natgillin/translations-raw huggingface dataset:
Failure to pay suppliers on time not only added to liquidity problems but also disrupted operations, which in the automotive industry rely upon just-in-time delivery.
Poleg tega bodo druge zainteresirane strani, vključno s strankami, dobavitelji, zakupodajalcem in bankami, ki niso sodelovale v postopku prisilne poravnave, prostovoljno prispevale k finančnemu prestrukturiranju z zmanjšanjem svojih terjatev ali zagotavljanjem sredstev.
Cimos's sales revenue fell in 2008 and 2009, grew briefly in 2010 and 2011 and declined again in 2012 and 2013.
Država in banke, ki so sodelovale v postopku prisilne poravnave, so se strinjale, da ta dolg pod pogoji iz uvodnih izjav 22–24 prestrukturirajo s kombinacijo pretvorbe dolga v lastniški delež, odpisov in reprogramiranjem odplačila.
As the Company did not manage to reduce costs, it became unprofitable and was not able to generate enough cash flows on its own to service debt.
S temi ukrepi naj bi dolg družbe postal vzdržen in bi ga bilo mogoče servisirati.
With the aim to address the reasons for difficulty, Cimos has prepared a restructuring plan which provides for the implementation of financial and operational restructuring measures described below.
Sprostila se bodo tudi denarna sredstva, potrebna za financiranje poslovanja in izboljšanje kreditne sposobnosti družbe Cimos v očeh strank, dobaviteljev in finančnih upnikov.
The restructuring period is not explicitly set in the restructuring plan.
Družba Cimos bo potrebovala dodatna sredstva za financiranje svojega obratnega kapitala in odplačilo obveznosti iz naslova prestrukturiranja dolga, kar je osnovni pogoj za ponovno vzpostavitev plačilne sposobnosti in donosnosti.
The plan provides that the restructuring effectively started in February 2014 and that the restructuring measures shall be implemented by 2016, with the full benefits to be obtained by 2018 (it takes two to three years for the benefits of some measures to take effect in the forecasts).
Zato se je s svojimi bankami in pomembnimi strankami dogovorila, da bodo pod pogoji iz uvodne izjave 25 zagotovile 39,5 milijona EUR v obliki sheme svežega kapitala.
In view of this, given that the Company is forecasted to return to long-term viability by 2017 under all scenarios, the Commission considers that the restructuring period runs from February 2014 to the end of 2017.
Družba je sklenila tudi dogovore s svojimi dobavitelji o prostovoljnem prestrukturiranju običajnih terjatev iz poslovanja na podlagi dobavnih pogodb.
FINANCIAL RESTRUCTURING
V dogovorih je predvideno, da bodo dobavitelji svoje terjatve prestrukturirali prek kombinacije enkratnega odplačila dela njihovih terjatev ter reprogramiranja in odpisa preostanka.
The originally notified restructuring plan provided for the State to convert the claim resulting from the rescue aid guarantee of EUR 35 million to equity and for two public shareholders of Cimos, Modra Zavarovalnica d.d. and D.S.U. d.o.o., to subscribe additional share capital of EUR 6,5 million.
Finančni učinek tega ukrepa v višini 21,8 milijona EUR ustreza znesku obveznosti družbe Cimos, ki so bile odpisane.
In addition, the originally notified plan envisaged the conversion and rescheduling of Cimos's bank debt for the amount of approximately EUR 250-270 million.
Družba Cimos je z družbo Hypo Leasing d.o.o.
Under the updated plan, the restructuring of the State's claim and the bank debt remain a central element of the financial restructuring but will be performed on modified terms agreed under the CS.
(sedaj posluje kot Heta Asset Resolution d.o.o.), tj. zakupodajalcem, sklenila dogovor o prostovoljnem prestrukturiranju terjatev iz naslova dogovorov o finančnem zakupu.
In addition, other stakeholders including customers, suppliers, the lessor and banks outside the CS, will voluntarily contribute to the financial restructuring through a reduction of their claims or provision of funding.
