natgillin/translations-raw huggingface dataset:
A valuation undertaken in this context is a favourable factor for the private investor, as it tends to strengthen the prospects of a capital gain in the perspective of valuation multiples returning to their average historical levels.
Ocena vrednosti v teh okoliščinah je za zasebnega vlagatelja ugodna, saj povečuje možnosti za kapitalski dobiček v smislu ponovne uporabe večkratnikov za oceno vrednosti na njihovi zgodovinski povprečni ravni.
Furthermore, it should be recalled that the FMEA investment is not confined to a capital contribution of EUR [5-15] million providing it with [< 50] % of the Trèves group shares.
Poleg tega je treba opozoriti, da naložba sklada FMEA ni omejena na kapitalski vložek v višini [5–15] milijonov EUR, s katerim je pridobil [več kot 50] % delnic skupine Trèves.
The FMEA also contributed EUR [40-50] million in the form of debt securities giving access to capital (convertible bonds with adjustable parity), bearing interest of [> 8] % p.a.
Sklad je vložil tudi [40–50] milijonov EUR v obliki dolžniških instrumentov, ki zagotavljajo dostop do kapitala in prinašajo [več kot 8]-odstotne letne obresti.
This is a sophisticated structure which a private investor would have demanded in a sector such as the motor vehicle subcontracting sector.
Gre za dognano strukturo, ki bi jo zasebni vlagatelj zahteval v sektorju, kot je sektor dobaviteljev avtomobilskih delov.
In fact, the presence of a significant quantity of convertible bonds, with parity varying in accordance with the performance of the company, is one of the control mechanisms with the greatest possible incentive effect.
Velik delež dolžniških instrumentov, ki zagotavljajo dostop do kapitala in katerih pariteta je odvisna od uspešnosti podjetja, je namreč eden od sploh najspodbudnejših mehanizmov nadzora.
The mechanism put in place by the FMEA is the following.
Mehanizem, ki ga je uvedel sklad FMEA, je naslednji.
The convertible bonds can be redeemed through the issue of new Trèves company shares.
Dolžniški instrumenti, ki zagotavljajo dostop do kapitala, se lahko izplačajo z izdajo novih delnic družbe Trèves.
The parity is determined in 2011 by attaining a gross operating surplus margin of […] %.
Pariteta je v letu 2011 odvisna od doseženega praga dobička pred davki, obrestmi in amortizacijo v višini […] %.
If this threshold is reached, the FMEA will obtain […] % of the equity by redeeming bonds.
Če bo ta prag dosežen, bo sklad FMEA pridobil […] % lastnih sredstev s poplačilom obveznic.
If this threshold is not reached, redemption of the bonds would lead to the FMEA holding […] % of equity.
Če ne bo dosežen, bo sklad FMEA na podlagi poplačila obveznic razpolagal z […] % lastnih sredstev.
It is therefore in the interests of the Trèves managers to ensure that this gross operating surplus margin is achieved […].
V interesu vodstva družbe Trèves je torej, da zagotovijo doseganje tega praga dobička pred davki, obrestmi in amortizacijo […].
There is therefore strong convergence in the interests of the financial investor and those of the manager shareholders in maximising the value of the company on exit.
Interesi finančnega vlagatelja in vodstvenih delavcev-delničarjev so torej tesno povezani, da bi se kar najbolj povečala izhodna vrednost družbe.
Regarding the assumptions justifying an IRR of [> 12 %]
Predpostavke, ki upravičujejo [več kot 12-odstotno] notranjo stopnjo donosa
The approach generally adopted by a private investor consists in assessing the annual internal rate of return arising from the investment project under consideration.
Pristop, ki ga običajno uporabi zasebni vlagatelj, vključuje presojo letne notranje stopnje donosa, dosežene z načrtovanim naložbenim projektom.
With a view to calculating the annual IRR of an investment in an undertaking, it is appropriate to determine the value of the equity of this undertaking at the time when the profitability is expected.
Za izračun letne notranje stopnje donosa naložbe v podjetje je treba določiti vrednost lastnih sredstev tega podjetja ob pričakovani donosnosti.
