natgillin/translations-raw huggingface dataset:
whether the starting position of the public bodies and the private operators involved is comparable with regard to the transaction, taking into account, for instance, their prior economic exposure vis-à-vis the undertakings concerned (see section 4.2.3.3) [142], the possible synergies which can be achieved [143], the extent to which the different investors bear similar transaction costs [144], or any other circumstance specific to the public body or private operator which could distort the comparison.
ali je posredovanje zasebnih subjektov resnično gospodarsko pomembno in ne gre le za nekaj simboličnega ali postranskega [141]; ter
The ‘pari passu’ condition may not be applicable in some cases where the public involvement (in view of its unique nature or magnitude) is such that it could in practice not be replicated by a market economy operator.
ali je izhodišče udeleženih oseb javnega prava in zasebnih subjektov glede transakcije primerljivo, ob upoštevanju, na primer, njihove pretekle izpostavljenosti do zadevnih podjetij (glej oddelek 4.2.3.3) [142], možnih sinergij, ki jih je mogoče doseči [143], v kakšnem obsegu različni vlagatelji krijejo podobne stroške transakcije [144], ali katerih koli drugih posebnih okoliščin osebe javnega prava ali zasebnega subjekta, ki bi lahko izkrivljale primerjavo.
The sale and purchase of assets, goods and services (or other comparable transactions) through competitive, transparent, non-discriminatory and unconditional tenders
Enakovredni pogoj se morda ne more uporabljati v nekaterih primerih, kadar je javna udeležba (v smislu edinstvene narave ali obsega) takšna, da je v praksi udeleženec v tržnem gospodarstvu ne bi mogel doseči.
If the sale and purchase of assets, goods and services (or other comparable transactions [145]) are carried out following a competitive [146], transparent, non-discriminatory and unconditional tender procedure in line with the principles of the EEA Agreement on public procurement [147] (see paragraphs 90 to 94), it can be presumed that those transactions are in line with market conditions, provided that the appropriate criteria for selecting the buyer or seller as set out in paragraphs 95 and 96 have been used.
Prodaja in nakup sredstev, blaga in storitev (ali druge primerljive transakcije) prek konkurenčnega, preglednega, nediskriminatornega in brezpogojnega razpisa
In contrast, if an EEA State decides to provide support, for public policy reasons, to a certain activity and tenders out, for example, the amount of funding provided, such as in the case of support to the production of renewable energy or to the mere availability of electricity generation capacity, this would not fall in the scope of this sub-section (ii).
Če se prodaja in nakup sredstev, blaga in storitev (ali druge primerljive transakcije [145]) izvede s konkurenčnim [146], preglednim, nediskriminatornim in brezpogojnim postopkom javnega naročanja v skladu z načeli Sporazuma EGP o javnih naročilih [147] (glej točke 90 do 94), se lahko predpostavlja, da so te transakcije v skladu s tržnimi pogoji, če so bila uporabljena ustrezna merila za izbor kupca ali prodajalca, določena v točkah 95 in 96.
In such a situation a tender can only minimize the amount granted but cannot exclude an advantage.
Nasprotno pa se ta pododdelek (ii) ne bi uporabljal, če se država EGP odloči za podpiranje določene dejavnosti zaradi interesa javne politike in na primer znesek zagotovljenega financiranja zagotovi prek razpisa za podpiranje proizvodnje energije iz obnovljivih virov ali za samo razpoložljivost zmogljivosti za proizvodnjo električne energije.
A tender procedure has to be competitive to allow all interested and qualified bidders to participate in the process.
V takem primeru lahko razpis le zmanjša dodeljeni znesek, ne more pa izključiti prednosti.
The procedure has to be transparent to allow all interested tenderers to be equally and duly informed at each stage of the tender procedure.
Postopek javnega naročanja mora biti konkurenčen, da lahko v postopku sodelujejo vsi zainteresirani ponudniki, ki izpolnjujejo pogoje.
Accessibility of information, sufficient time for interested tenderers, and the clarity of the selection and award criteria are all crucial elements for a transparent selection procedure.
Postopek mora biti pregleden, da se vsem zainteresiranim ponudnikom omogoči enaka in ustrezna stopnja obveščenosti v vseh fazah postopka javnega naročanja.
A tender has to be sufficiently well-publicised, so that all potential bidders can take note of it.
Dostop do informacij, dovolj časa za zainteresirane ponudnike ter jasnost meril za izbor in dodelitev so vsi bistveni elementi preglednega izbirnega postopka.
