natgillin/translations-raw huggingface dataset:
EUR [100-150] M
[100–150] milijonov EUR
Return Rate/IRR
stopnja donosa/IRR
Without the id
Brez pomoči
EUR [1-50] M
[1–50] milijonov EUR
According to Galp Energia’s Executive Committee’s deliberations of 10 January 2008, the company’s WACC and internal ‘hurdle rate’ (a risk premium added to the cost of capital [43]) for the Supply, Refining and Logistic Area were at [7-9] % and [10-12] %, respectively.
Glede na posvetovanja izvršnega odbora družbe Galp Energia z dne 10. januarja 2008 so tehtani povprečni stroški kapitala in notranja „minimalna stopnja donosa“ podjetja (premija za tveganje, dodana stroškom kapitala [43]) za področje oskrbe, rafiniranja in logistike znašali [7–9] % oziroma [10–12] %.
Portugal indicated that both WACC and internal hurdle rate set by Galp Energia were in line with the standard practice in the refining sector and that the use of these economic criteria is commonly accepted by all large companies in the sector.
Portugalska je navedla, da so bili tehtani povprečni stroški kapitala in notranja minimalna stopnja donosa, ki jih je določila družba Galp Energia, v skladu z običajno prakso v sektorju rafinerij in da uporabo teh gospodarskih meril splošno priznavajo vsa velika podjetja v tem sektorju.
To support these statements, Portugal provided the Commission with a table elaborated by Citigroup, Bloomberg and Broker Research in 2010 comparing the WACC of significant companies operating in the sector.
Portugalska je v podporo tem izjavam Komisiji predložila preglednico, ki je bila leta 2010 pripravljena z gospodarsko družbo Citigroup, gospodarsko družbo Bloomberg in s pomočjo borznoposredniških raziskav, v kateri je predstavljena primerjava tehtanih povprečnih stroškov kapitala pomembnih podjetij, ki poslujejo v sektorju.
Portugal maintains that the investment decision was and is consistent with the practice and the normal requirements of profitability that the beneficiary demands in all of its projects.
Portugalska trdi, da je odločitev za naložbo bila in ostaja skladna s prakso in običajnimi zahtevami glede donosnosti, ki jih upravičenec zahteva pri vseh svojih projektih.
To assess the profitability, besides the concept of WACC, the hurdle rate is used as additional criteria.
Za oceno donosnosti se poleg pojma tehtanih povprečnih stroškov kapitala kot dodatno merilo uporablja minimalna stopnja donosa.
Forecasts of future cash flows are not, generally, infallible.
Napovedi prihodnjih denarnih tokov običajno niso nezmotljive.
There is always uncertainty (risk) associated with the forecast of cash flows; the more distant in time they are, the greater the chance that the estimation is rough and contains errors.
V povezavi z napovedjo denarnih tokov vedno obstaja (tveganje) negotovosti; bolj kot so med seboj časovno oddaljeni, večja je verjetnost, da je ocena groba in vsebuje napake.
The most common way to deal with the uncertainty is to add a risk premium to the cost of capital (WACC) and using its rate as a minimum profitability rate required for the investment (hurdle rate).
Najpogostejši način obravnave negotovosti je, da se k stroškom kapitala doda premija za tveganje (tehtani povprečni stroški kapitala) in da se njena stopnja uporablja kot minimalna stopnja donosnosti, ki se zahteva za naložbo (minimalna stopnja donosa).
The difference between the value of the hurdle rate and the value of the WACC is, therefore, the extra profit expected when deciding whether to invest because it accepts additional risk found in the forecasted future cash flows.
Razlika med vrednostjo minimalne stopnje donosa in vrednostjo tehtanih povprečnih stroškov kapitala je zato dodaten dobiček, ki se pričakuje pri odločanju glede izvedbe naložbe, saj upošteva dodatno tveganje iz napovedanih prihodnjih denarnih tokov.
Portugal submitted that the insertion of the hurdle rate in the analysis and decision of Galp Energia’s investment projects — exists since 2002.
