natgillin/translations-raw huggingface dataset:
While this is not an incorrect method, it does not show clearly the free cash flows available to shareholders only, which is one of the indicators (even if not the sole determinant) whether an equity injection conforms to the market economy investor principle.
Čeprav ta metoda ni napačna, ne prikaže jasno prostih denarnih tokov, ki so na voljo samo delničarjem, kar je eden od kazalnikov (tudi če ni edini odločilni kazalnik), ali je vložek kapitala v skladu z načelom vlagatelja v tržnem gospodarstvu ali ne.
The Commission therefore prefers the method which involves discounting cash flows directly paid out to the shareholder (dividends) and using a terminal value which represents not an enterprise value but an equity value.
Komisija zato daje prednost metodi, ki vključuje diskontiranje denarnih tokov, ki se neposredno izplačujejo delničarju (dividende), in uporabo končne vrednosti, ki ne pomeni vrednosti podjetja, temveč vrednost kapitala.
This also involves using the cost of equity as discount rate instead of the Weighted Average Cost of Capital.
To vključuje tudi uporabo stroškov kapitala v obliki diskontne stopnje namesto tehtanega povprečja stroškov kapitala.
This was the method used in the previously cited Landesbanken cases (see footnote 17).
Ta metoda je bila uporabljena v prej navedenih zadevah Landesbanken (glej sprotno opombo 17).
Thirdly, the senior debt facility discussed in recital 71, and the release of the Mails Reserve, were assessed together in this calculation whereas normally the test for a loan and equity injection is different (private investor vs private lender test) and thus should be carried out separately [19].
Tretjič, prednostna posojilna sredstva, ki so bila obravnavana v uvodni izjavi 71, in sprostitev poštne rezerve so bili v tem izračunu obravnavani skupaj, medtem ko sta preskusa za posojilo in vložek v lastniški kapital različna (preskus zasebni vlagatelj proti zasebnemu posojilodajalcu) in bi se zato morala izvesti posebej [19].
While it is true that it is not uncommon that a shareholder also acts as a lender in large groups, the Commission considers that it is difficult to assess the two measures within the same framework given their different nature.
Čeprav drži, da ni neobičajno, da v velikih skupinah delničar deluje tudi kot posojilodajalec, Komisija meni, da je oba ukrepa zaradi njune različne narave težko oceniti znotraj istega okvira.
This does not mean, however, that the effects of the two measures on each other are not to be taken into account.
Kljub temu to ne pomeni, da medsebojnih učinkov ukrepov ni treba upoštevati.
On the contrary, the analysis of the release of funds that were totally under shareholder control for use by RM is based on cash flows that reflect the assumption that the loans discussed in this decision are made to RM.
Ravno nasprotno, analiza sprostitve sredstev, ki so bila v celoti pod nadzorom delničarja, v uporabo družbi RM temelji na denarnih tokovih, ki odražajo predpostavko, da so posojila, obravnavana v tej odločbi, dodeljena družbi RM.
The Commission therefore requested that the UK provide the incremental equity valuation over the best possible, but nevertheless realistic, ‘non-invest’ case.
Komisija je zato zahtevala od Združenega kraljestva, naj predloži rastočo oceno vrednosti lastniškega kapitala na podlagi najugodnejšega, a še vedno realističnega primera „brez naložbe“.
As concerns the identification of the alternative case, RM’s own non-invest forecasts (the ‘manage for cash case’ or MFCC) led to […].
Kar zadeva opredelitev alternativnega primera, so napovedi družbe RM v zvezi s primeri brez naložb („primer upravljanja za gotovino“ ali MFCC) privedle do podatka […].
Deloitte therefore sketched a different ‘alternative case’ (AC) under which […] and addressed its pension deficit over 12 instead of 17 years.
Družba Deloitte je tako orisala drugačen „alternativni primer“ (AC), po katerem […], pokojninski primanjkljaj družbe pa je odpravljen v 12 letih namesto v 17.
