natgillin/translations-raw huggingface dataset:
This appraisal had been prepared by […], a certified surveyor using the comparative method.
To oceno je na podlagi primerjalne metode pripravil pooblaščeni cenilec […].
This is one of the generally accepted methods for valuing land and is provided for in Polish law.
To je ena od splošno priznanih metod za ocenjevanje vrednosti zemljišč in je določena v poljski zakonodaji.
The Commission notes that the valuation was based on similar transactions and that the surveyor was aware that similar values per square metre had been achieved in sales of neighbouring plots of land.
Komisija ugotavlja, da je ocena temeljila na podobnih transakcijah in da je bil cenilec seznanjen s tem, da so bile pri prodaji sosednjih zemljišč dosežene podobne vrednosti na kvadratni meter.
As the evaluation was based on the classification of the land as ‘commercial’, the Commission also analysed whether that assumption was founded.
Ker je ocena temeljila na opredelitvi zemljišča kot „komercialnega“, je Komisija proučila tudi, ali je bila ta predpostavka utemeljena.
In that respect, the Commission takes note of the judgment of the Polish Supreme Administrative Court of 6 August 2009 which confirms that the urban development study prepared by the city of Gdynia constituted an important stage in amending the local development plan.
V zvezi s tem Komisija upošteva sodbo poljskega vrhovnega upravnega sodišča z dne 6. avgusta 2009, ki potrjuje, da je urbanistična študija, ki jo je pripravilo mesto Gdynia, pomenila pomembno fazo pri spremembi lokalnega razvojnega načrta.
The Court stated that administrative decisions such as construction permits issued for the land covered by the study should not be incompatible with the findings of that study.
Sodišče je navedlo, da upravne odločitve, kot so gradbena dovoljenja za zemljišče, ki je obravnavano v študiji, ne smejo biti nezdružljive z ugotovitvami navedene študije.
The Commission also notes that in the sales of the plots of land bordering Nauta’s land the prices achieved corresponded to the value of non-industrial land.
Komisija ugotavlja tudi, da so pri prodaji zemljišč, ki mejijo na zemljišče družbe Nauta, dosežene cene ustrezale vrednosti neindustrijskega zemljišča.
However, in view of the fact that the process of adopting the development plan had not been completed, the Commission considers that a hypothetical private investor would probably base its assessment not on the full value of the land after the change in the local development plan, but on a value that could be achieved quickly.
Vendar glede na dejstvo, da postopek sprejetja razvojnega načrta ni bil zaključen, Komisija meni, da ocena, ki bi jo izvedel hipotetični zasebni vlagatelj, verjetno ne bi temeljila na skupni vrednosti zemljišča po spremembi lokalnega razvojnega načrta, temveč na vrednosti, ki bi jo bilo mogoče hitro doseči.
The Commission notes that in order to establish a fire sale value for similar land in Gdynia the independent surveyors applied a coefficient of 0,5 to the market value [13].
Komisija ugotavlja, da so neodvisni cenilci za določitev vrednosti prisilne prodaje za podobna zemljišča v Gdynii uporabili koeficient 0,5 na tržno vrednost [13].
Whereas this ratio appears conservative, if it was applied to the land of Nauta it would still result in a value of PLN [> 84] million.
Čeprav se zdi to razmerje zmerno, bi v primeru, da bi se uporabilo za zemljišče družbe Nauta, vrednost zemljišča še vedno znašala [> 84] milijonov PLN.
Thus, even given very prudent assumptions, the LGD would be below 30 % and the collateral should be considered as high.
Tako bi bila tudi ob zelo preudarnih predpostavkah izguba ob neplačilu manjša od 30 % in bi bilo treba zavarovanje šteti za visoko.
The Commission therefore concludes that the collateral accepted by the IDA was ‘high’.
Zato Komisija ugotavlja, da je bilo zavarovanje, ki ga je AIR sprejela, „visoko“.
Conclusion on the first measure
Sklepna ugotovitev o prvem ukrepu
The Commission concludes that the assumptions underlying the analysis of the financial standing of Nauta performed prior to the investment were reasonable and that the results of this analysis justified the conclusion that the proposed interest rate on the bonds guaranteed a market-conform risk-adjusted return.
