natgillin/translations-raw huggingface dataset:
In fact, the LECG submission of April 2008 explicitly stated, in section 5 (The operational value of a hotel complex and commercial area in Ciudad de la Luz) that the details of the investment in the services complex (hotels and commercial area) were not analysed in either of the two business plans because (i) the above mentioned services would in any event be built after the studio and (ii) the profitability of the studio was high enough and therefore it was not necessary to analyse at that moment the additional cash flows Ciudad de la Luz might generate.
V pripombah, ki jih je LECG predložila aprila 2008, je dejansko v oddelku 5 izrecno navedeno (Operativna vrednost hotelskega in trgovinskega kompleksa v Ciudad de la Luz), da podatki o naložbah v storitveni kompleks (hotelsko in trgovinsko območje) niso bili analizirani v nobenem od dveh poslovnih načrtov, ker (i) zgoraj omenjene pomožne površine bi bile v vsakem primeru zgrajene po studiu in (ii) donosnost studia je bila dovolj velika, zato takrat ni bilo treba analizirati dodatnih denarnih tokov, ki bi jih lahko proizvajala Ciudad de la Luz.
The only pertinent information relevant for the assessment of the land is represented by the bids received by Ciudad de la Luz in 2005 for the construction and operation of hotels and a commercial area, which were presented in section 5 mentioned earlier.
Edine ustrezne informacije, ki so pomembne za oceno zemljišč, so ponudbe, ki jih je leta 2005 prejela Ciudad de la Luz za gradnjo in upravljanje hotelskega in trgovinskega kompleksa, predstavljene v prej omenjenem oddelku 5.
This represents an evaluation made by the market in a period contemporaneous with the investment decision, a period moreover characterised by the real estate boom.
To je ocena, ki jo je opravil trg v obdobju naložbene odločitve; za to obdobje je poleg tega značilen tudi razcvet nepremičninskega trga.
As will be explained in the next section, the Euroval valuations do not offer proper guidance regarding the value of the land plots.
Kot bo razloženo v naslednjem oddelku, ocene družbe EUROVAL ne zagotavljajo ustreznih usmeritev v zvezi z vrednostjo zemljišč.
For the purpose of calculating the NPV including this additional land development, it is possible to use the price set by the market (the fact that it is relatively low, as recognised by the Spanish, is indeed evidence that this property development did not seem to be very attractive for private investors).
Za izračun NPV, vključno s tem dodatnim razvojem zemljišč, bi lahko uporabili ceno, ki jo je določil trg (dejstvo, da je sorazmerno nizka, kot priznavajo tudi španski organi, dejansko dokazuje, da ta razvoj nepremičnin zasebnim vlagateljem ni bil videti zanimiv).
The following table provides NPV calculations that include the property development on the basis of the bids that were actually made in 2005 (EUR 560000 per year, adjusted for inflation, as stated by LECG).
V naslednji preglednici so izračuni NPV, ki vsebujejo razvoj nepremičnin na podlagi ponudb, ki so bile dejansko prejete leta 2005 (560000 EUR na leto, prilagojeno za inflacijo, kot navaja LECG).
As can be readily seen, the NPV remains negative.
Takoj lahko vidimo, da NPV ostaja negativna.
IPC hotels
IPC hoteli
A series of land valuation reports were prepared by Euroval.
Družba Euroval je pripravila vrsto poročil o oceni vrednosti zemljišč.
These reports were commissioned by the Sociedad Proyectos Temáticos de la Comunidad Valenciana, the investor in Ciudad de la Luz (CDL).
Ta poročila je naročila Sociedad Proyectos Temáticos de la Comunidad Valenciana, vlagatelj v Ciudad de la Luz (CDL).
The reports purport to provide an objective valuation of the land that would be used for the construction of hotels and offices in the CDL complex.
To poročilo vsebuje objektivno oceno zemljišč, ki bi se uporabljala za gradnjo hotelov in pisarn v kompleksu CDL.
one destined for the development hotel complex, and the other for office blocks, making for a total of 6 valuation reports.
skupaj je tako 6 poročil o oceni vrednosti.