Portugalska trdi, da vključitev minimalne stopnje donosa v analizo in odločitev za naložbene projekte družbe Galp Energia obstajata od leta 2002.
It was established, in that year, that the hurdle rate applying to the projects would be the WACC increased by a [1-5] percentage points (pp) spread.
Tega leta je bilo ugotovljeno, da so minimalna stopnja donosa, ki velja za projekt, tehtani povprečni stroški kapitala, povišani za [1–5] odstotnih točk (ot).
In 2006, Galp Energia decided to calculate the hurdle rate in a slightly different way, namely, instead of adding [1-5] pp to the WACC, it opted to increase the WACC by [10-50] % (WACC2006 + hurdle rate2006 = [1,1-1,5] × WACC2006).
Družba Galp Energia se je leta 2006 odločila, da bo izračunala minimalno stopnjo donosa na nekoliko drugačen način, in sicer: namesto da bi k tehtanim povprečnim stroškom kapitala dodala [1–5] ot, se je odločila, da poveča tehtane povprečne stroške kapitala za [10–50] % (tehtani povprečni stroški kapitala2006 + minimalna stopnja donosa2006 = [1,1–1,5] × tehtani povprečni stroški kapitala2006).
This new criteria was a result of the internal weighting that, given the different levels of WACC of each business sector, the use of a percentage on the base seemed to be more suitable and coherent than using an absolute value.
Ta nova merila so bila posledica notranjega razmišljanja, da je glede na različne stopnje tehtanih povprečnih stroškov kapitala vsakega gospodarskega sektorja uporaba odstotkov na osnovo ustreznejša in skladnejša od uporabe absolutne vrednosti.
As a further explanation, Portugal provided the Commission with the different WACC and hurdle rates applied by Galp Energia between 2002 and 2006 for each business sector: supply and refining, marketing of petroleum products, exploration and production, gas and power.
Portugalska je kot nadaljnjo obrazložitev Komisiji predložila različne tehtane povprečne stroške kapitala in minimalne stopnje donosa, ki jih je družba Galp Energia uporabljala med letoma 2002 in 2006 za vsak gospodarski sektor: oskrba in rafiniranje, trženje naftnih derivatov, izkoriščanje in proizvodnja, plin in električna energija.
Portugal argued that according to the internationally recognised standards for projects of this type, because the level of variation in the investment is still significant in that phase of engineering development (Front End Engineering Design), Galp’s Board of Directors did not consider a project of this importance with a rate of return so close to the WACC to be viable, as it could easily end up in a return less than that reference value.
Ker je raven odstopanja pri naložbi še vedno bistvena v tej fazi tehničnega razvoja (osnovno tehnično projektiranje), Portugalska trdi, da glede na mednarodno priznane standarde za tovrstne projekte upravni odbor družbe Galp Energia tako pomembnega projekta s stopnjo donosa, ki je tako blizu tehtanim povprečnim stroškom kapitala, ni obravnaval kot donosnega, saj bi bil lahko njegov donos zlahka manjši od zadevne referenčne vrednosti.
However, taking into consideration the granting of the tax incentive in the investment project, the investment project’s return would be [9-11] %, which, in light of the investment project’s strategic nature, was considered an acceptable minimum for the start and approval of the execution of commitments with equipment suppliers.
Vendar bi ob upoštevanju odobritve davčne spodbude v naložbenem projektu donos naložbenega projekta znašal [9–11] %, kar se je glede na strateško naravo naložbenega projekta obravnavalo kot sprejemljiva najnižja vrednost za začetek in odobritev izvajanja obveznosti z dobavitelji opreme.
Portugal has submitted a list of alternative investment projects that Petrogal could have undertaken at the time the investment project was decided.
Portugalska je predložila seznam nadomestnih naložbenih projektov, ki bi jih lahko Petrogal izvajal v času, ko se je sprejemala odločitev o projektu.
Due to the limitation of available financial resources for new investment, several Galp Energia business areas compete with each other for those limited resources and there is a strict selection policy.