As has already been indicated in recitals 85 to 87, several methods are available for determining the value of an undertaking.
Kot je bilo navedeno že v uvodnih izjavah 85 do 87, se za določitev vrednosti podjetja uporablja več metod.
To assess the value of the undertaking prevailing in 2012, the year when the FMEA could dispose of its participation [21], the FMEA used the method of the multiple of the EBITDA.
Za presojo vrednosti podjetja v letu 2012, v katerem bi sklad FMEA lahko odprodal svoj delež [21], je sklad uporabil metodo večkratnika dobička pred davki, obrestmi in amortizacijo.
This method is often used in the industrial sector with a view to providing for the exit terms for a capital or quasi-capital investor.
Ta metoda se v industrijskem sektorju pogosto uporablja za predvidevanje izhodnih metod vlagatelja kapitala ali nepravega lastniškega kapitala.
Consequently, in the case in point, the IRR calculated by the FMEA is based on three assumptions mentioned in the restructuring plan.
V obravnavanem primeru zato notranja stopnja donosa, ki jo je izračunal sklad FMEA, temelji na treh predpostavkah, navedenih v načrtu prestrukturiranja.
Firstly, the Trèves group should achieve an EBITDA of EUR [50-80] million at the end of 2011. Secondly, the value of Trèves at the end of 2011 is determined on the basis of a multiple of the EBlTDA of [1-6].
Prvič, dobiček pred davki, obrestmi in amortizacijo skupine Trèves naj bi konec leta 2011 znašal [50–80] milijonov EUR. Drugič, vrednost skupine Trèves ob koncu leta 2011 je določena na podlagi večkratnika dobička pred davki, obrestmi in amortizacijo, ki znaša [1–6].
Thirdly, the net debt is estimated at EUR [50-150] million at the end of 2011. The Commission must in this way determine whether these three assumptions are to be considered as credible and realistic at the time when the FMEA investment was made.
Tretjič, neto dolg naj bi konec leta 2011 znašal [50–150] milijonov EUR. Komisija mora tako ugotoviti, ali so se te tri predpostavke ob izvedbi naložbe sklada FMEA štele za verodostojne in stvarne.
Firstly, as regards the EBITDA value for 2011, it should be emphasised that this forecast is based on the implementation of the restructuring plan.
Prvič, kar zadeva dobiček pred davki, obrestmi in amortizacijo za leto 2011, je treba poudariti, da ta napoved temelji na izvajanju načrta prestrukturiranja.
As explained in recitals 76 et seq., this plan can be considered to be credible and realistic.
Kot je bilo pojasnjeno v uvodni izjavi 76 in naslednjih, je ta načrt mogoče šteti za verodostojnega in stvarnega.
Therefore, it should be recalled that the reduction in costs is primarily implemented by boosting labour efficiency and cutting operating costs thanks, in particular, […].
Tako je treba opozoriti, da znižanje stroškov v glavnem temelji na povečanju učinkovitosti delovne sile in prihrankih stroškov iz poslovanja, predvsem zaradi […].
Secondly, the EBlTDA multiple used ([1-6]) to determine the value of the undertaking corresponds to the average multiple for the sector calculated over the period 2000-09 ([1-6]), minus, as a precaution, the standard deviation associated with the context of the turnaround of the company.
Drugič, večkratnik dobička pred davki, obrestmi in amortizacijo ([1–6]), ki se je uporabil za določitev vrednosti podjetja, ustreza povprečnemu večkratniku sektorja, izračunanemu za obdobje 2000–2009 ([1–6]), od katerega se je iz previdnosti odštel standardni odmik, povezan z okoliščinami sanacije podjetja.
This multiple is slightly higher than the multiple of the sector at the time of the investment (about 4,2).
Ta večkratnik je nekoliko višji od večkratnika, ki je za sektor veljal ob naložbi (približno 4,2).
Nevertheless, it is sufficiently prudent to take a figure of [1-6] as a basis for the valuation at the end of 2011, in view of the foreseeable recovery in the ratio, and for that matter this recovery already having made a good start at the time of the investment ([1-6] in December 2008 as opposed to [1-6] in May 2009).
