natgillin/translations-raw huggingface dataset:
However, the continued reduction in market shares demonstrates that the renewal of confidence on the part of passengers, which had been greatly damaged by the strikes and disruptions caused by the industrial disputes of 2004 and 2005, in particular at the time of the privatisation of the undertaking, is very slow.
V načrtu prestrukturiranja je bilo določeno zmanjšanje števila prevozov s 4138 (3835 za SNCM in 303 za njeno hčerinsko družbo Corsica Marittima) na 3410 leta 2003 z naslednjimi spremembami povezav:
Passenger transport by sea between the mainland and Corsica has grown on average by 4 % a year since 1993;
s spremembo povezav med Marseillem in Korziko v skladu s pogoji pogodbe o javni službi za obdobje 2001–2006,
that growth should continue, with an increase of […] [60] Confidential information.
s skoraj popolno ukinitvijo povezav med Toulonom in Korziko,
% also forecast for 2008 (relevant at the time for the examination of the facts), then moderate growth over the coming years.
z zmanjšanjem števila povezav med Nico in Korziko,
None the less, new players do not appear to be seeking to enter that market.
z zaprtjem linije Livorno–Bastia z namensko opremo, dejansko zaprto leta 2003,
At the time of the call for tenders put out by the Office des Transports de Corse to award the public service delegation to operate services by sea to a number of Corsican ports from 2007 to 2013, no candidates other than CFF and SNCF-CMN came forward, even though part tendering on a given route was possible.
z okrepitvijo povezav z Alžirijo in Tunizijo z ladjami Méditerranée, Ile de Beauté in Corse ter ukinitvijo povezave Genova–Tunis;
CFF, SNCM’s main competitor, greatly increased its passenger capacity from 500000 to 4,5 million between 1999 and 2007 (including a 30 % increase between 2006 and 2007), which enabled it to increase its traffic (from 1,3 million in 2005 to 1,6 million in 2007) and its market share.
zmanjšanje ladjevja za štiri ladje, kar bi moralo prinesti 21 milijonov EUR likvidnih sredstev;
For structural reasons, that policy none the less results in a lower passenger load factor for CFF than for SNCM, with a difference in the region of 10 percentage points in 2007.
odprodajo nekaterih nepremičnin;
For SNCM, the average passenger load factor in 2007 was 48 %, which is normal having regard to the fact that the market is very seasonal (see above).
zmanjšanje števila zaposlenih [65] za približno 12 %, kar bi skupaj z razumno politiko plač moralo zagotoviti zmanjšanje stroškov posadke z 61,8 milijona EUR leta 2001 na povprečno 54,8 milijona EUR od leta 2003 do leta 2006 ter stroškov osebja na kopnem s 50,3 milijona EUR leta 2001 na 45,8 milijona EUR v istem obdobju;
Transport of freight
zaprtje hčerinskih družb Compagnie Maritime Toulonnaise in Corsica Marittima, pri čemer bi njune preostale dejavnosti prevzela družba SNCM.
SNCM and CMN have a de facto near-monopoly for (unaccompanied) general goods traffic.
zaveze in pojasnila glede plačne politike,
Under the public service delegation contract, the two firms operate frequent services from Marseille to all Corsican ports.
načrt znižanja stroškov pri vmesnih nakupih,
For accompanied trailers loaded onto ferries, accounting for 24 % overall of general goods traffic measured in linear metres, there is competition among all the passenger transport operators.
zaveza, da SNCM ne bo začela cenovne vojne s konkurenti na povezavah s Korziko.
SNCM and CMN also have the main share of the market in this accompanied traffic.
V zvezi z zadnjo točko francoski organi pojasnjujejo, da „SNCM to zavezo sprejema brez zadržkov, ker meni, da cenovna vojna ne bi bila v skladu niti z njenim strateškim položajem niti z njenim interesom (ker bi povzročila zmanjšanje prihodkov), njeno običajno prakso ali znanjem in izkušnjami“.
The other operators, in particular CFF, have a 10 % share, i.e. 2 % of the overall market.
Francoski organi so v svojem načrtu prestrukturiranja Komisiji predložili podroben finančni model za obdobje 2002–2007 na podlagi srednjih predpostavk v zvezi z vrsto spremenljivk [66].