The degree of publicity needed to ensure sufficient publication in a given case depends on the characteristics of the assets, goods and services.
Razpis mora biti zadostno oglaševan, tako da ga lahko opazijo vsi potencialni ponudniki.
Assets, goods and services which may attract bidders operating on a Europe-wide or international scale in view of their high value or other features should be publicised in such a manner as to attract potential bidders operating on a Europe-wide or international scale [148].
Stopnja oglaševanja, ki je potrebna za zagotavljanje zadostne objave v danem primeru, je odvisna od značilnosti sredstev, blaga in storitev.
Non-discriminatory treatment of all bidders at all stages of the procedure and objective selection and award criteria specified in advance of the process are indispensable conditions for ensuring that the resulting transaction is in line with market conditions.
Sredstva, blago in storitve, ki zaradi svoje visoke vrednosti ali drugih značilnosti lahko pritegnejo ponudnike, ki poslujejo na evropski ali mednarodni ravni, je treba oglaševati na tak način, da bi pritegnili potencialne kupce, ki poslujejo na evropski ali mednarodni ravni [148].
To guarantee equal treatment, the criteria for the award of the contract should enable tenders to be compared and assessed objectively.
Nediskriminatorno obravnavanje vseh ponudnikov v vseh fazah postopka ter objektivna merila za izbor in dodelitev, določena že pred postopkom, so nujni pogoji, da se zagotovi, da je transakcija, ki je rezultat postopka, skladna s tržnimi pogoji.
Using and complying with the procedures provided for in the Public Procurement Directives [149] can be considered sufficient to meet the requirements above provided that all the conditions for the use of the respective procedure are fulfilled.
Za zagotovitev enakega obravnavanja bi morala merila za oddajo naročila omogočiti objektivno primerjavo in oceno ponudb.
This does not apply in specific circumstances that make it impossible to establish a market price, such as the use of the negotiated procedure without publication of a contract notice.
Uporaba postopkov iz direktiv o javnem naročanju [149] in skladnost z njimi se lahko štejeta za zadostno za izpolnitev zgoraj navedenih zahtev, če so izpolnjeni vsi pogoji za uporabo ustreznega postopka.
If only one bid is submitted, the procedure would not normally be sufficient to ensure a market price, unless either (i) there are particularly strong safeguards in the design of the procedure ensuring genuine and effective competition and it is not apparent that only one operator is realistically able to submit a credible bid or (ii) the public authorities verify through additional means that the outcome corresponds to the market price.
To ne velja v posebnih okoliščinah, v katerih tržne cene ni mogoče določiti, na primer pri uporabi postopka s pogajanji brez predhodne objave obvestila o javnem naročilu.
A tender for the sale of assets, goods or services is unconditional when a potential buyer is generally free to acquire the assets, goods or services to be sold and to use them for its own purposes irrespective of whether or not it runs certain businesses.
Če je predložena samo ena ponudba, postopek običajno ne bi zadoščal za zagotovitev tržne cene, razen če (i) ima postopek vgrajene posebej močne varovalke, ki zagotavljajo pravo in učinkovito konkurenco in ni očitno, da je samo en subjekt realistično zmožen predložiti verodostojno ponudbo ali (ii) javni organi z dodatnimi sredstvi preverijo, da izid ustreza tržni ceni.
If there is a condition that the buyer is to assume special obligations for the benefit of the public authorities or in the general public interest, which a private seller would not have demanded – other than those arising from general domestic law or a decision of the planning authorities —, the tender cannot be considered unconditional.
Razpis za prodajo sredstev, blaga ali storitev je brezpogojen, če ima potencialni kupec na splošno možnost, da kupi sredstva, blago ali storitve, ki so naprodaj in jih uporablja za lastne namene, ne glede na to, ali upravlja posamezne poslovne enote.
When public bodies sell assets, goods and services, the only relevant criterion for selecting the buyer should be the highest price [150], also taking into account the requested contractual arrangements (for example the vendor's sales guarantee or other post-sale commitments).
Če obstaja pogoj, da mora kupec prevzeti posebne obveznosti v korist javnih organov ali v splošnem javnem interesu, ki jih zasebni prodajalec ne bi zahteval – razen tistih, ki izhajajo iz splošne nacionalne zakonodaje ali odločitve organov za načrtovanje –, se razpis ne more šteti za brezpogojnega.
Only credible [151] and binding offers should be considered [152].
Kadar osebe javnega prava prodajo sredstva, blago in storitve, bi morala biti najvišja cena edino pomembno merilo za izbiro kupca [150], pri čemer se upoštevajo tudi zahtevane pogodbene ureditve (na primer prodajno jamstvo prodajalca ali druge poprodajne zaveze).
