natgillin/translations-raw huggingface dataset:
Within the limits of this specific case and project, therefore, the Commission concludes that the CfD, in combination with the Credit Guarantee and the Secretary of State Agreement, as structured in the notified measures, are appropriate instruments to provide aid and offer an adequate incentive effect to the beneficiary.
Povprečni razmik sedmih subjektov z oceno BB+ naj bi na datum predložitve informacij Komisiji po izračunih znašal približno 250 bazičnih točk.
PROPORTIONALITY
Po mnenju oddelka IUK je bila to potrditev, da bi morala višina provizije za jamstvo, če bi se izračunala na zadevni datum, znašati 250 bazičnih točk.
In the Opening Decision the Commission questioned whether the rate of return is proportionate, given the combination of CfD and Credit Guarantee and other risk-mitigating elements of the measure, which seems to be compatible with substantially lower rates of return than those granted to NNBG due to lower risk.
Vendar ni jasno, ali se lahko ti indeksi v celoti upoštevajo kot referenčne točke za kreditno jamstvo za jedrsko elektrarno HPC.
In particular, the CfD by design essentially eliminates market price risk, while the measure aims to protect the investor from several events by providing compensation.
Indeks iTraxx Europe XOver bi se lahko uporabil kot izhodišče za izračun višine provizije za jamstvo za elektrarno Hinkley Point C, vendar so družbe, izbrane za indeks, le „višjega“ špekulativnega razreda; zapadlost indeksa je 10 let, kar ni enako kot pri jedrski elektrarni HPC; in zajet je velik razpon posameznih razmikov kreditnih zamenjav, ki kažejo na razlike v kreditni kakovosti.
The Opening Decision also raised doubts as regards the potentially high rate of return, and the possibility for the beneficiary to reap windfall profits if assumptions prove wrong.
Komisija zato ni bila popolnoma prepričana glede ocene, ki jo je podal oddelek IUK, saj so se zaradi omejenega števila primerjav financiranja projekta in meril za izbor pojavili pomisleki glede primerjalne analize.
There are three main concerns in the UK's intended measure in relation to proportionality which are relevant for the assessment by the Commission.
Pregled primerjav financiranja projekta je v preglednici 16 Priloge B.
First, the rate of return envisaged was considered high, so as not to be able to exclude overcompensation, when taking into account the combination of CfD and Guarantee as notified.
Drugi pristop je pristop, ki temelji na pričakovani izgubi.
In particular, once the plant is built, it may be considered to operate effectively as a regulated asset for the duration of the CfD, with a relatively stable revenue stream.
Pri pravem pristopu, ki temelji na pričakovani izgubi, se poslovni model na podlagi različnih scenarijev poveže s strukturo kapitala; rezultat so verjetnosti neplačila in ustrezne stopnje poplačila za vsako leto projekta, pri čemer verjetnost neplačila kaže, kakšna je verjetnost, da družba ne bo mogla povrniti plačila obresti ali glavnice.
Second, the CfD disconnects the rate of return from the aid amount.
Vendar pri tem projektu to ni bilo storjeno.
The SP can be set at a level which allows NNBG to cover costs and make a reasonable profit, but this does not determine the amount of aid which will ultimately be disbursed and which is also a function of wholesale prices.
Namesto tega model predstavlja neto sedanjo vrednost jamstva na podlagi tega, kar se šteje za eksemplaričen scenarij [55].
This creates the need to interpret the test of overcompensation as a test on the rate of return, rather than referring to the absolute level of aid.
Ob predpostavljeni proviziji za jamstvo v višini 250 bazičnih točk in navedenih uporabljenih predpostavkah model približka pri pristopu, ki temelji na pričakovani izgubi, kaže pozitivno neto sedanjo vrednost jamstva.
Third, there is no certainty that any higher than expected gains made after construction will benefit customers, reducing the rate of return to the minimum and maximising overall welfare.
Komisija ni bila popolnoma prepričana niti glede rezultatov tega drugega pristopa.
The sections below will look at these issues for the Credit Guarantee and the CfD and rate of return, before drawing final conclusions on the overall package.
