natgillin/translations-raw huggingface dataset:
It stresses that the sale price that was finally agreed (USD […] million) was significantly higher than these valuations.
Po navedbah Belgije bi bilo treba uporabiti odbitek, ki odraža nelikvidnost deležev družbe DPH v holdingu FSIH.
Lastly, Belgium puts forward several reasons as to why FSIH withdrew: (i) the conclusion of the slab supply agreement with […] which, while stabilising the results, still risked limiting the potential gains of Duferco US; (ii) the ongoing negotiations for the sale of 50 % of SIF to NLMK, which envisaged the integration of Duferco US into the partnership with the Russian group; (iii) the feeling FSIH had about a future downturn in the steel sector; (iv) the abundance of liquid assets in the Duferco Group, which created a window of opportunity for FSIH to sell its stake in Duferco US.
Dejavniki, ki se običajno uporabljajo za oceno likvidnosti delnic družbe, naj bi bili naslednji:
With regard to the price and maturity of the purchase option, Belgium claims that the option price was included in the negotiated exercise price and that the uncertainties surrounding the date of execution of the planned operation between Duferco and NLMK justified for duration of almost 10 years.
prodajna opcija: ali delničar razpolaga z opcijo, ki mu omogoča, da svoje delnice proda po vnaprej dogovorjeni ceni?
In response to the Commission's first concern, Belgium stresses that it is necessary to value the investment in DPH in US dollars and not in euros given that US dollar is the functional currency of DPH.
Taka opcija, ki je v obravnavanem primeru ni, bi povečala likvidnost delnic;
Using the US dollar as the reference currency would result in an annual return of 8,81 % on the stake in DPH.
klavzule, ki zmanjšujejo privlačnost udeležbe: holding FSIH in [družba, ki je takrat obvladovala družbo DPH] sta oba imela predkupno pravico („first refusal right“) v primeru načrtovane prodaje deležev tretji osebi.
With regard to the Commission's other concerns, Belgium justifies the difference between the sale price and the range in the Ernst & Young 2006 Report by taking into account five haircuts.
Tovrstna klavzula bistveno zmanjšuje interes tretje osebe za to, da bi se z obstoječimi delničarji spustila v dolgotrajna in draga pogajanja za pridobitev deležev.
HAIRCUT 1 — VALUATION OF THE TRADING DIVISION OF DPH
Ponudbo, ki je rezultat takih pogajanj, lahko namreč prepreči drug obstoječi delničar;
DPH is the parent company of two large divisions: the Trading division (trade) and the Industry division (production).
znesek dividend: holding FSIH je lahko pričakoval, da mu bodo v prihodnosti dodeljene le razmeroma skromne dividende, ki bodo predstavljale letni donos v višini 4,8 % (dividenda v višini 4 milijone EUR na leto).
On 29 September 2003, i.e. several months after FSIH acquired a stake in its capital, DPH sold 50 % of the shares in its Trading division (Duferco International Trading Holding — […]) to […].
Skromna višina dividend pa škoduje likvidnosti delnice;
This sale was made on the basis of the book value of the Trading division in that the sale price was calculated by taking into account half of the own funds of Duferco International Trading Holding, i.e. USD 40,83 million or EUR 36,01 million using the annual average USD-EUR exchange rate for 2003.
dejavniki tveganja, ki vplivajo na vlagatelje: velika cikličnost jeklarskega sektorja in spremenljivost dobičkov družbe DPH pomenita, da je ta delovala v zelo tveganem okolju.
Belgium believes this price is a market price.
Taka stopnja tveganja negativno vpliva na likvidnost deleža;
It therefore had to be taken into account when, around three years later, the whole group was valued.
obeti za rast: leta 2006 se je štelo, da je trg na vrhuncu cikla, tako da so bili obeti za rast v prihodnjih letih omejeni.
Belgium believes that the Ernst & Young 2006 Report should have taken into account the book value of the Trading division rather than applying its valuation method, i.e. the price/earnings ratio, to the whole Group.