Kljub temu je dovolj preudarno, da se glede na predvideno izboljšanje faktorja za oceno vrednosti ob koncu leta 2011 uporabi faktor [1–6], pri čemer se je to izboljšanje že znatno začelo ob naložbi ([1–6] decembra 2008 v primerjavi z [1–6] maja 2009).
This multiple also seems to be particularly prudent in the light of the long-term forecasts for the sector indicating multiples of between [1-6] and [1-6].
Ta večkratnik se zdi še zlasti previden glede na dolgoročne napovedi za sektor, po katerih naj bi večkratniki znašali med [1–6] in [1–6].
Thirdly, the forecasts drawn up in April 2009 showed an improvement in the net debt, which was to fall from EUR [100-200] million at end-2008 to EUR [100-200] million at end-2010 (it had deteriorated previously, increasing from EUR [100-200] million at end-2005 to EUR [100-200] million at end-2008).
Tretjič, napovedi iz aprila 2009 so pokazale izboljšanje stanja neto dolga, ki naj bi se s [100–200] milijonov EUR konec leta 2008 zmanjšal na [100–200] milijonov EUR konec leta 2010 (pred tem se je stanje dolga poslabšalo, saj se je s [100–200] milijonov EUR konec leta 2005 povečal na [100–200] milijonov EUR ob koncu leta 2008).
In view of the aggregate level of the forecasted EBITDA for the period 2009-11, the absence of significant additional costs associated with tangible and intangible investments and the absence of additional provisions to cover the restructuring costs, the forecast of a reduction of EUR [0-30] million seems prudent.
Glede na skupno raven pričakovanega dobička pred davki, obrestmi in amortizacijo v obdobju 2009–2011, neobstoj dodatnih večjih stroškov z opredmetenimi in neopredmetenimi naložbami ter neobstoj dodatnih napovedi, pri katerih bi se upoštevali stroški prestrukturiranja, se napovedano zmanjšanje v višini [0–30] milijonov EUR zdi previdno.
In the light of the above, it is appropriate to conclude that the calculation of the IRR at the time of the investment is based on reasonable assumptions.
Glede na navedeno je treba ugotoviti, da izračun notranje stopnje donosa ob naložbi temelji na razumnih predpostavkah.
Regarding the acceptability of an IRR of [> 12 %] and the sharing of the capital gain
Sprejemljivost [več kot 12-odstotne] notranje stopnje donosa in delitev kapitalskega dobička
As regards the question whether the IRR referred to of [> 12 %] is acceptable in the light of the risk entailed in the investment, the Commission makes the following comments.
Kar zadeva vprašanje, ali je [več kot 12-odstotna] notranja stopnja donosa sprejemljiva glede na tveganje, ki ga prinaša naložba, Komisija podaja naslednje pripombe.
Firstly, it should be recalled that the calculation made on the basis of the information set out in recitals 97 to 100 in reality results in an IRR of [> 15 %].
Najprej je treba opozoriti, da z izračunom na podlagi elementov, navedenih v uvodnih izjavah 97 do 100, v resnici dobimo [več kot 15-odstotno] notranjo stopnjo donosa.
However, in the interests of safety and prudence, the FMEA applied a discount of […] % to the EBITDA forecasted for 2011.
Vendar je sklad FMEA zaradi varnosti in iz previdnosti uporabil […]-odstotni odbitek od pričakovanega dobička pred davki, obrestmi in amortizacijo v letu 2011.
Consequently, the IRR of [> 12 %] adopted for the purposes of the present analysis is an IRR resulting from a pessimistic scenario regarding the development of the undertaking.
Zato je [več kot 12-odstotna] notranja stopnja donosa, uporabljena za to analizo, notranja stopnja donosa po najslabšem mogočem scenariju razvoja podjetja.
In fact, as has already been indicated, the base scenario results in an IRR of [> 15 %] whereas an optimistic scenario (EBITDA exceeded by […] %) results in an IRR in the region of [> 20 %].
Kot je bilo že navedeno, namreč po osnovnem scenariju dobimo [več kot 15-odstotno] notranjo stopnjo donosa, medtem ko po najboljšem mogočem scenariju (dobiček pred davki, obrestmi in amortizacijo, presežen za […] %) dobimo približno [več kot 20-odstotno] notranjo stopnjo donosa.
