natgillin/translations-raw huggingface dataset:
For example, the operator Transfennica was attracted to the port in 2015 because of the container handling facilities and stevedoring operation of MMD.
V prepričljivem načrtu za pridobitev s strani PCC leta 2008 so se upoštevali pričakovane sinergije z drugimi pristaniškimi dejavnostmi PCC, strateška vrednost zemljišča za to pristanišče in nadaljevanje tokov prihodkov iz družbe MMD (glej tudi analizo ukrepa 1 v sklepu o začetku postopka).
This resulted in additional revenue for the ferry port of approximately GBP 107000;
Vendar teh premislekov ne bi upoštevala nobena tretja stran, ki bi morda razmišljala o nakupu družbe MMD.
discussions with some operators are underway as to the possibility to take further advantage of MMD's facilities being located adjacent to the ferry port.
Ne glede na navedeno je iz predloženih dokazov razvidno, da je PCC […] leta 2011 […] in […] v obdobju 2015/2016 (glej uvodno izjavo 57 zgoraj),
For example, the roll-on roll-off ferry route at the port can be used to bring in or dispatch lorries with cargo handled by MMD.
sprememba/diverzifikacija poslovanja družbe MMD – Združeno kraljestvo je navedlo, da so se od leta 2008 obravnavale različne možnosti spremembe ali diverzifikacije dejavnosti družbe MMD (kot so agregati, les, avtomobili, kontejnerski promet, težek tovor, jeklo).
MMD is also in advanced confidential discussions with […] who proposes to […].
Vendar v primerjavi z napovedmi glede trenutnega poslovanja na področju pretovarjanja svežih proizvodov noben od teh alternativnih proizvodov ali storitev ni bil poslovno privlačen in ne bi bil zmožen ustvarjati morebitnih višjih donosov,
This could derive a combined income for the ferry port as well as for MMD of around GBP […] per annum;
likvidacija družbe MMD in alternativna uporaba območja – glavno sredstvo v družbi MMD je njena zakupna pravica na območju na podlagi pogodbe o zakupu, v skladu s katero ima PCC v primeru bankrota družbe MMD pravico do prekinitve zakupa.
the port sometimes uses MMD's berths for cruise ships which again provides support to flex its available capacity, providing further financial benefits to the port.
PCC bi zato v primeru bankrota lahko zemljišče dobil nazaj in ga uporabil za alternativne namene.
Having regard to the purely commercial character of these synergies, the Commission considers that a hypothetical market economy investor would take such synergies with its other business activities into account when assessing ex ante the economic merits of any support measures for MMD.
Vendar je Združeno kraljestvo s podrobnimi argumenti dokazalo, da so razpoložljive alternative na tem območju zelo omejene.
In addition, a market economy investor would indeed have taken into account in its considerations the expected future revenue stream to PCC in the form of rents, pilotage and port dues paid by MMD, and the likelihood that they would be lost or reduced in case of alternative options.
Združeno kraljestvo je predložilo trdne dokaze in argumente, iz katerih je razviden vpliv pravnih omejitev in omejitev v zvezi z načrtovanjem, povezanih z območjem družbe MMD, na razpoložljivost morebitnih alternativnih možnosti in njihovo sposobnost preživetja na trgu.
Such future revenues are pertinent for assessing economic rationale of measures to be taken by a market economy parent company to support its subsidiary.
PCC je v svojih notranjih dokumentih analiziral možnosti za uporabo območja za širitev svojega trajektnega pristanišča, skladiščenje, vetrna polja in stanovanjsko/poslovno uporabo.
Therefore, while these revenues streams alone cannot justify the continued support to MMD, their inclusion into the overall economic model is in line with what a hypothetical market economy investor would have done.
Vendar nobena od obravnavanih možnih uporab zaradi razmer na trgu in/ali omejitev v zvezi z načrtovanjem ter drugih regulativnih in pravnih omejitev ni zagotavljala ekonomsko ugodnejših možnosti.
