natgillin/translations-raw huggingface dataset:
TV2’s commercial market share is expected to […] % in 2013 [31].
Pričakuje se, da bo komercialni tržni delež TV2 leta 2013 znašal […] % [31].
Mounting debt/cash flow/interest charges: As can be seen from the table, TV2 Danmark A/S’s net interest-bearing debt steadily increased from DKK 232 million in 2006 to DKK 622 million in 2008 (prior to the sale of the network and the repayment of most of the debt, the net interest-bearing debt was budgeted at DKK […] million in 2010).
Povečevanje zadolževanja/denarni tok/stroški obresti: kot je razvidno iz preglednice, se je neto dolg TV2 Danmark A/S z obrestmi enakomerno povečeval z 232 milijonov DKK leta 2006 na 622 milijonov DKK leta 2008 (neto dolg z obrestmi je leta 2010 pred prodajo omrežja in vračilom večine dolga znašal […] milijonov DKK).
The table further demonstrates that TV2 Danmark A/S had negative cash flows, mounting debts, increasing interest charges, and a falling net asset value over the period from 31 December 2006 to 31 December 2009.
Preglednica nadalje prikazuje, da so bili v obdobju od 31. decembra 2006 do 31. decembra 2009 za TV2 Danmark A/S značilni negativni denarni tokovi, vedno večje zadolževanje in stroški obresti ter nižanje vrednosti čistega premoženja.
Best case/worst case analysis: The original restructuring plan contains a base-case, worst-case and best-case scenario with sensitivity calculations.
Analiza najslabšega/najboljšega primera: prvotni načrt prestrukturiranja vsebuje osnovni, najslabši in najboljši scenarij z izračuni občutljivosti.
It draws upon market forecasts which are exogenous to the company (as compiled by PriceWaterhouseCoopers).
Temelji na tržnih napovedih, pripravljenih zunaj družbe (podjetje PriceWaterhouseCoopers).
The scenarios forecast real GDP growth, and from that derive an estimated growth (or decline) in the TV advertising market which, in combination with market share projections, yields TV2 advertisement revenue projections.
Scenariji napovedujejo rast realnega BDP, iz tega pa izpeljujejo predvideno rast (ali upad) na trgu televizijskega oglaševanja, ki skupaj z napovedmi tržnega deleža zagotavlja napovedi prihodka TV2 iz oglaševanja.
In the base case, there is a modest increase in GDP ([…] % for 2009 and 2010, […] % for 2011 and […] % for 2012).
V osnovnem primeru obstaja majhno povečanje BDP ([…] % za leti 2009 in 2010, […] % za leto 2011 in […] % za leto 2012).
The TV advertising market was forecast to […] between 2009 and 2012 from DKK […] million to DKK […] million in that period ([…] %).
Napovedano je bilo, da bo trg televizijskega oglaševanja med letoma 2009 in 2012 […] z […] milijonov DKK na […] milijonov DKK v tem obdobju ([…] %).
The worst-case scenario saw a less positive growth in real GDP (zero in 2009 and 2010 and a […] % and […] % increase in 2011 and 2012 respectively), and […] in advertising expenditure from DKK […] million in 2009 to DKK […] million in 2012 ([…] %).
Najslabši scenarij je predvidel manj pozitivno rast realnega BDP (ničelna rast leta 2009 in 2010 ter […] in […]-odstotno povečanje leta 2011 in leta 2012) ter […] prihodka iz oglaševanja z […] milijonov DKK leta 2009 na […] milijonov DKK leta 2012 ([…] %).
TV2’s advertising revenues have grown at a 1,9 % (geometric) average rate over the period 1999-2009 with a 12 % standard deviation [32].
Prihodki TV2 iz oglaševanja so se v obdobju 1999–2009 v (geometričnem) povprečju povečevali z 1,9-odstotno stopnjo z 12-odstotnim standardnim odmikom [32].
Hence, given the business-cycle sensitivity of TV2’s advertising revenues and the general economic outlook at the time of the assessment, the PWC projections for the 2009-2012 period cannot be rejected as unreasonable.
