natgillin/translations-raw huggingface dataset:
The terms of the contracts are inseparably linked to one another, as is evidenced by BAVARIA’s original price calculation, submitted by NEUWOGES [50].
obseg naložbe
The amount of the upfront cash payment depended on the leasing payment to be paid on a monthly basis by NEUWOGES and BAVARIA’s investment in the modernisation of the buildings.
mesečni obrok zakupnine
Indeed, in a sale-and-lease-back transaction, the leasing payment serves to repay the lessor’s original investment.
obrestna mera pri zakupu
This means that, if the provisions of the general management contract had been different, the figures in the land-lease and sale contract would have changed as well, and vice versa [51].
Obrestna mera pri zakupu je obratno rezultat kombinacije časa veljavnosti pogodbe, indeksacije obroka zakupnine in preostale vrednosti stavb:
The minutes of NEUWOGES’ supervisory board meetings show that the two contracts were always considered by NEUWOGES as forming part of one single transaction [52].
Obrestna mera pri zakupu (v %):
For instance, the submissions to the supervisory board meetings of 30 October 1997 and 16 December 1997 state that the financing of the purchase price by the buyer is based on a leasing model, showing that NEUWOGES was well aware of the connection between the land-lease and sale contract and the general management contract.
Čas veljavnosti: 25 let
Similarly, during the meeting on 16 December 1997, the management of NEUWOGES explained to the supervisory board that the payment negotiated with BAVARIA was the price that could be achieved for this ‘package’ and that the ‘package’ entailed some risks for the company, which were, however, bearable.
Preostala vrednost (v %)
The reference to the ‘package’ and the risk involved again demonstrates that both contracts were perceived as a single transaction.
Indeksacija
NEUWOGES’ arguments relating to the failure to have one of the contracts in question notarised are unpersuasive.
Čas veljavnosti: 30 let
NEUWOGES’ main argument is that this failure to notarise demonstrates the intention of the parties to conclude two separate, mutually independent contracts.
Na podlagi navedenega je jasno, da je obseg naložb odvisen od obrestne mere pri zakupu in mesečnih obrokov zakupnine ter obratno.
The Commission points out that, as state interventions take various forms and must be assessed in relation to their effects, it cannot be excluded that several consecutive measures of state intervention must, for the purposes of Article 107(1) TFEU, be regarded as a single intervention.
Ko udeleženci v poslu izberejo osnovne parametre (čas veljavnosti pogodbe, letna indeksacija, preostala vrednost) in ciljni skupni obseg naložbe ali načrtovane mesečne obroke zakupnine, se lahko izračunajo manjkajoči parametri.
That could be the case in particular where consecutive interventions, especially having regard to their chronology, their purpose and the circumstances of the undertaking at the time of those interventions, are so closely linked to each other that they are inseparable from one another [53].
Pri tej formuli krajši čas veljavnosti, nižja preostala vrednost, nižja indeksacija ali nižji nominalni mesečni obroki zakupnine vsi vplivajo na nižji skupni obseg naložbe.
The notion of a single transaction for the purpose of EU state aid law is therefore broader than the notion of a single transaction under German contract law.
Ko se določi skupni obseg naložbe, se odbijejo stroški posodobitve, davki in drugi morebitni stroški.
The considerations listed in recital 105 show that, based on the chronology, the purpose, and the circumstances of the undertaking at the time the contracts in question were concluded, those contracts have to be regarded as a single transaction for the purpose of EU state aid law.
Znesek, ki ostane, je nakupna cena.
Background: how the sale-and-lease-back transaction works
Pri poslu prodaje in povratnega zakupa med družbama NEUWOGES in BAVARIA ta nakupna cena (vnaprejšnje gotovinsko plačilo) ne razlikuje med ceno, plačano za lastništvo stavb, in najemnino za zemljišče.
The transaction between BAVARIA and NEUWOGES is based on BAVARIA’s real-estate leasing model (Leasingmodell Immobilien).
Izračun, na katerem temelji posel med družbama BAVARIA in NEUWOGES
The basic formula underlying this model is that the buyer (BAVARIA) finances its original investment by leasing the purchased buildings back to the seller (NEUWOGES).
