natgillin/translations-raw huggingface dataset:
On that basis, KPMG certified that the fair value of the company’s long-term debt was not significantly different from its book value.
Na podlagi tega je podjetje KPMG potrdilo, da poštena vrednost dolgoročnega dolga podjetja ni občutno drugačna od njegove knjigovodske vrednosti.
On the basis of the above considerations, the Commission is of the view that it is indeed appropriate to use the book value of the debt in order to calculate the market value of the equity.
Komisija na podlagi zgornjih ugotovitev meni, da je dejansko primerno uporabiti knjigovodsko vrednost dolga za izračun tržne vrednosti lastniškega kapitala.
However, in order to verify the robustness of the calculation, the Commission, in addition, carried out a sensitivity analysis, i.e. it determined the percentage difference between the book value and market value of the net debt pre-conversion which would equalise the present value of the State's stake post-conversion and the liquidation value, assuming that the market value of the debt will correspond to its book value following the debt-to-equity conversion.
Vendar je Komisija, da bi preverila trdnost izračuna, dodatno izvedla analizo občutljivosti, tj. ugotovila je odstotno razliko med knjigovodsko in tržno vrednostjo čistega dolga pred pretvorbo, kar bi izenačilo sedanjo vrednost državnega deleža po pretvorbi in vrednost likvidacije, ob predpostavki, da bo tržna vrednost dolga po pretvorbi dolga v lastniški kapital ustrezala njegovi knjigovodski vrednosti.
That percentage value can be considered a kind of ‘margin of error’ for the estimation of the market value of the debt.
Navedena odstotna vrednost se lahko šteje za nekakšno „dovoljeno odstopanje“ pri oceni tržne vrednosti dolga.
The Commission is of the view that, of all scenarios (EV based on median, average, weighted average), the weighted average represents the most accurate scenario, as in that case the values are weighted by traded share volumes.
Komisija meni, da med vsemi scenariji (VP na podlagi mediane, povprečja, tehtanega povprečja) scenarij tehtanega povprečja predstavlja najnatančnejši scenarij, ker so v tem primeru vrednosti tehtane s trgovalnim obsegom delnic.
For that scenario, the above-mentioned margin is 15 %.
V tem scenariju je zgoraj omenjeno dovoljeno odstopanje 15 %.
The Commission concludes that a margin of that size is sufficiently large to lead one to consider that the EV calculation is based on solid data.
Komisija zaključuje, da je odstopanje v takšni meri dovolj veliko za sklepanje, da izračun VP temelji na trdnih podatkih.
Subsequently, once the market value of the equity has been calculated, one can calculate the value of the State's resulting stake from that market value of total equity based on the public shareholding, which will be as follows after the debt conversion [40]:
Po izračunu tržne vrednosti lastniškega kapitala se vrednost nastalega državnega deleža posledično lahko izračuna iz tržne vrednosti celotnega lastniškega kapitala na podlagi javnega lastniškega deleža, ki bo po pretvorbi dolga sledeč [40]:
The Romanian State's shareholding in Oltchim before and after the planned debt conversion
Lastniški delež romunske države v podjetju Oltchim pred in po načrtovani pretvorbi dolga
Shareholding before debt conversion
Lastniški delež pred pretvorbo dolga
Shareholding after debt conversion
Lastniški delež po pretvorbi dolga
AVAS debt plus interest thereon is debt converted
Terjatve agencije AVAS plus pripadajoče obresti so pretvorjeni dolg
As a result, after converting the AVAS main debt plus interest charged under the agreement, Oltchim will have a market value of equity ranging between EUR [20]-[30] and [90]-[100] million, which will lead to a present value [41] of the combined public stake ([80]-[100]%) of between EUR [15]-[30 and [75]-[90] million. In Table 7, below, the EVs as assessed for all the scenarios are summarised and compared with the values applicable in the case of a liquidation.
Posledično bo po pretvorbi glavnega dolga in pripadajočih obresti, zaračunanih v skladu z dogovorom, podjetje Oltchim imelo tržno vrednost lastniškega kapitala med [20]-[30] in [90]-[100] milijoni EUR, kar bo pripeljalo do sedanje vrednosti [41] skupnega javnega lastniškega deleža ([80]-[100] %) v vrednosti med [15]-[30] in [75]-[90] milijonov EUR. V Tabeli 7 spodaj so vrednosti podjetja, izračunane po različnih scenarijih, strnjene in primerjane z vrednostmi v primeru likvidacije.
