# Jurnalul Oficial C 290/2013

| | ISSN 1977-1029
  doi:10.3000/19771029.C_2013.290.ron |
| --- | --- |
| Jurnalul Oficial
  al Uniunii Europene | C 290 |
| | |
| Ediţia în limba română | Comunicări şi informări | Anul 565 octombrie 2013 |

ISSN 1977-1029

doi:10.3000/19771029.C_2013.290.ron

Jurnalul Oficial

al Uniunii Europene

C 290

Ediţia în limba română

Comunicări şi informări

Anul 565 octombrie 2013

---

| Informarea nr. | Cuprins | Pagina |
| --- | --- | --- |
| | II   Comunicări |
| | COMUNICĂRI PROVENIND DE LA INSTITUȚIILE, ORGANELE ȘI ORGANISMELE UNIUNII EUROPENE |
| | Comisia Europeană |
| 2013/C 290/01 | Non-opoziție la o concentrare notificată (Cazul COMP/M.6863 – Avnet EMG/MSC Investoren) (
  1
  ) | 1 |

Informarea nr.

Cuprins

Pagina

II   Comunicări

COMUNICĂRI PROVENIND DE LA INSTITUȚIILE, ORGANELE ȘI ORGANISMELE UNIUNII EUROPENE

Comisia Europeană

2013/C 290/01

Non-opoziție la o concentrare notificată (Cazul COMP/M.6863 – Avnet EMG/MSC Investoren) (
  1
  )

1

1

| | IV   Informări |
| --- | --- |
| | INFORMĂRI PROVENIND DE LA INSTITUȚIILE, ORGANELE ȘI ORGANISMELE UNIUNII EUROPENE |
| | Comisia Europeană |
| 2013/C 290/02 | Rata de schimb a monedei euro | 2 |

IV   Informări

INFORMĂRI PROVENIND DE LA INSTITUȚIILE, ORGANELE ȘI ORGANISMELE UNIUNII EUROPENE

Comisia Europeană

2013/C 290/02

Rata de schimb a monedei euro

2

| | V   Anunțuri |
| --- | --- |
| | PROCEDURI REFERITOARE LA PUNEREA ÎN APLICARE A POLITICII ÎN DOMENIUL CONCURENȚEI |
| | Comisia Europeană |
| 2013/C 290/03 | Notificare prealabilă a unei concentrări (Cazul COMP/M.6941 – Piper/G+J/G+J RBA) – Caz care poate face obiectul procedurii simplificate (
  1
  ) | 3 |
| | ALTE ACTE |
| | Comisia Europeană |
| 2013/C 290/04 | Publicarea unei cereri de înregistrare în temeiul articolului 50 alineatul (2) litera (a) din Regulamentul (UE) nr. 1151/2012 al Parlamentului European și al Consiliului privind sistemele din domeniul calității produselor agricole și alimentare | 5 |

V   Anunțuri

PROCEDURI REFERITOARE LA PUNEREA ÎN APLICARE A POLITICII ÎN DOMENIUL CONCURENȚEI

Comisia Europeană

2013/C 290/03

Notificare prealabilă a unei concentrări (Cazul COMP/M.6941 – Piper/G+J/G+J RBA) – Caz care poate face obiectul procedurii simplificate (
  1
  )

1

3

ALTE ACTE

Comisia Europeană

2013/C 290/04

Publicarea unei cereri de înregistrare în temeiul articolului 50 alineatul (2) litera (a) din Regulamentul (UE) nr. 1151/2012 al Parlamentului European și al Consiliului privind sistemele din domeniul calității produselor agricole și alimentare

5

| | Rectificări |
| --- | --- |
| 2013/C 290/05 | Rectificare la Invitația de a prezenta observații în temeiul articolului 1 alineatul (2) din partea I și a articolului 6 alineatul (1) din partea II din Protocolul 3 la Acordul dintre statele AELS privind instituirea unei Autorități de Supraveghere și a unei Curți de Justiție, cu privire la un presupus ajutor de stat acordat companiei Scandinavian Airlines prin intermediul unei noi facilități de credit de tip revolving (JO C 287, 3.10.2013) | 9 |

Rectificări

2013/C 290/05

Rectificare la Invitația de a prezenta observații în temeiul articolului 1 alineatul (2) din partea I și a articolului 6 alineatul (1) din partea II din Protocolul 3 la Acordul dintre statele AELS privind instituirea unei Autorități de Supraveghere și a unei Curți de Justiție, cu privire la un presupus ajutor de stat acordat companiei Scandinavian Airlines prin intermediul unei noi facilități de credit de tip revolving (JO C 287, 3.10.2013)

9

| | |
| --- | --- |
| | (1)   Text cu relevanță pentru SEE |

---

(1)   Text cu relevanță pentru SEE

1

| RO | |
| --- | --- |

RO

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II Comunicări

COMUNICĂRI PROVENIND DE LA INSTITUȚIILE, ORGANELE ȘI ORGANISMELE UNIUNII EUROPENE

Comisia Europeană

| 5.10.2013 | RO | Jurnalul Oficial al Uniunii Europene | C 290/1 |
| --- | --- | --- | --- |

5.10.2013

RO

Jurnalul Oficial al Uniunii Europene

C 290/1

---

Non-opoziție la o concentrare notificată

(Cazul COMP/M.6863 – Avnet EMG/MSC Investoren)

(Text cu relevanță pentru SEE)

2013/C 290/01

La data de 4 septembrie 2013, Comisia a decis să nu se opună concentrării notificate menționate mai sus și să o declare compatibilă cu piața comună. Prezenta decizie se bazează pe articolul 6 alineatul (1) litera (b) din Regulamentul (CE) nr. 139/2004 al Consiliului. Textul integral al deciziei este disponibil doar în limba engleză și va fi făcut public după ce vor fi eliminate orice secrete de afaceri pe care le-ar putea conține. Va fi disponibil:

| — | pe site-ul internet al Direcției Generale Concurență din cadrul Comisiei, la secțiunea consacrată concentrărilor (http://ec.europa.eu/competition/mergers/cases/). Acest site internet oferă diverse facilități care permit identificarea deciziilor de concentrare individuale, inclusiv întreprinderea, numărul cazului, data și indexurile sectoriale; |
| --- | --- |

—

pe site-ul internet al Direcției Generale Concurență din cadrul Comisiei, la secțiunea consacrată concentrărilor (http://ec.europa.eu/competition/mergers/cases/). Acest site internet oferă diverse facilități care permit identificarea deciziilor de concentrare individuale, inclusiv întreprinderea, numărul cazului, data și indexurile sectoriale;

| — | în format electronic, pe site-ul internet EUR-Lex (http://eur-lex.europa.eu/en/index.htm) cu numărul de document 32013M6863. EUR-Lex permite accesul on-line la legislația europeană. |
| --- | --- |

—

în format electronic, pe site-ul internet EUR-Lex (http://eur-lex.europa.eu/en/index.htm) cu numărul de document 32013M6863. EUR-Lex permite accesul on-line la legislația europeană.

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IV Informări

INFORMĂRI PROVENIND DE LA INSTITUȚIILE, ORGANELE ȘI ORGANISMELE UNIUNII EUROPENE

Comisia Europeană

| 5.10.2013 | RO | Jurnalul Oficial al Uniunii Europene | C 290/2 |
| --- | --- | --- | --- |

5.10.2013

RO

Jurnalul Oficial al Uniunii Europene

C 290/2

---

Rata de schimb a monedei euro (1)

4 octombrie 2013

2013/C 290/02

1 euro =

| | Moneda | Rata de schimb |
| --- | --- | --- |
| USD | dolar american | 1,3593 |
| JPY | yen japonez | 132,03 |
| DKK | coroana daneză | 7,4598 |
| GBP | lira sterlină | 0,84690 |
| SEK | coroana suedeză | 8,6732 |
| CHF | franc elvețian | 1,2271 |
| ISK | coroana islandeză | |
| NOK | coroana norvegiană | 8,1145 |
| BGN | leva bulgărească | 1,9558 |
| CZK | coroana cehă | 25,554 |
| HUF | forint maghiar | 296,92 |
| LTL | litas lituanian | 3,4528 |
| LVL | lats leton | 0,7028 |
| PLN | zlot polonez | 4,2045 |
| RON | leu românesc nou | 4,4285 |
| TRY | lira turcească | 2,7152 |
| AUD | dolar australian | 1,4409 |
| CAD | dolar canadian | 1,4042 |
| HKD | dolar Hong Kong | 10,5406 |
| NZD | dolar neozeelandez | 1,6366 |
| SGD | dolar Singapore | 1,6942 |
| KRW | won sud-coreean | 1 458,03 |
| ZAR | rand sud-african | 13,5862 |
| CNY | yuan renminbi chinezesc | 8,3192 |
| HRK | kuna croată | 7,6240 |
| IDR | rupia indoneziană | 15 281,81 |
| MYR | ringgit Malaiezia | 4,3207 |
| PHP | peso Filipine | 58,659 |
| RUB | rubla rusească | 43,7317 |
| THB | baht thailandez | 42,546 |
| BRL | real brazilian | 2,9926 |
| MXN | peso mexican | 17,8150 |
| INR | rupie indiană | 83,6320 |

Moneda

Rata de schimb

USD

dolar american

1,3593

JPY

yen japonez

132,03

DKK

coroana daneză

7,4598

GBP

lira sterlină

0,84690

SEK

coroana suedeză

8,6732

CHF

franc elvețian

1,2271

ISK

coroana islandeză

NOK

coroana norvegiană

8,1145

BGN

leva bulgărească

1,9558

CZK

coroana cehă

25,554

HUF

forint maghiar

296,92

LTL

litas lituanian

3,4528

LVL

lats leton

0,7028

PLN

zlot polonez

4,2045

RON

leu românesc nou

4,4285

TRY

lira turcească

2,7152

AUD

dolar australian

1,4409

CAD

dolar canadian

1,4042

HKD

dolar Hong Kong

10,5406

NZD

dolar neozeelandez

1,6366

SGD

dolar Singapore

1,6942

KRW

won sud-coreean

1 458,03

ZAR

rand sud-african

13,5862

CNY

yuan renminbi chinezesc

8,3192

HRK

kuna croată

7,6240

IDR

rupia indoneziană

15 281,81

MYR

ringgit Malaiezia

4,3207

PHP

peso Filipine

58,659

RUB

rubla rusească

43,7317

THB

baht thailandez

42,546

BRL

real brazilian

2,9926

MXN

peso mexican

17,8150

INR

rupie indiană

83,6320

---

(1)  Sursă: rata de schimb de referință publicată de către Banca Centrală Europeană.

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V Anunțuri

PROCEDURI REFERITOARE LA PUNEREA ÎN APLICARE A POLITICII ÎN DOMENIUL CONCURENȚEI

Comisia Europeană

| 5.10.2013 | RO | Jurnalul Oficial al Uniunii Europene | C 290/3 |
| --- | --- | --- | --- |

5.10.2013

RO

Jurnalul Oficial al Uniunii Europene

C 290/3

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Notificare prealabilă a unei concentrări

(Cazul COMP/M.6941 – Piper/G+J/G+J RBA)

Caz care poate face obiectul procedurii simplificate

(Text cu relevanță pentru SEE)

2013/C 290/03

| 1. | La 27 septembrie 2013, Comisia a primit, în temeiul articolului 4 din Regulamentul (CE) nr. 139/2004 al Consiliului (1), o notificare a unei concentrări propuse prin care întreprinderea Piper Verlag GmbH („Piper”, Germania), aparținând grupului Bonnier („Bonnier”, Suedia), dobândește, în sensul articolului 3 alineatul (1) litera (b) din Regulamentul privind concentrările economice, controlul în comun asupra întreprinderii G+J/RBA GmbH & Co. KG („G+J/RBA”, Germania), prin achiziționare de acțiuni. Cealaltă parte care deține controlul este întreprinderea G+J AG & Co. KG („G+J”, Germania), care aparține grupului Bertelsmann („Bertelsmann”, Germania). Totodată, Piper dobândește, în sensul articolului 3 alineatul (1) litera (b) din Regulamentul privind concentrările economice, controlul unic al întregii întreprinderi nou create National Geographic Buchgesellschaft mbH („NGB”, Germania), prin achiziționare de acțiuni. |
| --- | --- |

1.

La 27 septembrie 2013, Comisia a primit, în temeiul articolului 4 din Regulamentul (CE) nr. 139/2004 al Consiliului (1), o notificare a unei concentrări propuse prin care întreprinderea Piper Verlag GmbH („Piper”, Germania), aparținând grupului Bonnier („Bonnier”, Suedia), dobândește, în sensul articolului 3 alineatul (1) litera (b) din Regulamentul privind concentrările economice, controlul în comun asupra întreprinderii G+J/RBA GmbH & Co. KG („G+J/RBA”, Germania), prin achiziționare de acțiuni. Cealaltă parte care deține controlul este întreprinderea G+J AG & Co. KG („G+J”, Germania), care aparține grupului Bertelsmann („Bertelsmann”, Germania). Totodată, Piper dobândește, în sensul articolului 3 alineatul (1) litera (b) din Regulamentul privind concentrările economice, controlul unic al întregii întreprinderi nou create National Geographic Buchgesellschaft mbH („NGB”, Germania), prin achiziționare de acțiuni.

| 2. | Activitățile economice ale întreprinderilor respective sunt:






  — | în cazul întreprinderii Bonnier: editare de cărți, reviste, periodice, servicii de radiodifuziune și de televiziune; |
| --- | --- | --- |

2.

Activitățile economice ale întreprinderilor respective sunt:

—

în cazul întreprinderii Bonnier: editare de cărți, reviste, periodice, servicii de radiodifuziune și de televiziune;

| — | în cazul întreprinderii Bertelsmann: editare și distribuție de reviste și periodice, precum și oferte suplimentare online; servicii de radiodifuziune și de televiziune, producții de televiziune, editare de cărți și servicii de externalizare a activităților comerciale; |
| --- | --- |

—

în cazul întreprinderii Bertelsmann: editare și distribuție de reviste și periodice, precum și oferte suplimentare online; servicii de radiodifuziune și de televiziune, producții de televiziune, editare de cărți și servicii de externalizare a activităților comerciale;

| — | în cazul întreprinderii G+J/RBA: editare de reviste, periodice și produse conexe, în special calendare, ghiduri și DVD-uri de călătorie; |
| --- | --- |

—

în cazul întreprinderii G+J/RBA: editare de reviste, periodice și produse conexe, în special calendare, ghiduri și DVD-uri de călătorie;

| — | în cazul întreprinderii NGB: editare de cărți. |
| --- | --- |

—

în cazul întreprinderii NGB: editare de cărți.

| 3. | În urma unei examinări prealabile, Comisia constată că tranzacția notificată ar putea intra sub incidența Regulamentului (CE) privind concentrările economice. Cu toate acestea, nu se ia o decizie finală în această privință. În conformitate cu Comunicarea Comisiei privind o procedură simplificată de tratare a anumitor concentrări în temeiul Regulamentului (CE) privind concentrările economice (2), trebuie precizat că acest caz poate fi tratat conform procedurii prevăzute în Comunicare. |
| --- | --- |

3.