Since the reports broadly follow the same methodologies, some of our comments are generic;
Ker so poročila pripravljena po na splošno enakih metodologijah, so nekatere naše pripombe splošne;
whenever reference is made to specific assertions, the corresponding report is identified.
pri pripombah k posebnim trditvam pa je navedeno ustrezno poročilo, za katero veljajo.
This memo describes the limitations of the aforementioned reports and concludes that the valuations presented therein are untrustworthy.
Ta opis omejitev navedenih poročil zaključuje, da so njihove ocene vrednosti nezanesljive.
In addition, the memo notes that the valuation report is not compatible with some of the claims found in the documents previously provided by Spanish authorities.
Poleg tega ugotavlja, da poročilo o oceni vrednosti ni združljivo z nekaterimi navedbami v dokumentih, ki so jih pred tem predložili španski organi.
Last, the memo indicates the kind of evidence that could have been used to obtain an estimate of the value of the land.
Navaja tudi dokazila, ki bi se lahko uporabila za oceno vrednosti zemljišč.
The reports
Poročila
As can be seen, Euroval has not signed nor stamped any of these reports, i.e. there is no evidence at all that the entity takes responsibility for the valuations.
Videti je, da družba Euroval ni podpisala niti žigosala nobenega od teh poročil, kar pomeni, da ni nobenih dokazil, da navedeni subjekt prevzema odgovornost za ocene vrednosti.
The Spanish authorities state that the valuation reports on the land drawn up in 2000 and 2002 do not fulfil the requirements of Ministerial Order ECO 805/2003 regarding the valuation of buildings, ‘since their purpose is other than the scope of application of that Order’ (e.g. p. 3 of the report providing the 2000 valuation for office space).
Španski organi trdijo, da poročila o oceni vrednosti zemljišč, pripravljena v letih 2000 in 2002, ne izpolnjujejo zahtev Ministrske uredbe ECO 805/2003 o oceni vrednosti zgradb, „ker njihov namen ne spada v obseg uporabe navedene uredbe“ (npr. str. 3 poročila, ki vsebuje oceno vrednosti pisarniških prostorov za leto 2000).
It is not explained why the aforementioned ministerial order should not apply.
Ni razloženo, zakaj naj se ne bi uporabljala navedena ministrska uredba.
The aforementioned ministerial order is also mentioned in conjunction with Law 6/1998 on land valuation (p. 13 of the aforementioned report).
Zgoraj omenjena ministrska uredba je navedena tudi v povezavi z Zakonom št. 6/1998 o oceni vrednosti zemljišč (str. 13 zgoraj navedenega poročila).
It is argued that, since it is a retrospective valuation for the year 2000 made in 2002, ‘the acting technical team is free to apply the calculation adjustments and hypotheses it considers most appropriate for the objective pursued.’ However, the ‘adjustments’ and ‘hypotheses’ are not spelled out.
Ker je ocena vrednosti za leto 2000 pripravljena leta 2002 za nazaj, naj bi „udeležena tehnična ekipa smela uporabiti prilagoditve izračunov in teorije, ki so po njenem mnenju najprimernejše za cilj, ki ga želi doseči“. Vendar pa „prilagoditve“ in „teorije“ niso pojasnjene.
Furthermore, it is not clear why existing law can not be applied, particularly with regard to the valuation of the land.
Tudi ni jasno, zakaj se ne more uporabljati veljavna zakonodaja, zlasti v zvezi z oceno vrednosti zemljišč.
Nor is a justification provided for not applying the laws that were in force at the time.
Niti ni utemeljena neuporaba zakonov, ki so veljali v času priprave.
The report providing the current (2009) valuation of the plot destined for office blocks contains an even more surprising statement.
Poročilo, ki vsebuje tekočo (2009) oceno vrednosti sklopa, namenjenega pisarniškim prostorom, vsebuje še bolj presenetljivo izjavo.
