natgillin/translations-raw huggingface dataset:
The upper limit would be established by the optimistic scenario, in which the profitability of cement production was considered to gradually improve and a break-even would be struck after some years.
Zgornja meja je določena v optimističnem scenariju, po katerem bi se dobičkonosnost proizvodnje cementa počasi izboljševala in bi po nekaj letih dosegla točko preloma.
As in the pessimistic scenario the initial years would bring losses that drained resources from the company, albeit at a more modest level.
Enako kot v pesimističnem scenariju bi prva leta prinašala izgubo, ki bi črpala vire podjetja, četudi na manj obsežni ravni.
The net present value of operations after striking break-even was most likely negligible and was therefore ignored in the calculation.
Čista sedanja vrednost poslovanja po dosegu točke preloma je bila najverjetneje zanemarljiva in zato pri izračunu ni bila upoštevana.
In this scenario too, there were positive contributions from initial stocks and financial items.
Tudi v tem scenariju so začetne zaloge in finančna sredstva prispevali pozitivno vrednost.
On the basis of cash-flow valuations, the highest market value of Sementsverksmiðjan hf. was estimated at ISK 300 million.
Na podlagi vrednosti denarnih tokov je bila najvišja tržna vrednost podjetja Sementsverksmiðjan hf. ocenjena na 300 milijonov ISK.
The cash-flow calculations therefore suggested a fair value interval rather symmetric around zero with reasonably likely outcomes within a range of approximately ± ISK 300 million.
Izračuni denarnih tokov so tako nakazovali dokaj simetričen interval primerne tržne vrednosti okoli ničle z dokaj verjetnimi rezultati v obsegu ± 300 milijonov ISK.
Private interests
Zasebni interes
In some cases, an agreed transaction may deviate from an observable or hypothetical market value because one party to the transaction has identifiable private interests in that particular transaction.
V nekaterih primerih lahko dogovorjena transakcija odstopa od ugotovljene ali hipotetične tržne vrednosti, ker ima ena od strank v transakciji v njej določene zasebne interese.
In the opinion of the expert, in the acquisition of the State’s shares in Sementsverksmiðjan hf. by Íslenskt sement ehf. there were clearly private interests involved, which may have influenced the transaction price.
Po mnenju strokovnjaka so bili pri nakupu državnih delnic podjetja Sementsverksmiðjan hf. s strani podjetja Íslenskt sement ehf. jasno vključeni zasebni interesi, ki so vplivali na ceno transakcije.
Íslenskt sement ehf. was a consortium of three companies created for the acquisition of the State’s shares in Sementsverksmiðjan hf.: BM Valla, Björgun and Norcem.
Íslenskt sement ehf. je konzorcij treh podjetij, ki je bil ustanovljen za nakup državnih delnic v podjetju Sementsverksmiðjan hf.: BM Valla, Björgun in Norcem.
BM Valla is a major construction firm in Iceland and a large buyer of cement.
BM Valla je veliko gradbeno podjetje na Islandiji in velik kupec cementa.
According to the information provided in the meeting between representatives of the Authority, the independent expert and representatives of the Icelandic authorities and Íslenskt sement ehf., BM Valla has two strategic interests in the Icelandic cement plant.
Glede na informacije, ki so bile posredovane na sestanku med predstavniki Nadzornega organa, neodvisnim strokovnjakom in predstavniki islandskih organov in podjetja Íslenskt sement ehf., ima BM Valla dva strateška interesa v islandski tovarni cementa.
One is to ensure that cement supply in the Icelandic market will not be dominated by one single supplier.
Eden je zagotoviti, da pri ponudbi cementa na islandskem trgu ne bo prevladoval samo en ponudnik.
The second interest is to maintain local product development and competence, to the long-term benefit of the construction industry, in particular, taking into account the technical specificities of the Icelandic cement market.
Drugi interes je ohraniti lokalni razvoj izdelkov in znanje v dolgoročno korist gradbene industrije, zlasti ob upoštevanju tehničnih posebnosti islandskega trga cementa.
Björgun is the supplier of shell sand to Sementsverksmiðjan hf.
Björgun je dobavitelj kremenovega peska podjetju Sementsverksmiðjan hf.
If local cement production ceases, Björgun would have no alternative outlet for its products.