Zakupodajalec bo na podlagi dogovora prejel enkratno odplačilo (vključno z zamudnimi obrestmi) v višini 2,3 milijona EUR, odpisal 6 milijonov EUR, kar je napovedani finančni učinek tega ukrepa, in reprogramiral odplačilo preostalega dolga v štirih letih z enoletnim obdobjem odloga.
However, the two public shareholders will no longer inject capital, as was envisaged under the originally notified plan.
Družba Cimos je zunaj prisilne poravnave sklenila oziroma je v zaključni fazi pogajanj za sklenitev dvostranskih sporazumov o prestrukturiranju dolga z neslovenskimi bankami upnicami družbe.
Cimos's financial debt consists of a claim by the State against the Company in respect of the rescue aid guarantee of EUR 36,2 million (including accrued interest), the claims by the State against the Company totalling EUR 39 million in respect of other guarantees [18] and various loans held by a number of banks.
Finančni učinek tega ukrepa, ki vključuje podaljšanje zapadlosti posojil, spremembe obrestne mere in moratorij na odplačilo glavnice, je ocenjen na 3 milijone EUR.
The State and CS banks agreed to restructure this debt through a combination of a debt-for-equity conversion, haircut and rescheduling of repayment on the terms described in recitals 22-24.
Naložbe v osnovna sredstva so se v zadnjih letih zmanjšale zaradi omejenih denarnih sredstev, ki so bila na voljo, posledica pa so bila nezadostna vlaganja in slabo vzdrževanje opreme.
This is aimed to bring the Company's debt to a sustainable and serviceable level.
Družba Cimos namerava naložbe v osnovna sredstva povečati v tolikšni meri, da bo lahko izvedla prestrukturiranje.
It will also free up cash resources necessary to finance operations and improve Cimos's creditworthiness in the eyes of customers, suppliers and financial creditors.
To bodo delno financirale stranke, delno pa družba Cimos.
Cimos will need additional funds to finance its working capital and repay liabilities arising from the debt restructuring, which is a sine qua non of returning to solvency and profitability.
Družba Cimos namerava pridobiti posojila v višini 25 milijonov EUR pod tržnimi pogoji za financiranje poslovanja v letih 2018–2019 po koncu obdobja prestrukturiranja.
To this end, Cimos has agreed with its banks and major customers that they will provide EUR 39,5 million in the form of the New Money Facility on the terms described in recital 25.
POSLOVNO PRESTRUKTURIRANJE
The Company has also concluded agreements with its suppliers on the voluntary restructuring of ordinary operating claims on the basis of supply contracts.
Kar zadeva poslovno prestrukturiranje, so bili v prvotno priglašenem načrtu prestrukturiranja predvideni izvajanje vitkega upravljanja, konsolidacija proizvodnih zmogljivosti, krepitev vloge in odgovornosti poslovnih enot, izboljšanje nabave, optimizacija zalog in prestrukturiranje človeških virov.
The agreement provides for suppliers to restructure their claims through a combination of a one-off repayment of part of their claims and a rescheduling and write-off of the remainder.
Ti ukrepi se izvajajo, čeprav so bili v okviru posodobljenega načrta okrepljeni in razširjeni, da se upoštevajo posledice prisilne poravnave na poslovanje.
On the basis of the agreement, the lessor will receive a one-off repayment (including penalty interest) of EUR 2,3 million, write-off EUR 6 million, which is the declared financial impact of this measure, and reschedule repayment of the remaining debt over 4 years with a 1-year grace period.
Družba Cimos načrtuje, da bo število zaposlenih s 6855 maja 2014 zmanjšala na […] [19] zaposlenih leta […], s čimer naj bi letno pri stroških prihranila […] EUR.
Outside the CS, Cimos has concluded, or is in a final stage of negotiations to conclude, bilateral agreements on debt restructuring with the Company's non-Slovenian banks.
Povezani stroški odpravnin so ocenjeni na […] EUR in naj bi nastali leta […].
The financial impact of this measure, consisting of an extension to the loan maturities, changes to interest and a moratorium on the repayment of principal, is estimated at EUR 3 million.
Družba se je odločila, da bo število obratov v obdobju 2014–2016 z 20 zmanjšala na 13, da bi združila proizvodno zmogljivost in se osredotočila na osnovno dejavnost.