Taking into account the above synergies and revenue streams within the group of companies controlled by PCC, the United Kingdom provided copies of an economic model analysing various options available and calculating their economic merits.
Združeno kraljestvo je pojasnilo, da PCC ne more predložiti vseh preteklih različic tega ekonomskega modela za posamezna leta, saj je bila pripravljena enotna Excelova datoteka, ki se je stalno posodabljala, pri čemer se prejšnji rezultati niso sistematično arhivirali.
This model was developed with the purpose of analysing the economic rationale of the continued investment in MMD and was regularly updated.
Vendar je potrdilo, da je bil ekonomski model standardna podlaga za odločanje o tem, ali je ekonomsko smiselno nadaljevati naložbe v družbo MMD ali izbrati drugo alternativo.
The economic rationale of providing further support to MMD in the form of both the revenue grants and the various financing measures was thus regularly checked on an ex ante basis against other alternative options.
Združeno kraljestvo je predložilo dve različici ekonomskega modela, pripravljeni maja in junija 2013 med razpravami o prihodnji vključenosti PCC v družbo MMD (glej tudi uvodno izjavo 51 zgoraj).
The alternative options considered by PCC in various stages of its involvement in MMD included:
Model ustreza standardnim tržnim orodjem na podlagi izračuna neto sedanje vrednosti pričakovanih prihodnjih denarnih tokov za različne obravnavane alternative.
sale of MMD — the United Kingdom demonstrated that it was extremely unlikely that the sale of MMD as a going concern to a third party would have been a commercially advantageous alternative.
V tem posebnem modelu so bile upoštevane tri osnovne možnosti: (1) družba MMD se obdrži, (2) družba MMD kot delujoče podjetje se proda za neto vrednost sredstev v višini 2,4 milijona GBP ter (3) družba MMD se likvidira, območje pa se uporablja za skladiščne prostore (kot najugodnejša razpoložljiva alternativna uporaba območja).
The compelling case for acquisition by PCC in 2008 took into account the expected synergies with PCC's other port operations, the strategic value of the land for that port and the continuation of income streams from MMD (see also the analysis of Measure 1 in the Opening Decision).
V modelu je bila neto sedanja vrednost pričakovanih denarnih tokov za vsako od teh alternativ izračunana tako, da se je za diskontno stopnjo uporabilo 4,23-odstotno tehtano povprečje stroškov kapitala PCC.
However, these considerations would not be taken into account by any third party potentially considering the purchase of MMD.
V ekonomskem modelu so posamezne možnosti analizirane na podlagi kombinacije metodologij:
Notwithstanding that, the evidence provided confirms that PCC […] in 2011[…] and […] in 2015/2016 (see Recital 57 above);
prispevek k stalnim posrednim stroškom – s to metodo se analizira, v kakšni meri denar, ki ga območje ustvari, krije njegove spremenljive stroške dejavnosti (to pomeni stroške, ki se spreminjajo skupaj z dejavnostjo) in nato prispeva k stalnim posrednim stroškom, povezanim s samim območjem.
change/diversification of MMD's business — the United Kingdom indicated that since 2008 various options of changing or diversifying MMD's operations have been considered (such as aggregates, timber, cars, container traffic, heavy cargos, steel).
V analizi so opisani vsi denarni in prihodkovni tokovi k PCC, vključno z morebitnimi presežki, ki jih ustvari družba MMD (v tej analizi se domneva, da se PCC plačajo kot dividende), odšteje pa se vsa podpora v obliki nepovratnih sredstev za prihodek, ki jo plača PCC.
However, when compared with the prospects of MMD's current business handling of fresh produce, none of these alternative products or services were commercially attractive and would be able to potentially generate higher returns;
Morebitni kapitalski tokovi posojil in kapitalska podpora so izključeni, saj je njihova letna poraba (amortizacija) izražena v neto presežku/primanjkljaju družbe MMD;
liquidation of MMD and alternative use of the site — the principal asset within MMD is its leasehold interest in the site based on a lease contract which entitles PCC to terminate the lease in case of MMD's bankruptcy.
skupni presežek/primanjkljaj brez morebitnih stroškov „v naravi“ – ta metoda temelji na metodi prispevka k stalnim posrednim stroškom, opisani v točki (a), in postopno vključuje tudi stalne posredne stroške PCC (vlagatelja), povezane z vsemi naložbami v družbo.