Model namreč poslovnega načrta ne povezuje z verjetnostmi neplačila.
The Credit Guarantee
Namesto tega se verjetnosti neplačila določijo in upoštevajo pri izračunu neto sedanje vrednosti.
The bonds to be issued by the issuer will be supported by the Credit Guarantee as described in Section 2.2 above.
Zato je Komisija menila, da bi se ti metodologiji lahko uporabili pri oblikovanju njene ocene, vendar ne bi mogli v celoti upravičiti predlagane provizije v višini 250 bazičnih točk.
The Commission evaluated the initial Credit Guarantee methodology used by IUK.
Negotovost v zvezi z interno oceno BB+/Ba1
According to this methodology, the fee would be the average of three indicators at the time of a Commercial Close for the overall financing but would be subject to a minimum of 225 basis points.
Navedena pristopa sta potrebna za določitev provizije in kreditnega točkovanja projekta.
The UK submitted that as of the end of 21 August 2014, the Credit Guarantee fee rate would have been set at 250 basis points (as the average of 263, 243 and 245, respectively) [51].
Na podlagi ocen se lahko opravi primerjava različnih parametrov finančnih instrumentov, vključno z njihovo tveganostjo in zlasti oblikovanjem cen.
In the absence of directly observed market rates for (sufficient) Credit Guarantees securing similar types of risk, it is necessary to rely on alternative approaches to establish a guarantee fee rate at market terms.
Po mnenju oddelka IUK se pri tem projektu lahko doseže ocena, enakovredna oceni BB+/Ba1.
A first approach is the so-called expected loss approach.
Navedena ocena ni zunanja ocena, prav tako pa ni podprta z bonitetnim poročilom.
This approach links the company's business plan to its capital structure under different scenarios resulting in a likelihood of default.
Vendar je Komisija ocenila, da se lahko ocena BB+ zaradi negotovosti v zvezi z oceno tako zahtevnega projekta upošteva le kot referenčna točka.
Alternatively, one can benchmark the Guarantee to market prices of comparable instruments with similar credit risk.
Ena od ključnih negotovosti je, da je pri projektu prisotno znatno obrestno tveganje.
Based on the submissions of the UK and its own analysis, the Commission established that there were serious grounds for believing that the initially proposed minimum Guarantee fee rate (225 basis points) and the rate as of 26 August 2014 (250 basis points) were below market rates.
Obveznice bodo izdane v prvih sedmih letih gradnje, zato je prisotna znatna negotovost glede obrestne mere pri državnih obveznicah ob izdaji [56].
This conclusion was based on two lines of enquiry: first, the methodologies used to determine the fee; and second, the rating proposed by the UK for the Guarantee facility.
Donos državnih obveznic Združenega kraljestva z 10-, 20- in 30-letno zapadlostjo kaže na zgodovinsko nizke stopnje (glej graf 1 v Prilogi B).
The Guarantee fee rate methodologies
Napovedi banke Bank of England glede obrestne mere pri državnih obveznicah (krivulje terminske obrestne mere) kažejo na zvišanje pričakovanih obrestnih mer pri državnih obveznicah.
In the absence of market prices for similar instruments, the Commission has been presented with two approaches to assess the Guarantee fee rate.
Druga negotovost je povezana z različnimi morebitnimi zapadlostmi obveznic v zvezi z jedrsko elektrarno HPC, v nasprotju s predloženimi primerjavami.
The first approach is the so-called pricing benchmark approach, which is outlined in more detail in the HM Treasury responses from 26 August, 5 September, 12 September and 19 September 2014.
Za zapadlost zajamčenega dolga se predvideva, da je njegovo tehtano povprečno trajanje 27,4 leta, zapadlosti obveznic pa so v razponu od 8 do 41 let.
The starting point of the analysis is the credit score with a rating equivalent BB+/Ba1 during construction.
Jamstvo Združenega kraljestva bo veljalo do končne zapadlosti, tj. do 41 let od finančnega dogovora.
The IUK believes that as a result of the protections for debt built into the financing agreements the HPC project should be able to achieve a rating equivalent to BB+/Ba1 during the construction period [52].
