natgillin/translations-raw huggingface dataset:
At most, the sale-and-lease-back transaction meant that NEUWOGES had to transfer only a comparatively low percentage (45 %, rather than 50 % or 55 %) of the revenue to the inherited debt relief fund, whereas not concluding the contract and searching for an alternative buyer would have involved the risk of having to divert a larger share of the sales revenue into the fund.
so ta finančna tveganja glede na dolgo, 30-letno veljavnost pogodbe precejšnja.
In any event, NEUWOGES claims to have eventually fulfilled its privatisation obligation at a rate of 165 %, meaning that even without the BAVARIA deal the debt write-off would have been confirmed.
Družba NEUWOGES trdi, da je bilo že na začetku jasno, da se bodo ta tveganja uresničila in prinesla velike izgube, in da zaradi tega noben udeleženec v tržnem gospodarstvu ne bi sklenil pogodbe.
Modernisation
Po njenem mnenju bi udeleženec v tržnem gospodarstvu sklenil le pogodbo, ki bi bila donosna ali vsaj ne bi prinesla izgub.
NEUWOGES further submits that it did not benefit from the modernisation carried out by BAVARIA, as BAVARIA was the owner of the buildings and thus the only beneficiary of the modernisation.
Trdi, da bi se na podlagi splošne pogodbe o upravljanju lahko pričakoval dobiček le, če bi bilo razumno pričakovati, da se bodo dosegli visoka stopnja zasedenosti, letno zvišanje najemnine za […] % in nespremenljivi stroški.
Bidding Process
Po mnenju družbe NEUWOGES pa je bilo že ob sklenitvi pogodbe jasno, da se povprečna stopnja zasedenosti v višini […] % ne bo dosegla, da bi bilo nemogoče zviševati najemnine za […] % letno ter da se bodo v času veljavnosti pogodbe stroški upravljanja in vzdrževanja nedvomno zvišali.
NEUWOGES asserts that the limited bidding process carried out in 1997 cannot be invoked as an indication that the price paid by BAVARIA was in actual fact the market price.
Te trditve je podprla s podatki o napovedanem zmanjševanju števila prebivalcev in nepremičninskem trgu v Neubrandenburgu, pri čemer je trdila, da je bilo ob upoštevanju teh dejavnikov jasno, da bo pogodba prinesla izgube.
It submits that the bidding process was not open, transparent, unconditional and non-discriminatory, and is therefore insufficient for establishing the market value.
Število prebivalcev v Neubrandenburgu je padalo še pred sklenitvijo zadevnih pogodb, zato je bila vsaj od leta 1995 na trgu prevelika ponudba stanovanj, pri čemer so bili neprivlačni montažni stanovanjski bloki, ki so predmet pogodbe, najbolj prazni, za stanovanja v teh stavbah pa se je plačevala nizka najemnina.
General Management Contract
Družba NEUWOGES trdi, da bi izračun udeleženca v tržnem gospodarstvu temeljil na bolj pesimističnih pričakovanjih, kot so predvideno povečanje najemnin v višini od […] % do […] %, tveganje izgube najemnin v višini […] % in indeksacija stroškov v višini […] %.
NEUWOGES asserts that no MEO of similar size and in a similar situation would have concluded the general management contract, as it was clear from the outset that the contract would result in substantial losses.
Predložila je naknadno analizo denarnih tokov, ki je bila pripravljena leta 2012 in dokazuje, da bi se na podlagi teh predpostavk v zvezi s splošno pogodbo o upravljanju pričakoval denarni tok, ki bi nominalno znašal […] EUR, po odbitku pa […] EUR [15].
Specifically, NEUWOGES argues that losses were foreseeable from the start, as the calculations underlying the contract were based on assumptions about the future development of the rental market in Neubrandenburg that were clearly too optimistic.
Po njenem mnenju ta znesek pomeni državno pomoč, ki jo je prejela družba BAVARIA.
NEUWOGES also maintains that various allegedly similar contracts provided by BAVARIA for the purpose of comparison cannot prove the market conformity of the general management contract; NEUWOGES accepted this clearly disadvantageous contract only for political reasons, which are irrelevant in applying the MEO test.