În urma unei examinări prealabile, Comisia constată că tranzacția notificată ar putea intra sub incidența Regulamentului (CE) privind concentrările economice. Cu toate acestea, nu se ia o decizie finală în această privință. În conformitate cu Comunicarea Comisiei privind o procedură simplificată de tratare a anumitor concentrări în temeiul Regulamentului (CE) privind concentrările economice (2), trebuie precizat că acest caz poate fi tratat conform procedurii prevăzute în Comunicare.

| 4. | Comisia invită părțile terțe interesate să îi prezinte eventualele observații cu privire la operațiunea propusă.
  Observațiile trebuie primite de către Comisie în termen de cel mult 10 zile de la data publicării prezentei. Observațiile pot fi trimise Comisiei prin fax (+32 22964301), prin e-mail la adresa COMP-MERGER-REGISTRY@ec.europa.eu sau prin poștă, cu numărul de referință COMP/M.6941 – Piper/G+J/G+J RBA, la următoarea adresă:





  European Commission |
| --- | --- |
| Directorate-General for Competition |
| Merger Registry |
| 1049 Bruxelles/Brussel |
| BELGIQUE/BELGIË |

4.

Comisia invită părțile terțe interesate să îi prezinte eventualele observații cu privire la operațiunea propusă.

Observațiile trebuie primite de către Comisie în termen de cel mult 10 zile de la data publicării prezentei. Observațiile pot fi trimise Comisiei prin fax (+32 22964301), prin e-mail la adresa COMP-MERGER-REGISTRY@ec.europa.eu sau prin poștă, cu numărul de referință COMP/M.6941 – Piper/G+J/G+J RBA, la următoarea adresă:

European Commission

Directorate-General for Competition

Merger Registry

1049 Bruxelles/Brussel

BELGIQUE/BELGIË

---

(1)  JO L 24, 29.1.2004, p. 1 [„Regulamentul (CE) privind concentrările economice”].

(2)  JO C 56, 5.3.2005, p. 32 („Comunicarea privind o procedură simplificată”).

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ALTE ACTE

Comisia Europeană

| 5.10.2013 | RO | Jurnalul Oficial al Uniunii Europene | C 290/5 |
| --- | --- | --- | --- |

5.10.2013

RO

Jurnalul Oficial al Uniunii Europene

C 290/5

---

Publicarea unei cereri de înregistrare în temeiul articolului 50 alineatul (2) litera (a) din Regulamentul (UE) nr. 1151/2012 al Parlamentului European și al Consiliului privind sistemele din domeniul calității produselor agricole și alimentare

2013/C 290/04

Prezenta publicare conferă dreptul de opoziție la cererea de înregistrare în temeiul articolului 51 din Regulamentul (UE) nr. 1151/2012 al Parlamentului European și al Consiliului (1).

DOCUMENT UNIC

REGULAMENTUL (CE) NR. 510/2006 AL CONSILIULUI

privind protecția indicațiilor geografice și a denumirilor de origine ale produselor agricole și alimentare
   (2)

„STRACHITUNT”

NR. CE: IT-PDO-0005-01047-19.10.2012

IGP ( ) DOP ( X )

1.   Denumire

„Strachitunt”

2.   Statul membru sau țara terță

Italia

3.   Descrierea produsului agricol sau alimentar

3.1.   Tip de produs

| Clasa 1.3. | Brânzeturi |
| --- | --- |

Clasa 1.3.

Brânzeturi

3.2.   Descrierea produsului căruia i se aplică denumirea de la punctul 1

„Strachitunt” este o brânză cu mucegai verde, produsă din lapte de vacă integral și crud, prin tehnica străveche a celor două paste și supusă unei perioade de maturare medii sau lungi, de minimum 75 de zile.

„Strachitunt” prezintă o coajă rugoasă și subțire, cu consistență medie, uneori acoperită cu mucegai, de culoare gălbui, care tinde spre gri pe măsură ce se prelungește perioada de maturare.

Brânza este de formă cilindrică și are fețe plane, diametrul unei roți variază între 25 și 28 cm, iar marginea exterioară este ușor convexă, cu o înălțime de 15-18 cm. Greutatea unei roți de brânză variază între 4 și 6 kg.

În secțiune, „Strachitunt” prezintă o pastă compactă, cu aspect de marmură, fondantă sub coajă, cu striații cremoase și vinișoare verzi-albăstrui datorate mucegaiului. Proporția de mucegai din pastă variază în funcție de cantitatea de spori prezentă în mod natural în lapte și de capacitatea de dezvoltare a acestora.

Gustul este aromat și intens și variază între dulce și picant, putând deveni din ce în ce mai pronunțat pe măsură ce se prelungește maturarea.

Conținutul de grăsime este de minimum 48 % în substanța uscată.

3.3.   Materii prime (numai pentru produsele prelucrate)

Este utilizat lapte crud, din două mulgeri diferite, obținut, în proporție de cel puțin 90 %, de la vaci din rasa Bruna.

În procesul de prelucrare se utilizează cheag de vițel și sare, achiziționate din comerț.

3.4.   Hrană pentru animale (numai pentru produsele de origine animală)

Laptele utilizat pentru producția de „Strachitunt” provine din ferme în care rația de hrană a vitelor este constituită, în proporție de minimum 65 % din substanța uscată totală, din iarbă și/sau fân de pe pajiști mixte. Nutrețurile respective, care constituie aproximativ 90 % din rația de hrană, trebuie să provină, în proporție de cel puțin 60 %, din teritoriul delimitat la punctul 4. În rația de hrană sunt prevăzute, în plus, concentrate de cereale (porumb, orz, grâu), leguminoase (soia) și subproduse rezultate din prelucrarea acestora, în proporție de maximum 35 % din substanța uscată, brichete de sare și complexe de vitamine și minerale drept supliment alimentar.

Se interzice utilizarea porumbului însilozat.

3.5.   Etape specifice ale producției care trebuie să se desfășoare în aria geografică delimitată

Toate etapele procesului de producție, de la creșterea animalelor, mulgerea, colectarea și prelucrarea laptelui și producerea brânzei și până la maturare, se desfășoară în aria geografică delimitată la punctul 4.

3.6.   Norme specifice privind felierea, răzuirea, ambalarea etc.

Activitatea de porționare și ambalare a brânzei „Strachitunt” DOP se poate desfășura și în afara ariei geografice delimitate. Unitățile de porționare și ambalare trebuie să notifice în prealabil desfășurarea acestei activități către Consorzio di Tutela dello Strachitunt.

3.7.   Norme specifice privind etichetarea

Brânza „Strachitunt” se comercializează ca roată întreagă și/sau porționată și este însoțită de logoul din figura 1, aplicat pe una dintre fețe, data producției fiind imprimată pe marginea exterioară.

Pe fața superioară a fiecărei roți comercializate întregi trebuie să fie aplicată o hârtie de identificare cu denumirea „Strachitunt” și logoul din figura 1. Dacă roata este porționată, pe ambalajul exterior al brânzei trebuie să fie aplicat din nou logoul din figura 1.

Image

4.   Delimitarea concisă a ariei geografice

Aria de producție cuprinde comunele Taleggio, Vedeseta, Gerosa și Blello, aflate în provincia Bergamo, la o altitudine minimă de 700 m deasupra nivelului mării, teritoriile acestor comune formând, în parte sau în întregime, valea numită Valtaleggio.

5.   Legătura cu aria geografică

5.1.   Specificitatea ariei geografice

Valea Taleggio, aflată în centrul zonei de la poalele Alpilor numite Prealpi Orobie și, într-o proporție semnificativă, în Parco delle Orobie bergamasche, nu cuprinde, în perimetrul său, nicio activitate cu caracter industrial și nicio sursă de poluare și se bucură de o poziție suficient de izolată față de câmpia lombardă și de orașele mai mari. Acest lucru îi permite să aibă încă zone necontaminate, în stare naturală, care influențează în mod benefic toate activitățile de producție din zonă.

Comunele menționate nu sunt doar învecinate, ci prezintă, de asemenea, caracteristici geografice și antropologice similare. Prezența preponderentă a pajiștilor adecvate pentru pășunat dă naștere unui mediu ideal pentru creșterea animalelor și pentru practicarea pășunatului la munte și permite obținerea și prelucrarea laptelui destinat producției de brânză „Strachitunt”. Creșterea vitelor în această zonă montană este caracterizată de prezența predominantă a vacilor din rasa Bruna. Situarea geografică a ariei de producție garantează creșterea vitelor prin pășunat timp de cel puțin 6 luni pe an, influențând pozitiv calitatea laptelui, care depinde foarte mult de bunăstarea animalelor. Aceste condiții, îmbinate cu condițiile climatice generale care caracterizează acest teritoriu montan situat la o altitudine minimă de 700 m deasupra nivelului mării și cu cele din spațiile de maturare, constituiau și constituie în continuare mediul optim pentru producția mai multor varietăți de brânzeturi moi. Localitățile din aria geografică delimitată au o tradiție străveche și documentată în ceea ce privește producția agricolă și obținerea brânzeturilor, drept care tehnicile de producție și de maturare a brânzei „Strachitunt” sunt consolidate de mult timp.

În aria geografică de producție, laptele este prelucrat fie direct la stână, fie în unități de producție din teritoriu: în primul caz, laptele nu este transportat, în al doilea caz, transportul e limitat la o zonă restrânsă.

În plus, adoptarea unor tehnici tradiționale, precum utilizarea a două paste și folosirea zerului acid ca detergent degresant pentru curățarea cazanului și a instrumentelor de lucru, respectă salubritatea produsului finit și, în același timp, respectă mediul și microflora prezentă în mod natural în mediile în care are loc prelucrarea. Spațiile pentru maturare ale unităților de producție din aria de origine se află, în cea mai mare parte, în pământ, sistemele de răcire fiind „statice”, adică bazate în principal pe temperaturile ambientale scăzute. Această posibilitate este garantată de relieful văii, zonele aflate în partea dreaptă a torentului Enna având o expunere la soare foarte limitată, chiar și pe timpul verii. Această situație contribuie la fenomenul mai mult sau mai puțin accentuat al prezenței mucegaiului în pastă care caracterizează acest produs.

5.2.   Specificitatea produsului

Brânza „Strachitunt” este un produs obținut prin tehnica străveche a prelucrării cu două paste, care prevede utilizarea a doi coaguli, unul cald și unul rece, obținute la aproximativ 12 ore diferență, simultan cu cele două mulgeri zilnice.

Coagulii sunt uniți și amestecați pentru a se obține o singură roată.

Acest tip deosebit de prelucrare, prezența mai mult sau mai puțin accentuată a mucegaiurilor naturale (este interzisă adăugarea în lapte a oricărei surse de fungi) și pasta compactă, cu aspect de marmură, fondantă sub coajă, cu striații cremoase, constituie caracteristicile specifice care deosebesc „Strachitunt” de alte brânzeturi.

5.3.   Legătura cauzală dintre aria geografică și calitatea sau caracteristicile produsului (pentru DOP) sau o calitate anume, reputația sau alte caracteristici ale produsului (pentru IGP)

Metoda de obținere a brânzei „Strachitunt” se datorează caracteristicilor morfologice ale văii Valtaleggio, care au dus la apariția unor ferme de mici dimensiuni care produc brânzeturi pentru consumul propriu.

În plus, creșterea bovinelor din rasa Bruna, care au capacitatea deosebită de a se adapta la condițiile pedoclimatice montane, a influențat și continuă să influențeze caracteristicile laptelui.

În trecut, necesitatea producerii de brânzeturi din lapte crud prelucrat în cazane de cupru deriva din utilizarea lemnului drept combustibil, fapt care nu permitea tratarea termică a laptelui.

În plus, necesitatea prelucrării laptelui proaspăt muls, dată fiind imposibilitatea conservării laptelui în medii refrigerate, a determinat apariția tehnicii celor două paste, care permite utilizarea coagulului cald abia obținut și a coagulului rece obținut în runda de prelucrare precedentă.

Această metodă de prelucrare permite stabilirea unei legături foarte strânse între caracteristicile chimice, fizice și microbiologice ale laptelui și calitatea produsului finit. Dezvoltarea mucegaiului se datorează prezenței naturale a sporilor de mucegai în lapte și în spațiile de maturare. Mucegaiul se poate dezvolta în brânză grație tehnologiei de producție deosebite și tehnicii găuririi roților în cursul perioadei de maturare.

Tot ceea ce se întâmplă pe parcursul procesului de producție a brânzei „Strachitunt” este legat indisolubil de mediul geografic și de tradițiile transmise în timp care condiționează caracteristicile deosebite ale produsului finit.

Trimitere la publicarea caietului de sarcini

[articolul 5 alineatul (7) din Regulamentul (CE) nr. 510/2006 (3)]

Administrația actuală a lansat procedura națională de opoziție, publicând propunerea de înregistrare a DOP „Strachitunt” în Gazzetta ufficiale della Repubblica italiana nr. 14 din 19 ianuarie 2011.

Textul consolidat al caietului de sarcini este disponibil la adresa:

http://www.politicheagricole.it/flex/cm/pages/ServeBLOB.php/L/IT/IDPagina/3335

sau accesând direct pagina principală a site-ului internet al Ministerului Politicilor Agricole, Alimentare și Forestiere (http://www.politicheagricole.it), făcând clic pe „Qualità e sicurezza” (în partea superioară dreaptă a ecranului) și apoi pe „Disciplinari di Produzione all’esame dell’UE”.

---

(1)  JO L 343, 14.12.2012, p. 1.

(2)  JO L 93, 31.3.2006, p. 12. Înlocuit de Regulamentul (UE) nr. 1151/2012.

(3)  A se vedea nota de subsol nr. 2.