Vendar se primerjalna analiza osredotoča na instrumente z zapadlostjo 10–15 let, zlasti ker je bilo za takšno obdobje mogoče opraviti primerjavo določanja cen.
According to Annex B (Benchmark information), which gives an overview of each set of benchmarks, the fee rate varies between 243 basis points (using corporate debt benchmarks) and 263 basis points (using project finance bank loans).
Odkupniki obveznic so oddelek IUK opozorili, da je pri 10- in 30-letni zapadlosti krivulja razmika ravna in se pogosto obrne.
IUK also presented average CDS spreads of seven BB+ entities included in the iTraxx Europe XOver index (10-year maturity) [53], including 60 constituents that are intended to be borderline investment grade but include entities ranging from BBB (with negative outlook) to CCC.
Komisija zato ni sprejela trditve, da je ocena, ki jo je predlagal oddelek IUK, ustrezno podprta z dokazi.
The average spread of the seven BB+ names was calculated to be around 250 basis points at the date the information was presented to the Commission.
Komisija se je odločila, da predlagano oceno upošteva le kot referenčno točko, in na podlagi tega ugotovila, da predlagana provizija v višini 250 bazičnih točk, kot je bila prvotno priglašena, ni bila v celoti utemeljena.
The IUK considered this a confirmation that the guarantee fee rate should be 250 basis points if it would have been calculated on the respective date.
Višina izvršilne cene in dobljena stopnja donosa
However it is unclear whether these indexes cannot be fully considered reference points for the Credit Guarantee for HPC.
Kot je bilo pojasnjeno v sklepu o začetku postopka, je priglašena različica finančnega modela (različica 5.1) na podlagi izvršilne cene 92,50 GBP/MWh pokazala nominalno [od 9,75 do 10,25]-odstotno stopnjo donosnosti projekta po obdavčitvi.
While the iTraxx Europe XOver could be used as a starting point to derive a guarantee fee rate for Hinkley Point C, the companies selected for the index are only the ‘better’ speculative grade companies; the maturity of the index is 10 years, which is inconsistent with the HPC facility; and there is a wide range of individual CDS spreads reflecting differences in credit quality.
Če bi bil sklenjen dogovor o gradnji še ene nove jedrske elektrarne v Sizewell C, bi se ta cena znižala za 3 GBP/MWh, saj bi lahko družba EDF stroške prve tovrstne elektrarne (zlasti za zasnovo in tehnično projektiranje) za reaktorje EPR razdelila med obe elektrarni.
The Commission was therefore not fully convinced of IUK's assessment, due to both the limited number of project finance benchmarks and the selection criteria cast doubt on the benchmark analysis.
Združeno kraljestvo je ves čas trdilo, da bi bila ciljna stopnja donosa za podjetje NNBG v višini 10 % (po obdavčitvi, nominalno) razumna, vključno s primerjanjem stopenj za vetrno energijo na morju in druge primerjalne projekte.
Table 16 in Annex B gives an overview of project finance benchmarks.
Med preiskavo, ki jo je izvajala Komisija, je bilo predloženih več nadaljnjih posodobitev finančnega modela, v katerih so bile upoštevane posodobitve predpostavk glede modeliranja in predvidene strukture financiranja projekta.
The second approach is the expected loss approach.
Analiza finančnega modela in scenarija
A full blown expected loss approach links the business model with the capital structure under different scenarios and derives probabilities of default and corresponding recovery rates for each year of the project, with the probabilities of default reflecting the likelihood of the company not being able to repay either interest or principal payments.
Združeno kraljestvo je proučilo finančni model družbe EDF in se zanašalo na to, da bo zajel stopnjo donosnosti projekta.
However, this is not what was done for this project.
Komisija je proučila finančni model in izvedla obsežna preverjanja občutljivosti, da bi dobila ključni finančni nabor za projekt jedrske elektrarne HPC.
Instead, the model presents the net present value of the Guarantee under what is being considered a punitive scenario [54].