Comparison of the debt conversion followed by privatisation versus liquidation scenarios on the basis of the EV method
Primerjava scenarijev pretvorbe dolga, ki ji sledi privatizacija, v primerjavi z likvidacijo na podlagi metode VP
State's expected revenue
Pričakovani prihodek države
Debt conversion and immediate privatisation
Pretvorba dolga in takojšnja privatizacija
Net present value of the revenues obtained through liquidation
Čista sedanja vrednost prihodkov, pridobljenih z likvidacijo
Market value of equity
Tržna vrednost lastniškega kapitala
Market value of combined public stake
Tržna vrednost skupnega javnega lastniškega deleža
Net present value of combined public stake (98,44 %)
Čista sedanja vrednost skupnega javnega lastniškega deleža (98,44 %)
Liquidation < Debt conversion and privatisation
Likvidacija < pretvorba dolga in privatizacija
Net present value of AVAS stake (96,54 %)
Čista sedanja vrednost lastniškega deleža agencije AVAS (96,54 %)
Net present value of Ministry of Economy stake (1,9 %)
Čista sedanja vrednost lastniškega deleža Ministrstva za gospodarstvo (1,9 %)
In all assessed EV scenarios both the public creditor AVAS and the public shareholder Ministry of Economy obtain better results from the debt conversion followed by privatisation than if the company were liquidated.
Pri vseh ocenjenih scenarijih VP imata javni upnik (agencija AVAS) kot tudi javni delničar (Ministrstvo za gospodarstvo) boljše rezultate iz pretvorbe dolga, ki ji sledi privatizacija, kot pa ob likvidaciji podjetja.
The shareholding of the current public shareholder, the Ministry of Economy, will be reduced by the debt conversion, which results in a stake of [80]-[100]% for the creditor AVAS.
Delež trenutnega javnega delničarja, Ministrstva za gospodarstvo, se s pretvorbo dolga zmanjša, kar pomeni [80]-[100] % delež za agencijo AVAS.
However, the Ministry has no reason to oppose the debt conversion as in the event of liquidation it would not obtain anything for its stake in the company.
Kljub temu Ministrstvo za gospodarstvo nima razloga za nasprotovanje pretvorbi dolga, saj v primeru likvidacije za svoj delež v podjetju ne dobi ničesar.
The public creditor AVAS would still obtain more even in the scenario with the lowest estimated EV than in the case of deciding to liquidate the company (EUR [10]-[30] million, versus EUR [10]-[30] million).
Javni upnik, agencija AVAS, bi tudi v scenariju z najnižjo ocenjeno vrednostjo podjetja dobil več kot v primeru likvidacije podjetja ([10]-[30] milijonov EUR v primerjavi z [10]-[30] milijoni EUR).
On the basis of the above findings, it can be concluded that, if that the company is fully privatised in the short term after the debt conversion, the notified measure (conversion of the debt followed by full privatisation) does not involve an advantage for Oltchim as that measure allows the public creditor AVAS to recover more than if it decided to place the company in liquidation.
Na podlagi zgornjih ugotovitev je mogoče zaključiti, da priglašeni ukrep (pretvorba dolga, ki ji sledi popolna privatizacija), če bi bilo podjetje v celoti privatizirano kmalu po pretvorbi dolga, ne pomeni prednosti za podjetje Oltchim, saj ukrep omogoča javnemu upniku, agenciji AVAS, večjo izterjavo dolga kot v primeru likvidacije.
In that respect, the Commission takes note of the commitment made by the Romanian authorities (see recitals 17 and 73 above) to privatise the company in full by 31 May 2012.
Komisija v zvezi s tem ugotavlja zavezanost romunskih organov (glej uvodni izjavi (17) in (73) zgoraj) glede popolne privatizacije podjetja do 31. maja 2012.
The Commission considers that the quantitative assessment on the basis of the market capitalisation method and the EV method is also supported by the following two arguments, which were not quantified by the independent expert.
