natgillin/translations-raw huggingface dataset:
The value of land is determined on the basis of a comparative approach which considers the price of land to be equal to the price obtained for a similar plot of land, adjusted to reflect inflation differentials.
Vrednost zemljišča se določi na podlagi primerjalnega pristopa, v skladu s katerim je cena zemljišča enaka doseženi ceni za podoben kos zemljišča, prilagojeni glede na razlike v inflaciji.
The adjustment of liabilities with a book value of PLN 18,350 million to a net asset value of […] was realised on the basis of the planned 2007 debt-for-equity swap.
Prilagoditev obveznosti s knjigovodsko vrednostjo 18,350 milijona PLN na čisto vrednost sredstev v višini […] je bila opravljena na podlagi načrtovane zamenjave terjatev v lastniške deleže v letu 2007.
The items which do not appear in the balance sheet but which should appear in the valuation according to the authors of the study are: ‘organisation of human resources’ and ‘organisation of the production process’, taking into account the non-quantifiable aspects in the evaluation linked to the value of the company's management.
Postavki, ki v bilanci stanja nista navedeni, vendar bi ju bilo treba v skladu z mnenjem avtorjev študije vključiti v vrednotenje, sta: „organizacija človeških virov“ in „organizacija proizvodnega postopka“, pri čemer se upoštevajo količinsko neopredeljivi vidiki vrednotenja v zvezi z vrednostjo uprave podjetja.
Following the offer from […], the Polish authorities provided the Commission with notification of the Plan as restructuring aid to PZL Hydral in March 2008, assuming that PZL Wrocław would be sold for […].
Poljski organi so po ponudbi, ki jo je predložil […], Komisiji marca 2008 načrt prestrukturiranja priglasili kot pomoč za prestrukturiranje podjetja PZL Hydral, in sicer ob predpostavki, da bo podjetje PZL Wrocław prodano za […].
They also included the 2007 loan and an additional loan of PLN 4 million to be granted to PZL Wrocław as part of measures to finalise negotiations with […].
Vključili so tudi posojilo iz leta 2007 in dodatno posojilo v višini 4 milijone PLN, ki naj bi bilo podjetju PZL Wrocław odobreno kot del ukrepov za dokončanje pogajanj z […].
The additional loan (‘the 2008 loan’) was awarded on 2 April 2008, the day on which the IDA received details of the second increase in the offer.
Dodatno posojilo (v nadaljnjem besedilu: posojilo iz leta 2008) je bilo odobreno 2. aprila 2008, tj. na dan, ko je agencija IDA prejela podatke o drugem povišanju ponudbe.
The IDA granted this loan as a bridging loan until such time as a deal was closed with […].
To posojilo je odobrila kot premostitveno posojilo do sklenitve posla z […].
PZL Wrocław needed the money in order to process the upturn in orders from the Ministry of Defence.
Podjetje PZL Wrocław je denar potrebovalo za izpolnitev večjega števila naročil ministrstva za obrambo.
The loan was granted for a period of five years at a variable interest rate based on the Commission reference rate for Poland (6,42 % when it was awarded) and was secured by the following collateral:
Posojilo je bilo odobreno za pet let po spremenljivi obrestni meri na podlagi referenčne obrestne mere Komisije za Poljsko (ob odobritvi je znašala 6,42 %) in je bilo zavarovano z:
registered pledge on fixed assets of PZL Wrocław (four machines and items of equipment) of PLN 2,8 million which was entered in the register of pledges,
registrirano zastavno pravico na osnovnih sredstvih podjetja PZL Wrocław (štirje stroji in posamezni deli opreme) v vrednosti 2,8 milijona PLN, ki je bila vpisana v register zastavnih pravic;
assignment of receivables under a commercial contract in an amount of PLN 5,2 million.
odstopom denarnih terjatev na podlagi komercialne pogodbe v vrednosti 5,2 milijona PLN.
The Polish authorities therefore consider that the value of the pledges exceeded the value of the loan.
Zato poljski organi menijo, da je vrednost zastavnih pravic presegala vrednost posojila.
The loan was granted in order to enable PZL Wrocław to acquire machinery necessary for the production process.