Skupni obseg naložbe
Investment Volume
Davki in pristojbine
Monthly Leasing Payment
Povračilo za privatizacijo
Leasing Rate
Nakupna cena
The leasing rate, in turn, results from a combination of the duration of the contract, the indexation of the leasing payment, and the residual value of the buildings:
Zadevni posel prodaje in povratnega zakupa sestavljata dva elementa, tj. pogodba o dolgoročnem zakupu z možnostjo nakupa ter splošna pogodba o upravljanju, ki sta obe povezani s pogodbo o skupnem pavšalnem znesku.
Leasing Rate (%):
Finančne posledice pogodbe o dolgoročnem zakupu z možnostjo nakupa, splošne pogodbe o upravljanju in pogodbe o skupnem pavšalnem znesku za družbo NEUWOGES je treba oceniti ob upoštevanju navedenega.
Duration: 25 years
Ugotavljanje verjetnega finančnega učinka pogodbe o dolgoročnem zakupu z možnostjo nakupa na družbo NEUWOGES
Residual Value (%)
Osrednja dela pogodbe o dolgoročnem zakupu z možnostjo nakupa sta prodaja stavb in 75-letni zakup zemljišča, na katerem stojijo.
Indexation
Družba BAVARIA se je zavezala, da bo družbi NEUWOGES plačala skupno […] EUR, od tega je bilo […] EUR kapitalizirane najemnine za zemljišče za obdobje do 31. decembra 2028, […] EUR pa je bila nakupna cena za stavbe [54].
Duration: 30 years
Družba BAVARIA bo morala od 1. januarja 2029 deset let plačevati letno najemnino v višini […] % sedanje vrednosti zemljišča, ki je bila izračunana na […] EUR na m2 ali […] EUR na leto [55].
It is, then, clear that that the investment volume depends on the leasing rate as well as on the monthly leasing payments and vice versa.
Določeno je, da se bo najemnina od leta 2039 naprej in do izteka veljavnosti pogodbe o dolgoročnem zakupu z možnostjo nakupa konec leta 2073 prilagodila indeksu skupnih življenjskih stroškov, če bo ta nihal za več kot […] % [56].
Once the participants in the transaction have chosen the basic parameters (duration, yearly indexation, residual value) and either the target overall investment volume or the intended monthly leasing payments, the missing parameters can be calculated.
Poleg nakupa stavb in zakupa zadevnega zemljišča je družba BAVARIA sprejela obveznost glede posodobitve stavb in se strinjala, da za gradbena dela sklene pogodbo z odvisno družbo družbe NEUWOGES, tj. družbo BRG.
The formula is such that a shorter duration, a lower residual value, a lower indexation or lower nominal monthly leasing payments will all lead to a lower total investment volume.
Da bi se določila nakupna cena, ki jo mora na podlagi pogodbe o dolgoročnem zakupu z možnostjo nakupa družba BAVARIA plačati družbi NEUWOGES, sta stranki predvideli mesečni obrok zakupnine v višini […] EUR na m2, indeksacijo za […] % letno, preostalo vrednost stavb v višini […] % (ki jo družba NEUWOGES plača po izteku veljavnosti pogodbe za 75-letni zakup zemljišča in na podlagi strokovne cenitve v zadevnem času) in 30-letni čas veljavnosti povratnega zakupa [57].
Once the overall investment volume has been determined, the costs for modernisation, taxes and other potential costs are deducted.
Skupni obseg naložbe na podlagi teh predpostavk je znašal […] EUR [58].
The remaining amount represents the purchase price.
Po odbitku stroškov posodobitve v višini […] EUR, stroškov privatizacije v višini […] EUR in davkov/pristojbin v višini […] EUR je bila dobljena prodajna cena določena na […] EUR [59].
Calculation underlying the BAVARIA — NEUWOGES transaction
Zneska, dodeljena za zemljišče in stavbe, se nista izračunala ločeno, ampak sta se določila kot deleža skupne prodajne cene.
Total Investment Volume
Prvi koristi, ki ju je imela družba NEUWOGES na podlagi posla, sta bili torej gotovinsko plačilo v višini […] EUR in po 30 letih prihodek od najemnine za zemljišče, ki bi ga plačevala družba BAVARIA.
