natgillin/translations-raw huggingface dataset:
Based on this assessment of Alfred Berg, the Danish government decided to keep Combus going through a restructuring process with a view to a subsequent sale (option 1 proposed by Alfred Berg).
Na podlagi te ocene podjetja Alfred Berg se je danska vlada odločila, da nadaljuje s postopkom prestrukturiranja podjetja Combus z namenom poznejše prodaje (1. možnost, ki jo predlaga podjetje Alfred Berg).
This restructuring process is described in detail in the next sub-section.
Ta postopek prestrukturiranja je podrobno opisan v naslednjem pododdelku.
On 23 April 1999, Alfred Berg informed the government that a new ‘indication of interest’ had been received from Arriva with an offer to take over 100 per cent of Combus A/S’ share capital for DKK 35 million.
Podjetje Alfred Berg je 23. aprila 1999 obvestilo vlado, da je prejelo novo „navedbo interesa“ od podjetja Arriva, ki je ponudilo, da bo prevzelo 100 % osnovnega kapitala podjetja Combus A/S za 35 milijonov DKK.
Conditions relating to the amount of the equity capital and the company’s results were attached to the offer, with a clause for a ‘krone for krone’ reduction in the event of deviations.
K ponudbi so bili priloženi pogoji v zvezi z višino lastniškega kapitala in rezultati podjetja, vključno s klavzulo znižanja „krono za krono“ v primeru odstopanj.
The offer was based on the equity capital amounting to DKK 131 million, and Alfred Berg estimated that the equity capital was currently around DKK 10 million lower.
Ponudba je temeljila na lastniškem kapitalu v višini 131 milijonov DKK, po oceni podjetja Alfred Berg pa je lastniški kapital takrat znašal okoli 10 milijonov DKK manj.
Alfred Berg recommended continuing the sales process with this buyer in parallel with the development of the restructuring option.
Podjetje Alfred Berg je priporočalo, da se nadaljuje prodajni postopek s tem kupcem vzporedno z razvojem možnosti prestrukturiranja.
Alfred Berg pointed out that particularly difficult matters still had to be discussed, which could make it difficult to achieve a satisfactory agreement for both parties.
Podjetje Alfred Berg je poudarilo, da se je treba pogovoriti še o zelo zapletenih zadevah, ki bi lahko strankama otežile sklenitev zadovoljivega dogovora.
On 27 April 1999, a letter of intent was signed by the Ministry of Transport and Arriva for the takeover of Combus for DKK 45 million, provided that the company’s equity capital at the time of transfer was DKK 131 million.
Dne 27. aprila 1999 je bilo med Ministrstvom za promet in podjetjem Arriva podpisano pismo o nameri prevzema podjetja Combus za 45 milijonov DKK, pod pogojem, da bo lastniški kapital podjetja v času prenosa 131 milijonov DKK.
In early June, negotiations with Arriva were so advanced that the advisers considered that a final sales agreement could realistically be concluded in the first half of July 1999.
V začetku junija so pogajanja s podjetjem Arriva tako napredovala, da so svetovalci menili, da bi lahko bila končna prodajna pogodba realno sklenjena v prvi polovici julija 1999.
In the remainder of June 1999, however, there was a lot of press coverage on Combus, particularly with regard to statements from several political parties on the need for legal regulation of bus operations in Denmark as regards significant market shares.
Toda pozneje v juniju 1999 so mediji veliko pisali o podjetju Combus, predvsem v zvezi z izjavami nekaterih političnih strank o tem, da je treba pravno urediti avtobusne prevoznike na Danskem z vidika znatnih tržnih deležev.
In the light of the speculations about market caps, Arriva lost interest in acquiring Combus.
Zaradi ugibanj o tržnih omejitvah je podjetje Arriva izgubilo zanimanje za prevzem podjetja Combus.
Arriva stressed, however, that depending on the introduction of any market restrictions, they would be interested in acquiring Combus in the long term.
Podjetje Arriva je poudarilo, da je njegov dolgoročni interes za prevzem podjetja Combus odvisen od uvedbe morebitnih tržnih omejitev.