Posojilo je bilo odobreno, da bi lahko podjetje PZL Wrocław kupilo stroje, potrebne za proizvodnjo.
The IDA granted the 2008 loan at an advanced stage of negotiations with […] on the assumption that it would be repaid either by PZL Wrocław using its own funds or by the investor.
Agencija IDA je posojilo iz leta 2008 odobrila proti koncu pogajanj z […] in ob predpostavki, da ga bo podjetje PZL Wrocław odplačalo z lastnimi sredstvi ali da ga bo odplačal vlagatelj.
On that basis, the Polish authorities claimed that the IDA did not just act in a manner comparable to a private investor but as the entity selling PZL Wrocław.
Na podlagi tega so poljski organi trdili, da je agencija IDA ravnala ne le podobno kot zasebni vlagatelj, ampak tudi kot subjekt, ki prodaja podjetje PZL Wrocław.
The Commission likewise was informed by the Polish authorities that the activity of PZL Wrocław in 2008 was partially financed by operating leasing.
Poljski organi so Komisijo obvestili tudi, da se je dejavnost podjetja PZL Wrocław leta 2008 delno financirala s poslovnim najemom.
In June 2008 two operating leasing agreements, […] and […] were signed with a private company […].
Junija 2008 sta bili z zasebnim podjetjem […] podpisani dve pogodbi o poslovnem najemu, in sicer […] in […].
The net value of the lease under these agreements amounted to EUR 271002 and EUR 401263,20 (PLN 0,82 million including value added tax) [24].
Čista vrednost najema na podlagi teh pogodb je znašala 271002 EUR in 401263,20 EUR (0,82 milijona PLN, vključno z davkom na dodano vrednost) [24].
The cost of the lease for PZL Wrocław under these agreements was: EUR 88762,30, which is the difference between the net value of the machinery and the net value of the lease.
Stroški najema na podlagi teh pogodb so za podjetje PZL Wrocław znašali 88762,30 EUR, kar pomeni razliko med čisto vrednostjo strojev in čisto vrednostjo najema.
These agreements function similarly to loans with the leased object serving as collateral.
Te pogodbe delujejo podobno kot posojila, pri čemer najemni predmet deluje kot zavarovanje.
Following the expiry of the lease, PZL Wrocław will acquire the right to purchase the machinery for an amount of EUR 5835. Before entering into these leasing contracts with PZL Wrocław, […] made a thorough analysis of the financial and economic situation of the company, including its capacity to generate sufficient cash flow for repayment of the instalments.
Podjetje PZL Wrocław bo po koncu najema pridobilo pravico do nakupa strojev v vrednosti 5835 EUR. […] je pred sklenitvijo teh pogodb o najemu s podjetjem PZL Wrocław temeljito analiziral finančno stanje in gospodarski položaj tega podjetja, vključno z njegovo zmogljivostjo ustvarjanja zadostnega denarnega toka za odplačevanje obrokov.
The Polish authorities also referred in their initial notification to the debt-for-equity swap provided for in the Plan of PLN 13,5 million (plus interest).
Poljski organi so v prvotni priglasitvi navedli tudi zamenjavo terjatev v lastniške deleže iz načrta prestrukturiranja v vrednosti 13,5 milijona PLN (brez obresti).
In March and April 2008 negotiations on the terms and provisions of the share transfer agreement were concluded.
Pogajanja o pogojih in določbah sporazuma o prenosu poslovnega deleža so bila končana marca in aprila 2008.
However, on 14 April 2008, […] withdrew its offer.
Vendar je […] 14. aprila 2008 ponudbo umaknil.
According to the Polish authorities, the probable reason for the withdrawal was the considerable changes which had occurred on the world market as a result of the economic crisis.
Poljski organi menijo, da so bile razlog za ta umik verjetno znatne spremembe na svetovnem trgu, ki so bile posledica gospodarske krize.
The 2008 buyer selection procedure
Postopek za izbiro kupca v letu 2008
As a result of […]'s withdrawal from the negotiations, the sale process was relaunched.
Zaradi umika […] iz pogajanj se je prodajni postopek začel znova.
