natgillin/translations-raw huggingface dataset:
By referring to the dynamics of Crist’s results between 2006 and 2009 (see table 4) Poland stressed that the economic and financial situation of the company at the moment of applying for the loan, as established by the expert analysis, was good.
Poljska je ob sklicevanju na dinamiko poslovnih izidov podjetja Crist v obdobju 2006–2009 (glej tabelo 4) poudarila, da je bilo gospodarsko in finančno stanje podjetja v času, ko je zaprosilo za posojilo, glede na strokovno analizo dobro.
Dynamics of Crist results, 2006-2009 (in million PLN)
Dinamika poslovnih izidov podjetja Crist v obdobju 2006–2009 (v milijonih PLN)
Profit on sales
Dobiček od prodaje
Revenues from sales
Prihodki od prodaje
As regards the decrease in the net financial result in 2008 and 2009, Poland explained that it was caused by a change in the business model, that is accepting contracts of a higher value and providing higher profitability but which are characterised by a long completion period reaching up to 12-15 months.
Poslabšanje neto finančnih izidov v letih 2008 in 2009 je po pojasnilih Poljske posledica spremembe poslovnega modela, tj. sprejemanja pogodb višje vrednosti z višjo dobičkonosnostjo, za katere je značilno dolgo obdobje zaključevanja, in sicer do 12–15 mesecev.
This means that the highest financial gains come at the completion of the product and its transfer to the contractor.
To pomeni, da je najvišji finančni dobiček ustvarjen ob zaključku izdelka in njegovem prenosu pogodbeniku.
The assessment of the business plan presented by Crist was carried out by IDA on several levels.
Oceno poslovnega načrta, ki ga je predstavilo podjetje Crist, je opravila agencija IRA, in sicer na številnih stopnjah.
Poland explained that the plan was developed in cooperation with […], the analysis of it was made by […] ("[…]") and a detailed examination of the document, including the assumptions and expected effects was made by IDA experts.
Poljska je pojasnila, da je bil načrt razvit v sodelovanju z […], njegovo analizo je izvedel […] (v nadaljnjem besedilu: […]), podroben pregled dokumenta, vključno s predpostavkami in pričakovanimi učinki, pa so opravili strokovnjaki IRA.
The Polish authorities observed that, at each stage, the opinion on the document was positive and submitted that its accuracy has been confirmed by the real results achieved by Crist, which are in line with the forecast figures or even exceed them.
Poljski organi so ugotovili, da je bilo mnenje o dokumentu na vsaki stopnji pozitivno, in navedli, da je bila njegova natančnost potrjena s poslovnimi izidi, ki jih je podjetje Crist dejansko doseglo in so v skladu z napovedanimi vrednostmi ali jih celo presegajo.
Poland further explained that the favourable financial forecasts presented by Crist were credible and confirmed by the concluded contracts.
Poljska je pojasnila tudi, da so bile ugodne finančne napovedi, ki jih je predstavilo podjetje Crist, verodostojne in potrjene s sklenjenimi pogodbami.
As regards the profitability of the investment, Poland submitted a detailed explanation of the calculated ratios based on the cash flow, NPV (Net Present Value) ratio and IRR (Internal Rate of Return) ratio, which all proved high.
V zvezi z dobičkonosnostjo naložbe je Poljska predložila podrobno razlago izračunanih razmerij na podlagi denarnega toka, neto sedanje vrednosti in notranje stopnje donosa, pri čemer so se vsa razmerja izkazala kot visoka.
The NPV value of the project covering purchase of the dry dock for the price of PLN 150 million was PLN […] million and the internal rate of return (IRR) was […] %.
Neto sedanja vrednost projekta, ki zajema nakup suhega doka za ceno 150 milijonov PLN, je znašala […] milijonov PLN, medtem ko je notranja stopnja donosa znašala […] %.
Poland added that although in the end the dry dock was purchased for PLN 175 million, the financial ratios are still very high for that transaction (NPV of PLN […] million and IRR of […] %).