It can, however, be said that any doubts concerning the investment case would be magnified against any ‘better alternative’ that could be conceived.
Kljub temu pa je mogoče reči, da bi se morebitni dvomi v zvezi s primerom z naložbo okrepili ob vsaki „boljši alternativni možnosti“, ki bi jo bilo mogoče predvideti.
At the Commission’s request, the United Kingdom provided figures allowing the investment case to be assessed against both alternatives.
Združeno kraljestvo je na zahtevo Komisije predložilo podatke, ki so omogočili primerjavo primera z naložbo z obema alternativnima možnostma.
For reasons outlined in recital 78 the Commission required that the projections use free cash flows available to equity holders, an equity value for terminal value and the cost of equity as discount rate.
Komisija je iz razlogov iz uvodne izjave 78 zahtevala, naj se v projekcijah uporabijo prosti denarni tokovi, ki so na voljo imetnikom kapitala, vrednost kapitala za končno vrednost in stroški kapitala kot diskontna stopnja.
The UK supplied the following projections [20].
Združeno kraljestvo je predložilo naslednje projekcije [20].
The table shows the calculation of the Government’s equity holding with investment (investment case), followed by the result of the same calculation in the alternative case.
Preglednica prikazuje izračun deleža vlade v lastniškem kapitalu z naložbo (primer z naložbo), ki mu sledi rezultat enakega izračuna v alternativnem primeru.
Based on these figures, the value of the Government’s equity holding is GBP […] in the investment case whereas it would be GBP […] in the alternative case without investment.
Na podlagi teh podatkov je vrednost deleža vlade v lastniškem kapitalu v primeru z naložbo […] GBP, v alternativnem primeru brez naložbe pa bi bil […] GBP.
INVESTMENT CASE — GBP 1,15 billion investment
PRIMER NALOŽBE – naložba v višini 1,15 milijarde GBP
Initial cash flows
Začetni denarni tokovi
NPV year 1-10 (discounted free cash flow excluding debts)
NSV v letih 1–10 (diskontiran prosti denarni tok brez dolgov)
NPV of Postcomm Allowance
NSV nadomestila Postcomm
Enterprise value
Vrednost podjetja
Interest cash flows
Denarni tokovi od obresti
Draw down and repayment of debt/investment of funds
Črpanje in poplačilo dolga/naloženih sredstev
Debt outstanding at end of forecast period
Neodplačan dolg ob koncu obdobja napovedi
Valuation of pension deficit
Ocena vrednosti pokojninskega primanjkljaja
Escrow balance incl. cum interest
Stanje na depozitnem računu vklj. z obrestmi
Escrow repayment (not mid-year)
Odplačilo depozita (ne v sredini leta)
Escrow requirement
Depozitna obveznost
Equity value
Vrednost kapitala
ALTERNATIVE CASE
ALTERNATIVNI PRIMER
Incremental equity value
Rastoča vrednost kapitala
As the difference of GBP […] is greater than the invested sum, the UK argues that it has demonstrated that the investment is on a commercial basis.
Ker je razlika v višini […] GBP večja od vložene vsote, Združeno kraljestvo trdi, da je dokazalo, da je naložba izvedena na tržni osnovi.
The Commission determined, however, that that claim requires further examination.
Kljub temu pa je Komisija ugotovila, da ta utemeljitev zahteva dodatno proučitev.
From the table it can be seen that:
Iz preglednice je mogoče videti, da:
the cash generated under the investment case provides no return to equity holders in the first […] years of the plan;
denarna sredstva, ustvarjena v primeru z naložbo, imetnikom kapitala ne zagotavljajo dobička v prvih […] letih načrta;
the investment case thus relies heavily on the terminal value calculated in 2016/2017;
primer z naložbo se tako močno zanaša na končno vrednost, izračunano za leto 2016/2017;
the investment case is cash-negative for the first […] years, after which cash generated is devoted entirely to debt and pension deficit payments until 2013/2014;
primer z naložbo ustvarja negativna denarna sredstva v prvih […] letih, po tem pa so ustvarjena denarna sredstva v celoti namenjena poplačilu dolga in pokojninskega primanjkljaja do leta 2013/2014;
Furthermore the Commission confirmed that even beyond the first […] years, it is uncertain whether the figures in years […] are in effect dividends capable of distribution to the shareholder.
