natgillin/translations-raw huggingface dataset:
Restate Olympic Airways debt at actual amount
Prilagoditev dolga družbe Olympic Airways na dejansko vrednost
Receivables (Macedonian)
Terjatve (Macedonian)
Remove doubtful receivables (Macedonian)
Črtanje dvomljivih terjatev (Macedonian)
Sundry debtors
Razni dolžniki
Remove debt relating to future disposal of aircraft
Črtanje dolga v zvezi s prihodnjo prodajo letal
Include aircraft to be sold at book value
Vključitev letal za prodajo po knjigovodski vrednosti
Payables > 1 month
Obveznosti po 1 mesecu
Include payables > 1 month
Vključitev obveznosti po 1 mesecu
Tax provision 1992–1997
Rezervacija za davke: 1992–1997
Include tax provision (Macedonian) 1992–1997
Vključitev rezervacije za davke (Macedonian) za obdobje 1992–1997
Tax provision 1998–2003
Rezervacija za davke: 1998–2003
Include tax provision (Macedonian) 1998–2003
Vključitev rezervacije za davke (Macedonian) za obdobje 1998–2003
The experts reported that Olympic Airlines’ opening balance sheet and the conversion balance sheets had been compiled by the company’s accountants, Deloitte and Touche, from information provided by management, but had not been audited or otherwise independently assessed.
Strokovnjaki so poročali, da so začetno bilanco stanja družbe Olympic Airlines in bilance preoblikovanja družbe pripravili računovodje družbe iz družbe Deloitte and Touche, in sicer na podlagi podatkov, ki jih je zagotovila uprava in ki niso bili revidirani ali drugače neodvisno ocenjeni.
Under ordinary Greek company law independent auditors would have to provide an opinion with words to the effect that the figures in the conversion balance sheets were properly extracted from the company’s underlying accounting records.
V skladu z običajnim grškim pravom družb bi morali neodvisni revizorji podati mnenje, s katerim bi potrdili, da so bile številke v bilancah preoblikovanja družbe pravilno pridobljene iz temeljne računovodske dokumentacije družbe.
However, Law 3185/2003 allowed Olympic Airlines to forgo this exercise, and required only that the auditors draw up the balance sheets, without having to provide an opinion on them.
Vendar je zakon št. 3185/2003 omogočal družbi Olympic Airlines, da ne uporabi tega postopka, in določal samo, da morajo bilance stanja pripraviti revizorji, pri čemer pa jim ni treba podati mnenja o teh bilancah.
The experts could not say whether Deloitte and Touche had indeed drawn up the balance sheets, or whether they had been drawn up by management.
Strokovnjaki niso bili prepričani, ali je bilance stanja pripravila družba Deloitte and Touche ali uprava.
Deloitte and Touche’s report on their work was a descriptive report explaining the make-up of the balance sheets, in which they emphasised that ‘no audit or other independent examination was carried out by ourselves’ and that the conversion balance sheets remained ‘the full, absolute and exclusive responsibility’ of management.
Poročilo družbe Deloitte and Touche o opravljenem delu je opisne narave in vsebuje pojasnila o sestavi bilanc stanja, navedena družba pa v poročilu poudarja, da „ni izvedla nobene revizije ali drugega neodvisnega pregleda“ ter da uprava prevzema „polno, absolutno in izključno odgovornost“ za bilance preoblikovanja družbe.
The experts concluded that in addition to the questions of proper accounting treatment set out in the previous finding, there was an overall lack of assurance over the opening balance sheet figures, because of the absence of an audit or other independent control over the exercise.
Zato so strokovnjaki sklenili, da se poleg vprašanj pravilne računovodske obravnave, navedenih v zgornjih ugotovitvah, pojavlja tudi splošna negotovost glede številk v začetni bilanci stanja zaradi neizvedbe revizije ali drugega neodvisnega preverjanja te bilance.
In support of this conclusion, the experts also referred to the auditors’ report on the financial statements of Olympic Airlines for the year ending on 31 December 2003, two and a half weeks after the opening balance sheet, where the auditors expressed reservations in respect of the company’s opening balances.
