natgillin/translations-raw huggingface dataset:
In 2009, the value of ordered and sold military goods (e.g. hydraulic systems, pneumatic components for fuel control systems) fell to […], and the value of maintenance services provided fell to […].
Vrednost naročenega in prodanega vojaškega blaga (kot so hidravlični sistemi in pnevmatski elementi za sisteme za reguliranje goriva) se je leta 2009 zmanjšala na […], vrednost zagotovljenih storitev vzdrževanja pa na […].
Its turnover decreased from PLN 60 million in 2008 to PLN 41 million in 2009.
Njegov promet se je s 60 milijonov PLN v letu 2008 zmanjšal na 41 milijonov PLN v letu 2009.
The Polish authorities informed the Commission that under Polish law [16] PZL Wrocław was not yet eligible for bankruptcy proceedings.
Poljski organi so Komisijo obvestili, da podjetje PZL Wrocław na podlagi poljske zakonodaje [16] še ne izpolnjuje pogojev za začetek stečajnega postopka.
However, should the ongoing restructuring process of the Hydral Group based on the assumptions underpinning the restructuring plan for public-law liabilities and the framework agreement with the investor be unsuccessful, PZL Wrocław will have to lodge an application for bankruptcy.
Zahtevo za stečaj pa bo moralo vložiti ob neuspešnem postopku prestrukturiranja skupine Hydral, ki zdaj poteka na podlagi predpostavk, na katerih temeljita načrt prestrukturiranja javnopravnih obveznosti in okvirni sporazum z vlagateljem.
The restructuring plan and the privatisation process
Načrt prestrukturiranja in postopek privatizacije
The restructuring plan for PZL Hydral and PZL Wrocław (‘the Plan’) has to be seen in the context of Poland's attempts to privatise the viable parts of the business, particularly in the aviation and defence field.
Načrt prestrukturiranja za podjetji PZL Hydral in PZL Wrocław (v nadaljnjem besedilu: načrt prestrukturiranja) je treba obravnavati ob upoštevanju poskusov Poljske, da privatizira uspešna podjetja, zlasti na področju letalstva in obrambe.
It indicates that it would be reasonable to isolate some of PZL Hydral's assets and sell them to a private investor in order to restructure PZL Hydral's liabilities.
V strategiji je navedeno, da bi bilo za prestrukturiranje obveznosti podjetja PZL Hydral razumno izločiti nekatera njegova sredstva in jih prodati zasebnemu vlagatelju.
The shareholders of PZL Hydral and, following its incorporation in 2004, of PZL Wrocław, met regularly to consider privatising the group or parts thereof (PZL Wrocław) and negotiated the terms of the transaction with the interested parties.
Delničarji podjetja PZL Hydral, po ustanovitvi podjetja PZL Wrocław leta 2004 pa tudi njegovi delničarji, so se redno srečevali in razpravljali o privatizaciji skupine ali njenih delov (podjetja PZL Wrocław) ter se z zainteresiranimi stranmi pogajali o pogojih transakcije.
Consequently, the Polish authorities entered into negotiations with potential investors, which were closely followed by private (only for the first privatisation attempt with […]) and public creditors.
Nato so poljski organi začeli pogajanja z morebitnimi vlagatelji, ki so jih zasebni (le za prvi poskus privatizacije z […]) in javni upniki natančno spremljali.
The negotiations took place with the following companies: […] (2002-2006), […] (2007-2008), […] (2008) and, as of 2009, with the current investor, […] (‘[…]’ or ‘the investor’).
Pogajanja so potekala z naslednjimi podjetji: […] (2002–2006), […] (2007–2008), […] (2008) in od leta 2009 s sedanjim vlagateljem […] (v nadaljnjem besedilu: […] ali vlagatelj).
Negotiations with […] for the privatisation of PZL Hydral
Pogajanja z […] glede privatizacije podjetja PZL Hydral
In 2002, as a result of industrial cooperation, talks on the sale of PZL Hydral commenced with […], a global producer of aviation components with annual turnover in 2009 of […].
Leta 2002 so se na podlagi industrijskega sodelovanja z […], svetovnim proizvajalcem letalskih sestavnih delov, ki je leta 2009 dosegel letni promet v višini […], začeli pogovori o prodaji podjetja PZL Hydral.
