natgillin/translations-raw huggingface dataset:
Accordingly, liquidation proceeds must be used for covering debts in the following order of preference: 1) liquidation costs; 2) salaries owed; 3) privileged debt (i.e. debt secured with pledges, mortgages and other special privileges); 4) budgetary debt (taxes and other fiscal obligations); 5) debt to the Ministry of Finance on account of triggered state guarantees; 6) debt from public loans; 7) ordinary (non-secured) debt; 8) shareholders.
Skladno s tem se mora izkupiček likvidacije uporabiti za pokritje dolgov v naslednjem prednostnem vrstnem redu: 1) stroški likvidacije; 2) dolgovane plače; 3) prednostni dolg (tj. dolg, zavarovan z jamstvi, hipotekami in drugimi posebnimi predpravicami); 4) proračunski dolg (davki in druge proračunske obveznosti); 5) dolg do Ministrstva za finance na podlagi uveljavljenih državnih jamstev; 6) dolg iz javnih posojil; 7) navadni (nezavarovani) dolg; 8) delničarji.
In the present case, AVAS would be within the third category of creditors (privileged creditors), yet ranking after several (private) privileged creditors of Oltchim, as the public debt was only partially secured.
V tem primeru spada agencija AVAS v tretjo kategorijo upnikov (prednostni upniki), a je kljub temu razvrščena za številnimi (zasebnimi) prednostnimi upniki do podjetja Oltchim, saj je bil javni dolg le delno zavarovan.
The consultancy Romcontrol estimated the liquidation value of Oltchim's assets as of 15 December 2010, relying on the net adjusted asset method, which takes into account the limited time of exposure on the market of the assets put up for sale [31].
Svetovalno podjetje Romcontrol je 15. decembra 2010 ocenilo likvidacijsko vrednost sredstev podjetja Oltchim v skladu z metodo prilagojenih neto sredstev, ki upošteva omejeni čas izpostavljenosti sredstev za prodajo na trgu [31].
On the basis of the results of the liquidation value of assets as estimated by Romcontrol, Raiffeisen estimated the outcome for the creditor AVAS and for the State as shareholder, by taking into account the company's liabilities as of 31 December 2010 and its preliminary financial statements of the same date ("the February 2011 Raiffeisen liquidation study").
Podjetje Raiffeisen je na podlagi ocene likvidacijske vrednosti sredstev, ki jo je opravilo podjetje Romcontrol, ocenilo izid za upnika, agencijo AVAS, in za državo kot delničarja z upoštevanjem obveznosti podjetja na dan 31. decembra 2010 in njegovega predhodnega računovodskega izkaza na isti datum („likvidacijska študija podjetja Raiffeisen iz februarja 2011“).
That study estimates that the proceeds to be obtained from the sale of Oltchim's assets would allow for recovery of approximately [20]-[30]% of the company's total liabilities.
Študija ugotavlja, da bi izkupiček, pridobljen s prodajo sredstev podjetja Oltchim, zadostoval za izterjavo približno [20]–[30] % skupnih obveznosti podjetja.
The creditor AVAS, as a partially guaranteed creditor, would have recovered around RON [80]-[100] million (which represents [10]-[30]% of the then total claim of RON 538 million).
Agencija AVAS kot delno zavarovani upnik bi izterjala okoli [80]–[100] milijonov RON (kar predstavlja [10]–[30] % celotnih terjatev v višini 538 milijonov RON).
Given the negative gap between the liquidation proceeds and the company's liabilities, the State in its capacity as shareholder would not collect anything.
Zaradi razlike med izkupičkom likvidacije in obveznostmi podjetja država kot delničar ne bi prejela ničesar.
In October 2011, Raiffeisen updated the estimates of the February 2011 liquidation study to take into account the 30 June 2011 financial data of the company and to include the interest charged on the public debt as of January 2007 onwards.
Oktobra 2011 je podjetje Raiffeisen posodobilo ocene iz likvidacijske študije iz februarja 2011, da bi upoštevalo finančne podatke podjetja z dne 30. junija 2011 in vključilo obresti, zaračunane na javni dolg od januarja 2007 dalje.