V podporo temu mnenju so se strokovnjaki sklicevali tudi na revizorsko poročilo o računovodskih izkazih družbe Olympic Airlines na dan 31. decembra 2003, dva tedna in pol po začetni bilanci stanja, v katerem so revizorji izrazili pridržke v zvezi z začetnimi saldi te družbe.
The auditors stated that they were not in a position to confirm the value of goodwill, fixed assets at valuation and the debtors and creditors transferred from the component companies to Olympic Airlines, and therefore did not express an opinion on them.
Kar zadeva dobro ime, ovrednotena osnovna sredstva ter dolžnike in upnike, prenesene z družb v skupini na družbo Olympic Airlines, revizorji navajajo, da ne morejo potrditi vrednosti teh postavk in zato ne podajajo mnenja o njih.
Law 3185/2003 provided for a cash advance from the Greek State to cover the financial obligations of Olympic Airways and Olympic Aviation in the course of the conversion and liquidation procedure; this sum was based on the nominal value of the shares of Olympic Airlines.
Zakon št. 3185/2003 določa, da grška država zagotovi denarno predplačilo za kritje finančnih obveznosti družb Olympic Airways in Olympic Aviation med postopkom preoblikovanja in likvidacije; ta znesek temelji na nominalni vrednosti delnic družbe Olympic Airlines.
The experts concluded that it was in the interests of the Olympic Airways group […] [12] to maximise Olympic Airlines’ opening share capital by maximising the value of transferred assets and minimising the value of transferred liabilities.
Strokovnjaki so sklenili, da je bilo v interesu […] [12] skupine Olympic Airways, da kar najbolj poveča začetni osnovni kapital družbe Olympic Airlines, tako da čim bolj poveča vrednost prenesenih sredstev in čim bolj zmanjša vrednost prenesenih obveznosti.
The experts concluded that if recognised accounting practices had been applied, Law 3185/2003 would have permitted the Greek Government to make only a much smaller contribution to Olympic Airways.
Strokovnjaki so ugotovili, da bi bil, če bi se uporabljale priznane računovodske metode, prispevek, ki ga je lahko grška vlada izplačala družbi Olympic Airways na podlagi zakona št. 3185/2003, precej manjši.
Considering the cash position of Olympic Airways and Olympic Airlines at the time of the restructuring, such a reduction in the cash available from the Government would have had significant implications for the ability of Olympic Airways and Olympic Airlines to continue trading.
Glede na likvidnostno stanje družb Olympic Airways in Olympic Airlines v času prestrukturiranja bi tako zmanjšanje prispevka vlade pomembno vplivalo na zmožnost nadaljnjega poslovanja navedenih družb.
The costs would be borne by the creditors, principally the Greek State.
Stroške bodo nosili upniki, zlasti grška država.
EXPERTS’ CONCLUSION ON OLYMPIC AIRWAYS (OLYMPIC AIRWAYS SERVICES) AFTER RESTRUCTURING
UGOTOVITVE STROKOVNJAKOV V ZVEZI Z DRUŽBO OLYMPIC AIRWAYS (OLYMPIC AIRWAYS SERVICES) PO PRESTRUKTURIRANJU
OLYMPIC AIRWAYS’ (‘OLYMPIC AIRWAYS SERVICES’) TAX AND SOCIAL SECURITY SITUATION
STANJE DRUŽBE OLYMPIC AIRWAYS (OLYMPIC AIRWAYS SERVICES) V ZVEZI Z DAVKI IN PRISPEVKI ZA SOCIALNO VARNOST
The experts found that Olympic Airways’ balance sheet contained large tax and social security liabilities.
Strokovnjaki so ugotovili, da bilanca stanja družbe Olympic Airways vsebuje precejšnje davčne in socialnovarstvene obveznosti.
These had been increasing year on year, as payments to the tax authorities had not matched annual liabilities.
Te so se iz leta v leto povečevale, ker plačila davčnim organom niso ustrezala letnim obveznostim.
The tax liability related mainly to employee payroll tax dating back several years and also included airport tax, VAT and profits tax liabilities.
Davčne obveznosti se nanašajo predvsem na davek na izplačane plače za več let nazaj, vključujejo pa tudi obveznosti v zvezi z letališkimi dajatvami, DDV in davkom od dobička.
Under the hive-off of flight operations to Olympic Airlines, only one month’s tax and social security liabilities had been transferred to the newly created entity.
