natgillin/translations-raw huggingface dataset:
Commission Decision 2008/767/EC of 2 April 2008 on the State aid C 41/07 (ex NN 49/07) which Romania has implemented for Tractorul, OJ L 263, 2.10.2008, p. 5, recital 44.
Odločba Komisije 2008/767/ES z dne 2. aprila 2008 o državni pomoči C 41/07 (ex NN 49/07), ki jo je Romunija izvedla za podjetje Tractorul, UL L 263, 2.10.2008, str. 5, uvodna izjava 44.
Article 4(a) in conjunction with Article 3(2) of Regulation (EC) No 1008/2008 of the European Parliament and of the Council of 24 September 2008 on common rules for the operation of air services in the Community (Recast), OJ L 293, 31.10.2008, p. 3.
Člen 4(a) v povezavi s členom 3(2) Uredbe (ES) št. 1008/2008 Evropskega parlamenta in Sveta z dne 24. septembra 2008 o skupnih pravilih za opravljanje zračnih prevozov v Skupnosti (prenovitev), UL L 293, 31.10.2008, str. 3.
Commission Decision of 12 November 2008 on State aid N 510/08, Italy — Alitalia, OJ C 46, 25.2.2009, p. 6, recital 125.
Odločba Komisije z dne 12. novembra 2008, državna pomoč N 510/08, Italija – Alitalia, UL C 46, 25.2.2009, str. 6, uvodna izjava 125.
Within the framework of the foundation established in the course of the Swissair/Sabena merger (Commission Decision 95/404/EC), an administrative council was set up which was given operative powers.
V okviru ustanove, ustanovljene ob združitvi Swissair/Sabena (Odločba Komisije 95/404/ES), je bil ustanovljen upravni svet, ki so mu bila dana operativna pooblastila.
See points 402 and 403 of the XXIIIrd Report on Competition Policy 1993 (ISBN 92-826-8374-5).
Glej XXIII. poročilo o konkurenčni politiki za leto 1993 (ISBN 92-826-8372-9), točki 402 in 403.
Section 26(1) of the Austrian Takeover Act.
Člen 26(1) avstrijskega zakona o prevzemih.
An exemption from the compulsory offer would not have been acceptable, as this would only have meant that there was no need to submit a compulsory offer at that time, but that such an offer would have had to be submitted for the takeover of at least 90 % of Austrian Airlines at a later point in time.
Odstopanje od predpisane ponudbe o prevzemu ne bi bilo sprejemljivo, ker bi to pomenilo samo, da trenutno ni potrebe po predložitvi predpisane ponudbe, da pa bi morala biti taka ponudba za prevzem vsaj 90-odstotnega deleža Austrian Airlines predložena pozneje.
A reduction of the takeover price would have made the takeover of Austrian Airlines by Lufthansa more difficult, as the reduced takeover price would have been much lower than the stock-market price, and shareholders’ acceptance of the takeover offer would have been lower.
Lufthansa bi težje prevzela Austrian Airlines, če bi se prevzemna cena znižala, saj bi bila znižana prevzemna cena precej nižja od cene na borzi in bi prevzemno ponudbo sprejelo le malo delničarjev.
Commission Decision 2002/631/EC of 7 May 2002 on aid allegedly granted by Germany to RAG AG in connection with the privatisation of Saarbergwerke AG, OJ L 203, 1.8.2002, p. 52, recital 60; Commission Decision 2002/200/EC of 3 July 2001 on State aid which Spain has implemented and is planning to implement for the restructuring of Babcock Wilcox España SA, OJ L 67, 9.3.2002, p. 50, recital 61.
Odločba Komisije 2002/631/ES z dne 7. maja 2002, Nemčija – Saarbergwerke AG, UL L 203, 1.8.2002, str. 52, uvodna izjava 60; Odločba Komisije 2002/800/ES z dne 3. julija 2001, Španija – Babcock Wilcox, UL L 67, 9.3.2002, str. 50, uvodna izjava 61.
Commission Decision 2008/366/EC of 30 January 2008 on State aid C 35/06 (ex NN 37/06) implemented by Sweden for Konsum Jämtland Ekonomisk Förening, OJ L 126, 14.5.2008, p. 3, recitals 50 and 58.
Odločba Komisije 2008/366/ES z dne 30. januarja 2008 o državni pomoči C 35/06 (ex NN 37/06) Švedske za Konsum Jämtland Ekonomisk Förening, UL L 126, 14.5.2008, str. 3, uvodni izjavi 50 in 58.