Predloženih je več različic te analize denarnih tokov, ki kažejo, da bi bil splošni napovedani denarni tok tudi ob upravičenih bolj optimističnih predpostavkah (kot so povprečno […]-odstotni delež praznih stanovanj, letna zvišanja najemnine za […] % in zvišanje stroškov za […] %) negativen.
The General Management Contract in the light of market expectations
Dobiček na podlagi splošne pogodbe o upravljanju bi bilo mogoče pričakovati le, če so bile sprejete domnevno precej nerealne predpostavke ([…]-odstotni delež praznih stanovanj, […]-odstotno letno zvišanje najemnin in […]-odstotno zvišanje stroškov).
NEUWOGES submits that the central provisions of the General Management Contract — a fixed monthly leasing payment that is increased annually by […]%, a non-indexed cost deduction of initially approximately […]% for costs (including […]% risk of loss of rent), and a duration of 30 years — do not correspond to conditions that a MEO would have agreed to.
Pogodbe za primerjavo
More specifically, NEUWOGES asserts that:
Družba NEUWOGES nasprotuje trditvi, da se lahko z nekaterimi pogodbami za podobne posle (pogodbe z […] [16], […] [17] in […] [18]) dokaže skladnost splošne pogodbe o upravljanju s trgom.
the low calculated risk of loss of rent of only […]% of the net rent income imposes on NEUWOGES the financial risk of not being able to achieve an occupancy rate of at least […]%;
Ob zavračanju trditev, da so te pogodbe primerljive, trdi, da se od splošne pogodbe o upravljanju razlikujejo z naslednjih bistvenih vidikov:
the indexation of the fixed leasing payment by […]% per year means that NEUWOGES bears the financial risk of not being able to impose annual rent increases corresponding to at least this rate;
Predložen ni bil noben dokaz, da so gospodarski položaj in obeti teh mest (v katerih so nepremičnine, povezane s pogodbami za primerjavo) dovolj podobni položaju in obetom Neubrandenburga, zato ni mogoče predpostavljati, da so pogodbe kot celota primerljive.
since the costs are not independently indexed, NEUWOGES bears the financial risk of any increase in administration and maintenance costs, and only a rent increase of over […]% per year could conceivably offset an increase in costs;
Indeksacija obroka zakupnine v pogodbah za primerjavo je precej drugačna od indeksacije v splošni pogodbi o upravljanju (tj. 1,0 % – 1,5 %).
these financial risks are significant in the light of the long, 30-year, duration.
Nobena od posameznih pogodb za primerjavo zanjo ni primerna, saj so okoliščine v vseh primerih različne (družba […]: manj zahtevne obveznosti upravljanja; družba […]: ne gre za stanovanja, ampak poslovne nepremičnine, ki so bile ob sklenitvi pogodbe vse oddane; družba […]: nepremičnine so se nahajale v rastoči regiji).
NEUWOGES argues that it was clear from the outset that these risks would materialise, leading to heavy losses, and that accordingly no MEO would have concluded the contract.
Po mnenju družbe NEUWOGES pogodbe za primerjavo ne dokazujejo skladnosti splošne pogodbe o upravljanju s trgom, ampak ravno njeno neskladnost, saj kljub temu, da so povezane z nepremičnino z boljšimi gospodarskimi obeti, vključujejo manj zahtevne določbe.
According to NEUWOGES, a MEO would conclude only a contract that was profitable or that at least did not result in losses.
Politična motivacija
NEUWOGES asserts that the general management contract could have been expected to result in a profit only if it had been reasonable to expect that the high occupancy rate, annual rent increases of […]% and stable costs could actually be achieved.
Družba NEUWOGES trdi, da je bila splošna pogodba o upravljanju kljub temu, da z gospodarskega vidika ni prinašala nobene prednosti, sklenjena iz političnih razlogov.
According to NEUWOGES it was, however, already clear when the contract was concluded that an average occupancy rate of […]% would not be achievable, that a rent increase of at least […]% per year would be impossible, and that the administration and maintenance costs would inevitably increase over the duration of the contract.