Da bi se ugotovilo, ali je stopnja donosa [od 9,75 do 10,25] % (po obdavčitvi, nominalno) pretirana, je Združeno kraljestvo predložilo poročilo svetovalca, ki ga je pripravilo svetovalno podjetje KPMG, v njem pa je bilo proučenih pet metod za ocenjevanje ustrezne stopnje donosa, ki ga bo jedrska elektrarna HPC prinesla podjetju NNBG.
Assuming a 250 basis points guarantee fee rate and the above input assumptions, the proxy model of the expected loss approach shows a positive net present value of the Guarantee.
Te metode in ustrezni dobljeni razpon donosov so povzeti v preglednici 4 Priloge A.
The Commission was also not fully convinced about the results of this second approach.
V poročilu so bile navedene nominalne stopnje donosa po obdavčitvi v razponu od 6 do 14,5 %.
In particular, the model does not link the business plan with probabilities of default.
Združeno kraljestvo je trdilo, da je bila prvotno ocenjena stopnja donosnosti projektov [od 9,75 do 10,25] % na razumni stopnji v tem razponu.
Instead, the probabilities of default are imposed and taken as input for the NPV calculations.
Komisija je glede analize, ki so jo predložili Združeno kraljestvo in njeni svetovalci, izrazila tri glavne pomisleke v zvezi z dovoljeno stopnjo donosa [57].
As a result, the Commission took the view that these methodologies could be used to inform its assessment, but could not fully justify the proposed fee rate of 250 basis points.
Prvič, pri metodologiji svetovalnega podjetja KPMG je očitno v veliki meri prezrta znatna razlika med tveganjem pri fazah gradnje in obratovanja v okviru projekta.
Uncertainty around internal BB+/Ba1 rating
Drugič, Komisijo je zanimalo, v kolikšni meri je mogoče predlagane primerjave primerjati s projektom jedrske elektrarne HPC glede stopnje in strukture tveganja, razmerja med zadolženostjo in kapitalom ter spremljajočih ukrepov podpore, kot so jamstva in drugi zaščitni ukrepi.
The two approaches outlined above are needed to determine both the fee and the credit score of the facility.
Tretjič, Komisija je podvomila, da je bila provizija za kreditno jamstvo določena v skladu s tržnimi pogoji.
Ratings can be used to compare different parameters of financial instruments, including their riskiness and, crucially, their pricing.
Provizija za jamstvo, ki bi bila nižja od stopenj na trgu, bi vplivala na stroške dolga projekta, s tem pa na veljavnost primerjav z različnimi primerjavami stopenj donosa, če bi te primerjave temeljile na nesubvencioniranih stroških dolga.
The IUK believes a rating equivalent to BB+/Ba1 can be achieved on this project.
Komisija je zato izvedla več preverjanj občutljivosti, pri čemer je uporabila posodobljeno različico finančnega modela (različico 9.8) [58].
The indicated rating is neither an external rating nor a score supported by a credit report.
Večina tveganja je očitno povezana s fazo gradnje, zato je Komisija preskusila scenarije, v katerih so ta tveganja v primerjavi z osnovnim scenarijem upoštevana z nominalnimi denarnimi tokovi projekta (davki po plačilu z denarjem), spremenjenimi za določen odstotek v fazi gradnje [59].
However the Commission assessed that the rating of BB+ could only be taken as a reference point, due to the uncertainties surrounding the rating of such a complex facility.
Diskontiranje se je izvedlo s stopnjami, sorazmernimi s tveganji v fazi obratovanja, saj je bila elektrarna zgrajena.
One of the key uncertainties is that the project is subject to significant interest rate risk.
Rezultati so predstavljeni v preglednici 5 Priloge A.
As Bonds will be issued in the first seven years of the construction phase, there is significant uncertainty around the gilt rate at issuance [55].
Komisija je nadalje proučila, v kolikšni meri so bila tveganja upoštevana pri denarnih tokovih v več različicah predloženega finančnega modela.
The UK Government bonds (gilts) yields for 10-, 20- and 30-year maturities show that we are at historically low levels (see Graph 1 in Annex B).
