natgillin/translations-raw huggingface dataset:
In this regard, it stresses that the joint venture with NLMK showed the will of Duferco to gradually exit industrial steel production with a view to turning to new activities such as site rehabilitation and developing energy projects.
Ker pa so se v okviru teh predhodnih pogovorov za pridobitev 80-odstotnega deleža v projektu Marcinelle Energie omenjali zneski v višini samo […] milijonov EUR, je holding FSIH zahteval in dosegel, da se je srednja vrednost projekta v višini […] milijonov EUR, kot jo je ocenila svetovalna pisarna Bain, znižala ob upoštevanju zneskov, omenjenih v okviru neformalnih pogovorov.
FSIH pursued this trend by withdrawing from DPH and investing in the Group's new diversification projects (see Measure 3).
Za projekt Marcinelle Energie se je torej uporabila skupna vrednost […] milijonov EUR.
Carsid Développement, which became Duferco Diversification, inherited EUR [30-37] million in trade receivables towards another company in the Group (Duferco La Louvière Sales).
Vendar so se razmere na trgu z električno energijo leta 2010 nenadoma obrnile in donosnost elektrarn CCGT naj bi se takrat močno zmanjšala.
EXPECTED INCREASE IN VALUE OF THE […] PROJECT
To naj ne bi preprečilo začetka obratovanja elektrarne 31. marca 2012.
Since […] 2002, the Duferco Group had been making efforts to develop an extensive site redevelopment project.
Družba Duferco Diversification (ki je postala Duferco Belgium) je zato v začetku leta 2013 uveljavila pravico do izstopa v znesku […] milijonov EUR, povečanem za […] milijonov EUR iz naslova nadomestitve izgub, nastalih zaradi sporazuma o dobavi po proizvodni ceni, v znesku […] milijonov EUR iz naslova popusta na ceno plina in v znesku […] milijonov EUR iz naslova „raznih prevrednotenj in obresti“ (brez drugih pojasnil).
Although the land is in the hands of Duferco Développement, it is the Carsid Développement subsidiary (now Duferco Diversification) that is responsible for developing this project.
SEŠTEVEK VSEH ŠTIRIH DEJAVNIKOV
Belgium points out that on the day FSIH decided to approve acquisition of shares in DSIH, i.e. 5 December 2006, it had already been agreed that Duferco Développement, which had no human resources, would use Duferco Diversification to go ahead with work to prepare and clean up the […] site.
Belgija trdi, da je treba to naložbo v družbo DSIH šteti za enakovredno naložbi v družbo Duferco Développement.
With regard to the remuneration of Duferco Diversification for the services provided within this project, it had already been agreed that Duferco Diversification would receive half the profits expected on the sale price of the land belonging to Duferco Développement, which would keep the other half.
Ker sta holding FSIH in družba Duferco Développement prispevala enak znesek, naj bi imela enake interese in bila izpostavljena enakim tveganjem.
Belgium admits that, given the complexity and ambition of the property project, the formal conclusion of a contract between Duferco Diversification and Duferco Développement took a long time.
Kar zadeva posojilo [družbi, ki je bila takrat na čelu skupine Duferco], Belgija zanika kakršen koli element pomoči.
Certain aspects still had to be determined, on the basis of the conclusions of the study syndicate established by ministerial decree of 18 January 2007, i.e. one month after FSIH acquired its stake in DSIH.
Opozarja, da je povprečna spremenljiva obrestna mera za bančna posojila različnih hčerinskih družb [družbe, ki je bila takrat na čelu skupine Duferco] leta 2009 znašala [1,1–1,55] %, kar je nižje od obrestne mere za obravnavana posojila.
This agreement from 2009 therefore merely formalises an existing agreement between Duferco Développement and Carsid Développement from 2006.
Po mnenju Belgije je Komisija namreč napačno uporabila merila, kot so zapadlost posojila, posojeni znesek ali vrsta posojila, da bi ugotovila, ali so zasebna posojila primerljiva s posojili holdinga FSIH.
Sot it was entirely justified for FSIH to take this project into account in the process of valuing Carsid Développement when it invested in DSIH.