Zaradi omejitve dostopnih finančnih sredstev za novi instrument več gospodarskih območij družbe Galp Energia med seboj konkurira za navedena omejena sredstva, pri čemer se izvaja stroga politika izbire.
However, had the aid contract with the Portuguese State not been signed and the investment project not taken place, the competitiveness of both refineries would have inevitably deteriorated.
Če se pogodba o pomoči s portugalsko državo ne bi podpisala in se naložbeni projekt ne bi izvedel, bi se konkurenčnost obeh rafinerij sčasoma poslabšala.
According to Portugal, had the investment project not been undertaken, the refineries’ capacity utilisation would have been cut down to [80-90] % to respond to a downward market trend demand for gasoline and fuel oil (as studies foresee a significant decrease in demand, from 2008 to 2020, with reductions of the demand between [20-30] % and [40-50] %).
Če se naložbeni projekt ne bi izvajal, bi se po mnenju Portugalske izkoristek zmogljivosti rafinerij zmanjšal na [80–90] %, kar bi ustrezalo padajočemu trendu tržnega povpraševanja po bencinu in kurilnem olju (študije predvidevajo bistveno zmanjšanje povpraševanja med letoma 2008 in 2020, pri čemer naj bi upad povpraševanja znašal od [20–30] % do [40–50] %).
The refineries would have maintained only a very limited refining margin.
Rafineriji bi ohranili le zelo omejeno rafinerijsko maržo.
To offset this situation, a drastic restructuring program involving job cuts would have been implemented.
Za izboljšanje tega stanja bi se izvedel drastičen program prestrukturiranja, ki bi vključeval ukinjanje delovnih mest.
As the Commission doubted that in their decision Galp’s Board of Directors had not taken into account changes in the business environment, Portugal were requested to provide a detailed analysis of the counterfactual scenario without the investment project.
Ker je Komisija dvomila, da upravni odbor družbe Galp Energia pri svoji odločitvi ni upošteval sprememb v poslovnem okolju, je od Portugalske zahtevala, naj predloži podrobno analizo hipotetičnega scenarija, ki ne vključuje naložbenega projekta.
For this purpose, Portugal was asked to submit the investment project’s IRR considering the refineries’ potential profitability had the investment project not taken place and taking into account the reduction in refining margins.
Portugalska je bila pozvana, naj v ta namen predloži IRR naložbenega projekta, pri čemer se upoštevata morebitna donosnost rafinerij, če se naložbeni projekt ne bi izvedel, in zmanjšanje rafinerijskih marž.
Portugal’s counterfactual scenario is summarised in Table 4:
Hipotetični scenarij Portugalske je povzet v preglednici 4:
Business case
Poslovni primer
New Final Investment Value
Nova končna vrednost naložbe
With the Aid
S pomočjo
NPV
neto sedanja vrednost
EUR [200-250] M
[200–250] milijonov EUR
EUR [150-200] M
[150–200] milijonov EUR
Without the Aid
Brez pomoči
According to Portugal, ‘the fact that a project may be very relevant to a company, even strategic, does not mean that it is the only project or unquestionable project, if the IRR does not rise up to meet the minimum admissible requirements’ (as it was the case in 2001).
Po mnenju Portugalske „dejstvo, da je lahko projekt zelo pomemben za podjetje, tudi iz strateškega vidika, ne pomeni, da je edini projekt ali nesporen projekt, če IRR ne izpolni najmanjših sprejemljivih zahtev“ (kot je bilo leta 2001).
Observations submitted by Portugal on comments by third parties
Stališča Portugalske o pripombah tretjih strani
Portugal underlines the high level of participation from various entities (municipalities, unions and sectoral and industrial associations) and lists all the comments supporting the value of the investment project in terms of regional development and energy efficiency.
Portugalska poudarja visoko raven udeležbe različnih strani (občin, zvez ter sektorskih in industrijskih združenj) in navaja vse pripombe, ki podpirajo vrednost naložbenega projekta v smislu regionalnega razvoja in energetske učinkovitosti.
