natgillin/translations-raw huggingface dataset:
Deloitte further recommended that the rate of interest charged to Royal Mail be determined by reference to rates for comparably rated issuers based on a screen pricing ‘index’ of spreads for the given credit rating against benchmark Government bonds.
Družba Deloitte je poleg tega še priporočila, naj se obrestna mera, ki se bo zaračunala družbi Royal Mail, določi glede na obrestne mere izdajateljev s podobno oceno na podlagi pregleda cenovnega „indeksa“ razlik za določeno bonitetno oceno v primerjavi z referenčnimi vladnimi obveznicami.
On this basis the relevant spread charged to Royal Mail ranged between 76 and 165 basis points.
Na podlagi tega se je ustrezni razpon, ki se je zaračunal družbi Royal Mail, gibal od 76 do 165 osnovnih točk.
Royal Mail sought a long-term loan since, in order to implement its strategy, it intended to hold the businesses it acquired for the long term.
Družba Royal Mail je želela dolgoročno posojilo, saj je za izvedbo svoje strategije nameravala prevzeta podjetja dolgoročno obdržati.
Based on the commercial rates of interest available at the time (when long term interest rates were considerably lower than short term interest rates), Royal Mail requested loan durations of between 20 and 25 years, as appropriate, for the long-term acquisitions concerned, enabling GBP 100 million of the total amount lent to become repayable in each of the years 2021 to 2025, rather than Royal Mail being required to repay the entire GBP 500 million in one year.
Glede na tržne obrestne mere, ki so bile takrat na voljo (ko so bile dolgoročne obrestne mere znatno nižje od kratkoročnih), je družba Royal Mail zaprosila za posojila za obdobje od 20 do 25 let, kakor je bilo ustrezno za zadevni dolgoročni prevzem, zaradi česar bi lahko odplačala po 100 milijonov GBP vsako leto v obdobju od leta 2021 do leta 2025, namesto da bi morala celotni znesek v višini 500 milijonov GBP odplačati v enem letu.
The loan tranches had differing maturities ranging between 20 to 25 years which was not unusual given the relative attractiveness of long term interest rates at that time.
Obroki posojila so imeli različne roke zapadlosti, ki so se gibali od 20 do 25 let, kar ni nenavadno glede na relativno veliko privlačnost takratnih dolgoročnih obrestnih mer.
The loan rates were based on similarly unsecured reported 20 and 25 year maturity AA credit-rated debt and then annual rates were interpolated to derive an appropriate rate for the Royal Mail loan.
Obrestne mere posojila so temeljile na podobnih nezavarovanih 20 in 25 let trajajočih posojilih podjetjem z bonitetno oceno AA, nato pa so bile iz njih interpolirane letne obrestne mere, da je bila dobljena ustrezna obrestna mera za posojilo družbi Royal Mail.
The UK maintained that the Commission’s reference interest rates were not a valid comparator for the rates on the 2001 loan, in particular because the Commission’s rates are based on five year maturity dates and the loan in question consisted of long-term debt with a range of maturity dates between 20 and 25 years, because the loan advanced to Royal Mail reflected commercial rates available to similarly positioned long-term borrowers, and because the UK yield curve in 1999-2000 (the relevant period for calculating interest) was moving downwards making corporate borrowing cheaper.
Združeno kraljestvo je vztrajalo, da referenčne obrestne mere Komisije niso bile primerne za primerjavo z obrestnimi merami za posojilo iz leta 2001, zlasti ker obrestne mere Komisije temeljijo na petletnem obdobju zapadlosti, zadevno posojilo pa je bilo sestavljeno iz dolgoročnega dolga z razponom obdobij zapadlosti od 20 do 25 let, saj je posojilo, ki je bilo vnaprej izplačano družbi Royal Mail, odražalo tržne obrestne mere, ki so bile na voljo jemalcem dolgoročnih posojil v podobnem položaju, ter tudi zato, ker je krivulja donosa v Združenem kraljestvu v obdobju 1999–2000 (ustrezno obdobje za izračun obresti) padala in so bila tako posojila za podjetja cenejša.