Če se lokalna proizvodnja cementa preneha, Björgun ne bi imel alternativnega odjemalca svojih proizvodov.
Norcem is a Norwegian cement producer, owned by the German group Heidelberger Zement.
Norcem je norveški proizvajalec cementa, ki je v lasti nemške skupine Heidelberger Zement.
Norcem may have strategic and competitive interests in strengthening its presence in the Icelandic market.
Norcem ima lahko strateški in konkurenčni interes v krepitvi svoje prisotnosti na islanskem trgu.
In light of the specific circumstances of the consortium of buyers, in this case, the independent expert considers that the agreed exchange price has been influenced by the existence of private interests.
Ob upoštevanju posebnih okoliščin konzorcija kupcev v tem primeru, neodvisni strokovnjak meni, da je na dogovorjeno ceno prodaje vplival obstoj zasebnih interesov.
For these reasons, the independent expert concluded that [22]‘although I find the agreed price of 68 m ISK rather on the high side, there may be elements of the situation of the owners that increase the probability of recovery of the investment cost’.
Zato je neodvisni strokovnjak sklenil, da [22]„četudi se mi dogovorjena cena 68 milijonov ISK zdi dokaj visoka, pa so verjetno določeni elementi v razmerah lastnikov povečali verjetnost, da se bodo stroški naložbe povrnili“.
The Authority has assessed the facts and figures presented by the Icelandic authorities and carefully scrutinised the assessment and the report presented by the independent expert.
Nadzorni organ je ocenil dejstva in številke, ki so jih predložili islandski organi, ter temeljito proučil ocene in poročilo, ki ga je predstavil neodvisni strokovnjak.
The Authority has found the analysis of the expert to represent a fair way to establish the value of Sementsverksmiðjan hf.
Nadzorni organ meni, da je analiza neodvisnega strokovnjaka pošten način za določitev cene podjetja Sementsverksmiðjan hf.
As already indicated in Decision No 421/04/COL to open the formal investigation procedure, one cannot assume that the liquidation value of a company that is foreseen to continue operations represents the market value of the company.
Kot je bilo navedeno že v Odločbi št. 421/04/COL o začetku formalnega postopka preiskave, ni mogoče sklepati, da je likvidacijska vrednost podjetja, ki naj bi nadaljevalo s poslovanjem, enaka tržni vrednosti podjetja.
In line with the view of the independent expert, the Authority considers that a discounted cash-flow analysis is an appropriate way to calculate the value of an undertaking as the one in the case at hand.
V skladu z mnenjem neodvisnega strokovnjaka Nadzorni organ meni, da je analiza diskontnih denarnih tokov ustrezen način za izračun vrednosti podjetja, kot je podjetje v tem postopku.
The Authority reckons, however, that an assessment of the value of the company at the time of the transaction is obviously liable to considerable uncertainty.
Kljub temu pa Nadzorni organ ugotavlja, da je bila ocena vrednosti podjetja v času transakcije očitno dokaj nejasna.
Therefore, in the view of the Authority, for the purpose of estimating the value of a company it appears reasonable to study different scenarios, as the expert did, to establish a range within which it would be justified to assume the value to be found.
Zato je po mnenju Nadzornega organa primerno, da se za oceno vrednosti podjetja prouči različne scenarije, kot je to storil strokovnjak, in se tako določi obseg vrednosti, znotraj katerega je mogoče upravičeno sklepati, da se nahaja prava vrednost.
The sales price of the State’s shares in Sementsverksmiðjan hf. was within the established range and even above the middle value of approximately zero.
Prodajna cena državnih delnic v podjetju Sementsverksmiðjan hf. je bila v okviru ugotovljenega obsega in celo nad srednjo vrednostjo okoli ničle.
Moreover, the Icelandic authorities had determined that the liquidation value of the company corresponded to ISK 69,6 million.
Poleg tega so islandski organi ugotovili, da je likvidacijska vrednost podjetja ustrezala 69,6 milijona ISK.
An agreement between the township of Akranes and Sementsverksmiðjan hf. dated 31 July 2003 states that: ‘if clinker production ceases for a continuous period of 24 months, Iceland Cement Ltd must demolish the materials storage at its own expense’.