When public bodies buy assets, goods and services, any specific conditions attached to the tender should be non-discriminatory and closely and objectively related to the subject matter and to the specific economic objective of the contract.
Obravnavane bi morale biti samo verodostojne [151] in zavezujoče ponudbe [152].
They should allow for the most economically advantageous offer to match the value of the market.
Kadar osebe javnega prava kupijo sredstva, blago in storitve, bi morali biti vsi posebni pogoji, določeni v razpisu, nediskriminatorni ter natančno in objektivno povezani z vsebino in posebnim ekonomskim ciljem javnega naročila.
The criteria therefore should be defined in such a way as to allow for an effectively competitive tendering procedure which leaves the successful bidder with a normal return, not more.
Morali bi omogočiti, da se ekonomsko najugodnejša ponudba ujema s tržno vrednostjo.
In practice, this implies the use of tenders which put significant weight on the ‘price’ component of the bid or which are otherwise likely to achieve a competitive outcome (e.g. certain reverse tenders with sufficiently clear-cut award criteria).
Merila bi morala torej biti opredeljena tako, da je mogoč dejansko konkurenčen postopek javnega naročanja, na podlagi katerega bo izbran ponudnik imel običajni donos in nič več.
Establishing whether a transaction is in line with market conditions on the basis of benchmarking or other assessment methods
V praksi to pomeni uporabo razpisov, ki precej poudarjajo „cenovno“ komponento ponudbe ali ki bi drugače verjetno dosegli konkurenčni izid (npr. nekatere obratne dražbe z dovolj jasnimi merili za dodelitev).
If a transaction has been realised through a tender or on ‘pari passu’ terms, this provides direct and specific evidence of compliance with market conditions.
Ugotavljanje, ali je transakcija v skladu s tržnimi pogoji na podlagi primerjalne analize ali druge metode presoje
However, if a transaction has not been realised through a tender, or if the intervention of the public bodies is not ‘pari passu’ with that of private operators, this does not automatically mean that the transaction does not comply with market conditions [153].
Če je bila transakcija opravljena prek razpisa ali pod enakovrednimi pogoji, to zagotavlja neposredne in specifične dokaze o skladnosti transakcije s tržnimi pogoji.
In such cases compliance with market conditions can still be assessed through (i) benchmarking or (ii) other assessment methods [154].
Vendar če transakcija ni bila opravljena prek razpisa ali če posredovanje oseb javnega prava ni enakovredno posredovanju zasebnih subjektov, to ne pomeni avtomatično, da transakcija ni skladna s tržnimi pogoji [153].
Benchmarking
V takšnih primerih se skladnost s tržnimi pogoji lahko še vedno lahko presoja s (i) primerjalno analizo ali (ii) drugimi metodami presoje [154].
To establish whether a transaction is in compliance with market conditions, that transaction can be assessed in the light of the terms under which comparable transactions carried out by comparable private operators have taken place in comparable situations (benchmarking).
Primerjalna analiza
To identify an appropriate benchmark, it is necessary to pay particular attention to the kind of operator concerned (for example a group holding, a speculative fund, or a long-term investor seeking to secure profits in the longer run), the type of transaction at stake (for example equity participation or debt transaction) and the market or markets concerned (for example financial markets, fast-growing technology markets, utility or infrastructure markets).
Za določitev, ali je transakcija v skladu s tržnimi pogoji, se transakcija lahko presoja glede na pogoje, pod katerimi so bile izvedene primerljive transakcije, ki jih opravljajo primerljivi zasebni subjekti v primerljivih okoliščinah (primerjalna analiza).
The timing of the transactions is also particularly relevant when significant economic developments have taken place.
Za opredelitev ustrezne primerjalne analize je treba posvetiti posebno pozornost vrsti subjekta (npr. holdinška družba, špekulativni sklad ali dolgoročni vlagatelj, ki želi dolgoročno zavarovati dobiček), vrsti zadevne transakcije (npr. udeležba v lastniškem kapitalu ali dolžniška transakcija) ter zadevnim trgom (npr. finančni trgi, hitro rastoči tehnološki trgi, trgi javnih služb ali infrastrukturni trgi).
Where appropriate, the available market benchmarks may need to be adjusted according to the specific features of the State transaction (for instance, the situation of the beneficiary undertaking and of the relevant market) [155].
V primeru pomembnih gospodarskih dogodkov je zelo pomemben tudi časovni okvir transakcije.
