natgillin/translations-raw huggingface dataset:
The Commission notes that neither the June plan nor the September update contains a fully-fledged business plan for the production of steel structures.
Komisija ugotavlja, da niti junijski niti septembrski načrt ne vsebuje celovitega poslovnega načrta za proizvodnjo jeklenih struktur.
This is a serious deficiency, as this business should generate turnover of PLN 300 million at the end of the restructuring period, benefit from the new yard’s considerable steel-processing capacity (increasing from 4 % in 2009 to 20 % in 2012) and should represent around 10 % of the new yard’s sales.
To je huda pomanjkljivost, saj naj bi ta dejavnost ob koncu obdobja prestrukturiranja ustvarila prihodek v višini 300 milijonov PLN, imela na voljo precejšnje zmogljivosti nove ladjedelnice za predelavo jekla (ki naj bi se povečale s 4 % leta 2009 na 20 % leta 2012) in naj bi predstavljala okoli 10 % prodaje nove ladjedelnice.
The September plan refers to an independent market study which seems to demonstrate that demand for steel structures in Poland and Europe as a whole will grow over the next few years.
Septembrski načrt se sklicuje na neodvisno tržno raziskavo, ki kaže, da se bo v naslednjih letih povpraševanje po jeklenih strukturah na Poljskem in v Evropi povečalo.
However, the study does not analyse how this growth could be exploited by the merged yard.
Vendar pa raziskava ne analizira, kako bi združeni ladjedelnici lahko izkoristili to rast povpraševanja.
The September plan, although more detailed on the steel structure business, does not analyse whether the production volume forecast for the new yard is realistic.
Septembrski načrt, čeprav z več podrobnostmi o dejavnosti jeklenih struktur, ne analizira, ali je napoved obsega proizvodnje za novo ladjedelnico realna.
On the contrary, it contains further indications that this these forecasts may be unrealistic.
Nasprotno, vsebuje dodatna znamenja, da so te napovedi nerealne.
The current output of steel structures is 2000 tons, while the target output is 56000 tons.
Sedanja proizvodnja jeklenih struktur znaša 2000 ton, ciljna proizvodnja pa je 56000 ton.
Compared with the June plan, the September plan envisages doubling output as early as 2010 (24000 tons as against 12000 tons in the June plan) and quadrupling output as of 2012 (56000 tons as against 13000 tons in the June plan).
V primerjavi z junijskim načrtom septembrski načrt predvideva podvojitev proizvodnje že konec leta 2010 (24000 ton v primerjavi z 12000 tonami v junijskem načrtu), in štirikrat večjo proizvodnjo leta 2012 (56000 ton v primerjavi s 13000 tonami v junijskem načrtu).
Huta Częstochowa, one of the largest steel producers in Poland, has an output of 100000 tons of steel structures.
Huta Częstochowa, ena izmed največjih proizvajalk jekla na Poljskem, proizvede 100000 ton jeklenih struktur.
No market analysis or forecast reports were submitted which would explain the profit forecasts for steel structures (9,5 % in 2010 and around 8 % afterwards).
Predložena ni bila nobena tržna raziskava ali napoved, ki bi pojasnila napoved dobička za jeklene strukture (9,5 % leta 2012 in okoli 8 % v naslednjih letih).
The Commission notes that, according to the Polish Statistical Office, profitability of the steel structures sector in Poland rose to 6 % in 2006 and remained at that level in 2007.
Komisija navaja, da je po besedah Poljskega statističnega urada dobičkonosnost sektorja jeklenih struktur na Poljskem leta 2006 narasla na 6 % in na tej ravni ostala tudi leta 2007.
On the basis of the information available, the Commission concludes that the steel construction business, which is to form an integral and significant part of the operation of the new yard, is not based on a credible analysis of the competitive position of the new yard.
Na podlagi razpoložljivih informacij Komisija sklepa, da proizvodnja jeklenih konstrukcij, ki naj bi postala sestavni in pomemben del poslovanja nove ladjedelnice, ne temelji na verodostojni analizi konkurenčnosti nove ladjedelnice.
