natgillin/translations-raw huggingface dataset:
According to Belgium, FSIH's investment in DLP was made pari passu with that of DII given that: (i) the amounts invested by the private partner and the public partner are practically identical; (ii) DLP did not belong to the Duferco Group before this investment but was established specifically to serve as a vehicle to house the respective investments of FSIH and DII, and (iii) the goal of the investments was not to buy back assets that already belonged to the Duferco Group (but to SIF).
Navedena družba se strinja z ugotovitvijo strank, da je treba za oceno vrednosti družbe DPH upoštevati leti 2001 in 2002, da se ustrezno upošteva cikličnost jeklarske industrije in se za vsako leto uporabi enak ponder.
Belgium points out that the fact that FSIH's investment was, in the first instance, granted in the form of a convertible loan (and was quickly converted) is irrelevant.
Družba KPMG potrjuje primernost in obseg prilagoditev, ki jih je družba Ernst & Young izvedla za oceno vrednosti družbe DPH glede na enkratne dogodke.
On the date the convertible loan was granted, FSIH and DII had at the same time concluded a shareholders' agreement through which they undertook to increase the capital of DLP by EUR 70 million and EUR 101 million respectively.
Družba KPMG je uporabila tudi prilagoditve za leti 2001 in 2002, ki jih družba Ernst &Young ni upoštevala.
The loan of EUR 30 million should therefore be investigated as an element of the capital increase of EUR 201 million decided pari passu by FSIH and DII.
Družba KPMG je preučila seznam primerljivih družb, ki jih je izbrala družba Ernst & Young.
With regard to the purchase of DLLPL shares, the Commission is reminded that the Walloon Region had been a shareholder in DLL since 1999 through SOGEPA and in this respect was very familiar with its activities and financial situation.
Družba KPMG je sestavila svoj sezam primerljivih družb, iz katerega je razvidno, da so srednja razmerja „price/earnings“ za leta od 2003 do 2006 nižja od tistih, ki jih je uporabila družba Ernst & Young.
This explains the fact that, in the context of DLP's investment in DLLPL, the parties did not deem it necessary to produce a business plan in due form.
Družba KPMG ni mogla preučiti zadostnega števila družb, ki kotirajo na borzi in se ukvarjajo izključno s prodajo jekla.
FSIH knew perfectly well what it was acquiring.
Ločena ocena vrednosti oddelka Trading ni mogoča.
Belgium further believes that FSIH, when making its investment, could be reassured by the prudent nature of the business plan since the forecasts were perfectly in line with the actual figures that were already available.
Družba KPMG kljub temu potrjuje, da bi bilo primerno izvesti ločeno oceno vrednosti dejavnosti prodaje in dejavnosti proizvodnje.
The same applies to Duferco Trebos.
Ob večjem tveganju in bolj spremenljivih rezultatih naj bi dejavnosti prodaje vlagateljem ponujale večjo donosnost, zaradi česar naj bi bila ocena vrednosti teh dejavnosti nižja.
With regard to the purchase of the stock from Duferco La Louvière Sales, Belgium argues that although it is correct that the investments by FSIH and DII in DLP allowed the latter to buy back a substantial stock of products with a value of EUR [50-70] million (sales contract of 30 June 2011), it should be noted that the seller of these products was by no means ‘another Duferco company’.
Zato bi bilo treba za dejavnost prodaje uporabiti nižji večkratnik.
Indeed, at the time, Duferco La Louvière Sales was, and still is, a company controlled by SIF.
[…] meni, da se je treba sklicevati na prodajo 50-deleža družbe […] septembra 2003, katerega dogovorjena cena je bila blizu vrednosti lastniškega kapitala.
After the negotiations, the stocks were bought at their book value although their actual value was much higher.
Kar zadeva zunajbilančne postavke, družba KPMG potrjuje, da je treba znesek lastniškega kapitala družbe prilagoditi tako, da se upoštevajo zunajbilančne obveznosti, če so te enkratne.
As regards the investment of EUR [30-40] million in DLLPL, separate business plans had been drawn up for different projects or investment scenarios.
