natgillin/translations-raw huggingface dataset:
In this context it is significant that the ‘real-estate leasing model’ was apparently chosen by both public ([…]) and private ([…]) undertakings, and was offered both to undertakings wishing to qualify for debt relief under the Inherited Debt Support Law and to parties that did not come within the provisions of that law.
Zaradi indeksacije dolgovanega zneska za […] % letno se bo obrestna mera pri zakupu do izteka pogodbe zvišala na […] %, poprečna obrestna mera pri zakupu pa bo zato znašala […] % letno.
Bidding process
Za primerjavo, če se družba NEUWOGES ne bi odločila za indeksacijo obrestne mere pri zakupu, bi bila ta določena pri […] % letno za celotno 30-letno veljavnost pogodbe.
Background
„Premija“ je torej strošek izbire nižjih obrestnih mer pri zakupu na začetku in višjih obrestnih mer pri zakupu proti izteku veljavnosti pogodbe namesto nespremenjenih obrestnih mer v celotnem obdobju trajanja.
As already indicated, NEUWOGES did not undertake a fully-fledged, open, transparent, unconditional and non-discriminatory tender with a view to privatising the buildings eventually sold to BAVARIA.
Najprej je treba poudariti, da je deželno sodišče v Rostocku ocenilo obrestno mero pri zakupu glede na obrestne mere za druge posle.
However, NEUWOGES did initially solicit offers from 72 potential buyers.
Ugotovilo je, da je obrestne mere pri hipotekah v 30-letnem obdobju težko napovedati, vendar se lahko v obdobjih visokih obrestnih mer pričakujejo več kot 10-odstotne obrestne mere.
NEUWOGES claims that it chose the recipients more or less at random and that the selection could not be considered as representative of the entire market.
Ugotovilo je, da povprečne obrestne mere pri zakupu, ki jo je plačevala družba NEUWOGES, torej ni mogoče šteti za neskladno s pogoji na trgu.
Further contacts resulted after these initial calls for expression of interest were sent out, inter alia, with BAVARIA, which had not been among the recipients of the initial letter.
Za primerjavo so na voljo le pretežno splošni podatki.
Result of the bidding process
Od vseh podatkov, ki jih je banka Deutsche Bundesbank zbrala za januar 1998 (čas sklenitve zadevnega posla), se lahko za pomembni štejeta le dve vrsti obrestnih mer.
Of the unknown number of offers received, five were considered ‘useable’ [110].
Prvič, zanimive so obrestne mere za „hipotekarna posojila, zavarovana s stanovanjsko nepremičnino s fiksnimi obrestnimi merami za obdobje 10 let“, saj bi družba NEUWOGES posojilo prav tako zavarovala z nepremičnino (ne glede na to, ali bi tako posojilo izpolnjevalo vse formalne pogoje hipoteke).
Of these, two were nevertheless rejected because the potential buyers could not present a full offer ‘because of time constraints’.
Drugič, za primerjavo bi lahko bile primerne tudi obrestne mere za „dolgoročna posojila s fiksno obrestno mero za podjetja in samozaposlene v višini vsaj 500000 EUR in manj kot 5 milijonov EUR“, saj se družba NEUWOGES lahko šteje za podjetje (hipoteke sicer običajno jemljejo fizične osebe, ki v nepremičnini dejansko živijo in je ne oddajajo).
Two were furthermore rejected for economic reasons.
Po navedbah banke Deutsche Bundesbank je januarja 1998 povprečna obrestna mera za nemška hipotekarna posojila z 10-letno fiksno obrestno mero znašala 6,40 % letno.
The fifth offer, from Felske Immobilien was rejected because the price offered was considered too low (Felske had offered EUR […] per m2, resulting in a total buying price of EUR […]).
V zadevnem času so se obrestne mere za to vrsto posojila običajno gibale med 6,17 % in 6,97 % letno.
In addition to these five offers, three further bids were made, coming from BAVARIA and two other unsolicited bidders.
Pri dolgoročnih posojilih s fiksno obrestno mero je povprečna obrestna mera januarja 1998 znašala 6,35 % letno ter se gibala med 5,55 % in 7,73 % letno.
