natgillin/translations-raw huggingface dataset:
The bidding procedure followed in the case at hand did not comply with the definition foreseen under Chapter 18B.2.1(1)(b).
Postopek za oddajo naročila, izveden v tem primeru, ni upošteval definicije iz Poglavja 18B.2.1(1)(b).
First of all, it was not sufficiently publicised.
Prvič, ni bil v zadostni meri oglaševan.
Moreover, it only served to select a future buyer with whom the price was negotiated afterwards.
Poleg tega je bil namenjen zgolj izbiri prihodnjega kupca, s katerim so se pogajanja o ceni začela šele pozneje.
Regarding the alternative procedure, i.e. the sale on the basis of an independent expert evaluation, in the case at hand, an expert, MP-verðbréf hf. established the liquidation value of Sementsverksmiðjan hf.
Kar zadeva alternativni postopek, tj. prodajo na osnovi neodvisne strokovne cenitve, je v zadevnem primeru strokovnjak, MP-verðbréf hf., določil likvidacijsko vrednost podjetja Sementsverksmiðjan hf.
Nevertheless, the company was sold as an on-going concern, implying that cement production would continue.
Kljub temu pa je bilo podjetje prodano kot delujoča družba, kar je pomenilo, da se bo proizvodnja cementa nadaljevala.
In these circumstances, it cannot be presumed that the liquidation value corresponded to the market value excluding the existence of State aid without further assessment.
V teh okoliščinah ni bilo mogoče brez nadaljnje ocene sklepati, da je likvidacijska vrednost ustrezala tržni vrednosti brez obstoja državne pomoči.
It seems necessary to determine which is the more appropriate method to determine the market value of a company in these circumstances and to carry out an assessment accordingly.
Zdi se, da je treba določiti, katera metoda je v takšnih okoliščinah najprimernejša za določanje tržne vrednosti podjetja in temu primerno izvesti oceno.
A further analysis of what the market price of the company could be and whether any State aid was involved in the sale of Sementsverksmiðjan hf.’s shares to Íslenskt sement ehf. is given in the following.
Nadaljnja analiza, kolikšna bi bila lahko tržna vrednost podjetja in ali je prodaja delnic podjetja Sementsverksmiðjan hf. podjetju Íslenskt sement ehf. vključevala kakšno državno pomoč, sledi v nadaljevanju.
State aid assessment of the sale of shares
Ocena državne pomoči pri prodaji delnic
In order for a measure to be considered State aid within the meaning of Article 61(1) of the EEA Agreement, it must fulfil the following cumulative conditions:
Če naj se ukrep šteje za državno pomoč v smislu člena 61(1) Sporazuma EGP, mora izpolnjevati naslednje kumulativne pogoje:
the aid constitutes a selective advantage,
pomoč pomeni selektivno prednost,
the aid is granted through State resources,
pomoč se zagotavlja iz državnih virov,
the aid distorts or threatens to distort competition,
pomoč izkrivlja ali bi lahko izkrivljala konkurenco,
and affects trade between the Contracting Parties to the EEA Agreement.
in vpliva na trgovino med pogodbenicami Sporazuma EGP.
A selective advantage — market price
Selektivna prednost – tržna cena
A measure which grants an advantage to certain specific beneficiaries, and which is not a general measure, fulfils the first of the conditions mentioned above.
Ukrep, ki zagotavlja prednost nekaterim določenim upravičencem in ki ni splošni ukrep, izpolnjuje prvega od zgoraj naštetih pogojev.
It is therefore necessary to establish whether the undertaking concerned receives an economic advantage which it would not have obtained under normal market conditions [10].
Zato je treba ugotoviti, ali zadevno podjetje prejme gospodarsko prednost, ki je ne bi mogel dobiti v normalnih tržnih pogojih [10].
Article 61(1) of the EEA Agreement does not distinguish between State interventions by reference to their causes or their objectives but defines them by reference to their effects [11].