Zato se glede na občutljivost poslovnega kroga prihodkov TV2 iz oglaševanja in splošna gospodarska predvidevanja v času ocene napovedi podjetja PWC za obdobje 2009–2012 ne morejo zavrniti kot pretirane.
The PWC report was updated in September 2009 to take account of more recent expectations regarding advertising revenues, and provided for a worse scenario than expected in the base scenario [33].
Poročilo podjetja PWC je bilo posodobljeno septembra 2009, da bi upoštevalo novejša pričakovanja v zvezi s prihodki iz oglaševanja, in je predvidelo scenarij, slabši od pričakovanega v osnovnem scenariju [33].
The TV advertising market dropped in 2009 by 18,7 % compared with 2008 [34].
Trg televizijskega oglaševanja je leta 2009 v primerjavi z letom 2008 upadel za 18,7 % [34].
TV2’s advertising revenues fell by 4 % in 2008 (DKK 1667 million to DKK 1597 million) and a further 24 % in 2009 (DKK 1597 million to DKK 1220 million) [35].
Prihodki TV2 iz oglaševanja so se leta 2008 zmanjšali za 4 % (z 1667 milijonov DKK na 1597 milijonov DKK) in za nadaljnjih 24 % leta 2009 (z 1597 milijonov DKK na 1220 milijonov DKK) [35].
Denmark submits that TV2’s difficulties are a result of debt caused by large investments in the preceding years, uncertainty as to the outcome of the pending State aid case concerning TV2 and, not least, a business model for the public service channel which is based on advertising revenue only.
Danska navaja, da so težave TV2 posledica dolga, ki so ga povzročile velike naložbe v predhodnih letih, negotovosti glede izida nerešene zadeve v zvezi z državno pomočjo, ki se nanaša na TV2, ter nenazadnje poslovnega modela javnega televizijskega programa, ki temelji samo na prihodku iz oglaševanja.
Lack of external funding from banks: The restructuring plan takes into account the doubts TV2’s bankers have about the main channel’s current business model and about the possible outcome of ongoing legal cases regarding past aid to TV2.
Pomanjkanje zunanjega financiranja s strani bank: v načrtu prestrukturiranja so upoštevani dvomi bankirjev TV2 glede trenutnega poslovnega modela glavnega programa in glede možnih izidov tekočih pravnih zadev v zvezi s preteklo pomočjo za TV2.
The restructuring plan limits the banks’ risk exposure to the company through further reductions of current loans or credit facilities.
Načrt prestrukturiranja z nadaljnjim zmanjševanjem trenutnih posojil ali kreditnih sredstev omejuje izpostavljenost bank tveganjem v družbi.
Denmark has provided evidence that on 22 April 2009, following the publication of the company accounts, the company’s main bank […] asked to reduce its loan and credit facility vis-à-vis the company [36].
Danska je predložila dokaze, da je glavna banka družbe, tj. […], 22. aprila 2009 po objavi računovodskih evidenc družbe zaprosila za zmanjšanje njenih posojil in kreditnih sredstev v zvezi z družbo [36].
experienced difficulties in mortgaging its premises in Odense and reported that not only the value of the buildings, but also the potential mortgage, had decreased [37].
je imela težave pri pridobivanju hipoteke za svoje prostore v Odenseju in je poročala, da se ni zmanjšala samo vrednost stavb, ampak tudi morebitna hipoteka [37].
In the end, TV2 secured a loan of DKK 80 million from Nordea bank, which was less than expected.
Na koncu je TV2 od banke Nordea bank pridobila posojilo v vrednosti 80 milijonov DKK, ki je bilo nižje od pričakovanega.
Denmark later provided updated information regarding the banks’ lack of interest in providing commercial loans.
Danska je pozneje zagotovila posodobljene informacije v zvezi z nezainteresiranostjo bank, da bi zagotovile komercialna posojila.
From this information it can be seen that none of the banks contacted ([…], […], […] and […]) considered TV2 creditworthy.
Iz teh informacij je razvidno, da nobena od kontaktiranih bank ([…], […],[…] in […]) družbe TV2 ni obravnavala kot kreditno sposobne.
This was due to expectations regarding the development of the advertising market, which is TV2’s only source of income.