Poljska je še dodala, da so finančna razmerja za navedeno transakcijo, kljub temu da je bil suhi dok na koncu kupljen za 175 milijonov PLN, še vedno zelo visoka (neto sedanja vrednost v višini […] milijonov PLN in notranja stopnja donosa v višini […] %).
On the basis of the above-mentioned analysis IDA set the company’s rating according to its three-level internal system of assessment.
Na podlagi navedene analize je IRA določila bonitetno oceno podjetja po svojem tristopenjskem notranjem sistemu ocenjevanja.
Crist was assessed as representing an average credit risk, good financial reliability and sufficient capability to repay liabilities in a longer period of time, and also an increased resistance to unfavourable economic conditions lasting for a longer period.
Za podjetje Crist je bilo ocenjeno, da predstavlja povprečno kreditno tveganje ter da so zanj značilni dobra finančna zanesljivost, zadostna zmožnost odplačevanja finančnih obveznosti v daljšem časovnem obdobju in povečana odpornost na dolgotrajnejše neugodne gospodarske razmere.
Poland submitted that the result of the method used by IDA is in line with the Commission’s Communication on the revision of the method for setting the reference and discount rates [10] (“the Reference Rate Communication”).
Poljska je navedla, da je izid metode, ki jo je uporabila IRA, v skladu s Sporočilom Komisije o spremembi metode določanja referenčnih obrestnih mer in diskontnih stopenj [10] (v nadaljnjem besedilu: sporočilo o referenčni obrestni meri).
The data available to IDA was assessed to correspond to the rating category BBB (good), as defined by the rating agency EuroRating, but in order to err on the safe side Poland retained a BB rating for the purposes of checking the outcome of applying the Reference Rate Communication.
Za podatke, ki so bili na voljo agenciji IRA, je bilo ocenjeno, da ustrezajo bonitetni kategoriji BBB (dobra) po opredelitvi bonitetne agencije EuroRating, vendar je Poljska za vsak primer obdržala bonitetno oceno BB za namene preverjanja izida uporabe sporočila o referenčnih obrestnih merah.
The collateral
Zavarovanje
The Polish authorities submitted that Crist had provided as collateral: a registered pledge over 100 % of Crist shares, mortgage on real estate (part of Shipyard Area 2), a registered pledge on a number of movables forming part of Shipyard Area 2, a blank bill signed by Crist, a statement by Crist on its voluntary submission to execution and statements of each shareholder of Crist on their voluntary submission to execution.
Poljski organi so navedli, da je podjetje Crist kot zavarovanje zagotovilo: registrirano zastavno pravico na 100 % delnic podjetja Crist, hipoteko na nepremičnino (del območja 2 ladjedelnice), registrirano zastavno pravico na številnih premičninah, ki so del območja 2 ladjedelnice, neizpolnjeni račun, ki ga je podpisalo podjetje Crist, izjavo podjetja Crist o prostovoljni privolitvi v izvrševanje ter izjave vseh delničarjev podjetja Crist o njihovi prostovoljni privolitvi v izvrševanje.
While the first method resulted in a value of PLN […]million, the second method showed almost PLN […]million.
Pri prvi metodi je vrednost znašala […] milijonov PLN, medtem ko je pri drugi metodi znašala skoraj […] milijonov PLN.
At the same time, in a separate document submitted by the Polish authorities, dated 3 August 2010, […] demonstrated that the adjusted net assets method was closer to the liquidation value of the company and did not reflect the real value of Crist (in particular the equity capital).
Hkrati je v ločenem dokumentu z dne 3. avgusta 2010, ki so ga predložili poljski organi, […] dokazal, da je vrednost na podlagi metode prilagojene čiste vrednosti premoženja bližja likvidacijski vrednosti podjetja in ne odraža dejanske vrednosti podjetja Crist (zlasti lastniškega kapitala).
[…] concluded that PLN […]million should be taken as the real value.
[…] je sklenil, da bi bilo treba za dejansko vrednost šteti […] milijonov PLN.
As regards the value of the second element of the collateral, i.e. the mortgage on the real estate, Poland provided an independent expert valuation of 4 March 2009 which estimated the market value of the asset bundle at PLN 169,5 million (or PLN 84,7 million in a forced sale).