On 25 November 2002 […] and PZL Hydral concluded an agreement regarding non-disclosure of information.
[…] in podjetje PZL Hydral sta 25. novembra 2002 sklenila dogovor o nerazkrivanju informacij.
In the second half of 2005 and the first half of 2006, numerous meeting were held with the representatives of […].
V drugi polovici leta 2005 in prvi polovici leta 2006 je bilo organiziranih več srečanj s predstavniki […].
However, […] has not taken action to complete the transaction since November 2006.
Vendar […] od novembra 2006 ni sprejel nobenega ukrepa za dokončanje transakcije.
According to the Polish authorities, […] withdrew from the negotiations because no solution had been found to the issue of the company's debt.
Poljski organi so navedli, da je […] odstopil iz pogajanj, saj ni bila dosežena rešitev glede vprašanja dolga podjetja.
During these negotiations, the public and private creditors were regularly updated, sometimes on a weekly basis, on their progress.
Javni in zasebni upniki so bili med temi pogajanji o njihovem napredku redno obveščeni, včasih tudi tedensko.
Preparations for a second privatisation attempt, establishment of the 2007-2010 restructuring plan and the 2007 loan
Priprave na drugi poskus privatizacije, oblikovanje načrta prestrukturiranja za obdobje 2007–2010 in posojilo iz leta 2007
The Polish authorities pursued a new privatisation strategy, which focused on making PZL Wrocław a viable business to be sold and winding up PZL Hydral afterwards with the proceeds of the sale of PZL Wrocław and its other subsidiaries and assets.
Poljski organi so uporabili novo strategijo privatizacije, ki je bila osredotočena na doseganje rentabilnosti podjetja PZL Wrocław, ki se prodaja, in poznejšo likvidacijo podjetja PZL Hydral na podlagi prihodkov od prodaje podjetja PZL Wrocław ter drugih podružnic in sredstev.
This strategy was agreed by the IDA, PZL Hydral and the public creditors of PZL Hydral and was formalised as the 2007-2010 restructuring plan (‘the Plan’) in the fourth quarter of 2007.
Agencija IDA, podjetje PZL Hydral in javni upniki tega podjetja so to strategijo potrdili, v zadnjem četrtletju leta 2007 pa je bila uradno sprejeta kot načrt prestrukturiranja za obdobje 2007–2010 (v nadaljnjem besedilu: načrt prestrukturiranja).
According to the Plan, the public creditors were to be repaid from the proceeds of the sale of PZL Hydral's assets, shown as follows: Zakład Ciepłowniczy ‘Term-Hydral’ Sp. z o.o.
V skladu s tem načrtom naj bi bili javni upniki poplačani s prihodki od prodaje sredstev podjetja PZL Hydral, in sicer: Zakład Ciepłowniczy „Term-Hydral“ Sp. z o.o.
PLN 1 million, Zakład Produkcji Hydrauliki ‘Hydral’ Sp. z o.o.
1 milijon PLN, Zakład Produkcji Hydrauliki „Hydral“ Sp. z o.o.
PLN 3 million.
3 milijone PLN.
The sale of PZL Wrocław was supposed to bring PLN 65,9 million (including the casting plant).
Prodaja podjetja PZL Wrocław naj bi prinesla 65,9 milijona PLN (vključno z livarno).
The sale of the other financial assets was expected to yield PLN 0,5 million and a real estate asset called the BBCenter PLN 47,5 million, a car park PLN 2 million and a power station (GSZ) PLN 0,9 million.
Prodaja drugih finančnih sredstev naj bi prinesla 0,5 milijona PLN, prodaja nepremičnine, imenovane BBCenter, 47,5 milijona PLN, prodaja parkirišča 2 milijona PLN, prodaja električne centrale (GSZ) pa 0,9 milijona PLN.
The Plan was therefore based on an assumption that the asset sale would generate total revenue of at least PLN 120,8 million.
Načrt prestrukturiranja je torej temeljil na predpostavki, da bo s prodajo sredstev ustvarjen skupni dohodek v višini vsaj 120,8 milijona PLN.
The Plan also provided for a capital injection of PLN 36 million to guarantee the repayment of PLN 156,8 million to public creditors.
V načrtu prestrukturiranja je bila predvidena tudi dokapitalizacija v višini 36 milijonov PLN za zagotovitev vračila 156,8 milijona PLN javnim upnikom.
