natgillin/translations-raw huggingface dataset:
Continuation with newer, better contracts for 6 years
Nadaljevanje z novejšimi, boljšimi pogodbami za šest let
More uncertain scenario
Razmeroma negotov scenarij
Continuation for 1 year without refinancing of due debt
Nadaljevanje še eno leto brez refinanciranja zapadlega dolga
Would require, among other things, new bank debts of DKK 107 million.
Med drugim bi bilo potrebno novo zadolževanje pri bankah v višini 107 milijonov DKK.
Would win time, but the sales situation thereafter would presumably be unchanged.
Pridobili bi čas, toda situacija glede prodaje bi verjetno ostala enaka.
Bankruptcy
Stečaj
Total deficit, dividend 35-40 %.
Celoten primanjkljaj, dividenda 35–40 %.
Lenders would lose DKK 280-300 million.
Posojilodajalci bi izgubili 280–300 milijonov DKK.
Arriva's offer
Ponudba podjetja Arriva
According to an internal memo, the Ministry considered that the scenarios illustrated that the creditors had nothing to gain from continuing the company, either with a view to a gradual winding up or continued operation, as none of the scenarios was significantly better than Arriva’s offer.
Glede na interno sporočilo je bilo ministrstvo mnenja, da scenariji kažejo, da upniki ne bodo imeli nobene koristi od nadaljnjega poslovanja podjetja, ne pri postopni likvidaciji ne pri nadaljnjem poslovanju, saj ni bil nobeden izmed scenarijev bistveno boljši od ponudbe podjetja Arriva.
The uncertainty for the future would probably lead to the creditors preferring to bring about a quick sale.
Zaradi negotove prihodnosti bi bila upnikom verjetno ljubša hitra prodaja.
In addition, the scenarios illustrated, in the opinion of the Ministry, that Arriva’s offer was probably based on Combus’ financial situation in the short term rather than an actual evaluation of the company.
Poleg tega so scenariji pokazali, da po mnenju ministrstva ponudba podjetja Arriva verjetno temelji na kratkoročnem finančnem stanju podjetja Combus in ne dejanskem vrednotenju podjetja.
In summary, against this background, it would probably be difficult to convince Arriva that the Ministry had better alternatives in reserve in the form of a gradual winding up or continued operation.
Če povzamemo, bi bilo glede na navedeno verjetno težko prepričati podjetje Arriva, da ima ministrstvo v rezervi boljše možnosti v obliki postopne likvidacije ali nadaljnjega poslovanja.
It was emphasised in the memo that it could not be entirely ruled out that a gradual winding up, combined with the gradual disposal of the bus service contracts in small — geographical — packages to local bus companies, could be a relevant alternative to the scenarios outlined.
V sporočilu je bilo izpostavljeno, da ni mogoče povsem izključiti, da bi lahko bila postopna likvidacija s postopno prodajo pogodb za avtobusne storitve v majhnih – geografskih – paketih lokalnim avtobusnim podjetjem ustrezna alternativa predstavljenim scenarijem.
This scenario was not investigated, but was also very uncertain as, according to Combus, there would probably be several interested local bus companies but, at best, only a few would have sufficient financial strength to take over even smaller parts.
Ta scenarij ni bil raziskan, toda bil je prav tako zelo negotov, saj naj bi po mnenju podjetja Combus bilo zainteresiranih več lokalnih avtobusnih podjetij, toda kvečjemu nekaj jih je finančno dovolj močnih, da bi lahko prevzeli vsaj najmanjše dele.
The Ministry concluded that, if Arriva’s offer could be reduced to a negative price of DKK 290 million, it would clearly be the best alternative to pursue with the creditors.
Ministrstvo je sklenilo, da če je mogoče ponudbo podjetja Arriva znižati na negativno ceno 290 milijonov DKK, je to očitno najboljša možnost za nadaljevanje z upniki.
These negotiations resulted, on 21 November 2000, in the agreement of a Letter of Intent regarding the sale of Combus to Arriva, which was signed between the Danish Ministry of Transport, acting as seller of Combus, Arriva, acting as buyer of Combus, and the private commercial creditors of Combus.