While negotiations were also initiated with one of the other two unsolicited bidders, this bid was eventually also rejected for unspecified economic reasons [111].
Banka Deutsche Bundesbank ni navedla povprečnega časa veljavnosti „dolgoročnega“ posojila.
Once the final negotiations had been concluded, NEUWOGES’ board had to approve the contracts.
Vendar se lahko predpostavlja, da ne bi bilo daljše od 10 let in bi bilo verjetno še krajše [114].
When presenting the contracts to the board, the management argued that a higher sale price could not be obtained because the contracts concerned only a lease of the land (as opposed to an outright sale), BRG would be hired to carry out the modernisation works, and NEUWOGES would continue to manage the buildings for a further 30 years [112].
Pri primerjavi obrestne mere pri zakupu, ki jo je plačala družba NEUWOGES, in obrestnih mer banke Deutsche Bundesbank za posojila, sklenjena v istem obdobju (tj. januar 1998), je treba upoštevati naslednje:
When asked about the difference from the 1997 valuation, the management again stated that a higher price could not be achieved for this transaction [113].
Povprečna letna obrestna mera pri zakupu v 30-letnem obdobju trajanja pogodbe je […] %.
While this bidding process cannot be classified as an open, transparent, non-discriminatory and unconditional tender, it nevertheless provides some indication of what offers were available on the market.
Kot pa je bilo pojasnjeno, je ta obrestna mera takšna, ker se je družba NEUWOGES odločila, da bo na začetku pogodbenega obdobja plačevala nižjo obrestno mero pri zakupu, ki se bo izravnala z višjo obrestno mero pri zakupu v poznejšem obdobju.
In this regard it is also significant that apparently a number of unsolicited bids were received, showing that potential buyers not among the 72 originally contacted companies also had an opportunity to learn of the process and participate.
Ta izbira ima posledice, saj bi morala družba NEUWOGES, če bi izbrala pavšalno obrestno mero pri zakupu že na začetku, plačevati le […]-odstotno obrestno mero pri zakupu letno [115].
The assessment of the bids by NEUWOGES indicates that NEUWOGES perceived BAVARIA’s bid to be the best available on the market at the relevant time (1997/98).
Podatki banke Deutsche Bundesbank so za posojila s fiksno obrestno mero, kar pomeni, da je obrestna mera vsa leta enaka.
NEUWOGES’ argument that at least the Felske bid was actually better is unsustainable.
Ob predpostavki, da bi se lahko družba NEUWOGES dogovorila za posojilo s podobnimi plačilnimi pogoji (tj. plačevanje nižjih obresti na začetku in višjih obresti proti koncu), bi to prav tako imelo posledice (iz enakih razlogov kot pri poslu z družbo BAVARIA) [116].
While it is true that the price apparently offered by Felske (EUR […]) was higher than the upfront payment eventually made by BAVARIA (EUR […]), it must be pointed out that the sale-and-lease-back transaction has to be assessed as a whole and that its total value (EUR […]) was higher than the price offered by Felske.
Obrestne mere banke Deutsche Bundesbank bi zato bilo treba primerjati z […]-odstotno pavšalno obrestno mero pri zakupu.Obrestna mera pri zakupu je bila vnaprej določena za obdobje 30 let.
In this light, it can be stated that, even though the bidding process carried out was not such as to constitute proof in itself that BAVARIA’s bid was the best available on the market, it points in this direction.
Čeprav se vsako leto indeksira, je bilo že ob sklenitvi pogodbe mogoče izračunati povprečno obrestno mero pri zakupu za čas veljavnosti pogodbe.
In any event, the limited bidding process provides no substantiated indication that a better offer was available to NEUWOGES at the relevant time (1997/98).
Obrestne mere banke Deutsche Bundesbank so vnaprej določene le za 10 let (kot je bilo pojasnjeno, ni znano, za kakšno obdobje se obrestne mere za podjetja določijo vnaprej, vendar se lahko predvideva, da to obdobje ni daljše od 10 let).
Other types of transactions available at the relevant time
Najprimernejša primerjava bi bile obrestne mere, določene vnaprej za obdobje 30 let, vendar banka Deutsche Bundesbank teh podatkov ne objavlja.