Komisija je sklenila, da so bile predpostavke, na katerih temelji analiza finančnega stanja družbe Nauta, ki je bila izvedena pred naložbo, razumne in da so izidi te analize utemeljevali ugotovitev, da je predlagana obrestna mera za obveznice zagotavljala tveganju prilagojeno donosnost, skladno s trgom.
Additionally, according to the reference rate Communication, considering a BBB rating, the high collateralisation and the reference rate of 4,53 % for Poland in November 2009, the bonds which the IDA acquired in 2009 should have been subject to an interest rate of 5,28 % (4,53 % + 75 bps), which is the effective rate actually accepted by the IDA.
Poleg tega bi v skladu s sporočilom o referenčnih obrestnih merah ter glede na bonitetno oceno BBB, visoko zavarovanje in referenčno obrestno mero za Poljsko, ki je novembra 2009 znašala 4,53 %, za obveznice, ki jih je AIR kupila leta 2009, morala veljati obrestna mera 5,28 % (4,53 % + 75 bazičnih točk), ki jo je AIR dejansko sprejela.
The first measure therefore does not entail an advantage for Nauta.
Prvi ukrep družbi Nauta torej ne daje prednosti.
The study conducted by […] 3 years after the transaction, which shows the considerable profitability of the IDA’s investment in Nauta bonds is not decisive in view of its ex post nature, but confirms this assessment.
Študija, ki jo je tri leta po transakciji izvedel […] in ki je pokazala znatno dobičkonosnost naložbe AIR v obveznice družbe Nauta, sicer ni odločilna, saj je bila izvedena naknadno, vendar potrjuje to oceno.
The Commission observes that in the first scenario the expected return would be equal to the value of the collateral.
Komisija ugotavlja, da bi bila v prvem primeru pričakovana donosnost enaka vrednosti zavarovanja.
As mentioned in recital 61 above, a private creditor would probably base its assessment not on the full value of the land but on a value that could be achieved quickly, i.e. PLN [> 84] million.
Kot je navedeno v uvodni izjavi (61), ocena, ki bi jo izvedel zasebni upnik, verjetno ne bi temeljila na skupni vrednosti zemljišča, temveč na vrednosti, ki bi jo bilo mogoče hitro doseči, tj. vrednosti [> 84] milijonov PLN.
In the second scenario the expected return equals the full nominal value of the bonds, i.e. PLN 120 million plus interest of 8,46 % p.a. for 2 years (the interest applicable in this case equalled 1M WIBOR plus 3,7 %, which for the WIBOR in December 2011 resulted in a total interest rate of 8,46 %).
V drugem primeru je pričakovana donosnost enaka skupni nominalni vrednosti obveznic, tj. 120 milijonom PLN, ki se jim prištejejo letne obresti v višini 8,46 % za dve leti (veljavna obrestna mera je bila v tem primeru enaka enomesečni obrestni meri WIBOR, povečani za 3,7 %, s čimer je glede na obrestno mero WIBOR decembra 2011 skupna obrestna mera znašala 8,46 %).
The total value thus reached an estimated PLN [> 190] million, as appraised by the certified surveyor.
Tako je skupna vrednost dosegla približno [> 190] milijonov PLN, kot jo je ocenil pooblaščeni cenilec.
Secondly, the completion of the administrative procedures to change the local development plan (or progress in that direction) should lead to an increase in the price towards the full commercial value of the land as legal uncertainty for potential investors decreases.
Poleg tega bi moral zaključek upravnih postopkov v zvezi s spremembo lokalnega razvojnega načrta (ali napredek v zvezi s tem) prispevati k zvišanju cene, ki bi se tako približala skupni tržni vrednosti zemljišča, medtem ko bi se pravna negotovost za morebitne vlagatelje zmanjšala.
It should also be taken into account that at the time of the initially planned bond redemption, the IDA was already the owner of Nauta and, as such, was also interested in maximising the return from the capital investment.
Upoštevati je treba tudi dejstvo, da je bila AIR v času prvotno načrtovanega izplačila obveznic že lastnik družbe Nauta in se je kot taka prav tako zanimala za čim večjo donosnost kapitalske naložbe.
Forced redemption in 2011 could undermine the viability of the overall strategy based on the acquisition of new assets and transfer of the business to a new location and lead to a decrease in the value of the whole company.