Capital expenditure (‘capex’) has been reduced in recent years due to limited available cash, which led to under-investment and poor maintenance of the equipment.
Prihodki od odprodaje naj bi znašali 5,1 milijona EUR, kar bo izboljšalo likvidnost.
Cimos intends to bring capex to the level necessary to carry out the restructuring.
Poleg tega je družba Cimos v obdobju 2013–2014 prodala svoje odvisne družbe TPS Labin, TPS Novi Knezevac (kmetijski steber), Litostroj Power (energetski steber) in Cimos Titan (steber strojegradnje), skupni prihodek od prodaje pa je znašal približno 25 milijonov EUR.
This will be funded partly by customers, partly by Cimos.
V načrtu so predvideni ukrepi za kakovost, da bi se izboljšali delovni postopki, tj. tok materialov, notranja embalaža, ravnanje z rezalnimi orodji in upravljanje zalog.
Cimos will fund the remaining necessary capex from its own resources.
Letno naj bi se z izvajanjem teh ukrepov koristi z 0,9 milijona EUR leta 2015 povečale na 5 milijonov EUR po letu 2017.
The measure is estimated to improve liquidity by approximately EUR 10 million.
Stroški dobavne verige naj bi se po pričakovanjih od leta 2018 naprej zmanjšali za 5,3 milijona EUR letno.
Finally, Cimos plans to obtain borrowing of EUR 25 million on market terms to finance operations in 2018-2019, after the end of the restructuring period.
Do takrat naj bi se prihranek postopno povečeval, z 1,8 milijona EUR leta 2015 na 4,1 milijona EUR leta 2017.
OPERATIONAL RESTRUCTURING
Družba načrtuje tudi izboljšanje postopka nabave, in sicer tako, da se bo z obstoječimi dobavitelji […] poskusila dogovoriti o količinskih popustih, da bi si zagotovila ugodnejše cene, in centralizirala nabavo.
As regards operational restructuring, the originally notified restructuring plan provided for the implementation of lean management, consolidation of production capabilities, enhancement of business unit roles and responsibilities, procurement improvement, inventory optimisation and human resource restructuring.
Zaradi trenutnih likvidnostnih težav družbe Cimos so številni dobavitelji zavrnili sodelovanje z njo, s tem pa se je zmanjšala sposobnost družbe, da optimizira stroške z zamenjavo dobaviteljev.
These measures are being implemented, though under the updated plan they have been strengthened and expanded to take account of the business implications of the CS.
To naj bi se po končanem postopku prisilne poravnave spremenilo.
In particular, the operational restructuring measures will have more impact on the group headcount, labour costs and overheads than originally planned, with the aim to generate net profit and cash at the earliest possible stage.
Koristi izboljšanega postopka nabave naj bi v obdobju 2015–2018 znašale 11,3 milijona EUR.
To achieve this goal, in view of the higher than initially assumed expected decline in sales and an increase of maintenance costs, the modified measures are expected to generate higher cost savings than initially planned.
Ukrepi za zmanjšanje režijskih stroškov so v glavnem osredotočeni na znižanje stroškov storitev (javne službe, IT, telekomunikacije, čiščenje in varovanje) in drugih stroškov poslovanja (npr. bančnih stroškov, stroškov najema) ter prenehanje promocijskih dejavnosti, ki niso povezane s poslovanjem (prispevki lokalnim športnim klubom).
The Company's booked business will drop in time as three quarters of the projects in progress are expected to be completed by 2019.
Prihranki na podlagi teh ukrepov naj bi znašali 0,3 milijona EUR leta 2015 in 0,6 milijona EUR vsako naslednje leto.
A decline in existing business will have to be compensated by new projects.
V okviru optimizacije zalog namerava družba Cimos bolje nadzorovati zastarele zaloge, izvajati konsignacijsko skladiščenje, povečati pogostost dobave, zmanjšati zaloge surovin in povečati zalogo končnih izdelkov, da bi izboljšala storitve za stranke.