Assessment framework
Na splošno za posojila s fiksno obrestno mero velja, da z daljšim časom veljavnosti postanejo dražja.
It is helpful to assess the transaction in question against different, but generally similar, types of transactions offered on the market at the relevant time (1997/98).
Podatki banke Deutsche Bundesbank za januar 1998 na primer kažejo, da je bila povprečna obrestna mera pri hipoteki s 5-letno fiksno obrestno mero 5,85-odstotna, pri posojilu z 10-letno fiksno obrestno mero pa 6,40-odstotna.
The transaction in question is a typical sale-and-lease-back transaction.
Zato je mogoče predpostavljati, da bi bile obresti pri posojilu s fiksno obrestno mero in 30-letno veljavnostjo pogodbe precej višje od povprečij pri banki Deutsche Bundesbank, ki znašajo 6,35 % in 6,40 %.
Sale-and-lease-back agreements are, by nature, financing transactions.
Podatki banke Deutsche Bundesbank zagotavljajo povprečno obrestno mero in razpon obrestnih mer na podlagi številnih nemških posojilnih pogodb, sklenjenih januarja 1998.
By buying a property from the lessee, the lessor provides the lessee with liquidity and/or finances major investments, such as the modernisation of old buildings.
Obrestna mera pri zakupu, ki je veljala za družbo NEUWOGES, implicitno odraža tveganje, ki ga je posel predstavljal za družbo BAVARIA.
In order to continue using the property, for commercial or other purposes, the lessee then leases the property back, thereby (fully or partly) paying back the lessor’s investment over the duration of the lease contract.
Slednja je bila najbolj izpostavljena kreditnemu tveganju, tj. tveganju, da bi družba NEUWOGES bankrotirala ali kako drugače ne bi izpolnila obveznosti glede plačevanja obrokov zakupnine.
Being a financing transaction, a sale-and-lease-back agreement has a certain similarity with bank loans and mortgages.
Podobno bi tudi banka pred dodelitvijo posojila ocenila kreditno sposobnost družbe NEUWOGES.
There are, however, some important differences that need to be kept in mind.
Strankam z nižjo kreditno sposobnostjo (ali višjim kreditnim tveganjem za banko) se običajno zaračuna višja obrestna mera zaradi izravnave dodatnega tveganja [117].
A sale-and-lease-back transaction enables the seller/lessee to finance major investments and gain instant liquidity without having to rely on own capital.
Kot je bilo pojasnjeno (glej oddelek 7.3.1), je bila družba NEUWOGES omejena pri pridobivanju novih posojil zaradi razmeroma visoke stopnje zadolženosti in dejstva, da je bil njen lastni kapital namenjen za druge naložbene projekte.
This means that own capital and the additional liquidity obtained are available for other investments, or that the lessee can finance investments even where a traditional loan would not be available because of the lack of own capital or a high degree of indebtedness.
Če bi bila banka družbi NEUWOGES pripravljena dodeliti posojilo, bi navedene elemente upoštevala pri določanju obrestne mere.
As the buyer/lessor has to re-finance its own initial investment and make a profit, the leasing rate is typically somewhat higher than the interest rate on a comparable bank loan (as explained in further detail in the following section).
Posojila družbam z razmeroma visokim dolgom in nizkim prispevkom lastnega kapitala k naložbi imajo višje obrestne mere.
At the end of the lease contract, the lessee either has to repurchase the property or it remains in the ownership of the lessor and is available for further use.
Zato bi bilo treba pri vsaki primerjavi obrestne mere pri zakupu, ki jo je plačala družba NEUWOGES, in obrestnih mer pri posojilih, ki so bila na voljo na trgu, upoštevati zgornjo mejo razpona obrestne mere banke Deutsche Bundesbank [118].
This means that the leasing rate depends on the residual value of the property at the end of the lease contract concluded between the two parties.
Kot je bilo navedeno, mora družba, ki se ukvarja z zakupi, refinancirati svojo prvotno naložbo (v tem primeru zlasti nakupno ceno za stanovanjske bloke in stroške posodobitve).
As the residual value is often difficult to predict, especially in the case of long-term leases, it represents a risk factor for the lessor that is reflected in the leasing rate.