---

Rectificări

| 5.10.2013 | RO | Jurnalul Oficial al Uniunii Europene | C 290/9 |
| --- | --- | --- | --- |

5.10.2013

RO

Jurnalul Oficial al Uniunii Europene

C 290/9

---

Rectificare la Invitația de a prezenta observații în temeiul articolului 1 alineatul (2) din partea I și a articolului 6 alineatul (1) din partea II din Protocolul 3 la Acordul dintre statele AELS privind instituirea unei Autorități de Supraveghere și a unei Curți de Justiție, cu privire la un presupus ajutor de stat acordat companiei Scandinavian Airlines prin intermediul unei noi facilități de credit de tip revolving

(
  Jurnalul Oficial al Uniunii Europene C 287 din 3 octombrie 2013
  )

2013/C 290/05

La pagina 10, Invitația de a prezenta observații în temeiul articolului 1 alineatul (2) din partea I și a articolului 6 alineatul (1) din partea II din Protocolul 3 la Acordul dintre statele AELS privind instituirea unei Autorități de Supraveghere și a unei Curți de Justiție, cu privire la un presupus ajutor de stat acordat companiei Scandinavian Airlines prin intermediul unei noi facilități de credit de tip revolving (2013/C 287/07) se va citi după cum urmează:

Invitație de a prezenta observații în temeiul articolului 1 alineatul (2) din partea I și a articolului 6 alineatul (1) din partea II din Protocolul 3 la Acordul dintre statele AELS privind instituirea unei Autorități de Supraveghere și a unei Curți de Justiție, cu privire la un presupus ajutor de stat acordat companiei Scandinavian Airlines prin intermediul unei noi facilități de credit de tip revolving

Prin Decizia nr. 259/13/COL din 19 iunie 2013, reprodusă în versiunea lingvistică autentică în paginile care urmează acestui rezumat, Autoritatea AELS de Supraveghere a deschis procedura prevăzută la articolul 1 alineatul (2) din partea I, precum și la articolul 4 alineatul (4) și la articolul 6 alineatul (1) din partea II a Protocolului 3 la Acordul dintre statele AELS privind instituirea unei Autorități de Supraveghere și a unei Curți de Justiție. Autoritățile norvegiene au primit, spre informare, o copie a deciziei respective.

Prin prezenta, Autoritatea AELS de Supraveghere invită statele AELS, statele membre ale UE și părțile interesate să transmită observații cu privire la măsura în cauză în termen de o lună de la publicarea prezentei notificări, la următoarea adresă:

| EFTA Surveillance Authority |
| --- |
| Registry |
| Rue Belliard/Belliardstraat 35 |
| 1040 Bruxelles/Brussel |
| BELGIQUE/BELGIË |

EFTA Surveillance Authority

Registry

Rue Belliard/Belliardstraat 35

1040 Bruxelles/Brussel

BELGIQUE/BELGIË

Observațiile vor fi comunicate autorităților norvegiene. Păstrarea confidențialității privind identitatea părții interesate care prezintă observațiile poate fi solicitată în scris, cu specificarea motivelor care stau la baza solicitării. Având în vedere, între altele, articolul 109 alineatul (2) din Acordul privind Spațiul Economic European („Acordul privind SEE”) și competența paralelă a Comisiei Europene și a Autorității în cazul de față, Autoritatea va transmite Comisiei Europene, de asemenea, toate observațiile primite, cu excepția cazului în care partea interesată care a transmis observațiile respective a prezentat obiecții motivate în mod corespunzător cu privire la o astfel de transmitere.

REZUMAT

Procedură

Prin scrisoarea din data de 5 februarie 2013, Autoritatea AELS de Supraveghere („Autoritatea”) a primit o plângere din partea European Low Fares Airline Association (ELFAA – Asociația Europeană a Companiilor Aeriene Low-Cost) privind participarea Norvegiei, a Suediei și a Danemarcei la o facilitate de credit de tip revolving („noua facilitate de credit”) în favoarea companiei Scandinavian Airlines („SAS”).

Prin scrisoarea din data de 18 februarie 2013, Autoritatea a invitat autoritățile norvegiene să prezinte observații cu privire la plângere și la presupusul ajutor de stat ilegal. Autoritățile norvegiene au răspuns prin scrisoarea din data de 25 martie 2013. De asemenea, autoritățile norvegiene au furnizat informații suplimentare prin scrisoarea din data de 6 iunie 2013.

Evaluarea măsurii

În ultimii ani, SAS a depins de facilitățile de credit externe în vederea consolidării capacității sale financiare. În această privință, SAS a beneficiat de o facilitate de credit de tip revolving începând din decembrie 2006 („facilitatea de credit anterioară”), care a fost acordată în mod exclusiv de un număr de bănci creditoare. Facilitatea de credit anterioară trebuia să expire în iunie 2013. În urma unor negocieri, băncile au acceptat o nouă facilitate de credit în noiembrie 2012, care ar urma să fie creată în comun cu cei mai mari patru acționari – Norvegia, Suedia și Danemarca („statele”) și cu principalul acționar privat, Knut and Alice Wallenberg Foundation („KAW”).

Ca urmare a celor menționate mai sus, 50 % din noua facilitate de credit este furnizată de state proporțional cu numărul de acțiuni pe care le dețin la SAS, iar restul de 50 % este furnizat de KAW împreună cu băncile creditoare care au participat la facilitatea de credit anterioară (cu excepția unei bănci). Statele și KAW participă la noua facilitate de credit în aceleași condiții ca și băncile.

Autoritatea a evaluat dacă instituirea noii facilități de credit a conferit un avantaj economic necuvenit companiei SAS și consideră că principiul pari passu nu se poate aplica, întrucât participarea autorităților publice la noua facilitate de credit nu a fost urmată de participarea niciunui investitor privat. În acest sens, creditorii bancari și-au redus la aproape jumătate contribuția la noua facilitate de credit (comparativ cu facilitatea de credit anterioară), iar Autoritatea nu poate exclude faptul că participarea creditorilor privați a fost influențată de considerente legate de expunerea lor actuală la riscul de credite în ceea ce privește creditele acordate SAS în cadrul facilității de credit anterioare, precum și de participarea statelor la noua facilitate de credit, mai degrabă decât de perspective de profitabilitate ca atare.

Autoritatea a examinat, de asemenea, dacă participarea statelor la noua facilitate de credit ar putea fi considerată acceptabilă pentru un investitor privat care operează într-o economie de piață. În acest sens, Autoritatea are îndoieli cu privire la faptul că planul de afaceri și analiza aferentă privind rentabilitatea, care constituie baza pentru participarea statelor, sunt suficient de solide pentru a convinge un investitor privat să participe la noua facilitate de credit.

În plus, în măsura în care noua facilitate de credit constituie ajutor de stat în sensul articolului 61 alineatul (1) din Acordul privind SEE, Autoritatea își exprimă îndoiala în ceea ce privește compatibilitatea acesteia cu excepțiile prevăzute la articolul 61 alineatele (2) și (3) din Acordul privind SEE. Condițiile pentru ajutorul de salvare și restructurare prevăzute în Orientările Autorității privind ajutoarele de stat pentru salvarea și restructurarea întreprinderilor aflate în dificultate nu par să fie îndeplinite.

Concluzii

În lumina considerațiilor de mai sus, Autoritatea nu poate concluziona în acest stadiu că participarea statelor la noua facilitate de credit are loc în condițiile pieței. Prin urmare, aceasta nu poate exclude un avantaj necuvenit în favoarea companiei SAS, care, potențial, este echivalent cu un ajutor de stat în sensul articolului 61 alineatul (1) din Acordul privind SEE. În plus, în măsura în care noua facilitate de credit constituie ajutor de stat în sensul articolului 61 alineatul (1) din Acordul privind SEE, Autoritatea își exprimă îndoiala în ceea ce privește compatibilitatea acesteia cu excepțiile prevăzute la articolul 61 alineatele (2) și (3) din Acordul privind SEE.

Având în vedere considerațiile de mai sus, Autoritatea a decis să inițieze procedura oficială de investigare, în conformitate cu articolul 1 alineatul (2) din partea I, cu articolul 4 alineatul (4) și cu articolul 6 alineatul (1) din partea II din Protocolul 3 la Acordul dintre statele AELS privind instituirea unei Autorități de Supraveghere și a unei Curți de Justiție. Părțile interesate sunt invitate să prezinte observații în termen de o lună de la publicarea prezentei notificări în Jurnalul Oficial al Uniunii Europene.

EFTA SURVEILLANCE AUTHORITY DECISION

No 259/13/COL

of 19 June 2013

on alleged aid to Scandinavian Airlines through the new Revolving Credit Facility

(Norway)

THE EFTA SURVEILLANCE AUTHORITY (“THE AUTHORITY”),

HAVING REGARD to the Agreement on the European Economic Area (“the EEA Agreement”), in particular to Articles 61 to 63, 109(1) and Protocol 26,

HAVING REGARD to the Agreement between the EFTA States on the Establishment of a Surveillance Authority and a Court of Justice (“the Surveillance and Court Agreement”), in particular to Article 24,

HAVING REGARD to Protocol 3 to the Surveillance and Court Agreement (“Protocol 3”), in particular to Article 1(2) of Part I and Articles 4(4) and 6 (1) of Part II,

Whereas:

I.   FACTS

1.   Procedure

| (1) | In late October 2012, the Authority and the European Commission (“the Commission”) were informally contacted by Norway, Denmark, and Sweden (jointly “the States”) in relation to their intention to participate in a new Revolving Credit Facility (“RCF”) in favour of Scandinavian Airlines (“SAS”). On 12 November 2012, the States decided to participate in the new RCF without however formally notifying the measure to the Authority. |
| --- | --- |

(1)

In late October 2012, the Authority and the European Commission (“the Commission”) were informally contacted by Norway, Denmark, and Sweden (jointly “the States”) in relation to their intention to participate in a new Revolving Credit Facility (“RCF”) in favour of Scandinavian Airlines (“SAS”). On 12 November 2012, the States decided to participate in the new RCF without however formally notifying the measure to the Authority.

| (2) | On 5 February 2013, the Authority received a complaint from the European Low Fares Airline Association (“ELFAA”) against the participation of the States in the RCF. With a letter dated 18 February 2013, the Authority invited the Norwegian authorities to submit their comments on the complaint and on the allegations of unlawful State aid. |
| --- | --- |

(2)

On 5 February 2013, the Authority received a complaint from the European Low Fares Airline Association (“ELFAA”) against the participation of the States in the RCF. With a letter dated 18 February 2013, the Authority invited the Norwegian authorities to submit their comments on the complaint and on the allegations of unlawful State aid.

| (3) | The Norwegian authorities replied with a letter dated 25 March 2013. They also provided additional information by way of a letter dated 6 June 2013. |
| --- | --- |

(3)

The Norwegian authorities replied with a letter dated 25 March 2013. They also provided additional information by way of a letter dated 6 June 2013.

| (4) | For this procedure, the Authority, pursuant to Article 109(1) of the Agreement on the European Economic Area (“EEA Agreement”) in conjunction with Article 24 of the Agreement between the EFTA States on the Establishment of a Surveillance Authority and a Court of Justice, is competent to assess whether the provisions of the EEA Agreement have been complied with by Norway. On the other hand, the Commission is solely competent to assess whether the provisions of the Treaty on the Functioning of the European Union (“TFEU”) have been respected by Denmark and Sweden. Also, on the basis of Article 109(2) and Protocol 27 to the EEA Agreement, in order to ensure a uniform application throughout the EEA, the Authority and the Commission shall cooperate, exchange information and consult each other on surveillance policy issues and individual cases. |
| --- | --- |

(4)

For this procedure, the Authority, pursuant to Article 109(1) of the Agreement on the European Economic Area (“EEA Agreement”) in conjunction with Article 24 of the Agreement between the EFTA States on the Establishment of a Surveillance Authority and a Court of Justice, is competent to assess whether the provisions of the EEA Agreement have been complied with by Norway. On the other hand, the Commission is solely competent to assess whether the provisions of the Treaty on the Functioning of the European Union (“TFEU”) have been respected by Denmark and Sweden. Also, on the basis of Article 109(2) and Protocol 27 to the EEA Agreement, in order to ensure a uniform application throughout the EEA, the Authority and the Commission shall cooperate, exchange information and consult each other on surveillance policy issues and individual cases.

| (5) | In the light of the above and given the parallel competence in the present case of the Authority and the Commission, the Authority will transmit the observations it receives from interested parties and the States to the Commission, unless the party providing such observations has raised a duly motivated objection to that transmission. |
| --- | --- |

(5)

In the light of the above and given the parallel competence in the present case of the Authority and the Commission, the Authority will transmit the observations it receives from interested parties and the States to the Commission, unless the party providing such observations has raised a duly motivated objection to that transmission.

2.   The Scandinavian air transport market

| (6) | Between 2001 and 2011, the Scandinavian air transport market (encompassing Denmark, Sweden, Finland and Norway) reportedly grew by 126 % in ASK (1) terms. Almost all of the growth in the short-haul Scandinavian market came from low-cost carriers, in particular Norwegian Air Shuttle and Ryanair. Indeed, it is estimated that low-cost carriers generated 90 % of the growth in that period (2). |
| --- | --- |

(6)

Between 2001 and 2011, the Scandinavian air transport market (encompassing Denmark, Sweden, Finland and Norway) reportedly grew by 126 % in ASK (1) terms. Almost all of the growth in the short-haul Scandinavian market came from low-cost carriers, in particular Norwegian Air Shuttle and Ryanair. Indeed, it is estimated that low-cost carriers generated 90 % of the growth in that period (2).

| (7) | Despite the increase in the importance of low-cost carriers, the dominant player in the Scandinavian market is still SAS, with an estimated market share in 2011 of 35,6 %, far from the highs above 50 % enjoyed a decade ago. The market shares of Norwegian Air Shuttle and Ryanair reached 18,7 % and 6,8 % respectively in that year. |
| --- | --- |

(7)

Despite the increase in the importance of low-cost carriers, the dominant player in the Scandinavian market is still SAS, with an estimated market share in 2011 of 35,6 %, far from the highs above 50 % enjoyed a decade ago. The market shares of Norwegian Air Shuttle and Ryanair reached 18,7 % and 6,8 % respectively in that year.

3.   The beneficiary

| (8) | SAS is the flag carrier of the States, the largest airline in Scandinavia and the eighth largest airline in Europe. It is also a founding member of the Star Alliance. The airline group, which includes Scandinavian Airlines, Widerøe (3) and Blue1, is headquartered in Stockholm with its main European and intercontinental hub at Copenhagen Airport. In 2011, SAS carried 22,9 million passengers, achieving revenues of SEK 38 billion. |
| --- | --- |

(8)

SAS is the flag carrier of the States, the largest airline in Scandinavia and the eighth largest airline in Europe. It is also a founding member of the Star Alliance. The airline group, which includes Scandinavian Airlines, Widerøe (3) and Blue1, is headquartered in Stockholm with its main European and intercontinental hub at Copenhagen Airport. In 2011, SAS carried 22,9 million passengers, achieving revenues of SEK 38 billion.

| (9) | SAS is currently 50 % owned by the States: 21,4 % by Sweden, 14,3 % by Denmark, and 14,3 % by Norway. The main private shareholder is the Knut and Alice Wallenberg's foundation (“KAW”) (7,6 %), while the remaining shareholders own stakes of 1,5 % or less.

