natgillin/translations-raw huggingface dataset:
Since the Norwegian Limited Liability Company Act provides that equity cannot exceed the total value of the business the value of the individual (or groups of) assets was reduced.
Ker norveški zakon o družbah z omejeno odgovornostjo določa, da trajni kapital ne sme presegati skupne vrednosti podjetja, je bila vrednost posameznih (ali skupine) sredstev zmanjšana.
Value assessment of assets separately
Ločena ocena vrednosti sredstev
For purposes of assessing the value of the assets, the Public Road Administration, Arthur Andersen & Co AS, the attorney to the Norwegian Government, ViaNova and Skagerak Forsikringsmegling AS prepared a report dated 10 MAY 2002 ENTITLED THE OPENING BALANCE [63].
Zaradi ocene vrednosti sredstev so Uprava za javne ceste, Arthur Andersen & Co AS, odvetnik norveške vlade, ViaNova in Skagerak Forsikringsmegling AS pripravili poročilo z dne 10. maja 2002 z naslovom Začetna bilanca [63].
The evaluation was, in principle, based on ‘book value’.
Ocena je načeloma temeljila na „knjigovodski vrednosti“.
However, since the State administration is not subject to the Accounting Act [64], the values appearing in the books of the Production Department had to be re-construed to what they would have been, had the Production Department been subject to general accounting law [65].
Ker pa zakon o računovodstvu [64] ne ureja javne uprave, je bilo treba knjigovodske vrednosti Oddelka za gradnjo preoblikovati v vrednosti, ki bi bile evidentirane, če bi bil Oddelek za gradnjo urejen s splošnim zakonom o računovodstvu [65].
Thus the evaluation principle was rather ‘retroactive creation of book value’ or simply ‘simulated continuity’.
Tako je bilo načelo vrednotenja predvsem „retroaktivno oblikovanje knjigovodske vrednosti“ oziroma preprosto „simulirana kontinuiteta“.
Based on this, the value of machinery stated in the books of the Production department on 1 January 2002 of NOK 1111 million was adjusted to NOK 866 million.
Na podlagi tega je bila vrednost strojev, navedena v poslovnih knjigah Oddelka za gradnjo, 1. januarja 2002 prilagojena s 1111 milijonov NOK na 866 milijonov NOK.
On 1 January 2003, the value was further adjusted to NOK 747 million.
Vrednost je bila 1. januarja 2003 dodatno prilagojena na 747 milijonov NOK.
However, a subsequent report dated August 2002 entitled the Opening balance [66] prepared by the Public Road Administration, Ernst & Young, Via Nova and Skagerak Forsikringsmegling AS, reveals that in July 2002 it was decided that the assets of the Production Department to be transferred to Mesta AS should be assessed on the basis of the principle of ‘real value’ instead of ‘simulated continuity’ since the former is a more transparent valuation principle.
Vendar naslednje poročilo iz avgusta 2002 z naslovom Začetna bilanca [66], ki so ga pripravili Uprava za javne ceste, Ernst & Young, Via Nova in Skagerak Forsikringsmegling AS, razkriva odločitev iz julija 2002, da se za oceno sredstev, ki naj bi jih iz Oddelka za gradnjo prenesli na družbo Mesta AS, namesto „simulirane kontinuitete“ uporabi „realna vrednost“, ki je preglednejše načelo vrednotenja.
The report dated December 2002 entitled Opening balance Supplement:Value assessment of assets, prepared by the Public Road Administration, Ernst & Young, Via Nova, OPAK and Skagerak Forsikringsmegling AS presents the value of machinery based on real value [67].
Poročilo iz decembra 2002 z naslovom Dodatek k začetni bilanci: Ocena vrednosti premoženja, ki so ga pripravili Uprava za javne ceste, Ernst & Young, Via Nova, OPAK in Skagerak Forsikringsmegling AS, navaja vrednost strojev na podlagi realne vrednosti [67].
To determine the real value two approaches were followed: For certain groups of machinery the starting point was the book value as registered in the State administration, adjusted for the application of value added tax, depreciation periods and some discretionary assessments.