Prisilno izplačilo leta 2011 bi lahko ogrozilo izvedljivost splošne strategije, ki je temeljila na nakupu novih sredstev in selitvi družbe na novo lokacijo, in povzročilo zmanjšanje vrednosti celotne družbe.
Conclusion on the second measure
Sklepna ugotovitev o drugem ukrepu
In the light of the above, the Commission considers that a hypothetical private creditor would have preferred to agree to the extension of the bonds' maturity rather than forcing immediate redemption.
Glede na navedeno Komisija meni, da bi hipotetični zasebni upnik prej privolil v podaljšanje zapadlosti obveznic, kot pa da bi zahteval prisilno takojšnje izplačilo.
The second measure therefore does not entail an advantage for Nauta.
Drugi ukrep družbi Nauta torej ne daje prednosti.
CONCLUSION ON THE ADVANTAGE
SKLEPNA UGOTOVITEV O PREDNOSTI
On the basis of the new elements put forward by the Polish authorities and in view of the above findings, the Commission concludes that the company did not derive any undue advantage from the conditions under which the bonds were acquired by the IDA in 2009 and from the extension of the bonds' maturity in 2011.
Komisija je na podlagi novih elementov, ki so jih predložili poljski organi, in glede na navedene ugotovitve sklenila, da družba zaradi pogojev, pod katerimi je AIR leta 2009 kupila obveznice, in podaljšanja zapadlosti obveznic leta 2011 ni imela nobene neupravičene prednosti.
In view of the fact that the elements indicating the existence of state aid within the meaning of Article 107(1) TFEU are cumulative, the absence of any one of them is decisive.
Ker so elementi, ki kažejo na obstoj državne pomoči v smislu člena 107(1) PDEU, kumulativni, je odsotnost katerega koli od teh elementov odločilna.
There is therefore no need to analyse the other elements identified in recital 41 above.
Zato drugih elementov, določenih v uvodni izjavi (41), ni treba proučiti –
The measure which the Republic of Poland has implemented in favour of Nauta S.A. in the form of acquisition of bonds worth PLN 120 million at an effective interest rate of 5,28 % in 2009-2011 and 8,46 % in 2011-2013 does not constitute state aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union.
Ukrep Republike Poljske v korist družbi Nauta S.A. v obliki nakupa obveznic v vrednosti 120 milijonov PLN po obrestni meri 5,28 % v obdobju 2009–2011 in 8,46 % v obdobju 2011–2013 ne pomeni državne pomoči v smislu člena 107(1) Pogodbe o delovanju Evropske unije.
OJ C 213, 19.7.2012, p. 30.
UL C 213, 19.7.2012, str. 30.
Commission Decision of 6 November 2008 on State aid C 19/05 (ex N 203/05) granted by Poland to Stocznia Szczecińska (OJ L 5, 8.1.2010, p. 1), and Commission Decision of 6 November 2008 on State aid C 17/05 (ex N 194/05 and PL 34/04) granted by Poland to Stocznia Gdynia (OJ L 33, 4.2.2010, p. 1).
Odločba Komisije z dne 6. novembra 2008 o državni pomoči C 19/05 (ex N 203/05) Poljske za Stocznia Szczecińska, UL L 5, 8.1.2010, str. 1, in Odločba Komisije z dne 6. novembra 2008 o državni pomoči C 17/05 (ex N 194/05 in PL 34/04) Poljske za Stocznia Gdynia, UL L 33, 4.2.2010, str. 1.
Nauta's value was estimated at PLN [90-150] million in an expert evaluation dated April 2009 and at PLN [90-150] million in an update on 21 April 2010.
V strokovni oceni iz aprila 2009 je bila vrednost družbe Nauta ocenjena na [90–150] milijonov PLN, v posodobljeni oceni z dne 21. aprila 2010 pa na [90–150] milijonov PLN.
EUR 1 = PLN 4 approx.
1 EUR = približno 4 PLN.
The remaining 6,85 % of share capital belonged to the Treasury.
Preostalih 6,85 % osnovnega kapitala je bilo v lasti ministrstva za finance.
On 30 September 2010 the IDA transferred its stake in Nauta to its wholly owned subsidiary MS Investment Fund (‘MS TFI’).