Benchmarking may not be an appropriate method to establish market prices if the available benchmarks have not been defined with regard to market considerations or the existing prices are significantly distorted by public interventions.
Po potrebi je treba obstoječe primerjalne analize prilagoditi glede na posebnosti državne transakcije (na primer položaj upravičenega podjetja in razmere na upoštevnem trgu) [155].
Benchmarking often does not establish one precise reference value but rather establishes a range of possible values by assessing a set of comparable transactions.
Primerjalna analiza morda ni primeren način za določitev tržnih cen, če razpoložljive primerjalne analize niso bile opredeljene ob upoštevanju tržnih okoliščin ali so obstoječe cene znatno izkrivljene zaradi javnega posredovanja.
Where the aim of the assessment is to consider whether the State intervention is in line with market conditions, it is normally appropriate to consider measures of central tendency such as the average or the median of the set of comparable transactions.
S primerjalno analizo se pogosto ne določi ena sama natančna referenčna vrednost, ampak se s presojo sklopa primerljivih transakcij določi lestvica možnih vrednosti.
Other assessment methods
Če je cilj presoje ugotovitev, ali je državno posredovanje v skladu s tržnimi pogoji, je običajno primerno preučiti meritve osrednje usmeritve, kot so povprečje ali mediana nizov primerljivih transakcij.
Whether a transaction is in line with market conditions can also be established on the basis of a generally-accepted, standard assessment methodology [156].
Druge metode presoje
Such a methodology must be based on the available objective, verifiable and reliable data [157], which should be sufficiently detailed and should reflect the economic situation at the time at which the transaction was decided, taking into account the level of risk and future expectations [158].
Ali je transakcija v skladu s tržnimi pogoji, se lahko določi tudi na podlagi splošno priznane, standardne metodologije presoje [156].
Depending on the value of the transaction, the robustness of the evaluation should normally be corroborated by performing a sensitivity analysis, assessing different business scenarios, preparing contingency plans and comparing the results with alternative evaluation methodologies.
Taka metoda mora temeljiti na razpoložljivih objektivnih, preverljivih in zanesljivih podatkih [157], ki morajo biti dovolj podrobni in odražati gospodarske razmere v času, ko je bila sprejeta odločitev za transakcijo, ob upoštevanju ravni tveganja in prihodnjih pričakovanj [158].
A new (ex-ante) valuation may need to be carried out if the transaction is delayed and it is necessary to take into account recent changes in market conditions.
Glede na vrednost transakcije bi morala biti zanesljivost vrednotenja običajno podprta z izvedbo analize občutljivosti, presojo različnih poslovnih scenarijev, pripravo kriznih načrtov in primerjavo rezultatov z alternativnimi metodami vrednotenja.
A widely accepted standard methodology to determine the (annual) return on investments is to calculate the internal rate of return (IRR) [159].
Novo (predhodno) vrednotenje je morda potrebno, če pri transakciji pride do zamude in je treba upoštevati nedavne spremembe v tržnih pogojih.
One can also evaluate the investment decision in terms of its net present value (NPV) [160], which produces results equivalent to the IRR in most cases [161].
Splošno sprejeta standardna metodologija za določitev (letne) donosnosti naložb je izračun notranje stopnje donosa (IRR) [159].
To assess whether the investment is carried out on market terms, the return on the investment must be compared to the normal expected market return.
Odločitev za naložbo je mogoče oceniti tudi na podlagi neto sedanje vrednosti (NPV) [160], ki v večini primerov da rezultat, enakovreden notranji stopnji donosa [161].
A normal expected return (or cost of capital of the investment) can be defined as the average expected return that the market requires from the investment on the basis of generally accepted criteria, in particular the risk of the investment, taking into account the financial position of the company and the specific features of the sector, region or country.
Za presojo, ali je naložba izvedena pod tržnimi pogoji, je treba donosnost naložbe primerjati s pričakovanim običajnim tržnim donosom.
If this normal return cannot be reasonably expected, then the investment would most likely not be pursued on market terms.
Običajen pričakovani donos (ali stroški kapitala naložbe) se lahko opredeli kot povprečen pričakovani donos, ki ga trg zahteva od naložbe na podlagi splošno sprejetih meril, zlasti naložbenega tveganja, ob upoštevanju finančnega položaja podjetja in posebnosti sektorja, regije ali države.
In general, the riskier the project, the higher the rate of return that fund providers will demand, that is to say the higher the cost of capital.
Če običajnega donosa ni mogoče razumno pričakovati, naložba najverjetneje ne bi bila izvedena pod tržnimi pogoji.
