natgillin/translations-raw huggingface dataset:
The Commission also expressed doubts regarding the Plan's compatibility with the internal market in the light of point 31 et seq. of the rescue and restructuring guidelines.
Dvomila je tudi o združljivosti načrta prestrukturiranja z notranjim trgom v smislu točke 31 in naslednjih iz smernic za reševanje in prestrukturiranje.
The Commission doubted that the proposed contribution was real and actual and thus that the Plan complied with points 43-45 of the rescue and restructuring guidelines.
Komisija je dvomila, da je bil predlagani prispevek resničen in da je bil načrt prestrukturiranja torej v skladu s točkami od 43 do 45 smernic za reševanje in prestrukturiranje.
The Commission doubted whether the planned revenue from the sale of PZL Wrocław, even if achieved, could be regarded as an own contribution to the restructuring.
Spraševala se je, ali je mogoče načrtovane prihodke od prodaje podjetja PZL Wrocław, tudi če bodo doseženi, šteti za lastni prispevek k prestrukturiranju.
The Commission also expressed doubts that the Plan would ensure long-term viability as required under points 34-37 of the rescue and restructuring guidelines.
Komisija je dvomila tudi, da bo načrt prestrukturiranja zagotovil dolgoročno sposobnost preživetja, kot se zahteva v točkah od 34 do 37 smernic za reševanje in prestrukturiranje.
The Commission observed that the planned restructuring concentrated on financial restructuring, i.e. circa 90 % of all restructuring costs had been earmarked for the repayment of public debt arrears.
Ugotovila je, da je bilo načrtovano prestrukturiranje osredotočeno na finančno prestrukturiranje, in sicer je bilo približno 90 % vseh stroškov prestrukturiranja namenjenih poplačilu neplačanega javnega dolga.
Consequently, the remaining restructuring measures were rather limited.
Zato so bili preostali ukrepi za prestrukturiranje precej omejeni.
The Commission also noted that, as already explained, at the time when the opening decision was adopted, it had not been informed of any interest on the part of potential investors.
Komisija je ugotovila tudi, kot je bilo že pojasnjeno, da ob sprejetju odločitve o sprožitvi postopka ni imela podatkov o zanimanju morebitnih vlagateljev.
Poland also indicated that further restructuring measures might be necessary after the company was privatised, which raised additional doubts as to the Plan's viability.
Poljska je prav tako navedla, da bodo po privatizaciji podjetja morda potrebni dodatni ukrepi za prestrukturiranje, kar je povzročilo dodatne dvome o izvedljivosti načrta prestrukturiranja.
The Commission also stated that it needed further clarifications as regards the compatibility of the proposed compensatory measures with points 38-42 of the rescue and restructuring guidelines.
Komisija je navedla še, da potrebuje dodatna pojasnila o združljivosti predlaganih izravnalnih ukrepov s točkami od 38 do 42 smernic za reševanje in prestrukturiranje.
The Polish authorities argued in the notification that at least one third of the capacity reduction was designed to cut capacity in the low-profit industrial hydraulics segment.
Poljski organi so v priglasitvi trdili, da je bila vsaj tretjina zmanjšanja zmogljivosti načrtovana za zmanjšanje zmogljivosti v sektorju industrijskih hidravličnih sistemov z nizko stopnjo dobička.
On the basis of the information at its disposal, the Commission doubted that the reduction in production capacity implemented or planned by the company was sufficient.
Komisija je na podlagi informacij, ki so ji bile na voljo, dvomila, da je bilo zmanjšanje proizvodne zmogljivosti, ki ga je podjetje izvedlo ali načrtovalo, zadostno.
The Commission also noted that at least some of the proposed measures appeared to be necessary in order to achieve long-term viability.
Navedla je tudi, da so se vsaj nekateri predlagani ukrepi zdeli nujni za dolgoročno sposobnost preživetja.
In particular, the Commission pointed out that the sale of some production assets in the past seemed to have been specifically designed to restore viability.
Zlasti je poudarila, da se zdi, da je bila prodaja nekaterih proizvodnih sredstev v preteklosti posebej namenjena vnovičnemu doseganju rentabilnosti.