See the ECJ’s judgment of 21 March 1991 in Case C-305/89 Italy v Commission (ALFA Romeo) [1991] ECR I-1603 and the ECJ’s judgment of 14 September 1994 in joined Cases C-278/92, C-279/92 and C-280/92 Spain v Commission (Hytasa) [1994] ECR I-4103.
Glej sodbo Sodišča z dne 21. marca 1991 v zadevi C-305/89, Italija proti Komisiji („Alfa Romeo“), Recueil, str. I-1603, in sodbo Sodišča z dne 14. septembra 1994 v združenih zadevah C-278/92, C-279/92 in C-280/92, Španija proti Komisiji („Hytasa“), Recueil, str. I-4103.
The analysis conducted by Merrill Lynch allocates losses in value to ÖIAG and the Republic of Austria only to the extent of their respective shareholdings.
Pri analizi, ki jo je izvedel Merrill Lynch, se ÖIAG oziroma Republiki Avstriji pripisujejo samo izgube vrednosti v okviru njunih udeležb.
This is made up of […].
Ta naj bi bila sestavljena iz […].
Source: Airlines Business 11/1999, p. 83.
Vir: Airlines Business 11/1999, str. 83.
Judgment of the Court of Justice of 16 May 2002 in Case C-482/99 France v Commission (Stardust Marine) [2002] ECR I-4397, paragraph 71.
Sodba Sodišča z dne 16. maja 2002 v zadevi C-482/99, Francija proti Komisiji („Stardust Marine“), Recueil, str. I-4397, točka 71.
The discounting factor for the calculation of the terminal value (hereinafter TV) is calculated as the difference between the applied WACC and the estimated stable long-term growth rate (in this case […]).
Diskontni faktor za izračun končne vrednosti (Terminal value, v nadaljnjem besedilu „TV“) se izračuna kot razlika med uporabljeno stopnjo WACC in ocenjeno stabilno dolgoročno stopnjo rasti (v obravnavanem primeru […]).
Variation due to rounding
Razlike zaradi zaokroževanja.
Discount factor (see footnote 31)
Diskontni faktor (glej opombo 31)
Aggregated figures (see footnote 32)
Zbirne številke (glej opombo 32)
Phase II2013budget2014budge2015budget2016budget2017budget2018budget2019budget2020budget2021budgetTotalFCF[…][…][…][…][…][…][…][…][…][…]WACC[…][…][…][…][…][…][…][…][…]NPV[…][…][…][…][…][…][…][…][…][…]
faza2013Proračun2014Proračun2015Proračun2016Proračun2017Proračun2018Proračun2019Proračun2020Proračun2021ProračunVsotaFCF[…][…][…][…][…][…][…][…][…][…]WACC[…][…][…][…][…][…][…][…][…]NPV[…][…][…][…][…][…][…][…][…][…]
A credit default swap is a derivative credit instrument which requires the buyer of this swap to make a series of payments to the seller and — in exchange — the buyer receives a payoff if a bond or loan goes into default (is not serviced).
Zamenjava neplačil (Credit Default Swap) je kreditni izvedeni finančni instrument, pri katerem mora kupec zamenjave izvesti vrsto plačil prodajalcu in kupec v zameno prejme izravnalno plačilo, če posojilo postane dvomljivo (se ne poplačuje).
In this regard, see also Commission Decision 2008/767/EC.
V zvezi s tem glej tudi Odločbo Komisije 2008/767/ES.
Judgment of the Court of Justice of 21 March 1991 in Case C-305/89 Italy v Commission (ALFA Romeo) [1991] ECR I-1603, paragraph 40; judgment of the Court of Justice of 20 September 2004 in Case C-390/98 Banks [2001] ECR I-6117, paragraph 77; and judgment of the Court of Justice of 29 April 2004 in Case C-277/00 Germany v Commission (SMI) [2004] ECR I-3925, paragraph 80.
Sodba Sodišča z dne 21. marca 1991 v zadevi C-305/89, Italija proti Komisiji („Alfa Romeo“), Recueil, str. I-6103, točka 40, sodba Sodišča z dne 20. septembra 2004 v zadevi C-390/98, H. J. Banks, Recueil, str. I-6117, točka 77, in sodba Sodišča z dne 29. aprila 2004 v zadevi C-277/00, Nemčija proti Komisiji („SMI“), Recueil, str. I-3925, točka 80.