The sale was advertised in the domestic and international press in the form of an invitation to take part in negotiations for the purchase of 100 % of PZL Wrocław's shares.
Obvestilo o prodaji je bilo objavljeno v domačem in mednarodnem tisku v obliki poziva k sodelovanju v pogajanjih za nakup 100-odstotnega poslovnega deleža v podjetju PZL Wrocław.
On 19 May 2008 the invitation was published in Puls Biznesu (Business Pulse), the largest specialist publication in Poland and in Rzeczpospolita, the country's largest daily newspaper.
Poziv je bil 19. maja 2008 objavljen v reviji Puls Biznesu (Poslovni utrip), največji specializirani publikaciji na Poljskem, in dnevniku Rzeczpospolita, največjem dnevnem časopisu v državi.
On 20–26 May 2008 it was also published in Flight International, the global specialist aviation magazine.
V tednu od 20. do 26. maja 2008 je bil objavljen tudi v reviji Flight International, ki je svetovna strokovna revija o letalstvu.
In November 2008, details of the planned sale were published in Raport Wojsko Technika Obronność, an aviation magazine in Polish with an international readership.
Novembra 2008 so bili podatki o načrtovani prodaji objavljeni v reviji Raport Wojsko Technika Obronność, reviji o letalstvu v poljskem jeziku in z mednarodnim bralstvom.
No offers to purchase the shares were received.
Prispela ni nobena ponudba za nakup delnic.
Accordingly, further efforts were made and the information referred to above was forwarded and presented directly by PZL Hydral to companies potentially interested in purchasing PZL Wrocław.
Na podlagi tega so bili sprejeti dodatni ukrepi, pri čemer je podjetje PZL Hydral zgoraj navedene informacije poslalo in neposredno predstavilo podjetjem, ki bi jih nakup podjetja PZL Wrocław lahko zanimal.
The Polish authorities have pointed out that the sale was advertised during fairs and industry events, including air shows [25], as well as by letters sent to more than 80 companies.
Poljski organi so poudarili, da se je prodaja oglaševala na sejmih in industrijskih dogodkih, vključno z letalskimi mitingi [25], ter z dopisi, poslanimi več kot 80 podjetjem.
The Polish authorities have also indicated that information on the sale was permanently available on PZL Hydral's website, which records 500000 visits each year.
Poljski organi so še navedli, da so bile informacije o prodaji vedno na voljo na spletni strani podjetja PZL Hydral, ki vsako leto zabeleži 500000 obiskov.
Taking into account the specific nature PZL Wrocław's production (as a supplier of goods and services for the Polish armed forces, PZL Wrocław is of particular importance to national security) and the fairly high level of concentration of the aviation industry throughout the world, resulting in a relatively low number of potential investors, the Polish authorities have argued that all the potential investors had the opportunity to obtain information on the sale of PZL Wrocław and to take part in this privatisation process.
Poljski organi so ob upoštevanju posebne narave proizvodnje podjetja PZL Wrocław (podjetje je kot dobavitelj blaga in storitev za poljske oborožene sile posebno pomembno za nacionalno varnost) in precej visoke ravni koncentracije letalske industrije po vsem svetu, ki vodi k sorazmerno majhnemu številu morebitnih vlagateljev, trdili, da so imeli vsi morebitni vlagatelji priložnost pridobiti informacije o prodaji podjetja PZL Wrocław ter sodelovati v tem postopku privatizacije.
Therefore, according to the Polish authorities, the whole sector knew about the sale.
Poljski organi so torej trdili, da je bil s prodajo seznanjen celotni sektor.
The sale notice was only an invitation to negotiations, and did not contain any specific conditions.
Obvestilo o prodaji je bilo le poziv k pogajanjem in ni vključevalo posebnih pogojev.
Following the renewed efforts of the Polish authorities, in the second half of 2008, the IDA received a first indication of interest, and later an offer, from […].
Agencija IDA je po okrepljenem prizadevanju poljskih organov v drugi polovici leta 2008 od […] prejela prvo prijavo interesa, pozneje pa še ponudbo.
In the second half of 2008, the IDA received a second indication of interest, this time from […].