Tudi tak dejavnik še povečuje nelikvidnost delnic;
A contrario, Belgium does not object to the fact that the Industry division is still valued using the price/earnings ratio.
velikost deleža: večji kot je delež, manj je potencialnih kupcev.
Valuing the Trading division at its book value involves applying a haircut of between USD 20 and 31 million on the valuation from the Ernst & Young 2006 Report.
To je še toliko bolj očitno, kadar je delež, kot v obravnavanem primeru, velik, vendar ostaja manjšinski;
Finally, Belgium underlines that, even if one wanted to apply the price/earnings ratio method to the whole Group, the ratio adopted in the Ernst & Young 2006 Report does not reflect the risk profile of DPH.
velikost in finančna trdnost podjetja: z lastniškim kapitalom v vrednosti […] milijonov EUR, kot izhaja iz poročila Ernst & Young iz leta 2006, bi se lahko družba DPH štela za malo do srednje podjetje.
Choosing this kind of method does not remove the need to assess the Trading division and the Industry division separately, given that a different ratio should apply to each of them.
Delnice MSP, zlasti če ne kotira na borzi, je težje prodati kot delnice velike družbe.
The Ernst & Young 2006 Report erred in applying a ratio derived from comparable undertakings operating only in one industry to the whole Group (including the Trading division).
Glede na te dejavnike in „nezanimanje drugih akterjev za ta delež“ naj bi se stranki dogovorili, da bosta namesto 30-odstotnega odbitka zaradi nelikvidnosti, priporočenega v poročilu Ernst & Young, uporabili 40-odstotni odbitek.
Belgium believes that trade is a riskier activity than production.
Belgija meni, da ji dodatnih odbitkov ni treba obširneje utemeljiti, saj so ti odbitki znotraj razponov, ki se običajno uporabljajo, uporabljeni 40-odstotni odbitek pa je rezultat pogajanj med strankama.
Therefore a lower price/earnings ratio should be applied to this type of activity, reflecting investors' reduced appetite for this risk profile (Belgium has provided data taken from S&P Capital IQ to support this conclusion).
ODBITEK ŠT. 4 – PRIDRŽEK V ZVEZI S PREDNOSTNIMI DIVIDENDAMI HOLDINGA FSIH
By not doing so, Ernst & Young overvalued DPH in 2006.
Družba Ernst & Young te diskontirane vsote kot take ni dodala v svojo oceno.
HAIRCUT 2 — THE CYCLICAL NATURE OF THE STEEL MARKET
Svetovalna družba je uporabila 6,2-odstotni odbitek, saj je menila, da je tveganje neizplačila te prednostne dividende primerljivo s tveganjem neizpolnitve obveznosti z bonitetno oceno BBB.
Belgium maintains that the period selected by Ernst & Young to estimate the profits and the price/earnings ratio to use in the valuation of Duferco US does not adequately reflect the cyclical nature of the steel sector.
V poročilu Ernst & Young iz leta 2006 je bilo torej 22,2 milijona USD prištetih vrednosti, dobljeni za 25-delež v družbi DPH.
This period covers only the four years from 2003 to 2006, so it includes three good years (2004, 2005 and 2006) and only one bad year (2003).
Po navedbah Belgije sta stranki takrat menili, da ta 6,2-odstotni odbitek ne zadošča, da bi odražal tveganje neizplačila prednostne dividende.
The parties therefore added 2001 and 2002 to their analysis and established different ratings than those of Ernst & Young for each year.
Belgija to utemeljuje z dvema glavnima argumentoma.
The values and weightings adopted by the parties result in a valuation of USD […] million for DPH, (compared with USD […] million in the Ernst & Young reference case).
Prvi se nanaša na spremenljivost rezultatov družbe DPH: družba DPH bi se morala v primeru nezadostnega dobička ali denarnih sredstev odreči izplačilu dividende.
This significant difference in values, to which the effects of other haircuts and readjustments also have to be added, prove that Ernst & Young overvalued DPH in 2006.
Belgija v zvezi s tem poudarja, da je bilo izplačilo prednostne dividende prepuščeno odločitvi družbe.