Ta pogajanja so 21. novembra 2000 privedla do dogovora o pismu o nameri glede prodaje podjetja Combus podjetju Arriva, ki so ga podpisali dansko Ministrstvo za promet kot prodajalec podjetja Combus, podjetje Arriva kot kupec podjetja Combus in zasebni komercialni upniki podjetja Combus.
The letter of intent contained the following main elements:
Pismo o nameri je vsebovalo naslednje poglavitne elemente:
The State would receive DKK 100 for the transfer of all shares in Combus (100 %).
Država bi prejela 100 milijonov DKK za prenos vseh delnic v podjetju Combus (100 %).
The State would convert in advance the subordinated loan capital of DKK 100 million into share capital.
Država bi vnaprej pretvorila podrejeni dolžniški kapital v višini 100 milijonov DKK v osnovni kapital.
Combus’ capital base would be strengthened by a further DKK 240 million, either in the form of an injection of new equity capital or the writing down/conversion of bank debt.
Lasten kapital podjetja Combus bi se okrepil za dodatnih 240 milijonov DKK, bodisi v obliki vložka novega lastniškega kapitala ali odpisa/pretvorbe bančnega dolga.
The State would additionally provide limited guarantees amounting to a total of DKK 57,5 million in the form of (i) a guarantee for potential environmental costs of DKK 22,5 million, which would be released to the extent that such costs exceeded the amount of DKK 10 million already allocated in the company for environmental costs and (ii) a guarantee of up to DKK 35 million for all matters including the regulation of the company’s equity capital in relation to the balance presented by the management as at the end of September 2000 and further commitments.
Država bi dodatno zagotovila omejena jamstva v skupnem znesku 57,5 milijona DKK v obliki (i) jamstva za morebitne okoljske stroške v višini 22,5 milijona DKK, ki bi se uveljavljala v primeru, če bi stroški presegli znesek 10 milijonov DKK, ki je bil že dodeljen podjetju za okoljske stroške, in (ii) jamstva v znesku do 35 milijonov DKK za vse zadeve, vključno z ureditvijo lastniškega kapitala podjetja glede na stanje, ki ga je uprava predstavila konec septembra 2000, in nadaljnjimi zavezami.
The State would provide unlimited guarantees to Arriva in connection with any tax demands that could result from the period prior to the transfer, for losses as a result of any claims from former employees, for any losses that could result from Combus previous sale of Combus International, and for any financial losses that Arriva could establish originated from the forthcoming audit report.
Država bi podjetju Arriva zagotovila neomejena jamstva v zvezi z vsemi davčnimi zahtevami, ki bi lahko izhajale iz obdobja pred prenosom, za izgube, ki so posledica terjatev nekdanjih delavcev, za vse izgube, ki bi lahko izhajale iz predhodne prodaje podjetja Combus International, in za vse finančne izgube, za katere bi podjetje Arriva lahko dokazalo, da izvirajo iz prihodnjega revizijskega poročila.
The transfer would take place with effect as from 1 January 2001.
Prenos bi začel veljati 1. januarja 2001.
The deal was conditional on both the transport companies and Denmark’s Road Safety and Transport Agency approving Combus’ bus service contracts being taken over by the new owner and also on the approval of the competition authorities.
Posel je bil odvisen od obeh prevoznih podjetij, od tega, ali bo Danska agencija za varnost na cesti in promet odobrila, da pogodbe podjetja Combus za avtobusne storitve prevzame novi lastnik, in od soglasja organov za konkurenco.
The further process, agreed in the letter of intent, meant that the Ministry of Transport and Arriva — after prior approval from the Finance Committee of the Danish Parliament and Arriva’s board — subsequently entered into a final agreement in accordance with the above guidelines.
Nadaljnji postopek, dogovorjen v pismu o nameri, je pomenil, da sta Ministrstvo za promet in podjetje Arriva – po predhodnem soglasju finančnega odbora danskega parlamenta in uprave podjetja Arriva – posledično sklenila končen sporazum v skladu z zgoraj navedenimi smernicami.