The market analysis does not demonstrate that the output forecast by the new yard is likely to be absorbed by demand on the market.
Tržna analiza ne dokazuje, da bi lahko povpraševanje na trgu absorbiralo napovedano proizvodnjo nove ladjedelnice.
The plan has not demonstrated that it is based on realistic assumptions for the steel structures segment.
Načrt ni dokazal, da temelji na realnih predpostavkah za segment jeklenih struktur.
On the restructuring of contracting, the plan addresses two of the most significant external causes of the yard’s current difficulties (increasing material costs and the appreciation in the zloty) by provided for the series of measures described above.
Glede prestrukturiranja sklepanja pogodb načrt obravnava dva izmed najpomembnejših zunanjih vzrokov za sedanje težave ladjedelnice (naraščajoči stroški materialov in dvig vrednosti zlota), in sicer z vrsto zgoraj opisanih ukrepov.
The plan is based mainly on the assumption that it will be possible to incorporate indexation clauses into shipbuilding contracts, at least partially transferring the risks associated with currency fluctuations and the costs of materials to the shipowner.
Načrt temelji predvsem na predpostavki, da bo v ladjedelniške pogodbe mogoče vključili klavzule o indeksiranju, ki vsaj delno prenesejo tveganja, povezana s sedanjimi nihanji, in stroške materialov na lastnika ladje.
The plan has, however, not shown that such indexation clauses have been or would be accepted by shipowners.
Vendar pa načrt ni pokazal, da so lastniki ladij takšne klavzule o indeksiranju sprejeli oziroma bi jih sprejeli.
The September plan provided some additional information on that subject, in particular extracts from existing contracts of the two yards including indexation clauses of that type.
Septembrski načrt je zagotovil nekaj dodatnih informacij o tem vprašanju, zlasti izvlečke iz obstoječih pogodb obeh ladjedelnic, vključno s takšnimi klavzulami o indeksiranju.
The Commission has examined this evidence and notes that the contracts presented in the plan initially included indexation clauses whereby any increase in steel prices would be covered by the buyer, but these clauses were cancelled by a later addendum, and replaced by an arrangement whereby the shipyard and the buyer would jointly purchase materials and, on completion of this purchase, agree on an adjustment to the price.
Komisija je te dokaze proučila in ugotovila, da so pogodbe iz načrta sprva vsebovale klavzule o indeksiranju, v skladu s katerimi bi dvig cen jekla kril kupec, vendar so bile te klavzule s poznejšim dopolnilom preklicane in nadomeščene z ureditvijo, po kateri ladjedelnica in kupec skupaj nabavita materiale in se po opravljeni nabavi dogovorita o prilagoditvi cene.
The arrangements for this price adjustment will be agreed in a later addendum.
Ureditev za to prilagoditev cene bo dogovorjena v poznejšem dopolnilu.
However, this addendum has not been submitted to the Commission.
Vendar pa to dopolnilo ni bilo posredovano Komisiji.
The Commission also notes that these contracts were concluded and renegotiated in a peak demand period (2005 and afterwards) in which flexibility on the part of the shipowners was a response to supply-side limitations.
Komisija tudi upošteva, da so bile te pogodbe sklenjene in ponovno izpogajane v obdobju največjega povpraševanja (leta 2005 in pozneje), ko je bila prilagodljivost lastnikov ladij odziv na omejitve na strani ponudbe.
Whereas the Commission is aware that the practice of steel price indexation has recently developed in the shipbuilding industry, it should be noted that previously these clauses were not accepted, particularly in difficult times.
Komisija se zaveda, da se je v zadnjem času v ladjedelništvu razvila praksa indeksacije cen jekla, vendar je treba opozoriti, da prej te klavzule niso bile sprejete, zlasti ne v težkih časih.
On the basis of the available information, the Commission does not consider that the plan demonstrates that the yard will be able to conclude contracts with indexation clauses.
Na podlagi razpoložljivih informacij Komisija meni, da načrt ne dokazuje, da bo ladjedelnici uspelo skleniti pogodbe s klavzulami o indeksiranju.