Člen 61(1) Sporazuma EGP ne razlikuje med državnimi posegi glede na njihove vzroke ali cilje, temveč jih opredeljuje glede na njihove učinke [11].
It follows that the concept of aid is an objective one, the test being whether a State measure confers an advantage on one or more particular undertakings [12].The acquisition of assets for a price under their market value constitutes, in principle, an advantage.
Iz tega izhaja, da je koncept pomoči objektiven, merilo pa je, ali državni ukrep daje prednost enemu ali več posameznim podjetjem [12].Nakup sredstev po ceni, nižji od njihove tržne vrednosti, načeloma pomeni prednost.
Therefore, had Íslenskt sement ehf. paid for Sementsverksmiðjan hf. a price which corresponded to the market value of the company, it would have obtained no advantage from this transaction.
Zato v primeru, če bi podjetje Íslenskt sement ehf. za podjetje Sementsverksmiðjan hf. plačalo ceno, ki bi ustrezala tržni vrednosti podjetja, pri tej transakciji ne bi pridobilo nikakršne prednosti.
In order to determine whether Íslenskt sement ehf. paid a price of the State’s shares below their market value, the Authority entrusted an independent expert with the assessment of the market value of Sementsverksmiðjan hf. at the time the sale took place.
Da bi ugotovil, ali je podjetje Íslenskt sement ehf. plačalo ceno za državne delnice pod njihovo tržno vrednostjo, je Nadzorni organ oceno tržne vrednosti podjetja Sementsverksmiðjan hf. v času prodaje zaupal neodvisnemu strokovnjaku.
The independent expert assessed the market value of the company once the whole transaction was completed, taking into account the undertaking which continues operations.
Neodvisni strokovnjak je ocenil tržno vrednost podjetja po tem, ko je bila celotna transakcija zaključena in upošteval podjetje, ki nadaljuje s poslovanjem.
This means that the independent expert assessed the market value of Sementsverksmiðjan hf. after the National Treasury of Iceland had re-purchased some assets of the company which were not necessary for cement production [13], and the Ministry of Finance had taken over pension-related liabilities of the company.
To pomeni, da je neodvisni strokovnjak ocenil tržno vrednost podjetja Sementsverksmiðjan hf. po tem, ko je Islandska nacionalna zakladnica kupila nazaj nekatera sredstva podjetja, ki niso bila potrebna za proizvodnjo cementa [13] in je Ministrstvo za finance prevzelo pokojninske obveznosti podjetja.
In other words, the independent expert assessed the market value of what Íslenskt sement ehf. really purchased, i.e. the shares in a stripped-off company.
Z drugimi besedami, neodvisni strokovnjak je ocenil tržno vrednost tistega, kar je podjetje Íslenskt sement ehf. dejansko kupilo, tj. delnice okleščenega podjetja.
In the opinion of the independent expert, the only method that can give an idea of what might be the fair value of the company in a transaction like the sale of the State’s shares in Sementsverksmiðjan hf. is the method of discounting estimated future cash flows (value in use) [14].
Po mnenju neodvisnega strokovnjaka je edina metoda, ki lahko da približno oceno, kolikšna je primerna tržna vrednost podjetja v transakciji, kakršna je bila prodaja državnih delnic v podjetju Sementsverksmiðjan hf., metoda diskontiranja ocenjenih prihodnjih denarnih tokov (uporabna vrednost) [14].
The net present value of the expected cash-flows from future use of a fixed asset represents the calculation of an investor for the outcome of a potential project.
Čista sedanja vrednost pričakovanih denarnih tokov iz prihodnje uporabe stalnih sredstev je izračun vlagatelja za rezultat morebitnega projekta.
Cash-flow projections may therefore vary with the strategies of each individual investor.
Projekcije denarnih tokov se torej lahko razlikujejo glede na strategije vsakega posameznega vlagatelja.
Therefore, in the opinion of the independent expert, the best approach to follow was to identify a range of possible outcomes for the value in use, establishing an upper and a lower limit to the outcomes.