Pogodba med Mestno občino Akranes in podjetjem Sementsverksmiðjan hf. z dne 31. julija 2003 določa, da: „če se proizvodnja klinkerja prekine za neprekinjeno obdobje 24 mesecev, mora Iceland Cement Ltd. na lastne stroške porušiti skladišče materiala“.
Thus, the liquidation value of Sementsverksmiðjan hf. was lower than ISK 69,6 million because the costs of demolishing the materials storage, as laid down in the abovementioned legal agreement, would have to be added [23].
Tako je bila likvidacijska vrednost podjetja Sementsverksmiðjan hf. manjša od 69,6 milijona ISK, saj bi bilo treba upoštevati stroške rušenja skladišča materiala, kot je določeno v zgoraj navedenem pravnem dokumentu [23].
Thus, the price that Íslenskt sement ehf. paid for the State’s shares in Sementsverksmiðjan hf. was higher than the liquidation value of the company.
Zato je bila cena, ki jo je podjetje Íslenskt sement ehf. plačalo za državne delnice v podjetju Sementsverksmiðjan hf., višja od likvidacijske vrednosti podjetja.
On the basis of these considerations, the Authority cannot conclude that the company was sold under market value.
Na podlagi teh dejavnikov Nadzorni organ ne more sklepati, da je bilo podjetje prodano pod tržno vrednostjo.
Therefore, the Authority cannot conclude that Íslenskt sement ehf., as the company founded by the investors group to purchase the State’s shares in Sementsverksmiðjan hf., obtained an economic advantage within the meaning of Article 61(1) of the EEA Agreement.
Zato Nadzorni organ ne more sklepati, da je podjetje Íslenskt sement ehf., kot družba, ki jo je ustanovila skupina investitorjev za nakup državnih delnic v podjetju Sementsverksmiðjan hf., pridobila gospodarsko prednost v smislu člena 61(1) Sporazuma EGP.
According to Article 61(1) of the EEA Agreement, four cumulative conditions must be fulfilled in order for a measure to constitute State aid.
Po členu 61(1) Sporazuma EGP morajo biti izpolnjeni štirje kumulativni pogoji, da ukrep pomeni državno pomoč.
On the basis of the foregoing assessment, the Authority has not found reasons to investigate any of the other three conditions listed above for a measure to constitute State aid.
Na osnovi zgornje ocene Nadzorni organ ni našel razlogov, da bi preiskal katerega koli od preostalih treh razlogov, navedenih zgoraj, po katerih ukrep pomeni državno pomoč.
As Íslenskt sement ehf. has not received any advantage, the Authority considers that the sale of the State’s shares in Sementsverksmiðjan hf. to the group of investors Íslenskt sement ehf. does not constitute State aid within the meaning of Article 61(1) of the EEA Agreement.
Ker podjetje Íslenskt sement ehf. ni pridobilo nikakršne prednosti, Nadzorni organ meni, da prodaja državnih delnic v podjetju Sementsverksmiðjan hf. skupini investitorjev Íslenskt sement ehf. ne pomeni državne pomoči v smislu člena 61(1) Sporazuma EGP.
The adoption of this Decision to close the investigation on the sale of the State’s shares to Íslenskt sement ehf. for the price of ISK 68 million, part of the formal investigation opened with Authority’s Decision No 421/04/COL and extended with Decision No 367/06/COL, does not prejudice the outcome of the remainder of the investigation,
Sprejem te odločbe o zaključku preiskave o prodaji državnih delnic podjetju Íslenskt sement ehf. po ceni 68 milijonov ISK, ki je del formalne preiskave, začete z Odločbo Nadzornega organa št. 421/04/COL in podaljšane z Odločbo št. 367/06/COL, ne vpliva na rezultat drugega dela preiskave –
The EFTA Surveillance Authority considers that the sale by the Icelandic State of its shares in Sementsverksmiðjan hf. to Íslenskt sement ehf. for a price of ISK 68 million does not constitute State aid within the meaning of Article 61 of the EEA Agreement.
Nadzorni organ EFTA meni, da prodaja delnic države Islandije v podjetju Sementsverksmiðjan hf. podjetju Íslenskt sement ehf. po ceni 68 milijonov ISK ne pomeni državne pomoči v smislu člena 61 Sporazuma EGP.