No security on the loan was deemed necessary or appropriate as the credit rating of Royal Mail was considered to be AA for debt facilities of up to GBP 1000 million.
Zavarovanje posojila se ni zdelo potrebno ali primerno, saj je bilo ocenjeno, da ima družba Royal Mail bonitetno oceno AA za posojilna sredstva do višine 1000 milijonov GBP.
The proposed loan would still keep Royal Mail’s long-term debt within this level and would by itself comprise the substantial majority of Royal Mail debt with maturity of greater than one year.
Dolgoročni dolg družbe Royal Mail s predlaganim posojilom ne bi presegel tega zneska, samo posojilo pa bi pomenilo veliko večino dolga družbe Royal Mail z obdobjem zapadlosti, daljšim od enega leta.
The facilities granted in 2003
Sredstva, odobrena leta 2003
In response to the Commission’s observation that these cash deposits constituted State resources over which the UK authorities had control through specific legislation, whose use as security could therefore not necessarily dispel doubts as to the aid character of the measure, the UK authorities stated that they were seeking to achieve the use of the cash deposits and other assets of the company in a manner that would reflect commercial principles so that effective disciplines were placed on the company with regard to the facilities.
V odgovor na opažanje Komisije, da so bile te gotovinske vloge državna sredstva, nad katerimi je imelo Združeno kraljestvo nadzor s posebno zakonodajo in katerih uporaba za zavarovanje tako ne bi mogla nujno odpraviti dvomov, da ima ukrep značaj pomoči, so organi Združenega kraljestva navedli, da so poskušali doseči uporabo gotovinskih vlog in drugih sredstev družbe na način, ki bi odražal tržna načela, tako da bi bil družbi v zvezi s sredstvi določen strog red.
The authorities directed Royal Mail, using the powers under section 72 of the Postal Services Act 2000, to credit its cash deposits with the NLF generated by the accumulated profits of the business (totalling some GBP 1800 million) to a special reserve on the Royal Mail balance sheet (the Mails Reserve).
Organi so družbi Royal Mail v skladu s svojimi pristojnostmi iz razdelka 72 zakona o poštnih storitvah iz leta 2000 (Postal Services Act) naročili, naj svoje gotovinske vloge v skladu NLF, ki so bile ustvarjene z akumuliranimi dobički poslovanja (ki skupaj znašajo približno 1800 milijonov GBP), prenesejo v posebno rezervo v bilančnem stanju družbe Royal Mail (v poštno rezervo).
A separate letter agreement allowed GBP 549 million of the reserve to be used as security for the GBP 544 million loan facilities with the NLF.
Poseben sporazum v obliki pisem je dovoljeval, da se 549 milijonov GBP iz rezerve pri skladu NLF uporabi za zavarovanje posojilnih sredstev v višini 544 milijonov GBP.
In response to the Commission’s questions concerning the commitment fee paid by Royal Mail for the NLF loan facilities, the UK clarified that the annual commitment fee in this case was […] basis points of the loan value, that is, […] % of the […] basis point margin charged over LIBOR.
Združeno kraljestvo je v odgovor na vprašanja Komisije v zvezi s provizijami za neizkoriščeni del posojila, ki jih je družba Royal Mail plačala za posojilna sredstva iz sklada NLF, pojasnilo, da je v tem primeru letna provizija za neizkoriščeni del posojila znašala […] osnovnih točk vrednosti posojila, torej […] % od […] razlike v osnovnih točkah nad obrestno mero LIBOR.
They stated that the market convention is that commitment fees are generally 50 % or less of the margin over LIBOR, and adduced examples to illustrate this point.
Navedlo je, da na trgu velja dogovor, da provizije za neizkoriščeni del posojila običajno znašajo 50 % ali manj razlike nad obrestno mero LIBOR, navedlo pa je tudi primere za ponazoritev te trditve.
Relatively low margins — around 50 basis points or less — were common for senior debt in this period.
Relativno majhne razlike – približno 50 osnovnih točk ali manj – so bile v tem obdobju pri prednostnem dolgu običajne.