Komisija ugotavlja, da je kvantitativna ocena na podlagi metode tržne kapitalizacije in metode VP podprta tudi z naslednjima dvema argumentoma, ki jih neodvisni izvedenec ni upošteval.
First of all, the assessment is based on the stock market price.
Prvič, ocena temelji na borzni ceni delnice.
However, as the State's stake in Oltchim will be sold as one entity, the acquirer will be able to control the company.
Vendar bo, ker bo državni delež v podjetju Oltchim prodan kot ena enota, pridobitelj imel nadzor nad podjetjem.
Therefore, the acquirer will be willing to pay a control premium for the stake, as is normally the case in comparable transactions.
Zato bo pridobitelj pripravljen plačati kontrolno premijo za delež, kot je običajno v primerljivih transakcijah.
Second, the Commission observes that PCC was willing to pay in 2007 EUR 7,5 million for a de facto 12 % stake in Oltchim and in 2011 EUR 2,6 million for a further 3,6 % stake in Oltchim.
Drugič, Komisija ugotavlja, da je bilo podjetje PCC leta 2007 pripravljeno plačati 7,5 milijona EUR za de facto 12-odstotni delež v podjetju Oltchim in leta 2011 2,6 milijona EUR za nadaljnji 3,6-odstotni delež v podjetju Oltchim.
This indicates on the one hand that one private investor considered that the value of Oltchim had increased in 2011 compared with 2007 (as it was willing to pay a higher price per share), and that, based on the 2011 transaction, 100 % of the shares would be valued at EUR 73 million, which is substantially above the liquidation value.
To na eni strani kaže, da je zasebni vlagatelj menil, da je vrednost podjetja leta 2011 v primerjavi z letom 2007 narasla (ker je bil pripravljen plačati višjo ceno za delnico) in da bi bilo, glede na transakcijo iz leta 2011, 100 % delnic ovrednotenih na 73 milijonov EUR, kar je veliko več od likvidacijske vrednosti.
Conclusion on the advantage criterion
Sklep o prednostnem kriteriju
On the basis of the above findings, namely that: (i) the company did not derive any undue advantage from the way in which the public authorities pursued recovery of the public debt that is the subject of the notified measure, and (ii) the debt conversion as such does not confer any undue advantage on the company, the Commission concludes that the advantage criterion is not met by the currently notified measure (resulting from the combination of former measures 1 and 3).
Na podlagi zgornjih ugotovitev, in sicer da: (i) podjetje ni imelo nobene neupravičene prednosti zaradi načina, ki so ga državni organi izbrali za izterjavo javnega dolga, ki je predmet priglašenega ukrepa in (ii) pretvorba dolga kot taka ne pomeni neupravičene prednosti za podjetje, Komisija zaključuje, da prednostni kriterij v trenutno priglašenem ukrepu (nastalem z združitvijo ukrepov 1 in 3) ni izpolnjen.
In the light of that finding, the other cumulative criteria in the definition of the concept of state aid stemming from Article 107(1) of the TFEU do not need to be analysed for the assessment of the currently notified measure.
Ob upoštevanju te ugotovitve za oceno trenutno priglašenega ukrepa ni treba analizirati drugih kumulativnih meril iz opredelitve pojma državne pomoči, ki izhajajo iz člena 107(1) PDEU.
The formal investigation procedure initiated under Article 108(2) TFEU with respect to measure 2 (the state guarantee) must be terminated as being moot, following withdrawal of the notification of that measure.
Formalni postopek preiskave na podlagi člena 108(2) PDEU v zvezi z ukrepom 2 (državna garancija) je treba zaradi umika priglasitve tega ukrepa zaključiti, ker je brezpredmeten.
The currently notified measure (the combination of former measures 1 and 3) does not involve state aid within the meaning of Article 107(1) TFEU.
Trenutno priglašeni ukrep (združitev prejšnjih ukrepov 1 in 3) ne vključuje državne pomoči v smislu člena 107(1) PDEU.