  Table 1


  Principal shareholders in SAS AB on 31 March 2012
   (4)







  Shareholder | Total |
| --- | --- | --- |
| The Swedish Government | 21,4 % |
| The Danish Government | 14,3 % |
| The Norwegian Government | 14,3 % |
| Knut and Alice Wallenberg's foundation | 7,6 % |
| Försäkringsaktiebolaget, Avanza Pension | 1,5 % |
| A.H Värdepapper AB | 1,4 % |
| Unionen | 1,4 % |
| Denmark's National Bank | 1,4 % |
| Robur Försäkring | 0,9 % |
| Ponderus Försäkring | 0,8 % |
| Andra AP-fonden | 0,5 % |
| Tredje AP-fonden | 0,5 % |
| SSB+TC Ledning Omnibus FD No OM79 | 0,5 % |
| Nordnet Pensionsförsäkring AB | 0,4 % |
| Swedbank Robur Sverigefond | 0,4 % |
| Swedbank Robur Sverigefond Mega | 0,3 % |
| JPM Chase NA | 0,3 % |
| AMF Aktiefond Småbolag | 0,3 % |
| JP Morgan Bank | 0,3 % |
| KPA Pensionsförsäkring AB | 0,2 % |
| Nomura International | 0,2 % |

(9)

SAS is currently 50 % owned by the States: 21,4 % by Sweden, 14,3 % by Denmark, and 14,3 % by Norway. The main private shareholder is the Knut and Alice Wallenberg's foundation (“KAW”) (7,6 %), while the remaining shareholders own stakes of 1,5 % or less.

Table 1

Principal shareholders in SAS AB on 31 March 2012
   (4)

Shareholder

Total

The Swedish Government

21,4 %

The Danish Government

14,3 %

The Norwegian Government

14,3 %

Knut and Alice Wallenberg's foundation

7,6 %

Försäkringsaktiebolaget, Avanza Pension

1,5 %

A.H Värdepapper AB

1,4 %

Unionen

1,4 %

Denmark's National Bank

1,4 %

Robur Försäkring

0,9 %

Ponderus Försäkring

0,8 %

Andra AP-fonden

0,5 %

Tredje AP-fonden

0,5 %

SSB+TC Ledning Omnibus FD No OM79

0,5 %

Nordnet Pensionsförsäkring AB

0,4 %

Swedbank Robur Sverigefond

0,4 %

Swedbank Robur Sverigefond Mega

0,3 %

JPM Chase NA

0,3 %

AMF Aktiefond Småbolag

0,3 %

JP Morgan Bank

0,3 %

KPA Pensionsförsäkring AB

0,2 %

Nomura International

0,2 %

| (10) | The financial position of SAS has been weak for several years, with recurring losses since 2008 and a current S&P credit rating of CCC+, downgraded from B- in November 2012. These difficulties have been heightened by the market environment of high fuel costs and uncertain demand. As a result of its deteriorating financial position, SAS followed a substantial cost reduction program (“Core SAS”) in 2009/2010. In order to help to implement that program, SAS had to raise equity from its shareholders by way of two rights issues: (i) SEK 6 billion in April 2009; and (ii) SEK 5 billion in May 2010 (5). |
| --- | --- |

(10)

The financial position of SAS has been weak for several years, with recurring losses since 2008 and a current S&P credit rating of CCC+, downgraded from B- in November 2012. These difficulties have been heightened by the market environment of high fuel costs and uncertain demand. As a result of its deteriorating financial position, SAS followed a substantial cost reduction program (“Core SAS”) in 2009/2010. In order to help to implement that program, SAS had to raise equity from its shareholders by way of two rights issues: (i) SEK 6 billion in April 2009; and (ii) SEK 5 billion in May 2010 (5).

4.   Description of the measure: the new RCF in 2012

| (11) | As for other airlines globally, SAS has been reliant on external credit facilities to maintain a minimum level of liquidity. Since 20 December 2006, SAS has relied on an RCF that was due to expire in June 2013 (“the old RCF”). The old RCF amounted to EUR 366 million and was exclusively provided by a number of banks [...]. It also included a number of financial covenants or conditions, like for instance [...]. |
| --- | --- |

(11)

As for other airlines globally, SAS has been reliant on external credit facilities to maintain a minimum level of liquidity. Since 20 December 2006, SAS has relied on an RCF that was due to expire in June 2013 (“the old RCF”). The old RCF amounted to EUR 366 million and was exclusively provided by a number of banks [...]. It also included a number of financial covenants or conditions, like for instance [...].

| (12) | In December 2011, the management of SAS projected that the airline would [...] as a result of the deterioration in its business performance. As a result, in early January 2012, SAS drew the old RCF in full [...]. It afterwards entered into negotiations with the banks and reached an agreement for a covenant reset on 15 March 2012, which increased the cost of drawing the old RCF, tightened the drawdown conditions and required SAS to provide full and immediate repayment of the drawn amount. In addition, SAS had to provide the lenders with a Recapitalisation Plan that had to be endorsed by the board and the main shareholders, i.e. the States and KAW. |
| --- | --- |

(12)

In December 2011, the management of SAS projected that the airline would [...] as a result of the deterioration in its business performance. As a result, in early January 2012, SAS drew the old RCF in full [...]. It afterwards entered into negotiations with the banks and reached an agreement for a covenant reset on 15 March 2012, which increased the cost of drawing the old RCF, tightened the drawdown conditions and required SAS to provide full and immediate repayment of the drawn amount. In addition, SAS had to provide the lenders with a Recapitalisation Plan that had to be endorsed by the board and the main shareholders, i.e. the States and KAW.

| (13) | The Recapitalisation Plan was underpinned by the so-called 4 Excellence Next Generation (“4XNG”) business plan, based on a business review by [...] in early 2012. The 4XNG business plan will, according to SAS, enable it to position itself as a financially self-sufficient airline. It foresees a number of financial targets that SAS has to meet in the financial year 2014/2015, namely an EBIT margin above 8 %, a financial preparedness ratio above 20 % and an equity ratio (equity/assets) in excess of 35 %. The plan is supposed to allow SAS to improve its EBT by approximately SEK 3 billion on an annual basis, while its implementation will require restructuring costs and one-off costs of approximately SEK 1,5 billion. |
| --- | --- |

(13)

The Recapitalisation Plan was underpinned by the so-called 4 Excellence Next Generation (“4XNG”) business plan, based on a business review by [...] in early 2012. The 4XNG business plan will, according to SAS, enable it to position itself as a financially self-sufficient airline. It foresees a number of financial targets that SAS has to meet in the financial year 2014/2015, namely an EBIT margin above 8 %, a financial preparedness ratio above 20 % and an equity ratio (equity/assets) in excess of 35 %. The plan is supposed to allow SAS to improve its EBT by approximately SEK 3 billion on an annual basis, while its implementation will require restructuring costs and one-off costs of approximately SEK 1,5 billion.

| (14) | As a result of the revised international accounting standard concerning employee benefits (IAS 19) that will be applied by SAS as of November 2013, the SAS Group’s equity will be reduced when all unrecognized deviations from estimates and plan amendments will have to be recognized in full. In addition, the plan includes [...] an asset disposal and financing plan, which totals approximately SEK 3 billion in potential net cash proceeds. The asset disposal includes (i) the sale of Widerøe, a subsidiary regional airline in Norway (6), (ii) the sale of [...], (iii) the sale of [...], (iv) the sale of airport-related real estate interests, (v) the outsourcing of ground handling, (vi) the sale of aircraft engines, (vii) the sale of [...], (viii) the outsourcing of call centres, and (ix) the sale or secured financing of three Q400 aircraft. |
| --- | --- |

(14)

As a result of the revised international accounting standard concerning employee benefits (IAS 19) that will be applied by SAS as of November 2013, the SAS Group’s equity will be reduced when all unrecognized deviations from estimates and plan amendments will have to be recognized in full. In addition, the plan includes [...] an asset disposal and financing plan, which totals approximately SEK 3 billion in potential net cash proceeds. The asset disposal includes (i) the sale of Widerøe, a subsidiary regional airline in Norway (6), (ii) the sale of [...], (iii) the sale of [...], (iv) the sale of airport-related real estate interests, (v) the outsourcing of ground handling, (vi) the sale of aircraft engines, (vii) the sale of [...], (viii) the outsourcing of call centres, and (ix) the sale or secured financing of three Q400 aircraft.

| (15) | Norway insists that the 4XNG plan is self-financing, which means that SAS would generate enough cash from operations and non-core disposals to fund the upfront cost of 4XNG. However, SAS was concerned about investor perception of a weak liquidity position of the airline brought on by the significant upfront costs of implementing 4XNG. SAS thus requested an extension of the old RCF together with a new RCF supported by the States and KAW. However, SAS argued that neither the extension of the old RCF nor the new RCF would be drawn. |
| --- | --- |

(15)

Norway insists that the 4XNG plan is self-financing, which means that SAS would generate enough cash from operations and non-core disposals to fund the upfront cost of 4XNG. However, SAS was concerned about investor perception of a weak liquidity position of the airline brought on by the significant upfront costs of implementing 4XNG. SAS thus requested an extension of the old RCF together with a new RCF supported by the States and KAW. However, SAS argued that neither the extension of the old RCF nor the new RCF would be drawn.

| (16) | The discussion on the new RCF started on 4 June 2012 (7). Initially, in line with the Recapitalisation Plan (see paragraph (11) above), the banks that were lenders of the old RCF required that the States provide another round of equity, e.g. a rights issue, since they were unwilling to support a new RCF on their own. However, the States rejected this idea. |
| --- | --- |

(16)

The discussion on the new RCF started on 4 June 2012 (7). Initially, in line with the Recapitalisation Plan (see paragraph (11) above), the banks that were lenders of the old RCF required that the States provide another round of equity, e.g. a rights issue, since they were unwilling to support a new RCF on their own. However, the States rejected this idea.

| (17) | After some negotiations, the banks accepted a new RCF that would be set up jointly with the States and KAW to be structured strictly on equal terms without subordination or disproportionate rights to security. It must be noted that the new RCF was initially targeted to be SEK [4-6 billion] in size, while only SEK [1-4 billion] of available security existed. On 22 October 2012, the size of the new RCF was finally reduced to SEK 3,5 billion (approximately EUR 400 million). |
| --- | --- |

(17)

After some negotiations, the banks accepted a new RCF that would be set up jointly with the States and KAW to be structured strictly on equal terms without subordination or disproportionate rights to security. It must be noted that the new RCF was initially targeted to be SEK [4-6 billion] in size, while only SEK [1-4 billion] of available security existed. On 22 October 2012, the size of the new RCF was finally reduced to SEK 3,5 billion (approximately EUR 400 million).

| (18) | The new RCF is provided by the same banks that provided the old RCF (except one (8)) together with the States and KAW: 50 % of the new RCF is provided by the States in proportion to their shareholding in SAS, and the remaining 50 % is provided by the banks and KAW. The States and KAW participate in the new RCF on the same terms (fees, interest rates, covenants) as the banks. |
| --- | --- |

(18)

The new RCF is provided by the same banks that provided the old RCF (except one (8)) together with the States and KAW: 50 % of the new RCF is provided by the States in proportion to their shareholding in SAS, and the remaining 50 % is provided by the banks and KAW. The States and KAW participate in the new RCF on the same terms (fees, interest rates, covenants) as the banks.

| (19) | The main characteristics of the new RCF are the following:






  — | It is divided into two sub-facilities of SEK 2 billion (Facility A) and SEK 1,5 billion (Facility B), to which the States participate at 50 %. The pricing conditions for both facilities include an up-front fee, a commitment fee, a utilisation fee, a margin and an exit fee. |
| --- | --- | --- |

(19)

The main characteristics of the new RCF are the following:

—

It is divided into two sub-facilities of SEK 2 billion (Facility A) and SEK 1,5 billion (Facility B), to which the States participate at 50 %. The pricing conditions for both facilities include an up-front fee, a commitment fee, a utilisation fee, a margin and an exit fee.

| — | SAS needs to satisfy certain conditions to be able to draw on the RCF, and these conditions are somewhat tighter for Facility B than for Facility A. |
| --- | --- |

—

SAS needs to satisfy certain conditions to be able to draw on the RCF, and these conditions are somewhat tighter for Facility B than for Facility A.

| — | The new RCF continues the security package of the old RCF and in addition the lenders have been granted security over all shares in Widerøe and all other unencumbered fixed assets of the SAS Group as of December 2012. The new RCF thus has first ranking security on a number of SAS assets, including 100 % of the shares of its subsidiaries Widerøe and SAS Spare Engine, [...] aircrafts and a number of properties. These securities are valued with a book value of approximately SEK 2,7 billion (i.e. approximately 75 % of the new RCF) and are shared pro rata between Facility A and Facility B. |
| --- | --- |

—

The new RCF continues the security package of the old RCF and in addition the lenders have been granted security over all shares in Widerøe and all other unencumbered fixed assets of the SAS Group as of December 2012. The new RCF thus has first ranking security on a number of SAS assets, including 100 % of the shares of its subsidiaries Widerøe and SAS Spare Engine, [...] aircrafts and a number of properties. These securities are valued with a book value of approximately SEK 2,7 billion (i.e. approximately 75 % of the new RCF) and are shared pro rata between Facility A and Facility B.

| — | Facility B can only be drawn once Facility A has been totally drawn. [...]. |
| --- | --- |

—

Facility B can only be drawn once Facility A has been totally drawn. [...].

| — | The maturity of the new RCF is 31 March 2015. |
| --- | --- |

—

The maturity of the new RCF is 31 March 2015.

| (20) | The terms of the new RCF were agreed upon on 25 October 2012. It was however subject to inter alia parliamentary approvals for each of the States and the signing of union agreements with flight deck and cabin crew. |
| --- | --- |

(20)

The terms of the new RCF were agreed upon on 25 October 2012. It was however subject to inter alia parliamentary approvals for each of the States and the signing of union agreements with flight deck and cabin crew.

| (21) | The States submitted a report prepared by CITI dated 7 November 2012 (“the CITI report”) which sought to assess and evaluate whether a private investor in a situation as close as possible to that of the States may have entered into the new RCF on similar terms and conditions. Assuming a successful implementation of the 4XNG business plan in its base case, the CITI report concluded that the participation of the States to the new RCF would generate an internal rate of return (IRR) of [100-130 %], a cash-on-cash multiple of circa [4-9x], and an increase in equity value of close to [800- 1 200 %] (from November 2012 until March 2015). The CITI report concludes that the return required by the States is thus at least equal to that required by private investors in a similar position. However, the CITI report does not assess the probability of SAS successfully executing the “base case” of the 4XNG business plan, nor does it assess the impact of deviations from the “base case” such as, for example, a failure to monetise non-core assets. |
| --- | --- |

(21)

The States submitted a report prepared by CITI dated 7 November 2012 (“the CITI report”) which sought to assess and evaluate whether a private investor in a situation as close as possible to that of the States may have entered into the new RCF on similar terms and conditions. Assuming a successful implementation of the 4XNG business plan in its base case, the CITI report concluded that the participation of the States to the new RCF would generate an internal rate of return (IRR) of [100-130 %], a cash-on-cash multiple of circa [4-9x], and an increase in equity value of close to [800- 1 200 %] (from November 2012 until March 2015). The CITI report concludes that the return required by the States is thus at least equal to that required by private investors in a similar position. However, the CITI report does not assess the probability of SAS successfully executing the “base case” of the 4XNG business plan, nor does it assess the impact of deviations from the “base case” such as, for example, a failure to monetise non-core assets.