EUR […]
Drugi dejavniki
Taxes and Fees
Povračilo za privatizacijo
Privatisation Remuneration
Pred nadaljevanjem je treba spomniti, da je treba vsekakor upoštevati gotovinsko plačilo v višini […] EUR, ki ga je družba BAVARIA družbi NEUWOGES plačala kot povračilo za privatizacijo.
Purchase Price
Družba BAVARIA si je morala kot kupec stavb in zakupnik zemljišča v skladu z zadevnima pogodbama prizadevati za prodajo deleža stanovanj najemnikom, ta prizadevanja pa so bila jasno določena.
The sale-and-lease-back transaction in question consists of two elements, the land-lease and sale contract and the general management contract, which are in turn related to the global lump-sum contract.
Navedeni pogoj je bil vključen v pogodbo, da bi se prodaja za namene zakona o odpisu podedovanega dolga sprejela kot „privatizacija prek posrednika“.
The financial implications of the land-lease and sale contract, the general management contract, and the global lump-sum contract for NEUWOGES have to be evaluated in this light.
Na podlagi navedenega zakona je moral poslovni kupec poskusiti najemnikom prodati čim večji delež – vsaj eno tretjino – stanovanj, pridobljenih v poslu [61].
Determining the likely financial impact of the land-lease and sale contract on NEUWOGES
Ta obveznost je vključevala prizadevanja za obveščanje najemnikov o njihovih možnostih in oceno njihovega zanimanja za nakup stanovanj.
The central components of the land-lease and sale contract are the sale of the buildings and the creation of a 75-year ground lease on the land on which they stand.
Na podlagi pogodbe o dolgoročnem zakupu z možnostjo nakupa (oddelki 1–3 dela V) se je zagotavljanje teh prizadevanj dejansko preneslo nazaj na družbo NEUWOGES, slednja pa naj bi za to prejela povračilo v višini […] EUR na m2, zaradi česar je skupno povračilo za ukrepe privatizacije znašalo […] EUR.
BAVARIA committed itself to paying a total of EUR […] to NEUWOGES, of which EUR […] constituted capitalised rent on the land for the period up to 31 December 2028 and EUR […] constituted the purchase price for the buildings [54].
Prvotno ni bil namen, da družba NEUWOGES prejme kakršno koli povračilo za prizadevanja za privatizacijo, zneski, ki so bili pozneje plačani kot ločeno povračilo za prizadevanja za privatizacijo, pa so bili dejansko del prvotno predvidene prodajne cene [62].
From 1 January 2029, for a period of 10 years, BAVARIA will also have to pay an annual rent of […]% of the current land value, which has been calculated at EUR […] per m2 or EUR […] per year [55].
Dejansko za družbo BAVARIA ne bi bilo smiselno, da bi družbi NEUWOGES plačala povračilo za izvajanje dejavnosti, ki niso v poslovnem interesu družbe BAVARIA.
From 2039 onward, and until the land-lease and sale contract expires at the end of 2073, an adaptation of the rent to the total cost-of-living index is provided for, insofar as the latter fluctuates by more than […]% [56].
Odpis dolga v skladu z zakonom o odpisu podedovanega dolga, zaradi česar je bilo potrebno prizadevanje za privatizacijo, je bil le v gospodarskem interesu družbe NEUWOGES.
In addition to purchasing the buildings and acquiring a ground lease on the underlying land, BAVARIA accepted the obligation to modernise the buildings, agreeing to enter into a contract with NEUWOGES’ subsidiary, BRG, for the construction works.
Vendar se je povračilo za prizadevanja za privatizacijo pozneje odbilo od prodajne cene in plačalo ločeno, predvidoma ker bi se moralo, če bi ostalo del prodajne cene, prenesti v sklad za odpisani podedovani dolg.
To determine the purchase price to be paid by BAVARIA to NEUWOGES under the land-lease and sale contract, the parties assumed a monthly leasing payment of EUR […] per m2, an indexation of […]% per year, a residual value of the buildings of […]% (to be paid by NEUWOGES after the expiration of the 75-years ground lease contract and based on an expert evaluation at that time), and a duration of 30 years for the lease-back [57] The total investment volume resulting from these assumptions was EUR […] [58].