According to the updated estimate AVAS, being a partially guaranteed creditor of Oltchim, would collect RON [100]-120] million of its total debt towards the company (which represents [10]-[20] [32] of the total claim, i.e. the principal debt of RON 538 million plus interest).
Glede na posodobljeno oceno bi agencija AVAS kot delno zavarovani upnik podjetja Oltchim prejela [100]–[120] milijonov RON od svojega skupnega dolga (kar predstavlja [10]–[20] [32] celotne terjatve, tj. osnovnega dolga v višini 538 milijonov RON plus obresti).
The Ministry of Economy, the public shareholder, would again collect nothing.
Ministrstvo za gospodarstvo kot javni delničar spet ne bi prejelo ničesar.
Collection of the State's claim in a liquidation scenario
Izterjava državnih terjatev v likvidacijskem scenariju
Claim
Terjatev
Collection total
Izterjava skupaj
Collection NPV at 10,7 %
Izterjava neto sedanje vrednosti po stopnji 10,7 %
AVAS (Creditor)
AVAS (upnik)
Ministry of Economy (shareholder)
Ministrstvo za gospodarstvo (delničar)
Shareholding
Poslovni delež
State total
Državni delež skupaj
That amount must then be compared with the expected return of converting AVAS' claim into equity, followed by a privatisation of the company.
Navedeni znesek je treba primerjati s pričakovanim donosom pretvorbe terjatev agencije AVAS v lastniški kapital, ki ji sledi privatizacija podjetja.
Value of the AVAS claim in a debt conversion + privatisation scenario: in the report, the outcome for the State in a debt conversion + privatisation scenario was estimated on the basis of the enterprise value (hereinafter: ‘EV’) method, which is one of the fundamental metrics used in business valuation.
Vrednost terjatev agencije AVAS v scenariju pretvorbe dolga in privatizacije: v poročilu je bil izid za državo v scenariju pretvorbe dolga in privatizacije ocenjen na podlagi metode vrednosti podjetja (v nadaljnjem besedilu: VP), ki velja za temeljni način, uporabljen za vrednotenje poslovanja.
With respect to the use of that method, the Commission notes that, in principle, there are several methods for estimating the value of the equity of an undertaking.
Glede uporabe te metode Komisija navaja, da načeloma obstaja več načinov za ocenjevanje vrednosti lastniškega kapitala podjetja.
One of the methods often used is that of the multiple of the EBITDA (earnings before interest, taxes, depreciation, and amortisation).
Ena od pogosto uporabljenih metod je metoda večkratnika dobička pred davki, obrestmi in amortizacijo.
Another method is discounted cash flow analysis.
Druga metoda se imenuje analiza diskontiranega denarnega toka.
The undertaking’s nominal free cash flows for the coming years are discounted at the weighted average cost of capital, or WACC [34], and the net debt is subtracted from the value obtained.
Nominalna vrednost razpoložljivih denarnih tokov podjetja se za prihodnja leta diskontira na podlagi povprečnih tehtanih stroškov kapitala [34], od dobljene vrednosti pa se odšteje neto dolg.
All these methods (future EBITDA, cash flow or turnover) use projected values.
Vse te metode (metoda večkratnika dobička pred davki, obrestmi in amortizacijo, denarnega toka ali prometa) uporabljajo projekcije vrednosti.
In the case at hand not all estimation methods that are based on projected values in a business plan can be used meaningfully.
Vseh metod za ocenjevanje, ki temeljijo na projekcijah vrednosti v poslovnem načrtu, v obravnavani zadevi ni mogoče smiselno uporabiti.
Given the envisaged immediate privatisation of the company, only the new owner will be in a position to determine the company's future business strategy, and therefore the relevant business plan projections necessary for using these methods are not available, nor can they be anticipated [35].
Pri predvideni takojšnji privatizaciji podjetja bo imel samo novi lastnik možnost odločanja o prihodnji strategiji poslovanja podjetja, zato projekcije poslovnega načrta, ki so potrebne za uporabo teh metod, niso na voljo in jih ni mogoče predvideti [35].