| (22) | SAS announced on 19 December 2012 that all the necessary conditions for the new RCF to enter into force – see paragraph (20) above – were in place, including parliamentary approval in the States. As of this date, the new RCF replaced the old RCF (9). |
| --- | --- |

(22)

SAS announced on 19 December 2012 that all the necessary conditions for the new RCF to enter into force – see paragraph (20) above – were in place, including parliamentary approval in the States. As of this date, the new RCF replaced the old RCF (9).

| (23) | By letter of 6 June 2013, Norway explained that, as a result of the sale of 80 % of the shares of Widerøe (paragraph (14) above), the States and the lending banks had agreed with SAS to a modification of the terms and conditions of the new RCF. However, as of that date, the agreement had not been formally signed and therefore it seems that the modifications to the new RCF had not entered into force. These modifications include the following:






  — | [...]. (10) |
| --- | --- | --- |

(23)

By letter of 6 June 2013, Norway explained that, as a result of the sale of 80 % of the shares of Widerøe (paragraph (14) above), the States and the lending banks had agreed with SAS to a modification of the terms and conditions of the new RCF. However, as of that date, the agreement had not been formally signed and therefore it seems that the modifications to the new RCF had not entered into force. These modifications include the following:

—

[...]. (10)

5.   Comments by the parties involved

5.1.   
  Comments by ELFAA

| (24) | ELFAA is of the view that the measure fails to meet the market economy investor (“MEI”) test. |
| --- | --- |

(24)

ELFAA is of the view that the measure fails to meet the market economy investor (“MEI”) test.

| (25) | ELFAA argues that no private investor would be willing to continue financing SAS in view of the SAS Group's financial situation as well as of the rights issues in 2009 and 2010 which failed to make the airline viable. ELFAA moreover considers that the 4XNG business plan will fail to restore the SAS Group's viability. In this respect, ELFAA points to statements by the Norwegian Minister for Industry and Trade who admitted that, despite the capital injection in 2009 and 2010, “SAS's revenue evolved considerably less than planned” and that “the return on the Government's investment in SAS, during the period 2006 to date, has been negative. SAS has failed to meet the State's requirement”. (11) Norway's figures on return on investment (“ROI”) were significantly negative (-90,8 % for the period 2009-2012). ELFAA notes that the ROI figures of Denmark and Sweden are similarly negative. |
| --- | --- |

(25)

ELFAA argues that no private investor would be willing to continue financing SAS in view of the SAS Group's financial situation as well as of the rights issues in 2009 and 2010 which failed to make the airline viable. ELFAA moreover considers that the 4XNG business plan will fail to restore the SAS Group's viability. In this respect, ELFAA points to statements by the Norwegian Minister for Industry and Trade who admitted that, despite the capital injection in 2009 and 2010, “SAS's revenue evolved considerably less than planned” and that “the return on the Government's investment in SAS, during the period 2006 to date, has been negative. SAS has failed to meet the State's requirement”. (11) Norway's figures on return on investment (“ROI”) were significantly negative (-90,8 % for the period 2009-2012). ELFAA notes that the ROI figures of Denmark and Sweden are similarly negative.

| (26) | ELFAA also argues that the new RCF does not meet the pari passu argument since the participating banks were under heavy political pressure to participate in the new RCF. These banks would thus not act in a comparable situation to that of the States. Moreover, ELFAA considers that KAW hardly qualifies as a typical private investor due to the charity-like purpose of the foundation. |
| --- | --- |

(26)

ELFAA also argues that the new RCF does not meet the pari passu argument since the participating banks were under heavy political pressure to participate in the new RCF. These banks would thus not act in a comparable situation to that of the States. Moreover, ELFAA considers that KAW hardly qualifies as a typical private investor due to the charity-like purpose of the foundation.

| (27) | As regards the CITI report, ELFAA notes that CITI did not conduct any independent evaluation of the 4XNG business plan and that it merely assumed that this business plan will be carried out in accordance with its conditions. Therefore, ELFAA argues that the over-optimistic working assumption that SAS Group's business plan is solid and will be carried out as expected is enough to render CITI's statement void of any evidentiary value. |
| --- | --- |

(27)

As regards the CITI report, ELFAA notes that CITI did not conduct any independent evaluation of the 4XNG business plan and that it merely assumed that this business plan will be carried out in accordance with its conditions. Therefore, ELFAA argues that the over-optimistic working assumption that SAS Group's business plan is solid and will be carried out as expected is enough to render CITI's statement void of any evidentiary value.

| (28) | As regards compatibility, ELFAA argues that the new RCF and the 4XNG business plan are in direct conflict with the essential conditions for the approval of State aid under the Authority’s Guidelines on aid for rescuing and restructuring firms in difficulty (“the R&R Guidelines”) (12), in particular as regards the “one time, last time” principle and the requirement for compensatory measures. |
| --- | --- |

(28)

As regards compatibility, ELFAA argues that the new RCF and the 4XNG business plan are in direct conflict with the essential conditions for the approval of State aid under the Authority’s Guidelines on aid for rescuing and restructuring firms in difficulty (“the R&R Guidelines”) (12), in particular as regards the “one time, last time” principle and the requirement for compensatory measures.

| (29) | Finally, ELFAA also asserts that the grant of unlawful State aid may have also extended to the banks participating in the new RCF. |
| --- | --- |

(29)

Finally, ELFAA also asserts that the grant of unlawful State aid may have also extended to the banks participating in the new RCF.

5.2.   
  Comments by the Norwegian authorities

| (30) | Norway claims that its participation in the new RCF is on market terms since it participates in it pari passu
   (13) with the banks and KAW, thereby excluding the presence of State aid. |
| --- | --- |

(30)

Norway claims that its participation in the new RCF is on market terms since it participates in it pari passu
   (13) with the banks and KAW, thereby excluding the presence of State aid.

| (31) | Norway firstly argues that the position of each of the participating banks cannot be determined globally, given that there exist marked differences as to the extent to which the banks have other exposures vis-à-vis SAS, which would render any direct comparison meaningless. In any event, Norway claims that the banks were less exposed than the States and consider that the banks had no actual exposure from the old RCF in the period in which the negotiations on the new RCF took place, given that SAS had not drawn on the old RCF since it had been fully repaid in March 2012. |
| --- | --- |

(31)

Norway firstly argues that the position of each of the participating banks cannot be determined globally, given that there exist marked differences as to the extent to which the banks have other exposures vis-à-vis SAS, which would render any direct comparison meaningless. In any event, Norway claims that the banks were less exposed than the States and consider that the banks had no actual exposure from the old RCF in the period in which the negotiations on the new RCF took place, given that SAS had not drawn on the old RCF since it had been fully repaid in March 2012.

| (32) | Norway admits that no shareholder other than KAW was asked to participate in the new RCF due to the fragmented ownership structure of SAS. However, in its view, this means that these shareholders will not receive any benefit from SAS having access to the new RCF, apart from any potential gain in stock value. Norway considers that KAW fully qualifies as a private investor. |
| --- | --- |

(32)

Norway admits that no shareholder other than KAW was asked to participate in the new RCF due to the fragmented ownership structure of SAS. However, in its view, this means that these shareholders will not receive any benefit from SAS having access to the new RCF, apart from any potential gain in stock value. Norway considers that KAW fully qualifies as a private investor.

| (33) | Norway considers the 4XNG business plan to be sufficiently robust and believes that there is strong evidence that SAS will be able, after completing the implementation of the plan, to generate return to shareholders at par with market levels and that it will not require further support from its core shareholders. It also argues that the sensitivity analyses of the 4XNG business plan confirm that SAS will achieve long-term viability even if the plan is not implemented in full. |
| --- | --- |

(33)

Norway considers the 4XNG business plan to be sufficiently robust and believes that there is strong evidence that SAS will be able, after completing the implementation of the plan, to generate return to shareholders at par with market levels and that it will not require further support from its core shareholders. It also argues that the sensitivity analyses of the 4XNG business plan confirm that SAS will achieve long-term viability even if the plan is not implemented in full.

| (34) | Finally, Norway also considers that the risks and potential rewards of its participation in the new RCF have been carefully balanced and that sufficient safeguards have been put in place. It moreover explains that the CITI report (paragraph (21) above) confirms that their participation in the new RCF would be on market terms and will potentially generate an IRR of [100-130%]. |
| --- | --- |

(34)

Finally, Norway also considers that the risks and potential rewards of its participation in the new RCF have been carefully balanced and that sufficient safeguards have been put in place. It moreover explains that the CITI report (paragraph (21) above) confirms that their participation in the new RCF would be on market terms and will potentially generate an IRR of [100-130%].

II.   ASSESSMENT

1.   Difficulties of SAS

| (35) | Point 10 of the R&R Guidelines clarifies that a firm is, in principle and irrespective of its size, regarded as being in difficulty for the purposes of the R&R Guidelines in the following circumstances: (a) in the case of a limited liability company, where more than half of its registered capital has disappeared and more than one quarter of that capital has been lost over the preceding 12 months; (b) in the case of a company where at least some members have unlimited liability for the debt of the company, where more than half of its capital as shown in the company accounts has disappeared and more than one quarter of that capital has been lost over the preceding 12 months; (c) whatever the type of company concerned, where it fulfils the criteria under its domestic law for being the subject of collective insolvency proceedings. |
| --- | --- |

(35)

Point 10 of the R&R Guidelines clarifies that a firm is, in principle and irrespective of its size, regarded as being in difficulty for the purposes of the R&R Guidelines in the following circumstances: (a) in the case of a limited liability company, where more than half of its registered capital has disappeared and more than one quarter of that capital has been lost over the preceding 12 months; (b) in the case of a company where at least some members have unlimited liability for the debt of the company, where more than half of its capital as shown in the company accounts has disappeared and more than one quarter of that capital has been lost over the preceding 12 months; (c) whatever the type of company concerned, where it fulfils the criteria under its domestic law for being the subject of collective insolvency proceedings.

| (36) | In this respect, the Authority observes that the SAS Group’s financial position has been weak for several years and that its financial performance has deteriorated significantly in the period 2008-2012. In particular, it is clear from the annual reports of the airline that, from 2008 onwards, SAS has incurred substantial losses every year and has registered significant amounts of financial net debt.

  Table 3


  SAS Group's key financial data 2007-2012 (SEK million)
   (14) | 2007 | 2008 | 2009 | 2010 | 2011 | 2012
  (Jan-Oct) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue | 50,958 | 52,870 | 44,918 | 41,070 | 41,412 | 35,986 |
| Financial net debt | 1,231 | 8,912 | 6,504 | 2,862 | 7,017 | 6,549 |
| EBT | 1,044 | – 969 | –3,423 | –3,069 | –1,629 | –1,245 |
| Net income | 636 | –6,360 | –2,947 | –2,218 | –1,687 | – 985 |
| Cash flow for the year | –1,839 | –3,084 | –1,741 | 868 | –1,243 | –1,018 |
| Return on capital employed (ROCE) – % | 6,7 | –19,6 | –11,7 | –7,6 | –2,2 | –8,1 |
| Return on book equity after tax – % | 3,8 | –47,6 | –26,8 | –17,0 | –12,0 | –24,8 |
| Interest coverage ratio – % | 1,8 | –5,3 | –4,4 | –1,9 | –0,6 | –1,6 |

(36)

In this respect, the Authority observes that the SAS Group’s financial position has been weak for several years and that its financial performance has deteriorated significantly in the period 2008-2012. In particular, it is clear from the annual reports of the airline that, from 2008 onwards, SAS has incurred substantial losses every year and has registered significant amounts of financial net debt.

Table 3

SAS Group's key financial data 2007-2012 (SEK million)
   (14)

2007

2008

2009

2010

2011

2012

(Jan-Oct)

Revenue

50,958

52,870

44,918

41,070

41,412

35,986

Financial net debt

1,231

8,912

6,504

2,862

7,017

6,549

EBT

1,044

– 969

–3,423

–3,069

–1,629

–1,245

Net income

636

–6,360

–2,947

–2,218

–1,687

– 985

Cash flow for the year

–1,839

–3,084

–1,741

868

–1,243

–1,018

Return on capital employed (ROCE) – %

6,7

–19,6

–11,7

–7,6

–2,2

–8,1

Return on book equity after tax – %

3,8

–47,6

–26,8

–17,0

–12,0

–24,8

Interest coverage ratio – %

1,8

–5,3

–4,4

–1,9

–0,6

–1,6

| (37) | The financial difficulties of the airline reached a peak and apparently became unsustainable in 2012, when SAS presented the 4XNG business plan, perceived by the management of the airline as the “final call” for SAS. (15) In addition, in November 2012 the press reported the possibility of SAS going into bankruptcy. (16) Also, the CITI report indicates that, in the absence of a new RCF, the likely outcome would be the default of SAS. These elements suggest that, at least at that time, SAS fulfilled the criteria for being the subject of collective insolvency proceedings under its domestic law in the sense of point 10(c) of the R&R Guidelines. On the basis of the information available at this stage, the Authority cannot exclude that SAS would fulfil this criterion at least since November 2012 and could be deemed a firm in difficulty. |
| --- | --- |

(37)

The financial difficulties of the airline reached a peak and apparently became unsustainable in 2012, when SAS presented the 4XNG business plan, perceived by the management of the airline as the “final call” for SAS. (15) In addition, in November 2012 the press reported the possibility of SAS going into bankruptcy. (16) Also, the CITI report indicates that, in the absence of a new RCF, the likely outcome would be the default of SAS. These elements suggest that, at least at that time, SAS fulfilled the criteria for being the subject of collective insolvency proceedings under its domestic law in the sense of point 10(c) of the R&R Guidelines. On the basis of the information available at this stage, the Authority cannot exclude that SAS would fulfil this criterion at least since November 2012 and could be deemed a firm in difficulty.

| (38) | In any event, the Authority notes that, in accordance with point 11 of the R&R Guidelines, a firm may be considered to be in difficulty “where the usual signs of a firm being in difficulty are present, such as increasing losses, diminishing turnover, growing stock inventories, excess capacity, declining cash flow, mounting debt, rising interest charges and falling or nil net asset value”. |
| --- | --- |

(38)

In any event, the Authority notes that, in accordance with point 11 of the R&R Guidelines, a firm may be considered to be in difficulty “where the usual signs of a firm being in difficulty are present, such as increasing losses, diminishing turnover, growing stock inventories, excess capacity, declining cash flow, mounting debt, rising interest charges and falling or nil net asset value”.

| (39) | From Table 3 above, it appears that SAS had not only incurred continuous losses and significant amounts of financial debt since 2008, but also that its revenue was in decline from 2008 onwards. The negative EBT for the whole period 2008-2012 and cash flow figures (except for 2010) are also clear indicators of the difficulties SAS has been facing during this time. Also, two of the main indicators of profitability (return on equity and ROCE) show substantially negative values as well as the interest coverage ratio, which shows the incapacity of the airline to generate enough cash from its operations to meet its interest obligations. |
| --- | --- |