Komisija je poleg tega potrdila, da celo po prvih […] letih ni gotovo, ali so dobljeni zneski v letih […] dejansko dividende, ki bi jih bilo mogoče izplačati delničarju.
Given the pattern of returns to the shareholder (practically all of it resulting from the terminal value and practically nothing from dividends) the Commission believes that a private investor would expect some returns in cash in the […] years after the investment and would be uneasy that the whole or the predominant share of the return from the investment comes from the terminal value in the […] year.
Glede na vzorec ustvarjenega dobička za delničarja (skoraj v celoti izvira iz končne vrednosti in skoraj nič iz dividend) Komisija meni, da bi zasebni vlagatelj pričakoval nekaj dobička v denarnih sredstvih v […] letih po naložbi in bi bil zaskrbljen, če bi celotni dobiček ali večinski delež dobička dobil iz končne vrednosti v […] letu.
The terminal value being in essence the value of cash flows from the […] year onwards discounted to the […] year, the private investor is asked to believe that even though its investment produces no returns in […] years, it is nevertheless a good investment on the basis of prospects following the […] year.
Glede na to, da je končna vrednost pravzaprav vrednost denarnih tokov od […] leta, diskontirana na […] leto, se od zasebnega vlagatelja pričakuje, da bo na podlagi pričakovanj po […] letu verjel, da je njegova naložba dobra, čeprav v […] letih ni prinesla dobička.
Given that the forecasts on such a long period are exposed to many unforeseeable variables and are therefore by their very nature of limited reliability, the Commission finds that a private investor would not be willing to invest on such terms especially in the postal sector, the long-term prospects of which are uncertain.
Glede na to, da so napovedi za tako dolgo obdobje odvisne od številnih nepredvidenih spremenljivk in so tako že po svoji naravi precej nezanesljive, Komisija ugotavlja, da zasebni vlagatelj ne bi bil pripravljen vložiti sredstev pod takimi pogoji, zlasti ne v poštni sektor, saj so dolgoročna pričakovanja za ta sektor negotova.
The Commission also questions whether such an investor would have been prepared to subordinate its interests as shareholder so extensively to those of employees/pensioners and to debt repayment.
Komisija dvomi tudi, ali bi bil tak vlagatelj pripravljen svoje interese delničarja tako močno podrediti interesom zaposlenih/upokojencev in poplačilu dolga.
Not only does the investment case rely heavily on the terminal value calculated in 2016/2017, but the terminal value can also be questioned both because of the calculation methodology and because of the underlying figures.
Ne samo da se primer z naložbo močno zanaša na končno vrednost, izračunano za leto 2016/2017, temveč je o končni vrednosti tudi mogoče dvomiti zaradi metodologije, uporabljene pri izračunu, in podatkov, uporabljenih pri njem.
As regards methodology, the terminal value was arrived at by taking the EBITDA figure in the terminal year multiplied by a factor that is the ratio between Enterprise Value and EBIDTA at sector equivalents.
Kar zadeva metodologijo, je bila končna vrednost dobljena tako, da je bila vrednost EBITDA v končnem letu pomnožena z večkratnikom, ki je razmerje med vrednostjo podjetja in vrednostjo EBITDA glede na ustreznico za sektor.
TNT and Deutsche Post/DHL were chosen on the ground that even if RM is not on a par with those companies now, it will be after […] years of the investment plan.
Družbi TNT in Deutsche Post/DHL sta bili izbrani na podlagi dejstva, da tudi če jima družba RM zdaj ni enakovredna, jima bo po […] letih investicijskega načrta.
The result of this approach is an Enterprise Value (roughly debt plus equity), which is not consistent with the approach described in recital 81, which requires the use of an equity value as terminal value.