Za določitev realne vrednosti sta bila uporabljena dva pristopa. Za nekatere skupine strojev je bilo izhodišče knjigovodska vrednost, kakor je bila evidentirana v državni upravi ter prilagojena zaradi uporabe davka na dodano vrednost, amortizacijske dobe in nekaterih diskrecijskih ocen.
For other groups of machinery the values were based on external evaluations and prices [68].
Za druge skupine strojev so vrednosti temeljile na zunanjih ocenah in cenah [68].
On that basis the real value of machinery was estimated at NOK 572 million while the total value of all assets was estimated at NOK 1162 million [69].Ernst & Young have subsequently explained that calculations appearing in the abovementioned report, which uses as its starting point the simulated continuity book value of NOK 747 million in order to arrive at a real value of NOK 572 million, are misleading.
Na tej podlagi ocenjena realna vrednost strojev je bila 572 milijonov NOK, skupna vrednost vseh sredstev pa je bila ocenjena na 1162 milijonov NOK [69].Družba Ernst & Young je naknadno pojasnila, da so izračuni, navedeni v zgornjem poročilu, ki za izhodišče uporablja knjigovodsko vrednost po načelu simulirane kontinuitete v vrednosti 747 milijonov NOK, da bi dobili realno vrednost 572 milijonov NOK, zavajajoči.
According to Ernst & Young such calculations have not formed part of the process for determining the real value of machinery to be transferred to Mesta AS.
Po mnenju družbe Ernst & Young taki izračuni niso bili del postopka za določanje realne vrednosti strojev, ki naj bi jih prenesli na družbo Mesta AS.
In the May 2002 report entitled the ‘Opening balance’ the book value of real estate registered by the State administration on 1 January 2002 was NOK 596 million.
V poročilu iz maja 2002 z naslovom „Začetna bilanca“ je bila knjigovodska vrednost nepremičnin, ki jo je 1. januarja 2002 evidentirala državna uprava, 596 milijonov NOK.
Following exclusions of real estate not to be transferred to Mesta AS and adjustments on the basis of the simulated continuity principle, the value was estimated at NOK 277 million.
Po izključitvi nepremičnin, ki naj ne bi bile prenesene na družbo Mesta AS, in prilagoditvah na podlagi načela simulirane kontinuitete, pa je bila ocenjena vrednost 277 milijonov NOK.
Following the change of evaluation principles from simulated continuity to real value, real estate was assessed by an independent real estate expert, OPAK.
Ko je bila podlaga načela vrednotenja s simulirane kontinuitete spremenjena na realno vrednost, je nepremičnine ocenil OPAK, ki je neodvisni strokovnjak za nepremičnine.
The Norwegian authorities have submitted an expert assessment dated 28 August 2002 in which OPAK assessed the value of 375 properties to approximately NOK 336 million [70].
Norveški organi so predložili strokovno oceno z dne 28. avgusta 2002, v kateri je OPAK vrednost 375 nepremičnin ocenil na približno 336 milijonov NOK [70].
A follow-up report dated 31 October 2002 prepared by OPAK found that following, amongst others, the addition of 16 properties, the approximate value of real estate was NOK 395 million.
V poročilu o nadaljnjem ukrepanju z dne 31. oktobra 2002, ki ga je pripravil OPAK, je bilo ugotovljeno, da je bila po vključitvi nadaljnjih 16 nepremičnin, med drugim, približna vrednost nepremičnin 395 milijonov NOK.
Ernst & Young have explained that subsequently, exclusions of properties not to be transferred to Mesta AS and corrections for rented properties [71] brought the value of real estate to NOK 331 million [72].
V družbi Ernst & Young so pojasnili, da je bila pozneje zaradi izločitev nepremičnin, ki ne bodo prenesene na družbo Mesta AS, in popravkov zaradi najetih nepremičnin [71], vrednost nepremičnin zmanjšana na 331 milijonov NOK [72].
The December 2002 report entitled ‘Opening balance Supplement: Value assessment of assets’ shows that while the value of real estate based on the principle of simulated continuity was NOK 596 million, the application of the principle of real value resulted in a value of NOK 331 million.