For accompanied automotive vehicles [61] loaded onto ferries (approximately 24 % of general goods traffic in 2003), SNCM and CMN also hold the majority of the relevant market.
Finančne napovedi med drugim kažejo vrnitev dobička iz poslovanja od leta 2003.
However, since 2002 CFF has been developing its services and holds approximately 15 % of the market.
Tabela 1
Services to the Maghreb
Finančni model za obdobje 2002–2007
Tunisia and Algeria are an important market of approximately 5 million passengers, with air transport predominating.
Podatki za leta 2000, 2001 in 2002 so povzeti iz letnih poročil družbe SNCM za leti 2001 in 2002.
In that context, transport by sea represents about 15 % of traffic.
(v milijonih EUR)
While Algeria represents a significant maritime market of approximately 560000 passengers, Tunisia is a smaller market in the region of 250000 passengers.
2000 Dejanski
The French maritime transport market to the Maghreb saw steady growth of around 13 % between 2001 and 2005.
2001 Dejanski
Having regard to the prospects for growth in tourism in that region, maritime transport was expected (relevant at the time for the examination of the facts) to see an annual growth rate of around 4 % by 2010.
2002 Načrtovani
In Algeria, SNCM is the second-largest operator in the market after Entreprise Nationale de Transport Maritime de Voyageurs (ENTMV), an Algerian public undertaking.
2002 Dejanski
SNCM’s market share increased from 24 % in 2001 to 35 % in 2005.
2003 Načrtovani
SNCM is the second-largest operator in the market to Tunisia after Compagnie tunisienne de navigation (CTN).
2004 Načrtovani
Although SNCM has lost market share to CTN since 2001, going from 44 % to 39 % in 2004, an improvement was, however, recorded in 2005 (40 %).
2005 Načrtovani
DESCRIPTION OF THE MEASURES COVERED BY THIS DECISION
2006 Načrtovani
The 2002 recapitalisation of SNCM
2007 Načrtovani
Following the Commission decision of 17 July 2002 to authorise rescue aid to SNCM [62], on 18 February 2002 the French authorities notified the Commission of planned restructuring aid to SNCM.
Promet
That measure consisted in the recapitalisation of SNCM, through its parent company CGMF, to the tune of EUR 76 million, of which EUR 46 million was accounted for by restructuring costs [63].
Subvencije za poslovanje
The objective of the capital increase was to increase SNCM’s own capital from EUR 30 million to EUR 106 million.
Izid iz poslovanja
In accordance with the 1999 guidelines, the French authorities submitted to the Commission a restructuring plan [64] for SNCM concerning five points:
Čisti rezultat
a reduction in the number of crossings and the redeployment of its vessels between the different routes (a reduction in services to Corsica and an increase in services to the Maghreb).
Kapital
The restructuring plan provided for a reduction in the number of crossings from 4138 (3835 for SNCM and 303 for its subsidiary Corsica Marittima) to 3410 in 2003 with the following route changes:
Neto finančni dolgovi (brez zakupa)
changes to routes between Marseille and Corsica in accordance with the terms and conditions of the 2001-2006 public service contract,
Finančni kazalniki
near-withdrawal of routes between Toulon and Corsica,
Izid iz poslovanja/promet + subvencije
reduction of services between Nice and Corsica,
Lastna sredstva/zadolženost v bilanci
closure of the Livorno-Bastia line with dedicated equipment, actually closed in 2003,
Po mnenju francoskih organov bi morala kapitalski vložek v višini 76 milijonov EUR in vrnitev poslovnih dobičkov, predvidena od leta 2003, omogočiti povečanje kapitala družbe s približno 30 milijonov EUR ob koncu leta 2001 na 120 milijonov EUR v kratkem roku (2003) in nato na 160–170 milijonov EUR ob koncu obdobja, ki ga zajema načrt (2006–2007).
consolidation of services from Algeria and Tunisia by the vessels Méditerranée, Ile de Beauté and Corse and the withdrawal of the Genoa-Tunis service;
Francoski organi so predložili tudi analizo občutljivosti pričakovanih rezultatov v zvezi z delovnimi predpostavkami glede prometa na različnih linijah.
a reduction in its fleet by four vessels, which was to provide EUR 21 million of liquid assets;
Na podlagi tega simulacije kažejo, da bi morala družba SNCM v zadevnih scenarijih znova doseči donosnost.