For the EFTA Surveillance Authority,
Za Nadzorni organ EFTA
EFTA Surveillance Authority Decision No 421/04/COL of 20 December 2004 on the sale of the Icelandic State’s Shares in Sementsverksmiðjan, published in OJ C 117, 19.5.2005, p. 17, and in EEA Supplement No 24 of 19.5.2005.
Odločba Nadzornega organa EFTA št. 421/04/COL z dne 20. decembra 2004 o prodaji islandskih državnih delnic v Sementsverksmiðjan, objavljeno v UL C 117, 19.5.2005, str. 17, in tudi v Dopolnilu EGP k Uradnemu listu Evropske unije št. 24 z dne 19.5.2005.
EFTA Surveillance Authority Decision No 367/06/COL of 29 November 2006 on the taking over by the Icelandic State of pension-related liabilities of Sementsverksmiðjan, not published yet.
Odločba Nadzornega organa EFTA št. 367/06/COL z dne 29. novembra 2006 o prevzemu s strani Islandske države obveznosti, povezanih z Sementsverksmiðjan, še ni bila objavljena.
For more detailed information on the various correspondence between the Authority and the Icelandic authorities, reference is made to the Authority’s Decision No 421/04/COL to open the formal investigation procedure.
Podrobnejše informacije o različni korespondenci med Nadzornim organom in islandskimi organi so navedene v odločbi Nadzornega organa št. 421/04/COL o začetku formalnega postopka preiskave.
Letter from the Icelandic authorities dated 19 August 2003, p. 3.
Dopis islandskih organov z dne 19. avgusta 2003, str. 3.
Case C-39/94 Syndicat français de l‘Express international (SFEI) and others v La Poste and others [1996] ECR I-3547, paragraph 60, Case C-256/97 DM Transport [1999] ECR I-3913, paragraph 22, Case CT-116/01 and T-118/01 P & O Ferries v Commission [2003] ECR, paragraph 112.
Zadeva C-39/94 Syndicat français de l'Express international (SFEI) in drugi proti La Poste in drugi [1996] Recueil I-3547, odstavek 60, Zadeva C-256/97 DM Transport [1999] Recueil I-3913, odstavek 22, Zadeva CT-116/01 in T-118/01 P&O Ferries proti Komisiji [2003] Recueil, odstavek 112.
Case C-56/93 Belgium v Commission [1996] ECR I-723, paragraph 79, and Case C-241/94 France v Commission [1996] ECR I-4551, paragraphs 19 and 20.
Zadeva C-56/93 Belgija proti Komisiji [1996] Recueil I-723, odstavek 79, in Zadeva C-241/94 Francija proti Komisiji [1996] Recueil I-4551, odstavka 19 in 20.
Case T-67/94 Ladbroke Racing v Commission [1998] ECR II-1, paragraph 52, and Case T-46/97 SIC v Commission [2000] ECR II-2125, paragraph 83.
Zadeva T-67/94 Ladbroke Racing proti Komisiji [1998] Recueil II-1, odstavek 52, in Zadeva T-46/-97 SIC proti Komisiji [2000] Recueil II-2125, odstavek 83.
As foreseen in the Share Purchase Agreement between the Government of Iceland and Íslenskt sement ehf. and accomplished on the basis of the provisions of the Purchase Contract between Sementsverksmiðjan hf. and the Treasury.
Kot je bilo predvideno v pogodbi o nakupu deleža med vlado Islandije in podjetjem Íslenskt sement ehf. in izvedeno na podlagi določb nakupne pogodbe med Sementsverksmiðjan hf. in zakladnico.
Expert’s report, p. 2.
Poročilo strokovnjaka, stran 2.
The Authority’s letter of 12 July 2005.
Dopis Nadzornega organa z dne 12. julija 2005.
Expert’s report, p. 8.
Poročilo strokovnjaka, stran 8.
Lease contract between the Town of Akranes and Sementsverksmiðjan hf. of 2 October 2003.
Najemna pogodba med mestom Akranes in podjetjem Sementsverksmiðjan hf. z dne 2. oktobra 2003.
Expert’s report, p. 9.
Poročilo strokovnjaka, stran 9.
An income tax loss in one year may be used to refund previously paid taxes in any of the most recent years past or may be used to reduce taxes due in any of the next years.