Rezultat tega pristopa je vrednost podjetja (približno dolg + kapital), ki ni skladna z rezultatom pristopa, opisanega v uvodni izjavi 81, ki zahteva uporabo vrednosti kapitala kot končne vrednosti.
If an appropriate equity value is used the terminal value changes significantly — it becomes lower.
Če je uporabljena ustrezna vrednost kapitala, se končna vrednost znatno spremeni – zniža se.
As regards the underlying figures leading to the terminal value, the Commission notes in particular that RM’s earnings before interest, tax and depreciation (EBITDA) were projected to grow at over […] annually in the plan period.
Komisija v zvezi z uporabljenimi podatki, ki vodijo do končne vrednosti, predvsem ugotavlja, da je bilo predvideno, da bo dobiček družbe RM pred obrestmi, davki in amortizacijo (EBITDA) v obdobju izvajanja načrta rasel za več kot […] na leto.
The Commission regarded this projection as extremely optimistic in a newly-liberalised, regulated and mature sector.
Komisiji se je zdela ta projekcija za novo liberaliziran, reguliran in zrel sektor izjemno optimistična.
The Commission subjected the calculation presented by the UK to various tests by varying the assumptions used and the calculation methodology, in particular for the terminal value.
Komisija je izračun, ki ga je predložilo Združeno kraljestvo, preverila z različnimi preskusi, tako da je spreminjala uporabljene predpostavke in metode za izračun, zlasti za končno vrednost.
It found that, given the importance of the terminal value in the figures supplied, only minor variations in the methodology such as calculating the terminal value differently and less optimistic profits growth would change substantially the assessment of the investment.
Ugotovila je, da bi zaradi pomembnosti končne vrednosti v predloženih podatkih že manjše spremembe metodologije, kot sta drugačen izračun končne vrednosti ali uporaba manj optimistične rasti dobička, znatno spremenile oceno naložbe.
In conclusion, the Commission has not been able to find that the release of funds that were totally under shareholder control to be used by RM to alter the deficit payments which it is obliged to make to its pension scheme by putting those funds in an escrow account complies with the MEIP.
Nazadnje, Komisija ni mogla ugotoviti, da je sprostitev sredstev, ki so bila v celoti pod nadzorom delničarja, v uporabo družbi RM za spremembo poplačil primanjkljaja, ki jih mora plačevati v pokojninsko shemo, s prenosom teh sredstev na depozitni račun v skladu z načelom vlagatelja v tržnem postopku.
The Commission has therefore proceeded to an examination of the compatibility of any aid contained in the measure (see section 6).
Komisija je zato nadaljevala preverjanje združljivosti vse pomoči, ki jo vsebuje ukrep (glej razdelek 6).
Quantification of aid
Količinska opredelitev zneska pomoči
The effect of the measure on Royal Mail is on its payments to the pension scheme to address the pension deficit, which can, as a result of the measure, be spread over a larger number of years than would otherwise have been the case.
Ukrep na družbo Royal Mail vpliva tako, da vpliva na njena plačila v pokojninsko shemo za odpravo pokojninskega primanjkljaja, ki se zaradi ukrepa lahko razporedijo čez večje število let, kot bi bilo drugače mogoče.
These payments are therefore lower for the first years (because without the measure, RM would have to address the deficit more quickly and make therefore higher deficit contributions) but higher in the later years, when the deficit would otherwise have been addressed.
Ta plačila so tako v prvih nekaj letih nižja (ker bi družba RM brez ukrepa morala hitreje odpravljati primanjkljaj in zato plačevati višje prispevke), višja pa v poznejših letih, ko bi bil primanjkljaj sicer že odpravljen.
Valuing this advantage, through the calculation of the net present value of the amended cash flow payments, requires making certain assumptions, notably about the period over which the deficit would need to be addressed in the absence of the measure, and selecting a discount rate.