Zato je bil po mnenju neodvisnega strokovnjaka najprimernejši pristop določiti vrsto morebitnih rezultatov za uporabno vrednost in pri tem določiti zgornjo ter spodnjo mejo rezultatov.
The Icelandic authorities were asked to provide information and calculations necessary to establish these limits [15] to obtain an idea of the fair value of the core activity, which is cement production.
Islandski organi so bili zaprošeni, da posredujejo informacije in izračune, potrebne za določitev teh mej [15], da bi tako dobili predstavo o primerni tržni vrednosti temeljne dejavnosti, ki je proizvodnja cementa.
Once the operational value had been established, any asset added that did not belong to the core activity (such as any financial asset) represented an addition to the value, and any liability (such as any debt or other financial obligation) represented a reduction.Cash-flow scenarios presented by the Icelandic authorities
Ko je določena operativna vrednost, vsa dodana sredstva, ki niso pripadala temeljni dejavnosti (kot so vsa finančna sredstva), pomenijo dodano vrednost, vse obveznosti (kot so dolgovi ali druge finančne obveznosti) pa pomenijo zmanjšanje vrednosti.Scenariji denarnih tokov, ki so jih predstavili islandski organi
On this basis, upon the request made by the independent expert, the Icelandic authorities were asked to produce two scenarios, Scenario I that assumed cement imports to Iceland at 30 % of the total market, and Scenario II that assumed no import.
Na tej osnovi in na zahtevo neodvisnega strokovnjaka so bili islandski organi zaprošeni, da pripravijo dva scenarija, scenarij I, ki je predvideval uvoz cementa na Islandijo v obsegu 30 % celotnega trga in scenarij II, ki ni predvideval nikakršnega uvoza.
Scenario I (so-called pessimistic scenario) produced a negative net present value (hereinafter NPV) of future free cash flows of approximately ISK 1000 million, and Scenario II (so-called optimistic scenario) a positive NPV of future free cash flows of approximately ISK 200 million.
Scenarij I (tako imenovan pesimistični scenarij) je privedel do negativne čiste sedanje vrednosti (v nadaljevanju ČSV) prihodnjih prostih denarnih tokov v višini okoli 1000 milijonov ISK, scenarij II (tako imenovan optimistični scenarij) pa do pozitivne ČSV prihodnjih prostih denarnih tokov v višini okoli 200 milijonov ISK.
Adjusting the NPV measures by subtracting long-term debt and adding excess net current assets, the Icelandic Government arrived at estimated equity values of ISK – 897 million for Scenario I, and ISK 307 million for Scenario II.
S prilagoditvijo ukrepov ČSV z odštetjem dolgoročnega dolga in prištetjem presežnih neto gibljivih sredstev je islandska vlada izračunala ocenjeni lastniški kapital v znesku – 897 milijonov ISK za scenarij I in 307 milijonov ISK za scenarij II.
Capacity utilisation was decisive for the variation in outcome.
Obseg izrabe zmogljivosti je bil odločilnega pomena za razliko v rezultatih.
Variable production cost per tonne were estimated to amount to ISK 5749 in years with full capacity utilisation (130000 tonnes) to ISK 7479 in years with very low capacity utilisation (70000 tonnes).
Variabilni proizvodnji stroški na tono so bili ocenjeni v višini od 5749 ISK v letih s polno izrabo zmogljivosti (130000 ton) do 7479 v letih z zelo majhno izrabo zmogljivosti (70000 ton).
There was therefore a double economy of scale effect in the calculation, since both variable and by definition fixed costs per tonne decrease with the higher volume produced [16].
Zato sta bili pri izračunu upoštevani dve ekonomiji obsega, saj se tako variabilni kot po definiciji stalni stroški na tono zmanjšujejo z večjim obsegom proizvodnje [16].
In the accompanying letter, the Icelandic authorities argued that the optimistic scenario was not realistic, because it assumed no competition in the Icelandic cement market.
V spremnem dopisu so islandski organi trdili, da optimistični scenarij ni realen, saj ne predvideva nikakršne konkurence na islandskem trgu cementa.