Observations on comments by Competitors No 1 and No 2
Stališča o pripombah konkurentov št. 1 in št. 2
Completing its submission of 21 January 2010, Portugal explains that the vacuum feedstock market is highly volatile and does not offer the required stable supply of vacuum gas oil needed to feed a hydrocracker of the size of the one in Sines.
Ob dopolnitvi vloge z dne 21. januarja 2010 Portugalska pojasnjuje, da je trg za pogon v vakuumu zelo nestanoviten in ne nudi potrebne stabilne zaloge vakuumskega plinskega olja, ki je potreben za poganjanje hidrokrekerja, ki je enake velikosti, kot tisti v Sinesu.
Regarding the production of hydrocracker residues, Portugal confirms that it is almost insignificant since the hydrocracker will use iso-cracking technology.
Portugalska v zvezi s proizvodnjo ostankov v hidrokrekerju potrjuje, da je skoraj nepomembna, saj bo hidrokreker uporabljal tehnologijo iso-krekinga.
Projects’ contribution to Regional Development
Prispevek projekta k regionalnemu razvoju
Portugal repeat that the investment project will stimulate regional development in disadvantaged regions (creation and maintenance of jobs, training of workers, economies of scale, technology transfers, spill-over effects, etc.) even if located in pre-existing refineries and this point is confirmed by all the positive comments received.
Portugalska ponovno poudarja, da bo naložbeni projekt spodbudil regionalni razvoj v manj razvitih regijah (ustvarjanje in ohranjanje delovnih mest, usposabljanje delavcev, ekonomija obsega, prenosi tehnologije, učinki prelitja itd.) tudi v že obstoječih rafinerijah, to dejstvo pa podpirajo tudi vse prejete pozitivne pripombe.
They also underline the strategic importance and the environmental value of the investment project to counter the comments according to which employment is the only regional benefit.
Prav tako poudarjajo strateški pomen in okoljsko vrednost naložbenega projekta, s čimer nasprotujejo pripombam, v skladu s katerimi je zaposlitev edina regionalna korist.
Concerning the Table prepared by the third party Competitor No 1 comparing the ratio ‘aid per created jobs’ in other regional ad hoc aid projects (see recital 89), Portugal pointed out that it does not include other projects in refining or any other capital intensive industry.
V zvezi s preglednico, ki jo je pripravila tretja stran, in sicer konkurent št. 1, ki je primerjal razmerje „pomoč na ustvarjena delovna mesta“ v drugih regionalnih projektih ad hoc pomoči (glej uvodno izjavo 89), je Portugalska poudarila, da ne vključuje drugih projektov v rafinerijah ali kateri koli drugi kapitalsko intenzivni industriji.
For this reason, the investment project must not be compared to those presented in the Table, but ought to be compared to the aid to large investment projects in the same economic sector (see the Commission Decisions of 10 July 2007 on State aid case N 898/06 — Repsol Polimeros and of 10 July 2007 on State aid case N 899/06 — Artensa (Artenius) — Produção e Comercialização de Ácido Tereftálico Purificado e Produtos Conexos, SA, where the ratio ‘aid/jobs created’ would be in a comparable range as for Petrogal’s project).
Zato se naložbeni projekt ne sme primerjati s tistimi, predstavljenimi v preglednici, ampak naj se primerja s pomočjo za velike naložbene projekte v istem gospodarskem sektorju (glej sklepa Komisije z dne 10. julija 2007 o državni pomoči N 898/06 – Repsol Polimeros in z dne 10. julija 2007 o državni pomoči N 899/06 – Artensa (Artenius) – Produção e Comercialização de Ácido Tereftálico Purificado e Produtos Conexos, SA, kjer bi bilo razmerje „pomoč/ustvarjena delovna mesta“ v obsegu, ki je primerljiv s Petrogalovim projektom).
Similarly, if the ratio ‘indirect jobs/direct jobs’ is compared with comparable projects (such as the projects mentioned in recital 185), equivalent figures are obtained.