It is claimed that the valuation methods applicable according to the current legislation in force can be adapted because:
Metode ocenjevanja vrednosti, ki se uporabljajo v skladu z veljavno zakonodajo, naj bi se lahko prilagodile, ker „je namen ocene vrednosti nedenarni prispevek na zadevni datum, zato udeležena tehnična ekipa lahko uporabi tiste prilagoditve izračunov in teorije, ki so po njenem mnenju najprimernejše za cilj, ki ga želi doseči“.
‘since the purpose of the valuation is a non-monetary contribution at the date in question, the acting technical team is free to apply the calculation adjustments and hypotheses it deems most appropriate for the objective pursued.’ In other words, since the valuation will not lead to a monetary transaction, the valuation methods that have to be applied by law can be modified.
Ker torej ocena vrednosti ni podlaga za denarno transakcijo, se lahko spremeni metoda ocenjevanja vrednosti, ki se mora uporabljati po zakonu.
To be more precise, since no real money/transaction is involved, the technical team admits that they consider that they can make adjustments that they deem opportune given the ‘objective pursued’.
Natančneje, ker pri tem ne gre za dejansko denarno transakcijo, tehnična ekipa priznava, da meni, da lahko izvede vse prilagoditve, ki so po njenem mnenju primerne za „cilj, ki ga želi doseči“.
It is therefore no wonder that Euroval has not officially endorsed any of the six reports.
Zato ni čudno, da družba Euroval ni uradno potrdila nobenega od šestih poročil.
Reports pertaining to the building of office space (NNT plot)
Poročila v zvezi s pisarniško zgradbo (sklop NNT)
The reports should have also explained more clearly what the qualification of ‘tertiary use’ for the land entails.
Poročila bi morala tudi jasneje razložiti, kaj pomeni kvalifikacija zemljišč za „terciarno rabo“.
The most glaring limitation of these reports is the way they establish benchmark prices for office space in the Ciudad de la Luz complex.
Najočitnejša omejitev teh poročil je način, kako določajo referenčne cene za pisarniške prostore v kompleksu Ciudad de la Luz.
On p. 18 of the 2000 report, nine transactions are listed, including the price paid per square meter.
Na strani 18 poročila za leto 2000 je naštetih devet transakcij, vključno s ceno, plačano za kvadratni meter.
These transactions took place between December 1999 and September 2000, and the average price paid was of EUR 1111,7 per square meter.
Te transakcije so bile izvršene od decembra 1999 do septembra 2000, povprečna plačana cena je bila 1111,7 EUR na kvadratni meter.
This is the value taken to represent the benchmark for office space in the Ciudad de la Luz complex.
Ta vrednost je vzeta kot merilo za pisarniške prostore v kompleksu Ciudad de la Luz.
The Ciudad de la Luz complex is outside the city of Alicante and next to an industrial complex (polígono industrial).
Kompleks Ciudad de la Luz stoji zunaj mesta Alicante in blizu industrijskega kompleksa (polígono industrial).
By contrast, the nine transactions mentioned above involve offices (average size: 115,26 square meters) located in the most prestigious business streets in Alicante.
Nasprotno devet navedenih transakcij zadeva pisarniške prostore (povprečna velikost: 115,26 kvadratnega metra), ki se nahajajo na najprestižnejših poslovnih ulicah mesta Alicante.
Using these transactions to establish a benchmark for the 66576,54 m2 that would be built in Ciudad de la Luz simply does not make sense.
Uporaba teh transakcij za določitev referenčne cene za 66576,54 m2, ki bodo zgrajeni v Ciudad de la Luz, je preprosto nesmiselna.
The report uses the Spanish Consumer Price Index (CPI — Indice de Precios al Consumo, IPC) to deflate current values.
Poročilo za znižanje tekočih vrednosti uporablja španski indeks cen življenjskih potrebščin (CPI – Indice de Precios al Consumo, IPC).
In particular, the IPC is used to deflate a current valuation of the land back to the year 2000 (p. 24).
IPC se zlasti uporablja za znižanje tekoče vrednosti zemljišč na vrednosti iz leta 2000 (str. 24).