It also anticipated the possibility of the IDA granting an additional capital injection of PLN 77,4 million to repay the Social Security Office's liabilities for 1996-1998.
Predvidena je bila tudi možnost, da agencija IDA zagotovi dodatno dokapitalizacijo v višini 77,4 milijona PLN za poplačilo obveznosti uradu za socialno varnost za obdobje 1996–1998.
Subsequently, in January 2007, PZL Wrocław acquired military certificates and permits to trade in arms (see point 16).
Nato je podjetje PZL Wrocław januarja 2007 pridobilo vojaška potrdila in dovoljenja za trgovanje z orožjem (glej točko 16).
In the course of 2007 it acquired more assets, machinery, equipment and know-how.
V nadaljevanju leta 2007 je pridobilo več sredstev, strojev, opreme in strokovnega znanja.
This acquisition was financed by a loan of PLN 12,5 million, which the IDA granted to PZL Wrocław on 24 May 2007 (‘the 2007 loan’), and through an in-kind contribution to the capital of PZL Wrocław by the parent company, PZL Hydral, in the form of an asset transfer in December 2007.
Ta pridobitev se je financirala s posojilom v višini 12,5 milijona PLN, ki ga je agencija IDA podjetju PZL Wrocław odobrila 24. maja 2007 (v nadaljnjem besedilu: posojilo iz leta 2007), in stvarnim vložkom matičnega podjetja PZL Hydral v kapital podjetja PZL Wrocław v obliki prenosa sredstev decembra 2007.
The Polish authorities also emphasised that the 2007 loan had been granted with a view to the IDA obtaining a share of approximately […]% in PZL Wrocław (corresponding to a debt-for-equity swap) and that the IDA would realise an adequate return on the capital invested after it sold its shares in PZL Wrocław, whereas PZL Hydral would use its shareholding to satisfy the public creditors.
Poljski organi so še poudarili, da je bilo posojilo iz leta 2007 odobreno, da bi agencija IDA pridobila približno […]-odstotni poslovni delež v podjetju PZL Wrocław (kar pomeni zamenjavo terjatev v lastniške deleže) in dosegla ustrezen donos na vloženi kapital, ko bi prodala svoje delnice podjetja PZL Wrocław, medtem ko bi podjetje PZL Hydral poslovni delež uporabilo za poplačilo javnih upnikov.
The 2007 loan was granted at a variable 3M WIBOR plus 200 basis points, at that time 6,45 % for an initial duration until 2007 and was based on the understanding that it would be extended until the debt-for-equity swap took place prior to the sale of PZL Wrocław.
Posojilo iz leta 2007 je bilo odobreno po spremenljivi trimesečni obrestni meri WIBOR, povečani za 200 bazičnih točk, ki je takrat znašala 6,45 % za prvotno obdobje do leta 2007; temeljilo je na predpostavki, da se bo posojilo podaljševalo vse do zamenjave terjatev v lastniške deleže pred prodajo podjetja PZL Wrocław.
The loan was secured by the following collateral:
Posojilo je bilo zavarovano z:
a registered pledge [17] on the fixed assets of PZL Wrocław (machinery) of PLN 5,5 million which was entered in the register of pledges,an ordinary pledge [18] on 66850 shares, representing 100 % of the company at the time of the transaction in May 2007 and […]% at end-2007.
registrirano zastavno pravico [17] na osnovna sredstva podjetja PZL Wrocław (stroji) v vrednosti 5,5 milijona PLN, ki je bila vpisana v register zastavnih pravic;običajno zastavno pravico [18] na 66850 delnic, kar pomeni 100-odstotni poslovni delež v podjetju ob transakciji maja 2007 in […]-odstotni poslovni delež ob koncu leta 2007.
The Polish authorities informed the Commission that the value of PZL Wrocław had been assessed at the request of the IDA in March 2007 by consultants Realizacja Inwestycji Techniczno-Ekonomicznych, acting as an independent expert.
Poljski organi so Komisijo obvestili, da so svetovalci družbe Realizacja Inwestycji Techniczno-Ekonomicznych kot neodvisni strokovnjaki marca 2007 na zahtevo agencije IDA ocenili vrednost podjetja PZL Wrocław.