See, for example, Erste Group Research: http://produkte.erstegroup.com/CorporateClients/de/ResearchCenter/Overview/index.phtml or Raiffeisen Centrobank Equity Research: http://www.rcb.at/_sterreich.aktienoesterreich.0.html
Glej npr. Erste Group Research, http://produkte.erstegroup.com/CorporateClients/de/ResearchCenter/Overview/index.phtml ali Raiffeisen Centrobank Equity Research http://www.rcb.at/_sterreich.aktienoesterreich.0.html
Under case law, this should be the case where ‘those aspects of aid which contravene specific provisions of the Treaty other than Articles 92 and 93 may be so indissolubly linked to the object of the aid that it is impossible to evaluate them separately’ (see the judgment of the Court of Justice of 22 March 1977 in Case 74/76 Ianelli v Meroni [1977] ECR 557 and the judgment of the Court of Justice of 15 June 1993 in Case C-225/91 Matra v Commission [1993] ECR I-3203, paragraph 41).
V skladu s sodno prakso naj bi to upoštevala, „če so lahko tisti vidiki pomoči, ki so morda v nasprotju z drugimi posebnimi določbami Pogodbe, razen členov 92 in 93, tako močno povezani s predmetom pomoči, da jih ni mogoče oceniti ločeno“ (glej sodbo Sodišča z dne 22. marca 1977 v zadevi 74/76, Ianelli in Volpi proti Meroni, Recueil, str. 557, in sodbo Sodišča z dne 15. junija 1993 v zadevi C-225/91, Matra proti Komisiji, Recueil, str. I-3203, točka 41).
See footnote 27.
Glej opombo 27.
Case COMP/M.5440 — Lufthansa/Austrian Airlines.
Zadeva COMP/M.5440 – Lufthansa/Austrian Airlines.
i.e. the authorisation issued to an airline to use an airport’s infrastructure on a certain day and at a certain time for the purpose of take-off or landing.
To je dovoljenje, izdano letalskemu prevozniku, da lahko določene dni in ob določenih urah za vzlete ali pristanke uporablja infrastrukturo določenega letališča.
Such concerns exist for the routes between the following cities: Vienna-Stuttgart, Vienna-Cologne, Vienna-Munich, Vienna-Frankfurt and Vienna-Brussels.
Komisija ima te pomisleke glede povezav med naslednjimi mesti: Dunaj–Stuttgart, Dunaj–Köln, Dunaj–München, Dunaj–Frankfurt in Dunaj–Bruselj.
Defined as ‘any airline or airlines that are members of the same alliance (with the exception of the two combining parties and all airlines controlled by them) offering new or additional competing air transport services either individually or collectively through code sharing’.
Opredeljen kot „vsaka letalska družba ali letalske družbe, ki so člani iste zveze (razen strank, ki se združujeta, in vključno z vsemi letalskimi družbami, ki jih nadzorujeta), ki posamezno ali združeno pod skupno oznako ponujajo nove ali dodatne konkurenčne letalske storitve“.
OJ L 157, 30.4.2004, p. 7.
UL L 157, 30.4.2004, str. 7.
See recital 15.
Glej uvodno izjavo 15.
The Austrian Airlines Group (hereinafter Austrian Airlines) is made up of three companies: Austrian Airlines Österreichische Luftverkehrs AG, a network carrier airline founded in 1957; Tiroler Luftfahrt GesmbH (Tyrolean Airways — hereinafter ‘Tyrolean’), a regional subsidiary established in 1978; and Lauda Air Luftfahrt GmbH (hereinafter Lauda Air), a charter division founded in 1979.
Poslovna skupina Austrian Airlines (v nadaljnjem besedilu: Austrian Airlines) je sestavljena iz treh podjetij: Austrian Airlines Österreichische Luftverkehrs AG, mrežno usmerjenega letalskega prevoznika, ustanovljenega leta 1957, Tiroler Luftfahrt GesmbH (v nadaljnjem besedilu: Tiroler Luftfahrt), regionalne hčerinske družbe, ustanovljene leta 1978, in Lauda Air Luftfahrt GmbH (v nadaljnjem besedilu: Lauda Air), čarterske družbe, ustanovljene leta 1979.
Austrian Airlines is headquartered in Vienna and operates from hubs in Vienna International Airport and Innsbruck Airport.
Austrian Airlines ima sedež na Dunaju in upravlja letalski promet z vozliščema na mednarodnem letališču Dunaj in letališču Innsbruck.
Bidders had until 24 August 2008 to express their interest.