V zvezi z vrednostjo drugega elementa zavarovanja, tj. hipoteke na nepremičnino, je Poljska predložila neodvisno strokovno oceno z dne 4. marca 2009, v kateri je bila tržna vrednost dela premoženja ocenjena na 169,5 milijona PLN (ali 84,7 milijona PLN v prisilni prodaji).
In addition, IDA requested a post-transaction independent expert valuation in January 2011, provided to the Commission, which set the value of the mortgaged real estate at PLN […] million.
Poleg tega je IRA januarja 2011 zahtevala neodvisno strokovno oceno po transakciji, ki je bila predložena Komisiji in v kateri je bila vrednost nepremičnine pod hipoteko določena na […] milijonov PLN.
In response to the scepticism of the Commission as to whether the price paid by Crist in the third tendering round for the dry dock (PLN 175 million) can be taken as a proxy for the value of that collateral, Poland proposed to consider as a market value the counter offer of PLN 166 million which was made at the time by the other offering company - Patia.
Poljska je v odgovor na dvome Komisije glede tega, ali je ceno, ki jo je podjetje Crist plačalo za suhi dok v tretjem razpisnem krogu (175 milijonov PLN), mogoče uporabiti kot približek za vrednost navedenega zavarovanja, predlagala možnost, da bi se kot tržna vrednost štela protiponudba v višini 166 milijonov PLN, ki jo je takrat oddal drugi tekmec v razpisu, tj. podjetje Patia.
Furthermore, according to Poland the collateral value is further strengthened by the varied nature of the collateral components (real property, moveable property and financial assets) and the fact that all elements constituting the collateral were free of any encumbrance prior to the granting of the loan.
Poleg tega je po navedbah Poljske vrednost zavarovanja dodatno okrepljena zaradi raznolikosti njegovih sestavnih delov (nepremičnine, premičnine in finančno premoženje) ter dejstva, da elementi, ki predstavljajo zavarovanje, pred odobritvijo posojila niso bili deležni nobene obremenitve.
The Polish authorities summarised that, on the basis of the various valuations, the total value of collateral on the loan was situated somewhere between PLN […] million and PLN […] million (see table 5).
Poljski organi so povzeli, da na podlagi različnih ocen skupna vrednost zavarovanja posojila znaša približno med […] milijoni PLN in […] milijoni PLN (glej tabelo 5).
For the purpose of its internal rating, IDA had assessed Crist’s collateral to be moderate (see table 3).
IRA je za namene notranje bonitetne ocene zavarovanje podjetja Crist ocenila kot zmerno (glej tabelo 3).
Referring to the Reference Rate Communication rules (see table 6), the Polish authorities submitted that the total value of the collateral, in line with the market value, is PLN […]million [11] and constitutes […] % of the loan granted.
V zvezi s pravili iz sporočila o referenčni obrestni meri (glej tabelo 6) so poljski organi navedli, da skupna vrednost zavarovanja v skladu s tržno vrednostjo znaša […] milijonov PLN [11] in predstavlja […] % odobrenega posojila.
This level of collateral significantly exceeds the level of the amount of the loan and corresponds to the category of “high collateralisation”, as defined in the Reference Rate Communication, since the expected loss resulting from default in the loan repayment (LGD) equals 0.
Ta stopnja zavarovanja znatno presega stopnjo zneska posojila in ustreza kategoriji „visokega zavarovanja“, kot je opredeljeno v sporočilu o referenčni obrestni meri, saj je pričakovana izguba ob neplačilu posojila enaka 0.
The values of the collaterals depending on the adopted methods of valuation
Vrednosti elementov zavarovanja glede na uporabljene metode vrednotenja
Collateral object and method of valuation
Element zavarovanja in metoda vrednotenja
Crist shares
Delnice podjetja Crist
Assets-based valuation method
Metoda vrednotenja na podlagi premoženja
(Adjusted Net Assets Method)
(Metoda prilagojene čiste vrednosti premoženja)
Income-based valuation method
Metoda vrednotenja na podlagi prihodkov
(Adjusted present Value)
(Prilagojena sedanja vrednost)
Value (PLN)
Vrednost (PLN)
Shipyard Area 2
Območje 2 ladjedelnice
Market value method (income based)
Metoda tržne vrednosti (na podlagi prihodkov)
Forced value sales
Vrednost v prisilni prodaji
Value of the last counter-offer
Vrednost zadnje protiponudbe
The Polish authorities also provided a […] report that was prepared in May 2012, i.e. after the transaction took place.