Three valuation methods were used: revenue method based on the discounted net profit (method 1), revenue method based on the discounted net profit plus depreciation (method 2) and discounted cash-flow method (method 3) [19], including a sensitivity analysis (moderate, optimistic and pessimistic scenarios).
Uporabili so tri metode vrednotenja: metodo prihodkov na podlagi diskontiranega čistega dobička (metoda 1), metodo prihodkov na podlagi diskontiranega čistega dobička, ki se mu prišteje amortizacija (metoda 2), ter metodo diskontiranega denarnega toka (metoda 3) [19], vključno z analizo občutljivosti (zmerni, optimistični in pesimistični scenarij).
Using these three methods, the value of PZL Wrocław was estimated at:
Na podlagi teh treh metod je bila vrednost podjetja PZL Wrocław ocenjena na:
Method 1:
metoda 1:
under the moderate scenario the value is estimated at […];
na podlagi zmernega scenarija je vrednost ocenjena na […];
under the optimistic scenario the value is estimated at […];
na podlagi optimističnega scenarija je vrednost ocenjena na […];
under the pessimistic scenario the value is estimated at […].
na podlagi pesimističnega scenarija je vrednost ocenjena na […];
Method 2:
metoda 2:
Method 3:
metoda 3:
The following three elements were used for the valuation of PZL Wrocław:
Za vrednotenje podjetja PZL Wrocław so bili uporabljeni naslednji trije elementi:
the company's financial forecasts, including cash flow, net profit and depreciation for 2007-2011 with a sensitivity analysis (moderate, optimistic and pessimistic scenarios); see Table 23 below,
finančne napovedi podjetja, vključno z denarnim tokom, čistim dobičkom in amortizacijo za obdobje 2007–2011 z analizo občutljivosti (zmerni, optimistični in pesimistični scenarij); glej preglednico 23 spodaj;
the discount rate based on the Weighted Average Cost Of Capital (WACC) equal to 10,25 %, and
diskontna stopnja na podlagi tehtanega povprečja stroškov kapitala (WACC) v višini 10,25 % in
the assumption that cash flow becomes constant after 2007-2011.
predpostavka, da bo denarni tok po obdobju 2007–2011 postal stalen.
The different scenarios incorporated into the 2007 study (PLN thousand)
Različni scenariji v študiji iz leta 2007 (v tisoč PLN)
Moderate scenario
Zmerni scenarij
Net profit + depreciation
Čisti dobiček + amortizacija
The discount rate for all three methods of evaluation is based on Weighted Average Cost of Capital equal to 10,25 % [20].
Diskontna stopnja za vse tri metode vrednotenja temelji na tehtanem povprečju stroškov kapitala v višini 10,25 % [20].
The company's financial forecast, including cash flow, net profit and depreciation for 2007-2011 with a sensitivity analysis (moderate, optimistic and pessimistic scenarios for 2007-2011) is based on data supplied by PZL Wrocław.
Finančne napovedi podjetja, vključno z denarnim tokom, čistim dobičkom in amortizacijo za obdobje 2007–2011 z analizo občutljivosti (zmerni, optimistični in pesimistični scenarij za obdobje 2007–2011), temeljijo na podatkih, ki jih je predložilo podjetje PZL Wrocław.
According to the study these data are to a large extent based on forecast orders by the Ministry of Defence.
Glede na študijo ti podatki večinoma temeljijo na predvidenih naročilih ministrstva za obrambo.
On the basis of this assessment, when determining of the value of the company's shares, the Polish authorities relied on the pessimistic scenario, which produced the lowest result.
Poljski organi so se na podlagi te ocene pri določanju vrednosti delnic podjetja oprli na pesimistični scenarij, pri katerem je bil rezultat najslabši.
On that basis they assumed that the collateral in the form of the ordinary pledge on PZL Wrocław's shares had a market value of at least PLN 20,3 million [21].
Na podlagi tega so predvidevali, da je tržna vrednost zavarovanja v obliki običajne zastavne pravice na delnicah podjetja PZL Wrocław znašala vsaj 20,3 milijona PLN [21].
Therefore, taken together with the pledge on machinery, which at the time had a value of PLN 5,5 million, the Polish authorities consider that the value of the collateral at that time exceeded the value of the loan.