Za ocenjevanje vrednosti te prednosti z izračunom neto sedanje vrednosti spremenjenih plačil denarnega toka so potrebna nekatera predvidevanja, predvsem glede obdobja, v katerem bi bilo treba primanjkljaj odpraviti brez ukrepa, in izbire diskontne stopnje.
The Commission accepted to use a period of 12 years for addressing the deficit, which was the basis of the ‘alternative case’ examined at recital 80 and which was put forward by Royal Mail to the UK postal regulator in the context of the pricing review.
Komisija se je odločila, da bo uporabila 12-letno obdobje za odpravo primanjkljaja, kar je bila podlaga za „alternativno možnost“, proučeno v uvodni izjavi 80, in kar je bilo obdobje, ki ga je družba Royal Mail predložila poštnemu regulatorju Združenega kraljestva v okviru cenovnega pregleda.
This figure slightly exceeds the period of 10 years which is used as a benchmark by the UK pensions regulator [21].
Ta številka rahlo presega desetletno obdobje, ki ga je kot merilo uporabil pokojninski regulator Združenega kraljestva [21].
However, given the use of the figure of 12 years for other purposes and in addition the large size of the deficit relative to the company, which would generally therefore require a longer period for being addressed, the Commission believes this is an acceptable assumption.
Vendar pa glede na to, da se 12-letno obdobje uporablja za druge namene, in ker je primanjkljaj glede na družbo velik, zaradi česar bi bilo običajno potrebno daljše obdobje za odpravo, Komisija meni, da je ta predpostavka sprejemljiva.
The Commission has applied a discount rate of 12 % representing the cost of equity.
Komisija je uporabila diskontno stopnjo v višini 12 %, ki predstavlja stroške kapitala.
On this basis the value to Royal Mail of the change in pension contributions as a result of the measure amounts to a figure of GBP […].
Na podlagi tega vrednost spremembe pokojninskih prispevkov družbe Royal Mail zaradi ukrepa znaša […] GBP.
The GBP 300 million shareholder loan
Posojilo delničarja v višini 300 milijonov GBP
As already noted, the shareholder loan is subordinated both to RM’s other debt and to the pensioner interest (it cannot be repaid before the escrow account is released).
Kot je bilo že opozorjeno, je posojilo delničarja podrejeno drugim dolgovom in pokojninskim obrestim družbe RM (ni ga mogoče odplačati, dokler depozitni račun ni sproščen).
This led the Commission to consider whether the measure should not be assimilated to an injection of equity (see also footnote 19).
Zato je Komisija začela proučevati, ali ne bi bilo zadevnega ukrepa treba enačiti z vložkom kapitala (glej tudi sprotno opombo 19).
The Commission has however determined [22] that subordination does not prevent loans from being assessed for the existence of State aid in the same way as non-subordinated loans.
Komisija je kljub temu ugotovila [22], da podrejenost ne preprečuje, da bi posojila ocenili enako kot posojila, ki niso podrejena, in ugotovili, ali je državna pomoč prisotna.
Such loans may therefore be assessed according to the terms of the notice on reference rates [23], albeit at a lower rating level than their non-subordinated equivalents.
Taka posojila je tako mogoče ocenjevati v skladu s pogoji obvestila o referenčnih obrestnih merah [23], čeprav po nižji stopnji kot posojila, ki niso podrejena.
The 1997 reference rate notice, which was in force in 2007 set rates by reference to observed rates of a specific duration, namely five years.
Obvestilo o referenčnih obrestnih merah iz leta 1997, ki je veljalo leta 2007, je določalo obrestne mere s sklicevanjem na opažene obrestne mere z določenim trajanjem, tj. pet let.
The measure under assessment, however, would last as long as the escrow account, estimated at 17 years.
Vendar pa bi ukrep, ki se ocenjuje, trajal enako dolgo kot depozitni račun, kar je ocenjeno na 17 let.
The benchmark used in the 1997 reference rate notice was interbank swap rates of five years and the Commission therefore regards the corresponding 15-year rate as an appropriate benchmark for the measure in question.