Podobno se lahko pridobijo enakovredni podatki, če se razmerje „posredna delovna mesta/neposredna delovna mesta“ primerja s primerljivimi projekti (kot so projekti, navedeni v uvodni izjavi 185).
Portugal reiterate that Galp’s Board of Directors validated the investment project — in March 2008 — after having received — in January 2007 — a written confirmation from the Portuguese authorities that the investment project was eligible for aid.
Portugalska ponovno poudarja, da je upravni odbor družbe Galp Energia naložbeni projekt potrdil (marca 2008) po tem, ko je od portugalskih organov (januarja 2007) prejel pisno potrdilo, da je ta upravičen do pomoči.
Therefore, the aid was conditionally (in particular the Commission’s approval was needed) granted before the start of the work.
Zato je bila pomoč pogojno odobrena (potrebna je bila zlasti potrditev s strani Komisije) pred začetkom dela na projektu.
The first firm order took place in March 2008, after aid contracts were signed by Petrogal.
Potem ko je Petrogal podpisal prvi pogodbi o pomoči, je bilo marca 2008 izvedeno prvo naročilo podjetju.
Portugal refutes third party comments according to which Petrogal had already decided to launch the investment project in 2006.
Portugalska zavrača pripombe tretjih strani, v skladu s katerimi naj bi se Petrogal že odločil, da začne z izvajanjem naložbenega projekta leta 2006.
Portugal admits that feasibility studies were conducted before taking the definitive decision.
Portugalska priznava, da so bile študije izvedljivosti opravljene že pred sprejetjem končne odločitve.
While such information is absolutely necessary for Galp’s Board of Directors to take a decision, it does not imply that Galp’s Board of Directors had already decided.
Čeprav so take informacije vsekakor potrebne, da upravni odbor družbe Galp sprejme odločitev, to ne pomeni, da je upravni odbor družbe Galp odločitev že sprejel.
Portugal maintains that the investment project would not have been implemented without aid.
Portugalska trdi, da se naložbeni projekt brez pomoči ne bi izvedel.
Portugal explains that the investment project had an insufficient IRR compared to the level of risk taken and the attractiveness of other projects ([ ]) which are crucial for Galp Energia’s development.
Portugalska pojasnjuje, da je bila IRR naložbenega projekta nezadostna v primerjavi z ravnjo tveganja in privlačnostjo drugih projektov ([ ]), ki so ključnega pomena za razvoj družbe Galp Energia.
It results that the investment project would not have gone ahead without aid.
Iz tega sledi, da se izvajanje naložbenega projekta brez pomoči ne bi nadaljevalo.
Relevant product and geographic market
Upoštevni proizvodni in geografski trg
Portugal concludes from the comments received from third parties that the relevant geographic market is not the Portuguese market but, at the very least, the Iberian market.
Portugalska iz pripomb, prejetih od tretjih strani, sklepa, da upoštevni geografski trg ni portugalski trg, ampak vsaj iberski trg.
Portugal specifies that Petrogal’s market shares for diesel (at ex-refinery, non-retail and retail levels) will never exceed 25 % if the relevant geographic market is the Iberian Peninsula or wider.
Portugalska navaja, da Petrogalovi tržni deleži za dizelsko gorivo (na ravni prejšnje rafinerije, maloprodajni in veleprodajni ravni) ne bodo nikoli presegli 25 %, če je upoštevni geografski trg omejen na Iberski polotok ali pa je širši.
Portugal reasserts that, in any event, the investment project will not impact on the diesel non-retail and retail markets since the price at ex-refinery level is set under market conditions: Petrogal behaves as a price taker.
Portugalska ponovno navaja, da naložbeni projekt ne bo v nobenem primeru vplival na trg dizelskega goriva na debelo in drobno, saj je cena na ravni prejšnje rafinerije določena pod tržnimi pogoji: Petrogal se prilagaja cenam.
If that were not the case, Petrogal’s clients would easily switch to imports, as according to Portugal, there are no obstacles (technical, tariff, logistics [44], etc.) to diesel imports from other Member States.