Po poudarjanju, da razlogi, iz katerih javni organ dodeli državno pomoč, niso pomembni za pravno oceno, trdi, da politična motivacija dokazuje, da gospodarski premisleki niso bili odločujoči dejavnik.
To support these assertions, NEUWOGES points to both the projected population decline and the real-estate market in Neubrandenburg, maintaining that, in the light of these factors, the contract was bound to result in a loss.
Natančneje, trdi, da je bila splošna pogodba o upravljanju sklenjena iz naslednjih razlogov:
Since Neubrandenburg’s population was in decline even before the contracts at issue were concluded, there was a significant oversupply of apartments from at least 1995 onwards, with the unattractive prefabricated apartment blocks, which are the subject of the contract, being most affected by vacancies and low rents.
prisoten je bil velik politični pritisk k spodbujanju posodobitve in privatizacije stanovanj v lasti lokalnih nepremičninskih družb v nekdanji Vzhodni Nemčiji,
NEUWOGES alleges that a MEO would have based its calculations on more pessimistic expectations, such as projected annual rent increases of between […]% and […]%, a risk of loss of rent of […]% and an indexation of the costs of […]%.
mesto Neubrandenburg je upalo, da bo s posodobitvijo in privatizacijo stanovanj preprečilo nadaljnje padanje števila prebivalcev,
NEUWOGES presents an ex post cash-flow analysis prepared in 2012 demonstrating that, on the basis of these assumptions, the cash flow that would have been expected to result from the general management contract was EUR […] in nominal terms and EUR […] after discounting [15].
s sklenitvijo splošne pogodbe o upravljanju se je skupaj s pogodbo o skupnem pavšalnem znesku ohranila visoka stopnja naložb v Neubrandenburgu, saj bi njen padec precej pripomogel k zvišanju lokalne stopnje brezposelnosti.
It is NEUWOGES’ submission that this amount constitutes the state aid received by BAVARIA.
Druge možnosti
A number of variations of this cash-flow analysis are also provided, showing that, even if more optimistic assumptions had been justified (such as an average vacancy rate of […]%, annual rent increases of […]% and an increase in costs of […]%), the overall predicted cash flow would also have been negative.
Družba NEUWOGES trdi, da bi udeleženec v tržnem gospodarstvu namesto zadevnih pogodb raje izbral druge možnosti.
The general management contract would have been expected to result in a profit only if allegedly quite unrealistic assumptions had been accepted ([…]% vacancy rate, […]% annual rent increase and […]% increase in costs).
Prvič, družba NEUWOGES trdi, da bi bila ugodnejša neposredna prodaja, saj bi ustvarila dobiček, pri splošni pogodbi o upravljanju pa se je lahko od začetka pričakovalo, da bo prinesla izgube.
Comparison contracts
Trdi, da bi se lahko nepremičnina (stavbe in zemljišče) prodala po ceni, enaki ali višji od cene, ugotovljene v cenitvah.
NEUWOGES disputes that certain contracts from similar transactions (the[…] [16], […] [17] and […] [18] contracts) can prove the market conformity of the general management contract.
Nadalje je trdila, da bi bila donosnejša tudi prodaja, pri kateri bi kupec kupil zemljišče in podrl stavbe.
Rejecting suggestions that these contracts are comparable, NEUWOGES argues that they differ from the general administration contract in the following material respects:
Ta ocena bi bila enaka tudi ob upoštevanju odpisa dolga v skladu z zakonom o odpisu podedovanega dolga, saj bi lahko družba NEUWOGES poskusila izpolniti svoje obveznosti s privatizacijo drugih stavb, tudi brez odpisa dolga pa bi bila prodaja donosnejša od posla prodaje in povratnega zakupa.
Since no evidence was presented that the economic situation and outlook of these cities (in which the properties to which the comparison contracts relate are located) were sufficiently similar to those of Neubrandenburg, it cannot be assumed that the contracts as a whole are comparable.
Trdi, da razlogi, zaradi katerih se ni uporabila katera od teh možnosti, izhajajo iz političnih zavez družbe NEUWOGES.
The indexation of the leasing payment in the comparison contracts differs significantly from that in the general management contract (i.e. 1,0-1,5 %).