V drugi polovici leta 2008 je prejela še eno prijavo interesa, in sicer od […].
Negotiations with […] for the sale of PZL Wrocław’s shares
Pogajanja z […] glede prodaje delnic podjetja PZL Wrocław
On 30 September 2008 […] submitted a preliminary non-binding offer for the purchase of 100 % of shares in PZL Wrocław (‘the offer of 30 September 2008’) for an amount of […].
[…] je 30. septembra 2008 predložil predhodno nezavezujočo ponudbo za nakup 100-odstotnega poslovnega deleža podjetja PZL Wrocław (v nadaljnjem besedilu: ponudba z dne 30. septembra 2008) v višini […].
[…] is an investment fund which invests in the private equity market and whose owner (a private person) also has a 100 % stake in […] [26].
[…] je naložbeni sklad, ki vlaga na trgu zasebnega lastniškega kapitala in katerega lastnik (fizična oseba) ima tudi 100-odstotni poslovni delež v […] [26].
However, as a result of the financial crisis PZL Wrocław's income declined by some 35 %, and the benchmarks laid down in the offer were not achieved.
Vendar so se prihodki podjetja PZL Wrocław zaradi finančne krize zmanjšali za približno 35 %, zato primerjalna merila, določena v ponudbi, niso bila izpolnjena.
By the first quarter of 2009 PZL Hydral was already fully aware that the financial result would not meet the minimum threshold laid down in […]'s offer.
Podjetje PZL Hydral se je do prvega četrtletja leta 2009 že popolnoma zavedalo, da finančni rezultat ne bo dosegel najnižje vrednosti, določene v ponudbi […].
In addition, the reduction of orders from the Ministry of Defence was confirmed at the beginning of 2009, with significant implications for the company's profitability in that year.
Poleg tega je bilo v začetku leta 2009 potrjeno zmanjšanje števila naročil ministrstva za obrambo, kar je pomembno vplivalo na dobičkonosnost podjetja v zadevnem letu.
There have been no subsequent contacts with […].
Nadaljnjih stikov z […] ni bilo.
Negotiations with […] for the privatisation of PZL Wrocław
Pogajanja z […] glede privatizacije podjetja PZL Wrocław
[…], a […] company that is among the world's largest suppliers of technologically advanced aviation products (for commercial, regional, corporate and military aircraft) and industrial products, and which had turnover in 2009 of […] commenced talks with a view to purchasing shares in PZL Wrocław in the first quarter of 2009.
[…], […] podjetje, ki je med največjimi svetovnimi dobavitelji tehnološko naprednih letalskih (za komercialne, regionalne, poslovne in vojaške zrakoplove) in industrijskih proizvodov ter je imelo leta 2009 promet v višini […], je v prvem četrtletju leta 2009 začelo pogajanja glede nakupa delnic v podjetju PZL Wrocław.
The IDA undertook to ensure that all PZL Wrocław's assets were free of any claims on the part of PZL Hydral's public creditors.
Agencija IDA se je zavezala zagotoviti, da sredstva podjetja PZL Wrocław ne bodo obremenjena s terjatvami javnih upnikov podjetja PZL Hydral.
The memorandum of understanding assumed that the IDA would itself buy 100 % of shares in PZL Wrocław and sell them subsequently to the investor.
V memorandumu o soglasju je bilo predvideno, da bo agencija IDA sama kupila 100-odstotni poslovni delež v podjetju PZL Wrocław in ga nato prodala vlagatelju.
The investor undertook to carry out its own detailed investment plan worth an additional […] after the sale.
Vlagatelj se je zavezal, da bo po prodaji izvedel lastni natančno opredeljeni naložbeni načrt v vrednosti dodatnih […].
On 18 December 2009, the IDA, PZL Hydral and […] signed a framework agreement.
Agencija IDA, podjetje PZL Hydral in […] so 18. decembra 2009 podpisali okvirni sporazum.
Annex 2 to the Agreement, which sets out the rules governing the partial debt-for-equity swap, partial cancellation and partial repayment of the 2007 and 2008 loans, was concluded on 12 March 2010.