AIR je 30. septembra 2010 svoj delež v družbi Nauta prenesla na svojo hčerinsko družbo, ki je v njeni popolni lasti, in sicer na investicijski sklad MS.
On 25 October 2010 MS TFI transferred the shares to its sub-fund MARS Investment Fund.
Slednji je 25. oktobra 2010 delnice prenesel na investicijski sklad MARS, ki je njegov podsklad.
As a result of those transactions the IDA remains the majority shareholder in Nauta.
Zaradi navedenih transakcij je AIR še naprej večinski delničar v družbi Nauta.
The current minority shareholders are Nauta's employees (3,19 %) and the Treasury (3,66 %).
Trenutni manjšinski delničarji so zaposleni pri družbi Nauta (3,19 %) in ministrstvo za finance (3,66 %).
The proceeds from the bond issue were intended to cover not just the purchase of the assets but also their adaptation and modernisation deemed necessary before Nauta could move its operations to a new location.
Iztržek od izdaje obveznic je bil namenjen kritju tako nakupa sredstev kot tudi njihovi prilagoditvi in posodobitvi, kar se je štelo za potrebno, preden bi lahko družba Nauta preselila svoje dejavnosti na novo lokacijo.
The value of the bonds was higher than the value of the assets acquired to provide for this additional expenditure.
Vrednost obveznic je bila višja od vrednosti sredstev, kupljenih za kritje teh dodatnih izdatkov.
Warsaw Interbank Offered Rate.
Varšavska medbančna obrestna mera.
Commission Decision C(2012) 5057 final of 25 July 2012 on the State aid SA.33114 (2012/C) (ex. 2011/NN) Alleged aid to CRIST Shipyard (OJ L 12, 16.1.2013, p. 38-50).
Sklep Komisije z dne 25. julija 2012 o državni pomoči št. SA.33114 (2012/C) (ex 2011/NN) – Poljska Domnevna pomoč ladjedelnici Crist (notificirano pod dokumentarno številko C(2012) 5057), UL L 12, 16.1.2013, str. 38–50.
Valuation of land belonging to Gdynia Shipyard dated 4 March 2009.
Ocena zemljišča, ki ga je imela v lasti ladjedelnica Gdynia, z dne 4. marca 2009.
The Commission met the Polish authorities on 15 July 2010, 10 September 2010, 22 October 2010 and 6 December 2011.
Komisija se je sestala s poljskimi organi 15. julija 2010, 10. septembra 2010, 22. oktobra 2010 in 6. decembra 2011.
An exchange of letters between Vice-President Almunia and the Minister for the Treasury, Mr Grad, on the liquidation procedure took place on 28 June 2011, 18 July 2011, 7 October 2011 and 25 October 2011.
Podpredsednik Almunia in minister za finance Grad sta si 28. junija 2011, 18. julija 2011, 7. oktobra 2011 in 25. oktobra 2011 izmenjala dopise o likvidacijskem postopku.
Poland submitted its comments on 27 February 2012.
Poljska je pripombe predložila 27. februarja 2012.
Further information was provided by Poland on 26 October, 8 November and 5 December 2012.
Nadaljnje informacije je zagotovila 26. oktobra 2012, 8. novembra 2012 in 5. decembra 2012.
The bonds were not redeemed by Nauta as originally scheduled on 30 November 2011.
Družba Nauta ni izplačala obveznic do 30. novembra 2011, kot je bilo prvotno načrtovano.
The IDA agreed to postpone the redemption date until 30 November 2013 at an increased interest rate of 8,46 % p.a.
AIR je privolila v podaljšanje roka za izplačilo obveznic do 30 novembra 2013 po povečani letni obrestni meri 8,46 %.
A new contract between the IDA and Nauta was signed in November 2011 to extend the maturity of the bonds until 30 November 2013.
Novembra 2011 sta AIR in družba Nauta podpisali novo pogodbo za podaljšanje zapadlosti obveznic do 30. novembra 2013.
The interest rate was increased to 1 month WIBOR [9] plus a margin of 3,7 percentage points (8,46 % as of 14 December 2011) and additional collateral was given, including a mortgage on the acquired assets, in order to cover an increased default risk.