The experience of Gdynia Shipyard in this respect, as described in the plan, is not conclusive in the Commission’s view.
Izkušnje ladjedelnice Gdynia v zvezi s tem, kot so opisane v načrtu, po mnenju Komisije niso odločilne.
The September plan, compared to the June draft, contains more detailed information on the intended hedging strategy to mitigate currency-related risks.
Septembrski načrt vsebuje v primerjavi z junijskim osnutkom podrobnejše informacije o predvideni strategiji zavarovanja za zmanjšanje tveganj, povezanih z valuto.
However, the plan does not demonstrate that either of the two yards has used these instruments (including cost-free natural hedging), at least in recent years [70].
Vendar pa načrt ne dokazuje, da je katera od ladjedelnic te instrumente tudi uporabila (vključno z naravnim zavarovanjem brez stroškov), vsaj v zadnjih letih ne [70].
Although the September plan quantifies the costs and effects of the proposed hedging policy, it does not show that the new yard would be able to obtain such hedging on the market.
Čeprav septembrski načrt količinsko opredeljuje stroške in učinke predlagane politike zavarovanja, ne dokazuje, da bi nova lahko ladjedelnica takšno zavarovanje ohranila na trgu.
It is clear, on the other hand, that banks require investors to draw up a fully-fledged hedging strategy before deciding whether to offer hedging.
Na drugi strani pa je jasno, da banke od vlagateljev zahtevajo pripravo celovite strategije za zavarovanje, preden se odločijo, ali bodo zagotovile zavarovanje.
Considering the relevance of this factor to the yard’s activities, the plan does not address this issue convincingly.
Glede na pomembnost tega dejavnika za dejavnosti ladjedelnice načrt tega vprašanja ne obravnava prepričljivo.
Indeed, the sensitivity analysis suggests that, despite the introduction of these risk-mitigating measures, allegedly factored in the financial projections, the latter remain sensitive to minor changes in the exchange rate, as will be described below.
Analiza občutljivosti nakazuje, da kljub uvedbi teh ukrepov za zmanjševanje tveganja, ki so bili domnevno upoštevani v finančnih projekcijah, slednje ostajajo občutljive na manjše spremembe v menjalnem tečaju, kot je to opisano v nadaljevanju.
The Commission therefore has not been convinced that the intended hedging policy is sufficiently far-reaching to ensure the yard’s long-term viability.
Komisija zato ne more biti prepričana, da je načrtovana politika zavarovanja dovolj daljnosežna za zagotovitev dolgoročne sposobnosti preživetja ladjedelnice.
On the employment restructuring front, the plan does not contain any analysis of rationalisation needs but simply states that the workforce will be reduced.
Glede prestrukturiranja zaposlovanja načrt ne vsebuje analize potreb po racionalizaciji, temveč enostavno navaja, da se bo število zaposlenih zmanjšalo.
The plan mentions, but again without further justification, that this reduction will entail costs of about PLN 69 million.
Načrt omenja, vendar zopet brez dodatne utemeljitve, da bo za to zmanjšanje potreben znesek v višini okoli 69 milijonov PLN.
The September plan quantifies the costs and effects of employment restructuring but does not explain or justify the basis on which these costs and effects were estimated.
Septembrski načrt količinsko opredeljuje stroške in učinke prestrukturiranja zaposlovanja, vendar ne pojasni ali utemelji podlage, na kateri so bili ti stroški in učinki ocenjeni.
On that basis, the Commission cannot conclude that the plan identifies in detail the reasons for and the effects of redundancies and that the quantification of costs and effects is based on reliable assumptions.
Na podlagi tega Komisija ne more zaključiti, da načrt podrobno opredeljuje razloge za odpuščanja in učinke odpuščanj ter da količinska opredelitev stroškov in učinkov temelji na zanesljivih predpostavkah.
With regard to the financial projections, the Commission notes in particular the following weaknesses of the base scenario with which the financial model prepared by ISD Polska works, questioning the credibility of these projections.
