natgillin/translations-raw huggingface dataset:
First of all, it is clear that it was irrelevant to BAVARIA itself what modernisation costs NEUWOGES’ subsidiary, BRG, would charge it, simply because all additional modernisation costs would simply be set off against the purchase price.
Ugotavljanje verjetnega finančnega učinka splošne pogodbe o upravljanju na družbo NEUWOGES
NEUWOGES, on the other hand, had a manifest economic interest both in having BAVARIA contract with BRG to undertake the modernisation works and in shifting part of the sale price onto the modernisation costs.
Družba NEUWOGES je na podlagi splošne pogodbe o upravljanju odgovorna za upravljanje zadevnih stavb.
The reason for the latter consideration is that profits made from the modernisation by NEUWOGES’ subsidiary were not subject to the transfer obligations under the Inherited Debt Support Law.
V zameno za pravico do zadržanja vsega prihodka, ustvarjenega z oddajanjem stanovanj in poslovnih prostorov, mora družba NEUWOGES do zaključka posodobitve lastniku (družbi BAVARIA) plačevati vnaprej določen mesečni obrok zakupnine v višini […] EUR, nato pa […] EUR (oddelek 3 splošne pogodbe o upravljanju).
According to its own estimates, the profits earned by BRG (and hence NEUWOGES) from the BAVARIA modernisations amounted to EUR […] [68].
Čas veljavnosti pogodbe je 30 let od zaključka posodobitve (oddelek 2.1).
These profits constitute a direct benefit for NEUWOGES that must be taken into account.
Mesečni obrok zakupnine se indeksira za […] % letno (oddelek 4.2).
In justifying the sale price, NEUWOGES’ management too stressed that BRG was contracted to carry out the modernisation works [69].
Namen naslednje analize je ugotavljanje finančnega učinka splošne pogodbe o upravljanju na družbo NEUWOGES.
Ground rent
Ozadje (izračuni)
Moving on to the ground rent, it is important to address NEUWOGES’ argument that BAVARIA did not effectively have to pay any rent for the first 30 years, since the capitalised rent for the land was included in the sale price.
Mesečni obrok zakupnine se je izračunal tako, da se je verjetno neto najemnina na m2 in na mesec, znižana za stroške upravljanja in vzdrževanja ter ob upoštevanju tveganja izgube najemnine, pomnožila s številom m2, ki so bili na voljo [70].
However, whether the ground rent is paid on a yearly basis or upfront as capitalised rent is hardly decisive for this assessment.
Osrednje predpostavke so torej verjetna neto najemnina na m2 in na mesec ter verjetni stroški.
There is no indication that such an arrangement was irrational; it merely expressed a preference for upfront liquidity on the part of NEUWOGES.
V splošni pogodbi o upravljanju sta stranki predvideli neto najemnino v višini […] EUR na m2 po posodobitvi in stroške v višini […] EUR na m2, na tej podlagi pa je bil mesečni obrok zakupnine določen na […] EUR na m2 [71].
Finally, it must not be forgotten that BAVARIA is under the obligation to pay the ground rent even after the general management contract expires.
Povprečna najemnina
From 1 January 2029, for a period of 10 years, BAVARIA will have to pay an annual rent of […]% of the current land value, which has been set at EUR […] per m2.
stroški upravljanja
For the subsequent remaining term, an adaptation of the ground rent to the total cost-of-living index is provided for, as long as the latter fluctuates by more than […]%.
stroški vzdrževanja
Assuming for the sake of simplicity that the cost-of-living index will not fluctuate, these future payments will have a nominal value of EUR […].
tveganje izgube najemnine m2
For an overall evaluation, the discounted value in 1998 of these future payments must also be considered as part of the benefit received by NEUWOGES.
skupaj
Conclusions
Pri določanju posebnih parametrov, ki bili na koncu vključeni v splošno pogodbo o upravljanju, je imela družba NEUWOGES možnost izbire [72].
It must be pointed out that it was the purpose of the foregoing analysis to determine the financial impact of the land-lease and sale contract on NEUWOGES as accurately as possible.