Poročilo iz decembra 2002 z naslovom „Dodatek k začetni bilanci: Ocena vrednosti premoženja“ kaže, da je bila vrednost nepremičnin, ocenjena na podlagi načela realne vrednosti, 331 milijonov NOK, vrednost nepremičnin, ocenjena na podlagi načela simulirane kontinuitete, pa je bila 596 milijonov NOK.
Value assessment based on discounted cash flow
Ocena vrednosti na podlagi diskontiranega denarnega toka
In parallel with, but separately from, the individual asset assessments an assessment was made of the fair value of the total business as a going concern on the basis of the discounted cash flow method, summarised in a report dated October 2002 entitled: ‘Value assessment’ prepared by Ernst & Young [73].
Vzporedno, vendar ločeno od ocen posameznih sredstev je bila opravljena ocena poštene vrednosti celotnega podjetja po načelu časovne neomejenosti delovanja na podlagi metode diskontiranega denarnega toka, povzeta v poročilu iz oktobra 2002 z naslovom „Ocena vrednosti“, ki jo je pripravila družba Ernst & Young [73].
The report concludes that by applying the discounted cash flow method the operational capital [74] is approximately NOK 600 million (within an interval of +/– 5 %).
V poročilu je ugotovljeno, da ob uporabi metode diskontiranega denarnega toka angažirana sredstva [74] obsegajo približno 600 milijonov NOK (+/– 25 %).
The analysis was based on a cash flow assessment for 2003–2012 for which period a negative present value of NOK 300 million and a terminal value of plus NOK 900 million was estimated [75].
Analiza je temeljila na oceni denarnega toka za obdobje 2003–2012, za katero sta bili ocenjeni negativna sedanja vrednost 300 milijonov NOK in končna vrednost nad 900 milijonov NOK [75].
The rate of return was fixed at 6,7 % nominal return on total assets after tax [76].Ernst & Young have explained that the operational capital (of NOK 600 million) is composed of total assets less short-term debt.
Donosnost je bila določena na 6,7 % nominalnega donosa od skupne vrednosti premoženja po odbitku davka [76].V družbi Ernst & Young so pojasnili, da so angažirana sredstva (600 milijonov NOK) sestavljena iz skupnih sredstev brez kratkoročnega dolga.
By comparison, the estimate resulting from the individual asset assessment was NOK 1162 million.
Primerjava pokaže, da je bila ocena, dobljena iz presoje posameznih sredstev, 1162 milijonov NOK.
If short-term debt (of NOK 464 million) is excluded from NOK 1162 million, the operational capital [77] is NOK 698 million.
Če iz 1162 milijonov NOK izvzamemo kratkoročni dolg (464 milijonov NOK), je vrednost angažiranih sredstev [77] 698 milijonov NOK.
This is higher than the operational capital of NOK 600 million resulting from an assessment based on the fair value of the total business (i.e., the discounted cash flow method).
To presega 600 milijonov NOK angažiranih sredstev, dobljenih iz ocene, katere podlaga je poštena vrednost celotnega podjetja (tj. metoda diskontiranega denarnega toka).
The Norwegian Limited Liability Company Act provides that the equity cannot exceed the total value of the business and it was therefore necessary to reduce the value of the assets [78].
Norveški zakon o družbah z omejeno odgovornostjo določa, da trajni kapital ne sme presegati skupne vrednosti podjetja, zato je bilo treba zmanjšati vrednost sredstev [78].
Hence Ernst & Young reduced the value of the assets in order to bring the operational capital to NOK 619 million.
Tako so v družbi Ernst & Young zmanjšali vrednost premoženja, da bi angažirana sredstva znižali na 619 milijonov NOK.
This is shown in the following [79]:
To je razvidno iz naslednje tabele [79]:
Short term debt
Kratkoročni dolg
Downward adjustment machines
Prilagoditev navzdol za stroje
Downward adjustment real estate
Prilagoditev navzdol za nepremičnine
Total downward adjustment
Skupna prilagoditev navzdol
Value after downward adjustment
Vrednost po prilagoditvi navzdol
Debt (pensions)
Dolg (pokojnine)
Equity
Trajni kapital
Equity in cash
Trajni kapital v gotovini
Total equity in opening balance
Trajni kapital v začetni bilanci skupaj
As is apparent from the above a downward adjustment of NOK 79 million was made.