Zato poljski organi menijo, da je takratna vrednost zavarovanja, vključno z zastavno pravico na strojih, katere vrednost je bila takrat 5,5 milijona PLN, presegala vrednost posojila.
Moreover, on the basis of the expert study the IDA took the view in 2007 that it would be reasonable to rely on a value of PZL Wrocław at end-2007 of […] and to take the moderate scenario into consideration.
Poleg tega je agencija IDA na podlagi strokovne študije leta 2007 menila, da bi bilo razumno uporabiti vrednost podjetja PZL Wrocław ob koncu leta 2007 v višini […] in upoštevati zmerni scenarij.
The IDA also took the view that it would realise a return on its investment.
Menila je tudi, da bo njena naložba donosna.
The direct return that the IDA could obtain, on the basis that it would carry out a debt-for-equity swap before the sale and would hold […]% of shares (which is an approximate percentage and was the working assumption used by the IDA) would be at least PLN 48,5 million.
Neposreden donos, ki bi ga agencija IDA lahko dosegla, če bi terjatve pred prodajo zamenjala v lastniške deleže in bi imela […] % delnic (kar je približni delež in delovna predpostavka, ki jo je uporabila ta agencija), bi znašal vsaj 48,5 milijona PLN.
Accordingly, the Polish authorities claimed that, as regards the 2007 loan, the IDA acted as an investor within the framework of the sale of PZL Wrocław.
V skladu s tem so poljski organi trdili, da je agencija IDA v zvezi s posojilom iz leta 2007 pri prodaji podjetja PZL Wrocław ravnala kot vlagatelj.
The Polish authorities also pointed out that the 2007 loan had not therefore been granted to PZL Hydral as stated in the opening decision.
Poljski organi so še poudarili, da se podjetju PZL Hydral posojilo iz leta 2007 torej ni odobrilo, kot je bilo navedeno v odločitvi o sprožitvi postopka.
Negotiations with […]
Pogajanja z […]
On 2 April 2008 […] increased its offer for the second time.
[…] je 2. aprila 2008 drugič povišal ponudbo.
The price offered for the shares on 2 April 2008 was […] (which reflected the value of PZL Wrocław on 31 December 2007), plus changes to current assets calculated according to a specific formula.
Cena, ki je bila za delnice ponujena 2. aprila 2008, je znašala […] (v tem se je kazala vrednost podjetja PZL Wrocław na dan 31. decembra 2007), k čemur so bile prištete spremembe v gibljivih sredstvih, izračunane na podlagi posebne formule.
The Polish authorities informed the Commission that application of the formula to reflect the growth in profit would result in a price increase of […].
Poljski organi so Komisijo obvestili, da bi uporaba formule, s katero bi se izrazila rast dobička, vodila k povišanju cene za […].
This offer was in line with an independent expert valuation commissioned by the IDA.
Ta ponudba je bila v skladu z neodvisnim strokovnim vrednotenjem, ki ga je naročila agencija IDA.
This valuation, carried out by Doradztwo Ekonomiczne Dariusz Zarzecki, concluded that the value of PZL Wrocław in March 2008 was […] on the basis of the net asset value method (‘the NAV method’).
Pri tem vrednotenju, ki ga je izvedla družba Doradztwo Ekonomiczne Dariusz Zarzecki, je bilo ugotovljeno, da je vrednost podjetja PZL Wrocław marca 2008 na podlagi metode čiste vrednosti sredstev znašala […].
This method takes an asset-oriented approach to the valuation and takes into account the value of assets and the credit and debit side both on and off balance sheet.
Pristop te metode k vrednotenju je usmerjen k sredstvom, saj upošteva njihovo vrednost ter kreditno in debetno stran v bilanci stanja in zunaj nje.
At the same time, the value of PZL Hydral on the basis of the discounted cash-flow method (‘the DCF method’), which takes into account future revenue not only from the material but also the immaterial assets in the possession of PZL Wrocław.
Po drugi strani vrednost podjetja PZL Hydral na podlagi metode diskontiranega denarnega toka, pri kateri se upoštevajo bodoči prihodki iz materialnih in nematerialnih sredstev v lasti podjetja PZL Wrocław, znaša […].
The study does not have any sensitivity analysis (i.e. it does not describe different scenarios).
Študija ne vključuje analize občutljivosti (tj. ne opisuje različnih scenarijev).