Če bi določila drugačno višino najemnine ali višjo indeksacijo, bi lahko natanko določila svoje mesečne obroke v času veljavnosti pogodbe in ceno, ki bi jo dobila s prodajo [73].
This analysis leads to the conclusion that the relevant benefits received by NEUWOGES include:
Obstajala je torej neposredna povezava med prevzemom večjega ali manjšega tveganja pri določanju posameznega obroka zakupnine (npr. če bi določila drugačno višino najemnine, indeksacijo in stroške) in likvidnostnimi sredstvi, prejetimi v obliki prodajne cene.
the cash price paid by BAVARIA (EUR […]);
V drugem izračunu, ki ga je predložila družba BAVARIA in v katerem so predvideni indeksacija v višini 2,0 %, najemnina v višini […] EUR in s tem obrok zakupnine v višini […] EUR, bi na primer mesečni obrok zakupnine namesto […] EUR znašal […] EUR [74].
the fee paid for the privatisation efforts (EUR […]);
Nižja bi bila seveda tudi prodajna cena.
the profits earned from the modernisation (EUR […]);
Analiza finančnega učinka
the cash value of the ground rent after 2029 (EUR […], after discounting).
Splošni premisleki
Determining the likely financial impact of the general management contract on NEUWOGES
Komisija v skladu s prvotnim dopisom in analizami denarnih tokov, ki jih je predložila družba NEUWOGES, predpostavlja, da diskontna stopnja znaša 5 % letno [75].
Under the general management contract, NEUWOGES is responsible for managing the buildings in question.
Zanesljivost analiz denarnih tokov, ki jih je predložila družba NEUWOGES
In return for the right to keep all income generated from renting the apartments and commercial space, NEUWOGES has to pay the owner (BAVARIA) a fixed monthly leasing payment, set at EUR […] until the completion of the modernisation works, and EUR […] thereafter (Section 3 of the general management contract).
Pred izvedbo neodvisne gospodarske analize splošne pogodbe o upravljanju je treba najprej predložiti pripombe o naknadnih analizah finančnih tokov, ki jih je predložila družba NEUWOGES in naj bi dokazovale, kakšen denarni tok bi skrben udeleženec v tržnem gospodarstvu pričakoval, da bo naknadno ustvarila splošna pogodba o upravljanju.
The monthly leasing payment is the result of multiplying the likely net rent per m2 and per month — reduced by the costs of administration and maintenance and taking account of the risk of loss of rent — by the number of m2 available [70].
Tudi če se precej višja izguba najemnine (z […] % na […] %) ne upošteva, je prisotno zvišanje drugih stroškov z […] % na […] % najemnine.
The central assumptions are, then, the likely net rent per m2 and per month, and the likely costs.
Predložitve družbe NEUWOGES ne pojasnjujejo v zadostni meri, zakaj bi bilo to zvišanje potrebno.
In the general management contract, the parties assumed net rent levels of EUR […] per m2 after modernisation and costs of EUR […] per m2, leading to the monthly leasing payment being set at EUR […] per m2 [71].
Nasprotno, družba NEUWOGES trdi, da je bila stopnja […] % ([…] EUR na m2) verjetna za obdobje takoj po posodobitvi, vendar bi se v tem primeru vsako leto zvišala za […] % [78].
Average rent
Podobno je bila v cenitvi, ki jo je družba NEUWOGES naročila pred prodajo, predvidena skupna višina stroškov (vključno s tveganjem izgube najemnine [79]) v višini od […] % do […] % (cenitev iz leta 1997).
Administration Costs
Ker v cenitvi ni navedeno, kakšen odstotek je dodeljen izgubi najemnine, ni mogoče ugotoviti, kako se te osnovne predpostavke glede drugih stroškov razlikujejo od predpostavk družbe NEUWOGES.
Maintenance Costs
Tudi če bi se predvidevalo, da je cenitev iz leta 1997 temeljila na oceni tveganja izgube najemnine v višini […] %, so drugi stroški, ki jih je predvidela družba NEUWOGES, višji.
Risk of loss of Rent
Ob upoštevanju navedenega analiz denarnih tokov, ki jih je predložila družba NEUWOGES, ni mogoče sprejeti in jih je treba popraviti na podlagi prvotnih stroškov v višini […] %, brez tveganja izgube najemnine [80].