Ob izčlenitvi dejavnosti letenja v družbo Olympic Airlines so bile na to novo ustanovljeno družbo prenesene samo enomesečne davčne obveznosti in obveznosti socialne varnosti.
The social security liability related primarily to the company’s main pension fund.
Socialnovarstvene obveznosti so se nanašale zlasti na glavni pokojninski sklad družbe.
Figures for 2005 are not available, as Olympic Airways’ accounting records have not been updated beyond 31 December 2004.
podatki za leto 2005 niso na voljo, ker družba Olympic Airways po 31. decembru 2004 ni posodabljala računovodske dokumentacije.
The experts noted that the Olympic Airways audit report for 2003 stated that the company’s books and records had to a great extent failed to comply with the provisions of tax legislation.
Kot so opozorili strokovnjaki, je v revizijskem poročilu družbe Olympic Airways za leto 2003 navedeno, da se v poslovnih knjigah in evidencah družbe zelo pogosto ne upoštevajo zahtevane določbe davčne zakonodaje.
The audit report also stated that the tax audit for the years 1998 and 1999 had concluded that the books and records were inadequate, and that since the company had not been audited by the tax authorities for the years 2000 to 2003 inclusive, its tax obligations for the years 1998 to 2003, inclusive, were not final.
V poročilu je bilo tudi navedeno, da je bilo v davčni reviziji za leti 1998 in 1999 ugotovljeno, da poslovne knjige in evidence niso ustrezne in da glede na to, da davčni organi niso izvedli revizije družbe za leta od 2000 do 2003, vključno z navedenima letoma, njene davčne obveznosti za leta od 1998 do 2003, vključno z navedenima letoma, niso dokončne.
The experts concluded that Olympic Airways had a history, going back several years, of not paying its taxation and social security liabilities in full.
Strokovnjaki so ugotovili, da ima družba Olympic Airways večletno zgodovino nezadostnega plačevanja davčnih in socialnovarstvenih obveznosti.
At the end of 2002 the total liability was already large, at EUR 273 million, and it had continued to grow significantly over the period since then.
Skupne obveznosti družbe so bile velike že konec leta 2002, ko so znašale 273 milijonov EUR, ta znesek pa se je po tem letu še naprej znatno povečeval.
THE EUR 130312459 TRANSFERRED TO OLYMPIC AIRWAYS (OLYMPIC AIRWAYS SERVICES)
PREDPLAČILO 130312459 EUR DRUŽBI OLYMPIC AIRWAYS (OLYMPIC AIRWAYS SERVICES)
The Greek Government made cash transfers totalling EUR 130312459 to the Olympic Airways group in seven instalments between 24 December 2003 and 13 May 2004. These were examined by the experts to see how they were paid and what they were subsequently used for.
Grška vlada je med 24. decembrom 2003 in 13. majem 2004 izvedla prenose denarnih sredstev v dobro skupine Olympic Airways, in sicer v sedmih obrokih v skupni vrednosti 130312459 EUR. Strokovnjaki so te zneske preučili, da bi ugotovili, kako so bili izplačani in za kaj so bili pozneje uporabljeni.
The money was paid under Law 3185/2003, and was based on the nominal value of the share capital in the newly established Olympic Airlines.
Ta denarna sredstva so bila izplačana na podlagi določb zakona št. 3185/2003 in so temeljila na nominalni vrednosti osnovnega kapitala nove družbe Olympic Airlines.
According to the Law, the sum was ‘to cover severance payments and other expenses for the retirement, in whatever manner, of the employees, and to cover the financial obligations of Olympic Airways and Olympic Aviation in the course of the conversion and liquidation.’
V skladu z navedenim zakonom so bila sredstva „namenjena plačilu odpravnin in preostalih stroškov upokojevanja zaposlenih, v kakršni koli obliki, ter kritju finančnih obveznosti družb Olympic Airways in Olympic Aviation med postopkom preoblikovanja in likvidacije“.
The experts found that the transfers had been made at times when Olympic Airways’ bank account was short of funds.
Strokovnjaki so ugotovili, da so bili prenosi izvedeni takrat, ko je na bančnem računu družbe Olympic Airways primanjkovalo sredstev.