We note that, as its name indicates, the CPI/IPC does not encompass asset price inflation;
Ugotavljamo, da kot nakazuje ime, CPI/IPC ne obsega inflacije cen premoženja;
the index is computed on the basis of a basket of consumer goods.
indeks je izračunan na podlagi košarice življenjskih potrebščin.
Using the CPI/IPC to deflate land values and/or real estate values is far from being innocuous, for the reasons explained below.
Uporaba CPI/IPC za znižanje vrednosti zemljišč in/ali nepremičnin še zdaleč ni neškodljiva, v nadaljevanju je tudi razloženo, zakaj.
As is well known, Spain experienced a housing boom that lasted more than 10 years (to a notable extent, its current macroeconomic woes are related to that bubble).
Kot je znano, so v Španiji cene stanovanjskih nepremičnin več kot 10 let hitro rasle (večinoma so njene sedanje makroekonomske težave povezane s tem nepremičninskim balonom).
As a consequence land prices increased much faster than the general CPI.
Zaradi tega so cene zemljišč rasle veliko hitreje kot CPI na splošno.
According to statistics gathered by the Ministry of Housing of the Spanish Government (Ministerio de Vivienda, http://www.mviv.es/es/), housing prices in the Alicante province increased by 122,2 % during the period spanning the first quarter of 2000 and the third quarter of 2009 (this time period has been chosen as it corresponds to the one used in the 2000 Euroval report: January 2000 to August 2009).
Skladno s statističnimi podatki, ki jih je izbralo ministrstvo španske vlade za stanovanjske zadeve (Ministerio de Vivienda, http://www.mviv.es/es/), so se cene stanovanj v provinci Alicante v obdobju od prvega četrtletja 2000 do tretjega četrtletja 2009 povečale za 122,2 % (to obdobje je bilo izbrano, ker ustreza tistemu, ki ga uporablja Euroval v poročilu za leto 2000: od januarja 2000 do avgusta 2009).
A cursory glance at the time series indicates that house prices increased fastest at the start of the time period under consideration.
Bežen pregled časovne vrste kaže, da so cene stanovanj rasle najhitreje na začetku obravnavanega obdobja.
Since the price of land that can be used for real development of urban land is closely correlated to housing prices, it is possible to obtain an approximation to the deflator for land prices during the period Q1 2000 – Q4 2003 by looking at house price inflation during the same period.
Ker je cena zemljišč, ki se lahko uporabijo za nepremičninski razvoj mestnih zemljišč, tesno povezana s cenami stanovanj, lahko dobimo približek deflatorja za cene zemljišč v obdobju od prvega četrtletja 2000 do četrtega četrtletja 2003, tako da pregledamo inflacijo cen stanovanj v istem obdobju.
According to the Spanish Housing Ministry, house prices in the Alicante province increased by 80,1 % over the period between the first quarter of 2000 and the third quarter of 2003.
Po podatkih španskega ministrstva za stanovanjske zadeve so se cene stanovanj v provinci Alicante od prvega četrtletja 2000 do tretjega četrtletja 2003 zvišale za 80,1 %.
Thus, irrespective of whether one takes the average land price for the entire province (EUR 234/m2 in Q1 2004), or that for large municipalities (EUR 464,9/m2 in Q1), applying a deflator of that order of magnitude (+/- 80 %) would result in a land price in Q1 2000 much lower than that reported in the Euroval report.
Ne glede na to, ali se upošteva povprečna cena zemljišč za celotno provinco (234 EUR/m2 v prvem četrtletju 2004) ali cena za velike občine (464,9 EUR/m2 v prvem četrtletju), bi torej z uporabo deflatorja v navedenem obsegu (+/– 80 %) dosegli ceno, ki bi bila v prvem četrtletju 2000 precej nižja od tiste, ki je navedena v poročilu Euroval.
It is also worth mentioning that, regarding the evolution of prices, the reports contradict each other.
Treba je omeniti tudi, da si poročili glede razvoja cen nasprotujeta.
As mentioned above, on p. 18 of the 2000 report, nine transactions are listed, including the price paid per square meter.