HAIRCUT 3 — NON-LIQUIDITY OF SHARES
Drugi argument se nanaša na organizacijo skupine Duferco: ker je bila dolžnica dividend holdinška družba (DPH), so bili dobički na njeni ravni samo konsolidacija dobičkov, ki so jih ustvarile njene hčerinske družbe.
Belgium believes that a haircut reflecting the illiquidity of the shares in DPH held by FSIH should be applied.
Iz različnih razlogov (zlasti: davčnih predpisov, finančnih obveznosti, pogodbenih zavez) prenos dobičkov s hčerinskih družb na holdinško družbo ni bil vedno preprost ali celo mogoč.
The factors commonly taken into account to assess the liquidity of shares in a company are as follows:
Vsi ti dejavniki so povzročali dejansko negotovost glede prihodnjega izplačila prednostne dividende družbe DPH.
sale option: do shareholders have the option to sell their shares at a previously agreed price?
Po navedbah Belgije bi se torej moral nujno uporabiti višji odbitek, kot naj bi se uporabil za prihodnjo donosnost obveznosti z bonitetno oceno BBB.
Such an option, which is absent in this case, would increase the liquidity of the shares,
Stranki naj bi se dogovorili o številki 14 % – tj. odbitek v višini 4 milijonov USD glede na oceno družbe Ernst & Young.
clauses making the stake less attractive: FSIH and [the company that controlled DPH at the time] both had right of first refusal in the event of a plan to sell shares to a third party.
ODBITEK ŠT. 5 – KONTROLNA PREMIJA
An offer resulting from this negotiation could be pre-empted by the other existing shareholder,
Po navedbah Belgije sta se stranki odločili, da ne bosta uporabili take kontrolne premije, saj posebne pravice, za katere je šlo, dejansko niso imele nikakršne tržne vrednosti v okviru prodaje tretji osebi ali celo [družbi, ki je takrat obvladovala družbo DPH].
amount of dividends: for the future, FSIH could only hope to receive relatively modest dividends, representing an annual yield of 4,8 % (dividend of EUR 4 million per year).
Po mnenju Belgije bi namreč lahko v primeru prodaje delničarju, ki je tretja oseba, [družba, ki je takrat obvladovala družbo DPH] nasprotovala prodaji pravic, vpisanih v delničarski sporazum družbe DPH.
A modest amount of dividends has a negative impact on the liquidity of a share,
Zato [družbi, ki je takrat obvladovala družbo DPH] ni bilo treba plačati določenega zneska za pridobitev polnih pooblastil.
risk factors affecting investors: it is clear from the highly cyclical nature of the steel sector and the volatility of DPH's profits that the company was operating in a high-risk environment.
Belgija opozarja, da sta se stranki dogovorili, da posebne pravice, povezane z deleži holdinga FSIH, na podlagi delničarskega sporazuma prenehajo, če ena od njiju proda svoj delež tretji osebi.
Such a level of risk has a negative impact on the liquidity of a stake,
Čeprav ni sporno, da je imel holding FSIH na podlagi posebnih pravic iz delničarskega sporazuma vsaj moč, da vpliva na upravljanje družbe DPH, in da so tako te pravice nujno imele določeno vrednost ob njegovi pridobitvi deleža v družbi DPH, to ne spremeni dejstva, da holding FSIH svojih posebnih pravic ni mogel neovirano prenesti na tretjo osebo.
growth prospects: in 2006 the market was considered to be at the top of the cycle and growth prospects for the coming years were therefore limited.
Zato te pravice niso imele nobene tržne vrednosti.
Again, this sort of factor exacerbates the illiquidity of shares,
DRUGO OZADJE
size of stake: the larger the stake, the fewer the potential buyers.
Belgija navaja še dva druga elementa, ki nista povzročila uporabe odbitka, vendar ju je želela navesti, da bi Komisija razumela različne pogajalske elemente, o katerih sta stranki razpravljali, da bi določili končno ceno.
This is all the more so because in this instance the stake is large but still remains a minority shareholding,
Prvi element se nanaša na sporazum iz leta 2005 med družbama DPH in Farrell, ki določa prenos nekaterih dobičkov na družbo Farrell.
size and financial soundness of the company: having own funds of EUR […] million, as shown in the Ernst & Young 2006 Report, DPH could be considered a small to medium-sized enterprise.