Ponudniki so izraz interesa lahko predložili do 24. avgusta 2008.
A total of 12 investors did so.
Skupno je interes izrazilo dvanajst vlagateljev.
With regard to rescue aid, the Republic of Austria notified the Commission on 19 December 2008 of its decision to grant rescue aid to the Austrian Airlines Group in the form of a 100 % guarantee, in order to enable the company to receive loan financing amounting to EUR 200 million. The rescue aid was approved on 19 January 2009.
Republika Avstrija je glede pomoči za reševanje 19. decembra 2008 uradno obvestila Komisijo o svoji odločitvi, da bo poslovni skupini Austrian Airlines dodelila pomoč za reševanje v obliki 100-odstotnega poroštva, da bi podjetju omogočila, da dobi posojilo za 200 milijonov EUR. Pomoč za reševanje je bila dodeljena 19. januarja 2009.
In Austria’s opinion, the purchase price is the result of a privatisation process carried out in accordance with the requirements set out in the Commission’s XXIIIrd Competition Report [19] and the 1994 Guidelines.
Avstrija meni, da je nakupna cena rezultat postopka privatizacije, ki je bil izveden v skladu z zahtevami XXIII. poročila Komisije o konkurenci [19] ter Smernicami iz leta 1994.
The shares held by ÖIAG in Austrian Airlines were sold to the highest bidder at the end of a competitive tendering procedure.
Deleži ÖIAG v Austrian Airlines naj bi bili na koncu konkurenčnega postopka prodani ponudniku, ki je ponudil najvišjo ceno.
This is apparent from the price development of Austrian Airlines shares since the beginning of 2008.
To naj bi se kazalo v rasti borznega tečaja delnic Austrian Airlines od začetka leta 2008.
Before the privatisation mandate was issued on 12 August 2008, the share price was below EUR 3,00, and it was not until the beginning of September that the price rose above EUR 7,00. The share price of Austrian Airlines then fell sharply again, and, for weeks now, has been well below Lufthansa’s takeover price of EUR 4,49 per share.
Delniški tečaj naj bi bil pred izdajo pooblastila za privatizacijo 12. avgusta 2008 manj kot 3 EUR in naj bi šele v začetku septembra zrasel na več kot 7 EUR. Nato naj bi tečaj delnic Austrian Airlines spet močno padel in naj bi bil sedaj že več tednov precej nižji od prevzemne cene Lufthanse, ki je bila 4,49 EUR na delnico.
Austrian Airlines Group
Skupina Austrian Airlines
Given that the 1994 Guidelines are a lex specialis for the aviation sector, they should take precedence over the requirements of the 2004 Guidelines.
Ker so Smernice iz leta 1994 za letalski sektor lex specialis, naj bi imele prednost pred zahtevami Smernic iz leta 2004.
In the case at hand, the Austrian authorities argue that neither the restoration of financial viability nor the market situation require compensatory measures beyond the steps already planned within the scope of the restructuring.
Avstrijski organi v obravnavanem primeru navajajo, da naj izravnalni ukrepi, ki bi presegali že načrtovane ukrepe v postopku prestrukturiranja, ne bi bili potrebni niti zaradi finančne vzdržnosti niti zaradi položaja na trgu.
The average monthly salary of Austrian Airlines’ cockpit crew (2009 level) is EUR […], while the monthly salary of commercial and technical staff and flight attendants is between EUR […] and EUR […]. Furthermore, Austrian Airlines considers itself to be one of Austria’s key companies, and its insolvency would attract a lot of media attention.
Povprečna mesečna plača osebja v pilotski kabini naj bi bila pri Austrian Airlines […] EUR (stanje 2009), mesečna plača komercialistov, tehnikov in stevardov pa naj bi bila od […] do […] EUR. Poleg tega se ima Austrian Airlines za enega od najpomembnejših podjetij v Avstriji, katerega stečaj bi mediji zelo pozorno spremljali.
As regards the restructuring plan, Lufthansa argues that the 1994 Aviation Guidelines and the 2004 Guidelines should be applied in parallel.
Lufthansa glede načrta za prestrukturiranje navaja, da naj bi bilo treba vzporedno uporabljati Smernice za letalski sektor iz leta 1994 in Smernice iz leta 2004.
When calculating the business plan, the deterioration in the economy and the aviation markets was taken into account as far as could be predicted.
Poslabšanje gospodarskega položaja in položaja na letalskih trgih naj bi bilo pri izračunu poslovnega načrta, kolikor ga je mogoče predvideti, upoštevano.