Merilo, ki je bilo uporabljeno v obvestilu o referenčnih obrestnih merah iz leta 1997, so bile petletne medbančne menjalne obrestne mere, in tako Komisija meni, da je ustrezna 15-letna obrestna mera primerno merilo za zadevni ukrep.
This should be increased by the standard premium under the notice of 75 basis points, to 5,95 %.
PV skladu z obvestilom jo je treba povečati za standardno premijo v višini 75 osnovnih točk, to je na 5,95 %.
The rate thus determined would need to be further adjusted to reflect the degree of security and of subordination.
Tako določena obrestna mera bi morala biti dodatno prilagojena, da bi odražala stopnjo zavarovanja in podrejenosti.
The shareholder loan is not secured and its collateralisation must therefore be regarded as below what would normally be required by banks.
Posojilo delničarja ni zavarovano, zato je njegovo zavarovanje s premoženjem treba obravnavati kot nižje od tistega, ki bi ga običajno zahtevale banke.
In such cases, the 1997 reference rate notice sets a margin over the relevant benchmark of 400 basis points or more if no private bank would have agreed to grant the relevant loan.
V takih primerih obvestilo o referenčnih obrestnih merah iz leta 1997 določa maržo 400 točk ali več nad ustreznim merilom, če nobena zasebna banka ne bi odobrila dodelitve zadevnega posojila.
In line with previous Commission decisions [24] under the 1997 reference rate notice, the Commission believes that the rate should be increased by a premium of 400 basis points reflecting the lack of security and 200 basis points for the subordinated nature of the instrument.
Komisija v skladu s predhodnimi odločbami Komisije [24] na podlagi obvestila o referenčnih obrestnih merah iz leta meni, da bi bilo obrestno mero treba povečati za premijo v višini 400 osnovnih točk, ki odraža pomanjkanje zavarovanja, in premijo v višini 200 osnovnih točk, ki odraža podrejeno naravo instrumenta.
Noting that the loan rate of […] % is greater than the sum of 5,95 % and 600 basis points, the Commission can accept that, taken independently, the measure does not constitute State aid.
Ob upoštevanju, da je obrestna mera posojila v višini […] % večja od vsote obrestne mere 5,95 % in 600 osnovnih točk, se Komisija lahko strinja, da ukrep, upoštevan ločeno, ne pomeni državne pomoči.
Given that the 2007 facilities were made available as part of a package together with other measures, the Commission would need to determine whether such a separate assessment can be conclusive.
Glede na to, da so bila sredstva iz leta 2007 dana na voljo kot del paketa skupaj z drugimi ukrepi, bi Komisija morala ugotoviti, ali je taka posamična ocena lahko dokončna.
This question is treated further in section 5.5.
To vprašanje je dodatno obravnavano v razdelku 5.5.
Separate assessment of the 2007 measures
Posamična ocena ukrepov iz leta 2007
The Commission has determined that two of the 2007 measures taken independently (loan facilities of 2007 and shareholder loan of GBP 300 million) do not constitute State aid, but has not been able to make such a determination with respect to the pensions measure.
Komisija je ugotovila, da dva od ukrepov iz leta 2007, obravnavana posebej (posojilna sredstva iz leta 2007 in posojilo delničarja v višini 300 milijonov GBP), ne pomenita državne pomoči, vendar ni mogla enako skleniti v zvezi s pokojninskim ukrepom.
Given that the measures were announced simultaneously, the Commission must assess whether it can confirm the findings of no aid, in the light of the Court’s jurisprudence [25].
Glede na to, da sta bila ukrepa napovedana hkrati, mora Komisija oceniti, ali lahko potrdi ugotovitev o neobstoju pomoči glede na sodno prakso Sodišča [25].
The Commission has noted that the loan facilities extended in 2007 were, in practice, the continuation of measures granted in 2003, albeit with revised terms.
Komisija je opozorila, da so bila posojilna sredstva, podaljšana v letu 2007, pravzaprav nadaljevanje ukrepov, odobrenih leta 2003, čeprav pod spremenjenimi pogoji.