natgillin/translations-raw huggingface dataset:
Outright sale alternative
Čeprav je težko natančno oceniti vrednost, ki jo je družba NEUWOGES pridobila z zakupom zemljišča namesto z njegovo prodajo, je treba iz tega sklepati, da je nekoliko nižja cena posla, ker je družba NEUWOGES ohranila lastništvo nad zemljiščem, upravičena.
A second serious alternative would have been an outright sale of both building and land.
Drugič, ugotoviti je treba, da obstaja nekaj pomislekov, ali bi bilo ceno, ki bi jo podal udeleženec v tržnem gospodarstvu v položaju družbe NEUWOGES, dejansko mogoče doseči.
The crucial question is whether such a sale would have been more beneficial.
Edina dejanska ponudba za odkup, glede katere je družba NEUWOGES predložila informacije, je bila ponudba družbe Felske Immobilien, ki naj bi ponudila ceno […] EUR na m2, kar pomeni skupno nakupno ceno v višini […] EUR [108].
Assessment in the light of the 1997 and 2007 valuations
Ta ponudba je bila za več kot 1 milijon EUR nižja od cene, kot bi jo ocenil udeleženec v tržnem gospodarstvu v položaju družbe NEUWOGES.
The two valuations, from 1997 and 2007, have a certain role to play in this context.
Ker je bil čas veljavnosti splošne pogodbe o upravljanju 30 let od konca posodobitve (tj. 30 let od začetka leta 1999), bi moral biti v izračun vključen dobiček do vključno leta 2028.
NEUWOGES commissioned the two studies for the purpose of estimating the 1997 value of the property (buildings and land) in question.
S takim popravkom ocene bi bila vrednost posla prodaje in povratnega zakupa višja.
One study was carried out by an in-house expert in 1997, and the other retrospectively by an independent expert in 2007.
Pri izračunu odkupne vrednosti prihodnjih plačil najemnine za zemljišče, ki bi jih družba BAVARIA plačala družbi NEUWOGES, se je zaradi poenostavitve predvidelo, da se življenjski stroški ne bi spreminjali in da obrokov zato ne bo treba prilagoditi.
The 1997 valuation estimated the value at EUR […], whereas the 2007 study resulted in an estimate of EUR […] [107].
Vendar je bolj realno predvidevanje, da se bodo življenjski stroški na splošno dvignili, s čimer bodo obroki, ki jih bo treba plačati v prihodnosti, verjetno višji od predvidenih.
Both studies included separate valuations of the buildings (1997: EUR […]; 2007: EUR […]) and the land (1997: EUR […]; 2007: EUR […]).
S tem bi se prav tako zvišala vrednost pogodbe.
Both studies are based on essentially the same methodology, the gross rental method (Ertragswertverfahren).
Ob upoštevanju teh premislekov je treba ugotoviti, da je bilo dajanje prednosti poslu prodaje in povratnega zakupa namesto neposredni prodaji gospodarsko razumno.
The Commission considers that, since the 2007 valuation was prepared only after the sale-and-lease-back transaction took place, it cannot be relied upon for determining the value of the property in 1997, as known to NEUWOGES at the time.
Po primerjavi vrednosti posla prodaje in povratnega zakupa za družbo NEUWOGES z vrednostjo morebitnih drugih ukrepov je treba ugotoviti, da bi tak posel sklenil tudi udeleženec v tržnem gospodarstvu.
NEUWOGES could not, then, have based its decision on whether or not to engage in the sale-and-lease-back transaction with BAVARIA on the retrospective 2007 valuation.
PRIMERJALNA ANALIZA
At the same time, the Commission considers that the 1997 valuation is not a reliable indicator either of the value of the property in 1997, as known to NEUWOGES at that time, since the formal investigation procedure has revealed that NEUWOGES’ management was well aware that the 1997 valuation was unreliable at the time at which it entered into the contracts under investigation.