As the new owner will have to undertake significant investments, nor can past results of the company be used to make predictions for the future.
Novi lastnik bo namreč moral izvesti obsežne investicije, prav tako pa ni mogoče oceniti prihodnje vrednosti na podlagi preteklih rezultatov podjetja.
Under those circumstances, the Commission takes the view that the only two methods available for estimating the value of the combined stake of the Romanian State, i.e. AVAS and the Ministry of Economy, are market capitalisation and the EV.
V teh okoliščinah Komisija ugotavlja, da sta za oceno vrednosti skupnega deleža romunske države, torej agencije AVAS in Ministrstva za gospodarstvo, na voljo zgolj dve metodi, in sicer tržna kapitalizacija in VP.
It has to be noted that EV also includes the parameters used for market capitalisation.
Upoštevati je treba, da VP vključuje tudi parametre tržne kapitalizacije.
Market capitalisation is defined as the share price multiplied by the number of shares in issue, providing a total value for the company's shares outstanding.
Tržna kapitalizacija je opredeljena kot cena delnice, pomnožena s številom izdanih delnic, kar pomeni skupno vrednost delnic podjetja.
This metric represents the public consensus on the value of a company's equity and could be used as a proxy for the public opinion of a company's net worth.
Ta metrika predstavlja javni konsenz glede vrednosti lastniškega kapitala podjetja in se lahko uporabi kot kazalec javnega mnenja glede neto vrednosti podjetja.
Oltchim's market capitalisation was calculated on the basis of its share price observed on the Bucharest Stock Exchange [36] over a period of 44 months (2008-August 2011).
Tržna kapitalizacija podjetja Oltchim je bila izračunana na podlagi cene njegove delnice na borzi v Bukarešti [36] v obdobju 44 mesecev (od leta 2008 do avgusta 2011).
That interval is sufficiently long to be relevant and the market capitalisation over that period is also a good indication of what the market is prepared to pay for the company.
Interval je dovolj dolg, da so podatki relevantni; poleg tega je tudi tržna kapitalizacija v tem obdobju dober pokazatelj, koliko je trg pripravljen plačati za podjetje.
In that context, the Commission notes, as a positive aspect, the fact that the share price, during the recent period May-August 2011, was always higher than its 44 months average.
Komisija v zvezi s tem ugotavlja, da je bila cena delnice v obdobju od maja 2011 do avgusta 2011 vedno višja od povprečne cene v obdobju 44 mesecev, kar je pozitivno.
Furthermore, with regard to the share price development since September 2011 (the last data range used by the Raiffeisen study), the Commission notes, as a positive aspect, that, in the recent past (since mid-October 2011), the share price has risen significantly and has been constantly higher than the weighted average of RON 0,53 used in the market capitalisation formula.
V zvezi z razvojem cene delnice od septembra 2011 (zadnja serija podatkov iz študije podjetja Raiffeisen) Komisija nadalje ugotavlja, da se je v bližnji preteklosti (od sredine oktobra 2011) cena delnice precej povišala in je stalno višja od tehtanega povprečja v višini 0,53 RON, ki je uporabljen v formuli za izračun tržne kapitalizacije, kar je pozitivno.
Oltchim's share price development on the Bucharest Stock Exchange 23.2.2011-23.2.2012
Gibanje cene delnice podjetja Oltchim na borzi delnic v Bukarešti od 23. februarja 2011 do 23. februarja 2012
Source: http://www.bvb.ro/ListedCompanies/SecurityDetail.aspx?s=OLT&t=0
Vir: http://www.bvb.ro/ListedCompanies/SecurityDetail.aspx?s=OLT&t=0
Before the planned debt conversion, Oltchim's market capitalisation in the observed period (January 2008-August 2011) was on weighted average [38] EUR 45 million and in the last three months of the observed period (June-August 2011) it was constantly over EUR 100 million. The market capitalisation therefore clearly exceeds the liquidation value of Oltchim (EUR [10]-[40] million), which provides a first indication that selling the State's stake in a privatisation would be preferable to liquidating the company.