Razlog za to so bila pričakovanja v zvezi z razvojem na oglaševalskem trgu, ki je edini vir dohodka TV2.
TV2’s earning ability was questioned, and pending legal cases were considered a further risk factor [38].
Izraženi so bili pomisleki glede sposobnosti pridobivanja zaslužka, nerešene pravne zadeve pa so se obravnavale kot nadaljnji dejavnik tveganja [38].
Description of the originally notified restructuring plan and its amendments
Opis prvotno priglašenega načrta prestrukturiranja in njegove spremembe
The plan had the following five main components: (i) financial restructuring affecting the balance sheet, (ii) operational restructuring, (iii) new financing of the public service channel TV2 by introducing a new business model, (iv) aid measures and (v) compensatory measure(s).
Načrt je imel naslednjih pet glavnih sestavnih delov: i) finančno prestrukturiranje, ki vpliva na bilanco stanja; ii) operativno prestrukturiranje; iii) novo financiranje javnega televizijskega kanala TV2 z uvedbo novega poslovnega modela; iv) ukrepe pomoči; ter v) izravnalne ukrepi.
The financial restructuring measures were to consist primarily of the following four elements: sale of the 50 % ownership interest in the broadcast transmission network BSD [39], mortgaging of the business premises in Odense (Kvaegtorvet), which was expected to generate DKK […] million, postponement and scaling down of planned capital investments and divestment of minority interests held in certain companies active in adjacent media sectors, […], Momondo, […] and […].
Ukrepi za finančno prestrukturiranje so morali biti sestavljeni predvsem iz naslednjih štirih elementov: prodaje 50-odstotne lastniške udeležbe v oddajnem prenosnem omrežju BSD [39], pridobitve hipoteke za poslovne prostore v Odenseju (Kvaegtorvet), kar naj bi ustvarilo […] milijonov DKK, odložitve in zmanjšanja načrtovanih kapitalskih naložb ter odprodaje manjšinskih deležev nekaterih podjetij, dejavnih na sosednjih področjih medijev, […], Momondo, […] in […].
Those measures were expected to bring proceeds in excess of DKK […] million, part of which was to be used to reduce short-term borrowing.
Pričakovalo se je, da bodo ti ukrepi prinesli iztržek v višini […] milijonov DKK, katerega del naj bi se porabil za zmanjšanje kratkoročnega zadolževanja.
The operational restructuring measures expand on the cost-saving measures worth DKK 280 million already initiated in 2008, and include the closing down of East Production and its integration into TV2, the closing down or downsizing of TV2’s interest in […] and further cost savings of an amount of DKK 40 million.
Ukrepi za operativno prestrukturiranje so razširjeni na varčevalne ukrepe v vrednosti 280 milijonov DKK, ki so se začeli izvajati že leta 2008, ter vključujejo zaprtje podjetja East Production in njegovo vključitev v TV2, odpravo ali zmanjšanje deleža TV2 v […] ter nadaljnje prihranke stroškov v višini 40 milijonov DKK.
Moreover, TV2 has, after the notification, managed to introduce further cost savings in a plan adopted on 30 March 2009, which includes reductions in capital investments for 2009 by DKK 30 million, as well as further recurrent cost reductions amounting to DKK 97 million [40].
Poleg tega je TV2 po priglasitvi uspelo uvesti nadaljnje varčevalne ukrepe v načrt, sprejet 30. marca 2009, ki vključuje znižanja kapitalskih naložb za leto 2009 v višini 30 milijonov DKK kot tudi nadaljnja znižanja stroškov v višini 97 milijonov DKK [40].
A new financing measure (the end-user charge) [41] is intended to broaden the sources of stable revenue for the public service channel TV2.
Namen novega finančnega ukrepa (nadomestilo za končne uporabnike) [41] je razširiti vire stabilnega prihodka za javni televizijski program TV2.
The decision regarding this was adopted in an agreement of 9 January 2009 between the main political parties concerning an amendment to the Media Policy Agreement for 2007-2010.
V zvezi s tem je bila 9. januarja 2009 med glavnimi političnimi strankami sprejeta odločitev glede spremembe sporazuma o medijski politiki za obdobje 2007–2010.