Priloga 2 k sporazumu, v kateri so določena pravila o delni zamenjavi terjatev v lastniške deleže, delnem preklicu in delnem odplačilu posojil iz let 2007 in 2008, je bila sprejeta 12. marca 2010.
The Polish authorities confirmed that the sale was not conditional, in particular on jobs being maintained.
Poljski organi so potrdili, da prodaja ni bila pogojena, še zlasti ne z ohranjanjem delovnih mest.
The Polish authorities also informed the Commission that the investor was free to determine its business dealings with the Ministry of Defence.
Komisijo so prav tako obvestili, da je lahko vlagatelj prosto določil svoj poslovni odnos z ministrstvom za obrambo.
A detailed description of the negotiations with […] can be found in point VI.
Pogajanja z […] so natančno opisana v točki VI.
Legal assessment of the Plan by the Polish authorities
Pravna ocena poljskih organov v zvezi z načrtom prestrukturiranja
The Polish authorities indicated that the overall costs of restructuring would amount to PLN 262,2 million, broken down as follows: restructuring of public debt in an amount of PLN 234 million, other financial restructuring in an amount of PLN 11,5 million, investments of PLN 11 million, asset restructuring of PLN 5,6 million and employment restructuring of PLN 0,3 million.
Poljski organi so navedli, da bodo skupni stroški prestrukturiranja znašali 262,2 milijona PLN, razčlenjeni pa so, kot sledi: prestrukturiranje javnega dolga 234 milijonov PLN, drugo finančno prestrukturiranje 11,5 milijona PLN, naložbe 11 milijonov PLN, prestrukturiranje sredstev 5,6 milijona PLN in prestrukturiranje zaposlovanja 0,3 milijona PLN.
According to the Polish authorities, the overall costs of restructuring PZL Hydral would be funded by state aid of PLN 130,5 million and by an own contribution of PLN 132 million.
Poljski organi so navedli, da se bodo skupni stroški prestrukturiranja podjetja PZL Hydral financirali z državno pomočjo v višini 130,5 milijona PLN in lastnim prispevkom v višini 132 milijonov PLN.
As regards compensatory measures, the Plan proposed the sale of some production assets, which was partially implemented between 2004 and 2006, resulting in capacity reduction.
Kar zadeva izravnalne ukrepe, je bila v načrtu prestrukturiranja predlagana prodaja nekaterih proizvodnih sredstev, ki je bila med letoma 2004 in 2006 delno uresničena, zaradi česar so se zmogljivosti zmanjšale.
According to the Plan, the sale of machinery and equipment would reduce the company's capacity by 380000 machine hours in total, i.e. by 42 %.
V skladu z načrtom prestrukturiranja bi se zaradi prodaje strojev in opreme zmogljivost podjetja skupno zmanjšala za 380000 strojnih ur, tj. za 42 %.
The bulk of the planned reduction (315000 machine hours) has already been implemented.
Večina načrtovanega zmanjšanja (315000 strojnih ur) je bila že izvedena.
The Polish authorities claimed that one third of this reduction was not necessary to restore viability but was designed to cut production in the field of industrial hydraulics, a low-profit segment in which the company had decided to limit its involvement.
Poljski organi so trdili, da tretjina tega zmanjšanja ni bila nujna za vnovično doseganje rentabilnosti, ampak je bila namenjena zmanjšanju proizvodnje na področju industrijskih hidravličnih sistemov, tj. v sektorju z nizko stopnjo dobička, v katerem želi podjetje omejiti svoje sodelovanje.
In addition, the Plan indicated that the planned withdrawal from certain (allegedly profitable) activities and the sale of assets not related to production should be regarded as compensatory measures within the meaning of the Guidelines on state aid for rescuing and restructuring firms in difficulty [27] (‘the rescue and restructuring guidelines’).
Poleg tega je bilo v načrtu prestrukturiranja navedeno, da je treba načrtovani umik iz nekaterih (domnevno dobičkonosnih) dejavnosti in prodajo sredstev, ki niso povezana s proizvodnjo, šteti za izravnalna ukrepa v smislu Smernic o državni pomoči za reševanje in prestrukturiranje podjetij v težavah [27] (v nadaljnjem besedilu: smernice za reševanje in prestrukturiranje).