Similarly, the planned sale of real estate would serve as a source of financing rather than as compensation for a distortion of competition.
Podobno naj bi bila načrtovana prodaja nepremičnin vir financiranja, ne pa nadomestilo za izkrivljanje konkurence.
COMMENTS OF POLAND ON THE OPENING OF THE FORMAL INVESTIGATION PROCEDURE
PRIPOMBE POLJSKE GLEDE ZAČETKA FORMALNEGA POSTOPKA PREISKAVE
The Polish authorities submitted their comments on the opening decision with regard to the possibility of applying the private creditor test in the reported scenario, i.e. in conjunction with capital injections.
Poljski organi so predložili pripombe k odločitvi o sprožitvi postopka, kar zadeva možnost uporabe merila zasebnega upnika v sporočenem scenariju, tj. skupaj z dokapitalizacijo.
The Polish authorities stated that the proposed write-offs were in line with the private creditor rule in view of the fact that the public creditors would obtain more in the event of PZL Hydral's assets being sold than in the event of the company going bankrupt.
Navedli so, da so bili predlagani odpisi v skladu z merilom zasebnega upnika, saj bi javni upniki ob prodaji sredstev podjetja PZL Hydral pridobili več kot ob njegovem stečaju.
The Polish authorities also stated that this viewpoint was based on economic and financial analysis and was shared by the public creditors concerned.
Navedli so še, da to stališče temelji na ekonomski in finančni analizi ter da enako menijo tudi zadevni javni upniki.
The Polish authorities claimed that the two capital injections to be granted by the IDA to PZL Hydral and which, according to the notification, were to be earmarked for the repayment of public creditors, did not preclude applying the private creditor rule.
Poljski organi so trdili, da dve dokapitalizaciji, ki naj bi ju agencija IDA odobrila podjetju PZL Hydral in naj bi bili glede na priglasitev namenjeni poplačilu javnih upnikov, nista izključevali uporabe merila zasebnega upnika.
In addition, the Polish authorities claimed that the market value of PZL Wrocław was closely linked to its ownership of aviation certificates and arms-trading permits and its uniquely experienced and qualified workforce.
Poleg tega so trdili, da je bila tržna vrednost podjetja PZL Wrocław tesno povezana z njegovimi potrdili na področju letalstva in dovoljenji za trgovanje z orožjem ter delovno silo z edinstvenimi izkušnjami in kvalifikacijami.
In the event of bankruptcy, it would be impossible to restore this organisation to an extent acceptable to the aviation supervision services.
V primeru stečaja te organizacije ne bi bilo mogoče obnoviti v obsegu, ki bi bil sprejemljiv za nadzorne službe na področju letalstva.
The Polish authorities valued the own contribution at PLN 130 million, which would amount to 50 % of the restructuring costs even if non-enforcement of public debts were to be treated as state aid.
Poljski organi so lastni prispevek ocenili na 130 milijonov PLN, kar bi znašalo 50 % stroškov prestrukturiranja, tudi če bi se neizterjava javnih dolgov štela za državno pomoč.
Moreover, the Polish authorities noted that the sale of assets was under way, and so all the assets provided for in the Plan would be disposed of within the framework of restructuring.
Poleg tega so navedli, da se sredstva prodajajo, zato bodo vsa sredstva, predvidena v načrtu prestrukturiranja, uporabljena za prestrukturiranje.
As regards the long-term viability of the Plan, the Polish authorities affirmed that the objectives of the restructuring were being implemented properly.
Kar zadeva dolgoročno izvedljivost načrta prestrukturiranja, so poljski organi potrdili, da se cilji prestrukturiranja pravilno uresničujejo.
In particular, the process of concentrating production in the eastern part of PZL Hydral's site had yielded a reduction in fixed costs, operational improvements in production and additional revenue from renting out the space freed up.
Zlasti postopek za združitev proizvodnje v vzhodnem delu lokacije podjetja PZL Hydral je vodil k znižanju stalnih stroškov, operativnim izboljšavam v proizvodnji in dodatnim prihodkom od dajanja prostega prostora v najem.