In setting the particular parameters that were eventually included in the general management contract, NEUWOGES had a choice [72].
Ker se obrok zakupnine izračuna kot odstotek prvotne skupne najemnine (v tem primeru […] %), bi bilo mogoče z zvišanjem najemnine za […] % kriti tako zvišanje obroka zakupnine kot zvišanje stroškov za […] %.
By setting a different rent level or a higher indexation, it could precisely determine its monthly payments over the duration of the contract and the price it would obtain from the sale [73].
Če se stroški ne spreminjajo, bi manjše zvišanje najemnine že zadoščalo za kritje zvišanja obroka zakupnine.
There was, then, a direct correlation between assuming a higher or lower risk in setting a particular leasing payment (e.g. by setting different rent levels, indexation, and costs) and the liquidity received in the form of the sale price.
Dejansko bi ob predvidenem […]-odstotnem tveganju izgube najemnine in drugih nespremenjenih stroških letno zvišanje najemnine za […] % zadoščalo za kritje zvišanja obroka zakupnine.
For example, in an alternative calculation provided by BAVARIA, which assumes an indexation of 2,0 %, rent levels of EUR […] and hence a leasing payment of EUR […], the monthly leasing payment would have amounted to EUR […] instead of EUR […] [74].
Z vsakim zvišanjem, ki bi presegalo navedeno, bi lahko družba NEUWOGES krila višanje stroškov ali imela dobiček.
Of course, the sale price would have been lower as well.
Družba NEUWOGES je ob sklenitvi pogodbe sama izvedla analizo nominalnih denarnih tokov [81].
Financial impact analysis
V tej analizi je predvidela, da se bodo njeni stroški (upravljanje, vzdrževanje) zviševali za […] % letno, da lahko vsaka tri leta zviša najemnino za […] %, da lahko prenese […]-odstotni delež praznih stanovanj in da bo […] % stanovanj prodanih najemnikom.
General considerations
Na tej podlagi je družba NEUWOGES pričakovala, da bo s splošno pogodbo o upravljanju v 30-letni veljavnosti pogodbe ustvarila nominalni denarni tok v višini […] EUR.
In determining the financial impact of the general management contract on NEUWOGES, it is important to note two considerations.
V formalnem postopku preiskave ni nič pokazalo na to, da bi bili ti izračuni narejeni na podlagi pričakovanj, za katera bi bilo znano, da so preveč optimistična.
First, the leasing payment is calculated on a per m2 basis.
Predložen ni bil noben dokaz, da so predstavniki družbe NEUWOGES, ki so te podatke predložili odboru družbe NEUWOGES, to storili vedoč, da so napačni.
Since a number of apartments were sold by BAVARIA after the conclusion of the contract, the relevant amount changed from, initially, […] m2 to […] m2 in 1999, […] m2 in 2000, and […] m2 in 2001.
Dejansko se zdi, da družba NEUWOGES ne trdi, da so njeni upravitelji zavestno sklenili neugoden posel iz političnih razlogov, ampak da je bila opravljena napačna ocena gospodarskih posledic (ki bi se jim v predložitvah družbe NEUWOGES udeleženec v tržnem gospodarstvu izognil) [82].
After 2001, the relevant amount remained stable at […] m2.
Kljub temu je treba proučiti, ali so bila ta pričakovanja takšna, da jih udeleženec v tržnem gospodarstvu pri odločitvi ne bi upošteval.
In its submissions, NEUWOGES used these progressively decreasing amounts of m2 to calculate projected financial flows.
V tem okviru je treba opozoriti, da družba NEUWOGES trdi, da bi udeleženec v tržnem gospodarstvu pričakoval zvišanje najemnine za le […] % letno, tveganje izgube najemnine za […] % ter zvišanje stroškov upravljanja in vzdrževanja za […] % [83].
As only the ex-ante perspective is important, NEUWOGES should not have reduced the overall amount of m2 underlying its calculations by the amount actually sold thereafter, but by the amount it expected, in early 1998, to be sold thereafter.