Zaradi tega sporazuma je v poročilu Ernst &Young iz leta 2006 uporabljen odbitek 5,5 milijona USD od izkazanega dohodka („reported earning“) za posamezno upoštevano leto.
Shares in an SME, especially unlisted ones, are less easily transferable than those in a large company.
Stranki tega odbitka nista zvišali.
In light of these factors, and given the ‘lack of interest in this shareholding from other players’, the parties agreed to apply an illiquidity haircut of 40 %, compared with the 30 % advocated by Ernst & Young.
Drugi element se nanaša na sporazum o dobavi z družbo […].
Belgium does not feel that it has to further justify the additional haircuts as they fall within the generally applied range and the adopted haircut of 40 % is the result of negotiation between the parties.
Ta sporazum je določal nakup precejšnje količine polizdelkov (plošč) po ceni, ki je ustrezala proizvodnim stroškom.
FSIH had negotiated the right to a preferential dividend of EUR 4 million per year for the financial years from 2005 to 2012.
Ta sporazum je določal obveznosti dokapitalizacije in visoke kazni v primeru umika, tako da je za družbo DPH pomenil potencialno breme.
Ernst & Young took this right into account in its valuation exercise for 2006, considering that FSIH could hope to receive USD 4 million [12] per year during the seven years until 2012 (i.e. a discounted sum of USD 26,3 million).
V poročilu Ernst & Young iz leta 2006 to tveganje ni bilo izraženo v številkah, glede na informacije, ki jih je Komisiji poslala Belgija, pa tega nista storili niti stranki.
Ernst & Young did not add this discounted sum to its valuation as such.
Nazadnje, Belgija opozarja na nagibe za dezinvestiranje holdinga FSIH: cikličnost sektorja, vstop novih zasebnih vlagateljev v skupino ([…] in NLMK) in njun vpliv, razpoložljivost likvidnih sredstev znotraj skupine Duferco.
The consultant applied a haircut of 6,2 % to it, taking the view that the risk of non-payment of this preferential dividend was comparable to the default risk of a bond with a BBB rating.
V zvezi s tem poudarja, da je bilo skupno podjetje s skupino NLMK znak pripravljenosti skupine Duferco, da se postopoma umakne iz industrijske proizvodnje jekla ter se usmeri v nove dejavnosti, kot sta sanacija obratov in razvoj energetskih projektov.
The Ernst & Young 2006 Report thus added USD 22,2 million to the value obtained for 25 % of the shares in DPH.
Holding FSIH naj bi temu trendu sledil z umikom iz družbe DPH in z naložbami v nove diverzifikacijske projekte skupine (glej ukrep št. 3).
According to Belgium, the parties took the view at the time that this haircut of 6,2 % was not enough to reflect the risk of non-payment of the preferential dividend.
Belgija upravičuje ceno […] milijonov EUR kot seštevek različnih elementov.
Belgium puts forward two main arguments to support this.
POSLOVNE TERJATVE
The first relates to the volatility of DPH's results: in the event of insufficient profits or cash flow, DPH would have had to forego payment of the dividend.
Družba Carsid Développement, ki je postala Duferco Diversification, je podedovala za [30–37] milijonov EUR poslovnih terjatev do druge družbe iz skupine (Duferco La Louvière Sales).
In this regard, Belgium stresses that payment of the preferential dividend was at the company's discretion.
PRIČAKOVANO POVEČANJE VREDNOSTI PROJEKTA […]
The second argument relates to the organisation of the Duferco Group: given that the company owing the dividends is a holding company (DPH), the profits at its level comprise solely the consolidation of the profits generated by its subsidiaries.
Skupina Duferco se je od […] 2002 posvečala razvoju obsežnega projekta preureditve obrata.
Now, for various reasons (particularly tax rules, financial commitments and contractual obligations), it was not always easy, or indeed possible, for profits from the subsidiaries to flow up to the holding company.
