natgillin/translations-raw huggingface dataset:
First, the minutes of the supervisory board meeting of 16 December 1997 demonstrate that NEUWOGES’ managers considered the risks involved in the transaction as ‘bearable’ [84].
Ob upoštevanju ugotovitve deželnega sodišča v Rostocku, da je bila povprečna najemnina v višini […] EUR na m2, na kateri temelji splošna pogodba o upravljanju, v razponu iz veljavne preglednice z najemninami [95], je mogoče ugotoviti, da je bila prvotna povprečna višina najemnine določena realno.
On the basis of these minutes, it is, furthermore, clear that NEUWOGES acted on the basis of calculations that assumed a rent increase of […]% every three years, an increase in costs (without reference to the risk of loss of rent) of […]%, and a risk of loss of rent of […]% [85].
Glede indeksacije dogovorjenega obroka zakupnine nič neposredno ne kaže na to, kakšno povprečno zvišanje najemnine je bilo na splošno pričakovano leta 1998.
NEUWOGES consulted the auditor Nordrevision before signing the contracts, which estimated that a rent increase of […]% corresponded to the general inflation rate, but would probably not be achievable [86].
Revizijska družba Nordrevision je pripomnila le, da je prvotno določenih […] % letno ustrezalo splošni stopnji inflacije, vendar je v Neubrandenburgu verjetno ne bi bilo mogoče doseči [96].
It also took the view that, while the initial costs were reasonable under the assumption of no vacancies (the calculations were based on an estimate of costs of […]% of the rent), an indexation of those costs in line with that of the indexation of the leasing payment was necessary [87].
Dejstvo, da se je družba NEUWOGES nazadnje strinjala z indeksacijo za „le“ […] % in pričakovala, da bo lahko vsake tri leta najemnino zvišala za […] % (ali […] % letno), kaže na to, da je upoštevala to opozorilo.
BAVARIA, for its part, assumed that, on the basis of an expectation that the population of Neubrandenburg would remain stable (due to the establishment of various big service providers) [88] and the good location of the buildings, a very low vacancy rate could be expected [89].
V cenitvah ni bilo izrecno izraženo nobeno pričakovanje glede zvišanj najemnin v prihodnosti.
It further assumed that rent increases in line with the indexation of the leasing payments would be achievable [90].
Kljub temu je treba opozoriti, da v cenitvah niso bile navedene izrecne predpostavke o gibanju inflacije in najemnine, vendar vključujeta temeljno predpostavko, da se bo zvišanje najemnine približalo splošni inflaciji (ki je v prejšnjih desetletjih znašala približno 3,5 %) [97].
Finally, it should be pointed out that the valuation of the property commissioned by NEUWOGES before the sale contains information about relevant expected developments.
Deželno sodišče v Rostocku je menilo, da je bila indeksacija upravičena ob upoštevanju povprečne letne 3,52-odstotne stopnje inflacije v 28 letih pred sklenitvijo pogodb [98].
The 1997 valuation assumed cost levels of between […]% and […]%, but did not specify what percentage is allocated to the risk of loss of rent [91].
Nadalje je ugotovilo, da je gibanje najemnin v 30-letnem obdobju očitno težko predvideti, vendar ne more predvidevati, da se lahko pričakuje jasno nesorazmerje med indeksacijo obroka zakupnine in gibanja višine najemnine.
Assessment
Študija družbe Pestel, ki jo je predložila družba NEUWOGES, ne zagotavlja nobenih podatkov o dejanskih pričakovanjih udeležencev na nepremičninskem trgu Vzhodne Nemčije in ne vsebuje nobenih posebnih podatkov o Neubrandenburgu.
Administration costs
Kljub temu kaže na morebitno težaven trg v Vzhodni Nemčiji.
First, the expectations regarding the costs of administration and maintenance, both as regards their initial level (EUR […] per m2, or […]% of the rent) and the expected increase ([…]% p.a.) appear reasonable.