Therefore, in case of bankruptcy, PCC would be able to recover the land and exploit it for alternative purposes.
Ti stalni posredni stroški se v celoti nanašajo na stroške financiranja posojila, ki ga je uredil PCC za zagotovitev kapitalske naložbe v družbo MMD;
However, the United Kingdom has demonstrated with detailed arguments that the available alternatives for the site are extremely limited.
donosnost naložb – predstavlja jo skupni presežek/primanjkljaj (opisan v točki (b)) kot delež skupnih naložb v obdobju.
The United Kingdom provided compelling evidence and arguments demonstrating the impact of the legal and planning limitations related to MMD's site on the availability and commercial viability of possible alternative options.
Ker se naložbe financirajo s posojilom, so obresti posojila vključene kot del skupnega presežka/primanjkljaja;
PCC analysed in its internal documents the possibilities to use the site for expansion of its ferry port, storage, wind farms and residential/commercial use.
povečanje vrednosti na koncu obdobja – predstavlja dividende in spremembo kapitalske vrednosti sredstev;
However, none of the possible usages considered offered any economically more advantageous options due either to the market situation and/or planning and other regulatory and legal constraints.
skupni donos – vključuje skupne presežke/primanjkljaje (kot so določeni v točki (b)) in morebitne spremembe kapitalske vrednosti naložbe (kot je določeno v točki (d));
The United Kingdom explained that PCC cannot provide all past versions of this economic model for individual years since it was developed as a single Excel file which was continuously updated without systematically archiving previous results.
skupna donosnost naložb – predstavlja skupni donos (glej točko (e)) kot delež skupnih naložb.
However, it confirmed that the economic model was the standard basis for deciding whether it makes economic sense to continue investing in MMD or whether to choose another alternative.
Komisija meni, da so predpostavke v ekonomskem modelu razumne, in potrjuje, da so se pri njih upoštevali le ekonomski dejavniki, ne pa tudi javnopolitični vidiki.
The United Kingdom provided two versions of the economic model prepared in May/June 2013 when one of the discussions about the future of PCC involvement in MMD was taking place (see also Recital 51 above).
V različici ekonomskega modela iz junija 2013 so bili navedeni naslednji rezultati v zvezi s posameznimi alternativnimi možnostmi v dveh obravnavanih 5- in 10-letnih naložbenih obdobjih.
The model corresponds to standard market tools based on a calculation of a net present value of expected future cash flows for different alternatives considered.
Naložbe v družbo MMD – Možnosti
This specific model considered three basic options: (1) retaining MMD, (2) selling MMD as a going concern for its net assets value of GBP 2,4 million, (3) liquidation of MMD and alternative use of the site as a storage facility (as the most beneficial of the available alternative uses of the site).
Donosnost naložb
For each of these alternatives the model calculates the net present value of expected cash flows using as a discounting rate the weighted average costs of capital of PCC of 4,23 %.
Možnost 1
The economic model evaluates the individual options based on a combination of methodologies:
Možnost 2
Contribution to fixed overheads — this method evaluates the extent to which the cash generated by the site covers its variable costs of operation (in other words the costs that vary as activity varies) and then makes a contribution towards the fixed overheads associated with the site itself.
Možnost 3
The evaluation describes all of the revenue cash income flows to PCC including any surplus made by MMD (which in this analysis is assumed to be paid as a dividend to PCC) but equally deducts any revenue grant support paid by PCC.