Regarding the requirement for a significant own contribution, as set out in point 43 et seq. of the 2004 Guidelines, Lufthansa notes that this is not reflected in the 1994 Aviation Guidelines.
Lufthansa v zvezi z zahtevo po pomembnem lastnem prispevku na podlagi točke 43 in naslednjih točk Smernic iz leta 2004 navaja, da naj Smernice za letalski sektor iz leta 1994 ne bi odsevale te zahteve.
Lufthansa therefore doubts that this criterion is a legal requirement for restructuring in the aviation sector.
Zato naj bi Lufthansa dvomila, da naj bi bilo to merilo pravna zahteva za prestrukturiranja v letalskem sektorju.
Air France/KLM states that the tender process as implemented did not meet the requirements of the 1994 Aviation Guidelines.
Air France/KLM navaja, da naj razpisni postopek, tako kot naj bi bil izveden, ne bi izpolnjeval zahtev Smernic za letalski sektor iz leta 1994.
It states that the privatisation process initiated on 13 August 2008 was not conducted in a transparent and non-discriminatory manner.
Postopek privatizacije, ki se je začel 13. avgusta 2008, naj ne bi bil izveden pregledno in nediskriminatorno.
NIKI is of the opinion that, if a negative price were paid for ÖIAG’s shareholding (41,56 %), such a price would give a total equity value (100 %) of EUR 1,2 billion. However, it is impossible to see how such a negative sales price could be derived from Austrian Airlines’ financial reports.
Kot pravi NIKI, bi bila vrednost celotnega delniškega kapitala (100 %), če naj bi obstajala negativna cena za udeležbo ÖIAG (41,56 %), po taki ceni 1,2 milijarde EUR. Vendar naj ne bi bilo razumljivo, kako naj bi bilo tako negativno nakupno ceno mogoče izpeljati iz poslovnih poročil Austrian Airlines.
NIKI estimates that, in the event of liquidation, the social plan would cost EUR 5 million. It also states that, in relation to the estimated social cost, Austria is confusing its role as a shareholder with its role as the State.
NIKI stroške socialnega načrta v primeru likvidacije ocenjuje na 5 milijonov EUR. V zvezi z ocenjeno višino socialnih stroškov trdi, da naj bi Avstrija svojo vlogo delničarja pomešala z vlogo države.
Furthermore, it is of the opinion that the restructuring plan does not comply with the requirements of the 2004 Guidelines.
Poleg tega NIKI meni, da naj načrt za prestrukturiranje ne bi izpolnjeval zahtev Smernic iz leta 2004.
It also criticises the fact that there are no compensatory measures to offset the distortive effect of the aid on the common market.
NIKI kritizira tudi dejstvo, da naj ne bi bilo nobenih izravnalnih ukrepov, ki bi preprečevali izkrivljajoč učinek pomoči na skupni trg.
The process conditions were the same for all participants.
Pogoji postopka naj bi bili za vse udeležence enaki.
In their opinion, the reason why only one binding offer was submitted had more to do with the dramatic deterioration of the economic situation in the European aviation sector during the privatisation process, the fact that Air France/KLM and British Airways were involved in other transactions and, for bidders other than Lufthansa, the high cost of switching to another alliance.
Avstrija meni, da naj bi bili razlogi za to, da je bila oddana samo ena zavezujoča ponudba, bolj izredno poslabšanje gospodarskega položaja v evropskem letalskem sektorju med privatizacijo, sodelovanje Air France/KLM in British Airways pri drugih transakcijah ter visoki stroški menjave zveze letalskih ponudnikov za ponudnike razen Lufthanse.
This assumption clearly relates to the equity value shown in the consolidated balance sheet as at 31 December 2008.
Ta domneva naj bi se nedvomno nanašala na lastni kapital, izkazan v konsolidirani bilanci z dne 31. decembra 2008.
However, the Austrian authorities are of the opinion that this value cannot be used to draw conclusions about the liquidation costs.
Vendar avstrijski organi menijo, da naj za sklepno ugotovitev glede stroškov likvidacije ne bi bilo mogoče uporabiti te številke.
[…] In this regard, they provided a further estimate of the social costs by Ernst & Young, dated 12 March 2009.
[…] V zvezi s tem navajajo še eno oceno socialnih stroškov, ki jo je izvedel Ernst & Young 12. marca 2009.