Vendar ob upoštevanju ostalih dokazov ne dokazuje, da je bilo strinjanje z indeksacijo obrokov zakupnine za […] % letno in pričakovanje glede uvedbe zvišanja najemnin za […] % letno nerazumno.
As regards the initial cost level, this finding results from NEUWOGES’ own statement that, at least for the period directly following the modernisation, these costs had been set at a sufficiently high level.
Čas veljavnosti
Secondly, the Pestel study states that, in 1997, the costs of administration and maintenance would on average amount to EUR […] per m2, which is EUR […] lower than the provision for the same costs in the sale-and-lease-back transaction [92].
Glede časa veljavnosti pogodbe je deželno sodišče v Rostocku menilo, da je za nekatere zakupne pogodbe značilen dolg čas veljavnosti (do 30 let) in da zadevna pogodba ni nujno neobičajna [99].
Finally, the costs assumed in the expert valuation were also in this range.
Zaradi 30-letne veljavnosti so bila seveda prisotna nekatera tveganja, vendar je to pomenilo tudi možnost rednega dobička in visoko zanesljivost glede stroškov.
While an increase in these costs could certainly be expected, it would appear that assuming an increase of […]% p.a. was reasonable, even somewhat cautious.
Poleg tega je daljši čas veljavnosti pomenil tudi, da so bili mesečni obroki zakupnine, potrebni zaradi povračila za naložbo kupcu, nižji ali pa da je bila prodajna cena višja, obroki zakupnine pa enaki, kot če bi se izbral krajši čas veljavnosti [100].
Nordrevision had suggested keeping such an indexation of the administration costs in line only with the indexation of the leasing payment, namely an annual increase of […]%, lower than that actually assumed by NEUWOGES.
Ob upoštevanju navedenega se 30-letna veljavnost pogodbe ne zdi nerazumna.
Incidentally, an indexation of […]% is what NEUWOGES itself now submits could reasonably have been expected, demonstrating that […]% p.a. was certainly not unreasonably low.
Sklepna ugotovitev
Risk of loss of rent
Na podlagi teh premislekov se zdi, da se za pričakovanja, ki jih je družba NEUWOGES izrazila v svojem prvotnem izračunu, ne more trditi, da so bila nerazumna.
With respect to the risk of loss of rent, it was not unreasonable to expect a general loss of rent level of […]%.
V skladu s tem je bilo ob upoštevanju predloženih dokazov razumno, da je družba NEUWOGES pričakovala, da bo v okviru splošne pogodbe o upravljanju ustvarila dobiček.
First, it must be noted that Nordrevision did not question this level in its assessment of the contracts, despite expressing other concerns about the general economic situation and the real-estate market in Neubrandenburg [93].
Če se nominalni pričakovani dobiček za zadevno obdobje (začetek leta 1998) odbije, se izkaže, da je družba NEUWOGES ukrepala na podlagi predpostavke, da je odkupna vrednost splošne pogodbe o upravljanju znašala […] EUR.
Second, the 1997 valuation, despite not specifying the assumed risk of loss of rent, does not appear to assume significantly higher risks of loss of rent [94].
Splošna ocena
BAVARIA’s internal decision-making documents indicate that BAVARIA assumed that, in view of the variety of large services providers established in Neubrandenburg, the population of the city would probably remain stable and that almost all the apartments in question could be rented out after they had been modernised.
Ker je Komisija že ugotovila, da zakupna in prodajna pogodba ter splošna pogodba o upravljanju sestavljata en sam celovit posel, je treba odkupni vrednosti obeh pogodb sešteti, da se ugotovi skupna vrednost posla za družbo NEUWOGES.
Indeed, according to NEUWOGES, in 1997/98 the City of Neubrandenburg and Mecklenburg-Vorpommern Land assumed stable population numbers and stable income development.
Skratka, družba NEUWOGES je lahko na podlagi pogodbe o dolgoročnem zakupu z možnostjo nakupa pričakovala naslednje koristi:
Finally, the fact cannot be ignored either that NEUWOGES’ management, which ran an undertaking that owned more than 30 % of the apartments in Neubrandenburg and thus had intimate knowledge of the local real-estate market, judged the risks involved in the sale-and-lease-back transaction to be bearable and based its own projections on a risk of loss of rent of […]%.