Prodajna cena, ki jo je družba BAVARIA plačala družbi NEUWOGES, je bila znižana za ustrezen znesek.
After the deduction of modernisation costs of EUR […], privatisation costs of EUR […] and taxes/fees of EUR […], the resulting sale price was set at EUR […] [59].
Z vidika družbe BAVARIA ta sprememba ni pomenila razlike v ceni.
EUR …
Družba NEUWOGES je prejela natanko enak znesek sredstev od družbe BAVARIA, kot bi ga prejela, če se družbi ne bi dogovorili za ločeno povračilo za privatizacijo.
This final price was then separated into the price of the buildings ([…]% = EUR […]) and the capitalised rent for the land ([…]% = EUR […]) [60].
Dejansko je družba NEUWOGES plačila za privatizacijo sama vključila v prihodek, ki ga je prejela na podlagi posla prodaje in povratnega zakupa [63].
The amounts allocated to the land and the buildings were not calculated separately, but rather set as portions of the overall sale price.
Da so se ta plačila obravnavala kot ločena provizija in ne kot del prodajne cene, je bilo za družbo NEUWOGES pomembno le zaradi zakona o odpisu podedovanega dolga.
The first benefits that NEUWOGES derived from the transaction were therefore the cash payment of EUR […] and, starting after 30 years, the income from the rent on the land to be paid by BAVARIA.
Vendar, kot je bilo že pojasnjeno (v uvodni izjavi 101), udeleženec v tržnem gospodarstvu zakona o odpisu podedovanega dolga ne bi upošteval.
Other factors
Dejstvo, da si je družba NEUWOGES prizadevala za privatizacijo in zanjo porabila sredstva, v tem okviru ni pomembno.
Privatisation remuneration
Udeleženec v tržnem gospodarstvu, ki ne bi deloval na podlagi zakona o odpisu podedovanega dolga, si ne bi prizadeval za privatizacijo, zato tega pri uporabi merila udeleženca v tržnem gospodarstvu tega ni mogoče upoštevati.
Before proceeding, it must be observed that the cash payments of EUR […] made by BAVARIA to NEUWOGES as privatisation remuneration must in any case be taken into account.
V skladu s tem je treba povračilo za prizadevanja za privatizacijo, ki ga je družba BAVARIA plačala družbi NEUWOGES, šteti za pomembno korist za družbo NEUWOGES, ki jo je treba prišteti prodajni ceni, da se lahko določi skupni finančni učinek posla prodaje in povratnega zakupa na družbo NEUWOGES.
As the buyer of the buildings and lessee of the land, BAVARIA had to undertake clearly prescribed efforts to sell a portion of the apartments to the tenants pursuant to the contracts at issue.
To plačilo je bilo dobljeno z izračunom skupnega obsega naložbe minus stroški, vključno s stroški posodobitve (glej uvodno izjavo 109).
Under that law, a commercial buyer had to attempt to sell as large as possible a portion — at least one third — of the apartments acquired in the transaction to the tenants [61].
Nakupna cena v nadomestnem izračunu posla, v katerem so se upoštevale nižje najemnine, nižja indeksacija in s tem precej nižji obroki zakupnine, je bila tako vedno višja od cene iz dejanske pogodbe o dolgoročnem zakupu z možnostjo nakupa, to pa zato, ker so se v tem izračunu predvideli precej nižji stroški posodobitve od tistih, za katere sta se na koncu dogovorili družbi BAVARIA in BRG [64].
This obligation involved making efforts to inform the tenants of their options and gauge their interest in buying apartments.
Na tej podlagi je treba opozoriti, da je bilo pavšalno plačilo za posodobitev, ki ga je družba BAVARIA odvisni družbi BRG v 100-odstotni lasti družbe NEUWOGES plačala na podlagi pogodbe o skupnem pavšalnem znesku, precej višje od stroškov posodobitve, kot jih je prvotno ocenila družba NEUWOGES [65].
The task of making such efforts was effectively transferred back to NEUWOGES through the land-lease and sale contract (Part V Sections 1-3), and a remuneration for NEUWOGES of EUR […] per m2 was agreed, resulting in a total remuneration for the privatisation effort of EUR […].