Obrestna mera, ki jo mora plačati za lastno refinanciranje, je odvisna od več dejavnikov, kot so njena velikost, stopnja dolga, nepremičnine na njenem portfelju itd. Ta obrestna mera pa je le izhodišče, saj se morajo družbi, ki se ukvarja z zakupi (BAVARIA), povrniti tudi tveganja, ki jih nosi.
No such risk is involved in traditional bank loans, and only to a certain degree in mortgages.
Ta tveganja lahko vključujejo tveganje, povezano z obrestno mero (tveganje, da bo morala svojo naložbo refinancirati na podlagi spremenljive obrestne mere, obroki zakupnine pa imajo fiksno obrestno mero), kreditno tveganje (možnost, kot je bilo pojasnjeno, da bo družba NEUWOGES bankrotirala in družba BAVARIA ne bo mogla izterjati dolgovanih obrokov zakupnine) in tveganje glede preostale vrednosti (negotovost glede vrednosti nepremičnine po izteku zakupne pogodbe).
The consequence is that the leasing rates and the interest rates for loans/mortgages are not entirely comparable.
Takšna družba bo verjetno imela tudi nekatere splošne stroške, ki bi bili prav tako zajeti v obrestni meri pri zakupu [119].
By comparing the leasing rate for the transaction in question with the average interest rates on loans/mortgages available at the relevant time (1997/98), it is not possible to determine precisely whether the leasing rate charged was in line with the market conditions at the relevant time (1997/98).
Družba, ki se ukvarja z zakupi, namerava imeti tudi dobiček in bo to upoštevala pri določanju obrestne mere pri zakupu [120].
It is, however, possible to say whether the leasing rate was so high that it appears that no MEO would reasonably have engaged in the transaction.
Tudi če bi družba BAVARIA svojo naložbo lahko refinancirala po obrestni meri, nižji od obrestne mere, ki bi jo družba NEUWOGES plačevala za bančno posojilo, bi bilo treba ob upoštevanju teh različnih elementov (premija za tveganje, stroški in dobiček) zvišati obrestno mero refinanciranja, da se bi dobila ustrezna obrestna mera pri zakupu, ta pa bi lahko bila na koncu višja od obrestne mere pri običajnem posojilu.
In the transaction in question, the leasing rate was initially set at […]% p.a. of the total investment volume.
Ob upoštevanju navedenih elementov se zdi […]-odstotna letna obrestna mera pri zakupu za vnaprej določene obroke zakupnine (ali celo […]-odstotna pri obroku zakupnine, indeksiranim za […] %, čeprav ta podatek ni tako primeren za primerjavo) precej razumna v primerjavi s podatki banke Deutsche Bundesbank za posojila.
Due to the indexation of the amount owed by […]% p.a., the leasing rate will rise to […]% at the end of the contract, resulting in an average leasing rate of […]% p.a.
Podatke banke Deutsche Bundesbank bi bilo treba prilagoditi, da bi na primer zajeli 30-letno veljavnost pogodbe s fiksno obrestno mero.
For the sake of comparison, if NEUWOGES had chosen not to index the leasing rate, it would have been set at […]% p.a. over the entire duration of 30 years.
Popravka, ki bi bil potreben za primerno primerjavo, ni mogoče natančno določiti, vendar se zdi, da razlika med povprečnimi obrestnimi merami za posojila in hipoteke ter obrestno mero pri zakupu zadošča za ugotovitev, da nič ne kaže na previsoko obrestno mero družbe BAVARIA pri zakupu.
The ‘premium’ is then the cost of choosing lower leasing rates at the beginning, and higher leasing rates towards the end, of the contract, rather than stable rates throughout.
Komisija zato ugotavlja, da je bila obrestna mera pri zakupu, ki jo je uporabila družba BAVARIA, v skladu z razmerami na trgu v zadevnem obdobju (konec leta 1997/začetek leta 1998).
It must first be pointed out that Rostock Regional Court assessed the leasing rate against interest rates for other transactions.
Iz razpoložljivih informacij je razvidno, da je bil posel med družbama NEUWOGES in BAVARIA v razponu poslov, ki bi jih udeleženec v tržnem gospodarstvu razumno sklenil.