To this end, the Company will implement measures in sales, including most importantly the retention of long-term customers by cooperating with them right from the product development stage, penetration of new markets with the existing products and development of new products for the existing and new markets.
PREGLED STROŠKOV PRESTRUKTURIRANJA IN VIROV FINANCIRANJA
Sales revenue is forecasted to decrease in 2015-2018 and start growing in 2019.
Preglednica 4
The measures are not expected to generate additional costs.
Stroški prestrukturiranja in viri financiranja
Cimos plans to reduce headcount from 6855 employees in May 2014 to […] [19] employees in […], which is expected to generate annual cost savings of EUR […].
Postavka stroškov prestrukturiranja
The associated costs of severance pay are estimated at EUR […] and will be incurred in […].
Vir financiranja
The Company has decided to reduce the number of plants from 20 to 13 in 2014-2016 in order to consolidate production capacity and focus on core business.
Odplačilo trgovinskim upnikom
The divestment proceeds are expected to amount to EUR 5,1 million, which will improve liquidity.
Napovedani lastni prispevek
In addition, in 2013-2014 Cimos sold its subsidiaries, TPS Labin, TPS Novi Knezevac (Agriculture Division), Litostroj Power (Energy Division) and Cimos Titan (Machine Division), which generated total proceeds of approximately EUR 25 million.
Pretekle poslovne izgube in poslovne izgube iz leta 2014
The plan provides for quality measures to improve work processes, e.g. materials flow, internal packaging, cutting tool handling and stock management.
Naložbe v osnovna sredstva
In the area of supply chain the Company intends to reduce the number of […], decrease premium freight costs by reducing the backlog of production for known customers, simplify material flows between the plants and reduce […] by awarding the contracts via calls for tenders.
Izguba ob odprodaji odvisne družbe Litostroj Power
The expected reduction in the supply chain costs will ultimately reach EUR 5,3 million per year from 2018 onwards.
Izguba ob odprodaji odvisne družbe Cimos Titan
Until then the savings are expected to gradually increase, from EUR 1,8 million in 2015 to EUR 4,1 million in 2017.
Odplačilo dolga v zvezi z odvisno družbo Litostroj Power
The Company also plans to improve purchasing process by negotiating volume discounts with its existing suppliers […] to secure more advantageous prices as well as by centralising the purchasing function.
Odpravnine
The current liquidity problems have led many suppliers to refuse to deal with Cimos which restricted its ability to optimise costs by switching suppliers.
plačila svetovalcem za prestrukturiranje
This is expected to change after the exit from the CS procedure.
Zamudne obresti in odplačilo neplačanih obveznosti v zvezi z zakupom
The benefits from the improved purchasing process are expected to reach EUR 11,3 million in 2015-2018.
Omejen lastniški kapital in najmanjši manevrski prostor glede denarnih sredstev
The overhead cost reduction measures are mainly focused on lowering the costs of services (utility, IT, telecom, cleaning and security), other operating costs (e.g. bank charges, rental costs) and discontinuing non-business related promotion activities (donations to the local sport clubs).
Obresti na pomoč za reševanje
The measures are expected to bring savings of EUR 0,3 million in 2015 and EUR 0,6 million per year thereafter.
Odplačilo svežega kapitala
Under the inventory optimisation measure Cimos plans to better control obsolete stock, implement consignment stocking, increase the frequency of deliveries, reduce inventory of raw materials and increase inventory of finished goods, with the aim to deliver better customer service.
Stroški skupaj
OVERVIEW OF THE RESTRUCTURING COSTS AND SOURCES OF FINANCING
Viri financiranja skupaj
According to the restructuring plan the total restructuring costs amount to EUR 350,7 million and are planned to be financed from an own contribution for the amount of EUR 329 million and from the State aid for the amount of EUR 21,7 million.
Napovedana stopnja lastnega prispevka znaša 94 % skupnih stroškov prestrukturiranja.
The restructuring costs and the sources of financing are summarised in Table 4.
Stroški prestrukturiranja
Table 4
Družba Cimos je zaradi omejene likvidnosti nakopičila znatne obveznosti do dobaviteljev, ki jih mora odplačati, da bi zagotovila neprekinjeno dobavo in stabilno poslovanje.