The conclusion of the deal would not take place until all necessary external approvals had been obtained, but no later than 1 February 2001.
Posel bo sklenjen, ko bodo pridobljena vsa potrebna zunanja soglasja, toda najpozneje do 1. februarja 2001.
As an extension of the letter of intent, the Ministry of Transport negotiated with the creditors on the distribution of the injection of DKK 240 million.
Pismo o nameri je bilo razširjeno, ko se je Ministrstvo za promet z upniki dogovorilo o delitvi kapitalskega vložka v višini 240 milijonov DKK.
Agreement was reached that the Danish government would inject new equity capital of DKK 140 million and that the creditors would either convert debts to share capital to an amount equivalent to DKK 100 million or write down the debt by this amount.
Sklenjen je bil dogovor, da danska vlada vloži nov lastniški kapital v višini 140 milijonov DKK in da upniki bodisi pretvorijo dolgove v osnovni kapital v znesku, enakovrednemu 100 milijonov DKK, bodisi zmanjšajo dolg za ta znesek.
In the memorandum, the Danish government had engaged to adjust the sales price (limited to a maximum amount of DKK 35 million), provided the company’s balance sheet as per 31 December 2000 revealed a capital reserve of less than DKK 31,8 million, which was the management’s expectation when the Letter of Intent between the parties was signed.
V sporočilu se je danska vlada zavezala, da bo prilagodila prodajno ceno (omejeno na največ 35 milijonov DKK), pod pogojem, da so v bilanci stanja podjetja na dan 31. decembra 2000 izkazane kapitalske rezerve nižje od 31,8 milijona DKK, kar je uprava pričakovala, ko sta stranki podpisali pismo o nameri.
The capital reserves as per 31 December 2000 turned out to be DKK 10,3 million.
Kapitalske rezerve na dan 31. decembra 2000 so znašale 10,3 milijona DKK.
Hence, the Danish government was obliged to make a payment of DKK 20,5 million to fulfil its obligations under this guarantee.
Tako je morala danska vlada plačati 20,5 milijona DKK, da je izpolnila svojo obveznost po tem jamstvu.
Arriva took over the remaining liabilities of Combus, which at the time amounted to DKK 208 million.
Podjetje Arriva je prevzelo preostale obveznosti podjetja Combus, ki so takrat znašale 208 milijonov DKK.
Arriva paid off these liabilities immediately upon purchasing Combus, and replaced them by a loan contracted from its mother company, Arriva plc.
Podjetje Arriva je obveznosti odplačalo takoj ob nakupu podjetja Combus in jih nadomestilo s posojilom, ki ga je dalo njegovo matično podjetje, Arriva plc.
Compared to the initial offer of Arriva, the Danish government had negotiated the following significant changes:
V primerjavi s prvotno ponudbo podjetja Arriva si je danska vlada izpogajala naslednje bistvene spremembe:
Combus’s lenders had agreed to participate in the restructuring process, by writing down parts of their debt (in total DKK 100 million);
Posojilodajalci podjetja Combus so pristali, da bodo sodelovali v postopku prestrukturiranja, tako da bodo odpisali del svojih terjatev (skupno 100 milijonov DKK).
The requirement for an injection of DKK 290 million was reduced to DKK 240 million;
Zahteva po kapitalskem vložku 290 milijonov DKK je bila zmanjšana na 240 milijonov DKK.
The agreement contained guarantees limited in coverage for a total of DKK 57,5 million and a number of unlimited guarantees;
Sporazum je vseboval jamstva z omejenim kritjem v skupni višini 57,5 milijona DKK in številna neomejena jamstva.
The Danish government guaranteed for Combus’ net assets value as of 31 December 2000, after adjustment for write-offs etc. under the agreement, amounting to DKK 31,8 million;
Danska vlada je zajamčila, da bo čisto premoženje podjetja Combus na dan 31. decembra 2000, po popravkih zaradi odpisov itd. v skladu s sporazumom, znašalo 31,8 milijona DKK.