Pred načrtovano pretvorbo dolga je bila tržna kapitalizacija podjetja Oltchim v opazovanem obdobju (januar 2008–avgust 2011) v tehtanem povprečju [38] 45 milijonov EUR, v zadnjih treh mesecih opazovanega obdobja (junij–avgust 2011) pa je bila stalno nad 100 milijoni EUR. Tržna kapitalizacija tako jasno presega likvidacijsko vrednost podjetja Oltchim ([10]–[40] milijonov EUR), kar je prvi pokazatelj, da je prodaja državnega deleža v postopku privatizacije boljša možnost kot likvidacija podjetja.
The second method that can be used is the Enterprise Value (EV).
Druga metoda, ki se jo lahko uporabi, je vrednost podjetja (VP).
EV is a measure of a company's value which is often used as an alternative to straightforward market capitalisation, because it is considered to provide a more accurate representation of the firm's value.
VP je merilo vrednosti podjetja, ki se pogosto uporablja kot alternativa tržni kapitalizaciji, ker naj bi zagotavljal natančnejšo predstavo o vrednosti podjetja.
EV is defined as the sum of the market capitalisation of a company and its net financial debt.
Metoda VP je opredeljena kot vsota tržne kapitalizacije podjetja in njegovega čistega finančnega dolga.
That method was used by Raiffeisen Capital.
To metodo je uporabilo podjetje Raiffeisen Capital.
Following the calculation of the market capitalisation, the other element in the EV formula, the net debt, was computed as the sum of all financial debts of the company (all interest-bearing debts of the company – namely, bank loans and overdue/rescheduled liabilities) [39].
Po izračunu tržne kapitalizacije je bil drugi element v formuli VP, tj. čisti dolg, izračunan kot vsota vseh finančnih dolgov podjetja (vsi obrestovani dolgovi podjetja – zlasti bančna posojila in zapadle/reprogramirane obveznosti) [39].
As a next step, it is then possible to calculate the median, average and weighted average of the EV and EV/share over the 44-month period.
V naslednjem koraku je mogoče izračunati mediano, povprečje in tehtano povprečje VP ter VP/delnico v obdobju 44 mesecev.
The report did so for two scenarios: with the interest charged on the debt under the agreement, and without it.
V poročilu je ta izračun opravljen za dva scenarija: z zaračunanimi obrestmi na dolg v skladu z dogovorom in brez zaračunanih obresti.
On that point, the Commission is of the view that the interest charged under the agreement should not be taken into account for the purpose of calculating the enterprise value (EV) for the following reasons: ceteris paribus, if debt increases, equity goes down.
Glede tega Komisija meni, da se obresti, zaračunane v skladu z dogovorom, ne smejo upoštevati pri izračunu vrednosti podjetja (VP) zaradi naslednjih razlogov: če dolg naraste, se pod enakimi pogoji lastniški kapital zmanjša.
Those two effects go in opposite directions and should in principle bring no change to the EV.
Ta učinka sta si nasprotna in zato praviloma ne bi smela vplivati na VP.
If the market knew about the interest, it would price the shares downward accordingly.
Če bi bili udeleženci na trgu seznanjeni z obrestmi, bi se cena delnic na trgu ustrezno znižala.
However, in the current case the interest amount was added ex post and not anticipated by the market.
Vendar je bil v tej zadevi znesek obresti dodan naknadno in s strani trga ni bil pričakovan.
Therefore, the contemporaneous information held by the market at the moment of the valuation is relevant.
Zato so relevantni tisti podatki, s katerimi trg je razpolagal v trenutku vrednotenja.
Against those considerations, the following EV/share values have been calculated for the observed period.
Ob upoštevanju navedenega so bile za opazovano obdobje izračunane naslednje vrednosti VP/delnic.