Lastly, the Polish authorities claimed that the privatisation of PZL Wrocław, which will allow the company's competitors to acquire PZL Hydral's capacity, know-how and market share, should also be regarded as a compensatory measure.
Nazadnje, poljski organi so trdili, da je treba tudi privatizacijo podjetja PZL Wrocław, s katero se bo konkurentom podjetja omogočil nakup zmogljivosti, strokovnega znanja in tržnega deleža podjetja PZL Hydral, šteti za izravnalni ukrep.
DOUBTS EXPRESSED BY THE COMMISSION WHEN OPENING AND EXTENDING THE FORMAL INVESTIGATION PROCEDURE
DVOMI KOMISIJE PRI ZAČETKU IN RAZŠIRITVI FORMALNEGA POSTOPKA PREISKAVE
The Plan was notified as a restructuring scenario under the rescue and restructuring guidelines.
Načrt prestrukturiranja je bil priglašen kot scenarij prestrukturiranja v skladu s smernicami za reševanje in prestrukturiranje.
The Commission therefore based its preliminary assessment on the information at its disposal at that stage.
Zato je Komisija prehodno oceno oprla na takrat razpoložljive informacije.
On the basis of that information, the Commission voiced the following concerns:
Na njihovi podlagi je izrazila v nadaljevanju navedene pomisleke.
As regards the eligibility of the company for restructuring aid under the rescue and restructuring guidelines, the Commission doubted that PZL Hydral had not benefited from any rescue or restructuring aid in the previous ten years.
Komisija je, kar zadeva upravičenost podjetja do pomoči za prestrukturiranje na podlagi smernic za reševanje in prestrukturiranje, dvomila, da podjetje PZL Hydral v zadnjih desetih letih ni prejelo nobene pomoči za reševanje ali prestrukturiranje.
In particular, the Commission wondered whether the non-enforcement or late enforcement of public liabilities should not be treated as state aid.
Zlasti je dvomila, ali ni morda treba tudi neizterjave ali pozne izterjave javnopravnih obveznosti šteti za državno pomoč.
The Commission pointed out that, where a public body collecting social security contributions tolerates the non-payment or late payment of such contributions over a long period of time, it undoubtedly gives the recipient an advantage by reducing the burden which the normal application of the social security system represents for the recipient [28].
Poudarila je, da kadar javni organ, ki pobira prispevke za socialno varnost, dolgo dopušča neplačevanje ali pozno plačevanje takih prispevkov, prejemniku nedvomno zagotavlja prednost, saj zmanjšuje obremenitev, ki jo zanj pomeni običajno izvajanje sistema za socialno varnost.
The Commission, while recognising that the public creditors had taken certain enforcement measures, doubted whether these were sufficient or, if they had been taken at a late stage, effective, especially in respect of the collateral held by the public creditors and which could have been relied on.
Komisija je sicer priznala, da so javni upniki sprejeli nekatere ukrepe za izterjavo, vendar je dvomila, ali so bili ti ukrepi zadostni, oziroma učinkoviti, če so bili sprejeti pozno, zlasti glede na zavarovanje, ki so ga imeli javni upniki in na katerega bi se lahko oprli.
At this stage of the proceedings, therefore, the Commission doubted that the conduct of the public creditors was in line with the way that private creditors would have behaved in those circumstances.
Zato je Komisija na tej stopnji postopka dvomila, da so javni upniki ravnali tako, kot bi v takih okoliščinah ravnali zasebni upniki.
The Commission also expressed doubts with regard to other measures reported by the Polish authorities as free of state aid.
Komisija je dvomila tudi o drugih ukrepih, ki so jih poljski organi priglasili kot ukrepe, ki ne vsebujejo elementov državne pomoči.
The Commission doubted whether the partial repayment and partial write-off of public liabilities reported by the Polish authorities as free of state aid, was in line with the private creditor rule.
Dvomila je, ali sta bila delno poplačilo in delni odpis javnopravnih obveznosti, ki so ju poljski organi priglasili kot ukrepa, ki ne vsebujeta elementov državne pomoči, v skladu z merilom zasebnega upnika.