At present, it should be pointed out that, in view of the non-liquid nature of the transaction, it is not possible to refer to comparable quoted prices (for example for subordinated loans) at the time of the FMEA investment to assess whether the level of the forecasted IRR is appropriate.
Tu je treba opozoriti, da se glede na nelikvidnost transakcije pri oceni ustreznosti predvidene ravni notranje stopnje donosa ni mogoče sklicevati na primerljive kotirane cene (na primer za podrejena posojila) ob naložbi sklada FMEA.
On the other hand, several factors presented below allow the ‘minimum’ IRR of [> 12 %] adopted by the FMEA in May 2009 to be assessed.
Po drugi strani pa je mogoče na podlagi več elementov, navedenih v nadaljevanju, oceniti najnižjo [več kot 12-odstotno] notranjo stopnjo donosa, ki jo je sklad FMEA uporabil maja 2009.
It should be pointed out firstly that the returns on investment observed in the automobile subcontracting sector are often low.
Najprej je treba opozoriti, da je donosnost naložb v sektorju dobaviteljev avtomobilskih delov pogosto majhna.
In fact, in the 5 years before the crisis of the second half of 2008, the average IRR amounted to 8,5 % [22].
V petih letih pred krizo v drugem polletju leta 2008 je bila namreč povprečna notranja stopnja donosa 8,5-odstotna [22].
Nevertheless, professional investors have often invested in this sector, aware of the potential gain linked to the low valuation of the undertakings in this sector [compared with other sectors].
Kljub temu so strokovnjaki za naložbe pogosto vlagali v ta sektor, saj so se zavedali morebitnega dobička, povezanega z nizko oceno vrednosti podjetij iz tega sektorja [v primerjavi z drugimi sektorji].
In this way, in 2006, exceptional IRRs were to be found (exceeding 20 % per year over 3 years) for investors having invested during the market trough in 2003.
Tako je bilo v letu 2006 mogoče opaziti izjemne notranje stopnje donosa (ki so v treh letih presegle 20 % letno) za vlagatelje, ki so vlagali ob zatišju na trgu leta 2003.
Consequently, in order to exceed the average returns observed, a professional investor must rely on in-depth knowledge of the market, which is the case for the FMEA, and provide for a participation structure enabling it to optimise its return, which is also the case for the FMEA investment (see the considerations concerning the structure of the investment in recitals 94 and 95 and the sharing of the capital gain in recitals 110 and 111).
Da bi bilo mogoče preseči povprečne donose, se mora strokovnjak za naložbe opreti na dobro poznavanje trga, kot v primeru sklada FMEA, in predvideti udeležbeno strukturo, na podlagi katere bo lahko dosegel kar največji donos, kar prav tako velja za naložbo sklada FMEA (glej ugotovitve o strukturi naložbe v uvodnih izjavah 94 in 95 ter o delitvi kapitalskega dobička v uvodnih izjavah 110 in 111).
Secondly, the French authorities invoke a study by the AFIC (French Venture Capital Association), which follows the performance trend of the venture capital sector in France.
Francoski organi se sklicujejo tudi na študijo združenja AFIC (francosko združenje vlagateljev kapitala (Association Francaise des Investisseurs en Capital)), ki spremlja gibanje donosnosti kapitalskih naložb v Franciji.
This study is based on data communicated by more than 120 structures managing more than 500 investment funds.
Ta študija temelji na podatkih, ki jih je poslalo več kot 120 struktur, ki upravljajo več kot 500 naložbenih skladov.
The work of the AFIC shows a net performance of between 14,1 % for end- 2007 and 10,8 % for end-2008 (the closest date to the FMEA investment) for ‘development capital’.
Raziskave združenja AFIC so pokazale od 14,1-odstotno neto donosnost konec leta 2007 do 10,8-odstotno neto donosnost konec leta 2008 (datum, ki je bližje datumu naložbe sklada FMEA) „razvojnega kapitala“.
Development capital is the relevant subdivision of venture capital from the point of view of the FMEA investment policy (acquisition of minority holding and injection of fresh capital).