Po ugotovitvi, da je posel prodaje in povratnega zakupa namesto drugih možnosti tista izbira, za katero se bi razumno odločil udeleženec v tržnem gospodarstvu, je Komisija kot previdnostni ukrep proučila tudi, ali je bil posel v skladu z drugimi pogodbami, zabeleženimi v zadevnem času na zadevnem trgu, in ali bi lahko kakšne druge navedbe nasprotovale ugotovitvi Komisije, da je bil posel prodaje in povratnega zakupa v skladu z načelom ravnanja udeleženca v tržnem gospodarstvu.
The following observations are instructive:
Razpoložljive informacije o primerljivih poslih se nanašajo na dogovore o prodaji in povratnem zakupu, ki jih je družba BAVARIA sklenila ob približno istem času, kot se je sprejel ukrep.
Rent The 1997 valuation assumes rent levels of between EUR […] and EUR […] per m2.
Te pogodbe lahko pokažejo, ali je bil zadevni posel prodaje in povratnega zakupa takšne vrste, da so ga izbrali tudi drugi udeleženci na trgu, vključno z zasebnimi podjetji, kar bi kazalo na skladnost s trgom (oddelek 7.4.1).
At the same time, the first rent table for the City of Neubrandenburg, valid from 1 January 1998 onward and based on 1997 data, indicated average rent levels for modernised apartments of between EUR 3,90 and EUR 4,38 per m2.
Poleg tega lahko omejen postopek za zbiranje ponudb, ki ga je izvedla družba NEUWOGES, in primerjava z drugimi finančnimi posli nekoliko pojasnita skladnost zadevnega posla s trgom (oddelka 7.4.2 in 7.4.3).
NEUWOGES, as a large real-estate company active in Neubrandenburg, would necessarily have been aware of the average rent levels in the city, and ought therefore to have based its evaluation of the property on this data.
Za primerjavo so bile predložene pogodbe, povezane s tremi primerljivimi posli ([…]).
Indeed, the sale-and-lease-back contract envisaged average rent levels of EUR […] per m2 for the period after modernisation (i.e. from 1999 onwards and thus two years later than the data underlying the first rent table).
Vendar sta bili le pogodbi z […] in […] sklenjeni ob približno istem času kot posel prodaje in povratnega zakupa med družbama BAVARIA in NEUWOGES ter se torej lahko upoštevata.
This figure was in line with the rent table.
Najprej je treba opozoriti, da se od zadevnega posla oba posla razlikujeta glede časa veljavnosti, indeksacije vnaprej določenega obroka zakupnine in posodobitve.
Modernisation costs While the 1997 valuation was carried out in the spring of 1997 and assumed total modernisation costs of EUR […], NEUWOGES’ management indicated in a letter to BAVARIA written at the same time (March 1997) that it estimated the modernisation costs at EUR […].
Družba NEUWOGES navaja zlasti razliko v stopnji indeksacije ([…]: 1,5 % letno; […]: prilagoditve na spremembe življenjskih stroškov), da bi dokazala, da nekatere določbe splošne pogodbe o upravljanju v zadevnem obdobju (med letoma 1997 in 1998) niso bile običajna tržna praksa.
It is thus clear that NEUWOGES was well aware that the 1997 valuation severely underestimated the necessary modernisation costs.
Družba BAVARIA navaja, da sta bila posla z […] in […] primera izvajanja njegovega „nepremičninskega modela zakupa“ [109], kar pomeni, da so bile določbe teh pogodb oblikovane na podlagi izračunov, podobnih tistim, na katerih je temeljil posel prodaje in povratnega zakupa, ki sta ga sklenili družbi NEUWOGES in BAVARIA.
The lump sum agreed between BAVARIA and NEUWOGES’ subsidiary, BRG, for the modernisation of the property was significantly higher still (EUR […]), demonstrating that, when NEUWOGES concluded the contracts with BAVARIA, it knew that the 1997 valuation had underestimated the modernisation costs by almost EUR 10 million.
Kot je bilo že obravnavano (glej uvodno izjavo 131), naj bi imela družba NEUWOGES možnost, da v okviru modela zakupa, ki ga je ponujala družba BAVARIA, sama izbere parametre pogodbe.
Remaining useful life
To pomeni, da bi lahko družba NEUWOGES izbrala nižjo indeksacijo ali višji odbitek za stroške.