Poleg tega se je predvidevalo (kot je bilo ugotovljeno v oddelku 7.2.4), da je imela splošna pogodba o upravljanju na podlagi razumnih pričakovanj družbe NEUWOGES diskontirano odkupno vrednost v višini […] EUR.
It is not clear why these experts in the local real-estate market would have based their calculations on this assumption if it had been as unreasonably low as NEUWOGES now claims.
Posel prodaje in povratnega zakupa je bil torej za družbo NEUWOGES skupno vreden […] EUR.
At the same time, account has to be taken of the documents provided by NEUWOGES in connection with the issue of whether a prudent participant in the relevant real-estate market (prefabricated apartment blocks in East Germany) would have expected higher vacancy rates, in so far as the documents date from before the conclusion of the sale-and-lease-back transaction.
PRIMERJAVA Z DRUGIMI POSLOVNIMI MOŽNOSTMI
Of the studies provided, only the Pestel study dates from before the conclusion of the contracts at issue.
Da se ugotovi, ali je bila odločitev družbe NEUWOGES glede sklenitve posla prodaje in povratnega zakupa v okviru ekonomskega ravnanja, za katerega bi se razumen udeleženec v tržnem gospodarstvu razumno odločil, je treba vrednost navedenega posla primerjati z drugimi poslovnimi možnostmi.
In this context it must be observed, however, that the Pestel study concerns East Germany as a whole and does not take into account the specific local conditions in Neubrandenburg — a state of affairs that limits its probative value in the present context.
Če je imela družba NEUWOGES na voljo možnost, ki je bila gospodarsko ugodnejša, za odločitev glede sklenitve posla prodaje in povratnega zakupa ni mogoče ugotoviti, da bi jo udeleženec v tržnem gospodarstvu sprejel.
While the study points to some general problems in the East German real-estate market, the study in itself is not sufficient to establish that a MEO would not have based its investment decision on an assumed risk of loss of rent of […]%.
V tem okviru je treba opozoriti, da oddaja stanovanj brez predhodne posodobitve ali rušenje stavb ne bi bili primerni poslovni možnosti.
Rent
Prvič, oddaja stanovanj brez posodobitve bi prinesla omejen prihodek, pri čemer je bilo jasno, da bi bile neposodobljene stavbe bolj prazne od posodobljenih stavb [101].
Moving on to the rent, it must first be observed that NEUWOGES has not submitted that the expected rent levels after modernisation were set too high.
Zato ni trdne osnove za ugotovitev, da bi se lahko pričakovalo, da bo dobiček od nadaljnjega oddajanja neposodobljenih stavb presegel dobiček na podlagi posla prodaje in povratnega zakupa.
It claims, rather, that these could not be increased by as much as expected.
Podobno tudi rušenje ne bi prineslo prihodkov, ampak bi nastali stroški rušenja.
In the light of Rostock Regional Court’s finding that the average rent level of EUR […] per m2, on which the general management contract is based, was within the range set by the applicable rent table [95], it can be concluded that the initial average rent level was set at a realistic level.
Zato tudi rušenje v zadevnem obdobju (med letoma 1997 in 1998) ni bila primerna možnost.
As regards indexation of the agreed leasing payment, there is no direct evidence of what average increase of rent was generally expected in 1998.
Možnost financiranja s posojilom
Nordrevision remarked only that the […]% per year originally set corresponded to the general inflation rate, but was not likely to be achievable in Neubrandenburg [96].
Prva možnost, ki bi jo bilo treba proučiti, bi bilo financiranje s posojilom.
The fact that NEUWOGES did eventually agree to an indexation of ‘only’ […]% and expected to be able to enforce rent increases of […]% every three years (or […]% p.a.) appears to demonstrate that it took this warning into account.
Če bi družba NEUWOGES posodobitev zadevnih stavb financirala prek posojila, bi lahko prejela nekaj istega dobička, kot ga je prejela s poslom prodaje in povratnega zakupa.