In view of the investments in facilities by the Danish competitor Aalborg Portland, it was considered unlikely that competition would cease in the Icelandic cement market.
Ob upoštevanju naložb v zmogljivosti danskega konkurenta Aalborg Portland se ni zdelo verjetno, da na islandskem trgu cementa ne bi bilo več konkurence.
The Icelandic authorities did not comment upon the realism of the most pessimistic scenario.
Islandski organi niso komentirali realizma najbolj pesimističnega scenarija.
The expert criticised that a high discount rate (which included a risk premium) had been used in the models presented by the Icelandic authorities.
Strokovnjak je kritiziral visoko diskontno stopnjo (ki je vključevala premijo tveganja), ki so jo islandski organi uporabili v svojih modelih.
A high discount rate may underestimate the liability that followed from negative cash-flows and thus embellish the prospects unduly.
Visoka diskontna stopnja lahko povzroči podcenitev obveznosti, ki izhajajo iz negativnih denarnih tokov in tako neupravičeno izboljša napovedi.
Notwithstanding this criticism, for consistency reasons, the real discount rate of 12,4 % suggested by the Icelandic authorities has been used throughout the analysis in the different scenarios proposed.
Ne glede na to kritiko se je zaradi doslednosti v celotni analizi za različne predlagane scenarije uporabljala realna diskontna stopnja v višini 12,4 %, ki so jo predlagali islandski organi.
Reformulating the pessimistic scenario
Preoblikovanje pesimističnega scenarija
Scenario I showed an undertaking making continuous losses over a period of 30 years, which seems wholly irrational.
Scenarij I je prikazoval podjetje, ki bi v obdobju tridesetih let imelo neprestano izgubo, kar se zdi povsem nelogično.
Considering that the intention pursued by the independent expert with the establishment of a pessimistic scenario was to determine a lower limit for possible outcomes, Scenario I presented by the Icelandic authorities was clearly inadequate [17].
Ob upoštevanju, da je neodvisni strokovnjak z oblikovanjem pesimističnega scenarija želel določiti spodnjo mejo morebitnih rezultatov, je scenarij I, ki so ga predstavili islandski organi, očitno neprimeren [17].
Any rational investment decision is based on an expectation of a positive return.
Kakršna koli racionalna odločitev o naložbi temelji na pričakovanem pozitivnem donosu.
The question arises of how a rational investor would react if the expected positive return does not materialise.
Pojavlja se vprašanje, kako bi racionalni vlagatelj ravnal, če se pričakovani pozitiven donos ne bi uresničil.
A common behaviour in such cases would be to minimise losses in the light of revised expectations.
Splošno ravnanje v takšnem primeru bi bilo zmanjšati izgube ob upoštevanju spremenjenih pričakovanj.
Accordingly, the independent expert reformulated the pessimistic scenario on the assumption of five years time-frame with low capacity utilisation (82000 tonnes per year, equal to the average of Scenario I), low sales prices maintained at the level of 2003 (ISK 7071 per tonne), and assuming that the company would be liquidated after five years of operations.
Temu ustrezno je neodvisni strokovnjak preoblikoval pesimistični scenarij ob domnevi o petletnem obdobju z nizko izrabo zmogljivosti (82000 ton letno, enako kot povprečje v scenariju I), nizki prodajni ceni, ki bi ostala na ravni leta 2003 (7071 ISK za tono) in domnevo, da bo podjetje po petih letih poslovanja likvidirano.
It was further assumed that all negative cash-flows are carried on to the owners.
Poleg tega je bil predviden prenos vseh negativnih denarnih tokov na lastnike.
According to the expert, this seemed a reasonable strategy for the worst case scenario since any rational investment decision would be based on an expectation of a positive return and on the possibility to react if this positive return did not materialise.
Po mnenju strokovnjaka se je to zdela razumna strategija za črni scenarij, saj bi vsaka racionalna odločitev o naložbi temeljila na pričakovanem pozitivnem donosu in na možnosti ukrepanja, če se ta pozitiven donos ne bi uresničil.