To naj bi bilo v nasprotju z določbami Sporočila Komisije o spremembi metode določanja referenčnih obrestnih mer in diskontnih stopenj (v nadaljnjem besedilu: sporočilo o referenčnih obrestnih merah iz leta 2008) [13], v katerem je izrecno navedeno, da „je ta razlika v veliki meri neodvisna od zapadlosti posojila“.
Furthermore, Belgium stresses that as early as 2006, FSIH based its investment on a valuation of the project.
Belgija ponazori ta neobstoj povezave med zapadlostjo, zneskom in vrsto posojila na eni strani ter pribitkom na drugi strani z analizo posojil, ki so jih skupini Duferco odobrile poslovne banke.
It considers that the expected profit of the […] project was conservatively evaluated in 2006 at EUR […] million.
Obrestne mere za posojila bank v najvišjih zneskih znašajo med [0,9–1,35] % in [1,7–2,2] % ter naj bi bile pogosto nižje od obrestnih mer za posojila v nizkih zneskih (do [2,25–2,75] % za posojilo v višini […] milijonov EUR ali celo [2,3–2,75] % za posojilo v višini […] milijonov EUR).
This amount corresponded to the difference between the estimated cost of cleaning up the […] site (EUR […] million according to an expert report from 2006) and the value of the land held by Duferco Développement (already estimated, according to Belgium, at EUR[…] million — a value confirmed by the consultancy GALTIER in January 2010).
Obrestne mere za posojila, namenjena obratnemu kapitalu („working capital“), se gibljejo med [0,75–1,15] % in [2,75–3,25] %, medtem ko se obrestne mere za posojila, namenjena naložbam v osnovna sredstva („Capex“), gibljejo med [1,5–2] % in [2,75–3,25] %.
Belgium therefore takes the view that FSIH behaved conservatively and prudently by asking that the parties retain a profit of EUR […] million which, in accordance with their agreements, would be shared equally between Duferco Développement and Duferco Diversification (i.e. EUR […] million to be taken into account by DSIH).
Po mnenju Belgije poleg tega za izključitev kakršnega koli elementa pomoči pri dodelitvi javnega posojila ni treba dokazati obstoja popolnoma enakega posojila zasebne banke.
At the end of the internal reorganisations at Duferco, the […] project was transferred to Duferco Wallonie on 19 December 2012 for EUR […] million.
Niti s predpisi Unije, ki se uporabljajo za državno pomoč, niti s sodno prakso naj se ne bi zahtevalo, da morajo biti javna posojila popolnoma enaka zasebnim posojilom v smislu zapadlosti, zneska in vrste, da je izključen kakršen koli element pomoči.
TRANSFER OF PROPERTY TO A SUBSIDIARY OF DUFERCO DIVERSIFICATION
Poleg tega naj bi skoraj gotova terjatev v višini […] milijonov EUR, ki bi jo bilo treba prednostno nameniti vračilu posojila ob spremembi nadzora nad holdingom SIF, temu zavarovanju dajala veliko trdnost.
THE VALUE OF THE MARCINELLE ENERGIE PROJECT
Z obrestno mero v višini 1,99 % naj bi bilo njegovo poplačilo namreč nekoliko višje od povprečne obrestne mere za posojila holdingu SIF, ki znaša [1,65–2,15] %.
In 2006, Marcinelle Energie, a subsidiary of Duferco Diversification, planned to construct a CCGT power station in Charleroi.
Z upoštevanjem samo dolgoročnih posojil, ki jih je sklenil holding SIF, bi dobili razpon, ki je še nižji od tega povprečja [1,65–2,15] %, in sicer razpon med [1–1,5] % in [1,65–2,15] %.
The valuation of the CO2 allowances was then reduced again, taking into consideration the risk of a reduction in the trading price of the allowances.
Ker ni javne bonitetne ocene, Belgija upravičuje bonitetno oceno „zelo dobro“ holdinga SIF z dejstvom, da so obrestne mere, ki naj bi jih uporabljale zasebne finančne ustanove, ustrezale (ali bile nižje) od obrestnih mer, ki so v sporočilu o referenčnih obrestnih merah iz leta 2008 določene za finančno trdna podjetja (bonitetna ocena AAA do A).