Under the DCF method cash-flow forecasts for 2008 onwards are based on PZL Wrocław's financial plan for 2007-2013, which assumes that inflation will be the same as predicted by the Polish National Bank in February 2008 for the period in question.
Napovedi denarnega toka za obdobje po letu 2008 pri metodi diskontiranega denarnega toka temeljijo na finančnem načrtu podjetja PZL Wrocław za obdobje 2007–2013, v katerem je predvideno, da bo inflacija taka, kot jo je februarja 2008 za zadevno obdobje napovedala Narodna banka Poljske.
The cost of capital is evaluated at 16,65 %, incorporating the risk free rate (4,70 %), the market risk premium (7,17 %), the sector risk premium (1,78 %) and the market size premium (3 %) and enabling account to be taken of the size of PZL Wrocław in comparison with its competitors (such as […] or […]).
Stroški kapitala se ocenjujejo na 16,65 %, kar vključuje netvegano stopnjo (4,70 %), premijo za tržno tveganje (7,17 %), premijo za sektorsko tveganje (1,78 %) in premijo za velikost trga (3 %) ter omogoča upoštevanje velikosti podjetja PZL Wrocław v primerjavi z njegovimi konkurenti (kot sta […] ali […]).
From 2014 onwards the study assumes that cash flow will increase by 3 % per annum (on the basis of 2 % inflation).
V študiji je predvideno, da se bo od leta 2014 denarni tok povečeval za 3 % na leto (ob 2-odstotni inflaciji).
PZL Wrocław's future cash flow estimates (PLN thousand)
Ocene prihodnjega denarnega toka podjetja PZL Wrocław (v tisoč PLN)
Cost of own capital (%)
Stroški lastnega kapitala (v %)
Future cash flow estimates
Ocene prihodnjega denarnega toka
Discounted future cash flow estimates
Ocene prihodnjega diskontiranega denarnega toka
The adjusted net assets value method is a way of valuing a ‘going concern’ by adjusting the value of all assets and liabilities to the fair market value [22].
Metoda prilagojene čiste vrednosti sredstev je način za ovrednotenje „delujočega podjetja“, tako da se vrednost vseh sredstev in obveznosti prilagodi pošteni tržni vrednosti [22].
The adjustment of liabilities with a book value of PLN 18,35 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 18,35 milijona PLN na čisto vrednost sredstev v višini […] je bila opravljena na podlagi načrtovane zamenjave terjatev v lastniške deleže v letu 2007.
The last adjustment took off-balance sheet assets into consideration.
Pri zadnji prilagoditvi so se upoštevala zunajbilančna sredstva.
PZL Wrocław - adjusted NAV method (PLN thousand) [23] [23]
Podjetje PZL Wrocław – prilagojena metoda čiste vrednosti sredstev (v tisoč PLN) [23] [23]
Current assets
Gibljiva sredstva
Off-balance sheet assets
Zunajbilančna sredstva
The adjusted net value of the fixed assets is […], whereas their book value amounts to PLN 25,710 million.
Prilagojena čista vrednost osnovnih sredstev je […], medtem ko njihova knjigovodska vrednost znaša 25,710 milijona PLN.
The adjustment is essentially made by computing the fair market value of all the assets on the basis of a study prepared on 29 March 2007 and submitted to the Commission by an independent expert, Realizacja Inwestycji Techniczno-ekonomicznych.
Prilagoditev se izvede predvsem tako, da se na podlagi študije, ki jo je 29. marca 2007 pripravil in Komisiji posredoval neodvisni strokovnjak, tj. „Realizacja Inwestycji Techniczno-ekonomicznych“, izračuna poštena tržna vrednost vseh sredstev.
The study basically assesses the value of real estate such as buildings and land.
V študiji se ocenjuje predvsem vrednost nepremičnin, kot so stavbe in zemljišča.
The value of buildings was assessed on the basis of the following formula:
Vrednost stavb je bila ocenjena na podlagi naslednje formule:
‘Cn’ is the cost of constructing a new building; ‘Lu’ is the level of use of the building and ‘R’ is a coefficient which factors in price differences between different regions.
pri čemer so „Cn“ stroški gradnje nove stavbe, „Lu“ stopnja uporabe stavbe in „R“ koeficient, s katerim se upoštevajo razlike v cenah med različnimi regijami.