Razvojni kapital je podvrsta kapitalskih naložb, ki je pomembna za naložbeno politiko sklada FMEA (prevzem manjšinskega deleža in vložek svežega kapitala).
After taking account of the cost of remuneration of the management company, estimated at a maximum of […], the target IRR to be attained to be able to produce a ‘market’ performance is between 12 % and 15 %.
Na podlagi upoštevanja stroškov plačila družbe za upravljanje, ki naj bi znašal največ […], ciljna notranja stopnja donosa, ki jo je treba doseči za „tržno učinkovitost“, znaša med 12 in 15 %.
Finally, the parameters available at the time of the investment enable a weighted average capital cost (‘WACC’) to be determined on the basis of the CAPM [23] and adapted to the motor vehicle sector in France, integrating the additional specific risk premiums associated with the dimension of Trèves and the non-liquid nature of the investment.
Nazadnje, na podlagi parametrov, ki so bili na voljo ob naložbi, je mogoče določiti tehtano povprečje stroškov kapitala, določeno z modelom ocenjevanja vrednosti dolgoročnih sredstev (Capital Asset Pricing Model, v nadaljnjem besedilu: CAPM) [23] in prilagojenega avtomobilski industriji v Franciji, ki vključuje dodatne premije za tveganje, povezane z velikostjo podjetja Trèves in nelikvidnostjo naložbe.
Moreover, it should be emphasised that Trèves’ capital gain will not be shared between the FMEA and the historical shareholder according to their respective share in Trèves’ capital.
Treba je še poudariti, da se kapitalski dobiček podjetja Trèves ne bo porazdelil med sklad FMEA in starega delničarja glede na njun kapitalski delež v podjetju Trèves.
In fact, assuming an exit in […], the shareholder agreement specifies that the first EUR […] million of the value of the company will be allocated in full to the FMEA (first tranche).
Za izstop v letu […] je namreč v sporazumu med delničarji natančno določeno, da se […] milijonov EUR vrednosti podjetja v celoti dodeli skladu FMEA (prva tranša).
Then, the proceeds from the sale amounting to between EUR […] million and an amount equal to that of the FMEA investment capitalised at […] % per year is shared between the FMEA ([…] %) and the historical shareholders ([…] %) (second tranche).
Dalje, prihodki od prodaje v višini od […] milijonov EUR do zneska v višini naložbe sklada FMEA, h katerim se prištejejo letne […]-odstotne obresti, se porazdelijo med sklad FMEA ([…] %) in stare delničarje ([…] %) (druga tranša).
Finally, the FMEA receives […] % of the proceeds of the sale beyond this threshold and the historical shareholders […] %.
Skratka, sklad FMEA prejme […] % prihodkov od prodaje nad tem pragom, stari delničarji pa […] %.
This agreement on the sharing of the capital gain provides protection for the FMEA.
Ta sporazum o delitvi kapitalskega dobička ščiti sklad FMEA.
In fact, the FMEA in this way receives a significant guarantee that an IRR of [> 12 %] on its investment will rapidly be attained (this rate corresponds to the WACC of Trèves presented above).
Sklad namreč tako dobi pomembno jamstvo, da bo [več kot 12-odstotna] notranja stopnja donosa njegove naložbe hitro dosežena (ta stopnja je enaka tehtanemu povprečju stroškov kapitala podjetja Trèves, opisanemu zgoraj).
Secondly, this agreement is a strong incentive for the historical shareholder and the company managers to achieve, and even exceed, the objectives of the restructuring plan, with this plan resulting in an IRR of [> 12 %], [> 15 %] or [> 20 %] for the FMEA, depending on the scenario.
Dalje, ta sporazum je velika spodbuda za stare delničarje in vodstvene delavce podjetja, da uresničijo ali celo presežejo cilje iz načrta prestrukturiranja, saj naj bi ta načrt po scenariju prinesel [več kot 12-], [več kot 15-] ali [več kot 20-odstotno] notranjo stopnjo donosa za sklad FMEA.
Consequently, it results from the findings above that the estimated IRR of [> 12 %] was reasonable at the time of the investment and acceptable in the light of the risk it entails.