Moreover, production and sales (including 570 employees) had been relocated to PZL Wrocław, which was economically viable at that time (data for the first ten months of 2008).
Poleg tega sta bili proizvodnja in prodaja (vključno s 570 zaposlenimi) premeščeni v podjetje PZL Wrocław, ki je bilo takrat ekonomsko uspešno (podatki za prvih deset mesecev leta 2008).
PZL Wrocław's net profit at end-2008 was estimated at PLN 6 million approx., with sales of PLN 50 million.
Čisti dobiček podjetja PZL Wrocław je bil ob koncu leta 2008 ocenjen na približno 6 milijonov PLN, pri čemer je prodaja znašala 50 milijonov PLN.
The Polish authorities added that since agreement was reached on the private creditor scenario in the fourth quarter of 2007, both PZL Hydral and PZL Wrocław had paid their current liabilities to public creditors on time.
Poljski organi so dodali, da sta podjetji PZL Hydral in PZL Wrocław od sprejetja dogovora o scenariju zasebnega upnika v zadnjem četrtletju leta 2007 pravočasno plačevali kratkoročne obveznosti do javnih upnikov.
V. THIRD PARTY COMMENTS
V. PRIPOMBE TRETJIH STRANI
The Commission did not receive any third party comments.
Komisija ni prejela pripomb tretjih strani.
EVENTS FOLLOWING THE OPENING OF THE FORMAL INVESTIGATION PROCEDURE - THE REVISED PLAN
DOGODKI PO ZAČETKU FORMALNEGA POSTOPKA PREISKAVE – SPREMENJENI NAČRT PRESTRUKTURIRANJA
The Polish authorities consider that the sale price for PZL Wrocław's shares offered by […] corresponds to the market value of this company.
Poljski organi menijo, da prodajna cena delnic podjetja PZL Wrocław, ki jo je ponudil […], ustreza tržni vrednosti tega podjetja.
According to the Polish authorities, the price offered reflected the company's financial situation, which worsened in 2009 as a result of the financial crisis and a downturn in orders from the Polish armed forces.
V ponujeni ceni naj bi se kazalo finančno stanje podjetja, ki se je leta 2009 zaradi finančne krize in zmanjšanja števila naročil poljske vojske poslabšalo.
The Polish authorities also indicated that this price reflected macroeconomic conditions.
Poljski organi so prav tako navedli, da se v tej ceni kažejo makroekonomske razmere.
On the Warsaw stock exchange alone the Warsaw Stock Exchange Index (WIG) fell by 36 %.
Samo na varšavski borzi se je varšavski borzni indeks (WIG) znižal za 36 %.
Between April 2008 (withdrawal of […] from negotiations) and June 2009, the market ranking of listed aviation sector companies with a similar production profile to PZL Wrocław dropped dramatically.
Med aprilom 2008 (umik […] iz pogajanj) in junijem 2009 se je tržni položaj podjetij v letalskem sektorju, ki kotirajo na borzi in imajo podoben proizvodni profil kot podjetje PZL Wrocław, izrazito poslabšal.
Shares in […], to which […] belongs, fell by […] %, shares in […] by […] % and shares in […] by […] %.
Delnice v […], kamor spada […], so padle za […] %, delnice v […] za […] % in delnice v […] za […] %.
[…] carried out a due diligence study (see point 96).
[…] je skrbno pregledal poslovanje (glej točko 96).
The study compared the figures concerning […] of 32 aviation sector companies.
V pregledu so bili primerjani podatki v zvezi z […] v 32 podjetjih v letalskem sektorju.
The study then calculated average coefficients which determined how these […].
Nato so bili izračunani povprečni koeficienti, ki so določili, kako ti […].
These coefficients were then applied to […].
Ti koeficienti so bili nato uporabljeni za […].
The result was […].
Rezultat je bil […].
However, talks with the IDA on the investor's evaluation suggest that at this stage […] is highly dependent on one customer, the Polish armed forces, from which it is expected to derive […]% of its planned revenue in 2010-13 under the modernisation programme, the outcome of which is uncertain, and bankruptcy proceedings could be launched if PZL Wrocław's financial situation does not improve in 2010.