Restructuring in order to prepare the sale of Combus: the capital injection of May 1999
Prestrukturiranje za pripravo prodaje podjetja Combus: kapitalski vložek maja 1999
The restructuring of Combus had become very urgent in April 1999, as, pursuant to the Danish Annual Accounts Act, Combus had to hold its Annual General Meeting (AGM) before the end of May 1999 and to submit its audited accounts for 1998.
Prestrukturiranje podjetja Combus je postalo zelo nujno avgusta 1999, saj je moralo v skladu z danskim zakonom o letnih izkazih podjetje Combus sklicati letno skupščino delničarjev pred koncem maja 1999 in ji predložiti svoje revidirane izkaze za leto 1998.
The annual accounts had to be available to the press and public no later than 14 days before the AGM.
Letni izkazi so morali biti na voljo medijem in javnosti najmanj 14 dni pred letno skupščino delničarjev.
The company’s finances had been so strained that the accountants had stated that the annual accounts could not be presented without reservations as to the going concern principle.
Finance podjetja so bile tako izkoriščene, da so računovodje dejali, da letnih izkazov ni mogoče predstaviti brez zadržkov glede načela delujočega podjetja.
On the basis of the accountants’ examination of the company’s contracts, which had demonstrated a need for a provision of approx DKK 65 million to cover loss-making contracts, the company would have to go into administration unless further capital was injected.
Na podlagi računovodskega pregleda pogodb podjetja, ki je pokazal potrebo po okoli 65 milijonih DKK za pokritje pogodb, ki ustvarjajo izgubo, bi moralo podjetje, če ne bi prišlo do dokapitalizacije, v prisilno upravo.
In addition, there was an imminent risk of a compulsory redemption of loan agreements with a number of financial institutions, all of which contained covenant provisions requiring a minimum capital base of 10 % of the balance sheet total, but no less than DKK 125 million.
Poleg tega je obstajalo neizbežno tveganje obveznega vračila posojil številnim finančnim ustanovam, saj so vse kreditne pogodbe, sklenjene z njimi, vsebovale zavezujoče določbe, ki so predpisovale lasten kapital v višini najmanj 10 % bilančne vsote, vendar ne manj kot 125 milijonov DKK.
In April 1999, the Danish Ministry of Transport appointed a legal adviser, Kromann and Münter, to assist in solving Combus’ financial problems.
(50) Aprila 1999 je dansko Ministrstvo za promet imenovalo pravnega svetovalca, podjetje Kromann and Münter, da bi pomagal rešiti finančne težave podjetja Combus.
The legal adviser suggested in a memo issued in mid-May 1999 a capital injection of DKK 300 million.
Pravni svetovalec je v obvestilu, izdanem sredi maja 1999, predlagal kapitalski vložek v višini 300 milijonov DKK.
Based on this memo, the Ministry of Transport presented on 21 May 1999 a confidential bill to the Finance Committee of the Danish parliament, proposing a capital injection of DKK 300 million.
Na podlagi tega obvestila je Ministrstvo za promet 21. maja 1999 predložilo zaupen predlog zakona finančnemu odboru danskega parlamenta, v katerem je predlagalo kapitalski vložek v višini 300 milijonov DKK.
The bill was approved by a majority of the Finance Committee on 27 May 1999 [20].
Predlog je finančni odbor potrdil z večino 27. maja 1999 [20].
As regards Combus’ financial situation, the bill stated that in 1998, the company had had to adjust its expectations regarding the result for 1998 several times.
Kar zadeva finančno stanje podjetja Combus, je predlog zakona navajal, da je leta 1998 podjetje moralo večkrat prilagoditi svoja pričakovanja glede rezultata za 1998.
Most recently, after the adoption in December 1998 of the Act on the sale of all shares in Combus, there had been a significant downturn in the company’s finances.
Nazadnje, po sprejetju zakona o prodaji vseh delnic podjetja Combus decembra 1998, se je finančno stanje podjetja močno poslabšalo.
The bill furthermore states that Combus was in imminent danger of going into administration or going bankrupt, but that an injection of capital would ensure that the company could be kept going with a view to a sale taking place at a later date.