Drugič, družba NEUWOGES trdi tudi, da bi udeleženec v tržnem gospodarstvu prav tako raje izbral financiranje posodobitve v manjšem obsegu na lastne stroške, nadaljnje oddajanje stanovanj brez posodabljanja ali rušenje stavb.
None of the individual comparison contracts is suitable for comparison because the circumstances are different in each case ([…]: less onerous maintenance obligations; […]: commercial properties rather than apartments, which had a vacancy rate of 0 % at the conclusion of the contract; […]: the properties were located in a growth region).
Razlogi, zaradi katerih se ni izbrala katera od teh možnosti, ponovno izhajajo iz političnih zavez družbe NEUWOGES.
Rather than proving the market-conformity of the general management contract, NEUWOGES submits that the comparison contracts demonstrate precisely its non-conformity, since they include less onerous provisions despite relating to property with a better economic outlook.
Nazadnje družba NEUWOGES trdi, da bi bilo ob sprejetju odločitve o posodobitvi zanjo donosneje, če bi gradbena dela financirala z drugimi sredstvi.
Political motivation
Lahko bi se na primer vzelo posojilo, ki bi se lahko zavarovalo z jamstvom mesta Neubrandenburg, pogoji posojila pa bi bili ugodnejši kot tisti iz posla z družbo BAVARIA.
NEUWOGES submits that the general management contract, despite clearly being economically disadvantageous, was concluded for political reasons.
Državna sredstva in pripis državi
After pointing out that the reasons for which a public authority grants state aid are not relevant to the legal assessment, NEUWOGES argues that the political motivation proves precisely that economic considerations were not the deciding factor.
Družba NEUWOGES meni, da je bila domnevna prednost dodeljena z državnimi sredstvi in jo je mogoče pripisati državi.
More specifically, NEUWOGES asserts that the general management contract was concluded for the following reasons:
Prvič, družba NEUWOGES trdi, da je imelo mesto Neubrandenburg, ki je bilo njen edini delničar in je prevladovalo v njenem nadzornem svetu, nanjo prevladujoč vpliv.
There was intense political pressure to promote both the modernisation and privatisation of apartments owned by local housing companies in the former East Germany.
Na podlagi tega nadzora izgube, ki naj bi bile posledica posla prodaje in povratnega zakupa, pomenijo državna sredstva, ki se jim je država odrekla.
By modernising and privatising apartments, the city of Neubrandenburg hoped to counteract the ongoing decrease in population numbers.
Družba BAVARIA nasprotuje trditvam družbe NEUWOGES in trdi, da sta bili zadevni pogodbi običajni tržni posel, s katerim ni bila dodeljena nobena prednost in ne pomeni državne pomoči.
Alternatives
Družba BAVARIA trdi, da je treba zadevni pogodbi obravnavati kot enoto in ju ni mogoče oceniti ločeno.
NEUWOGES finally submits that a MEO would have preferred alternatives to the contracts at issue.
Prodaja in posledični povratni zakup stavb pomenita dva medsebojno odvisna dela enega posla.
First, NEUWOGES submits that an outright sale would have been preferable, since it would have generated a profit, whereas the general management contract could from the start have been expected to result in losses.
Poudarja, da se je posel oglaševal kot paket in za takega ga je štela tudi družba NEUWOGES, kot to dokazuje interni zapisnik, v katerem je zabeležen njen postopek odločanja.
It claims that the property (buildings and land) could have been sold at or above the price determined in the valuations.
Zato je treba po mnenju družbe BAVARIA merilo udeleženca v tržnem gospodarstvu uporabiti za posel kot celoto, ne pa za vsako posamezno pogodbo.
It is further claimed that even if a buyer had simply bought the land and demolished the buildings, such a sale would have been more profitable.
Posel družbi NEUWOGES ni dodelil prednosti
This assessment would remain the same even if the debt write-off pursuant to the Inherited Debt Support Law were taken into account, since NEUWOGES could have attempted to fulfil its obligations by privatising other buildings and, even without the debt-write off, a sale would have been more profitable than the sale-and-lease-back transaction.