V nasprotju z družbo Ernst & Young družba KPMG meni, da je treba od ocenjene vrednosti lastniškega kapitala družbe odšteti samo te postavke, ne glede na metodo ocenjevanja vrednosti.
The parties ultimately opted for an investment of EUR [30-40] million in DLLPL, which became Duferco Belgium.
Družba KPMG je za dve zunajbilančni postavki menila, da je treba spremeniti znesek prilagoditve, ki ga je uporabila družba Ernst & Young.
This investment was the subject of only one business plan, which Belgium submitted to the Commission.
Gre za „francoska in belgijska poroštva“, ki jih je družba Ernst & Young ocenila na […] milijonov USD v letu 2006, medtem ko so po navedbah družbe KPMG znašala […] milijonov USD.
The other business plans to which Belgium refers became irrelevant, given that the projects or scenarios set out were not ultimately adopted by the parties.
Ta poroštva so bila prilagojena glede na tveganje, ki so ga vsebovala.
COMMENTS BY INTERESTED PARTIES
Iz tega izhaja skupni znesek v višini […] milijonov USD v primerjavi z […] milijoni USD, ki jih je uporabila družba Ernst & Young.
JOINT COMMENTS BY […], DSIH AND DLP AND THEIR AFFILIATES
Družba KPMG potrjuje primernost in višino odbitka zaradi nelikvidnosti (30 %), ki ga je uporabila družba Ernst & Young.
By way of introduction, it is worth pointing out that […], the holding company of the Duferco Group, was the successor to […] and to the companies […] and […], the former parent companies of DPH.
Primerno bi bilo tudi 12-odstotno znižanje v okviru ocene vrednosti na podlagi primerljivih transakcij.
[…] stresses first that it agrees completely with Belgium's observations.
Družba KPMG je menila, da je treba uporabiti 5-odstotno kontrolno premijo v primeru ocene na podlagi primerljivih družb, saj s tako metodologijo dobimo oceno vrednosti, ki ustreza manjšinskemu deležu, medtem ko je delež holdinga FSIH omogočal velik vpliv na družbo DPH.
[…] then recalls the motives leading FSIH to invest in Duferco US.
Družba KPMG meni, da bi bilo treba v primeru ocene vrednosti na podlagi primerljivih transakcij uporabiti 20-odstotni odbitek, saj s tako metodologijo dobimo oceno vrednosti z nadzornim deležem.
The acquisition of a stake in Farrell was related to the desire of FSIH to control the site so that Duferco did not abandon the Belgian site in favour of the American site.
Sprejemljiva je tudi 14-odstotna stopnja znižanja, ki sta jo uporabili stranki, saj je znotraj razpona vrednosti.
The Walloon Region wanted to protect itself against the risk of potentially diverging interests within Duferco being used against it.
Družba DSIH potrjuje trditve, s katerimi je Belgija utemeljila enakovrednost naložbe holdinga FSIH.
[…] considers it important to emphasise that the initiative behind the withdrawal of FSIH lies with Duferco.
Oba delničarja sta z naložbo v družbo DSIH skupaj prevzela novo tveganje, da bi udejanjila projekte diverzifikacije družbe Duferco Diversification.
However, one of the preconditions was that all the shares in Duferco US should be held by SIF, which therefore implied a buyback of the shares held by FSIH.
Po mnenju družbe DSIH je bil zasebni ukrep družbe Duferco Développement resnično gospodarsko pomemben, poleg tega je znesek naložbe enak znesku naložbe holdinga FSIH.
Duferco then suggested to FSIH a purchase option to be able to meet the demands of NLMK while still maintaining the necessary flexibility, given the uncertainty at that time concerning the implementation of the transaction.
Družba DSIH trdi, da pred istočasnima naložbama ni bila del družbe Duferco Développement.
At the same, the buyback offer by Duferco was interesting in the context of the end of the steel cycle expected for the end of 2006, which made the investment less attractive.
DSIH je družba, ki jo je tretja oseba ustanovila malo pred tema naložbama (29. novembra 2006), nato pa sta jo kupila oba partnerja, da bi omogočila njuni naložbi.
[…] confirms Belgium's observations to the effect that the opportunity to have a prior competitive tender procedure for potential buyers was not relevant in light of the purpose of the sale: to sell of a minority shareholding in a private company with a non-integrated production site as target.