Levying of subscription fees: The business model for the main channel is to be rendered sustainable by allowing TV2 to introduce end-user charges, i.e. subscription fees, to fund the public service channel as from 1 January 2012.
Zaračunavanje naročnin: poslovni model za glavni program se bo bistveno spremenil s tem, da se bo omogočila uvedba nadomestil za končne uporabnike, tj. naročnin, s katerimi se bo od 1. januarja 2012 financiral javni televizijski program.
In addition, TV2 will continue to receive advertising revenues.
Poleg tega bo TV2 še naprej prejemala prihodke iz oglaševanja.
The fees will be charged by the distributors to the end users.
Distributerji bodo naročnine zaračunavali končnim uporabnikom.
The charge to be paid by the end user will not be set by the Government, but agreed upon through normal commercial negotiations between TV2 and the distributors (i.e. for DTT Boxer).
Nadomestila, ki ga plača končni uporabnik, ne bo določila vlada, ampak bo določen v običajnih komercialnih pogajanjih med TV2 in distributerji (npr. za DTT Boxer).
expects the monthly price charged by TV2 to the distributor to be around DKK 10-12 (excl. VAT) per household [42].
pričakuje, da bo mesečna cena, ki jo bo TV2 zaračunala distributerjem, znašala približno 10–12 DKK (brez DDV) na gospodinjstvo [42].
The introduction of user charges from 2012 aims to allow sufficient time for households currently equipped with MPEG 2 technology equipment capable of receiving ‘free-to-air’ digital terrestrial TV (DR1, DR2 and TV2) to switch to MPEG 4-format equipment.
Cilj uvedbe uporabniških nadomestil iz leta 2012 je, da se gospodinjstvom, ki so trenutno opremljena s tehnološko opremo MPEG 2, ki lahko sprejema „brezplačno“ digitalno prizemno televizijo (DR1, DR2 in TV2), omogoči dovolj časa, da preklopijo na opremo formata MPEG 4.
Denmark expects that the introduction of this element of the restructuring plan will restore the long-term viability of TV2.
Danska pričakuje, da bo uvedba tega elementa načrta prestrukturiranja obnovila dolgoročno sposobnost preživetja TV2.
expects an estimated DKK […] million net increase in revenues from the user charges in 2012 [43].
pričakuje, da se bodo leta 2012 zaradi uporabniških nadomestil prihodki po ocenah zvišali za […] milijonov DKK neto [43].
There will be no legislative act forcing distributors to include TV2 in their packages.
Sprejet ne bo noben zakonodajni akt, ki bi distributerje obvezoval k vključitvi TV2 v svoje pakete.
On the contrary, the existing ‘must-carry’ obligation will be repealed upon the introduction of the user charges [44].
Ravno nasprotno, obstoječa obveznost prenosa bo razveljavljena z uvedbo uporabniških nadomestil [44].
This follows from the wording of Chapter 6, Section 38a(2) of the current Danish Broadcasting Act, which states that if the Minister of Culture allows TV 2 to charge user fees, the must-carry status shall cease to exist.
To temelji na besedilu iz oddelka 38a(2) Poglavja 6 veljavnega danskega zakona o radiodifuziji, ki določa, da se status prenosa v primeru, če minister za kulturo družbi TV2 omogoči zaračunavanje naročnin, ukine.
In other words, the must-carry obligation ceases automatically with the introduction of user charges.
Z drugimi besedami, obveznost prenosa se samodejno ukine z uvedbo uporabniških nadomestil.
It is expected that the TV2 main channel will de facto be distributed by the cable networks and antenna associations in the same way as today.
Pričakuje se, da se bo glavni program TV2 dejansko distribuiral preko kabelskih omrežij in antenskih zvez na enak način kot zdaj.
The package structure might be altered by the distributors, with TV2 replacing an existing pay channel.
Distributerji lahko spremenijo strukturo paketa, pri čemer TV2 nadomesti obstoječ plačniški program.
It was originally anticipated that exceptions would be made to the possibility of levying end-user charges and that TV2 would not charge end users who did not receive any other pay-TV channel (known as the TV2 Alone card system).