With the envisaged modernisation in view, the 1997 valuation estimated the remaining useful life to be between 55 and 70 years.
Zaradi tega bi bilo seveda vnaprejšnje gotovinsko plačilo nižje.
It must be noted in this context that the low estimated modernisation costs in the 1997 valuation do not fit easily with the assumption that the modernisation would significantly extend the economic lifespan of the buildings.
Predvideva se lahko, da to velja tudi za […] in […].
Land value
Ker naj bi imeli pogodbeni partnerji v okviru modela, ki ga je ponujala družba BAVARIA, možnost izbire natančnih parametrov svojega posla, se za skladnost posla prodaje in povratnega zakupa med družbama NEUWOGES in BAVARIA s trgom ne zdi bistveno vprašanje, ali so bili parametri, ki jih je izbrala družba NEUWOGES, enaki parametrom, ki sta jih izbrali stranki v poslih z […] in […].
It must be noted that, in evaluating the land in question, the 1997 valuation did not take into account value-reducing factors (in contrast, they were taken into account in the 2007 valuation).
Te izbire so bile le strateške poslovne odločitve sodelujočih strank.
Such factors include existing infrastructure that cannot be moved or removed (sewage systems, pipes) and the fact that the plot of land was of an inconvenient shape.
Pomembneje je dejstvo, da so vsi ti posli temeljili na istem modelu posla.
These factors typically lead to a reduction in the value of the land.
Če pogodbi z […] in […] temeljita na istem osnovnem modelu izračuna, kar ob upoštevanju razpoložljivih informacij ni vprašljivo, kažeta tudi na skladnost modela posla, na katerem temelji posel z družbo NEUWOGES, s trgom.
As the owner of the land, NEUWOGES must have been aware of these factors and must therefore have known that the 1997 valuation overestimated the land value.
V tem okviru je pomembno, da so „nepremičninski model zakupa“ očitno izbrala javna ([…]) in zasebna ([…]) podjetja, ponujen pa je bil podjetjem, ki so želela pridobiti odpis dolga na podlagi zakona o odpisu podedovanega dolga, in strankam, za katere se določbe navedenega zakona niso uporabljale.
In conclusion, NEUWOGES was demonstrably aware that some of the key assumptions underlying the 1997 valuation, especially regarding the modernisation costs, were unreliable.
Postopek za zbiranje ponudb
The Commission therefore concludes that the 1997 valuation is not a reliable indication of the value of the property in 1997, as known to NEUWOGES at the time.
Ozadje
At the same time, the Commission is of the opinion that, on the basis of the information available to NEUWOGES at the relevant time, the ex-ante estimate of the property value that a MEO in the position of NEUWOGES might reasonably have obtained would probably have been very similar to that contained in the retrospective 2007 valuation.
Kot je bilo že navedeno, družba NEUWOGES ni izvedla popolnega, odprtega, preglednega, brezpogojnega in nediskriminatornega razpisa za privatizacijo stavb, ki jih je na koncu kupila družba BAVARIA.
As happened with the retrospective 2007 valuation, a MEO in the position of NEUWOGES would have based its ex ante expectations regarding achievable rent on the relevant rent table, would have estimated the modernisation costs as being closer to those agreed between BAVARIA and BRG, and would have adjusted the land value by taking into account value-reducing factors of which it was aware.
Vendar je družba NEUWOGES na začetku zbrala ponudbe 72 morebitnih kupcev.
In addition, a MEO in the position of NEUWOGES would have carefully evaluated the remaining useful life in the light of the envisaged modernisation and of comparison data (as was done in the 2007 evaluation), so that it is reasonable to conclude that a MEO in the position of NEUWOGES would have based its valuation on estimates of the remaining useful life similar to those contained in the retrospective 2007 valuation.
Družba NEUWOGES trdi, da je prejemnike izbrala več ali manj naključno in da se izbor ne more šteti za reprezentativnega za celoten trg.
The Commission thus considers that a MEO in the position of NEUWOGES would reasonably have estimated the value of the property, before concluding the sale-and-lease-back transaction, to have been approximately EUR […] (as was the case in the 2007 valuation).