Vendar pogajanja z agencijo IDA o oceni vlagatelja kažejo, da je […] na tej stopnji zelo odvisen od ene stranke, tj. poljskih oboroženih sil, od katerih naj bi po pričakovanjih na podlagi programa posodobitve, katerega rezultat je negotov, pridobil […] % načrtovanih prihodkov v obdobju 2010–2013, pri čemer bi se lahko leta 2010 začel stečajni postopek, če se finančni položaj podjetja PZL Wrocław ne bo izboljšal.
On that basis the investor maintains that in offering […] for PZL Wrocław's shares, he will de facto pay a premium for them.
Na podlagi tega vlagatelj trdi, da bo s ponudbo v višini […] za delnice podjetja PZL Wrocław dejansko plačal premijo zanje.
Settlement of outstanding claims of public creditors
Poravnava neporavnanih terjatev javnih upnikov
Once the price offered by the investor was known, the IDA started negotiations with the public creditors on partial repayments and partial write-offs of their claims as specified in the Plan, on the basis of the proceeds of the sale of PZL Hydral's assets without any additional capital injections.
Ko je bila znana ponujena cena vlagatelja, je agencija IDA začela pogajanja z javnimi upniki v zvezi z delnimi poplačili in delnimi odpisi njihovih terjatev, kot je opredeljeno v načrtu prestrukturiranja, na podlagi prihodkov od prodaje sredstev podjetja PZL Hydral in brez kakršne koli dodatne dokapitalizacije.
For that purpose, a study was commissioned by the IDA from Ernst&Young on 15 January 2010.
Agencija IDA je v ta namen pri družbi Ernst&Young 15. januarja 2010 naročila študijo.
Ernst&Young was instructed, as an independent expert, to produce a comparison between the following two scenarios:
Družba naj bi kot neodvisni strokovnjak primerjala naslednja scenarija:
bankruptcy proceedings for PZL Hydral, including its subsidiary PZL Wrocław,
stečajni postopek za podjetje PZL Hydral, vključno z njegovo podružnico PZL Wrocław;
settlement of liabilities on the basis of the proceeds of the sale of PZL Wrocław to […] for […] and the proceeds of the sale of PZL Hydral's other assets.
poravnava obveznosti na podlagi prihodkov od prodaje podjetja PZL Wrocław […] za […] in prihodkov od prodaje drugih sredstev podjetja PZL Hydral.
Ernst&Young assessed the situation for each individual public creditor: the Social Security Office, the Lower Silesia Region Tax Office, Wrocław Psie Pole Tax Office, Wrocław City Council, the State Fund for the Rehabilitation of the Disabled, the Lower Silesia Regional Office and the Ministry of Finance.
Družba Ernst&Young je ocenila položaj vsakega posameznega javnega upnika, tj. urada za socialno varnost, regionalnega davčnega urada Spodnje Šlezije, davčnega urada okrožja Psie Pole v Vroclavu, mestnega sveta v Vroclavu, državnega sklada za rehabilitacijo invalidov, regionalnega urada Spodnje Šlezije in ministrstva za finance.
The analysis does not include the IDA as it was not a creditor of PZL Hydral but only a shareholder.
Analiza ne vključuje agencije IDA, saj ni bila upnica podjetja PZL Hydral, ampak je bila samo njegova delničarka.
Therefore the analysis did not take account of alternative costs [29], long-term profit forecasts and inflation.
V analizi torej niso bili upoštevani alternativni stroški [29], dolgoročne napovedi dobička in inflacija.
The bankruptcy scenario leading to liquidation was analysed on the assumption that liquidation would be reasonably effective.
Scenarij stečaja, ki vodi k likvidaciji, je bil analiziran ob predpostavki, da bo likvidacija dokaj uspešna.
It refers, as the basis for its methodology, to the requirements of a proper private creditor test based on case-law (Spain v Commission and Hamsa v Commission) which analyses the behaviour of a public body from the point of view of a private creditor seeking to obtain payment by a debtor in financial difficulties [30].