Iz zgornjega je razvidno, da je bila opravljena prilagoditev navzdol za 79 milijonov NOK.
Due to the high uncertainty of the value of real estate and machines, the downward adjustment was allocated to those assets in the manner indicated below:
Zaradi visoke stopnje negotovosti glede vrednosti nepremičnin in strojev je bila tem sredstvom dodeljena prilagoditev vrednosti navzdol, kakor je navedeno spodaj:
Estimated real value of machinery
Ocenjena realna vrednost strojev
Value in opening balance
Vrednost v začetni bilanci
Estimated real value of real estate
Ocenjena realna vrednost nepremičnin
Quality check
Preverjanje kakovosti
In parallel with the process for determining real value, Deloitte & Touche had initiated (in October 2002) an exercise for checking the very first asset assessments (based on simulated continuity) against the results of the discounted cash flow.
Vzporedno s postopkom določanja realne vrednosti je začela družba Deloitte & Touche (oktobra 2002) preverjati prve ocene vrednosti (dobljene na podlagi simulirane kontinuitete) in jih primerjati z rezultati, dobljenimi na podlagi diskontiranega denarnega toka.
The final opening balance of 1 January 2003 prepared by Mesta AS with assistance of Ernst & Young, ViaNova Plan and Trafikk AS (attached as Annex A) shows a total value of fixed assets of NOK 977 million [82].
Končna začetna bilanca z dne 1. januarja 2003, ki jo je pripravila družba Mesta AS ob pomoči družb Ernst & Young, ViaNova Plan in Trafikk AS (priloženo kot Priloga A) kaže skupno vrednost osnovnih sredstev 977 milijonov NOK [82].
The final opening balance confirms that the value of machinery of NOK 572 million identified in the December 2002 report (entitled ‘Opening balance Supplement: Value assessment of assets’) was adjusted downwards by NOK 25 million to NOK 547 million.
Končna začetna bilanca potrjuje, da je bila vrednost strojev 572 milijonov NOK, opredeljena v poročilu iz decembra 2002 (z naslovom „Dodatek k začetni bilanci: Ocena vrednosti premoženja“), prilagojena navzdol za 25 milijonov NOK, na 547 milijonov NOK.
The addition of further investments and minor adjustments brought the final value of machinery to NOK 594 million.
Zaradi dodatnih nadaljnjih naložb in manjših prilagoditev je bila končna vrednost strojev 594 milijonov NOK.
Following certain purchases of NOK 4 million the value of real estate was NOK 335 million and the downward adjustment of NOK 54 million (necessitated by the result of the discounted cash flow method) meant that the value of real estate was NOK 281 million.
Po nekaterih nakupih v znesku 4 milijonov NOK je bila vrednost nepremičnin 335 milijonov NOK, zaradi prilagoditve navzdol v znesku 54 milijonov NOK (ta je bil potreben zaradi rezultata metode diskontiranega denarnega toka), pa je bila vrednost nepremičnin popravljena na 281 milijonov NOK.
TRANSFER OF TRANSITIONAL CONTRACTS AND THEIR VALUE IN THE OPENING BALANCE
PRENOS PREHODNIH POGODB IN NJIHOVA VREDNOST V ZAČETNI BILANCI
The construction contracts
Pogodbe o gradbenih delih
The Norwegian authorities have explained that as of 1 January 2003 all new construction contracts (for works such as roads, tunnels, docks and bridges) were subject to a public procurement procedure.
Norveški organi so pojasnili, da so bile od 1. januarja 2003 vse nove pogodbe o gradbenih delih (za dela, kot je gradnja cest, predorov, dokov in mostov) predmet javnega naročanja.
However, the existing construction project had to be transferred to Mesta AS in order to continue the completion of ongoing construction projects.
Vendar je bilo treba obstoječe gradbene projekte prenesti na družbo Mesta AS zaradi nadaljevanja tekočih gradbenih projektov.