A pattern was evident in which the State transfers were utilised gradually over a period of weeks as cash receipts from other sources fell short of cash payments out.
Razvidno je postalo, da so bili denarni prejemki iz drugih virov manjši od denarnih izplačil, zato so bili državni zneski v nekaj tednih postopno uporabljeni.
At the point that the bank account was close to running out of funds, another transfer was made and the process was repeated.
Tik pred izpraznitvijo bančnega računa je bil izveden nov prenos, in postopek se je ponovil.
14 January 2004
14. januar 2004
30 January 2004
30. januar 2004
8 April 2004
8. april 2004
22 April 2004
22. april 2004
13 May 2004
13. maj 2004
It was not easy to verify the analysis of the purposes for which Olympic Airways had used the money, because the funds from the special account were not differentiated from any other funds received into the company’s main bank account, but Olympic Airways management indicated to the experts that the funds had been spent as follows:
Težko je bilo preveriti analizo tega, za kaj je družba Olympic Airways uporabila sredstva, ker so bili zneski s „posebnega računa“ premešani z vsemi drugimi sredstvi, ki jih je družba prejela na svoj glavni račun, vendar je uprava družbe Olympic Airways strokovnjakom zagotovila, da so bila sredstva uporabljena tako:
Expense category
Kategorija stroškov
Aircraft leasing
Najem letal
Retirement payments
Plačila v zvezi s pokojninami
Payroll
Plače
Repayment of loan — Emporiki Bank
Poplačilo posojila – Emporiki Bank
REPAYMENT BY GREEK STATE OF PART OF ABN AMRO BANK LOAN TO OLYMPIC AIRWAYS
POPLAČILO DELA POSOJILA BANKE ABN AMRO BANK DRUŽBI OLYMPIC AIRWAYS S STRANI GRŠKE DRŽAVE
On 9 February 2001, Olympic Airways entered into a loan agreement with ABN Amro Bank for a loan of EUR 182198160 to finance the relocation of Olympic Airways to the new Athens International Airport.
Družba Olympic Airways je 9. februarja 2001 z banko ABN Amro Bank sklenila posojilno pogodbo o posojilu v višini 182198160 EUR za financiranje premestitve te družbe na novo atensko mednarodno letališče.
The loan was repayable in 16 six-monthly instalments of EUR 11387385 each, plus interest, between 9 August 2003 and 9 February 2011, and was backed by a State guarantee that entitled ABN Amro to demand fulfilment of Olympic Airways’ payment obligations directly from the State.
Posojilo naj bi bilo med 9. avgustom 2003 in 9. februarjem 2011 poplačano v 16 polletnih obrokih po 11387385 EUR, ki se jim prištejejo obresti, ter je bilo zavarovano z državnim jamstvom, na podlagi katerega je banka ABN Amro Bank dobila pravico, da zahteva izpolnitev plačilnih obveznosti družbe Olympic Airways neposredno od države.
Under the terms of the hive-off of flight operations to Olympic Airlines on 11 December 2003, the loan remained as a liability in Olympic Airways’ accounts.
Kot so določali pogoji za izčlenitev dejavnosti letenja, ki je bila izvedena 11. decembra 2003, v družbo Olympic Airlines, je posojilo kot obveznost zadržala družba Olympic Airways.
By 31 December 2003, Olympic Airways had paid one scheduled instalment of the loan, and the liability in Olympic Airways’ balance sheet was EUR 170810775.
Družba Olympic Airways je do 31. decembra 2003 plačala en dogovorjeni obrok posojila, obveznosti v njeni bilanci stanja pa so znašale 170810775 EUR.
In their review of Olympic Airways’ accounting records the experts found that ABN Amro had invoked the Government’s guarantee in respect of the second, third and fourth instalments of the loan.
Strokovnjaki so pri pregledu računovodske dokumentacije družbe Olympic Airways ugotovili, da je banka ABN Amro Bank uveljavljala državno jamstvo v zvezi z drugim, tretjim in četrtim obrokom posojila.
As a consequence the Greek State had paid the following instalments on behalf of Olympic Airways:
Posledično je grška država v imenu družbe Olympic Airways plačala naslednje obroke:
Amount paid (EUR)
Plačani znesek (v EUR)
10 May 2004
10. maj 2004
8 October 2004
8. oktober 2004
The experts also found that the Government had asked the Greek tax authorities to recover the money from Olympic Airways.