Arriva agreed that the requests for adjustments totalling DKK 109 million (mentioned in the proposal of 3 November 2000) were no longer relevant.
Podjetje Arriva se je strinjalo, da zahteve glede popravkov v višini 109 milijonov DKK (omenjene v predlogu z dne 3. novembra 2000) niso več pomembne.
In conclusion, the Ministry of Transport was thereby successful in the negotiations on the content of the letter of intent in significantly reducing Arriva’s price demands in relation to the proposal of 3 November 2000.
Ministrstvo za promet je bilo torej uspešno pri pogajanjih o vsebini pisma o nameri, saj je bistveno znižalo zahteve podjetja Arriva glede cene v primerjavi s predlogom z dne 3. novembra 2000.
Approval by the Danish Parliament’s Finance Committee and sale to Arriva
Finančni odbor danskega parlamenta odobril prodajo podjetju Arriva
In a confidential bill of 13 December 2000, the Ministry of Transport requested the Finance Committee’s approval for the State to dispose of all shares in Combus.
V zaupnem predlogu zakona z dne 13. decembra 2000 je Ministrstvo za promet zahtevalo soglasje finančnega odbora za prodajo vseh delnic podjetja Combus s strani države.
The majority of the Finance Committee approved the confidential bill on the same day.
Večina članov finančnega odbora je odobrila zaupni predlog zakona še isti dan.
The ‘Share Sale Agreement’ was signed on 15 January 2001; Combus was transferred to Arriva on 2 April 2001, after the initial Commission decision had been adopted, with retrospective effect from 1 January 2001.
„Pogodba o prodaji delnic“ je bila podpisana 15. januarja 2001; podjetje Combus je bilo preneseno na podjetje Arriva 2. aprila 2001 po sprejetju prvotne odločbe Komisije z veljavo za nazaj od 1. januarja 2001.
‘Closing’ took place on 2 April 2001 between the Ministry of Transport and Arriva.
„Sklenitev posla“ je potekala 2. aprila 2001 med Ministrstvom za promet in podjetjem Arriva.
An earlier draft of the share sale agreement, sent by the Danish government to the Commission on 18 December 2000, contained a clause, according to which the Danish government was to guarantee Arriva for possible claims from public institutions (e.g. competition authorities and the EU Commission).
Starejši osnutek pogodbe o prodaji delnic, ki ga je danska vlada poslala Komisiji 18. decembra 2000, je vseboval klavzulo, v skladu s katero naj bi danska vlada dala jamstvo podjetju Arriva za morebitne terjatve javnih ustanov (npr. organov za konkurenco in Komisije EU).
The Danish government informed the Commission in its letter of 23 January 2001 that this clause had not been included in the final share sale agreement.
Danska vlada je v dopisu z dne 23. januarja 2001 obvestila Komisijo, da ta klavzula ni bila vključena v končno pogodbo o prodaji delnic.
The reason for this change was that ‘the Danish government has chosen to demand approval from the relevant authorities prior to the closing’.
Razlog za to spremembo je bil, da „se je danska vlada odločila zahtevati soglasje ustreznih organov pred sklenitvijo posla“.
Assessment of the Office of the Auditor General of Denmark
Ocena Urada generalnega revizorja Danske
The sales process has also been the object of a special report of the Office of the Auditor General of Denmark [21].
Prodajni postopek je bil obravnavan tudi v posebnem poročilu Urada generalnega revizorja Danske [21].
The conclusion (page 60) of the report states that:
Na koncu (stran 60) poročila je navedeno:
‘The investigation of the Office of the Auditor General of Denmark has shown that Arriva's offer was low, but that no serious offer was better.
„Preiskava, ki jo je izvedel Urad generalnega revizorja Danske, je pokazala, da je bila ponudba podjetja Arriva nizka, toda ni bilo nobene boljše resne ponudbe.
The Office of the Auditor General of Denmark has established that the Ministry of Transport’s investigations showed that the total sale of shares in Combus was preferable to a gradual dismantling of the company or going into administration.