The value that FSIH finally accepted for the CO2 allowances was EUR […] million.
Po navedbah Belgije naj bi bila naložba holdinga FSIH v družbo DLP enakovredna naložbi družbe DII, glede na to, (i) da sta zneska, ki sta ju vložila zasebni in javni partner praktično enaka, (ii) da družba DLP pred to naložbo ni bila del skupine Duferco, temveč je bila ustanovljena kot naložbeni nosilec holdinga FSIH in družbe DII, ter (iii) da naložbi nista bili namenjeni odkupu osnovnih sredstev, ki so že pripadala skupini Duferco (temveč holdingu SIF).
On the basis of this report, FSIH could legitimately consider that investing in the construction of a CCGT would bring a net present value of EUR […] million (EUR […] million).
Belgija navaja, da dejstvo, da je bila naložba holdinga FSIH sprva dodeljena kot konvertibilno posojilo (in hitro konvertirano), ni pomembno.
As shown by the exchanges with the key players in the energy sector — including EDF, Electrabel, SPE, NUON and ENEL — the Marcinelle Energy project received a lot of interest and hinted at major opportunities.
Belgija tudi navaja, da je bil lahko holding FSIH pomirjen zaradi previdnosti tega poslovnega načrta, saj so bile napovedi popolnoma usklajene z dejanskimi številčnimi podatki, ki so že bili na voljo.
FSIH and Duferco agreed to value the remaining 20 % of the project at 20 % of the median value of the project as per the Bain report, i.e. EUR […] million (20 % of EUR […] million).
Družba Duferco La Louvière Sales je bila dejansko družba, ki jo je takrat obvladoval holding SIF in jo obvladuje še danes.
A total value of EUR […] million was therefore adopted for the Marcinelle Energy project.
Po pogajanjih naj bi se zaloge prevzele po knjigovodski vrednosti, čeprav je bila njihova dejanska vrednost precej višja.
It is clear from the above that ultimately, the parties adopted a prudent valuation, much lower than the maximum profitability that the project was likely to generate.
Drugi poslovni načrti, na katere se sklicuje Belgija, naj bi postali brezpredmetni, saj stranki nazadnje nista upoštevali predvidenih projektov ali scenarijev.
It would therefore be fundamentally incorrect to criticise FSIH for having allegedly invested ‘an amount equivalent to the expected return on the project’ (paragraph 161 of the Commission's opening decision).
PRIPOMBE ZAINTERESIRANIH STRANI
However, Belgium admits that, according to the Bain report, taking the value of CO2 emission allowances into account required the power station to be operational very quickly, and in any case during 2009.
SKUPNE PRIPOMBE DRUŽB […], DSIH IN DLP TER NJIHOVIH POVEZANIH DRUŽB
If the project were to overrun, it would no longer be able to take advantage of the possibility of receiving the available CO2 emission allowances.
Uvodoma je treba opozoriti, da je […], holdinška družba iz skupine Duferco, nasledila […] ter družbi […] in […], nekdanji matični družbi družbe DPH.
In June 2008, two years after these discussions, Duferco Diversification sold 80 % of the Marcinelle Energie project to the Italian power company ENEL for EUR [30-37] million.
[…] najprej poudari, da se popolnoma strinja s pripombami Belgije.
This sale came with a sale option enabling Duferco Diversification to re-sell its remaining shares ([…]) to ENEL one year after the power station began operating at a price of EUR […] million, increased by repayment of possible losses resulting from an agreement to supply at cost price (off-take right).
[…] nato opozori na nagibe, iz katerih je holding FSIH vložil v družbo Duferco US.
However, the energy market suffered another strong downturn starting in 2010 and the profitability of CCGT power stations plummeted.
Kapitalska naložba v družbo Farrell naj bi bila povezana z željo holdinga FSIH po obvladovanju obrata, da se skupina Duferco ne bi odrekla belgijskemu obratu v korist ameriškemu.
This did not prevent the power station from entering into service on 31 March 2012.
Regija Valonija naj bi se želela zavarovati pred tveganjem, da bi se morebitni nasprotujoči interesi v skupini Duferco morda uporabili njej v škodo.
Consequently, at the start of 2013, Duferco Diversification (which became Duferco Belgium) exercised its exit right for EUR […] million, increased by EUR […] million in repayment of losses recorded on the agreement to supply at cost price, EUR […] million by way of a rebate on the price of gas and EUR […] million in ‘revaluations and miscellaneous interest’ (without further details).
Poleg tega je bila naložba holdinga FSIH v družbo Farrell namenjena tudi lažji uskladitvi med belgijskim in ameriškim proizvodnim obratom, da bi optimizirali izmenjavo informacij in možne sinergije med obratoma.
Ultimately, the Marcinelle Energie project was therefore sold for a total of EUR [70-78] million.
[…] meni, da je treba poudariti, da je pobudo za dezinvestiranje holdinga FSIH dala skupina Duferco.
Nevertheless, as Belgium points out, investments (EUR […] million) and losses (approximately EUR […] million) made between 2006 and 2013 should be deducted from this amount, resulting in a non-discounted net profit of approximately EUR [40-46] million.
Skupina Duferco je februarja 2006 s skupino NLMK podpisala pismo o nameri, da bi tej prodala 50-odstotni delež v holdingu SIF.
Belgium justifies this by the complete turnaround of the gas market from 2010, noting that the ENEL group also lost money on this project.
Skupina Duferco naj bi torej holdingu FSIH predstavila zamisel o nakupni opciji, da bi lahko izpolnila zahteve skupine NLMK in hkrati ohranila potrebno prožnost glede na takratno negotovost v zvezi z uresničitvijo transakcije.
TOTAL OF THE FOUR FACTORS
Hkrati je bila ponudba skupine Duferco za odkup zanimiva v okviru konca cikla jekla, ki se je pričakoval konec leta 2006, zaradi katerega je naložba postala manj privlačna.
On the basis of the above four factors, in 2006 FSIH and the Duferco Group concluded that the value of Duferco Diversification was between EUR […] million and EUR […] million.
[…] potrjuje pripombe Belgije, da možnost predhodnega javnega razpisa za morebitne zainteresirane pridobitelje ni bila upoštevna glede na predmet prodaje: prodaja manjšinskega deleža v zasebni družbi, ki je zadevala neintegriran proizvodni obrat.
Ultimately, the value of EUR […] million was to be adopted, half of which was to be provided by FSIH.
Čeprav glede na okoliščine ni bil potreben predhodni javni razpis, […] trdi, da je bila prodaja kljub temu izvedena po tržni ceni.
Belgium argues that this investment in DSIH should be considered an investment that is pari passu with Duferco Développement.
[…] opozarja, da je funkcijska valuta družbe Duferco US ameriški dolar.
Given that FSIH and Duferco Développement provided the same amount, they would have the same interest and would be subject to the same risks.
Zato ni primerno, da bi se, razen za notranje potrebe holdinga FSIH, nakupna cena plačala v eurih.
In this regard, Belgium points out that the DSIH did not belong to the Duferco Group before the investment by FSIH, given that it was established on 29 November 2006 by a third party (under the name […]) before being transferred to FSIH and Duferco Développement as an ad hoc vehicle for their joint investments in December 2006.
Za dopolnitev ocen vrednosti, ki jih je izvedla regija Valonija, je […] družbi KPMG naročila oceno vrednosti 49,9-odstotnega deleža holdinga FSIH v družbi Duferco US na dan 14. junija 2006, ko je bila dodeljena nakupna opcija, z uporabo metode poštene vrednosti.
For these reasons, FSIH's intervention complies with the market-economy investor principle.
Družba KPMG je menila, da bi bilo treba delež holdinga FSIH v družbi Duferco US oceniti kot delež, ki ne zagotavlja nadzora in ni prenosljiv, pri čemer se uporabi kontrolna premija, saj je holding FSIH z delničarskim sporazumom z dne 9. aprila 2003 pridobil precejšen vpliv na družbo Duferco US, večji od vpliva, ki ga ima manjšinski delničar.
As a reminder, on 8 July 2011 DSIH sold its stake in Duferco Diversification to DLP for the same amount, i.e. EUR […] million.
Družba KPMG navaja, da industrijski cikli v jeklarstvu na splošno trajajo od tri do sedem let.
However, DLP did not pay this amount; Duferco Diversification kept a claim of EUR […] million in its balance in relation to this.
Ugotavlja, da se je jeklarska industrija v letu 2006 sicer dobro držala, vendar so kazalniki jasno opozarjali na večja tveganja zaradi šibkosti nacionalne avtomobilske industrije in možnosti tržnega popravka na področju nestanovanjske gradnje.
With regard to the loan to [the parent company of the Duferco Group at the time], Belgium disputes any elements of aid.
Družba KPMG je z upoštevanjem predvsem triletnih in petletnih ciklov ter ocene vrednosti na podlagi večkratnika dobička pred obrestmi, davki in amortizacijo za primerljive družbe pošteno vrednost 49,9-deleža v družbi Duferco US ocenila na […] milijonov USD na dan 14. junija 2006.
It points out that the average variable interest rate on bank loans held by the various subsidiaries of [the parent company of the Duferco Group at the time] in 2009 was [1,1-1,55] %, which is lower than the loans on the rates under investigation.
[…] dalje izraža svoje mnenje o razpravi glede upoštevanja ali neupoštevanja vrednosti lastniškega kapitala za oceno vrednosti družbe Duferco US.
Belgium maintains that this point of comparison is valid because the loans taken into account to calculate it are comparable to those granted by FSIH.
Potrjuje, da ocena vrednosti na podlagi lastnih sredstev, kot jo je Komisija predvidela v sklepu o začetku postopka, ni najustreznejša.
This approach goes against the Communication from the Commission on the revision of the method for setting the reference and discount rates (the ‘2008 Reference Rate Communication’) [13], which explicitly states that ‘the margin is largely independent of the maturity of the loan’.
Cena, ki se je uporabila pri tej transakciji iz leta 2006, naj bi ustrezala večkratniku lastniškega kapitala družbe, ki naj bi bil praktično enak večkratniku lastniškega kapitala, ki ga predstavlja prodaja deleža holdinga FSIH v družbi Duferco US (v obeh primerih je večkratnik skoraj enak 2).
Belgium illustrates the lack of correlation between the maturity, amount and nature, on the one hand, and the margin, on the other, by analysing the loans granted to Duferco by commercial banks.
Ker nič ni moglo kazati na to, da transakcija v zvezi s holdingom SIF ni bila izvedena pod tržnimi pogoji, naj bi ta primerjava potrjevala, da bi tudi z upoštevanjem lastniškega kapitala ugotovili, da je bila transakcija izvedena po tržni ceni.
The loans from banking institutions on the highest amounts have interest rates that vary between [0,9-1,35] % and [1,7-2,2] % and are often lower than the interest rates on loans for small amounts (up to [2,25-2,75] % for a loan of EUR […] million or even [2,3-2,75] % for a loan of EUR […] million).
Kar zadeva trajanje nakupne opcije, […] meni, da ta spada v okvir istočasnih pogajanj o možnosti, da bi skupina Duferco 50 % kapitala holdinga SIF prodala skupini NLMK.
Rates on loans for working capital fluctuate between [0,75-1,15] % and [2,75-3,25] % while rates on loans for capital expenditure (CapEx) fluctuate between [1,5-2] % and [2,75-3,25] %.
Skupina NLMK je morala v desetih dneh po podpisu pisma o nameri pripraviti prvi osnutek pogodbe o prodaji delnic in delničarskega sporazuma.
According to Belgium, in order to rule out any element of aid in the granting of a public loan, nothing imposes the obligation to establish the existence of an identical loan from a private bank.
Stranki naj bi se torej brez pravega razloga odločili, da bo opcija veljavna do 31. decembra 2015.
Neither the EU State aid rules nor case-law require public loans to be identical to private loans in terms of maturity, amount and nature to rule out any element of aid.
Družba KPMG ocenjuje, da poštena vrednost nakupne opcije znaša […] milijonov USD.
Concerning the rating of [the parent company of the Duferco Group at the time], Belgium infers from the rates charged for the different loans granted to Duferco by banking institutions that it could claim an AAA rating.
Na podlagi pogodbenega trajanja naj bi poštena vrednost znašala […] milijonov USD.
It based this on the rates that the 2008 Reference Rate Communication associated with companies rated A to AAA for a high level of collateral in 2009: 2,37 % in September 2009 and 2,05 % in December 2009.
Če bi se upošteval tak znesek, ki bi se prištel pošteni vrednosti deleža holdinga FSIH v družbi Duferco US, bi prodajna cena znašala […] milijonov USD, ta znesek pa bi bil bistveno nižji od cene, ki jo je plačala [družba, ki je bila takrat na čelu skupine Duferco].
Belgium argues that the collateral associated with the FSIH loan is extremely high in relation to the 2008 Reference Rate Communication.
Po navedbah […] je cilj naložbe holdinga FSIH v družbe DPH dvojen: po eni strani njegova udeležba v kapitalu, zastopanost v upravnem odboru, dostop do strateških informacij in dokumentov ter po drugi strani njen zanimiva in zavarovana finančna donosnost (prednostna dividenda).
It follows from DPH's very solid finances that the pledge on 15 % of its shares is excellent collateral.
Glavni razlog za dezinvestiranje holdinga FSIH v družbi DPH naj bi bila prodaja belgijskih proizvodnih obratov skupini NLMK.
Furthermore, the quasi-certain nature of the claim of EUR […] million to be allocated as a priority to repay the loan in the event of a change of control of SIF makes this collateral very strong.
Skupina Duferco naj bi izgubila položaj strateškega partnerja za regijo Valonijo v Belgiji, na proizvodna obrata Clabecq in La Louvière pa naj ne bi več mogle neposredno vplivati odločitve oddelka Trading skupine Duferco.
With regard to the loans granted to the SIF group, the comparison shows that, once again, there is only a limited correlation at most between the criteria put forward by the Commission (maturity, amount and nature) and the rate of remuneration on these loans.
[…] trdi, da je DPH družba, katere funkcijska valuta je ameriški dolar, tako da mora biti donosnost kakršne koli naložbe v tako družbo ocenjena v ameriških dolarjih.
The comparison also establishes that the remuneration on the FSIH loan is close to the remuneration on the different loans granted to SIF by private financial institutions.
Naložba holdinga FSIH v družbo DPH naj bi torej ustvarjala 8,81-odstotno letno donosnost.
With an interest rate of 1,99 %, its remuneration is slightly higher than the average rate on loans to the SIF Group, which is [1,65-2,15] %.
[…] je družbi KPMG zaupala analizo ocene, ki jo je družba Ernst & Young izvedla marca 2006.
Taking into account only the long-term loans contracted by SIF provides a range that is even lower than the average of [1,65-2,15] %, i.e. a range between [1-1,5] % and [1,65-2,15] %.
V zvezi z metodami ocenjevanja družba KPMG navaja, da družba Ernst & Young ni pojasnila vrste ocenjene vrednosti (tržna vrednost, naložbena vrednost ali poštena vrednost).
Belgium believes that the lack of collateral for the loan awarded to SIF makes it necessary to add a margin of [20-60] basis points to this range.
Družba Ernst & Young je primarno uporabila tržni pristop primerljivih družb.
This is justified by the rating category ‘strong’, under the terms of the 2008 Reference Rate Communication, which SIF could claim.
Družba KPMG ne daje prednosti metodi na podlagi primerljivih družb pred metodo, ki temelji na primerljivih transakcijah.
This increase leads to a range of [1,5-2] % to […] % which the loan granted by FSIH fits into easily.
Navedena družba naj se ne bi oprla na neto vrednost sredstev, ker se pri tej metodi ne upoštevajo prihodnji dobički in operativna tveganja.
In the absence of a public rating, Belgium accounts for SIF's ‘strong’ rating by the fact that the interest rates applied by private financial institutions correspond to (or are less than) the interest rates laid down by the 2008 Reference Rate Communication for financially sound companies (AAA to A rating).
Družba KPMG ugotavlja, da je treba glede na njeno analizo cikličnosti jeklarske industrije upoštevati od štiri- do šestletna obdobja, pri čemer je treba vsakemu letu pripisati enako težo za oceno družbe DPH.