Given the fact that the availability of the other facilities (the bonds) was conditional upon Parliament approving the supply of funds to the relevant Government department at such time as it required the funds to purchase the bonds to be issued by Royal Mail, a commitment fee for these other facilities was not appropriate since the facilities were never actually committed to Royal Mail.
Glede na to, da je bila razpoložljivost drugih sredstev (obveznic) odvisna od soglasja parlamenta za zagotovitev sredstev ustreznemu vladnemu ministrstvu v času, v katerem je potrebovalo sredstva za nakup obveznic, ki bi jih izdala družba Royal Mail, provizija za neizkoriščeni del posojila za ta druga sredstva ni bila primerna, saj sredstva družbi Royal Mail nikoli niso bila dejansko dodeljena.
Market practice, in a private lending context, is that a commitment fee be paid only once the lender has obtained all necessary internal approvals so that the money is formally committed to (and unconditionally available for) the borrower.
Pri zasebnem posojanju je praksa na trgu, da se provizija za neizkoriščeni del posojila plača šele, ko je posojilodajalec dobil vse notranje odobritve, tako da je denar formalno dodeljen (in brezpogojno na voljo) posojilojemalcu.
The UK also described the analysis of the proposed loan facilities which was undertaken before they were granted, including calculation of the Net Present Value (‘NPV’) of cash flow returns from the proposed refinancing as well as some alternative options.
Združeno kraljestvo je opisalo tudi analizo predlaganih posojilnih sredstev, ki je bila izvedena pred njihovo odobritvijo, vključno z izračunom neto sedanje vrednosti (v nadaljnjem besedilu: NSV) dobičkov denarnih tokov iz predlaganega refinanciranja in nekaterimi drugimi možnostmi.
The proposed option was assessed to have a recovery of GBP […] whereas the alternatives had recovery of GBP […] at best.
Pri predlagani možnosti je bila višina vrnjenih sredstev […] GBP, medtem ko so pri alternativnih možnostih vrnjena sredstva v najboljšem primeru znašala […] GBP.
The UK further confirmed that the facilities granted in 2003 were not drawn on, other than a test drawdown repaid within a week, before they either came to an end or were restated in the facilities granted in 2007.
Združeno kraljestvo je poleg tega še potrdilo, da se sredstva, odobrena leta 2003, še niso črpala, razen za poskusno črpanje, ki je bilo odplačano v enem tednu, vse dokler niso potekla ali so bila znova dodeljena s sredstvi, odobrenimi leta 2007.
The facilities granted in 2007
Sredstva, odobrena leta 2007
The UK explained that loan facilities granted in 2007 consisted of a GBP 900 million senior debt facility.
Združeno kraljestvo je pojasnilo, da so bila posojilna sredstva, odobrena leta 2007, sestavljena iz 900 milijonov GBP prednostnih posojilnih sredstev.
It forms part of a financing package which includes the pensions measure and the GBP 300 million subordinated loan.
So del paketa financiranja, ki vključuje pokojninski ukrep in podrejeno posojilo v višini 300 milijonov GBP.
The debt facilities are intended to finance the Royal Mail transformation and investment programme, including redundancy costs.
Posojilna sredstva so namenjena financiranju preoblikovanja in investicijskega programa družbe Royal Mail, kar vključuje tudi stroške odpuščanja.
The GBP 900 million senior loan replaces and extends the GBP 844 million loan facilities provided in 2003 and is structured in two tranches: the GBP […] tranche which is permitted only to fund the transformation and GBP […] which is for general working capital purposes within the business (excluding Post Office Limited).
Prednostno posojilo v višini 900 milijonov GBP nadomešča in povečuje posojilna sredstva v višini 844 milijonov GBP, ki so bila dodeljena v letu 2003, ter je razdeljeno na dva obroka: obrok v višini […] GBP, s katerim je dovoljeno financirati samo preoblikovanje družbe, in obrok v višini […] GBP, ki je namenjen splošnemu kapitalu za poslovanje znotraj podjetja (brez podjetja Post Office Limited).