Čeprav so bila zemljišča v lasti družbe Duferco Développement, je bila za razvoj tega projekta zadolžena družba Carsid Développement (ki je postala Duferco Diversification).
All of these factors were sources of real uncertainty concerning the future payment of the preferential dividend from DPH.
Belgija pojasnjuje, da je bilo ob odločitvi holdinga FSIH, da odobri kapitalski vstop v družbo DSIH, tj. 5. decembra 2006, že sklenjeno, da bo družba Duferco Développement, ki ni imela človeških virov, prek družbe Duferco Diversification izvedla pripravljalna in sanacijska dela v obratu […].
Belgium feels that the haircut applied therefore had to be higher than the haircut applied for future yields on bonds with a BBB rating.
Kar zadeva plačilo družbi Duferco Diversification za storitve, opravljene v okviru tega projekta, je bilo že dogovorjeno, da bo ta družba upravičena do polovice pričakovanega dobička od prodajne cene zemljišč, ki so bila v lasti družbe Duferco Développement, druga polovica pa bo pripadla slednji.
The parties agreed to a figure of 14 %, i.e. a haircut of USD 4 million in relation to the Ernst & Young valuation.
Belgija priznava, da je glede na zahtevnost in velikopoteznost nepremičninskega projekta formalna sklenitev pogodbe med družbama Duferco Diversification in Duferco Développement zamujala.
HAIRCUT 5 — CONTROL PREMIUM
Nekatere vidike je bilo namreč treba še določiti glede na ugotovitve študijske skupine, ustanovljene z ministrskim sklepom z dne 18. januarja 2007, tj. en mesec po vstopu holdinga FSIH v družbo DSIH.
Haircut 5, in reality, is the choice not to apply a premium proposed by the Ernst & Young 2006 Report.
Plačilo družbi Duferco Diversification v okviru projekta […] je bilo dokončno formalizirano v sporazumu, sklenjenem 4. februarja 2009 med družbo Duferco Développement, lastnico zemljišč, in družbo Duferco Diversification.
In this report, the consultant observed that FSIH, through the shareholder agreement, has special rights allowing it to influence certain strategic decisions of the Group.
Belgija trdi, da je v skladu s tem, kar je bilo prvotno dogovorjeno, sporazum, sklenjen leta 2009, določal, da si bosta dobiček od prodaje saniranega zemljišča v enakih delih razdelili družbi Duferco Développement in Duferco Diversification.
The Ernst & Young 2006 Report therefore takes the view that a control premium of between 0 % and 10 % of the value of the shareholding should be added.
Belgija poleg tega poudarja, da je holding FSIH že leta 2006 svojo naložbo utemeljil na oceni vrednosti projekta.
Belgium believes the parties chose not to adopt such a control premium because the special rights it relates to did not actually have any market value in the context of a sale to a third party or to [the company that controlled DPH at the time].
Meni, da je bil pričakovani dobiček projekta […] leta 2006 previdno ocenjen na […] milijonov EUR.
According to Belgium, in the event of a sale to a third-party shareholder, [the company that controlled DPH at the time] could oppose the transfer of rights laid down in the DPH shareholder agreement.
Ta znesek je ustrezal razliki med ocenjenimi stroški sanacije obrata […] ([…] milijonov EUR glede na izvedensko poročilo iz leta 2006) in vrednostjo zemljišč, ki so bila v lasti družbe Duferco Développement (ta je bila po navedbah Belgije že takrat ocenjena na […] milijonov EUR – to vrednost je januarja 2010 potrdila izvedenska pisarna GALTIER).
Consequently, [the company that controlled DPH at the time] did not have to pay a certain amount to recover full powers.
Belgija torej meni, da je holding FSIH ravnal zadržano in previdno, ko je zahteval, da stranki obdržita dobiček v višini […] milijonov EUR, ki naj bi si ga v enakih delih razdelili družbi Duferco Développement in Duferco Diversification (tj. […] milijonov EUR, ki jih mora upoštevati družba DSIH).
Belgium points out that the parties agreed that the special rights attached to the FSIH shares under the shareholders' agreement would be terminated in the event of one of them selling their shares to a third party.