The existing contracts varied in terms of complexity and duration but all expired in the course of one or two years after the establishment of Mesta AS.
Veljavne pogodbe so se razlikovale po kompleksnosti in trajanju, vse pa so potekle v letu ali dveh po ustanovitvi družbe Mesta AS.
The Norwegian authorities have explained that the construction contracts were transferred to Mesta AS at the prices originally fixed for such contracts.
Norveški organi so pojasnili, da so bile pogodbe o gradbenih delih prenesene na družbo Mesta AS po cenah, ki so bile zanje prvotno določene.
In the view of the Norwegian authorities such prices reflect market prices.
Po mnenju norveških organov take cene odsevajo tržne cene.
Prior to 1 January 2003 a fair part of the construction contracts were tendered out and the Public Road Administration therefore gained some experience with the level of the market price.
Do 1. januarja 2003 je bil precejšen del pogodb o gradbenih delih sklenjen na podlagi javnega razpisa, zato je Uprava za javne ceste pridobila nekaj izkušenj s tržnimi cenami.
Moreover, the prices of internal construction contracts between the Public Road Administration and the Production Department had to be concluded in compliance with internal guidelines which contained rules on how to price internal contracts [83].
Poleg tega je bilo treba cene notranjih pogodb o gradbenih delih med Upravo za javne ceste in Oddelkom za gradnjo določati v skladu z notranjimi smernicami, ki so vsebovale pravila o določanju cen notranjih pogodb [83].
According to the internal guidelines the price experience obtained in the context of open tenders has to form the basis for fixing the prices of internal contracts: Either such public tender prices should be used directly, or the prices of internal contracts should be based on estimates tested against the market and (where relevant) reduced to the market level [84].
V skladu z notranjimi smernicami so morale biti izkušnje s cenami, pridobljene v okviru javnih razpisov, podlaga za določanje cen notranjih pogodb: take cene z javnih razpisov naj bi uporabili neposredno ali pa naj bi cene notranjih pogodb temeljile na ocenah, preverjenih na trgu in (kjer je primerno) znižanih na tržno raven [84].
In either case the overall condition of the Road Administration was that prices fixed in internal agreements should reflect the price level of the market [85].
V obeh primerih je Uprava za ceste postavila splošni pogoj, da morajo cene, določene v notranjih sporazumih, odsevati raven cene na trgu [85].
Finally, the Norwegian authorities also clarified that apart from taxes and duties imposed on all services fiscal and other regulatory requirements did not influence the price at which the contracts were transferred [86].
Na koncu so norveški organi še pojasnili, da razen davkov in dajatev, naloženih na vse storitve, davčni in drugi pravni predpisi niso vplivali na ceno, po kateri so bile prenesene pogodbe [86].
The prices at which the construction contracts were transferred to Mesta AS were the same as those used for purposes of determining the revenues of the contracts in the discounted cash flow analysis.
Cene, po katerih so bile pogodbe o gradbenih delih prenesene na družbo Mesta AS, so bile enake kot cene, uporabljene za določitev prihodkov pogodb v analizi diskontiranega denarnega toka.
The operation and maintenance contracts
Pogodbe o upravljanju in vzdrževanju
102 existing operation and maintenance contracts (‘funksjonsavtaler’) were taken over by Mesta AS [87].
Družba Mesta AS je prevzela 102 veljavni pogodbi o upravljanju in vzdrževanju („funksjonsavtaler“) [87].
Upon expiry of the operation and maintenance contracts the Public Road Administration put about 25 % of the contracts up for public tender per 1 September each year in the following manner:
Po poteku pogodb o upravljanju in vzdrževanju je Uprava za javne ceste vsako leto 1. septembra približno 25 % pogodb razpisala na javnih razpisih:
Category A 24 contracts, which expired during the autumn of 2003;
kategorija A 24 pogodb, ki so potekle jeseni 2003;
Category B 25 contracts, which expired during the autumn of 2004;
kategorija B 25 pogodb, ki so potekle jeseni 2004;
Category C 27 contracts, which expired during the autumn of 2005;
kategorija C 27 pogodb, ki so potekle jeseni 2005;
Category D 26 contracts, which expired during the autumn of 2006.
kategorija D 26 pogodb, ki so potekle jeseni 2006.