Če ne bi bilo tako, bi njegove stranke zlahka prešle k uvozu, saj po mnenju Portugalske pri uvozu dizelskega goriva iz drugih držav članic ni nobenih ovir (tehničnih, tarifnih, logističnih [44] itd.).
Portuguese import requirements are in line with EU requirements.
Uvozne zahteve Portugalske so skladne z zahtevami EU.
Portugal provided figures of the aggregate data on diesel imports (maritime and land) in Portugal.
Portugalska je predložila številke iz agregatnih podatkov o uvozu dizelskega goriva (po morju in po kopnem) na Portugalskem.
Diesel imports & exports
Uvoz in izvoz dizelskega goriva
Source: DGEG (italic) and Petrogal’s data
Vir: DGEG (poševni tisk) in Petrogalovi podatki.
Total (Ktonne)
skupaj (kilotone)
Furthermore, Portugal has enough storage capacity: Portugal provided data showing that the different operators have taken different strategic options (invest in storage capacity or lease facilities) and that both alternatives are possible and viable.
Poleg tega ima Portugalska dovolj skladiščne zmogljivosti: zagotovila je podatke, ki kažejo, da so različni udeleženci na trgu izbrali različne strateške možnosti (naložba v skladiščno zmogljivost ali najem objektov) ter da sta obe možnosti možni in donosni.
The main operators have not increased their storage capacity, despite the opportunities that appeared in the market, indication that their storage resources are enough to support their marketing activities.
Glavni udeleženci na trgu kljub priložnostim, ki so se pojavile na trgu, niso povečali svoje skladiščne zmogljivosti, kar kaže na to, da njihovi viri skladiščenja zadostujejo za podporo njihovih dejavnosti trženja.
Portugal indicates that there has been a continuous growth of the total diesel imports as well as a slight decrease of exports.
Portugalska navaja, da je skupen uvoz dizelskega goriva stalno naraščal, izvoz pa se je malo zmanjšal.
This results from the continuous growth of the market and the increasing deficit the local production capacity.
Vzrok za to sta stalna rast trga in naraščajoč primanjkljaj v lokalni proizvodni zmogljivosti.
However, 2009 figures reflect the impact of an accident at the Sines refinery that limited for a period of several weeks the running of the refinery and the production.
Vendar številke iz leta 2009 odražajo učinek nesreče v rafineriji v Sinesu, ki je za več tednov omejila delovanje rafinerije in proizvodnjo.
Operators had to increase their imports during that year, thus demonstrating the existence of alternative supply options.
Udeleženci na trgu so morali v navedenem letu povečati svoj uvoz, s čimer so dokazali obstoj nadomestnih možnosti dobave.
Import of diesel in Portugal in 2009 represented 27,2 % of the total consumption of diesel in that year.
Uvoz dizelskega goriva na Portugalsko je leta 2009 predstavljal 27,2 % skupne porabe dizelskega goriva v navedenem letu.
In the previous years, the average diesel imports in relation to annual diesel consumption in Portugal (around 5,4 Mtonnes) were about 14 %.
V predhodnih letih je povprečna vrednost uvoza dizelskega goriva v povezavi z letno porabo dizelskega goriva na Portugalskem (približno 5,4 milijona ton) znašala okoli 14 %.
Therefore, Portugal considers the Portuguese diesel market as an open and competitive market where trade is facilitated and where prices are based on the price of crude oil, on the refining costs and defined by the alternative of importing at Platts prices.
Portugalska zato portugalski trg dizelskega goriva obravnava kot odprt in konkurenčen trg, kjer obstajajo ugodni pogoji za trgovino, cene pa temeljijo na cenah surove nafte in stroških rafiniranja ter so določene z drugačno možnostjo uvoza po cenah agencije Platts.
As regards heavy naphtha, Portugal considers that the market is, at least, the EEA, as naphtha is an internationally traded product.
Portugalska v zvezi s težko nafto meni, da je trg vsaj EGP, saj je nafta proizvod, ki se trži na mednarodni ravni.