Po mnenju družbe BAVARIA morebitni obstoj prednosti izključuje že dejstvo, da je družba NEUWOGES začela postopek za zbiranje ponudb (čeprav je bil ta omejen), da bi preverila trg.
NEUWOGES claims that the reasons for not choosing any of these alternatives are to be found in NEUWOGES’ political commitments.
Po njenem mnenju ni razloga za dvom, da družba NEUWOGES ni izbrala gospodarsko najugodnejše ponudbe, ki je bila na voljo.
Second, NEUWOGES further argues that a MEO would also have preferred financing a more limited modernisation itself, continuing to rent without any modernisation, or demolishing the buildings.
Družba BAVARIA meni, da je treba pri ugotavljanju, ali bi udeleženec v tržnem gospodarstvu ne glede na postopek za zbiranje ponudb sklenil posel, upoštevati poseben položaj družbe NEUWOGES.
Again, the reasons for not choosing these alternatives lie in NEUWOGES’ political commitments.
To vključuje potrebo po zbiranju kapitala, posodobitvi stanovanj, da bi se lahko privatizirala (ob ohranjanju zmernih najemnin), in odpisu dolga v skladu z zakonom o odpisu podedovanega dolga.
Finally, NEUWOGES maintains that, if a decision to modernise had been taken, it would have been more profitable for NEUWOGES to finance these works by other means.
Družba BAVARIA ob upoštevanju teh dejavnikov trdi, da bi udeleženec v tržnem gospodarstvu, ki bi bil v enakem položaju, sklenil posel.
For instance, a loan could have been taken up for which a guarantee from the City of Neubrandenburg could have been secured, rendering the loan conditions more favourable than those of the BAVARIA deal.
Glede določb v splošni pogodbi o upravljanju in tveganj, povezanih z gibanjem na nepremičninskem trgu mesta Neubrandenburg, ki bi bilo slabše od pričakovanega (kot je delež praznih stanovanj, višji od pričakovanega itd.), družba BAVARIA trdi, da tveganje, da ne bo mogoče doseči zaželene višine najemnine in stopnje zasedenosti, družbi NEUWOGES ni bilo vsiljeno, ampak je nekako z njo ostalo.
State resources and imputability
Tudi če družba NEUWOGES ne bi sklenila posla z družbo BAVARIA, bi morala nositi posledice gibanja na trgu, ki bi bilo slabše od pričakovanega.
NEUWOGES is of the opinion that the alleged advantage was granted through state resources and is imputable to the State.
Glede posameznih določb splošne pogodbe o upravljanju družba BAVARIA trdi, da je bila povprečna najemnina na m2, na kateri je temeljil izračun obroka zakupnine, dejansko malo nižja od najemnine, ki bi se lahko pričakovala ob upoštevanju zadevne preglednice z najemninami za Neubrandenburg.
First, NEUWOGES submits that the City of Neubrandenburg, which was its sole shareholder and dominated its supervisory board, had a dominating influence on NEUWOGES.
Družba BAVARIA je nadalje poudarila, da je bilo v isti preglednici z najemninami predvideno zvišanje najemnin v obdobju po 1. januarju 2000, zato pričakovanje, da se bodo najemnine zviševale za […] % letno, ni bilo nerealno.
Based on this control, the losses allegedly resulting from the sale-and-lease-back transaction constitute foregone state resources.
Družba BAVARIA je glede pogodbe o dolgoročnem zakupu z možnostjo nakupa poudarila, da neposredna primerjava s cenitvama iz let 1997 in 2007 ni mogoča, saj sta se ti cenitvi nanašali na neposredno prodajo, s pogodbo o dolgoročnem zakupu z možnostjo nakupa, ki je sicer zajemala prodajo stavb, pa se je ustvaril le zakup zemljišča.
Second, NEUWOGES argues that, in this case, virtually all the indicators of imputability are present.
Družba NEUWOGES je ostala lastnik zemljišča, zato vrednosti zemljišča, navedene v cenitvah, ni mogoče upoštevati.