That conclusion is based on the firm intention of Romania to sell its stake in Oltchim in full, as expressed in the letter of Prime Minister Emil Boc of 21 October 2011, and re-confirmed in the letter of Prime Minister Ungureanu dated 16 February 2012,
Navedeni sklep temelji na trdni zavezi Romunije za prodajo celotnega lastniškega deleža v podjetju Oltchim, kot je navedeno v dopisu predsednika vlade Emila Boca z dne 21. oktobra 2011 in ponovno potrjeno z dopisom predsednika vlade Ungureanuja z dne 16. februarja 2012,
The Commission has decided to close the formal investigation procedure under Article 108(2) of the Treaty on the Functioning of the European Union in respect of the notified state guarantee (measure 2) in favour of Oltchim, in view of the fact that Romania has withdrawn its notification and will not pursue that measure further.
Komisija se je odločila zaključiti formalni postopek preiskave na podlagi člena 108(2) Pogodbe o delovanju Evropske unije v zvezi s priglašenim državnim jamstvom (ukrep 2) v korist podjetja Oltchim glede na to, da je Romunija umaknila priglasitev in tega ukrepa ne bo več izvajala.
Measure 1, notified by Romania on 17 July 2009 and amended on 22 June 2011, 9 September 2011, 21 October 2011 and 16 February 2012, does not constitute state aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union.
Ukrep 1, ki ga je Romunija priglasila 17. julija 2009 in dopolnila 22. junija 2011, 9. septembra 2011, 21. oktobra 2011 in 16. februarja 2012, ne pomeni državne pomoči v smislu člena 107(1) Pogodbe o delovanju Evropske unije.
Measure 3, put in place by Romania in 2007, does not constitute state aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union.
Ukrep 3, ki ga je Romunija uvedla leta 2007, ne pomeni državne pomoči v smislu člena 107(1) Pogodbe o delovanju Evropske unije.
With effect from 1 December 2009, Articles 87 and 88 of the EC Treaty have become Articles 107 and 108, respectively, of the TFEU.
Z učinkom od 1. decembra 2009 sta člena 87 in 88 Pogodbe ES sta postala člen 107 oziroma člen 108 Pogodbe o delovanju Evropske unije.
For the purposes of this Decision, references to Articles 107 and 108 TFEU should be understood as references to Articles 87 and 88, respectively, of the EC Treaty where appropriate.
V tem sklepu je treba sklicevanje na člena 107 in 108 Pogodbe o delovanju Evropske unije razumeti kot sklicevanje na člena 87 in 88 Pogodbe ES, kadar je to primerno.
The TFEU has also introduced certain changes in terminology such as replacement of the terms ‘Community’ and ‘common market’ by, respectively, ‘Union’ and ‘internal market’.
PDEU je uvedla tudi nekatere spremembe terminologije, kot sta nadomestitvi besede „Skupnost“ z besedo „Unija“ in besedne zveze „skupni trg“ z besedno zvezo „notranji trg“.
The terminology of the TFEU will be used in this Decision.
V besedilu tega sklepa se uporablja terminologija PDEU.
Commission Decision C(2009) 6867 final of 15 December 2009 (OJ C 321, 29.12.2009, p. 21).
Odločitev Komisije C(2009) 6867 final z dne 15. decembra 2009 (UL C 321, 29.12.2009, str. 21).
The ECB exchange rate on 17 July 2009 was EUR 1 = RON 4,2.
Menjalni tečaj ECB dne 17. julija 2009 je bil 1 EUR = 4,2 RON.
In this decision all RON figures are converted into EUR at this exchange rate, unless figures were only available/provided in EUR, in which case only the EUR value is used.
V tem sklepu so vsi zneski iz RON pretvorjeni v EUR po navedenem menjalnem tečaju, razen če so bili zneski na voljo zgolj v EUR. V takšnem primeru se uporabi zgolj znesek v EUR.
The Romanian Privatisation Agency.
Romunska javna agencija za privatizacijo.
See footnote 10 below.
Glej opombo 10 spodaj.
Oltchim's own figures.
Po podatkih podjetja Oltchim.
Company profile available from the Bucharest Stock Exchange, see http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=OLT:RO.
Profil podjetja je na voljo na spletnem mestu borze v Bukarešti, glej http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=OLT:RO.
Information available on Oltchim’s website: www.oltchim.ro.
Informacije so na voljo na spletnem mestu podjetja Oltchim: www.oltchim.ro.