Kot podlaga za njegovo metodologijo se navajajo zahteve merila dejanskega zasebnega upnika iz sodne prakse (Španija proti Komisiji in Hamsa proti Komisiji), v kateri se analizira ravnanje javnega organa z vidika zasebnega upnika, ki si prizadeva za plačilo s strani dolžnika v finančnih težavah [30].
The report is based on an analysis of each individual creditor, taking into account, in particular, the creditor's collateral on the debtor's assets and the extent to which claims can be satisfied in the event of the debtor going bankrupt [31].
Poročilo temelji na analizi vsakega posameznega upnika, pri čemer se upoštevata predvsem zavarovanje upnika na sredstvih dolžnika in do kolikšne mere je v primeru stečaja dolžnika mogoče uveljaviti terjatve [31].
In order to establish the bankruptcy value of the assets, the Ernst&Young study assumed that the fire sale value of the immovable fixed assets was 50 % of their fair value.
V študiji družbe Ernst&Young je bilo za določitev stečajne vrednosti sredstev predpostavljeno, da vrednost nepremičnih osnovnih sredstev pri prisilni prodaji („fire sale“) znaša 50 % njihove poštene vrednosti.
To establish the fair value, Ernst&Young relied on the methods defined in International Accounting Standard 16 on property, plant and equipment, and used any available assessments by independent experts.
Družba Ernst&Young je za določitev poštene vrednosti uporabila metode iz mednarodnega računovodskega standarda št. 16 o opredmetenih osnovnih sredstvih ter vse razpoložljive ocene neodvisnih strokovnjakov.
The 50 % reduction is justified by the low effectiveness of bankruptcy proceedings in Poland, where revenue from sales of assets constitutes on average 26,86 % of their fair value.
Petdesetodstotno zmanjšanje je upravičeno zaradi slabe učinkovitosti stečajnih postopkov na Poljskem, kjer prihodki od prodaje sredstev dosežejo povprečno 26,86 % njihove poštene vrednosti.
The Ernst&Young study also notes that the proceeds which public creditors can expect in a bankruptcy scenario depend on the respective ranking of their collateral on the assets to which the mortgages are attached.
V študiji družbe Ernst&Young je še navedeno, da so prihodki, ki jih lahko javni upniki pričakujejo v scenariju stečaja, odvisni od razvrstitve njihovega zavarovanja na sredstvih, na katera so vezane hipoteke.
The Ernst&Young study provides for this purpose an overview of the mortgages attached to each asset component of PZL Hydral, the value of the respective mortgages and the ranking of the creditors.
V študiji so zato navedeni pregled hipotek, vezanih na posamezen del sredstev podjetja PZL Hydral, vrednost zadevnih hipotek in razvrstitev upnikov.
On the basis of the assumptions set out in the previous two paragraphs, Ernst&Young estimates that the total amount recoverable in the event of bankruptcy from the assets secured by mortgages is PLN 52,4 million; three public creditors (the State Fund for the Rehabilitation of the Disabled, the Lower Silesian Regional Office and the Ministry of Finance) will not be able to recover anything and the remaining creditors will be able to recover the following amounts: the Social Security Office – PLN 44,8 million, the Lower Silesia Region Tax Office – PLN 2,3 million, Wrocław Psie Pole Tax Office – PLN 0,457 million and Wrocław City Council – PLN 4,9 million.
Družba Ernst&Young na podlagi predpostavk iz predhodnih dveh odstavkov ocenjuje, da znaša celotni znesek, ki ga je ob stečaju mogoče izterjati iz sredstev, zavarovanih s hipotekami, 52,4 milijona PLN; trije javni upniki (državni sklad za rehabilitacijo invalidov, regionalni urad Spodnje Šlezije in ministrstvo za finance) sredstev ne bodo mogli izterjati, medtem ko bodo preostali upniki lahko izterjali naslednje zneske: urad za socialno varnost – 44,8 milijona PLN, regionalni davčni urad Spodnje Šlezije – 2,3 milijona PLN, davčni urad okrožja Psie Pole v Vroclavu – 0,457 milijona PLN in mestni svet v Vroclavu – 4,9 milijona PLN.
The actual amount of the proceeds under the bankruptcy scenario should then be corrected by adding the amount recovered from the other assets of PZL Hydral, i.e. PLN 13,5 million [32].