(39)

From Table 3 above, it appears that SAS had not only incurred continuous losses and significant amounts of financial debt since 2008, but also that its revenue was in decline from 2008 onwards. The negative EBT for the whole period 2008-2012 and cash flow figures (except for 2010) are also clear indicators of the difficulties SAS has been facing during this time. Also, two of the main indicators of profitability (return on equity and ROCE) show substantially negative values as well as the interest coverage ratio, which shows the incapacity of the airline to generate enough cash from its operations to meet its interest obligations.

| (40) | In view of these indicators, and bearing in mind point 11 of the R&R Guidelines, the Authority is at this stage of the view that SAS was a firm in difficulty at the time the measure was provided to the airline. In this respect the Authority recalls that the fact that not every indicator in point 11 of the R&R Guidelines applies to SAS is irrelevant, since the R&R Guidelines contain a non-exhaustive list of typical symptoms of a situation of economic difficulty and not a cumulative list of criteria. (17) |
| --- | --- |

(40)

In view of these indicators, and bearing in mind point 11 of the R&R Guidelines, the Authority is at this stage of the view that SAS was a firm in difficulty at the time the measure was provided to the airline. In this respect the Authority recalls that the fact that not every indicator in point 11 of the R&R Guidelines applies to SAS is irrelevant, since the R&R Guidelines contain a non-exhaustive list of typical symptoms of a situation of economic difficulty and not a cumulative list of criteria. (17)

2.   Presence of State aid

| (41) | Article 61(1) of the EEA Agreement reads:
  “Save as otherwise provided in this Agreement, any aid granted by EC Member States, EFTA States or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Contracting Parties, be incompatible with the functioning of this Agreement.” |
| --- | --- |

(41)

Article 61(1) of the EEA Agreement reads:

“Save as otherwise provided in this Agreement, any aid granted by EC Member States, EFTA States or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Contracting Parties, be incompatible with the functioning of this Agreement.”

| (42) | The concept of State aid thus applies to any advantage granted directly or indirectly, financed out of State resources, granted by the State itself or by any intermediary body acting by virtue of powers conferred on it. |
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(42)

The concept of State aid thus applies to any advantage granted directly or indirectly, financed out of State resources, granted by the State itself or by any intermediary body acting by virtue of powers conferred on it.

| (43) | To constitute State aid, a measure must stem from State resources and be imputable to the State. In principle, State resources are the resources of a Member State and of its public authorities as well as the resources of public undertakings on which the public authorities can exercise, directly or indirectly, a controlling influence. |
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(43)

To constitute State aid, a measure must stem from State resources and be imputable to the State. In principle, State resources are the resources of a Member State and of its public authorities as well as the resources of public undertakings on which the public authorities can exercise, directly or indirectly, a controlling influence.

| (44) | In order to determine whether an economic advantage in favour of SAS within the meaning of Article 61(1) of the EEA Agreement was granted, and therefore whether this measure involves State aid, the Authority will assess whether the airline received an economic advantage which it would not have obtained under normal market conditions. To examine this question the Authority applies the MEI test. In such a case, SAS would be able to continue operating without having to face the consequences normally deriving from its poor financial results. |
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(44)

In order to determine whether an economic advantage in favour of SAS within the meaning of Article 61(1) of the EEA Agreement was granted, and therefore whether this measure involves State aid, the Authority will assess whether the airline received an economic advantage which it would not have obtained under normal market conditions. To examine this question the Authority applies the MEI test. In such a case, SAS would be able to continue operating without having to face the consequences normally deriving from its poor financial results.

| (45) | According to the MEI test, no State aid would be involved where, in similar circumstances, a private investor of a comparable size to the relevant bodies in the public sector, and operating in normal market conditions in a market economy, could have been prompted to provide the measures in question to the beneficiary. The Authority therefore has to assess whether a private investor would have entered into the transaction under assessment on the same terms. The attitude of the hypothetical private investor is that of a prudent investor whose goal of profit maximisation is tempered with caution about the level of risk acceptable for a given rate of return. In principle, a contribution from public funds does not involve State aid if it takes place at the same time as a significant capital contribution on the part of a private investor made in comparable circumstances and on comparable terms (pari passu). |
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(45)

According to the MEI test, no State aid would be involved where, in similar circumstances, a private investor of a comparable size to the relevant bodies in the public sector, and operating in normal market conditions in a market economy, could have been prompted to provide the measures in question to the beneficiary. The Authority therefore has to assess whether a private investor would have entered into the transaction under assessment on the same terms. The attitude of the hypothetical private investor is that of a prudent investor whose goal of profit maximisation is tempered with caution about the level of risk acceptable for a given rate of return. In principle, a contribution from public funds does not involve State aid if it takes place at the same time as a significant capital contribution on the part of a private investor made in comparable circumstances and on comparable terms (pari passu).

| (46) | Finally, the measures in question must distort or threaten to distort competition and be liable to affect trade between the Contracting Parties. |
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(46)

Finally, the measures in question must distort or threaten to distort competition and be liable to affect trade between the Contracting Parties.

| (47) | According to established case law, when the financial support granted by a Member State strengthens the position of an undertaking compared to other undertakings competing in intra-Union trade, then there is at least a potential effect on trade between Member States and on competition. (18) In keeping with the Court case law, the Authority is of the view that any potential economic advantage granted to SAS through State resources would fulfil this condition, given that SAS is in competition with other airlines of the European Union and the EEA, in particular since the entry into force of the third stage of liberalisation of air transport (“third package”) on 1 January 1993 (19). |
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(47)

According to established case law, when the financial support granted by a Member State strengthens the position of an undertaking compared to other undertakings competing in intra-Union trade, then there is at least a potential effect on trade between Member States and on competition. (18) In keeping with the Court case law, the Authority is of the view that any potential economic advantage granted to SAS through State resources would fulfil this condition, given that SAS is in competition with other airlines of the European Union and the EEA, in particular since the entry into force of the third stage of liberalisation of air transport (“third package”) on 1 January 1993 (19).

| (48) | The Authority has assessed the presence of State aid in respect of the new RCF in 2012. It cannot be disputed that the measure entails State resources, since it is financed by resources coming from the States’ budgets, and that it would be imputable to the State, in particular since the parliament of Norway approved the participation of the Government in the new RCF (paragraph (22) above). |
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(48)

The Authority has assessed the presence of State aid in respect of the new RCF in 2012. It cannot be disputed that the measure entails State resources, since it is financed by resources coming from the States’ budgets, and that it would be imputable to the State, in particular since the parliament of Norway approved the participation of the Government in the new RCF (paragraph (22) above).

| (49) | The only criterion of the notion of State aid that is thus in question is whether the measure conferred an undue economic advantage on SAS. |
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(49)

The only criterion of the notion of State aid that is thus in question is whether the measure conferred an undue economic advantage on SAS.

(i)   Pari passu participation of the States, KAW and the banks in the new RCF

| (50) | Norway claims that the participation of the States in the new RCF is on market terms since they participate in it pari passu with the banks and KAW. However, the Authority doubts at this stage that the pari passu argument holds as the States and the banks do not seem to be in comparable positions. The General Court has stated in this sense that “[...] la concomitance ne saurait à elle seule, même en présence d'investissements privés significatifs, être suffisante pour conclure à une absence d'aide au sens de l'article [107], paragraphe 1, [TFUE] sans prendre en considération les autres éléments pertinents de fait ou de droit” (20). |
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(50)

Norway claims that the participation of the States in the new RCF is on market terms since they participate in it pari passu with the banks and KAW. However, the Authority doubts at this stage that the pari passu argument holds as the States and the banks do not seem to be in comparable positions. The General Court has stated in this sense that “[...] la concomitance ne saurait à elle seule, même en présence d'investissements privés significatifs, être suffisante pour conclure à une absence d'aide au sens de l'article [107], paragraphe 1, [TFUE] sans prendre en considération les autres éléments pertinents de fait ou de droit” (20).

| (51) | The banks have roughly halved their contribution to the new RCF (from EUR 366 million to approximately EUR 200 million) and have therefore reduced their overall present exposure to SAS by approximately 50 % in terms of the RCF. However, the States – which had no return as regards the 2009 and 2010 rights issues in view of the persistently negative results of SAS (paragraph (10) above) – have increased their exposure to SAS. |
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(51)

The banks have roughly halved their contribution to the new RCF (from EUR 366 million to approximately EUR 200 million) and have therefore reduced their overall present exposure to SAS by approximately 50 % in terms of the RCF. However, the States – which had no return as regards the 2009 and 2010 rights issues in view of the persistently negative results of SAS (paragraph (10) above) – have increased their exposure to SAS.

| (52) | The Authority considers it likely that the banks may have carried out their own risk assessment before taking the decision to participate in the new RCF. However, contrary to the arguments of Norway, the Authority is of the view that the position of these banks must be seen in the context of the old RCF. That is, at the time of taking a decision to lend money to SAS through the new RCF, the banks had to compare whether it would be less risky to participate in the new RCF than to continue with the old RCF which was due to expire on June 2013 (paragraph (11) above). |
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(52)

The Authority considers it likely that the banks may have carried out their own risk assessment before taking the decision to participate in the new RCF. However, contrary to the arguments of Norway, the Authority is of the view that the position of these banks must be seen in the context of the old RCF. That is, at the time of taking a decision to lend money to SAS through the new RCF, the banks had to compare whether it would be less risky to participate in the new RCF than to continue with the old RCF which was due to expire on June 2013 (paragraph (11) above).

| (53) | The situation of the banks already participating in the old RCF can thus not be compared to that of other banks without participation in the old RCF but with an interest in taking part in the new RCF. As the CITI report underlines, a new lender without participation in the old RCF would require more stringent terms and conditions for the new RCF than those provided by the lending banks. In other words, the independent financial advisor of the States also considers that a new lender would not have participated afresh in the new RCF under the current terms. It therefore appears that a bank without previous exposure to SAS would not have offered the airline a similar deal. |
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(53)

The situation of the banks already participating in the old RCF can thus not be compared to that of other banks without participation in the old RCF but with an interest in taking part in the new RCF. As the CITI report underlines, a new lender without participation in the old RCF would require more stringent terms and conditions for the new RCF than those provided by the lending banks. In other words, the independent financial advisor of the States also considers that a new lender would not have participated afresh in the new RCF under the current terms. It therefore appears that a bank without previous exposure to SAS would not have offered the airline a similar deal.

| (54) | In addition, the Authority notes that the banks participating in the old RCF should have taken into consideration the fact that SAS could have drawn from the old RCF until June 2013 if the new RCF had not been put into place. This would have meant for the banks an exposure of EUR 366 million (paragraph (11) above) and the risk that SAS may completely draw it, as it had actually done in January 2012 (paragraph (11) above). |
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(54)

In addition, the Authority notes that the banks participating in the old RCF should have taken into consideration the fact that SAS could have drawn from the old RCF until June 2013 if the new RCF had not been put into place. This would have meant for the banks an exposure of EUR 366 million (paragraph (11) above) and the risk that SAS may completely draw it, as it had actually done in January 2012 (paragraph (11) above).

| (55) | In this respect, the Authority highlights the context in which the new RCF was negotiated and cannot exclude at this stage that the fact that SAS had drawn completely on the old RCF in January 2012 (paragraph (11) above) could have influenced the conduct of the lending banks to participate in the new RCF so as to ensure that the money that they had lent to SAS was not completely lost in view of the significant difficulties of the airline (section 1 above). |
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(55)

In this respect, the Authority highlights the context in which the new RCF was negotiated and cannot exclude at this stage that the fact that SAS had drawn completely on the old RCF in January 2012 (paragraph (11) above) could have influenced the conduct of the lending banks to participate in the new RCF so as to ensure that the money that they had lent to SAS was not completely lost in view of the significant difficulties of the airline (section 1 above).

| (56) | It is also unclear to the Authority whether the behaviour of the banks could have been influenced by the States' conduct. The Authority notes that the banks were willing to participate in the new RCF only on condition that the States participate in it as explained in paragraphs (15) and (16) above. In view of the continuous financial support of the States to the airline throughout the last years (see for example the 2009 and 2010 rights issues), the Authority cannot exclude at this stage that the decision of the banks to participate in the new RCF was influenced by the conviction that the States would support SAS. Moreover, as the involvement of the States was a strict requirement for the private operators to participate in the new RCF, the Authority considers that the pari passu condition may not be applicable given that the participation of the public authorities could not be replicated – and in fact was not – by any private investor. |
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(56)

It is also unclear to the Authority whether the behaviour of the banks could have been influenced by the States' conduct. The Authority notes that the banks were willing to participate in the new RCF only on condition that the States participate in it as explained in paragraphs (15) and (16) above. In view of the continuous financial support of the States to the airline throughout the last years (see for example the 2009 and 2010 rights issues), the Authority cannot exclude at this stage that the decision of the banks to participate in the new RCF was influenced by the conviction that the States would support SAS. Moreover, as the involvement of the States was a strict requirement for the private operators to participate in the new RCF, the Authority considers that the pari passu condition may not be applicable given that the participation of the public authorities could not be replicated – and in fact was not – by any private investor.

| (57) | The Authority moreover questions whether the behaviour of KAW can be considered as a reference point to establish the conduct of a private investor. The General Court has stated in its judgment in Alitalia that “[a] capital contribution from public funds must therefore be regarded as satisfying the private investor test and not constituting State aid if, inter alia, it was made at the same time as a significant capital contribution on the part of a private investor made in comparable circumstances” (21). In other words, in order for the pari passu argument to be applicable, the private investor participating in a given operation must be guided by prospects of profitability of the investment and it must not have other interests. However, the Authority observes that KAW is already exposed to SAS not only through its shareholding but also via the bank SEB (in which it has a majority shareholding and apparently control). [...]. According to information received from SAS, SEB's net credit card exposure to the airline as of late November 2012 was circa SEK [...] million (22). Therefore, KAW's participation in the new RCF could be motivated not so much by prospects of profitability of the investment but by the perspective to avoid higher losses through its subsidiary SEB. |
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(57)

The Authority moreover questions whether the behaviour of KAW can be considered as a reference point to establish the conduct of a private investor. The General Court has stated in its judgment in Alitalia that “[a] capital contribution from public funds must therefore be regarded as satisfying the private investor test and not constituting State aid if, inter alia, it was made at the same time as a significant capital contribution on the part of a private investor made in comparable circumstances” (21). In other words, in order for the pari passu argument to be applicable, the private investor participating in a given operation must be guided by prospects of profitability of the investment and it must not have other interests. However, the Authority observes that KAW is already exposed to SAS not only through its shareholding but also via the bank SEB (in which it has a majority shareholding and apparently control). [...]. According to information received from SAS, SEB's net credit card exposure to the airline as of late November 2012 was circa SEK [...] million (22). Therefore, KAW's participation in the new RCF could be motivated not so much by prospects of profitability of the investment but by the perspective to avoid higher losses through its subsidiary SEB.

