natgillin/translations-raw huggingface dataset:
As the United Kingdom itself admits, an analysis of legacy cost compared to an average benchmark is necessarily characterised by a certain margin of approximation given the diversity of UK pension schemes and the lack of detailed benchmarking data stretching back 20-30 years.
Kot Združeno kraljestvo samo priznava, je za analizo preteklih stroškov v primerjavi s povprečnim merilom nujno značilna določena stopnja približka ob upoštevanju raznolikosti pokojninskih shem v Združenem kraljestvu in pomanjkanja natančnih primerjalnih podatkov izpred 20–30 let.
While the United Kingdom considers that the estimates of the four items are considered reasonable based on their expert’s experience, the United Kingdom notes nevertheless that the degree of confidence and level of external supporting data does vary by item.
Čeprav Združeno kraljestvo meni, da so ocene štirih postavk na podlagi izkušenj njihovega strokovnjaka razumne, pa obenem opozarja, da se stopnja zaupanja in razpoložljivost zunanjih podpornih podatkov po postavkah razlikujeta.
The Commission considers that the estimates of legacy costs concerning the retirement age and the redundancy benefits are reliable because they are calculated based on objective data.
Komisija meni, da so ocene preteklih stroškov, ki se nanašajo na upokojitveno starost in nadomestila presežnim zaposlenim, zanesljive, saj so izračunane na podlagi objektivnih podatkov.
Consequently, the Commission notes as an intermediate result of its assessment that the provided data by the United Kingdom on the abnormality of the pension liabilities would provide sufficient evidence to justify a (partial) relief from the pension deficit in so far as the aid was limited to the legacy costs stemming from these two items.
Zato Komisija kot vmesni rezultat svoje ocene ugotavlja, da so predloženi podatki Združenega kraljestva o nenavadno visokih pokojninskih obveznostih zadosten dokaz, ki upravičuje (delno) odpravo pokojninskega primanjkljaja, v kolikor je bila pomoč omejena na pretekle stroške, ki izhajajo iz teh dveh postavk.
However, concerning the other items, the magnitude of abnormality depends sensitively on the assumptions made by the expert.
Vendar pa je v zvezi z drugimi postavkami obseg nenavadno visokih obveznosti močno odvisen od predpostavk, ki jih je podal izvedenec.
Although the Commission recognises that the RMPP offered more generous benefits than average private sector schemes, it is difficult to exactly quantify them.
Čeprav Komisija priznava, da je shema RMPP ponujala boljše ugodnosti kot povprečne zasebne sheme, jih je težko natančno količinsko opredeliti.
The Commission therefore concludes that although the submitted expert study is based on reasonable assumptions as regards abnormality resulting from early retirement age and redundancy benefits, it suffers from a lack of (historical) data on the other sources of abnormality and can therefore not be considered reliable enough to justify a complete relief of RMPP’s pension deficit.
Komisija torej ugotavlja, da ne glede na to, da predložena strokovna študija temelji na razumnih domnevah glede nenavadno visokih obveznosti, ki izhajajo iz starosti za predčasno upokojitev in nadomestil presežnim zaposlenim, je zanjo značilno pomanjkanje (zgodovinskih) podatkov o drugih virih anomalij, zato je ni mogoče šteti za dovolj zanesljivo, da bi upravičila odpravo celotnega pokojninskega primanjkljaja RMPP.
Moreover, the Commission is of the opinion that a total relief of the pension deficit would place RMG in a better position vis-à-vis its competitors and other UK companies as regards its pension liabilities.
Poleg tega Komisija meni, da bi bila skupina RMG z odpravo celotnega pokojninskega primanjkljaja v ugodnejšem položaju glede pokojninskih obveznosti v primerjavi s svojimi konkurenti in drugimi podjetji v Združenem kraljestvu.
Indeed, when looking at the pension deficits that the FTSE 100 companies [40] show on their balance sheets, the vast majority of those companies with a comparable profile to RMG, currently do carry pension deficits due to the rising life expectancy of the pension schemes’ members and the adverse conditions on the stock markets.