the transfer of certain property assets;
Francoski organi so prvotno opisali dve alternativni metodi, ki so ju zavrnili, ker sta bili predragi.
a reduction in staff [65] of approximately 12 % which, combined with a sensible wage policy, was to make it possible to reduce crew costs from EUR 61,8 million in 2001 to EUR 54,8 million on average from 2003 to 2006 and shore costs from EUR 50,3 million in 2001 to EUR 45,8 million over the same period;
Prva metoda vrednotenja je temeljila na seštevanju stroškov vseh ukrepov prestrukturiranja.
the closure of two of its subsidiaries, Compagnie Maritime Toulonnaise and Corsica Marittima, whose residual activities would be taken over by SNCM.
Rezultat je bila potreba po financiranju v višini 90,9 milijona EUR na podlagi:
Following the observations made by the Commission in its decision of 19 August 2002, the French authorities, in their letter of 31 January 2003, set out the improvements made to the restructuring plan on the following points:
skupne izgube, nastale med letoma 1991 in 2001, tj. 41,7 milijona EUR (29 milijonov EUR – številka, potrjena z Odločbo 2002/149/ES z dne 30. oktobra 2001 (UL L 50, 21.2.2002, str.
commitments and clarifications concerning wage policy,
66), 6,1 milijona EUR za leto 2000 in 6,6 milijona EUR, pred stroški prestrukturiranja, za leto 2001),
a plan for reducing costs in intermediate purchases,
znižanja sredstev zaradi presežne davčne amortizacije v istem obdobju, tj. 24 milijonov EUR (postavka v bilanci se za to obdobje zmanjša s 86 na 62 milijonov EUR, kar izraža podaljšanje amortizacijske dobe z 12 na 20 let, manjšo uporabo teh sredstev in uporabo zakupa za zadnje dobavljene enote),
a commitment that SNCM would not initiate a price war with its competitors operating services to Corsica.
kapitalskega dobička od prodaje med prestrukturiranjem, tj. 21 milijonov EUR, odštetega od potrebe po financiranju, in
On the last point, the French authorities state that ‘SNCM makes that commitment without reservations, because it takes the view that a price war of its own making would not be consistent either with its strategic positioning, its interest (because it would lead to a reduction in revenue), its usual practices or its expertise’.
kumulativnega učinka stroškov prestrukturiranja v višini 46,2 milijona EUR (glej opombo 58).
In their restructuring plan, the French authorities submitted to the Commission a detailed financial model for 2002 to 2007 on the basis of median hypotheses relating to a series of variables [66].
Druga metoda je temeljila na določitvi zneska kapitala, ki bi ga banke zahtevale za celotno ladjevje, ob upoštevanju, da banke za financiranje nakupa ladje na splošno zahtevajo lastna sredstva, ki ustrezajo od 20 % do 25 % vrednosti ladje.
The financial projections show, inter alia, a return to operating profit from 2003.
Francoski organi so na podlagi preteklih stroškov nakupa ladjevja v višini 843 milijonov EUR izračunali kapitalsko zahtevo v znesku med 157 milijonov EUR in 196 milijonov EUR.
Table 1
Po odštetju kapitala s konca leta 2001 je bila rezultat te metode potreba po dokapitalizaciji v višini med 101 milijon EUR in 140 milijonov EUR.
Financial model for 2002-2007
Metoda, ki so jo francoski organi na koncu izbrali za določitev zneska dokapitalizacije, je vključevala izračun potrebe po financiranju na podlagi povprečnega razmerja med kapitalom in dolgom petih evropskih pomorskih družb iz leta 2000.
Figures for 2000, 2001 and 2002 taken from SNCM’s annual reports for 2001 and 2002.
Kljub razlikam v bilancah stanja med navedenimi družbami je povprečje, ki so ga izračunali francoski organi, 79 %.
EUR million
Francoski organi trdijo, da je na podlagi finančnih napovedi za obdobje 2002–2007 povprečno razmerje med kapitalom in dolgom 77 %, pri čemer bo kapital leta 2007 znašal 169 milijonov EUR.
2000 Actual
Takšno raven lastnega kapitala bi morali doseči z dokapitalizacijo v višini 76 milijonov EUR in uspešno izvedenimi ukrepi iz načrta prestrukturiranja.