Poljski organi so predložili tudi poročilo […], ki je bilo pripravljeno maja 2012, tj. po transakciji.
It contains inter alia a verification of the […] valuations available to IDA at the time of the transaction.
Poročilo med drugim vsebuje pregled ocen […], ki so bile na voljo agenciji IRA v času transakcije.
Poland highlights the criticism of the net asset valuation: […] did not include any valuation of intangible assets such as among others contract backlog, customer relationships and workforce, which could have significant values and would increase the valuation results.
Poljska opozarja na kritiko ocene čiste vrednosti premoženja, saj […] ni vključil nobene ocene neopredmetenih sredstev, kot so med drugim zaostanki pri pogodbah, odnosi s strankami in delovna sila, ki bi lahko imela znatne vrednosti in bi povišala izide ocene.
[…] concludes that that valuation significantly underestimates the value of Crist equity.
[…] ugotavlja, da je v navedeni oceni vrednost kapitala podjetja Crist znatno prenizko ocenjena.
In relation to the income-based valuation method, Poland observes that […] arrives at similar values to those of […] (i.e. ca. PLN […] million).
V zvezi z metodo vrednotenja na podlagi prihodkov Poljska ugotavlja, da je […] prišel do podobnih vrednosti kot […] (tj. približno […] milijonov PLN).
For the purposes of granting the loan, IDA assessed both the credit risk of the company and the level of collateral provided as moderate.
IRA je za namene odobritve posojila kreditno tveganje podjetja in stopnjo zagotovljenega zavarovanja ocenila kot zmerno.
As a consequence the loan was granted by IDA at an interest rate of 6,81 %, calculated as the sum of the base rate (three month WIBOR (3,81 %) plus 1,2 %) and the interest margin as it resulted from the matrix re-produced in table 3, i.e. 1,8 %.
IRA je zato posojilo odobrila po obrestni meri 6,81 %, izračunani kot vsota izhodiščne obrestne mere (trimesečne obrestne mere WIBOR (3,81 %) in 1,2 %) in obrestne marže, kot je izhajala na podlagi matrike, prikazane v tabeli 3, tj. 1,8 %.
In addition to the calculations by IDA, based on its internal rules, Poland submitted further clarifications using the method for establishing a proxy set out in the Reference Rate Communication (see table 6).
Poleg izračunov IRA je Poljska na podlagi svojih notranjih pravil predložila nadaljnja pojasnila z uporabo metode za določanje približka, določene v sporočilu o referenčni obrestni meri (glej tabelo 6).
Loan margins in basis points according to the Reference Rate Communication
Razlike pri posojilu v bazičnih točkah glede na sporočilo o referenčni obrestni meri
Rating category
Bonitetna kategorija
Strong (AAA-A)
Zelo dobra (AAA-A)
Good (BBB)
Dobra (BBB)
Satisfactory (BB)
Zadovoljiva (BB)
Weak (B)
Šibka (B)
Bad/Financial difficulties (CCC and below)
Slaba/Finančne težave (CCC in manj)
Poland submitted that taking into account the reference rate published by the Commission for Poland (4,49 %), Crist’s rating category (BB), and the high level of collateral (see recital 44), the interest rate on the loan should not be lower than 5,49 %.
Poljska je navedla, da ob upoštevanju referenčne obrestne mere, ki jo je Komisija objavila za Poljsko (4,49 %), bonitetne kategorije podjetja Crist (BB) in visoke stopnje zavarovanja (glej uvodno izjavo (44)) obrestna mera za posojilo ne bi smela biti nižja od 5,49 %.
Poland therefore stressed that the rate applied by IDA of 6,81 % is 132 basis points higher than the reference rate defined in the Reference Rate Communication, i.e. 5,49 %.