Družba DSIH še navaja, da projekti, ki jih je odkupila, pred naložbo holdinga FSIH prav tako niso bili del skupine Duferco, čeprav jih je v fazi osnutka gostil holding SIF.
Although the situation did not necessitate a prior competitive tender procedure, […] maintains that the sale was still made at a market price.
Družba DSIH v zvezi s projektom […] pojasnjuje, da je regija Valonija prek družbe SOGEPA zelo dobro poznala položaj obrata […], saj je s skupino Duferco posredovala v okviru prevzema […], ki so bili takrat v stečaju.
[…] points out that the functional currency of Duferco US is the US dollar.
Regija Valonija je bila torej delničarka […] in je zasedala več položajev v upravnem odboru te družbe.
Consequently, except for the internal needs of FSIH, it is not relevant that the purchase price was paid in euros.
Že od vsega začetka naj bi sodelovala tudi pri projektu […] in naj bi imela dostop do vseh razpoložljivih informacij v okviru začetka tega projekta, med drugim do popolnoma enakih informacij, kot so jih imeli na voljo zasebni vlagatelji.
To supplement the valuation exercises carried out by the Walloon Region, […] hired KPMG to value FSIH's 49,9 % stake in Duferco US on 14 June 2006, the day the purchase option was granted, using the fair value method.
Družba DSIH se opira na naknadno oceno projekta, ki je dokazala utemeljenost prvotne ocene vrednosti projekta in na podlagi katere se je pričakovala več kot zanimiva donosnost.
KPMG considered that FSIH's stake in Duferco US should be valued as a stake which does not confer control and which is non-negotiable, while applying a control premium, given that the shareholders' agreement of 9 April 2003 gave FSIH a significant influence over Duferco US beyond the influence held by a minority shareholder.
V zvezi s projektom Marcinelle družba DSIH trdi, da donosnost, ki je nižja od pričakovane, ni posledica previsokih zneskov naložb partnerjev, temveč dejavnikov, na katere stranki nista mogli vplivati.
KPMG indicated that industrial cycles in the steel industry generally last between three and seven years.
Prvič, Komisija je januarja 2008 napovedala predlog za odpravo brezplačne dodelitve pravic do emisije CO2, kar je močno vplivalo na oceno vrednosti projekta prek zaključkom pogajanj z družbo ENEL.
KPMG noted that even though the steel industry was in good shape in 2006, the indicators clearly showed major risks, given the weakness of the domestic automotive industry and the possibility of a correction in the market for non-residential construction.
Drugič, trg z električno energijo je leta 2010 doživel popoln in nepredviden preobrat z neugodnim gibanjem cen električne energije, plina in CO2.
Essentially assuming cycles of three and five years as well as a valuation on an EBITDA multiple from comparable companies, KPMG estimated the fair value of the 49,9 % stake in Duferco US at USD […] million on 14 June 2006.
Družba Duferco Diversification naj bi se iz te krize dejansko izvlekla, s tem ko je družbo Marcinelle Energie prodala tik pred pojavom krize.
[…] then expresses its opinion on the discussion on whether or not to take into account the value of own funds to value Duferco US.
Podjetje naj bi prodalo 80 % družbe Marcinelle Energie po razumni ceni, preostalih […] pa naj bi zavarovalo z nakupno opcijo, dogovorjeno z družbo ENEL.
It confirms that a valuation based on own funds, as envisaged by the Commission in its opening decision, is not the most appropriate.
[…] navaja, da je treba za uporabo merila zasebnega vlagatelja v tržnem gospodarstvu preučiti različne elemente, predvsem veljavno obrestno mero in zavarovanja, ki se zahtevajo za posojilo.
However, it notes that even if own funds were taken into account, the conclusion would be that the transaction was carried out at a market price.
V zvezi z zavarovanji […] opozarja, da je bilo finančno stanje skupine Duferco zelo trdno, kot naj bi dokazovali pogoji posojil, ki so jih banke dodelile skupini Duferco, z obrestnimi merami, primerljivimi z obrestnimi merami, ki so bile glede na referenčne obrestne mere Komisije ponujene podjetjem z bonitetno oceno AAA.