Izguba zaradi dohodnine v enem letu se lahko uporabi za nadomestilo predhodno plačanih davkov v katerem koli od nedavnih preteklih let ali pa se lahko uporabi za zmanjšanje davčnih dolgov v katerem koli prihodnjem letu.
As mentioned above, the mere moral obligation of the State to clean the production site in Akranes has been transformed into a legal obligation imposed on Sementsverksmiðjan hf. with the signature of the lease contracts for the land in Akranes between the company and the township of Akranes.
Kot je navedeno zgoraj, je bila zgolj moralna obveza države, da sanira kraj proizvodnje, s podpisom najemne pogodbe med podjetjem in Mestno občino Akranes za zemljišče v Akranesu prenesena v pravno obvezo za podjetje Sementsverksmiđjan hf.
Expert’s report, p. 13.
Poročilo strokovnjaka, stran 13.
In the assessment of the liquidation value carried out by MP-verðbréf hf. in March 2003, the costs associated with tearing down and cleaning the factory plant (buildings and machinery) were estimated at ISK 460 million.
Pri oceni likvidacijske vrednosti, ki jo je v marcu 2003 izvedlo podjetje MP Verdbref, so bili stroški, povezani z rušenjem in sanacijo tovarniškega obrata (zgradbe in strojev), ocenjeni na 460 milijonov ISK.
Even if this figure should not be absolutely correct, it gives an idea that there is an encumbrances on Sementsverksmiðjan which can diminish the estimated liquidation value considerably.
Četudi ta vrednost ni povsem pravilna, daje predstavo o bremenitvah podjetja Sementsverksmiðjan, ki lahko bistveno znižajo ocenjeno likvidacijsko vrednost.
After various exchanges of correspondence [7], by letter dated 21 December 2004 the Authority informed the Icelandic authorities that it had decided to initiate the procedure laid down in Article 1(2) of Part I of Protocol 3 to the Surveillance and Court Agreement in respect of the sale by the Icelandic State of its shares in Sementsverksmiðjan hf. (Event No 296878).
Po izmenjavi različne korespondence [7] je Nadzorni organ z dopisom z dne 21. decembra 2004 obvestil islandske organe, da se je glede prodaje islandskih državnih delnic v podjetju Sementsverksmiðjan hf. odločil sprožiti postopek, določen v členu 1(2) dela I Protokola 3 k Sporazumu o nadzornem organu in sodišču (dogodek št. 296878).
The Icelandic authorities replied by letter from the Icelandic Mission to the EU forwarding a letter of the Ministry of Finance dated 30 and 31 August 2005 respectively.
Islandski organi so odgovorili z dopisom Islandske misije pri EU, ki je posredovala dopis Ministrstva za finance, z dne 30. oziroma 31. avgusta 2005.
This letter was received and registered by the Authority on 1 September 2005 (Event No 332274).
Ta dopis je Nadzorni organ prejel in evidentiral 1. septembra 2005 (dogodek št. 332274).
The State-owned undertaking Sementsverksmiðjan hf. had enjoyed a de facto monopoly in the market for cement in Iceland until the entry in 2000 of an importer of cement from Denmark.
Podjetje v državni lasti Sementsverksmiðjan hf. je uživalo dejanski monopol na trgu cementa na Islandiji vse do leta 2000, ko je na islandski trg vstopil uvoznik cementa iz Danske.
It seems that as a result of the new competitive situation, Sementsverksmiðjan hf. experienced economic difficulties and started cumulating losses.
Zdi se, da se je zaradi novega konkurenčnega položaja na trgu podjetje Sementsverksmiðjan hf. znašlo v gospodarskih težavah in začelo kopičiti izgube.
On this basis, the worst case scenario was found by simulating five years of production at low levels and cement prices maintained at 2003 levels.
Na tej osnovi je bil oblikovan črni scenarij, ki je vključeval petletno proizvodnjo v majhnem obsegu in cene cementa, ki so ostale na ravni cen v letu 2003.
The net present value of related cash flows was adjusted with the assets and liabilities outside the production cycle at the purchase date.
Čista sedanja vrednost povezanih denarnih tokov je bila prilagojena s sredstvi in obveznostmi izven proizvodnega cikla na dan nakupa.
Guidelines on the application and interpretation of Articles 61 and 62 of the EEA Agreement and Article 1 of Protocol 3 to the Surveillance and Court Agreement, adopted and issued by the EFTA Surveillance Authority on 19 January 1994, published in OJ L 231, 3.9.1994, p. 1, and in EEA Supplement No 32 of 3.9.1994.