It points out that the City of Neubrandenburg has far-reaching control over NEUWOGES, that serving the city’s interests is of the utmost importance for NEUWOGES, that the transaction in question was concluded for political reasons, and that the evidence indicates that the City of Neubrandenburg had the final say on the sale-and-lease-back transaction.
Družba BAVARIA trdi tudi, da cenitvi nadalje nista pomembni, saj je bila z njima določena le teoretična vrednost nepremičnine in ne dejanska tržna vrednost.
BAVARIA rejects NEUWOGES’ submissions, arguing instead that the contracts at issue were normal market transactions not conferring an advantage and accordingly not constituting state aid.
Družba BAVARIA nadalje trdi, da je treba upoštevati odpis dolga na podlagi posla.
BAVARIA first asserts that the contracts at issue have to be seen as an economic unit (section 4.2.1); second, that the contracts as a whole were not such that no MEO would have agreed to them (section 4.2.2); third, BAVARIA asserts that the alternatives put forward by NEUWOGES would not have been more advantageous to NEUWOGES (section 4.2.3); finally, BAVARIA submits that no imputable transfer of state resources was involved (section 4.2.4).
Trdi, da je bila zagotovitev odpisa dolga v skladu z zakonom o odpisu podedovanega dolga eden od ciljev družbe NEUWOGES, ko je sklenila zadevni posel.
BAVARIA argues that the contracts at issue have to be seen as a unit and cannot be assessed in isolation from each other.
Družba BAVARIA trdi tudi, da je treba poleg natančnih pogojev pogodbe o dolgoročnem zakupu z možnostjo nakupa ter splošne pogodbe o upravljanju upoštevati tudi prednosti, ki jih je družba NEUWOGES pridobila s pogodbo o skupnem pavšalnem znesku.
The sale and subsequent lease-back of the buildings constitute two interdependent parts of one transaction.
Trdi, da je družba NEUWOGES vztrajala pri tem, da je za posodobitev nepremičnin zadolžena njena odvisna družba BRG, pri tem pa je družba NEUWOGES upoštevala, da bo prejela ves dobiček družbe BRG (je pa bila odgovorna tudi za kritje morebitnih izgub).
BAVARIA stresses that the transaction was advertised as a package and perceived as such by NEUWOGES, as evidenced by the internal minutes documenting its decision-making process.
Ob upoštevanju navedenega je treba dobiček, ustvarjen na podlagi pogodbe z družbo BRG, tj. […] EUR, šteti za pomembno prednost za družbo NEUWOGES.
In consequence — according to BAVARIA — the MEO test has to be applied to the transaction as a whole, not to each individual contract.
Glede splošne logike modela prodaje in povratnega zakupa družba BAVARIA trdi, da je povsem običajno, da družba NEUWOGES družbi BAVARIA povrne prvotno naložbo plus obresti.
The transaction did not confer an advantage upon NEUWOGES
Družba BAVARIA navaja zapisnik internega postopka odločanja družbe NEUWOGES, da bi dokazala, da se je slednja popolnoma zavedala namena obroka zakupnine, tj. da družbi BAVARIA povrne prvotno naložbo.
According to BAVARIA, the possible existence of an advantage is already excluded by the fact that NEUWOGES undertook a bidding process (albeit a limited one) in order to survey the market.
Glede drugih možnosti, ki jih navaja družba NEUWOGES in za katere meni, da bi bile gospodarsko ugodnejše, družba BAVARIA trdi, da te možnosti niso bile dejansko na voljo ali pa niso bile ugodnejše.
It is asserted that there is no reason to doubt that NEUWOGES chose the economically most advantageous offer available.
Prvič, glede domnevne možnosti prodaje neposredno najemnikom družba BAVARIA trdi, da družbi NEUWOGES najverjetneje ne bi uspelo prodati neposodobljenih stanovanj, hkrati pa ni imela sredstev za financiranje potrebne posodobitve.
BAVARIA considers that, in order to determine whether, regardless of the bidding process, a MEO would have engaged in the transaction, the particular situation of NEUWOGES has to be taken into account.
Drugič, glede financiranja posodobitve s posojilom družba BAVARIA trdi, da bi bili tveganja in stroški družbe NEUWOGES enaki kot pri poslu z družbo BAVARIA.