While each category covers contracts covering geographic areas evenly spread throughout Norway (so as to ensure continued stability in service provision) the categories also correspond to the level of difficulty as regards the work to be carried out.
Vsaka kategorija zajema geografska območja, ki so enakomerno porazdeljena po Norveški (zaradi zagotovitve trajne stabilnosti izvajanja storitev), kategorije pa ustrezajo tudi stopnji zahtevnosti dela, ki ga je treba opraviti.
In this regard, Category A include the simplest contract work in small areas (that is, areas which pose minimum challenges as regards the traffic and weather conditions and the type of road) while Category D includes contract work of a difficult character both in terms of the road (such as mountain and cliff roads) and traffic and weather.
V tem smislu vključuje kategorija A najpreprostejša pogodbena dela na majhnih območjih (tj. območjih, ki pomenijo najmanjši izziv glede prometnih in vremenskih razmer ter vrste cest), kategorija D pa zahtevna pogodbena dela tako glede vrste cest (kot so gorske ceste ali ceste na klifih) kot glede prometa in vremena.
Categories B and C cover contract work between the two extremes.
Kategoriji B in C zajemata dela med obema skrajnostma.
The Norwegian authorities have explained that the prices of the services provided under the operation and maintenance contracts entered into by the Production Department were maintained upon transfer of the contracts to Mesta AS.
Norveški organi so pojasnili, da so se cene storitev, opravljenih v skladu s pogodbami o upravljanju in vzdrževanju, ki jih je sklenil Oddelek za gradnjo, po prenosu teh pogodb na družbo Mesta AS ohranile.
The value at which the contracts were transferred
Vrednost, po kateri so bile prenesene pogodbe
The prices at which the contracts have been transferred appear from an excel spreadsheet submitted by the Norwegian authorities which is similar to the spreadsheet previously submitted by Veidekke ASA [88].
Cene, po katerih so bile pogodbe prenesene, so razvidne iz Excelove razpredelnice, ki so jo predložili norveški organi in je podobna razpredelnici, ki jo je pred tem predložila družba Veidekke ASA [88].
Following the Opening Decision the Norwegian authorities have updated the estimate of the total price at which the construction contracts have been transferred to Mesta AS from NOK 2960 million to NOK 2942 million [89].
Po odločbi o sprožitvi postopka so norveški organi posodobili oceno skupne cene, po kateri so bile pogodbe o gradbenih delih prenesene na družbo Mesta AS, z 2960 milijonov NOK na 2942 milijonov NOK [89].
The Norwegian authorities have also updated the estimate of the total price at which the operation and maintenance contracts have been transferred to Mesta AS from NOK 5750 million to NOK 5866 million.
Norveški organi so posodobili tudi oceno skupne cene, po kateri so bile pogodbe o upravljanju in vzdrževanju prenesene na družbo Mesta AS, s 5750 milijonov NOK na 5866 milijonov NOK.
The overview does not indicate the price of individual contracts.
Pregled ne navaja cene posameznih pogodb.
Price level resulting from subsequent tenders
Raven cen, dobljena iz poznejših razpisov
One of the conclusions in the report was that the cost level of the transitional contracts which have been subject to public tenders during 2003 appear to be about 32 % below the original cost level of comparable transitional contracts transferred to Mesta AS.
V skladu z eno od ugotovitev poročila je razvidno, da je bila raven stroškov pri prehodnih pogodbah, ki so bile predmet javnih razpisov v letu 2003, približno 32 % pod prvotno ravnijo stroškov primerljivih prehodnih pogodb, prenesenih na družbo Mesta AS.
The Norwegian authorities have commented that it is correct that the Public Road Administration did not enter into re-negotiations for purposes of obtaining a price reduction in respect of the (remaining) transitional contracts.
Norveški organi so potrdili, da se Uprava za javne ceste ni lotila ponovnih pogajanj, da bi dosegla znižanje cene glede (preostalih) prehodnih pogodb.