This new estimate shows the social costs for (1) the Austrian Airlines Group and (2) Austrian Airlines AG and Tyrolean Airways.
Iz te nove ocene naj bi bili razvidni socialni stroški (1) poslovne skupine Austrian Airlines in (2) Austrian Airlines AG ter Tyrolean Airways.
Moore Stephens carried out its study in Vienna between 23 March 2009 and 16 April 2009.
Moore Stephens je revizijo izvedel na Dunaju v obdobju od 23. marca 2009 do 16. aprila 2009.
In carrying out this study, it had the support of the Austrian authorities and had access to all necessary documents, including access to the data room.
Izvedenca so pri izvedbi revizije podpirali avstrijski organi, imel pa je dostop do vse potrebne dokumentacije in tudi do podatkovne sobe.
In the best-case (most optimistic) scenario, the Commission’s expert assumes that the restructuring plan is more successful than assumed by the management and that the personnel costs can be maintained at a constant level of […] % of revenues for the period from 2009 to 2012.
Izvedenec Komisije pri najboljšem mogočem scenariju (optimistični scenarij) domneva, da je načrt za prestrukturiranje uspešnejši, kot je domnevala uprava, in je stroške zaposlenih v obdobju 2009–2012 mogoče ohraniti pri stalnem odstotku […] % prihodkov.
The WACC amounts to […] %.
Stopnja WACC je […] %.
The Commission must then determine whether Austrian Airlines is eligible for restructuring under the 2004 Guidelines.
Druga zadeva, ki jo mora pojasniti Komisija, je, ali Austrian Airlines v skladu s Smernicami iz leta 2004 pride v poštev za prestrukturiranje.
The Commission had already arrived at this conclusion in its decision to authorise rescue aid [44] and in the decision to open the investigation.
Komisija je do tega sklepa prišla že v odločbi o odobritvi pomoči za reševanje [44] in sklepu o sprožitvi postopka preiskave.
The business plan is based an average USD/EUR exchange rate of approximately […] and an average crude oil price of […] per barrel for 2009-13.
Poslovni načrt temelji na povprečnem menjalnem tečaju USD/EUR približno […] in povprečni ceni surove nafte […] na sodček v obdobju 2009–2013.
It is further assumed that […].
V njem se domneva še, da […].
In view of the above, the Commission considers that Austrian Airlines should be capable of making a success of its restructuring by 2015.
Zato Komisija meni, da bi moral biti Austrian Airlines sposoben uspešno končati prestrukturiranje do leta 2015.
However, in this regard, the Commission does not consider that the date of implementation of the ‘Go4Profit’ programme should be considered the start date of restructuring.
Komisija v zvezi s tem meni, da datuma začetka izvajanja programa „Go4Profit“ ne bi smeli šteti kot datum začetka prestrukturiranja.
In the light of the above-mentioned factors, the Commission considers that Austrian Airlines will be able to restore its long-term viability from 2015 as envisaged in the 2009-15 business plan.
Komisija glede na zgoraj navedene dejavnike meni, da bo Austrian Airlines od leta 2015 spet lahko dosegel dolgoročno sposobnost preživetja, predvideno v poslovnem načrtu za obdobje 2009–2015.
Viability will therefore be re-established in a restructuring period of approximately six years, which the Commission considers to be a reasonable length of time.
Sposobnost preživetja bo torej obnovljena v obdobju prestrukturiranja približno šestih let, kar se zdi Komisiji primerno obdobje.
Such contribution must be real, i.e. actual, excluding all future expected profits such as cash flow, and must be as high as possible’. The guidelines indicate the level of own contribution that would normally be considered appropriate.
Takšen prispevek mora biti realen, tj. dejanski, izključevati mora vse pričakovane prihodnje dobičke, kot je denarni tok, in mora biti čim višji.“ V Smernicah je navedeno, katero višino lastnega prispevka je običajno treba šteti za primerno.
The information provided by Lufthansa is slightly different. Lufthansa argues that the total restructuring costs amount to EUR […] million.
Informacije, ki jih je sporočila Lufthansa, so malce drugačne.
Austrian Airlines is being taken over by Lufthansa with these liabilities. This corresponds to […].
To je enako […].
The difference from Lufthansa’s borrowing ratio of […] comes to EUR […]. However, at the present time, it is not clear how and when Austrian Airlines’ debts will be paid off.
Razlika do stopnje dolga Lufthanse […] je […] EUR. Vendar trenutno ni jasno, kako in kdaj bodo plačani dolgovi Austrian Airlines.