Taking account of the fact that the Romanian currency in circulation at the time, the ROL, was subject to hyperinflation.
Ob upoštevanju dejstva, da je bila romunska valuta ROL, ki je bila takrat v obtoku, pod vplivom hiperinflacije.
Eventually, at the time, the debt was transferred to the Romanian agency named ‘AVAB’ ( Autoritatea pentru Valorificarea Activelor Bancare – the Authority for Bank Assets Recovery), which in May 2004 was merged with the privatisation agency APAPS (the Authority for Privatisation and Management of State Ownership) and renamed AVAS (Autoritatea pentru Valorificarea Activelor Statului – the Authority for State Assets Recovery).
Pozneje so bile terjatve prenesene na romunsko agencijo, imenovano „AVAB“ ( Autoritatea pentru Valorificarea Activelor Bancare – Agencija za izterjavo bančnih sredstev), ki je bila maja 2004 združena z agencijo za privatizacijo APAPS (Agencija za privatizacijo in upravljanje državnega lastništva), preimenovano v AVAS (Autoritatea pentru Valorificarea Activelor Statului – Agencija za izterjavo državnih sredstev).
For the sake of simplification in this Decision, AVAS and AVAB will be referred to as AVAS.
Zaradi poenostavitve bosta agenciji AVAS in AVAB v tej odločbi imenovani AVAS.
Government Emergency Ordinance No 45/2006.
Izredni odlok vlade št. 45/2006.
As explained above in recital 32 the amount of USD 95 million resulting from the reversal of the debt conversion was entered into Oltchim's accounts only in the course of 2007.
Kot je navedeno v uvodni izjavi (32), je bilo samo leta 2007 iz storniranja pretvorbe dolga v računovodske izkaze podjetja Oltchim vnesenih 95 milijonov USD.
The RON replaced the ROL on 1 July 2005; 1 RON equals 10000 ROL.
RON je zamenjal ROL 1. julija 2005; 1 RON je enako 10000 ROL.
The London interbank offered rate.
Londonska medbančna obrestna mera.
In May 2011 PCC bought on the stock exchange a further 3,6 % stake for EUR 2,6 million. In June 2011, PCC SE concluded an alliance with the UK investment fund Carlson Ventures Ltd, which had also acquired Oltchim shares on the stock exchange.
Maja 2011 je podjetje PCC na borzi kupilo nadaljnji 3,6-odstotni delež v višini 2,6 milijona EUR. Junija 2011 se je podjetje PCC SE povezalo z investicijskim skladom Carlson Ventures Ltd iz Združenega kraljestva, ki je prav tako pridobilo delnice podjetja Oltchim na borzi.
PCC and Carlson Ventures now hold together 32 % of Oltchim.
Podjetji PCC in Carlson Ventures imata zdaj skupaj v lasti 32 % podjetja Oltchim.
The figures in the 30 June 2011 interim accounts were indicated in EUR.
Polletni računovodski izkazi na dan 30. junija 2011 so bili izraženi v EUR.
Community guidelines on state aid for rescuing and restructuring firms in difficulty (OJ C 244, 1.10.2004, p. 2).
Smernice Skupnosti o državni pomoči za reševanje in prestrukturiranje podjetij v težavah, UL C 244, 1.10.2004, str. 2.
According to Government Decision 780/2006 implementing Council Directive 2003/87, operators must return the CO2 certificates corresponding to the previous year by 30 April.
V skladu z odločbo vlade št. 780/2006 o izvajanju Direktive Sveta 2003/87 morajo upravljavci vrniti kupone CO2 za predhodno leto do 30. aprila.
Failure to surrender the certificates in time is punishable by a fine.
Nepravočasno vračilo kuponov se kaznuje z globo.
Council Decision 2011/288/EU (OJ L 132, 19.5.2011, p. 15).
Sklep Sveta 2011/288/ES, (UL L 132, 19.5.2011, str. 15).
See http://www.imf.org/external/pubs/cat/longres.aspx?sk=24767.0.
Glej http://www.imf.org/external/pubs/cat/longres.aspx?sk=24767.0.
Available at http://www.imf.org/external/np/loi/2011/rou/060911.pdf.
Na voljo na naslovu http://www.imf.org/external/np/loi/2011/rou/060911.pdf.