Restructuring costs and sources of financing
Družba je pred začetkom prisilne poravnave odplačala obveznosti do dobaviteljev v višini 20,5 milijona EUR, odplačati pa mora še 92,6 milijona EUR, ki jih je dolgovala na začetku prisilne poravnave.
Restructuring cost item
Skupno odplačilo znaša 113,1 milijona EUR.
Source of financing
Nakopičene izgube je zato treba pokriti.
Trade creditor repayment
Navedeni znesek je treba prilagoditi s postavkami, ki so ločeno prikazane v preglednici 4 (izgube ob odprodaji, odpravnine, plačila svetovalcem za prestrukturiranje, zamudne obresti na zakup in odplačilo trgovinskim upnikom).
Declared own contribution
Preostali znesek znaša 65,2 milijona EUR in predstavlja pretekle poslovne izgube, ki se bodo pokrile med prestrukturiranjem.
Past and 2014 trading losses
Kot je bilo navedeno v uvodni izjavi 45, je bilo naložb v osnovna sredstva v zadnjih letih premalo zaradi zmanjšanja likvidnosti.
Capital expenditure
Zato je pogosto prišlo do zamud v proizvodnji in nezmožnosti družbe Cimos, da izpolni svoje obveznosti do strank.
Notified State aid (rescue aid converted to equity)
Z naložbami v osnovna sredstva, ki so predvidene v načrtu, naj bi se zagotovilo, da bo družba Cimos izpolnila svoje prihodnje pogodbene obveznosti, zato so bistvene za obnovo sposobnosti preživetja.
Repayment of customer funded capex
Del naložb v osnovna sredstva v višini 9,8 milijona EUR bodo financirale stranke v obliki posojila.
Loss on disposal of Litostroj Power
To posojilo bo morala družba Cimos odplačati, zato pomeni strošek prestrukturiranja.
Loss on disposal of Cimos Titan
Družba Cimos je imela ob prodaji svojih odvisnih družb Litostroj Power (energetski steber) in Cimos Titan (steber strojegradnje) izgubo ob odprodaji v višini 20 milijonov EUR, kar poveča nakopičene izgube iz uvodne izjave 61.
Repayment of debt relating to Litostroj Power
Družba Cimos je prihodke od prodaje odvisne družbe Litostroj Power v višini 21,4 milijona EUR porabila za odplačilo bančnih posojil, kot je bilo zahtevano v sporazumih o finančnem instrumentu.
Lease penalty interest and default repayment
Povezani stroški strokovnih storitev po ocenah znašajo […] EUR.
Limited equity and minimum cash headroom
V okviru dogovora, ki ga je družba Cimos sklenila z zakupodajalcem (glej uvodno izjavo 43), mora družba del svojih obveznosti poravnati vnaprej, vključno z zamudnimi obrestmi.
Interest on rescue aid
Da bi lahko družba Cimos na trgu poslovala samostojno, ni dovolj, da pokrije nakopičene izgube.
Repayment of New Money
V avtomobilski industriji je stalna praksa, da stranke od ponudnika zahtevajo ustrezno razmerje med dolžniškim in lastniškim kapitalom, da bi lahko ta sodeloval v javnih razpisih.
Total costs
Obresti na znesek, ki si ga je družba lahko sposodila na trgu zaradi jamstva za pomoč za prestrukturiranje in ki so se obračunale do 3. junija 2014, tj. do začetka prisilne poravnave, znašajo 1,2 milijona EUR in jih je treba odplačati v okviru prestrukturiranja.
Total sources of financing
Družba Cimos bo morala odplačati tudi dolg iz naslova sheme svežega kapitala, opisane v uvodni izjavi 41.
The declared level of own contribution amounts to 94 % of total restructuring costs.
Povezani stroški prestrukturiranja, kakor jih je priglasila Slovenija, znašajo 39 milijonov EUR.
Restructuring costs
Viri financiranja
Due to limited liquidity Cimos has accumulated considerable trade payables, which must be repaid in order to ensure continued supplies and stability of operations.