Zato je Poljska poudarila, da je obrestna mera v višini 6,81 %, ki jo je uporabila IRA, za 132 bazičnih točk višja od referenčne obrestne mere, opredeljene v sporočilu o referenčni obrestni meri, tj. 5,49 %.
The […] report provided by Poland contains a detailed estimate of Crist’s credit rating at the time of the transaction based on two different expert approaches.
Poročilo […], ki ga je predložila Poljska, vsebuje podrobno oceno bonitetne stopnje podjetja Crist v času transakcije na podlagi dveh različnih strokovnih pristopov.
The rating models were developed by […] based on scoring/rating models used by commercial banks.
Bonitetne modele je razvil […] na podlagi točkovalnih/bonitetnih modelov, ki jih uporabljajo komercialne banke.
The report estimates Crist's rating to be within the (BB-B) range.
V poročilu je bonitetna ocena podjetja Crist ocenjena znotraj razpona (BB-B).
[…] nevertheless finds the interest rate to be sufficient in view of the high value of collaterals, which assessed together indicate a high collateralisation.
[…] kljub temu meni, da je obrestna mera zadostna glede na visoko vrednost elementov zavarovanja, ki ocenjeni skupaj kažejo na visoko zavarovanje.
The benchmark
Referenčno merilo
The Polish authorities informed the Commission that the […] Bank loan was not the sole basis for setting the final level of the interest rate for Crist, as this was done primarily on the basis of an internal assessment system.
Poljski organi so obvestili Komisijo, da posojilo banke […] ni bila edina podlaga za določitev končne stopnje obrestne mere za podjetje Crist, saj je bila ta izvedena predvsem na podlagi notranjega sistema ocenjevanja.
Irrespective of the differences in the loans, Poland noted that both institutions, IDA and […] Bank, reached similar conclusions with respect to the interest rates.
Poljska je kljub razlikam pri posojilih navedla, da sta v zvezi z obrestnimi merami obe instituciji, tj. IDA in banka […], prišli do podobnih ugotovitev.
Also, as a general remark, Poland submitted that in view of the high value of the loan at stake (PLN 150 million) it is practically impossible to find an ideal benchmark on the Polish market for the loan granted to Crist.
Poljska je kot splošno pripombo navedla tudi, da je glede na visoko vrednost zadevnega posojila (150 milijonov PLN) na poljskem trgu praktično nemogoče najti ustrezno referenčno merilo za posojilo, ki je bilo odobreno podjetju Crist.
With reference to the judgment of the Court of First Instance in Case T-296/97 Commission v. Alitalia, Poland argued that a possible gain by Crist should be assessed by reference to a similar and not an identical loan.
Poljska je ob sklicevanju na sodbo Sodišča prve stopnje v zadevi T-296/97, Komisija proti Alitalia, trdila, da bi bilo treba morebitno prednost podjetja Crist oceniti na podlagi podobnega in ne enakega posojila.
Poland submitted a comparison of both credits (see table 7 below) and recalled that both loans were granted in 2010, that the […] Bank interest rate was even lower (6,68 % compared to IDA’s 6,81 %) and that the […] Bank decision bore a higher risk.
Poljska je predložila primerjavo obeh kreditov (glej tabelo 7) in opozorila, da sta bili obe posojili odobreni leta 2010, da je bila obrestna mera banke […] še nižja (6,68 % v primerjavi z obrestno mero IRA v višini 6,81 %) in da je odločitev banke […] vključevala višje tveganje.
Consequently, in the opinion of the Polish authorities that transaction constitutes a valuable point of reference.
Posledično po mnenju poljskih organov navedena transakcija predstavlja pomembno referenčno točko.
