročne (10 do 20 let) in da bi investitorji v primerjavi z (bolj ali manj) primerljivimi ali podobnimi naložbami v zemljo morali imeti 15-odstotni dobiček.
These private investments will be made on a project basis and be related to the different phases of the project.
Te zasebne naložbe se dodelijo glede na projekt in so vezane na različne faze projekta.
However, this is done through junior loans rather than direct investment of capital.
To se zagotovi s sredstvi podrejenih posojil in ne z neposrednimi vlaganji kapitala.
According to the calculations provided, the net present value of the investment is positive.
Na podlagi predloženih izračunov je neto vrednost naložbe pozitivna.
The return is achieved by acquiring different plots of land, restructuring them and selling them at a higher price.
Donos se zagotovi z nakupom, prestrukturiranjem in prodajo različnih parcel po višjih cenah.
Any increase in value is not due to the supply of capital but merely to the location and local possibilities.
To pomeni, da se vrednost ne poveča zaradi vloženega kapitala, ampak zaradi lokacije in možnosti, ki jih zagotavlja okolica.
(notified under document number C(2008) 6431)
(notificirano pod dokumentarno številko C(2008) 6431)
Commission Regulation (EC) No 831/2002 of 17 May 2002 implementing Council Regulation (EC) No 322/97 on Community statistics, concerning access to confidential data for scientific purposes [2] establishes, for the purpose of enabling statistical conclusions to be drawn for scientific purposes, the conditions under which access to confidential data transmitted to the Community authority may be granted and the rules of cooperation between the Community and national authorities in order to facilitate such access.
Uredba Komisije (ES) št. 831/2002 z dne 17. maja 2002 o izvajanju Uredbe Sveta (ES) št. 322/97 o statističnih podatkih Skupnosti glede dostopa do zaupnih podatkov v znanstvene namene [2] za omogočanje statističnih ugotovitev v znanstvene namene vzpostavlja pogoje, pod katerimi bi bilo mogoče odobriti dostop do zaupnih podatkov, poslanih organu Skupnosti, in pravila sodelovanja med Skupnostjo in državnimi organi za olajšanje takega dostopa.