Prvotno se je pričakovalo, da bodo obstajale izjeme v zvezi z možnostjo zaračunavanja nadomestil za končne uporabnike in da TV2 ne bo bremenila končnih uporabnikov, ki niso sprejemali nobenega drugega plačniškega televizijskega programa (znanega kot sistem ene kartice TV2).
This would have meant that end users who only receive free-to-air (FTA) channels could still view TV2 free of charge.
To bi pomenilo, da bi lahko končni uporabniki, ki sprejemajo samo brezplačne programe, še naprej brezplačno spremljali TV2.
This possibility, which was contained in a draft proposal by the Ministry of Culture of 18 November 2010, will not, however, be implemented.
Vendar se ta možnost, ki je bila vključena v osnutek predloga ministrstva za kulturo z dne 18. novembra 2010, ne bo izvedla.
will consequently, as of 2012, charge all end users who wish to receive TV2 to view the public service channel.
bo posledično z začetkom leta 2012 bremenila vse končne uporabnike, ki bodo želeli sprejemati TV2 za spremljanje javnega televizijskega programa.
The possibility of charging end-user fees requires a change in TV2’s licence conditions, which will be carried out by the Ministry of Culture.
Možnost zaračunavanja naročnin končnim uporabnikom zahteva spremembo pogojev za pridobitev licence, ki jo bo izvedlo ministrstvo za kulturo.
The originally notified aid measures: As originally notified, three aid measures totalling a maximum of DKK 1375 million were envisaged to accompany the restructuring.
Prvotno priglašeni ukrepi pomoči: kot je bilo prvotno priglašeno, so bili pri prestrukturiranju predvideni trije ukrepi pomoči v vrednosti največ 1375 milijonov DKK.
These were:
Ti so bili:
a DKK 300 million subordinated loan,
300 milijonov DKK podrejenega dolžniškega kapitala;
the issue of a guarantee for the sale of the broadcast transmission network for an expected sale amount of DKK 475 million, and
vprašanje glede jamstva za prodajo oddajnega prenosnega omrežja za pričakovan prodajni znesek v višini 475 milijonov DKK; in
a temporary credit facility of an initial amount of DKK 600 million if TV2 is unable to secure external financing.
začasna kreditna sredstva z začetnim zneskom 600 milijonov DKK, če TV2 ne bo mogla zagotoviti zunanjega financiranja.
Denmark stated that interest rates and guarantee fees would be similar to those for healthy firms.
Danska je navedla, da bi bile obrestne mere in plačila garancije podobne tistim za zdrava podjetja.
These measures were never put into place.
Ti ukrepi se niso nikoli izvedli.
Further details can be found in the Commission’s decision opening the formal investigation procedure [45].
Dodatne informacije so na voljo v sklepu Komisije o začetku formalnega postopka preiskave [45].
The rescue aid credit facility of DKK 1000, as authorised by the Commission decision of 4 August 2008, remains in place.
Pomoč za reševanje v obliki kreditnih sredstev v višini 1000 DKK, kot je bila odobrena v sklepu Komisije z dne 4. avgusta 2008, se izvaja še naprej.
Denmark submitted information on the restructuring costs and offers two different calculation options in that regard.
Danska je predložila informacije o stroških prestrukturiranja in v zvezi s tem nudi dve različni možnosti izračuna.
Firstly, it argues that the restructuring of TV2 is a financial restructuring in which the costs for filling the liquidity gap are in fact restructuring costs, i.e. the costs for ensuring long-term viability.
Prvič, trdi, da je prestrukturiranje TV2 finančno prestrukturiranje, pri čemer so stroški za premostitev likvidnostne vrzeli dejansko stroški prestrukturiranja, tj. stroški za zagotavljanje dolgoročne sposobnosti preživetja.
Denmark considers that whatever these costs are, they will have been paid entirely by TV2 itself.
Danska meni, da bo te stroške ne glede na njihovo višino v celoti plačala sama TV2.
The reason for this is that Denmark assumes that by the time of the Commission’s decision, all aid measures will either not have been implemented, or will have been repaid in full [46].
Razlog za to je v domnevi Danske, da do sprejetja odločitve Komisije noben od ukrepov pomoči ne bo izveden ali pa bodo vsi ukrepi pomoči povrnjeni v celoti [46].