Proučila je poročilo „Cost Discovery & Verification – Evaluation Report (October 2013)“ („Odkrivanje in preverjanje stroškov – poročilo o vrednotenju (oktober 2013))“, ki ga je predložilo ministrstvo za energijo in podnebne spremembe, da bi ocenila, v kolikšni meri so bili v denarnih tokovih iz predloženega finančnega modela upoštevani tveganja, negotovosti in nepredvideni stroški.
The Bank of England's projections of the gilt rates (the forward rate curves) point to an increase in expected gilt rates.
Poročilo o odkrivanju in preverjanju stroškov je ministrstvo za energijo in podnebne spremembe pripravilo na podlagi ocene stroškov projekta jedrske elektrarne HPC, ki jo je predložilo podjetje NNBG, ta ocena pa je temeljila na zasnovi jedrskega reaktorja EPR, kot sta ga zasnovali družbi EDF in Areva.
A second uncertainty is given by the different potential maturities of the HPC-related Bonds, as opposed to the benchmarks provided.
V poročilu o odkrivanju in preverjanju stroškov je bilo izvedenih več primerjav.
In particular, the tenor of the guaranteed debt is anticipated to have a weighted average life (WAL) of 27,4 years, with bond tenors ranging from 8 to 41 years.
Poročilo je vključevalo primerjavo podatkov o ocenjenih stroških za jedrsko elektrarno HPC in javno dostopnih podatkov o stroških, ugotovljeno pa je bilo, da je „razpon primerjanih ocen stroškov kapitala očitno med 10 milijardami GBP in 18 milijardami GBP, povprečno pa stroški znašajo manj kot 13 milijard GBP“.
The UK Guarantee will be in place until the final maturity which is up to 41 years from Financial Close.
Komisija je proučila tudi poročilo podjetja NNBG „TESLA4 Estimate – Volume 2 – Financial Risk Assessment (construction costs)“ („Ocena TESLA4 – zvezek 2 – ocena finančnega tveganja (stroški gradnje))“ [60] (v nadaljnjem besedilu: poročilo o TESLA4).
The benchmark analysis, however, focuses on instruments with maturities up to 10-15 years mostly because of availability of pricing benchmarks up to that point.
Na podlagi analize tveganja, ki jo je interno izvedlo podjetje NNBG, je bila v poročilu predstavljena ocenjena verjetnostna porazdelitev skupnih stroškov za projekt jedrske elektrarne HPC na referenčni datum novembra 2014, kot je prikazana v preglednici 3 Priloge A.
IUK has been advised by bond underwriters that the spread curve is flat and often inverted between 10- and 30-year tenors.
Komisija je na podlagi pregleda poročila o odkrivanju in preverjanju stroškov ter poročila o TESLA4 ocenila, da bodo skupni stroški v višini […] milijard GBP (v smislu leta 2010) verjetno na zgornji meji verjetnih stroškov.
The Commission therefore did not accept that IUK's proposed rating was sufficiently supported by the evidence.
Komisija je na podlagi te ugotovitve oblikovala svojo oceno stopnje donosnosti projekta, tako glede notranje stopnje donosnosti projekta kot notranje stopnje donosnosti lastniškega kapitala.
The Commission decided to take the proposed rating as a reference point only, which again led to the conclusion that the proposed fee of 250 basis points as initially notified could not be considered fully justified.
V finančnem modelu se razlikuje med ukrepom notranje stopnje donosnosti lastniškega kapitala, izračunane „na podlagi črpanja“ in „na podlagi dodeljenih sredstev“.
The level of the SP and the resulting rate of return
V modelu je notranja stopnja donosnosti lastniškega kapitala (na podlagi črpanja) izračunana na podlagi črpanih zneskov lastniškega kapitala, pri čemer niso upoštevani stroški, povezani z zagotavljanjem pogojnega lastniškega kapitala.
As discussed in the Opening Decision, the notified version of the Financial Model (version 5.1) showed a [9,75 to 10,25] per cent project rate of return in post-tax, nominal terms, based on a SP of GBP 92,50 per MWh.