Strokovnjaki so prav tako ugotovili, da je grška vlada od grških davčnih organov zahtevala, naj ta denarna sredstva izterjajo od družbe Olympic Airways.
The tax authorities had submitted debit notes to Olympic Airways requesting payment.
Davčni organi so družbi Olympic Airways izdali opomine in zahtevali plačilo zadevnih zneskov.
The amount was recorded in Olympic Airways’ books as a liability to the tax authorities, but had not yet been repaid.
Ti so bili v poslovnih knjigah družbe Olympic Airways evidentirani kot obveznosti do davčnih organov, vendar do danes še niso bili poplačani.
FINANCE LEASING OF AIRCRAFT (A340s)
FINANČNI NAJEM LETAL (A340)
The experts found that the Government had asked the Greek tax authorities to recover the money from Olympic Airways.
Strokovnjaki so prav tako ugotovili, da je grška vlada od grških davčnih organov zahtevala, naj ta denarna sredstva izterjajo od družbe Olympic Airways.
DIRECT CASH FUNDING OF OLYMPIC AIRWAYS BY THE STATE
NEPOSREDNA DENARNA PLAČILA DRŽAVE DRUŽBI OLYMPIC AIRWAYS
Crédit Lyonnais had agreed to allow the money to be released from the escrow account upon completion of the transfer of the aircraft lease contracts from Olympic Airways to the State (by novation), which was due to happen in December 2004.
Banka Crédit Lyonnais je privolila v sprostitev teh denarnih sredstev z depozitnega računa po prenosu pogodb o najemu letal z družbe Olympic Airways na državo (s prenovitvijo), do česar naj bi prišlo decembra 2004.
The transfer of the contracts to the State was indeed completed in December 2004.
Prenos pogodb na državo je bil dejansko izveden decembra 2004.
When Olympic Airways had recovered the money from the escrow account in December 2004, it had not repaid the advance from the State.
Družba Olympic Airways po pridobitvi denarnih sredstev z depozitnega računa decembra 2004 ni poplačala predplačila države.
On 23 March 2005 the State wrote to Olympic Airways requesting repayment of the amount, plus interest.
Država je 23. marca 2005 od družbe Olympic Airways pisno zahtevala poplačilo zneska z obrestmi.
At the date of their final report to the Commission, on 14 June 2005, the experts confirmed that Olympic Airways had not repaid the amount to the State.
Strokovnjaki so na dan svojega končnega poročila Komisiji, tj. 14. junija 2005, potrdili, da družba Olympic Airways državi ni poplačala zadevnega zneska.
OTHER EXPENSES
DRUGI STROŠKI
In their review of Olympic Airways’ books, the experts found that the creditor balances at 31 December 2004 showed a sum of EUR 8 million owing to the State-owned Greek Telecommunications Organisation (OTE).
Strokovnjaki so pri pregledu poslovnih knjig družbe Olympic Airways ugotovili, da je njen dolg na dan 31. decembra 2004 vseboval znesek 8 milijonov EUR, dolgovan grški organizaciji za telekomunikacije (OTE), ki je v državni lasti.
Olympic Airways’ general ledger showed that Olympic Airways had not paid OTE for services at some locations in 2003 and 2004.
Iz glavne knjige družbe Olympic Airways je bilo razvidno, da ta družba v letih 2003 in 2004 organizaciji OTE ni plačala storitev, opravljenih na nekaterih krajih.
Of the balance, EUR 4,5 million related to periods before 2003.
Del salda, ki znaša 4,5 milijona EUR, se nanaša na obdobja pred letom 2003.
EXPERTS’ CONCLUSIONS ON OLYMPIC AIRLINES AFTER RESTRUCTURING
UGOTOVITVE STROKOVNJAKOV V ZVEZI Z DRUŽBO OLYMPIC AIRLINES PO PRESTRUKTURIRANJU
OLYMPIC AIRLINES’ RESULTS IN 2004
REZULTATI DRUŽBE OLYMPIC AIRLINES V LETU 2004
The experts pointed out that the net assets of the company, at EUR 24,3 million, had fallen to 18,6 % of the share capital of EUR 130,4 million at the end of 2004. Furthermore, if the goodwill of EUR 18 million were to be written off, the net assets would be reduced to 4,8 % of share capital.