Nadaljnji stiki so potekali po tem, ko so se poslali ti prvotni pozivi za prijavo interesa, med drugim z družbo BAVARIA, ki ni bila med prejemniki prvotnega dopisa.
Comparison of outright sale and sale-and-lease-back
Izid postopka za zbiranje ponudb
To recap: the total value of the sale-and-lease-back transaction for NEUWOGES was EUR […].
Od neznanega števila prejetih ponudb se jih je pet štelo za „uporabne“ [110].
In contrast, the above analysis revealed that NEUWOGOES would realistically have had to assume a value for the property of EUR […], which was a mere […]% higher than the value of the sale-and-lease-back transaction.
Dve od teh sta bili kljub temu zavrnjeni, ker morebitna kupca nista mogla predložiti popolne ponudbe „zaradi časovne omejitve“.
This small difference does not, however, mean that a MEO would have necessarily chosen the outright sale alternative:
Dve sta bili zavrnjeni iz gospodarskih razlogov.
First, it must not be overlooked that the outright sale alternative at issue related to an outright sale of the buildings and attached land, whereas BAVARIA bought only the buildings, while merely acquiring the rights to lease the land for 75 years.
Peta ponudba, tj. ponudba družbe Felske Immobilien, je bila zavrnjena, ker je bila ponujena cena prenizka (družba Felske je ponudila […] EUR na m2, kar pomeni skupno nakupno ceno v višini […] EUR).
The land as such remained in the ownership of NEUWOGES.
Poleg teh petih ponudb so bile podane še tri ponudbe, in sicer od družbe BAVARIA in dveh drugih nepovabljenih ponudnikov.
The land alone was estimated by NEUWOGES to have a value of EUR […] (as in the 2007 valuation).
Pogajanja so se začela tudi z enim od drugih dveh nepovabljenih ponudnikov, vendar je bila ta ponudba na koncu zavrnjena iz nedoločenih gospodarskih razlogov [111].
While it is difficult to put a precise figure on the value that NEUWOGES maintained by merely leasing the land rather than selling it, it must be concluded that NEUWOGES’ retaining ownership of the land justified a somewhat lower transaction price.
Po zaključku končnih pogajanj je moral odbor družbe NEUWOGES odobriti pogodbi.
Second, it must be observed that there is some doubt as to whether the price that a MEO in the position of NEUWOGES would have estimated could actually have been achieved.
Uprava je pri predložitvi pogodb odboru trdila, da višje prodajne cene ni bilo mogoče doseči, saj sta se pogodbi nanašali le na zakup zemljišča (namesto na neposredno prodajo), družba BRG bi se najela za izvedbo posodobitve in družba NEUWOGES bi še naprej upravljala stavbe nadaljnjih 30 let [112].
The only concrete purchase offer that NEUWOGES has submitted information on came from Felske Immobilien, which apparently offered a price of EUR […] per m2, resulting in a total purchase price of EUR […] [108].
Uprava je ob vprašanju o razlikah glede na cenitev iz leta 1997 ponovno navedla, da pri tem poslu ni bilo mogoče doseči višje cene [113].
This offer was well over EUR 1 million lower than the price that a MEO in the position of NEUWOGES would have estimated.
Tega postopka za zbiranje ponudb ni mogoče šteti za odprt, pregleden, nediskriminatoren in brezpogojen razpis, vendar kljub temu kaže na to, kakšne ponudbe so bile na voljo na trgu.
Third, NEUWOGES, in estimating the profits that it expected to make from the general management contract, erroneously calculated profits only up to and including 2027.
V zvezi s tem je pomembno tudi, da je bilo očitno prejetih več nepovabljenih ponudb, kar kaže na to, da so lahko za postopek izvedeli tudi morebitni kupci, ki niso bili med prvotno pozvanimi 72 podjetji, in v njem sodelovali.
However, as the duration of the general management contract was 30 years from the end of the modernisation works (i.e. 30 years from the beginning of 1999), the calculation should have included profits up to and including 2028.