Comparison of […] Bank and IDA loans to Crist
Primerjava posojil banke […] in IRA podjetju Crist
[…] Bank loan
Posojilo banke […]
IDA loan
Posojilo IRA
Date of granting
Datum odobritve
Credit duration
Trajanje kredita
3 years 10 months
3 leta, 10 mesecev
5 years 3 months
5 let, 3 mesece
Value of collateral
Vrednost zavarovanja
Development prospects [12]
Možnosti razvoja [12]
Additional risks
Dodatna tveganja
Lack of certainty that the dry dock (Shipyard Area 2) will be purchased and the production line will be complete
Pomanjkanje gotovosti glede tega, ali bo suhi dok (območje 2 ladjedelnice) kupljen in proizvodna linija zaključena
Loan granted for the purchase of the dry dock (Shipyard Area 2) being a completion of the production line
Posojilo, odobreno za nakup suhega doka (območje 2 ladjedelnice) kot zaključek proizvodne linije
As regards the credit risk, Poland noted that both […] Bank and IDA based their decisions on the same business plan, which foresaw the purchase of both Shipyard Area 1 and 2.
V zvezi s kreditnim tveganjem je Poljska navedla, da sta odločitvi banke […] in IRA temeljili na istem poslovnem načrtu, v katerem je bil predviden nakup območij 1 in 2 ladjedelnice.
Therefore the risk of the completion of the plant was higher before the first transaction took place (even if […] Bank only refinanced the transaction which Crist originally covered from its own resources).
Zato je bilo tveganje v zvezi z zaključkom obrata višje pred prvo transakcijo (čeprav je banka […] refinancirala le transakcijo, ki jo je podjetje Crist prvotno krilo iz lastnih sredstev).
In fact, the IDA loan decision allowing the purchase of the Shipyard Area 2 ensured the completion of Crist's new business strategy in which the company refocuses its business activity from traditional shipbuilding to the offshore renewable energy sector.
Z odločitvijo o posojilu IRA, ki je omogočila nakup območja 2 ladjedelnice, je bila dejansko zagotovljena izvedba nove poslovne strategije podjetja Crist, v kateri podjetje preusmerja svojo poslovno dejavnost iz tradicionalnega ladjedelništva v sektor obnovljivih virov energije na morju.
In addition, Poland pointed out that the granting of the […] Bank credit to Crist occurred before Crist signed a very lucrative contract with Beluga Hochtief with the highest transaction value in Crist's history (of EUR […]million) which further improved the company’s creditworthiness at the time of IDA’s loan decision.
Poleg tega je Poljska izpostavila, da je bil kredit banke […] podjetju Crist odobren, preden je podjetje Crist podpisalo zelo dobičkonosno pogodbo s podjetjem Beluga Hochtief z najvišjo transakcijsko vrednostjo v zgodovini podjetja Crist (v višini […] milijonov EUR), ki je dodatno izboljšala kreditno sposobnost podjetja v času odločitve o posojilu IRA.
On the other hand, the Polish authorities underlined that at the moment of granting the loan there was additional information that IDA gave serious consideration.
Vendar so poljski organi poudarili tudi, da je IRA v času odobritve posojila temeljito preučila dodatne informacije.
For instance, Poland pointed out that apart from IDA and […] Bank, Crist enjoyed positive and long-lasting relations with a number of other financial institutions providing finance for the company’s activities [13].
Poljska je na primer izpostavila, da je bilo podjetje Crist poleg agencije IRA in banke […] v dobrih in dolgotrajnih odnosih s številnimi drugimi finančnimi institucijami, ki so zagotavljale financiranje njegovih dejavnosti [13].
This demonstrated Crist’s ability to raise finance on the capital market, at the time of the loan decision.
To pomeni, da je bilo podjetje v času odločitve o posojilu zmožno zbirati finančna sredstva na kapitalskem trgu.
To this end, Poland submitted a list of credit and guarantee limits in individual financial institutions held by Crist at the time of the transaction.
Poljska je v ta namen predložila seznam kreditnih in jamstvenih omejitev podjetja Crist v posameznih finančnih institucijah v času transakcije.
Finally, the Polish authorities drew the Commission’s attention to the National Bank of Poland interest rate table of September 2010 containing a periodically published list of average interest rates for new loans for businesses in PLN.
Nazadnje so poljski organi opozorili Komisijo na tabelo obrestnih mer poljske državne banke, objavljeno septembra 2010, ki vsebuje seznam povprečnih obrestnih mer za nova posojila za podjetja v PLN, ki se redno objavlja.