Denmark also states that in the special case of the TV2 restructuring, cost savings should also be acceptable as restructuring costs, since the cost savings are intended not only to increase competitiveness, but also ensure TV2’s financial viability from a purely commercial point of view [47].
Danska prav tako trdi, da bi se morali prihranki v posebnem primeru prestrukturiranja TV2 obravnavati kot stroški prestrukturiranja, ker namen prihrankov ni samo povečanje konkurenčnosti, ampak tudi zagotovitev finančne sposobnosti preživetja TV2 izključno iz komercialnega vidika [47].
In the alternative, a more traditional calculation of restructuring costs, in which cost savings are not included, would lead to focus on the one-off extraordinary costs incurred, which Denmark lists as DKK […] million for transaction costs for the transmission network, the costs associated with the transfer to pay-TV (user charges) and legal and consultancy costs as well as costs for ending staff contracts [48].
Druga možnost je bolj tradicionalen izračun stroškov prestrukturiranja, v katerega niso vključeni prihranki stroškov in ki bi se osredotočil na nastale enkratne izredne stroške, za katere je Danska navedla, da znašajo […] milijonov DKK, tj. stroške transakcije za prenosno omrežje, stroške v zvezi s prehodom na plačniško televizijo (uporabniška nadomestila) ter pravne stroške in stroške svetovanja, pa tudi stroške za prekinitev pogodb uslužbencev [48].
In the digital world, viewers are more frequently addressed via specialised viewer channels, and TV2 points out that its competitors are opening new channels during this period.
V digitalnem svetu so gledalci pogosteje nagovorjeni prek specializiranih programov, TV2 pa poudarja, da njeni konkurenti v tem obdobju odpirajo nove programe.
Regarding the duration of the restructuring plan, which was notified as being until 31 December 2012, the Danish authorities submitted that it is in TV2’s interest to replace all State aid at an earlier point in time, thus enabling the restructuring period to end at an earlier date if possible [49].
Danski organi so v zvezi s trajanjem načrta prestrukturiranja, ki naj bi se glede na priglasitev končal 31. decembra 2012, navedli, da je v najboljšem interesu TV2, da se celotna državna pomoč nadomesti bolj zgodaj, kar bi omogočilo, da se obdobje prestrukturiranja po možnosti konča prej [49].
Further developments during the restructuring process
Nadaljnji razvoj v postopku prestrukturiranja
As stipulated in the restructuring plan, TV2 sold its broadcasting network on 30 September 2010 to the Swedish company Teracom AB, the owner of Boxer.
Kot je določeno v načrtu prestrukturiranja, je TV2 30. septembra 2010 svoje oddajno omrežje prodala švedskemu podjetju Teracom AB, tj. lastniku televizijske družbe Boxer.
The sale proceeds for TV2 are approximately DKK 640 million before tax, which has been used to reduce TV2’s debt.
Prodajni iztržek za TV2 je pred obdavčitvijo znašal okoli 640 milijonov DKK, kar se je porabilo za zmanjšanje dolga TV2.
was also able to mortgage its business premises in Odense, but at a lower rate than originally anticipated.
je tudi pridobila hipoteko za svoje poslovne prostore v Odenseju, vendar po nižji stopnji, kot je bilo sprva pričakovano.
Instead of […] million DKK, it obtained a mortgage of only DKK 80 million.
Namesto […] milijonov DKK je pridobila hipoteko samo v višini 80 milijonov DKK.
On 4 October 2010, TV2 repaid all its withdrawals from the temporary credit facility, which was authorised in the Commission’s rescue aid decision.
je 4. oktobra 2010 povrnila vse svoje dvige iz začasnih kreditnih sredstev, kar je bilo odobreno v sklepu Komisije o pomoči za reševanje.
In total, TV2 had drawn DKK 223 million from the rescue aid facility.
je iz sredstev za pomoč za reševanje porabila skupaj 223 milijonov DKK.
By the end of 2008, i.e. during the 6 months of the rescue aid period, TV2 had drawn 208 million [50].
Do konca leta 2008, tj. v šestmesečnem obdobju pomoči za reševanje, je porabila 208 milijonov DKK [50].