V prvotni oceni, ki jo je podala družba NEUWOGES, so bili predvideni skupni stroški v višini […] EUR ali […] EUR na m2, pavšal za stroške posodobitve, za katerega sta se na koncu dogovorili družba BAVARIA in odvisna družba družbe NEUWOGES, tj. družba BRG, pa je znašal […] EUR ali […] EUR na m2.
Initially, it was not intended that NEUWOGES would receive any remuneration for the privatisation efforts, and the amounts later paid as a separate remuneration for the privatisation efforts were simply part of the originally envisaged sale price [62].
To pomeni, da so dogovorjeni stroški presegli prvotno ocenjene stroške za […] EUR ali […] %.
Indeed, it did not make sense for BAVARIA to remunerate NEUWOGES for performing activities in which BAVARIA had no commercial interest.
Zaradi znatno višjega dogovorjenega pavšala za stroške je družba BAVARIA družbi NEUWOGES na podlagi pogodbe o dolgoročnem zakupu z možnostjo nakupa plačala precej nižji znesek.
Obtaining the debt relief pursuant to the Inherited Debt Support Law, for which engaging in the privatisation efforts was necessary, was solely in NEUWOGES’ economic interest.
Za to razhajanje med prvotno ocenjenimi stroški in dogovorjenim pavšalnim plačilom ni bilo predloženo nobeno pojasnilo.
However, the remuneration for the privatisation efforts was later deducted from the sale price and paid separately, presumably because maintaining it as part of the sale price would have meant its having to be transferred to the inherited debt relief fund.
To je presenetljivo zlasti ob upoštevanju prvotne trditve družbe NEUWOGES, da so bili ocenjeni stroški posodobitve, ki so v povprečju znašali […] EUR na m2, „običajni“ stroški[] [66].
The sale price paid by BAVARIA to NEUWOGES was reduced by the corresponding amount.
V študiji „Med posodobitvijo in rušenjem: montažni stanovanjski bloki v Vzhodni Nemčiji“ (v nadaljnjem besedilu: študija družbe Pastel), ki jo je predložila družba NEUWOGES, je bila ocena stroškov posodobitve podobna oceni, ki jo je podala družba BRG, tj. med […] EUR na m2 in […] EUR na m2 [67].
From BAVARIA’s perspective, this change made no economic difference.
Družba NEUWOGES je kot lastnik in upravljavec stavb dobro vedela, kakšna posodobitev je potrebna, zato ni mogoče razumeti, zakaj je te stroške prvotno tako zelo podcenila.
NEUWOGES received exactly the same amount of funds from BAVARIA as it would have received if no separate privatisation remuneration had been agreed.
Stroške posodobitve je treba upoštevati pri ugotavljanju finančnega učinka pogodbe o dolgoročnem zakupu z možnostjo nakupa.
Indeed, NEUWOGES itself included the privatisation payments in the revenue to be derived from the sale-and-lease-back transaction [63].
Jasno je, da za družbo BAVARIA ni bilo pomembno, kakšne stroške posodobitve ji bo zaračunala odvisna družba družbe NEUWOGES, tj. družba BRG, saj bi se dodatni stroški posodobitve preprosto odšteli od nakupne cene.
The handling of these payments as a separate fee rather than as part of sale price was relevant for NEUWOGES only against the background of the Inherited Debt Support Law.
Družbi NEUWOGES pa je bilo v očitnem gospodarskem interesu, da je družba BAVARIA sklenila pogodbo z družbo BRG za izvedbo posodobitve in da je del prodajne cene na prenesla stroške posodobitve.
However, as explained above (in recital 101), a MEO would not have taken the Inherited Debt Support Law into account.
Razlog za ta premislek je, da za dobiček od posodobitve, ki ga je prejela odvisna družba družbe NEUWOGES, niso veljale obveznosti prenosa na podlagi zakona o odpisu podedovanega dolga.
The fact that NEUWOGES engaged in the privatisation efforts and expended resources on them is not relevant in this context.
V skladu z ocenami, ki jih je podala družba BRG, je njen dobiček (in s tem dobiček družbe NEUWOGES) od posodobitev, ki jih je naročila družba BAVARIA, znašal […] EUR [68].
A MEO not acting against the backdrop of the Inherited Debt Support Law would not have engaged in privatisation efforts, which is why they cannot be taken into account in applying the MEO test.