The measure became effective from 19 March 2007 and has a maturity term of […] years from this date.
Ukrep je začel veljati 19. marca 2007 in ima obdobje zapadlosti […] let od tega datuma.
It has a margin of […] bps over relevant LIBOR [11] for the first […] months.
Ima maržo v višini […] osnovnih točk nad ustrezno obrestno mero Libor [11] za prvih […] mesecev.
Thereafter, the margin depends on the level of fixed charge cover (profitability as multiple of interest payments), with a minimum of […] bps.
Po tem obdobju je marža odvisna od stopnje fiksnega zaračunanega stroška (donosnost kot večkratnik plačila obresti), pri čemer znaša najmanj […] osnovnih točk.
The GBP 900 million facility is secured against shares in a new subsidiary company which Royal Mail have established, Royal Mail Estates Limited, which holds virtually all of its property assets (excluding those relating to Post Office Limited), with a total market value estimated by Atis Real in September 2006 of GBP […].
Sredstva v višini 900 milijonov GBP so zavarovana z delnicami v novi odvisni družbi Royal Mail Estates Limited, ki jo je ustanovila družba Royal Mail, ki ima v lasti praktično vsa njena lastniška sredstva (razen tistih, ki so povezana z družbo Post Office Limited), katerih tržno vrednost je družba Atis Real septembra 2006 ocenila na […] GBP.
The UK described the measures taken to ensure that the requirements of the Market Economy Investor Principle (MEIP) were met, while noting that commerciality of the 2007 financing package needed to be assessed as a whole (see further in recitals 64 and 65).
Združeno kraljestvo je opisalo ukrepe, ki so bili sprejeti za zagotovitev usklajenosti z zahtevami načela vlagatelja v tržnem gospodarstvu (MEIP), in je hkrati opozorilo, da je treba tržni značaj paketa financiranja ocenjevati na podlagi paketa kot celote (glej uvodni izjavi 64 in 65).
Both Credit Suisse and Deloitte had advised that the facility is on commercial terms and the interest payable is at market rates, including through a benchmarking with loans made in the market.
Družbi Credit Suisse in Deloitte sta obe ocenili, da so sredstva zagotovljena pod tržnimi pogoji, obresti pa določene v skladu s tržnimi obrestnimi merami, med drugim s primerjavo s posojili, izvedenimi na trgu.
Although that analysis suggested that the term of seven years is at the upper end of the market range, the arrangement fee, commitment fee, and the tests for draw-down and default all appear in line with market norms for loans secured on the basis of the Royal Mail loans (in this case predominantly on real estate).
Čeprav je analiza pokazala, da je sedemletno obdobje zgornja časovna meja na trgu, se zdi, da so pogodbena provizija, provizija za neizkoriščeni del posojila ter poskusna črpanja in poskusna neodplačila v skladu s tržnimi normami za posojila, ki so zavarovana enako kot posojila družbe Royal Mail (v tem primeru predvsem z nepremičninami).
The security arrangements were different from market practice (charge over shares rather than property) but the UK considered that this was actually more advantageous from a lender’s perspective for cost, timing and administrative reasons.
Določila o zavarovanju so se razlikovala od tržne prakse (obremenitev delnic namesto lastnine), vendar je Združeno kraljestvo menilo, da je to s posojilodajalčevega vidika pravzaprav ugodneje zaradi stroškov, časa in upravnih razlogov.
As regards the submission of TNT referring to the breach of RM’s borrowing facilities with the Government, and receipt of formal waivers from the Department of Trade and Industry, the UK explained that the waiver was necessary because of a purely technical matter regarding the introduction of new accounting requirements for pensions (FRS17), and not as a result of any underlying deterioration of the commercial performance of the business.
V zvezi z informacijami, ki jih je predložila družba TNT in ki se nanašajo na kršitev v zvezi s posojilnimi sredstvi, ki jih je vlada dodelila družbi RM, ter prejem uradnih oprostitev od ministrstva za trgovino in industrijo, je Združeno kraljestvo razložilo, da je bila oprostitev nujna zaradi popolnoma tehnične zadeve v zvezi z uvedbo novih računovodskih zahtev v zvezi s pokojninami (FRS17), in ne zaradi kakršnega koli upada poslovne uspešnosti družbe.