Urad generalnega revizorja Danske je ugotovil, da so preiskave Ministrstva za promet pokazale, da je prodaja vseh delnic podjetja Combus bolj zaželena kot postopna razpustitev podjetja ali prisilna uprava.
The Office of the Auditor General of Denmark has established that the Ministry of Transport’s considerations, when preparing and conducting the sale of shares, were well founded.
Urad generalnega revizorja Danske je ugotovil, da so bili pomisleki Ministrstva za promet pri pripravi in vodenju prodaje delnic utemeljeni.
The Ministry of Transport managed, by negotiation, to have Arriva’s price for taking over the shares reduced and the Ministry also managed, by negotiation, to involve the company’s lenders in the shares deal.
Ministrstvo za promet je s pogajanji uspelo znižati ceno podjetja Arriva za prevzem delnic in prav tako s pogajanji doseglo, da v delniškem poslu sodelujejo posojilodajalci podjetja.
On the basis of the assessments and information available, the Office of the Auditor General of Denmark conclude that the agreement should be regarded as satisfactory.
Na podlagi ocen in razpoložljivih informacij Urad generalnega revizorja Danske ugotavlja, da bi moral sporazum šteti za zadovoljivega.
It was therefore necessary for the State to inject DKK 140 million into Combus and provide guarantees of approx. DKK 58 million for the company in connection with the sales agreement.’
Zato je morala država vložiti 140 milijonov DKK v podjetje Combus in zagotoviti jamstva v višini okoli 58 milijonov DKK za podjetje v povezavi s prodajno pogodbo.“
The subsequent sale of 50 % of Combus to Connex
Posledična prodaja 50 % podjetja Combus podjetju Connex
In recital 66 of the decision to initiate the procedure, the Commission had raised doubts as to whether the sales price of Combus to Arriva was the market price.
V uvodni izjavi 66 odločitve o sprožitvi postopka je Komisija izrazila dvom o tem, ali je prodajna cena podjetja Combus pri prodaji podjetju Arriva tržna cena.
These doubts were in particular founded on the observation that according to the Danish press, the sale of 50 % of Combus to Connex, which took place on 1 May 2001, less than a month after the signing of the sales agreement between the Danish government and Arriva, took place at a sales price of DKK 223 million.
Ti dvomi so temeljili predvsem na ugotovitvi, da je bilo po poročanju danskih medijev 50 % podjetja Combus prodanih podjetju Connex 1. maja 2001, manj kot en mesec po podpisu prodajne pogodbe med dansko vlado in podjetjem Arriva, za ceno 223 milijonov DKK.
The Danish government and Arriva have transmitted additional factual information on this point to the Commission.
Danska vlada in podjetje Arriva sta Komisiji posredovala dodatne stvarne informacije o tej točki.
The process of the negotiations between Arriva and Connex started in 2000.
Postopek pogajanj med podjetjem Arriva in podjetjem Connex se je začel leta 2000.
Arriva and Connex agreed on a ‘Memorandum of Understanding’ at European management level on 10 October 2000, which established the principles for cooperation between the parties in the run-up to the take-over of Combus.
Podjetji Arriva in Connex sta 10. oktobra 2000 sklenili „memorandum o soglasju“ na evropski upravni ravni, ki je določal načela sodelovanja med strankama pred prevzemom podjetja Combus.
The initial idea was that both companies submitted a joint bid.
Po prvotni zamisli naj bi obe podjetji predložili skupno ponudbo.
Prior to the drawing up of this declaration of intent, Connex, as well as Arriva, had taken part in the screening process controlled by Alfred Berg, but the company had chosen not to go further on its own.
Preden je bila sestavljena ta izjava o nameri, sta podjetji Connex in Arriva sodelovali v postopku preverjanja, ki ga je nadzorovalo podjetje Alfred Berg, toda podjetje Connex se je odločilo, da ne bo nadaljevalo samo.