Predlog zakona navaja tudi, da je podjetju Combus neposredno grozila prisilna uprava ali stečaj, toda kapitalski vložek bi zagotovil nadaljnje poslovanje podjetja z namenom poznejše prodaje.
It was estimated that there was a need for a capital injection in the order of DKK 300 million, against the background of the solidity requirement in the company’s loan agreements and the need for an appropriate relationship between debt and equity capital.
Po ocenah je potrebni kapitalski vložek znašal 300 milijonov DKK, ob tem pa bi morale biti kreditne pogodbe podjetja trdne, razmerje med dolžniškim in lastniškim kapitalom pa ustrezno.
The bill also foresees that the option of selling Combus would continue to be investigated.
Predlog zakona predvideva tudi, da se še naprej preiskuje možnost prodaje podjetja Combus.
It was considered unlikely that the State would recoup the capital injected, in the short term.
Ni se zdelo verjetno, da si bo država povrnila vloženi kapital v kratkem roku.
The capital injection was made with a view to ensuring the future operation of the company and ensuring that it had sufficient capital available.
Kapitalski vložek je bila izveden s ciljem, da se podjetju zagotovi poslovanje v prihodnosti in zadosten kapital, ki ga potrebuje.
The bill was approved by a majority of the Finance Committee on 27 May 1999.
Predlog zakona je finančni odbor potrdil z večino 27. maja 1999.
The second, successful attempt to sell Combus
Drug, uspešen poskus prodaje podjetja Combus
Second market scrutiny
Drugi tržni pregled
The sales process was resumed in the spring 2000, after Combus’ annual accounts for 1999 had been approved at the AGM in May 2000.
Prodajni postopek se je nadaljeval spomladi leta 2000, zatem ko je letne izkaze podjetja Combus za leto 1999 potrdila letna skupščina delničarjev v maju 2000.
Alfred Berg would continue to be involved in the sales negotiations as financial adviser, and Kromann and Münter as legal advisor.
Podjetje Alfred Berg bo še naprej sodelovalo v pogajanjih o prodaji kot finančni svetovalec, podjetje Kromann and Münter pa kot pravni svetovalec.
In mid July 2000, Alfred Berg presented an indicative evaluation of Combus.
Sredi julija 2000 je podjetje Alfred Berg predstavilo okvirno vrednotenje podjetja Combus.
Alfred Berg considered that traditional evaluation methods could not be used with regard to Combus due to the high level of uncertainty.
Po mnenju podjetja Alfred Berg ni bilo mogoče uporabiti običajnih metod vrednotenja podjetja Combus zaradi visoke stopnje negotovosti.
The advisers had carried out an evaluation based on a projection of the company’s results to 2004 on the basis of a number of weighted assumptions on turnover developments and restructuring measures.
Svetovalci so izvedli vrednotenje na podlagi napovedi rezultatov podjetja do leta 2004 glede na več tehtanih predpostavk o gibanju prometa in ukrepih prestrukturiranja.
The value of the company was calculated at the future date.
Vrednost podjetja je bila izračunana za datum v prihodnosti.
Account was taken of any profits/deficits in the intermediate period and the effect on the company’s negative net balance at the future date.
Pri tem so bili upoštevani vsi dobički/primanjkljaji v vmesnem obdobju in učinek na negativno neto bilanco podjetja na datum v prihodnosti.
The actual sales value was found by discounting back the future sales value calculated.
Dejanska prodajna vrednost je bila določena z diskontiranjem izračunane prihodnje prodajne vrednosti.
The following table shows the results of this assessment.
Spodnja tabela prikazuje rezultate te ocene.
Summary of Alfred Berg’s evaluation of Combus
Povzetek vrednotenja podjetja Combus, ki ga je opravilo podjetje Alfred Berg
Source: Indicative valuation from the financial advisers.