V zvezi s finančnimi projekcijami Komisija ugotavlja zlasti naslednje slabosti osnovnega scenarija, ki je podlaga za finančni model ISD Polska, in dvomi o verodostojnosti teh projekcij.
First, the September plan, compared to the June draft plan, assumes significantly higher sales prices for car carriers, one of the two main products of the new yard.
Prvič, septembrski načrt v primerjavi z junijskim osnutkom načrta predvideva znatno višje prodajne cene za ladje za prevoz avtomobilov, enega od dveh glavnih proizvodov nove ladjedelnice.
The plan bases the projections for the first few years on existing contracts concluded by Gdynia Shipyard.
Projekcije načrta za prvih nekaj let temeljijo na obstoječih pogodbah, ki jih je sklenila ladjedelnica Gdynia.
However, it does not justify the projections for the following years and does not provide any external forecasts in that respect [71].
Vendar pa načrt ne utemeljuje projekcij za naslednja leta in v zvezi s tem ne zagotavlja nobenih zunanjih napovedi [71].
Second, the assumption that wages will rise by some 4-6 % per annum during the restructuring period appears to be an underestimate in view of the serious lack of qualified staff, rotation and absenteeism and the wage competition that both yards have faced from yards abroad and in Poland.
Drugič, zdi se, da je predpostavka, da se bodo plače med obdobjem prestrukturiranja letno povišale za 4 do 6 %, podcenjena, in sicer zaradi pomanjkanja usposobljenih delavcev, rotacije zaposlenih in bolniške odsotnosti ter konkurence na področju plač, s katero sta se srečevali obe ladjedelnici, s strani ladjedelnic iz tujine in s Poljske.
The September plan envisages even lower levels of wage growth than the June plan.
Septembrski načrt predvideva še nižje stopnje rasti plač kot junijski načrt.
The Commission notes that, from January 2007 to January 2008, the average gross salary in Poland increased by 11,5 % [72], and further increases are expected.
Komisija opaža, da se je od januarja 2007 do januarja 2008 povprečna bruto plača na Poljskem povišala za 11,5 % [72], pričakuje pa se še nadaljnja rast.
Various sources, including those referred to in the September restructuring plan (such as the National Bank of Poland, the OECD, EC Economic Forecast Spring 2008, Goldman Sachs) forecast a significant surge in wages in Poland in the medium term and growing labour shortages.
Različni viri, tudi tisti iz septembrskega načrta za prestrukturiranje (kot so Nacionalna banka Poljske, OECD, Gospodarska napoved ES iz pomladi 2008, Goldman Sachs) napovedujejo srednjeročno visoko rast plač na Poljskem in vedno večje pomanjkanje delovne sile.
In any event, this is a factor that should have been taken into account in the sensitivity analysis.
V vsakem primeru je to dejavnik, ki bi ga bilo treba upoštevati v analizi občutljivosti.
Third, the base scenario assumes costs of working capital guarantees of 1,5 %.
Tretjič, osnovni scenarij predpostavlja stroške jamstev za gibljiva sredstva v višini 1,5 %.
This estimate is based on the assumption that full advance payment guarantees will be provided by the Export Credit Insurance Corporation and that these guarantees will be given at terms more favourable than Export Credit Insurance Corporation guarantees to other (healthy) companies.
Ta ocena temelji na domnevi, da bo izvozno-kreditna agencija zagotavljala polna jamstva za predplačila in da bodo ta jamstva dodeljena po pogojih, ki so ugodnejši od pogojev, ki jih izvozno-kreditna agencija daje drugim (zdravim) podjetjem.
If the merged yards were to obtain similar guarantees on the market, as Poland claimed in its clarifications of 7 July 2008, the cost of capital would be considerably higher than assumed in the base scenario [73], with direct negative consequences for financial projections.
Če bi združeni ladjedelnici podobna jamstva dobili na trgu, kot je navedla Poljska v pojasnilih z dne 7. julija 2008, bi bil strošek kapitala znatno višji, kot se predpostavlja v osnovnem scenariju [73], kar bi imelo neposredne negativne posledice za finančne projekcije.