They also noted that the 2007 facilities were not ‘additional’ as suggested by TNT, but rather, replaced the 2003 facilities.
Združeno kraljestvo je opozorilo tudi, da sredstva iz leta 2007 niso bila „dodatna sredstva“, kot trdi družba TNT, temveč so nadomestila sredstva iz leta 2003.
The pensions measure
Pokojninski ukrep
The UK clarified the mechanics of the establishment of the escrow arrangement, including the security given to the pension fund trustees over the amount.
Združeno kraljestvo je pojasnilo mehanizem ustanovitve depozitne rešitve, vključno z zavarovanjem, ki so ga prejeli skrbniki teh sredstev.
In the event the GBP 850 million escrow account was funded from the mails reserve for GBP 796 million and via a capital injection for the remaining GBP 54 million.
V tem primeru se je depozitni račun v višini 850 milijonov GBP financiral iz poštnih rezerv v višini 796 milijonov GBP in z dokapitalizacijo za preostalih 54 milijonov GBP.
Under the arrangements the Trustees are entitled to exercise the security over the escrow accounts upon the occurrence of certain limited events of default, principally relating to the relevant business (Royal Mail Holdings plc or Royal Mail Group Limited) going into insolvent liquidation or the security constituted by the escrow accounts becoming unenforceable.
Skrbniki so v skladu z dogovorom pristojni za zagotavljanje varnosti depozitnih računov pri [pojavu nekaterih omejenih primerov neporavnave obveznosti, predvsem v zvezi z ustrezno družbo (Royal Mail Holdings plc ali Royal Mail Group Limited), ki bi šla v likvidacijo, ali zavarovanja, ki bi bilo posledica dejstva, da depozitnega računa ne bi bilo več mogoče uporabljati.
The security agreements also set out the circumstances in which funds in the accounts may be released from the security created by the security arrangements, which broadly will be once the pension fund reaches a 75 % solvency level.
Dogovori o zavarovanju so določali tudi okoliščine, v katerih je mogoče sredstva na računih sprostiti iz zavarovanja, ki ga določajo dogovori o zavarovanju, kar je na splošno takrat, ko bo pokojninski sklad dosegel 75-odstotno stopnjo solventnosti.
Once funds are released from the security created by the Royal Mail Holdings security agreement, the parties have acknowledged that the shareholder may decide that the GBP 850 million escrow funds (plus accrued interest) that are released from the security created by Royal Mail Holdings security agreement may be given to the shareholder using powers under the Postal Services Act 2000 or other applicable rights or powers.
Stranki sta potrdili, da ko bodo sredstva sproščena iz zavarovanja, vzpostavljenega z dogovorom o zavarovanju družbe Royal Mail, lahko delničar sklene, da bo 850 milijonov GBP sredstev na depozitnem računu (skupaj z obrestmi), ki se sprostijo iz zavarovanja, ki ga določa dogovor o zavarovanju družbe Royal Mail Holdings, v skladu s pristojnostmi iz zakona o poštnih storitvah iz leta 2000 (Postal Services Act) ali drugimi ustreznimi pravicami ali pooblastili dal delničarju.
The provision of the escrow account resulted in the agreement of the trustees to a period of 17 years for the recovery of the pension deficit.
Zagotovitev depozitnega računa je privedla do soglasja skrbnikov o 17-letnem obdobju za sanacijo pokojninskega primanjkljaja.
The UK authorities drew attention to statements by the pension fund regulator that recovery periods longer than 10 years would be subject to particular scrutiny, including whether trustees had made use of a ‘contingent asset’ (such as an escrow account) to reduce risks arising from the recovery plan.
Organi Združenega kraljestva so opozorili na izjave regulatorja pokojninskega sklada, da bodo obdobja sanacije, daljša od desetih let, deležna posebne pozornosti, med drugim se bo preverilo, ali so skrbniki uporabili „pogojno sredstvo“ (kot je depozitni račun), da bi zmanjšali tveganja zaradi sanacijskega načrta.