Vir: Okvirno vrednotenje, ki so ga pripravili finančni svetovalci
Worst case
Najslabši primer
Neutral/negative
Nevtralen/negativen
Neutral/positive
Nevtralen/pozitiven
Best case
Najboljši primer
Assumption:
Predpostavka:
Unchanged
nespremenjeno
Increasing
povečanje
Improvement measures
Ukrepi izboljšanja
Value in DKK millions of equity capital, July 2005
Vrednost lastniškega kapitala v milijonih DKK, julij 2005
Value in DKK millions of equity capital current (10 % disc.)
Vrednost lastniškega kapitala v milijonih DKK, trenutna (10 % disk.)
The following additional observations are necessary for the understanding of this evaluation: ‘Unchanged turnover’ assumes that the contracts in the Copenhagen region are not replaced by new contracts when they expire, while contracts in the regions continue unchanged.
Za razumevanje tega vrednotenja so potrebne naslednje dodatne pripombe. „Nespremenjena realizacija“ predvideva, da se pogodbe v regiji Kobenhavna ob izteku ne nadomestijo z novimi pogodbami, medtem ko ostanejo pogodbe v regijah nespremenjene.
‘Increasing turnover’ assumes that turnover in the other regions is increasing as the existing contracts in the Copenhagen region expire.
„Povečanje prometa“ pomeni, da se promet v drugih regijah povečuje, ko obstoječe pogodbe v regiji Kobenhavna potečejo.
The result of the effects of improvement measures adopted by the new management was assumed to be DKK 48,7 million annually from 2002.
Predvideni rezultat ukrepov izboljšanja, ki jih je sprejela nova uprava, naj bi bil predvidoma 48,7 milijona DKK na leto od leta 2002.
The table shows that the value of Combus had to be assessed as very negative, particularly because the assumptions regarding rising turnover and gross earnings and the implementation of improvement measures within such a short period had to be regarded as difficult.
Tabela kaže, da je morala biti vrednost podjetja Combus ocenjena kot zelo negativna, zlasti ker se je predpostavljalo, da bo povečanje realizacije in bruto dohodka ter izvajanje ukrepov izboljšanja v tako kratkem obdobju težko.
An important issue for the privatisation process was the political debate on the introduction of market caps for bus operators.
Pomembno vprašanje za postopek privatizacije je bila politična razprava o uvedbi tržnih omejitev za avtobusne prevoznike.
The Danish Parliamentary Transport Committee had requested a report on concentration and competition in the Danish bus market, which had been drafted in autumn 1999 by a working group consisting of representatives from the Danish Competition Authority, the Ministry of Finance, and the Ministry of Transport.
Odbor za promet danskega parlamenta je zahteval poročilo o koncentraciji in konkurenci na danskem trgu avtobusnih prevozov, ki ga je jeseni 1999 pripravila delovna skupina, sestavljena iz predstavnikov danskega organa za konkurenco, Ministrstva za finance in Ministrstva za promet.
The report found that the majority of regional and local bus services were subject to public tenders, that the market was characterised by tough competition between contractors, despite an on-going concentration process, and that there were no signs that a single or individual contractor was dominating the market to the detriment of the competition.
Poročilo ugotavlja, da se večina regionalnih in lokalnih avtobusnih storitev oddaja prek javnih razpisov, da je kljub neprekinjenemu postopku koncentracije za trg značilna huda konkurenca med izvajalci in da ni nobenih znakov, da en sam ali posamezen izvajalec prevladuje na trgu v škodo konkurentov.
The working group concluded that their assessment of the Danish bus market had revealed no need to introduce market caps.
Delovna skupina je ugotovila, da po njeni oceni danskega trga avtobusnih prevozov ni treba uvesti tržnih omejitev.
In reaction to the report, the Transport Committee issued a statement in the autumn 1999, in which it approved the conclusions in the report and re-iterated that it was inappropriate to introduce market caps.
V odgovor na poročilo je odbor za promet dal izjavo jeseni 1999, v kateri je potrdil ugotovitve poročila in ponovno zatrdil, da ni primerno uvesti tržnih omejitev.
The Danish government then contacted again a number of potential buyers.
Danska vlada je nato ponovno stopila v stik z več potencialnimi kupci.
After a presentation of Combus’ finances, two potential buyers announced that they were interested in acquiring 100 % of the shares in Combus.