It observed that the development of the interest rates on mortgages over a time span of 30 years was difficult to predict, but that interest rates of over 10 % could be expected in periods of high interest rates.
Pogodbe za primerjavo, postopek za zbiranje ponudb in primerjava z drugimi instrumenti financiranja kažejo na to, da je bil posel v skladu z razmerami na trgu v zadevnem času in da model družbe BAVARIA ni bil precenjen.
It observed that the average leasing rate charged to NEUWOGES could not, then, be seen as being out of line with market terms.
DODATNA OCENA: OSTALI ELEMENTI DRŽAVNE POMOČI IN ZDRUŽLJIVOST Z NOTRANJIM TRGOM
Only fairly general data is available for comparison.
Glavna analiza Komisije dokazuje, da je bila odločitev družbe NEUWOGES glede sklenitve posla prodaje in povratnega zakupa v skladu z načelom udeleženca v tržnem gospodarstvu, kar pomeni, da posel družbi BAVARIA ni dodelil prednosti in da ji zato ni bila dodeljena nobena pomoč.
Of all the data gathered by the German Bundesbank for January 1998 (when the transaction in question was concluded), two types of interest rates can be considered relevant.
Komisija je kljub temu proučila, ali bi bilo ob drugačnem izidu, tj. da bi družba NEUWOGES družbi BAVARIA dejansko dodelila prednost, zagotovo ugotovljeno, da je posel pomenil državno pomoč, nezdružljivo z notranjim trgom.
First, the interest rates for ‘mortgage loans secured by residential real estate with interest rates fixed for 10 years’ are of interest, since NEUWOGES too would use residential real estate as collateral for a loan (regardless of whether or not such a loan would meet all the formal conditions of a mortgage).
Ob hipotetični predpostavki, da družba NEUWOGES ni izpolnila načela udeleženca v tržnem gospodarstvu in da je bila zato družbi BAVARIA dodeljena prednost, je Komisija zato proučila, ali so ukrepi pomenili državno pomoč za družbo BAVARIA in ali bi se ta pomoč lahko razglasila za združljivo z notranjim trgom.
Second, the interest rates for ‘long-term fixed-rate loans to enterprises and self-employed persons, EUR 500000 and over but less than EUR 5 million’ could also be suitable for a comparison, since NEUWOGES can be considered as an enterprise (while mortgages are usually taken out by private individuals who actually live in the property themselves rather than renting it out).
Ostali elementi državne pomoči
According to the Bundesbank, in January 1998 German mortgage loans with a 10-year fixed interest rate had an average interest rate of 6,40 % p.a.
Podjetje
At that time, interest rates for this type of loan normally spanned a range of 6,17 % p.a. to 6,97 % p.a.
Javna sredstva, dodeljena subjektu, se lahko za državno pomoč štejejo le, če je subjekt „podjetje“ v smislu člena 107(1) PDEU.
For long-term fixed-rate loans, the average interest rate in January 1998 was 6,35 % p.a. and spanned a range of 5,55 % p.a. to 7,73 % p.a.
Sodišče je podjetje vedno opredelilo kot subjekt, ki opravlja gospodarsko dejavnost [121].
The Bundesbank does not specify the average duration of a ‘long-term’ loan.
Gospodarska dejavnost je vsaka dejavnost, ki vključuje ponujanje blaga in storitev na trgu [122].
However, it can be assumed that it would not be more than 10 years and would probably be shorter than that [114].
Družba BAVARIA opravlja več gospodarskih dejavnosti, kot so poslovne naložbe v nepremičnine ter dajanje v zakup takih nepremičnin poslovnim in zasebnim strankam.
A comparison of the leasing rate paid by NEUWOGES with the available interest rates from the Bundesbank for loans that were concluded in the same time period (i.e. January 1998) must take the following elements into account:
Družba BAVARIA je torej podjetje v smislu člena 107(1) PDEU.
The average yearly leasing rate over the 30-year contract period is […]%.
Uporaba državnih sredstev in odgovornost države
However, as discussed above, this rate is the result of NEUWOGES’ choosing to pay a lower leasing rate at the beginning of the contract period, offset by a higher leasing rate later on.
Ukrep je mogoče pripisati državi, financiran pa je iz državnih sredstev.