(ii)   Assessment of the participation of the States in the new RCF under the MEI test

| (58) | The Authority has also examined whether the participation of the States in the new RCF could be considered rational from a shareholder perspective and would fulfil the MEI test outside the pari passu line of reasoning. |
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(58)

The Authority has also examined whether the participation of the States in the new RCF could be considered rational from a shareholder perspective and would fulfil the MEI test outside the pari passu line of reasoning.

| (59) | In the first place, although the Authority cannot exclude at this stage with absolute certainty that the 4XNG business plan – which constitutes the basis for the lenders' participation in the new RCF – can be successfully implemented in its entirety, it however has doubts whether the said business plan relies on sufficiently robust assumptions and it is uncertain whether the sensitivity analyses carried out in the plan are not overly optimistic. This concerns inter alia the following drivers:






  — | The 4XNG business plan appears to assume a market growth in ASK (23) of [5-9 %] and [4-8 %] respectively in 2013/2014 and of [2-5 %] p.a. for 2015-2017. This seems optimistic in view of expected growth rates for the European air transport market issued by international experts. (24) |
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(59)

In the first place, although the Authority cannot exclude at this stage with absolute certainty that the 4XNG business plan – which constitutes the basis for the lenders' participation in the new RCF – can be successfully implemented in its entirety, it however has doubts whether the said business plan relies on sufficiently robust assumptions and it is uncertain whether the sensitivity analyses carried out in the plan are not overly optimistic. This concerns inter alia the following drivers:

—

The 4XNG business plan appears to assume a market growth in ASK (23) of [5-9 %] and [4-8 %] respectively in 2013/2014 and of [2-5 %] p.a. for 2015-2017. This seems optimistic in view of expected growth rates for the European air transport market issued by international experts. (24)

| — | The plan assumes a growth in GDP of [1-4 %] p.a. for 2013-2017, which seems optimistic in view of the figures publicly available in the Commission's economic forecasts at the moment the 4XNG business plan was prepared, in particular considering the weak growth in the EU and the Euro area, the SAS Group's main markets. (25) |
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—

The plan assumes a growth in GDP of [1-4 %] p.a. for 2013-2017, which seems optimistic in view of the figures publicly available in the Commission's economic forecasts at the moment the 4XNG business plan was prepared, in particular considering the weak growth in the EU and the Euro area, the SAS Group's main markets. (25)

| — | Although the assumed inflation of approximately [1-4 %] p.a. in 2013/2014 seems in line with the Commission's forecasts available at the time, it does not appear realistic to assume an inflation of [0-3 %] for the period 2015-2017 (26). |
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—

Although the assumed inflation of approximately [1-4 %] p.a. in 2013/2014 seems in line with the Commission's forecasts available at the time, it does not appear realistic to assume an inflation of [0-3 %] for the period 2015-2017 (26).

| (60) | Also, as indicated in paragraph (14) above, the 4XNG business plan includes a number of asset disposals, with an estimated impact of SEK 3 billion, as well as several cost-reducing measures. In this respect, the Authority observes that, while some of these material cost reductions have already been achieved (27), it is not clear whether a completely successful implementation of the 4XNG business plan could have been conclusively predicted at the time of signing the new RCF. For instance, it appears that the divestment of the SAS Group's stake in Air Greenland – which as the States have explained has been on sale since at least the introduction of Core SAS – has not taken place (28). |
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(60)

Also, as indicated in paragraph (14) above, the 4XNG business plan includes a number of asset disposals, with an estimated impact of SEK 3 billion, as well as several cost-reducing measures. In this respect, the Authority observes that, while some of these material cost reductions have already been achieved (27), it is not clear whether a completely successful implementation of the 4XNG business plan could have been conclusively predicted at the time of signing the new RCF. For instance, it appears that the divestment of the SAS Group's stake in Air Greenland – which as the States have explained has been on sale since at least the introduction of Core SAS – has not taken place (28).

| (61) | In addition, the Authority has assessed the validity of the CITI report, which appears as a crucial element in the argumentation of the States that their participation in the new RCF complies with the MEI test. In addition to assessing generally whether the terms and conditions for the new RCF would be acceptable to a private investor in as close as possible a situation to that of the States, the CITI report also assesses the overall anticipated return on the States' participation in the new RCF over the period 8 November 2012 to 31 March 2015, taking into account their combined 50 % shareholding and the anticipated future growth in the equity value of SAS. |
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(61)

In addition, the Authority has assessed the validity of the CITI report, which appears as a crucial element in the argumentation of the States that their participation in the new RCF complies with the MEI test. In addition to assessing generally whether the terms and conditions for the new RCF would be acceptable to a private investor in as close as possible a situation to that of the States, the CITI report also assesses the overall anticipated return on the States' participation in the new RCF over the period 8 November 2012 to 31 March 2015, taking into account their combined 50 % shareholding and the anticipated future growth in the equity value of SAS.

| (62) | As regards the new RCF terms and conditions, the CITI report assesses the fees, the relatively stringent drawdown conditions and the number and type of financial covenants (albeit making some further recommendations regarding the latter) (29), and comes to the view that a private investor in a similar situation may have participated in the new RCF on similar terms. |
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(62)

As regards the new RCF terms and conditions, the CITI report assesses the fees, the relatively stringent drawdown conditions and the number and type of financial covenants (albeit making some further recommendations regarding the latter) (29), and comes to the view that a private investor in a similar situation may have participated in the new RCF on similar terms.

| (63) | Nevertheless, the Authority highlights – as acknowledged by the States – that CITI did not assess the 4XNG business plan nor perform a sensitivity analysis of the financial model, but merely relied on the information provided to them. Furthermore, the CITI report does not value the security of the new RCF (30). As noted in paragraph (23) above, the size of the new RCF will likely be materially reduced by the proceeds of the sale of 80 % of the Widerøe shares since these divested shares would no longer serve as security, and SAS will pledge [...] as security to Facility A. However, it is unclear to the Authority precisely what the market value of the security for the remaining part of the new RCF would be and how the remaining Widerøe shares can be used as security in that regard. |
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(63)

Nevertheless, the Authority highlights – as acknowledged by the States – that CITI did not assess the 4XNG business plan nor perform a sensitivity analysis of the financial model, but merely relied on the information provided to them. Furthermore, the CITI report does not value the security of the new RCF (30). As noted in paragraph (23) above, the size of the new RCF will likely be materially reduced by the proceeds of the sale of 80 % of the Widerøe shares since these divested shares would no longer serve as security, and SAS will pledge [...] as security to Facility A. However, it is unclear to the Authority precisely what the market value of the security for the remaining part of the new RCF would be and how the remaining Widerøe shares can be used as security in that regard.

| (64) | Since the Authority does not have information showing any independent assessment of the adequacy of the underlying collateral of the new RCF from a private market investor perspective, it is not possible to conclude at this stage that the security package (when viewed together with the relevant drawdown conditions and financial covenants) would meet the conditions of the MEI test. |
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(64)

Since the Authority does not have information showing any independent assessment of the adequacy of the underlying collateral of the new RCF from a private market investor perspective, it is not possible to conclude at this stage that the security package (when viewed together with the relevant drawdown conditions and financial covenants) would meet the conditions of the MEI test.

| (65) | The CITI report performs a return analysis on the new RCF including the implied capital gain from the States' shareholding in SAS. The CITI report presents an annualised IRR for the States over a three-year investment horizon assuming full and successful implementation of the underlying “base case”, (31) ignoring any deviations from this scenario. Moreover, the CITI report focuses entirely on this one particular scenario without considering the impact of possible alternative scenarios with less favourable assumptions on the return analysis. |
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(65)

The CITI report performs a return analysis on the new RCF including the implied capital gain from the States' shareholding in SAS. The CITI report presents an annualised IRR for the States over a three-year investment horizon assuming full and successful implementation of the underlying “base case”, (31) ignoring any deviations from this scenario. Moreover, the CITI report focuses entirely on this one particular scenario without considering the impact of possible alternative scenarios with less favourable assumptions on the return analysis.

| (66) | Generally, an IRR analysis should take into account a range of future scenarios, including default, and assign probabilities of occurring to each of the scenarios. The CITI report assigns a zero probability to the likelihood that SAS will default in the next three years. However, given that SAS is currently rated CCC+ by Standard & Poor's, this seems an underestimation of the risk. Rating agencies' data shows that CCC+ firms have an average one-year default probability of around 8-9%. Over a multi-year horizon, the default probability is higher. |
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(66)

Generally, an IRR analysis should take into account a range of future scenarios, including default, and assign probabilities of occurring to each of the scenarios. The CITI report assigns a zero probability to the likelihood that SAS will default in the next three years. However, given that SAS is currently rated CCC+ by Standard & Poor's, this seems an underestimation of the risk. Rating agencies' data shows that CCC+ firms have an average one-year default probability of around 8-9%. Over a multi-year horizon, the default probability is higher.

| (67) | The Authority also assessed the model accompanying the 4XNG business plan, which offers seven different scenarios for each of the base, downside and pessimistic cases (as indicated above, CITI did not assess this model and limited itself to the base case scenario). The IRR varies depending on the case and the scenario, with the IRR going down to around [80-110 %] in what is called the “downside case” or even showing a non-positive IRR in the “pessimistic case” (32).The “downside” case appears to be a variation on the “base case” and also seems a rather optimistic case given that the only difference vis-à-vis the “base case” is that it assumes an [60-100 %] implementation of the 4XNG cost initiatives. It should be added that the SAS Group's interim report for November 2012 – January 2013 (33) shows that the projections of financial ratios for end 2012 were overly optimistic, resulting in too high an IRR. Given that deviations from projections further in the future are even more likely, it is important that the IRR reflects this uncertainty. |
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(67)

The Authority also assessed the model accompanying the 4XNG business plan, which offers seven different scenarios for each of the base, downside and pessimistic cases (as indicated above, CITI did not assess this model and limited itself to the base case scenario). The IRR varies depending on the case and the scenario, with the IRR going down to around [80-110 %] in what is called the “downside case” or even showing a non-positive IRR in the “pessimistic case” (32).The “downside” case appears to be a variation on the “base case” and also seems a rather optimistic case given that the only difference vis-à-vis the “base case” is that it assumes an [60-100 %] implementation of the 4XNG cost initiatives. It should be added that the SAS Group's interim report for November 2012 – January 2013 (33) shows that the projections of financial ratios for end 2012 were overly optimistic, resulting in too high an IRR. Given that deviations from projections further in the future are even more likely, it is important that the IRR reflects this uncertainty.

| (68) | On basis of the above, the Authority has doubts whether the 4XNG business plan is sufficiently sound to induce a private investor to participate in the RCF. The Authority recalls that the attitude of the hypothetical private investor is that of a prudent investor whose goal of profit maximisation is tempered with caution about the level of risk acceptable for a given rate of return. |
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(68)

On basis of the above, the Authority has doubts whether the 4XNG business plan is sufficiently sound to induce a private investor to participate in the RCF. The Authority recalls that the attitude of the hypothetical private investor is that of a prudent investor whose goal of profit maximisation is tempered with caution about the level of risk acceptable for a given rate of return.

| (69) | Against this background, the Authority cannot conclude at this stage that the participation of the States in the new RCF is provided on market terms and therefore cannot exclude an undue advantage in favour of SAS. |
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(69)

Against this background, the Authority cannot conclude at this stage that the participation of the States in the new RCF is provided on market terms and therefore cannot exclude an undue advantage in favour of SAS.

| (70) | The Authority is thus of the preliminary view at this stage that the new RCF entailed State aid for SAS. |
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(70)

The Authority is thus of the preliminary view at this stage that the new RCF entailed State aid for SAS.

| (71) | As regards ELFAA's allegations that the RCF may have also entailed State aid to the banks participating in it (paragraph (29) above), the Authority does not have sufficient grounds to consider that these banks may have derived an undue advantage from their participation in the new RCF. The mere fact that the States decided to participate in the new RCF does not necessarily mean that there is an advantage to the other lenders, which in any event continue to be very much exposed to SAS. Taken to the extreme, ELFAA's line of reasoning would mean that, any time that State aid is provided to a given undertaking, the creditors of the beneficiary would also receive State aid due to the improvement in the financial position of the beneficiary. |
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(71)

As regards ELFAA's allegations that the RCF may have also entailed State aid to the banks participating in it (paragraph (29) above), the Authority does not have sufficient grounds to consider that these banks may have derived an undue advantage from their participation in the new RCF. The mere fact that the States decided to participate in the new RCF does not necessarily mean that there is an advantage to the other lenders, which in any event continue to be very much exposed to SAS. Taken to the extreme, ELFAA's line of reasoning would mean that, any time that State aid is provided to a given undertaking, the creditors of the beneficiary would also receive State aid due to the improvement in the financial position of the beneficiary.

| (72) | The Authority therefore concludes at this stage that the measure did not entail State aid to the banks participating in the new RCF. |
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(72)

The Authority therefore concludes at this stage that the measure did not entail State aid to the banks participating in the new RCF.

| (73) | In relation to the modifications to the terms and conditions of the new RCF agreed between SAS, the States and the lending banks (paragraph (23) above), the Authority notes that, on the basis of the information provided by Norway, as of 6 June 2013 – the date when the information was provided to the Authority - the agreement had not been formally signed and therefore the modifications had not entered into force. In view of this, the Authority notes that in the investigation procedure it will examine how the amended terms and conditions of the new RCF impact on the assessment of the present RCF measure and whether or not they have to be considered as new aid. |
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(73)

In relation to the modifications to the terms and conditions of the new RCF agreed between SAS, the States and the lending banks (paragraph (23) above), the Authority notes that, on the basis of the information provided by Norway, as of 6 June 2013 – the date when the information was provided to the Authority - the agreement had not been formally signed and therefore the modifications had not entered into force. In view of this, the Authority notes that in the investigation procedure it will examine how the amended terms and conditions of the new RCF impact on the assessment of the present RCF measure and whether or not they have to be considered as new aid.

3.   Unlawful aid

| (74) | According to Article 1(3) of Part I of Protocol 3 to the Surveillance and Court Agreement, new aid must be notified to the Authority, and cannot be put into effect before the Authority has taken a decision authorizing it (the standstill obligation). |
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(74)

According to Article 1(3) of Part I of Protocol 3 to the Surveillance and Court Agreement, new aid must be notified to the Authority, and cannot be put into effect before the Authority has taken a decision authorizing it (the standstill obligation).

| (75) | Should the Authority conclude that State aid has been granted, there would be a breach of the standstill obligation, given that this aid has already been put into effect, whilst not having been notified to, nor approved by, the Authority. |
| --- | --- |

(75)

Should the Authority conclude that State aid has been granted, there would be a breach of the standstill obligation, given that this aid has already been put into effect, whilst not having been notified to, nor approved by, the Authority.