Iz navedenih ugotovitev zato izhaja, da je bila predvidena [več kot 12-odstotna] notranja stopnja donosa ob naložbi razumna in sprejemljiva glede na tveganje, ki ga prinaša.
Conclusion concerning the criterion of benefit
Ugotovitev glede merila ugodnosti
Having analysed the Trèves restructuring plan, its valuation prior to the FMEA investment, the structure of this investment, the assumptions underlying an IRR of [> 12 %] and the appropriateness of this IRR, especially in the light of the shareholder agreement provided for regarding the sharing of the capital gain, it should be pointed out that the FMEA operated under conditions similar to those that a private investor would have required in respect of an investment presenting a risk associated with both the situation of the motor vehicle industry at the time of the investment and that of the company, which was experiencing certain financial difficulties.
Na podlagi analize načrta prestrukturiranja podjetja Trèves, ocene njegove vrednosti pred naložbo sklada FMEA, strukture te naložbe, predpostavk, na katerih temelji [več kot 12-odstotna] notranja stopnja donosa, ustreznosti ravni te notranje stopnje donosa, zlasti z vidika predvidenega dogovora med delničarji glede delitve kapitalskega dobička, je treba ugotoviti, da je sklad FMEA deloval pod podobnimi pogoji, kot bi jih zahteval zasebni vlagatelj, katerega naložba je tvegana zaradi razmer v avtomobilski industriji ob naložbi in razmer v podjetju, ki se je spopadalo z nekaterimi finančnimi težavami.
In other words, the FMEA investment amounting to EUR 55 million respects the criterion of the private investor operating in a market economy.
Povedano drugače, naložba sklada FMEA v znesku 55 milijonov EUR izpolnjuje merilo zasebnega vlagatelja v tržnem gospodarstvu.
Therefore it does not confer any benefit on Trèves.
Podjetju Trèves torej ne prinaša ugodnosti.
The tax and social security debt rescheduling plan
Načrt odloga plačila davčnih obveznosti in socialnih prispevkov
The French authorities authorised Trèves’ tax and social security debt rescheduling plan for an amount of EUR 18,4 million. The Commission first wishes to examine the criterion of benefit in relation to this measure.
Francoska uprava je podjetju Trèves odobrila načrt odloga plačila davčnih obveznosti in socialnih prispevkov v višini 18,4 milijona EUR. V zvezi s tem ukrepom želi Komisija najprej preučiti merilo ugodnosti.
According to the Commission’s decision-making practice and case-law, a debt rescheduling agreement by a public creditor is not State aid if it has acted like a private creditor which ‘seeks to recover sums due to it and which, to that end, concludes agreements with the debtor, under which the accumulated debts are to be rescheduled or paid by instalments in order to facilitate their repayment’ [25].
V skladu s prakso odločanja Komisije in sodno prakso odobritev odloga plačila dolgov javnega upnika ne pomeni državne pomoči, če je mogoče njegovo ravnanje primerjati z ravnanjem zasebnega upnika, ki „želi izterjati vsote, ki so mu dolgovane, in v ta namen z dolžnikom sklene pogodbe, na podlagi katerih se dolg reprogramira ali določi obročno plačevanje skupnih dolgov, da bi se olajšalo njihovo vračanje“ [25].
For Trèves’ public creditors, the debt rescheduling plan is a better solution than enforced recovery.
Načrt odloga plačila dolgov je za javne upnike podjetja Trèves boljša rešitev kot prisilna izterjava.
In fact, in the case of forced recovery, the public creditors, in the light of the company’s general level of debt, would have recovered only part of their non-preferential claims.
V primeru prisilne izterjave bi namreč javni upniki glede na splošno zadolženost podjetja izterjali samo del svojih neprednostnih terjatev.
On the other hand, by authorising the rescheduling, first-ranking mortgages […] (Article […] of the conciliation protocol of 25 May 2009) were established with a view to guaranteeing the tax and social security debts.
Nasprotno pa so bili davčne obveznosti in socialni prispevki z odobritvijo odloga plačila zavarovani s prvovrstnimi hipotekami […] (člen […] protokola o poravnavi z dne 25. maja 2009).