To prove this, it draws the Commission's attention to what it considers to be a comparable transaction: the sale to NLMK of a 50 % stake in SIF (accompanied by an unconditional sale option on a least one SIF share).
Poleg tega je bila [družba, ki je bila takrat na čelu skupine Duferco] dolžna sredstva, pridobljena s prihodnjo prodajo deleža družbe DII v holdingu SIF skupini NLMK, prednostno nameniti predčasnemu vračilu posojila holdinga FSIH.
The price applied in this transaction from 2006 corresponds to a multiple of own funds of the company which is practically identical to the multiple of own funds represented by the sale by FSIH of its stake in Duferco US (in both cases a multiple of almost 2).
Obstoj prihodnje, vendar skoraj gotove terjatve v višini […] milijonov USD do skupine NLMK naj bi pomenil unovčljivo in zlahka izterljivo poroštvo.
As there was no indication that the transaction concerning SIF had not been agreed under market conditions, this comparison confirms that taking into account own funds would also result in the transaction being considered to have been made at a market price.
To posojilo naj bi bilo podobno predujmu za prihodnjo terjatev.
NLMK had to draw up a first draft of the share transfer agreement and a shareholders' agreement within 10 days of signing the letter of intent.
Nazadnje, referenčna obrestna mera 12-mesečni Euribor je zagotavljala stabilno obrestno mero za posamezno 12-mesečno obdobje, kar je bilo v času krize in zniževanja obrestnih mer privlačno.
This letter of intent itself was only valid until 1 October 2006 at the latest.
Tveganje za holding FSIH je bilo glede na ta poroštva torej minimalno.
The intention was therefore for Duferco to either use or not use the purchase option in the weeks or months after it was granted by FSIH.
Obrestne mere, ki so jih zasebne banke uporabile za skupino Duferco, so se gibale med [0,65–1,15] % in [2,75–3,25] % s povprečjem [1,1–1,55] %, torej so bile popolnoma v skladu z obrestnimi merami holdinga FSIH.
There was therefore no real reason for the parties having agreed that the option would run until 31 December 2015.
[…] meni, da iz primerjave ni mogoče izključiti posojil, ki nimajo povsem enake zapadlosti, enakega zneska, ki niso enake vrste ali imajo drugačno osnovno obrestno mero.
KPMG assessed the fair value of the purchase option granted to Duferco in June 2006.
Upoštevati naj bi bilo treba samo zavarovanja in uporabljeno obrestno mero.
KPMG agrees with Duferco's position that the expected term of the option of four months should be taken into account because the option was neither transferable nor assignable, which markedly decreased its value.
Zneski posojil, ki jih je predložila Belgija, naj bi bili na splošno nižji od zneskov posojila holdinga FSIH, saj naj bi Belgija predložila samo posojila, najeta v eurih, ki naj bi predstavljala samo majhen del celotnega zneska.
KPMG takes the view that the fair value of the purchase option was USD […] million.
[…] so zanimala večvalutna posojila, ki zadevajo precej višje zneske.
On the basis of the contractual duration, the fair value is USD […] million.
Ti podatki naj bi dokazovali, da je imela skupina Duferco dostop do kreditnih linij v zelo visokem znesku in da so imela nekatera posojila dolgo ročnost (deset let).
If such an amount were taken into account, added to the fair value of FSIH's stake in Duferco US, the sale price would be USD […] million, which is significantly lower than the price paid by [the parent company of the Duferco Group at the time].
Obrestna mera za ta posojila naj bi se gibala med [0,5–1] % in [2,2–2,65] % s ponderiranim povprečjem [1,6–2,05] %.
According to […], FSIH's investment in DPH had two purposes: on the one hand, participation in the capital, representation on the board of directors, access to strategic information and documents and, on the other hand, attractive and secured financial returns (preferential dividend).
[…] torej sklepa, da so bile uporabljene obrestne mere glede na zelo dobra zavarovanja, ki jih je bil deležen holding FSIH, popolnoma skladne s tržnimi obrestnimi merami.