2001 Actual
Ukrepi po dokapitalizaciji iz leta 2002
2002 Plan
Uvodna opomba
2002 Actual
Dokapitalizacija in načrt prestrukturiranja iz leta 2002 nista zagotovila pričakovanih rezultatov, od leta 2004 pa se je gospodarski in finančni položaj družbe SNCM zelo poslabšal.
2003 Plan
Poslabšanje so povzročili notranji dejavniki (delavski spori, nezadostno in prepozno uresničevanje ciljev produktivnosti, izguba tržnih deležev), zunanji dejavniki (manjša privlačnost Korzike kot destinacije, povečanje tržnih deležev družbe CFF, napake, ki jih je pri upravljanju storila država [67]) in rast stroškov goriva.
2004 Plan
Tako so bili izidi iz poslovanja družbe SNCM leta 2004 – 32,6 milijona EUR, leta 2005 pa – 25,8 milijona EUR.
2006 Plan
Francoski organi so zaradi poslabšanja gospodarskega in finančnega položaja družbe SNCM prodali več sredstev, kot je bilo predvideno v načrtu prestrukturiranja iz leta 2002 in določeno v odločbi iz leta 2003, in začeli postopek iskanja zasebnih partnerjev.
2007 Plan
Tabela 2
Turnover
Seznam sredstev, ki jih je SNCM prodala od leta 2002
Operating subsidies
Neto prihodki
Operating result
Datum
Net result
Prodaje, predlagane v obvestilu iz leta 2002 (v tisočih EUR)
Capital
Aliso
Net financial debt (excl. leasing)
(namesto ladje Asco v skladu z odločbo Komisije z dne 8.
Financial ratios
9.
Operating result/turnover+subsidies
2004)
Capital/balance-sheet debt
Napoléon
According to the French authorities, the EUR 76 million capital contribution and the return to operating profitability, expected from 2003, should make it possible to raise the company’s capital from its level of about EUR 30 million at the end of 2001 to EUR 120 million in the short term (2003) and then to EUR 160-170 million at the end of the period covered by the plan (2006-2007).
Monte Rotondo
That was to lead to a reduction in debt from EUR 145 million in 2002 to levels of EUR 40 million to EUR 55 million from 2003 to 2005.
Liberté
In the last years of the plan, an increase in debt was forecast by the company because of the replacement of one or two vessels (full ownership).
Nepremičninski sklop Schuman
The French authorities also provided a sensitivity analysis of expected results in relation to working hypotheses in respect of traffic on different routes.
Dodatne prodaje, ki jih je Komisija zahtevala z odločbo z dne 9.7.2003 (v tisočih EUR)
On that basis, the different simulations show that SNCM should have returned to profitability under the scenarios in question.
Dodatne prodaje po odločbi iz julija 2003 (v tisočih EUR)
Initially, the French authorities described two alternative methods which they rejected as being too costly.
Asco
The first valuation method consisted in adding together the costs of all the restructuring measures.
Prodaja stanovanj iz stavbnega fonda SNCM
It led to a EUR 90,9 million financing requirement, based on the following:
(v katerih je prej stanovalo osebje družbe SNCM)
accumulated losses from 1991 to 2001, i.e. EUR 41,7 million (EUR 29 million — figure validated by Decision 2002/149/EC of 30 October 2001 (OJ L 50 of 21 February 2002, p.
september 2003 do 2006
66), EUR 6,1 million in respect of 2000 and EUR 6,6 million, before restructuring costs, in respect of 2001),
SKUPAJ (v tisočih EUR)
the reduction in resources made up of excess tax depreciation between the same dates, i.e. EUR 24 million (the item falls from EUR 86 million to EUR 62 million on the balance sheet over the period, which reflects the extension of the depreciation period from 12 to 20 years, the lesser use of that resource and the use of leasing for the latest units delivered),
Postopek izbire zasebnih partnerjev je potekal od 26. januarja 2005 do konca septembra 2005.
capital gain on disposal generated during restructuring, i.e. EUR 21 million, deducted from the financing requirement, and
Francoska vlada je 26. januarja in 17. februarja 2005 napovedala, da bo začela iskati zasebnega partnerja za vstop v kapital družbe SNCM, da bi okrepil njeno finančno strukturo in jo podprl pri spremembah, potrebnih za njen razvoj.
cumulative effect of restructuring charges of EUR 46,2 million (see footnote 58).