Iz preglednice 6 (Priloga A) je razvidno, da naj bi v „osnovnem scenariju podjetja NNBG“, v katerem je kreditno jamstvo določeno na 250 bazičnih točk, projekt prinesel [11,5–12]-odstotno notranjo stopnjo donosnosti lastniškega kapitala (po obdavčitvi, nominalno, in na podlagi dodeljenih sredstev).
This would have been reduced by GBP 3 per MWh (or a lump sum payment with equivalent value in NPV terms) if a decision to build a subsequent new nuclear power station at Sizewell C had been agreed, on the basis that EDF would be able to share the FOAK costs (in particular design and engineering) of the EPR reactors across the two plants.
Primerjava stopenj donosa
The UK argued consistently that a target rate of return for NNBG of around 10 per cent (post-tax, nominal) would be reasonable, including through comparing rates for offshore wind and other comparator projects.
V zadnjem finančnem modelu projekta jedrske elektrarne HPC, ki ga je ocenila Komisija [61], je bila navedena [9,25–9,75]-odstotna notranja stopnja donosnosti projekta in [11,5–12]-odstotna notranja stopnja donosnosti lastniškega kapitala.
In the course of the Commission's investigation several further updates of the Financial Model have been submitted, taking into account updates in modelling assumptions and the anticipated financing structure of the project.
Navedeni stopnji donosa ustrezata enakemu finančnemu izidu in sta notranje usklajeni.
The Financial Model and scenario analysis
Da bi bilo mogoče razumno ugotoviti, ali sta stopnji donosnosti projekta in kapitala na podlagi finančnega modela za jedrsko elektrarno HPC, ki ga je pripravila družba EDF, ustrezni, je treba oceniti prisotna tveganja, tj. tveganja v zvezi s projektom (za notranjo stopnjo donosnosti projekta) in tveganja, ki jih nosijo delničarji (za notranjo stopnjo donosnosti lastniškega kapitala).
The UK reviewed EDF's Financial Model and relied upon it to capture the rate of return of the project.
Komisija je zato upoštevala več primerjav, ki jih je treba proučiti ob upoštevanju (i) prisotnih tveganj, (ii) razmerja med zadolženostjo in kapitalom, (iii) stroškov dolga, (iv) trajanja naložb, (v) obsega naložb, (vi) prisotnosti ali odsotnosti zaščite dohodka, (vii) prisotnosti ali odsotnosti mehanizmov za delitev dobička in (vii) prisotnosti ali odsotnosti pogojnega lastniškega kapitala.
The Commission reviewed the Financial Model and carried out extensive sensitivity checks to derive key financial metrics for the HPC project.
Poleg primerjalnih stopenj donosa, ki jih je svetovalno podjetje KPMG zbralo za priglasitev zadeve (glej uvodno izjavo 435 in preglednico 4 Priloge A), sta Združeno kraljestvo in podjetje NNBG predložila več dodatnih primerjav, da bi dokazala, da je predvidena stopnja donosa ustrezna.
To establish that the rate of return of [9,75 to 10,25] per cent (post-tax nominal) was not excessive, the UK submitted a consultant report prepared by KPMG considering five methods to assess the appropriate level of return to NNBG in relation to HPC.
Te primerjave so bile povezane zlasti z nedavnimi posli v zvezi z infrastrukturo, drugimi projekti proizvodnje jedrske energije, reguliranimi poslovnimi subjekti in nedavnimi reguliranimi poravnavami [62].
These methods and the corresponding derived range of returns are summarised in Annex A Table 4.
Prikazane so v preglednici 3 ter preglednicah od 10 do 14 Priloge A.
The report provided post-tax nominal rates of return in the range of 6 per cent – 14,5 per cent.
Komisija je ocenila tudi javno dostopne informacije o ocenah stroškov kapitala za podobne družbe, kot je prikazano v preglednici 15 priloge A.
UK argued that the projects initially estimated rate of return of [9,75 to 10,25] per cent was at a reasonable level within this range.
Nazadnje je proučila scenarije stroškov in povezanih verjetnosti, ki so povzeti v preglednici 6 [63] Priloge A, da bi ugotovila, ali so bili stroški gradnje ustrezno modelirani, in stopnjo tveganja pri projektu.