Priglašeni viri lastnega prispevka vključujejo shemo svežega kapitala (glej uvodno izjavo 41), naložbe v osnovna sredstva, ki jih financirajo družba Cimos in stranke (glej uvodno izjavo 45), prihodke od prodaje odvisne družbe Litostroj Power (glej uvodno izjavo 52), koristi od ukrepov finančnega prestrukturiranja iz oddelka 3.1 in prispevek družbe Cimos k prestrukturiranju dolgov, ki jih dolguje dobaviteljem (glej uvodno izjavo 42).
The Company has repaid trade payables of EUR 20,5 million before the initiation of the CS and has to repay a further EUR 92,6 million owed at the outset of the CS.
Viri lastnega prispevka so podrobno analizirani v oddelku 8.8.
The total repayment amounts to EUR 113,1 million.
Priglašena državna pomoč obsega pretvorbo terjatve države do družbe Cimos iz naslova jamstva za pomoč za reševanje v lastniški delež v višini 21,7 milijona EUR.
As of 2014 the Company's forecasted accumulated losses amounted to EUR 211,4 million and negative equity — to EUR 155,6 million.
OBNOVA DOLGOROČNE SPOSOBNOSTI PREŽIVETJA
According to the CS rules, in order for a restructured company to be considered viable upon exit from the CS, the equity cannot be negative.
Preglednica 5
Thus the accumulated losses must be covered.
Izbrani napovedani finančni podatki na podlagi realističnega scenarija
The above amount has to be adjusted by items shown separately in Table 4 (losses on disposal, severance payments, restructuring advisor fees, lease penalty interest and trade creditor repayment).
Čista prodaja
The balancing figure amounts to EUR 65,2 million and represents past trading losses to be covered during the restructuring.
Čisti dobiček/izguba
The capex foreseen in the plan is intended to assure that Cimos will meet its future contractual obligations and thus is essential for the restoration of viability.
Donos kapitala
Part of the capex for the amount of EUR 9,8 million will be funded by customers in the form of a loan.
IZRAVNALNI UKREPI
This loan will have to be repaid by Cimos and thus it constitutes a cost of restructuring.
Družba Cimos je kot izravnalni ukrep predlagala odprodajo treh poslovnih enot v avtomobilskem segmentu, njeni osnovni dejavnosti, in sicer obrate v […].
On selling its subsidiaries, Litostroj Power (Energy Division) and Cimos Titan (Machine Division) Cimos recognized a loss on disposal of EUR 20 million, which increases the accumulated losses described in recital 61.
Obrati so bili donosni in so pred prestrukturiranjem predstavljali približno 4 % skupnega prihodka družbe Cimos.
The proceeds from sale of Litostroj Power for the amount of EUR 21,4 million were used by Cimos to repay bank loans, as was required by the financing facility agreements.
Poleg tega je družba Cimos odprodala tri poslovne enote, ki niso povezane z njeno osnovno dejavnostjo, namreč kmetijski steber, energetski steber in steber strojegradnje, ki so v obdobju pred prestrukturiranjem predstavljali približno 20 % skupnega prihodka družbe Cimos in so bili donosni.
The redundancies planned as part of the operational restructuring will generate severance payment costs of EUR 8,4 million.
Preglednica 6
The Company has hired consultants to assist the management board in planning and execution of the restructuring process.
Finančna uspešnost prodanih dejavnosti pred prestrukturiranjem
The associated cost of professional services is estimated to amount to EUR […].
Odgovor na zahtevo po informacijah z dne 30. januarja 2015.
In order to operate on the market on its own merits, it is not enough for Cimos to cover accumulated losses.
Kosmati dobiček, v mio.
It is a common practice in the automotive industry that customers require a sufficient debt to equity ratio for a bidder to participate in tenders.
EUR
If Cimos is to bid for orders, which is necessary to achieve planned sales targets and ultimately return to viability, it must have minimum equity headroom estimated at EUR 39 million.
Osnovna dejavnost skupaj
In addition, it needs EUR 10 million to secure sufficient cash safety margin necessary to stabilise liquidity and regain trust on the market after the exit from the insolvency procedure.
Kmetijstvo