Pokojninski primanjkljaji, ki jih podjetja FTSE 100 [40] izkazujejo v svojih bilancah stanja, dejansko kažejo, da je za večino teh podjetij, katerih profil je primerljiv s skupino RMG, trenutno značilen pokojninski primanjkljaj zaradi vedno daljše življenjske dobe vključenih v pokojninske sheme in neugodnih razmer na borznih trgih.
In order to overcome these difficulties in assessing the compatibility of the aid at issue, the Commission has looked at the average pension deficits of companies with a profile similar to that of RMG.
Da bi premagala te težave pri ocenjevanju združljivosti obravnavane pomoči, je Komisija preučila povprečne pokojninske primanjkljaje družb, ki imajo podoben profil kot skupina RMG.
The United Kingdom puts forward that the ratio of pension deficit to EBITDA (= Earnings before Interest, Tax, Depreciation, and Amortisation) provides a measure of the relative burden of the pension liabilities and a company’s ability to fund such liabilities.
Združeno kraljestvo poudarja, da je razmerje med pokojninskim primanjkljajem in EBITDA (= dobiček pred obrestmi, davki in amortizacijo) merilo za relativno breme pokojninskih obveznosti in zmožnost družbe, da financira take obveznosti.
The United Kingdom submitted the latest available accounting data from 2011 on the pension deficits and EBITDAs of the FTSE 100 companies.
Združeno kraljestvo je predložilo najnovejše razpoložljive računovodske podatke iz leta 2011 o pokojninskih primanjkljajih in stopnjah EBITDA, ki jih izkazujejo podjetja FTSE 100.
The Commission considers that on average, the FTSE 100 companies show a pension deficit that amounts to [16 to 23 %] of the EBITDA.
Komisija meni, da podjetja FTSE 100 v povprečju izkazujejo pokojninski primanjkljaj, ki znaša [od 16 do 23 %] EBITDA.
In contrast, RMG’s pension deficit is significantly higher than its EBITDA — for example measured in relation to its 2011 EBITDA — RMG’s pension deficit amounts to more than 12 times its EBITDA.
Nasprotno pa je pokojninski primanjkljaj skupine RMG bistveno večji od njene stopnje EBITDA – na primer, merjen v odnosu do EBITDA iz leta 2011 –, saj pokojninski primanjkljaj RMG za več kot 12-krat presega EBITDA.
As the letter business is highly labour intensive, RMG is particularly exposed to the increased pension deficits from the defined-benefit schemes that RMG entered into in the pre-liberalisation period.
Ker je dejavnost pisemske pošte zelo delovno intenzivna, je skupina RMG še posebej izpostavljena povečanim pokojninskim primanjkljajem iz shem z določenimi pravicami, ki jih je RMG sklenila v obdobju pred liberalizacijo.
Compared to other companies of a similar profile, RMG is therefore in a worse financial situation in respect of its ability to cover the pension deficits from on-going revenues.
V primerjavi z drugimi podjetji podobnega profila je torej skupina RMG v slabšem finančnem položaju glede njene sposobnosti pokritja pokojninskih primanjkljajev iz tekočih prihodkov.
The Commission considers that the ratio of pension deficit to EBITDA provides a reasonable benchmark for the pension deficit that is generally assumed by UK companies with a comparable profile to RMG.
Komisija meni, da je razmerje med pokojninskim primanjkljajem in EBITDA ustrezno merilo za pokojninski primanjkljaj, ki ga na splošno prevzemajo podjetja v Združenem kraljestvu, katerih profil je primerljiv s skupino RMG.
Aid granted to relieve RMG of abnormal pension liabilities can therefore be considered as compatible insofar as RMG carries after the grant of the aid a liability on its balance sheet that is comparable to the pension deficit that a UK company of a similar size generally assumes on its balance sheet.