Družba NEUWOGES je ponudbe ocenila, kar kaže na to, da je bila po njenem mnenju ponudba družbe BAVARIA najboljša, ki je bila na voljo na trgu v zadevnem obdobju (med letoma 1997 in 1998).
Correcting the estimate in this way would add to the value of the sale-and-lease-back transaction.
Trditev družbe NEUWOGES, da je bila vsaj ponudba družbe Felske dejansko boljša, ne drži.
In calculating the cash value of the future ground rent payments by BAVARIA to NEUWOGES, it was assumed, for the sake of simplicity, that the cost of living would not change and that the payments would therefore not need to be adjusted.
Res je, da je bila cena, ki naj bi jo ponudila družba Felske ([…] EUR), višja od vnaprejšnjega plačila, ki ga je na koncu izvedla družba BAVARIA ([…] EUR), vendar je treba poudariti, da je treba posel prodaje in povratnega zakupa oceniti kot celoto ter da je bila njegova skupna vrednost ([…] EUR) višja od cene, ki jo je ponudila družba Felske.
It is more realistic, however, to assume that the cost of living will generally rise, so that the payments due in the future will probably turn out to be higher than assumed.
Ob upoštevanju navedenega je mogoče trditi, da postopek za zbiranje ponudb sam po sebi ne dokazuje, da je bila ponudba družbe BAVARIA najboljša, ki je bila na voljo na trgu, vendar nakazuje v to smer.
This would again lead to an increase in the value of the contract.
V vsakem primeru na podlagi omejenega postopka za zbiranje ponudb ni mogoče utemeljeno sklepati, da je imela družba NEUWOGES v zadevnem obdobju (med letoma 1997 in 1998) na voljo boljšo ponudbo.
In light of these considerations, it must be concluded that preferring the sale-and-lease-back transaction to attempting an outright sale was economically reasonable.
Druge vrste razpoložljivih poslov v zadevnem obdobju
After comparing the value of the sale-and-lease-back transaction for NEUWOGES with the value of possible alternative actions, it must be concluded that the transaction was such that a MEO would also have entered into it.
Okvir ocene
BENCHMARKING
Koristno je oceniti zadevni posel glede na druge, vendar na splošno podobne vrste poslov, ki so se ponujali na trgu v zadevnem obdobju (med letoma 1997 in 1998).
After having determined that choosing the sale-and-lease-back transaction over other alternatives was behaviour that a MEO would reasonably have engaged in, the Commission also examined, as a precautionary measure, whether the transaction corresponded to other contracts in evidence at the relevant time in the relevant market and whether there were other indications to undermine the Commission’s conclusion that the sale-and-lease-back transaction was in keeping with the principle of conduct by a MEO.
Zadevni posel je običajni posel prodaje in povratnega zakupa.
The available information on comparable transactions relates to sale-and-lease-back agreements concluded by BAVARIA around the same time as the adoption of the measure.
Dogovori za prodajo in povratni zakup so po naravi finančni posli.
These contracts can indicate whether the sale-and-lease-back transaction in question was of a type that was also chosen by other market participants, including private undertakings, thereby pointing towards market conformity (section 7.4.1).
Zakupodajalec, ki od zakupnika kupi nepremičnino, temu zagotovi likvidnostna sredstva in/ali financira velike finančne naložbe, kot je posodobitev starih stavb.
In addition, the limited bidding process carried out by NEUWOGES and a comparison with other financing transactions can shed some light on the market conformity of the transaction in question (sections 7.4.2 and 7.4.3).
Da bi lahko zakupnik še naprej uporabljal nepremičnino v poslovne ali druge namene, nato zakupi to nepremičnino, s čimer v času veljavnosti zakupne pogodbe (v celoti ali delno) povrne naložbo zakupodajalca.
Contracts related to three comparable transactions ([…]) were submitted for the purpose of comparison.
Ker je to finančni posel, je dogovor za prodajo in povratni zakup nekoliko podoben bančnim posojilom in hipotekam.
However, only the […] and […] contracts date from around the same time as the conclusion of the sale-and-lease-back transaction between BAVARIA and NEUWOGES and can thus be taken into account.