A worst case scenario that would lead to the discontinuance of cement production after five years would trigger a clean up activity to be carried out immediately thereafter.
Črni scenarij, ki bi povzročil prekinitev proizvodnje cementa po petih letih, bi sprožil sanacijsko aktivnost, ki bi se izvedla neposredno po prekinitvi.
According to the lease agreement signed between Sementsverksmiðjan hf. and the town of Akranes in July 2003, ‘if cement production ceases for a continuous period of 24 months, Iceland Cement Ltd must demolish the materials storage at its own expense’ [18].
Po določilih najemne pogodbe med podjetjem Sementsverksmiðjan hf. in mestom Akranes iz julija 2003, „če se proizvodnja cementa prekine za neprekinjeno obdobje 24 mesecev, mora Iceland Cement Ltd. na lastne stroške porušiti skladišče materiala“ [18].
On the basis of the information provided by the Icelandic authorities, the clean up costs had been estimated to ISK 460 million, presumably at current prices [19].
Na osnovi informacij, ki so jih zagotovili islandski organi, so stroški sanacije ocenjeni na 460 milijonov ISK, verjetno po tekočih cenah [19].
The net effect of alternative usage of the fixed assets (such as for cement importation) and the clean-up costs were added.
Prišteta sta bila neto učinek alternativne rabe stalnih sredstev (na primer za uvoz cementa) in stroški sanacije.
According to the reformulation made by the independent expert, a cash-flow simulation on these premises gave a negative cash flow from operations of ISK 144 million each year during five years, and a net present value of a negative outlay of ISK 360 million in the sixth year.
Ob upoštevanju preoblikovanega scenarija, ki ga je pripravil neodvisni strokovnjak, je simulacija denarnih tokov ob teh domnevah privedla do negativnih denarnih tokov iz poslovanja v znesku 144 milijonov ISK letno v trajanju petih let in čisto sedanjo vrednost negativnih stroškov v višini 360 milijonov ISK v šestem letu.
The discounted value of these cash flows was calculated at ISK – 691 million, and after the adjustment for balance sheet items outside the operating cycle the value of the investment was determined at ISK – 332 million.
Diskontna vrednost teh denarnih tokov je bila izračunana v višini – 691 milijonov ISK, po prilagoditvi za druge postavke bilance stanja zunaj obratovalnega cikla pa je bila vrednost naložbe določena v znesku – 332 milijonov ISK.
Reformulating the optimistic scenario
Preoblikovanje optimističnega scenarija
The purpose of the optimistic scenario was to establish an upper limit to the possible outcomes.
Namen optimističnega scenarija je bil določiti zgornjo mejo morebitnih rezultatov.
The essential feature of an optimistic scenario was that operations should balance after five years.
Bistvena značilnost optimističnega scenarija je predvidevanje, da se bo poslovanje po petih letih uravnotežilo.
The starting point was the first operating year after privatisation, with an assumed production of 100000 tonnes, a cement price of ISK 7489, variable costs as stated in the cost formula (ISK 6381 per tonne), and overheads as assumed in scenario I (ISK 127 million).
Izhodišče je bilo prvo leto po privatizaciji, s pričakovano proizvodnjo 100000 ton, ceno cementa v višini 7489 ISK, variabilnimi stroški, kot so navedeni v stroškovni enačbi (6381 ISK za tono) in enakimi režijskimi stroški kot v scenariju I (127 milijonov ISK).
The annual cash effects of reinvestments were assumed at ISK 40, which could well exceed depreciations.
Letni denarni učinki ponovnega vlaganja so bili ocenjeni na 40 milijonov ISK, ki bi lahko tudi presegli amortizacijo.
On the basis of these assumptions, the net cash-flow for the first year was calculated at ISK – 38 million.
Na podlagi teh domnev je bila za prvo leto izračunana neto vrednost denarnih tokov v višini – 38 milijonov ISK.
Subsequently, the net cash-flow would gradually converge over five years towards zero in the sixth year.