Po predstavitvi finančnega položaja podjetja Combus sta dva potencialna kupca izjavila, da ju zanima nakup 100 % delnic podjetja Combusa.
A third buyer made a more cautious expression of interest.
Tretji kupec je bil previdnejši pri izražanju interesa.
One of the interested buyers was Arriva, whose indicative offer corresponded to a negative sales price of DKK 200-250 million.
Eden izmed zainteresiranih kupcev je bilo podjetja Arriva, katerega okvirna ponudba je bila enaka negativni prodajni ceni 200–250 milijonov DKK.
The other interested buyer was Metroline.
Drugi zainteresirani kupec je bil podjetje Metroline.
Its offer was, at first sight, more attractive, as it proposed to buy the shares for a positive price in the range of DKK 10-24 million.
Njegova ponudba je bila sprva privlačnejša, saj je podjetje predlagalo nakup delnic po pozitivni ceni med 10 in 24 milijoni DKK.
Metroline had added, however, that during the financial presentation of the company it had become aware of a number of matters that they wished to examine in greater detail.
Toda podjetje Metroline je dodalo, da je med finančno predstavitvijo podjetja izvedelo številne stvari, ki jih želi podrobneje preučiti.
On 18 October 2000, Alfred Berg informed the Danish government that it had received a revised offer from Metroline, which now proposed to acquire Combus for a negative price of DKK 500 million.
Dne 18. oktobra 2000 je podjetje Alfred Berg obvestilo dansko vlado, da je prejelo spremenjeno ponudbo podjetja Metroline, v kateri slednji predlaga nakup podjetja Combus za negativno ceno v višini 500 milijonov DKK.
In addition, Metroline requested a number of guarantees.
Poleg tega je podjetje Metroline zahtevalo mnoga jamstva.
Following the submission of this offer, Alfred Berg recommended cancelling the on-going general discussions with the third interested buyer, as Alfred Berg did not consider the buyer sufficiently interested.
Po predložitvi te ponudbe je podjetje Alfred Berg predlagalo, da se prekinejo splošni razgovori, ki so potekali s tretjim zainteresiranim kupcem, saj je bilo mnenja, da kupec ni dovolj zainteresiran.
The steering group asked Alfred Berg to contact Arriva, whose indicative offer was now clearly better than Metroline’s, in order to investigate options for a sale.
Usmerjevalna skupina je podjetje Alfred Berg zaprosila, da stopi v stik s podjetjem Arriva, čigar okvira ponudba je bila očitno boljša kot ponudba podjetja Metroline, in razišče možnosti prodaje.
Negotiations with Arriva
Pogajanja s podjetjem Arriva
On 3 November 2000, Arriva announced in a letter to Alfred Berg that the company had carried out the due diligence process, and that they could now suggest how to proceed.
Dne 3. novembra 2000 je podjetje Arriva v pismu podjetju Alfred Berg naznanilo, da je opravilo skrben pregled poslovanja in da lahko zdaj predlagajo, kako nadaljevati.
In the letter, Arriva pointed out that they had cooperated with Connex in their assessment.
V pismu je podjetje Arriva izpostavilo, da je oceno pripravilo v sodelovanju s podjetjem Connex.
Arriva had previously informed the financial advisers of the two bus companies’ joint interest.
Podjetje Arriva je pred tem finančne svetovalce obvestilo o skupnem interesu obeh avtobusnih podjetij.
According to the proposal, Arriva offered to pay DKK 100 for all the shares in Combus.
V skladu s predlogom je podjetje Arriva ponudilo 100 milijonov DKK za vse delnice podjetja Combus.
The offer was subject to the condition that the loan capital of DKK 100 million injected by the Ministry of Transport in 1999 was converted into equity capital, and that a further injection of capital amounting to DKK 290 million was being made into Combus.
Ponudba je veljala pod pogojem, da se dolžniški kapital v višini 100 milijonov DKK, ki ga je leta 1999 vložilo Ministrstvo za promet, pretvori v lastniški kapital in da se izvede dodaten kapitalski vložek v podjetje Combus v višini 290 milijonov DKK.