Vendar med njimi obstaja nekaj pomembnih razlik, ki jih je treba upoštevati.
It must first be noted that both of these transactions differ from the transaction in question with respect to duration, indexation of the fixed leasing payment, and modernisation.
Posel prodaje in povratnega zakupa prodajalcu/zakupniku omogoča financiranje velikih naložb in zagotovi takojšnja likvidnostna sredstva, pri čemer ne potrebuje lastnega kapitala.
NEUWOGES refers in particular to the difference in the indexation rate ([…]: 1,5 % per year; […]: adjustment to changes in the cost of living) to prove that the general management contract contained provisions that were not common market practice at the relevant time (1997/98).
To pomeni, da so lastni kapital in pridobljena likvidnostna sredstva na voljo za druge naložbe ali pa da lahko zakupnik financira naložbe tudi v primerih, ko običajno posojilo ne bi bilo na voljo zaradi pomanjkanja lastnega kapitala ali visoke stopnje zadolženosti.
BAVARIA indicates that the […] and […] transactions were examples of the implementation of its ‘real-estate leasing model’ [109], which suggests that the provisions of these contracts were established on the basis of calculations similar to those underlying the NEUWOGES/BAVARIA sale-and-lease-back transaction.
Ker mora kupec/zakupnik refinancirati lastno prvotno naložbo in ustvariti dobiček, je obrestna mera pri zakupu običajno nekoliko višja od obrestne mere pri primerljivem bančnem posojilu (kot je podrobneje pojasnjeno v nadaljevanju).
As discussed above (see recital 131), NEUWOGES could apparently choose the contract parameters freely within the framework of the leasing model offered by BAVARIA.
Ob izteku veljavnosti zakupne pogodbe mora zakupnik ponovno kupiti nepremičnino, ali pa ta ostane v lasti zakupodajalca in je na voljo za nadaljnjo uporabo.
This means that NEUWOGES could have chosen a lower indexation or a higher deduction for costs.
To pomeni, da je obrestna mera pri zakupu odvisna od preostale vrednosti nepremičnine ob izteku veljavnosti zakupne pogodbe, ki jo skleneta stranki.
The consequence would, of course, have been a lower upfront cash payment.
Preostalo vrednost je pogosto težko predvideti, zlasti pri dolgoročnih zakupih, zato predstavlja dejavnik tveganja za zakupodajalca, ki je zajet v obrestni meri pri zakupu.
It can be assumed that the same was true for […] and […].
Pri običajnih bančnih posojilih tega tveganja ni, pri hipotekah pa je prisotno le v določeni meri.
Since the contract partners were apparently free to choose the precise parameters of their transaction within the framework of the model offered by BAVARIA, it does not seem central to the market conformity of the NEUWOGES/BAVARIA sale-and-lease-back transaction whether the parameters chosen by NEUWOGES were the same as those chosen by the parties to the […] and […] transactions.
Iz tega sledi, da obrestne mere pri zakupu in obrestne mere za posojila/hipoteke niso popolnoma primerljive.
These choices simply reflected strategic business decisions by the parties involved.
S primerjavo obrestne mere pri zakupu za zadevni posel s povprečnimi obrestnimi merami pri posojilih/hipotekah, ki so bile na voljo v zadevnem obdobju (med letoma 1997 in 1998), ni mogoče natančno ugotoviti, ali je bila zaračunana obrestna mera pri zakupu v skladu s tržnimi razmerami v zadevnem obdobju (med letoma 1997 in 1998).
What is more relevant is the fact that all these transaction were based on the same transaction model.
Mogoče pa je sklepati, ali je bila obrestna mera pri zakupu tako visoka, da zaradi nje verjetno noben udeleženec v tržnem gospodarstvu ne bi razumno sklenil posla.
To the extent that the […] and […] contracts are based on the same underlying calculation model — which in the light of the available information there is no reason to doubt — they point towards the market conformity of the transaction model underlying the NEUWOGES transaction as well.
Pri zadevnem poslu je bila obrestna mera pri zakupu prvotno določena na […] % skupnega obsega naložb letno.