Pomoč, dodeljena za oprostitev RMG nenavadno visokih pokojninskih obveznosti, se torej lahko šteje za združljivo, v kolikor skupina RMG po odobritvi pomoči prevzame obveznost v svoji bilanci stanja, ki je primerljiva s pokojninskim primanjkljajem, ki ga v svoji bilanci stanja na splošno prevzema podjetje v Združenem kraljestvu podobne velikosti.
Using as benchmark group the FTSE 100 companies, which show an average liability for pension deficits of [16 to 23 %] of their EBITDA, RMG should also retain a liability for a pension deficit that equals [16 to 23 %] of its EBITDA.
Z uporabo skupinskega merila podjetij FTSE 100, ki izkazujejo povprečno obveznost za pokojninske primanjkljaje [od 16 do 23 %] njihove stopnje EBITDA, bi tudi skupina RMG morala ohraniti obveznost za pokojninski primanjkljaj, ki je enaka [od 16 do 23 %] njene stopnje EBITDA.
This way, the pension relief will be limited to those pension costs that comparable private sector companies have generally not assumed.
Na ta način bo odprava pokojninskega primanjkljaja omejena na tiste stroške pokojnin, ki jih primerljiva podjetja v zasebnem sektorju na splošno ne prevzemajo.
To benchmark the pension deficit, the Commission finds it therefore appropriate to use the projected average EBITDA over the period from 2010 to 2015 to take account of the fact that RMG’s profits are expected to increase in the coming years.
Komisija torej meni, da bi bilo za primerjavo pokojninskega primanjkljaja primerno uporabiti pričakovano povprečno stopnjo EBITDA v obdobju od leta 2010 do leta 2015 glede na to, da naj bi se v prihodnjih letih dobiček skupine RMG predvidoma povečal.
As the average EBITDA is estimated to amount to GBP […] million, the pension deficit that RMG should keep on its balance sheet after the pension relief amounts to GBP 150 million.
Ker je povprečna stopnja EBITDA ocenjena na […] milijonov GBP, pokojninski primanjkljaj, ki bi ga morala skupina RMG ohraniti v svoji bilanci stanja po prejemu pokojninske pomoči, znaša 150 milijonov GBP.
To correctly value the impact on RMG’s balance sheet, further clarifications are necessary:
Za pravilno oceno učinka na bilanco stanja RMG so potrebna dodatna pojasnila:
as the benchmarking is done on the level of the total exposure of a company to its pension deficit, the benchmarked deficit of GBP 150 million should be understood to include the deficits of all pension schemes that RMG currently sponsors;
ker je primerjalna analiza opravljena na ravni celotne izpostavljenosti družbe njenemu pokojninskemu primanjkljaju, se šteje, da primerjalni primanjkljaj v višini 150 milijonov GBP vključuje primanjkljaje iz vseh pokojninskih shem, ki jih RMG trenutno financira;
the benchmark value of GBP 150 million represents RMG’s total liability for historic pension deficits accrued at the date of the pension relief on 1 April 2012 in line with the generally accepted IAS rules.
primerjalna vrednost 150 milijonov GBP predstavlja celotno obveznost RMG za pretekle pokojninske primanjkljaje, nastale na dan prejema pomoči za odpravo pokojninskega primanjkljaja 1. aprila 2012 v skladu s splošno priznanimi pravili MRS.
The Commission considers that in order to be considered as compatible with the internal market under Article 107(3)(c) of the Treaty, the pension relief must be limited such that RMG remains liable for a pension deficit that is in line with the average pension deficit that UK companies with a comparable profile assume on their balance sheets.
Komisija meni, da mora biti odprava pokojninskega primanjkljaja, da bi se lahko štela za združljivo z notranjim trgom na podlagi člena 107(3)(c) Pogodbe, omejena tako, da skupina RMG še vedno ostane odgovorna za pokojninski primanjkljaj, ki ustreza povprečnemu pokojninskemu primanjkljaju, ki ga podjetja v Združenem kraljestvu s primerljivim profilom prevzemajo v svojih bilancah stanja.