The main reason for FSIH exiting DPH is the sale of the Belgian production sites to NLMK.
Družba DLP trdi, da sta ukrepa družbe DII in holdinga FSIH istočasna, saj je družba DII sodelovala pri povečanju kapitala družbe DLP 7. julija 2011, tj. nekaj dni pred povečanjem kapitala s strani holdinga FSIH in po dodelitvi konvertibilnega posojila.
Duferco would lose its status as a strategic partner for the Walloon Region in Belgium and the production sites of Clabecq and La Louvière would no longer be directly affected by decisions by Duferco's Trading division.
Trdi tudi, da so pogoji transakcije enaki, saj sta oba partnerja vložila skoraj enaka zneska.
[…] asserts that DPH is a company whose functional currency the US dollar and therefore the return on any investment in such a company must be assessed in US dollars.
Šlo naj bi torej za naložbi, izvedeni pod enakimi pogoji, saj holding FSIH in družba DII prevzemata enako tveganje ter sta upravičena do sorazmerne razdelitve dividend in povečanja vrednosti njune hčerinske družbe.
FSIH's investment in DPH thus generated a return of 8,81 % per year.
Družba DLP trdi, da ob naložbi holdinga FSIH ni bila del skupine Duferco, temveč je bila novoustanovljena družba za sprejem skupnih naložb obeh partnerjev.
[…] commissioned KPMG to analyse the valuation made by Ernst & Young in March 2006.
Dejstvo, da sta se ti naložbi hkrati uporabili za odkup sredstev holdinga SIF, naj bi bilo brezpredmetno, saj je prodajna cena temeljila na izvedenskih poročilih.
With regard to the valuation methods, KPMG notes that Ernst & Young does not specify the type of value for the valuation (market value, investment value or fair value).
Zato družba DLP ugotavlja, da je naložba holdinga FSIH v družbo DLP enakovredna naložbi družbe DII.
Ernst & Young mainly applied the market approach by comparable companies.
Družba DLP tudi opozarja, da je bila družba SOGEPA delničarka družbe DLL od leta 1999 in je torej natančno poznala dejavnosti in finančno stanje družbe, kar zadeva dejavnost proizvodnje podolgovatih izdelkov.
KPMG concludes that, in light of its analysis of the cyclical nature of the steel industry, periods of between four and six years should be taken into account with equal weighting for each year to value DPH.
Holding FSIH naj bi se bil torej sposoben odločiti ob popolnem poznavanju dejstev in je imel enako raven obveščenosti, kot bi jo zahteval zasebni vlagatelj v enakem položaju.
KPMG also made adjustments to the 2001 and 2002, which Ernst & Young did not take into account.
PRIPOMBE HOLDINGA SIF
KPMG examined the list of comparable companies selected by Ernst & Young.
Komisija pojasnjuje, da se pripombe holdinga SIF nanašajo izključno na ukrep, katerega upravičenec je, tj. ukrep št. 5.
KMPG was not able to find certain multiples included in the Ernst & Young 2006 Report in the database used by Ernst & Young (Bloomberg).
Holding SIF meni, da je bilo njegovo finančno stanje ob dodelitvi posojila trdno in da so poroštva ob sklenitvi posojilne pogodbe več kot zadostovala za vračilo celotnega posojila holdinga FSIH.
Furthermore, KPMG deemed it appropriate not to include certain companies in the list of comparable companies provided by Ernst & Young.
Poleg tega navaja, da donosnost posojilne transakcije za holding FSIH ni bila vprašljiva glede na naložbeno in razvojno politiko holdinga SIF.
KPMG established its own list of comparable companies, which shows that the median price/earnings ratios for 2003 to 2006 are lower than those used by Ernst & Young.
Poslovni načrt holdinga SIF v zvezi z belgijskimi obrati, zlasti za obdobje 2007–2010, je vključeval večje naložbene projekte, ki so skupini dajali velike razvojne obete v Belgiji.
KPMG was not able to observe a sufficient number of listed companies that are active only in the steel trade.
Poleg tega holding SIF meni, da se je njegova pripadnost dvema večjima akterjema v sektorju jeklarstva upoštevala v analizi tveganja, povezani s posojilno transakcijo holdinga FSIH.