Ta dobiček pomeni neposredno korist za družbo NEUWOGES, ki ga je treba upoštevati.
Accordingly, the remuneration for privatisation efforts paid by BAVARIA to NEUWOGES has to be considered a relevant benefit for NEUWOGES and one that has to be added to the sale price in order to determine the total financial impact of the sale-and-lease-back transaction on NEUWOGES.
Ko je uprava družbe NEUWOGES utemeljevala prodajno ceno, je prav tako poudarila, da je bila družba BRG najeta za izvedbo posodobitve [69].
The modernisation carried out in the context of the sale-and-lease-back transaction had further financial implications for NEUWOGES.
Najemnina za zemljišče
It must be pointed out that the modernisation costs were directly related to the payment by BAVARIA to NEUWOGES under the land-lease and sale contract.
Pri najemnini za zemljišče je treba obravnavati trditev družbe NEUWOGES, da družbi BAVARIA dejansko ni bilo treba plačati nobene najemnine za prvih 30 let, saj je bila kapitalizirana najemnina za zemljišče vključena v prodajno ceno.
This payment resulted from a calculation of the total investment volume minus the costs, including modernisation costs (see recital 109 above).
Vendar vprašanje, ali se najemnina za zemljišče plačuje letno ali pa vnaprej kot kapitalizirana najemnina, ni ravno odločilno pri tej oceni.
In other words: the higher the modernisation costs, the lower the purchase price.
Nič ne kaže na to, da bi bil takšen dogovor nerazumen; pomenil je le, da je družba NEUWOGES dala prednost vnaprejšnjim likvidnostnim sredstvom.
It is for this reason that in an alternative calculation of the transaction, in which lower rent levels, a lower indexation and thus significantly lower leasing payments were assumed, the purchase price was still above that of the actual land-lease and sale contract, mostly because the modernisation costs in this alternative calculation were assumed to be much lower than eventually agreed between BAVARIA and BRG [64].
Nazadnje je treba spomniti, da bo morala družba BAVARIA po izteku veljavnosti splošne pogodbe o upravljanju za zemljišče plačevati najemnino.
Against this background, it should be noted that the lump-sum modernisation payment made by BAVARIA to NEUWOGES’ wholly owned subsidiary BRG under the global lump-sum contract was much higher than the modernisation costs originally estimated by NEUWOGES [65].
Če se zaradi poenostavitve predpostavlja, da indeks skupnih življenjskih potrebščin ne bo nihal, bo nominalna vrednost teh prihodnjih plačil znašala […] EUR.
While NEUWOGES’ original estimate assumed total costs of EUR […] or EUR […] per m2, the lump-sum modernisation costs finally agreed between BAVARIA and NEUWOGES’ subsidiary BRG amounted to EUR […] or EUR […] per m2.
Pri splošni oceni je treba kot del koristi, ki jo je prejela družba NEUWOGES, upoštevati tudi diskontirano vrednost teh prihodnjih plačil v letu 1998.
No explanation was provided for this divergence between the originally estimated costs and the agreed lump-sum payment.
Na podlagi te analize je mogoče sklepati, da zadevne koristi, ki jih je prejela družba NEUWOGES, vključujejo:
This is particularly surprising in view of NEUWOGES’ original assertion that the estimated modernisation costs averaging EUR […] per m2 were ‘common’ or ‘usual’ costs[…] [66].
plačilo v gotovini, ki ga je plačala družba BAVARIA ([…] EUR);
The study ‘Between Modernisation and Demolition: Prefabricated Apartment Blocks in East Germany’ (hereinafter: the ‘Pestel study’), submitted by NEUWOGES, also estimated the costs of a modernisation similar to that carried out by BRG at between EUR […] per m2 and EUR […] per m2 [67].
pristojbino za prizadevanja za privatizacijo ([…] EUR);
As the owner and administrator of the buildings, NEUWOGES had intimate knowledge of the modernisation needs, and it is hard to see why it would have originally underestimated these so drastically.
dobiček od posodobitve ([…] EUR);
The modernisation costs must be taken into account in determining the financial impact of the land-lease and sale contract.
odkupno vrednost najemnine za zemljišče po letu 2029 ([…] EUR po odbitku).