The valuations did not explicitly express any expectation about future rent increases.
Lahko bi oddajala posodobljene stavbe in s tem ustvarila dober tok prihodkov.
It must, nevertheless, be noted that since the valuations did not make explicit assumptions about inflation and rent development, the underlying assumption is that the rent increase and general inflation (which had been around 3,5 % in the preceding decades) would converge [97].
Poleg tega bi v nasprotju z njenim položajem na podlagi posla prodaje in povratnega zakupa ostala lastnik stavb.
Rostock Regional Court was of the opinion that the indexation was justified in light of the average annual inflation rate of 3,52 % in the 28 years before the conclusion of the contracts [98].
Vendar je jasno tudi, da bi bili pri financiranju s posojilom prisotni nekateri negativni učinki.
It further remarked that the development of rents was obviously difficult to predict over a period of 30 years, but that it could not recognise a clear disproportion between the indexation of the leasing payment and the development of rent levels to be expected.
Prvič, družba NEUWOGES bi morala 30 % obsega naložbe zagotoviti z lastnim kapitalom, saj je menila, da mora ohraniti 30-odstotni kapitalski količnik [102].
The Pestel study submitted by NEUWOGES does not provide any data on what participants in the East German real-estate market actually expected, and contains no specific data on Neubrandenburg.
Konec leta 1997 je nadzorni odbor družbe NEUWOGES razpravljal o znižanju kapitalskega količnika, da bi spodbudil več naložb.
Nevertheless, it points towards a potentially difficult market in East Germany.
Vendar je uprava ta predlog zavrnila kot neizvedljivega z gospodarskega vidika, saj bi bila posledica nesprejemljiva stopnja zadolženosti [103].
However, in the light of the remaining evidence, it again fails to demonstrate that agreeing an indexation of the leasing payments of […]% p.a. and expecting to be able to enforce rent increases of […]% p.a. was unreasonable.
Izvajati je bilo treba zaveze družbe [105].
Duration
Da bi se financirala naložba v posodobitev v višini […] EUR, bi morala družba NEUWOGES torej prispevati […] EUR lastnega kapitala.
As regards, finally, the duration of the contract, Rostock Regional Court reasoned that certain leasing contracts are marked by long durations (of up to 30 years) and that the contract in question is not necessarily uncommon [99].
Ni zelo verjetno, da je bil ta znesek lastnega kapitala takoj na voljo.
While the 30-year duration did, of course, involve some risks, it also offered the possibility of making stable profits and having high certainty regarding the costs.
Iz zapisnika seje nadzornega odbora je razvidno, da je možni skupni obseg naložb v letu 1998 (vključno s posojili) znašal približno […] EUR, ta znesek pa je že bil namenjen za druge projekte [106].
In addition, a longer duration also meant that the monthly lease payments necessary to pay back the buyer’s investment were lower, or that the sale price was higher with equal leasing payments than if a shorter duration had been chosen [100].
Zato je jasno, da bi lahko družba NEUWOGES za financiranje posodobitve vzela posojilo le, če bi opustila druge projekte.
In this light, agreeing on a duration of 30 years does not seem unreasonable.
V nasprotju s financiranjem s posojilom je bila prednost posla prodaje in povratnega zakupa ta, da družbi NEUWOGES ni bilo treba vlagati lastnega kapitala, poleg popolnega financiranja posodobitve stavb pa je prejela tudi sveža likvidnostna sredstva.
Conclusion
Ob upoštevanju vseh teh premislekov ni mogoče trditi, kot je bilo ugotovljeno, da bi bila posodobitev, financirana s posojilom, na voljo ali pa bi bila za družbo NEUWOGES ugodnejša kot posel z družbo BAVARIA.
Accordingly, in light of the evidence presented, it was reasonable for NEUWOGES to expect to make a profit within the framework of the general management contract.
Možnost glede neposredne prodaje
If the nominal expected profits are discounted to the relevant time (early 1998), it turns out that NEUWOGES acted on the basis of assuming that the general management contract had a cash value of EUR […].