The appropriate assessment methodology may depend on the market situation [162], data availability or the type of transaction.
Na splošno velja, da čim bolj je projekt tvegan, tem višjo stopnjo donosa bodo zahtevali financerji, tj. tem višji bodo stroški kapitala.
For instance, whereas an investor seeks to generate a profit by investing in undertakings (in which case IRR or NPV are likely to be the most appropriate method), a creditor seeks to obtain payment of sums owed to it (the principal sum and any interest) by a debtor within the contractually and legally determined period [163] (in which case the evaluation of collateral, for example the asset value, could be more relevant).
Ustrezna metodologija presoje je lahko odvisna od razmer na trgu [162], razpoložljivosti podatkov ali vrste transakcije.
In the case of sales of land, an independent expert evaluation prior to the sale negotiations to establish the market value on the basis of generally accepted market indicators and valuation standards is in principle satisfactory [164].
Medtem ko vlagatelj želi ustvariti dobiček z vlaganjem v podjetja (v tem primeru je metoda notranje stopnje donosa ali neto sedanje vrednosti verjetno najustreznejša), upnik skuša pridobiti plačilo zneskov (glavnica in obresti), ki mu jih dolguje dolžnik, v pogodbeno in zakonsko določenem obdobju [163] (v tem primeru bi bilo vrednotenje zavarovanja s premoženjem, na primer vrednost sredstev, verjetno ustreznejše).
Methods to establish the IRR or NPV of an investment do not typically result in one precise value that could be accepted, but rather in a range of possible values (depending on the economic, legal and other specific circumstances of the transaction inherent in the assessment method).
Pri prodaji zemljišč je načeloma sprejemljivo, če se z oceno neodvisnega strokovnjaka pred dogovori o prodaji določi tržna vrednost na podlagi splošno sprejetih tržnih kazalcev in cenilskih standardov [164].
Where the aim of the assessment is to consider whether the State intervention is in line with market conditions, it is normally appropriate to consider measures of central tendency, such as the average or the median of the set of comparable transactions.
Metode za določitev notranje stopnje donosa ali neto sedanje vrednosti naložbe običajno ne privedejo do ene same natančne vrednosti, ki bi jo lahko sprejeli, temveč do razpona možnih vrednosti (odvisno od gospodarskih, pravnih in drugih posebnih okoliščin transakcije, ki se upoštevajo pri metodi presoje).
Prudent market economy operators typically assess their interventions by using several different methodologies to corroborate the estimates (for instance, NPV calculations are validated by benchmarking methods).
Če je cilj presoje ugotoviti, ali je državno posredovanje v skladu s tržnimi pogoji, je običajno primerno preučiti meritve osrednje usmeritve, kot so povprečje ali mediana nizov primerljivih transakcij.
The different methodologies converging at the same value will provide a further indication for establishing a genuine market price.
Za potrditev svojih ocen preudarni udeleženci v tržnem gospodarstvu ponavadi presojajo svoja posredovanja z uporabo več različnih metodologij (izračuni neto sedanje vrednosti se na primer potrdijo z metodami primerjalne analize).
Thus, the presence of complementary valuation methodologies corroborating each other's findings will be considered a positive indication when assessing whether a transaction is in line with market conditions.
Različne metodologije, ki ugotovijo iste vrednosti, so dodaten pokazatelj za določitev resnične tržne cene.
Counterfactual analysis in the case of prior economic exposure to the undertaking concerned
Zato se bo prisotnost dopolnilnih metodologij vrednotenja, ki medsebojno potrjujejo ugotovitve, štela za pozitiven pokazatelj pri presoji, ali je transakcija v skladu s tržnimi pogoji.
The fact that the public body concerned has prior economic exposure to an undertaking should be taken into consideration when examining whether a transaction is in line with market conditions, provided that a comparable private operator could have such prior exposure (for example in its capacity of shareholder of an undertaking) [165].
Analiza nasprotnih dejstev v primeru predhodne gospodarske izpostavljenosti zadevnemu podjetju
Prior exposure must be considered in the framework of counterfactual scenarios for the purpose of the MEO test.
Dejstvo, da je bila zadevna oseba javnega prava predhodno gospodarsko izpostavljena podjetju, je treba upoštevati pri ugotavljanju, ali je bila transakcija izvedena v skladu s tržnimi pogoji, pod pogojem, da bi primerljivi zasebni subjekt lahko bil predhodno izpostavljen na tak način (na primer kot delničar podjetja) [165].