The UK disputed the Commission’s suggestion that the escrow arrangement enables Royal Mail to reduce its pension contributions, arguing that the outcome in the absence of the escrow account would be subject to negotiation and could not be predicted.
Združeno kraljestvo je ugovarjalo mnenju Komisije, da depozitna ureditev družbi Royal Mail omogoča zmanjšanje njenih pokojninskih prispevkov, in je trdilo, da bi se bilo o izidu brez depozitnega računa mogoče pogajati in ga nikakor ni mogoče predvideti.
Failure to agree would have placed the availability of funds for business investment at risk.
Brez soglasja bi bila dostopnost sredstev za poslovne naložbe ogrožena.
GBP 300 million shareholder loan
Posojilo delničarja v višini 300 milijonov GBP
The UK confirmed that it was providing Royal Mail with a shareholder loan by way of a subordinated debt of GBP 300 million at an interest rate of […] % with such interest rolled up until maturity of the loan.
Združeno kraljestvo je potrdilo, da je družbi Royal Mail s podrejenim posojilom v višini 300 milijonov GBP dodelilo posojilo delničarja z obrestno mero […] %, pri čemer se te obresti nabirajo do zapadlosti posojila.
The facility was available for two years, with maturity being the later of the final repayment date of the senior debt facility […], or the release of the pension escrow monies.
Sredstva so bila na voljo dve leti, pri čemer je bil datum zapadlosti zadnji od obeh datumov za odplačilo prednostnih posojilnih sredstev […] ali datum sprostitve denarja na pokojninskem depozitnem računu.
This was in turn reflected in the high interest rate which, in recognition of the business risks, was higher than the range put forward by the Government’s advisors for the appropriate opportunity cost of equity.
To se je spet odražalo v visoki obrestni meri, ki je bila zaradi poslovnih tveganj višja od obsega, ki so ga predlagali svetovalci vlade za primerne oportunitetne stroške kapitala.
The arrangement had been confirmed by the Government’s advisors to be ‘fully commercial’.
Svetovalci vlade so potrdili, da ima dogovor „popolnoma tržni značaj“.
Market Economy Investor conformity of the 2007 package
Skladnost paketa iz leta 2007 z načelom vlagatelja v tržnem gospodarstvu
The UK stated that the components of the 2007 financing package were negotiated as elements of an integrated whole and that their commerciality were not and should not be evaluated on a stand-alone basis, although their individual terms were benchmarked against commercial equivalents.
Združeno kraljestvo je navedlo, da so bili deli finančnega paketa iz leta 2007 sklenjeni kot elementi povezane celote in da se njihov tržni značaj ni vrednotil za vsak del posebej niti se ne bi smel tako vrednotiti, čeprav so bili njihovi posamezni pogoji določeni glede na tržne pogoje.
The commercial nature of the package, and in particular of the escrow arrangement, were analysed by Deloitte and Credit Suisse and the Government relied on their advice.
Tržni značaj paketa in še posebno depozitnega dogovora sta proučili družbi Deloitte in Credit Suisse, vlada pa se je zanašala na njune nasvete.
Deloitte’s approach was to consider the enterprise value of the business under the Strategic Plan assuming the escrow investment of GBP 1 billion is made.
Družba Deloitte je v svojem pristopu upoštevala vrednost družbe v okviru strateškega načrta, pri čemer je predvidevala, da je bila izvedena depozitna naložba v višini 1 milijarde GBP.
This enterprise value is estimated by discounting projected pre-financing cash flows at the weighted average cost of capital of the business.
Ta vrednost podjetja se oceni z diskontiranjem načrtovanih denarnih tokov predhodnega financiranja pri tehtanih povprečnih stroških kapitala podjetja.
According to the UK, the escrow investment is appropriate for a rational existing commercial equity investor if:
Po trditvah Združenega kraljestva je depozitna naložba primerna za gospodarnega obstoječega tržnega vlagatelja kapitala, če: