natgillin/translations-raw huggingface dataset:
The Commission expressed three main reservations regarding the analysis presented by the UK and its advisors related to the allowable rate of return [56].
Komisija je na podlagi razpoložljivih dokazov in opravljene ocene menila, da je glede na oceno tveganj in povezane parametre [9,25–9,75]-odstotna notranja stopnja donosnosti projekta po obdavčitvi in nominalno za projekt jedrske elektrarne HPC v razponu primerljivih stopenj donosa [64].
First, KPMG's methodology seemed to largely ignore the significant difference between risk in the construction and operational phases of the project.
Vendar je Komisija menila tudi, da je lahko stopnja donosa v tem primeru odličen način za ocenjevanje morebitnega prekomernega nadomestila, saj gre za ukrep neposrednega finančnega dobička delničarjev in ne za ukrep donosa pri projektu na splošno.
Second, the Commission questioned to what extent the proposed benchmarks were comparable to the HPC project in terms of risk level and structure, gearing and surrounding support measures such as guarantees and other safeguards.
Notranja stopnja donosnosti projekta pokaže stopnjo donosa, ki naj bi jo projekt ustvaril, ob upoštevanju celotne strukture kapitala, uporabljenega za financiranje projekta.
Third, the Commission expressed doubts about the Credit Guarantee fee being set at market terms.
Običajno upošteva lastniški kapital, ki ga zagotovijo delničarji, in dolg, ki ga zagotovijo kreditodajalci.
A guarantee fee set below market levels would affect the cost of debt of the project and with that the validity of comparisons with various rate of return benchmarks, insofar those benchmarks are based on non-subsidised cost of debt.
Stroški lastniškega kapitala so običajno višji od stroškov dolga, saj delničarji pričakujejo višji donos pri kapitalu, ki ga dodelijo, kot ga zahtevajo kreditodajalci, kar kaže na različni stopnji prisotnega tveganja.
The Commission therefore carried out various sensitivity checks using a subsequent update of the Financial Model (version 9.8) [57].
Ko se delničarji zavežejo, da bodo zagotovili sredstva, se soočajo z višjim tveganjem, saj lahko, če uspeh projekta ni v skladu s pričakovanji, izgubijo vsa navedena sredstva ali njihov del.
Given that the bulk of the risk appears to relate to the construction phase, the Commission tested scenarios in which these risks are taken into account by changing project nominal cash flows (post-cash taxes) compared to the baseline by a certain percentage throughout the construction phase [58].
Po drugi strani se kreditodajalci običajno soočajo s tveganjem, da dolžnik ne bo izpolnil svojih obveznosti glede plačil, in so v določeni meri zaščiteni tudi v takih primerih.
Discounting was carried out using rates commensurate to risks faced in the operational phase, given that the power plant was built.
Notranja stopnja donosnosti projekta torej izravna stroške temeljnih elementov kapitala v okviru skupne strukture financiranja.
The results are presented in Annex A, Table 5.
Notranja stopnja donosnosti projekta je tako kot notranja stopnja donosnosti lastniškega kapitala odvisna od deleža pridobljenega dolga glede na lastniški kapital (razmerje med zadolženostjo in kapitalom).
The Commission further enquired to what extent risks were taken into account in the cash-flows in various versions of the Financial Model presented.
Za obe notranji stopnji donosnosti bi se običajno pričakovalo, da se bosta spreminjali vzporedno, odvisno od razmerja med zadolženostjo in dolgom ter skladnosti dolga s trgom.
In particular, the Commission reviewed the ‘Cost Discovery & Verification — Evaluation Report (October 2013)’ submitted by DECC to assess to what extent risks, uncertainties and contingencies were included in the cash flows of the submitted Financial Model.
Projekt je edinstven in tvegan, zato je [9,25–9,75]-odstotna notranja stopnja donosnosti projekta upravičena.
The Cost Discovery and Verification (CD&V) review has been undertaken by DECC on the NNBG Cost Estimate for the HPC project based on the EDF/Areva design for an EPR nuclear reactor.
Vendar je Komisijo skrbelo, da se je notranja stopnja donosnosti lastniškega kapitala, ki je bila v najnovejšem finančnem modelu in na podlagi predlagane provizije za jamstvo v višini 250 bazičnih točk ocenjena na [11,5–12] %, znatno spremenila, zlasti po izgradnji, ko se lahko pričakuje znatno znižanje stroškov.
The CD&V report performed multiple benchmarking exercises.
Pri projektu takšnega obsega, kot je jedrska elektrarna HPC, lahko tudi majhne spremembe odstotka donosa pomenijo velike razlike na absolutnih ravneh nadomestil, povezanih z lastniškim kapitalom, zaradi česar se pojavijo pomisleki glede morebitnih prekomernih nadomestil v korist delničarjev podjetja NNBG.
It included a benchmarking of estimated HPC cost data against publicly available cost data and found that ‘the range of benchmark capital cost estimates appears to be GBP 10 billion to GBP 18 billion, with a mid-range cost of less than GBP 13 billion’.
Ocena in sklepne ugotovitve o sorazmernosti ukrepov
The Commission also reviewed NNBG's report ‘TESLA4 Estimate — Volume 2 — Financial Risk Assessment (construction costs)’ [59] (‘TESLA4’).
Komisija je izvedla poglobljeno oceno sorazmernosti skupnega učinka provizije za jamstvo in stopnje donosnosti projekta na podlagi pristopa iz oddelkov 9.5.1 in 9.5.2.
Based on the risk analysis performed internally by NNBG, the report presented an estimated probability distribution for the total outturn cost for the HPC project for the base date November 2014, as displayed in Annex A, Table 3.
Komisija predhodno ugotavlja, da mora Združeno kraljestvo priglasiti vsako drugo pomoč, ki bi se morda zagotovila za obstoječo ali novo jedrsko elektrarno in ni del priglašenega svežnja ukrepov, to pa bi bilo treba oceniti ločeno.
Based on its review of CD&V as well as TESLA4, the Commission estimated that total outturn costs of approximately GBP […] billion (in 2010 terms) are likely to lie at the upper range of the probable cost.
To zlasti velja za pomoč, zagotovljeno v zvezi s stroški, povezanimi z odgovornostjo, razgradnjo ali odpadki.
This conclusion informed the Commission assessment of the rate of return of the project, both in terms of project IRR and in terms of equity IRR.
Komisija ugotavlja, da finančni model za jedrsko elektrarno HPC že vključuje stroškovne postavke za odhodke, povezane z ravnanjem z odpadki in njihovim odlaganjem, provizijami za odgovornost in razgradnjo.
The Financial Model distinguishes between a measure of equity IRR calculated on ‘drawn basis’ and one calculated on a ‘committed basis.’
Glede tega projekt, kot je bil priglašen, že krije zadevne stroške teh dejavnosti, kot je bilo ocenjeno v času sprejetja tega sklepa.
In the model, the equity IRR (drawn basis) is calculated based on drawn equity amounts, and excluding costs related to the provision of contingent equity.
Komisija pričakuje, da se bodo vsi elementi nadaljnje pomoči, ki ni vključena v priglašene ukrepe, priglasili ločeno, in ugotavlja, da je Združeno kraljestvo z njo začelo razpravo o morebitni državni pomoči, vključeni v njegove načrte za izgradnjo obrata za trajno odlaganje odpadkov v geološke formacije ter uvedbo obveznosti za vse operaterje novih jedrskih elektrarn, da sklenejo pogodbo o odpadkih [65].
Table 6 (Annex A) reveals that in the ‘NNBG base case’ scenario with the Credit Guarantee set at 250 basis points, the project is expected to yield [11,5 – 12,0] per cent equity IRR (post-tax nominal, committed).
Komisija bo v naslednjem oddelku predstavila svoje sklepne ugotovitve o sorazmernosti provizije za jamstvo in stopnji donosnosti projekta.
Benchmarking the rates of return
Ocena in sklepne ugotovitve o proviziji za kreditno jamstvo
The latest Financial Model of the HPC project assessed by the Commission [60] revealed a project IRR of [9,25 – 9,75] per cent and an equity IRR of [11,5 – 12,0] per cent.
Na podlagi pogojev, priloženih ukrepom, kot jih je priglasilo Združeno kraljestvo, je Komisija potrdila, da je določanje cene instrumenta, kot je kreditno jamstvo za jedrsko elektrarno HPC, zaradi časovnega okvira in zapletenosti projekta težka naloga, vendar je tudi menila, da sta prvotno predlagana minimalna višina provizije za jamstvo (225 bazičnih točk) in višina provizije, dobljena z metodologijo Združenega kraljestva (250 bazičnih točk), ob upoštevanju razpoložljivih dokazov in trditev iz oddelka 9.5.1 verjetno nižji od tržnih obrestnih mer.
These two rates of return correspond to the same financial outcome and are internally consistent.
Komisija meni, da bi moral oddelek IUK pri izbiri ustrezne višine provizije za jamstvo, ki v dovolj veliki meri zajema tveganja, prisotna pri zagotavljanju takega jamstva, upoštevati uporabo obeh pristopov za izračun provizije, ki sta opisana v oddelku 9.5.1.1.
To make reasoned statements on whether the project and equity rate of return emerging from EDF's Financial Model for HPC are appropriate or not, it is necessary assess the risks involved, i.e. the project risks (for the project IRR) and risks faced by equity holders (for the equity IRR).
Komisija ugotavlja, da za oceno jamstva ni mogoče sprejeti posebne bonitetne ocene, ki jo je prvotno predlagalo Združeno kraljestvo, tj. BB+/Ba1.
For this purpose, the Commission took into account several benchmarks, which need to be considered in light of the: (i) risks involved; (ii) gearing; (iii) cost of debt; (iv) investment horizon; (v) investment size; (vi) the presence or absence of revenue protection; (vii) the presence or absence of gain-share mechanisms; and (viii) the presence or absence of contingent equity.
Vendar na podlagi primerjav, ki jih je predložil oddelek IUK, in obeh uporabljenih metodologij (tj. primerjave določanja cen in pristopa, ki temelji na izgubi, iz oddelka 9.5.1.1), meni, da se lahko kreditno točkovanje v (glavni) bonitetni kategoriji BB/Ba šteje za primerno za ta instrument.
In addition to the benchmark rates of return compiled by KPMG for the Notification of the case (see recital 435 and Annex A, Table 4), the UK and NNBG submitted several further benchmarks to substantiate that the foreseen rate of return was appropriate.
Ta bonitetna ocena je v skladu z razponom kazalnikov letnega servisiranja dolga, ki je značilen za ta instrument.
These benchmarks related primarily to recent infrastructure transactions, other nuclear generation projects, other generation projects, regulated businesses and recent regulated settlements [61].
Kaže, v kolikšni meri lahko upravičenec poplača neporavnane obveznosti iz naslova obveznic (plačila glavnice in obresti).
They are displayed in Annex A, Table 3, and Table 10 to Table 14.
Raven, nižja od 1, pomeni, da dolžnik ne bi poravnal obveznosti in da bi bilo treba zato sprožiti jamstvo.
The Commission also assessed publicly available information on cost of capital estimates for similar companies, as displayed in Annex A, Table 15.
Podjetje NNBG je Komisiji predložilo dokaze, da je minimalni kazalnik letnega servisiranja dolga v finančno stresnih scenarijih na ravni, skladni z bonitetno oceno BB (tj. od 1,2 do 1,4), v nekaterih bolj optimističnih scenarijih pa je vedno nad navedeno ravnijo.
It finally considered the cost scenarios and attached probabilities summarised in Annex A, Table 6 [62], to establish whether construction costs were adequately modelled and the degree of risk which characterised the project.
Za osnovni scenarij je značilen minimalni kazalnik letnega servisiranja dolga v višini […].
Based on the available evidence and the assessment carried out, the Commission considered that the project IRR of [9,25 – 9,75] per cent post-tax nominal of the HPC project is within the range of comparable rates of return, given the assessment of risks and surrounding parameters [63].
Obsežna bonitetna ocena BB je v skladu tudi z razmeroma visokimi zahtevami glede osnovnega in pogojnega lastniškega kapitala, ki veljajo za delničarje podjetja NNBG (glej uvodno izjavo 54 in nadaljnje uvodne izjave).
However the Commission also considered that return on equity may in this particular case be a superior way to assess potential overcompensation, as it is a measure of the direct financial gain of shareholders, as opposed to a measure of return on the project overall.
Zahteve glede lastniškega kapitala zagotavljajo blažilnik, ki dajalca jamstva ščiti pred tveganjem neplačila, s tem pa se zviša bonitetna ocena.
A project IRR reveals the rate of return which the project is estimated to produce, taking account of the entire capital structure which is used to fund the project.
Kot je navedeno v oddelku 9.5.1.2, se lahko provizija v višini 250 bazičnih točk šteje za prenizko za instrument v obsežni bonitetni kategoriji BB/Ba.
In particular, a project IRR typically takes account of both equity provided by shareholders and debt provided by lenders.
Komisija je zato menila, da je treba provizijo za jamstvo prilagoditi na višjo raven, v skladu s tem razponom bonitetne ocene.
The cost of equity is normally higher than the cost of debt, since shareholders expect a higher return on the capital they commit than lenders require, reflecting the different levels of risk involved.
Da bi se odpravili pomisleki Komisije glede prenizko določene cene za tveganje, je bila višina provizije za jamstvo prilagojena na 295 bazičnih točk, kar je 45 bazičnih točk višje od prvotne provizije, kot jo je določil oddelek IUK.
Shareholders face a higher risk when committing to provide funds, given that they may lose all or part of those funds if the project does not perform as expected.
V nadaljevanju tega sklepa se bo to navajalo kot prilagojena višina provizije za jamstvo.
On the other hand, lenders normally face a risk of the debtor defaulting on its payments, and typically enjoy a level of protection even in those events.
Višina 295 bazičnih točk se lahko primerja z višino 291 bazičnih točk, kar je enako povprečju kreditnih zamenjav 102 evropskih družb v kategoriji BB (dne 9. septembra 2014).
The project IRR therefore averages out the cost of the underlying elements of capital within the overall financing structure.
Komisija meni, da je tudi povprečna vrednost 286 bazičnih točk v isti kategoriji, prilagojena navzgor, da izraža učinek zapadlosti iz oddelka 9.5.1.2, pomembna primerjava za oceno in upravičuje prilagojeno višino provizije za jamstvo.
Depending on the proportion of debt raised to equity (the gearing ratio), and on the terms of the debt, the project IRR will vary together with the equity IRR.
Pri prilagojeni višini provizije za jamstvo se upoštevajo pomisleki Komisije glede kreditne sposobnosti projekta, izredno dolge zapadlosti obveznic, ki bodo izdane, in negotovosti glede obrestne mere pri državnih obveznicah ob izdaji.
The two should normally be expected to evolve along parallel lines, subject to the gearing ratio and the debt being market conform.
Ustreza tržni obrestni meri, ki kaže stopnjo tveganja projekta in upošteva tudi stopnjo tveganja za dajalca jamstva.
The uniqueness and riskiness of the project justify the project IRR of [9,25 – 9,75] per cent.
Komisija je lahko pregledala del glavnih pogojev o financiranju, ki so bili glede financiranja projekta jedrske elektrarne HPC dogovorjeni do sprejetja tega sklepa.
However the Commission was concerned that the equity IRR, which was estimated at [11,5 – 12,0] per cent in the latest Financial Model and on the basis of the proposed Guarantee fee of 250 basis points, may have evolved substantially, in particular after the construction, when debt costs can be expected to decrease significantly.
Po pregledu je lahko ocenila, v kolikšni meri utrpi izgubo lastniški kapital, preden izgubo utrpi dajalec jamstva.
For a project of the size of HPC, even small changes in return percentages might imply vast differences in absolute levels of equity compensation, which raise concerns in terms of potential overcompensation benefiting shareholders in NNBG.
Na podlagi te ocene je ugotovila, da bo vsaj do izpolnitve pogoja iz osnovnega scenarija dajalec jamstva prevzel omejena tveganja.
Assessment and conclusions on the proportionality of the measures
Nato je vzpostavljenih več varoval, ki omejujejo tveganje za dajalca jamstva.
The Commission undertook an in-depth assessment of the proportionality of the combined impact of both the Guarantee fee and the rate of return of the project, based on the approach outlined in Sections 9.5.1 and 9.5.2 above.
Komisija tudi priznava, da se zdi prožnost, ki jo ima dajalec jamstva v primeru izvrševanja, ustrezna glede na posebno naravo projekta in posebne potrebe glede varnosti.
As a preliminary point, the Commission notes that any other aid which might be provided to existing or new nuclear plants and which is not part of the notified package of measures must be notified by the UK and would need to be assessed individually.
Prilagojena višina provizije za jamstvo in metodologija, na kateri temelji, učinkovito zagotavljata približek hipotetični tržni obrestni meri za instrument, ki ga trg ne ponuja.
This is in particular true for aid provided in relation to the costs linked to liability, decommissioning or waste.
Nova višina provizije ne omogoča neupravičenega prenosa tveganja z delničarjev na dajalca jamstva, poskuša pa se tudi približati finančnim instrumentom, ki so primerljivi s tržnimi spodbudami v bonitetni kategoriji BB/Ba.
The Commission notes that the Financial Model for HPC already includes cost items for expenditures related to management and disposal of waste, liability fees, and decommissioning.
Komisija meni, da prilagojena provizija za jamstvo zato pomoč omejuje na najnižjo in se šteje za sorazmerno.
In this regard, the project as notified already covers the relevant costs for these activities, as estimated at the time of this decision.
Ko je bila določena višina provizije za jamstvo, ki zajema tržne cene za ta projekt, je Komisija ocenila, ali se lahko priglašena izvršilna cena in stopnja donosa, na kateri temelji, štejeta za sorazmerni s stopnjo tveganja, prisotno pri projektu.
The Commission expects any element of further aid which is not included in the notified measures to be notified separately, and notes that the UK has entered into discussions with the Commission on potential State aid involved in its plans to construct a permanent geological disposal facility and to oblige all new nuclear operators to enter into a Waste Contract [64].
Ocena in sklepne ugotovitve glede izvršilne cene in stopnje donosa
In the Section below the Commission will present its conclusions on the proportionality of the Guarantee fee and the rate of return of the project.
Kot je navedeno v oddelku 9.5.2, se lahko za notranjo stopnjo donosnosti projekta šteje, da je v skladu s stopnjo donosa, ki naj bi jo tako obsežen projekt, pri katerem je prisotna takšna stopnja negotovosti, dosegel.
Assessment and conclusions on the Credit Guarantee fee
Komisija ugotavlja, da je notranja stopnja donosnosti projekta nižja od tiste, ki se običajno dodeli velikim projektom proizvodnje v energetskem sektorju ali projektom proizvodnje energije iz obnovljivih virov, financiranih z državno pomočjo [66], čeprav se značilnosti teh projektov zelo razlikujejo.
Based on the conditions attached to the measures as notified by the UK, the Commission accepted that pricing a facility such as the Credit Guarantee for HPC was a difficult task, given the time horizon and the complexity of the project, but it also considered that, taking into account the available evidence and the arguments set out in Section 9.5.1, the initially proposed minimum Guarantee fee rate (225 basis points) and the rate implied by the UK methodology (250 basis points) were likely to be below market rates.
Komisija zlasti meni, da je stopnja donosa, predlagana za projekt, v skladu tudi s skupnim okvirom ukrepov, ki ga tvorijo.
The Commission takes the view that IUK's choice of an appropriate level of Guarantee fee, which is adequately reflective of the risks entailed in providing such Guarantee, should take into account the use of both of the approaches to the calculation of the fee which are described in Section 9.5.1.1.