Smernice o uporabi in razlagi členov 61 in 62 Sporazuma EGP in člena 1 Protokola 3 Sporazuma o nadzornem organu in sodišču, ki jih je sprejel in izdal Nadzorni organ EFTA dne 19. januarja 1994, objavljeno v UL L 231, 3.9.1994, str. 1, in v Dopolnilu EGP, 3.9.1994, št. 32.
The Guidelines were last amended on 25 October 2006.
Smernice so bile nazadnje spremenjene dne 25. oktobra 2006.
THE EFTA SURVEILLANCE AUTHORITY [1],
NADZORNI ORGAN EFTA JE [1] –
HAVING REGARD to the Agreement on the European Economic Area [2], in particular to Articles 61 to 63 and Protocol 26 thereof,
ob upoštevanju Sporazuma o Evropskem gospodarskem prostoru [2] ter zlasti členov 61 do 63 Sporazuma in Protokola 26 k Sporazumu,
No 378/06/COL
št. 378/06/COL
on the maps of assisted areas and levels of aid (Iceland)
o karti območij, ki so upravičena do pomoči, in stopnjah pomoči (Islandija)
Having regard to the Agreement between the EFTA States on the Establishment of a Surveillance Authority and a Court of Justice [3], in particular to Article 24 thereof,
ob upoštevanju Sporazuma med državami Efte o ustanovitvi nadzornega organa in sodišča [3] ter zlasti člena 24 Sporazuma,
Having regard to Article 1(3) in Part I and Article 4(3) of Part II of Protocol 3 to the Surveillance and Court Agreement,
ob upoštevanju člena 1(3) dela I in člena 4(3) dela II Protokola 3 k Sporazumu o nadzornem organu in sodišču,
Having regard to the Authority’s Guidelines [4] on the application and interpretation of Articles 61 and 62 of the EEA Agreement, and in particular Chapter 25.B on ‘National Regional Aid 2007-2013’ thereof,
ob upoštevanju Smernic Nadzornega organa [4] o uporabi in razlagi členov 61 in 62 Sporazuma EGP in zlasti poglavja 25.B o „Državni regionalni pomoči 2007–2013“ Smernic,
By letter of 10 July 2006 from the Icelandic Mission to the European Union forwarding a letter from the Ministry of Finance dated 7 July 2006, both received and registered by the Authority on 11 July 2006 (Event No: 380966), the Icelandic authorities notified, pursuant to Article 1(3) of Part I of Protocol 3 to the Surveillance and Court Agreement, a new map of assisted areas and levels of aid in Iceland to be applicable from 1 January 2007 to 31 December 2013.
Z dopisom predstavništva Islandije pri Evropski uniji z dne 10. julija 2006, s katerim je bil posredovan dopis ministrstva za finance z dne 7. julija 2006, ki ju je Nadzorni organ prejel in evidentiral 11. julija 2006 (dok. št.: 380966), so islandski organi v skladu s členom 1(3) dela I Protokola 3 k Sporazumu o nadzornem organu in sodišču priglasili novo karto območij, ki so upravičena do pomoči, in stopnje pomoči na Islandiji, ki bodo veljali od 1. januarja 2007 do 31. decembra 2013.
The notification was based on a new NUTS classification of Iceland into two NUTS III regions and was submitted with the reservation that Eurostat accepted the proposal of the Icelandic Government to adopt such new classification.
Priglasitev je temeljila na novi klasifikaciji NUTS Islandije na dve regiji na ravni NUTS III in je bila predložena s pridržkom, da Eurostat odobri predlog islandske vlade za sprejetje take nove klasifikacije.
By letter of 13 July 2006 (Event No: 381227), the Authority informed the Icelandic authorities that without the confirmation that Eurostat had formally accepted the proposal that Iceland be classified as two NUTS III regions, the Authority was unable to define its position on the proposed map.
Z dopisom z dne 13. julija 2006 (dok. št.: 381227) je Nadzorni organ obvestil islandske organe, da se ne more opredeliti glede predlagane karte brez potrditve, da je Eurostat uradno odobril predlog o klasifikaciji Islandije na dve regiji na ravni NUTS III.