The offer was furthermore subject to the condition that all necessary adjustments to the company’s balance sheet items identified during the subsequent due diligence process would be covered by the injection of funds.
Ponudba je bila pogojena tudi s tem, da se vsi potrebni popravki bilančnih postavk podjetja, ugotovljeni med poznejšim postopkom skrbnega pregleda poslovanja, pokrijejo z vložkom novih sredstev.
Arriva mentioned a number of examples for such adjustments, which already amounted to approx. DKK 109 million.
Podjetje Arriva je omenilo več primerov takih popravkov, ki so skupaj znašali približno 109 milijonov DKK.
Arriva set the Danish government a deadline of 8 November 2000 to reach agreement.
Podjetje Arriva je danski vladi določilo rok 8. november 2000 za sklenitev sporazuma.
An examination of Arriva’s proposal by the financial advisers showed that the offer involved DKK 399 million of new funds being injected into Combus and that the Ministry of Transport was also to convert the subordinated loan of DKK 100 million to equity capital and therefore a total loss of DKK 499 million for the State.
Finančni svetovalci, ki so pregledali predlog podjetja Arriva, so ugotovili, da bi glede na ponudbo potrebovali 399 milijonov DKK novih sredstev, ki bi jih vložili v podjetje Combus, in da bi moralo Ministrstvo za promet pretvoriti podrejen dolg v višini 100 milijonov DKK v lastniški kapital, s čimer bi skupna izguba države znašala 499 milijonov DKK.
In addition, there was the loss of the remainder of the equity capital in Combus, which was estimated at DKK 38 million on 30 September 2000.
Poleg tega bi država izgubila preostali lastniški kapital v podjetju Combus, ki je bil ocenjen na 38 milijonov DKK na dan 30. septembra 2000.
The Ministry of Transport and the Ministry of Finance considered Arriva’s offer to be low.
Ministrstvo za promet in Ministrstvo za finance sta bili mnenja, da je ponudba podjetja Arriva nizka.
On the other hand, no other previous serious offer had been better than Arriva’s.
Po drugi strani pa ni bila nobena predhodna resna ponudba boljša od ponudbe podjetja Arriva.
Metroline had requested the same negative price as Arriva, i.e. approximately DKK 500 million, and the third interested buyer had only made a loose and non-binding offer for a negative price of approx. DKK 350 million.
Podjetje Metroline je zahtevalo enako negativno ceno kot podjetje Arriva, tj. približno 500 milijonov DKK, tretji zainteresirani kupec pa je podal le ohlapno in neobvezujočo ponudbo za negativno ceno okoli 350 milijonov DKK.
It was decided that, as a first step, the Ministry of Transport should contact Arriva with a view to increasing the company’s price for taking over Combus.
Sprejeta je bila odločitev, da Ministrstvo za promet najprej stopi v stik s podjetjem Arriva, da bi povišalo ceno za prevzem podjetja Combus.
At the same time, the Ministry went over several scenarios for winding up/developing Combus.
Istočasno je ministrstvo preučilo več scenarijev likvidacije/razvoja podjetja Combus.
The scenarios were not a direct evaluation of the company, but a calculation of the company’s liquidity needs under various conditions compared with Arriva’s offer.
Scenariji niso zadevali neposrednega vrednotenja podjetja, temveč izračun likvidnostnih potreb podjetja v različnih pogojih v primerjavi s ponudbo podjetja Arriva.
The result of the calculation, which was approved by Combus, the company’s auditors and solicitors, is shown in the following table:
Rezultat izračuna, ki ga je potrdilo podjetje Combus, njegovi revizorji in odvetniki, je prikazan v spodnji tabeli:
Scenarios for winding up/developing Combus
Scenariji za likvidacijo/razvoj podjetja Combus
Source: The Ministry of Transport
Vir: Ministrstvo za promet
Liquidity at the end of the period in DKK million
Likvidnost v milijonih DKK ob koncu obdobja
Gradual winding up over 5 years
Postopna likvidacija v roku petih let
Uncertain scenario
Negotov scenarij