Družba MMD se obdrži
Any capital flows of loans and capital grants are excluded since their annualised consumption (amortisation) is reflected in the net surplus/deficit made by MMD;
Družba MMD se proda
Total surplus/deficit excluding any costs ‘in kind’ — This method incrementally builds on the ‘Contribution to fixed overheads’ method described at (a) to also include fixed overheads of PCC (Investor) associated with all investments made into the company.
Alternativna uporaba
Those overheads relate entirely to the financing costs of debt taken out by PCC in order to provide capital investment into MMD;
Naslednjih 5 let
Return on investment — This is represented by the total surplus/deficit (described in (b)) as a ratio of the total investment over the period.
Naslednjih 10 let
Since the investment is financed by debt, debt interest is included as part of the total surplus/deficit;
v mio.
Total return — This includes both the total surpluses/deficits (as set out at (b)) plus any change in the capital value of the investment (as set out at (d));
Prispevek/(dodatek) k stalnim posrednim stroškom
Total return on investment — This represents the total return (see (e)) as a ratio of the total investment.
Skupni presežek/primanjkljaj brez morebitnih stroškov „v naravi“
The Commission considers that the assumptions made in the economic model are reasonable and confirms that they do not take into account factors other than economic factors, thus ignoring public policy considerations.
Donosnost naložb
The June 2013 version of the economic model provided the following results of the individual alternative options over two considered investment periods of 5 and 10 years.
Povečanje vrednosti na koncu obdobja (neto vrednost)
Investment in MMD — Options
Skupna donosnost naložb
Investment Returns
Iz rezultatov iz ekonomskega modela iz junija 2013 je razvidno, da je bila od vseh obravnavanih metodologij ekonomsko najugodnejša razpoložljiva možnost, da se družba MMD obdrži.
Option 1
Kljub več pozivom Komisije Združeno kraljestvo ni moglo predložiti dodatnih izvodov ekonomskega modela za druga obdobja.
Option 2
Vendar je iz številnih drugih razpoložljivih delov dokumentarnih dokazil razvidno, da se je v analiziranem obdobju redno izvajal pregled ekonomske razumnosti vključenosti PCC v družbo MMD.
Option 3
Vsi razpoložljivi dokazi potrjujejo tudi, da je ocena temeljila izključno na ekonomskih in poslovnih vidikih in ne javnopolitičnih vidikih, ki jih hipotetični vlagatelj v tržnem gospodarstvu ne bi upošteval.
Retain MMD
Poleg tega je PCC opravil natančen finančni pregled svoje naložbe v družbo MMD, tako da je svojega najvišjega finančnega uradnika imenoval za direktorja družbe MMD, da bi pregledal finančno uspešnost podjetja.
Sell MMD
Združeno kraljestvo je predložilo izvode več poročil o poslovnem in finančnem položaju družbe MMD ter njenih obetih za prihodnost, ki jih je PCC redno pregledoval.
Alternative Use
Poslovni načrt družbe MMD se je redno posodabljal, da je upošteval razvoj trga, pri napredku družbe MMD pa so tesno sodelovali uradniki PCC.
Next 5 Years
Združeno kraljestvo je dokazalo tudi, da je PCC izvedel podrobno oceno trgovinskega položaja družbe MMD, kar zadeva njene finančne rezultate, napredek ukrepov za prestrukturiranje, pridobivanje/izgubo strank in napoved uprave v zvezi s poslovanjem, in sicer prek strokovnih odborov, ki so nadzorovali družbo MMD, pa tudi s finančnim nadzorom, ki ga je opravil njegov najvišji finančni uradnik.
Next 10 Years
Komisija je menila tudi, da se je s poročili in povzetki poslovnega načrta, predloženimi PCC, zagotovila objektivna in uravnotežena ocena poslovanja, ki je vključevala izzive in tveganja, s katerimi se je soočala družba MMD.
mGBP
Komisija je ugotovila tudi, da je PCC nadaljeval različne ukrepe za prestrukturiranje, da bi zmanjšal stroške, povečal dobičkonosnost in okrepil konkurenčnost družbe MMD.