Belgija ne navaja ničesar drugega v zvezi z dosedanjo izvedbo ali neizvedbo projekta […] in v zvezi z njegovim poslovnim uspehom ali neuspehom.
If it is indisputable that the special rights provided for in the shareholders' agreement conferred on FSIH the power, at the very least, to influence the management of DPH and, in this regard, these rights had a certain value when FSIH acquired its stake in DPH, the fact remains that FSIH could not freely transfer the special rights it held to a third party.
VLOŽEK NEPREMIČNIN V HČERINSKO DRUŽBO DRUŽBE DUFERCO DIVERSIFICATION
Therefore, these rights had no market value.
Nekatere nepremičnine družbe Duferco La Louvière so bile prenesene na družbo Duferco Immobilière, ki je hčerinska družba družbe Duferco Diversification.
OTHER BACKGROUND INFORMATION
Njihova vrednost, ki jo je potrdila svetovalna družba, je ocenjena na med [14–21] in [15–22] milijonov EUR.
Belgium puts forward two more factors which did not lead to application of a haircut but which it wanted to mention so that the Commission could see the different negotiating points that the parties discussed in order to establish the final price.
VREDNOST PROJEKTA MARCINELLE ENERGIE
The first factor relates to the 2005 agreement between DPH and Farrell which provided for the transfer of certain profits to Farrell.
Marcinelle Energie, hčerinska družba družbe Duferco Diversification, je imela v letu 2006 cilj uspešno dokončati izgradnjo elektrarne CCGT v Charleroiju.
Because of this agreement, the Ernst & Young 2006 Report applied a haircut of USD 5,5 million to the reported earnings of each year taken into account.
Holding FSIH se je oprl na študijo, ki jo je svetovalna pisarna Bain (v nadaljnjem besedilu: Bain) izvedla julija 2006 za oceno vrednosti tega projekta.
The parties did not increase this haircut.
Po navedbah svetovalne pisarne Bain je bilo mogoče skupno vrednost projekta oceniti na […] milijonov EUR: (i) […] milijonov EUR neto sedanje vrednosti za samo elektrarno in (ii) […] milijonov EUR, če bi bilo projektu dodeljenih 100 % pravic do emisije CO2.
The second factor relates to a supply agreement with the company […].
Vrednost, ki jo je holding FSIH na koncu sprejel za pravice do emisije CO2, naj bi znašala […] milijonov EUR.
This agreement provided for the purchase of a substantial quantity of semi-finished products (slabs) at a price corresponding to the cost of production.
Holding FSIH je na podlagi tega izvedenskega mnenja lahko upravičeno menil, da bo naložba v izgradnjo elektrarne CCGT prinesla neto diskontirano vrednost v višini […] milijonov EUR ([…] milijonov EUR).
For DPH, this agreement represented both a risk of loss and a potential gain, depending on global steel prices.
Vendar je bilo iz poročila svetovalne pisarne Bain mogoče razbrati, da bi lahko združitev z izkušeno elektroenergetsko družbo zagotovila še višjo vrednost, tako da bi se neto diskontirana vrednost projekta zvišala na […] milijonov EUR.
The Ernst & Young 2006 Report did not quantify this risk and, according to the information Belgium sent to the Commission, neither did the parties.
Holding FSIH je glede na to oceno vrednosti začel pogajanja v zvezi z oceno vrednosti projekta Marcinelle Energie, pri čemer se je oprl na predhodne pogovore, ki jih je skupina Duferco imela z različnimi akterji iz elektroenergetskega sektorja, da bi oblikovali partnerstvo.
Lastly, Belgium points out the motives behind FSIH's withdrawal: the cyclical nature of the sector, entry and influence of new private investors in the Duferco Group ([…] and NLMK), and availability of liquidity in the Duferco Group.
Kot potrjujejo dopisi, izmenjani z glavnimi akterji iz elektroenergetskega sektorja – med njimi so EDF, ELECTRABEL, SPE, NUON in ENEL –, je projekt Marcinelle Energie vzbudil veliko zanimanja in nakazoval velike priložnosti.