This choice comes at a cost, because if NEUWOGES had opted for a flat leasing rate from the start it would have had to pay a rate of only […]% per year [115].
V skladu s sodno prakso Sodišča v zadevi Stardust Marine [123] lahko državna pomoč, ki ni financirana neposredno iz državnega proračuna, to merilo izpolnjuje, če so sredstva pod nadzorom države, odločitev glede prenosa sredstev pa je mogoče pripisati državi.
The figures from the Bundesbank are for fixed-rate loans, meaning that the interest rate is equal in each of the years.
Družba NEUWOGES je v 100-odstotni lasti mesta Neubrandenburg, torej je javno podjetje v smislu člena 2(b) Direktive Komisije 2006/111/ES [124], kot je navedlo Sodišče v sodbi v zadevi Stardust Marine.
If it is assumed that NEUWOGES would have been in a position to negotiate a loan with similar payment conditions (i.e. lower interest payments at the start and higher payments towards the end), this would also have come at a cost (for the same reasons as for BAVARIA) [116].
Mesto Neubrandenburg ima v lasti vse delnice družbe NEUWOGES, kot edini delničar pa ima znaten nadzor nad nadzornim svetom in na skupščini delničarjev.
The Bundesbank interest rates should therefore be compared with the flat leasing rate of […]%.The leasing rate has been fixed for a period of 30 years.
Komisija zato ugotavlja, da mesto lahko nadzoruje uporabo sredstev družbe NEUWOGES.
Although it is indexed each year, it was perfectly possible, as early as at the start of the contract, to calculate the average leasing rate for the duration of the contract.
Zato je posel prodaje in povratnega zakupa vključeval državna sredstva.
The Bundesbank interest rates for mortgages are fixed for only 10 years (as explained above, it is not known for which period the interest rates for enterprises are fixed, but it can be assumed that the period is of no more than 10 years).
Glede odgovornosti države Komisija ugotavlja, da je imelo mesto Neubrandenburg v skladu z razpoložljivimi informacijami pomembno vlogo pri sklenitvi posla prodaje in povratnega zakupa.
The most suitable benchmark would be interest rates fixed for 30 years, but these figures are not published by the Bundesbank.
Pred sklenitvijo tega posla je bilo potrebno soglasje nadzornega odbora družbe NEUWOGES, njegovi člani pa so delovali v imenu mesta.
In general, fixed-interest rate loans become more expensive the longer their duration.
Iz dokumentacije je razvidno tudi, da je nadzorni odbor dejavno sodeloval pri pogajanju glede pogodb.
For example, the Bundesbank figures for January 1998 show that a mortgage with a 5-year fixed rate had an average interest rate of 5,85 %, compared to 6,40 % for a loan with a 10-year fixed rate.
Komisija zato ugotavlja, da je sklenitev prodaje in povratnega zakupa mogoče pripisati državi.
Therefore, it can be safely assumed that the interest on a fixed-interest loan of 30 years’ duration would have been considerably higher than the Bundesbank averages of 6,35 % and 6,40 %.
Selektivnost
The Bundesbank figures provide both an average rate and a range of interest rates based on a large number of German loan contracts concluded in January 1998.
V skladu s členom 107(1) PDEU se ukrep šteje za državno pomoč le, če daje prednost „posameznim podjetjem ali proizvodnji posameznega blaga“.
The leasing rate that applied to NEUWOGES implicitly reflects the inherent risk of the transaction for BAVARIA.
Zato pod državno pomoč spadajo le ukrepi, ki podjetjem dodelijo selektivno prednost.
BAVARIA’s greatest exposure was to credit risk, i.e. the risk that NEUWOGES would go bankrupt or otherwise not fulfil the obligation to make the required leasing payments.
Zadevni ukrep je bil dvostranski posel med družbama NEUWOGES in BAVARIA, zato bi bila vsaka prednost, ki bi jo družba NEUWOGES dodelila družbi BAVARIA, selektivna, in sicer do nje ne bi imelo dostopa nobeno drugo podjetje.
Similarly, a bank would have made an assessment of NEUWOGES’ creditworthiness before granting a loan.
Izkrivljanje konkurence in vpliv na trgovino