Contribution/(Addition) to Fixed Overheads
PCC je bil dejansko pripravljen stalne naložbe odobriti le na podlagi aktualnega in redno posodobljenega načrta prestrukturiranja.
Total Surplus/Deficit excluding any costs ‘in kind’
Po treh letih težkih pogajanj so bile na primer z osebjem družbe MMD leta 2016 podpisane nove delovne pogodbe, na podlagi katerih naj bi se prihranilo približno 250000 GBP letnih stroškov dela.
Return on Investment
Načrt prestrukturiranja je vključeval tudi številne naložbene projekte, s katerimi naj bi se povečala konkurenčnost družbe MMD (zlasti naložbe v potrjevanje kakovosti, izboljšave skladiščenja pri nadzorovani temperaturi, nova oprema za pretovarjanje zabojnikov, zagotovitev dodatnega prostora za zabojnike in nadaljnje stalne izboljšave infrastrukture za učinkovitejše delovanje).
Increase in Value at end of Period (Net Worth)
Družba MMD je leta 2014 sprejela odločitev, da ne bo več ponujala svoje storitve nadaljnjega prevoza blaga, ki prispe v družbo MMD, ampak bo to storitev raje oddala v zunanje izvajanje, da bi se lahko osredotočila na svojo glavno poslovno področje.
Total Return on Investment
Poleg tega je PCC po pridobitvi družbe MMD uvedel številne spremembe v upravi podjetja, ne le da bi izboljšal finančno odgovornost, ampak tudi čim bolj povečal sinergije z dejavnostmi pristanišča PCC.
The results of the June 2013 economic model show that from all methodologies considered, the option to retain MMD was economically the most beneficial of the available options.
Na koncu je družba MMD izvedla tudi naložbo v izboljšanje in razširitev odnosov s ključnimi strankami.
Despite several requests from the Commission, the United Kingdom was not able to provide additional copies of the economic model for other periods.
Združeno kraljestvo je tako dokazalo, da se je finančna uspešnost družbe MMD stalno pregledovala in bila razlog za prilagajanje načrta prestrukturiranja.
However, the numerous other available pieces of documentary evidence show that the economic rationality of PCC's involvement in MMD was kept under regular review throughout the analysed period.
To je v proračunskem letu 2016/2017 dejansko povzročilo vnovično dobičkonosnost družbe MMD brez nepovratnih sredstev PCC za prihodek.
All the available evidence also confirms that the assessment was based on purely economic and commercial considerations, leaving aside any public policy considerations that a hypothetical market economy investor would not have taken into account.
V zvezi z nepovratnimi sredstvi za prihodek (ukrep 2) je Združeno kraljestvo torej predložilo tehtne dokaze, na podlagi katerih je lahko Komisija odpravila pomisleke iz sklepa o začetku postopka.
In addition, PCC has exercised close financial scrutiny of its investment in MMD by appointing its most senior financial officer as a director of MMD in order to oversee the business' financial performance.
Združeno kraljestvo je dokazalo, da je stalna podpora PCC družbi MMD v obliki nepovratnih sredstev za prihodek, čeprav je presegala znesek in trajanje iz prvotnega naložbenega načrta, v celotnem obdobju pomenila ekonomsko razumno dejanje, ki je bilo za PCC ugodnejše od vseh drugih razpoložljivih možnosti.
The United Kingdom provided copies of numerous reports on the commercial and financial situation of MMD and its outlook for the future which were regularly reviewed by PCC.
Kar zadeva dolgoročna posojila, ki jih je od leta 2010 PCC zagotovil družbi MMD (ukrep 3), Komisija ugotavlja zlasti, da so se njihov obstoj in z njim povezani ekonomski učinki za PCC v celoti upoštevali v splošni ekonomski analizi njegove stalne podpore družbi MMD ter vključili v ekonomski model, opisan zgoraj.
MMD's business plan was regularly updated to reflect market developments and there was close engagement by PCC officials in MMD's progress.