It is not possible to make a separate valuation of the Trading division.
Skupina NLMK je holdingu FSIH dodelila poroštvo v primeru spremembe nadzora.
Nevertheless, KPMG confirms that it would have been appropriate to make a separate valuation of the trade and production activities.
S tem ko je holding FSIH holdingu SIF dodelil posojilo v višini 75 milijonov EUR po 2,05-odstotni obrestni meri (pribitek 75 bazičnih točk), medtem ko je bila obrestna mera belgijske narodne banke (Banque nationale de Belgique) za nova posojila 1,63-odstotna, naj ne bi prevzel nepremišljenega tveganja v primerjavi z zasebnim subjektom.
With a higher risk and more volatile results, the trade activities offer a higher return to investors, which results in a lower valuation of the activities.
Holding SIF opozarja, da se za uporabo merila zasebnega vlagatelja v tržnem gospodarstvu nikakor ne zahteva primerjava s posojili, ki so v vseh vidikih enaki posojilu, ki ga je dodelil holding FSIH.
A lower multiple should therefore be used for the trading activity.
Holding SIF tudi navaja, da Komisija pojasnjuje, da je treba upoštevati vrsto zadevnega subjekta, vrsto transakcije in zadevne trge.
[…] believes it is relevant to refer to the sale of 50 % of […] in September 2003, for which the agreed price was close to the value of own funds.
V skladu s tem pojasnilom je treba zasebni posojili, dodeljeni družbi Duferco Clabecq, ki je hčerinska družba holdinga SIF, upoštevati pri primerjavi s posojilom, ki ga je dodelil holding FSIH.
With regard to off-balance-sheet items, KPMG confirms that the amount of a company's own funds should be adjusted to take into account off-balance-sheet liabilities if these are non-recurring.
Analiza teh posojil naj bi pokazala, da bi lahko holding SIF v obdobju, ko je posojilo dodelil holding FSIH, dobil posojila pri zasebnih finančnih ustanovah in da se pogoji posojila, ki ga je dodelil holding FSIH, niso bistveno razlikovali od tržnih.
Unlike Ernst & Young, KPMG believes that only these items should be deducted from the estimated value of the company's own funds, regardless of the valuation method.
Obrestni meri, ki sta ju kreditni instituciji uporabili za ti posojili, [1–1,5] % (posojilo Sumitomo) in [1,2–1,7] % (posojilo Rabobank), naj bi bili nižji kot pri posojilu, ki ga je dodelil holding FSIH (2,05 %).
For two of the off-balance-sheet items, KPMG deemed it appropriate to reconsider the amount of the adjustment applied by Ernst & Young.
To pomeni, da naj bi subjektivno tveganje, povezano s posojilom, ki ga je dodelil holding FSIH, odražala uporabljena obrestna mera, 12-mesečni Euribor, ki krepi varnost posojila za posojilodajalca, saj za 12 mesecev zagotavlja stabilno obrestno mero.
This concerned the 'French and Belgian guarantees' that Ernst & Young had evaluated at USD […] million in 2006, whereas according to KPMG they amounted to USD […] million.
Poleg tega po mnenju holdinga SIF neobstoj zavarovanj nikakor ne more biti prednost.
These guarantees were adjusted on the basis of the risk they contained.
Če se ni zahtevalo nobeno poroštvo, je bilo to zato, ker naj bi njegova finančna trdnost ter pripadnost skupinama NLMK in Duferco ter […], holdingu FSIH dajali zagotovilo glede zmožnosti holdinga SIF, da vrne posojilo.
This resulted in a total amount of USD […] million compared with USD […] million used by Ernst & Young.
Holding SIF tudi navaja, da je pribitek 75 točk v skladu s tedanjo bančno prakso.
KPMG confirms the relevance and the level of the illiquidity haircut (30 %) applied by Ernst & Young.
Posojilo Sumitomo naj bi dokazovalo, da je bil pribitek za običajno zavarovanje [10–50] točk, kar je nižje od pribitka iz sporočila o referenčnih obrestnih merah iz leta 2008 za oceno dobro (100 točk) ali celo zelo dobro (75 točk).