Kot je navedeno zgoraj, je na strani 18 poročila naštetih devet transakcij, vključno s ceno, plačano za kvadratni meter.
The 2009 report follows the same methodology.
Poročilo iz leta 2009 je pripravljeno po enaki metodologiji.
This is in line with the Ministry of Housing reports:
To je skladno s poročili ministrstva za stanovanjske zadeve:
between the first quarter of 2000 and the second quarter of 2008 (the period of most of the transactions reported in the 2009 report), housing prices in the Alicante province increased by 152,1 %.
od prvega četrtletja 2000 do drugega četrtletja 2008 (v tem času je bila izvedena večina transakcij iz poročila iz leta 2009) so se cene stanovanj v provinci Alicante povišale za 152,1 %.
The fact that the figures found in the 2009 report are deflated by 15 % to establish current prices does not change the overall picture in view of the magnitudes involved.
Dejstvo, da so podatki v poročilu iz leta 2009 za določitev tekočih cen zmanjšani za 15 %, ne spremeni celotne slike zadevnih razsežnosti.
As a by the way, we would also reiterate that using prices for small offices in the centre of Alicante to establish a benchmark for the Ciudad de la Luz complex does not make sense.
Prav tako bi ponovili, da je uporaba cen za majhne pisarne v središču mesta Alicante za določitev referenčne cene v kompleksu Ciudad de la Luz nesmiselna.
Two further comments should be borne in mind.
Treba je upoštevati še dve pripombi.
Firstly, during property boom periods, the price of land usually increases faster that final house prices.
Prvič, v času hitre rasti cen nepremičnin cena zemljišč po navadi raste hitreje od cene stanovanj.
In any case, the house price index understates land price inflation.
V vsakem primeru indeks cen stanovanj podcenjuje inflacijo cene zemljišč.
Secondly, the average land price for large municipalities is probably not representative of land prices in a location such as that of CDL.
Drugič, povprečna cena zemljišč v velikih občinah verjetno ni reprezentativna za cene zemljišč na lokaciji, kakršna je lokacija CDL.
Indeed, most of the underlying data used to construct this average price stems from land located in cities or their immediate vicinity (e.g. suburban ‘urbanizaciones’);
Večina uporabljenih podatkov za določitev te povprečne cene so podatki za zemljišča, ki ležijo v mestih ali v bližini mest (npr. predmestne „urbanizaciones“);
CDL is located outside the city in a location with little (if any) residential housing.
CDL stoji zunaj mesta na lokaciji, kjer je malo stanovanjskih nepremičnin (če sploh so).
Lastly, house price inflation is illustrated by the material used to teach second-year undergraduates at Unversidad Carlos III de Madrid that can be found at:
Inflacija cen stanovanj je prikazana z gradivom, ki se uporablja za poučevanje drugega letnika na univerzi Unversidad Carlos III de Madrid, in ga najdemo na:
http://www.eco.uc3m.es/~ricmora/ee/, materiales, Tema I, slide 67, which we reproduce below.
http://www.eco.uc3m.es/~ricmora/ee/, materiales, Tema I, list 67, ki je prikazan spodaj.
This graphical evidence further confirms that house prices have increased much faster than the CPI/ICP.
Ta grafični prikaz še potrjuje, da so cene stanovanj rasle precej hitreje od CPI/ICP.
Original source:
Prvotni vir:
In all the reports, the arguments used to show that the costs of land development are nil are rather thin, given that some additional costs would have to be borne.
V vseh drugih poročilih so argumenti, s katerimi se je dokazovalo, da so stroški razvoja zemljišč nični, zelo trhli, glede na to, da bi bilo treba kriti nekatere dodatne stroške.
Finally, in the case of the office complex (NNT) a difference of 35 % (2002) or more than 50 % (2000) between the values obtained from the two valuation methods (dynamic residual method and increase in CPI) is indicative of the highly speculative nature of the exercise.
Špekulativnost dokazujejo tudi razlika med vrednostmi, dobljenimi po dveh metodah vrednotenj (t. i. dynamic residual method in povečanje CPI), ki pri pisarniškem kompleksu (NNT) znaša 35 % (2002) ali več kot 50 % (2000).