In accordance with the ‘Memorandum of Understanding’, both parties were given access to the data room in order to assess the company’s value and the risks associated with the purchase.
V skladu z „memorandumom o soglasju“ sta imeli obe stranki dostop do podatkovne sobe, da sta lahko ocenili vrednost podjetja in tveganja, povezana z nakupom.
Arriva and Connex exchanged experiences from the data room and it was clear that there were great differences in the two companies’ expectations and assessment of Combus.
Podjetji Arriva in Connex sta si izmenjali izkušnje iz podatkovne sobe in jasno je bilo, da se njuna pričakovanja in oceni podjetja Combus precej razlikujejo.
Thus, Arriva assessed the company as having a negative value of approx DKK 300 million and Connex assessed Combus as having a negative value of approximately DKK 700-1000 million.
Tako je imelo podjetje Combus po oceni podjetja Arriva negativno vrednost v višini okoli 300 milijonov DKK, podjetje Connex pa je ocenilo, da ima Combus negativno vrednost približno 700–1000 milijonov DKK.
As the parties therefore fundamentally disagreed on the risks associated with the purchase, negotiations on a division of the company were broken off and Arriva continued the negotiations with the Danish State on its own.
Ker se stranki torej v osnovi nista strinjali o tveganjih, povezanih z nakupom, so bila pogajanja o delitvi podjetja prekinjena, podjetje Arriva pa je samo nadaljevalo s pogajanji z dansko državo.
As described above, these negotiations eventually led to the successful sale of Combus to Arriva in May 2001.
Kot je opisano zgoraj, so ta pogajanja sčasoma privedla do uspešne prodaje podjetja Combus podjetju Arriva maja 2001.
At the end of December 2000, the negotiations between Arriva and Connex were resumed, this time with a view to the sale of certain assets (i.e. contracts and busses) of Combus to Connex.
Konec decembra 2000 so se pogajanja med podjetji Arriva in Connex nadaljevala, tokrat z namenom prodaje določenih sredstev (tj. pogodb in avtobusov) podjetja Combus podjetju Connex.
Connex was given full access to the due diligence material that had been compiled and Arriva initiated Connex in the details of a business case drawn up by Arriva.
Podjetje Connex je imelo popoln dostop do zbranega gradiva o skrbnem pregledu, podjetje Arriva pa mu je predstavilo podrobnosti o svoji študiji primera.
Against this background, the parties entered into an agreement, ‘Head of Terms’, which was signed on 21 February 2001 with an agreed price of DKK 230 million.
Glede na to sta stranki sklenili dogovor o glavnih pogojih, ki je bil podpisan 21. februarja 2001 za dogovorjeno ceno 230 milijonov DKK.
This value corresponded to the book value of the actives involved (busses, infrastructure and existing loss-making public service contracts, in particular in the Copenhagen area).
Ta vrednost je ustrezala knjigovodski vrednosti vključenih sredstev (avtobusi, infrastruktura in obstoječe pogodbe za javna naročila storitev, ki prinašajo izgubo, predvsem v območju Kobenhavna).
Following further negotiations, which involved in particular a detailed cash-flow analysis, the final price in the sales agreement signed on 30 April 2001 was DKK 113,9 million.
Po nadaljnjih pogajanjih, ki so zajemala zlasti podrobno analizo denarnih tokov, je končna cena v prodajni pogodbi, podpisani 30. aprila 2001, znašala 113,9 milijona DKK.
The downward adjustment of the sales price is due to the fact that the cash-flow analysis showed that losses from on-going public service contracts were much higher than initially foreseen.
Popravek prodajne cene navzdol je posledica dejstva, da je analiza denarnih tokov pokazala, da so izgube iz obstoječih pogodb za javna naročila storitev veliko višje, kot je bilo prvotno predvideno.
As a consequence, Arriva had to make full use of the provisions made in Combus’ accounts for the loss-making public service contracts.
Posledično je moralo podjetje Arriva v celoti uporabiti rezervacije z računov podjetja Combus za pogodbe za javna naročila storitev, ki ustvarjajo izgubo.