Therefore, taking the average pension deficit of FTSE 100 companies as a benchmark, the pension relief under Article 107(3)(c) as compensation for legacy pension costs must be limited such that RMG will retain at the date of the pension relief on 1 April 2012 a liability of GBP 150 million on its balance sheet for the accrued deficits of the pension schemes that RMG sponsors.
Zato mora biti pri uporabi merila povprečnega pokojninskega primanjkljaja podjetij FTSE 100 odprava pokojninskega primanjkljaja na podlagi člena 107(3)(c) kot nadomestilo za pretekle stroške pokojnin omejena tako, da bo skupina RMG na dan prejema pomoči za odpravo pokojninskega primanjkljaja 1. aprila 2012 v svoji bilanci stanja obdržala obveznost v višini 150 milijonov GBP za nastale primanjkljaje iz pokojninskih shem, ki jih financira RMG.
The Commission considers therefore that RMG should not receive any aid in the future as compensation for legacy costs in respect of pension liabilities accruing after 31 March 2012 for RMPP members.
Komisija zato meni, da skupina RMG v prihodnje ne bi smela prejeti nobene pomoči kot nadomestilo za pretekle stroške v zvezi s pokojninskimi obveznostmi, nastalimi po 31. marcu 2012 za vključene v shemo RMPP.
The Commission considers that the implementation of these conditions will ensure that the pension relief will not place RMG in a better position than competitors concerning the liability for the accrued pension deficits as well as payment of on-going pension costs.
Komisija meni, da bo izpolnjevanje navedenih pogojev zagotovilo, da skupina RMG zaradi odprave pokojninskega primanjkljaja ne bo v boljšem položaju kot njeni konkurenti glede obveznosti za nastale pokojninske primanjkljaje in plačil za tekoče stroške pokojnin.
Compatibility of the debt reduction measures under the R&R Guidelines
Združljivost ukrepov za zmanjšanje dolga v okviru smernic za reševanje in prestrukturiranje
In line with the R&R Guidelines, in order for an aid to be compatible under Article 107(3)(c) of the Treaty it must comply with criteria for compatibility listed in section 3.2.2 of those Guidelines:
Da bi bila pomoč združljiva na podlagi člena 107(3)(c) Pogodbe, mora v skladu s smernicami za reševanje in prestrukturiranje izpolnjevati merila za združljivost iz razdelka 3.2.2 navedenih smernic:
The R&R Guidelines consider a firm to be in difficulties where it is unable, whether through its own resources or with the funds it is able to obtain from its owner/shareholders or creditors, to stem losses which, without outside intervention by the public authorities, will almost certainly condemn it to going out of business.
V skladu s smernicami za reševanje in prestrukturiranje je podjetje v težavah, kadar ni zmožno z lastnimi sredstvi ali s sredstvi, ki jih lahko pridobi od svojih lastnikov/delničarjev ali upnikov, preprečiti izgube, ki bi brez zunanjega posredovanja državnih organov skoraj gotovo ogrozile obstoj družbe.
The R&R Guidelines also list some usual signs of such companies, such as mounting debt or falling or nil net asset value.
Smernice za reševanje in prestrukturiranje navajajo tudi nekatere običajne znake takih podjetij, kot so vedno večji dolgovi, zmanjševanje ali izguba celotne čiste vrednosti sredstev.
As already set out in section 3.4 of the opening decision, RMG is a company in difficulty as defined in section 2.1 of the R&R Guidelines because RMG shows the usual signs of a such company: e.g. negative net worth of approximately GBP 3000 million on its balance sheet at March 2011, declining revenues by 3 % from 2008 to 2011, and a negative cash-flow before interest of approximately GBP […] million in the financial year 2011/2012.
Kot je že navedeno v razdelku 3.4 sklepa o začetku postopka, je RMG po opredelitvi iz razdelka 2.1 smernic za reševanje in prestrukturiranje podjetje v težavah, saj kaže običajne znake takega podjetja: npr. negativna čista vrednosti v višini približno 3000 milijonov GBP v bilanci stanja iz marca 2011, upad prihodkov za 3 % med letoma 2008 in 2011 ter negativen denarni tok pred obrestmi v višini približno […] milijonov GBP v finančnem letu 2011/12.