Druga resna možnost bi bila neposredna prodaja stavb in zemljišča.
Overall assessment
Glavno vprašanje je, ali bi bila takšna prodaja ugodnejša.
As the Commission had already reached the conclusion that the land-lease and sale contract and the general management contract formed part of one integrated business transaction, the cash values of both contracts have to be added together to determine the total value of the transaction for NEUWOGES.
Ocena ob upoštevanju cenitev iz let 1997 in 2007
To recap: under the land-lease and sale contract NEUWOGES could expect the following benefits:
Družba NEUWOGES je obe študiji naročila zaradi ocene vrednosti zadevne nepremičnine (stavb in zemljišča) leta 1997.
In addition, it was assumed (as established in section 7.2.4 above) that, based on NEUWOGES’ reasonable expectations, the general management contract had a discounted cash value of EUR […].
Eno študijo je izvedel strokovnjak družbe leta 1997, drugo pa naknadno neodvisni strokovnjak leta 2007.
Thus, the sale-and-lease-back transaction had a total value of EUR […] for NEUWOGES.
V cenitvi iz leta 1997 je bila vrednost ocenjena na […] EUR, v študiji iz leta 2007 pa na […] EUR [107].
COMPARISON WITH ALTERNATIVE BUSINESS OPTIONS
V obeh študijah so bili ločeno ocenjeni stavbe (cenitev iz leta 1997: […] EUR; cenitev iz leta 2007: […] EUR) in zemljišče (cenitev iz leta 1997: […] EUR; cenitev iz leta 2007: […] EUR).
To determine whether NEUWOGES’ decision to engage in the sale-and-lease-back transaction fell within the range of economic behaviour that a rational market economy operator would have reasonably engaged in, the value of that transaction must now be compared to that of alternative business options.
Obe študiji temeljita na dejansko enaki metodologiji, tj. metodi bruto najemnine (Ertragswertverfahren).
If NEUWOGES had had an alternative that was economically more advantageous, the decision to engage in the sale-and-lease-back transaction could not be said to be one that a MEO would have taken.
Ker je bila cenitev iz leta 2007 pripravljena šele po izvedbi posla prodaje in povratnega zakupa, Komisija meni, da je ni mogoče uporabiti pri ugotavljanju vrednosti nepremičnine leta 1997, kot je bila družbi NEUWOGES znana v zadevnem obdobju.
In this context, it should be noted that neither renting the buildings without first modernising them, nor demolishing them, would have been viable business alternatives.
Družba NEUWOGES se takrat na podlagi naknadne cenitve iz leta 2007 ne bi mogla odločiti, ali bi sklenila posel prodaje in povratnega zakupa z družbo BAVARIA.
First, renting without modernisation would have resulted in limited revenues, and it was clear that unmodernised buildings would more often be left vacant than modernised buildings [101].
Komisija hkrati meni, da cenitev iz leta 1997 ni zanesljiv pokazatelj vrednosti nepremičnine leta 1997, kot je bilo znano družbi NEUWOGES v zadevnem času, saj se je v okviru formalnega postopka preiskave ugotovilo, da se je uprava družbe NEUWOGES dobro zavedala nezanesljivosti cenitve v obdobju, v katerem je sklenila pogodbi v preiskavi.
Likewise, demolition would have created no revenue, but would have involved demolition costs.
Hkrati so bile v prvi preglednici z najemninami za mesto Neubrandenburg, ki je veljala od 1. januarja 1998 naprej in je temeljila na podatkih iz leta 1997, navedene povprečne višine najemnine za posodobljena stanovanja od 3,90 EUR do 4,38 EUR na m2.
Thus, nor can demolition qualify as a viable alternative at the relevant time (1997/98).
Družba NEUWOGES bi kot velika nepremičninska družba, dejavna v Neubrandenburgu, morala biti seznanjena s povprečnimi višinami najemnin v mestu, zato bi morala nepremičnino oceniti na podlagi teh podatkov.
Loan alternative
Preostala življenjska doba
A first possible alternative to consider would have been loan financing.