Poleg tega je Združeno kraljestvo predložilo dokaze o tem, da se je pred odobritvijo posojila ocenil finančni položaj družbe MMD ter da so ustrezne poslovne in finančne napovedi zagotavljale dobre obete za poplačilo posojila v prihodnjih letih, ko bodo izvedeni načrtovani ukrepi za prestrukturiranje.
The United Kingdom also demonstrated that PCC carried out a detailed assessment of MMD's trading position by reference to its financial results, the progress of restructuring measures, customer gains/losses, and management's forecast for the business, both via specialist committees that oversaw MMD, as well as through the financial oversight of the PCC's most senior financial officer.
Združeno kraljestvo je predložilo tudi podrobno oceno vsakega posameznega projekta, podprtega s posojilom, v katerem so bile analizirane pričakovane gospodarske koristi in izvedena primerjava z drugimi razpoložljivimi možnostmi.
The Commission also considered that the reports and business plan summaries presented to PCC provided an objective and balanced appraisal of the business, including the challenges and risks faced by MMD.
Zato predloženi dokazi potrjujejo, da je bila pred plačilom posamezne tranše posojila ustrezno analizirana ekonomska utemeljitev zadevne naložbe.
Further, the Commission found that PCC continued with various restructuring measures in order to reduce costs, boost profitability and enhance the competitiveness of MMD.
Poleg tega so se vse tranše posojila uporabile le za naložbe v osnovna sredstva ter torej načeloma povečale vrednost podjetja in naložbe PCC.
In fact, PCC was only prepared to approve continued investment on the basis of an ongoing and regularly updated restructuring plan.
Nadalje je Združeno kraljestvo trdilo, da ustrezno merilo ni neodvisni zasebni posojilodajalec, ampak zasebna matična družba v podobnem položaju.
For example, following three years of difficult negotiations, new labour contracts were signed with MMD's staff in 2016, projected to save around GBP 250000 in annual labour costs.
Po mnenju Združenega kraljestva bi bilo ekonomsko razumno, če bi matična družba hčerinski družbi zagotovila posojilo na podlagi stroškov zadolževanja matične družbe, da bi financirala naložbe, namenjene izboljšanju konkurenčnosti hčerinske družbe in končno povečanju njene vrednosti za matično družbo.
The restructuring plan also included a number of investment projects aimed at increasing the competitiveness of MMD (namely investment in quality certification, improvements to temperature-controlled storage, new equipment for container handling, installation of additional space for containers and further continual iterative improvements to infrastructure to enhance efficient operation).
Komisija priznava, da bi bilo treba pri oceni posojila upoštevati dejstvo, da je imel PCC družbo MMD v 100-odstotni lasti (in jo še ima).
Further, in 2014, MMD took the decision to cease offering its own service for the onward transport of goods arriving at MMD and rather outsourced this service in order to be able to focus on its core business.
Ekonomski vidiki PCC glede pričakovanega dobička od posojila niso omejeni le na pričakovana plačila obrestne mere kot v primeru poslovnih bank, ampak bi nujno morali upoštevati dejstvo, da bi se s posojilom izboljšala zmožnost družbe MMD za dosego prihodnjega dobička in s tem povečanje vrednosti lastniškega deleža PCC.
In addition, since its acquisition of MMD, PCC has made a number of changes to the management of the business, not only to improve financial accountability, but also to maximise the synergies with PCC's port operations.
Dejansko je financiranje na podlagi posojila tesno povezano z ukrepi za prestrukturiranje, ki obravnavajo finančne težave družbe MMD in so namenjeni doseganju dolgoročne dobičkonosnosti.
Finally, MMD has also invested in improving and extending its relationships with key customers.
Poleg tega je predhodni ekonomski model, ki ga je pripravil PCC, potrdil, da je bila zagotovitev finančnih ukrepov, vključno s posojilom, kljub dolgemu obdobju izgub, nastalih zaradi MMD, najbolj ekonomsko razumno dejanje glede na razpoložljive alternativne možnosti.