Although the pension relief, which the Commission considers to be a compatible aid for the compensation of pension legacy costs pursuant to Article 107(3)(c) of the Treaty in so far as it is limited such that RMG will retain GBP 150 million on its balance sheet, will reduce RMG’s liabilities and improve its cash-flow, RMG’s financial difficulties will not be resolved.
Čeprav bo pomoč za odpravo pokojninskega primanjkljaja, za katero Komisija meni, da je združljiva kot nadomestilo za pretekle stroške pokojnin na podlagi člena 107(3)(c) Pogodbe, če je omejena tako, da bo skupina RMG obdržala 150 milijonov GBP v svoji bilanci stanja, zmanjšala obveznosti RMG in izboljšala njen denarni tok, pa s tem finančne težave RMG ne bodo odpravljene.
Even after the pension relief, RMG’s expected cash-flows before interest remain negative or only slightly positive.
Tudi po odpravi pokojninskega primanjkljaja bodo pričakovani denarni tokovi skupine RMG pred obrestmi še vedno ostali negativni ali le rahlo pozitivni.
In any case, RMG would not be able to afford to repay its debt facilities of GBP […] million when they fall due for repayment in […].
Skupina RMG si nikakor ne bo mogla privoščiti poplačila svojega dolga v višini […] milijonov GBP, ko bo […] zapadel v plačilo.
In the same vein, even though the balance sheet is expected to show net assets of GBP […] million after the pension relief, RMG will not reach a sufficiently high credit rating to be able to raise funds from the financial markets.
Prav tako pa skupina RMG, čeprav se pričakuje, da bo njena bilanca stanja po prejemu pomoči izkazovala neto sredstva v višini […] milijonov GBP, ne bo dosegla dovolj visoke bonitetne ocene, ki bi ji omogočala pridobitev sredstev na finančnih trgih.
In view of the above, the Commission considers that RMG qualifies as a ‘firm in difficulty’ in the meaning of the R&R Guidelines and is consequently eligible for restructuring aid.
Glede na zgoraj navedeno Komisija meni, da skupina RMG izpolnjuje pogoje za „podjetje v težavah“ v smislu smernic za reševanje in prestrukturiranje in je zato upravičena do pomoči za prestrukturiranje.
Restructuring plan and restoration of viability
Načrt za prestrukturiranje in ponovna vzpostavitev uspešnega poslovanja
According to points 34-37 of the R&R Guidelines, the grant of aid must be conditional to the implementation of a restructuring plan endorsed by the Commission and to which the Member State has committed itself.
V skladu s točkami 34–37 iz smernic za reševanje in prestrukturiranje mora biti odobritev pomoči odvisna od izvajanja načrta prestrukturiranja, ki ga je potrdila Komisija in k izvajanju katerega se je država članica zavezala.
The restructuring plan has to analyse in detail the problems which have led to the difficulties and to set out the means by which to restore the long-term viability and health of the firm within a reasonable timescale.
V načrtu prestrukturiranja je treba podrobno analizirati razloge, ki so privedli do težav, ter predstaviti načine za ponovno vzpostavitev dolgoročno uspešnega in zdravega poslovanja družbe v razumnem časovnem okviru.
It has to be ensured that the restructuring measures are appropriate to address the company’s problems and enable the company to progress towards a new structure that allows it to stand on its own merits.
Zagotoviti je treba, da so ukrepi za prestrukturiranje primerni za odpravo težav družbe in družbi omogočajo napredovanje v smeri nove strukture, ki ji omogoča samostojno držo.
The improvements in viability must derive mainly from internal measures.
Izboljšanje rentabilnosti mora izvirati predvsem iz notranjih ukrepov.
The restructuring plan must also be as short as possible and be based on the basis of realistic assumptions as to future operating conditions.
Hkrati mora biti načrt prestrukturiranja čim bolj jedrnat in temeljiti na realnih domnevah glede prihodnjih pogojev poslovanja.
The expected return on capital must be enough to enable the restructured firm to compete in the marketplace on its own merits.