Agence des Participations de l’État (v nadaljnjem besedilu: APE) je imenovala neodvisnega nadzornika postopka iskanja in svetovalni banki (HSBC) naročila, naj vzpostavi stik z morebitnimi kupci.
The second method consisted in determining the amount of capital the banks would require for the entire fleet, given that for financing the purchase of a vessel banks in general require capital corresponding to 20 % to 25 % of the vessel’s value.
V okviru tega je bil z 72 industrijskimi in finančnimi vlagatelji vzpostavljen stik, da se določijo finančni pogoji predloga za podporo industrijskemu načrtu podjetja in ohranitvi delovnih mest ter učinkovitega izvajanja javne službe.
On the basis of a historical acquisition cost of EUR 843 million for the fleet, the French authorities calculated a capital requirement of between EUR 157 million and EUR 196 million.
Od teh jih je 23 izrazilo interes, podpisanih je bilo 15 sporazumov o zaupnosti in poslanih 15 informativnih dopisov.
After deducting existing capital at the end of 2001, this method led to a recapitalisation requirement of EUR 101 million to EUR 140 million.
V prvem krogu 5. aprila 2005 je ponudbo predložilo šest podjetij, v drugem krogu 17. junija 2005 pa so bile prejete tri ponudbe (družb Connex – zdaj Veolia Transdev (VT), Caravelle in BCP) in izraz zanimanja za manjšinski delež (družbe Comanav).
The method finally chosen by the French authorities to determine the amount of the recapitalisation involves calculating the financing requirement on the basis of the average capital/debt ratio of five European shipping companies recorded in 2000.
V tretjem krogu 28. julija 2005 so bile prejete tri ponudbe.
In spite of the differences in the balance sheets of those undertakings, the average calculated by the French authorities was 79 %.
Francija je 27. septembra 2005 objavila sporočilo za medije, v katerem je navedla, da je bil na podlagi poglobljene preučitve obeh predlogov izbran predlog skupine BCP, ker je bil najsprejemljivejši s finančnega vidika in najprimernejši za zaščito interesov družbe, javne službe in delovnih mest.
The French authorities submit that the financial projections for 2002 to 2007 give an average capital/debt ratio of 77 %, with capital to reach EUR 169 million in 2007.
V prvotni ponudbi skupine BCP je bila ponujena negativna cena v višini 113 milijonov EUR in je pomenila najnižjo oceno negativne cene.
Such a level of own capital was to be obtained by means of a EUR 76 million recapitalisation and the success of the measures provided for in the restructuring plan.
V navedeni prvotni ponudbi morebitnih kupcev je bila izrecno predvidena možnost, da se njihova prvotna ponudba prilagodi po opravljenih revizijah.
Measures subsequent to the 2002 recapitalisation
Pogajanja med francoskimi organi in prihodnjimi kupci, tj. BCP skupaj s skupino Connex – zdaj Veolia Transdev, hčerinska družba Veolia – so omogočila znižanje navedene številke na 142,5 milijona EUR, povečano za upoštevanje dela izdatkov v zvezi z zdravstvenim zavarovanjem upokojencev družbe SNCM (15,5 milijona EUR).
Preliminary remark
Po tem odprtem, preglednem in nediskriminacijskem izbirnem postopku je bil 13. oktobra 2005 dosežen dogovor med državo, BCP in VT v zelo težavnih poslovnih in finančnih razmerah.
The recapitalisation and the restructuring plan of 2002 did not produce the expected results and, from 2004, the economic and financial situation of SNCM greatly deteriorated.
VT je industrijski operater družbe SNCM (28-odstotni delež), medtem ko je BCP večinski delničar z 38-odstotnim deležem.
Accordingly, SNCM’s operating results were EUR – 32,6 million in 2004 and EUR – 25,8 million in 2005.
Družbi BCP in VT sta za družbo SNCM pripravili poslovni načrt in ga Evropski komisiji predložili 7. aprila 2006.
The net result was EUR – 29,7 million in 2004 and EUR – 28,8 million in 2005.
Vsebina memoranduma o soglasju
The deterioration in SNCM’s economic and financial situation led the French authorities to sell assets over and above what was laid down in the 2002 restructuring plan and required by the 2003 decision and to initiate a procedure to seek private partners.