Obrestna mera se je povečala za enomesečno obrestno mero WIBOR [9] in razliko v višini 3,7 odstotne točke (14. decembra 2011 je znašala 8,46 %), za kritje povečanega tveganja neplačila pa je bilo zagotovljeno dodatno zavarovanje, vključno s hipoteko na kupljena sredstva.
The first case concerned contemporaneous evidence of the public sale of a nearby plot in April 2009 where the auction starting price quoted in the press announcement corresponded to the commercial value of Nauta’s land per square metre as indicated in the 2009 valuation.
V prvem primeru je šlo za aktualne dokaze o javni prodaji bližnjega zemljišča aprila 2009, ko je izklicna cena na dražbi, ki je bila navedena v obvestilu za tisk, ustrezala tržni vrednosti zemljišča družbe Nauta na kvadratni meter, kot je bila ocenjena leta 2009.
The second case concerned the sale of another plot neighbouring the assets of Nauta in which a relatively small parcel of 0,5 hectare achieved a similar price per square metre.
V drugem primeru je šlo za prodajo drugega zemljišča, ki je mejilo na sredstva družbe Nauta, pri kateri je sorazmerno majhna parcela s površino 0,5 hektara dosegla podobno ceno na kvadratni meter.
The validity of the assumptions contained in the business plan of 2009 was confirmed by the actual results of the company in the post-transaction period i.e. in 2010 and 2011.
Veljavnost predpostavk iz poslovnega načrta iz leta 2009 je bila potrjena z dejanskimi izidi družbe v obdobju po transakciji, tj. leta 2010 in 2011.
Whereas, as a result of the economic crisis, sales revenues in 2010 were lower than planned, the company reported a sales profit of more than PLN 18 million although the business plan predicted a loss of PLN 33 million.
Čeprav so bili zaradi gospodarske krize prihodki od prodaje leta 2010 manjši, kot je bilo načrtovano, in čeprav je bila v poslovnem načrtu napovedana izguba v višini 33 milijonov PLN, je družba poročala o dobičku od prodaje v višini več kot 18 milijonov PLN.
In line with the private investor test the Commission has analysed whether a hypothetical private creditor would have agreed to the extension of the bonds' maturity until November 2013.
Komisija je v skladu s preskusom zasebnega vlagatelja proučila, ali bi hipotetični zasebni upnik privolil v podaljšanje zapadlosti obveznic do novembra 2013.
The Commission compared the expected return in two scenarios (1) forced redemption of the bonds in 2011 and (2) redemption in 2013.
Komisija je primerjala pričakovano donosnost v dveh primerih, in sicer (1) v primeru prisilnega izplačila obveznic leta 2011 in (2) v primeru izplačila leta 2013.
The Commission notes that the expected return would be higher if the redemption period is extended until 2013.
Komisija ugotavlja, da bi bila pričakovana donosnost v primeru podaljšanja roka za izplačilo do leta 2013 večja.
Even if Nauta defaulted in 2013 the collateral's value at that time is likely to be higher than in 2011.
Tudi če družba Nauta leta 2013 ne bi izplačala obveznic, bi bila vrednost zavarovanja v navedenem letu verjetno večja kot leta 2011.
Firstly, the quality of the collateral was improved by adding a new property.
Kakovost zavarovanja se je z vključitvijo nove nepremičnine namreč izboljšala.
The growth forecast was confirmed ex post as Nauta's revenues in 2011 were higher than forecast. Also, as forecast, the company recorded a profit in 2011 and 2012.
Napoved o povečanju je bila potrjena naknadno, saj so bili prihodki družbe Nauta leta 2011 višji od napovedanih prihodkov Poleg tega je družba v skladu z napovedmi leta 2011 in 2012 zabeležila dobiček.
Decision No 529/2013/EU of the European Parliament and of the Council
Sklep št. 529/2013/EU Evropskega parlamenta in Sveta
on accounting rules on greenhouse gas emissions and removals resulting from activities relating to land use, land-use change and forestry and on information concerning actions relating to those activities
o pravilih za obračunavanje emisij in odvzemov toplogrednih plinov, ki nastanejo pri dejavnostih v zvezi z rabo zemljišč, spremembo rabe zemljišč in gozdarstvom, ter informacijah o ukrepih v zvezi s temi dejavnostmi
The land use, land-use change and forestry (‘LULUCF’) sector in the Union is a net sink that removes from the atmosphere an amount of greenhouse gases that is equivalent to a significant share of total Union emissions of greenhouse gases.