OJ L 157, 21.6.2005, p. 268.
UL L 157, 21.6.2005, str. 268.
See Case C-342/96 Spain v Commission (Tubacex) [1999] ECR I-2459, paragraph 46, Case T-152/99 HAMSA v Commission [2002] ECR II-3049, paragraph 167.
Glej zadevo C-342/96 Španija proti Komisiji (Tubacex) [1999] Recueil, str. I-2459, točka 46, Caszadeva T-152/99 HAMSA proti Komisiji [2002] Recueil, str. II-3049, točka 167.
In particular, there was a business plan prepared by Oltchim's management for the period 2006-2010, and an independent advisory opinion by Raiffeisen dated May 2007 and a Technical consultancy report by Techno Orbichem dated May 2007.
Vodstvo podjetja Oltchim je pripravilo poslovni načrt za obdobje od 2006 do 2010; poleg tega je bilo na voljo neodvisno svetovalno mnenje podjetja Raiffeisen iz maja 2007 ter tehnično poročilo svetovalnega podjetja Techno Orbichem iz maja 2007.
e.g. the business plan notified to the Commission on 17 July 2009 and a study prepared by Roland Berger dated 13 April 2011, submitted by the Romanian authorities to the Commission on 14 April 2011.
Npr. načrt poslovanja, ki je bil priglašen Komisiji 17. julija 2009, in študija, ki jo je pripravilo svetovalno podjetje Roland Berger, z dne 13. aprila 2011, ki je bila s strani romunskih organov poslana Komisiji 14. aprila 2011.
The special voluntary liquidation procedure was estimated to last for approximately 18 months.
Trajanje posebnega postopka prostovoljne likvidacije je bilo ocenjeno na približno 18 mesecev.
The recovery rate of [10]-[20]% is lower than the previously calculated [15]-[25]%, as in the meantime the additional interest charged by AVAS, which is non-secured debt, was also taken into account.
odstotna stopnja izterjave je nižja od predhodno izračunane [15]–[25]-odstotne stopnje, ker so bile kasneje upoštevane tudi obresti, zaračunane s strani agencije AVAS, ki pomenijo nezavarovane terjatve.
Discounted to 30 June 2011 at a discount rate of 10.7 %, the value of WACC (weighted average cost of capital) determined by the consultancy firm Roland Berger, in a study dated 13 April 2011, submitted by the Romanian authorities to the Commission on 14 April 2011.
Svetovalno podjetje Roland Berger je v študiji z dne 13. aprila 2011 določilo vrednost tehtane povprečne vrednosti kapitala, diskontirane na dan 30. junija 2011 po diskontni stopnji 10,7 %. Študijo so romunski organi Komisiji posredovali 14. aprila 2011.
Although in the original notification Romania presented a business plan, the financial projections therein were based on extensive investments amounting to EUR 424 million, and therefore such projections cannot be relied upon in the current context, where the State renounced the further investment plans.
Romunija je pri prvotni priglasitvi sicer predstavila poslovni načrt, vendar so projekcije v načrtu temeljile na obsežnih investicijah v višini 424 milijonov EUR, ki jih v sedanjih okoliščinah ni mogoče upoštevati, saj se je država nadaljnjim investicijam odpovedala.
The percentage of shares traded in that period varied between 0,01 % and 13,45 % of total shares per month.
Odstotek delnic, s katerimi se je trgovalo v tem obdobju, se je gibal med 0,01 % in 13,45 % vseh delnic na mesec.
In the period February 2011 – February 2012, the 52-week peak even reached RON 2,21 per share.
V 52-tedenskem obdobju od februarja 2011 do februarja 2012 je bila najvišja dosežena cena celo 2,21 RON za delnico.
The weighted average was calculated on the basis of traded share volume.
Tehtano povprečje je bilo izračunano na podlagi trgovalnega obsega delnic.
The minority interest and preferential shares items are zero and the cash and cash equivalents, having insignificant values, were not considered in the computation of net debt.
Manjšinski delež in prednostne delnice so enake nič, vrednost denarnih sredstev in njihovih ustreznikov pa je zanemarljiva, zato ni bila upoštevana pri izračunu čistega dolga.