Considering these assumptions, the plan does not provide sufficient assurances that the base scenario of the financial projections is realistic and achievable.
Ob upoštevanju teh predpostavk načrt ne daje zadostnih zagotovil, da je osnovni scenarij za finančne napovedi realen in dosegljiv.
In addition, the sensitivity analysis does not show that the plan is sufficiently robust to withstand some of the principal risk factors associated with the yard’s operation.
Poleg tega analiza občutljivosti ne kaže, da je načrt dovolj trden, da bi vzdržal nekatere osnovne dejavnike tveganja, povezane z delovanjem ladjedelnice.
The September revision of the plan does not show a convincing improvement.
Septembrska sprememba načrta ne kaže prepričljive izboljšave.
The sensitivity analysis shows that a 5 % depreciation in the US dollar against the zloty would cause a 35 % reduction in the 10-year accumulated net profit even if the base scenario took account of restructuring measures to mitigate the exchange-rate risk.
Analiza občutljivosti kaže, da bi 5-odstotno znižanje vrednosti ameriškega dolarja v primerjavi z zlotom povzročilo 35-odstotno zmanjšanje akumuliranega čistega dobička v 10 letih, četudi bi osnovni scenarij upošteval ukrepe za prestrukturiranje za zmanjšanje tveganja v zvezi z menjalnim tečajem.
A separate analysis attached to the September plan shows that a 5 % appreciation in the euro against the US dollar from 2013 to 2017 (i.e. after Poland is scheduled to adopt the euro) would cause a 44 % reduction in the 10-year accumulated net profit compared with the base scenario.
Ločena analiza, priložena septembrskemu načrtu, kaže, da bi 5-odstotni dvig vrednosti eura v primerjavi z USD od leta 2013 do leta 2017 (tj. po načrtovanem prevzemu eura na Poljskem) povzročil 44-odstotno zmanjšanje akumuliranega čistega dobička v 10 letih v primerjavi z osnovnim scenarijem.
The Commission notes that in the event of these two currencies appreciating (a one-off appreciation in the zloty in 2009 and a one-off appreciation in the euro in 2013) against the US dollar of 5 % compared with the base scenario, the 10-year accumulated profit would be reduced by 80 % as compared with the base scenario.
Komisija upošteva, da bi se v primeru dviga vrednosti teh dveh valut (enkratni dvig vrednosti zlota leta 2009 in enkratni dvig vrednosti eura leta 2013) v primerjavi z USD v višini 5 % glede na osnovni scenarij akumulirani čisti dobiček v 10 letih zmanjšal za 80 % v primerjavi z osnovnim scenarijem.
The Commission concludes that the sensitivity analysis demonstrates that financial projections are sensitive to minor changes in the underlying assumptions, in particular concerning the exchange rate, which according to the plan itself is one of the major factors leading to the yard’s current financial difficulties.
Komisija ugotavlja, da analiza občutljivosti dokazuje, da so finančne projekcije občutljive na manjše spremembe v osnovnih predpostavkah, zlasti v zvezi z menjalnim tečajem, ki je po načrtu eden izmed pomembnejših dejavnikov, odgovornih za trenutne finančne težave ladjedelnice.
The Commission cannot conclude on that basis that the joint restructuring plan is sufficiently robust to ensure the restoration of viability of the merged yards in the long-run.
Komisija na tej podlagi ne more zaključiti, da je skupni načrt za prestrukturiranje dovolj trden za zagotovitev obnove dolgoročne sposobnosti preživetja združenih ladjedelnic.
Restructuring plan of PSC
Načrt za prestrukturiranje PSC
In many respects the plan contains serious deficiencies, leading the Commission to the conclusion that it does not demonstrate that viability will be restored within a reasonable time-frame.
V številnih pogledih vsebuje načrt velike pomanjkljivosti, zaradi česar Komisija sklepa, da ne kaže, da bo obnova sposobnosti preživetja izvedena v razumnem časovnem okviru.