Memorandum o soglasju, v skladu s katerim se 75 % kapitala družbe SNCM proda zasebnim kupcem, so stranke (BCP, VT in CGMF) podpisale 16. maja 2006.
Table 2
V oddelku II memoranduma o soglasju je določeno, da se družba CGMF obvezuje, da bo odobrila, vpisala in v celoti sprostila povečanje kapitala družbe SNCM v skupnem znesku 142,5 milijona EUR.
List of assets sold by SNCM since 2002
Izplačilo nadomestil poleg plačil, prejetih v skladu z zakonodajo in pogodbami, se opravi za vsak posamezni primer in poimensko ter ustreza zaposlenim, ki so zapustili podjetje in katerih pogodba o zaposlitvi je bila prekinjena.
Net proceeds
Ta mehanizem je določen v členu II.2 pogodbe o prodaji z dne 16. maja 2006, ki določa, da je navedeni račun namenjen „financiranju dela stroškov morebitnih prostovoljnih odhodov ali prekinitev pogodb o zaposlitvi […], ki bi nastali poleg kakršnih koli zneskov, ki jih mora delodajalec plačati v skladu z zakonodajo in pogodbami“.
Date
Naloga skrbnika je, da „sprosti sredstva takoj, ko zadevni zaposleni, ki niso bili prerazporejeni v okviru skupine SNCM, dejansko zapustijo podjetje, in da preostanek deponiranega zneska sprosti ob koncu skrbništva“.
Sales proposed in the 2002 notification (EUR thousand)
Upravljanje tega računa je predmet pogodbe o skrbništvu, priložene memorandumu o soglasju.
the Aliso
Da se omogoči uporaba depozitnega računa, mora družba SNCM predsedniku družbe CGMF predložiti seznam imen zaposlenih, katerih pogodba o zaposlitvi je bila prekinjena in za katere se zahteva uporaba depozitnega računa, ter mesečni izkaz neto odhodkov, v katerem so podrobno razčlenjeni vsi nadomestila in stroški, izplačani zadevnim zaposlenim.
(instead of the Asco, in accordance with the Commission decision of 8.9.2004)
Družba SNCM hkrati obvesti skrbnika o „dodatnih dejanskih mesečnih stroških“ na zaposleno osebo, ki pomenijo znesek, nastal poleg kakršnih koli zneskov, ki jih mora delodajalec plačati v skladu z zakonodajo in pogodbami.
the Napoléon
Skupni znesek dodatnih prostovoljnih ukrepov države ne sme v nobenem primeru presegati 38,5 milijona EUR in če ti dodatni socialni ukrepi v treh letih po prodaji ne dosežejo tega praga, se preostanek vrne državi.
the Liberté
V oddelku III memoranduma o soglasju je še določeno, da BCP/VT družbi SNCM zagotovita dodatno povečanje kapitala v višini 8,75 milijona EUR glede na njene denarne potrebe.
All Schuman property
V točki III.2.7 memoranduma o soglasju je določeno, da je vrednost delnic družbe CGMF vedno enaka njihovi začetni nominalni vrednosti, povečani za […] [60] Zaupen podatek.
Additional sales required by the Commission in its decision of 9.7.2003 (EUR thousand)
% njene vplačane nominalne vrednosti, pomnožene z D/365, pri čemer je D število dni od datuma prodaje, odšteje pa se kakršen koli prejeti znesek (na primer dividende).
the Asco
Memorandum o soglasju (oddelek III.5) vključuje razvezno klavzulo, s katero se zagotovi pravica do prodaje družbe SNCM, ki jo lahko kupci uveljavljajo sočasno z nastopom enega izmed naslednjih dogodkov, saj bi se v teh primerih pojavil dvom o verodostojnosti njihovega poslovnega načrta in obnovitvi sposobnosti preživetja družbe:
Sud-Cargos
nedodelitev pogodbe o prenosu pooblastil javne službe za pomorske povezave s Korziko za obdobje z začetkom 1. januarja 2007 ali dodelitev navedene pogodbe pod precej slabšimi pogoji,
Sales of flats from SNCM’s housing stock
kakršna koli negativna odločba Evropske komisije ali sodba Splošnega sodišča ali Sodišča, kot je zavrnitev transakcije ali določitev pogojev, ki pomembno vplivajo na vrednost družbe, ki bi bila izrečena v šestih letih od datuma, ko partnerji pridobijo pravice v zvezi z družbo.