Družba NEUWOGES na podlagi teh predpostavk trdi, da bi skupni denarni tok nominalno znašal […] EUR, po odbitku pa […] EUR, na kar bi najbolj vplivalo več kot sedemkratno povečanje izgube najemnine.
Accordingly, the following analysis will not be based on the numbers used in NEUWOGES’ submissions; rather, it will use the numbers that NEUWOGES included in its original profit projection, which assumed a progressive reduction from […] m2 to […] m2 until 2003.
Pričakovanja na trgu
Second, to determine the financial impact of the contract for NEUWOGES, expected when the transaction was concluded, future income and costs must be discounted, requiring a discount rate to be set.
Najprej so navedeni dokumenti z informacijami o dejanskih pričakovanjih obeh strank v poslu.
In line with its original letter and the cash-flow analyses provided by NEUWOGES, the Commission assumes the discount rate to be 5 % per year [75].
Zapisnik seje nadzornega odbora z dne 16. decembra 1997 dokazuje, da so bila po mnenju upraviteljev družbe NEUWOGES tveganja, prisotna v poslu, „sprejemljiva“ [84].
Reliability of NEUWOGES’ cash-flow analyses
Na podlagi tega zapisnika je poleg tega jasno, da je družba NEUWOGES ukrepala na podlagi izračunov, v katerih je bilo predvideno zvišanje najemnine za […] % vsaka tri leta, zvišanje stroškov (brez navedbe tveganja izgube najemnine) za […] % in tveganje izgube najemnine v višini […] % [85].
Before proceeding to provide an independent economic analysis of the general management contract, it is first necessary to comment on the ex post cash-flow analyses provided by NEUWOGES, which are supposed to demonstrate the cash-flow that a prudent MEO would have expected the general management contract to generate ex ante.
Družba NEUWOGES se je pred podpisom pogodb posvetovala z revizijsko družbo Nordrevision, ki je ocenila, da zvišanje najemnine za […] % ustreza splošni stopnji inflacije, vendar tega verjetno ne bo mogoče doseči [86].
NEUWOGES argues that under realistic ex ante assumptions — claimed by NEUWOGES to be an increase of rent of […]% per year, an indexation of costs of […]% per year and a vacancy rate of […]% — the general management contract would, ex ante, have been expected to lead to a total negative cash-flow of EUR […] in nominal terms and of EUR […], discounted [76].
Menila je tudi, da so bili prvotni stroški ob predpostavki popolne zasedenosti stanovanj razumni (izračuni so temeljili na oceni stroškov v višini […] % najemnine), vendar je potrebna indeksacija navedenih stroškov v skladu z indeksacijo obroka zakupnine [87].
NEUWOGES also submits that only where allegedly unrealistic ex ante assumptions are made — rent increase of […]% per year, vacancy rate of […]%, and stable costs — could the general management contract have been expected to result in a positive value of EUR […] in nominal terms and EUR […], after discounting [77].
Družba BAVARIA je po drugi strani na podlagi pričakovanja, da se število prebivalcev v Neubrandenburgu ne bo spreminjalo (zaradi ustanovitve več velikih ponudnikov storitev) [88], in dobre lokacije stavb predvidevala, da se lahko pričakuje zelo nizek delež praznih stanovanj [89].
On this basis, NEUWOGES submits that it was clear, ex ante, that rent increases of […]% would have to be enforced every year simply to cover the leasing payment, leaving no room for increases in costs.
Nadalje je predvidevala, da bi bilo najemnino mogoče zvišati v skladu z indeksacijo obrokov zakupnine [90].
It must be observed in this respect that NEUWOGES makes assumptions about the cost levels that are unpersuasive (and the initial cost levels are the same in all the analyses provided by NEUWOGES).
Nazadnje je treba poudariti, da so v cenitvi nepremičnine, ki jo je družba NEUWOGES naročila pred prodajo, navedeni podatki o zadevnem pričakovanem razvoju dogodkov.
The calculations underlying the general management contract, as concluded, assume total costs (administration, maintenance, risk of loss of rent) amounting to some […]% of the rent.
V cenitvi iz leta 1997 so bili predvideni stroški med […] % in […] %, ni pa bilo navedeno, kakšen odstotek je dodeljen tveganju izgube najemnine [91].