Strokovnjaki so poudarili, da so neto sredstva družbe konec leta 2004 znašala 24,3 milijona EUR, kar pomeni, da so se zmanjšala na 18,6 % osnovnega kapitala, tj. 130,4 milijona EUR. Če bi poleg tega družba odpisala dobro ime v vrednosti 18 milijonov EUR, bi se njena neto sredstva zmanjšala na 4,8 % osnovnega kapitala.
Under the same law, if the net worth of a company fell below 10 % of share capital, the Ministry of Commerce had power to withdraw the company’s licence to trade.
Če neto vrednost neke družbe pade pod 10 % njenega osnovnega kapitala, lahko grško ministrstvo za gospodarstvo v skladu z istim zakonom tej družbi odvzame dovoljenje za opravljanje dejavnosti.
But the experts said that this measure was a last resort and was rarely taken in practice.
Vendar so strokovnjaki navedli, da je to ukrep v skrajni sili, ki se v praksi redko uporablja.
The principal reasons advanced by Olympic Airlines management for this result were:
Po navedbah uprave družbe Olympic Airlines so bili glavni razlogi za zgornje rezultate naslednji:
a negative response by the tourism market to the restructuring of the Olympic Airways group, resulting in lower bookings in the Christmas 2003/New Year 2004 holiday period;
negativen odziv turističnega trga na prestrukturiranje skupine Olympic Airways, kar je privedlo do manjšega števila rezervacij v prazničnem obdobju od božiča 2003 do novega leta 2004;
cabin crew strikes between December 2003 and February 2004 that resulted in cancelled flights, lower bookings and increased costs during that period;
stavke kabinskega osebja med decembrom 2003 in februarjem 2004 ter posledični odpovedani leti, manjše število rezervacij in višji stroški v navedenem obdobju;
additional costs relating to the restructuring, including the need to employ significantly more pilots than envisaged, and higher lease costs and more wet leases than expected.
dodatni stroški v zvezi s prestrukturiranjem, vključno s potrebo po zaposlitvi bistveno večjega števila pilotov od predvidenega, višjimi najemnimi stroški in več najemi po urni postavki, kot je bilo pričakovano.
As Olympic Airlines did not have cash reserves to finance these losses, the experts concluded that its only options were to borrow money or to obtain extended credit terms from its suppliers.
Ker družba Olympic Airlines ni imela denarnih rezerv za kritje teh izgub, je imela po mnenju strokovnjakov samo dve možnosti: najeti posojilo ali se dogovoriti za podaljšanje rokov za plačila pri dobaviteljih.
In April 2005, Olympic Airlines entered into a settlement agreement with AIA for the payment of EUR […] million of the EUR […] million debt outstanding at that date.
Aprila 2005 je družba Olympic Airlines z letališčem AIA sklenila dogovor o poravnavi za plačilo […] milijonov EUR od […] milijonov EUR takrat neporavnanega dolga.
Additional positive cash flow had been generated by the delayed payment of charges to Athens International Airport, and security had been provided in the form of mortgages on aircraft totalling EUR 36 million.
Dodaten pozitivni denarni tok je bil ustvarjen z odloženimi plačili letališču AIA, zavarovanje pa je bilo zagotovljeno s hipotekami na letala v skupni vrednosti 36 milijonov EUR.
The experts concluded that Olympic Airlines’ business was heavily cyclical, as evidenced by the negative cash flow in the months of October to March, which was compensated for by positive cash flow in the months of April to September.
Strokovnjaki so sklenili, da je bilo poslovanje družbe Olympic Airlines izrazito ciklično, kar dokazuje negativni denarni tok v mesecih od oktobra do marca, ki se izravna s pozitivnim denarnim tokom v mesecih od aprila do septembra.
This cycle repeated itself each year.
Ta ciklus se je vsako leto ponovil.
The net inflows in the summer months did not compensate in full for the net outflows in the winter months, so that overall there was an ongoing need for additional facilities.
Neto odlivi v zimskih mesecih se z neto prilivi v poletnih mesecih niso izravnali v celoti, tako da je družba nenehno potrebovala dodatna sredstva.