Serious inconsistencies in the restructuring plan raise significant doubts as to its viability and robustness.
Resne neskladnosti v načrtu za prestrukturiranje vzbujajo hude dvome v zvezi s sposobnostjo preživetja in trdnostjo načrta.
Contradictory assumptions are made as regards market strategy and the future production and capacity of the yard.
V zvezi s tržno strategijo ter prihodnjo proizvodnjo in zmogljivostjo ladjedelnice so uporabljene nasprotujoče si predpostavke.
What is more, there is no market analysis to justify the chosen strategy and show that the hypothetical portfolio would yield profits.
Še več, ni analize trga, ki bi utemeljila izbrano strategijo in pokazala, da bi hipotetični portfelj prinesel dobičke.
As regards financial restructuring, the assumptions concerning the cost of capital, arrangements for financing production and the exchange rate show the following serious weaknesses.
V zvezi s finančnim prestrukturiranjem predpostavke glede stroškov kapitala, ureditve za financiranje proizvodnje in menjalni tečaj kažejo naslednje resne slabosti.
The plan assumes that exchange rates will be stable throughout the restructuring period at a more optimistic level than is currently the case (PLN 3,46/EUR and PLN 2,23/USD, against the current rates of PLN 3,32/EUR and PLN 2,12/USD).
Načrt predpostavlja, da bodo menjalni tečaji stabilni skozi vse obdobje prestrukturiranja, in sicer na bolj optimistični ravni od sedanje (3,46 PLN za EUR in 2,23 PLN za USD v primerjavi s sedanjima tečajema 3,32 PLN za EUR in 2,12 PLN za USD).
In addition, the assumption that the yard would manage to increase revenue by 30 %, obtaining an additional USD 100 million, by renegotiating existing contracts must be seen in the light of the fact that the yard has already made significant efforts to renegotiate existing contracts and that, as a result, many of these contracts have been cancelled.
Poleg tega je treba na predpostavko, da bo ladjedelnici uspelo povečati prihodek za 30 %, kar pomeni dodatnih 100 milijonov USD, s ponovnim izpogajanjem obstoječih pogodb, gledati z vidika dejstva, da si je ladjedelnica že močno prizadevala za ponovno izpogajanje obstoječih pogodb in da je bilo zaradi tega veliko pogodb preklicanih.
The plan does not substantiate the assumption that further renegotiation would be possible and therefore the Commission regards it as unrealistic.
Načrt ne utemeljuje predpostavke, da bodo mogoča nadaljnja ponovna pogajanja, in ga zato Komisija šteje za nerealnega.
As for employment restructuring, the very fact that the investor proposes two options (either maintaining employment at the current level or reducing it by 650 employees) may suggest that it does not have a clear strategy for restoring viability to the yard.
Glede prestrukturiranja zaposlovanja že samo dejstvo, da vlagatelj predlaga dve možnosti (bodisi ohranitev števila zaposlenih na sedanji ravni ali zmanjšanje tega števila za 650 delavcev), lahko pomeni, da vlagatelj nima jasne strategije za obnovo sposobnosti preživetja ladjedelnice.
These alternative assumptions also call the financial projections into question, as it is not explained which level of employment served as a basis for the forecasts.
Te alternativne predpostavke postavljajo pod vprašaj tudi finančne projekcije, saj ni pojasnjeno, katera stopnja zaposlenosti je služila kot podlaga za napovedi.
The plan does not explain in detail how various restructuring measures, including investments and various cost-cutting measures, will influence the financial projections.
Načrt ne pojasnjuje podrobno, kako bodo različni ukrepi za prestrukturiranje, vključno z naložbami in različnimi ukrepi za znižanje stroškov, vplivali na finančne projekcije.
In other words, it is not clear what the link is between the envisaged restructuring measures and the financial projections, in particular regarding production and overheads.
Z drugimi besedami, ni jasno, kakšna je povezava med načrtovanimi ukrepi za prestrukturiranje in finančnimi projekcijami, zlasti v zvezi s proizvodnjo in administrativnimi stroški.