Nekateri od teh ukrepov, kot so kompenzacijski mehanizem za QCIL, določbe za ponovni začetek pogajanj, vezane na operativne stroške, in dogovor z ministrstvom, podjetju NNBG poleg same pogodbe na razliko zagotavljajo prednost, notranja stopnja donosnosti projekta pa je, ob upoštevanju navedenega, v skladu s splošno uravnoteženostjo tveganj in zaščite, dodeljene upravičencu.
The Commission concludes that it is not possible to accept the specific rating initially proposed by the UK, i.e. BB+/Ba1, to rate the Guarantee facility.
Vendar je imela Komisija še vedno pomisleke, da bi moral projekt glede notranjih stopenj donosnosti projekta in lastniškega kapitala zagotoviti ustrezno strukturo spodbud.
However, based on the benchmarks provided by IUK and the two methodologies used (i.e. pricing benchmark and expected loss approach, as described in Section 9.5.1.1), the Commission takes the view that a credit score in the (major) BB/Ba rating category can be considered appropriate for this facility.
Delničarji projekta jedrske elektrarne HPC bi morali obdržati zadostne spodbude za znižanje stroškov in izboljšanje učinkovitosti, vendar prav tako ne bi smeli imeti neupravičene koristi od morebitnih dobičkov od svojih naložb, ki so povezani le s strukturo financiranja.
In particular, this rating is consistent with the range of debt service coverage ratios (‘DSCR’) which characterises the facility.
Glede notranjih stopenj donosa bi to pomenilo zagotavljanje, da ima podjetje NNBG dovolj spodbud za znižanje stroškov in doseganje učinkovitosti, ter da se ves dobiček iz financiranja ustrezno porazdeli med upravičenca in nasprotno stranko pogodbe na razliko.
This is a measure of the extent to which the beneficiary can pay back outstanding Bonds (in terms of both principal and interest payments).
Notranje stopnje donosnosti projekta se lahko spremenijo iz razlogov, povezanih s skupno stopnjo učinkovitosti, notranje stopnje donosnosti lastniškega kapitala pa bi se lahko povečale zaradi refinanciranja projekta, torej prek sprememb, ki vplivajo na njegovo strukturo kapitala.
A level below 1 means that the debtor would default, and thus the Guarantee would need to be triggered.
Kot je navedeno v uvodni izjavi 457, ni mogoče izključiti, da bo projekt, za katerega je značilna stopnja tveganja, ki bo pri jedrski elektrarni HPC prisotna v prvi fazi gradnje, med fazo obratovanja pa se bo zmanjšala in bo imelo podjetje NNBG korist od razmeroma stabilnih in zagotovljenih prihodkov, privabil operacije refinanciranja, ki bi lahko bile obsežne.
For NNBG, the Commission was presented with evidence that the minimum DSCR in financially stressful scenarios goes down to a level consistent with a BB rating (i.e. 1,2 to 1.4), and in some more optimistic scenarios it is consistently above that level.
Ni mogoče na primer izključiti, da bo del dolga, nastalega med fazo gradnje, po izgradnji elektrarne morda refinanciran po nižjih stopnjah, kot so bile prvotno zaračunane, kar bo natančno izražalo nižjo stopnjo tveganja, ki bo pri dolgu podjetja NNBG morda prisotno po izgradnji.
The Base Case scenario is characterised by a minimum DSCR of […].
Povedano drugače, notranja stopnja donosnosti projekta lahko ostane na enaki ravni, notranja stopnja donosnosti lastniškega kapitala pa se lahko spremeni zaradi sprememb razmerja med dolgom in lastniškim kapitalom ter stroškov dolga.
The broad rating of BB is also consistent with the relatively strong requirements in terms of Base and Contingent Equity which are imposed on the shareholders of NNBG (see recital 54 and infra).
[9,25–9,75]-odstotna notranja stopnja donosnosti projekta se lahko šteje za sorazmerno, [11–11,5]-odstotna notranja stopnja donosnosti lastniškega kapitala (na podlagi prilagojene provizije za jamstvo) pa se lahko spremeni in znatno koristi delničarjem podjetja NNBG.