V cenitvi iz leta 1997 je bila ob upoštevanju predvidene posodobitve preostala življenjska doba ocenjena med 55 in 70 let.
If NEUWOGES had financed the modernisation of the buildings in question via a loan, it could have obtained some of the same profits it received from the sale-and-lease-back transaction.
V tem okviru je treba opozoriti, da nizko ocenjeni stroški posodobitve v cenitvi iz leta 1997 niso v skladu s predpostavko, da bo posodobitev znatno podaljšala gospodarsko življenjsko dobo stavb.
In the first place, it would have been able to rent out the modernised buildings, thereby generating a good revenue stream.
Vrednost zemljišča
In addition — and in contrast to the position under the sale-and-lease-back transaction — it would have remained the owner of the buildings.
Opozoriti je treba, da se v cenitvi iz leta 1997 pri vrednotenju zadevnega zemljišča niso upoštevali dejavniki, ki zmanjšajo vrednost (upoštevali pa so se v cenitvi iz leta 2007).
However, it is also clear that loan financing would have involved certain disadvantages.
Taki dejavniki vključujejo obstoječo infrastrukturo, ki je ni mogoče preseliti ali odstraniti (kanalizacija, cevi), in dejstvo, da je bila oblika zemljišča neugodna.
First, NEUWOGES would have had to provide 30 % of the investment volume from its own capital, as NEUWOGES considered that it had to maintain a capital ratio of 30 % [102].
Ti dejavniki običajno znižajo vrednost zemljišča.
This proposal was, however, rejected by the management as impossible from an economic point of view, since it would have led to an unacceptable degree of indebtedness [103].
Družba NEUWOGES se je torej očitno zavedala, da so bile nekatere ključne predpostavke, na katerih je temeljila cenitev iz leta 1997, zlasti glede stroškov posodobitve, nezanesljive.
The management explained that reducing the capital ratio from 30 % to 25 % would not be feasible (degree of indebtedness) [104].
Komisija zato ugotavlja, da cenitev iz leta 1997 ni zanesljiv pokazatelj vrednosti zemljišča leta 1997, kot je bila družbi NEUWOGES znana v zadevnem času.
It is highly doubtful that this amount of own capital was immediately available.
Skupna vrednost posla prodaje in povratnega zakupa za družbo NEUWOGES je bila torej […] EUR.
It is clear from the supervisory board minutes that the possible total investment volume for 1998 (including loans) was approximately EUR […], which was already earmarked for other projects [106].
Nasprotno je zgornja analiza pokazala, da bi morala družba NEUWOGOES realno predvideti vrednost nepremičnine v višini […] EUR, kar je bilo le za […] % več od vrednosti posla prodaje in povratnega zakupa.
It is clear, then, that NEUWOGES could have resorted to a loan to finance the modernisation only if it had abandoned other projects.
Vendar ta majhna razlika ne pomeni, da bi udeleženec v tržnem gospodarstvu izbral možnost neposredne prodaje:
In contrast to loan financing, the sale-and-lease-back transaction had the advantage not only of not requiring NEUWOGES to invest own capital, but also of supplying fresh liquidity in addition to wholly financing the modernisation of the buildings.
Prvič, upoštevati je treba, da je bila zadevna možnost neposredne prodaje povezana z neposredno prodajo stavb in zemljišča, družba BAVARIA pa je kupila le stavbe in pridobila pravico do zakupa zemljišča za 75 let.
Taking all these considerations into account, it cannot be regarded as established that a loan-financed modernisation would have either been available or, if so, more beneficial to NEUWOGES than the BAVARIA deal.
Zemljišče samo po sebi je ostalo v lasti družbe NEUWOGES.
The fact that NEUWOGES was unlikely to have the own capital necessary for obtaining the loan and that it could use the additional liquidity to finance other investments are apt to lead to the conclusion that choosing the sale-and-lease-back transaction over loan financing was a sensible decision.
Slednja je vrednost zemljišča ocenila na […] EUR (kot v cenitvi iz leta 2007).