Reports on the valuation of the plot destined for a hotel complex (NNH plot)
Poročila o oceni vrednosti sklopa, namenjenega hotelskemu kompleksu (sklop NNH)
The 2000 and 2002 reports on the second plot (‘NNH’) suffer from the same limitations (e.g. use of an inadequate deflator, lack of justification for not applying valuation methods established in Spanish law, etc.).
Poročili iz let 2000 in 2002 o drugem sklopu (NNH) imata enake omejitve (npr. uporaba neprimernega deflatorja, neutemeljena neuporaba metod ocenjevanja vrednosti, uveljavljenih v španski zakonodaji).
As mentioned above, none of these reports are signed or stamped.
Kot je navedeno zgoraj, nobeno od teh poročil ni podpisano ali žigosano.
Some additional comments are nevertheless in order.
Dodati je treba še nekaj pripomb.
The 2000 and 2002 reports establish benchmark prices for hotel rooms with the help of average prices.
Poročili iz let 2000 in 2002 določata referenčne cene za hotelske sobe z uporabo povprečnih cen.
However, the source is not provided, nor is it clear whether it refers to Alicante province (2002 report), or the Comunidad Valenciana (2000 report).
Vendar vir ni naveden, niti ni jasno, ali se nanaša na provinco Alicante (poročilo iz leta 2002) ali na Comunidad Valenciana (poročilo iz leta 2000).
By contrast, the 2009 report provides a list of 6 well located hotels, all of which are 4- or 5-star, to establish a benchmark price.
Nasprotno pa poročilo iz leta 2009 za določitev referenčne cene navaja seznam 6 hotelov s 4 ali 5 zvezdicami na dobrih lokacijah.
The latter is established EUR 104/night.
Ta naj bi znašala 104 EUR/nočitev.
There is no explanation as to why the methodology to establish benchmark prices is different from the one used in the 2000 and 2002 reports.
Nobene razlage ni, zakaj se metodologija za določitev referenčnih cen razlikuje od metodologije, uporabljene v poročilih iz leta 2000 in 2002.
More importantly, it is hard to understand why the focus is on 4-5-star hotels.
Še pomembneje je, da je težko razumeti, zakaj se uporabljajo hoteli s 4 ali 5 zvezdicami.
Is there any indication that demand would exist for 4-5-star hotels outside Alicante, located next to a highway and a ‘poligono industrial’?
Ali obstajajo pokazatelji, da bo zunaj Alicanteja obstajalo povpraševanje po hotelih s 4 ali 5 zvezdicami, ki stojijo poleg avtoceste in industrijske cone?
In the same line, it is quite telling that the only hotel close to the CDL complex has been omitted.
Prav tako je zelo zgovorno tudi, da je bil edini hotel v bližini kompleksa CDL izpuščen.
The latter is an IBIS, whose prices range from EUR 49 per night for the summer of 2010 (http://www.ibishotel.com/gb/reservation/multirates.jshtml consulted on 24 February 2010).
To je IBIS, katerega cene so poleti 2010 znašale od 49 EUR na nočitev (http://www.ibishotel.com/gb/reservation/multirates.jshtml, na dan 24. februarja 2010).
As further evidence, luxury apartments next to a golf course (and relatively close to CDL) charge EUR 80 per night in August 2010 (peak season, see http://www.hotelesoasis.com/WebOasis/EN/ficha_hotel/plantio_golf/descripcion.jsp, consulted on 24 February 2010).
Nadalje, cena luksuznih apartmajev poleg igrišča za golf (in razmeroma blizu CDL) je avgusta 2010 znašala 80 EUR na nočitev (visoka sezona, glej http://www.hotelesoasis.com/WebOasis/EN/ficha_hotel/plantio_golf/descripcion.jsp, na dan 24. februarja 2010).
The 2009 report for the NNH plot also contain some surprising statements.
Poročilo iz leta 2009 o sklopu NNH vsebuje tudi nekaj presenetljivih izjav.