Nato bi se neto denarni tokovi v petih letih počasi zbliževali in se v šestem letu približali ničli.
The net present value of the cash-flows of the first five years of operations was estimated at ISK – 59 million.
Čista sedanja vrednost denarnih tokov v prvih petih letih poslovanja je bila ocenjena na – 59 milijonov ISK.
Assuming that the operating profit would be close to zero thereafter, the present value of the operations in succeeding years was set to zero.
Ob domnevi, da bi bil dobiček iz poslovanja od takrat naprej blizu ničle, je bila sedanja vrednost poslovanja poznejših letih določena na vrednost nič.
In this scenario the expert assumed it was reasonable that the tax loss carry-forwards [20] would not be exploited during the first years.
V tem scenariju je strokovnjak predvidel, da je smiselno, da se prenesene davčne izgube [20] v prvih letih ne bodo izkoriščale.
The result of the operations was adjusted with balance sheet items outside the operating cycle (as it was done in the pessimistic scenario) and resulted in a net present value of ISK 300 million.
Rezultat poslovanja je bil prilagojen z drugimi postavkami bilance stanja zunaj obratovalnega cikla (kot je bilo narejeno v pesimističnem scenariju), kar je privedel do čiste sedanje vrednosti 300 milijonov ISK.
The expert used again a discount rate of 12,4 %, as in the pessimistic scenario.
Strokovnjak je tudi tokrat uporabil diskontno stopnjo v višini 12,4 %, enako kot v pesimističnem scenariju.
He pointed out that this rate reflects the cost of equity (pre-tax) only, whereas the investment project under this scenario would normally be financed for a large part with debt, thus lowering the overall required rate of return.
Poudaril je, da ta stopnja odraža zgolj stroške lastniškega kapitala (pred obdavčenjem), medtem ko bi se naložbeni projekti po tem scenariju običajno v večji meri financirali z dolgom in bi se tako zmanjšala splošna zahtevana stopnja donosnosti.
A lower discount rate would produce a less positive result, since the cash flows included are all negative.
Nižja diskontna stopnja bi povzročila manj pozitiven rezultat, saj so vključeni denarni tokovi vsi negativni.
However, he pointed out that it was important to consistently use the same rate throughout all scenarios.
Vendar pa je poudaril, da je pomembno v obeh scenarijih uporabljati enako diskontno stopnjo.
On the basis of the abovementioned assessments, in the opinion of the independent expert, it was appropriate to determine an upper and a lower limit for fair value measurements through discounting future cash-flows.
Na osnovi zgornje ocene je po mnenju neodvisnega strokovnjaka primerno določiti zgornjo in spodnjo mejo za merjenje primerne vrednosti s prihodnjimi diskontnimi denarnimi tokovi.
The lower limit would relate to the pessimistic scenario, in which cement production was to be interrupted after some years of operation, during which the owners would become persuaded that operations would not become profitable.
Spodnja meja se nanaša na pesimistični scenarij, v katerem bi bila proizvodnja cementa prekinjena po nekaj letih poslovanja, v katerih bi se lastniki prepričali, da delovanje ne bo postalo dobičkonosno.
In addition to the drain on resources from those loss-making years, the company would have to assume clean up-costs when ending the production [21].
Poleg izgube virov v teh letih izgube bi podjetje po končanju proizvodnje moralo kriti stroške sanacije prostora [21].
On the positive side in this scenario were initial stocks and financial resources, which would give positive proceeds when liquidated, as well as alternative use of some fixed assets.
Na pozitivni strani tega scenarija so začetne zaloge in finančna sredstva, ki bi ob likvidaciji dala pozitivni prihodek, skupaj z alternativno uporabo nekaterih stalnih sredstev.
On the basis of cash-flow valuations, the lowest market value of Sementsverksmiðjan hf. was estimated at ISK – 322 million.
Na podlagi vrednosti denarnih tokov je bila najnižja tržna vrednost podjetja Sementsverksmiðjan hf. ocenjena na – 322 milijonov ISK.