Sektor rabe zemljišč, spremembe rabe zemljišč in gozdarstva (v nadaljnjem besedilu: LULUCF) v Uniji je neto ponor, s katerim se iz ozračja odvzame količina toplogrednih plinov, ki je enaka znatnemu deležu skupnih emisij toplogrednih plinov Unije.
LULUCF activities cause anthropogenic emissions and removals of greenhouse gases as a consequence of changes in the quantity of carbon stored in vegetation and soils, as well as emissions of non-CO2 greenhouse gases.
Dejavnosti LULUCF povzročajo antropogene emisije in odvzem toplogrednih plinov zaradi sprememb količine ogljika, shranjenega v rastlinstvu in tleh, ter emisije toplogrednih plinov, ki niso CO2.
The increased sustainable use of harvested wood products can substantially limit emissions into and enhance removals of greenhouse gases from the atmosphere.
Povečana trajnostna raba pridobljenih lesnih proizvodov lahko znatno omeji emisije in poveča odvzem toplogrednih plinov iz ozračja.
Emissions and removals of greenhouse gases resulting from the LULUCF sector are not counted towards the Union’s 20 % greenhouse gas emission reduction targets for 2020 pursuant to Decision No 406/2009/EC of the European Parliament and of the Council of 23 April 2009 on the effort of Member States to reduce their greenhouse gas emissions to meet the Community’s greenhouse gas emission reduction commitments up to 2020 [3], and Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community [4], though they count in part towards the Union’s quantified emission limitation and reduction commitments pursuant to Article 3(3) of the Kyoto Protocol (‘Kyoto Protocol’) to the United Nations Framework Convention on Climate Change (‘UNFCCC’), approved by Council Decision 2002/358/EC [5].
Emisije in odvzemi toplogrednih plinov, ki so posledica dejavnosti v sektorju LULUCF, se ne upoštevajo pri ciljih Unije za 20 % zmanjšanje emisij toplogrednih plinov do leta 2020 v skladu z Odločbo št. 406/2009/ES Evropskega parlamenta in Sveta z dne 23. aprila 2009 o prizadevanju držav članic za zmanjšanje emisij toplogrednih plinov, da do leta 2020 izpolnijo zavezo Skupnosti za zmanjšanje emisij toplogrednih plinov [3], ter Direktivo 2003/87/ES Evropskega parlamenta in Sveta z dne 13. oktobra 2003 o vzpostavitvi sistema za trgovanje s pravicami do emisije toplogrednih plinov v Skupnosti [4], čeprav se delno upoštevajo pri zavezah Unije v zvezi s količinskim omejevanjem in zmanjševanjem emisij v skladu s členom 3(3) Kjotskega protokola (v nadaljnjem besedilu: Kjotski protokol) k Okvirni konvenciji Združenih narodov o spremembi podnebja (v nadaljnjem besedilu: UNFCCC), odobrenega z Odločbo Sveta 2002/358/ES [5].
In the context of moving to a competitive low-carbon economy in 2050, all land use should be considered in a holistic manner and LULUCF should be addressed within the Union’s climate policy.
V okviru prehoda na konkurenčno nizkoogljično gospodarstvo do leta 2050 bi bilo treba celotno rabo zemljišč obravnavati celostno, LULUCF pa bi bilo treba obravnavati v okviru podnebne politike Unije.
Decision No 406/2009/EC requires the Commission to assess modalities to include greenhouse gas emissions and removals resulting from activities relating to LULUCF into the Union’s greenhouse gas emission reduction commitment, whilst ensuring the permanence and environmental integrity of the contribution of the sector, and providing for accurate monitoring and accounting of the relevant emissions and removals.
Odločba št. 406/2009/ES od Komisije zahteva, da oceni načine za vključitev emisij in odvzemov toplogrednih plinov, ki so posledica dejavnosti, v zvezi z LULUCF, v zavezo Unije za zmanjšanje emisij toplogrednih plinov, pri čemer se zagotovi trajnost in okoljska celovitost prispevka tega sektorja ter natančno spremljanje in obračunavanje ustreznih emisij in odvzemov.