In contrast, NEUWOGES’ cash-flow analyses assume an initial cost level (after modernisation) of not less than […]% ([…]% risk of loss of rent, […]% administration and maintenance).
Ocena
Even if the dramatic increase in loss of rent (from […]% to […]%) is ignored, there is an increase in other costs from […]% to […]% of the rent.
Stroški upravljanja
NEUWOGES’ submissions do not adequately explain why this increase would be necessary.
Prvič, pričakovanja glede stroškov upravljanja in vzdrževanja se glede njihove prvotne višine ([…] EUR na m2 ali […] % najemnine) in pričakovanega zvišanja ([…] % letno) zdijo razumni.
On the contrary, NEUWOGES states that the level of […]% (EUR […] per m2) was plausible for the period directly after the modernisation, but would then increase every year by […]% [78].
Glede prvotne višine stroškov ta ugotovitev temelji na trditvi družbe NEUWOGES, da so bili ti stroški vsaj za obdobje takoj po posodobitvi določeni dovolj visoko.
Similarly, the valuation commissioned by NEUWOGES before the sale assumed total cost levels (including risk of loss of rent [79]) of between […]% and […]% (1997 valuation).
Drugič, v študiji družbe Pestel je navedeno, da bi leta 1997 stroški upravljanja in vzdrževanja povprečno znašali […] EUR na m2, kar je […] EUR manj od stroškov, kot so bili določeni v poslu prodaje in povratnega zakupa [92].
As the valuation does not specify what percentage is allocated to loss of rent, it is not possible to determine how its basic assumptions regarding other costs depart from those of NEUWOGES.
Stroški, predvideni v cenitvi strokovnjaka, so bili prav tako v tem razponu.
In any event, even if one were to assume that the 1997 valuation was based on an estimate of risk of loss of rent of […]%, the other costs assumed by NEUWOGES are higher.
Zvišanje teh stroškov je bilo vsekakor mogoče pričakovati, vendar se zdi, da je bilo predvideno zvišanje za […] % letno razumno in celo nekoliko previdno.
In the light of this, NEUWOGES’ cash-flow analyses cannot be accepted and must be corrected on the basis of an initial cost level of […]% excluding risk of loss of rent [80].
Revizijska družba Nordrevision je predlagala, da se takšna indeksacija stroškov upravljanja ohrani le v skladu z indeksacijo obroka zakupnine, tj. z letnim zvišanjem za […] %, kar je nižje od zvišanja, ki ga je dejansko predvidela družba NEUWOGES.
In the light of this, it must further be remarked that NEUWOGES’ submission that rent increases of […]% would need to be enforced to cover the increase in the leasing payment alone is erroneous.
Po naključju družba NEUWOGES sedaj ravno za indeksacijo za […] % trdi, da bi jo bilo mogoče razumno pričakovati, kar dokazuje, da […] % letno ni bilo nerazumno nizko.
Since the leasing payment is calculated as a percentage of the original overall rent (here […]%), a rent increase of […]% would allow both the increase in the leasing payment and an increase in the costs by […]% to be covered.
Tveganje izgube najemnine
Where the costs are stable, a smaller rent increase would already suffice to offset the increase in the leasing payment.
Glede tveganja izgube najemnine ni bilo nerazumno pričakovati splošno izgubo višine najemnine za […] %.
In fact, assuming a risk of loss of rent of […]% and otherwise stable costs, a yearly rent increase of […]% would suffice to cover the increase in the leasing payment.
Najprej je treba opozoriti, da se revizijski družbi Nordrevision v njenih ocenah pogodb ta višina ni zdela vprašljiva, čeprav je izrazila druge pomisleke o splošnih gospodarskih razmerah in nepremičninskem trgu v Neubrandenburgu [93].
Any increase over and above that would be available for NEUWOGES to offset rising costs or make a profit.
Drugič, v cenitvi iz leta 1997 sicer ni navedeno predvideno tveganje izgube najemnine, vendar očitno niso predvidena znatno višja tveganja izgube najemnine [94].
When entering into the contract, NEUWOGES itself undertook a nominal cash-flow analysis [81].