Dejanski znesek prihodkov pri scenariju stečaja je treba nato popraviti, tako da se prišteje znesek, izterjan iz drugih sredstev podjetja PZL Hydral, tj. 13,5 milijona PLN [32].
Accordingly, the bankruptcy proceeds amount to PLN 66 million, as shown in Table 26.
V skladu s tem stečajni prihodki znašajo 66 milijonov PLN, kot je prikazano v preglednici 26.
The sale of assets scenario provides for the sale of all PZL Hydral's assets referred to in the Plan for PLN 122323202,31: Zakład Produkcji Hydrauliki ‘Hydral’ Sp. z o.o. for […], BBCenter's real estate for […], car park for […], Zakład Cieplowniczy ‘Term-Hydral’ Sp. z o.o. for […], power station (GSZ) for […], PZL Wrocław for […], the casting plant for PLN […], minority shareholdings for […] and repayment of PZL Hydral's receivables in an amount of […].
V scenariju prodaje sredstev je predvidena prodaja vseh sredstev podjetja PZL Hydral, navedenih v načrtu, za 122323202,31 PLN, in sicer Zakład Produkcji Hydrauliki „Hydral“ Sp. z o.o. za […], nepremičnina BBCenter za […], parkirišče za […], Zakład Cieplowniczy „Term-Hydral“ Sp. z o.o. za […], električna centrala (GSZ) za […], PZL Wrocław za […], livarna za PLN […], manjšinski deleži za […] in poplačilo denarnih terjatev podjetja PZL Hydral v znesku […].
Comparison of the sale scenario and bankruptcy scenario from the perspective of PZL Hydral in 2010 (in PLN) in the Ernst&Young study
Primerjava scenarija prodaje in scenarija stečaja z vidika podjetja PZL Hydral v letu 2010 (v PLN) na podlagi študije družbe Ernst&Young
Public creditor
Javni upnik
Total amount of liabilities [33]
Skupni znesek obveznosti [33]
Proceeds in bankruptcy scenario
Prihodki pri scenariju stečaja
Proceeds in sale of assets scenario
Prihodki pri scenariju prodaje sredstev
Social Insurance Fund
Sklad za socialno zavarovanje
Lower Silesia Region Tax Office
Regionalni davčni urad Spodnje Šlezije
Wrocław – Psie Pole Tax Office
Davčni urad okrožja Psie Pole v Vroclavu
Wrocław City Council
Mestni svet v Vroclavu
State Fund for the Rehabilitation of the Disabled
Državni sklad za rehabilitacijo invalidov
Lower Silesian Regional Office
Regionalni urad Spodnje Šlezije
Table 26 indicates that under the Ernst&Young study the Social Security Office would recover 47,7 % of its claims, Lower Silesia Region Tax Office would recover 30,6 %, Wrocław Psie Pole Tax Office 85,8 %, Wrocław City Council 18,2 %, the Lower Silesian Regional Office would recover the entirety of its claims, the State Fund for the Rehabilitation of the Disabled would recover 38,9 % and the Ministry of Finance 2,1 %.
Preglednica 26 kaže, da bi v skladu s študijo družbe Ernst&Young urad za socialno varnost izterjal 47,7 % terjatev, regionalni davčni urad Spodnje Šlezije 30,6 %, davčni urad okrožja Psie Pole v Vroclavu 85,8 %, mestni svet v Vroclavu 18,2 %, državni sklad za rehabilitacijo invalidov 38,9 % in ministrstvo za finance 2,1 % terjatev, medtem ko bi regionalni urad Spodnje Šlezije izterjal vse svoje terjatve.
Under Polish law, once the public creditors agree to the settlement of their claims by partial write-offs, interest ceases to accrue on these claims and is charged only if settlement is not implemented, which would be the case in a bankruptcy scenario.
V skladu s poljsko zakonodajo se, ko javni upniki pristanejo na poravnavo svojih terjatev z delnimi odpisi, obresti od teh terjatev ne obračunavajo več, zaračunajo se le, če se poravnava ne izvede, kar bi se zgodilo pri scenariju stečaja.