Pričakovani donos na vloženi kapital mora biti zadosten, da prestrukturirani družbi omogoča samostojno konkuriranje na trgu.
The updated restructuring plan submitted to the Commission by the United Kingdom covers the period 2010/2015.
Posodobljeni načrt prestrukturiranja, ki ga je Komisiji predložilo Združeno kraljestvo, zajema obdobje 2010/15.
Indeed, RMG started in the financial year 2010/2011 to take significant measures to address its inefficiency problems in the letter business.
Skupina RMG je v finančnem letu 2010/11 dejansko začela sprejemati pomembne ukrepe za reševanje težav z neučinkovitostjo pisemskih storitev.
In 2010 that RMG started to close loss-making mail centres to a larger extent, to deploy new machines for the automation of its sorting activities and to re-organise delivery offices according to the ‘World Class Mail’ efficiency programme.
V letu 2010 je skupina RMG začela zapirati poštne centre, ki so ustvarjali izgubo, z uporabo novih naprav za avtomatizacijo svojih dejavnosti razvrščanja pošte in reorganizacijo dostavnih pošt v skladu s programom učinkovitosti „World Class Mail“.
Furthermore, in 2010 the United Kingdom engaged in pre-notification contacts with the Commission to provide information about the envisaged restructuring measures and the need for restructuring aid.
Poleg tega je Združeno kraljestvo v letu 2010 pred priglasitvijo stopilo v stik s Komisijo, da bi predložilo informacije o načrtovanih ukrepih za prestrukturiranje in potrebi po pomoči za prestrukturiranje.
Starting from 2010 onwards, RMG has undertaken significant restructuring measures — as described in the restructuring plan — that have introduced a step-change in RMG’s letter business.
Od leta 2010 je skupina RMG sprejela pomembne ukrepe za prestrukturiranje, kot so opisani v načrtu za prestrukturiranje, s katerimi je uvedla hitro spremembo pri pisemskih storitvah RMG.
Those measures address the inefficiencies of the letter operations (overstaffing, lacking automation, too high number of mail sorting centres) compared to other European postal incumbent who have already undertaken those modernisation efforts and have achieved a financially sound standing.
Ti ukrepi obravnavajo neučinkovitosti pri pisemskih storitvah (preveliko število zaposlenih, pomanjkanje avtomatizacije, preveliko število centrov za razvrščanje pošte) v primerjavi z drugimi uveljavljenimi evropskimi poštnimi operaterji, ki so se že lotili take posodobitve in utrdili svoj finančni položaj.
RMG’s proposed operational modernisation covers changes in all areas and results in significant cost savings for the business.
Operativna posodobitev, ki jo predlaga skupina RMG, zajema spremembe na vseh področjih in vodi k bistvenim prihrankom pri stroških poslovanja.
The modernisation will deliver savings via the introduction of new technology and more effective working practices as RMG rolls out ‘World Class Mail’ operations throughout the letters network, which aims to raise productivity through the deployment of best practices.
Posodobitev bo ustvarila prihranke z uvedbo nove tehnologije in učinkovitejših delovnih praks, saj bo skupina RMG razširila postopke „World Class Mail“ po celotnem omrežju pisemske pošte s ciljem izboljšati storilnost z uporabo najboljših praks.
The operational modernisation is projected to result in annual cost savings of GBP […] million (net of pay increases) by 2014/2015, driven by a headcount reduction of […].
Operativna posodobitev naj bi do leta 2014/15 po ocenah prinesla letni prihranek pri stroških v višini […] milijonov GBP (brez zvišanja plač) na podlagi zmanjšanja števila zaposlenih […].
The Commission concludes therefore that the updated restructuring plan address appropriately the weaknesses of RMG’s letter business and allows RMG to progress towards a new and sustainable structure.
Zato Komisija sklepa, da posodobljeni načrt prestrukturiranja ustrezno obravnava pomanjkljivosti pisemskih storitev RMG in družbi omogoča napredek v smeri nove in trajnostne strukture.