Iz dokumentacije internega postopka odločanja družbe BAVARIA je razvidno, da je družba BAVARIA zaradi ustanovitve več velikih ponudnikov storitev v Neubrandenburgu predvidevala, da se število prebivalcev mesta ne bo spreminjalo in da se bo po posodobitvi lahko oddala večina zadevnih stanovanj.
In this analysis, it assumed that its own costs (administration, maintenance) would rise by […]% p.a., that it could increase the rent by […]% every three years, that it could maintain a vacancy rate of […]% and that […]% of the apartments would be sold on to the tenants.
Dejansko sta po trditvah družbe NEUWOGES med letoma 1997 in 1998 mesto Neubrandenburg in dežela Mecklenburg-Vorpommern predvidela, da se število prebivalcev in prihodki ne bodo zmanjševali.
On this basis, NEUWOGES expected a nominal cash-flow of EUR […] to be generated by the general management contract over its duration of 30 years.
Prezreti se ne sme tudi dejstva, da je uprava družbe NEUWOGES, ki je vodila podjetje, ki je imelo v lasti več kot 30 % stanovanj v Neubrandenburgu in je torej dobro poznalo lokalni nepremičninski trg, tveganja, ki so bila prisotna pri poslu prodaje in povratnega zakupa, ocenila za sprejemljiva in pri svojih napovedih upoštevala tveganje izgube najemnine v višini […] %.
The formal investigation procedure has revealed no reason to believe that these calculations were made on the basis of expectations known to be too optimistic.
Ni jasno, zakaj bi ti strokovnjaki na lokalnem nepremičninskem trgu pri svojih izračunih upoštevali to predpostavko, če je bila tako nerazumno nizka, kot zdaj trdi družba NEUWOGES.
No evidence has been submitted that the NEUWOGES representatives who presented these figures to NEUWOGES’ board did so believing they were inaccurate.
Hkrati je treba upoštevati dokumentacijo, ki jo je družba NEUWOGES predložila v zvezi z vprašanjem, ali bi skrben udeleženec na zadevnem nepremičninskem trgu (montažni stanovanjski bloki v Vzhodni Nemčiji) pričakoval višji delež praznih stanovanj, če je bila zadevna dokumentacija pripravljena pred sklenitvijo posla prodaje in povratnega zakupa.
In fact, it appears that NEUWOGES does not allege that its managers were consciously entering into a disadvantageous transaction for political reasons, but rather that an erroneous assessment was made of the economic implications (which, in NEUWOGES’ submission, a MEO would have avoided) [82].
Od vseh predloženih študij je bila le študija družbe Pestel pripravljena pred sklenitvijo zadevnih pogodb.
Nevertheless, it is necessary to enquire whether these expectations were such that a MEO would not have based its decision on them.
V tem okviru je treba spomniti, da se študija družbe Pestel nanaša na Vzhodno Nemčijo v celoti in ne upošteva posebnih lokalnih pogojev v Neubrandenburgu, zaradi česar je omejena njena dokazna vrednost v zadevnem okviru.
In this context, it is noted that NEUWOGES submits that a MEO would have expected a rent increase of merely […]% p.a., a risk of loss of rent of […]% and an increase in administration and maintenance costs of […]% [83].
V študiji je poudarjenih nekaj splošnih težav na nepremičninskem trgu Vzhodne Nemčije, vendar sama študija ne zadošča za ugotovitev, da udeleženec v tržnem gospodarstvu pri odločanju glede naložbe ne bi upošteval predvidenega tveganja izgube najemnine v višini […] %.
On the basis of these assumptions, NEUWOGES claims that the total cash flow would be EUR – […] in nominal terms and EUR – […] after discounting, with the more than sevenfold increase in the loss of rent having the most significant impact.
Najemnina
Market expectations
Glede najemnine je treba najprej spomniti, da družba NEUWOGES ni trdila, da so bile pričakovane najemnine po posodobitvi določene previsoko.
As a first step, reference is made to the documents providing information as to the actual expectations of the two parties to the transaction.
Namesto tega trdi, da jih ni bilo mogoče zvišati v skladu s pričakovanji.