Calculation of Oltchim's EV/share value in the observed period
Izračun vrednosti VP/delnico za podjetje Oltchim v opazovanem obdobju
Number of shares
Število delnic
Average share price
Povprečna cena delnice
Market capitalisation (share price x number of shares)
Tržna kapitalizacija (cena delnice × število delnic)
in RON thou
v tisočih RON
Enterprise value (market capitalisation plus net debt)
Vrednost podjetja (tržna kapitalizacija plus čisti dolg)
Enterprise value per share
Vrednost podjetja na delnico
Jan. -08
jan. 08
Feb. -08
feb. 08
Mar. -08
mar. 08
Apr. -08
apr. 08
May -08
maj 08
Aug. -08
avg. 08
Sep. -08
sept. 08
Oct. -08
okt. 08
Nov. -08
nov. 08
Jan. -09
jan. 09
Feb. -09
feb. 09
Mar. -09
mar. 09
Apr. -09
apr. 09
May -09
maj 09
Jul -09
jul. 09
Aug. -09
avg. 09
Sep. -09
sept. 09
Oct. -09
okt. 09
Nov. -09
nov. 09
Dec. -09
dec. 09
Jan. -10
jan. 10
Feb. -10
feb. 10
Mar. -10
mar. 10
Apr. -10
apr. 10
May -10
maj 10
Aug. -10
avg. 10
Oct. -10
okt. 10
Nov. -10
nov. 10
Dec. -10
dec. 10
Feb. -11
feb. 11
Mar. -11
mar. 11
Apr. -11
apr. 11
May -11
maj 11
Aug. -11
avg. 11
On the basis of this table, the median, average and weighted average of EV per share was calculated.
Na podlagi te tabele so bili izračunani mediana, povprečje in tehtano povprečje VP na delnico.
Oltchim's median, average and weighted average of EV per share
Mediana, povprečje in tehtano povprečje VP na delnico podjetja Oltchim
Share price
Cena delnice
The EV (median, average, weighted average) calculated as explained above can then be used for determining the value of the State's share ‘post debt conversion’ by deducting from this EV the company's debt that remains pending after the conversion; this will remain a liability of the company which has to be serviced.
Vrednost podjetja (mediana, povprečje, tehtano povprečje), izračunana na zgoraj opisani način, se lahko uporabi za ugotavljanje vrednosti državnega deleža po pretvorbi dolga tako, da se od te vrednosti podjetja odšteje dolg podjetja, ki ostane neodplačan po pretvorbi; ta bo ostal obveznost podjetja, ki jo je treba servisirati.
The result is the market value of total equity as shown in Table 5.
Rezultat je tržna vrednost skupnega lastniškega kapitala, kot je prikazano v Tabela 5.
Calculation of market value of equity based on the EV method
Izračun tržne vrednosti lastniškega kapitala na podlagi metode VP
Calculation of the market value of total equity after the debt conversion
Izračun tržne vrednosti lastniškega kapitala po pretvorbi dolga
EV based on 44 months’ median share price
VP na podlagi 44-mesečne mediane cene delnice
EV based on 44 months’ average share price
VP na podlagi 44-mesečne povprečne cene delnice
EV based on 44 months’ weighted average share price
VP na podlagi 44-mesečne tehtane povprečne cene delnice
EV/share (RON)
VP/delnico (v RON)
Number of shares before conversion
Število delnic pred pretvorbo
Enterprise value (RON million)
Vrednost podjetja (v milijonih RON)
Net debt after debt conversion (RON million)
Čisti dolg po pretvorbi dolga (v milijonih RON)
Market value of equity (RON million)
Tržna vrednost lastniškega kapitala (v milijonih RON)
Market value of equity (EUR million)
Tržna vrednost lastniškega kapitala (v milijonih EUR)
With respect to the net financial debt used in the above-described calculation, both steps of the calculation, viz. (i) the calculation of the EV formula and (ii) the subsequent subtraction in order to arrive at the market value of equity, should in principle be based on the market value of the company's debt.
Kar se tiče čistega finančnega dolga, uporabljenega v zgoraj opisanem izračunu, bi morala oba koraka izračuna, in sicer (i) izračun formule VP in (ii) nato odštetje dolga, da dobimo tržno vrednost lastniškega kapitala, temeljiti na tržni vrednosti dolga podjetja.
However, the Commission notes first that, since Oltchim's debt is not traded and in the absence of a local market for debt trading, it is very difficult to establish a market price for that debt.