4.   Compatibility assessment

| (76) | In so far as the establishment of the RCF constitutes State aid within the meaning of Article 61(1) of the EEA Agreement, its compatibility must be assessed in the light of the exceptions laid down in paragraphs 2 and 3 of that Article. |
| --- | --- |

(76)

In so far as the establishment of the RCF constitutes State aid within the meaning of Article 61(1) of the EEA Agreement, its compatibility must be assessed in the light of the exceptions laid down in paragraphs 2 and 3 of that Article.

| (77) | According to the case-law of the Court of Justice, it is up to the Member State to invoke possible grounds of compatibility and to demonstrate that the conditions for such compatibility are met. (34) The Norwegian authorities consider that the measure does not constitute State aid and therefore have not provided any possible grounds for compatibility. |
| --- | --- |

(77)

According to the case-law of the Court of Justice, it is up to the Member State to invoke possible grounds of compatibility and to demonstrate that the conditions for such compatibility are met. (34) The Norwegian authorities consider that the measure does not constitute State aid and therefore have not provided any possible grounds for compatibility.

| (78) | The Authority has nonetheless assessed whether any of the possible compatibility grounds listed in Article 61(2) and (3) of the EEA Agreement would prima facie be applicable to the measure concerned. The Authority considers at this stage that the exceptions laid down in Article 61(2) of the EEA Agreement are clearly not applicable and have not been invoked by the Norwegian authorities. The same conclusion would apply to the exception foreseen in Article 61(3) (d). |
| --- | --- |

(78)

The Authority has nonetheless assessed whether any of the possible compatibility grounds listed in Article 61(2) and (3) of the EEA Agreement would prima facie be applicable to the measure concerned. The Authority considers at this stage that the exceptions laid down in Article 61(2) of the EEA Agreement are clearly not applicable and have not been invoked by the Norwegian authorities. The same conclusion would apply to the exception foreseen in Article 61(3) (d).

| (79) | In view of the fact that SAS would seem to be a firm in difficulty within the meaning of the R&R Guidelines in late 2012 – i.e. at the time the RCF was implemented (see section 1 above), it does not appear at this stage that the exception relating to the development of certain areas or of certain sectors laid down in 61(3)(a) of the EEA Agreement could be applicable. |
| --- | --- |

(79)

In view of the fact that SAS would seem to be a firm in difficulty within the meaning of the R&R Guidelines in late 2012 – i.e. at the time the RCF was implemented (see section 1 above), it does not appear at this stage that the exception relating to the development of certain areas or of certain sectors laid down in 61(3)(a) of the EEA Agreement could be applicable.

| (80) | In view of the nature of the measure and of the difficulties of SAS, the only relevant criteria appear to be those concerning aid for rescuing and restructuring firms in difficulty under Article 61(3)(c) TFEU on the basis of the R&R Guidelines. |
| --- | --- |

(80)

In view of the nature of the measure and of the difficulties of SAS, the only relevant criteria appear to be those concerning aid for rescuing and restructuring firms in difficulty under Article 61(3)(c) TFEU on the basis of the R&R Guidelines.

| (81) | The Norwegian authorities have provided no arguments as to the possible compatibility of the measure as rescue and/or restructuring aid. In any event, the Authority notes that the conditions for rescue aid laid down in section 3.1 of the R&R Guidelines do not seem to be met. In relation to restructuring aid as defined in section 3.2, the Authority observes that the 4XNG business plan does not include any of the necessary elements for it to be considered a restructuring plan in the sense of the R&R Guidelines, in particular regarding own contribution and compensatory measures. What is more, while normally compensatory measures should lead to a reduction in the capacity or market presence of the aid beneficiary, it appears that SAS is expanding its activities and increasing the number of routes: in 2012, 38 new routes were launched and 45 more will be operated as from 2013 (35). |
| --- | --- |

(81)

The Norwegian authorities have provided no arguments as to the possible compatibility of the measure as rescue and/or restructuring aid. In any event, the Authority notes that the conditions for rescue aid laid down in section 3.1 of the R&R Guidelines do not seem to be met. In relation to restructuring aid as defined in section 3.2, the Authority observes that the 4XNG business plan does not include any of the necessary elements for it to be considered a restructuring plan in the sense of the R&R Guidelines, in particular regarding own contribution and compensatory measures. What is more, while normally compensatory measures should lead to a reduction in the capacity or market presence of the aid beneficiary, it appears that SAS is expanding its activities and increasing the number of routes: in 2012, 38 new routes were launched and 45 more will be operated as from 2013 (35).

| (82) | On the basis of the arguments above, the Authority has doubts whether the new RCF can be regarded as compatible with the EEA Agreement, |
| --- | --- |

(82)

On the basis of the arguments above, the Authority has doubts whether the new RCF can be regarded as compatible with the EEA Agreement,

HAS ADOPTED THIS DECISION:

Article 1

The Authority concludes that the new RCF does not entail State aid for the banks participating in it pursuant to Article 61(1) of the EEA Agreement.

Article 2

The formal investigation procedure provided for in Article 1(2) of Part I and Articles 4(4) and 6(1) of Part II of Protocol 3 is opened into the new RCF granted to SAS, implemented by the Norwegian authorities.

Article 3

The Norwegian authorities are invited, pursuant to Article 6(1) of Part II of Protocol 3, to submit their comments on the opening of the formal investigation procedure within one month from the notification of this Decision.

Article 4

The Norwegian authorities are requested to provide within one month from notification of this decision, all documents, information and data needed for the assessment of the compatibility of the aid measure.

Article 5

This Decision is addressed to the Kingdom of Norway.

Article 6

Only the English language version of this decision is authentic.

Done at Brussels, 19 June 2013.

For the EFTA Surveillance Authority

Oda Helen SLETNES

President

Sabine MONAUNI-TÖMÖRDY

College Member

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(1)  Available Seat Kilometer (ASK) is a measure of an airline flight's passenger carrying capacity. It is equal to the number of seats available multiplied by the number of kilometers flown.

1

(2)  Source: http://www.airlineleader.com/regional-focus/nordic-region-heats-up-as-all-major-players-overhaul-their-strategies.

2

(3)  See paragraph (23) below, concerning the sale of 80 % of the shares of Widerøe.

3

(4)  Source: http://www.sasgroup.net/SASGroup/default.asp.

4

(5)  The rights issues of 2009 and 2010 constitute part of a separate investigation carried out by the Commission.

5

(6)  On 20.5.2013, SAS reported that it had signed an agreement to sell 80 % of its shares in Widerøe to an investor group. SAS will retain a 20 % share in Widerøe but will have an option to transfer full ownership in 2016. See http://mb.cision.com/Main/290/9410155/119539.pdf.

6

(7)  [...].

7

(8)  [...], one of the lenders under the old RCF, indicated that it would not be prepared to participate in the new RCF. As a result, [...] increased their participation in the new RCF proportionally.

8

(9)  See http://www.reuters.com/finance/stocks/SAS.ST/key-developments/article/2662973.

9

(10)  As explained in paragraph (73) below, this latest development will be examined under the investigation procedure.

10

(11)  Source: White Paper to the Norwegian Storting, SAS – participation in the credit facility, Recommendation from the Ministry of Industry and Trade on 16.11.2012 (provided by the complainant).

11

(12)  OJ L 107, 28.4.2005, p. 28, EEA Supplement No 21, 28.4.2005, p. 1. The Chapter in the Authority’s R&R guidelines was due to expire on 30.11.2012. On 28.9.2012 the Commission in the context of the state aid modernisation (SAM) initiative, adopted a Communication concerning the prolongation of the Community Guidelines on State aid for Rescuing and Restructuring Firms in Difficulty of 1.10.2004, until they are replaced by new rules (OJ C 296, 2.10.2012, p. 3). Therefore, the validity of the Chapter in the Authority’s R&R guidelines has been prolonged until it is replaced by new rules (Decision No. 438/12/COL).

12

(13)  See paragraph (45) below.

13

(14)  Source: annual reports of SAS for the period 2008-2012, available at http://www.sasgroup.net/SASGroup/default.asp

14

(15)  See in this sense the words of the CEO of SAS, quoted by Reuters on 12.11.2012: “ “This truly is our ‘final call’ if there is to be a SAS in the future,” said Chief Executive after launching a new rescue plan for the airline [...] which has not made a full-year profit since 2007”, available at http://www.reuters.com/article/2012/11/12/uk-sas-idUSLNE8AB01O20121112. See as well the article entitled “SAS tops European airline critical list” in the Financial Times of 13.11.2012, available at http://www.ft.com/intl/cms/s/0/fa1cbd88-2d87-11e2-9988-00144feabdc0.html#axzz2TSY5JHUh.

15

truly

(16)  See for instance Reuters on 18.11.2012 (http://www.reuters.com/article/2012/11/19/sas-idUSL5E8MI6IY20121119) and the Financial Times of 19.11.2012 (http://www.ft.com/intl/-cms/s/0/43e37eba-322f-11e2-b891-00144feabdc0.html#axzz2TSY5JHUh).

16

(17)  See Case T-349/03 Corsica Ferries [2005], ECR II-2197, paragraph 191, and Commission Decision of 13.5.2003 in case C 62/2000, Kahla, OJ 2003 L 227/12, point 117.

17

Corsica Ferries

Kahla

(18)  See Case 730/79 Philip Morris Holland BV v Commission [1980] ECR 2671, paragraph 11; Case T-288/97 Regione Friuli Venezia Giulia v Commission [2001] ECR 2001 II-1169, paragraph 41; and Case C-280/00 Altmark Trans GmbH and Regierungspräsidium Magdeburg v Nahverkehrsgesellschaft Altmark GmbH (Altmark) [2003] ECR I-7747, paragraph 75.

18

Philip Morris Holland BV v Commission

Regione Friuli Venezia Giulia v Commission

Altmark Trans GmbH and Regierungspräsidium Magdeburg v Nahverkehrsgesellschaft Altmark GmbH (Altmark)

(19)  The “third package” included three legislative measures: (i) Council Regulation (EEC) No 2407/92 of 23.7.1992 on licensing of air carriers (OJ L 240, 24.8.1992, p. 1); (ii) Council Regulation (EEC) No 2408/92 of 23.7.1992 on access for Community air carriers to intra-Community air routes (OJ L 240, 24.8.1992, p. 8); and (iii) Council Regulation (EEC) No 2409/92 of 23.7.1992 on fares and rates for air services (OJ L 240, 24.8.1992, p. 15).These Regulations were incorporated in the EEA Agreement until the time they were repealed by Regulation (EC) No 1008/2008 of the European Parliament and of the Council of 24.9.2008 on common rules for the operation of air services in the Community (Recast), as incorporated in the EEA Agreement by means of Annex XIII to the EEA Agreement.

19

(20)  Case T-565/08 Corsica Ferries France SAS v Commission [not yet published], paragraph 122.

20

Corsica Ferries France SAS v Commission

(21)  See Case T-296/97 Alitalia v Commission [2000] ECR II-3871, paragraph 81.

21

Alitalia v Commission

(22)  Other banks also had additional exposure to SAS apart from that of the old RCF. For instance, as of 2.11.2012, [...] had a bilateral exposure to SAS of [...] in addition to secured loans for an amount of [...].

22

(23)  See footnote 1 above.

23

(24)  According to the most recent financial forecasts (March and June 2013) of the International Air Transport Association (IATA), Europe continues to lag behind other areas, largely as a result of the on-going recession in home markets. IATA predicts growth rates (both in terms of capacity and traffic) below 3%. (http://www.iata.org/whatwedo/Documents/economics/industry-outlook-financial-forecast-march-2013.pdf) and (http://www.iata.org/whatwedo/Documents/economics/Industry-Outlook-Financial-Forecast-June-2013.pdf).

24

(25)  The Commission's European Economic Forecast - spring 2012 (published in May 2012) forecasted a GDP growth in Denmark of 1,1 % in 2012 and 1,4 % in 2013, while the forecast for Sweden for 2012 was 0,3 % and 2,1 % for 2013. Also, for Norway the Commission forecasted a GDP growth in 2012 of 1,7 %, reaching 2,0 % in 2013. These forecasts were revised in the autumn 2012 forecast (published in November 2012): for Denmark, GDP projections were 0,6 % in 2012 and 1,6 % in 2013 (falling to 1,3 % in 2014), while for Sweden GDP growth in 2012 was increased to 1,1 % and reduced to 1,9 % in 2013 (reaching 2,5 % in 2014). Regarding Norway, the Commission increased its GDP growth projections – although highlighting a downward trend – 3,1 % in 2012 and to 2,5 % in 2013 (and to 2,3 % in 2014). However, given that Europe is the main market of SAS, it appears that SAS will continue to suffer from the weak growth in the EU: the spring 2012 forecast projected GDP growth of 0 % in 2012 and of 1,3 % for 2013 (-0,3 % and 1 % in 2012 and 2013 respectively in the Euro area). The autumn 2012 forecast revised downwards the GDP projections for the EU to -0,3 % in 2012 and to 0,4 % in 2013, while it would be 1,6 % in 2014 (in the Euro area, the fall in GDP in 2012 was increased to -0,4 %, while it would be 0,1 % in 2013 and 1,4 % in 2014). The forecasts are available at http://ec.europa.eu/economy_finance/publications/european_economy/2012/pdf/ee-2012-1_en.pdf and http://ec.europa.eu/economy_finance/publications/european_economy/2012/pdf/ee-2012-7_en.pdf, respectively.

25

(26)  In April 2012, at the time the 4XNG business plan was prepared, the International Monetary Fund (“IMF”) estimated an inflation rate of approximately 1,9 % p.a. in the EU for the period 2015-2017. For the States, the IMF estimated an inflation rate of between 1,8-2,5 % p.a. for the period 2015-2017 (figures available at http://www.imf.org/external/ns/cs.aspx?id=28).

26

(27)  For example, the signing of new collective agreements with flight crew unions and the transfer from defined-benefit to defined-contribution pension schemes in November 2012.

27

(28)  For example, the signing of new collective agreements with flight crew unions and the transfer from defined-benefit to defined-contribution pension schemes in November 2012.

28

(29)  For example, the CITI report expressed some reservations regarding the adequacy of the SEK [...] million liquidity requirements and recommended [...], common in aviation transactions.

29

(30)  SAS was to provide security for the new RCF with a “book value” of approximately SEK 2,7 billion, i.e. approximately 75 % of the new RCF (see paragraph (19) above).

30

(31)  In this respect, the CITI report assumes (pursuant to the base case) that the market capitalisation of SAS will grow by [800-1 200 %] over three years which would appear to be quite an optimistic assumption.

31

(32)  These reflect possible returns which the Authority has provisionally estimated for the downside and pessimistic cases using CITI’s own IRR model.

32

(33)  Available at http://www.sasgroup.net/SASGROUP_IR/CMSForeignContent/1q2012-13eng.pdf.

33

(34)  Case C-364/90 Italy v Commission, [1993] ECR I-2097, paragraph 20.

34

Italy v Commission

(35)  See SAS Group's Q4 2012 Media/analyst presentation dated 12.12.2012, available at http://www.sas-group.net/SASGROUP_IR/CMSForeignContent/Analystmaterial_4q2012.pdf.

35

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