Vendar Komisija najprej ugotavlja, da se z dolgom podjetja Oltchim ne trguje, zato je zaradi odsotnosti lokalnega trga za trgovanje z dolgom zelo težko določiti tržno ceno tega dolga.
Instead, one could theoretically determine the market value of the debt by establishing the rating of the company pre- and post-debt conversion.
Teoretično bi lahko tržno ceno dolga določili tako, da se določi bonitetna ocena podjetja pred in po pretvorbi dolga.
That rating could then be used to estimate the probability of default which in turn can be used to estimate the market value of debt.
To oceno se potem lahko uporabi za ugotavljanje verjetnosti neplačila, ta pa se lahko uporabi za ugotavljanje tržne vrednosti dolga.
In the absence of such ratings, the Commission considered that such an exercise is not possible, and that the errors generated by the use of a poorly estimated market value would be significant.
Zaradi odsotnosti takšne ocene je Komisija menila, da takšno izvajanje ni možno in da bi bile napake, nastale zaradi slabo ocenjene tržne vrednosti, občutne.
Second, if one assumed that the net debt was traded at the same discount to its book value before and after the swap, then the results of the calculation consequently do not change at all, irrespective of the size of the discount.
Drugič, ob predpostavki, da bi se z dolgom pred in po pretvorbi trgovalo z uporabo enake diskontne stopnje pri njegovi knjigovodski vrednosti, se rezultati izračuna ne spremenijo, ne glede na višino diskontne stopnje.
Any change in the value of the net financial debt would then lead to a proportionate change, of opposite sign, in the value of the market capitalisation.
Vsakršna sprememba vrednosti čistega finančnega dolga bi za posledico imela sorazmerno spremembo vrednosti tržne kapitalizacije z obratnim predznakom.
The impact of adding either the book value of debt or its market value is neutral, as the value of debt is first added to obtain EV and then subtracted to obtain the new equity value of shares.
Vpliv prištetja knjigovodske ali tržne vrednosti dolga je nevtralen, ker se vrednost dolga najprej prišteje, da se dobi VP, nato pa odšteje, da se dobi nova vrednost lastniškega kapitala delnic.
Third, assuming that the debt remaining after the conversion is traded at a different discount than before the conversion, a meaningful calculation would need to take into account the fact that after the debt-for-equity swap the market value of the remaining debt would probably still be lower than its book value, but at any rate higher than the market value of the debt pre-swap.
Tretjič, ob predpostavki, da bi se z dolgom, ki ostane po pretvorbi, trgovalo z uporabo drugačne diskontne stopnje kot pred pretvorbo, bi moral smiseln izračun upoštevati dejstvo, da bo tržna vrednost preostalega dolga po pretvorbi dolga v lastniški kapital verjetno še vedno nižja, kot je njegova knjigovodska vrednost, a vsekakor višja od tržne vrednosti dolga pred pretvorbo dolga.
In the absence of a basis to establish those discounts, it is, however, not possible to simulate the effects of a change in those discounts, as too many parameters would need to be varied at the same time.
Zaradi odsotnosti podlage za ugotavljanje teh diskontnih stopenj ni mogoče simulirati učinkov morebitnih sprememb v teh stopnjah, saj bi bilo treba spremeniti preveč parametrov hkrati.
On the other hand, the Commission notes that Oltchim's financial statements have been prepared in accordance with IFRS standards and audited by the independent auditor KPMG.
Na drugi strani Komisija ugotavlja, da so bili računovodski izkazi podjetja Oltchim pripravljeni v skladu z MSRP in revidirani s strani neodvisnega revizorja KPMG.
In those financial statements, financial liabilities are presented at their fair value according to the stipulations of IAS 39.
V navedenih računovodskih izkazih so finančne obveznosti podjetja prikazane po pošteni vrednosti v skladu z določbami MRS 39.
IAS 39 defines fair value as the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in normal conditions of competition.
MRS 39 določa pošteno vrednost kot znesek, s katerim je mogoče zamenjati sredstvo oziroma poravnati obveznost med dobro obveščenima in voljnima strankama pod običajnimi pogoji konkurence.